/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060719.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 Wednesday, July 19, 2006, Vol. 7, No. 142 Headlines A U S T R I A AUTOREPARATUR KRAUS: Claims Registration Period Ends July 25 BARSONY: Claims Registration Period Ends July 20 COMU DEICHGRABER: Claims Registration Period Ends July 20 FUERST ALFRED: Claims Registration Ends August 2 GRASSLE & PARTNER: Wels Court Terminates Bankruptcy Proceeding MAMIKA: Creditors' Meeting Slated for August 2 SAB SYSTEME: Creditors' Meeting Slated for July 20 F R A N C E ALCATEL SA: Inks Contract with Italy's Telbios S.p.A. ALCATEL SA: Lays Submarine Network for Kodiak Kenai Cable Co. EUROTUNNEL GROUP: Ad Hoc Committee & Bondholders Meet Next Week G E R M A N Y A. K. HAUS: Claims Registration Ends August 10 ALLREINIGUNG GMBH: Claims Registration Ends July 23 AS IMMOBILIEN: Claims Registration Ends August 2 DSK HANDELSGESELLSCHAFT: Claims Registration Ends August 4 IWD INGENIEUR: Claims Registration Ends July 20 NEUDORF GMBH: Claims Registration Ends August 2 NOVAPHARM GMBH: Claims Registration Ends August 3 SBJ PROJEKTENTWICKLUNG: Claims Registration Ends July 28 STUDENTENKELLER WOHNHEIM: Claims Registration Ends July 31 VEREIN KLINIK: Claims Registration Ends August 1 H U N G A R Y GENERAL BANKING: Moody's Cuts Financial Strength Rating to D GENERAL BANKING: Moody's Withdraws D Financial Strength Rating K A Z A K H S T A N CARAVAN: Creditors Must File Claims by July 28 ESET: Creditors Must File Claims by Aug. 1 OPT-OIL: Creditors Must File Claims by July 28 SJIJENNYI GAZ: Proof of Claim Deadlin Slated for July 28 TASTOBE-AGRO: Proof of Claim Deadline Slated for July 28 TEHNOKOM LTD: Claims Registration Ends July 28 TOPEC LTD: Claims Registration Ends Aug. 1 UKO-OIL: Creditors' Claims Due Aug. 1 URALAZAVTOSERVIS-MANGISTAU: Court Starts Bankruptcy Process ZVEZDA: Creditors' Claims Due Aug. 1 K Y R G Y Z S T A N ANER TREID: Proof of Claim Deadline Slated for Aug. 25 FENIKS AVIEISHEN: Creditors Must File Claims by Sept. 1 ORDO-BAS: Proof of Claim Deadline Slated for Sept. 1 L U X E M B O U R G WEATHER CAPITAL: Moody's Withdraws B3 Rating on EUR1.2-Bln Loan N E T H E R L A N D S KONINKLIJKE AHOLD: Nominates Tom de Swaan to Supervisory Board VNU N.V.: S&P Lowers Long-Term Corporate Credit Rating to B N O R W A Y AKER KVAERNER: Inks NOK450-Million Contract with MPF Corp Ltd. R U S S I A ALFA: Bankruptcy Hearing Slated for August 1 FERTILITY: Tula Court Starts Bankruptcy Supervision KANSKIY: Court Names S. Grudyakov as Insolvency Manager KUYBYSHEVSKOYE MILK: B. Artemkin to Manage Assets METALLO-PLAST: Court Names A. Popov as Insolvency Manager OMSKIY GROATS: Bankruptcy Hearing Slated for Sept. 19 POWER UNITS: Court Names O. Ospanova as Insolvency Manager ROSNEFT OIL: Yukos Wants High Court to Block Share Sale ROSNEFT OIL: R. Abramovich Bought US$300-Mln Shares, Paper Says RYMNINSKOYE: Chelyabinsk Court Starts Bankruptcy Supervision SAPOZHKOVSKIY MECHANICAL: Bankruptcy Hearing Slated for Aug. 22 STEEL-SERVICE: Court Starts Bankruptcy Supervision SPETS-STROY: Court Names A. Rusanov as Insolvency Manager TIKHVINSKIY GALANT: Court Starts Bankruptcy Supervision TURDEYSKOYE: Court Names N. Rzyankin as Insolvency Manager VOROBYEVSKOYE: Court Names I. Klemeshov as Insolvency Manager YUKOS OIL: Wants High Court to Block Rosneft Share Sale YUKOS OIL: Court Nixes Moravel's Suit to Recover US$680 Million S P A I N FONCAIXA FTGENCAT: Moody's Junks EUR6-Mln Series E Notes U K R A I N E ADM-GROUP: Court Names LLC Prime-Inform as Liquidator ALMAZ-OIL: Court Names M. Vereshak as Insolvency Manager ASTORIYA: Court Names Bankruptcy Agency to Liquidate Assets BUDMASH: Court Names I. Popov as Insolvency Manager CHAROSVIT: Kyiv Court Starts Bankruptcy Supervision DAVID: Court Names Ludmila Buchinska as Liquidator DIBROVA: Court Names Mr. V. Kunashenko as Insolvency Manager ELEKTROPROMKOMPLEKT: Court Names R. Kravchenko as Liquidator EVA: Court Names CJSC Kyiv Glass Tare Plant as Liquidator FACTOR TECHNOLOGY: Court Names LLC Avangard Stil as Liquidator INVEST-KOMPLEKT: Court Names LLC Budivelnik as Liquidator IVANICHI' BREAD: Court Names Anatolij Lipich as Liquidator KAMYANETS-PODILSKIJ' TOBACCO: Volodimir Gabruk to Manage Assets KAPUSTYANSKE: Court Names Anatolij Leshenko as Liquidator SINAPS-KOMPLEKT: Court Names Asanta as Liquidator TEHNOSOYUZ: Court Names Ludmila Zayikina as Insolvency Manager YAKUTALMAZKROLEVETSSANTEHARMATURA: D. Pehterev to Manage Assets U N I T E D K I N G D O M ACAZ RECRUITMENT: Creditors Pass Winding Up Resolution AMB ELECTRICAL: Creditors' Meeting Slated for July 26 ANDREW JAMES: Names Ninos Koumettou Liquidator ARCHMASTER UK: Creditors Resolve to Voluntary Liquidation BELLMACK LTD: Financial Woes Prompt Liquidation BILL HARMAN: Names Shay Lettice as Administrator BRISTOL CITY: Creditors' Meeting Slated for August 3 BRITAX GROUP: Moody's Withdraws B1 Corporate Family Rating DOCKLAND FISHERIES: Creditors Opt to Liquidate Assets EP DIGITAL: Creditors' Meeting Slated for July 21 EUROTUNNEL GROUP: Ad Hoc Committee & Bondholders Meet Next Week GREATMARCH LTD: Appoints Richard John Elwell as Liquidator GRIPP INTEGRATED: Taps Mercer & Hole to Administer Assets GUARDING OFFICERS: Hires Liquidator from Begbies Traynor GUILD LUBRICANTS: Begins Liquidation Procedure HERTZ CORP: S&P Keeps BB- Corp. Credit Rating on Watch Negative HIGHONE LTD: Winds Up Business & Appoints Liquidator IAN ANDERSON: Brings In Liquidator from Carter Clark KSK TRADING: Taps George Michael to Liquidate Assets LLANDAFF ENGINEERING: Brings In P.R. Dewey to Administer Assets MISYS PLC: Independent Committee Starts Examining Bids MK TEMPS: Creditors Ratify Winding Up Resolution PRINT ASSOCIATES: Claims Filing Period Ends July 25 RYANDOWN LIMITED: Appoints Joint Administrators from BDO Stoy SALISBURY INT'L: Moody's Assigns P(Ba2) Rating to Class E Notes SECURITY TRADING: Claims Registration Ends July 26 SHERWOOD ENVIRONMENTAL: Taps Smith & Williamson to Administer TRIMEDIA BROADCAST: Brings In Administrators from Menzies ULTIMATE DENTS: Confirms Liquidator's Appointment W.B. MECHANICAL: Names Administrator from XL Business ********* ============= A U S T R I A ============= AUTOREPARATUR KRAUS: Claims Registration Period Ends July 25 ------------------------------------------------------------ Creditors owed money by KEG Autoreparatur Kraus (FN 250787f) have until July 25 to file written proofs of claims to court- appointed compensation manager Gerhard Rigler at: Mag. Gerhard Rigler c/o Dr. Gernot Hain Main place 14 2700 Viennese New City, Austria Tel: 02622/84141 Fax: 02622/8414124 E-mail: hain.advocat@utanet.at Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 8 to consider the adoption of the rule by compensation. The meeting of creditors will be held at: Land Court of Viennese New City Room 15 Viennese New City, Austria Headquartered in Viennese New City, Austria the Debtor declared the beginning of compensation process on June 1 (Case No. 11 Sa 4/06h). Dr. Gernot Hain represents Mag. Rigler in the bankruptcy proceedings. BARSONY: Claims Registration Period Ends July 20 ------------------------------------------------ Creditors owed money by LLC Barsony (FN 263210z) have until July 20 to file written proofs of claims to court-appointed property manager Peter Pullez at: Dr. Peter Pullez c/o Dr. Robert Gschwandtner Tuchlauben 8 1010 Vienna, Austria Tel: 513 29 79 Fax: DW 25 E-mail: pullezgschwandtner@aon.at Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Aug. 3 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna, Austria Headquartered in Vienna, the Debtor declared bankruptcy on June 1 (Bankr. Case No. 2 S 93/06y). Robert Gschwandtner represents Dr. Pullex in the bankruptcy proceedings. COMU DEICHGRABER: Claims Registration Period Ends July 20 --------------------------------------------------------- Creditors owed money by LLC Comu Deichgraber (FN 131738h) have until July 20 to file written proofs of claims to court- appointed property manager Hans Rant at: Dr. Hans Rant c/o Dr. Kurt Freyler Seilerstatte 5 1010 Vienna, Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on Aug. 3 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna, Austria Headquartered in Vienna, the Debtor declared bankruptcy on June 1 (Bankr. Case No. 2 S 94/06w). Kurt Freyler represents Dr. Rant in the bankruptcy proceedings. FUERST ALFRED: Claims Registration Ends August 2 ------------------------------------------------ Creditors owed money by LLC Fuerst Alfred (FN 111850k) have until Aug. 2 to file written proofs of claims to court-appointed property manager Ute Toifl at: Dr. Ute Toifl c/o Mag. Astrid Haider Tuchlauben 12/20 1010 Vienna, Austria Tel: 535 46 11-0 Fax: 535 46 11-11 E-mail: office@thr.at Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Aug. 16 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna, Austria Headquartered in Vienna, the Debtor declared bankruptcy on June 1 (Bankr. Case No. 4 S 94/06k). Astrid Haider represents Dr. Toifl in the bankruptcy proceedings. GRASSLE & PARTNER: Wels Court Terminates Bankruptcy Proceeding -------------------------------------------------------------- The Land Court of Wels terminated the bankruptcy proceeding of LLC Grassle & Partner (FN 128900i) on June 2 due to the Debtor's administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. Headquartered in Oberhofen am Irrsee, Austria, the Debtor's declared bankruptcy on April 4 (Bankr. Case No. 20 S 51/06k). Rafaela Zenz-Zajc serves as the court- appointed property manager of the bankrupt estate. The property manager can be contacted at: Dr. Rafaela Zenz-Zajc Rainerstrasse 5 5310 Mondsee, Austria Tel: 06232/6600 Fax: 06232/6600-22 E-mail: ra.zenz@aon.at MAMIKA: Creditors' Meeting Slated for August 2 ---------------------------------------------- Creditors owed money by Trade LLC Mamika (FN 43473g) are encouraged to attend the creditors' meeting at 11:30 a.m. on Aug. 2 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Trade Court of Vienna Room 1705 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 1 (Bankr. Case 3 S 83/06k). Karl F. Engelhart serves as the court-appointed property manager of the bankrupt estate. Clemens Richter represents Dr. Engelhart in the bankruptcy proceedings. The property manager and his representative can be reached at: Dr. Karl F. Engelhart c/o Mag. Clemens Richter Esteplatz 4 1030 Vienna, Austria Tel: 712 33 30-0 Fax: 712 33 30-30 E-mail: engelhart@csg.at SAB SYSTEME: Creditors' Meeting Slated for July 20 -------------------------------------------------- Creditors owed money by LLC SAB Systeme am Bau (FN 167884p) are encouraged to attend the creditors' meeting at 11:00 a.m. on July 20 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Land Court of Wels Hall 101 1st Floor Maria Theresia Str. 12 Wels, Austria Headquartered in Wels, Austria, the Debtor declared bankruptcy on June 2 (Bankr. Case 20 S 67/06p). Karl-Georg Holter serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Mag. Karl-Georg Holter Maria Theresia Strasse 4 4600 Wels, Austria Tel: 07242/224300 Fax: 07242/224300-30 E-mail: ra@cg-holter.at =========== F R A N C E =========== ALCATEL SA: Inks Contract with Italy's Telbios S.p.A. ----------------------------------------------------- Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) reveals that it has been awarded a contract by Telbios S.p.A. to provide an innovative solution to deliver video assistance and remote monitoring. Residential telemedicine services, currently under validation at the Istituto Scientifico Universitario San Raffaele, will be available to the public by the end of 2006. This solution is based on Alcatel's Genesys contact center platform, provided and installed by Alcatel, which combines call center functionalities with the ability to manage video calls, including those from mobile terminals, enabling a wider number of institutions and hospitals to access these services, and assist their patients with an array of residential telemedicine services. Telbios will add video assistance to its portfolio of telemedicine services, already offered by its telemedicine center, with the TV as a preferred interaction tool between operators and patients. The new telemedicine service will be available on every broadband communication network (terrestrial, mobile and satellite) to allow every citizen to benefit, even in areas not covered by terrestrial broadband. Besides video calls and videoconferences on mobile terminals, it will be possible to securely transmit electronic medical and life style related data over the network, and to receive interpretation and diagnosis information, sent by the medical staff of the Telemedicine Center, on the TV set at home. The solution will require the installation of a specific set-top box (STB) at the patient's premises, which will be connected to the TV, and a web cam to enable video calls. "Our objective is to facilitate the development of the best possible health-care services; services designed and deployed to be easily accessed by everyone" said Leopoldo Genovesi, CEO in Telbios. "Services meant for patients with chronic diseases, elderly people living alone; people that care for their wellness and health to hospitals, enabling the care for people at their home, by positively contributing to a correct life style" said Andrea Mason, CTO of Telbios. "We found in Alcatel a reliable partner to help us complete our mission." "Alcatel's Genesys solution for Telbios will be first implemented in the framework of the IGEA Sat project, developed in cooperation with ESA and in partnership with Lombardy Region, Associazione Nazionale Sanitaria Piccole Isole (Small Islands Health National Association) and other companies, such as Kell, Telespazio, Telecom Italia Labs, Reallife TV, OPIS, Value Partners" commented Lina Colitta, in charge of the project for Telbios at Alcatel. "With the Genesys solution, IGEA Sta realizes 'the network of the networks', integrating a number of communication networks, with Telespazio ensuring the relevant role of satellites in delivering telemedicine services". "The cooperation with Telbios will give Alcatel the opportunity to apply its unrivalled competencies in the telecommunication industry, derived from long term experience in the deployment of network solutions for every kind of company in every industry, included e-health" said Andreas Schneider, Vice President of Sales and Service activities for Alcatel in Italy. "This is a complex project that, for sure, will utilize the benefits of the Genesys platform in managing interaction among patients and operators. It is a revolution in the residential assistance in terms of better services and resources optimization". About Telbios Headquartered in Milan, Italy, Telbios S.p.A. -- http://www.telbios.it/-- is the country's leading provider of telemedicine services and networks in civil and military health- care organizations, as well as in home-care assistance, proposing services and customer-oriented solutions. About Alcatel Headquartered in Paris, France, Alcatel S.A. -- http://www.alcatel.com/-- provides communications solutions to telecommunication carriers, Internet service providers and enterprises for delivery of voice, data and video applications to their customers or employees. Alcatel brings its leading position in fixed and mobile broadband networks, applications and services, to help its partners and customers build a user- centric broadband world. With sales of EUR13.1 billion and 58,000 employees in 2005, Alcatel operates in more than 130 countries. * * * As reported in TCR-Europe on March 28, Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit rating on France-based telecommunications equipment maker Alcatel on CreditWatch with negative implications. ALCATEL SA: Lays Submarine Network for Kodiak Kenai Cable Co. ------------------------------------------------------------- Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) reveals that its Maersk Defender cable ship is about to start laying a regional submarine cable network for Kodiak Kenai Cable Company -- a subsidiary of the Alaskan Old Harbor Native Corporation -- in Seward, Alaska. The turnkey deployment of the new Kodiak Kenai Fiber Link (KKFL) will provide the first fiber optic connections from Anchorage and Seward to communities on the Kenai Peninsula and Kodiak Island, serving the communications requirements of approximately 60,000 citizens as well as for the Alaska Aerospace Development Corporation Launch Complex on Kodiak Island. Designed to provide an ultimate capacity of about 1 Tbit/s, the KKFL will stretch more than 900 km with landing points in Anchorage, Homer and Kenai, Mill Bay and Narrow Cape. The project completion is scheduled by December 2006. The high-speed network connectivity and greater capacity offered by KKFL will help open up new economic development and enhance existing activities, such as providing improved access for research and education, as well as enabling advanced telemedicine applications. Kodiak Kenai Cable Company is working with local and long distance exchange carriers to provide access to broadband capacity for voice, Internet and other data services, including Ethernet-based services. "This achievement will enable us to give access to new, advanced services to a larger number of residential and business users, while enhancing the security and quality of existing services," Walt Ebell, CEO of Kodiak Kenai Cable Company, said. "Alcatel's outstanding expertise in optical networks, coupled with a top offering of professional services, was the key factor in our choice." "With KKFL, Kodiak Kenai Cable Company is re-shaping the regional communications infrastructure bringing new network capacity and reliability to support the community development," Jean Godeluck, President of Alcatel's submarine network activity said. "This new achievement confirms Alcatel's commitment to be the partner of choice for submarine network deployments, following our selection and successful completion of most of the regional submarine projects recently launched." Alcatel will deploy its well-proven unrepeatered submarine cable and terminal technology to provide secure and reliable transmission capacity together with its 1677 SL SONET multiplexer equipment to provide flexible connectivity at the network's landing stations. Future capacity expansions can be implemented using dense wavelength division multiplexing (DWDM) to meet future traffic demands in a scalable manner. Alcatel is also providing a comprehensive set of services including terrestrial and marine installation, and network commissioning. About Kodiak Kenai Headquartered in Alaska, U.S.A., Kodiak Kenai Cable Company LLC http://icardllc.com/was formed by Old Harbor Native Corporation and Ouzinkie Native Corporation for the purposes of constructing and operating advanced tele-communications facilities for use by service providers. KKCC operates as carriers' carrier, offering broadband capacity to local and long distance exchange carriers for telephone, Internet and other data services. About Alcatel Headquartered in Paris, France, Alcatel S.A. -- http://www.alcatel.com/-- provides communications solutions to telecommunication carriers, Internet service providers and enterprises for delivery of voice, data and video applications to their customers or employees. Alcatel brings its leading position in fixed and mobile broadband networks, applications and services, to help its partners and customers build a user- centric broadband world. With sales of EUR13.1 billion and 58,000 employees in 2005, Alcatel operates in more than 130 countries. * * * As reported in TCR-Europe on March 28, Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit rating on France-based telecommunications equipment maker Alcatel on CreditWatch with negative implications. EUROTUNNEL GROUP: Ad Hoc Committee & Bondholders Meet Next Week --------------------------------------------------------------- Eurotunnel Group's Ad Hoc Committee and bondholders will meet next week to discuss on devising a restructuring plan for the company, Bloomberg reports, citing Financial Times as its source. According to the report, Eurotunnel is not allowed to participate in next week's meeting by rules of its loan agreements. The company is expected to continue negotiations after July 25, when the Tribunal de Commerce de Paris decides on whether the company be granted protection from its creditors. The senior creditors represented by the Ad Hoc Committee hold over 70% of the co-financier debt and over 50% percent of Eurotunnel's total debt. Eurotunnel owes an outstanding GBP1.9 billion bonds and notes to its bondholders. As reported by TCR-Europe on July 14, Eurotunnel Group was forced to place itself under creditor protection at the Commercial Court of Paris pursuant to the French law "procedure de sauvegarde" on July 13, after restructuring talks with bondholders failed. The parties have been in talks to restructure Eurotunnel's outstanding EUR6.2 billion debt. Debt Restructuring Proposals On June 27, Eurotunnel turned down the restructuring plan prepared by a group of secured bondholders led by Deutsche Bank AG asserting that it requires too much debt and gives too much to bondholders. The bondholders' restructuring plan, which valued the company at EUR7.99 billion, aims to reduce 60% of total debt to EUR3.7 billion and issue a EUR2.175 billion convertible hybrid note with a 4% coupon. The plan rivaled the preliminary restructuring agreement backed by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and Barclays PLC. The plan dated May 23, valued the company at around EUR7.03 billion and included a EUR1.5 billion hybrid issue with a 6% to 9% coupon and would reduce debt by 54%. Under the agreement, bondholders will get a GBP75 million return for their GBP1.9 billion bond holdings. On July 12, Eurotunnel presented an ultimate proposal to reach a compromise between the May 23 preliminary restructuring agreement and the demands made by its subordinated creditors represented by The Association of Eurotunnel's Secured Bondholders (ARCO). The company claimed that the majority of these demands were satisfied by the substantial efforts jointly made by the company and the Ad Hoc Committee. The subordinated creditors, led by Deutsche Bank, rejected this final attempt to reach a consensual deal. The Joint Board of Eurotunnel unanimously decided to cancel the General Meetings of Shareholders of Eurotunnel PLC and Eurotunnel SA, planned for July 27. Absent a final agreement, the Group may default in January 2007 under a 1998 debt agreement. About the Company Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. * * * Eurotunnel's crisis began when costs to build the tunnels that connect U.K. and France started to overrun before it opened in 1994. The Iraq war followed, which didn't help as tourist traffic fell. In May 2004, Eurotunnel appointed Lazard (global coordinator) and Lehman Brothers as bank advisors, and Dresdner Kleinwort Wasserstein as restructuring adviser. In July 2004, auditor KPMG Audit Plc said the company faces uncertainty after 2005. The firm's survival is dependent upon its ability to put in place a refinancing plan or, if not, to obtain an agreement with the lenders under the existing Credit Agreement within the next two years, the auditor said. ============= G E R M A N Y ============= A. K. HAUS: Claims Registration Ends August 10 ---------------------------------------------- Creditors of A. K. Haus und Hof Service GmbH have until Aug. 10 to register their claims with court-appointed provisional administrator Barbara Fritzer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Sept. 7, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D132 Olbrichtplatz 1 01099 Dresden, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Dresden opened bankruptcy proceedings against A. K. Haus und Hof Service GmbH on June 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: A. K. Haus und Hof Service GmbH Wiener Str. 60 01219 Dresden, Germany The administrator can be contacted at: Barbara Fritzer Louis-Braille-Str. 1 01099 Dresden, Germany Web: http://www.ra-fritzer.de/ ALLREINIGUNG GMBH: Claims Registration Ends July 23 --------------------------------------------------- Creditors of Allreinigung GmbH Glas und Gebaudeservice have until July 23 to register their claims with court-appointed provisional administrator Michael C. Frege. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Aug. 23, 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 Munich Meeting Room 102 Infanteriestr. 5 Munich, 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 Munich opened bankruptcy proceedings against Allreinigung GmbH Glas und Gebaudeservice on June 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Allreinigung GmbH Glas und Gebaudeservice Hauptstr. 34 85716 Unterschleissheim, Germany The administrator can be contacted at: Michael C. Frege Brienner Str. 11/V 80333 Munich, Germany Tel: 089/23807-850 Fax: 089/23807-110 AS IMMOBILIEN: Claims Registration Ends August 2 ------------------------------------------------ Creditors of AS Immobilien GmbH have until Aug. 2 to register their claims with court-appointed provisional administrator Rolf Otto Neukirchen. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on Aug. 16, 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 Essen Hall 293 2nd Floor Principal Establishment Gelber Bereich Zweigertstr. 52 45130 Essen, 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 Essen opened bankruptcy proceedings against AS Immobilien GmbH on June 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: AS Immobilien GmbH Attn: Katharina Duerholdt, Manager Mittelstr. 28 45549 Sprockhovel, Germany The administrator can be contacted at: Rolf Otto Neukirchen Zweigertstr. 28-30 45130 Essen, Germany Tel: (0201) 438740 Fax: +492014387479 DSK HANDELSGESELLSCHAFT: Claims Registration Ends August 4 ---------------------------------------------------------- Creditors of DSK Handelsgesellschaft mbH have until Aug. 4 to register their claims with court-appointed provisional administrator Joachim Buettner. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Sept. 6, 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 (Civil Law Courts) 4th Floor Anbau Sievkingplatz 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 DSK Handelsgesellschaft mbH on June 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: DSK Handelsgesellschaft mbH Attn: Dieter Schafer, Manager Dammwiesenstr. 15 22045 Hamburg, Germany The administrator can be contacted at: Joachim Buettner Osdorfer Highway 230 22549 Hamburg, Germany Tel: 8078810 Fax: 807881-20 IWD INGENIEUR: Claims Registration Ends July 20 ----------------------------------------------- Creditors of IWD Ingenieur Werner Dill Verwaltungs GmbH & Co. KG have until July 20 to register their claims with court-appointed provisional administrator Stefan Rieger. Creditors and other interested parties are encouraged to attend the meeting at 2:15 p.m. on Aug. 10, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Koenigstein/Ts. Are 106 A Law Courts Castle Way 9 61462 Koenigstein/Ts., 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 Koenigstein/Ts. opened bankruptcy proceedings against IWD Ingenieur Werner Dill Verwaltungs GmbH & Co. KG on June 7. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: IWD Ingenieur Werner Dill Verwaltungs GmbH & Co. KG Olmuehlweg 35c 61462 Konigstein, Germany Attn: Kathrin Erbach, Manager Froebelstrasse 10 65549 Limburg, Germany The administrator can be contacted at: Stefan Rieger Zeilweg 42 D-60439 Frankfurt am Main, Germany Tel: 069/963761-130 Fax: 069/963761-145 NEUDORF GMBH: Claims Registration Ends August 2 ----------------------------------------------- Creditors of Neudorf GmbH have until Aug. 2 to register their claims with court-appointed provisional administrator Stephan Laubereau. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 22, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wiesbaden E 36 A 3rd Floor Building E Moritzstrasse 5 Hinterhaus 65185 Wiesbaden, 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 Wiesbaden opened bankruptcy proceedings against Neudorf GmbH on June 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Neudorf GmbH Attn: Stefan Becht, Manager Daimlerring 7 65205 Wiesbaden, Germany The administrator can be contacted at: Dr. Stephan Laubereau Kanzlei Kuebler Office Frankfurt/M. Wolf-Heidenheim-Road 12 60489 Frankfurt/Main, Germany Tel: 069/713 798 30 Fax: 069/713 798 33 Web: http://www.kuebler-gbr.de/ NOVAPHARM GMBH: Claims Registration Ends August 3 ------------------------------------------------- Creditors of Novapharm GmbH have until Aug. 3 to register their claims with court-appointed provisional administrator Claus- Peter Langer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 24, 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 Munich Meeting Room 102 Infanteriestr. 5 Munich, 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 Munich opened bankruptcy proceedings against Novapharm GmbH on June 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Novapharm GmbH Keferloh 1c 85630 Grasbrunn, Germany The administrator can be contacted at: Claus-Peter Langer Herzog-Wilhelm-Str. 17 80331 Munich, Germany Tel: 236858-0 Fax: 2603440 SBJ PROJEKTENTWICKLUNG: Claims Registration Ends July 28 -------------------------------------------------------- Creditors of SBJ Projektentwicklung und Management GmbH have until July 28 to register their claims with court-appointed provisional administrator Thomas Illy. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Aug. 10, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanau Area E03 Branch Office Insolvency Court Engelhardstrasse 21 63450 Hanau, 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 Hanau opened bankruptcy proceedings against SBJ Projektentwicklung und Management GmbH on June 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: SBJ Projektentwicklung und Management GmbH Attn: Reinhard Scherer, Manager Brucknerstr. 1 61130 Nidderau, Germany The administrator can be contacted at: Thomas Illy Welle 5 60322 Frankfurt/Main, Germany Tel: 069/9799530 Fax: 069/97995399 E-mail: thomas.illy@thierhoffilly.com STUDENTENKELLER WOHNHEIM: Claims Registration Ends July 31 ---------------------------------------------------------- Creditors of Studentenkeller Wohnheim D e.V. have until July 31 to register their claims with court-appointed provisional administrator Bettina Schmudde. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Sept. 6, 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 Dresden Hall D131 Olbrichtplatz 1 01099 Dresden, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Dresden opened bankruptcy proceedings against Studentenkeller Wohnheim D e.V. on June 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Studentenkeller Wohnheim D e.V. Schliebenstr. 27 02763 Zittau, Germany The administrator can be contacted at: Bettina Schmudde Kings Road 1 01097 Dresden, Germany Web: http://www.whitecaseinso.de/ VEREIN KLINIK: Claims Registration Ends August 1 ------------------------------------------------ Creditors of Verein Klinik Aprath e.V.have until Aug. 1 to register their claims with court-appointed provisional administrator Jorg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Wuppertal Meeting Room A234 2nd Floor Isle 2 42103 Wuppertal, Germany The Court will also verify the claims set out in the administrator's report at 9:00 a.m. on Sept. 5 at the same venue. The District Court of Wuppertal opened bankruptcy proceedings against Verein Klinik Aprath e.V. on June 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Verein Klinik Aprath e.V. Hospital Aprath 1 42489 Wuelfrath, Germany Attn: Dr. Burghard Lehmann, Manager Landerbach 76 33758 Schloss Holte-Stukenbrock, Germany Frank-Michael Pfeiffer, Manager Steeler Str. 20 46047 Oberhausen, Germany The administrator can be contacted at: Dr. Jorg Nerlich Friedrich-Ebert-Str. 17 42103 Wuppertal, Germany ============= H U N G A R Y ============= GENERAL BANKING: Moody's Cuts Financial Strength Rating to D ------------------------------------------------------------ Moody's Investors Service downgraded the long-term foreign currency deposit rating of General Banking and Trust Company to Ba2 from Ba1 and GBT's financial strength rating to D from D+. The ratings had been placed on review for possible downgrade on July 4. The Non-Prime short-term foreign currency bank deposit rating was affirmed with a stable outlook. In placing the ratings on review for possible downgrade, Moody's had said that GBT's long-term deposit rating and the Financial Strength rating were placed on review for downgrade because of concerns over the implications of the changes in the bank's business model over the course of the last year, as well as the significant increase in the bank's risk appetite, especially with regards to credit risk, market and trading activities. During 2005 and Q1 2006, the bank has considerably increased the volume of its proprietary trading activities and has taken on significantly higher amounts of market risk in a limited number of trading positions in Hungarian and Russian equities which represents an important percentage of the bank's shareholder equity. The bank has also increased its exposure to credit risk in emerging market countries. Further, the bank's loan book continues to remain highly concentrated, with top five loan exposures reaching over 75% of the bank's capital. In addition, the bank's ambitions in retail banking, which we considered to be a positive rating driver, have reduced as shown by the sale of ten underperforming branches to Volksbank and therefore instead will focus more on corporate lending and securities trading going forward. Moody's stated that the review for possible downgrade would focus on assessing whether the bank's changing business model, increasing risk appetite, and the banks credit and market risk profile and financial fundamentals remain consistent with the current Ba1/D+ foreign currency deposit and financial strength ratings. Moody's also stated that its review would also focus on the repercussions of the recent volatility in global currency, equity and fixed income markets on GBT's financial fundamentals and risk profile. Ratings downgraded with a stable outlook: -- Long-Term Foreign Currency Deposit Rating to Ba2 from Ba1; and -- Financial Strength Rating to D from D+. Rating affirmed with a stable outlook: -- Short-Term Foreign Currency Deposit Rating of Not Prime Headquartered in Budapest, Hungary, General banking and Trust Company reported in 2005 IFRS consolidated total assets of HUF 243.7 billion (US$1.1 billion) and IFRS net profit of HUF 21.8 billion (US$102 million). GENERAL BANKING: Moody's Withdraws D Financial Strength Rating -------------------------------------------------------------- Moody's Investors Service withdrew the ratings for General banking and Trust Company at the bank's request. This bank has no rated debts outstanding. This action does not reflect a change in its creditworthiness. Ratings withdrawn: General Banking and Trust Company -- Long-term deposit rating: Ba2; -- Short-term deposit rating: Not Prime; and -- Bank financial strength rating: D. All ratings carried stable outlook prior to withdrawal. Headquartered in Budapest, Hungary, General banking and Trust Company reported in 2005 IFRS consolidated total assets of HUF243.7 billion (US$1.1 billion) and IFRS net profit of HUF21.8 billion (US$102 million). =================== K A Z A K H S T A N =================== CARAVAN: Creditors Must File Claims by July 28 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Caravan insolvent on April 28 without the introduction of bankruptcy proceedings. Creditors have until July 28 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Region Gogol Str. 177a Kostanai, Kostanai Region Kazakhstan ESET: Creditors Must File Claims by Aug. 1 ------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty declared LLP Eset insolvent on May 10. Creditors have until Aug. 1 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Office 204 Kunayeva Str. 99a Almaty, Kazakhstan Tel: 8 (3272) 72-99-63 8 (3272) 67-63-46 8 (3007) 18-01-17 OPT-OIL: Creditors Must File Claims by July 28 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Opt-Oil insolvent on April 28 without the introduction of bankruptcy proceedings. Creditors have until July 28 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Region Gogol Str. 177a Kostanai, Kostanai Region Kazakhstan SJIJENNYI GAZ: Proof of Claim Deadlin Slated for July 28 -------------------------------------------------------- JSC Liquefied Gas Sjijennyi Gaz has declared insolvency. Creditors have until July 28 to submit written proofs of claim to: JSC Liquefied Gas Sjijennyi Gaz Askarova Str. 297a Taraz, Kazakhstan TASTOBE-AGRO: Proof of Claim Deadline Slated for July 28 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty Region declared LLP Tastobe-Agro insolvent on May 4. Creditors have until July 28 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Region Birjan Sal Str. 80-30 Taldykorgan, Almaty Region Kazakhstan Tel: 8 (3282) 24-74-83 TEHNOKOM LTD: Claims Registration Ends July 28 ---------------------------------------------- LLP Company Tehnokom Ltd. has declared insolvency. Creditors have until July 28 to submit written proofs of claim to: LLP Company Tehnokom Ltd Room 305 Auezova Str. 82 Almaty, Kazakhstan Room 7 Muratbayeva Str. 138 Almaty, Kazakhstan Tel: 8 (3272) 93-78-52 TOPEC LTD: Claims Registration Ends Aug. 1 ------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty declared LLP Topec Ltd. insolvent on May 15. Creditors have until Aug. 1 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Office 204 Kunayeva Str. 99a Almaty, Kazakhstan Tel: 8 (3272) 72-99-63 8 (3272) 67-63-46 8 (3007) 18-01-17 UKO-OIL: Creditors' Claims Due Aug. 1 ------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Uko-Oil insolvent on May 11. Creditors have until Aug. 1 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Office 204 Kunayeva Str. 99a Almaty, Kazakhstan Tel: 8 (3272) 72-99-63 8 (3272) 67-63-46 8 (3003) 37-52-95 URALAZAVTOSERVIS-MANGISTAU: Court Starts Bankruptcy Process ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region has commenced bankruptcy proceeding against LLP Uralazavtoservis-Mangistau on May 25. The Specialized Inter-Regional Economic Court of Mangistau Region can be reached at: Micro District 27 Aktau, Kazakhstan Tel: 8 (3292) 41-22-37 ZVEZDA: Creditors' Claims Due Aug. 1 ------------------------------------ The Specialized Inter-Regional Economic Court of Almaty declared LLP Firm Zvezda insolvent on May 4. Creditors have until Aug. 1 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Office 204 Kunayeva Str. 99a Almaty, Kazakhstan Tel: 8 (3272) 72-99-63 8 (3272) 67-63-46 8 (3007) 18-01-17 =================== K Y R G Y Z S T A N =================== ANER TREID: Proof of Claim Deadline Slated for Aug. 25 ------------------------------------------------------ LLC Aner Treid has declared insolvency. Creditors have until Aug. 25 to submit written proofs of claim to: LLC Aner Treid Ak-Tuz Str. 189 Bishkek, Kyrgyzstan FENIKS AVIEISHEN: Creditors Must File Claims by Sept. 1 ------------------------------------------------------- LLC Airline Feniks Avieishen has declared insolvency. Creditors have until Sept. 1 to submit written proofs of claim to: Office of the LLC Airline Feniks Avieishen International Airport Manas Kyrgyzstan ORDO-BAS: Proof of Claim Deadline Slated for Sept. 1 ---------------------------------------------------- LLC Company Ordo-Bas has declared insolvency. Creditors have until Sept. 1 to submit written proofs of claim to: LLC Ordo-Bas Aidyn-kol Str. 8 Bishkek, Kyrgyzstan Tel: (+996 312) 65-24-16 =================== L U X E M B O U R G =================== WEATHER CAPITAL: Moody's Withdraws B3 Rating on EUR1.2-Bln Loan --------------------------------------------------------------- Moody's Investors Service withdrew the B3 rating previously assigned to a EUR1.2 billion collateralized loan facility granted to Weather Capital S.a.r.l. at the request of the company. The rating had been put on review in December 2005 for possible downgrade at the time of an announced acquisition as a result of the need to review possible changes that would be made to the facility's terms and conditions. The terms and conditions of the loan facility have been replaced with new terms and conditions, which include no requirement for a rating. Weather Capital S.a.r.l. is a holding company established under the laws of Luxembourg for the purpose of partially financing the acquisition of Wind Telecomunicazioni S.p.A by Mr. Naguib Sawiris, the indirect controlling shareholder of Weather Investments S.r.l. The main asset of Weather Capital is a 50% + 1 share, in the form of GDRs, each representing one ordinary share, in the share capital of Orascom Telecom Holdings S.A.E. ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Nominates Tom de Swaan to Supervisory Board -------------------------------------------------------------- Koninklijke Ahold N.V.'S Supervisory Board has nominated Tom de Swaan for appointment as one of its members. Mr. De Swaan is the former Chief Financial Officer of ABN AMRO Bank N.V. His nomination for appointment will be on the agenda of the next general meeting of Ahold shareholders. Mr. De Swaan, 60, will fill the vacancy to be left by Jan Hommen, who has been on the Ahold Supervisory Board and chairman of the Audit Committee since 2003. Hommen will not be standing for re-election at the end of his term following the Annual General Meeting of Shareholders in 2007, due to a restriction on the number of directorships under the Tabaksblat Code. Mr. De Swaan was appointed to the Executive Board of ABN AMRO Bank N.V. in 1999, and served as Chief Financial Officer between 1999 and 2006. He holds several other supervisory or non- executive directorships including Koninklijke DSM N.V., GlaxoSmithKline plc, Financial Services Authority London and Zurich Financial Services. The Ahold Supervisory Board currently comprises: -- Rene Dahan (Chairman, Chairman of the Selection and Appointment Committee, and former Executive Vice President of Exxon Mobil Corporation); -- Jan Hommen (Vice Chairman, Chairman of the Audit Committee and former CFO and vice chairman of the board of Royal Philips Electronics N.V.); -- Karen de Segundo (former CEO of Shell International Renewables); -- Derk Doijer (Chairman of the Remuneration Committee and former executive director of SHV Holdings); -- Myra Hart (a professor who holds the MBA Class of 1961 Chair of Entrepreneurship at Harvard Business School, and a member of the founding team of Staples the Office Superstore); -- Stephanie Shern (formerly vice chair and global director of Retail and Consumer Products at Ernst & Young); and -- Judith Sprieser (former CEO of Transora, Inc. and CFO of Sara Lee Corporation). About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe and Asia. The company's chain stores includes Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * Moody's Investors Service and Standard and Poor's has assigned low-B ratings to the company's 5.625% senior notes due 2007. Also, the company's 5.875% senior unsubordinated notes due 2008 and 6.375% senior unsubordinated notes due 2007 carry Moody's, S&P's and Fitch's low-B ratings. VNU N.V.: S&P Lowers Long-Term Corporate Credit Rating to B ----------------------------------------------------------- Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on Dutch media group VNU N.V. to 'B' from 'B+', and affirmed its 'B' short-term corporate credit rating. All ratings have been removed from CreditWatch, where they were placed with negative implications on Oct. 12, 2005. The outlook is negative. "The downgrade reflects the implementation of VNU's highly leveraged capital structure as part of private-equity-owned Valcon Acquisition B.V.'s recent LBO of the group," said Standard & Poor's credit analyst Paul Draffin. "This will increase VNU's debt levels, excluding pension obligations and leases, to about EUR6.1 billion--about US$7.6 billion--or slightly below 9x 2005 EBITDA before certain addbacks of one-off items and anticipated savings." Standard & Poor's also assigned its 'B+' long-term debt rating and '1' recovery rating to the US$5.856 billion proposed senior secured facilities borrowed at the level of Nielsen Finance LLC, VNU Holding and Finance B.V., and ACNielsen Company of Canada, and its 'CCC+' long-term debt rating to the proposed US$835 million senior unsecured notes due 2014 and US$835 million senior subordinated discount notes due 2016 to be issued by Nielsen Finance LLC and guaranteed by VNU N.V. The new ratings are subject to Standard & Poor's satisfaction with final documentation. About EUR520 million of VNU's existing bonds are expected to remain outstanding upon completion of the LBO. The 'B+' bank loan rating, which is one notch higher than the corporate credit rating, and the '1' recovery rating indicate Standard & Poor's expectation of full recovery of principal for senior secured lenders in the event of a payment default. The two-notch differential between the rating on the group's unsecured debt issues and the corporate credit rating acknowledges the materially disadvantaged recovery position of these debt issues relative to the group's substantial senior secured bank debt. Given VNU's significant financial leverage and limited capacity to reduce debt from internal cash flow generation in the near term, ratings stability will depend on the group's ability to make solid progress in expected cost savings and, more importantly, on converting these cost savings into increased earnings and cash flows. "These measures, together with maintenance of adequate liquidity, will be required to stabilize the long-term corporate credit rating at the 'B' level," said Mr. Draffin. "A downgrade would be possible if the group were subject to greater-than-expected competitive pressure or endured significant difficulties in realizing expected cost savings, which would then diminish headroom under its financial covenants." =========== N O R W A Y =========== AKER KVAERNER: Inks NOK450-Million Contract with MPF Corp Ltd. -------------------------------------------------------------- Aker Kvaerner ASA has signed a contract with MPF Corp Ltd. for delivery of drilling equipment to the Multi Purpose Floater drillship. The total contract value for Aker Kvaerner is approximately NOK450 million. The drilling package is designed for world wide, harsh environment and ultra deepwater drilling operations. The contract is undertaken by the Aker Kvaerner subsidiary, Aker Kvaerner MH in Kristiansand. The delivery consists of a complete drilling equipment package; derrick and associated equipment, drillfloor and pipedeck equipment with control system, tensioning systems, mud handling equipment and subsea handling equipment. "Our delivery to MPF Corp. Ltd. demonstrates the flexibility and versatility of our products and solutions," Roald Amundsen, President of Aker Kvaerner MH, said. "The delivery to MPF will be based on a solution delivered to ultra deepwater semi submersibles, and will be adapted to fit their multipurpose floater. This execution philosophy will also ensure quality and timely delivery." The drilling equipment package will be delivered sequentially starting Q4-2007. About Aker Kvaerner Headquartered in Lysaker, Norway, Aker Kvaerner ASA -- http://www.akerkvaerner.com/-- through its subsidiaries and affiliates, is a leading global provider of engineering and construction services, technology products and integrated solutions. The Aker Kvaerner group is organised into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. * * * As reported in TCR-Europe on April 26, Moody's Investors Service upgraded the ratings of Aker Kvaerner Oil & Gas Group and 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. =========== R U S S I A =========== ALFA: Bankruptcy Hearing Slated for August 1 -------------------------------------------- The Arbitration Court of Volgograd Region will convene at 9:00 a.m. on Aug. 1 to hear the bankruptcy supervision procedure on OJSC Alfa. The case is docketed under Case No. A12-5209/06-S48. The Temporary Insolvency Manager is: A. Tokarev Post User Box 1961 400050 Volgograd Region Russia The Debtor can be reached at: OJSC Alfa Dovzhenko Str. 69 400080 Volgograd Region Russia FERTILITY: Tula Court Starts Bankruptcy Supervision --------------------------------------------------- The Arbitration Court of Tula Region has commenced bankruptcy supervision procedure on OJSC Fertility (TIN 7127001030). The case is docketed under Case No. A68-67/B-06. The Temporary Insolvency Manager is: A. Popov Post User Box 345 115230 Moscow-320 Russia The Debtor can be reached at: OJSC Fertility Arkhangelskoye Kamenskiy Region 301990 Tula Region Russia KANSKIY: Court Names S. Grudyakov as Insolvency Manager ------------------------------------------------------- The Arbitration Court of Krasnoyarsk Region appointed S. Grudyakov as Insolvency Manager for OJSC City Diary Factory Kanskiy. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-199440/2005. The Arbitration Court of Krasnoyarsk Region is located at: Lenina Str. 143. 660021 Krasnoyarsk Region Russia The Debtor can be reached at: OJSC City Diary Factory Kanskiy Let Oktyabrya Str. 68 Kansk 40 663614 Krasnoyarsk Region Russia KUYBYSHEVSKOYE MILK: B. Artemkin to Manage Assets ------------------------------------------------- The Arbitration Court of Novosibirsk Region appointed Mr. B. Artemkin as Insolvency Manager for CJSC Kuybyshevskoye Milk. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-18113/05-10/296. The Arbitration Court of Novosibirsk Region is located at: Kirova Str. 3. 630007 Novosibirsk Region Russia The Debtor can be reached at: CJSC Kuybyshevskoye Milk Kuybyshev Novosibirsk Region Russia METALLO-PLAST: Court Names A. Popov as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Tula Region appointed Mr. A. Popov as Insolvency Manager for CJSC Metallo-Plast (TIN 7123004713). He can be reached at: A. Popov Post User Box 345 Moscow Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A68-65/B-06. The Debtor can be reached at: CJSC Metallo-Plast Anishino Venevskiy Region 3013351 Tula Region Russia OMSKIY GROATS: Bankruptcy Hearing Slated for Sept. 19 ----------------------------------------------------- The Arbitration Court of Omsk Region will convene at 10:00 a.m. on Sept. 19 to hear the bankruptcy supervision procedure on CJSC Omskiy Groats Factory (TIN 5507013447). The case is docketed under Case No. A46-4323/2006. The Temporary Insolvency Manager is: V. Ratkovskiy 13th floor. K. Libknekhta Str. 35 644043 Omsk Region Russia The Debtor can be reached at: CJSC Omskiy Groats Factory 12th Dekabrya Str. 1 644015 Omsk Region Russia POWER UNITS: Court Names O. Ospanova as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Volgograd Region appointed Ms. O. Ospanova as Insolvency Manager for CJSC Volgogradskiy Factory of Power Units. She can be reached at: O. Ospanova Office 400 7th Gvardeyskaya Str. 2A 400005 Volgograd Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A12-29745/05-s57. The Debtor can be reached at: CJSC Volgogradskiy Factory Of Power Units Aviatorov Shosse 8 400048 Volgograd Region Russia ROSNEFT OIL: Yukos Wants High Court to Block Share Sale ------------------------------------------------------- Yukos Oil Co. has asked Mr. Justice Charles of the U.K. High Court of Justice to block the initial public offering of state- owned OAO Rosneft Oil Company on the London Stock Exchange. Rosneft's IPO is due to formally trade in London today, a few days after its shares kicked off in the Moscow stock exchange. According to the LSE, full listing of Rosneft will go ahead as scheduled unless blocked by the courts. Yukos representative Clare Montgomery argues that the IPO amounts to money laundering under the Proceeds of Crime Act because 70% of the company's value came from the unlawful seizure and sale of Yukos, The Wall Street Journal reports. "Proceeds of crime legislation should be used to prevent rogue regimes from acting in criminal or unlawful ways," Ms. Montgomery said. Rosneft purchased Yukos' largest production unit, Yuganskneftegaz, in December 2004 after the Russian government seized the asset as payment for more than US$30 billion in tax arrears for 2000-2003. Yukos alleged that the flotation would amount to the sale of the stolen property. Yukos sought the High Court's permission to seek a judicial review on decisions made by the Financial Services Authority and the LSE as to whether they have acted lawfully in allowing the shares to be listed in the London market. Yukos wants the court to enforce a temporary injunction on the share sale pending the review. BBC reports that the court has set aside a day-and-a-half to investigate whether the FSA and LSE decisions are open to legal challenge but warns a decision is unlikely before today's deadline. Rosneft raised US$10.4 billion last week after placing 13 percent of its stock, initially priced at US$7.55, in Russia's largest IPO. Greg Walters of Dow Jones Newswires says that the share price announced after the IPO gave Rosneft a market cap of US$79.8 billion, well above Russian rival OAO Lukoil Holdings. Rosneft will use proceeds from the IPO to pay off a US$7.5 billion syndicated bank loan that helped finance the state buyback of a 10.7% stake in Gazprom. About Yukos Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Government sold its main production unit Yugansk, to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06- 10775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. About Rosneft 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. ROSNEFT OIL: R. Abramovich Bought US$300-Mln Shares, Paper Says --------------------------------------------------------------- Russian billionaire Roman Abramovich bought a stake in state- owned OAO Rosneft Oil Company for US$300 million, MosNews reports citing The British Observer as its source. According to the paper, Mr. Abramovich's stake represents 3 percent of all the shares now on the market, although his share of Rosneft's equity would be smaller. Rosneft raised US$10.4 billion last week after placing 13 percent of its stock, initially priced at US$7.55, in Russia's largest and the world's fifth largest flotation. MosNews says the listing is believed to see around 20-25 percent of Rosneft into investors' hands while 75-80 percent will be retained by the Kremlin, with around 40 percent of the shares available to be set aside for Russian investors. Greg Walters of Dow Jones Newswires says that the share price announced after the IPO gave Rosneft a market cap of US$79.8 billion, well above Russian rival OAO Lukoil Holdings. Rosneft will use proceeds from the IPO to pay off a US$7.5 billion syndicated bank loan that helped finance the state buyback of a 10.7% stake in Gazprom. About Rosneft 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. RYMNINSKOYE: Chelyabinsk Court Starts Bankruptcy Supervision ------------------------------------------------------------ The Arbitration Court of Chelyabinsk Region has commenced bankruptcy supervision procedure on CJSC Rymninskoye. The case is docketed under Case No. A76-5348/2006-52-8. The Temporary Insolvency Manager is: V. Tatarnikov Komarovskogo Str. 9/3 454052 Chelyabinsk Region Russia The Debtor can be reached at: CJSC Rymninskoye Rymnikskiy Bredninskiy Region Chelyabinsk Region Russia SAPOZHKOVSKIY MECHANICAL: Bankruptcy Hearing Slated for Aug. 22 --------------------------------------------------------------- The Arbitration Court of Ryazan Region will convene on Aug. 22at 11:30 a.m. to hear the bankruptcy supervision procedure on OJSC Sapozhkovskiy Mechanical Factory. The case is docketed under Case No. A54-1341/2006-S6. The Temporary Insolvency Manager is: A. Androsov 390039 Ryazan Region Russia Post User Box 269. The Arbitration Court of Ryazan Region is located at: Pochtovaya Str. 43/44. Ryazan Region Russia The Debtor can be reached at: OJSC Sapozhkovskiy Mechanical Factory Svobody Str. 4 Sapozhok 391940 Ryazan Region Russia STEEL-SERVICE: Court Starts Bankruptcy Supervision -------------------------------------------------- The Arbitration Court of Kurgan Region has commenced bankruptcy supervision procedure on LLC Steel-Service. The case is docketed under Case No. A34-1069/2006. The Temporary Insolvency Manager is: V. Ivanov Mira Pr. 171A 644085 Omsk Region Russia The Debtor can be reached at: LLC Steel-Service Tsentralnaya Str. 1A Zamaraevskoye Shadrinskiy Region 641859 Kurgan Region Russia SPETS-STROY: Court Names A. Rusanov as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Novosibirsk Region appointed Mr. A. Rusanov as Insolvency Manager for CJSC Building Company Spets- Stroy. He can be reached at: A. Rusanov Post User Box 210 Kostycheva Str. 40/2 630077 Novosibirsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-16018/05-27/259. The Arbitration Court of Novosibirsk Region is located at: Kirova Str. 3. 630007 Novosibirsk Region Russia The Debtor can be reached at: CJSC Building Company Spets-Stroy B. Khmelnitskogo Str. 29 630075 Novosibirsk Region Russia TIKHVINSKIY GALANT: Court Starts Bankruptcy Supervision ------------------------------------------------------- The Arbitration Court of St. Petersburg and the Leningrad Region has commenced bankruptcy supervision procedure on OJSC Tikhvinskiy Factory Galant. The case is docketed under Case No. A56-36164/2005. The Temporary Insolvency Manager is: D. Ivanov Office 315 Marata Str. 92 191119 St. Petersburg Region Russia The Debtor can be reached at: OJSC Tikhvinskiy Factory Galant Borovaya Str. 1 Tikhvin 187500 Leningrad Region Russia TURDEYSKOYE: Court Names N. Rzyankin as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Tula Region appointed Mr. N. Rzyankin as Insolvency Manager for CJSC Turdeyskoye (TIN 7124000782). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A68-30/B-06. The Debtor can be reached at: CJSC Turdeyskoye Kazachka Volovskiy Region 301591 Tula Region Russia VOROBYEVSKOYE: Court Names I. Klemeshov as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Novosibirsk Region appointed Mr. I. Klemeshov as Insolvency Manager for OJSC Vorobyevskoye. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-26057/05-48/453. The Arbitration Court of Novosibirsk Region is located at: Kirova Str. 3 630007 Novosibirsk Region Russia The Debtor can be reached at: OJSC Vorobyevskoye Vorobyevo Kolyvanskiy Region 633167 Novosibirsk Region Russia YUKOS OIL: Wants High Court to Block Rosneft Share Sale ------------------------------------------------------- Yukos Oil Co. has asked Mr. Justice Charles of the U.K. High Court of Justice to block the initial public offering of state- owned OAO Rosneft Oil Company on the London Stock Exchange. Rosneft's IPO, which is Russia's largest flotation to date, is due to formally trade in London today, a few days after its shares kicked off in the Moscow stock exchange. According to the LSE, full listing of Rosneft will go ahead as scheduled unless blocked by the courts. Yukos representative Clare Montgomery argues that the IPO amounts to money laundering under the Proceeds of Crime Act because 70% of the company's value came from the unlawful seizure and sale of Yukos, The Wall Street Journal reports. "Proceeds of crime legislation should be used to prevent rogue regimes from acting in criminal or unlawful ways," Ms. Montgomery said. Rosneft purchased Yukos' largest production unit, Yuganskneftegaz, in December 2004 after the Russian government seized the asset as payment for more than US$30 billion in tax arrears for 2000-2003. Yukos alleged that the flotation would amount to the sale of the stolen property. Yukos sought the High Court's permission to seek a judicial review on decisions made by the Financial Services Authority and the LSE as to whether they have acted lawfully in allowing the shares to be listed in the London market. Yukos wants the court to enforce a temporary injunction on the share sale pending the review. BBC reports that the court has set aside a day-and-a-half to investigate whether the FSA and LSE decisions are open to legal challenge but warns a decision is unlikely before today's deadline. Rosneft raised US$10.4 billion last week after placing 13 percent of its stock, initially priced at US$7.55, in Russia's largest IPO. Greg Walters of Dow Jones Newswires says that the share price announced after the IPO gave Rosneft a market cap of US$79.8 billion, well above Russian rival OAO Lukoil Holdings. Rosneft will use proceeds from the IPO to pay off a US$7.5 billion syndicated bank loan that helped finance the state buyback of a 10.7% stake in Gazprom. About Rosneft 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. About Yukos Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Government sold its main production unit Yugansk, to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06- 10775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. YUKOS OIL: Court Nixes Moravel's Suit to Recover US$680 Million --------------------------------------------------------------- The Moscow Arbitration Court rejected Monday Moravel Investment Ltd.'s request to enforce a ruling by a London arbitration tribunal to recover US$680 million from Yukos Oil Company, RIA Novosti says. On Sept. 30, 2003, Societe Generale Bank extended a US$1.6 billion loan to Yukos under which it may demand early repayment over threats of default. The bank then demanded the repayment of the remaining US$655.25 million debt when Yukos ran into financial difficulties. When Yukos failed to meet its obligations, the bank re-assigned its claim to Moravel Investment which then took the case to an arbitration tribunal in London, the Russian news agency relates. According to the report, the tribunal ruled in favor of Moravel on Sept. 16, 2005, to recover the amount from Yukos together with accrued interest. About Yukos Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Government sold its main production unit Yugansk, to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06- 10775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. ========= S P A I N ========= FONCAIXA FTGENCAT: Moody's Junks EUR6-Mln Series E Notes -------------------------------------------------------- Moody's Investors Service assigned definitive 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 that has been created by Gesticaixa, S.G.F.T, S.A. Ratings assigned: -- EUR251.2 million Series A(S) notes: Aaa; -- EUR326.0 million Series A(G) notes: Aaa; -- EUR9.6 million Series B notes: A2; -- EUR7.2 million Series C notes: Baa2; -- EUR6.0 million Series D notes: Ba1; and -- EUR6.0 million Series E notes: C. The definitive 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 (SMEs) loans under the FTGENCAT program carried out by La Caixa, S.A., comes after the concession by the Economy Departement 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 (Aa3/P-1), 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: -- prorrata 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 has based its ratings on: -- an evaluation of the underlying portfolio of loans securing the structure, and -- the transaction's structural protections, which include the subordination of the notes, the strength of the cash flows including the reserve fund and any excess spread available to cover losses. ============= U K R A I N E ============= ADM-GROUP: Court Names LLC Prime-Inform as Liquidator ----------------------------------------------------- The Economic Court of Kyiv Region appointed LLC Prime-Inform as Liquidator for LLC ADM-Group (code EDRPOU 33238291). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 16. The case is docketed under Case No. 15/289-b. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC ADM-Group Peremogi Avenue 136/34 03170 Kyiv Region Ukraine ALMAZ-OIL: Court Names M. Vereshak as Insolvency Manager -------------------------------------------------------- The Economic Court of Zaporizhya Region appointed Mr. M. Vereshak as Liquidator/Insolvency Manager for LLC Trade House Almaz-Oil (code EDRPOU 31806269). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 26. The case is docketed under Case No. 16/6/06. The Economic Court of Zaporizhya Region is located at: Shaumyana Str. 4 69001 Zaporizhya Region Ukraine The Debtor can be reached at: LLC Trade House Almaz-Oil Nizhnyo-Dniprovska Str. 6-A 69091 Zaporizhya Region Ukraine ASTORIYA: Court Names Bankruptcy Agency to Liquidate Assets ----------------------------------------------------------- The Economic Court of Vinnitsya Region appointed Vinnitsya Regional Sector of Bankruptcy Questions as Liquidator for Agricultural LLC Astoriya (code EDRPOU 32060558). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 10/59-06. The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: Agricultural LLC Astoriya Pustoha Kozyatin District 22144 Vinnitsya Region Ukraine BUDMASH: Court Names I. Popov as Insolvency Manager --------------------------------------------------- The Economic Court of Donetsk Region appointed Mr. I. Popov as Liquidator/Insolvency Manager for OJSC Budmash (code EDRPOU 01033310). He can be reached at: Makiyivka Tambovska Str. 1 Donetsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 24. The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: OJSC Budmash Tambovska Str. 1 Makiyivka 83030 Donetsk Region Ukraine CHAROSVIT: Kyiv Court Starts Bankruptcy Supervision --------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on LLC Charosvit (code EDRPOU 31109010) on April 14. The case is docketed under Case No. 23/116-B. The Temporary Insolvency Manager is: V. Zaharchuk a/b 100 03146 Kyiv Region Ukraine The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Charosvit Val Str. 5 Yaroslaviv 01034 Kyiv Region Ukraine DAVID: Court Names Ludmila Buchinska as Liquidator -------------------------------------------------- The Economic Court of Lviv Region appointed Ludmila Buchinska as Liquidator/Insolvency Manager for LLC David (code EDRPOU 22405789). She can be reached at: Ludmila Buchinska Varshavska Str. 94 79020 Lviv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 11. The case is docketed under Case No. 6/66-5/86. The Economic Court of Lviv Region is located at: Lichakivska Str. 81 79010 Lviv Region Ukraine The Debtor can be reached at: LLC David Chervonograd 80100 Lviv Region Ukraine DIBROVA: Court Names Mr. V. Kunashenko as Insolvency Manager ------------------------------------------------------------ The Economic Court of Hmelnitskij Region appointed Mr. V. Kunashenko as Liquidator/Insolvency Manager for Agricultural LLC Dibrova (code EDRPOU 14178598). The Court commenced bankruptcy proceedings against the company after finding it insolvent on April 10. The case is docketed under Case No. 3/321-B. The Economic Court of Hmelnitskij Region is located at: Nezalezhnosti Square 1 29000 Hmelnitskij Region Ukraine The Debtor can be reached at: Agricultural LLC Dibrova Starokostyantinivka District Drachi Hmelnitskij Region Ukraine ELEKTROPROMKOMPLEKT: Court Names R. Kravchenko as Liquidator ------------------------------------------------------------ The Economic Court of Zaporizhya Region appointed Mr. R. Kravchenko as Liquidator/Insolvency Manager for LLC Elektropromkomplekt (code EDRPOU 32934646). He can be reached at: R. Kravchenko a/b 42 Skifska Str. 18/17 Energodar 71500 Zaporizhya Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 25. The case is docketed under Case No. 25/95/06. The Economic Court of Zaporizhya Region is located at: Shaumyana Str. 4 69001 Zaporizhya Region Ukraine The Debtor can be reached at: LLC Elektropromkomplekt Dniprovski zori Str. 1-A 69015 Zaporizhya Region Ukraine EVA: Court Names CJSC Kyiv Glass Tare Plant as Liquidator --------------------------------------------------------- The Economic Court of Kyiv Region appointed CJSC Kyiv Region' Glass Tare Plant as Liquidator for LLC Eva (code EDRPOU 19254714). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 18. The case is docketed under Case No. 15/326-b. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Eva Maslivka Str. 27 02132 Kyiv Region Ukraine FACTOR TECHNOLOGY: Court Names LLC Avangard Stil as Liquidator -------------------------------------------------------------- The Economic Court of Kyiv Region appointed for LLC Factor Technology (code EDRPOU 33294822). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 16. The case is docketed under Case No. 15/287-b. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Factor Technology Peremogi Avenue 136/34 03115 Kyiv Region Ukraine INVEST-KOMPLEKT: Court Names LLC Budivelnik as Liquidator --------------------------------------------------------- The Economic Court of Kyiv Region appointed LLC Budivelnik as Liquidator for LLC Invest-Komplekt (code EDRPOU 33238181). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 16. The case is docketed under Case No. 15/290-b. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Invest-Komplekt Pavlo Pestel Str. 11 01135 Kyiv Region Ukraine IVANICHI' BREAD: Court Names Anatolij Lipich as Liquidator ---------------------------------------------------------- The Economic Court of Volinska Region appointed Anatolij Lipich as Liquidator/Insolvency Manager for OJSC Ivanichi' Bread Receiving Enterprise (code EDRPOU 00953467). He can be reached at: Anatolij Lipich a/b 7 Lutsk 43018 Volinska Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 11. The case is docketed under Case No. 1/49-B. The Economic Court of Volinska Region is located at: Voli Avenue 54-a 43010 Lutsk Region Ukraine The Debtor can be reached at: OJSC Ivanichi' Bread Receiving Enterprise Lutska Str. 2 Ivanichi 45260 Volinska Region Ukraine KAMYANETS-PODILSKIJ' TOBACCO: Volodimir Gabruk to Manage Assets --------------------------------------------------------------- The Economic Court of Hmelnitskij Region appointed for OJSC Kamyanets-Podilskij' Tobacco Factory (code EDRPOU 00383248). The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 5. The case is docketed under Case No. 4/136-B. The Economic Court of Hmelnitskij Region is located at: Nezalezhnosti Square 1 29000 Hmelnitskij Region Ukraine The Debtor can be reached at: OJSC Kamyanets-Podilskij' Tobacco Factory Kripyakevich Str. 3 Kamyanets-Podilskij 32300 Hmelnitskij Region Ukraine KAPUSTYANSKE: Court Names Anatolij Leshenko as Liquidator --------------------------------------------------------- The Economic Court of Vinnitsya Region appointed Anatolij Leshenko as Liquidator/Insolvency Manager for Agricultural OJSC Kapustyanske (code EDRPOU 00385655). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 16. The case is docketed under Case No. 5/245-05. The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: Agricultural OJSC Kapustyanske Kapustyani Trostyanets District Vinnitsya Region Ukraine SINAPS-KOMPLEKT: Court Names Asanta as Liquidator ------------------------------------------------- The Economic Court of Kyiv Region appointed Private Enterprise Asanta as Liquidator for LLC Sinaps-Komplekt (code EDRPOU 32775148). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 16. The case is docketed under Case No. 15/286-b. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Sinaps-Komplekt Oranzherejna Str. 3 04112 Kyiv Region Ukraine TEHNOSOYUZ: Court Names Ludmila Zayikina as Insolvency Manager -------------------------------------------------------------- The Economic Court of Kyiv Region appointed Ludmila Zayikina as Liquidator/Insolvency Manager for LLC Industrial Company Tehnosoyuz (code EDRPOU 332622358). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 18. The case is docketed under Case No. 43/279. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Industrial Company Tehnosoyuz Svyatoshinska Str. 3 03115 Kyiv Region Ukraine YAKUTALMAZKROLEVETSSANTEHARMATURA: D. Pehterev to Manage Assets --------------------------------------------------------------- The Economic Court of Sumi Region appointed Dmitro Pehterev as Liquidator/Insolvency Manager for LLC Yakutalmazkrolevetssanteharmatura (code EDRPOU 14005142). The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 15. The case is docketed under Case No. 12/49-05. The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: LLC Yakutalmazkrolevetssanteharmatura Petrovskij Str. 12 Krolevets Sumi Region Ukraine =========================== U N I T E D K I N G D O M =========================== ACAZ RECRUITMENT: Creditors Pass Winding Up Resolution ------------------------------------------------------ Creditors of ACAZ Recruitment Limited passed a resolution to wind up the company's operations on April 21. Stephen John Tancock and Vincent John Green of Smith & Williamson Limited were appointed Joint Liquidators. ACAZ Recruitment Limited can be reached at: 3 Old Bank Chambers 4A Dartford Road March Cambridgeshire PE158AQ United Kingdom Tel: 01354 652 122 AMB ELECTRICAL: Creditors' Meeting Slated for July 26 ----------------------------------------------------- Creditors of AMB Electrical Engineering Limited (Company Number 04848338) will meet at 11:00 a.m. on July 26 at: Holiday Inn Tadcaster Road York YO24 1QF United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12:00 noon on July 25 at: Bernard Hoffman and Ian Douglas Yerrill Joint Administrators Gerald Edelman Suite 2 Kent House Station Road Ashford Kent TN23 1PP United Kingdom Tel: 01233 666 280 Fax: 01233 666 281 Gerald Edelman -- http://www.geraldedelman.com/-- is registered to carry on audit work by the Institute of Chartered Accountants in England and Wales and is authorized and regulated by the Financial Services Authority. Gerald Edelman Financial Solutions Ltd is an appointed representative of Independent Solutions Group Ltd who is regulated by the Financial Services Authority. ANDREW JAMES: Names Ninos Koumettou Liquidator ---------------------------------------------- Ninos Koumettou of Alexander Lawson & Co was appointed Liquidator of Andrew James Housing Limited after creditors agreed to wind up the company on April 27. The company can be reached at: Andrew James Housing Limited Everlast House 1 Cranbrook Lane London N11 1PF United Kingdom Tel: 079 5869 0909 ARCHMASTER UK: Creditors Resolve to Voluntary Liquidation --------------------------------------------------------- Creditors of Archmaster (U.K.) Limited resolved to voluntarily liquidate the company's assets during an extraordinary general meeting on April 13. Subsequently, Andrew T. Clay of Andrew Michaels & Co. Ltd. was appointed Liquidator. The company can be reached at: Archmaster (UK) Limited Unit 20 S D H Industrial Estate West Street Sowerby Bridge West Yorkshire HX6 3BS United Kingdom Tel: 01422 316 040 BELLMACK LTD: Financial Woes Prompt Liquidation ----------------------------------------------- Bellmack Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. Alisdair J. Findlay of Findlay James was appointed Liquidator. The company can be reached at: Bellmack Limited 29 Rycote Close Grange Park Swindon SN5 6AP United Kingdom Tel: 01666 502 800 BILL HARMAN: Names Shay Lettice as Administrator ------------------------------------------------ Shay Lettice of Peters Elworthy & Moore was named administrator of Bill Harman & Co. Limited (Company Number 1123842) on June 16. The administrator can be reached at: Peters Elworthy & Moore Salisbury House Station Road Cambridge Cambridgeshire CB1 2LA United Kingdom Tel: 01223 362333 Fax: 01223 461424 E-mail: slettice@pem.co.uk Headquartered in Suffolk, United Kingdom, Bill Harman & Co. Limited provides labor recruitment services. BRISTOL CITY: Creditors' Meeting Slated for August 3 ---------------------------------------------------- Creditors of Bristol City Projects Limited (Company Number 04269393) will meet at 10:30 a.m. on Aug. 3 at: KPMG LLP 100 Temple Street Bristol BS1 6AG United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12:00 noon on Aug. 2 at: Allan Watson Graham and Richard John Hill Joint Administrators KPMG LLP 100 Temple Street Bristol BS1 6AG United Kingdom Tel: (0117) 905 4000 Fax: (0117) 905 4001 KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the U.K. providing audit, tax and advisory services. BRITAX GROUP: Moody's Withdraws B1 Corporate Family Rating ---------------------------------------------------------- Moody's Investors Service withdrew the B1 corporate family rating assigned to Britax Group plc. Moody's has withdrawn this rating at the request of the company. This follows the redemption of Britax Group's EUR145 million 11.25% senior unsecured notes due 2011 on Nov. 25, 2005, with proceeds from the earlier divestment of the Group's Childcare Division. The company's GBP175 million senior secured facilities, which had been rated at the same level as the corporate family rating, were also refinanced in November 2005. Headquartered in Warwick, U.K., Britax is the holding company of two diversified businesses, namely the Premium Aircraft Interiors Group, which designs and supplies aircraft interior equipment, and Public Safety, which designs and assembles products for the emergency, warning and commercial vehicle markets. In the year to Dec. 31, 2005 the company generated revenues and EBITDA of GBP458.9 million and GBP47.0 million, respectively. DOCKLAND FISHERIES: Creditors Opt to Liquidate Assets ----------------------------------------------------- Creditors of Dockland Fisheries Limited opted to liquidate the company's assets during an extraordinary general meeting on April 27. John Alfred George Alexander and Patricia Kay Hartley-Mills of Carter Backer Winter were appointed Joint Liquidators. The company can be reached at: Dockland Fisheries Limited Billingsgate Market Trafalgar Way London E14 5SU United Kingdom Tel: 020 7538 1616 Fax: 020 7538 9483 EP DIGITAL: Creditors' Meeting Slated for July 21 ------------------------------------------------- Creditors of EP Digital and Screen Limited (Company Number 5529359) will meet at 11:00 a.m. on July 21 at: 60-62 Old London Road Kingston upon Thames Surrey KT2 6QZ United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12:00 noon on July 20 at: Andrew John Whelan Administrator Marks Bloom 60-62 Old London Road Kingston upon Thames Surrey KT2 6QZ United Kingdom Tel: +44 020 854 99 951 Fax: +44 020 854 96 218 Marks Bloom -- http://www.marksbloom.co.uk/-- is a three- partner firm of Chartered Accountants, was established in 1949 and our staff and services have expanded to the extent that we are able to offer the complete accountancy service for the business of the third millennium. EUROTUNNEL GROUP: Ad Hoc Committee & Bondholders Meet Next Week --------------------------------------------------------------- Eurotunnel Group's Ad Hoc Committee and bondholders will meet next week to discuss on devising a restructuring plan for the company, Bloomberg reports, citing Financial Times as its source. According to the report, Eurotunnel is not allowed to participate in next week's meeting by rules of its loan agreements. The company is expected to continue negotiations after July 25, when the Tribunal de Commerce de Paris decides on whether the company be granted protection from its creditors. The senior creditors represented by the Ad Hoc Committee hold over 70% of the co-financier debt and over 50% percent of Eurotunnel's total debt. Eurotunnel owes an outstanding GBP1.9 billion bonds and notes to its bondholders. As reported by TCR-Europe on July 14, Eurotunnel Group was forced to place itself under creditor protection at the Commercial Court of Paris pursuant to the French law "procedure de sauvegarde" on July 13, after restructuring talks with bondholders failed. The parties have been in talks to restructure Eurotunnel's outstanding EUR6.2 billion debt. Debt Restructuring Proposals On June 27, Eurotunnel turned down the restructuring plan prepared by a group of secured bondholders led by Deutsche Bank AG asserting that it requires too much debt and gives too much to bondholders. The bondholders' restructuring plan, which valued the company at EUR7.99 billion, aims to reduce 60% of total debt to EUR3.7 billion and issue a EUR2.175 billion convertible hybrid note with a 4% coupon. The plan rivaled the preliminary restructuring agreement backed by Eurotunnel, Goldman Sachs Group Inc., Macquarie Bank Ltd. and Barclays PLC. The plan dated May 23, valued the company at around EUR7.03 billion and included a EUR1.5 billion hybrid issue with a 6% to 9% coupon and would reduce debt by 54%. Under the agreement, bondholders will get a GBP75 million return for their GBP1.9 billion bond holdings. On July 12, Eurotunnel presented an ultimate proposal to reach a compromise between the May 23 preliminary restructuring agreement and the demands made by its subordinated creditors represented by The Association of Eurotunnel's Secured Bondholders (ARCO). The company claimed that the majority of these demands were satisfied by the substantial efforts jointly made by the company and the Ad Hoc Committee. The subordinated creditors, led by Deutsche Bank, rejected this final attempt to reach a consensual deal. The Joint Board of Eurotunnel unanimously decided to cancel the General Meetings of Shareholders of Eurotunnel PLC and Eurotunnel SA, planned for July 27. Absent a final agreement, the Group may default in January 2007 under a 1998 debt agreement. About the Company Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. * * * Eurotunnel's crisis began when costs to build the tunnels that connect U.K. and France started to overrun before it opened in 1994. The Iraq war followed, which didn't help as tourist traffic fell. In May 2004, Eurotunnel appointed Lazard (global coordinator) and Lehman Brothers as bank advisors, and Dresdner Kleinwort Wasserstein as restructuring adviser. In July 2004, auditor KPMG Audit Plc said the company faces uncertainty after 2005. The firm's survival is dependent upon its ability to put in place a refinancing plan or, if not, to obtain an agreement with the lenders under the existing Credit Agreement within the next two years, the auditor said. GREATMARCH LTD: Appoints Richard John Elwell as Liquidator ---------------------------------------------------------- Richard John Elwell of Elwell Watchorn & Saxton LLP was appointed Liquidator of Greatmarch Limited after creditors passed a resolution to wind up the company on April 27. Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/-- provides insolvency and recovery services. The firm's partners have considerable expertise in all formal areas of insolvency, both corporate and personal and have been offering turnaround advice without the need for formal insolvency. Greatmarch Limited can be reached at: 15 Layton Road Leicester LE5 0PU United Kingdom Tel: 0116 274 2619 Fax: 0116 246 1073 GRIPP INTEGRATED: Taps Mercer & Hole to Administer Assets --------------------------------------------------------- Steven Leslie Smith and Christopher Laughton of Mercer & Hole were appointed joint administrators of Gripp Integrated Supply Limited (Company Number 04884114) on June 20. The administrators can be reached at: Mercer & Hole International Press Centre 76 Shoe Lane London EC4A 3JB Tel: +44 020 7353 1597 Fax: +44 020 7353 1748 Web: http://www.mercerhole.co.uk/ E-mail: London@mercerhole.co.uk Gripp Integrated Supply Limited can be reached at: Elm Works 7 Glendale Gardens Leigh-on-Sea Essex SS9 2AP United Kingdom Tel: 01702 715 175 Fax: 01702 710 495 GUARDING OFFICERS: Hires Liquidator from Begbies Traynor -------------------------------------------------------- D. R. Acland of Begbies Traynor was appointed Liquidator of Guarding Officers Limited after creditors proved the company could no longer continue its operations due to liabilities. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Guarding Officers Limited can be reached at: 12 Boston Court Salford M50 2GN United Kingdom Tel: 0161 877 2220 GUILD LUBRICANTS: Begins Liquidation Procedure ---------------------------------------------- Guild Lubricants Limited is liquidating its assets after creditors passed a resolution to wind up the company on April 7. Subsequently, Timothy Hargreaves was appointed Liquidator. The company can be reached at: Guild Lubricants Limited Leighton Oils Unit 2, Off Greenbank Street Preston PR1 7PH United Kingdom Tel: 01772 555 100 HERTZ CORP: S&P Keeps BB- Corp. Credit Rating on Watch Negative --------------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings on Hertz Corp., including the 'BB-' corporate credit rating, remain on CreditWatch with negative implications, where they were placed on June 26. The initial CreditWatch placement was based on potential incremental debt at Hertz, the sole operating entity of Hertz Global Holdings Inc., in a plan to fund a dividend of approximately US$1 billion to its shareholders; this was completed on June 30. "The CreditWatch update follows Friday's filing of an S-1 for an IPO by Hertz Global Holdings, the indirect parent company of Hertz," said Standard & Poor's credit analyst Betsy Snyder. "Proceeds are expected to be used to pay off the US$1 billion loan to fund the dividend." Standard & Poor's will review the progress of the IPO and, if the IPO is successful, its effect on Hertz's financial profile, to resolve the CreditWatch. The ratings on Park, Ridge, N.J.-based Hertz Corp. reflect a weakened financial profile after the successful completion of its US$14 billion acquisition, reduced financial flexibility, and the price-competitive nature of on-airport car rentals and equipment rentals. Ratings also incorporate the company's position as the largest global car rental company and the strong cash flow its businesses generate. Clayton, Dubilier & Rice Inc., The Carlyle Group, and Merrill Lynch Global Private Equity acquired hertz from Ford Motor Co. in December 2005. The acquisition, which added over US$2 billion of debt to Hertz's balance sheet, has resulted in an increase in its borrowing costs, and credit ratios have weakened from their previous relatively healthy levels. In addition, the company's historically strong financial flexibility has declined somewhat, with around two-thirds of its tangible assets now secured, compared to around 10% previously. Hertz, the largest global car rental company, participates primarily in the on-airport segment of the car rental industry. This segment, which generates approximately 69% of Hertz's consolidated revenues, is heavily reliant on airline traffic. Demand tends to be cyclical, and can also be affected by global events such as wars, terrorism, and disease outbreaks. Hertz has also grown its off-airport business, Hertz also operates one of the larger industrial and construction equipment renters in the U.S., along with some European locations. This market had been depressed for several years due to the weak economy and overexpansion by several market participants, but has experienced improving trends since 2004 as market participants reduced their capacity growth and demand strengthened. HIGHONE LTD: Winds Up Business & Appoints Liquidator ---------------------------------------------------- Highone Limited resolved to wind up the company's operations during an extraordinary general meeting on April 18. Peter Anthony Jackson of Jackson Gregory & Co was appointed Liquidator. The company can be reached at: Highone Limited Deanwater Ho Garfield Street Stockport Cheshire SK1 2ED United Kingdom Tel: 0161 476 0799 Fax: 0161 429 0334 IAN ANDERSON: Brings In Liquidator from Carter Clark ---------------------------------------------------- J. Clark of Carter Clark was appointed Liquidator of Ian Anderson Construction Limited during an extraordinary general meeting on April 26. The company can be reached at: Ian Anderson Construction Limited Westwood Farm Highcross Road Southfleet Gravesend Kent DA139PH United Kingdom Tel: 01474 834 657 KSK TRADING: Taps George Michael to Liquidate Assets ---------------------------------------------------- George Michael of Ashcrofts was appointed Liquidator of KSK Trading Limited after creditors decided to wind up the company on April 13. Ashcrofts -- http://www.ashcrofts.net/-- offer hands on expertise specializing in Business Recovery and Insolvency providing positive solutions for negative situations. KSK Trading Limited can be reached at: 6 Connaught Road Ilford Essex IG1 1QT United Kingdom Tel: 020 8478 6700 LLANDAFF ENGINEERING: Brings In P.R. Dewey to Administer Assets --------------------------------------------------------------- P. R. Dewey of Dewey & Co. was appointed administrator of Llandaff Engineering Company Ltd. (Company Number 0798364) on June 19. 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 Llandaff Engineering Company Ltd. can be reached at: Paper Mill Road Cardiff CF11 8PH United Kingdom Tel: 029 2083 8300 Fax: 029 2056 5125 MISYS PLC: Independent Committee Starts Examining Bids ------------------------------------------------------ The Independent Committee of Misys Plc's Board of Directors has started examining Monday competing bids for the software company, The Guardian reports. The software company was set up for auction when Chief Executive Kevin Lomax came up with a management buyout plan. Permira and General Atlantic Partners have made an offer, while U.S. technology firm SunGard is also interested. Ross Graham, John Sussens and Mike O'Leary, former directors of Misys have submitted a proposal to investors holding 25% of the company. They proposed on assuming control of the Misys if shareholders refuse all offers to privatize the company. According to published reports, the former directors, who hold around two million shares, also suggested separating the company's banking; healthcare and financial services divisions and decentralizing management to cut cost. They wanted to break up the company in 6 to 12 months, to a maximum of two years, Josephine Moulds writes for The Telegraph. "We would do almost exactly the same things a venture capitalist would do if they got hold of it," Mike O'Leary told The Telegraph. Mr. O'Leary continued, "If the three of us feel if there is a really good offer we'd be delighted," adding that he does not want to see the company undervalued. As reported in TCR-Europe on June 13, Misys's board of directors confirmed the receipt of a request from certain members of the company's senior management team to explore the possibility of making an offer for Misys. An Independent Committee of the Board was established to consider this request. No price was discussed. Headquartered in the United Kingdom, Misys PLC -- http://www.misys.com/-- provides industry-specific software serving the international banking and healthcare industries and the U.K. general insurance industry. At Nov. 30, 2005, the company reported GBP155.6 million in total stockholders' deficit. MK TEMPS: Creditors Ratify Winding Up Resolution ------------------------------------------------ Creditors of MK Temps Limited, on April 19, ratified a resolution to wind up the company together with the appointment of Daniel Plant of SFP as Liquidator. The company can be reached at: MK Temps Ltd Midsummer Court 314 Midsummer Boulevard Central Milton Keynes Milton Keynes Buckinghamshire MK9 2UB Tel: 01908 357858 PRINT ASSOCIATES: Claims Filing Period Ends July 25 --------------------------------------------------- Creditors of Print Associates (Leeds) Limited are required, on or before July 25, to prove their debts by sending written statements of the amounts they claim to be due to them from the company to appointed Joint Liquidator J. N. R. Pitts at: Wilson Pitts Glendevon House Hawthorn Park Coal Road Leeds LS14 1PQ United Kingdom The company can be reached at: Print Associates (Leeds) Limited 15 Hales Road Leeds LS124PL United Kingdom Tel: 0113 231 1123 Fax: 0113 231 9773 RYANDOWN LIMITED: Appoints Joint Administrators from BDO Stoy ------------------------------------------------------------- Tony Nygate and Shay Bannon of BDO Stoy Hayward LLP were appointed joint administrators of Ryandown Limited (Company Number 03681352) on June 15. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. Headquartered in London, United Kingdom, Ryandown Limited is engaged in meat processing. SALISBURY INT'L: Moody's Assigns P(Ba2) Rating to Class E Notes --------------------------------------------------------------- Moody's Investors Service assigned provisional credit ratings to the notes to be issued by Salisbury International Investments Limited, a special purpose company incorporated in Cayman Islands, under Series 2006-[.] Classes of Notes. Ratings assigned: -- Series 2006-[.] EUR40,000,000 Class A-1 Floating Rate Portfolio Credit Linked Notes due 2011: (P)Aaa; -- Series 2006-[.] EUR27,500,000 Class A-2 Floating Rate Portfolio Credit Linked Notes due 2011: (P)Aaa; -- Series 2006-[.] EUR22,500,000 Class B Floating Rate Portfolio Credit Linked Notes due 2011: (P)Aa1; -- Series 2006-[.] EUR10,000,000 Class C Floating Rate Portfolio Credit Linked Notes due 2011: (P)A2; -- Series 2006-[.] EUR5,000,000 Class D Floating Rate Portfolio Credit Linked Notes due 2011: (P)Baa3; and -- Series 2006-[.] EUR8,000,000 Class E Floating Rate Portfolio Credit Linked Notes due 2011: (P)Ba2. The ratings assigned to the Notes will address the expected loss posed to Noteholders. While the scheduled maturity will be 20th July 2011, late credit events may delay this to approximately to the end of July 2011. Salisbury International Investments Limited Series 2006-[.] Classes of Notes are synthetic collateralized debt obligations exposed to a static underlying portfolio of sovereign and corporate emerging market entities. Upon the occurrence of a credit event, a fixed recovery rate of 40% will be used as final price. The ratings are primarily based upon: -- an assessment of the credit quality of the underlying reference entities; -- an assessment of the asset correlation of the underlying reference entities; -- the level of protection against losses provided through the thresholds; and -- the legal and structural integrity of this issue. Moody's has also assigned a (P)Aaa rating to the 28%-60% super senior credit default swap associated with the Sphaera II Global EM portfolio. The Moody's rating measures the risk on an expected loss basis that the credit protection provider will be required to make payments in respect of credit events under the terms of the transaction. The rating also addresses any premium due but not paid by the protection buyer, up until an early termination date, if any. The rating does not address potential losses resulting from an early termination of the transaction, nor any market risk associated with the transaction. Citigroup Global Markets Limited arranges the transaction. SECURITY TRADING: Claims Registration Ends July 26 ------------------------------------------------- Creditors of Security Trading Limited have until July 26 to send in their full names, addresses and descriptions, full particulars of debts or claims, and the names and addresses of Solicitors (if any) to appointed Joint Liquidator Robert C. Keyes at: Hurst Morrison Thomson CR LLP 5 Fairmile Henley-on-Thames Oxfordshire RG9 2JR United Kingdom The company can be reached at: Security Trading Limited Unit 12 Laneend Industrial Park Lane End High Wycombe Buckinghamshire HP143BY United Kingdom Tel: 01494 883 219 Fax: 01494 883 295 SHERWOOD ENVIRONMENTAL: Taps Smith & Williamson to Administer ------------------------------------------------------------- Anthony Murphy, Roger Tulloch and Robert Horton of Smith & Williamson Limited were appointed joint administrators of Sherwood Environmental Services Limited (Company Number 05232411) on June 13. Smith & Williamson -- http://www.smith.williamson.co.uk/-- is an independent professional and financial services group employing over 1,200 people. It is the leading provider of investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. Headquartered in Worksop, United Kingdom, Sherwood Environment Services Limited are building contractors. TRIMEDIA BROADCAST: Brings In Administrators from Menzies --------------------------------------------------------- Paul John Clark and Jason James Godefroy of Menzies Corporate Restructuring were appointed joint administrators of Trimedia Broadcast Limited (Company Number 05346414) on June 15. Headquartered in London, Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- is a member of Moores Rowland International, an association of independent accounting firms throughout the world with some 20,800 partners and staff, operating from 628 offices in 92 countries. Trimedia Broadcast Limited can be reached at: 64-66 Coleman St. London EC2R 5BX United Kingdom Tel: 020 7374 4742 ULTIMATE DENTS: Confirms Liquidator's Appointment ------------------------------------------------- Creditors of Ultimate Dents Limited confirmed the appointment of Robert Day of Robert Day and Company Limited as Liquidator on April 26. The company can be reached at: Ultimate Dents Limited 52 Chorefields Kidlington Oxfordshire OX5 1SX United Kingdom Tel: 01865 841 210 W.B. MECHANICAL: Names Administrator from XL Business ----------------------------------------------------- Jeremy Nicholas Bleazard of XL Business Solutions Limited was named administrator of W.B. Mechanical Services Limited (Company Number 05094906) on June 15. The administrator can be contacted at: X L Business Solutions Limited 46 Moorlands Business Centre Balme Road Cleckheaton BD19 4EW West Yorkshire United Kingdom Tel: 01274 870 101 Fax: 01274 870 606 E-mail: jbleazard@XLBS.co.uk W.B. Mechanical Services Limited is engaged in fabrication. ********* 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 * * *