/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/090106.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, January 6, 2009, Vol. 10, No. 3 Headlines A U S T R I A BETONBAU + QM: Claims Registration Period Ends January 14 FAMN LLC: Claims Registration Period Ends January 20 LIFT PLASTICS: Claims Registration Period Ends February 10 MTS LLC: Claims Registration Period Ends January 12 N.F. LLC: Claims Registration Period Ends January 20 ROMAN STRAUSS: Claims Registration Period Ends January 29 TEK AUTOHANDEL: Claims Registration Period Ends January 14 VENUS-VIDEO LLC: Claims Registration Period Ends January 14 E S T O N I A Q VARA: Seeks Bankruptcy Protection F R A N C E LEHMAN BROTHERS: Court Approve Settlement with French Units G E R M A N Y B & H HANSEATISCHE: Claims Registration Period Ends Jan. 23 D-H-K VERWALTUNGS: Claims Registration Period Ends January 20 EUROMEDIA VERLAGS: Claims Registration Period Ends January 23 SUNRISE SENIOR: Enters Into Standstill Agreement with Natixis ZENTRUM DER FOERDER: Claims Registration Period Ends January 19 H U N G A R Y SCANTEK MEDICAL: Files for Chapter 11 Bankruptcy in New Jersey SCANTEK MEDICAL: Case Summary & 20 Largest Unsecured Creditors I R E L A N D LOMAC TILES: To Go Into Creditors' Voluntary Liquidation ZAVVI RETAIL: Provisional Liquidator Appointed K A Z A K H S T A N BRILLIANTOVY MIR: Proof of Claim Deadline Slated for February 5 KASIET LLP: Creditors Must File Claims by February 5 KAZ STROY ENGINEERING: Claims Filing Period Ends February 5 NAURYZ 2007: Creditors' Claims Due on February 5 NERUDNIK JSC: Claims Registration Ends February 5 SHYMNUR LLP: Proof of Claim Deadline Slated for February 5 STARLINE TOUR: Creditors Must File Claims by February 5 TUGEL-OUBEKIR LLP: Claims Filing Period Ends February 5 VOSTOK KAZ: Creditors' Claims Due on February 5 YAKSART SAUDA: Claims Registration Ends February 5 K Y R G Y Z S T A N ASIA RITAIL: Creditors Must File Claims by February 12 R U S S I A ALROSA: Diamond Output to Drop 1.7% in 2008, President Says DANILOVSKIY WOODWORKERS: Creditors Must File Claims by Feb 19 MAGNITOGORSKIY AUTOMOTIVE: Court Names Insolvency Manager SAKHALIN SHELF: Creditors Must File Claims by February 19 SODEYSTVIE LLC: Creditors Must File Claims by February 19 SPETS-STROY-TVER LLC: Tverskaya Bankruptcy Hearing Set May 21 TEKH-STROY-PROEKT LLC: Creditor Must File Claims by January 19 TYRNYAUZSKIY WOLFRAMIUM: Court Names Insolvency Manager VOLZHSKIE KONSERVY: Creditors Must File Claims by February 19 YAMAL-GAZ-PROM-STROY LLC: Bankruptcy Hearing Set March 27 YURGAMYSHSKIY BUTTER: Creditors Must File Claims by January 19 * RUSSIA: Gov't Allocates US$340 Bln for Anti-Crisis Package S P A I N AIFOS: Forced Into Receivership by Creditor S W E D E N FORD MOTOR: Vehicle Sales in US Drop Almost 19% in 2008 S W I T Z E R L A N D AESCU-TRADE JSC: Creditors Must File Proofs of Claim by Feb. 21 ALUMINIUM SILICON: Deadline to File Proofs of Claim Set Feb. 25 AVEDIS HOLDING: Creditors Have Until March 30 to File Claims FAMO LLC: Proofs of Claim Filing Deadline is February 26 GENERAL MOTORS: Board of Directors Approves Amendment of Bylaws GLADIUS JSC: Creditors' Proofs of Claim Due by February 21 HL TREUHAND: February 20 Set as Deadline to File Claims MED SERVICES: Creditors Must File Proofs of Claim by Feb. 28 WINKLER BAUPLANUNG: Deadline to File Proofs of Claim Set Feb. 25 U K R A I N E GROUP ALLIANCE-INVEST: Creditors Must File Claims by January 9 IDZ LTD: Creditors Must File Claims by January 10 INDUSTRIAL BRIQUETTE: Creditors Must File Claims by January 9 INTECT PLUS: Creditors Must File Claims by January 9 KAFI LLC: Creditors Must File Claims by January 9 MANKOVKA MOTOR: Creditors Must File Claims by January 9 NAFTOGAZ OF UKRAINE: Avoids Technical Default on US$500 Mln Bond OLENEVKA AGRICULTURAL: Creditors Must File Claims by January 9 POZITRON LLC: Creditors Must File Claims by January 9 SEVENTH BUILDING: Creditors Must File Claims by January 9 TROLINING UKRAINE: Creditors Must File Claims by January 9 U N I T E D K I N G D O M CARR CONSTRUCTION: Appoints Joint Liquidators from Baker Tilly DOVERLINE LTD: Names Joint Liquidators from Smith & Williamson EDMOND PROPERTIES: Taps Liquidators from Smith & Williamson GLOBE PUB: May Breach Banking Covenants J.H. DAVIES LTD: Appoints Joint Administrators from Baker Tilly KATE KUBA: Goes Into Administration PASSION FOR PERFUME: In Administration; Deloitte Appointed PETER LONG: Brings in Joint Liquidators from PKF ROXYLIGHT PROPERTIES: Taps Liquidators from Smith & Williamson SAXON URBAN: Calls in Joint Liquidators from Smith & Williamson SHIELDTECH PLC: In Talks with Bankers; Share Trading Suspended SNEINTON SPACE: Names Joint Liquidators from Smith & Williamson SUNGUARD HOMES: Appoints Joint Liquidators from Smith & Williamson SWAN COURT: Taps Joint Liquidators from Smith & Williamson WATERFORD WEDGWOOD: Deloitte LLP Appointed as Administrators WOOLWORTHS PLC: Jersey Staff Launches Petition Over Payout * UK: Deloitte Says 2008, a Year of "Two Halves" for Hotels * UK: Deloitte Says Credit Crunch Hits FTSE 100 Pension Schemes * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= BETONBAU + QM: Claims Registration Period Ends January 14 --------------------------------------------------------- Creditors owed money by LLC Betonbau + QM Planung (FN 286623f) have until Jan. 14, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Wien Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:40 a.m. on Jan. 28, 2009, for the examination of claims at: Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 27, 2008, (Bankr. Case No. 28 S 155/08k). FAMN LLC: Claims Registration Period Ends January 20 ----------------------------------------------------- Creditors owed money by LLC Famn (FN 249485s) have until Jan. 20, 2009, to file written proofs of claim to the court-appointed estate administrator: Andrea Prochaska Wassergasse 33/12 1030 Wien Austria Tel: 718 77 50 Fax: 718 77 50 15 E-mail: anwalt@andrea-prochaska.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on Feb. 3, 2009, for the examination of claims at: Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 27, 2008, (Bankr. Case No. 4 S 182/08d). LIFT PLASTICS: Claims Registration Period Ends February 10 ---------------------------------------------------------- Creditors owed money by LLC Lift Plastics (FN 116132h) have until Feb. 10, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Andreas Wippel Triester Str. 15 2620 Neunkirchen Austria Tel: 02635/62860 Fax: 02635/6286114 E-mail: kanzlei@dr-wippel.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 24, 2009, for the examination of claims at: Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Ternitz, Austria, the Debtor declared bankruptcy on Nov. 27, 2008, (Bankr. Case No. 11 S 123/08m). MTS LLC: Claims Registration Period Ends January 12 --------------------------------------------------- Creditors owed money by LLC MTS (FN 262956a) have until Jan. 12, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Karl Schirl Krugerstrasse 17/3 1010 Wien Austria Tel: 513 22 31 Fax: 513 22 31-1 E-mail: dr.karl.schirl@der-rechtsanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 26, 2009, for the examination of claims at: Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 27, 2008, (Bankr. Case No. 3 S 140/08w). N.F. LLC: Claims Registration Period Ends January 20 ---------------------------------------------------- Creditors owed money by LLC N.F. (FN 85768f) have until Jan. 20, 2009, to file written proofs of claim to the court-appointed estate administrator: Peter Haslinger Krottendorfer Gasse 4 8700 Leoben Austria Tel: 03842-48117 Fax: 03842-48117-11 E-mail: office@ra-ahb.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:45 a.m. on Dec. 17, 2008, for the examination of claims at: Land Court of Leoben Hall IV Leoben Austria Headquartered in Wald am Schoberpass, Austria, the Debtor declared bankruptcy on Nov. 27, 2008, (Bankr. Case No. 17 S 62/08y). ROMAN STRAUSS: Claims Registration Period Ends January 29 --------------------------------------------------------- Creditors owed money by LLC Roman Strauss & Partner (FN 211772f) have until Jan. 29, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Erwin Senoner Alser Strasse 21 1080 Wien Austria Tel: 4060551 Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Feb. 12, 2009, for the examination of claims at: Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 27, 200, (Bankr. Case No. 5 S 130/08i). TEK AUTOHANDEL: Claims Registration Period Ends January 14 ---------------------------------------------------------- Creditors owed money by LLC Tek Autohandel (FN 245135v) have until Jan. 14, 2009, to file written proofs of claim to the court- appointed estate administrator: Bernhard Konecny Franz-Josefs-Kai 49 1010 Wien Austria Tel: 533 52 72 Fax: 533 52 72 15 E-mail: office@abel-abel.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:00 p.m. on Jan. 28, 2009, for the examination of claims at: Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 27, 2008, (Bankr. Case No. 28 S 157/08d). VENUS-VIDEO LLC: Claims Registration Period Ends January 14 ----------------------------------------------------------- Creditors owed money by LLC Venus-Video (FN 69704g) have until January 14, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Wien Austria Tel: 713 44 33, 713 34 05 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:00 p.m. on Jan. 28, 2009, for the examination of claims at: Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 27, 2008, (Bankr. Case No. 28 S 156/08g). ============= E S T O N I A ============= Q VARA: Seeks Bankruptcy Protection ----------------------------------- Estonian real estate company Q Vara has sought bankruptcy protection, Marge Tubalkain-Trell at Baltic Business News reports citing aripaev.ee as its source. In a filing with the Harju County Court, the company, the report relates, blamed the cooling economy for its financial woes. "The clients, for whom the price level had gotten high and financing more complicated, started to value building quality and location. That means many ready and almost ready developments did not find a buyer," the company was quoted by the report as saying. "The amount of Q Vara's financial expenses has gotten notably higher than expected for smaller bank financing. Refinancing high-interest bridge financing has been notably harder." =========== F R A N C E =========== LEHMAN BROTHERS: Court Approve Settlement with French Units ----------------------------------------------------------- Lehman Brothers Holdings, Inc., obtained approval from the U.S. Bankruptcy Court for the Southern District of New York of a settlement agreement with three French affiliates that operate Lehman's investment business in France. The three affiliates are: (i) Banque Lehman Brothers S.A., (ii) Lehman Brothers Conseil S.A., and (iii) Lehman Brothers Services S.N.C. LBHI also obtained authority to vote, in its capacity as a shareholder of BLB, for the sale of BLB's business to Banque Nomura France and the voluntary dissolution of BLB, both of which are predicated, inter alia, upon the implementation of the Settlement Agreement. The Settlement Agreement would cut the claims of Banque Lehman against the bankrupt company from EUR178 million to EUR93.2 million. Banque Lehman's claim stems from the cash management system of Lehman Brothers Holdings, which reportedly left the unit without funds after its parent company filed for bankruptcy on Sept. 15. Meanwhile, Lehman Brothers asserts more than EUR76 million against Banque Lehman and another EUR8 million against LBS as of Sept. 12. Its claims related to its employee incentive plan and pre-bankruptcy intercompany loans. The settlement was reached after extensive talks between Alvarez & Marsal Inc., and Alain Bachelot, the administrator appointed by the French Banking Commission to run the units. Sale of Banque Lehman The approval of the Settlement Agreement is also a precondition for the sale of Banque Lehman to Banque Nomura France, the only bidder for the unit. Banque Nomura is a unit of Japan's largest brokerage, Nomura Holdings Inc., the same firm that bought Lehman Brothers Holdings' Asian, European and Middle Eastern businesses for US$2 billion. Attorney for Lehman Brothers Holdings, Richard Krasnow of Weil Gotshal & Manges, in New York, said the sale would significantly reduce Banque Lehman's debts since it requires Banque Nomura to assume its liabilities in return for the employees, business information technology, commercial records and other assets it would gain from Banque Lehman. The reduction in Banque Lehman's debt would also benefit Lehman Brothers Holdings, given the latter's potential exposure under a support letter dated June 15, 1994, wherein it committed to Banque de France and the Commission Bancaire to provide its French unit with financial support. "The combination of the [sale] and the settlement agreement will facilitate Banque Lehman's ability to wind down its affairs through a solvent liquidation which entails a cooperative and orderly process for negotiating with creditors and minimizing liabilities, rather than through an insolvent liquidation, which is likely to result if the settlement agreement is not approved," Mr. Krasnow said. The key terms of the Settlement Agreement are: (1) Lehman Brothers Holdings waives its claims in their entirety. (2) Banque Lehman waives its claim other than its remaining claim of EUR93,212,114, which is the net amount resulting from a netting of Lehman Brothers Holdings' claims against Banque Lehman's claims. Lehman Brothers Holdings retains the right to object to the remaining claim while Banque Lehman retains the burden of proving that the EUR93,212,114 is an allowed claim. (3) Alain Bachelot, acting administrator for Banque Lehman and its subsidiaries, will use his best efforts to settle all of Banque Lehman's liabilities with assets other than its remaining claim. Banque Lehman's recovery from Lehman Brothers Holdings ' estate on account of its remaining claim is limited to the lesser of the actual recovery Banque Lehman would receive, and the amount by which Banque Lehman's liabilities exceed its other assets. (4) Once the amount, if any, by which Banque Lehman's Liabilities exceed its other assets is determined, Mr. Bachelot will send a notice to Lehman Brothers Holdings stating the amount and providing supporting documents. Thereafter, the administrator has a right to sell all or a portion of the remaining claim for consideration of up to the amount by which Banque Lehman's liabilities exceed its other assets. (5) Banque Lehman waives any claims it has against Lehman Brothers Holdings on account of the bankrupt company's commitment to provide financial support. In the context of its liquidation and the withdrawal of its banking license, Banque Lehman also agrees to obtain from Banque de France or the Commission Bancaire the formal termination of the support letter with no residual claim, right or recourse whatsoever against Lehman Brothers Holdings as of the effective date of The withdrawal of its banking license. (6) Until the support letter becomes void and may no longer be exercised by Banque de France or the Commission Bancaire, Banque Lehman will neither sell the remaining claim nor receive any recoveries from Lehman Brothers Holdings on account of that claim. If Banque de France or the Commission Bancaire exercises any rights under the support letter, Banque Lehman will waive any rights it may have on account of the remaining claim. (7) Conditions precedent include: * approval by the Court prior to Dec. 23 of the Settlement Agreement and Lehman Brothers' vote in Banque Lehman's shareholder meetings in favor of the sale of the French unit's business and its liquidation; * approval by Banque Lehman's corporate bodies prior to Jan. 20, 2009, of the sale; and * approval by the Commercial Court of Paris in conciliation proceedings pursuant to Article L. 611-8-11 of the French Commercial Code, prior to Jan. 20, 2009, of the Settlement Agreement. The Settlement Agreement also provides that the rights and obligations of the signatories will be null and void if these conditions are not met or waived: (1) Lehman Brothers Holdings and the chairman in office of Banque Lehman do not vote in favor of the liquidation at the general meeting of shareholders of BLB on or prior to June 30, 2009; (2) the shareholders of LBS and LBC do not vote in favor of the voluntary dissolution of the two companies on or prior to June 30, 2009; (3) the withdrawal of the banking license of Banque Lehman by The French Comite des Etablissements de credit et des Enterprises d' Investissement does not take effect on or prior to June 30, 2009, or if Banque de France or the Commission Bancaire exercises its right under the support letter prior to the date on which the withdrawal has become effective; and (4) the formal approval of the settlement agreement by the Commercial Court of Paris has not become a final order within 10 days of its receipt. About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers led in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Through its team of more than 25,000 employees, Lehman Brothers offered a full array of financial services in equity and fixed income sales, trading and research, investment banking, asset management, private investment management and private equity. Its worldwide headquarters in New York and regional headquarters in London and Tokyo are complemented by a network of offices in North America, Europe, the Middle East, Latin America and the Asia Pacific region. The firm, through predecessor entities, was founded in 1850. Lehman filed for chapter 11 bankruptcy Sept. 15, 2008 (Bankr. S.D.N.Y. Case No.: 08-13555). Lehman's bankruptcy petition listed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Subsidiary LB 745 LLC, submitted a Chapter 11 petition on Sept. 16 (Case No. 08-13600). Several other affiliates followed thereafter. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. On Sept. 19, 2008, the Honorable Gerard E. Lynch, Judge of the United States District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act in the case captioned Securities Investor Protection Corporation v. Lehman Brothers Inc., Case No. 08-CIV- 8119 (GEL). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI Barclays Bank Plc has agreed, subject to U.S. Court and relevant regulatory approvals, to acquire Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, on Sept. 22 reached an agreement to purchased Lehman Brothers Holdings, Inc.'s operations in Europe and the Middle East less than 24 hours after it reached a deal to buy Lehman's operations in the Asia Pacific for US$225 million. Nomura paid only US$2 dollars for Lehman's investment banking and equities businesses in Europe, but agreed to retain most of Lehman's employees. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. These are currently the only UK incorporated companies in administration. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on Sept. 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on Sept. 16. The two units of Lehman Brothers Holdings, Inc., which has filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York, have combined liabilities of JPY4 trillion -- US$38 billion). Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Akio Katsuragi, a former Morgan Stanley executive, runs Lehman's Japan units. Lehman Brothers Asia Limited, Lehman Brothers Securities Asia Limited and Lehman Brothers Futures Asia Limited have suspended its operations with immediate effect, including ceasing to trade on the Hong Kong Securities Exchange and Hong Kong Futures Exchange, until further notice. The Asian units' asset management company, Lehman Brothers Asset Management Limited, will continue to operate on a business as usual basis. A further notice concerning the retail structured products issued by or arranged by any Lehman Brothers group company will be issued as soon as possible, a press statement said. (Lehman Brothers Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service, Inc., <http://bankrupt.com/newsstand/>or 215/945-7000). ============= G E R M A N Y ============= B & H HANSEATISCHE: Claims Registration Period Ends Jan. 23 ----------------------------------------------------------- Creditors of B & H Hanseatische Metallbau GmbH have until Jan. 23, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 9:55 a.m. on Feb. 25, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Stralsund Hall AE 26 House A Bielkenhagen 9 Stralsund Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heiko Jaap Steinbeckerstr. 10 17489 Greifswald Germany The District Court opened bankruptcy proceedings against the company on Dec. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B & H Hanseatische Metallbau GmbH Attn: Josef Bokelmann Poggenweg 16/17 17489 Greifswald Germany D-H-K VERWALTUNGS: Claims Registration Period Ends January 20 ------------------------------------------------------------- Creditors of D-H-K Verwaltungs GmbH have until Jan. 20, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 3, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Darmstadt Hall 4.310 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Bert Birkenweg 24 64295 Darmstadt Germany Tel: 06151/66 72 9-0 Fax: 06151/66 72 9-20 E-mail: darmstadt@ltb-anwaelte.de The District Court opened bankruptcy proceedings against the company on Dec. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: D-H-K Verwaltungs GmbH Attn: Holger Kramer, Manager Muehlbergstrasse 41 64319 Pfungstadt Germany EUROMEDIA VERLAGS: Claims Registration Period Ends January 23 ------------------------------------------------------------- Creditors of E.M. EuroMedia Verlags- und Service-Gesellschaft mbH have until Jan. 23, 2009, to register their claims with court- appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 10:50 a.m. on Feb. 24, 2009, at which time the insolvency manager will present his first report. 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 Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Thilo Streck Neuer Wall 86 20354 Hamburg Germany The District Court opened bankruptcy proceedings against the company on Dec. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: E.M. EuroMedia Verlags and Service-Gesellschaft mbH Attn: Christoph Marloh and Claudia Marloh, Managers Badestrasse 35 20148 Hamburg Germany SUNRISE SENIOR: Enters Into Standstill Agreement with Natixis ------------------------------------------------------------- On December 24, 2008, Sunrise Senior Living, Inc., entered into a Pre-Negotiation and Standstill Agreement by and among the company, two of its subsidiaries, Sunrise Hannover Senior Living GmbH & Co. KG and Sunrise Hannover GmbH, and Natixis, London Branch, in its capacity as agent and security trustee for certain lenders under: (i) a loan agreement, dated March 13, 2006, by and among the Agent, OpCo and certain lenders thereto, and (ii) a loan agreement, dated March 13, 2006, by and among the Agent, PropCo and certain lenders thereto. In connection with the Loans, the company and the Agent entered into (i) a funding obligation agreement, dated June 26, 2006, with PropCo and (ii) a funding obligation agreement, dated June 26, 2006, with OpCo pursuant to which the company provided certain guarantees to the Agent in respect of the Loans. On December 18, 2008, the Agent sent to the company a demand letter requesting that the company pay an amount equal to the cash flow deficit of EUR11,224,376 pursuant to the Funding Obligations. Pursuant to the terms of the Standstill Agreement, the Agent agreed, inter alia, to commence discussions and negotiations with the company and the Borrower relating to certain obligations of the company and the Borrower under the Loans and the Funding Obligations, and to not commence or prosecute any action or proceeding to enforce its demand for payment by the company of the Cash Flow Deficit during the period commencing on December 24, 2008, and ending on the later of (i) 60 calendar days after the date of the Standstill Agreement and (ii) the termination date of an agreement, if any, that the company intends to enter into with Bank of America, N.A. relating to its credit facility with that bank. In any event, the Standstill Agreement will automatically terminate upon the occurrence of an event of default, and will expire on March 31, 2009, at the latest. A full-text copy of the Pre-Negotiation and Standstill Agreement is available for free at: http://researcharchives.com/t/s?3728 The company, the Borrower and the Agent also entered into a Standstill Agreement dated December 23, 2008, which agreement is governed by the laws of the Federal Republic of Germany, pursuant to which the Agent agreed, inter alia, not to enforce any of its acceleration and prepayment rights under the Loans during the period commencing on December 23, 2008, and ending on the later of (i) 60 calendar days after the date of the Borrower Standstill Agreement and (ii) the termination date of an agreement, if any, that the company intends to enter into with Bank of America, N.A., relating to its credit facility with that bank. In any event, the Borrower Standstill Agreement will automatically terminate upon the occurrence of an event of default and will expire on March 31, 2009, at the latest. A full-text copy of the Borrower Standstill Agreement is available for free at: http://researcharchives.com/t/s?3727 Amendment to Annual Report On December 30, 2008, Sunrise Senior Living filed its second amendment to its Annual Report on Form 10-K for the fiscal year ended December 31, 2007. Among others, the company reflected its non-compliance with certain covenants related to its Bank Credit Facility. The financial statements of PS Germany Investment (Jersey) Limited Partnership have been revised to include a discussion of the company's non-compliance with certain covenants related to its Bank Credit Facility and a discussion of subsequent events occurring between September 10, 2008 and December 23, 2008. The Partnership's auditor said that the non-compliance raises substantial doubt about the Partnership's ability to continue as a going concern. Tiffany Tomasso Will Head European Operations Tiffany Tomasso, the company's chief operating officer, moved from her role and became head of European operations effective December 22, 2008. "Strengthening our core business remains our focus and that includes closer oversight of our European portfolios," said Mark Ordan, Sunrise's chief executive officer. "I am confident, with Tiffany's executive leadership, we will continue to see improvement in our UK and German communities." Daniel Schwartz, senior vice president of North American Operations, and Kurt Conway, senior vice president of Sales and Marketing, will now report to Mr. Ordan. "Sunrise is the brand leader in the industry, with some of the strongest operating metrics of any senior-living company," added Mr. Ordan. "Our experienced U.S. and Canadian operations leaders, in combination with Tiffany's oversight of Europe, make Sunrise well positioned to become a leaner, stronger, growing company." About Sunrise Senior Living Sunrise Senior Living, a McLean, Va.-based company -- http://www.sunriseseniorliving.com-- employs approximately 40,000 people. As of September 30, 2008, Sunrise operated 448 communities in the United States, Canada, Germany and the United Kingdom, with a combined capacity for approximately 55,000 residents. At quarter end, Sunrise also had 34 communities under construction in these countries with a combined capacity for 4,277 additional residents. Sunrise offers a full range of personalized senior living services, including independent living, assisted living, care for individuals with Alzheimer's and other forms of memory loss, as well as nursing, rehabilitative and hospice care. ZENTRUM DER FOERDER: Claims Registration Period Ends January 19 --------------------------------------------------------------- Creditors of Zentrum der Foerder and Aufzugstechnik Rosswein gemeinn�tzige GmbH have until Jan. 19, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Feb. 18, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Schoor Schorlemmerstrasse 2 04155 Leipzig Germany Tel: 0341/4903650 Fax: 0341/4903699 The District Court opened bankruptcy proceedings against the company on Dec. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Zentrum der Foerder and Aufzugstechnik Rosswein gemeinnuetzige GmbH Attn: Martina Gasse, Manager Doebelner Strasse 65A 04741 Rosswein Germany ============= H U N G A R Y ============= SCANTEK MEDICAL: Files for Chapter 11 Bankruptcy in New Jersey -------------------------------------------------------------- Scantek Medical, Inc., filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code before the United States Bankruptcy Court District of New Jersey. The company said it has shipped 35,000 units of its BreastCare(TM)/BreastAlert(TM) Differential Temperature Sensor product to a medical equipment supplier for hospitals and doctors in Brazil. The purchaser paid US$100,000 to date, and will pay the balance of the purchase price 180 days after its receipt of the units. The purchaser's obligation to pay the balance of the purchase price is secured by a standby letter of credit. About Scantek Medical Headquartered in Mountain Lakes, New Jersey, Scantek Medical Inc. (Pink Sheets: SKML) develops, produces, and distributes BeastCare(TM)/BreastAlert(TM) Differential Temperature Sensor product. The company has subsidiaries in Brazil and Hungary. SCANTEK MEDICAL: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Scantek Medical, Inc. PO Box 307 Mountain Lakes, NJ 07046 Bankruptcy Case No.: 08-35593 Type of Business: The Debtor develops, produces, and distributes BeastCare(TM)/BreastAlert(TM) Differential Temperature Sensor product. The company has subsidiaries in Brazil and Hungary. Chapter 11 Petition Date: December 24, 2008 Court: District of New Jersey (Newark) Judge: Morris Stern Debtor's Counsel: Wayne M. Greenwald, Esq. Wayne Greenwald, PC 475 Park Avenue South, 26th Floor New York, NY 10016 Tel: (212) 983-1922 Estimated Assets: Less than US$50,000 Estimated Debts: US$10 million to US$50 million The Debtor's Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Zsigmon L. Sagi US$3,501,256 PO Box 307 Mountain Lakes, NJ 07046 Ballydine US$1,908,045 Hong Kong China Accordant Holdings LLC US$1,690,730 853 East Valley Blvd., Ste 200 San Gabriel, CA 91776 Mintz & Fraade PC US$1,322,675 488 Madison Avenue, 11th Floor New York, NY 10022 Patricia Furness US$1,118,490 PO Box New Jersey Rubin Family Trust US$820,175 25 Highlands Blvd. Huntington Station, NY 11746 Louis Gottlieb US$675,321 439 Links Drive Roslyn, NY 11576 Weiner Goodman & Co. US$557,149 10 Industrial Way E. Eatontwon, NJ 07724 Canal Jeans US$552,249 c/o Ira Russack 2236 Norstrand Avenue Brooklyn, NY 11210 DC Consultants US$489,560 Gerald Goodman US$350,000 Malir Enterprises Corp. US$346,987 Zurow Investments SA US$346,987 Kilham Management US$346,987 Ira Russack US$314,029 Life Medical Technologies US$266,532 Inc. Jeffrey Izzo US$180,000 Law Offices of Edward C US$170,000 Kramer PC The petition was signed by Patricia B. Furness, president and director of the company. ============= I R E L A N D ============= LOMAC TILES: To Go Into Creditors' Voluntary Liquidation -------------------------------------------------------- Martin Wall at The Irish Times reports that staff at Lomac Tiles (Ireland) Ltd, which traded as Tile Market, have been told the company is to be placed in creditors' voluntary liquidation after running into financial difficulties. In a letter to staff Tuesday, December 30, company director Jim McMullan, as cited by the report, said the company was no longer in a position to continue with employment of staff and it was necessary to terminate contracts with immediate effect. Mr. McMullan, the report relates, told the staff that they had received all outstanding wages in their final pay, while additional claims for holiday pay, redundancy pay and notice pay would be dealt with by the liquidator when appointed. According to the report, staff said some stores had been closed since just before Christmas. Lomac Tiles (Ireland) had a pre-tax profit of EUR258,671 in 2007, down from EUR522,930 in 2006, the report discloses. Robin Morton of The Irish Times, however, notes Lomac Tiles' operation in the Northern Ireland is not affected by what is happening in the Republic. Staff at all 12 Tile Market outlets in Northern Ireland have been assured that their jobs are safe, Mr. Morton adds. Based in Lurgan, Co Armagh, Lomac Tiles (Ireland) Ltd provides wall and floor tiles, solid wood and wood laminate flooring and tools and accessories. ZAVVI RETAIL: Provisional Liquidator Appointed ---------------------------------------------- Louise Hogan and Ray Managh at Independent.ie report that Justice Bryan McMahon at the High Court appointed David Hughes of Ernst and Young as provisional liquidator to music chain Zavvi Retail Ireland Ltd. The report relates James Doherty, counsel for Zavvi, said the company, which operates 11 stores, had been unable to obtain supplies on credit since the closure of the Woolworths chain in Britain and was now no longer able to pay its debts, which stood at EUR11 million. Zavvi's board, the report recounts, insisted putting the company into examinership did not offer a realizable prospect of survival and it felt the best deal for creditors and employees, in the short term, could be achieved through liquidation. HMV, the report says, had expressed an interest in taking over five of Zavvi's stores in Ireland with a possibility of taking over even more. The report notes the Irish operation had been reasonably profitable prior to the collapse of its main supplier. According to the report, Mr. Doherty said talks, which had already taken place between Zavvi and HMV, could yet save many of the jobs at the company. The company, the report discloses, employs 207 permanent staff and 93 temporary staff. The petition to wind up the company was adjourned until Jan. 19, the report states. As reported in the TCR-Europe on Dec. 29, 2008, Tom Jack, Simon Allport and Alan Hudson of Ernst & Young LLP were appointed joint administrators of zavvi UK (zavvi Group Ltd, zavvi Retail Ltd, V R Services Ltd, Piccadilly Entertainment Stores Ltd, Ablegrand Ltd, Ablegrand 2 Ltd). Tom Jack and Andrew Dann of Ernst & Young LLP meanwhile were appointed as liquidators of zavvi Online (Guernsey) Ltd. The zavvi Group is the UK's largest independent entertainment retailer trading from 125 stores across the UK (114) and Ireland (11) currently employing 2,363 permanent staff and 1,052 temporary staff. The group was formed from a management buy out (MBO) of the Virgin Megastore division of the Virgin Group in September 2007. On November 27, 2008, Entertainment UK Ltd, the group's main supplier, went into administration. Since this time the group has been unable to source stock in the usual way and has been forced to enter into new trading arrangements. The directors understand it is unlikely that EUK will be sold as a going concern and the zavvi Group has continued to experience significant difficulty in obtaining stock on favorable credit terms. This has resulted in considerable working capital difficulties as a result of the failure of EUK, in addition to continuing operating losses. =================== K A Z A K H S T A N =================== BRILLIANTOVY MIR: Proof of Claim Deadline Slated for February 5 --------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Brilliantovy Mir insolvent. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Butin Str. 44 Micro District Taugul-3 050052 Almaty Kazakhstan Tel: 8 (7272) 39-15-60 8 777 223 07-71 KASIET LLP: Creditors Must File Claims by February 5 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Kasiet insolvent. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Kazakhstan Shymkent South Kazakhstan KAZ STROY ENGINEERING: Claims Filing Period Ends February 5 ----------------------------------------------------------- LLP Kaz Stroy Engineering has opted for liquidation. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: LLP Kaz Stroy Engineering 30 Let Tseliny Str. 2/1-76 Promyshlenny Almaty Astana Kazakhstan NAURYZ 2007: Creditors' Claims Due on February 5 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP Nauryz 2007 insolvent. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 NERUDNIK JSC: Claims Registration Ends February 5 ------------------------------------------------- JSC Nerudnik has declared liquidation. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: JSC Nerudnik 312 Strelkovaya diviziya ave. 10a Aktobe Aktube Kazakhstan SHYMNUR LLP: Proof of Claim Deadline Slated for February 5 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Shymnur insolvent. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Kazakhstan Shymkent South Kazakhstan STARLINE TOUR: Creditors Must File Claims by February 5 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Starline Tour insolvent. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 TUGEL-OUBEKIR LLP: Claims Filing Period Ends February 5 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Tugel-Oubekir insolvent on Aug. 1, 2008. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (7162) 25-79-32 VOSTOK KAZ: Creditors' Claims Due on February 5 ----------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Construction Company Vostok Kaz Sel Stroy insolvent. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Office 105 Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 57-83-69 YAKSART SAUDA: Claims Registration Ends February 5 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Yaksart Sauda insolvent on Aug. 12, 2008. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Aiteke bi Str. 29 Kyzylorda Kazakhstan =================== K Y R G Y Z S T A N =================== ASIA RITAIL: Creditors Must File Claims by February 12 ------------------------------------------------------ LLC Asia Ritail Consulting has declared insolvency. Creditors have until Feb. 12, 2009, to submit claims to: LLC Asia Ritail Consulting Manas Str. 64-8 Bishkek Kyrgyzstan =========== R U S S I A =========== ALROSA: Diamond Output to Drop 1.7% in 2008, President Says ----------------------------------------------------------- RIA Novosti reports that Alrosa's diamond output is expected to decline 1.7%, year-on-year, in 2008 to US$2.33 billion after the global economic crisis hit the world diamond market. In his statement published in the corporate bulletin, Alrosa President Sergei Vybornov, as cited by the report, said diamond sales were expected to slip 1.1% to US$2.76 billion in 2008, while the sale of quality diamonds would grow 0.6% to US$157.2 million. "The global economic crisis has proved to be extremely painful for the world diamond market. The world's largest diamond producers have turned out to be unprepared in full for such a sharp negative change in the market situation," Mr. Vybornov was quoted by the report as saying. He added the company had decided to reduce supply on the market, the report notes. About Alrosa ALROSA Co. Ltd. -- http://eng.alrosa.ru/eng/-- is Russia's largest diamond company engaged in the exploration, mining, manufacture and sales of diamonds and one of the world's major rough diamond producers. ALROSA produces about 20% of the world's rough diamond output and accounts for almost 100% of all rough diamonds produced in Russia. * * * As reported in the TCR-Europe on Nov. 28, 2008, Moody's Investors Service affirmed the Ba2 corporate family ratings of ALROSA Company Ltd and Ba2 senior unsecured US$500 million 2014 notes raised by the group at ALROSA Finance SA and guaranteed by ALROSA Company Ltd. The outlook is stable. While Moody's affirmed the ratings, it has also revised the inputs that support the Ba2 corporate family ratings. DANILOVSKIY WOODWORKERS: Creditors Must File Claims by Feb 19 ------------------------------------------------------------- Creditors of LLC Danilovskiy Woodworkers Plant have until Feb. 19, 2009, to submit proofs of claims to: S. Ilyushechkin Temporary Insolvency Manager Zavodskaya Str. 7 152070 Danilov Russia The Arbitration Court of commenced bankruptcy supervision procedure. The case is docketed under Case No. ?82-2910/2008-30- /23. The Debtor can be reached at: LLC Danilovskiy Woodworkers Plant Danilov Yaroslavskaya Russia MAGNITOGORSKIY AUTOMOTIVE: Court Names Insolvency Manager --------------------------------------------------------- The Arbitration Court of Chelyabinskaya appointed V. Solovyev as Temporary Insolvency Manager for LLC Magnitogorskiy Automotive Equipment Maintenance Plant No. 1. The case is docketed under Case No. ?76-23846/2008-36-150. He can be reached at: Stepana Razina Str. 3 454005 Chelyabinsk Russia The Debtor can be reached at: LLC Magnitogorskiy Automotive Equipment Maintenance Plant No. 1 Kharkovskaya Str. 9 455005 Chelyabinskaya Russia SAKHALIN SHELF: Creditors Must File Claims by February 19 --------------------------------------------------------- Creditors of LLC Sakhalin Shelf Stroy Servis (TIN 6501113408) (Construction) have until Feb. 19, 2009, to submit proofs of claims to: Yu. Tryasorukov Insolvency Manager Nauki Str. 6/59 693022 Yuzhno-Sakhalinsk Russia The Arbitration Court of Sakhalinskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?59�213/08-S7. SODEYSTVIE LLC: Creditors Must File Claims by February 19 --------------------------------------------------------- Creditors of LLC Sodeystvie (Construction) (TIN 6314002867) have until Feb. 19, 2009, to submit proofs of claims to: V. Sviridov Insolvency Manager Novo-Vokzalny tupik Str. 21/36 443063 Samara Russia The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?55-5963/2007. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 443045 Samara Russia The Debtor can be reached at: LLC Sodeystvie Leninskaya Str. 202 443001 Samara Russia SPETS-STROY-TVER LLC: Tverskaya Bankruptcy Hearing Set May 21 ------------------------------------------------------------- The Arbitration Court of Tverskaya will convene on May 21, 2009, to hear bankruptcy supervision procedure on LLC Spets-Stroy-Tver (Construction). The case is docketed under Case No. ?66� 8887/2008. The Temporary Insolvency Manager is: V. Alekseyev Post User ox 56 190013 Saint-Petersburg Russia The Debtor can be reached at: LLC Spets-Stroy-Tver Batino 1 Kalininskiy 170015 Tverskaya Russia TEKH-STROY-PROEKT LLC: Creditor Must File Claims by January 19 -------------------------------------------------------------- Creditors of LLC Tekh-Stroy-Proekt (Construction) have until Jan. 19, 2009, to submit proofs of claims to: R. Sammasov Temporary Insolvency Manager Shirotnaya Str. 61/117 Tumen Russia The Arbitration Court of Tumen will convene at 10:15 a.m. on Feb. 26, 2009, to hear bankruptcy supervision procedure. The case is docketed under Case No. ?70-5608/3-08. The Debtor can be reached at: LLC Tekh-Stroy-Proekt Chervishevskiy tract 94/281 Tumen Russia TYRNYAUZSKIY WOLFRAMIUM: Court Names Insolvency Manager ------------------------------------------------------- The Arbitration Court of Kaardino-Balkaria appointed V. Fedichev as Insolvency Manager for SUE Tyrnyauzskiy Wolfranium and Molydenym Plant. The case is docketed under Case No. ?20� 2771/2002. He can be reached at: Office 10H Bolshoy Prospect 79A 197022 Saint-Petersburg Russia The Debtor can be reached at: SUE Tyrnyauzskiy Wolfranium and Molydenym Plant Elruskiy Prospect 19 Tyrnyauz Elrusskiy 361600 Kabardino-Balkaria Russia VOLZHSKIE KONSERVY: Creditors Must File Claims by February 19 ------------------------------------------------------------- Creditors of LLC Volzhskie Konservy (TIN 7709329951) (Cannery) have until Feb. 19, 2009, to submit proofs of claims to: M. Mazalov Insolvency Manager Post User Box 3115 400105 Volgograd Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?40�55289/07�86-159B. The Debtor can be reached at: LLC Volzhskie Konservy Building 2 Bolshoy Fakelny pereulok 3 109004 Moscow Russia YAMAL-GAZ-PROM-STROY LLC: Bankruptcy Hearing Set March 27 --------------------------------------------------------- The Arbitration Court of Yamalo-Nenetskiy will convene at 10:00 a.m. on Mar. 27, 2009, to hear bankruptcy supervision procedure on LLC Yamal-Gaz-Prom-Stroy (Construction). The case is docketed under Case No. ?81-3765/2008. The Temporary Insolvency Manager is: F. Nasyrov Kedrovaya Str. 127a 625034 Tumen Russia YURGAMYSHSKIY BUTTER: Creditors Must File Claims by January 19 -------------------------------------------------------------- Creditors of OJSC Yurgamyshskiy Butter and Cheese-making Plant have until Jan. 19, 2009, to submit proofs of claims to: V. Koval Insolvency Manager Office 201 Tolnaya Str. 54 640020 Kurgan Russia The Arbitration Court of Kurgan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?34-6263/2008. The Debtor can be reached at: OJSC Yurgamyshskiy Butter and Cheese-making Plant Niva Yurgamyshskiy Kurganskaya Russia * RUSSIA: Gov't Allocates US$340 Bln for Anti-Crisis Package ------------------------------------------------------------ Russia's government has set aside RUR10 trillion (US$340 billion) for an anti-crisis package, RIA Novosti reports citing the government's press office. According the report, the press office said Monday last week the money will come from the federal budget, the Central Bank and reserve funds. The government, the report states, is also ready to provide RUR92 billion (US$3 billion) from the federal budget in financial assistance to the so-called core enterprises, as well as up to RUR200 billion (about US$7 billion) worth in state guarantees. The government issued on Thursday, December 25, a list containing the names of 295 companies that will receive state support, including companies working in transport, energy, oil and gas, communications, media and other sectors, the report relates. ========= S P A I N ========= AIFOS: Forced Into Receivership by Creditor ------------------------------------------- Marbella-based holiday home developer Aifos has been forced into receivership by Gestion de Obras y Reformas Ltd, one of its suppliers and creditors, Novocasa reports. Gestion de Obras y Reformas, the report recounts, started bankruptcy proceedings against the company last month in a court in Malaga. Press reports meanwhile speculate the collapse of the Spanish developer Tremon might have prompted the bankruptcy proceedings against the company. The company, the report says, racked up debts of EUR850 million. According to the report, the company owes Banco Popular EUR200 million, while it owes Banco Pastor EUR150 million. Banco Pastor, however, claims its exposure to the company is only EUR30 million, the report states. The report recalls in 2006 the company was caught up in Operation Malaya, a police operation against municipal corruption. Jesus Ruiz Casado, the owner of Aifos, and Jenaro Briales, the then MD, were arrested on the suspicion of paying bribes, the report relates. The company, the report adds, is also accused of unethical conduct by many of its clients, and has serious, unresolved client problems at many of its developments, some of which have been illegally built. =========== S W E D E N =========== FORD MOTOR: Vehicle Sales in US Drop Almost 19% in 2008 ------------------------------------------------------- Jeff Bennett at The Wall Street Journal reports that Ford Motor Co. said on Friday that industry-wide car and truck sales in the U.S. dropped almost 19% in 2008. Ford Motor's chief sales analyst, George Pipas, said that overall vehicle sales, including heavy and medium-duty trucks, were expected to drop to 13.5 million in 2008 from 16.5 million in 2007, which would be the lowest sales year since 1992, WSJ relates. Citing Mr. Pipas, WSJ states that the sales rate for vehicles, on an annualized basis, fell from 15.6 million vehicles in the first quarter 2008 to: -- 14.6 million in the second quarter 2008, -- 13.1 million in the third quarter 2008, and -- 10.6 million in the fourth quarter 2008. "We are not looking for sales in the first quarter to be much different than the fourth quarter," WSJ quoted Mr. Pipas as saying. Ford Motor, according to WSJ, said that the continued slowdown won't change much in the first quarter 2009. Citing Mr. Pipas, WSJ says that Ford Motor's market share in the U.S. would drop to 14% for 2008, from 14.7% in 2007. Mr. Pipas said that vehicle sales could recover in the second half of 2009 as efforts to stimulate the economy take, according to WSJ. Ford Motor said its overall 2009 sales would total 12.5 million units, while light-vehicle sales may hit 12.2 million, WSJ reports. Neil Irwin at the Washington Post reports that the U.S. Treasury Department keeps leeway in the U.S. auto aid. The Washington Post relates that the Treasury "will determine the form, terms, and conditions of any investment made pursuant to this program [Automotive Industry Financing Program] on a case-by-case basis." 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 Nov. 11, 2008, Moody's Investors Service lowered the debt ratings of Ford Motor Company, Corporate Family and Probability of Default Ratings to Caa1 from B3. The company's Speculative Grade Liquidity rating remains at SGL-3 and the rating outlook is negative. In a related action Moody's also lowered the long-term rating of Ford Motor Credit Company to B3 from B2. The outlook for Ford Credit is negative. As reported in the Troubled Company Reporter on Oct. 10, 2008, Fitch Ratings downgraded the Issuer Default Rating of Ford Motor Company and Ford Motor Credit Company by one notch to 'CCC' from 'B-'. ===================== S W I T Z E R L A N D ===================== AESCU-TRADE JSC: Creditors Must File Proofs of Claim by Feb. 21 --------------------------------------------------------------- Creditors owed money by JSC Aescu-Trade are requested to file their proofs of claim by Feb. 21, 2009, to: Margarethenstrasse 49 4053 Basel Switzerland The company is currently undergoing liquidation in Basel. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 3, 2008. ALUMINIUM SILICON: Deadline to File Proofs of Claim Set Feb. 25 --------------------------------------------------------------- Creditors owed money by LLC Aluminium Silicon Marketing are requested to file their proofs of claim by Feb. 25, 2009, to: Beat Schmid Baarerstrasse 22 6300 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Oct. 30, 2008. AVEDIS HOLDING: Creditors Have Until March 30 to File Claims ------------------------------------------------------------ Creditors owed money by JSC Avedis Holding are requested to file their proofs of claim by March 30, 2009, to: Walter Schumacher Usteristrasse 19 8001 Zurich Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 10, 2008. FAMO LLC: Proofs of Claim Filing Deadline is February 26 -------------------------------------------------------- Creditors owed money by LLC Famo are requested to file their proofs of claim by Feb. 26, 2009, to: Joseph Fritsche Schmiedgasse 28 9000 St. Gallen Switzerland The company is currently undergoing liquidation in St. Gallen. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Oct. 28, 2008. GENERAL MOTORS: Board of Directors Approves Amendment of Bylaws -------------------------------------------------------------- General Motors Corporation disclosed in a regulatory filing that its board of directors approved amendments to the company's Bylaws effective immediately. Section 2.4, which establishes the process for calling a special meeting of the board well as the timing of notice of a special meeting, was amended to add that the secretary of the company may provide less than 24 hours notice if the notice is reasonable under the circumstances. In addition, Section 2.5, which sets the quorum for meetings of the board, was amended to provide that one third of the whole board constitutes a quorum at a regular or special meeting of the board for which directors receive notice at least 24 hours in advance and that for a special meeting for which directors received less than 24 hours' notice, a majority of the whole board constitutes a quorum. A full-text copy of the BYLAWS as of Dec. 19, 2008, is available for free at http://ResearchArchives.com/t/s?3736 Neil Irwin at the Washington Post reports that the U.S. Treasury Department keeps leeway in the U.S. auto aid. The Washington Post relates that the Treasury "will determine the form, terms, and conditions of any investment made pursuant to this program [Automotive Industry Financing Program] on a case-by-case basis." 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.GMC, Hummer, Isuzu, Opel, Saab and Suzuki brands. As reported in the Troubled Company Reporter on Nov. 10, 2008, General Motors Corporation's balance sheet at Sept. 30, 2008, showed total assets of US$110.425 billion, total liabilities of US$170.3 billion, resulting in a stockholders' deficit of US$59.9 billion. * * * As reported in the Troubled Company Reporter on Nov. 11, 2008, Standard & Poor's Ratings Services lowered its ratings, including the corporate credit rating, on General Motors Corp. to 'CCC+' from 'B-' and removed them from CreditWatch, where they had been placed with negative implications on Oct. 9, 2008. S&P said that the outlook is negative. Fitch Ratings, as reported in the Troubled Company Reporter on Nov. 11, 2008, placed the Issuer Default Rating of General Motors on Rating Watch Negative as a result of the company's rapidly diminishing liquidity position. Given the current liquidity level of US$16.2 billion and the pace of negative cash flows, Fitch expects that GM will require direct federal assistance over the next quarter and the forbearance of trade creditors in order to avoid default. With virtually no further access to external capital and little potential for material asset sales, cash holdings are expected to shortly reach minimum required operating levels. Fitch placed these on Rating Watch Negative: -- Senior secured at 'B/RR1'; -- Senior unsecured at 'CCC-/RR5'. As reported in the Troubled Company Reporter on June 24, 2008, DBRS has placed the ratings of General Motors Corp. and General Motors of Canada Limited Under Review with Negative Implications. The rating action reflects the structural deterioration of the company's operations in North America brought on by high oil prices and a slowing U.S. Economy. GLADIUS JSC: Creditors' Proofs of Claim Due by February 21 ---------------------------------------------------------- Creditors owed money by JSC Gladius are requested to file their proofs of claim by Feb. 21, 2009, to: Margarethenstrasse 49 4053 Basel Switzerland The company is currently undergoing liquidation in Basel. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 3, 2008. HL TREUHAND: February 20 Set as Deadline to File Claims ------------------------------------------------------- Creditors owed money by JSC HL Treuhand are requested to file their proofs of claim by Feb. 20, 2009, to: Ed. Barthe Klusstr. 30 4142 Munchenstein Switzerland The company is currently undergoing liquidation in Basel. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Oct. 27, 2008. MED SERVICES: Creditors Must File Proofs of Claim by Feb. 28 ------------------------------------------------------------ Creditors owed money by LLC Med Services Europe are requested to file their proofs of claim by Feb. 28, 2009, to: JSC WIGRA Treuhand - Trust Company Europastrasse 9 8152 Glattbrugg Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Sept. 24, 2008. WINKLER BAUPLANUNG: Deadline to File Proofs of Claim Set Feb. 25 ---------------------------------------------------------------- Creditors owed money by JSC Winkler Bauplanung are requested to file their proofs of claim by Feb. 25, 2009, to: Hans Winkler Freudenbergstrasse 21 9242 Oberuzwil Switzerland The company is currently undergoing liquidation in Oberuzwil. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 12, 2008. ============= U K R A I N E ============= GROUP ALLIANCE-INVEST: Creditors Must File Claims by January 9 -------------------------------------------------------------- Creditors of LLC Group Alliance-Invest (EDRPOU 35739249) have until Jan. 9, 2009, to submit proofs of claim to: Mr. Rostislav Talan Liquidator a/b 158 49000 Dnipropetrovsk Ukraine Tel: (056)370-74-70 The Arbitration Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 2, 2008. The case is docketed as B 24/344-08. The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: LLC Group Alliance-Invest Milman Str. 110 49049 Dnipropetrovsk Ukraine IDZ LTD: Creditors Must File Claims by January 10 ------------------------------------------------- Creditors of LLC IDZ Ltd. (EDRPOU 35265327) have until Jan. 10, 2009, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Nov. 18, 2008. The case is docketed as 44/400-b. The Debtor can be reached at: LLC IDZ Ltd Panfilovtsev Str. 1 01015 Kiev Ukraine INDUSTRIAL BRIQUETTE: Creditors Must File Claims by January 9 ------------------------------------------------------------- Creditors of LLC Industrial Briquette (EDRPOU 32617000) have until Jan. 9, 2009, to submit proofs of claim to: Mr. S. Zolotukhin Temporary Insolvency Manager Apt. 16 Zhukov Str. 24 Gorlovka 94600 Donetsk Ukraine Tel: 8(0624)55-32-19 The Arbitration Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent on Oct. 8, 2008. The case is docketed as 5/136B. The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Industrial Briquette Lenin Str. 41/109 Druzhkovka 84205 Donetsk Ukraine INTECT PLUS: Creditors Must File Claims by January 9 ---------------------------------------------------- Creditors of LLC Intect Plus (EDRPOU 35408110) have until Jan. 9, 2009, to submit proofs of claim to: Mr. Nikolay Kogut Liquidator Zavadka Kalush Ivano-Frankovsk Ukraine The Arbitration Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 1, 2008. The case is docketed as B-39/174-08. The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: LLC Intect Plus Tsirkuny 62441 Kharkov Ukraine KAFI LLC: Creditors Must File Claims by January 9 ------------------------------------------------- Creditors of LLC Kafi (EDRPOU 35119546) have until Jan. 9, 2009, to submit proofs of claim to: Mr. Boris Khrennikov Liquidator Komsomolskaya Str. 14 62459 Visoky Kharkov Ukraine The Arbitration Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 1, 2008. The case is docketed as B-39/175-08. The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: LLC Kafi Komsomolskaya Str. 14 Visoky 2459 Kharkov Ukraine MANKOVKA MOTOR: Creditors Must File Claims by January 9 ------------------------------------------------------- Creditors of OJSC Mankovka Motor Transport Enterprise 17146 (EDRPOU 03562081) have until Jan. 9, 2009, to submit proofs of claim to: Pension Fund Department in Mankovka Liquidator / Insolvency Manager Lenin Str. 11 Mankovka 20100 Cherkassy Ukraine The Arbitration Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent on Nov. 18, 2008. The case is docketed as 18/4990. The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Debtor can be reached at: OJSC Mankovka Motor Transport Enterprise 17146 Lenin Str. 167 Mankovka Cherkassy Ukraine NAFTOGAZ OF UKRAINE: Avoids Technical Default on US$500 Mln Bond ---------------------------------------------------------------- Naftogaz has published its 2007 accounts, allowing it to avoid technical default on a US$500 million Eurobond, Reuters reported Tuesday last week citing a company spokesman. The report recalled bondholders in November agreed to extend the deadline for receiving the accounts after the company missed a summer deadline. The company, the report disclosed, also failed to provide the 2006 accounts for bondholders last year, putting it in technical default of the bond. Investors extended the deadline several times and the company finally complied in May 2008, the report noted. The company is at the center of a gas debt dispute between Ukraine and Russia, the report added. About NJSC Naftogaz of Ukraine Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine -- http://www.naftogaz.com/-- processes gas, oil and condensate at the Company's five gas processing plants, which produce LPG, motor fuels and other types of petroleum products. Over 97% of the oil and gas in Ukraine is produced by the enterprises of the Company. * * * As reported in the TCR-Europe on Oct. 23, 2008, Moody's Investors Service changed the outlook on the B1 foreign currency corporate family rating of NJSC Naftogaz of Ukraine, as well as its US$500 million senior unsecured Loan Participation notes, to Negative from Developing. Naftogaz's Probability of Default rating is affirmed at B1. On Oct. 21, 2008, the TCR-Europe reported that Fitch Ratings downgraded OJSC Naftogaz of Ukraine's Long-term local and foreign currency Issuer Default ratings to 'B' from 'B+'. This follows the downgrade of Ukraine's sovereign Long-term local and foreign currency IDRs to 'B+' from 'BB-'. The IDRs of Naftogaz remain on RWN. The senior unsecured rating on the company's US$500 million eurobond maturing in 2009 is also downgraded to 'B+' from 'BB-', and its Recovery rating of 'RR4' is affirmed. OLENEVKA AGRICULTURAL: Creditors Must File Claims by January 9 -------------------------------------------------------------- Creditors of Olenevka Agricultural LLC (EDRPOU 31187337) have until Jan. 9, 2009, to submit proofs of claim to: Mr. I. Berezhnoy Liquidator / Insolvency Manager Polevaya Str. 31 Molokovo settlement Druzhkovka 84205 Donetsk Ukraine The Arbitration Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent on Nov. 18, 2008. The case is docketed as 5/77B. The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: Olenevka Agricultural LLC Pochtovaya Str. 103 Olenevka Volnovakhsky Donetsk Ukraine POZITRON LLC: Creditors Must File Claims by January 9 ----------------------------------------------------- Creditors of LLC Pozitron (EDRPOU 34892539) have until Jan. 9, 2009, to submit proofs of claim to: Mr. Alexander Snizhko Temporary Insolvency Manager Apt. 18 B. 3 40 years of Oct. Avenue, 126, 03127 Kiev Ukraine The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Nov. 21, 2008. The case is docketed as 23/273-b. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Pozitron Apt. 63 Heroes of Stalingrad Avenue, 26 04210 Kiev Ukraine SEVENTH BUILDING: Creditors Must File Claims by January 9 --------------------------------------------------------- Creditors of LLC Seventh Building Trust (EDRPOU 34961481) have until Jan. 9, 2009, to submit proofs of claim to: Mr. S. Kitsul Liquidator Apt. 15 Leskovskaya Str. 28 02097 Kiev Ukraine Tel: 8(067)295-08-03 The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Nov. 25, 2008. The case is docketed as B 3/309-08. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Seventh Building Trust Sholudenko Str. 13-A Vyshgorod 07300 Kiev Ukraine TROLINING UKRAINE: Creditors Must File Claims by January 9 ---------------------------------------------------------- Creditors of Corporation Trolining Ukraine (EDRPOU 30782724) have until Jan. 9, 2009, to submit proofs of claim to: Mr. S. Kitsul Liquidator Apt. 15 Leskovskaya Str. 28 02097 Kiev Ukraine Tel: 8(067)295-08-03 The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on Nov. 19, 2008. The case is docketed as 23/389-b. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: Corporation Trolining Ukraine Zheleznodorozhnoye highway, 47 01103 Kiev Ukraine =========================== U N I T E D K I N G D O M =========================== CARR CONSTRUCTION: Appoints Joint Liquidators from Baker Tilly -------------------------------------------------------------- Andrew White and Susan Maund of Baker Tilly Restructuring & Recovery LLP were appointed joint liquidators of Carr Construction (Civil Engineering) Ltd. on Dec. 12, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Baker Tilly Restructuring & Recovery LLP at: International House Queens Road Brighton BN1 3XE England DOVERLINE LTD: Names Joint Liquidators from Smith & Williamson -------------------------------------------------------------- Anthony Cliff Spicer and Henry Anthony Shinners of Smith & Williamson Ltd. were appointed joint liquidators of Doverline Ltd. on Dec. 23, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Smith & Williamson Ltd. at: 25 Moorgate London EC2R 6AY England EDMOND PROPERTIES: Taps Liquidators from Smith & Williamson ----------------------------------------------------------- Anthony Cliff Spicer and Henry Anthony Shinners of Smith & Williamson Ltd. were appointed joint liquidators of Edmond Homes Ltd. on Dec. 23, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Smith & Williamson Ltd. at: 25 Moorgate London EC2R 6AY England GLOBE PUB: May Breach Banking Covenants --------------------------------------- Simon Bowers at guardian.co.uk reports that Globe Pub Company is to bring in restructuring consultants after its top-line operating profit for the 12 weeks to November 29 fell by 20% to GBP5.3 million. The report noted the top-line operating profit for the last two quarters was only 1.26 times the cost to Globe of servicing its debt. According to the report, if operating profit falls below 1.25 times debt servicing costs the company will breach its banking covenants. The cost of servicing debt had risen 2% to GBP4.4 million, the report stated. Globe, the report relates, told holders of its securitized debt that its capacity to service debts was looking increasingly strained. "Globe will be appointing an independent consultant with whom it will discuss operational issues," the company was quoted by the report as saying. "The identity of this adviser has yet to be determined." In a quarterly update to bondholders, the company revealed drink sales declined 8% for the three months to the end of November, down 6.5% for the previous quarter, while rental income � traditionally the most stable source of profits for landlord groups such as Globe � dropped 14% to GBP3.2 million, the report disclosed. Globe Pub Company -- http://www.globepubcompany.co.uk/-- was established in 2004 by R20, an investment company of Robert Tchenguiz. The company currently run over 450 quality leased pubs across the United Kingdom. Its estate is managed by S&N Pub Enterprises. J.H. DAVIES LTD: Appoints Joint Administrators from Baker Tilly --------------------------------------------------------------- Donald Bailey and Russell Cash of Baker Tilly Restructuring and Recovery LLP were appointed joint administrators of J.H. Davies (Haulage) Ltd. on Dec. 19, 2008. The company can be reached at: J.H. Davies (Haulage) Ltd. Foundry Lane Ditton Widnes Cheshire WA8 8TZ England KATE KUBA: Goes Into Administration ----------------------------------- Kate Kuba has gone into administration, ukbusinessproperty.co.uk reports. Fisher Partners, the report discloses, is understood to be handling the administration. According to the report, Kate Kuba owner Cos Constantinou is likely to buy back some of the company's stores. Kate Kuba, the report recounts, recently opened a shop in Westfield London, the new shopping center development in London's White City. The report however notes it is unclear how successful the new store has been, although it is thought that the opening had affected trade in the company's nearby store in London's Kings Road. Kate Kuba -- http://www.katekuba.co.uk/-- is a premium women's footwear chain. It has eight stores in prime London locations and one in Liverpool. PASSION FOR PERFUME: In Administration; Deloitte Appointed ---------------------------------------------------------- Bill Dawson and Ian Brown of Deloitte LLP, the business advisory firm, have been appointed joint administrators to Passion for Perfume Ltd. The retailer operates from 45 stores across the country and has a head office in Manchester. The company directors have been seeking a buyer for the business while working closely with key stakeholders in order to achieve an optimal resolution for all parties. This follows challenging trading conditions and reduced consumer demand. Unfortunately, a buyer for the business as a whole was not found. Regrettably, it was necessary for the company to make 185 redundancies across all 45 stores and 9 redundancies at the Manchester head office on December 31, 2008. The joint administrators were appointed on January 5 and it is their understanding that all staff made redundant had their wages paid in full prior to the appointment of administrators. Bill Dawson, reorganization services partner at Deloitte, commented: "We will continue to seek a buyer for the business and assets of the company but do not intend to trade the business." About Deloitte Deloitte - http://www.deloitte.com/-- provides audit, consulting, financial advisory, risk management and tax services to selected clients. Deloitte & Touche LLP is the United Kingdom member firm of DTT. PETER LONG: Brings in Joint Liquidators from PKF ------------------------------------------------ Keith Morgan and Brian J. Hamblin of PKF (UK) LLP were appointed joint liquidators of Peter Long & Partners Property Services Ltd. on Dec. 18, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through PKF (UK) LLP at: 18 Park Place Cardiff CF10 3PD England ROXYLIGHT PROPERTIES: Taps Liquidators from Smith & Williamson -------------------------------------------------------------- Anthony Cliff Spicer and Henry Anthony Shinners of Smith & Williamson Ltd. were appointed joint liquidators of Roxylight Properties Ltd. on Dec. 23, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Smith & Williamson Ltd. at: 25 Moorgate London EC2R 6AY England SAXON URBAN: Calls in Joint Liquidators from Smith & Williamson --------------------------------------------------------------- Anthony Cliff Spicer and Henry Anthony Shinners of Smith & Williamson Ltd. were appointed joint liquidators of Saxon Urban Ltd. on Dec. 23, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Smith & Williamson Ltd. at: 25 Moorgate London EC2R 6AY England SHIELDTECH PLC: In Talks with Bankers; Share Trading Suspended -------------------------------------------------------------- Shieldtech plc in a press statement on Tuesday last week said that it was currently in discussions with its bankers, HSBC, and other parties concerning the injection of additional finance into the business. The company disclosed HSBC agreed to extend its current working capital facility to enable these discussions to be completed. Under the AIM Rules, a company that does not publish its Report and Accounts within six months of the year end will have its shares automatically suspended. The directors expect that the company will not be able to sign-off on the company's Report and Accounts for the year ended June 30, 2008 until the completion of a re-financing. Therefore, the company is not in a position to publish its 2008 Report and Accounts by December 31, 2008 and requested that trading in its shares be suspended from trading on the AIM market of the London Stock Exchange plc, pending publication of its Report and Accounts for the year ended June 30, 2008. The company, however, confirmed that in the five months ended November 30, 2008 the company traded well and the directors remain confident that sales in the current financial year ending June 30, 2009 will be substantially greater than those in the previous year and that the company will return to profitability. Based in Warrington, Shieldtech plc -- http://www.shieldtech.co.uk/-- designs, manufactures and distributes detection and protection equipment within the growing Homeland Security market. SNEINTON SPACE: Names Joint Liquidators from Smith & Williamson --------------------------------------------------------------- Anthony Cliff Spicer and Henry Anthony Shinners of Smith & Williamson Ltd. were appointed joint liquidators of Sneinton Space Management Ltd. on Dec. 23, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Smith & Williamson Ltd. at: 25 Moorgate London EC2R 6AY England SUNGUARD HOMES: Appoints Joint Liquidators from Smith & Williamson ------------------------------------------------------------------ Anthony Cliff Spicer and Henry Anthony Shinners of Smith & Williamson Ltd. were appointed joint liquidators of Sunguard Homes Ltd. on Dec. 23, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Smith & Williamson Ltd. at: 25 Moorgate London EC2R 6AY England SWAN COURT: Taps Joint Liquidators from Smith & Williamson ---------------------------------------------------------- Anthony Cliff Spicer and Henry Anthony Shinners of Smith & Williamson Ltd. were appointed joint liquidators of Swan Court Property Ltd. on Dec. 23, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Smith & Williamson Ltd. at: 25 Moorgate London EC2R 6AY England WATERFORD WEDGWOOD: Deloitte LLP Appointed as Administrators ------------------------------------------------------------ Waterford Wedgwood plc along with 10 subsidiaries entered administration on January 5. Angus Martin, Neville Kahn, Nick Dargan and Dominic Wong of Deloitte LLP, were appointed as Joint Administrators while David Carson, partner of Deloitte in Ireland, was appointed Receiver of Waterford Wedgwood plc, (the ultimate parent of the UK companies), and a number of its trading subsidiaries. Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu ("DTT"), a Swiss Verein, whose member firms are legally separate and independent entities. The Waterford Wedgwood subsidiaries also in administration are: Waterford Wedgwood UK Plc Wedgwood Limited Josiah Wedgwood & Sons Limited Josiah Wedgwood & Sons (Exports) Limited Waterford Wedgwood Retail Limited Royal Doulton Ltd Royal Doulton (UK) Limited Royal Doulton Overseas Holdings Ltd Stuart & Sons Limited Statum Limited Bloomberg News says its German and U.S. units are not included in the receivership. The companies are involved in the manufacture, wholesale and retail of Waterford crystal, Wedgwood fine china and Royal Doulton fine china products around the world. In the UK there are approximately 1,900 staff working across manufacturing and retail and Worldwide there are approximately another 5800 employees covering the USA, Germany, Ireland, Canada, Australia, Indonesia, Japan and Pan Asia. In a statement, Administrator Deloitte said that in recent years, the companies benefited from significant shareholder support as exhaustive efforts were made by the management team to restructure the businesses. However, as trading conditions deteriorated, it became apparent that a restructuring of the businesses could not be achieved in an acceptable timescale. Consequently management began looking at the alternative strategy of trying to find a buyer for the businesses which would also have involved a comprehensive financial restructuring. While considerable progress was made, no firm offer was secured. The current global economic conditions have continued to affect the business and the Companies have needed the protection of Administration. Joint Administrator Angus Martin commented: "We . . . will be continuing to trade the business while seeking a sale as a going concern. We will work closely with David Sculley, CEO, and Anthony Jones, CFO, who have both played active roles in the restructuring efforts and the numerous conversations with potential investors." "The administration team will be working closely with management, customers and suppliers during this time to ensure operations continue while a sale of the business is sought," Mr. Martin added. Waterford Wedgwood plc, (the ultimate holding company), is an Irish company with manufacturing operations in Ireland. The Irish businesses in total employ approximately 800 people. The group also has manufacturing operations in the UK, Indonesia and Germany. The UK head office is located in London and employs 6 people. The Irish head office is located in Waterford, Ireland and employs 14 people Manufacturing is undertaken in Barlaston in the UK, the Irish Republic and Indonesia. The approximate number of manufacturing employees in each location is 600, 450 and 1500 respectively. In the UK, there are 19 retail stores which employ 170 people. In addition there are approximately 120 retail concessions. The retail operations are spread throughout the UK. There are also retail outlets around the world but these are operated by separate overseas companies which are continuing to trade and which are not in insolvency. The business in Germany is Rosenthal AG. It employs approximately 1000 people and it manufactures fine china predominantly for the German market. Rosenthal is operated on an independent basis and is being dealt with by the Rosenthal management team. Bloomberg News relates Waterford Wedgwood Plc, hurt by competition from Asian rivals and the dollar's drop against the euro, has posted five years of losses. The company has raised about EUR400 million (US$557 million) over four years through share sales to fund job cuts and factory closings, Bloomberg News says. Jeanne Whalen at The Wall Street Journal meanwhile reports that the filing for administration was triggered by Waterford Wedgwood Plc's failure to pay on some of the EUR400 million, or about US$550 million, in debt it has accumulated over the years. According to the Journal, a group of lenders led by Bank of America Corp. granted the company four separate grace periods in December on a EUR200 million credit line as it sought to find a buyer. But the last grace period expired Friday. WOOLWORTHS PLC: Jersey Staff Launches Petition Over Payout ---------------------------------------------------------- Graham Ruddick at the Daily Telegraph reports that Woolworths plc's 120 staff in Jersey have launched a petition after being told they will not receive a redundancy payout. According to the report, UK statutory redundancy payouts do not apply to the Channel Islands. The report discloses more than 2,500 people have already signed the petition, which calls for compensation for the employees. The King Street store in St Helier, and the Guernsey branch, closed on Tuesday last week, the report recounts. "It's very unfortunate that staff in the Channel Islands are not entitled to any statutory benefits," a spokesman for the administrators, Deloitte, was quoted by the report as saying. Woolworths plc was placed into administration on November 27, 2008. As reported in the TCR-Europe on Nov. 28, 2008, the boards of Woolworths plc and Entertainment UK Ltd resolved to file petitions for administration in the High Court after discussions relating to the potential sale of Woolworths Group plc's retail business ended. The company said that following, and as a consequence of the termination of those discussions, the boards of Woolworths plc and Entertainment UK Ltd have concluded that there is no longer any prospect of those businesses being able to operate as a going concern. Neville Kahn, Nick Dargan and Dan Butters of Deloitte were appointed administrators to Woolworths Plc and to its wholesale business, Entertainment UK Ltd. WoolworthsGroup plc is not in administration and remains in discussions with BBC Worldwide relating to the possible sale of its 40% interest in 2 Entertain Ltd. About Deloitte Deloitte -- http://www.deloitte.com/-- provides audit, consulting, financial advisory, risk management and tax services to selected clients. Deloitte & Touche LLP is the United Kingdom member firm of DTT. About Woolworths Group plc Headquartered in London, England, Woolworths Group plc (LON:WLW) -- http://www.woolworthsgroupplc.com/-- is a general merchandise retailer, and entertainment wholesaler and publisher. The Company's business is divided into Retail, and Entertainment Wholesale and Publishing segments. Woolworths, Streets Online Limited, WMS Card Services Limited and Flogistics Limited are included within the Retail segment, with Entertainment UK Limited, Disc Distribution Limited and 2entertain Limited being the constituents of Entertainment Wholesale and Publishing segment. The stores comprise Woolworths outlets located in small towns and city suburbs, targeted at meeting basic everyday shopping requirements, as well as larger stores located on shopping streets in regional shopping centers. The product offer covers toys, children's clothing, events, confectionery, home and entertainment, and larger stores include a range of home and children's clothing. * UK: Deloitte Says 2008, a Year of "Two Halves" for Hotels ----------------------------------------------------------- Deloitte, the business advisory, firm has found that 2008 was a year of "two halves" for hoteliers in London. The past 12 months have been a turbulent time across the UK as the credit crunch and global economic meltdown hit the headlines. Banks have collapsed, companies have filed for administration and interest rates in the UK have dropped to their lowest levels since 1951. As a result, consumers and corporations have tightened their purse strings and travel budgets have been drastically cut. Up until August, hotel performance in London reported strong revenue per available room (revPAR) growth of 7.2%. Although occupancy had seen a slight fall, it was still strong at 80.7%. Average room rates were the main driver, rising 7.4% to GBP132. However, as the global economic crisis unfolded, it was only a matter of time before hoteliers would start to feel the effects. In September, revPAR saw a 5.4% fall, as occupancy tumbled and although October fared slightly better it too saw revPAR decline 3.8% compared to last year. November daily results from STR Global (based on an inconsistent sample of hotels) show that revPAR in the capital followed this trend, falling 8.0% to GBP102. Occupancy fell 4.7% to less than 80% while average room rates saw a 3.5% decline to GBP128. With a day to go until hoteliers welcome in the New Year, December results have followed suit, with revPAR down 4.5% during the first two weeks. The final quarter will no doubt be the weakest of the year; however with the strong performance witnessed during the first eight months of the year, year-end 2008 results should remain in positive territory for the capital. Hotels in the regions tell a similar story, however at much more muted levels than the capital. Year-to-August 2008 saw revPAR rise 0.6% to GBP46 as occupancy dipped slightly to 70.1% and average room rates rose to GBP66. Although the month of August saw revPAR fall in Regional UK, it was a marginal decline of just 0.8% and it wasn't until September that the economic crisis started having a more significant impact on hotels around the UK. In September, revPAR fell 3.4% as occupancy dropped 3.6% and the following month saw even greater declines in revPAR, down a staggering 6.7%, again occupancy driven. During the first two weeks of December, revPAR across Regional UK has seen similar reductions, down 6.5% as occupancy plummeted just less than 5%. Commenting, Marvin Rust, Hospitality Managing Partner at Deloitte said: "The first part of 2008 was strong for hotels across the UK, particularly in the capital, and hoteliers should be proud of what they have achieved in a tough operating climate. Although the last quarter results are inevitably going to be weak given the current economic environment, year-end results are expected to remain in positive territory. Looking ahead, 2009 will be an extremely difficult year for hoteliers in both London and Regional UK with further falls in revPAR to come. In a downturn London is normally hit harder but with a weak currency providing some countercyclical balance and a fragile domestic economy, the capital will be the first to bounce back when recovery begins." About Deloitte Deloitte - http://www.deloitte.com/-- provides audit, consulting, financial advisory, risk management and tax services to selected clients. Deloitte & Touche LLP is the United Kingdom member firm of DTT. * UK: Deloitte Says Credit Crunch Hits FTSE 100 Pension Schemes --------------------------------------------------------------- The credit crunch has wiped more than GBP60 billion off assets in the pension schemes of the UK's largest 100 companies, according to the business advisory firm Deloitte. This is equivalent to five years' worth of current pension contributions from these companies. The key movements in pension scheme funding have been: * A crash in asset values of around GBP65 billion. This is equivalent to a return of -17% over the year although the returns achieved by individual schemes will have varied depending upon their investment strategy; * Contributions from employers have helped to improve funding levels, but only around GBP13 billion; * Total pension scheme liabilities will have increased over the year. Deloitte estimate that the FTSE 100 pension schemes are in deficit by GBP130 billion, using typical assumptions for cash funding. David Robbins, Deloitte pensions partner comments: "In the current environment, it is crucial that companies look to proactively manage their pension schemes, just like the other aspects of their business operations." A significant recession in the UK has serious implications for pension scheme funding: * The prospect of low (or negative) economic growth can depress the price of assets such as equities and property that pension schemes have typically invested in; * Interest rates are likely to be cut aggressively which can push up the price of existing government bonds, and hence the value of pension scheme liabilities; * Trustees are likely to ask companies for more cash to plug the ballooning deficit. Mr. Robbins adds: "Management should engage with trustees to reach an acceptable agreement on cash contributions which takes into account the level of contributions the company can reasonably afford. The solution will usually involve non-cash options such as charges over assets or escrow arrangements. "The events of the last year show that companies need to be comfortable with the amount of investment risk they are taking relative to their financial resources". Deloitte estimate that the FTSE 100 pension schemes are currently in deficit by GBP130 billion. Using companies' disclosed long term expectations of expected asset returns, pension deficits would fall to GBP120 billion over 2009. About Deloitte Deloitte - http://www.deloitte.com/-- provides audit, consulting, financial advisory, risk management and tax services to selected clients. Deloitte & Touche LLP is the United Kingdom member firm of DTT. * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (110) 174 (168) Sky Europe (4) 213 (54) BELGIUM ------- Sabena S.A. (85) 2,215 (279) CYPRUS ------ Allbury Travel (5) 275 (100) Libra Holidays (5) 275 (100) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (59) Setuza A.S. (61) 139 (62) DENMARK ------- Elite Shipping (28) 101 3 Roskilde Bank (533) 7,877 N.A. FRANCE ------ BSN Glasspack (101) 1,151 159 Grande Paroisse S.A. (927) 629 347 Immob Hoteliere (67) 301 (17) Lab Dosilos (28) 110 (44) Matussiere et Forest S.A. MTF (78) 294 (38) Pagesjaunes GRP PAJ (3,023) 1,377 (453) Rhodia SA (342) 6,507 712 SDR Centrest (132) (252) N.A. Selcodis S.A. SPVX (21) 141 (36) Trouvay Cauvin (0) 134 9 GERMANY ------- Alno AG ANO (21) 340 (88) Brokat AG (27) 144 109 CBB Holding AG COB (43) 905 N.A. Cinemaxx AG MXC (38) 178 (47) Dortmunder Actien-Brauerei DABG (13) 118 (27) EECH Group AG 0 109 57 EM.TV AG EV4G.BE (22) 849 19 Kaufring AG KAUG (19) 151 (48) Kunert AG (28) 102 29 Maternus Kliniken AG MAK.F (17) 182 (99) Nordsee AG (8) 195 (14) P & T Technology 0 109 57 Primacom AG PRC (14) 730 (68) Rinol AG 0 168 (6) Sander AG (6) 128 32 Sinnleffers AG (4) 454 (182) Spar Handels- AG SPAG (442) 1,433 (294) TA Triumph-Adler TWN (66) 484 (77) Vivanco Gruppe (10) 131 28 GREECE ------ Empedos SA (34) 175 (57) Noussa Spin (11) 450 (107) Petzetakis-PFC PETZP (15) 294 (143) Radio A.Korassidis KORA (101) 181 (165) Commercial Themeliodome (56) 232 (128) United Textiles (11) 450 (107) HUNGARY ------- Brodograde Indus (322) 264 (366) IPK Osijek DD OS (15) 124 (82) OT Optima Teleko (26) 119 7 ICELAND ------- Decode Genetics (187) 111 48 IRELAND ------- Elan Corp PLC ELN (388) 1,599 705 Waterford Wed Ut WTFU (506) 821 364 ITALY ----- Binda S.p.A. BND (11) 129 (23) Cirio Finanziaria S.p.A. (422) 1,583 N.A. Gruppo Coin S.p.A. GC (152) 791 (61) Compagnia Italia ICT (138) 527 (318) Credito Fondiario e Industriale S.p.A. (200) 4,213 N.A. Fullsix (4) 114 (18) I Viaggi del Ventaglio S.p.A. VVE (73) 540 (127) Lazzio S.p.A. (15) 261 (40) Olcese S.p.A. OLCI.MI (13) 180 (80) Parmalat Finanziaria S.p.A. (18,4219) 4,121 (16,919) Snia S.p.A. SN (25) 488 31 Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (30) LUXEMBOURG ---------- Carrier1 International S.A. (95) 472 393 NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 James Hardie Ind. (238) 2,357 184 United Pan-Euro Air UPC (5,505) 5,113 (9,170) NORWAY ------ Interoil Exploration IOX (25) 210 (11) Petroleum-Geo Services PGO (18) 400 (758) POLAND ------ Toora (289) 147 (86) PORTUGAL -------- Lisgrafica Impressao e Artes Graficas SA LIG (4) 117 (27) ROMANIA ------- Oltchim RM Valce OLT (7) 673 (170) Rafo Onesti RAF (430) 353 (616) RUSSIA ------ Akcionernoe Brd (117) 135 (24) East Siberia Brd VSNK (113) 148 (11) Gukovugol (58) 144 (148) OAO Samaraneftegas (332) 892 (611) Vanadiy-Tula-Brd (12) 105 (3) Vimpel Ship SOVP (116) 135 (24) Zil Auto ZILLP (240) 478 (447) SWITZERLAND ----------- Fortune Management (119) 265 (54) TURKEY ------ Egs Ege Giyim VE (7) 147 (25) Iktisat Financial (46) 108 N.A. Mudurnu Tavukcul (65) 160 (115) Nergis Holding (77) 299 38 Sifas (17) 117 21 Yasarbank (4,025) 2,644 N.A. UKRAINE ------- Dniprooblenergo DNON (51) 433 (200) Donetskoblenergo DOON (367) 631 (469) UNITED KINGDOM -------------- Advance Display (3,016) 2,590 (411) Airtours Plc (379) 1,818 (932) Alldays Plc (120) 252 (290) Amer Bus Sys (497) 121 (497) Amey Plc AMY (49) 932 (76) Anker Plc (22) 115 16 Atkins (WS) Plc ATK (46) 1,345 58 Black & Edgingto (140) 203 23 BNB Recruitment (10) 104 38 Booker Plc BKRUY (60) 1,298 (13) Bradstock Group BDK (2) 269 7 British Energy Ltd (5,823) 4,921 534 British Energy Plc BGY (5,823) 4,921 534 British Sky Broadcast (334) 8,126 (388) Carlisle Group (12) 204 30 Compass Group CPG (668) 2,972 (440) Danka Bus (497) 121 (497) Dawson Holdings (18) 226 (63) Dignity Plc DTY (9) 648 71 E-II Holdings (199) 651 149 Easynet Group ESY.L (45) 323 68 Electrical and Music Industries Group EMI (2,266) 2,950 (582) European Home (14) 111 (70) Farepak Plc (14) 111 (70) Gartland Whalley (11) 145 (13) Hilton Food Group (21) 256 (12) Kleeneze Plc (14) 111 (70) Ladbrokes Plc LAD (814) 2,403 (706) Lambert Fenchurch Group (1) 1,827 5 Leeds United (73) 144 (48) M 2003 Plc (2,204) 7,204 (1,078) Mytravel Group MT.L (380) 1,818 (931) New Star Asset (398) 293 21 Next Plc (119) 3,161 (125) Orange Plc ORNGF (594) 2,902 12 Orbis Plc (4) 128 (5) Patientline Plc (55) 125 (10) Preedy Alfred (119) 3,161 (125) Rank Group Plc (132) 1,066 (175) Regus Plc (46) 367 (97) Rentokil Initial (8) 4,178 (886) Saatchi & Saatchi SSI (119) 705 (66) Samsonite Corp. (199) 651 (149) SFI Group SUF (108) 178 (265) Skyepharma Plc SKP (140) 203 23 Smiths News Plc (124) 201 (92) Styles & Wood (57) 107 (9) Telewest Communications Plc TLWT (3,702) 7,581 (10,042) Thorn Emi Plc (2,266) 2,950 (582) Topps Tiles Plc (111) 195 18 Trio Finance (14) 592 N.A. UTC Group (12) 204 30 Virgin Mobile (392) 166 (176) Watson & Philip (120) 252 (290) ********* 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. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine C. Tumanda, Pius Xerxes V. Tovilla, Joy A. Agravante, Marie Therese V. Profetana and Peter A. Chapman, Editors. Copyright 2009. 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 * * *