/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060817.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, August 17, 2006, Vol. 7, No. 163 Headlines A U S T R I A AUSTRO: Eyes 20% Claims Recovery for Creditors DMX: Property Manager Declares Insufficient Assets DUDIC: Vienna Court to Approve Property Manager's Decision HELAG: Vienna Court Orders Closing of Business ISGT SCHADENBEARBEITUNG: Vienna Court Orders Closing of Business KERION: Vienna Court Orders Business Shutdown MEMO-PUTZ: Innsbruck Court Orders Closing of Business ROBERT LUDWIG: Vienna Court Orders Closing of Business ROHR-RETTUNG: Vienna Court Orders Closing of Business STEINBERGER: Vienna Court Orders Closing of Business V.P.M.: Vienna Court Suspends Compensation Payment Process D E N M A R K TDC A/S: Lowers Broadband Rates to Strengthen Market Position F I N L A N D METSO CORP: Aker Unit's Acquisition Reaches Second EU Review F R A N C E GAZPROM MARKETING: Sets up Subsidiaries in U.S. & France G E O R G I A METROMEDIA INT'L: Delays Filing of Magticom's 2005 Results G E R M A N Y BAUUNTERNEHMUNG EWALD: Claims Registration Ends August 29 COMDATA GMBH: Claims Registration Ends August 29 DISTANCE MODEVERTRIEB: Claims Registration Ends August 28 EPF EURO-PLAY: Claims Registration Ends September 8 HEIZUNGSBAU MATTHESS: Claims Registration Ends September 5 HHM INTERNATIONAL: Creditors' Meeting Slated for September 6 M + S IMMOBILIEN: Claims Registration Ends September 6 PROSERV DIENSTLEISTUNGEN: Claims Registration Ends August 31 SACHSENSTERN BUSINESS: Claims Registration Ends August 28 VIBRO-FORCE: Claims Registration Ends September 8 H U N G A R Y PANNONPLAST NYRT: Hikes Synergon Stake to 13.5% for US$3.6 Mln I R E L A N D ELAN CORP: Cuts Second Quarter Net Loss to US$90.5 Million I T A L Y POPOLARE DI INTRA: Fitch Downgrades Individual Rating to E K A Z A K H S T A N AIZERE: Creditors Must File Claims by Sept. 12 AK-BIDAI: Creditors Must File Claims by Sept. 8 AKORD-LTD: Mangistau Court Opens Bankruptcy Proceedings EURO-STROI LTD: Proof of Claim Deadline Slated for Sept. 12 GARANT: Mangistau Court Starts Bankruptcy Procedure GRISI: Proof of Claim Deadline Slated for Sept. 8 H.A.I: Claims Registration Ends Sept. 12 REAL-RESURS: Mangistau Court Begins Bankruptcy Proceedings TURAN: Creditors' Claims Due Sept. 8 VIP AVIA: Creditors' Claims Due Sept. 12 ZARS: Mangistau Court Commences Bankrupty Proceedings K Y R G Y Z S T A N OSHYN: Proof of Claim Deadline Slated for Sept. 28 N O R W A Y AKER KVAERNER: Unit's Sale to Metso Oyj Reaches Second EU Review R U S S I A AIRCRAFT REPAIR 24: Court Commences Bankruptcy Supervision ALTAY RAYPO: Khakasiya Court Starts Bankruptcy Supervision BURYAT-YANGUTSKIY WOOD-PROM-KHOZ: P. Zhdanov to Manage Assets EVRAZ GROUP: Principal Owners Complete Sale of Indirect Interest GAZPROM: Marketing Arm Sets up Units in U.S. & France KHARANUTSKIY COAL: Irkutsk Court Starts Bankruptcy Supervision KRASNOYARSK-LES-PROM-STROY: E. Sapozhnikova to Manage Assets METROMEDIA INT'L: Delays Filing of Magticom's 2005 Results NORTH-WEST: Names Organizers of RUB2 Billion 4th Bond Loan NOVATEK OAO: Declares RUB1.6 Billion Interim First Half Dividend OSTROGOZHSKIY ELEVATOR: A. Alekseeva to Manage Insolvency Assets PETROL SERVICE: Court Names A. Protopopov as Insolvency Manager PYATEROCHKA HOLDING: Eyes Rebranding of New Combined Entity RED GRAIN-GROWER: Court Names V. Fisher as Insolvency Manager RUS': Voronezh Court Names E. Shur as Insolvency Manager STUD CHESMENSKIY: Court Names A. Gladkov as Insolvency Manager TOLID: Court Names S. Bychkovskiy as Insolvency Manager TRANS-SIBERIAN CARGO: Court Starts Bankruptcy Supervision UST-ILIMSKIY BREWERY: Court Starts Bankruptcy Supervision VISHNEVSKOYE: Court Names D. Kozlov as Insolvency Manager VNESHTORGBANK JSC: Fitch Affirms C/D Individual Rating YUKOS OIL: Eduard Rebgun Assures Transparent Liquidation Process S W I T Z E R L A N D HCA INC: Moody's Says Leveraged Buyout May Result in Downgrade U K R A I N E ENERGOKOMPLEKT: District Tax Agency to Liquidate Assets ENERGOPOSTACHZBUT: Kyiv Court Starts Bankruptcy Supervision GEORGIYIVSKE: Donetsk Court Names T. Zhevnova as Liquidator INGER: Kyiv Court Names Denis Malusko as Insolvency Manager KRASNODONVUGILLYA: Lugansk Court Starts Bankruptcy Supervision OVIOLA: Court Names Svitlana Babich as Insolvency Manager PARITET: Court Names Ludmila Zayikina as Insolvency Manager RENAISSANCE: Court Names Ludmila Pustovalova as Liquidator TOKARCHUK: Zaporizhya Court Names V. Ishenko as Liquidator YAVA: Dnipropetrovsk Court Starts Bankruptcy Supervision U N I T E D K I N G D O M A.K. RESPONSE: Appoints Liquidator from Critchleys AGCO CORP: Moody's Affirms Low-B Ratings and Changes Outlook AUTOPRUFE LIMITED: Creditors Resolve to Voluntary Liquidation BASIL FREIGHT: Joint Liquidators Take Over Operations BIG GIRL: Nominates Andreas Georgiou Kakouris as Liquidator BRENTWOOD TYRES: Confirms Peter George Byatt Liquidator BRETT VALLEY: Placed Into Voluntary Liquidation CHAUCER HOLDINGS: A.M. Best Keeps bb+ Rating on GBP20-Mln Loan COLT TELECOM: Names Lakh Jemmet as Managing Director for U.K. CORUS GROUP: Deutsche Bank AG Acquires 3.02% Equity Stake ESHER PROPERTY: Taps Joint Liquidators from Gibson Hewitt GAZPROM MARKETING: Sets up Subsidiaries in U.S. & France GMAC LLC: Pending Sale Spurs S&P to Keep Rating on CreditWatch HENLEY SPRING: Nominates Paul John Webb as Liquidator HOT FAVOURITES: Hires David Wald to Liquidate Assets INN DIRECT: Probe Results Prompt Compulsory Liquidation JJ TOYS: Peter Maurice Levy Leads Liquidation Procedure LIVERPOOL PLUS: Taps Jonathan R. Booth to Liquidate Assets MARKEL CORP: Moody's Assigns Low-B Ratings to Subordinated Debt MAXOL UK: Names Liquidator to Wind Up Business ORPINGTON STEREO: Brings In Joint Liquidators from Gibson Hewitt PRESTIGE MOTOR: Taps Liquidator from Singla & Co. PRIMUS TELECOM: June 30 Balance Sheet Upside-Down by US$464 Mln REDLINE RECRUITMENT: Taps PKF as Joint Administrators REFCO INC: Eight Refco LLC Claimants Can File Consolidated Claim REFCO INC: Chapter 7 Trustee Can Sublease Space to F.S. Trading REFCO: Chapter 11 Trustee Hires Conyers Dill as Bermuda Counsel RUDE WERCS: Hires Joint Liquidators from BDO Stoy Howard RYACK TRANSPORT: Creditors' Meeting Slated for August 21 SATELLITE SHOWCASE: Calls In Liquidator from Tenon Recovery SELECTIVE PERSONNEL: Names Peter Bridger Liquidator TYWIRE BUILDERS: Creditors Confirm Liquidator's Appointment UK-EURO GROUP: Court Orders Liquidation Following CIB Probe WELCOME INTERIORS: Nominates Liquidator from Simmonds & Company WINDERMERE VI: S&P Assigns BB Rating to Class E Notes ZEN FUTURES: Appoints J. Clark As Liquidator * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= AUSTRO: Eyes 20% Claims Recovery for Creditors ---------------------------------------------- Creditors of LLC Austro will receive 20% on account of their claim after the Trade Court of Vienna approves the final decision of the property manager. Headquartered in Vienna, Austria, the Debtor 's bankruptcy case (Bankr. Case No. 38 S 18/06h) was removed from (Bankr. Case No. 36 S 68/03t) on March 6. DMX: Property Manager Declares Insufficient Assets -------------------------------------------------- Dr. Andrea Simma, the court-appointed property manager for LLC DMX (FN 90977s), declared on June 26 that the Debtor's property is insufficient to cover creditors' claim. The Trade Court of Vienna is yet to rule on the property manager's claim. Headquartered in Vienna, the Debtor declared bankruptcy on April 18 (Bankr. Case No. 5 S 62/06m). Dr. Guenther Hoedl represents Dr. Simma in the bankruptcy proceedings. The property manager and his representative can be reached at: Dr. Andrea Simma c/o Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna, Austria Tel: 513 67 03 Fax: 513 67 03 33 E-mail: RA_Simma@aon.at DUDIC: Vienna Court to Approve Property Manager's Decision ---------------------------------------------------------- The Trade Court of Vienna declared on June 26 that it would approve court-appointed property manager Dr. Johannes Leon's decision for Construction LLC Dudic (FN 231460h). On Jan. 27, Dr. Leon disclosed that the Debtor's assets are insufficient for covering creditors' claims. The property manager and his representative can be reached at: Dr. Johannes Leon c/o Dr. Peter Zens Reichsratsstrasse 7 1010 Vienna, Austria Tel: 534 90-0 Fax: 534 90 - 50 E-mail: office@leonlaw.at Headquartered in Vienna, the Debtor declared bankruptcy on Jan. 11 (Bankr. Case No. 5 S 2/06p). Peter Zens represents Dr. Leon in the bankruptcy proceedings. HELAG: Vienna Court Orders Closing of Business ---------------------------------------------- The Trade Court of Vienna entered an order on June 23 closing the business of Construction LLC Helag (FN 218416a). Court- appointed property manager Hans Rant determined that the continuing operation of the business would reduce the value of the estate. The property manager and his representative can be reached at: Dr. Hans Rant c/o Dr. Kurt Freyler Seilerstatte 5 1010 Vienna, Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 23 (Bankr. Case No. 4 S 88/06b). Kurt Freyler represents Dr. Rant in the bankruptcy proceedings. ISGT SCHADENBEARBEITUNG: Vienna Court Orders Closing of Business ---------------------------------------------------------------- The Trade Court of Vienna entered an order on June 23 closing the business of LLC ISGT Schadenbearbeitung (FN 123018i). Court-appointed property manager Brigitte Stampfer determined that the continuing operation of the business would reduce the value of the estate. The property manager can be reached at: Dr. Brigitte Stampfer Stadlergasse 27 1130 Vienna, Austria Tel: 877 33 30 E-mail: ra-stampfer@utanet.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 22 (Bankr. Case No. 2 S 17/06x). KERION: Vienna Court Orders Business Shutdown --------------------------------------------- The Trade Court of Vienna entered an order on June 26 closing the business of LLC Kerion (FN 98084t). Court-appointed property manager Georg Freimueller determined that the continuing operation of the business would reduce the value of the estate. The property manager and his representative can be reached at: Dr. Georg Freimueller c/o Dr. Erwin Senoner Alser Road 21 1080 Vienna, Austria Tel: 4060551 Fax: 406 96 01 E-mail: kanzlei@jus.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 2 (Bankr. Case No. 3 S 65/06p). Erwin Senoner represents Dr. Freimueller in the bankruptcy proceedings. MEMO-PUTZ: Innsbruck Court Orders Closing of Business ----------------------------------------------------- The Land Court of Innsbruck entered an order on June 23 closing the business of KEG Memo-Putz Mehmet GUER (FN 217609p). Court- appointed property manager Birgit Hermann-Kraft determined that the continuing operation of the business would reduce the value of the estate. The property manager and her representative can be reached at: Mag. Birgit Hermann-Kraft C/o Dr. Manfred Dallago Oberer Stadtplatz 5a 6330 Kufstein, Austria Tel: 05372/61 81 3 Fax: 05372/61 81 34 E-mail: hermann@ad-voc.at Headquartered in Kufstein, Austria, the Debtor declared bankruptcy on May 2 (Bankr. Case No. 9 S 13/06w). Manfred Dallago represents Dr. Hermann-Kraft in the bankruptcy proceedings. ROBERT LUDWIG: Vienna Court Orders Closing of Business ------------------------------------------------------ The Trade Court of Vienna entered an order on June 26 closing the business of LLC Robert Ludwig (FN 217703b). Court-appointed property manager Christian Bachmann determined that the continuing operation of the business would reduce the value of the estate. The property manager and his representative can be reached at: Dr. Christian Bachmann c/o Dr. Eva-Maria Bachmann-Lang Opernring 8 1010 Vienna, Austria Tel: 512 87 01 Fax: 513 82 50 E-mail: bachmann.rae@aon.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 4 (Bankr. Case No. 3 S 69/06a). ROHR-RETTUNG: Vienna Court Orders Closing of Business ----------------------------------------------------- The Trade Court of Vienna entered an order on June 26 closing the business of LLC Rohr-Rettung Scheed (FN 31071v). Court- appointed property manager Hans Rant determined that the continuing operation of the business would reduce the value of the estate. The property manager can be reached at: Dr. Hans Rant Seilerstatte 5 1010 Vienna, Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 27 (Bankr. Case No. 38 S 35/06h). STEINBERGER: Vienna Court Orders Closing of Business ---------------------------------------------------- The Trade Court of Vienna entered an order on June 26 closing the business of LLC Steinberger (FN 105809b). Court-appointed property manager Karl Schirl determined that the continuing operation of the business would reduce the value of the estate. The property manager and his representative can be reached at: Dr. Karl Schirl c/o Mag. Markus Siebinger Krugerstrasse 17/3 1010 Vienna, Austria Tel: 513 22 31 Fax: 513 22 31-1 E-mail: dr.karl.schirl@der-rechtsanwalt.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 4 (Bankr. Case No. 5 S 58/06y). Markus Siebinger represents Dr. Schirl in the bankruptcy proceedings. V.P.M.: Vienna Court Suspends Compensation Payment Process ---------------------------------------------------------- The Trade Court of Vienna suspended the compensation payment process of Construction LLC V.P.M. (FN 238562b) on June 26. The bankruptcy case of the Debtor (Bankr. Case No. 45 Sa 2/06g) is joined to (Bankr. Case No. 45 S 41/06t) on the same date. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 11. Richard Proksch is the court-appointed compensation manager of the bankrupt estate. Edmund Roehlich represents Dr. Proksch in the bankruptcy proceedings. The compensation manager and his representative can be reached at: Dr. Richard Proksch c/o Dr. Edmund Roehlich Heumarket 9/I/11 1030 Vienna, Austria Tel: 713 46 51 Fax: 713 84 35 E-mail: proksch@eurojuris.at ============= D E N M A R K ============= TDC A/S: Lowers Broadband Rates to Strengthen Market Position ------------------------------------------------------------- TDC A/S is lowering its Broadband rates by as much as 20 percent. The move is part of its intensified pursuit of the broadband market, which will also include significantly higher speeds in coming years. "The domestic broadband market is marked by fierce competition and a considerable number of providers," Gert Rieder, Director at TDC Residential, said. "By lowering rates and offering higher speeds, we will strengthen our position in a broadband market characterized by heavy growth." The reduction in rates will be introduced in two steps. From Aug. 28, TDC Broadband rates will be lowered for new residential customers. For new business customers, TDC Broad Professional rates will be lowered as from Oct. 1. Existing customers will also benefit from the change in rates as they will automatically be upgraded to a higher speed without being charged a higher monthly subscription charge. Customers who have the highest speed today, will be granted a price reduction. Focus will primarily be on increased download speeds. This means that data can be downloaded from the Internet faster. The higher speed offers residential customers better opportunities of downloading music and video-on-demand, among other things. Business customers will profit from the higher speeds as well. Examples of coming changes: Residential: TDC Broadband 1024 Kbps download and 128 Kbps upload Current price: DKK359 per month New price as from Aug. 28: DKK299 per month Business: TDC Broadband Professional 8 Mbps download and 768 Kbps upload Current price: DKK800, exclusive of Danish VAT per month New price as from Oct. 1: DKK699, exclusive of Danish VAT The new prices as per Aug. 28 are available at Erhverv and Privat. On Aug. 1, TDC launched 20 Mbps to more than 40 percent of the country. Later this year, TDC will launch 50 Mbps. As reported in TCR-Europe on Aug. 11, TDC Solutions' revenue in the second quarter of 2006 increased 2.5% to DKK5.3 billion, and EBITDA amounted to DKK1.6 billion, up 3.7%, due to a combination of disciplined cost control and continued growth in the sale of broadband solutions, with the number of xDSL customers reaching 776,000, up 25.2% on the same quarter in 2005. Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.com/-- provides communications solutions in Denmark and is the second-largest telecommunications provider on the Swiss market. It has a presence in a number of select markets in Northern and Central Europe due to its shareholdings in major companies. * * * As reported in TCR-Europe on May 11, Fitch affirmed TDC A/S's Issuer Default Rating at BB- with Stable Outlook and senior secured bank facilities at BB+. The various notes issued under TDC's EMTN program are affirmed at BB-. EMTN bonds rated BB-: -- DEM 5.0% notes due 2008; -- JPY 1.28% notes due 2008; -- EUR 5.625% notes due 2009; and -- EUR 6.5% notes due 2012. ============= F I N L A N D ============= METSO CORP: Aker Unit's Acquisition Reaches Second EU Review ------------------------------------------------------------ Metso Corp.'s application for the clearance of its purchase agreement of Aker Kvaerner's Pulping and Power businesses has been extended into the second phase in the EU review process. The European Commission has indicated that it has identified certain potential competition issues in the markets for pulp mill equipment. Metso and Aker Kvaerner continue to cooperate constructively with the Commission to lift any doubt that might exist and to solve any potential competition concerns. Both Metso and Aker Kvaerner continue to believe that the acquisition does not pose significant competition issues. Furthermore, the companies believe that it will create synergies and development potential that will benefit customers in the future. The second phase will involve the continuation of the European Commission's review of the acquisition for a period up to 90 working days, with possible extensions. The acquisition of Aker Kvaerner's Pulping and Power businesses fits well with Metso's strategy of profitable growth. Kvaerner Power's products and services, i.e. chemical recovery systems for the pulping industry and power generation solutions, are not part of Metso's current offering. The pulping equipment and related services delivered by Kvaerner Pulping are mainly complementary to Metso's current fiber technology offering. About Aker Kvaerner Headquartered in Lysaker, Norway, Aker Kvaerner ASA -- http://www.akerkvaerner.com/-- through its subsidiaries and affiliates, is a leading global provider of engineering and construction services, technology products and integrated solutions. The Aker Kvaerner group is organized into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. About Metso Headquartered in Helsinki, Finland, Metso Corporation -- http://www.metso.com/-- is a global engineering and technology corporation with 2005 net sales of approximately EUR4.2 billion. Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. * * * As reported in TCR-Europe on April 11, Standard & Poor's Services revised its outlook on Finland-based machinery and engineering group Metso Corp. to positive from stable, reflecting improvements in the group's operating performance and capital structure that offer it the potential to return to a low investment-grade rating. The 'BB+' long-term and 'B' short-term corporate credit, as well as the 'BB' senior unsecured debt rating on the group were affirmed. =========== F R A N C E =========== GAZPROM MARKETING: Sets up Subsidiaries in U.S. & France -------------------------------------------------------- Gazprom Marketing & Trading Ltd., part of the OAO Gazprom Group of companies, has registered in June this year its Houston-based Gazprom Marketing & Trading U.S.A. Inc. and Paris-based Gazprom Marketing & Trading France SAS subsidiaries. Gazprom Marketing & Trading U.S.A., Inc. will be engaged on behalf of OAO Gazprom in LNG and natural gas marketing operations in the USA as well contribute to expanding the Group's presence in the USA on a long-term basis. John Hattenberger has been named as the Managing Director of Gazprom Marketing & Trading U.S.A., Inc. Gazprom Marketing & Trading France S.A.S. has been founded to supply natural gas to French end consumers and solidify the Gazprom Group's standing in various sectors of the French energy industry. Mr. Yuri Virobian has been appointed as the President of Gazprom Marketing & Trading France SAS. Entering the Gazprom Group of companies, Gazprom Marketing & Trading Ltd. was established in the U.K. in 1999. In August 2005, the company entered with Shell Western B.V. and BG Group into an agreement to supply LNG to the US market. The first LNG carrier arrived at the Cove Point regasification terminal (Maryland, U.S.A.) on Sept. 2, 2005. In November 2005, Gazprom Marketing & Trading Ltd. signed an LNG supply agreement with Gaz de France, MED LNG & GAS and Shell. An LNG carrier was sold to Shell Western LNG and supplied to the Cove Point regasification terminal in early December 2005. In April 2006, Gazprom Marketing & Trading Ltd. effectuated the first LNG shipment to the U.K.-based Isle of Grain terminal. LNG was purchased from Gaz de France and sold to British Petroleum owning capacity at the reception terminal. The LNG supply volume averaged 140 thousand cubic meters (equivalent to some 85 million cubic meters of natural gas). In order to promote direct sales to U.K. final customers, Gazprom Marketing & Trading Ltd. acquired in June 2006 the gas retail business of Pennine Natural Gas Limited. Mr. John Hattenberger graduated from the University of Minnesota as the Bachelor of Science in Chemical Engineering. Mr. Hattenberger has been overseeing natural gas and LNG supply, gas exploration, production and marketing in Marathon Oil, El Paso Global LNG, TransCanada Pipelines Ltd., BP. Prior to his appointment as the Managing Director of Gazprom Marketing & Trading USA, Inc. Mr. Hattenberger has been promoting the Gazprom Group's LNG business in the U.S.A. Mr. Yuri Virobian graduated from the Moscow State Institute of Foreign Relations and has a 14-year business experience with Soyuzgazexport in France and Russia. Over a 12-year period Mr. Virobian has been the Commercial Director with Prodintern SA and Rokol SA. In 2004, Mr. Virobian was named as the Head of the Gazexport representative office in France. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX: GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. Standard & Poor's Services raised on Jan. 17, 2006, its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. * * * As reported in TCR-Europe on Jan. 18, Standard & Poor's Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. ============= G E O R G I A ============= METROMEDIA INT'L: Delays Filing of Magticom's 2005 Results ---------------------------------------------------------- Metromedia International Group, Inc. (OTCBB: MTRM Common Stock and PINK SHEETS MTRMP Preferred Stock), has elected to postpone issuance of preliminary financial results, through Dec. 31, 2005, for its Magticom business venture as previously proposed in its July 13 press release. The Company remains committed to releasing preliminary prior period Magticom financial results as soon as all related material information can be disclosed in suitable detail and presently expects such information release will be possible before the end of September 2006. Furthermore, the Company does not intend making further public comment on these matters until a full and comprehensive statement can be released. About Metromedia International Headquartered in Charlotte, North Carolina, Metromedia International Group -- http://www.metromedia-group.com/-- through its subsidiary, Metromedia International Telecommunications, owns interests in telecom and cable TV operations in Russia, Georgia, and elsewhere in Eastern Europe. Since the first quarter of 2003, the Company has focused its principal attentions on the continued development of its core telephony businesses, and has substantially completed a program of gradual divestiture of its non-core cable television and radio broadcast businesses. The Company's core businesses includes Magticom, Ltd., the leading mobile telephony operator in Tbilisi, Georgia, and Telecom Georgia, a well-positioned Georgian long distance telephony operator. * * * Moody's Investors Service has placed Metromedia's subordinated debt rating at B3 and junior subordinated debt rating at B2. ============= G E R M A N Y ============= BAUUNTERNEHMUNG EWALD: Claims Registration Ends August 29 --------------------------------------------------------- Creditors of Bauunternehmung Ewald Kiebert GmbH & Co. KG have until Aug. 29 to register their claims with court-appointed provisional administrator Thomas Joswig. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Oct. 17 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Room 4.311 4th Floor Building D Mathildenplatz 15 64283 Darmstadt, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Darmstadt opened bankruptcy proceedings against Bauunternehmung Ewald Kiebert GmbH & Co. KG on July 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bauunternehmung Ewald Kiebert GmbH & Co. KG Otto-Hesse-Str. 19/T3 64293 Darmstadt, Germany Attn: Juergen Grabow, Manager 24 Residence les Pierres Hautes 57320 Bouzonville, France The administrator can be contacted at: Thomas Joswig Besselstrasse 2-4 68219 Mannheim, Germany Tel: 0621/845578-0 Fax: 0621/845578-10 COMDATA GMBH: Claims Registration Ends August 29 ------------------------------------------------ Creditors of ComData GmbH have until Aug. 29 to register their claims with court-appointed provisional administrator Markus M. Merbecks. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 10 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 ComData GmbH on July 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ComData GmbH Attn: Wolfram Schlueter, Manager Bahnsteig 2 a 09224 Chemnitz OT Gruena, Germany The administrator can be contacted at: Markus M. Merbecks Ludwigstr. 58 09113 Chemnitz, Germany E-mail: ramerbecks@aol.com DISTANCE MODEVERTRIEB: Claims Registration Ends August 28 --------------------------------------------------------- Creditors of Distance Modevertrieb GmbH have until Aug. 28 to register their claims with court-appointed provisional administrator Paul Fink. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on Sept. 18 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Area A 388 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 Distance Modevertrieb GmbH on July 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Distance Modevertrieb GmbH Falkenweg 13 41468 Neuss, Germany Attn: Dieter Hugo Spottock, Manager Wildenbruchstr. 60 40545 Duesseldorf, Germany The administrator can be contacted at: Dr. Paul Fink Rhine Place 1 40213 Duesseldorf, Germany EPF EURO-PLAY: Claims Registration Ends September 8 --------------------------------------------------- Creditors of EPF Euro-Play Herne Freizeitstatten GmbH have until Sept. 8 to register their claims with court-appointed provisional administrator Werner F. Muehlenbrock. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Oct. 17 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 Bochum Meeting Room A29 Ground Floor Principal Establishment Viktoriastrasse 14 44787 Bochum, 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 Bochum opened bankruptcy proceedings against EPF Euro-Play Herne Freizeitstatten GmbH on July 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: EPF Euro-Play Herne Freizeitstatten GmbH Bielefelder Str. 100 44625 Herne, Germany Attn: Mario Langhof, Manager Dresdner Str. 24 45699 Herten, Germany The administrator can be contacted at: Werner F. Muehlenbrock Bahnhofstr. 46 45879 Gelsenkirchen, Germany HEIZUNGSBAU MATTHESS: Claims Registration Ends September 5 ---------------------------------------------------------- Creditors of Heizungsbau Matthess GmbH have until Sept. 5 to register their claims with court-appointed provisional administrator Markus Schadler. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 17 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 27 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 Heizungsbau Matthess GmbH on July 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Heizungsbau Matthess GmbH Attn: Karlheinz Matthess, Manager Garden Route 12 09619 Sayda, Germany The administrator can be contacted at: Dr. Markus Schadler Eckstrasse 1 09113 Chemnitz, Germany E-mail: RA-GRAUER-CHEMNITZ@T-ONLINE.DE HHM INTERNATIONAL: Creditors' Meeting Slated for September 6 ------------------------------------------------------------ The court-appointed provisional administrator for HHM International Warenhandel GmbH & Co. KG, Christoph Schulte- Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:15 a.m., on Sept. 6. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 10:15 a.m., on Dec. 13 at the same venue. Creditors have until Oct. 20 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against HHM International Warenhandel GmbH & Co. KG on July 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HHM International Warenhandel GmbH & Co. KG Charlottenstr. 79/80 10117 Berlin, Germany Attn: Hans Helmuth Moeltgen, Manager Vivaldistr. 1 04319 Leipzig, Germany The administrator can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin, Germany M + S IMMOBILIEN: Claims Registration Ends September 6 ------------------------------------------------------ Creditors of M + S Immobilien Bautrager GmbH have until Sept. 6 to register their claims with court-appointed provisional administrator Barbara Fritzer. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Oct. 10 at which time the administrator will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Dresden opened bankruptcy proceedings against M + S Immobilien Bautrager GmbH on July 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: M + S Immobilien Bautrager GmbH Koenneritzstr. 15 01067 Dresden, Germany The administrator can be contacted at: Barbara Fritzer Louis Braille Road 1 01099 Dresden, Germany Web: http://www.ra-fritzer.de/ PROSERV DIENSTLEISTUNGEN: Claims Registration Ends August 31 ------------------------------------------------------------ Creditors of ProServ Dienstleistungen und Immobilienmanagement GmbH have until Aug. 31 to register their claims with court- appointed provisional administrator Christoph Junker. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on Oct. 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder), Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Frankfurt opened bankruptcy proceedings against ProServ Dienstleistungen und Immobilienmanagement GmbH on July 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ProServ Dienstleistungen und Immobilienmanagement GmbH Luebecker Str. 10 16341 Panketal, Germany The administrator can be contacted at: Dr. Christoph Junker Fuggerstr. 24 10777 Berlin, Germany SACHSENSTERN BUSINESS: Claims Registration Ends August 28 --------------------------------------------------------- Creditors of Sachsenstern Business Centers GmbH have until Aug. 28 to register their claims with court-appointed provisional administrator Olaf Seidel. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Oct. 9 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Dresden opened bankruptcy proceedings against Sachsenstern Business Centers GmbH on July 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Sachsenstern Business Centers GmbH Saxonia Avenue 9 01723 Kesselsdorf, Germany The administrator can be contacted at: Olaf Seidel Weisseritzstrasse 3 01067 Dresden, Germany Web: http://www.WORAKO.de/ VIBRO-FORCE: Claims Registration Ends September 8 ------------------------------------------------- Creditors of Vibro-Force GmbH have until Sept. 8 to register their claims with court-appointed provisional administrator Manfred Gottschalk. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Oct. 16 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bochum Meeting Room A 29 Ground Floor Principal Establishment Viktoriastrasse 14 44787 Bochum, 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 Bochum opened bankruptcy proceedings against Vibro-Force GmbH on July 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Vibro-Force GmbH Wullener Field 21 58454 Witten, Germany Attn: Sebastian Burges, Manager Hommelohstr. 40 48454 Witten, Germany The administrator can be contacted at: Manfred Gottschalk Kirchender Dorfweg 14 58313 Herdecke, Germany ============= H U N G A R Y ============= PANNONPLAST NYRT: Hikes Synergon Stake to 13.5% for US$3.6 Mln -------------------------------------------------------------- Plastic manufacturer Pannonplast Nyrt. acquired 892,556 shares in Synergon Informatika Rt. at HUF860 apiece, Bloomberg News says. The HUF768-million (US$3.6 million) share purchase effectively increased Pannonplast's holdings in Synergon from 4.2% to 13.5%. The transaction was Pannonplast's first share buy in Synergon since May. Two Pannoplast investors, Lazarus Vagyonkezelo Zrt. and Benji Invest Befektetesi es Ingatlanforgalmazoi Kft. also bought 1.8- and three-percent stakes in Synergon. The company allocated HUF10 billion to invest in eastern European companies to boost earnings despite declining demand for plastic product, Denes Gyimothy, Pannonplast Chief Financial Officer told Bloomberg News in July. About Pannonplast Headquartered in Budapest, Hungary, Pannonplast Nyrt. -- http://www.pannonplast.hu/-- manufactures plastic products from PVC, polypropylene, polyethylene and other raw materials. The company produces pipe systems, PVC flooring, insulating materials, foils, packaging materials, barrels, bottles, boxes and plastic tools. Pannonplast posted net losses of HUF959.3 million in 2002, HUF1.84 billion in 2003, HUF1.94 billion in 2004 and HUF253.1 million in 2005. The company attributed the decline to the sale of its Pannonpipe unit and the latter's Romanian subsidiary. ============= I R E L A N D ============= ELAN CORP: Cuts Second Quarter Net Loss to US$90.5 Million ---------------------------------------------------------- Elan Corp. plc released its pro-forma consolidated results for the second quarter and first half ended June 30, 2006. Elan posted US$90.5 million in net loss on US$136.4 million in total revenues for the second quarter of 2006, markedly better than US$142.6 million in net loss on US$118.6 million in revenues for the second quarter of 2005. The company registered US$123.8 million in net loss on US$270.7 million in total revenues for the first half of 2006, markedly better than US$258.2 million in net loss on US$221.3 million in revenues for the first half of 2005. The decrease in net loss is principally due to strong growth in product revenue, improved operating margins and the inclusion in 2005 of a charge associated with retiring debt early, partially offset by the impact of expensing share-based compensation in the second quarter of 2006 and the inclusion in 2005 of a gain on the divestment of Zonegran. Effective January 1, 2006, Elan adopted the provisions of SFAS 123R, which requires share-based compensation to be measured using a fair value method and expensed over the requisite service period. The adoption of SFAS 123R resulted in a charge for share-based compensation of US$13.5 million for the second quarter of 2006, which is comprised of US$1.1 million of cost of goods sold, US$8.1 million of selling, general and administrative (SG&A) expense, and US$4.3 million of research and development (R&D) expense. "The second quarter, once again, reflected our continued discipline and focus on delivering tangible business results," Kelly Martin, Elan's president and chief executive officer, said. "We recently received approval in the U.S. and Europe to make Tysabri available to patients suffering from MS. We have been diligently working to have this effective treatment available to patients and their physicians. We believe that Tysabri will play a significant role as a treatment alternative for patients suffering from this chronic and debilitating disease. "We also have made important advances in all areas of our business, recently demonstrated by our alliances with Abbott in nanotechnology and Archemix in autoimmune. We continue to actively evaluate and pursue both internal and external opportunities that will reinforce our strategic focus, strengthen our capabilities and generate value as we move the enterprise forward." "We are very pleased to report another solid quarter with strong progress across all of our business and development activities and a 37% reduction in net losses," Shane Cooke, Elan's executive vice president and chief financial officer, said. "We reported a 15% increase in revenues, improved operating margins and, excluding costs and revenues associated with Tysabri, adjusted EBITDA was positive for the third consecutive quarter. Since the end of the quarter, we have launched Tysabri in Germany, Ireland, UK and Sweden and re-introduced it in the US." Mr. Cooke added, "With the approval of Tysabri and the improvements we have made to the business, we are now entering into a new and exciting phase in the development of Elan. We are confident that revenues from Tysabri will drive our return to profitability." A full-text copy of Elan Corp.'s second quarter result is available free-of-charge at http://researcharchives.com/t/s?fc6 About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * As reported by TCR-Europe on May 2, 2005, the company's net loss for the first quarter of 2005 amounted to US$115.6 million, an increase of 86% over the US$62.2 million reported in the same quarter of 2004. Of the US$74.7 million net operating loss for the first quarter of 2005, US$58.6 million related to Tysabri. Total revenue decreased 31% to US$102.7 million in the first quarter of 2005 from US$148.3 million in the first quarter of 2004. As reported in the TCR-Europe on June 19, Moody's Investors Service revised the outlook on the of Elan to stable from negative. At the same time, Moody's affirmed Elan's ratings, including the B3 corporate family rating. These rating actions follow the recent FDA decision to approve Tysabri for resumed marketing in the U.S. The stable outlook reflects Moody's current assumption that with a reasonably successful Tysabri re-launch, Elan is more likely to meet its 2008 debt maturities with a combination of internal funds and refinancing in the event of a shortfall. Moody's expects that the market acceptance of Tysabri will be a critical factor driving any future changes in Elan's credit rating. Ratings affirmed: Elan Corporation, plc -- B3 corporate family rating Elan Finance plc -- B3 fixed-rate senior notes of US$850 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) -- B3 floating rate senior notes of US$300 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) Athena Neurosciences Finance, LLC -- B3 senior notes of US$613 million due 2008 (guaranteed by Elan Corporation, plc and subsidiaries) ========= I T A L Y ========= POPOLARE DI INTRA: Fitch Downgrades Individual Rating to E ---------------------------------------------------------- Fitch downgraded Banca Popolare di Intra's Individual rating to E from D/E. The bank's other are affirmed at Issuer Default BB, Short-term B and Support 3. The Outlook is Stable. The rating action reflects the loss of EUR84 million for H106 reported by BPI, which caused its Tier 1 capital ratio to fall to 3.6%, below the Baca d'Italia's regulatory minimum of 4%. For Fitch, the decline of the Tier 1 ratio to below the regulatory minimum signifies that the bank requires external support - the definition of an E Individual rating. BPI's BB IDR, Short-term B and Support 3 reflect the moderate probability that the bank will receive support in case of need. BPI's IDR has a Stable Outlook as it is at its Support floor. The loss in H106 came as a result of a further EUR25 million provision against legal risks and a EUR78 million loan impairment charge. Corporate governance and reputational problems weakened BPI's operating revenues and legal and advisory expenses weighed on costs. These adverse events have affected BPI's reputation, causing an outflow of customer funding since 2005 and weakening its liquidity position. Management is acting to strengthen both liquidity and capitalization. Fitch notes that as a result of these losses, BPI is highly likely to be acquired by another bank and most probably by one of the five Italian cooperative banks that have expressed an interest in it. An acquisition by a stronger bank would most likely influence BPI's BB Issuer Default rating favorably, while BPI's Individual rating should benefit from an injection of capital and operational improvements brought by the acquiring bank. BPI expects the conversion into equity of EUR85 million convertible bonds that mature by end-November 2006 to allow it to fulfill minimum regulatory capital requirements by end-2006. The five banks interested in acquiring BPI are: -- Banco Popolare di Verona e Novara (A+/F1/B/3), -- Banca Popolare dell'Emilia Romagna (A-/F2/B/C/3), -- Banca Popolare di Vicenza (A-/F2/C/3), -- Veneto Banca (A-/F2/B/C/3) and -- Credito Valtellinese. BPI expects to receive binding offers in September 2006 and to choose a partner by the end of that month. In June 2006, BPI appointed a new chairman and a new general manager and in July 2006 renewed its board, who are jointly tackling the bank's inherited problems. BPI's asset quality has deteriorated sharply since August 2005 following the default of its largest borrower. At end-June 2006, net impaired loans were equal to a concerning 147% of the bank's equity. However, the bank has increased allowances on its impaired loans to an adequate 66%. BPI is a small cooperative bank based in Piedmont in northern Italy. It provides retail banking services and is closely linked with the local economy. At end-2005, it operated 80 branches and employed 1,106 staff. BPI is a limited-liability cooperative bank, with about 30,000 shareholders limited to one vote each. =================== K A Z A K H S T A N =================== AIZERE: Creditors Must File Claims by Sept. 12 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty declared LLP Aizere insolvent. Creditors have until Sept. 12 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Nurmahmanova Str. 31 Micro District Taugul-3 Almaty, Kazakhstan Tel: 8 (3272) 56-97-68 AK-BIDAI: Creditors Must File Claims by Sept. 8 ----------------------------------------------- LLP Production-Commercial Firm Ak-Bidai has declared insolvency. Creditors have until Sept. 8 to submit written proofs of claim to: LLP Production-Commercial Firm Ak-Bidai Rabochaya Str. 69 Petropavlovsk North Kazakhstan Region Kazakhstan AKORD-LTD: Mangistau Court Opens Bankruptcy Proceedings ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region commenced bankruptcy proceedings against LLP Akord-Ltd on July 7. The Specialized Inter-Regional Economic Court of Mangistau Region can be reached at: Micro District 27 Aktau Mangistau Region Kazakhstan Tel: 8 (3292) 41-22-37 EURO-STROI LTD: Proof of Claim Deadline Slated for Sept. 12 ----------------------------------------------------------- LLP Euro-Stroi Ltd. has declared insolvency. Creditors have until Sept. 12 to submit written proofs of claim to: LLP Euro-Stroi Ltd Ordjonikidze Str. 6a Almaty, Kazakhstan Tel: 8 (3272) 71-34-16 8 (3007) 13-18-48 GARANT: Mangistau Court Starts Bankruptcy Procedure --------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau region commenced bankruptcy proceedings against LLP Garant on July 7. The Specialized Inter-Regional Economic Court of Mangistau Region can be reached at: Micro District 27 Aktau Mangistau Region Kazakhstan Tel: 8 (3292) 41-22-37 GRISI: Proof of Claim Deadline Slated for Sept. 8 ------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region declared LLP Grisi insolvent on June 13. A temporary insolvency manager has been appointed. Creditors have until Sept. 8 to submit written proofs of claim to: LLP Grisi Office 35 Mihaelisa Str. 1 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan H.A.I: Claims Registration Ends Sept. 12 ---------------------------------------- LLP H.A.I has declared insolvency. Creditors have until Sept. 12 to submit written proofs of claim to: LLP H.A.I Micro District Jetysu-2 3-45 Almaty, Kazakhstan Tel: 8 (3272) 46-25-77 REAL-RESURS: Mangistau Court Begins Bankruptcy Proceedings ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region declared LLP Real-Resurs insolvent on June 20. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Sept. 12 to submit written proofs of claim to: LLP Real-Resurs Aktau, 27-67-7 Mangistau Region Kazakhstan Tel: 8 (3292) 41-00-42 Fax: 8 (3292) 41-00-42 TURAN: Creditors' Claims Due Sept. 8 ------------------------------------ The Specialized Inter-Regional Economic Court of Aktobe Region declared LLP Turan insolvent. Creditors have until Sept. 8 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Aktobe Region Altynsarina Str. 31 Aktobe Aktobe Region Kazakhstan VIP AVIA: Creditors' Claims Due Sept. 12 ---------------------------------------- LLP Vip Avia has declared insolvency. Creditors have until Sept. 12 to submit written proofs of claim to: LLP Vip Avia Ordjonikidze Str. 6a Almaty, Kazakhstan Tel: 8 (3272) 71-34-16 8 (3007) 13-18-48 ZARS: Mangistau Court Commences Bankrupty Proceedings ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau Region commenced bankruptcy proceedings against LLP Firm Zars on July 11. The Specialized Inter-Regional Economic Court of Mangistau Region can be reached at: Micro District 27 Aktau Mangistau Region Kazakhstan Tel: 8 (3292) 41-22-37 =================== K Y R G Y Z S T A N =================== OSHYN: Proof of Claim Deadline Slated for Sept. 28 -------------------------------------------------- LLC Oshyn has declared insolvency. Creditors have until Sept. 28 to submit written proofs of claim to: LLC Oshyn Suyunbaeva Str. 43 Osh Osh Region Kyrgyzstan =========== N O R W A Y =========== AKER KVAERNER: Unit's Sale to Metso Oyj Reaches Second EU Review ---------------------------------------------------------------- Metso Corp.'s application for the clearance of its purchase agreement of Aker Kvaerner's Pulping and Power businesses has been extended into the second phase in the EU review process. The European Commission has indicated that it has identified certain potential competition issues in the markets for pulp mill equipment. Metso and Aker Kvaerner continue to cooperate constructively with the Commission to lift any doubt that might exist and to solve any potential competition concerns. Both Metso and Aker Kvaerner continue to believe that the acquisition does not pose significant competition issues. Furthermore, the companies believe that it will create synergies and development potential that will benefit customers in the future. The second phase will involve the continuation of the European Commission's review of the acquisition for a period up to 90 working days, with possible extensions. The acquisition of Aker Kvaerner's Pulping and Power businesses fits well with Metso's strategy of profitable growth. Kvaerner Power's products and services, i.e. chemical recovery systems for the pulping industry and power generation solutions, are not part of Metso's current offering. The pulping equipment and related services delivered by Kvaerner Pulping are mainly complementary to Metso's current fiber technology offering. About Metso Headquartered in Helsinki, Finland, Metso Corporation -- http://www.metso.com/-- is a global engineering and technology corporation with 2005 net sales of approximately EUR4.2 billion. Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. About Aker Kvaerner Headquartered in Lysaker, Norway, Aker Kvaerner ASA -- http://www.akerkvaerner.com/-- through its subsidiaries and affiliates, is a leading global provider of engineering and construction services, technology products and integrated solutions. The Aker Kvaerner group is organized into two principal business streams, namely Oil & Gas and E&C, each consisting of a number of separate legal entities. * * * As reported in TCR-Europe on April 26, Moody's Investors Service upgraded the of Aker Kvaerner Oil & Gas Group and Aker Kvaerner AS, primarily to reflect the sustainable strong recovery in profitability and cash flow generation of the ring- fenced oil and gas group over the past two years, coupled with the clear reduction in senior debt, repaid from internally generated funds. Ratings affected: Aker Kvaerner Oil & Gas Group AS -- Corporate family rating: upgraded to Ba1 from Ba3 Aker Kvaerner AS -- Rating of the second priority lien notes due 2011: upgraded to Ba1 from Ba3. Moody's said the outlook on all is stable. =========== R U S S I A =========== AIRCRAFT REPAIR 24: Court Commences Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Khabarovsk Region has commenced bankruptcy supervision procedure on OJSC Aircraft Repair Factory 24 of Civil Aviation (TIN 2721109417, OGRN 1032700333951). The case is docketed under Case No. A 73-4143/2006-9. The Temporary Insolvency Manager is: E. Kruchinina Post User Box 10/12 Central Post Office 680000 Khabarovsk Region Russia The Debtor can be reached at: OJSC Aircraft Repair Factory 24 of Civil Aviation Post User Box 10/12 Central Post Office 680000 Khabarovsk Region Russia ALTAY RAYPO: Khakasiya Court Starts Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Khakasiya republic has commenced bankruptcy supervision procedure on LLC Bakery of Altay Raypo. The case is docketed under Case No. A74-1486/2006. The Temporary Insolvency Manager is: I. Morlang Lenina Str. 62a-10 660049 Krasnoyarsk Region Russia The Arbitration Court of Krasnoyarsk Region is located at: Lenina Str. 143 660021 Krasnoyarsk Region Russia The Debtor can be reached at: LLC Bakery of Altay Raypo Belyj Yar. Altay Region Russia BURYAT-YANGUTSKIY WOOD-PROM-KHOZ: P. Zhdanov to Manage Assets ------------------------------------------------------------- The Arbitration Court of Irkutsk Region appointed Mr. P. Zhdanov as Insolvency Manager for OJSC Buryat-Yangutskiy Wood-Prom-Khoz (TIN 8505001466). He can be reached at: P. Zhdanov Post User Box 16 Post Office 8 Usolye-Sibirskoye 665458 Irkutsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-9637/06-29. The Arbitration Court of Irkutsk Region is located at: Room 303 Gagarina Avenue 70 664025 Irkutsk Region Russia The Debtor can be reached at: OJSC Buryat-Yangutskiy Wood-Prom-Khoz Gagarina Str. Enisey Osinskiy Region Ust-Urdynskiy BAO 669212 Irkutsk Region Russia EVRAZ GROUP: Principal Owners Complete Sale of Indirect Interest ---------------------------------------------------------------- The Evraz Group S.A. has completed the sale of a substantial indirect interest in the Company by its principal owners. As a result, the conditions specified by resolutions taken at an Evraz Group Shareholders EGM, held July 24, have been fulfilled. The resolution that are in full force and effect are: -- Articles of Incorporation have been amended; and -- the Board of Directors of Evraz Group S.A. has been reformed. About Evraz Evraz Group is one of the largest vertically integrated steel and mining businesses with operations mainly in Russia. In 2004, Evraz produced 13.7 million tons of crude steel. Evraz's principal assets include three of the leading steel plants in Russia: Nizhny Tagil in the Urals region, and West Siberian and ovokuznetsk (in Siberia). * * * As reported in TCR-Europe on June 22, Fitch affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and senior unsecured of BB- and its Short-term B rating. Evraz Group's 8-1/4% notes due November 2015 carry Moody's Investors Service's (P)B2 rating, Standard & Poor's B+ rating and Fitch's BB- rating. GAZPROM: Marketing Arm Sets up Units in U.S. & France ----------------------------------------------------- Gazprom Marketing & Trading Ltd., part of the Gazprom Group of companies, has registered in June this year its Houston-based Gazprom Marketing & Trading U.S.A., Inc. and Paris-based Gazprom Marketing & Trading France SAS subsidiaries. Gazprom Marketing & Trading U.S.A., Inc. will be engaged on behalf of OAO Gazprom in LNG and natural gas marketing operations in the USA as well contribute to expanding the Group's presence in the USA on a long-term basis. Mr. John Hattenberger has been named as the Managing Director of Gazprom Marketing & Trading U.S.A., Inc. Gazprom Marketing & Trading France S.A.S. has been founded to supply natural gas to French end consumers and solidify the Gazprom Group's standing in various sectors of the French energy industry. Mr. Yuri Virobian has been appointed as the President of Gazprom Marketing & Trading France SAS. Entering the Gazprom Group of companies, Gazprom Marketing & Trading Ltd. was established in the U.K. in 1999. In August 2005, the company entered with Shell Western B.V. and BG Group into an agreement to supply LNG to the US market. The first LNG carrier arrived at the Cove Point regasification terminal (Maryland, U.S.A.) on Sept. 2, 2005. In November 2005, Gazprom Marketing & Trading Ltd. signed an LNG supply agreement with Gaz de France, MED LNG & GAS and Shell. An LNG carrier was sold to Shell Western LNG and supplied to the Cove Point regasification terminal in early December 2005. In April 2006, Gazprom Marketing & Trading Ltd. effectuated the first LNG shipment to the U.K.-based Isle of Grain terminal. LNG was purchased from Gaz de France and sold to British Petroleum owning capacity at the reception terminal. The LNG supply volume averaged 140 thousand cubic meters (equivalent to some 85 million cubic meters of natural gas). In order to promote direct sales to U.K. final customers, Gazprom Marketing & Trading Ltd. acquired in June 2006 the gas retail business of Pennine Natural Gas Limited. Mr. John Hattenberger graduated from the University of Minnesota as the Bachelor of Science in Chemical Engineering. Mr. Hattenberger has been overseeing natural gas and LNG supply, gas exploration, production and marketing in Marathon Oil, El Paso Global LNG, TransCanada Pipelines Ltd., BP. Prior to his appointment as the Managing Director of Gazprom Marketing & Trading USA, Inc. Mr. Hattenberger has been promoting the Gazprom Group's LNG business in the U.S.A. Mr. Yuri Virobian graduated from the Moscow State Institute of Foreign Relations and has a 14-year business experience with Soyuzgazexport in France and Russia. Over a 12-year period Mr. Virobian has been the Commercial Director with Prodintern SA and Rokol SA. In 2004, Mr. Virobian was named as the Head of the Gazexport representative office in France. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX: GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. Standard & Poor's Services raised on Jan. 17, 2006, its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. * * * As reported in TCR-Europe on Jan. 18, Standard & Poor's Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. KHARANUTSKIY COAL: Irkutsk Court Starts Bankruptcy Supervision -------------------------------------------------------------- The Arbitration Court of Irkutsk Region has commenced bankruptcy supervision procedure on OJSC Kharanutskiy Coal Open Mine. The case was docketed under Case No. A19-12734/06-29. The Temporary Insolvency Manager is: K. Sobolev Post User Box 176 664011 Irkutsk Region Russia The Arbitration Court of Irkutsk Region is located at: Room 303 Gagarina Avenue 70 664025 Irkutsk Region Russia The Debtor can be reached at: OJSC Kharanutskiy Coal Open Mine Dzerzhinskogo Str. 1 664003 Irkutsk Region Russia KRASNOYARSK-LES-PROM-STROY: E. Sapozhnikova to Manage Assets ------------------------------------------------------------ The Arbitration Court of Krasnoyarsk Region appointed Ms. E. Sapozhnikova as Insolvency Manager for OJSC Krasnoyarsk-Les- Prom-Stroy. She can be reached at: E. Sapozhnikova Post User Box 1162 660016 Krasnoyarsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-22081/2005. The Arbitration Court of Krasnoyarsk Region is located at: Lenina Str. 143 660021 Krasnoyarsk Region Russia The Debtor can be reached at: OJSC Krasnoyarsk-Les-Prom-Stroy Gorkogo Str. 114 Lesosibirsk 662549 Krasnoyarsk Region Russia METROMEDIA INT'L: Delays Filing of Magticom's 2005 Results ---------------------------------------------------------- Metromedia International Group, Inc. (OTCBB: MTRM Common Stock and PINK SHEETS MTRMP Preferred Stock), has elected to postpone issuance of preliminary financial results, through Dec. 31, 2005, for its Magticom business venture as previously proposed in its July 13 press release. The Company remains committed to releasing preliminary prior period Magticom financial results as soon as all related material information can be disclosed in suitable detail and presently expects such information release will be possible before the end of September 2006. Furthermore, the Company does not intend making further public comment on these matters until a full and comprehensive statement can be released. About Metromedia International Headquartered in Charlotte, North Carolina, Metromedia International Group -- http://www.metromedia-group.com/-- through its subsidiary, Metromedia International Telecommunications, owns interests in telecom and cable TV operations in Russia, Georgia, and elsewhere in Eastern Europe. Since the first quarter of 2003, the Company has focused its principal attentions on the continued development of its core telephony businesses, and has substantially completed a program of gradual divestiture of its non-core cable television and radio broadcast businesses. The Company's core businesses includes Magticom, Ltd., the leading mobile telephony operator in Tbilisi, Georgia, and Telecom Georgia, a well-positioned Georgian long distance telephony operator. * * * Moody's Investors Service has placed Metromedia's subordinated debt rating at B3 and junior subordinated debt rating at B2. NORTH-WEST: Names Organizers of RUB2 Billion 4th Bond Loan ---------------------------------------------------------- Following decisions made by its Board of Directors' Strategic Development and Audit Committees, JSC North-West Telecom is to issue a fourth bond loan in Q4 2006 worth a total of RUB2 billion. The loan funds are to be used for refinancing the existing indebtedness and financing the Company's investment program. The selection process for arrangers of the issue was conducted as part of preparations for the transaction. The winners of the closed tender -- ING Bank (Eurasia) ZAO and OJSC Joint-Stock Commercial Bank Svyaz-Bank -- were assigned the status of Co- Organizers of JSC NWT's 4th bond issue. The basic preliminary features of the issue are: Name of securities: Coupon documentary, non-convertible bearer bonds with mandatory centralized storage Value of the issue: RUB2 billion Par value per bond: RUB1,000 Maturity period: 5 years Interest rate: determined on the contest basis for the whole maturity period at the time of placement Type of placement: open subscription Trade organizer: CJSC Stock Exchange, Moscow International Currency Exchange About North-West Telecom OAO North-West Telecom (OTC: NWTEY; RTS: SPTL) is one of Russia's major telecommunication companies, and the leading operator in the North-West Federal District, providing traditional telephone services, as well as Internet and advanced data services. NWT originated from the merger of 10 regional fixed line operators and is ranked among the Financial Times' Top 100 major Eastern European companies. NWT ranks eighth in Standard & Poor's Transparency Index of the 50 largest MICEX- listed companies and fifth in the S & P Corporate governance rating. NWT international debt is rated by S&P B+ with stable outlook and domestic debt ruA+. * * * As reported in TCR-Europe on Aug. 14, Fitch affirmed Russia- based OAO North-West Telecoms' Issuer Default rating at B+ with a Stable Outlook and Short-term rating at B. The reflect NWT's dominant market position as a regional incumbent telecoms operator. The company controls about 76% of the local services market and is well positioned to retain its dominance in this segment. Although its market share is strong, it is smaller in the corporate segment where it controls about 55% of fixed lines. NOVATEK OAO: Declares RUB1.6 Billion Interim First Half Dividend ---------------------------------------------------------------- The Board of Directors of OAO Novatek has declared an interim six-month dividend, for shareholders registered at the close of business July 31. This was set at RUB0.55 per share of ordinary stock, post share split, or RUB5.50 per Global Depositary Receipt. The total interim dividend amounts to RUB1,669,968,300. The Board of Directors has scheduled an Extraordinary Shareholder Meeting to approve the interim dividend through remote voting. The deadline for acceptance of completed ballots is Sept. 11, 2006, and the interim dividend is payable 60 days following shareholder approval. About Novatek Headquartered in Moscow, OAO Novatek is Russia's second largest gas company after state-controlled Gazprom, and the largest of the country's independent gas producers. * * * As reported in TCR-Europe on March 21, Standard & Poor's Services assigned its 'BB-' long-term corporate credit rating to OAO Novatek, Russia's largest independent gas producer. S&P said the outlook is stable. OSTROGOZHSKIY ELEVATOR: A. Alekseeva to Manage Insolvency Assets ---------------------------------------------------------------- The Arbitration Court of Voronezh Region appointed Mr. A. Alekseeva as Insolvency Manager for OJSC Ostrogozhskiy Elevator. He can be reached at: A. Alekseeva Post User Box 606. 394036 Voronezh Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-3028/2005-17/16b. The Arbitration Court of Voronezh Region is located at: Room 606 Srednemoskovskaya Str. 77 Voronezh Region Russia The Debtor can be reached at: OJSC Ostrogozhskiy Elevator Rabochaya Str. 55. Ostrogozhskiy Region Voronezh Region Russia PETROL SERVICE: Court Names A. Protopopov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Voronezh Region appointed Mr. A. Protopopov as Insolvency Manager for CJSC Petrol Service Ltd. He can be reached at: A. Protopopov Sadovaya Str. 31 Podgornoye Rossoshanskiy Region Voronezh Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-3171-2006 75/7b. The Arbitration Court of Voronezh Region is located at: Room 606 Srednemoskovskaya Str. 77 Voronezh Region Russia The Debtor can be reached at: CJSC Petrol Service Ltd. Prosteeva Str. 10/53 Rossosh Voronezh Region Russia PYATEROCHKA HOLDING: Eyes Rebranding of New Combined Entity ----------------------------------------------------------- Pyaterochka Holding N.V. plans to select a new name for the holding company following the company's merger with Perekriostok Holdings Limited, Russia's leading supermarket chain. "Pyaterochka Holding N.V. is currently considering a number of options for the new name of the combined entity," Lev Khasis, Group Chief Executive Officer of Pyaterochka Holding N.V. said. "One of the ideas is currently being discussed internally, but a final decision on a new name for the holding company will not be made until September. I cannot say with confidence today which name the Supervisory Board will choose. "The rebranding is only related to the name of Pyaterochka Holding NV -- the chains Pyaterochka and Perekrestok will continue to work under their respective banners. We are developing two different formats, each with its own brand identity; therefore it would not make sense to unite them under a single banner. In addition, the name recognition of both Pyaterochka and Perekrestok is close to 100%, and it would not be sensible to change the names of such well-known brands." Pyaterochka Holding NV will announce the new name selected for the holding this autumn. Headquartered in the Netherlands, Pyaterochka Holding N.V. is a leading Russian food retailer operating a large store network largely covering the Moscow region and St. Petersburg but also with a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. Pyaterochka's 2004 net revenues were US$1.1 billion. The company has reported unaudited net revenues of US$1.4 billion for 2005. * * * As reported in TCR-Europe on Aug. 7, Standard & Poor's Services affirmed its 'BB-' long-term corporate credit rating on Pyaterochka Holding N.V., the owner of Russia's largest grocery retail network. At the same time, Standard & Poor's affirmed its 'BB-' long-term corporate credit and 'ruAA-' Russia national scale on Pyaterochka's guaranteed operating subsidiary OOO Agrotorg. The 'ruAA-' Russia national scale on the senior unsecured and senior secured debt issued by related entity Pyaterochka Finance have also been affirmed. All were removed from CreditWatch with negative implications, where they had been placed on April 12, following Pyaterochka's announced acquisition of Russia's leading supermarket chain Perekrestok. S&P said the outlook is negative. In April 2006, Moody's Investors Service placed the Ba3 corporate family rating and the Aa3.ru national scale rating of Pyaterochka Holding N.V. under review for possible downgrade. RED GRAIN-GROWER: Court Names V. Fisher as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Krasnoyarsk Region appointed Mr. V. Fisher as Insolvency Manager for CJSC Red Grain-Grower. He can be reached at: V. Fisher Aerovokzalnaya Str. 19 660022 Krasnoyarsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-7516/20063. The Arbitration Court of Krasnoyarsk Region is located at: Lenina Str. 143 660021 Krasnoyarsk Region Russia The Debtor can be reached at: CJSC Red Grain-Grower Aerovokzalnaya Str. 19 660022 Krasnoyarsk Region Russia RUS': Voronezh Court Names E. Shur as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Voronezh Region appointed Mr. E. Shur as Insolvency Manager for CJSC Rus'. He can be reached at: E. Shur Ust'-Muravlyanka Repyevskiy Region 396391 Voronezh Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-29210-2005/193/20b. The Arbitration Court of Voronezh Region is located at: Room 606 Srednemoskovskaya Str. 77 Voronezh Region Russia The Debtor can be reached at: CJSC Rus' Ust'-Muravlyanka Repyevskiy Region 396391 Voronezh Region Russia STUD CHESMENSKIY: Court Names A. Gladkov as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Voronezh Region appointed Mr. A. Gladkov as Insolvency Manager for OJSC Stud Chesmenskiy. He can be reached at: A. Gladkov Kotovskogo Str. 2 Bobrov 397702 Voronezh Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-3384/2006 86/27b. The Arbitration Court of Voronezh Region is located at: Room 606 Srednemoskovskaya Str. 77 Voronezh Region Russia The Debtor can be reached at: OJSC Stud Chesmenskiy Chesmenka Bobrovskiy Region Voronezh Region Russia TOLID: Court Names S. Bychkovskiy as Insolvency Manager ------------------------------------------------------- The Arbitration Court of Kemerovo Region appointed Mr. S. Bychkovskiy as Insolvency Manager for CJSC Engineer Centre Tolid. He can be reached at: S. Bychkovskiy Post User Box 5223 650055 Kemerovo Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A27-4637/06-4. The Debtor can be reached at: CJSC Engineer Centre Tolid Ordzhonikidze Str. 13 Kemerovo Region Russia TRANS-SIBERIAN CARGO: Court Starts Bankruptcy Supervision --------------------------------------------------------- The Arbitration Court of Irkutsk Region has commenced bankruptcy supervision procedure on LLC Trans-Siberian Cargo Company. The case is docketed under Case No. A19-9515/06-29. The Temporary Insolvency Manager is: Y. Nikonov Post User Box 242 664003 Irkutsk Region Russia The Arbitration Court of Irkutsk Region is located at: Room 303 Gagarina Avenue 70 664025 Irkutsk Region Russia The Debtor can be reached at: LLC Trans-Siberian Cargo Company Nizhnyaya Naberezhnaya Str. 12 B Irkutsk Region Russia UST-ILIMSKIY BREWERY: Court Starts Bankruptcy Supervision --------------------------------------------------------- The Arbitration Court of Irkutsk Region has commenced bankruptcy supervision procedure on CJSC Ust-Ilimskiy Brewery (TIN 3817004086). The case is docketed under Case No. A 19-10245/06-29. The Temporary Insolvency Manager is: S. Reshernikov Post User Box 103 664025 Irkutsk Region Russia The Arbitration Court of Irkutsk Region is located at: Room 303 Gagarina Avenue 70 664025 Irkutsk Region Russia The Debtor can be reached at: CJSC Ust-Ilimskiy Brewery Post User Box 235 Bratskaya Str. 2 Ust-Ilimsk 666671 Irkutsk Region Russia VISHNEVSKOYE: Court Names D. Kozlov as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Tambov Region appointed Mr. D. Kozlov as Insolvency Manager for LLC Breeding Factory Vishnevskoye. He can be reached at: D. Kozlov Studenetskaya Quay 20 Tambov Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A64-4645/05-18. The Debtor can be reached at: LLC Breeding Factory Vishnevskoye Solnechnaya Ustyinskiy Morshanskiy Region Tambov Region Russia VNESHTORGBANK JSC: Fitch Affirms C/D Individual Rating ------------------------------------------------------ Fitch assigned JSC Vneshtorgbank, Russia's second largest state- owned bank a National Long-term AAA rating with a Stable Outlook. VTB's other are affirmed at Issuer Default BBB+ with Outlook Stable, Short-term F2, Individual C/D and Support 2. VTB's reflect the strong potential support it can expect to receive from the Russian government, if needed. The Individual rating reflects the bank's considerable franchise in Russia, satisfactory liquidity and asset quality and relatively diversified funding base. However, it also considers VTB's reduced capital ratios, potential impairment of the loan book in view of rapid growth, increased operational risk due to new acquisitions and the still high, albeit reduced, volatility of earnings. YUKOS OIL: Eduard Rebgun Assures Transparent Liquidation Process ---------------------------------------------------------------- Eduard Rebgun, the liquidator for OAO Yukos Oil Co., rejected calls for the oil firm's financial state to be assessed by foreign experts insisting that the figures used in determining the firm's insolvency are correct, AFX News Limited reports. "All my accounting is based on the figures that Yukos itself has provided," Mr. Rebgun said in an interview with the Vedomosti business paper. "According to my calculations, if Yukos were to pay off its debts from its current earnings, it would take 2,992 months or 249 years." In his report to creditors, Mr. Rebgun estimated Yukos's debts at US$18.26 billion and assets at US$17.72 billion despite management protests that the firm is solvent and is worth at least US$30 billion. On July 25, creditors voted to liquidate what was once Russia's biggest oil producer. Subsequently, the Moscow Arbitration Court upheld the vote and declared the firm bankrupt on Aug. 1. According to AFX, Mr. Rebgun has dismissed criticisms surrounding the company's bankruptcy saying the liquidation process would be legal and transparent. "I will do everything strictly in accordance with the law," Mr. Rebgun said. Critics have accused Mr. Rebgun of spearheading the dismemberment of the oil company for political reasons, AFX relates. About Yukos Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Government sold its main production unit Yugansk, to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06- 0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. ===================== S W I T Z E R L A N D ===================== HCA INC: Moody's Says Leveraged Buyout May Result in Downgrade -------------------------------------------------------------- In connection with its rating review for possible downgrade of HCA, Inc., Moody's Investors Service said that the proposed financing of the leveraged buyout of HCA could result in a downgrade of the Corporate Family Rating as low as the mid single B rating category. Moody's preliminary view is based on information HCA recently filed with the SEC that includes discussion about the amounts and types of financing that could be used to close the proposed transaction. Moody's notes that the ultimate financing for the transaction could differ from that disclosed and, therefore, will maintain the current HCA ratings, which were placed on review for possible downgrade on July 24, 2006, until such financing becomes certain. The potential for a multiple notch downgrade of the Corporate Family Rating reflects the significant increase in financial leverage expected to result from the proposed transaction. Based on the information provided in the SEC filings, Moody's estimates that the pro forma adjusted debt to adjusted EBITDA would exceed 6.7 times for the twelve months ended June 30, 2006. Additionally, the pro forma interest coverage, measured as the ratio of adjusted EBITDA less capital expenditures to estimated interest expense, would be relatively weak at just over 1.0 time for the twelve months ended June 30, 2006. Financial leverage of this magnitude would be expected to result in a significant decrease in financial flexibility in a period in which the acute care hospital sector faces challenges from weak volume trends and increasing exposure to uninsured and under-insured patients. "The financing plan disclosed in the SEC filing calls for a significant amount of new secured debt that will have a priority claim over HCA's existing unsecured, unguaranteed notes," said Dean Diaz, Vice President, Senior Analyst. The transaction is still subject to shareholder approval, Hart- Scott-Rodino Antitrust provisions and customary closing conditions. Additionally, alternative proposals may still be solicited by the company under the terms of the agreement. Moody's will therefore continue its review of HCA's existing ratings and may undertake interim rating actions as more information becomes available. HCA, Inc. is a holding company that owns and operates hospitals and related health care entities through various affiliates. At June 30, 2006, HCA owned and operated 176 hospitals, 92 freestanding surgery centers and facilities that provide extensive outpatient and ancillary services. ============= U K R A I N E ============= ENERGOKOMPLEKT: District Tax Agency to Liquidate Assets ------------------------------------------------------- The Economic Court of Kyiv Region appointed the State Tax Inspection of Golosiyivskij District of Kyiv Region as Liquidator for CJSC Energokomplekt (code EDRPOU 23522936). The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 6. The case is docketed under Case No. 15/347-b. The Economic Court of Kyiv Region is located at B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: CJSC Energokomplekt 40-richya Zhovtnya Avenue 88 03040 Kyiv Region Ukraine ENERGOPOSTACHZBUT: Kyiv Court Starts Bankruptcy Supervision ----------------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on LLC ENERGOPOSTACHZBUT (code EDRPOU 31351490). The case is docketed under Case No. 23/47-b. The Temporary Insolvency Manager is: O. Sherban Chervonoarmijska Str. 23/b-222 01004 Kyiv Region Ukraine The Economic Court of Kyiv Region is located at B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC Energopostachzbut Chervonoarmijska Str. 23/b-222 01004 Kyiv Region Ukraine GEORGIYIVSKE: Donetsk Court Names T. Zhevnova as Liquidator ----------------------------------------------------------- The Economic Court of Donetsk Region appointed Mr. T. Zhevnova as Liquidator/Insolvency Manager for Agricultural LLC Georgiyivske (code EDRPOU 30845045). He can be reached at: T. Zhevnova Koval Str. 84/46 83000 Donetsk Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 42/103 B. The Debtor can be reached at: Agricultural LLC Georgiyivske Koval Str. 84/46 83000 Donetsk Region Ukraine INGER: Kyiv Court Names Denis Malusko as Insolvency Manager ----------------------------------------------------------- The Economic Court of Kyiv Region appointed Denis Malusko as Liquidator/Insolvency Manager for LLC Inger (code EDRPOU 32421579). He can be reached at: Denis Malusko Lukyanivska Str. 63/48 04071 Kyiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 5. The case is docketed under Case No. 23/242-b. The Economic Court of Kyiv Region is located at B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: LLC INGER Saperno-Slobidska Str. 25 03039 Kyiv Region Ukraine KRASNODONVUGILLYA: Lugansk Court Starts Bankruptcy Supervision -------------------------------------------------------------- The Economic Court of Lugansk Region commenced bankruptcy supervision procedure on OJSC Krasnodonvugillya (code EDRPOU 20278335) on May 30. The case is docketed under Case No. 21/52 b The Temporary Insolvency Manager is: M. Horoshevskij Cheluskintsiv Str. 143/85 Lugansk Region Ukraine The Economic Court of Lugansk Region is located at: Geroiv VVV Square 3a 91000 Lugansk Region Ukraine The Debtor can be reached at: OJSC Krasnodonvugillya Komsomolska Str. 5 Krasnodon Lugansk Region Ukraine OVIOLA: Court Names Svitlana Babich as Insolvency Manager --------------------------------------------------------- The Economic Court of Dnipropetrovsk Region appointed Svitlana Babich as Liquidator/Insolvency Manager for LLC Oviola (code EDRPOU 32627459). The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 29. The case is docketed under Case No. B 24/132-06. She can be reached at: Svitlana Babich Karl Marks Avenue 65/205 49000 Dnipropetrovsk Region Ukraine The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine PARITET: Court Names Ludmila Zayikina as Insolvency Manager ----------------------------------------------------------- The Economic Court of Dnipropetrovsk Region appointed Ludmila Zayikina as Liquidator/Insolvency Manager for LLC Paritet (code EDRPOU 32388076). She can be reached at: Ludmila Zayikina Melnikov Str. 2/10 01001 Kyiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 15. The case is docketed under Case No. B 40/113/06. The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Paritet Zaporizke shose Str. 74/341 49000 Dnipropetrovsk Region Ukraine RENAISSANCE: Court Names Ludmila Pustovalova as Liquidator ---------------------------------------------------------- The Economic Court of AR Krym Region appointed Ludmila Pustovalova as Liquidator/Insolvency Manager for LLC Renaissance (code EDRPOU 32100349). The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 22. The case is docketed under Case No. 2-26/4027-2006. She can be reached at: Ludmila Pustovalova Lenin Str. 44-a/15 Vilino Bahchisaraj District 98433 AR Krym Region Russia The Economic Court of AR Krym Region is located at: Karl Marks Str. 18 Simferopol 95000 AR Krym Region Ukraine The Debtor can be reached at: LLC Renaissance Kujbishev Str. 4/64 Simferopol 95034 AR Krym Region Russia TOKARCHUK: Zaporizhya Court Names V. Ishenko as Liquidator ---------------------------------------------------------- The Economic Court of Zaporizhya Region appointed Mr. V. Ishenko as Liquidator/Insolvency Manager for LLC Production-Commercial Firm Tokarchuk. He can be reached at: V. Ishenko Melitopol, a/b 21 Zaporizhya Region Ukraine The Economic Court of Zaporizhya Region is located at: Shaumyana Str. 4 69001 Zaporizhya Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on June 7. The case is docketed under Case No. 25/116/06. The Debtor can be reached at: LLC Production-Commercial Firm Tokarchuk Dekabristiv Str. 52 Melitopol 72304 Zaporizhya Region Ukraine YAVA: Dnipropetrovsk Court Starts Bankruptcy Supervision -------------------------------------------------------- The Economic Court of Dnipropetrovsk Region commenced bankruptcy supervision procedure on LLC Yava (code EDRPOU 20278335). The case is docketed under Case No. B 15/167/05. The Temporary Insolvency Manager is: Tetyana Mihajlidi Olejnikov Str. 7/63 Krivij Rig 50050 Dnipropetrovsk Region Ukraine The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Yava Kosmonavtiv Str. 43 Krivij Rig 50071 Dnipropetrovsk Region Ukraine =========================== U N I T E D K I N G D O M =========================== A.K. RESPONSE: Appoints Liquidator from Critchleys -------------------------------------------------- Anthony John Harris of Critchleys was appointed Liquidator of A.K. Response Limited on May 16 by resolutions of members and creditors. The company can be reached at: A.K. Response Limited Unit N11 Troon Business Center Humberstone La Leicestershire LE4 7JW United Kingdom Tel: 0116 246 0589 AGCO CORP: Moody's Affirms Low-B Ratings and Changes Outlook ------------------------------------------------------------ Moody's Investors Service affirmed AGCO Corporation's Ba2 corporate family rating and B1 senior subordinated rating, and changed the company's outlook to stable from negative. The affirmation and change in outlook reflect Moody's expectation that the company's successful cost reduction and working capital management initiatives will support further improvement in free cash flow and key credit metrics, despite the severe slowdown in Latin American agricultural equipment markets and the more moderate declines in North American and European markets. The outlook also anticipates that one of AGCO's key near-term financial priorities will be utilizing free cash flow to strengthen its balance sheet by reducing debt or increasing cash reserves. In addition, the rating agency expects that any material shareholder enhancement initiatives will be undertaken only to the extent that free cash generation remains strong, and that such initiatives would still allow for further improvement in credit metrics. The agricultural equipment market consists of three global players including AGCO and a number of regional competitors. A key component of AGCO's operating strategy has been to act as a consolidator by steadily undertaking acquisitions and aggressively reducing costs through restructuring programs as the acquired operations were integrated. Throughout this process AGCO has largely preserved its position as an assembler with a relatively low degree of vertical integration and fixed costs. Moody's believes that AGCO has established a globally competitive product line and a solid distribution system. Consequently, further strategic and large tactical acquisitions are unlikely. In addition, the progress AGCO has made in lowering its cost structure and reducing inventory levels should enable it to improve operating margins despite the downturn in agricultural equipment markets, particularly Latin America. As a result of the current downturn in demand, AGCO's operating performance has eroded and credit metrics are weak for the current rating level. For the last twelve months to June 2006 operating margins declined to 5.2% from 6.1% in 2004, EBIT/interest was only 2.1x, and debt/EBITDA was a relatively high 5.1x. Importantly, however, free cash flow has remained positive and approximated US$100 million for the LTM to June -- excluding the transfer of interest bearing wholesale receivables to it finance joint venture. Although overall demand through 2006 will remain near or modestly below recent levels, Moody's believes that the benefits of AGCO's operational restructurings are gaining traction. As a result, credit metrics should begin to show steady improvement and should position the company more solidly within the Ba2 rating category, with interest coverage approaching 2.5x, debt/EBITDA falling below 4.5x, and free cash flow approaching US$150 million. Notwithstanding Moody's expectation that AGCO's credit metrics will improve, the company will continue to face considerable cyclicality in its markets, as evidenced by the current downturn and by the company's current focus on strengthening its balance sheet. Moreover, while AGCO benefits from approximately US$100 million in annual free cash flow and a largely unutilized US$300 million revolving credit facility, the robustness of the company's liquidity position is moderated by limited head room under the revolver's financial covenants and by the fact that the majority of its assets have been pledged as collateral under its revolving credit facility and a US$400 million term loan. AGCO Corporation, headquartered in Duluth, GA, is a global designer, manufacturer and distributor of agricultural equipment and related replacement parts. AUTOPRUFE LIMITED: Creditors Resolve to Voluntary Liquidation ------------------------------------------------------------- Creditors of Autoprufe Limited resolved on May 22 to voluntarily liquidate the company's assets. Subsequently, Richard Frank Simms and Martin Richard Buttriss of Insol House were appointed Joint Liquidators. The company can be reached at: Autoprufe Limited Bodmin Road Coventry CV2 5DB United Kingdom Tel: 024 7661 2318 BASIL FREIGHT: Joint Liquidators Take Over Operations ----------------------------------------------------- Jason James Godefroy and Paul John Clark of Menzies Corporate Restructuring were appointed Joint Liquidators of Basil Freight Limited on May 17 by members and creditors. The appointment was confirmed at a meeting of creditors held on same day. The company can be reached at: Basil Freight Limited 14 Roberts Road Basildon Essex SS156AY United Kingdom Tel: 01268 542 233 BIG GIRL: Nominates Andreas Georgiou Kakouris as Liquidator ----------------------------------------------------------- Andreas Georgiou Kakouris was nominated Liquidator of Big Girl Limited on May 17 after creditors opted to voluntarily wind up the company. The company can be reached at: Big Girl Limited 35 Grafton Way London W1T 5DB United Kingdom Tel: 020 7388 9825 BRENTWOOD TYRES: Confirms Peter George Byatt Liquidator ------------------------------------------------------- Peter George Byatt was appointed Liquidator of Brentwood Tyres Limited at an extraordinary general meeting on May 22. The appointment was confirmed at a subsequent meeting of creditors held on the same day. The company can be reached at: Brentwood Tyres Limited 18 Gresham Road Brentwood Essex CM14 4HN United Kingdom Tel: 01277 215 521 BRETT VALLEY: Placed Into Voluntary Liquidation ----------------------------------------------- Creditors of Brett Valley Joinery Limited placed the company into voluntary liquidation on May 17. Steven M. Law of Ensors was appointed Liquidator. The company can be reached at: Brett Valley Joinery Limited Pound Lane Hadleigh Ipswich IP7 5EQ United Kingdom Tel: 01473 824 410 Web: http://www.brettvalley.co.uk/ CHAUCER HOLDINGS: A.M. Best Keeps bb+ Rating on GBP20-Mln Loan -------------------------------------------------------------- A.M. Best Co. affirmed the Best's Syndicate Rating of A and the issuer credit rating of a of Lloyd's Syndicate 1084. At the same time, A.M. Best affirmed the ICR of bbb- of Chaucer Holdings PLC, the ultimate parent company of the syndicate's managing agency, Chaucer Syndicates Limited, and the debt rating of bb+ on the GBP20-million subordinated convertible 8.5% 2008 loan stock of Chaucer Holdings PLC. The outlook for all remains stable. The syndicate benefits from the financial strength of the Lloyd's market, which underpins the security of all Lloyd's syndicates. The are based on A.M. Best's specific syndicate criteria. The also reflect the syndicate's strong prospective operating performance. A.M. Best anticipates adequate performance at near break-even when the 2005 year of account is closed, reflecting substantial losses from the U.S. hurricanes. However, a return to strong profitability is anticipated in 2006, reflecting improvement in rates for several of the syndicate's specialist lines of business. The syndicate is likely to particularly benefit from market firming for U.S. property, marine excess of loss and marine energy business. A.M. Best believes that syndicate 1084 has an excellent business profile within Lloyd's, supported by its leadership position on a substantial proportion of its business. CSL is the third- largest managing agent within Lloyd's (as measured by its managed capacity of GBP919 million [USD1.7 billion] in 2006) and underwrites a well diversified international account. COLT TELECOM: Names Lakh Jemmet as Managing Director for U.K. ------------------------------------------------------------- Colt Telecom Group S.A.'s Lakh Jemmett, managing director for Strategic Markets will become the new managing director for the U.K. The appointment is with immediate effect as Tim Wort leaves the company by mutual consent to pursue other interests. Mr. Jemmett has nearly 25 years telecom experience and, during his two years as its managing director, has made Strategic Markets the best performing region of COLT's business. Henri van der Vaeren, COLT's managing director for Benelux steps up to the role of managing director for Strategic Markets. The two managing directors will report to COLT's Group Chief Executive Jean-Yves Charlier. "Lakh is a seasoned professional with extensive telecoms experience and industry knowledge which will be invaluable in helping to grow our business in the U.K., given the strategic importance of this market," Jeans-Yves Charlier commented. Mr. Charlier added, "Henri has been very successful in growing COLT's business in the Benelux region and is well equipped to take on this expanded role and build on Lakh's success." "I would like to thank Tim for the contribution he has made in developing our business in the U.K. as the organization has gone through a period of major change. We wish him well for the future," he concluded. Strategic Markets in one of COLT's four geographic areas that includes Austria, Belgium/Luxembourg, Denmark, Ireland, Italy, The Netherlands, Portugal, Spain, Sweden and Switzerland. The other three geographic areas are the U.K., France and Germany. 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. * * * As reported in TCR-Europe on Aug. 8, Standard & Poor's Services raised its long-term corporate credit rating on European business telecommunications provider COLT Telecom Group Ltd. to 'B' from 'B-'. The issue on COLT's existing senior unsecured notes were also raised to 'B' from 'B-' and removed from CreditWatch. At the same time, Standard & Poor's assigned its 'B' long-term corporate credit rating to COLT Telecom Group S.A., the new ultimate parent of COLT. The outlook is stable. As reported in TCR-Europe onn July 28, Moody's Investors Service upgraded the rating of COLT Telecom Group Ltd.'s senior notes to B2 from B3 following the successful completion of the equity offering by COLT Telecom Group S.A. Concurrently Moody's assigned a B2 corporate family rating to COLT S.A. and removed the B3 corporate family rating of COLT Telecom Group Ltd. CORUS GROUP: Deutsche Bank AG Acquires 3.02% Equity Stake --------------------------------------------------------- Corus Group plc received notification from Deutsche Bank AG London that, in accordance with Section 198-202 of the UK Companies Act 1985, Deutsche Bank AG and its subsidiary companies have a notifiable interest in 27,084,028 ordinary shares amounting to 3.02% of Corus Group plc's issued share capital. Part of this holding may relate to hedging arrangements for customer transactions. Deutsche Bank AG is a corporation domiciled in Frankfurt, Germany, of which Deutsche Bank AG London is a branch. About Corus Group Corus Group PLC -- http://www.corusgroup.com/-- produces metal from its major operating facilities in the U.K., the Netherlands, Germany, France, Norway, Belgium and Canada. Corus turns over GBP10 billion annually and employs 47,300 in over 40 countries and sales offices and service centers worldwide. Corus was created through the merger of British Steel plc and Koninklijke Hoogovens N.V. The group suffered six years ago from the crisis in British manufacturing, which prompted it to shake up management, close plants, cut jobs, and sell assets to lower debt. Its debt was thought to stand at GBP1.6 billion in 2002. After posting a net loss of GBP458 million in 2003, it embarked on a restructuring program, signed a new EUR1.2 billion banking facility, and issued GBP307 million worth of shares. It returned to operating profit in the first quarter of 2004. The recent recovery of steel prices and the strength of the euro are expected to help it achieve relatively strong earnings. * * * As reported by TCR-Europe on June 21, Standard & Poor's removed Corus Group PLC's CreditWatch and raised its long-term corporate credit rating to 'BB' from 'BB-', reflecting the group's improved financial risk profile. S&P said the Outlook is stable. The 'B' short-term corporate credit rating was also removed from CreditWatch and was affirmed. At the same time, Standard & Poor's removed from CreditWatch and raised its senior secured bank loan on Corus to 'BB+' from 'BB', and its senior unsecured debt on Corus and Corus Finance PLC to 'BB-from 'B+'. As reported by Troubled Company Reporter-Europe on March 23, Fitch changed Corus Group PLC's Outlook to Positive from Stable and affirmed the Issuer Default Rating at BB- following the company's announcement of its 2005 results and plan to dispose its aluminium business for EUR826 million. Corus' affirmed debt instruments include: a) Corus Group PLC EUR800 mln 7.5% senior notes B+; b) Corus Group PLC EUR307 mln 3.0% convertible bonds B+; c) Corus Finance PLC GBP200 mln 6.75% guaranteed bonds B+; and d) Corus Finance PLC EUR20 mln 5.375% guaranteed bonds B+. As reported in the TCR-Europe on May 11, Moody's Investors Service upgraded Corus Group plc's corporate family rating to Ba2, upgraded its senior unsecured and supported unsecured obligations to B1 and raised senior secured bank facility to Ba1. ESHER PROPERTY: Taps Joint Liquidators from Gibson Hewitt --------------------------------------------------------- Lynn Gibson and Robert David Hewitt of Gibson Hewitt were appointed Joint Liquidators of Esher Property Preservation Limited on May 19. The appointment was confirmed at a meeting of creditors held on the same day. The company can be reached at: Esher Property Preservation Limited Esher Station Sidings Station Road Esher Surrey KT10 8DY United Kingdom Tel: 020 8398 0710 GAZPROM MARKETING: Sets up Subsidiaries in U.S. & France -------------------------------------------------------- Gazprom Marketing & Trading Ltd., part of the Gazprom Group of companies, has registered in June this year its Houston-based Gazprom Marketing & Trading U.S.A., Inc. and Paris-based Gazprom Marketing & Trading France SAS subsidiaries. Gazprom Marketing & Trading U.S.A., Inc. will be engaged on behalf of OAO Gazprom in LNG and natural gas marketing operations in the USA as well contribute to expanding the Group's presence in the USA on a long-term basis. Mr. John Hattenberger has been named as the Managing Director of Gazprom Marketing & Trading U.S.A., Inc. Gazprom Marketing & Trading France S.A.S. has been founded to supply natural gas to French end consumers and solidify the Gazprom Group's standing in various sectors of the French energy industry. Mr. Yuri Virobian has been appointed as the President of Gazprom Marketing & Trading France SAS. Entering the Gazprom Group of companies, Gazprom Marketing & Trading Ltd. was established in the U.K. in 1999. In August 2005, the company entered with Shell Western B.V. and BG Group into an agreement to supply LNG to the US market. The first LNG carrier arrived at the Cove Point regasification terminal (Maryland, U.S.A.) on Sept. 2, 2005. In November 2005, Gazprom Marketing & Trading Ltd. signed an LNG supply agreement with Gaz de France, MED LNG & GAS and Shell. An LNG carrier was sold to Shell Western LNG and supplied to the Cove Point regasification terminal in early December 2005. In April 2006, Gazprom Marketing & Trading Ltd. effectuated the first LNG shipment to the U.K.-based Isle of Grain terminal. LNG was purchased from Gaz de France and sold to British Petroleum owning capacity at the reception terminal. The LNG supply volume averaged 140 thousand cubic meters (equivalent to some 85 million cubic meters of natural gas). In order to promote direct sales to U.K. final customers, Gazprom Marketing & Trading Ltd. acquired in June 2006 the gas retail business of Pennine Natural Gas Limited. Mr. John Hattenberger graduated from the University of Minnesota as the Bachelor of Science in Chemical Engineering. Mr. Hattenberger has been overseeing natural gas and LNG supply, gas exploration, production and marketing in Marathon Oil, El Paso Global LNG, TransCanada Pipelines Ltd., BP. Prior to his appointment as the Managing Director of Gazprom Marketing & Trading USA, Inc. Mr. Hattenberger has been promoting the Gazprom Group's LNG business in the U.S.A. Mr. Yuri Virobian graduated from the Moscow State Institute of Foreign Relations and has a 14-year business experience with Soyuzgazexport in France and Russia. Over a 12-year period Mr. Virobian has been the Commercial Director with Prodintern SA and Rokol SA. In 2004, Mr. Virobian was named as the Head of the Gazexport representative office in France. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX: GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. Standard & Poor's Services raised on Jan. 17, 2006, its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. * * * As reported in TCR-Europe on Jan. 18, Standard & Poor's Services raised its long-term corporate credit rating on OAO Gazprom to 'BB+' from 'BB'. As reported in the TCR-Europe on Oct 27, 2005, Fitch upgraded Gazprom International S.A. Series 1 US$1.25-billion structured export notes due Feb. 1, 2020 (XS0197695009) to 'BBB' from 'BBB-'. The upgrade follows Fitch's upgrade of OAO Gazprom's, the world's largest gas company, Senior Unsecured local and foreign currency to 'BB+' from 'BB', and a change in Gazprom's going concern assessment, which is now equivalent to a 'BBB' rating compared to 'BBB-' previously. GMAC LLC: Pending Sale Spurs S&P to Keep Rating on CreditWatch -------------------------------------------------------------- Standard & Poor's Services said its rating on GMAC LLC, formerly General Motors Acceptance Corp., remain on CreditWatch, where they were placed on Oct. 3, 2005, pending completion of General Motors Corp.'s planned sale of 51% of its ownership interest in GMAC to a consortium led by Cerberus Capital Management. Upon completion of the sale, Standard & Poor's is likely to raise the to 'BB+/B-1'. "Several key closing conditions have recently been satisfied, including the Pension Benefit Guaranty Corp.'s assurance that it would not, as a result of the GMAC transaction, take action under ERISA to terminate GM's pension plans or impose liability on the purchaser or GMAC," explained Standard & Poor's credit analyst Scott Spritzen. In addition, Cerberus was granted U.S. FTC anti-trust approval for the transaction, and GMAC finalized a US$10 billion funding facility with Citigroup. HENLEY SPRING: Nominates Paul John Webb as Liquidator ----------------------------------------------------- Paul John Webb of Mayfields Insolvency Practitioners was nominated Liquidator of Henley Spring Company Limited on May 19 after creditors decided to voluntarily wind up the company. The company can be reached at: Henley Spring Company Limited Unit 2 32 Crooks Lane Studley Warwickshire B80 7QX United Kingdom Tel: 01527 857 446 HOT FAVOURITES: Hires David Wald to Liquidate Assets ---------------------------------------------------- David Wald of D Wald & Co. was appointed Liquidator of Hot Favourites Limited on May 22 after creditors opted to voluntarily wind up the company. The company can be reached at: Hot Favourites Limited 15a Howard Drive Borehamwood Hertfordshire WD6 2NY United Kingdom Tel: 020 8953 3534 INN DIRECT: Probe Results Prompt Compulsory Liquidation ------------------------------------------------------- Inn Direct Ltd. went into compulsory liquidation on July 26 following an investigation by the Companies Investigation Branch of the Insolvency Service. The petition to wind up the company in the public interest was presented on June 9 under the provisions of Section 124A of The Insolvency Act 1986 following enquiries conducted under the provisions of Section 447 of the Companies Act 1985. Bradford-based Inn Direct Limited claimed to offer a unique high-quality recruitment and training service for people looking to manage public houses. Client were induced into paying a fee of GBP5,000 plus VAT for services which included training and guaranteed placement of their choice from a selection of 1,000 public houses. During its investigation, CIB found that Inn Direct Limited had misled its clients. The company's promises of customer choice and a placement were not guaranteed, because Inn Direct Limited could only find placements in a limited number of public houses operated by companies already under the control of an associated company from which Inn Direct Limited had previously taken over the recruitment business. CIB's investigation also found that, the company failed to keep adequate accounting and general records. This made it impossible to establish the full extent and nature of the company's income and expenditure or determine if it had placed all its clients in public houses as promised. The manner in which Inn Direct Limited traded was similar to that of Tudor Inns Limited, which had traded between August 2001 and December 2002. Tudor Inns Limited went into compulsory liquidation on April 18, 2005. JJ TOYS: Peter Maurice Levy Leads Liquidation Procedure ------------------------------------------------------- Peter Maurice Levy of Levy & Partners was appointed Liquidator of JJ Toys Limited on May 9 by resolutions of members and creditors. The company can be reached at: JJ Toys Limited 5 Station Road Gerrards Cross Buckinghamshire SL9 8ES United Kingdom Tel: 01753 882952 LIVERPOOL PLUS: Taps Jonathan R. Booth to Liquidate Assets ---------------------------------------------------------- Jonathan R. Booth of Parkin S. Booth & Co. was appointed Liquidator of Liverpool Plus Limited on May 16 by resolutions of members and creditors. The company can be reached at: Liverpool Plus Limited 19 Castle Street Liverpool L2 4SX United Kingdom Tel: 0151 242 5566 MARKEL CORP: Moody's Assigns Low-B Ratings to Subordinated Debt --------------------------------------------------------------- Moody's Investors Service has assigned a Baa3 rating to the planned US$100 to US$150 million of senior debentures to be issued by Markel Corporation. The notes constitute a drawdown from an existing shelf registration statement, and the majority of proceeds are expected to be used to repay the company's Junior Subordinated Debentures, callable Jan. 1, 2007. The outlook for the rating is stable. The rating reflects the company's strong position in specialty and excess and surplus property & casualty segments, with a well-diversified mix of specialty and niche businesses. Moody's believes that MKL is well positioned to take advantage of relatively strong, though softening, market conditions in the commercial lines sector. The company also benefits from solid underwriting results in its North American and Specialty segments, and has a high quality, liquid fixed income investment portfolio. The company's strengths are offset to a degree by: -- its exposure to volatile and long-tailed lines of business, -- relatively high underwriting and financial leverage, significant exposure to catastrophes, and -- a recent history of poor performance in its international segment. Markel's debt issuance will have a moderate impact on the company's financial leverage over the next two quarters, with Moody's adjusted debt-to-capital rising to 38% from its current level of 34%. While this metric is high in relation to similarly rated peers, Moody's expects leverage to decline over the medium term. Interest coverage is strong at approximately 8x. Parent company liquidity is also robust given significant cash and liquid investments at the ultimate holding company. Going forward, Moody's expects the holding company to maintain cash coverage of interest at the holding company of at least 2x or higher. Moody's also assigned provisional to securities that may be issued under the company's multi-seniority shelf registration: Markel Corporation -- provisional senior unsecured debt at(P)Baa3, -- provisional subordinated and junior subordinated debt at (P)Ba1, and -- provisional preferred stock at (P)Ba2. Moody's last rating action on Markel occurred on Dec. 2, 2005, when Moody's withdrew the provisional for two universal shelves that were no longer effective because of their full utilization and lack of remaining capacity. Markel Corporation, headquartered in Glen Allen, Virginia, is an insurance holding company for both US and international subsidiaries that underwrite specialty property and casualty insurance coverages and programs. For the six months ending June 30, 2006, Markel reported net written premium of US$1.1 billion and net income of US$167 million. As of June 30, 2006, shareholders' equity was US$1.7 billion. MAXOL UK: Names Liquidator to Wind Up Business ---------------------------------------------- Gerald Irwin of Irwin & Company was named Liquidator of Maxol UK Limited on May 19 by resolutions of members and creditors. The company can be reached at: Maxol UK Limited Acorn House 22 High Street Sutton Coldfield West Midlands B72 1UX United Kingdom Tel: 0121 321 3231 ORPINGTON STEREO: Brings In Joint Liquidators from Gibson Hewitt ---------------------------------------------------------------- Lynn Gibson and Robert David Hewitt of Gibson Hewitt were appointed Joint Liquidators of Orpington Stereo Car Limited on May 18. The appointment was confirmed at a meeting of creditors held on the same day. The company can be reached at: Orpington Stereo Car Limited 90 High Street Orpington Kent BR6 0JY United Kingdom Tel: 01689 891 521 PRESTIGE MOTOR: Taps Liquidator from Singla & Co. ------------------------------------------------- Surjit Kumar Singla of Singla & Co. was appointed Liquidator of Prestige Motor Works Limited on May 22 after creditors resolved to wind up the company. The company can be reached at: Prestige Motor Works Limited 15-16 Liddell Road London NW6 2EW United Kingdom Tel: 020 7372 8811 PRIMUS TELECOM: June 30 Balance Sheet Upside-Down by US$464 Mln --------------------------------------------------------------- PRIMUS Telecommunications Group, Incorporated, filed its second quarter financial statements for the three months ended June 30, 2006, with the Securities and Exchange Commission on Aug. 9, 2006. The Company reported a US$219.954 million net loss on US$252.323 million of net revenues for the second quarter ended June 30, 2006, compared with US$44.189 million net loss on US$290.638 million of net revenues for the same period in 2005. United States and Other United States and Other net revenue decreased US$4.3 million or 8.3% to US$47.3 million for the three months ended June 30, 2006, from US$51.6 million for the three months ended June 30, 2005. The decrease is primarily attributed to a decrease of US$7.7 million in retail voice services (including declines in residential and small business voice services, prepaid services, and wireless), and an US$800,000 decrease in Internet services. These decreases were partially offset by an increase of US$2.0 million in carrier services, and an increase of US$2.0 million in retail VOIP services. Canada Canada net revenue increased US$7.2 million or 11.6% to US$70.1 million for the three months ended June 30, 2006, from US$62.9 million for the three months ended June 30, 2005. The increase is primarily attributed to an increase of US$6.0 million in VOIP and wireless services, a US$1.4 million increase in prepaid services, and a US$1.0 million increase in Internet services. These increases were partially offset by a decrease of US$1.1 million in retail voice services. The strengthening of the Canadian dollars against the U.S. dollars accounted for a US$6.7 million increase to revenue, and which reflects changes in the exchange rates for the three months ended June 30, 2006, to the three months ended June 30, 2005. Europe European net revenue decreased US$31.2 million or 36.0% to US$55.3 million for the three months ended June 30, 2006, from US$86.5 million for the three months ended June 30, 2005. The decrease is primarily attributable to a decrease of US$15.7 million in prepaid services (including decreases of US$13.9 million in the Netherlands and US$1.9 million in Sweden), a US$14.2 million decrease in carrier services due to reductions in lower margin sales, and a decrease of US$1.1 million for retail voice services. During the second quarter 2006, the Company restructured the majority of its retail prepaid services business into a wholesale business. The weakening of the European currencies against the U.S. dollar accounted for an US$800,000 decrease to revenue, when comparing the exchange rates for the three months ended June 30, 2006, to the three months ended June 30, 2005. Asia-Pacific Asia-Pacific net revenue decreased US$10.2 million or 11.3% to US$79.5 million for the three months ended June 30, 2006, from US$89.7 million for the three months ended June 30, 2005. The decrease is primarily attributable to a US$6.8 million decrease in residential voice services, a US$6.0 million decrease in dial-up Internet services, a US$1.5 million decrease in other retail services (including declines in wireless and other services). These decreases were partially offset by a US$3.4 million increase in Australia DSL services, and an increase of US$600,000 in business services. The weakening of the Australian dollars against the U.S. dollars accounted for a US$2.6 million decrease to revenue, which reflects changes in the exchange rates for the three months ended June 30, 2006, to the three months ended June 30, 2005. At June 30, 2006, the Company's balance sheet showed US$414.262 million in total assets and US$878.377 million in total liabilities, resulting in a US$464.115 million stockholders' deficit, as compared with US$236.334 million deficit at Dec. 31, 2005. The Company's June 30 balance sheet also showed strained liquidity with US$232.205 million in total current assets available to pay US$266.680 million in total current liabilities coming due within the next 12 months. Full-text copies of the Company's second quarter financials are available for free at http://ResearchArchives.com/t/s?f73 Going Concern Doubt As reported in the Troubled Company Reporter on June 19, 2006, Deloitte & Touche LLP expressed substantial doubt about PRIMUS Telecommunications Group, Incorporated's ability to continue as a going concern after auditing the Company's financial statements for the fiscal year ended Dec. 31, 2005. The auditing firm pointed to the Company's recurring losses from operations, the maturity of US$23.6 million of the 5-3/4% convertible subordinated debentures due February 2007, negative working capital, and stockholders' deficit. About PRIMUS Based in McLean, Virginia, PRIMUS Telecommunications Group, Incorporated (NASDAQ: PRTL) -- http://www.primustel.com/-- is an integrated communications services provider offering international and domestic voice, voice-over-Internet protocol, Internet, wireless, data and hosting services to business and residential retail customers and other carriers located primarily in the United States, Canada, Australia, the United Kingdom and western Europe. PRIMUS provides services over its global network of owned and leased transmission facilities, including approximately 350 points-of-presence throughout the world, ownership interests in undersea fiber optic cable systems, 16 carrier-grade international gateway and domestic switches, and a variety of operating relationships that allow it to deliver traffic worldwide. * * * As reported in the Troubled Company Reporter on April 7, 2006, Standard & Poor's Services lowered its on PRIMUS Telecommunications Group Inc., including the corporate credit rating, which was downgraded to 'CCC' from 'CCC+'. S&P said the outlook is negative. REDLINE RECRUITMENT: Taps PKF as Joint Administrators ----------------------------------------------------- Kerry Bailey and Jonathan D. Newell of PKF (U.K.) LLP were appointed joint administrators of Redline Recruitment Limited (Company Number 3738037), Redline Recruitment (Bradford) Limited (Company Number 4151344) and Redline Recruitment (Manchester) Limited (Company Number 4254029) on July 11. PKF (U.K.) LLP -- http://www.pkf.co.uk-- is one of U.K.'s leading firms of accountants and business advisers, which specializes in advising the management of developing private and public businesses. Its principal services include assurance & advisory; corporate finance; corporate recovery & insolvency; forensic; management consultancy and taxation. It also offers financial services through its FSA authorized company, PKF Financial Planning Limited. Redline Recruitment Limited, Redline Recruitment (Bradford) Limited and Redline Recruitment (Manchester) Limited are recruitment consultants. REFCO INC: Eight Refco LLC Claimants Can File Consolidated Claim ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York authorizes certain entities that expressed intent to file similar proofs of claim against Refco, LLC, to lodge a single master proof of claim that will be deemed to have been filed against the Debtor on their behalf. The Refco Claimants include: * Bersec International, LLC, * Cargill Investor Services Limited, * Haut Commodities, LLC, * Kroeck & Associates, LLC, * Lind-Waldock Financial Partners, LLC, * Lind-Waldock Securities LLC, * Marshall Metals, LLC, and * New Refco Group Ltd., LLC. Nothing will prohibit the Refco Claimants from filing individual proofs of claim in lieu of a Master Proof of Claim against Refco LLC. In a separate order, Judge Drain grants Skadden, Arps, Slate, Meagher & Flom LLP, until 5:00 p.m. on Oct. 17, 2006, to file a proof of claim against Refco LLC for professional services rendered before Nov. 25, 2005. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News, Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/). REFCO INC: Chapter 7 Trustee Can Sublease Space to F.S. Trading --------------------------------------------------------------- The United States Bankruptcy Court for the Southern District of California gave Albert Togut, the Chapter 7 Trustee overseeing the liquidation of Refco, LLC's estate, authority to assume and assign the Sublease to S. French Enterprises, Inc., dba F.S. Trading. Refco LLC subleases a portion of the 47th floor of a building at 1 North Wacker Drive, in Chicago, Illinois, from Citadel Investment Group, L.L.C. The lease is for five years, from Dec. 1, 2003, through Nov. 30, 2008. The Sublease calls for payment of: (a) $4,463.13 per month through Nov. 30, 2004; (b) $4,583.75 per month from Dec. 1, 2004, through Nov. 30, 2005; (c) $4,704.38 per month from Dec. 1, 2005, through Nov. 30, 2006; (d) $4,825 per month from Dec. 1, 2007, through Nov. 30, 2007; and (e) $4,945.63 per month from Dec. 1, 2007, through Nov. 30, 2008. Refco LLC is also required to pay a portion of taxes and operating expenses, including certain utility costs. Albert Togut, the Chapter 7 Trustee overseeing the liquidation of Refco, LLC's estate, evaluated the Sublease to ensure that it remained subject to possible assumption and assignment to Man Financial, Inc., which acquired Refco's regulated commodities futures merchant business and certain contracts. However, Man advised Mr. Togut that it did not want to take an assignment of the Sublease. The Chapter 7 Trustee says assuming and assigning the lease will minimize the Refco LLC estate's liabilities and maximize its Assets. FS Trading is willing to assume the Sublease, including Refco LLC's obligations to pay the monthly rent for the remainder of the Sublease term, Scott E. Ratner, Esq., at Togut, Segal & Segal LLP in New York, informs the Court. Mr. Ratner also notes that Citadel is willing to accept FS Trading as replacement tenant, including the payment of rent directly from -- and the performance of any other obligations under the Sublease by -- FS Trading. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for Chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for Chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Albert Togut, the Chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s Chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for Chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News, Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/). REFCO: Chapter 11 Trustee Hires Conyers Dill as Bermuda Counsel --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York authorizes Marc Kirschner, the Chapter 11 trustee overseeing the Refco Capital Markets, Ltd.'s estate, to employ Conyers Dill & Pearman, as his special Bermuda counsel. Judge Robert Drain rules that if Conyers Dill seeks a waiver to represent Russia Growth Fund Ltd., on any matter in which the counsel would be adverse to RCM, and the RCM Trustee chooses not to grant the requested waiver, then: (i) Conyers Dill may withdraw from further representation of RCM and may represent RGF on any matter; and (ii) neither RCM nor the RCM Trustee will assert, or permit anyone on RCM's behalf to assert, that Conyers Dill's prior representation of RCM should disqualify it from representing RGF in any manner. Conyers Dill may be compensated in accordance with an engagement letter with the RCM Trustee, subject to applicable requirements for payment of fees and disbursements. No party may challenge Conyers Dill's fees under Section 328(c) of the Bankruptcy Code to the extent the Bermuda counsel provides services to RGF consistent with the provisions of the Order and the Agreement. Tina L. Brozman, Esq., at Bingham McCutchen LLP in New York, tells the Court that on October 19, 2005, RCM and Refco Global Finance, Ltd., filed voluntary winding up petitions in Bermuda. On October 26, 2005, the Bermuda court appointed joint provisional liquidators in the Bermuda Proceedings. Conyers Dill will: (1) advise the Trustee with respect to his powers and duties under Bermuda law in the management and operation of RCM's business and properties; (2) attend meetings and negotiate with representatives of creditors and other parties-in-interest of RCM in Bermuda and advise and consult on the conduct of the case, including all of the legal and administrative requirements of operating in a provisional liquidation parallel to a U.S. bankruptcy proceeding; (3) take all necessary actions to protect and preserve the RCM estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which RCM and the Trustee may be involved in Bermuda and objections to claims filed in Bermuda against the estate; (4) interface and coordinate with the joint provisional liquidators and any analogous parties that may be appointed under the laws of various jurisdictions; (5) prepare on behalf of the Trustee all motions, applications, answers, orders, reports and papers necessary to the administration in Bermuda of the RCM estate; (6) negotiate and prepare on the Trustee's behalf, a scheme of arrangement or other resolution of the RCM estate, explanatory statements and all related agreements and documents and take any necessary action on behalf of RCM to obtain approval of the scheme or other resolution of the RCM estate; and (7) appear before the Bermuda Supreme Court, the Bermuda Court of Appeal, Bermuda Magistrate Courts and Bermuda regulatory bodies and protect the interests of RCM's estate before the Bermuda courts and regulators. Robin J. Mayor, Esq., a partner at Conyers Dill, is one of the lead professionals from her firm performing services to the Trustee. Ms. Mayor charges US$575 per hour her services. Other Conyers Dill expected to be primarily involved in the case and their current hourly rates are: Professional Designation Hourly Rate ------------ ----------- ----------- David Cooke Partner US$605 Paul Smith Counsel US$575 Daina Casling Associate US$350 Guy Cooper Associate US$340 The firm's customary rates are: Designation Hourly Rate ----------- ----------- Partners US$420 - US$620 Associates US$300 - US$540 Ms. Mayor assures the Court that Conyers Dill does not represent any interest materially adverse to RCM, its creditors and its estate. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News, Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/). RUDE WERCS: Hires Joint Liquidators from BDO Stoy Howard -------------------------------------------------------- Geoffrey Stuart Kinlan and Anthony David Nygate of BDO Stoy Howard LLP were appointed Joint Liquidators of Rude Wercs Limited on May 9. The appointment was confirmed at a subsequent meeting of creditors held on the same day. The company can be reached at: Rude Wercs Limited 296 Railway Arches Cambridge Heath Road London E2 9HA United Kingdom Tel: 020 7729 4815 RYACK TRANSPORT: Creditors' Meeting Slated for August 21 -------------------------------------------------------- Creditors of Ryack Transport Limited (Company Number 05346576) will meet at 12:00 noon on Aug. 21 at: DTE House Hollins Mount Bury BL9 8AT United Kingdom Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at 12:00 noon on Aug. 18 at: J. M. Titley and A. Poxon Joint Administrators DTE Leonard Curtis DTE House Hollins Mount Bury BL9 8AT United Kingdom Tel: 0161 767 1200 Fax: 0161 767 1201 DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. SATELLITE SHOWCASE: Calls In Liquidator from Tenon Recovery ----------------------------------------------------------- Ian William Kings of Tenon Recovery was appointed Liquidator of Satellite Showcase Limited on May 12 by resolutions of members and creditors. The company can be reached at: Satellite Showcase Limited Unit4 Ashley Estate Carr Wood Road Castleford WF104SR United Kingdom Tel: 01977 553 562 SELECTIVE PERSONNEL: Names Peter Bridger Liquidator --------------------------------------------------- Peter Bridger was named Liquidator of Selective Personnel Servies Limited on April 28 by resolutions of members and creditors. The company can be reached at: Selective Personnel Limited 15 Market Place Wantage Oxfordshire Ox128BQ United Kingdom Tel: 01235 770 703 TYWIRE BUILDERS: Creditors Confirm Liquidator's Appointment ----------------------------------------------------------- Gerard Keith Rooney of Rooney Associates was appointed Liquidator of Tywire Builders Limited on May 22. Subsequently, creditors confirmed the appointment on the same day. The company can be reached at: Tywire Builders Limited 434 Wellington Road North Stockport Cheshire SK4 5AD United Kingdom Tel: 0161 431 7922 UK-EURO GROUP: Court Orders Liquidation Following CIB Probe ----------------------------------------------------------- UK-Euro Group PLC was placed under compulsory liquidation by the High Court on July 26 following an investigation by the Companies Investigation Branch of The Insolvency Service. The petition to wind up the company in the public interest was presented on July 11, 2005, under section 447 of the Companies Act 1985. The Official Receiver was appointed provisional liquidator by the court to protect and preserve the assets and financial records of the company. UK-Euro Group PLC raised over GBP5 million from a public offering to fund the development and production of an emissions control system to extract harmful gases. Even though the product was never fully developed and the company failed to sell a single product, CIB's investigations found that UK-Euro Group PLC still paid out commissions to an "Investor Relations Team" of between 30% to 35% from the money it raised by selling shares. "The way in which the affairs of the company were conducted from the start to finish was a fraud on the public, deliberately perpetrated by Mr. Thomas [sic]," said Edward Bartley Jones QC, the High Court who heard the case. Before standing down their investigations, to allow CIB to complete their enquiries, the Financial Services Authority obtained a restraining order to prevent Mr. Thomas, one of UK Euro PLC's directors, from cold calling the investors. CIB's Investigation also found that the company's primary activity during its life was not the development and sale of emissions control systems, but the raising of monies from the public from the sale of its shares. The Company primarily utilized its funds either in the payment of commissions or in loans to subsidiaries or in paying salaries to Mr. Thomas, which the company could not support as UK-Euro Group PLC never sold a single unit. Headquartered in Neath, United Kingdom, UK-Euro Group PLC -- http://www.simplydemocracy.net/-- has an exclusive license to develop a revolutionary pollution emission control system with applications in automotive, industry and domestic situations. WELCOME INTERIORS: Nominates Liquidator from Simmonds & Company --------------------------------------------------------------- Gordon Allan Mart Simmonds of Simmonds & Company was nominated Liquidator of Welcome Interiors Limited after creditors agreed to voluntarily wind up the company. The company can be reached at: Welcome Interiors Limited Unit A1 Manfred Street Erskine Industrial Estate Liverpool L6 1AU United Kingdom Tel: 0151 261 1475 WINDERMERE VI: S&P Assigns BB Rating to Class E Notes ----------------------------------------------------- Standard & Poor's Services removed from CreditWatch with positive implications and affirmed the on the class B, C, D, and E commercial mortgage-backed floating-rate notes issued by Windermere VI CMBS PLC. At the same time, the on the class A2 notes were affirmed. The on the class B, C, D, and E notes were placed on CreditWatch positive on June 16 due to loan prepayments. At closing, the issued notes were backed by 10 loans originated by the U.K. branch of Lehman Brothers Commercial Paper Inc. and the London branch of Lehman Brothers Bankhaus AG. They were secured by 28 commercial properties in the U.K., of which 74% are in Greater London. The underlying loan portfolio had significant loan concentration, with one loan representing over 20% of the portfolio balance and three loans representing over 60%. Two of the loans, the LB Edinburgh House Portfolio and the Canary Wharf loan, made partial prepayments at the January 2006 interest payment date. Further prepayments were made at the April 2006 interest payment date by the Mid City Place loan, the Canary Wharf loan, and the 15 West Ferry Circus loan. All three loans are now fully prepaid. As at the April 2006 interest payment date, the underlying portfolio had paid down 61% of its initial balance. As a result of these prepayments, the class A1 notes have been fully redeemed. Scheduled amortization as at the July 2006 interest payment date has further reduced the balance by 1% to 62% of its initial balance. The prepayment funds from the LB Edinburgh House Portfolio, Mid City Place, and 15 West Ferry Circus loans were allocated to the notes pro rata, and the Canary Wharf prepayments were allocated sequentially, with the result that credit enhancement and leverage levels for the class A1, A2, B, C, D, and E notes improved. Although the credit enhancement and leverage levels appear to be sufficient to raise the on the notes, any rise is constrained by the increase in the exit LTV ratio levels. The loan portfolio is now characterized by increased loan concentration, with the largest three remaining loans (Maltings Shopping Centre, LB Edinburgh House Portfolio, and Cornmill Shopping Centre) representing 70% of the portfolio. Positive rating actions are further constrained by the increased exposure to both the Cornwall Shopping Centre and Victoria Square Shopping Centre loans, with the risk that either one of these may be the last remaining loan in the transaction. If this happens, it could lead to shortfalls on the class E notes. There is no available funds cap incorporated in this transaction so the losses will be attributed to the class E noteholders. The Maltings Shopping Centre, the largest loan in the pool, is secured by an uncovered shopping center in St Albans city center and was the fourth largest loan at closing. It now represents 28% of the pool. This is a part-amortizing loan with a current DSCR of 0.99x and a high LTV ratio of 88% based on our underwritten values. However, this loan has additional debt in the form of B-notes so the whole loan LTV ratio is 93.9%. The borrower made a top-up payment of GBP20,754 to ensure covenant compliance for the forward-looking ICR test. This was required because the ICR is due to step up from 105% to 110% at the October 2006 test date, which now falls within the projection period. Without the top-up payment, the ICR in October 2006 will be 1.07x, which will breach the requirement of 1.10x. Under the loan agreement, the borrower can make up to four consecutive top-up payments before an event of default occurs. Two top-up payments have already been made. Windermere VI CMBS PLC GBP704.3 Million Commercial Mortgage-Backed Floating-Rate Notes Removed From CreditWatch And Affirmed Class Rating ----- ------ To From -- ---- B AA AA/Watch Pos C A A/Watch Pos D BBB BBB/Watch Pos E BB BB/Watch Pos Rating Affirmed A2 AAA ZEN FUTURES: Appoints J. Clark As Liquidator -------------------------------------------- J. Clark of Carter Clark was appointed Liquidator of Zen Futures Limited on May 16 by resolutions of members and creditors. The company can be reached at: Zen Futures Limited River Reach 31-35 High Street Kingston Upon Thames Surrey KT1 1LF United Kingdom Tel: 020 8541 1400 * Upcoming Meetings, Conferences and Seminars --------------------------------------------- August 25, 2006 TURNAROUND MANAGEMENT ASSOCIATION Annual Fishing Trip Point Pleasant, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ August 29, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Citrus Club, Orlando, Florida Contact: 561-882-1331 or http://www.turnaround.org/ September 6, 2006 TURNAROUND MANAGEMENT ASSOCIATION 4th Annual Alberta Golf Tournament Kananaskis Country Golf Course, Kananaskis, Alberta Contact: 403-294-4954 or http://www.turnaround.org/ September 7, 2006 TURNAROUND MANAGEMENT ASSOCIATION Business Mixer TBA, Seattle, Washington Contact: 503-223-6222 or http://www.turnaround.org/ September 7-8, 2006 EUROMONEY Leveraged Finance Hotel Rey Juan Carlos I, Barcelona, Spain Contact: http://www.euromoneyplc.com/ September 7-8, 2006 TURNAROUND MANAGEMENT ASSOCIATION Saratoga Regional Conference Gideon Putnam Hotel, Saratoga Springs, New York Contact: http://www.turnaround.org/ September 7-9, 2006 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Wynn Las Vegas, Las Vegas, Nevada Contact: 1-703-739-0800; http://www.abiworld.org/ September 8-9, 2006 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium London, England Contact: http://www.turnaround.org/ September 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting Marriott Tyson's Corner, Vienna, Virginia Contact: 703-912-3309 or http://www.turnaround.org/ September 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBA, Secaucus, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ September 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION LI Turnaround Formal Event Long Island, New York Contact: http://www.turnaround.org/ September 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Function Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ September 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION Formal Event - Major Speaker to be Announced Long Island, New York Contact: 631-251-6296 or http://www.turnaround.org/ September 13-15, 2006 TURNAROUND MANAGEMENT ASSOCIATION Texas Regional Conference Hyatt Regency Resort & Spa Lost Pines, TX Contact: 870-760-7116 or http://www.turnaround.org/ September 14, 2006 TURNAROUND MANAGEMENT ASSOCIATION Kick-Off Reception Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ September 15, 2006 TURNAROUND MANAGEMENT ASSOCIATION BOK Review - Management Gardner Carton & Douglas, Chicago, IL Contact: 815-469-2935 or http://www.turnaround.org/ September 17-24, 2006 NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES Optional Alaska Cruise Seattle, Washington Contact: 800-929-3598 or http://www.nabt.com/ September 19-20, 2006 STRATEGIC RESEARCH INSTITUTE 2nd Annual Euro Distressed Debt Summit Le Meridien Parkhotel, Frankfurt, Germany Contact: http://www.srinstitute.com/ September 20, 2006 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner Bankers Club, Miami, Florida Contact: 561-882-1331 or http://www.turnaround.org/ September 21, 2006 TURNAROUND MANAGEMENT ASSOCIATION Restructuring Workshop With US Bankruptcy Judges Hale, Nelms and Lynn Belo Mansion - The Pavilion, Dallas, TX Contact: http://www.turnaround.org/ September 24, 2006 TURNAROUND MANAGEMENT ASSOCIATION Restructuring the Troubled High Tech Company Arizona Contact: http://www.turnaround.org/ September 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ September 27, 2006 TURNAROUND MANAGEMENT ASSOCIATION Joint Education Program with NYIC Joint Reception CFA/RMA/IWIRC Woodbridge Hilton, Iselin, NJ Contact: http://www.turnaround.org/ September 27, 2006 TURNAROUND MANAGEMENT ASSOCIATION 7th Annual Cross Border Business Restructuring and Turnaround Conference Banff, Alberta Contact: http://www.turnaround.org/ October 5, 2006 TURNAROUND MANAGEMENT ASSOCIATION Commercial Lenders Breakfast Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ October 10, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting Center Club, Baltimore, Maryland Contact: 703-912-3309 or http://www.turnaround.org/ October 11, 2006 TURNAROUND MANAGEMENT ASSOCIATION Professional Development Meeting Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ October 11-14, 2006 TURNAROUND MANAGEMENT ASSOCIATION 2006 Annual Conference Milleridge Cottage, Long Island, New York Contact: 312-578-6900; http://www.turnaround.org/ October 12, 2006 TURNAROUND MANAGEMENT ASSOCIATION UTS Fundamentals of Turnaround Management Mecure Hotel - Haymarket, Sydney, Australia Contact: http://www.turnaround.org/ October 17, 2006 TURNAROUND MANAGEMENT ASSOCIATION Updates on the New Bankruptcy Law Kansas City, Missouri Contact: http://www.turnaround.org/ October 19, 2006 TURNAROUND MANAGEMENT ASSOCIATION Billards Networking Night - Young Professionals TBA, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ October 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Hedge Funds - Expanded Financing Opportunities in Business Turnarounds Arizona Contact: http://www.turnaround.org/ October 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Speaker Series #3 TBA, Calgary, Alberta Contact: 403-294-4954 or http://www.turnaround.org/ October 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Speaker Series #3 TBA, Calgary, Alberta Contact: 403-294-4954 or http://www.turnaround.org/ October 27, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast with Coach Dan Reeves Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ October 28, 2006 TURNAROUND MANAGEMENT ASSOCIATION BK/TMA Golf Tournament Orange Tree Golf Resort, AZ Contact: 623-581-3597 or http://www.turnaround.org/ October 30-31, 2006 Distressed Debt Summit: Preparing for the Next Default Cycle Financial Research Associates LLC Helmsley Hotel, New York, NY Contact: http://www.frallc.com/ October 31, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Citrus Club, Orlando, Florida Contact: 561-882-1331 or http://www.turnaround.org/ October 31 - November 1, 2006 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC Annual Conference San Francisco, California Contact: http://www.iwirc.com/ November 1, 2006 TURNAROUND MANAGEMENT ASSOCIATION Halloween Isn't Over! - Ghosts of turnarounds past who remind you about what you should have done differently Portland, Oregon Contact: http://www.turnaround.org/ November 1-4, 2006 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges San Francisco, California Contact: http://www.ncbj.org/ November 2-3, 2006 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Third Annual Conference on Physician Agreements & Ventures Successful Strategies for Medical Transactions and Investments The Millennium Knickerbocker Hotel - Chicago Contact: 903-595-3800; 1-800-726-2524; http://www.renaissanceamerican.com/ November 7, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast Marriott, Bridgewater, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ November 8, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting Marriott Tyson's Corner, Vienna, Virginia Contact: 703-912-3309 or http://www.turnaround.org/ November 8, 2006 TURNAROUND MANAGEMENT ASSOCIATION TMA Australia National Conference Sydney, Australia Contact: http://www.turnaround.org/ November 14, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Program St. Louis, Missouri Contact: 815-469-2935 or http://www.turnaround.org/ November 15, 2006 TURNAROUND MANAGEMENT ASSOCIATION Joint Reception with NYIC/NYTMA TBA, New York Contact: 908-575-7333 or http://www.turnaround.org/ November 15, 2006 LI TMA Formal Event TMA Australia National Conference Long Island, New York Contact: http://www.turnaround.org/ November 15, 2006 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner Citrus Club, Orlando, Florida Contact: 561-882-1331 or http://www.turnaround.org/ November 16, 2006 TURNAROUND MANAGEMENT ASSOCIATION Bankruptcy Judges Panel Duquesne Club, Pittsburgh, Pennsylvania Contact: http://www.turnaround.org/ November 16, 2006 TURNAROUND MANAGEMENT ASSOCIATION Dinner Program TBA, Seattle, Washington Contact: 503-223-6222 or http://www.turnaround.org/ November 23, 2006 TURNAROUND MANAGEMENT ASSOCIATION Martini Party Vancouver, British Columbia Contact: 403-294-4954 or http://www.turnaround.org/ November 27-28, 2006 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Thirteenth Annual Conference on Distressed Investing Maximizing Profits in the Distressed Debt Market The Essex House Hotel - New York Contact: 903-595-3800; 1-800-726-2524; http://www.renaissanceamerican.com/ November 28, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, FL Contact: 561-882-1331 or http://www.turnaround.org/ November 29, 2006 TURNAROUND MANAGEMENT ASSOCIATION Special Program TBA, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ November 29, 2006 TURNAROUND MANAGEMENT ASSOCIATION Turnaround Industry Trends Jasna Polana, Princeton, NJ Contact: http://www.turnaround.org/ November 30-December 2, 2006 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Hyatt Regency at Gainey Ranch, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ December 6, 2006 TURNAROUND MANAGEMENT ASSOCIATION Holiday Dinner Portland, Oregon Contact: 503-223-6222 or http://www.turnaround.org/ December 7, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast The Newark Club, Newark, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ December 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION LI TMA Holiday Party TBA, Long Island, New York Contact: 631-251-6296 or http://www.turnaround.org/ December 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION Christmas Function GE Commercial Finance, Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ December 20, 2006 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA, AVF & CFA Georgia Aquarium, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ January 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Lender's Panel Breakfast Westin Buckhead, Atlanta, GA Contact: http://www.turnaround.org/ February 8-11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Certified Turnaround Professional (CTP) Training NY/NJ Contact: http://www.turnaround.org/ February 2007 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium San Juan, Puerto Rico Contact: 1-703-739-0800; http://www.abiworld.org/ March 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Martini Madness Cocktail Reception with Geraldine Ferraro Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ March 15-18, 2007 NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES NABT Spring Seminar Ritz-Carlton Buckhead, Atlanta, GA Contact: http://www.NABT.com/ March 27-31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Spring Conference Four Seasons Las Colinas, Dallas, Texas Contact: http://www.turnaround.org/ March 29-31, 2007 ALI-ABA Chapter 11 Business Reorganizations Scottsdale, Arizona Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/ April 11-15, 2007 AMERICAN BANKRUPTCY INSTITUTE ABI Annual Spring Meeting J.W. Marriott, Washington, DC Contact: 1-703-739-0800; http://www.abiworld.org/ April 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast meeting with Chapter President, Bruce Sim Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ June 6-9, 2007 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 23rd Annual Bankruptcy & Restructuring Conference Westin River North, Chicago, Illinois Contact: http://www.airacira.org/ June 14-17, 2007 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ July 12-15, 2007 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Marriott, Newport, RI Contact: 1-703-739-0800; http://www.abiworld.org/ October 10-13, 2007 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Orlando, Florida Contact: http://www.ncbj.org/ October 16-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place, Boston, Massachusetts Contact: 312-578-6900; http://www.turnaround.org/ December 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Westin Mission Hills Resort, Rancho Mirage, California Contact: 1-703-739-0800; http://www.abiworld.org/ March 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ September 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ October 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place, Boston, Massachusetts Contact: 312-578-6900; http://www.turnaround.org/ October 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ 2009 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Las Vegas, Nevada Contact: http://www.ncbj.org/ October 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ 2010 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges New Orleans, Louisiana Contact: http://www.ncbj.org/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers - the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Emerging Role of Corporate Compliance Panels Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. 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. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ ********* 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 * * *