/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080819.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, August 19, 2008, Vol. 9, No. 164 Headlines A U S T R I A ALPHA KEG: Claims Registration Period Ends August 28 AUTOKOMMUNIKATION LLC: Claims Registration Period Ends August 26 C & K AIRPORTSERVICE: Claims Registration Period Ends August 27 LEDER MAYER: Claims Registration Period Ends August 26 B E L G I U M FINANCIAL SECURITY: US$8.7 Bil. at Risk on BluePoint's Collapse G E R M A N Y AQUIS VERWALTUNGSGESELLSCHAFT: Creditors' Meeting Set August 27 AQUIS ZWEITE: Claims Registration Period Ends August 27 AVO-SASSNITZ GMBH: Creditors' Meeting Slated for August 27 BABENGINEERING GMBH: Claims Registration Period Ends August 27 BAHA-TEC GMBH: Claims Registration Period Ends August 26 CAR SERVICE: Claims Registration Period Ends August 27 COMTEC SERVICE: Claims Registration Period Ends August 28 COSMO FINANCE: S&P Affirms BB/B Ratings on Class E/F CL Notes ESTELLA HANDELS: Claims Registration Period Ends August 27 F & D BAU: Claims Registration Period Ends August 27 HOCHDRUCK VERLAG: Claims Registration Period Ends August 27 IBA-AUTO-SCHNELLDIENST: Claims Registration Ends August 26 INGENIEURBUERO CONSULT: Claims Registration Period Ends Aug. 27 MEGA-GRUENBAU: Claims Registration Period Ends August 26 MONAWI HANDELS: Claims Registration Period Ends August 26 NORM BAUGESELLSCHAFT: Claims Registration Period Ends August 29 POHLE TRANS: Claims Registration Period Ends August 29 PROTECHAUS GMBH: Claims Registration Period Ends August 29 TALISMAN-6: S&P Holds BB/CCC- Ratings of Class E/F on WatchNeg TUI AG: Turnover Up 20% to EUR6.2 Billion in Second Quarter 2008 G R E E C E FAGE DAIRY: Posts EUR11.1MM Net Loss for Half Year Ended June 30 FAGE DAIRY: S&P Revises Outlook, Affirms B Corp. Credit Rating K Y R G Y Z S T A N PROSPER PLAST: Creditors Must File Claims by September 23 R U S S I A AGRO-KHIM-SERVICE: Creditors Must File Claims by September 19 AY-ART LLC: Moscow Bankruptcy Hearing Set September 2 DEP 51 OJSC: Creditors Must File Claims by September 19 DRUZHBA OJSC: Creditors Must File Claims by September 12 ELAN-FERM-MASH: Creditors Must File Claims by September 19 ERA-STROY PROFIT LLC: Moscow Bankruptcy Hearing Set November 11 ERMAK LLC: Moscow Bankruptcy Hearing Set November 6 S W E D E N FORD MOTOR: Selling US$500MM Shares to Buy Back Arm's Debt U N I T E D K I N G D O M AQUACOL LTD: Claims Filing Period Ends September 1 BAKER STREET: Fitch Holds 'BB' Rating on US$12MM Class E Notes COMPLETE CONTRACT: Calls in Liquidators from Tenon Recovery FOOD AND DRINK: Brings in Joint Administrators from BDO Stoy JOHAL RANA: Appoints Joint Administrators from PKF LAUREL PUB: Robert Tchenguiz Buys Back 80 Outlets OAKDALE BAKERIES: Taps Liquidators from KPMG PLANET THREE: Brings in Liquidators from BDO Stoy Hayward SDH REALISATIONS: Appoints Liquidators from PwC SOLUTIA INC: To Raise US$290MM in Equity Offering to Repay Debt SOLUTIA INC: S&P Says Ratings Unchanged on Equity Offering * Aon Warns Rising Insolvency Risk Could Expose Pension Schemes * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= ALPHA KEG: Claims Registration Period Ends August 28 ---------------------------------------------------- Creditors owed money by KEG Alpha have until Aug. 28, 2008, to file written proofs of claim to the court-appointed estate administrator: Dr. Wolfgang Leitner Kohlmarkt 14 1010 Vienna Austria Tel: 533 19 39 Serie Fax: 533 19 39 39 E-mail: kanzlei@lp-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on Sept. 11, 2008, for the examination of claims at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 10, 2008, (Bankr. Case No. 5 S 73/08g). AUTOKOMMUNIKATION LLC: Claims Registration Period Ends August 26 ---------------------------------------------------------------- Creditors owed money by LLC AUTOkommunikation have until Aug. 26, 2008, to file written proofs of claim to the court- appointed estate administrator: Dr. Andrea Simma Favoritenstrasse 22/12a 1040 Vienna Austria Tel: 504 64 08 Fax: 504 64 08 22 E-mail: simma@mitrecht.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Sept. 9, 2008, for the examination of claims at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 11, 2008, (Bankr. Case No. 28 S 97/08f). C & K AIRPORTSERVICE: Claims Registration Period Ends August 27 --------------------------------------------------------------- Creditors owed money by LLC C & K Airportservice have until Aug. 27, 2008, to file written proofs of claim to the court- appointed estate administrator: Dr. Wolfgang Leitner Kohlmarkt 14 1010 Vienna Austria Tel: 533 19 39 Serie Fax: 533 19 39 39 E-mail: kanzlei@lp-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Sept. 10, 2008, for the examination of claims at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 10, 2008, (Bankr. Case No. 2 S 81/08m). LEDER MAYER: Claims Registration Period Ends August 26 ------------------------------------------------------ Creditors owed money by LLC Leder Mayer have until Aug. 26, 2008, to file written proofs of claim to the court-appointed estate administrator: Dr. Walter Anzboeck Stiegengasse 8 3430 Tulln Austria Tel: 02272/61 600 Fax: 02272/61600-20 E-mail: Anwalt@anzboeck.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on Sept. 16, 2008, for the examination of claims at: The Land Court of St. Poelten Room 216 2nd Floor St. Poelten Austria Headquartered in Tulln, Austria, the Debtor declared bankruptcy on July 22, 2008, (Bankr. Case No. 14 S 112/08y). ============= B E L G I U M ============= FINANCIAL SECURITY: US$8.7 Bil. at Risk on BluePoint's Collapse --------------------------------------------------------------- U.S.-based monoline bond insurer Financial Security Assurance Inc.'s US$8.7 billion of business reinsured with BluePoint Re Ltd. "must now be considered at risk" following BluePoint's bankruptcy filing, Bloomberg News reports citing Morgan Stanley analysts. Financial Security Assurance Inc. (FSA) is a unit of Belgian- French financial services company Dexia SA. BluePoint Bankruptcy Filing As reported in the Troubled Company Reporter on Aug. 15, 2008, BluePoint sought for Chapter 15 bankruptcy protection before the United States Bankruptcy Court for the Southern District of New York (Bankr. S.D. N.Y. 08-13169) on August 13, 2008. John C. McKeena, the Debtor's provisional liquidator, filed the Chapter 15 petition on BluePoint's behalf. Based in Bermuda, BluePoint provides insurance and reinsurance of all kinds, and in particular to underwrite third party financial insurance, mostly with underlying risks of structured finance and municipal transactions. It is a wholly owned subsidiary of BluePoint Holdings Ltd. in Bermuda, which in turn is wholly owned by Wachovia Corp. BluePoint principally reinsures financial guarantees of public finance and asset-backed debt obligations insured by monoline financial guaranty companies. This insurance was provided through treaties and facultative agreements. The reinsurance generally provided for guarantees of scheduled principal and interest payments on an issuer's obligation in accordance with the obligor's original payment schedule. In addition to providing reinsurance to monoline bond insurers, the Debtor also sold credit default protection on asset-backed securities, and other credit risks, via credit default swaps using standard documentation and confirmations. On August 7, 2008, the Debtor requested and obtained an order from the Supreme Court of Bermuda to be wound up pursuant to the Bermuda Companies Act of 1981. The Court also appointed Mr. McKeena as the Debtor's provisional liquidator on the same day. Rating Agencies Take Action Reuters relates that Standard & Poor's has revised its outlook on FSA to negative from stable. FSA relies on having a triple-A rating to provide guarantees for bonds. Also, FSA said in a statement on July 21, 2008, that Moody's Investors Service Inc. decided to place the company's "Aaa" claims-paying ratings on review for possible downgrade. Robert P. Cochran, chairman and chief executive officer of FSA, said: "We take note of the concerns Moody's has expressed, and we will work closely with them to reestablish our Aaa-stable claims-paying ratings." Dexia Rescues Unit On August 6, Dexia said in a statement it injected US$300 million into FSA. In June, Dexia said it was providing a US$5 billion committed unsecured standby line of credit to FSA's financial products asset management subsidiary, in order to ensure an orderly repayment of the liabilities of this business and avoid the crystallization of losses linked to accelerated sales of the assets comprised in this portfolio. The liquidity line has so far remained undrawn and the business line still has cash available of US$1.5 billion at the end of June 2008, Dexia noted. News of Dexia's rescue move for FSA as well as Morgan Stanley's comment on BluePoint's bankruptcy filing battered Dexia's shares, which, according to Bloomberg News, are down 47 percent this year. FSA Going Forward Following Dexia's capital contribution, FSA said it will exit its asset-backed business and will commit its resources to global public finance. FSA will also adjust its human resources and expense levels which will result initially in a 10% headcount reduction, a one-off charge of about US$6 million and a US$30 million annual cost reduction. Due to the deterioration of the economic environment in the US, FSA significantly strengthened its reserves for potential future losses in the RMBS sector for a total amount of US$936 million (pre-tax) in 2Q 2008. Assuming that the current stressed performance of insured transactions will continue well into 2009, and not return to normal until mid-2010, FSA increased reserves by US$620 million (pre-tax). This is primarily related to transactions backed by home equity lines of credit (HELOCs) and Alt-A (near-prime) closed-end second-lien (CES) mortgage loans. FSA also established reserves for economic losses on certain assets which are held for sale in the financial products investment portfolio for an amount of US$316 million. FSA's Net Loss Drags Dexia's Income FSA incurred a 2Q 2008 net loss of US$331 million under US GAAP and an operating net loss of US$503 million. FSA recorded a net loss of US$752.1 million for the first half of 2008. After taking into account FSA's related losses, Dexia's 2Q 2008 net income is estimated at EUR539 million (-32% compared to 2Q 2007) while underlying net income decreased by 37%, at EUR440 million. ============= G E R M A N Y ============= AQUIS VERWALTUNGSGESELLSCHAFT: Creditors' Meeting Set August 27 --------------------------------------------------------------- The court-appointed insolvency manager for Aquis Verwaltungsgesellschaft mbH & Co. Winterfeldtstrasse 2-6 KG, Dr. Christoph Schulte-Kaubruegger will present his first report on the Company's insolvency proceedings at a creditors' meeting at 12:10 p.m. on Aug. 27, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 11:35 a.m. on Dec. 10, 2008, at the same venue. Creditors have until Oct. 10, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Aquis Verwaltungsgesellschaft mbH & Co. Winterfeldtstrasse 2-6 KG on July 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Aquis Verwaltungsgesellschaft mbH & Co. Winterfeldtstrasse 2-6 KG Culemeyerstrasse 2 12277 Berlin Germany AQUIS ZWEITE: Claims Registration Period Ends August 27 ------------------------------------------------------- Creditors of Aquis Zweite Verwaltungsgesellschaft mbH & Co. Malteserstrasse KG have until Aug. 27, 2008, to register their claims with court-appointed insolvency manager Hartwig Albers. The District Court of Charlottenburg will verify the claims set out in the insolvency manager's report at 11:30 a.m. on Oct. 22, 2008, at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hartwig Albers Luetzowstr. 100 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Aquis Zweite Verwaltungsgesellschaft mbH & Co. Malteserstrasse KG on May 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Aquis Zweite Verwaltungsgesellschaft mbH & Co. Malteserstrasse KG Culemeyerstr.2 12277 Berlin Germany AVO-SASSNITZ GMBH: Creditors' Meeting Slated for August 27 ---------------------------------------------------------- The court-appointed insolvency manager for AVO-SASSNITZ GmbH, Dr. Michael C. Frege will present his first report on the Company's insolvency proceedings at a creditors' meeting at 12:15 p.m. on Aug. 27, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 11:30 a.m. on Dec. 3, 2008, at the same venue. Creditors have until Oct. 6, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Michael C. Frege Lennestr. 7 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against AVO-SASSNITZ GmbH on July 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AVO-SASSNITZ GmbH Allee der Kosmonauten 33 G 12681 Berlin Germany BABENGINEERING GMBH: Claims Registration Period Ends August 27 -------------------------------------------------------------- Creditors of Babengineering GmbH have until Aug. 27, 2008, to register their claims with court-appointed insolvency manager Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Oct. 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 Potsdam Hall 24 Jagerallee 10-12 14469 Potsdam 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: Horst Piepenburg Berliner Strasse 32 14467 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against Babengineering GmbH on July 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Babengineering GmbH Attn: Frau Gabriela Ziedrich, Manager Brandenburg Strasse 20 15806 Zossen Germany BAHA-TEC GMBH: Claims Registration Period Ends August 26 -------------------------------------------------------- Creditors of Baha-Tec GmbH have until Aug. 26, 2008, to register their claims with court-appointed insolvency manager Martin Schoebe. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 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 Kempten Zi.Nr. 144/I Residenzplatz 4-6 87435 Kempten Russia 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: Martin Schoebe Ainmillerstr 11 80801 Munich Germany Tel: 089/1893770 Fax: 089/18937750 The District Court of Kempten opened bankruptcy proceedings against Baha-Tec GmbH on June 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baha-Tec GmbH Hertinger Weg 15 87484 Nesselwang Germany CAR SERVICE: Claims Registration Period Ends August 27 ------------------------------------------------------ Creditors of Car Service Schoenheide GmbH have until Aug. 27, 2008, to register their claims with court-appointed insolvency manager Andreas Schenk. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 27 Fuerstenstr. 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Schenk Schumannstrasse 9 08056 Zwickau Germany Tel: (0375) 211 857 0 Fax: (0375) 211 857 28 E-mail: zwickau@scharl-schenk-scheuffler.de The District Court of Chemnitz opened bankruptcy proceedings against Car Service Schoenheide GmbH on July 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Car Service Schoenheide GmbH Attn: Edith Rudert, Manager Auerbacher Strasse 1b 08304 Schoenheide Germany COMTEC SERVICE: Claims Registration Period Ends August 28 --------------------------------------------------------- Creditors of ComTec Service GmbH have until Aug. 28, 2008, to register their claims with court-appointed insolvency manager Sabine von Stein-Lausnitz. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Sept. 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall 14 Breiter Weg 203 - 206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Sabine von Stein-Lausnitz Hegelstr. 39 39104 Magdeburg Germany Tel: 0391/5982244 Fax: 0391/5982158 E-mail: magdeburg@ra-fss.de The District Court of Magdeburg opened bankruptcy proceedings against ComTec Service GmbH on July 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ComTec Service GmbH Amesdorfer Str. 37 a 39439 Guesten Germany Attn: Siegmar Leifheit, Manager Drachenschwanzstr. 26 39418 Stassfurt OT Loederburg Germany COSMO FINANCE: S&P Affirms BB/B Ratings on Class E/F CL Notes ------------------------------------------------------------- Standard & Poor's Ratings Services has affirmed its credit ratings on the credit-linked notes issued by CoSMO Finance 2007- 1 Ltd., a German synthetic SME collateralized loan obligation transaction. The affirmation follows S&P's review of the latest transaction portfolio and an update of the underlying mapping used to assess the portfolio's credit profile. As a part of its ongoing surveillance, S&P conducts periodic updates of mappings. In this case, Commerzbank AG, the originator, had carried out a recalibration of its internal rating systems, which consequently triggered S&P's review of how these ratings calibrate with its credit ratings. "Following Commerzbank's recalibration of its rating systems, we were provided with an extensive data sample covering more than 4,000 of Commerzbank's small to midsize enterprise (SME) clients," said credit analyst Viktor Milev . "We used this data to derive credit estimates for each company, which we compared with the respective Commerzbank internal ratings to obtain the new mapping." He added: "The final mapping decision also took into account the expected and observed default frequencies backing the Commerzbank SME rating scale. We noted that this resulted in a slight credit migration in the portfolio." S&P applied the new mapping to its analysis of the most current portfolio as of Aug. 1, 2008. S&P's analysis included a full CDO Evaluator modeling of the current portfolio, as well as a review of the recovery rate assumptions applied to derive scenario loss rates at each rating level. The portfolio's weighted-average rating is 'BB+'. S&P further looked into the levels of available synthetic excess spread, which have been very stable over the past year. Following the above analysis S&P concluded that the levels of credit enhancement available to the various classes of notes are still sufficient to warrant the current ratings on the notes. S&P's review of the transaction included the identification and correction of an earlier mapping error S&P made, which might, before the portfolio revision by Commerzbank, have caused the 'B' rating on the class F notes to be one notch higher than merited by its criteria. Following the portfolio revision, the ratings on all tranches are unchanged. S&P confirms that the mapping was applied to only one other transaction, TS Co.mit One GmbH, whose class E and F notes were placed on CreditWatch negative on July 10 because of weakening performance in its portfolio. The mapping error has had no impact on the ratings in this or any other transaction. Ratings List: CoSMO Finance 2007-1 Ltd. -- EUR2 Billion Floating-Rate Credit-Linked Notes Class Rating ----- ------ A1+ AAA A2+ AAA B AA C A D BBB E BB F B ESTELLA HANDELS: Claims Registration Period Ends August 27 ---------------------------------------------------------- Creditors of Estella Handels GmbH have until Aug. 27, 2008, to register their claims with court-appointed insolvency manager Dr. Detlef-Ruediger Beckmann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 1, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Detlef-Ruediger Beckmann Lindenallee 33 14050 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Estella Handels GmbH on July 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Estella Handels GmbH Bahnhofstrasse 81 15890 Eisenhuettenstadt Germany Attn: Frau Belgin Karaca, Manager Angerburger Allee 17 14055 Berlin Germany F & D BAU: Claims Registration Period Ends August 27 ---------------------------------------------------- Creditors of F & D Bau GmbH & Co.KG have until Aug. 27, 2008, to register their claims with court-appointed insolvency manager Dr. Ulrich Wenzel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 1, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Ulrich Wenzel Grossbeerenstr. 231 14480 Potsdam Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against F & D Bau GmbH & Co.KG on July 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: F & D Bau GmbH & Co.KG Hinterstrasse 12 D 15306 Seelow Germany HOCHDRUCK VERLAG: Claims Registration Period Ends August 27 ----------------------------------------------------------- Creditors of Hochdruck Verlag GmbH have until Aug. 27, 2008, to register their claims with court-appointed insolvency manager Dirk Decker. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Dirk Decker Julius-Vosseler-Strasse 42 22527 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Hochdruck Verlag GmbH on June 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hochdruck Verlag GmbH Attn: Andreas H�ttner and Rainer Ziermann, Managers Thedestrasse 13 - 17 22767 Hamburg Germany IBA-AUTO-SCHNELLDIENST: Claims Registration Ends August 26 ---------------------------------------------------------- Creditors of Iba-Auto-Schnelldienst GmbH have until Aug. 26, 2008, to register their claims with court-appointed insolvency manager Christian Hanken. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Sept. 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aurich Hall 018 Schlossplatz 2 26603 Aurich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Hanken Wallstrasse 3, D 26409 Wittmund Germany Tel: 04462/91 9114 Fax: 04462/91 9191 The District Court of Aurich opened bankruptcy proceedings against Iba-Auto-Schnelldienst GmbH on June 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Iba-Auto-Schnelldienst GmbH Auricher Strasse 23-27 26409 Wittmund Germany INGENIEURBUERO CONSULT: Claims Registration Period Ends Aug. 27 --------------------------------------------------------------- Creditors of Ingenieurbuero-Consult-GmbH have until Aug. 27, 2008, to register their claims with court-appointed insolvency manager Bert Buske. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Sept. 26, 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: Bert Buske Alt Nowawes 67 14482 Potsdam Germany The District Court of Neuruppin opened bankruptcy proceedings against Ingenieurbuero-Consult-GmbH on July 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ingenieurbuero-Consult-GmbH Regattastrasse 18 16816 Neuruppin Germany Attn: Dietmar Herbst, Manager Zur Keglitz 15 c 16816 Neuruppin Germany MEGA-GRUENBAU: Claims Registration Period Ends August 26 -------------------------------------------------------- Creditors of Mega-Gruenbau GmbH have until Aug. 26, 2008, to register their claims with court-appointed insolvency manager Dr. Henrike Georg. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Oct. 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe 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. Henrike Georg O 4, 13-16 68161 Mannheim Germany The District Court of Karlsruhe opened bankruptcy proceedings against Mega-Gruenbau GmbH on July 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mega-Gruenbau GmbH Dieselstr. 8 68753 Waghausel Germany MONAWI HANDELS: Claims Registration Period Ends August 26 --------------------------------------------------------- Creditors of Monawi Handels GmbH have until Aug. 26, 2008, to register their claims with court-appointed insolvency manager Hans-Joerg Derra. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Oct. 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 Aalen Hall 0.11 Ground Floor Stuttgarter Strasse 7 73430 Aalen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Joerg Derra Frauenstr. 14 89073 Ulm Germany Tel: 0731/922880 Fax: 0731/92288-88 E-mail: dmp@derra-ul.de The District Court of Aalen opened bankruptcy proceedings against Monawi Handels GmbH on July 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Monawi Handels GmbH Hauptstr 53 89522 Heidenheim Germany NORM BAUGESELLSCHAFT: Claims Registration Period Ends August 29 --------------------------------------------------------------- Creditors of Norm-Baugesellschaft mbH have until Aug. 29, 2008, to register their claims with court-appointed insolvency manager Frank Ziegler. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel 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 Ziegler Untere Koenigsstrasse 71 34117 Kassel Germany Tel: 0561/78496-0 Fax: 0561/78496-22 E-mail: info@rechtsanwalt-in-kassel.de The District Court of Kassel opened bankruptcy proceedings against Norm-Baugesellschaft mbH on June 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Norm-Baugesellschaft mbH Mauerstrasse 26 34117 Kassel Germany Attn: Ilhan Malli, Manager Franzgraben 43 34125 Kassel Germany POHLE TRANS: Claims Registration Period Ends August 29 ------------------------------------------------------ Creditors of Pohle Trans GmbH have until Aug. 29, 2008, to register their claims with court-appointed insolvency manager Daniel Bauch. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 19, 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 Landshut Meeting Hall 9/I Maximilianstrasse 22-24 Landshut 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: Daniel Bauch Steinmetzstrasse 10 85435 Erding Germany Tel: 08122/22960-83 Fax: 08122/22960-84 The District Court of Landshut opened bankruptcy proceedings against Pohle Trans GmbH on June 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pohle Trans GmbH Faerbergasse 11 85435 Erding Germany PROTECHAUS GMBH: Claims Registration Period Ends August 29 ---------------------------------------------------------- Creditors of PROTECHAUS GmbH have until Aug. 29, 2008, to register their claims with court-appointed insolvency manager Martin Abegg. Creditors and other interested parties are encouraged to attend the meeting at 8:40 a.m. on Sept. 19, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Meeting Hall 24 Branch Office Sulzbach Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Martin Abegg Bahnhofstr. 101 66111 Saarbruecken Germany Tel: (0681) 976 1900 Fax: (0681) 976 190 111 The District Court of Saarbruecken opened bankruptcy proceedings against PROTECHAUS GmbH on June 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PROTECHAUS GmbH Attn: Andreas Reichwein and Hans Schmitt, Liquidators Zum Scheidwald 31 66663 Merzig Germany TALISMAN-6: S&P Holds BB/CCC- Ratings of Class E/F on WatchNeg -------------------------------------------------------------- Standard & Poor's Rating Services has removed from CreditWatch with negative implications its credit ratings on the class D notes issued by Talisman-6 Finance PLC. At the same time, the class E and F notes remain on CreditWatch negative, and the ratings on the other classes in the transaction were affirmed. These rating actions follow S&P's further review of the transaction. As mentioned in its press release on July 21, 2008 "Rating Lowered On Class F Notes In German CMBS Deal Talisman-6 Finance", S&P considers that a significant principal loss is likely to occur for the Cherry loan following its transfer into special servicing and a subsequent new valuation. S&P understands that this new valuation has resulted in a reduced appraised market value of EUR50,020,000. However, S&P has not been provided with a copy of the valuation or the assumptions used for that valuation. Nor has S&P been provided with information about the current portfolio performance. Because of the resulting uncertainty about the ultimate recovery value for this loan, the class E and F notes remain on CreditWatch negative. S&P will continue to closely monitor the development of the Cherry loan. In addition, the maximum liquidity facility amount available for the class F notes is EUR950,000 during the transaction term, of which about 60% has already been drawn to date. Although the cap was not triggered on the July 2008 interest payment date, it is likely that if the borrower fails to make its debt service payment, the cap could be triggered on any coming interest payment date. This increases the uncertainty about the timely payment of interest for the class F notes; the rating on these notes could be lowered to 'D'. S&P notes that the performance of the Orange and Mango loans has deteriorated since closing, which is reflected in lower interest cover ratios and higher vacancy rates. S&P will continue to closely monitor these two loans. S&P also understands that the vacancy rate for the Coconut loan has been restated for the previous quarter and that the performance has improved since closing. Talisman-6 Finance PLC: -- EUR1,076.4 Million Commercial Mortgage-Backed Floating-Rate Notes Class To From ----- -- ---- Rating Removed From CreditWatch Negative: D BBB BBB/Watch Neg Ratings Remaining On CreditWatch Negative: E BB/Watch Neg F CCC-/Watch Neg Ratings Affirmed: A AAA X AAA B AA C A TUI AG: Turnover Up 20% to EUR6.2 Billion in Second Quarter 2008 ---------------------------------------------------------------- In the second quarter of 2008, TUI AG achieved significant increases in turnover and operating earnings, both in tourism and container shipping. Turnover by the Group's divisions grew by 20 per cent year-on-year to EUR6.2 billion (previous year: EUR5.2 billion) in the second quarter. Operating earnings by the divisions (underlying EBITA) rose to EUR216 million (previous year: EUR35 million ). Besides a gratifying performance by the tourism division, the earnings growth was considerably driven by the substantial increase in operating earnings by container shipping. TUI's Executive Board therefore continues to expect a significant increase in underlying earnings by each of the two divisions, tourism and container shipping, for the year as a whole. Due to special items, arising in particular from the strategic realignment of flight operations, Group earnings decreased considerably to �EUR125 million (previous year: EUR71 million ) in the second quarter. Earnings per share accounted for �EUR0.24 for the second quarter (previous year: EUR0.19). In the context of the implementation of the strategic realignment of airline operations by TUI Travel, a sale-and- lease-back agreement worth US$526 million had been concluded in June 2008 for 19 aircraft owned by TUI Travel. This transaction by TUI Travel resulted in a book loss of EUR102 million due to the dollar/euro exchange rate. In connection with the strategic realignment of airline activities TUI Travel incurred further expenses of EUR56 million, resulting from the measurement of individual aircraft still owned by TUI Travel and the reversal of existing exchange rate hedging instruments. In addition, an impairment of EUR73 million was required for the airlines Hapag- Lloyd Flug and Hapag-Lloyd Express, operating under the TUIfly brand. * As at June 30, 2008, the Group's net debt totaled EUR3.1 billion, down from EUR3.9 billion as at the end of the 2007 financial year. Tourism Division TUI's tourism division comprises the three segments TUI Travel, TUI Hotels & Resorts and the cruise business of Hapag-Lloyd Kreuzfahrten and TUI Cruises. Turnover by the tourism division totaled EUR4.7 billion (previous year: EUR3.7 billion) in the second quarter, up 28 per cent year-on-year. The turnover growth was driven by all tourism segments, with TUI Travel in particular recording significant increases in turnover due to changes in consolidation. Operating earnings by tourism (underlying EBITA) grew by around 91 per cent to EUR86 million (previous year: EUR45 million). In the second quarter, TUI Travel increased its turnover by around 29 per cent to EUR4.5 billion(previous year: EUR3.5 billion) due to the first-time consolidation of the First Choice activities. Underlying EBITA by TUI Travel grew by EUR40 million year-on-year to EUR71 million (previous year: EUR31 million). Besides the consolidation effects this growth was partly attributable to the increase in average margins and load factors in the Mainstream business in the Central Europe and Northern Europe sectors. The integration of activities in the British market continued to progress according to plan so that the expected synergies were leveraged accordingly. The development was also driven by the positive performance of the Specialist Holidays, Activity and Online Destination Services sectors. TUI Hotels & Resorts also increased its turnover by around ten per cent to almost EUR100 million in the second quarter (previous year: EUR91 million). Both occupancy and average revenues per hotel bed rose slightly year-on-year. In the second quarter, underlying earnings by the hotel sector totaled EUR15 million, matching the gratifying level achieved in 2007. The cruises sector comprises Hapag-Lloyd Kreuzfahrten and the TUI Cruises activities currently being established. The turnover generated by Hapag-Lloyd Kreuzfahrten climbed by 29 per cent to around EUR47 million (previous year: EUR36 million) in the second quarter. The rise in demand created a further improvement in the occupancy of the ships and a year-on-year increase in average revenues per day. Following a minor loss in the 2007 reference quarter, operating earnings (underlying EBITA) were balanced in the second quarter of 2008 (previous year: -EUR1 million). Container Shipping Turnover by the division grew by 2.6 per cent to around EUR1.5 billion (previous year: EUR1.4 billion) in the second quarter. This growth resulted from a considerable improvement in freight rate levels, with slight volume growth. It was adversely impacted by the considerable weakening of the US dollar exchange rate against the euro. In the second quarter, operating earnings rose significantly by EUR110 million to EUR115 million (previous year: EUR5 million). In the second quarter, Hapag-Lloyd increased its transport volume by 3.7 per cent year-on-year. The total transport volume accounted for 1.43 million standard containers (TEU). This volume growth was driven by the Trans-Pacific, Latin America and Australasia trade lanes, while the Far East and Atlantic trade lanes remained below 2007 volume levels. All trade lanes with the exception of Australasia considerably increased their average freight rates (+16.2 per cent). The strongest increase was achieved by the Far East trade lane (+28 per cent). Prospects In the light of the performance achieved in the first half of the year, the TUI Group's tourism entities expect a substantial improvement in earnings year-on-year for the overall year 2008. The key earnings drivers in TUI Travel are the expected synergies from the merger between TUI and First Choice as well as margin enhancements attributable to the capacity- and product-related initiatives launched in the Mainstream sector. Earnings will additionally benefit from the sustained growth of the Specialist Holidays, Activity and Online Destination Services sectors. The hotel sector is planning further increases in the number of bed nights, driven among others by the expected positive development in the long-haul segment. The cruises sector expects solid demand for cruises and a stable political framework in the destinations. Considering the gratifying performance in the first half of the year and the current development of business, TUI AG continues to expect earnings by container shipping to rise significantly year-on-year in the 2008 financial year despite an overall slowdown in the economic scenario. As before, risks for the overall year relate to the effects of the crisis in the financial markets on the development of world trade, a final assessment of which is not yet possible. Earnings will also be affected by the development of shipping bunker prices. At the same time, the development of earnings by container shipping will reflect the further development of the US dollar exchange rate against the euro. From today's perspective, a final assessment of the development of Group earnings is not possible at this point due to the planned separation of container shipping operations from the Group. Separation Process in Container Shipping The separation process in container shipping is progressing according to plan and will be continued. Upon the submission of the non-binding bids, TUI AG has now invited bidders for a second round and launched the due diligence process. The completion of the bidding process is expected for the autumn at the earliest. About TUI Headquartered in Hanover, Germany, TUI AG -- http://www.tui-group.com/-- engages in the tourism and shipping sectors. The Company's core activities are in the tourism business, focusing mainly on the markets of Central, Northern and Western Europe. TUI AG's shipping and logistics activities are contained within its Hapag-Lloyd Container Linie GmbH and CP Ships Ltd. Subsidiaries. * * * TUI AG continues to carry Moody's Investors Service's B1 Corporate Family Rating, B3 unsecured rating, and B3 subordinated rating with negative outlook. Moody's confirmed the B1 Corporate Family Rating for TUI in December 2007. At the same time, Moody's lowered the group's B2 unsecured rating and confirmed the subordinated rating at B3. TUI also carries ratings of "BB-" long-term corporate credit and all issue ratings from Standard & Poor's on creditwatch with negative implications. =========== G R E E C E =========== FAGE DAIRY: Posts EUR11.1MM Net Loss for Half Year Ended June 30 ---------------------------------------------------------------- FAGE Dairy Industry S.A. released its financial results prepared in accordance with International Financial Reporting Standards for the six months and three months ended June 30, 2008, in a Half-yearly report to the holders of its 71/2% Senior Notes due 2015. Net sales for the six months ended June 30, 2008 amounted to EUR165.1 million, a decrease of EUR2.1 million, or 1.3%, compared to the net sales for the respective period of the year 2007, which amounted to EUR167.2 million. This was mainly due to: -- firstly, the significant promotional activities in the yoghurt and milk business; -- secondly, the strengthening of the euro against the US dollar and the UK sterling and -- thirdly, the Company's decision to terminate in July 2007 the arrangement with Ferrero S.p.a for the distribution of refrigerated snacks and to cease sales of bulk "feta" cheese to some European countries. Loss from operations for the six months ended June 30, 2008 was EUR5.1 million, a decrease of EUR13.5 million from the profit from operations of EUR8.4 million for the six months ended June 30, 2007. The promotional activities in the domestic market both in the yoghurt and milk products, the upward trend in milk prices for milk collected in the domestic market and the strengthening of euro against the US dollar and UK sterling were the main factors contributing to the decrease in loss from operations comparing the first half of the years 2008 and 2007. Net loss for the six months ended June 30, 2008 was EUR11.1 million, as compared to a profit of EUR1.8 million for the respective period of 2007. On January 25, 2005, the Company issued EUR130,000,000 principal amount of its Senior Notes due 2015 under an indenture, dated as of January 21, 2005, by and among the Company, as issuer, FABE USA, CORP., as guarantor, The Bank of New York as trustee and AIB/BNY Fund Management (Ireland) Limited, an Irish paying agent. The Half-yearly Report is being provided to Holders of the Senior Notes pursuant to Section 4.02 of the Indenture. The Senior Notes are listed on the Irish Stock Exchange and the Half-Year report is also being made available at the office of the Irish Paying Agent pursuant to the rules of the Irish Stock Exchange. The Half-yearly Report is also available on the Company's Web site at www.fage.gr Headquartered in Metamorfossi in Athens, FAGE Dairy Industry S.A. -- http://www.fage.gr/-- sells a wide range of branded dairy products, including yoghurt and dairy desserts, milk and milk cream, and cheese. These products are sold under the FAGE, TOTAL and other trademarks. * * * FAGE Dairy Industry S.A. carries corporate family rating and probability of default rating of B3 from Moody's Investors Service with negative outlook. Moody's downgraded the ratings to its current level from B2 in April 2008. FAGE DAIRY: S&P Revises Outlook, Affirms B Corp. Credit Rating -------------------------------------------------------------- Standard & Poor's Ratings Services has revised its outlook to negative from stable on Greece-based dairy company Fage Dairy Industry S.A. At the same time, S&P affirmed its 'B' long- term corporate credit rating and the issue rating on the company's EUR130 million 7.5% senior unsecured notes due 2015. "The outlook revision reflects the EUR5.4 million operating loss Fage posted in the three months ended June 2008, which marks a negative trend that it will be challenged to reverse, primarily due to the continuing competitive pressure in its core domestic market," said S&P's credit analyst Diego Festa. "In addition, it remains unclear how soon Fage will get the full profit contribution from its new production facility in the U.S." The continuing volatility of operating profits means that Fage Dairy might find it difficult to gain access to additional working capital funding, further complicating the operating turnaround. The ratings on Fage Dairy reflect its highly leveraged financial profile, in particular in the light of the recent volatility of earnings. The company's business profile is constrained by the company's geographical concentration in, and reliance on, its domestic Greek market, given only modest yet increasing exports; its low profitability, which, in addition to the recent operating pressures, is due to substantial related-party transactions; and its aggressive financial policy. These factors are tempered by its still leading, although weakened, position in its domestic market and the increased contribution from export operations, representing about one-fourth of the company's net sales in the six months ended June 2008. Fage Dairy is confronted with rising price-led competition in the more traditional product segments in Greece, with the promotional initiatives, such as 'buy two, get one free', undertaken by its main competitors; the challenges of adapting to ever-more-varied product offerings; and the increasing concentration of multiple outlet retailers, which accounted for about 75% of the company's end market in full-year 2007. These factors, together with the adverse impact of three yogurt product recalls on quality issues since April 2005, have eroded the company's leading share of the Greek branded-yogurt market, which in terms of volume represented 31% at Dec. 31, 2007, down from 47% three years earlier. Revenue pressure coming from an adverse pricing environment as Fage Dairy tries to defend its market share in Greece, has coincided with the weakening of the U.S. dollar and the pound sterling against the euro because increased exports are confronted with a cost function that is still largely euro based. On top of this, there has been a sharp spike in raw milk prices in Europe in the past 12 months. The resulting pressure on operating margins has further hindered the company's ability to improve its competitive standing in Greece. Reduced advertising costs and third-party fees, with no compensation to the shareholders and family members, have only partially mitigated this negative trend. Its growing U.S. business has so far been unable to provide an adequate profit contribution, due to the ongoing shift to selling yoghurt produced locally in the U.S. from Europe-produced yogurt. The company's management's target is to lift United States operations to 40% of group's EBITDA in the medium term. However, in the near term, they are not expected to offset fully the reduction in profits at domestic operations. On a positive note, the company's new yogurt plant in the U.S. started its operations in April 2008. This venture will mean that operating profits should benefit from reduced costs -- such as transportation and milk -- and import tariffs will be avoided. "The negative outlook reflects the possibility that Fage might not be able to restore its operating profitability in the near term," said Mr. Festa. Fage Dairy's current operating loss results from both operating issues in its Greek yogurt market and the launch of its new facility in the U.S. Margin pressure is likely to continue in the coming quarters, making the steady build-up of sales from the U.S. facility critical for eventual recovery. Tightening liquidity would also increase near-term pressure on the ratings. The ratings could be lowered if the company suffers further significant market share losses in its domestic market or if further negative free cash flow reduces headroom under Fage Dairy's covenants even more. =================== K Y R G Y Z S T A N =================== PROSPER PLAST: Creditors Must File Claims by September 23 --------------------------------------------------------- LLC Prosper Plast has declared insolvency. Creditors have until Sept. 23, 2008, to submit written proofs of claim. =========== R U S S I A =========== AGRO-KHIM-SERVICE: Creditors Must File Claims by September 19 ------------------------------------------------------------- Creditors of LLC Agro-Khim-Service Plus (TIN 4606004427) have until Sept. 19, 2008, to submit proofs of claim to: A. Shishkarev Insolvency Manager Post User Box 2 Seregina Str. 20 305018 Kursk Russia The Arbitration Court of Kursk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A35-5425/07g. The Court is located at: The Arbitration Court of Kursk K.Marksa Str. 25 305004 Kursk Russia AY-ART LLC: Moscow Bankruptcy Hearing Set September 2 ----------------------------------------------------- The Arbitration Court of Moscow will convene at 03:00 p.m. on Sept. 2, 2008, to hear the bankruptcy supervision procedure on LLC Ay-Art. The case is docketed under Case No. A40-12204/08- 73-24B. The Temporary Insolvency Manager is: S. Papenko Post User Box 7 390029 Ryazan Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC Ay-Art Vasonofyevskiy Per. 4, 1 Moscow Russia DEP 51 OJSC: Creditors Must File Claims by September 19 ------------------------------------------------------- Creditors of OJSC DEP 51 (TIN 6812005959) have until Sept. 19, 2008, to submit proofs of claim to: N. Titov Insolvency Manager Apt. 153 Zvezdnaya Str. 13/2 398035 Lipetsk Russia The Arbitration Court of Tambov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A64-5103/07-18. The Court is located at: The Arbitration Court of Tambov Penzenskaya Str. 67/22 392020 Tambov Russia The Debtor can be reached at: OJSC DEP 51 Shosseynaya Str. 1 Pervomayskiy 393700 Tambov Russia DRUZHBA OJSC: Creditors Must File Claims by September 12 -------------------------------------------------------- Creditors of OJSC Druzhba (TIN 3423019061) have until Sept. 12, 2008, to submit proofs of claim to: P. Bashmakov Insolvency Manager Post User Box 251 400005 Volgograd Russia The Arbitration Court of Volgograd commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A12-13043/07-s58. The Debtor can be reached at: OJSC Svetozarnoe Vishnevka Pallasovkiy 404250 Vologodskiy Russia ELAN-FERM-MASH: Creditors Must File Claims by September 19 ---------------------------------------------------------- Creditors of OJSC Elan-Ferm-Mash (TIN 3406001480) have until Sept. 19, 2008, to submit proofs of claim to: A. Kharlanov Insolvency Manager Post User Box 1100 400087 Volgograd Russia The Arbitration Court of Volgograd commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A12-1490/08-S55. The Debtor can be reached at: OJSC Elan-Ferm-Mash Leninskaya Str. 89 Elan 403732 Volgograd Russia ERA-STROY PROFIT LLC: Moscow Bankruptcy Hearing Set November 11 --------------------------------------------------------------- The Arbitration Court of Moscow will convene at 11:30 a.m. on Nov. 11, 2008, to hear the bankruptcy supervision procedure on LLC Era-Stroy Profit. The case is docketed under Case No. A40-19804/08-123-62B. The Temporary Insolvency Manager is: I. Nikitina Mira Pr. 101-V 129085 Moscow Russia The Court is located at: The Arbitration Court of Moscow Hall 773 Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC Era-Stroy Profit Fonvizina Str. 16/29 127322 Moscow Russia ERMAK LLC: Moscow Bankruptcy Hearing Set November 6 --------------------------------------------------- The Arbitration Court of Moscow will convene at 10:30 a.m. on Nov. 6, 2008, to hear the bankruptcy supervision procedure on LLC Ermak. The case is docketed under Case No A40-27102/ 08-101-61B. The Temporary Insolvency Manager is: Y. Razinkov Demokraticheskaya Str. 26 Stary Oskol 309514 Belgorod Russia Tel: (4725) 22-58-63 The Court is located at: The Arbitration Court of Moscow Hall 773 Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC Ermak Krasnodarskaya Str. 70 109559 Moscow Russia =========== S W E D E N =========== FORD MOTOR: Selling US$500MM Shares to Buy Back Arm's Debt ---------------------------------------------------------- The Wall Street Journal related that Ford Motor Co. will sell as much as US$500 million of its shares to buy back debt from its credit arm. WSJ says the move is designed to help improve Ford's finances after a US$2.1 billion write-down attributed to declining resale values of trucks and sport-utility vehicles. In an August 14 regulatory filing, Ford Motor said it entered into an Equity Distribution Agreement with Goldman Sachs & Co. pursuant to which Goldman will act as Ford's sales agent with respect to an offering over time and from time to time of up to US$500 million of Ford Common Stock. Proceeds from the sale will be used to purchase from time to time outstanding debt securities of Ford Motor Credit Company LLC in open market or privately negotiated transactions. A full text copy of an Equity Distribution Agreement is available for free at http://ResearchArchives.com/t/s?30df The debt-for-equity exchange, WSJ stated, Ford is taking a step to improve its overall balance sheet after making a loss of US$8.7 billion in its second quarter -- a high for the auto maker. Essentially, the company will sell the stock to buy down debt due before the year 2012 taken on by Ford Motor Credit Co., a subsidiary, WSJ added. Ford Credit, WSJ indicated, had a pretax loss of US$334 million in the second quarter, compared with a profit of US$105 million a year ago. The Journal stated that analysts generally viewed the development as a positive but incremental measure, saying that the stock sale wouldn't have a substantial effect on the company's liquidity position. By buying back its debt at a discount, the auto maker could, however, make a small profit. WSJ, citing Bruce Clark, a senior vice president at Moody's Investors Service, says building equity is constructive but in no way is it going to have a material effect on the overall credit profile. Standard & Poor's Ratings Services said on August 15 that its negative ratings on Ford wouldn't be affected by the filing with the Securities and Exchange Commission. Any move to boost its bottom line, WSJ pointed out, arrived at a critical time for Ford. The company is in the midst of a restructuring including moves to close a dozen manufacturing plants and shed more than 40,000 workers, WSJ added. The stock-sale announcement is part of a strategy by the auto maker in recent times, WSJ revealed according to Ford. WSJ, citing Ford spokesman Bill Collins, said that in the past 12 months, the company has bought back about US$927 million of debt in exchange for equity. Ford had 2.2 billion shares of common stock and 70.8 million shares of Class B stock as of June 29, WSJ indicated according to its latest regulatory filing. About Ford Motor Co Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin-American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Aug. 5, 2008, Fitch Ratings has downgraded the issuer default rating of Ford Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'. The Rating Outlook remains Negative. The downgrade reflects these: (i) the further deterioration in Ford's U.S. sales as a result of economic conditions, an adverse product mix and the most recent jump in gas prices; (ii) portfolio deterioration at Ford Credit and heightened concern regarding economic access to capital to support financing requirements; and (iii) escalating commodity costs that will remain a significant offset to cost reduction efforts. =========================== U N I T E D K I N G D O M =========================== AQUACOL LTD: Claims Filing Period Ends September 1 -------------------------------------------------- Creditors of Aquacol Ltd. have until Sept. 1, 2008, to send in their full names, their addresses and descriptions, full particulars of their debts and claims, and names and addresses of their solicitors (if any), to: Jeremy Woodside Joint Liquidator Tenon Recovery Arkwright House Parsonage Gardens Manchester M3 2LF England Jeremy Woodside and Christopher Ratten of Tenon Recovery were appointed joint liquidators of the company on July 30, 2008, by resolutions of members and creditors. BAKER STREET: Fitch Holds 'BB' Rating on US$12MM Class E Notes ------------------------------------------------------------ Fitch Ratings has affirmed six classes of notes issued by Baker Street CLO II Ltd/Corp. These rating actions are effective immediately: -- US$270,000,000 class A-1 floating-rate notes at 'AAA'; -- US$30,000,000 class A-2 variable funding floating-rate notes at 'AAA'; -- US$20,100,000 class B floating-rate notes at 'AA'; -- US$21,000,000 class C floating-rate deferrable notes at 'A'; -- US$15,900,000 class D floating-rate deferrable notes at 'BBB'; -- US$12,000,000 class E floating-rate deferrable notes at 'BB'. The rating action reflects Fitch's view on the credit risk of the rated notes following the release of its new corporate CDO rating Criteria. Baker Street II is a revolving cash flow transaction collateralized by a portfolio of primarily leveraged loans that closed on Sept. 15, 2006 and is managed by Seix Investment Advisors LLC. Baker Street II will exit its reinvestment period in October 2012 and has a portfolio comprised of 98% senior secured obligations and 2% second lien loans. The three largest industry concentrations in the Baker Street II portfolio are Healthcare and Pharmaceuticals (12.7%), Broadcasting and Media (10.2%) and Banking and Finance (8.9%). The five largest obligors represent approximately 5% of the portfolio and the single largest obligor is approximately 1.1% of the portfolio. Included in this review, Fitch conducted cash flow modeling to measure the breakeven default rates relative to the cumulative default rates associated with the current ratings of the note liabilities. The cash flow model incorporates the transaction's structural features and Fitch's updated Corporate CDO rating criteria. The notes are being affirmed as a result of the portfolio performing within Fitch's expectations since the closing date. As of the July 8, 2008 trustee report, the Fitch Weighted Average Rating Factor is ('B+/B'), which is within the transaction covenanted level of ('B/B-') that was factored into Fitch's analysis at the close of the transaction. Of the portfolio, 26.6% and 4.5% is on Outlook Negative and Rating Watch Negative, respectively, which was factored into this analysis by making standard adjustments as described in Fitch's updated corporate CDO criteria. Currently 3.8% of the portfolio is rated 'CCC+' or below and 2.5% of the portfolio is defaulted. The transaction includes overcollateralization and interest coverage tests for the class A/B, C, D and E notes. All OC and IC tests are currently passing their minimum test levels. Failure of any coverage test will redeem the notes sequentially, with the exception of the class E OC test which, if triggered during the reinvestment period, will paydown the class E notes first, followed by classes A, B, C and D. This feature provides additional credit support to the class E notes. Currently the percentage of defaulted assets, overall credit quality and spread levels of the portfolio are within Fitch's expectations. Looking forward, the amount of defaults and the level of recovery realized on defaulted assets will be a determining factor for future rating actions. The ratings of the class A-1, A-2 and B notes address the likelihood that investors will receive full and timely payments of interest, as per the transaction's governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date. The ratings on classes C, D and E address the likelihood that investors will receive ultimate and compensating interest payments, as per the transaction's governing documents, as well as the aggregate outstanding amount of principal by the stated maturity date of Oct. 15, 2019. Fitch released updated criteria on April 30 for corporate CDOs and, at that time, noted it would be reviewing its ratings accordingly to establish consistency for existing and new transactions. As part of this review, Fitch makes standard adjustments for any names on Rating Watch Negative or Outlook Negative, reducing such ratings for default analysis purpose by two and one notch, respectively. COMPLETE CONTRACT: Calls in Liquidators from Tenon Recovery ----------------------------------------------------------- Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon Recovery were appointed joint liquidators of Complete Contract Cleaning Ltd. on Aug. 1, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: Complete Contract Cleaning Ltd. c/o Tenon Recovery Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TZ England FOOD AND DRINK: Brings in Joint Administrators from BDO Stoy ------------------------------------------------------------ Shay Bannon and David Harry Gilbert of BDO Stoy Hayward LLP were appointed Aug. 6, 2008, joint administrators of: -- The Food and Drink Group plc (Company Number 03447841); -- Bluelodge Ltd. (Company Number 03391443); -- Burlington Restaurant Ltd. (Company Number 03364670); -- Enterprise Realisations Ltd. (formerly Henry J. Bean's Enterprises Ltd.) (Company Number 01620018); -- Futurestar Ltd. (Company Number 01738535) -- Group Realisations Ltd. (formerly Henry J. Bean's Group) (Company Number 03654595); -- Hartford Operations Ltd. (Company Number 03444128); -- J Bar Realisations Ltd. (formerly Jamies Bars Ltd.) -- Montana plc (Company Number 03372023); -- Newtaste Restaurants Ltd. (Company Number 03563047); and -- PWC Realisations Ltd. (formerly The Pavilion Wine Company) (Company Number 01792833). BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. JOHAL RANA: Appoints Joint Administrators from PKF -------------------------------------------------- Edward Terence Kerr and Brian James Hamblin of PKF (U.K.) LLP were appointed joint administrators of Johal, Rana and Sehdev Ltd. (Company Number 05810794) and Sunny Foods (Nottingham) Ltd. (Company Number 05810805) on Aug. 7, 2008. PKF (U.K.) LLP -- http://www.pkf.co.uk-- specializes in advising the management of developing private and public businesses. Its principal services include assurance & advisory; corporate finance; corporate recovery & insolvency; forensic; management consultancy and taxation. It also offers financial services through its FSA authorized company, PKF Financial Planning Limited. The companies can be reached at: PKF (U.K.) LLP Regent House Clinton Avenue Nottingham NG5 1AZ England LAUREL PUB: Robert Tchenguiz Buys Back 80 Outlets ------------------------------------------------- Robert Tchenguiz has bought back 80 more of the former Laurel Pub Company sites, Jonathan Sibun of the Daily Telegraph reports. Mr. Tchenguiz, the report says, has taken back control of 373 of the 383 Laurel pubs and restaurants after the deal. Meanwhile, JD Wetherspoon has bought five of the 10 remaining outlets. Inventive Leisure also acquired one, the report relates. As reported in the TCR-Europe, Mr. Tchenguiz put Laurel into administration on March 27, 2008, after being hit by the smoking ban and consumer slowdown. The property tycoon opted for administration following pressure from his bankers, Dresdner Kleinwort and Kaupthing. The bankers refused to refinance Laurel if it retained 90 loss-making bars with onerous leases. In April 2008, Mr. Tchenguiz bought back 293 of the 383 outlets of Laurel from administrator Kroll through Bay Restaurants Group Ltd. and Town & City Pub Co. Bay Restaurants operates 132 sites, including La Tasca, Slug & Lettuce and Ha Ha Bar & Canteen, while Town & City Pubs controls 161 outlets, most of them Yates's site. Mr. Tchenguiz also injected GBP50 million-GBP60 million into Laurel under a refinancing deal, the report disclosed. Formed in 2004, Laurel Pub Co. has grown rapidly to become one of the UK's leading managed pub and restaurant operators, with around 460 drinking and eating establishments, including 11 in Scotland and 9 in Wales. Laurel employs around 8,000 staff. OAKDALE BAKERIES: Taps Liquidators from KPMG ---------------------------------------------- Richard Dixon Fleming and Myles Antony Halley of KPMG LLP were appointed joint liquidators of Oakdale Bakeries Ltd. (t/a Bakery) on July 28, 2008, for the creditors' voluntary winding- up proceeding. The company can be reached at: Oakdale Bakeries Ltd. c/o KPMG LLP 1 The Embankment Neville Street Leeds England PLANET THREE: Brings in Liquidators from BDO Stoy Hayward --------------------------------------------------------- Matthew Tait and Andrew Beckingham of BDO Stoy Hayward were appointed joint liquidators of Planet Three Publishing Network Ltd. (formerly Wright Editions Ltd.) on July 29, 2008, on July 29, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: Planet Three Publishing Network Ltd. c/o BDO Stoy Hayward LLP 2 City Place Beehive Ring Road Gatwick West Sussex RH6 0PA England SDH REALISATIONS: Appoints Liquidators from PwC ----------------------------------------------- Robert Nicholas Lewis and Derek Anthony Howell of PricewaterhouseCoopers LL were appointed joint liquidators of SDH Realisations Ltd. (formerly Space Decks (Holdings) Ltd. and Finchfair Ltd.) and SDL Realisations Ltd. (formerly Space Decks Ltd.) (t/a) Space Decks Ltd.) on July 31, 2008, for the creditors' voluntary winding-up proceeding. The companies can be reached at: PricewaterhouseCoopers LLP Benson House 33 Wellington Street Leeds LS1 4JP England SOLUTIA INC: To Raise US$290MM in Equity Offering to Repay Debt --------------------------------------------------------------- Solutia Inc. announced the pricing of an underwritten public offering of 22,307,692 shares of its common stock at a price of US$13 per share for gross proceeds of approximately US$290 million. All of the approximately US$277 million of net proceeds from the offering will be used to partially repay Solutia's US$400 million 15.50% bridge credit facility. Solutia intends to fully repay the bridge credit facility prior to the end of February 2009 at which time the loans could be converted by the lenders into notes that mature in February 2015. The company said the transaction was expected to close by August 14, 2008, and the closing is subject to customary conditions. The joint underwriters for the offering are Deutsche Bank Securities Inc. and Jefferies & Company, Inc. A shelf registration on Form S-3 relating to these securities was filed with the Securities and Exchange Commission and became effective on July 25, 2008. A copy of the prospectus supplement and base prospectus relating to the offering may be obtained, when available, from Deutsche Bank Securities Inc., 100 Plaza One, Floor 2, Jersey City, New Jersey 07311-3901, by telephone at 1- 800-503-4611, or by email at prospectusrequest@list.db.com About Solutia Inc. Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE: SOA-WI) -- http://www.solutia.com/-- and its subsidiaries, manufactures and sells chemical-based materials, which are used in consumer and industrial applications worldwide. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03- 17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. Solutia emerged from chapter 11 protection Feb. 28, 2008. Solutia's US$2.05 billion exit financing facility was funded by Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P., and Deutsche Bank Securities Inc. The exit financing is being used to pay certain creditors, and for ongoing operations. (Solutia Bankruptcy News; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SOLUTIA INC: S&P Says Ratings Unchanged on Equity Offering ---------------------------------------------------------- Standard & Poor's Ratings Services said its ratings on Solutia Inc. (B+/Stable/--) will not change as a result of the company's recent announcement of a public offering of common shares. "The company plans to use the approximately US$277 million of estimated net proceeds to partially repay a US$400 million unsecured bridge credit facility, which we rate 'B' with a recovery rating of '5'. The company also announced it intends to fully repay the bridge facility prior to the end of the February 2009. The bridge loans, which automatically extend to 2015, can be converted in February 2009 by the lenders into notes that mature in February 2015. Total adjusted debt, pro forma for the equity issue and US$277 million of estimated debt paydown, was approximately US$1.98 billion at June 30, 2008. We adjust debt to include the present value of capitalized operating leases, tax-adjusted unfunded postretirement employee benefits, and environmental reserves," S&P says. "We view the lower amount of debt on the company's balance sheet as a positive development for credit quality. Still, pro forma for the equity infusion and debt paydown, the key credit metric of funds from operations to total debt will remain near our expectation of 15% for the rating, for fiscal 2008. Although recovery prospects on the bridge credit facility also improve, they remain modest -- within the 10% to 30% range. "We expect to review our ratings on Solutia if the company's recently announced plan to explore strategic options results for its Nylon 6.6 business results in a sell-off. If that happens we will weigh the loss in earnings and cash flow as a result of a potential sale against a potential decline in debt. In addition, we will also consider management's commitment to maintaining or improving credit quality." * Aon Warns Rising Insolvency Risk Could Expose Pension Schemes --------------------------------------------------------------- Even pension schemes of the strongest of companies must ensure they have robust contingency plans in place to protect themselves as economic conditions are increasing the likelihood of insolvency, warns Aon Consulting, a leading pension, benefits and HR consulting firm. However, there is a chance that some trustees could overlook the danger, as Dun & Bradstreet failure scores, the Pension Protection Fund's primary sponsor insolvency measure, are actually improving and so giving the impression that all is well. The PPF in its annual 'Purple Book' states that 0.7% of active companies go into insolvency liquidation each year, but the risk of insolvency is dramatically higher for the 5% of companies with the lowest D&B failure score (i.e. those scoring 1-5). Although a primary measure of insolvency risk for the PPF, the D&B score is actually designed to focus on short-term cash flow rather than the overall financial stability. As a result, with D&B failure scores showing consistent improvement, a false sense of security has built up for many trustees and sponsor companies. In reality, though, current economic turmoil means that even robust companies can become vulnerable, sometimes without much warning. If stringent safeguards are not in place this could leave pension schemes exposed. In the long term, a substantial increase in company failure could prove problematic for the PPF. In turn this could lead to greater levies, depending on the extent to which the PPF has built margins for such factors into its calculations. "Trustees must recognize that insolvency risk is now a bigger threat given the economic turmoil, and it would be a mistake to think that it is only those schemes in deficit with weaker employer covenants that are at risk," Paul McGlone, principal and actuary at Aon Consulting, said. Strong companies can become weak very quickly and as such it is essential that trustees waste no time in taking steps, if they have not already done so, to make sure their pension scheme is protected should the worst happen." "Getting such security, however, is easier said than done. There is no simple answer, no 'one size fits all' solution, and security for the pension scheme will almost always have knock-on effects elsewhere in the business. Parent company guarantees offer some form of security, but for smaller companies without this luxury, it is more challenging to ensure protection . It can, for example, be a case of working out where the value exists within the business and then ensuring that the pension scheme gets first call on that value rather than having it gradually whittled away until such time as no value remains, the company goes under and the scheme has no access to what it needs." "The number of corporate insolvencies is likely to rise over the-short-to-medium-term, increasing the number of schemes dependent on the PPF. We have to hope that type of economic downturn has been factored into the PPF's modelling, so that any increase in cases entering the PPF does not result in premiums being increased further." About Aon Consulting Aon Consulting is a human capital consultancy, helping organizations of every size to attract and keep the employees they need. The firm advises on all aspects of employment, including health-related insurance and risk; employee compensation and pensions; human resource strategy planning; job design and change management; and staff assessment and legal issues. Aon Consulting is a division of Aon, one of the UK's largest insurance brokers and providers of risk management services and a major force in reinsurance and the UK human capital consulting market. Aon Consulting Limited is authorized and regulated by the Financial Services Authority. * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) BELGIUM ------- Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) Setuza A.S. (55) 145 (1,120) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Euro Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (67) 301 (13) Matussiere et Forest S.A. MTF (78) 294 (28) Pagesjaunes GRP PAJ (3,023) 1,377 (311) Pneumatiques Kleber S.A. (34) 480 139 SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 Selcodis S.A. SPVX (9) 134 (26) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Alno AG ANO (21) 340 (61) Babcock Borsig BBX (1608) 137 (1,309) CBB Holding AG COB (43) 905 N.A. Cinemaxx AG MXC (38) 178 (32) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (10) 111 N.A. Kabel Deutschland (1,199) 2,280 (306) Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (13) 190 (68) Nordsee AG (8) 195 (31) Primacom AG PRC (5) 662 (47) Schaltbau Hold SLT (3) 240 14 SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) TA Triumph-Adler TWN (72) 462 (53) GREECE ------ Petzetakis-PFC PETZP (8) 263 (98) Radio A.Korassidis KORA (101) 181 (139) Commercial HUNGARY ------- Exbus PLC EXBUS (30) 118 (5,162) ICELAND ------- Decode Genetics Inc. DCGN (146) 156 48 IRELAND ------- Elan Corp PLC ELN (388) 1,599 484 Waterford Wed Ut WTFU (145) 897 208 ITALY ----- A.S. Roma S.p.A. ASR (12) 188 (49) Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Gruppo Coin S.p.A. GC (154) 801 (50) Compagnia Italia ICT (138) 527 (235) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) I Viaggi del Ventaglio S.p.A. VVE (64) 529 (88) Lazio S.p.A. SSL (32) 254 (33) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Snia S.p.A. SN (12) 447 21 Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Interoil Exploration IOX (9) 205 (11) Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Vista Altan VAFK (15) 174 (4) ROMANIA ------- Oltchim RM Valce OLT (7) 673 (417) Rafo Onesti RAF (430) 353 (1,510) RUSSIA ------ East Siberia Brd VSNK (79) 107 (278) Omskij Kauchu OMKA (4) 125 (1,794) OAO Samaraneftegas (332) 892 (16,942) Vimpel Ship SOVP (93) 281 (420) Zil Auto ZILLP (178) 425 (10,597) SPAIN ----- Altos Hornos de Vizcaya S.A. AHV (116) 1,283 (278) Santana Motor S.A. LRSA (46) 223 41 SWITZERLAND ----------- Fortune Management (85) 348 (37) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UKRAINE ------- Dniprooblenergo DNON (51) 433 (1,010) Donetskoblenergo DOON (341) 573 (2,365) UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc AMY (49) 932 (47) Atkins (WS) Plc ATK (150) 1,390 62 Bagleys Investment (247) 1,094 (126) BCH Group Plc BCH (6) 188 (44) Blenheim Group BEH (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Ltd (5,823) 4,921 290 British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 Carlisle Group (12) 204 15 Compass Group CPG (668) 2,972 (298) Dowson Holding DWN (18) 226 31 Dignity Plc DTY (9) 648 35 Easybroker PLC (1) 287 (1) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (2,266) 2,950 (296) Evans Healthcare (86) 239 (144) Global Green Tech Group (156) 408 (18) Imperial Chemical Industries Plc ICI (370) 8,393 2 Ladbrokes Plc LAD (894) 2,139 (356) Lambert Fenchurch Group (1) 1,827 3 Legal & Gen. Fin. (7) 3,576 (522) M 2003 Plc (2,204) 7,205 (756) Misys Plc MSY (7) 1,123 (131) Mytravel Group MT.L (380) 1,818 (488) New Star Asset (418) 368 10 Next Plc (156) 3,224 (63) Norbain Finance (10) 280 (10) Orange Plc ORNGF (594) 2,902 7 Rank Group Plc (26) 1,209 (88) Regus Plc (46) 367 (60) Saatchi & Saatchi SSI (119) 705 (41) SFI Group SUF (108) 178 (162) Skyepharma PLC SKP (117) 212 11 Spirit Group (75) 365 (56) Telewest Communications Plc TLWT (3,702) 7,581 (5,631) Trio Finance TRIO (14) 592 N.A. Wincanton Plc WIN (27) 1,451 (78) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy Agravante, Julybien Atadero, Marie Therese Profetana and Peter A. Chapman, 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 * * *