/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/060921.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, September 21, 2006, Vol. 7, No. 188 Headlines A U S T R I A CAREXPERT: Creditors to Recover 16.45% of Claims EBNER HOLZTRANSPORT: Leoben Court Orders Closing of Business FMS SERVICE: Property Manager Claims Insufficient Assets G-TRUCKS: Property Manager to Sell Bankrupt Estate I. BRAUN'S: Claims Registration Period Ends Oct. 2 ING. ULRICH: Property Manager Declares Insufficient Assets IRSCHITZ: Creditors' Meeting Slated for October 10 KRAMPL: Creditors' Meeting Slated for September 28 WEISSER: Klagenfurt Court Orders Business Shutdown ZIMMER DRUCKEREI: Creditors' Meeting Slated for Oct. 5 F R A N C E EUROTUNNEL GROUP: Names Michael Schuller as New Finance Director G E R M A N Y A3M BETEILIGUNGS: Claims Registration Ends October 2 BAUAREA-BETREUUNGS: Claims Registration Ends October 4 BERNHARD BUERGER: Claims Registration Ends October 2 CARL GANTER: Claims Registration Ends October 2 EWE PLANUNG: Claims Registration Ends October 2 GFQ SCHWEISSEREI: Claims Registration Ends October 4 LHB INTERNATIONALE: Fitch Affirms Individual Rating at D/E MANFRED W. KULL: Claims Registration Ends September 29 MECK-MEDIA: Claims Registration Ends October 2 PLANBAU BAUTRAGER: Claims Registration Ends September 28 TELE COLUMBUS: Completes Merger with Cable Operator Unity Media TELE COLUMBUS: Subscriber Sale Cues Moody's to Review Ratings TOFF GMBH: Claims Registration Ends September 29 UNITY MEDIA: Completes Merger with Cable Operator Tele Columbus I R E L A N D CBOM FINANCE: Fitch Assigns B-/RR4 Rating on Upcoming Notes I T A L Y PARMALAT SPA: Earns EUR17 Million for First Half 2006 PARMALAT SPA: Investors Hit Motions to Dismiss Amended Suit K A Z A K H S T A N ATYRAUMETALLTRUBSNAB: Proof of Claim Deadline Slated for Oct. 13 BUILD-SERVICE: Almaty Court Begins Bankruptcy Proceedings INTER-B: Creditors Must File Claims by Oct. 13 JALGAS: Creditors Must File Claims by October 13 LUX: Proof of Claim Deadline Slated for Oct. 13 SDS TRANS: Creditors' Claims Due Oct. 13 SARY-AGASH: Creditors' Claims Due Oct. 13 TRUCK LOGISTIK: Claims Registration Ends Oct. 13 TURANALEM FINANCE: Fitch Rates Upcoming Eurobond Issue at BB+ V.I.R.A.: Claims Registration Ends Oct. 13 K Y R G Y Z S T A N KARA-BALTA MINING: Investment Tender Scheduled for Oct. 3 N E T H E R L A N D S KONINKLIJKE AHOLD: Swede Unit Closes Asset Sale After EC Nod R O M A N I A HVB TIRIAC: Fitch Includes Stable Outlook Assignment R U S S I A AFRO-KHIM-SERVICE: Court Names S. Shishkov as Insolvency Manager AGRO-PROM-KHIMIYA: Court Names A. Ryabov as Insolvency Manager ALUMINIUM-PRODUCT: Court Names A. Borunov as Insolvency Manager BRIDGE COMPANY: Court Names A. Bulin as Insolvency Manager CBOM FINANCE: Fitch Assigns B-/RR4 Rating on Upcoming Notes COMPUTER CENTRE: Bankruptcy Hearing Slated for Dec. 29 CONCRETE SERVICE: Court Names I. Goldova as Insolvency Manager CORD: Orel Bankruptcy Hearing Slated for Oct. 25 DMITRIEVSKIY FACTORY: Bankruptcy Hearing Slated for Oct. 18 EURO-PRODUCT: Court Names A. Kubasov as Insolvency Manager EXPRESS-SERVICE: Court Names O. Vasilyeva as Insolvency Manager FARM-INVEST: Moscow Court Names S. Suvorov as Insolvency Manager FISH CENTRE: Moscow Court Names S. Suvorov as Insolvency Manager KHANTY-AIR: Court Starts Bankruptcy Supervision KUEDINSKIY DIARY: Perm Court Starts Bankruptcy Supervision MONOLITH: Court Sets October 5 Deadline for Filing of Claims OKONESHNIKOVSK-AGRO-PROM-KHIMIYA: Filings of Claims Ends Oct. 5 ORLOVSKOYE: Voronezh Court Starts Bankruptcy Supervision PERVOMAYSKIY: Mordoviya Bankruptcy Hearing Slated for Nov. 1 PRITOBOLNYJ FEED: V. Chernovalov to Manage Insolvency Assets PROM-INVEST: Court Names S. Levchenko as Insolvency Manager REINFORCED CONCRETE: Bryansk Court Starts Bankruptcy Supervision SHADRINSK: Kurgan Court Names V. Koval as Insolvency Manager SOKOLSKIY: Court Names V. Ostroverkh as Insolvency Manager SOSVINSKIY WOODWORKING: Court Starts Bankruptcy Supervision SPINNING: Ivanovo Court Names A. Ryabov as Insolvency Manager SUAL GROUP: No Merger Application Yet, Says Anti-Trust Agency TAVDINSKOYE GRAIN: Court Starts Bankruptcy Supervision TOTSK-AUTO: Court Names A. Taushev as Insolvency Manager UST-ILIMSKIY: Court Names D. Slaykovskiy as Insolvency Manager YUKOS OIL: Federal Arbitration Court Upholds Bankruptcy Ruling YUKOS OIL: Moscow Bankruptcy Ruling Spurs Suspension of Shares S L O V E N I A NOVA KREDITNA: Fitch Keeps Individual Rating at C/D S P A I N GAT FTGENCAT: Moody's Junk EUR9.5 Million Series E Notes GAT FTGENCAT: Gets Fitch's Junk Rating on Series E Notes IM CAJAMAR 4: Fitch Junks Rating on EUR12 Million Series E Notes IM GRUPO: Moody's Rates EUR32.4-Mln Series E Notes at C S W E D E N KONINKLIJKE AHOLD: Swede Unit Closes Asset Sale After EC Nod T U R K E Y KUVEYT TURK: Fitch Upgrades Individual Rating to D TURK EKONOMI: Fitch Keeps Foreign Currency Default Rating at BB U K R A I N E BERLADINKA: Vinnitsya Court Starts Bankruptcy Supervision GOROSHKIV: Creditors Must File Claims Until September 29 MEGA-INVEST: Kyiv Court Starts Bankruptcy Supervision NADIYA: Donetsk Court Starts Bankruptcy Supervision ROMNI AGROHIM: Court Names Yevgen Chuprun as Insolvency Manager ROS: Kyiv Court Starts Bankruptcy Supervision UKRSHINSNAB: Court Names Viktor Sunitsya as Insolvency Manager VINREM-ELEKTRO: Vinnitsya Court Names PFU Dep't as Liquidator VOZNESENSKIJ BREAD: Mikolaiv Court Starts Bankruptcy Supervision ZODCHIJ: Court Names Kyiv Tax Inspection as Liquidator * Moody's Assigns B2 Rating to Ukraine's City of Berdyansk U N I T E D K I N G D O M A M SEARLE: Appoints Joint Administrators from Grant Thornton ADVAL GROUP: Names Martin Dominic Pickard as Administrator ADVAL LEARNING: Brings In Mazars LLP as Administrator AIRE VALLEY: Hires Joint Liquidators from BWC Business Solutions AMARANTH ADVISORS: Announces Loss, Reels From Falling Gas Prices AMARANTH ADVISORS: Transfers Energy Trades to Citadel & JPMorgan ANDY CASH: Brings In Joint Liquidators from PKF (UK) LLP APEX LANDSCAPE: Names Simon Thornton as Liquidator ASSESS LIMITED: Appoints Michael Young to Liquidate Assets BARNYARNS LIMITED: Names Joint Liquidators from Begbies Traynor BASEMENT LIMITED: Creditors Confirm Voluntary Liquidation BBA AUTO: Taps Colin Burke to Liquidate Assets BLUE RIDGE: Calls In Joint Liquidators from Vantis C S ELECTRICAL: Hires Alan S. Bradstock to Liquidate Assets CFG SITE: Appoints Joint Liquidators from Deloitte & Touche COLORSCOPE PRINTERS: Names Michael Young Liquidator COUNTY SUPPLIES: Lloyd Biscoe Leads Liquidation Procedure CRYOSAFE LIMITED: Joint Liquidators Take Over Operations DOLE FOOD: Supports Recall of Packaged Fresh Spinach Products DOLE FOOD: Product Recall Cues S&P to Keep Ratings on Watch Neg. EASTERNFACTOR LIMITED: Creditors Ratify Voluntary Liquidation EDINBURGH CRYSTAL: Creditors' Meeting Slated for September 29 ENERGY SOLUTIONS: Appoints Michael Young as Liquidator EUROTUNNEL GROUP: Names Michael Schuller as New Finance Director EXBURY NURSERIES: Hires Administrators from Smith & Williamson FALCON HOUSE: Creditors Confirm Liquidators' Appointment FORD MOTOR: Financial Pressures Prompt Moody's to Cut Ratings FORD MOTOR: Financial Woes Spurs S&P to Lower Credit Ratings FORD MOTOR: S&P Cuts Ford-Related U.S. ABS Synthetic Ratings FT CONTACT: Taps DTE Leonard as Joint Administrators GAZZA PRODUCTS: Names Joint Liquidators from Begbies Traynor JUST RECYCLING: Brings In BDO Stoy to Administer Assets HALLSTRONG ESTATES: Nominates Liquidator from Cooper Young HAMPSHIRE & SOLENT: Creditors Confirm Liquidators' Appointment HANLYN ENGINEERING: Appoints Till Morris as Administrator HAWKESBURY GOLF: Brings In M. T. Coyne to Liquidate Assets JANET REGER: Calls In Liquidator from David Rubin & Partners JUST TAXIS: Nominates Joint Liquidators from Abbott Fielding KENBAR ELECTRICAL: Appoints Peter Anthony Jackson as Liquidator LEEDS ENVIRONMENTAL: Hires Administrators from BDO Stoy LIGHT ENGINE: Calls In Liquidator from ThorntonRones LTC SVA: Hires Julie Anne Palmer to Liquidate Assets LVA LIMITED: Brings In Keith Barry Stout to Liquidate Assets MONITOR RISK: Claims Filing Period Ends Sept. 30 NEXCOM SYSTEMS: Taps Liquidator from Sharma & Co. OXFORDSHIRE CO-OPERATIVE: Taps Critchleys as Administrators PANAFIX LIMITED: Hires Michael C. Kienlen as Liquidator PC CASUALTY: Claire L. Dwyer Leads Liquidation Procedure PREFERRED PACKAGING: Liquidator Sets Sept. 29 Claims Bar Date PREMIER BRICKWORK: Appoints Sabia Sahota as Liquidator PRESSFORD LIMITED: Taps Kikis Kallis to Liquidate Assets PUBLIC HOUSE: Brings In Begbies Traynor to Administer Assets RANK GROUP: Repurchases 875,000 Shares for Cancellation REFCO INC: Ad Hoc Equity Panel Balks at Excl. Period Extension REFCO INC: Has Until December 12 to Remove State Court Actions ROTORTECH LIMITED: Bank of Scotland Appoints PwC as Receivers RUBYSTAR LIMITED: Calls In Liquidator from Sharma & Co. SANMINA-SCI: Majority of Noteholders Grant Waiver Consents SANMINA-SCI CORP: S&P Keeps BB- Ratings on CreditWatch Negative SEARLE DISTRIBUTION: Hires Administrators from Grant Thornton SCHMAUCH PROCON: Taps Liquidators from Begbies Traynor SIANN COATINGS: Names Joint Liquidators to Wind Up Business SOFTBANK CORP: Capital Deterioration Spurs S&P to Affirm Ratings SOONEST EXPRESS: Brings In Anthony David Kent as Liquidator STAGE 2: Brings In Mark Reynolds to Liquidate Assets T.W. DRIVER: Creditors Confirm Voluntary Liquidation TEDDYFONE LIMITED: Brings In Kingston Smith as Administrators VIEW BASED: Taps O'Hara & Co. to Liquidate Assets VOICEWORKS DATA: Hires Mazars LLP as Liquidator WALLPAPERLAND LIMITED: Appoints A. Poxon to Liquidate Assets WEST RIDING: Creditors Confirm Voluntary Liquidation * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= CAREXPERT: Creditors to Recover 16.45% of Claims ------------------------------------------------ The Land Court of Wiener Neustadt approved the final decision on allocation of Michael Troethandl, the court-appointed property manager of LLC carexpert (FN 238985z), on Aug. 1. Under the property manager's project by final allocation, creditors will recover 16.45% of their claim. Headquartered in Deutsch Wagram, Austria, the Debtor declared bankruptcy on Feb. 17, 2005 (Bankr. Case No. 11 S 12/05h). The property manager can be reached at: Dr. Michael Troethandl Enzersdorfer Str.4 2340 Moedling, Austria Tel: 02236/865343 Fax: 02236/86534320 E-mail: Troethandl@lexacta.com EBNER HOLZTRANSPORT: Leoben Court Orders Closing of Business ------------------------------------------------------------ The Land Court of Leoben entered an order on Aug. 3 closing the business of LLC Ebner Holztransport (FN 163888m). Court- appointed property manager Gernot Prattes determined that the continuing operation of the business would reduce the value of the estate. The property manager can be reached at: Dr. Gernot Prattes Schinitzgasse 7 8605 Kapfenberg, Austria Tel: 03862-22161 Fax: 03862-22161-10 E-mail: info@zsizsik.at Headquartered in Alpl, Austria, the Debtor declared bankruptcy on July 24 (Bankr. Case No. 17 S 57/06k). FMS SERVICE: Property Manager Claims Insufficient Assets -------------------------------------------------------- Dr. Brigitte Stampfer, the court-appointed property manager for LLC FMS Service (FN 225763f), declared on Aug. 1 that the Debtor's property is insufficient to cover creditors' claim. The Trade Court of Vienna is yet to rule on the property manager's claim. Headquartered in Vienna, Austria the Debtor declared bankruptcy on July 13 (Bankr. Case No. 4 S 112/06g). The property manager can be reached at: Dr. Brigitte Stampfer Stadlergasse 27 1130 Vienna, Austria Tel: 877 33 30 Fax: 877 33 30 33 E-mail: ra-stampfer@utanet.at G-TRUCKS: Property Manager to Sell Bankrupt Estate -------------------------------------------------- Dr. Gerhard Kurt Kochwalter, the court-appointed property manager for LLC G-TRUCKS (FN 249807p), declared on Aug. 1 that the Debtor's property is up for sale or rent. Headquartered in Klagenfurt, Austria, the Land Court of Klagenfurt declared the Debtor bankrupt on June 20 (Bankr. Case No. 41 S 67/06k). The property manager can be reached at: Dr. Gerhard Kurt Kochwalter Old Place 25 2nd Floor 9020 Klagenfurt, Austria Tel: 0463/56 122 Fax: 0463/56122-15 E-mail: kochw@chello.at I. BRAUN'S: Claims Registration Period Ends Oct. 2 -------------------------------------------------- Creditors owed money by LLC I. Braun's Soehne (FN 52951w) have until Oct. 2 to file written proofs of claims to court-appointed property manager Christian Rumplmayr at: Dr. Christian Rumplmayr Stadtplatz 36 3rd Floor 4840 Voecklabruck, Austria Tel: 07672/75931 Fax: 07672/75953 E-mail: mail@rumplmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Oct. 12 to consider the adoption of the rule by revision and accountability. The meeting of creditors will be held at: The Land Court of Wels Hall 101 1st Floor Maria Theresia Road 12 Wels, Austria Headquartered in Voecklabruck, Austria, the Debtor declared bankruptcy on Aug. 3 (Bankr. Case No. 20 S 94/06h). ING. ULRICH: Property Manager Declares Insufficient Assets ---------------------------------------------------------- Dr. Bernhard Eder, the court-appointed property manager for KEG Ing. Ulrich (FN 192636p), declared on Aug. 31 that the Debtor's property is insufficient to cover creditors' claim. The Trade Court of Vienna is yet to rule on the property manager's claim. Headquartered in Vienna, Austria the Debtor declared bankruptcy on July 4 (Bankr. Case No. 5 S 93/06w). The property manager and his representative can be reached at: Dr. Bernhard Eder c/o Dr. Herbert Hochegger Brucknerstrasse 4 1040 Vienna, Austria Tel: 505 78 61 Fax: 505 78 61 9 E-mail: eder@rechtsanwaelte.co.at IRSCHITZ: Creditors' Meeting Slated for October 10 -------------------------------------------------- Creditors owed money by LLC Irschitz (FN 248539z) are encouraged to attend the creditors' meeting at 1:00 p.m. on Oct. 10 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Land Court of Innsbruck c/o Dr. Paula Stecher Hall 212 2nd Floor New Building Maximilianstrasse 4 6020 Innsbruck, Austria Headquartered in Kufstein, Austria, the Debtor declared bankruptcy on Aug. 3 (Bankr. Case No. 19 S 77/06f). Guenther Maleczek serves as the court-appointed property manager of the bankrupt estate. Paula Stecher represents Dr. Maleczek in the bankruptcy proceedings. Hochstaffl & Rupprechter represents the Debtor in the bankruptcy proceedings. The property manager and his representative can be reached at: Dr. Guenther Maleczek Winterstellerg. 11 6130 Schwaz, Austria Tel: 05242/62900 Fax: 05242/6502221 E-mail: maleczek-stecher@netway.at The Debtor's representative can be reached at: Hochstaffl & Rupprechter Station Route 37 6300 Woergl, Austria Tel: 05332/71800 Fax: 05332/718007 E-mail: mail@hochstaffl-rupprechter.com KRAMPL: Creditors' Meeting Slated for September 28 -------------------------------------------------- Creditors owed money by LLC Krampl (FN 36864m) are encouraged to attend the creditors' meeting at 10:10 a.m. on Sept. 28 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Land Court of Graz Room 222 2nd Floor Graz, Austria Headquartered in Wettmannstatten, Austria, the Debtor declared bankruptcy on July 28 (Bankr. Case No. 26 S 78/06z). Wolfgang Reinisch serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Dr.Wolfgang Reinisch Main Place 28 8430 Leibnitz, Austria Tel: 03452/83296 Fax: 03452/83296-20 E-mail: leibnitz@reinisch-wisiak.at WEISSER: Klagenfurt Court Orders Business Shutdown -------------------------------------------------- The Land Court of Klagenfurt entered an order on Aug. 1 shutting down the business of LLC Weisser (FN 248957p). Court-appointed property manager Leopold F. Wagner determined that the continuing operation of the business would reduce the value of the estate. The property manager can be reached at: Dr. Leopold F. Wagner Station Route 6/I Ecke Alter Platz 9020 Klagenfurt, Austria Tel: 0463/57915 Fax: 0463/515840 E-mail: kanzlei@doktoren.at Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on July 28 (Bankr. Case No. 41 S 84/06k). ZIMMER DRUCKEREI: Creditors' Meeting Slated for Oct. 5 ------------------------------------------------------ Creditors owed money by LLC Zimmer Druckerei (FN 242461k) are encouraged to attend the creditors' meeting at 9:15 a.m. on Oct. 5 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Trade Court of Vienna Room 1703 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Aug. 3 (Bankr. Case No. 5 S 113/06m). Stefan Langer serves as the court-appointed property manager of the bankrupt estate. Annemarie Kosesnik-Wehrle represents Dr. Langer in the bankruptcy proceedings. The property manager can be reached at: Dr. Stefan Langer c/o Dr. Annemarie Kosesnik-Wehrle Oelzeltgasse 4 1030 Vienna, Austria Tel: 713 61 92 Fax: 713 61 92 22 E-mail: kanzlei@kosesnik-langer.at =========== F R A N C E =========== EUROTUNNEL GROUP: Names Michael Schuller as New Finance Director ---------------------------------------------------------------- Eurotunnel Group disclosed the appointment of Michael Schuller, Eurotunnel's Treasurer since 2002, as Corporate Finance Director with immediate effect. Mr. Schuller will continue to report to Claude Lienard, Chief Financial Officer but will also have responsibility for the Investor Relations Activities previously handled by Xavier Clement, who is leaving Eurotunnel to pursue his career interests elsewhere. Prior to joining Eurotunnel, Mr. Schuller, 44, had been Treasurer of One2One and Cable and Wireless in the U.K. and prior to that, he was a Corporate Dealer for the ANZ Banking Group in New Zealand. Safeguard Procedure Eurotunnel obtained on Aug. 2 an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). Under the French legal proceedings, Eurotunnel creditors have until Oct. 1 to file their claims with the court; administrators have until Nov. 1 to present a restructuring proposal. This plan would have to be circulated to bondholders by Nov. 15 and creditors would have 15 days to vote on it, the company said. According to Eurotunnel, the Paris Commercial Court should give its decision at end of 2006, or at the latest, at the beginning of 2007. About the Company Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. * * * Company Crisis Eurotunnel's crisis began when costs to build the tunnels that connect U.K. and France started to overrun before it opened in 1994. The Iraq war followed, which didn't help as tourist traffic fell. In May 2004, Eurotunnel appointed Lazard (global coordinator) and Lehman Brothers as bank advisors, and Dresdner Kleinwort Wasserstein as restructuring adviser. In July 2004, auditor KPMG Audit Plc said the company faced uncertainty after 2005. The firm's survival is dependent upon its ability to put in place a refinancing plan or, if not, to obtain an agreement with the lenders under the existing Credit Agreement within the next two years, the auditor said. ============= G E R M A N Y ============= A3M BETEILIGUNGS: Claims Registration Ends October 2 ---------------------------------------------------- Creditors of A3M Beteiligungs- und Management GmbH have until Oct. 2 to register their claims with court-appointed provisional administrator Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 13 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Pinneberg Hall 5 1st Floor Station Route 17 25421 Pinneberg, 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 Pinneberg opened bankruptcy proceedings against A3M Beteiligungs- und Management GmbH on Aug. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: A3M Beteiligungs- und Management GmbH Attn: Holger Awe, Manager Siebentunnelweg 76 25469 Halstenbek, Germany The administrator can be contacted at: Heiko Fialski Raboisen 38 20095 Hamburg, Germany BAUAREA-BETREUUNGS: Claims Registration Ends October 4 ------------------------------------------------------ Creditors of Bauarea-Betreuungs- und Bautrager GmbH have until Oct. 4 to register their claims with court-appointed provisional administrator Harald Silz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 1 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wiesbaden E 36 A 3rd Floor Building E Moritzstrasse 5 Hinterhaus 65185 Wiesbaden, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Wiesbaden opened bankruptcy proceedings against Bauarea-Betreuungs- und Bautrager GmbH on Aug. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bauarea-Betreuungs- und Bautrager GmbH Attn: Helga Nolden, Manager Larchenweg 11 65396 Wallruf, Germany The administrator can be contacted at: Harald Silz Adolfsallee 24 65185 Wiesbaden, Germany Tel: 0611/15040 Fax: 0611/301774 BERNHARD BUERGER: Claims Registration Ends October 2 ---------------------------------------------------- Creditors of Bernhard Buerger Bedachungen GmbH have until Oct. 2 to register their claims with court-appointed provisional administrator Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on Oct. 23 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Room 13 B Gerichtsstr. 2-6 48149 Muenster, 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 Muenster opened bankruptcy proceedings against Bernhard Buerger Bedachungen GmbH on Aug. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bernhard Buerger Bedachungen GmbH Attn: Karl Franz Buerger, Manager Engelingshaar 23 48565 Steinfurt, Germany The administrator can be contacted at: Andreas Sontopski Gnoiener Place 1 48493 Wettringen, Germany CARL GANTER: Claims Registration Ends October 2 ----------------------------------------------- Creditors of Carl Ganter Verpackungs- GmbH have until Oct. 2 to register their claims with court-appointed provisional administrator Claus-Peter Langer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Nov. 3 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 102 Infanteriestr. 5 Munich, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Munich opened bankruptcy proceedings against Carl Ganter Verpackungs- GmbH on Aug. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Carl Ganter Verpackungs- GmbH Fuerstenriederstr. 279 a Munich, Germany The administrator can be contacted at: Claus-Peter Langer Herzog-Wilhelm-Str. 17 80331 Munich, Germany Tel: 236858-0 Fax: 2603440 EWE PLANUNG: Claims Registration Ends October 2 ----------------------------------------------- Creditors of EWE Planung und Projektentwicklung GmbH have until Oct. 2 to register their claims with court-appointed provisional administrator Andre Mueller. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 15 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 28 Law Courts Prince Road 21 Chemnitz, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Chemnitz opened bankruptcy proceedings against EWE Planung und Projektentwicklung GmbH on Aug. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: EWE Planung und Projektentwicklung GmbH Attn: Dr. Harald Ewe, Manager Old Lane 15A 09387 Jahnsdorf, Germany The administrator can be contacted at: Andre Mueller Dresdner Str. 86 09130 Chemnitz, Germany GFQ SCHWEISSEREI: Claims Registration Ends October 4 ---------------------------------------------------- Creditors of GFQ Schweisserei und Rohrnetzbau GmbH have until Oct. 4 to register their claims with court-appointed provisional administrator Andreas Mittendorff. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Nov. 1 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Braunschweig E 01 Martinikirche 8 38100 Braunschweig, 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 Braunschweig opened bankruptcy proceedings against GFQ Schweisserei und Rohrnetzbau GmbH on Aug. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: GFQ Schweisserei und Rohrnetzbau GmbH Attn: Brian Adair and Stefan Rateitzak, Managers Friedrich-Seele-Road 21 38122 Braunschweig, Germany The administrator can be contacted at: Andreas Mittendorff Kupfertwete 7 38100 Braunschweig, Germany Tel: 0531/6180196 Fax: 0531/6180214 E-mail: braunschweig@hofheinz-mittendorff.de LHB INTERNATIONALE: Fitch Affirms Individual Rating at D/E ---------------------------------------------------------- Fitch Ratings affirmed Germany's LHB Internationale Handelsbank AG's ratings at Issuer Default BBB-, with Stable Outlook, Short- term F3, Support 2 and Individual D/E. LHB's Issuer Default, Short-term and Support ratings are based on the high potential support from its Slovenian majority-owner Nova Ljubljanska Banka, should it be required, given LHB's strategic importance within the NLB group. This is further underpinned by a declaration of exemption that NLB has given to the depositor protection fund of the Federal Association of German banks in respect of LHB. Since 2001, LHB has been majority-owned by NLB, which, in turn, is 34%-owned by KBC Bank & Insurance Group companies. At present, KBC Group is reassessing its investment in NLB. The Issuer Default, Short-term and Support ratings of LHB are linked to NLB's ratings. "Any change in NLB's ratings would likely lead to a change in LHB's ratings, as would a change in the relationship between the bank and its majority-owner," Michael Steinbarth of Fitch's Banking Team disclosed. "LHB's Individual rating reflects its volatile profitability, increasing credit and operational risks, exposure to emerging markets and small capital base," Mr. Steinbarth added. The rating also takes into account LHB's long-standing experience in its key markets. In the medium term, there is limited upside potential for LHB's Individual rating given its volatile performance and the bank's small absolute size. Credit risk seems high. However, the bank's exposure to emerging markets is somewhat mitigated by LHB's knowledge of and experience in its core countries, developed over 30 years. Non-performing loans, accounting for a high 6% of gross lending at end-2005, were 51% reserved by specific loan loss provisions. However, taking into account country and general risk provisions, the coverage ratio was satisfactory at 155% at end 2005. Downside risks exist in the bank's ability to manage its credit and operational risks. LHB's moderate profitability remains vulnerable due to a high concentration of loans and deposits and high-risk exposure to emerging markets. LHB's already tight profit margins in its core businesses are under pressure from rising competition in its target markets. Established in 1974, Frankfurt-based LHB is active in trade finance, corporate and interbank lending as well as payment transactions. Through subsidiaries and participations, it is present in five countries, focusing on countries in southeast Europe (Slovenia, Bosnia and Herzegovina, Serbia and Montenegro, Croatia and Macedonia) and on Germany and its neighboring countries. At end-2005, the group employed 727 staff. MANFRED W. KULL: Claims Registration Ends September 29 ------------------------------------------------------ Creditors of Manfred W. Kull GmbH have until Sept. 29 to register their claims with court-appointed provisional administrator Kurt Nonnenmacher. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Nov. 3 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 Pforzheim Area 223 2nd Floor Mannheimer Str. 17 75179 Pforzheim, 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 Pforzheim opened bankruptcy proceedings against Manfred W. Kull GmbH on Aug. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Manfred W. Kull GmbH Attn: Manfred W. Kull, Manager Joerg Ratgeb Road 23 75173 Pforzheim, Germany The administrator can be contacted at: Dr. Kurt Nonnenmacher Mannheimer Str. 17 75179 Pforzheim, Germany MECK-MEDIA: Claims Registration Ends October 2 ---------------------------------------------- Creditors of meck-media GmbH have until Oct. 2 to register their claims with court-appointed provisional administrator Rainer Michael Bahr. Creditors and other interested parties are encouraged to attend the meeting at 10:35 a.m. on Oct. 31 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 Hanover Hall 226 2nd Floor Office Building Hamburg Avenue 26 30161 Hanover, 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 Hanover opened bankruptcy proceedings against meck-media GmbH on Aug. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: meck-media GmbH Attn: Martina Eckenbrecher, Manager Vinnhorster Way 101 30419 Hanover, Germany The administrator can be contacted at: Rainer Michael Bahr Seestr. 12 30171 Hanover, Germany Tel: 0511/8503058-0 Fax: 0511/8503058-8 PLANBAU BAUTRAGER: Claims Registration Ends September 28 -------------------------------------------------------- Creditors of PLANBAU Bautrager GmbH have until Sept. 28 to register their claims with court-appointed provisional administrator Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Oct. 19 at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Area C315 3rd 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 PLANBAU Bautrager GmbH on Aug. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: PLANBAU Bautrager GmbH Koenigshardter Str. 49 46145 Oberhausen, Germany Attn: Horst Loesch-Schloms, Manager Badener Str. 11a 76530 Baden-Baden, Germany Helmuth Killewald, Manager Bayernstr.92 46147 Oberhausen, Germany The administrator can be contacted at: Dr. Sebastian Henneke Muelheimer Str. 100 47057 Duisburg, Germany TELE COLUMBUS: Completes Merger with Cable Operator Unity Media --------------------------------------------------------------- Unity Media GmbH and Tele Columbus have successfully completed their merger. The combination creates the most dynamic German cable business with more than 7 million subscribers. "This merger is a major milestone in the development of German Cable", comments Parm Sandhu, CEO of Unity Media. "It marks the transformation of an industry defined by network separation into one that is market and customer focused. This combination will build on the successful integration of iesy and ish by deepening our relationships with key segments of the market." Says Mr. Herbert Leifker, CEO of Tele Columbus: "The merger strengthens both our companies and puts us in an improved competitive position. With combined strength we are able to offer our existing and new customers the advantage of triple- play (Cable TV, Internet and VOIP) even faster than on a stand- alone base. Our fruitful relationships with our partners will be deepened with an even more attractive product portfolio." Tele Columbus shareholders exchanged their shares in Tele Columbus Kabel Holding GmbH for shares in Unity Media SCA, the Luxembourg holding company through which Unity Media's shareholders own their interest in the German operations. Unity Media GmbH acquired the shares in Tele Columbus Kabel Holding GmbH from Unity Media SCA. In connection with the merger "Tele Columbus AG & Co. KG" was renamed "Tele Columbus GmbH & Co. KG". Unity Media and Tele Columbus will continue to be operated as separate legal entities, but will be managed by a unified management team with a shared strategy. They will be headquartered in Cologne and Hanover. The two main shareholders of the combined business will be BC Partners and Apollo with approximately 39% and 31% of total shares, respectively. In order to align leverage, there is deferred consideration to the sum of EUR84 million increasing by 12% p.a. non-cash. Mr. Herbert Leifker will join Unity Media GmbH as a Managing Director. Mr. Leifker (51) has been CEO of Tele Columbus GmbH since 1990. He became Managing Director of Tele Columbus GmbH in 1990, which he has developed into today's Tele Columbus Group. He began his career with Landeszentralbank NRW and as a divisional manager with Sparkasse Hildesheim. He holds a doctorate in law. About Unity Media Headquartered in Cologne, Germany, Unity Media is the proprietor of the Hessian cable network operator iesy and the North Rhine- Westphalia cable network operator ish. The two companies are the largest providers of cable television in their respective states. In addition to analogue cable services, ish and iesy also offer digital television, high speed Internet and telephony. On Sept. 30, 2005, Unity Media had approximately 5.2 million basic cable customers, 101,100 digital TV customers, 30,300 high-speed Internet customers, and 11,500 telephone lines. About Tele Columbus Headquartered in Hanover, Germany, Tele Columbus is the largest NL4 operator in Germany with approximately 2.6 million basic cable subscribers, 60,000 Digital TV subscribers, and 24,000 Internet subscribers. The Company's core business is the distribution of cable television and radio services. TELE COLUMBUS: Subscriber Sale Cues Moody's to Review Ratings ------------------------------------------------------------- Moody's Investors Service placed the ratings of Tele Columbus GmbH & Co. KG on review for possible downgrade following the company's announcement to sell its subscribers to ewt, a Level 3 / 4 German cable operator with assets in a number of German regions, and Unity Media GmbH. Moody's does not rate ewt. Ratings affected: -- Corporate family rating at B1; -- Senior secured bank facility due 2009 at Ba3; -- EUR245 million senior floating rate note due 2010 at B1; and -- EUR230 million senior subordinated note due 2012 at B3. Moody's notes that due to the asset sale, a change of control clause will be triggered in all the company's debt obligations. Moody's understands from public comments by Unity Media that it will use proceeds from the sale of Tele Columbus assets to Kabel BW Holding GmbH earlier this year to repay the outstanding revolving facility (EUR52.7 million outstanding as of June 30, 2006). The review for downgrade reflects uncertainty associated with the change in ownership and the impact of this change on the credit profile for the existing bondholders in the event some bonds remain outstanding. Based in Germany, Tele Columbus is the largest Level 4 cable television provider. In Q2 2006, the company generated EUR66.1 million in revenues. TOFF GMBH: Claims Registration Ends September 29 ------------------------------------------------ Creditors of Toff GmbH have until Sept. 29 to register their claims with court-appointed provisional administrator Markus Gross. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Oct. 25 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 Offenburg Area 0.005 Basement Hindenburgstr. 5 77654 Offenburg, 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 Offenburg opened bankruptcy proceedings against Toff GmbH on Aug. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Toff GmbH Attn: Ahmet Yuceer, Manager Lange Str. 55 77652 Offenburg, Germany The administrator can be contacted at: Markus Gross Weingartenstr. 19a 77654 Offenburg, Germany UNITY MEDIA: Completes Merger with Cable Operator Tele Columbus --------------------------------------------------------------- Unity Media GmbH, the largest cable television operator in the German states of Hesse and North-Rhine Westphalia, and Tele Columbus, the largest Network Level 4 operator in Germany, have successfully completed their merger. The combination creates the most dynamic German cable business with more than 7 million subscribers. "This merger is a major milestone in the development of German Cable", comments Parm Sandhu, CEO of Unity Media. "It marks the transformation of an industry defined by network separation into one that is market and customer focused. This combination will build on the successful integration of iesy and ish by deepening our relationships with key segments of the market." Says Mr. Herbert Leifker, CEO of Tele Columbus: "The merger strengthens both our companies and puts us in an improved competitive position. With combined strength we are able to offer our existing and new customers the advantage of triple- play (Cable TV, Internet and VOIP) even faster than on a stand- alone base. Our fruitful relationships with our partners will be deepened with an even more attractive product portfolio." Tele Columbus shareholders exchanged their shares in Tele Columbus Kabel Holding GmbH for shares in Unity Media SCA, the Luxembourg holding company through which Unity Media's shareholders own their interest in the German operations. Unity Media GmbH acquired the shares in Tele Columbus Kabel Holding GmbH from Unity Media SCA. In connection with the merger "Tele Columbus AG & Co. KG" was renamed "Tele Columbus GmbH & Co. KG". Unity Media and Tele Columbus will continue to be operated as separate legal entities, but will be managed by a unified management team with a shared strategy. They will be headquartered in Cologne and Hanover. The two main shareholders of the combined business will be BC Partners and Apollo with approximately 39% and 31% of total shares, respectively. In order to align leverage, there is deferred consideration to the sum of EUR84 million increasing by 12% p.a. non-cash. Mr. Herbert Leifker will join Unity Media GmbH as a Managing Director. Mr. Leifker (51) has been CEO of Tele Columbus GmbH since 1990. He became Managing Director of Tele Columbus GmbH in 1990, which he has developed into today's Tele Columbus Group. He began his career with Landeszentralbank NRW and as a divisional manager with Sparkasse Hildesheim. He holds a doctorate in law. About Tele Columbus Headquartered in Hanover, Germany, Tele Columbus is the largest NL4 operator in Germany with approximately 2.6 million basic cable subscribers, 60,000 Digital TV subscribers, and 24,000 Internet subscribers. The Company's core business is the distribution of cable television and radio services. About Unity Media Headquartered in Cologne, Germany, Unity Media is the proprietor of the Hessian cable network operator iesy and the North Rhine- Westphalia cable network operator ish. The two companies are the largest providers of cable television in their respective states. In addition to analogue cable services, ish and iesy also offer digital television, high speed Internet and telephony. On Sept. 30, 2005, Unity Media had approximately 5.2 million basic cable customers, 101,100 digital TV customers, 30,300 high-speed Internet customers, and 11,500 telephone lines. * * * As previously reported in TCR-Europe on March 30, Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on German cable-TV provider Unity Media Management GmbH and removed the ratings from CreditWatch following the group's announced investment in the rights for the German football league, the Bundesliga. The outlook is positive. At the same time, Standard & Poor's assigned its 'B' long-term corporate credit rating to Unity Media GmbH, the parent of Unity, and related entity iesy Hessen GmbH & Co. KG. The outlooks on both entities are also positive. In addition, S&P assigned a 'B' long-term rating to iesy's proposed EUR1,350 million senior secured floating rate notes, with a '2' recovery rating, reflecting our expectation of substantial recovery of principal (80%-100%) for senior lenders in the event of a payment default. Moody's Investors Service also downgraded the ratings of Unity Media GmbH. Concurrently, Moody's assigned a (P)B3 rating to the secured note issuance in the total amount of EUR1.35 billion equivalent by Unity Media's operating subsidiaries, iesy Hessen GmbH & Co. KG and ish NRW GmbH. The outlook on the ratings is stable. Ratings downgraded: * Unity Media GmbH -- Corporate Family rating to B3 from B2; -- EUR215 million 8.75% senior notes to Caa2 from Caa1; -- EUR235 million 10.125% senior notes to Caa2 from Caa1; -- US$151 million 10.375% senior notes to Caa2 from Caa1; Rating assigned: * iesy Hessen GmbH & Co. KG and ish NRW GmbH -- EUR1,350 million equivalent senior secured notes at (P)B3. ============= I R E L A N D ============= CBOM FINANCE: Fitch Assigns B-/RR4 Rating on Upcoming Notes ----------------------------------------------------------- Fitch Ratings assigned CBOM Finance p.l.c.'s upcoming issue of limited recourse loan participation notes expected Recovery Rating RR4 and Long-term B-. The notes are to be used solely for financing a loan to Russia's Credit Bank of Moscow, which is rated Issuer Default B-, Short-term B, Individual D, Support 5 and National Long-term BB+. The Outlooks on both the IDR and the National Long-term rating are Positive. The final rating is contingent upon receipt of final documentation conforming materially to information already received. CBOM Finance p.l.c., an Ireland-domiciled special purpose vehicle, will only pay noteholders principal and interest received from CBOM. The SPV will charge certain of its rights and interests under the loan agreement to J.P. Morgan Corporate Trustee Services Limited for the benefit of noteholders under a trust deed. The SPV's claims under the loan agreement will rank at least equally with the claims of other senior unsecured creditors of CBOM, save those preferred by relevant legislation. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-H106, retail deposits accounted for 20% of CBOM's total liabilities, according to the bank's reviewed US GAAP accounts. The loan agreement contains covenants restricting mergers and disposals by CBOM and its subsidiaries as well as transactions between the bank and its affiliates. It also contains a cross default clause and a 'negative pledge' clause, the latter of which allows for up to 30% of loans to customers to be securitized by CBOM and its subsidiaries. Were such transactions to be undertaken, Fitch comments that the nature and extent of any over-collateralization would be assessed by the agency for any potential impact on unsecured creditors. CBOM must ensure full compliance with prudential supervision ratios and other requirements of the Central Bank of Russia and also commits to maintaining tier one and total BIS capital adequacy ratios of 8% and 12%, respectively. CBOM was ranked the 57th-largest Russian bank by total assets at end-H106. Its core business lies in providing banking services to medium-sized trading companies and also retail customers in Moscow and the Moscow region. ========= I T A L Y ========= PARMALAT SPA: Earns EUR17 Million for First Half 2006 ----------------------------------------------------- The Board of Directors of Parmalat S.p.A. approved the Semiannual Report at June 30, 2006, which confirms a further improvement in the Group's operating performance. 1. Semiannual Report at June 30, 2006 The Group In the first half of 2006, the Group's revenues from continuing operations totaled EUR1,967.2 million, or 6.5% more than the EUR1,847.8 million booked in the first six months of 2005. EBITDA increased by 21.3% to EUR159.8 million (EUR131.7 million in the first half of 2005). The return on sales also improved, rising from 7.1% in 2005 to 8.1% this year, owing in part to a reduction of about EUR7 million in the allowance for doubtful accounts and other provisions compared with 2005. In Italy, consolidated revenues were slightly lower (-2.9%) than in the first half of 2005, totaling EUR580.9 million (EUR598.0 million for the first six months of 2005). The main reason for this difference is a decrease in revenues from sales of materials that are not part of the Group's standard product line and are resold at no profit (-EUR19.6 million, from EUR35.3 million to EUR15.7 million). Net of these sales, cumulative six-month revenues amount to EUR562.7 million at June 30, 2005 and EUR565.2 million at June 30, 2006, for a gain of EUR2.5 million (+0.4%). A better sales mix with a greater preponderance of products with greater value added, an effective cost-cutting policy and a reduction of working capital writedowns and other writedowns helped boost EBITDA from EUR37.4 million to EUR48.1 million. As a result, the return on sales improved from 6.3% in 2005 to 8.3% this year. In Canada, revenues for the first half of 2006 totaled EUR648.1 million, or 7.4% more than in the same period last year (EUR603.4 million), benefiting also of the positive exchange rate. EBITDA increased by EUR10.3 million (+23.2%), rising from EUR43.9 million in the first six months of 2005 to EUR54.1 million in the same period this year, with the return on sales improving to 8.4% (7.3% in 2005). The improvements in revenues and EBITDA were achieved even though 2006 had fewer days available for deliveries and billing (one week less). The reasons for these improvements were a better product mix, successful marketing programs and cost reductions. In Australia, first-half revenues grew to EUR218.4 million in 2006, or 13.6% more than the EUR192.2 million earned in the same period last year. Despite a 5.5% gain in unit sales, EBITDA decreased by EUR1.4 million, falling from EUR16.4 million in the first six months of 2005 to EUR15.0 million in the same period this year. However, this shortfall should be made up entirely in the second half of the year, when the Business Unit is expected to benefit from a decrease in the cost of raw milk and an increase in unit sales generated by advertising campaigns launched earlier this year. In Africa, revenues were up sharply in the first half of 2006, rising to EUR178.2 million (19.5% more than the EUR149.1 million booked in the same period last year), boosting EBITDA to EUR19.5 million (EUR15.4 million in the first six months of 2005), or 10.9% of revenues (10.3% in 2005). Higher unit sales made possible by a rapidly expanding local economy and a better product mix are the main reasons for these gratifying results. With the exception of the Spanish operations, which are continuing to struggle under difficult circumstances, the Business Units in all of the other countries reported significantly better results than they did in the first half of 2005, particularly in South America (Colombia and Venezuela). On June 30, 2006, the Group's net indebtedness was EUR311.5 million, down from the EUR369.3 million it owed at the end of 2005. The net indebtedness of the Venezuelan operations (about EUR150 million) accounts for a significant portion of the Group's total borrowings of EUR311.5 million. The 2005 result (EUR104.9 million) is not comparable because it refers to the Extraordinary Administration, which benefited of extraordinary positions typical to the accrual of funds for contested bankruptcy debts. The Group's interest in the net profit amounted to EUR17.0 million at June 30, 2006, compared with EUR39.6 million in the first half of 2005. Parmalat S.p.A. The Group's Parent Company reported net revenues of EUR504.5 million, about 4% less than the EUR525.7 million booked in the first six months of 2005. The impact of lower sales of materials that are not part of the Group's standard product line, offset in part by increased shipments of functional products with a high value added, accounts for this decrease. EBITDA totaled EUR32 million, or EUR8.7 million more than the EUR23.3 million reported at June 30, 2005. The return on sales also improved, rising to 6.3% compared with 4.4% in the first half of 2005. This improvement reflects a greater preponderance of functional products in the sales mix and the fact that the losses incurred by Company-owned licensees, which in 2005 had been reflected in the Company's operating data, are now being attributed to Parmalat Distribuzione Alimenti, a company included in the Italian SBU that is currently implementing an efficiency- boosting reorganization plan. The net profit earned by the Group's Parent Company in the first half of 2006 amounted to EUR2.0 million. The 2005 result (EUR19.1 million) is not comparable because it refers to the Extraordinary Administration, which benefited of extraordinary positions typical to the accrual of funds for contested bankruptcy debts. As a result of the approval of the Proposal of Composition with Creditors, the Group's Parent Company is virtually debt free. During the first half of 2006, net financial assets decreased from EUR324.5 million at Dec. 31, 2005, to EUR291.6 million at June 30, 2006, despite positive cash flow from operations. Payments made to satisfy preferential and pre-deduction claims and cover legal and restructuring costs account for this decrease. Outlook for the Balance of 2006 In the months ahead, the industrial actions undertaken in the various countries and the seasonal factors that characterize the second half of the year seem to justify expectations of a significant increase in EBITDA. These considerations and the nonrecurring gains booked after June 30, 2006, such as the settlement with Banca Popolare Italiana and the sale of equity investments, offset in part by the cost of legal actions, should result in higher profits both for Parmalat S.p.A. and the Group. Barring any significant changes in interest rates or the Group's scope of consolidation, the same variables should also produce a significant reduction in net indebtedness. 2. Code of Conduct The Board of Directors also agreed to update the Company's Code of Conduct in preparation for the adoption later this year of the Organization and Control Model required by Legislative Decree No 231/2001. The updated Code of Conduct will be available at http://www.parmalat.com/ 3. Extension of Section 304 temporary Injunction The Board of Directors was informed that the judge of the District Court of the Southern District of New York has extended the temporary injunction deadline to October 17, 2006. Parmalat S.p.A. Reclassified Balance Sheet June 30, 2006 NON-CURRENT ASSETS EUR1,686,000,000 Intangibles 572,900,000 Property, plant and equipment 131,100,000 Non-current financial assets 966,100,000 Deferred-tax assets 15,900,000 AVAILABLE-FOR-SALE ASSETS, NET OF CORRESPONDING LIABILITIES 5,200,000 NET WORKING CAPITAL 133,700,000 Inventories 38,500,000 Trade receivables 228,400,000 Other current assets 186,200,000 Trade payables (223,800,000) Other current liabilities (95,700,000) ---------------- INVESTED CAPITAL NET OF OPERATING LIABILITIES 1,825,000,000 PROVISIONS FOR EMPLOYEE BENEFITS (41,000,000) PROVISIONS FOR RISKS AND CHARGES (225,200,000) PROVISION FOR LIABILITIES ON CONTESTED PREFERENTIAL AND PRE-DEDUCTION CLAIMS (23,700,000) ---------------- NET INVESTED CAPITAL EUR1,535,000,000 ================ Covered by: SHAREHOLDERS' EQUITY EUR1,826,600,000 Share capital 1,640,100,000 Reserve for contested liabilities and claims of late-filing creditors convertible exclusively into share capital 225,600,000 Other reserves (11,700,000) Retained earnings (Loss carryforward) (29,300,000) Profit (Loss) for the period 2,000,000 NET BORROWINGS (291,600,000) Loans payable to banks and other lenders 14,500,000 Other financial assets 5,100,000 Cash and cash equivalents (311,200,000) ---------------- TOTAL COVERAGE SOURCES EUR1,535,000,000 ================ Parmalat S.p.A. Reclassified Income Statement First half 2006 TOTAL NET REVENUES EUR519,500,000 Revenues from operations 504,500,000 Other revenues 15,000,000 OPERATING EXPENSES (487,000,000) Purchases, services and misc. costs (432,800,000) Labor costs (54,300,000) ---------------- Subtotal 32,500,000 Writedowns of receivables and other provisions (500,000) ---------------- EBITDA 32,000,000 Depreciation, amortization and writedowns of non-current assets (9,400,000) Other revenues and expenses: Legal fees for actions to void and actions for damages (25,300,000) Addition to provision for losses of investee companies (5,300,000) Miscellaneous revenues & expenses 900,000 ---------------- EBIT (7,200,000) Financial income 13,300,000 Financial expense (3,000,000) ---------------- PROFIT (LOSS) BEFORE TAXES AND THE RESULT FROM DISCONTINUING OPERATIONS 3,100,000 Income taxes (1,800,000) ---------------- NET PROFIT (LOSS) FROM CONTINUING OPERATIONS 1,300,000 Net profit (loss) from discontinuing operations 600,000 ---------------- NET PROFIT (LOSS) FOR THE PERIOD EUR2,000,000 ================ Parmalat S.p.A. Statement of Changes in Net Financial Position First half 2006 Net borrowings at beginning of period EUR324,500,000 Changes during the period: Cash flow from operating activities (53,700,000) Cash flow from investing activities 9,400,000 Cash flow from financing activities 13,600,000 Cash flow from discontinuing operations 2,800,000 Miscellaneous items (5,000,000) ---------------- Total changes during the period (32,900,000) ---------------- Net borrowings at end of period EUR291,600,000 ================ Parmalat Group Reclassified Consolidated Balance Sheet June 30, 2006 NON-CURRENT ASSETS EUR2,206,900,000 Intangibles 1,451,500,000 Property, plant and equipment 652,300,000 Non-current financial assets 70,200,000 Deferred-tax assets 32,900,000 AVAILABLE-FOR-SALE ASSETS, NET OF CORRESPONDING LIABILITIES 11,600,000 NET WORKING CAPITAL 492,200,000 Inventories 372,600,000 Trade receivables 509,100,000 Other current assets 337,900,000 Trade payables (494,300,000) Other current liabilities (233,100,000) ---------------- INVESTED CAPITAL NET OF OPERATING LIABILITIES 2,710,700,000 PROVISIONS FOR EMPLOYEE BENEFITS (111,300,000) PROVISIONS FOR RISKS AND CHARGES (398,200,000) PROVISION FOR LIABILITIES ON CONTESTED PREFERENTIAL AND PRE-DEDUCTION CLAIMS (23,700,000) ---------------- NET INVESTED CAPITAL EUR2,177,500,000 ================ Covered by: SHAREHOLDERS' EQUITY EUR1,866,000,000 Share capital 1,640,100,000 Reserve for contested liabilities and claims of late-filing creditors convertible exclusively into share capital 225,600,000 Other reserves (46,300,000) Retained earnings (Loss carryforward) (300,000) Profit (Loss) for the period 14,100,000 Minority interest 32,800,000 in shareholders' equity NET BORROWINGS 311,500,000 Loans payable to banks and other lenders 757,000,000 Loans payable to investee companies Other financial assets (7,000,000) Financial accrued income and prepaid expenses Cash and cash equivalents (443,800,000) ---------------- TOTAL COVERAGE SOURCES EUR2,177,500,000 ================ Parmalat Group Reclassified Consolidated Income Statement First half 2006 TOTAL NET REVENUES EUR1,982,000,000 Revenues from operations 1,967,200,000 Other revenues 14,800,000 OPERATING EXPENSES (1,819,200,000) Purchases, services and misc. costs (1,581,900,000) Labor costs (237,300,000) ---------------- Subtotal 162,800,000 Writedowns of receivables and other provisions (3,000,000) ---------------- EBITDA 159,800,000 Depreciation, amortization and writedowns of non-current assets (49,000,000) Other revenues and expenses: Legal fees for actions to void (25,300,000) and actions for damages Restructuring costs (7,200,000) Miscellaneous revenues & expenses (1,500,000) ---------------- EBIT 76,800,000 Financial income 16,700,000 Financial expense (54,300,000) Interest in profit (loss) of companies valued by the equity method ---------------- PROFIT (LOSS) BEFORE TAXES 40,500,000 Income taxes (24,100,000) ---------------- NET PROFIT (LOSS) FROM CONTINUING OPERATIONS 16,400,000 Net profit (loss) from discontinuing operations 600,000 ---------------- NET PROFIT (LOSS) FOR THE PERIOD EUR17,000,000 ================ Parmalat Group Statement of Changes in Net Financial Position First half 2006 Net borrowings at beginning of period EUR369,300,000 Changes during the period: Cash flow from operating activities 29,600,000) Cash flow from investing activities 83,100,000 Cash flow from discontinuing operations (139,700,000 Translation impact and miscellaneous items (30,800,000) ---------------- Total changes during the period (57,800,000) ---------------- Net borrowings at end of period EUR311,500,000 ================ 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 SPA: Investors Hit Motions to Dismiss Amended Suit ----------------------------------------------------------- Hermes Focus Asset Management Europe Limited; Cattolica Partecipazioni S.p.A.; Solotrat; Societe Moderne des Terrassements Parisiens; and Capital & Finance Asset Management, S.A., ask Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York to deny separate motions filed by Grant Thornton LLP and Credit Suisse to dismiss their Third Amended Consolidated Class Action Complaint. Representing the Lead Plaintiffs, Diane Zilka, Esq., at Grant & Eisenhofer, P.A., in New York, contends that GT-US's Motion to Dismiss is a waste of time and resources, as all of the arguments that the firm presents have already been rejected by the District Court. The Third Amended Complaint asserts a claim against GT-US under Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. Section 78j(b), and Rule 10b-5 promulgated thereunder on the theory that Grant Thornton-Italy was the agent for Grant Thornton International and that GTI was the agent for GT-US. The Third Amended Complaint also alleges a control person claim against GT-US under Section 20(a) of the Exchange Act, 15 U.S.C. Section 78t(a), on the theory that GT-US controlled GTI and is, therefore, liable for GTI's violations of Sections 10(b) and 20(a). GT-US has argued that a principal cannot be held liable for the Rule 10b-5(b) violations of its agents unless the agent's statements are specifically attributed to the principal. GT-US also asserted that an agency theory cannot be invoked to hold it liable for the liabilities of GTI unless the corporate veil is pierced and the Court finds that GTI is the alter ego of GT-US. GT-US also pointed out that the Third Amended Complaint adds only a handful of new allegations regarding the relationship between GT-US and GTI. According to Ms. Zilka, the District Court's prior rulings provide everything needed to demonstrate that the claims in the Third Amended Complaint against GT-US are sufficient. Ms. Zilka notes that the District Court has already held that: (a) the allegations in Dr. Bondi's amended complaint against, among others, the Grant Thornton entities -- which in all respects relevant to GT-US are now contained in the Lead Plaintiffs' Third Amended Complaint -- are sufficient to allege that GTI acted in connection with the Parmalat audits as the agent for GT-US; (b) the Lead Plaintiffs have stated a Section 10(b) claim against GTI on the basis that GT-Italy was the agent for GTI; (c) the Lead Plaintiffs have stated a Section 20(a) claim against GTI on the basis that GTI controlled GT-Italy; (d) allegations that a firm that is a member of an international auditing complex acted as an agent for another are also sufficient to allege a control person claim under Section 20(a); and (e) the U.S. member firm of a worldwide auditing complex can be held liable for audit work performed by a "sister" member firm in Italy on the theory that the U.S. firm controlled the worldwide umbrella firm, which in turn controlled the member firm in Italy. The Third Amended Complaint names Credit Suisse as successor-in- interest to the previously named defendant, Credit Suisse First Boston. CSFB served as the investment banking and asset management arm of Credit Suisse Group until it merged in May 2005 with CSG's private banking division -- formerly named Credit Suisse -- to become the new Credit Suisse. Credit Suisse has argued that the Third Amended Complaint fails to state a claim under Section 10(b) because the Lead Plaintiffs have not adequately alleged a fraudulent act or scienter, and that the Lead Plaintiffs' allegations are too vague under Rule 9(b) of the Federal Rules of Civil Procedure. Credit Suisse also pointed out that the Third Amended Complaint fails to adequately allege a claim under Section 20(a) because the claim is predicated solely on its status as the parent corporation of two affiliate defendants, (i) Credit Suisse First Boston International, now known as Credit Suisse International, and (ii) Credit Suisse First Boston Europe Limited, now known as Credit Suisse Securities (Europe) Limited. Ms. Zilka tells Judge Kaplan that to the contrary, the Third Amended Complaint alleges with particularity the specific fraudulent acts and conduct of Credit Suisse in connection with the issuance of convertible bonds by Parmalat's Brazilian subsidiary and the underwriting of notes issued by another Parmalat subsidiary to artificially inflate Parmalat's assets on its financial statements. "These allegations are more detailed than those alleged with respect to CSFB," Ms. Zilka says. Ms. Zilka also asserts that the Third Amended Complaint alleges that CSFB controlled CSFBi and Credit Suisse Europe through (i) CSFB's ownership of these subsidiaries, and (ii) their common directors, employees and places of business. According to Ms. Zilka, Credit Suisse cannot dispute that it is CSFB's successor-in-interest nor can it credibly argue that it had no notice of a claim it has been litigating since 2004. 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 H S T A N =================== ATYRAUMETALLTRUBSNAB: Proof of Claim Deadline Slated for Oct. 13 ---------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau Region declared LLP Atyrau Metal and Pipe Supply Company Atyraumetalltrubsnab insolvent. Creditors have until Oct. 13 to submit written proofs of claim to: LLP Atyraumetalltrubsnab Floor 3 Abai Str. 10a Atyrau Atyrau Region Kazakhstan BUILD-SERVICE: Almaty Court Begins Bankruptcy Proceedings --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty commenced bankruptcy proceedings against LLP Build-Service (RNN 600400093077) on Aug. 8. INTER-B: Creditors Must File Claims by Oct. 13 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau Region declared LLP Inter-B insolvent. Creditors have until Oct. 13 to submit written proofs of claim to: LLP Inter-B Floor 3 Abai Str. 10a Atyrau Atyrau Region Kazakhstan JALGAS: Creditors Must File Claims by October 13 ------------------------------------------------ The Specialized Inter-Regional Economic Court of South Kazakhstan Region declared LLP Jalgas insolvent on July 13. Creditors have until Oct. 13 to submit written proofs of claim to: LLP Jalgas Ilyaeva Str. 24 Shymkent South Kazakhstan Region Kazakhstan Tel: 8 (3252) 54-02-36 LUX: Proof of Claim Deadline Slated for Oct. 13 ----------------------------------------------- LLP Lux has declared insolvency. Creditors have until Oct. 13 to submit written proofs of claim at: LLP Lux Tolstoy Str. 141 Pavlodar Pavlodar Region 140011 Kazakhstan SDS TRANS: Creditors' Claims Due Oct. 13 ---------------------------------------- LLP SDS Trans has declared insolvency. Creditors have until Oct. 13 to submit written proofs of claim to: LLP SDS Ablaihan Str. 118-11 Almaty, Kazakhstan SARY-AGASH: Creditors' Claims Due Oct. 13 ----------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region declared LLP Sary-Agash insolvent on July 13. Creditors have until Oct. 13 to submit written proofs of claim to: LLP Sary-Agash Ilyaeva Str. 24 Shymkent South Kazakhstan Region Kazakhstan Tel: 8 (3252) 54-02-36 TRUCK LOGISTIK: Claims Registration Ends Oct. 13 ------------------------------------------------ LLP Truck Logistik and Management has declared insolvency. Creditors have until Oct. 13 to submit written proofs of claim to: Ryskulov Str. 189-37 Talgar Almaty Region Kazakhstan -- or -- Fisuli Str. 64 Almaty, Kazakhstan TURANALEM FINANCE: Fitch Rates Upcoming Eurobond Issue at BB+ ------------------------------------------------------------- Fitch Ratings assigned TuranAlem Finance B.V.'s upcoming EUR fixed-rate eurobond issue due 2011 an expected BB+ Long-term rating. The final rating is contingent upon receipt of final documentation conforming materially to information already received. The issue is to be guaranteed by Kazakhstan's Bank TuranAlem, rated foreign currency Issuer Default BB+/Stable, local currency Issuer Default BBB-/Stable, Short-term foreign currency B, Short-term local currency F3, Individual C/D and Support 3. Proceeds from the issue will be deposited with BTA. The issue is to be made within the framework of BTA's and TAF's US$3 billion global medium-term note program, rated Long-term BB+ for senior unsecured foreign currency notes with maturities in excess of one year and Short-term B for senior unsecured foreign currency notes with maturities of less than one year. BTA's guarantee of the upcoming issue is to rank at least equally with all present or future unsecured senior obligations of the bank, save those preferred by relevant provisions of law and of general application. Under Kazakhstani law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2005, retail deposits accounted for 13% of BTA's total liabilities, according to the bank's International Financial Reporting Standards accounts. BTA was the second largest commercial bank in Kazakhstan by IFRS assets at end-2005, and has top three positions in all major market segments. The bank's common stock is owned primarily by a number of Kazakh investors. V.I.R.A.: Claims Registration Ends Oct. 13 ------------------------------------------ LLP V.I.R.A. has declared insolvency. Creditors have until Oct. 13 to submit written proofs of claim at: LLP V.I.R.A. Micro District 8- 4a Almaty, Kazakhstan =================== K Y R G Y Z S T A N =================== KARA-BALTA MINING: Investment Tender Scheduled for Oct. 3 --------------------------------------------------------- The State Committee on State Property of the Kyrgyz Republic will conduct an investment tender on realization of JSC Kara- Balta Mining Plant's 72.28% state share holding at 10:00 a.m. on Oct. 3 at: State Committee on State Property of the Kyrgyz Republic Moskovskaya Str., 151 Bishkek, Kyrgyzstan The entity has priced KGS155.42 billion for the state share holding. The conditions of the investment tender include: 1. The potential investor should have work experience in a relevant branch and a stable financial solvency. 2. Business project of the participant should include solutions for these problems: * Stable supply of the raw materials for enterprise * Offers by searching and developing of the local raw materials * The perspectives of the enterprise development * Widening the types of the produced product and services * Solving of the social and current infrastructure problems * Ensuring of the environmental protection * Rehabilitation, saving, burial program and technical servicing of the tailing dump 3. All liabilities should have quantitative term, and also the period of their implementation. 4. During the study the business projects, preferences will be given to those business projects, which more take into consideration the current profile of the enterprise. The investment tender will be conducted in two stages: * Stage 1 - studying of the business projects received from the participants of the investment tender on realization of the state share holding in the amount of 72.28% authorized capital of JSC KBMP. * Stage 2 - studying of the offers about the price per state share holding. Information about JSC KBMP as of Jan. 1: * The state of the immovable property is satisfactory. * Authorized capital: KGS203.82 million * Cost of assets: KGS290.01 million * Bill payable: KGS15.30 million * Bill receivable: KGS83.74 million * Profit in 2006: KGS1.09 million * Type of activity: processing of the uranium-containing mineral, receiving of the molybdenum, producing of the respirator like Lepestok. * Number of the workers: 837. * Land area: 744 440, 93 square meters. Participants have until 5:00 p.m. on Oct. 2 to deposit KGS15,200 guarantee payment to the settlement account of: State Committee on State Property of the Kyrgyz Republic Pervomaisky District Treasury Department -2 Settlement Account No. 1030220801400326/202802429 Pervomaisky Branch of JS Commercial Bank Kyrgyzstan MFO 103002 INN 00405200110158 Pervomaisky State Tax Inspection and submit their bids and necessary documents at: Room 208, 210, 225 Moskovskaya Str. 151 720017 Bishkek, Kyrgyzstan The sum of guarantee payment is accounted to the winner's assets price sum. The guarantee payment will be returned within 10 banking days for the rest of the participants. The buyer will pay the commission fee of the State Committee on State Property of the Kyrgyz Republic in 7% amount beyond the price of the assets. The adjudgement and restructuring of the company's debts by the Switzerland Bank's credit is undergoing legal process as of press time. Inquiries can be addressed to (+996-312) 21-65-38, 21-66-38, and 21-67-22. The company can be reached at: JSC Kara-Balta Mining Plant Trudovaya Ave. 1 Karabalta, Kyrgyzstan ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Swede Unit Closes Asset Sale After EC Nod ------------------------------------------------------------ Nordic Capital closed the acquisition of ICA AB, the Swede unit of Koninklijke Ahold N.V., Tuesday after the European Commission approved the sale on Sept. 8. With this transaction, it will be possible for ICA AB to focus even more on its core business, retail. The sale results in a capital gain for ICA AB of approximately SEK360 million, which will be accounted for in the third quarter 2006. About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe and Asia. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * Moody's Investors Service and Standard and Poor's has assigned low-B ratings to the company's 5.625% senior notes due 2007. Also, the company's 5.875% senior unsubordinated notes due 2008 and 6.375% senior unsubordinated notes due 2007 carry Moody's, S&P's and Fitch's low-B ratings. ============= R O M A N I A ============= HVB TIRIAC: Fitch Includes Stable Outlook Assignment ---------------------------------------------------- Fitch Ratings amended its Sept. 18 release on Banca Comerciala HVB Tiriac to include the assignment of a Stable Outlook on HVB Tiriac in the first paragraph. This amends the version issued by Fitch on Sept. 18 and published by the Troubled Company Reporter-Europe yesterday regarding HVB Tiriac. Fitch assigned Banca Comerciala HVB Tiriac ratings of Issuer Default A- with a Stable Outlook, Short-term F2, Individual D and Support 1. The Individual rating has been placed on Rating Watch Evolving. At the same time, it has affirmed Banca Comerciala Ion Tiriac S.A.'s ratings at Issuer Default A-, Short-term F2, Individual D and Support 1 and simultaneously withdrawn them. This rating action follows the merger of Banca Tiriac with HVB Romania, forming HVB Tiriac. HVB Tiriac is 50% plus one share owned by Bank Austria Creditanstalt AG and 50% less one share by Mr. Ion Tiriac. HVB Tiriac's ratings reflect the potential support available to the bank from BACA and BACA's ultimate parent, UniCredito of Italy. Fitch has placed HVB Tiriac's Individual rating on Rating Watch Evolving until a full review of the new entity is performed. HVB Tiriac is the fourth largest bank in Romania, with a market share of around 6.5%. It is planned to merge HVB Tiriac with UniCredito's subsidiary, UniCredit Romania, during 2007. =========== R U S S I A =========== AFRO-KHIM-SERVICE: Court Names S. Shishkov as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Kursk Region appointed Mr. S. Shishkov as Insolvency Manager for OJSC Afro-Khim-Service. He can be reached at: S. Shishkov Druzhininskaya Str. 22 305001 Kursk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A35-1226/06 g. The Arbitration Court of Kursk Region is located at: K. Marksa Str. 25 305004 Kursk Region Russia The Debtor can be reached at: OJSC Afro-Khim-Service 2nd Privokzalnaya Str. Solntsevo Kursk Region Russia AGRO-PROM-KHIMIYA: Court Names A. Ryabov as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Ivanovo Region appointed Mr. A. Ryabov as Insolvency Manager for CJSC Agro-Prom-Khimiya. He can be reached at: A. Ryabov Office 607 15 Proezd 4 153006 Ivanovo Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A17-1426/06-1-B. The Arbitration Court of Ivanovo Region is located at: B. Khmelnitskogo Str. 59B Ivanovo Region Russia The Debtor can be reached at: CJSC Agro-Prom-Khimiya Ivanovskaya Str. 30 Lezhnevo Ivanovo Region Russia ALUMINIUM-PRODUCT: Court Names A. Borunov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Moscow appointed Mr. A. Borunov as Insolvency Manager for CJSC Company Aluminium-Product (TIN 7703107631). He can be reached at: A. Borunov Building 1 Mira Pr. 68 129110 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-7647/06-123-16B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Company Aluminium-Product Building 3 Krasnaya Presnya Str. 9 123100 Moscow Region Russia BRIDGE COMPANY: Court Names A. Bulin as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Ulyanovsk Region appointed Mr. A. Bulin as Insolvency Manager for CJSC Bridge Company. He can be reached at: A. Bulin Engelsa Str. 19. 432063 Ulyanovsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as A72-7880/05-19/47-B. The Debtor can be reached at: CJSC Bridge Company Federatsii Str. 148 432030 Ulyanovsk Region Russia CBOM FINANCE: Fitch Assigns B-/RR4 Rating on Upcoming Notes ----------------------------------------------------------- Fitch Ratings assigned CBOM Finance p.l.c.'s upcoming issue of limited recourse loan participation notes expected Recovery Rating RR4 and Long-term B-. The notes are to be used solely for financing a loan to Russia's Credit Bank of Moscow, which is rated Issuer Default B-, Short-term B, Individual D, Support 5 and National Long-term BB+. The Outlooks on both the IDR and the National Long-term rating are Positive. The final rating is contingent upon receipt of final documentation conforming materially to information already received. CBOM Finance p.l.c., an Ireland-domiciled special purpose vehicle, will only pay noteholders principal and interest received from CBOM. The SPV will charge certain of its rights and interests under the loan agreement to J.P. Morgan Corporate Trustee Services Limited for the benefit of noteholders under a trust deed. The SPV's claims under the loan agreement will rank at least equally with the claims of other senior unsecured creditors of CBOM, save those preferred by relevant legislation. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-H106, retail deposits accounted for 20% of CBOM's total liabilities, according to the bank's reviewed US GAAP accounts. The loan agreement contains covenants restricting mergers and disposals by CBOM and its subsidiaries as well as transactions between the bank and its affiliates. It also contains a cross default clause and a 'negative pledge' clause, the latter of which allows for up to 30% of loans to customers to be securitized by CBOM and its subsidiaries. Were such transactions to be undertaken, Fitch comments that the nature and extent of any over-collateralization would be assessed by the agency for any potential impact on unsecured creditors. CBOM must ensure full compliance with prudential supervision ratios and other requirements of the Central Bank of Russia and also commits to maintaining tier one and total BIS capital adequacy ratios of 8% and 12%, respectively. CBOM was ranked the 57th-largest Russian bank by total assets at end-H106. Its core business lies in providing banking services to medium-sized trading companies and also retail customers in Moscow and the Moscow region. COMPUTER CENTRE: Bankruptcy Hearing Slated for Dec. 29 ------------------------------------------------------- The Arbitration Court of Arkhangelsk Region will convene at 2:00 p.m. on Dec. 29 to hear the bankruptcy supervision procedure on LLC Computer Centre. The case is docketed under Case No. A05-7171/2006-27. The Temporary Insolvency Manager is: K. Dudoladov Office 2 Building 2 Lomonosova Pr. 92 163000 Arkhangelsk Region Russia The Arbitration Court of Arkhangelsk Region is located at: Loginova Str. 17 163069 Arkhangelsk Region Russia The Debtor can be reached at: LLC Computer Centre Troitskiy Pr. 52 Arkhangelsk Region Russia CONCRETE SERVICE: Court Names I. Goldova as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Bryansk Region appointed Ms. I. Goldova as Insolvency Manager for LLC Concrete Service. She can be reached at: I. Goldova Romashina Str. 29 50 Bryansk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A09-4752/06-26. The Arbitration Court of Bryansk Region is located at: Room 602 Trudovoy Per. 5 Bryansk Region Russia The Debtor can be reached at: LLC Concrete Service Roslavlskaya Str. 28 Bryansk Region Russia CORD: Orel Bankruptcy Hearing Slated for Oct. 25 ------------------------------------------------ The Arbitration Court of Orel Region will convene at 2:00 p.m. on Oct. 25 to hear the bankruptcy supervision procedure on CJSC Cord. The case is docketed under Case No. A48-2621/06-16b. The Temporary Insolvency Manager is: S. Romachin 3rd Kurskaya Str. 15 302004 Orel Region Russia The Arbitration Court of Orel Region is located at: Gorkogo Str. 42 302000 Orel Region Russia The Debtor can be reached at: CJSC Cord Konevskaya Str. 9 302030 Orel Region Russia DMITRIEVSKIY FACTORY: Bankruptcy Hearing Slated for Oct. 18 ----------------------------------------------------------- The Arbitration Court of Kursk Region will convene at 11:20 a.m. on Oct. 18 to hear the bankruptcy supervision procedure on OJSC Dmitrievskiy Factory Les-Khoz-Mash (TIN 4605000645). The case is docketed under Case No. A35-3869/06 g. The Temporary Insolvency Manager is: O. Gorbatyuk Litovskaya Str. 12A 305023 Kursk Region Russia The Debtor can be reached at: OJSC Dmitrievskiy Factory Les-Khoz-Mash Promyshlennaya Str. 2 Dmitriev - Lgovskiy Dmitrievskiy Region 307500 Kursk Region Russia EURO-PRODUCT: Court Names A. Kubasov as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Moscow appointed Mr. A. Kubasov as Insolvency Manager for CJSC Euro-Product (TIN 7706009135). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as A40-30211/06-86-510B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Euro-Product Leninskiy Pr. 6 119049 Moscow Region Russia EXPRESS-SERVICE: Court Names O. Vasilyeva as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of St. Petersburg and the Leningrad Region appointed O. Vasilyeva as Insolvency Manager for CJSC Express- Service (TIN 4712001467). The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as A56-15066/ 2006. The Arbitration Court of St. Petersburg and the Leningrad Region is located at: Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Express-Service Lenina Str. 26. Priozersk Leningrad Region Russia FARM-INVEST: Moscow Court Names S. Suvorov as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Moscow appointed Mr. S. Suvorov as Insolvency Manager for CJSC Farm-Invest. He can be reached at: S. Suvorov Post User Box 183 127018 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-36615/06-103-717b. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Farm-Invest B. Polyanka Str. 23 Moscow Region Russia FISH CENTRE: Moscow Court Names S. Suvorov as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Moscow appointed Mr. S. Suvorov as Insolvency Manager for CJSC Fish Centre. He can be reached at: S. Suvorov Post User Box 183 127018 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-25069/06-103-338B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Fish Centre 692809 Moscow Region Russia KHANTY-AIR: Court Starts Bankruptcy Supervision ----------------------------------------------- The Arbitration Court of Khanty-Mansiyskiy Autonomous Region commenced bankruptcy supervision procedure on CJSC Khanty-Air. The case was docketed as A75-3675/2006. The Temporary Insolvency Manager is: S. Vinnik Post User Box 2699 644099 Omsk Region Russia The Arbitration Court of Khanty-Mansiyskiy Autonomous Region is located at: Lenina Str. 54/1 Khanty-Mansiysk Autonomous Region Russia The Debtor can be reached at: CJSC Khanty-Air Mira Str. 115 Khanty-Mansiyskiy Autonomous Region Russia KUEDINSKIY DIARY: Perm Court Starts Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Perm Region commenced bankruptcy supervision procedure on LLC Kuedinskiy Diary. The case is docketed as A 50-10617/2006-B. The Temporary Insolvency Manager is: N. Vokhmina Geroev Khasana Str. 45B 614064 Perm Region Russia The Arbitration Court of Perm Region is located at: Lunacharskogo Str. 3 Perm Region Russia The Debtor can be reached at: LLC Kuedinskiy Diary Komsomolskaya Str. 58 Kueda Perm Region Russia MONOLITH: Court Sets October 5 Deadline for Filing of Claims ------------------------------------------------------------ Creditors of CJSC Monolith (TIN 1824002840) have until Oct. 5 to submit written proofs of claim to: V. Kuzhelev, Insolvency Manager Post User Box 5481 Izhevsk 426008 Udmurtiya Republic Russia The Arbitration Court of Udmurtiya Republic commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under A71-002150/2006-G21. The Arbitration Court of Udmurtiya Republic is located at: Lomonosova Str. 5. Izhevsk 426004 Udmurtiya Republic Russia The Debtor can be reached at: CJSC Monolith Kirpichnaya Str. 4 Yakshur-Bodya Udmurtiya Republic Russia OKONESHNIKOVSK-AGRO-PROM-KHIMIYA: Filings of Claims Ends Oct. 5 --------------------------------------------------------------- Creditors of OJSC Okoneshnikovsk-Agro-Prom-Khimiya have until Oct. 5 to submit written proofs of claim to: S. Vinnik, Insolvency Manager Post User Box 2699 644099 Omsk Region Russia The Arbitration Court of Omsk Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as A46-8252/2006. The Debtor can be reached at: OJSC Okoneshnikovsk-Agro-Prom-Khimiya Okoneshnikovo Okoneshnikovskiy Region Omsk Region Russia ORLOVSKOYE: Voronezh Court Starts Bankruptcy Supervision -------------------------------------------------------- The Arbitration Court of Voronezh Region commenced bankruptcy supervision procedure on OJSC Orlovskoye. The case is docketed under A14-6780-2006/76/33b. The Temporary Insolvency Manager is: V. Volgin Mira Str. 5 394000 Voronezh Region Russia The Arbitration Court of Voronezh Region is located at: Room 606 Srednemoskovskaya Str. 77 Voronezh Region Russia The Debtor can be reached at: OJSC Orlovskoye Orlovka. Talovskiy Region Voronezh Region Russia PERVOMAYSKIY: Mordoviya Bankruptcy Hearing Slated for Nov. 1 ------------------------------------------------------------ The Arbitration Court of Mordoviya Republic will convence at 9:30 a.m. on Nov. 1 to hear the bankruptcy supervision procedure on State Enterprise Meat Combine Pervomayskiy. The case is docketed under Case No A39-2274/06-78/7. The Temporary Insolvency Manager is: D. Shirshikov Stroitelnaya Str. 1 Saransk 430000 Mordoviya Republic Russia The Arbitration Court of Mordoviya Republic is located at: Room 208 Building 2 Kommunisticheskaya Str. 33 Saransk Mordoviya republic Russia The Debtor can be reached at: State Enterprise Meat Combine Pervomayskiy Pervomayskiy Kovylkinskiy Region 431302 Mordoviya Republic Russia PRITOBOLNYJ FEED: V. Chernovalov to Manage Insolvency Assets ------------------------------------------------------------ The Arbitration Court of Kurgan Region appointed Mr. V. Chernovalov as Insolvency Manager for LLC Pritobolnyj Feed Mill. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as A34-5362/05. K. Myagotina Str. 56-A 640003 Kurgan Region Russia The Debtor can be reached at: LLC Pritobolnyj Feed Mill Arsenovka Pritobolnyj Region Kurgan Region Russia PROM-INVEST: Court Names S. Levchenko as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Chelyabinsk Region appointed S. Levchenko as Insolvency Manager for CJSC Prom-Invest. The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as A76-10200/ 2006-48-104. The Arbitration Court of Chelyabinsk Region is located at: Vorovskogo Str. 2 454091 Chelyabinsk Region Russia The Debtor can be reached at: CJSC Prom-Invest Sevastopolskaya Str. 1a Miass Chelyabinsk Region Russia REINFORCED CONCRETE: Bryansk Court Starts Bankruptcy Supervision ---------------------------------------------------------------- The Arbitration Court of Bryansk Region commenced bankruptcy supervision procedure on LLC Factory of Reinforced Concrete Constructions (TIN 3255045170). The case is docketed under A09-2944/06-26. The Temporary Insolvency Manager is: S. Chernobrovenko Zelenaya Str. 2v Dubovoye 308501 Belgorod Region Russia The Debtor can be reached at: LLC Factory of Reinforced Concrete Constructions Novaya Str. 31 Gorodets 606508 Bryansk Region Russia SHADRINSK: Kurgan Court Names V. Koval as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Kurgan Region appointed Mr. V. Koval as Insolvency Manager for LLC House Building Combine Shadrinsk. He can be reached at: V. Koval Tobolnaya Str. 54 640020 Kurgan Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under A-34-1298/2006. The Debtor can be reached at: LLC House Building Combine Shadrinsk Proletarskaya Str. 1 Shadrinsk 641870 Kurgan Region Russia SOKOLSKIY: Court Names V. Ostroverkh as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Vologda Region appointed Mr. V. Ostroverkh as Insolvency Manager for OJSC Sokolskiy Pulp-And- Paper Mill (OGRN 1023502489670, TIN 3527000989). He can be reached at: V. Ostroverkh Sovetskiy Pr. 8 Sokol 162130 Vologda Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A13-7223/2005-25. The Debtor can be reached at: OJSC Sokolskiy Pulp-And-Paper Mill Sovetskiy Pr. 8 Sokol 162130 Vologda Region Russia SOSVINSKIY WOODWORKING: Court Starts Bankruptcy Supervision ----------------------------------------------------------- The Arbitration Court of Sverdlovsk Region commenced bankruptcy supervision procedure on OJSC Sosvinskiy Woodworking Combine. The case is docketed under A60-151719/2006-S11. The Temporary Insolvency Manager is: P. Lazarev Post User Box 106 620000 Ekaterinburg Region Russia The Arbitration Court of Sverdlovsk Region is located at: Lenina Pr. 34 620151 Ekaterinburg Region Russia The Debtor can be reached at: OJSC Sosvinskiy Woodworking Combine Lenina Str. 1 Sosva 624971 Sverdlovsk Region Russia SPINNING: Ivanovo Court Names A. Ryabov as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Ivanovo Region appointed Mr. A. Ryabov as Insolvency Manager for LLC Spinning Weaving-Mill. He can be reached at: A. Ryabov Office 607 15 Proezd 4 153006 Ivanovo Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A17-1438/06-1-B. The Arbitration Court of Ivanovo Region is located at: B. Khmelnitskogo Str. 59B Ivanovo Region Russia The Debtor can be reached at: LLC Spinning Weaving-Mill Sotsialisticheskaya Str. 2 Furmanov Ivanovo Region Russia SUAL GROUP: No Merger Application Yet, Says Anti-Trust Agency ------------------------------------------------------------- Siberian-Urals Aluminium Company (SUAL) and Russky Alyuminiyum (RusAl) have not applied for a merger with Russia's Federal Anti-Monopoly Service, RIA Novosti says. FAS chief Igor Artemyev said the agency has not received application from any of the parties. "We have no materials on this deal," Mr. Artemyev said. "I think the application will be considered for a long time." As previously reported in TCR-Europe, RusAl, SUAL, and Swiss company Glencore signed a non-binding agreement for a EUR23.5 billion merger. Press reports speculate that the combined entity would trade on the London Stock Exchange and would be headed by SUAL chief executive Brian Gilbertson. Experts believed that the RusAl-SUAL merger would create the world's largest aluminum company with market capitalization of US$20 billion. About RusAl Headquartered in Moscow, Russia, Russky Alyuminiyum -- http://www.rusal.com/-- produces and smelts aluminium with US$6.65 billion in revenues in 2005. The group produced 2.714 million tons of primary aluminium in 2005. RusAl employs about 50,000 people in nine Russian regions and thirteen countries. About SUAL Headquartered in Moscow, Russia, Siberian-Urals Aluminium Company -- http://www.sual.com/-- produces and smelts aluminium and ranks amongst the world's top ten producers. It comprises 18 businesses that are located in nine Russian regions and in Ukraine, Zaporozhye City, are involved in the production of bauxite, alumina, primary aluminium, silicon, semi-finished and finished aluminium products. The Group's revenue for the year ended Dec. 31, 2005, was US$2.7 billion. It has 60,000 employees. * * * Standard & Poor's Ratings Services assigned its 'BB-'long-term corporate credit rating to SUAL International Ltd. The outlook is stable. Standard & Poor's also assigned its 'ruAA-' Russian national scale rating to SUAL. At the same time, Moody's Investors Service, assigned 'Ba3' corporate family rating to SUAL International Ltd. Outlook is stable. TAVDINSKOYE GRAIN: Court Starts Bankruptcy Supervision ------------------------------------------------------ The Arbitration Court of Sverdlovsk Region commenced bankruptcy supervision procedure on CJSC Tavdinskoye Grain Receiving Enterprise. The case is docketed under A60-14540/06-S11. The Temporary Insolvency Manager is: L. Korovnikova Post User Box 177 620062 Ekaterinburg Region Russia The Arbitration Court of Sverdlovsk Region is located at: Lenina Pr. 34 620151 Ekaterinburg Region Russia The Debtor can be reached at: CJSC Tavdinskoye Grain Receiving Enterprise 9th January Str. 138 Tavda 623950 Sverdlovsk Region Russia TOTSK-AUTO: Court Names A. Taushev as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Orenburg Region appointed Mr. A. Taushev as Insolvency Manager for OJSC Totsk-Auto-Transport (TIN 5649000080, KPP 564901001). He can be reached at: A. Taushev Gaya Str. 23a 460000 Orenburg Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-12514/2005-14GK. The Arbitration Court of Orenburg Region is located at: 9th January Str. 64 460046 Orenburg Region Russia The Debtor can be reached at: OJSC Totsk-Auto-Transport Totskoye Totskiy Region Orenburg Region Russia UST-ILIMSKIY: Court Names D. Slaykovskiy as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Irkutsk Region appointed Mr. D. Slaykovskiy as Insolvency Manager for CJSC Diary Ust-Ilimskiy (TIN 3817019540). He can be reached at: D. Slaykovskiy Apartment 7 Pirogova Str. 1/2 Bratsk 665709 Irkutsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-28121/05-8. The Arbitration Court of Irkutsk Region is located at: Room 303 Gagarina Avenue 70 664025 Irkutsk Region Russia The Debtor can be reached at: CJSC Diary Ust-Ilimskiy Bratskaya Str. 34a Ust-Ilimsk 666681 Irkutsk Region Russia YUKOS OIL: Federal Arbitration Court Upholds Bankruptcy Ruling -------------------------------------------------------------- The Moscow Court of Appeals upheld the bankruptcy ruling against embattled fuel group Yukos Oil, RIA Novosti says. The court, acting on an appeal filed by Yukos' lawyers, rendered final the Aug. 1 ruling of the Moscow Arbitration Court declaring the company bankrupt, commencing liquidation and appointing Eduard Rebgun as bankruptcy manager. Creditors voted on July 25 to liquidate what was once Russia's biggest oil firm rejecting a management rescue plan that valued the company's assets at about US$30 billion. The vote came after bankruptcy manager Eduard Rebgun said Yukos couldn't pay its debts in the time allotted by law. Subsequently, the court declared the oil firm bankrupt on Aug. 1 after three years of litigation over back taxes. The company is facing up to US$16.6 billion in claims filed by more than 20 creditors including, among others: Yuganskneftegas US$4.07 billion Federal Tax Service US$11.6 billion OAO Rosneft Oil Co. US$482 million Fraud Probe The Prosecutor General's Office launched a probe on Aug. 8 into alleged fraud during the oil group's bankruptcy procedure. Russian prosecutors have accused former Yukos officials of embezzling money by securing a US$4.5 billion loan from Yukos Capital SARL, a Luxembourg-based unit and major creditor for Yukos, through legal entities affiliated with the company. Investigators alleged that the ex-Yukos officials masterminded a plan to sell crude oil through trading companies Fargoil and Ratibor under their control, acting both as fictitious owners and buyers, RIA Novosti relates. According to the Russian news agency, Mr. Rebgun agreed with investigators that Yukos Capital had offered Yukos its own assets. While Yukos was in external administration, Yukos Capital filed a motion to participate in the first creditors' meeting and filed claims against Yukos, which the court subsequently rejected. About Yukos Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Government sold its main production unit Yugansk, to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06- 0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. YUKOS OIL: Moscow Bankruptcy Ruling Spurs Suspension of Shares -------------------------------------------------------------- The Russian Trading System suspended the trading of shares of OAO Yukos Oil Co. on its Classic and exchange-traded markets on Sept. 19, RIA Novosti says. The Moscow Interbank Currency Exchange (MICEX) likewise suspended trading in Yukos shares the same day. The suspensions came after the Federal Arbitration Court upheld Tuesday the Moscow Arbitration Court's Aug. 1 bankruptcy ruling against Yukos. It also rejected an appeal lodged by Yukos' lawyers. The RTS, however, lifted the ban yesterday, saying it would continue trading Yukos' shares pending a decision by its board. About Yukos Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Government sold its main production unit Yugansk, to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06- 0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. The expected court ruling paves the way for the company's liquidation and auction. =============== S L O V E N I A =============== NOVA KREDITNA: Fitch Keeps Individual Rating at C/D --------------------------------------------------- Fitch Ratings assigned Nova Kreditna Banka Maribor's upcoming EUR50 million hybrid issue an expected BBB+ Long-term rating. The final rating will be contingent on final documentation conforming to information already received. NKBM's ratings are affirmed at Issuer Default A-, Short-term F2, Individual C/D, and Support 1. The Outlook is Stable. The bank's Issuer Default, Short-term and Support ratings are driven by the extremely high potential support from the Slovenian government in case of need. Fitch's standard policy for rating hybrid issues for entities with an Issuer Default rating in the A range is to notch once. For banks where the IDR is driven by Support and the bank's Individual rating is C/D an additional notch is usually applied. Fitch has decided not to apply additional notching to NKBM's hybrid issue due to the bank's 100% ownership by the Slovenian state. The issue is of subordinated notes. Interest payments can be deferred in the event of zero profit being declared in the latest IFRS audited financial statements. The notes are perpetual, though there is a step-up clause at which date the securities are callable by the Issuer. NKBM is the second largest bank in Slovenia, with a market share of around 10%. ========= S P A I N ========= GAT FTGENCAT: Moody's Junk EUR9.5 Million Series E Notes -------------------------------------------------------- Moody's Investors Service assigned these provisional ratings to the debt to be issued by Spanish securitization fund GAT FTGENCAT 2006 Fondo De Titulizacion De Activos: -- EUR170.3 million Series A1 notes: (P)Aaa; -- EUR239.1 million Series A2(G) notes: (P)Aaa; -- EUR5.1 million Series B notes: (P)Aa2; -- EUR12.3 million Series C notes: (P)A1; -- EUR13.2 million Series D notes: (P)Baa3; and -- EUR9.5 million Series E notes: (P)Ca. The provisional ratings address the expected loss posed to investors by the legal final maturity (June 2039). In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal on Series A1, A2(G), B, C and D at par on or before the rated final legal maturity date, and for ultimate payment of interest and principal at par on or before the rated final legal maturity date on Series E. GAT FTGENCAT 2006, FTA is a securitization fund created with the aim of purchasing a pool of loans granted by Caixa d'Estalvis de Catalunya to Spanish corporates and self-employed individuals based in Catalonia, in compliance with the conditions required by the FTGENCAT program in order to qualify for the Generalitat de Catalunya guarantee. Strong features within this deal include among others: -- a swap agreement guaranteeing an excess spread of 0.65% and covering the servicing fee; -- a 2.16% reserve fund to cover potential shortfalls in interest or principal; -- a 12-month artificial write-off mechanism; -- the guarantee of the regional government of Catalonia (Aa3) for the Series A2(G) notes; and -- the fact that the management company will elect the loans from the provisional pool that will result in the least concentrated securitized pool. Weaker features include: -- limited historical default and recovery information received from the originator; -- pro-rata amortization of the notes; -- geographical concentration in the region of Catalonia; and --the negative impact of the interest deferral trigger on the subordinated series. These increased risks were reflected in the credit enhancement calculation. The provisional pool of underlying assets comprised, as of 28 August 2006, a portfolio of 6,922 loans granted to 6,188 borrowers, which are Spanish enterprises or self-employed individuals based in Catalonia. The loans have been originated between 1993 and June 2006, with a weighted average seasoning of 1.75 years and a weighted average remaining life of 8.1 years. The weighted average interest rate is 4.08%, with the highest portion of the pool linked to floating reference rates (93.37%). Approximately 55% of the portfolio is composed of loans secured by a mortgage guarantee over different type of properties, although, given the particular conditions of the guarantees, Moody's has granted benefit accordingly. Around 30% of the portfolio is concentrated in the buildings and real estate sector according to Moody's industry classification. At closing, there will be no loans more than 30 days in arrears. Moody's based the provisional ratings primarily on: -- an evaluation of the underlying portfolio of loans; -- historical performance information; -- the swap agreement hedging the interest rate risk; -- the credit enhancement provided through the GIC account, the guaranteed excess spread, the reserve fund and the subordination of the notes; and -- the legal and structural integrity of the transaction. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. Moody's issues provisional ratings in advance of the final sale of securities, and these ratings only reflect Moody's preliminary credit opinions regarding the transaction. Upon a conclusive review of the final pool of assets and the final documentation, Moody's will endeavor to assign a definitive rating to the notes. A definitive rating, if any, may differ from a provisional rating. GAT FTGENCAT: Gets Fitch's Junk Rating on Series E Notes -------------------------------------------------------- Fitch Ratings assigned expected ratings to GAT FTGENCAT 2006, Fondo de Titulizacion de Activos' EUR440 million notes due in June 2039: -- EUR170.3 million Series A1: AAA; -- EUR239.1 million Series A2 (G): AAA; -- EUR5.1 million Series B: AA+; -- EUR12.3 million Series C: A; -- EUR13.2 million Series D: BBB-; and -- EUR9.5 million Series E: CCC. The final ratings are contingent on final documents conforming to information already received. This transaction is a cash flow securitization of a EUR440 million static pool of loans to small and medium-sized Spanish enterprises granted by Caixa d'Estalvis de Catalunya. It will be legally represented and managed by Gestion de Activos Titulizados SGFT, SA, a limited liability special-purpose management company incorporated under Spanish law. The expected ratings address payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the Series B, C and D notes, as well as the repayment of principal by legal final maturity date. The Class E notes will be issued to finance the creation of the reserve fund at closing. The good performance of the Class E notes requires favorable conditions for the collateral backing the Class A to D notes, and therefore its expected rating is supported by the recovery rate that noteholders are likely to receive during the life of the transaction. The Autonomous Community of Catalonia guarantees ultimate payment of interest and principal on the Class A2 (G) notes. However, the Series A2 (G) notes has been stressed to an AAA rating scenario, therefore, the AAA expected rating assigned to these notes is not dependent on the guarantee offered by the Generalitat of Catalunya Caixa Catalunya is a very active player in the securitization arena in Spain, especially for residential mortgage-backed securities. To date, it has participated in 13 transactions of which 10 were all RMBS as single seller and two SME CDOs transactions. GAT FTGENCAT 2006, however, represents Caixa Catlunya's first single seller SME securitization rated by Fitch. IM CAJAMAR 4: Fitch Junks Rating on EUR12 Million Series E Notes ---------------------------------------------------------------- Fitch Ratings assigned ratings to IM Cajamar 4 Fondo de Titulizacion de Activos' notes totaling EUR1.012 billion due in March 2049. -- EUR961.5 million Series A: AAA; -- EUR25 million Series B: AA; -- EUR5 million Series C: A+; -- EUR8.5 million Series D: BBB; and -- EUR12 million Series E: CCC. This transaction is a cash flow securitization of a EUR1 billion static pool of first ranking residential mortgage loans granted by Caja Rural Intermediterranea S.C.C. The ratings are based on the quality of the underlying collateral, the underwriting and servicing capabilities of Cajamar, available credit enhancement and the sound legal and financial structure of the transaction. CE for all Classes of notes will be provided by the subordination of the Classes junior to them and the reserve fund, with the exception of the Class E notes, which are solely collateralized by the excess spread. The ratings address payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the Class B, C, and D notes, as well as the repayment of principal by legal final maturity in March 2049. The fund is regulated by Spanish Securitization Law 19/1992 and Royal Decree 926/1998. Its sole purpose is to convert the mortgage participations and mortgage transfer certificates acquired from the seller into residential mortgage-backed securities. The participations and certificates were subscribed by InterMoney Titulizacion S.G.F.T., S.A., whose activities are limited to the management of securitization funds. This is the fourth stand-alone residential mortgage loan securitization originated by Cajamar, following IM Cajamar 3, FTA, presented to the market in March 2006. Both transactions are similar in terms of their collateral composition and structure. IM GRUPO: Moody's Rates EUR32.4-Mln Series E Notes at C ------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to the debt to be issued by IM Grupo Banco Popular Empresas 1, FTA: -- EUR553.5 million Series A1 notes: Aaa; -- EUR1,135.8 million Series A2 notes: Aaa; -- EUR28.8 million Series B notes: Aa3; -- EUR27 million Series C notes: A3; -- Baa3 to the EUR 54.9 million Series D notes: Baa3; and -- EUR32.4 million Series E notes: C. IM Grupo Banco Popular Empresas 1, FTA is a securitization of loans to small- and medium-sized enterprises (SMEs) carried out by six Spanish banks owned by Banco Popular group (Banco de Andalucia, Banco de Credito Balear, Banco de Castilla, Banco de Vasconia, Banco de Galicia and Banco Popular Espanol). Although the pool of loans meets the requirements of the Spanish government's FTPYME guarantee program for SME loan-backed deals, this transaction is not part of this program. Strong features within this deal include, among others: -- extensive historical default and recovery information provided by the originators; -- a 12-month artificial write-off mechanism; -- the fact that around 78% of the pool is secured by a first-lien mortgage guarantee; and -- the good performance of Banco Popular's previous SME deal. Weaker features include: -- partial hedging of the interest rate risk; -- partial funding of the cash reserve upfront; -- a high servicing fee compared with other Spanish securitization transactions; -- the presence of non-amortizing loans in the pool; -- the pro-rata amortization of the notes; and -- the negative impact of the interest deferral trigger on the subordinated series. These increased risks were reflected in the credit enhancement calculation. The provisional pool of underlying assets comprised, as of August 2006, a portfolio of 11,802 loans granted to 10,309 borrowers, all of which are Spanish SMEs. The loans have been originated between 1993 and May 2006, with a weighted average seasoning of 2.0 years and a weighted average remaining life of 9.0 years. The weighted average interest rate is 4.18%, with all the loans linked to floating reference rates, and the weighted average margin over the reference rate is 1.04%. 78% of the outstanding of the portfolio is secured by a first-lien mortgage guarantee over different types of properties (19% being residential properties), with a weighted average loan to value equal to 54%. The pool is well diversified in terms of geography, with a slight concentration in Andalusia (22%) given the location of the originators, and is around 41% concentrated in the buildings and real estate sector according to Moody's industry classification. At closing, there will be no loans more than 30 days in arrears. Moody's based the ratings primarily on: -- an evaluation of the underlying portfolio of loans; -- historical performance information; -- the swap agreement partially hedging the interest rate risk; -- the credit enhancement provided through the GIC account, the pool spread, the reserve fund and the subordination of the notes; and -- the legal and structural integrity of the transaction. The ratings address the expected loss posed to investors by the legal final maturity (21 March 2033). In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par with respect to the Series A1, A2, B, C and D notes, and for ultimate payment of interest and principal at par with respect to the Series E notes, on or before the final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. Moody's will monitor this transaction on an ongoing basis. =========== S W E D E N =========== KONINKLIJKE AHOLD: Swede Unit Closes Asset Sale After EC Nod ------------------------------------------------------------ Nordic Capital closed the acquisition of ICA AB, the Swede unit of Koninklijke Ahold N.V., Tuesday after the European Commission approved the sale on Sept. 8. With this transaction, it will be possible for ICA AB to focus even more on its core business, retail. The sale results in a capital gain for ICA AB of approximately SEK360 million, which will be accounted for in the third quarter 2006. About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe and Asia. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * Moody's Investors Service and Standard and Poor's has assigned low-B ratings to the company's 5.625% senior notes due 2007. Also, the company's 5.875% senior unsubordinated notes due 2008 and 6.375% senior unsubordinated notes due 2007 carry Moody's, S&P's and Fitch's low-B ratings. =========== T U R K E Y =========== KUVEYT TURK: Fitch Upgrades Individual Rating to D -------------------------------------------------- Fitch Ratings upgraded Turkey-based Kuveyt Turk Katilim Bankasi A.S.'s Individual rating to D from D/E and its National rating to AA from AA-. At the same time, Fitch affirmed its other ratings at foreign and local currency Issuer Default BB and BB+, respectively, Short-term foreign and local currency B and Support 3. The Outlooks on the Issuer Default ratings are Positive and the Outlook on the National Long-term rating is Stable. The upgrade in the Individual rating reflects the marked improvement in asset quality and funding stability; this enhanced the relative creditworthiness reflected in the National rating upgrade. Non-performing loans diminished to 5.12% of funds granted at end-2005 through collections and the write-off of credits with previously established 100% reserves. Coverage of remaining NPLs remains weak at 54%. Kuveyt Turk has a diversified deposit structure. The top 20 relationships represented only 7% of the total and funding has remained very stable. Capitalization weakened somewhat during 2005 due to rapid portfolio growth but the bank plans to raise new equity during 2006 or 2007 through a public offering or shareholders. Earnings remain weaker than peers' due to thin operating margins and high expenses. The IDRs, Short-term, National and Support ratings of Kuveyt Turk reflect the high likelihood of support from its major shareholder, Kuwait Finance House in case of need. However, this might be affected by the potential difficulties arising in a weak and volatile environment that could affect the flow of support from the provider to its creditors. The foreign currency IDR is constrained by the Country Ceiling. TURK EKONOMI: Fitch Keeps Foreign Currency Default Rating at BB --------------------------------------------------------------- Fitch Ratings affirmed Turk Ekonomi Bankasi's foreign and local currency Issuer Default ratings at BB and BB+, respectively. The Outlooks on the IDRs are Positive. At the same time, Fitch affirmed its other ratings at Short-term foreign and local currency B, Individual C/D, Support 3 and National Long-term AA. The Outlook on the National rating is Stable. The IDRs, Short-term, National and Support ratings of TEB reflect its indirect 42.13% ownership by France-based BNP Paribas. In Fitch's opinion, BNPP has a very high propensity to support TEB, although its ability to do so might in some circumstances be constrained by the transfer risk associated with Turkey. TEB's Support rating is thus constrained at 3. The Individual rating reflects diminished capitalization, rapid loan growth and a relatively small franchise, balanced by sound asset quality, improved operating profits and good liquidity. Pre-tax profits increased 24% in 2005 and 9% in H106 due to gains in net interest and fee revenue. This offset margin compression and a higher expense burden associated with a higher number of branches and increased staff as well as heightened impairment charges. Loans grew 63% in 2005 and a further 37% in H106. Asset quality remains solid with NPLs at only 0.73% of the portfolio and reserve coverage in excess of 100%. Due to rapid portfolio growth, TEB's Tier 1 capital ratio diminished to 11.24% at end- 2005 and declined further to 9.95% at end-June. Fitch believes that capitalization is adequate in light of TEB's sound asset quality, solid earnings track record and ownership. Turk Ekonomi Bankasi is Turkey's 14th largest commercial bank at end-2005. It provides corporate, commercial, retail and private banking services through 113 branches. TEB owns a bank in the Netherlands and subsidiaries engaged in asset management, brokerage, factoring and leasing. ============= U K R A I N E ============= BERLADINKA: Vinnitsya Court Starts Bankruptcy Supervision --------------------------------------------------------- The Economic Court of Vinnitsya Region commenced bankruptcy supervision procedure on Agricultural LLC Berladinka (code EDRPOU 03733602) on June 27. The case is docketed under Case No. 5/220-06. The Temporary Insolvency Manager is Volodimir Krutkevich. The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: Agricultural LLC Berladinka Naberezhna Str. 1 Birlivka Bershadskij District 24414 Vinnitsya Region Ukraine GOROSHKIV: Creditors Must File Claims Until September 29 -------------------------------------------------------- Creditors of Agricultural LLC Goroshkiv have until Sept. 29 to submit written proofs of claim to: Volodimir Lifar, Temporary Insolvency Manager L. Gavro Str. 11D/177 Kyiv Region Ukraine The Economic Court of Kyiv Region has commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 123/11 b-06. The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Debtor can be reached at: Agricultural LLC Goroshkiv Goroshkiv Tetiyivskij District 09852 Kyiv Region Ukraine MEGA-INVEST: Kyiv Court Starts Bankruptcy Supervision ----------------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on LLC Mega-Invest (code EDRPOU 31087123) on Aug. 2. The case is docketed under Case No. 43/534. The Temporary Insolvency Manager is: U. Ignatchenko Zhitomirska Str. 24 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 Mega-Invest Gonta Str. 7 Kyiv Region Ukraine NADIYA: Donetsk Court Starts Bankruptcy Supervision --------------------------------------------------- The Economic Court of Donetsk Region commenced bankruptcy supervision procedure on Agricultural LLC Nadiya (code EDRPOU 25343474) on July 10. The case is docketed under Case No. 27/105 B. The Temporary Insolvency Manager is: Nadiya Druk Yuzhna Str. 21 Kramatorsk 84300 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: Agricultural LLC Nadiya Lenin Str. Ivanopillya Kostyantinivskij District 85160 Donetsk Region Ukraine ROMNI AGROHIM: Court Names Yevgen Chuprun as Insolvency Manager --------------------------------------------------------------- The Economic Court of Sumi Region appointed Yevgen Chuprun as Liquidator/Insolvency Manager for OJSC Romni Agrohim (code EDRPOU 05492747). The Court commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 7. The case is docketed under Case No. 6/47-06. The Economic Court of Sumi Region is located at: Shevchenko Avenue 18/1 40030 Sumi Region Ukraine The Debtor can be reached at: OJSC Romni Agrohim Poltavska Str. 198 Romni 42004 Sumi Region Ukraine ROS: Kyiv Court Starts Bankruptcy Supervision --------------------------------------------- The Economic Court of Kyiv Region commenced bankruptcy supervision procedure on LLC Ros (code EDRPOU 03753332). The case is docketed under Case No. 162/14 b-06. The Temporary Insolvency Manager is: Bogdan Yarinko 40-richya Zhovtnya Str. 48/38 03039 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 Ros Sadova Str. 13 Biruki Rokityanskij District Kyiv Region Ukraine UKRSHINSNAB: Court Names Viktor Sunitsya as Insolvency Manager -------------------------------------------------------------- The Economic Court of Kyiv Region appointed Viktor Sunitsya as Liquidator/Insolvency Manager for LLC Ukrshinsnab (code EDRPOU 31997300). The Court commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 10. The case is docketed under Case No. 250/2-b-2004. 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 Ukrshinsnab Levanevskij Str. 91 Bila Tserkva 09100 Kyiv Region Ukraine VINREM-ELEKTRO: Vinnitsya Court Names PFU Dep't as Liquidator ------------------------------------------------------------- The Economic Court of Vinnitsya Region appointed Vinnitsya Regional PFU Department as Liquidator for Vinrem-Elektro (code EDRPOU 20118123). The Liquidator can be reached at: Vinnitsya Regional PFU Department Vinnichenko Str. 27 21009 Vinnitsya Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on July 28. The case is docketed under Case No. 10/137-06. The Economic Court of Vinnitsya Region is located at: Hmelnitske Shose 7 21036 Vinnitsya Region Ukraine The Debtor can be reached at: Vinrem-Elektro Lomonosov Str. 7 Strizhavka Vinnitsya District Vinnitsya Region Ukraine VOZNESENSKIJ BREAD: Mikolaiv Court Starts Bankruptcy Supervision ---------------------------------------------------------------- The Economic Court of Mikolaiv Region commenced bankruptcy supervision procedure on State Enterprise Voznesenskij Bread Products Combine (code EDRPOU 00955064). The case is docketed under Case No. 5/230/06. The Temporary Insolvency Manager is: Denis Goncharenko a/b 7 54058 Mikolaiv Region Ukraine The Economic Court of Mikolaiv Region is located at: Admiralska Str. 22 54009 Mikolaiv Region Ukraine The Debtor can be reached at: State Enterprise Voznesenskij Bread Products Combine Privokzalna Square 1 Voznesensk 56500 Mikolaiv Region Ukraine ZODCHIJ: Court Names Kyiv Tax Inspection as Liquidator ------------------------------------------------------ The Economic Court of Kyiv Region appointed State Tax Inspection of Kyiv Region as Liquidator for LLC Zodchij (code EDRPOU 24747560). The Liquidator can be reached at: State Tax Inspection of Kyiv Region Smilyanska Str. 6 03151 Kyiv Region Ukraine The Economic Court of Kyiv Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kyiv Region Ukraine The Court commenced bankruptcy proceedings against the company after finding it insolvent on July 18. The case is docketed under Case No. 15/442-b. The Debtor can be reached at: LLC Zodchij Ivan Lepse Str. 8 03067 Kyiv Region Ukraine * Moody's Assigns B2 Rating to Ukraine's City of Berdyansk --------------------------------------------------------- Moody's Investors Service assigned long-term global and national scale ratings of B2 and A2.ua to the City of Berdyansk. According to Moody's, the ratings are supported by the City's positive budget balances, diversified and growing economy, good level of self-funded capital expenditure. The ratings take into account limited budget flexibility both on operating revenue and expenditure sides and potential growth of indirect risk associated with the City's majority-owned companies. The outlook is stable. The City of Berdyansk's enjoys a growing economy, which is pushing up its budget revenue. Berdyansk is entitled to a share of centrally controlled taxes collected within its limits, which on the one hand allows the City to benefit from its growing economy but on the other exposes it to any changes in tax rate/base/benefits set by the central government. It should be also noted that, as a seaside resort, the City's economy is prone to cyclicality, with higher tax collections in the summer than in winter. Over the period 2002-2005, the proportion of the City's operating revenue derived from taxes has gradually decreased while the proportion of central government transfers, particularly the equalization grant, has risen. It should be noted that this shift in revenue is not due to any stagnation or even decline in the city's tax base, but rather reflects a sharp rise in transfers to compensate for a rapid increase in the minimum wage imposed by the national government, which has pushed up the cost of City's main responsibilities. As a result of this policy, the City's operating expenditure consists almost entirely of mandatory, non-flexible components. The proportion of local taxes and non-tax revenue in operating revenue is low and opportunities for generating additional operating revenue are very limited. Going forward, social expenditure is likely to increase faster than tax revenue growth, which will make the City's budget more dependent on transfers and therefore even less flexible. Moody's notes that Berdyansk's tariff policies for its majority owned water supply and heating companies have resulted in consistent losses and significant payables. The City does not subsidize the companies on a regular basis, but is obliged to cover losses resulting from its tariff decisions and provides one-off support from time to time. One-off support was also provided by the central government in 2006. The long-term solution is to adjust tariffs in line with the major components of cost -- rapidly growing salaries and electricity prices -- but this is politically sensitive. However, if the City delays the tariff increases it will have to provide financial support to the companies. The City is considering issuing a five-year domestic bond of UAH 10 million. Proceeds will be used to renovate the City's infrastructure. The City of Berdyansk is a port and seaside resort in southeast Ukraine, located on the shore of the Azov Sea in Zaporizhna oblast. The city has a population of about 122,000. =========================== U N I T E D K I N G D O M =========================== A M SEARLE: Appoints Joint Administrators from Grant Thornton ------------------------------------------------------------- Ian S. Carr and Anthony N. Flynn of Grant Thornton U.K. LLP were appointed joint administrators of A M Searle Dock Shunting Service Limited (Company Number 03033620) on Sept. 1. 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. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. A M Searle Dock Shunting Service Limited can be reached at: 2 Hodgkinson Road Felixstowe Suffolk IP11 3QT United Kingdom Tel: 01394 675 577 ADVAL GROUP: Names Martin Dominic Pickard as Administrator ---------------------------------------------------------- Martin Dominic Pickard of Mazars LLP was appointed administrator of Adval Group PLC (Company Number 02412247) on Aug. 31. Mazars -- http://www.mazars.com/-- is an international, integrated and independent organization, specialized in audit, accounting, tax and advisory services. Adval Group PLC can be reached at: Ringwood House Walton Street Aylesbury Buckinghamshire HP21 7QP United Kingdom Tel: 01296 388 100 Fax: 01296 616 710 ADVAL LEARNING: Brings In Mazars LLP as Administrator ----------------------------------------------------- Martin Dominic Pickard of Mazars LLP was appointed administrator of Adval Learning Solutions Ltd. (Company Number 02548009) on Sept. 4. Mazars -- http://www.mazars.com/-- is an international, integrated and independent organization, specialized in audit, accounting, tax and advisory services. Headquartered in Aylesbury, United Kingdom, Adval Learning Solutions Ltd. are business and management consultants. AIRE VALLEY: Hires Joint Liquidators from BWC Business Solutions ---------------------------------------------------------------- David L. Cockshott and Paul A. Whitwam of BWC Business Solutions were appointed Joint Liquidators of Aire Valley Commercials Limited on Aug. 10 for the creditors' voluntary winding-up procedure. The company can be reached at: Aire Valley Commercials Limited Railway Goods Yard Skipton Road Cross Hills Keighley West Yorkshire BD207DS United Kingdom Tel: 01535 634 067 AMARANTH ADVISORS: Announces Loss, Reels From Falling Gas Prices ---------------------------------------------------------------- Hedge fund manager Amaranth Advisors has informed its investors of significant losses in their energy-related investments after a dramatic move in natural gas prices. The slump in natural gas prices could cost more than 35% of the fund's investment, Matthew Robinson at Reuters reports. Industry analysts have speculated the loss could hurt Amaranth and drive investors away, CNNMoney disclosed. In the wake of Amaranth's losses, Connecticut Attorney General Richard Blumenthal renewed his call for greater transparency in the hedge fund industry. Mr. Blumenthal said Tuesday he is collecting evidence and reviewing facts concerning the large losses at Amaranth Advisors. "We are collecting evidence and reviewing facts relevant to recent hedge fund losses," Blumenthal said. "Particularly problematic are alleged representations made to investors in recent weeks by the management of Amaranth that may be contrary to apparent facts. Such claims - if made - would contradict the spirit and letter of current law. The facts about mammoth losses by Amaranth offer additional powerful and compelling evidence about the need to reform disclosure and oversight requirements," Mr. Blumenthal said. Amaranth Advisors, based in Greenwich, Connecticut with offices in Toronto, Canada, London, England and Singapore, is an investment management firm. Amaranth specializes in a broad spectrum of alternative investments and trading strategies, through a multi-strategy investment fund and fund dedicated to long-short equities. AMARANTH ADVISORS: Transfers Energy Trades to Citadel & JPMorgan ---------------------------------------------------------------- Amaranth Advisors has transferred its energy portfolio to Citadel Investment Group and J.P. Morgan Chase & Co., Ann Davis at the Wall Street Journal reports. In a letter to investors obtained by Reuters, Nick Maounis, Amaranth's founder and CEO, confirmed the completion of the transfer to a third party. Amaranth intends to provide additional information on the transfer soon. News of Amaranth's move to transfer its entire energy investment portfolio follows the Fund's announcement on Monday that it has incurred significant losses in energy-related investments after a dramatic move in natural gas prices. Ms. Davis reports that negotiations to divest Amaranth's energy investment began before news of the loss came out. According to Ms. Davis, the transfer is designed to minimize the risk that Amaranth has to close down its entire fund. Mathew Goldstein, writing for TheStreet.com, points to brewing speculation that Amaranth may be close to ceasing its operations. Reuters reported Tuesday that Amaranth sold over EUR1 billion of its European loan portfolio to cover losses sustained from the natural gas price plunge. However, according to Dow Jones Newswires, the New York Mercantile Exchange said that Amaranth's clearinghouse is not currently in trouble. Amaranth Advisors, based in Greenwich, Connecticut with offices in Toronto, Canada, London, England and Singapore, is an investment management firm. Amaranth specializes in a broad spectrum of alternative investments and trading strategies, through a multi-strategy investment fund and fund dedicated to long-short equities. ANDY CASH: Brings In Joint Liquidators from PKF (UK) LLP -------------------------------------------------------- Ian J. Gould and Edward T. Kerr of PKF (UK) LLP were appointed Joint Liquidators of Andy Cash Music Limited (formerly Andrew Cash Music Limited and Daytonvend Limited) on Aug. 10 for the creditors' voluntary winding-up procedure. The company can be reached at: Andy Cash Music Limited 115 High Street Harborne Birmingham West Midlands B17 9NP United Kingdom Tel: 0121 427 8989 APEX LANDSCAPE: Names Simon Thornton as Liquidator -------------------------------------------------- Simon Thornton of Houghton Stone Business Recovery was appointed liquidator of Apex Landscape Services Limited on Aug. 16 for the purposes of the creditors' voluntary winding-up proceedings. The company can be reached at: Apex Landscape Services Limited 89 Beach Road Kewstoke Weston-Super-Mare Avon BS22 9UQ United Kingdom Tel: 01934 629 132 ASSESS LIMITED: Appoints Michael Young to Liquidate Assets ---------------------------------------------------------- Michael Young of Vantis was appointed Liquidator of Assess (U.K.) Limited on Aug. 18 for the creditors' voluntary winding- up procedure. The company can be reached at: Assess (U.K.) Limited 62 Station Approach South Ruislip Ruislip Middlesex HA4 6SA United Kingdom Tel: 020 8842 3335 BARNYARNS LIMITED: Names Joint Liquidators from Begbies Traynor --------------------------------------------------------------- Bob Sadler and Michael Saville of Begbies Traynor were appointed Joint Liquidators of Barnyarns Limited on Aug. 10 for the creditors' voluntary winding-up procedure. The company can be reached at: Barnyarns Limited Canal Wharf Bondgate Green Ripon North Yorkshire HG4 1AQ United Kingdom Tel: 01765 690 069 BASEMENT LIMITED: Creditors Confirm Voluntary Liquidation --------------------------------------------------------- Creditors of The Basement Limited confirmed on Aug. 14 the resolution for voluntary liquidation and the appointment of Peter Jones and Roderick M. Withinshaw of Royce Peeling Green Limited as liquidators of the company. The company can be reached at: The Basement Limited 39 South King Street Manchester Lancashire M2 6DE United Kingdom Tel: 0161 834 9155 BBA AUTO: Taps Colin Burke to Liquidate Assets ---------------------------------------------- Colin Burke of Milner Boardman & Partners (formerly BB Auto Centre Limited) was appointed Liquidator of BBA Auto Centre Limited on Aug. 15 for the creditors' voluntary winding-up procedure. The company can be reached at: BBA Auto Centre Limited 203 Liverpool Road Cadishead Manchester Lancashire M44 5XH United Kingdom Tel: 0161 777 8444 BLUE RIDGE: Calls In Joint Liquidators from Vantis -------------------------------------------------- P. Atkinson and G. Mummery of Vantis Business Recovery Services were appointed Liquidators of Blue Ridge Contractors Limited on Aug. 16 for the creditors' voluntary winding-up procedure. The company can be reached at: Blue Ridge Contractors Limite Unit 9 Lakes Industrial Park Lower Chapel Hill Braintree Essex CM7 3RU United Kingdom Tel: 01376 349 776 C S ELECTRICAL: Hires Alan S. Bradstock to Liquidate Assets ----------------------------------------------------------- Alan S. Bradstock of Langley Group LLP was appointed Liquidator of C S Electrical Wholesale Limited on Aug. 15 for the creditors' voluntary winding-up procedure. The company can be reached at: C S Electrical Wholesale Limited Unit 1 Orchard Business Centre Kangley Bridge Road London SE265AQ United Kingdom Tel: 020 8659 2255 Web: http://www.cselectricalwholesaleltd/ CFG SITE: Appoints Joint Liquidators from Deloitte & Touche ----------------------------------------------------------- Stephen Anthony John Ramsbottom and Dominic Lee Zoong Wong of Deloitte & Touche LLP were appointed Joint Liquidators of CFG Site Services Limited on Aug. 16 for the creditors' voluntary winding-up procedure. The company can be reached at: CFG Site Services Limited Unit 1 Englehard Industrial Estate Valley Road Bilson Cinderford Gloucestershire GL142PB United Kingdom Tel: 01594 826 364 COLORSCOPE PRINTERS: Names Michael Young Liquidator --------------------------------------------------- Michael Young of Vantis was appointed Liquidator of Colorscope Printers Limited on Aug. 15 for the creditors' voluntary winding-up procedure. The company can be reached at: Colorscope Printers Limited Charlwoods Road East Grinstead West Sussex RH192HF United Kingdom Tel: 01342 311 821 COUNTY SUPPLIES: Lloyd Biscoe Leads Liquidation Procedure --------------------------------------------------------- Lloyd Biscoe of Begbies Traynor was appointed Liquidator of County Supplies (Fresh Produce) Limited on Aug. 9 for the creditors' voluntary winding-up procedure. The company can be reached at: County Supplies (Fresh Produce) Limited Unit C 159 Fruit And Vegetable Market New Covent Garden Market Wandsworth London SW8 5JJ United Kingdom Tel: 020 7720 3160 CRYOSAFE LIMITED: Joint Liquidators Take Over Operations -------------------------------------------------------- Richard Frank Simms and Martin Richard Buttriss were appointed Joint Liquidators of Cryosafe Limited on Aug. 9 for the creditors' voluntary winding-up proceeding. The company can be reached at: Cryosafe Limited Mk 2 Business Centre Barton Road Water Eaton Industrial Estate Bletchley Milton Keynes Buckinghamshire MK2 3HU United Kingdom Tel: 0870 1216063 DOLE FOOD: Supports Recall of Packaged Fresh Spinach Products ------------------------------------------------------------- Dole Food Company Inc. disclosed that it supports the voluntary recall issued by Natural Selection Foods LLC of packaged fresh spinach that Natural Selection Foods produced and packaged with Best-If-Used-By dates from Aug. 17 through Oct. 1. These packages were sold under 28 different brand names, one of which was DOLE(R). Natural Selection Foods produced and packaged all spinach items under the DOLE label (with the names "Spinach," "Baby Spinach" and "Spring Mix"). Dole has no ownership or other economic interest in Natural Selection Foods. Consumers should dispose of any DOLE-branded packaged fresh spinach products stamped with a Best-If-Used-By date of Aug. 17 through Oct. 1 as a precautionary measure in keeping with Dole's commitment to consumer safety. The Natural Selection Foods recall and the U.S. Food and Drug Administration (FDA) statement do not impact any Dole products other than DOLE Spinach, Baby Spinach and Spring Mix with Best- If-Used-By dates from Aug. 17 through Oct. 1. Products that do not contain spinach are not a part of the Natural Selection Foods recall. Dole is committed to assisting the FDA, the California Department of Health Services and other regulatory agencies in their investigation and this recall by Natural Selection Foods. The full text of the Food and Drug Administration statement is available on-line at: http://www.fda.gov/bbs/topics/NEWS/2006/NEW01450.html About the Company Dole Food Company, Inc., with 2004 revenues of US$5.3 billion, is the world's largest producer and marketer of high-quality fresh fruit, fresh vegetables and fresh-cut flowers. Dole markets a growing line of packaged and frozen foods and is a produce industry leader in nutrition education and research. * * * As reported in TCR-Europe on Sept. 15, Moody's Investors Service placed the long-term ratings of Dole Food Company Inc. and the B1 corporate family rating of its wholly owned subsidiary Solvest Ltd. under review for possible downgrade. The review reflects Dole's weaker than expected operating performance and the deterioration in its debt protection measures. It also reflects the uncertainty surrounding the longer-term impact that structural changes in the key EU banana market will have on Dole's operating performance. DOLE FOOD: Product Recall Cues S&P to Keep Ratings on Watch Neg. ---------------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings for Westlake Village, Calif.-based Dole Food Co. Inc. (B+/Watch Neg/B-2) remain on CreditWatch with negative implications following the company's announcement that consumers should dispose of Dole-branded packaged fresh spinach products stamped with a Best-If-Used-By date of Aug. 17, through Oct. 1. The warning follows an outbreak of E.coli in several states that was believed to have originated from spinach products. "The ratings initially were placed on CreditWatch with negative implications on Aug. 9, following materially weaker-than- expected financial performance in the first half of fiscal 2006, which typically represents a substantial portion of cash flow" said Standard & Poor's credit analyst Alison Sullivan. On Sept. 15, 2006, a voluntary recall was issued by Natural Selection Foods LLC of packaged fresh spinach that the company produced and packaged under 28 different brand names, including Dole. All spinach items under the Dole label were produced and packaged by Natural Selection Foods. Standard & Poor's will monitor the investigation for further developments and any impact on future pre-packaged salad sales or damage to the Dole brand image as part of its resolution of the CrediWatch listing. Standard & Poor's will also review Dole's operating and financial plans with management before resolving the CreditWatch listing. EASTERNFACTOR LIMITED: Creditors Ratify Voluntary Liquidation ------------------------------------------------------------- Creditors of Easternfactor Limited (t/a Zeebra Publishing) ratified on July 19 the resolution for the company's voluntary liquidation together with the appointment of Alan H. Tomlinson of Tomlinsons as Liquidator. The company can be reached at: Easternfactor Limited Broadhurst Bury Old Road Salford M7 4QX United Kingdom Tel: 0161 688 7777 EDINBURGH CRYSTAL: Creditors' Meeting Slated for September 29 ------------------------------------------------------------- Creditors of The Edinburgh Crystal Glass Company Limited (Company Number 02531757) will meet at 10:30 a.m. on Sept. 29 at: The Point Hotel 34 Bread Street Edinburgh EH3 9AF 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. 28 at: John C. Reid and Ian Brown Joint Administrators Deloitte & Touche LLP Saltire Court 20 Castle Terrace Edinburgh EH1 2DB United Kingdom Headquartered in London, Deloitte & Touche LLP -- http://www.deloitte.com/-- is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. It provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. ENERGY SOLUTIONS: Appoints Michael Young as Liquidator ------------------------------------------------------ Michael Young of Vantis was appointed Liquidator of Energy Solutions Limited on Aug. 17 for the creditors' voluntary winding-up proceeding. The company can be reached at: Energy Solutions Limited C6 Hoole Bridge Chester Enterprise Centre Chester Cheshire CH2 3NE United Kingdom Tel: 01244 346 634 EUROTUNNEL GROUP: Names Michael Schuller as New Finance Director ---------------------------------------------------------------- Eurotunnel Group disclosed the appointment of Michael Schuller, Eurotunnel's Treasurer since 2002, as Corporate Finance Director with immediate effect. Mr. Schuller will continue to report to Claude Lienard, Chief Financial Officer but will also have responsibility for the Investor Relations Activities previously handled by Xavier Clement, who is leaving Eurotunnel to pursue his career interests elsewhere. Prior to joining Eurotunnel, Mr. Schuller, 44, had been Treasurer of One2One and Cable and Wireless in the U.K. and prior to that, he was a Corporate Dealer for the ANZ Banking Group in New Zealand. Safeguard Procedure Eurotunnel obtained on Aug. 2 an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). Under the French legal proceedings, Eurotunnel creditors have until Oct. 1 to file their claims with the court; administrators have until Nov. 1 to present a restructuring proposal. This plan would have to be circulated to bondholders by Nov. 15 and creditors would have 15 days to vote on it, the company said. According to Eurotunnel, the Paris Commercial Court should give its decision at end of 2006, or at the latest, at the beginning of 2007. About the Company Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. * * * Company Crisis Eurotunnel's crisis began when costs to build the tunnels that connect U.K. and France started to overrun before it opened in 1994. The Iraq war followed, which didn't help as tourist traffic fell. In May 2004, Eurotunnel appointed Lazard (global coordinator) and Lehman Brothers as bank advisors, and Dresdner Kleinwort Wasserstein as restructuring adviser. In July 2004, auditor KPMG Audit Plc said the company faced uncertainty after 2005. The firm's survival is dependent upon its ability to put in place a refinancing plan or, if not, to obtain an agreement with the lenders under the existing Credit Agreement within the next two years, the auditor said. EXBURY NURSERIES: Hires Administrators from Smith & Williamson -------------------------------------------------------------- Gregory Andrew Palfrey and Kevin James Wilson Weir of Smith and Williamson Limited were appointed joint administrators of Exbury Nurseries Limited (Company Number 05157248) on Sept. 6. 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. Exbury Nurseries Limited can be reached at: 36A Station Road New Milton Hampshire BH25 6JX United Kingdom FALCON HOUSE: Creditors Confirm Liquidators' Appointment -------------------------------------------------------- Creditors of Falcon House Limited confirmed on Aug. 14 the appointment of Nigel Price and Mark Elijah Thomas Bowen as the company's Joint Liquidators. The company can be reached at: Falcon House Limited 45 Borestone Crescent Stirling Stirlingshire FK7 9BQ United Kingdom Tel: 01786 472 774 FORD MOTOR: Financial Pressures Prompt Moody's to Cut Ratings ------------------------------------------------------------- Moody's Investors Service lowered Ford Motor Company's corporate family rating and senior unsecured to B3 from B2, and Ford Motor Credit Company's senior unsecured to B1 from Ba3. Ford's Speculative Grade Liquidity rating has also been lowered to SGL-3 from SGL-1. The rating outlook is negative. These rating actions conclude a review for possible downgrade that was initiated on Aug. 18. The downgrade of Ford's long-term ratings reflects the intense pressure the company is facing as a result of the shift in consumer preference away from trucks and SUVs, and toward more fuel-efficient vehicles. Although Ford's recently announced initiative to accelerate its Way Forward restructuring plan will attempt to address all of the key risks arising from this shift in demand, Moody's believes the company's operating performance and cash flow will be very weak through 2009 even if the execution of the plan is highly successful. Moreover, the rating agency anticipates that it will be challenging for the company to achieve all of the cost, revenue and pricing objectives contemplated by the plan. As Ford attempts the transition toward its new business model, it will be critical for the company to maintain strong liquidity in order to cover the considerable cash outflows it will face during 2006 and 2007. Bruce Clark, senior vice president with Moody's said, "Ford's US$23 billion in cash and US$6 billion in committed bank lines give it a sizable cushion to cover near-term expenditures. However, the company's historically robust liquidity will be significantly reduced by these expenditures and could be further eroded by events such as a slowdown in the U.S. economy, a spike in oil prices, an escalation in price discounting, or a UAW work action in 2007. Consequently, Ford may need to supplement these resources with asset sales and other strategic alternatives that are currently being investigated." Clark went on to note that, "Ford will also have to be consistently successful in executing each element of this plan without any major missteps. If it doesn't remain solidly on track for reestablishing a viable business model by 2009, additional restructurings would likely be necessary. But, by then the company will have run through much of its liquidity. Ford really has to get it right this time." The lowering of the Speculative Grade Liquidity rating to SGL-3 reflects the sizable cash outflow that will result from operating losses and restructuring charges during the next twelve months, and the resulting erosion in Ford's liquidity position. The negative outlook reflects the considerable challenges that Ford will face in executing the key elements of its restructuring plan during the next three years. It also acknowledges that factors beyond Ford's control could further undermine the company's financial performance despite any progress in executing the plan. These factors include: -- a more competitive pricing environment, -- rising fuel prices, -- continued erosion in its domestic supplier base, or -- a slowdown in the U.S. or European economies. In downgrading Ford Credit's rating, Moody's maintained a two- notch rating differential from Ford's rating, reflecting Ford Credit's lower expected loss as well as its extensive business and financial ties with its parent. Moody's believes that creditors of Ford Credit would experience better asset recovery than would creditors of Ford in a default scenario. However, heightened uncertainty relating to Ford's deeper operating challenges and execution risks associated with its implementation of the Way Forward plan limit the possibility of a wider notching differential. Moody's vice president Mark Wasden said, "The negative operating trends at Ford have increased Ford Credit's stand-alone risk profile; of particular concern, Ford's longer turnaround horizon means that Ford Credit's opportunity to access unsecured funding will be constrained for a longer period of time, to the detriment of its liquidity profile." Wasden added that he believes that management is likely to pursue a number of strategies to bolster overall liquidity, including greater use of asset securitization. Higher levels of securitization, though, could increase asset recovery risks for unsecured creditors, in that their claims on Ford Credit's assets are structurally subordinated to those of secured creditors, which risk is included in the rating. The rating also incorporates Moody's expectation that Ford Credit's operating results are expected to be pressured by lower origination volumes and asset levels and narrower interest margins. These challenges notwithstanding, Moody's believes Ford Credit's stand-alone profile is modestly stronger than its current debt rating would indicate. "Ford's assertion that it intends to maintain control of Ford Credit means that Ford Credit's profile continues to be subject to the direction and oversight provided by Ford, which links Ford Credit's ratings with Ford's," said Wasden. The major elements of Ford's accelerated restructuring plan include: -- reducing hourly employment levels by 25,000 to 30,000 workers and thereby achieving 100% manned capacity utilization by 2008; -- lowering operating costs by US$5 billion; -- increasing the product renewal rate in North American from an originally planned level of approximately 55% to 70% during the next two and a half years; and -- maintaining US market share at 14% to 15% despite the discontinuance of the high volume Taurus and Freestar lines. Ford Motor Company, headquartered in Dearborn, Michigan, is the world's third largest automobile manufacturer. Ford Motor Credit Company, also headquartered in Dearborn, Michigan, is the world's largest auto finance company. FORD MOTOR: Financial Woes Spurs S&P to Lower Credit Ratings ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its long-term corporate credit ratings on Ford Motor Co., Ford Motor Credit Co. and all related units -- except FCE Bank PLC -- to 'B' from 'B+' and its short-term ratings on these entities to 'B-3' from 'B-2.' The ratings on FCE Bank, Ford Credit's European bank, were lowered to 'B+/B-3' from 'BB-/B-2', maintaining the one-notch rating differential between FCE and its parent that was established in July. All ratings are removed from CreditWatch with negative implications, where they were placed Aug. 18, following Ford's announcement of a dramatic cut in light truck production for the fourth quarter. The outlook is negative. Ford Motor's consolidated debt outstanding totaled US$153 billion at June 30, 2006. "The downgrade reflects the seemingly relentless deterioration in Ford's North American automotive operations, which are now expected to remain unprofitable until at least 2009," said Standard & Poor's credit analyst Robert Schulz. The array of challenges that have plagued Ford in recent years - - market share erosion, adverse product mix trends, and high dealer inventories and raw material costs -- have continued to worsen in 2006 or even accelerate, leading to a higher than anticipated use of cash since we last lowered Ford's ratings in June. Standard & Poor's expects that 2007 will also be a challenging year for cash usage. The recent announcements of an expanded cost reduction program in North America, while important, cannot be expected to gain much real traction until 2007, and the cash costs of headcount reduction will mostly occur in 2007. Of particular concern has been the dramatic falloff in the full- size pickup truck market in recent months after the segment held up well through the first quarter of this year. Ford's F-series pickups, which represent one-third of Ford-brand sales and a far greater share of profitability, were down 13% through the first eight months of the year, although last summer's volumes were abnormally boosted by the employee discount program. The decline in sports-utility vehicle (SUV) sales began much earlier, but has hit Ford particularly hard in 2006, with sales of the Expedition and Explorer both down more than 30% this year through August. In the first eight months of 2006, Ford sold nearly a quarter million fewer pickups and SUVs than a year ago, a 17% drop. As consumers have shifted into more fuel-efficient vehicles, Ford's ratio of light truck to overall vehicle sales fell to 62% from 67% in the year-earlier period. This mix shift has a greatly magnified impact on Ford's bottom line because of the smaller vehicles' lower margins, and is unlikely to reverse. The rating outlook on Ford is negative. Concerns include Ford's increasingly negative cash flow in its North American automotive operations. The ratings could be lowered if further setbacks, whether industry related or Ford specific, were to increase the use of cash, delay cash savings from the latest cost-cutting and restructuring efforts, or constrict liquidity. Also, if Ford Motor eventually chooses to replace its unsecured bank facilities with secured financings, the rating for Ford's senior unsecured debt would likely be lowered up to two notches below the corporate credit rating. Ford would need to reverse its current financial and operational trends, and sustain such a reversal, before we would revise its outlook to stable. FORD MOTOR: S&P Cuts Ford-Related U.S. ABS Synthetic Ratings ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its ratings on 10 U.S. single-issue synthetic ABS transactions related to Ford Motor Co. and Ford Motor Credit Co. and removed them from CreditWatch, where they were placed with negative implications Aug. 21. The Sept. 19 downgrade of the ratings on Ford and its related entities and their subsequent removal from CreditWatch negative does not have any immediate rating impact on the Ford-related ABS supported by collateral pools of consumer auto loans or auto wholesale loans. Each of the securitizations with ratings lowered and removed from CreditWatch is weak-linked to the long-term corporate credit, senior unsecured debt, or preferred stock ratings on Ford or Ford Credit. Either Ford or Ford Credit provides the underlying collateral or referenced obligations in the affected securitizations, as indicated in the list below. The Sept. 19 downgrades of Ford, Ford Credit, and all related entities and the removal of the ratings from CreditWatch reflect the seemingly relentless deterioration in Ford's North American automotive operations, which are now expected to remain unprofitable until at least 2009. Ratings Lowered and Removed From CreditWatch Negative Rating ------ Class To From Role ----- -- ---- ---- * Corporate Backed Trust Certificates Ford Motor Co. Debenture-Backed Series 2001-36 Trust A-1 B B+/Watch Neg Underlying collateral A-2 B B+/Watch Neg Underlying collateral * Corporate Backed Trust Certificates, Ford Motor Co. Note-Backed Series 2003-6 Trust A-1 B B+/Watch Neg Underlying collateral * CorTS Trust for Ford Debentures Certs B B+/Watch Neg Underlying collateral * CorTS Trust II for Ford Notes Certs B B+/Watch Neg Underlying collateral * Freedom Certificates US Autos Series 2004-1 Trust Certs B B+/Watch Neg Underlying collateral * PPLUS Trust Series FMC-1 Certs B B+/Watch Neg Underlying collateral * PreferredPLUS Trust Series FRD-1 Certs B B+/Watch Neg Underlying collateral * SATURNS Trust No. 2003-5 Units B B+/Watch Neg Underlying collateral * Trust Certificates (TRUCs) Series 2002-1 Trust A-1 B B+/Watch Neg Underlying collateral * STEERS Credit-Backed Trust Series 2002-3 F Certs CCC CCC+/Watch Neg Referenced obligation FT CONTACT: Taps DTE Leonard as Joint Administrators ---------------------------------------------------- A. Clifton and P. D. Masters of DTE Leonard Curtis were appointed joint administrators of FT Contact Centres Limited (Company Number 5077400) on March 2. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. Headquartered in Birmingham, United Kingdom, FT Contact Centres Limited is engaged in telecommunications. GAZZA PRODUCTS: Names Joint Liquidators from Begbies Traynor ------------------------------------------------------------ Ian Michael Rose and Robert Michael Young of Begbies Traynor were appointed Joint Liquidators of Gazza Products Limited on July 13 for the creditors' voluntary winding-up proceeding. The company can be reached at: Gazza Products Limited Unit 8 Glenmore Business Centre Witney Oxfordshire OX290AA United Kingdom Tel: 01993 700 665 Web: http://www.gazzaproducts.co.uk/ http://www.snugpak.com/ JUST RECYCLING: Brings In BDO Stoy to Administer Assets ------------------------------------------------------- Charles C. S. Macmillan and Toby S. Underwood of BDO Stoy Hayward LLP were appointed joint administrators of Just Recycling Group Limited (formerly Just Recycling Limited) (Company Number 04152018) 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 Leeds, United Kingdom, Just Recycling Group Limited recycles non-metal waste and scrap. HALLSTRONG ESTATES: Nominates Liquidator from Cooper Young ---------------------------------------------------------- Zafar Iqbal of Cooper Young was nominated Liquidator of Hallstrong Estates Ltd. (formerly t/a The Connaught Hotel) on July 20 for the creditors' voluntary winding-up proceeding. The company can be reached at: Hallstrong Estates Ltd. 30 West Hill Road Bournemouth BH2 5PH United Kingdom Tel: 01202 298 020 Web: http://adverts.coachdirect.co.uk/ http://hotels.uk.com/ http://www.bw-theconnaughthotel.co.uk/ http://www.gbstay.co.uk/ http://www.mediaresourcecontacts.com/ http://www.savoyandover.co.uk/ http://www.uk-travelodge.co.uk/ HAMPSHIRE & SOLENT: Creditors Confirm Liquidators' Appointment -------------------------------------------------------------- Creditors of Hampshire & Solent Learning Hub confirmed on Aug. 9 the appointment of Kevin James Wilson Weir and Gregory Andrew Palfrey of Smith & Williamson Limited as the company's Joint Liquidators. The company can be reached at: Hampshire & Solent Learning Hub Carnac Lodge Carnac Court Cams Hall Estate Fareham Hampshire PO168UJ United Kingdom Tel: 01329 239 933 HANLYN ENGINEERING: Appoints Till Morris as Administrator --------------------------------------------------------- Duncan Roderick Morris of The Till Morris Partnership was appointed administrator of Hanlyn Engineering Services Limited (Company Number 01666839) on Sept. 6. The administrator can be reached at: The Till Morris Partnership 2 Church St. Warwick Warwickshire CV34 4AB United Kingdom Tel: 01926 497722 Headquartered in Solihull, United Kingdom, Hanlyn Engineering Services Limited is engaged in general construction and civil engineering, other special trades construction, manufacturing of fabricated metal products, and manufacturing of metal structures and parts. HAWKESBURY GOLF: Brings In M. T. Coyne to Liquidate Assets ---------------------------------------------------------- M. T. Coyne of Poppleton & Appleby was appointed Liquidator of Hawkesbury Golf Centre Limited on July 19 for the creditors' voluntary winding-up proceeding. The company can be reached at: Hawkesbury Golf Centre Limited Black Horse Road Longford Warwickshire CB6 6HG United Kingdom Tel: 024 7636 0580 JANET REGER: Calls In Liquidator from David Rubin & Partners ------------------------------------------------------------ Paul Appleton of David Rubin & Partners was appointed Liquidator of Janet Reger International Limited on Aug. 15 for the creditors' voluntary winding-up proceeding. The company can be reached at: Janet Reger International Limited 2 Beauchamp Place Kensington And Chelsea London SW3 1NG United Kingdom Tel: 020 7584 9360 JUST TAXIS: Nominates Joint Liquidators from Abbott Fielding ------------------------------------------------------------ Nedim Ailyan and Andrew Tate of Abbott Fielding were nominated Joint Liquidators of Just Taxis Limited on July 20 for the creditors' voluntary winding-up proceeding. The company can be reached at: Just Taxis Limited 10 Manor Trading Estate Parsons Road Benfleet Essex SS7 4PY United Kingdom Tel: 01268 754 336 Web: http://www.justtaxis.com/ KENBAR ELECTRICAL: Appoints Peter Anthony Jackson as Liquidator --------------------------------------------------------------- Peter Anthony Jackson of Jackson Gregory & Co. was appointed Liquidator of Kenbar Electrical Engineers and Contractors Limited on July 13 for the creditors' voluntary winding-up procedure. The company can be reached at: Kenbar Electrical Engineers and Contractors Limited Cheethams Mill Park Street Stalybridge Cheshire SK152BT United Kingdom Tel: 0161 303 7715 LEEDS ENVIRONMENTAL: Hires Administrators from BDO Stoy ------------------------------------------------------- Charles C. S. Macmillan and Toby S. Underwood of BDO Stoy Hayward LLP were appointed joint administrators of Leeds Environmental Organisation Ltd. (Company Number 03272456) 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 Leeds, United Kingdom, Leeds Environmental Organisation Ltd. is engaged in waste transfer and recycling. LIGHT ENGINE: Calls In Liquidator from ThorntonRones ---------------------------------------------------- Richard Rones of ThorntonRones was appointed Liquidator of Light Engine Lighting Limited on Aug. 10 for the creditors' voluntary winding-up procedure. The company can be reached at: Light Engine Lighting Limited 7-9 Springwood Industrial Estate Warner Drive Braintree Essex CM7 2YW United Kingdom Tel: 0845 451 5100 Web: http://www.lightengine.co.uk/ LTC SVA: Hires Julie Anne Palmer to Liquidate Assets ---------------------------------------------------- Julie Anne Palmer of Begbies Traynor was appointed Liquidator of LTC SVA Limited (formerly Aerial Engineering Limited) on July 19 for the creditors' voluntary winding-up procedure. The company can be reached at: LTC SVA Limited Rimrose Business Park Liverpool Intermodal Freeport Terminal Bootle Merseyside L20 1HA United Kingdom Tel: 0151 933 3420 LVA LIMITED: Brings In Keith Barry Stout to Liquidate Assets ------------------------------------------------------------ Keith Barry Stout of KSA was appointed Liquidator of LVA (U.K.) Limited on Aug. 9 for the creditors' voluntary winding-up procedure. The company can be reached at: LVA (U.K.) Limited Dexion House 2 Empire Way Wembley Middlesex HA9 0EP United Kingdom Tel: 020 8795 2970 MONITOR RISK: Claims Filing Period Ends Sept. 30 ------------------------------------------------ Creditors of Monitor Risk Management Limited (formerly Fire & Safety Solutions Limited) have until Sept. 30 to send in writing their names and addresses and the particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Joint Liquidators Richard I. B. Jones and Melanie Reevel Giles of JonesGiles at: Richard I. B. Jones and Melanie Reevel Giles JonesGiles 8 Williams Court Trade Street Cardiff CF10 5DQ United Kingdom The company can be reached at: Monitor Risk Management Limited Maerdy Road Maerdy Industrial Estate Ferndale Mid Glamorgan CF43 4AB United Kingdom Tel: 01443 757676 NEXCOM SYSTEMS: Taps Liquidator from Sharma & Co. ------------------------------------------------- Gagen Dulari Sharma of Sharma & Co. was appointed Liquidator of Nexcom Systems Limited on Aug. 9 for the creditors' voluntary winding-up procedure. The company can be reached at: Nexcom Systems Limited Quedgeley Enterprise Ctr Naas Lane Quedgeley Gloucester GL2 2SA United Kingdom Tel: 01452 883 777 OXFORDSHIRE CO-OPERATIVE: Taps Critchleys as Administrators ----------------------------------------------------------- Anthony John Harris and Susan Margaret Roscoe of Critchleys were appointed joint administrators of Oxfordshire Co-operative Development Agency Ltd. (Company Number 02050287) on Sept. 6 Critchleys -- http://www.critchleys.co.uk/-- is a leading independent firm of chartered accountants. We work in partnership with businesses and individuals to help them achieve their objectives. Headquartered in Oxford, United Kingdom, Oxfordshire Co- operative Development Agency Ltd. provides construction training. PANAFIX LIMITED: Hires Michael C. Kienlen as Liquidator ------------------------------------------------------- Michael C. Kienlen of Armstrong Watson was appointed Liquidator of Panafix Limited on Aug. 10 for the creditors' voluntary winding-up procedure. The company can be reached at: Panafix Limited Calian Chester Road Oakenholt Flint Clwyd CH6 5ED United Kingdom Tel: 01352 735 459 PC CASUALTY: Claire L. Dwyer Leads Liquidation Procedure -------------------------------------------------------- Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed Liquidator of PC Casualty Limited on July 18 for the creditors' voluntary winding-up procedure. The company can be reached at: PC Casualty Limited Bushbury House 435 Wilmslow Road Manchester M20 4AF United Kingdom Tel: 0161 273 5522 PREFERRED PACKAGING: Liquidator Sets Sept. 29 Claims Bar Date ------------------------------------------------------------- Creditors of Preferred Packaging Services Limited have until Sept. 29 to send their names and addresses and particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Liquidator David Hill of Begbies Traynor at: David Hill Begbies Traynor 5th Floor Riverside House 31 Cathedral Road Cardiff CF11 9HB United Kingdom The company can be reached at: Preferred Packaging Services Limited Unit 16 Kenfig Industrial Estate Margam Port Talbot West Glamorgan SA132PE United Kingdom Tel: 01656 742 777 PREMIER BRICKWORK: Appoints Sabia Sahota as Liquidator ------------------------------------------------------ Sabia Sahota of BBK Partnership was appointed Liquidator of Premier Brickwork Contractors Limited on July 19 for the creditors' voluntary winding-up procedure. The company can be reached at: Premier Brickwork Contractors Limited 40 Howard Business Park Howard Close Waltham Abbey Essex EN9 1XE United Kingdom Tel: 01992 769700 PRESSFORD LIMITED: Taps Kikis Kallis to Liquidate Assets -------------------------------------------------------- Kikis Kallis was appointed Liquidator of Pressford Limited (t/a Gina Fashion) on July 20 for the creditors' voluntary winding-up procedure. The company can be reached at: Pressford Limited 2nd Floor Vulcan Wks Pollard Street Manchester M4 7AN United Kingdom Tel: 0161 274 3415 PUBLIC HOUSE: Brings In Begbies Traynor to Administer Assets ------------------------------------------------------------ Michael E. G. Saville and Rob Sadler of Begbies Traynor were appointed joint administrators of Public House Management Services Limited (Company Number 04810839) on Sept. 6. 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. Public House Management Services Limited can be reached at: 135 Askew Avenue Hull HU4 6NH United Kingdom RANK GROUP: Repurchases 875,000 Shares for Cancellation ------------------------------------------------------- The Rank Group Plc bought back 875,000 ordinary shares of 10 pence in the Company on Sept. 19 for cancellation at an average price of 235.4357pence per share. About Rank Group Headquartered in London, Rank Group PLC -- http://www.rank.com/ -- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * On March 6, 2006, Moody's Investors Service assigned a Ba2 corporate family rating to The Rank Group Plc and concurrently downgraded the senior unsecured long-term debt ratings of Rank Group Finance Plc (guaranteed by The Rank Group Plc) to Ba2 from Baa3). At the same time, Fitch Ratings downgraded The Rank Group PLC's Long-term Issuer Default rating and Senior Unsecured ratings to BB- from BB+ and removed them from Rating Watch Negative. A Negative Outlook is assigned. The Short-term rating is affirmed at B. The downgrade follows the disposal of its film processing business, Deluxe Film, and confirmation of a return of capital to shareholders announced in conjunction with its 2005 preliminary results. In addition, Standard & Poor's Ratings Services lowered its long- and short-term corporate credit ratings on U.K.-based diversified leisure and entertainment company The Rank Group PLC to 'BB-/B' from 'BBB-/A-3'. S&P said the outlook is stable. REFCO INC: Ad Hoc Equity Panel Balks at Excl. Period Extension -------------------------------------------------------------- Refco Inc., and its debtor-affiliates ask the U.S. Bankruptcy Court for the Southern District of New York to extend, for an additional 95 days, the periods for them to: -- exclusively file a Chapter 11 plan through and including December 5, 2006; and -- solicit acceptances of that plan until February 3, 2007, without prejudice to the Debtors' right to seek further extensions of the Exclusive Periods, the Troubled Company Reporter reported on Sept 8, 2006. Ad Hoc Equity Panel Objects The Ad Hoc Committee of Equity Security Holders of Refco, Inc., wants any request for extension of exclusivity as to Refco, Inc., and New Refco Group Ltd., LLC, denied because the Debtors have failed to meet their burden to demonstrate cause for an exclusivity extension for those two entities. Extending exclusivity will hold parent equity hostage to a process that seems geared at forcing Refco and New Refco to surrender to the global plan apparently being negotiated without any input from the Ad Hoc Equity Committee, Paul N. Silverstein, Esq., at Andrews Kurth, LLP, in New York, explains. Mr. Silverstein relates that the Debtors have refused to include the Ad Hoc Equity Committee in ongoing plan negotiations, despite the fact that the Ad Hoc Equity Committee represents legitimate stakeholders of Refco and New Refco, and constitutes the only group at those levels not hopelessly conflicted. "Rather than extending exclusivity, cause exists to reduce the exclusive periods so that parent equity may propose a Chapter 11 plan that would appoint a much-needed sole fiduciary for Refco and New Refco," Mr. Silverstein contends. The Ad Hoc Equity Committee has repeatedly asked the Debtors for their analysis of claims filed against Refco and New Refco, Mr. Silverstein tells Judge Drain. To date, the Debtors have provided only summaries of claims registers, with no analysis. The registers, Mr. Silverstein points out, demonstrate a filing frenzy by lower level creditors who have improperly filed over $5,000,000,000 worth of false and duplicative claims against Refco and New Refco, entities that each owe creditors no more than $16,000,000 according to the Debtors' amended -- and presumably studied and verified -- schedules and the master intercompany proof of claim. The Ad Hoc Equity Committee suspects that a plan is being formulated that will withdraw the disputed, duplicative claims at the lower levels, where the debt -- represented by the creditor's committee -- exists, to allow a speedy distribution at that level. "These are not fiduciaries to Refco and New Refco at work here," Mr. Silverstein says. The Ad Hoc Equity Committee consists of JMB Capital Partners, LP; Lonestar Capital Management, LLC; Mason Capital Management; Smith Management LLC; and Triage Management LLC. * * * The Court adjourns the hearing to consider the Debtors' request until October 5, 2006, at 10:00 a.m. In the interim, the Debtors' exclusive period to file a reorganization plan is extended until the Court rules on the Extension Motion. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News, Issue No. 40; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) REFCO INC: Has Until December 12 to Remove State Court Actions -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York extend, until Dec. 12, 2006, the period within which Refco Inc., and its debtor-affiliates may file notices of removal with respect to actions, pursuant to Bankruptcy Rule 9006(b). As reported in the Troubled Company Reporter on Sept. 8, 2006, the Debtors told the Court that when they filed for bankruptcy, they were plaintiffs in 37 actions and proceedings in a variety of state and federal courts throughout the country. Sally McDonald Henry, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in New York, related that neither the Debtors nor Refco Capital Markets, Ltd., has reviewed all the Actions to determine whether any of those should be removed under Rule 9027(a)(2) of the Federal Rules of Bankruptcy Procedure because the Debtors have continued to focus primarily on winding down their businesses and formulating a global resolution of their cases. Ms. Henry asserted that the extension of the Removal Period will afford the Debtors sufficient opportunity to assess whether the Actions can and should be removed, hence, protecting their valuable right to adjudicate lawsuits under Section 1452 of the Judiciary and Judicial Procedure Code. Until the Debtors have had a sufficient time to develop a consensual plan of reorganization in their cases, it would be premature to allow the Removal Period to lapse, as the plan formation process may well impact the Debtors' decisions regarding the removal of the Actions, Ms. Henry insists. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. Refco LLC, an affiliate, filed for chapter 7 protection on Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134). Refco, LLC, is a regulated commodity futures company that has businesses in the United States, London, Asia and Canada. Refco, LLC, filed for bankruptcy protection in order to consummate the sale of substantially all of its assets to Man Financial Inc., a wholly owned subsidiary of Man Group plc. Albert Togut, the chapter 7 trustee, is represented by Togut, Segal & Segal LLP. On April 13, 2006, the Court appointed Marc S. Kirschner as Refco Capital Markets Ltd.'s chapter 11 trustee. Mr. Kirschner is represented by Bingham McCutchen LLP. RCM is Refco's operating subsidiary based in Bermuda. Three more affiliates of Refco, Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC, filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y. Case Nos. 06-11260 through 06-11262). (Refco Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ROTORTECH LIMITED: Bank of Scotland Appoints PwC as Receivers ------------------------------------------------------------- The Bank of Scotland appointed Stephen Mark Oldfield and Robert Jonathan Hunt of PricewaterhouseCoopers LLP joint administrative receivers of Rotortech Limited (Company Number 00989737) on Sept. 6. 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 Cambridge, United Kingdom, Rotortech Limited manufactures aircraft & spacecraft, aircraft engines and engine parts, and engineering services. RUBYSTAR LIMITED: Calls In Liquidator from Sharma & Co. ------------------------------------------------------- Gagen Dulari Sharma of Sharma & Co. was appointed Liquidator of Rubystar Limited on Aug. 9 for the creditors' voluntary winding- up procedure. The company can be reached at: Rubystar Limited 229 Castlereagh Road Belfast County Antrim BT5 5FH United Kingdom Tel: 028 9046 1226 SANMINA-SCI: Majority of Noteholders Grant Waiver Consents ---------------------------------------------------------- Sanmina-SCI Corp. disclosed that holders of a majority of the outstanding aggregate principal amount of: -- its 6-3/4% Senior Subordinated Notes due 2013, and -- its 8.125% Senior Subordinated Notes due 2016 had submitted and not revoked letters of consent and that the consent solicitation period has expired. The waiver for each series of notes will become effective following the payment of the applicable consent fee to each consenting holder of such series of notes. As previously reported in TCR-Europe on Aug. 25, Sanmina SCI- is soliciting consents from the holders of the US$400 million aggregate outstanding principal amount of its 6-3/4% Senior Subordinated Notes due 2013 and the holders of the US$600 million aggregate outstanding principal amount of its 8.125% Senior Subordinated Notes due 2016. The Company is requesting a waiver, until Dec. 14, 2006, of any default or event of default that may arise by virtue of the Company's failure to file with the Securities and Exchange Commission and furnish to the trustee and holders of notes, certain reports required to be filed by the Company under the Securities Exchange Act of 1934, as amended. Headquartered in San Jose, California, Sanmina-SCI Corporation is one of the largest electronics contract manufacturing services companies providing a full spectrum of integrated, value added solutions. In Europe, the company has operations in Finland, France, Ireland, Germany, Sweden, Hungary, and Spain. * * * As reported in TCR-Europe on Aug. 28, Fitch Ratings downgraded Sanmina-SCI Corp.: -- Issuer Default Rating to 'B+' from 'BB-' Fitch also placed Sanmina's IDR, as well as these ratings, on Rating Watch Negative: -- Senior subordinated debt 'B+' -- First lien senior secured credit facility 'BB+'. SANMINA-SCI CORP: S&P Keeps BB- Ratings on CreditWatch Negative --------------------------------------------------------------- Standard & Poor's Ratings Services said that its 'BB-' corporate credit and other ratings on San Jose, Calif.-based Sanmina-SCI Corp remain on CreditWatch with negative implications, where they were placed on Aug. 14, following the receipt of various consents from most of its bondholders and other creditors. Amended cure periods or waivers for filing financial statements expire between Oct. 10 and Dec. 14. "Based on the company's liquidity and overall financial profile, ratings are not affected at this time by cure periods that expire in October for some of its credit facilities," said Standard & Poor's credit analyst Lucy Patricola. The ratings could be lowered to the 'CCC' category if financial statements are not filed and credit facilities with cure periods that expire in October are not refinanced or further extended, reflecting heightened concerns of debt acceleration. Ratings could also be lowered if statements are not filed by the conclusion of the December cure period. Standard & Poor's will continue to monitor the stock option review to assess whether any potential material restatements, further investigation, or additional involvement of the SEC or other judicial authorities has an impact on the rating. SEARLE DISTRIBUTION: Hires Administrators from Grant Thornton ------------------------------------------------------------- Ian S. Carr and Anthony N. Flynn of Grant Thornton U.K. LLP were appointed joint administrators of Searle Distribution Limited (Company Number 03654020) on Sept. 1. 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. These firms provide a comprehensive range of business advisory services from around 540 offices in over 110 countries worldwide. Searle Distribution Limited can be reached at: Telford Way Wakefield 41 Industrial Estate Wakefield West Yorkshire WF2 0XW United Kingdom Tel: 01394 676 446 SCHMAUCH PROCON: Taps Liquidators from Begbies Traynor ------------------------------------------------------ Ian Michael Rose and Robert Michael Young of Begbies Traynor were appointed Joint Liquidators of Schmauch Procon Limited on July 13 for the creditors' voluntary winding-up proceeding. The company can be reached at: Schmauch Procon Limited 23 Catkins Close Faringdon Oxfordshire SN7 7FA United Kingdom Tel: 01367 241 398 SIANN COATINGS: Names Joint Liquidators to Wind Up Business ----------------------------------------------------------- Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe Cork were appointed Joint Liquidators of Siann Coatings Limited (formerly Sian Limited) on July 20 for the creditors' voluntary winding-up proceeding. The company can be reached at: Siann Coatings Limited Unit4 Aneal Business Centre Cross Green Industrial Park Leeds LS9 0SG United Kingdom Tel: 0113 249 7100 SOFTBANK CORP: Capital Deterioration Spurs S&P to Affirm Ratings ---------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit and senior unsecured debt ratings on Softbank Corp. excluding its euro-denominated senior unsecured notes due 2011. At the same time, the ratings were removed from CreditWatch, where they were placed on March 6, following the announcement of the company's acquisition of Vodafone K.K., a Japanese subsidiary of Vodafone Group PLC. Softbank's capital structure is deteriorating due to the increased debt burden as a result of the acquisition. However, Standard & Poor's believes that the company's improving earnings will make further deterioration less likely. The outlook on the ratings on Softbank is stable. At the same time, Standard & Poor's said that its 'BB-' rating on Softbank's EUR400 million euro-denominated senior unsecured notes due March 15, 2011, remains on CreditWatch with positive implications, as Standard & Poor's has not fully confirmed the effectiveness of the legal structuring of the legal defeasance. In April 2006, Softbank acquired 99.54% of the outstanding shares of Vodafone K.K., which became a wholly owned subsidiary in August. The name of Vodafone K.K. is scheduled to change to Softbank Mobile Co. Ltd. on Oct. 1. The acquisition price was JPY1,690 billion, which was funded primarily through JPY1,166 billion in bridge financing from 17 financial institutions. As a result, Softbank's consolidated net debt ratio deteriorated to 77% as of June 30, 2006, from 57% at March 2006 and 68% at March 2005. By around the end of this month, Softbank is likely to decide on a plan to refinance the bridge loans into long-term financing. Given its relationship with the lender financial institutions and its latent profits on securities, refinancing and liquidity risks should be limited. On the other hand, Softbank's consolidated operating profit recovered in the second quarter of fiscal 2005 (July through September 2005), as its broadband infrastructure business, specifically Asymmetric Digital Subscriber Lines services, turned a profit. Fixed-line communications, which had posted deficits since the acquisition of Japan Telecom Co. in 2004, also became profitable from the fourth quarter of fiscal 2005 (January through March 2006), backed by restructuring of its marketing strategy. Softbank's aggressive investments to enhance its mobile communications network are likely to drag on earnings in the near term. Its overall earnings, however, are improving and should lower the chances of further deterioration in its capital structure. The acquisition of Vodafone K.K. turned Softbank into a comprehensive telecom service provider offering a wide range of fixed-line, mobile, and Internet-related services. However, Vodafone K.K. suffers from a weaker business franchise in Japan than NTT Docomo Inc. and KDDI Corp. Its market share is far below that of the top two service providers, its churn rate is higher, and its average revenue per user is lower. In order to achieve synergy effects, Softbank needs to rapidly strengthen its mobile communications business while dealing with its increased debt burden, and the prospect of achieving these goals remains uncertain. Nevertheless, Softbank's business profile in the Internet-related field and its strengths in the content business, such as its Yahoo! Japan portal, are likely to serve as competitive advantages, as content delivery is expected to become more important for the mobile phone companies in Japan. Following the introduction of mobile phone number portability on Oct. 24, 2006, churn rates are expected to increase. However, Standard & Poor's believes that a significant shift in market shares among operators is not very likely. SOONEST EXPRESS: Brings In Anthony David Kent as Liquidator ----------------------------------------------------------- Anthony David Kent of Maidment was appointed liquidator of Soonest Express (U.K.) Limited on Aug. 15 for the purposes of creditors' voluntary liquidation. The company can be reached at: Soonest Express (U.K.) Limited 655 River Gardens Feltham Middlesex TW14 0RB United Kingdom Tel: 020 8893 1991 STAGE 2: Brings In Mark Reynolds to Liquidate Assets ---------------------------------------------------- Mark Reynolds of Valentine & Co. was appointed Liquidator of Stage 2 (The Agency) Limited on Aug. 16 for the creditors' voluntary winding-up proceeding. The company can be reached at: Stage 2 (The Agency) Limited 1 Castle Yard Richmond Surrey TW106TF United Kingdom Tel: 020 8939 2211 Web: http://www.stage-2.co.uk/ T.W. DRIVER: Creditors Confirm Voluntary Liquidation ---------------------------------------------------- Creditors of T.W. Driver Hire Limited confirmed on Aug. 16 the resolution for voluntary liquidation and the appointment of Anthony Saxton of Elwell Watchorn & Saxton LLP as liquidator of the company. The company can be reached at: T.W. Driver Hire Limited 46 Potton Road St. Neots Cambridgeshire PE19 2NP United Kingdom Tel: 01480 218 906 TEDDYFONE LIMITED: Brings In Kingston Smith as Administrators ------------------------------------------------------------- Ian Robert and Nicholas John Miller of Kingston Smith & Partners LLP were appointed joint administrators of Teddyfone Limited (Company Number 05490037) on Sept. 7. Kingston Smith -- http://www.kingstonsmith.co.uk/-- has over 400 people, including 45 partners, based in six offices in London and the South East, and was founding member of KS International, a network of over 100 offices in 49 countries around the world. It was originally formed in 1923. Headquartered in London, United Kingdom, Teddyfone Limited retails electrical goods. VIEW BASED: Taps O'Hara & Co. to Liquidate Assets ------------------------------------------------- Peter O'Hara and Simon Weir of O'Hara & Co. were appointed liquidators of View Based Systems Limited on Aug. 15 for the purposes of creditors voluntary winding-up procedure. The company can be reached at: View Based Systems Limited 3-4 Angel Studios Yorkshire Technology & Office Park Armitage Bridge Huddersfield West Yorkshire HD4 7NR United Kingdom Tel: 01484 344160 VOICEWORKS DATA: Hires Mazars LLP as Liquidator ----------------------------------------------- Martin Pickard of Mazars LLP was named liquidator of Voiceworks Data Solutions Limited on Aug. 11 for the creditors' voluntary winding-up proceedings. The company can be reached at: Voiceworks Data Solutions Limited Unit 4 Urban Hive Luton Enterprise Park Sundon Park Road Luton Bedfordshire LU3 3GU United Kingdom Tel: 01582 576 360 Web: http://www.voicework-data.com/ WALLPAPERLAND LIMITED: Appoints A. Poxon to Liquidate Assets ------------------------------------------------------------ A. Poxon of DTE Leonard Curtis was appointed Liquidator of Wallpaperland Limited on Aug. 18 for the creditors' voluntary winding-up proceeding. The company can be reached at: Wallpaperland Limited 5-11 Cheetham Hill Road Manchester Lancashire M4 4FY United Kingdom Tel: 0161 834 0367 WEST RIDING: Creditors Confirm Voluntary Liquidation ---------------------------------------------------- Creditors of West Riding Crushing Services Limited confirmed on Aug. 1 the resolutions for the company's voluntary liquidation and the appointment of John Russell and Allan Cooper as Liquidators. The company can be reached at: West Riding Crushing Services Limited Holme Lane Tong Bradford West Yorkshire BD4 0RJ United Kingdom Tel: 01274 687 852 * Upcoming Meetings, Conferences and Seminars --------------------------------------------- September 21, 2006 TURNAROUND MANAGEMENT ASSOCIATION Young Professionals Group - "Conversations in Networking" Dave & Buster's, Philadelphia, PA Contact: 215-657-5551 or http://www.turnaround.org/ September 21, 2006 TURNAROUND MANAGEMENT ASSOCIATION Restructuring Workshop With US Bankruptcy Judges Hale, Nelms and Lynn Belo Mansion - The Pavilion, Dallas, TX Contact: http://www.turnaround.org/ September 21, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting "From Crisis to Close" Oxford Hotel Grand Ballroom, Denver, CO Contact: http://www.turnaround.org/ September 21, 2006 TURNAROUND MANAGEMENT ASSOCIATION Pat Marso: Recipient of the 2005 International Turnaround of the Year Award Solera, Minneapolis, MN Contact: http://www.turnaround.org/ September 24, 2006 TURNAROUND MANAGEMENT ASSOCIATION Restructuring the Troubled High Tech Company Arizona Contact: http://www.turnaround.org/ September 25, 2006 TURNAROUND MANAGEMENT ASSOCIATION 10th Annual Turnaround Tee-off Golf Tournament & Fundraiser Green Valley Country Club, Lafayette Hill, PA Contact: 215-657-5551 or http://www.turnaround.org/ September 25, 2006 TURNAROUND MANAGEMENT ASSOCIATION Carolinas Membership Luncheon featuring a presentation by James Porter of Mesirow Financial City Club, Charlotte, NC Contact: 704-319-2288 or http://www.turnaround.org/ September 25, 2006 TURNAROUND MANAGEMENT ASSOCIATION Carolinas Membership Luncheon - Overseas Insolvency and the Carolinas City Club, Charlotte, NC Contact: http://www.turnaround.org/ September 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ September 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Supply Chain Finance: New tools for structuring and financing trade by proactively mitigating risks Centre Club, Tampa, FL Contact: http://www.turnaround.org/ September 26-27, 2006 EUROMONEY Asia Pacific High Yield Debt Summit JW Marriott Hotel, Hong Kong Contact: http://www.euromoneyplc.com/ September 27, 2006 BEARD AUDIO CONFERENCES Year One of BAPCPA: Lessons Learned and Outlook A Look at the Business Provisions One Year Later Contact: 240-629-3300 Or http://www.beardaudioconferences.com/ September 27, 2006 TURNAROUND MANAGEMENT ASSOCIATION Joint Education Program with NYIC Joint Reception CFA/RMA/IWIRC Woodbridge Hilton, Iselin, NJ Contact: http://www.turnaround.org/ September 27, 2006 TURNAROUND MANAGEMENT ASSOCIATION 7th Annual Cross Border Business Restructuring and Turnaround Conference Banff, Alberta Contact: http://www.turnaround.org/ September 27, 2006 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS New York Luncheon - Pension Panel Program Harmonie Club, New York, NY Contact: 541-58-1665 or http://www.airacira.org/ September 27, 2006 TURNAROUND MANAGEMENT ASSOCIATION TMA/IWIRC-NEON Panel Presentation "The Effect of Hedge Funds on the Economy" Lockkeepers, Valley View, OH Contact: http://www.turnaround.org/ September 27, 2006 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS Luncheon - Pension Panel Program Harmonie Club, New York, NY Contact: http://www.airacira.org/ September 28, 2006 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS West Coast Plan of Reorganization Conference The Olympic Collection Banquet, Los Angeles, CA Contact: http://www.airacira.org/ September 29, 2006 TURNAROUND MANAGEMENT ASSOCIATION Quarterly Networking Luncheon East Bank Club, Chicago, IL Contact: 815-469-2935 or http://www.turnaround.org/ October 3, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Organization of Women Networking Event/ Fundraiser TBD, Philadelphia, PA Contact: 215-657-5551 or http://www.turnaround.org/ October 3, 2006 TURNAROUND MANAGEMENT ASSOCIATION 3rd Annual Golf Outing Fox Chapel Golf Club, Pittsburgh, PA Contact: 412-644-8794 or http://www.turnaround.org/ October 5, 2006 TURNAROUND MANAGEMENT ASSOCIATION Commercial Lenders Breakfast Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ October 5, 2006 TURNAROUND MANAGEMENT ASSOCIATION Panel & Breakfast Meeting: Financial Fraud Center Club, Baltimore, MD Contact: http://www.turnaround.org/ October 5, 2006 TURNAROUND MANAGEMENT ASSOCIATION Negotiations Workshop Standard Club, Chicago, IL Contact: http://www.turnaround.org/ October 6, 2006 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy 2006: Views from the Bench Georgetown University Law Center, Washington, DC Contact: 1-703-739-0800; http;//www.abiworld.org/ October 10, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting Center Club, Baltimore, Maryland Contact: 703-912-3309 or http://www.turnaround.org/ October 11, 2006 TURNAROUND MANAGEMENT ASSOCIATION Professional Development Meeting Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ October 12, 2006 TURNAROUND MANAGEMENT ASSOCIATION UTS Fundamentals of Turnaround Management Melbourne, Australia Contact: 0438 653 179 or http://www.turnaround.org/ October 11-14, 2006 TURNAROUND MANAGEMENT ASSOCIATION 2006 Annual Conference Milleridge Cottage, Long Island, New York Contact: 312-578-6900; http://www.turnaround.org/ October 12, 2006 TURNAROUND MANAGEMENT ASSOCIATION UTS Fundamentals of Turnaround Management Mecure Hotel - Haymarket, Sydney, Australia Contact: http://www.turnaround.org/ October 16, 2006 AMERICAN BANKRUPTCY INSTITUTE A Year After BAPCPA Georgetown University Law Center, Washington, DC Contact: 1-703-739-0800; http://www.abiworld.org/ October 17, 2006 TURNAROUND MANAGEMENT ASSOCIATION Updates on the New Bankruptcy Law Kansas City, Missouri Contact: http://www.turnaround.org/ October 18-19, 2006 EUROMONEY 2nd Annual Latin America Syndicated Loans Conference JW Marriott Hotel, Miami, FL Contact: http://www.euromoneyplc.com/ October 19, 2006 TURNAROUND MANAGEMENT ASSOCIATION TMA of Nevada's 1st Breakfast Meeting The A,B,C's of Valuing and Selling a Business Palace Station, Las Vegas, NV Contact: http://www.turnaround.org/ October 19, 2006 TURNAROUND MANAGEMENT ASSOCIATION Navigating the Potholes and Speed Bumps on Today's Economic Highway Waller Lansden Dortch & Davis Nashville, TN Contact: http://www.turnaround.org/ October 19, 2006 BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in e-Discovery and Records Management for Bankruptcy Practitioners and Litigators Contact: 240-629-3300; http://www.beardaudioconferences.com/ October 19, 2006 TURNAROUND MANAGEMENT ASSOCIATION Billards Networking Night - Young Professionals TBA, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ October 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Hedge Funds - Expanded Financing Opportunities in Business Turnarounds Arizona Contact: http://www.turnaround.org/ October 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Speaker Series #3 TBA, Calgary, Alberta Contact: 403-294-4954 or http://www.turnaround.org/ October 26, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Speaker Series #3 TBA, Calgary, Alberta Contact: 403-294-4954 or http://www.turnaround.org/ October 27, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast with Coach Dan Reeves Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ October 28, 2006 TURNAROUND MANAGEMENT ASSOCIATION BK/TMA Golf Tournament Orange Tree Golf Resort, AZ Contact: 623-581-3597 or http://www.turnaround.org/ October 30-31, 2006 Distressed Debt Summit: Preparing for the Next Default Cycle Financial Research Associates LLC Helmsley Hotel, New York, NY Contact: http://www.frallc.com/ October 31, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Citrus Club, Orlando, Florida Contact: 561-882-1331 or http://www.turnaround.org/ October 31 - November 1, 2006 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC Annual Conference San Francisco, California Contact: http://www.iwirc.com/ November 1, 2006 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS AIRA/NCBJ Dessert Reception Marriott, San Francisco, CA Contact: 415-896-1600 or http://www.airacira.org/ November 1, 2006 TURNAROUND MANAGEMENT ASSOCIATION Halloween Isn't Over! - Ghosts of turnarounds past who remind you about what you should have done differently Portland, Oregon Contact: http://www.turnaround.org/ November 1-4, 2006 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges San Francisco, California Contact: http://www.ncbj.org/ November 2, 2006 TURNAROUND MANAGEMENT ASSOCIATION TMA U.K. Annual Conference Millennium Gloucester Hotel, London, U.K. Contact: http://www.turnaround.org/ November 2-3, 2006 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Third Annual Conference on Physician Agreements & Ventures Successful Strategies for Medical Transactions and Investments The Millennium Knickerbocker Hotel - Chicago Contact: 903-595-3800; 1-800-726-2524; http://www.renaissanceamerican.com/ November 3, 2006 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS AIRA/NCBJ Breakfast Program Marriott, San Francisco, CA Contact: 415-896-1600 or http://www.airacira.org/ November 7, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast Marriott, Bridgewater, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ November 7-8, 2006 EUROMONEY 5th Annual Distressed Debt Investment Symposium Hyatt Regency, London, U.K. Contact: http://www.euromoneyplc.com/ November 8, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting Marriott Tyson's Corner, Vienna, Virginia Contact: 703-912-3309 or http://www.turnaround.org/ November 8, 2006 TURNAROUND MANAGEMENT ASSOCIATION TMA Australia National Conference Sydney, Australia Contact: http://www.turnaround.org/ November 9, 2006 TURNAROUND MANAGEMENT ASSOCIATION Webinar "Second Lien Financing or Investing: Are There Opportunities for You?" TMA HQ, Chicago, IL Contact: http://www.turnaround.org/ November 14, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Program St. Louis, Missouri Contact: 815-469-2935 or http://www.turnaround.org/ November 14, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Program - Cost Containment Strategies St. Louis, MO Contact: http://www.turnaround.org/ November 14, 2006 TURNAROUND MANAGEMENT ASSOCIATION Holiday Cocktail Reception Honoring the Bankruptcy Benches of the Southern & Eastern Districts of New York and New Jersey Association of the Bar of the City of New York New York, NY Contact: http://www.turnaround.org/ November 15, 2006 TURNAROUND MANAGEMENT ASSOCIATION Joint Reception with NYIC/NYTMA TBA, New York Contact: 908-575-7333 or http://www.turnaround.org/ November 15, 2006 LI TMA Formal Event TMA Australia National Conference Long Island, New York Contact: http://www.turnaround.org/ November 15, 2006 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner Citrus Club, Orlando, Florida Contact: 561-882-1331 or http://www.turnaround.org/ November 16, 2006 TURNAROUND MANAGEMENT ASSOCIATION Bankruptcy Judges Panel Duquesne Club, Pittsburgh, Pennsylvania Contact: http://www.turnaround.org/ November 16, 2006 TURNAROUND MANAGEMENT ASSOCIATION Dinner Program TBA, Seattle, Washington Contact: 503-223-6222 or http://www.turnaround.org/ November 16-17, 2006 STRATEGIC RESEARCH INSTITUTE 8th Annual West Distressed Debt Investing Forum Venetian Resort Hotel Casino, Las Vegas, NV Contact: http://www.srinstitute.com/ November 17, 2006 TURNAROUND MANAGEMENT ASSOCIATION Breakfast with Harry Nolan, Author of Airline without a Pilot - Lessons in Leadership Westin Buckhead, Atlanta, GA Contact: http://www.turnaround.org/ November 23, 2006 TURNAROUND MANAGEMENT ASSOCIATION Martini Party Vancouver, British Columbia Contact: 403-294-4954 or http://www.turnaround.org/ November 27-28, 2006 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Thirteenth Annual Conference on Distressed Investing Maximizing Profits in the Distressed Debt Market The Essex House Hotel - New York Contact: 903-595-3800; 1-800-726-2524; http://www.renaissanceamerican.com/ November 28, 2006 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, FL Contact: 561-882-1331 or http://www.turnaround.org/ November 28, 2006 TURNAROUND MANAGEMENT ASSOCIATION Joint TMA Florida/ACG Tampa Bay Luncheon Buying and Selling a Troubled Company Centre Club, Tampa, FL Contact: http://www.turnaround.org/ November 29, 2006 TURNAROUND MANAGEMENT ASSOCIATION Special Program TBA, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ November 29, 2006 TURNAROUND MANAGEMENT ASSOCIATION Turnaround Industry Trends Jasna Polana, Princeton, NJ Contact: http://www.turnaround.org/ November 30-December 2, 2006 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Hyatt Regency at Gainey Ranch, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ December 6, 2006 TURNAROUND MANAGEMENT ASSOCIATION Holiday Dinner Portland, Oregon Contact: 503-223-6222 or http://www.turnaround.org/ December 7, 2006 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast The Newark Club, Newark, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ December 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION LI TMA Holiday Party TBA, Long Island, New York Contact: 631-251-6296 or http://www.turnaround.org/ December 13, 2006 TURNAROUND MANAGEMENT ASSOCIATION Christmas Function GE Commercial Finance, Sydney, Australia Contact: 0438 653 179 or http://www.turnaround.org/ December 20, 2006 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA, AVF & CFA Georgia Aquarium, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ January 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Lender's Panel University Club, Jacksonville, FL Contact: http://www.turnaround.org/ January 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Lender's Panel Breakfast Westin Buckhead, Atlanta, GA Contact: http://www.turnaround.org/ January 17, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ January 17-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Distressed Investing Conference Wynn, Las Vegas, NV Contact: http://www.turnaround.org/ February 8-11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Certified Turnaround Professional (CTP) Training NY/NJ Contact: http://www.turnaround.org/ February 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA PowerPlay - Atlanta Thrashers Philips Arena, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ February 25-26, 2007 NORTON INSTITUTES Norton Bankruptcy Litigation Institute Marriott Park City, UT Contact: http://www2.nortoninstitutes.org/ February 2007 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium San Juan, Puerto Rico Contact: 1-703-739-0800; http://www.abiworld.org/ March 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Martini Madness Cocktail Reception with Geraldine Ferraro Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ March 15-18, 2007 NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES NABT Spring Seminar Ritz-Carlton Buckhead, Atlanta, GA Contact: http://www.NABT.com/ March 21, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ March 27-31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Spring Conference Four Seasons Las Colinas, Dallas, Texas Contact: http://www.turnaround.org/ March 29-31, 2007 ALI-ABA Chapter 11 Business Reorganizations Scottsdale, Arizona Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/ April 11-15, 2007 AMERICAN BANKRUPTCY INSTITUTE ABI Annual Spring Meeting J.W. Marriott, Washington, DC Contact: 1-703-739-0800; http://www.abiworld.org/ April 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL Contact: 561-882-1331 or http://www.turnaround.org/ April 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast meeting with Chapter President, Bruce Sim Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ May 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual TMA Atlanta Golf Outing White Columns, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ May 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ June 6-9, 2007 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 23rd Annual Bankruptcy & Restructuring Conference Westin River North, Chicago, Illinois Contact: http://www.airacira.org/ June 14-17, 2007 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ June 28 - July 1, 2007 NORTON INSTITUTES Norton Bankruptcy Litigation Institute Jackson Lake Lodge, Jackson Hole, WY Contact: http://www2.nortoninstitutes.org/ July 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL Contact: 561-882-1331 or www.turnaround.org/ July 12-15, 2007 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Marriott, Newport, RI Contact: 1-703-739-0800; http://www.abiworld.org/ July 18, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ September 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ October 10-13, 2007 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Orlando, Florida Contact: http://www.ncbj.org/ October 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL Contact: 561-882-1331 or http://www.turnaround.org/ October 16-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place, Boston, Massachusetts Contact: 312-578-6900; http://www.turnaround.org/ December 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Westin Mission Hills Resort, Rancho Mirage, California Contact: 1-703-739-0800; http://www.abiworld.org/ December 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ January 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL March 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference JW Marriott Spa and Resort, Las Vegas, NV Contact: http://www.airacira.org/ September 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ October 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place, Boston, Massachusetts Contact: 312-578-6900; http://www.turnaround.org/ October 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ 2009 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Las Vegas, Nevada Contact: http://www.ncbj.org/ October 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ 2010 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges New Orleans, Louisiana Contact: http://www.ncbj.org/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers - the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Emerging Role of Corporate Compliance Panels Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ ********* Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel Laureno, Julybien Atadero, Carmel Zamesa Paderog, and Joy Agravante, Editors. Copyright 2006. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *