/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060704.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, July 4, 2006, Vol. 7, No. 131 Headlines A U S T R I A CHRISTA GRIESSER: Court to Close Case After Final Distribution HAUSVERWALTUNG: Insufficient Funds Prompt Court to Close Case HILAL: Vienna Court Will Close Case After Final Allocation HKGR: Court Closes Bankruptcy Case After Final Distribution KARL UND EMILIE: Court Dismisses Case Due to Lack of Funds STICH & PARTNER: Claims Registration Period Ends July 28 F I N L A N D M-REAL CORP.: S&P Places BB- Rating on Watch Negative F R A N C E ALSTOM SA: Wins 10-Year Service Agreement in Argentina ARMORICAINE DE MENUISERIE: Under Six-Month Observation Period RHODIA SA: S&P Lifts Long-Term Credit Rating to B+ G E R M A N Y ALERIS INTERNATIONAL: Commences Tender Offer for Senior Notes DORINGER FOTO: Claims Registration Ends July 21 EXIDE TECHNOLOGIES: Won't Sell European Industrial Energy Group GTN GABELSTAPLER: Claims Registration Ends July 28 K. W. NITZSCHE: Claims Registration Ends July 21 KARSTADTQUELLE AG: Ends Supply to Karstadt Kompakt KLOECKNER & CO.: S&P Lifts Long-Term Corp Credit Rating to BB KURT MOSELER: Claims Registration Ends July 21 PAULUS GMBH: Claims Registration Ends July 25 POLYGON HANDELS: Creditors' Meeting Slated for July 20 RUDOLF HEINRICH: Claims Registration Ends July 7 SCORPION TECHNOLOGIES: Claims Registration Ends July 21 STAFF KOWALSKY: Claims Registration Ends July 25 TUERKISCH-KULTURELLE: Claims Registration Ends July 21 H U N G A R Y BORSODCHEM RT: Shuffles Organizational Structure I R E L A N D ELAN CORP: European Commission Okays Tysabri for Marketing I T A L Y ALITALIA SPA: Cuts Net Debt to EUR914 Million BANCA POPOLARE: Three Foreign Banks Eye Italian Lender FIAT SPA: Deutsche Bank Reveals Intention to Bid for Fidis K A Z A K H S T A N AI-JOL: Creditors Must File Claims by July 14 ALMAGUL: Creditors Must File Claims by July 14 ARUAK: Proof of Claim Deadline Slated for July 14 AUYL: Proof of Claim Deadline Slated for July 14 BASTAUSHI-OMIR: Creditors' Claims Due July 14 BIZNES: Creditors' Claims Due July 14 DARIO: Claims Registration Ends July 14 GAIANE: Claims Registration Ends July 14 POLIS: Creditors Must Submit Claims by July 14 POLITEHNIKS: Proof of Claim Deadline Slated for July 14 N E T H E R L A N D S GETRONICS NV: Sells Regional Operations to Kapsch Group NORTH WESTERLY: S&P Assigns BB Rating to Class E Notes WOOD STREET: Moody's Rates EUR16.5-Mln Class E Notes at Ba3 N O R W A Y AKER KVAERNER: Inks EUR60-Mln Power Boiler Deal with KFx Inc. P O L A N D NETIA SA: Registers Share Capital Increase & Structure R U S S I A BALASHOVSKIY: Bankruptcy Hearing Slated for July 27 BAYKALSKAYA SHIPBUILDING: K. Sobolev to Manage Assets CHAINSKIY MASLODEL: Court Starts Bankruptcy Supervision DOROGINSKOYE: Court Names A. Demidov as Insolvency Manager GAZPROM: Shareholders Okay 2005 Annual Report GAZPROM: Shareholders Name Dmitry Medvedev as New Board Chairman GAZPROM: Inks Partnership Deal with Itera Oil INTERNATIONAL BANK: Obtains EUR15-Mln Syndicated Term Loan KISELEVSKIY CENTRE: Court Names V. Nikitenko to Manage Assets MASLYANINSKIY FLAX: A. Shiyanov to Manage Insolvency Assets NOVOCHEBULINSKOYE: Court Names A. Levinov as Insolvency Manager NOVOPOKROVSKOYE: Osmk Court Starts Bankruptcy Supervision NOVOSIBIRSKAYA MACARONI: V. Fedchenko to Manage Assets NOVOSIBIRSKIY WOOD-COMBINE: S. Dubnovets to Manage Assets OMSKIY CRYOGENIC: Omsk Court Starts Bankruptcy Supervision PROM-ENERGO-RESOURCE: Court Commences Bankruptcy Supervision PYATEROCHKA HOLDING: Launches US$50 Million GDR Purchase Program ROSNEFT: Acquires 97.51% Equity Stake in Nakhoda Oil Harbor TNK-BP INTERNATIONAL: S&P Raises Credit Rating to BB+ TROITSKIY BUTTER-CHEESE: Bankruptcy Hearing Slated for July 24 VNESHTORGBANK: Launches EUR15-Million Bank Loan for IBSP ZOLOTAYA GRIVA: Bankruptcy Hearing Slated for Aug. 7 S P A I N FONCAIXA FTGENCAT 4: Moody's Junks EUR6 Million Series E Notes SANTANDER HIPOTECARIO: Moody's Junks EUR17.6-Mln Series F Notes T U R K E Y PROFILO TELRA: Fitch Assigns Local Currency IDR at B U K R A I N E AGROLIT: Court Appoints Mikola Kaluzhnij as Insolvency Manager AGROPRODUKT: Mikolaiv Court Starts Bankruptcy Supervision ALKOR: Court Names Mikola Kaluzhnij to Manage Assets DRUZHBA: Vinnitsya Court Appoints Liquidator KOLOS: Dnipropetrovsk Court Starts Bankruptcy Supervision KVARTA: Court Appoints V. Yurkiv to Liquidate Assets PERSHOTRAVNEVE: Court Starts Bankruptcy Supervision SMAK: Court Names Petro Stotskij as Insolvency Manager SPARTAK: Court Names Oleksandr Bandola as Liquidator U N I T E D K I N G D O M A. FOX: Appoints Joint Administrators from Kroll ADAL GROUP: Brings In Administrators from PKF ARCH CAPITAL: Growing Biz Spurs S&P to Affirm BB+ Pref. Ratings BLUE WAHOO: Hires CLB Coopers as Joint Administrators BULLET POINT: Taps Deloitte & Touche as Administrators COMPLETE PROPERTY: Names P.R. Dewey as Administrator CRAWLEY TOWN: Brings In Administrators from Begbies Traynor MCCLYMONT CONSTRUCTION: Financial Woes Trigger Liquidation MOBBERLEY PLANT: Hires Administrators from Mazars LLP MORTGAGE INTELLIGENCE: Creditors Pass Winding Up Resolution NORTHCLIFFE MOTOR: Hires Joint Liquidators from Begbies Traynor NTL CABLE: Moody's Places B2 Rating Under Review OCULAR DISPLAY: Hires Deloitte & Touche to Administer Assets OPTIMUM RECRUITMENT: Appoints BDO Stoy as Administrators PULSE MEDIA: Brings In Joint Liquidators from Valentine & Co RAND SERVICES: Brings In Tenon Recovery to Administer Assets RANK GROUP: Disposes DVD Business for GBP5.9 Million Cash SARAI WINDOWS: Creditors Confirm Liquidator's Appointment TICKENHAM GOLF: Taps Colin Andrew Presscott to Liquidate Assets * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= CHRISTA GRIESSER: Court to Close Case After Final Distribution -------------------------------------------------------------- The Trade Court of Vienna will close the bankruptcy case of LLC Christa Griesser (FN 104430z) after the Debtor's final distribution to creditors. Creditors will receive a 0.53% recovery on account of their claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 10, 2004 (Bankr. Case No. 4 S 138/04b). Hans Rant served as the court-appointed property manager for the bankrupt estate. HAUSVERWALTUNG: Insufficient Funds Prompt Court to Close Case ------------------------------------------------------------- The Trade Court of Vienna dismissed the bankruptcy case of LLC Hausverwaltung Transimmobilien (FN 099352 g) on May 18 due to the Debtor's administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. As a result, creditors will not receive any distribution. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 17, 1997 (Bankr. Case No. 4 S 992/97b). Ilse Korenjak served as the court-appointed property manager for the bankrupt estate. HILAL: Vienna Court Will Close Case After Final Allocation ---------------------------------------------------------- The Trade Court of Vienna will close the bankruptcy case of LLC Hilal (FN 219037p) after the Debtor's final distribution to its creditors. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 16, 2004 (Bankr. Case No. 4 S 110/04k). Felix Stortecky served as the court-appointed property manager for the bankrupt estate. HKGR: Court Closes Bankruptcy Case After Final Distribution ----------------------------------------------------------- The Trade Court of Vienna entered an order closing the bankruptcy case of Construction LLC HKGR (FN 238020f) on May 18 after the Debtor's final distribution to creditors. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 3, 2004 (Bankr. Case No. 4 S 95/04d). Werner Stanek served as the court-appointed property manager for the bankrupt estate. KARL UND EMILIE: Court Dismisses Case Due to Lack of Funds ---------------------------------------------------------- The Trade Court of Vienna dismissed the bankruptcy case of LLC Karl und Emilie Vojtech (FN 98788b) on May 18 due to the Debtor's administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. As a result, creditors will not receive any distribution. Headquartered in Vienna, Austria, the Court removed the Debtor's bankruptcy case (Bankr. Case No. 14 S 112/04t) from (Bankr. Case No. 5 S 63/04 f) on Feb. 9, 2005. STICH & PARTNER: Claims Registration Period Ends July 28 -------------------------------------------------------- Creditors owed money by Property Trade and Construction Company Stich & Partner (FN 179378t) have until July 28 to file written proofs of claims to court-appointed property manager Thomas Hufnagl at: Dr. Thomas Hufnagl Franz Rehrl Place 2 5020 Salzburg, Austria Tel: 0662-640083 Fax: 0662-642912-24 E-mail: dr.thomashufnagl@rechtsanwaelte.co.at Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 11 to consider the adoption of the rule by revision. The meeting of creditors will be held at: The Land Court of Salzburg Hall 256 2nd Floor Salzburg, Austria Headquartered in Saalbach, the Debtor declared bankruptcy on May 18 (Bankr. Case No. 44 S 17/06h). Herbert Scheller of Construction LLC Alpenland (FN 167320i) represents the Debtor in the bankruptcy proceedings. ============= F I N L A N D ============= M-REAL CORP.: S&P Places BB- Rating on Watch Negative ----------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on Finland-based forest products company M-real Corp. on CreditWatch with negative implications. At the same time, the 'B' short-term corporate credit rating was affirmed. "The CreditWatch placement primarily reflects M-real's continued weak operating and financial performance, and increased uncertainties about the pace and strength of improvements in this regard," said Standard & Poor's credit analyst Andreas Zsiga. "These weaknesses stem from continued tough market conditions for the group's core businesses, higher input costs, and M-real's weak internal operating performance." At March 31, M-real had net interest-bearing debt of about EUR2.3 billion. Despite improved demand, and increased capacity utilization rates, prices remain weak in M-real's key paper grades including fine paper, owing to prevailing overcapacity. In addition, earnings are being negatively affected by rising input costs for energy and chemicals. Furthermore, M-real's internal operating efficiency remains weak -- although a low EBITDA ratio of about 8% in fiscal 2005 primarily reflects the effects of a labor dispute at its Finnish paper mills. The group has announced further cost-saving initiatives, such as the sale of one paper mill, and staff reduction at another, although prospects for short-term improvements in operating performance remain slim. The group has also announced that second-quarter earnings for 2006 will be weaker than expected, owing to higher production costs. M-real's financial risk profile remains weak, owing to weak operating cash flows, and is also affected by negative currency movements. In order to retain the current ratings, FFO to net debt will need to average about 15% over the economic cycle. "Before resolving the CreditWatch status, Standard & Poor's will require a clearer understanding of M-real's future operating cash flow generation capacity, input cost trends, and benefits from the group's internal efficiency measures," added Mr. Zsiga. "S&P will also review the group's business and financial strategies. Any lowering of the ratings would likely be limited to one notch." =========== F R A N C E =========== ALSTOM SA: Wins 10-Year Service Agreement in Argentina ------------------------------------------------------ Alstom SA has been awarded a 10-year long-term service agreement by Aluar Aluminio Argentino S.A.I.C for the Aluar Extension II combined-cycle power plant located in Puerto Madryn, 1350 km south of Buenos Aires. The scope of the contract covers the operation support and maintenance services for the power island, comprising the Gas and Steam Turbines, the Generators and the Heat Recovery Steam Generators. During the contract period two engineers will remain permanently on site to ensure high plant availability. Parts and supervisory field service personnel will be provided for scheduled and unscheduled inspections. ALSTOM signed the Engineering, Procurement and Construction (EPC) contract for the KA13E2MXL-2 Aluar Extension II combined cycle power plant in October 2005 and commercial operation is expected in the second quarter of 2007. The plant will be the first combined-cycle power plant powered by ALSTOM gas turbines type GT13E2 in South America, and the energy produced will be fed to the adjacent aluminum smelter. The awarding of this new contract reinforces the good relationship between Aluar Aluminio Argentino S.A.I.C. and ALSTOM and clearly demonstrates the customer's confidence in ALSTOM as an experienced and reliable EPC and O&M provider. About Alstom Headquartered in Paris, France, Alstom S.A. -- http://www.alstom.com/-- is a leading maker of power-generation systems and constructs power plants, rail equipment, luxury passenger ships, naval vessels, and natural gas tankers. It also produces electrical drives, motors, and generators. The group generates EUR13 billion in annual revenues and employs more than 70,000 people worldwide. The group posted EUR865 million in net loss and EUR1.4 billion in net debt for the financial year 2004/2005. ARMORICAINE DE MENUISERIE: Under Six-Month Observation Period ------------------------------------------------------------- The French court has put Armoricaine de Menuiserie in a six- month observation period after French food company Ducatel introduced insolvency proceedings for Armoricaine two weeks ago, Stanislas du Guerny writes for Les Echos. Armoricaine's employees are demanding the reasons for the insolvency in view of favorable development on the construction market, Les Echos relates. Headquartered in Plouedern, France, Armoricaine de Menuiserie manufactures PVC doors and windows. It generates approximately EUR7 million in annual turnover, Les Echos reports. RHODIA SA: S&P Lifts Long-Term Credit Rating to B+ -------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating on France-based chemical producer Rhodia S.A. to 'B+' from 'B'. At the same time, the 'B' short-term rating was affirmed and the rating on senior unsecured and subordinated bonds was raised to 'B-' from 'CCC+'. The outlook is stable. "The upgrade reflects Rhodia's overall improved situation over the past two years," said Standard & Poor's credit analyst Khaled Zitouni. "Primarily, better financial results boosted by improved operations given a wide-reaching business and financial turnaround plan, and broadly favorable markets." The rating action also factors in Standard & Poor's expectations of a favorable supply/demand balance and good prices for key raw materials. These conditions are likely to lead to improved cash flow ratios, and, notably, a ratio of funds from operations (FFO) to adjusted debt of between 10%-15% on an ongoing basis, a marked improvement compared with 2005 and 2004. Rhodia will also most likely achieve positive free cash flow from 2007 onward. Standard & Poor's expects Rhodia to be able to reach an FFO-to-net-adjusted-debt ratio of 10%-15% on an ongoing basis, as well as positive FOCF from its core operations not including the carbon credits. We also expect the group to not make any acquisitions, to continue its turnaround plan, and to apply any potential sale proceeds to further deleveraging, as it has done in past years. "The rating could come under pressure if an imbalance occurs between supply and demand in the core polyamide market or if raw material prices cannot be passed on in a sufficient and timely fashion," added Mr. Zitouni. The rating could be positively affected if Rhodia is able to sustain a ratio of FFO to adjusted debt comfortably above 15%, or if carbon credits provide meaningful proceeds, which are applied to deleveraging. ============= G E R M A N Y ============= ALERIS INTERNATIONAL: Commences Tender Offer for Senior Notes ------------------------------------------------------------- Aleris International, Inc. (NYSE: ARS) offered to purchase for cash any and all of its outstanding 10-3/8% Senior Secured Notes Due 2010 (CUSIP No. 449681AC9) and 9% Senior Notes Due 2014 (CUSIP No. 014477AA1), on the terms and subject to the conditions in the Offer to Purchase and Consent Solicitation Statement dated June 30, 2006, and the Consent and Letter of Transmittal. Aleris is also soliciting consents from holders of the Notes to, among other things, eliminate or make less restrictive substantially all of the restrictive covenants and the events of default and amend certain related provisions in the indentures under which the Notes were issued. The tender offer and consent solicitation is being conducted in connection with, and is contingent on the consummation of, the acquisition of the downstream aluminum business of Corus Group plc. The consent solicitation will expire at 5 p.m. New York City time, on July 14, unless earlier terminated or extended. The tender offer will expire at midnight, New York City time, on July 28, unless terminated or extended. The total consideration for each US$1,000 principal amount of Notes validly tendered and accepted for purchase, subject to the terms and conditions of the tender offer and consent solicitation, on or prior to the Consent Date will be US$1,100.78 for the 10-3/8% Notes and US$1,134.96 for the 9% Notes. The total consideration includes a consent payment equal to US$20 per US$1,000 for the 10-3/8% Notes and the 9% Notes. The tender offer consideration for each US$1,000 principal amount of Notes validly tendered and accepted for purchase, subject to the terms and conditions of the tender offer and consent solicitation, tendered after the Consent Date but on or prior to the Expiration Date (and not validly withdrawn) pursuant to the Offer shall be US$1,080.78 for the 10-3/8% Notes and US$1,114.96 for the 9% Notes. The total consideration and the tender offer consideration to be paid for each US$1,000 in principal amount of Notes will be paid in cash. In either case, all holders who validly tender their Notes will receive accrued but unpaid interest up to, but not including, the date of settlement. In connection with the tender offer, Aleris is also seeking consents to certain proposed amendments with respect to the Notes. The purpose of the proposed amendments is to, among other things, eliminate or make less restrictive substantially all of the restrictive covenants and the events of default and to amend certain related provisions under the Indentures. Holders who desire to tender their Notes must consent to the proposed amendments. A holder may not deliver consents without tendering the related Notes. The tender offer is subject to the satisfaction of certain conditions, including receipt of consents sufficient to approve the proposed amendments to the Indentures, obtaining the requisite funding and the Acquisition having occurred or occurring substantially concurrent with the Expiration Date. The proposed amendments to the Indentures for which consents are being solicited will be set forth in two supplemental indentures and are described in more detail in the Offer Documents. The supplemental indentures will not be executed unless and until Aleris has received consents from holders of a majority in principal amount of the applicable Notes outstanding, and the amendments will not become operative unless and until Aleris has accepted for purchase at least a majority in principal amount of the applicable Notes pursuant to the Offer Documents. Deutsche Bank Securities Inc. is acting as dealer manager for the tender offer and as the solicitation agent for the consent solicitation and can be contacted at (212) 250-6008 (collect). Mackenzie Partners, Inc. is the depositary and information agent and can be contacted at (212) 929-5500 (collect) or (800) 322- 2885 (toll-free). Copies of the Offer Documents and other related documents may be obtained from the information agent. About Aleris International Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris International, Inc. -- http://www.aleris.com/-- is a major North American manufacturer of rolled aluminum products and is a global leader in aluminum recycling and the production of specification alloys. The company is also a leading manufacturer of value-added zinc products that include zinc oxide, zinc dust and zinc metal. The Company operates 42 production facilities in the United States, Brazil, Germany, Mexico and Wales, and employs approximately 4,200 employees. * * * As reported in the Troubled Company Reporter on Mar. 23, Standard & Poor's Rating Services placed its 'BB-' corporate credit and its other ratings on Aleris International Inc. on CreditWatch with negative implications. The action followed the announcement that Aleris has entered into a non-binding letter of intent to acquire the downstream aluminum operations of Corus Group PLC (BB-/Watch Pos/B) for approximately US$840 million plus the assumption of EUR28 million of debt, and EUR98 million of debt-like pension liabilities. Moody's Investors Service also placed the debt ratings of Aleris International Inc., under review for possible downgrade. These ratings were B1 Corporate Family Rating; B2 senior secured US$210 million 10.375% notes due 2010; and B3 senior unsecured US$125 million 9% notes due 2014. DORINGER FOTO: Claims Registration Ends July 21 ----------------------------------------------- Creditors of Doringer Foto-Video GmbH have until July 21 to register their claims with court-appointed provisional administrator Ulrike Hoge-Peters. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 7, at which time the administrator will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bad Homburg v. d. Hohe Room 302 3rd Floor District Court Building Auf der Steinkaut 10-12 61352 Bad Homburg v. d. Hohe, 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 Homburg v. d. Hohe opened bankruptcy proceedings against Doringer Foto-Video GmbH on May 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Doringer Foto-Video GmbH Attn: Heinz Otto Doringer, Manager Gablonzer Str. 19 61440 Oberursel/Ts., Germany The administrator can be contacted at: Ulrike Hoge-Peters Cronstettenstrasse 30 60322 Frankfurt/Main, Germany Tel: 069/9591100 Fax: 069/95911012 EXIDE TECHNOLOGIES: Won't Sell European Industrial Energy Group --------------------------------------------------------------- Exide Technologies is withdrawing the planned sale of its European Industrial Energy and Rest of World operations. In its Form 8-K filed with the U.S. Securities and Exchange Commission on April 20, Exide said that it had begun examining a number of strategic alternatives -- including the potential sale of the Company's European Industrial Energy operations. "During the first quarter of FY '07, we evaluated a number of alternatives to increase profitability and maximize shareholder value, Gordon A. Ulsh, President and Chief Executive Officer of Exide Technologies said. "As a result of this process, we have decided not to proceed with the sale of our European Industrial Energy and ROW business, and instead intend to maximize the value of that business as part of our ongoing FY'07 Business Plan." Headquartered in Princeton, New Jersey, Exide Technologies (NASDAQ: XIDE) -- http://www.exide.com/-- manufactures and distributes lead acid batteries and other related electrical energy storage products. The Company filed for chapter 11 protection on Apr. 14, 2002 (Bankr. Del. Case No. 02-11125). Matthew N. Kleiman, Esq., and Kirk A. Kennedy, Esq., at Kirkland & Ellis, represented the Debtors in their successful restructuring. Exide's confirmed chapter 11 Plan took effect on May 5, 2004. On April 14, 2002, the Debtors listed $2,073,238,000 in assets and $2,524,448,000 in debts. (Exide Bankruptcy News, Issue No. 87; Bankruptcy Creditors' Service, Inc., 215/945-7000) * * * As reported in the Troubled Company Reporter on Feb. 6, 2006, Standard & Poor's Ratings Services lowered its corporate credit rating on Exide Technologies to 'CCC' from 'CCC+' because of Exide's continued poor operating performance and rising debt leverage. The senior secured rating on Exide's recently enlarged first- lien credit facility was lowered to 'CCC' from 'B-', and the recovery rating was lowered to '2' from '1', because of the lower corporate credit rating and the weaker asset protection for the enlarged facility. The senior secured rating and the recovery rating reflect Standard & Poor's expectation that lenders will realize a substantial recovery of principal (80%- 100%) in the event of default or bankruptcy. The senior secured rating on Exide's second-lien notes was lowered to 'CC' from 'CCC', reflecting the lower corporate credit rating and an increase in priority debt. GTN GABELSTAPLER: Claims Registration Ends July 28 -------------------------------------------------- Creditors of GTN Gabelstapler -- Technik Nord GmbH have until July 28 to register their claims with court-appointed provisional administrator Burckhardt Reimer. Creditors and other interested parties are encouraged to attend the meeting at 12:00 noon on Aug. 29, 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 GTN Gabelstapler -- Technik Nord GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: GTN Gabelstapler -- Technik Nord GmbH Attn: Rolf Sagert, Manager Windhukkai 5 20457 Hamburg, Germany The administrator can be contacted at: Burckhardt Reimer Domstrasse 15 20095 Hamburg, Germany Tel: 41522416 Fax: 41522-411 K. W. NITZSCHE: Claims Registration Ends July 21 ------------------------------------------------ Creditors of K.W. Nitzsche und E.O. Weiss Immobilien-GmbH have until July 21 to register their claims with court-appointed provisional administrator Peter Naarmann. Creditors and other interested parties are encouraged to attend the meeting at 10:45 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 Chemnitz Hall 24 Law Courts Prince Road 21 Chemnitz, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Chemnitz opened bankruptcy proceedings against K.W. Nitzsche und E.O. Weiss Immobilien-GmbH on May 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: K.W. Nitzsche und E.O. Weiss Immobilien-GmbH Attn: Knut Nitzsche, Jochen Weiss and Claus Belaschki, Managers Limbacher Road 193 09116 Chemnitz, Germany The administrator can be contacted at: Dr. Peter Naarmann Dresdner Str. 86 09130 Chemnitz, Germany KARSTADTQUELLE AG: Ends Supply to Karstadt Kompakt -------------------------------------------------- The 74 Karstadt Kompakt GmbH department stores are to be supplied with the complete toys range by Intertoys. The Dutch company is also to assume a large part of the marketing of the toy departments of the German department store chain. The purchasing volume is of the order of EUR18 million. Intertoys is the largest toy chain in the Benelux countries and already operates a couple of dozen branches in Germany. The previous supplier was Karstadt Warenhaus GmbH (Essen), which owned the 74 department stores until their sale last year. When the contract was concluded, it was agreed that deliveries to the Karstadt Kompakt department stores would be realigned. The contract on the previous supply of the Karstadt Kompakt toy departments expires as scheduled on Oct. 31, 2006, as the two department store chains wish to take a different positioning in the future. Karstadt Kompakt Karstadt Kompakt GmbH is a department store chain with 74 medium-sized department stores in Germany -- between 2,000 and 8,000 square meters. Karstadt Kompakt GmbH was owned by Karstadt QuelleAG up to Sept. 1, 2005. Since then, Karstadt Kompakt GmbH has belonged to two British investment companies. Intertoys Intertoys was founded in June 1976 and belongs to Blokker Holding B.V. Intertoys currently has almost 300 stores, 160 of which are franchise outlets. Intertoys operates in the Netherlands, Belgium and Germany. KarstadtQuelle Headquartered in Essen, Germany, KarstadtQuelle AG -- http://www.karstadtquelle.com/-- is the country's largest department store and mail order group. It has annual sales of EUR13.5 billion and employs around 90,000. The retailer has been suffering from sluggish consumption and high unemployment rate in Germany. KarstadtQuelle posted an EBITDA of -EUR428 million in 2004. The group is currently restructuring operations by selling off non-core assets and implementing cost- saving measures. The group achieved and exceeded its targets for the 2005 financial year. Group sales, adjusted for the strong impact of the realignment, were EUR15.45 billion, compared to EUR16.14 billion in the previous year, down 4.2 percent. Adjusted EBITDA improved by 5.1 percent to EUR544 million, compared to EUR518 million in the previous year. In 2005, net financial liabilities were reduced by a third to EUR3.0 billion (including Thomas Cook), down from EUR4.5 billion in the previous year. KLOECKNER & CO.: S&P Lifts Long-Term Corp Credit Rating to BB ------------------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit rating on Germany-based metal distributor Kloeckner & Co. International GmbH to 'BB' from 'B+' following the successful completion of the partial IPO by Kloeckner & Co. AG, the ultimate holding company. At the same time, Standard & Poor's raised to 'B+' from 'B-' the rating on the EUR260 million subordinated bonds issued by Kloeckner Investment S.C.A. and guaranteed by Kloeckner. All ratings were removed from CreditWatch where they were placed on June 6. The outlook is stable. "The rating action reflects the successful completion of the partial IPO of about 40% of group equity," said Standard & Poor's credit analyst Eve Greb. "A substantial portion of about ?100 million proceeds will be used to reduce Kloeckner's net indebtedness and therefore significantly strengthen its financial profile." This could involve a claw-back of up to 35% of the outstanding bonds issued by Kloeckner Investment. Kloeckner had net unadjusted financial debt of ?629 million at the end of March 2006. The agency considers that the new capital structure will substantially reduce the likelihood of further releveraging. Kloeckner's credit ratios are expected to significantly improve in 2006, benefiting from a significant drop in interest charges on the back of the debt restructuring as well as the expected continuation of solid operating performance. Therefore, the ratio of operating cash flow (OCF) to net debt is likely to increase to above 20%, from 18% pro forma for 2005. The ratings on Kloeckner nevertheless reflect its high leverage, relatively low cash generation, and high level of working- capital intensity. They also reflect the competitive and fragmented nature of the metal distribution industry. At the same time, Standard & Poor's notes Kloeckner's good customer, product, and geographic diversification, and its position as Europe's leading independent metal distributor. With annual sales of EUR4.96 billion, Kloeckner is Europe's third-largest metal distributor and the largest independent player, with a market share of about 11%. "The stable outlook reflects our expectation that Kloeckner will continue its strong OCF generation," said Ms. Greb. "In particular, we are looking for a ratio of OCF to pension- adjusted net debt in the 20%-25% range on a sustained basis." KURT MOSELER: Claims Registration Ends July 21 ---------------------------------------------- Creditors of Kurt Moseler FORMART GmbH have until July 21 to register their claims with court-appointed provisional administrator Kilian Gorgen. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Sept. 21, 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 Wittlich Hall 3 Law Courts Kurfuerstenstrasse 63 54516 Wittlich, 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 Wittlich opened bankruptcy proceedings against Kurt Moseler FORMART GmbH on May 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Kurt Moseler FORMART GmbH Goldbachstr. 1 54470 Bernkastel-Andel, Germany Attn: Kurt-Josef Moseler, Manager Speergarten 6 54492 Loesnich, Germany The administrator can be contacted at: Kilian Gorgen Richtstr. 1-3 54338 Schweich, Germany Tel: 06502/939134 Fax: 06502/939136 PAULUS GMBH: Claims Registration Ends July 25 --------------------------------------------- Creditors of Paulus GmbH have until July 25 to register their claims with court-appointed provisional administrator Ulrich Kuehn. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Aug. 21, 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 Siegen Hall 009 Ground Floor Berlin Road 21-22 57072 Siegen, 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 Siegen opened bankruptcy proceedings against Paulus GmbH on June 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Paulus GmbH Wielandstr. 8 57482 Wenden, Germany Attn: Peter Kulik, Manager Winkelstr. 12 a 57258 Freudenberg, Germany The administrator can be contacted at: Ulrich Kuehn Riehler Str. 26 50668 Cologne, Germany Tel: (0221) 9726157 Fax: (0221) 9726227 POLYGON HANDELS: Creditors' Meeting Slated for July 20 ------------------------------------------------------ The court-appointed provisional administrator for POLYGON - Handels GmbH, Rolf Rattunde, will present her first report on the Company's insolvency proceedings at a creditors' meeting at 10:20 a.m., on July 20. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 II. Stock District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 10:05 a.m., on Oct. 19 at the same venue. Creditors have until Aug. 31 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against POLYGON - Handels GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: POLYGON - Handels GmbH Greta-Garbo-Str. 8 13189 Berlin, Germany The administrator can be reached at: Rolf Rattunde Kurfuerstendamm 212 10719 Berlin, Germany RUDOLF HEINRICH: Claims Registration Ends July 7 ------------------------------------------------ Creditors of Rudolf u. Heinrich Luehrsen GbR have until July 7 to register their claims with court-appointed provisional administrator Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Aug. 18, 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 Syke Hall 112 Nebenstelle Hauptstr. 5A 28857 Syke, 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 Syke opened bankruptcy proceedings against Rudolf u. Heinrich Luehrsen GbR on June 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Rudolf u. Heinrich Luehrsen GbR Attn: Rudolf and Heinrich Luehrsen, Managers Diesdorfer Road 230 Bahnhofstr. 6 27239 Twistringen, Germany The administrator can be contacted at: Jan H. Wilhelm Market 1 28195 Bremen, Germany SCORPION TECHNOLOGIES: Claims Registration Ends July 21 ------------------------------------------------------- Creditors of Scorpion Technologies AG have until July 21 to register their claims with court-appointed provisional administrator Michael W. Kuleisa. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on Aug. 21, 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 Scorpion Technologies AG on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Scorpion Technologies AG Attn: Manfred Schilling, Manager Papenreye 51 22453 Hamburg, Germany The administrator can be contacted at: Michael W. Kuleisa Speersort 4-6 20095 Hamburg, Germany Tel: 040/303010 STAFF KOWALSKY: Claims Registration Ends July 25 ------------------------------------------------ Creditors of Staff, Kowalsky und Nischik Tiefbau GmbH have until July 25 to register their claims with court-appointed provisional administrator Joachim Walterscheid. Creditors and other interested parties are encouraged to attend the meeting at 11:30 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 Detmold Auxiliary Building Gerichtsstr. 6 32756 Detmold, 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 Detmold opened bankruptcy proceedings against Staff, Kowalsky und Nischik Tiefbau GmbH on June 6. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Staff, Kowalsky und Nischik Tiefbau GmbH Attn: Detlef Staff, Manager Kornstr. 7 32816 Schieder-Schwalenberg, Germany The administrator can be contacted at: Joachim Walterscheid Kurpark 2 32545 Bad Oeynhausen, Germany Tel: 05731/8422330 Fax: 05731/8422350 TUERKISCH-KULTURELLE: Claims Registration Ends July 21 ------------------------------------------------------ Creditors of Tuerkisch-Kulturelle Dergah Union e. V. have until July 21 to register their claims with court-appointed provisional administrator Thomas Illy. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Frankfurt am Main Hall 2 Geb. F Klingerstr. 20 60313 Frankfurt am Main, 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 Frankfurt am Main opened bankruptcy proceedings against Tuerkisch-Kulturelle Dergah Union e. V. on May 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Tuerkisch-Kulturelle Dergah Union e. V. Central Maritime Route 25 60386 Frankfurt/Main, Germany The administrator can be contacted at: Thomas Illy Welle 5 60322 Frankfurt am Main, Germany Tel: 069/979953-0 Fax: 069/979953-99 ============= H U N G A R Y ============= BORSODCHEM RT: Shuffles Organizational Structure ------------------------------------------------ BorsodChem Rt. disclosed that it operates under a slightly aligned organizational structure as of July 1. The major organizational units reporting directly to CEO Kay Gugler are: -- Manufacturing & Technology (TamAs Purzsa, Manufacturing & Technical Director, Deputy CEO), -- Finance (Janos Illessy, Chief Financial Officer, Deputy CEO), -- Procurement & Logistics (Janos Szabo, P&L Director), -- Isocyanates Business Unit (Laszlo Kezdi, Business Director), -- Vinyl Business Unit (Aniko Szaraz, Business Director), -- Czech subsidiary BC-MCHZ (Alexander Palffy, Director), -- Polish subsidiary Petrochemia - Blachownia (Jerzy Wiertelorz, Managing Director), -- Environment, Health and Safety (Laszlo Szentmiklossy, EHS Director), -- the HR Office, -- the Legal Coordination Office, and -- the Communication Office. As a result of the new management structure and modification of reporting lines, the circle of senior executives is changing: -- The employment contract of Istvan Szakallas, Director of the former Vinyl-Chloride Business Unit shall terminate due to retirement. The appointment of Istvan Szilagyi, Director of the former Compounds Business Unit shall Terminate; and -- Aniko Szaraz has been appointed Business Director of the Vinyl Business Unit. Ms. Szaraz does not hold any BorsodChem ordinary shares but has 116,660 pieces of employee shares (B shares). The previously defined and published circle of BorsodChem senior executives has not been modified beyond the three changes mentioned. It was the implementation of the new long-term strategy, as agreed by the Board of Directors and presented at the Annual General Meeting, that necessitated the changes. About BorsodChem Headquartered in Kazincbarcika, Hungary, BorsodChem Rt. -- http://www.borsodchem.hu/-- produces chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries. The Company exports its products mainly to Western Europe. The group's EBITDA for 2005 was HUF27.0 billion, 31.7% higher than HUF20.5 billion in 2004. BorsodChem's net profit was down 17.7%, to HUF14.4 billion in 2005, from HUF17.8 billion a year ago. At Dec. 31, 2005, BorsodChem had HUF237.9 billion in total assets, HUF98.9 billion in total liabilities and HUF139.02 billion in total shareholders' equity. * * * The Company's long-term foreign and local issuer credit carry Standard and Poor's BB rating with stable outlook. ============= I R E L A N D ============= ELAN CORP: European Commission Okays Tysabri for Marketing ---------------------------------------------------------- The European Commission approved the marketing of TYSABRI(TM) (natalizumab) by Biogen Idec and Elan Corp. plc as a treatment for relapsing remitting multiple sclerosis to delay the progression of disability and reduce the frequency of relapses. TYSABRI is indicated as a single disease modifying therapy in highly active relapsing remitting MS for patients with high disease activity despite treatment with a beta-interferon or in patients with rapidly evolving severe relapsing remitting MS. The approval was based on a submission that included TYSABRI two-year Phase III clinical trial data, findings from the comprehensive safety evaluation, suggested labeling, and a risk management plan designed to inform physicians and patients of the benefits and risks of TYSABRI treatment and minimize the potential risk of progressive multifocal leukoencephalopathy (PML) and other opportunistic infections. "[The approval] marks an important step forward for the European MS patient community," said James C. Mullen, Chief Executive Officer, Biogen Idec. "TYSABRI represents one of the most significant advances in MS treatment in nearly 10 years and provides patients living with this disabling disease an important new therapeutic choice." "This decision means that patients in Europe who are suffering from this chronic, debilitating disease now have an effective new treatment alternative," said Kelly Martin, President and Chief Executive Officer, Elan. This action follows a recommendation made by the Committee for Medicinal Products for Human Use (CHMP), the scientific committee of the European Medicines Agency (EMEA), which on April 28, 2006, issued a positive opinion recommending marketing authorization for TYSABRI. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * As reported by TCR-Europe on May 2, 2005, the company's net loss for the first quarter of 2005 amounted to US$115.6 million, an increase of 86% over the US$62.2 million reported in the same quarter of 2004. Of the US$74.7 million net operating loss for the first quarter of 2005, US$58.6 million related to Tysabri. Total revenue decreased 31% to US$102.7 million in the first quarter of 2005 from US$148.3 million in the first quarter of 2004. As reported in the TCR-Europe on June 19, Moody's Investors Service revised the outlook on the ratings of Elan to stable from negative. At the same time, Moody's affirmed Elan's ratings, including the B3 corporate family rating. These rating actions follow the recent FDA decision to approve Tysabri for resumed marketing in the U.S. The stable outlook reflects Moody's current assumption that with a reasonably successful Tysabri re-launch, Elan is more likely to meet its 2008 debt maturities with a combination of internal funds and refinancing in the event of a shortfall. Moody's expects that the market acceptance of Tysabri will be a critical factor driving any future changes in Elan's credit rating. Ratings affirmed: Elan Corporation, plc -- B3 corporate family rating Elan Finance plc -- B3 fixed-rate senior notes of US$850 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) -- B3 floating rate senior notes of US$300 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) Athena Neurosciences Finance, LLC -- B3 senior notes of US$613 million due 2008 (guaranteed by Elan Corporation, plc and subsidiaries) ========= I T A L Y ========= ALITALIA SPA: Cuts Net Debt to EUR914 Million --------------------------------------------- Alitalia S.p.A. disclosed that the Group's net debt as of May 31, 2006, amounted to EUR914 million, with a reduction in net indebtedness of EUR30 million (-3.2%) compared to the situation on April 30, 2006, which was EUR944 million. The net debt of the parent company Alitalia on May 31, 2006, amounted to EUR890 million, with a reduction in net indebtedness of EUR21 million (-2.3%) compared to the situation on April 30, 2006, which was EUR911 million (management figures). The Group's cash-to-hand and short-term financial credits on May 31, 2006, amounted to EUR932 million, in line with the figures for April 30, 2006. It should be pointed out that, in line with Italian securities regulator CONSOB recommendations data regarding current portions of amounts falling due within twelve months are no longer classified under medium-/long-term indebtedness, but now form part of data relating to short-term financial debt. April 30, 2006 May 31, 2006 Group Alitalia Group Alitalia ----- -------- ----- ------- Cash-on-hand and short- (931) (972) (932) (964) term financial credits Short-term financial 158 166 179 187 indebtedness (*) (*) (*) (*) Net short-term financial (773) (806) (753) (777) indebtedness Medium/long-term 1,717 1,717 1,667 1,667 indebtedness Net Debt 944 911 914 890 (*) of which current installments of medium/long-term financial debts falling due within twelve months 155 155 152 152 (all figures in millions of euros) It should be noted that the figures in the above table reflect the outcome of management analysis and include several estimated items, which, however, do not affect the overall significance of the information. The observations on the most important changes that have taken place during the two periods in question refer to the situation for the Group. However, given the preponderance of Alitalia within the whole Group, these observations are in fact representative of the parent company's performance alone; facts and figures referring only to Alitalia are glossed by notes. It should be noted that on May 31, 2006, there were several leasing contracts at the Group level -- referring almost entirely to fleet aircraft mostly held by the parent company amounting to EUR152 million -- whose capital share, including lease closure value, amounted to EUR168 million, of which EUR29 million represent the current capital share falling due within twelve months of the reference date, with EUR27 million held by the parent company. By comparison, the same figure on April 30, 2006, amounted to EUR170 million, of which EUR30 million falling due in the twelve months from the reference date; the corresponding figures for the parent company on April 30, 2006, amounted to EUR154 and EUR28 million respectively. It should also be noted that existing debts to banks are almost entirely backed up by real guarantees (mortgages on aircraft) or by personal guarantees (mainly guarantees issued by banks for export credit). The relative financing contracts contain standard legal clauses relating to withdrawal. None of the contracts refer to specific requirements regarding assets or economic/financial aspects, in order to maintain the credit line. During May 2006, repayments were made of medium/long-term financing amounting to about EUR42 million, and a short-term financing loan was set up with the Banca di Roma for EUR24 million. Regarding debts of a financial, fiscal and social welfare nature, there were no outstanding sums or payment irregularities on May 31, 2006, both for the parent company and for the other companies in the Group. As far as debts of a commercial nature are concerned, there were no outstanding sums or payment irregularities on May 31, 2006, both for the parent company and for other Group companies, except for those relating to disputed situations. Regarding the latter, there were outstanding sums owed to some airport management companies for disputed debts amounting to a total of EUR83 million on May 31, 2006. In addition, decisions are still pending for the petitions filed by Alitalia regarding the: -- nine injunctions issued by an airport management company for a total of about EUR21.8 million; -- another supplier has issued an injunction for about EUR470,000 relating to claims for unfulfilled contractual obligations; -- a further injunction has been issued by an IT services supplier for about EUR812,000; -- another injunction has been issued by a professional studio for EUR534,000 euros; -- a contractor for restructuring work has issued an injunction for about EUR635,000 euros; and -- there are injunctions issued by four suppliers for a total of around EUR50,000. Except for the above, there are no other injunction orders or executive actions undertaken by creditors notified as of May 31, 2006, nor are there any threats by suppliers to suspend operations. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- generates around EUR4.8 billion in annual revenue and employs more than 11,000 people. Alitalia flies to about 80 destinations in more than 60 countries from hubs in Rome and Milan and operates a fleet of about 185 aircraft. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia registered EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked net losses of EUR520 million in 2003; EUR813 million in 2004; and EUR168 million in 2005. BANCA POPOLARE: Three Foreign Banks Eye Italian Lender ------------------------------------------------------ Societe Generale S.A., Fortis S.A./N.V. and Deutsche Bank AG are seeking to buy Banca Popolare Italiana Scrl, Bloomberg News cites Il Messaggero. According to the Italian daily, the banks made no formal bid for the Italian lender, which wants to prioritize its reorganization before issuing any decision on the matter. "Around October or November we will have a clearer picture to decide the timeframe for an eventual alliance about which we will talk about in 2007," Divo Gronchi, Banca Popolare Italiana Chief Executive Officer, was quoted by Il Messaggero as saying. About Deutsche Bank Headquartered in Berlin, Germany, Deutsche Bank AG -- http://www.db.com/en/-- is a leading global investment bank with a strong and profitable private clients franchise. The bank has over EUR1 billion in assets and employs 64,103 employees in 130 countries. A leader in Germany and Europe, the bank is continuously growing in North America, Asia, and key emerging markets. About Fortis Headquartered in Brussels, Belgium, Fortis S.A./N.V. -- http://www.fortis.be/-- is an international financial services provider engaged in banking and insurance. The bank ranks among the twenty largest financial institutions in Europe. The company is present in 50 countries and employs 58,000 people. About Societe Generale Headquartered in Paris, France, Societe Generale S.A. -- http://www.socgen.com/-- has operations in global investment management, retail banking and specialized financial services, and corporate and investment banking, focusing on European capital markets, derivatives, and structured finance. The company has more than 2,700 branches in France, and another 1,500 abroad. About Banca Popolare Italiana Headquartered in Lodi, Italy, Banca Popolare Italiana -- http://www.bancapopolareitaliana.it/-- attracts deposits and offers commercial banking services. The Bank offers securities brokerage, asset management, mortgage loans, insurance, lease financing and treasury services and manages mutual funds. Through a subsidiary, Banca Popolare Italiana offers merchant banking services and medium- and long-term lending. * * * As reported in the TCR-Europe on April 3, Fitch Ratings downgraded Banca Popolare Italiana's Issuer Default and Short- term ratings to BBB from BBB+ and F3 from F2 respectively. Its Individual and Support rating are affirmed at C and 3 respectively. Its senior debt and trust preferred stock are also downgraded to BBB and BB+ respectively from BBB+ and BBB-. The Issuer Default, Short-term and Individual ratings are removed from Rating Watch Negative. A Stable Outlook is assigned for the Issuer Default rating. FIAT SPA: Deutsche Bank Reveals Intention to Bid for Fidis ---------------------------------------------------------- Vincenzo Figarola De Bustis, the head of Deutsche Bank AG, revealed the company's intention to bid for Fiat S.p.A.'s Fidis Unit for an undisclosed amount, Bloomberg reports. As reported in TCR-Europe on June 9, Fiat confirmed that it is looking into several evaluations to identify a sole partner for Fidis Retail Italia SpA, Fiat Auto's financial services arm, but no final decision is yet made. Fiat might sell 51% of Fidis for approximately EUR1 billion to a foreign bank as soon as this month, Bloomberg News cited Italian daily la Repubblica. According to the report, BNP Paribas SA, Credit Agricole SA, Societe Generale and Deutsche Bank AG have expressed interest in acquiring the equity stake. 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 TCR-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 =================== AI-JOL: Creditors Must File Claims by July 14 --------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region declared LLP Firm Ai-Jol insolvent on April 27 without the introduction of bankruptcy proceedings. Creditors have until July 14 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Pavlodar Region Pobedy Ave. 5 Pavlodar Pavlodar Region Kazakhstan Tel: 8 (3182) 32-38-46 ALMAGUL: Creditors Must File Claims by July 14 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region LLP Almagul declared insolvent on April 27 without the introduction of bankruptcy proceedings. Creditors have until July 14 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Pavlodar Region Pobedy Ave. 5 Pavlodar Pavlodar Region Kazakhstan Tel: 8 (3182) 32-38-46 ARUAK: Proof of Claim Deadline Slated for July 14 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Aruak insolvent. Creditors have until July 14 to submit written proofs of claim to: LLP Aruak Maulenova Str. 92 Almaty, Kazakhstan Tel: 8 (3272) 67-63-59 AUYL: Proof of Claim Deadline Slated for July 14 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty Region declared LLP Auyl insolvent on April 25. Creditors have until July 14 to submit written proofs of claim to: LLP Auyl Micro District Musheltoi 12-59 Taldykorgan Almaty Region Kazakhstan Tel: 8 (3282) 30-00-22 BASTAUSHI-OMIR: Creditors' Claims Due July 14 --------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Bastaushi-Omir insolvent on April 28 without the introduction of bankruptcy proceedings. Creditors have until July 14 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Myzy Str. 2/1 Ust-Kamenogorsk, East Kazakhstan Region Tel: 8 (3232) 24-06-50 BIZNES: Creditors' Claims Due July 14 ------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region declared LLP Biznes insolvent on April 28 without the introduction of bankruptcy proceedings. Creditors have until July 14 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Pavlodar Region Pobedy Ave. 5 Pavlodar Pavlodar Region Kazakhstan Tel: 8 (3182) 32-38-46 DARIO: Claims Registration Ends July 14 --------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda Region LLP declared LLP Dario insolvent without the introduction of bankruptcy proceedings. Creditors have until July 14 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Region Jambyl Str. 9 Karaganda Karaganda Region Kazakhstan GAIANE: Claims Registration Ends July 14 ---------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region declared LLP Gaiane insolvent on April 27 without the introduction of bankruptcy proceedings. Creditors have until July 14 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Pavlodar Region Pobedy Ave. 5 Pavlodar Pavlodar Region Kazakhstan Tel: 8 (3182) 32-38-46 POLIS: Creditors Must Submit Claims by July 14 ---------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region declared LLP Polis insolvent on April 20. Creditors have until July 14 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of West Kazakhstan Region Seifullina Str. 39-16 Uralsk, West Kazakhstan Region Kazakhstan Tel: 8 (3112) 51-27-24 POLITEHNIKS: Proof of Claim Deadline Slated for July 14 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar Region declared LLP Politehniks insolvent on April 26. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until July 14 to submit written proofs of claim to the insolvency manager at: LLP Politehniks Lunacharskogo Str. 49 Pavlodar Pavlodar Region Tel: 8 (3182) 55-32-62 ===================== N E T H E R L A N D S ===================== GETRONICS NV: Sells Regional Operations to Kapsch Group ------------------------------------------------------- Getronics N.V. and Kapsch Group, a family-owned specialist Austrian Communications and Information Technology company, disclosed an agreement under which Kapsch will acquire the business activities of Getronics in Austria, the Czech Republic, Slovakia and Poland. Getronics will continue to maintain a strong presence in the region through its Global Service Centre in Budapest. Getronics, the international workspace ICT services company, has signed an agreement with Kapsch group whereby the business assets and liabilities of Getronics Austria, and all shares in Getronics Czech Republic, Slovakia and Poland will be transferred to Kapsch. The agreement, conditional upon regulatory (anti-trust) procedures, is expected to close by mid- September 2006. The deal is proceeding in full accordance with all relevant laws and regulations. The decision to sell Getronics' operations in Austria, the Czech Republic, Slovakia and Poland was the result of a thorough strategic review of the company's operations in late 2005. Early in 2006, Getronics, assisted by KPMG Corporate Finance, began looking for a suitable strategic business partner in the region. Kapsch was selected because of its excellent reputation and the considerable potential synergies arising from the deal. By acquiring Getronics' Austrian, Czech, Slovak and Polish operations, Kapsch will be able to expand its presence in the ICT market, leveraging the high quality ICT services delivery capabilities and the skilled personnel of the Getronics operation and its coverage in the region. This deal enables Getronics to focus on strengthening and expanding its core businesses worldwide while continuing to provide the same high levels of service to its international clients in the Austrian, Czech, Slovak and Polish markets through its strategic business partner and its Global Service Centres. Getronics' Hungarian operations and, in particular, its Global Service Center in Budapest will continue to play an important role in Getronics' global operations and will remain a key hub for servicing its clients in Eastern Europe and the rest of the world. Getronics' Austrian, Czech and Polish operations employ approximately 270 people and had a turnover in 2005 of approximately EUR45million. No further financial details will be disclosed. About Getronics Headquartered in Amsterdam, Netherlands, Getronics N.V. -- http://www.getronics.com/-- designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics has some 27,000 employees in over 30 countries and approximate revenues of EUR3 billion. The company has regional offices in Boston, Madrid and Singapore. Its shares are traded on Euronext Amsterdam. * * * As reported in the TCR-Europe on March 9, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Dutch IT services group Getronics N.V. to 'B' from 'B+'. At the same time, Standard & Poor's lowered its ratings on Getronics' senior unsecured notes to 'CCC+' from 'B-', still two notches below the corporate credit rating. Standard & Poor's also lowered its ratings on Getronics' EUR300 million senior secured bank loan to 'B' from 'B+', the same as the corporate credit rating. The loan has a '3' recovery rating, indicating expectation of meaningful (50%-80%) recovery of principal in the event of a payment default. NORTH WESTERLY: S&P Assigns BB Rating to Class E Notes ------------------------------------------------------ Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR369 million secured floating-rate notes to be issued by North Westerly CLO III B.V., a special purpose entity. At the same time, EUR40.8 million unrated notes will be issued. A proportion of the rated notes will be combined with a proportion of the unrated subordinated notes to form combination notes. At closing, North Westerly III will issue the notes. It will use the proceeds to pay all upfront fees and expenses, and then acquire a portfolio of senior secured debt obligations, second secured debt obligations, and unsecured debt obligations. NIBC Bank N.V. will manage the portfolio. The manager can exercise discretionary trades during the six-year reinvestment period but is restricted to reinvesting only unscheduled proceeds and proceeds from the sale of credit-risk and credit-improved obligations thereafter. North Westerly II is a Dutch SPE that is expected to comply with Standard & Poor's bankruptcy-remoteness criteria. Its activities will be limited to acquiring the portfolio, issuing the notes, and engaging in certain related activities. This is the third CLO managed by NIBC Bank. It follows North Westerly I B.V., which closed in June 2003, and North Westerly II B.V., which closed in September 2004. Ratings List North Westerly CLO III B.V. EUR409.8 Million Secured Floating-Rate Notes Prelim. Prelim. Class rating amount (Mil. EUR) ----- ------ ------ A AAA 290.0 B AA 32.0 C A 17.0 D BBB 15.5 E BB 14.5 Subordinated NR 40.8 Combination notes P (1) NR TBD Q (1) BBB 7.0 R (1) NR TBD (1) The amounts of the combination notes are not included in the total issuance amount as they are drawn from other classes. NR - Not rated. TBD - To be determined. WOOD STREET: Moody's Rates EUR16.5-Mln Class E Notes at Ba3 ------------------------------------------------------------ Moody's assigned these ratings to seven classes of notes and two classes of combination notes issued by Wood Street CLO III B.V., a bankruptcy remote special purpose vehicle incorporated in the Netherlands: -- EUR137,500,000 Class A-1 Senior Secured Floating Rate Notes: Aaa; -- EUR187,000,000 Class A-2A Senior Secured Floating Rate Notes: Aaa; -- EUR33,000,000 Class A-2B Senior Secured Floating Rate Notes: Aaa; -- EUR49,500,000 Class B Senior Secured Floating Rate Notes: Aa2; -- EUR44,000,000 Class C Senior Secured Deferrable Floating Rate Notes: A2; -- EUR24,750,000 Class D Senior Secured Deferrable Floating Rate Notes: Baa3; -- EUR16,500,000 Class E Senior Secured Deferrable Floating Rate Notes: Ba3; -- EUR10,000,000 Class U Combination Notes: Baa2; and -- EUR5,000,000 Class V Combination Notes: A2. These ratings are based upon: -- an assessment of the credit quality and of the diversification of the assets in the initial portfolio; -- an assessment of the eligibility criteria applicable to the future additions to the portfolio; -- the overcollateralization of the notes; -- the protection against losses through the subordination of the Class B, C, D, E notes, the EUR57,750,000 subordinated notes and the excess spread available in the transaction; and -- the legal and structural integrity of the issue. The ratings of the notes other than the combination notes address the expected loss posed to investors by the legal maturity of each class in 2022. With respect to each class of combination notes, the rating address the expected loss posed to investors by the legal final maturity in 2022 as a proportion of the Rated Balance, where the Rated Balance is equal, at any time, to the principal amount of the Combination Notes on the closing date minus the aggregate of all payments made from the closing date to such date, either through interest or principal payments. This transaction is a high yield collateralized loan obligation related to a portfolio of mainly senior and mezzanine loans. Alcentra Limited dynamically manages this portfolio. This is the tenth European arbitrage CLO transaction managed Alcentra. This portfolio will be partially acquired at closing date and partially during the eight-month ramp-up period at the end of which the portfolio shall comply amongst others with certain quality tests. Thereafter, the portfolio of loans will be actively managed and the portfolio manager will have the option to direct the issuer to buy or sell loans. Any addition or removal of loans will be subject to a number of portfolio criteria. In this transaction, investors are not directly exposed to currency risk, as potential non-euro assets included in the portfolio will be hedged with individual asset swaps. =========== N O R W A Y =========== AKER KVAERNER: Inks EUR60-Mln Power Boiler Deal with KFx Inc. ------------------------------------------------------------- Aker Kvaerner has been awarded a contract for the supply of a power boiler island to KFx Inc., which is developing its coal beneficiation facility at their Buckskin plant in Wyoming, U.S. The contract value to Aker Kvaerner is approximately EUR60 million. KFx Inc. will use the new power boiler to produce steam for KFx's coal beneficiation process, which utilises heat and pressure to physically and chemically transform high moisture, low heating value coals, into more energy efficient, lower emission fuel. Kvaerner Power, part of the Aker Kvaerner group, will supply the coal-fired power boiler to KFx's Buckskin plant. The power boiler will use circulating fluidized bed technology and will have a steam capacity of 88 kilograms per second. The new boiler island will be ready in December 2008. Aker Kvaerner Headquartered in Lysaker, Norway, Aker Kvaerner Oil & Gas -- http://www.akerkvaerner.com/-- provides products and services for the offshore upstream oil and gas industry. The group has operations in Norway, the U.K. and the U.S. In 2005, the group booked revenues and EBITDA of NOK28.2 billion and NOK1.7 billion respectively. * * * As reported in TCR-Europe on April 26, Moody's Investors Service upgraded the ratings of Aker Kvaerner Oil & Gas Group and its subsidiary Aker Kvaerner AS, primarily to reflect the sustainable strong recovery in profitability and cash flow generation of the ring-fenced oil and gas group over the past two years, coupled with the clear reduction in senior debt, repaid from internally generated funds. Ratings affected: Aker Kvaerner Oil & Gas Group AS -- Corporate family rating: upgraded to Ba1 from Ba3 Aker Kvaerner AS -- Rating of the second priority lien notes due 2011: upgraded to Ba1 from Ba3. Moody's said the outlook on all ratings is stable. As reported in TCR-Europe on April 24, Fitch Ratings upgraded Norway-based Aker Kvaerner Oil & Gas Group AS's Issuer Default Rating to BB+ from BB. Fitch said the Outlook remains Positive. The rating of the EUR260 million second-lien bond issue guaranteed by AK O&G is also upgraded to BB+ from BB. =========== P O L A N D =========== NETIA SA: Registers Share Capital Increase & Structure ------------------------------------------------------ Netia SA received a decision of the Regional Court in Warsaw with regard to: * registration on June 22, of Netia's share capital increase; and * a change to the number of ordinary bearer series J shares, reflecting the status as of May 8, which was the last day of settlement by Krajowy Depozyt Papierow Wartos'ciowych SA (National Deposit of Securities) of transactions regarding the exercise of Netia's there-year subscription warrants by their holders, who subscribed for series J shares until April 29. Following the registration of the increase, the Company's share capital indicated in the Polish court amounts to PLN389,167,839 and represents 389,167,839 shares, PLN1 par value per share, with each share entitling to one vote at Netia's general meeting of shareholders. The number of the ordinary bearer series J shares indicated in the Polish court following the registration amounts to 62,464,062. Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) -- http://netia.pl/-- is an alternative fixed-line telecommunications operator in Poland. It operates on the basis of its own, state-of-the-art fiber-optic backbone network that connects the largest Polish cities as well as its local access networks. Netia provides a broad range of telecommunications services, including voice, data and network wholesale services. =========== R U S S I A =========== BALASHOVSKIY: Bankruptcy Hearing Slated for July 27 --------------------------------------------------- The Arbitration Court of Saratov Region will convene on July 27, at 2:50 p.m. to hear the bankruptcy supervision procedure on OJSC Meat Combine Balashovskiy. The case was docketed under Case No. A-57-69B/06-31. The Temporary Insolvency Manager is: S. Khoryukov Room 2 Michurina Str. 50 410056 Saratov Region Russia The Debtor can be reached at: OJSC Meat Combine Balashovskiy Tikhiy Per. 9 Balashov 412300, Saratov Region Russia BAYKALSKAYA SHIPBUILDING: K. Sobolev to Manage Assets ----------------------------------------------------- The Arbitration Court of Buryatiya Republic appointed Mr. K. Sobolev as insolvency manager for CJSC Baykalskaya Shipbuilding Company. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A10-4013/05. The Debtor can be reached at: CJSC Baykalskaya Shipbuilding Company Korabelnaya Str. 32 Ulan-Ude Buryatiya Republic Russia CHAINSKIY MASLODEL: Court Starts Bankruptcy Supervision ------------------------------------------------------- The Arbitration Court of Tomsk Region has commenced bankruptcy supervision procedure on OJSC Chainskiy Maslodel. The case was docketed under Case No. A67-20262/05. The Temporary Insolvency Manager is: Y. Chigarev Office 10 Komsomolskiy Pr. 58 Sosnovka Tomsk Region Russia DOROGINSKOYE: Court Names A. Demidov as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Novosibirsk Region appointed Mr. A. Demidov as insolvency manager for CJSC Doroginskoye. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-347/06-29/3. The Debtor can be reached at: CJSC Doroginskoye Dorogin-Zaimka Cherepanovskiy Region 633515 Novosibirsk Region Russia GAZPROM: Shareholders Okay 2005 Annual Report --------------------------------------------- The Annual General Shareholders' Meeting of Gazprom has approved the Company's 2005 Annual Report and Accounting Statements including Profit & Loss Accounts and decided on the distribution of profit (dividends inclusive) based on the 2005 financial year results. Based on the Gazprom 2005 operating highlights, the Shareholders' Meeting approved RUR1.5 per 1 share in dividends, which is the maximum dividend amount ever paid out by the Company. The total sum earmarked as dividends payable based on the 2005 results accounts for RUR35.51 billion, or 17.5% of overall net profit. Dec. 31, 2006 was fixed as the dividend distribution deadline. These decisions are fully in line with the Board of Directors' recommendations. The Shareholders' Meeting also decided on the remuneration of the Gazprom Board of Directors and Audit Commission Members, who are not public officials, in the amount recommended by the Board of Directors PwC as Auditor In compliance with the Board of Directors' recommendations, the Annual General Shareholders' Meeting of OAO Gazprom has approved PricewaterhouseCoopers Audit as the Company's auditor for 2006. ZAO PricewaterhouseCoopers Audit is the company established under the laws of the Russian Federation and being member of the PricewaterhouseCoopers International Group of Companies -- a global leader in auditing and consulting services. The PricewaterhouseCoopers Group provides professional services in many locations worldwide through a network of its international representative offices. PricewaterhouseCoopers launched its business on the Russian market back in 1913. After a long period of absence the company resumed its activity in Russia in 1989. Gazprom and PricewaterhouseCoopers Audit started cooperating in Russia in 1995. Currently, the services of PricewaterhouseCoopers Audit rendered to Gazprom include: -- auditing annual accounting statements of Gazprom (parent company) pursuant to the requirements of the Russian legislation; -- auditing annual consolidated accounting statements of Gazprom Group filed in accordance with the requirements of he Russian legislation; and -- auditing consolidated financial statements of Gazprom Group filed under the International Financial Reporting Standards. PricewaterhouseCoopers Audit also serves as auditor for a range of Gazprom's large subsidiaries. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. * * * As reported in the TCR-Europe on Jan. 18, Standard & Poor's Ratings Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency ratings to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. GAZPROM: Shareholders Name Dmitry Medvedev as New Board Chairman ---------------------------------------------------------------- Shareholders of Gazprom have elected Dmitry Medvedev, First Deputy Chairman of the Government of the Russian Federation, as Chairman of the Gazprom Board of Directors on June 30. Alexey Miller, Chairman of the Gazprom Management Committee was named as Deputy Chairman of the Board of Directors. Based on the voting held during the Annual General Shareholders' Meeting of Gazprom, 11 persons have been elected to the Company's Board of Directors. The newly elected Board of Directors' Members are: -- Ananenkov, Alexander Georgiyevich: Deputy Chairman of the Management Committee, OAO Gazprom; -- Bergmann, Burckhard: Chairman of the Executive Board, E.ON Ruhrgas AG; -- Fyodorov, Boris Grigoriyevich: Doctor of Science in Economics; -- Gazizullin, Farit Rafikovich: Member of the Board of Directors, OAO Gazprom; -- Gref German, Oskarovich: Economic Development and Trade Minister of the Russian Federation; -- Karpel, Elena Yevgeniyevna: Head of the Economic Expertise and Pricing Department, OAO Gazprom; -- Khristenko, Viktor Borisovich: Industry and Energy Minister of the Russian Federation; -- Medvedev, Dmitry Anatoliyevich: First Deputy Chairman of the Government of the Russian Federation; -- Miller, Alexey Borisovich: Chairman of the Management Committee, OAO Gazprom; -- Sereda, Mikhail Leonidovich: Deputy Chairman of the Management Committee and Head of the Administration, OAO Gazprom; and -- Yusufov, Igor Khanukovich: Special Envoy of the Russian Federation President for International Energy Cooperation; In the election, 145,750 votes were against all candidates with 294,866 submitted as voting abstentions. The Shareholders' Meeting also reelected the 9-member Audit Commission and ratified a handful of transactions of corporate interest to be potentially executed by Gazprom within regular business activity. The Shareholders' Meeting decided not to approve changes and amendments in the Company's Articles of Association, brought forward by a group of shareholders owning a total of 2.05 percent of corporate voting stock. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. * * * As reported in the TCR-Europe on Jan. 18, Standard & Poor's Ratings Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency ratings to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. GAZPROM: Inks Partnership Deal with Itera Oil --------------------------------------------- Alexey Miller, Chairman of Gazprom's Management Committee have signed a partnership agreement with Igor Markov, Chairman of the Board of Directors of Itera Oil & Gas Company for 2006 to 2010. In accordance with the agreement signed, Itera will take part in expanding, reconstructing and modernizing the Gazprom Unified Gas Supply System as stipulated by the General Scheme for the Gas Industry's Development up to 2030. Gazprom and Itera will also join efforts to develop and implement a project aimed at erecting infrastructure for the transmission of gas condensate from its production facilities, located on the fields developed by both companies, to final consumers. Additionally, Gazprom and Itera will take part in creating joint oil & gas chemicals production facilities. The agreement contemplates that Itera will sell to Gazprom a portion of the gas produced as well as will get involved in supplying feedstock to Gazprom owned processing plants. The companies intend to jointly take part in the socioeconomic development of the regions of corporate interest and to take measures for their environmental rehabilitation. The joint projects set out in the Agreement will be implemented in accordance with the agreements and contracts signed between Gazprom and Itera. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. * * * As reported in the TCR-Europe on Jan. 18, Standard & Poor's Ratings Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency ratings to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. INTERNATIONAL BANK: Obtains EUR15-Mln Syndicated Term Loan ---------------------------------------------------------- JSC Vneshtorgbank and Moscow Narodny Bank Limited acting as Mandated Lead Arrangers and Bookrunners have launched a EUR15 million syndication for International Bank of St. Petersburg. The loan bears a margin of 3.25 percent and has a tenor of 364 days with an extension option for a further 364 days. Headquartered in Moscow, Russia, International Bank of St. Petersburg -- http://www.ibsp.ru/en-- was founded in 1989 and is the seventh largest financial institution in St. Petersburg and 71st largest Russian bank by assets. IBSP core business is corporate banking in the North-Western region of Russia. The Bank also services municipal budget of St. Petersburg. IBSP has a branch in Moscow and representative offices in Helsinki, Tallinn and Astrakhan. International Bank of St. Petersburg is rated B-/B by Fitch Ratings with stable outlook and CCC+/C with stable outlook by Standard & Poor's. KISELEVSKIY CENTRE: Court Names V. Nikitenko to Manage Assets ------------------------------------------------------------- The Arbitration Court of Kemerovo Region appointed Mr. V. Nikitenko as insolvency manager for CJSC Kiselevskiy Centre of Energo-Mechanical Engineering. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A27-686/2006-4. The Debtor can be reached at: CJSC Kiselevskiy Centre of Energo-Mechanical Engineering Kurganskaya Str. 15. Kiselevsk 652701 Kemerovo Region Russia MASLYANINSKIY FLAX: A. Shiyanov to Manage Insolvency Assets ----------------------------------------------------------- The Arbitration Court of Novosibirsk Region appointed Mr. A. Shiyanov as insolvency manager for LLC Corporation Maslyaninskiy Flax Factory. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-24327/05-29/315. Pushkina Str. 18B Kochenevo 632640 Novosibirsk Region Russia The Debtor can be reached at: LLC Corporation Maslyaninskiy Flax Factory Sadovaya Str. 81 Maslyanino 633561 Novosibirsk Region Russia NOVOCHEBULINSKOYE: Court Names A. Levinov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Novosibirsk Region appointed Mr. A. Levinov as insolvency manager for CJSC Novochebulinskoye (TIN 5413109834). A. Levinov Post User Box 22 630129 Novosibirsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-10575/05-27/161. The Debtor can be reached at: CJSC Novochebulinskoye Novaya Chebula. Bolotinskiy Region Novosibirsk Region Russia NOVOPOKROVSKOYE: Osmk Court Starts Bankruptcy Supervision --------------------------------------------------------- The Arbitration Court of Osmk Region has commenced bankruptcy supervision procedure on OJSC Novopokrovskoye. The case is docketed under Case No. A 46-2842/2006. The Temporary Insolvency Manager is: A. Markelov Post User Box 5398 644047 Osmk-47 Russia The Debtor can be reached at: OJSC Novopokrovskoye Krutinskiy Region Osmk Region Russia NOVOSIBIRSKAYA MACARONI: V. Fedchenko to Manage Assets ------------------------------------------------------ The Arbitration Court of Novosibirsk Region appointed Mr. V. Fedchenko as insolvency manager for OJSC Novosibirskaya Macaroni Factory. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-11080/03-SB/207. The Debtor can be reached at: OJSC Novosibirskaya Macaroni Factory Fabrichnaya Str. 33. 630007 Novosibirsk Region Russia NOVOSIBIRSKIY WOOD-COMBINE: S. Dubnovets to Manage Assets --------------------------------------------------------- The Arbitration Court of Novosibirsk Region appointed Mr. S. Dubnovets as insolvency manager for OJSC Novosibirskiy Wood- Combine. He can be reached at: S. Dubnovets 1st Chulymskaya Str. 112/1 630029 Novosibirsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-23484/05-27/303. The Debtor can be reached at: OJSC Novosibirskiy Wood-Combine 1st Chulymskaya Str. 112/1 630029 Novosibirsk Region Russia OMSKIY CRYOGENIC: Omsk Court Starts Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Omsk Region has commenced bankruptcy supervision procedure on CJSC Omskiy Factory of Cryogenic Engineering. The case is docketed under Case No. K/E-278/05. The Temporary Insolvency Manager is: E. Vitkovskiy Office 1 5th Armii Str. 4 644122 Omsk Region Russia The Debtor can be reached at: CJSC Omskiy Factory of Cryogenic Engineering 22 Partsyezda Str. 97 644015 Omsk Region Russia PROM-ENERGO-RESOURCE: Court Commences Bankruptcy Supervision ------------------------------------------------------------ The Arbitration Court of Kemerovo Region has commenced bankruptcy supervision procedure on LLC Insurance Company Prom- Energo-Resource. The case is docketed under Case No. A27- 6660/2006-4. The Temporary Insolvency Manager is: T. Orlova Office 320 Demyana Bednogo Str. 1 Kemerovo Russia The Debtor can be reached at: LLC Insurance Company Prom-Energo-Resource Apartment 621 Ostrovskogo Str. 12 Kemerovo Russia PYATEROCHKA HOLDING: Launches US$50 Million GDR Purchase Program ---------------------------------------------------------------- Pyaterochka Holding N.V. has launched a Global Depositary Receipt purchase program to meet its expected obligations under the company's employee stock option program. The GDR purchase program begins June 30 and is expected to run through to the end of 2006, subject to market conditions. The total value of this GDR purchase program in 2006 is currently planned to reach US$50 million. Pyaterochka Holding N.V.'s existing employee stock option programme is capped at a total of US$150 million over a five- year period. The first stock options were issued to employees in 2005, and will be exercisable from 2008. Pyaterochka Holding N.V. will make further announcements relating to the GDR purchase programme, as appropriate, including the date of the purchase, the number of GDRs purchased, the price paid, the number of GDRs held in treasury and the number of GDRs remaining in issue. Headquartered in the Netherlands, Pyaterochka Holding N.V. -- http://www.e5.ru/english-- is a leading Russian food retailer operating a large store network largely covering the Moscow region and St. Petersburg but also with a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. Pyaterochka's 2004 net revenues were US$1.1 billion. The company had unaudited net revenues of US$1.4 billion for 2005. * * * As reported in TCR-Europe on April 18, Moody's Investors Service placed the Ba3 corporate family rating and the Aa3.ru national scale rating of Pyaterochka Holding N.V. under review for possible downgrade. ROSNEFT: Acquires 97.51% Equity Stake in Nakhoda Oil Harbor ----------------------------------------------------------- OAO Rosneft and the Alliance Group have finalized a deal involving Rosneft's acquisition from the Alliance Oil Company of 97.51% in the charter capital of Nakhodkinsky Neftenalivnoy Morskoy Torgovy Port. The capital represents 1,271,385 of common registered shares. The Nakhodka Oil-Loading Commercial Harbour is located in the Novitsky bay on the Western bank of the Nakhodka Gulf and is the largest specialist commercial seaport on Russia's Pacific coast. The oil harbor is open for navigation all year-round and does not require ships to be accompanied by ice-breakers during the winter months. In 2005, the Nakhodka oil harbor shipped around 6 million tons of oil products and serviced over 1,000 vessels. The Nakhodka oil harbor comprises one of the links in the single technological and infrastructure chain for Rosneft's storage and transshipment of oil products. With its acquisition of the Nakhodka oil harbor, Rosneft has therefore completed the establishment in Nakhodka Bay of a single self-contained industrial complex, one of the largest not only in the Far East, but throughout Russia. Headquartered in Moscow, Russia, OAO Rosneft -- http://www.rosneft.ru/eng-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus and the Arctic regions of Russia. * * * Standard & Poor's assigned B+ ratings to Rosneft's long-term and local foreign issuer credit, while Fitch assigned BB+ ratings to the Company's foreign currency and local currency long-term debt in 2005. TNK-BP INTERNATIONAL: S&P Raises Credit Rating to BB+ ----------------------------------------------------- Standard & Poor's Ratings Services raised its long-term corporate credit ratings on TNK-BP International Ltd. and related entities to 'BB+' from 'BB'. The outlook is stable. The ratings were removed from CreditWatch with positive implications, where they had been placed on May 12. At the same time, Standard & Poor's affirmed its 'B' short-term corporate credit rating on the group. "The upgrade recognizes TNK-BP's continued success in operating in the Russian oil and gas market and in dealing with country- related risks, as evidenced by the group's recent extension of two of its licenses related to its core Samotlor field," said Standard & Poor's credit analyst Karl Nietvelt. Samotlor accounted for 41% of group production in 2005. The upgrade also follows TNK-BP's success in obtaining nine new exploration and production licenses during 2005. In addition, visibility has increased on the group's 2002-2003 tax audit outcomes. Initial tax acts had been issued by the federal tax authorities, for which TNK-BP has provisioned US$1.5 billion. Related future cash outflows should be manageable, as TNK-BP's financials are currently very robust. The stable outlook factors in the maintenance of TNK-BP's cost competitiveness, even under a normalized oil pricing environment; our expectations that operating cash flow to net debt will remain above 50%; and the group's ability to fund the bulk of its significantly increased organic investment program from internal cash flow generation. Debt levels are likely to steadily trend upward from current lows, but we do not expect leverage to increase to the maximum 50% policy level and remain there. If it did, this would equate to sizable net debt of roughly US$10 billion, and as a result financial flexibility would be greatly reduced. Near-term rating upside is limited due to the dynamic Russian regulatory environment, including ongoing changes to the subsoil law, which might restrict access to large new resources for entities not majority controlled by Russian shareholders, including, potentially, TNK-BP. The increasingly dominant role of state-owned players in the Russian oil and gas market also creates a degree of uncertainty. "An upgrade is not excluded in the medium term, but it would depend on the regulatory and operating environment in Russia, particularly following the presidential elections in early 2008," added Mr. Nietvelt. If TNK-BP were to successfully resolve the challenges it currently faces in developing its gas projects through working with Russian OAO Gazprom, we would also consider this a positive credit factor. Additionally, for the ratings on the group to reach investment grade, we would expect a continued disciplined financial policy, and no changes in ownership of the company. TROITSKIY BUTTER-CHEESE: Bankruptcy Hearing Slated for July 24 -------------------------------------------------------------- The Arbitration Court of Altay Region will convene on July 24 to hear the bankruptcy proceedings against OJSC Troitskiy Butter- Cheese Factory. The case is docketed under Case No. A03-12723/05-B. The Insolvency Manager is: S. Pupkov Post User Box 130 Vorovskogo Str. 140 Barnaul 656002 Altay Region Russia The Debtor can be reached at: OJSC Troitskiy Butter-Cheese Factory Troitskoye Troitskiy Region Altay Region Russia VNESHTORGBANK: Launches EUR15-Million Bank Loan for IBSP -------------------------------------------------------- JSC Vneshtorgbank and Moscow Narodny Bank Limited acting as Mandated Lead Arrangers and Bookrunners have launched a EUR15 million syndication for International Bank of St. Petersburg. The loan bears a margin of 3.25 percent and has a tenor of 364 days with an extension option for a further 364 days. About the Company Headquartered in Moscow, Russia, JSC Vneshtorgbank and its subsidiaries are a leading Russian commercial banking group, offering a wide range of banking services and conducting operations in both Russian and international markets. As of Dec. 31, 2005, the Group had a network of 151 branches, including 55 branches of VTB, 42 branches of VTB Retail Services and 54 branches of Industry and Construction Bank, located in major Russian regions. The Group operates through three subsidiaries located in the CIS (Armenia, Georgia, Ukraine), seven subsidiaries located in Western Europe (Austria, Cyprus, Switzerland, Germany, Luxembourg, France) and Great Britain and through five representative offices located in India, Italy, China, Byelorussia and Ukraine. At the beginning of 2006, VTB purchased a 98% stake in the Bank Mriya located in Ukraine. VTB has operated under a full banking License No. 1000 from the Central Bank of the Russian Federation since 1990. With 23,145 employees as of Dec. 31, 2005, the Group operates in the commercial banking sector including deposit taking and commercial lending, support of clients' export/import transactions, foreign exchange, securities trading, and trading in derivative financial instruments. The Government of the Russian Federation is the main shareholder of VTB and owns through the Federal Property Management Agency 99.9% of its registered share capital. * * * As reported in TCR-Europe on March 30, Fitch Ratings assigned Russia's JSC Vneshtorgbank a Local Currency Issuer Default Rating of BBB. VTB's other ratings are Foreign Currency IDR BBB/Stable Outlook, Short-term F3, Support 2, and Individual C/D. ZOLOTAYA GRIVA: Bankruptcy Hearing Slated for Aug. 7 ---------------------------------------------------- The Arbitration Court of Novosibirsk Region will convene on Aug. 7 at 9:30 a.m. to hear the bankruptcy supervision procedure on OJSC Zolotaya Griva. The case is docketed under Case No. A45-7498/06-54/141. The Temporary Insolvency Manager is: V. Makarov Krasnoobsk, Post User Box 325 630501 Novosibirsk Region Russia The Debtor can be reached at: OJSC Zolotaya Griva Zolotaya Griva Chulymskiy Region 632583 Novosibirsk Region Russia ========= S P A I N ========= FONCAIXA FTGENCAT 4: Moody's Junks EUR6 Million Series E Notes -------------------------------------------------------------- Moody's Investors Service assigned provisional credit ratings to six series of Bonos de Titulizacion de Activos issued by FONCAIXA FTGENCAT 4 Fondo de Titulizacion de Activos, a Spanish Asset Securitization Fund created by Gesticaixa, S.G.F.T, S.A. Ratings assigned: -- EUR251.2 million Series A(S) notes: (P)Aaa; -- EUR326.0 million Series A(G) notes: (P)Aaa; -- EUR9.6 million Series B notes: (P)A2; -- EUR7.2 million Series C notes: (P)Baa2; -- EUR6.0 million Series D notes: (P)Ba1; and -- EUR6.0 million Series E notes: (P)C. The provisional ratings address the expected loss posed to investors by the legal final maturity on March 10, 2049. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date on Classes A/B/C/D, and for ultimate payment of interest and principal at par on or before the rated final legal maturity date on Class E. The ratings do not address full redemption of the Notes on the expected 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. FONCAIXA FTGENCAT 4, FTA, a securitization of small- and medium- sized entreprises loans under the FTGENCAT program carried out by La Caixa, S.A., comes after the concession by the Economy Department of Catalonia of a new guarantee budget for the current year. Strong features within this deal include among others: -- a strong swap agreement guaranteeing an excess spread of 0.50%; -- a 1.00% reserve fund to cover potential shortfalls in interest or principal; -- a 12-month artificial write-off mechanism; -- the guarantee of the Generalitat of Catalonia, as concerns the Series A(G) notes; and -- the fact that the management company will elect the loans from the provisional pool that will result in the least concentrated securitized pool. Weaker features include: -- pro-rata amortization of the notes; -- strong geographical concentration in the region of Catalonia; and -- the negative impact of the interest deferral trigger on the subordinated series. These increased risks were reflected in the credit enhancement calculation. The provisional pool of underlying assets was, as of June 2006, made up of a portfolio of 14,258 loans and 12,251 borrowers, granted to Catalan enterprises. The loans have been originated between 1988 and 2006, with a weighted average seasoning of 2.62 years and a weighted average remaining life of 13.69 years. The weighted average interest rate is 3.83%. Around 76.50% of the outstanding of the portfolio is secured by a first-lien mortgage guarantee over different type of properties, with a weighted average loan to value equal to 52.84%. Geographically the pool is concentrated in Catalonia. Moody's based the provisional ratings primarily on: -- an evaluation of the underlying portfolio of loans; -- historical performance information; -- the swap agreement hedging the interest rate risk; -- the credit enhancement provided through the GIC account, the guaranteed excess spread, the reserve fund and the subordination of the notes; and -- the legal and structural integrity of the transaction. Moody's issues provisional ratings in advance of the final sale of financial instruments, but these ratings only represent Moody's preliminary credit opinions. Upon a conclusive review of the transaction and associated documentation, the rating agency will endeavor to assign a definitive rating. A definitive rating (if any) may differ from a provisional rating. SANTANDER HIPOTECARIO: Moody's Junks EUR17.6-Mln Series F Notes --------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to six series of residential mortgage-backed Bonos de Titulizacion de Activos to be issued by Fondo de Titulizacion de Activos Santander Hipotecario 2, a Spanish Asset Securitization Fund created by Santander de Titulizacion, S.G.F.T, S.A.: -- EUR1.801 billion Series A notes: Aaa; -- EUR51.8 million Series B notes: Aa2; -- EUR32.3 million Series C notes: A2; -- EUR49.8 million Series D notes: Baa2; -- EUR19.6 million Series E notes: Ba3; and -- EUR17.6 million Series F notes: Caa2. This transaction consists of the securitization of a pool of first-lien residential mortgage loans originated and serviced by Banco Santander Central Hispano, one of the leading Spanish banks and with a proven track record in the securitization market. All of the loans comprising the collateral have a Loan- to-Value exceeding 80%. The pool comprises 13,916 loans representing a provisional portfolio of EUR2,040,785,095. The loans are originated between 2003 and 2005, with a weighted average seasoning of approximately 1.53 years. The original weighted average LTV is 92.07%. The current weighted average LTV is 88.76%. The pool is well diversified across Spain. According to Moody's, this deal benefits from several strengths, including: -- a swap agreement that guarantees a 65-bppa Xs spread plus the servicing fee in the event of SCH being replaced as servicer; -- a reserve fund that is fully funded at closing from the proceeds of the issue of the Series F Notes to cover any potential shortfall in interest and principal; -- an 18-month artificial write-off mechanism; and -- the fact that 100% of the loans are secured by first lien residential mortgages. However, Moody's notes that the deal also features a number of credit weaknesses, notably: -- the fact that the collateral comprises loans with an LTV of over 80%, which leads to a higher expected default frequency and more severe losses; -- the absence of any information on the occupancy type of the borrowers; and -- the fact that, although the deferral of interest payments on each of Series B, C, D and E benefits the repayment of the series senior to each of them, it increases the expected loss on Series B, C, D and E themselves. All of these increased risks were reflected in Moody's credit enhancement calculation. Moody's has based its ratings on: -- an evaluation of the underlying portfolio of mortgage loans securing the structure, and -- the transaction's structural protections, which include the subordination of the notes, the strength of the cash flows and any excess spread available to cover losses. The ratings address the expected loss posed to investors by the Legal Final Maturity. 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. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated Final Legal Maturity date on Series A, B, C, D and E, and for ultimate payment of interest and principal at par on or before the rated Final Legal Maturity date on Series F. =========== T U R K E Y =========== PROFILO TELRA: Fitch Assigns Local Currency IDR at B ---------------------------------------------------- Fitch Ratings assigned Profilo Telra Elektronik Sanayi ve Ticaret A.S. a local currency Issuer Default rating of B, with Stable Outlook. At the same time Fitch assigned Profilo a National Long-term rating of BBB+ with a Stable Outlook. The ratings reflect Profilo's adequate export revenues, securing both foreign currency inflows and the geographical diversification of the business. It also has a technologically up-to-date product portfolio, and recently established strategic branding and production partnerships. However, Profilo also has a weak capitalization base, with total adjusted debt to total adjusted capitalization at 82% at end- FY05, and the company's cash flows have been irregular over the last three years. Profilo is third largest Turkish TV manufacturer, behind Vestel and Beko. About half of Profilo's production is dedicated to branded products, which partially immunizes it against the heightened price competition which is a feature of B-brand product ranges. From 2006 onwards the company plans to mitigate price competition risks with an increased premium product portfolio. Fitch expects the company's profitability to recover as the reasons for revenue and operating profit contraction in FY05 - namely, strong price competition in the domestic market, a negative 12% FX impact and industry-wide supply problems - have all subsided. Further to its significant R&D and capacity expansion investments in FY05, and its newly forged branding partnerships, Profilo is dedicating about 1 million units of its production to premium segments. This effectively positions the company in the market as a medium-scale innovator with a high- technology product range. In terms of cost structure, about 90% of cost of goods sold is components, where half of the component cost is displays. Gross profit is thus exposed to component prices and Profilo's ability to pass on these prices to its end-customers. The company's ability to develop technological partnership arrangements and increased share of premium priced products in the overall portfolio serve to mitigate component and sales pricing ability risks. At FYE05, Profilo's net debt stood at TRY142 million, most of which is short-term unsecured bank debt. Most of the bank loans remain counter-guaranteed by the assignment of export documents or letters of credit from export contracts as well as promissory notes received from domestic sales, as is common Turkish corporate banking practice. Off-balance-sheet liabilities amount to TRY132 million, consisting of export commitments and letters of guarantee and promissory notes, all of which are associated with the company's foreign trade activities. Profilo Telra is the largest entity within the privately owned Profilo Group, which has interests in real estate, shipbuilding, tourism and various industrial production ventures. Profilo commands 14.4% of the 3.4 million unit domestic market. It is also the third-largest TV producer in Europe after Vestel and Beko, with production capacity of 5 million units. It has annual production capacity of 1 million units of DVD players, satellite and terrestrial receivers and electronic cash registers. ============= U K R A I N E ============= AGROLIT: Court Appoints Mikola Kaluzhnij as Insolvency Manager -------------------------------------------------------------- The Economic Court of Sumi Region appointed Mikola Kaluzhnij as Liquidator/Insolvency Manager for LLC Agrolit (code EDRPOU 30749121). He can be reached at: Mikola Kaluzhnij Karl Libkneht Str. 43 Bilopillya 41800 Sumi Region Tel: 8 (0543) 9-28-74 Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on Jan. 5. The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: LLC Agrolit 50 Rokiv SRSR Str. 2 Yampil 41200 Sumi Region Ukraine AGROPRODUKT: Mikolaiv Court Starts Bankruptcy Supervision --------------------------------------------------------- The Economic Court of Mikolaiv Region commenced bankruptcy supervision procedure on LLC Agroprodukt (code EDRPOU 30348780) on April 28. The case is docketed under Case No. 10/202/2006. The Temporary Insolvency Manager is: Sergij Avilov Gagarin Str. 29/175 Brovari 07400 Kyiv Region Ukraine The Economic Court of Mikolaiv Region is located at: Admiralska Str. 22 54009 Mikolaiv Region Ukraine The Debtor can be reached at: LLC Agroprodukt Urozhajna Str. 1 Shevchenkove Zhovtnevij District Mikolaiv Region Ukraine ALKOR: Court Names Mikola Kaluzhnij to Manage Assets ---------------------------------------------------- The Economic Court of Sumi Region appointed Mikola Kaluzhnij as Liquidator/Insolvency Manager for LLC Production-Commercial Firm Alkor (code EDRPOU 14021187). He can be reached at: Mikola Kaluzhnij Karl Libkneht Str. 43 Bilopillya 41800 Sumi Region Ukraine Tel: 8 (0543) 9-28-74 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 7/104-05. The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: LLC Production-Commercial Firm Alkor Baturinska Str. 65 Konotop 41600 Sumi Region DRUZHBA: Vinnitsya Court Appoints Liquidator -------------------------------------------- The Economic Court of Vinnitsya Region appointed the Vinnitsya Regional Sector of Bankruptcy Questions as Liquidator for Agricultural LLC Druzhba (code EDRPOU 30870108) The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 4. The case is docketed under Case No. 10/36-06. The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: Agricultural LLC Druzhba District Chemeriske Barskij 23026 Vinnitsya Region Ukraine KOLOS: Dnipropetrovsk Court Starts Bankruptcy Supervision --------------------------------------------------------- The Economic Court of Dnipropetrovsk Region commenced bankruptcy supervision procedure on LLC Agrofirm Kolos (code EDRPOU 30847058) on March 28. The case is docketed under Case No. B 29/39/06. The Temporary Insolvency Manager is: Mr. M. Lukashuk Krivij Rig, a/b 2558 50051 Dnipropetrovsk Region Ukraine Tel: 8 (0564) 92-96-98 The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Agrofirm Kolos Pidstepna Str. 29-A Zlatoustivka Krivij Rig District 53073 Dnipropetrovsk Region Ukraine KVARTA: Court Appoints V. Yurkiv to Liquidate Assets ---------------------------------------------------- The Economic Court of Ivano-Frankivsk Region appointed Mr. V. Yurkiv as Liquidator/Insolvency Manager for LLC Kvarta (code EDRPOU 22176082). He can be reached at: V. Yurkiv Kalush Bilas i Danilishin Str. 14-a, a/b 86 77304 Ivano-Frankivsk Region Ukraine Tel: 8 (03472) 5-12-25 The Court commenced bankruptcy proceedings against the company after finding it insolvent on March 13. The case is docketed under Case No. B-7/51. The Economic Court of Ivano-Frankivsk Region is located at: Shevchenko Str. 16a 76000 Ivano-Frankivsk Region Ukraine The Debtor can be reached at: LLC Kvarta Girnichoryatuvalna Str. 27/2 Kalush 77300 Ivano-Frankivsk Region Ukraine PERSHOTRAVNEVE: Court Starts Bankruptcy Supervision --------------------------------------------------- The Economic Court of Sumi Region commenced bankruptcy supervision procedure on OJSC Pershotravneve (code EDRPOU 00386695) on March 10. The case is docketed under Case No. 12/34. The Temporary Insolvency Manager is: Oleksandr Sugonyako Kozatskij val Str. 2A 40030 Sumi Region Ukraine Tel: 22-10-80 The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: OJSC Pershotravneve Ulyanov Str. 1 Sloboda Burinskij District 41714 Sumi Region Ukraine SMAK: Court Names Petro Stotskij as Insolvency Manager ------------------------------------------------------ The Economic Court of AR Krym Region appointed Petro Stotskij as Liquidator/Insolvency Manager for LLC Smak (code EDRPOU 30376467). The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 11. The case is docketed under Case No. 2-8/6644-2005. The Economic Court of AR Krym Region is located at: Karl Marks Str. 18 Simferopol AR Krym Region Ukraine The Debtor can be reached at: LLC Smak Karahanyan Str. 27 Glazivka Leninskij District AR Krym Region Ukraine SPARTAK: Court Names Oleksandr Bandola as Liquidator ---------------------------------------------------- The Economic Court of Kyiv Region appointed Oleksandr Bandola as Liquidator/Insolvency Manager for LLC Spartak (code EDRPOU 20584173). Oleksandr Bandola Hohlovih Str. 6-B/31 04119 Kyiv Region The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 6. The case is docketed under Case No. 89/14 b-05. The Economic Court of Kyiv Region is located at: Komintern Str. 165 01032 Kyiv Region Ukraine The Debtor can be reached at: LLC Spartak Nova Buda Borodyanskij District 07823 Kyiv Region Ukraine =========================== U N I T E D K I N G D O M =========================== A. FOX: Appoints Joint Administrators from Kroll ------------------------------------------------ D.J. Whitehouse and P.F. Duffy of Kroll were appointed joint administrators of A. Fox Systems Limited (Company Number 03564173) on June 6. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. Headquartered in Barnsley, United Kingdom, A. Fox Systems Limited distributes water detection units. ADAL GROUP: Brings In Administrators from PKF --------------------------------------------- Philip Armstrong, David S. Merrygold and Philip Long of PKF (UK) LLP were appointed on June 6 joint administrators of: -- Adal Group (UK) Limited (Company Number 04937000), -- Guilform Holdings Limited (Company Number 01239256), -- Adal Seco Limited (Company Number 03146648), -- Adal Engineering Limited (Company Number 01080528), -- Adal Estates Limited (Company Number 04937942), -- Adal Structures Limited (Company Number 04729849), and -- Adal Guilform Limited (Company Number 02653021). PKF (UK) LLP -- http://www.pkf.co.uk/-- is one of the UK's leading firms of accountants and business advisers, which specializes in advising the management of developing private and public businesses. Headquartered in London, Adal Group (UK) Limited, Guilform Holdings Limited, Adal Seco Limited, Adal Engineering Limited, Adal Estates Limited, Adal Structures Limited and Adal Guilform Limited are engaged in general engineering. ARCH CAPITAL: Growing Biz Spurs S&P to Affirm BB+ Pref. Ratings --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary 'BBB' senior debt, 'BBB-' subordinated debt, and 'BB+' preferred stock ratings to Arch Capital Group Ltd.'s recently filed universal shelf registration. Standard & Poor's also said that it affirmed its 'BBB' counterparty credit rating on ACGL and its 'A-' counterparty credit and financial strength ratings on ACGL's operating subsidiaries. The outlook on all these companies is stable. "The ratings are supported by the group's growing business franchise, strong operating performance, strong capital adequacy, and strong financial flexibility," said Standard & Poor's credit analyst Laline Carvalho. "These positive factors are partially offset by Arch's relatively short operating history and significant proportion of casualty writings that have not fully matured." The new shelf has an unlimited notional amount, which is in accordance with the new SEC rules as of Dec. 1, 2005. At this stage, Standard & Poor's does not expect any potential issuances under the shelf to lead to a material change in the group's financial leverage, which remains within Standard & Poor's expectations. Standard & Poor's expects that Arch's net exposures in property and other short-tail lines of business, particularly in Arch's reinsurance division will grow moderately in 2006, reflecting the expectation of substantially improved market conditions in these lines. Other lines of business are expected to show flat growth for the year. Assuming normal catastrophe losses, Standard & Poor's expects the group's 2006 operating results to be very strong.The capital adequacy ratio is expected to remain strong in 2006, reflecting anticipated strong earnings for the year, partially offset by expected increased net exposures in property and other short- tail lines. Standard & Poor's expects total debt plus preferred leverage to remain supportive of the ratings at about 18%-20 over the medium term, with fixed charge coverage remaining very strong at more than 8x. BLUE WAHOO: Hires CLB Coopers as Joint Administrators ----------------------------------------------------- Mark Getliffe and Diane Hill of CLB Coopers were appointed joint administrators of Blue Wahoo Board & Tackle Co. Ltd. (Company Number 05076028) on June 6. The administrators can be contacted at: CLB Coopers Century House 11 St Peters Square Manchester M2 3DN United Kingdom Tel: 0161-245-1000 Fax: 0161-245-1001 Web: http://www.clb.co.uk E-mail: manchester@clb.co.uk Headquartered in Worsley, Blue Wahoo Board & Tackle Co Ltd wholesales clothing and footwear. BULLET POINT: Taps Deloitte & Touche as Administrators ------------------------------------------------------ Ian Brown and Adrian Peter Berry of Deloitte & Touche LLP were appointed joint administrators of Bullet Point Presentations Limited (Company Number 3675293) on June 5. Headquartered in London, Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. It provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. Headquartered in Leeds, Bullet Point Presentations Limited provides interactive whiteboards. COMPLETE PROPERTY: Names P.R. Dewey as Administrator ---------------------------------------------------- P.R. Dewey of Dewey & Co was appointed administrator of Complete Property Protection Ltd. (Company Number 03330119) on June 5. The administrator can be contacted at: Dewey & Co. 17 St Andrews Crescent Cardiff Glamorgan CF10 3DB United Kingdom Tel: 029 2022 2244 Fax: 029 2022 2223 E-mail: peter@dewey.demon.co.uk Complete Property Protection Ltd can be reached at: Dragon House Princes Way Bridgend Ind Est Bridgend Mid Glamorgan CF313AQ United Kingdom Tel: 01656 818 999 Fax: 01656 810 999 CRAWLEY TOWN: Brings In Administrators from Begbies Traynor ----------------------------------------------------------- Rod Sadler and Michael E.G. Saville of Begbies Traynor were appointed joint administrators of Crawley Town Football & Social Club Limited (Company Number 03858150) on June 5. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Crawley Town Football & Social Club Limited can be reached at: Broadfield Stadium Brighton Road Crawley West Sussex RH11 9RX United Kingdom Tel: 01293 410 009 Fax: 01293 410 002 MCCLYMONT CONSTRUCTION: Financial Woes Trigger Liquidation ---------------------------------------------------------- McClymont Construction Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. N. A. Bennett, of Leonard Curtis, was appointed Liquidator. The company can be reached at: McClymont Construction Limited 1B Oakwood Parade Bramley Road London N14 4HY United Kingdom Tel: 020 8670 1070 MOBBERLEY PLANT: Hires Administrators from Mazars LLP ----------------------------------------------------- Robert David Adamson and Paul Charlton of Mazars LLP were appointed joint administrators of Mobberley Plant Hire (Company Number 05032999) on May 6. Mazars -- http://www.mazars.com/-- is an international, integrated and independent organization, specialized in audit, accounting, tax and advisory services. Mobberley Plant Hire can be reached at: Two Gates Wood Lane Mobberley Knutsford Cheshire WA16 7NP United Kingdom Tel: 01565 880 140 Fax: 01565 889 097 MORTGAGE INTELLIGENCE: Creditors Pass Winding Up Resolution ----------------------------------------------------------- Creditors of Mortgage Intelligence (North East) Limited passed a resolution to wind up the company's operations during an extraordinary general meeting on April 12. John Bell and Simon John Lundy, of Hawdon Bell & Co, were appointed Joint Liquidators. The company can be reached at: Mortgage Intelligence (North East) Limited 22-22A Athenaeum Street Sunderland SR1 1DH United Kingdom Tel: 0191 565 7788 Fax: 0191 510 8111 NORTHCLIFFE MOTOR: Hires Joint Liquidators from Begbies Traynor --------------------------------------------------------------- Neil Brackenbury and Michael Saville, of Begbies Traynor, were appointed Joint Liquidators of Northcliffe Motor Co Ltd after creditors decided to wind up the company on April 11. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Northcliffe Motor Co Ltd can be reached at: Doncaster Road Denaby Main Doncaster South Yorkshire DN124DY United Kingdom Tel: 01709 863 366 Fax: 01709 868 683 NTL CABLE: Moody's Places B2 Rating Under Review ------------------------------------------------ Moody's Investors Service placed the B2 rating of NTL Cable plc's senior notes on review for possible downgrade following NTL Inc.'s announcement that it is considering issuing the proposed GBP600 million in senior unsecured notes intended to refinance the remainder of its GBP1.8 billion bridge facility at NTL Investment Holdings Limited or at a finance subsidiary of that company, and that as a result the new notes could be structurally senior to the existing notes at NTL Cable plc. Moody's comments that none of NTL's other ratings have been impacted by this rating action. Moody's review for possible downgrade will consider the revised capital structure of the company following the refinancing of the bridge facility. Moody's cautions that in the event that the company uses its flexibility to raise a significant portion of the new notes on a priority basis to the existing NTL Cable plc notes, the notching of the existing notes is likely to widen by one notch to B3. Headquartered in Delaware, New Jersey, NTL Inc. is a large telecommunications and cable communications provider in the UK. For the year ending Dec. 31, 2005, the company reported pro- forma revenues of approximately GBP3.5 billion. OCULAR DISPLAY: Hires Deloitte & Touche to Administer Assets ------------------------------------------------------------ Ian Brown and Adrian Peter Berry of Deloitte & Touche LLP were appointed joint administrators of Ocular Display Products Limited (Company Number 04507245) on June 5. Headquartered in London, Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. It provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. Ocular Display Products Limited can be reached at: Cartwright House 30 Springwell Road Leeds LS12 1AX United Kingdom OPTIMUM RECRUITMENT: Appoints BDO Stoy as Administrators -------------------------------------------------------- Geoff Kinlan and Tony Nygate of BDO Stoy Hayward LLP were appointed joint administrators of Optimum Recruitment Services (East Midlands) Ltd. (Company Number 05540979) on June 1. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Optimum Recruitment Services (East Midlands) Ltd is engaged in labor recruitment. PULSE MEDIA: Brings In Joint Liquidators from Valentine & Co ------------------------------------------------------------ Pulse Media (UK) Ltd is liquidating its assets after creditors agreed to wind up the company on April 7. Robert Valentine and Mark Reynolds, of Valentine & Co, were appointed Joint Liquidators. The company can be reached at: Pulse Media (UK) Limited Unit 4A Lansbury Estate 102 Lower Guildford Road Knaphill Woking Surrey GU212EP United Kingdom Tel: 0870 750 4002 Fax: 01483 833 794 RAND SERVICES: Brings In Tenon Recovery to Administer Assets ------------------------------------------------------------ T.J. Binyon and S.R. Thomas of Tenon Recovery were appointed joint administrators of Rand Services Limited (Company Number 01858847) on June 6. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Headquartered in Hove, Rand Services Limited is engaged in business and management consultancy. RANK GROUP: Disposes DVD Business for GBP5.9 Million Cash --------------------------------------------------------- Deluxe Media Services, a subsidiary of Rank Group PLC, completed the sale of its U.K. DVD replication business and its U.K. distribution business to a subsidiary of Sony DADC for a cash consideration of GBP5.9 million. As part of the transaction, Sony has acquired the assets of the Businesses and assumed certain liabilities. The cash consideration received by Rank is subject to certain post- closing adjustments for working capital and other items. The DVD replication and distribution businesses that Sony has acquired from Deluxe Media are, respectively, located in Southwater, West Sussex and Enfield, London. The disposals were in line with Rank's previously announced intention to exit Deluxe Media Services through the separate disposals of individual businesses or assets. Rank is currently in discussions with a number of third parties for the disposal of the remaining assets of Deluxe Media Services and will make any further announcements required in due course. Deluxe Media Services is an international manufacturer and distributor of optical media on behalf of content owners in the video, music, games, software and information industries. In the year to Dec. 31, 2005, Deluxe Media Services reported revenue of GBP267.1 million and an operating loss before exceptional items of GBP16.4 million. Sony DADC is a solution and technology provider for the entertainment, education and information industries and provides world-class optical media replication services and supply chain solutions, as well as software services. Headquartered in London, Rank Group PLC -- http://www.rank.com/ -- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * As reported in the TCR-Europe on March 8, Moody's Investors Service assigned a Ba2 corporate family rating to The Rank Group Plc and concurrently downgraded the senior unsecured long-term debt ratings of Rank Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 (from Baa3). At the same time, Fitch Ratings downgraded The Rank Group PLC's Long-term Issuer Default rating and Senior Unsecured ratings to BB- from BB+ and removed them from Rating Watch Negative. A Negative Outlook is assigned. The Short-term rating is affirmed at B. The downgrade follows the disposal of its film processing business, Deluxe Film, and confirmation of a return of capital to shareholders announced in conjunction with its 2005 preliminary results. In addition, Standard & Poor's Ratings Services lowered its long- and short-term corporate credit ratings on U.K.-based diversified leisure and entertainment company The Rank Group PLC to 'BB-/B' from 'BBB-/A-3'. S&P said the outlook is stable. SARAI WINDOWS: Creditors Confirm Liquidator's Appointment --------------------------------------------------------- Creditors of Sarai Windows Limited confirmed the appointment of Roderick Graham Butcher as Liquidator during an extraordinary general meeting on April 7. The company can be reached at: Sarai Windows Limited Albion Road West Bromwich West Midlands B70 8AX United Kingdom Tel: 0121 553 6655 Fax: 0121 523 2808 TICKENHAM GOLF: Taps Colin Andrew Presscott to Liquidate Assets --------------------------------------------------------------- Colin Andrew Prescott, of Moore Stephens LLP, was appointed Liquidator of Tickenham Golf Club Limited after creditors opted to wind up the company on April 7. 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. Tickenham Golf Club Limited can be reached at: Clevedon Road Tickenham Clevedon Avon BS216RY United Kingdom Tel: 01275 856 626 * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (214) 1,756 183 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (49) 142 (34) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (8) 106 (35) Arbel PA.ARB (98) 222 (72) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Dollfus Mieg & Cie S.A. DS (11) 165 (29) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (15) 136 3 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 Labo Dolisos DOLI.PA (28) 110 (33) Matussiere et Forest S.A. MTF (78) 294 (28) Metaleurop S.A. PA.PA (24) 181 (30) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Teamlog TLO (19) 109 (3) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cognis Deutschland GmbH & Co. KG (102) 3,409 (503) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (3) 207 (30) Nordsee AG (8) 195 (31) Primacom AG PRIG (268) 1,257 (1,048) Rinol AG RLIG (64) 104 (15) Schaltbau Hold SLTG (23) 144 (7) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) Vivanco Gruppe (55) 131 (31) HUNGARY ------- NABI Rt. NABHY (2) 229 (8,950) ICELAND ------- Decode Genetics Inc. DCGN (9) 229 141 ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (150) 4,218 N.A. I Viaggi del Ventaglio S.p.A. VVE.MI (61) 487 (58) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) ROMANIA ------- Oltchim RM Valce OLT (45) 232 321) RUSSIA ------ OAO Samaraneftegas (332) 892 (16,942) Zil Auto (168) 409 (10,680) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) SWITZERLAND ----------- Wedins Skor Accessoarer AB (10) 139 (129) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) AEA Technology Plc AAT.L (24) 340 (50) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker PLC ANK.L (22) 115 13 Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 British Sky Broadcasting Group Plc BSY (61) 4,157 139 Compass Group CPG (668) 2,972 (298) Costain Group COST (39) 567 (5) Danka Bus System DNK.L (108) 540 34 Dawson Holdings DWN.L (12) 158 (19) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,411) 3,235 (331) Euromoney Institutional Investor Plc ERM.L (88) 297 (56) European Home Retail Plc EHRL (14) 111 (37) Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Gondola Holdings Plc GND.L (239) 987 (396) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (9) 875 (190) Homestyle Group Plc HME (29) 409 (124) Imperial Chemical Industries Plc ICI (835) 8,881 (49) Invensys PLC (963) 4,861 913 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (683) 492 (371) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Misys Plc MSY (460) 906 60 Mytravel Group MT.L (283) 1,159 (410) Orange Plc ORNGF (594) 2,902 7 Park Group Plc PKG.L (5) 111 (13) Partygaming Plc PRTY (46) 398 (110) Premier Foods Plc PFD.L (31) 1,475 16 Probus Estates Plc PBE.L (28) 113 (49) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,134) 2,678 (45) RHM Plc RHM (586) 2,411 59 Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) UK Coal Plc UKC (25) 865 (62) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Julybien Atadero, Carmel Paderog, and Joy Agravante, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *