/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080919.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, September 19, 2008, Vol. 9, No. 187 Headlines A U S T R I A HAGENAU GOLFBETRIEB: Claims Registration Period Ends October 7 LANGECKER BAU: Claims Registration Period Ends October 8 MONTEX MONTAN: Claims Registration Period Ends October 15 MONTEX MONTAN & CO: Claims Registration Period Ends October 15 RAM-BAU-TECH: Claims Registration Period Ends October 8 B O S N I A & H E R Z E G O V I N A * BOSNIA: Faces Political & Economic Challenges, Moody's Says C Z E C H R E P U B L I C CE WOOD: Moody's Downgrades CFR to Ba3.cz from Ba1.cz G E R M A N Y ALL BAU: Claims Registration Period Ends Sept. 29 AMPER TRANSPORTBETON: Claims Registration Period Ends Sept. 29 AMTS GMBH: Claims Registration Period Ends September 28 ARGE UPO: Claims Registration Period Ends Sept. 29 EMPRESTIGE MODEVERTRIEB: Claims Registration Ends September 23 EPICEPT CORP: Compensation Panel Okays Grant of 205,000 Options FRISEURSALON ARENA: Claims Registration Period Ends Sept. 29 GEBAUDE FASSADE: Claims Registration Period Ends Sept. 29 MHB PLANUNGSBUERO: Claims Registration Period Ends September 26 PLANBAU GMBH: Claims Registration Period Ends September 26 PROJEKT-SERVICE-GESELLSCHAFT: Claims Registration Ends Sept. 26 SAR GMBH: Claims Registration Period Ends September 26 STONEX GMBH: Claims Registration Period Ends September 26 STARTONIC VERWALTUNGSGESELLSCHAFT: Claims Period Ends Sept. 26 STRATEGISCHES RISIKO: Claims Registration Period Ends Sept. 26 TELEHAUS TELEKOMMUNIKATIONSSERVICE: Claims Filing Ends Sept. 26 WERRA ABBRUCH: Claims Registration Period Ends September 26 WESTLB AG: Inks Cooperation Agreement with Vocalink on SEPA I R E L A N D DUNNE GROUP: To Rebrand Clybaun Hotel Under Ramada Name I T A L Y SAFILO SPA: Moody's Confirms Ba3 CFR Rating; Outlook Negative K A Z A K H S T A N ATLANT IMPEX: Creditors Must File Claims by October 24 BM TRANS: Claims Deadline Slated for November 4 CASPIAN SERVICES: Claims Filing Period Ends November 4 CHIM TECHNOLOGIES: Creditors' Claims Due on November 4 DELTA GROUP: Claims Registration Ends October 24 GRANIT SERVICE: Creditors Must File Claims by October 24 JALPAKTAL INVEST: Claims Deadline Slated for October 24 MASTER CRAFT: Claims Filing Period Ends October 24 ONIX PRO: Creditors' Claims Due on November 7 SHORO-KORDAI LLP: Claims Registration Ends November 4 K Y R G Y Z S T A N SULTAN OIL: Creditors Must File Claims by November 3 N E T H E R L A N D S TRONOX INC: Undecided on NYSE Delisting Notice R U S S I A BANK SAINT PETERSBURG: Posts RUR1.8 Bln. Net Income for 1H 2008 GAZ-EKO-OIL: Court Names M. Mazalov as Insolvency Manager IZHEVSKAYA DRILLING: Creditors Must File Claims by November 4 KIT FINANCE: Moody's Cuts Bank Financial Strength Rating to E LENINGRADSKAYA CHEMICAL: Creditors Must File Claims by Nov. 4 LES-YUG-EKSPO: Creditors Must File Claims by October 4 MAGNITOGORSK METALLURGICAL: S&P Revises Outlook to Stable MINING INDUSTRIAL: Court Starts Bankruptcy Supervision Procedure SISTEMA JSFC: Earns US$289.5 Million for Second Quarter 2008 SLAV-TOM-ARMA: Creditors Must File Claims by October 4 SOGAZ OJSC: S&P Assigns BB Counterparty Credit Rating STARITSKIY BRICKS: Creditors Must File Claims by November 4 STEEL-MARKET CJSC: Creditors Must File Claims by October 4 STROY-PROFIL LLC: Kirovsk Bankruptcy Hearing Set December 17 VILKOM STROY: Creditors Must File Claims by October 4 * BRATSK CITY: S&P Places B+ Debt Rating on RUR350 Million Bonds * KRASNODAR KRAI: S&P Lifts Long-Term Issuer Credit Rating to BB * RUSSIA: Halts Trading at 2 Main Bourses as Stock Market Ails S W E D E N FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.7 Billion FORD MOTOR: Tracinda Corp. Discloses 6.43% Equity Stake S W I T Z E R L A N D DREAM & REALITY: Creditors Have Until Oct. 8 to File Claims EUROPEAN WHOLESALE: Oct. 7 Set as Deadline to File Claims GENERAL MOTORS: Southeastern Asset Discloses 2.3% Equity Stake KORAMIS LLC: Creditors Must File Proofs of Claim by Oct. 10 LAUBER GASTRO: Deadline to File Proofs of Claim Set Oct. 4 MOVIE-BOX-ERL LLC: Proofs of Claim Filing Deadline is Oct. 8 MOVIE-BOX GOT: Creditors' Proofs of Claim Due by Oct. 8 UBERTO JSC: Creditors Have Until Oct. 3 to File Proofs of Claim T U R K E Y TURKIYE SINAI: Fitch Affirms Individual Rating at 'C/D' U K R A I N E AJEST GROUP: Creditors Must File Claims by September 21 COMPETITION OFFICE: Creditors Must File Claims by September 21 METALLURG MONTAZH-204: Creditors Claims Due September 21 MOGILEV-PODOLSKY OJSC: Creditors Must File Claims by Sept. 21 PAN-TECHNOCOM LLC: Creditors Must File Claims by September 21 PRIORITET LLC: Creditors Must File Claims by September 21 SERVICEOPTIM-T LLC: Creditors Claims Due September 21 STAVISCHE GOODS: Proofs of Claim Filing Deadline Set Sept. 21 SUN MAKS-360: Creditors Must File Claims by September 21 TRIO-777 LLC: Creditors Must File Claims by September 21 UKRSUN-M LLC: Creditors Must File Claims by September 21 U N I T E D K I N G D O M ABITIBIBOWATER: NWQ Investment & Lord Abbett Disclose Equity Stake CALVER PRESS: Felix Press Saves Printer from Liquidation CHAUCER COVERS: Claims Filing Period Ends December 4 COREL CORP: To Reduce Global Workforce by 90 Employees ELCOM INTERNATIONAL: Dec. 31 Balance Sheet Upside Down by US$1.2MM EMPLOYMENT PEOPLE: Claims Filing Period Ends Oct. 2 LEHMAN BROTHERS: Case Summary & 31 Largest Unsecured Creditors LEHMAN BROTHERS: Bankruptcy Filing Cues S&P to Change Indices LEHMAN BROTHERS: Fitch Trims 260 Tender Options Bonds Ratings to D LEHMAN RE: Best Slashes Issuer Credit Rating to 'bb' from 'a-' MOAT RECRUITMENT: Appoints Peter Hollis as Liquidator NORTEL NETWORKS: Recent Actions Point to New Restructuring PERFECT FAST: Joint Liquidators Take Over Operations PLG 1: Brings in Liquidators from Kroll SEGURO TRAVEL: Goes Into Administration; Ceases Trading STORT ELECTRICAL: Calls in Liquidators from Vantis SUPREME IMPORTS: Appoints Liquidators from KPMG TRAVEL CITY: Former Staff to Take Legal Action Over Unpaid Wages ULTIMATE WINDOWS: Claims Filing Period Ends Nov. 3 VEHICLE SERVICE: Taps Liquidators from Tenon Recovery XL LEISURE: Warned of Financial Irregularities Prior to Collapse XL LEISURE: CAA and Kroll In Dispute Over Flying Grounded Planes * UK: Lehman's Downfall Threatens City IT Workers, Analysts Say * Begbies Traynor Predicts Nine U.K. Airlines Going Under * LEHMAN: Moody's Rates Certain Transactions with Lehman Exposure * S&P Takes Rating Actions on 422 Tranches After Lehman Bankruptcy * BOOK REVIEW: Strategies for Investing in Intellectual Property ********* ============= A U S T R I A ============= HAGENAU GOLFBETRIEB: Claims Registration Period Ends October 7 -------------------------------------------------------------- Creditors owed money by LLC Hagenau Golfbetrieb have until Oct. 7, 2008, to file written proofs of claim to the court-appointed estate administrator: Valentin Piskernik Hochstrasse 31 2380 Perchtoldsdorf Austria Tel: 01/86 93 888 Fax: 01/869166033 E-Mail: anwalt@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Oct. 21, 2008, for the examination of claims at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Gumpoldskirchen, Austria, the Debtor declared bankruptcy on Aug. 19, 2008, (Bankr. Case No. 11 S 92/08b). LANGECKER BAU: Claims Registration Period Ends October 8 -------------------------------------------------------- Creditors owed money by LLC Langecker Bau & Projektconsult have until Oct. 8, 2008, to file written proofs of claim to the court- appointed estate administrator: Dr. Robert Klein Spiegelgasse 10 1010 Wien Austria Tel: 01/513 99 39 Fax: 01/513 99 39 30 E-mail: klein@lawcenter.at Creditors and other interested parties are encouraged to attend the creditors' meeting at [time] on [date] for the examination of claims at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Ernstbrunn, Austria, the Debtor declared bankruptcy on Aug. 21, 2008, (Bankr. Case No. 36 S 97/08v). MONTEX MONTAN: Claims Registration Period Ends October 15 --------------------------------------------------------- Creditors owed money by LLC MONTEX Montan have until Oct. 15, 2008, to file written proofs of claim to the court-appointed estate administrator: Dr. Gerhard Strobich Roseggergasse 2 8793 Trofaiach Austria Tel: 03847-2919 Fax: 03847-2919-4 E-mail: ra@strobich.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:15 p.m. on Oct. 29, 2008, for the examination of claims at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Kammern im Liesingtal, Austria, the Debtor declared bankruptcy on Aug. 21, 2008, (Bankr. Case No. 18 S 48/08x). MONTEX MONTAN & CO: Claims Registration Period Ends October 15 -------------------------------------------------------------- Creditors owed money by LLC Montex Montan & Co KG have until Oct. 15, 2008, to file written proofs of claim to the court- appointed estate administrator: Dr. Gerhard Strobich Roseggergasse 2 8793 Trofaiach Austria Tel: 03847-2919 Fax: 03847-2919-4 E-mail: ra@strobich.at Creditors and other interested parties are encouraged to attend the creditors' meeting at noon on Oct. 29, 2008, for the examination of claims at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Kammern im Liesingtal, Austria, the Debtor declared bankruptcy on Aug. 21, 2008, (Bankr. Case No. 18 S 47/08z). RAM-BAU-TECH: Claims Registration Period Ends October 8 ------------------------------------------------------- Creditors owed money by LLC Ram-Bau-Tech have until Oct. 8, 2008, to file written proofs of claim to the court-appointed estate administrator: Dr. Ilse Korenjak Gusshausstrasse 6 1040 Wien Austria Tel: 01/512 21 02 Fax: 01/512 21 02 20 E-mail: office@buresch-korenjak.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Oct. 22, 2008, for the examination of claims at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Korneuburg, Austria, the Debtor declared bankruptcy on Aug. 19, 2008, (Bankr. Case No. 36 S 96/08x). ======================================= B O S N I A & H E R Z E G O V I N A ======================================= * BOSNIA: Faces Political & Economic Challenges, Moody's Says ------------------------------------------------------------- Bosnia and Herzegovina's Ba3 foreign currency bond ceiling and B2 local and foreign currency government bond ratings, with a stable outlook, reflect the persistent political and economic challenges facing the country, including multiple layers of government, ethnic tensions and a narrow economic base. Nonetheless, sustained economic growth has been supporting gradual real convergence, albeit at a slow pace, and the government's debt burden remains moderate, Moody's Investors Service says in its new credit report on Bosnia and Herzegovina. "Although Bosnia and Herzegovina's has undergone a consistent economic recovery over the past 10 years, it is the second-poorest country in the Western Balkans and its economic diversification is weak," says Kenneth Orchard, a Moody's Vice-President/Senior Analyst and author of the report. Moody's expects that, at recent growth rates, it could take 40-50 years for Bosnian incomes to gradually converge with the Eurozone average, although potential growth could increase if the pace of reform improves. The country's institutions remain weak by both global and regional standards, in Moody's view. Following the 1992-1995 war, institution-building was hampered by an unwieldy government structure and, at times, a lack of cooperation amongst the various levels of government and ethnic groups. Although there have been tentative signs of improvement in recent months, such problems have persisted and are likely to translate into slow and uneven progress towards achieving stronger institutions. Moody's assesses Bosnia and Herzegovina's government as having a medium degree of financial strength, based on its high debt affordability combined with a medium access to resources. Fiscal policy has been moderately constructive over the past five years, and 2007 was the fourth year in a row that the general government primary balance was in surplus. However, analysis of government finances is hampered by the lack of clear and timely data. "While the security situation in Bosnia and Herzegovina has improved significantly since the war and a return to violence is deemed highly unlikely, the continued presence of a material peacekeeping force suggests that the EU has lingering concerns about the political environment. In addition, the commitment required to rebuild trust and strengthen shared institutions is generally lackluster," cautions Mr. Orchard. There is a minor risk that heightened political tensions could lead to economic and financial stress. However, the characteristics of the Bosnian banking system are such that a serious financial crisis appears unlikely. The banking system is dominated by the subsidiaries of Western European banks, which have introduced improved risk management techniques and which Moody's expects would provide additional capital in the event of stress. =========================== C Z E C H R E P U B L I C =========================== CE WOOD: Moody's Downgrades CFR to Ba3.cz from Ba1.cz ------------------------------------------------------ Moody's Investors Service has downgraded CE WOOD's long-term national scale corporate family rating to Ba3.cz from Ba1.cz. The outlook on the rating remains negative. The rating downgrade reflects: (i) the continuation of the pressure on the company's financial performance and credit protection metrics resulting from the low logging volumes awarded to CE WOOD and the oversupply to the market, which has pushed logging margins to historically low levels; (ii) negative free cash flow generation in the past four fiscal periods, which has forced CE WOOD to draw down new debt; and (iii) the company's aggressive approach to liquidity management, which relies on the continued availability of uncommitted short-term credit lines to meet liquidity needs. The negative rating outlook primarily reflects CE WOOD's constrained liquidity profile, which relies on a turnaround in cash generation to a substantial positive amount this year, driven by releases of working capital and capital expenditure constraint, and continued support by its banking group. Failure to realize working capital reductions, and significant asset disposals or to report positive free cash flows over the next two quarters would place pressure on the rating. Moody's last rating action on CE WOOD was on June 17, 2008, when the national scale corporate family rating was downgraded to Ba1.cz with negative outlook. Headquartered in Zlin in the Czech Republic, CE WOOD a.s. is a parent company of a forest and timber holding, the largest timber group in the Czech Republic and Central Europe with sales of CZK5.6 billion (EUR224 million) in 2007. ============= G E R M A N Y ============= ALL BAU: Claims Registration Period Ends Sept. 29 ------------------------------------------------- Creditors of ALL-BAU-SERVICE Dach- und Fassadentechnik GmbH have until Sept. 29, 2008, to register their claims with court- appointed insolvency manager Joerg Riedemann. Creditors and other interested parties are encouraged to attend the meeting at 11:35 a.m. on Oct. 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau 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: Joerg Riedemann Muehlweg 47 06114 Halle Germany Tel: 0345/293900 Fax: 0345/2939029 The District Court of Dessau opened bankruptcy proceedings against ALL-BAU-SERVICE Dach- und Fassadentechnik GmbH on Aug. 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ALL-BAU-SERVICE Dach- und Fassadentechnik GmbH Ziegeleistrasse 9a 06844 Dessau Germany Attn: Reiner Lehmann, Manager Gtaboer Str. 7b 06896 Nudersdorf Germany AMPER TRANSPORTBETON: Claims Registration Period Ends Sept. 29 -------------------------------------------------------------- Creditors of Amper Transportbeton GmbH have until Sept. 29, 2008, to register their claims with court-appointed insolvency manager Ulrich Cramer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Cramer Heiliggeiststr. 7+8 c/o RA Floether & Wissing 80331 Munich Germany Tel: 089/21 02 88 58 Fax: 089/23 24 95 03 The District Court of Munich opened bankruptcy proceedings against Amper Transportbeton GmbH on July 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Amper Transportbeton GmbH Attn: Norbert Roeck, Manager Berthold-Litzmann-Str. 14 80995 Munich Germany AMTS GMBH: Claims Registration Period Ends September 28 ------------------------------------------------------- Creditors of AMTS GmbH have until Sept. 28, 2008, to register their claims with court-appointed insolvency manager Knut Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting at 2:05 p.m. on Nov. 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover 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: Knut Thomas Hofheinz Am Markte 13 30159 Hannover Germany Tel: 0511 326099 Fax: 0511 320255 The District Court of Hannover opened bankruptcy proceedings against AMTS GmbH on Aug. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AMTS GmbH Rendsburger Strasse 34 30659 Hannover Germany ARGE UPO: Claims Registration Period Ends Sept. 29 -------------------------------------------------- Creditors of ARGE UPO MEDIZIN TECHNIK GmbH & Co. KG have until Sept. 29, 2008, to register their claims with court-appointed insolvency manager Dr. jur. Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Nov. 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover 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. jur. Rainer Eckert Arthur-Menge-Ufer 5 30169 Hannover Germany Tel: 0511 626287-0 Fax: 0511 626287-10 The District Court of Hannover opened bankruptcy proceedings against ARGE UPO MEDIZIN TECHNIK GmbH & Co. KG on Aug. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ARGE UPO MEDIZIN TECHNIK GmbH & Co. KG Rendsburger Strasse 34 30659 Hannover Germany EMPRESTIGE MODEVERTRIEB: Claims Registration Ends September 23 -------------------------------------------------------------- Creditors of Emprestige Modevertrieb GmbH & Co. KG have until Sept. 23, 2008, to register their claims with court-appointed insolvency manager Haro Helms. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Nov. 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen 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: Haro Helms Schillerstr. 10 28195 Bremen Germany Tel: 0421/337790 Fax: 0421/3377933 E-mail: helms@dr-stankewitz.de Web site: www.dr-stankewitz.de The District Court of Bremen opened bankruptcy proceedings against Emprestige Modevertrieb GmbH & Co. KG on Sept. 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Emprestige Modevertrieb GmbH & Co. KG Erasmusstrasse 11-13 28217 Bremen Germany EPICEPT CORP: Compensation Panel Okays Grant of 205,000 Options --------------------------------------------------------------- On September 8, 2008, the Compensation Committee of the Board of Directors of EpiCept Corporation approved the grant of 205,000 options to purchase shares of the company's common stock, par value US$0.0001, to certain of the company's executive officers pursuant to the company's 2005 Equity Incentive Plan. The Options expire on September 8, 2018, have an exercise price of US$0.63 per share, and vest immediately. The Option grants were given to: Executive No. of Options --------- -------------- John V. Talley President and Chief Executive Officer 75,000 Robert W. Cook Chief Financial Officer and Senior Vice President, Finance and Administration 15,000 Stephane Allard Chief Medical Officer 50,000 Ben Tseng Chief Scientific Officer 15,000 Dileep Bhagwat Senior Vice President, Pharmaceutical Development 50,000 About EpiCept Corporation Based in Tarrytown, New York, EpiCept Corporation (NASDAQ:EPCT) -- http://www.epicept.com/-- is a specialty pharmaceutical company focused on the development of pharmaceutical products for the treatment of cancer and pain. The company has a portfolio of five product candidates in active stages of development. It includes an oncology product candidate submitted for European registration, two oncology compounds, a pain product candidate for the treatment of peripheral neuropathies and another pain product candidate for the treatment of acute back pain. The two wholly owned subsidiaries of the company are Maxim, based in San Diego, California, and EpiCept GmbH, based in Munich, Germany, which are engaged in research and development activities. EpiCept Corp.'s consolidated balance sheet at March 31, 2008, showed a stockholders' deficit of US$15,570,000, compared to a deficit of US$14.1 million at Dec. 31, 2007. Going Concern Doubt Deloitte & Touche LLP, in Parsippany, New Jersey, expressed substantial doubt about EpiCept Corp.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended Dec. 31, 2007. The auditing firm pointed to the company's recurring losses from operations and stockholders' deficit. The company disclosed in its Form 10-Q for the first quarter ended March 31, 2008, that to date it has not generated any meaningful revenues from the sale of products and may not generate any such revenues for a number of years, if at all. As a result, the company has an accumulated deficit of US$176,926,000 as of March 31, 2008, and may incur operating losses for a number of years. FRISEURSALON ARENA: Claims Registration Period Ends Sept. 29 ------------------------------------------------------------ Creditors of Friseursalon Arena GmbH have until Sept. 29, 2008, to register their claims with court-appointed insolvency manager Joseph Albers. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.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: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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: Joseph Albers Von-der-Recke-Str. 5-7 45879 Gelsenkirchen Germany The District Court of Essen opened bankruptcy proceedings against Friseursalon Arena GmbH on Sept. 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Friseursalon Arena GmbH Attn: Ali Akalin, Manager Cranger Str. 264 45891 Gelsenkirchen Germany GEBAUDE FASSADE: Claims Registration Period Ends Sept. 29 --------------------------------------------------------- Creditors of GFDS Gebaude-Fassade-Denkmal-Sanierungs-GmbH have until Sept. 29, 2009, to register their claims with court- appointed insolvency manager Susanne Feige. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 20, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hagen Meeting Hall 252 Second Floor Heinitzstr. 42/44 58097 Hagen 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: Susanne Feige Friedrichstr. 10 58507 Luedenscheid Germany The District Court of Hagen opened bankruptcy proceedings against GFDS Gebaude-Fassade-Denkmal-Sanierungs-GmbH on Aug. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GFDS Gebaude-Fassade-Denkmal-Sanierungs-GmbH Attn: Siegfried Eckhardt, Manager Rittershausstr. 9 a 58640 Iserlohn Germany MHB PLANUNGSBUERO: Claims Registration Period Ends September 26 --------------------------------------------------------------- Creditors of MHB Planungsbuero GmbH have until Sept. 26, 2008, to register their claims with court-appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 11:45 a.m. on Oct. 27, 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: Heiko Fialski Johannes-Brahms-Platz 1 20355 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against MHB Planungsbuero GmbH on Aug. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MHB Planungsbuero GmbH Attn: Peer Mantowski, Manager Holtknebel 30b 21149 Hamburg Germany PLANBAU GMBH: Claims Registration Period Ends September 26 ---------------------------------------------------------- Creditors of PlanBau GmbH have until Sept. 26, 2008, to register their claims with court-appointed insolvency manager Dr. Ulrich Wenzel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 24 Justice Center Jagerallee 10 - 12 14469 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Ulrich Wenzel Grossbeerenstrasse 231 14480 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against PlanBau GmbH on Aug. 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PlanBau GmbH Grossbeerenstrasse 139 14482 Potsdam Germany Attn: Herrn Mario Kiepke M.-Hannemann-Strasse 1 14482 Potsdam Germany PROJEKT-SERVICE-GESELLSCHAFT: Claims Registration Ends Sept. 26 --------------------------------------------------------------- Creditors of Projekt-Service-Gesellschaft mbH have until Sept. 26, 2008, to register their claims with court-appointed insolvency manager Christian Langhoff. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Oct. 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stralsund Hall AE 26 House A Bielkenhagen 9 Stralsund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Langhoff Carl-Heydemann- Ring 55 18437 Stralsund Germany The District Court of Stralsund opened bankruptcy proceedings against Projekt-Service-Gesellschaft mbH on Aug. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Projekt-Service-Gesellschaft mbH Attn: Ingo Doehring, Liquidation Elmenhorster Str. 12 18510 Abtshagen Germany SAR GMBH: Claims Registration Period Ends September 26 ------------------------------------------------------ Creditors of SAR GmbH have until Sept. 26, 2008, to register their claims with court-appointed insolvency manager Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Nov. 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 Gerichtsplatz 22 44135 Dortmund 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. Winfrid Andres Stefanstrasse 2 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against SAR GmbH on Aug. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SAR GmbH Attn: Christoph Heitmann, Manager Landwehrstrasse 111 59368 Werne Germany STONEX GMBH: Claims Registration Period Ends September 26 --------------------------------------------------------- Creditors of StoneX GmbH have until Sept. 26, 2008, to register their claims with court-appointed insolvency manager Ulrich Kraft. Creditors and other interested parties are encouraged to attend the meeting at 1:55 p.m. on Oct. 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Friedberg (Hessen) Hall 20a Homburger Strasse 18 61169 Friedberg (Hessen) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Kraft Hanauer Landstrasse 215 60314 Frankfurt am Main Germany Tel: (069) 4035 31-0 Fax: (069) 4035 31-15 The District Court of Friedberg (Hessen) opened bankruptcy proceedings against StoneX GmbH on Sept. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: StoneX GmbH Roter Lohweg 31 35510 Butzbach Germany STARTONIC VERWALTUNGSGESELLSCHAFT: Claims Period Ends Sept. 26 -------------------------------------------------------------- Creditors of STARTONIC Verwaltungsgesellschaft mbH have until Sept. 26, 2008, to register their claims with court-appointed insolvency manager Gregor Schoene. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Norderstedt Hall B Rathausallee 80 22846 Norderstedt 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: Gregor Schoene Haferweg 22 22769 Hamburg Germany The District Court of Norderstedt opened bankruptcy proceedings against STARTONIC Verwaltungsgesellschaft mbH on Aug. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: STARTONIC Verwaltungsgesellschaft mbH Kaltenkirchener Chaussee 13 25486 Alveslohe Germany Attn: Mike Lorentz, Manager Memeler Strasse 5 25335 Elmshorn Germany STRATEGISCHES RISIKO: Claims Registration Period Ends Sept. 26 -------------------------------------------------------------- Creditors of S.R.P.M. GmbH Strategisches Risiko und Projektmanagement have until Sept. 26, 2008, to register their claims with court-appointed insolvency manager Christina Siegert. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Oct. 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 101 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christina Siegert Oskar-von-Miller-Ring 34-36 80333 Muenchen Germany Tel: 089-24440930 Fax: 089-244409365 The District Court of COURT opened bankruptcy proceedings against S.R.P.M. GmbH Strategisches Risiko und Projektmanagement on DATE. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S.R.P.M. GmbH Strategisches Risiko und Projektmanagement Suedl. Muenchner Str. 55 82031 Gruenwald Germany TELEHAUS TELEKOMMUNIKATIONSSERVICE: Claims Filing Ends Sept. 26 --------------------------------------------------------------- Creditors of Telehaus Telekommunikationsservice Muensterland GmbH have until Sept. 26, 2008, to register their claims with court- appointed insolvency manager Dr. Michael Bien. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court 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: Dr. Michael Bien Goethestr. 2 59065 Hamm Germany Tel: 02381/924200 Fax: +4923819242020 The District Court of Muenster opened bankruptcy proceedings against Telehaus Telekommunikationsservice Muensterland GmbH on Sept. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Telehaus Telekommunikationsservice Muensterland GmbH Albrecht-Duerer-Str. 18 59302 Oelde Germany WERRA ABBRUCH: Claims Registration Period Ends September 26 ----------------------------------------------------------- Creditors of Werra Abbruch und Bau GmbH have until Sept. 26, 2008, to register their claims with court-appointed insolvency manager Thomas Alter. Creditors and other interested parties are encouraged to attend the meeting at 11:15 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: The District Court of Meiningen Meeting Hall A 0105 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: Thomas Alter Schillerstrasse 2 99096 Erfurt Germany The District Court of Meiningen opened bankruptcy proceedings against Werra Abbruch und Bau GmbH on Aug. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Werra Abbruch und Bau GmbH Neumarktstrasse 5 98639 Metzels Germany WESTLB AG: Inks Cooperation Agreement with Vocalink on SEPA ----------------------------------------------------------- WestLB AG and VocaLink, the payment transaction specialists, signed a cooperation agreement for processing of Single Euro Payment Area (SEPA) payments at the SIBOS international banking fair in Vienna. The agreement paves the way for direct routing of all payments by banks connected to VocaLink in favor of savings banks in Germany and vice-versa. WestLB will utilize the opportunities afforded by VocaLink through its Euro Clearing & Settlement Mechanism. In return, VocaLink will profit from the networking of WestLB in the Sparkassen- Finanzgruppe. Synergies from the networking ultimately benefit all customers through low-cost and timely processing of their payment transfers. With this agreement WestLB enables VocaLink, in a first step, to obtain direct access to PAYCE, the Automated Clearing House of the German savings banks and Landesbanks. With over 7 billion transactions PAYCE is one of the largest clearing houses in Europe for transfers, direct debits and card transactions. The agreement therefore represents a further networking of clearing systems. Going forward further cooperation agreements are planned with the envisaged launch of the SEPA Direct Debit in November 2009. Steffen Kowalski, member of the divisional board at WestLB, said, "The cooperation agreement signed with VocaLink will yield process and cost advantages for the Sparkassen-Finanzgruppe. I am therefore particularly pleased that WestLB not only makes an important contribution to SEPA but can also further expand its role in the payments field in partnership with the savings banks." Martin Wilson, chief commercial officer at VocaLink, said: "We are delighted that WestLB has joined our community of banks and is able to send and receive payments in and out of Germany through our Euro CSM. This further illustrates the attractiveness of our SEPA offering to European banks." Following the introduction of SEPA, the system designed to harmonize payment transactions in Europe, networking is becoming increasingly important. Already today more than 100 million payments in Europe are processed annually as low-cost, standardized cross-border transfers. These numbers will rise significantly with the progressive implementation of SEPA. About VocaLink VocaLink -- www.vocalink.com -- is a specialist provider of transaction services to banks, their corporate customers and Government departments. It processes domestic and international automated payments and provides ATM switching solutions. About WestLB Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB) -- http://www.westlb.com/-- provides financial advisory, lending, structured finance, project finance, capital markets and private equity products, asset management, transaction services and real estate finance to institutions. In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC. WestLB's shareholders are the two savings banks associations in NRW (25.15% each), two regional associations (0.52% each), the state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW (64.7%) and two regional associations (35.3%). * * * West LB AG continues to carry Fitch's 'F' Individual Rating. The rating was previously at 'D/E' and was downgraded by Fitch to its current level in January 2008. ============= I R E L A N D ============= DUNNE GROUP: To Rebrand Clybaun Hotel Under Ramada Name ------------------------------------------------------- Dunne Group's Clybaun Hotel is going to be rebranded under the Ramada name as part of a rescue package, galwaynews.ie reports. As reported in the Troubled Company Reporter-Europe, Dunne Group has entered into a 20-year franchise agreement with Ramada Hotels after it was placed into examinership in June 2008. Citing the Sunday Business Post, the report adds that the examiner is also planning to rebrand the remaining four hotels under the Ramada name to finalize a rescue package. Dunne Group Hotels runs a chain of five hotels in Ireland, including Shannon Shamrock Hotel, Woodstock Hotel, Patrick Punch's Hotel, the Two Mile Inn Hotel, and Clybaun Hotel. The hotel chain incurred a a pre-tax loss of EUR1.1 million in 2006 compared to a profit of EUR1.1 million in 2005, the Post reveals. ========= I T A L Y ========= SAFILO SPA: Moody's Confirms Ba3 CFR Rating; Outlook Negative ------------------------------------------------------------- Moody's Investors Service has confirmed Safilo S.p.A.'s Ba3 Corporate Family Rating and the B2 rating on the senior unsecured EUR195 million notes due 2013 issued by Safilo Capital International SA and changed the outlook on all ratings to negative. The rating action concludes the review for possible downgrade initiated on Aug. 7, 2008. "The rating action was prompted by Moody's view that despite the weakening operating performance reported by the company during the current FYE December 2008 and the expectation that credit metrics will remain weak over the medium term, the company's successful implementation of measures aimed at reducing operating leverage, should able the company to maintain the existing rating", said Paolo Leschiutta, lead analyst for Safilo at Moody's Investors Service. The analyst added: "Through the negative outlook, however, Moody's has taken into consideration the challenges facing management to implement timely and sufficient turn-around measures at time when consumer spending remains soft and the concern the rating agency has on the weakening liquidity profile of the company; in this context Moody's highlights the expected erosion on covenant headroom and the low expectation in terms of cash generation during 2008 following the company's acquisition and dividend payments earlier in the year". Safilo's Ba3 Corporate Family Rating reflects the leading position of the company, the good business diversification by geographic area and by business segment, and the strong portfolio of brands that compensate for the exposure to the cyclical fashion industry and to the risk of license termination. The relatively low business risk profile is, however, weakened by the current pressure on operating performances due to soft demand in certain markets (namely Spain, the UK and Germany), to a shift in consumers preferences towards low price products, the relatively high operating leverage and a degree of adverse movements in foreign exchange rates. Credit metrics are likely to come under pressure during the current financial year, with financial leverage, measured as Debt to EBITDA (adjusted for pension and operating leases), likely to exceed 4x and RCF to Net Debt to remain in the low teens. In this context, Moody's also notes that the company has to maintain stronger credit metrics than the rating category would imply to compensate for the seasonality of the business. Should the company demonstrate the ability to revert operating margin deterioration, with EBITA margin raising back to historic levels of 12% together with financial leverage reducing below 4x, the outlook could be moved back to stable. On the other side, should operating margin further weaken, together with leverage raising above 4.5x and the company demonstrating poor control of cash flow generation, with Retained Cash Flow over Net Debt dropping below low teens could lead to a rating downgrade. The rating could also be downgraded in the case of further weakening of the company's liquidity profile or in the case of a change in Moody's perception of market conditions. Ratings affirmed: - Safilo S.p.A. Corporate Family Rating of Ba3; - Safilo Capital International SA rating on the senior unsecured EUR195 million notes due 2013 of B2. Outlook is negative. Headquartered in Padua, Italy, Safilo SpA is the world leader in the high-end and luxury eyewear sector generating EUR1.2 billion of revenues during FYE December 2007. It has been listed on the Italian Stock Exchange since December 2005, with almost 62% of floating shares. The company operates in more than 30 countries and sells its products in over 130 countries, offering a strong portfolio of both owned and licensed brands. =================== K A Z A K H S T A N =================== ATLANT IMPEX: Creditors Must File Claims by October 24 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Astana has declared LLP Atlant Impex insolvent. Creditors have until Oct. 24, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Room 106 Manas Str. 2 Astana Kazakhstan Tel: 8 (7172) 37-40-09 BM TRANS: Claims Deadline Slated for November 4 ----------------------------------------------- LLP BM Trans Oil has declared liquidation. Creditors have until Nov. 4, 2008, to submit written proofs of claims to: LLP BM Trans Oil Masanchi Str. 86 Almalinsky District Almaty Kazakhstan CASPIAN SERVICES: Claims Filing Period Ends November 4 ------------------------------------------------------ Branch of LLP Caspian Services Group has declared liquidation. Creditors have until Nov. 4, 2008, to submit written proofs of claims to: LLP Caspian Services Group Room 205 Micro District 8, 39a Aktau 130000, Mangistau Kazakhstan CHIM TECHNOLOGIES: Creditors' Claims Due on November 4 ------------------------------------------------------ LLP Chim Technologies Ltd. has declared liquidation. Creditors have until Nov. 4, 2008, to submit written proofs of claims to: LLP Chim Technologies Ltd. Micro District 2, 2-7 Alga Aktube Kazakhstan DELTA GROUP: Claims Registration Ends October 24 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Delta Group insolvent. Creditors have until Oct. 24, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan GRANIT SERVICE: Creditors Must File Claims by October 24 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP Granit Service insolvent. Creditors have until Oct. 24, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Room 106 Manas Str. 2 Astana Kazakhstan Tel: 8 (7172) 37-40-09 JALPAKTAL INVEST: Claims Deadline Slated for October 24 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Jalpaktal Invest insolvent. Creditors have until Oct. 24, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Chapaev Str. 2 Podstepnoye Terektinsky West Kazakhstan Kazakhstan Tel: 8 711 323 64-72 MASTER CRAFT: Claims Filing Period Ends October 24 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP MASTER CRAFT insolvent. Creditors have until Oct. 24, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana 9 May Str. 37/1-102 Astana Kazakhstan Tel: 8 (7172) 39-73-00 ONIX PRO: Creditors' Claims Due on November 7 --------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Onix Pro (RNN 090300212576). Creditors have until Nov. 7, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 304 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 21-07-34 SHORO-KORDAI LLP: Claims Registration Ends November 4 ----------------------------------------------------- LLP Kazakh-Kyrgyz Joint Enterprise Shoro-Kordai has declared liquidation. Creditors have until Nov. 4, 2008, to submit written proofs of claims to: LLP Kazakh-Kyrgyz Joint Enterprise Shoro-Kordai Domalak Ana Str. 19 Kasyk Kordaisky District Jambyl Kazakhstan =================== K Y R G Y Z S T A N =================== SULTAN OIL: Creditors Must File Claims by November 3 ---------------------------------------------------- LLC Sultan Oil has shut down. Creditors have until Nov. 3, 2008, to submit written proofs of claim. Inquiries can be addressed to (+996 312) 59-23-44. ===================== N E T H E R L A N D S ===================== TRONOX INC: Undecided on NYSE Delisting Notice ---------------------------------------------- Tronox Inc. disclosed in a regulatory filing with the Securities and Exchange Commission that on Aug. 28, 2008, it was notified by the New York Stock Exchange that it is not in compliance with the NYSE's continued listing standard regarding the average closing price of its Class B Common Stock. The NYSE's notice indicated that the average closing price of the Company's Class B Common Stock was less than US$1.00 over the 30 consecutive trading day period ended Aug. 27, 2008. The Company must bring its average share price back above US$1.00 by six months following receipt of the notice and must notify the NYSE within 10 business days to acknowledge receipt of the notice and indicate its intent to cure the deficiency or be subject to delisting or suspension procedures. On Aug. 21, 2008, the Company informed the Securities and Exchange Commission regarding its failure to satisfy a different NYSE listing standard regarding its average market capitalization. The Company has not decided on what action, if any, it will take with respect to its failure to satisfy NYSE listing standards. If the Company fails to cure its listing deficiencies, the NYSE will commence suspension and delisting procedures. Separately, Tronox Incorporated named Gary Pittman vice president of special projects on September 3, 2008. The Company entered into an employment contract that is effective until September 3, 2009, and if not terminated at the end of that term, will automatically renew for successive one-year periods. Pursuant to the agreement, among other things, Mr. Pittman will receive a base salary of US$350,000 per annum and will be eligible for bonuses. Mr. Pittman will be entitled to four weeks of vacation and the use of an apartment leased in Oklahoma City. Upon termination, other than for "cause," Mr. Pittman is eligible for a payment of twice his base salary. Additionally, effective September 5, 2008, Thomas W. Adams resigned as a Director of Tronox. About Tronox Incorporated Headquartered in Oklahoma City, Tronox Incorporated (NYSE:TRX) -- http://www.tronox.com/-- is a producer and marketer of titanium dioxide pigment. Titanium dioxide pigment is an inorganic white pigment used in paint, coatings, plastics, paper and many other everyday products. The company's five pigment plants, which are located in the United States, Australia, Germany and the Netherlands, supply performance products to approximately 1,100 customers in 100 countries. In addition, Tronox produces electrolytic products, including sodium chlorate, electrolytic manganese dioxide, boron trichloride, elemental boron and lithium manganese oxide. The company has US$1.7 billion in total assets, including US$703.5 million in current assets, as at June 30, 2008. The company has US$937.8 million in current debts and US$336.9 million in total noncurrent debts. =========== R U S S I A =========== BANK SAINT PETERSBURG: Posts RUR1.8 Bln. Net Income for 1H 2008 --------------------------------------------------------------- Bank Saint Petersburg reported a net income of RUR1.755 billion (US$74 million) for the first half of 2008. Net income has doubled compared to net income of first half of 2007. The company also reported that assets has increased by 31% to RUR165.7 billion (US$7 billion) from January 1, 2008 Alexander Savelyev, Chairman of the Management Board comments, "In 1H 2008 Bank Saint Petersburg proved its efficiency and adaptability by responding promptly to unstable market conditions and cost of funding increase. It resulted in significant improvement of financial results accompanied by high assets quality and impressive operational efficiency." Mr. Savelyev, added, "While the market liquidity is limited, we remain confident due to the prevailing volume of customer accounts in the Bank�s liabilities. At the same time we remain active on the capital markets and having attracted more than US$200 million in first half of 2008. We decided to move an SPO to 2009 and to satisfy our capital requirements by means of high profitability and subordinated debts." About Bank Saint Petersburg Bank Saint Petersburg -- http://en.bspb.ru/-- is one of the largest banks in the Northwest region of Russia and the third largest bank in St. Petersburg. The Bank provides services to over 660 thousand private customers and 30 thousand companies at 36 offices in Moscow, St. Petersburg, Nizhny Novgorod and Kaliningrad. * * * Bank Saint Petersburg carries a BB+ issuer default rating from Fitch with a stable outlook. GAZ-EKO-OIL: Court Names M. Mazalov as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Volgograd appointed M. Mazalov as Insolvency Manager for LLC Gaz-Eko-Oil. He can be reached at: M. Mazalov Post User Box 3115 400105 Volgograd Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A12-17868/07-s50. The Debtor can be reached at: LLC Gaz-Eko-Oil Druzhby Str. 74 Volzhskiy 404133 Volgogradskaya Russia IZHEVSKAYA DRILLING: Creditors Must File Claims by November 4 ------------------------------------------------------------- Creditors of LLC Izhevskaya Drilling Company (TIN 1831086288 ) have until Nov. 4, 2008, to submit proofs of claims to: A. Karelin Insolvency Manager K. Marksa Str. 432/142 426000 Izhevsk Udmurtia Russia The Arbitration Court of Udmurtia commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A71-10326/2007-G26. The Court is located at: The Arbitration Court of Udmurtiya Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Russia The Debtor can be reached at: LLC Izhevskaya Drilling Company Micro region Sosnovuy Bor 16 426000 Izhevsk Udmurtia Russia KIT FINANCE: Moody's Cuts Bank Financial Strength Rating to E ------------------------------------------------------------- Moody's Investors Service has downgraded the following ratings of KIT Finance Investment Bank (Russia): B2 long-term foreign currency and local currency deposit ratings to Caa2 and E+ bank financial strength rating to E. At the same time, Moody's Interfax Rating Agency, which is majority-owned by Moody's, has downgraded KIT's A3.ru long-term National Scale Rating to B2.ru. Moody's notes that the Caa2 Long-term foreign and local currency ratings as well as the B2.ru NSR remain on review with direction uncertain. The downgrades of the long term deposit ratings as well the bank's BFSR capture the fact that the bank has defaulted on its obligations under margin calls on repurchase transactions, and has incurred significant asset quality problems that have wiped out most of the bank's capital. This has mainly been the result of the current extremely adverse market conditions on the bank's huge risk positions resulting from its high risk appetite. The rating review with direction uncertain captures the possible outcomes of how KIT's situation may develop: i) if the bank is acquired by a stronger entity that assumes its obligations, recapitalizes the bank and restores risk management parameters and financial stability, KIT's deposit ratings are likely to be upgraded; ii) however, if the bank fails to be supported or to attract a potential strategic investor and thus defaults on its other obligations, such failure may merit further rating downgrade. Moody's understands that the bank is currently in negotiations with a potential strategic investor close to the Russian government. Subject matters of the negotiations include: i) acquisition of a major stake in the bank's capital; ii) recapitalization; and iii) assistance in restructuring of the liabilities. Based in Moscow, Russia, KIT Finance Investment Bank is a multiple business line entity, though dominated by investment and corporate banking and mortgage activities. It recorded total assets of ca.USD6 billion and equity of ca.USD840 million at end-2007 and is ranked among the 30 largest banks in Russia. LENINGRADSKAYA CHEMICAL: Creditors Must File Claims by Nov. 4 ------------------------------------------------------------- Creditors of LLC Leningradskaya Chemical Company have until Nov. 4, 2008, to submit proofs of claims to: M. Bryulev Insolvency Manager Post User Box 119 191123 Saint-Petersburg Russia The Arbitration Court of St. Petersburg commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-2033/2008. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: LLC Leningradskaya Chemical Company Kuzmilovskiy 166 Vsevolozhskiy District 188663 Leningradskaya Russia LES-YUG-EKSPO: Creditors Must File Claims by October 4 ------------------------------------------------------ Creditors of LLC Les-Yug-Ekspo (TIN 6164222155) have until Oct. 4, 2008, to submit proofs of claims to: I. Shirshov Temporary Insolvency Manager Apt.103 Entuziastov Str. 7 Belaya Kalitva 347042 Rostivskaya Russia The Arbitration Court of St. Petersburg will convene on Oct. 27, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A53-7266/08-S1-51. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: LLC Les-Yug-Ekspo 2nd Poselkovuy Pereulok 1a Rostov-on-Don Russia MAGNITOGORSK METALLURGICAL: S&P Revises Outlook to Stable --------------------------------------------------------- Standard & Poor's Ratings Services has revised its outlook on Russian steelmaker OAO Magnitogorsk Metallurgical Kombinat (MMK) to stable from positive. At the same time, S&P affirmed the 'BB' long-term corporate credit rating and the 'ruAA' Russia national scale rating. S&P also assigned a 'B' short-term corporate credit rating. "The outlook revision reflects MMK's volatile profitability, slow progress in diversification and vertical integration, and the ambitious capital expenditure program envisaged for 2009-2011," said S&P's credit analyst Andrey Nikolaev. MMK's profitability weakened in 2007 and the first half of 2008 because of rising raw material costs. In the first quarter of 2008, the operating margin fell to 22% compared with 28% in the corresponding period of 2007 because of higher coking coal prices. Despite improving to 30% in the second quarter, due to a 47% increase in realized steel prices, it remains below 2007 and 2006 levels and S&P expects it to be much more volatile than operating margins of vertically integrated Russia-based peers, such as Evraz Group S.A. (BB-/Positive/--) and OAO Severstal (BB/Positive/--). Nevertheless, for the first half of 2008, funds from operations were up 28% year on year at US$1.3 billion. Progress in vertical integration and diversification was rather slow in 2007-2008 despite the acquisition of a 41.3% indirect stake in coal producer Belon that currently supplies about 28% of the company's coking coal needs, and the 50% plus one share in a joint venture with Turkish firm Atacas that will produce 2.3 million tons of steel products per year. MMK is still considering consolidating its scrap supplier ZAO Profit and developing the Prioskol iron ore deposit that could potentially cover 80% of its iron ore requirements. If successfully implemented, these measures will likely improve MMK's business risk profile over time, but not sufficiently within the next 12-18 months to justify maintaining the positive outlook. "We expect MMK to need more than 12-18 months to increase the vertical integration in resources and diversification it needs to achieve a higher rating," said Mr. Nikolaev. MINING INDUSTRIAL: Court Starts Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Arbitration Court of Chelyabinsk commenced bankruptcy supervision procedure on LLC Mining Industrial and Trade Association. The case is docketed under Case No. A76-8819/ 2008-36-104. The Temporary Insolvency Manager: S. Veretennikov Post User Box 569 456320 Miass Russia The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: LLC Mining Industrial and Trade Association Prospect Pobedy 180 454008 Chelyabinsk Russia SISTEMA JSFC: Earns US$289.5 Million for Second Quarter 2008 ------------------------------------------------------------ Sistema JSFC has announced its unaudited consolidated US GAAP financial results for the second quarter ended June 30, 2008. The company reported a net income of US$289.5 million for the second quarter of 2008 compared to a net income of US$124.7 million in the same period of 2007. In the second quarter of 2008, Sistema JSFC consolidated revenues increased by 40.2% to US$4.28 billion, up from US$3.05 billion in the second quarter of 2007. Consolidated OIBDA for the second quarter of 2008 increased to US$1.51 billion, compared to US$1.08 billion in the same period last year. Leonid Melamed, President and Chief Executive Officer, commented, "The Group has delivered another quarter of healthy top line and OIBDA growth, with an OIBDA margin of over 35%. Sistema also generated a 40% year on year increase in operating cash flows. Income from continues operations more than doubled year on year . We remain focused on the unlocking of the substantial potential of the Group's assets, executing on our strategic objectives branded �5X5>25', and achieving a return on invested capital of over 25% within five years and beyond." About Sistema Headquartered in Moscow, Sistema JSFC -- http://www.sistema.com/ -- develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. * * * Sistema JSFC currently carries a Ba3 long-term corporate family rating and a B2 senior unsecured debt rating from Moody's, with a positive outlook. The company also carries Standard & Poor's BB- long-term foreign and local issuer credit ratings. S&P said the outlook is negative. Sistema JSFC carries BB- Issuer Default rating from Fitch, which said the outlook is stable. SLAV-TOM-ARMA: Creditors Must File Claims by October 4 ------------------------------------------------------ Creditors of LLC Slav-Tom-Arma (TIN 7017053701) have until Oct. 4, 2008, to submit proofs of claims to: A. Miftakhov Temporary Insolvency Manager Post User Box 1795 634021 Tomsk-21 Russia The Arbitration Court of Tomsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A67�3084/08. The Court is located at: The Arbitration Court of Tomsk Kirova prospect 10 634050 Tomsk Russia The Debtor can be reached at: LLC Slav-Tom-Arma Vershinina Str. 54/53 634034 Tomsk Russia SOGAZ OJSC: S&P Assigns BB Counterparty Credit Rating ----------------------------------------------------- Standard & Poor's Ratings Services has assigned its 'BB' long-term local currency counterparty credit and insurer financial strength ratings and its 'ruAA' Russia national scale rating to Russia- based insurer OJSC Sogaz. The outlook is stable. The ratings reflect ongoing support from OAO Gazprom (BBB/Stable/--), the world's biggest natural gas company with which Sogaz has strong commercial ties, as well as the company's own good operating performance and good competitive advantages. These positive factors are offset by the concentration of Sogaz's investments in affiliated companies, the company's high exposure to equity and credit risk, and high industry risk associated with operating in the Russian insurance market. "Sogaz has a good market position and is one of the leading insurers in Russia. The company collaborates extensively with Gazprom and a number of other big companies. The ratings on Sogaz include a one-notch uplift from our stand-alone assessment, reflecting the company's strong commercial ties with Gazprom," said S&P's credit analyst Victor Nikolskiy. Sogaz's competitive position is largely determined by the current situation in the insurance and reinsurance markets of the Russian Federation and the rest of the Commonwealth of Independent States; namely high industry risk stemming from the relatively immature state of the region's insurance markets, regulation, and accounting standards. It is undermined by the company's high exposure to risks associated with Gazprom, but is expected to improve as the company pursues plans to diversify its client base. The ratings are supported by the strength of Sogaz's operating performance, as indicated by a low combined ratio and high return on equity. The stable outlook reflects our expectation that Sogaz will maintain its strong relationship with Gazprom and its good operating performance. Moreover, Sogaz is expected to reduce its single-party investment concentration. Sogaz's capitalization is expected to strengthen as a result of earnings retention and improved investment concentration. STARITSKIY BRICKS: Creditors Must File Claims by November 4 ----------------------------------------------------------- Creditors of LLC Staritskiy Bricks have until Nov. 4, 2008, to submit proofs of claims: M. Muradov Insolvency Manager Shkolnaya Str. 7A Bogorodskoe 153506 Ivanovo Russia Tel: (4932)33-68-43 The Arbitration Court of Tver commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A66-702/2008. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver Russia The Debtor can be reached at: LLC Staritskiy Bricks Stroiteley Str. 21 Staritsa Russia STEEL-MARKET CJSC: Creditors Must File Claims by October 4 ---------------------------------------------------------- Creditors of CJSC Steel-Market (TIN 7444031268) have until Oct. 4, 2008, to submit proofs of claims to: O. Artemov Temporary Insolvency Manager Post User Box 5 620033 Yekaterinburg Russia The Arbitration Court of Chelyabinsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A76-6159/08-55-94. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: CJSC Steel-Market Chapayeva Str. 5/23 Magnitogorsk Russia STROY-PROFIL LLC: Kirovsk Bankruptcy Hearing Set December 17 ------------------------------------------------------------ The Arbitration Court of Kirovsk will convene at 9:00 a.m. on Dec. 17, 2008 to bankruptcy supervision procedure on LLC Stroy- Profil (TIN 4345193030). The case is docketed under Case No. A28-6131/2008-155/10. The Temporary Insolvency Manager is: V. Ryabov Apt.2 Lesnaya Str. 20 Urzhum 613530 Kirovskaya Russia The Court is located at: The Arbitration Court of Kirov K-Libknekhta Str. 102 610017 Kirov Russia The Debtor can be reached at: LLC Stroy-Profil Building 1 Lenina Str. 89 610000 Kirov Russia VILKOM STROY: Creditors Must File Claims by October 4 ----------------------------------------------------- Creditors of LLC Vilkom Stroy have until Oct. 4, 2008, to submit proofs of claims to: A. Lubyanskiy Temporary Insolvency Manager Office 306/308 Bukharetskaya Str. 6 192102 St. Petersburg Russia The Arbitration Court of St. Petersburg will convene on Nov. 13, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A56-17413/2008. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: LLC Vilkom Story Room 5H Liter B Reshetnikova Str. 3 196105 St. Petersburg Russia * BRATSK CITY: S&P Places B+ Debt Rating on RUR350 Million Bonds ---------------------------------------------------------------- Standard & Poor's Ratings Services has assigned its 'B+' senior unsecured debt ratings and 'ruA+' Russia national scale rating to the proposed RUR350 million (US$14 million) domestic bond to be issued by the City of Bratsk (B+/Stable/--; Russia national scale 'ruA+'). The bond is amortizing, will carry a fixed coupon, and will mature in 2011. The bond, which is being issued to fund the city's capital expenditure program, will be placed on Sept. 23, 2008, and will have 12 quarterly coupon payments, with 25% of the principal to be repaid annually in 2009-2010 and another 50% in 2011. The ratings on Bratsk, located in The Russian Federation (foreign currency, BBB+/Positive/A-2; local currency, A-/Positive/A-2; Russia national scale, 'ruAAA') in the Irkutsk Oblast (B+/Stable/--), reflect the city's high, although slightly decreasing, economic concentration; expenditure pressures; and dependence on federal and regional decisions. These constraints are mitigated somewhat by the city's improved revenue and expenditure stability resulting from the recent municipal reform, low debt, and relatively sophisticated management. * KRASNODAR KRAI: S&P Lifts Long-Term Issuer Credit Rating to BB ---------------------------------------------------------------- Standard & Poor's Ratings Services has raised its long-term issuer credit rating on the southern Russian Krasnodar Krai to 'BB' from 'BB-'. The outlook is stable. "The upgrade reflects massive committed federal and private investment to the krai, much of it to improve infrastructure ahead of the 2014 Olympic Winter Games, which will be hosted in the region," said S&P's credit analyst Irina Pilman. Like most Russian regions, Krasnodar's infrastructure needs are high. New construction and modernization of transportation, energy, utilities, and housing infrastructure is fundamental to future economic and tax growth and to close the living-standards gap with the national average. The federal government is committed to financing the necessary sports facilities and infrastructure in Sochi, host city for the 2014 Olympic Winter Games. Preparing for the games was initially estimated at US$12 billion in Sochi's bid, but the amount could ultimately increase significantly, or even double. Most of this will be financed by the federal government via the state Olimpstroy Corporation, the rest from private investors. In addition, Krasnodar Krai has adopted a regional program of Olympic projects and development plans for Sochi of RUR34.3 billion (about US$1.3 billion), which is likely to be almost equally financed by the federal budget and by the consolidated krai budget. The krai also expects federal financing for several economic zones within the region. Given this exceptional institutional and financial federal support, S&P expects that any possible cost increase related to these programs would have only a marginally negative impact, if any, on the krai's financial performance and debt. The administration has no immediate plans to increase debt in the medium term, except for a possible RUR3 billion bond issue and an RUR3.4 billion program of guarantees, both planned for 2009. The krai's borrowing capacity is high because its total tax-supported debt is expected to remain below 5% of total revenues by the end of 2009. "The stable outlook reflects our view that economic growth will continue to underpin revenue growth," said Ms. Pilman. "We expect this to result in sound, albeit slightly narrowing, budgetary performance, supported by the administration's control over expenditure growth and commitment to maintain low to moderate debt levels." * RUSSIA: Halts Trading at 2 Main Bourses as Stock Market Ails -------------------------------------------------------------- Russian was forced to indefinitely close its two main stock exchanges Wednesday, Sept. 17, to halt a market rout that has led to the steepest declines since the August 1998 crisis, The Financial Times reports. According to the report, trading at the two main bourses, the MICEX and RTS, were suspended after shares began to tumble again as investors faced a new wave of forced equity sales on margin calls and a dearth of cash. The recent market collapse, the FT says, has wiped nearly US$800 billion (GBP440 billion) off the country�s stock exchanges in a matter of months and sent stocks spinning down to levels last seen in 2005. The FT discloses that government and central bank officials were locked in talks with the chief executives of Russia�s biggest investment banks throughout most of the day on Sept. 17, on ways to halt the market collapse. The report relates rumors are spreading that more than one bank was failing to make payments to counterparties. Also, the FT says investors were waiting on Wednesday night, Sept. 17, for the completion of a bail-out plan for KIT Finance, which confirmed Sept. 15 it had failed to meet several obligations and is in the final stages of talks to sell a controlling stake to Leader, an asset management company. Meanwhile, a senior investment banker told the FT a mid-sized commercial bank began to fail to make payments on Sept. 17, causing the government to pull the plug on the stock exchanges. Traders and analysts also told the FT that settlement systems at both exchanges had failed as panic set in. The finance ministry, according to the FT, pledged to pump a further US$60 billion into short-term deposits in the three main state-controlled banks, however, earlier injections had failed to be transferred into the broader system as interbank lending froze. The International Herald Tribune relates that dropping oil prices, the U.S. financial turmoil, as well as the consequences of its conflict with Georgia are dragging Russia's stocks. The IHT says, citing Steven Dashevsky, chief analyst at Moscow brokerage Aton, the average price-to-earnings ratio for Russian stocks on Sept. 17 was 4, compared to 10 in developed markets. =========== S W E D E N =========== FORD MOTOR: June 30 Balance Sheet Upside-Down by US$1.7 Billion ------------------------------------------------------------- Ford Motor Co., in a Securities and Exchange Commission filing, disclosed US$265.3 billion in total assets, US$265.52 billion in total liabilities, resulting in US$1.7 billion in total shareholders' deficit, as of June 2008. Ford posted US$8.67 billion in net losses on US$41.51 billion in net revenues for the second quarter ended June 30, 2008, compared with US$750 million in net profit on US$44.24 billion in net revenues for the same period in 2007. Ford posted US$8.57 billion in net losses on US$85.04 billion in net revenues for the first half ended June 30, 2008, compared with US$468 million in net profit on US$87.26 billion in net revenues for the same period in 2007. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin-American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Aug. 5, 2008, Fitch Ratings has downgraded the issuer default rating of Ford Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'. The Rating Outlook remains Negative. The downgrade reflects: the further deterioration in Ford's U.S. sales as a result of economic conditions, an adverse product mix and the most recent jump in gas prices; portfolio deterioration at Ford Credit and heightened concern regarding economic access to capital to support financing requirements; and escalating commodity costs that will remain a significant offset to cost reduction efforts. FORD MOTOR: Tracinda Corp. Discloses 6.43% Equity Stake ------------------------------------------------------- Tracinda Corporation and Kirk Kerkorian disclosed in a Schedule 13D filing with the U.S. Securities and Exchange Commission that they may be deemed to beneficially own 140,800,000 shares of Ford Motor Co. common stock or 6.43% of the outstanding shares. Percentage calculated on the basis of 2,190,498,174 shares of common stock issued and outstanding as of July 29, 2008. As of Aug. 28, 2008, Tracinda entered into Value Sharing Agreements with Christensen, Glaser, Fink, Jacobs, Weil & Shapiro, LLP, Jerome B. York and Alex Yemenidjian. The Value Sharing agreement for Mr. York references an existing Agreement for Services between Tracinda and Mr. York pursuant to which Mr. York provides consulting services. Copies of the Value Sharing Agreements are available for free at: -- Value Sharing Agreement between Tracinda and Christensen http://researcharchives.com/t/s?3202 -- Value Sharing Agreement between Tracinda and Jerome B. York http://researcharchives.com/t/s?3203 -- Value Sharing Agreement between Tracinda and Alex Yemenidjian http://researcharchives.com/t/s?3204 -- Agreement for Services between Tracinda and Jerome B. York http://researcharchives.com/t/s?3205 About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin-American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Aug. 5, 2008, Fitch Ratings has downgraded the issuer default rating of Ford Motor Company and Ford Motor Credit Company LLC to 'B-' from 'B'. The Rating Outlook remains Negative. The downgrade reflects: the further deterioration in Ford's U.S. sales as a result of economic conditions, an adverse product mix and the most recent jump in gas prices; portfolio deterioration at Ford Credit and heightened concern regarding economic access to capital to support financing requirements; and escalating commodity costs that will remain a significant offset to cost reduction efforts. ===================== S W I T Z E R L A N D ===================== DREAM & REALITY: Creditors Have Until Oct. 8 to File Claims ----------------------------------------------------------- Creditors owed money by LLC Dream & Reality Music Production are requested to file their proofs of claim by Oct. 8, 2008, to: Christian Gantenbein Hohfurrenstrasse 10 8617 Monchaltorf Switzerland The company is currently undergoing liquidation in Hombrechtikon. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on May 21, 2007. EUROPEAN WHOLESALE: Oct. 7 Set as Deadline to File Claims --------------------------------------------------------- Creditors owed money by LLC European Wholesale Group are requested to file their proofs of claim by Oct. 7, 2008, to: JSC Also Holding Christoph Muller Meierhofstrasse 5 6032 Emmen Switzerland The company is currently undergoing liquidation in Hergiswil NW. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Aug. 18, 2008. GENERAL MOTORS: Southeastern Asset Discloses 2.3% Equity Stake -------------------------------------------------------------- Southeastern Asset Management, Inc. discloses in a regulatory filing with the Securities and Exchange Commission that it may be deemed to beneficially own as of August 31, 2008, 34,174,000 shares of Series B Convertible Senior Debentures, which represents 32.9% of the 104,000,000 shares outstanding. Longleaf Partners Fund, in the same filing, disclosed that it may be deemed to beneficially own 17,230,000 shares of Series B Convertible Senior Debentures, which represents 16.6% of the 104,000,000 shares outstanding. The 34,174,000 shares of Series B Convertible Senior Debentures are convertible into 13,163,825 shares of common stock. In a separate filing, Southeastern Asset Management said that the 13,163,825 shares of General Motors Corporation common stock represents 2.3% of outstanding common shares. There are 566,162,606 shares of common stock outstanding. Southeastern Asset Management is a registered investment adviser. All of the securities disclosed are owned legally by Southeastern's investment advisory clients and none are owned directly or indirectly by Southeastern. O. Mason Hawkins is the chairman of the board and C.E.O. of Southeastern Asset Management, Inc. Southeastern Asset Management has sole power to vote or to direct the vote of 5,238,720 common shares. It has shared power to vote or to direct the vote of 6,636,996 common shares, with Longleaf Partners Fund. Southeastern Asset Management has no power to vote 1,288,109 common shares -- this figure does not include 201,845 common shares held by completely non-discretionary accounts over which Southeastern Asset Management and Mr. Hawkins have neither voting nor dispositive power and for which they disclaim beneficial ownership. Southeastern Asset Management has the sole power to dispose or to direct the disposition of 6,520,280 common shares and the shared power to dispose or to direct the disposition of 6,636,996 common shares, with Longleaf Partners Fund. It does not have the power to dispose of 6,548 common shares. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM Europe is based in Zurich, Switzerland, while General Motors Latin America, Africa and Middle East is headquartered in Miramar, Florida. At June 30, 2008, the company's balance sheet showed total assets of US$136.0 billion, total liabilities of US$191.6 billion, and total stockholders' deficit of US$56.9 billion. For the quarter ended June 30, 2008, the company reported a net loss of US$15.4 billion over net sales and revenue of US$38.1 billion, compared to a net income of US$891.0 million over net sales and revenue of US$46.6 billion for the same period last year. KORAMIS LLC: Creditors Must File Proofs of Claim by Oct. 10 ------------------------------------------------------------ Creditors owed money by LLC KORAMIS are requested to file their proofs of claim by Oct. 10, 2008, to: JSC Finoreco Alpenstrasse 1 6304 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Aug. 12, 2008. LAUBER GASTRO: Deadline to File Proofs of Claim Set Oct. 4 ----------------------------------------------------------- Creditors owed money by LLC Lauber Gastro are requested to file their proofs of claim by Oct. 4, 2008, to: Paul Lauber Kreuzmattwald 4 6074 Kastanienbaum (Horw) Switzerland The company is currently undergoing liquidation in Stansstad. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Aug. 13, 2008. MOVIE-BOX-ERL LLC: Proofs of Claim Filing Deadline is Oct. 8 ------------------------------------------------------------- Creditors owed money by LLC Movie-Box ERL are requested to file their proofs of claim by Oct. 8, 2008, to: Peter Gott Ausserwies 7 8618 Oetwil am See Switzerland The company is currently undergoing liquidation in Oetwil am See. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Aug. 5, 2008. MOVIE-BOX GOT: Creditors' Proofs of Claim Due by Oct. 8 -------------------------------------------------------- Creditors owed money by LLC Movie-Box GOT are requested to file their proofs of claim by Oct. 8, 2008, to: Peter Gott Ausserwies 7 8618 Oetwil am See Switzerland The company is currently undergoing liquidation in Oetwil am See. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Aug. 5, 2008. UBERTO JSC: Creditors Have Until Oct. 3 to File Proofs of Claim --------------------------------------------------------------- Creditors owed money by JSC Uberto are requested to file their proofs of claim by Oct. 3, 2008, to: Hedwig Uberto Obertorplatz 4 4310 Rheinfelden Switzerland The company is currently undergoing liquidation in Lupfig. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on July 25, 2008. =========== T U R K E Y =========== TURKIYE SINAI: Fitch Affirms Individual Rating at 'C/D' ------------------------------------------------------- Fitch Ratings has upgraded Turkiye Sinai Kalkinma Bankasi A.S.'s Long-term foreign currency Issuer Default Rating to 'BB' from 'BB-', in line with the agency's Country Ceiling methodology. TSKB's other ratings are affirmed at Long-term local currency IDR 'BB+', Short-term foreign and local currency IDR 'B', Long-term National 'AA+(tur)', Individual 'C/D' and Support '3'. The Outlooks for the LT IDRs and the National rating remain Stable. The LT IDRs and National rating reflect the support TSKB could expect to receive from its parent, Turkiye Is Bankasi AS (Isbank; 'BB'/'BBB-' (BBB minus/Stable), in case of need. Isbank, which holds 50.1% of TSKB's shares, is Turkey's largest private commercial bank, controlling a deposit market share of around 14%. TSKB is a strategic investment for Isbank and, in Fitch's opinion, it would receive support from Isbank, if needed. However, Isbank's ability to provide this support is constrained by Turkey's 'BB' Country Ceiling. The Support rating is therefore '3', reflecting a moderate probability of support, as reflected by its Long-term foreign currency 'BB' IDR, which is at the same level as Turkey's Country Ceiling. TSKB focuses on financing key economic sectors such as energy, infrastructure and construction. Corporate loans are extended directly by the bank but loans to SMEs are channeled through local commercial banks and leasing companies. Profitability ratios are acceptable and TSKB has a well-established track record in managing credit risk. Asset quality remains sound (impaired loans were just 0.7% of loans at end-2007 and fully reserved). Matching the maturity profile of assets and liabilities is a challenge but TSKB has built up strong relationships with supranational agencies and international banks, and access to long-term funding, most of which is guaranteed by the Turkish Treasury, has proved easy. Like most Turkish banks, TSKB holds a large portfolio of government securities (about 35% of assets), 43% of which was invested in floating-rate instruments at end-2007. Turkish interest rates can be volatile, and derivatives, VaR models and stress-testing are used to assist in the management of the interest rate risk in the fixed-rate portion of the government bond portfolios. Capital ratios are ample, considering the bank's risk profile. TSKB, Turkey's leading development and investment bank, was established in 1950 to provide long-term financing to private- sector companies and to contribute to the development of the Turkish capital markets. ============= U K R A I N E ============= AJEST GROUP: Creditors Must File Claims by September 21 ------------------------------------------------------- Creditors of LLC Ajest Group (code EDRPOU 35121686) have until Sept. 21, 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 company after finding it insolvent on Aug. 14, 2008. The case is docketed 24/178-b. The Debtor can be reached at: LLC Ajest Group Bulgakov Str. 16 03134 Kiev Ukraine COMPETITION OFFICE: Creditors Must File Claims by September 21 -------------------------------------------------------------- Creditors of LLC Competition Office (code EDRPOU 34937443) have until Sept. 21, 2008 to submit their proofs of claim to: The Economic Court of Kiev Komintern Str. 16 01032 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against company after finding it insolvent on Aug. 7, 2008. The case is docketed as 50/128. The Debtor can be reached at: LLC Competition Office P. Lumumba Str. 21 Kiev Ukraine METALLURG MONTAZH-204: Creditors Claims Due September 21 -------------------------------------------------------- Creditors of CJSC Metallurg Montazh-204 (code EDRPOU 01415157) have until Sept. 21, 2008, to submit proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against company after finding it insolvent on July 31, 2008. The case is docketed as 21/66(08). The Debtor can be reached at: CJSC Metallurg Montazh-204 Kalibrov Str. 15 69008 Zaporozhje Ukraine MOGILEV-PODOLSKY OJSC: Creditors Must File Claims by Sept. 21 ------------------------------------------------------------- Creditors of OJSC Mogilev-Podolsky (code EDRPOU 00444493) have until Sept. 21, 2008, to submit proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against company after finding it insolvent on Aug. 12, 2008. The case is docketed as 10/32-08. The Debtor can be reached at: OJSC Mogilev-Podolsky Pushkinskaya Str. 146 Mogilev-Podolsky Vinnica Ukraine PAN-TECHNOCOM LLC: Creditors Must File Claims by September 21 ------------------------------------------------------------- Creditors of LLC Pan-Technocom (code EDRPOU 34818083) have until Sept. 21, 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 company after finding it insolvent on Aug. 14, 2008. The case is docketed as 24/235-b. The Debtor can be reached at: LLC Pan-Technocom Frunze Str. 20-22 04080 Kiev Ukraine PRIORITET LLC: Creditors Must File Claims by September 21 --------------------------------------------------------- Creditors of LLC Consulting Firm Prioritet (code EDRPOU 34575518) have until Sept. 21, 2008 to submit their proofs of claim to: The Economic Court of Kiev Komintern Str. 16 01032 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against company after finding it insolvent on Aug. 7, 2008. The case is docketed as 50/130. The Debtor can be reached at: LLC Consulting Firm Prioritet P. Lumumba Str. 21 Kiev Ukraine SERVICEOPTIM-T LLC: Creditors Claims Due September 21 ----------------------------------------------------- Creditors of LLC Production Company Serviceoptim-T (code EDRPOU 35557243) have until Sept. 21, 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 company after finding it insolvent on Aug. 14, 2008. The case is docketed as 24/180-b. The Debtor can be reached at: LLC Production Company Serviceoptim-T Sosneny Family Str. 3 Ukraine Kiev STAVISCHE GOODS: Proofs of Claim Filing Deadline Set Sept. 21 ------------------------------------------------------------- Creditors of OJSC Stavische Goods (code EDRPOU 05583319) have until Sept. 21, 2008 to submit their proofs of claim to: The Economic Court of Kiev Komintern Str. 16 01032 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy supervision procedure on the company. The case is docketed as B11/195-08. The Debtor can be reached at: OJSC Stavische Goods Sovetsky Lane 3 Stavische Kiev Ukraine SUN MAKS-360: Creditors Must File Claims by September 21 -------------------------------------------------------- Creditors of LLC Sun Maks-360 (code EDRPOU 35139101) have until Sept. 21, 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 company after finding it insolvent on Aug. 14, 2008. The case is docketed as 24/171-b. The Debtor can be reached at: LLC Sun Maks-360 Liatoshynsky Str. 4A/289 03191 Kiev Ukraine TRIO-777 LLC: Creditors Must File Claims by September 21 -------------------------------------------------------- Creditors of LLC Trio-777 (code EDRPOU 32829287) have until Sept. 21, 2008 to submit their proofs of claim to: The Economic Court of Kiev Komintern Str. 16 01032 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against company after finding it insolvent on Feb. 12, 2008. The case is docketed as 23/41-b. The Debtor can be reached at: LLC Trio-777 V. Vasilevskaya Str. 18 04116 Kiev Ukraine UKRSUN-M LLC: Creditors Must File Claims by September 21 -------------------------------------------------------- Creditors of LLC Ukrsun-M (code EDRPOU 30440694) have until Sept. 21, 2008 to submit their proofs of claim to: The Economic Court of Kiev Komintern Str. 16 01032 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against company after finding it insolvent on Aug. 7, 2008. The case is docketed as 28/90-b. The Debtor can be reached at: LC Ukrsun-M Moscow Avenue 21-A 04073 Kiev Ukraine =========================== U N I T E D K I N G D O M =========================== ABITIBIBOWATER: NWQ Investment & Lord Abbett Disclose Equity Stake ------------------------------------------------------------------ NWQ Investment Management Company, LLC, disclosed in a regulatory filing with the Securities and Exchange Commission that it may be deemed to beneficially own 2,792,842 shares of Abitibibowater Inc.'s common stock, which represents 4.96% of the outstanding shares. In a separate filing, Lord, Abbett & Co. LLC also disclosed that it may be deemed to beneficially own 3,801,260 shares of Abitibibowater Inc.'s common stock, which represents 6.75% of the outstanding shares. About AbitibiBowater Inc. Headquartered in Montreal, Canada, AbitibiBowater Inc. -- http://www.abitibibowater.com/-- produces a wide range of newsprint, commercial printing papers, market pulp and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. AbitibiBowater owns or operates 27 pulp and paper facilities and 34 wood products facilities located in the United States, Canada, the United Kingdom and South Korea. Marketing its products in more than 90 countries, the company is also among the world's largest recyclers of old newspapers and magazines, and has more third-party certified sustainable forest land than any other company in the world. AbitibiBowater's shares trade under the stock symbol ABH on both the New York Stock Exchange and the Toronto Stock Exchange. AbitibiBowater Inc. still carries Fitch's 'CCC+' Issuer Default Rating assigned on April 1, 2008. Outlook is Negative. CALVER PRESS: Felix Press Saves Printer from Liquidation -------------------------------------------------------- Felix Press Limited bought Calver Press Limited preventing Calver from going into voluntary liquidation after its collapse last August 2008, Tim Sheahan writes for printweek.com. According to the report, a deal to purchase Calver was completed on Sept. 12 after its liquidator Ensors Chartered Accountants conducted a local sales campaign. Calver's previous owner, Keith Gostling, blamed modern offices, technology and the poor economic climate for the company's demise. A 150-year-old Ipswich, U.K. printer, Calver Press Limited prints a range of products including leaflets, letters and calendars. CHAUCER COVERS: Claims Filing Period Ends December 4 ---------------------------------------------------- Creditors of Chaucer Covers and Autographs Ltd. have until Dec. 4, 2008, to send their full names, address and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any), to: David Elliott Liquidator Moore Stephens LLP Victory House Admiralty Place Chatham Maritime Kent ME4 4QU England David Elliott of Moore Stephens was appointed liquidator of the company on Sept. 4, 2008, for the creditors' voluntary winding-up procedure. COREL CORP: To Reduce Global Workforce by 90 Employees ------------------------------------------------------ Corel Corporation (NASDAQ:CREL) (TSX:CRE) is streamlining its global operations in order to become more operationally efficient and to increase its investment in key growth opportunities, including emerging markets and eCommerce. As part of this effort, the Company will reduce its global workforce by approximately 8% or 90 employees worldwide. The Company estimates that, as a result of these actions, it will incur a one-time restructuring charge in the fourth quarter in the amount of US$2.8 million. Subject to completion of usual review procedures regarding quarterly financial results, the Company also announced its expectation to report revenue and non-GAAP adjusted net income and earnings per share, consistent with its Q3 guidance communicated on July 3, 2008. "Corel, like any company, must make periodic adjustments to ensure we are running as efficiently as possible and that we are focusing our teams and resources on the areas we believe offer the best opportunities for growth,"said Kris Hagerman, Interim CEO of Corel. "The actions we are taking today will enable us to expand our sales and marketing activity in emerging markets and enhance our eCommerce offerings � just two of the areas where we believe incremental investment will improve both our financial performance and our long-term competitive position in the market." As indicated in a statement issued on August 20, 2008, the Company is in discussions with a third party regarding a potential sale of Corel. No agreement has been reached regarding a potential sale and there can be no assurance that such an agreement will be reached. In addition, there can be no assurance that any transaction will be completed or, if completed, of its terms, price or timing. Will Release Third Quarter Financials on Oct. 3 The Company will issue its earnings release for the third quarter ended August 31, 2008, before markets open on Friday, October 3, 2008. Corel will host a conference call to discuss its financial results at 8:00 AM Eastern time on the same day. About Corel Corp. Corel Corp. (NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/-- is one of the world's top software companies with more than 100 million active users in over 75 countries. The company provides high quality, affordable and easy-to-use Graphics and Productivity and Digital Media software. The company's products products are sold through a scalable distribution platform comprised of Original Equipment Manufacturers (OEMs), the company's global e- Stores, and the company's international network of resellers and retail vendors. The company's award-winning product portfolio includes some of the world's most widely recognized and popular software brands, including CorelDRAW(R) Graphics Suite, Corel(R) Paint Shop Pro(R) Photo, Corel(R) Painter(TM), VideoStudio(R), WinDVD(R), Corel(R) WordPerfect(R) Office and WinZip(R). The company's global headquarters are in Ottawa, Canada, with major offices in the United States, United Kingdom, Germany, China, Taiwan and Japan. ELCOM INTERNATIONAL: Dec. 31 Balance Sheet Upside Down by US$1.2MM ------------------------------------------------------------------ Elcom International Inc. reported that for the year ended Dec. 31, 2007, it posted a net loss of US$3,765,000 on revenues of US$5,377,000. At Dec. 31, 2007, the company's balance sheet showed total assets of US$3,851,000, total liabilities of US$5,041,000, and stockholders' deficit of US$1,190,000. Malone Bailey, PC, in Houston, Texas, expressed substantial doubt about Elcom International Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended Dec. 31, 2007. The auditing firm pointed to the company's recurring losses from operations and accumulated deficit. Elcom has incurred net losses every year since 1998. As of December 31, 2007, Elcom had approximately US$947,000 of cash and cash equivalents and current assets of approximately US$3,166,000. Current liabilities amounted to approximately US$4,858,000. Elcom has incurred significant losses and has used cash in operating activities in each of the last several years, including US$3,744,000 in 2007, which raises substantial doubt about Elcom's ability to continue as a going concern. Elcom's ability to continue as a going concern is primarily dependent upon its ability to grow revenue and attain further operating efficiencies and, if necessary, to also attract additional capital. Elcom believes that as a result of its recent issuances of convertible loan notes, that it has the funds required to perform under its current contracts. During October and November 2007, Elcom received bridge loans from a non-US investor of GBP750,000 -- approximately US$1,551,000. The loans are repayable upon demand and convertible at the option of the Payee into shares of common stock, at the price of 3.5p per share, subject to adjustment, downwards only, in the event that Common Stock or any equity instruments are issued at a price lower than 3.5p at anytime. The loans are expected to be converted into shares at some stage in the future. The convertible notes that were issued in connection with these bridge loans were issued in reliance on the exemption from registration under Regulation S promulgated under the Securities Act of 1993, as amended. A discount of US$653,969 was recorded for the imputed interest rate upon issuance of the convertible notes. The discount is amortized utilizing the effective interest method over the period commencing on the issuance date to the stated maturity date. About Elcom International Elcom International Inc. -- http://www.elcom.com/-- develops online managed services for eProcurement and eMarketplaces that enable buyers and sellers to transact seamlessly over the Internet and create additional sources of revenue and increase market share for partners. Its core products and services include application software designed to automate the entire procurement process from sourcing to spend analysis, hosting and application management services including all hardware and software required to operate an eProcurement and eMarketplace system and ongoing support to manage catalogues and designated end users. Elcom is headquartered outside of Boston, in Norwood, Massachusetts. Its main country of operation is the U.S., however it also provides additional support to its U.K. customer base through home based employees. Elcom International Inc.'s stock trades on the Pink Sheets in the United States under the symbol ELCO. EMPLOYMENT PEOPLE: Claims Filing Period Ends Oct. 2 --------------------------------------------------- Creditors of Employment People Group Ltd. have until Oct. 2, 2008, to send in their names and addresses, with particulars of their debts or claims, to: Lindsey J. Cooper Joint Liquidator Baker Tilly Restructuring and Recovery LLP Brazennose House Lincoln Square Manchester M2 5BL England Lindsey Cooper and Philip Pierce of Baker Tilly Restructuring and Recovery LLP were appointed joint liquidators of the company on Aug. 27, 2008. LEHMAN BROTHERS: Case Summary & 31 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Lehman Brothers Holdings Inc. 745 Seventh Avenue New York, NY 10019 Bankruptcy Case No.: 08-13555 Type of Business: The Debtor is an investment bank. The company serves the financial needs of corporations, governments and municipalities, institutional clients, and high net worth individuals worldwide. Founded in 1850, Lehman Brothers is involved in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The company operates in three segments: Capital Markets, Investment Banking, and Investment Management. It has regional headquarters in London and Tokyo, and operates in a network of offices around the world. It has about 28,000 full-time employees. See: http://www.lehman.com/ Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. ------ -------- LB 745 LLC 08-13600 Chapter 11 Petition Date: September 15, 2008 Court: Southern District of New York (Manhattan) Debtor's Counsel: Harvey R. Miller, Esq. harvey.miller@weil.com Richard P. Krasnow, Esq. Lori R. Fife, Esq. Shai Y. Waisman, Esq. Jacqueline Marcus, Esq. Weil, Gotshal & Manges, LLP 767 Fifth Avenue New York, NY 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 http://www.weil.com/ The Debtor's financial condition as of May 31, 2008: Total Assets: US$639 billion Total Debts: US$613 billion A. Lehman Brothers' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Citibank, N.A., as indenture bond debt US$138,000,000,000 trustee, and The Bank of New York Mellon Corporation (with respect to the Euro Medium Term Notes only, as indenture trustee, under the Lehman Brothers Holdings. Senior Notes. Citibank, N.A. 399 Park Avenue New York, NY 10043 Attn: Wafaa Orfy Tel: (800) 422-2066 Fax: (212) 816-5773 The Bank of New York One Canada Square Canary Wharf, London E14 5AL Attn: Raymond Morison Tel: 44-207-964-8800 The Bank of New York bond debt US$15,000,000,000 Mellon Corporation, as indenture trustee under the Lehman Brothers Holdings Inc. subordinated debt. The Bank of New York Mellon Corporation 101 Barclay Street New York, NY 10286 Attn: Chris O'Mahoney Tel: (212) 815-4107 Fax: (212) 815-4000 AOZORA bank loan US$463,000,000 1-3-1 Kudan-Minami Chiyoda-ku, Tokyo 102-8660 Tel: 81-3-5212-9631 Fax: 81-3-3265-9810 Mizuho Corporate Bank Ltd. bank loan US$289,000,000 Global Syndicated Financi Division 1-3-3, Marunochi, Chiyoda-ku Tokyo, Japan 100-8210 Timothy White Managing Director - Head of Originations Corporate and Investment Bank Department 1251 Avenue of the Americas 32nd floor New York, NY 10020-1104 Tel: (212) 282-3360 Fax: (212) 282-4487 Citibank N.A. Hong Kong bank loan US$275,000,000 Branch Financial Institutions Group Asia Pacific 44f Citibank Tower 3 Garden Rd. Central Hong Kong Michael Mauerstein MD - FIG 388 Greenwich Street New York, NY 10013 Tel: (212) 816-3431 BNP Paribas bank loan US$250,000,000 787 7th Avenue New York, NY 10019 Tel: (212) 841-2084 Shinesi Bank Ltd. bank loan US$231,000,000 1-8, Uchisaiwaicho 2- Chome Chiyoda-ku, Tokyo 100-8501 Tel: 81-3-5511-5377 Fax: 81-3-4560-2834 UFJ bank Limited bank loan US$185,000,000 2-7-1, Marunouchi Chiyoda-ku, TKY 100-8388 Stephen Small vice president head of financial institutions Bank of Tokyo-Mitsubishi UFJ Trust Company 1251 Avenue of the Americas New York, New York 10020-1104 Tel: (212) 782-4352 Fax: (212) 782-6445 Sumitomo Mitsubishi bank loan US$177,000,000 Bank Corp. 13-6 Nihobashi- Kodenma-Cho, Chuo-ku, Tokyo, 103-0001 Yas Imai Senior Vice President Head of Financial Institution Group Sumitomo Mistui Banking Corporation 277 Park Avenue New York, NY 10172 Tel: (212) 224-4031 Fax: (212) 224-4384 Svenska Handelsbanken letter of credit US$140,610,543 153 E. 53rd St., 37th floor New York, NY 10022 Tel: (212) 258,9487 KBC Bank letter of credit US$100,000,000 125 W. 55th St. New York, NY 10019 Tel: (212) 258-9487 Mizuho Corporate Bank Ltd. bank loan US$93,000,000 1-3-3, Marunouchi Chiyoda-ku, TKY 100-8219 Timothy White Managing Director - Head of Originations Corporate and Investment Bank Department 1251 Avenue of the Americas 32nd floor New York, NY 10020-1104 Tel: (212) 282-3360 Shinkin Central Bank bank loan US$93,000,000 8-1, Kyobashi 3-Chome Chuo-ku, Tokyo 104-0031 Shuji Yamada Deputy General Manager Financial Institution Dept. Shinkin Central Bank 3-7, Yaesu 1-chome, Chuo-ku Tokyo 104-0028 Tel: 81-3-5202-7679 Fax: 81-3-3278-7051 The Bank of Nova Scotia bank loan US$93,000,000 Singapore Branch 1 Raffles Quay #201-01 One Raffles Quay North Tower Singapore 0485583 George Neofitidis Director Financial Institutions Group One Liberty Plaza New York, NY 10006 Tel: (212) 225-5379 Fax: (212) 225-5254 Chuo Mitsui Trust & Banking bank loan US$93,000,000 3-33-1 Shiba, Minato-ku, Tokyo, 105-0014 Tel: 81-3-5232-8953 Fax: 81-3-5232-8981 Lloyds Bank letter of credit US$75,381,654 1251 Avenue of the Americas 39th Floor P.O. Box 4873 New York, NY 10163 Tel: (212) 930-8967 Fax: (212) 930-5098 Hua Nan Commercial Bank bank loan US$59,000,000 Ltd. 38 Chung-King South Road Section 1 Taipei, Taiwan Bank of China bank loan US$50,000,000 New York Branch 410 Madison Avenue New York, NY 10017 Tel: (212) 936-3101 Fax: (212) 758-3824 Nippon Life Insurance Co. bank loan US$46,000,000 1-6-6, Marunouchi, Chiyoda-ku, Tokyo 100-8288 Takayuki Murai Deputy General Manager Corporate Finance Dept. #1 Nippon Life Insurance Co. Tel: 81-3-5533-9814 Fax: 81-3-5533-5208 ANZ Banking Group bank loan US$44,000,000 Limited 18th Floor Kyobo Building 1 Chongro 1 Ku, Chongro Ka, Seoul, Korea Michael Halevi Director, Financial Institutions ANZ Banking Group 1177 Avenue of Americas New York, NY 10036 Tel: (212) 810-9871 Fax: (212) 801-9715 Standard Chartered Bank bank loan US$41,000,000 One Madison Avenue New York, NY 10010-3603 Bill Hughes SVP-FIG Standard Chartered bank One Madison Avenue New York, NY 10010-3603 Tel: (212) 667-0355 Fax: (212) 667-0273 Standard Chartered Bank letter of credit US$36,114,000 One Madison Avenue New York, NY 10010-3603 Bill Hughes SVP-FIG Standard Chartered bank One Madison Avenue New York, NY 10010-3603 Tel: (212) 667-0355 Fax: (212) 667-0273 First Commercial Bank bank loan US$25,000,000 Co. Ltd. New York Agency 750 3rd Avenue, 34th Floor New York, NY 10017 Jason C. Lee Deputy General Manager First Commercial Bank Co. Ltd. New York Agency 750 3rd Avenue, 34th Floor New York, NY 10017 Tel: (212) 599-6868 Fax: (212) 599-6133 Bank of Taiwan bank loan US$25,000,000 New York Agency 100 Wall Street, 11th Floor New York, NY 1005 Eunice S.J. Yeh Senior Vice President & General Manager 100 Wall Street, 11th floor New York, NY 10005 Tel: (212) 968-0580 Fax: (212) 968-8370 DnB NOR Bank ASA bank loan US$25,000,000 NO-0021, Olso, Norway Stranden 21, Aker Brygge Tel: 47 22 9487 46 Fax: 47 22 48 29 84 Australia and New Zealand bank loan US$25,000,000 Banking Group Limited Melbourne Office Level 6, 100 Queen Street Victoria Melbourne, VIC 3000 Australia Michael Halevi Director, Financial Institutions ANZ Banking Group 1177 Avenue of Americas New York, NY 10036 Tel: (212) 810-9871 Fax: (212) 801-9715 Australia National Bank letter of credit US$12,588,235 1177 Avenue of the Americas, 6th Floor New York, NY 10036 Michael Halevi Director, Financial Institutions ANZ Banking Group 1177 Avenue of Americas New York, NY 10036 Tel: (212) 810-9871 Fax: (212) 801-9715 National Australia Bank letter of credit US$10,294,163 245 Park Avenue, 28th Fl. New York, NY 10167 Michael Halevi Director, Financial Institutions ANZ Banking Group 1177 Avenue of Americas New York, NY 10036 Tel: (212) 810-9871 Fax: (212) 801-9715 Taipei Fubon Bank, New bank loan US$10,000,000 York Agency 100 Wall Street, 14th floor NY NY 10005 Tel: (212) 968-9888 Fax: (212) 968-9800 B. LB 745's Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Rocky-Forty-Ninth LLC ground lease US$0 c/o The Rockefeller Group 1221 Avenue of the Americas New York, NY 10020 LEHMAN BROTHERS: Bankruptcy Filing Cues S&P to Change Indices ------------------------------------------------------------- Standard & Poor's made these changes to the S&P 100, S&P 500 and S&P MidCap 400 indices: -- Lehman Brothers Holdings Inc. has been removed from the S&P 100 and S&P 500 indices on September 16. The company has filed for Chapter 11 bankruptcy protection. -- Lehman's place in the S&P 100 will be taken by S&P 500 constituent Occidental Petroleum Corp. -- Lehman's place in the S&P 500 will be taken by S&P MidCap 400 constituent Harris Corp., and Harris Corp. will be replaced by Greif Inc. in the S&P MidCap 400, all after the close of trading on Friday, September 19. LEHMAN BROTHERS: Fitch Trims 260 Tender Options Bonds Ratings to D ------------------------------------------------------------------ Fitch has short-term ratings on approximately 260 tender option bonds, based on liquidity provided by Lehman Brothers Holding Inc. Of those, some also have long-term ratings based on credit enhancement provided by LBHI. The short-term rating on those TOBs will all be downgraded to 'D', based on LBHI's current short-term rating, which was downgraded to 'D' on September 15, 2008. For the TOBs whose long-term rating is based on credit enhancement from LBHI, the long-term rating will be revised to either the long-term rating of the underlying security within the TOB trust, if rated by Fitch, or withdrawn in those cases where Fitch does not rate the underlying security. The long-term ratings on the TOBs that are not based on LBHI will remain the same. The CUSIPs of the affected securities and the rating changes will be announced as soon as they are processed. LEHMAN RE: Best Slashes Issuer Credit Rating to 'bb' from 'a-' -------------------------------------------------------------- A.M. Best Co. has downgraded the financial strength rating to B(Fair) from A-(Excellent) and issuer credit rating to "bb" from "a-" of Lehman Re Limited (Hamilton, Bermuda). The outlook for both ratings is negative. Lehman Re is a wholly owned reinsurance subsidiary of Lehman Brothers Holding Inc, and the decision of Lehman Brothers to petition for Chapter 11 bankruptcy protection has prompted these rating actions. While Lehman Re is not included in the bankruptcy petition, A.M. Best believes that the pending reorganization of Lehman Brothers could have a significant adverse impact on Lehman Re. A.M. Best had expected that the balance sheet of Lehman Brothers would be a source of capital for Lehman Re, if needed. A.M. Best also is concerned about the future of ongoing operating ties such as the securities activity between Lehman Re and other Lehman Brothers' affiliates, the administrative and investment management services provided to Lehman Re by other subsidiaries of Lehman Brothers and the inability of Lehman Brothers to refer potential insurance clients to Lehman Re. A.M. Best will continue to evaluate the impact of the Lehman Brothers' bankruptcy reorganization on Lehman Re. The ratings and/or outlook of Lehman Re could change as new information becomes available. MOAT RECRUITMENT: Appoints Peter Hollis as Liquidator ----------------------------------------------------- Peter Hollis of Vantis was appointed liquidator of Moat Recruitment Ltd. on Aug. 29, 2008, for the creditors' voluntary winding-up procedure. The company can be reached at: Moat Recruitment Ltd. c/o Vantis Torrington House 47 Holywell Hill St. Albans Herts AL1 1HD England NORTEL NETWORKS: Recent Actions Point to New Restructuring ---------------------------------------------------------- Nortel Networks Corp. maybe in the verge of restructuring again as indicated by its current actions. The company cut its revenue forecasts by 2% - 4% compared to 2007. It is now preparing for another round of layoffs and has said it is selling its Metro Ethernet business, Wojtek Dabrowski and Susan Taylor of Reuters report. The company had its bouts with several restructuring and efforts at turning the company around cost thousands of jobs and billion dollars in losses, the report added. Mr. George Riedel, Chief Strategy Officer was very positive in an interview, "We certainly have our challenges, but I think we've got momentum as well, and if we stay focused on the growth areas with more firepower, we feel confident we can power through this." Nortel reported a cash outflow from operating activities of US$74 million in the second quarter of 2008. About Nortel Networks Nortel Networks Corporation -- http://www.nortel.com-- (NYSE/TSX: NT) is a global supplier of networking solutions serving both service provider and enterprise customers. It supplies end-to-end networking products and solutions that help organizations enhance and simplify communications. Nortel operates in four segments: Carrier Networks, Enterprise Solutions, Metro Ethernet Networks and Global Services. Nortel Networks Limited is the company�s principal operating subsidiary. The company's executive offices are located in Toronto and has operations in the United Kingdom, China, Australia, Argentina and Brazil, among others. * * * In May 2008, Standard & Poor's Ratings Services revised its outlook on Toronto-based telecommunications equipment provider Nortel Networks Ltd. to positive from stable. At the same time, S&P affirmed the ratings, including the 'B-' long-term corporate credit rating, on the company. The ratings on NNL are based on the consolidation with parent Nortel Networks Corp. At the same time, S&P assigned a 'B-' bank loan rating to NNL's proposed US$500 million 10.75% senior unsecured notes due 2016. The notes are being issued as an add-on to the existing US$450 million 10.75% senior unsecured notes due 2016, issued July 2006. S&P also assigned a recovery rating of '4' to the notes, indicating the expectation for average (30%-50%) recovery in the event of payment default. Nortel will use the net proceeds from the new debt issuance, together with cash balances, to repay Nortel Network Corp.'s US$675 million 4.25% convertible notes maturing Sept. 1. At the same time, Moody's Investor Service said Nortel Network Corp.'s Senior Unsecured Convertible, Exchange Bond, Debenture ratings remains unchanged at B3 with LGD assessment changed to LGD4, 66% from LGD4, 67%. PERFECT FAST: Joint Liquidators Take Over Operations ---------------------------------------------------- Mark Newman and Vincent John Green of Vantis Business Recovery Services were appointed joint liquidators of Perfect Fast Food Poultry Ltd. on Sept. 4, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: Vantis Business Recovery Services Judd House 16 East Street Tonbridge Kent TN9 1HG England PLG 1: Brings in Liquidators from Kroll --------------------------------------- Scott Innes Gailie and Anne Clare O'Keefe of Kroll Limited were appointed joint liquidators of PLG 1 Ltd. (formerly PLG Holdings Ltd.) on Sept. 3, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: PLG 1 Ltd. 454 Chester Road Old Trafford Manchester M16 9HD England SEGURO TRAVEL: Goes Into Administration; Ceases Trading ------------------------------------------------------- Seguro Travel Ltd. and its subsidiary Seguro Aviation Ltd. which trade under the style Seguro Holidays and Kent Escapes ceased trading on Sept. 10, 2008. David Thornhill, Ian David Green and Ian Oakley-Smith were appointed as joint administrators of the companies on Sept. 12, 2008. They manage the affairs, business and property of the companies as agents. They are all licensed to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. The closure of the business has been brought about by the failure of Futura Airlines. The directors of Seguro have no involvement in the management of Futura Airlines. The Civil Aviation Authority was called in to protect customers booked with Seguro. The CAA, under its ATOL (Air Travel Organiser's Licensing) scheme, is making arrangements for customers abroad to complete their holidays and return to the UK and to fully refund those with forward bookings. Seguro operated air package holidays and flights out of Glasgow, Prestwick and Kent airports to Spain, the Canary Islands and Portugal and sold mainly through travel agents. STORT ELECTRICAL: Calls in Liquidators from Vantis -------------------------------------------------- Glyn Mummery and Darren Wilson of Vantis Business Recovery Services were appointed joint liquidators of Stort Electrical Wholesalers Ltd. on Sept. 3, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: Stort Electrical Wholesalers Ltd. c/o Vantis Business Recovery Services 43-45 Butts Green Road Hornchurch Essex RM11 2JX England SUPREME IMPORTS: Appoints Liquidators from KPMG ----------------------------------------------- Brian Green and Richard Dixon Fleming of KPMG LLP were appointed joint liquidators of Supreme Imports (Wholesale) Ltd. on Sept. 3, 2008, for the creditors' voluntary winding-up proceeding. TRAVEL CITY: Former Staff to Take Legal Action Over Unpaid Wages ---------------------------------------------------------------- Robin Turner of Western Mail reports that former Travel City Direct staff in Swansea's Enterprise Zone are contemplating legal action against their former bosses to recover wages. The report relates around 150 staff at Travel City Direct lost their jobs after parent XL Leisure Group Plc went into administration. According to the report, Travel City Direct, which sold XL holiday packages, failed to pay wages to staff this month. As reported in the TCR-Europe, XL Leisure Group Plc, XL Airways UK Limited, Excel Aviation Limited, Explorer House Limited, Aspire Holidays Limited, Freedom Flights Limited, Freedom Flights (Aviation) Limited, The Really Great Holiday Company plc, Medlife Hotels Limited, Travel City Flights Limited, and Kosmar Villa Holidays plc have been put into administration. On Sept. 12, 2008, Alastair Beveridge, Nick Cropper, Simon Appell and Stuart Mackellar were appointed as joint administrators of the companies by the Court. The companies entered into administration having suffered as a result of volatile fuel prices, the economic downturn, and were unable to obtain further funding. Headquartered in Crawley, XL Leisure Group Plc -- http://www.xl.com/-- is the third largest tour operating group in the UK. The company also has operations in France, Germany, Ireland, Australia and Cyprus. ULTIMATE WINDOWS: Claims Filing Period Ends Nov. 3 -------------------------------------------------- Creditors of Ultimate Windows (Southern) Ltd. have until Nov. 3, 2008, to detail their names and addresses (and solicitors if applicable) together with particulars of their debts or claims, in writing, or in person, to: Duncan R. Beat Liquidator Tenon Recovery 75 Springfield Road Chelmsford Essex CM2 6JB England Duncan R. Beat of Tenon Recovery was appointed liquidator of Ultimate Windows (Southern) Ltd. on Sept. 1, 2008, for the creditors' voluntary winding-up procedure. VEHICLE SERVICE: Taps Liquidators from Tenon Recovery ----------------------------------------------------- S. J. Parker and T. J. Binyon of Tenon Recovery were appointed joint liquidators of Vehicle Service Centre Ltd. on Aug. 22, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: Vehicle Service Centre Ltd. c/o Tenon Recovery Sherlock House 73 Baker Street London W1U 6RD England XL LEISURE: Warned of Financial Irregularities Prior to Collapse ---------------------------------------------------------------- XL Leisure Group plc was warned of "financial irregularities" by its auditor almost two years before it collapsed into administration, Mark Kleinman and Richard Fletcher of The Sunday Telegraph report. According to the report, XL Leisure, formerly Excel Airways, blocked KPMG from conducting a "comprehensive independent investigation" into alleged misrepresentations by directors, prompting them to resign in October 2006. The allegations, the report discloses, centered on the timing of invoices from Alpha Airports, which supplied the company with airline catering services. XL Leisure allegedly persuaded Alpha Airports to "hold back" invoices until the end of the financial year, thereby boosting profits in the year to October 2005. In its resignation letter, KPMG stated the tour operator's accounts did not "give a true and fair view of the profit and the state of affairs of the company," the report relates. The report notes that following a short investigation KPMG concluded "the supplier arrangements had been misrepresented to us by certain directors of the company. The financial statements were likely to contain material errors as a result." As reported in the TCR-Europe, XL Leisure Group Plc, XL Airways UK Limited, Excel Aviation Limited, Explorer House Limited, Aspire Holidays Limited, Freedom Flights Limited, Freedom Flights (Aviation) Limited, The Really Great Holiday Company plc, Medlife Hotels Limited, Travel City Flights Limited, and Kosmar Villa Holidays plc have been put into administration. On Sept. 12, 2008, Alastair Beveridge, Nick Cropper, Simon Appell and Stuart Mackellar were appointed as joint administrators of the companies by the Court. The companies entered into administration having suffered as a result of volatile fuel prices, the economic downturn, and were unable to obtain further funding. Headquartered in Crawley, XL Leisure Group Plc -- http://www.xl.com/-- is the third largest tour operating group in the UK. The company also has operations in France, Germany, Ireland, Australia and Cyprus. XL LEISURE: CAA and Kroll In Dispute Over Flying Grounded Planes ---------------------------------------------------------------- The UK Civil Aviation Authority and Kroll have clashed over a rescue plan to use XL Leisure Group Plc's 19 planes to return 85,000 stranded holidaymakers to Britain, Amanda Vermeulen of The Financial Times reports. The report notes that while both Kroll and CAA considered the option of allowing the grounded planes to continue flying to bring holidaymakers home, each has blamed the other for resorting to other measures. The CAA, the report discloses, claimed that although it had offered to extend the plane's operating licenses and arrange payment for fuel and crew, Kroll did not allow the XL planes to fly. Kroll however argued "the CAA was not in a position to offer reasonable terms," the report relates. Repatriation Operation The CAA, on Sept. 16, 2008, said it had successfully completed the first phase of its repatriation operation to bring back customers over the weekend. Currently, 158 flights have been arranged which have carried or will carry 37,150 passengers back to the UK from a total of 38 destinations. ATOL-protected customers of the failed XL Leisure Group tour operators who are still abroad are reminded that their holidays are financially protected from the moment the company went into administration on Sept. 12, 2008. The CAA, which manages the ATOL scheme, told XL holidaymakers they should not need to pay hotel bills at the end of their stays. Hoteliers who have charged XL package tourists directly, because of fears that they will not be paid, are being contacted by the CAA and UK tour operators with reassurance that bills from the time of XL's collapse will be settled in full by ATOL. Customers who are asked to settle bills at hotels and resorts are advised to immediately contact the resort holiday representatives of Thomson, First Choice, Thomas Cook or Virgin Holidays who are liaising closely with the CAA. Passengers who booked directly with XL Airways or the XL subsidiary, Medlife, which sold only accommodation, are not covered by ATOL. Richard Jackson, CAA Director of Consumer Protection, said: "ATOL offers complete financial protection covering both flights and accommodation. If you are covered then you should not have to pay for anything that was covered under your original package. The CAA and tour operators are contacting hoteliers to remind them that ATOL will be picking up the bills from the point of XL's collapse." The flights currently organized by the CAA are from Alicante, Malaga (Spain); Palma (Majorca); Athens, Chania, Corfu, Heraklion, Kalamata, Kavala, Kefalonia, Kos, Mykonos, Preveza, Rhodes, Samos, Santorini, Skiathos, Zante (Greece); Bodrum, Dalaman (Turkey); Cagliari (Sardinia); Faro (Portugal); Hurghada, Sharm El Sheikh (Egypt); Bridgetown (Barbados); Antigua, Grenada, St Kitts, St Lucia (Caribbean); Larnaca, Paphos (Cyprus); Orlando, Sanford (Florida); Arrecife (Lanzarote); Fuerteventura, Las Palmas, Tenerife (Canaries); Mahon (Minorca). Arrival airports in the UK are Belfast, Birmingham, Bristol, East Midlands, Gatwick, Glasgow, Heathrow, Leeds Bradford, Manchester and Newcastle. As reported in the TCR-Europe, XL Leisure Group Plc, XL Airways UK Limited, Excel Aviation Limited, Explorer House Limited, Aspire Holidays Limited, Freedom Flights Limited, Freedom Flights (Aviation) Limited, The Really Great Holiday Company plc, Medlife Hotels Limited, Travel City Flights Limited, and Kosmar Villa Holidays plc have been put into administration. On Sept. 12, 2008, Alastair Beveridge, Nick Cropper, Simon Appell and Stuart Mackellar were appointed as joint administrators of the companies by the Court. The companies entered into administration having suffered as a result of volatile fuel prices, the economic downturn, and were unable to obtain further funding. Headquartered in Crawley, XL Leisure Group Plc -- http://www.xl.com/-- is the third largest tour operating group in the UK. The company also has operations in France, Germany, Ireland, Australia and Cyprus. * UK: Lehman's Downfall Threatens City IT Workers, Analysts Say --------------------------------------------------------------- Staff working in centralized back offices at large banks "have to be worried" in the aftermath of Lehman Brothers bankruptcy and the dramatic takeover of Merrill Lynch by Bank of America, Computerworld UK's Leo King relates, citing Ralph Silva, senior analyst at financial services advisory firm Tower Group. Mr. Silva added that there will be a drive to cut costs and outsource work, according to Computerworld UK. He predicted that there will be smaller reductions in the number of front office IT jobs in the City of London. According to Mr. Silva, "it can be very difficult to decouple the business until the functions are split," Computerworld UK says. He highlighted the need to decentralize banks by splitting IT roles per division to simplify any future business break up, the report notes. Mr. Silva, based on the report, added that he expected IT investment by banks to continue to be squeezed. The problems at investment banks have been a "difficult subject" for IT workers, Computerworld UK reports, citing Iain Smith, founder of IT human resources consultancy Diaz Research. "For some months now, the prime thrust has been cutting contractors," Mr. Smith told Computerworld UK. He said that contractors have to prove being indispensible, the report adds. Mr. Smith revealed that investment banks take control over the cost of IT staffing by "not replacing people when they go," Computerworld UK reports. * Begbies Traynor Predicts Nine U.K. Airlines Going Under --------------------------------------------------------- Experts at Begbies Traynor warned that nine U.K. airlines could be in danger of going bust in the near future following the collapse of XL Leisure Group, Karl West writes for Mail Online. Begbies Traynor partner, Nigel Atkinson, disclosed that the nine U.K. airlines, both charter and scheduled are under their insolvency watchlist, Mail Online relates. British Airways Plc said that a GBP1 billion rise in its fuel costs this year may wipe out its profits, Mail Online reports. BA CEO Willie Walsh had told 150 senior workers last week about its plan to cut jobs, Mail Online notes. Begbies Traynor, which recently undertook the administration of stricken business-only carrier Silverjet, also reckons that as many as 30% of the top 30 European charter airlines "may be unable to make it through to next summer," the report says. "Red flag alert" statistics at the firm show a 288% rise in the number of transport and communications companies "facing critical problems, Mail Online quotes Mr. Atkinson as saying. Mail Online comments that the airlines and holiday firms have been hit hard by the double whammy of high fuel prices and decline in consumer spending. The report notes Zoom, Silverjet, EOS, MaxJet, and Spanish charter airline Futura, as among those which have filed for administration in the past days. BA CEO Sees 30 More Airlines Going Bankrupt As reported by the Troubled Company Reporter on Sept. 18, 2008, Mr. Walsh, warned that up to 30 more airlines will go bankrupt before Christmas as the biggest rescue of stranded passengers in travel industry history began. The airline industry is vulnerable due to the crippling rise in fuel prices, declining bookings, and economic slowdown. About XL Leisure Headquartered in Crawley, XL Leisure Group -- http://www.xl.com/ -- is the third largest tour operating group in the UK. The company also has operations in France, Germany, Ireland, Australia and Cyprus. As reported by the Troubled Company Reporter on Sept. 15, 2008, XL Leisure Group Plc has gone into administration. XL Airways UK Limited, Excel Aviation Limited, Explorer House Limited, Aspire Holidays Limited, Freedom Flights Limited, Freedom Flights (Aviation) Limited, The Really Great Holiday Company plc, Medlife Hotels Limited, Travel City Flights Limited, and Kosmar Villa Holidays plc are also in administration. On Sept. 12, 2008, Alastair Beveridge, Nick Cropper, Simon Appell and Stuart Mackellar were appointed as joint administrators of the companies by the Court. About Silverjet Headquartered in Luton, United Kingdom, Silverjet Plc -- http://www.flysilverjet.com/-- operates flights between London and New York and London and Dubai. About Zoom Airlines Headquartered in Ottawa, Ontario, Zoom Airlines Inc. -- http://www.flyzoom.com/-- is a low-fare transatlantic airline that flies between Canada and Europe. As reported by the Troubled Company Reporter on Sept. 3, 2008, Zoom Mile High Airlines' Website suspended operations with effect from 7:00 p.m., on Aug. 28, 2008. Both Zoom Airlines Inc. and Zoom Airlines Ltd., the Canadian and U.K. airlines, have started administration proceedings in their home countries. About Futura Based in Palma de Mallorca, Spain, Futura International Airways -- http://www.futura.aero/-- was founded in 1989. The airline has a fleet of 38 B-737 jets. The Troubled Company Reporter related on Sept. 11, 2008, that Spain-based charter carrier Futura International Airways has filed for creditor protection with a court in Palma de Majorca after being hit by soaring fuel prices. Futura suspended flights for 24 hours on Sept. 8, 2008, and sought bankruptcy protection. About MAXjet Airways Headquartered in Dulles, Virginia, MAXjet Airways Inc. -- http://www.maxjet.com/-- is an all-business class, long-haul airline company. It has introduced scheduled services with flights from London Stansted Airport to New York. As of December, 2006, it leased five B767 aircraft. Its customers are both business and leisure travelers. At the airport, its product features check-in facilities located in primary terminals, security and a business class departure lounge and arrivals facility. Its flights features deep-recline seats (170 degree) spaced at a 60 inch pitch, portable entertainment systems, stowage space and business class catering. The Debtor filed for chapter 11 protection on Dec. 24, 2007 (Bankr. D. Del. Case No. 07-11912). The Debtor selected Pachulski Stang Ziehl & Jones LLP and Pillsbury Winthrop Shaw Pittman LLP as its bankruptcy counsels. The Debtor selected Epiq Bankruptcy Services LLC as claims, noticing and claims agent. Arent Fox LLP represents the Official Committee of Unsecured Creditors. The Debtor's summary of schedules shows assets of US$14,836,147 and debts of US$23,601,824. About British Airways Headquartered in Harmondsworth, England, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * British Airways Plc continues to carry a "Ba1" senior unsecured debt rating from Moody's with a stable outlook. * LEHMAN: Moody's Rates Certain Transactions with Lehman Exposure ----------------------------------------------------------------- Moody's Investors Service announced that is has placed its ratings of certain credit derivative transactions listed below that have exposure to Lehman Brothers Holdings Inc. and certain UK Lehman companies, including Lehman Brothers International (Europe), on watch for possible downgrade. Additionally, certain other Transactions were downgraded and left under review for further possible downgrade. Moody's explained that its rating action is based upon LBHI seeking protection under Chapter 11 of the U.S. Bankruptcy Code and LB-UK being placed into administration, a procedure governed by the Insolvency Act of 1986, on September 15, 2008. The exposure of the Transactions to LBHI Entities arises from various roles performed by them in the Transactions, including (without limitation): -counterparty under interest rate and currency swaps -counterparty under credit default swaps -guarantor -liquidity provider -repo counterparty -remarketing agent -depositor -collateral manager -servicer -sponsor -cash manager -calculation agent -paying agent -collateral provider -issuer The Moody's ratings of the following Transactions have been placed on review for possible downgrade: Arosa Funding Limited: (1) 3 Tranches of Series 2006-2 Dynaso 2006-1 Notes Current Rating: Baa3, on review for downgrade Prior Rating: Baa3 Elva Funding Plc: (1) Series 2006-6 through Series 2006-47 Credit Linked Notes Current Rating: All on review for downgrade Prior Rating: Various Onyx Funding Limited: (1) Series 2004-1 Class A Credit Linked Synthetic Portfolio Notes Current Rating: Aa2, on review for downgrade Prior Rating: Aa2 (2) Series 2004-1 Class B Credit Linked Synthetic Portfolio Notes Current Rating: A3, on review for downgrade Prior Rating: A3 (3) Series 2006-1 Credit Linked Synthetic Portfolio Notes Current Rating: A2, on review for downgrade Prior Rating: A2 (4) Series 2008-1 Credit Linked Synthetic Portfolio Notes Current Rating: Aaa, on review for downgrade Prior Rating: Aaa Phoenix 2002-1 Limited: (1) Class A Notes Current Rating: Aa3, on review for downgrade Prior Rating: Aa3 (2) Class B Notes Current Rating: A1, on review for downgrade Prior Rating: A1 (3) Class C Notes Current Rating: Ba3, on review for downgrade Prior Rating: Ba3 Quartz Finance Plc (1) Series 2003-1 Eldon Street Class A Notes Current Rating: Aa3, on review for downgrade Prior Rating: Aa3 (2) Series 2003-1 Eldon Street Class B Notes Current Rating: Baa1, on review for downgrade Prior Rating: Baa1 (3) Series 2003-4 Kingsway Floating Rate Credit Linked Notes Current Rating: Ba2, on review for downgrade Prior Rating: Ba2 (4) Series 2003-5 Kingsway II Credit Linked Synthetic Portfolio Notes Current Rating: Ba2, on review for downgrade Prior Rating: Ba2 (5) Series 2005-1 Class A Kingsbury Credit Linked Synthetic Portfolio Notes Current Rating: A3, on review for downgrade Prior Rating: A3 (6) Series 2005-1 Class B Kingsbury Credit Linked Synthetic Portfolio Notes Current Rating: Baa2, on review for downgrade Prior Rating: Baa2 (7) Series 2005-2 Kingsway Credit Linked Synthetic Portfolio Notes Current Rating: Ba2, on review for downgrade Prior Rating: Ba2 Ruby Finance Plc: (1) 2004-3 Credit Linked Synthetic Portfolio Notes Current Rating: A3, on review for downgrade Prior Rating: A3 (2) 2006-2 Orion Enhanced Return Notes Current Rating: Baa1, on review for downgrade Prior Rating: Baa1 (3) 2006-3 RIESLING Credit Linked Notes Current Rating: Baa2, on review for downgrade Prior Rating: Baa2 (4) 2006-4 Credit Linked Synthetic Portfolio Notes Current Rating: A1, on review for downgrade Prior Rating: A1 (5) 2006-5 Bison Notes Current Rating: A3, on review for downgrade Prior Rating: A3 (6) 2006-6 Capital Protected Notes Current Rating: Aa1, on review for downgrade Prior Rating: Aa1 (7) 2007-1 Credit Linked Synthetic Portfolio Notes Current Rating: A2, on review for downgrade Prior Rating: A2 (8) 2007-3 Class A-1 Snowden Swap Agreement Current Rating: Aaa, on review for downgrade Prior Rating: Aaa (9) 2007-3 Class A-2 Snowden Notes Current Rating: Aaa, on review for downgrade Prior Rating: Aaa (10) 2007-3 Class B Snowden Notes Current Rating: Aa2, on review for downgrade Prior Rating: Aa2 (11) 2007-3 Class C Snowden Notes Current Rating: A2, on review for downgrade Prior Rating: A2 (12) 2007-3 Class D Snowden Notes Current Rating: Baa2, on review for downgrade Prior Rating: Baa2 (13) 2007-3 Class E Snowden Notes Current Rating: Ba2, on review for downgrade Prior Rating: Ba2 (14) 2007-5 Capital Protected Notes Current Rating: Aa1, on review for downgrade Prior Rating: Aa1 (15) 2007-6 Spirit Capital Protected Notes Current Rating: Aaa, on review for downgrade Prior Rating: Aaa (16) 2008-2 Class A1 Notes (Collateralised Fund Obligation) Current Rating: Aa1, on review for downgrade Prior Rating: Aa1 Saphir Finance Plc: (1) Series 2006-9 Perpetual Non-Cumulative Securities Current Rating: Aa3, on review for downgrade Prior Rating: Aa3 The Moody's ratings of the following Transactions have been downgraded and remain under review: Crediop Overseas Bank Limited (1) Series 63 Credit Linked Notes linked to Lehman Brothers Holdings Inc. Current Rating: Caa2, on review for downgrade Prior Rating: A2 Lehman Brothers Treasury Co BV (1) Series 1767 Credit Linked Notes linked to General Electric Current Rating: Caa2, on review for downgrade Prior Rating: B3, under review for downgrade Ruby Finance Plc: (1) 2007-7 Dynamic Capital Protected Notes Current Rating: B3, on review for downgrade Prior Rating: A2 * S&P Takes Rating Actions on 422 Tranches After Lehman Bankruptcy ------------------------------------------------------------------ Standard & Poor's Ratings Services has taken credit rating actions on 422 tranches in European securitizations following recent rating actions on Lehman Brothers Holdings Inc. and related entities. Lehman performs a wide range of roles in various structured finance transactions, some of which have a bearing on the credit risk of the rated notes in the transactions. On Sept. 15, 2008, Lehman Brothers Holdings Inc., the parent/holding company of the Lehman Brothers group, filed for protection under Chapter 11 of the U.S. Bankruptcy Code. As a result, on the same day S&P lowered its long-term counterparty credit rating on Lehman Brothers to 'SD' (selective default, meaning payments may not be made on some financial obligations), from 'A'. S&P also lowered the long-term counterparty credit and issue ratings on most of Lehman Brothers' subsidiaries to 'BB-' or 'R'. Some of these ratings remain on CreditWatch with developing implications. On Sept. 16, S&P lowered its counterparty credit rating on Lehman Brothers to 'D' from 'SD'. Full details of the rating actions on different subsidiaries and debt issues are available in the related research updates "Lehman Bros. Holdings Downgraded To 'Selective Default'; Other Lehman Entities To 'BB-' Or 'R'" (published on Sept. 15) and "Research Update: Lehman Brothers Holdings Inc. Rating Lowered To 'D'" (published Sept. 16). Lehman provides some form of credit and/or liquidity support, or otherwise acts as the participant in the operation of several European structured finance transactions. In these cases, the credit risk on the rated notes may be a function of Lehman's credit risk. For example, the rating actions cover transactions where Lehman performs the role of: * Bank account provider; * Derivatives counterparty; * Guarantor; * Liquidity provider; * Issuer; or * Seller. In addition, the actions cover certain European CMBS transactions backed by real estate where Lehman is a major tenant. Resolution of the CreditWatch negative actions will depend on whether solutions will be presented to replace Lehman in the mentioned transactions, as well as further analysis to assess and quantify the dependency on Lehman. Furthermore, two transactions had their ratings lowered to 'D'; one in which the rating of the issuing entity was lowered to 'D' and the other in which the bond purchased as an eligible investment had been lowered to 'D'. Separate to these transactions covered in this release, some transactions (notably certain CDOs) are also directly exposed to the credit risk of Lehman since they hold debt issued by such entities or have sold credit protection on them via credit default swaps. Any rating actions that may result from such exposures are not covered in this release and will be detailed in further releases over the next few days. It should be noted that the rating actions on Lehman do not, in and of themselves, affect the current ratings assigned to any European asset-backed commercial paper (ABCP) conduits. Of the conduits identified with exposure to Lehman, some have promptly removed such exposure, while others have mitigated the exposure through program-wide enhancement or liquidity support from other sources. In the coming weeks S&P expects to publish further media releases, detailing its assessment of any further rating impact on a case- by-case basis. Ratings Placed on CreditWatch Negative: Class To From Clio European CLO B.V. EUR555 million floating-rate and EUR161.3 million subordinated notes A1 A/Watch Neg A A2 A/Watch Neg A B BBB/Watch Neg BBB C BB/Watch Neg BB Consumer Unsecured Reperforming Loans (CURL) PLC GBP147.36 million asset-backed floating-rate notes A AA/Watch Neg AA B AA/Watch Neg AA C A/Watch Neg A D BBB/Watch Neg BBB E BB/Watch Neg BB Eurosail 2006-1 PLC GBP462.978 million EUR60.7 million and US$437.5 million (plus an overissuance of GBP11.025 million) mortgage-backed floating-rate notes A2c AAA/Watch Neg AAA B1a AA/Watch Neg AA B1c AA/Watch Neg AA C1a A/Watch Neg A C1c A/Watch Neg A D1a BBB/Watch Neg BBB D1c BBB/Watch Neg BBB E BB/Watch Neg BB Eurosail 2006-2BL PLC EUR60.8 million , GBP406.28 million and US$318 million mortgage- backed floating-rate notes A1b AAA/Watch Neg AAA A1c AAA/Watch Neg AAA A2c AAA/Watch Neg AAA B1a AA+/Watch Neg AA+ B1b AA+/Watch Neg AA+ C1a A+/Watch Neg A+ C1c A+/Watch Neg A+ D1a BBB/Watch Neg BBB D1c BBB/Watch Neg BBB E1c BB-/Watch Neg BB- F1c B/Watch Neg B Eurosail 2006-3NC PLC EUR227.85 million, GBP269.913 million and US$205 million mortgage-backed floating-rate notes, an overissuance of GBP18.360 million mortgage-backed floating-rate notes and GBP1.173 million mortgage-backed deferrable-interest notes A2b AAA/Watch Neg AAA A2c AAA/Watch Neg AAA A3a AAA/Watch Neg AAA A3c AAA/Watch Neg AAA A3c DACs AAA/Watch Neg AAA B1a AA/Watch Neg AA C1a A+/Watch Neg A+ C1c A+/Watch Neg A+ D1a BB+/Watch Neg BB+ D1c BB+/Watch Neg BB+ E1c B/Watch Neg B ETc B/Watch Neg B Eurosail 2006-4NP PLC GBP489 million, US$64 million and EUR327.5 million mortgage-backed floating-rate notes and an overissuance of GBP7.45 million excess spread backed floating-rate notes A2c AAA/Watch Neg AAA A3a AAA/Watch Neg AAA A3c AAA/Watch Neg AAA B1a AA/Watch Neg AA C1a A/Watch Neg A C1c A/Watch Neg A D1a BBB/Watch Neg BBB D1c BBB/Watch Neg BBB E1c BB/Watch Neg BB M1a AAA/Watch Neg AAA M1c AAA/Watch Neg AAA Eurosail-NL 2007-1 B.V. EUR350 million mortgage-backed floating-rate notes and an overissuance of EUR11.2 million excess spread backed floating-rate notes A AAA/Watch Neg AAA B AA/Watch Neg AA C A/Watch Neg A D BBB/Watch Neg BBB E1 BB/Watch Neg BB Eurosail-UK 2007-2NP PLC EUR480.7 million and GBP258.8 million mortgage-backed floating- rate notes and an overissuance of GBP8.775 million excess spread backed floating-rate notes A1a AAA/Watch Neg AAA A1c AAA/Watch Neg AAA A2a AAA/Watch Neg AAA A2c AAA/Watch Neg AAA A3a AAA/Watch Neg AAA A3c AAA/Watch Neg AAA B1a AA/Watch Neg AA B1c AA/Watch Neg AA C1a A+/Watch Neg A+ D1a BBB-/Watch Neg BBB- D1c BBB-/Watch Neg BBB- E1c BB/Watch Neg BB ETc BB/Watch Neg BB M1a AAA/Watch Neg AAA M1c AAA/Watch Neg AAA Eurosail-UK 2007-3BL PLC EUR345 million GBP268.53 million US$300 million mortgage-backed floating-rate notes and an overissuance of GBP9.75 million excess- spread-backed floating-rate notes A1b AAA/Watch Neg AAA A1c AAA/Watch Neg AAA A2a AAA/Watch Neg AAA A2b AAA/Watch Neg AAA A2c AAA/Watch Neg AAA A3a AAA/Watch Neg AAA A3c AAA/Watch Neg AAA B1a AA/Watch Neg AA B1c AA/Watch Neg AA C1a A/Watch Neg A C1c A/Watch Neg A D1a BBB-/Watch Neg BBB- E1c BB/Watch Neg BB ETc BB/Watch Neg BB Eurosail-UK 2007-4BL PLC EUR696 million and GBP251.11 million mortgage-backed floating-rate notes A1a AAA/Watch Neg AAA A1c AAA/Watch Neg AAA A2a AAA/Watch Neg AAA A3a AAA/Watch Neg AAA A3c AAA/Watch Neg AAA B1a AA/Watch Neg AA C1a A/Watch Neg A D1a BBB-/Watch Neg BBB- E1c BB/Watch Neg BB Gazprombank Mortgage Funding 2 S.A. EUR147 million and RUB2,082.8 million mortgage-backed floating- and fixed-rate notes (Gazprombank Mortgage Backed Securities Series 2007-1) A1 BBB+/Watch Neg BBB+ A2 BBB+/Watch Neg BBB+ B BBB-/Watch Neg BBB- C BB-/Watch Neg BB- Italfinance Securitisation Vehicle S.r.l. EUR191.765 million asset-backed floating-rate notes series 2006-1 A BB+/Watch Neg BB+ B BB/Watch Neg BB Lehman Brothers Treasury Co. B.V. EUR30 million Artemis Capital CDO of CDO variable-rate credit- linked synthetic portfolio series 4103 BB+/Watch Neg BB+ Marble Arch Residential Securitisation No. 4 PLC EUR100.55 million GBP518.2 million and US$479 million mortgage- backed floating-rate notes an overissuance of GBP14.28 million mortgage-backed floating-rate notes and GBP0.42 million mortgage- backed deferrable-interest notes A2b AAA/Watch Neg AAA A2c AAA/Watch Neg AAA A3c AAA/Watch Neg AAA A3c DACs AAA/Watch Neg AAA B1a AA/Watch Neg AA B1b AA/Watch Neg AA B1c AA/Watch Neg AA C1a A/Watch Neg A C1c A/Watch Neg A D1a BBB/Watch Neg BBB D1c BBB/Watch Neg BBB E1c B/Watch Neg B Phoenix 2002-2 Ltd. EUR239 million credit-linked floating-rate notes A AAA/Watch Neg AAA B AA+/Watch Neg AA+ C A/Watch Neg A D BB+/Watch Neg BB+ Portfolio GREEN German CMBS GmbH EUR585.411 million secured floating-rate notes A AAA/Watch Neg AAA B AA/Watch Neg AA C A/Watch Neg A D BBB/Watch Neg BBB E BB/Watch Neg BB F B/Watch Neg B G B/Watch Neg B Preferred Residential Securities 06-1 PLC GBP288.432 million and EUR107.6 million and US$145 million mortgage-backed floating-rate notes A2a AAA/Watch Neg AAA A2b AAA/Watch Neg AAA A2c AAA/Watch Neg AAA A2c DACs AAA/Watch Neg AAA B1a AA/Watch Neg AA B1c AA/Watch Neg AA C1a A/Watch Neg A C1c A/Watch Neg A D1a BBB/Watch Neg BBB D1c BBB/Watch Neg BBB E1c BB/Watch Neg BB ETc BB/Watch Neg BB FTc B/Watch Neg B Preferred Residential Securities 8 PLC EUR108.5 million, GBP336.2 million and US$100 million mortgage- backed floating-rate notes A1a1 AAA/Watch Neg AAA A1a2 AAA/Watch Neg AAA A1b AAA/Watch Neg AAA A1c AAA/Watch Neg AAA B1a AA/Watch Neg AA B1c AA/Watch Neg AA C1a A/Watch Neg A C1c A/Watch Neg A D1a BBB+/Watch Neg BBB+ D1c BBB+/Watch Neg BBB+ E BB/Watch Neg BB Ruby Finance PLC EUR84.5 million class A-1 swap agreement and EUR67.5 million credit-linked synthetic portfolio notes series 2007-3 A-1 AAAsrp/Watch Neg AAAsrp A-2 AAA/Watch Neg AAA B AA/Watch Neg AA C A/Watch Neg A D BBB/Watch Neg BBB E BB/Watch Neg BB Windermere VII CMBS PLC EUR782.25 million commercial mortgage-backed floating-rate notes A2 AAA/Watch Neg AAA B AA/Watch Neg AA C A/Watch Neg A D BBB+/Watch Neg BBB+ E BBB/Watch Neg BBB F BB/Watch Neg BB X AAA/Watch Neg AAA Windermere X CMBS Ltd. EUR1.497 billion commercial mortgage-backed floating-rate notes A AAA/Watch Neg AAA B AAA/Watch Neg AAA C AA/Watch Neg AA D A/Watch Neg A E BBB/Watch Neg BBB F BB/Watch Neg BB X AAA/Watch Neg AAA Windermere XI CMBS PLC GBP707.767 million commercial mortgage-backed floating-rate notes A AAA/Watch Neg AAA B AA/Watch Neg AA C A/Watch Neg A D BBB/Watch Neg BBB E BB/Watch Neg BB Ratings Remaining On CreditWatch Negative: Berica 6 Residential MBS S.r.l. EUR1,427.65 million mortgage-backed floating-rate notes (plus as overissuance of EUR8.565 million mortgage-backed deferrable- interest class D notes) D BB/Watch Neg Eurosail-UK 2007-1NC PLC GBP328.6 million and EUR552.15 million mortgage-backed floating- rate notes plus an overissuance of GBP28.7 million excess-spread- backed floating-rate notes D1a BBB/Watch Neg D1c BBB/Watch Neg DTc BBB+/Watch Neg E1c BB/Watch Neg ETc BB-/Watch Neg FTc B/Watch Neg Southern Pacific Securities 05-3 PLC GBP135 million and EUR304.3 million and US$100 million mortgage- backed floating-rate notes plus an over issuance of GBP14 mil mortgage-backed fltg-rate nts & GBP4 mil mortgage-backed deferrable-interest nts E1c BB/Watch Neg ETc BB/Watch Neg FTc B/Watch Neg Southern Pacific Securities 06-1 PLC GBP140.45 million, EUR157.85 million and US$199.15 million mortgage-backed floating-rate notes, plus an overissuance of GBP13.68 million and GBP2.88 million deferrable interest notes E1c BB/Watch Neg ETc BB/Watch Neg FTc B/Watch Neg Windermere VIII CMBS PLC GBP1,037.79 million commercial mortgage-backed floating-rate notes E BB/Watch Neg Ratings Affirmed: Class Rating Eurosail 2006-3NC PLC EUR227.85 million, GBP269.913 million and US$205 million mortgage- backed floating-rate notes, an overissuance of GBP18.360 million mortgage-backed floating-rate notes and GBP1.173 million mortgage- backed deferrable-interest notes FTc CCC Ratings Lowered Class To From Lehman Brothers Bankhaus AG EUR50 million Chablis credit-linked synthetic portfolio schuldschein D A+ Saphir Finance PLC EUR10 million credit-linked synthetic portfolio notes (Lennox II) series 2005-3 Class C C D BBB+ * BOOK REVIEW: Strategies for Investing in Intellectual Property ---------------------------------------------------------------- Author: David S. Ruder Publisher: Beard Books Softcover: 172 pages List Price: $79.95 Order your personal copy at: http://www.amazon.com/exec/obidos/ASIN/1587982927/internetbankrupt This book, Strategies for Investing in Intellectual Property by David S. Ruder, provides an overview of strategies for investing into intellectual property assets of all forms (patents, copyrights, trademarks, trade secrets, and other rights). It is an invaluable introduction to the subject for all types of investors, from private equity and venture capital investors looking at private deals to hedge fund and mutual fund investors looking at public market opportunities. This book is also of particular help to corporate and intellectual property lawyers that want to understand current trends relating to intellectual property investing. Among the topics covered are: accounting and valuation, intellectual property analytics, equity investment strategies, arbitrage, and securitization. The book also provides guidance as to why intellectual property assets continue to be of interest to investors, how investors might establish investment criteria, and provides some commentary as to whether intellectual property should be viewed as a discrete asset class. ********* 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, Melanie Pador, Marie Therese V. 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 * * *