/raid1/www/Hosts/bankrupt/TCREUR_Public/080521.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
Wednesday, May 21, 2008, Vol. 9, No. 100
Headlines
A U S T R I A
ATELIER ANGERMANN: Claims Registration Period Ends May 26
ICHTYS LLC: Claims Registration Period Ends June 17
ING. WERNER MARSAT: Claims Registration Period Ends June 12
P&M LLC: Claims Registration Period Ends June 9
Q-MOBILE: Claims Registration Period Ends June 9
WILHELM OEG: Claims Registration Period Ends June 9
B U L G A R I A
FIRST INVESTMENT: Fitch Affirms IDR at BB- with Stable Outlook
KREMIKOVTZI AD: Arcelor Mittal Plans Takeover After Bankruptcy
F R A N C E
CIFG EUROPE: Moody's Cuts Insurance Financial Rating to Ba2
THOMSON SA: S&P Downgrades Loan Ratings to BB-
G E R M A N Y
BEST GMBH: Claims Registration Ends June 9
BRONBERGER & KESSLER: Claims Registration Ends June 9
DIE MEDIENCOMPANIE: Claims Registration Period Ends June 7
FRESENIUS MEDICAL: Moody's Lifts Corporate Family Rating to Ba1
GENERALUNTERNEHMER FUER: Claims Registration Ends June 9
GRA TISCH: Claims Registration Period Ends June 6
HPK HAUS-PLAN: Claims Registration Period Ends June 6
K & K MALERBETRIEB: Creditors' Meeting Slated for June 9
KAISER HOLDING: Claims Registration Period Ends June 6
KARAMUSALAR GMBH: Claims Registration Ends June 8
KOMBI-BAU GMBH: Claims Registration Period Ends June 7
M & P COOBER: Claims Registration Period Ends June 6
MARK GMBH: Claims Registration Ends June 9
MED.OC-VERLAG: Claims Registration Period Ends June 6
MERCHANDISE PARADISE: Claims Registration Period Ends June 6
STS-GMBH: Claims Registration Period Ends June 6
TED GAS: Claims Registration Period Ends June 6
VISTEON CORP: S&P Rates Proposed US$210 Million Notes at B-
VURAL GMBH: Claims Registration Period Ends June 6
WIKING AGRO: Claims Registration Period Ends June 6
I R E L A N D
CEDO PLC: Moody's Cuts Ratings on Series 2 Notes and Facilities
CEDO PLC: Moody's Lowers Rating on Series 3 Notes to B3
CEDO PLC: Moody's Cuts Ratings on Series 4 Notes & Facilities
CEDO PLC: Moody's Lowers Ratings on Four Note Classes to Low-B
CEDO PLC: Moody's Cuts Series 4 Tranch C Notes' Rating to Ba3
EIRLES TWO: Moody's Junks Rating on Series 244 Class B Notes
EIRLES TWO: Moody's Cuts Rating on Series 247 Notes to B2
OMEGA CAPITAL: Moody's May Further Cut Junk Ratings After Review
SMURFIT KAPPA: Earns EUR42.8 Mln in First Quarter Ended March 31
I T A L Y
PARMALAT SPA: Joins Murray Goulburn for Dairy Farmers Bid
SEAT PAGINE: S&P Keeps BB- Rating with Negative Outlook
K A Z A K H S T A N
ABC NON-FERROUZ: Creditors Must File Claims by June 27
AKTOBE STROY: Claims Deadline Slated for June 27
CONSULTING OF SECURITY: Claims Filing Period Ends June 27
MEDET TRADE: Creditors' Claims Due on June 27
MIT LLP: Claims Registration Ends June 27
ZAPAD CONCTRACT: Claims Deadline Slated for June 27
K Y R G Y Z S T A N
ASIAN TRAVEL: Creditors Must File Claims by July 2
WORLD WINGS: Claims Filing Period Ends July 2
L U X E M B O U R G
EVRAZ GROUP: Commences Placement of Over US$400MM in Eurobonds
N E T H E R L A N D S
HALCYON I: Moody's Rates EUR11 Million Class E Notes at Ba3
R O M A N I A
CFR MARFA: Moody's Withdraws Ba2 Ratings on Business Reasons
R U S S I A
EVRAZ GROUP: Commences Placement of Over US$400MM in Eurobonds
TRANSNEFT OAO: First Quarter Revenue Ups 18% to RUR59.3 Billion
S P A I N
SAN JOSE: To File for Administration; British Investors at Risk
S W I T Z E R L A N D
DATI LLC: Aargau Court Commences Bankruptcy Proceedings
EVENT-TEC LLC: Creditors Must File Proofs of Claim by May 23
HELVETIKA PAINTS: Aargau Court Initiates Bankruptcy Proceedings
KARL-HEINZ HOGG: Creditors' Liquidation Claims Due by May 23
KUNG INSTALLATIONEN: Proofs of Claim Deadline is May 23
LEGGETT & PLATT: Creditors Must File Proofs of Claim by May 24
MC DRIVER: Creditors Have Until May 24 to File Proofs of Claim
SINVESTTRADE LLC: Creditors' Liquidation Claims Due by May 23
T U R K E Y
* Fitch Rates Izmir's Long-term Currency Ratings at BB-
U K R A I N E
BANGA-M LLC: Proofs of Claim Deadline Set May 25
CLASS MILL: Proofs of Claim Deadline Set May 25
EXPRESS-BANK: Moody's Puts B3/NP/E+/Baa3.ua Ratings
GLOBAL MC: Proofs of Claim Deadline Set May 25
GRATE-LAND LLC: Proofs of Claim Deadline Set May 25
KHARKOV BUILDING: Proofs of Claim Deadline Set May 25
KREMENCHUK ENTERPRISE: Creditors Must File Claims by May 25
METAL SUPPLY: Proofs of Claim Deadline Set May 25
MOVABLE MECHANIZED: Proofs of Claim Deadline Set May 25
OHTYRKA LLC: Proofs of Claim Deadline Set May 25
UKRAINIAN SPECIALIZED: Proofs of Claim Deadline Set May 25
WORLD ENERGY: Proofs of Claim Deadline Set May 25
U N I T E D K I N G D O M
AMPEX CORP: March 31 Balance Sheet Upside-Down by US$109.5MM
ARROW SALVAGE: Claims Filing Period Ends July 12
BRITISH AIRWAYS: Board Recommends 5p-a-Share Final Dividend
BROOK YORK: Brings In Liquidators from Moore Stephens
CHESTER SADDLERY: Claims Filing Period Ends June 13
COMPANY 90: Brings In Joint Administrators from KPMG
COTT CORP: Moody's Cuts Corporate Family Rating to B2
DIRECT CREDIT: Appoints Liquidators from Moore Stephens
ENERSYS INC: S&P Rates Proposed US$150 Million Notes at BB
EOS AIRLINES: Asks Court Approval to Auction Assets
F S & O LTD: Calls In Liquidators from Moore Stephens
FAREPAK FOOD: Liquidators Files Legal Action Over Claims
FLOORCRAFT LTD: Taps Liquidators from Moore Stephens
HOSPITAL TELEPHONE: Joint Liquidators Take Over Operations
INVENSYS PLC: Preliminary Report Shows GBP200 Million Net Cash
JOHN HOBBS: Appoints Liquidators from Vantis Business Recovery
LOVEKYN OF EWELL: Hires Liquidator from Smith & Williamson
METAL EXPRESS: Brings In Liquidators from Tenon Recovery
MJA CONSTRUCTION: Appoints Joint Administrators from Kroll
OPTIMA MULTI SERVICES: Claims Filing Period Ends June 12
S R RICH: Claims Filing Period Ends July 12
SPA SOLUTIONS: Taps KPMG as Joint Administrators
STAND FITTING: Appoints Stephen Robert Cork as Liquidator
* First Quarter Bankruptcy Petitions in Britain UP 12%
*********
=============
A U S T R I A
=============
ATELIER ANGERMANN: Claims Registration Period Ends May 26
---------------------------------------------------------
Creditors owed money by LLC Atelier Angermann Kunst & Handwerk
(FN 89288g) have until May 26, 2008, to file written proofs of
claim to court-appointed estate administrator Gerd Moessler at:
Dr. Gerd Moessler
St. Veiter Strasse 9
9020 Klagenfurt
Austria
Tel: 0463/507 510
Fax: 0463/507 510-11
E-mail: rechtsanwalt@kucher-moessler.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 2, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Klagenfurt
Room 225
Second Floor
Klagenfurt
Austria
Headquartered in Klagenfurt, Austria, the Debtor declared
bankruptcy on April 29, 2008 (Bankr. Case No. 41 S 42/08m).
ICHTYS LLC: Claims Registration Period Ends June 17
---------------------------------------------------
Creditors owed money by LLC ICHTYS (FN 260182x) have until
June 17, 2008, to file written proofs of claim to court-
appointed estate administrator Karl F. Engelhart at:
Dr. Karl F. Engelhart
c/o Mag. Daniel Lampersberger
Esteplatz 4
1030 Vienna
Austria
Tel: 712 33 30-0
E-mail: kanzlei@engelhart.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 1, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1707
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 29, 2008 (Bankr. Case No. 2 S 51/08z). Daniel
Lampersberger represents Dr. Engelhart in the bankruptcy
proceedings.
ING. WERNER MARSAT: Claims Registration Period Ends June 12
-----------------------------------------------------------
Creditors owed money by LLC Ing. Werner Marsat & Co (FN 145523f)
have until June 12, 2008, to file written proofs of claim to
court-appointed estate administrator Michael Zerobin at:
Dr. Michael Zerobin
Herzog-Leopold-Str. 2
2700 Wiener Neustadt
Austria
Tel: 02622/86472
Fax: 02622/86472-4
E-mail: anwalt@zerobin.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 26, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Wiener Neustadt
Room 15
Wiener Neustadt
Austria
Headquartered in Kottingbrunn, Austria, the Debtor declared
bankruptcy on April 29, 2008 (Bankr. Case No. 10 S 51/08s).
P&M LLC: Claims Registration Period Ends June 9
-----------------------------------------------
Creditors owed money by LLC p&m (FN 275233f) have until June 9,
2008, to file written proofs of claim to court-appointed estate
administrator Peter Zens at:
Dr. Peter Zens
Esteplatz 5/5
1030 Vienna
Austria
Tel: 534 90-0
Fax: 534 90-50
E-mail: office@schopf-zens.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 23, 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 29, 2008 (Bankr. Case No. 6 S 65/08p).
Q-MOBILE: Claims Registration Period Ends June 9
------------------------------------------------
Creditors owed money by LLC Q-Mobile (FN 267077k) (fka LLC
BelTel Mobile) have until June 9, 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 9:20 a.m. on June 23, 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 29, 2008 (Bankr. Case No. 6 S 64/08s).
WILHELM OEG: Claims Registration Period Ends June 9
---------------------------------------------------
Creditors owed money by OEG WILHELM (FN 156490h) have until June
9, 2008, to file written proofs of claim to court-appointed
estate administrator German Storch at:
Mag. German Storch
Buergerstrasse 62
4020 Linz
Austria
Tel: 0732/661861
Fax: 0732/661861-19
E-mail: storch@storch-ra.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on June 23, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Linz
Room 522
Fifth Floor
Linz
Austria
Headquartered in Linz, Austria, the Debtor declared bankruptcy
on April 25, 2008 (Bankr. Case No. 12 S 32/08f).
===============
B U L G A R I A
===============
FIRST INVESTMENT: Fitch Affirms IDR at BB- with Stable Outlook
--------------------------------------------------------------
Fitch Ratings has changed Bulgaria-based First Investment Bank's
Outlook to Stable from Positive. Its other ratings are affirmed
at Long-term Issuer Default 'BB-', Short-term IDR 'B',
Individual 'D', Support '5' and Support Rating Floor 'No Floor'.
The Outlook change reflects Fitch's view of the currently more
challenging operating environment for FIBank, which makes it
less likely for its Long-term IDR to be upgraded in the short-
to medium-term. The general increase in funding costs, both
internationally and domestically, coupled with expected modest
lending growth for 2008, might result in margin pressure, weaker
operating profits and, ultimately, lower internal capital
generation.
FIBank's ratings reflect the bank's good franchise, improvements
in business diversification, acceptable capitalization and risk
management framework. However, FIBank's ratings still consider
some borrower concentration, lower profitability than best-
performing domestic peers' and a small capital base in absolute
terms.
FIBank's first quarter 2008 net profit increased by almost 50%
yoy, although this strong performance might be difficult to
maintain throughout the year. Net interest revenue, the largest
contributor to operating revenues, was sound, and net interest
margin stable over 2007, mainly supported by higher interest
rates charged on loans while lending volumes were broadly stable
compared to end-2007.
The bank's asset quality is still healthy, with non-performing
loans (i.e. overdue by more than 90 days) forming less than 2%
of total loans and a coverage ratio that comfortably exceeds
100%. Because of the expected lower asset growth, asset quality
ratios might deteriorate.
Since early 2008 the bank has successfully managed to attract
local currency customer deposits, thanks to competitive pricing.
Funding from customers accounted for 66% of the bank's total
funding at end-March 2008. The remainder was primarily in the
form of long-term funding from international markets. The bank
also successfully repaid EUR200 million of Eurobonds in first
quarter 2008. Interbank funding remains marginal in FIBank's
funding strategy.
FIBank's capitalization is at an acceptable level. Its Tier 1
and total regulatory capital adequacy ratios stood at 9.8% and
14%, respectively, at end-March 2008. To support
capitalization, the bank did not distribute any dividend for
2007 while the total capital ratio was supplemented by
BGN96 million hybrid securities that qualify as Tier 2 capital
under local regulation.
KREMIKOVTZI AD: Arcelor Mittal Plans Takeover After Bankruptcy
--------------------------------------------------------------
Arcelor Mittal will acquire Kremikovtzi AD after it is legally
declared bankrupt, Dnevnik a.m. quotes Lyudmil Pavlov, CITUB
trade union leader.
Arcelor executives met with trade union leaders to show their
plans for Kremikovtzi. Arcelor also submitted its take-over
plan, which proposed a short-term loan for working capital and
wages, to Bulgarian economy minister Petar Dimitrov, Seeurope
relates.
According to Mr. Pavlov, Arcelor representatives told trade
unionists that it was ready to invest US$150 million as working
capital and a further US$30 million for wages.
Arcelor then intends to see through the insolvency proceedings
of Kremikovtzi and take charge of the company after all creditor
claims are paid, the report said.
Konstantin Zhevago, another party interested to buy Kremikovtzi,
has also offered US$90 million as working capital and a contract
for external orders, Seeurope relates.
As previously reported in the TCR-Europe, a Bulgarian court on
April 30, 2008, appointed administrators at Kremikovtzi AD in
relation with the steel mill's deteriorating financial position,
published reports say.
Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer
in Bulgaria that reported BGN896 million in revenues in 2006.
It explores and produces iron and ore fields.
* * *
Kremikovtzi AD carries Moody's Investors Service corporate
family rating of Caa3 with a developing outlook.
===========
F R A N C E
===========
CIFG EUROPE: Moody's Cuts Insurance Financial Rating to Ba2
-----------------------------------------------------------
Moody's Investors Service downgraded the insurance financial
strength ratings of CIFG Guaranty, CIFG Europe, and CIFG
Assurance North America, Inc (collectively CIFG) to Ba2, from
A1, and kept the ratings under review with direction uncertain.
The rating agency said that the rating actions reflect the high
likelihood that, absent material developments, the firm will
fail minimum regulatory capital requirements in New York and
Bermuda due to expected significant increases in modeled loss
reserves on ABS CDOs. The breach of such regulatory capital
requirements would put the firm in a precarious position,
especially in light of the solvency provisions embedded in its
CDS exposures. The review with direction uncertain reflects
potential changes in the credit profile of the firm that could
occur over the next couple of months as CIFG attempts to
implement capital strengthening plans.
Moody's ratings on securities that are guaranteed or "wrapped"
by a financial guarantor are generally maintained at a level
equal to the higher of a) the rating of the guarantor or b) the
published underlying rating. However, as CIFG's rating is
downgraded below the investment grade level, and reflecting
-- Current Rating agency policy, Moody's will withdraw ratings
on CIFG-wrapped securities for which there is no published
underlying rating. Should the guarantor's rating subsequently
move back into the investment grade range or should the agency
subsequently publish the underlying rating, Moody's would
reinstate the rating to the wrapped instruments.
Moody's said that CIFG employs a loss reserving approach for its
insured ABS CDOs that uses as inputs the lowest available
ratings of any of three rating agencies on underlying CDO
collateral. With further downgrades of RMBS securities by
different rating agencies occurring since the beginning of the
year, Moody's believes CIFG will experience sizable increases in
reserves, and could breach regulatory capital requirements in
the near future. Moody's noted that the company has failed to
meet certain regulatory filing deadlines in both the US and
Bermuda, including 1st quarter 2008 results for CIFG Assurance
North America, Inc. and year-end 2007 financials for CIFG
Guaranty.
Moody's believes that the firm's loss reserve methodology may
result in a substantial conservative bias by using the lowest
rating on the underlying exposures of its ABS CDOs given the
material differences in average collateral ratings across rating
agencies. In March, Moody's had estimated CIFG's expected loss
on ABS CDOs at US$433 million, and stress losses, consistent
with a 21% cumulative loss on 2006 vintage subprime first liens
pools, at US$1.3 billion.
The rating agency added that the expected substantial increase
in loss reserves, despite their potential conservativeness,
could have material adverse effects on the firm's financial
condition. A large part of CIFG's credit exposure was written
in Credit Default Swap (CDS) form, and contains a clause that
exposes the firm to mark to market termination in the event of
insolvency. The current mark to market value of such CDS
contracts is a multiple of the expected economic loss on the
exposure (as estimated by Moody's and CIFG) and well in excess
of the firm's claims paying resources, said Moody's.
A breach of minimum regulatory capital requirement may not, in
itself mean that the firm is insolvent and therefore trigger a
market value termination of the CDS contracts, but it does
expose the firm to possible regulatory actions and other risks
that could trigger such termination given the lack of
specificity as to what would qualify as insolvency under the
terms of the contracts, added the rating agency. CIFG is
pursuing various strategic options, including a recapitalization
or a commutation of its ABS CDO exposures that, if successful,
would essentially remove the risk of market value termination.
The rating agency added, however, that until such a solution is
implemented, CIFG remains exposed to a heightened risk of
extreme financial distress. CIFG's parents, Caisse Nationale des
Caisses d'Epargne Prevoyance and Banque Federale des Banques
Populaires are expected to play a decreasing role in the firm's
future, and Moody's believes it is unlikely that they will
provide significant additional support to their subsidiary
beyond their recent US$1.5 billion capital infusion.
Moody's said that the review with direction uncertain reflects
the expectation of material changes to the firm's financial
profile over the next few months. In the unlikely event that a
market value termination of CIFG's CDS exposures is triggered,
the firm's rating would likely fall to the Ca-C range due to the
inability of the firm to fully meet such obligations out of its
financial resources. Under the most likely scenario, where the
firm is able to substantially remove the risk of market value
termination, the ratings could go up, but are likely to remain
below investment grade, reflecting Moody's serious concerns
about the insurer's operational effectiveness and governance.
Moody's will continue to closely monitor the evolving credit
profile of CIFG and will update its opinion as material changes
occur.
These ratings have been changed and kept under review direction
uncertain:
-- CIFG Guaranty -- insurance financial strength at Ba2, from
A1;
-- CIFG Europe -- insurance financial strength at Ba2, from
A1; and
-- CIFG Assurance North America, Inc. -- insurance financial
strength at Ba2, from A1.
Established in 2001, CIFG has provided financial guarantees to
issuers in the municipal and structured finance markets in the
US and Europe through CIFG Assurance North America, Inc. and
CIFG Europe, though it ceased writing business earlier this year
to conserve capital and to evaluate its strategic alternatives.
Caisse Nationale des Caisses d'Epargne Prevoyance (rated Aa2/P-
1/B-) and Banque Federale des Banques Populaires (rated Aa2/P-
1/B-) recently gained control of CIFG when they invested
approximately US$1.5 billion in the financial guarantor, which
was previously owned by their joint venture Natixis (rated
Aa2/P-1/C).
THOMSON SA: S&P Downgrades Loan Ratings to BB-
----------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit and senior unsecured bank loan ratings on
France-based technology group Thomson S.A. to 'BB-' from 'BB'.
At the same time, the 'B' short-term corporate credit rating
was affirmed. The outlook remains negative.
In addition, S&P lowered our issue rating on Thomson's junior
subordinated perpetual notes to 'B-' from 'B', reflecting the
still-low likelihood of the group deferring the EUR28 million
annual coupon payment due Sept. 25, 2008. The recovery ratings
on the debt obligations are unchanged, at '3' for the senior
unsecured bank loan and '6' for the junior subordinated notes,
indicating our expectation of meaningful (50%-70%) and
negligible (0%-10%) recovery, respectively, for unsecured
creditors in the event of a payment default.
"The downgrade primarily reflects the deterioration of the
group's current operating performance and near-term prospects,
as illustrated by its significant revenue decrease during the
first quarter of 2008, which we expect will result in increasing
leverage and lower covenant headroom under the group's private-
placement documentation," said Standard & Poor's credit
analyst Leandro de Torres Zabala.
Although Standard & Poor's views positively management's launch
of a restructuring program to reduce operating costs by about
EUR50 million in 2008 and its cancellation of the proposed EUR90
million 2008 ordinary-dividend payment, visibility is still
lacking on operating performance and covenant headroom for the
rest of 2008. Thomson does not publish quarterly results, and
we only have first-quarter 2008 sales figures.
Thomson's debt measures are aggressive. At year-end 2007, debt--
adjusted for operating leases, postretirement benefits, factored
receivables, and hybrid capital with intermediate equity
content, and net of excess cash--represented about 4.5x EBITDA
(excluding capitalized development costs), and funds from
operations represented about 15% of debt. The ratings continue
to be supported, however, by Thomson's diversified customer
relationships with media, electronics, and telecom groups--often
backed by medium- or long-term contracts--and steady license
cash flows.
The negative outlook, indicating near-term downgrade potential,
primarily reflects the risk of further downward pressure--beyond
our current expectations--on Thomson's revenues and operating
margins, the consequent worsening of already aggressive debt
ratios, and the likely reduction in financial covenant headroom
during the first half of 2008.
"A downgrade could result in the near term if we see the risk of
covenant headroom shrinking to even lower levels, which could
raise concerns about the group's liquidity position," said Mr.
de Torres.
A return to a stable outlook would most likely stem from the
stabilization of operating trends, debt measures, and covenant
headroom at comfortable levels on a sustainable basis over the
medium term.
=============
G E R M A N Y
=============
BEST GMBH: Claims Registration Ends June 9
------------------------------------------
Creditors of BEST GmbH have until June 9, 2008 to register their
claims with court-appointed insolvency manager Christian
Gerloff.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on 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 Munich
Meeting Hall 102
Infanteriestr. 5
80097 Munich
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Christian Gerloff
Nymphenburger Str. 139
80636 Munich
Germany
Tel: 089/120260
Fax: 089/12026137
The District Court of Munich opened bankruptcy proceedings
against BEST GmbH on April 9, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
BEST GmbH
Arabellastr. 5/129
81925 Munich
Germany
BRONBERGER & KESSLER: Claims Registration Ends June 9
-----------------------------------------------------
Creditors of Bronberger & Kessler Handelsges. und Gilg &
Schweiger GmbH & Co. KG have until June 9, 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 9:30 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 Hall 102
Infanteriestr. 5
80097 Munich
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Axel W. Bierbach
Schwanthalerstr. 32
80336 Munich
Germany
Tel: 54511-0
Fax: 54511-444
The District Court of Munich opened bankruptcy proceedings
against Bronberger & Kessler Handelsges. und Gilg & Schweiger
GmbH & Co. KG on April 2, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Bronberger & Kessler Handelsges.
und Gilg & Schweiger GmbH & Co. KG
Isarstr. 3
82065 Baierbrunn
Germany
DIE MEDIENCOMPANIE: Claims Registration Period Ends June 7
----------------------------------------------------------
Creditors of Die MedienCompanie VNA GmbH have until
June 7, 2008, to register their claims with court-appointed
insolvency manager Ingmar Jarchow.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 7, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
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:
Ingmar Jarchow
Heuberg 1
20354 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against Die MedienCompanie VNA GmbH on April 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Die MedienCompanie VNA GmbH
Attn: Hans-Juergen Schroeder, Manager
Grimm 14
20457 Hamburg
Germany
FRESENIUS MEDICAL: Moody's Lifts Corporate Family Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the Corporate Family
Rating of Fresenius SE to Ba1 from Ba2 and the Senior Unsecured
Notes to Ba1 from Ba2. The outlook was changed to stable from
positive.
Concurrently, Moody's has also upgraded the Corporate Family
Rating of Fresenius's subsidiary, Fresenius Medical Care AG &
Co. KGaA to Ba1 from Ba2, the Senior Secured Credit Facility to
Baa3 from Ba1, the Senior Unsecured Notes to Ba2 from Ba3 and
the Trust Preferreds to Ba3 from B1. The outlook was changed to
stable from positive.
The previous rating action for these issuers was on May 16,
2007, when Moody's affirmed the ratings for Fresenius and FME
and changed the outlooks to positive.
"The upgrades of the Corporate Family Ratings of Fresenius and
FME from Ba2 to Ba1 reflect the continued improvements in
operating performance evidenced by strengthening profitability
levels and cash flow generation driving a reduction in financial
leverage metrics of both companies more in line with the
requirements for the Ba1 rating category. Moody's expects
further improvements in operating performances given both
companies' strategies to benefit from global growth potential
for healthcare services and medical equipment, considering
rising demand levels from the ageing population, penetration of
new markets and the expectation that adequate reimbursement
rates will be preserved" says Christian Hendker, Moody's lead
analyst for Fresenius and FME. "The rating upgrades are based on
an expectation that improvements in financial leverage will be
sustained at both companies.
Currently, the ratings are constrained by the likelihood that
acquisitions and expansion capital expenditures to support these
growth strategies will continue to dilute cash flow generation
and leverage metrics, but today's rating actions reflect
management's commitment to operate within leverage ranges which
are commensurate for the Ba1 rating category over the medium
term" continues Mr. Hendker.
Moody's further notes that Fresenius has a slightly stronger
business profile than FME comprising better geographic and
segmental cash flow diversity. Both company's have similar
profiles of relatively moderate business risk, exacerbated,
however, by expansion strategies, which may be partially
financed by debt.
The upgrade for Fresenius SE to Ba1 was prompted by continuous
improvements in operating performance and financial leverage
which is now in line with the requirements for upward rating
pressure as outlined in Moody's last press release in May 2007,
notably an improvement in CFO to Debt towards the high teens
which is evidenced by CFO to Debt of 18.8% in FYE 2007, and a
reduction of Debt to EBITDA below 3.5x, evidenced by Debt to
EBITDA of 3.4x in fiscal year 2007. Moody's expects these
metrics to be broadly sustained.
The stable rating outlook for Fresenius SE incorporates the
expectation that the company will continue to moderately improve
its operating performance and leverage going forward, in line
with the requirements for the Ba1 rating category, evidenced by
range of 2.75x to 3.5x based on Debt to EBITDA, and 15% to 20%
for CFO to Debt.
The upgrade for FME to Ba1 was prompted by improvements in
operating performance and a reduction of financial leverage, but
in particular considering the expectation that these will be
further enhanced towards the requirements of the Ba1 rating
category to support a solid positioning in the rating category
going forward. FME managed to improve its Debt to EBITDA
slightly below 3.5x, and generated a CFO to Debt of 17.7% which
is just in the high teens as outlined as requirements for
positive rating pressure in Moody's Press Release published in
May 2007.
The stable outlook incorporates Moody's expectation that FME
will continue to enhance its leverage more in line with the
requirements of the Ba1 rating category over the medium term,
evidenced by a sustained strengthening in Debt to EBITDA
comfortably below 3.5x and CFO to Debt moving towards 20%.
While the stable rating outlook incorporates Moody's view of the
stability of the dialysis market which supports FME's recurring
cash flow generation basis, the rating remains constrained by
the prospects for a continuation of acquisitions and expansion
capex.
Moody's notes that the rating levels for Fresenius' Ba1
Corporate Family Rating and the Ba1 Corporate Family Rating of
its key subsidiary FME are not directly linked. However,
Fresenius' consolidated operating performance and financial
leverage are highly correlated to FME, given the full
consolidation of FME's financial results (Fresenius SE holds a
36% economic interest in FME, but as result of FME's legal
status as a KGaA, Fresenius has 100% management control of this
entity). FME remains fully controlled and hence fully
consolidated by Fresenius SE as long as Fresenius owns more than
25% of FME. Moody's notes that, although a change in the
consolidation method would affect the group's consolidated
operating performance and cash generation, it would also result
in a reduction in absolute debt levels.
Upgrades:
* Issuer: Fresenius SE
-- Corporate Family Rating, Upgraded to Ba1 from Ba2
-- Probability of Default Rating, Upgraded to Ba1 from Ba2
* Issuer: Fresenius Finance BV
-- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba1
(LGD 3, 43%) from Ba2 (LGD 4, 51%)
* Issuer: Fresenius Medical Care AG & Co. KGaA
-- Corporate Family Rating, Upgraded to Ba1 from Ba2
-- Probability of Default Rating, Upgraded to Ba1 from Ba2
-- Senior Secured Bank Credit Facility, Upgraded to Baa3
(LGD 3, 31%) from Ba1 (LGD 2, 28%)
* Issuer: Fresenius Medical Care Capital Trust IV
-- Preferred Stock, Upgraded to Ba3 (LGD 6, 97%) from B1 (LGD
6, 92%)
* Issuer: Fresenius Medical Care Capital Trust V
-- Preferred Stock, Upgraded to Ba3 (LGD 6, 97%) from B1 (LGD
6, 92%)
* Issuer: FMC Finance III S.A.
-- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2
(LGD5, 79%) from Ba1 (LGD 5, 74%)
Outlook Actions:
* Issuer: Fresenius SE
-- Outlook, Changed To Stable from Positive
* Issuer: Fresenius Finance BV
-- Outlook, Changed To Stable from Positive
* Issuer: Fresenius Medical Care AG & Co. KGaA
-- Outlook, Changed To Stable from Positive
* Issuer: Fresenius Medical Care Capital Trust IV
-- Outlook, Changed To Stable from Positive
* Issuer: Fresenius Medical Care Capital Trust V
-- Outlook, Changed To Stable from Positive
* Issuer: FMC Finance III S.A.
-- Outlook, Changed To Stable from Positive
Fresenius SE is a global health care company with products and
services for dialysis (through Fresenius Medical Care);
healthcare services (Helios) and facilities management (Vamed);
and nutrition and infusion therapies (Fresenius Kabi). For the
fiscal year ended on Dec. 31, 2007, Fresenius SE generated
consolidated sales of EUR11.4 billion.
Based in Bad Homburg, Germany, Fresenius Medical Care AG & Co.
KGaA is the world's leading provider of dialysis products and
services. For the fiscal year ended 31 December 2007, Fresenius
Medical Care generated net revenues of US$ 9.7 billion.
GENERALUNTERNEHMER FUER: Claims Registration Ends June 9
--------------------------------------------------------
Creditors of Generalunternehmer fuer schluesselfertiges Bauen
GmbH Bauunternehmung have until June 9, 2008 to register their
claims with court-appointed insolvency manager Michael J.W.
Blank.
Claims will be verified at 8:45 a.m. on July 7, 2008 at:
The District Court of Saarbruecken
Meeting Hall 13
First Floor
Vopeliusstrasse 2
66280 Sulzbach
Germany
Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.
The insolvency manager can be reached at:
Michael J.W. Blank
Marktstrasse 1
66333 Voelklingen
Germany
Tel: (06898) 850 920
Fax: (06898) 850 9221
The District Court of Saarbruecken opened bankruptcy proceedings
against Generalunternehmer fuer schluesselfertiges Bauen GmbH
Bauunternehmung on Feb. 28, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Generalunternehmer fuer schluesselfertiges
Bauen GmbH Bauunternehmung
Attn: Karl-Heinz Gouverneur, Manager
Holzbruch 7
66687 Wadern-Nunkirchen
Germany
GRA TISCH: Claims Registration Period Ends June 6
-------------------------------------------------
Creditors of GRA Tisch- und Metallproduktions GmbH have until
June 6, 2008, to register their claims with court-appointed
insolvency manager Burghard Wegener.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Goettingen
Hall B 11
Maschmuehlenweg 11
37073 Goettingen
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:
Burghard Wegener
Obere Karspuele 36
D 37073 Goettingen
Germany
Tel: 0551/9003660
Fax: 0551/90036629
The District Court of Goettingen opened bankruptcy proceedings
against GRA Tisch- und Metallproduktions GmbH on May 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
GRA Tisch- und Metallproduktions GmbH
Attn: Friedrich Schneider, Manager
Auschnippe 63
37170 Uslar
Germany
HPK HAUS-PLAN: Claims Registration Period Ends June 6
-----------------------------------------------------
Creditors of hpk haus-plan gmbh have until June 6, 2008, to
register their claims with court-appointed insolvency manager
Dirk Decker.
Creditors and other interested parties are encouraged to attend
the meeting at 11:35 a.m. on July 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Hamburg
Hall B 405
Fourth Floor Annex
Civil Justice Bldg.
Sievkingplatz 1
20355 Hamburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dirk Decker
Julius-Vosseler-Strasse 42
22527 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against hpk haus-plan gmbh on May 7, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
hpk haus-plan gmbh
Attn: Hans Kluge, Manager
Schopenstehl 20
20095 Hamburg
Germany
K & K MALERBETRIEB: Creditors' Meeting Slated for June 9
--------------------------------------------------------
The court-appointed insolvency manager for K & K Malerbetrieb
GmbH, Christian Koehler-Ma will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:50
a.m. on June 9, 2008.
The meeting of creditors and other interested parties will be
held at:
The District Court of Charlottenburg
Hall 218
Second Floor
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Sept. 29, 2008 at the same
venue.
Creditors have until July 30, 2008 to register their claims with
the court-appointed 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 K & K Malerbetrieb GmbH on April 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
K & K Malerbetrieb GmbH
Voigtstr. 25
10247 Berlin
Germany
KAISER HOLDING: Claims Registration Period Ends June 6
------------------------------------------------------
Creditors of Kaiser Holding GmbH have until June 6, 2008, to
register their claims with court-appointed insolvency manager
Michael C. Frege.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 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 Munich
Meeting Hall 102
Infanteriestr. 5
80097 Munich
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Michael C. Frege
Brienner Str. 11/V
80333 Munich
Germany
Tel: 089/23807-850
Fax: 089/23807-110
The District Court of Munich opened bankruptcy proceedings
against Kaiser Holding GmbH on April 21, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Kaiser Holding GmbH
Attn: Ewald Kaiser, Manager
Lindwurmstr. 89 a
80337 Munich
Germany
KARAMUSALAR GMBH: Claims Registration Ends June 8
-------------------------------------------------
Creditors of Karamusalar GmbH Gross- und Einzelhandel have until
June 8, 2008 to register their claims with court-appointed
insolvency manager Thomas Linse.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 8, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Nuremberg
Meeting Hall 152/I
Flaschenhofstr. 35
Nuremberg
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:
Thomas Linse
Aussere Sulzbacher Strasse 29
90491 Nuremberg
Germany
Tel: 0911/598704
Fax: 0911/5987379
The District Court of Nuremberg opened bankruptcy proceedings
against Karamusalar GmbH Gross- und Einzelhandel on May 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Karamusalar GmbH Gross- und Einzelhandel
Attn: Ustun Karamusalar and
Zekiye Karamusalar, Managers
Leyherstrasse 107
90443 Nuremberg
Germany
KOMBI-BAU GMBH: Claims Registration Period Ends June 7
------------------------------------------------------
Creditors of KOMBI-Bau GmbH have until June 7, 2008, to register
their claims with court-appointed insolvency manager Marco
Comes.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Muehlhausen
Hall 35
Untermarkt 17
Muehlhausen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Marco Comes
Goethestrasse 61
99096 Erfurt
Germany
The District Court of Muehlhausen opened bankruptcy proceedings
against KOMBI-Bau GmbH on April 17, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
KOMBI-Bau GmbH
Attn: Gerald Sebenhuener, Manager
Schulgasse 6
06556 Ringleben
Germany
M & P COOBER: Claims Registration Period Ends June 6
----------------------------------------------------
Creditors of M & P Coober Pedy GmbH & Co. KG have until June 6,
2008, to register their claims with court-appointed insolvency
manager Uwe Kuhmann.
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 Hagen
Hall 252
Second Floor
Heinitzstrasse 42/44
58097 Hagen
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:
Uwe Kuhmann
Hochstr. 124
58095 Hagen
Germany
The District Court of Hagen opened bankruptcy proceedings
against M & P Coober Pedy GmbH & Co. KG on May 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
M & P Coober Pedy GmbH & Co. KG
Doedterstr. 10
58095 Hagen
Germany
MARK GMBH: Claims Registration Ends June 9
------------------------------------------
Creditors of Mark GmbH have until June 9, 2008 to register their
claims with court-appointed insolvency manager Christoph
Goergen.
Claims will be verified at 9:00 a.m. on June 30, 2008 at:
The District Court of Saarbruecken
Meeting Hall 24
Second Floor
Vopeliusstrasse 2
66280 Sulzbach
Germany
Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.
The insolvency manager can be reached at:
Christoph Goergen
Beethovenstrasse 13
66606 St. Wendel
Germany
Tel: (06851) 4066
Fax: (06851) 4068
The District Court of Saarbruecken opened bankruptcy proceedings
against Mark GmbH on April 2, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Mark GmbH
Attn: Hans-Martin Mark, Manager
Vor Huelsenrech 12
66606 St. Wendel
Germany
MED.OC-VERLAG: Claims Registration Period Ends June 6
-----------------------------------------------------
Creditors of med.oc-Verlag GmbH have until June 6, 2008, to
register their claims with court-appointed insolvency manager
Matthias Hofmann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Munich
Meeting Hall 102
Infanteriestr. 5
80097 Munich
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Matthias Hofmann
Rosental 6
80331 Munich
Germany
Tel: 089/548033-0
Fax: 089/548033-111
The District Court of Munich opened bankruptcy proceedings
against med.oc-Verlag GmbH on April 30, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
med.oc-Verlag GmbH
Schoenfeldstr. 8
80539 Munich
Germany
MERCHANDISE PARADISE: Claims Registration Period Ends June 6
------------------------------------------------------------
Creditors of Merchandise Paradise GmbH have until June 6, 2008,
to register their claims with court-appointed insolvency manager
Norbert Wischermann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Ravensburg
Room 209
Second Floor
Herrenstr. 42
88212 Ravensburg
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. Norbert Wischermann
Bleicherstr. 16
78467 Konstanz
Germany
The District Court of Ravensburg opened bankruptcy proceedings
against Merchandise Paradise GmbH on April 28, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Merchandise Paradise GmbH
Attn: Michael Lasi, Manager
Altshauser Strasse 25
88356 Ostrach
Germany
STS-GMBH: Claims Registration Period Ends June 6
------------------------------------------------
Creditors of STS-GmbH have until June 6, 2008, to register their
claims with court-appointed insolvency manager Dr. Wolfgang
Koehler.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Paderborn
Meeting Hall 230a
Second Floor
Bogen 2-4
33098 Paderborn
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. Wolfgang Koehler
Marktstrasse 22
59555 Lippstadt
Germany
Tel: 02941 / 7675910
Fax: 02941 / 7675930
The District Court of Paderborn opened bankruptcy proceedings
against STS-GmbH on May 5, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
STS-GmbH
Attn: Ruediger Steines, Manager
Mittelstr. 26
59609 Anroechte
Germany
TED GAS: Claims Registration Period Ends June 6
-----------------------------------------------
Creditors of TED GAS Deutschland GmbH have until June 6, 2008,
to register their claims with court-appointed insolvency manager
Dr. Karsten Foerster.
Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.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 Neubrandenburg
Hall 1
Fr.-Engels-Ring 15-18
Neubrandenburg
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. Karsten Foerster
Otto von Guerike Str. 5
17033 Neubrandenburg
Germany
The District Court of Neubrandenburg opened bankruptcy
proceedings against TED GAS Deutschland GmbH on May 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
TED GAS Deutschland GmbH
Torgelowerstr. 18
17309 Pasewalk
Messingweg 10 b
48308 Senden
Germany
VISTEON CORP: S&P Rates Proposed US$210 Million Notes at B-
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' issue-level
rating and '5' recovery rating to Visteon Corp.'s proposed
issuance of as much as US$210 million in senior unsecured notes
due 2016. The 'B-' issue-level rating is one notch
below the corporate credit rating on the company, and the '5'
recovery rating indicates the expectation for modest (10%-30%)
recovery in the event of a payment default.
Visteon will use the proceeds from the new notes, along with
existing cash, to repay as much as US$344 million of its US$550
million senior unsecured notes due in 2010. Visteon plans a
tender offer for the 2010 notes. The issuance of new notes is
contingent on the tendering of at least US$300 million of 2010
notes to the company.
Van Buren Township, Mich.-based Visteon had total debt of about
US$2.8 billion as of March 31, 2008, and underfunded employee
benefit liabilities of about US$985 million. The outlook is
negative.
"The ratings on Visteon, including the 'B' corporate credit
rating, reflect the company's negative cash flow resulting from
declining vehicle production in North America, its highly
leveraged balance sheet, continued pressure from high raw-
material prices, and a costly and wide-ranging operational
restructuring," said Standard & Poor's credit analyst Robert
Schulz.
Visteon will have difficulty restructuring poorly performing
operations while continuing to diversify its customer base amid
intense competition and a difficult sales environment in 2008.
S&P could lower the rating in 2008 if industry challenges,
restructuring delays, or reduced customer production prevent
Visteon from making progress toward generating pretax profits
and positive free cash flow. Well into 2009, we could revise the
outlook to stable if the company achieves stronger performance
and credit measures, with a more balanced business mix, because
of successful restructuring and customer diversification
efforts.
VURAL GMBH: Claims Registration Period Ends June 6
--------------------------------------------------
Creditors of Vural GmbH have until June 6, 2008, to register
their claims with court-appointed insolvency manager Holger Kas.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 14, 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 Wetzlar
Meeting Room 201
Building B
II. Stick
Wetherstr. 1
35578 Wetzlar
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:
Holger Kas
Marktlaubenstrasse 9
35390 Giessen
Germany
Tel: 0641/9324360
Fax: 0641/9324350
The District Court of Wetzlar opened bankruptcy proceedings
against Vural GmbH on April 29, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Vural GmbH
Attn: Ramazan Vural, Manager
Zum Wachtgipfel 12
35745 Herborn
Germany
WIKING AGRO: Claims Registration Period Ends June 6
---------------------------------------------------
Creditors of Wiking Agro Verwaltungs GmbH have until June 6,
2008, to register their claims with court-appointed insolvency
manager Wilhelm Salim Khan Durani.
Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Flensburg
Hall A 220
Suedergraben 22
Flensburg
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:
Wilhelm Salim Khan Durani
Sell-Speicher
Wall 55
24103 Kiel
Germany
The District Court of Flensburg opened bankruptcy proceedings
against Wiking Agro Verwaltungs GmbH on May 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Wiking Agro Verwaltungs GmbH
Attn: Deert Jens Hansen, Manager
Fargenhoff
24879 Idstedt-Holzkrug
Germany
=============
I R E L A N D
=============
CEDO PLC: Moody's Cuts Ratings on Series 2 Notes and Facilities
---------------------------------------------------------------
Moody's Investors Service has downgraded eight classes of notes
and two loan facilities issued by CEDO PLC under Series 2. CEDO
PLC Series 2 is a special purpose vehicle that issues CDOs of
equity default swaps.
The downgrades are the result of rating migration and equity
share price movements of the underlying portfolio of Equity
Default Swaps. While the transaction is composed of an equal
number of equity default swaps in the risk portfolio (long EDS
exposures) and in the insurance portfolio (short exposures), the
downgrades results from the presence of a higher proportion of
US financial and real-estate entities in the risk portfolio,
whose share price decreased significantly.
As of May 12, 2008, the risk portfolio had five reference
entities - Countrywide Financial Corporation, MBIA Inc, Centex
Corporation, Pulte Homes Inc. and Mitsubisghi UFJ Nicos Co. Ltd.
- which have a share price below their EDS trigger levels (those
entities have a barrier or strike above 100%). The insurance
portfolio contained none. Eight reference entities with
barriers above 85% belonged to the risk portfolio, while there
were none in the insurance portfolio. The average barrier is
46% in the risk portfolio and 32% in the insurance portfolio.
For all tranches except I, J and K, the distressed equity events
observation period will start in December 2008 and last for
three years until December 2011, the maturity of the
transaction, such that no equity event related losses have
occurred at this stage and all tranches still benefit from their
initial subordination levels. For tranches I and J, the
observation period will start in December 2009 and last two
years. For tranche K, the observation period starts in November
2008 and lasts three years.
These rating actions are:
Issuer: CEDO plc
(1) Series 2 Tranche A Asset-Backed Deferrable Floating Rates
Notes due 2011
-- Current Rating: Baa1
-- Prior Rating: Aa1, on review for downgrade
(2) Series 2 Tranche B Asset-Backed Deferrable Floating Rate
Notes Due 2011
-- Current Rating: Ba2
-- Prior Rating: A2, on review for downgrade
(3) Series 2 Tranche C Asset-Backed Deferrable Floating Rate
Notes due 2011
-- Current Rating: B2
-- Prior Rating: Baa2, on review for downgrade
(4) Series 2 Tranche K Non-Principal Protected Asset-Backed
Fixed Rate Notes due 2011
-- Current Rating: B2
-- Prior Rating: Baa3, on review for downgrade
(5) Series 2 Tranche J Asset-Backed Fixed Rate Notes due 2011
-- Current Rating: B3
-- Prior Rating: Ba1, on review for downgrade
(6) Series 2 Tranche G Asset-Backed Deferrable Floating Rate
Notes due 2011
-- Current Rating: B2
-- Prior Rating: Baa2, on review for downgrade
(7) Series 2 Tranche I Asset-Backed Fixed Rate Notes due 2011
-- Current Rating: B2
-- Prior Rating: Baa2, on review for downgrade
(8) Series 2 Tranche H Asset-Backed Floating Rate Notes due
2011
-- Current Rating: B3
-- Prior Rating: Baa3, on review for downgrade
(9) Floating Rate Loan Facility in relation to Series 2
Tranche B Asset-Backed Deferrable Floating Rate Notes due
2011
-- Current Rating: Ba2
-- Prior Rating: A2, on review for downgrade
(10) Floating Rate Loan Facility in relation to the Series 2
Tranche C Asset-Backed Deferrable Floating Rate Notes due
2011
-- Current Rating: B2
-- Prior Rating: Baa2, on review for downgrade
CEDO PLC: Moody's Lowers Rating on Series 3 Notes to B3
-------------------------------------------------------
Moody's Investors Service has downgraded the Series 3 notes
issued by CEDO PLC.
The downgrade is the result of rating migration and equity share
price movements of the underlying portfolio of Equity Default
Swaps. While the transaction is composed of an equal number of
equity default swaps in the risk portfolio (long EDS exposures)
and in the insurance portfolio (short exposures), the downgrades
result from the presence of a higher proportion of US financial
and real-estate entities in the risk portfolio, whose share
price decreased significantly.
As of May 12, 2008, the risk portfolio had six reference
entities - Countrywide Financial Corporation, MBIA Inc.,
Mitsubishi UFJ Nicos Co, Ltd, Centex Corporation, KB Home and
Pulte Homes, Inc. - which have a share price below their EDS
trigger levels (those entities have a barrier or strike above
100%). The insurance portfolio contained none. Nine reference
entities with barriers above 85% belonged to the risk portfolio,
while there were none in the insurance portfolio. The average
barrier is 51% in the risk portfolio and 31% in the insurance
portfolio.
The distressed equity events observation period will start in
December 2008 and lasts for three years until December 2011, the
maturity of the transaction, such that no equity event related
losses have occurred at this stage and the tranche still benefit
from their initial subordination levels.
These rating action is:
Issuer: CEDO PLC
(1) Series 3 Tranche K Non-Principal Protected Asset-Backed
Fixed Rate Notes due 2012
-- Current Rating: B3
-- Prior Rating: Ba3, on review for downgrade
CEDO PLC: Moody's Cuts Ratings on Series 4 Notes & Facilities
-------------------------------------------------------------
Moody's Investors Service has downgraded thirteen classes of
notes and three loan facilities issued by CEDO PLC under
Series 4.
The downgrades are the result of rating migration and equity
share price movements of the underlying portfolio of Equity
Default Swaps. While the transaction is composed of an equal
number of equity default swaps in the risk portfolio (long EDS
exposures) and in the insurance portfolio (short exposures), the
downgrades result from the presence of a higher proportion of US
financial and real-estate entities in the risk portfolio, whose
share price decreased significantly.
As of May 12, 2008, the risk portfolio had one reference entity
- Countrywide Financial Corporation - which has a share price
below its EDS trigger level (those entities have a barrier or
strike above 100%). The insurance portfolio contained none.
Three reference entities with barriers above 85% belonged to the
risk portfolio, while there were none in the insurance
portfolio. The average barrier is 43% in the risk portfolio and
32% in the insurance portfolio.
The distressed equity events observation period will start in
July 2009 and last for three years until June 2012, the maturity
of the transaction, such that no equity event related losses
have occurred at this stage and all tranches still benefit from
their initial subordination levels.
These rating actions are:
Issuer: CEDO PLC
(1) Series 4 Tranche D EUR73,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012,
-- Current Rating: Aa3
-- Prior Rating: Aa1, on review for downgrade
(2) Series 4 Tranche E EUR47,000,000 Asset Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: Baa1
-- Prior Rating: A1, on review for downgrade
(3) Series 4 Tranche F EUR17,000,000 Asset Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: Ba3
-- Prior Rating: Baa3, on review for downgrade
(4) Series 4 Tranche G US$2,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: Aa3
-- Prior Rating: Aa1, on review for downgrade
(5) Series 4 Tranche H US$10,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: Baa1
-- Prior Rating: A1, on review for downgrade
(6) Series 4 Tranche I US$12,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: Ba3
-- Prior Rating: Baa3, on review for downgrade
(7) Series 4 Tranche J US$5,000,000 Asset-Backed Deferrable
Fixed Rate Notes due 2012
-- Current Rating: Ba3
-- Prior Rating: Baa3, on review for downgrade
(8) Series 4 Tranche K CHF 132,000,000 Asset-Backed
Deferrable Floating Rate Notes due 2012
-- Current Rating: Aa3
-- Prior Rating: Aa1, on review for downgrade
(9) Series 4 Tranche L US$15,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: Ba3
-- Prior Rating: Ba1, on review for downgrade
(10) Series 4 Tranche M US$15,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: Baa1
-- Prior Rating: A1, on review for downgrade
(11) Series 4 Tranche N US$40,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: Aa3
-- Prior Rating: Aa1, on review for downgrade
(12) Series 4 Tranche O US$10,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: Baa1
-- Prior Rating: A1, on review for downgrade
(13) Series 4 Tranche P US$2,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: B1
-- Prior Rating: Ba3, on review for downgrade
(14) Floating Rate Loan Facility in relation to Series 4
Tranche D EUR73,000,000 Asset-Backed Deferrable Floating
Rate Notes due 2012
-- Current Rating: Aa3
-- Prior Rating: Aa1, on review for downgrade
(15) Floating Rate Loan Facility in relation to Series 4
Tranche E EUR47,000,000 Asset Backed Deferrable Floating
Rate Notes due 2012
-- Current Rating: Baa1
-- Prior Rating: A1, on review for downgrade
(16) Floating Rate Loan Facility in relation to Series 4
Tranche F EUR17,000,000 Asset Backed Deferrable Floating
Rate Notes due 2012
-- Current Rating: Ba3
-- Prior Rating: Baa3, on review for downgrade
CEDO PLC: Moody's Lowers Ratings on Four Note Classes to Low-B
--------------------------------------------------------------
Moody's Investors Service has downgraded six classes of notes
issued by CEDO PLC. CEDO PLC is an special purpose vehicle that
issues CDOs of equity default swaps.
The downgrades are the result of rating migration and equity
share price movements of the underlying portfolio of Equity
Default Swaps. While the transaction is composed of an equal
number of equity default swaps in the risk portfolio (long EDS
exposures) and in the insurance portfolio (short exposures), the
downgrades result from the presence of a higher proportion of US
financial and real-estate entities in the risk portfolio, whose
share price decreased significantly. In addition, the share
price of Thomson SA, a French electronics manufacturer has
dropped substantially since the previous rating action.
As of May 12, 2008, the risk portfolio had three reference
entities - Countrywide Financial Corporation, Centex Corporation
and Thomson SA - which have a share price below their EDS
trigger levels (those entities have a barrier or strike above
100%). The insurance portfolio contained none. Five reference
entities with barriers above 85% belonged to the risk portfolio,
while there were two in the insurance portfolio. The average
barrier is 38% in the risk portfolio and 32% in the insurance
portfolio.
The distressed equity events observation period will start on 21
May 2008 and last for three years until May 2011, the maturity
of the transaction.
These rating actions are:
Issuer: CEDO PLC
(1) Series 1 Tranche B EUR16,500,000 Asset-Backed Deferrable
Fixed Rate Notes due 2011
-- Current Rating: A1
-- Prior Rating: Aa2
(2) Series 1 Tranche C EUR26,500,000 Asset-Backed Deferrable
Fixed Rate Notes due 2011
-- Current Rating: Ba1
-- Prior Rating: A3, on review for downgrade
(3) Series 1 Tranche E EUR2,500,000 Asset-Backed Deferrable
Fixed Rate Notes due 2011
-- Current Rating: Ba1
-- Prior Rating: A3, on review for downgrade
(4) Series 1 Tranche F EUR2,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2011
-- Current Rating: B2
-- Prior Rating: Ba3, on review for downgrade
(5) Series 1 Tranche G EUR15,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2011
-- Current Rating: A1
-- Prior Rating Aa2
(6) Series 1 Tranche H EUR5,000,000 Asset-Backed Deferrable
Floating Rate Notes due 2011
-- Current Rating: Ba1
-- Prior Rating: A3, on review for downgrade
CEDO PLC: Moody's Cuts Series 4 Tranch C Notes' Rating to Ba3
-------------------------------------------------------------
Moody's Investors Service has downgraded three classes of notes
issued by CEDO PLC under Series 4.
The downgrades are the result of rating migration and equity
share price movements of the underlying portfolio of Equity
Default Swaps. While the transaction is composed of an equal
number of equity default swaps in the risk portfolio (long EDS
exposures) and in the insurance portfolio (short exposures), the
downgrades result from the presence of a higher proportion of US
financial and real-estate entities in the risk portfolio, whose
share price decreased significantly.
As of May 12, 2008, the risk portfolio had two reference
entities - Countrywide Financial Corporation and MBIA Inc. -
which have a share price below their EDS trigger levels (those
entities have a barrier or strike above 100%). The insurance
portfolio contained one. Five reference entities with barriers
above 85% belonged to the risk portfolio, while there were none
in the insurance portfolio. The average barrier is 45% in the
risk portfolio and 32% in the insurance portfolio.
The distressed equity events observation period will start in
June 2009 and last for three years until May 2012, the maturity
of the transaction, such that no equity event related losses
have occurred at this stage and all tranches still benefit from
their initial subordination levels.
Tjese rating actions are:
Issuer: CEDO PLC
(1) Series 4 Tranche A EUR73,100,000 Asset-Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: Aa3
-- Prior Rating: Aa1, on review for downgrade
(2) Series 4 Tranche B EUR90,700,000 Asset-Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: Baa2
-- Prior Rating: A1, on review for downgrade
(3) Series 4 Tranche C EUR11,200,000 Asset-Backed Deferrable
Floating Rate Notes due 2012
-- Current Rating: Ba3
-- Prior Rating: Baa3, on review for downgrade
EIRLES TWO: Moody's Junks Rating on Series 244 Class B Notes
------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
possible downgrade the ratings on the following notes issued by
Eirles Two Limited Series 244:
Class Description: Class B
-- Prior Rating: Baa3, on review for possible downgrade
-- Current Rating: Caa1, on review for possible downgrade
According to Moody's, the rating actions reflect increased
deterioration in the credit quality of the underlying portfolio.
EIRLES TWO: Moody's Cuts Rating on Series 247 Notes to B2
---------------------------------------------------------
Moody's Investors Service downgraded and left on review for
possible downgrade the ratings on the following notes issued by
Eirles Two Limited Series 247:
Class Description: Class B
-- Prior Rating: Baa1, on review for possible downgrade
-- Current Rating: B2, on review for possible downgrade
According to Moody's, the rating actions reflect increased
deterioration in the credit quality of the underlying portfolio.
OMEGA CAPITAL: Moody's May Further Cut Junk Ratings After Review
---------------------------------------------------------------
Moody's Investors Service downgraded and left on review for
further downgrade several tranches of a managed synthetic CDO
issued by Omega Capital Europe p.l.c. Series 47 and 50. The
underlying portfolio of these transactions includes a
significant portion of US subprime and Alt-A bonds, in
particular of the 2006 vintages.
Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage. Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans." This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios. Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.
Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.
These rating actions are:
Issuer: Omega Capital Europe p.l.c. - Sycamore Series 3 (Omega
Capital Europe p.l.c. Series 47) Secured Notes due 2050
(1) EUR10M Class BE-7 Notes Due 2050
-- Current Rating: Caa2, on review for downgrade
-- Prior Rating: A2
(2) US$2M Class BU-7 Notes Due 2050
-- Current Rating: Caa2, on review for downgrade
-- Prior Rating: A2
(3) JPY1.2BN Class AJBis-10 Notes Due 2050
-- Current Rating: Ba3, on review for downgrade
-- Prior Rating: Aaa
(4) JPY1BN Class BJ-10 Notes Due 2050
-- Current Rating: Caa2, on review for downgrade
-- Prior Rating: A2
(5) JPY300M Class BJBis-10 Notes Due 2050
-- Current Rating: Caa3, on review for downgrade
-- Prior Rating: A3
(6) JPY3BN Class CJ-10 Notes Due 2050
-- Current Rating: B2, on review for downgrade
-- Prior Rating: Aa2
Issuer: Omega Capital Europe p.l.c. - Sycamore Series 3-Bis
(Omega Capital Europe p.l.c. Series 50) Secured Notes due 2050
(1) EUR50M Class AE-10 Notes Due 2050
-- Current Rating: Ba3, on review for downgrade
-- Prior Rating: Aaa
(2) EUR25M Class CE-10 Notes Due 2050
-- Current Rating: Caa2, on review for downgrade
-- Prior Rating: Aa2
SMURFIT KAPPA: Earns EUR42.8 Mln in First Quarter Ended March 31
----------------------------------------------------------------
Smurfit Kappa Group plc released unaudited financial results for
the three months ending March 31, 2008.
SKG reported net profit of EUR42.8 million on revenues of EUR1.8
billion for the three months ending March 31, 2008, compared
with a net loss of EUR66.7 million on revenues of EUR1.8 billion
for the three months ending March 31 2007.
At March 31, 2008, the Group's balance sheet showed EUR8.8
billion in total assets, EUR6.6 billion in total liabilities and
EUR2.1 billion in total shareholders' equity.
Capital Structure & Debt Reduction
Net borrowing amounted to EUR3.4 billion at March 31, 2008
compared to EUR3.4 billion at Dec. 31, 2007. With the
combination of lower net borrowing and the improved
profitability of the Group's operations over the year, leverage
(EBITDA to net borrowing ratio) decreased from 3.20x at December
2007 to 3.16x at March 2008. The corresponding multiple at
March 2007 was 3.71x.
Performance Review & Outlook
Gary McGann, Smurfit Kappa Group CEO, commented:
"The Group is pleased to report a positive EBITDA outcome and a
strong cash flow performance for the three month period to
March 31, 2008. We are also pleased to report continued
progress against our leverage objectives. Net debt has been
reduced within the quarter. SKG's net debt to EBITDA multiple
is now below the bottom end of our stated range.
During the quarter, business conditions in Europe reflected
continued corrugated price recovery and broad-based cost
inflation. Our Latin American businesses, which operate in
high-growth markets, continue to make a significant contribution
to the Group's overall performance.
SKG anticipates that a combination of factors will contribute to
greater than expected margin pressure throughout the remainder
of 2008. These factors include a slowdown in demand growth for
corrugated, continued weakness of the value of the US$ and
further cost inflation. SKG recently announced the permanent
closure of 130,000 tons of less efficient containerboard
capacity and up to 80,000 tons of market-related downtime in
2008. These actions will maximize the ongoing efficiency of our
mill system and address an increase in inventory levels of
recycled containerboard.
While SKG will continue to review the cost profile of our mills
against integration requirements, broader market demand and
industry inventory levels, as a result of actions to date, we
have an increasingly efficient mill system and remain short of
recycled paper production capacity.
In 2008 and beyond, we will continue to exercise restraint in
our capital programs, base production decisions on a realistic
assessment of demand, and participate selectively in
consolidation opportunities presented by current market
conditions. SKG will also seek to opportunistically increase
its geographic reach and exposure to higher growth markets."
About Smurfit Kappa Group
Headquartered in Dublin, Ireland, Smurfit Kappa Group --
http://www.smurfit-group.com/-- manufactures containerboard
containerboard and converts it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans. Other products
include boxboard, sack kraft paper, and printing and writing
paper. The company produces 6 million tons of paper annually
and has 300 facilities worldwide. In Latin America, the company
operates in Argentina, Brazil, Chile, Colombia, Costa Rica,
Dominican Republic, Ecuador, Mexico and Venezuela.
* * *
In April 2008, Standard & Poor's Rating Services raised its
long-term corporate credit ratings on Ireland-based paper and
packaging company Smurfit Kappa Group PLC to 'BB' from 'BB-'.
The outlook is stable.
At the same time, Fitch Ratings assigned a Long-term IDR of 'BB'
to Smurfit Kappa Group plc. The Outlooks on both IDRs are
Stable.
As of Feb. 18, 2008, Smurfit Kappa Group plc carries Moody's
long-term corporate family rating of 'Ba3' with stable outlook.
=========
I T A L Y
=========
PARMALAT SPA: Joins Murray Goulburn for Dairy Farmers Bid
---------------------------------------------------------
Parmalat S.p.A., through its Parmalat Australia unit, and Murray
Goulburn Cooperative Co. have submitted a joint non-binding bid
to acquire Australian Co-Operative Foods Ltd., also known as
Dairy Farmers, various reports say.
The consortium have applied for clearance from the Australian
Competition and Consumer Commission to submit an offer for Dairy
Farmers, Bloomberg News relates.
Kirin Holdings Co. and Fonterra Cooperative Group Ltd. have also
asked clearance from the Australian regulator to make a bid.
According to Dairy Farmers CEO Rob Gordon, The Australian
relates, interested parties who have operations in the country
should seek clearance from ACCC before a bid. Foreign bidders
with no Australian operations, meanwhile, are not required to
have an ACCC clearance but must seek approval from the Foreign
Investment Review Board.
Mr. Gordon adds that there may be more bidders which would seek
clearance to bid, The Australian relates.
Dairy Farmers has appointed Goldman Sachs JBWere as adviser for
the auction.
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.
SEAT PAGINE: S&P Keeps BB- Rating with Negative Outlook
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB–' long-term
corporate credit rating on Italy-based classified directories
publisher SEAT Pagine Gialle SpA. At the same time, the 'BB-'
rating on the EUR1.3 billion bond was affirmed.
Furthermore, the long-term and bond ratings were removed from
CreditWatch, where they had been placed with negative
implications on March 20, 2008, following the announcement of
SEAT's 2007 results and its forecast for 2008. The outlook on
SEAT is negative.
"The outlook primarily reflects our concern that SEAT's material
downward revision of its EBITDA forecast for 2008--about 6%
lower than the level in fiscal 2007--will result in tighter
covenant headroom, compared with existing requirements, under
the EUR2.6 billion credit facility starting from end-2008 to
end-2009," said Standard & Poor's credit analyst Manuela
Gabetta.
SEAT's lower EBITDA expectations for the current year reflect
the company's additional investments to develop the online
business proposition in Italy to boost its Internet positioning.
The company expects these investments to have a positive effect
on growth from 2009 onward. The downward revision of SEAT's
EBITDA raised concerns, given the company's aggressively
leveraged capital structure and its covenants demanding
thresholds, which are gradually stepping down over the next
couple of years. These are partly mitigated by SEAT's revised
financial policy focused on prioritizing its debt
reimbursements--as emphasized by the full prepayment of the
first 2008 debt tranche (EUR81.7 million) due June--and by the
avoidance of any dividends distribution to the ordinary
shareholders in 2008. In addition, given the high
cash conversion and low capital intensity features of its
business, however, the company retains good operating
flexibility and, therefore, could take action to alleviate these
pressures.
"The negative outlook reflects the impact of deteriorating
trends in SEAT's gross operating performance, which prevents it
from improving credit measures and increasing risks linked to
the covenants' compliance," added Ms. Gabetta.
There is, therefore, limited leeway for further operating
underperformance. An outlook revision to stable would require
an improvement in operating trends and debt measures, and
greater comfort with the company's covenant position.
===================
K A Z A K H S T A N
===================
ABC NON-FERROUZ: Creditors Must File Claims by June 27
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP ABC Non-Ferrouz Metalls insolvent on April 14,
2008.
Creditors have until June 27, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Almaty
Rayimbek Str. 12
Erkin
Talgarsky District
Almaty
Kazakhstan
Tel: 8701 558 34-19
AKTOBE STROY: Claims Deadline Slated for June 27
------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aktobe Stroy Engineering insolvent.
Creditors have until June 27, 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
CONSULTING OF SECURITY: Claims Filing Period Ends June 27
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Consulting of Security insolvent.
Creditors have until June 27, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Pavlodar
Tolstoy Str. 19-38
Pavlodar
Kazakhstan
Tel: 8 (7172) 32-86-70
MEDET TRADE: Creditors' Claims Due on June 27
---------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Medet Trade Company insolvent on March 21, 2008.
Creditors have until June 27, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Pavlodar
Tolstoy Str. 19-38
Pavlodar
Kazakhstan
Tel: 8 (7172) 32-86-70
MIT LLP: Claims Registration Ends June 27
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Advertisement-Construction Agency Mit insolvent on
April 8, 2008.
Creditors have until June 27, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Almaty
Rayimbek Str. 12
Erkin
Talgarsky District
Almaty
Kazakhstan
Tel: 8701 558 34-19
ZAPAD CONCTRACT: Claims Deadline Slated for June 27
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Zapad Conctract Ltd. insolvent.
Creditors have until June 27, 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
===================
K Y R G Y Z S T A N
===================
ASIAN TRAVEL: Creditors Must File Claims by July 2
--------------------------------------------------
LLC Asian Travel Logistics has declared insolvency. Creditors
have until July 2, 2008 to submit written proofs of claim to:
LLC Asian Travel Logistics
Chuikov Str. 82-31
Bishkek
Kyrgyzstan
Tel: (+996 312) 21-33-47
WORLD WINGS: Claims Filing Period Ends July 2
---------------------------------------------
LLC World Wings Aviation has declared insolvency. Creditors
have until July 2, 2008 to submit written proofs of claim.
Inquiries can be addressed to (+996 312) 54-21-52.
===================
L U X E M B O U R G
===================
EVRAZ GROUP: Commences Placement of Over US$400MM in Eurobonds
---------------------------------------------------------------
Evraz Group SA has commenced placement of two Eurobond issues
valued at over US$400 million, RIA Novosti reports.
The placement includes:
* US$250 million in five-year Eurobonds with coupon rate of
8.875%; and
* 10-year Euobond with coupon rate of 9.5%.
As reported in TCT-Europe April 23, 2008, Evraz Group has
completed a US$1.6 billion Eurobond placement in two tranches.
Evraz said it would use the proceeds of the bond issue for
corporate purposes including the US$4 billion acquisition of
IPSCO from SSAB.
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 March 19, 2008, Fitch Ratings
affirmed Luxembourg-based Evraz Group SA's Long-term Issuer
Default and senior unsecured ratings at 'BB' and Short-term IDR
at 'B'. Fitch also affirmed the ratings of core subsidiary
Mastercroft Limited at Long-term IDR 'BB' and Short-term IDR
'B'. Evraz Securities SA's senior unsecured rating is affirmed
at 'BB'. The Outlooks for Evraz's and Mastercroft Limited's
Long-term IDRs are Stable.
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.
=====================
N E T H E R L A N D S
=====================
HALCYON I: Moody's Rates EUR11 Million Class E Notes at Ba3
-----------------------------------------------------------
Moody's Investors Service has assigned these long term ratings
to five classes of notes issued by Halcyon Structured Asset
Management European Long Secured/Short Unsecured CLO 2008-I B.V.
(Halcyon I), a bankruptcy remote special purpose vehicle
incorporated in the Netherlands:
-- Aaa to the EUR278,000,000 Class A Senior Secured Floating
Rate Notes due 2023,
-- Aa2 to the EUR10,000,000 Class B Deferrable Secured
Floating Rate Notes due 2023,
-- A2 to the EUR20,000,000 Class C Deferrable Secured
Deferrable Floating Rate Notes due 2023,
-- Baa3 to the EUR17,000,000 Class D Deferrable Secured
Deferrable Floating Rate Notes due 2023, and
-- Ba3 to the EUR11,000,000 Class E Deferrable Secured
Deferrable Floating Rate Notes due 2023.
The ratings of the notes address the expected loss posed to
investors by the legal maturity of each class (in 2023).
Moody's ratings address only the credit risks associated with
the transaction. Other non-credit risks, such as those
associated with the timing of principal prepayments and other
market risks, have not been addressed and may have a significant
effect on yield to investors.
These ratings are based upon:
1. An assessment of the credit quality and of the
diversification of the assets in the initial portfolio;
2. An assessment of the eligibility criteria applicable to
the future additions to the portfolio;
3. The overcollateralisation of the notes;
4. The protection against losses through the subordination of
the Class B, C, D, E notes, the EUR68,000,000 subordinated
notes and the excess spread available in the transaction;
5. The hedging strategy to be implemented to cover currency
and interest rate risk; and
6. The legal and structural integrity of the issuance.
This transaction is a high yield collateralized loan obligation
related to a portfolio of senior and mezzanine leveraged loans.
This portfolio is dynamically managed by Halcyon Structured
Asset Management L.P. This is the fourth European arbitrage CLO
transaction managed Halcyon L.P. This portfolio will be
partially acquired at closing date (around 80%) and partially
during the seven-months ramp-up period at the end of which the
portfolio shall comply, amongst others, with the following
tests: a diversity score greater than 30, a weighted average
rating factor lower than 2,300, a weighted average spread
greater than 2.40% and a weighted average recovery rate greater
than 56%. Thereafter, the portfolio of loans will be actively
managed and the portfolio manager will have the option to direct
the issuer to buy or sell loans. Any addition or removal of
loans will be subject to a number of portfolio criteria.
=============
R O M A N I A
=============
CFR MARFA: Moody's Withdraws Ba2 Ratings on Business Reasons
------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 Corporate Family
Rating of CFR Marfa S.A. for business reasons.
"The issuer has requested the removal of the rating, because it
has no rated debt outstanding, after the payment in full of the
bond expiring on December 2007," says Marco Vetulli, lead
analyst for CFR Marfa S.A. at Moody's.
Ratings withdrawn:
-- Ba2 Corporate Family Rating
-- Ba2 probability of default rating
CFR Marfa S.A., headquartered in Bucharest, is the national
company for freight railway transport in Romania. In 2006 the
Company had total consolidated revenues for ROL1.72 billion.
===========
R U S S I A
===========
EVRAZ GROUP: Commences Placement of Over US$400MM in Eurobonds
---------------------------------------------------------------
Evraz Group SA has commenced placement of two Eurobond issues
valued at over US$400 million, RIA Novosti reports.
The placement includes:
* US$250 million in five-year Eurobonds with coupon rate of
8.875%; and
* 10-year Euobond with coupon rate of 9.5%.
As reported in TCT-Europe April 23, 2008, Evraz Group has
completed a US$1.6 billion Eurobond placement in two tranches.
Evraz said it would use the proceeds of the bond issue for
corporate purposes including the US$4 billion acquisition of
IPSCO from SSAB.
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 March 19, 2008, Fitch Ratings
affirmed Luxembourg-based Evraz Group SA's Long-term Issuer
Default and senior unsecured ratings at 'BB' and Short-term IDR
at 'B'. Fitch also affirmed the ratings of core subsidiary
Mastercroft Limited at Long-term IDR 'BB' and Short-term IDR
'B'. Evraz Securities SA's senior unsecured rating is affirmed
at 'BB'. The Outlooks for Evraz's and Mastercroft Limited's
Long-term IDRs are Stable.
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.
TRANSNEFT OAO: First Quarter Revenue Ups 18% to RUR59.3 Billion
---------------------------------------------------------------
Transneft's revenue for the first quarter of 2008 reached
RUR59.3 billion (US$2.5 billion) or an 18% year-on-year increase
calculated using Russian Accounting Standards, according to Ria
Novoste.
The same report added that Transneft's unconsolidated RAS net
profit rose 22.4% year-on-year in January-March to
RUR1.174 billion (US$50 million).
About Transneft
Headquartered in Moscow, Russia, OAO Transneft --
http://www.transneft.ru/-- operates one of the largest networks
of oil pipelines in the world. The company moves crude oil
through more than 30,000 miles of pipeline stretching across
Eastern Europe and Asia. Transneft operates a transportation
network consisting of more than 30,000 miles of pipeline, about
330 pump stations, and 934 tankers capable of storing more than
13 million cu. meters of petroleum product. The company
transports about 93% of the oil produced in Russia.
* * *
OAO Transneft carries Fitch's 'BB' rating.
=========
S P A I N
=========
SAN JOSE: To File for Administration; British Investors at Risk
---------------------------------------------------------------
San Jose Inversiones, a property company, is set to file for
administration at a court in Spain, leaving up to 15,000 British
investors at risk of losing their money, the Financial Times
report, citing the Herald.
Jose Maria De Lorenzo, a partner in the Marbella office of Irwin
Mitchell, told investors to be prepared as "there will only be a
month to become included in the proceedings," the FT relates.
However, a spokesman for San Jose Inversiones, disclosed the
application, also known as "concurso de acreedores voluntario"
in Spain, will protect the company's assets and its clients'
deposits, adding " "the court will send a personal communication
to each client to confirm the downpayments made," the FT
reveals.
The proceeding, the FT adds, will also enable the company, whose
cash flow was hit by the credit crunch, to continue working on
its two new building projects.
=====================
S W I T Z E R L A N D
=====================
DATI LLC: Aargau Court Commences Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Dati on April 8, 2008.
The Bankruptcy Service of Aargau can be reached at:
Bankruptcy Service of Aargau
Amtsstelle Baden,
5402 Baden,
Switzerland
The company can be reached at:
LLC Dati
Glattlerweg 16
8957 Spreitenbach.
Switzerland
EVENT-TEC LLC: Creditors Must File Proofs of Claim by May 23
------------------------------------------------------------
Creditors owed money by LLC event-tec are requested to file
their proofs of claim by May 23, 2008 to:
Edith Barben
Liquidator
rue de Bugnon 2
1020 Renens
Switzerland
The company is currently undergoing liquidation proceedings in
Baar. The decision about liquidation was accepted at an
extraordinary shareholder’s meeting held on March 28, 2008.
HELVETIKA PAINTS: Aargau Court Initiates Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Helvetika Paints on April 8, 2008.
The Bankruptcy Service of Aargau can be reached at:
Bankruptcy Service of Aargau
Amtsstelle Baden,
5402 Baden,
Switzerland
The company can be reached at:
LLC Helvetika Paints
Fegistrasse 20
8957 Spreitenbach.
Switzerland
KARL-HEINZ HOGG: Creditors' Liquidation Claims Due by May 23
------------------------------------------------------------
Creditors owed money by LLC Karl-Heinz Hogg are requested to
file their proofs of claim by May 23, 2008 to:
Andreas Stauffer
Liquidator
JSC BDS Consulting
Vordergasse 3
8200 Schaffhausen
Switzerland
The company is currently undergoing liquidation proceedings in
Schaffhausen. The decision about liquidation was accepted at an
extraordinary shareholder’s meeting held on March 28, 2008.
KUNG INSTALLATIONEN: Proofs of Claim Deadline is May 23
-------------------------------------------------------
Creditors owed money by LLC Kung Installationen are requested
to file their proofs of claim by May 23, 2008 to:
Bruno Kung
Kramenweg 12
8645 Jona
Switzerland
The company is currently undergoing liquidation proceedings in
Dubendorf. The decision about liquidation was accepted at an
extraordinary shareholder’s meeting held on May 11, 2007.
LEGGETT & PLATT: Creditors Must File Proofs of Claim by May 24
--------------------------------------------------------------
Creditors owed money by LLC Leggett & Platt Asia Holding
(Switzerland) are requested to file their proofs of claim by
May 24, 2008 to:
Herr Eric Stupp
Liquidator
JSC Bar & Karrer
Brandschenkestrasse 90
8027 Zurich
Switzerland
The company is currently undergoing liquidation proceedings in
Wittenbach. The decision about liquidation was accepted at a
shareholder’s meeting held on Feb. 13, 2008.
MC DRIVER: Creditors Have Until May 24 to File Proofs of Claim
--------------------------------------------------------------
Creditors owed money by LLC mc driver taxi are requested to
file their proofs of claim by May 24, 2008 to:
Decio Degiorgi
Tieracker 13
3065 Bolligen
Switzerland
The company is currently undergoing liquidation proceedings in
Bolligen. The decision about liquidation was accepted at a
shareholder’s meeting held on April 4, 2008.
SINVESTTRADE LLC: Creditors' Liquidation Claims Due by May 23
-------------------------------------------------------------
Creditors owed money by LLC Sinvesttrade are requested to file
their proofs of claim by May 23, 2008 to:
Herbert Herger
Bahnhofstrasse 29
6454 Fluelen
Switzerland
The company is currently undergoing liquidation proceedings in
Altdorf UR. The decision about liquidation was accepted at an
extraordinary shareholder’s meeting held on March 6, 2008.
===========
T U R K E Y
===========
* Fitch Rates Izmir's Long-term Currency Ratings at BB-
------------------------------------------------------
Fitch Ratings has assigned Turkish Metropolitan Municipality of
Izmir Long-term foreign and local currency ratings of 'BB-' with
Stable Outlooks and a National Long-term rating of 'AA-(tur)'
with Stable Outlook.
The ratings reflect above average wealth indicators, moderate
borrowing requirements and financial flexibility, as well as
high capital spending requirements and sizable overall risk.
Izmir's operating margin was more than 60% in three of the past
five years and current margins averaged 59% in this period -
among the highest of all Turkish municipalities rated by Fitch.
Budget outturns after capital expenditure but before debt
financing have generally produced surpluses (22% annual average
over the 2003-2007 period). Projections indicate continued
robust operating performance, but large strategic investment
plans will result in future overall budget deficits.
Izmir has a diversified economy that accounts for about 8% of
the gross national product and wealth indicators above the
national average. Given its commercial significance and quality
of life, Izmir is a major emigration destination. Overall
public sector debt has risen significantly compared with the
municipality's direct debt when other Fitch-classified debt
related to a rescheduling of Treasury liability is included.
Although high in nominal terms, Izmir's total risk is still
modest in relation to the saving capacity of the administration,
as it could have been repaid in just 1.5 years, based on the
municipality's 2007 balance. Capital expenditure for the
expansion of the urban rail network is set to increase in future
years; nevertheless, this is projected to be largely financed
with the municipality's own savings.
Izmir is located on Turkey's west coast and is the third-largest
of the country's 16 metropolitan areas. It has a population of
about 3.8 million. The municipal administration's main
responsibilities are investment driven, primarily in
infrastructure. It also provides metropolitan services such as
public transport, fire protection and social projects.
=============
U K R A I N E
=============
BANGA-M LLC: Proofs of Claim Deadline Set May 25
------------------------------------------------
Creditors of LLC Banga-M (code EDRPOU 32143288) have until
May 25, 2008, to submit proofs of claim to:
The Economic Court of Nikolaev
Admiralskaya Str. 22
54009 Nikolaev
Ukraine
The Economic Court of Nikolaev has commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed as 14/423/07.
The Debtor can be reached at:
LLC Banga-M
Apartment 163
Mir Avenue 17
Nikolaev
Ukraine
CLASS MILL: Proofs of Claim Deadline Set May 25
-----------------------------------------------
The Economic Court of Vinnica has commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed as 10/228-07.
Creditors of OJSC Class Mill (code EDRPOU 30425440) have until
May 25, 2008, to submit proofs of claim to:
The Economic Court of Vinnica
Hmelnickiy Str. 7
21036 Vinnica
Ukraine
The Debtor can be reached at:
OJSC Class Mill
22731 Vinnica Ukraine
Illintsy District
Soroka
Gagarin Str.
EXPRESS-BANK: Moody's Puts B3/NP/E+/Baa3.ua Ratings
----------------------------------------------------
Moody's Investors Service assigned B3 long-term and Not Prime
short-term local and foreign currency deposit ratings and an E+
Bank Financial Strength Rating to Express Bank.
Moody's has also assigned a Baa3.ua National Scale Rating to the
bank. The outlook for the global rating is stable, while the
NSR carries no specific outlook.
According to Moody's, the B3/NP/E+ global scale ratings reflect
global default and loss expectation, while the Baa3.ua NSR
reflects the standing of the bank's credit quality relative to
that of its domestic peers.
Moody's notes that EB is unlikely to receive any external
support in case of distress. Hence, the B3 long-term foreign
currency deposit rating assigned to the bank does not
incorporate the possibility of external support.
According to Moody's, the E+ BFSR reflects:
(i) the bank's expertise in servicing complex settlement and
lending projects;
(ii) EB's relatively strong reported financial fundamentals;
and
(iii) the bank's potential to further diversify into retail
banking, supported by relatively developed distribution.
On the other hand, the rating is constrained by:
(i) EB's limited franchise within Ukraine;
(ii) the high dependence of the bank's business model on a
single client; and
(iii) limitation to strength capitalization level in a
continuous growth scenario.
Moody's notes that, at the current level, the upside potential
of the bank's ratings is limited. However, improved
segmentation of the earnings streams without deterioration in
asset quality, along with a material reduction in single-
borrower concentration in loans and deposits, could become
positive rating drivers. A downgrade of the bank's ratings is
not very likely, but could result from a weakening of EB's
market position driven by migration of the core clientele if
this were to result in a significant deterioration in the bank's
financial fundamentals.
EB is headquartered in Kiev, Ukraine. As of Dec. 31, 2007, the
bank reported unaudited total assets under Ukrainian Accounting
Standards of UAH1.8 billion (US$350 million) and net income of
UAH42.3 million (US$8.4 million) for the year then ended.
GLOBAL MC: Proofs of Claim Deadline Set May 25
----------------------------------------------
Creditors of LLC Global MC Corporation (code EDRPOU 31628357)
have until May 25, 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 commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 30, 2008.
The case is docketed as 43/42.
The Debtor can be reached at:
LLC Global MC Corporation
Yaroslavsky Lane 3-b
04071 Kiev
Ukraine
GRATE-LAND LLC: Proofs of Claim Deadline Set May 25
---------------------------------------------------
Creditors of LLC Grate-Land (code EDRPOU 33469737) have until
May 25, 2008, to submit proofs of claim to:
The Economic Court of Lvov
Lichakivska Str. 81
79010 Lvov
Ukraine
The Economic Court of Lvov commenced bankruptcy proceedings
against the company on March 24, 2008, after finding it
insolvent. The case is docketed as 29/35.
The Debtor can be reached at:
LLC Grate-Land
Zolochev
Lvov
Ukraine
KHARKOV BUILDING: Proofs of Claim Deadline Set May 25
-----------------------------------------------------
Creditors of LLC Kharkov Building Company (code EDRPOU 34862834)
have until May 25, 2008, to submit proofs of claim to:
The Economic Court of Kharkov
Derzhprom 8th Entrance
Svoboda Square 5
61022 Kharkov
Ukraine
The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on April 11, 2008, after finding it
insolvent. The case is docketed as B-19/59-08.
KREMENCHUK ENTERPRISE: Creditors Must File Claims by May 25
-----------------------------------------------------------
Creditors of OJSC Kremenchuk Enterprise of Industrial Railway
Transport (code EDRPOU 01268805) have until May 25, 2008, to
submit proofs of claim to:
The Economic Court of Poltava
Zigin Str. 1
36000 Poltava
Ukraine
The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company on March 25, 2008. The case is
docketed as 4/39.
The Debtor can be reached at:
OJSC Kremenchuk Enterprise of
Industrial Railway Transport
Pervomayskaya Str. 2-b
Kremenchuk
Poltava
Ukraine
METAL SUPPLY: Proofs of Claim Deadline Set May 25
-------------------------------------------------
The Economic Court of Dnipropetrovsk has commenced bankruptcy
proceedings against the company after finding it insolvent on
April 18, 2008. The case is docketed as B 15/127-08.
Creditors of LLC Metal Supply Industry (code EDRPOU 33612197)
have until May 25, 2008, to submit proofs of claim to:
The Economic Court of Dnipropetrovsk
Kujbishev Str. 1a
49600 Dnipropetrovsk
Ukraine
The Debtor can be reached at:
LLC Metal Supply Industry
Apartment 528
Donetsk highway Str. 7
49000 Dnipropetrovsk
Ukraine
MOVABLE MECHANIZED: Proofs of Claim Deadline Set May 25
-------------------------------------------------------
Creditors of OJSC Movable Mechanized Column139 (code EDRPOU
01035779) have until May 25, 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 after finding it insolvent on March 4, 2008.
The case is docketed as 2/95-07-3981.
The Debtor can be reached at:
OJSC Movable Mechanized Column139
Lenin Str. 153
Izmail District Kamianka
Odessa
Ukraine
OHTYRKA LLC: Proofs of Claim Deadline Set May 25
------------------------------------------------
Creditors of LLC Ohtyrka (code EDRPOU 32047469) have until
May 25, 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 commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 30, 2008.
The case is docketed as 43/43.
The Debtor can be reached at:
LLC Ohtyrka
Apartment 1
Constantinovskaya Str. 27-b
04071 Kiev
Ukraine
UKRAINIAN SPECIALIZED: Proofs of Claim Deadline Set May 25
----------------------------------------------------------
Creditors of CJSC Ukrainian Specialized Cars (code EDRPOU
24360921) have until May 25, 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 commenced bankruptcy proceedings
against the company after finding it insolvent on April 30,
2008. The case is docketed as 43/44.
The Debtor can be reached at:
CJSC Ukrainian Specialized Cars
Constantinovskaya Str. 73
04080 Kiev
Ukraine
WORLD ENERGY: Proofs of Claim Deadline Set May 25
-------------------------------------------------
Creditors of LLC World Energy (code EDRPOU 33641212) have until
May 25, 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 commenced bankruptcy proceedings
against the company on April 18, 2008, after finding it
insolvent. The case is docketed as 43/313.
The Debtor can be reached at:
LLC World Energy
Koltsov Boulevard 12, b. 1
03194 Kiev
Ukraine
===========================
U N I T E D K I N G D O M
===========================
AMPEX CORP: March 31 Balance Sheet Upside-Down by US$109.5MM
------------------------------------------------------------
Ampex Corp.'s consolidated balance sheet at March 31, 2008,
showed US$22.8 million in total assets and US$132.3 million in
total liabilities, resulting in a US$109.5 million total
stockholders' deficit.
At March 31, 2008, the company's consolidated balance sheet also
showed strained liquidity with US$22.0 million in total current
assets available to pay US$67.1 million in total current
liabilities.
The company reported a net loss of US$3.8 million, on total
revenue of US$7.0 million, for the first quarter ended March 31,
2008, compared with net income of US$2.5 million, on total
revenue of US$12.4 million, in the corresponding period last
year.
Licensing revenue in the three months ended March 31, 2008,
totaled US$2.5 million and in the three months ended March 31,
2007, totaled US$4.7 million, of which US$1.9 million related to
negotiated settlements covering a prepayment of royalty
obligations through 2011.
Product revenue generated by the company's Recorders segment
decreased to US$3.0 million in the three months ended March 31,
2008, from US$5.9 million in the three months ended March 31,
2007.
Total service revenue generated by the Recorders segment in the
three months ended March 31, 2008, was US$1.5 million compared
to US$1.8 million for the three months ended March 31, 2007.
As of May 15, 2008, the company has incurred legal costs of
US$1.8 million in connection with the restructuring of its
liabilities, of which US$1.2 million was incurred during the
three months ended March 31, 2008. The company expects to incur
significant additional reorganization costs during the remainder
of 2008 while the company is in chapter 11 which will be funded
in part by additional financing supplied by Hillside Capital
Inc. upon emergence.
The company reported an operating loss of US$2.4 million in the
three months ended March 31, 2008, compared to an operating
income of US$3.4 million for the three months ended March 31,
2007.
Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2008, are available
for free at http://researcharchives.com/t/s?2c2d
About Ampex Corp.
Headquartered in Redwood City, Calif., Ampex Corp. --
http://www.ampex.com/-- is a licensor of visual information
technology. The company has two business segments: Recorders
segment and Licensing segment. On March 30, 2008, Ampex Corp.
and six affiliates filed for protection under Chapter 11 of the
Bankruptcy Code with the U.S. Bankruptcy Court for the Southern
District of New York (Case Nos. 08-11094 through 08-11100).
Matthew Allen Feldman, Esq., and Rachel C. Strickland, Esq., at
Willkie Farr & Gallagher LLP, represent the Debtors in their
restructuring efforts. The Debtors have also retained Conway
Mackenzie & Dunleavy as their financial advisors.
The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity. As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.
ARROW SALVAGE: Claims Filing Period Ends July 12
------------------------------------------------
Creditors of Arrow Salvage Ltd. have until July 12, 2008 to
detail their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:
Duncan R. Beat
Liquidator
Tenon Recovery
75 Springfield Road
Chelmsford
Essex
CM2 6JB
England
Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on May 13, 2008 for the creditors' voluntary winding-up
procedure.
BRITISH AIRWAYS: Board Recommends 5p-a-Share Final Dividend
-----------------------------------------------------------
The Board of Directors of British Airways Plc have agreed to
recommend to shareholders a final dividend of 5 pence per share
for the year ended March 31, 2008.
The dividend will be submitted for approval at the Annual
General Meeting to be held on July 15, 2008.
The dividend will be paid on July 31, 2008 to shareholders on
the register at the close of business on May 30, 2008.
About British Airways
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.
BROOK YORK: Brings In Liquidators from Moore Stephens
-----------------------------------------------------
Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were
appointed joint liquidators of Brook York (Designer Fashions)
Ltd. on May 12 for the creditors' voluntary winding-up
proceeding.
The joint liquidators can be reached at:
Moore Stephens LLP
Beaufort House
94-96 Newhall Street
Birmingham
B3 1PB
England
CHESTER SADDLERY: Claims Filing Period Ends June 13
---------------------------------------------------
Creditors of Chester Saddlery Ltd. have until June 13, 2008 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any) to:
Kerry Bailey
Joint Liquidator
PKF (UK) LLP
5 Temple Square
Temple Street
Liverpool
L2 5RH
England
Kerry Bailey and Jonathan Newell of PKF (UK) LLP were appointed
joint liquidators of the company on May 9, 2008 by resolutions
of members and creditors.
COMPANY 90: Brings In Joint Administrators from KPMG
----------------------------------------------------
Blair Carnegie Nimmo and Gary Steven Fraser of KPMG LLP were
appointed joint administrators of Company 90 Ltd. (Company
Number 01877423) on May 9, 2008.
KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.
The company can be reached at:
KPMG LLP
Saltire Court
20 Castle Terrace
Edinburgh
EH1 2EG
Scotland
COTT CORP: Moody's Cuts Corporate Family Rating to B2
-----------------------------------------------------
Moody's Investors Service downgraded the CFR rating of Cott
Corporation to B2 from B1. The outlook is stable.
This concludes the review for downgrade initiated on Feb. 28,
2008. At the same time Moody's assigned a speculative grade
liquidity rating of SGL-3 reflecting the company's adequate
liquidity following the closing of its new US$250 million ABL
facility.
These ratings were lowered:
Cott Corporation:
-- Corporate Family rating to B2 from B1
-- Probability of Default Rating to B2 from B1
Cott Beverages, Inc.:
-- US$275 million 8% senior sub notes due 2011 to B3, LGD 5;
72% from B2, LGD 5; 74%
This rating was assigned:
-- Cott Corporation: SGL-3
The downgrade resulted from continued deterioration in the
company's financial metrics as a result of:
(i) a weak carbonated soft drink market in North America due
to the ongoing consumer shift away from CSDs;
(ii) increased operating expenses;
(iii) the pressure on margins due to high input costs including
PET, high fructose corn syrup and aluminum; and
(iv) delays in recognizing financial benefits from
restructuring initiatives and product innovation.
Moody's had previously stated that deterioration in operating
performance that resulted in interest coverage of less than 1
times or Debt to EBITDA above 4.5 times, both per Moody's FM,
could lead to a downgrade. As of March 31, 2008 Cott's EBITA to
interest had fallen to 0.5 times and its leverage had risen to
over 5 times (according to Moody's FM).
Cott's ratings have been pressured by adverse effects on
revenues and margins of increased distribution and manufacturing
costs, the weak CSD market in North America and continued
intense competition from better capitalized competitors, as well
as challenges with one of the aseptic lines in the UK, which
resulted in a voluntary recall. In addition to the above, the
company faces other business challenges such as, historically
high input costs, ongoing transition in the company's
leadership, material weaknesses in financial reporting and the
cutback of shelf space for some of the company's products at
WalMart.
To mitigate these pressures, Cott initiated a restructuring plan
in 2005 to reduce its operating costs. There have also been
significant senior level management changes. In late 2007 the
company implemented price increases to offset the rise in
commodity costs which should reap benefits in 2008, and is
working on new product launches through new distribution
channels to meet ongoing customer demand for product innovation
and to improve margins. However, these initiatives have so far
failed to produce results in the form of improvement in
operating performance, cash flow, and credit metrics. Gross
margin has fallen from 19.5% in 2004 to 11.7% through LTM March
2008. The company has failed to turn around performance thus
far and is performing at or below the lower end of Moody's
earlier expectations.
At the same time, the B2 corporate family rating and SGL-3
recognize Cott's strong position in the retailer-brands market
and its recently improved liquidity following the closing of its
new US$250 million ABL facility. Moody's expects the company to
retain considerable availability under this new asset backed
facility even at times of peak seasonal borrowing needs.
The stable outlook reflects Moody's expectation that performance
will begin to stabilize now that a number of input costs have
been locked in, pricing increases have been implemented and new
distribution initiatives have been launched.
Headquartered in Toronto, Ontario, Cott Corporation is one of
the world's largest retailer-brand soft drink suppliers with a
leading position in take-home carbonate soft drink markets in
the US, Canada, and the UK. Sales for the LTM period ended were
US$1.7 billion.
DIRECT CREDIT: Appoints Liquidators from Moore Stephens
-------------------------------------------------------
Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of Direct Credit Management Ltd. on
May 9 for the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Moore Stephens LLP
3-5 Rickmansworth Road
Watford
Hertfordshire
WD18 0GX
England
ENERSYS INC: S&P Rates Proposed US$150 Million Notes at BB
----------------------------------------------------------
Standard & Poor's Ratings Services assigned EnerSys' proposed
US$150 million senior unsecured convertible notes due 2038 a
'BB' issue-level rating (the same level as the corporate credit
rating on the company) with a recovery rating of '4', indicating
an expectation for average (30%-50%) recovery in the event of a
payment default.
At the same time, S&P assigned EnerSys' proposed US$375 million
senior secured credit facilities a 'BBB-' bank loan rating (two
notches above the corporate credit rating) with a recovery
rating of '1', indicating an expectation for very high (90%-
100%) recovery in the event of a payment default. The Reading,
Pa.-based battery provider will use the proceeds principally to
refinance existing bank debt. All other ratings, including the
'BB' corporate credit rating, were affirmed. The outlook is
stable.
"The ratings on EnerSys reflect the company's aggressive
financial risk profile, the industrial battery market's cyclical
and competitive nature, and EnerSys' exposure to volatile lead
costs, which are pressuring margins," said Standard & Poor's
credit analyst Gregoire Buet. "Partially offsetting these
risk factors are the company's leading share in the industrial
battery market, the fair proportion of sales it derives from
stable aftermarket revenues, its good geographic and customer
diversity, its recognized brand names, and its track record in
mitigating raw material cost increases through higher prices."
S&P expects EnerSys to mitigate margin pressure through pricing
and cost-saving actions, and to pursue a disciplined financial
policy. The company's business risk profile and the challenging
industry conditions limit rating upside. S&P could lower the
rating if operating performance deteriorates, if headroom over
covenants becomes limited, or if the company adopts financial
policies that are more aggressive than we currently expect.
EOS AIRLINES: Asks Court Approval to Auction Assets
---------------------------------------------------
Eos Airlines has filed a motion asking the U.S. Bankruptcy
Court for the Southern District of New York to approve a process
and schedule for the auction and sale of the company and its
assets.
Eos has asked the Court to approve bidding procedures and
schedule an auction to approve a successful bid. If approved by
the Court at a hearing scheduled for May 22, 2008, the deadline
for submission of bids for any of the assets of Eos shall be on
May 30, 2008, with an auction to take place on June 9, 2008.
Through the auction and sale process, Eos hopes to sell either
its business to a party interested in restarting Eos as a going
concern or all of Eos' most valuable assets to one or more
purchasers.
Eos has separately sought Court authority to sell all assets
valued at less than US$225,000 on an expedited basis.
About EOS Airlines
Based in Staten Island, New York, Eos Airlines Inc. --
http://www.eosairlines.com/-- is a transatlantic airline that
offers flights between New York's John F. Kennedy International
Airport and London's Stansted Airport. As of April 26, 2008,
Eos operated 31 weekly flights between JFK and Stansted.
The company filed for Chapter 11 protection April 26, 2008
(Bankr. S.D.N.Y. Case No.08-22581). Stephen D. Lerner, Esq., at
Squire Sanders & Dempsey, LLP, represents the Debtor in its
restructuring efforts. When the Debtor filed for protection
against it creditors, it listed total assets of US$70,233,455
and total debts of US$34,858,485.
In connection with the Chapter 11 bankruptcy filing, Menzies
Corporate Restructuring was appointed as joint administrators in
the U.K.
F S & O LTD: Calls In Liquidators from Moore Stephens
-----------------------------------------------------
Steven Draine and David Rolph of Moore Stephens LLP were
appointed joint liquidators of F S & O Ltd. (t/a Mooch)(formerly
Form, Space & Order Ltd.) on May 8 for the creditors' voluntary
winding-up proceeding.
The joint liquidators can be reached at:
PKF (UK) LLP
New Guild House
45 Great Charles Street
Queensway
Birmingham
B3 2LX
England
FAREPAK FOOD: Liquidators Files Legal Action Over Claims
--------------------------------------------------------
Farepak Food The Farepak Liquidation Committee has sanctioned
the liquidators' recommendation to issue proceedings against a
number of parties, in an attempt to secure further monies for
the benefit of creditors, which includes customers and agents.
The liquidators have now issued proceedings. Because it is a
legal action, neither the liquidators nor the Liquidation
Committee can provide any further information as this may
prejudice proceedings and jeopardize the success of the case.
From this point onwards the length of time this takes to resolve
is in the hands of the courts.
It's not yet possible to confirm when a payment will be made to
agents and customers. The Liquidators are still pursuing monies
for the benefit of creditors, including customers and agents.
For example, as explained to customers and agents at the
beginning of the Administration, in the days leading up to the
collapse of Farepak, the directors tried to establish a Trust to
ring fence money paid by customers and agents. However, the
Trust was not set up correctly so the administrators (now
Liquidators) applied to Court to determine whether the Trust is
valid. The length of time this takes is now in the hands of the
Court.
Secondly, because of the extremely large number of creditors,
paying out a dividend will inevitably be a costly process. The
Liquidators have always sought to work in the most efficient and
cost-effective manner possible in order to maximize the funds
available to creditors. The Liquidators are working to ensure
that, as far as possible, all money that may be due to Farepak
Food & Gifts Ltd. is received before paying a dividend, so that
as much as possible is paid to creditors, including customers
and agents. This is to keep the costs associated with paying
dividends as low as possible.
Move from Administration to Creditors' Voluntary Liquidation
On Oct. 4, 2007, Form 2.34B, being notice of Farepak's move from
Administration to Creditors' Voluntary Liquidation, was filed at
Companies House. This means that Farepak is now in Liquidation
and Martha H. Thompson and Dermot Power of BDO Stoy Hayward LLP
have been appointed as Joint Liquidators, a course of action
approved by 97% of Farepak's creditors, including agents and
customers, following the Joint Administrators' proposals.
The Joint Administrators have carried out the limited
investigations which they are allowed to by law. Now that
Farepak is in Liquidation, the Liquidators have greater powers
to investigate the circumstances surrounding the failure of
Farepak and can take action against any parties which may
increase the money available for creditors. A Liquidator can
also agree unsecured creditor claims and pay a dividend to
unsecured creditors.
By law, the Joint Liquidators do not have to report to Farepak's
creditors, including agents and customers, until the anniversary
of their appointment, i.e. October 2008. The Joint Liquidators
will, however, carry on using this website as a way of updating
all of Farepak's creditors, just as the Joint Administrators
did.
Martha H. Thompson and Shagun Dubey of BDO Stoy Hayward LLP were
appointed as Joint Administrators over the assets and business
of Farepak on Oct. 13, 2006.
FLOORCRAFT LTD: Taps Liquidators from Moore Stephens
----------------------------------------------------
Nigel Price and Colin Prescott of Moore Stephens LLP were
appointed joint liquidators of Floorcraft (Midlands) Ltd. on
May 7 for the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Moore Stephens LLP
Beaufort House
94-96 Newhall Street
Birmingham
B3 1PB
England
HOSPITAL TELEPHONE: Joint Liquidators Take Over Operations
----------------------------------------------------------
Stephen Robert Cork and Joanne Elizabeth Milner of Smith &
Williamson Ltd. were appointed joint liquidators of Hospital
Telephone Services Ltd. on May 8 for the creditors' voluntary
winding-up proceeding.
The joint liquidators can be reached at:
Smith & Williamson Ltd.
Prospect House
2 Athenaeum Road
London
N20 9YU
England
INVENSYS PLC: Preliminary Report Shows GBP200 Million Net Cash
--------------------------------------------------------------
Invensys Plc released its preliminary report for the year ended
March 31, 2008.
Financial position transformed:
-- disposals for good value, the PPP settlement and strong
operating performance result in significant net profit of
GBP336 million and net cash of around GBP200 million;
-- redemption of high yield bonds and recent repayment of
term loans result in the group being effectively debt
free;
-- reshaping of portfolio and strong operating performance
led to operating margin5 of 12.0% and underlying earnings
per share2 growth of 35% to 17.0p; and
-- financial strength and strong presence in infrastructure/
long cycle markets provide sound platform for growth.
Continuing operations:
-- orders were GBP2.04 billion compared with GBP2.10 for the
same period in 2007, down 2% at constant exchange rates.
And improvement at Process Systems was offset by a decline
at Rail Group, reflecting its uneven order intake, and the
anticipated reduction of Controls;
-- revenue was up 6% at CER at GBP2.11 billion compared with
GBP2 billion in for the same period in 2007, with good
performances at Process Systems, up 9%, and Rail Group, up
20%, partly offset by the anticipated reduction at
Controls;
-- operating profit was up 19% at CER at GBP254 million
compared with GBP216 million for the same period in 2007,
with strong performances at Process Systems, Rail Group
and Controls;
-- operating margin increased to 12.0% (2007: 10.8%) with
each of our three major business groups reporting double
digit margins;
-- underlying earnings per share were up 35% to 17.0p (2007:
12.6p) and basic earnings per share were up 257% to 21.1p
(2007: 8.2p);
-- operating cash flow was in line with last year at GBP234
million (2007: GBP237 million) with operating cash
conversion of 92% (2007: 110%); excluding restructuring
spend, operating cash conversion was 102% (2007: 116%);
and
-- return on operating capital6 was 53% (2007: 42%).
Financial
According to the company, net cash at March 31, 2008, was GBP73
million compared with net debt of GBP166 million for year ended
March 31, 2007, and this excludes the GBP95 million receipt in
respite of the PPP settlement received on April 2, 2008.
Redemption of Invensys' remaining GBP343 million of high yield
bonds on March 17, 2008 and the repayment of the GBP155 million
term loans on May 7, 2008.
At March 31, 2008, the group has cash of around GBP200 million
and is effectively debt free.
"I am pleased to report that, during the past year, we have
continued to transform the financial position of Invensys
through a combination of further improved operating performances
across the businesses, the disposals of non-core activities for
good value and the successful negotiation of the PPP
settlement," Ulf Henriksson, Invensys's chief executive,
commented.
"Today we have around GBP200 million of cash and, following the
redemption of the remaining High Yield Bonds and the recent
repayment of the Term Loans, we are effectively debt free. We
are looking to further modify our financing facilities in due
course to ensure that we have arrangements in place that support
the implementation of our business strategy," Mr. Henriksson
said.
He added, "We are also making good progress on our journey to
become an unquestioned leader in our markets by unlocking the
potential of both ourselves and our customers. We are building
a strong foundation for growth with high performing processes,
human and execution capabilities and a cohesive business for our
customers, employees and shareholders in an ever-changing
environment. Our clear objective is to become a technology and
controls company providing intelligent solutions to customers on
a global basis across a broad range of industries."
"In our long cycle and infrastructure businesses within Process
Systems and Rail Group, we have achieved a good improvement in
revenue and operating profit, and we are increasing our energy
to capture more of the growth in their markets. I expect order
intake in these businesses to improve during the new financial
year based upon the actions we are taking and the size and
quality of their order pipelines. At Controls, I am pleased
that we have improved its profit and cash performance," Mr.
Henriksson continued.
He concluded, "Overall we expect the Group to make further
progress in the new financial year. The global energy and
infrastructure markets for Process Systems and Rail Group remain
strong and we expect them to continue to grow. At Controls, we
expect at least to maintain its operating profit and cash flow
performance despite continued softness in some of its markets."
About Invensys Plc
Based in London, United Kingdom, Invensys Plc --
http://www.invensys.com/-- is a global automation, controls and
process solutions Group operating in more than 60 countries
worldwide. The company operates through six units: Controls,
Process Systems, Rail Systems, APV, Wonderware, and Eurotherm.
As reported in the TCR-Europe on May 28, 2007, at March 31,
2007, the Company's balance sheet GBP2 billion in
total assets and GBP2.1 billion in total liabilities, resulting
in a GBP140 million stockholders' deficit.
* * *
As of May 20, 2008, Invensys Plc carries Moody's long-term
corporate family rating at Ba3, senior unsecured debt rating at
B2 and probability of default of Ba3.
Standard and Poor's placed its BB long-term corporate credit
rating on CreditWatch with positive implications, reflecting the
company's strengthening business and financial risk profiles.
The company's long-term local issuer credit is at BB.
Fitch Ratings gives long-term issuer default rating at BB,
senior unsecured debt rating at BB and short-term rating at B
with stable outlook.
JOHN HOBBS: Appoints Liquidators from Vantis Business Recovery
--------------------------------------------------------------
G. Mummery and P. Atkinson of Vantis Business Recovery Services
were appointed joint liquidators of John Hobbs Ltd. (formerly
Carlton Hobbs (London) Ltd.) on 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
LOVEKYN OF EWELL: Hires Liquidator from Smith & Williamson
----------------------------------------------------------
Stephen Robert Cork of Smith & Williamson was appointed
liquidator of Lovekyn of Ewell Ltd. on May 2 for the creditors'
voluntary winding-up procedure.
The liquidator can be reached at:
Smith & Williamson
Prospect House
2 Athenaeum Road
London
N20 9YU
England
METAL EXPRESS: Brings In Liquidators from Tenon Recovery
--------------------------------------------------------
Christopher Ratten and Jeremy Woodside of Tenon Recovery were
appointed joint liquidators of Metal Express Ltd. on May 13 for
the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Tenon Recovery
Arkwright House
Parsonage Gardens
Manchester
M3 2LF
England
MJA CONSTRUCTION: Appoints Joint Administrators from Kroll
----------------------------------------------------------
S.C.E. Mackellar and S. Wilson of Kroll Ltd. were appointed
joint administrators of MJA Construction Ltd. (Company Number
3713496) on May 12, 2008.
Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide. The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm. Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.
The company can be reached at:
MJA Construction Ltd.
Premier House
High Street
Wakefield
West Yorkshire
WF4 3EB
England
Tel: 01924241122
OPTIMA MULTI SERVICES: Claims Filing Period Ends June 12
--------------------------------------------------------
Creditors of Optima Multi Services Ltd. have until June 12, 2008
to prove their debts by sending written statement of the amount
they claim to be due to them from the company to:
Peter Hollis
Liquidator
Vantis Business Recovery Services
Torrington House
47 Holywell Hill
St. Albans
Hertfordshire
AL1 1HD
England
Peter Hollis of Vantis Business Recovery Services was appointed
liquidator of the company on May 2, 2008 for the creditors'
voluntary winding-up procedure.
S R RICH: Claims Filing Period Ends July 12
-------------------------------------------
Creditors of S R Rich (Industrial Roofing) Ltd. have until
July 12, 2008 to detail their names and addresses (and
solicitors if applicable) together with particulars of their
debts or claims, in writing, or in person, to:
Duncan R. Beat
Liquidator
Tenon Recovery
75 Springfield Road
Chelmsford
Essex
CM2 6JB
England
Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on May 13, 2008 for the creditors' voluntary winding-up
procedure.
SPA SOLUTIONS: Taps KPMG as Joint Administrators
------------------------------------------------
Blair Carnegie Nimmo and Gary Steven Fraser of KPMG LLP were
appointed joint administrators of Spa Solutions Ltd. (Company
Number 01780767) on May 9, 2008.
KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.
The company can be reached at:
Spa Solutions Ltd.
Victoria Way
Burgess Hill
West Sussex
RH15 9NF
England
Fax: 01444 870 392
STAND FITTING: Appoints Stephen Robert Cork as Liquidator
---------------------------------------------------------
Stephen Robert Cork of Smith & Williamson Ltd. was appointed
liquidator of The Stand Fitting Co. Ltd. on May 8 for the
creditors' voluntary winding-up procedure.
The liquidator can be reached at:
Smith & Williamson Ltd.
Prospect House
2 Athenaeum Road
London
N20 9YU
England
* First Quarter Bankruptcy Petitions in Britain UP 12%
------------------------------------------------------
Bankruptcy applications in Britain increased by 12% in the first
quarter of the 2008 compared to the previous quarter.
In contrast to 2007's downward trend, Ministry of Justice
figures indicate that there were 13,080 official requests for
bankruptcy status during the first quarter of 2008, The
Independent reports
Creditor bankruptcy petitions for first quarter of 2008 also
increased to 4,851, up by 6 percent compared to figures in
fourth quarter of 2007.
Mr. Howard Archer, Global Insight economist, told The
Independent, that rising fuel and energy prices would likely
cause additional rises in bankruptcy rates throughout this year.
Mr. Archer said "It's a trend that I would expect to continue
going forward. The economy was still growing in the first
quarter of last year, and it was really only late last year and
so far this year that the economy has started to slow markedly."
*********
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 * * *