/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080603.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 Tuesday, June 3, 2008, Vol. 9, No. 109 Headlines A U S T R I A KAVGAM HANDEL: Claims Registration Period Ends June 23 NAGLER & EBERLE: Claims Registration Period Ends June 23 SKG HANDEL: Claims Registration Period Ends June 25 TACI LLC: Claims Registration Period Ends June 24 TMD LLC: Claims Registration Period Ends June 20 F R A N C E FCC SPARC: S&P Rates EUR39.2 Mln Class D Notes at BB WARNER MUSIC: S&P Keeps BB- Corp. Credit Rating and Off Watch G E R M A N Y 3B-DIESEL GMBH: Claims Registration Ends June 19 ARS DENTI: Claims Registration Period Ends June 18 AUTO-PAPST GMBH: Claims Registration Ends June 19 BURKART METALLVERARBEITUNG: Claims Registration Ends June 19 COGNIS GMBH: High Financial Debt Cues S&P to Hold B Rating FESTSPIELHAUS HELLERAU: Claims Registration Period Ends June 18 FLEX BAU: Claims Registration Ends June 19 G.I.M. GESTALTEN: Claims Registration Period Ends June 18 GLAS + BAUELEMENTE: Claims Registration Period Ends June 18 JAMALI TREND: Claims Registration Ends June 19 LAP-MONTAGE: Claims Registration Period Ends June 12 I T A L Y ALITALIA SPA: EUR300-Mln Loan Enough for 12-Month Operation ALITALIA SPA: Italian Consortium Eyes 4,500 Job Cuts ALITALIA SPA: OAO Aeroflot May Not Pursue Stake Bid PARMALAT SPA: Allocated Shares Hikes Stock Capital SEAT PAGINE: Expects Weak Second Quarter on Slow Economy K A Z A K H S T A N AKTOBE JER: Creditors Must File Claims by July 4 BAIKO SERVICE: Claims Deadline Slated for July 8 IRONMARK LLP: Claims Filing Period Ends July 9 KASPIY NEFT-K: Creditors' Claims Due on July 8 KAZAKH INVEST: Claims Registration Ends July 4 MUNAI-COMPLECT LLP: Creditors Must File Claims by July 9 SPETS NEFTE: Claims Deadline Slated for July 8 TENGIZCARGO KAZAKHSTAN: Claims Filing Period Ends July 8 UG-MERKUR-AVTO LLP: Creditors' Claims Due on July 8 K Y R G Y Z S T A N KTU-SHYDYR-TRANS LLC: Creditors Must File Claims by July 9 L U X E M B O U R G AK BARS: Moody's Rates Loan Participation Notes at Ba2 AK BARS: Fitch Assigns BB Ratings to Senior Bond Issue AMERICAN AXLE: S&P Cuts Corporate Credit Rating to BB- N E T H E R L A N D S E-MAC DE: Moody's Reviews Ratings on Notes and May Downgrade QUEBECOR WORLD: Sells European Operations to HHBV for EUR133 Mln SCIENTIFIC GAMES: S&P Rates Proposed US$200 Mln Notes at BB- SCIENTIFIC GAMES: Moody's Rates Proposed US$200 Mln Notes at Ba3 R U S S I A COMSTAR UNITED: Acquires Interlink Group for RUR200 Million EUROCHEM MINERAL: S&P Lifts Rating to BB on Improved Operation GOLDEN TELECOM: Moody's Withdraws Ba3 Rating on Business Reasons MOBILE TELESYSTEMS: Names Mikhail Shamolin as Chief Executive SISTEMA JSFC: Appoints Leonid Melamed as President and CEO TRANS-STROY-INVEST: Kemerovo Bankruptcy Hearing Set July 23 TYAZHEKS OJSC: Court Names A. Khomenkov as Insolvency Manager ULYANOVSK-MOSTO-STROY: Court Names A. Ivanov to Manage Assets URAL-OIL-TEKHNO-SERVICE: Creditors Must File Claims by July 17 ZARYA CJSC: Court Starts Bankruptcy Supervision Procedure U K R A I N E UKRAINE AUTO: Fitch Rates US$18.7 Mln Class B Notes at B U N I T E D K I N G D O M ADVANCED MANUFACTURING: Claims Filing Period Ends June 24 ANDREW GEER: Brings In Administrators from BDO Stoy AYURVEDA HOLDINGS: Brings In Liquidators from Ernst & Young BRITISH ENERGY: Opens GBP3.5 Mln Nuclear Power Academy CLEAR CHANNEL: S&P's B+ Credit Rating Remains on Watch Negative ERS REALISATIONS: Creditors' Meeting Slated for June 10 FIORENTE FUNDING: Moody's Junks Ratings on Two Note Classes FORUM COMPUTERS: Claims Filing Period Ends July 20 HEXCEL CORP: Moody's Affirms Ba3 Corporate Family Rating IRON MOUNTAIN: S&P Rates US$300 Mln Subordinated Notes at B+ NORTHWORLD LTD: Appoints Joint Administrators from Deloitte PERSIL SERVICES: Timpson Buys Business Out of Administration PROFESSIONAL RECRUITMENT: Court Appoints Provisional Liquidator TAG4 LTD: Calls In Liquidators from Tenon Recovery TRADE BINDERS: Appoints BDO Stoy as Joint Administrators * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= KAVGAM HANDEL: Claims Registration Period Ends June 23 ------------------------------------------------------ Creditors owed money by LLC Kavgam Handel (FN 270542g) have until June 23, 2008, to file written proofs of claim to court- appointed estate administrator Hannelore Pitzal at: Dr. Hannelore Pitzal c/o Mag. Katharina Pitzal Paulanergasse 9 1040 Vienna Austria Tel: 587 31 11, 587 31 12, 587 87 50 Fax: 587 87 50-50 E-mail: office@pitzal-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on July 7, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 9, 2008 (Bankr. Case No. 3 S 48/08s). Katharina Pitzal represents Dr. Pitzal in the bankruptcy proceedings. NAGLER & EBERLE: Claims Registration Period Ends June 23 -------------------------------------------------------- Creditors owed money by LLC Nagler & Eberle (FN 77554a) have until June 23, 2008, to file written proofs of claim to court- appointed estate administrator Johannes Jaksch at: Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33, 713 34 05 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m on June 23, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 2101 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 9, 2008 (Bankr. Case No. 38 S 27/08k). SKG HANDEL: Claims Registration Period Ends June 25 --------------------------------------------------- Creditors owed money by LLC SKG Handel (FN 251338s) have until June 25, 2008, to file written proofs of claim to court- appointed estate administrator Michael Ludwig Lang at: Mag. Michael Ludwig Lang c/o Mag. Wolfgang Herzer Schuettelstrasse 55 Carre Rotunde 1020 Wien Austria Tel: 01/72 577 Fax: 01/725 77 577 E-mail: michael.lang@blw-legal.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on July 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Strasshof an der Nordbahn, Austria, the Debtor declared bankruptcy on May 9, 2008 (Bankr. Case No. 36 S 55/08t). Wolfgang Herzer represents Mag. Lang in the bankruptcy proceedings. TACI LLC: Claims Registration Period Ends June 24 ------------------------------------------------- Creditors owed money by LLC Taci (FN 31514w ) have until June 24, 2008, to file written proofs of claim to court- appointed estate administrator Beate Holper at: Mag. Beate Holper Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@anwaltwien.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on July 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 9, 2008 (Bankr. Case No. 28 S 66/08x). TMD LLC: Claims Registration Period Ends June 20 ------------------------------------------------ Creditors owed money by LLC TMD (FN 210063t) have until June 20, 2008, to file written proofs of claim to court- appointed estate administrator Katharina Widhalm-Budak at: Dr. Katharina Widhalm-Budak Schulerstrasse 18 1010 Vienna Austria Tel: 513 10 37 Fax: 513 10 37 22 E-mail: widhalm-budak@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on July 4, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 9, 2008 (Bankr. Case No. 28 S 65/08z). =========== F R A N C E =========== FCC SPARC: S&P Rates EUR39.2 Mln Class D Notes at BB ---------------------------------------------------- Standard & Poor's Ratings Services has affirmed its ratings on all notes issued by FCC SPARC, FCC SPARC Europe (Senior), and FCC SPARC Europe (Junior) following the annual reset of the loss ratio trigger levels. The loss ratio trigger level is reset for each cover period, based on the required level of protection needed for the different classes of rated notes. The loss ratio trigger levels in the FCC SPARC transaction were confirmed with the same spread above the reset AXA-provided budget for 2008. This reflects our analysis of market conditions in France as being in line with our expectations for motor insurance providers, along with our view of the French portfolio regarding its additional seasoning and satisfactory levels of volatility. Despite updates to the default table used to rate insurance- linked securitizations, which were announced on May 8, 2008, there was no change to the spread above budget as we view the stress scenarios as remaining appropriate. The loss ratio trigger levels in the FCC SPARC Europe transactions were also confirmed, although with an increased spread above the AXA-provided budget compared with the previous year for the FCC SPARC Europe (Senior) tranches, while the spread above budget remains the same for the FCC SPARC Europe (Junior) tranche. This reflects our view that the volatility in the European transactions remains higher than the French transaction, despite the benefits of diversification. The continued volatility aligned with changes to the ILS default table led to the increase in the trigger loss ratio. Additionally, S&P considers that the AXA-provided budget proposed for 2008, which was lower year on year, will be a relatively more challenging target given the competitive and economic environment in the four European countries. For the FCC SPARC Europe (Senior) tranches, the loss ratio triggers were 89.5% for the class A notes, 79.4% for the class B notes, and 74.8% for the class C notes. For the FCC SPARC Europe (Junior) tranche, the loss ratio trigger was 72.0%. Based on the analysis, S&P believes that there is sufficient scope within the ratings on the class D notes issued by FCC SPARC Europe (Junior) to be increased up to an aggregate total amount of �61 million. All of the FCC SPARC transactions mentioned involve the securitization of payments related to a quota-share reinsurance agreement between Nexgen Re Ltd. (reinsurer) and AXA. The FCC SPARC transaction covers the risk on a defined motor insurance policy book in France, while the FCC SPARC Europe (Senior) and FCC SPARC Europe (Junior) transactions cover the risk on a defined motor insurance policy book in Belgium, Germany, Italy, and Spain. Ratings List Ratings Affirmed Class Rating To FCC SPARC EUR200 Million Asset-Backed Floating-Rate Notes A AAA B A C BBB FCC SPARC Europe (Junior) EUR39.2 Million Asset-Backed Floating-Rate Notes D BB FCC SPARC Europe (Senior) EUR411.6 Million Asset-Backed Floating-Rate Notes A AAA B A C BBB- WARNER MUSIC: S&P Keeps BB- Corp. Credit Rating and Off Watch ------------------------------------------------------------- Standard & Poor's Rating Services affirmed its ratings on New York City-based Warner Music Group Corp., including its 'BB-' corporate credit rating, based on our expectation that the company will have sufficient resources to meet its financial covenant step-downs over the near term. S&P removed all ratings from CreditWatch with negative implications, where they were placed on Feb. 22, 2007. At the same time, S&P raised the rating on the company's US$1.65 billion senior secured credit facility to 'BB' from 'BB-' and revised the recovery rating to '2' from '4'. The '2' recovery rating indicates our expectation that lenders can expect substantial (70%-90%) recovery in the event of a payment default. The outlook is negative. S&P also assigned recovery ratings to WMG's GBP100 million 8.125% senior subordinated notes due 2014, its US$465 million 7.375% senior subordinated notes due 2014, and senior discount notes due 2014. The issue-level ratings remain unchanged at 'B' (two notches below the 'BB-' corporate credit rating on WMG). S&P assigned a recovery rating of '6' to the debt, indicating our expectation of negligible (0%-10%) recovery in the event of a payment default. "Our continuing concerns about WMG'S profitability as it transitions to a digital business model," said Standard & Poor's credit analyst Michael Altberg, "are somewhat tempered by the termination of its dividend and its focus on significantly reducing acquisitions." S&P believes that as a result, there should be sufficient cash balances as a cushion against its net leverage covenant. ============= G E R M A N Y ============= 3B-DIESEL GMBH: Claims Registration Ends June 19 ------------------------------------------------ Creditors of 3B-Diesel GmbH have until June 19, 2008, to register their claims with court-appointed insolvency manager Herbert Feigl. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle 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: Herbert Feigl Hansering 1, D 06108 Halle Germany Tel: 0345/212220 Fax: 0345/2122222 The District Court of Halle-Saalkreis opened bankruptcy proceedings against 3B-Diesel GmbH on April 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: 3B-Diesel GmbH Attn: Ralf Hagele, Manager Dorfstrasse 39 06268 Nemsdorf-Goehrendorf Germany ARS DENTI: Claims Registration Period Ends June 18 -------------------------------------------------- Creditors of Ars Denti GmbH have until June 18, 2008, to register their claims with court-appointed insolvency manager Andre Mueller. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 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 Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andre Mueller Dresdner Strasse 86 09130 Chemnitz Germany Tel: (0371) 44 43 90 Fax: (0371) 44 43 911 E-mail: info-ch@mne-insolvenzbuero.de The District Court of Chemnitz opened bankruptcy proceedings against Ars Denti GmbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ars Denti GmbH Attn: Joerg Wildenhain, Manager Giesserstrasse 13 09130 Chemnitz Germany AUTO-PAPST GMBH: Claims Registration Ends June 19 ------------------------------------------------- Creditors of Auto-Papst GmbH have until June 19, 2008, to register their claims with court-appointed insolvency manager Stephan Hoeltershinken. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hameln Hall 106 Zehnthof 1 31785 Hameln Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Hoeltershinken Marienstrasse 126, D 32425 Minden Germany Tel: 0571-64577-10 Fax: 0571-64577-39 The District Court of Hameln opened bankruptcy proceedings against Auto-Papst GmbH on May 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Auto-Papst GmbH Attn: Endrik Meyer, Manager Thaler Landstr. 16-18 31812 Bad Pyrmont Germany BURKART METALLVERARBEITUNG: Claims Registration Ends June 19 ------------------------------------------------------------ Creditors of Burkart Metallverarbeitung GmbH & Co. KG. have until June 19, 2008, to register their claims with court- appointed insolvency manager Arndt Geiwitz. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on July 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kempten Hall 144/I Residenzplatz 4-6 87435 Kempten 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: Arndt Geiwitz Bahnhofstrasse 39 89231 Neu-Ulm Germany Tel: 0731/970180 Fax: 0731/97018650 The District Court of Kempten opened bankruptcy proceedings against Burkart Metallverarbeitung GmbH & Co. KG. on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Burkart Metallverarbeitung GmbH & Co. KG. Sonthofener Strasse 53 87509 Immenstadt Germany COGNIS GMBH: High Financial Debt Cues S&P to Hold B Rating ---------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on Germany-based specialty chemicals and intermediate manufacturer Cognis GmbH. The outlook is stable. "The ratings reflect the group's high financial debt, following a leveraged buyout in 2001 and subsequent debt-financed dividend payouts to shareholders," said Standard & Poor's credit analyst Tobias Mock. "These factors are mitigated by a satisfactory business risk profile." Cognis' cash flow protection ratios remain weak, with funds from operations to debt of about 5% at year-end 2007 and debt to EBITDA of 8.1x. The group is highly leveraged, with a debt-to- capital ratio of more than 100%. Cognis successfully refinanced its debt in May 2007 and has no contractual repayment obligations until 2013, which will benefit its liquidity. Cognis has a satisfactory business profile as the world's leading manufacturer of nature-based specialty chemicals and a midsize producer of synthetic specialty chemicals. Positive rating factors include the group's strong diversification by end markets and its strong foothold in home and personal care markets that are less volatile than the industrial markets that the chemical industry largely serves. In addition, Cognis uses nature-based raw materials for up to 51% of its production. Owing to high oil prices, the group has a competitive advantage over companies that only use petrochemicals in their production processes. Recent price increases in nature-based raw materials, such as palm oil, has reduced this benefit significantly, however. The outlook is stable because we expect Cognis to continue to benefit from solid demand in key end markets and manage to largely pass on the increased costs of its raw materials. "However, we expect the company to reduce debt only moderately over the next few years," said Mr. Mock. FESTSPIELHAUS HELLERAU: Claims Registration Period Ends June 18 --------------------------------------------------------------- Creditors of Festspielhaus Hellerau GmbH have until June 18, 2008, to register their claims with court-appointed insolvency manager Juergen Wallner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 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 Dresden Hall D231 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Juergen Wallner Bautzner Strasse 102 01099 Dresden Germany E-mail: www.wallnerweiss.info The District Court of Dresden opened bankruptcy proceedings against Festspielhaus Hellerau GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Festspielhaus Hellerau GmbH Karl-Liebknecht-Str. 56 01109 Dresden Germany FLEX BAU: Claims Registration Ends June 19 ------------------------------------------ Creditors of FLEX - Bau - Storkow GmbH have until June 19, 2008, to register their claims with court-appointed insolvency manager Dr. Petra Hilgers. Creditors and other interested parties are encouraged to attend the meeting at 10:10 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Petra Hilgers Goethestrasse 85 10623 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against FLEX - Bau - Storkow GmbH on May 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FLEX - Bau - Storkow GmbH Elsterweg 7 15859 Storkow Germany G.I.M. GESTALTEN: Claims Registration Period Ends June 18 --------------------------------------------------------- Creditors of G.i.M. Gestalten in Metall GmbH & Co.KG have until June 18, 2008, to register their claims with court-appointed insolvency manager Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 119 B First Floor Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stephan Thiemann Ludgeristr. 54 48143 Muenster Germany Tel: 0251/16283-0 Fax: +492511628311 The District Court of Muenster opened bankruptcy proceedings against G.i.M. Gestalten in Metall GmbH & Co.KG on April 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: G.i.M. Gestalten in Metall GmbH & Co.KG Harkortstrasse 3 48163 Muenster Germany GLAS + BAUELEMENTE: Claims Registration Period Ends June 18 ----------------------------------------------------------- Creditors of Glas + Bauelemente Zwickau GmbH have until June 18, 2008, to register their claims with court-appointed insolvency manager Dirk Herzig. Creditors and other interested parties are encouraged to attend the meeting at 9;30 a.m. on July 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 Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Dirk Herzig Promenadenstrasse 3 09111 Chemnitz Germany Tel: (0371) 382370 Fax: (0371) 3823710 E-mail: DHerzig@schubra.de The District Court of Chemnitz opened bankruptcy proceedings against Glas + Bauelemente Zwickau GmbH on May 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Glas + Bauelemente Zwickau GmbH Attn: Angela Schwalbe and Olaf Blauhut, Managers P�lbitzer Strasse 12 08058 Zwickau Germany JAMALI TREND: Claims Registration Ends June 19 ---------------------------------------------- Creditors of Jamali Trend Line GmbH have until June 19, 2008, to register their claims with court-appointed insolvency manager Markus Eibofner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Hall 181 First Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Markus Eibofner Wilhelmstr. 4 70182 Stuttgart Germany Tel: 0711/4704070 The District Court of Stuttgart opened bankruptcy proceedings against Jamali Trend Line GmbH on May 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Jamali Trend Line GmbH Backergasse 1 70372 Stuttgart Germany LAP-MONTAGE: Claims Registration Period Ends June 12 ---------------------------------------------------- Creditors of LAP-Montage GmbH have until June 12, 2008, to register their claims with court-appointed insolvency manager Udo Mueller. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on July 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall 14 Insolvency Department Breiter Weg 203 - 206 39104 Magdeburg 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: Udo Mueller Editharing 31 39108 Magdeburg Germany Tel: 0391/5066030 Fax: 0391/5066033 E-mail: magdeburg@insoteam.de The District Court of Magdeburg opened bankruptcy proceedings against LAP-Montage GmbH on May 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LAP-Montage GmbH Insel 04 38855 Wernigerode Germany ========= I T A L Y ========= ALITALIA SPA: EUR300-Mln Loan Enough for 12-Month Operation ----------------------------------------------------------- The Italian government said that its EUR300-million emergency loan is intended to keep Alitalia S.p.A. running for a year, Agenzia Giornalistica Italia reports. In its technical report for Alitalia, Italy said the cash grant will temporarily help the carrier avoid liquidation or administration, AGI relates. Italy noted that the loan was converted into Alitalia's capital, a move that may allow auditors to approve its 2007 results. Italy, AGI reports, detailed the loan as: * EUR205 million from the fund for competitiveness and development; * EUR85 million from the fund for enterprise financing; and * EUR10 million from the special fund of the ministry of economy and finances. Despite the loan, Alitalia's Board of Directors said the carrier needs to carry out recapitalization "as quickly as possible." About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million in 2006, and EUR494.64 million in 2007. ALITALIA SPA: Italian Consortium Eyes 4,500 Job Cuts ---------------------------------------------------- A group of Italian investors bidding to acquire the national government's 49.9% stake in Alitalia S.p.A. might seek around 4,500 job cuts in the carrier, Marco Bertacche writes for Bloomberg News, citing an unsourced Corriere della Sera report. As previously reported in the TCR-Europe Bruno Ermolli, adviser to Prime Minister Silvio Berlusconi, has set up a special bidding vehicle to bid for Italy's stake. The newco is composed of several Italian financial and industrial firms including AirOne S.p.A. The report adds that Intesa Sanpaolo S.p.A., Mediobanca S.p.A. and Piaggio S.p.A. chairman and CEO Roberto Colaninno. Poste Italiane S.p.A. join the newco if it gains commercial benefits from the deal. The newco may also include Air France- KLM SA and Deutsche Lufthansa AG after it restores Alitalia financial coffers. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million in 2006, and EUR494.64 million in 2007. ALITALIA SPA: OAO Aeroflot May Not Pursue Stake Bid --------------------------------------------------- OAO Aeroflot might not offer to acquire the Italian government's 49.9% stake Alitalia S.p.A. despite a directive from Russian President Vladimir Putin, RIA Novosti reports citing CEO Valery Okulov. Mr. Putin, following a meeting with Italian Prime Minister Silvio Berlusconi in April, told Aeroflot chairman Alexander Zurabov to to resume sale negotiations with with Alitalia. Mr. Putin then noted that Alitalia's condition is complicated, citing the airline's debt and profitability problems as well as the need to convince the Italian government and the unions to accept it possible offer. Mr. Okulov told RIA Novosti that Aeroflot did not have the figures required to assess Alitalia's current financial state, adding that a final decision would depend on the terms and conditions for the sale approved by the Italian government. "A year ago it was still possible to regulate [it], Mr. Okulov was quoted by RIA Novosti as saying. "Now we are concerned that the point of no return has passed." About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million in 2006, and EUR494.64 million in 2007. PARMALAT SPA: Allocated Shares Hikes Stock Capital -------------------------------------------------- Parmalat S.p.A. communicates that, following the allocation of shares to creditors of the Parmalat Group, the subscribed and fully paid up share capital has been increased by EUR1,596 to EUR1,667,498,324 from EUR1,667,496,728. The share capital increase is due to the assignation of 1,596 shares. The latest status of the share allotment is 30,005,670 shares representing approximately 1.9% of the share capital are still in a deposit account c/o Parmalat S.p.A., of which: * 13,222,215 or 0.8% of the share capital, registered in the name of individually identified commercial creditors, are still deposited in the intermediary account of Parmalat S.p.A. centrally managed by Monte Titoli (compared with 13,369,205 shares as at March 28, 2008); * 16,783,455 or 1.0% of the share capital registered in the name of the Foundation, called Fondazione Creditori Parmalat, of which: -- 120,000 shares representing the initial share capital of Parmalat S.p.A. (unchanged); -- 16,663,455 or 0,99% of the share capital that pertain to currently undisclosed creditors (compared with 18,974,981 shares as at March 28, 2008). About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court granted Parmalat permanent injunction. SEAT PAGINE: Expects Weak Second Quarter on Slow Economy -------------------------------------------------------- Seat Pagine Gialle S.p.A.'s CEO Luca Majocchi expects the second quarter of 2008 to be the weakest of the year due to effects of slowing economy, Elena Distaso and Chiara Remondini writes for Bloombeg News. According to Mr. Majocchi, Bloomberg News relates, Seat Pagine will likely have better prospects in the third and fourth quarters 2008 on accelerating Internet sales boosted by new products. Mr. Majocchi confirmed to Bloomberd its full-year targets and expects to "return to growth in 2009 and 2010." About Seat Pagine Gialle Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A. -- http://www.seat.it/-- provides a multimedia platform for assisting in the development of business contacts between users and advertisers. * * * Seat Pagine Gialle S.p.A. continues to carry BB� long-term corporate credit rating from Standard & Poor's Ratings Services, with negative outlook. Seat's EUR1.3 billion bond also carries BB- rating. S&P affirmed the ratings in May 2008. The company also carries BB- long-term Issuer Default rating with negative outlook from Fitch Ratings, which affirmed the rating in April 2008. =================== K A Z A K H S T A N =================== AKTOBE JER: Creditors Must File Claims by July 4 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP Aktobe Jer XXI insolvent. Creditors have until July 4, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 BAIKO SERVICE: Claims Deadline Slated for July 8 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Baiko Service insolvent on Oct. 9, 2007 . Creditors have until July 8, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Room 319 Tole bi Str. 295 Almaty Kazakhstan Tel: 8 701 111 77-02 8 705 461 06-05 IRONMARK LLP: Claims Filing Period Ends July 9 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Joint Kazakh-Turkish Enterprise Ironmark insolvent. 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 KASPIY NEFT-K: Creditors' Claims Due on July 8 ---------------------------------------------- LLP Kaspiy Neft-K has declared insolvency. Creditors have until July 8, 2008, to submit written proofs of claims to: LLP Kaspiy Neft-K Azattyk ave. 46a Atyrau Kazakhstan KAZAKH INVEST: Claims Registration Ends July 4 ---------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Kazakh Invest insolvent on April 9, 2008. Creditors have until July 4, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Neusypov Str. 26/2-4 Uralsk West Kazakhstan Kazakhstan Tel: 8 (7112) 50-76-43 MUNAI-COMPLECT LLP: Creditors Must File Claims by July 9 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Munai-Complect insolvent on Oct. 28, 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 SPETS NEFTE: Claims Deadline Slated for July 8 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl has declared LLP Spets Nefte Gas Montage insolvent. Creditors have until July 8, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Jambyl Suleimenov Str. 17 (11a) Taraz Jambyl Kazakhstan TENGIZCARGO KAZAKHSTAN: Claims Filing Period Ends July 8 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Tengizcargo Kazakhstan insolvent on Dec. 24, 2007. Creditors have until July 8, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Room 319 Tole bi Str. 295 Almaty Kazakhstan Tel: 8 701 111 77-02 8 705 461 06-05 UG-MERKUR-AVTO LLP: Creditors' Claims Due on July 8 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl has declared LLP Ug-Merkur-Avto insolvent on Feb. 19, 2008. Creditors have until July 8, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Jambyl Suleimenov Str. 17 (11a) Taraz Jambyl Kazakhstan =================== K Y R G Y Z S T A N =================== KTU-SHYDYR-TRANS LLC: Creditors Must File Claims by July 9 ---------------------------------------------------------- LLC Ktu-Shydyr-Trans has declared insolvency. Creditors have until July 9, 2008, to submit written proofs of claim. Inquiries can be addressed to (0-773) 73-34-82. =================== L U X E M B O U R G =================== AK BARS: Moody's Rates Loan Participation Notes at Ba2 ------------------------------------------------------ Moody's Investors Service has assigned a rating of Ba2 with stable outlook to the Loan Participation Notes to be issued on a limited recourse basis by AK BARS Luxembourg S.A. -- a Luxembourg-based special purpose entity -- for the sole purpose of financing a loan to AK BARS Bank, a bank established under the laws of the Russian Federation. The notes will be denominated in US dollars and the loan represents a senior unsecured claim on the bank. The notes will be issued under the US$1.5 billion program and will have a tenor of up to five years. The amount and interest rate of the issue will be determined by market conditions. The Ba2 rating is based on ABB's fundamental credit quality, as well as the high probability of support from the Republic of Tatarstan government (rated Ba1 by Moody's) in case of need, reflecting the bank's high importance to the republic's economy, its direct and indirect ownership by the local authorities, its role as "banker of the Republic's Treasury" and the public's perception of ABB as a quasi-government entity. Moody's notes that, according to the terms of the program, ABB will have to comply with a number of covenants such as negative pledge, limitation on payment of dividends, limitation on mergers and sale of assets, and maintenance of a minimum BIS Capital Adequacy Ratio of 12%. According to the rating agency, the likelihood of any of the above covenants being triggered is relatively low. However, if any such were to occur, it could potentially have adverse liquidity implications for the bank and might exert severe downward pressure on its ratings. Moody's cautions that the transaction also has an embedded rating trigger whereby the notes will become payable if, within 60 days after a change of control of ABB, or certain mergers or disposals, its ratings are downgraded by one or more notches or publicly placed under review for possible downgrade. Moody's notes that a change of control of ABB will be viewed as a risk factor; if the noteholders' put option were to be exercised, this could result in the need to repay a sizeable obligation, thus placing a burden on the bank's financial resources and potentially destabilizing its ratings further. Headquartered in Kazan, Republic of Tatarstan, Russian Federation, ABB reported total assets of US$6.59 billion, total capital of US$1.03 billion and net income of US$106.09 million under IFRS at Dec. 31, 2007. AK BARS: Fitch Assigns BB Ratings to Senior Bond Issue ------------------------------------------------------ Fitch Ratings has assigned AK BARS Luxembourg S.A.'s upcoming Series 2 unsecured loan participation an expected Long-term 'BB' rating. The notes are to be used solely for financing a loan to Russia's AK BARS Bank (Long-term Issuer Default rating 'BB' with Stable Outlook, Short-term IDR 'B', Individual 'D', Support '3' and National Long-term 'AA-(rus)' with Stable Outlook). The issue is expected to be a senior bond of up to US$450 million, maturing in three-to-five years. The final ratings of the issue are contingent upon the receipt of final documentation conforming materially to information already received. The notes are issued under a US$1.5 billion loan participation program (rated Long-term 'BB' and Short-term 'B'). The Series 1 notes, in the amount of US$250 million, were issued in June 2007. Ak Bars was founded by the Tatarstan government in 1993. It is the largest bank in the Republic of Tatarstan by assets and was among the 20 largest banks in Russia at end-2007. The bank is controlled by the RT. Ak Bars is diversifying its franchise into the retail market and rapidly expanding its loan portfolio outside the RT. AMERICAN AXLE: S&P Cuts Corporate Credit Rating to BB- ------------------------------------------------------ Standard & Poor's Ratings Services lowered its corporate credit rating on American Axle Manufacturing & Holdings Inc. to 'BB-' from 'BB' and removed the ratings from CreditWatch with negative implications, where they were placed on March 17, 2008, as a result of the United Auto Workers strike. The outlook is negative. At the same time, Standard & Poor's lowered its issue-level ratings on Detroit-based Axle's unsecured debt to 'BB-' from 'BB' and assigned a recovery rating of '3' to this debt, indicating an expectation for meaningful (50%-70%) recovery in the event of a payment default. The assignment of recovery ratings reflects the extension of our recovery methodology to all speculative-grade unsecured debt issues. "The downgrade and negative outlook reflect our view that Axle's credit measures will deteriorate in the face of very challenging North American auto sector conditions in 2008 and, quite likely, 2009," said Standard & Poor's credit analyst Lawrence Orlowski. S&P expects 2008 to be a weak year for Axle's sales and profitability because of the impact of the strike on first- and second-quarter results, lower light truck production volumes from GM in the third and fourth quarters, and costs associated with employee buyout and wage reduction programs. EBITDA margins may fall to single-digit levels in 2008, but S&P expects some improvement in 2009 as the company begins to realize some cost savings from the new contract and work force reductions. However, if EBITDA margins do not improve to more than 10% in 2009, S&P believes free operating cash flow will remain negative in 2009, which could prompt us to lower the rating. Prior to 2009, a downgrade would likely be triggered by any reduction in Axle's liquidity, such as a substantial depletion in borrowing availability under its revolving facility or concerns about forward covenants. On the other hand, S&P could adjust our outlook to stable if Axle capitalizes on cost savings and industry conditions improve. ===================== N E T H E R L A N D S ===================== E-MAC DE: Moody's Reviews Ratings on Notes and May Downgrade ------------------------------------------------------------ Following the recent downgrade of ResCap to Ca, on review for downgrade, Moody's has reviewed EMEA RMBS transactions whereby entities ultimately owned by ResCap are performing servicing and cash management functions. The rating actions are the result of this review. The ratings of all notes issued out of the E-MAC DE series were placed on review for downgrade. No action was taken on the ratings of the notes issued by the UK RMAC program and no action was taken on notes issued by the Dutch E-MAC NL program. E-MAC DE series -- Review for downgrade In the four outstanding transactions of the E-MAC DE series, GMAC-RFC Investments B.V. is the appointed servicer and cash bond administrator. GMAC-RFC Investments B.V. is an indirect wholly-owned subsidiaries of ResCap (Ca). GMAC-RFC Investment B.V. sub-delegates the day-to-day servicing of the loan portfolio to Kreditwerk Hypotheken Management GmbH and part of the special servicing to Rechtsanwalte Paulus Westerwelle. No back-up cash bond administrator or back-up servicer has been appointed as of closing for these transactions. According to the sub-servicing agreement, HM may continue to operate as a day-to-day servicer should the appointment of GMAC-RFC Investments B.V. be terminated. However, HM has no obligation to do so unless it agrees new terms of appointment with the trustee and the issuer. In addition, there are no back-up provisions in place for the special servicing of the portfolio, which involves making credit decisions on loan enforcements. Given the absence of any committed back-up servicer or back-up cash bond administrator, Moody's believes that there could be delays in the performance of certain issuer obligations in case the primary administrator were to be terminated. In particular, if the termination of the primary administrator occurs a short time before a note interest payment date, the issuer may be unable to perform its payment obligations in a timely manner. This could, in turn, lead to a termination of the swap agreements. Any swap termination payment payable by the issuer would rank senior to noteholders in the waterfall and could expose the notes to additional interest rate risks not previously accounted for in Moody's analysis. Moody's notes that the originator has started the process to put in place a back-up cash bond administrator for these transactions which could mitigate some of the risks mentioned above. Moody's will monitor this process. However, even if back-up cash management arrangements are concluded, the absence of back-up servicing arrangements exposes these notes to a degree of linkage to the credit quality of the current servicer. The review for downgrade will focus on assessing the impact of a servicing disruption in terms of potential increased costs and credit losses for these four German RMBS transactions. Moody's will evaluate any plans to remedy the lack of back-up cash management and back-up servicing agreements. However, if no satisfactory plans were to be implemented over the period of the review, which Moody's would expect to conclude over the next few months, the ratings of the notes are likely to be subject to a downgrade. RMAC Securities Programme and RMAC series -- No rating action In the case of the five most recent series of notes issued out of the RMAC Securities Programme in the UK, GMAC RFC Limited is the appointed series servicer and series cash bond administrator. GMAC RFC Limited is a wholly-owned subsidiary of GMAC RFC (UK) Limited which in turn is a wholly-owned subsidiary of ResCap (Ca). Homeloan Management Limited (SQ2+) is the sub-delegated day-to- day servicer as well as the back-up servicer which will assume the role of primary servicer in case the appointment of GMAC RFC Limited is terminated by the trustee because of insolvency or default on its obligations. Unlike in other UK RMBS transactions originated by GMAC RFC Limited, no back-up cash bond administrator has been appointed as of closing for these series of notes. Moody's has been informed that GMAC RFC Limited is in the process to put in place a back-up cash bond administrator for these transactions, which would mitigate the risks. Moody's also notes that for a number of other UK RMBS transactions of the RMAC series (RMAC 2003-NS1 plc, RMAC 2003- NS2 plc, RMAC 2003-NS3 plc, RMAC 2003-NS4 plc, RMAC 2004-NS1 plc, RMAC 2004-NSP2 plc, RMAC 2004-NS3 plc, RMAC 2004-NSP4 plc, RMAC 2005-NS1 plc and RMAC 2005-NSP2 plc) no back-up administration agreements were in place as of closing. However on the of May 9, 2008 GMAC RFC Limited and HML entered into a standby administration deed whereby HML assumed the obligation to continue performing servicing and cash bond administration functions in case the appointment of GMAC RFC Limited is terminated by the trustee. In Moody's view, the standby administration deed mitigates the risks of a servicing and administration transfer. E-MAC NL series -- No rating action Finally, for the transactions of the E-MAC NL series and for the series of notes issued out of the E-MAC Program, GMAC RFC Nederland B.V. is the appointed servicer and cash bond administrator. GMAC RFC Nederland B.V. is a company incorporated in the Netherlands in 2000 and it is an indirect wholly-owned subsidiary of ResCap. Stater Nederland B.V. and Quion Groep B.V. (SQ2) are the delegated day-to-day servicers of the mortgage loans according to the different origination channels. Stater and Quion are responsible for the daily loan administration as well as for the special servicing and foreclosure proceedings for the defaulted loans. Both Stater and Quion have committed to assume the role of primary servicer in case the appointment of GMAC RFC Nederland B.V. is terminated. No back-up cash bond administrator has been appointed as of closing for the transactions of the E-MAC NL series and E-MAC Program. Moody's has been informed that GMAC RFC Nederland B.V. is in the process to put in place a back-up cash bond administrator for all the transactions of the E-MAC NL series and for the series of notes issued in 2006 and 2007 out of the E-MAC Program. In the latest two transactions issued in 2008 by the E-MAC Program, ATC Financial Services B.V. is the appointed third party issuer administrator performing the cash management functions. Moody's will continue to closely monitor all these transactions, in particular the completion of the back-up cash bond administrator agreements and any other implications on the ratings of the notes due to weakening of the credit quality of the servicer. Rating actions: Issuer: E-MAC DE 2005-I B.V. * Senior Class A Mortgage-Backed Notes 2005 due 2047 -- Current Rating: Aaa, on review for downgrade * Mezzanine Class B Mortgage-Backed Notes 2005 due 2052 -- Current Rating: Aa2, on review for downgrade * Junior Class C Mortgage-Backed Notes 2005 due 2052 -- Current Rating: A1, on review for downgrade * Subordinated Class D Mortgage-Backed Notes 2005 due 2052 -- Current Rating: Baa2, on review for downgrade * Subordinated Class E Mortgage-Backed Notes 2005 due 2052 -- Current Rating: Ba1, on review for downgrade Issuer: E-MAC DE 2006-I B.V. * Senior Class A Mortgage-Backed Notes 2006 due 2048 -- Current Rating: Aaa, on review for downgrade * Mezzanine Class B Mortgage-Backed Notes 2006 due 2057 -- Current Rating: Aa2, on review for downgrade * Junior Class C Mortgage-Backed Notes 2006 due 2057 -- Current Rating: A1, on review for downgrade * Subordinated Class D Mortgage-Backed Notes 2006 due 2057 -- Current Rating: A3, on review for downgrade * Subordinated Class E Mortgage-Backed Notes 2006 due 2057 -- Current Rating: Baa2, on review for downgrade * Subordinated Class F Mortgage-Backed Notes 2006 due 2057 -- Current Rating: Ba3, on review for downgrade Issuer: E-MAC DE 2006-II B.V. * Senior Class A1 Mortgage-Backed Notes 2006 due 2048 -- Current Rating: Aaa, on review for downgrade * Senior Class A2 Mortgage-Backed Notes 2006 due 2058 -- Current Rating Aaa, on review for downgrade * Mezzanine Class B Mortgage-Backed Notes 2006 due 2058 -- Current Rating: Aa1, on review for downgrade * Junior Class C Mortgage-Backed Notes 2006 due 2058 -- Current Rating: Aa3, on review for downgrade * Subordinated Class D Mortgage-Backed Notes 2006 due 2058 -- Current Rating: A3, on review for downgrade * Subordinated Class E Mortgage-Backed Notes 2006 due 2058 -- Current Rating: Baa2, on review for downgrade * Subordinated Class F Mortgage-Backed Notes 2006 due 2058 -- Current Rating: Ba3, on review for downgrade Issuer: E-MAC DE 2007-I B.V. * Senior Class A1 Mortgage-Backed Notes 2007 due 2054 -- Current Rating: Aaa, on review for downgrade * Senior Class A2 Mortgage-Backed Notes 2007 due 2054 -- Current Rating: Aaa, on review for downgrade * Mezzanine Class B Mortgage-Backed Notes 2007 due 2054 -- Current Rating: Aa1, on review for downgrade * Junior Class C Mortgage-Backed Notes 2007 due 2054 -- Current Rating: Aa3, on review for downgrade * Subordinated Class D Mortgage-Backed Notes 2007 due 2054 -- Current Rating: A3, on review for downgrade * Subordinated Class E Mortgage-Backed Notes 2007 due 2054 -- Current Rating: Baa3, on review for downgrade QUEBECOR WORLD: Sells European Operations to HHBV for EUR133 Mln ---------------------------------------------------------------- Quebecor World Inc. has signed a definitive purchase agreement providing for the sale of Quebecor World's European operations to Hombergh/De Pundert Group (HHBV), a Netherlands based investment group. The transaction is valued at approximately EUR133 million and is expected to close by the end of June 2008. Under the terms of the agreement, HHBV has deposited EUR46.5 million in escrow to be released to Quebecor World at closing. This cash amount will be adjusted higher to cover all funds disbursed by Quebecor World to support any seasonal financing needs of the European operations between the signature date and closing. HHBV will assume approximately �65 million of net debt, and a EUR21.5 million five-year note bearing interest at 7% per year which will remain payable to Quebecor World post- closing. The sale is being made substantially on an "as is, where is" basis. The only condition to closing is court approval. The transaction is not subject to the approval of either Quebecor World's or HHBV's shareholders. Assuming completion of the transaction, the net cash proceeds to be received by Quebecor World will be EUR46.5 million, less certain customary deductions and expenses permitted by its debtor-in- possession (DIP) credit facility, which are intended to be used by Quebecor World to partially reimburse indebtedness under such credit facility. "The sale of our European operations is an important step in our restructuring activities that we believe should enable us to exit creditor protection in North America as a stronger player in our industry," Jacques Mallette, President and CEO of Quebecor World, said. "I would like to thank our European customers and employees for their support and assure them that we intend to assist HHBV in ensuring a smooth transition. We also look forward to continue servicing our European customers' needs in North America and Latin America." "We are very excited about this opportunity and we are looking forward to working with local management to make this transaction a success for our employees and our customers. This transaction is a first and major step in our goal of building a Pan-European printing platform," Hendrik van den Hombergh, founder and partner of HHBV, stated . Quebecor World's European operations currently include 17 printing and related facilities employing approximately 3,500 people in Austria, Belgium, Finland, France, Spain and Sweden. Quebecor World Europe produces magazines, catalogs, retail inserts, direct mail products, book and directories for many of the world's largest retailers, publishers and branded goods companies. About Quebecor World Quebecor World Inc. (TSX: IQW) -- http://www.quebecorworld.com/ -- provides high-value, complete marketing and advertising solutions to leading retailers, catalogers, branded-goods companies and other businesses with marketing and advertising activities, as well as complete, full-service print solutions for publishers. The company is a market leader in most of its major product categories, which include advertising inserts and circulars, catalogs, direct mail products, magazines, books, directories, digital premedia, logistics, mail list technologies and other value-added services. Quebecor World has approximately 28,000 employees working in more than 115 printing and related facilities in the United States, Canada, Argentina, Austria, Belgium, Brazil, Chile, Colombia, Finland, France, India, Mexico, Peru, Spain, Sweden, and Switzerland. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. SCIENTIFIC GAMES: S&P Rates Proposed US$200 Mln Notes at BB- ------------------------------------------------------------ Standard & Poor's Ratings Services raised its issue-level rating on Scientific Games Corp.'s existing subordinated debt to 'BB-' (one notch lower than the 'BB' corporate credit rating on the company) from 'B+'. The recovery rating on these securities was revised to '5', indicating that lenders can expect modest (10% to 30%) recovery in the event of a payment default, from '6'. At the same time, Standard & Poor's assigned its 'BB-' issue- level rating with a recovery rating of '5' to subsidiary Scientific Games International Inc.'s proposed US$200 million senior subordinated notes due 2016. Standard & Poor's also affirmed its issue-level rating on Scientific Games International's proposed US$800 million credit facilities at 'BBB-' (two notches higher than the corporate credit rating). The recovery rating on these loans remains at '1', indicating that lenders can expect very high (90% to 100%) recovery in the event of a payment default. The proposed credit facilities consist of a US$250 million revolving credit facility and a US$550 million term loan (US$50 million less than previously proposed). In addition, Standard & Poor's affirmed its 'BB' corporate credit rating on Scientific Games Corp. The rating outlook is stable. "The revisions of the subordinated debt issue-level and recovery ratings reflect a net increase in total debt and a decrease in senior secured debt outstanding from that used in our previous recovery analysis," explained Standard & Poor's credit analyst Ben Bubeck. "As a result, a less significant deterioration in cash flow would be required to produce a payment default, which also increases the emergence enterprise value and improves the recovery prospects for the subordinated debt holders." Despite the fact that Scientific Games will be placing a net of US$150 million more debt than previously proposed, our affirmation of the 'BB' corporate credit rating reflects Scientific Games' solid credit metrics for the rating. As indicated in our May 13, 2008 research update, these metrics allowed for moderate capacity to continue to invest in the business and/or pursue additional acquisition opportunities. Furthermore, S&P views the additional liquidity as a positive rating factor given the company's recent success in winning new contracts and the associated capital spending needs as these contracts are ramped up. Still, following the proposed debt issuances, capacity for additional debt is limited at the current rating and outlook. Proceeds from the proposed US$550 million term loan and US$200 million senior subordinated notes will be used to refinance the existing credit facilities and are expected to add in excess of US$110 million of cash to the balance sheet. The proposed US$250 million revolving credit facility will be undrawn at close, although availability will be about US$210 million, net of existing letters of credit. The proposed bank facility is due five years from the close of the transaction, subject to certain requirements addressing the refinancing of and a holders "put" option for the existing subordinated debt obligations. The proposed senior subordinated notes will be due in 2016. The rating on Scientific Games reflects the highly competitive market conditions in the lottery and pari-mutuel industries, the mature nature and capital intensity of the online lottery industry, and the company's acquisitive growth strategy. Still, Scientific Games maintains a leadership position in the instant ticket lottery and pari-mutuel gaming industries, which fuels substantial recurring revenue and a stable cash flow base given long-term contracts. The company also has consistently demonstrated credit metrics appropriate for the rating. SCIENTIFIC GAMES: Moody's Rates Proposed US$200 Mln Notes at Ba3 ---------------------------------------------------------------- Moody's Investors Service assigned a Ba3 rating to Scientific Games Corporation's proposed US$200 million senior subordinate note offering. Moody's also upgraded the rating of SGC's proposed US$550 million term loan (originally US$600 million) and US$250 million revolving credit agreement (collectively, the Facilties) to Baa3 from Ba1. The upgrade reflects the higher proportion of subordinated debt relative to senior debt in SGC's capital structure as a result of the subordinate note issuance. Moody's also affirmed the company's Ba2 corporate family and probability of default rating, and Ba3 rating on the existing US$200 million senior subordinated notes. Moody's will withdraw the ratings of the company's existing term loans and revolver when the proposed transaction closes. The rating outlook is stable. The net proceeds of the senior subordinate note offering and drawings under the company proposed new US$800 million bank facilities will be used to repay existing debt and supplement cash balances. It is a condition to the closing of the subordinated debt offering that the new credit facility closes and repays the existing credit facilities. The obligor under the proposed senior subordinate notes and proposed Facilities will be Scientific Games International, Inc., a wholly owned subsidiary of SGC. The Facilities will be secured by all assets and guaranteed by all domestic subsidiaries, as well as by SGC. The senior subordinated notes will be guaranteed on a subordinated basis by all domestic subsidiaries, as well as by SGC. The rating affirmation reflects SGC's leading position in the faster growing instant ticket segment of the lottery industry, good contract retention rates, and solid growth prospects internationally. SGC has just finished absorbing several acquisitions and consolidating instant ticket plant capacity. Improvement in consolidated operating margins is expected as a result of an improved cost structure along with the new instant ticket contract in China, solid instant ticket growth in the U.K. and Italy, and a growing installed base of server-based gaming machines and sports betting terminals. Credit concerns include above average leverage for the rating category, a decline in consolidated operating margins over the past few years, spending to support growth initiatives -- particularly in China, and a potential slow down in domestic lottery demand due to weak macro-economic conditions. Rating assigned: Scientific Games International, Inc. -- US$200 million senior subordinated notes at Ba3 (LGD5, 78%) Ratings upgraded -- US$550 million term loan to Baa3 (LGD2, 22%) from Ba1 (LGD2, 29%) -- US$250 million revolving credit facility to Baa3 (LGD2, 22%) from Ba1 (LGD 2, 29%) Scientific Games Corporation Ratings to be withdrawn: -- US$300 million revolver at Ba1 (LGD2, 25%) -- US$100 million term loan C at Ba1 (LGD 2, 25%) -- US$150 million term loan D at Ba1 (LGD 2, 25%) -- US$200 million term loan E at Ba1 (LGD 2, 25%) Scientific Games Corporation is a provider of services, systems, and products to both the instant ticket lottery industry and pari-mutuel wagering industry. The company operates in three business segments: P rinted Products, Lottery Systems, and Diversified Gaming. Revenues for the year ended December 31, 2007 were approximately US$1.0 billion. =========== R U S S I A =========== COMSTAR UNITED: Acquires Interlink Group for RUR200 Million ----------------------------------------------------------- Comstar�United TeleSystems JSC completed the acquisition of 100% of the share capital of Interlink Group for a total cash consideration of RUR200 million or around US$8.5 million. The Group comprises Intersvyaz Service, the alternative fixed- line telecommunications operator, and Inter-TV Media, the cable TV operator, which operate under the unified brand �Interlink� in Ryazan and the Ryazan region. The Group reported revenues of US$4 million, up by 45% year-on- year, with OIBDA of US$1.1 million and an OIBDA margin of 27% as at Dec. 31, 2007. "The Interlink Group is a company with significant growth potential," Sergey Pridantsev, President and Chief Executive Officer of Comstar UTS, commented. "The Group operates in the areas of the telecommunications industry which are of high priority for Comstar. The Group is expected to launch wireless broadband services based on WiMAX technology in the future. The announced deals are in line with our strategy to expand our operations in the Russian regions, through the acquisitions of leading regional telecommunications operators." "We are strengthening our position in the Central Federal District, one of the most economically developed districts in Russia," Mr. Pridantsev adds. "We intend to expand our service offerings in the Ryazan region, providing broadband Internet access, TV services and long-distance connection." About Comstar-UTS Headquartered in Moscow, Russia, Comstar-UTS JSC -- http://www.Comstar-uts.com/en/-- provides fixed line telecommunication services in the Moscow metropolitan area with a population of over 10 million, and to five regions of Russia, Ukraine and Armenia. As at Dec. 31, 2006, Comstar had US$1.12 billion in revenues and US$428.6 million in EBITDA (excluding US$62 million stock bonus awards). * * * As of March 27, 2008, Comstar-United TeleSystems carries Moody's long-term corporate family rating of Ba3 with positive outlook. Standard & Poor's gave the company BB- on long-term foreign issuer credit rating and BB- on long-term local issuer credit rating. The outlook is positive. EUROCHEM MINERAL: S&P Lifts Rating to BB on Improved Operation -------------------------------------------------------------- Standard & Poor's Ratings Services has raised to 'BB' from 'BB-' its long-term corporate credit rating on Moscow-based fertilizer group EuroChem Mineral and Chemical Co. OJSC, reflecting sustainable operational and financial improvements. In line with this one-notch upgrade, we raised to 'ruAA' from 'ruAA-' the Russia national scale rating on EuroChem, and to 'BB' from 'BB-' the long-term rating on EuroChem Finance PLC's participation notes. The outlook is stable. "The upgrade reflects the much better than anticipated selling prices for the group's nitrogen- and phosphate-based fertilizers, and our expectations that these prices will stay high in 2008 and 2009," said Standard & Poor's credit analyst Lucas Sevenin. This translates into much stronger EBITDA, cash flow metrics, and free operating cash flow than forecast one year ago. "The upgrade also takes into account the group's financial policy, which supports cash flow metrics, free operating cash flow, and liquidity." said Mr. Sevenin. "We also factor in material capital expenditure, as well as potential large acquisitions." The stable outlook reflects our expectations that EuroChem will maintain a moderate financial policy and good cash flow metrics, with notably a robust ratio of funds from operations to adjusted debt in 2008 and 2009, despite heavy capital expenditure plans. This reflects the anticipated good cycles, the group's financial policy, and the shareholder strategy that supports key credit metrics, through, for example, reducing dividends should cycles become more challenging or growth opportunities appear that pressure free operating cash flow. Our rating factors in about US$1 billion of acquisitions. We will closely monitor purchase prices, the quality of assets acquired--especially in terms of capital expenditure needed and efficiency--the synergies and benefits tied to costs, logistics, and access to markets, plus any additional debt load. The ratings could come under pressure if cycles reverse earlier than anticipated; if the group makes acquisitions that pressure key credit metrics for a long time; or if a change in the shareholder distribution policy appears. Further broadening of the portfolio, such as the potash expansion, or material new equity for the potash project, could be supportive of a higher rating over time. GOLDEN TELECOM: Moody's Withdraws Ba3 Rating on Business Reasons ---------------------------------------------------------------- Moody's Investors Service has withdrawn the Corporate Family Rating of Golden Telecom Inc. for business reasons and at the request of the company. This follows the merger of Lillian Acquisition Inc., an indirect subsidiary of OJSC Vimpel- Communication (VimpelCom; Ba2, positive), with and into GTI with GTI becoming an indirect wholly-owned subsidiary of VimpelCom. Please refer to Moody's Withdrawal Policy on moodys.com. The rating withdrawn is the Ba3 Corporate Family Rating. Golden Telecom Inc. is a facilities-based provider of voice, data and Internet services to corporations, operators and consumers in 18 major cities in Russia including Moscow and St. Petersburg, Almaty in Kazakhstan and Tashkent in Uzbekistan. The company also offers mobile services in Kiev and Odessa, Ukraine. As at 31 December 2007, GTI had US$1.3 billion in revenue and US$309 million in reported EBITDA. The company derived 93% of its revenue from corporate and carrier and operator services. MOBILE TELESYSTEMS: Names Mikhail Shamolin as Chief Executive ------------------------------------------------------------- Mobile TeleSystems OJSC's Board of Directors has appointed Mikhail Shamolin as the President and CEO of MTS. Mr. Shamolin replaces Leonid Melamed, who will be assuming the duties of President and CEO at Sistema JSFC. Under Mr. Melamed�s two years of leadership, MTS has grown from a regional operator into a globally recognized leader and innovator. MTS has grown its subscriber base by 24 million and increased its footprint through acquisitions in Russia and Armenia. Mr. Melamed supervised the launch and roll-out of the MTS brand to each of the Company�s markets of operation, an effort that ultimately led to the distinction of having MTS be the first Russian company named as a BrandZTM Top 100 Most Powerful Brands. Simultaneously, as a sign of commitment to total shareholder return, Mr. Melamed presided over the substantial increase in the Company�s dividend payment from US$1.03 per ADR in 2005 to a recommended payout of US$3.12 in 2008. Mr. Shamolin joined MTS in 2005 as Vice President, Sales and Customer Service. Later he assumed leadership of MTS Russia following the Company�s 2006 reorganization. In this capacity, Mr. Shamolin managed the largest MTS business unit, one which contributes roughly 75% of value to MTS. During his tenure, revenues grew 67% and operating efficiency improved considerably as Mr. Shamolin presided over sustained growth in voice usage, adoption of value-added services, both of which led to an over 50% rise in average revenue per user (ARPU). "One cannot argue with Leonid�s record of success in his stewardship of MTS, as his influence is evident everywhere within the organization," Vitaliy Savelyev, Chairman of the Board of Directors of MTS, commented. "We are grateful for his role in shaping the business that we have, yet we have full confidence in Mikhail�s ability to carry forward Leonid�s legacy of growth and development at MTS. His long tenure with the Company is clear testimony to his capabilities, while his own track record of extracting growth and creating shareholder value as the head of its largest business unit is irrefutable. On behalf of the Board of Directors, we are eager to begin working more closely with Mikhail." "The Board of Directors has afforded me an extraordinary opportunity, and I am grateful for the chance to lead the largest mobile operator in the region and represent MTS before our employees, customers and shareholders. Having been involved in the growth and development of MTS for many years, I am confident that MTS is on the right path towards building upon its leadership position and remaining the communications brand of choice in our region." About Mobile TeleSystems Headquartered in Moscow, Russia, OJSC Mobile TeleSystems (NYSE:MBT) -- http://www.mtsgsm.com/-- provides wireless telecommunications services operator in Russia, Ukraine, Uzbekistan, Turkmenistan, Armenia, and Belarus. * * * Mobile TeleSystems continues to carry's a Long-term Issuer Default rating of 'BB+', National Long-term rating of 'AA(rus)' and Short-term IDR of B from Fitch Ratings, with stable outlook. The ratings were assigned April 2008. Mobile TeleSystems also carries Ba2 Corporate Family and Probability-of-Default ratings from Moody's Investors Service, which says the outlook is positive. SISTEMA JSFC: Appoints Leonid Melamed as President and CEO ---------------------------------------------------------- Sistema JSFC has appointed Leonid Melamed as President and Chief Executive Officer of Sistema with immediate effect, following a decision made at a meeting of the Board of Directors. Mr. Melamed is the former CEO and President of Mobile TeleSystems, the largest mobile phone operator in Russia and the CIS and a subsidiary of Sistema. Leonid Melamed will replace Alexander Goncharuk, who will continue to serve as First Deputy Chairman of Sistema's Board of Directors. Mr. Goncharuk has been a member of the Board of Directors of Sistema since 1996. From 1995 to 1998, he occupied the post of Vice-President of the Corporation. From 1998 to 2001, he headed the telecommunication holding Sistema Telecom, and from 2003 to 2006, was head of Sitronics. During this time, Sitronics became the largest public technology company in Eastern Europe. In 2007, Sistema Hals became the first public Russian real estate company to list on the London Stock Exchange. The non-public assets of Sistema grew quicker than the market in such sectors as finance, retail and paid-for healthcare services. After two years the market capitalization of Sistema has grown by 40%, exceeding US$16 billion. Sistema's revenues during this period have grown by 80% and constituted US$13.7 billion in 2007. "Under the leadership of Alexander Goncharuk, Sistema has realized a series of large-scale and ambitious projects, playing an important role in the development of the Corporation," Chairman of the Board of Directors at Sistema, Vladimir Evtushenkov said. "We are grateful for the efforts of Mr. Goncharuk, during his time at the company we have successfully launched a unified brand for our telecommunication companies, entered the Indian market and opened state-of-the-art facilities for the production of micro-chips of 0.18 microns, accomplishing a real technological break-through over a short time. Currently, there are new challenges facing the Corporation: the building of new business in India, the shaping of an evolved telecommunications' strategy and achieving leadership in respective markets of our non-public companies. I do not doubt that through the efforts of Leonid Melamed we will achieve these challenging goals." "It is a great honor for me to lead Sistema, which serves approximately 100 million clients in the most diverse markets," Mr. Melamed, President of Sistema noted. "I am confident that the experience of managing large diversified services businesses and my values will prove useful for me in my new role." Leonid Melamed was born in 1967 in Moscow. He served as President and CEO of MTS from June 14, 2006 and has been a member of the Board of Directors at MTS from June 23, 2006. About Sistema Headquartered in Moscow, Russia, Sistema JSFC -- http://www.sistema.com/-- develops and manages market- leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. * * * Sistema JSFC continues to carry a Ba3 long-term corporate family rating and a B2 senior unsecured debt rating from Moody's, which said the outlook is positive. The company also carries Standard & Poor's BB- long-term foreign and local issuer credit ratings. S&P said the outlook is negative. Sistema JSFC carries BB- Issuer Default rating from Fitch, which said the outlook is stable. TRANS-STROY-INVEST: Kemerovo Bankruptcy Hearing Set July 23 ----------------------------------------------------------- The Arbitration Court of Kemerovo will convene at 11:30 a.m. on July 23, 2008, to hear the bankruptcy supervision procedure on CJSC Trans-Stroy-Invest. The case is docketed under Case No. A27-2161/2008-4. The Temporary Insolvency Manager is: V. Krasnoperov Karbysheva Pr. 8 Novokuznetsk Russia The Court is located at: The Arbitration Court of Kemerovo Krasnaya Str. 8 Kemerovo Russia The Debtor can be reached at: CJSC Trans-Stroy-Invest Novokuznetsk Russia TYAZHEKS OJSC: Court Names A. Khomenkov as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Voronezh appointed A. Khomenkov as Insolvency Manager for OJSC Tyazheks Named After A. V. Kominterna. He can be reached at: A. Khomenkov Moskovskiy Pr. 11 394026 Voronezh Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-10157/2003/38/16b. The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: A. Khomenkov Moskovskiy Pr. 11 394026 Voronezh Russia ULYANOVSK-MOSTO-STROY: Court Names A. Ivanov to Manage Assets ------------------------------------------------------------- The Arbitration Court of Ulyanovsk appointed A. Ivanov as Insolvency Manager for OJSC Ulyanovsk-Mosto-Stroy. He can be reached at: A. Ivanov Post User Box 1712 432063 Ulyanovsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A72-9787/03-G 14-b. The Court is located at: The Arbitration Court of Ulyanovsk Zheleznodorozhnaya Str. 14 432063 Ulyanovsk Russia The Debtor can be reached at: OJSC Ulyanovsk-Mosto-Stroy Karla Marksa Str. 19 432011 Ulyanovsk Russia URAL-OIL-TEKHNO-SERVICE: Creditors Must File Claims by July 17 -------------------------------------------------------------- Creditors of CJSC Ural-Oil-Tekhno-Service (TIN 0278033810) have until July 17, 2008, to submit proofs of claim to: Y. Parshin Insolvency Manager Post User Box 174 Ufa 450098 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-25905/2006-G-GIA. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: CJSC Ural-Oil-Tekhno-Service Zavodskaya Str. 20 Ufa 450001 Bashkortostan Russia ZARYA CJSC: Court Starts Bankruptcy Supervision Procedure --------------------------------------------------------- The Arbitration Court of Belgorod commenced bankruptcy supervision procedure on CJSC Zarya. The case is docketed under Case No. A08-8147/07-2B. The Temporary Insolvency Manager is: V. Ponomarev Ivanovka Bolshaya Novooskolskiy Belgorod Russia The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: CJSC Zarya Bolshaya Ivanovka Novooskolskiy Belgorod Russia ============= U K R A I N E ============= UKRAINE AUTO: Fitch Rates US$18.7 Mln Class B Notes at B -------------------------------------------------------- Fitch Ratings assigned final ratings to Ukraine Auto Loan Finance No. 1 Plc's notes. -- US$85.8 million Class A asset-backed notes: 'BBB-'; Outlook Stable; and -- US$18.7 million Class B asset-backed notes: 'B'; Outlook Stable. This transaction is the first auto loan securitisation from Ukraine. The rating action follows the receipt of final documentation, executed legal opinions and confirmation on conditions to the issuance of the notes being fulfilled. The ratings address the timely and full payment of principal and interest for the Class A notes and the ultimate payment of principal and interest for the Class B notes. However, the ratings exclude any claim of the noteholders to receive interest payments equal to the step-up margin due after May 2011. Fitch's emerging markets criteria links the rating of a structured finance issuance to the rating of the sovereign in which the assets are located. The criteria also constrains the rating by the rating of the seller of receivables. Since expected ratings were assigned to the notes in May 2008, Fitch has revised the Outlook for Ukraine's Long-term Issuer Default ratings('BB-') to Stable from Positive. Fitch also changed the Outlook for the seller's (CJSC Privatbank) Long-term foreign currency IDR ('B') to Stable from Positive. As the Outlook for the expected ratings was Stable, the Outlook revisions of Ukraine and CJSC Privatbank did not impact the rating of the notes. However, future rating action on the sovereign and the bank may have an impact on the rating of the notes listed above. The rating of the Class A notes pierces the Country Ceiling of the Ukraine by three notches. To mitigate transfer and convertibility risk, up to 18 months of interest payments on the Class A notes are covered via a cash reserve (initially US$6,189,625) and political risk insurance (US$9,094,800), granted by Steadfast. On May 22, 2008, the National Bank of Ukraine decided to lift the value of the hryvnia from 5.05 to 4.85 per USD. The loan receivables are linked to USD, while income by consumers is typically denominated in local currency; thus, this uplift should support the debt service on the loans. Further, it may have a positive impact on future delinquency and default rates. Fitch will monitor the transaction on a regular basis and as warranted by events. Its structured finance performance analytics team ensures that the assigned ratings remain, in the agency's view, an appropriate reflection of the issued notes' credit risk. =========================== U N I T E D K I N G D O M =========================== ADVANCED MANUFACTURING: Claims Filing Period Ends June 24 --------------------------------------------------------- Creditors of The Advanced Manufacturing Technology Research Institute (formerly The Machine Tool Industry Research Association) have until June 24, 2008, to send in their names and addresses, with particulars of their debts or claims, to: Adrian Allen Joint Liquidator Baker Tilly Restructuring & Recovery LLP 2 Whitehall Quay Leeds LD1 4HG England Adrian David Allen and Philip Edward Pierce of Baker Tilly were appointed joint liquidators of the company on May 16, 2008 for the creditors' voluntary winding-up proceeding. ANDREW GEER: Brings In Administrators from BDO Stoy --------------------------------------------------- David Harry Gilbert and Antony David Nygate of BDO Stoy Hayward LLP were appointed joint administrators of Andrew Geer Ltd. (Company Number 03313082) on May 23, 2008. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. The company can be reached at: Andrew Geer Ltd. Meadow House London Road West Kingsdown Sevenoaks Kent TN15 6ER England Tel: 01474 854 466 Fax: 01474 854 469 AYURVEDA HOLDINGS: Brings In Liquidators from Ernst & Young ----------------------------------------------------------- Patrick Joseph Brazzill and Elizabeth Anne Bingham of Ernst & Young LLP were appointed joint liquidators of Ayurveda Holdings Ltd. on May 21, 2008, for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Ernst & Young LLP 1 More London Place London SE1 2AF England BRITISH ENERGY: Opens GBP3.5 Mln Nuclear Power Academy ------------------------------------------------------ British Energy Plc opened a Nuclear Power Academy on May 28, 2008. With around 2,000 people working at its nuclear operations support center in Barnwood, British Energy is a major employer in Gloucestershire. Supporting the operation of the company�s fleet of nuclear power stations, Barnwood�s people play a vital role in helping to provide the UK with a low carbon source of electricity. The Barnwood site has long been regarded as a centre of excellence in the industry and tomorrow it will build on that reputation by formally opening its new, GBP3.5 million state of the art Nuclear Power Academy. British Energy's chairman Adrian Montague hosted the opening event. The Nuclear Power Academy team has developed a British Energy model for accreditation of training based on the systematic approach to training as applied by the Institute of Nuclear Power Operations (INPO) and incorporating best practice in the nuclear industry. In the coming months British Energy is looking forward to taking a proactive part in its membership of the recently launched National Skills Academy Nuclear. The company believes it has a major role to play in establishing nuclear professionalism as a key aspect of existing and future nuclear operations in the UK. "The Nuclear Power Academy is at the centre of British Energy�s investment in training. It is part of the company�s commitment to creating world leading nuclear professionals and maintaining the technical capability of our workforce, while being an active part of the wider focus in the UK on the nuclear skills agenda and training for nuclear power," David Barber, Head of Training at British Energy disclosed. About British Energy Headquartered in Livingston, Scotland, British Energy Limited -- http://www.british-energy.com/-- is the U.K.'s largest producer of electricity. With a workforce of about 6,000, it produces around one-sixth of the nation's electricity. * * * As of March 17, 2008, British Energy Group plc carries a Ba2 long-term corporate family rating from Moody's with a stable outlook. Standard & Poor's affirmed its BB long-term corporate credit ratings on U.K.-based nuclear generator British Energy Group PLC and its subsidiary British Energy Holdings PLC, with negative outlook. The company holds a BB+ long-term issuer default rating from Fitch with a stable outlook. CLEAR CHANNEL: S&P's B+ Credit Rating Remains on Watch Negative --------------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings on Clear Channel Communications Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications. S&P originally placed them on CreditWatch on Oct. 26, 2006, following the San Antonio, Texas-based company's announcement that it was exploring strategic alternatives to enhance shareholder value. The CreditWatch update reflects the company's announcement that the bank syndicate providing debt financing for its proposed LBO has placed funding into an escrow account, pending completion of the transaction. The total transaction value (excluding the assumption of existing debt) is US$17.9 billion under the renegotiated terms, or US$36 per share, an 8.2% reduction from the previous price of US$39.20 per share. This reduces pro forma leverage by about seven-tenths of a turn. "As we have previously indicated, if the deal successfully closes, and barring any further material changes," said Standard & Poor's credit analyst Michael Altberg, "we expect to lower Clear Channel's long-term corporate credit rating to 'B' from 'B+'." At the same time, S&P would expect to lower our rating on the company's existing senior unsecured notes to 'CCC+' (two notches below the expected corporate credit rating) from 'B-'. ERS REALISATIONS: Creditors' Meeting Slated for June 10 ------------------------------------------------------- Creditors of ERS Realisations Ltd. (Company Number 05251871) (fka Enigma Residential Services Ltd.) will meet at 10:00 a.m. on June 10, 2008, at: Vantis Plc Fourth Floor Southfield House 11 Liverpool Gardens Worthing West Sussex BN11 1RY England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on June 9, 2008, at: Colin Ian Vickers Joint Administrator Vantis Plc Fourth Floor Southfield House 11 Liverpool Gardens Worthing West Sussex BN11 1RY England Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. FIORENTE FUNDING: Moody's Junks Ratings on Two Note Classes ----------------------------------------------------------- Moody's Investors Service downgraded two classes of notes issued by Fiorente Funding Limited. The rating actions reflect recent rating downgrades in the underlying portfolio, as well as the occurrence on Feb. 28, 2008, as reported by the Issuer, of an event of default caused by a failure of the Class A Par Value Ratio to be greater than or equal to 100%. During the occurrence and continuation of an event of default, controlling creditors of the Issuer may be entitled to direct the Trustee to take particular action with respect to the underlying collateral securities and the Notes. Moody's announced on Feb. 4, 2008 that it is revising its expected loss assumptions which are used for surveillance of ratings of ABS CDOs holding subprime RMBS, specifically of the 2006 vintage. Moody's stated that for purposes of monitoring its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will rely on certain projections of the lifetime average cumulative losses for 2006's quarterly vintages of RMBS set forth in a recent Moody's Special Report, "Moody's Updates Loss Projections for 2006 Subprime Loans." This report illustrates average loss results for the 2006 quarterly vintages under five distinct loss projection scenarios. Moody's explained that it will utilise the range of loss projections set forth in Scenarios 2 and 3 based on deal performance and quarterly vintage to modify its prior assumptions of the expected loss inputs when monitoring ABS CDO ratings. These rating actions are: Fiorente Funding Limited: (1) US$63,750,000 Class A Secured Floating Rate Credit- Linked Notes due 2051 -- Current Rating: Ca -- Prior Rating: Ba1, on review for downgrade (2) US$34,000,000 Class B Secured Deferrable Floating Rate Credit-Linked Notes due 2051 -- Current Rating: Ca -- Prior Rating: Caa3, on review for downgrade FORUM COMPUTERS: Claims Filing Period Ends July 20 -------------------------------------------------- Creditors of Forum Computers Ltd. have until July 20, 2008, to detail their names and addresses (and solicitors if applicable) together with particulars of their debts or claims, in writing, or in person, to: Duncan R. Beat Liquidator Tenon Recovery 75 Springfield Road Chelmsford Essex CM2 6JB England Duncan R. Beat of Tenon Recovery was appointed liquidator of the company on May 21, 2008, for the creditors' voluntary winding-up procedure. HEXCEL CORP: Moody's Affirms Ba3 Corporate Family Rating -------------------------------------------------------- Moody's Investors Service affirmed Hexcel Corporation's corporate family and probability of default ratings of Ba3. At the same time, the rating agency lowered the rating on the company's senior secured bank credit facilities to Ba1 from Baa3, reflecting a proposed increase to the term loan. The larger amount of secured bank debt, while beneficial to the company's liquidity profile, caused recovery expectations on the bank debt to decline as it will represent a higher proportion of liabilities in downside scenarios. The B1 rating on the company's subordinated notes was not affected. The outlook remains stable. Hexcel has proposed to exercise a portion of an "accordion" feature in its bank credit agreement. This would increase the term loan by US$80 million to a pro forma total of approximately US$168 million. The company intends to use the proceeds to reduce outstandings under its US$125 million revolving credit facility and for other general corporate purposes. At the end of March 2008, roughly US$56 million had been borrowed and some US$14 million of letters of credit were issued against the revolving credit commitment, leaving roughly US$55 million of unused capacity. On a pro forma basis as of the same date, revolving credit usage would be reduced to nil, and, net of letter of credit utilization, unused capacity would be increased to US$111 million. In Moody's opinion, Hexcel's revenue growth in 2008 could involve incremental working capital requirements, which, in addition to planned capital expenditures, could result in negative free cash flow for the year. Consequently, Moody's views the increase in the term loan as an enhancement to the company's liquidity profile as financial flexibility will be improved through the effective increase in untapped capacity under the revolving credit. Although there may be a slight increase in total indebtedness as a result of the incremental funding, the increase was not considered material in the context of the company's strong earnings and growth prospects over the intermediate term, modest leverage and solid interest coverage metrics. As a result, the Ba3 corporate family rating and stable outlook are unchanged. Ratings affirmed and up-dated loss given default assessment: -- Corporate Family, Ba3 -- Probability of Default, Ba3 -- US$225 million senior subordinated notes, B1 (LGD-5, 72%) Ratings lowered with revised term loan amount and updated loss given default assessments: -- US$125 million secured revolving credit facility, Ba1 (LGD-2, 17%) from Baa3 (LGD-2, 14%) -- US$168 million secured term loan, Ba1 (LGD-2, 17%) from Baa3 (LGD-2, 14%) The last rating action was on April 28, 2008 at which time the corporate family rating was affirmed and ratings on the bank debt were upgraded. Hexcel Corporation, headquartered in Stamford, CT, is a leading advanced structural materials company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense, and certain industries. Revenues in 2007 were approximately US$1.2 billion. IRON MOUNTAIN: S&P Rates US$300 Mln Subordinated Notes at B+ ------------------------------------------------------------ Standard & Poor's Ratings Services assigned an issue and recovery rating to Iron Mountain Inc.'s US$300 million subordinated notes due 2020. The debt was assigned an issue- level rating of 'B+' (one notch below the 'BB-' corporate credit rating on Iron Mountain), and a recovery rating of '5', indicating our expectation of modest (10% to 30%) recovery in the event of a payment default. Proceeds of the new subordinated notes will be used to redeem the company's 8.25% senior subordinated notes due 2011, repay borrowing under the revolving credit facility and for general corporate purposes. The issue and recovery ratings on Iron Mountain Inc.'s other secured and unsecured debt remains unchanged. Ratings List Iron Mountain Inc. BB-/Negative/-- New Rating Iron Mountain Inc. Subordinated US$300 mil sr sub nts due 2020 B+ Recovery Rating 5 NORTHWORLD LTD: Appoints Joint Administrators from Deloitte ----------------------------------------------------------- Lee Antony Manning and Nicholas Guy Edwards of Deloitte & Touche LLP were appointed joint administrators of Northworld Ltd. (Company Number 3160029) on May 20, 2008. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The company can be reached at: Northworld Ltd. 15-18 Victoria Industrial Estate London W3 6YN England Tel: 020 8993 6262 Fax: 020 8993 8303 PERSIL SERVICES: Timpson Buys Business Out of Administration ------------------------------------------------------------ Timpson, a family-owned shoe repair firm, has acquired Persil Services for an undisclosed sum, Jonathan Sibun writes for the Daily Telegraph. Persil, whose losses reached GBP2.68 million in 2006, went into administration in May 2008. Persil, the Daily Telegraph relates, called in Baker Tilly as administrators. The Daily Telegraph says Persil's debt have been put into a separate vehicle called PSL Recoveries. Unilever holds a 75% stake in the company, the paper discloses. Persil is a dry cleaning company that operates shops in 75 Sainsbury's stores. The company was set up by Unilever through its Unilever Ventures arm. It employed 395 people in 2006. PROFESSIONAL RECRUITMENT: Court Appoints Provisional Liquidator --------------------------------------------------------------- The Secretary of State for Business, Enterprise & Regulatory Reform has presented a petition in the High Court to wind up Professional Recruitment Direct Ltd. in the public interest. The company dealt with NHS Trusts throughout the UK, private hospitals, charities, and Government Departments. A petition to wind up the company was presented following an investigation carried out by Companies Investigation Branch under section 447 of the Companies Act 1985 (as amended). The Official Receiver has been appointed provisional liquidator of the company. The role of the provisional liquidator is to protect assets in the possession or under the control of the company pending the determination of the petition. The provisional liquidator also has the power to investigate the affairs of the company insofar as it is necessary to protect the assets including any third party or trust monies or assets in the possession of or under the control of the company. The case is now subject to High Court action and no further information will be made available until the petitions are heard in the High Court on June 30, 2008. Based in Leamington Spa, England, Professional Recruitment Direct Ltd., carried on business as a publisher of a medical recruitment journal, and generated income from the sale of advertising space for medical recruitment advertisements. TAG4 LTD: Calls In Liquidators from Tenon Recovery -------------------------------------------------- A. J. Pear and I. Cadlock of Tenon Recovery were appointed joint liquidators of Tag4 Ltd. on May 20, 2008, for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Third Floor Lyndean House 43/46 Queens Road Brighton East Sussex BN1 3XB England TRADE BINDERS: Appoints BDO Stoy as Joint Administrators -------------------------------------------------------- C.K. Rayment and D.H. Gilbert of BDO Stoy Hayward were appointed joint administrators of Trade Binders Daventry Ltd. (Company Number 05395697) on May 23, 2008. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. The company can be reached at: Trade Binders Daventry Ltd. Unit 1-2 South March Daventry Northamptonshire NN11 4PH England Tel: 01327 704 911 Fax: 01327 872 588 Web site: http://www.whtradebinders.co.uk/ * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) BELGIUM ------- Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) Setuza A.S. (55) 145 (1,120) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Arbel ARB (150) 138 (96) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Euro Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (67) 301 (13) Matussiere et Forest S.A. MTF (78) 294 (28) Outremer Telecom OMT (33) 229 (88) Pagesjaunes GRP PAJ (3,023) 1,377 (311) Pneumatiques Kleber S.A. (34) 480 139 SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 Selcodis S.A. SPVX (9) 134 (26) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Alno AG ANO (21) 340 (61) Babcock Borsig BBX (1608) 137 (1,309) CBB Holding AG COB (43) 905 N.A. Cinemaxx AG MXC (27) 177 (30) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (10) 111 N.A. Kabel Deutschland (1,199) 2,280 (306) Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (4) 201 (20) Nordsee AG (8) 195 (31) Primacom AG PRC (5) 662 (47) Schaltbau Hold SLT (3) 240 14 SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) TA Triumph-Adler TWN (72) 462 (53) GREECE ------ Petzetakis-PFC PETZP (8) 263 (98) Radio A.Korassidis KORA (101) 181 (139) Commercial HUNGARY ------- Exbus PLC EXBUS (30) 118 (5,162) ICELAND ------- Decode Genetics Inc. DCGN (146) 156 48 IRELAND ------- Elan Corp PLC ELN (388) 1,599 484 Waterford Wed Ut WTFU (145) 897 208 ITALY ----- A.S. Roma S.p.A. ASR (12) 188 (49) Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Gruppo Coin S.p.A. GC (154) 801 (50) Compagnia Italia ICT (138) 527 (235) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) I Viaggi del Ventaglio S.p.A. VVE (64) 529 (88) Lazio S.p.A. SSL (32) 254 (33) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Snia S.p.A. SN (39) 275 36 Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Interoil Exploration IOX (9) 205 (11) Petroleum-Geo Services PGO (32) 2,963 (5,250) ROMANIA ------- Oltchim RM Valce OLT (430) 673 (417) Rafo Onesti RAF (354) 475 (1,421) RUSSIA ------ East Siberia Brd VSNK (79) 107 (278) Omskij Kauchu OMKA (4) 125 (1,794) OAO Samaraneftegas (332) 892 (16,942) Vimpel Ship SOVP (93) 281 (420) Zil Auto ZILLP (178) 425 (10,597) SPAIN ----- Altos Hornos de Vizcaya S.A. AHV (116) 1,283 (278) Santana Motor S.A. LRSA (46) 223 41 TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UKRAINE ------- Dniprooblenergo DNON (51) 433 (1,010) Donetskoblenergo DOON (341) 573 (2,365) UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc AMY (49) 932 (47) Atkins (WS) Plc ATK (150) 1,390 62 Bagleys Investment (247) 1,094 (126) BCH Group Plc BCH (6) 188 (44) Blenheim Group BEH (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Ltd (5,823) 4,921 290 British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 Carlisle Group (12) 204 15 Compass Group CPG (668) 2,972 (298) Dowson Holding DWN (18) 226 31 Dignity Plc DTY (9) 648 35 Easybroker PLC (1) 287 (1) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (2,266) 2,950 (296) Evans Healthcare (86) 239 (144) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (26) 1,273 (277) Imperial Chemical Industries Plc ICI (370) 8,393 2 Jarvis Plc JRVS.L (28) 370 (22) Ladbrokes Plc LAD (894) 2,139 (356) Lambert Fenchurch Group (1) 1,827 3 Legal & Gen. Fin. (7) 3,576 (522) M 2003 Plc (2,204) 7,205 (756) Misys Plc MSY (7) 1,123 (131) Mytravel Group MT.L (380) 1,818 (488) New Star Asset (418) 368 10 Next Plc (156) 3,224 (63) Norbain Finance (10) 280 (10) Orange Plc ORNGF (594) 2,902 7 Rank Group Plc (26) 1,209 (88) Regus Plc (46) 367 (60) Saatchi & Saatchi SSI (119) 705 (41) SFI Group SUF (108) 178 (162) Skyepharma PLC SKP (117) 212 11 Spirit Group (75) 365 (56) Telewest Communications Plc TLWT (3,702) 7,581 (5,631) Trio Finance TRIO (14) 592 N.A. Webley Stadium (55) 1,561 (45) Wincanton Plc WIN (27) 1,451 (78) ********* 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 * * *