/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080602.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, June 2, 2008, Vol. 9, No. 108 Headlines A U S T R I A BRUGNER BAU: Claims Registration Period Ends June 18 HAPO LLC: Claims Registration Period Ends June 9 LEBER & CO: Claims Registration Period Ends June 20 MARKETING & PROMOTION: Claims Registration Period Ends June 20 PRO MEDIA: Claims Registration Period Ends June 9 D E N M A R K ISS HOLDING: S&P Lifts Rating to BB- on Improved Performance F R A N C E CIFG EUROPE: Fitch Downgrades Insurer Financial Rating to CCC G E R M A N Y FLOROFOL KUNSTSTOFFE: Claims Registration Ends June 25 G. TAUTENHAHN TRANSPORT: Claims Registration Ends June 24 IMMOBILIEN MITTELSTADT: Claims Registration Period Ends June 23 IKB DEUTSCHE: KfW to Commence Sale Talks with Three Bidders INNOVA SOLAR: Claims Registration Period Ends June 23 NOVEL-BAU: Claims Registration Period Ends June 23 RASGO GMBH: Claims Registration Period Ends June 23 REALITY TV: Claims Registration Ends June 26 SOLEDER GMBH: Claims Registration Period Ends June 17 TIGER BUSINESS: Claims Registration Period Ends June 17 TWILLEMEIER VERWALTUNGS: Claims Registration Period Ends June 17 WEGER GMBH: Claims Registration Period Ends June 15 I T A L Y VOLARE GROUP: Court Orders Administrator to Restart Tender K A Z A K H S T A N ALMATY ENERGO: Creditors Must File Claims by July 9 ASIA ENERGOPROM: Claims Deadline Slated for July 4 ASTANA-MEBEL-1 LLP: Claims Filing Period Ends July 9 OIL GROUP-NC: Creditors' Claims Due on July 9 REMSTROY SERVICE: Claims Registration Ends July 9 SEVERNAYA ZERNOVAYA: Creditors Must File Claims by July 4 SPECTRUM LTD: Claims Deadline Slated for July 9 STROY INDUSTRIYA: Claims Filing Period Ends July 9 UG-TRANS-FRAHT LLP: Creditors' Claims Due on July 9 K Y R G Y Z S T A N KYRGYZ-PAK MOTORS: Creditors Must File Claims by July 9 L A T V I A PAREX BANKA: Fitch Keeps Long-term Default Rating at BB+ L U X E M B O U R G EVRAZ GROUP: Plans Five-Year US$1.8-Billion Russian Investment N E T H E R L A N D S HOLLAND MORTGAGE: Moody's Puts Low-B Ratings on Two Note Classes R U S S I A AGRO-CENTRE-2: Court Starts Bankruptcy Supervision Procedure AVTOTRAST CJSC: Creditors Must File Claims by June 26 BIO-RESOURCES LLC: Court Starts Bankruptcy Supervision Procedure EURO-TRANS LLC: Creditors Must File Claims by July 17 EVRAZ GROUP: Plans Five-Year US$1.8-Billion Russian Investment FEDERAL-SERVICE LLC: Creditors Must File Claims by July 17 GAS-COMPLECT LLC: Creditors Must File Claims by July 17 KOLPASHEVSKAYA SHIPYARD: Asset Sale Slated for June 20 LSR GROUP: Fitch Assigns Long-term Foreign Currency IDR at B+ LUGOVOE OJSC: Kemerovo Bankruptcy Hearing Slated for Sept. 9 PARTNER LLC: Ryazan Court Starts Bankruptcy Supervision Process RED STAR: Creditors Must File Claims by July 17 U K R A I N E ALLIANCE-INVEST: Creditors Must File Claims by June 13 BASKET-SPORT Creditors Must File Claims by June 13 ELINE LLC: Creditors Must File Claims by June 13 ENERGY BUILDING: Creditors Must File Claims by June 13 EURO-TEXTILE CJSC: Proofs of Claim Filing Deadline Set June 13 HOTINAL AGRICULTURAL: Creditors Must File Claims by June 13 RAPID-EXPRESS LLC: Proofs of Claim Filing Deadline Set June 13 SERVICE SENTER: Creditors Must File Claims by June 13 SHLIAKH HLIBOROBA: Creditors Must File Claims by June 13 UKRAINE AUTO: Moody's Assigns Low-B Ratings on Two Note Classes UKRAINIAN PRODUCTION: Creditors Must File Claims by June 13 U N I T E D K I N G D O M ARVINMERITOR INC: Moody's Affirms B1 Corporate Family Rating AUTOMATED SECURITY: Taps Liquidators from Smith & Williamson AY BANK: Liquidators Fifth Dividend Payout for Unsec. Creditors BEST BAKERIES: Goes Into Administration Due to Cashflow Problems BRITISH AIRWAYS: Increase in Fuel Surcharge Takes Effect June 3 CABLE & WIRELESS May Submit Takeover Offer for Thus Group Plc CELESTICA INC: Moody's Affirms B1 Corporate Family Rating DDAT LTD: Calls In Administrators; In Talks With Possible Buyers GRETNA FOOTBALL: Relegated to Scottish Third Division J T FRITH: Brings In Administrators from Deloitte & Touche JUST SMILE: Brings In Liquidators from Mazars LEICESTER ENGINEERING: Finco Taps Receivers from Begbies MAGNOLIA IV: Moody's Junks Rating on US$30 Million Notes NORTH EAST SLEEPCENTRE: Taps Joint Administrators from Begbies ROUND THEATRE: Goes Into Voluntary Liquidation SILVERJET PLC: Calls in Administrators over Funding Crunch TITAN EUROPE: S&P Puts B Rating on Class G Notes Under WatchNeg UNIQ EXTRUSIONS: Taps Joint Administrators from Begbies Traynor VCW VOICE: Calls In Liquidator from Smith & Williamson VIRGIN MEDIA: Fitch Lifts Long-term Default Rating to BB- VISAGE CDO: S&P Junks Ratings on Three Note Classes * UK Banking Systems Faces Negative Credit Outlook, Moody's Says ********* ============= A U S T R I A ============= BRUGNER BAU: Claims Registration Period Ends June 18 ---------------------------------------------------- Creditors owed money by LLC Brugner Bau (FN 274223w) have until June 18, 2008, to file written proofs of claim to court- appointed estate administrator Hannes Gruber at: Dr. Hannes Gruber Ressavarstrasse 52 8230 Hartberg Austria Tel: 03332/64245 Fax: 03332/64245-15 E-mail: ra-h.gruber@telering.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 3:15 a.m. on July 3, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 230 Hall K Second Floor Graz Austria Headquartered in Hartberg, Austria, the Debtor declared bankruptcy on May 8, 2008 (Bankr. Case No. 40 S 27/08f). HAPO LLC: Claims Registration Period Ends June 9 ------------------------------------------------ Creditors owed money by LLC HAPO (FN 77098f) have until June 9, 2008, to file written proofs of claim to court-appointed estate administrator Sanjay Doshi at: Mag. Sanjay Doshi c/o Dr. Andreas Brandtner Drevesstrasse 6 6800 Feldkirch Austria Tel: 05522/81999 Fax: 05522/81988 E-mail: kanzlei@brandtner-doshi.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:20 a.m. on June 19, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Feldkirch Meeting Room 45 First Floor Feldkirch Austria Headquartered in Klaus, Austria, the Debtor declared bankruptcy on May 8, 2008 (Bankr. Case No. 13 S 18/08i). Andreas Brandtner represents Mag. Doshi in the bankruptcy proceedings. LEBER & CO: Claims Registration Period Ends June 20 --------------------------------------------------- Creditors owed money by LLC Leber & Co KG (FN 68444d) have until June 20, 2008, to file written proofs of claim to court- appointed estate administrator Wolfgang Reinisch at: Dr. Wolfgang Reinisch Advocacy LLC Reinisch & Wisiak Rechtsanwalte Hauptplatz 28 8430 Leibnitz Austria Tel: 03452/83296 Fax: 03452/83296-20 E-mail: leibnitz@reinisch-wisiak.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:20 a.m. on June 26, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Ehrenhausen, Austria, the Debtor declared bankruptcy on May 8, 2008 (Bankr. Case No. 26 S 51/08g). MARKETING & PROMOTION: Claims Registration Period Ends June 20 -------------------------------------------------------------- Creditors owed money by LLC MARKETING & PROMOTION (FN 108792p) have until June 20, 2008, to file written proofs of claim to court-appointed estate administrator Wolfgang Reinisch at: Dr. Wolfgang Reinisch LLC Reinisch & Wisiak Rechtsanwalte Hauptplatz 28 8430 Leibnitz Austria Tel: 03452/83296 Fax: 03452/83296-20 E-mail: leibnitz@reinisch-wisiak.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on June 26, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on May 8, 2008 (Bankr. Case No. 26 S 20/08y). PRO MEDIA: Claims Registration Period Ends June 9 ------------------------------------------------- Creditors owed money by LLC Pro Media Kummer (FN 238544a) have until June 9, 2008, to file written proofs of claim to court- appointed estate administrator Felix Stortecky at: Dr. Felix Stortecky W.A. Mozartstrasse 4 7093 Jois Austria Tel: 02160/71207 Fax: 02160/71207-22 E-mail: office@stortecky.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on June 23, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Moenchhof, Austria, the Debtor declared bankruptcy on May 8, 2008 (Bankr. Case No. 26 S 36/08h). ============= D E N M A R K ============= ISS HOLDING: S&P Lifts Rating to BB- on Improved Performance ------------------------------------------------------------ Standard & Poor's Ratings Services raised its long-term corporate credit ratings on Denmark-based facilities services provider ISS Holding A/S and related entities (ISS) to 'BB-' from 'B+'. The outlook is stable. At the same time the 'B' short-term corporate credit rating on group member ISS A/S was affirmed. "The upgrade reflects our expectations that ISS will maintain a strong operating performance which should support a further strengthening of its financial risk profile and credit measures," said Standard & Poor's credit analyst Alf Stenqvist. Supported by strong organic growth and growth from acquisitions, ISS's operating cash flows have continued to grow. This has led to a gradual improvement in credit measures, despite increased debt levels from funding acquisitions. The group is, however, likely to remain highly leveraged over the near to medium term. The ratings on ISS continue to reflect its highly leveraged financial profile and weak credit measures. This is mitigated by the group's strong business profile, underpinned by its solid business position in an attractive--albeit fragmented and competitive--industry. On March 31, 2008, adjusted total debt was about Danish krone 33.0 billion including unfunded postretirement liabilities. The stable outlook reflects the rating agency's expectation that the group's operating performance will remain steady thanks to its ability to generate strong cash flows. It expects a further gradual improvement of credit measures over the near term supported by continued organic growth. =========== F R A N C E =========== CIFG EUROPE: Fitch Downgrades Insurer Financial Rating to CCC ------------------------------------------------------------- Fitch Ratings downgraded the following Insurer Financial Strength ratigns of CIFG Guaranty and its affiliates to 'CCC' from 'A-': -- CIFG Guaranty; -- CIFG Assurance North America, Inc.; and -- CIFG Europe. Fitch has also placed the ratings on Rating Watch Evolving. The downgrade is based, in part, on recent conversations with CIFG's management, in which the company has indicated it could be at greater risk of falling below regulatory minimum capital requirements, if the company's loss provisions increase in future periods which could trigger an insolvency proceeding by regulators. If this were to occur, CIFG's entire US$57 billion credit default swap (CDS) portfolio, which is the primary form of execution for the company's entire collateralized debt obligation (CDO) exposure would be subject to termination at current valuations. Based on current market valuations, Fitch does not believe CIFG would have sufficient claims-paying resources to meet these obligations, triggering a likely default of its insurance subsidiaries. CIFG is actively working to remediate these risks and if successful, the company's capital position and policyholders' prospects could be significantly improved. Fitch's IFS rating downgrade to 'CCC' reflects the weakness of CIFG's current financial position and indicate two possible conditions, consistent with Fitch's definition of a 'CCC' IFS rating. While obligations are still being met on a timely basis, there is a real possibility that ceased or interrupted payments could occur in the future as a result of the possible termination of CIFG's CDS exposures at current valuations. Fitch believes capacity for continued timely payments is reliant upon the successful remediation through commutation of the company's structured finance CDO (SF CDO) exposures. The downgrade was also heavily influenced by Fitch's on-going review of CIFG's exposure to subprime mortgage collateral, with specific emphasis on residential mortgage-backed securities (RMBS) from the 2005 vintage year. CIFG maintains a very large concentration of SF CDOs that are comprised of 2005 vintage RMBS. Unlike other financial guarantors, CIFG's exposure to SF CDOs with underlying RMBS collateral was primarily comprised of mezzanine SF CDOs, which have material exposure to 2005 vintage subprime RMBS collateral, which was originally rated in the 'BBB' category and is now well below-investment grade. Furthermore, Fitch has incorporated the increased possibility that the company could breach regulatory minimum capital standards as a result of increasing reserves against its SF CDO exposures. CIFG's claims paying resources, which include the US$1.5 billion capital infusion in late-2007 from its shareholders Caisse Nationale des Caisses d'Epargne et Prevoyance (CNCE) and Banque Federale des Banques Populaires (BFBP), are currently modeled as being consistent with Fitch's standard for a below investment grade level of capital. Fitch expects the status of the ratings to be addressed over the very near-term pending resolution of its capital enhancement plan. If a regulator initiates insolvency proceedings and CIFG's CDS contracts terminate at current valuations, the company's IFS ratings would be considered in default. I f CIFG successfully remediates the SF CDO exposures without impairing its capital base, Fitch believes there could be significant upward rating migration of the current IFS rating. Such action will need to consider the on-going business plan that ownership and management will formulate before resolution of a rating action can be determined. Fitch currently believes that expected losses on CIFG's insured SF CDOs will ultimately fall within a range of US$2.6 to US$3.6 billion. These totals reflect Fitch's current estimates of the range of future losses that CIFG would be expected to incur over the life of these transactions, stated on a present value basis. The range of outcomes reflects the unknown magnitude of U.S. residential mortgage losses on SF CDOs insured by CIFG. From a present value perspective, Fitch discounts the expected future loss rates by 5% over a two-year period for CDO-squareds, five years for mezzanine SF CDOs and seven years for high-grade SF CDOs. CIFG Guaranty, CIFG Assurance North America, Inc. and CIFG Europe are subsidiaries of CIFG Holding. CIFG Holding is directly owned by Banque Federale des Banques Populaires and Caisse Nationale des Caisses d'Epargne et Prevoyance, two large French banking groups. ============= G E R M A N Y ============= FLOROFOL KUNSTSTOFFE: Claims Registration Ends June 25 ------------------------------------------------------ Creditors of Florofol Kunststoffe GmbH have until June 25, 2008 to register their claims with court-appointed insolvency manager Stefan Jakob. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.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 Chemnitz Hall 28 Fuerstenstr. 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Jakob Plantagenstrasse 3 08371 Glauchau Germany Tel: (03763) 77870 Fax: (03763) 778711 E-mail: info@inso-verwalter.de The District Court of Chemnitz opened bankruptcy proceedings against Florofol Kunststoffe GmbH on May 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Florofol Kunststoffe GmbH Attn: Heiko Andreas Geffke and Sascha Rogge, Managers Waldenburger Strasse 40-44 08371 Glauchau Germany G. TAUTENHAHN TRANSPORT: Claims Registration Ends June 24 --------------------------------------------------------- Creditors of G. Tautenhahn Transport GmbH have until June 24, 2008, to register their claims with court-appointed insolvency manager Karl-Dieter Sommerfeld. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on July 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 1240 12th Floor Luxemburger Strasse 101 50939 Cologne 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: Karl-Dieter Sommerfeld Hammerweg 3 51766 Engelskirchen Germany Tel: 02263/9039-0 Fax: +492263903910 The District Court of Cologne opened bankruptcy proceedings against G. Tautenhahn Transport GmbH on April 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G. Tautenhahn Transport GmbH Beningsfeld 9 51427 Bergisch Gladbach Germany IMMOBILIEN MITTELSTADT: Claims Registration Period Ends June 23 --------------------------------------------------------------- Creditors of Immobilien Mittelstadt GmbH have until June 23, 2008, to register their claims with court-appointed insolvency manager Wolf-R. von der Fecht. 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 Duesseldorf Meeting Hall A 388 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Wolf-R. von der Fecht Rheinort 1 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Immobilien Mittelstadt GmbH on May 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Immobilien Mittelstadt GmbH Gartzenweg 13 40789 Monheim Germany IKB DEUTSCHE: KfW to Commence Sale Talks with Three Bidders ----------------------------------------------------------- Kreditanstalt fur Wiederaufbau Bankengruppe will start talks with three possible buyers for its 45.5% stake in IKB Deutsche Industriebank AG, Reuters reports. KfW said it received several serious and interesting offers, Reuters relates. According to Reuters' sources, bidders may include Lone Star, Ripplewood and SEB. Handelsblatt, citing financial sector sources, added Texas Pacific Group in the list. Stiftung Industrieforschung is also selling its 10.7% stake in IKB. 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 currently 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. INNOVA SOLAR: Claims Registration Period Ends June 23 ----------------------------------------------------- Creditors of Innova Solar Plus GmbH have until June 23, 2008, to register their claims with court-appointed insolvency manager Andreas Rohe. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Rohe Kamigstrasse 2 17373 Ueckermuende Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Innova Solar Plus GmbH on May 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Innova Solar Plus GmbH Friedenstrasse 7 17309 Pasewalk Germany NOVEL-BAU: Claims Registration Period Ends June 23 -------------------------------------------------- Creditors of NOVEL-BAU GmbH have until June 23, 2008, to register their claims with court-appointed insolvency manager Barbara Fahlke. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 24, 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 Osnabrueck Hall N 301 Kollegienwall 10 49074 Osnabrueck 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: Barbara Fahlke Neubrueckenstrasse 35/37 48143 Muenster Germany Tel: 0251/4842316 Fax: 0251/4843614 The District Court of Osnabrueck opened bankruptcy proceedings against NOVEL-BAU GmbH on May 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NOVEL-BAU GmbH Molenseten 22 49086 Osnabrueck Germany RASGO GMBH: Claims Registration Period Ends June 23 --------------------------------------------------- Creditors of RASGO GmbH have until June 23, 2008, to register their claims with court-appointed insolvency manager Alexander Geilert. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Alexander Geilert Otto-Brenner-Str. 186 33604 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against RASGO GmbH on May 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RASGO GmbH Almestr. 4-8 33649 Bielefeld Germany REALITY TV: Claims Registration Ends June 26 -------------------------------------------- Creditors of Reality TV Fernsehproduktion GmbH have until June 26, 2008 to register their claims with court-appointed insolvency manager Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting at 11:35 a.m. on Aug. 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 Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Nacke Gross-Berliner Damm 73 c 12487 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Reality TV Fernsehproduktion GmbH on May 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reality TV Fernsehproduktion GmbH Chausseestr. 8 10115 Berlin Germany SOLEDER GMBH: Claims Registration Period Ends June 17 ----------------------------------------------------- Creditors of Soleder GmbH have until June 17, 2008, to register their claims with court-appointed insolvency manager Harry Kressl. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn 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: Harry Kressl Uhlandstrasse 57-61 74072 Heilbronn Germany Tel: 07131/96540 Fax: 07131/965432 The District Court of Heilbronn opened bankruptcy proceedings against Soleder GmbH on May 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Soleder GmbH Suelmerstrasse 39 74072 Heilbronn Germany Attn: Edis Dzananovic, Manager Uhlandstrasse 69 74074 Heilbronn Germany TIGER BUSINESS: Claims Registration Period Ends June 17 ------------------------------------------------------- Creditors of Tiger Business Handelsgesellschaft mbH have until June 17, 2008, to register their claims with court-appointed insolvency manager Robert Fliegner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 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: Robert Fliegner Gruenewalder Str. 29-31 42657 Solingen Germany Tel: 0212 / 24 94 200 Fax: 0212/24 94 201 The District Court of Wuppertal opened bankruptcy proceedings against Tiger Business Handelsgesellschaft mbH on May 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tiger Business Handelsgesellschaft mbH Kottendorfer Strasse 21 42697 Solingen Germany Attn: Armin Engels, Manager Schillerstrasse 26 40764 Langenfeld Germany TWILLEMEIER VERWALTUNGS: Claims Registration Period Ends June 17 ---------------------------------------------------------------- Creditors of Twillemeier Verwaltungs GmbH have until June 17, 2008, to register their claims with court-appointed insolvency manager Dr. Norbert Kuepper. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Norbert Kuepper Paderborner Str. 11 33415 Verl Germany The District Court of Bielefeld opened bankruptcy proceedings against Twillemeier Verwaltungs GmbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Twillemeier Verwaltungs GmbH Attn: Hugo Twillemeier, Manager Speckenstr. 10 33397 Rietberg Germany WEGER GMBH: Claims Registration Period Ends June 15 --------------------------------------------------- Creditors of Weger GmbH have until June 15, 2008, to register their claims with court-appointed insolvency manager Dr. Marc d' Avoine. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Cologne Meeting Hall 1240 Luxemburger Strasse 101 50939 Cologne 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. Marc d' Avoine Doeppersberg 19 42103 Wuppertal Germany The District Court of Cologne opened bankruptcy proceedings against Weger GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Weger GmbH Attn: Heinz Weger, Manager Gewerbestr. 9 42499 Hueckeswagen Germany ========= I T A L Y ========= VOLARE GROUP: Court Orders Administrator to Restart Tender ---------------------------------------------------------- Italy's State Council, the highest administrative appeals court in the country, has ordered the restart of the auction process for Volare Group S.p.A., Reuters reports. The administrative court gave Volare's special administrator until June 10, 2008, to commence a new tender for the bankrupt carrier, Reuters adds. In March 2008, the court confirmed its Sept. 29, 2006, ruling that annulled with finality Alitalia's EUR38-million takeover of Volare. The court ruled the 2006 tended was invalid since it failed to follow correct procedures. In May 2006, the State Council blocked Alitalia's takeover bid due to certain flaws in the sale process. Air One, which made the second highest bid for Volare, had claimed that Alitalia was an unfair competitor and that it lacked the conditions to buy another airline following a near- bankruptcy miss in 2005. About Volare Headquartered in Milan, Italy, Volare Group S.p.A. -- http://www.volare-group.it/-- is an operative holding company that controls Volare Airlines S.p.A. and Air Europe since 2001. The company declared insolvency on Nov. 22, 2004, citing huge debt and heavy losses. The group then filed for extraordinary administration, which allowed it to be protected from creditors while resuming daily operations. =================== K A Z A K H S T A N =================== ALMATY ENERGO: Creditors Must File Claims by July 9 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Almaty Energo Himzashita insolvent on Sept. 26, 2007. Creditors have until July 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Office 4 Kassin Str. 2/1 Mamyr 050052, Almaty Kazakhstan Tel: 8 (7272) 63-84-42 8 777 559 68-31 8 777 258 50-41 ASIA ENERGOPROM: Claims Deadline Slated for July 4 -------------------------------------------------- LLP Asia Energoprom Ltd. has declared insolvency. Creditors have until July 4, 2008, to submit written proofs of claims to: LLP Asia Energoprom Ltd. Seifullin ave. 100-38 Turksibsky District 050037, Almaty Kazakhstan ASTANA-MEBEL-1 LLP: Claims Filing Period Ends July 9 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP Astana-Mebel-1 insolvent. Creditors have until July 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana 2 Nagornaya Str. 1 Astana Kazakhstan Tel: 8 (7172) 23-06-49 8 (7172) 21-72-84 8 (7172) 62-63-60 8 701 512 32-52 OIL GROUP-NC: Creditors' Claims Due on July 9 --------------------------------------------- LLP Oil Group-NC has declared insolvency. Creditors have until July 9, 2008, to submit written proofs of claims to: LLP Oil Group-NC Pirogov Str. 30 Almaty Kazakhstan REMSTROY SERVICE: Claims Registration Ends July 9 ------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Remstroy Service insolvent on Nov. 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 SEVERNAYA ZERNOVAYA: Creditors Must File Claims by July 4 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Northern Corn Corporation Severnaya Zernovaya Korporatsiya insolvent. Creditors have until July 4, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan SPECTRUM LTD: Claims Deadline Slated for July 9 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP Spectrum Ltd. insolvent. Creditors have until July 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana 2 Nagornaya Str. 1 Astana Kazakhstan Tel: 8 (7172) 23-06-49 8 (7172) 21-72-84 8 (7172) 62-63-60 8 701 512 32-52 STROY INDUSTRIYA: Claims Filing Period Ends July 9 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Stroy Industriya insolvent on Dec. 14, 2007. Creditors have until July 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Office 4 Kassin Str. 2/1 Mamyr 050052, Almaty Kazakhstan Tel: 8 (7272) 63-84-42 8 777 559 68-31 8 777 258 50-41 UG-TRANS-FRAHT LLP: Creditors' Claims Due on July 9 --------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan LLP Ug-Trans-Fraht insolvent on Dec. 7, 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 =================== KYRGYZ-PAK MOTORS: Creditors Must File Claims by July 9 ------------------------------------------------------- LLC Kyrgyz-Pak Motors has declared insolvency. Creditors have until July 9, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 47-13-10. =========== L A T V I A =========== PAREX BANKA: Fitch Keeps Long-term Default Rating at BB+ -------------------------------------------------------- Fitch Ratings affirmed Latvia-based Parex Banka's ratings at Long-term Issuer Default 'BB+', Short-term IDR 'B', Individual 'C/D' and Support '3'. The Outlook for the Long-term IDR remains Stable. Its Support Rating Floor is affirmed at 'BB'. The ratings reflect concerns about Parex's corporate governance structure, risks arising from operating in a slowing Latvian economy, operational risks stemming from its non-resident business, and declining capitalization. On the other hand, they also factor in the bank's reasonable franchise, its leading position in servicing non-resident customers and its stable revenues. Parex is the largest of non-resident service provider banks in Latvia. While this business generates significant operational risk, this is partly mitigated by Latvia's political history and trade patterns with Russia and the CIS and Parex's experience in non-resident business. Earnings from its non-resident business, mainly in the form of fees and commissions earned from money transfers, have been fairly stable. Parex intends to maintain its position in the non-resident business, but with the focus of continued growth on the domestic market. Parex is 86%-owned by two individuals - Valery Kargin and Viktor Krasovitsky -- whose influence on the day-to-day running of the bank has lessened in the last few years. However, both remain members of the management board, which Fitch views as a weakness of the bank's corporate governance structure. Profitability in 2007 was aided by an increase in the size of the loan portfolio. However, the cost of funding has risen due to an increase in both international bank syndications and subordinated debt, and higher resident deposits. As the Latvian economy is slowing down with high inflation, it will be challenging for Parex to grow and maintain high net interest margin levels without increasing its risk profile. Impaired lending, while low as of end-2007, may increase further as loans season and the economy slows down further. Capitalization with a Tier 1 ratio of 8.62% and total CAD ratio of 9.62% at end-2007 is only adequate at the current rating levels. Parex was the third-largest bank by assets in Latvia at end- 2007. It is a universal bank offering the full range of banking products directly and through specialized subsidiaries. =================== L U X E M B O U R G =================== EVRAZ GROUP: Plans Five-Year US$1.8-Billion Russian Investment -------------------------------------------------------------- Evraz Group SA plans to invest around US$1.8 billion in its Russian operations in the next five years to increase production, Thomson Financial News reports, citing chief financial officer Pavel Tatyanin. According to Mr. Tatyanin, Thomson Financial News relates, Evraz will invest around US$80 million in its Bratsk site to increase annual production to 400,000 tons of steel sections and bars. The company is set to commence operations at the plant in April 2009. Mr. Tatyanin added that Evraz will commission in December 2010 the first stage of production at a sheet mill at its West Siberian Iron & Steel Plant, which would produce 800,000 to 850,000 tons annually. The site is expected to produce 1.2 million tons a year after the second stage of production is started. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * Evraz Group S.A. continues to carry Ba2 corporate family rating, Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior Notes due 2015 from Moody's Investors Service, which placed them on review in March 2008 for possible downgrade. The company also carries BB- long-term corporate credit and senior unsecured debt ratings from Standard & Poor's Ratings Services, with positive outlook. The ratings were affirmed in March 2008. Evraz carries BB long-term Issuer Default and senior unsecured ratings and B Short-term Issuer Default rating from Fitch Ratings, with stable outlook. The ratings were affirmed in March 2008. ===================== N E T H E R L A N D S ===================== HOLLAND MORTGAGE: Moody's Puts Low-B Ratings on Two Note Classes ---------------------------------------------------------------- Moody's Investors Service has assigned definitive long term credit ratings to five classes of Notes to be issued by Holland Mortgage Backed Series (Hermes) XV B.V. Ratings assigned: -- Aaa to the EUR2,752,100,000 Senior Class A Mortgage- Backed Floating Rate Notes 2008 due 2045; -- Aa3 to the EUR23,200,000 Mezzanine Class B Mortgage- Backed Floating Rate Notes 2008 due 2045; -- A3 to the EUR78,300,000 Mezzanine Class C Mortgage- Backed Floating Rate Notes 2008 due 2045; -- Ba1 to the EUR20,300,000 Junior Class D Mortgage-Backed Floating Rate Notes 2008 due 2045; -- Ba3 to the EUR26,100,000 Subordinated Class E Mortgage- Backed Floating Rate Notes 2008 due 2045. This transaction represents the fifteenth securitization of Dutch residential mortgage loans originated by SNS Bank N.V. under the Hermes program, and has been arranged by SNS Bank. The pool has been originated by SNS Bank, BLG Hypotheekbank and SNS Regio Bank. BLG Hypotheekbank and SNS Regio Bank are wholly owned subsidiaries of SNS Bank. Hermes XV is using a structure very similar to the previous Hermes transactions. Savings mortgages are included in the reference pool and a savings sub- participation is used in the structure comparable to previous Hermes transactions. Unlike Hermes XIV, the structure has a 5 year revolving period. There is no reserve fund in this transaction. An Excess Margin of 35 bps is guaranteed over the life of the transaction through the interest rate swap provided by SNS Bank (A1/Prime-1/C+). The cash advance facility and the GIC are also provided by SNS Bank. The definitive ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. =========== R U S S I A =========== AGRO-CENTRE-2: Court Starts Bankruptcy Supervision Procedure ------------------------------------------------------------ The Arbitration Court of Volgograd commenced bankruptcy supervision procedure on LLC Agro-Centre-2. The case is docketed under Case No. A12-12509/07-S57. The Temporary Insolvency Manager is: E. Slutskin Post User Box 1034 400105 Volgograd Russia The Debtor can be reached at: LLC Agro-Centre-2 Promyslovaya Str. 17 Volgograd Russia AVTOTRAST CJSC: Creditors Must File Claims by June 26 ----------------------------------------------------- Creditors of CJSC Avtotrast have until June 26, 2008, to submit proofs of claim to: A. Kovylev Insolvency Manager Vidanskaya Str. 15V Petrozavodsk Russia The Arbitration Court of Murmansk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A42-1459/2008. The Court is located at: The Arbitration Court of Murmansk Knipovicha Str. 20 Murmansk Russia The Debtor can be reached at: CJSC Avtotrast S. Perovskoy Str. 26 Murmansk Russia BIO-RESOURCES LLC: Court Starts Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Arbitration Court of Khabarovsk commenced bankruptcy supervision procedure on LLC Bio-Resources. The case is docketed under Case No. A73-2343/2008-9. The Temporary Insolvency Manager is: O. Zaytsev Post User Box 11/9 680000 Khabarovsk Russia The Debtor can be reached at: LLC Bio-Resources Pobedy Square 12-2 Sovetskaya Gavan Khabarovsk Russia EURO-TRANS LLC: Creditors Must File Claims by July 17 ----------------------------------------------------- Creditors of LLC Euro-Trans (TIN 4346051655) have until July 17, 2008, to submit proofs of claim to: S. Sizikov Insolvency Manager Bolshevikov Str. 66 610002 Kirov Russia The Arbitration Court of Kirov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A28-344/07-208/3. The Court is located at: The Arbitration Court of Kirov K-Libknekhta Str. 102 610017 Kirov Russia The Debtor can be reached at: LLC Euro-Trans Esinina Str. 1 610000 Kirov Russia EVRAZ GROUP: Plans Five-Year US$1.8-Billion Russian Investment -------------------------------------------------------------- Evraz Group SA plans to invest around US$1.8 billion in its Russian operations in the next five years to increase production, Thomson Financial News reports, citing chief financial officer Pavel Tatyanin. According to Mr. Tatyanin, Thomson Financial News relates, Evraz will invest around US$80 million in its Bratsk site to increase annual production to 400,000 tons of steel sections and bars. The company is set to commence operations at the plant in April 2009. Mr. Tatyanin added that Evraz will commission in December 2010 the first stage of production at a sheet mill at its West Siberian Iron & Steel Plant, which would produce 800,000 to 850,000 tons annually. The site is expected to produce 1.2 million tons a year after the second stage of production is started. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * Evraz Group S.A. continues to carry Ba2 corporate family rating, Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior Notes due 2015 from Moody's Investors Service, which placed them on review in March 2008 for possible downgrade. The company also carries BB- long-term corporate credit and senior unsecured debt ratings from Standard & Poor's Ratings Services, with positive outlook. The ratings were affirmed in March 2008. Evraz carries BB long-term Issuer Default and senior unsecured ratings and B Short-term Issuer Default rating from Fitch Ratings, with stable outlook. The ratings were affirmed in March 2008. FEDERAL-SERVICE LLC: Creditors Must File Claims by July 17 ---------------------------------------------------------- Creditors of LLC Federal-Service have until July 17, 2008, to submit proofs of claim to: O. Kiselev Insolvency Manager Office 605 Dezhavinskaya Str. 16-a 392000 Tambov Russia The Arbitration Court of Tambov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A64-7288/07-25. The Court is located at: The Arbitration Court of Tambov Penzenskaya Str. 67/12 392020 Tambov Russia The Debtor can be reached at: LLC Federal-Service L. Tolstogo Square 4, 210-a Tambov Russia GAS-COMPLECT LLC: Creditors Must File Claims by July 17 ------------------------------------------------------- Creditors of LLC Gas-Complect have until July 17, 2008, to submit proofs of claim to: V. Bobkov Insolvency Manager Isaeva Str. 9-58 Korolev 141075 Moscow Russia The Arbitration Court of Kaluga commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A23-783/08B-8-42. The Court is located at: The Arbitration Court of Kaluga Staryj Torg Square 4 Kaluga Russia The Debtor can be reached at: LLC Gas-Complect Moskovskaya Str. 288a Kaluga Russia KOLPASHEVSKAYA SHIPYARD: Asset Sale Slated for June 20 ------------------------------------------------------ F. Voitsik, the insolvency manager and bidding organizer for OJSC Kolpashevskaya Shipyard, will open a public auction for the company's properties at 10:00 a.m. on June 20, 2008, at: F. Voitsik Office 207 Nakhimova Str. 13/1 Tomsk Russia Interested participants have until June 16, 2008, to deposit an amount equivalent to 10% of the starting price to: Settlement Account 40702810606100000284 OJSC Tomsk-prom-stroy-bank Tomsk Russia Bidding documents must be submitted to: F. Voitsik Office 207 Nakhimova Str. 13/1 Tomsk Russia Tel: (3822) 42-59-53 LSR GROUP: Fitch Assigns Long-term Foreign Currency IDR at B+ ------------------------------------------------------------- Fitch Ratings assigned St. Petersburg-based building materials and real estate development company OJSC LSR Group a Long-term foreign currency Issuer Default rating and senior unsecured rating of 'B+' with RR4 assigned to its senior unsecured obligations. The Outlook for the Long-term IDR is Stable. The ratings are positively supported by good operational diversification across real estate development and building materials businesses, and the presence of a large well diversified 'land bank', providing up to 20 years of development activity and flexibility to preserve operational cash flow by reducing land purchases in case of need. The ratings also reflect the leading market positions across both building materials and real estate development businesses, vertical integration in the real estate development division and a real estate development strategy focused on 'build & sell', which more rapidly cycles cash back into the business. Finally, the building materials' EBITDAR margins are broadly in- line with western European peers and there is an expectation of solid margins going forward, driven by continuing structural under-supply of building materials in north western Russia and planned capital expenditure in LSR's building materials division. However, the ratings are currently constrained by the fact that LSR is reliant on as yet unsigned financing from domestic banks and international capital markets to refinance a considerable amount of short-term debt and fund extensive investment expenditure over the next three years. Fitch notes this situation is likely to improve on a sustainable basis after new long-term debt facilities are put in place over FY08 and capital expenditure reduces from FY10. In addition, LSR does have flexibility to delay certain items of expenditure should financing not be available. Furthermore, significant increases in FY08 gross debt and subsequent increases in interest cost put pressure on LSR to deliver improved operational cash flows over that period; Fitch feels this represents heightened operational execution risk from FY08. Geographic concentration risk for both the development and building materials divisions present constraints, as does general developer risk; while the Russian residential and commercial property markets remain strong, should there be any form of downturn, LSR could be left with a significant partially built development portfolio. Lastly, with around US$1.3 billion to be spent on building materials capital expenditure over the next three years, there is execution risk stemming from potential project delays. However, Fitch believes that this execution risk is partially mitigated by LSR's experienced management team. The Stable Outlook reflects the agency's expectation that, whilst LSR faces challenges associated with accelerated capital expenditure and a need to refinance a sizable amount of short- term debt, buoyant market conditions and an experienced management team should support the issuer's growth plans in the next 24 months. LSR is a vertically integrated building materials and real estate development company, geographically focused on St. Petersburg, with a small but growing Moscow presence. FY07 sales were US$1.4 billion and EBITDA was US$309 million. LSR undertook an initial public offering in November 2007 in Moscow and London. LUGOVOE OJSC: Kemerovo Bankruptcy Hearing Slated for Sept. 9 ------------------------------------------------------------ The Arbitration Court of Kemerovo will convene at 1:00 p.m. on Sept. 9, 2008, to hear the bankruptcy supervision procedure on OJSC Lugovoe. The case is docketed under Case No. A27-528/ 2008-4. The Temporary Insolvency Manager is: S. Besschetnova Temporary Insolvency Manager 50 Let Oktyabrya Str. 13 650000 Kemerovo Russia The Court is located at: The Arbitration Court of Kemerovo Krasnaya Str. 8 Kemerovo Russia The Debtor can be reached at: OJSC Lugovoe 652708 Russia Estakadnaya Str. 41 Kiselevsk Kemerovo Russia PARTNER LLC: Ryazan Court Starts Bankruptcy Supervision Process --------------------------------------------------------------- The Arbitration Court of Ryazan commenced bankruptcy supervision procedure on LLC Partner. The case is docketed under Case No. A54-1054/2008. The Temporary Insolvency Manager is: S. Vorobey Office 605 Dzerzhavinskaya Str. 16-a 392000 Ryazan Russia The Court is located at: The Arbitration Court of Ryazan Pochtovaya Str. 43/44 Ryazan Russia The Debtor can be reached at: LLC Partner Post User Box 113 Promyshlennaya Str. Novomichurinsk Ryazan Russia RED STAR: Creditors Must File Claims by July 17 ----------------------------------------------- Creditors of CJSC Red Star have until July 17, 2008, to submit proofs of claim to: S. Suvorov Insolvency Manager Isaeva Str. 9-58 Korolev 141075 Moscow Russia The Arbitration Court of Vladimir commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A11-1066/2008-K1-69B. The Court is located at: The Arbitration Court of Vladimir Oktyabrskiy Pr. 14 600025 Vladimir Russia The Debtor can be reached at: CJSC Red Star Tatarovo Muromskiy Vladimir Russia ============= U K R A I N E ============= ALLIANCE-INVEST: Creditors Must File Claims by June 13 ------------------------------------------------------ Creditors of Enterprise with 100% Investment Alliance-Invest (code EDRPOU 32080155) have until June 13, 2008, to submit proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent on April 24, 2008. The case is docketed as 19/68/08. The Debtor can be reached at: Enterprise with 100% Investment Alliance-Invest Mazin Str. 17 Berdiansk 71112 Zaporozhje Ukraine BASKET-SPORT Creditors Must File Claims by June 13 -------------------------------------------------- Creditors of LLC Production-Commerce Firm Basket-Sport (code EDRPOU 20484767) have until June 13, 2008, to submit proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent on April 23, 2008. The case is docketed as 21/72/08. The Debtor can be reached at: LLC Production-Commerce Firm Basket-Sport Apartment 48 Gavrilov Str. 5 69118 Zaporozhje Ukraine ELINE LLC: Creditors Must File Claims by June 13 ------------------------------------------------ Creditors of LLC Eline (code EDRPOU 33152864) have until June 13, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on April 23, 2008, after finding it insolvent. The case is docketed as 24/43-B. The Debtor can be reached at: LLC Eline Kikvidze Str. 13 01103 Kiev Ukraine ENERGY BUILDING: Creditors Must File Claims by June 13 ------------------------------------------------------ Creditors of LLC Agriculture Energy Building (code EDRPOU 35258566) have until June 13, 2008, to submit proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent on April 24, 2008. The case is docketed as 21/79/08. The Debtor can be reached at: LLC Agriculture Energy Building Ruban Str. 5/27 69124 Zaporozhje Ukraine EURO-TEXTILE CJSC: Proofs of Claim Filing Deadline Set June 13 -------------------------------------------------------------- Creditors of CJSC Euro-Textile (code EDRPOU 30596052) have until June 13, 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 supervision procedure on the company on March 31, 2008. The case is docketed as 5/91/B. The Debtor can be reached at: CJSC Euro-Textile Sevastopol Str. 40 58000 Chernovcy Ukraine HOTINAL AGRICULTURAL: Creditors Must File Claims by June 13 ----------------------------------------------------------- Creditors of OJSC Hotinal Agricultural Chemistry (code EDRPOU 05491712) have until June 13, 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 17, 2008, after finding it insolvent. The case is docketed as 1/49/B. The Debtor can be reached at: OJSC Hotinal Agricultural Chemistry Niedoboyevtsy Hotinsky District 60005 Chernovcy Ukraine RAPID-EXPRESS LLC: Proofs of Claim Filing Deadline Set June 13 -------------------------------------------------------------- Creditors of LLC Rapid-Express (code EDRPOU 32334722) have until June 13, 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 supervision procedure on the company on April 25, 2008. The case is docketed as B-19/43-08. The Debtor can be reached at: LLC Rapid-Express Krasnooktiabrsky Lane 6 61002 Kharkov Ukraine SERVICE SENTER: Creditors Must File Claims by June 13 ----------------------------------------------------- Creditors of LLC Service Senter (code EDRPOU 31151539) have until June 13, 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 proceedings against the company after finding it insolvent. The case is docketed as B-24/221-07. The Debtor can be reached at: LLC Service Senter Moscow Avenue 183 Kharkov Ukraine SHLIAKH HLIBOROBA: Creditors Must File Claims by June 13 -------------------------------------------------------- Creditors of LLC Shliakh Hliboroba (code EDRPOU 31948384) have until June 13, 2008, to submit proofs of claim to: The Economic Court of Chernigov Mir Avenue 20 14000 Chernigov Ukraine The Economic Court of Chernigov commenced bankruptcy proceedings against the company on April 18, 2008, after finding it insolvent. The case is docketed as 9/54b. The Debtor can be reached at: LLC Shliakh Hliboroba Proletarsky Lane 8 Ushnia Mensky District Chernigov Ukraine UKRAINE AUTO: Moody's Assigns Low-B Ratings on Two Note Classes --------------------------------------------------------------- Moody's has assigned ratings to two classes of notes issued by Ukraine Auto Loan Finance No. 1 PLC. Ratings assigned: -- Baa3 to the US$85,800,000 Class A Floating Rate Notes due 2018; and -- Ba3 to the US$18,700,000 Class B Floating Rate Notes due 2018. The Class C notes are not rated. This transaction is the first public ABS transaction in Ukraine and is the second publicly rated securitization transaction out of Ukraine. Consumer and mortgage lending are growing rapidly in Ukraine and Moody's believes that more transactions are likely to come in the intermediate term. Ukraine Auto Loan Finance No. 1 PLC, a SPV incorporated under the laws of England and Wales, will issue three classes of US dollar-denominated notes to fund the purchase of receivables arising from Ukrainian auto loans originated by PrivatBank. The sale agreement and the asset management agreement (servicing agreement) are governed by Ukrainian law, while the remaining transaction documents are governed by English law. The ratings of the notes are inter alia based on: (i) the collateral consisting of a portfolio of approximately 12,700 loans to individuals secured by first ranking pledges over motor vehicles located throughout most regions of Ukraine, (ii) the sound legal structure, (iii) high credit quality of the transaction parties, in particular PrivatBank's (Local Currency long term deposit rating Baa3), which make adverse scenarios less likely, (iv) credit enhancement provided by excess spread, reserve funds, subordination and the PRI Policy; and (v) the stand-by asset management arrangements. The Class A Notes are supported by a PRI reserve fund and a PRI Policy provided by Steadfast Insurance Company (NR). In order to provide coverage during the first 180 days of a PRI Event, the Issuer has established a political risk insurance reserve fund to be applied towards payments of the senior expenses and interest payments due under the Class A Notes for the first 180 days. After this period, the Issuer will have the benefit for of an insurance policy for expropriation and currency inconvertibility issued by Steadfast Insurance Company. The PRI policy will insure against the Issuer's inability to make: (i) payments due with respect to the senior expenses; and (ii) interest payments due under the Class A Notes as a result of an expropriation or currency inconvertibility. Steadfast is not rated by Moody's; however, Moody's believes that the ability and willingness of the insurance company to pay any claim in this transaction in addition to the PRI reserve, mitigates the convertibility and expropriation risk to a level consistent with the Baa3 rating assigned to the notes. The pool consists of fixed rate loans, denominated in US dollars and secured by first ranking pledges over motor vehicles in most of the regions of the Ukraine. The servicing will be performed by PrivatBank, while Ukeximbank is the contracted back-up servicer for this transaction. The SPV will enter into an interest rate cap agreement with UBS AG in order to hedge its exposure due to the mismatch of the fixed rate interest received under the mortgage pool and the floating rate interest payments due under the Notes. The interest rate cap agreement is not consistent with Moody's criteria. Therefore the hedging arrangements for this transaction may introduce some incremental risk to the ratings of the Notes in the event the ratings of the swap counterparty declines. Besides a reserve fund of US$4,18 million (4.0% of the initial senior note balance), the notes are supported by the PRI reserve fund (see above), a contingency reserve in the amount of US$250,000 (0.14% of the initial note balance) and a set off reserve in the amount of US$880,000 (0.80 % of the initial note balance). The Notes will amortize sequentially. The ratings on the Class A address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the Class A Notes and for ultimate payment of interest and ultimate payment of principal with respect to the Class B Notes. These ratings do not address the probability that the step-up amounts will be paid on the floating rate Notes. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. UKRAINIAN PRODUCTION: Creditors Must File Claims by June 13 ----------------------------------------------------------- Creditors of LLC Ukrainian Production Supply (code EDRPOU 23682290) have until June 13, 2008, to submit proofs of claim to: The Economic Court of Kirovograd Lunacharski Str. 29 25006 Kirovograd Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on April 22, 2008, after finding it insolvent. The Debtor can be reached at: LLC Ukrainian Production Supply Komarov Str. 7 25050 Kirovograd Ukraine =========================== U N I T E D K I N G D O M =========================== ARVINMERITOR INC: Moody's Affirms B1 Corporate Family Rating ------------------------------------------------------------ Moody's affirmed the ratings of ArvinMeritor, Inc., Corporate Family Rating, B1; Probability of Default Rating, B1; senior secured bank credit facilities, Ba1; senior unsecured notes, B2; and Speculative Grade Liquidity Rating, SGL-2. The outlook is stable. On May 28, 2008 ArvinMeritor provided additional detail on its plan to spin off its Light Vehicle Systems business to ArvinMeritor shareholders with the Commercial Vehicle Systems business remaining with ArvinMeritor. The Company originally announced on May 6 that its board of directors had approved this plan. The name of the spun off LVS business will be Arvin Innovation, Inc. The announcement on May 28, 2008 outlined liabilities which will be transferred to Arvin Innovation, including certain pension and retiree medical liabilities, net asbestos liabilities, environmental, and other employee liabilities. Arvin Innovation is expected to have approximately US$100 million of cash on hand at the closing of the transaction, and US$200-250 million in borrowing arrangements with approximately US$125 million drawn under these facilities. According to the Form-10, Arvin Innovation is expected to be in a position to make a cash payment to ArvinMeritor, as part of the transaction. Pro forma for March 31, 2008 this amount would have been approximately US$100 million. This amount is expected to be used for debt repayment by ArvinMeritor. All of ArvinMeritor's existing senior unsecured debt is expected to remain with ArvinMeritor after the transaction, along with its existing senior secured bank credit facility. The B1 affirmation of ArvinMeritor's Corporate Family Rating reflects that while a certain amount of the company's diversity profile will be lost, a significant portion of revenues will continue to come from outside of North America and the company will continue to have good diversity in its end customer and product markets. ArvinMeritor's improving operating performance in the recent quarters, resulting from the benefits of the company's restructuring actions and a somewhat stable commercial vehicle market, is expected to support the current B1 corporate family rating. Subsequent to the spin off, ArvinMeritor should demonstrate improved operating performance as a result of restructuring and cost reduction initiatives in its CVS operations. These initiatives, combined with the company's already competitive market position in the commercial vehicle supplier sector, should enable it to better navigate industry cyclicality, regulatory requirements, and increasing raw material costs. At March 31, 2008, ArvinMeritor's LTM EBIT/Interest coverage was 1.4x and debt/EBITDA was 7.1x, both including Moody's standard adjustments. The company's recent quarterly performance has demonstrated the benefits of restructuring actions taken. ArvinMeritor has affirmed its previous fiscal 2008 guidance. However, Moody's expects that the opportunity for North American commercial vehicle production levels in 2008 to significantly outpace prior year levels is becoming increasingly uncertain given current general economic indicators and high fuel costs. Although this slowdown in end market demand could moderate the pace of improvement in the company's credit metrics during 2008, these measures should nevertheless become increasingly supportive of the B1 rating. Moreover, Moody's anticipates some level of industry pick up in 2009 due to the combination of pre- buy activity and fleet replacement. Ratings affirmed: ArvinMeritor, Inc. -- Corporate Family Rating at B1 -- Probability of Default at B1 -- Senior Secured bank debt at Ba1 (LGD1, 7%) -- Senior Unsecured notes at B2 (LGD4 61%) -- Shelf unsecured notes at (P)B2 (LGD4 61%) -- Speculative Grade Liquidity rating, SGL-2 Arvin International PLC -- Unsecured notes guaranteed by ArvinMeritor, Inc. at B2 (LGD4 61%) The last rating action was in October 2007 at which time Moody's lowered ArvinMeritor's ratings. ArvinMeritor, Inc., headquartered in Troy, MI, is a global supplier of a broad range of integrated systems, modules and components serving light vehicles, commercial trucks, trailers, and specialty original equipment manufacturers as well as certain aftermarkets. Revenues in fiscal 2007 were approximately US$6.4 billion. AUTOMATED SECURITY: Taps Liquidators from Smith & Williamson ------------------------------------------------------------ Peter William Engel of Smith & Williamson Restructuring and Recovery Services were appointed joint liquidators of Automated Security Technologies Ltd. on May 20 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Smith & Williamson Restructuring and Recovery Services Portwall Place Portwall Lane Bristol BS1 6NA England AY BANK: Liquidators Fifth Dividend Payout for Unsec. Creditors --------------------------------------------------------------- The liquidators of AY Bank Ltd., Jeremy Willmont and David Rolph of Moore Stephens, have declared a fifth dividend which brings unsecured creditors' payout up to 100 pence in the GBP. "I am absolutely delighted that depositors have been paid back all of their money. It's take a lot of hard work over almost nine years. At a time when bank liquidity is very much in the news, this case demonstrates how much can eventually be recovered from assets, provided you adopt the right approach," Mr. Willmont disclosed. "AY Bank had a particularly difficult loan book to collect. Much of its business was inter-bank lending and most borrowers were in the former Yugoslavian republics, whose economies had been ravaged by the effects of war. Their banking sectors were facing much tougher conditions than we have yet seen in the credit crunch today," Mr. Willmont added. In 1999, Moore Stephens was appointed by the court as AY Bank's administrators after its assets were frozen by international sanctions against the Milosovic regime. The administrators continued trading the bank for four years as part of their strategy to protect the loan book while sanctions remained in force. By the time the sanctions were lifted, rehabilitations of the bank was no longer possible, and it was placed into liquidation in 2003. However, Moore Stephens' negotiations to reschedule the loan book during the administration period provided the financial platform which ultimately resulted in a 100% payout for creditors. During the trading period, the bank retained its FSA authorization. It was also overseen by the Sanctions Emergency Unit of the Bank of England. Mr. Willmont commented, "The officials at the FSA and the Bank of England were extremely professional, providing all the assistance they could. Due to the regulators' requirements, the bank's capital levels were high and it had an effective management team at the time we were appointed. These were important factors in the final outcome for depositors. For AY Bank, supervision worked." Moore Stephens -- http://www.moorestephens.co.uk-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its U.K. network comprises over 1,400 partners and staff. AY Bank Limited is an English company that was authorized by the FSA to carry on regulated activities. Its shareholders include banks in Serbia and the other former Yugoslavian republics. Financial sanctions against Serbia were imposed by the US and EU in June 1999. AY Bank's assets were frozen by these sanctions because it was considered to be controlled by the Milosovic regime in Serbia. AY Bank was placed into administration on June 25, 1999. The administration ended and the bank went into liquidation on Sept. 23, 2003, when creditors voted unanimously for Jeremy Willmont and David Rolph of Moore Stephens LLP to continue in office. BEST BAKERIES: Goes Into Administration Due to Cashflow Problems ---------------------------------------------------------------- Best Bakeries Ltd. has gone into administration resulting from cashflow problems, BBC News reports. According to the report, the company's management had decided to reduce workforce to 55 employees. The report says the firm will continue supplying Ferrari�s Fresh Bakery Limited and its 60 shops. Business will continue and will not affect the continuing trading operation of these shops. The report adds, 40 employees remained at the site. Best Bakeries Limited is based in Hirwaun, South Wales. BRITISH AIRWAYS: Increase in Fuel Surcharge Takes Effect June 3 --------------------------------------------------------------- British Airways will increase its fuel surcharge on all tickets issued starting Tuesday, June 3, 2008. The surcharge for short haul flights will increase by GBP3 per flight, from GBP13 to GBP16 per flight. The surcharge for long haul flights of less than nine hours will increase by GBP15 per flight, from GBP63 to GBP78 per flight. The surcharge for long haul flights of more than nine hours will increase by GBP30 per flight, from GBP79 to GBP109 per flight. The company's decision reflects continuing high oil prices. British Airways will also increase its fuel surcharges by similar levels in markets outside the UK. About British Airways Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * British Airways Plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. Ratings apply to date. CABLE & WIRELESS May Submit Takeover Offer for Thus Group Plc -------------------------------------------------------------- Cable & Wireless Plc notes the recent movement in the share price of Thus Group plc ("Thus") and confirms that it has made a preliminary approach to the Board of Thus in relation to a possible offer for the company. 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. CELESTICA INC: Moody's Affirms B1 Corporate Family Rating --------------------------------------------------------- Moody's Investors Service affirmed Celestica Inc.'s corporate family (B1), senior subordinated notes (B3), and speculative- grade liquidity (SGL-2) ratings and revised the outlook to stable from negative. The outlook change to stable reflects Celestica's improved operating and financial performance over recent quarters with tangible improvements in profitability, cost reductions via its ongoing restructuring program, and continued free cash flow generation against the backdrop of challenging market conditions in the EMS space. Despite nearly US$150 million in customer disengagements, Celestica maintained flat to slightly negative topline revenue and has been able to demonstrate operating margin expansion through greater operating efficiency, by focusing on more profitable programs, while consciously walking away from unprofitable customer relationships. In addition, cost rationalization and improved execution at the company's historically poor performing Mexican and European business units have started to show signs of stabilization and are expected to be breakeven to slightly accretive by year end 2008. The stable outlook also reflects Moody's expectations that Celestica will continue to demonstrate a stable credit profile as a result of better financial discipline, operating leverage enhancement resulting from a higher variable cost structure, improved customer service and meaningful program wins as evidenced by revenue growth, and continued generation of modest free cash flow. The B1 CFR reflects: (i) the continued excess capacity in the EMS sector; (ii) Celestica's sub-par asset utilization and ongoing business restructurings, which have totaled roughly US$435 million since January 2005 (with an additional US$50-US$75 million remaining in fiscal 2008); (iii) expectations of continued pressure in the telecom and IT networking spaces as OEM consolidation combined with heightened competition from Asian outsourcers have negatively impacted volumes; (iv) the potential for prolonged restructurings, which inevitably would serve as a major distraction for management in an industry where management focus and execution are key competitive differentiations; (v) very thin operating margins (2.5% for LTM ended March 2008), albeit improved from historical levels, leaving little cushion for operational setbacks. The rating is also supported by the company's status as a Tier 1 EMS provider, solid liquidity position with approximately US$1.1 billion of cash balances as of March 2008, improving financial leverage as measured by debt to EBITDA (Moody's adjusted) of 3.6x as of March 2008 compared to 3.8x at FYE 2006, and better working capital management leading to a reduction in the cash conversion cycle (47.5 days as of March 2008 compared to 50.6 for FYE 2006) as well as enhanced cash flow generation helping to mitigate lower revenue growth. Ratings affirmed: -- Corporate Family Rating at B1 -- Probability of Default Rating at B1 -- US$500 million 7.875% Senior Subordinated Notes due 2011 at B3 (LGD-5, 85%) -- US$250 million 7.625% Senior Subordinated Notes due 2013 at B3 (LGD-5, 85%) -- Speculative Grade Liquidity Rating at SGL-2 Headquartered in Toronto, Canada, Celestica Inc. is a global provider of electronic manufacturing services to original equipment manufacturers in the information technology and communications industry. For the last twelve months ended March 31, 2008 (LTM), the company generated revenues and EBITDA (Moody's adjusted to exclude restructuring charges) of US$8.1 billion and US$362 million, respectively. DDAT LTD: Calls In Administrators; In Talks With Possible Buyers ---------------------------------------------------------------- Joanne Wright, Fraser Gray and Jamie Gleave, all of Kroll, were appointed joint administrators of DDAT (UK) Ltd. and Camden Holdings Ltd. on May 28, 2008. Joanne Wright is licensed by the Insolvency Practitioners Association, Fraser Gray by the Institute of Chartered Accountants in Scotland and Jamie Gleave by the Institute of Chartered Accountants in England and Wales. The joint administrators will be contacting all known creditors within the next seven days to formally advise of their appointment. The joint administrators are in discussions with potential purchasers of the business with the aim of securing a sale which provides continuity of treatment for customers. The affairs, business and property of the companies are being managed by the joint administrators. The joint administrators act as agents of the companies and without personal liability. The joint administrators can be reached at: Kroll The Observatory Chapel Walks Manchester M2 1HL England According to a spokesman for Dore, whose 13 centers in the UK were shut down with immediate effect, "every treatment was being sold at a loss." The spokesman added a statement was being prepared on a way to restructure the company. About Dore The Dore Programme, also known as the Dyslexia, Dyspraxia and Attention Deficit Treatment Center (DDAT), was founded by Wynford Dore, whose daughter Susie was diagnosed as severely dyslexic at the age of nine. The first Dore center was established in the UK in 2000. GRETNA FOOTBALL: Relegated to Scottish Third Division ----------------------------------------------------- The Scottish Premier League resolved to relegate Gretna Football Club Ltd. to the Scottish Third Division, saying "there was no commitment from the administrator that it could fulfill the fixtures next season," Times Online reports, citing SFL chief executive David Longmuir. Gretna, Times Online relates, is also facing expulsion from the league unless it could find a buyer within a week. The paper says the SFL will invite applicants to replace the club if takeover talks with a consortium led by Paul Davies fail. A TCR-Europe on May 23, 2008 disclosed Gretna laid off its remaining 40 staff members, including players, with immediate effect after administrators failed to meet a May 17, 2008 deadline to find a buyer. Headquartered Gretna, United Kingdom, Gretna Football Club Ltd. -- http://www.gretnafootballclub.co.uk/-- is a Scottish football club that plays in the Scottish Premier League. Gretna went into administration on March 10, 2008 with debts of about GBP4 million. J T FRITH: Brings In Administrators from Deloitte & Touche ---------------------------------------------------------- William Kenneth Dawson and Nicholas Guy Edwards of Deloitte & Touche LLP were appointed May 23, 2008, joint administrators of: -- J.T. Frith Holdings Ltd. (Company Number 5113830); -- J.T. Frith Ltd. (Company Number 1431531); and -- J.T. Frith Group Ltd. (Company Number 5113946). Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The company can be reached at: J.T. Frith Ltd. Ollerton Road Newark Nottinghamshire NG22 0PQ England Tel: 01623 648 149 Fax: 01623 626 179 JUST SMILE: Brings In Liquidators from Mazars --------------------------------------------- Robert David Adamson and Paul Charlton of Mazars LLP were appointed joint liquidators of Just Smile Ltd. on May 19 for the creditors' voluntary winding-up proceeding. The liquidator can be reached at: Mazars LLP Mazars House Gelderd Road Gildersome Leeds LS27 7JN England LEICESTER ENGINEERING: Finco Taps Receivers from Begbies -------------------------------------------------------- Finco Holdings Ltd. appointed Paul F. Finnity and Robert Michael Young of Begbies Traynor joint administrative receivers of Leicester Engineering Services Ltd. (Company Number 02815367) on May 21, 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: Leicester Engineering Services Ltd. 86 90 Scudamore Road Leicester Leicestershire LE3 1UQ England Tel: 0116 233 5533 Fax: 0116 233 5550 Web site: http://www.leicesterengineering.co.uk/ MAGNOLIA IV: Moody's Junks Rating on US$30 Million Notes -------------------------------------------------------- Moody's Investors Service downgraded and kept on review for possible downgrade the notes issued by Magnolia Finance IV plc. Rating action: Tranche Description: Series 2005-2 US$30,000,000 Portfolio Credit Linked Notes due 2045 -- Current Rating: Caa1, on review for possible downgrade -- Prior Rating: Ba2, on review for possible downgrade According to Moody's, this rating action is the result of adverse rating migration in the transaction's reference portfolio, which consists primarily of structured finance securities. These securities are senior and mezzanine tranches of CDO transactions where the underlying exposures are US RMBS and ABS. Moody's has also considered in its rating review the current and potential accretion (as per the transaction documents) of the collateral, Kreditanstalt fuer Wiederaufban Callable Zero Coupon Notes due Dec. 20, 2045. The accretion creates overcollateralization which can partially offset the potential losses of the reference portfolio. NORTH EAST SLEEPCENTRE: Taps Joint Administrators from Begbies --------------------------------------------------------------- Simon Lundy and Andrew D. Haslam of Begbies Traynor were appointed joint administrators of North East Sleepcentre Ltd. (Company Number 03381899) 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: North East Sleepcentre Ltd. Unit 4 Dutton Court Chainbridge Road Blaydon-on-Tyne Tyne and Wear NE21 5ST England Tel: 0191 414 7293 Fax: 0191 414 1233 ROUND THEATRE: Goes Into Voluntary Liquidation ---------------------------------------------- Newcastle upon Tyne-based The Round Theatre Ltd., known as the home of Bruvvers Theatre, has experienced financial difficulties and the directors have taken the decision to enter into voluntary liquidation. The Round was the company that operated the theater, under a lease from Bruvvers. The theater is unable to continue to pay its lease, due to the voluntary liquidation, and so the lease reverts to Bruvvers. The theater was a separate company and that its voluntary liquidation will have no effect on Bruvvers operations whatsoever. SILVERJET PLC: Calls in Administrators over Funding Crunch ---------------------------------------------------------- Silvejet Plc appointed May 30, 2008, administrators from Begbies Traynor LLC after failing to avail of a US$5 million drawdown request made under its loan facility with Viceroy Holdings LLC, various reports say. The company had disclosed that due to limited working capital reserves, it needed urgent advances under the loan facility. The company suspended its flight operations May 30, 2008, after announcing its administration status. Silverjet blamed its collapse to its inability to raise fares fast enough to compensate with the rapid increase in fuel prices. Sale Mark Fry partner, Begbies Traynor told BBC News that a number of parties have expressed interest in acquiring Silverjet, adding that a sale is likely to be concluded. Silverjet's administrators will undertake a review of its assets, but the carrier said it did not believe there was likely to be any value realized for shareholders, Reuters relates. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery Headquartered in London, United Kingdom, Silverjet plc -- http://www.flysilverjet.com/-- operates flights between London and New York and Dubai. TITAN EUROPE: S&P Puts B Rating on Class G Notes Under WatchNeg --------------------------------------------------------------- Standard & Poor's Rating Services has placed on CreditWatch with negative implications its 'B' rating on the class G notes issued by Titan Europe 2007-3 Ltd. The ratings on the other classes in the transaction remain unaffected. The CreditWatch placement is a consequence of S&P's concerns regarding one of the underlying U.K.-based commercial loans, the Auric loan. The rating agency has increasing uncertainty concerning the ability of the borrower to repay the whole loan principal balance in a timely manner at loan maturity in January 2009. S&P will now carry out a full and detailed analysis of all loans within the transaction, with particular focus on this loan, the Lovat Lane Loan, and A&A Express loan, which have potential refinance risk. The rating agency will also focus on the Bacchus and Metro loans, which demonstrate potential term risk. It will resolve the CreditWatch placement on the class G notes once it has carried out the review. UNIQ EXTRUSIONS: Taps Joint Administrators from Begbies Traynor --------------------------------------------------------------- W. John Kelly and John A. Lowe of Begbies Traynor were appointed joint administrators of Uniq Extrusions Ltd. (Company Number 04573708) on May 22, 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: Uniq Extrusions Ltd. Rassau Industrial Estate Ebbw Vale Gwent NP23 5SD England Fax: 01495 352 198 Web site: http://www.uniq-extrusions.com/ VCW VOICE: Calls In Liquidator from Smith & Williamson ------------------------------------------------------ Neil Francis Hickling of Smith & Williamson Ltd. was appointed liquidator of VCW Voice Ltd. on May 22 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Smith & Williamson Ltd. No. 1 St. Swithin Street Worcester WR1 2PY England VIRGIN MEDIA: Fitch Lifts Long-term Default Rating to BB- --------------------------------------------------------- Fitch Ratings upgraded Virgin Media Inc.'s Long-term Issuer Default Rating to 'BB-' from 'B+' and affirmed the Short-term IDR at 'B'. Following the upgrade, the Outlook is now Stable. At the same time Virgin Media Investment Holdings Ltd.'s (VMIHL) GBP5.3 billion senior secured bank facility is affirmed at 'BB+'. Virgin Media Finance Plc's senior unsecured notes are affirmed at 'BB'. In accordance with Fitch's published methodology for issuers rated 'BB-' or above, the Recovery Ratings will no longer be published on these instruments. Virgin Media Finance PLC bonds: -- GBP375 million 9.75% senior notes due 2014: 'BB'; -- US$425 million 8.75% senior notes due 2014: 'BB'; -- EUR225 million 8.75% senior notes due 2014: 'BB'; and -- US$550 million 9.125% senior notes due 2016: 'BB'. "The upgrade of Virgin Media's IDR reflects the stabilized performance in a very competitive market, as well as the achievement and maintenance of financial metrics more consistent with a 'BB minus' rating," says Michelle De Angelis, Senior Director in Fitch's European Leveraged Finance team. "In H207 the company succeeded in turning around the decline in customers it had experienced for several quarters before then and continues to exhibit extremely strong triple-play metrics which, we believe, will remain a key competitive advantage and defence against churn." Covering approximately 50% of UK households, Virgin Media offers the only extensive fixed-line alternative to the incumbent network, and is well-positioned to take advantage of the higher broadband speeds that are available to its customers than will be achievable for the majority of the population on DSL, an increasingly important factor for a speed-focused customer base. Although Virgin Media admits that there is limited value in competing with Sky on the basis of its dominant premium TV offering, Fitch believes the bundled packages Virgin Media offers to its customers, together with its broadband speeds, will prove a key differentiating factor in the UK market. Despite aggressive competition from Sky, which now offers broadband and telephony as well as satellite TV, Virgin Media has regained positive momentum in all areas of its residential cable segment and merits "second incumbent" status, in the agency's view. With 51.3% of customers taking all three of its cable services at Q108, Virgin Media's revenue generating units per subscriber metric is a market-leading 2.32. This enabled the company to record only a small decline in ARPUs during 2007 and Q108, reaching GBP41.91 at end-Q108, despite intensified broadband competition in the UK market. Overall, cable revenues were down 3% in 2007, but pro forma cable operating cashflow grew 1.5% in the year to GBP1,162 million as a direct result of operating cost improvements, equivalent to an improvement in OCF margin to 37.2% from 35.5%. Content revenues were down 4% in 2007 compared to 2006 and content OCF was down 51% to GBP13 million as a result of a new Sky carriage agreement. The mobile business performance has been patchy, but the cross- selling of contract mobile into the cable customer base has enabled relatively consistent growth in postpaid subscribers despite volatile churn in the prepaid base, resulting in a small net decline in total mobile customers to 4.4 million at Q108, but relatively stable ARPU year-on-year for Q108. Overall, the momentum was positive, with total net revenues growing 5% to GBP4.074 billion and OCF growing 6.9% to GBP1.284 billion in 2007, assisted by synergy and efficiency benefits. Q108 results were stronger still, with trailing 12 months OCF reaching GBP1.302 billion. Net leverage was 4.4x at Q108 and at YE07, reduced from 4.8x at YE06, and funds from operations (FFO)-to-net interest was 2.7x in 2007, up from 2.5x in 2006. This compares well to similarly rated peers such as Telenet and Kabel Deutschland. Having completed the recent US$1 billion convertible notes issue and applied the proceeds in partial prepayment of the senior secured facilities, the company's next substantial scheduled debt amortization comes in 2010, when a total of GBP1.1 billion will fall due. Despite the substantial amount, Fitch does not anticipate that Virgin Media will encounter difficulties in making this repayment. Not only does the company generate comfortable levels of annual free cashflow, but the recent convertible issue is evidence that there are a number of other external financing solutions available to the company which it could utilize for a partial refinancing of those installments if necessary. Hence, the upcoming debt maturity schedule is not a constraint on the company's ratings. VISAGE CDO: S&P Junks Ratings on Three Note Classes --------------------------------------------------- Standard & Poor's Ratings Services has lowered to 'D' from 'CC' its ratings on the class A, B, and C secured and deferrable floating-rate notes issued by Visage CDO I PLC. These ratings defaults follow the execution of an enforcement priority of payments. On May 12, 2008, the trustee issued a notice stating that the collateral had been enforced, and that all available proceeds had been distributed, with no further payments on the notes anticipated. The available funds were insufficient to redeem the class A, B, C, D, E, or F notes in this transaction. On March 6, 2008, S&P received a notice of enforcement from the trustee. This stated that the total return swap counterparty, as the controlling class, had directed the trustee to declare Visage CDO I's notes due immediately. In turn, this triggered a termination of the total return swap agreement. The notice of enforcement followed a previous notice declaring an event of default as of March 3, 2008. The event of default occurred under condition 11 of the notes' indenture after the class A par value ratio fell below 100%. All the notes were originally placed on CreditWatch with negative implications on Nov. 28, 2007 as a result of the deteriorating collateral credit quality. The ratings on the class A, B, and C notes were lowered on Feb. 5, 2008 while remaining on CreditWatch negative, and the notes were downgraded further and removed from CreditWatch negative on March 11, 2008 as a result of the notice of enforcement issued by the trustee. Visage CDO I is a hybrid collateralized debt obligation (CDO) transaction backed by asset-backed securities (ABS), predominantly U.S. CDOs. TCW Asset Management Co. is the investment manager. * UK Banking Systems Faces Negative Credit Outlook, Moody's Says ---------------------------------------------------------------- The fundamental credit outlook for the UK banking system is negative, as the domestic economy has entered a downturn that is likely to result in an increase in bad debts for lenders as well as lower lending volumes and lower profitability, says Moody's Investors Service in its new Banking System Outlook for the United Kingdom. Moody's negative outlook for the UK banking system expresses the rating agency's view on the likely future direction of fundamental credit conditions in the industry over the next 12 to 18 months. It does not represent a projection of rating upgrades versus downgrades. The rating agency's central risk scenario for the UK economy assumes a marked slowdown in private consumption in 2008, driven by more restrictive borrowing conditions, and a downward correction in house prices -- all of which poses challenges for the UK banking system. "In addition, the global credit crisis continues to lead to significant writedowns of structured exposures for some of the larger UK banks and funding stresses for smaller institutions. Relatively lower capital levels at some of the UK banks have left them less well prepared to enter a more challenging operating environment," say the authors of the report. Moody's continues to examine the ability of banks to absorb the stresses through their capital and earnings. Despite the challenges, Moody's still considers the overall financial strength of the UK banking sector to be strong. The large banks have solid franchises supported by considerable diversification of earnings by product and geography, and strong liquidity underpinned by diversified funding sources and stable deposit bases. "The liquidity crisis at Northern Rock -- and the subsequent time it took regulators and governments to finalize their response to such a crisis -- has led to a sharp re-focus on the liquidity planning of UK institutions and stability of their funding sources. Notwithstanding this incident, our analysis suggests that the liquidity position of the major UK banks remains stable and well diversified," Moody's analysts explain. The rating agency's key concerns for mortgage lenders are asset quality and funding. However, on the basis of its stress tests, Moody's does not expect the underlying asset quality of the mortgage lenders' portfolios to deteriorate to such an extent that it eats into their core capital base. In addition, whilst some mortgage lenders have very strong retail deposit bases, those that do not have put in place additional funding measures that should enable them to weather the difficulties in the capital markets. Moody's has taken rating actions on nine entities within the UK banking sector since the start of the credit crisis, primarily as a result of these challenges. Although it believes most entities can manage the downturn at current rating levels, some further adjustments of ratings are possible in 2008. ********* 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 * * *