/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080626.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, June 26, 2008, Vol. 9, No. 126 Headlines A U S T R I A S & L DRUCK: Claims Registration Period Ends June 30 T & K LLC: Claims Registration Period Ends July 22 VEREIN H.U.P.: Claims Registration Period Ends July 8 B E L G I U M BROUWERIJ LEIFMANS: Duvel Moortgat Buys Bankruptcy Assets D E N M A R K EASTMAN KODAK: Board Approves US$1 Billion Stock Repurchase Plan G E R M A N Y ALLIANCE ONE: Delays Filing of Annual Report to July 1 ALLIANCE ONE: Thomas Reynolds Resigns as VP-Controller ALLIANCE ONE: Moody's Downgrades Liquidity Ratings to SGL-3 BAUGESCHAFT RHINOW: Claims Registration Period Ends July 9 BERGER TRANSPORT: Claims Registration Period Ends July 7 BERT-FENSTER: Claims Registration Period Ends July 9 COLORFORM DRUCK: Claims Registration Period Ends July 9 CULTURA CULINARIUM: Claims Registration Period Ends July 9 DE-MO GMBH: Claims Registration Period Ends July 9 EUTRANS INTERNATIONALE: Claims Registration Period Ends July 3 GARTEN- UND LANDSCHAFTSBAU: Claims Registration Ends July 9 GILITZER PORZELLAN: Claims Registration Period Ends July 3 HOESE SONDERGERATE: Claims Registration Period Ends July 1 IKB DEUTSCHE: Free Democrats Call for Parliamentary Inquiry PLANEN BAUEN: Claims Registration Period Ends July 1 I T A L Y PARMALAT SPA: Can Seek Damages in Parma Case, Judge Rules K A Z A K H S T A N ELATIV LLP: Creditors Must File Claims by Aug. 1 IPC MOTORS: Claims Deadline Slated for Aug. 1 JALYS-INES LLP: Claims Filing Period Ends Aug. 1 MEGAPOLIS LLP: Creditors' Claims Due on Aug. 1 MITSAR LLP: Claims Registration Ends Aug. 1 OTANDASTAR DORPROMSTROY: Creditors' Claims Due on Aug. 1 SHIT-NS LLP: Claims Registration Ends Aug. 1 VALENT-AI LLP: Claims Filing Period Ends Aug. 1 K Y R G Y Z S T A N ABA JOLDORU: Creditors Must File Claims by July 25 L U X E M B O U R G GOODYEAR TIRE: To Shut Down Australian Manufacturing Facility R U S S I A INTEKS LLC: St. Petersburg Bankruptcy Hearing Set August 14 MOBILE TELESYSTEMS: Commences 3G Operations in Russia MOBILE TELESYSTEMS: Fitch Rates RUB10 Bln. Domestic Loan at BB+ MOSCOW REGIONAL: S&P Puts B Rating Under Negative Creditwatch NIVA CJSC: Court Names D. Zakaryan as Insolvency Manager OTDELOCHNIK CJSC: Creditors Must File Claims by July 24 PETERSBURG SOCIAL: Fitch Hikes IDR to B- with Stable Outlook POKROVSKIY BUTTER: Court Starts Bankruptcy Supervision Procedure PSB FINANCE: Fitch Puts low-B Ratings on US$3 Bln Loan Program SEVERSTAL OAO: Increases Offer for Esmark to US$19.25 per Share TEKH-PROM-SERVICE: Court Names I. Utyugova as Insolvency Manager VOLGATELECOM OJSC: Shareholders Approve RUR857.4-Mln Dividend VOLGATELECOM OJSC: Shareholders Name New Board of Directors VTB BANK: Moody's Cuts Bank Financial Strength Rating to D S W I T Z E R L A N D GRAFTECH INTERNATIONAL: S&P Revises Outlook to Positive U K R A I N E ANCET SOLUTION: Creditors Must File Claims by July 4 ARTEMIDA LLC: Creditors Must File Claims by July 5 DANASTR LLC: Creditors Must File Claims by July 5 DAREL LLC: Creditors Must File Claims by July 4 MUROVANI KURILOVTSY: Creditors Must File Claims by July 5 PROGRESS LLC: Creditors Must File Claims by July 5 REAL ESTATE: Creditors Must File Claims by July 4 ROAD MACHINE: Creditors Must File Claims by July 5 SOZDANIYE LLC: Creditors Must File Claims by July 5 UKRAINIAN WHOLESALE: Proofs of Claim Deadline Set July 4 UKRSIBBANK: Moody's Lifts Bank Financial Strength Ratings to D VITKOM-TRISE LLC: Creditors Must File Claims by July 5 U N I T E D K I N G D O M ANGLO-DUTCH: Taps Joint Administrators from Kroll APPLE ENGINEERING: Appoints KPMG as Joint Administrators B & S BUILDERS: Brings In Administrators from Deloitte & Touche BRITANNIA BULK: Strong 2007 Performance Cues S&P to Lift Rating BRITISH AIRWAYS: Selling Air Mauritius Stake for GBP3.2 Million CAPRICORN HOMES: Appoints Joint Administrators from KPMG CLARIS SERIES 59: Fitch Downgrades EUR40 Million Notes to BB COMMANET: Brings In Liquidators from Mazars EOS AIRLINES: Court Okays Aircraft Parts Sale to GoIndustry HOUSE OF EUROPE IV: Fitch Junks Rating on Two Note Classes NOSTRUM CONSUMER: Fitch Affirms BB Rating on Class E Notes RICHARD COULBECK: Claims Filing Period Ends July 28 W B ASHWORTH: Calls In Liquidators from PKF YELL GROUP: Defends Management Bonuses Amid Share Price Drop * Moody's Says Outlook Remains Negative Despite Share Issue * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= S & L DRUCK: Claims Registration Period Ends June 30 ---------------------------------------------------- Creditors owed money by LLC S & L Druck und Verlag (FN 109910h) have until June 30, 2008, to file written proofs of claim to court-appointed estate administrator Johann Koelly at: Dr. Johann Koelly Rosengasse 55 7350 Oberpullendorf Austria Tel: 02612/42710 Fax: 02612/42710-6 E-mail: lawyer-koelly@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 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 Guessing, Austria, the Debtor declared bankruptcy on May 27, 2008 (Bankr. Case No. 26 S 44/08k). T & K LLC: Claims Registration Period Ends July 22 -------------------------------------------------- Creditors owed money by LLC T & K (FN 271926t) have until July 22, 2008, to file written proofs of claim to court- appointed estate administrator Susanne Poeltenstein-Rosenegger at: Mag. Susanne Poeltenstein-Rosenegger Schulerstrasse 18 1010 Vienna Austria Tel: 512 4013 Fax: 512 4013 22 E-mail: poeltenstein@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m.on Aug. 5, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 28, 2008 (Bankr. Case No. 28 S 74/08y). VEREIN H.U.P.: Claims Registration Period Ends July 8 ----------------------------------------------------- Creditors owed money by Verein H.U.P. have until July 8, 2008, to file written proofs of claim to court-appointed estate administrator Gerhard Taufner at: Dr. Gerhard Taufner Bahnhofstrasse 5 3390 Melk Austria Tel: 02752/ 524 66 Fax: 02752/ 525 74 E-mail: rechtsanwalt.taufner@taufner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 a.m. on July 29, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Matzleinsdorf bei Melk, Austria, the Debtor declared bankruptcy on May 30, 2008 (Bankr. Case No. 14 S 86/08z). ============= B E L G I U M ============= BROUWERIJ LEIFMANS: Duvel Moortgat Buys Bankruptcy Assets --------------------------------------------------------- Duvel Moortgat nv has reached an agreement with the receivers of Brouwerij Liefmans nv en Liefmans Breweries nv. Under the agreement, Duvel Moortgat will acquire a large portion of the assets of the bankrupt companies, including the complete machinery, all the brands and recipes. Earlier, Duvel Moortgat had already made a binding offer on the real estate of Brouwerij Liefmans in Oudenaarde, Belgium. The receivers have granted Duvel Moortgat a right of use until the completion of some procedural aspects regarding the sale of this site. In a first phase, Duvel Moortgat will concentrate primarily on the brown ales and the fruit beers of the brand Liefmans brewed in Oudenaarde. This way, Duvel Moortgat can complete its existing product portfolio with a fine, authentic and traditional beer brand, in a market segment in which it was not active until now. When Duvel Moortgat acquires the site in Oudenaarde, the company will make the necessary investments to revalue the production site and give visitors a hearty welcome. The price of the total transaction, including the real estate in Oudenaarde, amounts to EUR4.5 million. ============= D E N M A R K ============= EASTMAN KODAK: Board Approves US$1 Billion Stock Repurchase Plan ---------------------------------------------------------------- Eastman Kodak Company said Tuesday that its Board of Directors authorized a stock repurchase program totaling as much as US$1.0 billion of the company’s outstanding common stock. At recent prices, the purchase of $1.0 billion of Kodak stock would represent approximately 25% of the shares outstanding. The company also disclosed that it has received a tax refund from the U.S. Internal Revenue Service of US$581 million. The refund is related to the audit of certain claims filed for tax years 1993-1998, and is composed of a refund of past federal income taxes paid of $306 million and $275 million of interest earned on the refund. The company plans to fund the majority of the stock repurchase program, which is authorized through the end of 2009, from the tax refund, with the remainder to come from available cash on hand. The repurchase will commence as soon as practicable, in accordance with the rules and regulations of the U.S. Securities and Exchange Commission that govern such purchases. “Our Board’s decision to authorize this repurchase initiative underscores the rising confidence we have in Kodak’s product portfolio, in our current financial position, and in the execution of our strategy,” said Antonio M. Perez, Chairman and Chief Executive Officer, Eastman Kodak Company. “With our significant liquidity and strong balance sheet, we continue to pursue a variety of long-term, value-creating growth initiatives that are well funded. In addition, we strongly believe that at the current price, the purchase of our own stock is an appropriate use of our cash and will further enhance long-term shareholder value.” Separately, as part of the discussion of its second-quarter results on July 31, 2008, the company plans to update the investment community on the magnitude of the expected full-year net positive earnings impact from the following factors: the tax refund, commodity prices and related company actions, and the previously announced lengthening of the useful life assumptions of its film and paper manufacturing assets. The federal tax refund claim related primarily to a 1994 loss recognized on the company’s sale of stock of a subsidiary, Sterling Winthrop Inc., which was originally disallowed under IRS regulations in effect at that time. The IRS subsequently issued revised regulations that served as the basis for this refund claim. The refund will have a positive impact on the company’s net earnings for the second quarter of 2008 of US$574 million. Of the US$574 million increase in net earnings, US$300 million relates to the 1994 sale of Sterling Winthrop Inc., which will be reflected in earnings from discontinued operations, net of income taxes. The balance of US$274 million, which represents interest, will be reflected in earnings from continuing operations. Because of tax-loss carryforwards and other tax attributes, the company expects to retain US$575 million of the US$581 million proceeds received, with the difference representing expected payments in 2008 for state income taxes. Under the terms of the repurchase program, the company may repurchase shares in open market purchases or through privately negotiated transactions. The stock repurchase activities will be conducted in compliance with the safe harbor provisions of Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Kodak management will determine the timing and amount of any repurchase based on its evaluation of market conditions and other factors. Repurchases of common stock may also be made under 10b5-1 plans, which would permit common stock to be purchased when the company may otherwise be prohibited from doing so under insider trading laws. The share repurchase program does not obligate the company to repurchase any dollar amount or number of shares of its common stock, and the program may be extended, modified, suspended or discontinued at any time. Ratings Action Moody's Investors Service's commented that Eastman Kodak's B1 corporate family rating with a stable outlook would not be affected by the disclosure that the company's Board of Directors authorized a stock repurchase program totaling as much as US$1.0 billion of the company's outstanding common stock. About Eastman Kodak Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE: EK)-- http://www.kodak.com/-- develops, manufactures, and markets digital and traditional imaging products, services, and solutions to consumers, businesses, the graphic communications market, the entertainment industry, professionals, healthcare providers, and other customers. The company has operations in Argentina, Chile, Denmark, Greece, Jordan, Yemen, Australia, China among others. ============= G E R M A N Y ============= ALLIANCE ONE: Delays Filing of Annual Report to July 1 ------------------------------------------------------ Alliance One International, Inc. disclosed in a regulatory filing with the U.S. Securities and Exchange Commission that it will be unable to file its Annual Report on Form 10-K for the fiscal year end March 31, 2008 within the prescribed time period without unreasonable effort or expense. The delay is the result of time required to finalize accounting related to reserves and financial statement presentation concerning farmer rural credit accounting. The company said that its management, in consultation with the Audit Committee of the Board of Directors, is in the process of completing the necessary analysis. The company expects to file its Annual Report on Form 10-K for the year ended March 31, 2008, as soon as practicable after the completion of these additional procedures, which the company expects will be no later than July 1, 2008. Alliance One International -- http://www.aointl.com/-- is an independent leaf tobacco merchant serving the world's largest cigarette manufacturers. The company was formed on May 13, 2005, as a result of the merger of DIMON Incorporated and Standard Commercial Corporation, both world leaders in tobacco processing. The creation of Alliance One brings together 200 years of combined experience and expertise, establishing a formidable competitor with a clear focus on its customers, as well as a vision for the future. Alliance One selects, purchases, processes, packs, stores, and ships leaf tobacco. In certain developing markets, the company also provide agronomy expertise and financing for the growing of leaf tobacco. Alliance One neither manufactures nor sells cigarettes or other consumer tobacco products. The company's shares trade on the New York Stock Exchange under the ticker symbol AOI. The company owns or has an interest in processing facilities in Argentina, Brazil, India, Tanzania, United States, Brazil, Malawi, Kyrgyzstan, Macedonia, Bulgaria and Turkey. The company also has also have processing facilities in Germany and Indonesia. ALLIANCE ONE: Thomas Reynolds Resigns as VP-Controller ------------------------------------------------------ Alliance One International, Inc. disclosed that Thomas G. Reynolds has resigned as Vice President-Controller (and principal accounting officer) of the company, effective as of June 30, 2008. The company is grateful to Mr. Reynolds for his many years of dedicated service to the Company and its predecessors and wishes him well in his future endeavors. The Company also disclosed the appointment of Hampton R. Poole as Vice President-Controller (and principal accounting officer), effective July 1, 2008. Mr. Poole, age 56, previously served as the Assistant Vice President – Assistant Controller & SOX 404 Manager of the Company since May 2005 when Standard Commercial Corporation merged with DIMON Incorporated to form the company. Prior to that, Mr. Poole served as Vice President-Finance and Controller and in various other positions at Standard from 1984 to May 2005. Mr. Poole is a graduate of Appalachian State University with a B.S.B.A in Accounting and is a Certified Public Accountant. Alliance One International -- http://www.aointl.com/-- is an independent leaf tobacco merchant serving the world's largest cigarette manufacturers. The company was formed on May 13, 2005, as a result of the merger of DIMON Incorporated and Standard Commercial Corporation, both world leaders in tobacco processing. The creation of Alliance One brings together 200 years of combined experience and expertise, establishing a formidable competitor with a clear focus on its customers, as well as a vision for the future. Alliance One selects, purchases, processes, packs, stores, and ships leaf tobacco. In certain developing markets, the company also provide agronomy expertise and financing for the growing of leaf tobacco. Alliance One neither manufactures nor sells cigarettes or other consumer tobacco products. The company's shares trade on the New York Stock Exchange under the ticker symbol AOI. The company owns or has an interest in processing facilities in Argentina, Brazil, India, Tanzania, United States, Brazil, Malawi, Kyrgyzstan, Macedonia, Bulgaria and Turkey. The company also has also have processing facilities in Germany and Indonesia. ALLIANCE ONE: Moody's Downgrades Liquidity Ratings to SGL-3 ----------------------------------------------------------- Moody's Investors Service downgraded the liquidity ratings of Alliance One International, Inc. to SGL-4 to SGL-3. Moody's also affirmed AOI's long-term ratings, including the company's B2 corporate family rating. The downgrade to SGL-4 reflects concerns related to the company's future covenant compliance and its impact on the company's liquidity as a result of AOI's announcement that it is in the process of finalizing its accounting related to reserves and financial statement presentation concerning farmer rural credit accounting. Moody's also upgraded the ratings of the company's US$250 million senior secured revolving credit to Ba3 as a result of the reduction of senior secured debt. The outlook is stable. The affirmation of the company's corporate family rating reflects Moody's expectation that AOI's operating performance will not deviate significantly from plan including modest leverage reduction (excluding any potential accounting impact as a result of the company's review) and further operating margin improvement. Absent the potential need to modify covenants, the company's intrinsic liquidity position remains adequate supported by strong cash balances and sufficient cash flow from operations to cover the company's basic cash needs. Should the company have difficulty resolving any future covenant issues or should a possible material financial statement restatement be required, the long-term ratings and/or outlook may come under pressure. The one notch upgrade of the company's secured bank facilities reflects the impact of AOI's prepayment of its US$145 million Term Loan B facility, which enhances the relative seniority position of the existing secured revolving credit in the capital structure. Ratings of AOI downgraded include: -- Speculative Grade Liquidity rating to SGL-4 from SGL-3 Ratings of AOI upgraded include: -- US$250 million senior secured revolving credit facility due 2010 to Ba2 (LGD1, 5%) from B1 (LGD3, 35%) Ratings of AOI affirmed/assessments revised include: -- Corporate family rating of B2 -- Probability of default rating of B2 -- US$150 million 8 ½% senior unsecured notes due 2012 at B2 (LGD4, 55%) -- US$315 million 11% senior unsecured notes due 2012 at B2 (LGD4, 55%) -- US$91.4 million 12 ¾% senior subordinated notes due 2012 at Caa1 (LGD6, 95%) Outlook is stable Alliance One International, Inc. and Intabex Netherlands, B.V. are co-borrowers under the senior secured revolving credit facility. Headquartered in Morrisville, North Carolina, Alliance One International, Inc. is one of the world's leading tobacco merchants and processors. Its principal products include flue- cured, burley and oriental tobaccos, which are major ingredient in American -- blend cigarettes. Total revenues for the last twelve months ending December 2007 were approximately US$2.0 billion. BAUGESCHAFT RHINOW: Claims Registration Period Ends July 9 ---------------------------------------------------------- Creditors of Baugeschaft Rhinow GmbH have until July 9, 2008, to register their claims with court-appointed insolvency manager Michael Krause. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on Aug. 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Krause Putlitzer Strasse 30 16928 Pritzwalk Germany The District Court of Neuruppin opened bankruptcy proceedings against Baugeschaft Rhinow GmbH on May 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baugeschaft Rhinow GmbH Attn: Erhard Rhinow, Manager Akazienstrasse 23 16818 Wustrau Germany BERGER TRANSPORT: Claims Registration Period Ends July 7 -------------------------------------------------------- Creditors of Berger Transport GmbH have until July 7, 2008 to register their claims with court-appointed insolvency manager Dr. Carlos Mack. Creditors and other interested parties are encouraged to attend the meeting at 3:15 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 Muehldorf a. Inn Hall 112, Innstrasse 1 Muehldorf a. Inn 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. Carlos Mack Brienner Strasse 21 80333 Munich Germany The District Court of Muehldorf a. Inn opened bankruptcy proceedings against Berger Transport GmbH on June 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Berger Transport GmbH Attn: Franz Berger, Manager Landshuter Strasse 4 84524 Neuoetting Germany BERT-FENSTER: Claims Registration Period Ends July 9 ---------------------------------------------------- Creditors of Bert-Fenster, Tuer+Wintergarten-GmbH have until July 9, 2008, to register their claims with court-appointed insolvency manager Bardo M. Sigwart. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 20, 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 4.309 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: Bardo M. Sigwart Ostend 14 64347 Griesheim Germany Tel: 06155-60930 Fax: 06155-66297 The District Court of Darmstadt opened bankruptcy proceedings against Bert-Fenster, Tuer+Wintergarten-GmbH on June 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bert-Fenster, Tuer+Wintergarten-GmbH Watt 32 64560 Riedstadt Germany COLORFORM DRUCK: Claims Registration Period Ends July 9 ------------------------------------------------------- Creditors of Colorform Druck GmbH have until July 9, 2008, to register their claims with court-appointed insolvency manager Joachim Walterscheid. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joachim Walterscheid Am Kurpark 2 32545 Bad Oeynhausen Germany The District Court of Bielefeld opened bankruptcy proceedings against Colorform Druck GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Colorform Druck GmbH Attn: Oliver Stubenrauch, Manager Stodieks Bogen 1 32584 Loehne Germany CULTURA CULINARIUM: Claims Registration Period Ends July 9 ---------------------------------------------------------- Creditors of cultura culinarium GmbH have until July 9, 2008, to register their claims with court-appointed insolvency manager Thilo Streck. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on Aug. 6, 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: Dr. Thilo Streck Neuer Wall 86 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against cultura culinarium GmbH on June 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: cultura culinarium GmbH Attn: Guido Marc Gosch, Manager Trommelstrasse 4 20239 Hamburg Germany DE-MO GMBH: Claims Registration Period Ends July 9 -------------------------------------------------- Creditors of De-Mo GmbH have until July 9, 2008, to register their claims with court-appointed insolvency manager Stefan Neugebauer. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Aug. 6, 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: Stefan Neugebauer Albert-Schweitzer-Strasse 6 38226 Salzgitter Germany Tel: (05341) 17 80 83 Fax: (05341) 17 80 87 E-mail: Info@rasz.de The District Court of Braunschweig opened bankruptcy proceedings against De-Mo GmbH on May 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: De-Mo GmbH Marktplatz 5 38259 Salzgitter Germany EUTRANS INTERNATIONALE: Claims Registration Period Ends July 3 -------------------------------------------------------------- Creditors of EUTRANS - Internationale Transporte Logistik und Nutzfahrzeugvermietung GmbH have until July 3, 2008 to register their claims with court-appointed insolvency manager Bardo M. Sigwart. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.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 Darmstadt Hall 4.312 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: Bardo M. Sigwart Ostend 14 64347 Griesheim Germany Tel: 06155-60930 Fax: 06155-66297 The District Court of Darmstadt opened bankruptcy proceedings against EUTRANS - Internationale Transporte Logistik und Nutzfahrzeugvermietung GmbH on June 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EUTRANS - Internationale Transporte Logistik und Nutzfahrzeugvermietung GmbH Feldstrasse 3 64347 Griesheim Germany Attn: Joerg Hartung, Manager Bergstr. 13 09471 Barenstein Germany GARTEN- UND LANDSCHAFTSBAU: Claims Registration Ends July 9 ----------------------------------------------------------- Creditors of Garten- und Landschaftsbau Gosen GmbH have until July 9, 2008, to register their claims with court-appointed insolvency manager Barbara Fahlke. Creditors and other interested parties are encouraged to attend the meeting at 8:05 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 Nordhorn Hall 42 Seilerbahn 15 48529 Nordhorn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Barbara Fahlke Neubrueckenstrasse 35-37 48143 Muenster Germany Tel: 0251/481669-0 Fax: 0251/48166911 E-mail: info@kanzlei-fahlke.eu The District Court of Nordhorn opened bankruptcy proceedings against Garten- und Landschaftsbau Gosen GmbH on June 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Garten- und Landschaftsbau Gosen GmbH Spoellberg 77 49843 Goelenkamp Germany GILITZER PORZELLAN: Claims Registration Period Ends July 3 ---------------------------------------------------------- Creditors of GILITZER Porzellan-Manufaktur GmbH have until July 3, 2008 to register their claims with court-appointed insolvency manager Dr. Thomas Dithma. Creditors and other interested parties are encouraged to attend the meeting at 11:05 a.m. on July 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meiningen Meeting Hall A 0105 Lindenallee 15 98617 Meiningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Thomas Dithmar Barbarossahof 3 99092 Erfurt Germany The District Court of Meiningen opened bankruptcy proceedings against GILITZER Porzellan-Manufaktur GmbH on June 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GILITZER Porzellan-Manufaktur GmbH Attn: Erich J. Bruckert, Manager Planstr. C, Nr. 2, 36460 Merkers-Kieselbach Germany HOESE SONDERGERATE: Claims Registration Period Ends July 1 ---------------------------------------------------------- Creditors of Hoese Sondergerate Vertriebs GmbH have until July 1, 2008 to register their claims with court-appointed insolvency manager Robert Multrus. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rosenheim Hall 210 Rosenheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Robert Multrus Rathausstr. 10 83022 Rosenheim Germany Tel: 0 80 31/ 8074790 Fax: 0 80 31/ 80747966 The District Court of Rosenheim opened bankruptcy proceedings against Hoese Sondergerate Vertriebs GmbH on June 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hoese Sondergerate Vertriebs GmbH Schellwieser Str. 1 83533 Edling England IKB DEUTSCHE: Free Democrats Call for Parliamentary Inquiry ----------------------------------------------------------- The Free Democratic Party in Germany is seeking a parliamentary investigation into IKB Deutsche Industriebank AG aimed at assessing responsibility for the losses at the bank, Reuters reports. FDP, Reuters adds, is soliciting support from other opposition parties in an effort to push forward an inquiry. Christoph Steegmans, a spokesman for FDP told Reuters the Free Democrats is initiating talks with the Greens and the Left party. The three opposition parties, the paper says, have enough votes in the Bundestag lower house of parliament to force an inquiry. 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. PLANEN BAUEN: Claims Registration Period Ends July 1 ---------------------------------------------------- Creditors of PBI Planen Bauen Immobilien GmbH & Co. KG have until July 1, 2008 to register their claims with court-appointed insolvency manager Frank Hanselmann. Creditors and other interested parties are encouraged to attend the meeting at 9:50 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 Schweinfurt Meeting Hall 22 Eingang Friedenstr. 2 Schweinfurt 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: Frank Hanselmann Heinestrasse 7 b 97070 Wuerzburg Germany Tel: 0931/359800 Fax: 0931/3598050 The District Court of Schweinfurt opened bankruptcy proceedings against PBI Planen Bauen Immobilien GmbH & Co. KG on June 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PBI Planen Bauen Immobilien GmbH & Co. KG Sportplatz 2 97724 Burglauer Germany ========= I T A L Y ========= PARMALAT SPA: Can Seek Damages in Parma Case, Judge Rules --------------------------------------------------------- Judge Eleonora Fiengo of a court in Parma, Italy, has issued a ruling granting Parmalat S.p.A. and around 30,000 individual investors the right to seek compensation in a criminal trial over the company's collapse in December 2003, Sara Gay Forden writes for Bloomberg NEws. Parmalat founder Calisto Tanzi and 23 others are charged with fraudulent bankruptcy and criminal association that carry a maximum 15 years in prison. As previously reported in the TCR-Europe, Parmalat chief executive Enrico Bondi will seek EUR14 billion in damages. Marco De Luca, a lawyer for Mr. Bondi, justified the amount to the "exceptional seriousness and causal effect that these matters had on the entire Parmalat fraud." About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court granted Parmalat permanent injunction. =================== K A Z A K H S T A N =================== ELATIV LLP: Creditors Must File Claims by Aug. 1 ------------------------------------------------ The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Elativ (RNN 531500000298). Creditors have until Aug. 1 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 IPC MOTORS: Claims Deadline Slated for Aug. 1 --------------------------------------------- Representation of the company IPC Motors Ltd. has declared insolvency. Creditors have until Aug. 1, 2008, to submit written proofs of claims to: Representation of the company IPC Motors Ltd Stasov Str. 102 Almaty Kazakhstan JALYS-INES LLP: Claims Filing Period Ends Aug. 1 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Astana has declared LLP Jalys-Ines insolvent on May 12, 2008. Creditors have until Aug. 1, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Respublika ave. 1-40 Astana Kazakhstan Tel: 8 (7172) 21-72-84 MEGAPOLIS LLP: Creditors' Claims Due on Aug. 1 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Security and Guarding Agency Megapolis insolvent. Creditors have until Aug. 1, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (7162) 25-79-32 MITSAR LLP: Claims Registration Ends Aug. 1 ------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Mitsar (RNN 090500021646). Creditors have until Aug. 1 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 OTANDASTAR DORPROMSTROY: Creditors' Claims Due on Aug. 1 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Otandastar Dorpromstroy insolvent. Creditors have until Aug. 1, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Sain Str. 8-94 Almaty Kazakhstan Tel: 8 777 293 23-15 SHIT-NS LLP: Claims Registration Ends Aug. 1 -------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP Shit-NS insolvent on May 12, 2008. Creditors have until Aug. 1, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Respublika ave. 1-40 Astana Kazakhstan Tel: 8 (7172) 21-72-84 VALENT-AI LLP: Claims Filing Period Ends Aug. 1 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Valent-Ai insolvent. Creditors have until Aug. 1, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Sain Str. 8-94 Almaty Kazakhstan Tel: 8 777 293 23-15 =================== K Y R G Y Z S T A N =================== ABA JOLDORU: Creditors Must File Claims by July 25 -------------------------------------------------- Primary Trade Union Organization OJSC National Carrier Nap Kyrgyzstan Aba Joldoru has declared insolvency. Creditors have until July 25, 2008 to submit written proofs of claim. =================== L U X E M B O U R G =================== GOODYEAR TIRE: To Shut Down Australian Manufacturing Facility ------------------------------------------------------------- The Goodyear Tire & Rubber Company disclosed Wednesday plans to close its Australian manufacturing facility as part of its strategy to reduce high-cost manufacturing capacity globally and provide cost effective high-value-added products that the market is demanding. This action will eliminate approximately 3 million units of high-cost capacity and provide Goodyear with annual cost savings of approximately US$35 million. "This completes our commitment to reduce high-cost capacity by about 25 million units and achieve annual cost savings of more than US$150 million," said Goodyear Chairman and Chief Executive Officer Robert J. Keegan. "Going forward, our efforts will be focused on increasing production of high-value-added tires in low-cost operations to support growth in these segments in Asia- Pacific markets, including Australia and New Zealand." South Pacific Tyres will immediately initiate communications with its 600 associates and union representatives regarding the plan to close the plant in Somerton, Victoria by Dec. 31, 2008. "Goodyear and South Pacific Tyres remain committed to their customers and a strong and ongoing product, retail and wholesale presence in Australia," said SPT Chief Executive Officer Judith Swales. Total restructuring and accelerated depreciation charges for this action are estimated to be approximately US$125 million after tax, of which approximately US$85 million is for cash charges. Goodyear anticipates recording charges of approximately US$75 million after tax in the second quarter of 2008. Formed in 1987 as a joint venture, SPT has been wholly owned by Goodyear since 2006. The leading tire maker and marketer in Australia, it has more than 3,000 associates. Its results have been consolidated with those of Goodyear’s Asia Pacific region since 2004. About Goodyear Tire Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 60 facilities in 25 countries and employs 70,000 people worldwide. Goodyear has subsidiaries in New Zealand, Venezuela, Peru, Mexico, Luxembourg, Finland, Korea and Japan, among others. * * * As reported by the Troubled Company Reporter-Europe on March 6, 2008, Fitch Ratings upgraded The Goodyear Tire & Rubber Company's Issuer Default Rating to 'BB-' from 'B+' and senior unsecured debt rating to 'B+' from 'B-/RR6'. =========== R U S S I A =========== INTEKS LLC: St. Petersburg Bankruptcy Hearing Set August 14 ----------------------------------------------------------- The Arbitration Court of St. Petersburg and Leningrad will convene at 10:00 a.m. on Aug. 14, 2008, to hear the bankruptcy supervision procedure on LLC Inteks. The case is docketed under Case No. A56-1341/2008. The Temporary Insolvency Manager is: S. Mozhorov Office 405 Letter A Marata Str. 92 191119 St. Petersburg Russia The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: LLC Inteks Vorovskogo Str. 20 Kingisepp Leningrad Russia MOBILE TELESYSTEMS: Commences 3G Operations in Russia ----------------------------------------------------- Mobile TeleSystems OJSC disclosed the commercial launch of its 3G network in Saint Petersburg and technical readiness of 3G networks for commercial launch in Sochi, Yekaterinburg and Kazan. Saint Petersburg becomes the first Russian city where MTS launched its next-generation network. The Company plans to launch additional 3G networks in over 10 cities during 2008 and in up to 40 cities in Russia through 2009. MTS also holds 3G licenses in Uzbekistan and Armenia, where the network will be launched as early as 2009. The Company plans to invest around 38 billion roubles1 in 3G network development over the next three years to provide high-speed data transfer services to its customers in Russia and the CIS. The key benefit of a next-generation network is the ability to provide customers with faster data download speeds with top download capacity using HSPA technology up to 3.6 Mbit/s. This is over ten times faster than the currently available 2G EDGE technology. Higher speeds enable faster download of mobile content and higher quality email services, particularly for work with large attachments. 3G brings true mobile broadband to subscribers of MTS Connect, a proprietary mobile Internet solution from MTS that comes as a modem for desktop PCs or laptops. MTS also launched a number of innovative services available only through the 3G infrastructure. Customers on the new network are now able to make video calls, access mobile TV and roam on 3G networks. In addition, international roamers are able to access fast speeds and advanced services on MTS’ 3G networks. "With the launch of 3G networks in major regions of Russia, MTS is starting a new phase in the development of telecommunications in the CIS. We are keen to offer 3G services to our customers, as we see great demand for data and broadband solutions in Russia," noted Mikhail Shamolin, CEO of MTS Russia. Mr. Shamolin continued: "We believe that conditions for the 3G launch in Russia are more favorable than in the developed markets. Today’s HSPA-enabled infrastructure allows download speeds up to 10 times faster than the first phase of 3G networks, while the costs for equipment and devices are significantly cheaper. We have access to best-practice implementation from around the world and our 3G network benefits from higher-quality and more advanced mobile services and devices." About Mobile TeleSystems Headquartered in Moscow, Russia, OJSC Mobile TeleSystems (NYSE:MBT) -- http://www.mtsgsm.com/-- provides wireless telecommunications services operator in Russia, Ukraine, Uzbekistan, Turkmenistan, Armenia, and Belarus. MOBILE TELESYSTEMS: Fitch Rates RUB10 Bln. Domestic Loan at BB+ --------------------------------------------------------------- Fitch Ratings has assigned OJSC Mobile TeleSystems's proposed first domestic bond issue, totaling RUB10 billion and with a headline maturity of five years, an expected senior unsecured foreign currency rating of 'BB+' and National Long-term rating of 'AA(rus)'. MTS is rated Long-term Issuer Default 'BB+' with a Stable Outlook, Short-term IDR 'B' and National Long-term 'AA(rus)' with a Stable Outlook. The bond will constitute senior unsecured obligations of MTS. The draft bond prospectus does not contain any financial or other covenants. The final rating is contingent on the receipt of final documents conforming to information already received. Bondholders will have a put option two years after placement, which reduces the effective maturity of this bond to two years. The ratings reflect MTS's sound competitive strengths and strong market positions in all of its countries of operations. Fitch expects MTS to retain healthy EBITDA margins, and demonstrate robust revenue growth at least in the short-to-medium term. The company is likely to be highly free-cash flow-generative in the long-run, although in the short-to-medium term this may be compromised by capital spending increase associated with organic capacity expansion, coverage improvements in selected areas, and 3G infrastructure investments. MTS's financial position and performance are strong, and leverage is considered low for its ratings. Exposure to parent JSFC Sistema's ('BB-'/Stable) group-wide risks associated with the lower credit quality of its other subsidiaries and possible changes in MTS's capital structure by Sistema are viewed by Fitch as a significant credit constraint. MOSCOW REGIONAL: S&P Puts B Rating Under Negative Creditwatch ------------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings on Moscow Regional Investment Trust Co. (OJSC) (MRITC; B/--), a multifunctional holding company wholly owned by the Moscow Oblast (BB/Positive/--; Russia national scale rating 'ruAA'), on CreditWatch Negative following its delay in fulfilling the put option on Mostransavto (CCC+/Stable/--) bonds on time. "The CreditWatch placement reflects the temporary delay MRITC faced in fulfilling the put option it provided on a Russian ruble 7.5 billion bond, placed by Mostransavto, a transport company fully owned by Moscow Oblast. As far as we understand, the payment was finally made on June 25, 2008, one full day after it was due," said Standard & Poor's credit analyst Felix Ejgel. The ratings on Mostransavto (which paid its coupon payment on June 24, 2008, in line with the schedule) and its bond (CCC+) remain unaffected. S&P will resolve the CreditWatch on MRITC after collecting additional information on the reasons for the delay. If it turns out that the delay was caused by purely technical issues in the payment chain, S&P may affirm its ratings on MRITC. If the delinquency resulted from poor risk management at the company's level, S&P may lower the ratings by one notch. If the situation was exacerbated by liquidity constrains at the company level, this may raise concerns about the ability and willingness of the Moscow Oblast to provide sufficient timely support to MRITC and other Moscow Oblast government-related entities (GREs). This may lead to the revision of our approach in rating MRITC and other Moscow Oblast GREs and consequently more severe rating actions. For the time being, though, we have no indication that this is the case, and S&P's ratings on Moscow Oblast and other Moscow Oblast GREs remain unaffected. MRITC arranges financing for the construction of public infrastructure and manages other Moscow Oblast assets. It has a strong public policy role and, consequently, we rate the company in line with our criteria for rating GREs, and are currently using a top-down approach from the rating on the Moscow Oblast. S&P believes that MRITC may receive extraordinary support from the oblast because of its role as coordinator and financer of the oblast's main infrastructure and investment projects. S&P's ratings on MRITC continue to reflect the company's mandate to take over financial and credit risks from the Moscow Oblast. Fast debt accumulation, dominated by short-term debt, also constrains the rating, as does high information risk associated with the company's still-evolving, unclear strategy and a lack of consolidated International Accounting Standards (IAS) reporting. NIVA CJSC: Court Names D. Zakaryan as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Voronezh appointed D. Zakaryan as Insolvency Manager for CJSC Niva. He can be reached at: D. Zakaryan Srednemoskovskaya Str. 6a Voronezh Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-5420-2006 132/7?. The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: CJSC Niva Russkaya Gvozdevka Ramonskiy Voronezh Russia OTDELOCHNIK CJSC: Creditors Must File Claims by July 24 ------------------------------------------------------- Creditors of CJSC Otdelochnik (TIN 3444086647) have until July 24, 2008, to submit proofs of claim to: V. Samonin Insolvency Manager Chelyuskintsev 151/161-24 Saratov Russia The Arbitration Court of Volgograd commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A12-15182/07-s49. The Debtor can be reached at: CJSC Otdelochnik Zemlyanskogo 4 Volgograd Russia PETERSBURG SOCIAL: Fitch Hikes IDR to B- with Stable Outlook ------------------------------------------------------------ Fitch Ratings has upgraded the ratings of Petersburg Social Commercial Bank: -- Long-term Issuer Default rating: upgraded to 'B-' from 'CCC' -- Short-term IDR: upgraded to 'B' from 'C' -- National Long-term rating: upgraded to 'BB-(rus)' from 'B(rus)' -- The Outlooks for the Long-term IDR and National Long-term rating remain Stable. In addition, Fitch has affirmed the following ratings of PSCB: -- Individual rating: affirmed at 'D/E' -- Support rating: affirmed at '5' -- Support Rating Floor: affirmed at 'No Floor' The upgrade largely reflects reduced regulatory risks and the more transparent business model adopted by the bank. Starting from 2007, PSCB has significantly reduced its focus on client settlement and cash management operations, which carried considerable regulatory risk, in Fitch's view, in light of customers potentially using these operations to evade taxes. Although settlements continue to represent a substantial part of PSCB's business, the volume of such operations (particularly cash withdrawals) in relation to the size of its assets was reduced noticeably in 2007. The bank has informed Fitch that it has introduced new compliance procedures that should help it be more selective in choosing new clients and vigilant regarding their improper or suspicious activities. As a result, the bank has reportedly ceased relationships with nearly 200 clients, resulting in a reduction in fee and commission income in 2007. The ratings are also supported by strong capitalization and acceptable asset quality to date. However, the ratings also take into account the bank's very small size and business scale, potentially vulnerable liquidity position, undiversified funding base and declining profitability. PSCB's new strategy is to capture growth prospects in the still relatively immature SME and retail lending markets, although this remains challenging in light of limited access to longer-term funding. PSCB is a small niche bank focusing on the SME and retail markets, majority-owned by four entrepreneurs. A 20% less one share stake is held by private equity fund Renfin. POKROVSKIY BUTTER: Court Starts Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Arbitration Court of Kursk commenced bankruptcy supervision procedure on Municipal Unitary Enterprise Pokrovskiy Butter Making Factory. The case is docketed under Case No. A48-1098/08-17b. The Temporary Insolvency Manager is: N. Pyzhova Apt. 20 Gagarina Str. 6 305018 Kursk Russia The Court is located at: The Arbitration Court of Kursk K. Marksa Str. 25 305004 Kursk Russia The Debtor can be reached at: Municipal Unitary Enterprise Pokrovskiy Butter Making Factory Sovetskaya Str. 1 Pokrovskoe Orel Russia PSB FINANCE: Fitch Puts low-B Ratings on US$3 Bln Loan Program -------------------------------------------------------------- Fitch Ratings has assigned PSB Finance S.A.'s US$3 billion loan participation notes program these ratings: -- Senior unsecured notes: Long-term 'B+'; Short-term 'B' -- Subordinated notes: Long-term 'B-' Fitch has also assigned expected ratings of Long-term 'B+' and Recovery 'RR4' to the program's upcoming Series 1 issue. The issue is expected to be a senior unsecured obligation whose size and tenor are yet to be determined. The final ratings of the program and the Series 1 issue are contingent upon the receipt of final documentation conforming to information already received. Note issues under the program are to be used solely for financing loans to Russia-based Promsvyazbank (Long-term Issuer Default 'B+' with Positive Outlook, Short-term IDR 'B', Individual 'D', Support rating '4' and Support Rating Floor 'B'). The program allows for multi-currency borrowings for various tenors in the form of both senior unsecured and subordinated notes. The subordinated notes' rating is two notches below the senior unsecured notes' rating, reflecting their poor recovery prospects, especially for banks with Long-term IDRs below 'BB-'. PSB Finance S.A, a Luxemburg-domiciled special purpose vehicle will only pay noteholders principal and interest (if any) received from PSB. For the senior unsecured notes, the SPV's claims will rank at least equally with all other senior unsecured and unsubordinated creditors of PSB, save those claims preferred by any bankruptcy, insolvency, liquidation or similar laws of general application. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2007, retail deposits accounted for 13% of the bank's non-equity funding, according to PSB's audited IFRS accounts. The program contains a number of covenants, including its obligation to be in full compliance with capital adequacy requirements of the Central Bank of Russia and to maintain a ratio of capital to risk-weighted assets of at least 10%. PSB is one of the largest Russian privately held banks (12th- largest in the country at end of first quarter of 2008 by assets and third among privately, domestically-owned institutions). It is majority-owned by the Ananiev brothers. Germany's Commerzbank AG ('A'/Outlook Stable) currently holds a 15% stake in the bank, but is not involved in its strategic or operational management and there are no plans to increase its stake. PSB mainly serves large and mid-sized corporate clients. It operates about 270 points-of-sale across Russia to facilitate its ongoing regional diversification and franchise expansion into the retail and SME segments. SEVERSTAL OAO: Increases Offer for Esmark to US$19.25 per Share --------------------------------------------------------------- OAO Severstal has signed a definitive agreement to acquire Esmark Inc. for US$19.25 per share, Lauren Pollock writes for the Wall Street Journal. This represents an overall deal including debt valued at around US$1.2 billion. As recently reported in the TCR-Europe, Severstal reiterated its all cash US$17 per share tender offer to acquire all of the outstanding shares of Esmark common stock. Under the signed agreement, WSJ relates, Severstal will increase the offer to US$19.25 per share and Esmark's board of director will recommendation that shareholders tender their shares to the Russian company. Esmark shareholders have until July 18, 2008, unless extended, to accept Severstal's offer. SeverStal has also entered into an agreement to acquire Esmark’s US$110 million term loan facilities from Essar Steel Holdings Ltd. Esmark had previously rejected Severstal's US$17 per share cash offer after Essar Steel increased its offer to US$19 per share. 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. * * * As reported in the TCR-Europe on June 25, 2008, Standard & Poor's Ratings Services said revised its outlook on OAO Severstal to positive from stable. S&P also affirmed the company's 'BB' long-term corporate credit and senior unsecured debt ratings and the 'ruAA' Russia national scale rating. Fitch Ratings, As reported on June 23, 2008, has upgraded OAO Severstal's Long-term Issuer Default and senior unsecured ratings to 'BB' from 'BB-', and its National Long-term rating to 'AA-(rus)' from 'A+(rus)'. Following the upgrade, the Outlooks on the Long-term IDR and National Long-term rating are now Stable. At the same time, Severstal's Short-term IDR is affirmed at 'B'. 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. TEKH-PROM-SERVICE: Court Names I. Utyugova as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Moscow appointed I. Utyugova as Insolvency Manager for CJSC Tekh-Prom-Service. He can be reached at: I. Utyugova Gen. Beloborodova Str. 12-315 125222 Moscow Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-19589/06-124-102B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Tekh-Prom-Service Krasnaya Str. 3 Gulkevichi Moscow Russia VOLGATELECOM OJSC: Shareholders Approve RUR857.4-Mln Dividend ------------------------------------------------------------- The Annual general meeting of OJSC VolgaTelecom’s shareholders held on June 24, 2008, approved the annual report, the annual accounting statements, and also restated versions of the Company’s Articles of association, Regulation on the Board of directors and Regulation on Auditing committee. Shareholders also passed the resolution of distributing the Company’s profit at 2007 year-end as follows: * RUR2,465,745,894.11 for the increase in the company's equity capital; and * RUR857,361,779.89 for dividends payment, of which: -- on preferred A type shares at RUR4.0534 per a share; -- on ordinary shares at RUR2.1346 per a share. "Year 2007 was marked for VolgaTelecom by sustainable growth and the Company in accordance with its strategy continued to strengthen its leadership in communications industry of the Volga Federal district," Sergey Omelchenko, VolgaTelecom’s General Director, noted. "The reporting year was anniversary for VolgaTelecom and we appraise these five years as the period of transit to client-oriented business principles in competitive environment. Under the conditions of progressive advance of Russian telecommunications industry we have achieved meaningful results in strengthening positions in value-added services market, and also in implementation of projects intended to the development and modernization of the Company’s telecommunications infrastructure, enhancement of business efficiency." Headquartered in Nizhny Novgorod, Russia, OJSC VolgaTelecom -- http://www.vt.ru/-- provides wide range of telephony, cellular, Internet and data transmission, TV and radio broadcasting services in 11 regions of the Volga Federal district. The Company's shares are traded at RTS and MICEX. I- level American Depositary Receipts program is effective since 1997; the ADRs are traded at Frankfurt, Berlin Stock Exchanges and USA OTC market. * * * OJSC Volgatelecom currently carries Fitch Ratings' Long-term Issuer Default rating of 'BB-', National Long-term rating of 'A+(rus)' and Short-term IDR of 'B'. The Outlooks for the Long- term IDR and National Long-term rating are Stable. The company also carries Standard & Poor's Ratings Services' 'BB-' long-term corporate credit and 'ruAA-' Russia national scale ratings on Russian regional telecoms operator VolgaTelecom OJSC. The outlook is stable. VOLGATELECOM OJSC: Shareholders Name New Board of Directors ----------------------------------------------------------- The Annual general meeting of OJSC VolgaTelecom’s shareholders has elected these persons to the Board of directors: * Andreev Vladimir Alexandrovich - Rector of Povolzhsky state academy of telecommunications and IT; * Bugaenko Valeryi Nikolaevich – Head of Federal Communications Agency; * Vinokurova Evgeniya Sergeevna - Chief of sector of financial policies and liquidity management of OJSC Svyazinvest; * Grigorieva Alla Borisovna - Deputy to the director of corporate governance and legal support Department of OJSC Svyazinvest; * Kuznetsov Sergey Ivanovich – Chairman of OJSC VolgaTelecom’s Board of directors. * Omelchenko Sergey Valerievich - OJSC VolgaTelecom’s General Director. * Savchenko Victor Dmitrievich - Executive director – director of the Department of corporate governance and legal support of OJSC Svyazinvest; * Tushunov Dmitry Yurievich – Chief of analytical department – Chief economist of Closed Joint Stock Company Leader; * Fedorov Oleg Romanovich – Executive director of corporate finance Department of LLC Deutsche Bank; * Shchegolikhin Anton Anatolievich – Executive director of OJSC Svyazinvest; and * Yunkin Pavel Olegovich – General Director of Federal State Unitary Enterprise Svyaz-bezopasnost. These persons were elected to the Auditing committee: * Bocharova Svetlana Nikolaevna – Chief of tax sector of the Department of bookkeeping, tax and statistics accounting of OJSC Svyazinvest; * Burmistrova Polina Vladimirovna – Deputy to the chief of sector of legal support OJSC Svyazinvest activities of the Department of corporate governance and legal support of OJSC Svyazinvest; * Koroleva Olga Grigorievna - OJSC Svyazinvest chief accountant; * Maltsev Alexey Vladimirovich – Chief of sector of strategic planning and analysis of efficiency of realization of strategy of the Group of the Department of strategic development of OJSC Svyazinvest; and * Tret’yakov Mikhail Victorovich – Chief of sector of the Department of economics and finance of OJSC Svyazinvest. ZAO KPMG was appointed the Company’s auditor for 2008. On June 24, 2008 the first meeting of the new composition of the Board of directors was held; Mr. Sergey Kuznetsov was elected the chairman of the Board of directors. Headquartered in Nizhny Novgorod, Russia, OJSC VolgaTelecom -- http://www.vt.ru/-- provides wide range of telephony, cellular, Internet and data transmission, TV and radio broadcasting services in 11 regions of the Volga Federal district. The Company's shares are traded at RTS and MICEX. I- level American Depositary Receipts program is effective since 1997; the ADRs are traded at Frankfurt, Berlin Stock Exchanges and USA OTC market. * * * OJSC Volgatelecom currently carries Fitch Ratings' Long-term Issuer Default rating of 'BB-', National Long-term rating of 'A+(rus)' and Short-term IDR of 'B'. The Outlooks for the Long- term IDR and National Long-term rating are Stable. The company also carries Standard & Poor's Ratings Services' 'BB-' long-term corporate credit and 'ruAA-' Russia national scale ratings on Russian regional telecoms operator VolgaTelecom OJSC. The outlook is stable. VTB BANK: Moody's Cuts Bank Financial Strength Rating to D ---------------------------------------------------------- Moody's Investors Service downgraded the bank financial strength rating of VTB Bank Europe plc to D from D+. Moody's at the same time affirmed VTBE's long-term and short-term local and foreign currency deposit ratings of Baa2/Prime-2. The outlook on all ratings is stable. This rating action reflects both uncertainty over the possible impact of recent changes in VTBE's strategy -- with plans to develop investment banking activities at the group level -- on its franchise value and risk profile and the bank's materially weakened financial performance," says Andrey Artyukhin, Vice President - Senior Analyst at Moody's Moscow office. In the second half of 2007, VTB Group, of which VTBE is a part, took a strategic decision to restructure its investment banking business. As a result, the business model of VTBE, which had been historically focused on structured finance activities related to Russia and the CIS, is set to change to enable the bank to play a key role in implementing the group's investment banking initiative in conjunction with a new separate investment banking entity that is being created. Moody's understands that this decision has initiated a process to develop the investment banking capability within VTBE through the hiring of staff with relevant qualifications and to create the required support infrastructure. Moody's notes that the bank recorded an operating loss before impairment provisions in the amount of GBP16.7 million in 2007 (vs. an operating profit of GBP27.4 million in 2006). VTBE's poor earnings performance in 2007 was primarily driven by write- downs on holdings of collateralised debt obligations (CDOs) and other structured investments, which resulted in losses from investment securities in the amount of GBP23 million, and the upfront costs of developing the investment banking capability (estimated by the bank at around GBP12 million). VTBE's cost-to- income ratio soared to 143% in 2007, mainly due to large expenses associated with developing the investment banking activities, which, together with the possibility of further write-downs on the remaining holdings of CDOs and unlisted securities, is likely to continue to adversely affect the bank's financial performance in 2008, in Moody's view. "The above-mentioned developments have exerted strong downward pressure on the bank's BFSR and resulted in its downgrade to D. However, the bank's Baa2/Prime-2 deposit ratings have not been negatively affected as they continue to incorporate the probability of support for VTBE from its parent, Bank VTB, JSC (rated Baa2/Prime-2 for bank deposits and D- for BFSR) in the event of a possible distress, which, in Moody's assessment, is very high," says Mr. Artyukhin. The date of Moody's prior rating action on VTBE was 4 May 2007, when the rating agency affirmed the bank's BFSR and deposit ratings. ===================== S W I T Z E R L A N D ===================== GRAFTECH INTERNATIONAL: S&P Revises Outlook to Positive ------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on GrafTech International Ltd. to positive from stable. At the same time, we raised the rating on the company's senior unsecured notes to 'BB' from 'BB-' (one notch above the 'BB-' corporate credit rating). S&P revised the recovery rating to '2' from '4'. The new ratings indicate the expectation of substantial (70% to 90%) recovery in the event of a payment default. All other ratings, including the company's 'BB-' corporate credit rating, were affirmed. The outlook revision reflects the company's strengthened financial profile due to the combination of the recent conversion into equity of its outstanding US$225 million notes due 2024, good operational performance, and enhanced cash flow generation supported by currently favorable market conditions. Thus, the company's debt levels are expected to have decreased to about US$100 million, resulting in credit measures that we would consider to be good for the current rating. The ratings on GrafTech reflect the company's significant exposure to the cyclical steel industry, limited supplier diversity, and continued raw-material cost pressure. Still, the company maintains a good market position in graphite electrodes, possesses healthy margins driven by current favorable industry conditions, and has a good liquidity position. The outlook is positive. S&P can upgrade GrafTech if it continues its good operating performance and maintains its improved credit metrics or diversifies its supplier base to reduce its operating risk. S&P may change the outlook to stable if the company increases its debt levels significantly to make a large acquisition. Headquartered in Parma, Ohio, GrafTech International Ltd. -– http://www.graftech.com/-- (NYSE:GTI) manufactures and provides high quality synthetic and natural graphite and carbon based products and technical and research and development services, with customers in 80 countries engaged in the manufacture of steel, automotive products and electronics. The company manufactures graphite electrodes, products essential to the production of electric arc furnace steel. The company also manufactures thermal management, fuel cell and other specialty graphite and carbon products for, and provide services to, the electronics, power generation, solar, oil and gas, transportation, petrochemical and other metals markets. The company operates 11 manufacturing facilities strategically located on four continents. As of Feb. 28, 2008, the company has a subsidiary in Switzerland, GrafTech Switzerland S.A. GrafTech Switzerland has subsidiaries located in other parts of Europe as well as Mexico and Brazil in Latin America. ============= U K R A I N E ============= ANCET SOLUTION: Creditors Must File Claims by July 4 ---------------------------------------------------- Creditors of LLC Ancet Solution Company (code EDRPOU 34615178) have until July 4, 2008, to submit proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent on May 28, 2008. The case is docketed as 45/133B. The Debtor can be reached at: LLC Ancet Solution Company Kirov Str. 90 83037 Donetsk Ukraine ARTEMIDA LLC: Creditors Must File Claims by July 5 -------------------------------------------------- Creditors of Agricultural LLC Artemida have until July 5, 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 proceedings against the company after finding it insolvent on May 26, 2008. The case is docketed as 10/100-08. The Debtor can be reached at: Agricultural LLC Artemida Popovich Str. 9 Belozerovka Lipovetsky District 22532 Vinnica Ukraine DANASTR LLC: Creditors Must File Claims by July 5 ------------------------------------------------- Creditors of LLC Danastr (code EDRPOU 20544601) have until July 5, 2008, to submit proofs of claim to: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy proceedings against the company after finding it insolvent on April 8, 2008. The case is docketed as B-13/31. The Debtor can be reached at: LLC Danastr L, Ukrainka Str. 12-A Galych 77100 Ivano-Frankovsk Ukraine DAREL LLC: Creditors Must File Claims by July 4 ----------------------------------------------- The Economic Court of Kyiv commenced bankruptcy proceedings against the company after finding it insolvent on May 26, 2008. The case is docketed as 49/83-b. Creditors of LLC Darel (code EDRPOU 34569840) have until July 4, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Darel Saksagansky Str. 83 01033 Kiev Ukraine MUROVANI KURILOVTSY: Creditors Must File Claims by July 5 --------------------------------------------------------- Creditors of Joint Enterprise Murovani Kurilovtsy Fruit and Vegetable Cannery (code EDRPOU 01729418) have until July 5, 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 proceedings against the company after finding it insolvent on May 20, 2008. The case is docketed as 5/128-08. The Debtor can be reached at: Joint Enterprise Murovani Kurilovtsy Fruit and Vegetable Cannery Kirov Str. 3 Murovani Kurilovtsy Vinnica Ukraine PROGRESS LLC: Creditors Must File Claims by July 5 -------------------------------------------------- Creditors of LLC Progress have until July 5, 2008, to submit proofs of claim to: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent May 6, 2008. The case is docketed as 14/1914. The Debtor can be reached at: LLC Progress Mankovsky District Rogy Cherkassy Ukraine REAL ESTATE: Creditors Must File Claims by July 4 ------------------------------------------------- Creditors of LLC Real Estate Building (code EDRPOU 35533945) have until July 4, 2008, to submit proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent on May 28, 2008. The case is docketed as 45/134B. The Debtor can be reached at: LLC Real Estate Building Ovnatanian Str. 4 83017 Donetsk Ukraine ROAD MACHINE: Creditors Must File Claims by July 5 -------------------------------------------------- Creditors of OJSC Road Machine (code EDRPOU 05824579) have until July 5, 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 May 23, 2008. The case is docketed as 21/140/08. The Debtor can be reached at: OJSC Road Machine Gagarin Str. 7 Berdiansk 71111 Zaporozhje Ukraine SOZDANIYE LLC: Creditors Must File Claims by July 5 --------------------------------------------------- Creditors of LLC Sozdaniye (code EDRPOU 34012916) have until July 5, 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 26, 2008. The case is docketed as 6/108-08. The Debtor can be reached at: LLC Sozdaniye Sobornaya Str. 38 40030 Sumy Ukraine UKRAINIAN WHOLESALE: Proofs of Claim Deadline Set July 4 -------------------------------------------------------- Creditors of LLC Ukrainian Wholesale Grocery (code EDRPOU 30574772) have until July 4, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kyiv commenced the bankruptcy supervision procedure on the company on May 15, 2008. The case is docketed as 28/88-b. The Debtor can be reached at: LLC Ukrainian Wholesale Grocery Saperno-Slobodskaya Str. 25 03039 Kiev Ukraine UKRSIBBANK: Moody's Lifts Bank Financial Strength Ratings to D -------------------------------------------------------------- Moody's Investors Service upgraded the bank financial strength rating of UkrSibbank to D from D-. The outlook on the BFSR is stable following the upgrade. At the same time, Moody's affirmed all of the bank's other ratings with their existing outlooks. According to Moody's, the rating action reflects the significant and ongoing improvements in UkrSibbank's risk management processes to levels in line with those of its ultimate parent BNPP and commensurate with its robust franchise, which has been improved on the back of diversification into retail, strengthened name recognition, and financial fundamentals to an extent commensurate with D rated banks. "The entrance of its strategic foreign shareholder in 2006 turned UkrSibbank around, with a positive impact on its lending culture, decision-making processes and business philosophy, resulting in a more market-oriented institution with credit underwriting standards in line with those of its parent. The bank's committed shareholders also provides it with regular capital injections to enable it to keep up with the market growth at relatively low cost as well as stable funding. In addition, the change in ownership contributed positively to UkrSibbank's corporate governance with a management team comprising a blend of foreign and local professionals," explains Yaroslav Sovgyra, Vice President-Senior Credit Officer and lead analyst for UkrSibbank at Moody's. The upgrade also takes into account Moody's opinion that UkrSibbank is well positioned to further consolidate its market positions thanks to its considerably enhanced customer reach through the reorganised network of over 1,000 branches and outlets across the country at H1 2008 against the backdrop of Ukraine's increasingly competitive environment. At present, UkrSibbank, the second largest foreign bank subsidiary in Ukraine, ranks third among Ukrainian banks in terms of total assets (with market share 6% as of 01.06.2008), and second - in terms of loans to individuals (with market share 10,7% as of 01.06.2008) and also maintains a solid position in the corporate segment. Moody's believes that the bank is particularly well positioned to grow in retail (where it is strong in the mortgage segment) and in the SME franchise. Moody's adds that UkrSibbank's ratings remain constrained by: (i) the difficult operating environment, (ii) the very rapid pace of growth, which is associated with higher risks, and mounting competitive pressure, which may lead to a potential loosening in credit underwriting, (iii) concentrations in its loan portfolio and the untested quality of the new business lines launched in retail and SME, (iv) its high reliance on its parent in funding as well as increasing dependence on market sources for funding, and (v) a low internal capacity to generate capital, which results in a need for external capital calls to keep up with the balance sheet growth. At the same time, the ratings are supported by (i) the bank's well-conceived market strategy implemented by its experienced management team, (ii) a track record of profitable, cost- efficient operations, which are likely to be preserved going forward, (iii) sound asset quality and stringent loan underwriting standards, and (iv) a satisfactory liquidity profile in a period of global market turbulence. Moody's notes that the bank's Baa2/Prime-2 long- and short-term local currency deposit ratings incorporate a three-notch uplift from its baseline credit assessment of Ba2 (which represents its standalone credit quality and which is mapped from the D BFSR) based on Moody's assessment of a very high probability of parental support from BNPP and a high probability of systemic support. This rating was upgraded: -- Bank financial strength rating to D (stable outlook) from D- These ratings were affirmed: -- Global local currency deposit ratings of Baa2 (stable outlook)/Prime-2 -- Foreign currency deposit ratings of B2 (on review for upgrade) / Not Prime -- Foreign currency senior unsecured debt ratings of Ba2 (on review for possible upgrade) -- Aaa.ua national scale rating (no specific outlook) -- Aaa.ua national scale long-term senior unsecured debt rating (no specific outlook) UkrSibbank is headquartered in Kiev, Ukraine, and it has reported total assets of US$7.3 billion under IFRS as at 31 December 2007 and net income of US$70.5 million for the year. VITKOM-TRISE LLC: Creditors Must File Claims by July 5 ------------------------------------------------------ Creditors of LLC Vitkom-Trise (code EDRPOU 333971860) have until July 5, 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 May 29, 2008. The case is docketed as B 15/151-08. The Debtor can be reached at: LLC Vitkom-Trise K. Liebkneht Str. 13/3 49000 Dnipropetrovsk Ukraine =========================== U N I T E D K I N G D O M =========================== ANGLO-DUTCH: Taps Joint Administrators from Kroll ------------------------------------------------- Charles Peter Holder and Anne Clare O'Keefe of Kroll Ltd. were appointed June 17, 2008, joint administrators of: -- Anglo-Dutch Meats (UK) Ltd. (Company Number 01059486); -- Anglo Dutch Meats (Exports) Ltd. (Company No 02490454); -- Cibus Group Ltd. (Company Number 03141787). Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. The company can be reached at: Cibus Group Ltd. Arkwright Road Highfield Industrial Estate Eastbourne East Sussex BN23 6QQ England APPLE ENGINEERING: Appoints KPMG as Joint Administrators -------------------------------------------------------- Richard Dixon Fleming and Howard Smith of KPMG LLP were appointed joint administrators of Apple Engineering Ltd. (Company Number 01874090) on June 11, 2008. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. The company can be reached at: Apple Engineering Ltd. c/o KPMG LLP 1 The Embankment Neville Street Leeds LS1 4DW England B & S BUILDERS: Brings In Administrators from Deloitte & Touche --------------------------------------------------------------- Robin David Allen and Richard Michael Hawes of Deloitte & Touche LLP were appointed joint administrators of B & S Builders Ltd. (Company Number 4642455) on June 3, 2008. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The company can be reached at: B & S Builders Ltd. Churchill Farm Dale Road Haverfordwest Dyfed SA62 3AD Wales BRITANNIA BULK: Strong 2007 Performance Cues S&P to Lift Rating --------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating on U.K.-based shipping group Britannia Bulk PLC to 'B+' from 'B-'. This follows strong 2007 and year- to-date trading performances and reflects an improvement in Britannia's financial profile after completion of its U.S. IPO. The outlook is stable. At the same time, the senior secured debt rating on the US$185 million notes was raised to 'B+' from 'B-'. The recovery rating on the notes is '4', indicating Standard & Poor's expectation of average (30%-50%) recovery in the event of a payment default. Standard & Poor's expects to withdraw the senior secured debt and recovery ratings in the coming days following repayment of the notes. "The upgrade reflects Britannia's strong growth in cash flow generation and improved trading performance during 2007, and follows the completion of its U.S. IPO despite difficult market conditions," said Standard & Poor's credit analyst Stuart Clements. "These developments have resulted in reduced financial leverage and improved credit ratios." Trading performance for the rolling 12 months to March 2008 improved on the same period of the previous year, with significant growth in revenues, an increase in the operating margin to 12.5% from 6.2%, and a rise in EBITDA to US$129.3 million from US$18.5 million. This has been driven by the strong dry bulk market, significant additional contribution from the chartered-in fleet, and contributions from vessels purchased during the year. Rolling 12-month EBITDA comfortably covered net interest by 5.5x at March 31, 2008. Total adjusted debt was US$563.1 million at the same date. After application of the IPO proceeds, we expect this to reduce to about US$450 million. The stable outlook reflects our expectations for continued favorable market conditions in the near term, the partial protection provided by the company's contracts of affreightment, and Britannia's improved diversity of earnings following significant revenue growth during the past 12 months. Sustained strong fundamentals for the bulk market, continued successful execution of the company's growth strategy, and improvements in the aged fleet profile, combined with a sustained low level of financial leverage, could lead to upward rating movement. Negative rating pressure could be a factor in the event that deteriorating market conditions have a damaging effect on Britannia owing to its weaker industry position. An aggressive debt-funded growth strategy significantly in excess of earnings growth could also put pressure on leverage ratios and result in downward rating movement. BRITISH AIRWAYS: Selling Air Mauritius Stake for GBP3.2 Million --------------------------------------------------------------- British Airways Plc has reached an agreement to sell its 10.5% share in Air Mauritius for GBP3.2 million. The airline is selling its 3.84% share in Air Mauritius Ltd. to the Mauritian government and its 13.24% share in Air Mauritius Holding Company Limited to existing shareholders. British Airways has held a 10.5% share in Air Mauritius since 1973. "Our investment in Air Mauritius no longer forms a core part of our business strategy," Robbie Baird, British Airways' area general manager Asia Pacific and the airline's representative on the Air Mauritius board, said. "We invested in the airline when it was a start-up airline. It is now a successful carrier, operating to the highest standards and no longer requires our involvement and support." "I'm pleased to say that this sale has been done with the full co-operation of Air Mauritius and the Mauritian government," Mr. Baird added. Completion of the sale is expected within July 2008. About British Airways Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * British Airways Plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. Ratings apply to date. CAPRICORN HOMES: Appoints Joint Administrators from KPMG -------------------------------------------------------- Richard Dixon Fleming and Mark Granville Firmin of KPMG LLP were appointed joint administrators of Capricorn Homes Ltd. (Company Number FC023385) on June 17, 2008. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. The company can be reached at: Capricorn Homes Ltd. c/o KPMG LLP 1 The Embankment Neville Street Leeds LS1 4DW England CLARIS SERIES 59: Fitch Downgrades EUR40 Million Notes to BB ------------------------------------------------------------ Fitch Ratings has downgraded Claris Series 59 Napa Valley V Synthetic CDO of ABS's EUR40 million floating-rate notes (ISIN: XS0234280088), due 2025, to 'BB' from 'AAA' and maintained them on Rating Watch Negative. Claris Series 59 is a synthetic collateralized debt obligation referencing a EUR2.05 billion portfolio of U.S. structured finance assets. Fitch's rating action reflects higher loss expectations due to greater-than-expected deterioration in Claris Series 59's portfolio. The negative credit migration is primarily attributable to deterioration in select Commercial ABS rental fleet and 12B1 Fees transactions as well as U.S. subprime RMBS and U.S. Alternative A (Alt-A) mortgage loans. The portfolio comprises U.S. subprime RMBS (32%), Alt-A mortgage loans (15.5%), ABS (19%), and CMBS (31%). At close, all assets were rated 'AAA'. As per the latest trustee report dated February 2008, one asset (1.11% of the portfolio) is now rated 'BB+' on RWN, and six other assets (6.7% of the portfolio) have migrated away from their 'AAA' rating. Furthermore, this compares to the current credit enhancement level of 1.39%. The RWN status will likely be resolved upon the finalization of Fitch's structured finance criteria. At close, Claris Ltd, a public limited company incorporated in Jersey, entered into a credit default swap agreement with Societe Generale (SG; rated 'AA-' (AA minus)/Outlook Stable/'F1+') under which SG bought EUR40 million of protection on the reference portfolio. Under the CDS, in return for periodic premium payments, SG receives from Claris Ltd any loss payments following credit events on the ABS portfolio once a loss threshold of 1.39% of the current portfolio notional amount of EUR2,057,142,870 has been breached. The portfolio is managed by SG for the first seven years of the transaction, during which ABS are replaced or replenished, subject to portfolio guidelines. COMMANET: Brings In Liquidators from Mazars ------------------------------------------- Robert David Adamson and Paul Charlton of Mazars LLP were appointed joint liquidators of Commanet on June 12 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Mazars LLP Mazars House Gelderd Road Gildersome Leeds LS27 7JN England EOS AIRLINES: Court Okays Aircraft Parts Sale to GoIndustry ----------------------------------------------------------- The Hon. Adlai S. Hardin, Jr. of the United States Bankruptcy Court for the Southern District of New York approved the sale of Eos Airlines Inc.'s spare aircraft parts to a unit of GoIndusry- DoveBid Plc, Christopher Scinta writes for Reuters. GoIndustry, Reuters relates, emerged as the highest bidder at a June 19 auction. "Over the next 30 to 60 days we will be selling off the remaining assets," Eos lawyer Tim Robinson of Squire Sanders & Dempsey was quoted by the paper as saying. About EOS Airlines Based in Purchase, New York, EOS Airlines, Inc. -- http://www.eosairlines.com/-- is a transatlantic airline. The company filed for Chapter 11 protection April 26, 2008 (Bankr. S.D.N.Y. Case No.08-22581). Stephen D. Lerner, Esq., at Squire Sanders & Dempsey, LLP, represents the Debtor in its restructuring efforts. The Debtor selected Kurztman Carson Consultants LLC as claims agent. The U.S. Trustee for Region 2 appointed creditors to serve on an Official Committee of Unsecured Creditors. Joseph M. Vann, Esq., and Robert A. Boghosian, Esq., at Cohen Tauber Spievack & Wagner P.C. in New York, represent the Committee in this case. When the Debtor filed for protection against it creditors, it listed total assets of US$70,233,455 and total debts of US$34,858,485. HOUSE OF EUROPE IV: Fitch Junks Rating on Two Note Classes ---------------------------------------------------------- Fitch has downgraded House of Europe Funding IV Plc's (HOE IV) notes due 2090: -- EUR713.8 million Class A1 (ISIN XS0228470588): downgraded to 'AA' from 'AAA'; placed on RWN -- EUR130 million Class A2 (ISIN XS0228472873): downgraded to 'BBB' from 'AAA'; placed on RWN -- EUR62.5 million Class B (ISIN XS0228474572): downgraded to 'B' from 'AAA'; remains on RWN -- EUR5 million Class C (ISIN XS0228475389): downgraded to 'B' from 'AA-'; remains on RWN -- EUR49 million Class D (ISIN XS0228476197): downgraded to 'C' from 'A-'; removed from RWN -- EUR7.56 million Class E (ISIN XS0228476601): downgraded to 'CCC' from 'BBB'; removed from RWN HOE IV is an arbitrage cash-flow collateralized debt obligation incorporated to issue EUR1bn of notes. The proceeds of the issuance are invested in a portfolio of primarily high-grade European RMBS, CMBS, ABS and CDOs. The collateral manager is Collineo Asset Management GmbH (rated 'CAM2-' as a manager of structured finance CDOs). The transaction is currently in the re-investment period, which ends in December 2010. This transaction was initially placed on RWN on Feb. 27, 2008, following a deterioration of the portfolio quality resulting from exposure to US structured finance CDOs comprised of subprime debt. Due to this exposure, the portfolio's credit quality has considerably worsened. There are currently eight assets totaling EUR50.25 million (approximately 5.2% of the portfolio) rated 'CCC' or below. While these assets are still paying interest, they are expected to have no principal recovery. In addition, the portfolio contains three other assets rated below investment grade, totaling EUR10.5 million (or approximately 1.05% of the portfolio). As a result of exposure to these eight assets, the transaction has failed all over-collateralization tests. As of May 15, 2008 trustee report, the senior OC test, which covers the Class A, B, and C notes, was reported at 102.8% relative to a minimum threshold of 104%. The failure of the OC tests means that the principal proceeds available after paying certain senior expenses will be used to redeem the notes in order of priority until the tests are back in compliance. However, given the limited amount of excess spread generated by the portfolio, Fitch does not expect the OC test to cure. Thus, the Class D and E notes are not expected to receive any future interest payments. In addition to not receiving interest payments, the Class D and E notes are currently under-collateralized. When the portfolio balance is adjusted to reflect the zero recovery expectations on the above mentioned assets, the Class D notes are under- collateralized by EUR32.6m and the Class E notes have no collateral standing against them other than the partial protection from a zero coupon French government bond. Regarding the more senior notes, the Class A1, A2, B and C still retain credit enhancement levels of 23.1%, 9.1%, 2.3% and 1.8%, respectively, based on a performing portfolio balance of EUR927.8m, which includes principal cash. In the case of the Class B and C notes, although a thin margin of safety remains, Fitch believes this is not sufficient to support investment grade ratings. The ratings of the Class A1, A2, B and C notes address the timely payment of interest and the ultimate repayment of principal by the stated maturity date as per the governing documents. The ratings on the Class D and E notes address the ultimate return of the rated principal balance by the stated maturity as per the governing documents. Currently, the Class D rated notional stands at EUR44.2 million and the Class E rated notional is EUR6.67 million. The Class E notes benefit from partial protection from a French OAT strip (ISIN: FR0010172205) maturing in 2055 with a par balance of EUR6.35 million. Fitch will resolve the RWN upon finalization of its revised structured finance CDO criteria. NOSTRUM CONSUMER: Fitch Affirms BB Rating on Class E Notes ---------------------------------------------------------- Fitch Ratings has affirmed Nostrum Consumer Finance plc notes. The Outlook on Class B notes has been changed to Positive from Stable. Nostrum is a securitization of consumer loans ABS transaction originated by Caixa Geral de Depositos S.A. in Portugal. -- EUR153.2 million Class A floating-rate notes (ISIN XS0178584750): affirmed at 'AAA'; Stable Outlook -- EUR15.6 million Class B floating-rate notes (ISIN XS0178585054): affirmed at 'AA+'; Outlook changed to Positive from Stable -- EUR12.4 million Class C floating-rate notes (ISIN XS0178585138): affirmed at 'A'; Positive Outlook -- EUR10 million Class D floating-rate notes (ISIN XS0178585484): affirmed at 'BBB'; Positive Outlook -- EUR2.4 million Class E floating-rate notes (ISIN XS0178585641): affirmed at 'BB'; Positive Outlook The credit enhancement levels have risen due to amortization of the class A notes. This is expected to continue as a result of the sequential amortization of the transaction. This is the basis for all the Positive Outlooks. The Fitch Delinquency Ratio was stable during the revolving period and was at 4.32% at the end of February 2008. However, during the amortizing period the DR has increased, partly driven by the amortization of the pool. Since inception the Fitch Cumulative Gross Default Ratio and Fitch Cumulative Net Default Ratio have been performing better than the agency's base case expectations set at closing. As at end-February 2008, the CGDR stood at 0.54% against a base case of 2.41% and the CNDR at 0.36% compared to 1.56%. Since closing, the cash reserve has been fully funded. There is a 10% clean-up call feature in the transaction. RICHARD COULBECK: Claims Filing Period Ends July 28 --------------------------------------------------- Creditors of Richard Coulbeck Ltd. have until July 28, 2008 to send their names and addresses and particulars of their claims to: M. C. Bowker Joint Liquidator Tenon Recovery Europarc Innovation Centre Innovation Way Grimsby DN37 9TT England M. C. Bowker and D. A. Willis of Tenon Recovery were appointed joint liquidators of the company on May 19, 2008 for the creditors' voluntary winding-up proceeding. W B ASHWORTH: Calls In Liquidators from PKF ------------------------------------------- Jonathan Newell and Kerry Bailey of PKF (UK) LLP were appointed joint liquidators of W B Ashworth and Sons Ltd. on June 13 for the creditors' voluntary winding-up procedure proceeding. The joint liquidators can be reached at: PKF (UK) LLP Sovereign House Queen Street Manchester M2 5HR England YELL GROUP: Defends Management Bonuses Amid Share Price Drop ------------------------------------------------------------ Yell Group plc has defended its decision to pay bonuses of up to 110% of salaries to senior executives despite poor share price performance, Andrew Edgecliffe-Johnson writes for the Financial Times. Yell's share price in the financial year to March 31 dropped to 74% due to concerns about the group's GBP3.8 billion debt load, the FT relates. However, Yell's chairman Bob Scott, who declared his support for the management team, believed the group would be able to generate sufficient free cash flow to make its debt payments, blaming "changing attitudes to debt arising during the credit crunch" for the share price performance, the FT notes. John Condron, the group's chief executive, received a performance-related bonus of GBP935,000 for the year to March 31, on top of an GBP850,000 salary and GBP1.5 million in accrued pension benefits, while John Davis, the group's chief financial officer, received a GBP555,000 bonus, on top of GBP505,000 in basic pay. Both executives were also granted double-digit salary increases, the paper discloses. Headquartered in Reading, England, Yell Group plc -- http://www.yellgroup.com/-- is an international directories business operating in the classified advertising market through printed, online, and phone media in the U.K. and the US. Yell also owns 100% of TPI (renamed "Yell Publicidad"), the largest publisher of yellow and white pages in Spain, with operations in certain countries in Latin America. Yell's revenue for the twelve months ended March 31, 2008 was GBP2,219 million and its Adjusted EBITDA was GBP738.9 million. * * * In May 2008, Moody's Investors Service affirmed the Ba3 corporate family rating of Yell Group plc but changed the outlook to negative from stable. In April 2008, Standard & Poor's Ratings Services revised to negative from stable the outlook on the U.K.-based classified directories publisher Yell Group PLC. At the same time, the 'BB-' corporate credit rating was affirmed. * Moody's Says Outlook Remains Negative Despite Share Issue ----------------------------------------------------------- Moody's Investors Service affirmed the ratings of Barclays Bank plc (rated Aa1 for senior debt and deposits; B for financial strength) following the bank's announcement of a share issue to raise approximately GBP4.5 billion. Moody's also noted that the outlook for Barclays' ratings remains negative. Of the GBP4.5bn share issue, approx. GBP0.5bn will be placed with SMBC through a firm placing, and the remaining GBP4bn has been underwritten by institutional shareholders and new and existing investors (including Qatar Investment Authority, a company representing the chairman of Qatar Holding, Temasek and China Development Bank), with the opportunity for existing shareholders to subscribe to shares through a clawback. Moody's considers the increase in capital to be a positive development for Barclays' bondholders, given Barclays' relatively lower capital ratios to date. In Moody's press release of 15 May 2008 regarding the downgrading of Barclays' financial strength rating from B+ to B, the rating agency noted that the rating action reflected our concern that both earnings and capitalisation levels could come under pressure from Barclays' structured credit exposures and the weakening of the UK economy. The press release also said that the BFSR of B assumes that any further writedowns could be covered by the bank's annual earnings, and that capitalisation levels position the bank at the lower end of global peers within the B+ and B Bank Financial Strength rating category. Barclays has announced that on a pro-forma basis at the end of 2007 this would increase its Tier 1 capital ratio (on a Basel II basis) from 7.6% to 8.8% and equity Tier 1 ratio from 5.1% to 6.3%. However, although the bank has said it intends to run with ratios above long term target levels of 7.25% and 5.25% respectively, particularly while current market turbulence persists, the bank has also expansion and investment plans across its key franchises, therefore the medium-term capital levels are unlikely to be as high as the pro-forma levels. Moody's will continue to monitor the bank's structured exposures, the potential volatility from capital market activities and the performance of UK loan books. The negative outlook on the bank's ratings could revert to stable if a higher capitalisation level is consistently maintained by Barclays, the structured credit exposures are managed down and the impact of the worsening UK economic environment on loan books can be absorbed within current earnings. Barclays Bank plc is headquartered in London, United Kingdom, and had total assets of GBP 1,227 billion at December 31, 2007. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- July 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Cynthia Jackson of Smith Hulsey & Busey University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ July 10-13, 2008 AMERICAN BANKRUPTCY INSTITUTE 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.abiworld.org/events July 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Employment Issues Following Hurricanes & Disasters Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Aug. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Do's and Don'ts of Investing in a Turnaround Citrus Club, Orlando, Florida Contact: http://www.turnaround.org// Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 17, 2008 TURNAROUND MANAGEMENT ASSOCIATION Real Estate / Condo Restructuring Panel Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org// Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Sept. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Private Equity Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org// Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION State of the Capital Markets Citrus Club, Orlando, Florida Contact: http://www.turnaround.org// Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Oct. 30 & 31, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Physicians Agreements and Ventures Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Interaction Between Professionals in a Restructuring/Bankruptcy Bankers Club, Miami, Florida Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Chinas New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer for Navigating the Restructuring Process Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Examining the Examiners: Pros and Cons of Using Examiners in Chapter 11 Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES New 'Red Flag' Identity Theft Rules Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergersthe New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Todays Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite Corporate Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ ********* 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 * * *