/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060720.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 Thursday, July 20, 2006, Vol. 7, No. 143 Headlines A U S T R I A ACI ARCHITECTURAL: Creditors' Meeting Slated for July 24 ADOLF KIKINGER: Claims Filing Period Ends July 25 BAR-COM: Creditors' Meeting Slated for August 3 BAWAG PSK: Owner Reveals Timeline for Bank's Sale HEIKA: Claims Registration Period Ends August 16 JOHANN SCHUETZ: Creditors' Meeting Slated for July 25 R & M: Klagenfurt Court Orders Closing of Business VITEZ: Claims Filing Period Ends July 25 G E R M A N Y AGRI NORD: Claims Registration Ends August 15 ALPHA-200: Judge Rhodes Dismisses Second Chapter 15 Petition DEGUSSA AG: S&P Lowers Long-Term Corporate Credit Rating to BB FRANZ VLASICS: Claims Registration Ends August 15 JENOPTIK AG: Hommelwerke Acquires Etamic S.A. KABEL BADEN-WUERTTEMBERG: S&P Withdraws Junk Debt Rating LIFESTYLE SALES: Creditors' Meeting Slated for August 14 MUEKO-TEC: Claims Registration Ends August 14 PAPP TECHNIK: Claims Registration Ends August 15 PREISHAMMER GMBH: Claims Registration Ends August 14 SERVER SERVICE: Claims Registration Ends August 15 STEIN GMBH: Claims Registration Ends August 11 TREOFAN GERMANY: Moody's Junks Proposed EUR170-Million Notes TREOFAN GERMANY: S&P Junks EUR170-Mln Sub. Second-Lien Notes WERNER SAUER: Claims Registration Ends August 14 YILDIZ LOGISTIK: Claims Registration Ends August 15 I T A L Y ALITALIA SPA: Posts June 2006 Traffic Figures K A Z A K H S T A N ALFA-TREIDING: Creditors Must File Claims by Aug. 1 ARAI: Creditors Must File Claims by Aug. 4 ATF BANK: Improved Market Prompts S&P's Positive Outlook BIZNES SERVIS: Creditors Must File Claims by Aug. 1 EMIRI TREID: Proof of Claim Deadline Slated for Aug. 4 GUDVILL COMPANY: Proof of Claim Deadline Slated for Aug. 1 INVEST PROFIT: Claims Registration Ends Aug. 4 HALYK SAVINGS: S&P Raises Long-Term Counterparty Rating to BB+ KAPITAL: Aktube Court Opens Bankruptcy Proceedings LARIBA BANK: S&P Upgrades Counterparty Credit Ratings to B NEFTEHIMKOMPLEKT-PV: Claims Registration Ends Aug. 1 RSD: Claims Registration Ends Aug. 4 SEMEI DEN: Creditors' Claims Due Aug. 1 SHTADA FARMA: Creditors' Claims Due Aug. 1 TRIOMED: Creditors' Claims Due Aug. 4 TSO: Creditors Must Submit Claims by Aug. 4 K Y R G Y Z S T A N GAZTRANSSERVIS: Creditors Must File Claims by Sept. 5 MIRIADA TREIDING: Proof of Claim Deadline Slated for Sept. 5 N E T H E R L A N D S CITYMORTGAGE MBS: Moody's Assigns (P)B1 Rating to Class B Notes ROMPETROL GROUP: Fitch Revises Issuer Rating Outlook to Stable VNU NV: Moody's Junks Senior Unsecured Debt Ratings N O R W A Y AKER KVAERNER: Joint Venture Wins US$665-Mln LNG Deal in Texas R U S S I A ABUNDANT GARDEN: Bankruptcy Hearing Slated for Aug. 3 ANDREAPOL-AGRO-STROY: I. Peshekhonov to Manage Insolvency Assets APASTOVO-AGRO-KHIM-SERVICE: Court Hearing Slated for Sept. 4 BLAGOVESHENSKIY AGRO-SNAB: Court Begins Bankruptcy Supervision CERAMIC BUILDING: Court Commences Bankruptcy Supervision ECOS-AGRO: Court Names O. Gonzharov as Insolvency Manager GALICHSKIY TANNERY: Court Begins Bankruptcy Supervision GAVRILOVSKAYA NIVA: Tambov Court Begins Bankruptcy Supervision GAZPROM: Board Approves Strategic Development Targets GAZPROM: Hikes Zarubezhneftegaz Equity Stake to 100% GAZPROM: Board Names Boris Fyodorov as Audit Committee Chairman IV-WOOD-PROM: Bankruptcy Hearing Slated for Aug. 7 KUDYMKARSKIY BAKERY: V. Plashkin to Manage Insolvency Assets KUSHEVSKIY: Krasnodar Court Begins Bankruptcy Supervision LUKHOVITSKIY VOD-STROY: Bankruptcy Hearing Slated for Aug. 7 MDM BANK: Prices US$200 Million Subordinated Unsecured Notes MDM INTERNATIONAL: Fitch Puts Long-Term B+ to US$200-Mln Notes NORTH ENGINEERING: Court Names S. Egorin as Insolvency Manager OB-OIL-GAS-STROY: Court Begins Bankruptcy Supervision Procedure OMZ: S&P Affirms CCC+ Long-Term Corporate Credit Rating RIF-INVEST-SPRING: Belgorod Court Begins Bankruptcy Supervision ROSNEFT OIL: UK Court Allows Shares to Trade in London ROSTELECOM: Eyes Changes in Organizational Structure SALAVATSKIY FOOD: R. Shaymukhametov to Manage Assets SIBERIAN FUEL: Court Names I. Morlang as Insolvency Manager SIBIRTELECOM OJSC: Pays RUB1.53 Billion for Series 03 Bonds TYUMENSKIY MECHANICAL: S. Kungurov to Manage Assets YUKOS OIL: UK Court Nixes Call to Block Rosneft Share Sale U K R A I N E BREAD BASE 75: Court Starts Bankruptcy Supervision HARKIV' INSULATING: Court Starts Bankruptcy Supervision KARAKUBSKIJ: Court Starts Bankruptcy Supervision KONATKIVSKE: Vinnitsya Court Begins Bankruptcy Supervision KRASNOLUTSKIJ AUTO-REPAIR: Court Begins Bankruptcy Supervision LARGIVSKIJ BREAD: Chernivtsi Court Starts Bankruptcy Supervision NEMIRIV-SUGAR: Court Commences Bankruptcy Supervision NOVOVOLINSK' AUTO-TRANSPORT 10763: Court Freezes Debt Payment ROKITNIVSKIJ RAJAGROHIM: Court Begins Bankruptcy Supervision ROMENSKIJ RAJAGROHIM: Court Starts Bankruptcy Supervision SIMETRON: Court Commences Bankruptcy Supervision SULA-NOVA: Court Starts Bankruptcy Supervision UROZHAJ: Vinnitsya Court Names Bankruptcy Agency as Liquidator U N I T E D K I N G D O M ACTION ENVIRONMENTAL: Taps Administrators from Begbies Traynor ACTUATE COMPUTER: Creditors Pass Winding Up Resolution ANNA CHARLES: Financial Woes Prompt Liquidation ATLAS BAKERIES: Governor & Company Taps Baker Tilly as Receivers B & D TRAVEL: Appoints Joint Administrators from Harrisons BARVEST LIMITED: Avanti Capital Appoints BDO Stoy Receivers BORDEAUX VINTNERS: Creditors Resolve to Voluntary Liquidation COMPLEX 2000: Creditors Confirm Joint Liquidators' Appointment CP ENGINEERING: Creditors' Meeting Slated for July 21 DMS 2002: Begins Liquidation Procedure EAST CENTRAL: Creditors' Meeting Slated for July 24 EUROSTAR I: Fitch Upgrades Class B Notes to CC/DR5 EUROSTAR II: Fitch Downgrades Class B Notes to CCC+/DR2 FORD MOTOR: To Fund GBP1 Billion on U.K. Research & Development IMPULSE ASSOCIATES: Taps Richard John Elwell to Liquidate Assets K.G.T. NORTH: Appoints Liquidator from Begbies Traynor LEIGHTON OILS: Creditors Opt to Liquidate Assets MERIDEN LOGISTICS: Hires Andrew Fender to Administer Assets PORT OF LIVERPOOL: Names Peter Anthony Jackson Liquidator PROACTIVE MARKETING: Shay Lettice Leads Liquidation Process RALCO PROJECTS: Brings In Joint Liquidators from Harrisons S.H. FOSTER: Calls In Milner Boardman to Administer Assets SHOWMAN FOODS: Hires Liquidator from Clifton Moor STILLFRAME LIMITED: Hires Administrators from Recovery hjs SYLVANIA STORES: Winds Up Business & Appoints Liquidator TIGER AV: Westminster Bank Taps DTE as Administrative Receivers VINE SCHOOL: Appoints Stephen John Adshead as Liquidator WINNING NEW BUSINESS: Wraps Up Business in London * Chadbourne & Parke Expands London Transactional Practice ********* ============= A U S T R I A ============= ACI ARCHITECTURAL: Creditors' Meeting Slated for July 24 -------------------------------------------------------- Creditors owed money by LLC ACI Architectural Computer Intelligence-Software-Entwicklungs (FN 53317h) are encouraged to attend the creditors' meeting at 2:15 a.m. on July 24 to consider the adoption of the rule by compensation. The creditors' meeting will be held at: The Land Court of Salzburg Room 221 2nd Floor Salzburg, Austria Headquartered in Salzburg, Austria, the Debtor declared the commencement of compensation process on June 6 (Case 23 Sa 3/06w). Walter Aichinger serves as the court-appointed compensation manager of the bankrupt estate. The compensation manager can be reached at: Dr. Walter Aichinger Ignaz-Rieder-Kai 11C 5020 Salzburg Tel: 0662-622301 Fax: 0662-623000 E-mail: law.@raits-ebner.at ADOLF KIKINGER: Claims Filing Period Ends July 25 ------------------------------------------------- Creditors owed money by KEG Adolf Kikinger & Co Installations (FN 24359y) have until July 25 to file written proofs of claims to court-appointed compensation manager Peter Shamiyeh at: Dr. Peter Shamiyeh c/o Mag. Gudrun Pixner Schillerstrasse 1 4020 Linz, Austria Tel: 0732/66 73 26 Fax: 0732/66 73 20 29 E-mail: p.shamiyeh@wildmoser-koch.com g.pixner@wildmoser-koch.com Creditors and other interested parties are encouraged to attend the first creditors' meeting at 10:00 a.m. on Aug. 7 to consider the adoption of the rule by compensation. The meeting of creditors will be held at: The Land Court of Linz Hall 552 5th Floor Linz, Austria Headquartered in Hellmonsodt, Austria, the Debtor declared the commencement of compensation process on June 2 (Case No. 12 Sa 1/06v). Gudrun Pixner represents Dr. Shamiyeh in the bankruptcy proceedings. BAR-COM: Creditors' Meeting Slated for August 3 ----------------------------------------------- Creditors owed money by Trade LLC BAR-COM (FN 218253k) are encouraged to attend the creditors' meeting at 11:40 a.m. on Aug. 3 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Trade Court of Vienna Room 1707 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 2 (Bankr. Case 2 S 96/06i). Robert Gschwandtner serves as the court-appointed property manager of the bankrupt estate. Peter Pullez represents Dr. Gschwandtner in the bankruptcy proceedings. The property manager can be reached at: Dr. Robert Gschwandtner c/o Dr. Peter Pullez Tuchlauben 8 1010 Vienna, Austria Tel: 513 29 79 Fax: DW 25 E-mail: pullezgschwandtner@aon.at BAWAG PSK: Owner Reveals Timeline for Bank's Sale ------------------------------------------------- Osterreichischer Gewerkschaftsbund (OeGB) expects to complete the sale of Bawag PSK before yearend, the Financial Times Deutschland reports. The paper, citing sources privy to the matter, reveals the timetable for Bawag's sale: mid-July: Sale officially begins mid-August: Interested parties begin due diligence 15 bidders gain access to Bawag's data room October/November: Sale negotiations November/December: Presentation of the highest bidder to the Austrian Finance Minister Morgan Stanley, which began inviting bids after Bawag inked a US$675 million settlement deal with Refco Inc. OeGB has until July 1, 2007, to complete Bawag's sale. Around 50 companies are short-listed as potential buyers, the Financial Times reports. Interested parties include: -- OTP Bank Ltd. -- Oesterreichische Volksbanken -- Ukrainian tycoon Serhiy Klyuyev -- Citigroup -- BanCo. Santander Central Hispano -- J.C. Flowers & Co. LLC -- Cerberus Capital Management LP -- Commerzbank AG -- Generali -- Allianz and -- Volksbanken-Investkredit Bawag's parent company, OeGB, previously disclosed that it prefers to sell the bank as a whole and not in pieces indicating that the purchaser can break up the bank after the sale. OeGB has placed Bawag on the trading table following the bank's alleged role in the collapse of Refco. About BAWAG Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit und Wirtschaft AG) is an Austrian universal bank founded in 1922 by former Austrian Chancellor Karl Renner. As of 2004, the bank's majority shareholder was the OGB (Osterreichischer Gewerkschaftsbund), the Austrian Trade Union Federation. The bank had total consolidated assets of EUR56 billion as of Dec. 31, 2004. * * * As reported in the TCR-Europe on May 11, Moody's downgraded BAWAG P.S.K's -- financial strength rating (BFSR) to D- from C-; -- Tier 1 debt rating to Baa3 from Baa2. Both ratings remain under review for possible downgrade. At the same time, Moody's has also downgraded to Prime-2 with stable outlook from Prime-1 the bank's short-term debt and deposit rating. The A3 long-term debt and deposit ratings and the Baa1 subordinated debt rating remain on review for possible downgrade. These ratings were downgraded as part the rating action: -- BAWAG P.S.K.: bank financial strength rating from C- to D-; -- BAWAG P.S.K.: short-term rating from P-1 to P-2; -- BAWAG P.S.K. CAPITAL Finance (Jersey) Ltd.: debt and deposit rating to Baa3 from Baa2; -- BAWAG P.S.K. Capital Finance (Jersey) II Ltd.: debt and deposit rating to Baa3 from Baa2; and -- BAWAG P.S.K. Capital Finance (Jersey) III Ltd.: debt and deposit rating to Baa3 from Baa2. These ratings are under review for possible downgrade: -- BAWAG P.S.K.: bank financial strength rating of D-; -- BAWAG P.S.K.: long-term debt and deposit HEIKA: Claims Registration Period Ends August 16 ------------------------------------------------ Creditors owed money by Construction LLC Heika (FN 221699d) have until Aug. 16 to file written proofs of claims to court- appointed property manager Annemarie Kosesnik-Wehrle at: Dr. Annemarie Kosesnik-Wehrle c/o Dr. Stefan Langer Oil Tent lane 4/6 1030 Vienna, Austria Tel: 01/713 61 92 Fax: 01/713 61 92 22 E-mail: kanzlei@kosesnik-langer.at Creditors and other interested parties are encouraged to attend the first creditors' meeting at 9:00 a.m. on Aug. 30 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 2nd Floor Korneuburg, Austria Headquartered in Mannersdorf am Leithagebirge, Austria the Debtor declared bankruptcy on June 2 (Bankr. Case No. 36 S 63/06s). Stefan Langer represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings. JOHANN SCHUETZ: Creditors' Meeting Slated for July 25 ----------------------------------------------------- Creditors owed money by LLC Johann Schuetz (FN 163785k) are encouraged to attend the creditors' meeting at 9:50 a.m. on July 25 to consider the adoption of the rule by compensation. The creditors' meeting will be held at: The Land Court of St. Polten Room 216 2nd Floor Old Building St. Polten, Austria Headquartered in Langmannersdorf, Austria, the Debtor declared the commencement of compensation process on June 6 (Case 14 Sa 7/06d). Friedrich Nusterer serves as the court-appointed compensation manager of the bankrupt estate. The compensation manager can be reached at: Dr. Friedrich Nusterer Riemerplatz 1 3100 St. Polten, Austria Tel: 02742/47087 Fax: 02742/47089 E-mail: ra-nusterer@aon.at R & M: Klagenfurt Court Orders Closing of Business -------------------------------------------------- The Land Court of Klagenfurt entered an order on June 2 closing the business of LLC R & M. Court-appointed property manager Christian Anetter determined that the continuing operation of the business would reduce the value of the estate. The property manager can be reached at: Mag. Christian Anetter Fleischmarkt 9/4 9020 Klagenfurt, Austria Tel: 0463/500 002 Fax: 0463/500 002-4 E-mail: office@rechtdirekt.at Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on May 17 (Bankr. Case No. 41 S 59/06h). VITEZ: Claims Filing Period Ends July 25 ---------------------------------------- Creditors owed money Construction LLC Vitez (FN 173054t) have until July 25 to file written proofs of claims to court- appointed property manager Michael Ludwig Lang at: Mag. Michael Ludwig Lang c/o Dr. Martin Koroschetz Maria-Theresien-Road 9/4 1090 Vienna, Austria Tel: 319 32 60 Fax: 913 32 60 -9 E-mail: lang@brandlang.com dr.koroschetz@aon.at Creditors and other interested parties are encouraged to attend the first creditors' meeting at 10:00 a.m. on Aug. 8 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Trade Court of Vienna Room 2102 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 24 (Case No. 45 S 34/06p). Martin Koroschetz represents Mag. Lang in the bankruptcy proceedings. ============= G E R M A N Y ============= AGRI NORD: Claims Registration Ends August 15 --------------------------------------------- Creditors of Agri Nord GmbH have until Aug. 15 to register their claims with court-appointed provisional administrator Hans Joachim Sistig. Creditors and other interested parties are encouraged to attend the meeting at 8:20 a.m. on Sept. 20, 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 Cologne Meeting Room 142 1st Floor Luxemburger Road 101 50939 Cologne, 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 Cologne opened bankruptcy proceedings against Agri Nord GmbH on June 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Agri Nord GmbH Marktstr. 10 50968 Cologne, Germany Attn: Adel Ksouri, Manager Taunusstr. 14 51105 Cologne, Germany The administrator can be contacted at: Hans Joachim Sistig Hochwinkel 3 a 51069 Cologne, Germany ALPHA-200: Judge Rhodes Dismisses Second Chapter 15 Petition ------------------------------------------------------------ Alpha-200 GmbH & Co. KG failed to gain recognition of its German liquidation as its foreign main proceeding after the U.S. Bankruptcy Court for the Eastern District of Michigan dismissed the second Chapter 15 petition filed by Dr. Oliver Kirschnek, the company's foreign representative. Judge Steven Rhodes ruled that Dr. Kirschnek did not comply with Section 1515 of the Bankruptcy Code, Terry Brennan at The Deal reports. Section 1515 requires Chapter 15 petitions to be filed together with documents showing the existence of the foreign proceeding as well as the appointment and authority of the foreign representative. M&C Corporation, a local manufacturer's representative and one of Alpha's creditors, sought the dismissal of Alpha's Chapter 15 petition. In 1994, M&C won various arbitration awards against Alpha, then operating as Erwin Behr GmbH & Co. KG, from the International Court of Arbitrations. M&C had taken legal action following Alpha's alleged breach of their sales contract. The U.S. District Court for the Eastern District of Michigan, Southern Division, confirmed the arbitration awards in August 1994 and March 1995. At M&C's request, District Court Judge Paul V. Gadola appointed Gerald W. Hepp as receiver for Alpha's assets. M&C asked the Bankruptcy Court to dismiss Dr. Kirschnek's Chapter 15 petition because: -- it "runs afoul" of Judge Gadola's receivership injunction enjoining all entities from disturbing the possession of the receiver and prosecuting any action that would affect Alphas' property; -- the petition is barred by Section 109(g) of the Bankruptcy code since the Court has dismissed Dr. Kirschnek's first Chapter 15 filing; -- the misdeed of Alpha's directors and officers render the petition a bad faith filing; and -- Dr. Kirschnek failed to timely file certain documents required under bankruptcy rules. Dr. Kirschnek's counsel, Andrew J. Munro, Esq., at Munro and Zack, PC, told the Bankruptcy Court that none of M&C's arguments held any merit. He claimed that M&C wanted to keep Alpha out of Chapter 15 to gain sole control of the foreign debtor's U.S. assets and avoid sharing these assets with other creditors. Headquartered in Wendlingen, Germany, Alpha-200 GmbH & Co. KG, aka Erwin Behr GmbH & Co. KG, is an auto parts maker. Alpha's foreign representative, Dr. Oliver Kirschneck, filed a chapter 15 petition on May 24, (Bankr. E.D. Mich. Case No. 06-46562). Andrew J. Munro, Esq., at Munro and Zack, PC, represents Dr. Kirschneck in Alpha's ancillary proceedings. When Dr. Kirschneck filed the Chapter 15 petition, he estimated Alpha's assets at less than US$50,000 and debts between US$1 million and US$10 million. DEGUSSA AG: S&P Lowers Long-Term Corporate Credit Rating to BB -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Germany-based specialty chemicals manufacturer Degussa AG to 'BB' from 'BBB' following its integration into the RAG group. The short-term rating was lowered to 'B' from 'A-3'. The ratings were removed from CreditWatch, where they had been placed with negative implications on Oct. 5, 2005. The outlook is stable. "The downgrade reflects that Degussa is becoming now an integral part of RAG group, a diversified German industrial conglomerate comprising chemicals, power generation, real estate, and coal mining," said Standard & Poor's credit analyst Tobias Mock. "RAG's leverage is substantially higher than that of Degussa on a stand-alone basis, suffering particularly from significant pension and other obligations for the closure and recultivation of mines as well as later subsidence damages." RAG is squeezing out Degussa's minority shareholders, and currently holds about 98% of Degussa's shares. On May 29, RAG won a majority of votes to fully integrate Degussa into the RAG group and implemented a profit transfer agreement, which will take effect as soon as shareholder claims have been settled, probably at the end of 2006. This rating action reflects the increased risk to which Degussa is subject as part of the RAG group. Standard & Poor's views the RAG group's overall business profile as satisfactory, with the chemicals business representing about 70% of its EBITDA, and power generation and real estate providing relatively stable cash flows, owing to their low operational risk. The coal business is considered largely neutral to the business profile, owing to the state support for it and RAG's track record of successfully managing the gradual phase-out of Germany's hard-coal extraction over the past four decades. RAG's own financial contribution to this loss-making business was most recently renegotiated in 2003 and will be EUR150 million per year until 2008. The remainder of losses will be covered by subsidies from the German state of North Rhine- Westphalia and the federal government through 2012. However, RAG's cash flow protection ratios are weaker than those at Degussa on a stand-alone basis. Standard & Poor's views the RAG group's financial policy as aggressive compared with the intermediate profile that Degussa maintained in the past, when it had a substantial minority interest outstanding. Standard & Poor's evaluates RAG as a government-related entity, as it has benefited from government subsidies for nearly 40 years to cover losses in the ongoing coal business, which provides regional employment and economic activity, and is an important domestic source of energy in Germany and, in particular, the state of North Rhine-Westphalia. "The stable outlook reflects Standard & Poor's expectations that the coal subsidies will continue to largely cover the losses of the coal business as they have in the past and that the costs of closing and recultivating mines will be spread over decades, thereby avoiding a massive onetime outflow of cash that would severely strain RAG's finances," said Mr. Mock. FRANZ VLASICS: Claims Registration Ends August 15 ------------------------------------------------- Creditors of Franz Vlasics + Gerd Nordmann GbR have until Aug. 15 to register their claims with court-appointed provisional administrator Gregor Schone. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 1, 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 Norderstedt Hall B City Hall Avenue 80 22846 Norderstedt, 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 Norderstedt opened bankruptcy proceedings against Franz Vlasics + Gerd Nordmann GbR on June 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Franz Vlasics + Gerd Nordmann GbR Attn: Franz Vlasics, Manager Ton Hogenbargen 29 24629 Kisdorf, Germany Gerd Nordmann, Manager Curslacker Deich 316 21039 Hamburg, Germany The administrator can be contacted at: Gregor Schone Albert-Einstein-Ring 15 22761 Hamburg, Germany JENOPTIK AG: Hommelwerke Acquires Etamic S.A. --------------------------------------------- Jenoptik A.G. disclosed the acquisition of French measurement technology company Etamic S.A. Through the merger of Etamic and Hommelwerke, a globally operating system provider is formed which offers production measurement technology for the automotive and supply industries, and has own subsidiaries or investment holdings in the most important industrial countries. The management of Hommelwerke, a subsidiary of the Jenoptik Group and specialist for industrial measurement technology, signed on July 17 a contract with the shareholders of Etamic for the acquisition of all shares in the French group for an undisclosed amount. The completion of the contract is still subject to the completion of certain conditions and shall take place within the next weeks. Headquartered in Bayeux, France, Etamic S.A. was founded in 1947. The company focuses on the development, production and distribution of dimensional measurement technology. About 260 employees generated sales of almost 30 million euros in 2005. Among its customers are also the well-known French car manufacturers. In addition to its headquarters in Bayeux the company is represented in Germany, the USA and Great Britain. The Swiss Movomatic also belongs to the group. The objective of the acquisition is to strengthen and expand the market position of both companies in the field of dimensional production measurement technology. The product programs complement each other in an almost ideal way. Together with Etamic/Movomatic the Jenoptik Group now covers all currently used technologies (tactile, optical, pneumatic). In addition, Jenoptik is able to provide measuring systems required for the different production processes in the automotive and supply industries - before, in and post production. While Hommelwerke has its core competencies in tactile and non- contact optical process and final inspection measuring systems, Etamic/Movomatic has its main focus on non-contact pneumatic post-process and tactile in-process measurement technology. Hommelwerke�s typical customer applications such as crankshafts, camshafts, and gear shafts complement the strengths of Etamic/Movomatic in the field of cubic workpieces (cylinder head, cylinder block), connexion rods, and injection components. Through the merger of both companies a globally operating system provider is formed which offers production measurement technology and has own subsidiaries or investment holdings in the most important industrial countries. The target is to combine all worldwide activities of Hommelwerke and Etamic/Movomatic in the joint group "Hommel-Etamic" in the medium term, which will allow to utilise synergy potentials. About Hommelwerke GmbH Hommelwerke GmbH specializes in the development, production and distribution of high-precision, non-contact optical measuring technology, and contact measuring technology for dimensional analysis and the analysis of shapes, contours and surface properties. Hommelwerke's customers include leading car manufacturers and automotive industry suppliers. The company, which is based in Villingen-Schwenningen and Jena, Germany, was founded in 1876 and today employs 260 personnel. Hommelwerke GmbH is represented in the key centers for the global automotive and automotive supplier industries with investment holdings and subsidiaries in Asia, North America, and in Europe in France and the Czech Republic. Since May 2000 the company has been a subsidiary of the Jenoptik Group in the Sensors division. About the Company Headquartered in Jena, Germany, Jenoptik AG -- http://www.jenoptik.com/cps/rde/xchg/jenoptik_en-- produces and markets components, systems and facilities for the medical, electronics, telecommunications and semiconductor manufacturing industries. The Company manufactures clean room for electronics producers, diode lasers, infrared cameras and high-resolution lenses. * * * As reported in the TCR-Europe on Feb 21, Fitch Ratings affirmed Jenoptik AG's ratings at Senior Unsecured B and Short-term B. Jenoptik's EUR150 million senior notes have also been affirmed at B. The Senior Unsecured rating, as well as the rating of the EUR150 million Senior Notes are removed from Rating Watch Negative. A Stable Outlook is assigned to the Senior Unsecured rating. KABEL BADEN-WUERTTEMBERG: S&P Withdraws Junk Debt Rating -------------------------------------------------------- Standard & Poor's Ratings Services withdrew its ratings on German cable-TV operator Kabel Baden-Wuerttemberg GmbH & Co. KG, including its 'B' long-term corporate credit rating, 'B' senior secured debt ratings with a '2' recovery rating, and the 'CCC+' rating on the EUR170 million subordinated notes due 2015. The ratings were withdrawn at the company's request after private equity group EQT acquired the cable-TV operator. The new EUR1.27 billion financing package contains only bank debt. All existing publicly rated debt is to be repaid. LIFESTYLE SALES: Creditors' Meeting Slated for August 14 -------------------------------------------------------- The court-appointed provisional administrator for Lifestyle Sales and Marketing GmbH, Hartwig Albers, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:35 a.m. on Aug. 14. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:10 a.m. on Oct. 30 at the same venue. Creditors have until Aug. 31 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against Lifestyle Sales and Marketing GmbH on June 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lifestyle Sales and Marketing GmbH Kantstr. 74 10627 Berlin, Germany The administrator can be reached at: Hartwig Albers Luetzowstr. 100 10785 Berlin, Germany MUEKO-TEC: Claims Registration Ends August 14 --------------------------------------------- Creditors of Mueko-tec GbR have until Aug. 14 to register their claims with court-appointed provisional administrator Florian Stapper. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on Sept. 11, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 Leipzig, 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 Leipzig opened bankruptcy proceedings against Mueko-tec GbR on June 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Mueko-tec GbR Attn: Andreas Mueller and Mirko Kother, Managers Kurt-Bennewitz-Str. 14 04838 Eilenburg, Germany The administrator can be contacted at: Dr. Florian Stapper Karl-Heine-Road 16 04229 Leipzig, Germany PAPP TECHNIK: Claims Registration Ends August 15 ------------------------------------------------ Creditors of Papp Technik-Transport-Logistik GmbH have until Aug. 15 to register their claims with court-appointed provisional administrator Karl-Heinz Trebing. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 30, 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 Friedberg Hall 20a District Court Building Homburger Road 18 61169 Friedberg (Hessen), 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 Friedberg opened bankruptcy proceedings against Papp Technik-Transport-Logistik GmbH on June 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Papp Technik-Transport-Logistik GmbH Attn: Albrecht Papp, Manager Zuseweg 4 61194 Niddatal, Germany The administrator can be contacted at: Karl-Heinz Trebing Hanauer Highway 287-289 60314 Frankfurt/Main, Germany Tel: 069/15051-300 Fax: 069/15051-400 PREISHAMMER GMBH: Claims Registration Ends August 14 ---------------------------------------------------- Creditors of Preishammer GmbH have until Aug. 14 to register their claims with court-appointed provisional administrator Stephan Haspel. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Sept. 13, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landau in der Pfalz Room 223 Marienring 13 76829 Landau in der Pfalz, 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 Landau in der Pfalz opened bankruptcy proceedings against Preishammer GmbH on June 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Preishammer GmbH Attn: Juri Ivtschenko and Abdurrahman Kayik, Managers Rheinstr. 36 76829 Landau in der Pfalz, Germany The administrator can be contacted at: Stephan Haspel Friedrich-Ebert-Str. 7 76829 Landau in der Pfalz, Germany Tel: 06341/51020 Fax: 06341/510229 SERVER SERVICE: Claims Registration Ends August 15 -------------------------------------------------- Creditors of Server Service und Verkauf GmbH have until Aug. 15 to register their claims with court-appointed provisional administrator Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Sept. 5, 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 Duisburg Area C205 2nd Floor Cardinal Galen Road 124-132 47058 Duisburg, 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 Duisburg opened bankruptcy proceedings against Server Service und Verkauf GmbH on June 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Server Service und Verkauf GmbH Bonhoeffer Str. 6 47138 Duisburg, Germany Attn: Markus Schroder, Manager Grossenbaumer Avenue 110 47269 Duisburg, Germany The administrator can be contacted at: Dirk Hammes William Yard Avenue 75 47800 Krefeld, Germany STEIN GMBH: Claims Registration Ends August 11 ---------------------------------------------- Creditors of Stein GmbH-Heizung-Lueftung-Sanitar have until Aug. 11 to register their claims with court-appointed provisional administrator Norbert Westhoff. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 1, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 4 Ebene Court Route 6 33602 Bielefeld, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Bielefeld opened bankruptcy proceedings against Stein Stein GmbH-Heizung-Lueftung-Sanitar on June 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Stein GmbH-Heizung-Lueftung-Sanitar Attn: Klaus Stein, Manager Otto-Brenner-Road 200 33602 Bielefeld, Germany The administrator can be contacted at: Dr. Norbert Westhoff Adenauer Place 4 33602 Bielefeld, Germany TREOFAN GERMANY: Moody's Junks Proposed EUR170-Million Notes ------------------------------------------------------------ Moody's Investors Service assigned a provisional (P)B3 Corporate Family Rating to Treofan Germany GmbH & Co. KG, as well as a (P)Caa1 rating to the company's proposed issuance of EUR170 million Second-Lien Notes due 2013. The rating outlook is stable. The ratings are based on the pro-forma capital structure resulting from the proposed refinancing of Treofan. Treofan's (P)B3 corporate family rating reflects: -- the high financial leverage as measured by debt/EBITDA 8.2x for FYE 2005 and 7.0x -- reflecting the pro-forma capital structure -- for the last twelve months ended March 2006 both after Moody's standard adjustments; 5.3x per Treofan's pro-forma adjusted EBITDA and its pro-forma capital structure as presented in the company's offering memorandum and after Moody's adjustments; -- the recent emergence from a corporate restructuring and the need to demonstrate sustainability of its operating turnaround; -- need to de-leverage to reach a Moody's adjusted leverage ratio of 5.0x or lower, commensurate with the B-rating category, largely depending on an improvement in EBITDA, -- the expectation to remain free cash flow negative at least until the end of fiscal year 2007, reflecting the capital expenditures related to the expansion for the operations in Mexico, which should contribute to sales and profitability from 2008 onwards; -- the significant degree of commoditized products limiting price differentiation from its competitors; -- dependence on a limited number of resin suppliers, and -- vulnerability to raw material price increases with a delayed pass-through ability to the majority of its customers. The rating also incorporates Moody's expectation that Treofan should demonstrate an improving financial performance going forward and that it should maintain some headroom under its interest and debt coverage covenants. This improvement is expected to benefit from: -- the group's leading positions in niche markets and long- established relationships with blue-chip customers in the tobacco and food industry, -- the conclusion of a major restructuring program, which has resulted in a lower fixed-cost base going forward, and -- the proven ability to mitigate raw material price increases by passing-through these costs as well as by shifting the product mix to specialty products with significantly higher contribution margins. The stable rating outlook is based on Moody's expectations that Treofan will improve its operating profitability by taking full benefits of the targeted cost savings potential from its ongoing efficiency program and maintain a stable product contribution margin, implying the ability to pass on rising input costs. Both the EUR60 million senior secured revolving credit facility and the EUR170 million second-lien secured notes are issued by Treofan Germany GmbH & Co. KG and guaranteed by the predominant majority of the group's other operating companies, comprising at least 85% of each of the group's assets, EBITDA and turnover. The (P)Caa1 rating of the notes, i.e. one notch below the CFR of (P)B3, reflects their relatively sizeable portion of the capital structure being contractually subordinated to the RCF, which is secured and benefits from a first-priority ranking. The provisional ratings will need to be affirmed once final documentation is in place. Headquartered in Raunheim, Germany, Treofan Group -- http://www.treofan.de/-- develops, manufactures and markets under the brand name Treofan biaxially oriented polypropylene film (BOPP) and cast polypropylene film, as well as under the brand name Biophan sustainable and compostable polylacticacid film. With more than 40 years of experience in global markets, Treofan markets its products in more than 20 countries, manufacturing some 220,000 tonnes of film a year at 7 sites in Europe, North America and South Africa. The group reported sales of EUR460 million in 2005. TREOFAN GERMANY: S&P Junks EUR170-Mln Sub. Second-Lien Notes ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'B-' corporate credit rating to Germany-based flexible packaging producer Treofan Holdings GmbH (Treofan) and its operating subsidiary Treofan Germany GmbH & Co. KG (Treofan Germany). The outlooks on both entities are positive. At the same time, the proposed EUR170 million subordinated second-lien notes to be issued by Treofan Germany were assigned a 'CCC+' issue rating, one notch below the corporate credit rating, with a recovery rating of '3', reflecting our expectation of a meaningful recovery of principal (50%-80%) in the event of a payment default. The notching down of the issue rating reflects the contractual subordination of the notes to higher priority liabilities representing a EUR60 million secured revolving credit facility. The proceeds of the notes will be used to refinance the existing senior credit facilities, for fees and corporate expenses, and for general corporate purposes. "The ratings on Treofan reflect the group's aggressively leveraged financial risk profile; strong competition in the fragmented polypropylene film industry; and weak, albeit improving, track record of operating performance," said Standard & Poor's credit analyst Ms. Listowska. "These negative factors are tempered by the group's leading niche market positions, stemming from long-term relationships with customers and well-diversified customer and geographic bases in stable markets." The ratings on Treofan could be raised by one notch in the medium term if the group's profitability and subsequently credit measures improve. To secure an upgrade we would expect adjusted debt to EBITDA to improve to 5.0x. If the group is not successful in improving operating performance, or if there is a downturn in the operating environment, the outlook could be revised to stable. Headquartered in Raunheim, Germany, Treofan Group -- http://www.treofan.de/-- develops, manufactures and markets under the brand name Treofan biaxially oriented polypropylene film (BOPP) and cast polypropylene film, as well as under the brand name Biophan sustainable and compostable polylacticacid film. With more than 40 years of experience in global markets, Treofan markets its products in more than 20 countries, manufacturing some 220,000 tonnes of film a year at 7 sites in Europe, North America and South Africa. The group reported sales of EUR460 million in 2005. WERNER SAUER: Claims Registration Ends August 14 ------------------------------------------------ Creditors of Werner Sauer GmbH have until Aug. 14 to register their claims with court-appointed provisional administrator Franz-Josef Hansen. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Sept. 27, 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 Aschaffenburg Meeting Room 5.103 1st Upper Floor Schlossplatz 5 63739 Aschaffenburg, 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 Aschaffenburg opened bankruptcy proceedings against Werner Sauer GmbH on June 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Werner Sauer GmbH Auhofstr. 11 63741 Aschaffenburg, Germany The administrator can be contacted at: Dr. Franz-Josef Hansen Kapuzinerplatz 1 63739 Aschaffenburg, Germany Tel: 06021/386710 Fax: 06021/3867130 YILDIZ LOGISTIK: Claims Registration Ends August 15 --------------------------------------------------- Creditors of YILDIZ Logistik & Lagerei GmbH have until Aug. 15 to register their claims with court-appointed provisional administrator Frank Nikolaus. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 30, 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 185 1st 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 YILDIZ Logistik & Lagerei GmbH on June 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: YILDIZ Logistik & Lagerei GmbH Luetzowstr. 6 45141 Essen, Germany Attn: Hayati Kaya, Manager Eckstein 1 44227 Wuppertal, Germany The administrator can be contacted at: Dr. Frank Nikolaus Alfredstr. 108-112 45131 Essen, Germany Tel: 87 90 40 ========= I T A L Y ========= ALITALIA SPA: Posts June 2006 Traffic Figures --------------------------------------------- In June 2006, Alitalia S.p.A. posted a good performance confirming the positive trend already shown in April and May traffic results. Alitalia carried 2.2 million passengers, up 2.9% compared to the previous year. Traffic, measured in Revenue Passenger Kilometers, increased 0.5% despite the fact that the capacity, measured in Available Seat Kilometers, decreased by 4.2%. The load factor grew 3.7 percentage points reaching 77.6%. Total network yields were in line with last year's. Long haul yields improvement offset short medium haul yields heavily under pressure by competitors. Detailed comparisons with June 2005: -- Domestic Passenger Network: traffic was down 3.6% compared to last year while load factor increased by 2.8 percentage points to 68.5%. Negative traffic performance was caused by routes to Sardinia cancellations (without taking into account Sardinia capacity cuts traffic was up 1,1%); -- International Passenger Network: traffic was up 9.1% on a capacity increase of just 3.0%, improving load factor by 4.0 percentage points to 71.7%. -- Intercontinental Passenger Network: long haul load factor was up to 86.1% with a significant increase of 4.3 points against 2005). The increase in traffic to South America and the Far East was partially balanced the drop in traffic to North America. As stated previously this was driven by the reduction of seasonal services from Rome to Boston and Toronto, that this year will start from July rather than April in order to serve only the peak months of the summer season. In June, Cargo, measured in Revenue-Ton-Kilometers, increased by 6.0%. Overall load factor increased by 2.5 percentage points up to 64.1%. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- generates around EUR4.8 billion in annual revenue and employs more than 11,000 people. Alitalia flies to about 80 destinations in more than 60 countries from hubs in Rome and Milan and operates a fleet of about 185 aircraft. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia registered EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked net losses of EUR520 million in 2003; EUR813 million in 2004; and EUR168 million in 2005. =================== K A Z A K H S T A N =================== ALFA-TREIDING: Creditors Must File Claims by Aug. 1 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Alfa-Treiding 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 ARAI: Creditors Must File Claims by Aug. 4 ------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty declared LLP Arai insolvent on May 15. Creditors have until Aug. 4 to submit written proofs of claim to: LLP Arai P.O. Box 42 First Post Office Micro District Taugul Almaty, Kazakhstan ATF BANK: Improved Market Prompts S&P's Positive Outlook -------------------------------------------------------- Standard & Poor's Ratings Services took these rating actions on ATF Bank: -- outlook revised to positive from stable; and -- 'B+/B' counterparty credit ratings: affirmed. The favorable economic environment in the Republic of Kazakhstan, the sovereign outlook on which was revised to positive from stable on June 13, good progress in the development of the legal and regulatory framework, and continued business diversification have enhanced the creditworthiness of the three Kazakh banks. Kazakhstan is still considered to have high economic and banking industry risks, however. "The creditworthiness of banks in Kazakhstan is vulnerable to concentrated ownership; strong pressure on the capitalization from rapid lending growth, which is untested by economic or political shocks through a full economic cycle; and high funding and lending concentrations," said Standard & Poor's credit analyst Annette Ess. The outlook revision on ATF reflects its improved market position in the domestic banking sector and strengthened capitalization. ATF's market share by total assets exceeded 8% at the end of June 2006, and it is closing the gap with the three largest players progressively. Strengthened capitalization in the first quarter of 2006, which pushed the adjusted common equity-to-risk assets ratio to a more adequate 9%, and expected further capital improvements in the latter part of 2006 are factored into the positive outlook. The ratings on the bank are constrained by: -- its rapid loan growth in the risky operating environment, -- high funding and lending concentrations, and -- downward pressure from investments on profitability. "These weaknesses are partially mitigated by ATF's good commercial domestic franchise, a dynamic and competent management team, and well-developed risk management," added Ms. Ess. ATF is Kazakhstan's fourth-largest commercial bank with assets of KZT419 billion and a strong corporate banking franchise. BIZNES SERVIS: Creditors Must File Claims by Aug. 1 --------------------------------------------------- CJSC Biznes Servis Buro has declared insolvency. Creditors have until Aug. 1 to submit written proofs of claim to: CJSC Biznes Servis Buro Baiseitovoi Str. 138/3 Kyzylorda, Kyzylorda Region Kazakhstan EMIRI TREID: Proof of Claim Deadline Slated for Aug. 4 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Emiri Treid insolvent. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Room 204 Serikbayeva Str. 7 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3272) 54-06-78 GUDVILL COMPANY: Proof of Claim Deadline Slated for Aug. 1 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Gudvill Company insolvent on May 15. Creditors have until Aug. 1 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Office 204 Kunayeva Str. 99a Almaty, Kazakhstan Tel: 8 (3272) 72-99-63 8 (3272) 67-63-46 8 (3007) 18-01-17 INVEST PROFIT: Claims Registration Ends Aug. 4 ---------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Invest Profit Limited insolvent. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Room 204 Serikbayeva Str. 7 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3272) 54-06-78 HALYK SAVINGS: S&P Raises Long-Term Counterparty Rating to BB+ -------------------------------------------------------------- Standard & Poor's Ratings Services took these rating actions on Halyk Savings Bank of Kazakhstan: -- long-term counterparty credit rating: raised to 'BB+' from 'BB'; and -- 'B' short-term counterparty credit rating: affirmed, the outlook is stable. The favorable economic environment in the Republic of Kazakhstan, the sovereign outlook on which was revised to positive from stable on June 13, good progress in the development of the legal and regulatory framework, and continued business diversification have enhanced the creditworthiness of the three Kazakh banks. Kazakhstan is still considered to have high economic and banking industry risks, however. "The creditworthiness of banks in Kazakhstan is vulnerable to concentrated ownership; strong pressure on the capitalization from rapid lending growth, which is untested by economic or political shocks through a full economic cycle; and high funding and lending concentrations," said Standard & Poor's credit analyst Annette Ess. The upgrade of Halyk reflects its focused strategy on building a financial services group in Kazakhstan, implemented by: -- the experienced and capable management; -- the preservation of its leading domestic franchise in retail banking despite increased competition; -- a sustained track record over the past three years of improvements in profitability and capitalization, which compare well with peers'; and -- the growing funding diversification. "These positive factors are somewhat offset by the bank's rapid loan growth, high lending, and funding concentrations," added Ms. Ess. Halyk is Kazakhstan's third-largest bank with a market share of 12% by assets, which stood at KZT 656 billion at end-March 2006. It is also the largest retail banking franchise, with a 22% market share in retail loans and deposits. Due to the bank's systemic importance, the long-term rating on the bank includes a one-notch uplift for expected government support in case of distress. KAPITAL: Aktube Court Opens Bankruptcy Proceedings -------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube Region commenced bankruptcy proceedings against JSC Kapital on May 26. LARIBA BANK: S&P Upgrades Counterparty Credit Ratings to B ---------------------------------------------------------- Standard & Poor's Ratings Services took these rating actions on Joint Bank Lariba Bank: -- long-term counterparty credit rating: raised to 'B' from 'B-'; and -- short-term counterparty credit rating: raised to 'B' from 'C', the outlook is stable. The favorable economic environment in the Republic of Kazakhstan, the sovereign outlook on which was revised to positive from stable on June 13, good progress in the development of the legal and regulatory framework, and continued business diversification have enhanced the creditworthiness of the three Kazakh banks. Kazakhstan is still considered to have high economic and banking industry risks, however. "The creditworthiness of banks in Kazakhstan is vulnerable to concentrated ownership; strong pressure on the capitalization from rapid lending growth, which is untested by economic or political shocks through a full economic cycle; and high funding and lending concentrations," said Standard & Poor's credit analyst Annette Ess. The upgrade of Lariba reflects: -- consistently strong capitalization and profitability; -- a tight focus on its niche franchise; and -- improving lending diversification with a meaningful decrease in its single-name lending concentrations, which are the lowest among rated domestic banks. "The ratings on the bank are constrained by its small absolute size with total equity of US$15 million at end-March 2006, high deposit concentrations, and limited ability to access various funding markets," added Ms. Ess. NEFTEHIMKOMPLEKT-PV: Claims Registration Ends Aug. 1 ---------------------------------------------------- LLP Neftehimkomplekt-PV has declared insolvency. Creditors have until Aug. 1 to submit written proofs of claim to: LLP Neftehimkomplekt-PV Toraigyrova Str. 64 Pavlodar, Pavlodar Region Kazakhstan RSD: Claims Registration Ends Aug. 4 ------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP RSD insolvent. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Room 204 Serikbayeva Str. 7 Ust-Kamenogorsk, East Kazakhstan Region Tel: 8 (3272) 54-06-78 SEMEI DEN: Creditors' Claims Due Aug. 1 --------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Semei Den 1 insolvent on May 4. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 1 to submit written proofs of claim to: LLP Semei Den 1 Bostayeva Str. 77-42 Semipalatinsk, East Kazakhstan Region Kazakhstan Tel: 8 (3222) 34-40-25 SHTADA FARMA: Creditors' Claims Due Aug. 1 ------------------------------------------ The Representative Office of the Partnership Shtada Farma International GmbH has declared insolvency. Creditors have until Aug. 1 to submit written proofs of claim to: Shtada Farma International GmbH Buzurbayeva Str. 21-36 Almaty, Kazakhstan TRIOMED: Creditors' Claims Due Aug. 4 ------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Triomed insolvent on May 17. Creditors have until Aug. 4 to submit written proofs of claim to: LLP Triomed P.O. Box 42 First Post Office Micro District Taugul Almaty, Kazakhstan TSO: Creditors Must Submit Claims by Aug. 4 ------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Tso insolvent. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Room 204 Serikbayeva Str. 7 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3272) 54-06-78 =================== K Y R G Y Z S T A N =================== GAZTRANSSERVIS: Creditors Must File Claims by Sept. 5 ----------------------------------------------------- LLC Gaztransservis has declared insolvency. Creditors have until Sept. 5 to submit written proofs of claim to: LLC Gaztransservis Panfilova Str. 203/3 Bishkek, Kyrgyzstan Tel: (0-517) 75-64-83 MIRIADA TREIDING: Proof of Claim Deadline Slated for Sept. 5 ------------------------------------------------------------ LLC Miriada Treiding has declared insolvency. Creditors have until Sept. 5 to submit written proofs of claim to: LLC Miriada Treiding Tumenskaya Str. 67 Bishkek, Kyrgyzstan ===================== N E T H E R L A N D S ===================== CITYMORTGAGE MBS: Moody's Assigns (P)B1 Rating to Class B Notes --------------------------------------------------------------- Moody's Investors Service has assigned provisional long-term credit ratings to the Notes to be issued by CityMortgage MBS Finance B.V.: -- US$64,300,000 Class A-FL Senior Asset Backed Sequential Capped Floating Rate Pass-through Notes due 2033: (P)Baa2; -- US$64,300,000 (Notional) Class A-IIO Senior Asset-Backed Inverse Interest-only Notes due 2033: (P)Baa2; and -- US$6,400,000 Class B Mezzanine Asset-Backed Fixed Rate Pass-through Notes Due 2033: (P)B1. CityMortgage MBS Finance B.V., an SPV incorporated under the laws of The Netherlands, will issue four classes of US dollar- denominated notes to fund the purchase of receivables arising from Russian mortgage loans originated by CityMortgage Bank. The transfer of Mortgage Certificates (zakladnaya) is governed by Russian law, while the remaining transaction documents are governed by English law. The ratings of the notes are inter alia based on: -- favorable pool characteristics such as the moderate weighted average LTV of 60.8%, -- the sound legal structure including the re-registration of all mortgages in the name of the Issuer, and -- credit enhancement in the form of subordination -- for the Class A: subordination of Class B and Class Z and for the Class B, subordination of Class Z. Class Z is unrated and will be acquired by the CityMortgage Bank. The pool consists of fixed rate loans, denominated in US dollars and secured by mortgages on approximately 1,300 residential properties mainly located in Moscow, Moscow region, and St. Petersburg. CityMortgage Bank will do the servicing, while ZAO Raiffeisen Austria is the contracted back-up servicer for this transaction. The provisional ratings address the expected loss posed to investors by the legal final maturity of the Notes. Moody's issues provisional ratings in advance of the final sale of securities, but these ratings represent only Moody's preliminary credit opinions. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the Notes. A definitive rating may differ from a provisional rating. ROMPETROL GROUP: Fitch Revises Issuer Rating Outlook to Stable -------------------------------------------------------------- Fitch Ratings changed the Outlook of Netherlands-based The Rompetrol Group N.V.'s Issuer Default Rating of B- to Stable from Negative. The rating action reflects improved corporate governance of TRG group, including a strengthened management team and corporate restructuring, as well as the Bucharest Court of Appeal's decision to reject the General Prosecutor's Office of Romania request to place TRG's two owners in pre-trial detention. Additionally, Fitch notes that the freeze of a 25.9% shareholding in TRG's key asset, Romania's Rompetrol Rafinare, set up by the GPO in March 2006, was lifted by the Bucharest court last Friday. Fitch understands that a potential trial following the GPO investigation may occur and is likely to take three to four years. However, this is likely to be less distracting for TRG's operational management when compared to the events of the last 14 months, due to the structural changes that have been implemented in the group. Previously Fitch had expressed concerns about the potential impact of proceedings on the operational management of the business given the pivotal involvement of the two shareholders in the management team. TRG as an organization has addressed these concerns and is now better prepared to cope with any negative impact arising from an extended legal process. A two-tier management structure has been implemented by setting up a supervisory board consisting of a majority of independent directors as well as a management board. The operational management team has been expanded with the creation of a separate treasury function under a new group treasurer, and the appointment of a new Chief Operating Officer. The rating continues to reflect the favorable location, complexity and strong operating results of TRG's key refinery in Romania. It also reflects the group's increased geographical diversification after the recent acquisition of Dyneff, a French fuel retail and storage business. TRG's aggressive financial policy, high leverage, high refinancing risk and aggressive capital expenditure program for the coming five years are also factored into the rating. Fitch regards an extension of the debt maturity profile and improved profitability in Dyneff as key factors for any improvement in the future rating or Outlook for TRG. For the time being, most of TRG group's debt is short-term, comprising one-year bank loan facilities that are renewed each year. This poses significant refinancing risk especially in view of the ongoing investigation in Romania. Despite the investigation, in 2005, TRG was able to report record profits capitalizing on an extremely favorable market environment for refiners. After a slow Q106 the business has picked up in Q206, and in January-May 2006 TRG reported unaudited EBITDA of US$32 million. VNU NV: Moody's Junks Senior Unsecured Debt Ratings --------------------------------------------------- Moody's Investors Service downgraded the Corporate Family Rating of VNU NV to B2 from B1 and its senior unsecured debt ratings to Caa1 from B1. This concludes Moody's review of VNU's ratings, which was last continued on May 26. Rating downgraded to B2 from B1: -- Corporate Family Rating Ratings downgraded to Caa1 from B1: -- floating rate Euro MT Notes due 2012; -- 6.75% Euro MT Notes due 2012; -- 2.5% Yen MT Notes due 2011, the floating rate Euro MT Notes due 2010; -- 5.625% GBP MT Notes due 2010/17; -- 5.5% Eurobonds due 2008; -- 6.75% Eurobonds due 2008; -- 6.625% Eurobonds due 2007; -- Euro MTN program; and -- Nielsen Media Research Inc.'s 7.6% Notes due 2009 guaranteed by VNU. Moody's acknowledges that Valcon Acquisition, the financial sponsor-owned entity that acquired VNU in a leveraged buy-out has tendered for certain of VNU's bonds. For these bonds, the Caa1 rating reflects Moody's assessment of the credit risk for any bonds that are not tendered. Moody's expects to rate the new debt VNU intends to issue at its indirectly wholly owned Nielsen Finance subsidiary shortly. The B2 CFR and the instrument ratings derived from the CFR reflect VNU's very high initial leverage following its leveraged buy-out by a group of financial investors around 9x Financial Gross Debt/Adjusted EBITDA on a 2005 pro forma basis as presented in the company's Offering Memorandum, limited free cash flow generation in the near term, execution risks on the company's cost savings programs and competitive as well as price challenges for VNU's Marketing Information operation. These factors leave the CFR relatively weakly positioned at the B2 level. Underpinning the ratings against these significant challenges are VNU's strong international business positions with good revenue visibility and relatively high barriers to entry, potential for steady revenue growth and for visible margin improvement and the significant initial common equity contribution from the sponsors. The ratings further acknowledge positively that the sponsors have stepped into an already existing strategic plan, the broad outlines of which Moody's expects to remain unchanged. Moody's understands that VNU has a number of cost cutting programs in place, mainly in its Marketing Information division, which delivered some EUR40 million in cost savings in 2005 and which are expected to deliver some EUR100 million in annual cost savings over the next few years. In addition the company launched in March a new initiative, Project Forward, designed to deliver EUR125 million in annualized cost savings in 2008 for initial cash costs of EUR175 million over three years from 2006. The plan, which has a broader focus aiming at savings across the entire company is fully scoped out and costed and execution is under way. At the same time Project Forward aims to transform current organizational and operating structures of the company and therefore still carries considerable execution risks. Moody's sees further risks to VNU's business plan from a still difficult operating environment for B2B magazine publishing with an accelerating transition to online delivery and to a lesser extent from a fast evolving technology landscape in Media Measurement & Information. In Moody's opinion it also remains difficult to assess at this stage whether the prolonged period of strategic uncertainty from the announcement of the proposed acquisition of IMS Health in July 2005 until the recent closing of the LBO has affected VNU's underlying performance. Lastly, Moody's also believes that notwithstanding the effective co- operation during the bidding stage, the presence of a relatively large sponsor group in VNU's ownership could result in conflicting views and strategies should the transaction come under financial strain. Given the very high initial leverage a stable outlook for VNU's ratings reflects the expectation that VNU can execute its current business plan successfully, focusing on a combination of continuing revenue growth and cost cutting to drive profit growth in order to achieve strong EBITDA growth. On a March 2006 LTM pro forma basis the ratio of financial gross debt/EBITDA as presented in the Offering Memorandum improves to 7.9x if EBITDA is adjusted for the annual run rate cost savings from Project Forward. Evidence of successful execution supported by EBITDA growth and de-leveraging on an Adj. Net Debt/EBITDAR basis to well below 7x without counting run-rate cost savings would lead to upward pressure on the ratings over the medium term. Conversely, any indication that execution issues on cost cutting and/or lower than forecast revenue growth are reducing targeted profit and cash flow improvements and/or that leverage on an Adj. Net Debt/EBITDAR basis without counting run-rate cost savings has not fallen visibly below 8x could result in negative rating pressure. In this context Moody's notes that in anticipation of the expected change in VNU's reporting currency to US$ which better aligns the accounts with the denomination of its revenues and cash flows the company expects to have most of its debt denominated in USD. Therefore its balance sheet when reported in Euros will remain sensitive to movements in the EUR/US$ exchange rate until the natural cash flow hedge for US$ reporting takes hold. Headquartered in Haarlem, Netherlands, VNU N.V. -- http://www.vnu.com/-- operates publishing businesses and offers marketing and media information. The Company publishes and distributes telephone directories, children's books and periodicals, and business information periodicals. VNU also offers television and Internet usage data and advertising expenditure analysis. =========== N O R W A Y =========== AKER KVAERNER: Joint Venture Wins US$665-Mln LNG Deal in Texas -------------------------------------------------------------- Aker Kvaerner, in joint venture (50/50) with Ishikawajima-Harima Heavy Industries, was awarded a contract for the engineering, procurement and construction of the Ingleside Energy Center regasification terminal in Ingleside, Texas, U.S.A. The contract value to the Aker Kvaerner and IHI joint venture is US$665 million. The project is expected to take approximately three years to complete, after Ingleside Energy Center elects to issue a Notice to Proceed. Construction is scheduled to begin the first quarter of 2007. The Ingleside Energy Center LNG terminal will be the second large LNG regasification project to combine Aker Kvaerner's expertise in regasification engineering and construction management for LNG facilities and IHI's position as a market leader within design and manufacturing of LNG storage and processing systems in one integrated delivery model. The design and engineering will be directed from Houston involving approximately 125 personnel from Aker Kvaerner and IHI. In addition, the project will employ a peak construction labor force of approximately 750. "We are proud of our track record within the oil and gas and LNG regasification industry and our unique partnership with IHI for excellence in delivering LNG tanks and terminals," John Siffert, President of Aker Kvaerner's LNG business, said. "We look forward to working with Ingleside Energy Center which we believe will benefit from this exclusive collaboration between two leading global EPC project delivery companies with a proven delivery model." Ingleside Energy Center, a subsidiary of Occidental Petroleum Corporation, was granted a Federal Energy Regulatory Commission (FERC) permit in July 2005. The facility will process approximately 1.0 billion cubic feet of gas per day. 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 =========== ABUNDANT GARDEN: Bankruptcy Hearing Slated for Aug. 3 ----------------------------------------------------- The Arbitration Court of Stavropol Region will convene at 11:00 a.m. on Aug. 3 to hear the bankruptcy supervision procedure on CJSC Abundant Garden (TIN 2607016140). The case was docketed under Case No. A63-4293/2006-S5. The Temporary Insolvency Manager is: G. Koshkosh Office 7 L. Tolstogo Str. 121a 355000 Stavropol Region Russia The Arbitration Court of Stavropol Region is located at: Mira Str. 4586 Stavropol Region Russia The Debtor can be reached at: CJSC Abundant Garden Ryzdvyanyj Stavropol Region Russia ANDREAPOL-AGRO-STROY: I. Peshekhonov to Manage Insolvency Assets ---------------------------------------------------------------- The Arbitration Court of Tver Region appointed Mr. I. Peshekhonov as Insolvency Manager for OJSC Andreapol-Agro-Stroy. He can be reached at: I. Peshekhonov Post User Box 39A OPS-100 170100 Tver Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A66-561/2005. The Arbitration Court of Tver Region is located at: Room 7 Sovetskaya Str. 23b Tver Region Russia The Debtor can be reached at: OJSC Andreapol-Agro-Stroy Shakhtera Str. 9 Andreapol 172800 Tver Region Russia APASTOVO-AGRO-KHIM-SERVICE: Court Hearing Slated for Sept. 4 ------------------------------------------------------------ The Arbitration Court of Tatarstan Republic will convene at 12:10 p.m. on Sept. 4 to hear the bankruptcy supervision procedure on OJSC Apastovo-Agro-Khim-Service. The case is docketed under Case No. A65-5527/2006-SG4-26. The Temporary Insolvency Manager is: I. Gilyazov Post User Box 5 GOS-3 Chistopol 422983 Tatarstan Republic Russia The Debtor can be reached at: OJSC Apastovo-Agro-Khim-Service Apastovskiy Region Tatarstan Republic Russia BLAGOVESHENSKIY AGRO-SNAB: Court Begins Bankruptcy Supervision -------------------------------------------------------------- The Arbitration Court of Altay Region has commenced bankruptcy supervision procedure on OJSC Blagoveshenskiy Agro-Snab. The case is docketed under Case No. A03-20172/05-B. The Temporary Insolvency Manager is: M. Polyakov Post User Box 130 Vorovskogo Str. 140 Barnaul 656002 Altay Region Russia The Debtor can be reached at: OJSC Blagoveshenskiy Agro-Snab Sovetskaya Str. 90 Blagoveshenka Blagoveshenskiy Region 658960 Altay Region Russia CERAMIC BUILDING: Court Commences Bankruptcy Supervision -------------------------------------------------------- The Arbitration Court of Yamalo-Nenetskiy Autonomous Region has commenced bankruptcy supervision procedure on OJSC Factory of Ceramic Building Materials (TIN 8905025503). The case was docketed under Case No. A81-3282/2005. The Temporary Insolvency Manager is: A. Kovalskiy Apartment 28 Chekhova Str. 13 160001 Vologda Region Russia The Debtor can be reached at: OJSC Factory of Ceramic Building Materials Mestorozhdenie Zapadno-Noyabrskoye Noyabrsk 692811 Yamalo-Nenetskiy Autonomous Region Russia ECOS-AGRO: Court Names O. Gonzharov as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Samara Region appointed Mr. O. Gonzharov as Insolvency Manager for CJSC Ecos-Agro. He can be reached at: O. Gonzharov Apartment 66 Pyatnitskoye Shosse 38 125310 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55-18865/2005. The Debtor can be reached at: CJSC Ecos-Agro Klyavino Samara Region Russia GALICHSKIY TANNERY: Court Begins Bankruptcy Supervision ------------------------------------------------------- The Arbitration Court of Kostroma Region has commenced bankruptcy supervision procedure on LLC Galichskiy Tannery. The case is docketed under Case No. A31-9688/2005-18. The Temporary Insolvency Manager is: A. Butenko Office 412 Lenina Pr. 21b 150003 Yaroslavl Region Russia The Debtor can be reached at: LLC Galichskiy Tannery Artemyevskoye Galichskiy Region 157217 Kostroma Region Russia GAVRILOVSKAYA NIVA: Tambov Court Begins Bankruptcy Supervision -------------------------------------------------------------- The Arbitration Court of Tambov Region has commenced bankruptcy supervision procedure on LLC Agricultural Company Gavrilovskaya Niva. The case is docketed under Case No. A64-7937/05-21. The Temporary Insolvency Manager is: A. Tomilov bochaya Str. 20 2020 Tambov Region ssia The Debtor can be reached at: LLC Agricultural Company Gavrilovskaya Niva Kozmodemyanovka Gavrilovskiy Region 393166 Tambov Region Russia GAZPROM: Board Approves Strategic Development Targets ----------------------------------------------------- OAO Gazprom's Board of Directors has approved the company's 10- year strategic development targets. The objectives include basic performance indicators characterizing the Company's development efficiency. These indicators are: -- economic profit growth - positive; -- return on equity - not less than 6 per cent (conservative oil price forecast); -- equity/debt ratio - not more than 40 per cent; -- production rate - not less than 550 bcm of gas (in the vicinity of the Unified Gas Supply System); -- sales volume - not less than 490 bcm of gas; -- inventories amount - not less than 29 tcm of gas; -- reserve replenishment coefficient - not less than 100 percent. The Board of Directors tasked the Management Committee with organizing the work to achieve these preset strategic development targets. On Sept. 28, 2005, the Gazprom Board of Directors approved a list of strategic development targets subject to approval by the Board of Directors. Setting strategic developments targets when planning the business activity is a substantial factor for higher operating efficiency and market capitalization of the world's largest oil & gas companies. Global energy companies employ Key Performance Indicators, which are in most cases identical to strategic development targets of Gazprom. When identifying its strategic development targets Gazprom takes into account the Company's performance specificity and development prospects. On June 22, the Gazprom Management Committee approved the Gazprom Planning Rules using strategic development targets. The Planning Rules contemplate devising a Company's development program over a 10-year period. The program must include a list of priority projects, capacity commissioning and relevant capital investment projections, major operating, financial & economic development indicators. Improving the planning system based on the Planning Rules aims to reinforce the interconnection between the Company's management system elements (long-, mid- and short-term planning systems, budgeting systems, cost management, control, motivation systems) and ultimately to ensure the conformity of the Company's financial & economic activity with its strategic goals. The planning system using strategic development targets will enhance business transparency and will give investors an objective idea of Gazprom's probable development in a long run. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. * * * As reported in the TCR-Europe on Jan. 18, Standard & Poor's Ratings Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency ratings to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. GAZPROM: Hikes Zarubezhneftegaz Equity Stake to 100% ---------------------------------------------------- The Board of Directors for OAO Gazprom has approved the purchase of further stakes in Zarubezhneftegaz -- 24.9% from Zarubezhneft and 15% from Stroytransgaz. These acquisitions will bring Gazprom's total ownership interest in Zarubezhneftegaz to 100%. The market value of the mentioned stakes was identified by the independent appraiser Deloitte & Touche CIS. Zarubezhneftegaz is an operator of Gazprom's international projects. In order to solidify Gazprom's standing on the international oil & gas market, Zarubezhneftegaz, acting on behalf of Gazprom, is engaged in a variety of projects that cover geological survey, field development, gas transmission system upgrading, underground gas storage capacity expansion, gas transmission & marketing. At present, the stockholders of Zarubezhneftegaz include: Equity Stake ------------ Gazprom 60.1% Zarubezhneft 24.9% Stroytransgaz 15% About Gazprom Headquartered in Moscow, Russia, OAO Gazprom -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. * * * As reported in the TCR-Europe on Jan. 18, Standard & Poor's Ratings Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency ratings to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. GAZPROM: Board Names Boris Fyodorov as Audit Committee Chairman --------------------------------------------------------------- OAO Gazprom's Board of Directors has decided to form an Audit Committee of the Board. The Board re-elected Boris Fyodorov as Committee Chairman, and Bergmann Burckhard and Mikhail Sereda as Committee Members. The Audit Committee focuses on assessing: -- nominations for Gazprom's auditors; -- the Auditor's Report; -- the efficiency of Gazprom's internal control procedures and preparation of proposals on their improvement. The Members of the Gazprom Board of Directors' Audit Committee have been re-elected pursuant to the Standard Guidelines for a Board of Directors' Committee. Under the Guidelines, the authority of the Committee Members expires simultaneously with the expiry of the authority of the Board of Directors that has formed this Committee. To this end, the authority of the previously elected Audit Committee Members expired on June 30, 2006. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. * * * As reported in the TCR-Europe on Jan. 18, Standard & Poor's Ratings Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch Ratings upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency ratings to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. IV-WOOD-PROM: Bankruptcy Hearing Slated for Aug. 7 -------------------------------------------------- The Arbitration Court of Ivanovo Region will convene at 1:00 p.m. on Aug. 7 to hear the bankruptcy supervision procedure on OJSC Iv-Wood-Prom. The case is docketed under Case No. A17-1343/06-10-?? The Temporary Insolvency Manager is: A. Bogdanets Office 207 Bagaeva Str. 17 153000 Ivanovo Region Russia The Arbitration Court of Ivanovo Region is located at: B. Khmelnitskogo Str. 59B Ivanovo Region Russia The Debtor can be reached at: OJSC Iv-Wood-Prom Dzerzhinskogo Str. 8 Ivanovo Region Russia KUDYMKARSKIY BAKERY: V. Plashkin to Manage Insolvency Assets ------------------------------------------------------------ The Arbitration Court of Komi-Permyatskiy Region appointed Mr. V. Plashkin as Insolvency Manager for Federal State Unitary Enterprise Kudymkarskiy Bakery. He can be reached at: V. Plashkin Office 2 Svobody Str. 58 Kudymkar 619000 Komi-Permyatskiy Region Russia Tel: (8-34260) 45993 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A 30-2052/2005. The Arbitration Court of Komi-Permyatskiy Region is located at: M. Gorkogo Str. 24 Kudymkar Region 619000 Komi-Permyatskiy Region Russia The Debtor can be reached at: Federal State Unitary Enterprise Kudymkarskiy Bakery Sverdlova Str. 53 Kudymkar Region 619000 Komi-Permyatskiy Region Russia KUSHEVSKIY: Krasnodar Court Begins Bankruptcy Supervision --------------------------------------------------------- The Arbitration Court of Krasnodar Region has commenced bankruptcy supervision procedure on OJSC Food Combine Kushevskiy. The case was docketed under Case No. A32-37016/2005-38/505-B. The Temporary Insolvency Manager is: A. Radionov 2nd Floor Armavirskaya Str. 37 Eysk 353680 Krasnodar Region Russia The Debtor can be reached at: OJSC Food Combine Kushevskiy Kushevskaya Krasnodar Region Russia LUKHOVITSKIY VOD-STROY: Bankruptcy Hearing Slated for Aug. 7 ------------------------------------------------------------ The Arbitration Court of Moscow Region will convene at 2:00 p.m. on Aug. 7 to hear the bankruptcy supervision procedure on CJSC Lukhovitskiy Vod-Stroy. The case was docketed under Case No. A41-K2-5410/06. The Temporary Insolvency Manager is: V. Vinogradov Post User Box 96 2nd Dubrovskaya Str. 1 109044 Moscow Region Russia The Debtor can be reached at: CJSC Lukhovitskiy Vod-Stroy Timiryazeva Str. 13. Lukhovitsy 140500 Moscow Region Russia MDM BANK: Prices US$200 Million Subordinated Unsecured Notes ------------------------------------------------------------ MDM Bank has set a price and begun its first transaction of US$200 million Subordinated Unsecured Notes. The deal has been well received as demonstrated by strong diversified demand at the tighter end of the pricing range. The Bank's Reg. S 5-year transaction was launched following a successful marketing campaign in Asia and Europe. "This placement of MDM Bank Subordinated Unsecured Notes again demonstrated the strength of MDM Bank as an international borrower, capable of generating solid demand for its long-dated debt from a diversified high-quality investor base even in the periods of certain market turbulence," Michel Perhirin, Chief Executive Officer of MDM-Bank, said. "The fact that MDM-Bank has a leading reputation among Russian banks for transparency and strong balance sheet significantly contributed to the success of this deal." Goldman Sachs International was the sole lead manager and bookrunner of the deal. On June 1, Goldman Sachs announced its fourth consecutive mandate and third consecutive sole mandate for MDM Bank in the form of a dollar denominated 5y bullet LT2. This is MDM Bank's inaugural subordinated debt paper. The launch of the deal followed a five-day roadshow (held in Hong Kong, Singapore, London, Zurich, Paris and Brussels; an electronic version of the roadshow presentation was posted on Bloomberg) in June. Due to market volatility, the deal was postponed to await better market conditions and announced on July 12 as a benchmark transaction. The issuer targeted a US$150 million minimum deal size and price guidance was set at 9.75-10% based on the marketing. The orderbook was opened on July 12 and closed on July 14. The total size of the orderbook approached US$250 million towards the end of the bookbuilding, based on initial price guidance of 9.75-10.0%. The orderbook was well diversified with strong demand emanating from both Europe and Asia with Switzerland taking 31%, Eastern Europe 24%, Asia 19%, UK 12% and other Western Europe accounting for 14%. The investor distribution was as follows: Private Banks 49%, Banks 38%, Hedge Funds 8% and Funds 5%. The deal was successful in achieving a larger size at the tighter end of price guidance in the face of adverse market conditions in a week with equities down, the Itraxx Crossover up by 20bp, the Mumbai bombings and the escalation in the Middle East. "We are pleased to once again reopen the international capital markets for Russian banks with a benchmark transaction for MDM," Michael Sherwood, co-chairman of Goldman Sachs International said. "The fact that this deal achieved 200 million size at the tight end of the range, despite the volatility in the markets and the geopolitical concerns is a testimony to MDM's franchise and to the work the management team has done in spreading the word about MDM's strengths and ambitions." Headquartered in Moscow, Russian Federation, MDM Bank reported total assets of US$4.23 billion under IFRS as of June 30, 2005. On a standalone basis (without subsidiaries), it ranked 11th among Russian banks in terms of total assets as of Jan. 1, 2006. * * * As reported in the Troubled Company Reporter on March 14, Moody's Investors Service has assigned Ba2 and Not Prime long- and short-term foreign currency bank deposit ratings and a D Financial Strength Rating (FSR) to MDM Bank (Russia), which is the lead operating entity in MDM Financial Group (MDM FG), comprising over 90% of the group's total IFRS-consolidated assets and shareholders' equity. At the same time Moody's has affirmed the Ba2/Not Prime ratings assigned to MDM Bank's US$2 billion Program for the Issuance of Loan Participation Notes. The Notes will be issued by, but with limited recourse to, MDM International Funding Plc (Ireland) for the sole purpose of financing advances to MDM Bank. The outlook for all ratings is stable. According to Moody's, the Ba2/Not Prime/D ratings are based on the fundamental credit strength of MDM Bank, and do not incorporate any potential support from the authorities in case of need. MDM INTERNATIONAL: Fitch Puts Long-Term B+ to US$200-Mln Notes -------------------------------------------------------------- Fitch Ratings assigned MDM International Funding PLC's debut US$200 million 9.75% issue of limited recourse loan participation notes due July 2011 a final Long-term rating of B+. The notes are to be used solely for financing a subordinated loan to Russia's MDM Bank under a subordinated loan agreement. MDM is rated Issuer Default Rating BB- with a Stable Outlook, Short-term B, Individual C/D and Support 4. MDM is the largest subsidiary of MDM Holding GmbH. The ultimate beneficiaries of the group are Andrey Melnichenko and Sergey Popov, his partner in other industrial assets. MDM's strategy is to grow in defined areas of commercial, retail and investment banking. NORTH ENGINEERING: Court Names S. Egorin as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Vologda Region appointed Mr. S. Egorin as Insolvency Manager for CJSC North Engineering Company. He can be reached at: S. Egorin Lenina Str. 21b 150003 Yaroslavl Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A13-15376/2005-25. The Debtor can be reached at: CJSC North Engineering Company Zalineynaya Str. 22. Vologda Region Russia OB-OIL-GAS-STROY: Court Begins Bankruptcy Supervision Procedure --------------------------------------------------------------- The Arbitration Court of Yamalo-Nenetskiy Autonomous Region has commenced bankruptcy supervision procedure on OJSC Ob-Oil-Gas- Stroy. The case is docketed under Case No. A81-313/2006. The Temporary Insolvency Manager is: V. Kravchenko Post User Box 696 Main Post Office Respubliki Str. 56 625000 Tyumen Region Russia The Arbitration Court of Tyumen Region is located at: Khokhryakova Str. 77 627000 Tyumen Region Russia The Debtor can be reached at: OJSC Ob-Oil-Gas-Stroy Lenina Str. 31 Noyabrsk 629800 Yamalo-Nenetskiy Autonomous Region Russia OMZ: S&P Affirms CCC+ Long-Term Corporate Credit Rating ------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'CCC+' long-term corporate credit and 'ruBB' national scale ratings on Russia- based heavy-engineering holding company OAO OMZ (Uralmash-Izhora Group). The ratings were removed from CreditWatch with developing implications, where they had been placed on Feb. 8, following the announced acquisition of a controlling stake in the company by a group of investors represented by Gazprombank. The outlook is developing. "The affirmation reflects the fact that OMZ's new shareholders have not yet taken a decision about their strategy for the group's restructuring," said Standard & Poor's credit analyst Tatiana Kordyukova. "The change in control is not, therefore, likely to have an immediate effect on the group's credit quality." For the time being, OMZ will continue to operate as before. S&P will evaluate the consequences of the change of control once the details of the new shareholders' strategy are disclosed. "S&P notes both the strong upside potential for OMZ resulting from possible support from its new shareholders and the ongoing uncertainty regarding the shareholders' plans for the group," Ms. Kordyukova added. The outlook could be revised to positive or the ratings raised if the group's business position in the nuclear power equipment segment benefits from the restructuring efforts; specifically, if restructuring results in new order inflow from government- related entities. New financing and liquidity support from Gazprombank--if it were to boost OMZ's currently weak financial profile--could also have positive implications for the group's credit quality. A downside scenario cannot be ruled out, however, as it is unclear how the group will be restructured, whether some of the existing businesses will be sold, and what businesses will be retained. The status of OMZ's debt following the restructuring is also uncertain, as is the level of liquidity backup, if any, available to the group to implement its investments plans following the restructuring. RIF-INVEST-SPRING: Belgorod Court Begins Bankruptcy Supervision --------------------------------------------------------------- The Arbitration Court of Belgorod Region has commenced bankruptcy supervision procedure on OJSC Rif-Invest-Spring (TIN 3110007822). The case is docketed under Case No. A08-13456/05-2 b. The Temporary Insolvency Manager is: A. Zapryagaev Post User Box 36 Voroshilova Str. 35 394055 Voronezh Region Russia The Debtor can be reached at: OJSC Rif-Invest-Spring Alekseevka Korochanskiy Region 309222 Belgorod Region Russia ROSNEFT OIL: UK Court Allows Shares to Trade in London ------------------------------------------------------ A British judge denied Yukos Oil Co.'s request to block the initial public offering of OAO Rosneft Oil Company on the London Stock Exchange yesterday, the Associated Press reports. However, the case was referred to the Appellate Court. The full listing of Rosneft shares began its formal trading on the LSE yesterday, a few days after its shares kicked off in the Moscow exchange. Yukos lawyers argued in the UK High Court 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. 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. As previously reported, Yukos had asked the court for permission to conduct a judicial review on decisions made by the Financial Services Authority and the LSE and to enforce a temporary injunction on the share sale pending the results of the hearing. 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. ROSTELECOM: Eyes Changes in Organizational Structure ---------------------------------------------------- Rostelecom has begun a process of reform to its organizational structure. The planned changes will focus on optimizing the company's management structure, as well as consolidating the organizational matrix within its principal business areas. The first stage of reform will focus on the top level of the corporate structure, implementing an effective ERP system, which will enable the Company to streamline and strengthen its mainstream businesses. "Dynamic development of the telecom market, the introduction of new technologies, changes in demand patterns and increasing competition are some of the challenges we currently face," Dmitry Yerokhin, General Director of Rostelecom, said. "We recognize the need to adapt quickly to the changing market environment, and in response, the reforms we are initiating are mainly aimed at enhancing the flexibility of Rostelecom's management structure. Optimization of the organizational structure will enable Rostelecom to focus its resources on its key commercial, technical and financial activities." Headquartered in Moscow, Russia, Rostelecom -- http://www.rostelecom.ru/en-- is Russia's national long- distance telecommunications operator. The Company owns and operates a nationwide modern backbone network enabling the provision of telecommunications services across the entire Russian Federation. * * * As reported in TCR-Europe on March 30, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rostelecom to 'BB-' from 'B+', reflecting the company's strengthened financial profile. S&P said the outlook is stable. SALAVATSKIY FOOD: R. Shaymukhametov to Manage Assets ---------------------------------------------------- The Arbitration Court of Bashkortostan Republic appointed Mr. R. Shaymukhametov as Insolvency Manager for OJSC Salavatskiy Food Combine (TIN 0266012149). He can be reached at: R. Shaymukhametov Apartment 57 Oktyabrya Pr. 15/1 Ufa 450001 Bashkortostan Republic Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-16538/05-A-PAV. The Debtor can be reached at: OJSC Salavatskiy Food Combine Zelenaya Str. 1 Salavat 453261 Bashkortostan Republic Russia SIBERIAN FUEL: Court Names I. Morlang as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Krasnoyarsk Region appointed Mr. I. Morlang as Insolvency Manager for LLC Siberian Fuel and Energy Company. He can be reached at: I. Morlang Office 10 Lenina Str. 62A 660049 Krasnoyarsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-5861/2006. The Arbitration Court of Krasnoyarsk Region is located at: Lenina Str. 143. 660021 Krasnoyarsk Region Russia The Debtor can be reached at: LLC Siberian Fuel and Energy Company Krasnodarskaya Str. 40A Krasnoyarsk Region Russia SIBIRTELECOM OJSC: Pays RUB1.53 Billion for Series 03 Bonds ----------------------------------------------------------- Sibirtelecom OJSC reports that it has paid its Series 03 bonds at a total sum of RUB1.53 billion. Sibirtelecom OJSC -- http://www.sibirtelecom.ru/english-- provides both traditional telephone services and a wide range of telecom services such as internet access services, and new billing systems. Intelligent networks, and e-commerce systems are currently under development. * * * As reported in TCR-Europe on Feb. 9, Fitch Ratings assigned a B+ Issuer Default rating to OAO Sibirtelecom along with several other companies in the European Telecommunications, Media and Technology sectors. Fitch said the outlook is stable. On Dec. 2, 2005, Fitch affirmed Sibirtelecom's ratings at Senior Unsecured 'B+' with Stable Outlook and Short-term 'B'. TYUMENSKIY MECHANICAL: S. Kungurov to Manage Assets --------------------------------------------------- The Arbitration Court of Tyumen Region appointed Mr. S. Kungurov as Insolvency Manager for OJSC Tyumenskiy Mechanical Factory. He can be reached at: S. Kungurov Office 455 Melnikayte Str. 106 Tyumen Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A70-6314/3-05. The Arbitration Court of Tyumen Region is located at: Khokhryakova Str. 77 627000 Tyumen Region Russia The Debtor can be reached at: OJSC Tyumenskiy Mechanical Factory Beregovaya Str. 199b Tyumen Region Russia YUKOS OIL: UK Court Nixes Call to Block Rosneft Share Sale ---------------------------------------------------------- A British judge denied Yukos Oil Co.'s request to block the initial public offering of OAO Rosneft Oil Company on the London Stock Exchange yesterday, the Associated Press reports. However, the case was referred to the Appellate Court. The full listing of Rosneft shares began its formal trading on the LSE yesterday, a few days after its shares kicked off in the Moscow exchange. Yukos lawyers argued in the UK High Court 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. 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. As previously reported, Yukos had asked the court for permission to conduct a judicial review on decisions made by the Financial Services Authority and the LSE and to enforce a temporary injunction on the share sale pending the results of the hearing. 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. ============= U K R A I N E ============= BREAD BASE 75: Court Starts Bankruptcy Supervision -------------------------------------------------- The Economic Court of Herson Region commenced bankruptcy supervision procedure on Bread Base 75 (code EDRPOU 22733588). The case is docketed under Case No. 15/195-B-05. The Temporary Insolvency Manager is: Andrij Maksimov Shevchenko Avenue 16/5 85000 Donetsk Region Ukraine The Economic Court of Herson Region is located at: Gorkij Str. 18 73000 Herson Region Ukraine The Debtor can be reached at: Bread Base 75 Kalinindorf Velikooleksandrivskij District 74131 Herson Region Russia HARKIV' INSULATING: Court Starts Bankruptcy Supervision ------------------------------------------------------- The Economic Court of Harkiv Region ordered moratorium on satisfaction of claims against the creditors of OJSC Harkiv' Insulating and Asbestos-Cement Materials Plant (code EDRPOU 00293083). The Court commenced bankruptcy supervision procedure on the company on May 12. The case is docketed under Case No. B-39/54-06. The Temporary Insolvency Manager is: Oksana Kuznetsova Biologichna Str. 10 61030 Harkiv Region Ukraine The Economic Court of Harkiv Region is located at: Derzhprom 8th Entrance Svobodi Square 5 61022 Harkiv Region Ukraine The Debtor can be reached at: OJSC Harkiv' Insulating and Asbestos-Cement Materials Plant Biologichna Str. 10 61030 Harkiv Region Ukraine KARAKUBSKIJ: Court Starts Bankruptcy Supervision ------------------------------------------------ The Economic Court of Donetsk Region ordered a moratorium on satisfaction of claims against the creditors of OJSC Karakubskij (code EDRPOU 00848606) on April 25. The Court commenced bankruptcy supervision procedure on the company on April 25. The case is docketed under Case No. 5/69-b. The Temporary Insolvency Manager is: Yurij Menzarenko Rozdolne Starobeshevo Str. 87252 Donetsk Region Ukraine The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: OJSC Karakubskij Rozdolne Starobeshevo Str. 87252 Donetsk Region Ukraine KONATKIVSKE: Vinnitsya Court Begins Bankruptcy Supervision ---------------------------------------------------------- The Economic Court of Vinnitsya Region commenced bankruptcy supervision procedure on Agricultural LLC Konatkivske (code EDRPOU 03728156) on April 18. The case is docketed under Case No. 10/70-06. The Temporary Insolvency Manager is: V. Zavalnuk Pirogov Str. 157/117 21000 Vinnitsya Region Ukraine The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: Agricultural LLC Konatkivske Frunze Str. 10 Konatkivtsi Shargorodskij District Vinnitsya Region Ukraine KRASNOLUTSKIJ AUTO-REPAIR: Court Begins Bankruptcy Supervision -------------------------------------------------------------- The Economic Court of Lugansk Region commenced bankruptcy supervision procedure on OJSC Krasnolutskij Auto-Repair Plant (code EDRPOU 05422094) on April 25. The case is docketed under Case No. 20/142 b. The Temporary Insolvency Manager is: P. Zhukov Transportna Str. 1 Krasnij Luch 94505 Lugansk Region Ukraine The Debtor can be reached at: OJSC Krasnolutskij Auto-Repair Plant Transportna Str. 1 Krasnij Luch 94505 Lugansk Region Ukraine LARGIVSKIJ BREAD: Chernivtsi Court Starts Bankruptcy Supervision ---------------------------------------------------------------- The Economic Court of Chernivtsi Region commenced bankruptcy supervision procedure on OJSC Largivskij Bread Products Combine (code EDRPOU 00952692) on April 11. The case is docketed under Case No. 5/69/b. The Temporary Insolvency Manager is: A. Maksimov Gajdaj Str. 8/13 Gorenichi Kiyevo-Svyatoshinskij District Kyiv Region Ukraine The Economic Court of Chernivtsi Region is located at: O. Kobilyanska Str. 14 58000 Chernivtsi Region Ukraine The Debtor can be reached at: OJSC Largivskij Bread Products Combine Yaroslav Mudrij Str. 37 Kelmentsi 60100 Chernivtsi Region Ukraine NEMIRIV-SUGAR: Court Commences Bankruptcy Supervision ----------------------------------------------------- The Economic Court of Vinnitsya Region commenced bankruptcy supervision procedure on CJSC Production-Trade Complex Nemiriv- Sugar (code EDRPOU 31760785). The case is docketed under Case No. 10/82-06. The Temporary Insolvency Manager is: Lina Demets 40-richya Peremogi Str. 27/A/57 Vinnitsya Region Ukraine The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: CJSC Production-Trade Complex Nemiriv-Sugar Kalinin Str. 14 Kovalivka Nemiriv District 22830 Vinnitsya Region Ukraine NOVOVOLINSK' AUTO-TRANSPORT 10763: Court Freezes Debt Payment ------------------------------------------------------------- The Economic Court of Volinska Region ordered a moratorium on satisfaction of claims against the creditors of OJSC Novovolinsk' Auto-Transport Enterprise 10763 (code EDRPOU 05461088) on March 17. The Court commenced bankruptcy supervision procedure on the company on April 10. The case is docketed under Case No. 7/65-B. The Temporary Insolvency Manager is: Igor Homishin Polishuk Str. 87-A/17 Lviv Region Ukraine The Economic Court of Volinska Region is located at: Voli Avenue 54-a 43010 Lutsk Volinska Region Ukraine The Debtor can be reached at: OJSC Novovolinsk' Auto-Transport Enterprise 10763 Shahtarska Str. 26 Novovolinsk 45400 Volinska Region Ukraine ROKITNIVSKIJ RAJAGROHIM: Court Begins Bankruptcy Supervision ------------------------------------------------------------ The Economic Court of Rivne Region commenced bankruptcy supervision procedure on OJSC Rokitnivskij Rajagrohim (code EDRPOU 13972590) on April 27. The case is docketed under Case No. 8/16. The Temporary Insolvency Manager is: O. Franko Guryev Str. 13 33000 Rivne Region Ukraine The Economic Court of Rivne Region is located at: Yavornitski Str. 59 33001 Rivne Region Ukraine The Debtor can be reached at: OJSC Rokitnivskij Rajagrohim Proletarska Str. 44 Rokitne 34200 Rivne Region Ukraine ROMENSKIJ RAJAGROHIM: Court Starts Bankruptcy Supervision --------------------------------------------------------- The Economic Court of Sumi Region commenced bankruptcy supervision procedure on OJSC Romenskij Rajagrohim (code EDRPOU 05492747) on May 12. The case is docketed under Case No. 7/79-06. The Temporary Insolvency Manager is: Yevgen Chuprun Room 49-A Petropavlovska Str. 74 Sumi Region Ukraine The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: OJSC Romenskij Rajagrohim Romni 42004 Sumi Region Ukraine SIMETRON: Court Commences Bankruptcy Supervision ------------------------------------------------ The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on LLC Simetron (code EDRPOU 33055313). The case is docketed under Case No. 23/188-b. The Temporary Insolvency Manager is: O. Sherban a/b 157 01030 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 Simetron Plehanov Str. 19/100 02002 Kyiv Region Ukraine SULA-NOVA: Court Starts Bankruptcy Supervision ---------------------------------------------- The Economic Court of Poltava Region commenced bankruptcy supervision procedure on LLC Sula-Nova (code EDRPOU 30678956) on May 25. The case is docketed under Case No. 752-06. The Temporary Insolvency Manager is: Mikola Gnidij Kozak Str. 1-a 36000 Poltava Region Ukraine The Economic Court of Poltava Region is located at: Zigina Str. 1 36000 Poltava Region Ukraine The Debtor can be reached at: LLC Sula-Nova Lohvitsya 37200 Poltava Region Ukraine UROZHAJ: Vinnitsya Court Names Bankruptcy Agency as Liquidator -------------------------------------------------------------- The Economic Court of Vinnitsya Region appointed Vinnitsya Regional Center of Bankruptcy Questions for Agricultural LLC Urozhaj (code EDRPOU 13322828). The Liquidator can be reached at: Vinnitsya Regional Center of Bankruptcy Questions Room 730 Hmelnitske Shose Str. 7 21110 Vinnitsya Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on May 5. The case is docketed under Case No. 10/69-06. The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: Agricultural LLC Urozhaj Shors Str. 3 Derevyanki Shargorodskij District Vinnitsya Region Ukraine =========================== U N I T E D K I N G D O M =========================== ACTION ENVIRONMENTAL: Taps Administrators from Begbies Traynor -------------------------------------------------------------- David Hill and John Wynn Davies of Begbies Traynor were appointed joint administrators of Action Environmental Waste Management and Recycling Limited (Company Number 4644723) on June 16. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Action Environmental Waste Management and Recycling Limited can be reached at: Unit 6 Martin Road Tremorfa Industrial Estate Tremorfa Cardiff CF24 5SD United Kingdom ACTUATE COMPUTER: Creditors Pass Winding Up Resolution ------------------------------------------------------ Creditors of Actuate Computer Technologies Limited passed a resolution to wind up the company's operations on April 26. Subsequently, H. J. Sorsky was appointed Liquidator. The company can be reached at: Actuate Computer Technologies Limited 12-16 Clerkenwell Road London EC1M5PQ United Kingdom Tel: 020 8543 4353 Fax: 020 8543 0121 ANNA CHARLES: Financial Woes Prompt Liquidation ----------------------------------------------- Anna Charles Shoes Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. David Anthony Horner of David Horner & Co. was appointed Liquidator. The company can be reached at: Anna Charles Shoes Limited 11 High Street Boroughbridge York YO519AW United Kingdom Tel: 01845 578 673 ATLAS BAKERIES: Governor & Company Taps Baker Tilly as Receivers ---------------------------------------------------------------- The Governor and Company of the Bank of Scotland appointed Michael David Rollings and Bruce Alexander Mackay of Baker Tilly joint administrative receivers of Atlas Bakeries Limited (Company Number 04275655) on June 28. Headquartered in Birmingham, Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network, which has 122 member firms in 85 countries as an independent member of Baker Tilly International. Headquartered in London, Atlas Bakeries Limited sells bread, cakes and confectionery. B & D TRAVEL: Appoints Joint Administrators from Harrisons ---------------------------------------------------------- John C. Sallabank and Paul R. Boyle of Harrisons were appointed joint administrators of B & D Travel Limited (Company Number 04393141) on June 19. Harrisons -- http://www.harrisons.uk.com/-- provide advice and solutions to professional advisors who found their clients experiencing financial difficulties. Originally trading from offices in Reading and has added London, Manchester, Bristol and Derby and has associate offices in Grantham and Stockton on Tees. The firm has appointed an in-house solicitor specializing in insolvency and security work to enable us to further broaden the experience base of the firm. B & D Travel Limited can be reached at: 10 Martin Close Stockport Cheshire SK2 5UW United Kingdom BARVEST LIMITED: Avanti Capital Appoints BDO Stoy Receivers ----------------------------------------------------------- Avanti Capital PLC appointed Malcolm Cohen and Antony David Nygate of BDO Stoy Hayward LLP joint administrative receivers of Barvest Limited (Company Number 04845318) on June 28. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the UK member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. 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, Barvest Limited -- http://www.ponana.com/-- represent a unique collection of individually promoted clubs & bars, from the venues operating under the widely known Po Na Na brand to the legendary Hammersmith Palais, Fez Clubs, Embargo and Bondai, each one is managed in a truly independent style. BORDEAUX VINTNERS: Creditors Resolve to Voluntary Liquidation ----------------------------------------------------------- Creditors of Bordeaux Vintners Limited resolved to voluntarily liquidate the company's assets during an extraordinary general meeting on April 27. John Kelmanson and Elias Paourou of The Kelmanson Partnership were appointed Joint Liquidators. The company can be reached at: Bordeaux Vintners Limited Langham House 302-308 Regent Street London W1B 3HH United Kingdom Tel: 020 7580 7675 COMPLEX 2000: Creditors Confirm Joint Liquidators' Appointment -------------------------------------------------------------- Creditors of Complex 2000 Limited confirmed the appointment of Mark Roach and Graham Randall of BDO Stoy Hayward LLP as Joint Liquidators on April 25. 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. Complex 2000 Limited can be reached at: Adcross Vill Adcross Dr Trowbridge Wiltshire BA148PU United Kingdom Tel: 01225 352 000 Fax: 01225 350 894 CP ENGINEERING: Creditors' Meeting Slated for July 21 ----------------------------------------------------- Creditors of CP Engineering Limited (Company Number 04436437) will meet at 11:00 a.m. on July 21 at: Tenon House Ferryboat Lane Sunderland SR5 3JN 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: Ian William Kings Administrator Tenon Recovery Tenon House Ferryboat Lane Sunderland SR5 3JN United Kingdom Tel: 0191 511 5000 Fax: 0191 511 5001 Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. DMS 2002: Begins Liquidation Procedure ------------------------------------- DMS 2002 Limited is liquidating its assets after creditors passed a resolution to wind up the company on April 25. David A. Butler of Nunn Hayward was appointed Liquidator. The company can be reached at: DMS 2002 Limited 31 Alston Drive Bradwell Abbey Milton Keynes MK139HA United Kingdom Tel: 01908 222 482 Fax: 01908 222 788 EAST CENTRAL: Creditors' Meeting Slated for July 24 --------------------------------------------------- Creditors of East Central (U.K.) Limited (Company Number 05609956) will meet at 11:00 a.m. on July 24 at: UHY Hacker Young St. Alphage House 2 Fore Street London EC2Y 5DH 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 21 at: Andrew Andronikou and Ladislav Hornan Joint Administrators UHY Hacker Young St. Alphage House 2 Fore Street London EC2Y 5DH United Kingdom Tel: 020 7216 4600 Fax: 020 7638 2159 EUROSTAR I: Fitch Upgrades Class B Notes to CC/DR5 -------------------------------------------------- Fitch Ratings upgraded EuroStar I CDO's Class B notes and affirmed the rest. -- Class A-1 notes (ISIN XS0111598008): paid in full; -- Class A-2 notes (ISIN XS0111598693): paid in full; -- Class A-3 notes (ISIN XS0111598859) affirmed at: B-/DR1; -- Class B notes (ISIN XS0111599154) upgraded to: CC/DR5 from C/DR6; and -- Class C notes (ISIN XS0111599238) affirmed at: C/DR6. The Class A-1 and Class A-2 notes have paid down in full as of the last payment date in June 2006. The affirmation of the Class A-3 notes reflects the recovery analysis that the agency has performed, and indicates that investors can expect outstanding recovery prospects of 90-100% on this Class. Likewise the upgrade of the Class B notes to C/DR5 reflects the improved recovery prospects for this Class of notes, now between 10%-30%, following the amortization of the senior notes. There has been no change to the Class C notes, with the DR rating affirmed at DR6, equating to 0-10% recoveries. There have been no additional defaults in the portfolio since the review in July 2005. The CCC+ and below bucket has increased slightly to 7.2% of the portfolio, compared to 6.8% in July 2005. The Fitch rating factor is currently at 39 (equivalent to a BB+/BBB- rating), having improved from 45 (equivalent to a BB/BB-) in July 2005. The Class A over-collateralization test has improved since the July 2005 review to 117.04%, against a test level of 124.5%, while the Class B and C over-collateralization tests have continued to deteriorate slightly. EUROSTAR II: Fitch Downgrades Class B Notes to CCC+/DR2 ------------------------------------------------------- Fitch Ratings downgraded EuroStar II CDO's Class B notes and affirmed others. -- Class A-1 notes (ISIN DE0006104706) affirmed at: AAA; -- Class A-2 notes (ISIN DE0006104714) affirmed at: AAA; -- Class A-3 notes (ISIN DE0006104722) affirmed at: A-; -- Class B notes (ISIN DE0006104730) downgraded to: CCC+/DR2 from B/DR2; -- Class C notes (ISIN DE0006104748) affirmed at: C/DR6; and -- Subordinated notes (ISIN DE0006104755) affirmed at: C/DR6. Since the review in July 2005, GAL Finance, one of the reference entities in the pool, defaulted. Although the manager was able to sell out of their position in GAL before it became a default, Fitch notes that losses were relatively high at 62% and 64% on the two positions sold in May respectively. The CCC+ and below bucket has fallen to 4.7% of the portfolio from 6.7% at the July 2005 review. The Fitch rating factor has improved to 31.13 (equivalent to a BBB/BBB- rating) from 36.08 (equivalent to a BB+ rating) in July 2005. The Class A-1 and A-2 notes have continued to amortize and the current balances are EUR143.1 million and EUR38.1 million respectively. The Class A over-collateralization test has improved slightly to 124.04% from 119.18% in July 2005. Fitch has found the credit enhancement for the Class A notes to be sufficient to withstand the agency's stress tests at their current rating levels, as the impact of trading losses has been offset by the de-leveraging of the senior notes. The downgrade of the Class B notes reflects the impact of the trading losses. Superior recoveries of between 70-90%, albeit at the lower end of the band, are still expected of this Class of notes. The affirmations of the Class C and subordinated notes continue to reflect the poor recovery prospects of 0-10% of these Classes. FORD MOTOR: To Fund GBP1 Billion on U.K. Research & Development --------------------------------------------------------------- Ford Motor Co. will put in GBP1 billion for U.K. research and development within six years to enhance fuel-efficient vehicles, according to published reports. "We are talking about a suite of technologies," Ford's European EVP Lewis Booth said in a radio interview. "We have 9,500 engineers working in the U.K., about 35,000 employees in total, so this is our investment," Mr. Booth added. According to The Wall Street Journal, the company aims to develop hybrid cars that are powered by gasoline and a rechargeable battery, as well as petrol and diesel models. The company also eyes to produce a Focus model that can deliver 70 miles per gallon with reduced carbon-dioxide emissions. "The real test for us is to continually lower the CO2 emissions from our vehicles," Bloomberg quoted Mr. Booth as saying. Ford acknowledged in June that it would no longer push through with its plans to produce 250,000 gasoline-electric hybrid vehicles a year. Instead, the company would focus on other alternative fuels. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Company -- http://www.ford.com/-- is the world's third largest automobile manufacturer. The Company manufactures and distributes automobiles in 200 markets across six continents. With more than 324,000 employees worldwide, the company's core and affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive- related services include Ford Motor Credit Company and The Hertz Corporation. * * * As reported in TCR-Europe on July 18, Moody's Investors Service lowered the Corporate Family and senior unsecured ratings of Ford Motor Company to B2 from Ba3 and the senior unsecured rating of Ford Motor Credit to Ba3 from Ba2. The Speculative Grade Liquidity rating of Ford has been affirmed at SGL-1, indicating very good liquidity over the coming 12 month period. Moody's said the outlook for the ratings is negative. As reported in the Troubled Company Reporter on June 12, Fitch downgraded long-term ratings for both Ford Motor Company and Ford Motor Credit Company with a Negative Rating Outlook, and assigned these Recovery Ratings: Ford: -- Issuer Default Rating to 'B+' from 'BB' -- Senior unsecured to 'BB-/RR3' from 'BB' FMCC: -- Issuer Default Rating to 'B+' from 'BB' Fitch also affirms FMCC's senior unsecured debt at 'BB/RR2'. As reported in the Troubled Company Reporter on May 31, 2006, Standard & Poor's Ratings Services placed its ratings on nine U.S. single-issue synthetic ABS transactions related to Ford Motor Co. (Ford; BB-/Watch Neg/B-2) and Ford Motor Credit Co. (Ford Credit; BB-/Watch Neg/B-2) on CreditWatch with negative implications. IMPULSE ASSOCIATES: Taps Richard John Elwell to Liquidate Assets ---------------------------------------------------------------- Richard John Elwell of Elwell Watchorn & Saxton LLP was appointed Liquidator of Impulse Associates Limited after creditors decided to wind up the company on April 26. 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. Impulse Associates Limited can be reached at: 51 Iliffe Avenue Oadby Leicester LE2 5LH United Kingdom Tel: 0116 272 0202 Fax: 0116 272 0203 K.G.T. NORTH: Appoints Liquidator from Begbies Traynor ------------------------------------------------------ D. R. Acland of Begbies Traynor was appointed Liquidator of K.G.T. (North West) Limited after creditors agreed to wind up the company on April 20. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. K.G.T. (North West) Limited can be reached at: Ashton Rd Garage Ashton Road Golborne Warrington WA3 3TS United Kingdom Tel: 01744 811 165 LEIGHTON OILS: Creditors Opt to Liquidate Assets ------------------------------------------------ Creditors of Leighton Oils (Lea Town) Limited opted to liquidate the company's assets during an extraordinary general meeting on April 7. Subsequently, Timothy Hargreaves was appointed Liquidator. The company can be reached at: Leighton Oils (Lea Town) Limited Springfield Mill Greenbank Street Preston PR1 7PH United Kingdom Tel: 01772 555 100 Fax: 01772 558 722 MERIDEN LOGISTICS: Hires Andrew Fender to Administer Assets ----------------------------------------------------------- Andrew Fender of Sanderlings LLP was named administrator of Meriden Logistics Limited (Company Number 04162345) and Meriden Logistics Sarl (Company Number 452233687 R.C.S. Beavais) on June 16. The administrator can be contacted at: Sanderlings LLP Sanderling House 1071 Warwick Road Acocks Green Birmingham B27 6QT United Kingdom Tel: 0870 243 0540 Meriden Logistics Limited and Meriden Logistics Sarl can be reached at: Meriden House 6 Great Cornbow Halesowen B63 3AB United Kingdom PORT OF LIVERPOOL: Names Peter Anthony Jackson Liquidator --------------------------------------------------------- Creditors of Port of Liverpool Logistics Limited named Peter Anthony Jackson of Jackson Gregory & Co. Liquidator during an extraordinary general meeting on April 19. The company can be reached at: Port of Liverpool Logistics Limited Drawill House Hammond Road Knowsley Industrial Park Liverpool L33 7UL United Kingdom Tel: 0151 545 1122 Fax: 0151 545 1133 PROACTIVE MARKETING: Shay Lettice Leads Liquidation Process ----------------------------------------------------------- Shay Lettice of Peters Elworthy & Moore was appointed Liquidator of Proactive Marketing Services Limited after creditors proved the company could no longer continue its operations due to liabilities. The company can be reached at: Proactive Marketing Services Limited 8-12 Priestgate Peterborough PE1 1JA United Kingdom Tel: 01733 390 090 RALCO PROJECTS: Brings In Joint Liquidators from Harrisons ---------------------------------------------------------- P. R. Boyle and J. C. Sallabank of Harrisons were appointed Joint Liquidators of Ralco Projects Limited after creditors passed a resolution to wind up the company on April 27. Harrisons -- http://www.harrisons.uk.com/-- provides advice and solutions to professional advisors who found their clients experiencing financial difficulties. Originally trading from offices in Reading and has added London, Manchester, Bristol and Derby and has associate offices in Grantham and Stockton on Tees. Ralco Projects Limited can be reached at: Fennels Lodge St. Peters Close High Wycombe Buckinghamshire HP111JT United Kingdom Tel: 01628 529 696 Fax: 01628 528 075 S.H. FOSTER: Calls In Milner Boardman to Administer Assets ---------------------------------------------------------- Colin Burke and Gary Corbett of Milner Boardman & Partners were appointed joint administrators of S.H. Foster Limited (Company Number 05397611) on June 20. Headquartered on Hale, Altrincham, South Manchester, Milner Boardman -- http://www.milnerboardman.co.uk/-- is an independent firm of chartered accountants and business advisers. Headquartered in Woolston, United Kingdom, S.H. Foster Limited manufactures mortars. SHOWMAN FOODS: Hires Liquidator from Clifton Moor ------------------------------------------------- Creditors of Showman Foods Limited resolved to liquidate the company's assets on April 25. James Nicolson Link of Clifton Moor was appointed Liquidator. The company can be reached at: Showman Foods Limited Unit 1-4 Brookside Industrial Estate North Street Whitworth Rochdale Lancashire OL128RE United Kingdom Tel: 01706 852 600 STILLFRAME LIMITED: Hires Administrators from Recovery hjs ---------------------------------------------------------- Gordon John Johnston and Shane Biddlecombe of Recovery hjs were appointed joint administrators of Stillframe Limited (Company Number 03877018) on June 19. The administrators can be contacted at: Recovery hjs 12-14 Carlton Place Southampton Hampshire SO15 2EA United Kingdom Tel: 023 8023 4222 Fax: 023 8023 4888 E-mail: gordon.johnston@hjsaccountants.co.uk Stillframe Limited -- http://www.stillframe.co.uk/-- is a business built around achieving the perfect image every time. Supplies high quality video and audio products to the broadcast, professional and commercial markets and expanded into the area of closed circuit television to help combat crime. SYLVANIA STORES: Winds Up Business & Appoints Liquidator -------------------------------------------------------- Creditors of Sylvania Stores Limited decided to wind up the company on April 21. Subsequently, David Kirk was appointed Liquidator. The company can be reached at: Sylvania Stores Limited 1A Sylvania Drive Exeter EX4 5DT United Kingdom Tel: 01392 221 229 TIGER AV: Westminster Bank Taps DTE as Administrative Receivers --------------------------------------------------------------- National Westminster Bank PLC appointed A. Poxon and P. Reeves of DTE Leonard Curtis joint administrative receivers of Tiger AV Limited (Company Number 03481034) on June 29. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. Headquartered in Cheshire, United Kingdom, Tiger AV Limited manufactures electronic components. VINE SCHOOL: Appoints Stephen John Adshead as Liquidator -------------------------------------------------------- The Vine School is liquidating its assets after creditors passed a resolution on April 20. Subsequently, the appointment of Stephen John Adshead as Liquidator was confirmed. The company can be reached at: The Vine School Church Lane Curdridge Southampton SO322DR United Kingdom Tel: 01489 789 123 WINNING NEW BUSINESS: Wraps Up Business in London ------------------------------------------------- Winning New Business Limited is winding up its operations after creditors opted to liquidate the company's assets during an extraordinary meeting on April 26. Ian Franses of Ian Franses Associates was appointed Liquidator. The company can be reached at: Winning New Business Limited Mill House 8 Mill Street London SE1 2BA United Kingdom Tel: 020 7232 5850 * Chadbourne & Parke Expands London Transactional Practice ---------------------------------------------------------- The international law firm Chadbourne & Parke LLP disclosed that Charez Golvala has joined the Corporate practice as a partner in the London office of its affiliated multinational partnership. Mr. Golvala, 40, was previously a senior corporate solicitor with Vinson & Elkins LLP in London. Since 2000 he worked with the firm's business and international department advising on a wide variety of transactions, including mergers & acquisitions, joint ventures, project development and corporate finance across many sectors, including the oil and gas industry. For seven years prior to this he was with the corporate department and energy practice group, Ashurst. Transactions that Mr. Golvala has led include: -- advising Endeavour Energy Corporation in connection with the acquisition of Talisman Expro Limited for US$414 million. -- assisting BG Group on the completion of the Fourth Train of the Atlantic LNG facilities in Trinidad and drafting a gas transportation agreement for the Cross Island Pipeline. -- acting for Duke Energy and Ramco Energy on negotiating and drafting the arrangements for the development and project financing of the Seven Heads gas field in the Celtic Sea. -- acting for Marubeni in its acquisition of Energy North Sea, a private equity backed company owning a portfolio of UKCS assets. "Charez has a terrific track record and is a solid lawyer," Claude Serfilippi, Managing Partner of Chadbourne & Parke in London, said. "He will be a tremendous asset to our team and we look forward to working with him in the coming months and years." Mr. Golvala added: "Chadbourne & Parke's energy based transactional practice is exciting and I am looking forward to joining the team and playing a part in its continuing success." Mr. Golvala is a regular contributor to the professional and trade media with articles published in Insurance Day, Project Finance International, The Journal of Environmental Law, and The International Energy Law and Taxation Review. Chadbourne & Parke's Project Finance practice is widely recognized as one of the market leaders in the United States and in central and eastern Europe. The Firm advises corporations, investors, governments and international agencies on all aspects of project financing and development. About Chadbourne & Parke LLP Headquartered in New York City, Chadbourne & Parke LLP -- http://www.chadbourne.com/-- provides a full range of legal services, including mergers and acquisitions, securities, project finance, corporate finance, energy, telecommunications, commercial and products liability litigation, securities litigation and regulatory enforcement, white collar defense, intellectual property, antitrust, domestic and international tax, insurance and reinsurance, environmental, real estate, bankruptcy and financial restructuring, employment law and ERISA, trusts and estates and government contract matters. The Firm has offices in New York, Washington, D.C., Los Angeles, Houston, Moscow, Kyiv, Warsaw (through a Polish partnership), Almaty, Beijing and a multinational partnership, Chadbourne & Parke, in London. ********* 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 * * *