/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080613.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 Friday, June 13, 2008, Vol. 9, No. 117 Headlines A U S T R I A B2 LLC: Claims Registration Period Ends June 23 D & E DISCO: Claims Registration Period Ends July 8 EL-DEMIRY KEG: Claims Registration Period Ends July 9 INSTITUT FUER FINANZPLANUNG: Claims Registration Ends June 30 G E R M A N Y ALTEN-PFLEGEHEIM HAUS: Claims Registration Period Ends June 23 AUGENOPTIK GALLUS: Claims Registration Ends July 1 AUTOHAUS BORMANN: Creditors Must File Claims by July 2 BAUEN UND WOHNEN: Claims Registration Ends July 1 DAMENMODEN R. HENKEL: Creditors' Meeting Slated for June 26 DOLLINGER KONZEPT: Claims Registration Ends July 1 DS METALLTREPPEN: Claims Registration Ends July 1 EUROGRAPHIC GMBH: Claims Registration Period Ends June 23 GOTEXX GMBH: Claims Registration Period Ends June 20 HD ENERGIE: Claims Registration Period Ends June 24 HELMUT SCHMID: Creditors Must File Claims by July 2 HOERRLEIN BIOFEINKOS: Creditors Must File Claims by July 2 IKB DEUTSCHE: KfW to Decide Stake Buyer Next Month LANGE PRINT: Creditors Must File Claims by July 2 LUCON-BAU GMBH: Claims Registration Period Ends June 30 PLASTWOOD.DE GMBH: Creditors Must File Claims by July 2 POKORNY YACHTHAFENAUSRUESTUNG: Creditors' Claims Due July 2 REIMERS-BAUWERK-SANIERUNG: Creditors Must File Claims by July 2 SCHWALMSTADT BAUMARKT: Claims Registration Ends July 1 SCHWEISSTECHNIK BELZ: Creditors Must File Claims by July 2 SEWA MOTORRADHANDELSGESELLSCHAFT: Creditors' Claims Due July 2 SPEZIALBROTE GMBH: Creditors Must File Claims by July 2 ZIMMEREI HUBERTUS: Claims Registration Ends June 30 I R E L A N D DA VINCI: S&P Rates Class C Notes at BB+ with Watch Negative MARYBOROUGH: Court Orders Director to Repay EUR24.2Mln Bank Debt I T A L Y ALITALIA SPA: European Commission Launches Probe vs Funding ALITALIA SPA: Italy Preparing Reply to Commission Loan Probe K A Z A K H S T A N MEHTRANS LLP: Creditors Must File Claims by July 18 NOVA POWERS: Claims Deadline Slated for July 22 PAVLODAR-PARUS LLP: Claims Filing Period Ends July 23 PAVLODAR STROY: Creditors' Claims Due on July 23 REMGORSERVICE 2003: Claims Registration Ends July 18 RIAN-STROY-SERVICE LLP: Creditors Must File Claims by July 18 SAYBOLT-KAZAKHSTAN LLP: Claims Deadline Slated for July 23 K Y R G Y Z S T A N NICOLE TRADE: Creditors Must File Claims by July 11 N E T H E R L A N D S CORPORATE EXPRESS: Moody's Puts Ratings Under Review for Upgrade X5 RETAIL: Commences Mercado Supercenter Operation in Lipetsk R U S S I A AGRO-SERVICE OJSC: Proofs of Claim Filing Deadline Set June 24 AVIATRADE LLC: Proofs of Claim Filing Deadline Set June 24 BELLE FEMME: Creditors Must File Claims by June 24 EAST LLC: Proofs of Claim Filing Deadline Set July 24 ELITA CJSC: Proofs of Claim Filing Deadline Set July 24 LAKOKRASKA OJSC: Creditors Must File Claims by July 24 NATSI-KHABAROVSK LLC: Proofs of Claim Deadline Set June 24 PALLADA CJSC: Proofs of Claim Filing Deadline Set July 24 SARGATSKAYA SEL-KHOZ-TEKHNIKA: Creditors' Claims Due June 24 SEVERSTAL OAO: Waives Essar Agreement Termination Condition SIBERIAN LOGISTIC: Proofs of Claim Filing Deadline Set July 24 SOURCE-4 LLC: Proofs of Claim Filing Deadline Set July 24 SUZUNSK-AGRO-TRANS: Proofs of Claim Filing Deadline Set July 24 VIMPEL-COMMUNICATIONS: Board Names Alexey Reznikovich as Chair VORONEZHSKAYA GLASS: Creditors Must File Claims by June 24 X5 RETAIL: Commences Mercado Supercenter Operation in Lipetsk ZHDANOVSKIY WOOD-PROM-KHOZ: Creditors' Claims Due June 24 S P A I N NEWARK GROUP: S&P Cuts Corporate Credit Rating to B U K R A I N E AGRO LLC: Creditors Must File Claims by June 26 BATKIVSCHINA LLC: Creditors Must File Claims by June 26 DUG-INVEST LLC: Creditors Must File Claims by June 26 IMEKS CMBH: Creditors Must File Claims by June 26 KOPACHEVKA AGRICULTURAL: Proofs of Claim Deadline Set June 26 LVOVBUILDING: Proofs of Claim Deadline Set June 26 SALERI LLC: Creditors Must File Claims by June 26 VIDRODZHENNIA LLC: Proofs of Claim Deadline Set June 26 VINNICA SOUTH: Proofs of Claim Deadline Set June 26 ZELENKOVKA LLC: Creditors Must File Claims by June 26 * S&P Lowers Kyiv's Rating to B+ on Limited Fiscal Flexibility * S&P Cuts Ukraine's Foreign Currency Sovereign Rating to B+ U N I T E D K I N G D O M A & E WHITE: Brings In Liquidators from Tenon Recovery ACCIDENT BENEFIT: Steven Draine Leads Liquidation Procedure APB COLOUR: Goes Into Administration; 22 Jobs Affected BAA LIMITED: May 2008 Passenger Traffic Drops to 12.7 Million EDMUND ROBSON: Calls In Liquidators from Tenon Recovery J. MCINTYRE: Appoints M. C. Bowker as Liquidator RV CAPITAL: Taps Liquidators from Grant Thornton THIYAN INVESTMENT: Goes Into Receivership; Council Seeks CPO * BOOK REVIEW: Crafting Solutions for Troubled Businesses ********* ============= A U S T R I A ============= B2 LLC: Claims Registration Period Ends June 23 ----------------------------------------------- Creditors owed money by LLC B2 (FN 256562y) have until June 23, 2008, to file written proofs of claim to court- appointed estate administrator Michael Krautzer at: Dr. Michael Krautzer Hans-Gasser-Platz 3/II 9500 Villach Austria Tel: 04242/21223 Fax: 04242/21223-33 E-mail: mitzner.krautzer@utanet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on June 30, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Meeting Room 225 Second Floor Klagenfurt Austria Headquartered in Villach, Austria, the Debtor declared bankruptcy on May 20, 2008 (Bankr. Case No. 41 S 55/08y). D & E DISCO: Claims Registration Period Ends July 8 --------------------------------------------------- Creditors owed money by LLC D & E Disco Event (FN 270438d) have until July 8, 2008, to file written proofs of claim to court- appointed estate administrator Georg Schober at: Dr. Georg Schober Hauptplatz 11 2700 Wiener Neustadt Austria Tel: 02622/23228 Serie Fax: 02622/23228-26 E-mail: g.schober@schober.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on July 22, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Wiener Neustadt, Austria, the Debtor declared bankruptcy on May 20, 2008 (Bankr. Case No. 11 S 49/08d ). EL-DEMIRY KEG: Claims Registration Period Ends July 9 ----------------------------------------------------- Creditors owed money by KEG EL-DEMIRY (FN 152183z) have until July 9, 2008, to file written proofs of claim to court-appointed estate administrator Annemarie Kosesnik-Wehrle at: Dr. Annemarie Kosesnik-Wehrle c/o Dr. Stefan Langer Oelzeltgasse 4/6 1030 Vienna Austria Tel: 713 61 92 Fax: 713 61 92 22 E-mail: kanzlei@kosesnik-langer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on July 23, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 20, 2008 (Bankr. Case No. 2 S 61/08w). Stefan Langer represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings. INSTITUT FUER FINANZPLANUNG: Claims Registration Ends June 30 ------------------------------------------------------------- Creditors owed money by LLC Institut fuer Finanzplanung (FN 222883w) have until June 30, 2008, to file written proofs of claim to court-appointed estate administrator Barbara Senninger at: Mag. Barbara Senninger Kastellstrasse 4 7551 Stegersbach Austria Tel: 03326/52423 Fax: 03326/54156 E-mail: office@anwalt-bgld.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on July 14, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Eisenstadt Hall F Eisenstadt Austria Headquartered in Guettenbach, Austria, the Debtor declared bankruptcy on May 16, 2008 (Bankr. Case No. 26 S 40/08x). ============= G E R M A N Y ============= ALTEN-PFLEGEHEIM HAUS: Claims Registration Period Ends June 23 -------------------------------------------------------------- Creditors of Alten-Pflegeheim Haus Bartholomaus GmbH have until June 23, 2008, to register their claims with court-appointed insolvency manager Stephanie Pidun. Creditors and other interested parties are encouraged to attend the meeting at 10;30 a.m. on July 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cuxhaven Hall 112 Old Building Deichstr. 12 A 27472 Cuxhaven 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: Stephanie Pidun Jungfernstieg (Prien-Haus) 51 20354 Hamburg Germany Tel: 040 808136-400 Fax: 040 808136-411 The District Court of Cuxhaven opened bankruptcy proceedings against Alten-Pflegeheim Haus Bartholomaus GmbH on June 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Alten-Pflegeheim Haus Bartholomaus GmbH Attn: Markus Selzer, Manager Speckhof 10 21769 Lamstedt Germany AUGENOPTIK GALLUS: Claims Registration Ends July 1 -------------------------------------------------- Creditors of Augenoptik Gallus GmbH i.L. have until July 1, 2008 to register their claims with court-appointed insolvency manager Carsten Lange. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Cologne Meeting Hall 142 First Floor Luxemburger Str. 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Carsten Lange Bismarckstrasse 27-29 50672 Cologne Germany Tel: 0221 95 27 51-10 Fax: 0221 95 27 51-26 The District Court of Cologne opened bankruptcy proceedings against Augenoptik Gallus GmbH i.L. on May 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Augenoptik Gallus GmbH i.L. Hermuelheimer Str. 279 50354 Huerth Germany AUTOHAUS BORMANN: Creditors Must File Claims by July 2 ------------------------------------------------------ Creditors of Autohaus Bormann GmbH have until July 2, 2008, to register their claims with court-appointed insolvency manager Wilhelm Perk. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wilhelm Perk Neue Strasse 32 38300 Wolfenbuettel Germany Tel: (05331) 988040 Fax: (05331) 988060 The District Court of Braunschweig opened bankruptcy proceedings against Autohaus Bormann GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Bormann GmbH Attn: Gerhard Bormann, Manager Im Sommerfeld 1 38304 Wolfenbuettel Germany BAUEN UND WOHNEN: Claims Registration Ends July 1 ------------------------------------------------- Creditors of Bauen und Wohnen mbH have until July 1, 2008 to register their claims with court-appointed insolvency manager Olaf Suehrer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Aug. 12, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Hall 4.308 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt 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: Olaf Suehrer Steubenplatz 12 64293 Darmstadt Germany Tel: 06151/136270 Fax: 06151/1362729 The District Court of Darmstadt opened bankruptcy proceedings against Bauen und Wohnen mbH on May 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauen und Wohnen mbH Georgenhauserstrasse 7a 64409 Messel Germany Attn: Ingo Popiolek, Manager Hauptstrasse 40A 64331 Weiterstadt Germany DAMENMODEN R. HENKEL: Creditors' Meeting Slated for June 26 ----------------------------------------------------------- The court-appointed insolvency manager for Damenmoden R. Henkel GmbH, Christine Frosch will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:10 a.m. on June 26, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Wittlich Hall 3 Kurfuerstenstrasse 63 54516 Wittlich Germany The Court will also verify the claims set out in the insolvency manager's report at 9:30 a.m. on July 24, 2008, at the same venue. Creditors have until June 23, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christine Frosch Simeonstr. 5 54290 Trier Germany Tel: 0651-9941060 Fax: 0651-9941061 The District Court of Wittlich opened bankruptcy proceedings against Damenmoden R. Henkel GmbH on June 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Damenmoden R. Henkel GmbH Attn: Rosemarie Henkel, Manager Himmeroder Str. 8 54516 Wittlich Germany DOLLINGER KONZEPT: Claims Registration Ends July 1 -------------------------------------------------- Creditors of Dollinger Konzept Bau GmbH have until July 1, 2008 to register their claims with court-appointed insolvency manager Harry Kressl. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Aug. 5, 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 Mosbach Meeting Hall 12 Lohrtalweg 2 74821 Mosbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Harry Kressl Uhlandstr. 57-61 74072 Heilbronn Germany Tel: 07131/965415 The District Court of Mosbach opened bankruptcy proceedings against Dollinger Konzept Bau GmbH on May 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dollinger Konzept Bau GmbH Attn: Uwe F. Dollinger and Juergen Pahl, Managers Lindenstr. 2 74869 Schwarzach Germany DS METALLTREPPEN: Claims Registration Ends July 1 ------------------------------------------------- Creditors of DS Metalltreppen GmbH have until July 1, 2008 to register their claims with court-appointed insolvency manager Dr. Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on July 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Biner Bahr Graf-Adolf-Platz 15 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against DS Metalltreppen GmbH on June 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DS Metalltreppen GmbH Hitdorfer Strasse 37-39 40764 Langenfeld Germany Attn: Bernd Grabenkamp, Manager Zum Brauhaus 19 40764 Langenfeld Germany EUROGRAPHIC GMBH: Claims Registration Period Ends June 23 --------------------------------------------------------- Creditors of Eurographic GmbH have until June 23, 2008, to register their claims with court-appointed insolvency manager Kay Hassler. Creditors and other interested parties are encouraged to attend the meeting at 10:55 a.m. on July 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Flensburg Hall A 220 Suedergraben 22 Flensburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Kay Hassler c/o Ehler, Ermer und Partner Wrangelstrasse 17-19 24937 Flensburg Germany The District Court of Flensburg opened bankruptcy proceedings against Eurographic GmbH on June 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eurographic GmbH Heideland 1-7 24941 Handewitt Germany GOTEXX GMBH: Claims Registration Period Ends June 20 ---------------------------------------------------- Creditors of GOtexx GmbH have until June 20, 2008, to register their claims with court-appointed insolvency manager Thomas Kehe. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 18, 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 Goslar II/F Third Floor Haus II Kaiserbleek 8 38640 Goslar Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Kehe Braunschweiger Str. 15a D 38723 Seesen Germany Tel: 05381/93 56-0 Fax: 05381/93 56 44 The District Court of Goslar opened bankruptcy proceedings against GOtexx GmbH on June 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GOtexx GmbH Attn: Adem Aydemir, Manager Briete Str. 92 38640 Goslar Germany HD ENERGIE: Claims Registration Period Ends June 24 --------------------------------------------------- Creditors of hd Energie GmbH have until June 24, 2008, to register their claims with court-appointed insolvency manager Holger Kas. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Giessen Hall 326 Third Floor Building B Gutfleischstrasse 1 35390 Giessen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Holger Kas Marktlaubenstrasse 9 35390 Giessen Germany Tel: 0641/93243-0 Fax: 0641/932-4350 The District Court of Giessen opened bankruptcy proceedings against hd Energie GmbH on June 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: hd Energie GmbH Fischbach 15 35418 Buseck Germany HELMUT SCHMID: Creditors Must File Claims by July 2 --------------------------------------------------- Creditors of Helmut Schmid GmbH & Co. KG have until July 2, 2008, to register their claims with court-appointed insolvency manager Albert Hirt. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Aug. 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Hall 13 Ground 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: Albert Hirt Berner Feld 74 78628 Rottweil Tel: 0741/17540-50 Fax: 0741/17540-20 The District Court of Stuttgart opened bankruptcy proceedings against Helmut Schmid GmbH & Co. KG on May 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Helmut Schmid GmbH & Co. KG Ernst-Heinkel Str. 8 70734 Fellbach Germany Attn: Richard Sommer, Manager Banweg 17/1 72131 Ofterdingen Germany HOERRLEIN BIOFEINKOS: Creditors Must File Claims by July 2 ---------------------------------------------------------- Creditors of Hoerrlein BioFeinkost GmbH have until July 2, 2008, to register their claims with court-appointed insolvency manager Ulrich Luppe. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 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: Ulrich Luppe Hansering 9/10 06108 Halle Germany Tel: 0345/614070 Fax: 0345/6140710 The District Court of Halle (Saale) opened bankruptcy proceedings against Hoerrlein BioFeinkost GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hoerrlein BioFeinkost GmbH Ringstr. 3 06188 Landsberg OT Queis Germany IKB DEUTSCHE: KfW to Decide Stake Buyer Next Month -------------------------------------------------- The German Federal government and Kreditanstalt fur Wiederaufbau Bankengruppe will choose a buyer for its 45.5% stake in IKB Deutsche Industriebank AG in July 2008, Thomson Financial News relates citing an unsourced Handelsblatt report. As previously reported in the TCR-Europe, KfW said it received several serious and interesting offers, including from Skandinaviska Enskilda Banken AB, Lone Star and Ripplewood. "We are confident that we will reach a deal on the basis of the offers," Deputy Finance Minister Thomas Mirow was quoted by Handelsblatt as saying. About IKB Deutsche Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * Moody's Investors Service currently rates IKB Deutsche Industriebank AG's bank financial strength at E; subordinated debt at Ba2; junior subordinated securities at Ca and hybrid capital instruments eligible for Tier 1 capital and the preferred securities of IKB Funding Trust I & II at Caa3. The ratings, which were downgraded to their current level in April 2008, have stable outlook. LANGE PRINT: Creditors Must File Claims by July 2 ------------------------------------------------- Creditors of Lange Print Production GmbH & Co. KG have until July 2, 2008, to register their claims with court-appointed insolvency manager Klaus Wrede. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Magdeburg Hall D Insolvency Department Liebknechtstrasse 65-91 39110 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: Klaus Wrede Lennestrasse 10 39112 Magdeburg Germany Tel: 0391/5973315 Fax: 0391/5973333 The District Court of Magdeburg opened bankruptcy proceedings against Lange Print Production GmbH & Co. KG on May 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lange Print Production GmbH & Co. KG Suelzborn 9 39128 Magdeburg Germany LUCON-BAU GMBH: Claims Registration Period Ends June 30 ------------------------------------------------------- Creditors of Lucon-Bau GmbH Bauunternehmung have until June 30, 2008, to register their claims with court-appointed insolvency manager Hendrik Hefermehl. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on July 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Hall 4 Hauffstr. 5 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: Dr. Hendrik Hefermehl Olgastr. 54 70182 Stuttgart Germany Tel: 0711/16 55 30 Fax: 0711/16 55 399 The District Court of Stuttgart opened bankruptcy proceedings against Lucon-Bau GmbH Bauunternehmung on May 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lucon-Bau GmbH Bauunternehmung Attn: Luise Hoyer, Manager Boeblinger Str. 176 70199 Stuttgart Germany PLASTWOOD.DE GMBH: Creditors Must File Claims by July 2 ------------------------------------------------------- Creditors of PLASTWOOD.de GmbH have until July 2, 2008, to register their claims with court-appointed insolvency manager Stephan Laubereau. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wiesbaden Hall E 36 A Third Floor Building E Moritzstrasse 5 65185 Wiesbaden 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 Laubereau c/o Pluta Rechtsanwalts GmbH Buero Frankfurt/Main Trakehner Strasse 7-9 Eingang A 60487 Frankfurt am Main Germany Tel: 069/850 9693 0 Fax: 069/850 9693 29 The District Court of Wiesbaden opened bankruptcy proceedings against PLASTWOOD.de GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PLASTWOOD.de GmbH Edoardo Pio Tusacciu Kreuzberger Ring 46 65205 Wiesbaden Germany POKORNY YACHTHAFENAUSRUESTUNG: Creditors' Claims Due July 2 ----------------------------------------------------------- Creditors of Pokorny Yachthafenausruestung GmbH have until July 2, 2008, to register their claims with court-appointed insolvency manager Thilo Streck. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Stade Hall 113 Main Building Wilhadikirchhof 1 21682 Stade 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: Thilo Streck Neuer Wall 86 20354 Hamburg Germany The District Court of Stade opened bankruptcy proceedings against Pokorny Yachthafenausruestung GmbH on May 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pokorny Yachthafenausruestung GmbH Baljerdorf 41 21730 Balje Germany REIMERS-BAUWERK-SANIERUNG: Creditors Must File Claims by July 2 --------------------------------------------------------------- Creditors of REIMERS-Bauwerk-Sanierung GmbH have until July 2, 2008, to register their claims with court-appointed insolvency manager Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jan H. Wilhelm Albert-Einstein-Ring 11/15 22761 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against REIMERS-Bauwerk-Sanierung GmbH on April 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: REIMERS-Bauwerk-Sanierung GmbH Rotenhauser Str. 8 21109 Hamburg Germany SCHWALMSTADT BAUMARKT: Claims Registration Ends July 1 ------------------------------------------------------ Creditors of Schwalmstadt-Baumarkt Heinrich Schmitt jun. GmbH & Co. KG have until July 1, 2008 to register their claims with court-appointed insolvency manager Dr. Hans-Joerg Laudenbach. Claims will be verified at 8:15 a.m. on Aug. 6, 2008 at: The District Court of Marburg/Lahn Hall 157 Universitatsstrasse 48 35037 Marburg/Lahn Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hans-Joerg Laudenbach Fach 62 Carlo-Mierendorff-Strasse 15 35398 Giessen Germany Tel: 0641/98292-15 Fax: 0641/98292-16 The District Court of Marburg/Lahn opened bankruptcy proceedings against Schwalmstadt-Baumarkt Heinrich Schmitt jun. GmbH & Co. KG on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schwalmstadt-Baumarkt Heinrich Schmitt jun. GmbH & Co. KG Attn: Heinrich Schmitt-Muecke, Manager Erich-Rohde-Strasse 8 34613 Schwalmstadt Germany SCHWEISSTECHNIK BELZ: Creditors Must File Claims by July 2 ---------------------------------------------------------- Creditors of Schweisstechnik Belz GmbH have until July 2, 2008, to register their claims with court-appointed insolvency manager Bettina Schmudde. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bettina Schmudde Jungfernstieg 51 20354 Hamburg Germany The District Court of Schwerin opened bankruptcy proceedings against Schweisstechnik Belz GmbH on May 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schweisstechnik Belz GmbH Schweriner Strasse 5 23970 Wismar Germany SEWA MOTORRADHANDELSGESELLSCHAFT: Creditors' Claims Due July 2 -------------------------------------------------------------- Creditors of SEWA Motorradhandelsgesellschaft mbH have until July 2, 2008, to register their claims with court-appointed insolvency manager Hermann Wittebrock. Creditors and other interested parties are encouraged to attend the meeting at 8:45 am. on July 29, 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 Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach 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: Hermann Wittebrock Pestelstrasse 4 66119 Saarbruecken Germany The District Court of Saarbruecken opened bankruptcy proceedings against SEWA Motorradhandelsgesellschaft mbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SEWA Motorradhandelsgesellschaft mbH Hauptstrasse 142 66557 Illingen Germany SPEZIALBROTE GMBH: Creditors Must File Claims by July 2 ------------------------------------------------------- Creditors of Spezialbrote GmbH Sauda & Ratschiller have until July 2, 2008, to register their claims with court-appointed insolvency manager Kurt Bruder. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on July 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Kurt Bruder Herzog-Wilhelm-Str. 17 80331 Munich Germany The District Court of Munich opened bankruptcy proceedings against Spezialbrote GmbH Sauda & Ratschiller on May 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spezialbrote GmbH Sauda & Ratschiller Kopernikusstr. 17 85609 Aschheim Germany ZIMMEREI HUBERTUS: Claims Registration Ends June 30 --------------------------------------------------- Creditors of Zimmerei Hubertus Friedlander GmbH have until June 30, 2008 to register their claims with court-appointed insolvency manager Oliver Schulte. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 1, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Arnsberg Meeting Hall 328 Ground Floor Eichholzstr. 4 59821 Arnsberg 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: Oliver Schulte Lanfertsweg 78 59782 Meschede Germany The District Court of Arnsberg opened bankruptcy proceedings against Zimmerei Hubertus Friedlander GmbH on May 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Zimmerei Hubertus Friedlander GmbH Brabecke 42 57392 Schmallenberg Germany Attn: Hubertus Friedlander, Manager Halbeswig 2 59909 Bestwig Germany ============= I R E L A N D ============= DA VINCI: S&P Rates Class C Notes at BB+ with Watch Negative ------------------------------------------------------------ Standard & Poor's Ratings Services placed its ratings on three classes from the Da Vinci Synthetic PLC securitization on CreditWatch with negative implications. The CreditWatch placements primarily reflect the effects of a slowing global economy, rapidly increasing fuel prices, a deteriorating airline industry outlook, and market pressure on the value of some of the aircraft in this transaction's collateral pool. Approximately 21% of the aircraft related to the Da Vinci obligations (as a percentage of the reference obligation notional amount) are, in our opinion, currently under significant market pressure. These planes, particularly MD80s, 50-seat regional jets, B737-300s, and B737-500s, are less fuel- efficient than many other models, a disadvantage that the recent rapid surge in jet fuel prices has magnified substantially. In addition, approximately 23% of the portfolio is exposed to the airlines that Standard & Poor's has determined to have weakened financial and liquidity outlooks, including several U.S. airlines with ratings currently on CreditWatch with negative implications. The combination of rising fuel prices and other economic and reference-portfolio-specific risks prompted us to review our ratings on the outstanding securities associated with this transaction. Within the next 90 days, Standard & Poor's will review the ratings S&P placed on CreditWatch negative to determine to what extent, if any, additional rating actions are warranted. Ratings Placed on Creditwatch Negative Da Vinci Synthetic PLC Class Rating To From A A/Watch Neg A B BBB/Watch Neg BBB C BB+/Watch Neg BB+ MARYBOROUGH: Court Orders Director to Repay EUR24.2Mln Bank Debt ---------------------------------------------------------------- The High Court has ordered Tony Browne, a director of Maryborough Construction, to repay the company's EUR24.2 million debt to Anglo Irish Bank, Laura Noon and Tim Healy write for independent.ie The amount, independent.ie adds, includes interest charges. independent.ie relates Anglo Irish Bank, which granted a EUR23.5 million loan to Maryborough in September 2006, asked the High Court to enforce Mr. Browne's personal guarantees. Mr. Browne, however, made no defense to the claim, independent.ie discloses, citing Justice Peter Kelly. Based in Roscrea, Ireland, Maryborough went into receivership in January 2008 after failing to secure EUR65 million for its Portlaoise mixed development, independent. ie reveals. In November 2007, the High Court appointed an examiner to the company, indepedent.ie adds. ========= I T A L Y ========= ALITALIA SPA: European Commission Launches Probe vs Funding ----------------------------------------------------------- The European Commission commenced June 11, 2008, an in-depth probe into the Italian government's EUR300-million emergency financing to Alitalia S.p.A., various reports say. During the probe, which may last up to 18 months, the Italian government must prove that the loan was offered to Alitalia on commercial terms and does not constitute illegal state aid, Peppi Kiviniemi writes for the Wall Street Journal. Commission spokesman Mark English noted to Agenzia Giornalistica Italia that the probe is not "an infraction procedure, but a normal investigation into a potential state assistance." Mr. English, AGI relates, said the probe may found out: * the loan does not constitute state aid; * the financing constitutes state aid but complies with European Union regulations; or * the funding constitutes illegal state aid. Under EU's "one time, last time" principle, a company beneficiary of a state aid cannot receive additional rescue or restructuring funding within 10 years since its accepted financial assistance. Alitalia cannot receive further aid until 2011, since it took fiscal assistance in 2001. If the Commission rules the funding violates state aid rule, it may ask Italy to recover the amount from Alitalia. The Commission said Alitalia's weak coffers have raised doubts on the legality of the loan. 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: Italy Preparing Reply to Commission Loan Probe ------------------------------------------------------------ The Italian government is preparing replies to queries raised by the European Commission over its EUR300-million funding provided to Alitalia S.p.A., Thomson Financial News reports, citing Infrastructure Minister Altero Matteoli. According to Mr. Matteoli, Thomson Financial News relates, the Commission gave one month to provide reasons for the decree granting the loan. Italy, in its technical report, said the cash grant will temporarily help Alitalia avoid liquidation or administration. Italy converted the loan into Alitalia's capital, a move that may allow auditors to approve its 2007 results. Italy 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. Meanwhile, Alitalia chairman Aristide Police defended the funding, saying it is compatible with the European Union rules on state aid. EU Transport Commissioner Antonio Tajani said Alitalia can continue to use the funds. 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. =================== K A Z A K H S T A N =================== MEHTRANS LLP: Creditors Must File Claims by July 18 --------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Mehtrans insolvent on April 18, 2008. Creditors have until July 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Kojedub Str. 46 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 52-72-51 8 777 257 87-33 NOVA POWERS: Claims Deadline Slated for July 22 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Nova Powers Industries insolvent. Creditors have until July 22, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 208 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (7162) 40-17-08 PAVLODAR-PARUS LLP: Claims Filing Period Ends July 23 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Pavlodar-Parus insolvent on April 30, 2008. Creditors have until July 23, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Parkovaya Str. 17 Pavlodar Kazakhstan Tel: 8 (7182) 34-70-34 PAVLODAR STROY: Creditors' Claims Due on July 23 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Pavlodar Stroy Holding insolvent on April 29, 2008. Creditors have until July 23, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Parkovaya Str. 17 Pavlodar Kazakhstan Tel: 8 (7182) 34-70-34 REMGORSERVICE 2003: Claims Registration Ends July 18 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Remgorservice 2003 insolvent. Creditors have until July 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan RIAN-STROY-SERVICE LLP: Creditors Must File Claims by July 18 ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Rian-Stroy-Service insolvent. Creditors have until July 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan SAYBOLT-KAZAKHSTAN LLP: Claims Deadline Slated for July 23 ---------------------------------------------------------- LLP SAYBOLT-KAZAKHSTAN has declared insolvency. Creditors have until July 23, 2008, to submit written proofs of claims to: LLP SAYBOLT-KAZAKHSTAN Micro District 3, 145-6 Aktau Mangistau Kazakhstan Tel: 8 (7292) 50-06-42 8 (7292) 50-12-10 =================== K Y R G Y Z S T A N =================== NICOLE TRADE: Creditors Must File Claims by July 11 --------------------------------------------------- LLC Nicole Trade Union has declared insolvency. Creditors have until July 11, 2008 to submit written proofs of claim to: LLC Nicole Trade Union Tynystanov Str. 64/1-10 Bishkek Kyrgyzstan Tel: (+996 312) 62-79-69 ===================== N E T H E R L A N D S ===================== CORPORATE EXPRESS: Moody's Puts Ratings Under Review for Upgrade ---------------------------------------------------------------- Moody's Investors Service changed the direction of the ongoing review of Corporate Express NV ratings (CFR at Ba3) to review for possible upgrade from direction uncertain. The rating action follows the recent announcement that the Executive Board and Supervisory Board of Corporate Express have unanimously recommended to Corporate Express' shareholders to accept the revised public offer from Staples Inc. (rated Baa1 under review for possible downgrade by Moody's) of EUR9.25 per ordinary share (increased from Euro 8.00 per ordinary share on June 3, 2008) in cash. Staples offer is also inclusive of an all cash offer for Corporate Express' 2% Subordinated convertible bonds due 2010, Preference Shares A of EUR3.15 per share. In addition, Staples has also made a cash tender offer to purchase all of Corporate Express U.S. Finance Inc.'s outstanding 8.25% and 7.875% Senior Subordinated Notes due in 2014 and 2015 respectively. In the light of these developments, the Boards of Corporate Express have terminated the merger agreement with Lyreco, which was announced on May 21, 2008. While in Moody's opinion upwards rating pressure would ensue on Corporate Express existing debt ratings if the the deal closes as planned and the company is acquired by Staples given Staples' scale and stronger financial profile as reflected in its Baa1 rating, Moody's notes that on June 6, 2007 Staples Acquisition BV (a wholly owned subsidiary of Staples Inc.) announced prices for the cash tender offer for the senior subordinated notes of Corporate Express (presently rated B2 by Moody's) and has reportedly received consents from holders of approximately ~99% each of the aggregate principal amount of the outstanding 8.25% 2014 and 7.875% 2015 notes. The revised offer expires on June 27, 2008 unless extended thereafter. Staples and Corporate Express expect the offer settlement to take place in July 2008. Ratings under review for possible upgrade are: Corporate Express NV: -- Corporate Family Rating: Ba3 -- Sr Sec Bank Credit Facility -Dom Curr: Ba2 -- Bkd Subordinate -Dom Curr: B2 Buhrmann US Inc (now Corporate Express US Finance Inc.): -- Bkd Senior Subordinate: B2 Corporate Express NV headquartered in Amsterdam, The Netherlands, is an international business-to-business services and distribution group, supplying office products and graphics systems and related services to the business market. The company reported net sales revenue of EUR5,631 million in the year to Dec. 31, 2007. X5 RETAIL: Commences Mercado Supercenter Operation in Lipetsk ------------------------------------------------------------- X5 Retail Group N.V. has launched its first hypermarket under Mercado Supercenter brand. The first Mercado Supercenter opened its doors to customers in Lipetsk, Russia, on June 10, 2008, as a result of restyling and rebranding of "My" hypermarket that was purchased by X5 within Korzinka acquisition in December 2007. The store has a net selling space of 6,000 sq. m. and offers approximately 40,000 SKUs, of which above 30% are non-food items. Goods from local producers account for above 20% of the store's assortment. "We are happy to announce the launch of our first Mercado Supercenter store," Antonio Melo, X5 Retail Group's Chief Operating Office, said. "X5's team has invested significant efforts in developing and implementing this new hypermarket concept, and we hope our customers will enjoy their shopping experience with us. Low prices, wide assortment of products, including goods from local producers, attractive loyalty program, modern design, convenient layout, sufficient parking and many other things were brought together for the launch of this store. Clearly we do not plan to stop where we are -� this is just the first step in execution of our strategy of rolling- out Mercado Supercenters across European Russia and Urals." About X5 Retail Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V. (LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm for the group of companies that operate retail grocery stores. The main activity of the company is the development and operation of grocery retail stores. The company operated Pyaterochka and Perekrestok retail chains in Russia, including Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara, Ekaterinburg and Kiev, Ukraine. * * * X5 Retail Group N.V. continues to carry a B1 Corporate Family Rating from Moody's Investors Service with positive outlook. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. =========== R U S S I A =========== AGRO-SERVICE OJSC: Proofs of Claim Filing Deadline Set June 24 -------------------------------------------------------------- Creditors of OJSC Agro-Service (TIN 4626000043) have until June 24, 2008, to submit proofs of claim to: E. Butov Insolvency Manager Post User Box 106 305016 Kursk Russia The Arbitration Court of Kursk has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as ?35� 9035/05g. The Court is located at: The Arbitration Court of Kursk K. Marksa Str. 25 305004 Kursk Russia AVIATRADE LLC: Proofs of Claim Filing Deadline Set June 24 ---------------------------------------------------------- Creditors of LLC Aviatrade (TIN 0814134412) have until June 24, 2008, to submit proofs of claim to: L. Darzhinov Insolvency Manager Gertsena Str. 1a. Elista 358003 Kalmykiya Republic Russia The Arbitration Court of Kalmykiya republic has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 22-268/08/14-32. BELLE FEMME: Creditors Must File Claims by June 24 -------------------------------------------------- Creditors of LLC Belle Femme have until June 24, 2008, to submit proofs of claim to: A. Kolyadinskiy Temporary Insolvency Manager Kalinina Str. 116/3A Blagoveshensk Russia The Arbitration Court of Khabarovsk has commenced bankruptcy supervision procedure on the company. The case is docketed as ?73-2009/2008-36. The Debtor can be reached at: LLC Belle Femme Remeslennaya Str. 15-5 Khabarovsk Russia EAST LLC: Proofs of Claim Filing Deadline Set July 24 ----------------------------------------------------- Creditors of LLC East (TIN 2221113912, OGRN 1052201959930) have until July 24, 2008, to submit proofs of claim to: V. Zabelin Insolvency Manager 1st Aviagorodok 11 672005 Chita Russia The Arbitration Court of Chita has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as ?78-548/2008 B-6. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: LLC East Kochetkova 18 672012 Chita Russia ELITA CJSC: Proofs of Claim Filing Deadline Set July 24 ------------------------------------------------------- Creditors of CJSC Elita have until July 24, 2008, to submit proofs of claim to: V. Prokofyev Insolvency Manager Post User Box 80 420094 Kazan Russia The Arbitration Court of Samara has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as ?55-3062/2008. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 443045 Samara Russia The Debtor can be reached at: CJSC Elita Yablonevyj Ovrag Zhigulevsk Stavropolskiy Samara Russia LAKOKRASKA OJSC: Creditors Must File Claims by July 24 ------------------------------------------------------ Creditors of OJSC Lakokraska have until July 24, 2008, to submit proofs of claim to: E. Feoktistov Temporary Insolvency Manager Post User Box 813 308001 Belgorod-1 Russia The Arbitration Court of Yaroslavl has commenced bankruptcy supervision procedure on the company. The case is docketed as ?82-935/2007-30-B/8. The Debtor can be reached at: OJSC Lakokraska Rosha Str. 16. Polushkina Yaroslavl Russia NATSI-KHABAROVSK LLC: Proofs of Claim Deadline Set June 24 ---------------------------------------------------------- Creditors of LLC Natsi-Khabarovsk have until June 24, 2008, to submit proofs of claim to: G. Chmutina Insolvency Manager 680028 Khabarovsk Russia Frunze Str. 119 Office 5 The Arbitration Court of Khabarovsk has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as ?73-3139/2008-38. The Debtor can be reached at: LLC Natsi-Khabarovsk Office 5 Pushkina Str. 23 A Khabarovsk Russia PALLADA CJSC: Proofs of Claim Filing Deadline Set July 24 --------------------------------------------------------- Creditors of CJSC Pallada (TIN 7743083754) have until July 24, 2008, to submit proofs of claim to: S. Zhumaev Insolvency Manager Post User Box 276 107078 Moscow Russia The Arbitration Court of Saratov has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as ?57-22027/07-8. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: CJSC Pallada 5th Dinamovskiy Per. 16 410036 Saratov Russia SARGATSKAYA SEL-KHOZ-TEKHNIKA: Creditors' Claims Due June 24 ------------------------------------------------------------ Creditors of OJSC Sargatskaya Sel-Khoz-Tekhnika (TIN 5532002960) have until June 24, 2008, to submit proofs of claim to:: V. Kozlov Temporary Insolvency Manager Kommunalnaya Str. 7-10 Omsk-83 Russia The Arbitration Court of Omsk has commenced bankruptcy supervision procedure on the company. The case was docketed as ? 46-2791/2008. The Court will convene on Aug. 19, 2008, to hear the case. The Debtor can be reached at: OJSC Sargatskaya Sel-Khoz-Tekhnika Kalinina Str. 2a. Sargatka Omsk Russia SEVERSTAL OAO: Waives Essar Agreement Termination Condition ----------------------------------------------------------- OAO Severstal is waiving the Essar agreement termination condition to its previously announced tender offer to acquire all of the outstanding shares of common stock of Esmark Incorporated . It had been a condition to the tender offer that Esmark validly terminate the Memorandum of Agreement, dated April 30, 2008, between Esmark and Essar Steel Holdings Limited and, if entered into prior to the expiration of the tender offer, the Agreement and Plan of Merger between Esmark and Essar Steel contemplated by the Memorandum of Agreement. On May 30, 2008, Severstal commenced the all cash US$17.00 per share tender offer to acquire Esmark shares. All other terms and conditions of the tender offer remain the same, as set forth in the Offer to Purchase filed with the U.S. Securities and Exchange Commission on May 30, 2008. Severstal's tender offer is scheduled to expire at 12:00 midnight, Eastern Daylight Time, on June 26, 2008, unless extended. Following completion of the tender offer, subject to the terms and conditions set forth in the Offer to Purchase, as amended, Severstal intends to consummate a second-step merger where all remaining Esmark stockholders will receive the same cash price paid in the tender offer, subject to any available appraisal rights under Delaware law. The tender offer is not conditioned on financing. Merrill Lynch is the Dealer Manager and Citibank, N.A. is the Depositary for the tender offer. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. * * * OAO Severstal continues to carry Ba2 Corporate Family, Senior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service, which said the the outlook on all ratings is stable. Moody's raised the company's ratings to its current level in October 2007. The company also carries BB long-term Foreign and Local Issuer Credit ratings from Standard & Poor's, which said the outlook is stable. Severstal carries BB- Issuer Default and Senior Unsecured ratings from Fitch, which said the outlook is positive. SIBERIAN LOGISTIC: Proofs of Claim Filing Deadline Set July 24 -------------------------------------------------------------- Creditors of OJSC Siberian Logistic Company have until July 24, 2008, to submit proofs of claim to: I. Pisarenko Insolvency Manager Garanina Str. 15. Novosibirsk Russia The Arbitration Court of Novosibirsk has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as ?45-7363/07-4/30. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: OJSC Siberian Logistic Company Dimitrova Str. 1 630099 Novosibirsk Russia SOURCE-4 LLC: Proofs of Claim Filing Deadline Set July 24 --------------------------------------------------------- Creditors of LLC Source-4 have until July 24, 2008, to submit proofs of claim to: E. Figurova Insolvency Manager Post User Box 5 690105 Vladivostok Russia The Arbitration Court of Primorye has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as ?51-10763/2007 11-163. The Court is located at: Arbitration Court of Primorye Room 313 Svetlanovskaya Str. 54 Vladivostok Russia The Debtor can be reached at: LLC Source-4 Nagornaya Str. 1. Partizansk Primorye Russia SUZUNSK-AGRO-TRANS: Proofs of Claim Filing Deadline Set July 24 --------------------------------------------------------------- Creditors of OJSC Suzunsk-Agro-Trans have until July 24, 2008, to submit proofs of claim to: S. Lebedev Insolvency Manager Office 310 Kamenskaya Str. 64a Novosibirsk Russia The Arbitration Court of Novosibirsk has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as ?45-12908/07-29/49. The Debtor can be reached at: OJSC Suzunsk-Agro-Trans Zapadnaya Str. 32. Suzun Novosibirsk Russia VIMPEL-COMMUNICATIONS: Board Names Alexey Reznikovich as Chair -------------------------------------------------------------- Alexey Reznikovich was elected Chairman of the Board of Directors of OJSC Vimpel-Communications. It was the first meeting of the new Board of Directors elected at the annual general meeting of VimpelCom's shareholders held in Moscow on June 9, 2008. "I am grateful to my colleagues for their trust and I look forward to working with my fellow Board members and VimpelCom's management to continue VimpelCom's long tradition of excellent performance, strong corporate governance and creating value for VimpelCom shareholders," Mr. Reznikovich said. Mr. Reznikovich has served as a Director of VimpelCom since May 2002. He was Chairman of the Board of Directors of Golden Telecom from May 2007 to February 2008. Since June 2005, Mr. Reznikovich has served as Chief Executive Officer of Altimo, which was created in 2005 to manage the telecoms investments of Alfa Group. He has also served as a Director of Alfa Group since 2002. Before joining Alfa, Mr. Reznikovich founded "EMAX," a business venture to develop internet centers in Russia, and was a member of the Boards of Directors of "EMAX" and "CAFEMAX," an Internet cafe chain, since February 2001. From 1998 through 2001, Mr. Reznikovich was a partner at McKinsey & Co., and prior to that he worked at Procter & Gamble in Italy and Transworld in the U.S. Mr. Reznikovich graduated from the Economics Faculty of Moscow State University and received an MBA from Georgetown University in USA and INSEAD in France in 1993. About VimpelCom Headquartered in Moscow, Russia, OJSC Vimpel-Communications (NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K- mobile' and 'EXCESS' brands in Kazakhstan. The group wholly owns Mobitel in Georgia. * * * OJSC Vimpel-Communications continues to carry Ba2 Corporate Family, Probability-of-Default and Senior Unsecured Debt Ratings with stable outlook from Moody's Investors Service. The agency affirmed the ratings in April 2008. The company also continues to carry BB+ long-term corporate credit and unsecured senior debt ratings with stable outlook from Standard & Poor's Ratings Services. VORONEZHSKAYA GLASS: Creditors Must File Claims by June 24 ---------------------------------------------------------- Creditors of CJSC Voronezhskaya Glass Company (TIN 3628008127) have until June 24, 2008, to submit proofs of claim to: S. Mikhaylova Temporary Insolvency Manager Apartment 36 Domostroiteley Str. 8 394051 Voronezh Russia The Arbitration Court of Voronezh has commenced bankruptcy supervision procedure on the company. The case was docketed as ?14-2137/2008 9/16b. The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: CJSC Voronezhskaya Glass Company Tsentralnaya Str. 1. Strelitsa Semilukskiy Voronezh Russia X5 RETAIL: Commences Mercado Supercenter Operation in Lipetsk ------------------------------------------------------------- X5 Retail Group N.V. has launched its first hypermarket under Mercado Supercenter brand. The first Mercado Supercenter opened its doors to customers in Lipetsk, Russia, on June 10, 2008, as a result of restyling and rebranding of "My" hypermarket that was purchased by X5 within Korzinka acquisition in December 2007. The store has a net selling space of 6,000 sq. m. and offers approximately 40,000 SKUs, of which above 30% are non-food items. Goods from local producers account for above 20% of the store's assortment. "We are happy to announce the launch of our first Mercado Supercenter store," Antonio Melo, X5 Retail Group's Chief Operating Office, said. "X5's team has invested significant efforts in developing and implementing this new hypermarket concept, and we hope our customers will enjoy their shopping experience with us. Low prices, wide assortment of products, including goods from local producers, attractive loyalty program, modern design, convenient layout, sufficient parking and many other things were brought together for the launch of this store. Clearly we do not plan to stop where we are -� this is just the first step in execution of our strategy of rolling- out Mercado Supercenters across European Russia and Urals." About X5 Retail Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V. (LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm for the group of companies that operate retail grocery stores. The main activity of the company is the development and operation of grocery retail stores. The company operated Pyaterochka and Perekrestok retail chains in Russia, including Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara, Ekaterinburg and Kiev, Ukraine. * * * X5 Retail Group N.V. continues to carry a B1 Corporate Family Rating from Moody's Investors Service with positive outlook. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. ZHDANOVSKIY WOOD-PROM-KHOZ: Creditors' Claims Due June 24 --------------------------------------------------------- Creditors of LLC Zhdanovskiy Wood-Prom-Khoz have until June 24, 2008, to submit proofs of claim to: I. Zhurenkov Temporary Insolvency Manager Post User Box 131 664025 Irkutsk Russia Tel. (3952) 34-21-09 The Arbitration Court of Irkutsk has commenced bankruptcy supervision procedure on the company. The case is docketed as ?19-2736/08-60. The Court will convene on Sept. 17, 2008 at 10:15 a.m. at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: LLC Zhdanovskiy Wood-Prom-Khoz Lesnaya Str. 2-2. Rudnogorsk Irkutsk Russia ========= S P A I N ========= NEWARK GROUP: S&P Cuts Corporate Credit Rating to B --------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on Cranford, N.J.-based The Newark Group Inc. S&P lowered the corporate credit rating to 'B' from 'B+'. The ratings remain on CreditWatch with negative implications, where they were placed on April 2, 2008. "The downgrade and continued CreditWatch listing reflect our assessment that Newark Group's operating performance will continue to suffer for at least the next several quarters because of difficult industry conditions," said Standard & Poor's credit analyst Andy Sookram. These include higher input costs and challenging prospects for price increases due to the downturn in the U.S. economy. As a result, S&P expects earnings to decline further, causing a material weakening of credit metrics and a heightened risk that the company may violate its senior leverage covenant in its bank credit facility in the near term. The company's senior leverage ratio at Jan. 31, 2008, was approximately 2.3x, compared with the maximum permitted under the covenant of 3.0x. This cushion is likely to materially contract in the near term given the difficult operating conditions. In resolving our CreditWatch listing, S&P will review the company's operating trends, price initiatives, financial projections, liquidity, and ability to maintain compliance with its financial covenants. ============= U K R A I N E ============= AGRO LLC: Creditors Must File Claims by June 26 ----------------------------------------------- Creditors of LLC Agricultural Firm Agro (code EDRPOU 31622863) have until June 26, 2008, to submit proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company after finding it insolvent on May 19, 2008. The case is docketed as 6/104-08. The Debtor can be reached at: LLC Agricultural Firm Agro Molodezhnaya Str. Berestovka Lipovodolinsky District 42513 Sumy Ukraine BATKIVSCHINA LLC: Creditors Must File Claims by June 26 ------------------------------------------------------- Creditors of LLC Batkivschina (code EDRPOU 30819303) have until June 26, 2008, to submit proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy proceedings against the company after finding it insolvent on May 17, 2008. The case is docketed as 32/102-07-3450. The Debtor can be reached at: LLC Batkivschina Kotovsky Str. 88 Buzinovo Ivanovsky District Odessa Ukraine DUG-INVEST LLC: Creditors Must File Claims by June 26 ----------------------------------------------------- Creditors of LLC Dug-Invest (code EDRPOU 32952915) have until June 26, 2008, to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on April 8, 2008. The case is docketed as B 24/155-08. The Debtor can be reached at: LLC Dug-Invest Karl Marks Avenue 2 49005 Dnipropetrovsk Ukraine IMEKS CMBH: Creditors Must File Claims by June 26 ------------------------------------------------- Creditors of LLC Imeks CMBH (code EDRPOU 20496380) have until June 26, 2008, to submit proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent on April 21, 2008. The case is docketed as 25/06/08-16/77-08. The Debtor can be reached at: LLC Imeks CMBH Lenin Str. 14/47 Dnieprorudnoye 71630 Zaporozhje Ukraine KOPACHEVKA AGRICULTURAL: Proofs of Claim Deadline Set June 26 ------------------------------------------------------------- Creditors of Kopachevka Agricultural LLC (code EDRPOU 03788081) have until June 26, 2008, to submit proofs of claim to: The Economic Court of Hmelnitskij Nezalezhnosti Square 1 29000 Hmelnitskij Ukraine The Economic Court of Hmelnitskiy commenced bankruptcy supervision procedure on the company on April 8, 2008. The case is docketed as 13/85-B. The Debtor can be reached at: Kopachevka Agricultural LLC Kopachevka Derazhnia District Hmelnitskij Ukraine LVOVBUILDING: Proofs of Claim Deadline Set June 26 -------------------------------------------------- Creditors of State Enterprise Housing and Communal Office Lvovbuilding (code EDRPOU 01275727) have until June 26, 2008, to submit proofs of claim to: The Economic Court of Lvov Lichakivska Str. 81 79010 Lvov Ukraine The Economic Court of Lvov commenced bankruptcy supervision procedure on the company on Feb. 25, 2008. The case is docketed as 29/32. The Debtor can be reached at: State Enterprise Housing and Communal Office Lvovbuilding Zelenaya Str. 107 79035 Lvov Ukraine SALERI LLC: Creditors Must File Claims by June 26 ------------------------------------------------- Creditors of LLC Saleri (code EDRPOU 34751354) have until June 26, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on May 13, 2008. The case is docketed as 23/142-b. The Debtor can be reached at: LLC Saleri Bratislavskaya Str. 14-B 02156 Kiev Ukraine VIDRODZHENNIA LLC: Proofs of Claim Deadline Set June 26 ------------------------------------------------------- Creditors of LLC Agricultural Industrial Complex Vidrodzhennia (code EDRPOU 03734122) have until June 26, 2008, to submit proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on May 19, 2008. The case is docketed as 10/94-08. The Debtor can be reached at: Agricultural Industrial Complex Vidrodzhennia Zherdenevka Gaysin District Vinnica Ukraine VINNICA SOUTH: Proofs of Claim Deadline Set June 26 --------------------------------------------------- Creditors of LLC Trading Complex Vinnica South Trade (code EDRPOU 23062436) have until June 26, 2008, to submit proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on the company on April 21, 2008. The case is docketed as 10/88-08. The Debtor can be reached at: LLC Trading Complex Vinnica South Trade Apartment 117 Stahursky Str. 6 21100 Vinnica Ukraine ZELENKOVKA LLC: Creditors Must File Claims by June 26 ----------------------------------------------------- Creditors of Zelenkovka LLC (code EDRPOU 30864466) have until June 26, 2008, to submit proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company after finding it insolvent on May 15, 2008. The case is docketed as 8/24-08. The Debtor can be reached at: Zelenkovka LLC Zelenkovka Nedrigaylovsky District 42125 Sumy Ukraine * S&P Lowers Kyiv's Rating to B+ on Limited Fiscal Flexibility -------------------------------------------------------------- Standard & Poor's Ratings Services has lowered its long-term issuer credit rating on the Ukrainian capital, the City of Kyiv, to 'B+' from 'BB-' following the same action on the long-term foreign currency sovereign credit rating on Ukraine (foreign currency B+/Stable/B; local currency BB-/Stable/B; Ukraine national scale 'uaAA'). The downgrade of the sovereign reflects the failure of authorities to implement adequate policy measures to counter rising inflation in Ukraine's overheating economy. "The rating on Kyiv reflects both the city's limited fiscal flexibility due to central-government control of major revenues, and evolving interbudgetary relations," said Standard & Poor's credit analyst Felix Ejgel. "Further constraints are Kyiv's significant expenditure pressures, relatively high foreign exchange risk, and need for further improvements in management sophistication and transparency." The rating is supported by the city's position as Ukraine's economic, financial, and cultural center--which results in growing budget revenues--and sound liquidity levels. Kyiv's high debt in the Ukrainian context exposes the city to elevated foreign exchange risk. S&P expects tax-supported debt to stabilize at 40%-50% of operating revenues in the next three years, but more than 80% of debt will be represented by dollar- denominated bonds with bullet repayments. The enhanced risk of hryvnia volatility amid the current political crisis at the central-government-level reinforces Kyiv's foreign exchange risk. The city benefits, however, from sound liquidity, with cash in its accounts as of May 15, 2008, exceeding 2008 debt service. The stable outlook reflects that on the sovereign, as Kyiv's economic and budget performances are closely linked to the situation in the country. "If the city's budgetary performance remains solid and debt service as a percent of operating revenues remains at single- digit levels, the rating on the city will likely follow the trajectory of the sovereign ratings in medium term," said Mr. Ejgel. Nevertheless, independent of the developments at the sovereign level, Standard & Poor's expects Kyiv to continue implementing prudent financial policies and keep financing requirements under control. If the city's debt grows faster than S&P expects, however, or is severely affected by currency fluctuations, S&P could revise the outlook to negative or lower the rating. * S&P Cuts Ukraine's Foreign Currency Sovereign Rating to B+ ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its long-term foreign currency sovereign credit rating on Ukraine to 'B+' from 'BB-' and long-term local currency rating to 'BB-' from 'BB'. The outlook is stable. At the same time, the transfer and convertibility assessment was lowered to 'BB-' from 'BB'. The 'B' short-term local and foreign currency sovereign credit ratings and the 'uaAA' Ukraine national scale rating were affirmed. The '4' recovery rating on Ukraine's foreign debt remains unchanged. "The downgrade reflects the failure of authorities to put into place adequate policy measures to counter rising inflation in Ukraine's overheating economy," said Standard & Poor's credit analyst Frank Gill. "Fiscal policy remains highly pro-cyclical with nominal expenditure growth expected to exceed 40% during 2008. Alongside monetary stimulus, expansive spending has contributed to the rapid rise in inflation, which is undermining real income growth and could increase volatility of output." Partly as a result of this policy mix, contingent risks to the government have risen. The sizable inflation differential with Ukraine's major trading partners is likely to widen the current account deficit from 8.4% of current account receipts in 2007 toward 20% in 2009. Standard & Poor's expects these current account deficits to be financed through Ukraine's rapidly growing banking system and through foreign direct investment, although balance of payment measurement difficulties may result in FDI being overstated. Consequently, gross external financing needs as a percentage of current account receipts will rise to 145% from 117% during this period. Financial account vulnerabilities will increase the nation's exposure to any sudden interruption of foreign currency funding inflows. Any dislocation in external financing conditions would have spill over effects on the real economy, affecting banks' asset quality, the stability of the exchange rate, and also banks' large open foreign exchange positions. Apart from contingent liabilities in the banking system, other contingent risks to the government reside in mounting losses at state-owned oil-and-gas distributor Naftogaz of Ukraine, currently equal to an estimated 6% of GDP, which will rise until the government equalizes residential gas tariffs with the ever-rising cost of gas imports. The government is also facing the final settlement of depositor claims from losses incurred from hyperinflation in the early 1990s. These settlements could approach 24% of GDP. "The stable outlook balances the sovereign's relatively underleveraged balance sheet and potential for greater economic diversification against rising inflationary and external pressures," said Mr. Gill. If authorities adopt more credible anti-inflation measures including cuts to nominal current expenditure growth alongside measures to deter dollarization of banking assets, S&P could raise the ratings. Alternatively, if the political cycle remains volatile, and budgetary policy remains inflationary, the ratings could come under downward pressure. =========================== U N I T E D K I N G D O M =========================== A & E WHITE: Brings In Liquidators from Tenon Recovery ------------------------------------------------------ Matthew Colin Bowker and David Antony Willis of Tenon Recovery were appointed joint liquidators of A & E White (Bakers) Ltd. on May 27 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery 33 George Street Wakefield West Yorkshire WF1 1LX England ACCIDENT BENEFIT: Steven Draine Leads Liquidation Procedure ----------------------------------------------------------- Steven Draine of Moore Stephens LLP was appointed liquidator of Accident Benefit Center Ltd. on June 3 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Moore Stephens LLP 3-5 Rickmansworth Road Watford Hertfordshire WD18 0GX England APB COLOUR: Goes Into Administration; 22 Jobs Affected ------------------------------------------------------ Bristol-based APB Colour Print Ltd. has collapsed into administration, affecting 22 jobs, printweek.com reports. printweek.com relates David Matthews and Nigel Morrisson of Grant Thornton UK were appointed joint administrators of APB on June 2. According to Mr. Matthews, APB's current turnover level is not enough to support the company despite an excellent customer base, printweek.com reveals. The company, however, will continue to trade as a going concern, printweek.com adds. BAA LIMITED: May 2008 Passenger Traffic Drops to 12.7 Million ------------------------------------------------------------- BAA Limited's U.K. airports handled a total 12.7 million passengers in May 2008, a drop of 0.5% on the same period in 2007. This marginal decrease was due to a 5.3% fall in U.K. Domestic passengers and a 2.5% decrease in European Charter market passengers -- where a surprising jump in load factors of 4.8 points helped to offset a 7.9% drop in seat capacity. Other key markets all recorded modest increases, with Europe Scheduled up 0.9%, North Atlantic by 0.5% and other Long Haul by 1.2%. Among individual airports Heathrow (+0.6%) and Gatwick (+1.1%) were both busier than in 2007, but Stansted's passenger total was down by 3.3%. Southampton increased 6.9% but Glasgow suffered from capacity cuts in Charter, Domestic and North Atlantic services to record a drop in passengers of 9.1%. It had also benefited in May 2007 from the presence of the UEFA Cup Final in Glasgow involving two Spanish teams. Edinburgh's traffic was up by 0.7% and Aberdeen's was 1.3% lower than a year ago. In total, BAA's airports handled 1.1% fewer air transport movements in May but a 3.3% increase in cargo tonnage, with Heathrow up by 11.0%, in line with growth seen since the beginning of the year. About BAA Ltd. Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. * * * BAA Ltd. continues to carry BB- long-term corporate credit rating from Standard & Poor's Ratings Services, which said the Outlook is negative. EDMUND ROBSON: Calls In Liquidators from Tenon Recovery ------------------------------------------------------- Ian William Kings and Steven Philip Ross of Tenon Recovery were appointed joint liquidators of Edmund Robson & Co. Ltd. on May 30 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Tenon House Ferryboat Lane Sunderland SR5 3JN England J. MCINTYRE: Appoints M. C. Bowker as Liquidator ------------------------------------------------ M. C. Bowker of Tenon Recovery was appointed liquidator of J. McIntyre & Son Ltd. (formerly J. McIntyre & Son (Decorators) Ltd.) on June 5 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Tenon Recovery Clive House Clive Street Bolton BL1 1ET England RV CAPITAL: Taps Liquidators from Grant Thornton ------------------------------------------------ Nicholas Stewart Wood and James Earp of Grant Thornton UK LLP were appointed joint liquidators of RV Capital LLP on May 23 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Grant Thornton UK LLP 30 Finsbury Square London EC2P 2YU England THIYAN INVESTMENT: Goes Into Receivership; Council Seeks CPO ------------------------------------------------------------ Thiyan Investment Ltd., which owns the former Tesco site in Trowbridge, has gone into receivership, Craig Evry writes for Wiltshire Times, citing the West Wiltshire District Council. Meanwhile, the West Wiltshire District Council decided to proceed with a compulsory purchase order on the site, which is known to locals as Mt. Crushmore, Wiltshire Times relates. According to Council leader Cllr Graham Payne, Thiyan failed to come up with concrete plans for the regeneration of the site, although planning permission has been granted for bars, a gym and shops, Wiltshire Times discloses. The council, Wiltshire Times adds, is seeking for another developer that will push through developments on the site. Thiyan acting chief executive Ian Gallin, on the other hand, confirmed the council met with the agent acting on the receivership, Wilshire Times reveals. "Council officers will impress upon the agents the need to quickly remove the pile of rubble known locally as Mount Crushmore. We will also be looking at the possibility of retaining the car park for some use during the regeneration process," Mr. Gallin was quoted by Wiltshire Times as saying. * BOOK REVIEW: Crafting Solutions for Troubled Businesses --------------------------------------------------------- Full Title: Crafting Solutions for Troubled Businesses: A Disciplined Approach to Diagnosing and Confronting Management Challenges Author: Stephen J. Hopkins and S. Douglas Hopkins Publisher: Beard Books Hardcover: 316 pages List Price: US$74.95 Order your personal copy at http://www.amazon.com/exec/obidos/ASIN/1587982870/internetbankru pt So the first thing to do when dealing with a troubled business is to find the guilty and lop someone's head off! Don't be so quick to react, advise co-authors Stephen J. Hopkins and S. Douglas Hopkins in their thoughtful, well-researched book, Crafting Solutions for Troubled Businesses. The father-son team of Steve and Doug Hopkins are principals of Kestrel Consulting LLC, a firm they founded in March 2004. Each has more than 25 years of experience working with troubled businesses and providing turnaround advisory and interim management services. Steve got his first taste of a troubled business when, as chief financial officer of an 80-year-old chemical company, Bill Nightingale of Nightingale & Associates assisted him in taking the company through a Chapter 11 filing. The company subsequently emerged from bankruptcy with payment in full to all creditors. Steve then joined Nightingale, staying for 23 years and serving initially as a principal and eventually as president from 1994 to 2000. Doug began working at Nightingale in 1978 as a part- time resource for special projects. After working in this capacity for 10 years, Steve joined Nightingale full time in the 1980s and became a principal in 1994. Both Steve and Doug have served in various C-level roles in troubled companies, including CEO, CFO, COO, and CRO. To write this book, the Hopkinses drew upon their vast experience in dealing with troubled companies. They took 100 of the largest projects they have been involved in and applied a "disciplined analysis" to diagnose problem situations and produce successful outcomes. The projects -- helpfully set apart by shaded boxes -- demonstrate the authors' theories and methods in dealing with troubled businesses. The authors also analyze some well-known cases like Enron, WorldCom, and Sunbeam to help the reader connect the dots in a very real sense and use the book for actionable advice. The book is divided into five parts: 1) Conceptual Approach and Key Issues, 2) Managing the Crisis, 3) The Diagnosis Process, 4) Alternatives and Action Plans, and 5) Lessons Learned in 100 Completed Assignments. Each part has multiple chapters expanding on these themes, and each chapter concludes with a recap of what was discussed. For speed readers and the time crunched, these recaps are an excellent way of extracting from the book the essence of what the authors are advocating. So what about lopping off that head? The authors contend that management's role is much less pivotal than is commonly believed. The real issue when working with a troubled business is determining the viability of the business. To do that, the underlying causes must be identified at different stages of the corporate lifecycle. The authors categorize troubled businesses as Undisciplined Racehorses, Overburdened Workhorses, and Aging Mules. Only through a step-by-step diagnosis can the core problems be dealt with. Pursuing a turnaround may not always be a viable and, in fact, in only one-third of the 100 cases the authors worked on did the company achieve a true operational turnaround. Crafting Solutions to Troubled Businesses should be on the must- read list of anyone involved in dealing with, consulting for, or operating a troubled business. ********* 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 * * *