/raid1/www/Hosts/bankrupt/TCREUR_Public/080204.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, February 4, 2008, Vol. 9, No. 24
Headlines
A U S T R I A
ADMIRA SPORT: Wiener Neustadt Court Orders Business Shutdown
ARC HANDEL: Claims Registration Period Ends February 13
GOURMET - POEHL: Claims Registration Period Ends March 13
MAYRHOFER & PARTNERL: Claims Registration Ends February 18
MUSICAL-FESTIVAL: Claims Registration Period Ends February 8
O. FRITZE-LACKE: Linz Court Orders Business Shutdown
PAMI LLC: Claims Registration Period Ends March 4
QUICK-TRANS: Claims Registration Period Ends March 4
SERVUS AUSTRIA: Claims Registration Period Ends March 4
WUEHRER KEG: Claims Registration Period Ends March 5
D E N M A R K
EASTMAN KODAK: Earns US$92 Million in 2007 Fourth Quarter
F R A N C E
TEREOS EUROPE: High Leverage Prompts Moody's Negative Outlook
G E R M A N Y
ARQUANA INTERNATIONAL: Asks Court to Open Insolvency Proceedings
AUTO-RENT RHEINBACH: Claims Registration Ends February 26
COMLOGIC DARMSTADT: Claims Registration Period Ends February 20
DACHBAU THRIEN: Claims Registration Period Ends February 11
DGFH INNOVATIONS: Claims Registration Ends February 25
FRANK SCHRAUTH: Claims Registration Period Ends February 14
FVD VERMOEGENS: Claims Registration Ends February 25
HOELSCHER SPEDITION: Creditors' Meeting Slated for March 4
IBI-ANKER GMBH: Claims Registration Period Ends February 27
IMANEX GMBH: Claims Registration Period Ends February 13
KUNSTSTOFFVERARBEITUNG GRUENER: Claims Registration Ends Feb. 25
LANGHEINRICH GEBAUDEREINIGUNG: Claims Registration Ends Feb. 19
MZT VERWALTUNGSGESELLSCHAFT: Claims Period Ends February 15
ORBIS TECHNISCH: Claims Registration Period Ends February 20
ORS ORGANIC: Claims Registration Ends February 25
POINTNET MEDIA: Claims Registration Period Ends February 20
SCHMITZ-BAU GMBH: Claims Registration Period Ends February 22
SPEDITION SCHULZ: Claims Registration Period Ends February 22
TK HAUSTECHNIK: Claims Registration Period Ends February 11
TREOFAN HOLDINGS: S&P Holds CCC+ Ratings on New Commitment
UNI-BAU GMBH: Claims Registration Period Ends February 20
YESIL GMBH: Claims Registration Period Ends February 18
G R E E C E
FAGE DAIRY: Moody's Cuts Corporate Family Rating to B2
K A Z A K H S T A N
CRISTAL NIKE: Proof of Claim Deadline Slated for February 26
DUR-DANA LLP: Creditors Must File Claims by February 22
EKO-PRESS LLP: Claims Filing Period Ends February 26
MDK-COMPANY LLP: Creditors' Claims Due on February 26
PARTNER 2005: Claims Registration Ends February 22
PRIDE LLC: Proof of Claim Deadline Slated for February 22
RASK LLP: Creditors Must File Claims by February 26
SUNRISE CLUB: Claims Filing Period Ends February 22
TERRA-AKTOBE LLP: Creditors' Claims Due on February 26
TRUST SERVICE: Claims Registration Ends February 22
K Y R G Y Z S T A N
ADECO PLUS: Creditors Must File Claims by February 21
L I T H U A N I A
UAB BITE: High Leverage Level Cues Fitch to Hold B- Rating
P O L A N D
NETIA SA: Tollerton and Novator to Acquire 23.4% P4 Stake
NETIA SA: Transfers Magma and KOM-NET Share Ownership to Lanet
R U S S I A
PROMSVYAZBANK FINANCE: Fitch Puts B- Ratings on Upcoming Loan
SITRONICS JSC: Signs US$12.4 Million Contracts with MTS-Ukraine
TATA MOTORS: Nearing Deal with Ford on Jaguar & Land Rover Sale
TATA MOTORS: May Pay More for Jaguar and Land Rover, Report Says
TATNEFT OAO: Approves Nominee List for New Board of Directors
U K R A I N E
AGRO-ROS LLC: Creditors Must File Claims by February 9
ANID LLC: Creditors Must File Claims by February 9
COMFORT-TRAVEL PLUS: Creditors Must File Claims by February 9
DELUR-SERVICE LLC: Creditors Must File Claims by February 9
DEMETRA LLC: Proofs of Claim Deadline Set February 9
ECONOMPROMIK LLC: Creditors Must File Claims by February 9
EUROSALE-WHOLE SALE: Creditors Must File Claims by February 9
MARTTRONIK LLC: Creditors Must File Claims by February 9
MONOLIT-C LLC: Proofs of Claim Deadline Set February 9
SITRONICS JSC: Signs US$12.4 Million Contracts with MTS-Ukraine
TRANS-KING CJSC: Creditors Must File Claims by February 9
U N I T E D K I N G D O M
C.A.T. SMITH: Claims Filing Period Ends April 24
FARROW SYSTEM: Brings In Joint Administrators from PwC
FIRST 4 BROKERS: Joint Liquidators Take Over Operations
FORD MOTOR: Nears Deal w/ Tata on Jaguar & Land Rover Sale
HURST PARNELL: Brings In Liquidators from KPMG Restructuring
KRONOS INC: Discloses New Trails in Workforce Management
LEICESTER SQUARE: Brings In Menzies As Joint Administrators
LIVESEY BUILDING: Appoints Graham Clark as Liquidator
LONDON SPORTS: Taps Baker Tilly to Administer Assets
LUDGATE FUNDING 2006-1: S&P Lowers Class S Notes' Ratings to B+
NCO GROUP: US Dollar Depreciation Cues S&P to Remove Watch
NORTHERN BUSINESS: M. C. Bowker Leads Liquidation Procedure
NORTHERN ROCK: Restructuring Proposals Entail Job Losses
QUEBECOR WORLD: Ernst & Young Appointed as Joint Administrators
QUEBECOR WORLD: Unite Comments on Status
SCO GROUP: Tanner LC Expresses Going Concern Doubt
SCOTTISH RE: Seth Gardner Joins on Board of Directors
STATIC LOAN: Moody's Rates EUR15 Mln Class E Senior Notes at Ba3
UNIVERSAL BEDDING: Appoints Administrators from Tenon Recovery
VISAGE CDO: Collateral Liquidation Cues Moody's to Cut Ratings
* UK Gov't to Consult Banking Reform Proposals Over Rock Crisis
* Begbies Traynor Releases Red Flag Alert Stats for 4Q 2007
* William Yonge Joins Proskauer Rose as Partner in London
* BOND PRICING: For the Week Jan. 28 to Feb. 1, 2008
*********
=============
A U S T R I A
=============
ADMIRA SPORT: Wiener Neustadt Court Orders Business Shutdown
------------------------------------------------------------
The Land Court of Wiener Neustadt entered Dec. 21, 2007 an order
shutting down the business of LLC Admira Sport-Management (FN
213834m).
Court-appointed estate administrator Peter Bubits recommended
the business shutdown after determining that the continuing
operations would reduce the value of the estate.
The estate administrator can be reached at:
Mag. Peter Bubits
c/o Mag. Andrea Prochaska
Elisabethstrasse 2
2340 Moedling
Austria
Tel: 02236/42210
Fax: 02236/42210-25
E-mail: peter.bubits@bkb-partner.at
Headquartered in Moedling, Austria, the Debtor declared
bankruptcy on Dec. 17, 2007 (Bankr. Case No 11 S 125/07d).Andrea
Prochaska represents Mag. Bubits in the bankruptcy proceedings.
ARC HANDEL: Claims Registration Period Ends February 13
-------------------------------------------------------
Creditors owed money by LLC ARC Handel (FN 91340z) have until
Feb. 13, 2008 to file written proofs of claim to court-appointed
estate administrator Stefan Langer at:
Dr. Stefan Langer
c/o Dr. Annemarie Kosesnik-Wehrle
Oelzeltgasse 4
1030 Vienna
Austria
Tel: 712 63 02, 713 61 92
E-mail: kanzlei@kosesnik-langer.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on Feb. 27, 2008 for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1707
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on Dec. 21, 2007 (Bankr. Case No. 2 S 151/07d). Annemarie
Kosesnik-Wehrle represents Dr. Langer in the bankruptcy
proceedings.
GOURMET - POEHL: Claims Registration Period Ends March 13
---------------------------------------------------------
Creditors owed money by LLC Gourmet - POEHL (FN 265482s) have
until March 13, 2008 to file written proofs of claim to court-
appointed estate administrator Hans Rant at:
Dr. Hans Rant
c/o Dr. Kurt Freyler
Seilerstatte 5
1010 Vienna
Austria
Tel: 513 31 65
Fax: 512 20 01
E-mail: ra-kanzlei@rant-freyler.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on March 27, 2008 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 Dec. 19, 2007 (Bankr. Case No. 6 S 167/07m). Kurt Freyler
represents Dr. Rant in the bankruptcy proceedings.
MAYRHOFER & PARTNERL: Claims Registration Ends February 18
----------------------------------------------------------
Creditors owed money by LLC Mayrhofer & Partner Drucktechnik (FN
264623b) have until Feb. 18, 2008 to file written proofs of
claim to court-appointed estate administrator Gerhard Rothner
at:
Dr. Gerhard Rothner
Hopfengasse 23
4020 Linz
Austria
Tel: 66 73 26 0
Fax: 66 73 20 29
E-mail: g.rothner@wildmoser-koch.com
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on March 3, 2008 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 Dec. 21, 2007 (Bankr. Case No. 12 S 102/07y).
MUSICAL-FESTIVAL: Claims Registration Period Ends February 8
------------------------------------------------------------
Creditors owed money by LLC Musical-Festival-Kulturbetrieb (FN
285761m) have until Feb. 8, 2008 to file written proofs of claim
to court-appointed estate administrator Gerald Niesner at:
Mag. Gerald Niesner
Marburger Kai 47
8010 Graz
Austria
Tel: 0316/833777
Fax: 0316/833777-33
E-mail: niesner@gmp.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on Feb. 14, 2008 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Graz
Room 222
Second Floor
Graz
Austria
Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Dec. 21, 2007 (Bankr. Case No. 26 S 119/07f).
O. FRITZE-LACKE: Linz Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Linz entered Dec. 27, 2007 an order shutting
down the business of LLC O. Fritze-Lacke (FN 62320y).
Court-appointed estate administrator Christian Atzwanger
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.
The estate administrator can be reached at:
Mag. Christian Atzwanger
Luefteneggerstrasse 12
4020 Linz
Austria
Tel: 0732/7788670
Fax: 0732/7832644
E-mail: office@schuh-atzwanger.at
Headquartered in Linz, Austria, the Debtor declared bankruptcy
on Dec. 18, 2007 (Bankr. Case No 12 S 101/07a).
PAMI LLC: Claims Registration Period Ends March 4
-------------------------------------------------
Creditors owed money by LLC PAMI (FN 283079v) have until
March 4, 2008 to file written proofs of claim to court-appointed
estate administrator Wolfgang Herzer at:
Mag. Wolfgang Herzer
c/o Mag. Michael Ludwig Lang
Schuettelstrasse 55
1020 Vienna
Austria
Tel: 72 577
Fax: 72 577 577
E-mail: wolfgang.herzer@blw-legal.com
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on March 18, 2008 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 Dec. 17, 2007 (Bankr. Case No. 6 S 165/07t). Michael Ludwig
Lang represents Mag. Herzer in the bankruptcy proceedings.
QUICK-TRANS: Claims Registration Period Ends March 4
----------------------------------------------------
Creditors owed money by LLC QUICK-TRANS Transport (FN 78632k)
have until March 4, 2008 to file written proofs of claim to
court-appointed estate administrator Walter Kainz at:
Dr. Walter Kainz
c/o Dr. Eva Wexberg
Gusshausstrasse 23
1040 Vienna
Austria
Tel: 505 88 31
Fax: 505 94 64
E-mail: kanzlei@kainz-wexberg.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:45 p.m. on March 18, 2008 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 Dec. 14, 2007 (Bankr. Case No. 6 S 162/07a). Eva Wexberg
represents Dr. Kainz in the bankruptcy proceedings.
SERVUS AUSTRIA: Claims Registration Period Ends March 4
-------------------------------------------------------
Creditors owed money by LLC Servus Austria Export Handel (FN
286404h) have until March 4, 2008 to file written proofs of
claim to court-appointed estate administrator Horst Winkelmayr
at:
Mag. Horst Winkelmayr
c/o Dr. Carl Knittl
Porzellangasse 22A/7
1090 Vienna
Austria
Tel: 532 47 77
Fax: 532 47 77 50
E-mail: rae@kniwi.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.m. on March 18, 2008 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 Dec. 14, 2007 (Bankr. Case No. 6 S 163/07y). Carl Knittl
represents Mag. Winkelmayr in the bankruptcy proceedings.
WUEHRER KEG: Claims Registration Period Ends March 5
----------------------------------------------------
Creditors owed money by KEG Wuehrer (FN 184257t) have until
March 5, 2008 to file written proofs of claim to court-appointed
estate administrator Michael Oberbichler at:
Dr. Michael Oberbichler
Sparkassenstrasse 26
5500 Bischofshofen
Austria
Tel: 06462/3150-0
Fax: 06462/3150-14
E-mail: office@rae-oberbichler.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:30 a.m. on March 19, 2008 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Salzburg
Hall 256
Second Floor
Salzburg
Austria
Headquartered in Radstadt, Austria, the Debtor declared
bankruptcy on Dec. 18, 2007 (Bankr. Case No. 44 S 47/07x).
=============
D E N M A R K
=============
EASTMAN KODAK: Earns US$92 Million in 2007 Fourth Quarter
---------------------------------------------------------
Eastman Kodak Company reported fourth-quarter earnings from
continuing operations of US$92 million on higher year-over-year
revenues, reflecting the emergence of a new, more profitable
company.
Kodak also met or exceeded all of its key financial commitments
and strategic goals for 2007, most notably:
* Delivering an 8% increase in digital revenue
* Achieving digital earnings of US$176 million
* Net Cash Generation of US$333 million
* On a GAAP basis, for the total year, revenue declined by
3% and cash provided by operating activities from
continuing operations was US$352 million
* Aggressive entrance into new markets and product
categories, including the introduction of the KODAK All-
in-One Inkjet Printing System, KODAK digital picture
frames, KODAK InSite enterprise management software, and
the KODAK NEXPRESS S3000 Digital Production Color Press
* Completion of the company’s four-year corporate
restructuring program
* Achieving targeted cost model for the year and reducing
full-year Selling, General and Administrative costs from
18.5% to 17.1% of revenue
"I am thrilled with our 2007 performance, as it is powerful
evidence that a new Kodak has emerged and is producing solid,
value-creating growth," said Antonio M. Perez, Chairman and
Chief Executive Officer, Eastman Kodak Company. "We delivered
another strong quarter, and another strong year of earnings
growth, and met or exceeded every important goal that we set for
ourselves."
"In addition, we successfully entered the US$50 billion consumer
inkjet market and exceeded our first-year printer sales goal.
What’s more, third-party data indicates that Kodak is enjoying a
30% price premium over the industry average. Clearly, our
value proposition is resonating with consumers and they are
willing to pay a bit more for a Kodak printer because they know
they will save money every time they print. Consumer inkjet is
just one of several new product introductions that are receiving
positive customer response. The more I see of them, the more
optimistic I am about their success."
Kodak’s digital revenue grew 15% in the fourth quarter of 2007,
driven by strong year-over-year increases in all key digital
businesses, partially offset by a decline in snapshot printing.
The company achieved US$146 million in digital earnings for the
fourth quarter, driven by an expanded product portfolio,
intellectual property arrangements, and operational
improvements, resulting in strong full-year earnings performance
across the company’s digital business units. For the full year,
the company delivered US$176 million in digital earnings, a
US$189 million improvement from the prior year, significantly
outpacing a US$30 million year-over-year decline in traditional
earnings. Earnings from continuing operations before interest,
other income (charges), net, and income taxes were US$130
million for the quarter and a loss of US$230 million for the
year.
On the basis of generally accepted accounting principles, the
company reported fourth-quarter earnings from continuing
operations of US$109 million pre-tax, US$92 million after tax,
or US$0.31 per diluted share, reflecting the impact of 19
million additional shares from contingently convertible
securities. This compares with earnings of US$111 million pre-
tax, and a loss of US$15 million after tax, or US$0.05 per
share, in the year-ago period. Items of net expense impacting
comparability in the fourth quarter of 2007 totaled US$28
million after tax, or US$0.09 per share. The most significant
items were restructuring costs of US$68 million before tax and
US$44 million after tax, or US$0.14 per share, net gains on sale
of property of US$116 million before tax and US$89 million after
tax, or US$0.29 per share, impairment of an investment of US$46
million after tax, or US$0.15 per share, and various other tax-
related items totaling US$25 million, or US$0.08 per share. In
the fourth quarter of 2006, items of net expense impacting
comparability totaled US$158 million after tax, or US$0.55 per
share, primarily reflecting restructuring costs and tax
valuation allowances.
For the fourth quarter of 2007:
* Sales totaled US$3.220 billion, an increase of 4% from
US$3.106 billion in the fourth quarter of 2006. Digital
revenue totaled US$2.262 billion, a 15% increase from
US$1.974 billion in the prior-year quarter. Traditional
revenue totaled US$951 million, a 15% decline from
US$1.117 billion in the fourth quarter of 2006.
* Digital earnings for the fourth quarter improved by
US$5 million, to US$146 million this quarter, from
US$141 million in the year-ago quarter.
Other financial details:
* Gross Profit margin was 24.5% for the quarter, up from
23.8% in the year-ago period, primarily attributable to
lower costs from manufacturing footprint reductions,
intellectual property, and foreign exchange, partially
offset by increased commodity costs and price/mix impacts.
* Selling, General and Administrative expenses increased by
US$48 million from the year-ago quarter, primarily
reflecting the company’s investment in advertising to
support new products, including its consumer inkjet
printing system. As a result, SG&A as a percentage of
revenue was 16%, compared with 15% in the year-ago
quarter.
* Net Cash Generation for the fourth quarter was US$1.132
billion, compared with US$905 million in the year-ago
quarter. This corresponds to net cash provided by
operating activities from continuing operations of
US$1.046 billion for the fourth quarter, compared with
US$1.002 billion in the year-ago quarter.
* The company’s debt level stood at US$1.597 billion as of
Dec. 31, 2007, a US$1.181 billion reduction from the 2006
year-end debt level of US$2.778 billion.
* Kodak held US$2.947 billion in cash and cash equivalents
as of Dec. 31, 2007, an increase of US$1.478 billion from
the year-ago period.
Fourth-quarter segment sales and results from continuing
operations, before interest, taxes, and other income and charges
(earnings from operations), were:
* Consumer Digital Imaging Group sales for the fourth
quarter were US$1.730 billion, an 8% increase from the
prior-year quarter. Revenues from digital products grew by
17%, driven by growth in Digital Capture and Devices,
kiosks and related media, and consumer inkjet printers.
Earnings from operations improved by US$13 million to
US$76 million, compared with US$63 million in the year-ago
quarter. This improvement was driven by an expanded
product portfolio, intellectual property arrangements, and
operational improvements in the Digital Capture and
Devices business, partially offset by costs associated
with new product introduction activities in the Inkjet
Systems business.
* Graphic Communications Group sales for the fourth quarter
were US$998 million, a 7% increase from the year-ago
quarter. Revenues from digital products grew by 12% to
US$891 million, driven by increased sales of digital
plates, NEXPRESS digital color printing presses, and
digital printing consumables. Earnings from operations
were US$33 million, compared with US$47 million in the
year-ago quarter. This earnings decline was primarily
driven by higher aluminum and other costs, the impact of
an intellectual property licensing settlement, and
decreased sales and gross profit from traditional
products.
* Film Products Group fourth-quarter sales were US$463
million, down from US$559 million in the year-ago quarter,
representing a decrease of 17%. Earnings from operations
were US$40 million, compared with US$83 million in the
year-ago quarter. These results reflect impacts from
volume and mix along with seasonal production slowdowns in
film manufacturing, some initial effects from the writers’
strike, higher silver costs, and the impact associated
with new and renewed film agreements.
Other 2007 Highlights:
* The company’s loss from continuing operations for 2007 was
US$205 million, or US$0.71 per share, a US$599 million, or
US$2.09 per share improvement, from the 2006 level. The
favorable year-over-year change reflects a decrease in
restructuring charges, as the company completed the final
year of its corporate restructuring program. It also
reflects greatly improved operational performance across
all of the company’s businesses as well as reduced taxes
and SG&A expenses versus the prior year.
* All of Kodak’s major businesses showed improvement in
earnings from operations on a full-year basis.
Specifically, CDG earnings from operations improved by
US$148 million from 2006. GCG earnings improved from
US$100 million in the year-ago period to US$116 million in
2007. FPG earnings from operations were US$369 million in
2007, compared with US$368 million in the previous year,
and its operating margin improved to 19% for the year,
from 16% in the prior year, despite a 15% decline in
revenue.
* Net Cash Generation for the full year was US$333 million,
compared with US$365 million in 2006. This corresponds to
net cash provided by operating activities from continuing
operations of US$352 million for 2007, compared with
US$685 million in 2006.
"Our corporate restructuring is now over and Kodak is
revitalized and ready to grow," said Mr. Perez. "We have a
strong market position in a significant number of very promising
digital businesses, a competitive operating structure, a
powerful brand, and extremely valuable intellectual property.
We are a new company with a strong emphasis on sustaining
profitable growth, and the talent and resources necessary to
achieve that goal. This positions us well for strong
performance in 2008 and beyond."
About Eastman Kodak
Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.
The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.
* * *
Eastman Kodak's 'B+' corporate credit rating was affirmed by
Standard & Poor's Ratings Services in September 2007. S&P said
the outlook is
negative.
===========
F R A N C E
===========
TEREOS EUROPE: High Leverage Prompts Moody's Negative Outlook
-------------------------------------------------------------
Moody's Investors Service changed to negative from stable the
outlook on Tereos's Ba2 Corporate Family Rating and Probability
of Default Rating as well as on the Ba3 rating of Tereos
Europe's senior notes.
The rating action was prompted by Tereos's higher-than-expected
leverage at the end of fiscal year end 2006/07 and Moody's
concerns that the company may not be able to reach the credit
metric targets set at the time of the initial rating assignment
(Retained Cash Flow to Net Debt in the mid-teens and Debt to
EBITDA around 3.5 times over the intermediate term).
Moody's further notes that while Tereos's operating performance
was roughly in line with expectations, higher-than-expected
leverage was predominantly driven by acquisitions and
investments, particularly the Andrade transaction in Brazil for
around EUR150 million and the EUR300 million acquisition of
TALFIIE, which was completed in October 2007. Moody's
recognizes, however, that even though these transactions weigh
on Tereos's leverage, they are investments in future growth.
More positively, the Ba2 CFR continues to reflect:
(1) Tereos's leadership positions in Europe;
(2) its presence in the high-yield beet production areas of
France and the Czech Republic;
(3) its strong brands;
(4) the geographic diversification provided by its operations
in Brazil, Mozambique and Reunion; and
(5) the additional diversification provided by the cane
sugar, the alcohol and ethanol segments.
Moreover, Moody's believes that there is some room for profit
improvements in 2007/08 in view of the potential positive
impacts of the amendments to the European sugar market reform.
Moody's notes that, while Tereos was compliant with its
financial covenants at the end of September 2007, the company
only had marginal leeway under its leverage covenant of 4 times.
Negative pressure could develop on the rating if Tereos was in
breach of its financial covenants or if credit metrics continued
to be weak with RCF/Net Debt falling to below 10% and leverage
significantly above 4 times. A stabilization of the outlook
could be considered if Tereos was able to deliver improved
credit metrics with RCF/Net debt in the mid teens and leverage
of around 3.5 times on a sustainable basis.
Headquartered in Lille, France, Tereos was created in 2004 as a
result of the merger of Beghin Say and a beet sugar cooperative,
Union SDA. In January 2006, the company merged with another
French cooperative, Sucreries & Distilleries des Hauts de
France, creating the second-largest sugar producer in Europe.
Tereos also holds a 62% stake in Syral, one of the largest
European companies in starch and starch based sweeteners.
Tereos is an agro-industrial cooperative group that combines a
total of 14,000 growers, or almost half of France's sugar beet
producers. Tereos processes its growers' crops -- mainly sugar
beets but also sugar cane and cereals -- into consumer and
industrial sugars, alcohol and ethanol.
=============
G E R M A N Y
=============
ARQUANA INTERNATIONAL: Asks Court to Open Insolvency Proceedings
----------------------------------------------------------------
Arquana International Print & Media AG and four units have filed
for opening of insolvency proceedings, citing looming bankruptcy
and heavy debts.
Arquana and units Johler Druck GmbH, Arquana Sales GmbH and
Arquana Media GmbH filed for opening of insolvency proceedings
at the District Court of Neumuenster on Jan. 7, 2008.
The court is located at:
The District Court of Neumuenster
Meeting Hall B.126
Law Courts
Boostedter Strasse 26
Neumuenster
Germany
J.P. Bachem GmbH & Co. KG, another Arquana unit, filed for
opening of insolvency proceedings at the District Court of
Cologne on Jan. 8, 2008.
The court is located at:
The District Court of Cologne
Meeting Hall 142
First Floor
Luxemburger Strasse 101
50939 Cologne
Germany
Arquana said it and the units "are threatened with bankruptcy
and/or are heavily indebted since they have no external
financing sources at their disposal and the currently available
funds will be depleted in due course."
Headquartered in Neumuenster, Germany, Arquana International
Print & Media AG -- http://www.arquana.com/de/-- produces
brochures, magazines, catalogues, paper labels and cartons,
using state-of-the art printing technology. The company has
eight production facilities in Cologne, Ellerbek, Neumuenster,
Pforzheim, Wanfried, Zell am See (Austria), Paris (France) and
Bienne (Switzerland). The company also has offices in the U.K.
AUTO-RENT RHEINBACH: Claims Registration Ends February 26
---------------------------------------------------------
Creditors of Auto-Rent Rheinbach GmbH have until Feb. 26, 2008
to register their claims with court-appointed insolvency manager
Siegfried Mueller.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 2, 2008, 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 Bonn
Hall S 2.18
Second Floor
Wilhelmstr. 23
53111 Bonn
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:
Siegfried Mueller
Zum Markt 10
53894 Mechernich
Germany
Tel: 02443/98120
Fax: 02443981219
The District Court of Bonn opened bankruptcy proceedings against
Auto-Rent Rheinbach GmbH on Jan. 7, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Auto-Rent Rheinbach GmbH
Marie-Curie-Str. 15
53359 Rheinbach
Germany
Attn: Ursula Bungart-Lethert, Manager
Kreisbahnhof 20
53909 Zuelpich
Germany
COMLOGIC DARMSTADT: Claims Registration Period Ends February 20
---------------------------------------------------------------
Creditors of ComLogic Darmstadt Systeme GmbH have until Feb. 20,
2008 to register their claims with court-appointed insolvency
manager Harald Silz.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on April 2, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Darmstadt
Hall 14
First Floor
Building D
Mathildenplatz 15
64283 Darmstadt
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Harald Silz
Adolfsallee 24
65185 Wiesbaden
Germany
Tel: 0611-1504-0
Fax: 0611-301774
The District Court of Darmstadt opened bankruptcy proceedings
against ComLogic Darmstadt Systeme GmbH on Jan. 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
ComLogic Darmstadt Systeme GmbH
Im Leuschnerpark 2
64347 Griesheim
Germany
DACHBAU THRIEN: Claims Registration Period Ends February 11
-----------------------------------------------------------
Creditors of Dachbau Thrien GmbH have until Feb. 11, 2008 to
register their claims with court-appointed insolvency manager
Rolf Otto Neukirchen.
Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Feb. 25, 2008, 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 Essen
Meeting Hall 293
Second Floor
Zweigertstr. 52
45130 Essen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Rolf Otto Neukirchen
Zweigertstr. 28-30
45130 Essen
Germany
The District Court of Essen opened bankruptcy proceedings
against Dachbau Thrien GmbH on Jan. 17, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Dachbau Thrien GmbH
Attn: Ralf Kasper, Manager
Haldenstr. 3
45966 Gladbeck
Germany
DGFH INNOVATIONS: Claims Registration Ends February 25
------------------------------------------------------
Creditors of DGfH Innovations- und Service GmbH have until
Feb. 25, 2008 to register their claims with court-appointed
insolvency manager Christian Gerloff.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 1, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Munich
Meeting Hall 102
Infanteriestr. 5
80097 Munich
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Christian Gerloff
Nymphenburger Str. 139
80636 Munich
Germany
Tel: 089/120260
Fax: 089/12026137
The District Court of Munich opened bankruptcy proceedings
against DGfH Innovations- und Service GmbH on Jan. 2, 2007.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
DGfH Innovations- und Service GmbH
Bayerstr. 57-59
80335 Munich
Germany
FRANK SCHRAUTH: Claims Registration Period Ends February 14
-----------------------------------------------------------
Creditors of Frank Schrauth Verwaltungs GmbH have until
Feb. 14, 2008 to register their claims with court-appointed
insolvency manager Wolfgang Weidemann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on March 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Neumuenster
Meeting Hall B 031
Law Courts
Boostedter Strasse 26
Neumuenster
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:
Wolfgang Weidemann
Wendenstrasse 4
20097 Hamburg
Germany
The District Court of Neumuenster opened bankruptcy proceedings
against Frank Schrauth Verwaltungs GmbH on Jan. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Frank Schrauth Verwaltungs GmbH
Attn: Frank Schrauth, Manager
Holunderweg 8
24790 Schacht-Audorf
Germany
FVD VERMOEGENS: Claims Registration Ends February 25
----------------------------------------------------
Creditors of FVD Vermoegens- und Kapital GmbH have until
Feb. 25, 2008 to register their claims with court-appointed
insolvency manager Michael Bremen.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 12, 2008, 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
Third 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 insolvency manager can be reached at:
Michael Bremen
Sternstr. 58
40479 Duesseldorf
Germany
The District Court of Duesseldorf opened bankruptcy proceedings
against FVD Vermoegens- und Kapital GmbH on Jan. 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
FVD Vermoegens- und Kapital GmbH
Attn: Peter Morgenstern, Manager
Quirinstrasse 13
47877 Willich
Germany
HOELSCHER SPEDITION: Creditors' Meeting Slated for March 4
----------------------------------------------------------
The court-appointed insolvency manager for Hoelscher Spedition &
Logistik GmbH, Dr. Christoph Schulte-Kaubruegger, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 10:00 a.m. on March 4, 2008.
The meeting of creditors and other interested parties 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 at 10:00 a.m. on March 8, 2008, at the same
venue.
Creditors have until Feb. 25, 2008, to register their claims
with the court-appointed insolvency manager.
The insolvency manager can be reached at:
Dr. Christoph Schulte-Kaubruegger
Koenigswall 21
44137 Dortmund
Germany
The District Court of Dortmund opened bankruptcy proceedings
against Hoelscher Spedition & Logistik GmbH on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Hoelscher Spedition & Logistik GmbH
Deusener Str. 26
44369 Dortmund
Germany
IBI-ANKER GMBH: Claims Registration Period Ends February 27
-----------------------------------------------------------
Creditors of IBI-Anker GmbH have until Feb. 27, 2008 to register
their claims with court-appointed insolvency manager Nermin
Sahin.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Goslar
House 2
Kaiserbleek 8
38640 Goslar
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:
Nermin Sahin
Theaterstr. 6
30159 Hannover
Germany
Tel: 0511/357710-30
Fax: 0511/357710-59
The District Court of Goslar opened bankruptcy proceedings
against IBI-Anker GmbH on Jan. 21, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
IBI-Anker GmbH
Attn: Helga Klinar, Manager
Wilhelm-Busch-Str. 2
38723 Seesen/Rhueden
Germany
IMANEX GMBH: Claims Registration Period Ends February 13
--------------------------------------------------------
Creditors of IMANEX GmbH have until Feb. 13, 2008 to register
their claims with court-appointed insolvency manager Ulrich
Pfeifer.
Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on March 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Bayreuth
Meeting Hall 520
Friedrichstr. 18
Bayreuth
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:
Ulrich Pfeifer
An der Feuerwache 5
95445 Bayreuth
Germany
Tel: 0921/7877806
Fax: 0921/78778077
The District Court of Bayreuth opened bankruptcy proceedings
against IMANEX GmbH on Jan. 22, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
IMANEX GmbH
Attn: Udo Fischer, Manager
Orionstr. 3a
95448 Bayreuth
Germany
KUNSTSTOFFVERARBEITUNG GRUENER: Claims Registration Ends Feb. 25
----------------------------------------------------------------
Creditors of Kunststoffverarbeitung Gruener Ring Delitzsch GmbH
i.L. have until Feb. 25, 2008 to register their claims with
court-appointed insolvency manager Michael Schoor.
Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on April 8, 2008, 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 145
First Floor
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:
Michael Schoor
Schorlemmerstrasse 2
04155 Leipzig
Germany
Tel: 0341/4903650
Fax: 0341/4903699
E-mail: leipzig@pluta.net
The District Court of Leipzig opened bankruptcy proceedings
against Kunststoffverarbeitung Gruener Ring Delitzsch GmbH i.L.
on Jan. 18, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Kunststoffverarbeitung Gruener Ring Delitzsch GmbH i.L.
Gruener Ring 13
04509 Delitzsch
Germany
LANGHEINRICH GEBAUDEREINIGUNG: Claims Registration Ends Feb. 19
---------------------------------------------------------------
Creditors of Langheinrich Gebaudereinigung GmbH have until
Feb. 19, 2008, to register their claims with court-appointed
insolvency manager Martin Schoebe.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Feb. 27, 2008, 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 Neu-Ulm
Zi. 211/II
Heiner-Metzger-Platz 1
89231 Neu-Ulm
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:
Martin Schoebe
Neue Str. 97-99 Kanzlei hww
89073 Ulm
Germany
Tel: 0731/20798-00
Fax: 0731/20798-50
The District Court of Neu-Ulm opened bankruptcy proceedings
against Langheinrich Gebaudereinigung GmbH on Jan. 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Langheinrich Gebaudereinigung GmbH
Messerschmittstr. 30
89231 Neu-Ulm
Germany
MZT VERWALTUNGSGESELLSCHAFT: Claims Period Ends February 15
-----------------------------------------------------------
Creditors of MZT Verwaltungsgesellschaft Medizinisches Zentrum
f. opera. Therapie u. Diag. Oberland Bet. GmbH have until
Feb. 15, 2008 to register their claims with court-appointed
insolvency manager Hans G. Hanel.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on March 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 Weilheim
Meeting Hall E 007
Waisenhausstr. 5
Weilheim
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:
Hans G. Hanel
Hauptstr. 37
82380 Peissenberg
Germany
Tel: 08803/63660
Fax: 08803/636677
The District Court of Weilheim opened bankruptcy proceedings
against MZT Verwaltungsgesellschaft Medizinisches Zentrum f.
opera. Therapie u. Diag. Oberland Bet. GmbH on Jan. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
MZT Verwaltungsgesellschaft Medizinisches Zentrum f.
opera. Therapie u. Diag. Oberland Bet. GmbH
Puetrichstr. 30-32
82362 Weilheim
Germany
ORBIS TECHNISCH: Claims Registration Period Ends February 20
------------------------------------------------------------
Creditors of Orbis technisch-elektronische Handelsgesellschaft
mbH have until Feb. 20, 2008 to register their claims with
court-appointed insolvency manager Jens Fahnster.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on March 12, 2008, 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 Mayen
Hall 220
Second Floor
St. Veit-Strasse 38
56727 Mayen
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:
Jens Fahnster
Koelnstr. 135
53757 St. Augustin
Germany
Tel: 02241/90600
Fax: 02241/906062
E-mail: Kanzlei@kalker-fahnster.de
The District Court of Mayen opened bankruptcy proceedings
against Orbis technisch-elektronische Handelsgesellschaft mbH on
Dec. 27, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Orbis technisch-elektronische
Handelsgesellschaft mbH
Florinskaul 14
56218 Muelheim-Karlich
Germany
ORS ORGANIC: Claims Registration Ends February 25
-------------------------------------------------
Creditors of ORS Organic Waste Recycling Stade GmbH have until
Feb. 25, 2008 to register their claims with court-appointed
insolvency manager Dr. Gideon Boehm.
Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on March 27, 2008, 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 Tostedt
Meeting Hall I
Linden 23
21255 Tostedt
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. Gideon Boehm
Bachstr. 85 a
22083 Hamburg
Germany
Tel: 040/320836-0
Fax: 040/32083636
The District Court of Tostedt opened bankruptcy proceedings
against ORS Organic Waste Recycling Stade GmbH on Jan. 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
ORS Organic Waste Recycling Stade GmbH
Attn: Per Thostrup, Manager
Bahn 10
21640 Nottensdorf
Germany
POINTNET MEDIA: Claims Registration Period Ends February 20
-----------------------------------------------------------
Creditors of Pointnet Media GmbH have until Feb. 20, 2008 to
register their claims with court-appointed insolvency manager
Karsten Toetter.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on March 20, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Hamburg
Hall B 405
Fourth Floor Annex
Civil Justice Bldg.
Sievkingplatz 1
20355 Hamburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Karsten Toetter
Speersort 4/6
20095 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against Pointnet Media GmbH on Jan. 1, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Pointnet Media GmbH
Attn: Ersin Dennis, Manager
Steindamm 39
20099 Hamburg
Germany
SCHMITZ-BAU GMBH: Claims Registration Period Ends February 22
-------------------------------------------------------------
Creditors of Schmitz-Bau GmbH have until Feb. 22, 2008, to
register their claims with court-appointed insolvency manager
Dr. Frank Kebekus.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 1, 2008, 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 Aachen
Meeting Hall K 5
Third Floor
Alter Posthof 1
52062 Aachen
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. Frank Kebekus
Frankenstrasse 14-16
52070 Aachen
Germany
Tel: 0241/5591310
Fax: 0241/55913120
The District Court of Aachen opened bankruptcy proceedings
against Schmitz-Bau GmbH on Jan. 4, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Schmitz-Bau GmbH
Leinenpfad 11
52441 Linnich
Germany
SPEDITION SCHULZ: Claims Registration Period Ends February 22
-------------------------------------------------------------
Creditors of Spedition Schulz GmbH have until Feb. 22, 2008, to
register their claims with court-appointed insolvency manager
Stefanie Kaufmann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Mannheim
Hall 232
Second Floor
Schloss
68149 Mannheim
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Stefanie Kaufmann
Roxheimer Str. 17
67240 Bobenheim-Roxheim
Germany
Tel: 06239/999338
The District Court of Mannheim opened bankruptcy proceedings
against Spedition Schulz GmbH on Jan. 11, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Spedition Schulz GmbH
Attn: Karl-Heinz Schulz
Mannheimer Str. 37
68723 Oftersheim
Germany
TK HAUSTECHNIK: Claims Registration Period Ends February 11
-----------------------------------------------------------
Creditors of TK Haustechnik GmbH have until Feb. 11, 2008, to
register their claims with court-appointed insolvency manager
Alexander Kaesebier.
Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on March 11, 2008, 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 (Saale)
Hall 1.043
Justizzentrum
Thueringer Strasse 16
06112 Halle (Saale)
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:
Alexander Kaesebier
Tschaikowskistrasse 23
04105 Leipzig
Germany
Tel: 0341/4626630
Fax: 0341/4626659
The District Court of Halle (Saale) opened bankruptcy
proceedings against TK Haustechnik GmbH on Jan. 11, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
TK Haustechnik GmbH
Werkstr. 12
06249 Muecheln
Germany
TREOFAN HOLDINGS: S&P Holds CCC+ Ratings on New Commitment
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' corporate
credit ratings on Germany-based flexible packaging producer
Treofan Holdings GmbH and its operating subsidiary Treofan
Germany GmbH & Co. KG.
At the same time, the ratings were removed from CreditWatch
where they were placed with negative implications on
Dec. 7, 2007. The outlook is negative.
The 'CCC+' issue rating on Treofan Germany's EUR170 million
subordinated second-lien notes was also affirmed and removed
from CreditWatch with negative implications. The recovery
rating on the issue has been lowered to '4' from '3', indicating
average (30%-50%) recovery prospects for noteholders.
"The rating affirmation reflects Treofan's recently obtained
access to an incremental commitment of EUR20 million to an
existing EUR60 million available under a revolving credit
facility. This will alleviate liquidity pressure over the
immediate term," said Standard & Poor's credit analyst Jacob
Zachrison.
Nevertheless, the company's ability to improve weak earnings
over the next 12 months is essential at the current rating
level. In addition, operational challenges, high cash interest
costs, only modest flexibility in curtailing capital spending,
and cash outflows related to a new restructuring program, could
pressure liquidity and tighten covenant headroom over the near
term if operating performance fails to improve.
The ratings continue to reflect the group's aggressively
leveraged financial risk profile and strong competition in the
fragmented polypropylene film industry. They also reflect the
group's weak track record of operating performance. These
negative factors are tempered by the group's leading niche
market positions, stemming from long-term relationships with
customers and well-diversified customer and geographic bases in
stable markets, including a recent expansion of its North
American operations in Mexico.
The negative outlook reflects our concerns that Treofan could
fail to improve its very weak cash flow generation over the near
term, and that the liquidity situation could tighten again.
These factors could contribute to a downgrade.
The outlook could be revised to stable if Treofan can improve
its operating performance and liquidity position, reducing the
risk of covenant breaches.
UNI-BAU GMBH: Claims Registration Period Ends February 20
---------------------------------------------------------
Creditors of UNI - BAU GmbH have until Feb. 20, 2008 to register
their claims with court-appointed insolvency manager Frank
Bassermann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 12, 2008, 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 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 insolvency manager can be reached at:
Frank Bassermann
Bleichstr. 2-4
60313 Frankfurt am Main
Germany
Tel: 069/9130920
Fax: 069/91309230
The District Court of Offenbach am Main opened bankruptcy
proceedings against UNI - BAU GmbH on Jan. 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
UNI - BAU GmbH
Attn: Herrn Branko Vrancic
Holzwiesenweg 5
63073 Offenbach am Main
Germany
YESIL GMBH: Claims Registration Period Ends February 18
-------------------------------------------------------
Creditors of Yesil GmbH have until Feb. 18, 2008 to register
their claims with court-appointed insolvency manager Stefanie
Kaufmann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 3, 2008, 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 Ludwigshafen/Rhein
Meeting Hall VII
Wittelsbachstr. 10
67061 Ludwigshafen/Rhein
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:
Stefanie Kaufmann
Roxheimer Str. 17
67240 Bobenheim-Roxheim
Germany
The District Court of Ludwigshafen/Rhein opened bankruptcy
proceedings against Yesil GmbH on Jan. 14, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Yesil GmbH
Attn: Filiz Yesil, Manager
Foltzring 3
67227 Frankenthal
Germany
===========
G R E E C E
===========
FAGE DAIRY: Moody's Cuts Corporate Family Rating to B2
------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Fage Dairy Industry S.A. to B2 from B1. Concurrently,
Moody's downgraded the rating on the EUR130 million Senior Notes
due 2015 to B2 from B1. The outlook on all ratings is negative.
This rating action concludes the review for possible downgrade
initiated on Nov. 15, 2007.
The outcome of the rating review was influenced by a number of
factors. "Firstly, Moody's recognizes the continued
deterioration in the company's credit metrics, which is largely
due to the combined effect of lower profitability in the
domestic market and rising leverage as the company funds the
committed investments in the US plant," explained Stefano del
Zompo, lead analyst for Fage at Moody's. "The rating change
also reflects Moody's expectation that the current highly
competitive market environment in Greece will persist in the
medium term and that any attempt by Fage to retain its leading
market share in key segments of the local dairy market will
likely be at the expense of the company's profitability."
Moody's also notes that high raw material prices, in particular
for raw milk, which affected the company's performance in 2007,
are likely to continue to exert pressure on the company's
results in 2008, although the rating agency expects the launch
of the company's operations in the US to grant it access to
lower milk prices available on the US market.
Finally, the rating downgrade also reflects Moody's concerns
about the company's liquidity, further weakened by the fine of
EUR9.2 million to be levied on the company by the Greek
authorities, at the conclusion of their investigation into price
fixing among the country's largest dairy companies.
At present, the company is completely reliant on the EUR29
million unused uncommitted credit facilities and the circa EUR28
million of cash on balance sheet expected in December 2007,
which combined with the EUR5 million bonds issued by the company
in November 2007 should be sufficient in the short term to fund
the company's ongoing maintenance capex (around EUR8-10 million
per year), short-term debt obligations and the EUR19.6 million
in expansion capex commitments related to the construction of a
new production facility in the US. However, Moody's cautions
that following EUR2.5 million of debt amortization in 2008, the
company will face a step-up in debt repayments, and that in the
absence of a material increase in profitability and cash flow
generation, it might find it difficult to make the scheduled
payments. Moody's will monitor quarterly the evolution of the
company's liquidity position.
Fage's current ratings also reflect these positive aspects:
(1) The expected beneficial impact of the launch of
operations at the company's yoghurt plant in the U.S.,
which is likely to reduce transportation costs and
exchange rate risk, grant access to cheaper raw materials
and free up production capacity in Greece that will
likely support sales in Fage's key European markets,
namely Italy and the U.K.
(2) The strong volume increase, albeit from a smaller base,
in exports and sales to the international markets in
2007, which partially offset the 7.8% volume decline in
sales in the domestic market.
(3) The capillarity of the company's distribution network,
which, coupled with the strength of the Fage brand,
sustained the company's performance in 2007 and prevented
its market share in yoghurt from falling more than
moderately despite competitors' aggressive marketing
initiatives.
"The negative outlook reflects Moody's concerns that a continued
decline in Fage's domestic market share, strength of the euro
and sustained competitive pressure in key segments of the
domestic market from larger and better capitalised players could
increase the constraints on Fage's profitability and ultimately
on its liquidity, resulting in financial metrics that are not
compatible with a B2 rating," Mr del Zompo said.
The ratings would likely face further downward pressure if as a
result of the competitive market environment, EBITDA margins
remain stable in the low single digits and Debt/EBITDA ratio
remains above 8.0x or if the liquidity position of the company
were to deteriorate further. A sustained improvement in
operating performance and cash flow generation, leading to
EBITDA margins to the high single digits, a Debt/EBITDA ratio
close to 6.0x and positive free cash flow generation, resulting
from either an improvement in local market share or stronger-
than-expected international growth, could be positive for the
ratings.
Affected ratings are:
-- B1 Corporate Family Rating and Probability of Default
Rating at Fage Dairy Industry S.A. downgraded to B2;
-- B1 Senior Unsecured rating of the EUR130 million notes due
2015 issued by Fage Dairy Industry S.A. downgraded to B2.
Headquartered in Athens, Fage is one of the leading dairy
companies in Greece, with activities in the yoghurt,
refrigerated milk and packaged cheese segments. For the nine
months ended Sept. 30, 2007, Fage reported consolidated net
sales of EUR253.2 million, operating profit of EUR6.2 million
and total debt of around EUR181.8 million.
===================
K A Z A K H S T A N
===================
CRISTAL NIKE: Proof of Claim Deadline Slated for February 26
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Cristal Nike insolvent.
Creditors have until Feb. 26, 2008 to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Aktube
Altynsarin Str. 31
Aktobe
Aktube
Kazakhstan
Tel: 8 (3132) 21-30-32
DUR-DANA LLP: Creditors Must File Claims by February 22
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Dur-Dana insolvent.
Creditors have until Feb. 22, 2008 to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Kyzylorda
Aiteke bi Str. 29
Kyzylorda
Kazakhstan
EKO-PRESS LLP: Claims Filing Period Ends February 26
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Publishing-Printing Complex Eko-
Press insolvent.
Creditors have until Feb. 26, 2008 to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of North Kazakhstan
Jumabayev Str. 102-25
Petropavlovsk
North Kazakhstan
Kazakhstan
MDK-COMPANY LLP: Creditors' Claims Due on February 26
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan has declared LLP Mdk-Company insolvent.
Creditors have until Feb. 26, 2008 to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of North Kazakhstan
Department of Agriculture
Konstitutsiya Kazakhstana Str. 38
Petropavlovsk
North Kazakhstan
Kazakhstan
PARTNER 2005: Claims Registration Ends February 22
--------------------------------------------------
LLP Partner 2005 has declared insolvency. Creditors have until
Feb. 22, 2008 to submit written proofs of claims to:
LLP Partner 2005
Jastar Str. 3-102
110004, Kostanai
Kazakhstan
PRIDE LLC: Proof of Claim Deadline Slated for February 22
---------------------------------------------------------
LLP Pride LLC has declared insolvency. Creditors have until
Feb. 22, 2008 to submit written proofs of claims to:
LLP Pride LLC
Micro District Kazakhfilm, 53
Almaty
Kazakhstan
RASK LLP: Creditors Must File Claims by February 26
---------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
has declared LLP Regional Auto-Construction Company Rask
insolvent.
Creditors have until Feb. 26, 2008 to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of West Kazakhstan
Moldagulov Str. 9-18
Uralsk
West Kazakhstan
Kazakhstan
Tel: 8 (3112) 51-77-10
SUNRISE CLUB: Claims Filing Period Ends February 22
---------------------------------------------------
LLP Sunrise Club has declared insolvency. Creditors have until
Feb. 22, 2008 to submit written proofs of claims to:
LLP Sunrise Club
Room 210
Kutuzov Str. 31/1
Pavlodar
Kazakhstan
TERRA-AKTOBE LLP: Creditors' Claims Due on February 26
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Terra-Aktobe insolvent.
Creditors have until Feb. 26, 2008 to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Aktube
Altynsarin Str. 31
Aktobe
Aktube
Kazakhstan
Tel: 8 (3132) 21-30-32
TRUST SERVICE: Claims Registration Ends February 22
---------------------------------------------------
LLP Trust Service Pvt has declared insolvency. Creditors have
until Feb. 22, 2008 to submit written proofs of claims to:
LLP Trust Service Pvt
Abai Str. 146-14
Ekibastuz
141200, Pavlodar
Kazakhstan
===================
K Y R G Y Z S T A N
===================
ADECO PLUS: Creditors Must File Claims by February 21
-----------------------------------------------------
LLC Adeco Plus has declared insolvency. Creditors have until
Feb. 21, 2008 to submit written proofs of claim.
Inquiries can be addressed to (+996 312) 90-32-69.
=================
L I T H U A N I A
=================
UAB BITE: High Leverage Level Cues Fitch to Hold B- Rating
----------------------------------------------------------
Fitch Ratings affirmed Lithuania-based UAB Bite Lietuva's Long-
term Issuer Default rating at 'B-' with a Stable Outlook.
At the same time, Fitch has affirmed the rating of Bite Finance
International BV's EUR190 million senior secured notes at
'B'/'RR3'. Bite Finance International BV's EUR110 million
senior subordinated notes are affirmed at 'CCC+'/'RR5'.
"Bite has performed well in Lithuania in 2007 and growth in
EBITDA in for Lithuania has resulted in a reduction in net
leverage to 7.5x at third quarter on 2007, from 9.2x at
closing," said Michelle De Angelis, Senior Director in Fitch's
Leveraged Finance team in London. "Nonetheless, the 'B minus'
IDR reflects the still high leverage level, the negative free
cashflow of the consolidated business and the continued
investment needed to turn around the Latvian mobile operations,
which have so far failed to gain a solid foothold in that
market."
Fitch expects a slower pace of deleveraging in 2008 as further
improvements in consolidated EBITDA are at least partially
offset by reductions in cash balances and drawings under the
committed revolving credit facility to fund investments in
Latvia.
The Stable Outlook reflects Fitch's expectations that current
committed debt facilities should be sufficient to fund the
company's business plan through to free cashflow breakeven,
provided the company takes advantage of the scalability of its
capital expenditures and does not over-invest, and that
performance in Lithuania remains strong. However, should FCF
breakeven be further delayed, the company could require
additional sources of funding and this risk is reflected in the
current 'B-' rating level.
In the medium term, factors that could result in upwards rating
movement include a further reduction in leverage to a range of
5.5x-6.5x, achievement of EBITDA breakeven for the Latvian
business (currently EBITDA-negative) and continued strong
performance in Lithuania, which accelerates FCF-breakeven for
the consolidated group. Factors that could result in downwards
rating movement include a deteriorating competitive environment,
a failure to penetrate the Latvian market effectively and to
turn around the negative quarterly trend in Latvia EBITDA within
12-18 months, and deterioration in FCF generation or a delay in
FCF-breakeven resulting in a liquidity squeeze.
The Lithuanian market is highly penetrated and highly
competitive, such that double or triple SIM usage is
commonplace, a factor which artificially inflates subscriber
numbers while reducing average revenues generated from those
subscribers. Although churn in Bite's prepaid customer base is
high and the prepaid base is shrinking, this is partly balanced
by improving prepaid ARPU levels, which imply a higher average
quality of prepaid subscriber as a result. EBITDA performance
in the Lithuanian mobile operations has exceeded Fitch's
expectations for the year-to-date, partly as a result of strong
usage levels for both postpaid and prepaid subscribers.
Performance in the Latvian mobile operations is weaker, and the
company has yet to gain a strong foothold in the Latvian market.
Aggressive launch campaigning appears to have resulted in an
opportunistic subscriber base, which will need to be migrated
towards higher-quality customers. EBITDA results for the YTD
third quarter of 2007 in Latvia have been in line with Fitch's
expectations, but the new CEO in Latvia must address the issues
surrounding the customer base and product offering if there is
to be improvement in 2008.
===========
P O L A N D
===========
NETIA SA: Tollerton and Novator to Acquire 23.4% P4 Stake
---------------------------------------------------------
Netia SA had received an indicative expression of interest to
purchase its indirect shareholding in affiliate P4 Sp. z o.o.
and that it considered a sale of its equity interest in P4 as an
alternative to issuing new equity as a means to fund Netia's
expansion plans in the Polish broadband market. The indicative
expression of interest was from Tollerton Investments Limited
and Novator Telecom Poland S.a.r.l.
Following preliminary negotiations, the company, Tollerton and
Novator signed a non-binding letter of intent which they agreed
the preliminary terms of the potential transaction, i.e. in
particular:
(i) the price of EUR 130 million, payable in cash on closing;
(ii) the additional price payable to the company in case of
future change of control of P4 during 12 months after
closing of the transaction;
(iii) the shares in P4 would be acquired indirectly, through
the buyers' acquisition from Netia of 100% of Netia
Mobile Sp. z o.o., a fully owned holding company whose
sole asset is a 23.4% stake in P4; and
(iv) assumptions of amendments to the trade contracts between
the company and P4, including the terms of the service
provider agreement, the execution of which was notified
by the company in the current reports No. 81/2007 dated
December 8, 2007 and 3/2008 dated January 17, 2008, to
reflect the fact that following the transaction Netia
will no longer be a shareholder of P4.
Having considered the findings of two valuations of Netia's
shareholding in P4, prepared by two independent expert advisors,
the Management Board of the company resolved to authorize the
potential buyers to commence their due diligence on Netia Mobile
Sp. z o.o., and to commence negotiations on the sale of the
company's shareholding in P4. The price of EUR130 million
represents a 63% premium over the EUR79.7 million of equity
contributed by Netia to P4.
In Management's opinion, the price offered by Tollerton and
Novator is very attractive for a minority stake and, if the sale
closes as anticipated, would provide the funding necessary for
Netia to implement its broadband-driven growth strategy.
Moreover, in line with its strategy, Netia expects to continue
to leverage the results of its founding investment in P4 through
the continuation of the existing UMTS Transmission and Mobile
Service Provider contracts.
Netia's Management received consent from the Supervisory Board
to sign the above mentioned Letter of Intent. Supervisory Board
members affiliated with P4's majority shareholder, Constantine
Gonticas and Bruce McInroy, neither participated in the
Supervisory Board's discussions nor voted on the resolution on
this matter. Prior to the signing of the agreements, Management
intend to obtain a fairness opinion and a further consent of the
Supervisory Board is required prior to any binding agreements
being executed.
Netia's Management expects that P4 may make further equity calls
during the course of 2008 of up to EUR150 million as it
continues to build its subscriber base and roll-out its network.
As Netia anticipates disposal of its stake in P4 during the
first quarter of 2008, Netia will not be making further equity
contributions to P4 in the immediate future but the resulting
potential dilution will have no impact on the anticipated sale
transaction.
In accordance with the Letter of Intent it is the intention of
the parties that binding contracts be exchanged and the
transaction be closed by March 31, 2008.
Completion of the transaction will depend on satisfactory
completion the due diligence on Netia Mobile conducted by the
potential buyers, and on all the detailed terms and conditions
of the transaction being agreed in the form of a binding
contract.
About Netia
Headquartered in Warsaw, Poland, Netia S.A. -- http://netia.pl/
-- is an alternative fixed-line telecommunications operator in
Poland. Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.
* * *
On Aug. 15, 2007, Standard & Poor's Ratings Services assigned a
B rating to Netia's Long-Term Foreign and Local Issuer Credit.
The rating still applies to date.
NETIA SA: Transfers Magma and KOM-NET Share Ownership to Lanet
--------------------------------------------------------------
Netia SA has transferred the ownership of these shares in
telecommunications companies, classified as material assets, to
its subsidiary operating under the business name Lanet Sp. z
o.o. with its seat in Wroclaw:
* 946 shares in the share capital of Magma Systemy
Komputerowe Schmidt i S-ka S.J. with its seat in Wroclaw
with the nominal value of PLN500 each and the total
nominal value of PLN473,000 for all these shares, which
represent 100% of the share capital and confer the right
to 100% of the votes at Magma's meeting of shareholders,
* 100 shares in the share capital of KOM-NET Systemy
Komputerowe Sp. z o.o. with its seat in Wroclaw with
the nominal value of PLN500 each and the total nominal
value of PLN50,000 for all these shares, which represent
100% of the share capital and confer the right to 100% of
the votes at Kom-Net's meeting of shareholders.
The transfer of the shares in Magma and Kom-Net was made in
execution of the agreement concluded by Netia and Lanet on
January 31, 2008. The shares represent an in-kind contribution
in exchange for which Netia acquired 400 newly issued shares in
Lanet, with the nominal value of PLN500 and at the issue price
of PLN 44,545.43 each, i.e., at the total price of
PLN17,818,172.
The gross book value of the shares as at December 31, 2007
disclosed in Netia's accounts equals PLN17,818,172.
The disposed Shares were classified as material assets, as they
represent 100% of the share capital of the entities and their
acquisition by Lanet constitutes an investment of a long-term
nature. The transaction has no impact on Netia's consolidated
financial statements.
Lanet is Netia's subsidiary –- Netia owns shares representing
100% of Lanet's share capital and conferring the right to 100%
of the votes at its meeting of shareholders). Apart from the
contractual relations described in this report, there exist no
other ties between Netia and the persons managing or supervising
Netia and the buyer of the aforementioned assets, except for
relations resulting from Netia's rendering to Lanet operational
support and telecommunications services.
The transfer of the shares represents one of the elements of the
Ethernet companies' consolidation process within the Netia
group.
About Netia
Headquartered in Warsaw, Poland, Netia S.A. -- http://netia.pl/
-- is an alternative fixed-line telecommunications operator in
Poland. Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.
* * *
On Aug. 15, 2007, Standard & Poor's Ratings Services assigned a
B rating to Netia's Long-Term Foreign and Local Issuer Credit.
The rating still applies to date.
===========
R U S S I A
===========
PROMSVYAZBANK FINANCE: Fitch Puts B- Ratings on Upcoming Loan
-------------------------------------------------------------
Fitch Ratings assigned PSB Finance S.A.'s upcoming subordinated
notes issue, expected to be of at least US$100 million and due
January 2018, expected ratings of Long-term 'B-' and Recovery
'RR6'. The notes will bear interest from 2008 to 2013 at a rate
of 12.5% per annum, and from 2013 at the step-up interest rate
(unless the notes are redeemed on the step-up date), in each
case payable semi-annually.
The final ratings of the issue are contingent on the receipt of
final documentation conforming materially to information already
received.
The proceeds are to be used for redeeming the outstanding
principal of US$100 million notes (private placement notes
issued on July 20, 2007), which finance an existing subordinated
loan to Russia-based Promsvyazbank. The terms and conditions of
the existing and new notes are principally the same, although
the new notes, and therefore the subordinated loan, will carry a
fixed interest rate, whereas the original loan and private
placement notes carry a floating rate. The Issuer will pay
holders of the new notes amounts (principal and interest)
received from PSB under the loan agreement.
The claims of PSB Finance in relation to the new subordinated
loan will be junior to those of all senior creditors of PSB and
will rank at least equally between themselves and with the
claims of other subordinated creditors of PSB. PSB has the
right to repay the subordinated loan should regulatory changes
lead to them ceasing to qualify as regulatory Tier 2 capital.
PSB is one of the largest Russian privately held banks, and is
majority-owned by the Ananiev brothers (84.7%). Commerzbank AG
holds 15.3% of voting shares; however, Fitch has been informed
that it is not involved in operational or strategic management
of the bank. PSB's current customer franchise focuses on large-
and mid-sized corporate clients and their workforce, which it
serves through a network of over 150 outlets in more than 30 of
Russia's largest regions. The bank's current strategic focus
envisages further regional diversification and franchise
expansion into the retail and SME segments.
SITRONICS JSC: Signs US$12.4 Million Contracts with MTS-Ukraine
---------------------------------------------------------------
Sitronics JSC reported on Jan. 31, 2008, that Sitronics Telecom
Solutions, Czech Republic has signed two contracts with MTS-
Ukraine.
The total value of the contracts is around US$12.4 million.
Under the terms of these contracts, Sitronics TS will provide
the equipment for MTS-Ukraine's two new mobile transit exchanges
and upgrade to boost the overall capacity four existing
exchanges utilizing Gateway Mobile Switching Centre technology.
The new system is expected to be deployed in the middle of 2008.
SITRONICS TS, currently provides the MTS Group with its MEDIO
range of products, as well as with FORIS NG ,an OSS/BSS solution
for telecommunications operators, and TENNET.
"We continue to expand our cooperation with MTS-Ukraine, a
subsidiary of the largest mobile operator in Russia and the CIS.
These new agreements demonstrate the high quality and
competitiveness of our products and solutions. We are pleased to
once again be able to deliver our services to the MTS Group as
its telecom equipment provider," Mikhail Minkovsky, Chief
Technology Officer of Sitronics, commented
"MTS-Ukraine was the first mobile operator in Ukraine. We have
been working on the technical improvement of our network and
connection quality for over 15 years. MTS-Ukraine has a number
of joint projects with SITRONICS and we are pleased to have an
opportunity to expand this cooperation," Andrew Dubovskov,
General Director of MTS-Ukraine, added.
Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.
* * *
As of Feb. 2, 2008, JSC Sitronics still holds Fitch Ratings'
Long-term Issuer Default Rating of 'B-' with a Stable Outlook.
TATA MOTORS: Nearing Deal with Ford on Jaguar & Land Rover Sale
---------------------------------------------------------------
Tata Motors Ltd is closing in on a deal with Ford Motor Co. for
the sale of the American carmaker's Jaguar and Land Rover
brands, The Economic Times reports citing an unnamed source "who
has been briefed on the negotiations."
The Times' source anticipates an announcement of an agreement as
early as next week to as late as March. The agreement may also
include an engine-supply deal. The parties, the news agency's
source relates, are negotiating an agreement for Ford to keep
supplying engines and other technology to Jaguar and Land Rover.
Times expects the sale agreement will be for the sale of the
entire stake in the two luxury brands. Ford CFO Don Leclair
told the news agency that "the company does not plan to keep a
stake in the storied British automakers."
Tata Motors became the front-runner bidder for Ford's two brands
when Ford announced on Jan. 3, that it has entered into "focused
negotiations at a more detailed level" with Tata. Tata Motors,
who has the backing of the unions of Jaguar and Land Rover, made
it to the list of final bidders along with Mahindra & Mahindra
in collaboration with buyout firm Apollo; and One Equity
Partners LLC.
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations. Tata Motors has operations in Russia and
the United Kingdom.
* * *
As reported in the TCR-Europe on Jan. 8, 2008, Moody's
Investors Service placed the Ba1 Corporate Family Rating of Tata
Motors Ltd on review for possible downgrade.
TATA MOTORS: May Pay More for Jaguar and Land Rover, Report Says
----------------------------------------------------------------
Tata Motors Ltd may have to shell out more to purchase Ford
Motor Co.'s Jaguar and Land Rover as the brands' stable, Premier
Automobile Group, posted a US$504-million profit before tax, The
Economic Times reports. Aside from the two Ford brands, PAG
also houses Volvo.
Tata Motors became the front-runner bidder for Ford's Jaguar and
Land Rover when the U.S. Automaker announced on Jan. 3, that it
has entered into "focused negotiations at a more detailed level"
with Tata. Tata Motors outbid Mahindra & Mahindra in
collaboration with buyout firm Apollo; and One Equity Partners
LLC.
Since the negotiations are not yet over, Ford could push for
better valuations now that PAG has become profitable, the Times
says, citing auto consultants and analysts. PAG's pre-tax 2007
profit is a huge improvement from the U$344-million loss in
2006, the news agency points out.
Ford spokesperson John Gardiner attributed the turnaround to
Land Rover and Jaguar. "Jaguar and Land Rover have been solidly
profitable in each quarter of 2007, but Volvo made a loss," Mr.
Gardiner told the news agency.
Tata Motors reportedly made a US$2-billion bid for the two
luxury brands. According to The Times, auto analysts have
unanimously maintained that Tata's bid price is too high.
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the Company. The Company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations. Tata Motors has operations in Russia and
the United Kingdom.
* * *
As reported in the TCR-Europe on Jan. 8, 2008, Moody's
Investors Service placed the Ba1 Corporate Family Rating of Tata
Motors Ltd on review for possible downgrade.
TATNEFT OAO: Approves Nominee List for New Board of Directors
-------------------------------------------------------------
OAO Tatneft's board of directors on Jan. 31, 2008, considered
the proposals submitted for the nominations to the Board of
Directors and the Auditing Committee.
The board decided that these candidates would be included into
the voting bulletins to elect the Members of the Board of
Directors:
* Shafagat Fakhrazovich Takhautdinov, Tatneft General
Director;
* Valery Pavlovich Vasilyev, Minister of Land and Property
Relations of the Republic of Tatarstan;
* David William Waygood, CEO of Waygood Limited Company;
* Maria Leonidovna Voskresenskaya, CEO of Brentcross Holding
Ltd.;
* Radik Raufovich Gaizatullin, Minister of Finance of the
Republic of Tatarstan;
* Sushovan Ghosh, Managing Director of SGI Enterprises Ltd;
* Nail Gabdulbarievich Ibraghimov, First Deputy General
Director on Upstream - Chief Engineer of OAO Tatneft;
* Vladimir Pavlovich Lavushchenko - Deputy General Director,
Tatneft;
* Nail Ulfatovich Maganov, First Deputy General Director on
Downstream, Tatneft;
* Renat Khaliullovich Muslimov, the RT President Consultant
on Oil and Gas Field Development;
* Rinat Kasimovich Sabirov, Head of Petrochemical Complex
Department of the RT Cabinet of Ministers;
* Valery Yuryevich Sorokin, General Director of OAO
Svyazinvestneftekhim;
* Mirgaziyan Zakiyevich Taziyev, Head of Oil Production
Unit Almetyevneft;
* Rais Salikhovich Khisamov, Deputy General Director.
The Auditing Committee Candidates were also nominated at the
meeting.
The board of directors took into consideration a decision to
designate Rustam Nurgaliyevich Minnikhanov the Prime Minister of
the Republic of Tatarstan to represent the Government in the OAO
Tatneft Board of Directors.
The company also reviewed its 2007 budget performance results
and approved the budget for February 2008.
The Company's progress on implementation of the two investment
projects that are underway in the ALABUGA Special Economic Zone
was reported and discussed at the meeting:
-- fiberglass and its products manufacture project; and
-- compounds production project for an automotive industry.
In order to implement the first project the ??? Preiss-Daimler
Tatneft - Alabuga Fibre Glass Company was set up with the equal
stakes of OAO Tatneft and Preiss-Daimler Group.
To implement the second project, it was agreed to launch a Joint
Venture with Basell Company.
Both of the businesses are anticipated to start their production
in 2009 and the full capacity expects to be reached in 2011.
The Working Commission reported about the preparatory activities
which were being carried out to hold the Annual General
Shareholders' Meeting dedicated to the 2007 business performance
results.
The board of directors decided to conduct the Annual General
Shareholders' Meeting on June 26, 2008, in Almetyevsk in the
Palace of Culture Neftche in Almetyevsk, at 10:00 a.m., Moscow
time.
The participants registration procedure was approved. The
preliminary registration will be held during the period of
June 16-25, 2008, from 8:00 a.m. to 5:00 p.m. at:
OAO Tatneft Property Department
Gagarin Street
Almetyevsk
Russia
The list of individuals entitled to attend the Meeting will be
drawn up based on the Company Shareholders Register data as of
8:00 a.m. on May 12, 2008.
About Tatneft
Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil. The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.
* * *
Tatneft continues to carry Fitch's B+ Issuer Default rating.
Its Short-Term rating stands at B. Fitch said the outlook is
positive.
=============
U K R A I N E
=============
AGRO-ROS LLC: Creditors Must File Claims by February 9
------------------------------------------------------
Creditors of LLC Agro-Ros (code EDRPOU 31619170) have until
Feb. 9, 2008, 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 B 11/388-07.
The Debtor can be reached at:
LLC Agro-Ros
October Str. 3
Dobrovka
Tetiyev District
Kiev
Ukraine
ANID LLC: Creditors Must File Claims by February 9
--------------------------------------------------
Creditors of LLC Anid (code EDRPOU 22950297) have until
Feb. 9, 2008, 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 24/260-23/52-b.
The Debtor can be reached at:
LLC Anid
Office 9
Boulevard 8
Druzhba narodov
01103 Kiev
Ukraine
COMFORT-TRAVEL PLUS: Creditors Must File Claims by February 9
-------------------------------------------------------------
Creditors of LLC Comfort-Travel Plus (code EDRPOU 32851930) have
until Feb. 9, 2008, 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 15/807-b.
The Debtor can be reached at:
LLC Comfort-Travel Plus
Moskovskaya Str. 7
01010 Kiev
Ukraine
DELUR-SERVICE LLC: Creditors Must File Claims by February 9
-----------------------------------------------------------
Creditors of LLC Delur-Service (code EDRPOU 34706977) have until
Feb. 9, 2008, to submit written proofs of claim to:
The Economic Court of Nikolaev
Admiralskaya Str. 22
54009 Nikolaev
Ukraine
The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as 5/850/07.
The Debtor can be reached at:
LLC Delur-Service
Mi Avenue 2-a
Nikolaev
Ukraine
DEMETRA LLC: Proofs of Claim Deadline Set February 9
----------------------------------------------------
Creditors of LLC Demetra (code EDRPOU 32186295) have until
Feb. 9, 2008, to submit written proofs of claim to:
The Economic Court of Zaporozhje
Shaumiana Str. 4
69001 Zaporozhje
Ukraine
The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company. on the company. on the
company on Dec. 5, 2007. The case is docketed as 21/305/07.
The Debtor can be reached at:
LLC Demetra
October Str. 52
Pervomayskoye
Vasilievsky District
71643 Zaporozhje
Ukraine
ECONOMPROMIK LLC: Creditors Must File Claims by February 9
----------------------------------------------------------
Creditors of LLC Econompromik (code EDRPOU 34663510) have until
Feb. 9, 2008, 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 23/502-b.
The Debtor can be reached at:
LLC Econompromik
Zhylianskaya Str. 24
01033 Kiev
Ukraine
EUROSALE-WHOLE SALE: Creditors Must File Claims by February 9
-------------------------------------------------------------
Creditors of LLC Eurosale-Whole Sale (code EDRPOU 34707070) have
until Feb. 9, 2008, to submit written proofs of claim to:
The Economic Court of Nikolaev
Admiralskaya Str. 22
54009 Nikolaev
Ukraine
The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as 5/786/07.
The Debtor can be reached at:
LLC Eurosale-Whole Sale
Mir Avenue 2-a
Nikolaev
Ukraine
MARTTRONIK LLC: Creditors Must File Claims by February 9
--------------------------------------------------------
Creditors of LLC Marttronik (code EDRPOU 34707001) have until
Feb. 9, 2008, to submit written proofs of claim to:
The Economic Court of Nikolaev
Admiralskaya Str. 22
54009 Nikolaev
Ukraine
The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as 5/849/07.
The Debtor can be reached at:
LLC Marttronik
Apartment 514
Mir Avenue 2-a
Nikolaev
Ukraine
MONOLIT-C LLC: Proofs of Claim Deadline Set February 9
------------------------------------------------------
Creditors of LLC Monolit-C (code EDRPOU 32907071) have until
Feb. 9, 2008, 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
supervision procedure on the company. The case is docketed as
B-13/275.
The Debtor can be reached at:
LLC Monolit-C
Dolinskaya Str. 60
Kalush
77300 Ivano-Frankovsk
Ukraine
SITRONICS JSC: Signs US$12.4 Million Contracts with MTS-Ukraine
---------------------------------------------------------------
Sitronics JSC announced on Jan. 31, 2008, that Sitronics Telecom
Solutions, Czech Republic has signed two contracts with MTS-
Ukraine.
The total value of the contracts is around US$12.4 million.
Under the terms of these contracts, Sitronics TS will provide
the equipment for MTS-Ukraine's two new mobile transit exchanges
and upgrade to boost the overall capacity four existing
exchanges utilizing Gateway Mobile Switching Centre technology.
The new system is expected to be deployed in the middle of 2008.
SITRONICS TS, currently provides the MTS Group with its MEDIO
range of products, as well as with FORIS NG ,an OSS/BSS solution
for telecommunications operators, and TENNET.
"We continue to expand our cooperation with MTS-Ukraine, a
subsidiary of the largest mobile operator in Russia and the CIS.
These new agreements demonstrate the high quality and
competitiveness of our products and solutions. We are pleased to
once again be able to deliver our services to the MTS Group as
its telecom equipment provider," Mikhail Minkovsky, Chief
Technology Officer of Sitronics, commented
"MTS-Ukraine was the first mobile operator in Ukraine. We have
been working on the technical improvement of our network and
connection quality for over 15 years. MTS-Ukraine has a number
of joint projects with SITRONICS and we are pleased to have an
opportunity to expand this cooperation," Andrew Dubovskov,
General Director of MTS-Ukraine, added.
Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.
* * *
As of Feb. 2, 2008, JSC Sitronics still holds Fitch Ratings'
Long-term Issuer Default rating of 'B-' with a Stable Outlook.
TRANS-KING CJSC: Creditors Must File Claims by February 9
---------------------------------------------------------
Creditors of CJSC Trans-King (code EDRPOU 25368221) have until
Feb. 9, 2008, to submit written proofs of claim to:
The Economic Court of Lugansk
Geroiv VVV Square 3a
91000 Lugansk
Ukraine
The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as 20/93b.
The Debtor can be reached at:
CJSC Trans-King
Gastello Str. 38
Lugansk
Ukraine
===========================
U N I T E D K I N G D O M
===========================
C.A.T. SMITH: Claims Filing Period Ends April 24
------------------------------------------------
Creditors of C.A.T. Smith Ltd. have until April 24, 2008 to send
in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:
David Elliott
Liquidator
Moore Stephens LLP
Victory House
Admiralty Place
Chatham Maritime
Kent
ME4 4QU
England
David Elliott of Moore Stephens LLP was appointed liquidator of
the company on Jan. 24 for the creditors' voluntary winding-up
procedure.
FARROW SYSTEM: Brings In Joint Administrators from PwC
------------------------------------------------------
Stephen Mark Oldfield and Robert Jonathan Hunt of
PricewaterhouseCoopers LLP were appointed joint administrators
of Farrow System Ltd. (Company Number 3933346) on Jan. 22, 2008.
PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.
The company can be reached at:
Farrow System Ltd.
Loddon Industrial Estate
Loddon
Norwich
NR14 6JD
England
Tel: 01508 522 710
Fax: 01508 522 719
Web site: http://www.farrowsystem.com/
FIRST 4 BROKERS: Joint Liquidators Take Over Operations
-------------------------------------------------------
P. Atkinson and G. Mummery of Vantis Business Recovery Services
were appointed joint liquidators of First 4 Brokers Ltd. on
Jan. 23 for the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Vantis Business Recovery Services
43-45 Butts Green Road
Hornchurch
Essex
RM11 2JX
England
FORD MOTOR: Nears Deal w/ Tata on Jaguar & Land Rover Sale
----------------------------------------------------------
Ford Motor Co. is closing in a deal with Tata Motors Ltd. for
the sale of the American automaker's luxury brands, Jaguar and
Land Rover, The Economic Times reports citing an unnamed source
"who has been briefed on the negotiations."
The Times' source expects an announcement of an agreement as
early as next week to as late as March. The agreement may also
include a engine-supply deal. The parties are negotiating an
agreement for Ford to keep supplying engines and other
technology to Jaguar and Land Rover, the news agency cites its
anonymous source as saying.
The news agency expects the sale agreement will be for the sale
of the entire stake in the two luxury brands. Ford CFO Don
Leclair told the agency that "the company does not plan to keep
a stake in the storied British automakers."
As reported in the Troubled Company Reporter on Jan. 30, 2008,
Ford anticipates a return of its Jaguar brand to profitability
once it is sold, together with the Land Rover brand, to
preferred bidder Tata Motors Ltd., insisting that its management
is at ease at Tata Motor's operational capabilities.
Lewis Booth, executive vice president for Ford of Europe and
Premier Automotive Group (Chairman - Jaguar, Land Rover, Volvo
and Ford of Europe) stated that Ford is committed to focused
detailed talks with Tata Motors on the potential sale of its
Jaguar and Land Rover brands. He related that while no final
decision has been made, Ford will proceed with further
substantive discussions with Tata Motors over the coming weeks
with a view to securing an agreement that is in the best
interests of all parties concerned.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
* * *
Ford Motor Company's B3 Corporate Family Rating, Ba3 senior
secured, Caa1 senior unsecured, and B3 probability of default,
were affirmed by Moody's Investors Service's in November 2007.
Moody's however changed the rating outlook to Stable from
Negative and raised the company's Speculative Grade Liquidity
rating to SGL-1 from SGL-3.
HURST PARNELL: Brings In Liquidators from KPMG Restructuring
------------------------------------------------------------
Richard John Hill and Jonathan Scott Pope of KPMG Restructuring
were appointed joint liquidators of Hurst Parnell Westland Ltd.
(formerly AJ Edwards Ltd.) on Jan. 16 for the creditors'
voluntary winding-up proceeding.
The joint liquidators can be reached at:
KPMG Restructuring
Arlington Business Park
Theale
Reading
RG7 4SD
England
KRONOS INC: Discloses New Trails in Workforce Management
--------------------------------------------------------
Kronos(R) Incorporated is redefining how organizations large and
small manage their workforce. Organizations across a broad
spectrum of industries are choosing Kronos for its proven
ability to reduce costs, increase productivity, improve employee
satisfaction, and ultimately enhance the level of service they
provide.
According to a report published this month by AMR Research,
"After streamlining and automating ERP and the supply chain, one
of the last major business process frontiers left for
optimization is the lifecycle of employee engagement. Many
organizations are realizing their people are the source of the
innovation they seek for competitive advantage, yet they have
neglected and isolated the procedures, policies, and processes
to attract and retain them."
As testament to the potential of this major business process
frontier, during the first quarter of Fiscal 2008, Kronos
secured and/or renewed contracts with organizations around the
world such as:
* Aramark China, provider of food, hospitality, facility
management services, and high-quality uniform and work
apparel
* Cardinal Health System, a regional integrated network
providing a full range of health services
* Costco, the largest wholesale club operator in the U.S.
* George Weston Foods, one of Australia’s largest food
manufacturers
* The Golden Nugget, a luxury casino and resort on Fremont
Street in Las Vegas
* Gottschalks, a regional department store chain in
California
* Gundersen Lutheran Health System, one of the campuses for
the University of Wisconsin-Madison Medical School and
School of Nursing
* Hortimax, a leading provider of solutions for professional
greenhouse companies worldwide
* IKEA, leading home furnishing retailer
* Jamba Juice, leader in healthy blended beverages, juices,
and good-for-you snacks
* Northwestern University, one of the leading universities
in the U.S.
* Sheetz, one of the U.S.’s fastest-growing family-owned and
operated convenience store chains
* Wesley Mission Brisbane, provider of innovative and
quality aged care services in Australia
* Winegardner & Hammons, a full-service hotel management
company
Once again extending its impressive record of revenue growth and
profitability, first quarter Fiscal 2008 revenues grew to
US$165.2 million. Earnings before interest, tax, and
amortization rose 22 percent to US$23.3 million. Kronos’ first
quarter Fiscal 2008 results mark the company’s 112th consecutive
quarter of year-over-year revenue growth and 83rd consecutive
quarter of EBITA profitability.
"Organizations choose Kronos because of our deep-rooted
expertise in managing the workforce. With tens of thousands of
customers, we have more experience solving workforce-related
challenges than many other vendors combined. In fact, during
the quarter, we celebrated our 30th anniversary in business,"
said Aron Ain, Kronos chief executive officer.
"But we’re not resting on our laurels. This year, we will build
upon our undisputed market leadership in workforce management.
We’re off to a great start, having already shipped nearly three
million Workforce Central(R) 6 employee licenses since
the suite became available in June. This year, in the area of
talent management, we will help organizations with a high
concentration of field-based employees to recruit and retain a
high-quality workforce. To that end, we extended our
market-leading position in the first quarter by acquiring Deploy
Solutions. Our third strategic goal is to continue our global
expansion by targeting new markets and serving the workforce
management needs of multinational organizations. We’re pleased
to report that our first quarter international sales reached an
all-time high."
Headquartered in Chelmsford, Mass., Kronos Inc. --
http://www.kronos.com/-- provides a suite of solutions that
automate employee-centric processes, as well as tools to
optimize the workforce. It provides workforce management
software, including time and attendance software and talent
management (recruiting) software. The company offers its
products primarily in the United States, Canada, Mexico, the
United Kingdom, Australia, and New Zealand.
The company posts about US$617 million of revenues for the
twelve months ended March 31, 2007.
* * *
As reported in the Troubled Company Reporter-Europe on May 18,
2007, Moody's Investors Service assigned Kronos, Inc. a
first time B2 corporate family rating and a stable rating
outlook. Moody's also assigned a first time Ba3 rating to the
company's: first lien credit facilities (US$665 million term
loan, due 2014, and US$60 million revolving credit facility,
expires 2013); and a Caa1 rating to its US$390 million second
lien term loan, due 2015.
LEICESTER SQUARE: Brings In Menzies As Joint Administrators
-----------------------------------------------------------
Paul David Williams and Paul John Clark of Menzies Corporate
Restructuring were appointed joint administrators of Leicester
Square School of English Ltd. (Company Number 02860940) on Jan.
18, 2008.
Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.
The company can be reached at:
Leicester Square School of English Ltd.
22 Leicester Square
London
WC2H 7LE
England
Tel: 020 7839 7772
Fax: 020 7839 2377
Web site: http://www.barcelonaenglish.com/
LIVESEY BUILDING: Appoints Graham Clark as Liquidator
-----------------------------------------------------
Graham Clark of UHY Hacker Young turnaround and recovery was
appointed liquidator of Livesey Building Ltd. (formerly CNW
Construction Ltd.) on Jan. 25 for the creditors' voluntary
winding-up procedure.
The liquidator can be reached at:
UHY Hacker Young turnaround and recovery
St. James Building
79 Oxford Street
Manchester
M1 6HT
England
LONDON SPORTS: Taps Baker Tilly to Administer Assets
----------------------------------------------------
Bruce Alexander Mackay and Alan Lovett of Baker Tilly
Restructuring and Recovery LLP were appointed joint
administrators of The London Sports Cafe Ltd. (Company Number
02881370) on Jan. 21, 2008.
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.
The company can be reached at:
The London Sports Cafe Ltd.
Victory House 99 101
Regent Street
London
W1B 4EZ
England
Fax: 020 7494 2400
LUDGATE FUNDING 2006-1: S&P Lowers Class S Notes' Ratings to B+
---------------------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with negative implications and lowered its credit ratings on the
class S deferrable interest rate notes, and removed from
CreditWatch negative and affirmed its credit ratings on the
class E notes issued by Ludgate Funding PLC (Ludgate 2006-1).
These rating actions follow a full credit and cash flow analysis
of the most recent loan level information.
The class E notes and class S deferrable interest rate notes
issued by Ludgate 2006-1 were placed on CreditWatch negative on
Dec. 12, 2007, following a reserve fund draw of GBP598,059 from
a reserve of GBP1.5 million on the December interest payment
date. The draw represents 39.87% of the available reserve fund,
taking the reserve to 0.24% of the initial note balance compared
with 0.40% at closing.
The reserve fund draw is primarily driven by differences in the
interest rate received from the loans paying Bank of England
base rate and the three-month LIBOR due on the liabilities,
which are unhedged in this transaction. All of the mortgage
loans are either currently linked to the BBR, or will revert to
it on the expiry of their fixed or discount periods. To
mitigate this risk at closing, Standard & Poor's looked at the
historical difference between LIBOR and BBR over time and
modeled this additional risk in its cash flows.
S&P undertook a cash flow analysis taking into account the
current and expected levels of reserve in the near term. This
analysis showed that the class S deferrable interest rate notes
could no longer withstand our 'BB' rating stress.
The widened and prolonged difference between LIBOR and BBR over
the last few periods has caused a reduction of excess spread for
those transactions with unhedged basis risk. There was a rate
difference of 0.99% for Ludgate 2006-1 in the December period;
LIBOR was set on Sept. 3, 2007 at 6.74%, and the BBR on the
mortgages was unchanged at 5.75%. For the March 2008 IPD, the
notes were set on Dec. 3, 2007 at 6.62%. Following the reduction
in the BBR on Dec. 6, 2007, the interest rate on the mortgages
reset in January to 5.5%. It will continue at this level for
the remainder of the period.
Given the large differences between LIBOR and BBR over the
current quarter, we expect a substantial reserve fund draw on
the March 2008 IPD. The difference between LIBOR and BBR in the
market has recently tightened, but a continued difference will
put pressure on excess spread in this transaction which could
lead to further reserve fund draws after the March 2008 IPD.
The collateral has performed well to date. As of Oct. 31, 2007,
total delinquencies were 5.61%, with 90+ day delinquencies at
1.77%. Unsold repossessions have increased in the current
period to GBP1.793 million from GBP168,427 in September,
representing 0.64% of the outstanding balance. Cumulative
losses are negligible at GBP11,661. Prepayments for the period
were 28.89%.
Ludgate is backed by a pool of first-ranking mortgages secured
over freehold and leasehold, owner-occupied, and "buy-to-let"
properties in the U.K. originated by Freedom Funding Ltd.
Freedom Funding was established in May 2004. In July 2006, 100%
of the shares of Freedom Funding were acquired by Merrill Lynch
International Bank—its current, ultimate parent. This
transaction was Freedom Funding's first securitization of a
portfolio of mortgages using the Ludgate Funding mortgage asset-
backed MTN program. The loans are serviced by Mortgages PLC.
Ratings List
Ludgate Funding PLC Series 2006-FF1
GBP271.8 Million And EUR156.4 Million Mortgage-Backed
Floating-Rate Notes Series 2006-FF1
Rating
Class To From
S B+ BB/Watch Neg
E BB BB/Watch Neg
NCO GROUP: US Dollar Depreciation Cues S&P to Remove Watch
----------------------------------------------------------
Standard & Poor's Ratings Services has removed its 'B+' long-
term counterparty credit rating on NCO Group Inc. from
CreditWatch Developing, where it was placed on Dec. 12, 2007.
At the same time, S&P affirmed its 'B+' rating on the company
and all associated issue ratings. The outlook is negative.
"The outlook revision reflects our belief that the tougher
collection environment and the depreciating U.S. dollar may
continue to negatively affect NCO's results in 2008 and beyond,"
said S&P's credit analyst Rian Pressman. These factors caused
NCO Group to moderately underperform relative to S&P's initial
expectations when the rating was initially assigned in late
2006.
This revised outlook does not reflect upon S&P's generally
positive opinion of NCO's pending acquisition of Outsourcing
Solutions Inc., a sizable competitor in the accounts receivable
management industry. This acquisition significantly expands NCO
Group's accounts receivable management business, where it is
already the market leader. The group's accounts receivable
management product mix, which is currently weighted heavily
toward third-party collections on a contingency-fee basis, will
become more balanced, given Outsourcing Solutions Inc.'s focus
on managing early-stage delinquent receivables, which is paid on
an FTE (a fixed-fee per full-time employee) basis. In addition,
because Outsourcing Solutions has only a nominal portfolio of
purchased receivables, the contribution to the consolidated
organization's EBITDA from portfolio management activities will
decline. S&P has previously cited the disproportionately high
contribution from this volatile business as a negative ratings
factor. S&P also views integration risk as relatively low
because there is little client overlap and good IT compatibility
between the two companies.
The company's ownership group (One Equity Partners and certain
members of senior management) is contributing US$210 million of
additional equity to the US$325 million for Outsourcing
Solutions (US$24 million of deal and integration costs will also
be incurred). Given the add-on term loan of US$139 million
required to consummate the transaction, S&P's expectations of
leverage have changed. Per management projections, S&P expects
debt-to-EBITDA and EBITDA interest coverage to approximate 4.3
and 2.3, respectively, for 2008 on a pro forma basis. Although
these metrics are adequate for the current rating, continued
pressure on EBITDA because of the factors discussed above may
alter this conclusion.
The senior-secured bank loan and revolver (the original US$465
million plus a US$139 million add-on and US$100 million,
respectively) are guaranteed by all material direct and indirect
domestic subsidiaries of the borrower (NCO Group Inc.),
excluding those that contain CarVal, an affiliate of the
agriculture/food company Cargill, articipation and international
operations. Approximately 26% of the total EBITDA, which S&P
expects the consolidated organization to generate, is forecast
to be attributed to these excluded subsidiaries, post-
acquisition. The senior unsecured and senior-subordinated notes
(US$165 million and US$200 million, respectively) are both
subordinated in right of payment to the senior-secured
indebtedness.
S&P used an enterprise value approach to analyze the lenders'
recovery prospects, given the likelihood that the business would
retain value as an operating entity in the event of a
bankruptcy. A default on the company's debt obligations would
most likely be the result of financial pressures caused by the
franchise's rapid expansion, adverse operational issues, lost
clients, competitive pressures, or the mispricing of portfolio
management purchases.
S&P's simulated default scenario also contemplates a fully drawn
revolving credit facility, a 200 basis point increase in LIBOR,
and a 200 basis point increase to the borrower's cost of capital
because of credit deterioration. S&P used an EBITDA multiple of
4.0 to determine an enterprise valuation. Based on this
simulated default scenario, lenders would be expected to realize
a substantial recovery (70%-90%) of principal for the secured
bank loan and revolver, which is reflective of a '2' recovery
rating. As a result, the rating on the bank facilities is one
notch higher than the counterparty credit rating, while the
unsecured notes are two notches lower.
The negative outlook reflects the potential for continued
pressure on results because of the difficult collections
environment and depreciating U.S. dollar. If these or other
circumstances cause NCO to underperform further, relative to
S&P's expectations, the rating will be lowered. If
circumstances stabilize, the outlook will be changed to stable.
Headquartered in Horsham, Pennsylvania, NCO Group Inc. --
http://www.ncogroup.com/-- provides business process
outsourcing services including accounts receivable management,
customer relationship management and other services. NCO
provides services through over 100 offices in the United States,
Canada, the United Kingdom, Australia, India, the Philippines,
the Caribbean and Panama.
NORTHERN BUSINESS: M. C. Bowker Leads Liquidation Procedure
-----------------------------------------------------------
M. C. Bowker of Tenon Recovery was appointed liquidator of
Northern Business Computers plc on Jan. 28 for the creditors'
voluntary winding-up procedure.
The liquidator can be reached at:
Tenon Recovery
Clive House
Clive Street
Bolton
BL1 1ET
England
NORTHERN ROCK: Restructuring Proposals Entail Job Losses
--------------------------------------------------------
Virgin Group, Olivant and Northern Rock plc's management's
restructuring proposals are threatening job losses at the bank,
the Financial Times reports.
The bidders have until today, February 4, 2008, to submit their
proposals, which according to the FT, are highly risk-averse
business plans, although they reflect the government's need to
comply with European Union rules on state aid, under which the
new owner must not gain an unfair advantage.
The proposals, the FT adds,, which can use the government-
sponsored financing package, could include writing far less new
mortgage lending at the bank to be funded from new retail
deposits. Meanwhile, a less aggressive business plan requires
injecting fresh equity of between GBP500 million and GBP750
million.
Ministers, however, claims, there are likely to be job losses
under any scenario, the FT reveals.
The FT relates that Northern Rock, which employs 6,500 people,
has not carried out a redundancy program but stopped recruiting
after it sought emergency funding from Bank of England in mid-
September.
According to the FT, the independent rescue plan drawn up by
Northern Rock director Paul Thompson for the bank has
purportedly won support from shareholders this week.
Mr. Thompson, the FT discloses, intends to retain much of the
present bank's management, should the plan be favored, although
Bryan Sanderson may not remain as chairman.
As previously reported in the TCR-Europe report on January 30,
2008, Cerberus Capital Management LP and Five Mile Capital
Partners have expressed interest in taking an equity stake in
Northern Rock under the plan, which could force Luqman Arnold's
Olivant and Sir Richard Branson's Virgin Group to come up with a
better offer.
Rights Issue
As stated in the TCR-Europe report, the bank's shareholders, SRM
Global and RAB Capital, will support a rights issue, which would
inject between GBP200 million and GBP250 million in new equity,
majority of which will come from SRM.
Merrill Lynch and ABN Amro will underwrite the remainder of the
rights issues, which is estimated to be about GBP1 billion.
Olivant's Initial Proposal
On November 16, 2007, Olivant has submitted a detailed proposal
to the Board of Northern Rock offering an alternative to a
distressed sale of all or part of the company's business. The
Olivant proposal entails taking urgent steps to re-establish
Northern Rock as a viable business, retaining its brand and
restoring it to financial health.
Overview of proposal:
* Immediate introduction of an experienced operational team
into Northern Rock, led by Olivant's chairman, Luqman
Arnold, to achieve stabilization of the company and its
business
* Prompt repayment of Bank of England liquidity support
facility through active operational management,
accelerated through external market financing
* Implementation of a restructuring strategy to size
Northern Rock to its natural funding and operational
capacity
* Subscription for a minority stake in Northern Rock on
terms to be agreed with the Company's board
* Olivant's only financial return will arise from an
increase in the value of its investment
Virgin Group's Initial Proposal
A Virgin-led consortium's formal proposal to recapitalize and
refinance Northern Rock has been lodged with the company's
advisers on November 16, 2007.
* The consortium's intention is that Northern Rock continues
as a going concern and a listed entity -- rebranded as
Virgin.
* An experienced plc board is being assembled, including Sir
Brian Pitman as Chairman. Sir George Mathewson is senior
adviser.
* A significant proportion of the Bank of England borrowings
will be repaid immediately. A clear timeline is envisaged
for full repayment of the borrowings and the release of
HM Treasury's guarantees.
As previously reported in the TCR-Europe on Jan. 23, 2008, HM
Treasury, on behalf of the Tripartite Authorities, outlined the
basis on which the Tripartite Authorities are taking forward
discussions with the Board of Northern Rock, and with other
interested parties, on the potential for a private sector
solution for the entire company, with a view to ensuring that
all existing loan facilities provided by the Bank of England are
repaid in full, with interest, immediately following closing of
any such transaction and any future financial exposure of HM
Treasury meets the objectives of the Tripartite Authorities.
The HM Treasury also provided further information about the
contingency plans of the Tripartite Authorities should a private
sector solution not be achievable on terms acceptable to the
Bank of England and HM Treasury, as providers of financial
support to the company, and the Financial Services Authority, as
its regulator.
In order to maximize the prospects of delivery of a financing
solution that meets the objectives of the Tripartite Authorities
in the current market conditions, the Tripartite Authorities in
agreement with the Board of Northern Rock requested their
retained financial advisers, Goldman Sachs, to evaluate options
available for financing a restructuring of the company.
It would be a condition of such financing structure that the net
proceeds of the financing would be used immediately following
closing of any transaction to repay in full amounts due under
the existing Bank of England loan facilities, together with all
accrued interest (including PIK interest).
Financing
Timetable and Process
The Tripartite Authorities are working closely with the company,
and other interested parties, to develop a financing structure
based on the outline terms that could be available to support a
private sector solution, subject to the acceptability of
detailed terms to the Tripartite Authorities, applying the
principles published by HM Treasury on November 19, 2007.
HM Treasury and the Bank of England will have the right, at
their complete discretion, to determine which, if any, of the
proposals put forward by the company and other interested
parties will receive their financial support. Any proposal
would also need to satisfy the specific regulatory requirements
of the Financial Services Authority. Accordingly, the
Tripartite Authorities, acting in their respective capacities,
will hold discussions with interested parties in relation to
their proposals, in consultation with the Board of Northern
Rock, where appropriate. Northern Rock has agreed to inform the
Tripartite Authorities of any proposals made to it and make
available relevant information about its group to interested
parties.
The process of exploring this financing structure and
determining whether there is a proposal for Northern Rock under
private sector ownership that is acceptable to the Tripartite
Authorities, acting in their respective capacities, will need to
be completed in sufficient time to enable a restructuring plan
to be submitted to the European Commission by March 17, 2008,
under European state aid rules. Accordingly, detailed proposals
on which this plan can be based should be submitted as soon as
possible and, in any event, must be received by the Tripartite
Authorities by February 4, 2008.
HM Treasury and the Bank of England will make arrangements for
the existing Bank of England facilities to be extended up to
March 17, 2008, to allow time to explore the proposed financing
structure with Northern Rock and other interested
parties.
Financing Structure: Principal Characteristics
Under the proposed financing structure, Northern Rock would sell
a pool of its assets, consisting of residential mortgages,
unsecured consumer loans and certain investment-grade
securities, to a financing vehicle established for the
purposes of the financing structure. The financing vehicle
would fund the purchase of the asset pool by the issue of notes
in the capital markets. The timely payment of principal and
interest under the notes would be guaranteed by HM Treasury. HM
Treasury's obligations under its note guarantee would be fully
secured by a first priority interest in the asset pool. A fee
would be payable by Northern Rock to HM Treasury for the
provision of the note guarantee. All arrangement fees and
expenses relating to the issue would also be paid by Northern
Rock.
Each class of notes would bear a market interest rate which
reflects the provision of the note guarantee by HM Treasury.
The maturity date for the notes would be determined upon issue
and would primarily be based upon assumed levels of principal
repayments in the asset pool.
The asset pool would comprise assets having an appropriate value
to support the issue of sufficient notes to make the payments to
the Bank of England referred to above and to provide adequate
liquidity for the company. Northern Rock would have the right
to repurchase mortgages from the asset pool in certain
circumstances, including where Northern Rock needs to substitute
mortgage loans into the Granite master trust or its covered bond
pool and it would otherwise have insufficient eligible mortgage
loans to do so.
Because the value of the asset pool would exceed the initial
purchase price paid by the financing vehicle, Northern Rock
would retain a subordinate interest in the asset pool which
would represent the difference between the asset pool and the
notes in issue. This means that any losses to the asset pool
would first be borne by Northern Rock, protecting the taxpayer
in the case of underperformance of the assets in the pool.
Principal Conditions
The Tripartite Authorities, acting in their respective
capacities, have informed the Board of Northern Rock that they
would be willing to explore with the Board, and with other
interested parties, whether this financing structure can be made
available in the context of a private sector solution put
forward by such parties or by the company itself. This will
involve a further assessment of whether any state aid which it
involves could be approved by the European Commission. Any
proposal would also need to satisfy the specific regulatory
requirements of the Financial Services Authority. The
Tripartite Authorities have informed the Board of Northern Rock
that, in particular, these principal conditions would need to be
complied with in order to give adequate assurance that their
stated objectives of protecting taxpayers, promoting
financial stability and protecting consumers will be met:
* Business Plan: the successful proposal would need to be
based on a robust and acceptable business plan that, in
the context of the financial support proposed to be
provided, satisfies both the stated objectives of the
Tripartite Authorities and the requirements of European
state aid legislation. This will require the plan to
demonstrate that the company has sound prospects enabling
it, in due course, to operate without Government support
and acquire an appropriate standalone credit rating. The
agreed plan would also need to provide for a fee to HM
Treasury for its existing guarantee arrangements,
increasing over time if such arrangements are continuing.
* Protections: for so long as HM Treasury's existing
guarantee arrangements remain in place there would need to
be appropriate protections that recognize the interests of
HM Treasury as a provider of financial support to Northern
Rock. In particular, the documentation would need to
contain appropriate covenants in favor of HM Treasury to
protect its interests during this period and support the
delivery of the agreed business plan, including
restrictions on dividends, prohibitions on change of
control without HM Treasury consent and a range of other
provisions appropriate for the provision of financial
support of the kind contemplated. The documentation would
also provide for HM Treasury to require Northern Rock to
provide cash cover for HM Treasury's existing guarantee
arrangements if certain events of default occurred.
* Additional Capital: the Tripartite Authorities would need
to be satisfied that the company will have sufficient
capital and liquidity to meet the requirements of the
Financial Services Authority under a range of downside
scenarios applied to the business plan, plus a significant
buffer to protect taxpayers' interests (to be determined
according to the requirements of the business plan). This
capital would need to be committed as soon as reasonably
practicable and in any event within 45 days of submission
of the restructuring plan to the European Commission and
would be in a form such as an underwriting commitment to
subscribe for new Northern Rock ordinary shares or a
completed issue of debt securities that would be
convertible into such shares at closing which would be
released or repaid (as the case may be) if the transaction
were not completed for a reason outside the control of
Northern Rock or its shareholders.
* Management and Ownership: any proposal must provide for
ownership of the company and fulfillment of its
management roles by suitable persons, having regard to the
respective interests of the Tripartite Authorities.
* Equity Participation: as additional consideration for the
provision of support from HM Treasury, HM Treasury would
require an appropriate share in potential upside equity
returns of the company. The details of such equity
participation would be agreed as a condition to the
financing structure. It is envisaged that such
participation would be available until after the period
that HM Treasury's guarantee arrangements remain
outstanding.
* State Aid: implementation of the financing structure would
require the submission by HM Treasury to the European
Commission of an appropriate restructuring plan and the
authorization by the Commission of any state aid which it
involves. The company and other relevant interested
parties would be expected to assist HM Treasury with the
preparation of such a plan. Implementation of the
financing structure would follow receipt of the necessary
state aid authorization.
About Northern Rock plc
Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance. The company
also promotes secured loans to its existing mortgage customers.
The company had more than US$200 billion in assets at the end of
June 2007.
* * *
As reported in the TCR-Europe on Dec. 20, 2007, Moody's
Investors Service downgraded to E+ from D+ Northern Rock's Bank
Financial Strength Rating. The E+ maps into a Baseline Credit
Assessment of B1.
The bank's dated subordinated debt was downgraded to B1 from
Baa1 and the undated subordinated debt and Tier-1 securities
were downgraded to B3 from Baa1 and Baa3 respectively. All of
these ratings have negative outlooks. Northern Rock's short-
term rating was affirmed at Prime-1.
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.
QUEBECOR WORLD: Ernst & Young Appointed as Joint Administrators
---------------------------------------------------------------
Quebecor World PLC, the UK subsidiary of Quebecor World Inc.,
has been placed into administration.
Quebecor World disclosed in its website last week that it had
made significant investments in its Quebecor PLC web offset
facility in recent years. These investments combined with
important employee and management contributions were designed to
turn around this business but these efforts have been
unsuccessful. The UK facility has been cash negative since the
loss of an important contract three years ago.
Given the overcapacity in the UK printing industry, challenging
market conditions and reduced demand for print in the UK market,
Quebecor World does not believe the situation can be improved
without further investment and significant restructuring.
As a result the Directors of Quebecor PLC having regard to
Quebecor PLC’s current financial position, have decided that it
would be in the best interests of its employees and creditors to
appoint Ian Best and David Duggins of Ernst & Young LLP as joint
administrators of Quebecor PLC effective on Jan. 28, 2008.
Following their appointment, the Administrators will consider
all options with regard to the way forward including a possible
sale of the business. The Administrators will provide a further
press release shortly.
The Corby facility is located in the central UK about 70 miles
north of London. It currently employs approximately 290 people
and produces magazines, catalogs and specialty print products
for marketing and advertising campaigns.
This decision is not related to Quebecor World’s filing for
credit protection in the United States and Canada and has no
impact on its other European facilities. Quebecor World’s other
European facilities continue to operate as usual serving many of
Europe leading publishers and retailers.
About Quebecor World
Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/
-- provides high-value, complete marketing and advertising
solutions to leading retailers, catalogers, branded-goods
companies and other businesses with marketing and advertising
activities, as well as complete, full-service print solutions
for publishers. The company is a market leader in most of its
major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services. Quebecor World has
approximately 28,000 employees working in more than 115 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.
Quebecor World and its Canadian subsidiaries filed a petition
under the Companies' Creditors Arrangement Act before the
Superior Court of Quebec, Commercial Division, in Montreal,
Canada, on Jan. 20, 2008. They obtained creditor protection
until Feb. 20, 2008. Ernst & Young Inc. was appointed as
Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
Subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The U.S.
units listed total assets of $5,554,900,000 and total debts of
$4,140,700,000 when they filed for bankruptcy.
Aout Quebecor World PLC
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is a subsidiary of Quebecor
World Inc. Quebecor PLC specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
QUEBECOR WORLD: Unite Comments on Status
----------------------------------------
Commenting on Quebecor World Inc.'s decision to put its Quebecor
World PLC into receivership, Unite Assistant General Secretary,
Tony Burke, said: "January has been a bad month for the printing
industry with over 400 job losses in Polestar and Wiltshires
alone. We are now looking at a further 300 potential job losses
at Corby.
"For our members and their families this is an unmitigated
disaster caused by classic mismanagement at the very top of the
company. We don't blame the local management who have been kept
in the dark as much as the workforce have. We hope that Corby's
customers will stay with the company.
"To watch the worlds second biggest printing company unravel in
this way is appalling. Corby has been cut adrift from what many
now believe is a sinking ship. Clearly the credit crunch in the
United States has affected the company but the way that the
crisis has been handled within the company is nothing short of
abysmal.
"Our first priority is our members and their families and since
the announcement yesterday we have been speaking to a number of
people within the industry with a view to seeing if they can
purchase the business as a going concern."
Unite local officials will be meeting with the local management
and the receivers over the next few days to ensure production
continues in the hope that there will be a purchaser for the
business.
About Quebecor World
Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/
-- provides high-value, complete marketing and advertising
solutions to leading retailers, catalogers, branded-goods
companies and other businesses with marketing and advertising
activities, as well as complete, full-service print solutions
for publishers. The company is a market leader in most of its
major product categories, which include advertising inserts and
circulars, catalogs, direct mail products, magazines, books,
directories, digital premedia, logistics, mail list technologies
and other value-added services. Quebecor World has
approximately 28,000 employees working in more than 115 printing
and related facilities in the United States, Canada, Argentina,
Austria, Belgium, Brazil, Chile, Colombia, Finland, France,
India, Mexico, Peru, Spain, Sweden, Switzerland and the United
Kingdom.
Quebecor World and its Canadian subsidiaries filed a petition
under the Companies' Creditors Arrangement Act before the
Superior Court of Quebec, Commercial Division, in Montreal,
Canada, on Jan. 20, 2008. They obtained creditor protection
until Feb. 20, 2008. Ernst & Young Inc. was appointed as
Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
Subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The U.S.
units listed total assets of $5,554,900,000 and total debts of
$4,140,700,000 when they filed for bankruptcy.
Aout Quebecor World PLC
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is a subsidiary of Quebecor
World Inc. Quebecor PLC specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
SCO GROUP: Tanner LC Expresses Going Concern Doubt
--------------------------------------------------
Tanner LC in Salt Lake City, Utah, raised substantial doubt
about the ability of The SCO Group, Inc., to continue as a going
concern after it audited the company's financial statements for
the year ended Oct. 31, 2007.
The auditing firm related that the company is a debtor-in-
possession under Chapter 11 of the U.S. Bankruptcy Code, has
experienced significant and continuing net losses, and is faced
with substantial contingent liabilities as a result of certain
adverse legal rulings.
The company posted a net loss of US$6,826,000 on total revenue
of US$21,656,000 for the year ended Oct. 31, 2007, as compared
with a net loss of US$16,598,000 on total revenue of
US$29,239,000 in the prior year.
A significant portion of the net loss and the cash used in
operating activities was associated with the company protecting
and defending its intellectual property rights. The company has
an accumulated deficit of US$258,366,000 as of October 31, 2007
and minimal working capital. As of Oct. 31, 2007, the company
had a total of US$5,554,000 in cash and cash equivalents and
US$3,099,000 in restricted cash, of which US$1,833,000 is
designated to pay for experts, consultants and other expenses in
the SCO Litigation, and the remaining US$1,266,000 of restricted
cash is payable to Novell, Inc., inclusive of US$118,000
included in liabilities subject to compromise for its retained
binary royalty stream.
At Oct. 31, 2007, the company's balance sheet showed
US$14,309,000 in total assets, US$10,555,000 in total
liabilities, and US$3,754,000 stockholders' equity.
A full-text copy of the company's 2007 annual report is
available for free at http://ResearchArchives.com/t/s?2799
About SCO Group
Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX)
fka Caldera International Inc. -- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to
medium business and UnixWare for enterprise applications and
digital network services.
The company has office locations in Australia, Austria,
Argentina, Brazil, China, Japan, Poland, Russia, the United
Kingdom, among others.
The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead
Case No. 07-11337). Epiq Bankruptcy Solutions, LLC, acts as the
Debtors' claims and noticing agent. The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors. The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008. The Debtors' schedules of assets and
liabilities showed total assets of US$9,549,519 and total
liabilities of US$3,018,489.
SCOTTISH RE: Seth Gardner Joins on Board of Directors
-----------------------------------------------------
Scottish Re Group Limited has appointed Seth Gardner as a member
of the Board of Directors of Scottish Re Group Limited,
effective Jan. 29, 2008. Mr. Gardner was designated for
election to the Board by MassMutual Capital Partners LLC and
SRGL Acquisition, LLC (an affiliate of Cerberus Capital
Management, LP) per their contractual right as combined majority
shareholders. The Board voted unanimously to appoint Mr.
Gardner to the Board.
"We are pleased to welcome Seth. His knowledge and experience
make him a great addition to the Board and Scottish Re," stated
Jonathan Bloomer, Chairman, Board of Directors.
Mr. Gardner is a Managing Director and Associate General Counsel
at Cerberus Capital Management, LP in New York City. He joined
Cerberus in 2003. From 1995 to 2003, Seth was an associate at
Wachtell, Lipton, Rosen & Katz, a New York City law firm.
Mr. Gardner graduated from Duke University in 1989 with an AB
degree. He also received an MBA degree from the Fuqua School of
Business and a JD degree from the Duke University School of Law
in 1994.
Mr. Gardner will be replacing Lenard Tessler who resigned from
the Board to focus on other business opportunities. "I enjoyed
working with Scottish Re as a member of the Board and will
continue to be involved with the company as an affiliate to an
investor of Scottish Re," stated Lenard Tessler. His
resignation from the Board was effective Jan. 29, 2008.
Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist. Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore. Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities.
* * *
As reported in the Troubled Company Reporter-Europe on Nov. 16,
2007, Moody's Investors Service has affirmed the ratings of
Scottish Re Group Limited's senior unsecured shelf of (P)Ba3 and
changed the outlook to negative from stable.
STATIC LOAN: Moody's Rates EUR15 Mln Class E Senior Notes at Ba3
----------------------------------------------------------------
Moody's Investors Service assigned these ratings to Notes issued
by Static Loan Funding 2007-1 Limited:
(1) Aaa to the EUR366,250,000 Class A Senior Secured
Floating Rate Notes due 2017;
(2) Aa2 to the EUR20,000,000 Class B Senior Secured Floating
Rate Notes due 2017;
(3) A3 to the EUR25,000,000 Class C Deferrable Senior
Secured Floating Rate Notes due 2017;
(4) Baa3 to the EUR17,500,000 Class D Deferrable Senior
Secured Floating Rate Notes due 2017; and
(5) Ba3 to the EUR15,000,000 Class E Deferrable Senior
Secured Floating Rate Notes due 2017
The Moody's ratings of the Notes address the ultimate cash
receipt of all required interest and principal payments, as
provided by the Notes' governing documents, and are based on the
expected loss posed to Noteholders, relative to the promise of
receiving the present value of such payments.
The ratings reflect the risks due to the diminishment of cash
flow from the underlying portfolio - consisting of a static pool
of Senior Secured Loans and Second Lien Loans - due to defaults,
the transaction's legal structure and the characteristics of the
underlying assets.
UNIVERSAL BEDDING: Appoints Administrators from Tenon Recovery
--------------------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint administrators of Universal Bedding and
Upholstery (1998) Ltd. (Company Number 03593482) on Jan. 18,
2008.
Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.
The company can be reached at:
Universal Bedding & Upholstery (1998) Ltd.
Unit 3D
Nelson Way
Nelson Park West
Cramlington
Northumberland
NE23 1WG
England
Tel: 01670 706 040
Fax: 01914 141 121
VISAGE CDO: Collateral Liquidation Cues Moody's to Cut Ratings
--------------------------------------------------------------
Moody's Investors Service downgraded the ratings of seven
classes of Notes issued by Visage CDO II, Ltd.
The downgrades follow the complete liquidation of the collateral
at the direction of the controlling class following the
occurrence on Dec. 24, 2007 of an event of default linked to the
Class A2 Par Value Ratio falling below 100%.
Visage CDO II was a partially-funded, lightly managed CDO of
funded and unfunded ABS securities. The Issuer was able to
either buy cash obligations or enter into total return swaps
referencing mezzanine structured finance securities or ABS CDO
tranches. The transaction had 82% exposure (34 assets) to ABS
CDOs. The average rating of the portfolio had rapidly
deteriorated from Baa2-equivalent at end of August 2007 to B1 at
end of October 2007 and to B3 by the end of the year.
Concurrently, the percentage of assets classified as defaulted
rose from 2.5% at end of October 2007 to 12.6% by end of
November 2007 and reached 19% at the time the event of default
occurred.
Following the Enforcement Notice delivered on Dec. 28, 2007, the
security over the collateral was enforced and the net proceeds
were distributed in accordance with the Post-Enforcement
Priority of Payments. No payments were made to any of the
Notes.
These rating actions are:
(1) US$100,000,000 Class A2 Senior Floating Rate Notes due
2053
-- Current Rating: C
-- Prior Rating: Aaa
(2) US$60,000,000 Class B Senior Floating Rate Notes due 2053
-- Current Rating: C
-- Prior Rating: Aaa, on review for downgrade
(3) US$36,000,000 Class C Senior Floating Rate Notes due 2053
-- Current Rating: C
-- Prior Rating: Aa1, on review for downgrade
(4) US$26,000,000 Class D Senior Floating Rate Notes due 2053
-- Current Rating: C
-- Prior Rating: Aa1, on review for downgrade
(5) US$20,000,000 Class E Deferrable Floating Rate Notes due
2053
-- Current Rating: C
-- Prior Rating: A1, on review for downgrade
(6) US$15,000,000 Class F Deferrable Floating Rate Notes due
2053
-- Current Rating: C
-- Prior Rating: Baa1, on review for downgrade
(7) US$13,000,000 Class G Deferrable Floating Rate Notes due
2053
-- Current Rating: C
-- Prior Rating: B3, on review for downgrade
* UK Gov't to Consult Banking Reform Proposals Over Rock Crisis
---------------------------------------------------------------
The Chancellor of the Exchequer Alistair Darling launched on
Wednesday, January 30, 2008, a consultation outlining proposals
to strengthen the current framework for financial stability and
depositor framework.
The release of the consultation document follows the release of
the discussion paper Banking Reform: Protecting Depositors on
Oct. 11, 2007 and sets out the Authorities' emerging conclusions
and proposed action, both in the UK and internationally.
The consultation document also takes account of the The House of
Commons Treasury Select Committee's report, "The run on the
Rock" published on January 26, 2008, which makes a positive and
useful contribution. The Government proposes to bring forward
legislation after consultation, alongside actions by the FSA and
the Bank of England, to address five key objectives:
Strengthening the Financial System
Given the interconnectedness and complexity of the financial
system, actions are required in the UK and internationally, to
strengthen its stability and resilience, including:
* strengthened risk management by banks – such as better
stress testing and liquidity management; and
* improved functioning of securitization markets – including
improvements in valuation and credit rating agencies.
Reducing the Likelihood of Banks Failing
The high costs for the wider economy and society if a bank gets
into difficulty require that further steps be taken to reduce
the likelihood of this happening. It remains a clear principle
that those in charge of individual firms are primarily
responsible for managing risk. It is proposed to:
* strengthen the regulatory and supervisory framework –
including requirements to provide information to the FSA
at short notice, and more formal oversight of payment
systems; and
* make changes to the framework for provision and disclosure
of liquidity assistance.
Reducing the Impact of Failing Banks
Despite the actions described, it is neither possible, nor
desirable, to ensure that no bank will ever fail in any
circumstance. For that reason, important new arrangements are
proposed that will enable failing banks to be dealt with in a
way that minimizes the potential impact on financial stability.
These include:
* the introduction of a "special resolution regime" within
which there would be a range of tools to resolve a failing
bank in a more orderly manner, including an accelerated
method to transfer its business to a healthy bank, a
"bridge bank", deployment of a restructuring officer and a
bespoke "bank insolvency procedure"; and
* proposals to ensure that banks have in place practical
arrangements to lessen the impact of their failure, should
it occur.
These proposals –- especially the special resolution regime –-
would mark an important step change in the institutional, legal
and insolvency arrangements in the UK. It is therefore
important to consult thoroughly before proceeding to
legislation.
Effective Compensation Arrangements
in Which
Consumers Have Confidence
Consumers need to have full confidence in, and understanding of,
the compensation arrangements in the event of a bank failing. As
part of this, it is proposed to:
* consult on a potential increase to the compensation limit
for deposits, and the coverage of certain balances above
* make changes to enable the Financial Services Compensation
Scheme to make payments within one week of a bank failing;
and
* increase consumer awareness of the scope and operation of
the compensation scheme.
Strengthening the Bank of England
and
Improving Coordination between Authorities
It is essential that authorities cooperate if their roles in
preventing and managing financial difficulties are to be
effective. The Government, the FSA and the Bank of England
believe that the tripartite arrangements are appropriate for the
UK, as endorsed by the Treasury Select Committee.
However, they believe that important changes are required to the
way that the arrangements work in practice, including:
* a statutory basis for the Bank of England's financial
stability role and better governance arrangements within
the Bank of England to support the new statutory
obligation; and
* strengthening the Memorandum of Understanding, applying
lessons from the operation of COBR during "crisis"
conditions, and improving external communications.
Moreover, it is increasingly vital that cooperation across
borders works effectively. Current market events have
demonstrated both the benefits and the difficulties of achieving
this. It is therefore proposed to work with international
partners to:
* improve the coordination of approaches to international
financial stability issues; and
* introduce an early warning system on global financial
risks and improve cross-border crisis management.
Future Work
The proposals and recommendations in the document are provided
for consultation. They build on examples of best practice from
around the world and represent a real opportunity for
modernizing the UK regime to respond to the challenges presented
by rapidly changing financial markets. The Government, the FSA
and the Bank of England will consult actively on these
proposals, seeking discussions with financial institutions,
consumer representatives and counterparts from across the world,
to ensure that the final arrangements are effective and deliver
the five objectives set out. In doing so, they aim to establish
a world-leading regime, that builds on the lessons of recent
months.
Comments on the proposals and impact assessment are welcome by
April 23, 2008.
A full-text copy of the consultation document is available for
free at: http://ResearchArchives.com/t/s?27a1
* Begbies Traynor Releases Red Flag Alert Stats for 4Q 2007
-----------------------------------------------------------
Begbies Traynor has released its Red Flag Alert statistics for
fourth quarter 2007, which monitor adverse actions and other
corporate distress signals, including issue of county court
judgments and wind up petitions. The statistics show that the
number of U.K. companies facing significant difficulties has
increased substantially in fourth quarter 2007 compared to the
same period in 2006.
Begbies Traynor says the survey monitors the numbers of
companies experiencing difficulties in two categories:
* Significant Problems: companies with either a court action
and/or average, poor, very poor insolvent or out date
accounts; and
* Critical Problems: Companies with county court judgments
totaling GBP5,000 or more and/or Wind-Up Petition related
actions.
According to Begbies Traynor, the research shows that around 15%
of companies experiencing "Critical Problems" will enter into a
formal insolvency procedure within 12 months.
Increase in Critical
Region Problems in 2007
------ --------------------
West Midlands 43.1
South 32.6
North East England 25.3
Scotland 23.0
South East England and East Anglia 22.0
South West England and South Wales 18.0
East Midlands 16.1
North West and North Wales 15.3
The average increase of companies facing Critical Problems for
all regions during 2007 was 23% up on 2006; this represents a
total of 5,159 companies compared with 4,201 in 2006.
Begbies Trayno says that companies showing minor distress
indicators across all regions totaled 426,023 in 2007 compared
with 375,493 in 2006, an increase of 13%. This compares with a
figure of 31% for 2006, further evidence that the insolvency
market had stabilized in 2007, as indicated in Euler Hermes'
Insolvency Outlook for 2007.
Much of the increases in adverse actions occurred in the final
quarter of 2007. This concurs with the Bank of England’s Fourth
Quarter 'Credit Conditions Survey,' which showed a deepening of
the current 'Credit Crunch' with lenders reporting that credit
availability had reduced significantly during fourth quarter
2007, and that defaults by medium-sized Private Non-Financial
Corporations, had also risen, in line with lenders expectations
in the third quarter.
"The combination of adverse economic conditions in the final
quarter of 2007 has clearly had a major impact on credit
conditions, with a significant reduction in credit availability
and an increase in defaults," Ric Traynor, Executive Chairman of
Begbies Traynor Group. "This trend is expected to continue into
this year and will undoubtedly lead to reduced lending, which in
turn could push more companies into insolvency over the coming
months."
Headquartered in Manchester, England, Begbies Traynor --
http://www.begbies.com/-- provides assistance to companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.
* William Yonge Joins Proskauer Rose as Partner in London
---------------------------------------------------------
William Yonge, an experienced securities regulation and funds
lawyer, has joined Proskauer Rose LLP's London office as a
partner.
Formerly a partner at McDermott Will & Emery UK LLP, he advises
fund managers, corporate financiers, investment funds, private
equity firms, corporations and LLPs on all aspects of financial
services regulation, securities law, and EU financial services
directives. Mr. Yonge also advises on the structuring,
establishment, and marketing of a range of investment fund types
including offshore hedge funds, funds of funds, private equity
funds, UCITS, and UK-authorised funds well as on the legal and
commercial issues concerned with ISDAs and prime brokerage.
"William's regulatory experience will be invaluable to us as we
grow our London-based fund formation, structured finance, and
corporate capabilities,” Matthew Hudson, head of Proskauer's
London office, said. "In particular, Financial Services
Authority advice is vital for our growing client base of private
equity and hedge clients. We look forward to integrating his
skills into our quickly expanding platform and utilizing him as
a catalyst for continued growth.”
Mr. Yonge was also a lawyer at Dechert and SJ Berwin & Co. Prior
to entering private practice, he was an in-house lawyer at the
Investment Management Regulatory Organisation and the Securities
and Investments Board. He received his B.A. in law from the
University of Durham.
The lawyers in Proskauer's London office advise major U.K. and
international companies and financial institutions, while
drawing upon the resources of the firm's offices in the Americas
and France. The office has a strong sector specialty within the
alternative asset industry, advising managers and investors on
all aspects of private equity, venture capital, debt, hedge, and
other alternative asset classes. The office also advises
investors and managers on acquisitions, investments, financings
and exits of portfolio companies, offering a complete one-stop
service to the alternative asset industry and other clients.
The opening of Proskauer's London office followed a number of
other additions to the firm's corporate and transactional
capabilities including the opening of an office in Sao Paulo and
the additions of noted private equity fund formation,
transaction, and taxation lawyers Daniel Schmidt and Olivier
Dumas in the Paris office; Trevor Chaplick, a noted corporate
and transactional lawyer and former head of the Washington, D.C.
office of Wilson Sonsini, who joined Proskauer as co-head of its
Washington, D.C. office; veteran real estate finance lawyers
Louis Eatman, Douglas Frank, who joined as partners in Los
Angeles, and Andrea Ascher, who joined as a partner in New York;
and capital markets lawyer Stuart Bressman and hedge fund lawyer
Timothy Clark, who joined as partners in New York.
About Proskauer Rose
Headquartered in New York City, Proskauer Rose LLP --
http://www.proskauer.com/-- is a law firms that provides a
variety of legal services to clients throughout the United
States and around the world from offices in New York, Los
Angeles, Washington, D.C., Boston, Boca Raton, Newark, New
Orleans, Paris and Sao Paulo. Founded in 1875, the firm has
experience in all areas of practice important to businesses and
individuals, including corporate finance, mergers and
acquisitions, general commercial litigation, private equity and
fund formation, patent and intellectual property litigation and
prosecution, labor and employment law, real estate transactions,
bankruptcy and reorganizations, trusts and estates, and
taxation. Its clients span industries including chemicals,
entertainment, financial services, health care, information
technology, insurance, internet, lodging and gaming,
manufacturing, media and communications, real estate investment,
pharmaceuticals, sports, and transportation.
* BOND PRICING: For the Week Jan. 28 to Feb. 1, 2008
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
Immofinanz Immobilien
Anlagen AG 2.750 01/20/14 EUR 74.31
Kommunal Kredit
Austria AG 0.500 03/15/19 CDN 64.46
0.250 10/14/26 CDN 39.59
Republic of Austria 4.000 06/22/22 EUR 74.56
5.243 10/10/25 EUR 63.01
BULGARIA
--------
Petrol AD Sofia 8.375 10/26/11 EUR 73.34
FINLAND
-------
Muni Finance PLC 1.000 03/19/13 AUD 72.94
0.500 04/26/13 AUD 70.41
1.000 11/21/16 NZD 58.97
1.000 10/30/17 AUD 57.34
0.500 09/24/20 CDN 60.42
0.250 06/28/40 CDN 20.50
FRANCE
------
Alcatel S.A. 4.750 01/01/11 EUR 14.59
Altran Technologies S.A. 3.750 01/01/09 EUR 12.05
Calyon 6.000 06/18/47 EUR 50.78
CAP Gemini S.A. 2.500 01/01/10 EUR 52.39
1.000 01/01/12 EUR 45.59
Club Mediterranee S.A. 3.000 11/01/08 EUR 66.05
4.375 11/01/10 EUR 47.02
Groupe Vial S.A. 2.500 01/01/14 EUR 39.46
Havas S.A. 4.000 01/01/09 EUR 10.62
Infogrames
Entertainment S.A. 1.500 04/01/09 EUR 00.67
Ingenico 2.750 01/01/12 EUR 18.39
Maurel & Prom 3.500 01/01/10 EUR 20.38
Nexans S.A. 5.750 05/02/17 EUR 74.88
Publicis Group 0.750 07/17/08 EUR 28.87
1.000 01/18/18 EUR 42.16
Rhodia S.A. 0.500 01/01/14 EUR 38.85
Scor S.A. 4.125 01/01/10 EUR 2.06
Soc Air France 2.750 04/01/20 EUR 25.65
Soitec 4.625 12/20/09 EUR 5.84
Theolia S.A. 2.000 01/01/14 EUR 20.38
Valeo 2.375 01/01/11 EUR 44.08
Vivendi Universal S.A. 1.750 10/30/08 EUR 30.58
Wavecom S.A. 1.750 01/01/14 EUR 22.39
Wendel Invest S.A. 2.000 06/19/09 EUR 43.94
Zlomrex International
Finance S.A. 8.500 02/01/14 EUR 65.19
GERMANY
-------
KfW Bankengruppe 0.500 10/30/13 AUD 68.01
0.500 12/19/17 EUR 68.77
1.250 07/07/20 EUR 77.12
1.250 07/29/20 EUR 76.76
6.000 07/21/25 EUR 71.27
5.000 09/01/25 EUR 73.38
8.000 08/10/30 EUR 70.27
Landeskreditbank Baden-
Wuerttemberg Foerderbk 0.500 05/10/27 CDN 44.22
Landwirtschaftliche
Rentenbank AG 1.000 03/29/17 NZD 57.84
GREECE
------
Hellenic Republic 0.628 07/13/20 EUR 65.83
ICELAND
-------
Kaupthing Bank 6.500 02/03/45 EUR 51.25
IRELAND
-------
Depfa ACS Bank 0.500 03/03/25 CDN 48.33
0.250 07/08/33 CDN 27.94
Irish Perm Plc 6.125 02/15/35 EUR 57.28
Magnolia Finance IV Plc 1.050 12/20/45 US$ 26.97
ITALY
-----
Risanamento S.p.A. 1.000 05/10/14 EUR 63.82
Telecom Italia S.p.A. 5.250 03/17/55 EUR 74.20
LUXEMBOURG
----------
Kloeckner Finance
International S.A. 1.500 07/27/12 EUR 72.20
Nell AF S.A. 8.380 08/15/15 EUR 73.51
Sonata Securities S.A. 1.000 03/10/08 EUR 68.76
NETHERLANDS
-----------
ABN Amo Bank B.V. 6.250 06/29/35 EUR 65.88
Biopetrol Finance B.V. 4.000 02/21/12 EUR 73.13
BK Ned Gemeenten 0.500 06/27/18 CDN 65.75
0.500 02/24/25 CDN 48.38
BLT Finance B.V. 7.500 05/15/14 US$ 76.08
EM.TV Finance B.V. 5.250 05/08/13 EUR 4.67
Hypo Real ES Finance 5.500 08/20/08 EUR 49.48
IVG Finance B.V. 1.750 03/29/17 EUR 74.76
KBC Ifima N.V. 3.500 02/07/25 US$ 78.11
Lehman Bros TSY B.V. 2.940 02/16/17 EUR 78.45
1.000 06/06/17 EUR 73.06
6.000 02/15/35 EUR 66.26
8.250 03/16/35 EUR 55.50
7.000 05/17/35 EUR 61.56
7.250 10/05/35 EUR 56.23
6.000 11/02/35 EUR 61.63
Ned Waterschapbk 6.000 06/01/35 EUR 71.70
6.500 08/15/35 EUR 66.03
Rabobank Groep N.V. 6.000 02/22/35 EUR 68.89
5.000 02/28/35 EUR 67.74
7.000 03/23/35 EUR 63.55
6.000 05/09/35 EUR 69.15
NORWAY
------
Kommunalbanken A.S. 0.500 02/07/13 AUD 71.11
SWEDEN
------
AB Svensk Export 0.500 03/27/13 AUD 71.29
SWITZERLAND
-----------
UBS AG 1.000 06/28/12 NZD 74.34
1.000 07/30/12 NZD 74.74
UNITED KINGDOM
--------------
Anglian Water
Finance Plc 2.400 04/20/35 GBP 52.70
BAA Plc 5.130 02/15/23 GBP 77.82
Bank of Scotland 6.000 02/07/35 EUR 62.31
Ineos Group Holding 7.880 02/15/16 GBP 72.13
7.880 02/15/16 GBP 72.12
Jaztel Plc 5.000 04/29/10 GBP 74.80
Lloyds TSB Bank Plc 6.210 12/14/37 GBP 64.05
National Grid Gas Plc 1.754 10/17/36 GBP 42.75
1.771 03/30/37 GBP 42.84
Northern Rock Plc 5.630 01/13/15 GBP 70.78
9.380 10/17/21 GBP 72.07
Royal BK Scotland 7.000 06/09/25 EUR 63.55
3.310 06/29/30 EUR 57.78
Wessex Water Finance Plc 1.369 07/31/57 GBP 28.32
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable. Those sources may
not, however, be complete or accurate. The Monday Bond Pricing
table is compiled on the Friday prior to publication. Prices
reported are not intended to reflect actual trades. Prices for
actual trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets. At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short. Don't be fooled. Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets. A company may establish
reserves on its balance sheet for liabilities that may never
materialize. The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Jason Nieva, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes
Tovilla, Patrick Abing and Marites Claro, Editors.
Copyright 2008. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
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The TCR Europe subscription rate is US$625 per half-year,
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