/raid1/www/Hosts/bankrupt/TCREUR_Public/080501.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, May 1, 2008, Vol. 9, No. 86
Headlines
A U S T R I A
MIGLINE TRANSPORTE: Claims Registration Period Ends May 26
TOP CAR: Creditors' Meeting Slated for May 6
TREFF HANDEL: Claims Registration Period Ends May 13
WASABI ZHOU: Claims Registration Period Ends June 5
F R A N C E
HILITE INTERNATIONAL: S&P Cuts Rating to B- on Tight Liquidity
G E R M A N Y
ALERIS INTERNATIONAL: S&P Holds B+ Rating with Negative Outlook
BARGE BETRIEBS: Claims Registration Period Ends May 23
COMTRADE INTEGRATION: Claims Registration Period Ends May 23
COMTRADE MOBILIEN: Claims Registration Period Ends May 23
CELLKERN GMBH: Claims Registration Period Ends May 23
MANIA TECHNOLOGIE: Files for Insolvency Proceedings
N & B PROJEKTENTWICKLUNG: Claims Registration Ends May 21
PIN GROUP: Axel Springer CEO Regrets Investment in Firm
REMMERS GMBH: Claims Registration Period Ends May 16
RIMO WOHNBAU: Claims Registration Period Ends May 16
SAMUDRA GMBH: Claims Registration Period Ends May 16
SANITAR-GMBH: Claims Registration Period Ends May 16
SEEVETALER LAGER: Claims Registration Ends May 21
SSM PFALZ: Claims Registration Period Ends May 16
THIELERT AIRCRAFT: Parent to Sell Shares to Raise Funds
T.I.B. GMBH: Claims Registration Ends May 21
I C E L A N D
CONEXANT SYSTEMS: Terminates Daniel Artusi as President and CEO
CONEXANT SYSTEMS: D. Scott Mercer Named as New CEO
CONEXANT SYSTEMS: Posts US$142 Million Net Loss in 2008 2Q
CONEXANT SYSTEMS: Sells Broadband Media Product Line to NXP
I R E L A N D
CAIRN HIGH: Moody's May Further Cut B2 Rating After Review
I T A L Y
ALITALIA SPA: Files Over EUR1-Billion Damages Suit vs SEA SpA
K A Z A K H S T A N
GLINTVANE LLP: Claims Registration Ends June 18
IMPLANT-SERVICE ASTANA: Claims Registration Ends June 13
KAZ ALLIANCE: Creditors Must File Claims by June 17
MIGROS KIPA: Claims Deadline Slated for June 17
TDE-100 LLP: Claims Filing Period Ends June 18
UAK-SNUB LLP: Creditors' Claims Due on June 17
L U X E M B O U R G
PIN GROUP: Axel Springer CEO Regrets Investment in Firm
R U S S I A
AK TRANSNEFTEPRODUCT: S&P Lifts Corporate Credit Rating to BB-
ATEKS CJSC: Creditors Must File Claims by May 26
CENTRAL TELECOMMUNICATIONS: S&P Holds B+ Corporate Credit Rating
NORTH-SERVICE OJSC: Creditors Must File Claims by May 22
OGK-5 OAO: Earns RUR673.48 Million for 1st Qtr Ended March 31
ORLOVSKIY AGRICULTURAL: Asset Sale Slated for May 28
PROGRESS OJSC: Creditors Must File Claims by May 22
SISTEMA-HALS JSC: Earns US$34.68 Million for Year Ended Dec. 31
SISTEMA-HALS JSC: Hikes Share Value in Property Projects by 30%
SIVINSKIY AGRO-LES-KHOZ: Creditors Must File Claims by May 22
* Fitch Positive on Russian Power Sector's Liberalisation
S W E D E N
AVINMERITOR INC: Earns US$20 Million in Second Quarter 2008
SAS AB: Weak Performance Cues S&P's Negative Watch on BB Rating
S W I T Z E R L A N D
GLOBAL JET: Creditors' Liquidation Claims Due by May 7
HILDEGARD-DROGERIE: Creditors' Liquidation Claims Due by May 8
METABOLIC CONCEPTS: Creditors' Liquidation Claims Due by May 8
OBJECT-LINE: Bern Court Starts Bankruptcy Proceedings
PEARL METAL: Creditors' Liquidation Claims Due by May 8
PETER MULLER: Creditors' Liquidation Claims Due by May 7
POLAROME EUROPA: Creditors' Liquidation Claims Due by May 8
SCHMERIKON: Creditors' Liquidation Claims Due by May 8
SIMME-LADELI: Creditors' Liquidation Claims Due by May 8
SWISSAIR: Liquidator Oversees CHF320 Mln. Payment to Creditors
THERMA: Appenzell Ausserrhoden Court Starts Bankruptcy Process
WIRIPAX JSC: Creditors' Liquidation Claims Due by May 7
U K R A I N E
* S&P Discusses Debt Recovery and the Insolvency Law in Ukraine
U N I T E D K I N G D O M
ADRIAN FISHER: Brings In Liquidators from Tenon Recovery
AMBERFELL ESTATES: Taps Joint Administrators from BDO Stoy
BEANCLEANED LTD: Appoints Joint Administrators from PwC
BEANCLEANED LTD: Appoints Joint Administrators from PwC
EOS AIRLINES: Case Summary and 19 Largest Unsecured Creditors
EOS AIRLINES: Files for Bankruptcy in New York
EOS AIRLINES: Menzies Appointed as Joint Administrators in UK
INSIDE TRACK: Undergoes Administration; Vantis Plc Appointed
INTRALINKS INC: S&P Holds B Rating; Revises Outlook to Negative
JONRO LTD: Claims Filing Period Ends June 2
LANDMARK MORTGAGE: Fitch Affirms Ratings on Eight Tranches
LANGLEY LANDSCAPES: Claims Filing Period Ends May 30
NEPHROS INC: Deloitte & Touche Issues Going Concern Doubt
NEPHROS INC: Annual Stockholders' Meeting Scheduled on June 25
NEPHROS INC: Gerald J. Kochanski Named Chief Financial Officer
NEW BOND: Moody's May Further Cut Junk Rating After Review
UNIQUE DISTRIBUTION: Accountants Ordered to Sell the Company
VIRGIN MEDIA: Fitch Upgrades Ratings on Notes and Removes Watch
VONAGE HOLDINGS: Seeks US$215-Million Loan to Refinance Debt
* Fitch Says Good Forecast Accuracy Helped Europe's Credibility
* Fitch Says Europe Structure Finance Market Still Active
* S&P Takes Credit Rating Actions on 130 European Synthetic CDOs
* Upcoming Meetings, Conferences and Seminars
*********
=============
A U S T R I A
=============
MIGLINE TRANSPORTE: Claims Registration Period Ends May 26
----------------------------------------------------------
Creditors owed money by LLC MIGLINE Transporte (FN 221062t) have
until May 26, 2008, to file written proofs of claim to court-
appointed estate administrator Eva Wexberg at:
Dr. Eva Wexberg
c/o Dr. Walter Kainz
Gusshausstrasse 23
1040 Vienna
Austria
Tel: 505 88 31
Fax: 505 94 64
E-mail: kanzlei@kainz-wexberg.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 9, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1705
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 11, 2008 (Bankr. Case No. 3 S 35/08d). Walter Kainz
represents Dr. Wexberg in the bankruptcy proceedings.
TOP CAR: Creditors' Meeting Slated for May 6
--------------------------------------------
Creditors owed money by LLC Top Car (FN 39274g) are encouraged
to attend the first creditors' meeting at noon on May 6, 2008.
The creditors' meeting will be held at:
The Land Court of Graz
Room 230
Hall L
Graz
Austria
The Court will also examine the claims at 2:00 p.m. on June 26,
2008, at the same venue.
Creditors have until April 11, 2008, to file written proofs of
claim to court-appointed estate administrator Axel Reckenzaun
at:
Dr. Axel Reckenzaun
Annenstrasse 10/1
8020 Graz
Austria
Tel: 0316/713353
Fax: 0316/713353-30
E-mail: office@boehm-reckenzaun.at
Headquartered in Lieboch, Austria, the Debtor declared
bankruptcy on April 11, 2008 (25 S 29/08i).
TREFF HANDEL: Claims Registration Period Ends May 13
----------------------------------------------------
Creditors owed money by LLC TREFF Handel und Beteiligung (FN
202058w) have until May 13, 2008, to file written proofs of
claim to court-appointed estate administrator Georg Schuchlenz
at:
Dr. Georg Schuchlenz
Waaggasse 18/3
9020 Klagenfurt
Austria
Tel: 0463/51 65 30
Fax: 0463/51 65 30-73
E-mail: office@dr-schuchlenz.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 19, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Klagenfurt
Room 225
Second Floor
Klagenfurt
Austria
Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on April 10, 2008 (Bankr. Case No. 41 S 37/08a).
WASABI ZHOU: Claims Registration Period Ends June 5
---------------------------------------------------
Creditors owed money by KEG WASABI Zhou (FN 274880k) have until
June 5, 2008, to file written proofs of claim to court-appointed
estate administrator Brigitte Stampfer at:
Dr. Brigitte Stampfer
Stadlergasse 27
1130 Vienna
Austria
Tel: 877 33 30
Fax: 877 33 30 33
E-mail: ra-stampfer@utanet.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 19, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1703
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 10, 2008 (Bankr. Case No. 5 S 29/08m).
===========
F R A N C E
===========
HILITE INTERNATIONAL: S&P Cuts Rating to B- on Tight Liquidity
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Hilite International Inc. to 'B-' from 'B' because of
the company's tight liquidity heading into a very difficult
sales environment for the North American and European automotive
industries.
S&P do not expect Hilite to generate any material free cash from
operations until at least 2009, given the weak sales environment
and the need for investment to support business contracts won in
2007. Although Hilite has adequate liquidity at the moment, the
company will use cash in 2008, and covenants, which tighten at
year-end 2008, provide little cushion for material weakness in
European original equipment production volumes or a rise in the
company's operational costs in 2008.
"The ratings on Cleveland-based auto supplier Hilite reflect the
company's tight liquidity, highly leveraged financial profile,
and vulnerable business position as a relatively small
participant in the intensely competitive automotive industry,"
said Standard & Poor's credit analyst Nancy Messer. Debt
outstanding as of Dec. 31, 2007, totaled US$231 million,
including an unrated US$23 million senior unsecured payment-in-
kind term loan at the holding company and US$26.3 million
financing liability resulting from the sale leaseback of a
German facility in 2007.
S&P could lower the ratings if Hilite is unable to maintain
adequate liquidity in 2008 in light of negative cash flow and
limited bank facility availability. We are concerned about the
company's ability to maintain adequate liquidity because of
volatile market conditions, including pricing pressures and
commodity cost increases, and our expectation of weak original
equipment manufacturer production volumes. S&P could revise the
outlook to stable or positive the longer term if the company is
able to generate free cash flow, perhaps by increasing revenues
through new product launch volumes while stabilizing margins.
=============
G E R M A N Y
=============
ALERIS INTERNATIONAL: S&P Holds B+ Rating with Negative Outlook
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on
Aleris International Inc., including its 'B+' corporate credit
rating.
At the same time, S&P removed the ratings from CreditWatch,
where they were placed with negative implications on April 17,
2008. The outlook is negative.
Pro forma consolidated debt, including debt-like obligations and
reflecting the November 2007 sale of U.S. Zinc, was about $2.7
billion at Dec. 31, 2007.
"The affirmation and CreditWatch removal reflects our
expectation that operating performance will improve as 2008
progresses because of the combination of productivity
improvements and increased volumes in the second half," said
Standard & Poor's credit analyst Maurice Austin. "In addition,
we expect the company's favorable liquidity position to be
adequate to support Aleris through the ongoing end-market
downturn. Still, credit measures remain very weak for the
current rating and provide little cushion against further
deterioration. A prolonged period of weakness in the
transportation and construction markets could significantly
constrain the company's ability to generate cash and to lower
its debt burden."
Beachwood, Ohio-based Aleris manufactures aluminum sheet for
distributors and the transportation, construction, and consumer
durables end-user markets.
"We could lower the ratings if the company's operating
performance does not improve and if Aleris doesn't reduce its
debt to maintain the ratio of debt to EBITDA below 5.5x for the
current rating," Mr. Austin said. We are less likely to revise
the outlook to stable this year. Such an action would depend
on an improvement in profitability in conjunction with positive
market trends."
The company's international segment provides aluminum metal to
customers through both tolling arrangements and product sales,
and the types of scrap that it recycles are similar to those
processed by Aleris’ U.S. recycling facilities. In 2004 its
five plants have a rated annual capacity of 1.08 billion pounds.
The operations include two aluminum recycling and foundry alloy
plants in Germany as well as aluminum recycling facilities in
Brazil, Mexico and Wales. The segment’s growth is largely a
result of its development and use of efficient scrap preparation
and recycling technologies that allow high recovery of metal and
delivery of a top-quality product. In Asia, the company has
subsidiaries in Hong Kong and China.
BARGE BETRIEBS: Claims Registration Period Ends May 23
------------------------------------------------------
Creditors of Barge Betriebs GmbH have until May 23, 2008, to
register their claims with court-appointed insolvency manager
Heiko Jaap.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 18, 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 Stralsund
Hall AE 26
House A
Frankendamm 17
Stralsund
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Heiko Jaap
Steinbeckerstr. 10
17489 Greifswald
Germany
The District Court of Stralsund opened bankruptcy proceedings
against Barge Betriebs GmbH on April 21, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Barge Betriebs GmbH
Attn: Anja Meske,
An der Thronpost 12
17489 Greifswald
Germany
COMTRADE INTEGRATION: Claims Registration Period Ends May 23
------------------------------------------------------------
Creditors of COMTRADE Integration & Support gGmbH have until
May 23, 2008, to register their claims with court-appointed
insolvency manager Jens-Soeren Schroeder.
Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on June 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 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:
Jens-Soeren Schroeder
Raboisen 38
20095 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against COMTRADE Integration & Support gGmbH on April 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
COMTRADE Integration & Support gGmbH
Attn: Heinz Leuer, Manager
Karl-Heinz-Beckurts-Strasse 13
52428 Juelich
Germany
COMTRADE MOBILIEN: Claims Registration Period Ends May 23
---------------------------------------------------------
Creditors of COMTRADE Mobilien Leasing GmbH have until May 23,
2008, to register their claims with court-appointed insolvency
manager Jens-Soeren Schroeder.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 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 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:
Jens-Soeren Schroeder
Raboisen 38
20095 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against COMTRADE Mobilien Leasing GmbH on April 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
COMTRADE Mobilien Leasing GmbH
Attn: Heinz Leuer, Manager
Jarrestrasse 6
22303 Hamburg
CELLKERN GMBH: Claims Registration Period Ends May 23
-----------------------------------------------------
Creditors of Cellkern GmbH have until May 23, 2008, to register
their claims with court-appointed insolvency manager Hans-Peter
Valentiner.
Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on June 23,2008, 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 Celle Nebenstelle
Hall 014
Ground Floor
Branch Mill Road 4
29221 Celle
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-Peter Valentiner
Bahnhofstr. 30 A
29221 Celle
Germany
Tel: 05141/28011
Fax: 05141/24722
E-mail: Rae_valentiner_blaha_buchholz@gmx.de
The District Court of Celle Nebenstelle opened bankruptcy
proceedings against Cellkern GmbH on April 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Cellkern GmbH
Attn: Guenter Schubert, Manager
Markt 3
29221 Celle
Germany
MANIA TECHNOLOGIE: Files for Insolvency Proceedings
---------------------------------------------------
The management board of Mania Technologie AG filed for
insolvency proceedings on April 28, 2008, with the competent
local court of Bad Homburg v.d.H. due to over-indebtedness.
After intensive internal as well as expert examination the
management board of the Company assumes that the Company is
over-indebted in the meaning of Insolvency Law.
The insolvency filing of the Company has no direct or indirect
impact on the German and foreign operating subsidiaries of the
Company. At present, the Company is preparing an insolvency
plan together with all participants which aims for the
restructuring of the whole Mania group.
Due to the filing for insolvency the calling of the
extraordinary shareholders’ meeting regarding the loss of half
of the registered share capital as mentioned in the ad-hoc-
announcement as of April 18, 2008 is not required any more and
therefore the management board will not make that calling.
Headquartered in Germany, Mania Technologie AG --
http://www.maniagroup.com/-- engages in the development,
manufacture, and sale of machines, systems, and services to the
printed circuit board industry in Europe, Asia, Africa, and the
Americas. The equipment portfolio includes imaging systems,
optical inspection (AOI), electrical testers, drilling machines,
and CAM software.
N & B PROJEKTENTWICKLUNG: Claims Registration Ends May 21
---------------------------------------------------------
Creditors of N & B Projektentwicklung GmbH have until May 21,
2008 to register their claims with court-appointed insolvency
manager Frank M. Welsch.
Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 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 Bielefeld
Meeting Hall 4065
Fourth Floor
Gerichtstr. 6
33602 Bielefeld
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Frank M. Welsch
Barkeystrasse 30
33330 Gütersloh
Germany
The District Court of Bielefeld opened bankruptcy proceedings
against N & B Projektentwicklung GmbH on April 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
N & B Projektentwicklung GmbH
Berliner Str. 9-11
33378 Rheda-Wiedenbrueck
Germany
Attn: Daniel Koerfgen and Moritz Beuven, Managers
Talstr. 41 b
79263 Simonswald
Germany
PIN GROUP: Axel Springer CEO Regrets Investment in Firm
-------------------------------------------------------
Acquiring a 64% stake in PIN Group AG was a mistake, Axel
Springer AG CEO Mathias Doepfner told shareholders during its
annual general meeting, Reuters reports.
According to Mr. Doepfner, Reuters relates, its PIN investment
along with the financial crisis in the capital markets in the
second half of 2007 and general skepticism among investors
towards media firms, had negative impact on Axel Springer's
share price, which dropped from EUR98 apiece as of Dec. 28,
2007, to EUR74 each as of April 24, 2008.
Axel Springer suffered a EUR288 million loss in 2007 following
EUR572 million in write-downs at PIN Group, Reuters says.
Axel Springer acquired PIN Group to challenge main player
Deutsche Post, but stopped its funding after the German
government set minimum wages of EUR8-EUR9.80 for the postal
industry, which is higher than PIN employees receive.
About PIN Group
Based in Luxembourg, PIN Group AG -- http://www.pin-group.net/
-- provides postal services across Germany. The group has more
than 60 regional subsidiaries, and in 2006 became a national
integrated provider by setting up an efficient nationwide
distribution network.
As previously reported in the TCR-Europe, PIN Group's units
filed for insolvency after Axel Springer AG decided to stop
funding the company. Axel Springer said the business in
unviable following the German government's decision to introduce
minimum wages of EUR8-EUR9.80 for the postal industry, which
would PIN, which has 9,000 employees, up to EUR45 million,
although "most of the costs are expected to be covered by a form
of state reimbursement."
REMMERS GMBH: Claims Registration Period Ends May 16
----------------------------------------------------
Creditors of Remmers GmbH have until May 16, 2008, to register
their claims with court-appointed insolvency manager Alexander
Kaesebier.
Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 9, 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 Hildesheim
Hall 124
Main Building
Kaiserstrasse 60
31134 Hildesheim
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
Grothstr. 2
31787 Hameln
Germany
Tel: 05151-821252
Fax: 05151-821253
The District Court of Hildesheim opened bankruptcy proceedings
against Remmers GmbH on March 12, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Remmers GmbH
Tiestr. 15
31171 Nordstemmen
Germany
RIMO WOHNBAU: Claims Registration Period Ends May 16
----------------------------------------------------
Creditors of RIMO Wohnbau & Immobilien GmbH have until May 16,
2008, to register their claims with court-appointed insolvency
manager Klaus E. Breithaupt.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 17, 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:
Klaus E. Breithaupt
Baierbrunner Str. 25
81379 Munich
Germany
Tel: 089/45 22 77-0
Fax: 089/45 22 77-29
The District Court of Munich opened bankruptcy proceedings
against RIMO Wohnbau & Immobilien GmbH on March 19, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
RIMO Wohnbau & Immobilien GmbH
Rumfordstr. 16
80469 Munich
Germany
SAMUDRA GMBH: Claims Registration Period Ends May 16
----------------------------------------------------
Creditors of Samudra GmbH have until May 16, 2008, to register
their claims with court-appointed insolvency manager Bjoern
Gehde.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 16, 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 Charlottenburg
Hall 218
Second Floor
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report 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. Bjoern Gehde
Goethestr. 85
10623 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against Samudra GmbH on March 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Samudra GmbH
Schoenhauser Allee 79/80
10439 Berlin
Germany
SANITAR-GMBH: Claims Registration Period Ends May 16
----------------------------------------------------
Creditors of Sanitar-GmbH Wernsdorf have until May 16, 2008, to
register their claims with court-appointed insolvency manager
Reinhard Klose.
Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 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 Chemnitz
Hall 27
Fuerstenstrasse 21-23
09130 Chemnitz
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Reinhard Klose
Leipziger Str. 58
09113 Chemnitz
Germany
Tel: (0371) 444610
Fax: (0371) 4446111
E-mail: klose@handschumacher.de
The District Court of Chemnitz opened bankruptcy proceedings
against Sanitar-GmbH Wernsdorf on March 19, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Sanitar-GmbH Wernsdorf
Attn: Udo Fischer, Manager
Hauptstrasse 50b
09328 Lunzenau
Germany
SEEVETALER LAGER: Claims Registration Ends May 21
-------------------------------------------------
Creditors of Seevetaler Lager- und Transportlogistik GmbH have
until May 21, 2008 to register their claims with court-appointed
insolvency manager Rembert Kuebel-Heising.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 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 Lueneburg
Hall 302
Ochsenmarket 3
21335 Lueneburg
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:
Rembert Kuebel-Heising
Winsener Strasse 14
21376 Salzhausen
Germany
Tel: 04172/90900
Fax: 04172/909011
The District Court of Lueneburg opened bankruptcy proceedings
against Seevetaler Lager- und Transportlogistik GmbH on
April 15, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Seevetaler Lager- und Transportlogistik GmbH
Appenstedter Waldchen 1
21217 Seevetal
Germany
SSM PFALZ: Claims Registration Period Ends May 16
-------------------------------------------------
Creditors of SSM Pfalz Stoffstrommanagement GmbH have until
May 16, 2008, to register their claims with court-appointed
insolvency manager Matthias Bott.
Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on June 6, 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 Konstanz
Hall 207
Second Floor
Untere Laube 12
78462 Konstanz
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:
Matthias Bott
Bodnegger Str. 19
88287 Gruenkraut
Germany
The District Court of Konstanz opened bankruptcy proceedings
against SSM Pfalz Stoffstrommanagement GmbH on April 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
SSM Pfalz Stoffstrommanagement GmbH
Stadtgraben 1
88677 Markdorf
Germany
THIELERT AIRCRAFT: Parent to Sell Shares to Raise Funds
-------------------------------------------------------
Thielert AG, parent firm of Thielert Aircraft Engines GmbH, will
commence a share sale to increase liquidity and secure the
operations of its financially troubled unit, Bloomberg News
reports.
As reported in the TCR-Europe on April 25, 2008, the executive
board of Thielert Aircraft filed for the opening of insolvency
at the District Court of Chemnitz due to immediate illiquidity.
Thielert AG said that its shareholders refused to support a
restructuring plan for Thielert Aircraft.
Joseph Mapother of Bloombeg News writes that the Court has
appointed Bruno Kuebler as insolvency administrator, who has
commenced contacting Thielert creditors.
Headquartered in Lichtenstein, Saxony/Germany, Thielert Aircraft
Engines GmbH -- http://www.thielert.com/-- is a full subsidiary
of Thielert AG, which develops and manufactures components for
high-performance engines and special parts with complex
geometries and hardware and software for digital engine control
systems.
T.I.B. GMBH: Claims Registration Ends May 21
--------------------------------------------
Creditors of T.I.B. GmbH have until May 21, 2008 to register
their claims with court-appointed insolvency manager Friedrich-
Wilhelm Klein.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 18, 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 Wuppertal
Meeting Hall A234
Second Floor
Eiland 2
42103 Wuppertal
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Friedrich-Wilhelm Klein
Turmhof 15
42103 Wuppertal
Germany
Tel: 0202/493700
Fax: 0202/4937099
The District Court of Wuppertal opened bankruptcy proceedings
against T.I.B. GmbH on April 16, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
T.I.B. GmbH
Wichlinghauser Str. 51-53
42277 Wuppertal
Germany
Attn: Susanne Janssen, Manager
Calvinstr. 15
42103 Wuppertal
Germany
=============
I C E L A N D
=============
CONEXANT SYSTEMS: Terminates Daniel Artusi as President and CEO
---------------------------------------------------------------
Conexant Systems, Inc. said that on April 21, 2008, it executed
an agreement, which became effective on April 29, 2008, with
Daniel A. Artusi, pursuant to which Mr. Artusi’s service as
President and Chief Executive Officer of the company ceased
effective as of April 14, 2008 and Mr. Artusi became a non-
executive employee of the company, which position he held
through April 25, 2008.
Pursuant to the Artusi Agreement, the company elected to
terminate Mr. Artusi’s employment as President and Chief
Executive Officer with the company per section 8(b)(ii) of the
original employment agreement between Mr. Artusi and the Company
dated June 21, 2007. Mr. Artusi will receive certain
compensation and benefits that Mr. Artusi is entitled to receive
pursuant to the 2007 Agreement as a result of his termination
"without cause" from the company.
Pursuant to his employment agreement, Mr. Artusi will receive a
lump sum separation payment in full and final settlement of
matters relating to his employment with the company of
US$2,716,438, which payment will be paid within 30 days of
April 25, 2008. In addition, all of Mr. Artusi’s stock options
and shares of non-performance based restricted stock will vest
and all vested stock options may be exercised for two years from
the date of termination, after which time all of his stock
options will expire.
In addition, Mr. Artusi is restricted from competing with the
company or soliciting employees or customers of the Company,
which provisions will apply to Mr. Artusi until April 25, 2009.
About Conexant
Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications. Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.
Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.
* * *
Conexant currently carries Standard & Poor's Ratings Services’
B- rating with a negative outlook.
CONEXANT SYSTEMS: D. Scott Mercer Named as New CEO
--------------------------------------------------
In a regulatory filing, Conexant Systems, Inc. said that that
board member D. Scott Mercer has been named chief executive
officer. The company also said that Christian Scherp, senior
vice president of Worldwide Sales, has been promoted to
president, and that Sailesh Chittipeddi, senior vice president
of Global Operations, has been promoted to executive vice
president of Global Operations and chief technical officer.
Mercer and Scherp replace Daniel Artusi, who had been president
and chief executive officer. Artusi will be leaving the company
to pursue outside opportunities.
“We are fortunate that an executive of Scott’s caliber and
experience has chosen to become Conexant’s next chief executive
officer,” said Dwight W. Decker, non-executive chairman of
Conexant’s board of directors. “Scott has been a Conexant
director for the past five years, so he is intimately familiar
with the issues facing our company. I am confident that he will
provide the strategic leadership Conexant requires to attain the
next level of performance.”
Mercer, 57, will continue as a company director.
“I want to thank Dwight and the Conexant board for giving me the
opportunity to lead the company,” Mercer said. “Over the past
three quarters, the Conexant team has done a good job of
reducing costs and improving financial performance, and we must
continue to drive progress in these areas. Our highest priority
right now is to determine the best way to deliver increased
value to customers and shareholders. I am looking forward to
working with Christian, Sailesh, and the rest of the senior team
in the coming weeks to evaluate our market and financial
positions, and to establish a clear strategic direction for our
company.
“I would also like to thank Dan for his service, and wish him
the best in his future endeavors,” Mercer said.
Mercer serves on the boards of Palm, Inc., Polycom, Inc., SMART
Modular Technologies, Inc., and Adaptec, Inc., where he is
chairman. In 2005, Mercer was named interim chief executive
officer at Adaptec. Before that, he spent a total of eight
years at Western Digital Corporation in positions that included
executive vice president, chief financial and administrative
officer, and senior vice president and advisor to the CEO. He
also spent a year at TeraLogic, Inc. as chief financial officer,
five years at Dell, Inc. in a variety of financial-management
positions, and seven years at LSI Logic Corporation, where he
was promoted to chief financial officer. After graduating with
a bachelor’s degree in Accounting from the California
Polytechnic University at Pomona, Mercer spent seven years with
Price Waterhouse in San Jose, Calif.
In his new position as president, Scherp, 42, will report to
Mercer and be responsible for the activities and results of
Conexant’s three business units in addition to managing the
company’s global sales force. Prior to joining Conexant in June
2005, Scherp spent eight years with Infineon Technologies North
America. In his last position at Infineon, he served as vice
president and general manager of the company’s Wireless/Wireline
Communications Group. He was also vice president of marketing
for the Wireline Communications Group, and vice president and
general manager of the Communications Group’s wide area
networking business. Before Infineon was spun-off from Siemens
AG in 1997, Scherp spent six years in a variety of positions in
engineering, marketing and business planning at Siemens. He
holds a master’s degree in electrical and electronics
engineering, and a master’s degree in business administration
from the Technical University of Munich, Germany.
Chittipeddi, 45, joined Conexant in June 2006 as senior vice
president of Global Operations. In his new role, Chittipeddi
will report to Mercer and be responsible for Global Operations,
Quality, Worldwide Manufacturing Engineering, Design Platform
Engineering, and Purchasing. Prior to joining Conexant,
Chittipeddi held several senior operations-related positions
with Agere Systems, Lucent Technologies, and AT&T
Microelectronics. He also served as Lucent’s SEMATECH
representative, and was a member of the Technical Staff with
AT&T Bell Labs. Chittipeddi holds a master’s degree in business
administration from the University of Texas at Austin, a
master’s degree and a doctorate in physics from Ohio State
University, and a master’s degree in physics from Northern
Illinois University. He also holds 59 U.S. patents related to
semiconductor process, package, and design, and has authored
nearly 40 publications.
About Conexant
Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications. Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.
Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.
* * *
Conexant currently carries Standard & Poor's Ratings Services’
B- rating with a negative outlook.
CONEXANT SYSTEMS: Posts US$142 Million Net Loss in 2008 2Q
----------------------------------------------------------
Conexant Systems, Inc. reported that financial results for the
second quarter of fiscal 2008 that exceeded the company’s
expectations entering the quarter.
Revenues for the second quarter of fiscal 2008 were
US$174.0 million. Core gross margins were 45.0% of revenues.
Core operating expenses were US$72.3 million, and core operating
income was US$6.0 million. Conexant’s core net loss was
US$3.3 million, or US$0.01 per diluted share.
On a GAAP basis, gross margins for the second quarter of fiscal
2008 were 45.4% of revenues. GAAP operating expenses were
US$204.7 million. GAAP operating loss was US$125.7 million and
GAAP net loss was US$142.0 million, or US$0.29 per share. The
GAAP net loss in the quarter included an asset impairment charge
of US$121.7 million primarily related to the write-down of
goodwill associated with the Broadband Media Processing
business.
The company ended the quarter with US$164.1 million in cash and
cash equivalents. Cash declined by approximately US$68.0
million, due in large measure to the companyÂ’s re-purchase of
US$53.6 million of its floating rate senior notes.
Business Perspective
“I am pleased to be a part of the Conexant team and enthusiastic
about our company’s long-term prospects,” said Scott Mercer, who
joined Conexant as chief executive officer on April 14, 2008.
“In the coming weeks and months, I will be focusing on our
overall strategy, and on improving our financial performance and
position.”
“For the second fiscal quarter, we exceeded our expectations
entering the quarter,” Mercer said. “We anticipated revenues in
a range between $165 million and $170 million, and we delivered
$174 million. Core gross margins came in at the high end of the
range we provided, and core operating expenses were
significantly lower than we expected, which reflects the teamÂ’s
commitment to reducing costs.”
Business Outlook
Conexant expects revenues for the third quarter of fiscal 2008
to be in a range between US$167 million and US$171 million,
which includes revenues from its Broadband Media Processing
product lines.
About Conexant
Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications. Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.
Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.
* * *
Conexant currently carries Standard & Poor's Ratings Services’
B- rating with a negative outlook.
CONEXANT SYSTEMS: Sells Broadband Media Product Line to NXP
-----------------------------------------------------------
Conexant Systems, Inc. signed a definitive agreement to sell its
Broadband Media Processing product lines to NXP Semiconductors
in a transaction valued at up to US$145 million. Conexant’s
Broadband Media Processing business provides solutions for
satellite, cable, terrestrial, and IPTV set-top box
applications.
Under the terms of the agreement, Conexant will receive
US$110 million in cash, and up to US$35 million in an “earn-out”
fee, contingent upon the achievement of certain milestones over
the next two years. The transaction is subject to customary
closing conditions and regulatory approvals, and is expected to
close within the next 60 days.
“Over the years, the Conexant team has successfully developed
complex solutions for a variety of set-top box applications,”
said Scott Mercer, Conexant’s chief executive officer. “NXP has
a long history in consumer electronics, and they possess the
scale, skill-sets, and resources required to maintain and expand
the positions we established. I am convinced that the combined
team will attain an even higher level of success as they
continue to deliver innovative, cost-effective set-top box
solutions to customers worldwide.
“Divesting our Broadband Media Processing product lines also
represents a major step in our continuing effort to restructure
our company’s business model and cost structure,” Mercer said.
“As we get closer to completing the transaction, we plan to
provide additional information on the financial performance we
expect from our continuing company.”
Approximately 700 Conexant employees at locations in the United
States, Europe, Israel, Asia-Pacific, and Japan will transfer to
NXP and join the company’s Home BusinessUnit when the
transaction closes. At that time, Conexant’s ongoing businesses
will consist of Imaging and PC Media, and Broadband Access. The
total available market addressed by these product lines is
greater than US$3 billion today and expected to grow over the
next three years.
About Conexant
Headquartered in Newport Beach, California, Conexant Systems,
Inc. (NASDAQ: CNXT) -– http://www.conexant.com/-- has a
comprehensive portfolio of innovative semiconductor solutions
includes products for Internet connectivity, digital imaging,
and media processing applications. Conexant is a fabless
semiconductor company that recorded revenues of US$809 million
in fiscal year 2007.
Outside the United States, the company has subsidiaries in
Northern Ireland, China, Barbados, Korea, Mauritius, Hong Kong,
France, Germany, the United Kingdom, Iceland, India, Israel,
Japan, Netherlands, Singapore and Israel.
* * *
Conexant currently carries Standard & Poor's Ratings Services’
B- rating with a negative outlook.
=============
I R E L A N D
=============
CAIRN HIGH: Moody's May Further Cut B2 Rating After Review
----------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade four classes of notes issued by Cairn High
Grade ABS CDO I PLC, a limited purpose vehicle incorporated in
Ireland.
These rating actions are a response to severe credit
deterioration in the underlying portfolio. The transaction is a
managed cash CDO of ABS, containing roughly 12.46% ABS CDOs and
40.66% sub-prime RMBS of mostly 2005 vintage, but also some 2006
and 2007 vintages. Many of the assets in the portfolio have
been downgraded, placed on review for downgrade, or both since
October 2007. 0.85% of the portfolio by volume (US ABS CDOs) is
currently rated C or Ca.
Moody's announced on February 04, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage. Moody's stated that for purposes of monitoring its
ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will
rely on certain projections of the lifetime average cumulative
losses for 2006's quarterly vintages of RMBS set forth in a
recent Moody's Special Report, "Moody's Updates Loss Projections
for 2006 Subprime Loans." This report illustrates average loss
results for the 2006 quarterly vintages under five distinct loss
projection scenarios. Moody's explained that it will utilise the
range of loss projections set forth in Scenarios 2 and 3 based
on deal performance and quarterly vintage to modify its prior
assumptions of the expected loss inputs when monitoring ABS CDO
ratings.
Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.
These rating actions are:
(1) US$20,000,000 Class A2 Floating Rate Notes due 2055;
-- Current Rating: Aa1, on review for downgrade
-- Prior Rating: Aaa
(2) US$20,000,000 Class B Floating Rate Notes due 2055;
-- Current Rating: Aa2, on review for downgrade
-- Prior Rating: Aa1
(3) US$20,000,000 Class C Floating Rate Notes due 2055;
-- Current Rating: Baa2, on review for downgrade
-- Prior Rating: Aa3
(4) US$15,000,000 Class D Floating Rate Notes due 2055;
-- Current Rating: B2, on review for downgrade
-- Prior Rating: A3
The Aaa rating of US$911,000,000 Class A1 Delayed Draw Floating
Rate Notes due 2055 is not affected.
=========
I T A L Y
=========
ALITALIA SPA: Files Over EUR1-Billion Damages Suit vs SEA SpA
-------------------------------------------------------------
Alitalia S.p.A. is seeking more than EUR1 billion in damages
against SEA S.p.A. for breach of contract and serious damage to
reputation, Agence France-Presse reports.
Alitalia claims SEA breached plans to expand Milan's Malpensa
airport and improve transport infrastructure, AFP relates.
Alitalia also claims that SEA's EUR1.2-billion suit against it
has damaged the national carrier's sale prospects.
Air France-KLM SA, said its binding offer for the Italian
government's 49.9% stake in Alitalia hinges on several
conditions, including "the identification of an applicable
solution to definitely remove the risk connected to the SEA
claim." Air France had withdrawn its bid.
As reported in the TCR-Europe on Feb. 6, 2008, SEA filed a
EUR1.2 billion damages suit against Alitalia over the carrier's
decision to downscale its operations at Milan's Malpensa
airport. SEA chairman Giuseppe Bonomi said Alitalia violated a
hub partnership agreement and contracts with SEA and its SEA
Handling unit.
Mr. Bononi noted that SEA designed and developed Malpensa as
Alitalia required in terms of infrastructures, facilities and
organization. However, Mr. Bononi added, the investments are
rendered useless by Alitalia's downscale plan. According to Mr.
Bononi, Alitalia's downscale plan will cut traffic at Malpensa
by 6 million passengers and will reduce the airport's results by
EUR70 million.
In March, SEA said will not withdraw the suit against Alitalia,
but may consider an out-of-court settlement.
About Alitalia
Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes, including United States, Canada,
Japan and Argentina. The Italian government owns 49.9% of
Alitalia.
Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively. Alitalia posted EUR93 million in
net profits in 2002 after a EUR1.4 billion capital injection.
The carrier booked annual net losses of EUR520 million in 2003,
EUR813 million in 2004, EUR168 million in 2005, and
EUR625.6 million in 2006.
Italian Finance Minister Tommaso Padoa-Schioppa had said that if
the sale to Air France fails, Alitalia may seek protection from
creditors and the government would appoint a special
commissioner to initiate bankruptcy proceedings.
===================
K A Z A K H S T A N
===================
GLINTVANE LLP: Claims Registration Ends June 18
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Glintvane insolvent on March 27, 2008.
Creditors have until June 18, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Pavlodar
Pobeda ave. 5
Pavlodar
Kazakhstan
Tel: 8 (7182) 32-38-46
IMPLANT-SERVICE ASTANA: Claims Registration Ends June 13
--------------------------------------------------------
LLP Implant-Service Astana has declared insolvency. Creditors
have until June 13, 2008, to submit written proofs of claims to:
LLP Implant-Service Astana
Jambyl Str. 20
Stantsiya 40
Almatinsky
Astana
Kazakhstan
KAZ ALLIANCE: Creditors Must File Claims by June 17
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kaz Alliance Stroy insolvent on April 7, 2008.
Creditors have until June 17, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Akmola
Room 228
Auelbekov Str. 139a
Kokshetau
Akmola
Kazakhstan
Tel: 8 (7162) 25-79-32
MIGROS KIPA: Claims Deadline Slated for June 17
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Migros Kipa insolvent.
Creditors have until June 17, 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
TDE-100 LLP: Claims Filing Period Ends June 18
----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP TDE-100 insolvent.
Creditors have until June 18, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Karaganda
Jambyl Str. 9
Karaganda
Kazakhstan
UAK-SNUB LLP: Creditors' Claims Due on June 17
----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Uak-Snub insolvent April 4, 2008.
Creditors have until June 17, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Akmola
Room 228
Auelbekov Str. 139a
Kokshetau
Akmola
Kazakhstan
Tel: 8 (7162) 25-79-32
===================
L U X E M B O U R G
===================
PIN GROUP: Axel Springer CEO Regrets Investment in Firm
-------------------------------------------------------
Acquiring a 64% stake in PIN Group AG was a mistake, Axel
Springer AG CEO Mathias Doepfner told shareholders during its
annual general meeting, Reuters reports.
According to Mr. Doepfner, Reuters relates, its PIN investment
along with the financial crisis in the capital markets in the
second half of 2007 and general skepticism among investors
towards media firms, had negative impact on Axel Springer's
share price, which dropped from EUR98 apiece as of Dec. 28,
2007, to EUR74 each as of April 24, 2008.
Axel Springer suffered a EUR288 million loss in 2007 following
EUR572 million in write-downs at PIN Group, Reuters says.
Axel Springer acquired PIN Group to challenge main player
Deutsche Post, but stopped its funding after the German
government set minimum wages of EUR8-EUR9.80 for the postal
industry, which is higher than PIN employees receive.
About PIN Group
Based in Luxembourg, PIN Group AG -- http://www.pin-group.net/
-- provides postal services across Germany. The group has more
than 60 regional subsidiaries, and in 2006 became a national
integrated provider by setting up an efficient nationwide
distribution network.
As previously reported in the TCR-Europe, PIN Group's units
filed for insolvency after Axel Springer AG decided to stop
funding the company. Axel Springer said the business in
unviable following the German government's decision to introduce
minimum wages of EUR8-EUR9.80 for the postal industry, which
would PIN, which has 9,000 employees, up to EUR45 million,
although "most of the costs are expected to be covered by a form
of state reimbursement."
===========
R U S S I A
===========
AK TRANSNEFTEPRODUCT: S&P Lifts Corporate Credit Rating to BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russian oil product pipeline company
OJSC AK Transnefteproduct to 'BB-' from 'B+'.
At the same time, S&P raised the Russia national scale rating to
'ruAA' from 'ruAA-'. At the same time, the global scale ratings
were removed from CreditWatch, where they had been placed on
April 17, 2007, following the announcement of the merger with
state-owned Russian oil pipeline monopoly OAO AK Transneft
(BBB+/Stable/--). The outlook is positive.
"We upgraded Transnefteproduct following our analysis of the
impact of the shareholding change on the company's financial and
business risk," said Standard & Poor's credit analyst Andrey
Nikolaev.
The ratings are based on the company's stand-alone credit
quality, which we continue to assess at 'B+', plus a one-notch
uplift for extraordinary support from its 100% shareholder,
Transneft, reflecting the credit enhancement of being owned by a
larger and stronger parent.
The stand-alone rating on Transnefteproduct continues to reflect
the company's position as a relatively small and mainly
commercial operator competing with other transportation
providers. It also reflects the risks associated with the
company's large, new pipeline project, North.
Due to negative free cash flow during construction in 2005-2007,
TNP's debt increased to Russian ruble (RUR) 20.1 billion ($855
million) at the end of 2007 from almost zero in 2005.
"We expect that Transnefteproduct could be upgraded in the next
12 months or so if the company becomes free operating cash flow
positive--thanks to cash flows generated by the new North
project, as well as by its traditional routes and lower capital
expenditures--or if Transnefteproduct integrates more
closely within Transneft," said Mr. Nikolaev.
S&P will monitor the role of Transnefteproduct in the Transneft
group, as well as Transneft's strategy toward its subsidiary,
including its level of operational and financial autonomy;
whether the new debt will be issued at Transneft or the
Transnefteproduct level; and whether existing debt will be
refinanced.
Should the capacity utilization level or profitability of the
new route turn out to be substantially lower than that of
existing operations, or if the company embarks on a new major
debt-financed investment project prior to restoring its
financial flexibility, the outlook could come be negatively
affected.
ATEKS CJSC: Creditors Must File Claims by May 26
------------------------------------------------
Creditors of CJSC Ateks have until May 26, 2008, to submit
proofs of claim to:
N. Egorova
Temporary Insolvency Manager
Post User Box 58
127349 Moscow
Russia
Tel: (495) 500-70-57
The Arbitration Court of Moscow will convene at 10:00 a.m. on
July 29, 2008, to hear the company's bankruptcy
supervision procedure. The case is docketed under Case No.
A41-4400/08.
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
CJSC Ateks
Promyshlennaya Str. 10
Dybna
141980 Moscow
Russia
CENTRAL TELECOMMUNICATIONS: S&P Holds B+ Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russian telecoms provider Central Telecommunications Co. (OJSC)
to stable from positive. At the same time, the 'B+' long-term
corporate credit rating and 'ruA+' Russia national scale rating
were affirmed.
"The outlook revision reflects our opinion that the company's
increasing investments will likely prompt debt leverage to rise
above our expectations for a higher rating," said Standard &
Poor's credit analyst Alexander Griaznov. "Among Russian
regional incumbent operators, CTC has the lowest
network digitalization, explaining the company's need to
increase its capital expenditure."
To compete with Russia's two largest alternative operators--
Comstar United Telesystems (JSC) and Golden Telecom Inc.--CTC is
actively rolling out its broadband offering, which also requires
substantial spending. The company's business profile continues
to be constrained by strong competition, limited revenue
diversification, and the modest characteristics of its
franchise area.
CTC's financial profile is currently adequate for the rating,
with moderate debt at less than 2x EBITDA. However, gradually
increasing investments will lead to negative free operating cash
flow during the next several years, which will require
additional debt financing.
The ratings are supported by CTC's incumbent position, its vast
network in European Russia's central region, and its "last-mile"
access to 6.7 million customers. CTC's effectiveness in
optimizing operations and improving profitability is highlighted
by the increase in its EBITDA margin to about 39% for the 12
months ended June 30, 2007. The profitability uptrend stems
from substantial progress in headcount reduction, tighter
spending controls, and gradual expansion of value-added
services.
However, CTC has fairly limited revenue diversification, with
about 67% of revenues coming from traditional telephony.
"We expect that CTC will sustain its positive operating
performance, continue to diversify its revenue base, and enhance
its profitability," said Mr. Griaznov. "The company will likely
manage its increasing investments prudently, avoiding material
deterioration to the financial profile."
CTC's inability to effectively manage its financial risk--such
as an upsurge in debt leverage or mounting liquidity pressures--
could have negative rating implications.
Ratings upside is fairly limited since any substantial
strengthening of business characteristics is not attainable over
the next 12 months.
NORTH-SERVICE OJSC: Creditors Must File Claims by May 22
--------------------------------------------------------
Creditors of OJSC North-Service have until May 22, 2008, to
submit proofs of claim to:
O. Elistratova
Temporary Insolvency Manager
Premise 4N
Let. B
4th Sovetskaya Str. 20
191036 St. Petersburg
Russia
The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy supervision procedure on the company. The case is
docketed under Case No. A56-37391/2007.
The Court is located at:
The Arbitration Court of St. Petersburg and the
Leningrad
Hall 113
Suvorovskiy Pr. 50/52
St. Petersburg
Russia
The Debtor can be reached at:
OJSC North-Service
Berezovaya Al, 4
Kamennogorsk
Vyborgskiy
Leningrad
Russia
OGK-5 OAO: Earns RUR673.48 Million for 1st Qtr Ended March 31
-------------------------------------------------------------
OAO OGK-5 registered RUR673.48 million in net profit on
RUR10.79 billion in net revenues for the first quarter ended
March 31, 2008.
The company also posted RUR128 billion in sales profit and
RUR1.43 billion in gross profit for first quarter 2008. In fist
quarter 2008, expenses related to income tax and other similar
compulsory payments, as well as the effect of tax assets and
deferred liabilities amounted to RUR247.43 million.
As of March 31, 2008, OGK-5 had RUR55.03 billion in total
assets, RUR6.53 billion in current accounts receivable,
RUR4.59 in non-current accounts receivable and RUR2.58 billion
in current accounts payable.
About OGK-5
Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.
* * *
As of March 26, 2007, OAO OGK-5 carries Ba3 Corporate Family and
Probability-of-Default ratings from Moody's Investors Service.
Moody's said the Outlook is Stable.
ORLOVSKIY AGRICULTURAL: Asset Sale Slated for May 28
----------------------------------------------------
A. Evseev, the insolvency manager and the bidding organizer for
OJSC Orlovskiy Agricultural Combine, will open a public auction
for the company's properties at noon on May 28, 2008 at:
A. Evseev
4th floor
3rd Kurskaya Str. 15
Orel
Russia
Tel: (4862) 54-39-89
The case is docketed under Case No. A48-7181/06-17b.
Interested participants have until May 23, 2008, to deposit an
amount equivalent to 20% of the starting price to:
OJSC Orlovskiy Agricultural Combine
Settlement Account 40702810910000000528
Correspondent Account 30101810700000000751
BIK 045402751
OJSC Rosselkhozbank
Orel
Russia
Bidding documents must be submitted to:
A. Evseev
4th floor
3rd Kurskaya Str. 15
Orel
Russia
Tel: (4862) 54-39-89
The Debtor can be reached at:
OJSC Orlovskiy Agricultural Combine
3rd Kurskaya Str. 15
302004 Orel
Russia
PROGRESS OJSC: Creditors Must File Claims by May 22
---------------------------------------------------
Creditors of OJSC Progress have until May 22, 2008, to submit
proofs of claim to:
N. Tyutyunik
Insolvency Manager
Buynakskaya Str. 2/56
344037 Rostov-na-Donu
Russia
The Arbitration Court of Rostov will convene at 9:00 a.m. on
Aug. 21, 2008, to hear the bankruptcy proceedings against the
company after finding it insolvent. The case is docketed under
Case No. A53-10485/2007-S1-21.
The Court is located at:
The Arbitration Court of Rostov
Stanislavskogo Str. 8a
344008 Rostov-na-Donu
Russia
The Debtor can be reached at:
OJSC Progress
Voroshilova Str. 2
Platovo-Ivanovka
Rodionovo-Nesvetayskiy
346592 Rostov
Russia
SISTEMA-HALS JSC: Earns US$34.68 Million for Year Ended Dec. 31
---------------------------------------------------------------
JSC Sistema-Hals released its unaudited consolidated financial
results for the full year of 2007 in accordance with U.S. GAAP.
JSC Sistema-Hals posted US$34.68 million in net profit on
US$452.19 million in net revenues for the full year ended
Dec. 31, 2007, compared with US$55.57 million in net profit on
US$282.90 million in net revenues for the full year ended
Dec. 31, 2006.
The company attributed the increase in net revenues to the
strong performance of its Real Estate Development division.
Sistema-Hals attributed the decline in net profit to the
increase in total operating expenses US$400.2 million in 2007
from US$200 million in 2006.
"During the year of 2007 we concentrated our efforts on
enhancing the efficiency of execution of our development
projects," Felix Evtushenkov, President of Sistema-Hals, said.
"This focus on construction program implementation and our
marketing efforts in the favorable market conditions allowed us
to deliver on strong results. We are pleased to report a solid
59.8% increase in our revenues in comparison to the previous
year.
"Our priority for 2008 is to continue developing our competitive
advantages through enhancing our construction capabilities and
strengthening our position in premium real estate development
market segments. We are sure, that along with strong execution
discipline and a focus on enhancing operational efficiency, our
continued efforts towards building a strong portfolio of
attractive projects in premium segments will allow us to
capitalize on new opportunities for sustainable long-term
growth."
As of Dec. 31, 2007, Sistema-Hals had US$1.76 billion in total
assets, US$1.18 billion in total liabilities, resulting to
US$550.66 million in shareholder's equity
About Sistema-Hals
Based in Moscow, JSC Sistema-Hals -- http://www.sistema-hals.ru/
-- is property developers in Moscow and the Moscow region,
with operations in the six regions in Russia, as well as Yalta
and Kiev, Ukraine. The company is involved in a number of
large-scale governmental infrastructural projects in the
capacity of project manager. Sistema-Hals is a 71.1% subsidiary
of Sistema JSFC.
* * *
As of April 30, 2008, JSC Sistema-Hals carries B1 long-term
corporate family and probability-of-default rating from Moody's
Investor Service, which said the outlook is stable.
Sistema-Hals also carries B+ Issuer Default rating from Fitch,
whichsaid the outlook is stable.
SISTEMA-HALS JSC: Hikes Share Value in Property Projects by 30%
---------------------------------------------------------------
JSC Sistema-Hals disclosed the result of an independent
valuation of its share in properties and development projects as
of Jan. 1, 2008, carried out by Cushman & Wakefield Stiles &
Riabokobylko (C&WS&R).
According C&WS&R, the value of Sistema-Hals' holding in
properties and development projects rose by 30% during the
period from July 1, 2007, to Jan. 1, 2008.
C&WS&R determined that as at Jan. 1, 2008 the total market value
of 100% ownership of the 103 projects and properties amounted to
US$4.64 billion. Of this, US$3.75 billion was attributable to
Sistema-Hals after deducting minority interests.
The previous appraisal by C&WS&R as at July 1, 2007, had valued
100% ownership of the properties and projects in the Sistema-
Hals portfolio at US$3.52 billion, with the share attributable
directly to Sistema-Hals being worth US$2.88 billion.
The growth in the value of the company's share in properties and
development projects is largely the result of acquisitions of
new projects, progress in execution of ongoing projects and an
increase in the GBA of development projects and properties in
the premium segments.
"In 2007 as part of our portfolio management strategy we devoted
special attention to raising the quality of our investment
projects, acquiring new projects in premium segments and
efficiently implementing projects at the active development
stage," Felix Evtushenkov, President of Sistema-Hals, commented.
"The 30% rise in the value of our portfolio confirms the success
of this strategy.
"In 2008 we will focus our efforts on expanding the share of
premium projects in our portfolio and boosting project size,
with the intention of raising portfolio management efficiency
and increasing future rental income. We believe that this
strategy will ensure steady growth in shareholder value."
About Sistema-Hals
Based in Moscow, JSC Sistema-Hals -- http://www.sistema-hals.ru/
-- is property developers in Moscow and the Moscow region,
with operations in the six regions in Russia, as well as Yalta
and Kiev, Ukraine. The company is involved in a number of
large-scale governmental infrastructural projects in the
capacity of project manager. Sistema-Hals is a 71.1% subsidiary
of Sistema JSFC.
* * *
As of April 30, 2008, JSC Sistema-Hals carries B1 long-term
corporate family and probability-of-default rating from Moody's
Investor Service, which said the outlook is stable.
Sistema-Hals also carries B+ Issuer Default rating from Fitch,
whichsaid the outlook is stable.
SIVINSKIY AGRO-LES-KHOZ: Creditors Must File Claims by May 22
-------------------------------------------------------------
Creditors of LLC Sivinskiy Agro-Les-Khoz have until May 22,
2008, to submit proofs of claim to:
A. Zhdanov
Insolvency Manager
Beloborodovo
Nytvenskiy
617000 Perm
Russia
The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A50P-22/2008.
The Court is located at:
The Arbitration Court of Perm
Lunacharskogo Str. 3
Perm
Russia
The Debtor can be reached at:
LLC Sivinskiy Agro-Les-Khoz
Pushkina Str. 106
Siva
617240 Perm
Russia
* Fitch Positive on Russian Power Sector's Liberalisation
---------------------------------------------------------
Fitch Ratings says it expects the Russian power sector's
liberalisation process to remain on schedule, but warns of the
potential for increased leverage from debt-funded capital
expenditure.
"Successful completion of Russia's power sector liberalisation
programme is central to Fitch's Positive Outlook for the
sector," said Anton Krawchenko, Associate Director, in Fitch's
Energy, Utilities and Regulation team. "Liberalisation is
expected to have a positive impact on the cash flows of Russian
generators due to higher prices and reduced exposure to the
volatility of inflation and rising energy input prices."
In two special reports published today, Fitch says forecasts for
continued strong domestic economic growth (forecast GDP growth
of 7% in FY08) should help to keep Russia's power sector on
course for liberalisation, since a failure to considerably
expand generation capacity would undermine economic growth
prospects. Competing social priorities mean that private
capital is the only realistic option to fund this capacity
expansion. Liberalisation, in turn, is a pre-requisite for the
continued attraction of both domestic and foreign private
capital to the power sector in Russia.
Nevertheless, Fitch cautions that while privatisation revenues
and subsequent equity injections are expected to fund the
sector's programme of capacity expansion and refurbishment, the
potential remains for sharply higher leverage among some
generators. There is already evidence of capex plans at some
companies edging past the level originally envisaged by
incumbent RAO UES (which is unbundling its generation assets)
when it established the auction-based privatisation process.
In the report, Fitch also discusses the potential for a
reconsolidation of the competitive power sector, which may act
to constrain the ratings of Russia's smaller wholesale power
market participants. Notably, the proposed merger of the power
assets of SUEK and Gazprom would consolidate almost 20% of
Russia's existing power capacity under two companies that
dominate domestic coal and gas supply.
The full reports, titled "The Russian Power Generation Landscape
2008" and "Russian Power Industry Overview", can be found on the
agency's public website at http://www.fitchratings.com/
===========
S W E D E N
===========
AVINMERITOR INC: Earns US$20 Million in Second Quarter 2008
-----------------------------------------------------------
ArvinMeritor, Inc. reported financial results for its second
quarter ended March 31, 2008.
Highlights for Second-Quarter Fiscal Year 2008
-- Sales of US$1.8 billion - approximately US$150 million
higher than the same period last year primarily due to
the effects of changes in foreign currency.
-- Net income was US$20 million, or US$0.28 per diluted
share, compared to a net loss of US$94 million, or
US$1.34 per diluted share in the second quarter of fiscal
year 2007.
-- Income from continuing operations, before special items,
was US$27 million, or US$0.37 per diluted share, compared
to US$12 million, or US$0.17 per diluted share one year
ago.
-- Cash flow from operations, net of capital expenditures,
was US$134 million compared to an outflow of
US$71 million in the same period last year.
-- Commercial Vehicle Systems EBITDA margins increased by
1.5 percentage points, before special items, in the
second quarter of fiscal year 2008 compared to the same
period last year, despite lower commercial vehicle
volumes in North America.
-- Performance Plus initiatives were implemented during the
second quarter that will result in savings of
US$32 million on an annual run-rate basis. The company
continues to expect Performance Plus cost reductions of
US$75 million this year net of known risks; growth
opportunities previously announced will provide
incremental profit opportunities.
"In spite of the downturn in the North American commercial
vehicle market that has lasted longer than we anticipated, and
volume declines in the light vehicle market in North America, we
delivered strong results this quarter," said Chairman, CEO and
President Chip McClure. "Initiatives driven through Performance
Plus, including lean improvements in our global manufacturing
operations, are helping us put in place a solid foundation for
continued earnings growth."
Results for the Second-Quarter Fiscal Year 2008
In the second quarter of fiscal year 2008, ArvinMeritor posted
sales from continuing operations of US$1.8 billion, up from the
same period last year. Excluding the impact of foreign currency
translation, sales were approximately flat due to a continued
weak economy in North America, offset by strong sales growth in
South America, Europe and Asia.
EBITDA, before special items, was US$104 million, up US$27
million from the same period last year. This increase is
primarily due to improved pricing and commodity cost recovery
actions; cost reductions in direct material, overhead, labor and
burden; increased throughput in the company's European
facilities resulting from improved operational performance;
stronger volumes in South America and higher sales of off-
highway products in China and U. S. military products - all
partially offset by lower vehicle volumes in North America and
sharply rising commodity prices.
On a GAAP basis, the company's income from continuing operations
was US$24 million or US$0.33 per diluted share, compared to a
loss from continuing operations of US$13 million or US$0.19 per
diluted share in the same period last year.
Income from continuing operations, before special items, was
US$27 million, or US$0.37 per diluted share, compared to US$12
million, or US$0.17 per diluted share, a year ago. The only
special item for the quarter was a US$3 million after-tax charge
associated with the company's previously announced restructuring
program, compared to special items totaling US$25 million after-
tax in the same quarter of last year.
Free cash flow (cash flow from operations net of capital
expenditures) was US$134 million in the second quarter.
Excluding non-recourse sales of receivables, free cash flow was
US$52 million this quarter compared to an outflow of US$88
million one year ago. Free cash flow included US$28 million in
proceeds from the termination of interest rate swaps, but did
not include US$28 million received in connection with the final
purchase price adjustment from the sale of our Emissions
Technologies business.
Update on Performance Plus
As previously announced, ArvinMeritor expects cost reductions
driven by its Performance Plus transformation program to
generate US$150 million in net savings by 2009, with US$75
million occurring by the end of fiscal year 2008.
The company originally defined three areas of Performance Plus
as cost reduction targets: Direct Material Optimization,
Manufacturing and Overhead. In the second quarter, achievements
in each of these areas contributed to the company's cost
reduction targets including:
-- In-sourced manufacturing for certain CVS products to
result in annual savings of US$7 million.
-- Continued performance improvements resulting from
implementation of the ArvinMeritor Production System.
-- Selected a single source provider for North American
industrial labor and global professional and clerical
labor resulting in annual savings of US$4 million.
Performance Plus also included initiatives to enhance the
company's profitable growth. These growth actions were
implemented this quarter:
-- Awarded a long-term, multi-million dollar, supply
agreement to provide remanufactured transmissions and
axle carriers to Navistar Parts.
-- Launched remanufactured transmissions in the Plainfield,
Ind., aftermarket facility.
-- Entered into a multi-year agreement with Tata Consultancy
Services in India to enhance Light Vehicle Systems (LVS)
engineering capabilities including product development
and support in Asia Pacific.
-- Re-established the company's off-highway original
equipment and aftermarket components business in North
America, South America, Europe and Africa.
-- Awarded new business in conjunction with 2,200 new MRAP
orders since January 2008.
-- Booked new business with an Asian manufacturer to supply
more than two million additional window regulator motors
in China beginning in mid-2008.
-- Announced new products designed specifically for the
Asian market including the New Asian Latch product range
of modular door latch designs, and a new sliding door
latch system.
Manufacturing Footprint Improvements
In addition, several actions were implemented in the second
quarter of fiscal year 2008 to improve the company's global
manufacturing footprint.
-- Building three new light vehicle manufacturing plants in
Asia Pacific to support increased business in the region.
-- Began production at the LVS facility in Salonta, Romania,
to supply window regulators, cables, latches and
actuators directly to Dacia – as well as for export to
Western European customers.
-- On track for July 2008 completion of the company's new
commercial vehicle Monterrey, Mexico facility; also
upgrading the company's Asheville, N.C. axle facility to
include a new carrier assembly line for the NG14X - the
next generation line haul axle to be launched in
February 2009.
Mitigating Rising Steel Prices
The commodity markets are currently experiencing unprecedented
volatility. Scrap steel, iron ore, and coking coal prices have
simultaneously risen faster and higher than levels seen in the
past. One of the world's largest steel producers has recently
announced a US$250 per short ton surcharge on contract sales of
sheet steel.
Other factors contributing to the volatility include:
-- Weak dollar resulting in a decline in imported steel
-- Global consolidation in the steel industry
-- Fuel and energy costs
-- Global demand
The combined impact of these factors has created a situation
more significant to the global transportation industry than the
effect of steel price increases encountered in 2004.
While ArvinMeritor continues to drive lean improvement actions
throughout the company's global operations, and strives to
implement Performance Plus initiatives to gain additional
efficiencies, it will not be possible to mitigate increases of
this proportion through existing cost reduction programs alone.
The company has steel cost recovery programs with most major
OEMs, and will aggressively pursue additional recovery actions
to address these extraordinary costs.
Outlook
The company's calendar year 2008 forecast for light vehicle
sales is 15.2 million vehicles in North America, down from the
previous forecast. The company's forecast for Western Europe is
17.1 million vehicles, unchanged from the prior forecast.
ArvinMeritor's fiscal year 2008 forecast for North American
Class 8 truck production is in the range of 200,000 to 220,000
units. The company's fiscal year 2008 forecast for heavy and
medium truck volumes in Western Europe is 565,000 to 575,000.
On a calendar year basis, the company anticipates North America
Class 8 truck production to be in the range of 220,000 to
240,000 units; and heavy and medium truck volumes in Western
Europe to be in the range of 580,000 to 590,000.
The company now expects sales from continuing operations in
fiscal year 2008 in the range of US$7.1 billion to US$7.3
billion, up US$200 million from the previous guidance primarily
due to foreign exchange movements and continued growth outside
the U.S.
The outlook for full-year EBITDA from continuing operations,
before special items, is expected to be in the range of US$390
million to US$410 million for the fiscal year. ArvinMeritor
reaffirms its forecast for diluted earnings per share from
continuing operations, before special items, to be in the range
of US$1.40 to US$1.60. This guidance is based on the assumption
of 1.4 percent U.S. GDP growth, and excludes gains or losses on
divestitures and restructuring costs. Arv reaffirms its
forecast for free cash flow to be in the range of negative US$75
million to negative US$125 million.
"Commodity prices are spiking in a dramatic fashion," said
McClure. "These increases, combined with resulting higher
energy costs, require us to take additional recovery actions to
mitigate future impact. For fiscal year 2008, we remain focused
on our strategy to deliver results and are confident we will
achieve our full-year guidance."
About ArvinMeritor
Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- supplies integrated systems,
modules and components to the motor vehicle industry. The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets. ArvinMeritor employs about 18,000 people at more
than 120 manufacturing facilities in 24 countries. These
countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.
* * *
ArvinMeritor’s Conv. Sr. Unsec. Notes and Sr. Unsec. Notes is
rated by DBRS as BB(low)Neg.
SAS AB: Weak Performance Cues S&P's Negative Watch on BB Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long–term
corporate credit rating on Scandinavian airline group SAS AB on
CreditWatch with negative implications.
This reflects deteriorating industry conditions, including the
rising oil price and intensifying competition, which we expect
to pressure SAS' earnings and cash flow.
"The CreditWatch placement reflects our concerns that underlying
trading conditions are deteriorating," said Standard & Poor's
credit analyst Leigh Bailey. "This is adversely affecting the
group's performance and could place additional pressure on its
financial profile."
The rapid rise in oil prices, which is difficult to
satisfactorily offset, and intensification of competition in
certain markets by budget carriers mean that SAS faces a very
challenging business environment, with costs rising at the same
time as unit revenues are coming under pressure. The group's
hedging position leaves it relatively exposed to market
uncertainty over fuel prices, with only 43% cover for forecast
consumption in 2008.
Negative earnings trends in the first quarter to March 31, 2008,
resulted in a substantial decline in profits compared with the
equivalent period in 2007. This is reflected by an operating
loss of Swedish krona 872 million for the first quarter of 2008
compared with a profit of SEK421 million in the first quarter of
2007. Although the first quarter is seasonally weak and
included expenses from additional Q400 fleet costs, the
underlying trading decline was about SEK600 million. In April
2008, the group announced the extension of its existing action
plan to improve cost savings and offset additional costs,
targeting a positive earnings effect of SEK1.1 billion in
2008. At March 31, 2008, credit protection measures were
satisfactory for the ratings, with funds from operations to
adjusted debt of about 25%, which is above average for the 'BB'
rating level. This is balanced by an aggressively leveraged
balance sheet, reflected by a debt-to-EBITDA ratio of about
6.0x.
"To resolve the CreditWatch, Standard & Poor's will meet with
management to discuss current and future trading expectations,
the progress of its disposal program, the full benefits of the
new cost-saving plan (Profit 2008), together with its funding
strategy and plans for fleet renewal and investment," Mr. Bailey
added. "Any lowering of the corporate credit rating will likely
be limited to one notch".
=====================
S W I T Z E R L A N D
=====================
GLOBAL JET: Creditors' Liquidation Claims Due by May 7
------------------------------------------------------
Creditors of JSC Global Jet Finance have until May 7, 2008, to
submit their claims to:
Alexander Vogele
Liquidator
Ruoss Vogele Partner
Kreuzstrasse 54
8032 Zurich
Switzerland
The Debtor can be reached at:
JSC Global Jet Finance
Baar ZG
Switzerland
HILDEGARD-DROGERIE: Creditors' Liquidation Claims Due by May 8
--------------------------------------------------------------
Creditors of JSC Hildegard-Drogerie have until May 8, 2008, to
submit their claims to:
Werner Ness
Liquidator
Aeschenvorstadt 24/25
4051 Basel
Switzerland
The Debtor can be reached at:
JSC Hildegard-Drogerie
Basel
Switzerland
METABOLIC CONCEPTS: Creditors' Liquidation Claims Due by May 8
--------------------------------------------------------------
Creditors of LLC Metabolic Concepts have until May 8, 2008, to
submit their claims to:
Uwe Sauer
Liquidator
Naglerwiesenstr. 13
8049 Zurich
Switzerland
The Debtor can be reached at:
LLC Metabolic Concepts
Zurich
Switzerland
OBJECT-LINE: Bern Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Berner Oberland Bankruptcy Service in Bern commenced
bankruptcy proceedings against LLC Object-Line Grunig on
Jan. 30, 2008.
The Berner Oberland Bankruptcy Service can be reached at:
Berner Oberland Bankruptcy Service
Amtsstelle Thun
3602 Thun BE
Switzerland
The Debtor can be reached at:
LLC Object-Line Grunig
Mittlere Strasse 12
3600 Thun BE
Switzerland
PEARL METAL: Creditors' Liquidation Claims Due by May 8
-------------------------------------------------------
Creditors of JSC Pearl Metal Tarding have until May 8, 2008, to
submit their claims to:
Ralf Hotzel
Liquidator
Weidstrasse 7
6300 Zug
Switzerland
The Debtor can be reached at:
JSC Pearl Metal Tarding
Zug
Switzerland
PETER MULLER: Creditors' Liquidation Claims Due by May 7
--------------------------------------------------------
Creditors of JSC Peter Muller, Hergiswil have until May 7, 2008,
to submit their claims to:
The Debtor can be reached at:
JSC Peter Muller, Hergiswil
Sonnenbergstrasse 22
6052 Hergiswil NW
Switzerland
POLAROME EUROPA: Creditors' Liquidation Claims Due by May 8
-----------------------------------------------------------
Creditors of JSC Polarome Europa have until May 8, 2008, to
submit their claims to:
R&R Avocats
rue Neuve-du-Molard 5
1204 Geneva
Switzerland
The Debtor can be reached at:
JSC Polarome Europa
Munchenstein
Arlesheim BL
Switzerland
SCHMERIKON: Creditors' Liquidation Claims Due by May 8
------------------------------------------------------
Creditors of LLC Schmerikon Elektroinstallationen have until
May 8, 2008, to submit their claims to:
LLC Schmerikon Elektroinstallationen
Obstwachsstrrasse 10
8716 Schmerikon SG
Switzerland
SIMME-LADELI: Creditors' Liquidation Claims Due by May 8
--------------------------------------------------------
Creditors of LLC Simme-Ladeli have until May 8, 2008, to submit
their claims to:
Franziska Zurcher-Freidig
Liquidator
Eybodenweg 38
3513 Bigenthal BE
Switzerland
The Debtor can be reached at:
LLC Simme-Ladeli
Lenk
Obersimmental BE
Switzerland
SWISSAIR: Liquidator Oversees CHF320 Mln. Payment to Creditors
--------------------------------------------------------------
(pius/swissinfo) facilitate
Karl Wuethrich of Wenger Plattner, the liquidator for SAirGroup,
is facilitating the payment of CHF320 million to its 10,300
creditors for the past six months, according to a Swissinfo
report. The amount is 5.3% of the company's total debts.
More payments are foreseen in the coming months but is not
likely to be over 14.3% of SAirGroup, the parent company's total
debts.
About Swissair
Swissair collapsed in October 2001 after accumulating CHF17
billion in debt in relation to significant investments in a
number of European airlines including Sabena, Air Liberte of
France, and Turkish Airlines. It defaulted on the debt during
the slump that followed the Sept. 11, 2001 terrorist attacks in
the U.S. The entire Swissair fleet was grounded on Oct. 2,
2001, and Swissair ceased to exist after Crossair took over most
of its assets on March 31, 2002. Kurt Hoss Liquidators in
Zurich liquidated the assets that Crossair did not take over.
Crossair was later renamed Swiss International Air Lines Ltd.
The District Courts of Zurich and Bulach in the Canton of Zurich
provisionally approved the debt-restructuring moratorium
petitions on Oct. 5, 2001, for:
-- SAirGroup, Zurich (holding company)
-- SAirLines, Zurich
-- Flightlease AG, Zurich
-- Swissair Schweizerische Luftverkehr AG, Kloten
On Oct. 7, 2001, the Courts granted a provisional debt-
restructuring moratorium to:
-- Cargologic AG, Zurich
-- Swisscargo AG, Zurich
The Court appointed Karl Wuethrich at Wenger Plattner as the
Debtors' provisional administrator.
Swissair's liquidation status as of Dec. 31, 2006 --
http://www.liquidator-swissair.ch/-- listed total assets at
CHF509,017,592 over total liabilities of CHF84,684,932.
THERMA: Appenzell Ausserrhoden Court Starts Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Service of Appenzell Ausserrhoden commenced
bankruptcy proceedings against LLC Therma Heiden on Jan. 31,
2008.
The Bankruptcy Service of Appenzell Ausserrhoden can be reached
at:
Bankruptcy Service of Appenzell Ausserrhoden
Branch Heiden
9410 Heiden AR
Switzerland
The Debtor can be reached at:
LLC Therma Heiden
Poststrasse 10
Heiden AR
Switzerland
WIRIPAX JSC: Creditors' Liquidation Claims Due by May 7
-------------------------------------------------------
Creditors of JSC Wiripax have until May 7, 2008, to submit their
claims to:
JSC Homburger
Weinbergstrasse 56/58
8006 Zurich
Switzerland
The Debtor can be reached at:
JSC Wiripax
Baar ZG
Switzerland
=============
U K R A I N E
=============
* S&P Discusses Debt Recovery and the Insolvency Law in Ukraine
---------------------------------------------------------------
As part of a continuing series of articles on insolvency regimes
around the world, Standard & Poor's Ratings Services published
an article that reviews the distinctive characteristics of
Ukraine's insolvency regime from a secured and unsecured
creditor's perspective and assesses how they may affect post-
default recovery prospects.
Ukraine is one of the least-friendly jurisdictions in Europe for
both secured and unsecured creditors. Although a new bankruptcy
law was adopted in 1992 and subsequently amended to clarify
insolvency procedures, the lack of predictability in its
enforcement as a consequence of the country's weak institutional
environment remains the key factor constraining creditors'
rights in Ukraine.
These institutional weaknesses include insolvency administrators
who, according to practitioners, lack independence; frequent
and arbitrary government intervention in the insolvency process;
and the widespread practice of "asset stripping," which
generally leads to the piecemeal distribution of an insolvent
company's assets through private agreements that subvert
priority rules established by law.
Time to recovery is also generally lengthy and, in practice,
often exceeds the three-year maximum set out in the law.
Therefore, Standard & Poor's believes that creditors may
be materially affected in their recovery of principal and
interest during an insolvency procedure in Ukraine.
In connection with its global assignment of recovery and issue
ratings, Standard & Poor's has assessed Ukraine's insolvency
regime as a Group C jurisdiction, based on its relative degree
of "creditor-friendliness" as defined in Standard & Poor's
report titled "Jurisdiction-Specific Adjustments To Recovery And
Issue Ratings," published July 5, 2007, and available on
RatingsDirect.
The complete insolvency article, "Debt Recovery For Creditors
And The Law Of Insolvency In Ukraine," was published
April 29, 2008, on RatingsDirect.
===========================
U N I T E D K I N G D O M
===========================
ADRIAN FISHER: Brings In Liquidators from Tenon Recovery
--------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Adrian Fisher Mazes
Ltd. on for the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Tenon Recovery
Highfield Court
Tollgate
Chandlers Ford
Eastleigh
Hampshire
SO53 3T
England
AMBERFELL ESTATES: Taps Joint Administrators from BDO Stoy
----------------------------------------------------------
Matthew Dunham and Toby Underwood of BDO Stoy Hayward LLP were
appointed joint administrators of Amberfell Estates Ltd.
(Company Number 03894270) on April 22, 2008.
BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality. The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.
The company can be reached at:
Amberfell Estates Ltd.
201 Griffin Court
Chapel Street
Salford
Lancashire
M3 5EQ
England
BEANCLEANED LTD: Appoints Joint Administrators from PwC
-------------------------------------------------------
Mark David Arthur Loftus and Stephen Mark Oldfield of
PricewaterhouseCoopers LLP were appointed joint administrators
of Beancleaned Ltd. (Company Number 05480020) on April 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:
Beancleaned Ltd.
Britannia House
c/o Wherry & Sons Ltd.
Cherry Holt Road
Bourne
Lincolnshire
PE10 9LU
England
BEANCLEANED LTD: Appoints Joint Administrators from PwC
-------------------------------------------------------
Mark David Arthur Loftus and Stephen Mark Oldfield of
PricewaterhouseCoopers LLP were appointed joint administrators
of Beancleaned Ltd. (Company Number 05480020) on April 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:
Beancleaned Ltd.
Britannia House
c/o Wherry & Sons Ltd.
Cherry Holt Road
Bourne
Lincolnshire
PE10 9LU
England
EOS AIRLINES: Case Summary and 19 Largest Unsecured Creditors
-------------------------------------------------------------
Debtor: Eos Airlines, Inc.
aka FDBA Atlantic Express, Inc.
287 Bowman Ave., 4th Fl.
Purchase, NY 10577
Tel: (914) 417-2100
Bankruptcy Case No.: 08-22581
Type of Business: The Debtor is a transatlantic airline that
offers flights between New York’s John F.
Kennedy International Airport and London’s
Stansted Airport. As of April 26, 2008, Eos
operated 31 weekly flights between JFK and
Stansted. See http://www.eosairlines.com/
Chapter 11 Petition Date: April 26, 2008
Court: Southern District of New York (White Plains)
Judge: Adlai S. Hardin Jr.
Debtor's Counsel: Stephen D. Lerner, Esq.
Email: slerner@ssd.com
Squire Sanders & Dempsey, LLP
221 E. Fourth St., Ste. 2900
Cincinnati, OH 45202-4036
Tel: (513) 361-1200
Fax: (513) 361-1201
http://www.ssd.com/
Financial Condition as of March 31, 2008:
Total Assets: US$70,233,455
Total Debts: US$34,858,485
Debtor's List of 19 Largest Unsecured Creditors:
Entity Claim Amount
------ ------------
Servisair LLC US$744,000
111 Great Neck Road - Suite 320
Great Neck, NY 11002-0355
Campania Mexicana de Aviacion, US$697,293
S.A. DE C.V.
Xola 535 - Col. Del Valle Mexico
Apartado Postal 12-813
MX 03100
BAA Business Support Centre Limited US$477,727
Carlson House
Glasgow, GB 3000 G52 4YG
Delta Air Lines, Inc. US$363,692
P.O. Box 101153
Atlanta, GA 30392-1153
JFK International Air Terminal US$349,550
Terminal 4, Room 161.022
John F. Kennedy Airport
Jamaica, NY 11430
United Airlines Inc. US$338,729
P.O. Box 74688
Chicago, IL 60675-4688
IMS Consultants US$309,885
dba Innovative Media Solutions
3995 East La Palma
Anaheim, CA 92807
Pan Am International Flight Academy US$279,000
P.O. Box 660920
Miami, FL 33266-0920
MediaCom US$254,550
777 Third Avenue
New York, NY 10017
Helios MPPD BV US$247,482
DO & CO New York Int'l Catering, Inc. US$245,000
The Port Authority of NY & NJ US$223,031
ICTS (UK) Limited US$209,696
Radisson SAS Hotel US$208,678
B/E Aerospace US$204,280
ASIG JFK US$148,705
ARC Financial Services US$143,683
Boeing Commercial Airplanes US$128,651
SourceSpeed LLC US$127,594
EOS AIRLINES: Files for Bankruptcy in New York
----------------------------------------------
Eos Airlines Inc. filed a voluntary petition under Chapter 11 of
the U.S. Bankruptcy Code on April 26, 2008, with the U.S.
Bankruptcy Court in the Southern District of New York.
Eos said it will immediately implement a reduction in its
workforce, eliminating the positions of most of its employees,
and will cease operations entirely after April 27, 2008.
"After overcoming today's extremely challenging economic and
credit environment to negotiate terms for a round of financing,
it is regrettable that we were forced to take this action," Jack
Williams, Eos' chief executive, said. "We had been clear since
closing on our last round of financing that we would need
additional capital. As difficult as it is to raise funds in the
current environment, investors believe in our business model and
we were on the verge of success.
"Unfortunately, just as we were working toward closing on an
investment that would have carried us to corporate profitability
in 2009, some issues arose that we could not overcome. It is
regrettable that, even though investors continue to be
enthusiastic about our business model, and even though we had a
term sheet in hand, we were unable to close on the financing we
needed. That leaves us with insufficient cash on hand to
continue operations."
"There are times in business when even though you execute your
business plan and even though your employees do their jobs
beautifully, external forces prevent you from controlling your
own destiny.
"I want to express my appreciation to our dedicated employees
and to the many Guests who have become like family to us."
Headquartered in Staten Island, New York, Eos Airlines Inc. --
http://www.eosairlines.com/-- is a transatlantic airline that
offers flights between New York’s John F. Kennedy International
Airport and London’s Stansted Airport. As of April 26, 2008,
Eos operated 31 weekly flights between JFK and Stansted.
EOS AIRLINES: Menzies Appointed as Joint Administrators in UK
-------------------------------------------------------------
Menzies Corporate Restructuring have been appointed as joint
administrators in the U.K., in connection with the recent U.S.
Chapter 11 bankruptcy filing of Eos Airlines, Inc.
The company said that anyone interested in acquiring the
business or assets of the company should contact:
-- in the U.S.
Nick Alvarez
Managing Director
Alvarez & Marsal
Tel: (646) 495-3550
-- in the U.K.
Geoff Bouchier
John Norris
Menzies Corporate Restructuring.
Tel: (020) 7487-7240
On April 26, 2008, Eos filed a voluntary petition for bankruptcy
protection under Chapter 11 of the U.S. Bankruptcy Code. The
petition was filed in U.S. Bankruptcy Court in the Southern
District of New York. Eos ceased operations as of April 27,
2008.
Headquartered in Staten Island, New York, Eos Airlines Inc. --
http://www.eosairlines.com/-- is a transatlantic airline that
offers flights between New York’s John F. Kennedy International
Airport and London’s Stansted Airport. As of April 26, 2008,
Eos operated 31 weekly flights between JFK and Stansted.
INSIDE TRACK: Undergoes Administration; Vantis Plc Appointed
------------------------------------------------------------
Inside Track Seminars has been placed under administration.
Jeremy French and Glyn Mummery of Vantis Plc have been appointed
Joint Administrators.
Despite significant measures involving a number of redundancies
and major cutbacks, it has become clear that the impact of the
credit crunch on the current market means that Inside Track
Seminars no longer has a sustainable proposition.
"The action with respect to Inside Track seminars is regrettable
but necessary," Managing Director Tony McKay said. "The company
has seen a fall in the number of people who want to invest in
the property market for the first time and that is
understandable in the current climate."
Instant Access Properties, AfterCare Solutions, Pay As You Grow
and Fuel Investments are unaffected by the recent changes
associated with Inside Track. All services offered by these
companies will continue as normal. Indeed, following the
raising of significant additional capital they anticipate being
able to continue to expand and develop these businesses within
the context of current market conditions.
"Our IAP members have purchased over GBP2.3 billion of property
across the globe, and we look forward to driving the profitable
expansion of Instant Access Properties and Fuel Investments with
a series of initiatives specifically geared to current market
conditions", Mr. McKay added. "Our advice to members remains
the same; they should view their investments as medium to long
term and hold units on a portfolio basis across various UK and
international markets."
Inside Track Seminars is a buy-to-let property seminar company
with a team of more than 250 expert staff who are based in
offices in the UK, Spain, USA, and Hong Kong. This global team
of industry leaders includes experienced property developers,
letting agents, mortgage brokers, finance experts, surveyors,
lawyers, and accountants.
INTRALINKS INC: S&P Holds B Rating; Revises Outlook to Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on New
York City-based IntraLinks Inc. to negative from stable. At the
same time, Standard & Poor's affirmed its 'B' corporate credit
rating on the company.
"The outlook revision reflects our expectation that performance
in 2008 will be weaker than anticipated," said Standard & Poor's
credit analyst Clay Ching. "In addition, we are concerned about
the substantial deterioration in the company's operating
environment and the impact it will have on cash flow
during the coming year."
During the near term, a downgrade in the rating would occur if
either the company failed to submit financial statements within
the 30-day cure period, or business fundamentals deteriorate
further, leading to substantial weakening in operating results.
IntraLinks is a provider of online workspaces used to exchange
and manage time-sensitive, confidential information. The
company's Web-based platform is widely used by firms in the
financial services sector as an alternative mechanism for
document distribution, versus traditional methods such as mail,
courier, fax, and e-mail.
JONRO LTD: Claims Filing Period Ends June 2
-------------------------------------------
Creditors of Jonro (Derby) Ltd. have until June 2, 2008 to send
in their full forenames and surnames, their addresses and
descriptions, full particulars of their debts and claims, and
names and addresses of their solicitors (if any) to:
Patrick Ellward
Joint Liquidator
Tenon Recovery
Charnwood House
Gregory Boulevard
Nottingham
NG7 6NX
England
Patrick Ellward and Dilip Dattani of Tenon Recovery were
appointed joint liquidators of the company on April 18, 2008 by
resolutions of members and creditors.
LANDMARK MORTGAGE: Fitch Affirms Ratings on Eight Tranches
----------------------------------------------------------
Fitch Ratings affirmed eight tranches of Landmark Mortgage
Securities No.1 plc and six tranches of Landmark Mortgage
Securities No.2 plc. The pools are comprised of loans
originated by Amber Home Loans, Unity Home Loans and Infinity
Mortgages.
These tranches have been affirmed and no changes have been made
to the Outlooks:
Landmark Mortgage Securities No.1 plc:
-- Class Aa (ISIN XS0258051191): affirmed at 'AAA'; Outlook
Stable
-- Class Aa DAC 2011 (ISIN XS0258051357): affirmed at 'AAA';
Outlook Stable
-- Class Ac (ISIN XS0260674725): affirmed at 'AAA'; Outlook
Stable
-- Class Ac DAC 2011 (ISIN XS0260674998): affirmed at 'AAA';
Outlook Stable
-- Class B (ISIN XS0260675888): affirmed at 'A'; Outlook
Stable
-- Class Ca (ISIN XS0258052165): affirmed at 'BBB'; Outlook
Stable
-- Class Cc (ISIN XS0261199284): affirmed at 'BBB'; Outlook
Stable
-- Class D (ISIN XS0258052751): affirmed at 'BB'; Outlook
Negative
Landmark Mortgage Securities No.2 Plc:
-- Class Aa (ISIN XS0287189004): affirmed at 'AAA'; Outlook
Stable
-- Class Ac (ISIN XS0287192727): affirmed at 'AAA'; Outlook
Stable
-- Class Ba (ISN XS0287192131): affirmed at 'A'; Outlook
Stable
-- Class Bc (ISIN XS0287193451): affirmed at 'A'; Outlook
Stable
-- Class C (ISIN XS02871922141): affirmed at 'BBB'; Outlook
Negative
-- Class D (ISIN XS0287192644): affirmed at 'BB'; Outlook
Negative
The performance of Landmark Mortgage Securities No.1 plc to date
has been in line with expectation. Arrears greater than three
months, including possessions, as of the March 2008 investor
report comprised 9.69% of the outstanding collateral balance.
There have been twenty two sold repossessions to date,
accounting for 1.44% of the original pool, which have generated
losses of 0.22%. The Outlook for the class D notes continues to
be Negative due to a combination of factors that, given the
continued market uncertainty, could potentially affect the
rating of the most junior notes. This includes the high
original WA LTV of the initial pool (79.4%), the high amount of
heavy (13.6%) and unlimited (8.7%) adverse loans in the pool at
closing (as per Fitch's adverse credit labels).
The performance of Landmark Mortgage Securities No.2 plc to date
has been worse than expected. Arrears greater than three
months, including possessions, as of the March 2008 investor
report comprised 13.12% of the outstanding collateral balance.
There have been five sold repossessions to date, accounting for
0.31% of the original pool, which have generated losses of
0.08%. Fitch anticipates that the reserve fund is likely to be
drawn in the next two periods if losses on sold repossessions
are similar or worse than the current period. However the
majority of the fixed rate and discounted loans will start
reverting to reversionary rates after the next two periods,
increasing the weighted average margin of the pool and providing
more cushion to absorb higher losses. The Outlook for the class
C and Class D notes continues to be Negative due to worse than
expected performance.
Fitch notes that Investec Bank (UK) Limited (rated
'BBB+'/'F2'/Stable Outlook) is the named servicer on the
Landmark transactions and since November 17, 2007, special
servicing of the loans has been outsourced to Investec's
subsidiary, Kensington Mortgages (KM, rated 'RSS2+UK'). Primary
servicing of the assets continues to be performed by Homeloan
Management Limited (HML, rated 'RPS2+ (prime & subprime) UK').
As the loans were not originated by KM, behavioural scoring of
the assets is difficult. However, KM has applied a more active
approach to managing the arrears including more frequent verbal
contact with borrowers and engagement of debt counsellors once a
loan is 30 days past due. While the full impact of these
tactics and their effectiveness at stabilising arrears may not
be known for several months, Fitch views positively the efforts
currently undertaken by KM.
LANGLEY LANDSCAPES: Claims Filing Period Ends May 30
----------------------------------------------------
Creditors of Langley Landscapes Ltd. have until May 30, 2008 to
send in their names, their addresses and descriptions, full
particulars of their debts and claims, and names and addresses
of their solicitors (if any) to:
Ian William Kings and Steven Philip Ross
Joint Liquidators
Tenon Recovery
Tenon House
Ferryboat Lane
Sunderland
Tyne and Wear
SR5 3JN
England
Ian William Kings and Steven Philip Ross were appointed joint
liquidators of the company on April 15, 2008 by resolutions of
members and creditors.
NEPHROS INC: Deloitte & Touche Issues Going Concern Doubt
---------------------------------------------------------
Rothstein, Kass & Company, P.C. in New Jersey expressed
substantial doubt on the ability of Nephros, Inc. to continue as
a going concern after auditing the company’s financial statement
for the year ended Dec. 31, 2007. The auditing firm citied the
company’s negative cash flow from operations and net losses
since inception.
Financials
Total revenues for the fiscal year ended Dec. 31, 2007 were
approximately US$1,196,000 compared to approximately US$794,000
for the fiscal year ended December 31, 2006.
Total product revenues increased approximately $402,000, an
increase of almost 51% ascribed to these factors:
-- 27% increase due to increased unit sales in the company’s
Target European Market,
-- 12% due to the impact to favorable currency translation
factors,
-- 7% increase in average realized selling prices in the
company’s Target European Market and
-- 7% for the impact of a $52,000 adjustment in the fiscal
year ended December 31, 2007 to the returns reserve.
These factors are partially offset by 3% for the impact of no
sales of the DSU product in the US market for the fiscal year
ended December 31, 2007. The increased unit sales of the
company’s OLpur MDHDF filter series product is in its Target
European Market; units sales increased by 9,216 as total units
sold increased to 44,000 in the fiscal year ended Dec. 31, 2007
from 34,784 fiscal year ended December 31, 2006. The company’s
DSU product was introduced in January 2006 and contributed
approximately $21,000 to sales that fiscal year.
For the year ended Dec. 31, 2007, the company reported a net
loss of US$26,356,000 compared to an US$8,013,000 net loss for
the year ended Dec. 31, 2006.
At Dec. 31, 2007, the company’s balance sheet showed total
assets of US$10,085,000, total debts of US$1,329,000 and total
stockholders’ equity of US$8,756,000. At Sept. 30, 2007, the
company had disclosed a US$5,643,000 deficit and a US$2,097,000
deficit as of Dec. 31, 2006.
The balance sheet further showed accumulated deficit of
US$81,612,000 as of Dec. 31, 2007.
AMEX Compliance
The company disclosed that on March 5, 2008, it received a
letter from the AMEX acknowledging that it had resolved the
continued listing deficiencies referenced in the AMEX’s letters
dated July 17, 2006 and November 14, 2006. However, the company
says that if is not able to generate revenues from operations or
timely raise equity capital, then it is likely to again fail to
comply with the AMEX rules regarding minimum shareholders’
equity. Should this occur within 12 months of Jan. 17, 2009,
then, in accordance with Section 1009(h) of the AMEX Company
Guide, the AMEX may evaluate the relationship between the two
incidents and apply more truncated procedures for compliance or
immediately initiate delisting proceedings.
A full-text copy of the company’s financial report for the year
ended Dec. 31, 2007 may be viewed for free at:
http://ResearchArchives.com/t/s?2b5d
About Nephros
Headquartered in New York, Nephros, Inc. (Amex: NEP) -–
http://www.nephros.com/-- is a medical device company that
develops and markets products designed to improve the quality of
life for the End-Stage Renal Disease patient while addressing
the critical financial and clinical needs of the care provider.
ESRD is a disease state characterized by the irreversible loss
of kidney function. The Nephros HDF system is designed to
remove a range of harmful substances more effectively, and more
cost-effectively, than existing ESRD treatment methods;
particularly with respect to substances known collectively as
"middle molecules." These molecules have been found to
contribute to such conditions as dialysis-related amyloidosis,
carpal tunnel syndrome, degenerative bone disease and,
ultimately, mortality in the ESRD patient. Nephros products are
sold and distributed throughout Europe and are currently being
used in over fifty clinics in Europe.
Nephros also markets a line of water filtration products, the
Dual Stage Ultrafilter. The company's patented dual stage cold
sterilization Ultrafilter has the capability to filter out
bacteria and, due to its exceptional filtration levels, filter
out many viruses and parasites. The DSU proprietary design
provides dual-stage filtration which reduces the risk of
filtration failure. With an initial focus on health care, the
DSU is in a pilot-use program at a major U.S. medical center and
has been selected for further development by the U.S. Marine
Corps.
NEPHROS INC: Annual Stockholders' Meeting Scheduled on June 25
--------------------------------------------------------------
Norman J. Barta, Chief Executive Officer & President of Nephros
Inc., said that the annual meeting of stockholders is scheduled
to take place at 9:00 a.m. on June 25, 2008. The meeting will
be held at the offices of Haynes and Boone, LLP, at 153 East
53rd Street in New York.
At the meeting, stockholders will be asked to:
1. elect two directors for a term of three years;
2. ratify the appointment by the Audit Committee of
Rothstein Kass & Company, P.C. as the company’s
independent registered public accounting firm for our
fiscal year ending Dec. 31, 2008; and
3. approve an amendment to the Nephros, Inc. 2004 Stock
Incentive Plan that increases the total number of shares
of common stock that may be granted pursuant to awards
under the Plan from 1,300,000 to 2,696,976.
Mr. Barta added that only stockholders with shares at the close
of business on April 28, 2008 will be allowed to vote at the
meeting.
About Nephros
Headquartered in New York, Nephros, Inc. (Amex: NEP) -–
http://www.nephros.com/-- is a medical device company that
develops and markets products designed to improve the quality of
life for the End-Stage Renal Disease patient while addressing
the critical financial and clinical needs of the care provider.
ESRD is a disease state characterized by the irreversible loss
of kidney function. The Nephros HDF system is designed to
remove a range of harmful substances more effectively, and more
cost-effectively, than existing ESRD treatment methods;
particularly with respect to substances known collectively as
"middle molecules." These molecules have been found to
contribute to such conditions as dialysis-related amyloidosis,
carpal tunnel syndrome, degenerative bone disease and,
ultimately, mortality in the ESRD patient. Nephros products are
sold and distributed throughout Europe and are currently being
used in over fifty clinics in Europe.
Nephros also markets a line of water filtration products, the
Dual Stage Ultrafilter. The company's patented dual stage cold
sterilization Ultrafilter has the capability to filter out
bacteria and, due to its exceptional filtration levels, filter
out many viruses and parasites. The DSU proprietary design
provides dual-stage filtration which reduces the risk of
filtration failure. With an initial focus on health care, the
DSU is in a pilot-use program at a major U.S. medical center and
has been selected for further development by the U.S. Marine
Corps.
NEPHROS INC: Gerald J. Kochanski Named Chief Financial Officer
--------------------------------------------------------------
Nephros, Inc. disclosed that, effective April 28, 2008, Gerald
J. Kochanski has been appointed Chief Financial Officer.
Mr. Kochanski joins the company from Lordi Consulting LLC, where
he has served as Director since 2007.
"Jerry has a proven track record as a chief financial officer,
and we will look to his expertise to help guide our financial
and business strategy," said Norman J. Barta, Chief Executive
Officer of Nephros. "His wealth of experience in helping to run
several businesses combined with his knowledge of the investment
community, industry accounting requirements and SEC compliance
will be significant assets as our team continues to advance our
strategic vision."
"I look forward to becoming a key contributor to Nephros's
future growth," said Mr. Kochanski. "Nephros's efforts to
develop new and improved filtration systems for medical and
field use are indeed exciting, and I'm anxious to start working
with the other members of the Nephros team to maximize the
Company's potential."
Mr. Kochanski is a Certified Public Accountant with over thirty
years of experience in finance and accounting. Mr. Kochanski
has a strong track record working with growing companies, and
has played a key role in several major corporate collaborations,
successfully completing public and private financial
transactions.
Since February of 2007, Mr. Kochanski held the position of
Financial Consultant Director at Lordi Consulting LLC. Prior to
his tenure at Lordi, he spent three years with American Water
Enterprises, Inc. as Chief Financial Officer. From 1998 through
2004, Mr. Kochanski was the Chief Financial Officer for Scanvec
Amiable Limited. From 1991 to 1998 he was the Chief Financial
Officer for Marketing Technologies, Inc. Prior to 1991, Mr.
Kochanski held various financial positions at Gist-Brocades Food
Ingredients, Inc., Keystone Franklin, Inc. and Airshields, Inc.
Mr. Kochanski started his career and spent three years in public
accounting at Price Waterhouse & Co. Mr. Kochanski earned his
Bachelor's degree and MBA from LaSalle University and is a
Certified Public Accountant.
Mark Lerner has stepped down as Nephros's Chief Financial
Officer to pursue other interests. "We thank Mark for his work
and his contributions to Nephros during a challenging
transitional period, and wish him well in his future endeavors,"
said Mr. Barta.
About Nephros
Headquartered in New York, Nephros, Inc. (Amex: NEP) -–
http://www.nephros.com/-- is a medical device company that
develops and markets products designed to improve the quality of
life for the End-Stage Renal Disease patient while addressing
the critical financial and clinical needs of the care provider.
ESRD is a disease state characterized by the irreversible loss
of kidney function. The Nephros HDF system is designed to
remove a range of harmful substances more effectively, and more
cost-effectively, than existing ESRD treatment methods;
particularly with respect to substances known collectively as
"middle molecules." These molecules have been found to
contribute to such conditions as dialysis-related amyloidosis,
carpal tunnel syndrome, degenerative bone disease and,
ultimately, mortality in the ESRD patient. Nephros products are
sold and distributed throughout Europe and are currently being
used in over fifty clinics in Europe.
Nephros also markets a line of water filtration products, the
Dual Stage Ultrafilter. The company's patented dual stage cold
sterilization Ultrafilter has the capability to filter out
bacteria and, due to its exceptional filtration levels, filter
out many viruses and parasites. The DSU proprietary design
provides dual-stage filtration which reduces the risk of
filtration failure. With an initial focus on health care, the
DSU is in a pilot-use program at a major U.S. medical center and
has been selected for further development by the U.S. Marine
Corps.
NEW BOND: Moody's May Further Cut Junk Rating After Review
----------------------------------------------------------
Moody's Investors Service downgraded five classes of notes and
left on review for further downgrade three classes of notes
issued by New Bond Street CDO 2 Limited.
These rating actions are a response to severe credit
deterioration in the underlying portfolio. The transaction is a
managed cash CDO of ABS, containing roughly 27.66% ABS CDOs.
Many of the assets in the portfolio have been downgraded, placed
on review for downgrade, or both since October 2007. One US ABS
CDO, 1.35% of the portfolio by volume, is currently rated C.
Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage. Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans." This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios. Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.
Moody's will continue to monitor all deals with exposure to US
subprime RMBS and ABS CDOs, and will take further actions in
respect of all CDOs placed under review for downgrade once the
extent of actual downgrades to US RMBS and ABS CDO vintages
becomes known.
These rating actions are:
New Bond Street 2 Limited:
(1) US$100,000,000 Class A Floating Rate Notes due 2067
-- Current Rating: Aa3, on review for downgrade
-- Prior Rating: Aa1, on review for downgrade
(2) US$40,000,000 Class B Floating Rate Notes due 2067
-- Current Rating: Ba3, on review for downgrade
-- Prior Rating: Aa3, on review for downgrade
(3) US$25,000,000 Class C Deferrable Floating Rate Notes due
2067
-- Current Rating: Caa3, on review for downgrade
-- Prior Rating: B3, on review for downgrade
(4) US$20,000,000 Class D Deferrable Floating Rate Notes due
2067
-- Current Rating: C
-- Prior Rating: Caa3, on review for downgrade
(5) US$15,000,000 Class E Deferrable Floating Rate Notes due
2067
-- Current Rating: C
-- Prior Rating: Caa3, on review for downgrade
UNIQUE DISTRIBUTION: Accountants Ordered to Sell the Company
------------------------------------------------------------
A Southwark Crown court judge has ordered the accountants in
charge of Unique Distribution to sell the company, Mobile today
reports.
David Hinc, Unique Distributions’s commercial director, said
that he is now looking for investors to assist with a management
buyout.
Mr. Hinc said, "The management team plan to talk to people
interested in acquiring us. We’ve got a couple of interested
parties waiting in the wings. The buyer could get a business
with the infrastructure in place and a go to market proposition
- it’s a huge opportunity."
Unique Distribution is the subject of a management receivership
order while HM Revenue and Customs investigates Unique's parent
company, IGB and its main shareholder Haider Ravjani.
Unique Distribution distributes mobile devices in the UK.
VIRGIN MEDIA: Fitch Upgrades Ratings on Notes and Removes Watch
---------------------------------------------------------------
Fitch Ratings upgraded the ratings of Virgin Media Finance PLC's
senior unsecured notes to 'BB'/'RR2' from 'B+'/'RR4' and removed
them from Rating Watch Positive, following the company's
successful issue of convertible notes and confirmation of the
corresponding prepayment of senior debt. The agency has also
affirmed Virgin Media Inc.'s Long-term Issuer Default Rating at
'B+' and Short-term IDR at 'B'. The Outlook is Positive.
At the same time, Virgin Media Investment Holdings Limited's
GBP5.3bn senior secured bank facility is affirmed at
'BB+'/'RR1'.
Virgin Media Finance PLC bonds:
-- GBP375m 9.75% senior notes due 2014: upgraded to
'BB'/'RR2' from 'B+'/'RR4'; off RWP
-- US$425m 8.75% senior notes due 2014: upgraded to
'BB'/'RR2' from 'B+'/'RR4'; off RWP
-- EUR225m 8.75% senior notes due 2014: upgraded to
'BB'/'RR2' from 'B+'/'RR4'; off RWP
-- US$550m 9.125% senior notes due 2016: upgraded to
'BB'/'RR2' from 'B+'/'RR4'; off RWP
The completion of the issue of US$1bn of structurally
subordinated convertible notes and the use of GBP504m equivalent
proceeds to prepay senior secured debt allow an additional
potential GBP504m of value to flow through to the senior
noteholders in a default scenario, thus improving the potential
recoveries for senior noteholders. This has resulted in the
upgrade of the senior notes of two notches to 'BB'/'RR2' from
'B+'/'RR4'.
Fitch's Recovery Ratings methodology, introduced in Europe in
2006, examines the potential distressed enterprise value (EV) of
the rated entity, and distributes the estimated value to
creditors according to the priority of claims. In the case of
Virgin Media, Fitch estimates a distressed EV of GBP6bn, which
reflects its strong competitive position as the leading
alternative network operator in the UK as well as its 4.8
million customers and its national communications network with
the second-most dense level of local access, next to BT. After
deducting 10% for priority claims and costs, the agency
estimates there would be approximately GBP5.4bn of value for
debt investors, of which GBP4.5bn of fully drawn senior secured
facilities and capital leases claim priority. The remaining
GBP0.9bn of value could be available to senior noteholders, a
GBP0.5bn increase over the amount which would have been
available before the prepayment of the senior facilities. This
represents approximately 85% of the outstanding GBP1,032m
equivalent of senior notes, and equates to a Recovery Rating of
'RR2'. The convertible notes rank behind the senior notes in
order of priority.
VONAGE HOLDINGS: Seeks US$215-Million Loan to Refinance Debt
------------------------------------------------------------
Vonage Holdings Corp. has signed a non-binding letter of intent
with a third party financing source to provide US$215 million in
a private debt financing.
The company expects that approximately two-thirds of the
financing will be provided through a senior secured credit
facility and approximately one-third will be provided through
issuance of convertible secured notes. The letter of intent is
a proposal that will be used as a basis for financing and does
not constitute a commitment.
Vonage Holdings intends to use the net proceeds from this
financing, plus cash on hand, to repay, tender for or redeem its
existing convertible notes, which can be put to the company on
Dec. 16, 2008 and have a principal amount due of approximately
US$253 million.
As of March 31, 2008, the Company had around US$190 million in
cash and cash equivalents, of which US$42 million was restricted
and US$148 million was unrestricted.
"We are pleased with our progress at this stage of our
refinancing efforts, particularly during this extremely
challenging time for the credit markets," John S. Rego, Vonage
Chief Financial Officer said.
About Vonage Holdings
Headquartered in Holmdel, New Jersey, Vonage Holdings Corp.
(NYSE:VG) -- http://www.vonage.com/-- provides broadband
telephone services with nearly 2.6 million subscriber lines.
Vonage's service is sold on the web and through national
retailers including Best Buy, Circuit City, Wal-Mart Stores Inc.
and Target and is available to customers in the U.S., Canada and
the United Kingdom.
At Dec. 31, 2007, the company had US$462.3 million in total
assets and US$537.4 million in total liabilities, resulting in a
US$75.1 million total stockholders' deficit.
* Fitch Says Good Forecast Accuracy Helped Europe's Credibility
---------------------------------------------------------------
Fitch Ratings says European governments' reduced tendency to
make over-optimistic public finance predictions over the last
two years has enhanced the credibility of fiscal plans.
Tracking fiscal outturns against official forecasts is an
important part of Fitch's monitoring of sovereign
creditworthiness in Europe.
"In the last two years, public finance outturns in Europe as a
whole have been better than official forecasts, reversing the
pattern of the previous five years. Improved fiscal performance
in the euro area should help cushion risks to the public
finances as global economic growth slows in 2008 and 2009," says
Brian Coulton, Managing Director in Fitch's Sovereigns team.
"However, euro area government debt remains high."
In a Special Report just published, Fitch examines the accuracy
of fiscal forecasts made by (pre-enlargement) EU15 member states
in the annual Stability Programmes (SPs) produced since 1998,
updating a similar study undertaken two years ago. The latest
results show sharp improvements, even after accounting for
stronger-than-expected growth in a number of countries. Fiscal
outturns for 2006 and 2007 in Germany, Italy, Netherlands and
Portugal outperformed forecasts made by their governments at
end-05 and end-06, a dramatic reversal on previous years. While
improved underlying fiscal performance in these countries has
contributed to this shift, their recent forecasts have also
displayed a reduced tendency to predict sharp fiscal
improvements over the short- and medium- term than in the past.
By contrast, the UK, France, Ireland, Belgium and Greece
recorded fiscal balances in 2007, which were worse than
predicted at end-06. For the UK and Belgium these errors
occurred despite better-than-expected GDP growth.
Comparing outturns with historical forecasts made in SPs from
1998 to 2006, Fitch finds that the EU15 have, on average over
the last nine years, significantly over-estimated real GDP
growth and the fiscal balance/GDP ratio, and under-estimated the
public debt/GDP ratio. However, this "optimistic bias" is much
less pronounced now than when Fitch first conducted this
analysis two years ago. EU15 forecasts for three years ahead
are, on average, 1.3pp of GDP higher than the actual outturns
for the fiscal balance and 1.8pp of GDP lower than actual
outturns for public debt, a substantial improvement on the
respective 2.1pp and 3.8pp of GDP seen two years ago. This
improvement lends credibility to the framework of the Stability
and Growth Pact, under which EU member states must produce
medium-term plans for fiscal policy with reference to the
Maastricht guideline values for deficit and debt (3% and 60% of
GDP, respectively).
Forecast accuracy varies significantly: Austria, Belgium, Spain,
Sweden and the UK have the best record of accurate predictions
over the last nine years as a whole while Greece, Italy and
Portugal have the worst. Italy and Portugal have on average
under-estimated their one-year-ahead fiscal deficits by 0.8pp
and 1.0pp of GDP respectively, compared with 0.2pp for the euro
area as a whole. Fitch also finds that the majority of the
fiscal forecast errors cannot be accounted for by disappointing
growth. For example, if the one-year-ahead fiscal balance
forecasting errors in Italy and Portugal are adjusted for the
errors made in forecasting GDP growth, they remain high at 0.5pp
and 0.8pp of GDP, respectively.
* Fitch Says Europe Structure Finance Market Still Active
---------------------------------------------------------
London-30 April 2008: Fitch Ratings has said today that despite
the current market conditions and lack of investor appetite, the
continental European structured finance market has remained
surprisingly active during the first quarter of 2008, mainly
driven by the possibility to post structured finance notes as
repo collateral with central banks. During Q108, 23
transactions totalling EUR22.8bn (excluding CDOs of cedulas)
were issued.
Spain continues to dominate the continental European market,
with 15 transactions issued for a total of EEUR15.3bn in Q108.
While RMBS has remained the most active asset class in Spain,
with eight transactions for a total of EUR9.1bn (Q107: nine
transactions at EUR20bn), Fitch has noticed significant activity
in the ABS segment of the Spanish market, with three deals
totalling EUR3.7bn) (no ABS transactions closed in Q107).
Furthermore, in Q108 four CDOs of SME transactions were issued
in Spain, totalling EUR4.3bn.
For Germany, the second-largest market in terms of issuance
volume, transactions and issuance volume has been stable,
equalling that of a year ago (four deals issued, totalling
EUR4bn). However, the breakdown per asset class has changed,
with no CMBS issued so far (Q107: two issued) and a 100% market
share in Q108 for the ABS sector (four deals). "We anticipate
this trend to continue, as the German market is mainly driven by
the ABS sector," says Emmanuelle Nasse Bridier, head of
Structured Finance Continental Europe team.
Activity in Italy has remained very high on all asset classes
despite a limited number of public transactions closed so far
(three transactions for a EUR1.6bn issuance volume versus five
transactions for EUR6.7bn in Q107). Fitch has noticed a
significant level of activity in the private sector, driven by
"club deals" leading to the transfer of portfolios of assets to
a limited number of final investors and to the development of
refinancing structures involving warehousing facilities. RMBS
transactions also appear to have been postponed for the second
half of the year, leading Fitch to expect active third and
fourth quarters in terms of new issuance for this market.
Due to the current market conditions, Fitch anticipates that
most notes issued shall continue to be purchased by banks and
used as collateral for repo agreements with central banks. The
agency also noticed an increasing number of market participants
ready to test the appetite of final investors. Following the
German example, ABS and auto ABS transactions seem to be the
favourite asset classes in continental Europe.
In terms of credit risk, Fitch will continue to closely monitor
the evolution of the performances of Spanish RMBS transactions.
Following actions recently taken (13 Outlook changes from Stable
to Negative and two downgrades), the agency performs an ongoing
review of the performances of these transactions.
Over the last six months, Fitch has also noticed an evolution of
the risk profiles of some of the residential mortgage pools
recently analysed. These pools are generally more concentrated
in sub-segments of the mortgage market clearly identified by the
agency as riskier, due to the feature of the loans or borrower
profiles. Reflecting this trend, capital structures of RMBS
transactions recently rated by Fitch provide rated tranches with
higher credit protection.
* S&P Takes Credit Rating Actions on 130 European Synthetic CDOs
----------------------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating
actions on 130 European synthetic collateralized debt
obligation.
Specifically, the ratings on:
-- 93 tranches were removed from CreditWatch with negative
implications and lowered;
-- 20 tranches were lowered and remain on CreditWatch
negative;
-- Five tranches were lowered;
-- Two tranches were removed from CreditWatch positive and
placed on CreditWatch negative;
-- One tranche was removed from CreditWatch negative and
affirmed;
-- Two tranches were removed from CreditWatch negative and
raised;
-- Two tranches were removed from CreditWatch positive and
raised; and
-- Five tranches were raised.
Of the 118 tranches lowered:
-- 51 reference U.S. residential mortgage-backed mortgages
and U.S. CDOs that are exposed to U.S. RMBS, which have
experienced recent negative rating actions; and
-- 67 have experienced corporate downgrades in their
portfolios.
These table provides a summary of the rating actions Standard &
Poor's has taken on European synthetic CDO tranches since the
last quarter of 2007.
Rating Action Summary
Downgrades Upgrades Key corporate
(no. of (no. of downgrades
tranches) tranches)
--------- --------- -------------
Oct-07 28 13 Alliance Boots Ltd.
(B-/Negative to NR)
Oct. 4, 2007
TXU Corp.
(BB/Watch Neg to B-/Stable)
Oct. 9, 2007
Nov-07 48 15
Dec-07 39 6 Quebecor World Inc.
(B-/Watch Neg to CCC/Watch
Neg)
Dec. 18, 2007
ACA Financial Guaranty Corp.
(A/Watch Neg to CCC/Watch
Dev)
Dec. 19, 2007
Jan-08 57 8 United Parcel Service Inc.
(AAA/Watch Neg to AA-/Stable)
Jan. 9, 2008
Quebecor World Inc.
(CCC/Watch Neg to D)
Jan. 16, 2008
Feb-08 90 9 GMAC LLC
(BB+/Negative to B+/Negative)
Feb. 22, 2008
Residential Capital, LLC
(BB+/Negative to B/Negative)
Feb. 22, 2008
Mar-08 79 2 FGIC Corp.
(BBB/Watch Neg to B/Negative)
March 28, 2008
FGIC UK Ltd.
(A/Watch Neg to BB/Negative)
March 28, 2008
Apr-08 118 9 Radian Group Inc.
(A-/Watch Neg to BBB/Watch
Neg)
April 8, 2008
PMI Group Inc.
(A/Watch Neg to
BBB+/Negative)
April 8, 2008
For those transactions that have been on CreditWatch negative
for longer than 90 days, where we have either not received
material levels of information or relative portfolio credit
quality has not improved since the CreditWatch placement to a
level sufficient to affirm the rating, we have modeled recovery
rates in accordance with our criteria and assessed portfolio
quality based on its credit quality.
These rating actions and the CreditWatch updates follow two
reviews. The first review was of the CreditWatch placements
made on April 15, 2008. The second review was of the ratings on
tranches that have been on CreditWatch negative for more than 90
days.
Where SROC is less than 100%, scenarios are run that project the
current portfolio 90 days into the future, assuming no asset
rating migration. Where this projection indicates that the SROC
would return to a level above 100% at that time, the rating is
maintained, but placed on CreditWatch negative. If, on the
other hand, the projection indicates that the SROC would remain
below 100%, the rating is immediately lowered.
Ratings List
Class (where applicable)
To From Rating SROC Projected
scenario today 90 day+
(%) SROC(%)
Aldersgate Finance Ltd.
EUR249.5 million floating-rate credit-linked notes
A
AA+/Watch Neg AAA/Watch Neg AAA 98.9197 99.2596
AA+ 99.8210 100.0342
B
A+ AA/Watch Neg AA 99.2073 99.4111
AA- 99.5645 99.7628
A+ 100.0170 100.2180
D
BBB- BBB/Watch Neg BBB 99.3794 99.5331
BBB- 100.0988 100.2247
E
BB+ BBB-/Watch Neg BBB- 99.4485 99.5736
BB+ 100.3815 100.4996
Alexandria Capital PLC
EUR212 million secured floating-rate credit-linked notes series
2004-12 (Karnak)
A-4b
A A+/Watch Neg A+ 99.8595
A 100.0668
Angel Court CDO PLC
EUR60 million tranche B secured floating-rate notes series
2006-1
B
A+/Watch Neg AA/Watch Neg AA 99.5890 99.6930
AA- 99.7686 99.8558
A+ 99.9281 100.0279
Angel Court CDO PLC
US$2 million tranche B secured fixed-rate notes series
2006-2B
A+/Watch Neg AA/Watch Neg AA 99.5890 99.6930
AA- 99.7686 99.8558
A+ 99.9281 100.0279
Angel Court CDO PLC
EUR15 million tranche B secured floating-rate notes series
2006-3
AA/Watch Neg AA/Watch Pos AA 99.9037 100.0081
Angel Court CDO PLC
US$10 million tranche B secured floating-rate notes series
2006-4
AA/Watch Neg AA/Watch Pos AA 99.9045 100.0089
Angel Court CDO PLC
US$30 million secured tranche B floating-rate notes series
2006-5
A+/Watch Neg AA/Watch Neg AA 99.5890 99.6930
AA- 99.7686 99.8558
A+ 99.9281 100.0279
Angel Court CDO PLC
EUR20 million tranche A secured floating-rate notes series
2006-6A
AA AAA/Watch Neg AAA 99.5243 99.6436
AA+ 99.8056 99.9048
AA 100.2221 100.3268
Angel Court CDO PLC
US$10 million tranche B secured floating-rate notes series
2006-7
A+/Watch Neg AA/Watch Neg AA 99.5890 99.6930
AA- 99.7686 99.8558
A+ 99.9281 100.0279
Angel Court CDO PLC
US$25 million tranche A secured floating-rate notes series 2006-
11
AA+ AAA/Watch Neg AAA 99.7803 99.8814
AA+ 100.0139 100.1252
Aphex Capital PLC
EUR15 million MANICHE secured callable portfolio credit-linked
floating-rate notes series 2006-25
AA A/Watch Neg AA 106.1087
AA- 109.1213
A+ 112.8857
A 116.5299
Aphex Capital PLC
EUR50 million MANICHE secured callable portfolio credit-linked
floating-rate notes series 2006-26
AA A+/Watch Neg AA 110.1817
AA- 113.5686
A+ 117.5934
Aphex Capital PLC
EUR35 million MANICHE secured callable portfolio credit-linked
floating-rate notes series 2006-27
AAA AA AAA 106.7273
AA+ 115.6902
AA 134.1343
Aphex Capital PLC
EUR55 million SENWAI secured callable portfolio credit-linked
floating-rate notes series 2006-32
A- A/Watch Neg A 94.7536 99.9645
A- 101.1985 106.5998
Aphex Capital PLC
EUR80 million Fatou secured callable portfolio credit-linked
floating-rate notes series 37
BBB+ A-/Watch Neg A- 92.6661 97.1494
BBB+ 102.2411 107.0175
Argon Capital PLC
US$51 million limited-recourse secured credit-linked floating-
rate notes series 60
BBB+ A-/Watch Neg A- 99.7831 99.7831
BBB+ 100.8606 100.8606
Argon Capital PLC
US$36 million limited-recourse secured credit-linked floating-
rate notes series 61
BB+ BBB-/Watch Neg BBB- 99.7606 99.7606
BB+ 100.3489 100.3489
Astir B.V.
EUR210 million floating-rate variable coupon credit-linked notes
series 18 (Isara)
B
BBB+ A/Watch Neg A 99.8541 99.8541
A- 99.9332 99.9401
BBB 100.0619 100.0619
Bassi Co. Ltd.
EUR33 million floating-rate secured portfolio callable credit-
linked notes series 2
A
AA- AA/Watch Neg AA 99.1892
AA- 102.9099
Calyon and Citibank N.A. (PICCADILLY II)
US$5 million tranche C unfunded credit default swap
BBB+srp A-srp A- 99.7669 99.8539
BBB+ 100.0759 100.1652
Cerigo Capital Ltd.
EUR49 million and US$1 million denominated secured floating-rate
credit-linked notes series 2007-1 (Dolomite)
B-e1
A+ AA-/Watch Neg AA- 99.8807 99.9993
A+ 100.0728 100.1869
Chiswell Street Finance Ltd.
EUR135.5 million floating-rate credit-linked notes
A
A+ AA-/Watch Neg AA- 99.3495 99.4180
A+ 100.0699 100.1370
C
BB+ BBB-/Watch Neg BBB- 99.6599 99.7489
BB+ 100.7676 100.8515
E
BB BB+/Watch Neg BB+ 99.5956 99.6785
BB 100.0701 100.1580
F
BB-/Watch Neg BB/Watch Neg BB 99.7073 99.7949
BB- 99.9660 100.0399
Claris Ltd.
EUR28.57 million Rainbow floating-rate credit-linked notes
series 12
AA+ AA-/Watch Pos AA+ 100.3875
AA 100.9441
AA- 100.9719
Claris Ltd.
EUR31.1 million Gascogne floating-rate credit-linked notes
series 30/2004
A+ AA-/Watch Neg AA- 99.9387
A+ 100.1062
Claris IV Ltd.
EUR40 million Carmel Valley 2006-3 synthetic CDO of RMBS
variable-rate notes series 5
BBB- BBB+/Watch Neg BBB+ 98.4718 98.4718
BBB 98.6786 99.3106
BBB- 100.2758 100.2758
Claris IV Ltd.
EUR5 million Carmel Valley 2006-3 synthetic CDO of RMBS
variable-rate notes series 6
BB BBB-/Watch Neg BBB- 99.2494 99.2494
BB+ 99.3290 99.3290
BB 100.0682 100.2843
Claris IV Ltd.
US$17.5 million Carmel Valley synthetic CDO of RMBS variable-
rate notes series 7
BB BBB-/Watch Neg BBB- 99.2494 99.2494
BB+ 99.3290 99.3290
BB 100.0682 100.2843
Cloverie PLC
SEK111.6 million variable-rate portfolio credit-linked notes
series 2005-02
AA AA+/Watch Neg AA+ 99.9261
AA 100.9318
Cloverie PLC
SEK100 million class A floating-rate portfolio credit-linked
notes series 2005-06
A
AA AA+/Watch Neg AA+ 99.6769 99.9083
AA 100.3649 100.6041
Cloverie PLC
JPY1 billion fixed-rate portfolio credit-linked notes series
2005-15 (Rotonda II)
AA+ AAA/Watch Neg AAA 99.4670
AA+ 100.3807
Coriolanus Ltd.
US$25 million variable-rate secured notes series 44
A2
CCC+ AAA AAA 84.9231 84.9096
AA+ 86.2904 86.3439
AA 87.9943 88.0529
AA- 88.7763 88.8401
A+ 89.5618 89.6463
A 90.1459 90.2264
A- 91.0765 91.1675
BBB+ 92.2811 92.3358
BBB 93.4221 93.4675
BBB- 94.9488 95.0416
BB+ 95.5301 95.6583
BB 96.3349 96.3378
BB- 97.0763 97.1067
B+ 97.7327 97.7672
B 98.4996 98.5147
B- 99.5194 99.5417
CCC+ 101.3217 101.3479
Coriolanus Ltd.
US$50 million class B secured floating-rate notes series 63
B
B AAA/Watch Neg AAA 73.7688 73.8623
AA+ 76.1430 76.2364
AA 79.0778 79.1888
AA- 80.1902 80.3241
A+ 81.4193 81.5415
A 82.2353 82.3475
A- 83.6209 83.7045
BBB+ 85.3983 85.4621
BBB 87.2732 87.3778
BBB- 90.5830 90.7293
BB+ 92.0444 92.1935
BB 94.4763 94.6438
BB- 96.9467 97.0958
B+ 98.9533 99.0698
B 101.2171 101.2700
Coriolanus Ltd.
US$5 million class B secured floating-rate notes series 69
B
BBB+ AAA/Watch Neg AAA 87.0991 87.2095
AA+ 89.9024 90.0126
AA 93.3674 93.4986
AA- 94.6808 94.8390
A+ 96.1321 96.2764
A 97.0956 97.2280
A- 98.7315 98.8302
BBB+ 100.8301 100.9054
Corsair (Cayman Islands) No. 4 Ltd.
EUR40 million floating-rate secured callable portfolio credit-
linked notes series 3
A+/Watch Neg AA-/Watch Neg AA- 94.3018
A+ 98.6104 105.6371
CreON Ltd.
EUR65 million variable-rate secured portfolio credit-linked
notes series 6
BBB BBB+/Watch Neg BBB+ 96.1371
BBB 102.5744
Delta CDO PLC
US$83.5 million floating-rate credit-linked secured notes series
2005-1
B-1
BBB+ AA/Watch Neg AA 98.2610 98.2650
AA- 98.6155 98.6179
A+ 99.3821 99.3821
A 99.6434 99.6434
A- 99.9537 99.9521
BBB+ 100.5498 100.5474
C-1
BB+ BBB+/Watch Neg BBB+ 98.6766 98.6743
BBB 99.0360 99.0331
BBB- 99.5893 99.5858
BB+ 100.1135 100.1135
D-1
B BB+/Watch Neg BB+ 99.0753 99.0753
BB 99.5751 99.5751
BB- 99.6791 99.6791
B+ 99.9288 99.9288
B 100.2915 100.2930
Delta CDO PLC
US$142.5 million floating-rate credit-linked secured notes
series 2005-2
E-1
BBB- A-/Watch Neg A- 99.2398 99.2503
BBB+ 99.5754 99.6167
BBB 99.7425 99.8706
BBB- 100.1362 100.2301
Deutsche Bank AG and Deutsche Securities Inc.
US$150 million floating-rate unfunded credit default swap (Tsar
16 portfolio)
A-2
BBB+ AA+/Watch Neg AA+ 96.3521 96.4163
AA 97.3507 97.4185
AA- 97.8272 97.9031
A+ 98.5023 98.5708
A 98.8398 98.9124
A- 99.3585 99.4373
BBB+ 100.1579 100.2365
Eirles Two Ltd.
US$37.2 million variable rate secured notes series 143
BBB- AA/Watch Neg AA 96.0031 96.1103
AA- 96.5336 96.6043
A+ 97.2077 97.2717
A 97.6461 97.6986
A- 98.1185 98.1915
BBB+ 98.9079 98.9233
BBB 99.4545 99.4572
BBB- 100.1461 100.1676
Eirles Two Ltd.
US$35.7 million variable rate secured notes series 144
CCC+ A/Watch Neg A 95.1085 95.1596
A- 95.5686 95.6398
BBB+ 96.3376 96.3526
BBB 96.8700 96.8726
BBB- 97.5436 97.5646
BB+ 98.1266 98.1266
BB 98.7244 98.7244
BB- 98.8773 98.8773
B+ 99.2126 99.2126
B 99.6698 99.6698
B- 99.9553 99.9553
CCC+ 100.2438 100.2438
Eirles Two Ltd.
US$7.1 million variable rate secured notes series 145
CCC- A-/Watch Neg A- 94.4072 94.4775
BBB+ 95.1668 95.1816
BBB 95.6927 95.6953
BBB- 96.3582 96.3789
BB+ 96.9341 96.9341
BB 97.5246 97.5246
BB- 97.6757 97.6757
B+ 98.0069 98.0069
B 98.4585 98.4585
B- 98.7406 98.7406
CCC+ 99.0255 99.0255
CCC 99.2436 99.2436
CCC- 99.7796 99.7796
Eirles Two Ltd.
EUR21 million variable-rate secured notes series 160
A/Watch Neg AAA/Watch Neg AAA 94.9082 94.8340
AA+ 96.4280 96.3248
AA 98.2811 98.3909
AA- 98.8242 98.8966
A+ 99.5143 99.5798
A 99.9631 100.0168
Eirles Two Ltd.
EUR50 million floating-rate credit-linked secured notes series
222
B
A AA/Watch Neg AA 92.4561 92.4561
AA- 94.7512 94.7512
A+ 98.2967 98.2967
A 100.5031 100.5031
Eirles Two Ltd.
EUR27.5 million variable-rate secured notes series 223
BB+ BBB-/Watch Neg BBB- 99.4722 99.4698
BB+ 100.1517 100.1427
Eirles Two Ltd.
EUR42.75 million variable-rate secured notes series 224
BB- BB/Watch Neg BB 99.4914 99.4914
BB- 100.1408 100.1447
Eirles Two Ltd.
EUR26.125 million variable-rate secured notes series 225
B B+/Watch Neg B+ 99.6707 99.6701
B 100.1287 100.1281
Eirles Two Ltd.
EUR26.125 million variable-rate secured notes series 226
CCC+ B-/Watch Neg B- 99.6859 99.6900
CCC+ 100.6494 100.6589
Eirles Two Ltd.
US$20 million secured floating-rate portfolio credit-linked
notes series 236
A A+/Watch Neg A+ 99.2408 99.5105
A 100.7692 100.7892
Eirles Two Ltd.
EUR50 million zero-coupon portfolio credit-linked secured notes
series 254
BBB BBB+/Watch Neg BBB+ 99.7344 99.8797
BBB 100.3321 100.4655
Eirles Two Ltd.
US$15 million floating-rate portfolio credit-linked secured
notes series 260
A-/Watch Neg A/Watch Neg A 99.7897 99.8588
A- 99.9477 100.0203
Eirles Two Ltd.
US$16.5 million class B variable-rate secured notes series 269
B
BB- BB/Watch Neg BB 99.9578 99.9972
BB- 100.2717 100.2717
Eirles Two Ltd.
US$55 million floating-rate portfolio credit-linked secured
notes series 273
BBB- BBB/Watch Neg BBB 98.1138 98.1974
BBB- 102.5555 102.8293
Eirles Two Ltd.
US$25 million floating-rate portfolio credit-linked secured
notes series 274
BB BBB-/Watch Neg BBB- 96.9759 96.9759
BB+ 98.7569 98.7569
BB 100.9450 100.9450
Eirles Two Ltd.
US$17 million variable-rate secured notes series 307
A-4
BBB- BBB/Watch Neg BBB 99.8919 99.9094
BBB- 100.4205 100.4250
Eirles Two Ltd.
JPY3.7 billion variable-rate secured notes series 317
A-4
BBB- BBB/Watch Neg BBB 99.8919 99.9094
BBB- 100.4205 100.4250
Eirles Two Ltd.
EUR34.062 million variable- and deferrable-rate secured notes
series 336
AA+ AAA/Watch Neg AAA 99.7848 99.8591
AA+ 100.1049 100.1852
ELM B.V.
EUR50 million secured floating-rate notes series 8
AA- A-/Watch Pos AA- 105.1337
A+ 105.4813
A 105.8289
A- 106.1765
Elva Funding PLC
EUR157 million, JPY4.15 billion and US$28 million floating- and
fixed-rate notes series 2005-2
F-1
A-/Watch Neg A/Watch Neg A 99.5104 100.0000
A- 99.8020 100.0000
BBB+ 100.0000 100.0000
F-2
A-/Watch Neg A/Watch Neg A 99.5104 100.0000
A- 99.8020 100.0000
BBB+ 100.0000 100.0000
F-3
A-/Watch Neg A/Watch Neg A 99.5104 100.0000
A- 99.8020 100.0000
BBB+ 100.0000 100.0000
F-4
A-/Watch Neg A/Watch Neg A 99.5104 100.0000
A- 99.8020 100.0000
BBB+ 100.0000 100.0000
Elva Funding PLC
US$2.5 million and EUR10 million secured floating-rate credit-
linked notes series 2006-5
B1
BBB+ A-/Watch Neg A- 99.8636 99.9711
BBB+ 100.1883 100.2959
Heartland Funding PLC
US$130 million tranche B secured floating-rate notes series
2007-5 (PICCADDILLY II)
B
A- A+/Watch Neg A+ 99.6650 99.7603
A 99.8030 99.8922
A- 100.0305 100.1109
Heartland Funding PLC
EUR5 million tranche D secured floating-rate notes series 2007-6
(PICCADILLY II)
D
BB+ BBB-/Watch Neg BBB- 99.8719 99.9506
BB+ 100.0506 100.1287
Heartland Funding PLC
JPY1 billion tranche A secured floating-rate notes series 2007-7
(PICCADILLY II)
A
AA AA+/Watch Neg AA+ 99.6452 99.7422
AA 100.0194 100.1295
Heartland Funding PLC
EUR40 million tranche B secured floating-rate notes series 2007-
10 (PICCADILLY II)
B
A- A+/Watch Neg A+ 99.6646 99.7554
A 99.8051 99.8923
A- 100.0320 100.1150
Heartland Funding PLC
SEK128 million tranche B secured floating-rate notes series
2007-11 (PICCADILLY II)
B
A- A+/Watch Neg A+ 99.6646 99.7554
A 99.8051 99.8923
A- 100.0320 100.1150
Heather Finance Ltd.
EUR85 million credit-linked floating-rate notes series 2004-04
II
BBB+ A-/Watch Neg A- 90.1176 94.8235
BBB+ 100.0784 104.6275
Herald Ltd.
US$121.4 million floating-rate credit-linked secured notes
(Logan CDO) series 25
A-1
BB BBB+/Watch Neg BBB+ 96.7974 96.8420
BBB 97.5473 97.5554
BBB- 98.6067 98.6375
BB+ 99.8604 99.8679
BB 100.5336 100.5318
Herald Ltd.
US$19.2 million floating-rate credit-linked secured notes (Logan
CDO) series 26
A-2
B+ BBB-/Watch Neg BBB- 97.5859 97.6164
BB+ 98.8266 98.8340
BB 99.4928 99.4910
BB- 99.8321 99.8192
B+ 100.2808 100.2732
Herald Ltd.
US$17.2 million floating-rate credit-linked secured notes (Logan
CDO) series 27
B
B- BB-/Watch Neg BB- 98.9148 98.9020
B+ 99.3594 99.3518
B 99.8671 99.8696
B- 100.1374 100.1369
Joynaz CDS
US$25 million unfunded credit default swap (Joynaz)
AA AA+/Watch Neg AA+ 99.6117
AA 100.7397
Khamsin Credit Products (Netherlands) II B.V.
EUR17.5 million floating-rate credit-linked notes series 2005-1
(Milan)
CCC- BB+/Watch Neg BB+ 98.4394 98.4394
BB 98.6065 98.6065
BB- 98.6749 98.6749
B+ 98.8624 98.8624
B 99.0442 99.0442
B- 99.1029 99.1029
CCC+ 99.2665 99.2665
CCC 99.5238 99.5238
CCC- 99.7716 99.8108
Linker Finance PLC
US$86.5 million class B floating-rate secured notes series 2
(Tsar 16)
B
BB- BB+/Watch Neg BB+ 99.1524 99.4232
BB 99.7383 99.9444
BB- 100.3217 100.4613
Logan CDO II Ltd.
US$150 million floating-rate credit-linked secured notes
A-1
CCC- BBB BBB 92.3386 92.3786
BBB- 92.9629 93.0129
BB+ 93.2242 93.2876
BB 93.7680 93.8445
BB- 94.3780 94.4565
B+ 94.9191 94.9964
B 95.5744 95.6500
B- 96.3834 96.4538
CCC+ 97.7426 97.7890
CCC 98.4079 98.4553
CCC- 99.5644 99.5644
A-2
CCC- B- B- 92.9828 93.0507
CCC+ 94.2941 94.3388
CCC 94.9358 94.9816
CCC- 96.0515 96.0515
B
CCC- CCC CCC 93.4556 93.5007
CCC- 94.5539 94.5539
Lunar Funding V PLC
US$200 million secured floating-rate credit-linked notes (Menton
CDO I)
D2
A+ AA/Watch Neg AA 99.7037 99.7649
AA- 99.8312 99.8876
A+ 100.2886 100.3423
Lunar Funding V PLC
US$200 million limited recourse secured floating-rate credit-
linked notes series 2007-39
BB- AAA AAA 57.7399 57.7399
AA+ 61.5778 61.5778
AA 65.9488 65.9488
AA- 68.2942 68.2942
A+ 70.7463 70.7463
A 72.5586 72.5586
A- 75.5011 75.5011
BBB+ 79.7015 79.7015
BBB 84.0725 84.0725
BBB- 91.0021 91.0021
BB+ 93.3475 93.3475
BB 98.1450 98.1450
BB- 102.9851 102.9851
Mainsail CDO I Ltd.
US$298.25 million secured floating credit-linked notes
A1
CCC+ BB/Watch Neg BB 90.6198 90.6737
BB- 92.3027 92.3633
B+ 93.8234 93.8800
B 95.6474 95.7055
B- 98.0197 98.0748
CCC+ 102.6165 102.6791
A2
CCC- CCC/Watch Neg CCC 96.4629 96.5247
CCC- 99.1339 99.1608
Menton CDO IV Ltd.
US$250 million secured floating-rate notes
A1
A+ AAA/Watch Neg AAA 98.4462 98.4462
AA+ 98.5419 98.5419
AA 99.9994 99.9994
AA- 99.9994 99.9994
A+ 100.0951 100.0951
A2
BB- BBB/Watch Neg BBB 98.4118 98.4118
BBB- 98.4118 98.4118
BB+ 98.4118 98.4118
BB 99.2592 99.2592
BB- 100.1066 100.1066
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-1
AA+ AA AA+ 100.1126
AA 100.8350
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-4
AAA AA AAA 100.1583
AA+ 100.6308
AA 101.2739
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-5
AAA AA AAA 100.6593
AA+ 101.0500
AA 101.6406
Motif Capital B.V.
US$30 million floating-rate CDO notes series 2005-6
AA+ AA AA+ 100.5396
AA 101.1791
Omega Capital Investments PLC
CHF75 million and EUR15 million secured floating-rate notes
series 17
B
A+ AA-/Watch Neg AA- 99.6163
A+ 100.5678
Omega Capital Investments PLC
NOK200 million and EUR16 million secured floating-rate notes due
2013 series 28 Broadway
B1-7E
A+ AA-/Watch Neg AA- 99.8596 99.9873
A+ 100.0177 100.1353
Omega Capital Investments PLC
US$10 million class AA-U5 secured floating-rate notes series 33
AA-U5
A- A/Watch Neg A 99.9024 99.9743
A- 100.0775 100.1472
Omega Capital Investments PLC
EUR150 million secured floating-rate notes series 39
A
AA AA+/Watch Neg AA+ 99.7407 99.8594
AA 100.1159 100.2551
B
A+/Watch Neg AA-/Watch Neg AA- 99.7584 99.8872
A+ 99.9156 100.0459
Prime Square CDO Ltd.
US$50 million tranche Ba & Bb PRIMO secured floating-rate notes
series 2006-1
Ba
AA- AA/Watch Neg AA 99.9153 99.9979
AA- 100.0365 100.1199
Bb
AA- AA/Watch Neg AA 99.9153 99.9979
AA- 100.0365 100.1199
Prime Square CDO Ltd.
EUR10 million tranche B PRIMO secured floating-rate notes series
2006-2
B
AA- AA/Watch Neg AA 99.9153 99.9979
AA- 100.0365 100.1199
Prime Square CDO Ltd.
US$5 million tranche C PRIMO secured floating-rate notes series
2006-3
C
A- A/Watch Neg A 99.8679 99.9441
A- 100.0631 100.1379
Prime Square CDO Ltd.
EUR6 million tranche A PRIMO secured floating-rate notes series
2006-4
A
AA+ AAA/Watch Neg AAA 99.8525 99.9224
AA+ 100.0995 100.1774
Prime Square CDO Ltd.
EUR20 million tranche C PRIMO secured floating-rate notes series
2006-5
C
A- A/Watch Neg A 99.8679 99.9446
A- 100.0631 100.1386
Prime Square CDO Ltd.
US$20 million tranche B PRIMO secured floating-rate notes series
2006-6
B
AA- AA/Watch Neg AA 99.9153 99.9988
AA- 100.0365 100.1201
Prime Square CDO Ltd.
JPY2,000 million tranche A PRIMO secured floating-rate notes
series 2006-7
A
AA+ AAA/Watch Neg AAA 99.8525 99.9226
AA+ 100.0995 100.1777
Prime Square CDO Ltd.
JPY2 billion tranche A PRIMO secured floating-rate credit-linked
notes series 2006-8
A
AA+ AAA/Watch Neg AAA 99.8525 99.9226
AA+ 100.0995 100.1777
Prime Square CDO Ltd.
JPY1 billion tranche B PRIMO secured floating-rate credit-linked
notes series 2006-9
B
AA- AA/Watch Neg AA 99.9153 99.9988
AA- 100.0365 100.1201
Rheinwest Credit Management
EUR15 million credit-linked floating-rate notes series 10
A A+/Watch Neg A+ 99.9143 99.9881
A 100.0342 100.1077
Saphir Finance PLC
EUR45.5 million credit-linked synthetic portfolio notes (Lennox
II) series 2005-3 class A
A
AA AA+/Watch Neg AA+ 95.9059
AA 121.0964
Saphir Finance PLC
EUR28 million credit-linked synthetic portfolio notes (Lennox
II) series 2005-3 class B
B
A+/Watch Neg AA-/Watch Neg AA- 95.8988
A+ 97.8755 105.4794
Saphir Finance PLC
EUR25 million class A1 credit-linked synthetic portfolio notes
series 2005-10
A1
AA AA+/Watch Neg AA+ 99.3238
AA 101.2450
Saphir Finance PLC
US$25 million class A2 credit-linked synthetic portfolio notes
series 2005-10
A2
AA AA+/Watch Neg AA+ 99.3238
AA 101.2450
Saphir Finance PLC
EUR20 million class A3 Oak Harbour credit-linked synthetic
portfolio notes with a reserve coupon linked to the global large
cap ethical index series 2006-3
A3
Ap/Watch Neg A+i A+p/Watch Neg A+i A+ 90.2403 94.4841
A 96.6168 100.8460
Saphir Finance PLC
EUR15 million class A4 Oak Harbour credit-linked synthetic
portfolio notes with a reserve coupon linked to the global large
cap ethical index series 2006-3
A4
AA-p/Watch Neg AAp/Watch Neg AA 89.3813 94.9438
AA- 99.2653 104.1683
Saphir Finance PLC
EUR25 million Spring Sand 10 years non-call 5 years step-up CMS
credit-linked synthetic portfolio notes series 2006-6
AA AA+/Watch Neg AA+ 99.8472 99.9432
AA 100.1355 100.2304
Saphir Finance PLC
EUR50 million credit-linked synthetic portfolio notes series
2007-1
AA AA+/Watch Neg AA+ 99.6812 99.7779
AA 100.0040 100.1107
Saphir Finance PLC
EUR100 million credit-linked synthetic portfolio notes series
2007-5
AA- AA/Watch Neg AA 99.8098 99.9097
AA- 100.0110 100.1133
Sceptre Capital B.V.
EUR20 million forward-starting synthetic CDO floating-rate notes
series 2006-01
A
A+ AA/Watch Neg AA 99.7451 99.8662
AA- 99.8810 99.9766
A+ 100.0103 100.1016
Starling Finance PLC
JPY500 million class C floating-rate Brevan Howard CDO I
portfolio credit-linked notes series 2007-04
A-/Watch Neg A+/Watch Neg A+ 99.6390 99.7057
A 99.7689 99.8364
A- 99.9992 100.0628
Starling Finance PLC
JPY1.1 billion class B floating-rate Brevan Howard CDO I
portfolio credit-linked notes series 2007-005
A+ AA/Watch Neg AA 99.7752 99.8478
AA- 99.9043 99.9690
A+ 100.0353 100.0893
Starling Finance PLC
JPY1.1 billion class B floating-rate Brevan Howard CDO I
portfolio credit-linked notes series 2007-015
B
AA-/Watch Neg AA+/Watch Neg AA+ 99.4781 99.5387
AA 99.8477 99.9203
AA- 99.9796 100.0416
Topaz Finance Ltd.
EUR50 million Tulip Lane CDO of CDO variable-rate credit-linked
synthetic portfolio notes series 2005-1
AA AA/Watch Neg AA 100.1794
WISE 2006-1 PLC
GBP63.75 million floating-rate credit-linked notes
A
AA+ AAA/Watch Neg AAA 98.9054 98.9054
AA+ 100.5627 100.5627
B
AA- AA/Watch Neg AA 99.5466 99.5466
AA- 100.4870 100.4870
C
A+ AA-/Watch Neg AA- 99.7333 99.7333
A+ 100.0000 100.0000
Xelo PLC
EUR10 million secured limited recourse credit-linked notes
(Piccadilly 7) series 2006
A-/Watch Neg A+/Watch Neg A+ 99.4639 99.5749
A 99.6649 99.7742
A- 99.9879 100.1011
Xelo PLC
EUR40 million secured limited recourse credit-linked notes
series 2006 (Spinnaker III Europe series 1)
AA+ AAA/Watch Neg AAA 99.8441 99.9506
AA+ 100.1077 100.2114
Xelo PLC
EUR10 million secured limited resource credit-linked notes
series 2006 (Spinnaker III Europe TRED 1 Series 1)
AA+ AAA/Watch Neg AAA 99.8441 99.9506
AA+ 100.1077 100.2114
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
May 9, 2008
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners - NYC
Alexander Hamilton U.S. Custom House, New York
Contact: 1-703-739-0800; http://www.abiworld.org/
May 12, 2008
AMERICAN BANKRUPTCY INSTITUTE
New York City Bankruptcy Conference
Millennium Broadway Hotel & Conference Center, New York
Contact: 1-703-739-0800; http://www.abiworld.org/
May 12-13, 2008
PRACTISING LAW INSTITUTE
30th Annual Current Developments in
Bankruptcy & Reorganization
PLI Center San Francisco, California
Contact: http://www.pli.edu/
May 13-16, 2008
AMERICAN BANKRUPTCY INSTITUTE
Litigation Skills Symposium
Tulane University, New Orleans, Louisiana
Contact: 1-703-739-0800; http://www.abiworld.org/
May 15-16, 2008
BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
Fifth Annual Conference on Distressed Investing Europe
Maximizing Profits in the European
Distressed Debt Market
Le Meridien Piccadilly Hotel - London
Contact: 800-726-2524; 903-595-3800;
http://www.renaissanceamerican.com/
May 18-20, 2008
INTERNATIONAL BAR ASSOCIATION
14th Annual Global Insolvency & Restructuring Conference
Stockholm, Sweden
Contact: http://www.ibanet.org/
May 21, 2008
TURNAROUND MANAGEMENT ASSOCIATION
What Happened to My Money - The Restructuring of a Loan
Servicer
Marriott North, Fort Lauderdale, Florida
Contact: http://www.turnaround.org/
June 4-7, 2008
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
24th Annual Bankruptcy & Restructuring Conference
J.W. Marriott Spa and Resort, Las Vegas, Nevada
Contact: http://www.airacira.org/
June 12-14, 2008
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: http://www.abiworld.org/
June 19 & 20, 2008
BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
Corporate Reorganizations
Contact: 800-726-2524; 903-595-3800;
http://www.renaissanceamerican.com/
June 24, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Fraud Panel
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
June 26-29, 2008
NORTON INSTITUTES ON BANKRUPTCY LAW
Western Mountains Bankruptcy Law Seminar
Jackson Hole, Wyoming
Contact: http://www.nortoninstitutes.org/
July 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Cynthia Jackson of Smith Hulsey & Busey
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
July 10-13, 2008
AMERICAN BANKRUPTCY INSTITUTE
16th Annual Northeast Bankruptcy Conference
Ocean Edge Resort
Brewster, Massachussets
Contact: http://www.abiworld.org/events/
July 29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Employment Issues Following Hurricanes & Disasters
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/
July 31 - Aug. 2, 2008
AMERICAN BANKRUPTCY INSTITUTE
4th Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, Maryland
Contact: http://www.abiworld.org/
Aug. 16-19, 2008
AMERICAN BANKRUPTCY INSTITUTE
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, Florida
Contact: http://www.abiworld.org/
Aug. 20-24, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
NABT Convention
Captain Cook, Anchorage, Alaska
Contact: http://www.nabt.com/
Aug. 26, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Do's and Don'ts of Investing in a Turnaround
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
Sept. 4-5, 2008
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Four Seasons, Las Vegas, Nevada
Contact: http://www.abiworld.org/
Sept. 4-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
Southwest Bankruptcy Conference
Four Seasons, Las Vegas, Nevada
Contact: http://www.abiworld.org/
Sept. 17, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Real Estate / Condo Restructuring Panel
Marriott North, Fort Lauderdale, Florida
Contact: http://www.turnaround.org/
Sept. 24-26, 2008
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
IWIRC 15th Annual Fall Conference
Scottsdale, Arizona
Contact: http://www.ncbj.org/
Sept. 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Desert Ridge Marriott, Scottsdale, Arizona
Contact: http://www.iwirc.org/
Sept. 30, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Private Equity Panel
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/
Oct. 9, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Luncheon - Chapter 11
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
Oct. 28, 2008
TURNAROUND MANAGEMENT ASSOCIATION
State of the Capital Markets
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
Oct. 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott New Orleans, Louisiana
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 30 & 31, 2008
BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
Physicians Agreements and Ventures
Contact: 800-726-2524; 903-595-3800;
http://www.renaissanceamerican.com/
Nov. 19, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Interaction Between Professionals in a
Restructuring/Bankruptcy
Bankers Club, Miami, Florida
Contact: 312-578-6900; http://www.turnaround.org/
Dec. 3-5, 2008
AMERICAN BANKRUPTCY INSTITUTE
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, Arizona
Contact: http://www.abiworld.org/
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
June 11-13, 2009
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.org/
July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
BEARD AUDIO CONFERENCES
2006 BACPA Library
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
BAPCPA One Year On: Lessons Learned and Outlook
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Calpine's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Carve-Out Agreements for Unsecured Creditors
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changes to Cross-Border Insolvencies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Chinas New Enterprise Bankruptcy Law
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
for Navigating the Restructuring Process
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Dana's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Deepening Insolvency Widening Controversy: Current Risks,
Latest Decisions
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Diagnosing Problems in Troubled Companies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Claims Trading
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Market Opportunities
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Employee Benefits and Executive Compensation under the New
Code
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Equitable Subordination and Recharacterization
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Examining the Examiners: Pros and Cons of Using
Examiners in Chapter 11 Proceedings
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Handling Complex Chapter 11
Restructuring Issues
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Healthcare Bankruptcy Reforms
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Homestead Exemptions under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Hospitals in Crisis: The Insolvency Crisis Plaguing
Hospitals Across the U.S.
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
IP Rights In Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
KERPs and Bonuses under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
New 'Red Flag' Identity Theft Rules
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Non-Traditional Lenders and the Impact of Loan-to-Own
Strategies on the Restructuring Process
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Partnerships in Bankruptcy: Unwinding The Deal
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Real Estate Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Reverse Mergersthe New IPO?
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Second Lien Financings and Intercreditor Agreements
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Surviving the Digital Deluge: Best Practices in E-Discovery
and Records Management for Bankruptcy Practitioners
and Litigators
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Technology as a Competitive Advantage For Todays Legal
Processes
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
The Battle of Green & Red: Effect of Bankruptcy
on Obligations to Clean Up Contaminated Property
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
The Subprime Sector Meltdown:
Legal Developments and Latest Opportunities
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Twenty-Day Claims
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Using Virtual Data Rooms to Expedite Corporate Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
* * *
Featured Conferences
Beard Conferences presents:
May 15-16, 2008
Fifth Annual Conference on Distressed Investing Europe
Maximizing Profits in the European Distressed Debt Market
Le Meridien Piccadilly Hotel - London
Brochure available soon!
* * *
The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable. Those sources may
not, however, be complete or accurate. The Monday Bond Pricing
table is compiled on the Friday prior to publication. Prices
reported are not intended to reflect actual trades. Prices for
actual trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets. At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short. Don't be fooled. Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets. A company may establish
reserves on its balance sheet for liabilities that may never
materialize. The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Jason Nieva, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes
Tovilla and Marites Claro, Editors.
Copyright 2008. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *