/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080529.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, May 29, 2008, Vol. 9, No. 106 Headlines A U S T R I A AKTIVBAU LLC: Claims Registration Period Ends June 16 CONCIERGE ROHR: Claims Registration Period Ends June 18 RPH WARENVERTRIEB: Claims Registration Period Ends June 11 V.I.S. VERMOEGENSANLAGEN: Claims Registration Ends June 20 X-STENT TRADE: Creditors' Meeting Slated for June 18 D E N M A R K KALMAR STRUCTURED: Moody's Puts B2 Rating on EUR8.25 Mil. Notes TDC A/S: S&P Revises Unsecured Notes' Rating to 'BB-' from 'B' E S T O N I A KOMMEST AUTO: Filgate Credit Cancels Bankruptcy Petition * Estonian Bankruptcies Down 43% in 2007 F R A N C E ALCATEL-LUCENT SA: Plans to Tie CEO's Pay to Performance G E R M A N Y BODYWELL VERTRIEBS: Claims Registration Period Ends June 16 CHRISTIAN HASSLER: Claims Registration Period Ends June 6 DENTALLABOR NORD: Claims Registration Period Ends June 16 G.M.R. GELATI-ZUBEHOER: Claims Registration Period Ends June 16 HOLOGIC INC: S&P Lifts Conv. Subordinated Debt's Rating to B+ HSV BEI NOBIS: Claims Registration Period Ends June 16 IKB DEUTSCHE: Posts EUR1BB Net Loss for 9 Months Ended Dec. 31 INTERNATIONAL SECURITY: Claims Registration Period Ends June 14 MALERFACHBETRIEB M MUELLER: Claims Period Ends June 16 MULTI FOOD: Claims Registration Period Ends June 13 NO CONCEPT: Claims Registration Period Ends June 16 ODS BUSINESS: Claims Registration Period Ends June 16 OTI ALSTER: Claims Registration Period Ends June 16 OTTO WOLF: Claims Registration Period Ends June 13 PERIMEX GMBH: Claims Registration Period Ends June 16 REINERY SUEDWEST-KAMIN: Claims Registration Period Ends June 13 SCHNITZEL'S GASTSTATTENBETRIEBE: Claims Filing Ends June 13 SEREN FEIGEN: Claims Registration Period Ends June 13 SEVEN-X GMBH: Claims Registration Period Ends June 16 TEAM FOR AUTOMATION: Claims Registration Period Ends June 14 THIELERT AIRCRAFT: Resumes Spare Parts and Engine Delivery WESTLB AG: Fitch Upgrades Individual Rating to 'E' from 'F' ZWEIRAD + SPORT: Claims Registration Period Ends June 13 H U N G A R Y GARDENIA CSIPKEFUGGONYGYAR: Shareholders Okay Liquidation I R E L A N D ELAN CORP: Plans to Setup Drug-technology As Separate Entity I T A L Y FIAT SPA: Alfa Romeo NorthAm Status To Be Decided in Six Months FIAT SPA: Moody's Ups All Ratings to Investment Grade Level PARMALAT SPA: NJ Court Denies Mistrial Request vs Citigroup K A Z A K H S T A N AITURA CJSC: Creditors Must File Claims by July 9 JANA KURYLYS-2004: Claims Deadline Slated for July 4 KAZBAT CJSC: Claims Filing Period Ends July 9 KAZTURK LLP: Creditors' Claims Due on July 4 MUNAI-SAUDA CJSC: Claims Registration Ends July 4 PISHESNAB CJSC: Creditors Must File Claims by July 8 UJKAZSELSTROY JSC: Claims Deadline Slated for July 9 K Y R G Y Z S T A N CENTRAL ASIAN: Creditors Must File Claims by July 18 L U X E M B O U R G AMERICAN AXLE: Declares Second Quarter 2008 Dividend R U S S I A ASTRAKHAN-OIL-KHIM-PROM: Creditors Must File Claims by July 6 BANK SOLIDARNOST: Moody's Revises Outlook to Negative DRUZHBY LLC: Chuvashiya Bankruptcy Hearing Slated for June 10 MIKHAYLOVSKOE CAR: Creditors Must File Claims by June 17 NEKRASOVSK-AGRO-PROM-TEKH-SNAB: Bankruptcy Hearing Set July 22 NOVOROSSIYSK COMMERCIAL: S&P Holds 'BB+' Long-Term Credit Rating PARTY LLC: Court Names V. Togmitov as Insolvency Manager ROAD SERVICE: Creditors Must File Claims by July 6 SEVERSTAL OAO: Aims 15% Profit Margin at North American Units TAKKU-WOOD LLC: Court Names E. Zomba as Insolvency Manager TRUBCHEVSKIY FLAX: Creditors Must File Claims by June 6 VERSATEL CJSC: Asset Sale Slated for June 11 VISO CJSC: Creditors Must File Claims by July 6 * Leningrad Region's Long-Term Currency Rating Upgraded by Fitch * S&P Puts B+ Rating on Sakha's RUR2.5 Billion Bond * Sakha's RUB2.5 Billion Domestic Bond Rated 'A+(rus)' by Fitch S P A I N APIRSA: Swedish Court Forbids Claims Payment Until Case Ends CA INC: S&P Upgrade Corporate Credit Rating to 'BB+' from 'BB' * ECB Driving Spanish Securitization Changes, Fitch Says S W E D E N APIRSA: Swedish Court Forbids Claims Payment Until Case Ends S W I T Z E R L A N D A.P. 3 I: Creditors Have Until June 1 to File Proofs of Claim BALANDINA CONSULTING: Creditors’ Proofs of Claim Due by June 1 BAU-ATELIER FURRER: Creditors' Liquidation Claims Due by June 1 BELENOS LLC: Creditors Must File Proofs of Claim by June 2 DIABOLO LLC: Deadline to File Proofs of Claim Set May 31 GCG IMMOBILIEN: Proofs of Claim Filing Deadline is June 1 GLOBAL PET: Aargau Court Commences Bankruptcy Proceedings KIRAAS LLC: Creditors Must File Proofs of Claim by May 31 LONI TRANSPORT: Luzern Court Commences Bankruptcy Proceeding MAX SCHUPFER: Proofs of Claim Filing Deadline is May 31 MHM LLC: Aargau Court Commences Bankruptcy Proceedings NOMO LLC: Creditors Have Until June 1 to File Proofs of Claim PRO FINANZ: June 1 Deadline Set for Proofs of Claim Filing R. KONIG: May 30 Set as Deadline to File Proofs of Claim SIMOBAU LLC: Aargau Court Commences Bankruptcy Proceedings STICKEREI WEHRLI: Creditors' Liquidation Claim Due by June 1 U K R A I N E BUILDING TRANSPORT: Creditors Must File Claims by June 11 COMPAN UKRAINE: Proofs of Claim Filing Deadline Set June 11 DNIEPROPRIMATRADE LLC: Creditors Must File Claims by June 11 FENIX-IKS LLC: Proofs of Claim Filing Deadline Set June 11 FIRM LLC: Creditors Must File Claims by June 11 INDUSTRIAL BUILDING: Creditors Must File Claims by June 11 KYIVSTAR GSM: Lack of Information Prompts S&P to Withdraw Rating SP RUMO-UKRAINE Creditors Must File Claims by June 11 SVITANOK LLC: Creditors Must File Claims by June 11 U N I T E D K I N G D O M ALLEN-VANGUARD: S&P Puts LT Corporate Credit Rating at 'BB-' ARGON CAPITAL: S&P Removes CreditWatch on Notes' 'B' Rating BEST BUS: US Sub-Prime Mortage Crisis Prompts Liquidation BNP PARIBAS: Moody's Reviews Ratings on 3 Credit Default Swaps CABLE & WIRELESS: Close to Offloading GBP12 Bln. Pension Risk CITY SURFACING: Brings In Liquidators from Tenon Recovery CLEAR CHANNEL: Mays Family Could Lose US$104 Million on Deal CLEAR CHANNEL: Highfields Capital Owns 7.7% Equity DAKOTA SHERWOOD: Goes Into Receivership Amid Co-Owner Dispute DSG INTERNATIONAL: Moody's Puts Corporate Family Rating at Ba1 EDGEN MURRAY: S&P Concludes Review; Ratings Remain Unchanged EUROHOME UK: Fitch Affirms Ratings on 16 Tranches GROUP 1 AUTOMOTIVE: S&P Cuts Corporate Credit Rating to 'BB-' HALIFAX TOWN: Faces Liquidation and Demotion, Trust Says HEXCEL CORP: S&P Affirms BB Long-Term Corporate Credit Rating MK ONE: Administrator Sells 100 Stores to Jet Star Retail PJB ELECTRICAL: Brings In Administrators from Deloitte & Touche PRIMUS TELECOMMS: Moody's Revises Probability of Default Rating VERSAMOUNT DISPLAY: Taps Joint Administrators from Begbies WHITWORTH SALES: Calls In Liquidators from Tenon Recovery * Deloitte Names Kevin Patience as Financial Services Director * Fitch Says Emerging Market Sovereigns at Risk from Inflation * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= AKTIVBAU LLC: Claims Registration Period Ends June 16 ----------------------------------------------------- Creditors owed money by LLC AKTIVBAU (FN 215386w) have until June 16, 2008, to file written proofs of claim to court- appointed estate administrator Oliver Lorber at: Mag. Oliver Lorber St.Veiter Ring 51 Second Floor 9020 Klagenfurt Austria Tel: 0463/57 9 50 Fax: 0463/5790-9 E-mail: rechtsanwalt@lorber.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10;00 a.m. on June 23, 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 Feldkirchen, Austria, the Debtor declared bankruptcy on May 7, 2008 (Bankr. Case No. 41 S 47/08x). CONCIERGE ROHR: Claims Registration Period Ends June 18 ------------------------------------------------------- Creditors owed money by LLC Concierge Rohr Montage (FN 254520w) have until June 18, 2008, to file written proofs of claim to court-appointed estate administrator Stefan Jahns at: Mag. Stefan Jahns c/o Dr. Susi Pariasek Gonzagagasse 15 1010 Vienna Austria Tel: 532 17 11 E-mail: kanzlei@jahns.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on July 2, 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 May 7, 2008 (Bankr. Case No. 2 S 55/08p). Susi Pariasek represents Mag. Jahns in the bankruptcy proceedings. RPH WARENVERTRIEB: Claims Registration Period Ends June 11 ---------------------------------------------------------- Creditors owed money by LLC RPH Warenvertrieb (FN 30576s) have until June 11, 2008, to file written proofs of claim to court- appointed estate administrator Horst Winkelmayr at: Mag. Horst Winkelmayr c/o Dr. Carl Knittl Hauptplatz 15 2100 Korneuburg Austria Tel: 02262/724 35 Fax: 02262/724 35 50 E-mail: rae@kniwi.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on June 25, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Schwechat – Rannersdorf, Austria, the Debtor declared bankruptcy on May 6, 2008 (Bankr. Case No. 36 S 51/08d). Carl Knittl represents Mag. Winkelmayr in the bankruptcy proceedings. V.I.S. VERMOEGENSANLAGEN: Claims Registration Ends June 20 ---------------------------------------------------------- Creditors owed money by LLC V.I.S. Vermoegensanlagen-Immobilien- Service (FN 48080g) have until June 20, 2008, to file written proofs of claim to court-appointed estate administrator Philipp Dobner at: Dr. Philipp Dobner Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: dobner@sup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on July 4, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 6, 2008 (Bankr. Case No. 28 S 62/08h). X-STENT TRADE: Creditors' Meeting Slated for June 18 ---------------------------------------------------- Creditors owed money by LLC X-Stent Trade (FN 223629t) are encouraged to attend the first creditors' meeting at 10:30 a.m. on June 18, 2008. The creditors' meeting will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria The Court will also examine the claims at 10:00 a.m. on July 9, 2008, at the same venue. Creditors have until June 25, 2008, to file written proofs of claim to court-appointed estate administrator Mario Kapp at: Mag. Mario Kapp Karntnerstrasse 525-527 8054 Graz - Seiersberg Austria Tel: 0316-225955 Fax: 0316-282013 E-mail: office@kapp.at Headquartered in Trofaiach, Austria, the Debtor declared bankruptcy on May 6, 2008 (17 S 19/08z). ============= D E N M A R K ============= KALMAR STRUCTURED: Moody's Puts B2 Rating on EUR8.25 Mil. Notes --------------------------------------------------------------- Moody's Investors Service today placed under review for downgrade one class of notes issued by Kalmar Structured Finance A/S. The rating action is: Kalmar Structured Finance A/S: -- EUR 8,255,000 Class C Secured Notes III due 2011 Current Rating: B2, on review for downgrade Prior Rating: B2 The transaction will continue to be monitored and any further rating action will be publicly disseminated. TDC A/S: S&P Revises Unsecured Notes' Rating to 'BB-' from 'B' -------------------------------------------------------------- Standard & Poor's Ratings Services revised its issue ratings on leading Danish integrated telecommunications provider TDC A/S' (BB-/Stable/B) unsecured notes maturing up to 2012 to 'BB-' from 'B', in line with the corporate credit rating. S&P revised the recovery rating to '4' from '6', indicating its expectation of average (30%-50%) recovery in the event of a payment default. S&P also revised the issue rating on the subordinated notes issued by TDC's indirect parent Nordic Telephone Co. Holding ApS (NTCH; BB-/Stable/--) maturing in 2016 to 'B+' from 'B', one notch below the corporate credit rating on the group. At the same time, S&P revised the recovery rating on this debt to '5' from '6', indicating its expectation of modest (10%-30%) recovery in the event of a payment default. The loan rating on TDC's EUR7.5 billion senior secured facilities remains unchanged at 'BB+', two notches higher than the corporate credit rating. The recovery rating is also unchanged at '1', indicating S&P's expectation of very high recovery (90%-100%) for senior secured lenders in the event of a payment default. "We have valued the business as a going concern because, given TDC's satisfactory business risk profile and leading market position, we believe that a default would most likely result from excessive leverage," said Standard & Poor's recovery analyst Carlo Castelli. At the point of default S&P valued the company at about Danish krona 42 billion. "The improved recovery rating for the subordinated and unsecured debt issues reflect the significant redemption of the senior facilities over the past 12 months to March 31, 2008," said Mr. Castelli. ============= E S T O N I A ============= KOMMEST AUTO: Filgate Credit Cancels Bankruptcy Petition -------------------------------------------------------- Filgate Credit Enterprises Ltd. Has agreed to cancel its bankruptcy petition against AS Kommest Auto, Sandra Taimre writes for Aripaev.ee. Filgate Credit, the report relates, filed bankruptcy petition against the company on May 13, 2008. Kommest Auto owner Toomas Ruutman told Aripaev that addressing the company's financial woes is the first and important step and that hopefully, agreements will be reached with other creditors, the report said. Mr. Ruutman disclosed that the agreement with Filgate Credit should increase Peugeot clients' security. Aeripaeev reported that French carmaker PSA Peugeot Citroen stopped shipments to Kommest Auto because of growing debts. AS Kommest Auto is a Peugeot car dealer in Estonia and Latvia. It is owned by TR Majad, a property investment company based in Estonia. * Estonian Bankruptcies Down 43% in 2007 ---------------------------------------- The number of bankruptcies in Estonia decreased by 43% in 2007 on a year-on-year basis, Baltic Business News reports citing an AS Krediidiinfo research. Companies that filed for bankruptcy was 0.18%, the report adds. The research revealed one out of 565 companies were declared bankrupt in 2007. Compared to other European countries, the bankruptcy rate in Estonia is lower than the European average, the report said. =========== F R A N C E =========== ALCATEL-LUCENT SA: Plans to Tie CEO's Pay to Performance -------------------------------------------------------- Alcatel-Lucent S.A. has proposed to tie CEO Patricia Russo's EUR6-million golden parachute to performance targets, Reuters relates citing the Times. According to the Times, shareholders will convene tomorrow, May 30, 2008, to vote whether to award Ms. Russo her two years' pay. The resolution was proposed amid rumors that Ms. Russo would be fired from her post. The resolution states that, to avail of the maximum salary, Ms. Russo has to meet at least 90% of the performance target for sales, or 75% of the performance target for operating profit. An Alcatel-Lucent spokeswoman confirmed the EUR6-million figure to Reuters, detailing that the amount corresponds to two full years of salary plus variable income. The spokeswoman added to Reuters that given Ms. Russo's performance in 2007, her salary for the year was EUR1.8 million out of EUR3 million maximum possible amount. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported in the TCR-Europe on April 4, 2008, Moody's Investors Service affirmed the ratings for Alcatel-Lucent, which include a Ba3 corporate family rating for Alcatel-Lucent and a Not-Prime for its short term debt, as well as Ba3 ratings for senior and B2 ratings for subordinated debt that was issued originally by the predecessor companies Alcatel S.A. and Lucent Technologies, Inc. Moody's said the outlook for the ratings is Negative. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. ============= G E R M A N Y ============= BODYWELL VERTRIEBS: Claims Registration Period Ends June 16 ----------------------------------------------------------- Creditors of Bodywell Vertriebs-GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Reimer Witt. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on July 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neumuenster Meeting Hall B.126 Law Courts Boostedter Strasse 26 Neumuenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Reimer Witt Kuhberg 43-45 24534 Neumuenster Germany The District Court of Neumuenster opened bankruptcy proceedings against Bodywell Vertriebs-GmbH on May 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bodywell Vertriebs-GmbH Attn: Armin von Wuelfing, Manager Kieler Strasse 55 24649 Wiemresdorf Germany CHRISTIAN HASSLER: Claims Registration Period Ends June 6 --------------------------------------------------------- Creditors of Christian Hassler GmbH have until June 6, 2008, to register their claims with court-appointed insolvency manager Ulrich Nehrig. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Freiburg Hall I Holzmarkt 2 79098 Freiburg i.Br. Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Nehrig LG-Fach 107 Schillerstr. 2 79102 Freiburg i. Br. Germany Tel: 0761/703900 Fax: 0761/7039052 The District Court of Freiburg opened bankruptcy proceedings against Christian Hassler GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Christian Hassler GmbH Leopoldstr. 18 79359 Riegel Germany DENTALLABOR NORD: Claims Registration Period Ends June 16 --------------------------------------------------------- Creditors of Dentallabor Nord GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Reiner Linck. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Aug. 13, 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 Rostock Hall 330 Zochstrasse 13 18057 Rostock 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: Reiner Linck Paulstrasse 44 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against Dentallabor Nord GmbH on May 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dentallabor Nord GmbH Attn: Heinz-Juergen Carstensen, Manager Egon Engels und Helge Herm Alexandrinenstrasse 52 18119 Rostock Germany G.M.R. GELATI-ZUBEHOER: Claims Registration Period Ends June 16 --------------------------------------------------------------- Creditors of G.M.R. Gelati-Zubehoer GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Hans-Joerg Derra. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Goeppingen Hall 0.24 Ground Floor Pfarrstrasse 25 73033 Goeppingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Joerg Derra c/o Derra, Meyer & Partner Frauenstr. 14 89073 Ulm Germany Tel: (0731) 922880 Fax: (0731) 9228888 The District Court of Goeppingen opened bankruptcy proceedings against G.M.R. Gelati-Zubehoer GmbH on April 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G.M.R. Gelati-Zubehoer GmbH Attn: Luigi Raffa Heilbronner Str. 12 73037 Goeppingen Germany HOLOGIC INC: S&P Lifts Conv. Subordinated Debt's Rating to B+ ------------------------------------------------------------- Standard & Poor's Ratings Services raised its rating on Hologic Inc.'s convertible subordinated debt to 'B+' from 'B'. S&P revised the recovery rating on this unsecured instrument to '5', indicating the expectation for modest (10% to 30%) recovery in the unlikely event of a bankruptcy, from '6'. At the same time, S&P affirmed the 'BB-' corporate credit and 'BB+' senior secured ratings. The outlook is positive. "The upgrade reflects the rapid repayment of senior secured acquisition debt," said Standard & Poor's credit analyst David Lugg. In October 2007, Hologic purchased unrated Cytyc Corp. in a $6 billion transaction. Hologic funded a portion of this purchase with a secured credit facility, which was significantly reduced with the proceeds of a US$1.7 billion convertible issue in December. Since then, the company has repaid another US$570 million of term loans, reducing the facility balance to US$89.6 million as of March 31, 2008. In aggregate, Hologic has reduced its debt by 24% from the October peak, far exceeding Standard & Poor's more modest expectations. The rapid reduction in secured bank loans disproportionally benefits the unsecured convertible issue, providing improved recovery prospects in the unlikely event of default. The 'BB-' rating reflects Hologic's initially high leverage, short track record of success, challenge to integrate the acquisition of Cytyc, and strong positions in attractive specialty medical markets. This transforming transaction almost doubled the size of Hologic, adding product and geographic breadth. The combined company's specialty surgical and diagnostic products focus on the medical needs of women--a market characterized by limited competition from a few, but very large, firms and some exposure to reimbursement challenges. Technological innovation that produces more accurate, easier-to- use products is a key to success in this market. The outlook is positive. Continued successful integration of the Cytyc business, combined with additional debt repayment could create the conditions needed for a higher rating within two years. Although moderating somewhat, the continued strong double-digit growth of Hologic products should provide the cash flow needed for rapid debt repayment. S&P expects the company to continue to make smaller acquisitions that bolster its market presence. If the company were to encounter an unusually difficult integration or make additional large debt-financed acquisitions, there would be little rationale for an upgrade. HSV BEI NOBIS: Claims Registration Period Ends June 16 ------------------------------------------------------ Creditors of HSV bei NOBIS Heizung-Sanitar-Versorgungstechnik GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Yvo Dengs. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neumuenster Meeting Hall B.126 Law Courts Boostedter Strasse 26 Neumuenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Yvo Dengs Am Sandtorkai 62 20457 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against HSV bei Nobis Heizung-Sanitar-Versorgungstechnik GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HSV bei NOBIS Heizung-Sanitar-Versorgungstechnik GmbH Kieler Strasse 53 24768 Rendsburg Germany IKB DEUTSCHE: Posts EUR1BB Net Loss for 9 Months Ended Dec. 31 -------------------------------------------------------------- IKB Deutsche Industriebank AG posted a consolidated net loss for the first nine months of the financial year 2007/08 covering April 1, 2007, to Dec. 31, 2007, of EUR1.0 billion, compared with EUR142 million net profit for same period ended Dec. 31, 2006. Losses on portfolio investments led to a negative net income from financial instruments at fair value of nearly EUR2.0 billion and negative net income from investment securities of more than EUR1.0 billion. In contrast, the positive result from the assumption of risks by the banking pool amounted to EUR2.2 billion. Additional key financial data: * Net interest income of EUR410 million; * Provisions for possible loan losses totalling EUR207 million; * Net fee and commission income of EUR44 million; and * Administrative expenses of EUR271 million. IKB closed out the third quarter of financial year 2007/08 covering Oct. 1, 2007, to Dec. 31, 2007, in a balanced position, with net income for the period of EUR10 million. A positive result of EUR32 million from operating business and EUR109 million in fair-value gains on liabilities were offset by a further EUR70 million of losses on portfolios and financial instruments as well as tax expense of EUR61 million. Outlook Confirmed For the full financial year 2007/08, IKB still forecasts a loss of EUR0.2 billion. The positive contributions to results – in the wake of a loss of EUR1.0 billion for the 9-month-result of financial year 2007/08 -– are attributable particularly to the following effects, which will not have an impact until the fourth quarter of financial year 2007/08: * Accounting a further risk shield for Havenrock; * Further revenues resulting from the valuation of liabilities, especially of hybrid capital instruments; * Positive effect of roughly EUR350 million resulting from the valuation of debtor warrants from the KfW capital injection Overall, these positive effects outweigh the necessary value adjustments on portfolio investments carried out as at Dec. 31, 2008. Core Business Holds Ground In its core business, IKB succeeded in firmly holding its ground with its customers. All three segments reported a positive operating result in the third quarter of financial year 2007/08, after extraordinary effects (adjusting events for risk provisioning and valuation losses) stressed the operating results in the first half of financial year 2007/08. In the Corporate Clients segment, new business volume increased to EUR3.9 billion. This segment realized operating results of EUR11 million (EUR22 million) in the third quarter and EUR7 million (EUR64 million) during first nine months of financial year 2007/08. The result was determined by negative valuation effects in the private equity business in the first half of the year, in addition to increased risk provisioning. The Real Estate Clients segment was able to record a significant boost in new business volume to EUR1.2 billion in the reporting period thanks to European business activities. The operating result reached just a marginal positive figure of EUR0.2 million (EUR8 million) in the third quarter and amounted to EUR3 million in the first nine months of financial year 2007/08. The Structured Finance segment posted operating results of EUR6 million in the third quarter and EUR4 million in the first nine months of financial year 2007/08. The result was attributable to value adjustments for first-loss pieces from the securitization of IKB’s own loans already accounted for in the balance sheet in the first half of financial year 2007/08, in addition to increased provisions for possible loan losses. New business volume of EUR3.4 billion reflected a decline versus the previous record year’s level of EUR4.8 billion. In the entire financial year 2007/08 (April 1, 2007, to March 31, 2008), new disbursements amounted to EUR4.7 billion in the Corporate Clients segment, EUR1.4 billion in the Real Estate Clients segment and EUR3.8 billion in the Structured Finance segment. Sale Process The sale of stakes of KfW Banking Group (45.5%) and Stiftung Industrieforschung (10.7%) in IKB is proceeding according to plan. In May, IKB held discussions with nine bidders, especially with their management and groups of experts. Meanwhile, KfW has received a series of interesting, substantiated offers and intends to short list the number of bidders and thereafter start decisive negotiating with due-diligence. About IKB Deutsche Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * Moody's Investors Service cuurently rates IKB Deutsche Industriebank AG's bank financial strength at E; subordinated debt at Ba2; junior subordinated securities at Ca and hybrid capital instruments eligible for Tier 1 capital and the preferred securities of IKB Funding Trust I & II at Caa3. The ratings, which were downgraded to their current level in April 2008, have stable outlook. INTERNATIONAL SECURITY: Claims Registration Period Ends June 14 --------------------------------------------------------------- Creditors of International Security Service GmbH have until June 14, 2008, to register their claims with court-appointed insolvency manager Richard Sommer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 22, 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 Rottweil Room 0.05 Branch Office Koernerstr. 29 Rottweil 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: Richard Sommer Banweg 17/1 72131 Ofterdingen Germany Tel: 07473-920074 Fax: 07473-25578 The District Court of Rottweil opened bankruptcy proceedings against International Security Service GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: International Security Service GmbH Attn: Mario Valletta, Manager Am Roemerhof 15 78727 Oberndorf Germany MALERFACHBETRIEB M MUELLER: Claims Period Ends June 16 ------------------------------------------------------ Creditors of Malerfachbetrieb M. Mueller GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Tanja Bueckmann. Creditors and other interested parties are encouraged to attend the meeting at 1:40 p.m. on July 3, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Tanja Bueckmann Lindnerstr. 165 46149 Oberhausen Germany The District Court of Essen opened bankruptcy proceedings against Malerfachbetrieb M. Mueller GmbH on April 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Malerfachbetrieb M. Mueller GmbH Attn: Martina Mueller, Manager Im Stadtsfeld 28a 46282 Dorsten Germany MULTI FOOD: Claims Registration Period Ends June 13 --------------------------------------------------- Creditors of Multi Food-Handelsgesellschaft mbH have until June 13, 2008, to register their claims with court-appointed insolvency manager Ingmar Jarchow. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on July 15, 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: Ingmar Jarchow Heuberg 1 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Multi Food-Handelsgesellschaft mbH on April 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Multi Food-Handelsgesellschaft mbH Rubbertstrasse 48 21109 Hamburg Germany NO CONCEPT: Claims Registration Period Ends June 16 --------------------------------------------------- Creditors of No Concept ? Verwaltungs GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Dr. Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.m. on July 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Joerg Nerlich Alfredstr. 279 45133 Essen Germany The District Court of Essen opened bankruptcy proceedings against No Concept ? Verwaltungs GmbH on April 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: No Concept ? Verwaltungs GmbH Hufergasse 37 45239 Essen Germany Attn: Cornelia Koch, Manager Moltkestr. 118 40479 Duesseldorf Germany ODS BUSINESS: Claims Registration Period Ends June 16 ----------------------------------------------------- Creditors of ODS Business Services Group GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 11:05 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: Jan H. Wilhelm Albert-Einstein-Ring 11/15 22761 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against ODS Business Services Group GmbH on May 6, 20008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ODS Business Services Group GmbH Attn: Wilhelm Friedrich Mittrich, Manager Christoph-Probst-Weg 3-5 20251 Hamburg Germany OTI ALSTER: Claims Registration Period Ends June 16 --------------------------------------------------- Creditors of OTI Alster Trading GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Joern Weitzmann. Creditors and other interested parties are encouraged to attend the meeting at 10:05 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: Joern Weitzmann Arnold-Heise-Strasse 9 20249 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against OTI Alster Trading GmbH on April 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: OTI Alster Trading GmbH Attn: Abdul Wadood Syed, Manager Am Sandtorkai 26 20457 Hamburg Germany OTTO WOLF: Claims Registration Period Ends June 13 -------------------------------------------------- Creditors of Otto Wolf Vermoegens-Verwaltungsgesellschaft mbH have until June 13, 2008, to register their claims with court- appointed insolvency manager Dr. Petra Mork. Creditors and other interested parties are encouraged to attend the meeting at 11:10 a.m. on July 4, 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Petra Mork Arndtstr. 28 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Otto Wolf Vermoegens-Verwaltungsgesellschaft mbH on May 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Otto Wolf Vermoegens-Verwaltungsgesellschaft mbH Auf der Hoehe 8 44536 Luenen Germany PERIMEX GMBH: Claims Registration Period Ends June 16 ----------------------------------------------------- Creditors of Perimex GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Thomas Illy. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Offenbach am Main Hall 162N Kaiserstrasse 16-18 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Illy Taunusanlage 17 D 60325 Frankfurt am Main Germany Tel: 069 / 979953-0 Fax: 069/979953-99 The District Court of Offenbach am Main opened bankruptcy proceedings against Perimex GmbH on May 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Perimex GmbH Innsbrucker Strasse 4 63073 Offenbach am Main Germany Attn: Aleksandar Radulovic, Manager Alzeyerstrasse 1 65934 Frankfurt am Main Germany REINERY SUEDWEST-KAMIN: Claims Registration Period Ends June 13 --------------------------------------------------------------- Creditors of Reinery Suedwest-Kamin GmbH & Co. KG have until June 13, 2008, to register their claims with court-appointed insolvency manager Axel Bierbach. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on July 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meiningen Meeting Hall A 0105 Lindenallee 15 Meiningen 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 Bierbach Schwanthalerstr. 32 80336 Munich Germany The District Court of Meiningen opened bankruptcy proceedings against Reinery Suedwest-Kamin GmbH & Co. KG on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reinery Suedwest-Kamin GmbH & Co. KG Attn: Mario Reinery, Manager Am Raschen 1 98634 Wasungen Germany SCHNITZEL'S GASTSTATTENBETRIEBE: Claims Filing Ends June 13 ----------------------------------------------------------- Creditors of Schnitzel's Gaststattenbetriebe GmbH have until June 13, 2008, to register their claims with court-appointed insolvency manager Thomas Steger. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Limburg Hall D 221 Walderdorffstrasse 12 65549 Limburg 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 Steger Koelnstrasse 135 53757 Sankt Augustin-Hangelar Germany Tel: 02241/9060-0 Fax: 02241/9060-90 E-mail: kanzlei@kalker-fahnster.de The District Court of Limburg opened bankruptcy proceedings against Schnitzel's Gaststattenbetriebe GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schnitzel's Gaststattenbetriebe GmbH Elzer Str. 2 65556 Limburg-Staffel Germany SEREN FEIGEN: Claims Registration Period Ends June 13 ----------------------------------------------------- Creditors of Seren Feigen und Suedfruechte GmbH have until June 13, 2008, to register their claims with court-appointed insolvency manager Christian Zschocke. Creditors and other interested parties are encouraged to attend the meeting at 2:15 p.m. on July 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Konstanz Hall 102 First Floor Gerichtstrasse 9 78462 Konstanz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Zschocke Enge Str. 2 78224 Singen Germany The District Court of Konstanz opened bankruptcy proceedings against Seren Feigen und Suedfruechte GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Seren Feigen und Suedfruechte GmbH Fritz-Reichle-Ring 28 78315 Radolfzell Germany SEVEN-X GMBH: Claims Registration Period Ends June 16 ----------------------------------------------------- Creditors of Seven-X GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Dr. Thomas Wazlawik. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on July 21, 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 Passau Room 6/EG Schustergasse 4 Passau 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. Thomas Wazlawik Luragogasse 5 94032 Passau Germany Tel: 0851/490548-0 Fax: 0851/490548-9 The District Court of Passau opened bankruptcy proceedings against Seven-X GmbH on May 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Seven-X GmbH Sailerwoehr 16 94032 Passau Germany TEAM FOR AUTOMATION: Claims Registration Period Ends June 14 ------------------------------------------------------------ Creditors of team for automation GmbH have until June 14, 2008, to register their claims with court-appointed insolvency manager Albert Hirt. 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 Rottweil Room 0.05 Branch Office Koernerstr. 29 Rottweil 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: Albert Hirt Berner Feld 74 78628 Rottweil Germany Tel: 0741-1754050 Fax: 0741-1754020 The District Court of Rottweil opened bankruptcy proceedings against team for automation GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: team for automation GmbH Attn: Thomas Nagel, Manager Lienberg 36 78713 Schramberg Germany THIELERT AIRCRAFT: Resumes Spare Parts and Engine Delivery ---------------------------------------------------------- Thielert Aircraft Engines GmbH has resumed delivery of spare parts and engines to its customers, Bloomberg reports citing court-appointed administrator Bruno M. Kuebler. In a press conference, Bloomberg quotes Dr. Kuebler as saying that "[t]here are more than enough Thielert spare parts and engines available." However, according to Dr. Kuebler, in accordance with the German insolvency law the company is forced to demand payment in advance. The same provision also applies to maintenance work. Dr. Kuebler reiterated that the goal is to secure production at Thielert Aircraft in the short term. This will encourage potential investors and make an important contribution towards saving both the company and jobs in the long term. Headquartered in Lichtenstein, Germany, Thielert Aircraft Engines GmbH -- http://www.thielert.com/-- is a full subsidiary of Thielert AG, which develops and manufactures components for high-performance engines and special parts with complex geometries and hardware and software for digital engine control systems. As reported in the Troubled Company Reporter-Europe on April 25, 2008, the executive board of Thielert Aircraft filed for the opening of insolvency at the county court Chemnitz in Germany on April 24, 2008. Bruno Kuebler was appointed as administrator. WESTLB AG: Fitch Upgrades Individual Rating to 'E' from 'F' ----------------------------------------------------------- Fitch Ratings upgraded Germany's WestLB AG's Individual rating to 'E' from 'F'. At the same time, the agency has affirmed the bank's Long-term Issuer Default rating at 'A-' (A minus), Short-term IDR at 'F1', Support rating at '1' and Support Rating Floor at 'A-' (A minus). The Outlook for the Long-term IDR remains Stable. The bank's guaranteed obligations are also affirmed at Long-term 'AAA'. WestLB's Individual rating reflects Fitch's opinion that, despite the shareholders' rescue measures in Q108, the bank remains in a fragile financial position and the need for additional support cannot be ruled out. A net loss of EUR1.6bn for 2007, the reduction of the revaluation reserves by EUR0.8bn as well as further potential losses on the bank's structured securities portfolio required a package of rescue measures by the bank's shareholders. This includes reducing risks from the bank's structured investments by ring-fencing EUR23bn of securities in a Special Purpose Vehicle; in total, up to EUR5bn potential losses will be compensated for. Reflecting WestLB's consistently poor underlying performance, the bank's operating earnings provided no buffer to absorb losses resulting from the difficult market conditions. To date, WestLB's results have been dependent on volatile trading income, capital gains from the disposal of non-strategic assets and releases of loan impairment charges. The bank's new management is again adjusting its business model and is planning further restructuring to enhance revenues and reduce costs. Fitch's eligible capital/weighted risks ratio, which adjusts equity for deferred tax assets in respect of tax losses carried forward, goodwill, revaluation reserves and eligible hybrid capital, decreased to a weak 4.1% at end-2007 from 6% at end- 2006. The Tier 1 capital ratio is expected to increase by end- Q108 to over 7% from 5.6% at end-2007, as the bulk of the 2007 losses incurred by the bank will be compensated for by the shareholders. WestLB's IDRs and Support rating continue to reflect the extremely high potential of support from its owners in case of need, in particular from North Rhine-Westphalia (NRW; rated 'AAA'/Stable), despite discussions about a possible change in ownership. Fitch expects implicit support to remain very strong. The Short-term IDR is one notch higher than implied by the Support Rating Floor, reflecting Fitch's opinion that the high level of grandfathered capital market issuance (EUR45bn at end- 2007) increases the guarantors' propensity to support the bank in the short-to-medium term. The Long-term rating for WestLB's guaranteed obligations reflects the grandfathering of the state guarantee, as well as Fitch's 'AAA' rating for NRW. WestLB's shareholders are the two savings bank associations in NRW (25.15% each), two regional associations (0.52% each), NRW (17.47%) and NRW.BANK (31.18%), which is 64.7%-owned by NRW. The shareholder structure may change, as NRW is entitled to take over the WestLB shares currently held by the savings banks associations and the regional associations against payment of the book value of the shares held by the above shareholders, should the potential losses above EUR2bn materialise. ZWEIRAD + SPORT: Claims Registration Period Ends June 13 -------------------------------------------------------- Creditors of Zweirad + Sport Verwaltungs GmbH have until June 13, 2008, to register their claims with court-appointed insolvency manager Dr. Joerg Bornheimer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Joerg Bornheimer Laurentiusstrasse 21-23 42103 Wuppertal Germany Tel: 0202/4086150 Fax: 0202/4086159 The District Court of Wuppertal opened bankruptcy proceedings against Zweirad + Sport Verwaltungs GmbH on May 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Zweirad + Sport Verwaltungs GmbH Luisenstrasse 28 - 30 42103 Wuppertal Germany Attn: Juergen Mueller, Manager Gottfried-Eschmann-Weg 111 42327 Wuppertal Germany ============= H U N G A R Y ============= GARDENIA CSIPKEFUGGONYGYAR: Shareholders Okay Liquidation --------------------------------------------------------- Shareholders of Gardenia Csipkefuggonygyar NyRt. unanimously approved a board proposal to begin liquidation proceedings against the company as it is insolvent, published reports say. The proposal received a total of 1,290,801 votes in favor of the company's liquidation, Bloomberg relates. As reported in the TCR-Europe on May 6, 2008, Gardenia incurred a HUF259 million loss in 2007 and HUF211 million in 2006. According to its president, Ivan Holler, the company has around HUF300 million debts to creditors and suppliers. Headquartered in Gyor, Hungary, Gardenia Csipkefuggonygyar NyRt. -- http://www.gardenia.hu/-- manufactures home textile products. Its products include transparent curtains, jacquards, light voiles, organzas, and sables. ============= I R E L A N D ============= ELAN CORP: Plans to Setup Drug-technology As Separate Entity ------------------------------------------------------------- Elan Corporation is pushing forward its plans to set up its US$1.5 billion drug-technology division as a separately listed entity, the Timesonline reports. The company will make its final decision around July when data on phase II of its Alzheimer's research will be published. Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * Elan Corp. plc carries Moody's long-term corporate family rating of B3, probability of default rating of B2 with positive outlook. The company meanwhile carries Standard & Poor's B rating on long-term foreign issuer credit and B rating on long- term local issuer credit with positive outlook. Both ratings hold to date. ========= I T A L Y ========= FIAT SPA: Alfa Romeo NorthAm Status To Be Decided in Six Months --------------------------------------------------------------- Fiat S.p.A. could decide in six months whether to return to the North American market with its Alfa Romeo brand, Reuters reports. As reported in the Troubled Company Reporter-Europe on May 27, 2008, Fiat CEO Sergio Marchionne has confirmed that the company is in communication with Detroit car makers in view of sharing production of Alfa Romeo in the United States. Alfa Romeo CEO Luca de Meo also revealed holding talks with Chrysler LLC over possible cooperation agreements. He added to Reuters that there are lots of American car makers wanting to share-produce Alfa Romeo. Mr. Marchionne plans to commenced producing Alfa Romeo cars in North America between 2010 and 2011, Reuters relates. About Fiat S.p.A. Based in Turin, Italy, Fiat SpA -- http://www.fiatgroup.com/-- designs, manufactures, and sells automobiles, trucks, wheel loaders, excavators, telehandlers, tractors and combine harvesters. Outside Europe, the company has subsidiaries in the United States, Japan, India, China, Mexico, Brazil and Argentina, among others. * * * The company also carries Standard & Poor's Ratings Services' BB long-term corporate credit rating. The company also carries B short-term rating. S&P said the outlook is stable. FIAT SPA: Moody's Ups All Ratings to Investment Grade Level ----------------------------------------------------------- Moody's Investors Service upgraded all Fiat SpA's long-term senior unsecured ratings to Baa3 from Ba1 as well as the short term ratings to Prime-3 from Not Prime. Concurrently, Moody's has assigned a Baa3 unsecured issuer rating to the entity, Fiat SpA, to replace the Corporate Family Rating, which has been withdrawn. The outlook is stable. With the return to the investment grade status, Fiat's Loss Given Default assessment has also been withdrawn. Falk Frey, Senior Vice President and the lead analyst at Moody's for the European automotive sector, said: "In 2008 year to date Fiat continued on its successful path towards a sustainable recovery of its financial profile despite a more challenging competitive landscape and the economic weakening in some markets. Fiat's ability to sustain such external pressures with a continued strong financial performance on a Group level was the key drivers of the upgrade and return to an investment grade rating." Frey went on to say, "The stable outlook reflects Moody's expectation that the operating improvements at Fiat Group Automobiles are sustainable and will be accompanied by higher contributions from all other industrial businesses in particular Iveco and CNH as well as a balanced approach between shareholders' and bondholders' interests in particular regarding future share buy backs ." Upgrades: Issuer: Fiat Finance & Trade Ltd. -- Commercial Paper, Upgraded to P-3 from NP -- Senior Unsecured Medium-Term Note Program, Upgraded to Baa3, P-3 from Ba1,NP -- Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3 from Ba1 Issuer: Fiat Finance Canada Ltd. -- Senior Unsecured Medium-Term Note Program, Upgraded to Baa3 from Ba1 Issuer: Fiat Finance North America Inc. -- Senior Unsecured Medium-Term Note Program, Upgraded to Baa3, P-3 from Ba1,NP -- Senior Unsecured Regular Bond/Debenture, Upgraded to Baa3 from Ba1 Issuer: Fiat France S.A. -- Commercial Paper, Upgraded to P-3 from NP Assignments: Issuer: Fiat S.p.A. -- Issuer Rating, Assigned Baa3 Outlook Actions: Issuer: Fiat Finance & Trade Ltd. -- Outlook, Changed To Stable From Positive Issuer: Fiat Finance Canada Ltd. -- Outlook, Changed To Stable From Positive Issuer: Fiat Finance North America Inc. -- Outlook, Changed To Stable From Positive Issuer: Fiat France S.A. -- Outlook, Changed To Stable From Positive Issuer: Fiat S.p.A. -- Outlook, Changed To Stable From Positive Withdrawals: Issuer: Fiat Finance & Trade Ltd. -- Senior Unsecured Medium-Term Note Program, Withdrawn, previously rated LGD4,57% -- Senior Unsecured Regular Bond/Debenture, Withdrawn, previously rated LGD4,57% Issuer: Fiat Finance Canada Ltd. -- Senior Unsecured Medium-Term Note Program, Withdrawn, previously rated LGD4,57% Issuer: Fiat Finance North America Inc. -- Senior Unsecured Medium-Term Note Program, Withdrawn, previously rated LGD4,57% -- Senior Unsecured Regular Bond/Debenture, Withdrawn, previously rated LGD4,57% Issuer: Fiat S.p.A. -- Probability of Default Rating, Withdrawn, previously rated Ba1 -- Corporate Family Rating, Withdrawn, previously rated Ba1 Over the past two years Fiat has demonstrated a sound track record of operating performance improvements, cash generation and debt reduction and achieved a level of financial strengths that warrant an investment grade rating. Over the first months 2008, Fiat verified the robustness of its well diversified business profile and reported a group trading profit margin of 5.1% in Q1 2008 compared to 4.4% in the previous year's quarter despite the weakness of the Italian car market, a production shut down of one plant and industrial inefficiencies at CNH and has surpassed reported operating profit margins of higher rated peers Peugeot and Renault. Although Industrial net cash as reported at year-end 2007 (EUR0.4billion) has turned into a net debt position of EUR1.1billion due to seasonal working capital impact, Moody's expect Fiat to return to a reported net cash position by year-end 2008 (all number are reported data). Fiat's liquidity profile is also supportive of an investment grade rating given the company's solid cash balance and ample headroom under its committed credit facilities which are sufficient to cover cash needs arising over the next 12 months in form of debt maturities, capital expenditures, working capital needs and dividend payments. Going forward Fiat will continue to be challenged (i) to maintain positive market share trend in Western Europe and Latin America, Fiat's principal markets and (ii) to further solidify the profitability and cash flows which will be necessary to fund rising capital expenditure needs in order to keep a robust and steady renewal rate. This sustained development is a key factor - in Moody's view - to sustain the regained strength in the company's competitive position and a factor where Fiat has to close the gap compared to its direct peers. Moody's says that the stable outlook is based on the expectation that Fiat is well positioned to sustain the current momentum, benefiting from (i) the strong demand of the Fiat 500 launched in Q3 2007, (ii) a gradual overhaul of its Alfa Romeo and Lancia models, (iii) an ongoing improvement of Fiat Group Automobiles' dealer network as well as (iv) ongoing efficiency gains and (iv) the heavy restructuring engaged by the company in the past years that should continue to mitigate headwinds from an overall weakening economic environment. The ratings might be further upgraded should Fiat be able to (i) maintain positive market share trend in Western Europe and Latin America, (ii) keep a constant product renewal rate with an attractive and profitable range of vehicles across an increased spread of segments and further geographies while at the same time (iii) keep average EBITA margin above 4% (as adjusted by Moody's) through the cycle as well as (iv) FCF/Debt (as adjusted by Moody's) around 5% and (v) leverage ratio (Debt/EBITDA as adjusted by Moody's) at the level of last year (2.1x) in line with (vi) an interest coverage (as adjusted by Moody's) between 4.0-5.0x. The Baa3 ratings would come under pressure in case of a declining trend in profitability notable EBITA margin falling below 3% (as adjusted by Moody's) and negative free cash flow generation (as adjusted by Moody's) leading to a rising leverage above and interest cover below the level of the last two years (i.e. Debt/EBITDA not exceeding 3.0x and EBIT/Interest expense below 3.0x). Moody's last rating action on Fiat was an upgrade of the Corporate Family Rating to Ba1 with a positive outlook from Ba2 on August 22, 2007. Fiat S.p.A., headquartered in Turin, is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR58.5 billion generated in fiscal year 2007. The company is also a leading European-based manufacturer of commercial vehicles and one of the largest producers of agricultural equipment in the world. PARMALAT SPA: NJ Court Denies Mistrial Request vs Citigroup ----------------------------------------------------------- The Hon. Jonathan Harris of the New Jersey Superior Court has denied Parmalat S.p.A.'s request for a mistrial in its lawsuit against Citigroup Inc., David Voreacos writes for Bloomberg News. Parmalat chief executive Enrico Bondi had sought a mistrial on grounds that Citigroup violated the judge's order to produce around 4,300 pages of documents in a timely manner. "A mistrial should be a last resort," Judge Harris was quoted by Bloomberg News as saying. "It should only be employed if a manifest injustice under the law would be worked upon the plaintiffs." Judge Harris also ordered Citigroup to pay legal fees tied to the mistrial request to Mr. Bondi's lawyers. Trial Suspension Judge Harris, meanwhile, granted Parmalat's request to delay the case to allow Mr. Bondi's to interview 12 witnesses about the documents, Bloomberg News relates. The judge suspended the trial between June 4, 2008, and June 9, 2008. The judge also granted request to allow Mr. Bondi's lawyers to question some Citigroup witnesses about Italian criminal investigations of the Parmalat bankruptcy. The trial -- in which Citigroup faces charges of aiding and abetting breach of fiduciary duty relating to the corrupt insiders' larceny from Parmalat -- is expected to last through the end of July. Citigroup is facing a US$2.2 billion in damages in New Jersey and has counter-sued Parmalat for US$699 million The case is Bondi v. Citigroup, BER-L-10902-04, New Jersey Superior Court (Hackensack). 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. =================== K A Z A K H S T A N =================== AITURA CJSC: Creditors Must File Claims by July 9 ------------------------------------------------- Representation of CJSC Aitura has declared insolvency. Creditors have until July 9, 2008, to submit written proofs of claims to: Representation of CJSC Aitura Office 06212B Suiunbai ave. 2 Almaty Kazakhstan JANA KURYLYS-2004: Claims Deadline Slated for July 4 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Jana Kurylys-2004 insolvent. Creditors have until July 4, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Room 303 Al-Farabi ave. 119 Kostanai Kazakhstan Tel: 8 (7142) 53-63-21 KAZBAT CJSC: Claims Filing Period Ends July 9 --------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared CJSC Skgp Kazbat insolvent on Oct. 1, 2007. Creditors have until July 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan Tel: 8 (7252) 53-48-34 KAZTURK LLP: Creditors' Claims Due on July 4 -------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Kazturk insolvent. Creditors have until July 4, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Room 303 Al-Farabi ave. 119 Kostanai Kazakhstan Tel: 8 (7142) 53-63-21 MUNAI-SAUDA CJSC: Claims Registration Ends July 4 ------------------------------------------------- CJSC Munai-Sauda has declared insolvency. Creditors have until July 4, 2008, to submit written proofs of claims to: CJSC Munai-Sauda Sovhoznaya Str. 1 Ust-Kamenogorsk East Kazakstan Kazakhstan PISHESNAB CJSC: Creditors Must File Claims by July 8 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared CJSC Pishesnab insolvent on Nov. 10, 2007. Creditors have until July 8, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Room 319 Tole bi Str. 295 Almaty Kazakhstan Tel: 8 701 111 77-02 8 705 461 06-05 UJKAZSELSTROY JSC: Claims Deadline Slated for July 9 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared JSC Ums Ujkazselstroy insolvent on Dec. 9, 2007. Creditors have until July 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan Tel: 8 (7252) 53-48-34 =================== K Y R G Y Z S T A N =================== CENTRAL ASIAN: Creditors Must File Claims by July 18 ---------------------------------------------------- LLC Central Asian Invest has declared insolvency. Creditors have until July 18, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 69-18-20. =================== L U X E M B O U R G =================== AMERICAN AXLE: Declares Second Quarter 2008 Dividend ---------------------------------------------------- American Axle & Manufacturing Holdings, Inc., disclosed a cash dividend of US$0.15 per share payable on June 27, 2008 to stockholders of record on all of the company's issued and outstanding common stock as of June 7, 2008. Headquartered in Detroit, Michigan, American Axle & Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/-- and its wholly owned subsidiary, American Axle & Manufacturing, Inc., manufactures, engineers, designs and validates driveline and drivetrain systems and related components and modules, chassis systems and metal-formed products for light trucks, sport utility vehicles and passenger cars. In addition to locations in the United States (in Michigan, New York and Ohio), the company also has offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea and the United Kingdom. * * * On April 3, 2008, Moody's Investors Service placed the ratings of American Axle & Manufacturing Holdings, Inc., Corporate Family -- Ba3, under review for downgrade. In a related action, American Axle's Speculative Grade Liquidity Rating was lowered to SGL-2 from SGL-1. =========== R U S S I A =========== ASTRAKHAN-OIL-KHIM-PROM: Creditors Must File Claims by July 6 ------------------------------------------------------------- Creditors of OJSC Astrakhan-Oil-Khim-Prom have until July 6, 2008, to submit proofs of claim to: A. Pshenkov Insolvency Manager Lenina Pr. 79-102 400078 Volgograd Russia The Arbitration Court of Astrakhan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A06-4700/2007-4. The Debtor can be reached at: OJSC Astrakhan-Oil-Khim-Prom Leskhoznaya Str. 13 Kharabali Astrakhan Russia BANK SOLIDARNOST: Moody's Revises Outlook to Negative ----------------------------------------------------- Moody's Investors Service changed to negative from stable the outlook on the E+ bank financial strength rating and the B3 long-term local and foreign currency deposit ratings of Bank Solidarnost, which is based in Russia's Samara region. Moody's affirmed Solidarnost's Not Prime short-term local and foreign currency deposit ratings. Concurrently, Moody's Interfax Rating Agency downgraded the bank's long-term national scale rating to Baa3.ru from Baa2.ru. The NSR carries no specific outlook. Moscow-based Moody's Interfax is majority-owned by Moody's, a leading global rating agency. According to Moody's and Moody's Interfax, the B3/Not Prime/E+ global scale ratings reflect Solidarnost's global default and loss expectation, while the Baa3.ru NSR reflects the standing of the bank's credit quality relative to its domestic peers. "These rating actions reflect the decline in Solidarnost's market standing and business franchise over the past year following its loss of a number of key large depositors, including those related to the Samara regional administration. Solidarnost was unable to diversify promptly into other funding sources and had to transfer several quality corporate loans to competitor banks to obtain financing facilities. The lack of sufficient resources has also led to an overall reduction in Solidarnost's market share in the Samara region, where the bank is domiciled and has historically had a good presence," says Olga Ulyanova, a Moody's Assistant Vice-President/Analyst. "Although the bank managed to settle sizeable obligations under put options on its two bond issues, we await evidence of stabilisation in its funding position, and are concerned that its franchise may continue to weaken, especially taking into account the tightening competition in the Samara regional banking market. In the longer term, the overall weakening in Solidarnost's competitive position is likely to also lead to a deterioration in its financial fundamentals," Ms. Ulyanova adds. According to Moody's, a downgrade of Solidarnost's BFSR and deposit ratings might occur if the bank's business volumes demonstrate a further significant decrease, accompanied by a tight liquidity position, weakening asset quality and a deteriorating financial performance. A reversal of outlook on Solidarnost's global scale ratings may be driven by the reversal of the reduction in the bank's business volumes, and if the bank builds a sound liquidity profile and demonstrates sustainable performance results going forward. This could happen, inter alia, if the bank were acquired by a strategic investor with a stronger financial capacity than that of Solidarnost's current shareholders and if Moody's were to conclude that such investor would provide potential parental support to the bank. Moody's does not rule out such a scenario materialising going forward but views the timing and/or likelihood of any such deal as uncertain at this stage. Domiciled in Samara, Russia, Bank Solidarnost reported -- as at December 31, 2006 -- total IFRS assets of US$746 million (2005: US$435 million), total capital of US$58 million (2005: US$33 million) and net income of US$21 million (2005: US$11 million). As at Q1 2008, Solidarnost's total assets as reported by Russian statutory accounting standards decreased significantly to US$567 million, and the bank dropped out of the list of the top 100 Russian banks. DRUZHBY LLC: Chuvashiya Bankruptcy Hearing Slated for June 10 ------------------------------------------------------------- The Arbitration Court of Chuvashiya will convene at 9:00 a.m. on June 10, 2008, to hear the bankruptcy supervision procedure on LLC Agricultural Company Druzhby (TIN 2112003959, OGRN 1052136001675). The case is docketed under Case No. A79-975/ 2008. The Temporary Insolvency Manager is: N. Fedorov Post User Box 138 428009 Cheboksary Russia The Debtor can be reached at: LLC Agricultural Company Druzhby Tsvetochnaya Str. 33 Landyshi Morgaushskiy 429555 Chuvashiya Russia MIKHAYLOVSKOE CAR: Creditors Must File Claims by June 17 -------------------------------------------------------- Creditors of OJSC Mikhaylovskoe Car Transport Enterprise have until June 17, 2008, to submit proofs of claim to: N. Simon Temporary Insolvency Manager Room 406 Elektrozavodskaya Str. 63 390023 Ryazan Russia The Arbitration Court of Ryazan will convene at 11:15 a.m. on Aug. 26, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A54-1218/08-S19. The Court is located at: The Arbitration Court of Ryazan Pochtovaya Str. 43/44 Ryazan Russia The Debtor can be reached at: OJSC Mikhaylovskoe Car Transport Enterprise Mikhaylov Ryazan Russia NEKRASOVSK-AGRO-PROM-TEKH-SNAB: Bankruptcy Hearing Set July 22 -------------------------------------------------------------- The Arbitration Court of Yaroslavl will convene at 10:00 a.m. on July 22, 2008, to hear the bankruptcy supervision procedure on OJSC Nekrasovsk-Agro-Prom-Tekh-Snab. The case is docketed under Case No. A82-1240/08-43-B/11. The Temporary Insolvency Manager is: O. Lavrentyev Moskovskiy Pr. 119-8 150030 Yaroslavl Russia The Debtor can be reached at: OJSC Nekrasovsk-Agro-Prom-Tekh-Snab Sovetskaya Str. 125 Nekrasovskoe Yaroslavl Russia NOVOROSSIYSK COMMERCIAL: S&P Holds 'BB+' Long-Term Credit Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB+' long-term corporate credit and 'ruAA+' Russia national scale ratings on Russian stevedore company OJSC Novorossiysk Commercial Sea Port. The outlook is stable. "The ratings are constrained by NCSP's ambitious expansion plans and aggressive financial policy, lack of sophisticated corporate governance, growing competition, and operating challenges," said Standard & Poor's credit analyst Eugene Korovin. Operating challenges include high staff unionization, harsh weather conditions, and leasehold of government-owned berths. These constraints are somewhat mitigated by NCSP's strong competitive position, Russia's supportive regulatory environment for ports, the moderate volatility of seaborne commodities traffic through the economic cycle, and continued growth of Russian external seaborne trade. NCSP is subject to several financial covenants under outstanding debt facilities which, if violated, may trigger debt acceleration. Based on 2007 figures, NCSP was in compliance with financial covenants. At Dec. 31, 2007, NCSP had US$584.6 million in total adjusted debt. "We expect that NCSP's ongoing investment program and acquisitions outside Novorossiysk will support its cargo turnover growth and result in further diversification of the cargo mix, thus helping mitigate potentially stronger competitive pressure in the future," said Mr. Korovin. S&P expects NCSP's profitability and cash flow generation to improve in 2008 on the back of tariff increases, traffic growth recovery, and changes in the cargo mix, supported by the launch of new stevedore capacity. S&P assumes that the business risk profile will not weaken as a result of acquisitions and that cash flow protection will remain at the current level, with FFO to debt of more than 20%. The ratings could come under pressure if potential large-scale debt-financed acquisitions increase business risk or substantially impair NCSP's financial profile. A continued negative trend in NCSP's traffic, indicating higher-than- expected volume risk and competitive pressure in the industry, could also negatively affect the ratings. Conversely, a substantial improvement in the business risk profile following acquisitions, together with a strengthening financial profile as a result of improved cash flows, could create upside potential. PARTY LLC: Court Names V. Togmitov as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Bashkortostan appointed V. Togmitov as Insolvency Manager for LLC Mining Company Party (TIN 0323109005). He can be reached at: V. Togmitov Office 7 Solnechnaya Str. 5 Ulan-Ude 670031 Bashkortostan Russia Tel/Fax: (8-3012) 43-93-78 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A10-1811/07. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: V. Togmitov Office 7 Solnechnaya Str. 5 Ulan-Ude 670031 Bashkortostan Russia Tel/Fax: (8-3012) 43-93-78 ROAD SERVICE: Creditors Must File Claims by July 6 -------------------------------------------------- Creditors of CJSC Road Service have until July 6, 2008, to submit proofs of claim to: T. Kostykovskaya Insolvency Manager Stara-Zagora Str. 25 443090 Samara Russia The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55-12547/2007. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 443045 Samara Russia The Debtor can be reached at: CJSC Road Service Mekhanikov Pr. 7 Samara Russia SEVERSTAL OAO: Aims 15% Profit Margin at North American Units ------------------------------------------------------------- OAO Severstal aims to post a 15% profit margin on EBITDA at its U.S. operations within three to four years, Polina Devitt writes for Reuters citing a company official. According to Reuters, Severstal posted in 2007 a company-wide 24.1% profit margin on EBITDA, which masked a sharp decline in earnings at its North American unit due to weaker market conditions and a blast furnace re-lining. The company has been acquiring steel-making assets in North America and has recently submitted a US$1.2 billion offer to acquire Esmark Inc. Metals analyst Valentina Bogomolova of Lehman Brothers told Reuters that Severstal has yet to prove it can revive the financially troubled mills into profitable assets. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. * * * OAO Severstal continues to carry Ba2 Corporate Family, Senior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service, which said the the outlook on all ratings is stable. Moody's raised the company's ratings to its current level in October 2007. The company also carries BB long-term Foreign and Local Issuer Credit ratings from Standard & Poor's, which said the outlook is stable. Severstal carries BB- Issuer Default and Senior Unsecured ratings from Fitch, which said the outlook is positive. TAKKU-WOOD LLC: Court Names E. Zomba as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Kareliya appointed E. Zomba as Insolvency Manager for LLC Takku-Wood. He can be reached at: E. Zomba Post User Box 142 192007 St. Petersburg Russia Tel: 8 (812) 764-39-27 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A26-5949/2007. The Debtor can be reached at: E. Zomba Post User Box 142 192007 St. Petersburg Russia Tel: 8 (812) 764-39-27 TRUBCHEVSKIY FLAX: Creditors Must File Claims by June 6 ------------------------------------------------------- Creditors of LLC Trubchevskiy Flax have until June 6, 2008, to submit proofs of claim to: V. Kuzmin Temporary Insolvency Manager Apt. 3 Kamozina Str. 45 Bryansk Russia The Arbitration Court of Bryansk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A09-1074/2008-26. The Court is located at: The Arbitration Court of Bryansk Room 602 Trudovoy Per. 5 Bryansk Russia The Debtor can be reached at: LLC Trubchevskiy Flax Yurovo Trubchevskiy Bryansk Russia VERSATEL CJSC: Asset Sale Slated for June 11 -------------------------------------------- V. Ulitenkov, the insolvency manager and bidding organizer for CJSC Versatel, will set a repeated auction for the company's properties at 10:00 a.m. on June 11, 2008, at: V. Ulitenkov Room 888 Mashi Poryvaevoy Str. 11 107078 Moscow Russia Tel: (495) 604-96-81 Interested participants have until June 5, 2008, to deposit an amount equivalent to 5% of the starting price to: CJSC Versatel Settelement Account 40702810997070000021 Correspondent Account 30101810000000000256 BIK 044525256 ACB ROSBANK (OJSC) Moskovskiy Russia Bidding documents must be submitted to: V. Ulitenkov Room 888 Mashi Poryvaevoy Str. 11 107078 Moscow Russia Tel: (495) 604-96-81 The Debtor can be reached at: V. Ulitenkov Room 888 Mashi Poryvaevoy Str. 11 107078 Moscow Russia Tel: (495) 604-96-81 VISO CJSC: Creditors Must File Claims by July 6 ----------------------------------------------- Creditors of CJSC Viso have until July 6, 2008, to submit proofs of claim to: E. Kalyasin Insolvency Manager Post User Box 3873 656049 Barnaul Russia The Arbitration Court of Altay commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. AO3-8602/07-B. The Debtor can be reached at: CJSC Viso Shigoreva Square 3 Malougrenevo Biyskiy Altay Russia * Leningrad Region's Long-Term Currency Rating Upgraded by Fitch ---------------------------------------------------------------- Fitch Ratings upgraded the Russian Leningrad region's Long-term foreign and local currency ratings to 'BB' from 'B+'. The Short- term foreign currency rating is affirmed at 'B'. Fitch has also upgraded its National Long-term rating to 'AA-(AA minus)(rus)' from 'A(rus)'. The Outlooks for the Long-term ratings remain Stable. The action affects RUB2.2bn of bonds issued. The upgrade reflects the region's solid budgetary performance, underpinned by sound economic development, improved self- financing capacity of capital expenditure, lower direct debt and greater stability of the institutional framework of Russian regions. Nevertheless, the ratings also take into account the increased indirect risk stemming from the guarantees issued by the region. The Stable Outlook reflects Fitch's expectation that rapid economic growth will drive revenue increase and support the region's strong budgetary performance. Fitch expects the region's indebtedness will remain moderate in the medium term. In 2007, the Leningrad region's economy grew 8.5% yoy in real terms. Its industrial sector drives economic development and attracts domestic and foreign direct investments. The administration of the region expects to sustain economic growth at about 9% yoy in real terms in 2008, which will positively influence budgetary performance in the medium-term. The Leningrad region was able to attain an operating balance at 18.8% of operating revenue in 2007 (2006: 15.6%). In 2007, the increase in current revenue, coupled with satisfactory control over the region's expenditure, resulted in significant surplus before debt variation, which reached a record RUB3.1bn. The region's self-financing capacity regarding capital expenditure increased in 2007, stimulating modernisation of infrastructure and enhancing the region's attractiveness for investors. The region's direct risk dropped to 6% of current revenue in 2007 from 7.9% in 2006 due to increased budget revenue and reduction in debt. However, the region's contingent liabilities have risen sharply since 2006, reflecting the greater use of guarantees issued on behalf of public companies. This was to facilitate their access to debt to finance capital investment programmes and to stimulate infrastructure modernisation through the region's public companies. The Leningrad region directly controls an extensive network of public companies and majority-owned shareholdings. In Fitch's view, the insufficient accountability and transparency of the region's public sector entities constrains the agency's assessment of the indirect risk within these entities, which, in turn, is reflected in the ratings. The Leningrad region is located in the north-west of the Russian Federation. The region accounted for both 1.2% of the Russian Federation's GDP and population in 2007. * S&P Puts B+ Rating on Sakha's RUR2.5 Billion Bond --------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' long-term debt rating and 'ruA+' Russia national scale rating to the proposed Russian ruble (RUR) 2.5 billion (about US$106 million) senior unsecured three-year bond to be placed by the Russian Republic of Sakha (B+/Stable/--; Russia national scale 'ruA+') on May 29, 2008. The bond will have 12 quarterly coupon payments of 8.8% each and will be amortizing, with 30% of the principal to be repaid in 2009, another 20% in 2010, and the remainder at the maturity date in 2011. "The ratings on the bond are equalized with the ratings on the Republic of Sakha," said Standard & Poor's credit analyst Felix Ejgel. The ratings on the Republic of Sakha are constrained by its remote location in the Far East of the Russian Federation (foreign currency BBB+/Positive/A-2; local currency A- /Positive/A-2; Russia national scale rating 'ruAAA') and the concentration of its economic and tax base. These constraints hinder Sakha's economic development, create contingent liabilities, and lower the predictability and stability of its budget. These weaknesses are partially mitigated, however, by Sakha's economy, which generates high per capita revenues, and by its improving financial management. Sakha's remote location and severe weather conditions increase the cost of services and infrastructure. In addition, the high likelihood of natural disasters and heating supply failures lead to high contingent liabilities. Sakha also suffers from a highly concentrated tax base and dependence on financial assistance from the federal budget. In 2008, almost 45% of its budget revenues will likely come from the federal budget and about 15% from ALROSA Co. Ltd. (BB/Stable/B), Russia's largest diamond producer. Huge reserves of natural resources are attracting investment to the local economy, in the form of several large-scale investment projects in extraction of natural resources, transport, and power industries launched since 2006. Sakha's budgetary performance remains sensitive to export market conditions for ALROSA, whose performance we expect to remain stable in the medium term. The international diamond market is currently on the strong side of the cycle, but ALROSA's and Sakha's budgets are both suffering from the weakening U.S. dollar. In addition, while Sakha's operating balance remains relatively modest -- at about 5% in 2006 and 2007 -- the region has not accumulated any liquidity reserves to meet potential expenditure contingencies. With the proposed bond issue, Sakha's direct debt will remain at a moderate 23% of operating revenues in 2008. "Over the medium term, implementation of a planned railroad construction project, and accelerating investments in the local economy -- especially oil, gas, and coal extraction, as well as transport and energy, infrastructure -- may fuel economic development and diversification and help improve budgetary performance," said Mr. Ejgel. * Sakha's RUB2.5 Billion Domestic Bond Rated 'A+(rus)' by Fitch ---------------------------------------------------------------- Fitch Ratings has assigned the Republic of Sakha's (Yakutia) forthcoming issue of a RUB2.5bn domestic bond with a maturity of three years an expected National Long-term 'A+(rus)' rating. The republic's other ratings are Long-term foreign and local currency 'BB-' (BB minus), Short-term foreign currency 'B' and National Long-term 'A+(rus)'. The Outlooks for the Long-term ratings are Stable. The expected rating is contingent upon receipt of final documents conforming to information already received. The bond issue has a fixed-rate coupon and the principal will be amortised by 30% of nominal in November 2009 and by 20% of nominal in August 2010. The remaining 50% will be repaid in May 2011. The proceeds from the new bond issue will be used for capital expenditure and refinancing of existing debt. Fitch believes that the forthcoming bond issue will improve Sakha's overall debt structure by extending the maturity of issued bonds, while the debt burden will remain manageable. The ratings reflect a strong local economy with a per capita gross regional product at 138% of the national average. They also reflect the republic's sustainable budget performance with a positive operating balance during 2001-07. They also take into account the republic's successful efforts in improving debt structure and the increasing efficiency of its broad public sector management. Sakha's ratings also take into account the high dependence of the republic's economy and budgetary performance on extractive industries with a single largest taxpayer, the ALROSA diamond mining company. The republic's budget performance results are indirectly vulnerable to commodity price fluctuations. The Republic of Sakha (Yakutia) is in eastern Siberia and is one of the largest territorial units of the Russian Federation with exceptional endowments of natural resources. Sakha has a population of nearly one million and accounts for 1.05% of national GDP. ========= S P A I N ========= APIRSA: Swedish Court Forbids Claims Payment Until Case Ends ------------------------------------------------------------ A Swedish court has turned down a Spanish court's request to collect SEK1.3 billion (US$220 million) from Boliden AB to cover deficit from the mining company's bankrupt Spanish unit Apirsa, Niklas Magnusson writes for Bloomberg News, citing a Norra Vaesterbotten report. The Spanish court, Bloomberg says, still has to wait for a court case against Apirsa to close before it can take any further step, although it can appeal the decision or send in a new request. Apirsa went bust in April 1998 following the collapse of the Los Frailes tailing dam in Spain, the paper relates. CA INC: S&P Upgrade Corporate Credit Rating to 'BB+' from 'BB' -------------------------------------------------------------- Standard & Poor's Ratings Services raised its corporate credit and senior unsecured debt ratings on Islandia, N.Y.-based CA Inc. to 'BB+' from 'BB'. At the same time, S&P removed the ratings from CreditWatch, where they had been placed with positive implications on March 19, 2008. The outlook is positive. "The upgrade reflects the company's prospects for sustaining good profitability and cash flow, coupled with our expectation that CA will maintain a moderate capital structure," said Standard & Poor's credit analyst Molly Toll-Reed. CA is a leading information technology management software provider. The rating on CA is supported by the company's stable revenue base, favorable business prospects, and strong cash flow. These factors are tempered by a historically aggressive financial policy, which included large debt-financed acquisitions and share buybacks. * ECB Driving Spanish Securitization Changes, Fitch Says -------------------------------------------------------- Fitch Ratings has said that the continued dislocation in the structured finance markets is causing more European lenders, including Spanish banks, to expand their use of short-term funding through the ECB. As a result, the ECB is driving changes in Spanish securitization transactions. "As most Spanish structured MBS/ABS transactions are being retained by the issuer for liquidity purposes, Fitch has noticed a change in the asset selection criteria for securitization transactions as banks balance between different funding alternatives and strive to maximize balance sheet liquidity," says Rui J. Pereira , a Managing Director in Fitch's Madrid office. In the RMBS sector, some recently executed transactions have pools with higher risk attributes (i.e. higher LTV profiles). In other sectors, some pools analyzed carried elevated levels of concentrations to obligors and higher risk sectors (such as the real estate and construction sector). In these cases, Fitch assigned a rating to the notes given higher credit enhancement levels reflecting the higher risk of the pool. There are some cases, however, where the agency was not selected to proceed with a rating, or chose not to proceed with a rating. Given the current ECB rating requirements, most Spanish structured finance transactions issued since the end of last year have also been executed with a single rating. This compares to two, and sometimes three ratings, assigned to transactions under normal market conditions. Fitch believes that this trend has weakened credit enhancement in transactions, as originators only need to meet the credit enhancement feedback of a single agency - generally the agency with the lowest thresholds. This factor, coupled with the somewhat weaker collateral profile underlying recently executed transactions, could hinder the liquidity of these securities in the event that the market re-opens. A possible mitigant to this risk is the fact that most Spanish structured finance transactions issued in recent months have been structured with 'call/put options' that allow the investor (if retained, the originator) to redeem the transaction and use the collateral for a new deal with a different structure. Spanish banks' use of ECB liquidity increased to EUR47.6 bn in April 2008, compared to EUR19.1 bn a year earlier. While Fitch believes Spanish banks' use of ECB liquidity is not excessive as measured in terms of their share of euro-system assets, the growth in part reflects the difficulties in accessing wholesale markets, including securitization, although they have mainly been used as liquidity buffers and not to fund loan growth. While Spanish securitizations continue to be executed - albeit with a lower volume - most transactions issued since August 2007 through May 2008 have been retained by the issuers with the eligible securities used as potential ECB repo collateral. Within structured finance, RMBS and multi-issuer Cedulas had become a significant source of mortgage financing for Spanish banks, helping to drive mortgage credit growth over the past several years. Given this sizable and consistent growth in recent years, Spain has quickly become the second-largest securitization market in Europe, representing approximately 30% of the market. =========== S W E D E N =========== APIRSA: Swedish Court Forbids Claims Payment Until Case Ends ------------------------------------------------------------ A Swedish court has turned down a Spanish court's request to collect SEK1.3 billion (US$220 million) from Boliden AB to cover deficit from the mining company's bankrupt Spanish unit Apirsa, Niklas Magnusson writes for Bloomberg News, citing a Norra Vaesterbotten report. The Spanish court, Bloomberg says, still has to wait for a court case against Apirsa to close before it can take any further step, although it can appeal the decision or send in a new request. Apirsa went bust in April 1998 following the collapse of the Los Frailes tailing dam in Spain, the paper relates. ===================== S W I T Z E R L A N D ===================== A.P. 3 I: Creditors Have Until June 1 to File Proofs of Claim ------------------------------------------------------------- Creditors owed money by LLC A.P. 3 I are requested to file their proofs of claim by June 1, 2008, to: Terrassenweg 1a 6300 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary shareholder’s meeting held on April 11, 2008. BALANDINA CONSULTING: Creditors’ Proofs of Claim Due by June 1 -------------------------------------------------------------- Creditors owed money by LLC Balandina Consulting are requested to file their proofs of claim by June 1, 2008, to: Stephan Stamm Liquidator JSC STAMM & CO Rittergasse 12 4001 Basel Switzerland The company is currently undergoing liquidation in Biel-Benken. The decision about liquidation was accepted at an extraordinary shareholder's meeting held on Nov. 17, 2006. BAU-ATELIER FURRER: Creditors' Liquidation Claims Due by June 1 --------------------------------------------------------------- Creditors owed money by JSC Bau-Atelier Furrer und Jeiziner are requested to file their proofs of claim by June 1, 2008, to: JSC Bau-Atelier Furrer und Jeiziner Seewjinenstrasse 10 3930 Visp Switzerland The company is currently undergoing liquidation in Visp. The decision about liquidation was accepted at a general meeting held on April 14, 2008. BELENOS LLC: Creditors Must File Proofs of Claim by June 2 ---------------------------------------------------------- Creditors owed money by LLC Belenos are requested to file their proofs of claim by June 2, 2008, to: LLC Belenos Langstrasse 135 8004 Zurich Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at an extraordinary shareholder's meeting held on Feb. 27, 2008. DIABOLO LLC: Deadline to File Proofs of Claim Set May 31 -------------------------------------------------------- Creditors owed money by LLC DIABOLO are requested to file their proofs of claim by May 31, 2008, to: Stefan Herrmann Liquidator Lettenweg 28 4452 Itingen Switzerland The company is currently undergoing liquidation in Zofingen. The decision about liquidation was accepted at a shareholder's meeting held on April 1, 2008. GCG IMMOBILIEN: Proofs of Claim Filing Deadline is June 1 --------------------------------------------------------- Creditors owed money by JSC GCG Immobilien are requested to file their proofs of claim by June 1, 2008, to: JSC GCG Immobilien Spitalstrasse 1 7430 Thusis Switzerland The company is currently undergoing liquidation in Thusis. The decision about liquidation was accepted at an extraordinary general meeting held on April 11, 2008. GLOBAL PET: Aargau Court Commences Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Service of Aargau commenced bankruptcy proceedings against JSC Global Pet on April 14, 2008. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Amtsstelle Oberentfelden 5036 Oberentfelden Switzerland The company can be reached at: JSC Global Pet Tellistrasse 114 5000 Aarau. Switzerland KIRAAS LLC: Creditors Must File Proofs of Claim by May 31 --------------------------------------------------------- Creditors owed money by LLC KIRAAS are requested to file their proofs of claim by May 31, 2008, to: LLC KIRAAS Klosterplatz 5 4500 Solothurn Switzerland The company is currently undergoing liquidation in Solothurn. The decision about liquidation was accepted at an extraordinary general meeting held on Feb. 21, 2008. LONI TRANSPORT: Luzern Court Commences Bankruptcy Proceeding ------------------------------------------------------------ The Bankruptcy Service of Luzern commenced bankruptcy proceedings against LLC Loni Transport on April 3, 2008. The Bankruptcy Service of Luzern can be reached at: Bankruptcy Service of Luzern 6000 Luzern 5 Switzerland The company can be reached at: LLC Loni Transport Neuweg 21 6003 Luzern. Switzerland MAX SCHUPFER: Proofs of Claim Filing Deadline is May 31 ------------------------------------------------------- Creditors owed money by JSC Max Schupfer & Co. are requested to file their proofs of claim by May 31, 2008, to: JSC Max Schupfer & Co. Ledergasse 10 6004 Luzern Switzerland The company is currently undergoing liquidation in Luzern. The decision about liquidation was accepted at an extraordinary general meeting held on April 11, 2008. MHM LLC: Aargau Court Commences Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Service of Aargau commenced bankruptcy proceedings against LLC MHM on April 22, 2008. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Amtsstelle Brugg 5201 Brugg Switzerland The company can be reached at: LLC MHM Sternackerstrasse 22 5200 Brugg AG Switzerland NOMO LLC: Creditors Have Until June 1 to File Proofs of Claim ------------------------------------------------------------- Creditors owed money by LLC Nomo are requested to file their proofs of claim by June 1, 2008, to: Norbert Richle Liquidator Steinacker 9 5453 Remetschwil Switzerland The company is currently undergoing liquidation in Baden. The decision about liquidation was accepted at an extraordinary shareholder's meeting held on April 10, 2008. PRO FINANZ: June 1 Deadline Set for Proofs of Claim Filing ---------------------------------------------------------- Creditors owed money by JSC Pro Finanz are requested to file their proofs of claim by June 1, 2008, to: Bernadette Gantner Althausweid 3 6047 Kastanienbaum Switzerland The company is currently undergoing liquidation in Stansstad. The decision about liquidation was accepted at an extraordinary general meeting held on April 10, 2008. R. KONIG: May 30 Set as Deadline to File Proofs of Claim -------------------------------------------------------- Creditors owed money by LLC R. Konig are requested to file their proofs of claim by May 30, 2008, to: Rene Konig Liquidator Alte Landstrasse 66 5723 Teufenthal Switzerland The company is currently undergoing liquidation in Hildisrieden. The decision about liquidation was accepted at an extraordinary shareholder's meeting held on Feb. 15, 2008. SIMOBAU LLC: Aargau Court Commences Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Service of Aargau commenced bankruptcy proceedings against LLC SIMOBAU on April 22, 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 SIMOBAU Rainstrasse 36 5415 Nussbaumen 5415 Obersiggenthal Switzerland STICKEREI WEHRLI: Creditors' Liquidation Claim Due by June 1 ------------------------------------------------------------ Creditors owed money by LLC Stickerei Wehrli + Partner are requested to file their proofs of claim by June 1, 2008, to: Oskar Burgis Vogelbuckstrasse 36 8307 Illnau-Effretikon Switzerland The company is currently undergoing liquidation in Rudolfstetten-Friedlisberg. The decision about liquidation was accepted at an extraordinary shareholder's meeting held on Feb. 27, 2008. ============= U K R A I N E ============= BUILDING TRANSPORT: Creditors Must File Claims by June 11 --------------------------------------------------------- Creditors of JSC Building Detail Service Subsidiary Company Building Transport (code EDRPOU 23466675) have until June 11, 2008 to submit proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent on May 5, 2008. The case is docketed as B-19/61-08. COMPAN UKRAINE: Proofs of Claim Filing Deadline Set June 11 ----------------------------------------------------------- Creditors of Enterprise Compan Trading Enterprise-Poland Subsidiary Company Compan Ukraine (code EDRPOU 30583640) have until June 11, 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 supervision procedure on the company on April 24, 2008. The case is docketed as 29/68. The Debtor can be reached at: Enterprise Compan Trading Enterprise-Poland Subsidiary Company Compan Ukraine Shyrokaya Str. 67/81 79052 Lvov Ukraine DNIEPROPRIMATRADE LLC: Creditors Must File Claims by June 11 ------------------------------------------------------------ Creditors of LLC Dnieproprimatrade (code EDRPOU 34916109) have until June 11, 2008 to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as B 15/110-08. The Debtor can be reached at: LLC Dnieproprimatrade Office 208 Newspaper Pravda Avenue 7 49000 Dnipropetrovsk Ukraine FENIX-IKS LLC: Proofs of Claim Filing Deadline Set June 11 ---------------------------------------------------------- Creditors of LLC Fenix-IKS (code EDRPOU 33332637) have until June 11, 2008 to submit proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov has commenced bankruptcy supervision procedure on the company. The case is docketed as B-48/51-08. The Debtor can be reached at: LLC Fenix-IKS Snezhkov Valki District Kharkov Ukraine FIRM LLC: Creditors Must File Claims by June 11 ----------------------------------------------- Creditors of LLC Firm Aritex (code EDRPOU 20014079) have until June 11, 2008 to submit proofs of claim to: The Economic Court of Kiev Komintern Str. 16 01032 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on March 23, 2008, after finding it insolvent. The case is docketed as B 11/099-08. The Debtor can be reached at: LLC Firm Aritex Industrial Str. 5 Vishnevoye 08132 Kiev Ukraine INDUSTRIAL BUILDING: Creditors Must File Claims by June 11 ---------------------------------------------------------- Creditors of LLC Industrial Building Assembly Trend (code EDRPOU 33788472) have until June 11, 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 March 24, 2008, after finding it insolvent. The case is docketed as 49/45-B. The Debtor can be reached at: LLC Industrial Building Assembly trend Bulgakov Str. 16 03134 Kiev Ukraine KYIVSTAR GSM: Lack of Information Prompts S&P to Withdraw Rating ---------------------------------------------------------------- Standard & Poor's Ratings Services withdrew its long-term corporate credit rating on Ukraine-based mobile telecommunications operator CJSC Kyivstar GSM and related senior unsecured debt rating on the loan participation notes issued by Dresdner Bank AG (A/Negative/A-1). S&P had suspended the ratings on Kyivstar and its senior unsecured debt on May 24, 2007; before this, the long-term corporate credit and senior unsecured debt ratings were 'BB-'. The rating withdrawal reflects the ongoing lack of audited financial information from Kyivstar -- a situation that is likely to continue over the medium term. S&P previously expected that we would receive fully audited financial information for 2007 by the end of April 2008. The rating withdrawal does not imply that Kyivstar is not servicing its obligations or that the company's operations or financial status have deteriorated. Kyivstar is the market-leading provider of mobile telecommunications services in Ukraine, with an estimated 42.6% subscriber market share at end-April 2008. Kyivstar has made unaudited financial information available for the years 2007 and 2006 and will furnish audited financial information by August 2009 at the earliest. SP RUMO-UKRAINE Creditors Must File Claims by June 11 ----------------------------------------------------- The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on April 15, 2008. The case is docketed as B 15/231-07. Creditors of LLC SP Rumo-Ukraine (code EDRPOU 32475996) have until June 11, 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 SP Rumo-Ukraine Teplichnaya Str. 23 Yuvileyny 52005 Dnipropetrovsk Ukraine SVITANOK LLC: Creditors Must File Claims by June 11 --------------------------------------------------- Creditors of LLC Svitanok (code EDRPOU 30795157) have until June 11, 2008 to submit proofs of claim to: The Economic Court of Chernovcy O. Kobylianska Str. 14 58000 Chernovcy Ukraine The Economic Court of Chernovcy commenced bankruptcy proceedings against the company on April 24, 2008, after finding it insolvent. The case is docketed as 8/203/B. The Debtor can be reached at: LLC Svitanok Vornichany Hotinsky District Chernovcy Ukraine =========================== U N I T E D K I N G D O M =========================== ALLEN-VANGUARD: S&P Puts LT Corporate Credit Rating at 'BB-' ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to Ottawa, Ont.-based Allen-Vanguard Corp. The outlook is stable. At the same time, S&P assigned issue and recovery ratings to the company's CDN$250 million secured bank financing. S&P rated the secured debt, comprising a CDN$50 million secured revolver and a CDN$200 million secured term loan, at 'BB+' (two notches above the corporate credit rating on AV), with a recovery rating of '1', indicating expectations of a very high (90%-100%) recovery in the event of a payment default. "The ratings on AV reflect its material dependence on generating revenue in the next two years from its long-term contracts as well as U.S. government budget allocation to procure counter- improvised explosive devices," said Standard & Poor's credit analyst Greg Pau. The ratings also reflect AV's customer and geographic concentration and the impact of a possible delay in revenue on the company's ability to comply with its financial covenants. These concerns are partially offset by the company's strong product and service range in the niche counter-improvised explosive devices (IED) market, a moderate degree of revenue predictability provided by long-term contracts in the electronic systems business and increasing after-sale business, conservative gearing, and adequate liquidity. AV is a defense company specializing in technologies, tools, protective suits, and training to minimize the effects of IEDs. After acquiring Med-Eng Systems in September 2007 and Hazard Management Solutions in June 2007, the company added a strong range of products and services in the niche counter-IED market to its business. Notwithstanding these acquisitions, AV is still relatively small with pro forma revenue of CDN$432 million for the 12 months ended March 31. The stable outlook reflects AV's strong financial risk profile for the current rating level and good product and service capability in a niche market. These pluses are partially offset by the potential uncertainty over the timing of the company's near-term cash flow generation and the limitation on liquidity resulting from stringent financial covenants and a heavy debt repayment schedule in the near term. S&P could revise the rating upward or the outlook to positive if AV's financial risk profile significantly improves upon meeting its fiscal 2008 financial projections, which in turn hinge upon it executing the Symphony program ramp-up. With AV's relatively low gearing level and adequate liquidity, there is some buffer. Hence, moderately weaker-than-projected fiscal 2008 financial results would not likely lead to a downward adjustment to the rating or outlook. However, Standard & Poor's could revise either if delays in procurement orders from AV's two main product programs materially increase the likelihood of a breach of its financial covenants or the company's inability to meet its scheduled debt repayment. Allen-Vanguard Corporation supports the mission of military and homeland security forces around the world with leading proprietary solutions for protection and counter-measures against hazardous devices of all kinds, whether chemical, biological, radiological or explosive, including improvised explosive devices and remotely controlled. Allen-Vanguard equipment is in service in more than 120 countries. Products include Electronic Counter-Measures equipment for jamming remote detonation of terrorist devices, specialty security equipment for Explosive Ordnance Disposal, remote intervention robots for hazardous applications, and personal protective wear for use in dealing with explosive and bio- chemical agents. Allen-Vanguard is the developer and/or sole, worldwide licensee of proprietary technologies such as the Med- Eng bomb suit, the Defender(TM) and Vanguard(TM) Mk2 bomb disposal robots, and the Universal Containment System and CASCAD Foam system for blast mitigation and decontamination of bio- chemical warfare agents. Professional services encompass counter-IED intelligence, training and advisory services, including the Triton(TM) Report on terrorist incidents around the world. The company operates globally through its wholly- owned subsidiaries under the names "Allen-Vanguard", "Med-Eng" and "Hazard Management Solutions". Head office operations are located in Ottawa, Ontario, Canada, with manufacturing operations in Stoney Creek and Pembroke, Ontario; Ogdensburg, New York; Tewkesbury, U.K.; and Cork, Ireland; The company has professional services operations in Shrivenham, UK, Canada and in the U.S. in Arlington, Virginia, plus sales offices in Canada, the U.S., the U.K. and Asia. Allen-Vanguard's shares are listed on The Toronto Stock Exchange under the symbol "VRS". ARGON CAPITAL: S&P Removes CreditWatch on Notes' 'B' Rating ----------------------------------------------------------- Standard & Poor's Ratings Services said that it has removed from CreditWatch with negative implications its 'B' credit rating on the EUR17.961 million limited-recourse secured variable-rate notes series 40 issued by Argon Capital PLC. Standard & Poor's placed the notes on CreditWatch negative on March 25, 2008. S&P removed the CreditWatch negative placement after the rating on the underlying obligor was removed from CreditWatch negative. The underlying obligor provides collateral to the transaction and its long-term rating acts as a supporting rating to the series 40 notes. BEST BUS: US Sub-Prime Mortage Crisis Prompts Liquidation --------------------------------------------------------- Best Bus and Coach has gone into liquidation as a result of the US sub-prime mortgage crisis despite attempts of its owner Conservative Cllr John Jones to save the company, iccheshireonline reports, citing Marc Waddington of Crewe Chronicle. Conservative Cllr John Jones, who tried to draw up a rescue package to avert liquidation, disclosed an American firm halted funding to the company, iccheshireonline relates. "It was an American company which cut off the finance. I tried to put a rescue package together but given the current circumstances no-one wanted to know," Mr. Jones was quoted by iccheshireonline as saying. Best Bus and Coach, which earlier took over Arriva's routes, went into receivership on Thursday, May 22, 2008, the paper reveals. Headquartered in Crewe, England, Best Bus and Coach covers the 44 and 45 Crewe to Nantwich routes. It also operates "Home to School" contracts on behalf of the county council. BNP PARIBAS: Moody's Reviews Ratings on 3 Credit Default Swaps -------------------------------------------------------------- Moody's Investors Service placed under review for downgrade three Bifrost credit default swaps entered into by BNP Paribas, London Branch. The rating actions are: BNP Paribas: (1) EUR62,500,000 Series 19 Class 7D Credit Default Swap terminating in 2010 Current Rating: Baa3, on review for downgrade Prior Rating: Baa3 (2) EUR80,000,000 Series 19 Class 10C Credit Default Swap terminating in 2013 Current Rating: Baa1, on review for downgrade Prior Rating: Baa1 (3) EUR65,000,000 Series 19 Class 10D Credit Default Swap terminating in 2013 Current Rating: Ba1, on review for downgrade Prior Rating: Ba1 The transaction will continue to be monitored and any further rating action will be publicly disseminated. CABLE & WIRELESS: Close to Offloading GBP12 Bln. Pension Risk ------------------------------------------------------------- Cable & Wireless is close to completing a deal that will enable it to "offload" risks in connection with its GBP12 billion pension fund, the Telegraph reports. The company is currently looking for parties interested to bid on the fund. Legal & General and Paternoster and Rothesay Life of Goldman Sachs are said to be in talks with the company on a likely bid, the Telegraph adds citing industry sources. Cable & Wireless, in its statement, said, "We are in active discussions regarding options to further 'de-risk' the pension scheme, although these options, including an insurance buyout, are not a precondition for value realization." Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- operates through two standalone business units -- International and Europe, Asia & US. The International business unit operates integrated telecommunications companies in 33 countries offering mobile, broadband, domestic and international fixed line services to residential and business customers, with principal operations in the Caribbean, Panama, Macau, Monaco and the Channel Islands. The Europe, Asia & U.S. business unit provides enterprise and carrier solutions to the largest users of telecoms services across the U.K., U.S., continental Europe and Asia -- and wholesale broadband services in the U.K. The company also has operations in India, China, the Cayman Islands and the Middle East. * * * As reported in the Troubled Company Reporter-Europe on May 26, 2008, Standard & Poor's Ratings Services has revised its outlook on Cable & Wireless PLC to developing from stable. The developing outlook means ratings can be raised, lowered, or affirmed. The 'BB-' long-term and 'B' short-term corporate credit ratings remain unchanged. CITY SURFACING: Brings In Liquidators from Tenon Recovery --------------------------------------------------------- A. J. Pear and I. Cadlock of Tenon Recovery were appointed joint liquidators of City Surfacing Co. Ltd. on May 13, 2008 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Third Floor Lyndean House 43/46 Queens Road Brighton East Sussex BN1 3XB England The company can be reached at: City Surfacing Co. Ltd. Gable House 239 Regents Park Road London N3 3LF England CLEAR CHANNEL: Mays Family Could Lose US$104 Million on Deal ------------------------------------------------------------ Clear Channel Communications Inc. shareholder, the Mays family, which owns 32 million shares or 6% of the outstanding common stock of the company, will be US$104 million poorer under a revised US$36-per-share privatization transaction instead of a US$39.20-per-share deal, Sarah McBride of The Wall Street Journal reports. However, analysts predict that the revised deal is better than keeping their company public, WSJ relates. Stock price is likely to drop if Clear Channel continues as a public company. Although, restructuring might help shareholder value, it would take years. If Clear Channel is taken private, the Mays brothers will run the company without restraint and will gain new ideas from the new owners, WSJ reports citing analysts. The family, according to an unnamed source, intends to opt for the stub-equity ownership instead of the cash alternative that the company has offered to all shareholders. The Mays family wants to take up US$100 million of the total US$1.1 billion in the private company available of shareholders who has chosen the stub equity option. Ms. McBride writes that the action will benefit the Mays family, including founder Lowry Mays and two sons, Clear Channel Chief Executive Mark Mays and Chief Financial Officer Randall Mays, once the value of company increases. Stub equity holders may be minority shareholders but are likely to hold power as a group, Ms. McBride concludes. About Clear Channel Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. As of Dec. 31, 2007, it owned 717 core radio stations, 288 non-core radio stations which are being marketed for sale and a leading national radio network operating in the United States. * * * In March 2008, Standard & Poor's Ratings Services said its ratings on Clear Channel Communications Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications. Fitch Ratings stated that in line with previous guidance, Clear Channel Communications' 'BB-' Issuer Default Rating and Senior Unsecured Ratings would remain in place if the going-private transaction is not completed. Moody's stated that assuming the transaction is completed as currently contemplated, Clear Channel will likely be assigned a Corporate Family Rating of B2 and the rating on the existing senior notes is likely to be notched down to Caa1 based on their expected subordination to the new senior secured debt facilities and the new senior notes. CLEAR CHANNEL: Highfields Capital Owns 7.7% Equity -------------------------------------------------- Highfields Capital Management LP declares ownership of 38,133,415 shares in Clear Channel Communications Inc., representing 7.7% interest in the company. Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. As of Dec. 31, 2007, it owned 717 core radio stations, 288 non-core radio stations which are being marketed for sale and a leading national radio network operating in the United States. * * * In March 2008, Standard & Poor's Ratings Services said its ratings on Clear Channel Communications Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications. Fitch Ratings stated that in line with previous guidance, Clear Channel Communications' 'BB-' Issuer Default Rating and Senior Unsecured Ratings would remain in place if the going-private transaction is not completed. Moody's stated that assuming the transaction is completed as currently contemplated, Clear Channel will likely be assigned a Corporate Family Rating of B2 and the rating on the existing senior notes is likely to be notched down to Caa1 based on their expected subordination to the new senior secured debt facilities and the new senior notes. DAKOTA SHERWOOD: Goes Into Receivership Amid Co-Owner Dispute ------------------------------------------------------------- Nottingham-based The Dakota Sherwood Park hotel confirmed it has gone into receivership as a long-running dispute between co-owners David Coulthard and chief executive Ken McCulloch, continues, CatererSearch reports. The dispute, CatererSearch says, started last year. Mr. Coulthard, the paper relates, ordered the sale of the Monaco-based Columbus hotel, co-owned with American property developer Peter Morris, after his accountants disclosed millions of euros were "missing" from its accounts. DSG INTERNATIONAL: Moody's Puts Corporate Family Rating at Ba1 -------------------------------------------------------------- Moody's Investors Service downgraded to Ba1 from Baa3 the issuer and senior unsecured long-term ratings of DSG International plc. Concurrently, Moody's has assigned a Ba1 Corporate Family Rating to DSGi. The outlook is stable. The rating action concludes the review for possible downgrade initiated on April 11, 2008 following the announcement of a continuously weak trading performance for the 25 weeks ended April 5, 2008, leading to a second revision of DSGi's full-year underlying profit before tax. "The downgrade reflects Moody's expectation that DSGi will face negative pressure on its operations going forward in a context of tightened discretionary spend in the UK and generally more challenging trading conditions in Europe including a changing competitive environment, as evidenced by management's prudent statement for FYE April 2009," says Yasmina Serghini, a Moody's analyst and lead analyst for DSGi. In that respect, Moody's notes that the business profile of DSGi has demonstrated a higher than expected volatility over the past months, which, together with weakening performance, is no longer commensurate with a Baa3 rating. In addition, whilst Moody's believes that the new strategic orientations presented by management on May 15, 2008 have the potential -- albeit over a relatively medium-term horizon -- to help restore the group's performance after years of declining margins, their implementation will encounter high execution risks within the next 12 months, in light of the tougher economic conditions. Moody's recognises that the planned cut in dividends, together with a more prudent dividend growth policy and management's intention to forego share buybacks, should have a positive impact on debt-protection ratios. This is partly offset, however, by the increase in capex investments resulting from the announced transformation and renewal programme. Moody's therefore anticipates a negative free cash flow and weakening credit metrics in the intermediate term, with a ratio of Debt to EBITDA likely to deteriorate beyond the rating agency's target for an investment grade rating in FYE April 2009. The stable outlook reflects DSGi's leading position in the consumer electricals industry both in the UK and in Continental Europe and its degree of geographical diversity. The outlook also assumes that the performance will prove somewhat resilient to the current difficult environment and that DSGi will take all necessary steps going forward to turnaround or exit underperforming assets across the group as the management is still in the process of reviewing the portfolio of businesses. Moody's cautions however that should the company record a further decline in profitability in FYE April 2009 with no prospect of recovery in the subsequent year then there could be negative pressure on the rating and/or outlook. DSGi's liquidity profile is currently solid, underpinned by satisfactory cash balances and a GBP400 million syndicated facility maturing in 2011, which -- in Moody's view -- has financial covenants under which there is some leeway. The company also has very little debt maturing in the next 12 months. Moody's last rating action on DSGi was on 11 April 2008, when it placed its Baa3 long term issuer and senior unsecured ratings under review for possible downgrade. For a full rating rationale, please refer to the latest Credit Opinion on DSGi posted on the rating agency's website http://www.moodys.com/ Headquartered in Hemel Hempstead, England, DSG International plc is one of Europe's leading specialist consumer electrical retailers. It posted revenues of GBP7.9 billion for the fiscal year ended April 2007. EDGEN MURRAY: S&P Concludes Review; Ratings Remain Unchanged ------------------------------------------------------------ Standard & Poor's Ratings Services said that it concluded a review of the bank loan and recovery ratings on Baton Rouge, La.-based Edgen Murray LP (B/Stable/--) and its subsidiaries and those ratings are unchanged. The US$425 million first-lien term loan is rated 'B', the same as the corporate credit rating, with a recovery rating of '3', indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default. The US$75 million second-lien term loan is rated 'CCC+', two notches below the corporate credit rating, with a recovery rating of '6', indicating S&P's expectation for negligible (0- 10%) recovery in the event of a payment default. Ratings on specialty metals distributor Edgen Murray LP reflect its niche position in the highly cyclical, competitive, and volatile specialty steel pipe industry; the modest size and limited scope of its operations; thin margins; inventory risk; and very aggressive debt leverage. Still, current end markets remain solid, and the company benefits from nominal capital expenditures and countercyclical cash flow. Ratings List Edgen Murray LP Corporate credit rating B/Stable/-- Ratings Maintained US$425 million first-lien term loan B Recovery rating 3 US$75 million second-lien term loan. CCC+ Recovery rating 6 Edgen Murray LP -- http://www.edgenmurray.com/-- is global distributor of high performance steel and alloy products for use primarily in specialized applications throughout the hydrocarbon chain, energy infrastructure, and individual industrial niches. The company offers extensive inventories of specialized carbon and alloy products, technical expertise for your applications and a source-to-delivery global logistics management platform. The company's global operations are managed through four geographical segments; Western Hemisphere, Europe, Middle East, Asia Pacific. EUROHOME UK: Fitch Affirms Ratings on 16 Tranches ------------------------------------------------- Fitch Ratings affirmed 16 tranches of Eurohome UK Mortgages 2007-1 plc and Eurohome UK Mortgages 2007-2 plc, UK non- conforming transactions originated by DB UK Bank Limited. Eurohome UK Mortgages 2007-1 plc: -- Class A (ISIN XS0290416527): affirmed at 'AAA'; Outlook Stable -- Class M1 (ISIN XS0290417418): affirmed at 'AA'; Outlook Stable -- Class M2 (ISIN XS0290419380): affirmed at 'A'; Outlook Stable -- Class B1 (ISIN XS0290420396): affirmed at 'BBB'; Outlook revised to Negative from Stable -- Class B2 (ISIN XS0290420982): affirmed at 'BB'; Outlook revised to Negative from Stable -- Class C (ISIN XS0290421956): affirmed at 'BB'; Outlook revised to Negative from Stable -- MERCS (ISIN XS0290550929) affirmed at 'AAA'; Outlook Stable Eurohome UK Mortgages 2007-2 plc: -- Class A1(A) (ISIN XS0311688054): affirmed at 'AAA'; Outlook Stable -- Class A1(B) (ISIN XS0311689532): affirmed at 'AAA'; Outlook Stable -- Class A2 (ISIN XS0311691272): affirmed at 'AAA'; Outlook Stable -- Class A3 (ISIN XS0311693484): affirmed at 'AAA'; Outlook Stable -- Class M1 (ISIN XS0311694029): affirmed at 'AA-' (AA minus); Outlook Stable -- Class M2 (ISIN XS0311695182): affirmed at 'A-' (A minus); Outlook revised to Negative from Stable -- Class B1 (ISIN XS0311695778): affirmed at 'BBB-' (BBB minus); Outlook revised to Negative from Stable -- Class B2 (ISIN XS0311697394): affirmed at 'BB'; Outlook revised to Negative from Stable -- Class C (ISIN XS0311699507): affirmed at 'BB'; Outlook revised to Negative from Stable The Negative Outlooks assigned to the respective tranches follow a full loan-by-loan analysis of an updated pool for each transaction. The analysis identified that, following a reserve fund draw in Eurohome 2007-1, further reserve fund draws are likely for both transactions. The low margins generated by the loans during their initial teaser rate periods, combined with rising arrears levels, are limiting the available excess revenue required to pay interest on the notes, in particular the uncollateralised class C notes, which pay interest before the reserve fund is replenished. Despite the seasoning of the two Eurohome UK Mortgages, the latest investor reports, as of February 2008, showed reserve fund balances at 85.05% (for Eurohome 2007-1) and 92.08% (for Eurohome 2007-2) of their target amounts. In fact, a draw of GBP45,954, (i.e. 0.73% of the target amount) was reported in the Eurohome UK Mortgages 2007-1 plc, which was mainly caused by the low margins received on loans. According to the loan-by-loan breakdown received by Fitch as per May 2008, currently 99.51% of Eurohome 2007-1 pool and 99.93% of Eurohome 2007-2 pool are either on fixed or discounted rates. Fitch expects to see further reserve fund draws in Eurohome UK Mortgages 2007-1 plc in the next 12 months, during which 92% of the pool is due to roll off its teaser rates. A similar scenario is expected in the Eurohome UK Mortgages 2007-2 plc transaction, where 76% of the pool will switch to standard variable rates by mid-2009. Arrears greater than three months in both transactions are high compared to other UK non-conforming transactions at the same level of seasoning. According to the loan-by-loan breakdown received by Fitch in May 2008, 7.14% (Eurohome UK Mortgages 2007-1 plc) and 10.43% (Eurohome UK Mortgages 2007-2 plc) of the pool were in arrears more than three months, including repossessions. To date no losses have been reported on either of the two transactions; however, 0.68% of loans were reported to be in repossessions in Eurohome UK Mortgages 2007-2 plc. Given the volume of arrears seen to date and no reported losses, future rating actions will be highly dependent on the volume of possessions and realised losses in the forthcoming periods. The primary servicing of the two Eurohome UK Mortgages plc transactions has been outsourced to Vertex Mortgages Services Limited (servicer rating: 'RPS3+'). More details on the performance of the two transactions is covered in Fitch's special report, "Eurohome UK Mortgages plc, Performance Update", which will be published shortly and available on http://www.fitchratings.com/ GROUP 1 AUTOMOTIVE: S&P Cuts Corporate Credit Rating to 'BB-' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on Group 1 Automotive Inc. to 'BB-' from 'BB'. The outlook has been revised to stable from negative. "The downgrade reflects our expectation that in light of a very difficult sales environment for the North American auto retailers, the company's high leverage will not decline to levels consistent with the previous rating," said Standard & Poor's credit analyst Nancy Messer. S&P does not expect Group 1 to generate sufficient free cash flow during the year ahead to reduce debt significantly. S&P's opinion is based on its expectation that revenue and profitability will be soft in 2008, while the company's infrastructure investments and acquisitions to support business expansion will continue. The ratings on Group 1 reflect the company's high leverage resulting from an aggressive acquisition strategy combined with the competitive and cyclical challenges of the automotive retail industry. The majority of Group 1's 105 automotive dealerships are in the Eastern and Central regions of the U.S., with the remainder in California. Group 1 also has a small international exposure, with three dealerships in the U.K. The stable outlook reflects our opinion that Group 1's diverse revenue sources, brand strength, and focus on operating efficiencies should support the company's continued profitability. In the year ahead, S&P expects Group 1's high leverage to continue as a result of large projected capital expenditures and acquisitions. S&P expects the company to be conservative with regard to cash usage for dividend payouts and share repurchase activity in 2008, given the potential for downside market surprises. Group 1's good returns on its used vehicle business, aided by growth in its P&S and F&I businesses, should support the company's credit measures in 2008, although the business' new vehicle segments will remain under pressure. S&P could revise the outlook to negative or lower the rating if industry conditions weaken further or if greater use of cash flow weakens the company's ability to manage its leverage position during the next year. S&P does not expect to revise the outlook to positive in the next year, given market conditions. HALIFAX TOWN: Faces Liquidation and Demotion, Trust Says -------------------------------------------------------- The Halifax Town Supporters' Trust, on May 24, 2008, said in its Web site that Halifax Town Association Football Club Ltd. faces almost certain liquidation and demotion of at least two steps down the pyramid and probably more. The consortium that has for 18 months been attempting to take control of the club have yet to offer supporters any certainties about whether they will be here or not come August. The Trust noted that it has an obligation to investigate a 'plan B' -- whereby the supporters take ownership of the club and ensure the continuation of football in Calderdale. However, at a time when all members of the Society Board should be working together to that end, it has instead been faced with the resignation of the four longest-serving members, among them the chair and vice chair. These four were on the Trust board when the HTST had a representative on the board of the football club. That representative voiced concern about the club's downward spiral into debt, yet the Society Board failed to back their own representative in his request to take this news to the members. The Trust stressed that it is and always has been its intention to seek guidance from its members. It never intended to force 'plan B' on supporters, only to demonstrate that it was a viable option should supporters choose to embrace it -- or indeed be left with no other option. Because of the resignations the number on the Trust board slipped below the minimum number required in order to legally operate. The remaining board members were left with two options, both of which are permitted by the constitution: The first was to bring other supporters onto the Society Board until the AGM scheduled for June, at which time members would be able to confirm their support or otherwise of these appointments. The only other option was to call an Emergency General Meeting. The Trust is required to give members 14 days notice of an EGM, during which time we would have been unable to act had it been necessary. By a vote of 7 to 1 the Trust went with option one. It would be unforgivable for the Trust to be in limbo at such a crucial time, and that is why it took the short-term decision to bring respected vice-president Jack Haymer and club historian Johnny Meynell onto the board. In addition, it confirmed the appointment of Alan Alderson and Roger Taylor, both of whom were set to take office at the AGM in any case. The Trust concluded it understands that not everyone will support its chosen course of action. It reiterated that it has every intention of allowing its members to take the final decision of whether or not to progress with 'plan B'. Halifax Town Association Football Club is an English football team currently playing in the Conference National. The club's current ground is The Shay in Halifax, West Yorkshire. On March 14, 2008, Rob Sadler and Peter Sargent of Begbies Traynor were appointed joint administrators of the club. HEXCEL CORP: S&P Affirms BB Long-Term Corporate Credit Rating ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings, including the 'BB' long-term corporate credit rating, on aerospace supplier Hexcel Corp. S&P also affirmed the 'BB+' issue-level rating (one notch above the corporate credit rating) on the company's recently amended and increased (by an incremental $80 million term loan) secured credit facilities. The recovery rating remains unchanged at '2', indicating an expectation for substantial (70%- 90%) recovery of principal and prepetition interest in the event of a payment default. The outlook is positive. About US$370 million of debt is outstanding. "The ratings on Hexcel reflect participation in the cyclical and competitive commercial aerospace industry and significant investment in carbon fiber capacity needed to support increasing jetliner production rates," said Standard & Poor's credit analyst Roman Szuper. "Those factors are partly offset by the company's position as the world's largest manufacturer of advanced composite materials, generally favorable market conditions, and a financial profile that is somewhat better than average for the rating." Hexcel has used cash from operations, proceeds from asset sales, and a preferred equity offering to reduce debt significantly in recent years. This, coupled with increasing earnings, resulted in debt to EBITDA of about 2.0x, a relatively low level for the rating. Standard & Poor's Ratings Services expects this ratio to remain at about this level in 2008. The company's book equity has also improved considerably because of the conversion of the preferred stock to common and a reversal of a US$118 million deferred tax valuation allowance. As a consequence, debt to capital is now much lower, at about 45%. Other credit protection measures, such as funds from operations (FFO) to debt and EBITDA interest coverage, are somewhat better than average for the rating, at about 30% and 7x, respectively. S&P expects most credit protection measures to remain satisfactory in 2008, mainly because of likely better earnings. However, high capital expenditures (about $150 million annually) over the next two to three years to fund carbon capacity expansion in response to an expected increase in commercial airplane deliveries will limit free cash flow, which has been about breakeven in recent years and is likely to be moderately negative in 2008. Stamford, Conn.-based Hexcel is a leader in the composites industry, producing lightweight, high-performance carbon fibers, industrial fabrics, specialty reinforcements, carbon prepregs, structural adhesives, honeycomb, and composite structures for the commercial aerospace, defense and space, and industrial sectors. The company concentrates on serving growing markets in which it has a competitive advantage. Continued favorable conditions in core markets, ongoing gains in operating efficiency, and further strengthening in credit protection measures could lead to a ratings upgrade over the next 12 to 18 months. S&P could revise the outlook to stable if the slowing global economy has a greater-than-expected effect on the company's sales and profits. The recent failure of OSS Capital, an activist hedge fund that owns about 5% of Hexcel's common stock, to have any of its nominees elected to the board of directors lessens our concerns about changes in Hexcel's moderate financial policy. Headquartered in Stamford, Connecticut, Hexcel Corporation (NYSE: HXL) -- http://www.hexcel.com/-- is an advanced composites company. The company develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense and industrial applications such as wind turbine blades. The company has subsidiaries in Austria, the United Kingdom, Spain, Hong Kong, Japan and Brazil. MK ONE: Administrator Sells 100 Stores to Jet Star Retail --------------------------------------------------------- Administrator Lee Manning sold 100 of MK One Ltd.'s stores to Jet Star Retail Ltd. for an undisclosed amount, published reports say. According to the Press Association, the sale is expected to safeguard hundreds of the company's 2,500 jobs, although Deloitte declined to comment. As reported in the TCR-Europe on May 26, 2008, Hilco U.K. Limited placed MK One into administration and appointed Lee Manning of Deloitte & Touche as administrator. The administrator has announced 39 redundancies at MK One's head office in London. On May 2, 2008, Hilco acquired MK One from the Baugur Group, which opted to sell the clothing group rather than sent it into administration. "We will continue to trade the remaining stores under the MK One banner whilst exploring the available options," Mr. Manning was quoted by reporters as saying. About MK One Headquartered in London, MK One Ltd. -- http://www.mkone.co.uk/ -- sells a range of reasonably priced fashion clothing for women, girls and teens. The company also offers extensive accessory and footwear ranges. The company employs around 2,500 people in 172 outlets. MK One has more than GBP100 million in annual turnover. PJB ELECTRICAL: Brings In Administrators from Deloitte & Touche --------------------------------------------------------------- Richard Michael Hawes and Stephen Anthony John Ramsbottom of Deloitte & Touche LLP were appointed joint administrators of PJB Electrical (Somerset) Ltd. (Company Number 05231565) on May 20, 2008. Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. It provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The company can be reached at: PJB Electrical (Somerset) Ltd. 4-5 King Square Bridgwater Somerset TA6 3YF England PRIMUS TELECOMMS: Moody's Revises Probability of Default Rating --------------------------------------------------------------- Moody's Investors Service revised Primus Telecommunications Group, Incorporated's probability of default rating to Caa3/LD from Caa3 in response to the company's May 22, 2008 announcement of a distressed debt exchange in which Primus issued US$67.1 million of new debt instruments and paid US$4.7 million in cash to retire $130.3 million of existing outstanding debt. The PDR will be revised back to Caa3 after three business days. The rating action results from Moody's practice of interpreting circumstances in which a debt holder accepts a compromise offering of less than 100% of face value as constituting a default; hence the "/LD" component of the PDR to signal the "limited default" that has been deemed to have occurred on the exchanged securities. The transaction does not materially change the company's cash position, its future prospects, or any of the parameters with which Moody's assesses Primus' ratings. Accordingly, Primus' corporate family rating (CFR) remains unchanged at Ca, its speculative grade liquidity rating remains unchanged at SGL-3, and the rating outlook remains negative. As noted below, the revisions to the company's debt structure alter relative proportions of structural/contractural subordination that, in turn, with the application of Moody's LGD methodology, result in changes to applicable instrument ratings and loss given default assessments for individual instruments at Primus' subsidiary, Primus Telecommunications Holdings, Inc. Downgrades: Issuer: Primus Telecommunications Holding, Inc. -- Senior Secured Bank Credit Facility, Downgraded to Ca (LGD4, 61) from Caa3 (LGD4, 57) -- Senior Unsecured Regular Bond/Debenture, Downgraded to C (LGD6, 99) from Ca (LGD6, 97) Primus is a competitive telecom provider headquartered in McLean, VA. The company offers telecommunications services to small and medium-sized enterprises, residential customers and other telecommunications carriers and resellers located in the United States, Australia, Canada, the United Kingdom and Western Europe. VERSAMOUNT DISPLAY: Taps Joint Administrators from Begbies ---------------------------------------------------------- John A. Lowe and W. John Kelly of Begbies Traynor were appointed joint administrators of Versamount Display Systems Ltd. (Company Number 04366619) on May 19, 2008. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The company can be reached at: Versamount Display Systems Ltd. Highlands Farm Business Park London Road Haywards Heath West Sussex RH17 5PX England Tel: 01444 882 230 Fax: 01444 882 220 Web site: http://www.versamount.co.uk/ WHITWORTH SALES: Calls In Liquidators from Tenon Recovery --------------------------------------------------------- Ian William Kings and Steven Philip Ross of Tenon Recovery were appointed joint liquidators of Whitworth Sales and Marketing Ltd. on May 15 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Tenon House Ferryboat Lane Sunderland SR5 3JN England * Deloitte Names Kevin Patience as Financial Services Director -------------------------------------------------------------- Deloitte & Touche LLP has appointed Kevin Patience as a director in its financial services practice. Mr. Patience joins Deloitte from Aviva Plc where he was most recently the Director of Internal Audit for Norwich Union Insurance, the UK’s largest insurer. Mr. Patience new role will be to lead the provision of internal audit services to the UK insurance sector. "We are delighted that Kevin has joined us. His arrival adds further strength to our already well established financial services internal audit team. Our recognized experts in each industry sector, combined with a great geographic spread of resource, allow us to work with the full range of financial services organizations in the UK," Kari Hale, partner at Deloitte commented. "These are challenging times for all financial services companies with no let up in the demand for high quality assurance. Internal audit functions will continue to be pressured to show that they can deliver real value and insight and help drive forward the risk management and governance agenda. It’s great to join a firm that is a recognized market leader in helping internal audit teams respond to these challenges. Having access to such a huge breadth and depth of skills across the firm also gives me tremendous confidence that we can really make a difference no matter how complex the challenge," Mr. Patience added. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. * Fitch Says Emerging Market Sovereigns at Risk from Inflation -------------------------------------------------------------- Fitch Ratings, in a special report published on May 27, 2008, warns of the risks to emerging market sovereign creditworthiness from rising inflation and has developed a ranking of Fitch-rated EMs according to their vulnerability to inflation shocks. "Rising inflation rather than slowing economies is the principle challenge facing policymakers in emerging economies. Low and stable inflation has underpinned macroeconomic stability and allowed governments to borrow locally rather than incur foreign currency debt in international capital markets. Failure to contain inflationary pressures risks undermining macroeconomic stability and medium-term growth prospects. In the worst case scenario, investors will lose confidence in local currency assets leading to volatile financial and currency markets," says David Riley, Head of Sovereign Ratings at Fitch. " Fitch has constructed an index of relative EM vulnerability to inflation shocks based on inflation dynamics, the degree of domestic overheating, monetary conditions and the importance of the domestic government debt market to the sovereign. The top ten most vulnerable EMs according to this index are currently: Jamaica (1), Ukraine (2), Kazakhstan (3), Bulgaria (4), Suriname (5), Latvia (6), Lithuania (7), Ghana (8), Vietnam (9) and Sri Lanka (10). Out of 73 Fitch-rated EMs, Jamaica, Ukraine and Kazakhstan appear the most vulnerable. Emerging Europe heavily populates the upper echelons of the vulnerability rankings in light of the significant economic imbalances in the region that have been fuelled by rapid private credit growth. Russia is also the most vulnerable of the BRICs (Brazil, Russia, India and China) by a wide margin. A key conclusion of the report is that, though the current inflation shock has a large international component, the inflation challenges facing EMs are far from a "pure" supply shock. Significant chunks of the EM universe are facing underlying inflationary pressures, including in emerging Europe, parts of Asia, the Gulf Co-operation Council (GCC) countries and other commodity exporters. With fixed or heavily managed exchange rates back in vogue, the reluctance to allow nominal appreciation is ensuring that real exchange rate appreciation warranted by fundamentals occurs through higher inflation. Many youthful EM monetary policy regimes are facing their first real tests. Inflation targets are being exceeded by a wide margin in many countries and core inflation has been rising since August of last year. There is an elevated risk of rising inflation expectations and second-round effects from higher headline inflation. This is much more severe than in the advanced economies, where slower growth will provide a dis- inflationary counter-balance to high food and energy prices and where central bank credibility is deeper. This makes swift policy responses crucial to prevent inflation becoming entrenched. The full report, entitled, "Inflation and Emerging Market Sovereign Risk" is available on the agency's public website http://www.fitchratings.com/ * Upcoming Meetings, Conferences and Seminars --------------------------------------------- June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ June 19 & 20, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Corporate Reorganizations Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ June 24, 2008 TURNAROUND MANAGEMENT ASSOCIATION Fraud Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ June 26-29, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Seminar Jackson Hole, Wyoming Contact: http://www.nortoninstitutes.org/ July 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Cynthia Jackson of Smith Hulsey & Busey University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ July 10-13, 2008 AMERICAN BANKRUPTCY INSTITUTE 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.abiworld.org/events July 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Employment Issues Following Hurricanes & Disasters Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Aug. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Do's and Don'ts of Investing in a Turnaround Citrus Club, Orlando, Florida Contact: http://www.turnaround.org// Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 17, 2008 TURNAROUND MANAGEMENT ASSOCIATION Real Estate / Condo Restructuring Panel Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org// Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Sept. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Private Equity Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org// Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION State of the Capital Markets Citrus Club, Orlando, Florida Contact: http://www.turnaround.org// Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Oct. 30 & 31, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Physicians Agreements and Ventures Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Interaction Between Professionals in a Restructuring/Bankruptcy Bankers Club, Miami, Florida Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 11-13, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; 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http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES New 'Red Flag' Identity Theft Rules Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergersthe New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Todays Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite Corporate Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ * * * The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jason Nieva, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala 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 * * *