/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060703.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, July 3, 2006, Vol. 7, No. 130 Headlines A U S T R I A ALS HOCH: Claims Registration Period Ends July 10 BE-KA: Claims Registration Period Ends July 11 DELTA BAU: Claims Registration Period Ends July 12 HELMUT KAIBL: Claims Registration Period Ends July 25 KLETZMAYR TRANSPORT: Creditors' Meeting Slated for July 13 B E L G I U M SOLUTIA INC: Citigroup Pledges EUR200 Million Loan Commitment F R A N C E EASTMAN KODAK: Withdraws From Chalon-sur-Saone Operations G E R M A N Y AUTOHAUS BECKER: Claims Registration Ends July 8 AUTOWELT PLUS: Claims Registration Ends July 20 BAHN+MODELL: Claims Registration Ends July 10 ESTRICH- U. ELEKTROANLAGEN: Claims Registration Ends July 11 GEBR. STAHL: Claims Registration Ends July 21 GFB GESELLSCHAFT: Claims Registration Ends July 11 GLM-NEUMANN: Claims Registration Ends July 18 LITHO BREMEN: Creditors' Meeting Slated for July 13 REDANTS CARGO: Creditors' Meeting Slated for July 20 SCHREWE BAU: Claims Registration Ends July 19 I C E L A N D STRAUMUR-BURDARAS: Fitch Affirms Individual Rating at C/D I R E L A N D HARVEST CLO: Fitch Assigns BB Rating on EUR17 Million Notes I T A L Y FIAT SPA: Exits From Sestrieres S.p.A. & IPI SpA K A Z A K H S T A N BAVDUN: Creditors Must File Claims by July 14 BULAYEVSKOYE ATP: Creditors Must File Claims by July 14 FIRMA DAVRAN: Almaty Court Sets July 14 Claims Bar Date ISTANBUL AVIATOUR: Claims Registration Ends July 14 KAZGOLD: East Kazakhstan Court Opens Bankruptcy Proceedings KAZROSSERVIS: Proof of Claim Deadline Slated for July 14 SHAHZARAT: Proof of Claim Deadline Slated for July 14 SKALA LTD: Creditors' Claims Due July 14 SPORT: East Kazakhstan Court Starts Bankruptcy Process VTORSVETMET: Creditors' Claims Due July 14 L U X E M B O U R G COLT TELECOM: Cancels Share Listing After Scheme Takes Effect R U S S I A BOGORODSKAYA STOCKING: Court Names N. Kochugov to Manage Assets BOYARKA: Court Appoints O. Klemeshov as Insolvency Manager DOROGINSKIY BRICKWORKS: V. Poroshkov to Manage Assets INGOSSTRAKH INSURANCE: S&P Lifts Credit Rating to BB+ KARMASKALINSKOYE REPAIR-TECHNICAL: Bankruptcy Supervision Begins KASIMOVO-AGRO-KHIM: Court Names M. Mordashov to Manage Assets KIRENSK-STROY-SERVICE: Court Names S. Sizov to Manage Assets KIROVSKOYE: Court Appoints E. Sablin as Insolvency Manager KLIPPAN AB: Paper Manufacturer to File for Bankruptcy KUYURGAZINSKAYA RAY-SEL-KHOZ-TEKHNIKA: Bankruptcy Process Starts LAKASHINSKIY SPIRIT: Court Starts Bankruptcy Supervision LGOV-MEAT: Court Names O. Nestruev as Insolvency Manager SEVERSTAL: Arcelor Shareholders Votes Against Merger TAZOVSKIY FISHING: Court Commences Bankruptcy Supervision YUNIKAR: Court Names Ms. G. Rabina as Insolvency Manager ZABAYKALSKAYA TIMBER: Court Begins Bankruptcy Supervision ZAVOLZHSKOYE: Court Commences Bankruptcy Supervision T U R K E Y YASAR HOLDING: Fitch Places B+ on Local & Foreign Currency IDRs U K R A I N E AVITOS: Court Appoints Kiril Liseyev as Liquidator DEMETRA: Court Begins Bankruptcy Supervision JSCB GARANT: Liquidation Procedure Commences KOLOS: Court Names Hristina Podoprigorova to Liquidate Assets KONSTANTINIVKA' REALIZING: Svitlana Atamanenko to Manage Assets SOVETSKE REPAIR-TRANSPORT: Court Starts Bankruptcy Supervision STAL: Court Names Svitlana Mogilan as Insolvency Manager SVITLOVODSK' HEAT-INSULATING: G. Zabolotnij to Liquidate Assets TROITSKE: Dnipropetrovsk Court Begins Bankruptcy Supervision U N I T E D K I N G D O M ABBEY SCHOOL: Creditors' Meeting Slated for July 5 AUDUS NOBLE: Hires Grant Thornton to Administer Assets COLT TELECOM: Cancels Share Listing After Scheme Takes Effect DOUBAR LTD: Creditors Confirm Voluntary Liquidation EASTMAN KODAK: Shutting Down Kirkby Manufacturing Plant EURO WIND: Moody's Rates Insurance-Linked Notes at Low-B FAMILY PHOTOGRAPHERS: Taps David Rubin as Joint Administrators FAMINGAY INVESTMENTS: Creditors Pass Winding Up Resolution FIRST CHOICE: Creditors Resolve to Liquidation FOOTPRINT INTERIORS: Brings in Joint Liquidators from Mazars LLP GIRL SURF: Financial Woes Trigger Liquidation HALON MENSWEAR: Hires Liquidator from Hodgsons HARLAND RISE: Creditors Ratify Winding Up Resolution INGRAM & GLASS: Names William Anthony Batty as Administrator INTEGRATED DATA: Taps Gerald Frederick Davis to Liquidate Assets MARTIS ENGINEERING: Appoints Adrian David Allen as Administrator MORPHEUS BEDS: Brings In Bond Partners to Administer Assets NEWGATE FUNDING: Moody's Rates EUR2.3-Mln Class E Notes at Ba2 NTL CABLE: Fitch Keeps Senior Notes on Watch Negative OLWEN DIRECT: Creditors' Meeting Slated for July 10 PILKINGTON PLC: S&P Withdraws Low-B Corporate Credit Ratings SCOTT'S OF NEWBURY: Hires Administrators from B&C Associates SOLUTION FOOTWEAR: Taps Richard James Philpott as Administrator SUCCESSOR CA1: Moody's Assigns Ba3 Rating to Class A Notes START II: S&P Assigns BB+ Rating to US$15.2-Mln Class E Notes SUCCESSOR HURRICANE MODELED: Moody's Rates Class B Notes at B1 SUCCESSOR HURRICANE INDUSTRY: Moody's Rates Notes at Low-B SUCCESSOR II: Moody's Assigns B3 Rating to Class A Notes SUCCESSOR IV: Moody's Rates Class A Insurance-Linked Notes at B3 THERMOTECH AIR: Appoints Joint Administrators from KPMG WOOLWORTHS GROUP: Moody's Withdraws Ba2 Issuer Rating ********* ============= A U S T R I A ============= ALS HOCH: Claims Registration Period Ends July 10 ------------------------------------------------- Creditors owed money by Construction LLC ALS Hoch- und Tief (FN 251086w) have until July 10 to file written proofs of claims to court-appointed property manager Arno Lerchbau at: Dr. Arno Lerchbau Marburgerkai 47 8010 Graz, Austria Tel: 0316/822244-0 Fax: 0316/822244-22 E-mail: office@lerchbaumer.co.at Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 25 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Land Court of Graz Room 205 2nd Floor Hall K Graz, Austria Headquartered in Graz, the Debtor declared bankruptcy on May 18 (Bankr. Case No. 40 S 26/06f). BE-KA: Claims Registration Period Ends July 11 ---------------------------------------------- Creditors owed money by Construction LLC Be-Ka (FN 250472t) have until July 11 to file written proofs of claims to court- appointed property manager Georg Kahlig at: Dr. Georg Kahlig Siebensterngasse 42 1070 Vienna, Austria Tel: 523 47 91 Fax: 523 47 91 33 E-mail: kahlig.partner@aon.at Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on July 25 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Trade Court of Vienna Room 2102 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 18 (Bankr. Case No. 45 S 30/06z). Gerhard Stauder represents Dr. Kahlig in the bankruptcy proceedings. DELTA BAU: Claims Registration Period Ends July 12 -------------------------------------------------- Creditors owed money by LLC Delta Bau -Plan (FN 60577i) have until July 12 to file written proofs of claims to court- appointed property manager Verena Riedherr at: Dr. Verena Riedherr Bayernstr. 11a 5020 Salzburg, Austria Tel: 0062-830023 Fax: 0662-830023-22 E-mail: verena.riedherr@lmr.at Creditors and other interested parties are encouraged to attend the meeting at 10:15a.m. on July 24 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Land Court of Salzburg Room 221 2nd Floor Salzburg, Austria Headquartered in Salzburg, the Debtor declared bankruptcy on May 18 (Bankr. Case No. 23 S 35/06a). HELMUT KAIBL: Claims Registration Period Ends July 25 ----------------------------------------------------- Creditors owed money Transport LLC & Co KG Helmut Kaibl (FN 214779b) have until July 25 to file written proofs of claims to court-appointed property manager Heinz Kassmannhuber at: Dr. Heinz Kassmannhuber Stelzhamerstrasse 11 4400 Steyr,Austria Tel: 07252/50 300 E-mail: office@sks-law.at Creditors and other interested parties are encouraged to attend the meeting at 1:45 p.m. on Aug. 8 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 2nd Floor Steyr, Austria Headquartered in Rohr im Kremstal, Austria, the Debtor declared bankruptcy on May 18 (Bankr. Case No. 14 S 28/06z). KLETZMAYR TRANSPORT: Creditors' Meeting Slated for July 13 ---------------------------------------------------------- Creditors owed money by Transport and Courier LLC Kletzmayr Transport- und Botendienst (FN 108195k) are encouraged to attend the creditors' meeting at 11:00 a.m. on July 13 to consider the adoption of the rule by revision and accountability. The first creditors' meeting will be held at: The Land Court of Wels Hall 101 1st Floor Maria Theresia Str. 12 Wels, Austria Headquartered in Attnang - Puchheim, Austria, the Debtor declared bankruptcy on May 18 (Bankr. Case No. 20 S 62/06b). Dr. Rudolf Franzmayr serves as the court-appointed property manager for the bankrupt estate. ============= B E L G I U M ============= SOLUTIA INC: Citigroup Pledges EUR200 Million Loan Commitment ------------------------------------------------------------- Solutia Europe SA/NV, a Solutia Inc. subsidiary, received a fully underwritten commitment from Citigroup Global Markets Limited for a EUR200 million loan maturing in 2011 to refinance its EUR200 million of 10% Euro notes due in 2008. The new loan is priced at EURIBOR plus 2.75%, which is currently about 6%. SESA anticipates closing the transaction on Aug. 1, 2006. Under the terms of the new loan, SESA will also be able to complete the previously announced sale of its Pharmaceutical Services business, which it expects to occur in August. "This new financing brings significant benefits to Solutia, and demonstrates the continued confidence the financial markets have in the company," said Jim Sullivan, senior vice president and chief financial officer, Solutia Inc. "We project this new financing will result in significant interest savings for Solutia. In addition, it allows us greater flexibility to divest non-core assets, such as our Pharmaceutical Services business." About Solutia Inc. Based in St. Louis, Mo., Solutia, Inc. -- http://www.solutia.com/-- with its subsidiaries, make and sell a variety of high-performance chemical-based materials used in a broad range of consumer and industrial applications. The Company filed for chapter 11 protection on December 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed $2,854,000,000 in assets and $3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. =========== F R A N C E =========== EASTMAN KODAK: Withdraws From Chalon-sur-Saone Operations --------------------------------------------------------- In its latest action responding to the overall decline in traditional film imaging, Eastman Kodak Company will continue to progressively withdraw manufacturing activities from the Kodak Industrie Chalon Plant in Chalon-sur-Saone, France by a job reduction program. Kodak will end x-ray film finishing operations at the site. The closure will affect about 300 jobs, and the operations will be transferred to other Kodak plants with available capacity. "We will work to smoothly implement these changes, so that customers can rely on the same high-quality x-ray film products they have always received from Kodak," said J.P. Martel, president of Kodak Industrie. Martel emphasized that Kodak has intensified efforts to develop an industrial park, the Burgundy Region Industrial Park, at the Chalon site, helping secure positions for a significant number of employees through divestitures and by attracting new businesses to the site. He pointed to a number of recent successes in that regard and said that the total number of jobs preserved through these developments could reach 700. Kodak Industrie said it would fulfill its contractual commitments to employees and implement a severance program. This program could include a voluntary retirement and separation program, other opportunities for employee relocation within the industrial park and assistance for employees seeking new jobs. About Eastman Kodak Based in Rochester, New York, Eastman Kodak Company -- http://www.kodak.com/-- is a worldwide vendor of imaging products and services. The company is committed to a digitally oriented growth strategy focused on four businesses: Digital & Film Imaging Systems - providing consumers, professionals, and cinematographers with digital and traditional products and services; Health -- supplying the medical and dental professions with traditional and digital imaging and information systems, IT solutions, and services; Graphic Communications - providing customers with a range of solutions for prepress, traditional and digital printing, document scanning, and multi-vendor IT services; and Display & Components - supplying original equipment manufacturers with imaging sensors as well as intellectual property and materials for the organic light- emitting diode and LCD display industries. * * * As reported in the Troubled Company Reporter on May 25, 2006, Fitch downgraded Eastman Kodak's Issuer Default Rating to 'B' from 'BB-' and the company's senior unsecured debt to 'B-' from 'B+' on May 16, 2006. The Outlook remains Negative. The ratings reflected Fitch's growing concern regarding EK's ability to generate profitable organic digital revenue growth and sufficient free cash flow to offset continual declines in the company's traditional business. As reported in the Troubled Company Reporter on May 9, 2006, Moody's Investors Service placed the ratings of the Eastman Kodak Company on review for possible downgrade. Ratings placed on Review for Possible Downgrade included the Company's Corporate Family Rating at B1; Senior Unsecured Rating at B2; and Senior Secured Credit Facilities at Ba3. ============= G E R M A N Y ============= AUTOHAUS BECKER: Claims Registration Ends July 8 ------------------------------------------------ Creditors of Autohaus Becker Betriebs GmbH have until July 8 to register their claims with court-appointed provisional administrator Christian Hanken. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Aug. 8, 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 Aurich Room 018 Schlossplatz 2 26603 Aurich 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 Aurich opened bankruptcy proceedings against Autohaus Becker Betriebs GmbH on May 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Autohaus Becker Betriebs GmbH Adeweg 31 26529 Osteel Germany Attn: Lars Juergens, Manager Bruntjer Way 28 26894 Nortmoor Germany The administrator can be contacted at: Christian Hanken Barrier Route 3 D-26409 Wittmund Germany Tel: 04462/919114 Fax: 04462/919191 AUTOWELT PLUS: Claims Registration Ends July 20 ----------------------------------------------- Creditors of autowelt plus AG Dreher & Hailer have until July 20 to register their claims with court-appointed provisional administrator Mathias Dorn. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Kempten Room Nr. 139/I Residenzplatz 4-6 87435 Kempten 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 Kempten opened bankruptcy proceedings against autowelt plus AG Dreher & Hailer on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: autowelt plus AG Dreher & Hailer Sonthofener Road 13 87509 Immenstadt Germany The administrator can be contacted at: Mathias Dorn Allgaeuer Road 1 87435 Kempten Germany Tel: 0831/5800434 Fax: 0831/5800464 BAHN+MODELL: Claims Registration Ends July 10 --------------------------------------------- Creditors of Bahn+Modell Fichte & Lenk GmbH Modellbahn- und Spielwarenfachgeschaft have until July 10 to register their claims with court-appointed provisional administrator Jan Gartner. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 31, 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 Dresden Hall D132 Olbrichtplatz 1 01099 Dresden 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 Dresden opened bankruptcy proceedings against Bahn+Modell Fichte & Lenk GmbH Modellbahn- und Spielwarenfachgeschaft on May 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bahn+Modell Fichte & Lenk GmbH Modellbahn- und Spielwarenfachgeschaft Market 20 02763 Zittau Germany The administrator can be contacted at: Jan Gartner Weisseritzstrasse 3 01067 Dresden Germany Web: http://www.worako.de/ ESTRICH- U. ELEKTROANLAGEN: Claims Registration Ends July 11 ------------------------------------------------------------ Creditors of Estrich- u. Elektroanlagen Ing. L. Heckmann GmbH & Co. KG have until July 11 to register their claims with court- appointed provisional administrator Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Aug. 22, 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 Darmstadt Room 4.309 4th Floor Building D Mathildenplatz 15 64283 Darmstadt 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 Darmstadt opened bankruptcy proceedings against Estrich- u. Elektroanlagen Ing. L. Heckmann GmbH & Co. KG on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Estrich- u. Elektroanlagen Ing. L. Heckmann GmbH & Co. KG Fichtenstrasse 16 69483 Wald-Michelbach Germany The administrator can be contacted at: Tobias Hoefer Soldnerstr. 2 68219 Mannheim Germany Tel: 0621/87708-0 Fax: 0621/8770820 GEBR. STAHL: Claims Registration Ends July 21 --------------------------------------------- Creditors of Gebr. Stahl GmbH have until July 21 to register their claims with court-appointed provisional administrator Thomas Steger. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 11, 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 Bad Neuenahr-Ahrweiler Hall 4 William route 55-57 53474 Bad Neuenahr-Ahrweiler 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 Bad Neuenahr-Ahrweiler opened bankruptcy proceedings against Gebr. Stahl GmbH on April 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gebr. Stahl GmbH Attn: Ralf Stahl, Manager Diesel Route 24 53424 Remagen Oberwinter Germany The administrator can be contacted at: Thomas Steger Kolnstr. 135 53757 St. Augustin Germany Tel: 02241/90600 Fax: 02241/906090 GFB GESELLSCHAFT: Claims Registration Ends July 11 -------------------------------------------------- Creditors of GfB Gesellschaft fuer Baustoffe mbH Vertrieb und Beratungen have until July 11 to register their claims with court-appointed provisional administrator Bardo M. Sigwart. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 22, 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 Darmstadt Rooms 4.309 4th Floor Building D Mathildenplatz 15 64283 Darmstadt 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 Darmstadt opened bankruptcy proceedings against GfB Gesellschaft fuer Baustoffe mbH Vertrieb und Beratungen on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: GfB Gesellschaft fuer Baustoffe mbH Vertrieb und Beratungen Attn: Hans-Peter Petrat, Manager Riemen 4 64832 Babenhausen Germany The administrator can be contacted at: Bardo M. Sigwart Ostend 14 64347 Griesheim Germany Tel: 06155/60930 Fax: 06155/66297 GLM-NEUMANN: Claims Registration Ends July 18 --------------------------------------------- Creditors of GLM-Neumann Verwaltung GmbH have until July 18 to register their claims with court-appointed provisional administrator Gideon Bohm. Creditors and other interested parties are encouraged to attend the meeting at 11:55 a.m. on Aug. 15, 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 Hamburg Hall B 405 4th Floor Sievekingplatz 1 20355 Hamburg 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 Hamburg opened bankruptcy proceedings against GLM-Neumann Verwaltung GmbH on June 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: GLM-Neumann Verwaltung GmbH Rahlau 52 22045 Hamburg Germany Attn: Dieter Neschen, Manager Schmelzerstrasse 30 47877 Willich Germany Marinus Marc Renne, Manager Raadhuisstraht 5 NL-5261 EH Vugt/Niederlande Germany The administrator can be contacted at: Dr. Gideon Bohm Bachstrasse 85a 22083 Hamburg Germany Tel: 040/3208360 Fax: 040/32083636 LITHO BREMEN: Creditors' Meeting Slated for July 13 --------------------------------------------------- The court-appointed provisional administrator for Litho Bremen GmbH, Stefanie Luethje, will present her first report on the Company's insolvency proceedings at a creditors' meeting at 11:15 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 July 18 to register their claims with the court-appointed provisional administrator. The District Court of Bremen opened bankruptcy proceedings against Litho Bremen GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Litho Bremen GmbH Funkschneise 19 28309 Bremen Germany The administrator can be reached at: Stefanie Luethje Ostertorsteinweg 74/75 28203 Bremen Germany Tel: 792570 Fax: 7925757 Web: http://www.oelb.de/ E-mail: luethje@oelb.de REDANTS CARGO: Creditors' Meeting Slated for July 20 ---------------------------------------------------- The court-appointed provisional administrator for RedAnts Cargo- Carrier-Verwaltungs GmbH, Bernd Peters, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on July 20. 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 10:00 a.m. on Aug. 24 at the same venue. Creditors have until Aug. 1 to register their claims with the court-appointed provisional administrator. The District Court of Bremen opened bankruptcy proceedings against RedAnts Cargo-Carrier-Verwaltungs GmbH on May 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RedAnts Cargo-Carrier-Verwaltungs GmbH Arster Hemm 54 28279 Bremen Germany Attn: Heinrich Lohmann, Manager Sonnenberg 3 28857 Syke-Barrien Germany The administrator can be reached at: Dr. Bernd Peters Wall 146 28195 Bremen Germany Tel: 0421/2440090 Fax: 0421/24400929 SCHREWE BAU: Claims Registration Ends July 19 --------------------------------------------- Creditors of Schrewe Bau Friedrich Schrewe GmbH & Co. Kommanditgesellschaft have until July 19 to register their claims with court-appointed provisional administrator Stefan Meyer. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Bielefeld Hall 4065 4. Ebene Court Route 6 33602 Bielefeld 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 Bielefeld opened bankruptcy proceedings against Schrewe Bau Friedrich Schrewe GmbH & Co. Kommanditgesellschaft on May 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Schrewe Bau Friedrich Schrewe GmbH & Co. Kommanditgesellschaft Attn: Siegfried Sowa, Manager Ravensberger Str. 60 32312 Luebbecke Germany The administrator can be contacted at: Stefan Meyer Ostertorstr. 7 32312 Luebbecke, Germany ============= I C E L A N D ============= STRAUMUR-BURDARAS: Fitch Affirms Individual Rating at C/D --------------------------------------------------------- Fitch Ratings affirmed Straumur-Burdaras Investment Bank ratings at Issuer Default of BBB-, Short-term F3, Individual C/D, and Support 3. The Outlook on the IDR is Stable. This rating action follows the turbulences experienced at the Board of Directors of the bank recently. Straumur has operated in its current form since August 2005 -- when it merged with part of the Burdaras group -- at which time shareholders elected time a new board of directors consisting of five members. Fitch notes the board's majority decision last week to change the bank's CEO, and the recurring conflicts among Straumur's board members that came to light. A shareholder meeting to re-elect Straumur's board has subsequently been called for July 19. In addition, a substantial change in the shareholder structure is expected, following the sale of stakes of several minority shareholders totaling 24.4% of Straumur to FL Group, one of Iceland's largest investment groups; this was announced on June 28 and is subject to regulatory approval and a shareholder meeting of FL Group. Given the very short track record of the bank in its current form, and the still-early stage of its franchise development in corporate and debt finance business - so moving away from its previous profile as an equity fund - it is Fitch's view that it is essential that the bank benefits from strong support from its shareholders, and therefore, its board of directors. The agency will closely monitor the outcome of the shareholder meeting in July and notes that further lack of consensus at board level would be a concern as it may endanger the bank's ability to deliver on its targets. An adverse reaction to events by other stakeholders could also have negative consequences. Fitch further comments that this situation highlights some features of the Icelandic market, including significant related- party interests. While this is partly due to the small size of this market, it can not be excluded that it might lead to some corporate governance issues and the agency would welcome a reduction in related party business and a simplification of ownership structures in the Icelandic market generally. Straumur's ratings are underpinned by the bank's strong capital base, a pre-requisite in Fitch's view, until the bank has achieved a satisfactory level of stable revenue streams, developed a track record in corporate and debt finance, and reduced its large equity exposures. While acknowledging Q106 results reporting positive trends in these areas, Fitch expects these trends to continue in the future and notes that any deviation from these goals would put downward pressures on the ratings. Straumur was the second-largest bank in Iceland by equity at end-March 2006, but ranked fourth by total assets. It received its investment-banking license in January 2004, and has since pursued its strategy to become a leading specialized investment bank in the Nordic region. Its operations are divided into five main businesses: proprietary trading, capital markets, treasury, corporate finance and debt finance. ============= I R E L A N D ============= HARVEST CLO: Fitch Assigns BB Rating on EUR17 Million Notes ----------------------------------------------------------- Fitch Ratings assigned Harvest CLO IV PLC's upcoming issue of EUR752 million notes due 2021 final ratings. The arbitrage collateralized loan obligation is a securitization of primarily European senior secured loans. This transaction is the fourth European CLO managed by Mizuho Corporate Bank Limited. -- EUR456 million Class A-1A floating-rate notes: AAA XS0254041493; -- EUR74 million Class A-1B floating-rate notes: AAA XS0254042541; -- EUR50 million Class A-2 floating-rate notes: AAA XS0254042970; -- EUR54.6 million Class B-1 floating-rate notes: AA XS0254043861; -- EUR4.4 million Class B-2 fixed-rate notes: AA XS0254046963; -- EUR29 million Class C floating-rate notes: A XS0254048746; -- EUR11.1 million Class D-1 floating-rate notes: BBB XS0254050213; -- EUR8.9 million Class D-2 fixed-rate notes: BBB XS0254052771; -- EUR15.4 million Class E-1 floating-rate notes: BB XS0254054553; -- EUR1.6 million Class E-2 fixed-rate notes: BB XS0254055360; -- EUR47 million Class F subordinated notes: not rated XS0254058034; -- EUR20 million Class M combination notes: AAA XS0254059784; -- EUR6 million Class N combination notes: AA XS0254060790; and -- EUR13.9 million Class O combination notes: BBB XS0254064438. The ratings of the Class A-1A, A-1 B and A-2 notes address ultimate repayment of principal at maturity and timely payment of interest according to the terms of the notes. For all other rated classes of notes, the ratings address ultimate payment of principal and interest, including any deferred interest, at maturity. The ratings on the Class N and O combination notes address the ultimate payment of principal only from funds received on their respective components. The rating on the Class M combination note is credit-linked to the rating assigned to the sovereign debt of the French Republic and addresses the ultimate return of principal only from interest and principal proceeds of the Class F component and the repayment of the French OAT strip component. The ratings are based on the quality and diversity of the portfolio of assets, which are selected by the collateral manager subject to the guidelines outlined in the collateral management agreement. The guidelines limit the collateral manager's portfolio allocations with respect to obligor, industry and asset type. Fitch assigned Mizuho Corporate Bank Limited a CDO Asset Manager Rating of 2 for leveraged loans on May 17, based on the company's long history and good market position in the European leveraged finance market, and its longstanding and experienced leveraged finance professionals. The ratings are also based on the credit enhancement provided to the various Classes of notes, which consists of the subordinated notes, structural protection covenants and excess spread. The issuer is a company with limited liability, incorporated under the laws of Ireland. The proceeds from the note issuance will be used to purchase a portfolio of primarily European senior secured loans. ========= I T A L Y ========= FIAT SPA: Exits From Sestrieres S.p.A. & IPI SpA ------------------------------------------------ The Fiat Group sold Sestrieres SpA to Via Lattea SpA on June 29. Sestrieres SpA, whose total value was set at approximately EUR30 million, operates 62 ski-lift facilities within one of the largest European ski resorts. Purchasers committed themselves to guaranteeing the continuity of the industrial plan of the Company to support the further development of the Sestriere venue. On June 22, Fiat Partecipazioni sold its 10% residual stake in IPI SpA to Risanamento SpA for a counter value of approximately EUR25.7 million, thus recording a gain of approximately EUR9 million at the consolidated level. The transaction was envisaged in the agreements signed with Risanamento in March 2003 and is consistent with the Group's strategy of focusing on its core automotive business. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * In August 2005, S&P revised its outlook on Fiat to stable from negative. At the same time, it affirmed its 'BB-' long-term and 'B' short-term corporate credit ratings on the group. As reported in the Troubled Company Reporter-Europe on Feb. 10, Fitch Ratings has changed the Outlook on Fiat S.p.A.'s 'BB-' Senior Unsecured rating to Stable from Negative. The agency has at the same time affirmed the Senior Unsecured and Short-term 'B' ratings. EUR6 billion of debt is affected by this Rating action. The Outlook change is underpinned by early signs that the restructuring plan is on track, the stabilization of Fiat Auto's market shares in late 2005 and the successful resolution of a number of credit issues. =================== K A Z A K H S T A N =================== BAVDUN: Creditors Must File Claims by July 14 --------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty Region declared LLP Bavdun insolvent on April 19. Creditors have until July 14 to submit written proofs of claim to: LLP Bavdun Karasai batyr Str. 15a Talgar Almaty Region Kazakhstan Tel: 8 (274) 2-73-36 8 (3003) 21-43-31 BULAYEVSKOYE ATP: Creditors Must File Claims by July 14 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared OJSC Bulayevskoye ATP Agropromtrans insolvent on Feb. 8. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 14 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of North Kazakhstan Region Valihanova Str. 19-149 Petropavlovsk, North Kazakhstan Region Kazakhstan FIRMA DAVRAN: Almaty Court Sets July 14 Claims Bar Date ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Firma Davran insolvent on April 6. Creditors have until July 14 to submit written proofs of claim to: LLP Firma Davran Office 74, 75 Kazybek bi Str. 50 Almaty, Kazakhstan Tel: 8 (3272) 72-12-50 8 (3272) 72-18-09 ISTANBUL AVIATOUR: Claims Registration Ends July 14 --------------------------------------------------- LLP Istanbul Aviatour has declared insolvency. Creditors have until July 14 to submit written proofs of claim to: LLP Istanbul Aviatour Office 17 Jeltoksan Str. 159 Almaty, Kazakhstan KAZGOLD: East Kazakhstan Court Opens Bankruptcy Proceedings ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region commenced bankruptcy proceedings against CJSC Kazgold on April 14. KAZROSSERVIS: Proof of Claim Deadline Slated for July 14 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau Region declared LLP Kazrosservis insolvent. Creditors have until July 14 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 SHAHZARAT: Proof of Claim Deadline Slated for July 14 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared LLP Shahzarat insolvent on April 14. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 14 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of North Kazakhstan Region Valihanova Str. 19-149 Petropavlovsk, North Kazakhstan Region Kazakhstan SKALA LTD: Creditors' Claims Due July 14 ---------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared LLP Skala Ltd. insolvent on April 17. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 14 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of North Kazakhstan Region Valihanova Str. 19-149 Petropavlovsk, North Kazakhstan Region Kazakhstan SPORT: East Kazakhstan Court Starts Bankruptcy Process ------------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared East Kazakhstan Trade and Purchase JSC Sport insolvent on April 20. Subsequently, bankruptcy proceedings were introduced at the company. VTORSVETMET: Creditors' Claims Due July 14 ------------------------------------------ The Specialized Inter-Regional Economic Court of Kyzylorda Region declared LLP Vtorsvetmet insolvent on Dec. 23, 2005. Creditors have until July 14 to submit written proofs of claim to: LLP Vtorsvetmet Budabai akyna Str. 11 Kyzylorda Kyzylorda Region Kazakhstan Tel: 8 (3272) 25-30-11 8 (3272) 27-23-65 8 (3272) 27-24-55 8 (3004) 15-42-15 =================== L U X E M B O U R G =================== COLT TELECOM: Cancels Share Listing After Scheme Takes Effect ------------------------------------------------------------- COLT Telecom Group PLC and COLT Telecom Group S.A.'s Scheme of Arrangement became effective on June 30 and that COLT S.A. is now the holding company of the COLT Group. The listing of the ordinary shares of COLT will be cancelled, at COLT's request, with effect from the commencement of business today, July 3. Under the Scheme, COLT Shareholders are entitled to one COLT S.A. Scheme Share for every three shares in COLT Telecom Group PLC held at the Scheme Record Time. The COLT S.A. Scheme Shares were issued and will be admitted to the Official List and to trading on the London Stock Exchange today. Depositary Interests representing COLT S.A. Scheme Shares are expected will also be credited to CREST accounts and share certificates for COLT S.A. Scheme Shares will be posted. Any old share certificates relating to COLT can be destroyed. COLT also confirmed that COLT Telecom Group PLC was re- registered as a private limited company, COLT Telecom Group Limited. COLT Telecom Group S.A. disclosed that COLT Shareholders have agreed to purchase 128,002,863 Open Offer Shares in connection with the Open Offer announced on May 5, representing approximately 74.4% of the Open Offer Shares. This figure includes Fidelity's pro rata share of the Open Offer Shares, which it agreed to acquire or procure that its affiliates acquire. Fidelity will also acquire the balance of 43,990,164 Open Offer Shares. The Open Offer is subject to Admission having become effective by no later than 8.00 a.m. today, or such later time and date as is agreed by COLT Telecom Group S.A., COLT Lux Finance S.a r.l and Fidelity. The Open Offer Shares will rank pari passu with the COLT S.A. Scheme Shares and trading of those shares on the London Stock Exchange is expected to commence at 8.00 a.m. on July 3. With effect today, July 3, the ticker symbol CTM will be withdrawn and replaced by COLT. Headquartered in London, England, Colt Telecom -- http://www.colt.net/-- offers business communication services across Europe. Through its fiber optic network, the Company offers voice, bandwidth, e-business and managed network services to finance, industry and service sector customers and governments. * * * On March 1, Standard & Poor's Ratings Services placed its 'B-' long-term corporate credit rating on European business telecommunications provider COLT Telecom Group PLC on CreditWatch with positive implications. This follows the group's announcement that it is to create a new European holding company, raise GBP300 million in equity, and undergo debt reduction. =========== R U S S I A =========== BOGORODSKAYA STOCKING: Court Names N. Kochugov to Manage Assets --------------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod Region appointed Mr. N. Kochugov as insolvency manager for OJSC Bogorodskaya Stocking Factory. He can be reached at: Mr. N. Kochugov Universitetskaya Str. 6 600024 Vladimir Russia Tel/Fax: 8(0922) 34-06-78 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A43-23883/2005 24-398. The Debtor can be reached at: OJSC Bogorodskaya Stocking Factory 452750 Nizhniy Novgorod Region Russia BOYARKA: Court Appoints O. Klemeshov as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Novosibirsk Region appointed Mr. O. Klemeshov as insolvency manager for CJSC Boyarka. He can be reached at: O. Klemeshov Post User Box 174 630077 Novosibirsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-19335/05-10/312. The Debtor can be reached at: CJSC Boyarka Boyarka Kolyvanskiy Region 633162 Novosibirsk Region Russia DOROGINSKIY BRICKWORKS: V. Poroshkov to Manage Assets ----------------------------------------------------- The Arbitration Court of Novosibirsk Region appointed Mr. V. Poroshkov as insolvency manager for CJSC Doroginskiy Brickworks. He can be reached at: V. Poroshkov Post User Box 337 630102 Novosibirsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-17956/05-4/308. The Debtor can be reached at: CJSC Doroginskiy Brickworks Tsentralnaya Str. 4 Dorogino Novosibirsk Region Russia INGOSSTRAKH INSURANCE: S&P Lifts Credit Rating to BB+ ---------------------------------------------------- Standard & Poor's Ratings Services raised its long-term counterparty credit and insurer financial strength ratings on Russia-based insurer Ingosstrakh Insurance Co. to 'BB+' from 'BB' and its Russia national scale rating to 'ruAA+' from 'ruAA'. The outlook is stable. "The upgrade reflects Ingosstrakh's considerable improvement in the investment profile and positive track record by Ingosstrakh's management team," said Standard & Poor's credit analyst Tatiana Grineva. The ratings also reflect Ingosstrakh's progressive strengthening of its competitive advantages in Russia through intensive growth of its personal lines portfolio and sustained good operating performance. These strengths are offset, however, by the still- marginal quality of the investment portfolio by international standards, untested financial flexibility, and high industry and country risks. The stable outlook reflects our expectation of sustainable good operating performance, with a net combined ratio less than 100%, ROE of 15%, a further improving quality of the investment portfolio, and maintenance of capital adequacy--according to our risk-based capital model--within the 'BBB' range. "In the medium term, Ingosstrakh still faces challenges to maintain its capitalization in line with its ambitious growth levels and execution risk of becoming the leading Russian insurer by doubling its premium income by 2009," said Ms. Grineva. The ratings could be raised if Ingosstrakh improves the quality of the investment portfolio to good from marginal; and demonstrates its financial flexibility and capacity to manage country industry risk, possibly through an IPO. "Over the medium term, any significant and sustained deterioration in earnings, capitalization, or quality of the investment may cause the ratings to be lowered," she added. KARMASKALINSKOYE REPAIR-TECHNICAL: Bankruptcy Supervision Begins ---------------------------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on OJSC karmaskalinskoye repair-technical enterprise. The case is docketed under Case No. A07-36020/05-G-ADM. The Temporary Insolvency Manager is: Mr. N. Bortnikov Post User Box 1780 Solikamsk-13 618553 Perm Region The Debtor can be reached at: OJSC Karmaskalinskoye Repair-Technical Enterprise K. Marksa Str. 56. Okulon Karmaskalinskiy Region 453010 Bashkortostan Republic Russia KASIMOVO-AGRO-KHIM: Court Names M. Mordashov to Manage Assets ------------------------------------------------------------- The Arbitration Court of Ryazan Region appointed for OJSC Kasimovo-Agro-Khim (TIN 6204000017). He can be reached at: Dzerzhinskogo Str. 4-2 Petrozavodsk 185035 Kareliya Republic Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A54-9353/2005 S20. The Debtor can be reached at: OJSC Kasimovo-Agro-Khim Podlipki Kasimovskiy Region 391359 Ryazan Region Russia KIRENSK-STROY-SERVICE: Court Names S. Sizov to Manage Assets ------------------------------------------------------------ The Arbitration Court of Irkutsk Region appointed Mr. S. Sizov as insolvency manager for OJSC Kirensk-Stroy-Service. He can be reached at: S. Sizov Post User Box 1609 664007 Irkutsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-2661/06-29. The Debtor can be reached at: OJSC Kirensk-Stroy-Service Voroninskaya Str. 10 Kirensk Irkutsk Region Russia KIROVSKOYE: Court Appoints E. Sablin as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Khakasiya republic appointed Mr. E. Sablin as insolvency manager for CJSC Kirovskoye. He can be reached at: E. Sablin Kirova Str. 54 Kirovo Altay Region 655672 Khakasiya Republic Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A74-5481/2005. The Debtor can be reached at: CJSC Kirovskoye Kirova Str. 54 Kirovo Altay Region 655672 Khakasiya Republic Russia KLIPPAN AB: Paper Manufacturer to File for Bankruptcy ----------------------------------------------------- Klippan AG is filing for bankruptcy protection, Nordic Business Report cites n24.se. According to the report, the fine paper manufacturer cites its inability to finance its operations due to the continued decline of both volume and price. The company, which employs 600, was recently acquired by Weland AB and delisted from the Stockholm Stock Exchange, n24.se relates. Headquartered in Lessebo, Sweden, Klippan AB manufactures and markets fine specialty papers since 1693. It has production plants in Klippan and Lessebo. Klippan Mill is situated next to Ronne Brook in Skane while Lessebo Mill is situated by Lake Laen in Smaland. KLIPPAN's total production capacity amounts to 120,000 tons of paper. Lessebo has a total production capacity of 33,000 tons of chlorine-free sulphite pulp. KUYURGAZINSKAYA RAY-SEL-KHOZ-TEKHNIKA: Bankruptcy Process Starts ---------------------------------------------------------------- The Arbitration Court of Bashkortostan republic has commenced bankruptcy supervision procedure on OJSC Kuyurgazinskaya Ray- Sel-Khoz-Tekhnika. The case was docketed under Case No. A07-39322/05-G-KhRM. The Temporary Insolvency Manager is: Mr. V. Ivanov Gaya Str. 23A. 460000 Orenburg Russia The Debtor can be reached at: OJSC Kuyurgazinskaya Ray-Sel-Khoz-Tekhnika Vatutina Str. 2. Ermolaevo Kuyurgazinskiy Region 453360 Bashkortostan Republic Russia LAKASHINSKIY SPIRIT: Court Starts Bankruptcy Supervision -------------------------------------------------------- The Arbitration Court of Ryazan Region has commenced bankruptcy supervision procedure on OJSC Lakashinskiy Spirit Distillery. The case was docketed under Case No. A54-1005/2006-S1. The Temporary Insolvency Manager is: Mr. V. Motorzhin Room 1 Polonskogo Str. 19 390000 Ryazan Region The Debtor can be reached at: OJSC Lakashinskiy Spirit Distillery Lakash Spasskiy Region Ryazan Region Russia LGOV-MEAT: Court Names O. Nestruev as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Kursk Region appointed Mr. O. Nestruev as insolvency manager for OJSCov-Meat (TIN 4613000286, OGRN 1024600646784). He can be reached at: O. Nestruev Apartment 60 Orlovskaya Str. 26 305048 Kursk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A35-5430/05 g. The Debtor can be reached at: OJSCov-Meat ov ovskiy Region 307750 Kursk Region SEVERSTAL: Arcelor Shareholders Votes Against Merger ---------------------------------------------------- Shareholders reject the proposed SeverStal merger at an extraordinary shareholders' meeting on June 30. Shareholders representing a large majority of the share capital were present or represented at the meeting. Approximately, 58% of the outstanding share capital of Arcelor, or 96% of the shares present or represented at the meeting, voted against the proposed SeverStal merger. Based on this result, Mr. Kinsch stated that the strategic alliance agreement with Mr. Mordashov will be terminated in accordance with the terms of such agreement. The second resolution, relating to the convocation of a further shareholders' meeting to approve the proposed SeverStal merger, had been added to the agenda of the shareholders meeting at the request of persons who represented that they were shareholders and that they collectively held more than 30% of Arcelor's share capital. As signatories of the letter did not represent 30% of Arcelor's outstanding share capital, as claimed, but less than 20% of the share capital, which is the minimum threshold provided by the Luxembourg law, the proposed resolution was withdrawn from the agenda. 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 June 28, Fitch Ratings maintained the Rating Watch Positive status for OAO Severstal's ratings of Issuer Default BB-, senior unsecured BB-, Short-term B and National Long-term A+. The Watch Positive of Severstal will be resolved following either a vote on June 30 by Arcelor shareholders on its offer, or the outcome of Mittal's offer. 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. TAZOVSKIY FISHING: Court Commences Bankruptcy Supervision --------------------------------------------------------- The Arbitration Court of Yamalo-Nenetskiy autonomous Region has commenced bankruptcy supervision procedure on State Enterprise Tazovskiy Fishing Factory. The case is docketed under Case No. A81-7402/2005. The Temporary Insolvency Manager is: Mr. O. Zuev Pechorskiy Pr. 110 Pechora 169600 Komi Republic The Debtor can be reached at: State Enterprise Tazovskiy Fishing Factory Tazovskiy Region Yamalo-Nenetskiy Autonomous Region Russia YUNIKAR: Court Names Ms. G. Rabina as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Vladimir Region appointed Ms. G. Rabina as insolvency manager for CJSC Yunikar. He can be reached at: G. Rabina Elektrozavodskaya Str. 7 600009 Vladimir Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A11-19370/2005-K1-127B/8B. The Debtor can be reached at: CJSC Yunikar Sotsialisticheskaya Str. 16/1 Kovrov Vladimir Region Russia ZABAYKALSKAYA TIMBER: Court Begins Bankruptcy Supervision --------------------------------------------------------- The Arbitration Court of Chita Region has commenced bankruptcy supervision procedure on LLC Zabaykalskaya Timber Corporation (TIN 7536046426). The case is docketed under Case No. A78-13316/2006-B-98. The temporary insolvency manager is: Ms. T. Danilova Post User Box 353. 672049 Chita Russia The Debtor can be reached at: LLC Zabaykalskaya Timber Corporation Tsentralnaya Str. 12 Khushega Khilokskiy Region 673220 Chita Region Russia ZAVOLZHSKOYE: Court Commences Bankruptcy Supervision ---------------------------------------------------- The Arbitration Court of Saratov Region has commenced bankruptcy supervision procedure on OJSC Zavolzhskoye. The case is docketed under Case No. A57-364B/05-32. The Temporary Insolvency Manager is: Mr. S. Shulgin Beloglinskaya Str. 8A 410028 Saratov Region Russia The Debtor can be reached at: OJSC Zavolzhskoye Otkormochnyj. Dergachevskiy Region Saratov Region Russia =========== T U R K E Y =========== YASAR HOLDING: Fitch Places B+ on Local & Foreign Currency IDRs --------------------------------------------------------------- Fitch Ratings placed Yasar Holding A.S. local currency and foreign currency Issuer Default ratings of B+, both with Stable Outlooks. Yasar National Long-term rating is A- with a Stable Outlook. Yasar's ratings reflect the strong position of the group's food and paint operations and its ownership of the leading local brands in their respective markets. Based on the growth prospects in packaged food and the construction sectors in Turkey, Yasar is targeting to double its consolidated revenues to YTL2 billion while improving its EBITDA margin from 11% to 17% by 2010. Yasar is also targeting a significant reduction in its leverage by 2010, which is currently at 3.8x. The group has minimal capacity expansion requirements in the intermediate term. Generation of an annual net free cash flow of YTL49 million should be achievable in FY06 and this will be applied exclusively to debt reduction in FY06. Being a privately held company, Yasar Holding is not planning to pay dividends to its shareholders for the next four to five years. Dividend policy of Yasar's listed subsidiaries is to distribute major part of their profits. After the 2001 macroeconomic crisis, Yasar streamlined its operations by ceasing activities in some sectors which led to c.15% consolidated revenue reduction and 200 bps operating margin gains in the last four years. Yasar nearly halved its net debt to YTL480 million over the 2001-2005 period. The key strategic objectives of the group include organic growth from its existing businesses, the improvement of gross and operating profitability, and to decrease leverage. Fitch believes that these should be achievable to a large extent. Fitch comments as well that the ratings also reflect possible challenges to Yasar in maintaining its market share and premium pricing in the event of an economic downturn. Foreign currency- denominated raw material prices, especially in the paint and related chemicals sectors, as well as the large proportion of foreign currency-denominated debt within the group remain points of concern. On the operational side, the expectation of cost containment and, hence, profitability improvements to support the on-going de-leveraging efforts and the related execution risks are factored in the rating. The Stable Outlook reflects Fitch's view that strong domestic demand, together with under-utilized capacities in Yasar's plants would help improve the company's volume growth and not put pressure on its cash flows with expansionary capital expenditure requirements. Established in 1945 and fully controlled by the Selcuk Yasar family, the company has interests in food and beverage, paint, tissue paper production, tourism, contracting, foreign trade, engineering and energy businesses. The group reported YTL1.3 billion consolidated sales in FY05, 63% of which were sales from food and beverage, 24% from paint businesses. Other subsidiaries represent 13% of group-consolidated revenues. Yasar has six publicly listed subsidiaries in food, beverage, paint, tissue papers and tourism sectors. It had YTL509 million in debt at YE05, approximately half of which was short-term bank debt. At YE05, 76% of the group's debt was foreign currency- denominated. ============= U K R A I N E ============= AVITOS: Court Appoints Kiril Liseyev as Liquidator -------------------------------------------------- The Economic Court of Kyiv Region appointed Kiril Liseyev as Liquidator/Insolvency Manager for LLC Scientific-Production Trade-Industrial Company Avitos (code EDRPOU 24935161). The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 20. The case is docketed under Case No. 43/242. 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 Scientific-Production Trade-Industrial Company Avitos Kikvidze Str. 13 Kyiv Region Ukraine DEMETRA: Court Begins Bankruptcy Supervision -------------------------------------------- The Economic Court of AR Krym Region commenced bankruptcy supervision procedure on LLC Demetra (code EDRPOU 30741295) on Feb. 23. The case is docketed under Case No. 2-5/6164-2006. The Temporary Insolvency Manager is: Mr. A. Galishev Sevastopolska Str. 30/11 Simferopol 95000 AR Krym Region Ukraine The Economic Court of AR Krym Region is located at: Karl Marks Str. 18 Simferopol 95000 AR Krym Region Ukraine The Debtor can be reached at: LLC Demetra Marchenko Str. 12a Simferopol 98220 AR Krym Region Ukraine JSCB GARANT: Liquidation Procedure Commences -------------------------------------------- The National Bank of Ukraine commenced liquidation procedure on OJSC JSCB Garant (code EDRPOU 25719206) on Feb. 28. The Debtor can be reached at: OJSC JSCB Garant Rusanivska Naberezhna Str. 18 02154 Kyiv Region Ukraine KOLOS: Court Names Hristina Podoprigorova to Liquidate Assets ------------------------------------------------------------- The Economic Court of Zaporizhya Region appointed Hristina Podoprigorova as Liquidator/Insolvency Manager for Agricultural LLC Kolos (code EDRPOU 03748979). Hristina Podoprigorova Office 708 Pratsi Avenue 33/55 Berdyansk 71118 Zaporizhya Region Ukraine Tel: (06153) 7-18-00 The Court commenced bankruptcy proceedings against the company after finding it insolvent on March 6. The case is docketed under Case No. 19/45/06. The Economic Court of Zaporizhya Region is located at: Shaumyana Str. 4 69001 Zaporizhya Region Ukraine The Debtor can be reached at: Agricultural LLC Kolos Lenin Str. 1 Novomlinivka Rozivskij District 70320 Zaporizhya Region Ukraine KONSTANTINIVKA' REALIZING: Svitlana Atamanenko to Manage Assets --------------------------------------------------------------- The Economic Court of Donetsk Region appointed Svitlana Atamanenko as Liquidator/Insolvency Manager for OJSC Konstantinivka' Realizing Bread Products Base (code EDRPOU 02043019). Svitlana Atamanenko Sibirtsev Str. 17/321 Artemivsk 84500 Donetsk Region Ukraine Phone/Fax: 8 (062) 340-16-48 The Court commenced bankruptcy proceedings against the company after finding it insolvent on March 9. The case is docketed under Case No. 5/25 B. The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: OJSC Konstantinivka' Realizing Bread Products Base 85107 Donetsk Region Miroshnichenko Str. 31 Konstantinivka Ukraine SOVETSKE REPAIR-TRANSPORT: Court Starts Bankruptcy Supervision -------------------------------------------------------------- The Economic Court of AR Krym Region commenced bankruptcy supervision procedure on OJSC Sovetske Repair-Transport Enterprise (code EDRPOU 03563376) on March 23. The case is docketed under Case No. 2-5/7693-2006. The Temporary Insolvency Manager is: Vasil Kuhta Simferopol, a/b 2745 95048 AR Krym Region Ukraine The Economic Court of AR Krym Region is located at: Karl Marks Str. 18 Simferopol 95000 AR Krym Region Ukraine The Debtor can be reached at: OJSC Sovetske Repair-Transport Enterprise Mehanizatoriv Str. 1 Sovetskij 97200 AR Krym Region Ukraine STAL: Court Names Svitlana Mogilan as Insolvency Manager -------------------------------------------------------- The Economic Court of Kirovograd Region appointed Svitlana Mogilan as Liquidator/Insolvency Manager for CJSC STAL (code EDRPOU 31377791). He can be reached: Svitlana Mogilan Kropivnitskij Str. 7/5 25006 Kirovograd Region Ukraine Phone/Fax: (0522) 22-54-23 The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 20. The case is docketed under Case No. 10/88. The Economic Court of Kirovograd Region is located at: Lunacharski str. 29 25006 Kirovograd Region Ukraine The Debtor can be reached at: CJSC Stal Svitlovodsk, Lenin Str. 23 Kirovograd Region Ukraine SVITLOVODSK' HEAT-INSULATING: G. Zabolotnij to Liquidate Assets --------------------------------------------------------------- The Economic Court of Kirovograd Region appointed Mr. G. Zabolotnij as Liquidator/Insolvency Manager for OJSC Svitlovodsk' Heat-Insulating and Building Materials Plant (code EDRPOU 05821693). He can be reached at: G. Zabolotnij Lenin Str. 23 25006 Kirovograd Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on March 15. The case is docketed under Case No. 10/101. The Economic Court of Kirovograd Region is located at: Lunacharski str. 29 25022 Kirovograd Region Ukraine The Debtor can be reached at: OJSC Svitlovodsk' Heat-Insulating and Building Materials Plant Molodizhna Str. 65 Vlasivka Svitlovodsk District 27552 Kirovograd Region Ukraine TROITSKE: Dnipropetrovsk Court Begins Bankruptcy Supervision ------------------------------------------------------------ The Economic Court of Dnipropetrovsk Region commenced bankruptcy supervision procedure on LLC Troitske (code EDRPOU 30720851) on April 20. The case is docketed under Case No. B 40/65/06. The Temporary Insolvency Manager is: Rostislav Talan a/b 158 49000 Dnipropetrovsk Region Ukraine The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Troitske Shevchenko Str. 34 Troitske Pavlograd District 51491 Dnipropetrovsk Region Ukraine =========================== U N I T E D K I N G D O M =========================== ABBEY SCHOOL: Creditors' Meeting Slated for July 5 -------------------------------------------------- Creditors of The Abbey School Tewkesbury (Company Number 03341934) will meet at 10:30 a.m. on July 5 at: Abbey School Church Street Tewkesbury Gloucestershire GL20 5PD 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 4 at: Peter Alan Langard Administrator Langard Lifford Hall Lifford Hall Lifford Lane Kings Norton Birmingham, B30 3JN United Kingdom Tel: 0121 459 1222 Fax: 0121 433 5268 E-mail: info@liffordhall.co.uk AUDUS NOBLE: Hires Grant Thornton to Administer Assets ------------------------------------------------------ Keith Hinds, Joseph P. McLean and Tony Flynn of Grant Thornton U.K. LLP were appointed joint administrators of Audus Noble Group Limited (Company Number 4177832) on May 25. 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. Audus Noble Group Limited can be reached at: Blyth Industrial Estate Cowpen Road Blyth Northumberland NE24 5TD United Kingdom Tel: 01670 543 100 Fax: 01670 364 800 COLT TELECOM: Cancels Share Listing After Scheme Takes Effect ------------------------------------------------------------- COLT Telecom Group PLC and COLT Telecom Group S.A.'s Scheme of Arrangement became effective on June 30 and that COLT S.A. is now the holding company of the COLT Group. The listing of the ordinary shares of COLT will be cancelled, at COLT's request, with effect from the commencement of business today, July 3. Under the Scheme, COLT Shareholders are entitled to one COLT S.A. Scheme Share for every three shares in COLT Telecom Group PLC held at the Scheme Record Time. The COLT S.A. Scheme Shares were issued and will be admitted to the Official List and to trading on the London Stock Exchange today. Depositary Interests representing COLT S.A. Scheme Shares are expected will also be credited to CREST accounts and share certificates for COLT S.A. Scheme Shares will be posted. Any old share certificates relating to COLT can be destroyed. COLT also confirmed that COLT Telecom Group PLC was re- registered as a private limited company, COLT Telecom Group Limited. COLT Telecom Group S.A. disclosed that COLT Shareholders have agreed to purchase 128,002,863 Open Offer Shares in connection with the Open Offer announced on May 5, representing approximately 74.4% of the Open Offer Shares. This figure includes Fidelity's pro rata share of the Open Offer Shares, which it agreed to acquire or procure that its affiliates acquire. Fidelity will also acquire the balance of 43,990,164 Open Offer Shares. The Open Offer is subject to Admission having become effective by no later than 8.00 a.m. today, or such later time and date as is agreed by COLT Telecom Group S.A., COLT Lux Finance S.a r.l and Fidelity. The Open Offer Shares will rank pari passu with the COLT S.A. Scheme Shares and trading of those shares on the London Stock Exchange is expected to commence at 8.00 a.m. on July 3. With effect today, July 3, the ticker symbol CTM will be withdrawn and replaced by COLT. Headquartered in London, England, Colt Telecom -- http://www.colt.net/-- offers business communication services across Europe. Through its fiber optic network, the Company offers voice, bandwidth, e-business and managed network services to finance, industry and service sector customers and governments. * * * On March 1, Standard & Poor's Ratings Services placed its 'B-' long-term corporate credit rating on European business telecommunications provider COLT Telecom Group PLC on CreditWatch with positive implications. This follows the group's announcement that it is to create a new European holding company, raise GBP300 million in equity, and undergo debt reduction. DOUBAR LTD: Creditors Confirm Voluntary Liquidation --------------------------------------------------- Creditors of Doubar Limited confirmed the company's voluntary liquidation during an extraordinary general meeting on April 12. They also ratified the appointment of Freddy Khalastchi of Harris Lipman LLP as Liquidator. The company can be reached at: Doubar Limited Richmond House Pond Close Walkern Road Stevenage Hertfordshire SG1 3QP United Kingdom Tel: 01462 675 377 Fax: 01462 484 352 EASTMAN KODAK: Shutting Down Kirkby Manufacturing Plant ------------------------------------------------------- Eastman Kodak Company committed to shut down the Synthetic Chemicals operation and associated support facilities that produce chemicals used in the manufacture of photographic products in Kirkby, England, on June 27, 2006. In conjunction with this action, the Company will incur charges totaling approximately $37 million. Included in the restructuring related charges of approximately $29 million are employee termination benefits of approximately $7 million, building and plant equipment accelerated depreciation and inventory write-offs of approximately $14 million, and other exit costs of approximately $8 million. In addition, the Company will record approximately $8 million in operational charges related to executing this action. The severance, other exit costs, and the operational charges require the outlay of cash, while the accelerated depreciation and inventory write-offs represent non-cash charges. The estimated restructuring related charges exclude the potential impacts from any pension plan settlement or curtailment gains or losses that may be incurred, as these amounts are not currently determinable. These actions are expected to be complete by year- end 2007. This action is a part of the Company's restructuring program that was originally announced on January 22, 2004 and subsequently expanded on July 20, 2005. The Company expects that it will continue to consolidate its worldwide operations in order to eliminate excess capacity. About Eastman Kodak Headquartered in Rochester, New York, Eastman Kodak Company -- http://www.kodak.com/-- is a worldwide vendor of imaging products and services. The company is committed to a digitally oriented growth strategy focused on four businesses: Digital & Film Imaging Systems - providing consumers, professionals, and cinematographers with digital and traditional products and services; Health -- supplying the medical and dental professions with traditional and digital imaging and information systems, IT solutions, and services; Graphic Communications - providing customers with a range of solutions for prepress, traditional and digital printing, document scanning, and multi-vendor IT services; and Display & Components - supplying original equipment manufacturers with imaging sensors as well as intellectual property and materials for the organic light- emitting diode and LCD display industries. * * * As reported in the Troubled Company Reporter on May 25, 2006, Fitch downgraded Eastman Kodak's Issuer Default Rating to 'B' from 'BB-' and the company's senior unsecured debt to 'B-' from 'B+' on May 16, 2006. The Outlook remains Negative. The ratings reflected Fitch's growing concern regarding EK's ability to generate profitable organic digital revenue growth and sufficient free cash flow to offset continual declines in the company's traditional business. As reported in the Troubled Company Reporter on May 9, 2006, Moody's Investors Service placed the ratings of the Eastman Kodak Company on review for possible downgrade. Ratings placed on Review for Possible Downgrade included the Company's Corporate Family Rating at B1; Senior Unsecured Rating at B2; and Senior Secured Credit Facilities at Ba3. EURO WIND: Moody's Rates Insurance-Linked Notes at Low-B -------------------------------------------------------- Moody's Investors Service assigned ratings to these Notes issued by Successor Euro Wind Ltd., a special purpose Cayman Islands exempted company for the benefit of Swiss Reinsurance Company: -- US$97,130,000 Series 1 Class A Principal At-Risk Variable Rate Notes due June 6, 2008: Ba3; -- US$18,500,000 Series 1 Class B Principal At-Risk Variable Rate Notes due June 6, 2008: B1; -- US$110,750,000 Series 1 Class C Principal At-Risk Variable Rate Notes due June 6, 2008: B3; -- US$3,000,000 Series 2 Class A Principal At-Risk Variable Rate Notes due June 6, 2007: Ba3; and -- US$3,000,000 Series 2 Class C Principal At-Risk Variable Rate Notes due June 6, 2007: B3. Investors in the Notes effectively provide reinsurance coverage to Swiss Reinsurance Company from certain windstorms in Europe. Moody's ratings address the ultimate cash receipt of all required interest and principal payments as provided by the governing documents, and is based on the expected loss posed to the note holders relative to the promise of receiving the present value of such payments. The rating is based on Moody's analysis of the probability of occurrence of qualifying events, their timing and the severity of losses experienced by investors should those events occur during the risk period. Moody's review of the transaction has included extensive review of the technical basis, methodology and historical data used to develop the probabilistic risk model used by EQECAT for the analysis of potential losses and sensitivity analysis of critical parameters of the model. This review, together with a detailed analysis of the transaction's legal structure and the financial strength of the various parties to the transaction, provided Moody's with sufficient comfort that the resulting ratings adequately captures the risk to investors in these securities. FAMILY PHOTOGRAPHERS: Taps David Rubin as Joint Administrators -------------------------------------------------------------- Asher Miller and Henry Lan of David Rubin & Partners were appointed joint administrators of The Family Photographers Group Limited (Company Number 02033275) on May 31. David Rubin & Partners -- http://www.drpartners.com/-- specializes in corporate and personal insolvency, recovery, forensic accounting and litigation support. Headquartered in London, The Family Photographers Group Limited is engaged in portrait photographic services. FAMINGAY INVESTMENTS: Creditors Pass Winding Up Resolution ---------------------------------------------------------- Creditors of Famingay Investments Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on April 10. Lisa Hogg and David Elliot of Wilson Field were appointed Joint Liquidators. The company can be reached at: Famingay Investments Limited Rowan Ho, Northampton Business Park Poppleton North Yorkshire YO266QU United Kingdom Tel: 01904 787 810 Fax: 01904 787 820 FIRST CHOICE: Creditors Resolve to Liquidation ---------------------------------------------- Creditors of First Choice Direct Services Limited resolved to liquidate the company's assets during an extraordinary general meeting on April 11. Steven Draine and David Rolph of Moore Stephens Corporate Recovery were appointed Joint Liquidators. Moore Stephens -- http://www.moorestephens.co.uk/-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its U.K. network comprises over 1,400 partners and staff. First Choice Direct Services Limited can be reached at: 85-87 Sydney Road Watford WD187XZ United Kingdom Tel: 01923 240 400 Fax: 01923 240 200 FOOTPRINT INTERIORS: Brings in Joint Liquidators from Mazars LLP ---------------------------------------------------------------- Footprint Interiors Limited is liquidating its assets after creditors agreed to wind up the company on April 6. Paul Charlton and Robert Adamson, of Mazars LLP, were appointed Joint Liquidators. Mazars -- http://www.mazars.com/-- is an international, integrated and independent organization, specialized in audit, accounting, tax and advisory services. Footprint Interiors Limited can be reached at: The Media Centre 7 Northumberland Street Huddersfield HD1 1RL United Kingdom Tel: 0870 990 5099 01482 833 344 Fax: 0870 990 5098 Web: http://www.footprintinteriors.co.uk/ GIRL SURF: Financial Woes Trigger Liquidation --------------------------------------------- Girl Surf Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. Subsequently, Stephen John Burkinshaw was appointed Liquidator. The company can be reached at: Girl Surf Limited CIBI Walk Frogmore Street Abergavenny Gwent NP7 5AJ United Kingdom Tel: 01873 852 812 HALON MENSWEAR: Hires Liquidator from Hodgsons ---------------------------------------------- David Emanuel Merton Mond, of Hodgsons was appointed Liquidator after creditors passed a resolution to wind up the company on March 23. The company can be reached at: Halon Menswear Limited 46-47 High Street Shrewsbury SY1 1ST United Kingdom Tel: 01743 344 804 HARLAND RISE: Creditors Ratify Winding Up Resolution ---------------------------------------------------- Creditors of Harland Rise Property Services Limited ratified a resolution to wind up the company together with the appointment of Alan H. Tomlinson as Liquidator during an extraordinary general meeting on April 5. The company can be reached at: Harland Rise Property Services Limited 591 West Derby Road Liverpool L13 8AE United Kingdom Tel: 0151 289 1010 INGRAM & GLASS: Names William Anthony Batty as Administrator ------------------------------------------------------------ William Antony Batty of Antony Batty & Co. was appointed administrator of Ingram & Glass (2005) Limited (Company Number 05310730) on May 30. The administrator can be contacted at: Antony Batty & Company 3 Field Court Grays Inn London WC1R 5EF United Kingdom Tel: 020 7831 1234 Fax: 020 7430 2727 E-mail: antonybatty@hotmail.com Headquartered in Godalming, United Kingdom, Ingram & Glass (2005) Limited is engaged in treatment and coal metals. INTEGRATED DATA: Taps Gerald Frederick Davis to Liquidate Assets ---------------------------------------------------------------- Gerald Frederick Davis, of Heathcote & Coleman, was appointed Liquidator of Integrated Data Solutions Limited after creditors decided to wind up the company on April 11. The company can be reached at: Integrated Data Solutions Limited Unit C-E Leona Trading Estate Nimmings Road Halesowen West Midlands B62 9JQ United Kingdom Tel: 0121 454 8080 MARTIS ENGINEERING: Appoints Adrian David Allen as Administrator ---------------------------------------------------------------- Adrian David Allen of Baker Tilly was appointed administrator of Martis Engineering Limited (Company Number 01297013) on May 31. Headquartered in Birmingham, Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network, which has 122 member firms in 85 countries as an independent member of Baker Tilly International. Martis Engineering Limited can be reached at: Oldmedow Road King's Lynn Norfolk PE30 4JL United Kingdom Tel: 01553 762 538 Fax: 01553 767 296 MORPHEUS BEDS: Brings In Bond Partners to Administer Assets ----------------------------------------------------------- Theodolous Papanicola of Bond Partners LLP was appointed administrator of Morpheus Beds Tetbury Limited (Company Number 03945465) on June 5. The administrator can be reached at: Bond Partners LLP The Grange 100 High Street London N14 6TG United Kingdom Tel: 020 8444 2000 Fax: 020 8444 3400 Headquartered in Tetbury, United Kingdom Morpheus Beds Tetbury Limited manufactures furniture. NEWGATE FUNDING: Moody's Rates EUR2.3-Mln Class E Notes at Ba2 -------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to eight classes of residential mortgage backed notes issued by Newgate Funding PLC: -- GBP160,000,000 Class A1 Mortgage Backed Floating Rate Notes due December 2050: Aaa; -- Detachable A1 Coupon: Aaa; -- GBP47,550,000 Class A2 Mortgage Backed Floating Rate Notes due December 2050: Aaa; -- Detachable A2 Coupon: Aaa; -- GBP190,550,000 Class A3a Mortgage Backed Floating Rate Notes due December 2050: Aaa; -- Detachable A3a Coupon: Aaa; -- EUR34,000,000 Class A3b Mortgage Backed Floating Rate Notes due December 2050: Aaa; -- Detachable A3b Coupon: Aaa; -- GBP12,550,000 Class M Mortgage Backed Floating Rate Notes due December 2050: Aa1; -- GBP22,000,000 Class Ba Mortgage Backed Floating Rate Notes due December 2050: Aa3; -- EUR12,000,000 Class Bb Mortgage Backed Floating Rate Notes due December 2050: Aa3; -- GBP9,000,000 Class Ca Mortgage Backed Floating Rate Notes due December 2050: A3; -- EUR14,500,000 Class Cb Mortgage Backed Floating Rate Notes due December 2050: A3; -- GBP5,000,000 Class Da Mortgage Backed Floating Rate Notes due December 2050: Baa3; -- EUR13,400,000 Class Db Mortgage Backed Floating Rate Notes due December 2050: Baa3; -- GBP2,300,000 Class E Mortgage Backed Floating Rate Notes due December 2050: Ba2; and -- 2006-2 Mortgage Early Repayment Certificates due December 2050: Aaa. Moody's assigned provisional ratings for the above classes of Notes on June 2. The Class T and Class Q Deferrable Notes are not rated by Moody's Investors in the Detachable A1 Coupon, Detachable A2 Coupon, Detachable A3a and A3b Coupon do not receive any payments of principal, and will be paid interest at a rate of 0.75% per annum, for quarters 1 to 4, increasing to 1.00% per annum, in quarters 5 to 8 and further increasing to 1.25% per annum, in quarters 9 to 12, calculated on the sterling equivalent of the outstanding balance of the Class A1, A2, A3a and A3b Notes. The Issuer, Newgate Funding plc, is a special purpose vehicle incorporated in England and Wales, which is ultimately owned by a charitable trust. The Issuer is a multi-issuance vehicle and this transaction represents the second series to be issued under its MTN style Program. T he Issuer will fund the purchase price of the series mortgage portfolio using the proceeds of the Notes. A portion of the proceeds of the DACs, Class T and Q Deferrable Notes will be used to fund the balance of the reserve fund, the discount reserve fund, costs and the expenses associated with issuing the Notes. This transaction is the ninth securitization of non-conforming credit mortgage loans originated by entities belonging to the Mortgages Group trading under the name of Mortgages PLC. As in the prior Mortgages plc securization, the assets supporting the Notes are sub-prime and non-conforming first residential mortgage loans originated by entities trading under the name of Mortgages PLC and secured on residential properties in England, Wales, Northern Ireland and Scotland. A part of underlying loan portfolio consists of loans to borrowers classified by the originator as near prime or near prime plus, with stricter criteria for adverse credit compared to non-conforming mortgage loans. Mortgages PLC will be responsible for the day-to-day servicing of the loans, handling arrears cases and approving further advances and product conversions. The ratings of the Notes are based upon an analysis of the characteristics of the mortgage pool backing the Notes, the protection the Notes receive from credit enhancement against defaults and arrears in the mortgage pool, and the legal and structural integrity of the issue. The credit enhancement available in the deal is provided in the form of excess spread, reserve fund fully funded at 1.3% of the original note, subordination of the Class M, Class B, Class C, Class D and Class E Notes. The Class A1 Notes represent 32.01%, the Class A2 Notes represent 9.51% and the Class A3 Notes represent 42.80%. Subject to certain conditions being met, the reserve fund may amortize up to a floor of 0.50% of the original note balance. The ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the Notes by the final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. The Mortgage Early Repayment Certificates are backed solely by mortgage early redemption charges that may become payable by borrowers in the pool on early redemption of their loans within a certain period. The Aaa rating on the MERC's addresses the likelihood of receipt by MERC holders of such amounts if they are received by the Issuer. It assumes, without any independent investigation, that payment of the mortgage early redemption charges under the mortgage loans is legally valid, binding and enforceable, and that such amounts are actually collected from borrowers and received by the Issuer. The amount receivable by MERC holders also depends on prepayment rates within the pool. The rating does not address such prepayment rates. NTL CABLE: Fitch Keeps Senior Notes on Watch Negative ----------------------------------------------------- Fitch Ratings revised its guidance on the potential notching of NTL Cable PLC's senior notes following the company's announcement of potential changes to its refinancing plans. The agency states that NTL Cable's senior notes remain on Rating Watch Negative. At the same time, NTL Inc.'s Issuer Default rating at B+ with Stable Outlook is affirmed, as is its Short- term rating at B. NTL Investment Holdings Limited's GBP4.975 billion senior secured credit facilities are affirmed at BB+ and Recovery rating RR1. The NTL Cable PLC notes on Rating Watch Negative: -- GBP375 million 9.75% senior notes due 2014: B+/RR4; -- US$425 million 8.75% senior notes due 2014: B+/RR4; and -- EUR225 million 8.75% senior notes due 2014: B+/RR4. Fitch's revised guidance follows NTL's announcement of possible changes to its proposed funding structure. NTL indicated that it may refinance GBP600 million in bridge financing via issuance of senior unsecured notes at either NTL Investment Holdings Limited, a finance subsidiary of that company, or at NTL Cable. Fitch's previous expectation was, the GBP600 million of new notes would be raised at NTL Cable and rank pari passu to the existing notes, on the basis of which it had indicated the potential for the NTL Cable notes to be downgraded one notch to B. In the event that new senior notes are issued at NTLIH or a finance subsidiary thereof, the amount of senior debt ranking ahead of the NTL Cable notes will increase and estimated recoveries of the existing notes will be reduced. In this event Fitch expects the NTL Cable notes to be downgraded by up to two notches to B-. The agency confirms that should the new notes be raised at NTL Cable on a pari passu basis, it then expects its original indication of a one notch downgrade of the NTL Cable notes to apply. Fitch will resolve the Rating Watch status on the NTL Cable notes and assign ratings to the new notes, once the group's funding plans have been finalized. OLWEN DIRECT: Creditors' Meeting Slated for July 10 --------------------------------------------------- Creditors of Olwen Direct Marketing Services (Croydon) Limited (formerly Vertis Direct Marketing Services (Croydon) Limited) will meet at 11:00 a.m. on July 10 at: The Winston Suite Croydon Park Hotel 7 Altyre Road Croydon Surrey CR9 5AA 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 7 at: Harris Lipman LLP 2 Mountview Court 310 Friern Barnet Lane Whetstone London N20 0YZ United Kingdom Tel: (020) 8446 9000 Fax: (020) 8446 9537 Web: http://www.harris-lipman.co.uk PILKINGTON PLC: S&P Withdraws Low-B Corporate Credit Ratings ------------------------------------------------------------ Standard & Poor's Ratings Services withdrew its 'BB+' long-term and 'B' short-term corporate credit ratings on U.K.-based Pilkington PLC, at the company's request, and after early redemption of Pilkington's EUR350 million notes outstanding, due 2008. The latter was the only debt being rated. The early redemption of the notes follows a tender offer launched by Nippon Sheet Glass Co. Ltd., which recently acquired Pilkington PLC. SCOTT'S OF NEWBURY: Hires Administrators from B&C Associates ------------------------------------------------------------ Jeffrey Mark Brenner and Filippa Connor of B & C Associates were appointed joint administrators of Scott's of Newbury Limited (Company Number 04595338) on June 1. The administrators can be reached at: B & C Associates Trafalgar House Grenville Place Mill Hill London NW7 3SA United Kingdom Tel: 0208 906 7730 Fax: 0208 906 7731 E-mail: filippa@bcassociates.uk.com Scott's of Newbury Limited is engaged in office equipment dealership. SOLUTION FOOTWEAR: Taps Richard James Philpott as Administrator --------------------------------------------------------------- Richard James Philpott of KPMG LLP Restructuring was appointed administrator of Solution Footwear Limited (Company Number 3922179) on June 7. KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the U.K. providing audit, tax and advisory services. Headquartered in Nottingham, United Kingdom, Solution Footwear Limited retails footwear and leather goods. SUCCESSOR CA1: Moody's Assigns Ba3 Rating to Class A Notes ---------------------------------------------------------- Moody's Investors Service assigned ratings to these Notes issued by Successor Cal Quake Parametric Ltd., a special purpose Cayman Islands exempted company for the benefit of Swiss Reinsurance Company: -- Ba3 to the US$47,500,000 Series 1 Class A Principal At- Risk Variable Rate Notes due June 6, 2008. Investors in the Notes effectively provide reinsurance coverage to Swiss Reinsurance Company from certain earthquakes in California. Moody's ratings address the ultimate cash receipt of all required interest and principal payments as provided by the governing documents, and is based on the expected loss posed to the note holders relative to the promise of receiving the present value of such payments. The rating is based on Moody's analysis of the probability of occurrence of qualifying events, their timing and the severity of losses experienced by investors should those events occur during the risk period. Moody's review of the transaction has included extensive review of the technical basis, methodology and historical data used to develop the probabilistic risk model used by EQECAT for the analysis of potential losses and sensitivity analysis of critical parameters of the model. This review, together with a detailed analysis of the transaction's legal structure and the financial strength of the various parties to the transaction, provided Moody's with sufficient comfort that the resulting ratings adequately captures the risk to investors in these securities. START II: S&P Assigns BB+ Rating to US$15.2-Mln Class E Notes ------------------------------------------------------------- Standard & Poor's Ratings assigned its final credit ratings to the US$182.4 million credit-linked notes to be issued by Start II CLO Ltd., a special-purpose entity incorporated in the Cayman Islands. The transaction is a partially funded synthetic balance-sheet collateralized loan-obligation referencing a portfolio of bank loans and other eligible obligations to corporates, financial institutions, and sovereign entities that are either publicly rated or unrated by Standard & Poor's. The transaction is regarded by Standard Chartered Bank as a critical step in its active portfolio management program, and will help to inject liquidity into SCB's balance sheet and increase its origination and growth capacity. Lehman Bros. Asia Ltd. and SCB act as co-arrangers, and Lehman Bros. International (Europe) and SCB are joint lead managers for this deal. The ratings assigned to the notes issued by Start II CLO Ltd. reflect: -- Standard & Poor's assessment of the credit risk of the reference portfolio; -- the actual credit support provided by the subordination amount to each class of notes; -- the credit quality of Standard Chartered Bank as swap counterparty and the undertaking of SCB to pay quarterly swap premium for Class A, Class B, Class C, and Class D notes in advance; -- the credit quality of the authorized investment; and -- the legal structure of the transaction, which includes bankruptcy-remoteness of the issuer. Standard & Poor's rating addresses the likelihood that cumulative net losses in the reference portfolio will not exceed the subordination amount for the rated notes under the credit default swap. To determine the credit-enhancement level, Standard & Poor's CDO Evaluator has been used. Recovery levels have been assigned by using Standard & Poor's standard criteria for synthetic CDO transactions. Preliminary Ratings Assigned Start II CLO Ltd. Class Rating Amount (mil. US$) Legal final maturity ----- ------ ------ -------------------- A AAA 108.0 June 29, 2012 B AAA 24.0 June 29, 2012 C AA- 20.0 June 29, 2012 D BBB+ 15.2 June 29, 2012 E BB+ 15.2 June 29, 2012 SUCCESSOR HURRICANE MODELED: Moody's Rates Class B Notes at B1 -------------------------------------------------------------- Moody's Investors Service announced assigned ratings to these Notes issued by Successor Hurricane Modeled Ltd., a special purpose Cayman Islands exempted company for the benefit of Swiss Reinsurance Company: -- B1 to the $42,250,000 Series 1 Class B Principal At-Risk Variable Rate Notes due December 6, 2007. Investors in the Notes effectively provide reinsurance coverage to Swiss Reinsurance Company from certain hurricanes in the North Atlantic. Moody's ratings address the ultimate cash receipt of all required interest and principal payments as provided by the governing documents, and is based on the expected loss posed to the note holders relative to the promise of receiving the present value of such payments. The rating is based on Moody's analysis of the probability of occurrence of qualifying events, their timing and the severity of losses experienced by investors should those events occur during the risk period. Moody's review of the transaction has included extensive review of the technical basis, methodology and historical data used to develop the probabilistic risk model used by EQECAT for the analysis of potential losses and sensitivity analysis of critical parameters of the model. This review, together with a detailed analysis of the transaction's legal structure and the financial strength of the various parties to the transaction, provided Moody's with sufficient comfort that the resulting ratings adequately captures the risk to investors in these securities. SUCCESSOR HURRICANE INDUSTRY: Moody's Rates Notes at Low-B ---------------------------------------------------------- Moody's Investors Service assigned ratings to these Notes issued by Successor Hurricane Industry Ltd., a special purpose Cayman Islands exempted company for the benefit of Swiss Reinsurance Company: -- US$14,000,000 Series 1 Class B Principal At-Risk Variable Rate Notes due Dec. 6, 2007: B1; -- US$7,250,000 Series 1 Class C Principal At-Risk Variable Rate Notes due Dec. 6, 2007: B2; and -- US$54,000,000 Series 1 Class F Principal At-Risk Variable Rate Notes due Dec. 6, 2007: B2. In addition, Successor Hurricane Industry Ltd. issued US$34,250,000 Series 1 Class D Principal At-Risk Variable Rate Notes due December 6, 2007; US$5,000,000 Series 1 Class E Principal At-Risk Variable Rate Notes due December 6, 2007; US$10,250,000 Series 2 Class D Principal At-Risk Variable Rate Notes due June 6, 2007 and US$35,000,000 Series 2 Class E Principal At-Risk Variable Rate Notes due June 6, 2007 that were not rated by Moody's. Investors in the Notes effectively provide reinsurance coverage to Swiss Reinsurance Company from certain hurricanes in the North Atlantic. Moody's ratings address the ultimate cash receipt of all required interest and principal payments as provided by the governing documents, and is based on the expected loss posed to the note holders relative to the promise of receiving the present value of such payments. The rating is based on Moody's analysis of the probability of occurrence of qualifying events, their timing and the severity of losses experienced by investors should those events occur during the risk period. Moody's review of the transaction has included extensive review of the technical basis, methodology and historical data used to develop the probabilistic risk model used by EQECAT for the analysis of potential losses and sensitivity analysis of critical parameters of the model. This review, together with a detailed analysis of the transaction's legal structure and the financial strength of the various parties to the transaction, provided Moody's with sufficient comfort that the resulting ratings adequately captures the risk to investors in these securities. SUCCESSOR II: Moody's Assigns B3 Rating to Class A Notes -------------------------------------------------------- Moody's Investors Service assigned ratings to these Notes issued by Successor II Ltd., a special purpose Cayman Islands exempted company for the benefit of Swiss Reinsurance Company: -- B3 to the US$73,200,000 Series 1 Class A Principal At-Risk Variable Rate Notes due June 6, 2008. In addition, Successor II Ltd. issued US$154,250,000 Series 1 Class E Principal At-Risk Variable Rate Notes due June 6, 2008 that was not rated by Moody's. Investors in the Notes effectively provide reinsurance coverage to Swiss Reinsurance Company from four perils: -- certain hurricanes in the North Atlantic; -- certain windstorms in Europe; -- certain earthquakes in California; and -- certain earthquakes in Japan. Moody's ratings address the ultimate cash receipt of all required interest and principal payments as provided by the governing documents, and is based on the expected loss posed to the note holders relative to the promise of receiving the present value of such payments. The rating is based on Moody's analysis of the probability of occurrence of qualifying events, their timing and the severity of losses experienced by investors should those events occur during the risk period. Moody's review of the transaction has included extensive review of the technical basis, methodology and historical data used to develop the probabilistic risk model used by EQECAT for the analysis of potential losses and sensitivity analysis of critical parameters of the model. This review, together with a detailed analysis of the transaction's legal structure and the financial strength of the various parties to the transaction, provided Moody's with sufficient comfort that the resulting ratings adequately captures the risk to investors in these securities. SUCCESSOR IV: Moody's Rates Class A Insurance-Linked Notes at B3 ---------------------------------------------------------------- Moody's Investors Service assigned ratings to these Notes issued by Successor IV Ltd., a special purpose Cayman Islands exempted company for the benefit of Swiss Reinsurance Company: -- B3 to the US$30,000,000 Series 1 Class A Principal At-Risk Variable Rate Notes due June 6, 2008. Investors in the Notes effectively provide reinsurance coverage to Swiss Reinsurance Company from two perils: -- certain hurricanes in the North Atlantic; and -- certain windstorms in Europe. Moody's ratings address the ultimate cash receipt of all required interest and principal payments as provided by the governing documents, and is based on the expected loss posed to the note holders relative to the promise of receiving the present value of such payments. The rating is based on Moody's analysis of the probability of occurrence of qualifying events, their timing and the severity of losses experienced by investors should those events occur during the risk period. Moody's review of the transaction has included extensive review of the technical basis, methodology and historical data used to develop the probabilistic risk model used by EQECAT for the analysis of potential losses and sensitivity analysis of critical parameters of the model. This review, together with a detailed analysis of the transaction's legal structure and the financial strength of the various parties to the transaction, provided Moody's with sufficient comfort that the resulting ratings. THERMOTECH AIR: Appoints Joint Administrators from KPMG ------------------------------------------------------- Paul Andrew Flint and Brian Green of KPMG LLP were appointed joint administrators of Thermotech Air Conditioning Limited (Company Number 02934384) on June 2. KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the U.K. providing audit, tax and advisory services. Headquartered in Stockport, United Kingdom, Thermotech Air Conditioning Limited is engaged in air conditioning installation. WOOLWORTHS GROUP: Moody's Withdraws Ba2 Issuer Rating ----------------------------------------------------- Moody's Investors Service withdrew Woolworths Group plc's issuer rating of Ba2. Moody's has withdrawn Woolworths Group's rating at the request of the company. Headquartered in London, UK, Woolworths Group plc is a major U.K. retailer. 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