/raid1/www/Hosts/bankrupt/TCREUR_Public/080828.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, August 28, 2008, Vol. 9, No. 171
Headlines
A U S T R I A
CA.MI.DJ. LLC: Claims Registration Period Ends September 17
EWALD JEITLER: Claims Registration Period Ends September 10
GUGANT LLC: Claims Registration Period Ends September 16
POSCHKO GARTENBAU: Claims Registration Period Ends September 15
THERESE HAUER: Claims Registration Period Ends September 23
G E R M A N Y
AK SERVICE: Claims Registration Period Ends September 5
AKTENMANAGEMENT & BERATUNGS: Claims Registration Ends Sept. 5
ARAN SALMON: Claims Registration Period Ends September 1
ARCON TRUST: Claims Registration Period Ends September 1
ART MEDIA: Claims Registration Period Ends September 5
BOEHNKE IMMOBILIEN: Claims Registration Period Ends September 1
CERAMO FLIESEN: Claims Registration Period Ends September 1
COM-BAU GMBH: Claims Registration Period Ends September 1
COPAN HANDELSGESELLSCHAFT: Claims Registration Ends September 1
FACON FASHION: Claims Registration Period Ends September 4
GUDENSBERGER DRUCK: Claims Registration Period Ends September 3
HAJTRANS GMBH: Claims Registration Period Ends September 2
KK3 KOMMUNIKATIONSKONTOR: Claims Registration Ends Sept. 5
MELCHER JEANS: Creditors' Meeting Slated for September 1
PROSIEBENSAT.1 MEDIA: Appoints Petra Fink as New VP for Free TV
SCHLOSSHOTEL SURENBURG: Claims Registration Period Ends Sept. 3
* S&P Predicts Bleak Outlook for German Banking Industry
I R E L A N D
CHEYNE ABS: S&P Junks Rating on Class B & C Floating Rate Notes
ELVA FUNDING: S&P Corrects Rating on Class D Euro CDO Tranches
I T A L Y
PARMALAT SPA: NY Court Certifies Domestic Plaintiff Class
PARMALAT SPA: Thorp Reed Wins Dismissal for Pavia in Class Suit
K Y R G Y Z S T A N
ASIA PLUS: Creditors Must File Claims by September 25
L I T H U A N I A
UKIO BANKAS: S&P Revises Outlook to Neg., Affirms BB/B Ratings
N E T H E R L A N D S
LAURELIN II: Fitch Affirms BB Rating on EUR17MM Class E Notes
R U S S I A
ING BANK: Moody's Assigns D Bank Financial Strength Rating
KUZBASS-RAZREZ-UGOL-PERERABOTKA: Claims Filing Ends September 19
LADA-GUARANTEE CJSC: Creditors Must File Claims by September 19
MAGNITOGORSKIY FACTORY: Names L. Zimina as Insolvency Manager
MDM BANK: S&P Affirms BB/B/Stable Counterparty Credit Ratings
PRINT HOUSE–YUG: Rostov Bankruptcy Hearing Set October 1
ROS-STROY CJSC: Court Names V. Guskov as Insolvency Manager
TNK-BP INT'L: Downstream EVP Anthony Considine Steps Down
S W I T Z E R L A N D
I.C.M.B. MANAGEMENT: Creditors' Proofs of Claim Due by Sept. 30
OPTA LLC: Proofs of Claim Filing Deadline is October 20
T U R K E Y
ANADOLUBANK AS: Moody's Revises D BFSR Outlook to Positive
TC ZIRAAT: Moody's Lifts Bank Financial Strength Rating to D+
U K R A I N E
AGRO-CONTRACT LLC: Proofs of Claim Deadline Set August 29
CHERKASSY AGRICULTURAL: Creditors Must File Claims by August 29
CHERNIGOV TRANSPORT: Creditors Must File Claims by Aug. 29
CONCORD-SOUTH LLC: Creditors Must File Claims by August 29
DNIEPRREPAIRBUILDINGSERVICE: Creditors' Claims Due by Aug. 29
DONETSK START: Creditors Must File Claims by August 29
INDUSTRIAL TRADE: Proofs of Claim Deadline Set August 29
KHARKOV AIRLINES: Creditors Must File Claims by August 29
KOROVINTSY SUGAR: Creditors Must File Claims by Augus 29
LIPOVAYA DOLINA: Creditors Must File Claims by August 29
MACHINE-TECHNOLOGICAL STATION: Claims Deadline Set August 29
MARKTRADING LLC: Proofs of Claim Deadline Set August 29
OSNASTKA-ENERGY: Creditors Must File Claims by August 29
SELMIS LLC: Proofs of Claim Deadline Set August 29
TRIUMPH LLC: Creditors Must File Claims by August 29
UNIVERSALSERVICE K: Proofs of Claim Deadline Set August 29
U N I T E D K I N G D O M
HIPSTAR LTD: Goes Into Administration
LEVEL ONE: Brings in Joint Administrators from Kroll
NETFOLD LTD: Brings in Joint Administrators from Ernst & Young
ROADCHEF FINANCE: S&P Puts Class D Notes' BB Rating on WatchNeg.
SIMPSONS RECRUITING: Calls in Joint Administrators from Vantis
SPECIAL OPPORTUNITY: Taps Joint Administrators from Kroll
TI AUTOMOTIVE: Moody's Affirms B3 Corp. Family Rating
* S&P Reports UK RMBS Total Delinquency Index Rises in 2Q 2008
* S&P Says UK Prime RMBS Total Delinquency Index Up to 2.94%
* Upcoming Meetings, Conferences and Seminars
*********
=============
A U S T R I A
=============
CA.MI.DJ. LLC: Claims Registration Period Ends September 17
-----------------------------------------------------------
Creditors owed money by LLC CA.MI.DJ. have until Sept. 17, 2008,
to file written proofs of claim to the court-appointed estate
administrator:
Dr. Walter Kainz
Gusshausstrasse 23
1040 Vienna
Austria
Tel: 505 88 31
Fax: 505 94 64
E-mail: kanzlei@kainz-wexberg.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at10:30 a.m. on Oct. 1, 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 23, 2008, (Bankr. Case No. 2 S 91/08g).
EWALD JEITLER: Claims Registration Period Ends September 10
-----------------------------------------------------------
Creditors owed money by LLC Ewald Jeitler have until Sept. 10,
2008, to file written proofs of claim to the court-appointed
estate administrator:
Dr. Erwin Fidler
Schildbach 111
8230 Hartberg
Austria
Tel: 03332/6005-300
Fax: 03332/6005-350
E-mail: advocare@fidler.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Sept. 18, 2008, for the
examination of claims at:
The Land Court of Graz
Room 222
2nd Floor
Graz
Austria
Headquartered in Hartberg, Austria, the Debtor declared
bankruptcy on July 24, 2008, (Bankr. Case No. 26 S 89/08w).
GUGANT LLC: Claims Registration Period Ends September 16
--------------------------------------------------------
Creditors owed money by LLC Gugant have until Sept. 16, 2008, to
file written proofs of claim to the court-appointed estate
administrator:
Dr. Hannelore Pitzal
Paulanergasse 9
1040 Vienna
Austria
Tel: 587 31 11
Fax: 587 87 50 50
E-mail: office@pitzal-partner.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on Sept. 30, 2008, for the
examination of claims at:
The Trade Court of Vienna
Room 1606
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 25, 2008, (Bankr. Case No. 4 S 113/08g).
POSCHKO GARTENBAU: Claims Registration Period Ends September 15
---------------------------------------------------------------
Creditors owed money by LLC Poschko Gartenbau have until Sept.
15, 2008, to file written proofs of claim to the court-appointed
estate administrator:
Dr. Reinhard Schwarzkogler
Marktplatz 2
4650 Lambach
Austria
Tel: 07245/21708-0
Fax: 07245/21708-20
E-mail: office@lawmaster.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 25, 2008, for the
examination of claims at:
The Land Court of Wels
Hall 101
Wels
Austria
Headquartered in Schwanenstadt, Austria, the Debtor declared
bankruptcy on July 25, 2008, (Bankr. Case No. 20 S 91/08w).
THERESE HAUER: Claims Registration Period Ends September 23
-----------------------------------------------------------
Creditors owed money by KG Therese Hauer have until Sept. 23,
2008, to file written proofs of claim to the court-appointed
estate administrator:
LLC Leeb & Weinwurm, Advocacy
Triester Strasse 8
2620 Neunkirchen
Austria
Tel: 02635/62060
Fax: 02635/62060-25
E-mail: office@wlp.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on Oct. 7, 2008, for the
examination of claims at:
The Land Court of Wiener Neustadt
Room 15
Wiener Neustadt
Austria
Headquartered in Ternitz, Austria, the Debtor declared
bankruptcy on July 25, 2008, (Bankr. Case No. 11 S 87/08t).
=============
G E R M A N Y
=============
AK SERVICE: Claims Registration Period Ends September 5
-------------------------------------------------------
Creditors of AK Service GmbH have until Sept. 5, 2008, to
register their claims with court-appointed insolvency manager
Thomas Illy.
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 Hanau
Area E03
Engelhardstrasse 21
63450 Hanau
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Thomas Illy
Taunusanlage 17
60325 Frankfurt/Main
Germany
Tel: 069/9799530
Fax: 069/97995399
E-mail: thomas.illy@thierhoffilly.com
The District Court of Hanau opened bankruptcy proceedings
against AK Service GmbH on July 1, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
AK Service GmbH
Wagnerstrasse 4
61130 Nidderau
Germany
Attn: Guenter Erdt, Manager
Ronneburgstrasse 24
63526 Erlensee
Germany
AKTENMANAGEMENT & BERATUNGS: Claims Registration Ends Sept. 5
-------------------------------------------------------------
Creditors of Aktenmanagement & Beratungs GmbH have until
Sept. 5, 2008, to register their claims with court-appointed
insolvency manager Axel Bierbach.
Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Meiningen
Meeting Hall A 0208
Lindenallee 15
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:
Axel Bierbach
Schwanthaler Str. 32
80336 Muenchen
Germany
The District Court of Meiningen opened bankruptcy proceedings
against Aktenmanagement & Beratungs GmbH on July 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Aktenmanagement & Beratungs GmbH
Attn: Henry Tischer, Manager
Am Bahnhof 26
36433 Immelborn
Germany
ARAN SALMON: Claims Registration Period Ends September 1
--------------------------------------------------------
Creditors of ARAN SALMON Feinkost GmbH have until Sept. 1, 2008,
to register their claims with court-appointed insolvency manager
Dr. Joerg Bornheimer.
Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Oct. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Cologne
Meeting Hall 142
First Floor
Luxemburger Str. 101
50939 Cologne
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Joerg Bornheimer
Sachsenring 81
50667 Cologne
Germany
Tel: 0221-336600
Fax: +4922133660 85
The District Court of Cologne opened bankruptcy proceedings
against ARAN SALMON Feinkost GmbH on July 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
ARAN SALMON Feinkost GmbH
Amsterdamer Str. 33
50259 Pulheim
Germany
Attn: Bjoern Schulte, Manager
Albert-Schweitzer-Str. 10
50259 Pulheim
Germany
ARCON TRUST: Claims Registration Period Ends September 1
--------------------------------------------------------
Creditors of ARCON-TRUST Schlegelstrasse Bonn GmbH have until
Sept. 1, 2008, to register their claims with court-appointed
insolvency manager Dr. Christian Frystatzki.
Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.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 Bonn
Meeting Hall S 2.18
Second Floor
William-Str. 23
53111 Bonn
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. Christian Frystatzki
Sankt Augustiner Strasse 94 a
53225 Bonn
Germany
Tel: 0228/400 94-160
Fax: 40 09 479
The District Court of Bonn opened bankruptcy proceedings against
ARCON-TRUST Schlegelstrasse Bonn GmbH on July 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
ARCON-TRUST Schlegelstrasse Bonn GmbH
Attn: Guenter Walter, Manager
Niedertorplatz 2
53340 Meckenheim
Germany
ART MEDIA: Claims Registration Period Ends September 5
------------------------------------------------------
Creditors of AMP Art Media Productions GmbH have until
Sept. 5, 2008, to register their claims with court-appointed
insolvency manager Dr. Sven-Holger Undritz.
Creditors and other interested parties are encouraged to attend
the meeting at 9:17 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 Flensburg
Hall A 220
Suedergraben 22
Flensburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Sven-Holger Undritz
C/o White & Case Insolvenz GbR
Rathausstrasse 6
24937 Flensburg
Germany
The District Court of Flensburg opened bankruptcy proceedings
against AMP Art Media Productions GmbH on July 14, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
AMP Art Media Productions GmbH
Attn: Peter Urs Preissle and
Julius Peters, Managers
Schiff-bruecke 19
24937 Flensburg
Germany
BOEHNKE IMMOBILIEN: Claims Registration Period Ends September 1
---------------------------------------------------------------
Creditors of Boehnke Immobilien-Vermoegensverwaltung GmbH have
until Sept. 1, 2008, to register their claims with court-
appointed insolvency manager Robert Fliegner.
Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Oct. 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 Bochum
Meeting Hall A29
Ground Floor
Main Building
Viktoriastr. 14
44787 Bochum
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Robert Fliegner
Westring 303
44629 Herne
Germany
The District Court of Bochum opened bankruptcy proceedings
against Boehnke Immobilien-Vermoegensverwaltung GmbH on July 24,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
Boehnke Immobilien-Vermoegensverwaltung GmbH
Baukauer Str. 86
44653 Herne
Germany
Attn: Carsten Kiesewald, Manager
Solquellstr. 68
13467 Berlin
Germany
CERAMO FLIESEN: Claims Registration Period Ends September 1
-----------------------------------------------------------
Creditors of CFS Ceramo Fliesen Service Verwaltungsgesellschaft
mbH have until Sept. 1, 2008, to register their claims with
court-appointed insolvency manager Joachim Klein II.
Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Oct. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Cologne
Meeting Hall 142
First Floor
Luxemburger Str. 101
50939 Cologne
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Joachim Klein II
Hansaring 79-81
50670 Cologne
Germany
Tel: 9126770
Fax: +4922191267799
The District Court of Cologne opened bankruptcy proceedings
against CFS Ceramo Fliesen Service Verwaltungsgesellschaft mbH
on July 22, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
CFS Ceramo Fliesen Service Verwaltungsgesellschaft mbH
Attn: Holger Heidenreich, Manager
Venloer Str. 1410
50829 Cologne
Germany
COM-BAU GMBH: Claims Registration Period Ends September 1
---------------------------------------------------------
Creditors of com-bau GmbH have until Sept. 1, 2008, to register
their claims with court-appointed insolvency manager Ralph
Schmid.
Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Sept. 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 Muenster
Meeting Hall 13 B
Gerichtsstr. 2-6
48149 Muenster
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Ralph Schmid
Duelmener Str. 92
48653 Coesfeld
Germany
Tel: 02541/915-01
Fax: 02541-915600
The District Court of Muenster opened bankruptcy proceedings
against com-bau GmbH on July 17, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
com - bau GmbH
Platanenweg 6c
48653 Coesfeld
Germany
COPAN HANDELSGESELLSCHAFT: Claims Registration Ends September 1
---------------------------------------------------------------
Creditors of Copan Handelsgesellschaft fuer Genussmittel u.a.
Wirtschaftsgueter mbH have until Sept. 1, 2008, to register
their claims with court-appointed insolvency manager Dr.
Ruediger Werres.
Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on Oct. 24, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Cologne
Meeting Hall 142
First Floor
Luxemburger Strasse 101
50939 Cologne
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Ruediger Werres
Friesenplatz 17a
50672 Cologne
Germany
Tel: 0221/95 1446-20
Fax: +4922195144690
The District Court of Cologne opened bankruptcy proceedings
against Copan Handelsgesellschaft fuer Genussmittel u.a.
Wirtschaftsgueter mbH on July 21, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Copan Handelsgesellschaft fuer Genussmittel u.a.
Wirtschaftsgueter mbH
Leinsamenweg 31b
50933 Cologne
Germany
FACON FASHION: Claims Registration Period Ends September 4
----------------------------------------------------------
Creditors of Facon Fashion GmbH Men Sportswear & Designer Mode
have until Sept. 4, 2008, to register their claims with court-
appointed insolvency manager Moritz Hansberg.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 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 Bochum
Hall A29
Ground Floor
Main Building
Viktoriastrasse 14
44787 Bochum
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:
Moritz Hansberg
Huestrasse 34
44787 Bochum
Germany
The District Court of Bochum opened bankruptcy proceedings
against Facon Fashion GmbH Men Sportswear & Designer Mode on
July 22, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Facon Fashion GmbH
Men Sportswear & Designer Mode
Huestr. 17-19
44787 Bochum
Germany
Attn: Angelika Nickel-Horn, Manager
Farnstr. 53
44787 Bochum
Germany
GUDENSBERGER DRUCK: Claims Registration Period Ends September 3
--------------------------------------------------------------
Creditors of Gudensberger Druck- und Verlagshaus GmbH have until
Sept. 3, 2008, to register their claims with court-appointed
insolvency manager Carsten Prall.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 15, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
District Court of Fritzlar
Room 17
Building A
Schladenweg 1
34560 Fritzlar
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Carsten Prall
Friedrichsstr. 11
34117 Kassel
Germany
Tel: 0561/9204010-0
Fax: 0561/9204010-20
The District Court of Fritzlar opened bankruptcy proceedings
against Gudensberger Druck- und Verlagshaus GmbH on July 21,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
Gudensberger Druck- und Verlagshaus GmbH
Buergermeister-Horstmann-Strasse 3a
34281 Gudensberg
German
HAJTRANS GMBH: Claims Registration Period Ends September 2
----------------------------------------------------------
Creditors of Hajtrans GmbH have until Sept. 2, 2008, to register
their claims with court-appointed insolvency manager Arthur
Naujok.
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 Offenbach am Main
Hall 162N
First Floor
Kaiserstrasse
63065 Offenbach am Main
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:
Arthur Naujok
Mittelseestrasse 48D
63065 Offenbach am Main
Germany
Tel: 069/8001 701
Fax: 069/8002 054
The District Court of Offenbach am Main opened bankruptcy
proceedings against Hajtrans GmbH on July 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Hajtrans GmbH
Attn: Chtschatrjan, Garik -, Manager
Carl-Ulrich-Strasse 139
63263 Neu-Isenburg
Germany
KK3 KOMMUNIKATIONSKONTOR: Claims Registration Ends Sept. 5
----------------------------------------------------------
Creditors of KK3 Kommunikationskontor GmbH have until
Sept. 5, 2008, to register their claims with court-appointed
insolvency manager Soenke Hansen.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Oct. 14, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of 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:
Soenke Hansen
Moenckebergstrasse 17
20095 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against KK3 Kommunikationskontor GmbH on July 24, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
KK3 Kommunikationskontor GmbH
Attn: Stefan Breitzke, Manager
Papenreye 22
22453 Hamburg
Germany
MELCHER JEANS: Creditors' Meeting Slated for September 1
--------------------------------------------------------
The court-appointed insolvency manager for Melcher Jeans &
Sportswear GmbH, Rolf Nacke will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:05 a.m. on Sept. 1, 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 10:00 a.m. on Dec. 8, 2008, at the same
venue.
Creditors have until Oct. 13, 2008, to register their claims
with the court-appointed insolvency manager.
The insolvency manager can be reached at:
Rolf Nacke
Gross-Berliner Damm 73 c
12487 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against Melcher Jeans & Sportswear GmbH on July 17,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
Melcher Jeans & Sportswear GmbH
Spandauer Str. 29
10178 Berlin
Germany
PROSIEBENSAT.1 MEDIA: Appoints Petra Fink as New VP for Free TV
---------------------------------------------------------------
Petra Fink, Head of Corporate Communications and Business
Development at ProSieben Television will assume the positions of
Senior Vice President Business Development and Speaker of German
Free TV Holding from Sept. 15, 2008. She will report to
Andreas Bartl, Member of the Executive Board for German Free TV.
Ms. Fink will assume responsibility for communications of all
topics relevant to the German Free TV division of the Executive
Board.
As Senior Vice President of Business Development, Ms. Fink is
responsible for coordinating all diversification activities of
the German free TV stations, especially the introduction and
continuing implementation of the TV 3.0 strategy among the
German free TV stations. The objective is to strengthen the
German broadcasting Group strategically through better
networking in the area of business development.
Ms. Fink, who joined ProSieben in 2006, served as company
spokesperson and played a major role in pushing ahead with
target-oriented diversification programs, the networking of
stations and platforms, and process optimization. Before coming
to ProSieben, she held the same position at kabel eins.
Mr. Bartl, said, "I'm very pleased to have Petra Fink, a highly
experienced communications and business development manager,
working for German Free TV Holding. Introducing TV 3.0 and
using it to prepare our company for the future are important
strategic goals of the Groups free TV stations."
About ProsiebenSat.1
Headquartered in Munich, Germany, ProsiebenSat.1 Media AG --
http://en.prosiebensat1.com/-- broadcasts and produces
TV programs through 24 commercial TV stations, 24 premium Pay TV
channels and 22 radio network. In June 2007, the ProSiebenSat.1
Group acquired SBS Broadcasting Group. The company employs
around 6,000 Europe-wide.
* * *
ProsiebenSat.1 Media AG continues to carry Moody's Investors
Service's Ba1 senior unsecured and corporate family ratings.
SCHLOSSHOTEL SURENBURG: Claims Registration Period Ends Sept. 3
---------------------------------------------------------------
Creditors of Schlosshotel Surenburg GmbH & Co. KG have until
Sept. 3, 2008, to register their claims with court-appointed
insolvency manager Manfred Vellmer.
Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Muenster
Meeting Hall 13 B
Gerichtsstr. 2-6
48149 Muenster
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Manfred Vellmer
Adalbertstr. 8
48565 Steinfurt
Germany
Tel: 02552/638710
Fax: +4925526387111
The District Court of Muenster opened bankruptcy proceedings
against Schlosshotel Surenburg GmbH & Co. KG on July 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Schlosshotel Surenburg GmbH & Co. KG
Surenburg 13
48477 Hoerstel
Germany
* S&P Predicts Bleak Outlook for German Banking Industry
--------------------------------------------------------
Given the fundamental changes in market conditions, it's no
surprise that the German banking industry has experienced a
pronounced drop in earnings in the first half of 2008 compared
with the same period of 2007. However, earnings expectations
for the months and years ahead are likely to be more meaningful
than a comparison with the unsustainable record results of
recent years, Standard & Poor's Ratings Services said in report
entitled "Large Private-Sector German Banks Performed Better In
Q2, But Full-Year Prospects Still Look Bleak," published on
RatingsDirect. Indeed, markdowns resulting from market
turbulence accounted for much of the decline in earnings in the
first half of the year, and those markdowns should decrease in
the second half of 2008.
"Nonetheless, while performance for the sector is likely to
improve in the second half of the year, it will still fall short
of our initial expectations, and overall earnings will remain
weak," said S&P's credit analyst Stefan Best.
A positive sign is that, although the results of Germany's five
largest private-sector banks (Big 5): Deutsche Bank AG
(AA-/Negative/A-1+), Commerzbank AG (A/Stable/A-1), Dresdner
Bank AG (A/Negative/A-1), Bayerische Hypo- und Vereinsbank AG
(HVB; A+/Stable/A-1), and Deutsche Postbank AG (A-/Stable/A-2)
remained weak in the second quarter of 2008, they showed
improvement compared with the first quarter. The exception is
Dresdner Bank AG, which reported its third consecutive quarterly
pretax loss. The improvement stemmed mainly from lower total
markdowns and smaller impairments on structured credit
investments, leveraged loans, and credit-value adjustments on
monoline hedges.
Besides the Big 5, Bayerische Landesbank also reported low, but
improved, earnings on the back of lower markdowns in the second
quarter. S&P expects to see a similar trend for the other
Landesbanks when they publish their results. Furthermore,
because net exposures to critical asset classes have fallen, S&P
maintains its view that total markdowns in the industry will
further decline. S&P also expects the members of the Big 5,
with the exception of Dresdner Bank, to remain profitable for
the rest of the year.
"Underlying this prognosis is the assumption that the banks will
continue to keep costs well under control, showing some
flexibility relative to their revenues," said Mr. Best. "Credit
risk provisions might rise by 50% year on year, but from very
low levels, therefore they should remain below the cyclical
average."
Although S&P expects risk provisions to increase substantially
in 2009, the impact on earnings is likely to be moderate
compared with that of the EUR13 billion in markdowns reported by
the Big 5 over the past 12 months.
=============
I R E L A N D
=============
CHEYNE ABS: S&P Junks Rating on Class B & C Floating Rate Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and left on
CreditWatch with negative implications its credit ratings on the
class A-1, A-2, B , and C notes issued by Cheyne ABS Investments
I PLC.
The rating actions follow further deterioration in the credit
quality of the underlying portfolio, reflected in downgrades and
CreditWatch negative placements for collateralized debt
obligations (CDOs) of asset-backed securities (ABS) in the
underlying portfolio. This has led to an increase in S&P's
portfolio scenario default rates (SDRs) for different rating
scenarios.
In addition, changes in the levels of credit enhancement due to
defaults in the underlying portfolio have resulted in a decrease
in the break-even default rates (BDRs) for the tranches when
subject to S&P's cash flow analysis. As a result of changes to
both the SDRs and BDRs, the previous rating levels could no
longer be maintained.
S&P will closely monitor the CDO's performance, and run further
cash flow analyses before resolving these CreditWatch
placements. S&P will pay particular attention to the resolution
of the outstanding CreditWatch placements on the aforementioned
CDOs of ABS.
Cheyne ABS Investments I PLC:
-- US$178 Million Floating-Rate Notes
Rating Lowered And Remaining On CreditWatch Negative:
Class Rating
To From
A-1 BBB/Watch Neg AAA/Watch Neg
A-2 BB/Watch Neg AA/Watch Neg
B CCC-/Watch Neg BBB+/Watch Neg
C CCC-/Watch Neg B-/Watch Neg
ELVA FUNDING: S&P Corrects Rating on Class D Euro CDO Tranches
--------------------------------------------------------------
Standard & Poor's Ratings Services has taken credit rating
actions on 102 European synthetic collateralized debt obligation
(CDO) tranches.
Specifically, the ratings on:
-— 74 tranches were lowered and removed from CreditWatch with
negative implications;
-— One tranche was lowered and remains on CreditWatch
negative; and
-- 27 tranches were raised and removed from CreditWatch
positive.
Of the 75 tranches lowered:
-- 61 reference U.S. residential mortgage-backed securities
(RMBS) and U.S. CDOs that are exposed to U.S. RMBS, which
have experienced recent negative rating actions; and
—- 14 have experienced corporate downgrades in their
portfolios.
Rating Action Summary:
Downgrades Upgrades Key corporate
(no. of (no. of downgrades
tranches) tranches)
-------------------------------------------------------------
Jan-08 57 8 United Parcel Service Inc.
(AAA/Watch Neg to AA-/Stable)
Jan. 9, 2008
Quebecor World Inc.
(CCC/Watch Neg to D)
Jan. 16, 2008
Feb-08 90 9 GMAC LLC
(BB+/Negative to B+/Negative)
Feb. 22, 2008
Residential Capital, LLC
(BB+/Negative to B/Negative)
Feb. 22, 2008
Mar-08 79 2 FGIC Corp.
(BBB/Watch Neg to B/Negative)
March 28, 2008
FGIC UK Ltd.
(A/Watch Neg to BB/Negative)
March 28, 2008
Apr-08 118 9 Royal Caribbean Cruises Ltd.
(BBB-/Negative to BB+/Stable)
April 3, 2008
Residential Capital, LLC
(B/Negative to CCC+/Watch Neg)
April 24, 2008
May-08 152 1 Countrywide Home Loans, Inc.
(BBB+/Watch Pos to BB+/Watch Dev)
May 2, 2008
Residential Capital, LLC
(CCC+/Watch Neg to CC/Watch Neg)
May 2, 2008
Jun-08 109 0 Ambac Assurance Corp.
(AAA/Negative to AA/Watch Neg)
June 5, 2008
MBIA Inc.
(AA-/Negative to A-/Watch Neg)
June 5, 2008
Jul-08 44 41 Radian Asset Assurance Inc.
(AA/Watch Neg to A/Watch Neg)
June 16, 2008
Countrywide Home Loans, Inc.
(BB+/Watch Dev to AA/Negative)
July 1, 2008
Aug-08 75 27 Residential Capital, LLC
(SD to CCC+/Negative)
July 15, 2008
Louisiana-Pacific Corp.
(BBB-/Negative to BB+/Watch Neg)
July 29, 2008
Those corporate names that have experienced a significant notch
downgrade as well as being highly referenced within European
synthetic CDOs.
For those transactions that have been on CreditWatch negative
for longer than 90 days, where S&P has either not received
material levels of information or relative portfolio credit
quality has not improved since the CreditWatch placement to a
level sufficient to affirm the rating, it has modeled recovery
rates in accordance with S&P's criteria and assessed portfolio
quality based on its credit quality.
These rating actions and the CreditWatch updates follow two
reviews. The first review was of the CreditWatch placements
made on Aug. 12, 2008 ("S&PCORRECT: Synthetic CDOs On
CreditWatch After Running July 2008 Month-End SROC Figures").
The second review was of the ratings on tranches that have been
on CreditWatch negative for more than 90 days.
Where SROC (synthetic rated overcollateralization) is less than
100%, S&P runs scenarios that project the current portfolio 90
days into the future, assuming no asset rating migration. Where
this projection indicates that the SROC would return to a level
above 100% at that time, the rating is maintained, but the
rating agency places it on CreditWatch negative. If, on the
other hand, the projection indicates that the SROC would remain
below 100%, S&P immediately lowers the rating.
Ratings List:
Class (where applicable)
To From Rating SROC Projected
scenario today 90 day+
(%) SROC(%)
AIG Financial Products Corp. and Bayerische Hypo-und Vereinsbank
AG:
US$33 million unfunded managed portfolio credit default swap
(Horizon V)
C
A- A/Watch Neg A 99.9261 99.9651
A- 100.0587 100.0850
AIG Financial Products Corp. and Bayerische Hypo-und Vereinsbank
AG:
US$33 million unfunded managed portfolio credit default swap
(Horizon V)
D
BB+ BBB/Watch Neg BBB 99.7519 99.7681
BBB- 99.9214 99.9305
BB+ 100.1251 100.1338
Aldersgate Finance Ltd.:
EUR249.5 million floating-rate credit-linked notes
E
BB BB+/Watch Neg BB+ 99.7848 99.8981
BB 100.2973 100.3982
Alexandria Capital PLC:
GBP8.538 million secured fixed-rate credit-linked notes series
2003-3 (Dawnay Day Quantum Bond 2008)
A
AAA AA-/Watch Pos AAA 100.7099
AA+ 100.8924
AA 101.7615
AA- 101.8317
Angel Court CDO PLC:
US$25 million Tranche A secured floating-rate notes series
2006-11
AA AA-/Watch Pos AA 100.0184
AA- 100.1140
Argon Capital PLC:
US$10 million Gansevoort CDO limited recourse secured
floating-rate credit-linked class B notes series 36
B
BBB+ A-/Watch Neg A- 99.7185 99.7185
BBB+ 100.0386 100.0386
Argon Capital PLC:
US$10 million Gansevoort CDO limited recourse secured
floating-rate credit-linked class A notes series 37
A
AA- AA+/Watch Neg AA+ 99.3612 99.4400
AA 99.8817 99.9153
AA- 100.0302 100.1129
Argon Capital PLC:
US$51 million limited-recourse secured credit-linked
floating-rate notes series 60
CCC B/Watch Neg B 96.3097 96.3097
B- 97.6107 97.6107
CCC+ 99.6528 99.6528
CCC 100.6343 100.6343
Argon Capital PLC:
EUR20 million limited recourse secured variable-rate
credit-linked notes series 87
A+ BBB/Watch Pos A+ 100.4364
A 100.6402
A- 100.9423
BBB+ 102.1667
BBB 102.5131
Baker Street Finance Ltd.:
EUR519.2 million floating-rate credit-linked notes
A-2
AA/Watch Neg AA+/Watch Neg AA+ 98.5104 98.7715
AA 99.9890 100.1877
AA- 100.6609 100.8418
Baker Street Finance Ltd.:
EUR519.2 million floating-rate credit-linked notes
B
BBB+ A/Watch Neg A 98.4246 98.5916
BBB+ 100.0929 100.2344
Bassi Co. Ltd.:
EUR15 million floating-rate secured portfolio callable
credit-linked notes series 3
A
AAA AA/Watch Pos AAA 115.2297
AA+ 121.8007
AA 150.7137
Betsen CDO Ltd.:
EUR80 million secured floating-rate notes series 2004-2
B
AAA AA/Watch Pos AAA 123.4568
AA+ 123.4568
AA 123.4568
Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:
EUR225 million floating- and fixed-rate notes
A1
AA AA+/Watch Neg AA+ 99.4429 99.4798
AA 100.6460 100.6687
Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:
EUR225 million floating- and fixed-rate notes
A2
A- A+/Watch Neg A+ 99.2954 99.3318
A 99.6956 99.7316
A- 100.1375 100.1688
Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:
EUR225 million floating- and fixed-rate notes
A3
BBB- BBB/Watch Neg BBB 99.5138 99.5291
BBB- 100.1664 100.1859
Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.:
EUR225 million floating- and fixed-rate notes
A4
B+ BB/Watch Neg BB 99.3890 99.4039
BB- 99.6144 99.6337
B+ 100.0678 100.0829
Brooklands Euro Referenced Linked Notes 2005-1 Ltd.:
EUR200 million fixed- and floating-rate notes
C
BBB+ A-/Watch Neg A- 99.7951 99.9580
BBB+ 100.5047 100.6628
Brooklands Euro Referenced Linked Notes 2005-1 Ltd.:
EUR200 million fixed- and floating-rate notes
D2
BB+ BBB-/Watch Neg BBB- 99.8656 100.0089
BB+ 100.2795 100.4135
Cairngorm Ltd.:
GBP87 million asset-backed floating-rate notes
B
AAA A/Watch Pos AAA 116.1023
AA+ 125.2871
AA 135.5804
AA- 140.2488
A+ 144.9421
A 149.5810
Cairngorm Ltd.:
GBP87 million asset-backed floating-rate notes
C
AA BBB/Watch Pos AA 102.9456
AA- 106.4903
A+ 110.0539
A 113.5762
A- 117.0182
BBB+ 121.7145
BBB 126.2346
Cairngorm Ltd.:
GBP87 million asset-backed floating-rate notes
D
BBB BB/Watch Pos BBB 102.7939
BBB- 108.3247
BB+ 115.9238
BB 119.6371
Carneros III PLC:
US$10 million, JPY2,400 million, and EUR176.5 million
floating-rate credit-linked secured notes A EUR
AA+ AAA/Watch Neg AAA 99.8543 99.9401
AA+ 100.1240 100.1994
Chiswell Street Finance Ltd.:
EUR135.5 million floating-rate credit-linked notes
A Senior
AA AA-/Watch Pos AA 100.4951
AA- 100.9988
Chiswell Street Finance Ltd.:
EUR135.5 million floating-rate credit-linked notes
A
A A-/Watch Pos A 100.0136
A- 100.4581
Chiswell Street Finance Ltd.:
EUR135.5 million floating-rate credit-linked notes
B
BBB BBB-/Watch Pos BBB 100.0557
BBB- 100.8511
Chrome Funding Ltd.:
US$33 million floating-rate variable spread credit-linked
floating-rate notes (Green Bay CDO I) series 23
I
CCC CCC+/Watch Neg CCC+ 97.0741 97.0741
CCC 107.5945 107.5945
Chrome Funding Ltd.:
US$28.5 million floating-rate variable spread credit-linked
floating-rate notes (Green Bay CDO I) series 24
II
CCC- CCC/Watch Neg CCC 98.3581 98.3581
CCC- 105.5711 105.5711
Claris IV Ltd.:
EUR40 million Carmel Valley 2006-3 synthetic CDO of RMBS
variable-rate notes series 5
CCC+ BB-/Watch Neg BB- 96.3001 96.9091
B+ 97.1274 97.3457
B 98.1730 98.1845
B- 99.4370 99.4370
CCC+ 102.3670 102.3670
Claris IV Ltd.:
EUR5 million Carmel Valley 2006-3 synthetic CDO of RMBS
variable-rate notes series 6
CCC+ B/Watch Neg B 98.0780 98.2145
B- 99.2494 99.2494
CCC+ 101.3192 101.3192
Claris IV Ltd.:
US$17.5 million Carmel Valley synthetic CDO of RMBS
variable-rate notes series 7
CCC+ B/Watch Neg B 98.0780 98.2145
B- 99.2494 99.2494
CCC+ 101.3192 101.3192
Claris IV Ltd.:
US$49 million Leibnitz 2006-1 synthetic CDO of RMBS
variable-rate notes series 9/2006
CCC- CCC/Watch Neg CCC 98.7507 98.8366
CCC- 99.9408 99.9408
Cloverie PLC:
US$80 million class B secured portfolio-linked floating-rate
notes series 2007-32
B
B B+/Watch Neg B+ 99.6286 99.6286
B 100.3881 100.3881
Coriolanus Ltd.:
EUR14.956 million floating-rate secured notes series 14
A
A+ BBB+/Watch Pos A+ 100.0615
A 100.2193
A- 100.4935
BBB+ 101.0573
Coriolanus Ltd.:
US$25 million variable-rate secured notes series 44
A2
CCC- CCC+/Watch Neg CCC+ 96.6471 96.6827
CCC 98.2608 98.3186
CCC- 99.6817 99.7458
Coriolanus Ltd.:
US$5 million class B secured floating-rate notes series 69
B
B- BB+/Watch Neg BB+ 89.1458 89.1559
BB 91.2977 91.2877
BB- 93.6724 93.6410
B+ 95.8666 95.8194
B 98.7255 98.6758
B- 102.6246 102.6090
Corsair Finance (Ireland) No. 6 Ltd.:
EUR25 million floating-rate secured portfolio credit-linked
notes series 3
A
AA AA-/Watch Pos AA 100.5585
AA- 100.7367
Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:
EUR45 million limited-recourse secured credit-linked
variable-rate notes series 31 (Aramis)
BB- BBB/Watch Neg BBB 96.0216 96.0216
BBB- 97.3701 97.3701
BB+ 98.1896 98.1837
BB 99.3144 99.3144
BB- 100.6630 100.6630
Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:
EUR20 million limited-recourse secured credit-linked
variable-rate notes series 33 (Aramis)
B+ BB+/Watch Neg BB+ 96.5303 96.5245
BB 97.6360 97.6360
BB- 98.9618 98.9618
B+ 100.5644 100.5585
Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:
US$50 million limited-recourse secured credit-linked
variable-rate notes series 37 (Aramis)
CCC CCC+/Watch Neg CCC+ 99.5282 99.5235
CCC 101.0999 101.0999
Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:
US$25 million limited-recourse secured credit-linked
variable-rate notes series 38 (Aramis)
B+ BBB-/Watch Neg BBB- 96.0606 96.0606
BB+ 96.8690 96.8632
BB 97.9787 97.9787
BB- 99.3091 99.3091
B+ 100.9174 100.9115
Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC
EUR20 million limited-recourse secured credit-linked
variable-rate notes series 39 (Aramis)
BB- BBB/Watch Neg BBB 96.5942 96.5942
BBB- 97.9508 97.9508
BB+ 98.7752 98.7693
BB 99.9067 99.9067
BB- 101.2633 101.2633
Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC:
AU$5 million limited-recourse secured credit-linked
variable-rate notes series 40 (Aramis)
CCC+ B/Watch Neg B 97.1091 97.1020
B- 99.2783 99.2686
CCC+ 103.4524 103.4496
Curzon Funding Ltd.:
EUR60 million (equivalent) variable-coupon notes series 2006-1
D
BB- BBB/Watch Neg BBB 99.1990 99.2514
BBB- 99.5677 99.5677
BB+ 99.7596 99.8072
BB 99.8556 99.8556
BB- 100.1369 100.1818
Curzon Funding Ltd.:
US$60 million floating-rate note series 2006-3 (Horizon CDO
VIII)
D
BB BBB/Watch Neg BBB 99.6495 99.6538
BBB- 99.8869 99.8869
BB+ 99.9879 99.9879
BB 100.1242 100.1424
Delta CDO PLC:
US$142.5 million floating-rate credit-linked secured notes
series 2005-2
K-1
BBB- BBB+/Watch Neg BBB+ 99.5312 99.6794
BBB 99.8317 99.9346
BBB- 100.4194 100.4984
Deutsche Bank AG and Deutsche Securities Inc.:
US$150 million floating-rate unfunded credit default swap (Tsar
16 portfolio)
A-2
B+ BBB-/Watch Neg BBB- 96.9917 97.0119
BB+ 97.6820 97.6996
BB 98.4507 98.4646
BB- 99.1821 99.1938
B+ 100.0951 100.1053
Eirles Four Ltd.:
US$9.6 million variable rate secured notes, Series 61
B- BB+/Watch Neg BB+ 95.7903 95.8346
BB 96.8962 96.9738
BB- 97.5983 97.6817
B+ 98.4620 98.5597
B 99.3472 99.4639
B- 100.0762 100.1753
Eirles Two Ltd.:
US$37.2 million variable rate secured notes series 143
BB- BB+/Watch Neg BB+ 99.1202 99.1249
BB 99.6735 99.6735
BB- 100.0019 100.0090
Eirles Two Ltd.:
US$35.7 million variable rate secured notes series 144
CCC- CCC/Watch Neg CCC 99.6728 99.6772
CCC- 100.3591 100.3591
Eirles Two Ltd.:
EUR21 million variable-rate secured notes series 160
BBB- BBB+/Watch Neg BBB+ 99.0044 99.0510
BBB 99.6233 99.6404
BBB- 100.4108 100.4281
Eirles Two Ltd.:
EUR50 million floating-rate credit-linked secured notes series
222
B
B+ BBB/Watch Neg BBB 76.1459 76.1459
BBB- 80.9381 80.9381
BB+ 89.8709 89.8709
BB 93.6603 93.6603
BB- 96.0064 96.0064
B+ 102.4476 102.4476
Eirles Two Ltd.:
US$50 million variable-rate secured notes (Builder CDO 2004-1)
series 218
BB+ BBB/Watch Neg BBB 98.9698 98.9882
BBB- 99.9695 99.9873
BB+ 100.6370 100.6556
Eirles Two Ltd.:
EUR27.5 million variable-rate secured notes series 223
CCC+ BB/Watch Neg BB 97.6285 97.6245
BB- 98.1781 98.1741
B+ 98.7930 98.7861
B 99.3073 99.2997
B- 99.9517 99.9517
CCC+ 101.1979 101.2157
Eirles Two Ltd.:
EUR42.75 million variable-rate secured notes series 224
CCC B+/Watch Neg B+ 97.4546 97.4479
B 97.9583 97.9534
B- 98.5957 98.5959
CCC+ 99.8249 99.8421
CCC 100.4570 100.5063
Eirles Two Ltd.:
EUR26.125 million variable-rate secured notes series 225
CCC- B-/Watch Neg B- 97.3526 97.3527
CCC+ 98.5667 98.5862
CCC 99.1935 99.2401
CCC- 99.9863 100.0388
Eirles Two Ltd.:
EUR26.125 million variable-rate secured notes series 226
CCC- CCC+/Watch Neg CCC+ 97.8742 97.8911
CCC 98.4940 98.5423
CCC- 99.2798 99.3312
Eirles Two Ltd.:
US$20 million secured floating-rate portfolio credit-linked
notes series 236
B- BBB/Watch Neg BBB 67.2527 68.0819
BBB- 72.0080 72.7273
BB+ 77.3327 77.5125
BB 80.3596 80.9191
BB- 83.9461 84.4655
B+ 91.6284 91.9880
B 94.9750 95.4645
B- 100.0400 100.1998
Eirles Two Ltd.:
US$55 million floating-rate portfolio credit-linked secured
notes series 273
CCC+ BB-/Watch Neg BB- 81.4116 81.7569
B+ 86.3858 86.5637
B 89.2075 89.3855
B- 92.8582 93.0788
CCC+ 101.3995 101.6459
Eirles Two Ltd.:
US$25 million floating-rate portfolio credit-linked secured
notes series 274
CCC- B/Watch Neg B 83.9445 83.9445
B- 87.5502 87.5502
CCC+ 95.6165 95.6165
CCC 98.7133 98.7133
CCC- 101.8465 101.8465
Eirles Two Ltd.
US$24 million class B variable-rate secured notes series 292
B
CCC- CCC/Watch Neg CCC 98.1973 98.3194
CCC- 99.2407 99.3162
Eirles Two Ltd.:
EUR14.1 million class B variable-rate secured notes series 297
CCC- CCC+/Watch Neg CCC+ 97.5851 97.6243
CCC 98.6879 98.7376
CCC- 99.9486 99.9873
Eirles Two Ltd.:
US$150 million floating-rate portfolio credit-linked notes
series 300
CCC- CCC/Watch Neg CCC 87.9617 88.2750
CCC- 92.2583 92.5417
Eirles Two Ltd.:
US$17 million variable-rate secured notes series 306
A-3
B- B+/Watch Neg B+ 99.2192 99.2419
B 99.9268 99.9501
B- 100.7266 100.7594
Eirles Two Ltd.:
US$17 million variable-rate secured notes series 307
A-4
CCC- CCC+/Watch Neg CCC+ 98.7893 98.8304
CCC 99.4258 99.4258
CCC- 100.9144 100.9222
Eirles Two Ltd.:
JPY3.7 billion variable-rate secured notes series 317
A-4
CCC- CCC+/Watch Neg CCC+ 98.7893 98.8304
CCC 99.4258 99.4258
CCC- 100.9144 100.9222
Eirles Two Ltd.:
US$66 million floating-rate leveraged super senior secured
credit-linked notes series 331
BB+ A+/Watch Neg A+ 81.7778 81.7778
A 83.5556 83.5556
A- 85.3333 85.3333
BBB+ 90.3611 90.3611
BBB 93.6667 93.6667
BBB- 96.9722 96.9722
BB+ 101.2500 101.2500
Eirles Two Ltd.:
EUR25 million floating-rate leveraged super senior secured
credit-linked notes series 332
BB+ A+/Watch Neg A+ 80.4267 80.4267
A 82.1333 82.1333
A- 83.8400 83.8400
BBB+ 88.9067 88.9067
BBB 92.0800 92.0800
BBB- 96.8400 96.8400
BB+ 101.0667 101.0667
Eirles Two Ltd.:
EUR50 million floating-rate leveraged super senior secured
credit-linked notes series 333
BB+ A+/Watch Neg A+ 80.4267 80.4267
A 82.1333 82.1333
A- 83.8400 83.8400
BBB+ 88.9067 88.9067
BBB 92.0800 92.0800
BBB- 96.8400 96.8400
BB+ 101.0667 101.0667
Eirles Two Ltd.:
EUR75 million floating-rate leveraged super senior secured
credit-linked notes series 334
BB+ A+/Watch Neg A+ 80.4267 80.4267
A 82.1333 82.1333
A- 83.8400 83.8400
BBB+ 88.9067 88.9067
BBB 92.0800 92.0800
BBB- 96.8400 96.8400
BB+ 101.0667 101.0667
Elva Funding PLC:
EUR100 million and JPY1.1 billion secured credit-linked
floating-rate notes series 2007-3 (Euclid CDO)
B
AAA AA/Watch Pos AAA 100.8560
AA+ 101.0373
AA 101.3337
Elva Funding PLC:
EUR100 million and JPY1.1 billion secured credit-linked
floating-rate notes series 2007-3 (Euclid CDO)
B3
AAA AA/Watch Pos AAA 100.8560
AA+ 101.0373
AA 101.3337
Elva Funding PLC:
EUR100 million and Ą1.1 billion secured credit-linked floating-
rate notes series 2007-3 (Euclid CDO)
D
A- BBB/Watch Pos A- 100.4695
BBB+ 100.7079
BBB 100.9721
Elva Funding PLC:
EUR10 million, US$30 million, and JPY1.0 billion secured
floating-rate credit-linked notes series 2007-7
B
AAA AA/Watch Pos AAA 100.8560
AA+ 101.0373
AA 101.3337
Elva Funding PLC:
US$62.5 million secured credit-linked floating- and
variable-rate notes series 2007-10
C1
AA A+/Watch Pos AA 100.9525
AA- 101.2501
A+ 101.4300
Elva Funding PLC:
US$62.5 million secured credit-linked floating- and
variable-rate notes series 2007-10
C2
AA A+/Watch Pos AA 100.9525
AA- 101.2501
A+ 101.4300
Herald Ltd.:
US$19.2 million floating-rate credit-linked secured notes (Logan
CDO) series 26
A-2
CCC- B/Watch Neg B 98.1403 98.1438
B- 98.5575 98.5651
CCC+ 99.0670 99.0723
CCC 99.4804 99.4937
CCC- 100.3356 100.3511
Ionia Capital PLC:
EUR26 million secured fixed- and floating-rate credit-linked
notes series 2006-5
Ae1
A A+/Watch Neg A+ 99.8219 99.9827
A 100.0238 100.1826
Ionia Capital PLC:
EUR26 million secured fixed- and floating-rate credit-linked
notes series 2006-5
Ae2
A A+/Watch Neg A+ 99.8219 99.9827
A 100.0238 100.1826
Ionia Capital PLC:
EUR26 million secured fixed- and floating-rate credit-linked
notes series 2006-5
Ae3
A A+/Watch Neg A+ 99.8219 99.9827
A 100.0238 100.1826
Khamsin Credit Products (Netherlands) II BV:
EUR21 million class C1 long-short floating-rate managed
credit-linked notes series 4 (Silver Lake 2006-2)
C1
A- BBB+/Watch Pos A- 100.2084
BBB+ 100.5658
Khamsin Credit Products (Netherlands) II BV:
EUR11 million class C2 long-short fixed-rate managed
credit-linked notes series 5 (Silver Lake 2006-3)
C2
A- BBB+/Watch Pos A- 100.2084
BBB+ 100.5658
Khamsin Credit Products (Netherlands) II BV:
EUR3.5 million class B long-short fixed-rate managed
credit-linked notes series 6 (Silver Lake 2006-4)
B
AA A/Watch Pos AA 100.0587
AA- 100.1953
A+ 100.3493
A 100.4802
Khamsin Credit Products (Netherlands) II BV:
AU$10 million Silver Bell Long-Short floating-rate credit-linked
notes series 7
AA- A-/Watch Pos AA- 100.2121
A+ 100.3966
A 100.5608
A- 100.8314
Linker Finance PLC:
US$28.5 million class C floating-rate secured notes series 2
(Tsar 16)
CCC B/Watch Neg B 97.3379 97.3499
B- 98.0153 98.0345
CCC+ 99.3124 99.3551
CCC 100.2511 100.3082
Linker Finance PLC:
US$28.5 million class C floating-rate secured notes series 3
(Tsar 16)
C
CCC- CCC/Watch Neg CCC 97.7683 97.8068
CCC- 98.7440 98.7723
Linker Finance PLC:
US$18 million class D floating-rate secured notes series 4 (Tsar
16)
D
CCC- CCC/Watch Neg CCC 97.0718 97.1255
CCC- 98.1227 98.1620
Lunar Funding V PLC:
US$30 million limited recourse secured floating-rate
credit-linked notes series 2006-27
CCC- CCC+/Watch Neg CCC+ 84.8045 84.8045
CCC 89.2482 89.2482
CCC- 92.9482 92.9482
Lunar Funding V PLC:
US$50 million limited recourse secured floating-rate
credit-linked notes series 2007-36
BBB+ AAA/Watch Neg AAA 96.4513 96.4513
AA+ 97.2618 97.2618
AA 97.6006 97.6006
AA- 97.7957 97.7957
A+ 98.9980 98.9980
A 99.1661 99.1661
A- 99.4756 99.4756
BBB+ 100.8658 100.8658
Lunar Funding V PLC:
US$100 million limited recourse secured floating-rate
credit-linked notes series 2007-37
BB- A/Watch Neg A 93.3328 93.3328
A- 93.6241 93.6241
BBB+ 94.9325 94.9325
BBB 95.5574 95.5574
BBB- 96.9078 96.9078
BB+ 98.1567 98.1567
BB 99.4122 99.4122
BB- 100.9151 100.9151
Lunar Funding V PLC:
US$200 million limited recourse secured floating-rate
credit-linked notes series 2007-39
CCC+ B+/Watch Neg B+ 74.0725 74.0725
B 82.0043 82.0043
B- 92.2388 92.2388
CCC+ 111.1940 111.1940
Menton CDO IV Ltd.:
US$250 million secured floating-rate notes
A-1
BBB+ A+/Watch Neg A+ 99.4287 99.4287
A 99.4287 99.4287
A- 99.4287 99.4287
BBB+ 100.5765 100.6103
Omega Capital Investments PLC:
CHF21 million, EUR26 million, and US$16 million secured
floating-rate notes series 36
H
AA- AA/Watch Neg AA 99.9447 99.9758
AA- 100.0872 100.9180
Omega Capital Investments PLC:
CHF21 million, EUR26 million, and US$16 million secured
floating-rate notes series 36
I
AA- AA/Watch Neg AA 99.9447 99.9758
AA- 100.0872 100.9180
Omega Capital Investments PLC:
CHF21 million, EUR26 million, and US$16 million secured
floating-rate notes series 36
J
AA- AA/Watch Neg AA 99.9447 99.9758
AA- 100.0872 100.9180
Quartz CDO (Ireland) PLC:
US$150 million floating-rate secured substitutable managed
portfolio credit-linked notes series 6 C-1
A+ A/Watch Pos A+ 106.1311
A 106.7297
Saphir Finance PLC:
EUR15 million inflation and credit-linked synthetic variable
coupon notes series 2007-9
AA AA+/Watch Neg AA+ 99.8704 99.9627
AA 100.1958 100.3002
Sceptre Capital BV:
EUR3 million secured credit-linked variable-rate notes series
2004-9
A
AA- A+/Watch Pos AA- 102.9286
A+ 103.0492
STARTS (Ireland) PLC
US$15 million credit-linked floating-rate notes series 2006-23
AA AAA/Watch Neg AAA 99.1992 99.2222
AA+ 99.5524 99.5693
AA 100.0511 100.0906
WhiteBlue No. 1 GmbH:
EUR200 million floating-rate notes
A
AAA AA+/Watch Pos AAA 100.2343
AA+ 100.4392
WhiteBlue No. 1 GmbH:
EUR200 million floating-rate notes
B
AA AA-/Watch Pos AA 100.2246
AA- 100.3546
Xelo PLC:
EUR140 million secured limited recourse credit-linked notes
series
2007 (Ferras CDO)
A- A+/Watch Neg A+ 99.7724 99.7029
A 99.9672 99.8952
A- 100.2742 100.1978
=========
I T A L Y
=========
PARMALAT SPA: NY Court Certifies Domestic Plaintiff Class
---------------------------------------------------------
Parmalat S.p.A. communicates that U.S. District Court for the
Southern District of New York, where the class action "Parmalat
Securities Litigation" is pending, has certified the class with
respect to domestic plaintiffs who have purchased shares of
(old) Parmalat in the period Jan. 5, 1999-Dec. 18, 2003.
The court has excluded foreign purchasers considering the
substantial likelihood that motions to dismiss their claims
would be granted.
The court also noted that the class representatives who have
moved for certification have bought only Parmalat ordinary
shares, not debt. Accordingly, the court further modified the
class to include only domestic investors who purchased or
otherwise acquired Parmalat ordinary shares during the class
period.
The ruling is without prejudice to the pending application to
approve a settlement with (new) Parmalat on behalf of a broader
class, and a renewed motion to expand the class to include
foreign purchasers.
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.
PARMALAT SPA: Thorp Reed Wins Dismissal for Pavia in Class Suit
---------------------------------------------------------------
Thorp Reed & Armstrong, LLP, has successfully secured a
dismissal for independent Italian law firm Pavia e Ansaldo
(Pavia) in a major class action suit brought by the shareholders
of Parmalat S.p.A.
The suit was brought against a number of independent
institutions, including Bank of America, Citigroup and Pavia,
following the Italian dairy firm's entering into bankruptcy, the
largest in Europe's history. Bank of America and Citigroup were
dismissed along with Pavia.
The dismissal, handed down by U.S. District Court Judge Lewis A.
Kaplan, was issued on August 7 and made available to the public
on August 11.
The class action suit sought billions of dollars in damages and
was brought on behalf of buyers of shares in Parmalat.
Investors accused accounting firms, the banks, and Pavia, of
willfully misleading them about the value of shares they
purchased in Parmalat prior to the company's collapse in 2003.
The collapse of Parmalat has been referred to as the "Enron of
Europe."
The recent United States Supreme Court decision in Stoneridge
vs. Scientific Atlanta provided the basis for the ruling and
clarified that Pavia, and the banks involved in the suit, had no
liability for the fraud alleged in the Parmalat case.
Joe Donley, Esq., the Thorp Reed & Armstrong partner who was
lead counsel for Pavia in the case, commented, "The dismissal is
extremely satisfying for all of us who worked on the case, but
perhaps most importantly, it is an important moral, ethical and
legal victory for Pavia e Ansaldo, a highly respected Italian
law firm. The firm always maintained that it had no involvement
in the Parmalat collapse and that it did not engage in any
fraudulent or deceptive conduct, and the evidence showed that.
We applaud the decision by Judge Kaplan and his recognition that
the plaintiffs' arguments were unfounded in this matter."
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.
===================
K Y R G Y Z S T A N
===================
ASIA PLUS: Creditors Must File Claims by September 25
-----------------------------------------------------
Branch of the Company Asia Plus KG has declared insolvency.
Creditors have until Sept. 25, 2008, to submit written proofs of
claim.
Inquiries can be addressed to (0-772) 55-19-33.
=================
L I T H U A N I A
=================
UKIO BANKAS: S&P Revises Outlook to Neg., Affirms BB/B Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Lithuanian-based AB Ukio Bankas to negative from stable. At the
same time, the 'BB' long-term ratings and 'B' short-term ratings
on the bank were affirmed.
The outlook revision on AB Ukio Bankas (Ukio) reflects the
bank's heightened credit risks arising from uncertain economic
prospects in the Republic of Lithuania (A-/Negative/A-2) where
the bank operates.
"In addition to the deteriorating economic conditions, we
believe that Ukio's credit risks have increased because the bank
has experienced very high loan growth in the past 12 months in
an untested operating environment that is exposed to
macroeconomic overheating," said S&P's credit analyst Miguel
Pintado. "Standard & Poor's considers that Ukio is exposed to
high credit risk through its loan portfolio growth of over 100%
in the last 18 months. This is well above the overall
Lithuanian market lending growth rate, and most of the loans are
to the riskier small and midsize enterprises and
retail leasing sectors."
The credit risk concerns are compounded by the high single name
and industry concentrations. The concerns on concentration were
somewhat mitigated by the disposal on July 24, 2008 of a large
real estate project in Moscow in which the bank was involved.
Although asset quality indicators remain at relatively
comfortable levels, the first six months of 2008 have already
seen a deterioration, with nonperforming loans increasing.
The ratings on Ukio factor the bank's sound capitalization, good
but pressurized profitability, and adequate funding and
liquidity profile. The ratings mirror the bank's stand-alone
credit quality, and do not include any uplift for extraordinary
external support.
S&P considers that Ukio is likely to face increased pressure on
its asset quality as the economic conditions in Lithuania
deteriorate. The outlook also factors in the expectation that
Ukio will be able to maintain its relatively good financial
performance and garnering of market shares in core business
lines, while maintaining capital levels.
The outlook could revert to stable if S&P's concerns over the
operating environment abate and the bank's asset quality proves
resilient while it continues to deliver sustained profitability
and strengthen its commercial and financial position.
Conversely, a weakening financial profile or operating
environment, contributing to higher credit or market risks,
could put downward pressure on the ratings.
=====================
N E T H E R L A N D S
=====================
LAURELIN II: Fitch Affirms BB Rating on EUR17MM Class E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 11 classes of Laurelin
II B.V. notes as:
-- EUR147.25 million Class A-1E floating-rate notes
(ISIN: XS0305009382): affirmed at 'AAA'
-- EUR90 million Class A-1R floating-rate notes: affirmed at
'AAA'
-- GBP30.405 million Class A-1S floating-rate notes
(ISIN: XS0305009465): affirmed at 'AAA'
-- EUR15.75 million Class A-2 floating-rate notes
(ISIN: XS0305009978): affirmed at 'AAA'
-- EUR26 million Class B-1 floating-rate notes
(ISIN: XS0305010398): affirmed at 'AA'
-- EUR15 million Class B-2 fixed-rate notes
(ISIN: XS0305095365): affirmed at 'AA'
-- EUR26 million Class C deferrable floating-rate notes
(ISIN: XS03050 10471): affirmed at 'A'
-- EUR12.5 million Class D-1 deferrable floating-rate notes
(ISIN: XS0305010711): affirmed at 'BBB'
-- EUR10.5 million Class D-2 deferrable fixed-rate notes
(ISIN: XS0305195157): affirmed at 'BBB'
-- EUR17 million Class E deferrable floating-rate notes
(ISIN: XS0305011016): affirmed at 'BB'
-- EUR16.19 million Class X combination notes
(ISIN: XS0305096330): affirmed at 'BBB'
Laurelin II B.V. is a securitization of mainly European senior
secured loans with the total note issuance of EUR450 million
invested in a target portfolio of EUR438 million. The portfolio
is actively managed by GoldenTree Asset Management LP (rated
'CAM 2- (minus)').
Fitch released two new sets of rating criteria on 30 April 2008:
Global Criteria for Corporate CDOs and Global Criteria for Cash
Flow Analysis in Corporate CDOs. At that time, Fitch noted that
it would be reviewing its ratings with these two new sets of
criteria to establish consistency for existing and new ratings.
The elements of the updated criteria that have the greatest
impact on the analysis of Laurelin II B.V. include increased
default probability assumptions for underlying assets, as well
as stressed correlation assumptions to reflect the additional
risk posed by portfolio concentrations. Fitch's new cash flow
criteria also apply updated default timing and interest rate
scenarios.
In analysing Laurelin II B.V., Fitch has modified several
elements of its public criteria. The most significant
modification to the cash-flow methodology relates to a
shortening of recovery timing to 12 months from 18 months after
default for rating scenarios at 'BBB' and below. Fitch also
used scenario analysis to determine whether the rated notes are
in line with Fitch's rating definitions. The most important
scenario analysis tested how robust the rated notes are against
individual obligor defaults. For example, the Class D notes can
withstand the default of 28 assets on average or 10 of the
largest risk contributors and the Class E notes can withstand
the default of 22 assets on average or seven of the largest risk
contributors. This analysis more accurately reflects Fitch's
view of the credit quality of the portfolio, the transaction
structure and the ability of the manager.
The notional amounts of the Class X refer to the outstanding
rated balance. This takes into account all previous payments
that have been used to reduce the note balance, in accordance
with the terms and conditions of the notes.
As of the review date, the portfolio contained loans from 63
obligors, with the largest exposure accounting for approximately
3% of the outstanding portfolio amount, and the five largest
obligors accounting for 15% of the outstanding portfolio amount.
Fitch makes downward adjustments for any names on Rating Watch
Negative or Negative Outlook for default analysis in its
Portfolio Credit Model. As at this date, approximately 1% of
the assets are rated in the 'CCC' category on an unadjusted
basis, and on an adjusted basis approximately 2% of the assets
are treated as 'CCC+' or below. The weighted average portfolio
quality is 'B'. None of the assets are on RWN, while 18% is on
Negative Outlook and one obligor accounting for less than 1% of
the portfolio has defaulted. The largest single industry is
broadcasting and media with 16% of the portfolio volume.
===========
R U S S I A
===========
ING BANK: Moody's Assigns D Bank Financial Strength Rating
----------------------------------------------------------
Moody's Investors Service has assigned the following global
scale ratings to ING Bank Eurasia (IBE): Baa1 long-term and
Prime-2 (P-2) short-term foreign and local currency deposit
ratings and a D bank financial strength rating (BFSR). The
outlook for all ratings is stable.
At the same time, Moody's Interfax Rating Agency has assigned a
Aaa.ru long-term national scale credit rating (NSR) to IBE.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.
The Baa1/P-2/D global scale ratings assigned to IBE reflect
global default and loss expectation, while the Aaa.ru national
scale rating reflects the standing of the bank's credit quality
relative to its domestic peers.
According to Moody's, the bank's Baa1/Prime-2 local and foreign
currency deposit ratings are primarily driven by the expected
support from IBE controlling shareholder -- ING bank N.V- which
is rated by Moody's at Aa1/Prime-1/B.
According to Moody's, the bank's D FSR reflects its selective
customer approach in corporate banking targeted at providing
services to multinationals operating in Russia and top-notch
local corporates and a solid franchise in securities services
operations. The bank's BFSR is also supported by its low credit
risk appetite (with the bulk of its lending business being
guaranteed by the parent bank), adequate capitalization, strong
risk management and tight control from the parent. The key
factor constraining IBE's BFSR is the bank's modest franchise
and narrow client base, as the bank focuses on a small number of
key corporate customers. The BFSR is also constrained by the
volatile nature of those bank's earnings which are derived from
inherently volatile operations on financial markets. Moody's
also notes that significant amount of market risk taken by the
bank, as well as high single-name concentrations prevailing on
both sides of IBE's balance sheet make the bank's financial
performance potentially volatile and weigh negatively on the D
BFSR.
Moody's notes that at the current level the upside potential of
IBE ratings is limited by the bank's modest franchise, narrow
client base, absence of territorial coverage and volatile nature
of its earnings. At the same time, the bank's ratings are not
likely to be negatively affected either, given the bank's strong
risk management function, excellent asset quality and solid
financial fundamentals, all of which make negative rating
developments unlikely.
IBE is headquartered in Moscow, Russia and as of Dec. 31, 2007,
reported total IFRS assets of US$3.4 billion and net IFRS income
of US$59 million.
KUZBASS-RAZREZ-UGOL-PERERABOTKA: Claims Filing Ends September 19
----------------------------------------------------------------
Creditors of LLC Kuzbass-Razrez-Ugol-Pererabotka (OGRN
1024202051170, TIN 4234007256) have until Sept. 19, 2008, to
submit proofs of claim to:
V. Zimin
Insolvency Manager
Post User Box 886
650000 Kemerovo
Russia
Tel: (3842) 44-07-73
The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A27-771/2008-4.
The Court is located at:
The Arbitration Court of Kemerovo
Krasnaya Str. 8
Kemerovo
Russia
The Debtor can be reached at:
LLC Kuzbass-Razrez-Ugol-Pererabotka
Naberezhnaya Str. 23
Beregovaya
Kemerovo
Russia
LADA-GUARANTEE CJSC: Creditors Must File Claims by September 19
---------------------------------------------------------------
Creditors of CJSC Lada-Guarantee have until Sept. 19, 2008, to
submit proofs of claim to:
I. Madzhuga
Insolvency Manager
Office 40
Br.Korostylevykh 268
Samara
Russia
The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A55-18362/2007.
The Court is located at:
The Arbitration Court of Samara
Avrory Str. 148
443045 Samara
Russia
The Debtor can be reached at:
CJSC Lada-Guarantee
Yuzhnoe Shosse 115
Tolyatti
Russia
MAGNITOGORSKIY FACTORY: Names L. Zimina as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed L. Zimina as
Insolvency Manager for OJSC Magnitogorskiy Factory of Metal
Industry. He can be reached at:
L. Zimina
Insolvency Manager
Apt.33
Pionerskaya Str. 7v
454138 Chelyabinsk
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A76-8958/2004-52-19/48-420.
The Court is located at:
The Arbitration Court of Chelyabinsk
Vorovskogo Str. 2
454091 Chelyabinsk
Russia
The Debtor can be reached at:
OJSC Magnitogorskiy Factory of Metal Industry
Kharkovskaya Str. 5
Magnitogorsk
455005 Chelyabinsk
Russia
MDM BANK: S&P Affirms BB/B/Stable Counterparty Credit Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services has affirmed its 'BB' long-
term and 'B' short-term counterparty credit ratings on Russian
MDM Bank. The outlook is stable.
"The ratings reflect MDM's funding vulnerability due to still
high single-name concentrations in customer deposits, its
material exposure to the construction and real estate sectors,
and its relatively volatile earnings track record," said S&P's
credit analyst Eugene Tarzimanov.
These negative factors are mitigated by MDM's sustained
commercial and financial performance, and consistent progress in
reducing single-name lending concentrations. These positive
developments have been supported by the bank's strategic
repositioning and organizational enhancements, adequate risk
management, and governance practices, as well as by the
improving -- albeit still challenging -- macroeconomic
environment in Russia.
The ratings reflect the bank's stand-alone credit quality, and
do not include any uplift for extraordinary external support --
either from the owners or the government.
With assets of RUR305 billion (US$13 billion) and equity of
RUR39 billion (US$1.7 billion) as of March 31, 2008, MDM ranks
among Russia's top 15 banks by assets. The bank represents only
about 1.4% of the system's assets, however, which are dominated
by state-owned banks, mainly Sberbank (not rated).
"We believe that MDM's current strategy and related optimization
and growth acceleration plan will progress smoothly without
setbacks, and improve the bank's customer franchise and
diversification of revenues, loans, and funding. MDM Bank's
developed infrastructure positions it well to benefit from
positive economic trends in Russia," said Mr. Tarzimanov.
An upgrade would depend on the bank's successful execution of
its strategic objectives, a longer track record of good
financial performance, further reduction in funding
concentration, and the maintenance of adequate capitalization.
A negative rating action might occur if the bank's strategy
faltered, particularly regarding retail-banking development, or
if profitability, asset quality, or capitalization deteriorated
significantly.
PRINT HOUSE–YUG: Rostov Bankruptcy Hearing Set October 1
--------------------------------------------------------
The Arbitration Court of Rostov will convene at 10:15 a.m. on
Oct. 1 2008, to hear the bankruptcy supervision procedure on
OJSC Print House–Yug. The case is docketed under Case No.
A53-8783/08-S1-30.
The Temporary Insolvency Manager is:
E. Romanova
Office 802
Sotsialisticheskaya Str. 74
344002 Rostov-na-Donu
Russia
The Court is located at:
The Arbitration Court of Rostov
Stanislavskogo Str. 8a
344008 Rostov-na-Donu
Russia
The Debtor can be reached at:
CJSC Print House–Yug
Office 403
Metallurgicheskaya Str. 102/2
Rostov-na-Donu
Russia
ROS-STROY CJSC: Court Names V. Guskov as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Samara appointed V. Guskov as
Insolvency Manager for CJSC Ros-Stroy (TIN 6325011550). He can
be reached at:
V. Guskov
Insolvency Manager
Post User Box 41
Syzran
446001 Samara
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A55-6623/2008.
The Court is located at:
The Arbitration Court of Samara
Avrory Str. 148
443045 Samara
Russia
The Debtor can be reached at:
CJSC Ros-Stroy
Kirova Str. 54
Syzran
Russia
TNK-BP INT'L: Downstream EVP Anthony Considine Steps Down
---------------------------------------------------------
Anthony Considine of TNK-BP has resigned. Mr. Considine
tendered his resignation in a letter dated Aug. 25, 2008. His
resignation will be effective from Sept. 15, 2008.
Mr. Considine is leaving TNK-BP after 5 years heading its
refining, trading and marketing businesses, to pursue other
opportunities.
TNK-BP Chief Operating Officer, Tim Summers, said: "We regret we
are losing Tony. In his 5 years of leadership with TNK-BP, he
has set an outstanding example of cross cultural performance and
success. His team has embodied what TNK-BP was set up to
achieve – a unique and powerful blend of Russian and
international expertise and talent which leads the industry.
Tony has led the transformation of our refining and marketing
business, including value chain optimization which has
translated directly into consistently excellent financial
results. Our Downstream safety performance has improved
markedly during Tony's leadership. He has also been a valued
member of senior management, and we thank Tony for his
outstanding contribution to the success of our company. We all
wish him every success in future."
Mr. Considine has held the position of Executive Vice President
at TNK-BP since it commenced operations in late August 2003.
Immediately prior to this, he was a senior member of the TNK-BP
Integration team managing the process of designing and
structuring the new company which occurred between March and
August 2003.
He was a member of the TNK-BP Management Board, the Operations;
Policy and Compliance and HR Committees. He is a Director of
Slavneft, and a member of their Board's Compensation Committee.
Prior to joining TNK-BP, he had previously enjoyed a successful
international career with BP, working in a wide variety of
senior commercial and management positions in a number of BP's
businesses, across a range of geographies.
The appointment of Mr. Considine's replacement will follow
TNK-BP's normal recruitment processes.
About TNK-BP
Headquartered Moscow, Russia, TNK-BP -- http://www.tnk-bp.ru/--
is a vertically integrated oil company with a diversified
upstream and downstream portfolio in Russia and Ukraine. It
owns and operates five refineries (four in Russia and one in
Ukraine) and has a retail network of approximately 1,600 sites
spread across Central Russia and Ukraine, with a particularly
strong position in the Moscow market.
TNK-BP employs approximately 65,000 people, mostly located in
eight major areas of Russia and Ukraine.
The company was formed in 2003 as a result of the merger of BP's
Russian oil and gas assets and the oil and gas assets of Alfa,
Access/Renova group (AAR). BP and AAR each own 50% of TNK-BP.
* * *
As reported in the TCR-Europe on Aug. 8, 2008, Standard & Poor's
Ratings Services lowered its long-term corporate credit and
senior unsecured debt ratings on TNK-BP International Ltd. to
'BB' from 'BB+', reflecting S&P's concerns over the group's
protracted shareholder dispute.
At the same time, S&P affirmed its 'B' short-term corporate
credit rating on the group. The outlook is negative.
=====================
S W I T Z E R L A N D
=====================
I.C.M.B. MANAGEMENT: Creditors' Proofs of Claim Due by Sept. 30
---------------------------------------------------------------
Creditors owed money by LLC I.C.M.B. MANAGEMENT are requested to
file their proofs of claim by Sept. 30, 2008, to:
JSC B + S Universal Treuhand
Bahnhofstrasse 4
6102 Malters
Switzerland
The company is currently undergoing liquidation in Manno. The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 26, 2007.
OPTA LLC: Proofs of Claim Filing Deadline is October 20
-------------------------------------------------------
Creditors owed money by LLC Opta are requested to file their
proofs of claim by Oct. 20, 2008, to:
Scheinhutte Hans-Jurgen
Paulistrasse 84
8834 Schindellegi
Switzerland
The company is currently undergoing liquidation in Feusisberg.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Feb. 24, 2006.
===========
T U R K E Y
===========
ANADOLUBANK AS: Moody's Revises D BFSR Outlook to Positive
----------------------------------------------------------
Moody's Investors Service has changed the outlook of the 'D'
bank financial strength rating of Anadolubank Anonim Sirketi to
positive from stable.
Moody's has also changed the outlook of the bank's global local
currency deposit ratings of 'Ba1/NP' to positive from stable.
The bank's B1/Not-Prime foreign currency deposit ratings with
stable outlook, constrained by the corresponding sovereign
ceiling, are unaffected by this action.
The decision to change the outlook of the bank's BFSR and its
GLC deposit ratings takes into account Anadolubank's improved
financial metrics in recent years. It also reflects the bank's
enhanced business franchise, leveraging its relatively strong
niche and expertise in the small and medium-sized enterprises
segment. This is a quite lucrative market in Turkey offering
very good spreads to Anadolubank, which exhibits favorable
profitability indicators compared to its Turkish peers.
In addition, the bank has very good asset quality, with one of
the lowest non-performing loans ratio in the system, while its
comfortable capitalization ensures the growth momentum of its
loan book, which is expected to continue growing at round 30%
over the medium term, further enhancing its franchise.
Concurrently, the bank's efficiency is currently under strain as
the bank expands its branch network for wider geographical and
commercial coverage in Turkey, while its liquidity is good, as
the bank wishes to maintain a liquidity buffer in the relatively
volatile Turkish operating environment. However, we also note
that deposit growth has not kept pace with loan growth, which
translates into a less favorable funding profile for the bank,
as it has some dependence on wholesale borrowings.
Any eventual upgrade of Anadolubank's BFSR and GLC deposit
ratings over the short to medium term will depend on the bank's
success in sustaining its good financial performance, while
maintaining its conservative risk and liquidity profile in the
currently challenging economic climate.
The rating action takes into account the possibility of
deterioration in the Turkish credit environment over coming
months, should weakening macroeconomic conditions in Europe
spread to Turkey -- a situation that could have asset quality
repercussions on Turkish banks including Anadolubank.
Anadolubank is headquartered in Istanbul, Turkey and at the end
of June 2008 had total assets of YTL3.5 billion (US$2.8
billion).
TC ZIRAAT: Moody's Lifts Bank Financial Strength Rating to D+
-------------------------------------------------------------
Moody's Investors Service has upgraded the bank financial
strength rating of T.C. Ziraat Bankasi to D+ from D. The
bank's Baa1/Prime-2 global local currency deposit rating and
B1/Not Prime foreign currency deposit ratings are unaffected by
this action. All ratings now carry a stable outlook.
Moody's decision to upgrade the BFSR to D+, now mapping to a
baseline credit assessment of Ba1, reflects the ongoing
improvement in Ziraat's standalone financial strength. Over the
past year, the bank has further enhanced its lending franchise
and has taken other incremental steps to broaden its product
range and improve internal processes. Although it continues to
lag behind private sector peers in terms of product range and
service quality, it retains leadership in Turkish lira retail
deposits, where it enjoys a market share of about 25%, and
maintains the largest branch network in the country.
In upgrading Ziraat's BFSR, Moody's also recognizes that,
although investments in government securities still contribute a
very large proportion of overall earnings, the bank's lending
and deposit activities would by themselves be sufficient to
enable it to attain adequate profitability.
Moody's adds that the D+ BFSR reflects the bank's adequate
capitalization ratios and healthy liquidity and asset quality
metrics. The rating agency's assessment of the bank's risk
positioning takes into account its adequate risk management
capabilities and moderate market risk appetite, but remains
constrained by the very high single-party exposure concentration
to the Turkish government. Ziraat's portfolio of government
securities accounted for 57% of its unconsolidated total assets
as at June 2008.
Finally, the rating action takes into account the possibility of
a deterioration in the Turkish credit environment over coming
months should the weakening macroeconomic conditions in Europe
spread to Turkey. Moody's considers that Ziraat's high current
profitability provides it with a strong provisioning capacity
that would protect the bank's solvency in all but very extreme
asset quality scenarios.
Ziraat's Baa1/Prime-2 global local currency deposit ratings
continue to benefit from external support expectations,
currently enjoying a three-notch uplift from the bank's Ba1
baseline credit assessment. This is based on (i) Moody's view
that there is an extremely high likelihood of systemic support
from the Turkish government in case of need and (ii) the A3
local currency deposit ceiling for Turkey.
T.C. Ziraat Bankasi is headquartered in Ankara, Turkey, and had
total assets of YTL89.3 billion (US$73.2 billion) at the end of
June 2008.
=============
U K R A I N E
=============
AGRO-CONTRACT LLC: Proofs of Claim Deadline Set August 29
---------------------------------------------------------
Creditors of LLC Agro-Contract (code EDRPOU 32172007) have until
Aug. 29, 2008 to submit proofs of claim to:
The Economic Court of Chernovcy
O. Kobylianska Str. 14
58000 Chernovcy
Ukraine
The Debtor can be reached at:
LLC Agro-Contract
Lenkovtsy
Kelmenetsky District
Chernovcy
Ukraine
The Economic Court of Chernovcy commenced bankruptcy proceedings
against the company after finding it insolvent on July 17, 2008.
The case is docketed as 12/242/B.
CHERKASSY AGRICULTURAL: Creditors Must File Claims by August 29
-------------------------------------------------------------
Creditors of Agricultural LLC Cherkassy (code EDRPOU 05529685)
have until Aug. 29, 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 on May 22, 2008.
The case is docketed as 14/1730.
The Debtor can be reached at:
Agricultural LLC Cherkassy
Panayev Str. 53
18000 Cherkassy
Ukraine
CHERNIGOV TRANSPORT: Creditors Must File Claims by Aug. 29
----------------------------------------------------------
Creditors of OJSC Chernigov Transport Part (code EDRPOU
00232822) have until Aug. 29, 2008 to submit proofs of claim to:
The Economic Court of Chernigov
Mir Avenue 20
14000 Chernigov
Ukraine
The Economic Court of Chernigov has commenced bankruptcy
supervision procedure on the company. The case is docketed as
4/270b.
The Debtor can be reached at:
OJSC Chernigov Transport Part
Mir Avenue 312
14007 Chernigov
Ukraine
CONCORD-SOUTH LLC: Creditors Must File Claims by August 29
----------------------------------------------------------
Creditors of LLC Concord-South (code EDRPOU 33564683) have until
Aug. 29, 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
July 17, 2008. The case is docketed as B 26/148-08.
The Debtor can be reached at:
LLC Concord-South
Kachalov Str. 1
49000 Dnipropetrovsk
Ukraine
DNIEPRREPAIRBUILDINGSERVICE: Creditors' Claims Due by Aug. 29
-------------------------------------------------------------
Creditors of State Enterprise of Ministry of Defense of Ukraine
Dnieprrepairbuildingservice (code EDRPOU 22996170) have until
Aug. 29, 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
supervision procedure on the company on May 26, 2008. The case
is docketed as B 26/118-08.
The Debtor can be reached at:
State Enterprise of Ministry of Defense of Ukraine
Dnieprrepairbuildingservice
Trud Avenue 2
49000 Dnipropetrovsk
Ukraine
DONETSK START: Creditors Must File Claims by August 29
------------------------------------------------------
Creditors of Donetsk State Plant Start (code EDRPOU 05287615)
have until Aug. 29, 2008 to submit proofs of claim to:
The Economic Court of Donetsk
Artema Str. 157
83048 Donetsk
Ukraine
The Economic Court of Donetsk has commenced bankruptcy
supervision procedure on the company. The case is docketed as
27/112B.
The Debtor can be reached at:
Donetsk State Plant Start
Novosennaya Str. 78
83018 Donetsk
Ukraine
INDUSTRIAL TRADE: Proofs of Claim Deadline Set August 29
--------------------------------------------------------
Creditors of LLC Industrial Trade Metal (code EDRPOU 32910786)
have until Aug. 29, 2008 to submit proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 23, 2008.
The case is docketed as 43/553.
The Debtor can be reached at:
LLC Industrial Trade Metal
Saksagansky Str. 41
01033 Kiev
Ukraine
KHARKOV AIRLINES: Creditors Must File Claims by August 29
---------------------------------------------------------
Creditors of OJSC Kharkov Airlines (code EDRPOU 25469838) have
until Aug. 29, 2008 to submit proofs of claims to:
The Economic Court of Kharkov
Derzhprom 8th Entrance
Svoboda Square 5
61022 Kharkov
Ukraine
The Debtor can be reached at:
OJSC Kharkov Airlines
Airport
61031 Kharkov
Ukraine
KOROVINTSY SUGAR: Creditors Must File Claims by Augus 29
-------------------------------------------------------------
Creditors of OJSC Korovintsy Sugar Plant (code EDRPOU 00372397)
have until Aug. 29, 2008 to submit proofs of claim to:
The Economic Court of Zhytomir
Putiatinskiy Square 3/65
10014 Zhytomir
Ukraine
The Economic Court of Zhytomir has commenced bankruptcy
supervision procedure on the company. The case is docketed as
3/103-b.
The Debtor can be reached at:
OJSC Korovintsy Sugar Plant
Pioneer Lane 2
Chudnov District
Korovintsy
13240 Zhytomir
Ukraine
LIPOVAYA DOLINA: Creditors Must File Claims by August 29
--------------------------------------------------------
Creditors of OJSC Lipovaya Dolina Agricultural Chemistry (code
EDRPOU 05490718) have until Aug. 29, 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 July 10, 2008.
The case is docketed as 6/90-08.
The Debtor can be reached at:
OJSC Lipovaya Dolina Agricultural Chemistry
42500 Sumy Ukraine
Lipovaya Dolina
Sinevsky shliakh Str. 2
MACHINE-TECHNOLOGICAL STATION: Claims Deadline Set August 29
------------------------------------------------------------
Creditors of OJSC Cherniakhoval Agricultural Industrial Technics
Subsidiary Company Machine-Technological Station (code EDRPOU
30776585) have until Aug. 29, 2008 to submit proofs of claim to:
The Economic Court of Zhytomir
Putiatinskiy Square 3/65
10014 Zhytomir
Ukraine
The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on May 27, 2008.
The case is docketed as 3/64-b.
The Debtor can be reached at:
OJSC Cherniakhoval Agricultural Industrial Technics
Subsidiary Company Machine-Technological Station
Industrial Str. 33
Cherniakhov
12301 Zhytomir
Ukraine
MARKTRADING LLC: Proofs of Claim Deadline Set August 29
-------------------------------------------------------
Creditors of LLC Company Marktrading (code EDRPOU 33634630) have
until Aug. 29, 2008 to submit proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 23, 2008.
The case is docketed as 43/554.
The Debtor can be reached at:
LLC Company Marktrading
Volkhovskaya Str. 4
02092 Kiev
Ukraine
OSNASTKA-ENERGY: Creditors Must File Claims by August 29
--------------------------------------------------------
Creditors of CJSC Osnastka-Energy (code EDRPOU 23252052) have
until Aug. 29, 2008 to submit proofs of claim to:
The Economic Court of Volin
Volia Avenue 54-a
43010 Lutsk
Volin
Ukraine
The Economic Court of Volin commenced bankruptcy proceedings
against the company after finding it insolvent on July 10, 2008.
The case is docketed as 7/70-B.
The Debtor can be reached at:
CJSC Osnastka-Energy
Lutsk Str. 25
Novovolinsk
Volin
Ukraine
SELMIS LLC: Proofs of Claim Deadline Set August 29
--------------------------------------------------
Creditors of LLC Firm Selmis (code EDRPOU 19490585) have until
Aug. 29, 2008 to submit proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 18, 2008.
The case is docketed as 43/263.
The Debtor can be reached at:
LLC Firm Selmis
Chernobyl Str. 21
03179 Kiev
Ukraine
TRIUMPH LLC: Creditors Must File Claims by August 29
----------------------------------------------------
Creditors of LLC Triumph (code EDRPOU 31993861)have until
Aug. 29, 2008 to submit proofs of claim to:
The Economic Court of Kirovograd
Lunacharski Str. 29
25006 Kirovograd
Ukraine
The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company on March 11, 2008. The case is
docketed as 11/32.
The Debtor can be reached at:
LLC Triumph
Sadovaya Str. 1a
Shyrokaya Balka
Dolinsky District
28500 Kirovograd
Ukraine
UNIVERSALSERVICE K: Proofs of Claim Deadline Set August 29
----------------------------------------------------------
Creditors of LLC Universalservice K (code EDRPOU 31356258) have
until Aug. 29, 2008 to submit proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 21, 2008.
The case is docketed as 50/78.
The Debtor can be reached at:
LLC Universalservice K
Melnikov Str. 12
04050 Kiev
Ukraine
===========================
U N I T E D K I N G D O M
===========================
HIPSTAR LTD: Goes Into Administration
-------------------------------------
The Board of Directors of Network Data Holdings plc has decided
to draw a line under the losses incurred by its operating
subsidiary Hipstar Ltd.
Since Aug. 1 last year, Hipstar has been a provider of Home
Information Packs to estate agents and solicitors operating in
the residential property market in England & Wales. The market
in 2007 saw a slow and staggered start to the HIPs legislation,
while 2008 has witnessed property sales being the lowest in 40
years, up to 50% down on the 2007 levels. There is no sign of
any medium-term improvement in the housing market and some
industry commentators are predicting at least another 12 months
of depressed property sales.
The Directors have concluded there is no realistic prospect of
recovering the investment that has been put into Hipstar since
its incorporation in 2005, and accordingly the company has been
placed into administration.
Hipstar losses have already been written off in the Group's
accounts. Full details will be provided with first half results
to June 30 due to be published on Sept. 26. There will be no
further impact on Group accounts.
The other Group companies Network Data Ltd., the largest network
of mortgage intermediaries in U.K., and Network Surveyors Ltd.,
a panel management service for property valuations, are not
affected by the closure of Hipstar.
LEVEL ONE: Brings in Joint Administrators from Kroll
----------------------------------------------------
Alastair Paul Beveridge, Anne Clare O'Keefe and Simon Jonathan
Appell of Kroll were appointed joint administrators of Level One
Commercial (Jersey) Ltd. (Company Number 97423) on Aug. 18,
2008.
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:
Level One Commercial (Jersey) Ltd.
Channel House
7 Esplanade
St. Helier
Jersey
JE4 5UW
Channel Islands
NETFOLD LTD: Brings in Joint Administrators from Ernst & Young
--------------------------------------------------------------
Joint Administrators from Ernst & Young LLP were appointed by
the directors of Netfold Limited on Aug. 22, 2008.
Netfold, trading as Amtrak, specializes in national and
international parcel freight. The business is headquartered in
Aldridge, West Midlands, and operates two distribution hubs in
Aldridge and Warrington together with 36 distribution depots
across the U.K., employing over 900 people.
One of the Joint Administrators from Ernst & Young commented,
"Amtrak has found trading in the current economic climate
challenging. It is a business led by consumer demand and as
consumer spending power has weakened Amtrak's business has
suffered.
"We are currently assessing the financial situation of the
business, and as a result the collection and delivery of goods
may be disrupted."
ROADCHEF FINANCE: S&P Puts Class D Notes' BB Rating on WatchNeg.
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed on CreditWatch
with negative implications its ratings on the class A2 and B
notes issued by Roadchef Finance Ltd. following a weak
performance in the third quarter of financial year 2008.
At the same time, S&P has placed on CreditWatch positive the
rating on the class A1 notes due to the expected imminent
repayment of the outstanding obligation of GBP6.1 million at the
next interest payment date in October 2008.
The CreditWatch negative placements follow Roadchef's
weaker-than-expected results in the quarter that ended on July
5, 2008. The ratings on all the classes of notes were assigned
a negative outlook on Nov. 21, 2007. Since then, S&P failed to
see material improvement in profitability and the business
performance has further deteriorated.
The past few quarters have witnessed adverse trading conditions.
High fuel prices and lower consumer confidence levels
unfavorably affected discretionary travel and retail spend. The
ensuing financial performance remains weak.
The current debt-service coverage ratio, calculated as EBITDA
over debt service (EBITDA DSCR), is 1.20x excluding the equity
injection, versus the 1.25x covenant level. An equity injection
of GBP1.5 million was made on Feb. 20, 2008 to remedy the
covenant breach. Without the one-off marketing gain of GBP1.2
million, the EBITDA DSCR would be only 1.16x. S&P envisions a
breach if the parent company decides not to extend its financial
commitment to the business.
At the present EBIDTA levels, S&P does not expect the resultant
free cash flow to be able to cover total debt service, with the
class B notes being at the greatest risk. S&P highlighted
Roadchef's weak cash generation in its last transaction update
and at the time the negative outlook was assigned.
Further adding to its concern, S&P notes that the company has
historically drawn on its GBP4.5 million ancillary facility to
fund its capital expenditure and working capital movements. For
this to be permissible, the EBITDA DSCR must be at least 1.35x,
meaning that investment in the business may be hindered until
the company can improve its performance.
The class A2 and B notes are vulnerable to a downgrade. It is
plausible that a class B note downgrade could be greater than
one notch. Any rating action on the class A1 notes would
reflect the time to maturity and structural enhancements,
including subordination. A rating action on the class A2 notes
would be linked to changes in S&P's view regarding the long-term
performance of the business, while a rating action on the class
B notes would be driven by potential short-term cash shortfalls.
S&P expects to resolve the CreditWatch placements in due course
following a meeting with the management and updated model runs
on the transaction.
Roadchef Finance Ltd.:
-- GBP210 Million Secured Notes
Rating Placed On CreditWatch Positive:
Class To From
-------------------------------------------------------
A1 BBB+/Watch Positive BBB+/Negative
Ratings Placed On CreditWatch Negative:
Class To From
------------------------------------------------------
A2 BBB/Watch Negative BBB/Negative
B BB/Watch Negative BB/Negative
SIMPSONS RECRUITING: Calls in Joint Administrators from Vantis
--------------------------------------------------------------
Glyn Mummery and Paul Atkinson of Vantis Business Recovery
Services were appointed joint administrators of Simpsons
Recruiting Services Ltd. (Company Number 06418057) on Aug. 15,
2008.
Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.
The company can be reached at:
Simpsons Recruiting Services Ltd.
c/o Vantis Business Recovery Services
43-45 Butts Green Road
Hornchurch
Essex
RM11 2JX
England
SPECIAL OPPORTUNITY: Taps Joint Administrators from Kroll
---------------------------------------------------------
Alastair Paul Beveridge, Anne Clare O'Keefe and Simon Jonathan
Appell of Kroll were appointed joint administrators of Special
Opportunity Holdings Ltd. (Company Number 92668) on Aug. 18,
2008.
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:
Special Opportunity Holdings Ltd.
12 Castle Street
St. Helier
Jersey
JE2 3RT
Channel Islands
TI AUTOMOTIVE: Moody's Affirms B3 Corp. Family Rating
-----------------------------------------------------
Moody's Investors Service has affirmed the B3 Corporate Family
Rating of TI Automotive Ltd. The rating outlook was changed
from stable to negative.
Rainer Neidnig, lead analyst at Moody's for TI Automotive, said:
"The rating affirmation owes primarily to TI Automotive's
overall resilient performance in a weak automotive market and
reflects the substantial restructuring efforts management has
undertaken so far in order to improve profitability. The change
in the outlook to negative reflects primarily the challenge to
cope with an increasingly difficult market environment in the
context of a highly leveraged financial profile."
The rating takes comfort that TI is on track to recover
profitability after 3 years of deteriorating margins with the
trough seen in 2006. Key drivers of this development have been
substantial restructuring efforts over the past two years
including plant closures and the movement of manufacturing to
best cost facilities. Moreover, TI has been increasing business
with faster growing Japanese and Korean OEMs and is reducing its
- though still material - exposure to struggling American OEMs.
In this context, Moody's notes that while TI's business is
clearly impacted by declining demand in the North American
market, this could be offset by other regions.
In addition, TI so far has managed the challenge of rising raw
material costs and could enhance the previously depressed
operating efficiency in its Fuel Systems division which accounts
for app. 44% of group revenues. As a result, TI's Operating
Profit Margin was stabilized in 2007 at 3.3%, after a previous
decline from 6% in 2004, and is expected to start to recover in
2008.
At the same time the B3 rating considers various risks and
challenges. In particular, financial leverage is still at high
levels and Free Cash Flow is expected to remain negative in
2008, though by a modest amount, and to turn positive only in
2009. Moreover, TI remains strongly exposed to the overall
development of the car industry which faces significant
headwinds, in particular in the US, and Moody's notes that the
aggressive measures to adjust the company's costs and operations
to lower volumes and changing consumer preferences may not be
sufficient to turn around the negative operating performance in
that area. Furthermore, Moody's believes that volatile raw
material prices and pricing pressure from OEM customers will
continue to be a challenge in future. In this context Moody's
notes that TI's lending arrangements contain conditionality
language in the form of financial covenants which had been
tailored to a business plan that leaves only limited room for
material shortfalls in earnings or cash flow generation.
Moody's notes that the negative outlook could be stabilized if
TI managed to withstand the weak operating environment by
sustaining production volumes and cash flow generation, turn
around its currently loss making North American business and
reach positive Free Cash Flow in 2009. Any evidence that the
headwinds have a more negative impact than currently
contemplated might on the other hand generate additional
negative rating pressure.
Based on Moody's Loss Given Default Methodology (LGD) TI's debt
instruments are rated as follows:
Downgrades:
Issuer: TI Automotive Limited
-- Senior Secured Bank Credit Facility, Downgraded to LGD5,
87% from LGD5, 86%
Upgrades:
Issuer: TI Automotive Limited
-- Senior Secured Bank Credit Facility, Upgraded to a
range of 50 - LGD4 to 08 - LGD1 from a range of 52
- LGD4 to 09 - LGD1
Outlook Actions:
Issuer: TI Automotive Limited
-- Outlook, Changed To Negative From Stable
Headquartered in Oxford, England and Warren, Michigan, TI
Automotive is a leading "Tier 1" automotive supplier delivering
fuel systems, brake and fuel fluid carrying systems and
components for air conditioning, power steering and oil cooling
systems. In 2007, TI Auto reported consolidated sales of
GBP1.4 billion.
* S&P Reports UK RMBS Total Delinquency Index Rises in 2Q 2008
--------------------------------------------------------------
The total delinquency index for U.K. nonconforming residential
mortgage-backed securities (RMBS) increased to the record level
of 23.31% in second quarter 2008, according to a report
published by Standard & Poor's Ratings Services.
"The rise in delinquencies is being driven by affordability
pressure, especially for those borrowers whose loans are
resetting to higher floating interest rates. In the past, they
would have had a wide range of refinancing options, but the
sharp contraction in credit availability means refinancing is
more difficult, and some borrowers are now struggling,"
explained credit analyst Kate Livesey.
The collateral performance of the transactions in S&P's U.K.
nonconforming RMBS index worsened in second quarter, and the
rating agency lowered the ratings on tranches in 11 U.K.
nonconforming RMBS transactions since its first quarter index
report was published. Ratings in eight transactions are on
CreditWatch negative.
Losses continue to increase, putting strain on some
transactions. For transactions that closed in 2007, higher
losses are appearing arlier in the lives of some transactions.
Ms. Livesey added: "Early losses are likely to be more stressful
than losses later in the life of a transaction, where, in
general, the pool's weighted-average margin would have risen and
there would typically be more excess spread available".
S&P's prepayment index continued falling to 23.98% in second
quarter from 24.75% in the first quarter. The 2006 and 2007
vintages are displaying much lower-than-average prepayment rates
during the first 12-18 months, given the changing economics of
refinancing.
Ms. Livesey concluded: "With no sign of credit conditions easing
and house prices continuing to fall, we expect delinquencies to
continue rising and losses to increase over the coming quarters,
which in turn will place some of the transactions in our index
under further pressure."
* S&P Says UK Prime RMBS Total Delinquency Index Up to 2.94%
------------------------------------------------------------
Delinquencies in prime U.K. mortgages continued to increase in
second quarter 2008, according to Standard & Poor's Ratings
Services' latest index report for U.K. prime RMBS. Total
delinquencies rose to 2.94%, up from 2.33% the previous quarter,
and 90+-day delinquencies hit 1.00%, up from 0.92%. These are
the highest values seen in S&P's index, exceeding the previous
peak in 2006.
The number of repossessions also increased across most
transactions, noticeably in Northern Rock's Granite trust.
"Despite the fact that almost all transactions saw some increase
in delinquencies, the U.K. prime RMBS transactions that we rate
have performed well to date, with no reserve fund draws, no note
defaults, and no lowering of the ratings in any of the
transactions used to calculate our indices," explained credit
analyst Kate Livesey.
The payment rate index has remained in the low 30% range
throughout second quarter, reflecting reduced refinancing
activity and fewer product switches.
New issuance in the U.K. prime RMBS sector was high in second
quarter, with a total of GBP48 billion notes rated. The
majority of this issuance was retained by originators.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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/
Aug. 27-28, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA 4th Annual Northeast Regional Conference
Gideon Putnam Resort & Spa, Saratoga Springs, New York
Contact: www.turnaround.org
Aug. 28, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Arizona Chapter Mixer
TBD, Phoenix, Arizona
Contact: 623-581-3597 or www.turnaround.org
Sept. 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Marriott, Bridgewater, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Sept. 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Dallas / Fort Worth Restructuring Workshop
Belo Mansion Dallas, Texas
Contact: www.turnaround.org
Sept. 11, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Lenders Forum
TBD, Long Island, New York
Contact: www.turnaround.org
Sept. 11-12, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Mid-America Regional Conference
Oak Brook Hills Marriott Resort, Oak Brook, Illinois
Contact: www.turnaround.org
Sept. 11-14, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Cross Border Conference
Grand Okanagan Resort, Kelowna, British Columbia
Contact: www.turnaround.org
Sept. 12, 2008
AMERICAN BANKRUPTCY INSTITUTE
ABI/GULC Views from the Bench
Georgetown University Law Center, Washington, DC
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 16-18, 2008
ASSOCIATION OF INSOLVENCY &RESTRUCTURING ADVISORS
2nd Annual Restructuring & Investing Conference
Shanghai, China
Contact: http://www.airacira.org/
Sept. 17, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Real Estate / Condo Restructuring Panel
Marriott North, Fort Lauderdale, Florida
Contact: www.turnaround.org/
Sept. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Joint Event - CFA/IWIRC/RMA/NJTMA/NYIC
Maplewood Country Club, Maplewood, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Sept. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Chapter Lunch Program
Nashville City Center, Nashville, Tennessee
Contact: 615-850-8678 or www.turnaround.org
Sept. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Healthcare Industry Update - Panel Discussion
Summit Club, Birmingham, Alabama
Contact: www.turnaround.org
Sept. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Effective Turnarounds: A View From US Trustees
TBA, Syracuse, New York
Contact: www.turnaround.org
Sept. 18-19, 2008
AMERICAN CONFERENCE INSTITUTE
Advanced Insolvency Law and Practice Conference
Paris, France
Contact: www.americanconference.com
Sept. 24, 2008
TURNAROUND MANAGEMENT ASSOCIATION
13 Week Cash Flow Workshop: An Overview
McCormick & Schmick's, Las Vegas, Nevada
Contact: www.turnaround.org
Sept. 24-25, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Florida Annual Golf Tournament
Champions Gate Golf Club, Orlando, Florida
Contact: 561-882-1331 or 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. 25, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Case Study with Tom Kim, TMA Small Business of the Year
Turnaround Award - TMA Arizona Chapter Meeting
TBD, Phoenix, Arizona
Contact: www.turnaround.org
Sept. 26, 2008
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Marriott Desert Ridge, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 30, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Private Equity Panel
Centre Club, Tampa, Florida
Contact: www.turnaround.org/
Oct. 3, 2008
AMERICAN BANKRUPTCY INSTITUTE
ABI/UMKC Midwestern Bankruptcy Institute
H. Roe Bartle Hall Convention Center, Kansas City
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 9, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Luncheon - Chapter 11
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
Oct. 13, 2008
AMERICAN BANKRUPTCY INSTITUTE
Consumer Bankruptcy Conference
Standard Club, Chicago, Illinois
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 14, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Annual Charity Golf Event
Forest Park Golf Course, St. Louis, Missouri
Contact: www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Billiards Networking Night
Herbert's Billiards, Secaucus, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
LI-TMA Member Social
Davenport Press, Mineola, New York
Contact: 631-251-6296 or www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Breakfast Meeting
TBD, Calgary, Alberta
Contact: 503-768-4299 or www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
View from the Bench - Bankruptcy Update
Summit Club, Birmingham, Alabama
Contact: www.turnaround.org
Oct. 16, 2008
TURNAROUND MANAGEMENT ASSOCIATION
How to Contract with a Turnaround Manager
University Club, Portland, Oregon
Contact: www.turnaround.org
Oct. 22, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Turnaround Nevada Award Night
McCormick & Schmick's, Las Vegas, Nevada
Contact: www.turnaround.org
Oct. 23, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting - Election Oriented
TBD, Phoenix, Arizona
Contact: www.turnaround.org
Oct. 23, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Effective Turnarounds: A Panel of Professionals
TBA, Rochester, New York
Contact: www.turnaround.org
Oct. 23-24, 2008
AMERICAN CONFERENCE INSTITUTE
Distressed Assets Boot Camp
TBD, London, United Kingdom
Contact: www.americanconference.com
Oct. 28, 2008
TURNAROUND MANAGEMENT ASSOCIATION
State of the Capital Markets
Citrus Club, Orlando, Florida
Contact: 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. 29-30, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Corporate Governance Meetings
Marriott, New Orleans, Louisiana
Contact: www.turnaround.org
Oct. 30 & 31, 2008
BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
Physicians Agreements and Ventures
Contact: 800-726-2524; 903-595-3800;
www.renaissanceamerican.com
Oct. 31, 2008
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
Hilton, Frankfurt, Germany
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 6, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Networking Breakfast
Coach House Diner & Restaurant, Hackensack, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Nov. 11, 2008
AMERICAN BANKRUPTCY INSTITUTE
Detroit Consumer Bankruptcy Conference
Marriott, Troy, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Turnaround Case Study
Summit Club, Birmingham, Alabama
Contact: www.turnaround.org
Nov. 13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Effective Turnarounds:A View From Workout Consultants
TBA, Buffalo, New York
Contact: www.turnaround.org
Nov. 13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
LI-TMA Social
TBD, Melville, New York
Contact: 631-251-6296 or www.turnaround.org
Nov. 13, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Dinner Meeting
TBD, Calgary, Alberta
Contact: 503-768-4299 or www.turnaround.org
Nov. 19, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Special Program
Tournament Players Club at Jasna Polana, New Jersey
Contact: 908-575-7333 or www.turnaround.org
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/
Nov. 20, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Senior Housing & Long Term Care
Washington Athletic Club,Seattle, Washington
Contact: www.turnaround.org
Nov. 27, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Arizona Chapter Meeting - Chris Kaup
TBD, Phoenix, Arizona
Contact: www.turnaround.org
Dec. 3, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Party
McCormick & Schmick's, Las Vegas, Nevada
Contact: 702-952-2480 or www.turnaround.org
Dec. 3, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Christmas Function
Terminal City Club, Vancouver, British Columbia
Contact: 503-768-4299 or 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/
Dec. 8, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday Gathering
TBD, Long Island, New York
Contact: 631-251-6296 or www.turnaround.org
Dec. 9, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday MIxer
Washington Athletic Club, Seattle, Washington
Contact: 503-768-4299 or www.turnaround.org
Dec. 11, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday MIxer
University Club, Portland, Oregon
Contact: 503-768-4299 or www.turnaround.org
Dec. 18, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Holiday MIxer
TBD, Phoenix, Arizona
Contact: 623-581-3597 or www.turnaround.org
Dec. 31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Sponsorships - Annual Golf Outing, Various Events
TBA, New Jersey
Contact: 908-575-7333 or www.turnaround.org
Jan. 21-22, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Governance Meetings
Bellagio, Las Vegas, Nevada
Contact: www.turnaround.org
Jan. 22-23, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Distressed Investing Conference
Bellagio, Las Vegas, Nevada
Contact: www.turnaround.org
Jan. 22-23, 2009
AMERICAN BANKRUPTCY INSTITUTE
Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colorado
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 5-7, 2009
AMERICAN BANKRUPTCY INSTITUTE
Caribbean Insolvency Symposium
Westin Casurina, Grand Cayman Island, AL
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 25-27, 2009
AMERICAN BANKRUPTCY INSTITUTE
Valcon
Four Seasons, Las Vegas, Nevada
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 13, 2009
AMERICAN BANKRUPTCY INSTITUTE
Bankruptcy Battleground West
Beverly Wilshire, Beverly Hills, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 17-18, 2009
NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES
NABT Spring Seminar
The Peabody, Orlando, Florida
Contact: http://www.nabt.com/
Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
Consumer Bankruptcy Conference
John Adams Courthouse, Boston, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Governance Meetings
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
May 14-16, 2009
ALI-ABA
Chapter 11 Business Reorganizations
Langham Hotel, Boston, Massachusetts
Contact: http://www.ali-aba.org
June 11-13, 2009
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.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/
Apr. 15-18, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
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/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.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/
* * *
Featured Conferences
Renaissance American Management and Beard Conferences presents
Oct. 30-31, 2008
Physician Agreements & Ventures
The Millennium Knickerbocker Hotel - Chicago
Brochure will be available soon!
Nov. 17-18, 2008
Distressed Investing
The Helmsley Park Lane - New York
Brochure will be available soon!
* * *
Beard Audio Conferences presents
Bankruptcy and Restructuring Audio Conference CDs
More information and list of available titles at:
http://beardaudioconferences.com/bin/topics?category_id=BAR
* * *
The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.
*********
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 * * *