/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080512.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, May 12, 2008, Vol. 9, No. 93 Headlines A U S T R I A BIODIESEL ENNS: Claims Registration Period Ends June 17 BONITO LLC: Claims Registration Period Ends June 2 CIGDEM BICER: Claims Registration Period Ends June 3 KNOTZ BUEROTECHNIK: Creditors' Meeting Slated for May 28 UELUES TRANSPORT: Claims Registration Period Ends June 12 G E R M A N Y A. HAAS: Claims Registration Ends May 30 BAD DESIGN: Claims Registration Period Ends May 27 BALLON-HALTER MUENSTERLAND: Claims Registration Ends May 30 BUWI KUNSTSTOFFTECHNIK: Claims Registration Ends May 30 COIFFEUR-TEAM GMBH: Claims Registration Ends May 30 COMPAKT- BAUPLANUNGS: Claims Registration Period Ends May 27 CYWORLD EUROPE: Claims Registration Period Ends May 30 DIEBOLD GMBH: Claims Registration Period Ends May 30 DIGITAL UNDERGROUND: Claims Registration Period Ends May 30 DONGES STAHLTOR: Claims Registration Period Ends May 27 FREAKSX GMBH: Claims Registration Period Ends May 26 G & M TRANSPORT: Claims Registration Period Ends May 30 GASTHOF KREITMAIR: Claims Registration Period Ends May 30 GAWS GOEZGEC: Claims Registration Period Ends May 30 GRUNDSTUECKS- UND VERWALTUNGS: Claims Registration Ends May 30 PALADION IMMOBILIEN: Claims Registration Period Ends May 29 RESA-HOLZ: Claims Registration Period Ends May 29 ROHDE TRANSPORT: Claims Registration Period Ends May 29 SAPPI PAPIER: Moody’s Places Ratings on Review & May Downgrade SOC MICROELECTRONICS: Claims Registration Period Ends May 29 SPIELTREFF GOTHAER: Claims Registration Ends May 30 TELEDIALOG GMBH: Claims Registration Period Ends May 29 TEXTILHANDEL GMBH: Claims Registration Period Ends May 29 TF TIERFOOD: Claims Registration Period Ends May 26 THIELERT AIRCRAFT: Delivery of Skyhawk 172S Model Delayed TRIE LOGISTIK: Claims Registration Period Ends May 26 I R E L A N D EIRLES TWO: Fitch Junks Ratings on Three Notes Series EUROMANX: Halts Operations Due to Rising Fuel Costs HORMANN ELECTRONICS: Placed Under Receivership WOODEN HOUSE: Put Into Administration by ACC Bank I T A L Y PARMALAT SPA: Citigroup Won’t Enter Into Settlement Talks POWERMATE CORP: U.S. Court Okays Sale of Assets to Pramac K A Z A K H S T A N ALFATECH LLP: Creditors Must File Claims by June 10 FITON LLP: Claims Deadline Slated for June 10 GLOBAL COMMERCE: Claims Filing Period Ends June 10 KAZ BUSINESS: Creditors' Claims Due on June 10 PLODORIDIYE LLP: Claims Registration Ends June 17 SARMAT CONSTRUCTION: Claims Deadline Slated for June 17 SATURN-EXPRESS LLP: Claims Filing Period Ends June 10 K Y R G Y Z S T A N ASIA-HOLDING OJSC: Creditors Must File Claims by June 13 L U X E M B O U R G EVRAZ GROUP: To Acquire 20% of FerroChina for US$167 Million P O R T U G A L * Moody's Says Delinquency Trend for Portuguese RMBS Up Q1 2008 R U S S I A BIRYULEVSKIY COLD: Creditors Must File Claims by May 26 BRIDGE-INVESTMENT LLC: Creditors Must File Claims by May 26 DALNEVOSTOCHNAYA WOOD: Creditors Must File Claims by May 26 EVRAZ GROUP: To Acquire 20% of FerroChina for US$167 Million KALININSK-SEL-KHOZ-PRODUCT: Creditors Must File Claims by May 26 PODOZERSKOE PEAT: Creditors Must File Claims by May 26 PROGRESS LLC: Creditors Must File Claims by May 26 RED OCTOBER: Creditors Must File Claims by May 26 SEVERSTAL OAO: Completes US$810 Mln Sparrows Point Acquisition S P A I N FTPYME BANCAJA 4: Fitch Assigns BB- Ratings to FTA Class C Notes URAZCA: Files for Bankruptcy with Debts of EUR65 Million S W I T Z E R L A N D ABC METHOD: Zug Court Commences Bankruptcy Proceedings ALFRED KRATTIGER: Undergoing Liquidation Proceeding in Mellingen BALLANTRE INVEST: Undergoing Liquidation Proceeding in Olten CAIM CONSULTING: Undergoing Liquidation Proceeding in Huttwilen CD LICHTSYSTEME: Zug Court Initiates Bankruptcy Proceedings CORES CONSULTING: Undergoing Liquidation in Unterageri EDUARD KETTNER: Undergoing Liquidation Proceeding in Malters ERESTE TREUHAND: Undergoing Liquidation Proceeding in Dallikon EXPRESS-CHARLY LLC: Zug Court Initiates Bankruptcy Proceedings FAMO HOLDING: Undergoing Liquidation Proceeding in Risch GILUCA LLC: Zug Court Initiates Bankruptcy Proceedings KURT MAURER: Undergoing Liquidation Proceeding in Schoftland LUCKY BAMBO: Undergoing Liquidation Proceeding in Baden OEKOBLAST JSC: Undergoing Liquidation Proceeding in Zuzgen SCHAPPI JSC: Undergoing Liquidation Proceeding in Stansstad VINOMANIA LLC: Undergoing Liquidation Proceeding in Fahrwangen U K R A I N E BRIANKA MOTORCAR: Proofs of Claim Deadline Set May 22 BUSINESSELIT LLC: Proofs of Claim Deadline Set May 22 GARINDUSTRIALSERVICE LLC: Proofs of Claim Deadline Set May 22 MALIRANGE LLC: Proofs of Claim Deadline Set May 22 MATRIX UKRAINE: Proofs of Claim Deadline Set May 22 OVETRI CJSC: Creditors Must File Claims by May 22 PRIVOROTYE AGRICULTURAL: Proofs of Claim Deadline Set May 22 TECHNICAL SPECIAL: Proofs of Claim Deadline Set May 22 VIGRO-2005 LLC: Proofs of Claim Deadline Set May 22 U N I T E D K I N G D O M ADVANCED RESEARCH: Taps Liquidators from PricewaterhouseCoopers ARRAN BREWERY: Runs Out of Cash; Enters into Administration AUTAIR ENGINEERING: Creditors' Meeting Slated for May 19 BRITISH AIRWAYS: Losing Passengers After Terminal 5 Fiasco CORIOLANUS LTD: Fitch Cuts Rating on Series 49 Notes to CC CORIOLANUS LTD: Fitch Junks Rating on Series 77 Class C Notes DELTA CDO: Fitch Junks Ratings on 3 Series 2005-1 Notes Classes DELTA CDO: Fitch Junks Rating on Series 2005-2 Class E-1 Notes DEP INTERNATIONAL: Joint Liquidators Take Over Operations GRETNA FOOTBALL: Creditors Pick Closure Set May 17 Sans Buyer GRIFFIN CONTRACTORS: Brings In Liquidators from Vantis INSIDE TRACK: Brings In Administrators from Vantis LYNDON LTD: Calls In Liquidators from Tenon Recovery NORTHERN ROCK: SRM Joins UKSA's Call for Judicial Review PARKIN REINFORCEMENT: Hires Liquidators from Tenon Recovery RANK GROUP: Posts Lower Revenue for First 17 Weeks 2008 ROCK GROUP: Cash Flow Difficulties Prompt Administration ROCK GROUP: Unable to Repair Customers’ Laptops SONDA AVIATION: Bank of Scotland Taps Receivers from PwC STAR SHIPPING: Appoints Liquidators from Tenon Recovery THOMAS HARPER: Appoints Joint Administrators from Deloitte TIMBERLAND HOMES: GLA Revokes License Over Forced Labor TINDALE & STANTON: Appoints PwC as Joint Administrators VIRGIN MEDIA: S&P Holds B+ Rating; Outlook Revised to Positive WALNUT CARE: Taps Joint Administrators from Tenon Recovery * England's Football League Sets CVA Rules For Clubs * Begbies Traynor Acquires Fanshawe Lofts * Begbies Traynor Acquires Dewey & Co. * BOND PRICING: For the Week May 5 to May 9, 2008 ********* ============= A U S T R I A ============= BIODIESEL ENNS: Claims Registration Period Ends June 17 ------------------------------------------------------- Creditors owed money by LLC Biodiesel Enns (FN 261714z) have until June 17, 2008, to file written proofs of claim to court- appointed estate administrator Guenther Grassner at: Dr. Guenther Grassner c/o Dr. Norbert Mooseder Suedtirolerstrasse 4-6 4020 Linz Austria Tel: 0732/77 08 15 Fax: 770816 E-mail: lawfirm@gltp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:50 p.m. on July 1, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Enns, Austria, the Debtor declared bankruptcy on April 24, 2008 (Bankr. Case No. 14 S 28/08b). Norbert Mooseder represents Dr. Grassner in the bankruptcy proceedings. BONITO LLC: Claims Registration Period Ends June 2 -------------------------------------------------- Creditors owed money by LLC bonito (FN 276629h) have until June 2, 2008, to file written proofs of claim to court-appointed estate administrator Hubert Hagspie at: Dr. Hubert Hagspiel Schulgasse 7/II 6850 Dornbirn Austria Tel: 05572/54800 Fax: 05572/54800-8 E-Mail: hubert.hagspiel@gmx.net Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:50 a.m. on June 12, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Feldkirch Room 45 First Floor Feldkirch Austria Headquartered in Dornbirn, Austria, the Debtor declared bankruptcy on April 24, 2008 (Bankr. Case No. 14 S 18/08x). CIGDEM BICER: Claims Registration Period Ends June 3 ---------------------------------------------------- Creditors owed money by KEG Cigdem Bicer Stabilbau (FN 279605i) have until June 3, 2008, to file written proofs of claim to court-appointed estate administrator Johannes Jaksch at: Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on June 17, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 24, 2008 (Bankr. Case No. 6 S 62/08x). KNOTZ BUEROTECHNIK: Creditors' Meeting Slated for May 28 -------------------------------------------------------- Creditors owed money by LLC KNOTZ Buerotechnik (FN 38003m) are encouraged to attend the first creditors' meeting at 10:00 a.m. on May 28, 2008. The creditors' meeting will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria The Court will also examine the claims at 10:15 a.m. on June 18, 2008, at the same venue. Creditors have until June 5, 2008, to file written proofs of claim to court-appointed estate administrator Helmut Fetz at: Dr. Helmut Fetz Hauptplatz 11 8700 Leoben Austria Tel: 03842-42751 Fax: 03842-42751-40 E-mail: office@fetz-fetz.at Headquartered in Leoben, Austria, the Debtor declared bankruptcy on April 22, 2008 (17 S 17/08f). UELUES TRANSPORT: Claims Registration Period Ends June 12 --------------------------------------------------------- Creditors owed money by KEG UELUES Transport (FN 248044x) have until June 12, 2008, to file written proofs of claim to court- appointed estate administrator Thomas Engelhart at: Dr. Thomas Engelhart c/o Mag. Clemens Richter Esteplatz 4 1030 Vienna Austria Tel: 712 33 30 Fax: 712 33 30 30 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on June 26, 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 23, 2008 (Bankr. Case No. 5 S 40/08d). Clemens Richter represents Dr. Engelhart in the bankruptcy proceedings. ============= G E R M A N Y ============= A. HAAS: Claims Registration Ends May 30 ---------------------------------------- Creditors of A. Haas Anlagen- und Rohrleitungsbau GmbH have until May 30, 2008 to register their claims with court-appointed insolvency manager Dr. Juergen Toemp. Creditors and other interested parties are encouraged to attend the meeting at noon on June 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kleve Meeting Hall C 58 Ground Floor Schlossberg 1 47533 Kleve 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. Juergen Toemp Wilhelmshofallee 75 47800 Krefeld Germany Tel: 0215158130 Fax: 021515813134 The District Court of Kleve opened bankruptcy proceedings against A. Haas Anlagen- und Rohrleitungsbau GmbH on April 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A. Haas Anlagen- und Rohrleitungsbau GmbH Robert-Koch-Strasse 14 46459 Rees Germany Attn: Paul Arnold Kusche, Manager Kantstrasse 18 42929 Wermelskirchen Germany BAD DESIGN: Claims Registration Period Ends May 27 -------------------------------------------------- Creditors of bad design H. Mensching GmbH have until May 27, 2008, to register their claims with court-appointed insolvency manager Joachim Walterscheid. Creditors and other interested parties are encouraged to attend the meeting at 11:50 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joachim Walterscheid Am Kurpark 2 32545 Bad Oeynhausen Germany Tel: 05731/84223-30 Fax: +4957318422350 The District Court of Bielefeld opened bankruptcy proceedings against bad design H. Mensching GmbH on April 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: bad design H. Mensching GmbH Attn: Heidrun Mensching, Manager Holland 27 32052 Herford Germany BALLON-HALTER MUENSTERLAND: Claims Registration Ends May 30 ----------------------------------------------------------- Creditors of Ballon-Halter Muensterland Schellhove GmbH have until May 30, 2008 to register their claims with court-appointed insolvency manager Manfred Vellmer. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on June 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 119 B First Floor Gerichtsstr. 2-6 48149 Muenster 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: Manfred Vellmer Adalbertstr. 8 48565 Steinfurt Germany Tel: 02552/638710 Fax: +4925526387111 The District Court of Muenster opened bankruptcy proceedings against Ballon-Halter Muensterland Schellhove GmbH on April 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ballon-Halter Muensterland Schellhove GmbH Attn: Dietlinde Schellhove, Manager Muehlenstrasse 25 48268 Greven Germany BUWI KUNSTSTOFFTECHNIK: Claims Registration Ends May 30 ------------------------------------------------------- Creditors of BuWi Kunststofftechnik GmbH & Co. KG have until May 30, 2008 to register their claims with court-appointed insolvency manager Dr. jur. A. Koehler. Claims will be verified at 8:40 a.m. on June 16, 2008 at: The District Court of Montabaur Hall 106 First Floor Bahnhofstrasse 47 56410 Montabaur Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. jur. A. Koehler Wilhelmstrasse 42 65582 Diez Germany Tel: 06432-64580 Fax: 06432-645820 E-mail: verwaltung@koehler-insolvenz.de The District Court of Montabaur opened bankruptcy proceedings against BuWi Kunststofftechnik GmbH & Co. KG on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BuWi Kunststofftechnik GmbH & Co. KG Attn: Dr. Armin Froehlich, Manager Hauptstrasse 1a 57520 Neunkhausen Germany COIFFEUR-TEAM GMBH: Claims Registration Ends May 30 --------------------------------------------------- Creditors of Coiffeur-Team GmbH have until May 30, 2008 to register their claims with court-appointed insolvency manager Markus Gross. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenburg Hall 0005 Hindenburgstr. 5 77654 Offenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Markus Gross Weingartenstr.19a 77654 Offenburg Germany The District Court of Offenburg opened bankruptcy proceedings against Coiffeur-Team GmbH on April 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Coiffeur-Team GmbH Hauptstr.33/Ratsgasse 77756 Hausach Germany Attn: Anette Stelzenmueller, Manager Kirchweg 3 72290 Lossburg Germany COMPAKT- BAUPLANUNGS: Claims Registration Period Ends May 27 ------------------------------------------------------------ Creditors of COMPAKT- Bauplanungs- und Erschliessungsgesellschaft mbH have until May 27, 2008, to register their claims with court-appointed insolvency manager Joerg Trittermann. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on June 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wolfsburg Hall D Rothenfelder Strasse 43 38440 Wolfsburg 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: Joerg Trittermann Lessingplatz 9 38100 Braunschweig Germany Tel: 0531/120 68 70 Fax: 0531/120 68 80 The District Court of Wolfsburg opened bankruptcy proceedings against COMPAKT- Bauplanungs- und Erschliessungsgesellschaft mbH on April 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: COMPAKT- Bauplanungs- und Erschliessungsgesellschaft mbH Westernstr. 27 38154 Koenigslutter Germany CYWORLD EUROPE: Claims Registration Period Ends May 30 ------------------------------------------------------ Creditors of Cyworld Europe GmbH have until May 30, 2008, to register their claims with court-appointed insolvency manager Dirk Pfeil. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on July 1, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt/Main Hall 2 Building F Klingerstrasse 20 60313 Frankfurt/Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Pfeil Eschersheimer Landstrasse 60 D 60322 Frankfurt am Main Germany Tel: 069/1530960 Fax: 069/15309666 The District Court of Frankfurt/Main opened bankruptcy proceedings against Cyworld Europe GmbH on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cyworld Europe GmbH Fuerstenbergerstrasse 3-9 60322 Frankfurt am Main Germany DIEBOLD GMBH: Claims Registration Period Ends May 30 ---------------------------------------------------- Creditors of Diebold GmbH have until May 30, 2008, to register their claims with court-appointed insolvency manager Hans-Joerg Derra. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aalen Hall 0.11 Ground Floor Stuttgarter Strasse 7, 73430 Aalen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Joerg Derra Frauenstr. 14 89073 Ulm Germany Tel: 0731/922880 Fax: 0731/92288-88 E-mail: dmp@derra-ul.de The District Court of Aalen opened bankruptcy proceedings against Diebold GmbH on April 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Diebold GmbH Wiesenstr. 10 89518 Heidenheim Germany Attn: Andrea Diebold, Manager Lonetalstr. 1 89537 Giengen Germany DIGITAL UNDERGROUND: Claims Registration Period Ends May 30 ----------------------------------------------------------- Creditors of Digital Underground GmbH have until May 30, 2008, to register their claims with court-appointed insolvency manager Robert Multrus. Creditors and other interested parties are encouraged to attend the meeting at 8:35 a.m. on July 1, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rosenheim Room 114 Rosenheim 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: Robert Multrus Rathausstr. 10 83022 Rosenheim Germany Tel: 0 80 31/ 8074790 Fax: 0 80 31/ 80747966 The District Court of Rosenheim opened bankruptcy proceedings against Digital Underground GmbH on May 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Digital Underground GmbH Wasserburger Str. 1 83123 Amerang Germany DONGES STAHLTOR: Claims Registration Period Ends May 27 ------------------------------------------------------- Creditors of Donges Stahltor- und Fensterbau GmbH have until May 27, 2008, to register their claims with court-appointed insolvency manager Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on May 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Hall 14 First Floor Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report at 11:00 a.m. on July 8, 2008, at the same venue. The insolvency manager can be reached at: Dr. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt Germany Tel: 069/962334-0 Fax: 069/962334-22 E-mail: m.plathner@brinkmann-partner.de The District Court of Darmstadt opened bankruptcy proceedings against Donges Stahltor- und Fensterbau GmbH on April 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Donges Stahltor- und Fensterbau GmbH Mainzer Strasse 55 64293 Darmstadt Germany FREAKSX GMBH: Claims Registration Period Ends May 26 ---------------------------------------------------- Creditors of FreaksX GmbH have until May 26, 2008, to register their claims with court-appointed insolvency manager Knut Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting on June 24, 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 Hannover Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Knut Thomas Hofheinz Am Markte 13 30159 Hannover Germany Tel: 0511 357721-0 Fax: 0511 357721-40 The District Court of Hannover opened bankruptcy proceedings against FreaksX GmbH on April 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FreaksX GmbH Vahrenwalder Str. 294 30179 Hannover Germany G & M TRANSPORT: Claims Registration Period Ends May 30 ------------------------------------------------------- Creditors of G & M Transport GmbH have until May 30, 2008, to register their claims with court-appointed insolvency manager Heiko Jaap. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 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 Stralsund Hall AE 26 House A Bielkenhagen 9 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 G & M Transport GmbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G & M Transport GmbH Waldweg 9a 18442 Martensdorfv Germany Attn: Elke Baldermann, Manager Penniner Damm 2 18442 Negast Germany GASTHOF KREITMAIR: Claims Registration Period Ends May 30 --------------------------------------------------------- Creditors of Gasthof Kreitmair GmbH have until May 30, 2008, to register their claims with court-appointed insolvency manager Axel W. Bierbach. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 30, 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 Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Axel W. Bierbach Schwanthalerstr. 32 80336 Muenchen Germany Tel: 54511-0 Fax: 54511-444 The District Court of Munich opened bankruptcy proceedings against Gasthof Kreitmair GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gasthof Kreitmair GmbH Attn: Kenneth Wein,Manager Keferloh 2 85630 Grasbrunn Germany GAWS GOEZGEC: Claims Registration Period Ends May 30 ---------------------------------------------------- Creditors of Gaws Goezgec Heizungsbau GmbH have until May 30, 2008, to register their claims with court-appointed insolvency manager Klaus Knetter. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 10, 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 Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Knetter Otto-Brenner-Str. 186 33604 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against Gaws Goezgec Heizungsbau GmbH on April 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gaws Goezgec Heizungsbau GmbH Attn: Koeksal Goeczgec, Manager Schmiedestr. 10 33613 Bielefeld Germany GRUNDSTUECKS- UND VERWALTUNGS: Claims Registration Ends May 30 -------------------------------------------------------------- Creditors of Grundstuecks- und Verwaltungsgesellschaft Koepenick mbH have until May 30, 2008 to register their claims with court- appointed insolvency manager Christian Koehler-Ma. Claims will be verified at 8:30 a.m. on July 31, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 26 a 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Grundstuecks- und Verwaltungsgesellschaft Koepenick mbH on May 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grundstuecks- und Verwaltungsgesellschaft Koepenick mbH Bahnhofstr. 11 12555 Berlin Germany PALADION IMMOBILIEN: Claims Registration Period Ends May 29 ----------------------------------------------------------- Creditors of Paladion Immobilien GmbH have until May 29, 2008, to register their claims with court-appointed insolvency manager Roland Lehnert. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on June 19, 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 Oldenburg Meeting hall Second Floor Elisabethstrasse 6 26135 Oldenburg 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: Roland Lehnert Hauptstrasse 5 26122 Oldenburg Germany Tel: 0441 950910 Fax: 0441 9509177 E-mail: RA Lehnert OL@t-online.de The District Court of Oldenburg opened bankruptcy proceedings against Paladion Immobilien GmbH on April 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Paladion Immobilien GmbH Hundsmuehler Str. 170a 26131 Oldenburg Germany RESA-HOLZ: Claims Registration Period Ends May 29 ------------------------------------------------- Creditors of Resa-Holz GmbH i.L. have until May 29, 2008, to register their claims with court-appointed insolvency manager Sebastian Nolte. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 19, 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 Erfurt Hall 15 Judicial Center Rudolfstr. 46 99092 Erfurt 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: Sebastian Nolte Peterstr. 5 99084 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against Resa-Holz GmbH i.L. on April 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Resa-Holz GmbH i.L. Attn: Alexander Heinemann, Manager Niederreissener Strasse 1 99628 Buttstadt Germany ROHDE TRANSPORT: Claims Registration Period Ends May 29 ------------------------------------------------------- Creditors of Rohde Transport- und Speditionsgesellschaft mbH have until May 29, 2008, to register their claims with court- appointed insolvency manager Tim F. Gatcke. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 19, 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 Hameln Hall 106 Zehnthof 1 31785 Hameln 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: Tim F. Gatcke Ger.-Fach Nr. 355 Hans-Boeckler-Allee 26 30173 Hannover Germany Tel: 0511-360960 Fax: 0511-36096-90 The District Court of Hameln opened bankruptcy proceedings against Rohde Transport- und Speditionsgesellschaft mbH on March 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rohde Transport- und Speditionsgesellschaft mbH Philipp-Reis-Str. 22 31832 Springe Germany SAPPI PAPIER: Moody’s Places Ratings on Review & May Downgrade -------------------------------------------------------------- Moody's Investors Service placed on review for possible downgrade the Ba1 corporate family rating of Sappi Ltd as well as the Ba1 instrument ratings of Sappi Papier Holding GmbH, the US$500m global bonds 2012 and US$250m global bonds 2032. Although Sappi's reported group operating performance in the first fiscal half of 2008 improved against the same period last year, Sappi's core fine paper operations in Europe and North America, accounting for more than 70% of sales, remain weak with an operating margin of 3.5% (vs. 1.5% in H1 2007). A number of factors, foremost input cost inflation and continued weak pricing, add pressure particularly in Europe. The decision to place the ratings under review for possible downgrade resulted from a slower pace of improving metrics. Moody's had expected Sappi's metrics to be on a positive trajectory so that levels of retained cash flow (RCF) to net debt would be notably above 20%, RCF minus capital expenditures to debt would reach double digit percentage levels and return on assets (EBITDA/average assets) would be above 7% by mid 2008. The review will focus on (i) the extent of positive contribution of the nearly concluded Saiccor project, (ii) the sustainability of profit improvements in the North American operations shown in the first quarter of 2008 and (iii) the prospects for a major recovery in its European operations. Moody's will also assess the strength of Sappi's liquidity profile against certain potential cash calls. Any rating movement will likely be limited to one notch. The last rating action was on April 17, 2007, when Moody's changed the outlook to negative from stable. Sappi Ltd. domiciled in Johannesburg, South Africa, is a leading global producer of coated fine paper and dissolving pulp with consolidated group sales of FYE 2007 (ending September) of USD 5.3 billion. Sappi Papier Holding GmbH is the holding company for Sappi's international paper operations outside of South Africa and accounts for approximately three quarters of sales and net operating assets of the group. SOC MICROELECTRONICS: Claims Registration Period Ends May 29 ------------------------------------------------------------ Creditors of SOC Microelectronics Verwaltungs GmbH have until May 29, 2008, to register their claims with court-appointed insolvency manager Angelika Amend. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on July 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 Koenigstein/Ts. Hall 106 A Burgweg 9 61462 Koenigstein/Ts. 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: Angelika Amend Minnholzweg 2b D 61476 Kronberg Germany Tel: 06173-78340 Fax: 06173/783422 The District Court of Koenigstein/Ts opened bankruptcy proceedings against SOC Microelectronics Verwaltungs GmbH on April 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SOC Microelectronics Verwaltungs GmbH Am Kronberger Hang 4 65824 Schwalbach Germany SPIELTREFF GOTHAER: Claims Registration Ends May 30 --------------------------------------------------- Creditors of Spieltreff Gothaer Strasse GmbH have until May 30, 2008 to register their claims with court-appointed insolvency manager Dr. Petra Hilgers. Claims will be verified at 9:55 a.m. on July 30, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Petra Hilgers Goethestr. 85 10623 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Spieltreff Gothaer Strasse GmbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spieltreff Gothaer Strasse GmbH Duesseldorfer Str. 42 10707 Berlin Germany TELEDIALOG GMBH: Claims Registration Period Ends May 29 ------------------------------------------------------- Creditors of TeleDialog GmbH have until May 29, 2008, to register their claims with court-appointed insolvency manager Dr. Yorck Tilman Streitboerger. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 19, 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 Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Yorck Tilman Streitboerger Adenauerplatz 4 33602 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against TeleDialog GmbH on April 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TeleDialog GmbH Detmolder Str. 241 33605 Bielefeld Germany TEXTILHANDEL GMBH: Claims Registration Period Ends May 29 --------------------------------------------------------- Creditors of Textilhandel GmbH + Co Kommanditgesellschaft fuer Damenoberbekleidung have until May 29, 2008, to register their claims with court-appointed insolvency manager Michael Bremen. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on June 19, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Bremen Sternstr. 58 40479 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Textilhandel GmbH + Co Kommanditgesellschaft fuer Damenoberbekleidung on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Textilhandel GmbH + Co Kommanditgesellschaft fuer Damenoberbekleidung Anton-Kux-Strasse 2 41460 Neuss Germany TF TIERFOOD: Claims Registration Period Ends May 26 --------------------------------------------------- Creditors of TF Tierfood Fachmarkt Meerbusch GmbH have until May 26, 2008, to register their claims with court-appointed insolvency manager Paul Fink. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on June 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Paul Fink Koenigsallee 33 40212 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against TF Tierfood Fachmarkt Meerbusch GmbH on April 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TF Tierfood Fachmarkt Meerbusch GmbH Rudolf-Diesel-Strasse 2 40670 Meerbusch Germany THIELERT AIRCRAFT: Delivery of Skyhawk 172S Model Delayed --------------------------------------------------------- As a result of Thielert Aircraft Engines GmbH’s insolvency filing, delivery of Cessna’s Skyhawk 172S has been delayed, flightglobal.com reports. Flightglobal relates that according to Cessna, there will be no deliveries for the Skyhawk 172S model. Flightglobal adds that the model was to contain a “Jet-A fuelled 155hp (116kW) Thielert Centurion 2.0 litre turbos.” Headquartered in Lichtenstein, 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. As reported in the Troubled Company Reporter-Europe on April 25, 2008, the executive board of Thielert Aircraft filed for the opening of insolvency at the county court Chemnitz in Germany. TRIE LOGISTIK: Claims Registration Period Ends May 26 ----------------------------------------------------- Creditors of Trie Logistik GmbH mit Sitz in Wismar have until May 26, 2008, to register their claims with court-appointed insolvency manager Dirk Decker. Creditors and other interested parties are encouraged to attend the meeting on June 10, 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 Schwerin 19053 Schwerin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Decker Obotritenring 98 19053 Schwerin Germany The District Court of Schwerin opened bankruptcy proceedings against Trie Logistik GmbH mit Sitz in Wismar on April 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Trie Logistik GmbH mit Sitz in Wismar Rapsacker 8 23556 Luebeck Germany ============= I R E L A N D ============= EIRLES TWO: Fitch Junks Ratings on Three Notes Series ----------------------------------------------------- Fitch Ratings has today downgraded Eirles Two Limited Series 135, 136, 137's floating-rate and variable-rate secured notes due 2039. In addition, the three series have been removed from Rating Watch Negative. The rating of Series 134's variable-rate secured notes due 2039, remains unchanged. -- US$20.625 million Series 134 (ISIN: XS0203295216): remains at 'CC' -- US$16.875 million Series 135 (ISIN: XS0203296370): downgraded to 'CC' from 'CCC' RWN -- US$22.5 million Series 136 (ISIN: XS0203294839): downgraded to CCC' from 'B' RWN -- US$37.5 million Series 137 (ISIN: XS0203295059): downgraded to 'CCC' from 'BB' RWN Fitch's rating action reflects higher loss expectations due to greater-than-expected collateral deterioration in Tsar 11's portfolio. The negative credit migration is primarily attributable to the rapid credit deterioration in subprime residential mortgage-backed securities as well as exposure to US structured finance CDOs. The portfolio comprises US subprime RMBS (30.4%), Alternative A mortgage loans (24.8%) and US diversified structured finance CDOs (13.4%). Since the time of the last rating action in November 2007, there has been further deterioration in the quality of the portfolio. As per the trustee report dated April 2008, 12.5% of the portfolio is rated 'CCC+' or below, with 27.7% of the portfolio rated 'BB+' or below. This compares to credit enhancement levels of 11.14% for Series 137, 8.1% for Series 136 and 5.82% for Series 135. Eirles Two Limited is a special purpose vehicle incorporated under the laws of Ireland. The notes have a scheduled maturity date of Oct. 13, 2039 and absorb the credit risk of a credit default swap with Deutsche Bank AG. The notes are backed by 'AAA'-rated collateral securities funded by the net proceeds from the issue of the notes. The credit default swap with Deutsche Bank AG relates to a reference portfolio of primarily US asset-backed securities obligations. The portfolio completed the ramp up period in April 2006 and the current portfolio notional stands at US$740.9 million. The portfolio is selected by Winchester Capital Principal Finance, a subsidiary of Deutsche Bank AG. EUROMANX: Halts Operations Due to Rising Fuel Costs --------------------------------------------------- EuroManx said in its website that as of May 9, 2008, it was ceasing operations and as a result, no further flights will be operated. The company said that despite attempts to "develop and grow the business," it had faced "insurmountable obstacles" over the last six months that included increasing costs of fuel prices and a reduction in the number of passengers. According to a report by the BBC News, the airline is now undergoing receivership and has resulted in the lose of around 70 jobs. EuroManx -- http://www.euromanx.com/-- provides flights from Isle of Man to locations that includes Belfast, Liverpool, London and Manchester. HORMANN ELECTRONICS: Placed Under Receivership ---------------------------------------------- Hormann Electronics Ltd. is now under receivership with a receiver appointed last May 9, 2008, RTE Business reports. According to Director and Quality Control Manager Denis O'Mullane, RTE adds that the receivership was due to the company being unable to catch up with competition from Eastern Europe as well as those from the Far East. Under receivership, the company intends to sell its assets as a "going concern," RTE relates. Based in Cork, Ireland, Hormann Electronics Ltd. -- http://www.hormann.ie/-- is an electronics contract manufacturing company offering full turnkey services, ranging from Printed Circuit board assembly and test, through full system build and supply chain management. WOODEN HOUSE: Put Into Administration by ACC Bank ------------------------------------------------- ACC Bank has taken control of the Wooden House Lodge Hotel and appointed Tom Kavanagh of Kavanagh Fennell as receiver, the Post.ie reports. Although recently renovated, the hotel eventually stopped operations as a result of “financial difficulties,” the Post relates. The Post adds that ACC took control over the hotel in order to secure debts. The Post further says that the administrator is likely to look for a buyer. The Wooden House Lodge Hotel -- http://www.thewoodenhouse.ie/-- is situated in the village of Kilmore Quay. ========= I T A L Y ========= PARMALAT SPA: Citigroup Won’t Enter Into Settlement Talks --------------------------------------------------------- Citigroup Inc. is not holding talks with Parmalat S.p.A. to settle its U.S. civil case or with Italian investigators for plea-bargain agreements, Thomson Financial News reports, citing sources close to the bank. According to Thomson Financial News, analysts have speculated that Parmalat and Citigroup could reach a settlement during a civil trial in New Jersey. Citigroup is facing a US$2.2 billion in damages in New Jersey and has counter-sued Parmalat for US$699 million. Citigroup executives, meanwhile, are facing criminal charges in Milan and Parma, Italy. The bank has been denying the charges. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/ -- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court granted Parmalat permanent injunction. POWERMATE CORP: U.S. Court Okays Sale of Assets to Pramac --------------------------------------------------------- The Hon. Kevin Gross of the United States Bankruptcy Court for the District of Delaware approved the sale of Powermate Corp. and its debtor-affiliates Powermate Holding Corp. and Powermate International, Inc., to Pramac Industries Inc., for US$6,559,200. Court records show that the assets sold to Pramac include: * raw materials and WIP; * machinery and equipment; * Powermate trademarks; * Powerstation trademarks; and * patents and other intellectual property. Judge Gross had also approved the sale of the Debtors: -- Black Max trademark to Homelite Technologies for US$300,000; -- finished goods to Tap Enterprises Inc. for US$2,525,385; -- certain inventory to Homelite Consumer Products Inc. for US$5,498,143; and -- Magna Force trademarks to MAT Industries LLC US$300,000. About Pramac Pramac group develops and manufactures a wide range of power generation equipment, materials handling equipment and photovoltaic components. Pramac uses its global network to supply these products to markets throughout the World. Pramac’s common stock trades on Borsa Italiana under the symbol PRA. About Powermate Headquartered in Aurora, Illinois, Powermate Corp. -- http://www.powermate.com/-- manufacturers of portable and home standby generators, air compressors, and pressure washers. Powermate Holding Corp. is the parent of Powermate Corp. In turn, Powermate Corp. owns 100% of Powermate International Inc. Powermate Corp. operates the company’s assets located in the United States. Powermate International has sales employees in Hong Kong and the Philippines. Powermate Holding has no employees or operations. The three companies filed for chapter 11 protection on March 17, 2008 (Bankr. D. Del. Lead Case No.08-10498). Kenneth J. Enos, Esq.. and Michael R. Nestor, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors. The Official Committee of Unsecured Creditors, which has seven creditor members, is represented by Monika J. Machen, Esq., at Sonnenschein Nath Rosenthal LLP. When the Debtors filed for protection from their creditors, they listed estimated assets and debts between $50 million and $100 million. Powermate Holding has two other non-debtor subsidiaries, Powermate Canadian Corp., located in Canada and Powermate S. de R.L. de C.V., which is domiciled in Mexico. =================== K A Z A K H S T A N =================== ALFATECH LLP: Creditors Must File Claims by June 10 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Alfatech insolvent. Creditors have until June 10, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Seifullin ave. 555a 050012, Almaty Kazakhstan Tel: 8 777 296 30-34 FITON LLP: Claims Deadline Slated for June 10 --------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Fiton insolvent on March 14, 2008. Creditors have until June 10, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan GLOBAL COMMERCE: Claims Filing Period Ends June 10 -------------------------------------------------- LLP Global Commerce Ltd. has declared insolvency. Creditors have until June 10, 2008, to submit written proofs of claims to: LLP Global Commerce Ltd. Micro District Samal, 12 Astana Kazakhstan KAZ BUSINESS: Creditors' Claims Due on June 10 ---------------------------------------------- LLP Kaz Business Engineering has declared insolvency. Creditors have until June 10, 2008, to submit written proofs of claims to: LLP Kaz Business Engineering Abai ave. 221 Astana Kazakhstan PLODORIDIYE LLP: Claims Registration Ends June 17 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Plodoridiye 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 SARMAT CONSTRUCTION: Claims Deadline Slated for June 17 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Sarmat Construction 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 SATURN-EXPRESS LLP: Claims Filing Period Ends June 10 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Saturn-Express insolvent on March 14, 2008. Creditors have until June 10, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan =================== K Y R G Y Z S T A N =================== ASIA-HOLDING OJSC: Creditors Must File Claims by June 13 -------------------------------------------------------- OJSC Asia-Holding has declared insolvency. Creditors have until June 13, 2008 to submit written proofs of claim. Inquiries can be addressed to (0-555) 77-07-73. =================== L U X E M B O U R G =================== EVRAZ GROUP: To Acquire 20% of FerroChina for US$167 Million ------------------------------------------------------------ Evraz Group S.A. is planning to acquire a 20% stake in FerroChina Ltd. for US$167 million, Kommersant relates citing Chinese press reports. FerroChina, through adviser Merrill Lynch, commenced its search for a strategic foreign investor to increase sales and access to raw materials, Kommersant reports. Evraz will be competing with BlueScope Steel Ltd. for the stake. According to Kommersant, a stake in FerroChina would complement Evraz's planned acquisition of a 51.05% controlling package in Chinese Delong Holdings. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on May 7, 2008, Fitch Ratings affirmed Evraz's Long-term IDR and senior unsecured ratings of 'BB' and Short-term IDR of 'B'. The ratings of Mastercroft Limited (Evraz's core subsidiary holding most of its key operating assets within Russia) are also affirmed at Long-term IDR 'BB' and Short-term IDR 'B', as is the senior unsecured 'BB' rating of Evraz Securities S.A. The Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs are Stable. Fitch has assigned Evraz Group S.A.'s US$1.05 billion and US$550 million notes due in 2013 and 2018, respectively, final 'BB' ratings. The ratings are in line with Evraz's 'BB' Long-term Issuer Default rating. The notes maturing in 2013 have an annual coupon of 8.875% while the notes maturing in 2018 have an annual coupon of 9.5%. As reported in the TCR-Europe on March 18, 2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit and senior unsecured debt ratings on Russia- based steel producer Evraz Group S.A. and its core subsidiary Mastercroft Ltd. S&P also affirmed the Russia national scale ratings on Evraz and Mastercroft at 'ruAA'. The outlook is positive. At the same time, Moody's Investors Service placed Evraz's Ba2 corporate family rating, Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior Notes due 2015 on review for possible downgrade following the recent announcement of the acquisition of IPSCO's Canadian plate and pipe business from SSAB for a net cost of US$2.3 billion. =============== P O R T U G A L =============== * Moody's Says Delinquency Trend for Portuguese RMBS Up Q1 2008 --------------------------------------------------------------- In the first quarter of 2007, one Portuguese Residential Mortgage-Backed Securities deal closed. So far, no external rating events have affected any transaction. The delinquency trend in first quarter 2008 was 2.16%, up from 1.33% at the beginning of last year. Generally, 60+ day delinquencies of vintages show moderate growth over time, the report notes. "The 2003 vintage shows 60+ day delinquencies of 0.97% after 24 months whereas the index stands at 1.52%," says Ignacio Rivela, a Moody's senior associate and author of the report. "This vintage appears to be outperforming its peer group to date, which may be attributed to the better collateral quality on closing of some of the 2003 transactions." Current Constant Prepayment Rate stands at 10.99% in first quarter 2008 compared to 7.02% a year ago. "The economic climate in Portugal, whilst showing tentative signs of improvement, remains fragile. Consumer sentiment has, to date, failed to mirror the improvement in business confidence. With the labor market remaining weak, significant improvement is unlikely in the near future. Against this backdrop, house prices remain depressed," says Nitesh Shah, a Moody's economist and co-author of the report. "Delinquency performance has displayed mild deterioration during the economic recovery in Portugal. Economic growth in Portugal is likely to weaken as a consequence of the global slowdown; therefore, we expect the delinquency performance to continue deteriorating.", adds Mr.Shah. =========== R U S S I A =========== BIRYULEVSKIY COLD: Creditors Must File Claims by May 26 ------------------------------------------------------- Creditors of CJSC Biryulevskiy Cold Storage Facility have until May 26, 2008, to submit proofs of claim to: V. Vinogorov Temporary Insolvency Manager Post User Box 96 2nd Dubrovskaya Str. 1 109044 Moscow Russia The Arbitration Court of Moscow will convene at 2:30 p.m. on May 20, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A40-77022/ 06-71-1170B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Biryulevskiy Cold Storage Facility Stupinskiy Proezd 6 11740 Moscow Russia BRIDGE-INVESTMENT LLC: Creditors Must File Claims by May 26 ----------------------------------------------------------- Creditors of LLC Investment Company Bridge-Investment have until May 26, 2008, to submit proofs of claim to: S. Morozov Temporary Insolvency Manager Office 213 Malaya Yakimanka Str. 24/8 119180 Moscow Russia The Arbitration Court of Moscow will convene at 10:30 a.m. on Aug. 19, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A40-9555/ 08-38-31B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC Investment Company Bridge-Investment Building 1 1st Tverskaya-Yamskaya Str. 10 125047 Moscow Russia DALNEVOSTOCHNAYA WOOD: Creditors Must File Claims by May 26 ----------------------------------------------------------- Creditors of LLC Dalnevostochnaya Wood Processing Corporation have until May 26, 2008, to submit proofs of claim to: V. Yurakov Insolvency Manager Post User Box 74 690048 Vladivostok-48 Russia The Arbitration Court of Primorye commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A51-11446/2207 26-166 B. The Court is located at: Arbitration Court of Primorye Room 313 Svetlanovskaya Str. 54 Vladivostok Russia The Debtor can be reached at: LLC Dalnevostochnaya Wood Processing Corporation 692725 Zarubino Molodezhnaya Str. 7 Russia EVRAZ GROUP: To Acquire 20% of FerroChina for US$167 Million ------------------------------------------------------------ Evraz Group S.A. is planning to acquire a 20% stake in FerroChina Ltd. for US$167 million, Kommersant relates citing Chinese press reports. FerroChina, through adviser Merrill Lynch, commenced its search for a strategic foreign investor to increase sales and access to raw materials, Kommersant reports. Evraz will be competing with BlueScope Steel Ltd. for the stake. According to Kommersant, a stake in FerroChina would complement Evraz's planned acquisition of a 51.05% controlling package in Chinese Delong Holdings. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As reported in the TCR-Europe on May 7, 2008, Fitch Ratings affirmed Evraz's Long-term IDR and senior unsecured ratings of 'BB' and Short-term IDR of 'B'. The ratings of Mastercroft Limited (Evraz's core subsidiary holding most of its key operating assets within Russia) are also affirmed at Long-term IDR 'BB' and Short-term IDR 'B', as is the senior unsecured 'BB' rating of Evraz Securities S.A. The Outlooks for Evraz's and Mastercroft Limited's Long-term IDRs are Stable. Fitch has assigned Evraz Group S.A.'s US$1.05 billion and US$550 million notes due in 2013 and 2018, respectively, final 'BB' ratings. The ratings are in line with Evraz's 'BB' Long-term Issuer Default rating. The notes maturing in 2013 have an annual coupon of 8.875% while the notes maturing in 2018 have an annual coupon of 9.5%. As reported in the TCR-Europe on March 18, 2008, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit and senior unsecured debt ratings on Russia- based steel producer Evraz Group S.A. and its core subsidiary Mastercroft Ltd. S&P also affirmed the Russia national scale ratings on Evraz and Mastercroft at 'ruAA'. The outlook is positive. At the same time, Moody's Investors Service placed Evraz's Ba2 corporate family rating, Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior Notes due 2015 on review for possible downgrade following the recent announcement of the acquisition of IPSCO's Canadian plate and pipe business from SSAB for a net cost of US$2.3 billion. KALININSK-SEL-KHOZ-PRODUCT: Creditors Must File Claims by May 26 ---------------------------------------------------------------- Creditors of CJSC Kalininsk-Sel-Khoz-Product have until May 26, 2008, to submit proofs of claim to: A. Fedotov Insolvency Manager Post User Box 5 Post Office Balakovo 413840 Saratov Russia The Arbitration Court of Saratov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-57-24782/07-40. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: CJSC Kalininsk-Sel-Khoz-Product Kalininsk Saratov Russia PODOZERSKOE PEAT: Creditors Must File Claims by May 26 ------------------------------------------------------ Creditors of OJSC Podozerskoe Peat Enterprise (TIN 3714083488) have until May 26, 2008, to submit proofs of claim to: A. Bogdanets Temporary Insolvency Manager Post User Box 18 Central Post Office Ivanovo Russia The Arbitration Court of Ivanovo commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A17-6610/2007-14-B. The Court is located at: The Arbitration Court of Ivanovo B. Khmelnitskogo Str. 59B Ivanovo Russia The Debtor can be reached at: OJSC Podozerskoe Peat Enterprise Sportivnaya Str. 1 Podozerskiy Komsomolskiy 153136 Ivanovo Russia PROGRESS LLC: Creditors Must File Claims by May 26 -------------------------------------------------- Creditors of LLC Progress (TIN 6919004500) have until May 26, 2008, to submit proofs of claim to: S. Zhidov Temporary Insolvency Manager Sovetskaya Str. 4 440026 Pneza Russia The Arbitration Court of Tver commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A66-588/2008. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver Russia The Debtor can be reached at: LLC Progress Zarechnaya Str. 2 Vesyegonsk Vesyegonskiy 171720 Tver Russia RED OCTOBER: Creditors Must File Claims by May 26 -------------------------------------------------- Creditors of LLC Red October (TIN 3108004380) have until May 26, 2008, to submit proofs of claim to: V. Goncharov Temporary Insolvency Manager Litovskaya Str. 12a 305023 Kursk Russia The Arbitration Court of Belgorod will convene on June 12, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A08-1134/08-31B. The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: LLC Red October Lenina Str. 6 Pochaevo Grayvoronskiy Belgorod Russia SEVERSTAL OAO: Completes US$810 Mln Sparrows Point Acquisition -------------------------------------------------------------- OAO Severstal has completed its acquisition of Sparrows Point LLC from ArcelorMittal for US$810 million, RIA Novosti reports, citing CEO Alexei Mordashev. As reported in the TCR-Europe on March 27, 2008, Severstal Senior Vice President Thomas Veraszto said the acquisition of Sparrows Point will help Severstal's North American unit reduce costs by more than US$50 million yearly and help boost the company's annual output by 20% to 21.1 million metric tons. Sparrows Point, currently owned by ArcelorMittal, was sold by Joseph G. Krauss, Divestiture Trustee, as required by the Final Judgment entered on May 23, 2007 in the United States District Court for the District of Columbia in the matter known as United States v. Mittal Steel Company N.V., to settle a complaint filed by the United States Department of Justice following the merger agreement between Mittal Steel and Arcelor S.A. in 2006. Sparrows Point has a capacity of 3.6 million metric tons of crude steel and shipped 2.3 million metric tons of finished steel products in 2007; it is the only integrated producer of flat rolled steel on the U.S. East Coast and is a major North American supplier of tin mill products. Merrill Lynch & Co. acted as exclusive financial advisor to Severstal and rendered a fairness opinion to the Board of Directors regarding this transaction. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Severstal. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. * * * As of March 26, 2008, OAO Severstal carries Ba2 Corporate Family, Senior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service, which said the the outlook on all ratings is stable. The company also carries BB long-term Foreign and Local Issuer Credit ratings from Standard & Poor's, which said the outlook is stable. Severstal carries BB- Issuer Default and Senior Unsecured ratings from Fitch, which said the outlook is positive. ========= S P A I N ========= FTPYME BANCAJA 4: Fitch Assigns BB- Ratings to FTA Class C Notes --------------------------------------------------------------- Fitch Ratings assigns Negative Rating Outlooks to four classes of Spanish small and medium-sized enterprise collateralized debt obligations as: -- BBVA-6 FTPYME, Fondo De Titulizacion De Activos Class C 'BBB+' ; -- FTPYME Bancaja 6 Fondo de Titulizacion de Activos Class C 'BBB-'; -- FTPYME Bancaja 4, FTA Class D 'BB-' and -- PYME BANCAJA 5, FTA Class C 'BBB'. The Negative Rating Outlooks are driven by a combination of declining performance trends as well as the worsening Spanish macro-economic environment. These Negative Outlooks impact approximately 7% of the 54 outstanding Fitch-rated Spanish SME CDO transactions and approximately 2% of the 256 outstanding tranches. All affected classes are rated in the 'BBB' category or lower. Some of these transactions are from relatively recent vintages that have not benefited from de-leveraging to the same degree as older vintage transactions. URAZCA: Files for Bankruptcy with Debts of EUR65 Million -------------------------------------------------------- Construction and real estate company Urazca has filed for bankruptcy with around EUR65 million in debts, typicallyspanish.com reports. The company, the report adds, additionally has about EUR25 million in commercial debts. Urazca is located in the Basque Country. ===================== S W I T Z E R L A N D ===================== ABC METHOD: Zug Court Commences Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Service of Zug commenced bankruptcy proceedings against LLC Abc method on April 1, 2008. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6301 Zug Switzerland ALFRED KRATTIGER: Undergoing Liquidation Proceeding in Mellingen ---------------------------------------------------------------- JSC Alfred Krattiger is currently undergoing liquidation proceedings in Mellingen, Switzerland. The decision about liquidation was accepted at a general meeting on March 4, 2008. Deadline for creditors to file proofs of claim was May 11, 2008. BALLANTRE INVEST: Undergoing Liquidation Proceeding in Olten ------------------------------------------------------------ JSC Ballantre Invest is currently undergoing liquidation proceedings in Olten, Switzerland. The decision about liquidation was accepted at the extraordinary general meeting on March 20, 2008. Deadline for creditors to file proofs of claim was May 10, 2008. CAIM CONSULTING: Undergoing Liquidation Proceeding in Huttwilen --------------------------------------------------------------- CAIM Consulting for Accessory, Instruments and Macins Ltd. liab. Co. is currently undergoing liquidation proceedings in Huttwilen, Switzerland. The decision about liquidation was accepted at the shareholders’ meeting on Dec. 17, 2007. Deadline for creditors to file proofs of claim was May 9, 2008. CD LICHTSYSTEME: Zug Court Initiates Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Service of Zug commenced bankruptcy proceedings against JSC CD Lichtsysteme on April 4, 2008. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland CORES CONSULTING: Undergoing Liquidation in Unterageri ------------------------------------------------------ LLC CORES Consulting Renee Schneider is currently undergoing liquidation proceedings in Unterageri, Switzerland. The decision about liquidation was accepted at the shareholders’ meeting on March 4, 2008. Deadline for creditors to file proofs of claim was May 10, 2008. EDUARD KETTNER: Undergoing Liquidation Proceeding in Malters ------------------------------------------------------------ JSC Eduard Kettner is currently undergoing liquidation proceeding in Malters, Switzerland. The decision about liquidation was accepted at the extraordinary general meeting on Jan. 30, 2008. Deadline for creditors to file proofs of claim was May 9, 2008. ERESTE TREUHAND: Undergoing Liquidation Proceeding in Dallikon -------------------------------------------------------------- LLC Ereste Treuhand is currently undergoing liquidation proceedings in Dallikon ZH, Switzerland. The decision about liquidation was accepted at the extraordinary shareholders’ meeting on Dec. 20, 2007. Deadline for creditors to file proofs of claim was May 9, 2008. EXPRESS-CHARLY LLC: Zug Court Initiates Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Service of Zug commenced bankruptcy proceedings against LLC Express-Charly on April 1, 2008. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6301 Zug Switzerland FAMO HOLDING: Undergoing Liquidation Proceeding in Risch -------------------------------------------------------- JSC Famo Holding is currently undergoing liquidation proceedings in Risch, Switzerland. The decision about liquidation was accepted at the general meeting on Nov. 1, 2006. Deadline for creditors to file proofs of claim was May 9, 2008. GILUCA LLC: Zug Court Initiates Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Service of Zug commenced bankruptcy proceedings against LLC Express-Charly on April 1, 2008. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland KURT MAURER: Undergoing Liquidation Proceeding in Schoftland ------------------------------------------------------------ JSC Kurt Maurer is currently undergoing liquidation proceedings in Schoftland, Switzerland. The decision about liquidation was accepted at the general meeting on March 6, 2008. Deadline for creditors to file proofs of claim was May 11, 2008. LUCKY BAMBO: Undergoing Liquidation Proceeding in Baden ------------------------------------------------------- LLC Lucky Bambo is currently undergoing liquidation proceedings in Baden, Switzerland. The decision about liquidation was accepted at the extraordinary shareholders’ meeting on Feb. 20, 2008. Deadline for creditors to file proofs of claim was May 11, 2008. OEKOBLAST JSC: Undergoing Liquidation Proceeding in Zuzgen ---------------------------------------------------------- JSC OEKOBLAST is currently undergoing liquidation proceedings in Zuzgen, Switzerland. The decision about liquidation was accepted at the extraordinary general meeting on Feb. 29, 2008. Deadline for creditors to file proofs of claim was May 11, 2008. SCHAPPI JSC: Undergoing Liquidation Proceeding in Stansstad ----------------------------------------------------------- JSC Schappi is currently undergoing liquidation proceedings in Stansstad, Switzerland. The decision about liquidation was accepted at the extraordinary general meeting on March 17, 2008. Deadline for creditors to file proofs of claim was May 9, 2008. VINOMANIA LLC: Undergoing Liquidation Proceeding in Fahrwangen -------------------------------------------------------------- LLC Vinomania is currently undergoing liquidation proceedings in Fahrwangen, Switzerland. The decision about liquidation was accepted at the extraordinary shareholders’ meeting on Jan. 30, 2008. Deadline for creditors to file proofs of claim was May 10, 2008. ============= U K R A I N E ============= BRIANKA MOTORCAR: Proofs of Claim Deadline Set May 22 ----------------------------------------------------- Creditors of OJSC Brianka Motorcar Transport Enterprise 10924 (code EDRPOU 03113331) have until May 22, 2008, to submit proofs of claim to: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The Economic Court of Lugansk commenced bankruptcy proceedings against the company on April 10, 2008, after finding it insolvent. The case is docketed as 9/165b. The Debtor can be reached at: OJSC Brianka Motorcar Transport Enterprise 10924 Techbazovskaya Str. 1 Brianka 94105 Lugansk Ukraine BUSINESSELIT LLC: Proofs of Claim Deadline Set May 22 ----------------------------------------------------- Creditors of LLC Businesselit (code EDRPOU 33831590) have until May 22, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 23/345-b. The Debtor can be reached at: LLC Businesselit Novopechersky Lane 5 Kiev Ukraine GARINDUSTRIALSERVICE LLC: Proofs of Claim Deadline Set May 22 ------------------------------------------------------------- Creditors of LLC Garindustrialservice (code EDRPOU 33969013) have until May 22, 2008, to submit proofs of claim to: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 5/175/08. The Debtor can be reached at: LLC Garindustrialservice Artileriyskaya Str. 10 54030 Nikolaev Ukraine MALIRANGE LLC: Proofs of Claim Deadline Set May 22 -------------------------------------------------- Creditors of LLC Malirange (code EDRPOU 34045416) have until May 22, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 23/344-b. The Debtor can be reached at: LLC Malirange Mechnikov/Pervomaysky Str. 10/2 Kiev Ukraine MATRIX UKRAINE: Proofs of Claim Deadline Set May 22 --------------------------------------------------- Creditors of Matrix Ukraine (code EDRPOU 32288231) have until May 22, 2008, to submit proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy proceedings against the company on March 18, 2008, after finding it insolvent. The case is docketed as 2/23-08-483. The Debtor can be reached at: Matrix Ukraine Lidersovsky Boulevard 3 65044 Odessa Ukraine OVETRI CJSC: Creditors Must File Claims by May 22 ------------------------------------------------- Creditors of CJSC Ovetri (code EDRPOU 05517423) have until May 22, 2008, to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy supervision procedure on the company. The case is docketed as B 15/8/02. The Debtor can be reached at: CJSC Ovetri Zonov Str. 3 Ordzhonikidze 53300 Dnipropetrovsk Ukraine PRIVOROTYE AGRICULTURAL: Proofs of Claim Deadline Set May 22 ------------------------------------------------------------ Creditors of Privorotye Agricultural LLC (code EDRPOU 31503566) have until May 22, 2008, to submit proofs of claim to: The Economic Court of Hmelnitskij Nezalezhnosti Square 1 29000 Hmelnitskih Ukraine The Economic Court of Hmelnitskij commenced bankruptcy proceedings against the company after finding it insolvent on April 4, 2008. The case is docketed as 2/71-B. The Debtor can be reached at: Privorotye Agricultural LLC Privorotye Kamianets-Podolsky District Hmelnitskij Ukraine TECHNICAL SPECIAL: Proofs of Claim Deadline Set May 22 ------------------------------------------------------ Creditors of LLC Technical Special Trade (code EDRPOU 33722233) have until May 22, 2008, to submit proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy proceedings against the company on March 27, 2008, after finding it insolvent. The case is docketed as 2/65-08-1125. The Debtor can be reached at: LLC Technical Special Trade Voznesensky Lane 65023 Odessa Ukraine VIGRO-2005 LLC: Proofs of Claim Deadline Set May 22 --------------------------------------------------- Creditors of LLC Vigro-2005 (code EDRPOU 33745292) have until May 22, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 23/320-b. The Debtor can be reached at: LLC Vigro-2005 P. Lumumba Str. 15 Kiev Ukraine =========================== U N I T E D K I N G D O M =========================== ADVANCED RESEARCH: Taps Liquidators from PricewaterhouseCoopers --------------------------------------------------------------- Karen Lesley Dukes and Robert William Birchall of PricewaterhouseCoopers LLP were appointed joint liquidators of Advanced Research Concepts (UK) Ltd. on April 30 for the creditors' voluntary winding-up proceeding. The company can be reached at: Advanced Research Concepts (UK) Ltd. 1 Winchester Place North Street Poole Dorset BH15 1NX England ARRAN BREWERY: Runs Out of Cash; Enters into Administration ----------------------------------------------------------- The Arran Brewery Company Limited has entered into administration. In its website, the company said that Graham H. Martin and Laurie K. Manson have been appointed as Joint Administrators. According to a report by the Daily Record, the company ran out of cash as a result of increasing costs of fuel and wages. The Daily Record adds that owners Richard and Elisabeth Roberts also cited the rising pricing of grain as a factor in the company’s demise. The Arran Brewery Company Ltd. -- http://www.arranbrewery.com/ -- manufactures casks and bottled beer. AUTAIR ENGINEERING: Creditors' Meeting Slated for May 19 -------------------------------------------------------- Creditors of Autair Engineering Ltd. (Company Number 00843733) will meet at 10:00 a.m. on May 19, 2008, at: Express by Holiday Inn Percival Way 2 Luton LU2 9GP England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on May 18, 2008 at: Timothy John Edward Dolder Joint Administrator Begbies Traynor (South) LLP Calverton House Tilers Road Milton Keynes MK11 3LL England Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. BRITISH AIRWAYS: Losing Passengers After Terminal 5 Fiasco ---------------------------------------------------------- British Airways carried only 2.59 million passengers in April 2008 compared to 2.81 million passengers in April 2007. According to published reports, the 7.9% decrease has been blamed on the botched opening of Terminal 5 in March 2008. Premium passengers, however, increased 3.4% in April 2008 coming off a 4% decline of premium traffic in March 2008. Mr. Willie Walsh, British Airways' chief executive, in a BBC report said, that the company failed to predict the problems that blighted the opening of Heathrow's Terminal 5 Citing Brokers Collins Stewart, the Investment Markets reported that the Terminal 5 debacle could cost British Airways up to GBP50 million in compensation payments, flight cancellations and other costs. Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As of Jan. 2, 2008, British Airways Plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. CORIOLANUS LTD: Fitch Cuts Rating on Series 49 Notes to CC ---------------------------------------------------------- Fitch Ratings has downgraded Coriolanus Limited Series 49 N-TSAR Class G variable-rate secured notes (ISIN XS0295497969) notes due 2044 to 'C' from 'CC' and removed them from Rating Watch Negative. Under the transaction Deutsche Bank (rated 'AA-'/'F1+'/Outlook Stable) bought protection from Coriolanus Limited under a credit default swap referencing a portfolio of asset-backed securities. Fitch's rating action reflects higher loss expectations due to greater-than-expected collateral deterioration in the portfolio. The negative credit migration is primarily attributable to the rapid credit deterioration in subprime residential mortgage- backed securities from the 2004, 2005, and 2006 vintages as well as exposure to US structured finance CDOs. The portfolio comprises U.S. subprime RMBS (4.3%), Alternative A mortgage loans (14.4%), and U.S. diversified structured finance CDOs (58.1%). Subprime RMBS of the pre- 2005, 2005 & 2006 vintages account for approximately 2.5%, 1.0% & 0.8% of the portfolio, respectively. As per the latest trustee report dated April 2008, 4.9% of the portfolio is rated 'CCC+'. This compares to credit enhancement level of 0.65% for Class G. Currently, 10.7% of the portfolio is on RWN, including 8.4% of U.S. diversified structured finance CDOs where Fitch expects significant migration from the current levels. CORIOLANUS LTD: Fitch Junks Rating on Series 77 Class C Notes ------------------------------------------------------------- Fitch Ratings has downgraded Coriolanus Series 77 Class C variable-rate secured notes (ISIN: XS0304981516) due 2044 to 'C' from 'CC' and removed them from Rating Watch Negative. Under the transaction Deutsche Bank (rated 'AA-'/'F1+'/Outlook Stable) bought protection from Coriolanus Limited under a credit default swap referencing a portfolio of asset-backed securities. Fitch's rating action reflects higher loss expectations due to greater-than-expected collateral deterioration in the portfolio. The negative credit migration is primarily attributable to the rapid credit deterioration in subprime residential mortgage- backed securities from the 2004, 2005, and 2006 vintages as well as exposure to US structured finance CDOs. The portfolio comprises U.S. subprime RMBS (4.3%), Alternative A mortgage loans (14.6%), and U.S. diversified structured finance CDOs (58%). Subprime RMBS of the pre- 2005, 2005 & 2006 vintages account for approximately 2.5%, 1% & 0.8% of the portfolio, respectively. As per the latest trustee report dated April 2008, 4.9% of the portfolio is rated 'CCC+'. This compares to credit enhancement level of 1.35% for Class C. Currently, 10.7% of the portfolio is on RWN, including 8.4% of U.S. diversified structured finance CDOs where Fitch expects significant migration from the current levels. DELTA CDO: Fitch Junks Ratings on 3 Series 2005-1 Notes Classes --------------------------------------------------------------- Fitch Ratings has downgraded Delta CDO plc Series 2005-1's collateralized debt obligations and removed them from Rating Watch Negative: -- Class B (ISIN XS0218111739): downgraded to 'CCC' from 'A'; removed from RWN -- Class C (ISIN XS0218113198): downgraded to 'CC' from 'BBB'; removed from RWN -- Class D (ISIN XS0218113602): downgraded to 'CC' from 'B'; removed from RWN Delta 2005-1 is a synthetic arbitrage CDO of a diverse portfolio of highly rated asset-backed securities. The downgrades reflect significant deterioration in the portfolio's credit quality since November 2007. The assets rated 'CCC' or below constitute 5.45% of the portfolio and exceed the credit enhancement of the most senior note. These assets are sub-prime residential mortgaged-backed securities positions and CDO exposures. The speculative-grade exposure of the asset pool is currently 10.92%. Currently, 5.47% of the assets are on RWN and rated below investment grade. The reference portfolio currently stands at US$1.36 billion and is composed of 117 US structured finance securities, including 62 sub-prime RMBS entities, which make up 52% of the portfolio notional. Of these, 32 (30% of the portfolio notional) are US sub-prime RMBS entities issued since 2005. The ratings address the likelihood of full and timely payment of interest and ultimate payment of principal of all classes of notes by final maturity in 2039. The reference portfolio is managed by Wharton Asset Management subject to portfolio guidelines and eligibility criteria. DELTA CDO: Fitch Junks Rating on Series 2005-2 Class E-1 Notes -------------------------------------------------------------- Fitch Ratings has downgraded Delta CDO plc Series 2005-2's collateralized debt obligations and removed Class E-1 from Rating Watch Negative: -- Class B-1 (ISIN US24741NAD57): downgraded to 'B' from 'A+'; remains on RWN -- Class C-1 (ISIN US24741NAE31): downgraded to 'B-' from 'BBB'; remains on RWN -- Class E-1 (ISIN US24741NAG88): downgraded to 'CC' from 'CCC'; removed from RWN Delta is a synthetic arbitrage CDO of a diverse portfolio of highly rated asset-backed securities. The reference portfolio's credit quality has deteriorated since the review in November 2007 and the number of speculative-grade names has increased. The lowest-rated names have recently experienced significant negative credit migration. The bucket rated 'CCC' and below comprises 0.65% of the pool assets. The bucket rated 'B' comprises 5.38% of the pool assets and the bucket rated 'BB' comprises 3.93%. While Class E-1 currently supports the higher-rated notes, the protection provided by these notes is marginal. The Class B-1 and C-1 notes are exposed to the performance of the low-rated assets in the pool. Currently, 8.55% of the assets are on RWN. Fitch will resolve the RWN on the Class B-1 and C-1 notes once the RWN on the assets in the pool is resolved. The reference portfolio currently stands at US$1.73 billion and is composed of 116 US structured finance securities, including 72 sub-prime RMBS entities, which make up 64% of the portfolio notional. Of these, 58 (53% of the portfolio notional) are sub- prime RMBS entities issued since 2005. The reference portfolio is managed by Wharton Asset Management subject to portfolio guidelines and eligibility criteria. The ratings address the likelihood of full and timely payment of interest and ultimate payment of principal of all Classes of notes by final maturity in 2045. DEP INTERNATIONAL: Joint Liquidators Take Over Operations --------------------------------------------------------- Gerald Irwin of Irwin & Company and Ian Gould of PKF (UK) LLP were appointed joint liquidators of DEP International Ltd. (formerly Fernscan Ltd.) on April 25 for the creditors' voluntary winding-up proceeding. The company can be reached at: DEP International Ltd. c/o Irwin & Company Station House Midland Drive Sutton Coldfield West Midlands B72 1TU England GRETNA FOOTBALL: Creditors Pick Closure Set May 17 Sans Buyer ------------------------------------------------------------- Creditors of Gretna Football Club Ltd. will move to shut down the company on May 17, 2008, if administrators fail to find a buyer, BBC News reports. Joint administrators David Elliott and Lisa Hogg of Wilson Field Ltd. told creditors that they have found four potential buyers for the club, and expect a sale before the season ends May 17, BBC News says. Mr. Elliott told BBC News that creditors have allowed the club play its remaining games, the last of which will be on May 13, 2008. As reported in the TCR-Europe on April 29, 2008, that three potential buyers -- including football consultant and agent Paul Davies -- have yet to submit offers. Gretna went into administration in March 2008 after Brooks Mileson terminated financial support, News and Star reports. The company has GBP3,734,811.53 in total debts, which excluded an administrators’ bill of more than GBP250,000. List of Major Creditors Creditor Amount -------- ------------ Brooks Mileson GBP1,871,000 Rowan Alexander 800,000 HM Inland Revenue is owed 439,762 HM Customs and Excise 136,292 University of Cumbria 74,000 James Grady 20,000 Martin Canning 9,000 Carlisle City Council 2,000 Headquartered Gretna, United Kingdom, Gretna Football Club Ltd. -- http://www.gretnafootballclub.co.uk-- is a Scottish football club that plays in the Scottish Premier League. GRIFFIN CONTRACTORS: Brings In Liquidators from Vantis ------------------------------------------------------ D. Wilson and P. Atkinson of Vantis Business Recovery Services were appointed joint liquidators of Griffin Contractors Ltd. on May 1 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Vantis Business Recovery Services 43-45 Butts Green Road Hornchurch Essex RM11 2JX England INSIDE TRACK: Brings In Administrators from Vantis -------------------------------------------------- Glyn Mummery and Jeremy Stuart French of Vantis Business Recovery Services were appointed joint administrators of Inside Track Seminars Ltd. (Company Number 04444151) on April 29, 2008. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. The company can be reached at: Inside Track Seminars Ltd. 1 Grove Crescent Kingston Upon Thames Surrey KT1 2DD England Tel: 020 8546 4277 Fax: 020 8241 0184 Web site: http://www.insidetrack.eu.com/ LYNDON LTD: Calls In Liquidators from Tenon Recovery ---------------------------------------------------- Ian William Kings and Steven Philip Ross of Tenon Recovery were appointed joint liquidators of Lyndon Ltd. on April 29 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Tenon House Ferryboat Lane Sunderland Tyne and Wear SR5 3JN England NORTHERN ROCK: SRM Joins UKSA's Call for Judicial Review -------------------------------------------------------- SRM Global Fund, a leading institutional shareholder in Northern Rock plc, on Thursday, May 8, 2008, joined the judicial review of the UK Government's compensation scheme imposed following nationalization of Northern Rock plc in February this year. The judicial review is being pursued by the UK Shareholders Association, which is promoting the interests of the approximately 150,000 small private shareholders who held as much as 25% of the shares. The shareholders' case is that the compensation scheme has been formulated so as to result in, at best, negligible compensation being paid for the expropriation by the Government of their shares, contrary to European and English law. In doing so the Government has taken temporary ownership of a solvent and profitable business at no cost with the explicit intention of selling it on in the future at an inevitable profit. In considering whether the Government's compensation scheme strikes a fair balance between the interests at stake, the shareholders will invite the High Court to investigate the conduct of the Government, the Bank of England, HM Treasury and the Financial Services Authority in the provision of lender of last resort support to Northern Rock as well as in the process which led to the decision to nationalize and then to impose the compensation scheme. The shareholders rely on evidence from the eminent economist, Professor Tim Congdon, to demonstrate that it is unprecedented for a solvent bank to be nationalized after receiving lender of last resort support. Professor Congdon's evidence will also show that in such circumstances, the seizure of a bank by a government for commercial gain is without parallel in the developed world. The shareholders also rely on the evidence of an independent expert valuer to show that the constraints imposed by the Government's compensation scheme will lead to a valuation which is far removed from Northern Rock's true value. The Government's compensation scheme can be expected to produce a nil value whereas Northern Rock's book value pre nationalization was at least four pounds per share. "Northern Rock's shareholders have had an unfair compensation proposal forced on them and the only redress is through the courts," a spokesman for SRM said. "Nationalization has resulted in major job losses and serious damage to the UK mortgage market which has caused the cost of mortgages for millions of UK households to be increased. The unexplained delay by the Government to appoint a valuer for Northern Rock has caused much uncertainty and heartache to the many individual shareholders who were looking to rely on their shares as a nest egg or part of their provision for their retirement. No shareholder enters into litigation lightly but in these circumstances institutional investors and individual shareholders have no alternative. It is entirely within the Government's power to avoid lengthy and expensive litigation by introducing an unbiased compensation scheme. "Prior to the hearing, the shareholders will be asking the court to release vital documents which will shed some light on the Government's reasoning for pursuing nationalization and also publicly expose why it was imposed without fair compensation." SRM acquired a stake of 11.5% in Northern Rock ahead of nationalization on Feb. 17, 2008. As a value investor, SRM believed Northern Rock's shares were trading at a deep discount to its book value and that the provision of support from the Bank of England had never previously led to nationalization. SRM also publicly stated it was prepared to invest in a long term private sector solution to recapitalize Northern Rock. The Shareholders' Case The Compensation Scheme passed by Parliament in March is neither fair nor balanced and the compensation which will ensue is grossly disproportionate to the true value of Northern Rock's shares. In these circumstances, nationalization amounts to nothing more than confiscation of property for negligible shareholder value. The assumptions contained in the Act and the Compensation Order do not reflect the expectations and reality of the role of the Bank of England as a central bank (or the wider role of the Tripartite Authorities) nor the historical consequences of Lender of Last Resort support nor do they reflect the reality of what actually happened. The nationalization of Northern Rock is unprecedented, and has no parallel with previous nationalizations which were carried out on the basis of long-term public ownership. The Government has repeatedly said Northern Rock's nationalization is "temporary" with the aim of making a profit for the Government. The fairness of the Compensation Scheme is to be judged in that light. The Failings of the Government The shareholders contend that the Tripartite Authorities (HM Treasury, The Bank of England and the FSA) failed in their duties to protect the property of shareholders. In particular they: -- ignored decades of custom and practice and refused to let Northern Rock covertly receive LOLR facilities from the Bank of England -- courted the private sector to run Northern Rock as a going concern only to impose increasingly onerous terms on proposals made by the interested parties -- failed to arrest a run of depositors' funds following the leak to the media and refused to investigate the source of the leak -- conceded very swiftly that the LOLR support constituted state aid under EU rules. This had the effect of constraining Northern Rock's business and future trading prospects as well as requiring the involvement of the EU Commission in determining Northern Rock's future -- introduced the concept of "value for money for the taxpayer" as the overriding principle that would justify nationalization of a solvent and profitable bank. This is despite the fact that (i) the concept has never been used before in the context of LOLR support and (ii) no tax payers funds have been drawn to support Northern Rock (taxpayers have been in the black as Northern Rock pays a penalty rate of interest) -- used the provision of LOLR support as a reason to permit the taxpayer to make a profit when Northern Rock is returned to the private sector. It is not the role of a central bank providing LOLR facilities to make a profit for the taxpayer; this has turned the Government into financial speculators -- established a compensation scheme which will provide no more than a negligible sum for shareholders to compensate for the expropriation of an asset with a book value in excess of GBP1.75 billion The Government exploited the position of the Bank of England as Lender of Last Resort for its own commercial advantage. The Government effectively exploited the unique position of the Bank of England, as Lender of Last Resort, to assume for itself the entirety of the collateral provided for the facilities. Such a measure appears to be unprecedented in the case of a solvent institution. HM Treasury has provided no proper explanation for its actions. Fundamentally, it has not sought to explain why a legitimate requirement for the protection of taxpayers' interests developed into requiring "sufficient value for money for the taxpayer". Furthermore, the objective of a central bank is not to make a return, or profit, on its lending. In this regard the shareholders have sought the independent expert opinion of Professor Timothy Congdon, an economist author and former member of HM Treasury's Panel of Independent Forecasters. Also, the Government moved from a position in September where it wanted protection in respect of the support facilities and their repayment to one where its solution secured "sufficient value" for the taxpayer. However, the taxpayer was already sufficiently protected, and the public interest did not require nationalization in order to secure value for money for the taxpayer. The shareholders say that it is not in the public interest for the Government to expropriate to itself commercial opportunities and value owned by shareholders, especially when it does not pay for them. The shareholders object to their commercial interests being transferred to the Government, for nothing. The Compensation Scheme contained in The Banking (Special Provisions) Act 2008 fails to strike a fair balance between the expropriation of the shares in Northern Rock and compensation payable for such expropriation. Contrary to its position last year and its public statements last month the Bank of England made available sufficient liquidity to UK financial institutions. The irony is that six months on, a repeat of the crisis that enveloped Northern Rock is highly unlikely. About Northern Rock plc Headquartered in Newcastle upon Tyne, England, Northern Rock plc -- http://www.northernrock.co.uk/mortgages/-- deals with mortgages, savings accounts, loans and insurance. The company also promotes secured loans to its existing mortgage customers. The company had more than US$200 billion in assets at the end of June 2007. * * * In December 2007, Moody's Investors Service downgraded to E+ from D+ Northern Rock's Bank Financial Strength Rating. The E+ maps into a Baseline Credit Assessment of B1. The bank's dated subordinated debt was downgraded to B1 from Baa1 and the undated subordinated debt and Tier-1 securities were downgraded to B3 from Baa1 and Baa3 respectively. All of these ratings have negative outlooks. Northern Rock's short- term rating was affirmed at Prime-1. PARKIN REINFORCEMENT: Hires Liquidators from Tenon Recovery ----------------------------------------------------------- David Antony Willis and Thomas Dixon of Tenon Recovery were appointed joint liquidators of Parkin Reinforcement Ltd. on April 28, 2008 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Cleveland Business Centre Middlesbrough TS1 2RQ England RANK GROUP: Posts Lower Revenue for First 17 Weeks 2008 ------------------------------------------------------- The Rank Group Plc has released its trading results for the first 17 weeks of 2008. As anticipated, the effects of the smoking ban and adverse changes to gaming regulations resulted in lower levels of Group revenue compared with the first 17 weeks in 2007. The company, however, experienced a modest improvement in average weekly revenue levels compared with the final four months of 2007 (the period immediately following the implementation of the Gambling Act 2005), and cost-saving initiatives have strengthened the Group's profit performance. Having taken action to address our cost base, the objective is to return the Group to revenue growth. The company is focused on growing the number of visits to businesses by rewarding loyal customers, reaching out to engage with new customers and raising standards of service and product for all customers. Group Result On a like-for-like basis, Group revenue was 8% lower than in the first 17 weeks of 2007, reflecting the year-on-year effects on our U.K. retail businesses of the English and Welsh smoking bans and the loss of Section 21 gaming terminals (under the Gambling Act 2005). Revenue in Blue Square, our interactive business, remained strongly ahead of the comparable period in 2007. Year-on-year segmental and Group revenue for the 17 weeks ended April 27, 2008: Like-for-like revenue (excludes Total revenue club openings, closures and relocations) Mecca Bingo (14)% (16)% Top Rank Espana* 7% 7% Grosvenor Casinos (8)% (7)% Blue Square 10% 10% Group (8)% (9)% Mecca Bingo In Mecca Bingo revenue declined by 14% on a like-for-like basis, with admissions down 13% and spend per head down 1%. However, this represents a modest improvement in trading compared with the final four months in 2007. In England and Wales, like-for-like revenue is down 17% against the comparable period in 2007, while in Scotland it is marginally ahead. During the period, the company extended the number of clubs with outside gaming areas to 43 and we developed 23 adult gaming centers within our Mecca Bingo portfolio. In the clubs where we have been permitted to make these innovations, the company seen incremental revenue and profit improvement. In February 2008, the company opened a new Mecca Bingo club at Thanet in Kent and is pleased with its early trading performance. In April, the company closed our Mecca Bingo club in Swindon. At present no further club openings or closures are scheduled. The company is disappointed by the Government's decision to reject industry calls for taxation reform for bingo in its Budget 2008. The company supports the position of the Bingo Association that, in the absence of any clear rationale for the perpetuation of 'double taxation', HM Treasury should grant bingo parity with other forms of gaming in Britain through the abolition of VAT on bingo revenues. Top Rank Espana The difficult consumer environment in Spain affected the performance of Spanish bingo clubs business during the first 17 weeks of the year. Although reported revenue grew by 7%, this was as a consequence of the strength of the Euro against Sterling. In Euros, revenue declined by 2%, with spend per head flat and admissions down 2%. Grosvenor Casinos In Grosvenor Casinos revenue declined by 8% on a like-for-like basis, with admissions down 14% and spend per head up 5%. Like- for-like revenue declined by 4% in London casinos and by 13% in provincial casinos. London casinos benefited from an increase in spend per head, with win margin higher than in the comparative period in 2007. Admissions were down by 14% in both London and the provinces. As with Mecca Bingo, this performance represents a modest improvement in average weekly revenue, compared with the final four months in 2007. In February, the group opened its fifth casino under the G Casino brand, at Thanet (a relocation of our Ramsgate casino license) and is pleased with its early trading performance. The company remain on schedule to open its first casino in Scotland, at Aberdeen later this year. Blue Square Blue Square, the the company's interactive gaming division, grew revenue by 10% against the comparable period in 2007. Games products, and in particular, Meccabingo.com performed strongly in the period but revenue from sportsbook business was lower, reflecting the increasingly competitive nature of the U.K. sports betting market. Pension Plan As announced at the time of annual results on Feb. 20, 2008, we have entered into a series of agreements to transfer the assets and liabilities of the Rank Pension Plan to Rothesay Life. Since then, the company has received the appropriate tax clearance for the transaction from HM Revenue and Customs. The company remains on course to complete this transaction by 30 June 2008 and anticipates a net cash inflow to Rank of at least GBP20 million. Outlook Given the difficult trading environment for retail gaming businesses, the company encouraged by its start to 2008. the company has achieved a degree of success in adjusting to the smoking ban and the new gaming regulations and have taken timely action to protect profits. Nevertheless, the company is conscious that the difficult consumer climate is likely to make 2008 a challenging year for the gaming sector. About Rank Group Headquartered in London, United Kingdom, Rank Group PLC -- http://www.rank.com/-- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * As of May 9, 2008, The Rank Group Plc carries B1 corporate family and probability-of-default rating from Moody's Investors Service, which said the outlook is negative. The company also carries B+ long-term corporate credit rating from Standard & Poor's Ratings Services, which said the outlook is negative. ROCK GROUP: Cash Flow Difficulties Prompt Administration -------------------------------------------------------- Dominic Wong and David Langton of Deloitte & Touche LLP were appointed joint administrators of Rock Group Plc on May 8, 2008. The failure of the company is partly attributed to the cash flow difficulties as a result of stock misappropriation by a former employee. This led to suppliers reducing credit limits, further adversely impacting upon cash flows. "The Rock Group has won many industry awards for its high performance range of laptops, which are primarily aimed at the gaming sector. It prides itself on the performance, design, quality and value offered by its laptops," Dominic Wong disclosed. "We are seeking a buyer for the business as a going concern and interested parties should contact the administrators without delay," Mr. Wong added. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. Headquartered in Warwick, England, The Rock Group Plc -- http://www.rockdirect.com/-- is manufacturer and retailer of high performance laptop computers aimed at the gaming sector. It has a turnover of around GBP5 million and employs approximately 25 staff. ROCK GROUP: Unable to Repair Customers’ Laptops ----------------------------------------------- Dominic Wong and David Langton of Deloitte & Touche LLP, as appointed joint administrators of Rock Group Plc, disclosed that a majority of laptops held by the company and belonging to customers were awaiting repair. The administrators said that since the company has ceased trading, it will be unable to undertake service and warranty work. However, the administrators added that they are in advanced discussions with a number of interested parties, with the aim of completing a sale of the business within 7-10 days of their appointment. If a sale of the business can be achieved, it is likely that a purchaser will wish to preserve the goodwill in the business by completing outstanding service and warranty work and returning these computers to customers as quickly as possible. In the meantime, the administrators said that the laptops will be securely stored. The administrators revealed that they are not currently in a position to return laptops to customers as the courier firm who delivered the computers to customers is demanding payment of significant arrears before resuming service. The administrators however are in the process of making alternative arrangements. Any customer wishing to collect their laptop should make arrangements by calling customer services at 0845 155 0999 Due to the limited number of staff available the above line will only be manned from Monday to Friday between 9.00 a.m. and 5.30 p.m. Outside of these hours please go to the Rock website and complete a support ticket detailing your query. Headquartered in Warwick, England, The Rock Group Plc -- http://www.rockdirect.com/-- is manufacturer and retailer of high performance laptop computers aimed at the gaming sector. It has a turnover of around GBP5 million and employs approximately 25 staff. SONDA AVIATION: Bank of Scotland Taps Receivers from PwC -------------------------------------------------------- Bank of Scotland Plc appointed David James Bennett and Robert William Birchall of PricewaterhouseCoopers LLP joint administrative receivers of Sonda Aviation Enterprises Ltd. (Company Number 02430639) on April 29, 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: Sonda Aviation Enterprises Ltd. 38 Salisbury Road Worthing West Sussex BN11 1RD England Tel: 01903 209 152 Fax: 01903 756 222 STAR SHIPPING: Appoints Liquidators from Tenon Recovery ------------------------------------------------------- Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon Recovery were appointed joint liquidators of Star Shipping Ltd. on April 23 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TZ England THOMAS HARPER: Appoints Joint Administrators from Deloitte ---------------------------------------------------------- Richard Michael Hawes and Stephen Anthony John Ramsbottom of Deloitte & Touche LLP were appointed joint administrators of Thomas Harper Ltd. (Company Number 4588355) on April 30, 2008. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The company can be reached at: Thomas Harper Ltd. Friary House 46-50 Southgate Street Gloucester CL1 2DR England TIMBERLAND HOMES: GLA Revokes License Over Forced Labor ------------------------------------------------------- The Gangmaster Mr Jonathan Beckson, director of Timberland Homes Ltd., trading as Timberland Homes Recruitment, had their license revoked with immediate effect by the Gangmasters Licensing Authority on Tuesday, May 6, 2008. An investigation carried out by GLA revealed rather shocking conditions imposed on mainly Polish migrant workers used for flower picking throughout the UK. These vulnerable workers were threatened with huge deductions from wages and even a threat to involve their families in their home country if they left the employment of the gangmaster or failed to pay money to him. Abhorrent living and transport conditions meant the workers were housed in sub-standard accommodation and transported in prohibited, un-certified vehicles. The GLA is passing the information on this case to the UK Human Trafficking Centre. Reports regarding the vehicles' use in transporting the workers have been submitted to Scottish Procurators' Fiscal to consider a prosecution. GLA officers found: -- a threatening letter to workers stating that they were not free to leave before the end of the contract without paying GBP700, and if they did not have the money this would be recovered from the workers or their families in their home country -- Timberland were subcontracting workers from an unlicensed Polish gangmaster -- some workers stated that they received GBP24 for a nine hour day -- workers received 4 pence per bunch of flowers picked -- no timesheets were used, so pay could not be accurately recorded -- Scottish Agricultural Minimum Wage was not being paid -- VOSA had issued prohibition notices on six Timberland minibuses in Cornwall and Timberland flouted the law by transporting the workers to Scotland in these vehicles and continued to use these minibuses for transportation of workers there on a daily basis -- Grampian and Tayside Police Forces took combined action regarding the use of the minibuses, forcing the operator to reduce seating capacity due to their 'unlicensed' status. Reports regarding the vehicles' use have been submitted to Scottish Procurators' Fiscal regarding consideration of prosecution of the firm -- workers did not give their consent for transport and accommodation deductions -- workers were charged for the protective clothing needed to carry out the job -- six to eight workers shared rooms in converted farm buildings that were not licensed as houses of multiple occupation -- there were not enough beds for the 43 workers and only 4 toilets between them -- the Kitchen facilities were poor and used bedding and laundry was kept in the cooking area thus creating a serious hygiene and fire hazard -- Tayside Fire and Rescue inspected the accommodation at the request of the GLA and found the premises to be unsatisfactory and issued a report stating that it should be rectified without delay -- other contract abuses "There is another world out there that the vast majority of us are lucky enough not to see. Forced labor, intimidation and abuse at work is something nobody should experience but we are uncovering it too frequently," Paul Whitehouse, chairman of the GLA said. "Some labor providers are doing a great job in a tough industry, but the rogue gangmasters are making workers lives a misery and it is these crooks that we are committed to catching." "The GLA is here to route out the rogues. We are getting results through strong enforcement activities, which is the only way to stop this exploitation. Where we find abuse of vulnerable workers, we will use all of the powers at our disposal in the continuing fight to protect vulnerable workers across the UK." Some industry insiders have described us as draconian. We are. We are also ugly and intend to get uglier with those who abuse the vulnerable at work." "The ALP fully supports the GLA in taking strong action against those labor providers who flout laws and mistreats workers," Mark Boleat, chairman of the Association of Labour Providers said. "I would like to congratulate those who uncovered this frightening story of worker abuse, something which seems unbelievable in 21st century Britain. This abuse will not be tolerated and I would like to see the GLA use all of their powers to stamp out worker exploitation in the UK," Jim Sheridan, MP for Paisley & Renfrewshire North, said. "The breadth and depth of this abuse is staggering. This action by the GLA will free these workers from a working hell, and send a powerful signal to other employers in this sector that if they cheat workers, then they will be put out of business," Jack Dromey, deputy General secretary of Unite said. "We welcome this important intervention by the GLA, coming as it does on the day when the Commission on Vulnerable Employment exposes the twilight world of work inhabited by millions of vulnerable workers across the UK." Almost 1200 gangmasters are now licensed to operate legally in the UK and the GLA has uncovered worker exploitation, illegal activity that led to the revocation of 56 licenses and a recent prosecution for operating without a GLA license. About Timberland Homes Timberland Homes Ltd. (t/a Timberland Homes Recruitment) was based in Brandon in Suffolk and supplied workers to Winchester Growers in Cornwall and a flower picking consortium, Grampian Growers near Montrose in Scotland. According the Guardian, the company went into receivership in December last year. TINDALE & STANTON: Appoints PwC as Joint Administrators ------------------------------------------------------- Ian Stokoe and Ian Green of PricewaterhouseCoopers LLP were appointed joint administrators of Tindale & Stanton Ltd. (Company Number 01188441) on May 1, 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: Tindale & Stanton Ltd. Unit 9 Hobson Industrial Estate Newcastle upon Tyne Tyne and Wear NE16 6EA England Tel: 01207 271 041 Fax: 01207 270 973 VIRGIN MEDIA: S&P Holds B+ Rating; Outlook Revised to Positive -------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on U.K.- based telecommunications provider Virgin Media Inc. to positive from stable following the publication of first-quarter 2008 results. The 'B+' long-term corporate credit rating was affirmed. At the same time, Standard & Poor's revised to '3' from '4' its recovery rating on the junior-lien debt issued by Virgin Media Investment Holdings Ltd., a subsidiary of VMI, while leaving the 'B+' issue-level rating on this debt unchanged, in line with the 'B+' corporate credit rating on the group. The recovery rating of '3' indicates our expectation of meaningful (50%-70%) recovery in the event of a payment default. "The outlook revision reflects VMI's improving operating performance and continuing focus on deleveraging its capital structure," said Standard & Poor's credit analyst Karim Nadji. "It also follows the company's US$1 billion convertible debt issuance, which extends VMI's debt maturity profile and improves covenant headroom, notably from 2009 onward." At March 31, 2008, total adjusted debt was GBP6.3 billion (GBP6.0 billion reported), translating into adjusted total debt to EBITDA (for the 12 months to March 2008) of 4.8x (4.7x reported), down from 5.3x one year earlier. "There is potential for an upgrade in the near term if VMI continues to focus on deleveraging to below 4x adjusted total debt to EBITDA, steadily grow both revenue and EBITDA, and generate increasing free operating cash flow," Mr. Nadji added. Standard & Poor's does not think this is incompatible with tightening financial maintenance covenants if headroom prospects are proactively managed through early refinancing or possible asset disposals. A more aggressive financial policy or a material acquisition-- which S&P does not expect at this stage--would likely not be compatible with a rating upgrade. Downside risk would most likely arise from a deterioration in operating performance and cash flow generation. The evolution of covenant headroom will be closely monitored. Although S&P believes that VMI will maintain ample flexibility in terms of time and means of action to protect adequate covenant headroom, tightening covenants-- notably from 2009 onward--along with demanding debt service coverage compliance in 2010 would place downward pressure on the outlook or rating if the company failed to proactively address these concerns well ahead of time. WALNUT CARE: Taps Joint Administrators from Tenon Recovery ---------------------------------------------------------- Dilip K. Dattan and Patrick B. Ellward of Tenon Recovery were appointed joint administrators of Walnut Care Ltd. (Company Number 04300065) on April 29, 2008. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The company can be reached at: Walnut Care Ltd. Northorpe Road Halton Holegate Spilsby Lincolnshire PE23 5NZ England Tel: 01790 755 654 Fax: 01790 755 613 * England's Football League Sets CVA Rules For Clubs ---------------------------------------------------- England's Football League is imposing a 25-point deduction on clubs that exit insolvency without a company voluntary arrangement, eufootball.biz says. The league also requires clubs to have a settlement that is accepted by three-quarters of the creditors, eufootball.biz relates. * Begbies Traynor Acquires Fanshawe Lofts ----------------------------------------- Begbies Traynor Group plc, the AIM listed specialist professional services organisation, has added to its strength in the region with the acquisition of Southampton and Bath based corporate recovery and insolvency firm, Fanshawe Lofts. Fanshawe Lofts was set up in 1990. The well-established firm provides corporate finance, business turnaround, corporate recovery and insolvency services to small and medium-size businesses and is headed up by Senior Partners, Antony Fanshawe and Rosemary Penn-Newman. Begbies Traynor Group plc, the AIM listed specialist professional services organisation, has added to its strength in the region with the acquisition of Southampton and Bath based corporate recovery and insolvency firm, Fanshawe Lofts. Fanshawe Lofts was set up in 1990. The well-established firm provides corporate finance, business turnaround, corporate recovery and insolvency services to small and medium-size businesses and is headed up by Senior Partners, Antony Fanshawe and Rosemary Penn-Newman. The acquisition is another move by the Begbies Traynor Group, which has existing regional offices in Southampton, Bournemouth, Salisbury, Bath and Bristol, to strengthen its already well- established presence in the area -- a market which the Group believes has significant growth potential. Antony Fanshawe commented: “We are delighted to be joining Begbies Traynor Group. The move will enable us to benefit from this national, highly respected brand, making us a formidable competitor in this market.” Julie Palmer, Partner with overall responsibility for the Group’s Southampton, Salisbury and Bournemouth offices, says: “Fanshawe Lofts is a well established and respected firm and will add significantly to our offering on the South Coast. Our respective services are highly complementary and our combined strength will make us the leading player in our local market.” Begbies Traynor Group plc has a turnover in excess of GBP50 million employing more than 600 people across a network of regional offices. It provides independent professional advice and solutions to businesses, financial institutions, the accountancy and other professions and individuals in areas of finance, recovery, investigation and risk management, specialist financial advice and commercial finance. The Group’s international network, Begbies Global Network (BGN) covers over 40 countries * Begbies Traynor Acquires Dewey & Co. -------------------------------------- Specialist professional services organisation Begbies Traynor Group has added to its strength in Wales with the acquisition of the corporate recovery and insolvency business of Dewey & Co. Dewey & Co was established in Cardiff by Peter Dewey, who was formerly with Deloitte, 19 years ago. As well as the corporate recovery and insolvency business, the company has a general accountancy practice which remains independent. Specialist professional services organisation Begbies Traynor Group has added to its strength in Wales with the acquisition of the corporate recovery and insolvency business of Dewey & Co. Dewey & Co was established in Cardiff by Peter Dewey, who was formerly with Deloitte, 19 years ago. As well as the corporate recovery and insolvency business, the company has a general accountancy practice which remains independent. The corporate recovery and insolvency specialism will now operate as an integral part of Begbies Traynor’s long established Cardiff office. Explains David Hill, partner responsible for Cardiff: “The addition of the Dewey & Co team to our operation provides further partner level expertise and resource at a key time in our growth locally and nationally. We are seeing rising demand for our services as businesses increasingly recognise the need to seek professional advice sooner rather than later when they come under financial pressure.” Peter Dewey adds: “There is a natural synergy between our two businesses and this is the right time to formally separate our corporate recovery and insolvency operation from our other work. The link with Begbies Traynor now makes our team part of the leading independent, business rescue, recovery, and restructuring specialist in the UK.” Begbies Traynor Group plc has grown consistently in recent years, with a number of acquisitions around the country adding to its geographic strength and service scope. The Group today is AIM listed and provides independent professional advice and solutions to businesses, financial institutions, the accountancy and other professions and individuals in the areas of finance, recovery, investigation and risk management, specialist financial advice and commercial finance. * BOND PRICING: For the Week May 5 to May 9, 2008 ------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- Kommunal Kredit Austria AG 0.500 03/15/19 CAD 65.35 0.250 10/14/26 CAD 40.31 Republic of Austria 4.000 06/22/22 EUR 72.41 0.000 10/10/25 EUR 63.26 FINLAND ------- Muni Finance PLC 1.000 03/19/13 AUD 73.79 0.500 04/26/13 AUD 71.13 1.000 10/30/17 AUD 57.25 1.000 02/27/18 AUD 56.54 0.500 09/24/20 CDN 61.01 0.250 06/28/40 CDN 20.76 1.000 11/21/16 NZD 60.51 FRANCE ------ Alcatel S.A. 4.750 01/01/11 EUR 14.68 Altran Technologies S.A. 3.750 01/01/09 EUR 12.33 BNP Paribas 0.250 12/20/14 US$ 75.10 Calyon 6.000 06/18/47 EUR 48.13 CAP Gemini S.A. 2.500 01/01/10 EUR 53.49 1.000 01/01/12 EUR 47.77 Club Mediterranee S.A. 3.000 11/01/08 EUR 66.36 4.375 11/01/10 EUR 48.05 FCC Rome Alliance Funding 2.26 01/08/21 EUR 74.10 Groupe Vial 2.5 01/01/14 EUR 34.79 Havas S.A. 4.000 01/01/09 EUR 10.73 Infogrames Entertainment S.A. 1.500 04/01/09 EUR 0.81 Ingenico 2.750 01/01/12 EUR 20.61 Maurel & Prom 3.500 01/01/10 EUR 21.26 Publicis Group 0.750 07/17/08 EUR 29.09 1.000 01/18/18 EUR 42.30 Rhodia S.A. 0.500 01/01/14 EUR 37.17 Scor S.A. 4.125 01/01/10 EUR 2.13 Soc Air France 2.750 04/01/20 EUR 25.22 Soitec 4.625 12/20/09 EUR 5.88 Theolia S.A. 2.000 01/01/14 EUR 24.80 Valeo 2.38 01/01/11 EUR 43.55 Vivendi Univers 1.75 10/30/08 EUR 30.20 Wavecom S.A. 1.750 01/01/14 EUR 20.44 Wendel Invest S.A. 2.000 06/19/09 EUR 45.31 GERMANY ------- Deutsche Schifbk 4.200 01/23/09 EUR 99.58 KfW Bankengruppe 0.500 10/30/13 AUD 69.06 0.500 12/19/17 EUR 68.28 5.000 05/23/20 EUR 75.78 1.250 07/07/20 EUR 75.05 1.250 07/29/20 EUR 75.50 5.000 07/21/25 EUR 71.17 5.000 09/01/25 EUR 73.95 5.000 08/10/30 EUR 67.63 Landeskreditbank Baden- Wuerttemberg Foerderbk 0.500 05/10/27 CDN 44.02 Landwirtschaftliche Rentenbank AG 1.000 03/29/17 NZD 59.12 GREECE ------ Hellenic Republic 0.990 07/07/24 EUR 67.67 0.630 04/40/25 EUR 67.17 ICELAND ------- Kaupthing Bank 6.130 10/04/16 US$ 102.10 6.500 02/03/45 EUR 50.17 IRELAND ------- Banesto Finance Plc 6.120 11/07/37 EUR 6.12 Depfa ACS Bank 0.500 03/03/25 CDN 48.41 0.250 07/08/33 CDN 28.33 Irish Nationwide Building Society 5.500 01/10/18 GBP 74.33 Magnolia Finance IV Plc 1.050 12/20/45 US$ 16.56 Ono Finance II 8.000 05/16/14 EUR 73.66 ITALY ----- Telecom Italia 5.250 03/17/55 EUR 73.25 Risanamento 1.000 04/17/69 EUR 54.24 LUXEMBOURG ---------- Del Monte Fin SA 6.630 05/24/06 EUR 45.07 Finmek International 7.000 12/03/04 EUR 6.51 IT Holding Fin 9.880 11/15/12 EUR 76.38 Nell AF S.A. 8.375 08/15/15 EUR 72.88 8.375 08/15/15 US$ 73.37 NETHERLANDS ----------- ABN Amo Bank B.V. 6.000 03/16/35 EUR 75.32 Air Berlin Finance B.V. 1.500 04/11/27 EUR 59.23 BK Ned Gemeenten 0.500 06/27/18 CDN 68.12 0.500 02/24/25 CDN 48.46 BLT Finance BV 7.500 04/17/74 US$ 73.64 Cirio Del Monte 7.750 03/14/05 EUR 36.73 DGS Int’l Fin Co. B.V. 10.000 06/01/07 US$ 1.00 Hypo Real ES Finance 5.500 08/20/08 EUR 50.57 Indah Kiat Intl 11.880 06/15/02 US$ 53.00 IVG Finance B.V. 1.750 03/29/17 EUR 65.35 Kazkommerts International B.V. 6.880 02/13/17 EUR 75.03 Kazkommertsbank 8.500 06/13/17 US$ 74.80 Lehman Bros TSY B.V. 2.000 02/16/15 EUR 72.90 2.000 03/18/15 EUR 72.66 4.169 02/16/17 EUR 68.04 2.892 06/13/17 EUR 68.15 6.000 02/15/35 EUR 53.00 2.000 03/16/35 EUR 48.53 7.000 05/17/35 EUR 53.75 7.250 10/05/35 EUR 43.78 6.000 11/02/35 EUR 52.25 Montell Finance B.V. 8.100 03/15/27 US$ 68.65 Natl Invester Bank 25.982 05/07/29 EUR 31.90 Ned Waterschapbk 6.000 06/01/35 EUR 68.77 6.500 08/15/35 EUR 63.03 6.000 06/30/45 EUR 60.30 Rabobank Groep N.V. 6.000 02/22/35 EUR 63.22 5.000 02/28/35 EUR 60.83 7.000 03/23/35 EUR 60.33 6.000 05/09/35 EUR 68.20 0.440 04/08/20 EUR 74.51 Tjiwi Kimia Finance BV 13.25 08/01/01 US$ 0.44 NORWAY ------ Kommunalbanken A.S. 0.500 02/07/13 AUD 72.01 Norske Skogindustrier ASA 7.000 06/26/17 EUR 64.88 SWEDEN ------ AB Svensk Export 0.500 03/27/13 AUD 72.54 Swedish Exp Cred 1.000 03/27/13 NZD 73.95 1.000 12/20/12 NZD 75.18 1.000 01/29/13 NZD 74.68 UNITED KINGDOM -------------- Anglian Water Finance Plc 2.400 04/20/35 GBP 50.73 BAA Plc 5.130 02/15/23 GBP 75.81 Britannia Building Society 5.875 03/28/33 GBP 74.47 F&C Asset Management plc 6.750 12/20/26 GBP 74.64 Grainer Plc 3.630 05/17/14 GBP 75.29 HSBC Bank Plc 3.650 05/18/15 EUR 91.13 Jaztel Plc 5.000 04/29/10 EUR 69.49 National Grid Gas Plc 1.754 10/17/36 GBP 41.52 1.771 03/30/37 GBP 41.50 Royal BK Scotland 7.000 06/09/25 EUR 63.86 9.500 04/04/25 US$ 70.59 RSL Communications Ltd 10.125 03/01/08 US$ 2.25 Wessex Water Fin 1.369 07/31/57 GBP 24.01 ********* 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 and Pius Xerxes Tovilla, 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 * * *