/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060725.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, July 25, 2006, Vol. 7, No. 145 Headlines A U S T R I A A. BAUER: Court Orders Closing of Business AGG: Property Manager Claims Insufficient Assets HERTA GLUECK: Property Manager Claims Insufficient Assets ING. ERNST: Property Manager Declares Administrative Insolvency OTTO SERBUS: Claims Registration Period Ends August 8 SIEGFRIED LASSER: Property Manager Claims Insufficient Assets C Y P R U S BANK OF CYPRUS: Withdraws Bid for Emporiki Bank of Greece S.A. BANK OF CYPRUS: Fitch Affirms Individual Rating at C/D F R A N C E ALCATEL SA: Inks Triple Play Deal with Telekom Austria G E R M A N Y ASA ANLAGEN: Claims Registration Ends August 16 FST GERATE: Claims Registration Ends August 18 GESCHWISTER HELLBACH: Claims Registration Ends August 15 GOLF PLANET: Claims Registration Ends July 31 IT NET: Creditors' Meeting Slated for August 17 PAHL KLINKER: Claims Registration Ends August 14 PROVIDE HOME: S&P Places Credit Ratings on CreditWatch Negative S & W: Claims Registration Ends August 7 SENIORENPFLEGEHEIM APRATH: Claims Registration Ends August 15 TEUTOBURGER FEINKOST: Claims Registration Ends August 15 TOG HANDEL: Claims Registration Ends August 10 G R E E C E EMPORIKI BANK: Bank of Cyprus Withdraws Takeover Offer I R E L A N D DECO 9: S&P Assigns BB Rating to EUR10.9-Mln Class J(2) Notes I T A L Y BANCA NAZIONALE: Fitch Raises Short-term Rating to F1+ PARMALAT FINANZIARIA: Wins Appeal Against Citigroup in NJ Court PARMALAT SPA: Bondi Files Proposed Injunction Order in US Court K A Z A K H S T A N AHAS: Creditors Must File Claims by Aug. 15 ARALSHAK: Creditors Must File Claims by Aug. 15 ELEKTROKOMPLEKT: Creditors Must File Claims by Aug. 15 KAZALTA-ANTIKORROZIA: Creditors' Claims Due Aug. 15 KAZKOMMERTS FINANCE: Fitch Rates US$150-Mln Upcoming Issue at BB PETROPAVLOVSK-TELEFON: Creditors' Claims Due Aug. 15 PKTIAM: Creditors' Claims Due Aug. 15 REN PLUS: Proof of Claim Deadline Slated for Aug. 15 SHEBER: Proof of Claim Deadline Slated for Aug. 15 TARA: Claims Registration Ends Aug. 15 YAUZA: Claims Registration Ends Aug. 15 K Y R G Y Z S T A N KVUD: Creditor's Meeting Slated for Aug. 8 STK: Public Auction Scheduled for Aug. 11 L I T H U A N I A MAZEIKIU NAFTA: Fitch Keeps B+ Default Rating on Watch Positive N E T H E R L A N D S NIELSEN FINANCE: Leveraged VNU Buyout Spurs Moody's Junk Ratings R U S S I A CHASTINSKIY CHEESE-MAKING: Court Starts Bankruptcy Supervision DANKOV-AGRO-SERVICE: Court Starts Bankruptcy Supervision HOUSE BUILDING: Court Names T. Rogozina as Insolvency Manager KOLOSOVSKOYE GRAIN: Court Names A. Budelev as Insolvency Manager KOTELNICHSKOYE REPAIR-TECHNICAL: Bankruptcy Supervision Begins KUKMORSKIY ELEVATOR: Court Starts Bankruptcy Supervision KUMIR: Court Names V. Ovchinnikov as Insolvency Manager MELEKESSKAYA: Court Starts Bankruptcy Supervision ORLOVSKIY AGRO-COMBINE: Court Names A. Evseev to Manage Assets TEMP: Kirov Court Commences Bankruptcy Supervision TIKHMENEVO-COAL: Court Commences Bankruptcy Supervision ULAN-EDENSKIY FACTORY: S. Narygin to Manage Assets UNIVERSAL-INSTRUMENT-COMPLECT: Bankruptcy Supervision Begins WALL MATERIALS: Court Names S. Vodopyanov as Insolvency Manager YUG: Court Appoints S. Novoshitskiy as Insolvency Manager S P A I N FONCAIXA FTGENCAT: Fitch Junks EUR6 Million Series E Notes U K R A I N E BOKUR: Court Names Sergij Sidko as Insolvency Manager CHIZHIVSKE: Court Names N. Oleksenko as Insolvency Manager KIROVOGRADBUD-UNIVERSAL: Court Starts Bankruptcy Supervision ODESPROMSERVICE: Court Names Oleg Chervinskij as Liquidator OTINIYA' FURNITURE: Court Starts Bankruptcy Supervision POLIPROM: Donetsk Court Freezes Payment of Debt PRIBORKOMPLEKT: Court Names Oleg Chervinskij as Liquidator PROGRESS 2000: Court Names Artur Milovanov as Liquidator RITUM: Court Names Andrij Zharikov as Insolvency Manager SHTERVISKIJ FASTEN: Court Names Roman Rachok as Liquidator TEHMASHKOMPLEKT: Court Names Oleg Chervinskij as Liquidator VELIKOMITNITSKA: Vinnitsya Court Begins Bankruptcy Supervision U N I T E D K I N G D O M BRIGHTSTAR INDUSTRIES: Appoints Lines Henry as Administrators COLT TELECOM: Posts EUR18.3-Mln Loss for 2nd Quarter 2006 COLT TELECOM: To Redeem EUR251.5 Million Notes on Aug. 21 COMPLETE PROPERTY: Creditors Confirm Liquidator's Appointment CSPA UK: Creditors Pass Winding Up Resolution BRIGHTSTAR INDUSTRIES: Appoints Lines Henry as Administrators EMMA SOMERSET: Creditors' Meeting Slated for July 27 ESSEX SWIMMING: Financial Woes Trigger Liquidation FINE COLOUR: Hires Joint Administrators from Deloitte & Touche G.Z.A.T.C. LIMITED: Names Administrators from Moore Stephens GGS HOLDINGS: Appoints Kroll to Administer Assets GORDIAN RUNOFF: Chapter 15 Petition Hearing Slated for Aug. 28 HOWFIELD SECURITY: Creditors Resolve to Voluntary Liquidation IDEAL BICYCLE: Appoints Gary Bell as Liquidator MANDALL ENGINEERING: Brings In Joint Administrators from Kroll MOBILETONES.COM: Taps Joint Administrators from Bridgestones PLUSH COMPANY: Brings In Vantis to Administer Assets OLDROYD MECHANICAL: Hires Joint Liquidators from O'Hara & Co. RANDOM POST: Wraps Up Business in London SANCTUARY GROUP: To Evaluate MAMA Group's Unsolicited Bid SLB PRINTING: Brings In Joint Liquidators from Begbies Traynor TIMEWARE LTD: Creditors Opt to Liquidate Assets TOUCH CLOTHING: Winds Up Business & Appoints Liquidator TRIDENT SCAFFOLDING: Begins Liquidation Procedure VALLEY PROJECTS: J. N. Bleazard Leads Liquidation Procedure VEENA LEISURE: Names Sabia Sahota Liquidator WFS GROUP: Taps Tracy Ann Taylor to Liquidate Assets WHITEHOUSE HOTELS: Joint Liquidators Take Over Operations WIGAN PLUMBING: Hires Administrators from Unity Business * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= A. BAUER: Court Orders Closing of Business ------------------------------------------ The Land Court of Graz entered an order on June 6 closing the business of LLC A. Bauer Internationale Transport (FN 249794w). Court-appointed property manager Hans Georg Popp determined that the continuing operation of the business would reduce the value of the estate. The property manager can be reached at: Mag. Hans Georg Popp Bahnhofstr. 22/1 8112 Gratwein, Austria Tel: 03124/55077 Fax: 03124/55077-4 E-mail: popp.ra@magnet.at Headquartered in Uebelbach, Austria, the Debtor declared bankruptcy on May 31 (Bankr. Case 40 S 28/06z). AGG: Property Manager Claims Insufficient Assets ------------------------------------------------ Dr. Susanne Fruhstorfer, the court-appointed property manager for LLC AGG (FN 241595m), declared on June 6 that the Debtor does not have enough assets to pay off creditors. The Trade Court of Vienna is yet to rule on the property manager's claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 11 (Bankr. Case No. 2 S 80/06m). Michael Guenther represents Dr. Fruhstorfer in the bankruptcy proceedings. The property manager and her representative can be reached at: Dr. Susanne Fruhstorfer c/o Dr. Michael Guenther Seilerstatte 17 1010 Vienna, Austria Tel: 512 57 76 13 Fax: 512 57 76 50 E-mail: office@fg-lawyers.at HERTA GLUECK: Property Manager Claims Insufficient Assets --------------------------------------------------------- Mag. Horst Winkelmayr, the court-appointed property manager for LLC Herta Glueck (FN 168011a), declared on June 1 that the Debtor does not have enough assets to pay off creditors. The Trade Court of Vienna is yet to rule on the property manager's claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 12 (Bankr. Case No. 4 S 79/06d). Carl Knittl represents Mag. Winkelmayr in the bankruptcy proceedings. The property manager and his representative can be reached at: Mag. Horst Winkelmayr c/o Dr. Carl Knittl Porzellangasse 22A/1/7 1090 Vienna, Austria Tel: 532 47 77 Fax: 532 47 77 50 E-mail: rae@kniwi.at ING. ERNST: Property Manager Declares Administrative Insolvency --------------------------------------------------------------- Dr. Rudolf Vogrin, the court-appointed property manager for LLC Ing. Ernst Bieber (FN 217298g, declared on June 1 that the Debtor is under administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. The Land Court of Viennese New City is yet to rule on the property manager's claim. Headquartered in Wuerflach, Austria, the Debtor declared bankruptcy on March 17 (Bankr. Case No. 11 S 26/06v). The property manager can be reached at: Dr. Rudolf Vogrin Triester Str.15 2620 Neunkirchen, Austria Tel: 02635/62860 Fax: 02635/6286114 E-mail: dr.wippel@gmx.at OTTO SERBUS: Claims Registration Period Ends August 8 ----------------------------------------------------- Creditors owed money by LLC Otto Serbus & KEG Co. Fliesenverlegung (FN 164283v) have until Aug. 8 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: 319 32 60-9 E-mail: lang@brandlang.com dr.koroschetz@aon.at Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 22 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 1701 Vienna, Austria Headquartered in Vienna, the Debtor declared bankruptcy on June 6 (Bankr. Case No. 6 S 54/06t). Martin Koroschetz represents Dr. Rant in the bankruptcy proceedings. SIEGFRIED LASSER: Property Manager Claims Insufficient Assets ------------------------------------------------------------- Dr. Michael Schuller, the court-appointed property manager for LLC Siegfried Lasser (FN 95227s), declared on June 2 that the Debtor's property is for rent due to Debtor's administrative insolvency. This means that the Debtor does not have enough cash to cover costs of the bankruptcy proceedings. The Land Court of Klagenfurt is yet to rule on the property manager's claim. Headquartered in Hermagor, Austria, the Debtor declared bankruptcy on April 20 (Bankr. Case No. 40 S 25/06a). The property manager can be reached at: Dr. Michael Schuller 10 Oktoberstrasse 2 9620 Hermagor, Austria Tel: 04282/2060 Fax: 04282/2060-11 E-mail: kanzlei.dr.schuller@utanet.at =========== C Y P R U S =========== BANK OF CYPRUS: Withdraws Bid for Emporiki Bank of Greece S.A. -------------------------------------------------------------- The Bank of Cyprus Group wishes to state these relating to the latest developments regarding the Public Tender Offer for the acquisition of Emporiki Bank of Greece S.A.: -- on July 21, Bank of Cyprus received a letter from the Central Bank of Cyprus informing the Bank of Cyprus that its application for a relevant approval for the investment of 40-100% in the share capital of Emporiki Bank of Greece S.A. was rejected; -- the approval of the Central Bank of Cyprus was a precondition for the investment by Bank of Cyprus in Emporiki Bank of Greece S.A., which was included in the Information Memorandum approved by the Hellenic Capital Markets Commission for the Public Tender Offer (clause 2.14 (a) (b)); -- the decision of the Central Bank of Cyprus, which is final, constitutes the Public Tender Offer void and therefore the Public Tender Offer lapses; -- the decision of Bank of Cyprus to launch a Public Tender Offer for Emporiki Bank of Greece S.A. was taken considering the best interests of shareholders; -- the subsequent decision of Bank of Cyprus to withdraw the Public Tender Offer was taken with particular diligence and duty of care for the interests of its shareholders, and only after new developments have occurred; -- in no circumstances did Bank of Cyprus wish to cause problems in the procedure of the privatization of Emporiki Bank of Greece S.A. On the contrary, as always, Bank of Cyprus respects the Regulatory and Monetary Authorities of Greece and Cyprus and all their decisions. -- Bank of Cyprus considers that its actions are responsible, serious and lawful and safeguard the interests of its shareholders. In addition, it states that its decisions and actions followed the unanimous decisions of its Board of Directors; -- as Bank of Cyprus fully respects the rules, regulations and procedures of the Hellenic Capital Markets Commission and the Cyprus Securities and Exchange Commission it will not at this time expand further on the issue; -- Bank of Cyprus has also decided that in the near future it will call a briefing meeting of its shareholders to nalyse its strategy for the future; -- Bank of Cyprus thanks its shareholders and staff for the support they have shown and are showing for its decisions, which are always taken based on the promotion of the best interests of shareholders and staff. About Bank of Cyprus Headquartered in Nicosia, Cyprus, Bank of Cyprus -- http://www.bankofcyprus.com/-- offers a wide range of financial products and services, which include banking services in Cyprus, Greece, United Kingdom, Australia and Channel Islands, finance, leasing, factoring, brokerage, fund management, general and life insurance services in Cyprus and Greece, and investment banking services in Cyprus. About Emporiki Bank Headquartered in Athens, Greece, Emporiki Bank of Greece S.A. -- http://www.emporiki.gr/-- offers banking services in Greece through a network of 374 branches, through the Emporiki Bank branch operating in London as well as through the Group's subsidiaries in Albania, Armenia, Bulgaria, Cyprus, Germany, Georgia and Romania. The extensive network of Emporiki Bank is a major advantage for the Group in the distribution of the products and services it offers. * * * As reported in TCR-Europe on June 19, Moody's Investors Service has placed on review for possible upgrade the Baa1/Prime-2 deposit, Baa1 senior debt and Baa2 subordinated debt ratings of Emporiki Bank of Greece SA. In addition, the Baa1 senior debt and Baa2 subordinated debt ratings assigned to Emporiki Finance Group were also placed on review for possible upgrade. In a rating action not related to this transaction, Moody's has confirmed Emporiki's D+ financial strength rating. As reported in TCR-Europe on June 15, Fitch Ratings placed Greece-based Emporiki Bank's Issuer Default Rating of BBB, Short-term rating of F3 and Support rating of 2 on Rating Watch Positive. Emporiki's Individual rating of C/D is affirmed. BANK OF CYPRUS: Fitch Affirms Individual Rating at C/D ------------------------------------------------------ Fitch Ratings affirmed Bank of Cyprus's Issuer Default rating at A- and removed it from Rating Watch Negative. A Stable Outlook is assigned. Its other ratings are affirmed at Support 2, Short-term F2 and Individual C/D. The rating actions follow the bank's announcement to abandon its public offer to acquire a 100% stake in Emporiki Bank of Greece. The ratings were placed on RWN because of the negative impact that an eventual acquisition of Emporiki would have had on BOC's regulatory capital ratios as well as the integration risks involved in the operation. BOC is the largest bank in Cyprus. It complements its "core" retail banking business with a full range of financial services, including life and general insurance. BOC is also the sixth- largest bank in Greece by total assets. It also has a small subsidiary in Australia and a small branch network in UK. It is listed on the Cyprus and on the Athens Stock Exchanges. Its largest shareholder is its own staff pension fund, which holds 4.45% of the bank's shares. =========== F R A N C E =========== ALCATEL SA: Inks Triple Play Deal with Telekom Austria ------------------------------------------------------ Alcatel S.A. (Paris: CGEP.PA and NYSE: ALA) disclosed that Telekom Austria Group has selected Alcatel as its technology partner for the delivery of triple play services, including IPTV (Internet protocol television), IP telephony and higher-speed Internet services. Telekom Austria is using Alcatel's IP-based network infrastructure and end-to-end video solution to support its recently launched aonDigital TV service to households in Vienna. With aonDigital TV customers can choose from more than 55 broadcast TV channels (some of them available in Austria for the first time), video on demand and additional information service channels. To make navigation of this content easier, aonDigital TV offers a user-friendly electronic program guide (EPG). Moreover, thanks to parental control features, parents can prevent young viewers from accessing inappropriate content. In addition to aonDigital TV Telekom Austria also offers a number of innovative applications for personal-content sharing at its customer portal http://www.aon.at/(e.g., digital photos and self-generated content via the company's weblog service). Alcatel has provided an IP-based network infrastructure, including digital subscriber line access multiplexers (DSLAMs), IP routers and optical transport equipment to support the service offering. Alcatel also provided its end-to-end video solution, integrating other technology leaders in segments such as head-ends, set-top boxes and encryption systems. "By partnering with Alcatel we can offer our customers a completely different TV experience," Dr. Stefan Tweraser, Telekom Austria's Head of Marketing Retail, said. "Information, entertainment and communication services are presented in a compelling and interactive way, directly to their TV set." "Telekom Austria is an innovator in broadband services and IPTV, and the launch of aonDigital TV marks another milestone in its continued efforts to provide Austrians with a dynamic entertainment and communications experience", Michel Rahier, President of Alcatel's fixed communications activities, said. "This project provides further evidence of the strong relationship between Telekom Austria and Alcatel, which spans many years." Alcatel is the industry leader in providing purpose-built technology solutions and services integration that allows carriers to reduce the cost and complexity associated with triple play/IPTV deployments. Alcatel is involved in more than 35 major triple play deployments and more than 40 network transformation projects worldwide and is the leader in broadband access with more than 86 million DSL lines shipped worldwide. According to Synergy Research Group, Alcatel is #2 in the Services Edge Router category in Q1 2006, with an 18% market share, following four consecutive quarters of market share gain. Alcatel is also the world leader in optical networking for the fifth year running with a 16% market share in 2005, according to Ovum-RHK. About Telekom Austria Headquarteredin Vienna, Austria, Telekom Austria -- http://www.telekom.at/-- is Austria's leading provider of telecommunications services, with total revenues of roughly EUR4.4 billion and approximately 15,600 employees at year-end 2005. It was listed on the Vienna and New York stock exchanges in November 2000. The Group has two main business areas: the wireline segment encompasses fixed line telephony, data and IT, Internet, wholesale and security services as well as multimedia applications and accounts for roughly 3 million customers. The wireless segment covers mobile communications and services roughly 9 million customers. The Telekom Austria Group has international operations in the Czech Republic, Croatia, Slovenia, Bulgaria and Liechtenstein. About Alcatel Headquartered in Paris, France, Alcatel S.A. -- http://www.alcatel.com/-- provides communications solutions to telecommunication carriers, Internet service providers and enterprises for delivery of voice, data and video applications to their customers or employees. Alcatel brings its leading position in fixed and mobile broadband networks, applications and services, to help its partners and customers build a user- centric broadband world. With sales of EUR13.1 billion and 58,000 employees in 2005, Alcatel operates in more than 130 countries. * * * As reported in TCR-Europe on March 28, Standard & Poor's Ratings Services placed its 'BB' long-term corporate credit rating on France-based telecommunications equipment maker Alcatel on CreditWatch with negative implications. ============= G E R M A N Y ============= ASA ANLAGEN: Claims Registration Ends August 16 ----------------------------------------------- Creditors of ASA Anlagen- und Sondermaschinen Automation GmbH have until Aug. 16 to register their claims with court-appointed provisional administrator Joachim Walterscheid. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Sept. 6 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 ASA Anlagen- und Sondermaschinen Automation GmbH on June 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ASA Anlagen- und Sondermaschinen Automation GmbH Robert-Bosch-Road 7 32547 Bad Oeynhausen, Germany Attn: Karsten Beyenbach, Manager Grossen Heide 15 32425 Minden, Germany The administrator can be contacted at: Joachim Walterscheid Kurpark 2 32545 Bad Oeynhausen, Germany FST GERATE: Claims Registration Ends August 18 ---------------------------------------------- Creditors of FST Gerate GmbH have until Aug. 18 to register their claims with court-appointed provisional administrator Jorg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Sept. 8 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Area A 341 3rd Floor Muehlenstrasse 34 40213 Duesseldorf, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Duesseldorf opened bankruptcy proceedings against FST Gerate GmbH on June 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: FST Gerate GmbH Verbindungsstr. 27 40723 Hilden, Germany Attn: Karin Kuypers, Manager Frankenstr. 19 40476 Duesseldorf, Germany The administrator can be contacted at: Dr. Jorg Nerlich Louise-Dumont-Str. 25 40211 Duesseldorf, Germany GESCHWISTER HELLBACH: Claims Registration Ends August 15 -------------------------------------------------------- Creditors of Geschwister Hellbach GmbH have until Aug. 15 to register their claims with court-appointed provisional administrator Andreas Ropke. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 C407 4th 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 Geschwister Hellbach GmbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Geschwister Hellbach GmbH Attn: Karl-Georg, Gabriele and Thomas Hellbach, Managers Jagerstr. 47 47166 Duisburg, Germany The administrator can be contacted at: Dr. Andreas Ropke Dammstr. 26 47119 Duisburg, Germany GOLF PLANET: Claims Registration Ends July 31 --------------------------------------------- Creditors of Golf Planet GmbH have until July 31 to register their claims with court-appointed provisional administrator Knut Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on Sept. 6 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Augsburg Law Courts Meeting Room 162 Alten Einlass 1 86150 Augsburg, 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 Augsburg opened bankruptcy proceedings against Golf Planet GmbH on June 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Golf Planet GmbH Attn: Carola Schelle, Manager Prinzregentenstr. 7 86150 Augsburg, Germany The administrator can be contacted at: Knut Thomas Hofheinz Spicherer Str. 26 86157 Augsburg, Germany IT NET: Creditors' Meeting Slated for August 17 ----------------------------------------------- The court-appointed provisional administrator for IT Net Consulting GmbH, Uwe Kuhmann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:05 a.m. on Aug. 17. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Court House (New Building) Ostertorstr. 25-31 28195 Bremen, Germany The Court will also verify the claims set out in the administrator's report at 9:00 a.m. on Nov. 30 at the same venue. Creditors have until Oct. 17 to register their claims with the court-appointed provisional administrator. The District Court of Bremen opened bankruptcy proceedings against IT Net Consulting GmbH on June 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IT Net Consulting GmbH Otto-Lilienthal-Road 19 28199 Bremen, Germany Attn: Ingo Ponty, Manager Bus Route 81 28213 Bremen, Germany Robin Brand, Manager Scharnhorststrasse 115 28211 Bremen, Germany The administrator can be reached at: Uwe Kuhmann Schuesselkorb 3 28195 Bremen, Germany Tel: 0421/33061-0 Fax: 0421/33061-10 E-mail: info@kuhmann-insolvenzverwaltung.de Web: http://www.kuhmann-insolvenzverwaltung.de/ PAHL KLINKER: Claims Registration Ends August 14 ------------------------------------------------ Creditors of PAHL Klinker Bau GmbH have until Aug. 14 to register their claims with court-appointed provisional administrator Nikolaus Schmidt. Creditors and other interested parties are encouraged to attend the meeting at 2:35 p.m. on Sept. 12 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 Dessau Hall 123 Willy-Lohmann-Road 33 Dessau, 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 Dessau opened bankruptcy proceedings against PAHL Klinker Bau GmbH on June 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: PAHL Klinker Bau GmbH Umgehungsstrasse 7b 06408 Baalberge, Germany -- or -- PAHL Klinker Bau GmbH Station Route 16 06406 Bernburg, Germany Attn: Klaus Lorenz, Manager Hegestrasse 13 06406 Bernburg, Germany The administrator can be contacted at: Dr. Nikolaus Schmidt Magdeburger Road 23 06112 Halle, Germany Tel: 0345/2311111 Fax: 0345/2311199 PROVIDE HOME: S&P Places Credit Ratings on CreditWatch Negative --------------------------------------------------------------- Standard & Poor's Ratings Services placed its credit ratings on the class B, C, and D notes in the PROVIDE HOME 2001-1 PLC transaction on CreditWatch with negative implications. At the same time, it placed the class C, D, and E notes in the PROVIDE HOME 2002-1 PLC transaction on CreditWatch with negative implications. Aareal Bank AG originated these German synthetic, partially funded RMBS transactions. The CreditWatch placements follow further deterioration of the underlying reference loan portfolios. Defaulted reference claims and credit events amount to 7.00% as of April 2006 for PROVIDE HOME 2001-1's and 3.85% for PROVIDE HOME 2002-1's underlying pools as of March. A trend of increasing defaults as a proportion of the pools has been evident across the lifetime of the transactions. "S&P notes that in both transactions, cumulative realized losses up to now have been marginal," said Standard & Poor's credit analyst Viktor Milev. "In spite of this, the increase of credit-impaired reference obligations over the lifetime of the transactions, both on an absolute and relative basis, and the low foreclosure proceeds so far have in our view increased the likelihood that future realized losses could now ultimately result in a loss allocation to rated notes," Mr. Milev continued. Furthermore, under the transaction documents a defaulted reference claim, which has undergone foreclosure proceedings and has not recovered 100%, can remain as a defaulted reference claim with the reduced outstanding balance if Aareal Bank expects to recover further amounts for such a reference claim. Standard & Poor's analysis to date has taken the form of detailed loan-level data analysis of both transaction pools, taking into account the traits and the current levels of collateralization of every loan claim in both transactions. Standard & Poor's now intends to continue discussions with the originator on the credit-impaired loan claims. Standard & Poor's analysis will aim for the workout procedures in place as well as actuality of property valuations in order to ascertain more precise loss expectations for those loans currently with credit events called. Standard & Poor's expects to resolve the CreditWatch placements following completion of this analysis, expected to occur at the end of September. Ratings List PROVIDE HOME 2001-1 PLC EUR120.05 Million Credit-Linked Notes Class Rating ----- ------ To From Ratings Placed On CreditWatch With Negative Implications B AA/Watch Neg AA C A+/Watch Neg A+ D BBB/Watch Neg BBB PROVIDE HOME 2002-1 PLC EUR53.6 Million Floating-Rate Credit-Linked Notes Ratings Placed On CreditWatch With Negative Implications C A/Watch Neg A D BBB/Watch Neg BBB E BB/Watch Neg BB S & W: Claims Registration Ends August 7 ---------------------------------------- Creditors of S & W Uni-Bau GmbH have until Aug. 7 to register their claims with court-appointed provisional administrator Sylvia Wille. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Sept. 19 at which time the administrator will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Law Courts Prince Road 21 Chemnitz, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Chemnitz opened bankruptcy proceedings against S & W Uni-Bau GmbH on June 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: S & W Uni-Bau GmbH Steinwiese 50 09116 Chemnitz, Germany The administrator can be contacted at: Sylvia Wille Nansenstrasse 7 09116 Chemnitz, Germany E-mail: Info@wir-chemnitz.de SENIORENPFLEGEHEIM APRATH: Claims Registration Ends August 15 ------------------------------------------------------------- Creditors of Seniorenpflegeheim Aprath GmbH have until Aug. 15 to register their claims with court-appointed provisional administrator Jorg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on 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 Wuppertal Meeting Room A234 2nd Floor Isle 2 42103 Wuppertal, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Wuppertal opened bankruptcy proceedings against Seniorenpflegeheim Aprath GmbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Seniorenpflegeheim Aprath GmbH Hospital Aprath House 1 42489 Wuelfrath, Germany Attn: Gisela Linke, Manager Katzenbuckel 22 44628 Herne, Germany The administrator can be contacted at: Dr. Jorg Nerlich Friedrich-Ebert-Road 17 42103 Wuppertal, Germany TEUTOBURGER FEINKOST: Claims Registration Ends August 15 -------------------------------------------------------- Creditors of Teutoburger Feinkost GmbH have until Aug. 15 to register their claims with court-appointed provisional administrator Cornelia Monert. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 5 at which time the administrator will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 Teutoburger Feinkost GmbH on June 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Teutoburger Feinkost GmbH Attn: Heinrich Lindert, Manager Kolkebecker Str. 62 33790 Halle/Westf., Germany The administrator can be contacted at: Cornelia Monert Lise-Meitner-Str. 13 33605 Bielefeld, Germany TOG HANDEL: Claims Registration Ends August 10 ---------------------------------------------- Creditors of TOG Handel, Gesellschaft fuer EDV-Technologie und Organisation mbH have until Aug. 10 to register their claims with court-appointed provisional administrator Stephan Heinrichsmeyer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 19 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 2nd Floor Court Place 1 44135 Dortmund, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Dortmund opened bankruptcy proceedings against TOG Handel, Gesellschaft fuer EDV-Technologie und Organisation mbH on July 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: TOG Handel, Gesellschaft fuer EDV-Technologie und Organisation mbH Gottlieb-Daimler-Road 2 59439 Holzwickede, Germany Attn: Bodo Clever, Manager Muehlhof 21 58119 Hagen, Germany The administrator can be contacted at: Stephan Heinrichsmeyer Spiekergasse 6-8 33330 Guetersloh, Germany =========== G R E E C E =========== EMPORIKI BANK: Bank of Cyprus Withdraws Takeover Offer ------------------------------------------------------ The Bank of Cyprus Group wishes to state these relating to the latest developments regarding the Public Tender Offer for the acquisition of Emporiki Bank of Greece S.A.: -- on July 21, Bank of Cyprus received a letter from the Central Bank of Cyprus informing the Bank of Cyprus that its application for a relevant approval for the investment of 40-100% in the share capital of Emporiki Bank of Greece S.A. was rejected; -- the approval of the Central Bank of Cyprus was a precondition for the investment by Bank of Cyprus in Emporiki Bank of Greece S.A., which was included in the Information Memorandum approved by the Hellenic Capital Markets Commission for the Public Tender Offer (clause 2.14 (a) (b)); -- the decision of the Central Bank of Cyprus, which is final, constitutes the Public Tender Offer void and therefore the Public Tender Offer lapses; -- the decision of Bank of Cyprus to launch a Public Tender Offer for Emporiki Bank of Greece S.A. was taken considering the best interests of shareholders; -- the subsequent decision of Bank of Cyprus to withdraw the Public Tender Offer was taken with particular diligence and duty of care for the interests of its shareholders, and only after new developments have occurred; -- in no circumstances did Bank of Cyprus wish to cause problems in the procedure of the privatization of Emporiki Bank of Greece S.A. On the contrary, as always, Bank of Cyprus respects the Regulatory and Monetary Authorities of Greece and Cyprus and all their decisions. -- Bank of Cyprus considers that its actions are responsible, serious and lawful and safeguard the interests of its shareholders. In addition, it states that its decisions and actions followed the unanimous decisions of its Board of Directors; -- as Bank of Cyprus fully respects the rules, regulations and procedures of the Hellenic Capital Markets Commission and the Cyprus Securities and Exchange Commission it will not at this time expand further on the issue; -- Bank of Cyprus has also decided that in the near future it will call a briefing meeting of its shareholders to nalyse its strategy for the future; -- Bank of Cyprus thanks its shareholders and staff for the support they have shown and are showing for its decisions, which are always taken based on the promotion of the best interests of shareholders and staff. About Bank of Cyprus Headquartered in Nicosia, Cyprus, Bank of Cyprus -- http://www.bankofcyprus.com/-- offers a wide range of financial products and services, which include banking services in Cyprus, Greece, United Kingdom, Australia and Channel Islands, finance, leasing, factoring, brokerage, fund management, general and life insurance services in Cyprus and Greece, and investment banking services in Cyprus. About Emporiki Bank Headquartered in Athens, Greece, Emporiki Bank of Greece S.A. -- http://www.emporiki.gr/-- offers banking services in Greece through a network of 374 branches, through the Emporiki Bank branch operating in London as well as through the Group's subsidiaries in Albania, Armenia, Bulgaria, Cyprus, Germany, Georgia and Romania. The extensive network of Emporiki Bank is a major advantage for the Group in the distribution of the products and services it offers. * * * As reported in TCR-Europe on June 19, Moody's Investors Service has placed on review for possible upgrade the Baa1/Prime-2 deposit, Baa1 senior debt and Baa2 subordinated debt ratings of Emporiki Bank of Greece SA. In addition, the Baa1 senior debt and Baa2 subordinated debt ratings assigned to Emporiki Finance Group were also placed on review for possible upgrade. In a rating action not related to this transaction, Moody's has confirmed Emporiki's D+ financial strength rating. As reported in TCR-Europe on June 15, Fitch Ratings placed Greece-based Emporiki Bank's Issuer Default Rating of BBB, Short-term rating of F3 and Support rating of 2 on Rating Watch Positive. Emporiki's Individual rating of C/D is affirmed. ============= I R E L A N D ============= DECO 9: S&P Assigns BB Rating to EUR10.9-Mln Class J(2) Notes ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR1.16 billion commercial mortgage-backed floating-rate notes to be issued by DECO 9 - Pan Europe 3 PLC, a special purpose entity incorporated in Ireland. At closing, the issuer will use the proceeds of the note issuance to purchase: -- Six loans secured by 105 commercial properties located in Germany. These loans were originated by Deutsche Bank AG. -- 50% of a loan secured by 303 commercial properties located in Germany. The loan was originated by Deutsche Bank and Landesbank Hessen-Thueringen Girozentrale. -- 50% of a loan secured by 61 commercial properties located in Germany. The loan was originated by Deutsche Bank and Citibank N.A. New York, NY. -- Three notes to be issued by the Swiss issuer, which are backed by three loans, and ultimately secured by 31 commercial properties located in Switzerland. The Day 1 loan pool collateral comprises eight loans originated in Germany, and three loans originated in Switzerland. The loans by total gross rent are secured by office, retail, and multifamily properties. Ratings List DECO 9 - Pan Europe 3 PLC EUR1,155 Million Commercial Mortgage-Backed Floating-Rate Notes Prelim. Prelim. Class rating amount (Mil. EUR) ----- ------ ------ A1 AAA 649.950 X(1) AAA 0.050 A2 AAA 312.000 B AAA 44.000 C AA 41.500 D A+ 16.800 E A 23.700 F BBB 37.700 G BBB- 7.400 H(2) BBB- 11.025 J(2) BB 10.879 (1) Excess spread in the transaction is monetized via the class X notes. (2) Subject to an available funds cap mechanism. Consequently, the class H and J noteholders may receive a variable interest coupon in the event of various loan prepayment scenarios. ========= I T A L Y ========= BANCA NAZIONALE: Fitch Raises Short-term Rating to F1+ ------------------------------------------------------ Fitch Ratings upgraded Italy-based Banca Nazionale del Lavoro's Short-term rating to F1+ from F1. At the same time, the agency has affirmed the bank's Issuer Default, Individual and Support ratings at AA-, C and 1 respectively. The Outlook is Stable. The rating action reflects Fitch's view that a Short-term rating of F1+ is more consistent with BNL's Issuer Default Rating of AA-. The IDR, Short-term and Support ratings reflect what Fitch considers to be extremely high probability of support for BNL, should it ever be required, from its new controlling shareholder, BNP Paribas. As further integration occurs and additional operational benefits accrue to BNL under new ownership, Fitch may equalize the bank's IDR with its parent's, at AA. BNPP considers Italy as its second "home market" and Fitch expects the bank to work speedily to integrate BNL, centralizing some functions and product lines. BNL should benefit from a wider range of more sophisticated products as well as cost and revenues synergies achieved by closer cooperation with BNPP, and its subsidiaries already operating in Italy in asset management, private banking and consumer lending. In addition, as part of one of largest European groups, BNL should be able to promote itself more successfully. In April 2006, BNPP appointed BNL's new Managing Director and, reflecting its controlling interest, a new board of directors. In the light of these changes, the Italian bank has started to prepare a new business plan. In 2005 BNL reported EUR533 million of net income, EUR5.029 billion of equity and a Tier 1 ratio of 6.7%. It was the sixth largest bank in Italy by loans at end-2005 and has around 800 branches. BNPP reported EUR6.286 billion of net income and over EUR35 billion of common equity in 2005. It is the second largest French bank and the fifth largest in Europe by equity. Its market share of sight deposits in France is 9.6%. PARMALAT FINANZIARIA: Wins Appeal Against Citigroup in NJ Court --------------------------------------------------------------- The Appellate Division of the Superior Court of New Jersey allows Parmalat Finanziara, S.p.A., to continue with its fraud lawsuit against Citigroup, Inc., and certain affiliates. In a decision dated July 14, 2006, the New Jersey Appellate Division rejected an appeal filed by the Citigroup Entities to dismiss a ruling from the New Jersey Law Division. The Law Division had denied Citigroup's request to dismiss a complaint filed by Dr. Enrico Bondi, extraordinary administrator of Parmalat. In the complaint, Dr. Enrico Bondi alleged that Citigroup, Inc. and Citibank, N.A., aided Parmalat's subsidiaries in their fraudulent scheme. Specifically, Dr. Bondi asserted that Citigroup knowingly structured financing for Parmalat subsidiaries to disguise debt and artificially increase cash flow. Eureka PLC, a United Kingdom-based public liability company, is one of the corporations alleged to be affiliated with Citigroup that have participated in the Parmalat scheme. Dr. Bondi said Citigroup created Eureka as a special purpose entity to assist in Parmalat's scheme. Citigroup purportedly provided credit lines and financial services to Eureka. Eureka, acting on Citigroup's behalf, bought and securitized receivables of Farmland Dairies LLC, a holding company of Parmalat subsidiary Parmalat USA Corporation. Dr. Bondi believes that Eureka's transactions with Farmland were purportedly essential links in the global scheme. In their dismissal motion, the Citigroup Defendants argued that the New Jersey trial court lacks personal jurisdiction over Eureka. The Citigroup Defendants also relied on the forum non conveniens doctrine. They argued that New Jersey lacks interest in the litigation, witnesses and documents are not located in New Jersey, and application of Italian law will make it inconvenient to pursue the case in the State. Under the forum non conveniens doctrine, "a court may decline jurisdiction whenever the ends of justice indicate a trial in the forum selected by the plaintiff would be inappropriate," the New Jersey Appellate Division notes, citing a court ruling in D'Agostino v. Johnson & Johnson, Inc., 225 N.J. Super. 250, 259 (App. Div. 1988), aff'd, 115 N.J. 491 (1989) (D'Agostino I). However, the New Jersey Appellate Division holds that the trial court had established a prima facie case of specific jurisdiction against Eureka. The Appellate Court also finds that the Citigroup Defendants failed to show that they will not have access to sources of proof, or that witnesses will be unavailable so that it would be unreasonable for the lawsuit to proceed in the State. Hence, the Appeals Court rules that the dismissal motion based on forum non conveniens was properly denied. The Appellate Division affirms, without prejudice, the Law Division's decision not to dismiss the Bondi suit based on forum non conveniens, allowing Citigroup to raise the issue again after it: -- has made a good faith effort to obtain discovery necessary to defend the action; and -- can provide the court with a record showing that plaintiff's choice of forum is truly inappropriate. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has 40- some brand product line includes yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. PARMALAT SPA: Bondi Files Proposed Injunction Order in US Court --------------------------------------------------------------- Dr. Enrico Bondi, as the authorized foreign representative of Parmalat Finanziaria S.p.A. and certain of its affiliates, filed with the U.S. Bankruptcy Court for the Southern District of New York a proposed form of permanent injunction order. Dr. Bondi also submitted with the Court a memorandum of law supporting his permanent injunction request. Dr. Bondi believes that the grant of permanent injunctive relief to the Foreign Debtors is warranted under the Section 304(c) of the Bankruptcy Code. The Permanent Injunction Order gives full force and effect in the United States the terms of the proposed composition with creditors under Parmalat's Restructuring Plan and channels the assertion of claims against the Foreign Debtors to Italy. Granting comity to the Foreign Debtors' Italian insolvency proceeding is justified and deserved in light of, among other things, the significant procedural due process afforded to all creditors of the Foreign Debtors by applicable Italian law, as well as the Italian reorganization scheme which sufficiently comports with U.S. principles of bankruptcy law, Marcia L. Goldstein, Esq., at Weil, Gotshal & Manges LLP, in New York, asserts. Section 304(c), Ms. Goldstein notes, lists factors that a U.S. Bankruptcy Court should consider when determining whether to grant a request for injunctive or other relief under Section 304(b): * just treatment of all holders of claims against or interests in the estate; * protection of claim holders in the United States against prejudice and inconvenience in the processing of claims in the foreign proceeding; * prevention of preferential or fraudulent dispositions of property of the estate; * distribution of proceeds of the estate substantially in accordance with the order prescribed by the Bankruptcy Code; * comity; and * if appropriate, the provision of an opportunity for a fresh start for the individual that the foreign proceeding concerns. Ms. Goldstein asserts that the Italian Proceeding is deserving of comity in that, among others, the Proceeding has progressed smoothly, efficiently and under the watchful oversight of the Civil and Criminal Court of Parma, in Italy. Moreover, she continues, Italian insolvency law: -- provides proper protections to all parties-in-interest; -- has many similarities with plenary cases under Chapter 11 of the Bankruptcy Code; and -- is not in any way repugnant to U.S. law or policy. According to Ms. Goldstein, similar to the automatic stay in the U.S. Bankruptcy Code, the Italian automatic stay ensures the orderly administration of the Foreign Debtors' estates by preventing the commencement or continuation of a wide range of actions against the Foreign Debtors on account of prepetition debts. The Italian Proceeding, Ms. Goldstein maintains, affords just treatment to creditors. The Italian Proceeding does not cause prejudice or inconvenience to U.S. Creditors. The Italian Proceeding has afforded sufficient notice of material events to creditors of the Foreign Debtors to ensure the adequacy of procedural safeguards for all creditors, Ms. Goldstein says. The U.S. creditors, she continues, have also not suffered any particularized harm or inconvenience by liquidating their claims in the Italian Proceeding. Italian insolvency law includes provisions that enable the Foreign Debtors to "claw-back" or set aside transactions that, among others, unfairly favor a creditor at the expense of other creditors. Hence, applicable Italian law also provides for the prevention of prepetition preferential or fraudulent dispositions. Additionally, Ms. Goldstein asserts, distribution of proceeds under the Composition is substantially in accordance with the priorities prescribed in the U.S. Bankruptcy Code. Pursuant to the Composition: -- creditors holding secured claims are satisfied in full, in cash; -- creditors holding fully admitted general unsecured claims receive pari passu distributions of share of Reorganized Parmalat stock based on the applicable recovery ratios; and -- holders of equity interests in the Foreign Debtors do not receive any distribution. Accordingly, Dr. Bondi asks Judge Drain for a permanent injunctive relief under Section 304 on the terms and conditions set forth in the proposed Permanent Injunction Order. "[E]ntry of a permanent injunction . . . signifies the conclusion of a critical component of the largest reorganization proceeding ever administered in Italy, Ms. Goldstein says. "This relief will serve as a significant step towards ensuring the success of Parmalat's reorganization under Italian insolvency law." A full-text copy of the proposed Permanent Injunction Order is available for free at http://ResearchArchives.com/t/s?e22 About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has 40- some brand product line includes yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. =================== K A Z A K H S T A N =================== AHAS: Creditors Must File Claims by Aug. 15 ------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region declared LLP Ahas insolvent on May 30. Creditors have until Aug. 15 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of West Kazakhstan Region A. Moldagulovoi Str. 9-18 Uralsk West Kazakhstan Region Kazakhstan Tel: 8 (3112) 51-77-10 ARALSHAK: Creditors Must File Claims by Aug. 15 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda Region declared LLP Aralshak insolvent on May 30. Creditors have until Aug. 15 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kyzylorda Region Jahayeva Str. 71 Kyzylorda Kyzylorda Region Kazakhstan Tel: 8 (3242) 27-23-65 8 (3242) 27-24-55 ELEKTROKOMPLEKT: Creditors Must File Claims by Aug. 15 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared LLP Elektrokomplekt insolvent on May 23. Creditors have until Aug. 15 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of North Kazakhstan Region Valihanova Str. 19-149 Petropavlovsk North Kazakhstan Region Kazakhstan KAZALTA-ANTIKORROZIA: Creditors' Claims Due Aug. 15 --------------------------------------------------- LLP Kazalta-Antikorrozia has declared insolvency. Creditors have until Aug. 15 to submit written proofs of claim to: LLP Kazalta-Antikorrozia Timiryazeva Str. 71-33 Almaty, Kazakhstan KAZKOMMERTS FINANCE: Fitch Rates US$150-Mln Upcoming Issue at BB ---------------------------------------------------------------- Fitch Ratings placed Kazkommerts Finance 2 B.V.'s 8.625% US$150 million upcoming issue of limited recourse loan participation notes due July 2016, with interest rate step-up in 2011, a Long- term rating of BB. The notes are to be used solely for financing a subordinated loan to Kazakhstan's Kazkommertsbank under a subordinated loan agreement. The issuer will only pay noteholders amounts, if any, received from KKB under the subordinated loan agreement. KKB has a foreign currency Issuer Default rating of BB+ with Stable Outlook, and the BB rating of the subordinated notes is in line with Fitch's standard notching practice for subordinated instruments of issuers with IDRs of BB- or higher. Where an issuer's IDR is lower than BB-, notching for subordinated issues may widen, depending on Fitch's assessment of expected recoveries. The issuer's claims in relation to repayment of the subordinated loan will be junior to those of all senior claims and will rank at least pari passu with the claims of other subordinated creditors of KKB. The interest rate will be fixed, with a step- up after five years. KKB will have the right to prepay the subordinated loan five years before maturity. KKB (other ratings foreign currency Short-term B, local currency Issuer Default BBB-/Stable Outlook, local currency Short-term F3, Individual C/D, Support 3) was the largest commercial bank in Kazakhstan by IFRS assets at end-2005 and has top three positions in all major market segments. PETROPAVLOVSK-TELEFON: Creditors' Claims Due Aug. 15 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region declared LLP Petropavlovsk-Telefon insolvent on May 25. Creditors have until Aug. 15 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of North Kazakhstan Region Valihanova Str. 19-149 Petropavlovsk North Kazakhstan Region Kazakhstan PKTIAM: Creditors' Claims Due Aug. 15 ------------------------------------- OJSC Pktiam has declared insolvency. Creditors have until Aug. 15 to submit written proofs of claim to: OJSC Pktiam Isinalieva Str. 1 Pavlodar Pavlodar Region Kazakhstan REN PLUS: Proof of Claim Deadline Slated for Aug. 15 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda Region declared LLP Ren Plus insolvent. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Aug. 15 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Region Jambyl Str. 9 Karaganda Karaganda Region Kazakhstan SHEBER: Proof of Claim Deadline Slated for Aug. 15 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda Region declared LLP Sheber insolvent on May 30. Creditors have until Aug. 15 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kyzylorda Region Jahayeva Str. 71 Kyzylorda Kyzylorda Region Kazakhstan Tel: 8 (3242) 27-23-65 8 (3242) 27-24-55 TARA: Claims Registration Ends Aug. 15 -------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda Region declared JSC Tara insolvent on May 29. Creditors have until Aug. 15 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kyzylorda Region Jahayeva Str. 71 Kyzylorda Kyzylorda Region Kazakhstan Tel: 8 (3242) 27-23-65 8 (3242) 27-24-55 YAUZA: Claims Registration Ends Aug. 15 --------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region declared LLP Yauza insolvent on May 29. Creditors have until Aug. 15 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of West Kazakhstan Region A. Moldagulovoi Str. 9-18 Uralsk West Kazakhstan Region Kazakhstan Tel: 8 (3112) 51-77-10 =================== K Y R G Y Z S T A N =================== KVUD: Creditor's Meeting Slated for Aug. 8 ------------------------------------------ The creditors of the LLC Kvud will convene at 10:00 a.m. on Aug. 8 at: Room 141 Chui Ave. 106 Bishkek, Kyrgyzstan Agenda: -- Approval of the temporary insolvency manager's final report; and -- Others. Proxies must have authorization to vote. Inquiries can be addressed to (+996 312) 62-52-42. STK: Public Auction Scheduled for Aug. 11 ----------------------------------------- The Subdivision Service of the Court Officers of Alamudun District will sell the buildings and constructions of STK through a public auction at 10:00 a.m. on Aug. 11 at: Suvorov Str. 50 Alamudun Alamudun District Kyrgyzstan Interested bidders must deposit an amount equivalent to 5% of the KGS303,552 starting price to the settlement account of: Alamudun District Court Alamudun Treasure Department Settlement Account No. 1290042380020691 Settlement and Saving Company in the Chui Region BIK 129004 Personal Account No. 301802402 Participants my submit their bids and necessary documents to: Mr. K. Mamyrkanov Bidding organizer, Court Officer Tel: (+996 312) 59-01-34, 61-00-24 ================= L I T H U A N I A ================= MAZEIKIU NAFTA: Fitch Keeps B+ Default Rating on Watch Positive --------------------------------------------------------------- Fitch Ratings maintained Lithuania's oil refining company Mazeikiu Nafta AB's Issuer Default rating of B+ on Rating Watch Positive. MN's Short-term rating of B is affirmed. The RWP reflects the pending change of MN ownership, as a result of Polish oil refining and marketing company PKN Orlen S.A.'s agreement with MN's existing controlling shareholder, Yukos International U.K. BV, to acquire its 53.7% stake in the company for US$1.492 billion. In addition, PKN will purchase a 30.66% stake in MN from the Lithuanian government for US$852 million. The RWP will be resolved upon the completion of the ownership change and communication of PKN's financial and business strategy for MN, expected by Q107. The acquisition has yet to be approved by the European Commission. MN's ratings are likely to benefit from PKN's stronger business and financial profile. Fitch also expects that after the ownership change, MN will be able to purchase crude oil on more favorable terms, i.e. without considerable cash deposits for letters of credit. This should improve the company's financial flexibility and liquidity. PKN has indicated that it supports MN's ambitious capital expenditure program, which has been put on hold due to Yukos' distressed financial situation in late 2004. Fitch views that the approximately US$1 billion-US$1.3 billion investment program for the coming three to four years should transform MN into a modern refinery integrated with petrochemical facilities. The investments are likely to improve MN's refining depth and lower its break-even crack margins. This should contribute to a strengthening of the business profile, enabling it to operate profitably in times of lower refining margins. The capital expenditure program is primarily targeted at a reduction of bottom-of-the barrel products and construction of petrochemical facilities. It remains to be seen how MN's crude oil supply risk will evolve following the arrival of PKN. The company has recently reported lower crude oil deliveries from the Russian pipeline and started to meet the deficit with sea deliveries of Russian crude oil from the Primorsk port. This has resulted in additional transportation costs for MN, but should not affect the company's margin significantly in the short term given the current healthy refining margin environment. The ratings continue to reflect MN's improving refinery utilization rates and profitability at the Mazeikiai refinery and its stable market position in the Baltic states. They also consider its export sales to Western Europe and the US as well as its more stable crude oil and refined products transportation segment. The ratings are constrained by MN's limited financial flexibility due to Yukos' difficulties. Other constraints include MN's cash flow volatility, lower refining depth when compared to other Central European refiners, crude oil supply risk and lack of fuel retail hedge. The ratings also incorporate implicit support from the government of Lithuania, which is a significant shareholder in MN. It is also MN's largest creditor and a guarantor for most of the company's bank debt. Furthermore, MN is strategically important to Lithuania's economy as a leading corporate and taxpayer. MN reported record profits in 2005, capitalizing on favorable market conditions, in particular high refining margins and widened Brent-to-Ural differential. In 2005, MN's EBITDA increased 16% to US$419 million. Its Q106 performance was hit by refining margin pressure, but margins recovered in Q206. ===================== N E T H E R L A N D S ===================== NIELSEN FINANCE: Leveraged VNU Buyout Spurs Moody's Junk Ratings ---------------------------------------------------------------- Moody's Investors Service assigned new ratings to the proposed borrowings of Nielsen Finance LLC and Nielsen Finance Co. in the context of the leveraged buy-out of VNU nv. These finance vehicles are indirectly wholly owned by VNU nv. VNU is an internationally operating media and information company. The assigned ratings assume there will be no material variations to the draft legal documentation reviewed by Moody's and assume that these agreements are legally valid, binding and enforceable. Ratings assigned at Nielsen Finance LLC/Nielsen Finance : -- senior secured credit facilities: (P)B1; -- senior USD/Euro notes due 2014: (P)B3; and -- senior subordinated USD/Euro discount notes due 2016: (P) Caa1. The rating outlook is stable. The ratings for the newly rated instruments are derived from VNU nv's B2 CFR, which reflects VNU's very high initial leverage following its leveraged buy-out by a group of financial investors, 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 (P) B1 rating for the senior bank facilities also reflects the benefits of senior upstream guarantees and security over the US guarantors' assets and stock pledges at various levels. Although the bank facility will represent the majority of the company's debt capitalization and a significant proportion of VNU's overall capitalization the sizeable common equity contribution from the sponsors lends, in Moody's opinion, meaningful support to the effectively preferred bank debt. Moody's notes that at the time of rating covenant levels for the bank facility had not been set and the ratings assume that these will be set to delineate a de-leveraging path over time while allowing the company sufficient liquidity maneuver room. The (P) B3 rating of the senior unsecured notes reflects their effective subordination to the senior bank facilities, but also acknowledges the benefits of the envisaged senior upstream guarantees. Finally, the (P) Caa1 rating of the senior subordinated discount notes reflects their contractual subordination to both senior debt classes while acknowledging the benefits of the envisaged subordinated guarantees. While there is a provision for the release of the guarantees for both classes of notes under certain circumstances the ratings assume that the guarantees will remain in place. Moody's further notes that any changes to the overall debt quantum (EUR6.36 billion at a USD/Euro rate of 1.19) and/or the quantum of the senior Nielsen Finance debt instruments (EUR5.15 billion) and with that to their relative weight in VNU's overall capital structure could have rating consequences. While the legacy debt at VNU nv is structurally subordinated to the senior subordinated discount notes, Moody's believes that there is a degree of compression at this end of the rating spectrum and therefore does not differentiate the ratings of the legacy debt from that of the senior subordinated discount notes. Moody's also notes that the LBO has complicated VNU's corporate structure with the introduction of new intermediate holding companies between VNU nv and the assets. Here the ratings incorporate Moody's understanding that -- these are pure pass-though entities; -- that no external debt will be incurred at the intermediate holding level; and --that VNU nv will continue to directly or indirectly own 100% of the equity of these entities. Proceeds from the newly issued bank and bond debt will be used to redeem certain of VNU's existing debt issues as well as for a transfer to Valcon Acquisition to allow Valcon Acquisiton to repay bridge debt incurred in connection with the acquisition of VNU. VNU nv is an international media and information company based in Haarlem, The Netherlands. =========== R U S S I A =========== CHASTINSKIY CHEESE-MAKING: Court Starts Bankruptcy Supervision -------------------------------------------------------------- The Arbitration Court of Perm Region has commenced bankruptcy supervision procedure on LLC Chastinskiy Cheese-Making Factory. The case is docketed under Case No. A50-6447/2006-B. The Temporary Insolvency Manager is: I. Korovnikov Gazety Zvezda Str. 13 614045 Perm Region Russia The Debtor can be reached at: LLC Chastinskiy Cheese-Making Factory Sovetskaya Str. 63. Chastye 617170 Perm Region Russia DANKOV-AGRO-SERVICE: Court Starts Bankruptcy Supervision -------------------------------------------------------- The Arbitration Court of Lipetsk Region has commenced bankruptcy supervision procedure on OJSC Dankov-Agro-Service (TIN 480300541). The case was docketed under Case No. A36-728/2006. The Temporary Insolvency Manager is: S. Agapov Office 21 392033 Tambov Region Proletarskaya Str. 337 Russia The Debtor can be reached at: OJSC Dankov-Agro-Service Gagarina Str. 48. Dankov Lipetsk Region Russia HOUSE BUILDING: Court Names T. Rogozina as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Kareliya Republic appointed Ms. T. Rogozina as Insolvency Manager for OJSC Production Combine of House Building. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A26-6138/2005-18. The Debtor can be reached at: OJSC Production Combine Of House Building Vetlechebnaya Str. 1 Kondopoga 186200 Kareliya Republic Russia KOLOSOVSKOYE GRAIN: Court Names A. Budelev as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Omsk Region appointed Mr. as Insolvency Manager for OJSC Kolosovskoye Grain Receiving Enterprise. He can be reached at: A. Budelev 5th Kordnaya Str. 656 644044 Omsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-2844/2006. The Debtor can be reached at: OJSC Kolosovskoye Grain Receiving Enterprise Kirova Str. 68 Kolosovka Kolosovskiy Region Omsk Region Russia KOTELNICHSKOYE REPAIR-TECHNICAL: Bankruptcy Supervision Begins -------------------------------------------------------------- The Arbitration Court of Kirov Region has commenced bankruptcy supervision procedure on OJSC Kotelnichskoye Repair-Technical Enterprise. The case is docketed under Case No. A28-20/ 06-23/25. The Temporary Insolvency Manager is: O. Kuvshinskaya Griboedova Str. 1-a 610014 Kirov Region Russia The Arbitration Court of Kirov Region is located at: K-Libknekhta Str. 102 610017 Kirov Region Russia The Debtor can be reached at: OJSC Kotelnichskoye Repair-Technical Enterprise Kirov Region, Kotelnich. Russia KUKMORSKIY ELEVATOR: Court Starts Bankruptcy Supervision -------------------------------------------------------- The Arbitration Court of Tatarstan Republic has commenced bankruptcy supervision procedure on OJSC Kukmorskiy Elevator. The case was docketed under Case No. A65-5017/2006-SG4-26. The Temporary Insolvency Manager is: L. Safin Kazan, Post User Box 143. 420039 Tatarstan Republic Russia The Debtor can be reached at: OJSC Kukmorskiy Elevator Kukmor Lenina Str. 52. 422110 Tatarstan Republic Russia KUMIR: Court Names V. Ovchinnikov as Insolvency Manager ------------------------------------------------------- The Arbitration Court of Tula Region appointed Mr. V. Ovchinnikov as Insolvency Manager for OJSC KUMIR (TIN 7116010924). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A68-98/B-06. Office 608 Ryazanskaya Str. 1 300026 Tula Region Russia The Debtor can be reached at: OJSC Kumir Apartment 36 Shakhterov Str. 16/8 Novomoskovsk 301650 Tula Region Russia MELEKESSKAYA: Court Starts Bankruptcy Supervision ------------------------------------------------- The Arbitration Court of Ulyanovsk Region has commenced bankruptcy supervision procedure on CJSC Agricultural Company Melekesskaya. The case was docketed under Case No. A72-13260/05-20/42-b. The Temporary Insolvency Manager is: V. Ivanov Post User Box 41 Syzran 446001 Samara Region Russia The Debtor can be reached at: CJSC Agricultural Company Melekesskaya Dimitrovograd Ulyanovsk Region Russia ORLOVSKIY AGRO-COMBINE: Court Names A. Evseev to Manage Assets -------------------------------------------------------------- The Arbitration Court of Orel Region appointed Mr. A. Evseev as Insolvency Manager for OJSC Orlovskiy Agro-Combine (TIN 5753025571). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A48-7181/05-17b. The Arbitration Court of Orel Region is located at: Gorkogo Str. 42 302000 Orel Region Russia The Debtor can be reached at: OJSC Orlovskiy Agro-Combine S. Shaumyana Str. 35 302028 Orel Region Russia TEMP: Kirov Court Commences Bankruptcy Supervision -------------------------------------------------- The Arbitration Court of Kirov Region has commenced bankruptcy supervision procedure on OJSC Temp. The case is docketed under Case No. A28-58/06-81/20. The Temporary Insolvency Manager is: N. Smyshlyaev Post User Box 75. 424007 Yoshkra-Ola Russia The Arbitration Court of Kirov Region is located at: K-Libknekhta Str. 102 610017 Kirov Region Russia The Debtor can be reached at: OJSC Temp Kiknur Kirov Region Russia TIKHMENEVO-COAL: Court Commences Bankruptcy Supervision ------------------------------------------------------- The Arbitration Court of Sakhalin Region has commenced bankruptcy supervision procedure on LLC Tikhmenevo-Coal (TIN 6507011184). The case is docketed under Case No. A59-5/06-S16. The Temporary Insolvency Manager is: V. Denisov Khabarovskaya Str. 47-15 693000 Yuzhno-Sakhalinsk Russia The Debtor can be reached at: LLC Tikhmenevo-Coal Poronaysk, Komsomolskaya Str. 11. 694240 Sakhalin Region Russia ULAN-EDENSKIY FACTORY: S. Narygin to Manage Assets -------------------------------------------------- The Arbitration Court of Buryatiya Republic appointed Mr. S. Narygin as Insolvency Manager for LLC Ulan-Edenskiy Factory of Reinforced Concrete Products. He can be reached at: Office 300 Solnechnaya Str. 7a Ulan-Ude 670031 Buryatiya Republic Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A10-1667/05. The Debtor can be reached at: LLC Ulan-Edenskiy Factory of Reinforced Concrete Products Botanicheskaya Str. 71 Ulan-Ude Buryatiya Republic Russia UNIVERSAL-INSTRUMENT-COMPLECT: Bankruptcy Supervision Begins ------------------------------------------------------------ The Arbitration Court of Omsk Region has commenced bankruptcy supervision procedure on OJSC Universal-Instrument-Complect. The case is docketed under Case No. A46-3798/2006. The Temporary Insolvency Manager is: S. Sibichenko Post User Box 922 644020 Omsk Region Russia The Debtor can be reached at: OJSC Universal-Instrument-Complect Industrialnaya Str. 4 644018 Omsk Region Russia WALL MATERIALS: Court Names S. Vodopyanov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Krasnodar Region appointed Mr. S. Vodopyanov as Insolvency Manager for OJSC Factor of Wall Materials. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-7422/2005-1/97-B. The Debtor can be reached at: OJSC Factor of Wall Materials Kolkhoznaya Str. 6 Timashevsk Krasnodar Region Russia YUG: Court Appoints S. Novoshitskiy as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Rostov Region appointed Mr. S. Novoshitskiy as Insolvency Manager for OJSC Building Corporation Yug. He can be reached at: S. Novoshitskiy Post User Box 139 Aksay 346720 Rostov Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A53-3640/06-S2-30. The Arbitration Court of Rostov Region is located at: Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: OJSC Building Corporation Yug Office 120 Nagibina Pr. 33A/47 Rostov-na-Donu Russia ========= S P A I N ========= FONCAIXA FTGENCAT: Fitch Junks EUR6 Million Series E Notes ---------------------------------------------------------- Fitch Ratings assigned final ratings to Foncaixa FTGENCAT 4, Fondo de Titulizacion de Activos' notes totaling EUR600 million due in March 2046. -- EUR251.2 million Series A: AA+; -- EUR326 million Series A: AAA; -- EUR9.6 million Series B: AA-; -- EUR7.2 million Series C: BBB+; -- EUR6 million Series D: BB+; and -- EUR6 million Series E: CCC-. The ratings address payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the Series B, C and D notes, as well as the repayment of principal by legal final maturity date. The Series E notes have been issued to finance the cash reserve fund. Fitch comments that the Series E notes are ultimately likely to default, and the CCC- rating assigned to these notes is supported by the expected recovery rate for noteholders: that is, the amounts investors are likely to receive during the life of the transaction. This transaction is a cash-flow securitization of a EUR600 million pool of loans granted by Caja de Ahorros y Pensiones de Barcelona, rated AA-/Outlook Stable/F1+) to small and medium- sized Spanish enterprises. The Autonomous Community of Catalonia, rated AA-/ Outlook Negative/F1+, guarantees ultimate payment of interest and principal on the Class A notes. The AAA rating for this Class reflects the low probability of the guarantor defaulting simultaneously with a large proportion of the underlying collateral. Fitch would assign a rating of AA+ to these bonds in the absence of such guarantee; hence the bonds are credit- linked to the rating of the Generalitat de Catalunya. The issuer is legally represented and managed by GestiCaixa S.G.F.T., S.A., a limited liability company incorporated under Spanish law, whose activities are limited to the management of securitization funds. The ratings are based on the quality of the collateral, available credit enhancement, the financial structure of the deal, the underwriting and servicing of the collateral and Sociedad Gestora's administrative capabilities. La Caixa is an active player within the Spanish securitization arena; as a sole originator, it has issued a total of nine residential mortgage-backed securities transactions and three SME collateralized debt obligations. Similar to its predecessor, Foncaixa FTGENCAT 3, FTA rated in November 2005, this transaction shares identical structural features such as the payment waterfall, the hedge agreement that guarantees a stable excess spread over the life of the transaction and the guarantee from the Generalita de Catalunya. ============= U K R A I N E ============= BOKUR: Court Names Sergij Sidko as Insolvency Manager ----------------------------------------------------- The Economic Court of Dnipropetrovsk Region appointed Sergij Sidko as Liquidator/Insolvency Manager for LLC Bokur (code EDRPOU 23933059). He can be reached at: Sergij Sidko Office 40 Dzerzhinskij Str. 29 49600 Dnipropetrovsk Region Ukraine The Court commenced and bankruptcy proceedings were introduced at the company after finding it insolvent on April 27. The case is docketed under Case No. B 15/64/06. The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Bokur Chkalov Str. 56-a Novoivanivka Nikopol District 53260 Dnipropetrovsk Region Ukraine CHIZHIVSKE: Court Names N. Oleksenko as Insolvency Manager ---------------------------------------------------------- The Economic Court of Cherkassy Region appointed Mr. N. Oleksenko as Liquidator/Insolvency Manager for Agricultural LLC Chizhivske (code EDRPOU 03083914). He can be reached at: N. Oleksenko Vernigori Str. 17/106 Cherkassy Region Ukraine The Court commenced and bankruptcy proceedings were introduced at the company after finding it insolvent on May 11. The case is docketed under Case No. 14/4889. The Economic Court of Cherkassy Region is located at: Shevchenko Avenue 307 18005 Cherkassy Region Ukraine The Debtor can be reached at: Agricultural LLC Chizhivske Chizhivka Zvenigorodskij District Cherkassy Region Ukraine KIROVOGRADBUD-UNIVERSAL: Court Starts Bankruptcy Supervision ------------------------------------------------------------ The Economic Court of Kirovograd Region commenced bankruptcy supervision procedure on Kirovogradbud-Universal (code EDRPOU 23682812) on May 23. The case is docketed under Case No. 9/73. The Temporary Insolvency Manager is: Viktoriya Nikolayenko Kirov Str. 73/10 25006 Kirovograd Region Ukraine The Debtor can be reached at: Kirovogradbud-Universal Pravdi avenue, 9/101 25006 Kirovograd Region Ukraine ODESPROMSERVICE: Court Names Oleg Chervinskij as Liquidator ----------------------------------------------------------- The Economic Court of Odessa Region appointed Oleg Chervinskij as Liquidator/Insolvency Manager for LLC Odespromservice (code EDRPOU 31579373). The Court commenced and bankruptcy proceedings were introduced at the company after finding it insolvent on June 1. The case is docketed under Case No. 21/156-06-4895. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: LLC Odespromservice Otaman Golovatij Str. 78 Odessa Region Ukraine OTINIYA' FURNITURE: Court Starts Bankruptcy Supervision ------------------------------------------------------- The Economic Court of Ivano-Frankivsk Region commenced bankruptcy supervision procedure on OJSC Otiniya' Furniture FACTORY (code EDRPOU 05496224). The case is docketed under Case No. B-6/51. The Temporary Insolvency Manager is: Svyatoslav Lototskij Shopen Str. 6/8 Ivano-Frankivsk Region Ukraine The Economic Court of Ivano-Frankivsk Region is located at: Shevchenko Str. 16a 76000 Ivano-Frankivsk Region Ukraine The Debtor can be reached at: OJSC Otiniya' Furniture Factory Shors Str. 24 Otiniya Kolomiya District Ivano-Frankivsk Region Ukraine POLIPROM: Donetsk Court Freezes Payment of Debt ----------------------------------------------- The Economic Court of Donetsk Region ordered a moratorium on satisfaction of creditors' claims against the creditors of JSCCT Poliprom (code EDRPOU 24314789). The Court commenced bankruptcy supervision procedure on May 10. The case is docketed under Case No. 42/89 B. The Temporary Insolvency Manager is: O. Polishuk Vorovskij Str. 5/1 83045 Donetsk Region Ukraine The Debtor can be reached at: JSCCT Poliprom Shkadinov Str. 33 Kramatorsk 84333 Donetsk Region Ukraine PRIBORKOMPLEKT: Court Names Oleg Chervinskij as Liquidator ---------------------------------------------------------- The Economic Court of Odessa Region appointed Oleg Chervinskij as Liquidator/Insolvency Manager for Production-Commercial Firm Priborkomplekt (code EDRPOU 31631270). The Court commenced and bankruptcy proceedings were introduced at the company after finding it insolvent on June 1. The case is docketed under Case No. 21/157-06-4895. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: Production-Commercial Firm Priborkomplekt Yelisavetgradskij Lane 1 Odessa Region Ukraine PROGRESS 2000: Court Names Artur Milovanov as Liquidator -------------------------------------------------------- The Economic Court of Chernivtsi Region appointed Artur Milovanov as Liquidator/Insolvency Manager for Agrarian- Industrial Firm Progress 2000 (code EDRPOU 30417225). He can be reached at: Artur Milovanov Room 805 Zhovtneva Square 1 21001 Vinnitsya Region Ukraine The Court commenced and bankruptcy proceedings were introduced at the company after finding it insolvent on May 30. The case is docketed under Case No. 10/195/B. The Economic Court of Chernivtsi Region is located at: O. Kobilyanska Str. 14 58000 Chernivtsi Region Ukraine The Debtor can be reached at: Agrarian-Industrial Firm Progress 2000 Romankivtsi Sokiryanskij District Zaliznichna Str. 8 60226 Chernivtsi Region Ukraine RITUM: Court Names Andrij Zharikov as Insolvency Manager -------------------------------------------------------- The Economic Court of Kyiv Region appointed Andrij Zharikov as Liquidator/Insolvency Manager for LLC Ritum (code EDRPOU 33237874). The Court commenced and bankruptcy proceedings were introduced at the company after finding it insolvent on June 2. The case is docketed under Case No. 43/326. 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 Ritum Svyatoshinska Str. 3 03115 Kyiv Region Ukraine SHTERVISKIJ FASTEN: Court Names Roman Rachok as Liquidator ---------------------------------------------------------- The Economic Court of Lugansk Region appointed Roman Rachok as Liquidator/Insolvency Manager for CJSC Shterviskij Fasten Products Plant (code EDRPOU 00222108). He can be reached at: Roman Rachok Oboronna Str. 24 91033 Lugansk Region Ukraine The Court commenced and bankruptcy proceedings were introduced at the company after finding it insolvent on May 16. The case is docketed under Case No. 20/37 b. The Economic Court of Lugansk Region is located at: Geroiv VVV Square 3a 91000 Lugansk Region Ukraine The Debtor can be reached at: CJSC Shterviskij Fasten Products Plant Vokzalna Str. 1 Miusinsk 94534 Lugansk Region Ukraine TEHMASHKOMPLEKT: Court Names Oleg Chervinskij as Liquidator ----------------------------------------------------------- The Economic Court of Odessa Region appointed Oleg Chervinskij as Liquidator/Insolvency Manager for LLC Tehmashkomplekt (code EDRPOU 31640196). The Court commenced and bankruptcy proceedings were introduced at the company after finding it insolvent on June 1. The case is docketed under Case No. 21/155-06-4494. The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: LLC Tehmashkomplekt Kozatstva Str. 108 Chornomorskogo Odessa Region Ukraine VELIKOMITNITSKA: Vinnitsya Court Begins Bankruptcy Supervision -------------------------------------------------------------- The Economic Court of Vinnitsya Region commenced bankruptcy supervision procedure on OJSC Bird Factory Velikomitnitska (code EDRPOU 05521175). The case is docketed under Case No. 10/173- 05. The Temporary Insolvency Manager is: Vitalij Bolhovitin Room 412 Hmelnitske Shose Str. 2 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: OJSC Bird Factory Velikomitnitska Velikij Mitnik Hmilnitskij District 22060 Vinnitsya Region Ukraine =========================== U N I T E D K I N G D O M =========================== BRIGHTSTAR INDUSTRIES: Appoints Lines Henry as Administrators ------------------------------------------------------------- Neil Henry and Michael Simister of Lines Henry were appointed joint administrators of Brightstar Industries (Company Number 04871728) on June 21. The administrators can be reached at: Lines Henry 27 The Downs Altrincham Cheshire WA14 2QD Tel: 0161 929 1905 Fax: 0161 929 1977 Brightstar Industries can be reached at: Bull Street Brierley Hill West Midlands DY5 3RA United Kingdom Tel: 01384 779 73 Fax: 01384 825 254 COLT TELECOM: Posts EUR18.3-Mln Loss for 2nd Quarter 2006 --------------------------------------------------------- Colt Telecom S.A. released its financial results for the quarter ended June 30, 2006. The company reported a EUR18.3 million net loss on EUR449.7 million revenue for the three months ended June 30, 2006, compared with EUR466.7 million in revenue and EUR36 million net loss for the same period in 2005. The company's gross profit for the quarter is EUR100.2 million from EUR85.7 million gross profit for the same quarter in 2005. Operating loss for the period is EUR7.9 million from EUR23 million operating loss for the same quarter in 2005. At June 30, 2006, the company had EUR2.05 billion in total assets, EUR1.14 billion in total liabilities and EUR908 million in shareholders' equity. "Market conditions remain tough, with price competition continuing to feature more prominently in some products and geographies than others. To succeed in these challenging markets we must not only drive new data and other value-added revenues up but also drive costs down," Jean-Yves Charlier, Colt Telecom's CEO disclosed. "The program of corporate actions that we announced in February was successfully completed during Q2. We have de-listed from NASDAQ, suspended our SEC registration in the US, and moved our domicile to Luxembourg. Through an Open Offer underwritten by Fidelity we raised EUR436.6 million of new equity funding net of transaction costs. We redeemed our 2007 Notes and net debt will fall to EUR90.2 million when all of the proceeds of the Open Offer have been received. We are giving notice of our intent to redeem the 2008 Notes as well. Together these actions will make COLT a much stronger, more profitable company," Mr. Charlier added. "We expect to make progress over the balance of the year. Although revenues for 2006 are now expected to be broadly in line with last year, we expect continued improvement in revenue mix and intend further action on costs. We expect to be free cash flow positive for the year," he concluded. Headquartered in London, United Kingdom, Colt Telecom -- http://www.colt.net/-- offers business communication services across Europe. Through its fiber optic network, the Company offers voice, bandwidth, e-business and managed network services to finance, industry and service sector customers and governments. * * * On March 1, Standard & Poor's Ratings Services placed its 'B-' long-term corporate credit rating on European business telecommunications provider COLT Telecom Group PLC on CreditWatch with positive implications. This follows the group's announcement that it is to create a new European holding company, raise GBP300 million in equity, and undergo debt reduction. COLT TELECOM: To Redeem EUR251.5 Million Notes on Aug. 21 --------------------------------------------------------- COLT Telecom Group Limited will redeem all of its outstanding 7.625% Senior Notes due 2008 at the principal amount of EUR250.4 million plus accrued interest and will be funded out of COLT Limited's cash and liquid resources. The aggregate amount payable will be approximately EUR251.5 million. The redemption will take place on Aug. 21. The early redemption of these Notes will save approximately EUR24 million of net interest between now and the normal maturity date of the Notes on July 28, 2008. Headquartered in London, United Kingdom, Colt Telecom -- http://www.colt.net/-- offers business communication services across Europe. Through its fiber optic network, the Company offers voice, bandwidth, e-business and managed network services to finance, industry and service sector customers and governments. * * * On March 1, Standard & Poor's Ratings Services placed its 'B-' long-term corporate credit rating on European business telecommunications provider COLT Telecom Group PLC on CreditWatch with positive implications. This follows the group's announcement that it is to create a new European holding company, raise GBP300 million in equity, and undergo debt reduction. COMPLETE PROPERTY: Creditors Confirm Liquidator's Appointment ------------------------------------------------------------- Creditors of Complete Property Lawyers Limited confirmed the appointment of A. Graham of Hamilton Insolvency Practitioners as Liquidator on April 27. The company can be reached at: Complete Property Lawyers Limited The Coach House 1A Filey Street Sheffield S10 2FF United Kingdom Tel: 0114 272 2224 Fax: 0114 272 2228 CSPA UK: Creditors Pass Winding Up Resolution --------------------------------------------- Creditors of CSPA (U.K.) Limited passed a resolution to wind up the company's operations on April 26. David L. Cockshott and Paul A. Whitwam of BWC Business Solutions were appointed Joint Liquidators. The company can be reached at CSPA (U.K.) Limited Unit 3 Friends School Low Green Rawdon Leeds LS196HB United Kingdom Tel: 077 9169 1074 BRIGHTSTAR INDUSTRIES: Appoints Lines Henry as Administrators ------------------------------------------------------------- Neil Henry and Michael Simister of Lines Henry were appointed joint administrators of Brightstar Industries (Company Number 04871728) on June 21. The administrators can be reached at: Lines Henry 27 The Downs Altrincham Cheshire WA14 2QD Tel: 0161 929 1905 Fax: 0161 929 1977 Brightstar Industries can be reached at: Bull Street Brierley Hill West Midlands DY5 3RA United Kingdom Tel: 01384 779 73 Fax: 01384 825 254 EMMA SOMERSET: Creditors' Meeting Slated for July 27 ---------------------------------------------------- Creditors of Emma Somerset Limited (Company Number 0943507) will meet at 10:00 a.m. on July 27 at: Cowgill Holloway Business Recovery LLP Regency House 45-51 Chorley New Road Bolton BL1 4QR 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 26 at: Gary Bell Administrator Cowgill Holloway Business Recovery LLP Regency House 45-51 Chorley New Road Bolton BL1 4QR United Kingdom Tel: 01204 414277 Fax: 01204 414244 E-mail: gary.bell@cowgills.co.uk ESSEX SWIMMING: Financial Woes Trigger Liquidation -------------------------------------------------- Essex Swimming Pools Limited is winding up its operations after creditors established the company could no longer continue its business due to mounting debts. Keith Barry Stout of KSA was appointed Liquidator. The company can be reached at: Essex Swimming Pools Limited Old Wickford Road South Woodham Ferrers Chelmsford CM3 5QX United Kingdom Tel: 01245 403 330 Fax: 01245 321 338 FINE COLOUR: Hires Joint Administrators from Deloitte & Touche -------------------------------------------------------------- Lee Antony Manning and Aileen Jane Crooks of Deloitte & Touche LLP were appointed joint administrators of Fine Colour Witham Limited (Company Number 05340539) on June 22. Headquartered in London, Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom-member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. It provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. Headquartered in Nottingham, United Kingdom, Fine Colour Witham Limited manufactures cartons, boxes and cases of corrugated paper and paperboard. G.Z.A.T.C. LIMITED: Names Administrators from Moore Stephens ------------------------------------------------------------ Mark Bowen and Nigel Price of Moore Stephens LLP were appointed joint administrators of G.Z.A.T.C. Limited (Company Number 02254127) on June 15. Moore Stephens -- http://www.moorestephens.co.uk/-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its U.K. network comprises over 1,400 partners and staff. G.Z.A.T.C. Limited can be reached at: The New Barn Odstock Salisbury SP5 4NZ United Kingdom Tel: 01722 326 625 Fax: 01722 338 541 GGS HOLDINGS: Appoints Kroll to Administer Assets ------------------------------------------------- Peter M. Saville and Andrew J. Pepper of Kroll Limited were appointed joint administrators of GGS Holdings Limited (Company Number 1800536) on June 21. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. Headquartered in London, United Kingdom, GGS Holdings Limited is engaged in construction services. GORDIAN RUNOFF: Chapter 15 Petition Hearing Slated for Aug. 28 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York will conduct a hearing to consider Gordian Runoff (U.K.) Ltd.'s chapter 15 petition at 10:00 a.m. EDT on Aug. 28 at Courtroom 610 of the U.S. Bankruptcy Court in One Bowling Green, New York City. Any objections to the Petition must be received no later than 4:00 p.m. EDT on Aug. 22 by: a) The Clerk of Court U.S. Bankruptcy Court Southern District of New York Room 534, One Bowling Green New York, N.Y. 10004-1408 b) Counsel for Petitioner Solinda A. Melnik, Esq. Edwards Angell Palmer & Dodge LLP Suite 1500 919 North Market St. Wilmington, Delaware 19801, Copies of documents filed with the Court regarding the Petition may be obtained by: 1) those with PACER account from the docket of the case accessible through the Court's Electronic Case Filing system via the Court's Web site at http://www.nysb.uscourts.gov/; 2) PDF download from the Scheme Web site at http://www.gordianuk.co.uk/;or 3) e-mail upon written request made to the Petitioner's U.S. counsel Selinda A. Melnik, Esq. at: Edwards Angell Palmer & Dodge LLP Suite 1500 919 North Market St. Wilmington, Delaware 19801 Fax: +1-302-777-7263 http://www.eapdlaw.com/ Headquartered in London, England, Gordian RunOff (UK) Ltd. fka GIO (UK) Ltd. -- http://www.gordianuk.co.uk/-- is an underwriter and reinsurance company. The Company, through its designated petitioner Ian Clark of London, England, filed for a chapter 15 petition on July 11, 2006 (Bankr. S.D.N.Y. Case No. 06-11563). Selinda A. Melnik, Esq., at Edwards Angell Palmer & Dodge LLP represents Mr. Clark. When Mr. Clark filed the petition, he estimated the Debtor's assets and debts between US$10 million to US$50 million. HOWFIELD SECURITY: Creditors Resolve to Voluntary Liquidation ------------------------------------------------------------- Creditors of Howfield Security & Fire Limited resolved to voluntarily liquidate the company's assets during an extraordinary general meeting on May 2. Subsequently, Andrew John Whelan of Marks Bloom was appointed Liquidator. The company can be reached at: Howfield Security & Fire Limited 1 Military Road Canterbury Kent CT1 1LN United Kingdom Tel: 01227 451 267 Fax: 01227 768 116 Web: http://www.howfield.co.uk/ IDEAL BICYCLE: Appoints Gary Bell as Liquidator ----------------------------------------------- Gary Bell of Cowgill Holloway Business Recovery LLP was appointed Liquidator of Ideal Bicycle Limited after creditors chose to voluntarily wind up the company on April 24. The company can be reached at: Unit 16C Westside Industrial Estate Jackson Street St. Helens Merseyside WA9 3AT United Kingdom Tel: 01744 733 330 Fax: 01744 886 678 MANDALL ENGINEERING: Brings In Joint Administrators from Kroll -------------------------------------------------------------- Stuart Charles Edward Mackellar and Charles Peter Holder of Kroll Limited were appointed joint administrators of Mandall Engineering Limited (Company Number 00627549) on June 23. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. Headquartered in Sheffield, United Kingdom, Mandall Engineering Limited -- http://www.mandall.co.uk/-- is long established as a major manufacturer of high quality fabricated and machined components. MOBILETONES.COM: Taps Joint Administrators from Bridgestones ------------------------------------------------------------ Jonathan Lord and Robert Cooksey of Bridgestones were appointed joint administrators of Mobiletones.Com Limited (Company Number 03889209) on June 19. The administrators can be reached at: Bridgestones 125-127 Union Street Oldham Lancashire OL1 1TE United Kingdom Tel: 0161 785 3700 Fax: 0161 785 3701 E-mail: rlc@bridgestones.co.uk Mobiletones.Com Limited can be reached at: Unit 4 Handford Court Watford WD25 9EJ United Kingdom Tel: 01923 892 700 Fax: 01923 675 299 PLUSH COMPANY: Brings In Vantis to Administer Assets ---------------------------------------------------- Frank Wessely and Peter Hughes-Holland of Vantis were appointed joint administrators of The Plush Company (Europe) Ltd. (Company Number 03483028) on June 22. Headquartered in West Sussex, United Kingdom, Vantis plc -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. Headquartered in Wetherby, United Kingdom, The Plush Company (Europe) Ltd. wholesales soft toys. OLDROYD MECHANICAL: Hires Joint Liquidators from O'Hara & Co. ------------------------------------------------------------- Peter O'Hara and Simon Weir of O'Hara & Co. were appointed Joint Liquidators of Oldroyd Mechanical & Electrical Contracting Limited during an extraordinary general meeting on April 28. The company can be reached at: Oldroyd Mechanical & Electrical Contracting Limited Oldroyd Ho Prospect Road Ossett West Yorkshire WF5 8AE United Kingdom Tel: 01924 277 192 Fax: 01924 276 634 RANDOM POST: Wraps Up Business in London ---------------------------------------- Creditors of Random Post Production Limited decided to wind up the company on April 28. Neil Charles Money and Neil Richard Gibson of CBA were appointed Joint Liquidators. The company can be reached at: Random Post Production Limited Artsits Ct Manette St London N1 6PG United Kingdom Tel: 020 7434 3444 Fax: 020 7434 3451 SANCTUARY GROUP: To Evaluate MAMA Group's Unsolicited Bid --------------------------------------------------------- The Board of Directors of The Sanctuary Group confirmed that it has received an unsolicited approach from MAMA Group PLC that may or may not lead to an offer for the Company. The Board continues to evaluate the proposal and while this evaluation remains at a very preliminary stage the Board has already indicated a willingness, in principle, to meet with MAMA Group PLC following the publication of Sanctuary's interim results for the six months ended March 31, 2006. The company expects to publish the results by July 26. On July 14, MAMA Group made a formal proposal to the Board of Sanctuary with a view to MAMA Group making an all-share offer for all of the issued and to be issued Sanctuary shares. No cash alternative was contemplated by MAMA Group though the company reserves the right to introduce a cash alternative. According to MAMA Group, the sharp decline in the Sanctuary share price over the last 12 months, both before and after the re-financing, and most recently after a further profit warning by Sanctuary relating to the current financial year ending Sept. 30, 2006 are indications of the ongoing erosion of shareholder value and demonstrate the continued loss of goodwill value in many of Sanctuary's business units. The Board of MAMA Group believed that the Possible Offer is in the best interests of the Sanctuary shareholders and the MAMA Group shareholders and, while the Board of MAMA Group would prefer to work with the Board of Sanctuary, the Board of MAMA Group is considering proceeding with the Possible Offer whether or not the Possible Offer is or will be recommended for acceptance by the Board of Sanctuary. About the Company Based in London, The Sanctuary Group PLC -- http://www.sanctuarygroup.com/-- is one of the world's leading developers of music intellectual property rights, with offices in New York, Berlin, Houston and Los Angeles. In 2004, Sanctuary recorded a turnover of GBP221 million and a group profit of GBP16.1 million. * * * On Sept. 21, 2005, due to a number of operational and trading problems, the company said it is likely to generate a loss at EBITDA level before exceptional items such as restructuring costs and provisions. The Group has also suffered from recent negative commentary as a result of poor trading in 2005 and this has had an adverse impact in particular in the Records division. It would be looking at disposals of a number of non-core businesses, following the completion of the sale of its Book Publishing division to Music Sales. SLB PRINTING: Brings In Joint Liquidators from Begbies Traynor -------------------------------------------------------------- Richard Andrew Segal and Paul Michael Davis of Begbies Traynor (South) LLP were appointed Joint Liquidators of SLB Printing Services Limited after creditors decided to wind up the company on April 24. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. SLB Printing Services Limited can be reached at: 140 Molesey Avenue West Molesey Surrey KT8 2RY United Kingdom Tel: 020 8941 4115 TIMEWARE LTD: Creditors Opt to Liquidate Assets ----------------------------------------------- Creditors of Timeware Limited opted to liquidate the company's assets during an extraordinary general meeting on April 21. David L. Cockshott and Gary E. Blackburn of BWC Business Solutions were appointed Joint Liquidators. Timeware Limited can be reached at: Field House 1 Fieldhouse Road Rochdale Lancashire OL120AD United Kingdom Tel: 01706 659 368 TOUCH CLOTHING: Winds Up Business & Appoints Liquidator ------------------------------------------------------- Touch Clothing Limited resolved to wind up the company on April 27. David William Tann of The Norton Practice (Insolvency Services) Limited was appointed Liquidator. The company can be reached at: Touch Clothing Limited 17 The Observatory High Street Slough SL1 1LE United Kingdom Tel: 01753 511 766 TRIDENT SCAFFOLDING: Begins Liquidation Procedure ------------------------------------------------- Trident Scaffolding U.K. Limited is liquidating its assets after creditors proved the company could no longer continue its operations due to liabilities. Kikis Kallis of Kallis & Co. was appointed Liquidator. The company can be reached at: Trident Scaffolding U.K. Limited Brent Street London NW4 4DJ United Kingdom Tel: 020 8830 7155 VALLEY PROJECTS: J. N. Bleazard Leads Liquidation Procedure ----------------------------------------------------------- J. N. Bleazard of XL Business Solutions Ltd was appointed Liquidator of Valley Projects Limited after creditors opted to wind up the company on April 25. The company can be reached at: Valley Projects Limited Swinton Bridge Industrial Estate White Lee Road Swinton Mexborough South Yorkshire S64 8BH United Kingdom Tel: 01709 588 909 Fax: 01709 587 536 VEENA LEISURE: Names Sabia Sahota Liquidator -------------------------------------------- Veena Leisure II Limited is liquidating its assets after creditors passed a resolution to wind up the company on April 25. Subsequently, Sabia Sahota of BBK Partnership was named Liquidator. The company can be reached at: Veena Leisure II Limited 10 High Street Wouldham Rochester Kent ME1 3XB United Kingdom Tel: 01634 880 812 WFS GROUP: Taps Tracy Ann Taylor to Liquidate Assets ---------------------------------------------------- Tracy Ann Taylor of Abbey Taylor Limited was appointed Liquidator of WFS Group Limited after creditors agreed to wind up the company on April 28. The company can be reached at: WFS Group Limited Jubilee Ho Sheffield Road Dronfield Derbyshire S18 2GF United Kingdom Fax: 01246 416 480 WHITEHOUSE HOTELS: Joint Liquidators Take Over Operations --------------------------------------------------------- Martin Ellis and Neil Tombs of Grant Thornton U.K. LLP were appointed Joint Liquidators of Whitehouse Hotels Limited after creditors passed a resolution to wind up the company on April 18. Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- is the U.K. member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. Whitehouse Hotels Limited can be reached at: Whitehouse Hotels Limited Arriva Delta Way Cannock Staffordshire WS110XB United Kingdom Tel: 01543 467 720 WIGAN PLUMBING: Hires Administrators from Unity Business -------------------------------------------------------- Matthew Colin Bowker and Suzanne Payne of Unity Business Services LLP were appointed joint administrators of Wigan Plumbing & Heating Services Limited (Company Number 01329739) on June 21. The administrators can be reached at: Unity Business Services LLP Clive Street Bolton Lancashire BL1 1ET United Kingdom Tel: 01204 395000 Fax: 01204 383999 E-mail: matthewbowker@ubsg.co.uk Wigan Plumbing & Heating Services Limited can be contacted at: Marus Bridge Wigan Lancashire WN3 6XR United Kingdom Tel: 01942 820 966 Fax: 01942 820 955 Web: http://www.wiganplumbingandheating.co.uk/ * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (214) 1,756 183 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Real Software REAL.BR (49) 142 (34) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (8) 106 (35) Arbel PA.ARB (98) 222 (72) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Compagnies de Machines Bull (139) 137 (6) Dollfus Mieg & Cie S.A. DS (11) 165 (29) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (15) 136 3 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 Labo Dolisos DOLI.PA (28) 110 (33) Matussiere et Forest S.A. MTF (78) 294 (28) Metaleurop S.A. PA.PA (24) 181 (30) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Teamlog TLO (19) 109 (3) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cognis Deutschland GmbH & Co. KG (102) 3,409 (503) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (3) 207 (30) Nordsee AG (8) 195 (31) Primacom AG PRIG (268) 1,257 (1,048) Rinol AG RLIG (64) 104 (15) Schaltbau Hold SLTG (23) 144 (7) Senator Entertainment AG SENGk.BE (153) 126 (148) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) Vivanco Gruppe (55) 131 (31) HUNGARY ------- NABI Rt. NABHY (2) 229 (8,950) ICELAND ------- Decode Genetics Inc. DCGN (9) 229 141 ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (150) 4,218 N.A. I Viaggi del Ventaglio S.p.A. VVE.MI (61) 487 (58) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) ROMANIA ------- Oltchim RM Valce OLT (45) 232 321) RUSSIA ------ OAO Samaraneftegas (332) 892 (16,942) Zil Auto (168) 409 (10,680) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 Sniace S.A. (16) 136 (34) SWITZERLAND ----------- Wedins Skor Accessoarer AB (10) 139 (129) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) AEA Technology Plc AAT.L (24) 340 (50) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker PLC ANK.L (22) 115 13 Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 British Sky Broadcasting Group Plc BSY (61) 4,157 139 Compass Group CPG (668) 2,972 (298) Costain Group COST (39) 567 (5) Danka Bus System DNK.L (108) 540 34 Dawson Holdings DWN.L (12) 158 (19) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,411) 3,235 (331) Euromoney Institutional Investor Plc ERM.L (88) 297 (56) European Home Retail Plc EHRL (14) 111 (37) Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Gondola Holdings Plc GND.L (239) 987 (396) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (9) 875 (190) Homestyle Group Plc HME (29) 409 (124) Imperial Chemical Industries Plc ICI (835) 8,881 (49) Invensys PLC (963) 4,861 913 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (683) 492 (371) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Misys Plc MSY (460) 906 60 Mytravel Group MT.L (283) 1,159 (410) Orange Plc ORNGF (594) 2,902 7 Park Group Plc PKG.L (5) 111 (13) Partygaming Plc PRTY (46) 398 (110) Premier Foods Plc PFD.L (31) 1,475 16 Probus Estates Plc PBE.L (28) 113 (49) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,134) 2,678 (45) RHM Plc RHM (586) 2,411 59 Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) UK Coal Plc UKC (25) 865 (62) Virgin Mobile Holdings Plc VMOB.L (101) 278 (80) Each Tuesday edition of the TCR-Europe contains a list of companies with insolvent balance sheets based on the latest publicly available balance sheet available to our editors at the time of publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Julybien Atadero, Carmel Zamesa 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 * * *