/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060918.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 Monday, September 18, 2006, Vol. 7, No. 185 Headlines A U S T R I A HERTA GLUECK: Creditors' Meeting Slated for October 2 HOLZTRANSPORTE JOSEF: Court Approves Property Manager's Decision HUETTER: Creditors' Meeting Slated for October 2 PMG: Graz Court Approves Property Manager's Final Decision PRASCH: Graz Court Approves Property Manager's Decision PRATO: Claims Registration Period Ends October 4 A Z E R B A I J A N * Moody's Assigns Ba1 Rating to Azerbaijan on Low Debt Ratios F R A N C E ACXIOM CORP: Discloses Preliminary Results of Dutch Auction ACXIOM CORP: S&P Rates US$800 Million Secured Financing at BB G E R M A N Y D.S. PUTZ: Claims Registration Ends September 27 DRESSER INC: Financial Statement Filing Extended Until Dec. 31 GKG WOHNEN: Creditors' Meeting Slated for September 28 KABELWERK LAUSITZ: Claims Registration Ends September 27 MADRID VERWALTUNGS: Claims Registration Ends September 29 MURMANN GMBH: Creditors' Meeting Slated for September 22 OPTIK KREY: Claims Registration Ends September 20 PB DOMICILE: Fitch Gives BB Rating on EUR15.4 Mln Class E Notes SCHEFENACKER AG: Debt Restructuring Cues Moody's to Cut Ratings SGL CARBON: Dismisses Plans to Bid for Morgan Crucible SYSTEMPARTNER COMPUTERVERTRIEBS: Claims Filing Ends Sept. 28 TEAMSPORT FRECHEN: Claims Registration Ends September 29 TRIGGERAGENT PRODUCTIONS: Creditors' Meeting Slated for Sept. 27 WGR LOHNMONTAGEN: Claims Registration Ends September 22 I T A L Y IMPREGILO SPA: Earns EUR168.8 Million for First Half 2006 PARMALAT: Farmland & Carmen Green Want Pact on PI Suit Approved PARMALAT GROUP: Share Capital Increases to EUR1.6 Bil. in August K A Z A K S H T A N C.D: Creditors Must File Claims by Oct. 6 DELTA-2000: Creditors Must File Claims by Oct. 6 INTEGRAL COMMUNICATION: Claims Registration Ends Oct. 10 KURYLYS-99: Proof of Claim Deadline Slated for Oct. 10 LIBERTY: Proof of Claim Deadline Slated for Oct. 6 PVNH: Claims Registration Ends Oct. 6 RENESSANS: Creditors' Claims Due Oct. 6 S. MERKURYI: Creditors' Claims Due Oct. 6 TAYMAS: Jambyl Court Opens Bankruptcy Proceedings VK KAZNEFTESERVICE: Court Begins Bankruptcy Proceedings K Y R G Y Z S T A N AK-BULAK CEMENT: Proof of Claim Deadline Slated for Oct. 25 MEGA BUS: Creditors Must File Claims by Oct. 25 RUSNEFTEHIM: Claims Registration Ends Oct. 25 P O L A N D NETIA SA: Inks Services Pact with Telekomunikacja Polska R U S S I A AGRO-COMPANY RAY: Orel Bankruptcy Hearing Slated for Sept. 27 AGRO-KHIMIYA: Court Names N. Zarutskiy as Insolvency Manager BAKERY ENISEY: Court Names I. Kozlov as Insolvency Manager BANK KEDR: Moody's Assigns E+ Financial Strength Rating BUGULMINSKIY REPAIR-MECHANICAL: S. Lgach to Manage Assets CANADSKIY: Court Names V. Batrakov as Insolvency Manager CRYSTAL FACTORY: Vladimir Bankruptcy Hearing Slated for Nov. 9 DAL-VTOR-TSVET-MET: G. Chmutina to Manage Insolvency Assets DIARY VOLGOGRADSKIY: Bankruptcy Hearing Slated for Nov. 29 INNOVATION CONSULTING: O. Ershov to Manage Insolvency Assets IRKUT CORP: Market Position Prompts Moody's to Assign B1 Rating LENINSK-AGRO-SERVICE: Court Names B. Yun as Insolvency Manager MED-SERVICE: Court Names N. Pavlova as Insolvency Manager MINE BERINGOVAYA: Court Names N. Chelapko as Insolvency Manager OKHOTSK-AGRO-PROM-KHIMIYA: Court Starts Bankruptcy Supervision ORENBURG-AUTO-TRANS: Court Commences Bankruptcy Supervision ORSKAYA BUILDING: Court Names S. Egorova as Insolvency Manager PETUKHOVSKIY FLAX: Kirov Court Starts Bankruptcy Supervision PLATONOVSKOYE GRAIN: Saratov Court Starts Bankruptcy Supervision RESO-RE: S&P Puts Rating on CreditWatch on Core Status Concerns RYLSK-MEAT-MILK-INDUSTRY: N. Gutenev to Manage Assets SIR AERO: Court Names G. Gromov as Insolvency Manager TO-ALA: Filing of Claims Ends September 29 TULSKAYA SHOES: Court Names D. Kochetkov as Insolvency Manager TVK: Moscow Court Names A. Kubasov as Insolvency Manager UFA-OIL-GAS-STROY: Court Names R. Gazizov as Insolvency Manager URALO-SIBERIAN FURNITURE: A. Plotnikov to Manage Assets VAZ-REM-DETAIL: Samara Court Starts Bankruptcy Supervision VYAT-VOD-SPIRIT: Bankruptcy Hearing Slated for Oct. 26 YUZHNO-SAKHALINSKIY COMBINE: Filing of Claims Ends September 29 ZAVOLZHSKIY CHEMICAL: Court Starts Reorganization Process S W E D E N DRESSER INC: Financial Statement Filing Extended Until Dec. 31 MODERN TIMES: S&P Withdraws BB Rating Following Debt Repayment U K R A I N E GLINSKE: Sumi Court Starts Bankruptcy Supervision CABLE INFORMATION: Creditors Claims Due September 22 SNABKOMPLEKT: Filing of Claims Ends September 22 MARKET SECURITY: Kyiv Court Starts Bankruptcy Supervision EXIMKOM: Kyiv Court Starts Bankruptcy Supervision DINKO: Filing of Claims Ends September 22 SLOVYANSK AUTO 11417: Donetsk Court Freezes Payment of Debts SPETSIZOLYATORSTROJ: Donetsk Court Starts Bankruptcy Supervision OPEKS: Odessa Court Commences Bankruptcy Supervision DAEM: Zaporizhya Court Starts Bankruptcy Supervision U N I T E D K I N G D O M A2B LOGISTICS: Creditors Confirm Liquidator's Appointment ACCESS PARTNERSHIP: Appoints Liquidator from David Horner & Co. ACXIOM CORP: Discloses Preliminary Results of Dutch Auction ACXIOM CORP: S&P Rates US$800 Million Secured Financing at BB APEX WINDOWS: M. T. Coyne Leads Liquidation Procedure ARDAN J: Names Beverley Ellice Budsworth Liquidator ASSIST MAINTENANCE: Creditors' Meeting Slated for Sept. 19 CARTER LITHO: Brings In Administrators from Smith & Williamson CDOS TECHNOLOGY: Creditors Confirm Liquidator's Appointment CLINICAL PATHWARE: Nominates Liquidator from Simmonds & Company DEVONSHIRE STATUARY: Taps BDO Stoy as Joint Administrators E.M. TOOL: Appoints Baker Tilly to Administer Assets EASTWOOD CABINET: Hires Joint Liquidators from Larking Gowen ELEMENTS ORIENTAL: Brings In Joint Liquidators from Haines Watts EMERY HOLDINGS: Names Joint Administrators from Begbies Traynor EUROSAIL 2006-2BL: S&P Assigns B Rating to Class F1C Notes EUROSAIL 2006-2BL: Moody's Rates GBP1.54-Mln F1C Notes at (P)B1 F.A. TAYLOR: Taps Solomon Cohen to Liquidate Assets FASET LIMITED: Nominates Liquidator from Piper Thompson FORD MOTOR: Eyes US$5-Bln Savings in Accelerated Turnaround Plan FREESCALE SEMICONDUCTOR: Inks US$17-Bln Merger with Equity Group FREESCALE SEMICON: Asset Sale Cues Moody's to Review Ratings FREIGHSTOP LIMITED: Joint Liquidators Take Over Operations FURNITURE 4: Calls In Joint Liquidators from Begbies Traynor GENEL 92: Appoints Richard Rones to Liquidate Assets GLENDINNING TRANSPORT: Hires Joint Liquidators from Haines Watts GOVERNMENT COMPUTING: Names Liquidator from DTE Leonard Curtis HED LIMITED: Calls In Liquidator from Begbies Traynor HOUNSLOW SCAFFOLD: Taps Joint Liquidators from Ashcrofts INVENSYS PLC: Fitch Assigns Issuer Default Rating at BB- ISOFT: Government Admits Making EUR82 Mln Payments Upfront ISTIKBAL U.K.: Names Martin Henry Linton Liquidator J & S PLASTERING: Taps KPMG to Administer Assets LOCK STOCK: Creditors Confirm Liquidators' Appointment MARKET HARBOROUGH: Names Barry Peter Knights as Administrator MATCHMERIT LIMITED: Claims Filing Period Ends Sept. 29 MEERKAT U.K.: Creditors Confirm Liquidator's Appointment MELBO LIMITED: Appoints Ninos Koumettou as Liquidator MONADREAM LIMITED: Brings In Administrators from Grant Thornton PAUL JAMES: Brings In Gagen Dulari Sharma to Liquidate Assets PINE TABLE: Liquidator Sets Sept. 29 Claims Bar Date PREMTEC SYSTEMS: Nominates Alex Kachani as Liquidator QUAY ENGINEERING: Taps Liquidator from James & Lizzell RSE ELECTRICAL: Hires Liquidator from Turpin Baker Armstrong RICE BAR: Creditors Ratify Voluntary Liquidation ROOFLIGHT SYSTEMS: Creditors Confirm Liquidator's Appointment S.R GENT: HSBC Bank Appoints PwC as Administrative Receivers SCORPIO MEDIA: Appoints J. N. Bleazard to Liquidate Assets SECURITY STORAGE: Hires Joint Liquidators from Valentine & Co. SHIELD NATIONWIDE: Names Helen Timothe Phillips Liquidator SOVEREIGN ELECTRICAL: Brings In Joint Liquidators from Vantis SPENCER CARS: Lloyd Biscoe Leads Liquidation Procedure UMO PLANT: Appoints Martin Henry Linton to Liquidate Assets WESCO AIRCRAFT: S&P Rates First Lien Credit Facilities at B+ WESLEYAN HOTEL: Appoints Kevin Thomas Brown as Administrator ********* ============= A U S T R I A ============= HERTA GLUECK: Creditors' Meeting Slated for October 2 ----------------------------------------------------- Creditors owed money by LLC Herta Glueck (FN 168011a) are encouraged to attend the creditors' meeting at 10:00 a.m. on Oct. 2 to consider the adoption of the rule by revision. The creditors' meeting will be held at: The Trade Court of Vienna Room 1606 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 12 (Bankr. Case No. 4 S 79/06d). Horst Winkelmayr serves as the court-appointed property manager of the bankrupt estate. Carl Knittl represents the Debtor in the bankruptcy proceedings. The property manager and his representative can be reached at: Mag. Horst Winkelmayr c/o Dr. Carl Knittl Porzellangasse 22A/1/7 1090 Vienna, Austria Tel: 532 47 77 Fax: 532 47 77 50 E-mail: rae@kniwi.at HOLZTRANSPORTE JOSEF: Court Approves Property Manager's Decision ---------------------------------------------------------------- The Land Court of Steyr approved the final decision on allocation of Julius Bitter, the court-appointed property manager of LLC Holztransport Josef Limberger (FN145173s) on Aug. 25 Under the property manager's project by final allocation, creditors will recover 1.67% of their claim. Headquartered in Ziehberg, Austria, the Debtor declared bankruptcy on Jan. 26 (Bankr. Case No. 14 S 4/06w). Hubert Just represents Dr. Bitter in the bankruptcy proceedings. The property manager can be reached at: Dr. Julius Bitter Schmideggstrasse 5 4560 Kirchdorf/Krems, Austria Tel: 07582/60040 E-mail: office@ra-bitter.at The representative of the property manager can be reached at: Dr. Hubert Just Main Place 7 4560 Kirchdorf/Krems, Austria Tel: 07582/62 0 74 E-mail: ra.just.kirchdorf@utanet.at HUETTER: Creditors' Meeting Slated for October 2 ------------------------------------------------ Creditors owed money by LLC Huetter (FN 199597a) are encouraged to attend the creditors' meeting at 9:45 a.m. on Oct. 2 to consider the adoption of the rule by revision. The creditors' meeting will be held at: The Trade Court of Vienna Room 1606 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 5, 2005 (Bankr. Case No. 4 S 85/05k). Felix Stortecky serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Dr. Felix Stortecky Dr.-Karl-Lueger-Place 2 1010 Vienna, Austria Tel: 513 88 37 Fax: 514 35 40 E-mail: ra-stortecky@aon.at PMG: Graz Court Approves Property Manager's Final Decision ---------------------------------------------------------- The Land Court of Graz approved the final decision on allocation of Heimo Hofstatter, the court-appointed property manager of LLC PMG (FN 242512k), on Aug. 25 Under the property manager's project by final allocation, creditors will recover 8.38% of their claim. Headquartered in Graz, Austria, the Debtor declared bankruptcy on July 13 (Bankr. Case No. 25 S 73/05f). The Debtor's manager Gerhard Ettl represents the Debtor in the bankruptcy proceedings. The property manager can be reached at: Dr. Heimo Hofstatter Marburgerkai 47 8010 Graz, Austria Tel: 0316/815454 Fax: 0316/815454-22 E-mail: advokat@hofstaetter.co.at PRASCH: Graz Court Approves Property Manager's Decision ------------------------------------------------------- The Land Court of Graz approved the final decision on allocation of Helmut Klementschitz, the court-appointed property manager of LLC Prasch (FN 160875g), on Aug. 25. Under the property manager's project by final allocation, creditors will recover 14.87% of their claim. Headquartered in Graz, Austria, the Debtor declared bankruptcy on March 2, 2005 (Bankr. Case No. 25 S 23/05b). Dr. Franz Krainer represents the Debtor in the bankruptcy proceedings. The property manager can be reached at: Dr. Helmut Klementschitz Friedrichgasse 6/12 8010 Graz, Austria Tel: 0316/810000 Fax: 0316/810000-81 E-mail: ra.klementschitz@aon.at The representative of the Debtor can be reached at: Dr. Franz Krainer Herrengasse 19 2nd Floor 8010 Graz, Austria PRATO: Claims Registration Period Ends October 4 ------------------------------------------------ Creditors owed money by LLC PRATO (FN 241743f) have until Oct. 4 to file written proofs of claims to court-appointed property manager Werner Dax at: Mag. Werner Dax Esterhazyplatz 5 7000 Eisenstadt, Austria Tel: 05/90105500 Fax: 05/90105510 E-mail: guessing@rapartner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Oct. 18 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Land Court of Eisenstadt Hall F Eisenstadt, Austria Headquartered in Jennersdorf, Austria, the Debtor declared bankruptcy on July 25 (Bankr. Case No. 26 S 78/06g). The Land Court of Eisenstadt ordered to close down the Debtor's business on Aug. 25. =================== A Z E R B A I J A N =================== * Moody's Assigns Ba1 Rating to Azerbaijan on Low Debt Ratios ------------------------------------------------------------- Moody's Investors Service assigned a foreign and local currency issuer rating of Ba1 to the Republic of Azerbaijan. The agency also assigned a foreign currency country ceiling for bonds and notes for Azerbaijan at Baa2/P-2, reflecting a medium risk of a moratorium in the event of a government default. Simultaneously, Moody's assigned a foreign currency bank deposit ceiling of Ba2/NP, and a local currency deposit ceiling of Baa1/P-2. The local currency guideline, the highest possible rating that can be assigned to any issuer domiciled in Azerbaijan, is assigned at A3. Azerbaijan has little government debt and excellent medium-to- long term prospects for surpluses on the current account and consolidated budget balances, based on a very rapid expansion of oil production and exports and resultant windfall profits. These are expected to swell government coffers, expand official and oil fund foreign currency reserves significantly, and shrink the already low debt ratios. The key challenges for the Republic will center on its ability to manage these windfall gains prudently and to encourage diversification in non-oil sectors of the economy. In approaching these challenges, the Republic of Azerbaijan is committed to addressing several issues including: -- the potential for disproportionate currency appreciation, -- a need to increase dramatically the number of high quality economic and managerial decision-makers in both public and private sectors as a means to improve public sector administrative efficiency and accountability, -- the need for appropriate measures to stimulate competition in the banking system in an economy currently dominated by sector monopolies, and -- the necessity to pursue cautious foreign policies with potentially hostile regional powers and irredentist neighbors. With excellent prospects, but with a short track record and considerable obstacles, Moody's will monitor future developments closely. =========== F R A N C E =========== ACXIOM CORP: Discloses Preliminary Results of Dutch Auction ----------------------------------------------------------- Acxiom Corp. disclosed preliminary results of its modified "Dutch Auction" self-tender offer, which expired at 5:00 p.m. on Sept. 12, 2006. Based on the preliminary count by the depositary for the tender offer, an aggregate of 24,911,233 shares of Acxiom common stock were properly tendered and not withdrawn at or below a price of US$27.00 per share, including 8,537,481 shares that were tendered through notice of guaranteed delivery. Based on these preliminary results the company expects to purchase 11,111,111 shares in the tender offer, subject to proration, at US$25.75 per share. Pursuant to the terms of the tender offer, Acxiom offered to purchase shares of its common stock at a price not less than US$25 and not greater than US$27 per share. Acxiom has been informed by Computershare Trust Company, N.A., the depositary for the tender offer, that the preliminary proration factor for the shares tendered at US$25.75 and below is approximately 97 percent. The exact proration factor is subject to delivery of the shares that were tendered through notice of guaranteed delivery. The results disclosed are preliminary and subject to verification by the depositary of the proper delivery of the shares validly tendered and not withdrawn. Final results will be announced following the completion of the verification process. Acxiom expects payment for the shares accepted for purchase and the return of all shares tendered and not accepted for purchase to occur within one week. The repurchase of the shares will be funded with proceeds from a new US$800 million credit facility on or about Sept. 15. ValueAct Capital has advised Acxiom that neither ValueAct Capital nor any of its affiliates tendered any of its shares of Acxiom into the modified Dutch Auction. The dealer managers for the self-tender offer are J.P. Morgan Securities Inc. and Stephens Inc. The information agent is Innisfree M&A Incorporated, and the depositary is Computershare Trust Company, N.A. Any questions about the self-tender offer may be directed to the information agent at 1-877-750-9457, or the dealer managers, J.P. Morgan Securities Inc. at 1-877-371- 5947 or Stephens Inc. at 1-800-643-9691. About Acxiom Corp. Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's innovative solutions are Customer Data Integration technology, data, database services, IT outsourcing, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom has locations throughout the United States, Europe, Australia and China. In Europe, Acxiom has operations in France, Germany, the Netherlands, Portugal, Spain, and the United Kingdom. ACXIOM CORP: S&P Rates US$800 Million Secured Financing at BB ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its loan and recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s proposed US$800 million secured first-lien financing. The first-lien facilities consist of a US$200 million revolving credit facility and a US$600 million term loan. They are rated 'BB' (at the same level as the corporate credit rating on Acxiom) with a recovery rating of '2', indicating the expectation for substantial (80%-100%) recovery of principal in the event of a payment default. Proceeds from the facilities will be used to fund the company's proposed Dutch tender offer for the repurchase of its common stock, to refinance existing debt, to finance working capital, and for general corporate purposes. The corporate credit rating on Acxiom is BB/Stable/--. The 'BB' rating reflects the company's relatively small size in a growing and fragmented industry that may see the entrance of several much larger competitors. This is somewhat offset by Acxiom's good niche market position and adequate cash flow generation. Business risk is tempered by the company's expertise in managing its comprehensive consumer databases. ============= G E R M A N Y ============= D.S. PUTZ: Claims Registration Ends September 27 ------------------------------------------------ Creditors of D.S. Putz GmbH have until Sept. 27 to register their claims with court-appointed provisional administrator Angela Gerigk. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 18 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 Duisburg Area C205 2nd Floor Cardinal Galen Road 124-132 47058 Duisburg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Duisburg opened bankruptcy proceedings against D.S. Putz GmbH on Aug. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: D.S. Putz GmbH Schornacker 58 A 46485 Wesel, Germany Attn: Dietmar Stepputt, Manager Dahlienweg 2 46485 Wesel, Germany The administrator can be contacted at: Angela Gerigk Katharinenstr. 7 46282 Dorsten, Germany DRESSER INC: Financial Statement Filing Extended Until Dec. 31 -------------------------------------------------------------- Dresser, Inc., has amended its senior secured credit facility to extend the date required for providing the company's audited financial statements to its senior secured lenders and to include various technical amendments. The date for providing audited financial statements for the fiscal year ended Dec. 31, 2005, has been extended from Sept. 30, 2006, to Dec. 31, 2006. About Dresser Based in Addison, Texas, Dresser, Inc. -- http://www.dresser.com/-- designs, manufactures and markets equipment and services sold primarily to customers in the flow control, measurement systems, and compression and power systems segments of the energy industry. The Company has a comprehensive global presence, with over 8,500 employees and a sales presence in over 100 countries worldwide including Germany, Italy, Russia, Switzerland, and Sweden. * * * As reported in the Troubled Company Reporter on Aug. 3, 2006, Moody's Investors Service downgraded Dresser, Inc.'s ratings. Moody's said the rating outlook is negative. Dresser's Corporate Family Rating was downgraded to B1 from Ba3. The rating for the Company's Senior Secured Tranche C Term Loan maturing 2009 was downgraded to B1 from Ba3. Moody's also downgraded the rating for the Company's Senior Unsecured Term Loan maturing 2010 to B2 from B1. The Company's Senior Subordinated Notes maturing 2011 was downgraded to B3 from B2. GKG WOHNEN: Creditors' Meeting Slated for September 28 ------------------------------------------------------ The court-appointed provisional administrator for GKG Wohnen am KaDeWe GmbH, Petra Hilgers, will present her first report on the Company's insolvency proceedings at a creditors' meeting at 9:35 a.m. on Sept. 28. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:05 a.m. on Dec. 21 at the same venue. Creditors have until Oct. 30 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings GKG Wohnen am KaDeWe GmbH on Aug. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GKG Wohnen am KaDeWe GmbH Kleiststr. 3-6 10787 Berlin, Germany The administrator can be reached at: Dr. Petra Hilgers Goethestr. 85 10623 Berlin, Germany KABELWERK LAUSITZ: Claims Registration Ends September 27 -------------------------------------------------------- Creditors of Kabelwerk Lausitz GmbH have until Sept. 27 to register their claims with court-appointed provisional administrator Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on Oct. 12 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hameln Hall 106 Zehnthof 1 31785 Hameln, 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 Hameln opened bankruptcy proceedings against Kabelwerk Lausitz GmbH on Aug. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Kabelwerk Lausitz GmbH Attn: Traugott Kemmesies, Manager Pestalozzistr. 17 08371 Glauchau, Germany The administrator can be contacted at: Dr. Rainer Eckert Gerichtsfach-Nr. 83 Arthur-Menge-Ufer 5 30169 Hanover, Germany Tel: 0511/626287-0 Fax: 0511/626287-10 E-mail: eckert-hannover@rae-eckert.de MADRID VERWALTUNGS: Claims Registration Ends September 29 --------------------------------------------------------- Creditors of Madrid Verwaltungs GmbH have until Sept. 29 to register their claims with court-appointed provisional administrator Uwe Hueggenberg. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Nov. 2 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 Hall 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 Madrid Verwaltungs GmbH on Aug. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Madrid Verwaltungs GmbH Nordring 57 44797 Bochum, Germany Attn: Kurt Madry, Manager Clemensstr. 14 44789 Bochum, Germany The administrator can be contacted at: Uwe Hueggenberg Huestrasse 34 44787 Bochum, Germany MURMANN GMBH: Creditors' Meeting Slated for September 22 -------------------------------------------------------- The court-appointed provisional administrator for Murmann GmbH Elektroninstallation u. Blitzschutzbau, Herbert Spittler, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on Sept. 22. The meeting of creditors and other interested parties will be held at: The District Court of Passau Meeting Room 214 2nd Floor Schustergasse 4 Passau, Germany The Court will also verify the claims set out in the administrator's report at 10:00 a.m. on Nov. 13 at the same venue. Creditors have until Oct. 4 to register their claims with the court-appointed provisional administrator. The District Court of Passau opened bankruptcy proceedings Murmann GmbH Elektroninstallation u. Blitzschutzbau on Aug. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Murmann GmbH Elektroninstallation u. Blitzschutzbau Market Place 6 94081 Fuerstenzell, Germany The administrator can be reached at: Herbert Spittler Yard Lane 8 (City Hall) 94081 Fuerstenzell, Germany Tel: 08502/8484 Fax: 08502/3041 OPTIK KREY: Claims Registration Ends September 20 ------------------------------------------------- Creditors of Optik Krey GmbH have until Sept. 20 to register their claims with court-appointed provisional administrator Michael Bremen. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 26 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 409 4th Floor Muehlenstrasse 34 40213 Duesseldorf, Germany The Court will also verify the claims set out in the administrator's report at 9:00 a.m. on Oct. 17 at the same venue. The District Court of Duesseldorf opened bankruptcy proceedings against Optik Krey GmbH on Aug. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Optik Krey GmbH Shopkeeper Route 2-4 41460 Neuss, Germany Attn: Konrad Krey, Manager Market Place 29 67547 Worms, Germany The administrator can be contacted at: Michael Bremen Sternstr. 58 40479 Duesseldorf, Germany PB DOMICILE: Fitch Gives BB Rating on EUR15.4 Mln Class E Notes --------------------------------------------------------------- Fitch Ratings assigned PB Domicile 2006-1 PLC's mortgage-backed credit-linked note issuance due 2052 expected ratings as: -- EUR500,000 Class A+: AAA; -- EUR65,800,000 Class B: AA; -- EUR51,500,000 Class C: A; -- EUR48,900,000 Class D: BBB; and -- EUR15,400,000 Class E: BB. The final ratings are contingent on receipt of final documents conforming to information already received. This transaction is the second synthetic partially funded securitization of residential mortgage loans originated by Deutsche Postbank AG in Germany. The Class A+ to C notes are backed by public sector Pfandbriefe rated AAA issued by BayernLB. At closing, the Pfandbrief collateral will be purchased by Postbank for the benefit of these Classes and transferred to the trustee. Classes D and E are backed by bearer notes issued by Postbank. The expected ratings address timely payment of interest and ultimate repayment of principal for Classes A+ to D and ultimate payment of interest and ultimate repayment of principal for Class E. They are based on the quality of the reference portfolio, the underwriting and servicing capabilities of Postbank, the collateral in the form of Pfandbriefe issued by BayernLB and the sound financial and legal structure. Credit enhancement for the Class A+ notes and the senior credit default swap, provided by subordination and synthetic excess spread, will total 7.23%, consisting of the Class B, C, D, E and synthetic excess spread of 57bp per annum. The transaction structure will benefit from synthetic excess spread provided by Postbank. Excess spread can be used to cover losses within a period, thereafter to redeem losses from previous periods, thus resulting in a write-up of the respective note and to pay accrued interest. The latter two effects were only considered for Classes D and E, which are rating-linked to Postbank's Issuer Default rating. Any downgrade of Postbank's rating below the Class D or E ratings, respectively, would result in a corresponding downgrade of these notes. As of the cut-off date, the reference portfolio consisted of 41,394 mortgage loan parts, secured on 19,510 properires, originated by Postbank since 1978, with a total outstanding nominal amount of approximately EUR2.5 billion. At the cut-off date, none of the loans had been in arrears by more than 15 days in the past 17 months. The reference claims in the portfolio are secured on senior-ranking mortgages, with a small portion secured on subordinated mortgages. The majority of the mortgages in the portfolio are standard annuity/installment loans; the remaining 21.6% are interest-only loans backed by a building savings contract, life insurance or investment plan. These loans are repaid at maturity and do not amortize. Some 9.23% of the loans by initial aggregate balance are to borrowers classified by Fitch as self-employed. The agency increased the default probability for these loans, taking into account the greater risk of default owing to volatility in the regular income of such borrowers compared with those in full- time employment. SCHEFENACKER AG: Debt Restructuring Cues Moody's to Cut Ratings --------------------------------------------------------------- Moody's Investors Service downgraded the Corporate Family Rating of Schefenacker AG to Caa2 from Caa1 and the rating on the company's senior subordinated notes to Ca from Caa3. The rating for the senior secured EUR205 million facility was affirmed at Caa1. The outlook remains negative. The last rating action was on Aug. 30, 2006. The downgrade of the company's Corporate Family Rating to Caa2 from Caa1 reflects the increased likelihood of a debt restructuring following the company's announcement of the engagement of an adviser specialized in financial restructuring. It is Moody's expectation that a reorganization of the company's capital structure is imminent in the absence of a material injection of additional funds, given recent deterioration in operating performance and cash generation as well as the limited liquidity resources available. Moody's believes that as a consequence of a possible debt restructuring, any loss by the company's lenders under the senior secured credit agreement will likely be moderate, given their senior position in the capital structure; this is reflected in the affirmation of the senior secured rating at Caa1. The downgrade of the senior subordinated notes to Ca from Caa3 reflects the weak position of unsecured lenders in a potential debt restructuring given their structural, effective and contractual subordination to the group's senior secured notes. The negative outlook reflects continuing uncertainty whether Schefenacker can restore its financial flexibility, avoid a filing for insolvency proceedings and stem the erosion in its operating performance, as well as uncertainty about recovery values in the potential event of a default. Ratings downgraded: -- Corporate Family Rating to Caa2 from Caa1; and -- Senior subordinated rating on the EUR200 million notes due 2014 to Ca from Caa3. Ratings affirmed: -- Senior secured rating on the EUR205 million facility due 2011 and 2012 at Caa1. Outlook on all ratings is negative. Based in Schwaikheim, Germany, Schefenacker is a leading private Tier 1 automotive supplier of rear vision systems, lighting systems and a Tier 2 supplier of sound systems. For the twelve months ended Dec. 31, 2005, Schefenacker generated revenues of EUR930.4 million. Revenues in the first half of 2006 totaled EUR456.9 million. SGL CARBON: Dismisses Plans to Bid for Morgan Crucible ------------------------------------------------------ SGL Carbon AG dismissed reports that it is making an offer for industrial-ceramics supplier Morgan Crucible Co. "In view of recent speculation in the press and financial markets, SGL Carbon wishes to clarify that it does not intend to make an offer for Morgan Crucible," the company said in a statement. Morgan Crucible disclosed on Aug. 7 that it had received a preliminary approach from an undisclosed party. The Sunday Times reported on Aug. 20 that Morgan had rejected a takeover bid by Germany's SGL Carbon, without saying where it got the information. Morgan Crucible said, however, that talks in relation to the approach from the undisclosed party are still continuing, which may or may not lead to a cash offer being made for the company. Registered in Germany, SGL Carbon AG manufacturers carbon and graphite-based products. For the twelve months ended Dec. 31, 2005, SGL Carbon generated revenues of EUR1,069 million and Adjusted EBITDA of EUR198 million. * * * As reported in TCR-Europe on May 8, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Germany-based graphite-electrodes producer SGL Carbon AG to 'BB-' from 'B+' and removed the rating from CreditWatch. The rating actions reflect SGL's improved financial profile following a recent capital increase, progress toward meeting EU anti-trust fines, and good operational performance. S&P said the outlook is stable. On March 22, the TCR-Europe said Moody's Investors Service upgraded SGL Carbon corporate family rating one notch to Ba3, rating on secured facilities at SGL Carbon AG and certain of its subsidiaries to Ba3 from B1 and rating on senior notes at SGL Carbon Luxembourg S.A. to B2 from B3. Moody's said the outlook is stable. SYSTEMPARTNER COMPUTERVERTRIEBS: Claims Filing Ends Sept. 28 ------------------------------------------------------------ Creditors of Systempartner Computervertriebs GmbH have until Sept. 28 to register their claims with court-appointed provisional administrator Albert Wolff. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 26 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 Systempartner Computervertriebs GmbH on Aug. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Systempartner Computervertriebs GmbH Eschenstr. 1 01097 Dresden, Germany The administrator can be contacted at: Albert Wolff Weisseritzstrasse 3 01067 Dresden, Germany Web: http://www.WORAKO.de/ TEAMSPORT FRECHEN: Claims Registration Ends September 29 -------------------------------------------------------- Creditors of TEAMSPORT Frechen GmbH have until Sept. 29 to register their claims with court-appointed provisional administrator Ulrich Kuehn. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on Oct. 24 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Room 142 1st Floor Luxemburger Road 101 50939 Cologne, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Cologne opened bankruptcy proceedings against TEAMSPORT Frechen GmbH on Aug. 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: TEAMSPORT Frechen GmbH Attn: Wilfried Vogt, Manager Hauptstr. 27 50226 Frechen, Germany The administrator can be contacted at: Ulrich Kuehn Riehler Str. 26 50668 Cologne, Germany TRIGGERAGENT PRODUCTIONS: Creditors' Meeting Slated for Sept. 27 ---------------------------------------------------------------- The court-appointed provisional administrator for TRIGGERagent productions GmbH, Knut Rebholz, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:10 a.m. on Sept. 27. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:10 a.m. on Jan. 10, 2007 at the same venue. Creditors have until Nov. 14 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings TRIGGERagent productions GmbH on Aug. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TRIGGERagent productions GmbH Adalbertstr.7-8 10999 Berlin, Germany The administrator can be reached at: Knut Rebholz Cicerostr. 22 10709 Berlin, Germany WGR LOHNMONTAGEN: Claims Registration Ends September 22 ------------------------------------------------------- Creditors of WGR Lohnmontagen GmbH have until Sept. 22 to register their claims with court-appointed provisional administrator Hans Peter Runkel. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Oct. 24 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 2nd Floor Isle 2 42103 Wuppertal, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Wuppertal opened bankruptcy proceedings against WGR Lohnmontagen GmbH on Aug. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: WGR Lohnmontagen GmbH Blaffertsberg 100 42369 Wuppertal, Germany Attn: Uwe Grafe, Manager Hohenbirkerstr. 3 42855 Remscheid, Germany The administrator can be contacted at: Hans Peter Runkel Friedrich-Ebert-Road 146 42117 Wuppertal, Germany ========= I T A L Y ========= IMPREGILO SPA: Earns EUR168.8 Million for First Half 2006 --------------------------------------------------------- Impregilo S.p.A. released its approved consolidated financial results for the first half ended June 30, 2006. For the first half of 2006, the Group posted EUR168.8 million in net profit on EUR1.197 billion in revenues, compared with EUR328.5 million in net losses on EUR1.138 billion in revenues for the same period in 2005. Factors contributing to the half-year results included: -- profit margins on industrial operations; -- financial income on equity investments; -- capital gains from the ongoing disposals plan; and -- the sharp reduction in current losses on the municipal solid waste disposal services in the region of Campania (Campania MSW projects) following resolution ope legis of the contracts in question. At June 30, 2006, Impregilo had -EUR19.8 million in working capital, EUR667.3 million in equity, -EUR262.6 million in net financial position and 0.39 in debt-to-equity ratio. About Impregilo Headquartered in Milan, Italy, Impregilo S.p.A. -- http://www.impregilo.it/-- is involved in the construction of dams and hydroelectric schemes since 1906. In 2005, Impregilo posted consolidated net sales of EUR2.4 billion, compared to EUR2.9 billion in 2004. It attributed the decrease to a general downturn in sales volumes, the de-consolidation of some operations and the absence of extraordinary items recognized in 2004. In 2005, the Group posted a consolidated operating loss of EUR254.4 million. A significant factor in the result was the aggregate operating loss (EUR260 million) of the non-core businesses (Building & Services, Campania MSW Project, Imprepar in liquidation), which are being sold/retired or are in liquidation. At Dec. 31, 2005, the company reported EUR739.18 million of net debt, including discontinued operations. Shareholders' equity at Dec. 31, 2005, amounted to EUR516.7 million, an increase of EUR305 million from Dec. 31, 2004. Impregilo is optimistic it could achieve its profit forecast and debt-to-equity ratio of 0.5 in 2007. Lazard Freres & Co. LLC is advising Impregilo. PARMALAT: Farmland & Carmen Green Want Pact on PI Suit Approved --------------------------------------------------------------- Reorganized Farmland Dairies, LLC, the Farmland Dairies LLC Unsecured Creditors' Trust and Carmen Green ask the United States Bankruptcy Court for the Southern District of New York to approve their stipulation modifying the Plan Injunction to permit the parties to prosecute and defend against Ms. Green's lawsuit, and to take actions as are necessary or appropriate to exercise their rights. Ms. Green, as reported in the Troubled Company Reporter on Aug. 16, 2006, sought modification of the automatic stay so she may pursue a lawsuit in the New Jersey Superior Court against the Farmland Entities. Accordingly, the parties agree that Ms. Green will in no event be entitled to recover any property of or from the U.S. Debtors or their estates, Reorganized Farmland, or the Trust. She will have recourse solely against any available insurance proceeds from Farmland's automobile insurance policy with Lumbermens Mutual Casualty Company. Ms Green agrees that payment of any judgment awarded against the U.S. Debtors' insurer, if any, will be reduced by the lesser of (a) the payment or (b) the amount of the Policy's deductible that the U.S. Debtors, Reorganized Farmland or the Trust might otherwise be liable for. Ms. Green withdraws her lift stay request and her proof of claim against Farmland, and releases the U.S. Debtors, Reorganized Farmland and the Trust from any and all claims and causes of action. Ms. Green's action relates to personal injuries she sustained from a 2002 accident involving a vehicle owned by Sunnydale Farms, a business unit of Farmland Dairies. Ms. Green is represented in the U.S. Debtors' cases by Frank A. Tobias, Esq., and David H. Kaplan, Esq., at Tobias & Kaplan, in Perth Amboy, New Jersey. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has 40- some brand product line, which includes yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. (Parmalat Bankruptcy News, Issue No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/) PARMALAT GROUP: Share Capital Increases to EUR1.6 Bil. in August ---------------------------------------------------------------- In August 2006, the subscribed and fully paid up share capital in Parmalat Group increased by EUR63,896 to EUR1,640,757,886 from EUR1,640,693,990, following the allocation of shares to Parmalat's creditors. The share capital increase is due to the conversion of warrants for 63,896 shares, Parmalat S.p.A. said. The latest status of the share allotment, according to Parmalat S.p.A., is approximately 59,187,515 shares representing 3.6% of the share capital are still in a deposit account c/o Parmalat S.p.A., of which: * 17,023,647 or 1.0% of the share capital, registered in the name of individually identified commercial creditors, are still deposited by the intermediary account of Parmalat S.p.A. centrally managed by Monte Titoli (compared with 21,763,451 shares as at as at July 21, 2006); [and] * 42,163,868 or 2.6% of the share capital registered in the name of the Foundation, called Fondazione Creditori Parmalat, of which: -- 120,000 shares representing the initial share capital of Parmalat S.p.A. (unchanged); [and] -- 42,043,868 or 2.6% of share capital that pertain to currently undisclosed creditors (compared with 44,936,482 shares as at July 21, 2006). About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has 40- some brand product line, which includes yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. (Parmalat Bankruptcy News, Issue No. 75; Bankruptcy Creditors' Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/) =================== K A Z A K S H T A N =================== C.D: Creditors Must File Claims by Oct. 6 ----------------------------------------- LLP C.D has declared insolvency. Creditors have until Oct. 6 to submit written proofs of claim at: LLP C.D Auezov Str. 69a Atyrau Atyrau Region Kazakhstan DELTA-2000: Creditors Must File Claims by Oct. 6 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Jambyl Region declared LLP Delta-2000 insolvent. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Oct. 6 to submit written proofs of claim at: LLP Delta-2000 Suleymanova Str. 17 (11a) Taraz Jambyl Region Kazakhstan Tel: 8 (3262) 43-25-52 INTEGRAL COMMUNICATION: Claims Registration Ends Oct. 10 -------------------------------------------------------- LLP Integral Communication has declared insolvency. Creditors have until Oct. 10 to submit written proofs of claim at: LLP Integral Communication Office 111 Tatibekov Str. 103a Almaty, Kazakhstan KURYLYS-99: Proof of Claim Deadline Slated for Oct. 10 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Akmola Region declared LLP Kurylys-99 insolvent on July 13. Creditors have until Oct. 10 to submit written proofs of claim at: LLP Kurylys-99 Room 228 Auelbekova Str. 139a Kokshetau Akmola Region Tel: 8 (3162) 25-79-32 LIBERTY: Proof of Claim Deadline Slated for Oct. 6 -------------------------------------------------- LLP Liberty has declared insolvency. Creditors have until Oct. 6 to submit written proofs of claim to: LLP Liberty Oktyabrskaya Str. 47 Shymkent South Kazakhstan Region Kazakhstan PVNH: Claims Registration Ends Oct. 6 ------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda Region declared LLP PVNH insolvent. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Oct. 6 to submit written proofs of claim at: LLP PVNH Jambyl Str. 9 Karaganda Karaganda Region Kazakhstan RENESSANS: Creditors' Claims Due Oct. 6 ---------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda Region declared LLP Holding Company Renessans insolvent. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Oct. 6 to submit written proofs of claim to: LLP Renessans Jambyl Str. 9 Karaganda Karaganda Region Kazakhstan S. MERKURYI: Creditors' Claims Due Oct. 6 ------------------------------------------ The Specialized Inter-Regional Economic Court of Jambyl Region declared LLP S. Merkuryi Taraz insolvent. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Oct. 6 to submit written proofs of claim to: LLP S. Merkuryi Taraz Room 7 Suleymanova Str. 11a Taraz Jambyl Region Kazakhstan Tel: 8 (3262) 43-25-52 TAYMAS: Jambyl Court Opens Bankruptcy Proceedings ------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl Region commenced bankruptcy proceedings against LLP Taymas on July 17. VK KAZNEFTESERVICE: Court Begins Bankruptcy Proceedings ------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region commenced bankruptcy proceedings against LLP East Kazakhstan Oil Service VK Kaznefteservice (RNN 181600223167) on July 21. =================== K Y R G Y Z S T A N =================== AK-BULAK CEMENT: Proof of Claim Deadline Slated for Oct. 25 ----------------------------------------------------------- LLC Ak-Bulak Cement has declared insolvency. Creditors have until Oct. 25 to submit written proofs of claim at: Inquiries can be addressed to (+996 312) 29-25-16. MEGA BUS: Creditors Must File Claims by Oct. 25 ----------------------------------------------- LLC Mega Bus has declared insolvency. Creditors have until Oct. 25 to submit written proofs of claim at: Inquiries can be addressed to (+996 312) 43-21-16. RUSNEFTEHIM: Claims Registration Ends Oct. 25 --------------------------------------------- LLC Kyrgyz-Russian Petroleum Chemical Company Rusneftehim has declared insolvency. Creditors have until Oct. 25 to submit written proofs of claim to: LLC Rusneftehim Mir Ave. 4 Bishkek, Kyrgyzstan =========== P O L A N D =========== NETIA SA: Inks Services Pact with Telekomunikacja Polska -------------------------------------------------------- Netia SA received a signed copy of an agreement with Telekomunikacja Polska SA with its seat in Warsaw on provisioning by TP to Netia of the local loop unbundling services for the purpose of Netia's selling broadband data transmission services (bitstream access). The Agreement was concluded based on the terms established in the bitstream access reference offer, introduced by the decision of the President of the Office of Electronic Communications (UKE) dated May 10, 2006 (decision No. DRT-WWM-6062-9/04(226)). The Agreement is binding since August 16, 2006. About the Company Headquartered in Warsaw, Poland, Netia S.A. (B+/Stable/) -- http://netia.pl/-- is an alternative fixed-line telecommunications operator in Poland. It operates on the basis of its own, state-of-the-art fiber-optic backbone network that connects the largest Polish cities as well as its local access networks. Netia provides a broad range of telecommunications services, including voice, data and network wholesale services. =========== R U S S I A =========== AGRO-COMPANY RAY: Orel Bankruptcy Hearing Slated for Sept. 27 ------------------------------------------------------------- The Arbitration Court of Orel Region will convene on Sept. 27 to hear the bankruptcy supervision procedure on OJSC Association Of Agricultural Complex Agro-Company Ray. The case is docketed under Case No. A48-2311/06-20b. The Temporary Insolvency Manager is: A. Gavrikov 3rd floor, Room 40 3rd Kurskaya Str. 15 Orel Region Russia Tel./Fax: (4862) 47-09-54 The Arbitration Court of Orel Region is located at: Gorkogo Str. 42 302000 Orel Region Russia The Debtor can be reached at: OJSC Agro-Company Ray Muraevka Soskovskiy Region Orel Region Russia AGRO-KHIMIYA: Court Names N. Zarutskiy as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Orenburg Region appointed Mr. N. Zarutskiy as Insolvency Manager for OJSC Agro-Khimiya (TIN 2618003791). He can be reached at: N. Zarutskiy Pushkina Str. 63 Essentuki 357600 Stavropol Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-854/02-S5. The Arbitration Court of Orenburg Region is located at: 9th January Str. 64 460046 Orenburg Region Russia The Debtor can be reached at: OJSC Agro-Khimiya Pyatigorsk Russia BAKERY ENISEY: Court Names I. Kozlov as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Krasnoyarsk Region appointed Mr. I. Kozlov as Insolvency Manager for OJSC Bakery Enisey (TIN 2466071628). He can be reached at: I. Kozlov Post User Box 55 664022 Irkutsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-30987/2005. The Arbitration Court of Krasnoyarsk Region is located at: Lenina Str. 143 660021 Krasnoyarsk Region Russia The Debtor can be reached at: OJSC Bakery Enisey Severnoye Shosse, 25 660020 Krasnoyarsk Region Russia BANK KEDR: Moody's Assigns E+ Financial Strength Rating ------------------------------------------------------- Moody's Investors Service assigned these global scale ratings with stable outlook to Bank Kedr: -- B2 long-term and Not-Prime short-term foreign currency deposit ratings; and -- E+ financial strength rating. At the same time, Moody's Interfax Rating Agency has assigned a Baa1.ru long-term national scale credit rating to the bank. Moscow-based Moody's Interfax is majority-owned by Moody's, a leading global rating agency. According to Moody's and Moody's Interfax, the B2/NP/E+ global scale ratings reflect global default and loss expectation, while the Baa1.ru national scale rating reflects the standing of the bank's credit quality relative to its domestic peers. The ratings assigned to Bank Kedr reflect its entrenched positions in Eastern Siberia's Krasnoyarsk region, which has significant economic potential. Kedr is the largest among locally registered banks in terms of assets, while its network comprising over 40 branches and outlets covers the entire territory of the Krasnoyarsk region, as well as the neighboring Republic of Hakassiya. The bank has a relatively developed plastic cards business with about 320,000 cards issued at mid- 2006, mainly for payment of salaries to employees of corporate customers. Kedr's E+ financial strength rating is underpinned by its good financial indicators -- in particular its stable liquidity position propped up by a fairly matched asset-liability maturity structure -- and by relatively high profitability with fees and commissions making up about 50% of operating income, as well as acceptable reported asset quality. The bank's FSR is primarily constrained by low capital adequacy ratios and insufficient free capital. Poor capitalization hampers the bank's organic growth resulting in limited opportunities to gain access to new retail and corporate clients. Kedr is attempting to strengthen its franchise by expansion outside its home territory: the bank has established branches in Moscow, as well as in Southern Russia and in the Far East of the country, while the opening of a branch abroad is currently underway. In Moody's opinion, implementation of this strategy is likely to entail serious credit and operational risks. Due to inability on the part of the bank's current shareholders to provide additional capital in sufficient amounts, Kedr is making efforts to attract new investors. In May 2006 the board of EBRD approved the investment of up to US$12 million in the bank's stock through the acquisition of newly issued shares in the third quarter of 2006. Moody's views positively the forthcoming equity participation in Kedr by EBRD, but notes that it is insufficient to reach sustainable improvement in capitalization. Other negative rating drivers include: -- significant single-party concentration in the loan portfolio as the top ten borrowers accounted for about 25% of gross loans at mid-2006, and -- pressure on profitability from high operating expenses, mainly related to branch network development and maintenance. The B2/NP foreign currency deposit ratings do not incorporate possible support from the bank's shareholders. In Moody's view, although such support cannot be ruled out, its scope and timeliness are rather uncertain. Given the bank's size and market position, any support from the Russian financial authorities is unlikely. Bank Kedr is headquartered in Krasnoyarsk, Russian Federation. As at year-end 2005, the bank reported total assets of US$289 million under IFRS and ranked 117th by assets among Russian banks, according to Interfax. BUGULMINSKIY REPAIR-MECHANICAL: S. Lgach to Manage Assets --------------------------------------------------------- The Arbitration Court of Tatarstan Republic appointed Mr. S. Lgach as Insolvency Manager for OJSC Bugulminskiy Repair- Mechanical Factory. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A65-345/2005-SG4-27. The Arbitration Court of Tatarstan Republic is located at: Room 12 Floor 2 Entrance 2 Building 1 Kremlin Kazan Tatarstan Republic Russia The Debtor can be reached at: OJSC Bugulminskiy Repair-Mechanical Factory Lenina Str. 145 Bugulma 423235 Tatarstan Republic Russia CANADSKIY: Court Names V. Batrakov as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Penza Region appointed Mr. V. Batrakov as Insolvency Manager for OJSC Canadskiy Combine Of Building Materials (TIN 5812000772). He can be reached at: V. Batrakov Pushkina Str. 2 Penza Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A49-3281/2006-325B/26. The Arbitration Court of Penza Region is located at: Belinskogo Str. 2 440600 Penza Region Russia The Debtor can be reached at: OJSC Canadskiy Combine Of Building Materials Molodyezhnaya Str. Kanaevka Gorodish Region Penza Region Russia CRYSTAL FACTORY: Vladimir Bankruptcy Hearing Slated for Nov. 9 -------------------------------------------------------------- The Arbitration Court of Vladimir Region will convene at 10:00 a.m. on Nov. 9 to hear the bankruptcy supervision procedure on OJSC Crystal Factory. The case was docketed under Case No. A11-4302/2006-K1-208B. The Temporary Insolvency Manager is: V. Pronyushkina Office 302 Building 15 Nizhegorodskaya Str. 32 109029 Moscow Region Russia The Arbitration Court of Vladimir Region is located at: Oktyabrskiy Pr. 14 600025 Vladimir Region Russia The Debtor can be reached at: OJSC Crystal Factory Kalinina Str. 28 Gus-Khrustalnyj 601501 Vladimir Region Russia DAL-VTOR-TSVET-MET: G. Chmutina to Manage Insolvency Assets ----------------------------------------------------------- The Arbitration Court of Khabarovsk Region appointed Ms. G. Chmutina as Insolvency Manager for OJSC Dal-Vtor-Tsvet-Met. She can be reached at: G. Chmutina Sv. Innokeniya Per. 13 Blagoveshensk 675000 Khabarovsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A73-5808/2006-38. The Debtor can be reached at: OJSC Dal-Vtor-Tsvet-Met Zelenaya Str. 2B 680000 Khabarovsk Region Russia DIARY VOLGOGRADSKIY: Bankruptcy Hearing Slated for Nov. 29 ---------------------------------------------------------- The Arbitration Court of Volgograd Region will convene at 10:00 a.m. on Nov. 29 to hear the bankruptcy supervision procedure on OJSC Diary Volgogradskiy. The case is docketed under Case No. A12-11128/06-s55. The Temporary Insolvency Manager is: E. Slushkin Post User Box 1034 400105 Volgograd Region Russia The Debtor can be reached at: OJSC Diary Volgogradskiy Raboche-Krestyanskaya Str. 44 Volgograd Region Russia INNOVATION CONSULTING: O. Ershov to Manage Insolvency Assets ------------------------------------------------------------ The Arbitration Court of Moscow appointed Mr. O. Ershov as Insolvency Manager for CJSC Innovation Consulting Centre. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A 40-21534/06-78-260B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Innovation Consulting Centre Chistoprudnyj Avenue 2 Moscow Russia IRKUT CORP: Market Position Prompts Moody's to Assign B1 Rating --------------------------------------------------------------- Moody's Investors Service assigned a B1 corporate family rating to Irkut Corporation and placed the rating under review for possible upgrade. Moody's said that the B1 Corporate Family rating primarily reflects: -- Irkut's strong market position of its SU-30MK multi-role jet fighter among the Indian, Algerian and Malaysian air force and increasing exports to other markets; -- the company's ability to deliver products which can compete globally; -- positive trends to diversify product range into non- defense related areas, for example the BE-200 multipurpose amphibious aircraft and components production for EADS; -- a solid base of signed order contracts providing for medium-term revenue visibility. At the same time, the rating remains constrained primarily by: -- the weak position with its most significant domestic client, the Russian military, exposing it to political imponderabilities which can affect business prospects and undermine future revenue potential; -- concentration on one foreign customer accounting for a significant part of the order book; -- substantial global competition; -- product concentration on currently one main product which accounts for a core part of the revenue, and which is approaching the maturity of its life-cycle, requiring significant research and development expenditure going forward; -- predominance of sales outside Russia; and -- challenging operating environment characterized by significant political, legal, fiscal and exchange rate risks. As one of Russia's leading military aircraft producers, the B1 rating also incorporates a moderate degree of implicit support from the Russian government. Based on the imminent reorganization of the Russian aviation industry and the integration of Irkut Corporation into UAC, the B1 rating has been placed under review for possible upgrade, reflecting Moody's expectation that support by the Russian government will strengthen for Irkut Corporation as a result of this initiative. The review for possible upgrade will focus on: -- the future group structure of UAC and Irkut's position in that group, -- the degree of expected state support for this combined entity and Irkut Corporation in particular, and -- the impact on Irkut's business and financial profile resulting from the integration of other entities into the group. Moody's expects the rating to remain sub-investment grade given the anticipated legal structure under which Irkut Corporation would be only indirectly majority owned by the Russian government, and taking into consideration the existing moderate level of support already integrated into the B1 rating. Irkut Corporation is a leading military aircraft producer and one of the largest company in the Russian aerospace & defense industry, with defense- related revenues in 2005 of over US$602 million and total company revenue of US$712 million. The order book in 2006 is estimated at US$5.1 billion. Irkut Corporation is the only public company in the Russian defense industry where the Government currently controls 12% through Sukhoi Holding. LENINSK-AGRO-SERVICE: Court Names B. Yun as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Tula Region appointed Mr. B. Yun as Insolvency Manager for OJSC Leninsk-Agro-Service. He can be reached at: B. Yun Ekaterininskaya Str. 17/21 129110 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A68-227/B-05. The Debtor can be reached at: OJSC Leninsk-Agro-Service Odoevskoye Shosse, 63 Tula Region Russia MED-SERVICE: Court Names N. Pavlova as Insolvency Manager --------------------------------------------------------- The Arbitration Court of Orenburg Region appointed Ms. N. Pavlova as Insolvency Manager for CJSC Med-Service. She can be reached at: N. Pavlova Orskaya Str. 6 Novotroitsk 462356 Orenburg region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-3106/2006-14GK. The Arbitration Court of Orenburg Region is located at: 9th January Str. 64 460046 Orenburg Region Russia The Debtor can be reached at: CJSC Med-Service Leninskogo Komsomola Str. 21 Orsk Orenburg Region Russia MINE BERINGOVAYA: Court Names N. Chelapko as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Chukotskiy autonomous Region appointed Mr. N. Chelapko as Insolvency Manager for OJSC Mine Beringovaya (TIN 8702000172). He can be reached at: N. Chelapko Post User Box 214 Anadyr 689000 Chukotskiy autonomous region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A80-23/2006-14GK. The Debtor can be reached at: OJSC Mine Beringovaya Shakhtnaya Str. 2 Beringovskij 689101 Chukotskiy autonomous Region Russia OKHOTSK-AGRO-PROM-KHIMIYA: Court Starts Bankruptcy Supervision -------------------------------------------------------------- The Arbitration Court of Khabarovsk Region has commenced bankruptcy supervision procedure on Municipal Unitary Enterprise Okhotsk-Agro-Prom-Khimiya. The case is docketed under Case No. A 73-19086/2005-39. The Temporary Insolvency Manager is: Y. Shirokov Aleutskaya Str. 45-a 690091 Vladivostok Region Russia The Debtor can be reached at: Municipal Unitary Enterprise Okhotsk-Agro-Prom-Khimiya Komsomolskaya Str. 50 Okhotsk Khabarovsk Region Russia ORENBURG-AUTO-TRANS: Court Commences Bankruptcy Supervision ----------------------------------------------------------- The Arbitration Court of Orenburg Region has commenced bankruptcy supervision procedure on OJSC Transport Company Orenburg-Auto-Trans. The case is docketed under Case No. A47-3689/2006-14GK. The Temporary Insolvency Manager is: N. Ershov Post User Box 1914 443052 Samara Region Russia The Arbitration Court of Orenburg Region is located at: 9th January Str. 64 460046 Orenburg Region Russia The Debtor can be reached at: OJSC Transport Company Orenburg-Auto-Trans Matrosskiy Per. 12 460000 Orenburg Region Russia ORSKAYA BUILDING: Court Names S. Egorova as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Orenburg Region appointed as Insolvency Manager for LLC Orskaya Building Transport Company (TIN 5615018890). She can be reached at: S. Egorova Post User Box 44 Orlova Str. 5 460006 Orenburg Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-4147/06-14GK. The Arbitration Court of Orenburg Region is located at: 9th January Str. 64 460046 Orenburg Region Russia The Debtor can be reached at: LLC Orskaya Building Transport Company Soyuznaya Str. 9 Orsk 462407 Orenburg Region Russia PETUKHOVSKIY FLAX: Kirov Court Starts Bankruptcy Supervision ------------------------------------------------------------ The Arbitration Court of Kirov Region has commenced bankruptcy supervision procedure on OJSC Petukhovskiy Flax Factory. The case is docketed under Case No. A28-228/06-183/3. The Temporary Insolvency Manager is: V. Lutoshkin Proizvodstvennaya Str. 20, office 6. 610021 Kirov Region Russia The Arbitration Court of Kirov Region is located at: K-Libknekhta Str. 102 610017 Kirov Region Russia The Debtor can be reached at: OJSC Petukhovskiy Flax Factory B. Polomka Sanchurskiy Region 612397 Kirov Region Russia PLATONOVSKOYE GRAIN: Saratov Court Starts Bankruptcy Supervision ---------------------------------------------------------------- The Arbitration Court of Saratov Region has commenced bankruptcy supervision procedure on CJSC Platonovskoye Grain Receiving Processing Enterprise. The case is docketed under Case No. A-57-105B/06-31. The Temporary Insolvency Manager is: V. Klemeshev Michurina Str. 50 410056 Saratov Region Russia The Arbitration Court of Saratov Region is located at: Babushkin Vvoz 1 Saratov Region Russia The Debtor can be reached at: CJSC Platonovskoye Grain Receiving Processing Enterprise Bakhmetyvskaya Str. 5 410004 Saratov Region Russia RESO-RE: S&P Puts Rating on CreditWatch on Core Status Concerns --------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' long-term counterparty credit and insurer financial strength ratings and its 'ruA+' Russia national scale rating on Russia-based reinsurer RESO-Re on CreditWatch with negative implications. "The CreditWatch placement reflects growing uncertainty about the future strategic direction of RESO-Re, which could potentially undermine its core status within the RESO-Garantia group," said Standard & Poor's credit analyst Tatiana Grineva. "At present, as a core entity of the group, the ratings on RESO-Re reflect the financial strength characteristics of RESO- Garantia, rather than the stand-alone characteristics of the reinsurer," she added. Standard & Poor's will meet with RESO-Garantia's management within the next few weeks to discuss its willingness and ability to continue to support RESO-Re. Standard & Poor's expects to resolve the CreditWatch listing before the end of November 2006, once a decision about RESO-Re's future strategy has been taken. RYLSK-MEAT-MILK-INDUSTRY: N. Gutenev to Manage Assets ----------------------------------------------------- The Arbitration Court of Kursk Region appointed Mr. N. Gutenev as Insolvency Manager for CJSC Rylsk-Meat-Milk-Industry (TIN 4620006320). He can be reached at: N. Gutenev Apartment 115 Khutorskaya Str. 12V 305029 Kursk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A35-4515/06 g. The Arbitration Court of Kursk Region is located at: K. Marksa Str. 25 305004 Kursk Region Russia The Debtor can be reached at: CJSC Rylsk-Meat-Milk-Industry Novaya Str. 2 Rylsk 307373 Kursk Region Russia SIR AERO: Court Names G. Gromov as Insolvency Manager ----------------------------------------------------- The Arbitration Court of Sakha Republic-Yakutiya appointed Mr. G. Gromov as Insolvency Manager for CJSC Aviation Company Sir Aero. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A58-6216/05. The Arbitration Court of Sakha Republic-Yakutiya is located at: Kurashova Str. 28 677000 Sakha Republic-Yakutiya Russia The Debtor can be reached at: CJSC Aviation Company Sir Aero Yakutsk Sakha Republic-Yakutiya Russia TO-ALA: Filing of Claims Ends September 29 ------------------------------------------ Creditors of CJSC Agro Company To-Ala have until Sept. 29 to submit written proofs of claim to: A. Strinadkin, Insolvency Manager Krasina Str. 7a 625003 Tyumen Region Russia The Arbitration Court of Kurgan Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A34-2007/2006. The Debtor can be reached at: CJSC Agro Company To-Ala Krasina Str. 7a 625003 Tyumen Region Russia TULSKAYA SHOES: Court Names D. Kochetkov as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Tula Region appointed Mr. D. Kochetkov as Insolvency Manager for LLC Tulskaya Shoes Factory Rainbow. He can be reached at: D. Kochetkov Office 507 Boldina Str. 98 300028 Tula Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A68-137/B-06. The Debtor can be reached at: LLC Tulskaya Shoes Factory Rainbow Dubovskaya Str. 27 Uzlovaya 301657 Tula Region Russia TVK: Moscow Court Names A. Kubasov as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Moscow appointed for CJSC Insurance Company TVK (TIN 7710075780). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-19245/06-74-202 B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Insurance Company TVK Tverskaya Str. 10 125009 Moscow Russia UFA-OIL-GAS-STROY: Court Names R. Gazizov as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Bashkortostan Republic appointed Mr. R. Gazizov as Insolvency Manager for OJSC Ufa-Oil-Gas-Stroy (TIN 0274050998). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-52100/05-G-PAV. The Arbitration Court of Bashkortostan Republic is located at: Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Republic Russia The Debtor can be reached at: OJSC Ufa-Oil-Gas-Stroy Maykopskaya Str. 53. Ufa 450095 Bashkortostan Republic Russia URALO-SIBERIAN FURNITURE: A. Plotnikov to Manage Assets ------------------------------------------------------- The Arbitration Court of Sverdlovsk Region appointed Mr. A. Plotnikov as Insolvency Manager for CJSC Uralo-Siberian Furniture Factory. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A60-9391/06-S11. The Arbitration Court of Sverdlovsk Region is located at: Lenina Pr. 34 620151 Ekaterinburg Region Russia The Debtor can be reached at: CJSC Uralo-Siberian Furniture Factory Industrii Str. 36-7 620042 Ekaterinburg Region Russia VAZ-REM-DETAIL: Samara Court Starts Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Samara Region commenced bankruptcy supervision procedure on OJSC Vaz-Rem-Detail. The case is docketed under Case No. A55-7412/2006-38. The Temporary Insolvency Manager is: N. Ovchinnikova Office 314 Komsomolskaya Str. 84A Tolyatti 445009 Samara Region Russia The Debtor can be reached at: OJSC Vaz-Rem-Detail Zastavnaya Str. 5 Tolyatti 445024 Samara Region Russia VYAT-VOD-SPIRIT: Bankruptcy Hearing Slated for Oct. 26 ------------------------------------------------------ The Arbitration Court of Kirov Region will convene on Oct. 26 to hear the bankruptcy supervision procedure on OJSC Vyat-Vod- Spirit. The case is docketed under Case No. A28-242/06-204/6. The Temporary Insolvency Manager is: Y. Malgin Oktyabrskiy Pr. 104 610000 Kirov Region Russia The Arbitration Court of Kirov Region is located at: K-Libknekhta Str. 102 610017 Kirov Region Russia The Debtor can be reached at: OJSC Vyat-Vod-Spirit Moskovskaya Str. 114. 610044 Kirov Region Russia YUZHNO-SAKHALINSKIY COMBINE: Filing of Claims Ends September 29 --------------------------------------------------------------- Creditors of OJSC Yuzhno-Sakhalinskiy Combine Of Grain Products have until Sept. 29 to submit written proofs of claim to: V. Ivanov 2nd Krasnoselskaya Str. 18-37. 693022 Yuzhno-Sakhalinsk Russia The Arbitration Court of Sakhalin Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A59-3386/05-S9. The Debtor can be reached at: OJSC Yuzhno-Sakhalinskiy Combine of Grain Products Mira Pr. 2. Yuzhno-Sakhalinsk Russia ZAVOLZHSKIY CHEMICAL: Court Starts Reorganization Process --------------------------------------------------------- The Arbitration Court of Ivanovo Region commenced external management bankruptcy procedure on CJSC Zavolzhskiy Chemical Factory. The case is docketed under Case No. A17-1330/05-10-B. The External Insolvency Manager is: A. Ryabov Office 607 15th Proezd 4 153006 Ivanovo Region Russia Tel./Fax: (4932) 47-54-41 The Arbitration Court of Ivanovo Region is located at: B. Khmelnitskogo Str. 59B Ivanovo Region Russia The Debtor can be reached at: CJSC Zavolzhskiy Chemical Factory Zavodskaya Str. 1 Kineshma Ivanovo Region Russia =========== S W E D E N =========== DRESSER INC: Financial Statement Filing Extended Until Dec. 31 -------------------------------------------------------------- Dresser, Inc., has amended its senior secured credit facility to extend the date required for providing the company's audited financial statements to its senior secured lenders and to include various technical amendments. The date for providing audited financial statements for the fiscal year ended Dec. 31, 2005, has been extended from Sept. 30, 2006, to Dec. 31, 2006. About Dresser Based in Addison, Texas, Dresser, Inc. -- http://www.dresser.com/-- designs, manufactures and markets equipment and services sold primarily to customers in the flow control, measurement systems, and compression and power systems segments of the energy industry. The Company has a comprehensive global presence, with over 8,500 employees and a sales presence in over 100 countries worldwide including Germany, Italy, Russia, Switzerland, and Sweden. * * * As reported in the Troubled Company Reporter on Aug. 3, 2006, Moody's Investors Service downgraded Dresser, Inc.'s ratings. Moody's said the rating outlook is negative. Dresser's Corporate Family Rating was downgraded to B1 from Ba3. The rating for the Company's Senior Secured Tranche C Term Loan maturing 2009 was downgraded to B1 from Ba3. Moody's also downgraded the rating for the Company's Senior Unsecured Term Loan maturing 2010 to B2 from B1. The Company's Senior Subordinated Notes maturing 2011 was downgraded to B3 from B2. MODERN TIMES: S&P Withdraws BB Rating Following Debt Repayment -------------------------------------------------------------- Standard & Poor's Ratings Services withdrew its 'BB+' long-term corporate credit rating on Sweden-based media company Modern Times Group AB at the company's request. The outlook on the company was positive. MTG had no rated debt. The rating withdrawal follows a request by the company after the repayment of MTG's only rated debt instrument in June 2006. ============= U K R A I N E ============= GLINSKE: Sumi Court Starts Bankruptcy Supervision ------------------------------------------------- The Economic Court of Sumi Region commenced bankruptcy supervision procedure on LLC Glinske (code EDRPOU 30827656) on June 7. The case is docketed under Case No. 7/117-06. The Temporary Insolvency Manager is: Vadim Zakorko Office 412 Ribalko Str. 2 40011 Sumi Region Ukraine The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: LLC Glinske Lenin Str. 23 Glinske Romni District 42081 Sumi Region Ukraine CABLE INFORMATION: Creditors Claims Due September 22 ---------------------------------------------------- Creditors of CJSC Cable Information TV System (code EDRPOU 13607005) have until Sept. 22 to submit written proofs of claim to the temporary insolvency manager at: I. Chulakov a/b 7683 69050 Zaporizhya Region Ukraine The Economic Court of Zaporizhya Region commenced bankruptcy supervision procedure on the company on July 25. The case is docketed under Case No. 16/71/06. The Economic Court of Zaporizhya Region is located at: Shaumyana Str. 4 69001 Zaporizhya Region Ukraine The Debtor can be reached at: CJSC Cable Information TV System Ukraini Str. 45 40 rokiv Radyanskoi 69037 Zaporizhya Region Ukraine SNABKOMPLEKT: Filing of Claims Ends September 22 ------------------------------------------------ Creditors of OJSC Snabkomplekt (code EDRPOU 32242600) have until Sept. 22 to submit written proofs of claim to the insolvency manager at: I. Chulakov a/b 7683 69050 Zaporizhya Region Ukraine The Economic Court of Zaporizhya Region commenced bankruptcy supervision procedure on the company on July 28. The case is docketed under Case No. 16/73/06. The Economic Court of Zaporizhya Region is located at: Shaumyana Str. 4 69001 Zaporizhya Region Ukraine The Debtor can be reached at: OJSC Snabkomplekt Krasnogradska Str. 40 69083 Zaporizhya Region Ukraine MARKET SECURITY: Kyiv Court Starts Bankruptcy Supervision --------------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on LLC Market Security (code EDRPOU 31405231). The case is docketed under Case No. 23/249-b. The Temporary Insolvency Manager is: V. Letskan Dovzhenko Str. 16V/42 03057 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 Market Security Rejtarska Str. 11/1 Kyiv Region Ukraine EXIMKOM: Kyiv Court Starts Bankruptcy Supervision ------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on LLC Eximkom (code EDRPOU 23519348). The case is docketed under Case No. 15/488-b. The Temporary Insolvency Manager is: V. Letskan Dovzhenko Str. 16V/42 03057 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 Eximkom Sherbakov Str. 45 A Kyiv Region Ukraine DINKO: Filing of Claims Ends September 22 ----------------------------------------- Creditors of LLC Production-Commercial Firm Dinko have until Sept. 22 to submit written proofs of claim to the insolvency manager at: P. Solomyanuk Vasilkivska Str. 40a/31 01022 Kyiv Region Ukraine The Economic Court of Kyiv Region has commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 15/489-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 Production-Commercial Firm Dinko Donvar-Zapolskij Str. 4/2 Kyiv Region Ukraine SLOVYANSK AUTO 11417: Donetsk Court Freezes Payment of Debts ------------------------------------------------------------ The Economic Court of Donetsk Region ordered a moratorium on satisfaction of creditors claims on OJSC Slovyansk Auto Transport Enterprise 11417 The Court commenced bankruptcy supervision procedure on OJSC Slovyansk Auto Transport Enterprise 11417 (code EDRPOU 09334564) on June 19. The case is docketed under Case No. 42/131 B. The Temporary Insolvency Manager is: Vadim Skalyanskij Olimpijska Str. 7/91 Slovyansk 84116 Donetsk Region Ukraine The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: OJSC Slovyansk Auto Transport Enterprise 11417 Slovyansk, Frunze Str. 58 84100 Donetsk Region Ukraine SPETSIZOLYATORSTROJ: Donetsk Court Starts Bankruptcy Supervision ---------------------------------------------------------------- The Economic Court of Donetsk Region commenced bankruptcy supervision procedure on OJSC Spetsizolyatorstroj (code EDRPOU 00126020) on June 13. The case is docketed under Case No. 42/119 B. The Temporary Insolvency Manager is: Tetyana Pashkova Kujbishev Str. 240/50 83122 Donetsk Region Ukraine The Debtor can be reached at: OJSC Spetsizolyatorstroj Uritskij Lane 6 Slovyansk 84100 Donetsk Region Ukraine OPEKS: Odessa Court Commences Bankruptcy Supervision ---------------------------------------------------- The Economic Court of Odessa Region commenced bankruptcy supervision procedure on OJSC Opeks (code EDRPOU 30019801) on July 17. The case is docketed under Case No. 32/151-06-6202. The Temporary Insolvency Manager is: Gennadij Verlan Vira Inber Str. 8/5 65014 Odessa Region Ukraine The Economic Court of Odessa Region is located at: Shevchenko Avenue 4 65032 Odessa Region Ukraine The Debtor can be reached at: OJSC Opeks Serednya Str. 10-a 65091 Odessa Region Ukraine DAEM: Zaporizhya Court Starts Bankruptcy Supervision ---------------------------------------------------- The Economic Court of Zaporizhya Region commenced bankruptcy supervision procedure on CJSC Building-Erection Enterprise Daem (code EDRPOU 02830993) on July 12. The case is docketed under Case No. 19/132/06. The Temporary Insolvency Manager is: R. Kravchenko a/b 42 Skifska Str. 18/17 Energodar 71500 Zaporizhya Region Ukraine The Economic Court of Zaporizhya Region is located at: Shaumyana Str. 4 69001 Zaporizhya Region Ukraine The Debtor can be reached at: CJSC Building-Erection Enterprise Daem a/b 14 Energodar 71503 Zaporizhya Region Ukraine =========================== U N I T E D K I N G D O M =========================== A2B LOGISTICS: Creditors Confirm Liquidator's Appointment --------------------------------------------------------- Creditors of A2B Logistics Limited confirmed on July 14 the appointment of Ian William Kings of Tenon Recovery as the company's Liquidator. The company can be reached at: A2B Logistics Limited Newcastle Road South Shields Tyne And Wear NE349PB United Kingdom Tel: 0191 456 6444 ACCESS PARTNERSHIP: Appoints Liquidator from David Horner & Co. --------------------------------------------------------------- David Anthony Horner of David Horner & Co. was appointed Liquidator of The Access Partnership Limited on July 10 for the creditors' voluntary winding-up procedure. The company can be reached at: The Access Partnership Limited Hilton House Lord Street Stockport Cheshire SK1 3NA United Kingdom Tel: 0161 480 2323 ACXIOM CORP: Discloses Preliminary Results of Dutch Auction ----------------------------------------------------------- Acxiom Corp. disclosed preliminary results of its modified "Dutch Auction" self-tender offer, which expired at 5:00 p.m. on Sept. 12, 2006. Based on the preliminary count by the depositary for the tender offer, an aggregate of 24,911,233 shares of Acxiom common stock were properly tendered and not withdrawn at or below a price of US$27.00 per share, including 8,537,481 shares that were tendered through notice of guaranteed delivery. Based on these preliminary results the company expects to purchase 11,111,111 shares in the tender offer, subject to proration, at US$25.75 per share. Pursuant to the terms of the tender offer, Acxiom offered to purchase shares of its common stock at a price not less than US$25 and not greater than US$27 per share. Acxiom has been informed by Computershare Trust Company, N.A., the depositary for the tender offer, that the preliminary proration factor for the shares tendered at US$25.75 and below is approximately 97 percent. The exact proration factor is subject to delivery of the shares that were tendered through notice of guaranteed delivery. The results disclosed are preliminary and subject to verification by the depositary of the proper delivery of the shares validly tendered and not withdrawn. Final results will be announced following the completion of the verification process. Acxiom expects payment for the shares accepted for purchase and the return of all shares tendered and not accepted for purchase to occur within one week. The repurchase of the shares will be funded with proceeds from a new US$800 million credit facility on or about Sept. 15, 2006. ValueAct Capital has advised Acxiom that neither ValueAct Capital nor any of its affiliates tendered any of its shares of Acxiom into the modified Dutch Auction. The dealer managers for the self-tender offer are J.P. Morgan Securities Inc. and Stephens Inc. The information agent is Innisfree M&A Incorporated, and the depositary is Computershare Trust Company, N.A. Any questions about the self-tender offer may be directed to the information agent at 1-877-750-9457, or the dealer managers, J.P. Morgan Securities Inc. at 1-877-371- 5947 or Stephens Inc. at 1-800-643-9691. About Acxiom Corp. Based in Little Rock, Arkansas, Acxiom Corp. (Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data, services and technology to create and deliver customer and information management solutions for many of the largest, most respected companies in the world. The core components of Acxiom's innovative solutions are Customer Data Integration technology, data, database services, IT outsourcing, consulting and analytics, and privacy leadership. Founded in 1969, Acxiom has locations throughout the United States, Europe, Australia and China. In Europe, Acxiom has operations in France, Germany, the Netherlands, Portugal, Spain, and the United Kingdom. ACXIOM CORP: S&P Rates US$800 Million Secured Financing at BB ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its loan and recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s proposed US$800 million secured first-lien financing. The first-lien facilities consist of a US$200 million revolving credit facility and a US$600 million term loan. They are rated 'BB' (at the same level as the corporate credit rating on Acxiom) with a recovery rating of '2', indicating the expectation for substantial (80%-100%) recovery of principal in the event of a payment default. Proceeds from the facilities will be used to fund the company's proposed Dutch tender offer for the repurchase of its common stock, to refinance existing debt, to finance working capital, and for general corporate purposes. The corporate credit rating on Acxiom is BB/Stable/--. The 'BB' rating reflects the company's relatively small size in a growing and fragmented industry that may see the entrance of several much larger competitors. This is somewhat offset by Acxiom's good niche market position and adequate cash flow generation. Business risk is tempered by the company's expertise in managing its comprehensive consumer databases. APEX WINDOWS: M. T. Coyne Leads Liquidation Procedure ----------------------------------------------------- M. T. Coyne of Poppleton & Appleby was appointed Liquidator of Apex Windows Manufacturing Co. Ltd. on July 18 for the creditors' voluntary winding-up procedure. The company can be reached at: Apex Windows Manufacturing Co. Ltd. Unit 2 Cloverfield Hinckley Leicestershire LE101YD United Kingdom Tel: 01455 891 333 ARDAN J: Names Beverley Ellice Budsworth Liquidator --------------------------------------------------- Beverley Ellice Budsworth was appointed Liquidator of Ardan J Limited on June 29 for the creditors' voluntary winding-up procedure. The company can be reached at: Ardan J Limited Woods Farm Britwell Hill Watlington Oxfordshire OX495HD United Kingdom Tel: 01491 614 315 ASSIST MAINTENANCE: Creditors' Meeting Slated for Sept. 19 ---------------------------------------------------------- Creditors of Assist Maintenance Services Limited (Company Number 04142373) will meet at 3:00 p.m. on Sept. 19 at: The Judges Hotel Kirklevington Hall Kirklevington Yarm TS15 9LW 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 Sept. 18 at: David Horner Administrator 3 Guisborough Road Great Ayton Middlesbrough TS9 6AA United Kingdom Tel: 01642 500117 David Horner & Co. -- http://www.davidhornerandco.co.uk/-- is a firm of insolvency practitioners based at three different locations, which together cover the whole of Yorkshire and the North East. It also has offices in York, Doncaster and Middlesbrough. The firm offers practical advice and solutions to all types of businesses, individuals and creditors, often enabling formal insolvency to be avoided. CARTER LITHO: Brings In Administrators from Smith & Williamson -------------------------------------------------------------- Anthony Cliff Spicer and Henry Anthony Shinners of Smith & Williamson Limited were appointed joint administrators of Carter Litho Limited (Company Number 01992510) on Sept. 1. Smith & Williamson -- http://www.smith.williamson.co.uk/-- is an independent professional and financial services group employing over 1,200 people. It is the leading provider of investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. Headquartered in Berkshire, United Kingdom, Carter Litho Limited is engaged in paper printing and publishing. CDOS TECHNOLOGY: Creditors Confirm Liquidator's Appointment ----------------------------------------------------------- Creditors of CDOS Technology Limited confirmed on July 17 the appointment of Roderick Graham Butcher of Butcher Woods as the company's Liquidator. The company can be reached at: CDOS Technology Limited 74-76 High Street Coleshill Birmingham B46 3AH United Kingdom Tel: 01675 464 450 Web: http://www.cdos.com/ http://www.pcdoctor.uk.net/ CLINICAL PATHWARE: Nominates Liquidator from Simmonds & Company --------------------------------------------------------------- Gordon Allan Mart Simmonds of Simmonds & Company was nominated Liquidator of Clinical Pathware Limited on July 11 for the creditors' voluntary winding-up procedure. The company can be reached at: Clinical Pathware Limited Dorfold Cottage Wrexham Road Acton Nantwich Cheshire CW5 8LP United Kingdom Tel: 01270 610 399 DEVONSHIRE STATUARY: Taps BDO Stoy as Joint Administrators ---------------------------------------------------------- Mark Peter George Roach and Graham David Randall of BDO Stoy Hayward LLP were appointed joint administrators of Devonshire Statuary Limited (Company Number 03276655) on Sept. 1. BDO Stoy Hayward -- http://www.bdo.co.uk/-- is the U.K. member firm of BDO International, the world's fifth largest accountancy network with more than 600 offices in 100 countries. Its services include: audit and assurance, business restructuring, corporate finance, disputes and investigations, investment management, risk assurance services, tax services, and valuations. Headquartered in Devon, United Kingdom, Devonshire Statuary Limited manufactures garden ornaments. E.M. TOOL: Appoints Baker Tilly to Administer Assets ---------------------------------------------------- Graham Paul Bushby and Bruce Alexander Mackay of Baker Tilly were appointed joint administrators of E.M. Tool (Designs) Limited (Company Number 00890721) on Sept. 4. Headquartered in Birmingham, United Kingdom, Baker Tilly -- http://www.bakertilly.co.uk/-- is a leading independent firm of chartered accountants and business advisers in the United Kingdom. The firm's annual fee income is over GBP168 million and is part of a global network, which has 122 member firms in 85 countries as an independent member of Baker Tilly International. Headquartered in London, United Kingdom, E.M. Tool (Designs) Limited is engaged in general mechanical engineering. EASTWOOD CABINET: Hires Joint Liquidators from Larking Gowen ------------------------------------------------------------ Matthew Robert Howard and Robert Geoffrey Rose of Larking Gowen were appointed Joint Liquidators of Eastwood Cabinets Limited on July 14 for the creditors' voluntary winding-up procedure. The company can be reached at: Eastwood Cabinets Limited Fen Road Pidley Huntingdon Cambridgeshire PE283DF United Kingdom Tel: 01487 740 164 ELEMENTS ORIENTAL: Brings In Joint Liquidators from Haines Watts ---------------------------------------------------------------- Timothy Calverley and David Michael Clements of Haines Watts were appointed Joint Liquidators of Elements Oriental (Castleford) Ltd. on July 6 for the creditors' voluntary winding-up proceeding. The company can be reached at: Elements Oriental (Castleford) Ltd. Colorado Way Castleford West Yorkshire WF104TA United Kingdom Tel: 01977 554 888 EMERY HOLDINGS: Names Joint Administrators from Begbies Traynor --------------------------------------------------------------- Steven Williams and David Acland of Begbies Traynor were appointed joint administrators of Emery Holdings Limited (Company Number 04044734) of Aug. 29. Headquartered in Manchester, Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Emery Holdings Limited can be reached at: Oddfellows Hall Bridge Street Todmorden Lancashire OL14 5AQ United Kingdom Tel: 01706 811 500 EUROSAIL 2006-2BL: S&P Assigns B Rating to Class F1C Notes ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the GBP615 million (equivalent) mortgage- backed floating-rate notes to be issued by Eurosail 2006-2BL PLC. Eurosail 2006-2BL is the second transaction under the Eurosail program. The transaction features an interest rate cap agreement to hedge against rising LIBOR, a discount margin reserve to partially hedge against the risk associated with reduced rates of interest payable on discounted loans, and a bullet cap reserve fund. A fixed/floating swap will be in place to hedge against certain interest rate mismatches. At closing, Eurosail 2006-2BL will issue the class A1, A2, B, C, D1, E1c, and F1c notes and use part of the proceeds to acquire the loan pool from the originator, Preferred Mortgages Ltd. This loan pool comprises first- and second-ranking mortgages on properties located in England, Wales, and Northern Ireland, and standard securities on properties located in Scotland. The mortgage loans in the pool consist of a combination of "near-prime" and nonconforming mortgages. A portion of the pool is characterized as "near-prime" as these loans have been made to borrowers with little or no adverse credit history. Approximately 64% of the provisional pool comprises nonconforming mortgages. Of the borrowers whose mortgage loans are included in the provisional pool, 19.28% have been subject to a county court judgment, and 2.11% of the provisional pool comprises loans to borrowers that have previously been bankrupt. Ratings List Eurosail 2006-2BL PLC GBP615 Million (Equivalent) Mortgage-Backed Floating-Rate Notes Prelim. Prelim. Class rating amount (Mil. GBP) (1) ----- ------ ------ A1a AAA TBD A1b AAA TBD A1c AAA 258.300 A2a AAA TBD A2b AAA TBD A2c AAA 269.062 B1a AA+ TBD B1b AA+ TBD B1c AA+ 27.675 C1a A+ TBD C1b A+ TBD C1c A+ 27.675 D1a BBB TBD D1b BBB TBD D1c BBB 23.370 E1c BB- 7.380 F1c B 1.538 (1) The exact split between the classes at each rating level is yet to be determined. Some of the notes issued in this transaction may be denominated in U.S. dollars and euros. TBD - To be determined. EUROSAIL 2006-2BL: Moody's Rates GBP1.54-Mln F1C Notes at (P)B1 --------------------------------------------------------------- Moody's Investors Service assigned provisional long-term credit ratings to the Notes to be issued by Eurosail 2006-2BL PLC: -- GBP258,300,000 Class A1 Mortgage Backed Floating Rate Notes due [2030]: (P)Aaa; -- GBP269,062,500 Class A2 Mortgage Backed Floating Rate Notes due [2044]: (P)Aaa; -- GBP27,675,000 Class B Mortgage Backed Floating Rate Notes due [2044]: (P)Aa2; -- GBP27,675,000 Class C Mortgage Backed Floating Rate Notes due [2044]: (P)A2; -- GBP23,370,000 Class D1 Mortgage Backed Floating Rate Notes due [2044]: (P)Baa2; -- GBP7,380,000 Class E1c Mortgage Backed Floating Rate Notes due [2044]: (P)Ba1; and -- GBP1,537,500 Class F1c Mortgage Backed Floating Rate Notes due [2044]: (P)B1. It is anticipated that the Class A1, Class A2, Class B, Class C and Class D1 Notes might be issued in U.S. Dollars, Sterling and/or Euros, subject to market demand. The final currency denominations within each separate class of note will rank pari- passu with each other in all respects. Moody's provisional ratings are based, inter alia, on these sterling equivalent split of the Notes: -- Class A1: 42.00%; -- Class A2: 43.75%; -- Class B: 4.50%; -- Class C: 4.50%; -- Class D1: 3.80%; -- Class E1c: 1.20%; and -- Class F1c: 0.25%. This is the 12th RMBS-transaction of non-conforming, mortgage loans originated by Preferred Mortgages Limited and the second one featuring "Near Prime" loans and second-ranking mortgages. This is Preferred's first transaction under the Eurosail name. Capstone Mortgage Services Limited is the initial primary mortgage servicer and cash/bond administrator for the transaction. Homeloan Management Ltd, a wholly owned subsidiary of Skipton Building Society, is the standby mortgage servicer and cash/bond administrator. [.] will be the liquidity facility and GIC provider. The transaction will incorporate at the closing date a cash reserve to mitigate the reduced interest rate on discounted loans during the first year. A fixed cash amount will be withdrawn from the Discounted Margin Reserve Ledger on each of the first four Interest Payment Dates and will flow through the revenue waterfall as available revenue. A beneficial feature for Eurosail 2006-2BL PLC is the cap agreement; approximately [50.0]% of the loans are initially set at a fixed rate for a period expiring on or before October 2009. The Issuer will enter into bullet cap agreements to mitigate the potential variations between mortgage loan LIBOR and the fixed rates in the pool. The cap agreement has a staggered strike rate during the period from the First Interest Payment Date and ending on the Interest Payment Date falling in December 2009, with a fixed notional of GBP184,500,000. Eurosail 2006-2BL PLC will further mitigate the interest rate risk by entering into a fixed/floating interest rate swap. The provisional ratings of the A1 Notes, the A2 Notes, the B Notes, the C Notes, the D1 Notes, the E1c Notes and the F1c Notes are based upon an analysis of the characteristics of the mortgage pool backing the Notes, the protection the Notes receive from credit enhancement against defaults and arrears in the mortgage pool, and the legal and structural integrity of the issue. An additional level of protection to investors in the Notes will be the Reserve Fund, which on closing will equal GBP[615,000] or [0.10]% of the original transaction size. The provisional ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for the timely payment of interest and ultimate payment of principal by the legal final maturity. Moody's issues provisional ratings in advance of the final sale of securities, and these ratings only represent Moody's preliminary opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the Notes. A final rating may differ from a prospective rating. F.A. TAYLOR: Taps Solomon Cohen to Liquidate Assets --------------------------------------------------- Solomon Cohen was appointed Liquidator of F.A. Taylor & Company Limited on July 4 for the creditors' voluntary winding-up proceeding. The company can be reached at: F.A. Taylor & Company Limited Faraday House 17 Essendene Road Caterham Surrey CR3 5PB United Kingdom Tel: 01883 344 979 FASET LIMITED: Nominates Liquidator from Piper Thompson ------------------------------------------------------- Tony James Thompson of Piper Thompson was nominated Liquidator of Faset Limited on July 17 for the creditors' voluntary winding-up proceeding. The company can be reached at: Faset Limited 72 New Bond Street London W1S 1RR United Kingdom Tel: 020 8291 0329 FORD MOTOR: Eyes US$5-Bln Savings in Accelerated Turnaround Plan ---------------------------------------------------------------- Ford Motor Company disclosed Friday plans to further reduce its capacity and work force, and ramp up new product introductions as it accelerates its North America "Way Forward" turnaround plan. Ford will cut its North American salaried-related work force by about a third and offer buyout packages to all Ford and Automotive Components Holdings hourly employees in the U.S. The reductions will contribute significantly to reducing ongoing annual operating costs by about US$5 billion. In addition, Ford will renew 70% of its North American product lineup by volume by the end of 2008. "These actions have painful consequences for communities and many of our loyal employees," said Bill Ford, the company's executive chairman. "But rapid shifts in consumer demand that affect our product mix and continued high prices for commodities mean we must continue working quickly and decisively to fix our business. Mark Fields and his team deserve credit for the accelerated Way Forward strategy, which puts us on an even faster product-driven path to success. "Alan Mulally's experience in turning around a major industrial company will help guide the implementation of these measures as he assumes leadership of the company," Mr. Ford continued. "The actions we announced [fri]day - coupled with the North American production cuts we announced last month, the strategic alternatives we are considering for Aston Martin and a push for greater progress from our operating units and brands around the world - are part of a series of actions that Alan and our entire global team will be taking to put the company on a path to sustained profitability and success." Mr. Mulally, whose appointment as CEO and President of Ford was announced last week, echoed support for the Way Forward plan and for the team leading the company's North American turnaround. "The steps we are announcing [Fri]day are clearly needed to ensure the ultimate turnaround of the business in Ford's biggest and most important market," Mr. Mulally said. "Although the process has been under way for months, I have had a chance to review these actions and am convinced that they provide the sound, product-led underpinnings and cost reductions we will need to achieve our goals. I look forward to helping with the implementation. "Turnarounds of this magnitude succeed when capacity and costs are aligned with a realistic expectation of demand," Mr. Mulally continued. "These actions are certainly consistent with that goal. We will focus intensely on the needs of our customers in North America, and around the world, by pulling forward new products and creating new markets. We are a team united by a shared vision to build the best automobiles in the world at Ford Motor Company." Mark Fields, Ford's President of The Americas, said the Way Forward plan will continue to focus every part of the business on the customer - building stronger Ford, Lincoln and Mercury brands; strengthening the company's North American product lineup; improving quality, and accelerating progress on productivity and competitive costs. "The fundamentals of our Way Forward plan have not changed, but our timetable has changed dramatically," said Mr. Fields. "We've taken a sobering look at the industry and our own business, and the entire team in North America has a renewed sense of urgency and a clear view of what it will take to position this business for profitability. "We know our decisions bring more pain to the business in the short-term, and they require sacrifice from our employees, labor unions, dealers and suppliers," he added. "But, together, we are building a much stronger Ford Motor Company and a more secure future for us all." Mr. Fields said the team will continue to push to move further and faster throughout the business. "Our work is far from over. We recognize that the competitive landscape and cost pressures have significantly challenged our traditional business model, and that recognition is driving more investment in small cars and crossovers, even as we continue to position ourselves to remain the truck leader," Mr. Fields said. "We will remain quick and decisive in executing our Way Forward plan and flexible in reacting to changing conditions in the future." Market share declines, reflecting primarily segment shifts, and higher-than-planned raw material costs will mean full-year profitability for Ford's North American auto operations is not expected before 2009. "Clearly, we could have cut product programs and maintained our goal of North American profitability in 2008," Fields said. "But, even as we further reduce our costs and capacity and make tough-but-necessary decisions throughout our business, we cannot and will not retreat from the critical investments to deliver the right products for our customers." Actions to be implemented by the end of 2008 and resulting financial impact if the revised North America Way Forward turnaround plan include: Product-Led Turnaround: 70% of Ford, Lincoln and Mercury products by volume will be new or significantly upgraded starting Friday through the end of 2008. The new lineup builds on Ford's strength as America's truck leader while expanding in growth segments, such as crossovers. Ford will introduce an all-new full-size crossover based on the Ford Fairlane concept. The seven-passenger vehicle for modern families goes on sale in 2008 and will be produced at Ford's Oakville(Ontario, Canada) Assembly Plant. Ford will continue to lead the American truck market with a new Super Duty pickup confirmed to go on sale in early 2007 and an all-new F-150 pickup confirmed to go on sale in 2008. The vehicles boast powertrain, design and feature upgrades. Ford will continue to lead America's sports car market with new Mustang derivatives each year. The new Lincoln MKS flagship sedan will go on sale in 2008 - packed with more technology and features than any prior Lincoln, including all-wheel drive. Current plans are to produce the vehicle at the company's Chicago Assembly Plant. Lincoln will continue offering the Lincoln Town Car to meet ongoing demand. After assembly ends at Ford's Wixom ( Mich.) Assembly Plant in 2007, Ford intends to move Town Car production to Ford's St. Thomas (Ontario, Canada) Assembly Plant. St. Thomas will be reduced to one shift of production, as previously announced. Product development work is intensifying through 2008 on creating new small cars and even more crossovers that will go on sale in the future. These vehicles will be based on the company's global vehicle architectures, including "B" and "C" platforms not presently used in North America. Major investments continue in new gasoline, flexible-fuel, diesel, hydrogen and hybrid powertrains, including additional E- 85 ethanol-powered and hybrid vehicles on the road by the end of 2008. In addition, two out of every three Ford, Lincoln and Mercury vehicles will be offered with fuel-saving 6-speed transmission technology by the end of 2008. The new products and a voluntary consolidation of the Ford and Lincoln Mercury dealer network are designed to significantly improve the dealers' through-put and profitability by the end of 2008. Accelerated Cost Savings, Leaner Structure: Compared with 2005, annual operating costs will be reduced by about US$5 billion by the end of 2008. Salaried-related costs will be reduced through the elimination of the equivalent of about 14,000 salaried-related positions, which represents approximately a third of Ford's North American salaried work force. The reduction includes the equivalent of 4,000 positions eliminated in the first quarter of 2006. The additional reductions will be achieved through early retirements, voluntary separations and, if necessary, involuntary separations - with most employees expected to depart by the end of the first quarter in 2007. An agreement with the UAW will expand early retirement offers and separation packages to all Ford U.S. hourly employees, including Ford employees at the company's ACH plants. Employees will begin receiving details by mid-October, and those accepting offers will leave the company by September 2007. Ford will accelerate by four years its previously announced goal of reducing 25,000 to 30,000 North American manufacturing employees by the end of 2012. The reductions now will be completed by the end of 2008. The sale or closure of all ACH facilities by the end of 2008 will result in additional employee reductions. Ford continues to work with the UAW to improve the competitiveness of its U.S. manufacturing facilities. As a result, new competitive operating agreements have been ratified by UAW locals in 30 different U.S. Ford and ACH facilities - and nearly US$600 million in annual savings is projected to be realized. Capacity Further Aligned with Consumer Demand North America manufacturing capacity is being adjusted to 3.6 million units by the end of 2008, down 26% versus 2005 - in line with consumer demand and as announced earlier. Nine facilities will be idled and cease production through 2008, including seven already announced. The two additional plants are the Maumee ( Ohio) Stamping Plant and the Essex ( Ontario, Canada) Engine Plant. Ford's Norfolk ( Va.) Assembly Plant will be idled a year earlier than planned, and a shift reduction, in advance of idling the facilities, now is planned at Norfolk and Twin Cities ( Minn.) Assembly. Facilities affected by the end of 2008 include the following: * Atlanta Assembly - to be idled in October 2006 * Batavia Transmission - to be idled in 2008 * Essex Engine - to cease operations in 2007 * Maumee Stamping - intended to be idled in 2008 * Norfolk Assembly - to be idled in 2007, a year earlier than previously planned, with a shift reduction planned in January 2007 * St. Louis Assembly - already idled in March 2006 * Twin Cities Assembly - to be idled in 2008, with a shift reduction planned in 2007 * Windsor Casting - to be idled in 2007 * Wixom Assembly - to be idled in 2007 * Dearborn Truck Plant will add a third crew, beginning in 2007, for F-150 truck production. All ACH operations will be sold or closed by the end of 2008. Including Maumee Stamping and Essex Engine, Ford has announced plans to cease production at 16 North American manufacturing facilities by the end of 2012, including seven assembly plants. Financial Impact "Though North America's return to profitability will take longer than planned, the actions we're taking are the right ones, and are fundamental and necessary steps to improving our business structure," said Mr. Don Leclair, the company's Chief Financial Officer. "The planned improvements in our auto operations, in conjunction with Ford Credit - which remains a core asset - will leave us well-positioned for the future. "We are starting from a position of strong liquidity, including our cash, credit lines and VEBA," Mr. Leclair added. "We will continue to focus on enhancing our liquidity, building upon our decision to explore strategic alternatives for Aston Martin and the board's intent to eliminate our quarterly dividend." Automotive Operations Full-year pre-tax special items for 2006 are expected to be significantly increased from the US$3.8 billion estimated previously to reflect the accelerated Way Forward actions. Further details will be provided when Ford announces Third Quarter financial results next month. Full-year profitability in North American automotive operations not expected before 2009. Ford and Lincoln Mercury U.S. market share is projected to be in the low-16% range at the end of 2006. A further share decline is expected as production of the Ford Taurus sedan and Mercury Monterey minivan ends in 2006 and production of the Ford Freestar minivan ends in 2007. The end of these vehicles will reduce the company's sales to daily rental fleets. With the investment in new products and improvements in quality, Ford expects to be in the 14 to 15% market share range going forward - with a focus on profitable retail share. South America and Ford of Europe still are expected to be solidly profitable in 2006. However, full-year operating losses now are expected in 2006 for Asia Pacific and Africa, as well as the Premier Automotive Group - primarily reflecting lower volumes. Liquidity Ford Motor Company's 2006 year-end liquidity is expected to include automotive gross cash of about US$20 billion, including marketable and loaned securities and the effects of US$3.4 billion of VEBA. The company will continue to have committed automotive credit facilities totaling more than US$6 billion . Ford Motor Company's Board indicates that it will suspend payment of the quarterly dividend on its common and Class B Stock beginning in the fourth quarter of 2006. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Company (NYSE: F) -- http://www.ford.com/-- manufactures and distributes automobiles in 200 markets across six continents. With more than 324,000 employees worldwide, the company's core and affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive- related services include Ford Motor Credit Company and The Hertz Corporation. * * * As reported in the Troubled Company Reporter on Aug. 22, 2006, Dominion Bond Rating Service placed long-term debt rating of Ford Motor Company Under Review with Negative Implications following announcement that Ford will sharply reduce its North American vehicle production in 2006. DBRS lowered on July 21, 2006, Ford Motor Company's long-term debt rating to B from BB, and lowered its short-term debt rating to R-3 middle from R-3 high. DBRS also lowered Ford Motor Credit Company's long-term debt rating to BB(low) from BB, and confirmed Ford Credit's short-term debt rating at R-3(high). Fitch Ratings also downgraded the Issuer Default Rating of Ford Motor Company and Ford Motor Credit Company to 'B' from 'B+'. Fitch also lowered the Ford's senior unsecured rating to 'B+/RR3' from 'BB-/RR3' and Ford Credit's senior unsecured rating to 'BB- /RR2' from 'BB/RR2'. The Rating Outlook remains Negative. Standard & Poor's Ratings Services also placed its 'B+' long- term and 'B-2' short-term ratings on Ford Motor Co., Ford Motor Credit Co., and related entities on CreditWatch with negative implications. As reported in the Troubled Company Reporter on July 24, 2006, Moody's Investors Service lowered the Corporate Family and senior unsecured ratings of Ford Motor Company to B2 from Ba3 and the senior unsecured rating of Ford Motor Credit Company to Ba3 from Ba2. The Speculative Grade Liquidity rating of Ford has been confirmed at SGL-1, indicating very good liquidity over the coming 12 month period. The outlook for the ratings is negative. FREESCALE SEMICONDUCTOR: Inks US$17-Bln Merger with Equity Group ---------------------------------------------------------------- Freescale Semiconductor Inc. entered into a definitive merger agreement to be acquired by a private equity consortium in a transaction with a total equity value of US$17.6 billion. The consortium is led by The Blackstone Group, and includes The Carlyle Group, Permira Funds and Texas Pacific Group. Under the terms of the merger agreement, the consortium will acquire all of the outstanding Class A and Class B shares of Freescale for $40 per share in cash, representing a premium of approximately 36% over Freescale's average closing share price during the 30 trading days ended Sept. 8, 2006. The company first acknowledged it was in discussions with third parties regarding a possible transaction on Sept. 11, 2006. The board of directors of Freescale has unanimously approved the merger agreement and resolved to recommend that Freescale's stockholders adopt the agreement. There is no financing condition to the obligations of the private equity consortium to consummate the transaction, and equity and debt commitments for the full amount of the merger consideration have been received. It is currently anticipated that substantially all of the company's outstanding Notes will either be tendered for or repaid. The merger is subject to customary conditions to closing, including the affirmative vote of Freescale stockholders and requisite antitrust approvals. The merger agreement contains a provision under which Freescale may solicit alternative proposals from third parties during the next 50 calendar days. In addition, Freescale may, at any time, subject to the terms of the merger agreement, respond to unsolicited proposals. If the company accepts a superior proposal, a break-up fee would be payable by the company. There can be no assurance of any alternative proposal. Goldman, Sachs & Co. serves as financial advisor to Freescale and provided a fairness opinion in connection with the transaction. Wilson Sonsini Goodrich & Rosati Professional Corporation serves as legal adviser to Freescale in connection with the transaction. Credit Suisse Securities (USA) LLC, Citigroup Corporate and Investment Banking and Blackstone Corporate Advisory Services act as financial advisors to the private equity consortium. Skadden, Arps, Slate, Meagher & Flom LLP serves as legal adviser to the private equity consortium in connection with the transaction. About Freescale Freescale Semiconductor, Inc. -- http://www.Freescale.com/-- designs and manufactures embedded semiconductors for the automotive, consumer, industrial, networking and wireless markets. The company is based in Austin, Texas, and has design, research and development, manufacturing or sales operations in more than 30 countries, including the Czech Republic, France, Germany, Ireland, Italy, Romania, Turkey and the United Kingdom. FREESCALE SEMICON: Asset Sale Cues Moody's to Review Ratings ------------------------------------------------------------ Moody's Investors Service places Ba1 corporate family and senior unsecured debt ratings on review for possible downgrading following the announcement for the sale of the company. Freescale entered into a definitive agreement for the sale of the company to a group of private investment firms. The transaction is valued at $17.6 billion, or $40 a share. In accordance with the merger agreement, Freescale will solicit alternative proposals from other parties over the next 50 calendar days. The review will focus on: -- the operating strategy of the company under the new ownership; and, -- the proposed financing and capital structure arising from this acquisition. The ratings could be subject to a multi-notch downgrade depending in the level of debt incurred in the transaction. The company expects to repay substantially all of the $850 million senior unsecured notes either through a tender offer or a change of control put at the option of noteholders. Since Freescale is currently rated below investment-grade by Moody's, the change of control provision contained in the note indenture is currently operative. Accordingly, a sale of the company would require Freescale to repurchase the senior unsecured notes at the option of noteholders at a price of 101% of face value plus accrued and unpaid interest. Once the notes are substantially tendered for or repaid, Moody's will withdraw the ratings. These ratings are under review for possible downgrade: * Corporate Family Rating -- Ba1 * Senior Unsecured Guaranteed Notes with various maturities totaling $850 million -- Ba1 * Speculative Grade Liquidity Rating -- SGL-1 Headquartered in Austin, Texas, Freescale designs and manufactures embedded semiconductors for the transportation, networking and wireless markets. FREIGHSTOP LIMITED: Joint Liquidators Take Over Operations ---------------------------------------------------------- John W. Lewis and Terry C. Evans of J W Lewis Insolvency Services Ltd. were appointed Joint Liquidators of Freightstop Limited (formerly Standcool Limited) on July 4 for the creditors' voluntary winding-up proceeding. The company can be reached at: Freightshop Limited 19 West Walk Yate Bristol Avon BS374AX United Kingdom Tel: 01454 320 780 FURNITURE 4: Calls In Joint Liquidators from Begbies Traynor ------------------------------------------------------------ Michael Saville and Rob Sadler of Begbies Traynor were appointed Joint Liquidators of Furniture 4 PLC on July 6 for the creditors' voluntary winding-up proceeding. The company can be reached at: Furniture 4 PLC Chantry House 10a High Street Billericay Essex CM12 9BQ United Kingdom Tel: 01277 636571 GENEL 92: Appoints Richard Rones to Liquidate Assets ---------------------------------------------------- Richard Rones of ThorntonRones was appointed Liquidator of Genel92 Limited on July 11 for the creditors' voluntary winding- up procedure. The company can be reached at: Genel92 Limited 147 Sloane Street London SW1X9BZ United Kingdom Tel: 020 7937 5498 GLENDINNING TRANSPORT: Hires Joint Liquidators from Haines Watts ---------------------------------------------------------------- Timothy Calverley and David Michael Clements of Haines Watts were appointed Joint Liquidators of Glendinning Transport Limited on July 4 for the creditors' voluntary winding-up procedure. The company can be reached at: Glendinning Transport Limited Mill House Littleburn Industrial Estate Langley Moor Durham County Durham DH7 8HG United Kingdom Tel: 0191 3787400 GOVERNMENT COMPUTING: Names Liquidator from DTE Leonard Curtis -------------------------------------------------------------- J. M. Titley of DTE Leonard Curtis was appointed Liquidator of Government Computing Limited (formerly HCL SMS Limited) on July 5 for the creditors' voluntary winding-up procedure. The company can be reached at: Government Computing Limited 2nd floor Hilton House Lord Street Stockport Cheshire SK1 3NA United Kingdom Tel: 0870 4215679 HED LIMITED: Calls In Liquidator from Begbies Traynor ----------------------------------------------------- David Acland of Begbies Traynor was appointed Liquidator of HED (U.K.) Limited (formerly Video Express Limited) on July 10 for the creditors' voluntary winding-up procedure. The company can be reached at: HED (U.K.) Limited Milnshaw House 161 Whalley Road Accrington Lancashire BB5 1BX United Kingdom Tel: 01254 234 229 Web: http://www.claudbutler.co.uk http://www.falconcycles.co.uk HOUNSLOW SCAFFOLD: Taps Joint Liquidators from Ashcrofts -------------------------------------------------------- Harjinder Johal and George Michael of Ashcrofts were appointed Joint Liquidators of Hounslow Scaffold Co. Limited on July 19 for the creditors' voluntary winding-up procedure. The company can be reached at: Hounslow Scaffold Co. Limited Henrys Yard Challenge Road Ashford Middlesex TW151AX United Kingdom Tel: 01784 240 220 INVENSYS PLC: Fitch Assigns Issuer Default Rating at BB- -------------------------------------------------------- Fitch Ratings assigned U.K.-based Invensys PLC and Invensys International Holdings Ltd. Issuer Default ratings of BB- and Short-term ratings of B. The Outlooks are Stable. At the same time, Fitch assigned Invensys' senior notes a B+ rating and Invensys International Holding Ltd.'s senior secured loan a BB+ rating. Over the past two years, the engineering group's financial structure has been markedly bolstered by several asset disposals and two refinancing packages in 2004 and 2006. In March 2004, Invensys raised GBP470 million in ordinary shares and GBP2.3 billion in high-yield bonds and senior credit facilities. In May 2006, it completed a GBP1 billion refinancing package, including a GBP341 million capital increase and a new senior credit facility of around GBP700 million maturing in Dec. 2010. This improved the debt maturity profile by around one and a half years on average. Since 2004, the group has also made a number of disposals, generating gross proceeds of approximately GBP900 million including the May 2006 divestment of Invensys Building Systems to Schneider Electric for GBP157 million. As a result, financial flexibility improved materially as net financial debt declined to GBP752 million at March 31, 2006 from GBP802 million at FYE05 and GBP986 million at FYE04. Adjusted for the 2006 rights issue and IBS disposal, net debt stood at GBP298 million at June 30, 2006. Consequently, financial ratios have significantly improved with net adjusted debt/EBITDAR falling to 3.5x at FYE06 from 3.8x at FYE05. The ratings are constrained by Fitch's concerns that cash flow generation will remain weak in the next couple of years. Free cash flows have been negative as a result of legacy payments and declining earnings at the controls and APV divisions, although Fitch notes that FCF are on an improving trend and were positive in the past two years when excluding legacy liabilities. These liabilities are expected to diminish in the next five years but will nonetheless weigh on cash generation. In addition, restructuring at controls, the group's largest division, have not been sufficient so far to tackle margin erosion while APV's operating margins continued to decline in FY06. Fitch views that competition, pricing pressure and legacy issues will continue to put pressure on Invensys' cash flow generation ability. However, Fitch is confident that the new refinancing will enable the company to focus on operations, improve its commercial position, thanks to increased consumer confidence, and mitigate the abovementioned challenges. Successful restructuring of the controls division will act as a catalyst for an overall strengthening of Invensys' credit profile. Conversely, the inability to address the issues at the controls division would put renewed pressure on the ratings. The BB+ rating on the senior secured debt reflects the superior recovery prospects for this instrument upon default based on its ranking, security package and low senior leverage. This translates into a substantial buffer underneath provided by subordinated debt and equity value. The B+ rating on the senior notes reflects its structural subordination and the lack of upstream guarantees and therefore the more limited recoveries anticipated for this instrument. Invensys is the holding company for a group of businesses producing and selling a variety of products including motors, electronic drives, sensors, power transmission products, and remote monitoring systems. Invensys operates five main divisions: controls, process systems, rail systems, APV and Eurotherm. Invensys International Holding Ltd. is an intermediate holding company between Invensys and its operating companies. ISOFT: Government Admits Making EUR82 Mln Payments Upfront ---------------------------------------------------------- The government, through Health Secretary Patricia Hewitt, had admitted making upfront payments of EUR82 million to iSoft, raising some speculations that it was trying to rescue the company from its financial crises, the Guardian says. The payments of EUR58 million and EUR23.8 million, which were made on 2005 and 2006 respectively, were transacted just days before the company's financial year came to a close on April 30, 2006. To help meet the city's expectations, a certain amount of EUR82 million was booked for the firm's accounts. As reported in TCR-Europe on Aug. 28, 2006, Deloitte & Touche and Eversheds LLP found evidence of accounting irregularities affecting the financial years ended April 30, 2004, and April 30, 2005. Moreover iSoft issued a statement that it was unable to complete the contract with the NHS ahead of its year- end in two days time, the Guardian adds. Tory MP Richard Bacon, member of the Public Accounts Committee said that, "It is hard to avoid the conclusion that Connecting for Health -- the NHS's IT procurement arm -- has repeatedly bent over backwards to try to rescue this company from its financial crisis, presumably to avoid the disaster that would hit it if a vital software supplier were to collapse. "What good reason could there possibly be for what looks like another giant free public subsidy to a failing company?" Mr. Bacon added. According to Ms. Hewitt, the upfront payments were in exchange for a EUR20 million saving to the NHS over three years. The deal replaced 1,800 individual iSoft contracts, across 393 trusts, with one centralised deal with Connecting for Health. The payments were made against letters of credit from iSoft and underwritten by its lending banks. The Guardian reveals that the trusts were told to keep paying iSoft, which would then gradually repay Connecting for Health. Ms. Hewitt added that despite upfront payments of EUR82 million, iSoft collected and passed back to the Department of Health just EUR37.9 million. Ms. Hewitt further said that, "The iSoft upfront payments arrangement is not part of the National Programme for IT." The government has repeatedly stressed that suppliers to the programme would not receive any upfront payments and would be paid only for services delivered. The Guardian relates that the government's upfront payments to iSoft were laid bare when the company reported its twice-delayed 2006 results last month, showing a EUR344 million pre-tax loss. The company's auditors refused to sign off the accounts while its banks extended borrowing facilities for just 15 months at onerous rates of interest. According to iSoft Chairman John Weston, the firm's previous accounting policy had been "in certain circumstances a disaster waiting to happen". About iSoft Headquartered in Manchester, United Kingdom, iSOFT Group plc -- http://www.isoftplc.com/-- supplies advanced medical software applications for the healthcare sector. Its products are used by more than 8,000 organizations in 27 countries for managing patient information and driving improvements in healthcare services. In international markets, the group has a strong presence in the Asia-Pacific, including Singapore and India. * * * An initial probe, conducted by Deloitte & Touche and Eversheds LLP, found evidence of accounting irregularities affecting the financial years ended April 30, 2004, and April 30, 2005. The group submitted the findings, which contained grounds for a more formal investigation, to the Financial Services Authority, a British regulator. According to the company, Deloitte was appointed as the group's auditor in July 2005 and was not therefore acting for the group during the period covered by the investigation. After the initial review, the board suspended Steve Graham, the group's commercial director, pending the outcome of the formal investigation. The investigation concerns several contracts where it would appear that revenues have been recognized earlier than they should have been in the financial years 2004 and 2005 in accordance with the accounting policy in force at that time. The irregularities uncovered to date do not appear to have affected the group's cash position. ISTIKBAL U.K.: Names Martin Henry Linton Liquidator --------------------------------------------------- Martin Henry Linton of Brentmead House was appointed Liquidator of Istikbal U.K. Limited on July 13 for the creditors' voluntary winding-up proceeding. The company can be reached at: Istikbal U.K. Limited 21-31 Shacklewell Lane London E8 2DA United Kingdom Tel: 020 7254 3916 J & S PLASTERING: Taps KPMG to Administer Assets ------------------------------------------------ Jonathan Scott Pope and Richard John Hill of KPMG LLP were appointed joint administrators of J & S Plastering and Dry Lining Limited (Company Number 3790042) and J & S Plastering and Dry Lining Holdings Limited (Company Number 5074827) on Aug. 30. KPMG -- http://www.kpmg.co.uk/-- in the U.K. is part of a strong global network of member firms with 9,500 partners and staff working in 22 offices across the U.K. providing audit, tax and advisory services. J & S Plastering and Dry Lining Limited and J & S Plastering and Dry Lining Holdings Limited can be reached at: 1 Rock Street Aberkenfig Bridgend Mid Glamorgan CF32 9BD United Kingdom LOCK STOCK: Creditors Confirm Liquidators' Appointment ------------------------------------------------------ Creditors of Lock Stock Wholesale Limited confirmed on July 17 the appointment of Tyrone Shaun Courtman and Evelyn Gabrielle Exley as the company's Joint Liquidators. The company can be reached at: Lock Stock Wholesale Limited Unit 16 Maun Valley Industrial Estate Junction Road Sutton-In-Ashfield Nottinghamshire NG17 5GS United Kingdom Tel: 01623 443655 MARKET HARBOROUGH: Names Barry Peter Knights as Administrator ------------------------------------------------------------- Barry Peter Knights of Knights & Co. was appointed administrator of Market Harborough Nursery School Limited (Company Number 04362690) and Market Harborough Nursery School Services Limited (Company Number 04362725) on Aug. 31. The administrator can be reached at: Knights & Co. 1st Floor Milford House 43-45 Milford Street Salisbury Wiltshire SP1 2BP United Kingdom Tel: 01722 330688 Fax: 01722 414546 Market Harborough Nursery School Limited and Market Harborough Nursery School Services Limited can be reached at: 75 St. Marys Road Market Harborough Leicestershire LE16 7DT United Kingdom Tel: 01858 464 172 MATCHMERIT LIMITED: Claims Filing Period Ends Sept. 29 ------------------------------------------------------ Creditors of Matchmerit Limited have until Sept. 29 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors, if any, to the company's appointed Joint Liquidator Simon John Lundy of Hawdon Bell & Co. at: Simon John Lundy Hawdon Bell & Co. 4 Northumberland Place North Shields NE30 1QP United Kingdom The company can be reached at: Matchmerit Limited 50 Hutton Close Crowther Washington Tyne and Wear NE38 0AH United Kingdom Tel: 0191 415 7945 MEERKAT U.K.: Creditors Confirm Liquidator's Appointment -------------------------------------------------------- Creditors of Meerkat U.K. Limited confirmed on July 18 the appointment of Roderick Graham Butcher of Butcher Woods as the company's Liquidator. The company can be reached at: Meerkat U.K. Limited 12 Charter Street Brierley Hill West Midlands DY5 1LA United Kingdom Tel: 01384 265 050 MELBO LIMITED: Appoints Ninos Koumettou as Liquidator ----------------------------------------------------- Ninos Koumettou of Alexander Lawson & Co. was appointed Liquidator of Melbo Limited on July 11 for the creditors' voluntary winding-up procedure. The company can be reached at: Melbo Limited 39 Chiltern Street London W1U 7PP United Kingdom Tel: 020 7935 8055 MONADREAM LIMITED: Brings In Administrators from Grant Thornton --------------------------------------------------------------- Martin Gilbert Ellis and Daniel Robert Whiteley Smith of Grant Thornton U.K. LLP were appointed joint administrators of Monadream Limited (Company Number 03437330) on Sept. 4. Headquartered in London, Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- is the U.K. member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. Headquartered in London, United Kingdom, Monadream Limited develops and sells real estate. PAUL JAMES: Brings In Gagen Dulari Sharma to Liquidate Assets ------------------------------------------------------------- Gagen Dulari Sharma was appointed Liquidator of Paul James Furnishers Limited on July 4 for the creditors' voluntary winding-up procedure. The company can be reached at: Paul James Furnishers Limited 30 Witton Street Stourbridge West Midlands DY8 3YE United Kingdom Tel: 01902 497 076 PINE TABLE: Liquidator Sets Sept. 29 Claims Bar Date ---------------------------------------------------- Creditors of The Pine Table Company Ltd. have until Sept. 29 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Liquidator Stephen P. J. White of White & Co. at: Stephen P. J. White White & Co. 20 Cornhill Lincoln LN5 7HB United Kingdom The company can be reached at: The Pine Table Company Ltd. Unit 2 Sleaford Road Industrial Estate Sleaford Road Bracebridge Heath Lincoln LN4 2ND United Kingdom Tel: 01522 511 220 PREMTEC SYSTEMS: Nominates Alex Kachani as Liquidator ----------------------------------------------------- Alex Kachani of Crawfords was nominated Liquidator of Premtec Systems Limited on July 5 for the creditors' voluntary winding- up procedure. The company can be reached at: Premtec Systems Limited Yapton Road Middleton Business Park Middleton-On-Sea Bognor Regis West Sussex PO226HS United Kingdom Tel: 01243 855 558 Web: http://www.premtec.co.uk/ QUAY ENGINEERING: Taps Liquidator from James & Lizzell ------------------------------------------------------ Anthony Edward James of James & Lizzell was appointed Liquidator of Quay Engineering Services Limited on July 7 for the creditors' voluntary winding-up procedure. The company can be reached at: Quay Engineering Services Limited 4 Sitwell Way Port Talbot West Glamorgan SA126BL United Kingdom Tel: 01639 886 990 RSE ELECTRICAL: Hires Liquidator from Turpin Baker Armstrong ------------------------------------------------------------ Martin Charles Armstrong of Turpin Barker Armstrong was appointed Liquidator of RSE Electrical Installations Limited on July 10 for the creditors' voluntary winding-up proceeding. The company can be reached at: RSE Electrical Installations Limited 90B The Street Ashtead Surrey KT211AW United Kingdom Tel: 01372 271 443 RICE BAR: Creditors Ratify Voluntary Liquidation ------------------------------------------------ Creditors of Rice Bar Limited ratified on July 27 the resolution for voluntary liquidation together with the appointment of John P. Bell of Clarke Bell as the company's Liquidator. The company can be reached at: Rice Bar Limited Unit 1a-B Piccadilly Gardens Manchester Lancashire M1 1AF United Kingdom Tel: 0161 244 5540 ROOFLIGHT SYSTEMS: Creditors Confirm Liquidator's Appointment ------------------------------------------------------------- Creditors of Rooflight Systems Co. Limited (formerly Mistsafe Ltd.) confirmed on July 4 the appointment of Ian William Kings of Tenon Recovery as the company's Liquidator. The company can be reached at: Rooflight Systems Co. Limited Unit 3 Regents Drive Low Prudhoe Industrial Estate Prudhoe Northumberland NE426PX United Kingdom Tel: 01661 830 083 Web: http://www.rooflight.co.uk/ S.R GENT: HSBC Bank Appoints PwC as Administrative Receivers ------------------------------------------------------------ HSBC Bank PLC appointed Ian David Green, Michael David Gereke and Steven Anthony Pearson of PricewaterhouseCoopers LLP joint administrative receivers of S.R Gent (U.K.) Limited (Company Number 02516074) on Sept. 1. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides, among others, auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. Headquartered in Pontefract, United Kingdom, S.R Gent (U.K.) Limited manufactures and wholesales clothing. SCORPIO MEDIA: Appoints J. N. Bleazard to Liquidate Assets ---------------------------------------------------------- J. N. Bleazard of XL Business Solutions Ltd. was appointed Liquidator of Scorpio Media Services Limited on July 4 for the creditors' voluntary winding-up proceeding. The company can be reached at: Scorpio Media Services Limited Wellington Street Leeds West Yorkshire LS1 1EF United Kingdom Tel: 0113 243 2003 Web: http://www.scorpio-media.com/ SECURITY STORAGE: Hires Joint Liquidators from Valentine & Co. ------------------------------------------------------------- Robert Valentine and Mark Reynolds of Valentine & Co. were appointed Joint Liquidators of Security Storage Facilities Limited on July 17 for the creditors' voluntary winding-up proceeding. The company can be reached at: Security Storage Facilities Limited 25-29 Harper Road London SE1 6AW United Kingdom Tel: 020 7378 0121 SHIELD NATIONWIDE: Names Helen Timothe Phillips Liquidator ---------------------------------------------------------- Helene Timothe Phillips was appointed Liquidator of Shield Nationwide Ltd. (formerly Ssshield (H.C.F) Ltd. and Anyfast Ltd.) on July 7 for the creditors' voluntary winding-up proceeding. The company can be reached at: Shield Nationwide Ltd. Milam House Longwater Lane Finchampstead Wokingham Berkshire RG404NZ United Kingdom Tel: 0118 973 5711 SOVEREIGN ELECTRICAL: Brings In Joint Liquidators from Vantis ------------------------------------------------------------- G. Mummery and P. Atkinson of Vantis Business Recovery Services were appointed Joint Liquidators of Sovereign Electrical Supplies Limited on July 17 for the creditors' voluntary winding-up proceeding. The company can be reached at: Sovereign Electrical Supplies Limited 14 Tadworth Parade Hornchurch Essex RM125AS United Kingdom Tel: 01708 441 944 SPENCER CARS: Lloyd Biscoe Leads Liquidation Procedure ------------------------------------------------------ Lloyd Biscoe of Begbies Traynor was appointed Liquidator of Spencer Cars Limited on July 7 for the creditors' voluntary winding-up procedure. The company can be reached at: Spencer Cars Limited 126 Ardleigh Green Road Hornchurch Essex RM112SH United Kingdom Tel: 01708 700 123 Web: http://www.spencercars.com/ UMO PLANT: Appoints Martin Henry Linton to Liquidate Assets ----------------------------------------------------------- Martin Henry Linton of Brentmead House was appointed Liquidator of Umo Plant Limited on July 14 for the creditors' voluntary winding-up procedure. The company can be reached at: Umo Plant Limited Umo House Blackhorse Road Letchworth Garden Ci Hertfordshire SG6 1HT United Kingdom Tel: 01462 671 411 WESCO AIRCRAFT: S&P Rates First Lien Credit Facilities at B+ ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'B+' corporate credit rating to aerospace supplier Wesco Aircraft Hardware Corp. The outlook is stable. At the same time, Standard & Poor's assigned its 'B+' bank loan rating and '2' recovery rating, indicating substantial (80%- 100%) recovery of principal in the event of a payment default, to the company's proposed US$510 million first-lien credit facilities consisting of a US$75 million senior secured revolving credit facility and a US$435 million senior secured term loan. Standard & Poor's also assigned its 'B-' bank loan rating and '5' recovery rating, indicating negligible (0-25%) recovery of principal in the event of a payment default, to the firm's proposed US$165 million senior secured second-lien term loan. "The corporate credit rating on Wesco reflects high debt leverage, weak cash flow protection measures, modest scale of operations, and risks associated with cyclical demand for commercial aircraft, the company's largest end market," said Standard & Poor's credit analyst Roman Szuper. "This more than offsets the firm's position as a leading distributor of small aerospace components and good profit margins." The rating also incorporates expectations that Wesco will employ its free cash flow to reduce its high debt level. The Carlyle Group, one of the world's largest private equity firms, is acquiring a majority interest in Valencia, Calif.- based Wesco, with the balance to be held by current management. Pro forma for the transaction, the company's financial profile will be highly leveraged. Internal cash flow generation will likely be limited by working capital requirements to support growth of the business. A gradual, albeit steady, debt reduction is anticipated, which should improve key credit protection measures to levels appropriate for the rating. Commercial aircraft manufacturing is Wesco's largest end market, accounting for about two-thirds of sales. The sector's long- term growth prospects are generally favorable, supported by an expected global economic growth and the need to replace older planes. Wesco's stability is enhanced by sales to the military sector and a broad customer base. Wesco is the leading distributor of high-volume, low-cost aerospace parts, such as fasteners, rivets, nuts, bolts, screws, and clamps. These, known as "C class" components, comprise about 90% of the firm's sales. The company also provides supply chain management services, including just-in-time. A generally favorable market environment, efficient operations, and a commitment to debt reduction should gradually strengthen the company's financial profile to a level appropriate for the rating. An outlook revision to either positive or negative is not likely in the near term. WESLEYAN HOTEL: Appoints Kevin Thomas Brown as Administrator ------------------------------------------------------------ Kevin Thomas Brown of Marriotts LLP was appointed administrator of The Wesleyan Hotel Limited (Company Number 04439678) on Sept. 1. The administrator can be reached at: Marriotts LLP Allan House 10 John Princes St. London W1G 0JW United Kingdom Tel: 020 7495 2348 The Wesleyan Hotel Limited 80 Great Eastern Street Hackney London EC2A 3RS United Kingdom ********* Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$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 * * *