/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060626.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 Monday, June 26, 2006, Vol. 7, No. 125 Headlines A U S T R I A ADOLF PILTZ: Vienna Court to Close Case After Final Allocation BAWAG PSK: Serhiy Klyuyev Mulls Launching an Offer HAFELLNER PERSONALSERVICE: Leoben Court Closes Bankruptcy Case HD PERSONALLEASING: Court to Close Case After Final Allocation HWS: Court Closes Bankruptcy Case After Claims Payment JOYNTSHUTTLE: Insufficient Funds Prompt Court to Close Case KUTAK: Vienna Court Dismisses Case Due to Insufficient Funds MPB-BAUBETREUUNGS: Court Closes Case on Creditors' Agreement SMAX: Vienna Court Closes Case on Administrative Insolvency G E R M A N Y ALLGEMEINE HYPOTHEKENBANK: Investors Balk on Sale, Recovery Plan ANDREAS UND UWE: Creditors' Meeting Slated for July 12 GEBR. KREUTZFELDT: Claims Registration Ends July 12 GRUENHAINER WOHNUNGS: Claims Registration Ends July 14 HAMKA BAUGESELLSCHAFT: Creditors' Meeting Slated for July 12 PREFERENZA FASHION: Claims Registration Ends July 13 RESTAURANT KUHSIEL: Creditors' Meeting Slated for July 13 SCHORNSTEINTECHNIK WELLIGE: Claims Registration Ends July 13 STR SANIERUNGS: Creditors' Meeting Slated for July 12 WILHELM NOAH: Claims Registration Ends July 12 WOHNANLAGE COTTBUS: Claims Registration Ends July 12 G R E E C E EMPORIKI BANK: Gets Bank of Cyprus's EUR3.8-Bln Cash & Stock Bid H U N G A R Y BORSODCHEM RT: Returned Stock Hikes Treasury Shares I T A L Y IMPREGILO SPA: Completes Costanera Norte Equity Sale K A Z A K H S T A N ATLANTIDA-AVB: Creditors Must File Claims by July 5 AZON: Creditors Must File Claims by July 4 ESIL: North Kazakhstan Court Opens Bankruptcy Proceedings KOMPANIA SATURN: Almaty Court Sets July 5 Claims Bar Date LITTLE CONTRU: Claims Registration Ends July 5 PROMREMONT: Claims Registration Ends July 5 SCAN-EAST: Proof of Claim Deadline Slated for July 5 UNION: Proof of Claim Deadline Slated for July 5 VITA-FARM: Creditors' Claims Due July 4 N E T H E R L A N D S HALCYON ASSET: Moody's Rates EUR20-Mln Class E Notes at Ba2 N O R W A Y AKER KVAERNER: Inks EUR80 Million Boiler Deal with Finland's UPM PETROLEUM GEO: Begins Global Offering of Petrojarl Shares PETROLEUM GEO: Inks Joint Venture Offshore Deal with Teekay R U S S I A BANK SOYUZ: S&P Lifts Junk Credit Ratings to B- CEDAR: Bankruptcy Hearing Slated for Aug. 31 GRANITE: Bankruptcy Hearing Slated for Aug. 1 KURMANAEVKA-AGRO-PROM-KHIMIYA: Bankruptcy Hearing Set July 12 KUZNETSK-MILK: Court Names V. Batrakov as Insolvency Manager OAO GAZPROM: Inks Gasification Deal for Stavropol Territory OAO GAZPROM: Names Andrey Tatarinov as Unit's General Director OBOYAN-BREAD: Kursk Court Commences Bankruptcy Supervision PERVOMAYSKOYE: Court Appoints N. Stulkov as Insolvency Manager SANNIKOVSKOYE: Bankruptcy Hearing Slated for Aug. 14 SEVERSTAL: Loses Arcelor Bid to Mittal; Reviews Options SPIRIT DISTILLERY: Court Names B. Kantor as Insolvency Manager USPENSKOYE SEL-KHOZ-ENERGO: Court Hearing Slated for Sept. 25 YOUTH: Court Appoints A. Boravchenko as Insolvency Manager YUKOS OIL: Defendants Want U.S. Court to Drop Investors' Suit U K R A I N E AGRARIJ: Cherkassy Court Starts Bankruptcy Supervision CONSULTING-COMPANY: Court Names Ruslan Alejnik as Liquidator KIY PLUS: Court Names Igor Shevchenko to Liquidate Assets KOSMETIK TRADE: Court Orders Debt Moratorium LUGANSK' AUTO-TRANSPORT 10954: Court Opens Bankruptcy Process MALAHIT: Court Names Mr. O. Sherban to Manage Assets MIZHREGIONGAZ: Court Appoints Svitlana Klimenko as Liquidator NIZHNYOVERBIZHSKIJ PRODUCTION: V. Ribachuk to Liquidate Assets PRODSISTEMA-1: Court Names Svitlana Lunkova as Liquidator SVITLAYF: Court Names O. Sherban as Insolvency Manager U N I T E D K I N G D O M C.S.O. LIMITED: Names Neil Chesterton as Administrator CAPEL FENCING: Appoints Joint Administrators from Berg Kaprow CARR HILL: Taps BDO Stoy to Administer Assets CHRISTOPHER MARTIN: Creditors' Meeting Slated for July 6 CLEMENT & FOSTER: Hires Joint Administrators from Leonard Curtis D EVANS ELECTRICAL: Tenon Recovery Places Wire Business on Sale DELAPENA HONING: Brings In Hazlewoods as Joint Administrators EUROPEAN STEEL: Brings In Kroll as Joint Administrators FEENIX LOGISTICS: Hires Joint Administrators from BWC FINE COLOUR: Packaging Business Up for Sale GRAPHITE MORTGAGES: S&P Rates EUR27.8-Mln Class E Notes at BB HIGGINS CLOTHING: Euro Sales Taps Grant Thornton as Receiver HIGHLANDER EURO: S&P Assigns BB- Rating to Class E Notes HIGHLINE BUILDING: Financial Woes Trigger Liquidation HOLIDAY TRAVEL: Taps Colin Ian Vickers to Liquidate Assets INTERBUILD (MIDLANDS): Creditors Pass Winding Up Resolution ISLINGTON JOINERY: Names Alan Simon Liquidator JASLITE FASHION: Creditors Resolve to Liquidation JUBILEE WINDOWS: Hires Joint Liquidators from Begbies Traynor KEMTAK LTD: Financial Woes Trigger Liquidation LAWSON GIBBS: Liquidates Assets & Appoints Liquidator PRESTIGE FLOORING: Claims Registration Ends July 6 REDLINE MOTORSPORT: Claims Filing Period Ends July 4 VISION ON DESIGN: Creditors' Meeting Slated for June 29 ********* ============= A U S T R I A ============= ADOLF PILTZ: Vienna Court to Close Case After Final Allocation -------------------------------------------------------------- The Trade Court of Vienna will close the bankruptcy case of LLC Adolf Piltz (FN 43488d) after the Debtor's final distribution to creditors. Creditors will receive a 2.28% recovery on account of their claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 25, 2005 (Bankr. Case No. 6 S 18/05x). Susi Rathauscher served as the court-appointed property manager for the bankrupt estate. BAWAG PSK: Serhiy Klyuyev Mulls Launching an Offer -------------------------------------------------- Ukrainian tycoon Serhiy Klyuyev is considering a bid for Austrian financial group BAWAG P.S.K, en.for-ua.com says. "We will submit an application on acquisition along with Austrian bank, American or Spanish partners," Mr. Klyuyev told the news service. According to the report, Citigroup and Banco Santander Central Hispano have also expressed interest in acquiring the bank. Bawag's parent company, Osterreichischer Gewerkschaftsbund (OeGB), previously disclosed that it prefers to sell the bank as a whole and not in pieces indicating that the purchaser can break up the bank after the sale. OeGB has placed Bawag on the trading table following the bank's alleged role in the collapse of Refco Inc. As reported in TCR-Europe on June 16, J.C. Flowers & Co. LLC and Cerberus Capital Management LP may be considering bids for Bawag. Commerzbank AG, Generali, Allianz and Volksbanken- Investkredit are also interested in launching an offer for Bawag aside from the two US turnaround firms. Morgan Stanley has begun inviting bids after Bawag inked a US$675 million settlement deal with Refco investors. According to the Sunday Times, analysts peg Bawag's value at EUR1.8 billion, though its sale might be complicated by the EUR900- million state-spearheaded rescue package. About BAWAG Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit und Wirtschaft AG) is an Austrian universal bank founded in 1922 by former Austrian Chancellor Karl Renner. As of 2004, the bank's majority shareholder was the OGB (Osterreichischer Gewerkschaftsbund), the Austrian Trade Union Federation. The bank had total consolidated assets of EUR56 billion as of Dec. 31, 2004. * * * As reported in the TCR-Europe on May 11, Moody's downgraded BAWAG P.S.K's -- financial strength rating (BFSR) to D- from C-; -- Tier 1 debt rating to Baa3 from Baa2. Both ratings remain under review for possible downgrade. At the same time, Moody's has also downgraded to Prime-2 with stable outlook from Prime-1 the bank's short-term debt and deposit rating. The A3 long-term debt and deposit ratings and the Baa1 subordinated debt rating remain on review for possible downgrade. These ratings were downgraded as part the rating action: -- BAWAG P.S.K.: bank financial strength rating from C- to D-; -- BAWAG P.S.K.: short-term rating from P-1 to P-2; -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and deposit rating to Baa3 from Baa2; -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and deposit rating to Baa3 from Baa2; and -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and deposit rating to Baa3 from Baa2. These ratings are under review for possible downgrade: -- BAWAG P.S.K.: bank financial strength rating of D-; -- BAWAG P.S.K.: long-term debt and deposit HAFELLNER PERSONALSERVICE: Leoben Court Closes Bankruptcy Case -------------------------------------------------------------- The Land Court of Leoben entered an order closing the bankruptcy case of Trade LLC Hafellner Personalservice (FN 194361 a) on May 12 after the Debtor's final distribution to creditors. Creditors owed money by the Debtor recovered 2.8% on account of their claim. Headquartered in Leoben, Austria, the Debtor declared bankruptcy on Aug. 7, 2003 (Bankr. Case No. 17 S 271/03a). Bajc Erwin served as the court-appointed property manager for the bankrupt estate. HD PERSONALLEASING: Court to Close Case After Final Allocation -------------------------------------------------------------- The Land Court of Steyr will close the bankruptcy case of HD Personalleasing Daurer KEG (FN 223309x) after the Debtor's final distribution to creditors. Creditors will receive a 12.89% recovery on account of their claim. Headquartered in Steyr, Austria, the Debtor declared bankruptcy on Sept. 19, 2005 (Bankr. Case No. 14 S 33/05h). Heinz Kassmannhuber served as the court-appointed property manager for the bankrupt estate. HWS: Court Closes Bankruptcy Case After Claims Payment ------------------------------------------------------ The Land Court of Klagenfurt entered an order closing the bankruptcy case of Construction LLC HWS (FN 115723g) on May 12 after the Debtor's final distribution to creditors. Creditors owed money by the Debtor recovered 0.9% on account of their claim. Headquartered in Villach, Austria, the Debtor declared bankruptcy on June 17, 2005 (Bankr. Case No. 41 S 53/05z). Rudolf Pototschnig served as the court-appointed property manager for the bankrupt estate. JOYNTSHUTTLE: Insufficient Funds Prompt Court to Close Case ------------------------------------------------------------ The Land Court of Innsbruck dismissed the bankruptcy case of LLC Joyntshuttle (FN 218870v) on May 12 due to the Debtor's administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. As a result, creditors will not receive any distribution. Headquartered in Kappeln, Austria, the Debtor declared bankruptcy on Dec. 2, 2004 (Bankr. Case No. 9 S 35/04b). Walter Waizer served as the court-appointed property manager for the bankrupt estate. KUTAK: Vienna Court Dismisses Case Due to Insufficient Funds ------------------------------------------------------------ The Trade Court of Vienna dismissed the bankruptcy case of Trade LLC Kutak (FN 262561w) on May 15 due to the Debtor's administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. As a result, creditors will not receive any distribution. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 10 (Bankr. Case No. 3 S 1/06a). Eberhard Wallentin served as the court-appointed property manager for the bankrupt estate. MPB-BAUBETREUUNGS: Court Closes Case on Creditors' Agreement ------------------------------------------------------------ The Land Court of Linz entered an order closing the bankruptcy case of LLC MPB-Baubetreuungs (FN 184186m) on May 15 after involved creditors agreed on the court-appointed property manager Kurt Heinrich Wolfmair final decision. Headquartered in Engerwitzdorf, Austria, The Debtor declared bankruptcy on June 18, 2004 (Bankr. Case No. 12 S 46/04h). Wilhelm Deutschmann represented Dr. Wolfmair in the bankruptcy proceedings. SMAX: Vienna Court Closes Case on Administrative Insolvency ----------------------------------------------------------- The Trade Court of Vienna dismissed the bankruptcy case of LLC SMAX (FN 214552v) on May 15 due to the Debtor's administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. As a result, creditors will not receive any distribution. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 27, 2005 (Bankr. Case No. 6 S 83/05f). Alexander Schoeller served as the court-appointed property manager for the bankrupt estate. ============= G E R M A N Y ============= ALLGEMEINE HYPOTHEKENBANK: Investors Balk on Sale, Recovery Plan ---------------------------------------------------------------- The restructuring of Allgemeine HypothekenBank Rheinboden is facing more hurdles as investors began taking actions against the mortgage bank, the Financial Times Deutschland says. Holders of ABHR's participation certificates have commissioned an expert report to shed the light on the conditions for damage claims, the paper reports. The German mortgage bank's certificate holders, as well as some silent shareholders, argue that the takeover money paid to Lone Star should have been used to cover ABHR's multi-billion euro losses, Rolf Benders and Rita Lansch writes for Handelsblatt. The holders also fear that they would go empty-handed while Lone Star profited from the sale of ABHR's assets. According to FT, one of the certificate holders, publishing tycoon Heinz Bauer, has accused the federal financial market regulator Bundesanstalt fuer Finanzdienstleistungsaufsicht of abetting to camouflage AHBR's true financial situation. Mr. Bauer sent a letter to Finance Minister Peer Steinbruck demanding an explanation why the Ministry accepted BaFin's actions. Meanwhile, cooperative bank DZ Bank, which had invested EUR140 million into AHBR -- enough to object to business changes -- has filed for a temporary injunction at the Regional Court of Frankfurt against the bank to prevent the sale of a EUR3.5- billion real estate financing portfolio to Hypo Real Estate Bank International AG, a subsidiary of Hypo Real Estate Holding AG, Handelsblatt relates. The Court will convene on June 26 to consider DZ Bank's request. Handelsblatt says AHBR, which can proceed with the sale until the court issues a ruling, said there was no basis for an injunction. As reported in the TCR-Europe on Jan. 12, DZ Bank, along with fellow shareholders DEVK and Volksfursorge, are challenging the recovery plan of for AHBR as they are unwilling to bear the restructuring costs. DZ Bank is trying to prevent Lone Star breakup of AHBR, sources privy with the silent investors told Handelsblatt. As reported in the TCR-Europe on Feb. 6, AHBR plans to pull out of public sector lending and private real estate financing. It is also considering selling off its foreign real estate financing portfolio. Hudson Advisors Germany GmbH, part of the Lone Star Group, is to take on the servicing of the non- performing loan portfolio. The restructuring will be accompanied by changes to the Bank's organizational structure and staffing. The Bank anticipates that it will take a year to implement the measures. About the Company Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank Rheinboden AG -- http://www.ahbr.de/-- finances residential and commercial real estate projects locally. The group is also engaged in commercial lending abroad. It has assets of more than EUR80 billion. It is owned directly and indirectly -- through BHW -- by the trade union private equity holding group BGAG. BGAG has provided it EUR1.2 billion in financing, and guaranteed it under a EUR1.2 billion risk protection scheme. It recently sold the company to U.S. investment group Lone Star for EUR400 million. * * * As reported in TCR Europe on April 26, Fitch Ratings placed Allgemeine Hypothekenbank Rheinboden's Short-term F3 and Support 2 ratings, BBB- senior unsecured obligations, and BB+ subordinated obligations on Rating Watch Negative. It assigned AHBR an Issuer Default Rating of BBB-, which is also put on RWN. The IDR, which replaces the Long-term rating, applies to those obligations for which Fitch expects potential support to be forthcoming. At the same time, the bank's Individual rating is upgraded to D/E from E and remains on Rating Watch Positive. In addition, Fitch affirmed AHBR's outstanding public sector Pfandbriefe at AAA while the AA+ rated mortgage Pfandbriefe was placed on RWN. The agency downgraded AHBR's participation rights maturing in December 2005 through to December 2008 to C/RR6 on the Recovery Rating Scale and removed them from RWN, following the publication of its 2005 losses. Genussscheine maturing after December 2008 are affirmed at CC/RR5 and removed from RWN. As reported in TCR Europe on Dec. 20, 2005, Standard & Poor's Ratings Services removed its 'BB+' counterparty credit ratings on AHBR from CreditWatch, where they were first placed on Oct. 25, 2005. In addition, Standard & Poor's affirmed its 'BB+/B' counterparty credit and senior unsecured ratings on AHBR, and raised the ratings on subordinated debt issued by AHBR to 'BB-' from 'B'. The outlook is negative. At the same time, the 'AAA' ratings on senior secured Offentliche Pfandbriefe and Hypothekenpfandbriefe issued by AHBR were affirmed. ANDREAS UND UWE: Creditors' Meeting Slated for July 12 ------------------------------------------------------ The court-appointed provisional administrator for Andreas und Uwe Graf OHG, Dirk Wittkowski, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:25 a.m. on July 12. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 II Stick District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 10:20 a.m. on Oct. 18 at the same venue. Creditors have until Aug. 22 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Andreas und Uwe Graf OHG on May 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Andreas und Uwe Graf OHG New Hochstr. 18/19 13347 Berlin, Germany The administrator can be reached at: Dr. Dirk Wittkowski Kirchblick 11 14129 Berlin, Germany GEBR. KREUTZFELDT: Claims Registration Ends July 12 --------------------------------------------------- Creditors of Gebr. Kreutzfeldt GmbH have until July 12 to register their claims with court-appointed provisional administrator Beate Thompson. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Aug. 10, at which time the administrator will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kiel Hall 17 Kiel, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Kiel opened bankruptcy proceedings against Gebr. Kreutzfeldt GmbH on May 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gebr. Kreutzfeldt GmbH Schonberger Landstr. 3-13 24232 Schonkirchen, Germany The administrator can be contacted at: Beate Thompson Willestr. 3 24103 Kiel, Germany GRUENHAINER WOHNUNGS: Claims Registration Ends July 14 ------------------------------------------------------ Creditors of Gruenhainer Wohnungs- und Siedlungsgesellschaft mbH have until July 14 to register their claims with court-appointed provisional administrator Dirk Herzig. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Aug. 10, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 28 Prince Road 21 Chemnitz, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Chemnitz opened bankruptcy proceedings against Gruenhainer Wohnungs- und Siedlungsgesellschaft mbH on May 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gruenhainer Wohnungs- und Siedlungsgesellschaft mbH Attn: Georg Grajewski, Manager Schwarzenberger Road 10 08344 Gruenhain Beierfeld, Germany The administrator can be contacted at: Dr. Dirk Herzig Promenadenstr. 3 09111 Chemnitz, Germany Web: http://www.schubra.de/ HAMKA BAUGESELLSCHAFT: Creditors' Meeting Slated for July 12 ------------------------------------------------------------ The court-appointed provisional administrator for HAMKA Baugesellschaft mbH, Sebastian Laboga, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:20 a.m. on July 12. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 II Stick District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 10:15 a.m. on Oct. 18 at the same venue. Creditors have until Aug. 23 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against HAMKA Baugesellschaft mbH on May 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HAMKA Baugesellschaft mbH Mahlerstr. 8 13088 Berlin, Germany The administrator can be reached at: Sebastian Laboga Einemstr. 24 10785 Berlin, Germany PREFERENZA FASHION: Claims Registration Ends July 13 ---------------------------------------------------- Creditors of preferenza fashion club GmbH have until July 13 to register their claims with court-appointed provisional administrator Michael Bremen. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 9, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Room A 341 3rd Floor Mill Road 34 40213 Duesselforf, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Duesseldorf opened bankruptcy proceedings against preferenza fashion club GmbH on May 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: preferenza fashion club GmbH Angermunder Str. 126 40489 Duesseldorf, Germany Attn: Ludwiga Spreyer, Manager Ferdinandstr. 17 41061 Monchengladbach, Germany The administrator can be contacted at: Michael Bremen Sternstr. 58 40479 Duesseldorf, Germany RESTAURANT KUHSIEL: Creditors' Meeting Slated for July 13 --------------------------------------------------------- The court-appointed provisional administrator for Restaurant Kuhsiel GbR, Stefanie Luethje, will present her first report on the Company's insolvency proceedings at a creditors' meeting at 11:00 a.m. on July 13. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Court House (New Building) Ostertorstr. 25-31 28195 Bremen, Germany The Court will also verify the claims set out in the administrator's report at 11:00 a.m. on Aug. 31 at the same venue. Creditors have until Aug. 8 to register their claims with the court-appointed provisional administrator. The District Court of Bremen opened bankruptcy proceedings against Restaurant Kuhsiel GbR on May 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Restaurant Kuhsiel GbR Oberblockland 2 28357 Bremen, Germany The administrator can be reached at: Stefanie Luethje Ostertorsteinweg 74/75 28203 Bremen, Germany Tel: 792570 Fax: 7925757 E-mail: Luethje@oelb.de Web: http://www.oelb.de/ SCHORNSTEINTECHNIK WELLIGE: Claims Registration Ends July 13 ------------------------------------------------------------ Creditors of Schornsteintechnik Wellige Produktions- und Vertriebsgesellschaft mbH have until July 13 to register their claims with court-appointed provisional administrator Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 10, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 2nd Floor Branch Court Place 1 44135 Dortmund, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Dortmund opened bankruptcy proceedings against Schornsteintechnik Wellige Produktions- und Vertriebsgesellschaft mbH on May 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Schornsteintechnik Wellige Produktions- und Vertriebsgesellschaft mbH Hubert-Biernat-Str. 10 59425 Unna, Germany Attn: Werner Wellige, Manager Hammer Str. 37 59425 Unna, Germany The administrator can be contacted at: Dr. Sebastian Henneke Hansastrasse 61 44137 Dortmund, Germany Tel: 0231-56559921 Fax: 0231-56559922 STR SANIERUNGS: Creditors' Meeting Slated for July 12 ----------------------------------------------------- The court-appointed provisional administrator for STR Sanierungs Team Ruhr Gesellschaft fuer Projektierung und Sanierung im Ruhrgebiet mbH, Achim Thomas Thiele, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on July 12. The meeting of creditors and other interested parties will be held at: The District Court of Dortmund Hall 3.201 2nd Floor Branch Court Place 1 44135 Dortmund, Germany The Court will also verify the claims set out in the administrator's report at 9:00 a.m. on Sept. 27 at the same venue. Creditors have until Aug. 23 to register their claims with the court-appointed provisional administrator. The District Court of Dortmund opened bankruptcy proceedings against STR Sanierungs Team Ruhr Gesellschaft fuer Projektierung und Sanierung im Ruhrgebiet mbH on May 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: STR Sanierungs Team Ruhr Gesellschaft fuer Projektierung und Sanierung im Ruhrgebiet mbH Langen Kamp 2 59192 Bergkamen, Germany Attn: Stephan Haupenthal, Manager Gartenstr. 11 a 45527 Hattingen, Germany The administrator can be reached at: Achim Thomas Thiele Bronnerstrasse 7 44141 Dortmund, Germany Tel: 54110 Fax: 5411266 WILHELM NOAH: Claims Registration Ends July 12 ---------------------------------------------- Creditors of Wilhelm Noah GmbH & Co. KG have until July 12 to register their claims with court-appointed provisional administrator Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on Aug. 9, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanover Hall 226 2nd Floor Hamburg Avenue 26 30161 Hanover, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hanover opened bankruptcy proceedings against Wilhelm Noah GmbH & Co. KG on May 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Wilhelm Noah GmbH & Co. KG Attn: Peter Schmitt, Manager Helmkestr. 5B 30165 Hanover, Germany The administrator can be contacted at: Dr. Rainer Eckert Arthur-Menge-Ufer 5 30169 Hanover, Germany Tel: 0511/626287-0 Fax: 0511/626287-10 WOHNANLAGE COTTBUS: Claims Registration Ends July 12 ---------------------------------------------------- Creditors of Wohnanlage Cottbus GWC Privatisierungs- und Verwaltungsgesellschaft mbH & Co. KG have until July 12 to register their claims with court-appointed provisional administrator Alfred Ponzer. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on July 13, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wolfratshausen Meeting Room 3/I Station Route 18 Wolfratshausen, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Wolfratshausen opened bankruptcy proceedings against Wohnanlage Cottbus GWC Privatisierungs- und Verwaltungsgesellschaft mbH & Co. KG on May 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Wohnanlage Cottbus GWC Privatisierungs- und Verwaltungsgesellschaft mbH & Co. KG Hochfeldstr. 35 83684 Tegernsee, Germany The administrator can be contacted at: Alfred Ponzer Market Place 18 83607 Holzkirchen, Germany Tel: 08024/30580 Fax: 08024/305820 =========== G R E E C E =========== EMPORIKI BANK: Gets Bank of Cyprus's EUR3.8-Bln Cash & Stock Bid ---------------------------------------------------------------- The Board of Directors of Emporiki Bank of Greece S.A. received a EUR3.8 billion cash-and-stock offer from Bank of Cyprus for 100% of the bank's shares. Bank of Cyprus' offer came a few days after Credit Agricole submitted a bid to purchase the 91.1% stake it doesn't own in Emporiki for EUR2.8 billion in cash, Taska Manzaroli and Digby Larner write for the Wall Street Journal. The Greek government, which holds a 20% stake in Emporiki, said it would consider better bids for the bank following Credit Agricole's offer. Bank of Cyprus's combined cash and stock offer may be "less attractive" to the Greek government, Bloomberg News cited HSBC Pantelakis SA as saying. "The Greek state has repeatedly stated its preference for a cash bid," HSBC said. Bank of Cyprus Offer Bank of Cyprus believes that its offer to be in the best interests of Emporiki's shareholders, customers and employees. The offer consideration is EUR6,00 in cash and 3,25 Bank of Cyprus shares for every Emporiki share. The bank will fund the cash portion through internal resources. The Bank of Cyprus will hold an Extraordinary General Meeting in July to approve the increase of the authorized share capital and the waiver of pre-emption rights of existing shareholders. Upon successful completion of the Offer: -- the enlarged group would be the second largest deposit taker in Greece with 12% of total deposits. The enlarged group's market share in loans in Greece would be 15%; and -- the intention of the Bank of Cyprus is to integrate the operations of Emporiki with those of Bank of Cyprus in Greece. The Bank of Cyprus' main objective in relation to the proposed acquisition of Emporiki is to strengthen Emporiki's future development and growth in Greece and the Balkans. The Bank of Cyprus aims to achieve the strategic objectives of the combined group by: -- the reorganization of the branch network to increase sales, improve customer service, and increase customer satisfaction and loyalty; -- restructuring and upgrading of IT systems; -- improvement of the Human Resource management function; -- upgrading of the risk management systems of the combined entity; -- effective management of operating expenses and cost to income ratio; and -- growth of operations through targeted increases in market shares in Greece and the Balkans. The acceptance period for the Offer is expected to start in early July 2006 and is expected to be completed within August 2006. Full details will be confirmed after the approval by the Hellenic Capital Markets Commission and the publication of the Offer Document. The Offer is subject to certain conditions: -- approval of the tender offer document by the Hellenic Capital Markets Commission; -- approval by the Shareholders' General Meeting of the increase of the authorized share capital and waiver of the pre-emption rights of existing shareholders; and -- 40% of Emporiki's shares are tendered in the Offer. In addition the Offer is subject to customary regulatory approvals. "We believe this is an attractive offer for Emporiki shareholders that provides the opportunity to invest in the creation of a leading Hellenic banking group," Vassilis G. Rologis, Chairman of the Bank of Cyprus Group, said. "In applying our proven management strategy to the combined group, we believe there will be huge benefits for shareholders, customers and employees." "We believe that our track record of growth, combined with our proven restructuring experience which was successfully applied to our Cyprus operations, means this is a winning proposition for existing and future shareholders," Andreas Eliades, Chief Executive of Bank of Cyprus Group, said. Emporiki is listed on the Athens Stock Exchange. Credit Suisse Securities (Europe) Limited and Cypriot Organization for Investments and Securities Limited are acting as financial advisers to Bank of Cyrpus in connection with the Offer. Headquartered in Nicosia, Cyprus, Bank of Cyprus -- http://www.bankofcyprus.com/-- offers a wide range of financial products and services, which include banking services in Cyprus, Greece, United Kingdom, Australia and Channel Islands, finance, leasing, factoring, brokerage, fund management, general and life insurance services in Cyprus and Greece, and investment banking services in Cyprus. Headquartered in Athens, Greece, Emporiki Bank of Greece S.A. -- http://www.emporiki.gr/-- offers banking services in Greece through a network of 374 branches, through the Emporiki Bank branch operating in London as well as through the Group's subsidiaries in Albania, Armenia, Bulgaria, Cyprus, Germany, Georgia and Romania. The extensive network of Emporiki Bank is a major advantage for the Group in the distribution of the products and services it offers. * * * As reported in TCR-Europe on June 19, Moody's Investors Service has placed on review for possible upgrade the Baa1/Prime-2 deposit, Baa1 senior debt and Baa2 subordinated debt ratings of Emporiki Bank of Greece SA. In addition, the Baa1 senior debt and Baa2 subordinated debt ratings assigned to Emporiki Finance Group were also placed on review for possible upgrade. In a rating action not related to this transaction, Moody's has confirmed Emporiki's D+ financial strength rating. As reported in TCR-Europe on June 15, Fitch Ratings placed Greece-based Emporiki Bank's Issuer Default Rating of BBB, Short-term rating of F3 and Support rating of 2 on Rating Watch Positive. Emporiki's Individual rating of C/D is affirmed. At the same time, the agency has affirmed France-based Credit Agricole's as well as its central body at AA with Stable Outlook, Short term F1+ and Support 1. The Individual rating of CA is affirmed at B. ============= H U N G A R Y ============= BORSODCHEM RT: Returned Stock Hikes Treasury Shares --------------------------------------------------- BorsodChem Rt. disclosed a change in the company's treasury shares due to developments concerning its Registered Employee Share Ownership Program. Out of the 203,062 shares transferred to the employees' securities accounts in HVB Bank Hungary Rt.'s custody on Nov. 9, 2005, the Company received back 147 pieces with a value date of June 19 from employees terminating their employment relations. Following the transaction the number of the Company's treasury shares increased by 147 pieces to 1,192,492. About BorsodChem Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. -- http://www.borsodchem.hu/-- produces chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries. The Company exports its products mainly to Western Europe. The group's EBITDA for 2005 was HUF27.0 billion, 31.7% higher than HUF20.5 billion in 2004. BorsodChem's net profit was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion a year ago. At Dec. 31, 2005, BorsodChem's had HUF237.9 billion in total assets, HUF98.9 billion in total liabilities and HUF139.02 billion in total shareholders' equity. * * * The Company's long-term foreign and local issuer credit carry Standard and Poor's BB rating with stable outlook. ========= I T A L Y ========= IMPREGILO SPA: Completes Costanera Norte Equity Sale ---------------------------------------------------- Impregilo S.p.A. disclosed the sale closing of the investment held by its wholly owned subsidiary, Impregilo International Infrastructures N.V., in the Chilean motorway concession-holder Costanera Norte following the fulfillment of all conditions precedent. The investment has been sold to Nueva Costanera Norte, a Chilean company held indirectly 100% by ASA S.r.l., a company owned by Autostrade, Sias and Mediobanca. Completion of the sale was subject to the final approvals of the competent Chilean authorities and the authorisation of the two guarantors of the bond (Banco Interamericano di Sviluppo and AMBAC Assurance Corporation) issued by the Costanera concession- holder. The transaction has raised a net capital gain estimated at approximately EUR105 million for the Impregilo Group, with net proceeds of approximately EUR165 million. The funds will be used to reduce Group debt. The sale transaction concerned the entire share capital of Costanera Norte, of which 80% was held by Impregilo International Infrastructures N.V., including the 2.1% interest of Simest S.p.A. acquired prior to closing under the terms of previous agreements, and 10% each by Empresa Constructora Tecsa S.A. and Empresa Constructora Fe Grande S.A. The sale also grants the Impregilo Group an option to buy back up to 10% of the share capital of the Chilean concession-holder. "This transaction does not signify a withdrawal by Impregilo from Chile," said Impregilo Chief Executive Officer Alberto Lina. "With rapid infrastructure growth expected in the country, we have a co-operation agreement with the purchasers for joint development of new motorway projects in Chile on which we shall be acting as general contractor." About Impregilo Headquartered in Milan, Italy, Impregilo S.p.A. -- http://www.impregilo.it/-- is involved in the construction of dams and hydroelectric schemes since 1906. In 2005, Impregilo posted consolidated net sales of EUR2.4 billion, compared to EUR2.9 billion in 2004. It attributed the decrease to a general downturn in sales volumes, the de-consolidation of some operations and the absence of extraordinary items recognized in 2004. In 2005, the Group posted a consolidated operating loss of EUR254.4 million. A significant factor in the result was the aggregate operating loss (EUR260 million) of the non-core businesses (Building & Services, Campania MSW Project, Imprepar in liquidation), which are being sold/retired or are in liquidation. Net debt at Dec. 31, 2005, was EUR739.18 million, including discontinued operations. Shareholders' equity at Dec. 31, 2005, amounted to EUR516.7 million, an increase of EUR305 million from Dec. 31, 2004. Impregilo is optimistic it could achieve its profit forecast and debt-to-equity ratio of 0.5 in 2007. Lazard Freres & Co. LLC is advising Impregilo. =================== K A Z A K H S T A N =================== ATLANTIDA-AVB: Creditors Must File Claims by July 5 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Atlantida-Avb insolvent on April 18. Creditors have until July 5 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Region Room 321 Baitursynova Str. 95 Kostanai Kostanai Region Kazakhstan AZON: Creditors Must File Claims by July 4 ------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Azon insolvent on April 12. Creditors have until July 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Office 206 Myzy Str. 2/1 Ust-Kamenogorsk, East Kazakhstan Region Kazakhstan Tel: 8 (3232) 24-34-77 Fax: 8 (3232) 24-92-10 ESIL: North Kazakhstan Court Opens Bankruptcy Proceedings --------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region has commenced bankruptcy proceedings against CJSC Municipal Market Esil on April 24. KOMPANIA SATURN: Almaty Court Sets July 5 Claims Bar Date --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Kompania Saturn Ltd. insolvent on April 17. Creditors have until July 5 to submit written proofs of claim to: LLP Kompania Saturn Ltd Makatayeva Str. 117 Almaty, Kazakhstan Tel: 8 (3272) 34-39-74 8 (3001) 11-77-02 LITTLE CONTRU: Claims Registration Ends July 5 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau Region declared LLP Little Contru insolvent. Creditors have until July 5 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Atyrau Region 3rd Floor Abai Str. 10 Atyrau Atyrau Region Kazakhstan PROMREMONT: Claims Registration Ends July 5 ------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Promremont insolvent on March 15. Creditors have until July 5 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Region Room 321 Baitursynova Str. 95 Kostanai Kostanai Region Kazakhstan SCAN-EAST: Proof of Claim Deadline Slated for July 5 ---------------------------------------------------- LLP Joint Kazakh-Russian Enterprise Scan-East has declared insolvency. Creditors have until July 5 to submit written proofs of claim to: LLP Joint Kazakh-Russian Enterprise Scan-East Karasai batyr Str. 82 Almaty, Kazakhstan Tel: 8 (3272) 58-20-20 UNION: Proof of Claim Deadline Slated for July 5 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Union insolvent on April 19. Creditors have until July 5 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Region Room 321 Baitursynova Str. 95 Kostanai Kostanai Region Kazakhstan VITA-FARM: Creditors' Claims Due July 4 --------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Kompania Vita-Farm insolvent on April 11. Creditors have until July 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Office 206 Myzy Str. 2/1 Ust-Kamenogorsk, East Kazakhstan Region Kazakhstan Tel: 8 (3232) 24-34-77 Fax: 8 (3232) 24-92-10 ===================== N E T H E R L A N D S ===================== HALCYON ASSET: Moody's Rates EUR20-Mln Class E Notes at Ba2 ----------------------------------------------------------- Moody's assigned these final ratings to six classes of notes issued by Halcyon Structured Asset Management European CLO 2006-I B.V., a bankruptcy remote SPV incorporated in the Netherlands: -- EUR207,000,000 Class A-1 Senior Secured Floating Rate Notes: Aaa; -- EUR40,000,000 Class A-1R Senior Secured Revolving Floating Rate Notes: Aaa; -- EUR40,000,000 Class B Senior Secured Floating Rate Notes: Aa2; -- EUR30,000,000 Class C Senior Secured Deferrable Floating Rate Notes: A2; -- EUR15,000,000 Class D Senior Secured Deferrable Floating Rate Notes: Baa2; and -- EUR20,000,000 Class E Senior Secured Deferrable Floating Rate Notes: Ba2. These ratings are based upon: -- an assessment of the credit quality and of the diversification of the assets in the initial portfolio; -- an assessment of the eligibility criteria applicable to the future additions to the portfolio; -- the over-collateralization of the notes; -- the protection against losses through the subordination of the Class B, C, D, E notes, the Euro 48,000,000 subordinated notes and the excess spread available in the transaction; -- the analysis of the foreign currency risk involved in the transaction; and -- the legal and structural integrity of the issue. The ratings of the notes address the expected loss posed to investors by the legal maturity of each class in 2021. This transaction is a high yield collateralized loan obligation related to a portfolio of senior and mezzanine loans. Halcyon Structured Asset Management L.P dynamically manages this portfolio. This is the first European arbitrage CLO transaction managed Halcyon L.P. This portfolio will be partially acquired at closing date and partially during the nine-month ramp-up period at the end of which the portfolio shall comply with the following tests: -- a diversity score greater than 35; -- a weighted average rating factor lower than 2,600; -- a weighted average spread greater than 2.70%; and -- a weighted average recovery rate greater than 55%. Thereafter, the portfolio of loans will be actively managed and the portfolio manager will have the option to direct the issuer to buy or sell loans. Any addition or removal of loans will be subject to a number of portfolio criteria. This transaction features a multi-currency revolving class of notes that can be drawn either in Euros or in Sterlings. Sterling advances will be used to purchase loans denominated in Sterling. Should such Sterling assets default, Sterling advances would not be fully collateralized by Sterling assets and therefore Euro proceeds may need to be converted into Sterling in order to redeem Sterling advances, thus creating a foreign exchange risk exposure. This currency risk has been considered in Moody's analysis. =========== N O R W A Y =========== AKER KVAERNER: Inks EUR80 Million Boiler Deal with Finland's UPM ---------------------------------------------------------------- Aker Kvaerner won a bid to supply a recovery boiler to modernize the chemical recovery plant at UPM's Kymi pulp mill in Kuusankoski, southeastern Finland. The contract value to Aker Kvaerner is approximately EUR80 million. UPM is one of the world's leading producers of printing papers and the clear market leader in magazine papers. The recovery boiler will be part of the mill's new recovery line, which will replace two existing lines that date back to the 1960's and 1970's. The new recovery plant will improve the pulp mill's energy efficiency and decrease fossil carbon-dioxide emissions. The new generation recovery boiler will be designed for maximum power generation and it will increase the electricity production produced from biofuels. Kvaerner Power, part of the Aker Kvaerner group, will supply the recovery boiler rated at 3,600 tons of dry solids per day and steam parameters of 505 degree Celsius and 103 bar. The delivery also consists of an odorous gas treatment system, a flue gas scrubber for effective heat recovery, and an ash leaching system for chloride and potassium reduction. The new recovery boiler will be ready for operation in the summer of 2008. About the Company Headquartered in Lysaker, Norway, Aker Kvaerner Oil & Gas -- http://www.akerkvaerner.com/-- provides products and services for the offshore upstream oil and gas industry. The group has operations in Norway, the U.K. and the U.S. In 2005, the group booked revenues and EBITDA of NOK28.2 billion and NOK1.7 billion respectively. * * * Fitch Ratings upgraded Norway-based Aker Kvaerner Oil & Gas Group AS's Issuer Default Rating to BB+ from BB. The Outlook remains Positive. The rating of the EUR260 million second-lien bond issue guaranteed by AK O&G is also upgraded to BB+ from BB. Moody's Investors Service upgraded the ratings of Aker Kvaerner Oil & Gas Group and its subsidiary Aker Kvaerner AS, primarily to reflect the sustainable strong recovery in profitability and cash flow generation of the ring-fenced oil and gas group over the past two years, coupled with the clear reduction in senior debt, repaid from internally generated funds. Ratings affected: Aker Kvaerner Oil & Gas Group AS -- Corporate family rating: upgraded to Ba1 from Ba3 Aker Kvaerner AS -- Rating of the second priority lien notes due 2011: upgraded to Ba1 from Ba3. The outlook on all ratings is stable. PETROLEUM GEO: Begins Global Offering of Petrojarl Shares --------------------------------------------------------- Petroleum Geo-Services ASA disclosed the global offering of up to 14,999,990 ordinary shares of Petrojarl ASA. The indicative offer price range is set from NOK37 to NOK47 per share. The demerger of the PGS Production business to a new company, Petrojarl, is expected to take place by June 29. Petrojarl will be listed on the Oslo Stock Exchange on or about June 30. PGS' shareholders at the time of the demerger will receive one ordinary share in Petrojarl for each ordinary share they hold in PGS. The shares distributed to PGS' shareholders will amount to 80.01% of the total share capital in Petrojarl. The remaining 19.99%, held by PGS, will be offered for sale in the Global Offering as previously announced. The Global Offering will consist of 7,499,995 shares of Petrojarl to be offered for sale by PGS, representing 10% of Petrojarl's outstanding shares. The managers of the Global Offering have been granted an over-allotment option to purchase up to an additional 7,499,995 shares from PGS. If the over- allotment option is exercised in full, PGS will sell its entire shareholding of 14,999,990 shares in Petrojarl, representing 19.99% of Petrojarl's outstanding share capital. Petrojarl is one of the largest operators of floating production storage and offloading vessels in the North Sea, measured by production capacity and number of vessels. Petrojarl owns and operates four FPSOs (the Ramform Banff, Petrojarl I, Petrojarl Foinaven and Petrojarl Varg), operates two shuttle tankers and charters one storage tanker on a time charter basis. About Petroleum Geo-Services Headquartered in Lysaker, Norway, Petroleum Geo-Services -- http://www.pgs.com/-- is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units. * * * As reported on April 3, Standard & Poor's Ratings Services placed the 'B+' ratings on Oslo, Norway-based Petroleum Geo- Services ASA on CreditWatch with developing implications. The rating action follows the company's announcement of its de- merger plan. PETROLEUM GEO: Inks Joint Venture Offshore Deal with Teekay ----------------------------------------------------------- Petrojarl (PGS Production), a wholly owned subsidiary of Petroleum Geo-Services ASA, has finalized and signed the agreement with Teekay Shipping Corporation governing the joint venture company called Teekay Petrojarl Offshore. The joint venture will focus on pursuing opportunities in the rapidly growing global market for Mobile Production Solutions with emphasis on developing solutions through Floating Production Storage and Offloading units. The joint venture will only encompass new projects. Existing assets of both companies are excluded from the joint venture, amongst them all PGS' current FPSO and redeployment of those assets. About Teekay Teekay Shipping Corporation transports more than 10 percent of the world's seaborne oil and has recently expanded into the liquefied natural gas shipping sector through its publicly listed subsidiary, Teekay LNG Partners L.P. (NYSE: TGP). With a fleet of more than 140 tankers, offices in 15 countries and 5,100 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies, helping them seamlessly link their upstream energy production to their downstream processing operations. Teekay's reputation for safety, quality and innovation has earned it a position with its customers as The Marine Midstream Company. Teekay's common stock is listed on the New York Stock Exchange where it trades under the symbol "TK". About PGS Production PGS Production, a wholly owned subsidiary of Petroleum Geo- Services, owns and operates the largest and most advanced fleet of Floating Production Storage and Offloading vessels in the North Sea. These vessels produce oil and gas for oil companies. In U.K. waters, Petrojarl Foinaven is producing the Foinaven field for BP and CNR employs the Ramform Banff on the Banff field. On the Norwegian shelf, Petrojarl Varg is in production for Talisman on the Varg field, while Petrojarl I is on her 10th successive contract, for Statoil on the Glitne field. PGS Production has its head office in Trondheim, from where most of its operations are managed. It also has an operations office in Aberdeen. About Petroleum Geo-Services Headquartered in Lysaker, Norway, Petroleum Geo-Services -- http://www.pgs.com/-- is a technologically focused oilfield service company principally involved in geophysical and floating production services. PGS provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS owns and operates four floating production, storage and offloading units. * * * As reported on April 3, Standard & Poor's Ratings Services placed the 'B+' ratings on Oslo, Norway-based Petroleum Geo- Services ASA on CreditWatch with developing implications. The rating action follows the company's announcement of its de- merger plan. =========== R U S S I A =========== BANK SOYUZ: S&P Lifts Junk Credit Ratings to B- ----------------------------------------------- Standard & Poor's Ratings Services it raised its long-term counterparty credit and Russia national scale ratings on Russia- based Bank Soyuz (Soyuz) to 'B-' from 'CCC+' and to 'ruBBB' from 'ruBB+', respectively. At the same time, Standard & Poor's affirmed its 'C' short-term counterparty credit rating. The outlook is stable. The rating upgrade reflects Soyuz's progress in strengthening its independent franchise outside of the related Basic Element group, and in improving its credit profile through a more diversified funding base and loan portfolio. "The ratings remain supported by Soyuz's strong business ties to the group, which provide funding and capital support," said Standard & Poor's credit analyst Eugene Tarzimanov. The ratings are constrained by the bank's still-high, although improving, single-party concentrations on both sides of the balance sheet, its weak recurrent profitability, and its high exposure to the volatile Russian securities market. The outlook is stable. Standard & Poor's expects Soyuz to grow organically in line with its strategic objectives, while continuing to lend to, and take deposits from, the Basic Element group companies in the medium term. The ratings on Soyuz could be raised if the bank improves its recurrent profitability, and further diversifies its funding and lending. "A material capital increase would also be a positive rating factor. The ratings could be revised downward, however, if the bank's capitalization were to come under severe pressure or its ties to Basic Element were to weaken," added Mr. Tarzimanov. CEDAR: Bankruptcy Hearing Slated for Aug. 31 -------------------------------------------- The Arbitration Court of Irkutsk Region will convene on Aug. 31 to hear the bankruptcy supervision procedure on OJSC Cedar. The case is docketed under Case no. A19-8833/06-29. The Temporary Insolvency Manager is: V. Popov Rabochego Shtaba Str. 27 664001 Irkutsk Russia The Debtor can be reached at: OJSC Cedar Rabochego Shtaba Str. 27 664001 Irkutsk Russia GRANITE: Bankruptcy Hearing Slated for Aug. 1 --------------------------------------------- The Arbitration Court of Moscow will convene on Aug. 1, 10:30 a.m. to hear the bankruptcy supervision procedure on LLC Company Granite (Case no. A40-8261/06-74-13B). The Temporary Insolvency Manager is: V. Goncharov 125009 Moscow Russia The Debtor can be reached at: LLC Company Granite Dovatora Str. 9. 119048 Moscow Russia KURMANAEVKA-AGRO-PROM-KHIMIYA: Bankruptcy Hearing Set July 12 ------------------------------------------------------------- The Arbitration Court of Orenburg Region will convene on July 12, 11:00 a.m. to hear the bankruptcy supervision procedure on OJSC Kurmanaevka-Agro-Prom-Khimiya. The case is docketed under Case no. A47-15797/2005-14 GK. The Temporary Insolvency Manager is: D. Taushev Gaya Str. 23A 460000 Orenburg Russia The Debtor can be reached at: OJSC Kurmanaevka-Agro-Prom-Khimiya Odesskaya Str. 1 Kurmanaevka Orenburg Region Russia KUZNETSK-MILK: Court Names V. Batrakov as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Penza Region appointed Mr. V. Batrakov as insolvency manager for OJSC Kuznetsk-Milk (TIN 5819000387). He can be reached at: V. Batrakov Office 002 Pushkina Str. 2 Penza Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A49-8702/2005-147B/20. The Debtor can be reached at: OJSC Kuznetsk-Milk Penzenskay Str. 50 Kuznetsk Penza Region Russia OAO GAZPROM: Inks Gasification Deal for Stavropol Territory ----------------------------------------------------------- Alexey Miller, Chairman of Gazprom's Management Committee and Alexander Chernogorov, Governor of the Stavropol Territory have signed an Agreement on Cooperation and a synchronized construction schedule for gasification facilities in the Stavropol Territory. The schedule identifies a set of activities to be stepped up in the Stavropol Territory with view of preparing consumers for gas supply by Gazprom pipelines currently under large-scale construction as stipulated by the Gasification Program for RF Regions over 2005 to 2007. "The gasification rate of the Stavropol Territory is high, in rural area inclusive. I am positive nevertheless that the regional authorities should continue paying maximum attention to gasification issues. This year Gazprom is resolute to build in the Territory five local gas pipelines. It is indispensable that industrial and household consumers receive gas immediately after Gazprom completes its part of the work," emphasized Alexey Miller. On his part, Alexander Chernogorov noted that under the schedule inked the Government of the Stavropol Territory was committed to constructing between 2006 and 2007 more than 46 km of local gas pipelines, converting to gas 33 boiler plants and gasify 1,120 households, with over RUR140 million to be spent for these purposes. The Agreement on Cooperation between Gazprom and the Government of the Stavropol Territory was signed due to the expiry of the previous Agreement sealed in January 2001. The newly signed Agreement stipulates promoting these major joint businesses: -- Gasification of the Stavropol Territory; -- Creating a comprehensive automated system for natural gas consumption and quality measurement; -- Developing and introducing gas saving technologies; -- Conducting geological exploration, organizing gas and other hydrocarbon production; -- Ensuring environmental safety & security and rational nature management. The synchronized construction schedule for gasification facilities identifies an activity list and implementation dates for gas infrastructure between 2006 and 2007, and is aimed at providing gas connections to consumers immediately after pipeline construction. To connect consumers, regional authorities are to construct local and household networks, build new or convert to gas existing boiler plants, install household gas appliances, etc. These schedules are part of Gazprom's Gasification Program for RF Regions over 2005 to 2007, which is funded with RUR35 billion. Of this amount, RUR5.2 billion was already committed in 2005 and not less than RUR17.6 billion and RUR12.2 billion is slated for 2006 and 2007, respectively. Extra RUR1.1 billion will be allocated for the reconstruction and modernization of existing gas distribution pipelines. At present the Russia-averaged gasification rate makes up 53 per cent including 60 percent in cities & towns and 34 per cent in rural area. Implementing the Gasification Program over 2005 to 2007 will help boost gas supply to Russian regions to a 60 percent average by 2008 including 66 per cent in cities & towns and 42 per cent in rural area. To achieve said targets, Gazprom will provide gas to 3,851 thousand apartments & households including 2,673 thousand in cities & towns and 1,178 thousand in rural area. The Program will enable Gazprom to convert to natural gas about 20,000 new residential facilities (hospitals, kindergartens, schools, etc.), over 5,000 boiler plants in villages & settlements and more than 500 agricultural companies, with more than 12 thousand km of pipelines to be laid and some 11 million citizens of 53 Russian regions to be serviced. Gazprom's investment priorities for regional gasification are based on these criteria: -- full payments for gas deliveries; -- repayment of gas debts; -- economic viability of projected gas infrastructure; -- customers' readiness to receive gas; -- actual loading of gas laterals and distribution stations; -- assistance of RF regional authorities in promoting the use of compressed and liquefied natural gas as motor fuel. Natural gas penetration in the Stavropol Territory is currently at 89 percent including 91 percent in cities, towns & population centers and 87 percent in rural area. Over 2005 Gazprom provided the Territory with over 10 bcm of gas and roughly the same amount is scheduled for this year. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. * * * As reported in the TCR-Europe on Jan. 18, Standard & Poor's Ratings Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency ratings to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. OAO GAZPROM: Names Andrey Tatarinov as Unit's General Director -------------------------------------------------------------- Alexey Miller, Chairman of Gazprom's Management Committee has appointed Andrey Tatarinov as General Director of Irkutskgazprom. Mr. Tatarinov graduated in 1987 from the Irkutsk Polytechnic Institute. In 1998, Mr. Tatarinov obtained his second higher education diploma in the Irkutsk State University, getting specialty in Management. Qualifications: -- National Economy Academy under the RF Government, -- University of Maryland University College, -- Baikal Business and International Management Institute with the Irkutsk State University. He is also a participant of the Presidential Program on Training Managers and Executives for Enterprises of the RF National Economy. Mr. Tatarinov had been an adviser to the Deputy Chairman of Gazprom's Management Committee. Anatoly Golovin, previously General Director of Irkutskgazprom, has been named as Adviser to the General Director. Irkutskgazprom is a wholly owned subsidiary of Gazprom. The Company operates geological exploration ongoing at the Eastern and Western plays of the South Kovykta area. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. * * * As reported in the TCR-Europe on Jan. 18, Standard & Poor's Ratings Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency ratings to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. OBOYAN-BREAD: Kursk Court Commences Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Kursk Region has commenced bankruptcy supervision procedure on OJSC Oboyan-Bread. The case is docketed under Case No. A35-14421/05 g. The Temporary Insolvency Manager is: N. Krasilnikov Post User Box 129 305000 Kursk Russia The Debtor can be reached at: OJSC Oboyan-Bread Kurskaya Str. 138. Oboyan Kursk Region Russia PERVOMAYSKOYE: Court Appoints N. Stulkov as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Orenburg Region appointed Mr. N. Stulkov as insolvency manager for CJSC Pervomayskoye. He can be reached at: N. Stulkov Poymennaya Str. 20 Solnechnyj 460051 Orenburg Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-12212/05-14gk. The Debtor can be reached at: CJSC Pervomayskoye Repino Gayskiy Region Orenburg Region Russia SANNIKOVSKOYE: Bankruptcy Hearing Slated for Aug. 14 ---------------------------------------------------- The Arbitration Court of Altay Region will convene at 2:00 p.m. on Aug. 14 to hear the bankruptcy supervision procedure on CJSC Sannikovskoye (Case no. AO3-1546/06-B). The Temporary Insolvency Manager is: S. Kononenko Apartment 2 Kirova Str. 62 Pervomayskiy Region Pervomayskiy Region 658044 Altay Region Russia The Debtor can be reached at: CJSC Sannikovskoye Efremovo Str. 8 Sannikovo Pervomayskiy Region 658046 Altay Region Russia SEVERSTAL: Loses Arcelor Bid to Mittal; Reviews Options ------------------------------------------------------- Arcelor S.A.'s Board of Directors consented to an improved offer by Indian steelmaker Mittal Steel, ditching a pre-signed merger agreement with Russian group OAO Severstal. Arcelor had been resisting Mittal's EUR23-billion offer since January, saying the Indian company undervalued its assets. However, Mittal recently submitted an improved offer of EUR40.40 per share, a source privy to the matter told Reuters, valuing Arcelor at EUR25.8 billion. Mittal will pay 69% percent of the amount in its own shares and 31% in cash, AFP adds. AFP reports that including a parallel offer for convertible bonds, Mittal puts Arcelor's value at around EUR27.4 billion. Once merged, Arcelor shareholders will hold 50.5% of the new company's equity and four management board seats, including the chief executive officer. Arcelor, meanwhile, will hold three seats. Mittal founder Lakshmi Mittal will sit as non-executive president while Arcelor Chairman Joseph Kinsch will remain chairman, AFP adds. The Mittal family will control 43.4% the new company. "It is a fair offer," Robbert Van Batenburg, head of global research at Louis Capital Markets, was quoted by AFP as saying. "Mittal had originally sought to capitalize on the undervalued status of Arcelor, which has always traded at a discount to the sector relative to its operating performance because of factors like government interference." The new company, to be named Arcelor-Mittal, would create an empire controlling 10% of the global steel market, producing 116 million tons of crude steel and employing more than 320,000 personnel. The board's recommendation is expected to play a vital role in influencing Arcelor's shareholders, who will convene on June 30 to vote on the deal. Failed Deal Until the deal, Arcelor had recommended a EUR13 billion merger with Severstal, saying that an Arcelor-Severtal fusion would be more efficient and productive than an Arcelor-Mittal union. The planned merger, however, received stiff opposition from some Arcelor shareholders, who had expressed concerns that Alexei Mordashov, Severstal's majority owner, would end up controlling the merged company. Severstal had improved the terms of proposed merger, opting to own 25% of the new company rather than 32% as previously agreed. In a statement, Severstal said it was surprised by Arcelor's decision. "We have a legal, binding merger agreement that the board of Arcelor entered into," Severstal said. "It has unanimously supported it to date, consistently affirming the industrial logic, the better business sense and the higher value creation behind our agreement on several occasions. In light of this we are very surprised that the board did not invite us to discuss our revised proposal nor offer us an opportunity to respond as we had requested." Severstal said it is "now reviewing all of [its] options," which could include a legal action for breach of contract. About Arcelor Headquartered in Avenue de la Liberte, Luxembourg, Arcelor S.A. http://www.arcelor.com/-- is the number one steel company in the world with EUR32.6 billion in turnover in 2005. The company holds leadership positions in its main markets: automotive, construction, household appliances and packaging as well as general industry. In 2006, Arcelor employs 110,000 associates in over 60 countries. The company places its commitment to sustainable development at the heart of its strategy and ambitions to be a benchmark for economic performance, labor relations and social responsibility. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of approximately EUR150 per ton. As at March 1, 2004, 82.75% of Severstal's share capital was controlled directly or indirectly by Alexey Mordashov, Chairman of Severstals Board of Directors. Institutional investors held around 6.5% of Severstals shares while management and employees held the remaining 10.75%. As of Dec. 31, 2005, Severstal had US$10.75 billion in total assets, US$3.66 billion in total liabilities and US$7.09 billion in total shareholders' equity. * * * As reported in the TCR-Europe on May 30, Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating on Russia-based integrated steel maker OAO Severstal on CreditWatch with positive implications, following the announcement of an agreed merger with Luxembourg steelmaker Arcelor S.A. Moody's Investors Service also placed the corporate family rating of B1 and the senior unsecured rating of B2 of Severstal on review for possible upgrade following the intention of Severstal's majority owner to merge Severstal and its mining assets with Arcelor. On Feb. 13, Moody's has changed the outlook of Severstal's ratings from stable to positive, following the company's announcement of the acquisition of a majority interest in mining assets currently held by affiliated parties outside the borrowing group. Fitch Ratings also placed OAO Severstal's ratings of Issuer Default BB-, Senior Unsecured BB-, Short-term B and National Long-term A+ on Rating Watch Positive, following Severstal's agreement to merge with Arcelor. SPIRIT DISTILLERY: Court Names B. Kantor as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Kabardino Balkariya Republic appointed Mr. B. Kantor as insolvency manager for LLC Spirit Distillery Extra. He can be reached at: Lermontova Str. 54/203 Republic Nalchik 360000 Kabardino Balkariya Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A20-5614/03. The Debtor can be reached at: LLC Spirit Distillery Extra Naberezhnaya 1 Republic Chegem Kabardino Balkariya Russia USPENSKOYE SEL-KHOZ-ENERGO: Court Hearing Slated for Sept. 25 ------------------------------------------------------------- The Arbitration Court of Krasnodar Region will convene on Sept. 25 to hear the bankruptcy supervision procedure on CJSC Uspenskoye Sel-Khoz-Energo (Case No. A-32-6469/06-38/126-B). The Temporary Insolvency Manager is: I. Poplavtsov Kirova Str. 2 Armavir 352900 Krasnodar Region Russia The Debtor can be reached at: CJSC Uspenskoye Sel-Khoz-Energo Uspenskoye Uspenskiy Region Krasnodar Region Russia YOUTH: Court Appoints A. Boravchenko as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of St. Petersburg and the Leningrad Region appointed Mr. A. Boravchenko as insolvency manager for LLC Garment Factory Youth. He can be reached at: A. Boravchenko Post User Box 131 191119 St. Petersburg Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-16833/2005. The Debtor can be reached at: LLC Garment Factory Youth Baranova Str. 20 Slantsy 188560 Leningrad Region Russia YUKOS OIL: Defendants Want U.S. Court to Drop Investors' Suit ------------------------------------------------------------- OAO Gazprom CEO Alexei Miller, Rosneft Vice President Nikolai Borisenko and other Russian officials filed an appeal with the U.S. District Court of Columbia requesting that the suit brought by Yukos Oil Co.'s minority shareholders against them be dropped, Interfax reports. The officials insist that the trial be terminated quickly since they were immune under the U.S. Foreign Sovereign Immunities Act and the court's jurisdiction does not apply to them, Interfax relates. The defendants named in the lawsuit include: -- Industry and Energy Minister Viktor Khristenko -- Finance Minister Alexei Kudrin -- Alexei Miller -- Farit Gazizzulin -- Igor Yusufov -- Sergei Bogdanchikov -- Nikolai Borisenko -- Baikalfinansgroup -- the Russian Ministry of Justice -- the consulting department of the Russian government in Washington As reported in TCR-Europe on Oct. 27, Thomas Johnson, Jr., a partner with Covington and Burling, which represents the investors, said the defendants conspired to renationalize Yukos and falsely assured the public it does not intend to do so. They claim to have lost US$6 billion as a result of the "de facto renationalization." Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Government sold its main production unit Yugansk, to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, a 14-bank consortium led by Societe Generale filed bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state-owned oil company as plaintiff. On April 13, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06- 10775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. ============= U K R A I N E ============= AGRARIJ: Cherkassy Court Starts Bankruptcy Supervision -------------------------------------------- The Economic Court of Cherkassy Region commenced bankruptcy supervision procedure on LLC Scientific-Production Center Agrarij (code EDRPOU 30272282) on March 25. The case is docketed under Case No. 01/1693. The Temporary Insolvency Manager is: Oleksandr Holostij Vernigora Str. 29/8 Cherkassy Region Ukraine The Economic Court of Cherkassy Region is located at: Shevchenko Avenue 307 18005 Cherkassy Region Ukraine The Debtor can be reached at: LLC Scientific-Production Center Agrarij Mikolayivska Str. 17 Zolotonosha 19700 Cherkassy Region Ukraine CONSULTING-COMPANY: Court Names Ruslan Alejnik as Liquidator ------------------------------------------------------------ The Economic Court of Kyiv Region appointed Ruslan Alejnik as Liquidator/Insolvency Manager for LLC Consulting-Company (code EDRPOU 30221348). He can be reached at: Ruslan Alejnik a/b 95 02094 Kyiv Region Tel: (044) 466-32-86 The Court commenced bankruptcy proceedings against the company after finding it insolvent on March 27. The case is docketed under Case No. 46/252-b. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Consulting-Company Zahidnij Lane 3 Solomyanskij District Kyiv Region Ukraine KIY PLUS: Court Names Igor Shevchenko to Liquidate Assets --------------------------------------------------------- The Economic Court of Kyiv Region appointed Igor Shevchenko as Liquidator/Insolvency Manager for LLC Kiy Plus (code EDRPOU 24575952). He can be reached at: Igor Shevchenko Harkivska Str. 4/172 40024 Sumi Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 11. The case is docketed under Case No. 14/272/05. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Kiy Plus Siretska Str. 9 04073 Kyiv Region Ukraine KOSMETIK TRADE: Court Orders Debt Moratorium -------------------------------------------- The Economic Court of Donetsk Region commenced bankruptcy supervision procedure on LLC Kosmetik Trade (code EDRPOU 30189933) on April 10 and ordered a moratorium on satisfaction of creditors' claims. The Temporary Insolvency Manager is: Igor Farberov Artema Str. 90/15 83050 Donetsk Region Tel: 8 (050) 523-97-70 The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: LLC Kosmetik Trade Eryomenko Str. 24/1-a 83007 Donetsk Region Ukraine LUGANSK' AUTO-TRANSPORT 10954: Court Opens Bankruptcy Process ------------------------------------------------------------- The Economic Court of Herson Region commenced bankruptcy supervision procedure on OJSC Lugansk' Auto-Transport Enterprise 10954 (code EDRPOU 05465896) on March 13. The case is docketed under Case No. 20/18 B. The Temporary Insolvency Manager is: Oleksandr Mamrukov Cheluskinrsiv Str. 143a/76 Lugansk Ukraine The Economic Court of Herson Region is located at: Gorkij Str. 18 73000 Herson Region Ukraine The Debtor can be reached at: OJSC Lugansk' Auto-Transport Enterprise 10954 Oboronna Str. 20 91000 Lugansk Region Ukraine MALAHIT: Court Names Mr. O. Sherban to Manage Assets ---------------------------------------------------- The Economic Court of Kyiv Region appointed Mr. O. Sherban as Liquidator/Insolvency Manager for LLC Industrial Enterprise Malahit (code EDRPOU 32957667). He can be reached at: O. Sherban a/b 157 01030 Kyiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 20. The case is docketed under Case No. 43/924. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Industrial Enterprise Malahit Kustanajska Str. 14-b/10 03118 Kyiv Region Ukraine MIZHREGIONGAZ: Court Appoints Svitlana Klimenko as Liquidator ------------------------------------------------------------- The Economic Court of Kyiv Region appointed Svitlana Klimenko Liquidator/Insolvency Manager for LLC Mizhregiongaz (code EDRPOU 32048341). The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 13. The case is docketed under Case No. 43/632. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Mizhregiongaz Volinska Str. 60 01151 Kyiv Region Ukraine NIZHNYOVERBIZHSKIJ PRODUCTION: V. Ribachuk to Liquidate Assets -------------------------------------------------------------- The Economic Court of Ivano-Frankivsk Region appointed Mr. V. Ribachuk as Liquidator/Insolvency Manager for Joint Enterprise Nizhnyoverbizhskij Production Combine (code EDRPOU 045594930). He can be reached at: V. Ribachuk Mariya Pidgiryanka Str. 28/1 78000 Ivano-Frankivsk Region Ukraine Tel: 8 (03422) 2-43-42 The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 28. The case is docketed under Case No. B-7/105. The Economic Court of Ivano-Frankivsk Region is located at: Shevchenko Str. 16a 78000 Ivano-Frankivsk Region Ukraine The Debtor can be reached at: Joint Enterprise Nizhnyoverbizhskij Production Combine Druzhbi Str. 14 Nizhnij Verbizh Kolomiya District 78200 Ivano-Frankivsk Region Ukraine PRODSISTEMA-1: Court Names Svitlana Lunkova as Liquidator --------------------------------------------------------- The Economic Court of Kyiv Region appointed Svitlana Lunkova as Liquidator/Insolvency Manager for LLC Prodsistema-1 (code EDRPOU 30154020). She can be reached at: Svitlana Lunkova Politbijtsiv Str. 5/47 83054 Donetsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 14. The case is docketed under Case No. 43/238. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Prodsistema-1 Svyatoshinska Str. 30-A/7 03115 Kyiv Region SVITLAYF: Court Names O. Sherban as Insolvency Manager ------------------------------------------------------ The Economic Court of Kyiv Region appointed Mr. O. Sherban as Liquidator/Insolvency Manager for LLC Svitlayf (code EDRPOU 32856771). He can be reached at: O. Sherban a/b 157 01030 Kyiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 20. The case is docketed under Case No. 43/925. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Svitlayf Vorovskij Str. 33 01054 Kyiv Region Ukraine =========================== U N I T E D K I N G D O M =========================== C.S.O. LIMITED: Names Neil Chesterton as Administrator ------------------------------------------------------ Neil Chesterton of The MacDonald Partnership was appointed administrator of C.S.O. Limited (Company Number 5216552) on May 31. The administrator can be reached at: The Macdonald Partnership Tower 42 International Financial Centre 25 Old Broad Street London EC2N 1HQ United Kingdom Tel: 020 7496 1010 Fax: 020 7374 8341 C.S.O. Limited can be reached at: 1 Emperor Way Exeter Business Park Exeter EX1 3QS Tel: 01392 314 034 CAPEL FENCING: Appoints Joint Administrators from Berg Kaprow ------------------------------------------------------------- Stewart Trevor Bennett and James Preston Bradney of Berg Kaprow Lewis LLP were appointed joint administrators of Capel Fencing Limited (Company Number 4829002), Capel Fencing Holdings Limited (Company Number 2053078) and Capel Rail Limited (Company Number 4982428) on May 26. The administrators can be reached at: Berg Kaprow Lewis LLP 35 Ballards Lane London N3 1XW United Kingdom Tel: 020 8922 9222 Fax: 020 8922 9223 Enquiry Line: 020 8922 9121 Headquartered in Tonbridge, United Kingdom, Capel Fencing -- http://www.capelfencing.co.uk/-- supplies all types of fencing used by Britain's leading companies and Government bodies. CARR HILL: Taps BDO Stoy to Administer Assets --------------------------------------------- Dermot Justin Power and Toby Underwood of BDO Stoy Hayward LLP were appointed joint administrators of Carr Hill Distribution Limited (Company Number 3674373) on May 26. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. Headquartered in Doncaster, United Kingdom, Carr Hill Distribution Limited are electrical retailers. CHRISTOPHER MARTIN: Creditors' Meeting Slated for July 6 -------------------------------------------------------- Creditors of Christopher Martin Associates Limited (Company Number 04024614) will meet at 2:00 p.m. on July 6 at: Grant Thornton House Melton Street London NW1 2EP United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12:00 noon on July 5 at: A. Flynn Joint Administrator Grant Thornton U.K. LLP Grant Thornton House Melton Street Euston Square London NW1 2EP United Kingdom Tel: 020 7383 5100 Fax: 020 7383 4715 Headquartered in London, Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- is the U.K. member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. CLEMENT & FOSTER: Hires Joint Administrators from Leonard Curtis ---------------------------------------------------------------- N.A. Bennett and K.D. Goodman of Leonard Curtis were appointed joint administrators of Clement & Foster Limited (Company Number 555814) on May 30. The administrators can be contacted at: Leonard Curtis & Co One Great Cumberland Place Marble Arch London W1H 7LW United Kingdom Tel: 020 7535 7000 Fax: 020 7723 6059 Web: http://www.leonardcurtis.co.uk E-mail: solutions@leonardcurtis.co.uk Headquartered in London, Clement & Foster Limited is engaged in paper printing and publishing. D EVANS ELECTRICAL: Tenon Recovery Places Wire Business on Sale --------------------------------------------------------------- Joint Administrators Chris Ratten and Simon Thomas of Tenon Recovery are offering to sell the business and assets of D Evans Electrical Ltd. The Company manufactures wire harnesses and specialist mechanical and electric decelerometers. Features: -- annual turnover of GBP2.6 million; -- leasehold premises; -- skilled workforce; -- blue chip customer base; and -- manufactures "Tapley" meter. Inquiries can be addressed to: David Shaw Tenon Recovery Arkwright House Parsonage Gardens Manchester M3 2LF Tel: 0161 834 3313 Fax: 0161 827 8402 E-mail: david.shaw@tenongroup.com Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. DELAPENA HONING: Brings In Hazlewoods as Joint Administrators ------------------------------------------------------------- Philip John Gorman and Peter Richard James Frost of Hazlewoods LLP were appointed joint administrators of Delapena Honing Equipment Limited (Company Number 01879464) on May 31. Hazlewoods -- http://www.hazlewoods.co.uk/-- offers accounting services. The firm employs 150 staff. Headquartered in Cheltenham, United Kingdom, Delapena Honing Equipment Limited manufactures honing equipment. EUROPEAN STEEL: Brings In Kroll as Joint Administrators ------------------------------------------------------- J. M. Wright and A. J. Wolstenholme of Kroll Limited were appointed joint administrators of European Steel Sales Limited (Company Number 02445286) on May 31. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. Headquartered in Kidderminster, United Kingdom, European Steel Sales Limited wholesales and fabricates steel. FEENIX LOGISTICS: Hires Joint Administrators from BWC ----------------------------------------------------- Paul Andrew Whitwam and David Leighton Cockshott of BWC Business Solutions were appointed joint administrators of Feenix Logistics Limited (Company Number 05000165) on June 2. The administrator can be reached at: BWC Business Solutions 8 Park Place Leeds West Yorkshire LS1 2RU United Kingdom Tel: 0113 243 3434 Fax: 0113 243 5049 E-mail: bwc@bwc-solutions.com Feenix Logistics Limited can be reached at: 1 Parkview Court St. Pauls Road Shipley West Yorkshire BD18 3DZ United Kingdom FINE COLOUR: Packaging Business Up for Sale ------------------------------------------- Ian Brown, Dominic Wong and Christopher Farrington, is offering the business and assets of Fine Colour Packaging Limited, F C Primepac Limited, and Tecnolabel for sale. Fine Colour Packaging Limited: -- manufacture printed folded cartons and display packaging; -- leasehold premises in Nottingham (40,000 sq ft); -- annual turnover of GBP13 million; -- experienced work force of 94; -- modern production facility; and -- blue chip customer base. F C Primepac Limited: -- manufactures cardboard tubs and containers; -- annual turnover of GBP2 million; -- highly skilled employees; -- innovative design process; and -- blue chip customers. Tecnolabel: -- label manufacturer to the food and beverage industries; -- leasehold premises in Leicester; and -- annual turnover of GBP3 million; Inquiries can be addressed to: Ben Swarbrick Perry Road Nottingham NG5 1GQ United Kingdom Tel: 0115 942 2112 Fax: 0115 942 2102 E-mail: bswarbrick@deloitte.co.uk Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. It provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. GRAPHITE MORTGAGES: S&P Rates EUR27.8-Mln Class E Notes at BB ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR523 million floating-rate credit-linked notes Provide Graphite series 2006-1 to be issued by Graphite Mortgages PLC, hereafter called the Provide Graphite 2006-1 transaction. Provide Graphite 2006-1 is structured as a synthetic, partially funded RMBS transaction. Its purpose is to transfer the credit risk associated with a pool of residential mortgage loans on the balance sheet of Northern Rock PLC. The collateral backing the notes are certificates of indebtedness issued by KfW. The ratings on the notes are dependent on the credit quality of KfW. Potential changes to the rating on KfW during the life of this transaction could therefore, have a direct effect on the ratings on the notes. The ratings reflect: -- the level of credit support for the classes of credit- linked notes provided by subordination and the first-loss protection, the latter provided by the threshold amount; and -- the credit quality of the Schuldscheine issued by KfW. This transaction is the third from the Graphite program, established to transfer credit risk on reference loans originated by Northern Rock and which are assigned to Northern Rock Covered Bond LLP under its covered bond program. This type of synthetic RMBS transaction has already become the standard for RMBS programs in Germany. KfW set up the PROVIDE program to create a standardized platform for German mortgage lenders, facilitating the efficient transfer of credit-risk exposure on residential mortgage loans to the capital markets. A key feature of the PROVIDE program is that KfW is providing the collateral on the notes. The transaction is the fourth use of the PROVIDE program in the U.K. RMBS market following Provide Release 2003-1 PLC, which closed in August 2003, and Provide Graphite 2005-1 and 2005-2, which closed in February 2005 and December 2005, respectively. Ratings List Graphite Mortgages PLC EUR523 Million Floating-Rate Credit-Linked Notes Provide Graphite Series 2006-1 Class Prelim. Prelim. rating amount (Mil. EUR) ----- ------ ------ A+ AAA 0.75 A AAA 156.60 B AA- 194.50 C1 A 53.50 C2 A- 26.85 D1 BBB 45.10 D2 BBB- 17.85 E BB 27.85 HIGGINS CLOTHING: Euro Sales Taps Grant Thornton as Receiver ------------------------------------------------------------ Euro Sales Finance PLC appointed Kevin Roy Mawer of Grant Thornton U.K. LLP administrative receiver of Higgins Clothing Company Limited (Company Number 02047461) on June 9. Headquartered in London, Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- is the U.K. member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. Higgin's Clothing Company Ltd can be reached at: The Weaving Shed 183 Bradford Road Cleckheaton West Yorkshire BD19 3TT United Kingdom Tel: 01274 851 828 Fax: 01274 852 452 HIGHLANDER EURO: S&P Assigns BB- Rating to Class E Notes -------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR500 million secured floating-rate and subordinated notes to be issued by Highlander Euro CDO B.V., and Highlander Euro CDO (Cayman) Ltd., both SPEs. The collateral comprises primarily senior secured leveraged loans and mezzanine loans. The collateral pool is expected to be over 80% ramped up at closing. The servicer of the transaction is Highland Capital Management Europe Ltd. At closing, Highlander will issue floating-rate notes, the proceeds of which, after paying transaction fees and expenses, will be invested in a collateral pool of predominantly senior secured leveraged loans. At the same time the class E primary notes and the class F-1 primary subordinated notes will be acquired by Highlander Cayman, which will in turn issue class E secondary notes and class F secondary preference securities. Replacement guidelines will limit a reduction in the par value of the collateral pool. The quality of the collateral pool will be closely monitored throughout the replacement period through the coverage tests. Ratings List Highlander Euro CDO B.V. and Highlander Euro CDO (Cayman) Ltd. EUR500 Million Secured Floating-Rate And Subordinated Notes Class and Prelim Prelim. issuer rating amount (Mil. EUR) ------ ------ ------ Highlander Euro CDO B.V. A (primary) AAA 325.00 B (primary) AA 45.00 C (primary) A- 41.25 D (primary) BBB- 25.00 E (primary) BB- 13.75 F-1 (primary) NR 24.50 F-2 (primary) NR 25.50 Highlander Euro CDO (Cayman) Ltd. E (secondary) BB- 13.75 F (secondary preferred securities) NR 24.50 HIGHLINE BUILDING: Financial Woes Trigger Liquidation ----------------------------------------------------- Highline Building Plastics (Southern) Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. Andrew Hartley Wilkinson of Wilkinson & Co. was appointed Liquidator. The company can be reached at: Highline Building Plastics (Southern) Limited Unit 2 Aldham Industrial Estate Mitchell Road Wombwell Barnsley South Yorkshire S73 8HA United Kingdom Tel: 01226 341 313 Fax: 01226 344 840 HOLIDAY TRAVEL: Taps Colin Ian Vickers to Liquidate Assets ---------------------------------------------------------- Colin Ian Vickers, of Vantis plc, was appointed Liquidator of Holiday Travel Essentials Limited after creditors decided to wind up the company on March 30. The company can be reached at Holiday Travel Essentials Limited 291A London Road Burgess Hill West Sussex RH159QJ United Kingdom Tel: 01444 230 018 INTERBUILD (MIDLANDS): Creditors Pass Winding Up Resolution ----------------------------------------------------------- Creditors of Interbuild (Midlands) Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on April 6. Andrew Fender of Sanderlings LLP was appointed Liquidator. The company can be reached at: Interbuild (Midlands) Limited Park Lane Handsworth Birmingham B21 8LE United Kingdom Tel: 0121 525 7444 ISLINGTON JOINERY: Names Alan Simon Liquidator ---------------------------------------------- Coinbeach Limited is liquidating its assets after creditors agreed to wind up the company on March 31. Subsequently, Alan Simon was appointed Liquidator. The company can be reached at: Islington Joinery & Construction Limited 46 Hanmer Walk London N7 7RE United Kingdom Tel: 020 7272 0087 JASLITE FASHION: Creditors Resolve to Liquidation ------------------------------------------------- Creditors of Jaslite Fashion Limited resolved to liquidate the company's assets during an extraordinary general meeting on April 5. Anthony Harry Hyams of Marriotts LLP was appointed Liquidator. The company can be reached at: Jaslite Fashion Limited 114A High Street Epping Essex CM164AF United Kingdom Tel: 01992 571 281 Fax: 01992 571 281 JUBILEE WINDOWS: Hires Joint Liquidators from Begbies Traynor ------------------------------------------------------------- Mark Robert Fry and Louise Donna Baxter, of Begbies Traynor, were appointed Joint Liquidators of Jubilee Windows Limited after creditors passed a resolution to wind up the company on April 6. The company can be reached at: Jubilee Windows Limited Hovefields Avenue Basildon Essex SS131EB United Kingdom Tel: 01268 729 144 Fax: 01268 724 972 Web: http://jubileewindows.co.uk/ KEMTAK LTD: Financial Woes Trigger Liquidation ---------------------------------------------- Kemtak Limited is liquidating its assets after creditors found out the company could no longer continue its operations due to financial liabilities. T. Dolder and P.M. Davis, of Begbies Traynor were appointed Joint Liquidators. The company can be reached at: Kemtak Limited Dunedin House Columbia Drive Thornaby Stockton-on-tees Cleveland TS176BJ United Kingdom Tel: 01642 626 310 Fax: 0870 432 0266 LAWSON GIBBS: Liquidates Assets & Appoints Liquidator ----------------------------------------------------- Creditors of Lawson Gibbs & Company Limited moved to liquidate the company's assets during an extraordinary general meeting on April 5. Jonathan Sinclair of Sinclair Harris was appointed Liquidator. The company can be reached at: Lawson Gibbs & Company Limited 47 Dorset Street London W1U 7ND United Kingdom Tel: 020 7580 9000 Fax: 020 7935 5166 fax PRESTIGE FLOORING: Claims Registration Ends July 6 -------------------------------------------------- Creditors of Prestige Flooring Services Limited have until July 6 to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors, if any, to appointed Liquidator Anthony Harry Hyams, of Marriotts LLP. The company can be reached at: Prestige Flooring Services Limited Systems House Eastbourne Road Blindley Heath Lingfield Surrey RH7 6JP United Kingdom Tel: 01342 832 560 REDLINE MOTORSPORT: Claims Filing Period Ends July 4 ---------------------------------------------------- Appointed Joint Liquidators, D.F. Wilson and J.N.R. Pitts, of Wilson Pitts, require creditors of Redline Motorsport Limited to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors, if any, on or before July 4. The company can be reached at: Redline Motorsport Limited Wheelock Street Middlewich Cheshire CW109AG United Kingdom Tel: 01606 737 500 Fax: 01606 737 683 Web: http://motor-sports.near2.me.uk/ VISION ON DESIGN: Creditors' Meeting Slated for June 29 ------------------------------------------------------- Creditors of Vision On Design.Display Limited (Company Number 04756618) will meet at 10:00 a.m. on June 29 at: The Chasley Hotel Queen Street Wakefield WF1 1JU United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12:00 noon on June 28 at: M.C. Bowker Joint Administrator Jackson Jolliffe Cork 33 George Street Wakefield WF1 1LX United Kingdom Tel: 01904 652100 Fax: 01904 635349 Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- was established in 1998. It has offices in Doncaster, Harrogate, Hull, Middlesbrough, Wakefield and York. The firm is engaged exclusively in business recovery and insolvency work and comprises certified and chartered accountants, licensed insolvency practitioners and business turnaround consultants, many having joined us from senior positions within National firms. ********* 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. Jazel Laureno, Julybien Atadero, Carmel Paderog, and Joy Agravante, Editors. Copyright 2006. 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$575 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 * * *