/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070130.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, January 30, 2007, Vol. 8, No. 21 Headlines A U S T R I A BLEY LLC: Claims Registration Period Ends February 20 HEALTH COMPANY: Claims Registration Period Ends March 6 SALES KAMINSCHLEIFEREI: Claims Registration Period Ends Feb. 6 SHIRAZ LLC: Claims Registration Ends February 15 ZELJKA MARINKOVIC: Claims Registration Period Ends February 26 B E L G I U M LUKOIL OAO: EC to Close Petrol Chain Takeover Review by Feb. 21 F I N L A N D BENEFON OYJ: Extends Distribution Deal with Capitel and Lextel G E R M A N Y A & B BRINKMANN: Claims Registration Ends February 28 ADAPOCA ERSTE: Claims Registration Ends February 21 ADLER-HEINRICH: Claims Registration Ends February 20 AIR SENA: Creditors Must Register Claims by June 1 AM VERWALTUNGS: Claims Registration Ends February 21 ASH GMBH: Claims Registration Ends February 22 BABS SPORTSWEAR: Creditors' Meeting Slated for February 22 BAUKONTOR RADDE: Claims Registration Ends February 20 BAUSCHUTT RECYCLING: Claims Registration Ends February 22 BENQ WIRELESS: Creditors Must Register Claims by February 23 BIKE AND GARDEN: Claims Registration Ends February 23 CARL KOESTER: Claims Registration Ends February 28 COHOPA GMBH: Creditors Must File Claims by February 28 DIETZ-ELECTRONIC: Claims Registration Ends March 1 DRUCKHAUS FLEISSIG: Claims Registration Ends February 28 DUERR AG: Shares Return to Deutsche Boerse AG's SDAX EMSCAR TAXISERVICE: Claims Registration Ends February 21 ETEX-SPRACHSYNTHESE: Claims Registration Ends March 7 H & S VIRTUELLE Claims Registration Ends February 28 H. RITTMANN GMBH: Claims Registration Ends Feb. 6 HELMOS AG: Claims Registration Ends April 5 HEROS GROUP: Founder Explains on Embezzlement Allegations HORST MEFFERT: Claims Registration Ends February 8 ILLI GMBH: Claims Registration Ends February 28 INSELSCHLOSSCHEN BETRIEBS: Claims Registration Ends Feb. 23 INSERVIO GMBH: Claims Registration Ends March 2 ISTANBUL FEINKOST: Claims Registration Ends March 6 KAUFHAUS VOLAND: Claims Registration Ends February 26 LEIPZIG-MILTITZ: Claims Registration Ends February 20 MANIFIQUE GMBH: Claims Registration Ends March 2 MEDIFACTS INT'L: Files for Chapter 11 Protection in Delaware MEDIFACTS INT'L: Case Summary & 20 Largest Unsecured Creditors MPG MEDIZINISCH: Claims Registration Period Ends Feb. 22 OTTO SPRATZ: Claims Registration Period Ends Feb. 26 PFLEIDERER AG: Hikes Pergo AB Stake to 55.3% SPIESS BAU: Claims Registration Period Ends March 5 STAUDTER GMBH: Claims Registration Period Ends Feb. 22 STEINKUNST NATURSTEINHANDEL: Claims Registration Ends Feb. 23 TELE EUROPE: Claims Registration Ends February 22 TURBO WARENHANDELS: Claims Registrations Ends February 28 U.C.S. LOGISTIC: Claims Registration Ends February 25 ULRICH PETERMANN: Claims Registration Ends February 28 VULKAN-BAU-GMBH: Claims Registrations Ends February 26 I T A L Y FIAT SPA: Fitch Lifts Low-B Ratings on Improved Fin'l. Profile FIAT SPA: Improved Performance Cues S&P to Affirm Low-B Ratings PARMALAT SPA: Opens Door to Settlement Negotiations K A Z A K H S T A N ACT-SERVICE LLP: Claims Filing Period Ends March 9 ASIA-PREMIER-ASTANA: Creditors Have Until March 9 to File Claims ATJ & K: Claims Registration Period Ends March 9 BARSHATAS & K: Creditors Must File Claims by March 3 GRAJDAN STORY: Claims Registration Period Ends March 9 KAZKOMMERTS INT'L: Fitch Rates Senior Unsecured Notes at BB+ PROMTECHSERVICE PLUS: Creditors Can File Claims Until March 9 TRANSIT EL TRADE: Creditors Claim Due on March 9 VICTORIA COMPANY: Proofs of Claim Deadline Slated for March 9 VODOPROVOD I: Creditors Have Until March 3 to File Claims K Y R G Y Z S T A N AVIRON PRODUCT: Claims Filing Period Ends March 16 MISK INTERNATIONAL: Creditors' Claims Due March 9 R U S S I A BEREGOVOYE CJSC: Asset Bidding Deadline Slated for February 8 DALNEVOSTOCHNYJ INSTRUMENTAL: Claims Filing Period End March 13 ENISEYSKIY BREAD: Bankruptcy Hearing Slated for May 10 FENT CJSC: Creditors Must File Claims by March 13 FORESTER CJSC: Creditors Must File Claims by February 13 LUKOIL OAO: EC to Close Petrol Chain Takeover Review by Feb. 21 LUKOIL OAO: Three Directors Sell 1.04 Mln Shares for RUR242 Mln NEVINNOMYSSKIY TINNED: Bankruptcy Hearing Slated for March 20 OB'-YAUZA CJSC: Creditors Must File Claims by March 13 OKTYABRSKIY BUTTER: Bankruptcy Hearing Slated for April 3 POLISTER LLC: Creditors Must File Claims by February 13 PROM-TEKH-INVEST CJSC: Court Names V. Babenko to Manage Assets SAKHA-TRANS-MECHANIZATION: Claims Filing Period Ends Feb. 13 STAVROPOLSKIY EXPERIMENTAL: Claims Filing Period End Feb. 13 TINTA CJSC: Creditors Must File Claims by Feb. 13 TYRNYAUZSKIY MINING: Court Starts Bankruptcy Supervision Process URAL BANK: Moody's Assigns B3/NP/E+ Global Scale Ratings VERKHNEBUREINSKIY OJSC: Creditors Must File Claims by March 13 S P A I N LEAR CORP: Cuts Annual Net Loss by Half to US$707.5 Million S W E D E N PFLEIDERER SWEDEN: Hikes Pergo AB Stake to 55.3% S W I T Z E R L A N D BETSCHART BAU: Creditors' Liquidation Claims Due February 9 EDELFLOR JSC: Thurgau Court Starts Bankruptcy Proceedings FISCHER PLATTEN: Creditors' Liquidation Claims Due February 9 GAU UND UMGEBUNG: Creditors' Liquidation Claims Due February 8 GREEN GRASS: Berne Court Closes Bankruptcy Proceedings GWIDO HOLDING: Creditors' Liquidation Claims Due February 12 KENTEX JSC: Court Closes Bankruptcy Proceedings MTS TECHNIK: Creditors' Liquidation Claims Due February 9 OPTRON JSC: Creditors' Liquidation Claims Due February 12 PHM MANAGEMENT: Thurgau Court Closes Bankruptcy Proceedings U K R A I N E ALFA-PIK LLC: Claims Submission Deadline Set February 10 BANK VIDRODZHENNYA: Court Names Svetlana Klimenko as Liquidator FIRST UKRAINIAN: Moody's Puts B2 Ratings with Stable Outlook FIRST UKRAINIAN: Fitch Assigns B- Rating to Upcoming Eurobond KYIVSTAR GSM: Moody's Lifts Rating to Ba3 on Good Performance MAGNETIC MEDIA: Creditors Must Submit Claims by February 11 RAYKOVCY LLC: Creditors Must Submit Claims by February 14 VARIANT LLC: Creditors Must Submit Claims by February 11 VIDRODZHENNYA JSCB: Creditors Must Submit Claims by February 11 U N I T E D K I N G D O M A & C PUMPS: Appoints Joint Administrators from PKF AEROBOX PLC: Files for Chapter 11 Protection in New Mexico AEROBOX COMPOSITE: Case Summary & 27 Largest Unsecured Creditors BRITISH AIRWAYS: Cabin Crew Union Cancels Strike Action EMI GROUP: Merges Capitol & Virgin Recording Labels ENRON CAPITAL: Creditors' Meeting Slated for February 27 FARRINGDON MORTGAGES: Reserve Draws Cue S&P to Affirm Ratings FARRINGDON MORTGAGES: Fitch Keeps Class B2a Notes on Watch Neg. FIMBANK: Weak Capitalization Cues Fitch to Affirm IDR at BB FLEXIBREAKS TRAVEL: Appoints William Antony Batty as Liquidator G K CHAWLA: Creditors' Meeting Slated for February 8 GOODROCK CONSTRUCTION: Creditors' Meeting Slated for February 5 HAMNETT HAYWARD: Creditors' Meeting Slated for January 24 HEALTHCARE CONSTRUCTIONS: Creditors' Meeting Slated for Feb. 6 HIGHTRONICS LTD: Creditors' Meeting Slated for February 8 HOLLAND CLARKE: Creditors' Meeting Slated for February 15 I W COOPER: Names Mark Jonathan Botwood Liquidator ICE COOL: Creditors' Meeting Slated for February 6 INTERPARTNERS NETWORK: Creditors' Meeting Slated for February 8 JADES HOME: Creditors' Meeting Scheduled for February 6 JDL HOLDINGS: Keith Barry Stout Leads Liquidation Procedure KIKI EUROPE: Creditors' Meeting Scheduled for February 6 KIOSK LONDON: Creditors' Meeting Slated for January 30 LADY GOLFER: Creditors' Meeting Slated for January 31 LEARNING DESIGN: Creditors' Meeting Scheduled for February 6 LIGMONT LTD: Creditors' Meeting Slated for February 5 LIQUID TRADING: Creditors' Meeting Slated for February 7 LOJICS RESOURCE: Bank of Scotland Appoints BDO Stoy as Receivers LOJICS SERVICES: Bank of Scotland Hires Receivers from BDO Stoy LUXE LTD: Creditors Confirm Liquidator's Appointment MANGO DESIGN: Creditors' Meeting Slated for February 8 MCCLELLAND CLEANING: Creditors' Meeting Scheduled for February 6 MIDDLESEX PUBLIC: Creditors' Meeting Scheduled for February 8 MMC CONTRACTING: Creditors' Meeting Slated for February 5 NAGLE BLUE: Creditors' Meeting Scheduled for February 6 NATURAL WORLD: Brings In Marriotts LLP to Administer Assets NATURAL WORLD: Joint Administrators Selling Gift Chain NOMADS LEEDS: Creditors' Meeting Slated for February 16 NOW GROUP: Ernst & Young Selling Kitchen Furniture Retailer OAKLEY NEW: Creditors' Meeting Scheduled for February 6 OCTAVE CAPITAL: Creditors' Meeting Scheduled for February 6 OSLO LTD: Creditors' Meeting Slated for February 7 P&H THERMAL: Hires Stephen M. Rout to Liquidate Assets PARK PRECISION: Creditors' Meeting Slated for February 8 PINE DI: Creditors' Meeting Slated for February 6 POWERHOUSE GARAGE: Brings In Liquidator from Jackson Gregory PROVENTUS EUROPEAN: Fitch Rates EUR10 Million Class F Notes at B PTF LTD: Creditors' Meeting Scheduled for February 12 QUALITY POWDER: Creditors' Meeting Slated for February 15 REDWOODSTONE LTD: Barclays Bank Appoints PwC as Receivers REFCO INC: Refco LLC Files November 2006 Operating Report RMF VENTILATION: Creditors' Meeting Slated for February 8 ROYAL & SUN: Goldman Sachs Buys Voting Rights in 260-Mln Shares RUBY SHOES: Creditors' Meeting Scheduled for February 7 SCOTTISH GRASS: SGM U.K. Buys Asset Out of Receivership SOLUTIA INC: Seeks May 7 Deadline to File Notices of Removal STRUCTURAL BUILDING: Joint Liquidators Take Over Operations TALKINGMINUTES LTD: Creditors' Meeting Scheduled for January 30 TARGET COMMUNICATIONS: Taps Melvyn L. Rose to Liquidate Assets TERABYTE COMPUTER: Creditors' Meeting Scheduled for February 7 THIRD BUTCHER: Creditors' Meeting Slated for January 31 TOPLINX LTD: Creditors' Meeting Scheduled for February 6 TRADING OVERSEAS: Creditors' Meeting Slated for January 30 TRIANA UK: Creditors' Meeting Scheduled for January 30 TRISCO WARRINGTON: Creditors' Meeting Scheduled for February 8 UBP REALISATIONS: Creditors' Claims Due February 19 UFP LTD: Creditors' Meeting Slated for January 30 UPDATE SOLUTIONS: Creditors' Meeting Slated for February 5 US TRADING: Creditors' Meeting Slated for January 31 W. KNIGHT: Creditors' Meeting Slated for January 30 WADE'S CYCLES: Creditors' Meeting Scheduled for January 31 WHAT WOMEN WANT: Creditors' Meeting Slated for January 30 WIDNEY CABS: Baker Tilly Selling Cab Assembly Manufacturer WILLIAM DUNK: Creditors' Meeting Slated for February 6 YOGO LTD: Creditors' Meeting Slated for January 30 * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= BLEY LLC: Claims Registration Period Ends February 20 ----------------------------------------------------- Creditors owed money by LLC Bley (FN 209940k) have until Feb. 20 to file written proofs of claim to court-appointed estate administrator Thomas Mair at: Dr. Thomas Mair Kurhausstrasse 9 4820 Bad Ischl, Austria Tel: 06132/23517 Fax: 06132/23517-9 E-mail: thomas.mair@rechtsangelegenheiten.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:40 a.m. on March 1 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 1st Floor Maria Theresia Str.12 Wels, Austria Headquartered in Bad Ischl, Austria, the Debtor declared bankruptcy on Jan. 9 (Bankr. Case No. 20 S 5/07x). HEALTH COMPANY: Claims Registration Period Ends March 6 ------------------------------------------------------- Creditors owed money by LLC Health Company (FN 144469f) have until March 6 to file written proofs of claim to court-appointed estate administrator Robert Igali-Igalffy at: Mag. Robert Igali-Igalffy Stojanstrasse 43 2344 Maria Enzersdorf, Austria Tel: 02236/25138-20 Fax: 02236/25138-15 E-mail: igali-igalffy@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on March 20 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt, Austria Headquartered in Oberwaltersdorf, Austria, the Debtor declared bankruptcy on Jan. 8 (Bankr. Case No. 11 S 140/06h). SALES KAMINSCHLEIFEREI: Claims Registration Period Ends Feb. 6 -------------------------------------------------------------- Creditors owed money by LLC Sales Kaminschleiferei (FN 260166y) have until Feb. 6 to file written proofs of claim to court- appointed estate administrator Gerhard Stauder at: Mag. Gerhard Stauder c/o Dr. Georg Kahlig Siebensterngasse 42 1070 Vienna, Austria Tel: 523 47 91 Fax: 523 47 91 33 E-mail: kahlig.partner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:00 p.m. on Feb. 20 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 20, 2006 (Bankr. Case No. 6 S 128/06z). Georg Kahlig represents Mag. Stauder in the bankruptcy proceedings. SHIRAZ LLC: Claims Registration Ends February 15 ------------------------------------------------ Creditors owed money by LLC Shiraz (FN 239871b) have until Feb. 15 to file written proofs of claim to court-appointed estate administrator Helmut Nestler at: Helmut Nestler Abstallerstrasse 41 8052 Graz - Wetzelsdorf, Austria Tel: 0664/8334509 Fax: 0316/285624-4 E-mail: nestler.h@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:15 p.m. on March 1 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 230 Hall L 2nd Floor Graz, Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Dec. 20, 2006 (Bankr. Case No. 25 S 118/06z). ZELJKA MARINKOVIC: Claims Registration Period Ends February 26 -------------------------------------------------------------- Creditors owed money by LLC Zeljka Marinkovic (FN 249639t) have until Feb. 26 to file written proofs of claim to court-appointed estate administrator Bernhard Eder at: Dr. Bernhard Eder c/o Dr. Herbert Hochegger Brucknerstrasse 4/5 1040 Vienna, Austria Tel: 505 78 61 Fax: 505 78 61-9 E-mail: eder@rechtsanwaelte.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on March 12 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 8 (Bankr. Case No. 3 S 3/07x). Herbert Hochegger represents Dr. Eder in the bankruptcy proceedings. ============= B E L G I U M ============= LUKOIL OAO: EC to Close Petrol Chain Takeover Review by Feb. 21 --------------------------------------------------------------- The European Commission will close its review into OAO Lukoil's acquisition of 376 petrol stations from ConocoPhillips by Feb. 21, Analytical Information Agency reports. In a TCR-Europe report on Dec. 13, OAO Lukoil acquired a chain of gasoline stations in Europe from ConocoPhillips, which are located in: -- Belgium (156), -- Poland (83), -- Finland (49), -- Czech Republic (44), -- Hungary (30), and -- Slovakia (14). Leonid Fedun, Lukoil Vice President, said the acquisitions would boost the company's annual retail sales by 11.4 million metric tons. The company will rename the petrol stations as Jet- branded within two years, AK&M adds. The deal will hike Lukoil's market share in: -- Belgium to 8.3%, -- Poland to 6%, -- Finland to 29%, -- Czech Republic 4%, -- Hungary 6%, and -- Slovakia 3.5%. About Lukoil Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX, RTS: LKOH) -- http://www.lukoil.com/-- explores and produces oil & gas, petroleum products and petrochemicals, and markets the outputs. Most of the Company's exploration and production activity is located in Russia, and its main resource base is in Western Siberia. * * * As reported in the TCR-Europe on July 12, 2006, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Lukoil OAO to 'BB+' from 'BB'. S&P said the outlook is positive. ============= F I N L A N D ============= BENEFON OYJ: Extends Distribution Deal with Capitel and Lextel -------------------------------------------------------------- Benefon Oyj extended its distribution agreement with China Potevio's Capitel group and Lextel to sell, market, and distribute Benefon's navigation and location products to customers including value added resellers, mobile virtual network operators, agents, and dealers throughout mainland China. Under the terms of this agreement, Lextel Group has committed to an opening order of EUR3,750,000 of Benefon mobile units to be co-branded with Capitel for the China market. The order is conditional for getting the CTA approval, Benefon expects the deliveries to start during the second quarter of 2007. Lextel and its local Chinese partner, Takko Communication, will jointly market and distribute Benefon's high performing navigation and tracking product line, including the Twig Discovery and future products set for release in 2007, to the consumer market in China. In China, Benefon's GPS technology will provide a new and emerging wireless communication solution for densely populated areas and a more cost effective alternative to traditional navigation and logistics networks. Benefon GPS phones provide unique features such as integrated real-time navigation, unique tracking features, performance enhanced battery consumption, and stylish cutting edge design. Benefon's products have been developed for people who want mobility, convenience and safety but have become frustrated by overly complicated navigation devices and expensive pay-monthly navigation service plans. "This is Benefon's first entrance ever into the Chinese market and signifies a huge step for the company into a navigation market that is fast growing," stated Mike Choy, Lextel President and CEO. About Benefon Headquartered in Salo, Finland, Benefon Oyj -- http://www.benefon.com/-- provides mobile telematics solutions saving lives, securing assets and improving field management. The company also operates in the Czech Republic, Russia and the U.K. At Dec. 31, 2005, Benefon Oyj's had EUR4.97 million in total assets and EUR7.30 million in total liabilities, resulting in a EUR2.33 million stockholders' deficit. ============= G E R M A N Y ============= A & B BRINKMANN: Claims Registration Ends February 28 ----------------------------------------------------- Creditors of A & B Brinkmann GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 11:50 a.m. on March 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Room 119 B Gerichtsstr. 2-6 48149 Muenster, Germany The Court will also verify the claims set out in the insolvency manager'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 A & B Brinkmann GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: A & B Brinkmann GmbH Attn: Brigitte Brinkmann, Manager Gravenkamp 11 48607 Ochtrup, Germany The insolvency manager can be contacted at: Andreas Sontopski Gnoiener Place 1 48493 Wettringen, Germany Tel: 02557/9384-0 Fax: +492557938450 ADAPOCA ERSTE: Claims Registration Ends February 21 --------------------------------------------------- Creditors of ADAPOCA Erste Verwaltungs-GmbH have until Feb. 21 to register their claims with court-appointed insolvency manager Hans Peter Runkel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 2nd Floor Isle 2 42103 Wuppertal, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Wuppertal opened bankruptcy proceedings against ADAPOCA Erste Verwaltungs-GmbH on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ADAPOCA Erste Verwaltungs-GmbH Attn: Torsten Korb, Manager Sudetenstr. 5 42653 Solingen, Germany The insolvency manager can be contacted at: Hans Peter Runkel Friedrich-Ebert-Road 146 42117 Wuppertal, Germany Tel: 0202/30 20 71 Fax: 0202/31 47 08 ADLER-HEINRICH: Claims Registration Ends February 20 ---------------------------------------------------- Creditors of Adler-Heinrich Blockfloetenbau GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Andreas Schenk. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 27 Law Courts Prince Road 21 Chemnitz, Germany The Court will also verify the claims set out in the insolvency manager'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 Adler-Heinrich Blockfloetenbau GmbH on Jan. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Adler-Heinrich Blockfloetenbau GmbH Attn: Dietrich Hahl, Manager Pestalozzistrasse 25 08258 Markneukirchen, Germany The insolvency manager can be contacted at: Andreas Schenk Franz-Mehring-Road 15 08058 Zwickau, Germany Tel: (0375) 211 857 0 Fax: (0375) 211 857 28 AIR SENA: Creditors Must Register Claims by June 1 -------------------------------------------------- Creditors of Air Sena GmbH have until June 1 to register their claims with court-appointed insolvency manager Reimer Witt. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neumuenster Area B.126 Law Courts Boostedter Road 26 Neumuenster, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Neumuenster opened bankruptcy proceedings against Air Sena GmbH on Dec. 12, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Air Sena GmbH Attn: Senad Catic, Manager Drosselweg 6 24649 Wiemersdorf Germany The insolvency manager can be reached at: Reimer Witt Kuhberg 43-45 24534 Neum�nster Germany AM VERWALTUNGS: Claims Registration Ends February 21 ---------------------------------------------------- Creditors of AM Verwaltungs GmbH have until Feb. 21 to register their claims with court-appointed insolvency manager Oliver Spies. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on March 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Moenchengladbach Meeting Room A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Moenchengladbach opened bankruptcy proceedings against AM Verwaltungs GmbH on Jan. 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AM Verwaltungs GmbH Koenigstrasse 28 41236 Moenchengladbach Germany Attn: Peter Gottschalk, Manager Kinkelbach 2 41189 Moenchengladbach Germany The insolvency manager can be reached at: Oliver Spies Bahnhofstr. 26 - 28 41236 Moenchengladbach Germany Tel: 02166 / 2172751 Fax: +4921662172753 ASH GMBH: Claims Registration Ends February 22 ---------------------------------------------- Creditors of ASH GmbH have until Feb. 22 to register their claims with court-appointed insolvency manager Hans-Peter Burghardt. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 15, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 4th Floor Court Route 6 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Bielefeld opened bankruptcy proceedings against ASH GmbH on Dec. 29, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ASH GmbH Salzufler Str. 301 32052 Herford Germany Attn: Karl-Heinz Grebe, Manager Schillerstrasse 27 32105 Bad Salzuflen Germany The insolvency manager can be reached at: Hans-Peter Burghardt Bunsenstr. 3 32052 Herford Germany BABS SPORTSWEAR: Creditors' Meeting Slated for February 22 ---------------------------------------------------------- The court-appointed insolvency manager for BABS sportswear GmbH, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m. on Feb. 22. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Court House (New Building) Ostertorstr. 25-31 28195 Bremen Germany The Court will also verify the claims set out in the insolvency manager's report at 9:30 a.m. on April 26 at the same venue. Creditors have until March 13 to register their claims with the court-appointed insolvency manager. The District Court of Bremen opened bankruptcy proceedings against BABS sportswear GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BABS sportswear GmbH Am Deich 57 28199 Bremen Germany The insolvency manager can be reached at: Frank-Michael Rhode Graf-Moltke-Str. 62 28211 Bremen Germany Tel: 0421/3485212/213 Fax: 0421/341078 E-mail: info@rhode.de Web site: http://www.rhode.de/ BAUKONTOR RADDE: Claims Registration Ends February 20 ----------------------------------------------------- Creditors of Baukontor Radde AG have until Feb. 20 to register their claims with court-appointed insolvency manager Friedrich von Kaltenborn-Stachau. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on March 20, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Tostedt Meeting Room I Area CE.02 Linden 23 21255 Tostedt, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Tostedt opened bankruptcy proceedings against Baukontor Radde AG on Dec. 27, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Baukontor Radde AG Attn: Oliver Radde, Manager Tannenweg 5 21244 Buchholz, Germany The insolvency manager can be contacted at: Friedrich von Kaltenborn-Stachau Jungfernstieg 30 20354 Hamburg, Germany Tel: 040/3 50 06-188 Fax: 040/3 50 06 176 BAUSCHUTT RECYCLING: Claims Registration Ends February 22 --------------------------------------------------------- Creditors of Bauschutt Recycling Edenkoben GmbH have until Feb. 22 to register their claims with court-appointed insolvency manager Olaf Spiekermann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landau in der Pfalz Room 225 Marienring 13 76829 Landau in der Pfalz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Landau in der Pfalz opened bankruptcy proceedings against Bauschutt Recycling Edenkoben GmbH on Dec. 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bauschutt Recycling Edenkoben GmbH Industriering 18 A 67480 Edenkoben, Germany The insolvency manager can be contacted at: Olaf Spiekermann Kanzlei Brinkmann & Partner Augustaanlage 62-64 68165 Mannheim, Germany Tel: 0621/4329280 Fax: 0621/43292827 BENQ WIRELESS: Creditors Must Register Claims by February 23 ------------------------------------------------------------ Creditors of BenQ Wireless GmbH have until Feb. 23 to register their claims with court-appointed insolvency manager Dr. Martin Prager. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 26, at which time the insolvency manager 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 80097 Munich, Germany The Court will also verify the claims set out in the insolvency manager'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 BenQ Wireless GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BenQ Wireless GmbH Attn: Wei-Yui Liou, manager Haidenauplatz 1 81667 Munich Germany The insolvency manager can be reached at: Dr. Martin Prager Barthstr. 16, 80339 Munich Germany Tel: 089-8589633 Fax: 089-85896350 BIKE AND GARDEN: Claims Registration Ends February 23 ----------------------------------------------------- Creditors of bike and garden four GmbH have until Feb. 23 to register their claims with court-appointed insolvency manager Alexander Leich. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Feb. 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Trier Hall 56 Justizstrasse 2,4,6 54290 Trier, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Trier opened bankruptcy proceedings against bike and garden four GmbH on Feb. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: bike and garden four GmbH Gueterstrasse 2 a 54439 Saarburg, Germany Attn: Hans Hammer, Manager Brunnenstrasse 31 54439 Saarburg, Germany The insolvency manager can be contacted at: Alexander Leich Nikolaus-Koch-Place 4 54290 Trier, Germany Tel: 0651/970010 Fax: 0651/9700115 E-mail: info@brix-leich-glandien.de CARL KOESTER: Claims Registration Ends February 28 -------------------------------------------------- Creditors of Carl Koester & Sohn GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Manuel Sack. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Osterode am Harz Hall 12 Amtshof 20 37520 Osterode am Harz, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Osterode am Harz opened bankruptcy proceedings against Carl Koester & Sohn GmbH on Dec. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Carl Koester & Sohn GmbH Attn: Wolfgang Pieloth, Manager Thueringer Road 106 37534 Gittelde-Teichhuette Germany The insolvency manager can be contacted at: Manuel Sack Theaterstr. 3 30159 Hanover, Germany Tel: 0511/366020 Fax: 0511/3660255 COHOPA GMBH: Creditors Must File Claims by February 28 ------------------------------------------------------ Creditors of cohopa GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Andreas Schenk. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on March 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hof Meeting Room 012 Ground Floor Berliner Place 1 95030 Hof, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hof opened bankruptcy proceedings against cohopa GmbH on Jan. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: cohopa GmbH Ferdinand-Porsche-Str. 10 95028 Hof Germany Attn: Ralf Heyder, Manager Zeckenhaus 22 98693 Ilmenau Germany The insolvency manager can be reached at: Andreas Schenk Klosterstrasse 17 95028 Hof Germany Tel: 0375/2304341 Fax: 0375/2304352 DIETZ-ELECTRONIC: Claims Registration Ends March 1 -------------------------------------------------- Creditors of Dietz-electronic GmbH have until March 1 to register their claims with court-appointed insolvency manager Oliver Kirschnek. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Esslingen Hall 1 1st Floor Ritterstr. 5 Esslingen, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Esslingen opened bankruptcy proceedings against Dietz-electronic GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Dietz-electronic GmbH Attn: Josef Krebs, Manager Max-Planck-Str. 15 72639 Neuffen, Germany The insolvency manager can be contacted at: Dr. Oliver Kirschnek Kriegerstr. 3 70197 Stuttgart, Germany Tel: 0711/ 225583-0 Fax: 0711/ 225583-20 DRUCKHAUS FLEISSIG: Claims Registration Ends February 28 -------------------------------------------------------- Creditors of Druckhaus J. Fleissig GmbH & Co. have until Feb. 28 to register their claims with court-appointed insolvency manager Rechtsanwalt Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 9:45 on March 21, at which time the insolvency manager 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 insolvency manager'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 Druckhaus J. Fleissig GmbH & Co. on Jan 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Druckhaus J. Fleissig GmbH & Co Druffels Weg 85 48653 Coesfeld Germany The insolvency manager can be reached at: Rechtsanwalt Andreas Sontopski Platz 1 48493 Wettringen Germany Tel: 02557/9384-0 Fax: +492557938450 DUERR AG: Shares Return to Deutsche Boerse AG's SDAX ---------------------------------------------------- Shares of Duerr AG will again be part of the SDAX, the index of Deutsche Boerse AG for small caps, on Jan. 29. This was decided by Deutsche Boerse at an extraordinary index review meeting as the former SDAX member Kloeckner+Co will be included in the MDAX index as part of an unscheduled amendment to its composition, replacing Hypovereinsbank. "Inclusion in the SDAX is an important success for Duerr and documents that investors recognize the progress we have made and take a positive view of the company's prospects for the future," Martin Hollenhorst, chief financial officer of Duerr AG, said. About Duerr Headquartered in Stuttgart, Germany, Duerr AG -- http://www.durr.com/en-- supplies products, systems, and services for automobile manufacturing. Its range of products and services covers important stages of vehicle production. As a systems supplier, Duerr plans and builds complete paint shops and final assembly facilities. It also delivers cleaning and filtration systems for the manufacture of engine and transmission components as well as balancing systems. * * * In a TCR-Europe report on Sept. 5, 2006, Moody's Investors Service affirmed the B2 corporate family rating of Duerr AG and the Caa1 rating on the senior subordinated notes. Moody's said the Outlook on the ratings remains negative. Duerr AG's 9-3/4% senior subordinated notes due 2011 carry Moody's Investors Service's Caa1 rating and Standard & Poor's CCC+ rating. EMSCAR TAXISERVICE: Claims Registration Ends February 21 -------------------------------------------------------- Creditors of Emscar Taxiservice GmbH have until Feb. 21 to register their claims with court-appointed insolvency manager Rechtsanwalt Hubertus Bange. Creditors and other interested parties are encouraged to attend the meeting at 11:15 on March 14 at which time the insolvency manager 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 insolvency manager'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 of Emscar Taxiservice GmbH on Jan 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Emscar Taxiservice GmbH Buchenweg 1 48282 Emsdetten Germany The insolvency manager can be reached at: Rechtsanwalt Hubertus Bange Kardinal-von-Galen-Str. 5 48268 Greven Tel: 02571/865-0 Fax: +4925718645 ETEX-SPRACHSYNTHESE: Claims Registration Ends March 7 ----------------------------------------------------- Creditors of ETeX-Sprachsynthese AG have until March 7 to register their claims with court-appointed insolvency manager Karl-Heinz Trebing. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on April 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt/Main Hall 2 Building F Klingerstrasse 20 60313 Frankfurt/Main, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Frankfurt/Main opened bankruptcy proceedings against ETeX-Sprachsynthese AG on Dec. 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ETeX-Sprachsynthese AG Zum-Jungen-Road 4 60320 Frankfurt/Main, Germany The insolvency manager can be contacted at: Karl-Heinz Trebing Hanauer Highway 287-289 60314 Frankfurt/Main, Germany Tel: 069/15051300 Fax: 069/15051400 H & S VIRTUELLE Claims Registration Ends February 28 ---------------------------------------------------- Creditors of H & S Virtuelle Welten GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Oliver Brand. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on March 7, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Trier Hall 56 Justizstrasse 2,4,6 54290 Trier Germany The Court will also verify the claims set out in the insolvency manager's report at 8:30 a.m. on March 21, at the same venue. The District Court of Trier opened bankruptcy proceedings against H & S Virtuelle Welten GmbH on Jan. 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H & S Virtuelle Welten GmbH Attn: Joerg Eric Henerichs, Manager Lasinskystrasse 7 54296 Trier Germany The insolvency manager can be reached at: Oliver Brand Dietrichstrasse 20a 54290 Trier Germany Tel: 0651/9702460 Fax: 0651/9702466 E-mail: insolvenz@rae-schoett.de H. RITTMANN GMBH: Claims Registration Ends Feb. 6 ------------------------------------------------- Creditors of H. Rittmann GmbH have until Feb. 6 to register their claims with court-appointed insolvency manager Dr. Helmut Hemmerling. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on March 20, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV 1st Floor Schlossplatz 23 76131 Karlsruhe, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Karlsruhe opened bankruptcy proceedings against H. Rittmann GmbH on Dec. 29, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H. Rittmann GmbH Schanz 2 5038 Oberderdingen Germany Attn: Holger Rittmann, Manager Schanz 2 75038 Oberderdingen Germany The insolvency manager can be reached at: Dr. Helmut Hemmerling Heilbronner Str. 86 70191 Stuttgart Germany Tel: (0711) 168670 HELMOS AG: Claims Registration Ends April 5 ------------------------------------------- Creditors of Helmos AG have until April 5 to register their claims with court-appointed insolvency manager Thomas Dithmar. Creditors and other interested parties are encouraged to attend the meeting at 3:00 p.m. on May 9, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Erfurt Hall 6 Judicial Center Rudolfstr. 46 99092 Erfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Erfurt opened bankruptcy proceedings against Helmos AG on Jan. 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Helmos AG Roten Berg 7 99086 Erfurt Germany The insolvency manager can be contacted at: Dr. Thomas Dithmar Barbarossahof 3 99092 Erfurt Germany HEROS GROUP: Founder Explains on Embezzlement Allegations --------------------------------------------------------- Heros Group founder Karl-Heinz Weis, who faced bankruptcy- related and embezzlement allegations, explained to the court of Hanover that starting in the 1990s it was a necessity for him to fill financial gaps in the business by embezzling customer cash, Johannes Nitschmann writes for Suddeutsche Zeitung. He indicated that he lost track of the proportion of Heros' debts through the years. According to the report, Mr. Weis assumed that the embezzled customer cash had amounted to a maximum of EUR250 million at the time of his arrest on Feb. 17, 2006. Manuel Sack, Heros' insolvency administrator, estimated minimum damages of around EUR400 million. The Department of Public Prosecution is covering only the alleged offenses committed since 2001 due to time constraints. As previously reported in the TCR-Europe, Heros Group and 23 of its subsidiaries filed for insolvency proceedings on Feb. 21, 2006. The bankruptcy filings were made following the arrest of four executives from its Nordcash Geldbearbeitung unit, two board members and two lower-ranking executives, who allegedly embezzled EUR400 million from its clients for the firm's expansion and for personal use. Headquartered in Hanover, Germany, Heros Group -- http://www.heros-unternehmensgruppe.de/-- previously controlled around half of Germany's money- transport business and transports around EUR600 million a day. HORST MEFFERT: Claims Registration Ends February 8 -------------------------------------------------- Creditors of Meffert Glass Cleanings GmbH have until Feb. 8 to register their claims with court-appointed insolvency manager Rechtsanwalt Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 AM on March 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Room 4.312 4th Floor Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Darmstadt opened bankruptcy proceedings against Meffert Glass Cleanings GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Meffert Glass Cleanings GmbH Stahlstr. 34 65428 Ruesselsheim Germany Attn: Hans-Joachim Meffert, Stahlstr Stahlstr. 34 65428 Ruesselsheim Germany The insolvency manager can be reached at: Rechtsanwalt Tobias Hoefer Soldnerstr. 2 68219 Mannheim Germany Tel.: 0621-87708-0 Fax: 0621-8770820 ILLI GMBH: Claims Registration Ends February 28 ----------------------------------------------- Creditors of Illi GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Manfred Dobler. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Esslingen Hall 1 1st Floor Ritterstr 5, Esslingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Esslingen opened bankruptcy proceedings against Illi GmbH on Dec. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Illi GmbH Attn: Siegfried Mueller, Manager Course Ways 25 73277 Owen Germany The Insolvency Manager can be reached at: Manfred Dobler Gansheidestr 1 70184 Stuttgart Germany Tel: 0711/ 164 33-0 Fax: 0711/ 164 33-50 INSELSCHLOSSCHEN BETRIEBS: Claims Registration Ends Feb. 23 ----------------------------------------------------------- Creditors of Inselschlosschen Betriebs GmbH have until Feb. 23 to register their claims with court-appointed insolvency manager Volker Quinkert. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on March 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Moenchengladbach Sitzungssaal A 14 Erdgeschoss 41061 Moenchengladbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Moenchengladbach opened bankruptcy proceedings against Inselschlosschen Betriebs GmbH on Dec. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Inselschloesschen Betriebs GmbH Harikseeweg 78 41366 Schwalmtal Germany Attn: Josef Franz Hiller Noehlenweg 7 41352 Korschenbroich Germany The Insolvency Manager can be reached at: Rechtsanwalt Volker Quinkert Brucknerallee 6 41236 Moenchengladbach Germany Tel: 02166/6189898 Fax: +4921666189888 INSERVIO GMBH: Claims Registration Ends March 2 ----------------------------------------------- Creditors of Inservio GmbH have until March 2 to register their claims with court-appointed insolvency manager Michael Pluta. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on March 26, at which time the insolvency manager 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 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager'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 Inservio GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Inservio GmbH Attn: Stefan Pletsch, Manager Haidenauplatz 1 81667 Muenchen Germany The insolvency manager can be reached at: Michael Pluta Barthstr. 16 80339 Muenchen Germany Tel: 089/8589633 Fax: 089/85896350 ISTANBUL FEINKOST: Claims Registration Ends March 6 --------------------------------------------------- Creditors of Istanbul Feinkost GmbH & Co. Kommanditgesellschaft have until March 6 to register their claims with court-appointed insolvency manager Siegfried Mueller. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Room 14 1st Floor Luxemburger Road 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Cologne opened bankruptcy proceedings against Istanbul Feinkost GmbH & Co. Kommanditgesellschaft on Dec. 27, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Istanbul Feinkost GmbH & Co. Kommanditgesellschaft Zeissstr. 36 50171 Kerpen Germany Attn: Erdogan Yueksel, Manager Limburger Str. 122 - 124 50171 Kerpen Germany The insolvency manager can be reached at: Siegfried Mueller Koelner Strasse 67 50226 Frechen Germany KAUFHAUS VOLAND: Claims Registration Ends February 26 ----------------------------------------------------- Creditors of Kaufhaus Voland GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Katrin Bringezu. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on March 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Road 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Leipzig opened bankruptcy proceedings against Kaufhaus Voland GmbH on Dec. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kaufhaus Voland GmbH Baker Street 3 04720 Dobeln Germany The Insolvency Manager can be reached at: Katrin Bringezu Prager Street 34 04317 Leipzig Germany Tel: 0341/486930 Fax: 0341/4869393 E-mail: leipzig@hbml.de LEIPZIG-MILTITZ: Claims Registration Ends February 20 ----------------------------------------------------- Creditors of Leipzig-Miltitz Duft und Aroma GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Dr. Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 20, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Road 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Leipzig opened bankruptcy proceedings against Leipzig-Miltitz Duft und Aroma GmbH on Dec. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Leipzig-Miltitz Duft und Aroma GmbH Geschwister-Scholl-Str. 32 04205 Leipzig Germany The insolvency manager can be reached at: Dr. Rainer Eckert Kaethe-Kollwitz-Street 9 04109 Leipzig Germany Tel: 0341/910470 Fax: 0341/9104710 E-mail: Eckert-leipzig@rae-eckert.de MANIFIQUE GMBH: Claims Registration Ends March 2 ------------------------------------------------- Creditors of Manifique GmbH have until March 2 to register their claims with court-appointed insolvency manager Ingmar Jarchow. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 (Civil Law Courts) 4th Floor Anbau Sievkingplatz 1 20355 Hamburg, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against Manifique GmbH on Dec. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Manifique GmbH Large leads 36 20354 Hamburg, Germany The insolvency manager can be reached at: Ingmar Jarchow Heuberg 1 20354 Hamburg, Germany MEDIFACTS INT'L: Files for Chapter 11 Protection in Delaware ------------------------------------------------------------ Medifacts International filed for protection under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the District of Delaware. Medifacts plans to sell its clinical research unit through a court-supervised auction and reorganize around its cardiac- safety-monitoring services division, The Associated Press reports. "The operations of the business have been challenged in recent months," AP quotes Chief Executive Michael Woehler as saying. "The company anticipates that through . . . the restructuring of the company's balance sheet and our existing investors' preliminary indications of interest to invest further in the company through a plan of reorganization, (Medifacts) will quickly emerge from bankruptcy leaner and adequately capitalized." Medifacts International Inc. -- http://www.medifacts.com/-- provides quality clinical trial services to pharmaceutical, biotech and medical device companies that are developing therapeutic drugs and products. The company consists of three fully-integrated divisions: Clinical Research Services, Cardiac Safety Services, and Medifacts International Research Center. The company employs 176 people in the North America, China and Europe. MEDIFACTS INT'L: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Medifacts International, Inc. aka M2 Worldwide Corp. aka Medifacts, Ltd. aka Medifacts International Consulting, LLC aka MS (Asia) Ltd. aka Medifacts International Consultants, LLC aka M2 Worldwide Corporation 2101 Gaither Road, Suite 400 Rockville, MD 20850 Bankruptcy Case No.: 07-10110 Type of Business: The Debtor provides quality clinical trial services to pharmaceutical, biotech and medical device companies that are developing therapeutic drugs and products. The company employs 176 people in the North America, China and Europe. See http://www.medifacts.com/ Chapter 11 Petition Date: January 28, 2007 Court: District of Delaware (Delaware) Debtor's Counsel: Joseph A. Malfitano, Esq. Young, Conaway, Stargatt & Taylor LLP The Brandywine Building P.O. Box 391 1000 West Street, 17th Floor Wilmington, DE 19899-0391 Tel: (302) 571-6600 Fax: (302) 571-1253 Estimated Assets: $10 Million to $50 Million Estimated Debts: $10 Million to $50 Million Debtor's 20 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Scios $400,000 6500 Paseo Padre Parkway Fremont, CA 94555 Crosstree Capital Partner $100,000 c/o Shane Senior 4902 Eisenhower Boulevard, Suite 125 Tampa, FL 33634 Dr. Joan Albert Barbera $71,016 c/o Pulmonary Hypertension 801 Roeder Road, Suite 400 Silver Spring, MD 20910 Citicorp Vendor Finance $36,858 P.O. Box 7247-0118 Philadelphia, PA 19170-0118 Software House International $33,537 Global Headquarters 2 Riverview Drive Somerset, NJ 08873 Tarchalski Janusz Lech Kardiologia $15,780 MCI Worldcom Conferencing $15,349 Medical Uni Graz $15,302 Aronson & Company $14,932 Pharma eMarket LLC $13,889 Pharma Clinical $13,364 G.E. Healthcare Financial Services $12,973 Bird & Bird $12,839 Dr. Anja Bruske $11,113 Therapeutic Development $9,125 Global Drug Development $9,010 Consulta Treuhand GmbH $8,853 Iron Mountain Records Management $8,739 ClinSource, Inc. $8,317 Clinical Resource Network $7,388 MPG MEDIZINISCH: Claims Registration Period Ends Feb. 22 -------------------------------------------------------- Creditors of MPG Medizinisch-Psychologische Gesellschaft AG have until Feb. 22 to register their claims with court-appointed insolvency manager Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting at 12:12 p.m. on March 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Room 14 Ground Floor Luxemburger Road 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Cologne opened bankruptcy proceedings against MPG Medizinisch-Psychologische Gesellschaft AG on Nov. 22, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MPG Medizinisch-Psychologische Gesellschaft AG Attn: Dr. Frieder Nau, Manager Richmodstrasse 2 50667 Cologne Germany The insolvency manager can be reached at: Jana Dettmer Weyerstrasse 54 50676 Cologne Germany OTTO SPRATZ: Claims Registration Period Ends Feb. 26 ---------------------------------------------------- Creditors of Otto Spratz Lufttechnik GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Hendrik Rogge. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 (Civil Law Courts) 4th Floor Anbau Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against Otto Spratz Lufttechnik GmbH on Dec. 27, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Otto Spratz Lufttechnik GmbH Attn: Thomas Clasen Ottensener Strasse 2 22525 Hamburg Germany The insolvency manager can be reached at: Hendrik Rogge Albert-Einstein-Ring 15 22761 Hamburg Germany PFLEIDERER AG: Hikes Pergo AB Stake to 55.3% -------------------------------------------- Pfleiderer Sweden AB, an indirectly wholly owned subsidiary of Pfleiderer AG, has acquired 4,829,245 shares in Pergo AB. After the acquisition Pfleiderer Sweden owns 6,087,445 shares in Pergo, which represents 11.4% of the shares and votes in Pergo. Together with the 22,460,195 Pergo shares in respect of which irrevocable undertakings including options have been obtained, Pfleiderer Sweden controls 28,547,640 shares, which represents 53.3% of the shares and votes in Pergo. In a TCR-Europe report on Jan. 18, Pfleiderer AG proposed a SEK2.73 billion voluntary takeover offer for all of the shares in Pergo AB to boost U.S. sales and enter the European laminate- flooring market. Pfleiderer AG submitted the offer via its indirectly wholly owned subsidiary, Pfleiderer Sweden AB, at an offer price of SEK51 in cash per share in Pergo. Currently, 53,569,685 shares in Pergo are outstanding. "With Pergo we can cover the total U.S. area excellently," said Pfleiderer CEO Hans Overdiek. "Since the beginning of last year we've been looking for a production site in the south of the U.S. We already produce in Canada, in Montreal." Demand for laminate floors may rise by 10% a year in the U.S., he added. About Pfleiderer Headquartered in Neumarkt, Germany, Pfleiderer AG -- http://www.pfleiderer.com/-- manufactures engineered woods and infrastructure products through its subsidiaries. The Company produces wood-based panels for furniture and interior fittings, track systems for urban and intercity rail networks, and a range of poles and towers for energy and commercial infrastructures. * * * In a TCR-Europe report on Jan. 18, Fitch Ratings said that Germany-based Pfleiderer AG's Issuer Default rating of BB and Short-term rating of B are not affected by the group's takeover bid for Sweden-based Pergo AB. The rating Outlook remains Positive. SPIESS BAU: Claims Registration Period Ends March 5 --------------------------------------------------- Creditors of Spiess Bau GmbH have until March 5 to register their claims with court-appointed insolvency manager Dr. Kreuznacht. Creditors and other interested parties are encouraged to attend the meeting at 3:00 p.m. on April 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Muehlhausen Area 91 Untermarkt 17 Muehlhausen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Muehlhausen opened bankruptcy proceedings against Spiess Bau GmbH on Dec. 22, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spiess Bau GmbH G.-A.Hanewacker-Str. 1 99734 Nordhausen Germany The insolvency manager can be reached at: Dr. Kreuznacht Untermarkt 23 99974 Muehlhausen Germany STAUDTER GMBH: Claims Registration Period Ends Feb. 22 ------------------------------------------------------ Creditors of Staudter GmbH have until Feb. 22 to register their claims with court-appointed insolvency manager Stephan Konicke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Room 24 Second Floor Branch Office Sulzbach Vopeliusstrasse 2 66280 Sulzbach, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Saarbruecken opened bankruptcy proceedings against Staudter GmbH on Dec. 22, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Staudter GmbH Attn: Dirk Staudter Zur Lambertstrasse 15 66787 Wadgassen, Germany The insolvency manager can be reached at: Stephan Konicke Beethovenstrasse 16 66606 St. Wendel, Germany Tel: 06851/ 939 8770 Fax: 06851/ 939 8790 STEINKUNST NATURSTEINHANDEL: Claims Registration Ends Feb. 23 ------------------------------------------------------------- Creditors of STEINKUNST Natursteinhandel und Verlegung GmbH have until Feb. 23 to register their claims with court-appointed insolvency manager Uwe Hahn. Creditors and other interested parties are encouraged to attend the meeting at 9:35 a.m. on March 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Konstanz Room 2 Untere Laube 12 II. OG 78462 Konstanz, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Konstanz opened bankruptcy proceedings against STEINKUNST Natursteinhandel und Verlegung GmbH on Dec. 28, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: STEINKUNST Natursteinhandel und Verlegung GmbH Gottlieb-Binder-Str. 11 71088 Holzgerlingen Germany Attn: Carsten Kiefer, Manager Goldiwilstr. 14 CH-3600 Thun Germany The insolvency manager can be reached at: Dr. Uwe Hahn Scheffelstr. 15 78224 Singen Germany TELE EUROPE: Claims Registration Ends February 22 ------------------------------------------------- Creditors of Tele Europe GmbH have until Feb. 22 to register their claims with court-appointed insolvency manager Henning Samisch. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Lueneburg opened bankruptcy proceedings against Tele Europe GmbH on Dec. 20, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tele Europe GmbH Attn: Uwe Davids, Manager Plan 30 15831 Diedersdorf Germany The insolvency manager can be reached at: Henning Samisch Muehlenkamp 59 D 22303 Hamburg Germany Tel: 040650390 Fax: 04065039199 TURBO WARENHANDELS: Claims Registrations Ends February 28 --------------------------------------------------------- Creditors of Turbo Warenhandels GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Heinrich C. Friedhoff. Creditors and other interested parties are encouraged to attend the meeting at 11:45 a.m. on March 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Room 1240 12th Floor Luxemburger Road 101 50939 Cologne, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Cologne opened bankruptcy proceedings against Turbo Warenhandels GmbH on Dec. 14, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Turbo Warenhandels GmbH Attn: Juergen Wolf, Manager Sonnenhang 5 50259 Pulheim Germany The insolvency manager can be reached at: Heinrich C. Friedhoff Bismarckstr. 27-29 50762 Cologne Germany Tel: 0221-952751-17 Fax: 0221-952751-16 U.C.S. LOGISTIC: Claims Registration Ends February 25 ----------------------------------------------------- Creditors of U.C.S. Logistic GmbH have until Feb. 25 to register their claims with court-appointed insolvency manager Peter Houben. Creditors and other interested parties are encouraged to attend the meeting at 9:16 a.m. on March 9, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Krefeld Meeting Room H 131 1st Floor Nordwall 131 47798 Krefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Krefeld opened bankruptcy proceedings against U.C.S. Logistic GmbH on Dec. 21, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: U.C.S. Logistic GmbH Heinrich-Haanen-Str. 6 41334 Nettetal Germany Attn: Jessica Schmitz Koelner Str. 43a 40211 Duesseldorf Germany The insolvency manager can be reached at: Peter Houben Sternstrasse 58 40479 Duesseldorf Germany Tel: 0211/49 144-0 Fax: +4902114914434 ULRICH PETERMANN: Claims Registration Ends February 28 ------------------------------------------------------ Creditors of Ulrich Petermann, Teppiche GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on March 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Muenster Meeting Room 119 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager'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 Ulrich Petermann, Teppiche GmbH on Dec. 27, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ulrich Petermann, Teppiche GmbH Attn: Ulrich Petermann, Manager Ochtruper Road 141 48565 Steinfurt Germany The insolvency manager can be reached at: Andreas Sontopski Gnoiener Place 1 48493 Wettringen Germany Tel: 02557/9384-0 Fax: +492557938450 VULKAN-BAU-GMBH: Claims Registrations Ends February 26 ------------------------------------------------------ Creditors of Vulkan-Bau-GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Joerg A. Wunderlich. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on April 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wittlich Hall 3 Law Courts Kurfuerstenstrasse 63 54516 Wittlich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Wittlich opened bankruptcy proceedings against Vulkan-Bau-GmbH on Dec. 29, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vulkan-Bau-GmbH Higis-Ring 4 54578 Wiesbaum Germany Attn: Annemie Schramm, Manager Bachstrasse 1 a 54597 Steffeln, Germany The insolvency manager can be reached at: Joerg A. Wunderlich Bahnhofsplatz 8 54292 Trier, Germany Tel: 0651/14693-0 Fax: 0651/14693-20 ========= I T A L Y ========= FIAT SPA: Fitch Lifts Low-B Ratings on Improved Fin'l. Profile -------------------------------------------------------------- Fitch Ratings upgraded Fiat S.p.A.'s and Fiat Finance and Trade Ltd. S.A.'s respective Issuer Default and senior unsecured ratings to 'BB' from 'BB-'. Fiat's Short-term rating is affirmed at 'B'. The Outlook on the Issuer Default rating remains Positive. "The rating upgrade reflects our view that Fiat has consistently improved its financial profile and strengthened its operational profile over the past couple of years," says Emmanuel Bulle, Director in Fitch's European Corporates group. "Fiat Auto in particular has demonstrated structural progress and enhanced its operating performance in 2006." The Positive Outlook reflects Fitch's expectations that Fiat's credit profile should continue to improve in 2007. However, the group will need to demonstrate that the current improvement is sustainable and that it can cope with the remaining challenges to achieve a higher rating. Competition in western Europe is extremely severe and is likely to intensify in view of other car manufacturers' recently launched and upcoming new products. In particular, Fiat Auto will have to show progress in the sales of upcoming models to prove the sustainability of its sales and market share rebound. It will also have to reorganize and reinforce its sales dealer network outside of Italy and further improve efficiency gains. Likewise, further positive developments at the trucks and commercial vehicles and agricultural and construction equipment divisions will be necessary to ensure positive rating actions. Restructuring has so far proved successful, with the group meeting all its business and financial objectives. Fiat Auto was the notable outperformer in western Europe in 2006 with unit sales increasing 17.6% in a market that grew only 0.7%. In Q406, Fiat Auto posted its fourth consecutive positive quarterly trading margin and reported a 1.2% trading margin for 2006, up from a negative 1.4% in FY05. The improvement was mostly attributable to Fiat Auto's focus on improving product attractiveness and a better product mix, manufacturing efficiencies and the group's successful selective alliances strategy. Fiat has signed 13 partnerships, including ones with PSA, Ford, Tata in India and Severstal in Russia, to enter new market segments and countries and share development costs on new models and technologies. This should enable the group to address the geographical mix issue as sales are biased towards western Europe, and cut development and manufacturing costs. Trading margins at Iveco and CNH have also improved in 2006, thanks to their solid market positions and early restructuring efforts. Both divisions have also benefited from increased volumes in favorable markets and better pricing. Iveco's performance was also boosted by the launch of new products. It posted a 6% trading margin for 2006, up from 3.9% in FY05. CNH reported a 7% margin, up from 6.8%. At group level, industrial net debt, excluding the net fair value of derivatives instruments declined to EUR2.1 billion at FYE06 and net debt on EBITDA decreased to 0.5x at FYE06 from 1.1x at FYE05. The group reported EUR8 billion in cash and marketable securities at FYE06. In addition, Fiat benefits from EUR2bn of available committed medium-term bank facilities, up from EUR1.5 billion at Q306. FIAT SPA: Improved Performance Cues S&P to Affirm Low-B Ratings --------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Italian industrial group Fiat S.p.A. to positive from stable. At the same time, the 'BB' long-term and 'B' short-term corporate credit ratings on Fiat were affirmed. "The outlook revision reflects Fiat's improved trading margin and cash generation, and significantly reduced debt," said Standard & Poor's credit analyst Barbara Castellano. Fiat's financial profile has constantly improved over the past 18 months. The group's main subsidiaries Fiat Auto SpA, Iveco SpA, and CNH Global N.V. all achieved better operating performances in 2006 than in 2005. As a result, Fiat's trading profit was EUR1.95 billion, with a relevant contribution from the auto sector, equal to EUR441 million. Fiat also achieved a 7.6% market share in Western Europe, compared with 6.5% in 2005. In addition, operating results for the auto division turned to positive outside of Brazil for the first time in the last quarter of 2006. S&P expects this trend to continue in the coming quarters. In 2006, CNH reported a slightly higher trading profit of 7.0% compared with 6.8%& in 2005, while Iveco delivered a 6.0% trading profit, up from 3.9% the previous year. S&P expects both companies to achieve better results in 2007 as a consequence of the group's recently announced restructuring efforts. The ratings on Fiat could be raised if the group confirms in the next few months that its improved trading margin and cash generation are sustainable. Standard & Poor's will also look closely at the launch of the group's new Fiat Bravo car. We consider the launch of an additional, large-volume, and profitable car to be important for the group. The outlook could be revised back to stable if Fiat does not sustain its improved financial results and if there is evidence that the new Fiat Bravo is not going to be able to meet the yearly targets given by the group. PARMALAT SPA: Opens Door to Settlement Negotiations --------------------------------------------------- Parmalat S.p.A. disclosed that, in relation to the press release published on Nov. 22, 2006, concerning the stay of discovery through Dec. 31, 2006, for all Parmalat related proceedings before Hon. Lewis A. Kaplan of the U.S. Southern District of New York, the Company has not requested an extension of the stay and it has no knowledge that any parties involved in MDL (Multi District Litigation) have sought a further stay. Discovery resumed as of Jan. 1, 2007. In any case, Parmalat proceeds with actions for settlement negotiations. 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 has three financing arms: Parmalat Capital Finance Ltd., Dairy Holdings, Ltd., and Food Holdings, Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat SpA. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. (Parmalat Bankruptcy News, Issue No. 84; Bankruptcy Creditors' Service Inc. 215/945-7000, http://bankrupt.com/newsstand/) =================== K A Z A K H S T A N =================== ACT-SERVICE LLP: Claims Filing Period Ends March 9 -------------------------------------------------- LLP Act-Service has declared insolvency. Creditors have March 9 to submit proofs of claim to: LLP Act-Service Ospanov Str. 54/2-16 Aktube region Aktube Kazakhstan ASIA-PREMIER-ASTANA: Creditors Have Until March 9 to File Claims ---------------------------------------------------------------- LLP Asia-Premier-Astana has declared insolvency. Creditors have until March 9 to submit written proofs of claim to: LLP asia-premier-astana Pobeda Ave. 97-37 Astana Kazakhstan ATJ & K: Claims Registration Period Ends March 9 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Kyzylorda region declared LLP ATJ & K insolvent. Creditors have until March 9 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kyzylorda Region Aiteke-bi Str. 29 Kyzylorda Kyzylorda Region Kazakhstan BARSHATAS & K: Creditors Must File Claims by March 3 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty Region declared LLP Barshatas & K insolvent on Dec. 7, 20006. Creditors have until March 3 to submit written proofs of claim to: LLP Barshatas & K Dostyk Ave. 44-99 Almaty, Kazakhstan Tell: 8 705 203 30-32 GRAJDAN STORY: Claims Registration Period Ends March 9 ------------------------------------------------------ LLP Grajdan Stroy Project has declared insolvency. Creditors have until March 9 to submit proofs of claim to: LLP Grajdan Stroy Project Dostyk Ave. 34a Almaty Kazakhstan Tel/Fax: 8 (3272) 93-84-92 KAZKOMMERTS INT'L: Fitch Rates Senior Unsecured Notes at BB+ ------------------------------------------------------------ Fitch Ratings assigned Kazkommerts International B.V.'s upcoming senior unsecured notes issue an expected Long-term 'BB+' rating. The notes will be offered under the US$3-billion guaranteed debt issuance program, rated Long-term 'BB+' and Short-term 'B'. The notes under the program are unconditionally and irrevocably guaranteed by Kazakhstan's Kazkommertsbank, rated foreign currency Issuer Default 'BB+' with a Positive Outlook. The final ratings are contingent upon receipt of final documentation conforming materially to information already received. KKB's guarantee of the notes will rank at least equally with all present or future unsecured and unsubordinated 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. As of Sept. 30, 2006, retail deposits accounted for 10% of KKB's total liabilities, based on the bank's audited International Financial Reporting Standards financial statements. KKB was the second largest commercial bank in Kazakhstan by IFRS assets as of Sept. 30, 2006. Its other ratings are Short-term foreign currency 'B', local currency Issuer Default 'BBB- '/Stable Outlook, Short-term local currency 'F3', Individual 'C/D' and Support '3'. PROMTECHSERVICE PLUS: Creditors Can File Claims Until March 9 ------------------------------------------------------------- LLP Promtechservice Plus has declared insolvency. Creditors have until March 9 to submit written proofs of claim to: LLP Promtechservice Plus Gagarin Str. 83 Almaty, Kazakhstan Tel: 8 (3272) 60-83-61 8 (3272) 60-84-52 TRANSIT EL TRADE: Creditors Claim Due on March 9 ------------------------------------------------ LLP Transit El Trade has declared insolvency. Creditors have March 9 to submit proofs of claim to: LLP Transit El Trade Suyunbai Ave. 341 Almaty Kazakhstan Tel: 8 (3272) 50-85-97 VICTORIA COMPANY: Proofs of Claim Deadline Slated for March 9 ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan region declared LLP Victoria Company insolvent. Creditors have until March 9 to submit written proofs of claim to: LLP Victoria Company Mageldin Str. 39a Shymkent Kazakhstan VODOPROVOD I: Creditors Have Until March 3 to File Claims --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty Region declared State Utility Enterprise Water Pipe And Sewerage Vodoprovod I Kanalizatsiya insolvent on Dec. 8, 2006. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until March 3 to submit written proofs of claim to: Vodoprovod I Kanalizatsiya Radjibaev Str. 114 Shonjy Uigursky District Almaty Region Kazakhstan Tel: 8 (278) 2-11-89 =================== K Y R G Y Z S T A N =================== AVIRON PRODUCT: Claims Filing Period Ends March 16 -------------------------------------------------- LLC Aviron Product has declared insolvency. Creditors have until March 16 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 65-76-87. MISK INTERNATIONAL: Creditors' Claims Due March 9 ------------------------------------------------- LLC Misk International has declared insolvency. Creditors have until March 9 to submit written proofs of claim to: Jibek Jolu Str. 25 Bishkek, Kyrgyzstan Tel: (+996 312) 29-75-42 =========== R U S S I A =========== BEREGOVOYE CJSC: Asset Bidding Deadline Slated for February 8 ------------------------------------------------------------- LLC Uralskiy Centre of Auction Organization Ural-Lot, the bidding organizer for CJSC Beregovoye, will open a public auction for the company's properties at 4:00 p.m. on Feb. 13 at: LLC Uralskiy Centre of Auction Organization Ural-Lot Nemirovicha-Danchenko Str. 165-316 630087 Novosibirsk Region Russia The case is docketed under Case No. A45-29226/05-4/362. The company has set a RUR1,430,145 starting price for the auctioned assets. Interested participants have until Feb. 8 to deposit an amount equivalent to 10% of the starting price to: CJSC Beregovoye Settlement Account 40702810009150000068 TIN 5429100185 KPP 542901001 Bidding documents must be submitted to: LLC Uralskiy Centre of Auction Organization Ural-Lot Nemirovicha-Danchenko Str. 165-316 630087 Novosibirsk Region Russia Tel: 8(383) 346-52-39, 349-50-73 The Debtor can be reached at: CJSC Beregovoye Novorozino Kupinskiy Region Novosibirsk Region Russia DALNEVOSTOCHNYJ INSTRUMENTAL: Claims Filing Period End March 13 --------------------------------------------------------------- Creditors of on CJSC Dalnevostochnyj Instrumental Factory have until March 13 to submit written proofs of claim to: A. Mazur, Insolvency Manager Post User Box 74/7 680030 Khabarovsk Region Russia The Arbitration Court of Khabarovsk Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A73-4402/2006-39. The Debtor can be reached at: CJSC Dalnevostochnyj Instrumental Factory Zapadnoye Shosse Amursk Khabarovsk Region Russia ENISEYSKIY BREAD: Bankruptcy Hearing Slated for May 10 ------------------------------------------------------ The Arbitration Court of Krasnoyarsk Region will convene on May 10 to hear the bankruptcy supervision procedure on OJSC Eniseyskiy Bread. The case is docketed under Case No. A33-160016/06. The Temporary Insolvency Manager is: M. Trubachev Office 10 Lenina Str. 62A 660049 Krasnoyarsk Region Russia The Arbitration Court of Krasnoyarsk Region is located at: Lenina Str. 143 660021 Krasnoyarsk Region Russia The Debtor can be reached at: OJSC Eniseyskiy Bread R-Krestyanskaya Str. 10 Eniseysk Krasnoyarsk Region Russia FENT CJSC: Creditors Must File Claims by March 13 ------------------------------------------------- Creditors of on CJSC Fent have until March 13 to submit written proofs of claim to: A. Polonyankin, Insolvency Manager Room 904 Kulibina Str. 17 394029 Voronezh Region Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against CJSC Fent after finding it insolvent. The case is docketed under Case No. A40-70644/05-123-210B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Fent Building 2 Rublevskoye Shosse 38 Moscow Region Russia FORESTER CJSC: Creditors Must File Claims by February 13 -------------------------------------------------------- Creditors of CJSC Forester (TIN/KPP 2342001280/234201001) have until Feb. 13 to submit written proofs of claim to: R. Nekhay, Temporary Insolvency Manager Stroitelnaya Str. 7 Mostovskoy Krasnodar region Russia Tel: 8-928-215-05-85 The Arbitration Court of Krasnodar Region commenced bankruptcy supervision procedure on the company. The case is docketed as under Case No. A32-22138/2006-44/2084-B. The Arbitration Court of Krasnodar Region is located at: Krasnaya Str. 6 Krasnodar Region Russia The Debtor can be reached at: CJSC Forester Stroitelnaya Str. 7 Mostovskoy Krasnodar Region Russia LUKOIL OAO: EC to Close Petrol Chain Takeover Review by Feb. 21 --------------------------------------------------------------- The European Commission will close its review into OAO Lukoil's acquisition of 376 petrol stations from ConocoPhillips by Feb. 21, Analytical Information Agency reports. In a TCR-Europe report on Dec. 13, OAO Lukoil acquired a chain of gasoline stations in Europe from ConocoPhillips, which are located in: -- Belgium (156), -- Poland (83), -- Finland (49), -- Czech Republic (44), -- Hungary (30), and -- Slovakia (14). Leonid Fedun, Lukoil Vice President, said the acquisitions would boost the company's annual retail sales by 11.4 million metric tons. The company will rename the petrol stations as Jet- branded within two years, AK&M adds. The deal will hike Lukoil's market share in: -- Belgium to 8.3%, -- Poland to 6%, -- Finland to 29%, -- Czech Republic 4%, -- Hungary 6%, and -- Slovakia 3.5%. About Lukoil Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX, RTS: LKOH) -- http://www.lukoil.com/-- explores and produces oil & gas, petroleum products and petrochemicals, and markets the outputs. Most of the Company's exploration and production activity is located in Russia, and its main resource base is in Western Siberia. * * * As reported in the TCR-Europe on July 12, 2006, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Lukoil OAO to 'BB+' from 'BB'. S&P said the outlook is positive. LUKOIL OAO: Three Directors Sell 1.04 Mln Shares for RUR242 Mln --------------------------------------------------------------- OAO Lukoil disclosed of the sale of common shares by members of the Management Committee on Jan. 24 in Moscow, Russia: * Anatoly Barkov, -- number of shares: 32,000 -- transaction amount: RUR74,363,644 * Alexander Matytsyn -- number of shares: 32,000 -- transaction amount: RUR74,363,644 * Lyubov Khoba -- number of shares: 40,000 -- transaction amount: RUR92,954,555 The transactions have been made to pay for the shares received by the said persons during their participation in the Employee Restricted Share Plan that was approved by the Board of Directors in 2003. In accordance with the conditions of the Plan the shares can be paid with the participants' own funds or by means of a partial sale of shares to the Operator of the Plan. Pursuant to the Plan shares are bought back by the Operator at the weighted-average market price on the RTS Stock Exchange as of December 2006. About Lukoil Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX, RTS: LKOH) -- http://www.lukoil.com/-- explores and produces oil & gas, petroleum products and petrochemicals, and markets the outputs. Most of the Company's exploration and production activity is located in Russia, and its main resource base is in Western Siberia. * * * As reported in the TCR-Europe on July 12, 2006, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Lukoil OAO to 'BB+' from 'BB'. S&P said the outlook is positive. NEVINNOMYSSKIY TINNED: Bankruptcy Hearing Slated for March 20 ------------------------------------------------------------- The Arbitration Court of Stavropol Region will convene at 10:30 on March 20 to hear the bankruptcy supervision procedure on LLC Nevinnomysskiy Tinned Food Factory Nectar (TIN 2631021983). The case is docketed under Case No. A63-12323/06-S5. The Temporary Insolvency Manager is: D. Evtushenko Room 15 Mira Str. 455a 355029 Stavropol Region Russia The Arbitration Court of Stavropol Region is located at: Mira Str. 458 b Stavropol Region Russia The Debtor can be reached at: LLC Nevinnomysskiy Tinned Food Factory Nectar 3rd Internationala Str. 128 Nevinnomysk Stavropol Region Russia OB'-YAUZA CJSC: Creditors Must File Claims by March 13 ------------------------------------------------------ Creditors of on CJSC Ob'-Yauza have until March 13 to submit written proofs of claim to: S. Lebedev, Insolvency Manager Office 7 Kamenskaya 64a Novosibirsk Region Russia The Arbitration Court of Novosibirsk Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-15045/06-4/332. The Arbitration Court of Novosibirsk Region is located at: Kirova Str. 3 630007 Novosibirsk Region Russia The Debtor can be reached at: CJSC Ob'-Yauza Sofiyskaya Str. 18 Novosibirsk Region Russia OKTYABRSKIY BUTTER: Bankruptcy Hearing Slated for April 3 --------------------------------------------------------- The Arbitration Court of Chelyabinsk Region will convene on April 3 to hear the bankruptcy supervision procedure on OJSC Oktyabrskiy Butter Factory. The case is docketed under Case No. A76-29332/2006-48-265. The Temporary Insolvency Manager is: N. Volkov Korabelnaya Str. 8-136 454045 Chelyabinsk Region Russia The Arbitration Court of Chelyabinsk Region is located at: Vorovskogo Str. 2 454091 Chelyabinsk Region Russia The Debtor can be reached at: OJSC Oktyabrskiy Butter Factory Oktyabrskoye Oktybrskiy Region Chelyabinsk Region Russia POLISTER LLC: Creditors Must File Claims by February 13 ------------------------------------------------------- Creditors of on LLC Polister (TIN 3808099765) have until Feb. 13 to submit written proofs of claim to: S. Galandin, Temporary Insolvency Manager Office 403 Dek. Sobytiy Str. 125 664007 Itkutsk Region Russia The Arbitration Court of Itkutsk Region commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A19-22505/06-8. The Arbitration Court of Irkutsk Region is located at: Room 303 Gagarina Avenue 70 664025 Irkutsk Region Russia The Debtor can be reached at: S. Galandin, Temporary Insolvency Manager Office 403 Dek. Sobytiy Str. 125 664007 Itkutsk Region Russia PROM-TEKH-INVEST CJSC: Court Names V. Babenko to Manage Assets -------------------------------------------------------------- The Arbitration Court of Tomsk Region appointed Mr. V. Babenko as Insolvency Manager for CJSC Prom-Tekh-Invest. He can be reached at: V. Babenko Office 207 Nakhimova Str. 13/1 634034 Tomsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A67-7914/01. The Debtor can be reached at: V. Babenko Office 207 Nakhimova Str. 13/1 634034 Tomsk Region Russia SAKHA-TRANS-MECHANIZATION: Claims Filing Period Ends Feb. 13 ------------------------------------------------------------ Creditors of on OJSC Sakha-Trans-Mechanization have until Feb. 13 to submit written proofs of claim to: N. Mamrukov, Insolvency Manager Krupskou Str. 35 Yakutsk 677007 Sakha Republic-Yakutiya Russia The Arbitration Court of Sakha Republic-Yakutiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A58-2242/06. The Arbitration Court of Sakha Republic-Yakutiya is located at: Kurashova Str. 28 677000 Sakha Republic-Yakutiya Russia The Debtor can be reached at: OJSC Sakha-Trans-Mechanization Molodyezhnaya Str. 23 Solnechnyj Location Ladan 678900 Sakha Republic-Yakutiya Russia STAVROPOLSKIY EXPERIMENTAL: Claims Filing Period End Feb. 13 ------------------------------------------------------------ Creditors of on LLC Stavropolskiy Experimental Factory (TIN 2633000643) have until Feb. 13 to submit written proofs of claim to: A. Khalizov, Insolvency Manager Apartment 4 Lenina Str. 120 355012 Stavropol Region Russia The Arbitration Court of Stavropol Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-16997/06-S5. The Arbitration Court of Stavropol Region is located at: Mira Str. 458 b Stavropol Region Russia The Debtor can be reached at: LLC Stavropolskiy Experimental Factory Oktyabrskaya Str. 184a 355000 Stavropol Region Russia TINTA CJSC: Creditors Must File Claims by Feb. 13 ------------------------------------------------- Creditors of on CJSC Tinta (TIN 1831046278/ KPP 183101001) have until Feb. 13 to submit written proofs of claim to: V. Klyukin, Insolvency Manager Office 202 Severnyj Per. 61 Izhevsk 426011 Udmurtiya Republic Russia The Arbitration Court of Udmurtiya Republic commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A71-008765/2006 G9. The Arbitration Court of Udmurtiya Republic is located at: Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Republic Russia The Debtor can be reached at: CJSC Tinta Post User Box 4317 Izhevsk 426057 Udmurtiya Republic Russia TYRNYAUZSKIY MINING: Court Starts Bankruptcy Supervision Process ---------------------------------------------------------------- The Arbitration Court of Kabardino Balkariya Republic commenced bankruptcy supervision procedure on OJSC Tyrnyauzskiy Mining and Concentration Complex. The Temporary Insolvency Manager is: I. Gorelov Elbrusskiy Pr. 19 Tyrnyauz 361620 Kabardino Balkariya republic Russia The Debtor can be reached at: I. Gorelov Elbrusskiy Pr. 19 Tyrnyauz 361620 Kabardino Balkariya Republic Russia URAL BANK: Moody's Assigns B3/NP/E+ Global Scale Ratings -------------------------------------------------------- Moody's Investors Service assigned these global scale ratings with stable outlook to Ural Bank for Reconstruction and Development: -- B3 long-term and Not-Prime short-term foreign and local currency deposit ratings; and -- E+ financial strength rating. At the same time, Moody's Interfax Rating Agency has assigned a Baa2.ru long-term national scale credit rating to the bank. Moscow-based Moody's Interfax is majority-owned by Moody's Investors Service. According to Moody's Investors Service and Moody's Interfax, the B3/NP/E+ global scale ratings reflect global default and loss expectation, while the Baa2.ru national scale rating reflects the standing of the bank's credit quality relative to its domestic peers. UBRD's FSR is underpinned by its position as one of the banking leaders in its home Oblast of Sverdlovsk and in the neighboring Oblast of Chelybinsk located in the east of the European part of Russia. As the economy of both regions is currently developing quite dynamically and UBRD has established relationships with a number of large local companies from mining, metallurgy and some other industries, its business within this territory has the potential for further growth. UBRD is also planning to strengthen its franchise by gradually transforming from a regional into a nationwide bank, although implementation of this strategy could be hampered by intense competition. Other positive rating drivers include: (i) a relatively developed and rapidly expanding territorial network; and (ii) a sound core deposit funding base with accounts of individuals presently making up about 50% of total liabilities. The bank's FSR is constrained primarily by a very large exposure to related parties, which at year-end 2005 was equal to 365% of equity, as well as by an excessive single-party and industry concentrations in the loan portfolio. However, UBRD is expecting concentrations to decline dramatically in 2006 and 2007, as its related borrowers are planning to refinance the major part of their debt by loans from larger banks. Another important negative rating driver is the bank's unsatisfactory level of economic capital, as at year-end 2005 the amount of fixed assets exceeded the shareholders' equity. UBRD's FSR is also constrained by its weak earnings performance, mainly due to a relatively narrow net interest margin and high non-interest expenses related to branch network development, together with possible negative repercussions for profitability from the growth of delinquencies in the bank's rapidly growing consumer loans portfolio. The B3/NP deposit ratings and Baa2.ru NSR do not factor in the possibility of support in the event of need from either the Russian financial authorities or the bank's shareholders. Although such support is possible, particularly from the Russian financial authorities in light of UBRD's substantial market share in private deposit-taking in the Oblast of Sverdlovsk (currently about 10%), its scope and timeliness are somewhat uncertain. UBRD is headquartered in Yekaterinburg, Russian Federation. As at year-end 2005, the bank reported total assets of US$632 million under IFRS. UBRD ranked 58th by assets and 79th by regulatory capital among Russian banks as of Sept. 30, 2006, according to Interfax. VERKHNEBUREINSKIY OJSC: Creditors Must File Claims by March 13 -------------------------------------------------------------- Creditors of on OJSC Trading House Verkhnebureinskiy have until March 13 to submit written proofs of claim to: G. Chmutina, Insolvency Manager Office 806 Office 56 Sheronova Str. 56 680000 Khabarosk Region Russia The Arbitration Court of Khabarosk Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A73-5895/2006-9. The Debtor can be reached at: OJSC Trading House Verkhnebureinskiy Tsentralnaya Str. 52 Chegdomyn Verkhnebureinskiy Region Khabarosk Region Russia ========= S P A I N ========= LEAR CORP: Cuts Annual Net Loss by Half to US$707.5 Million ----------------------------------------------------------- Lear Corp. released its consolidated financial results for the quarter and year ended Dec. 31, 2006. Lear posted US$707.5 million in net losses against US$17.84 billion in revenues for 2006, compared with US$1.38 billion in net losses against US$17.09 billion in revenues for 2005. The company posted US$645 million in net losses against US$4.26 billion in revenues for the fourth quarter of 2006, compared with US$602.6 million in net losses against US$4.4 billion in revenues for the same period in 2005. The decline in net sales for the quarter reflects primarily lower production in North America and the divestiture of Lear's European Interior business. Operating results also declined, reflecting the lower production, offset in part by the addition of new business and cost improvements. Higher full-year net sales reflects primarily the addition of new business, partially offset by lower production in North America and unfavorable platform mix. Operating results improved, reflecting the addition of new business and ongoing cost and efficiency actions, largely offset by lower production in North America and unfavorable platform mix. "In a challenging environment last year, we improved our financial results for the full year, improved our liquidity position and took a number of important steps to reposition Lear for future success," Bob Rossiter, Lear Chairman and CEO, said. "We refocused our strategy to manage our business on a product- line basis. We increased our emphasis on new technology and innovation with our Core Dimension strategy. We also continued to make steady progress in diversifying our sales on a customer, regional and vehicle segment basis." Full-Year 2007 Guidance The guidance excludes results for Lear's Interior business for the full year. On this basis, Lear expects 2007 worldwide net sales of US$15 billion, reflecting primarily the addition of new business globally and the positive impact of foreign exchange, partially offset by unfavorable platform mix. Lear anticipates 2007 income before interest, other expense, income taxes, restructuring costs and other special items to be in the range of US$560 to US$600 million. The improvement in core operating earnings reflects the addition of new business and cost improvements, offset in part by unfavorable platform mix. Restructuring costs in 2007 are estimated to be about US$100 million. Interest expense is estimated to be in the range of US$215 to US$225 million. Pretax income before restructuring costs and other special items is estimated to be in the range of US$270 to US$310 million. Tax expense is expected to be between US$100 and US$120 million, depending on the mix of earnings by country. Capital spending in 2007 is estimated at around US$250 million. Depreciation and amortization expense is estimated at about US$310 million. Free cash flow is expected to be positive at about US$225 million for the year. Key assumptions underlying Lear's financial outlook include expectations for industry vehicle production of approximately 15.3 million units in North America and 19.2 million units in Europe. Lear continues to see production for the Big Three in North America being down slightly. In addition, we are assuming an exchange rate of US$1.30/Euro. About the Company Southfield, Mich.-based Lear Corp. (NYSE: LEA) -- http://www.lear.com/-- supplies automotive interior systems and components. Lear provides complete seat systems, electronic products, electrical distribution systems, and other interior products. Lear also operates in Argentina, Austria, Belgium, Brazil, Canada, China, Czech Republic, United Kingdom, France, Germany, Honduras, Hungary, India, Italy, Japan, Mexico, Morocco, The Netherlands, Philippines, Poland, Portugal, Romania, Russia, Singapore, Slovakia, South Africa, South Korea, Spain, Sweden, Thailand, Tunisia, Turkey and Venezuela. * * * As reported in the TCR-Europe on Nov. 23, 2006, Moody's Investors Service raised Lear Corp.'s rating outlook to stable from negative and affirmed all other Lear ratings. In a TCR-Europe report on Nov. 22, 2006, Standard & Poor's Ratings Services assigned its 'B-' ratings to Lear Corp.'s US$300 million senior notes due 2013 and its US$400 million senior notes due 2016. Lear's 'B+' corporate credit and other ratings were affirmed. The outlook is negative. Moody's Investors Service has assigned a B3, LGD4, 61% rating to Lear Corp.'s new offering of US$700 million of unsecured notes. At the same time, Moody's affirmed Lear's Corporate Family Rating of B2, Speculative Grade Liquidity rating of SGL-2 and negative outlook. All other long-term ratings are unchanged. =========== S W E D E N =========== PFLEIDERER SWEDEN: Hikes Pergo AB Stake to 55.3% ------------------------------------------------ Pfleiderer Sweden AB, an indirectly wholly owned subsidiary of Pfleiderer AG, has acquired 4,829,245 shares in Pergo AB. After the acquisition, Pfleiderer Sweden owns 6,087,445 shares in Pergo, which represents 11.4% of the shares and votes in Pergo. Together with the 22,460,195 Pergo shares in respect of which irrevocable undertakings including options have been obtained, Pfleiderer Sweden controls 28,547,640 shares, which represents 53.3% of the shares and votes in Pergo. In a TCR-Europe report on Jan. 18, Pfleiderer AG proposed a SEK2.73 billion voluntary takeover offer for all of the shares in Pergo AB to boost U.S. sales and enter the European laminate- flooring market. Pfleiderer AG submitted the offer via its indirectly wholly owned subsidiary, Pfleiderer Sweden AB, at an offer price of SEK51 in cash per share in Pergo. Currently, 53,569,685 shares in Pergo are outstanding. "With Pergo we can cover the total U.S. area excellently," said Pfleiderer CEO Hans Overdiek. "Since the beginning of last year we've been looking for a production site in the south of the U.S. We already produce in Canada, in Montreal." Demand for laminate floors may rise by 10% a year in the U.S., he added. About Pfleiderer Headquartered in Neumarkt, Germany, Pfleiderer AG -- http://www.pfleiderer.com/-- manufactures engineered woods and infrastructure products through its subsidiaries. The Company produces wood-based panels for furniture and interior fittings, track systems for urban and intercity rail networks, and a range of poles and towers for energy and commercial infrastructures. * * * In a TCR-Europe report on Jan. 18, Fitch Ratings said that Germany-based Pfleiderer AG's Issuer Default rating of BB and Short-term rating of B are not affected by the group's takeover bid for Sweden-based Pergo AB. The rating Outlook remains Positive. ===================== S W I T Z E R L A N D ===================== BETSCHART BAU: Creditors' Liquidation Claims Due February 9 ----------------------------------------------------------- Creditors of LLC Betschart Bau have until Feb. 9 to submit their claims to: LLC Betschart Bau Liquidator Zelglistrasse 6 8956 Killwangen Aargau Switzerland The Debtor can be reached at: LLC Betschart Bau Zelglistrasse 6 8956 Killwangen Aargau Switzerland EDELFLOR JSC: Thurgau Court Starts Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Court of Thurgau commenced bankruptcy proceedings against JSC Edelflor on Dec. 11, 2006. The last date of submitting claims by proceedings is on Feb. 8. The Debtor can be reached at: JSC Edelflor Bahnhofstrasse 1 8572 Berg TG Switzerland The Bankruptcy Service of Thurgau can be reached at: Bankruptcy Service Thurgau 8510 Frauenfeld Switzerland FISCHER PLATTEN: Creditors' Liquidation Claims Due February 9 ------------------------------------------------------------- Creditors of LLC Fischer Platten have until Feb. 9 to submit their claims to: Juerg Fischer Liquidator Beatenbergstr. 4 post box: 406 3800 Unterseen Berne Switzerland The Debtor can be reached at: LLC Fischer Platten Interlaken Berne Switzerland GAU UND UMGEBUNG: Creditors' Liquidation Claims Due February 8 -------------------------------------------------------------- Creditors of Gau und Umgebung have until Feb. 8 to submit their claims to: Anton Kissling Liquidator Hintere Gasse 8 4628 Wolfwil Gau Solothurn Switzerland The Debtor can be reached at: Gau und Umgebung Egerkingen Solothurn Switzerland GREEN GRASS: Berne Court Closes Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Court of Berne entered Dec. 11, 2006, an order closing the bankruptcy proceedings of LLC Green Grass Dienstleistung. The Debtor can be reached at: LLC Green Grass Dienstleistung Postgasse 8 3042 Ortschwaben Switzerland The Bankruptcy Service of Berne can be reached at: Bankruptcy Service of Berne Office Seeland 2501 Biel/Bienne Berne Switzerland GWIDO HOLDING: Creditors' Liquidation Claims Due February 12 ------------------------------------------------------------ Creditors of JSC Gwido Holding have until Feb. 12 to submit their claims to: JSC Treyer Liquidator Lautengartenstr. 14 4052 Basel Switzerland The Debtor can be reached at: JSC Gwido Holding Basel Switzerland KENTEX JSC: Court Closes Bankruptcy Proceedings ----------------------------------------------- The Banking Commission of the Swiss Confederation entered Dec. 8, 2006, an order closing the bankruptcy proceedings of JSC Kentex. The Debtor can be reached at: JSC Kentex Bosch 80A 6331 Hunenberg Zug Switzerland The Banking Commission of the Swiss Confederation can be reached at: Banking Commission of the Swiss Confederation 3001 Berne Switzerland MTS TECHNIK: Creditors' Liquidation Claims Due February 9 --------------------------------------------------------- The creditors of LLC MTS Technik have until Feb. 9 to submit their claims to: Rudolf H. Graf Liquidator Alpsteinstrasse 9 9030 Abtwil Aargau Switzerland The Debtor can be reached at: LLC MTS Technik Gaiserwald St. Gallen Switzerland OPTRON JSC: Creditors' Liquidation Claims Due February 12 --------------------------------------------------------- The creditors of JSC Optron have until Feb. 12 to submit their claims to: JSC Administra Liquidator Allmeindstrasse 17 8840 Einsiedeln Schwyz Switzerland The Debtor can be reached at: JSC Optron Feusisberg Hofe Schwyz Switzerland PHM MANAGEMENT: Thurgau Court Closes Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Court of Thurgau entered Dec. 18, 2006, an order closing the bankruptcy proceedings of JSC PHM Management. The Debtor can be reached at: JSC PHM Management Walkestr. 101 8570 Weinfelden Thurgau Switzerland The Bankruptcy Service of Thurgau can be reached at: Bankruptcy Service of Thurgau 8510 Frauenfeld Thurgau Switzerland ============= U K R A I N E ============= ALFA-PIK LLC: Claims Submission Deadline Set February 10 -------------------------------------------------------- Creditors of LLC Science-Industrial Enterprise Alfa-Pik (code EDRPOU 13632026) have until Feb. 10 to submit written proofs of claim to: M. Vereschaka, Konstantin Velikiy Str. 16 69002 Zaporozhje Region Ukraine The Economic Court of Zaporozhje Region commenced bankruptcy proceedings against the company on Dec. 25, 2006, after finding it insolvent. The case is docketed under Case No. 25/128/06. The Economic Court of Zaporozhje Region is located at: Shaumiana Str. 4 69001 Zaporizhje Region Ukraine The Debtor can be reached at: LLC Science-Industrial Enterprise Alfa-Pik P.O. Box 5191 Geroev Stalingrada Str. 48/220 49002 Zaporozhje Region Ukraine BANK VIDRODZHENNYA: Court Names Svetlana Klimenko as Liquidator --------------------------------------------------------------- The Arbitration Court of Kiev Region has appointed Svetlana Klimenko as Liquidator for Bank Vidrodzhennya. The Economic Court of Kiev Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kiev Region Ukraine FIRST UKRAINIAN: Moody's Puts B2 Ratings with Stable Outlook ------------------------------------------------------------ Moody's Investors Service, Inc. assigned these global scale ratings to CJSC First Ukrainian International Bank: -- B2 long-term and Not Prime short-term local and foreign currency deposit ratings; -- B2 long-term foreign currency debt rating; and -- E+ financial strength rating. Moody's also assigned an A1.ua long-term national scale rating to FUIB. The bank's global scale ratings carry a stable outlook, while the NSR carries no specific outlook. According to Moody's, the bank's B2/Not Prime global scale local currency ratings reflect its global default and loss expectation and are not constrained by any foreign currency transfer risk, while the A1.ua national scale rating reflects the standing of the bank's credit quality relative to its domestic peers. FUIB's B2/NP/E+ ratings are underpinned by its relatively long track record of cooperation with both multilateral financial institutions and western commercial banks, which, in Moody's view, supports FUIB's foothold in the Ukrainian corporate banking sector and benefits its franchise strength. The ratings also reflect the bank's relatively conservative risk appetite, compared to many Ukrainian peers, as reflected in its historically low level of non-performing loans and reasonable asset quality as well as its relatively developed risk management procedures and a corporate governance structure that is better than that of many of its peers. In addition, FUIB's ratings reflect its adequate liquidity and good capital management, in part reflected in the target Basel capital adequacy ratio of a sound 19%. However, the bank's ratings are constrained by its partial reliance for funding on the SCM group, FUIB's shareholder, which also controls its sister bank (Dongorbank -- DGB) and a number of industrial assets in Ukraine, and by its persistent concentration of business within the highly competitive corporate sector in Ukraine. Other factors constraining the ratings include: (i) the high levels of single-name concentrations on both sides of the balance sheet, (ii) a track record of modest profitability, and (iii) Moody's concerns that DGB, which is financially weaker, represents some degree of contingent liability where FUIB could be brought to extend support to its sister bank in case of need. The bank's B2/Not Prime long- and short-term local and foreign currency deposit ratings are directly linked to its FSR and do not incorporate any element of government support, given its low importance for the Ukrainian banking sector and economy. Support from the SCM group is possible, as was reflected during December 2004 mini-crisis when the bank received liquidity support from the SCM group and recent capital injections. Moody's explained that, although parental support cannot be completely ruled out, there is not sufficient certainty about the timeliness and extent of such support to allow it to enhance the bank's deposit ratings above the level commensurate with its intrinsic financial strength; such support is therefore imputed in the bank's B2 deposit rating only to a limited extent. The rating agency also views Mr. Akhmetov's status as a politically connected person as giving rise to a host of potential political risks for FUIB. If the bank successfully executes its strategy to diversify its business into the retail and SME sector, this could have positive rating implications, provided it is supported by an improvement in financial fundamentals. In addition, diversification of funding away from related-parties as well as further improvements in corporate governance procedures and further institutionalization could also exert upward pressure on the ratings. Conversely, any significant asset quality and/or liquidity problems or a rise in the level of related-party transactions would have negative rating implications. The FSR presents little downside potential in the near term. Moody's has also assigned a B2 long-term foreign currency debt rating to the upcoming issue of Loan Participation Notes to be issued by Standard Bank Plc (U.K.) on a limited recourse basis for the sole purpose of funding a senior unsecured loan to FUIB. The outlook for the rating is also stable. Moody's understands that the underlying loan agreement according to which the proceeds from the Eurobond issuance will be on-lent by Standard Bank Plc (U.K.) to FUIB contains a set of covenants such as negative pledge, cross default, maintenance of capital adequacy, limitations on mergers, disposals, transactions with affiliates and restricted payments. The rating agency notes that, while the likelihood of any of the above covenants being triggered is relatively low, if such were to occur, it could potentially have adverse liquidity implications for the bank and might exert severe downward pressure on its ratings. Moody's cautions that the transaction also has an embedded rating trigger whereby the notes will become payable if, during the six months following a change of control of FUIB, the outlook on its ratings is changed to negative or if the ratings themselves are downgraded or withdrawn. If the noteholders' put option were to be exercised, this could result in a need to repay a sizeable obligation, thus putting a burden on the bank's financial resources. With dual head offices in Kiev and Donetsk, Eastern Ukraine, an industrial area, FUIB reported total consolidated assets of US$945.5 million and total equity of US$179.5 million under IFRS as of Sept. 30, 2006, and ranked 15th by total assets in the country at end-November 2006. The bank is part of the SCM group, a large financial-industrial group owned by Rinat Akhmetov, a prominent Ukrainian businessman. FIRST UKRAINIAN: Fitch Assigns B- Rating to Upcoming Eurobond ------------------------------------------------------------- Fitch Ratings assigned Standard Bank Plc's upcoming loan participation notes issue an expected Long-term 'B-' rating and an expected Recovery Rating 'RR4'. The notes are to be issued for the sole purpose of financing a loan to First Ukrainian International Bank, rated Issuer Default 'B-', Short-term 'B', Individual 'D', Support '5' and National Long-term 'BBB(ukr)'. The Outlooks on both the Issuer Default and the National Long-term ratings are Stable. The issue's final ratings are contingent upon receipt of final documentation conforming materially to information already received. The terms and conditions of the notes specify that they will rank at least equally with the claims of other senior unsecured creditors of FUIB, save those preferred by relevant laws. Under Ukrainian bankruptcy law, obligations to individual depositors and account holders rank above those of other senior unsecured creditors. At end-Q306, retail deposits and accounts comprised 22.8% of FUIB's total liabilities, according to the bank's unaudited IFRS interim financial statements. Furthermore, related-party liabilities constitute a significant part of FUIB's total liabilities. In Fitch's opinion, this could give rise to additional risks to noteholders in a default scenario, albeit not to the extent that these would justify a lower Recovery Rating than 'RR4' for the current transaction. Covenants oblige FUIB to maintain a Basel I total capital ratio of at least 10%, specify that the bank's transactions with affiliates must be on market terms, limit dividend payments and stock redemptions to 50% of consolidated annual net profit under IFRS, and restrict reorganizations including mergers, divisions and disposals of assets. The terms and conditions of the notes also contain a cross default clause, triggered by overdue indebtedness of US$10 million, and a negative pledge clause, which allows for securitization up to a limit of 15% of gross loans under IFRS Should any securitization be undertaken, Fitch comments that the nature and extent of any overcollateralization would be assessed by the agency for any potential impact on unsecured creditors. Noteholders will also enjoy a put option should any change in control of the bank result in a rating downgrade. FUIB was the 15th largest bank in Ukraine by assets, as of Sept. 30, 2006. Historically a corporate bank, FUIB's strategy is to expand its retail and SME lending. The bank is 99%-owned by SCM Finance, the financial sub-holding of SCM, which is among the largest business groups in Ukraine. SCM is ultimately controlled by Rinat Akhmetov, a leading Ukrainian businessman. SCM also owns Donetsk-based Donghorbank, a medium-sized bank based in Donetsk, which services SCM's cash flows, and two insurance companies. KYIVSTAR GSM: Moody's Lifts Rating to Ba3 on Good Performance ------------------------------------------------------------- Moody's Investors Service upgraded the ratings of Kyivstar G.S.M. Joint Stock Company. The outlook on the ratings is positive. The ratings affected are: -- Corporate family rating upgraded to Ba3 from B1 -- US$266-million loan participation notes due 2009 upgraded to Ba3 from B1 -- US$175-million loan participation notes due 2012 upgraded to Ba3 from B1 The ratings upgrade reflects: (i) the company's ongoing strong financial and operational performance; (ii) its leading market share in the context of a vigorous competitive environment; (iii) the company's free cash flow generation on the first nine month basis in 2006; and (iv) Kyivstar's modest leverage of approximately 0.5x Total Debt to reported EBITDA on a nine month annualized basis. At the same time Moody's notes the unresolved shareholder disputes between Alfa Group and Telenor ASA. As a result, the Ba3 rating reflects a degree of near term uncertainty associated with the company's financial policies, particularly with regards potential shareholder distributions. As of Sept. 30, 2006, Kyivstar had approximately US$473.1 million in cash and cash equivalents and was free cash flow positive. The rating also takes into account the impact of a vigorous competitive environment. The positive outlook on the ratings relies on Moody's expectation of the company's continued robust operational and financial performance. The positive outlook is further supported by the agency's expectations of the company's maintenance of its existing conservative financial policy notwithstanding limited visibility regarding potential shareholder distributions. What Could Change the Rating Up Increased visibility as regards medium term financial policies in combination with conservative leverage parameters supported by the elimination of the uncertainties that have been raised by the shareholder disputes What Could Change the Rating Down Material debt -- financed shareholder distributions with leverage rising above 2x Total Debt to EBITDA or a change in the ownership structure in combination with the introduction of aggressive financial policies Headquartered in Kyiv, Ukraine, Kyivstar is the largest mobile telecommunications operator in Ukraine. In the first nine month of 2006, Kyivstar generated revenue of US$1,233 million and reported EBITDA of US$752 million. MAGNETIC MEDIA: Creditors Must Submit Claims by February 11 ----------------------------------------------------------- Creditors of OJSC Research Institute of Magnetic Media (code EDRPOU 00209875) have until Feb. 11 to submit written proofs of claim to: Tatiana Nagorneva, Temporary Insolvency Manager Gagarin Str. 2 Sumy Region Ukraine Tel: (0542) 22-14-06 The Economic Court of Sumy Region commenced bankruptcy supervision procedure on the company on Dec. 6, 2006. The case is docketed under Case No. 6/156-06. The Economic Court of Sumy Region is located at: Shevchenko Avenue 18/1 40030 Sumy Region Ukraine The Debtor can be reached at: OJSC Research Institute of Magnetic Media Gagarin Str. 1 Shostka 41100 Sumy Region Ukraine RAYKOVCY LLC: Creditors Must Submit Claims by February 14 --------------------------------------------------------- Creditors of Agricultural LLC Raykovcy (code EDRPOU 05575583) have until Feb. 14 to submit written proofs of claim to: Sergey Shyshkin, Temporary Insolvency Manager Institutskaya Str. 17/3 29000 Hmelnitskiy Region Ukraine The Economic Court of Hmelnitskiy Region commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 13/186-B. The Economic Court of Hmelnitskij Region is located at: Nezalezhnosti Square 1 29000 Hmelnitskij Region Ukraine The Debtor can be reached at: Agricultural LLC Raykovcy Raykovcy 31300 Hmelnitskij Region Ukraine VARIANT LLC: Creditors Must Submit Claims by February 11 -------------------------------------------------------- Creditors of LLC Specialized Center of Technical Service Variant (code EDRPOU 25013759) have until Feb. 11 to submit written proofs of claim to: I. Morozov, Temporary Insolvency Manager P.O. Box 2734 49044 Dnipropetrovsk Region Ukraine Tel: (056) 770-27-40 The Economic Court of Dnipropetrovsk Region commenced bankruptcy supervision procedure on the company on Dec. 26, 2006. The case is docketed under Case No. B 24/405-06. The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Specialized Center of Technical Service Variant Gogol Str. 20 49044 Dnipropetrovsk Region Ukraine VIDRODZHENNYA JSCB: Creditors Must Submit Claims by February 11 --------------------------------------------------------------- Creditors of have until Feb. 11 to submit written proofs of claim to: Svetlana Klimenko, Insolvency Manager P.O. Box 42 03035 Kiev Region Ukraine Tel: 8 (044)592-75-41 The Economic Court of Kiev Region has renewed bankruptcy supervision procedure on the company. The case is docketed under Case No. 15/07. The Economic Court of Kiev Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kiev Region Ukraine The Debtor can be reached at: JSCB Vidrodzhennya M. Kociubinskiy Str. 7a 252030 Kiev Region Ukraine =========================== U N I T E D K I N G D O M =========================== A & C PUMPS: Appoints Joint Administrators from PKF --------------------------------------------------- P. L. Armstrong and C. J. Latos of PKF (U.K.) LLP were appointed joint administrators of A & C Pumps Ltd. (Company Number 03949794) on Jan. 12. PKF (U.K.) LLP -- http://www.pkf.co.uk/-- specializes in advising the management of developing private and public businesses. Its principal services include assurance & advisory; corporate finance; corporate recovery & insolvency; forensic; management consultancy and taxation. It also offers financial services through its FSA authorized company, PKF Financial Planning Ltd. A & C Pumps Ltd. can be reached at: Unit 15 New Dover Road Barton Business Park Canterbury Kent CT1 3AA United Kingdom Tel: 01227 785 785 Fax: 01227 785 888 AEROBOX PLC: Files for Chapter 11 Protection in New Mexico ---------------------------------------------------------- AeroBox Composite Structures LLC, the main operating subsidiary of AeroBox Plc, filed a chapter 11 petition in the U.S. Bankruptcy Court for the District of New Mexico on Jan. 23. Under the terms of the petition, ACS is being funded by its previously secured lender Laurus Master Fund. In view of this event the prospects of any returns for shareholders of ARX are likely to be minimal. The Board of ARX continues to examine options for ARX and will make further announcements when appropriate. As reported in the TCR-Europe on Sept. 19, 2006, AeroBox Plc suspended the trading of its shares on the AIM market of the London Stock Exchange on Sept. 15, pending clarification of the company's financial position. The company's directors had disclosed that the company's funding options have been exhausted and with limited cash resources, the Board has requested an immediate suspension of trading in the company's shares in order to seek the best possible outcome for all shareholders. About the Company Headquartered in London, United Kingdom, Aerobox Plc -- http://www.aeroboxPlc.com/-- acts as a holding company and has traded on the AIM market of the London Stock Exchange. It has one 100% owned subsidiary-Aerobox Composite Structures LLC (fka Aerospace Composite Structures LLC) that was formed in September 1998 in Albuquerque, New Mexico, USA, to exploit composites technology and was acquired by Aerobox Plc in March 2003. AEROBOX COMPOSITE: Case Summary & 27 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Aerobox Composite Structures LLC fka Aerospace Composite Structures LLC 4321 B Fulcrum Way Northeast Rio Rancho, NM 87144 Tel: (505) 332-7709 Bankruptcy Case No.: 07-10138 Type of Business: Aerobox Composite Structures LLC and Aerobox Plc, its holding company, manufacture and market robust metal containers for use in the cargo hold of commercial airliners. Their 'Aeroplaz' container uses composite material for panel production that overcomes the drawbacks of the conventional products while providing increased robustness, improved repair-ability, and reduced life cycle costs. See http://www.acsusa.net/ Chapter 11 Petition Date: January 23, 2007 Court: District of New Mexico Judge: Mark McFeeley Debtor's Counsel: Peter Lubitz, Esq. Schiff Hardin LLP 623 5th Avenue New York, NY 10022 Tel: (212) 745-0817 Fax: (212) 753-5044 Estimated Assets: US$1 Million to US$100 Million Estimated Debts: US$1 Million to US$100 Million Debtor's 27 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Alcoa Engineered Products Trade Debt $331,803 6833 West Willis Road Chandler, AZ 85226 Tel: (520) 796-1098 Butler International Inc. Trade Debt $260,301 P.O. Box 85488 Charlotte, NC 282065 Tel: (505) 883-2700 c/o Terry O'Brien Alcoa Milled Products Trade Debt $186,018 Department LA 21264 Pasadena, CA 91185-1264 Tel: (626) 398-3504 Eagle Global Logistics Trade Debt $153,338 P.O. Box 844650 Dallas, TX 75284-4650 Tel: (214) 242-8000 c/o Jon E. Pickett Wells Fargo Bank $100,790 P.O. Box 348750 Sacramento, CA Euro-Projects (LTTC) Ltd. $90,598 Estex Manufacturing Company Trade Debt $79,941 Ashland Distribution Company Trade Debt $45,280 Profile Precision Extrusions Trade Debt $37,150 Seyfarth Shaw LLP Loan Fee $35,846 Excel Staffing Company Trade Debt $34,472 The Tricont Company Trade Debt $29,083 Accounting Principals Trade Debt $27,917 Schiff Hardin LLP $26,780 ABF Freight System Trade Debt $21,360 Aircraft Hardware West, Inc. $20,974 Keleher & McLeod, P.A. $20,579 EBS Group $18,930 Lofthouse $17,885 Welch Equipment Company $16,054 Desert Machine $14,720 Aluminum Precision Oxnard $10,215 Werner Enterprises, Inc. $10,187 DGI Supply A DoAll Company $8,735 MSI $8,500 A-1 Boiler Service $8,207 Associated Global $8,153 BRITISH AIRWAYS: Cabin Crew Union Cancels Strike Action ------------------------------------------------------- The Transport and General Workers' Union, representing 11,000 cabin crew employees of British Airways Plc, has called off its scheduled strike action today, Jan. 30, and Wednesday after negotiations resulted in an agreement that ended the two-tier wage structure in the company, Tracy Alloway and Chad Thomas write for Bloomberg News. According to the report, the airline agreed to increase the top base pay of its flight attendants hired after 1997 to GBP19,418 a year from GBP15,748. The workers will receive the 4.6% wage increase this year and the rate of inflation in the second year, The Associated Press says. BA CEO Willie Walsh said, the agreement "puts in place a system to regulate how we manage sick leave." The union has also decided to avert its two other 72-hour strikes next month. However, "the decision has come too late to prevent disruption to the travel plans of tens of thousands of our customers," Mr. Walsh was quoted by Bloomberg as saying. "We will endeavor to reinstate as many flights as we can," Mr. Walsh added. As previously reported in the TCR-Europe on Jan. 26, the T&G agreed to postpone the first 24 hours of a planned three-day strike to allow more time for further labor negotiations. The carrier had canceled 1,300 flights in preparation for the strike. The union threatened to push through with the strike unless a dispute over sick leave, pay and staffing is resolved. As previously disclosed, 96% of T&G union's cabin crew members voted in favor of a strike action over the airline's proposed deal that would narrow a GBP2.1-billion pension deficit. Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * British Airways carry these ratings: * Moody's Investors Service: -- Long-Term Corporate Family Rating: Ba1 -- Senior Unsecured Debt: Ba2 -- Outlook: Negative * Standard & Poor's: -- Long-Term Foreign Issuer Credit Rating: BB+ -- Long-Term Local Issuer Credit Rating: BB+ EMI GROUP: Merges Capitol & Virgin Recording Labels --------------------------------------------------- After a review of EMI Music's American operations, EMI Group PLC CEO Eric Nicoli disclosed that the company is merging its Capitol and Virgin labels to form The Capitol Music Group, a front line pop, rock and urban label group that will comprise the Capitol and Virgin Records imprints. Jason Flom has been promoted to lead The Capitol Music Group as chairman and chief executive officer. Mr. Flom, who joined EMI as chairman and chief executive officer of Virgin Records America in November 2005, reports directly to Nicoli and will now oversee the combined Capitol and Virgin rosters in the U.S. "The music business shows exciting growth potential, but the environment remains extremely challenging," Mr. Nicoli said. "In order to thrive and meet the demands of a rapidly evolving and dynamic music market, we must re-think our operations, not only to make them efficient, but also more effective and focused on creative excellence. By bringing Capitol and Virgin into one label group, we will be better equipped than ever to promote and nurture artistic talent. We remain strongly committed to developing artists in America in all genres as this is a key repertoire source for the world, and to that end, we will maintain our A&R focus and keep a presence in both LA and New York. This structure will also allow us to further build our digital capability." "Jason Flom quickly demonstrated his leadership and artist development abilities since he has been at Virgin. I am confident that he will take us to new levels of success in the rock, pop and urban genres as leader of the Capitol Music Group." Andrew Slater, who has been president and chief executive officer of Capitol Records in the U.S. since 2001, has stepped down from his post. "I would like to thank Andy for his contribution to Capitol and EMI over the past six years and wish him well in all that he does in the future," Mr. Nicoli said. Restructuring Program The formation of the combined U.S. label group is part of EMI Group's recently announced restructuring program, designed to deliver GBP110 million (US$217 million) in annual savings across its business. Bruce Lundvall, president and CEO of The Blue Note Label Group, will continue to report directly to Mr. Nicoli, as will EMI Music North America Chief Operating Officer Ivan Gavin and EMI Music North America Chief Financial Officer Colin Finkelstein. EMI Music Marketing President Ronn Werre, Capitol Nashville President and CEO Mike Dungan, EMI Christian Music Group Chairman/CEO & President Bill Hearn and Caroline Distribution General Manager/SVP Bill Hein will all continue to report to Ivan Gavin. "The combined Capitol Music Group under Jason Flom will become part of a portfolio of labels that position us to be best-of- class in all genres in the U.S. market: the new Capitol Music Group, our very successful Capitol Nashville label, the market-leading EMI Christian Music Group, The Blue Note Label Group aimed at the adult music buyer, our U.S. Latin label EMI Televisa Music, EMM's terrific catalog business and Caroline as a full service distribution and marketing arm for the independent label area," Mr. Nicoli said. About EMI Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group has operations in Brazil, China, and Hungary. The group employs over 6,600 people. Revenues in 2005 were near EUR2 billion and operating profit generated was over EUR225 million. At March 31, 2006, EMI Group's consolidated balance sheet revealed GBP1.817 billion in total assets, GBP2.544 billion in total liabilities and GBP726.6 million in shareholders' deficit. * * * According to a TCR-Europe report published Jan. 17, Moody's Investors Service downgraded EMI Group Plc's Corporate Family and senior debt ratings to Ba3 from Ba2. All ratings remain under review for possible further downgrade. As reported in the TCR-Europe on Dec. 19, 2006, Standard & Poor's Ratings Services affirmed its 'BB/B' long- and short-term corporate credit and 'BB' senior unsecured debt ratings on U.K.- based music major EMI Group PLC. The long-term and debt ratings were removed from CreditWatch, where they had been placed with negative implications on Nov. 28, 2006, when the group reported a takeover approach. The outlook is negative. ENRON CAPITAL: Creditors' Meeting Slated for February 27 -------------------------------------------------------- The High Court of Justice requested all creditors of Enron Capital & Trade Resources Ltd. to attend, either in person or by proxy, the creditors' meeting at 10:00 a.m. on Feb. 27 at: Linklaters One Silk Street London EC2Y 8HQ United Kingdom The purpose of the creditors' meeting will be to consider and to approve a scheme of arrangement made between the Debtor and its creditors. A copy of the said scheme of arrangement and of the Explanatory Statement required to be furnished pursuant to Section 426 of the Companies Act 1985 and the form of proxy and claim form for use at the Meeting may be obtained by contacting the administrators at: PricewaterhouseCoopers LLP Attn: Tony Kett or Lisa Quail Plumtree Court London EC4A 4HT United Kingdom or the Solicitors: Linklaters Attn: Sarah Gosden One Silk Street London EC2Y 8HQ United Kingdom Creditors are given until noon on Feb. 26, to submit completed Proxy and Voting Form at the same address. The court appointed Steven Anthony Pearson to act as chairman of the meeting and has directed him to report the result thereof to the Court. If approved by the creditors, the Scheme will be subject to the sanction of the Court. All creditors are entitled to attend the court hearing in person or through counsel to support or oppose the sanctioning of the Scheme. A court hearing will be held on March 20 at: The Royal Court of Justice Strand London WC2A 2LL United Kingdom If the court approves the scheme of arrangement, creditors must notify the administrators and scheme supervisors of their claims, following the effective date, in order to be entitled to receive distributions under the said scheme of arrangement. The Scheme Supervisors will notify scheme creditors; those persons claiming to be scheme creditors; and persons whom the scheme supervisors and administrators believe may be scheme creditors, by notice in writing of the exact date of the Bar Date as soon as practicable after the Court's unconditional approval of the scheme arrangement is obtained. FARRINGDON MORTGAGES: Reserve Draws Cue S&P to Affirm Ratings ------------------------------------------------------------- Standard & Poor's Ratings Services said that it has removed from CreditWatch with negative implications and affirmed its rating on the class B2a notes issued by Farringdon Mortgages No. 2 PLC. At the same time, the ratings on all other classes of notes and the MERCS were affirmed. These rating actions follow a full credit and cash flow analysis of the most recent transaction information received by Standard & Poor's, including up-to-date loan-level data for January 2007. The class B2a notes in Farringdon 2 were put on CreditWatch negative on Nov. 21, 2006, following a reserve draw of GBP53,555, 2.51% of the opening quarter balance of GBP2,134,384. On the January interest payment, the transaction has for the second time drawn on its reserve, taking GBP216,485 from a reserve of GBP2,080,829. The reserve fund was sized at GBP1.2 million at closing, and has previously been building through the trapping of excess spread toward the required amount of GBP4.44 million. The reserve currently stands at GBP1,864,344. "Despite the drawings on the reserve, our analysis shows that there is currently sufficient credit enhancement and liquidity support available in the transaction to support the ratings assigned at closing," said credit analyst Kate Livesey. Ms. Livesey continued: "However, given the arrears and repossession position of this transaction, more reserve draws are expected on the coming payment dates. If Farringdon 2 continues to draw on its reserve to the same extent, all other things being equal, there is an increased likelihood of a negative rating action in the future." The transaction benefits from an increase in available credit enhancement as it pays down. Since closing, relative credit enhancement has increased by 1.31x at the 'AAA' level, 1.18x at 'A', 1.43x at 'BBB', and 2.00x at 'BB'. The reserve draws are primarily due to high levels of losses and in particular high loss severities on several properties. Rooftop Mortgages has been working with Crown Mortgage Management on improving arrears and implementing loss-mitigation tactics. This has had the effect of crystallizing losses earlier than in the Farringdon No. 1 PLC transaction, as heavy arrears cases are being taken into repossession and brought to sale earlier. Repossessions were reported to be GBP3,335,898 on 27 properties this quarter, 2.16% of the outstanding balance of the notes. The weighted-average LTV ratio of these loans is 85.83%. Cumulative repossessions are GBP6,589,423 on 50 properties, 3.29% of the original balance. Total realized losses this payment period were GBP333,456 from eight properties. Cumulative losses to date are GBP633,375 from 21 properties. The servicer, Crown Mortgage Management Ltd., is actively pursuing insurance and negligence claims of GBP274,000 on the three loans that suffered the highest shortfall. The average loss severity on these three loans is 42.48%, with the largest individual loss severity at 58.69%. According to Rooftop Mortgages, no patterns have emerged pointing to one region or one counterparty being at fault regarding these high loss severities. The underlying collateral is displaying levels of arrears and repossessions generally higher than other U.K. nonconforming transactions of similar seasoning. Total arrears are reported to be 27.72% this quarter, with 90+ day delinquencies at 13.89%. However, the presence of a higher proportion of lower credit quality mortgages than most other nonconforming transactions was reflected in higher than average initial levels of credit enhancement. Of the pool, 35.56% is in the second year of a three-year stepped discount and yet to revert to a floating rate. Farringdon 2 had a discount reserve to cover the decrease in margin on the discounted loans for the first year; this has now been fully used. Given the recent interest rate hikes, it is likely that the transaction may suffer from some payment shock as borrowers roll off their "teaser" rates into a higher interest rate environment. The presence of the detachable A coupons in the structure increases the likelihood of reserve draws. These DACs have a coupon of 2.13% based on the notional balance of the class A notes and remain outstanding for the life of the class A notes. The payment on the DACs, coupled with the arrears and loss position, has reduced the amount of excess spread available to build the reserve, and in the case of the October and January IPD, cover losses. However, prepayments in Farringdon 2 rose to 31.91% this quarter; this will reduce the payments on the DACs as the transaction pays down sequentially. The reserve draws can be compared to the two previous reserve draws from Farringdon Mortgages No. 1, the first Rooftop Mortgages Ltd. transaction. On the April and July interest payment dates in 2006, Farringdon No. 1 drew 15.76% and 8.37%, respectively, of the available reserve. Standard & Poor's affirmed the ratings on the Farringdon 1 transaction on July 20, 2006. The reserve in Farringdon 1 was topped up on the January IPD by GBP237,648 in excess spread, bringing the reserve to GBP1,502,140. Combined with credits to the reserve over the last two quarters, the reserve has now surpassed the total amount drawn from the reserve of GBP312,871. FARRINGDON MORTGAGES: Fitch Keeps Class B2a Notes on Watch Neg. --------------------------------------------------------------- Fitch Ratings maintained Farringdon Mortgages No. 2 Plc's Class B2a notes on Rating Watch Negative. At the same time, the agency has affirmed Classes M2a and B1a removed them from RWN. The remaining outstanding tranches are also affirmed. All tranches of Farringdon Mortgages No. 1 Plc have also been affirmed. Both transactions are backed by loans originated by Rooftop Mortgages Ltd, a subsidiary of Bear Stearns Companies Inc., and have been the subject of a renewed full loan-by-loan and cash flow analysis. The rating actions are: FM1: -- GBP47.74 million Class A2a and A2a detachable coupons affirmed at 'AAA'; -- GBP17.5 million Class M2a affirmed at 'A-'; -- GBP4.38 million Class B1a affirmed at 'BBB-'; -- GBP3.13 million Class B2a affirmed at 'B'; -- MERCS affirmed at 'AAA'; and -- Class A1a and A1a DAC paid in full in January 2007 FM2: -- GBP34.84 million Class A1a and A1a DAC affirmed at 'AAA'; -- GBP84 million Class A2a and A2a DAC affirmed at 'AAA'; -- GBP23.5 million Class M2a affirmed at 'A'; off RWN; -- GBP7.4 million Class B1a affirmed at 'BBB'; off RWN; -- GBP5.1 million Class B2a 'BB'; remains on RWN; and -- MERCS affirmed at 'AAA' Following the second reserve fund draw in FM2 on the January interest payment date, Fitch has remodelled both transactions. The remodelling exercise shows that credit enhancement is sufficient to support the ratings of all tranches at their current levels. However, Fitch notes FM2 remains likely to continue drawing on its reserve fund. Consequently, the Class B2a notes are more vulnerable to downgrade should there be significant increases in arrears and loss levels. The reserve fund draw in FM2 that took place on the January IPD amounted to GBP216,485, 10.14% of the maximum balance reached by the reserve fund to date. The reserve fund currently represents 0.93% of the initial note balance, compared to 0.6% at closing and a target level of 2.2% of the initial balance. Excess spread in the transaction is reduced substantially due to the presence of the DACs, which are linked to the Class A notes and pay 2.13% of the principal amount outstanding on these notes. In addition, the reserve for discounted loans was only partially funded for the first year and has now been fully utilized, so will now no longer contribute to available excess spread. Fitch conducted a full loan-by-loan analysis on the sold repossessions to assess individual loss severities, which were significantly higher in the latest quarter than those seen in the quarter before. Additional data provided to Fitch by RML, show the weighted average loss severity on sold repossessions increased to 19.29% in January 2007 from 16.8% in October 2006. These averages are also significantly higher than those seen in FM1, 10.6% in January 2007 and 10.01% in October 2006. According to the data provided by RML, there are 23 loans that have been sold via repossession in FM2. Out of these loans, 19 have realized a loss. In line with previous analysis on the repossession data, higher loss severities have been experienced predominantly in London and its surrounding areas, with 11 of the 19 loans realizing a loss being located in this region. As expected, the largest loss severities are at the higher end of the LTV bracket, with all 19 properties having realized a loss having LTVs in excess of 85%. Average loss severities are below loss severity assumptions for the lowest rated note category of 'BB'. In FM2, there remains a further 30 properties in possession awaiting possible progression to sale. These have a WA LTV of 84.59% and 52.28% are located in and around London. Given this, Fitch expects the loss severities to remain high. However the high annualized principal payment rate in the last quarter of 32.08% has had a positive impact on the available excess spread to all classes. This positive trend mitigates the impact of the reserve fund draw and therefore despite the drawing this quarter the percentage of credit enhancement has improved for all classes, except the B2a. FM1 has experienced slight pick up in arrears levels this quarter to 21.26% from 19.44%. With only 3.59% of borrowers remaining on teaser rate loans, this increase could be a sign of stretched affordability at the higher loan rate for those borrowers that remain in the pool. Additionally, the recent interest rate rises could further exacerbate the position. Nevertheless, the reserve fund was replenished further this quarter by GBP237,648, which now brings the reserve fund level to 1.20% of the initial note balance versus the target level of 4.20%. The Class A1a paid in full in this quarter, which has had a positive impact on deleveraging the deal and building levels of credit enhancement, as well as mitigating the impact of the high DAC rate of 2.59%. Additionally, the A1a DAC has matured, so with only the presence of the Class A2a DAC, more excess spread should be available. Cumulative WALS in FM1 has been increasing at a slower pace. WALS on sold repossessions increased marginally to 10.60% this quarter from 10.01% in the October period. The impact of prepayment on this transaction has also had a positive effect and further downgrades now seem unlikely. FIMBANK: Weak Capitalization Cues Fitch to Affirm IDR at BB ----------------------------------------------------------- Fitch Ratings affirmed Malta-based Fimbank's ratings at Issuer Default 'BB' with a Stable Outlook, Short-term 'B', Individual 'D' and Support '5'. The ratings reflect FIM's clear strategy, backed by the expertise of a good management, its focus on trade finance business, adequate asset quality and fast improving profitability. At the same time they also take into consideration its small size and weakening capitalization in a context of increasing exposure to credit and operational risk in emerging economies. The results for 2005 and for the first six months of 2006 show a clear trend of increasing profitability, with subsidiary London Forfaiting Company contributing satisfactorily to operating profit. International factoring joint ventures, in which FIM has a participation, also add to operating profitability. Efficiency is improving as shown by its decreasing cost/income ratio to 69% in June-2006 from 81.5% at end-2005. Fitch expects FIM's profitability to continue to grow and support internal capital generation. Asset quality is adequate. Gross impaired lending remained stable during H106 at around US$14 million; loan impairment allowances were a good 96%. During 2006, FIM experienced an exceptionally strong increase in interbank deposits following new business with banks based in emerging African markets, a trend which is expected to continue as new relationships are forged. The nature of these funds could generate some volatility, not only in FIM's funding, but also generalized balance-sheet volatility. These funds are then reinvested on the interbank market, avoiding maturity or currency mismatches, generally on primary OECD investment grade banks. Market risk is moderate while liquidity is adequate. During 2005 and 2006 FIM's capitalization materially weakened following exceptionally strong growth in risk-weighted on- and off balance- sheet assets. Its eligible capital/risk weighted assets ratio decreased to 15% at end-June 2006, a low level in light of its risk exposure. Given that the current level of internal capital generation is not sufficient to entirely finance its expected growth, the bank must look externally for resources. To support its growth strategy, the Board of Directors approved plans to increase the bank's capital to US$100m by end-2007, which Fitch considers achievable. Fitch considers strengthening the bank's capital an imperative for FIM to maintain current rating levels, given its strategy of expanding into more fragile emerging markets. Failure to raise sufficient capital in 2007 would likely put downward pressure on FIM's ratings and/or Outlook. Created in 1994 FIM is a small bank specializing in international trade finance and factoring. It has interests in factoring ventures with local operators in emerging economies. FIM's capital is over 60%-owned by Middle Eastern interests, 7% by the International Finance Corp., a member of the World Bank Group, while the balance is publicly listed. FLEXIBREAKS TRAVEL: Appoints William Antony Batty as Liquidator --------------------------------------------------------------- William Antony Batty of Antony Batty & Co. was appointed liquidator of Flexibreaks Travel Service Ltd. on Dec. 19 for the creditors' voluntary winding-up procedure. The Liquidator can be reached at: Antony Batty & Co. Third Floor 3 Field Court G ray's Inn London WC1R 5EF England G K CHAWLA: Creditors' Meeting Slated for February 8 ---------------------------------------------------- Creditors of G K (Chawla) Ltd. will meet at noon on Feb. 8 at: 47-49 Green Lane Northwood Middlesex HA6 3AE England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 7 at the said address. Ashok Kumar Bhardwaj will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require on Feb. 6. A list of names and addresses of the company's creditors will also be available for inspection free of charge. GOODROCK CONSTRUCTION: Creditors' Meeting Slated for February 5 --------------------------------------------------------------- Creditors of Goodrock Construction Ltd. will meet at noon on Feb. 5 at: 16 The Avenue Eastbourne East Sussex BN21 3YD England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 2 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 1. HAMNETT HAYWARD: Creditors' Meeting Slated for January 24 --------------------------------------------------------- Creditors of Hamnett Hayward Ltd. will meet at 11:00 on Jan. 24 at: Begbies Traynor (South) LLP Chiltern House 24-30 King Street Watford WD18 0BP 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 noon on Jan. 23 at: P. M. Davis Joint Administrative Receiver Begbies Traynor (South) LLP Chiltern House 24-30 King Street Watford WD18 0BP United Kingdom Tel: 01923 812900 Fax: 01923 812999 Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. HEALTHCARE CONSTRUCTIONS: Creditors' Meeting Slated for Feb. 6 -------------------------------------------------------------- Creditors of Healthcare Constructions Ltd. will meet at 11:30 a.m. on Feb. 6 at the offices of: Royce Peeling Green Ltd. The Copper Room Deva Centre Trinity Way Manchester M3 7BG England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 2 at the said address. HIGHTRONICS LTD: Creditors' Meeting Slated for February 8 --------------------------------------------------------- Creditors of Hightronics Ltd. will meet at 11:30 a.m. on Feb. 8 at: Maidment Judd Verulam House 110 Luton Road Harpenden Hertfordshire AL5 3BL Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 7 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge on Feb. 6. HOLLAND CLARKE: Creditors' Meeting Slated for February 15 --------------------------------------------------------- Creditors of Holland Clarke Consultancy Ltd. will meet at 11:15 a.m. on Feb. 15 at: Sussex House 8-10 Homesdale Road Bromley Kent BR2 9LZ England A list of names and addresses of the company's creditors will be available for inspection free of charge on Feb. 13. I W COOPER: Names Mark Jonathan Botwood Liquidator -------------------------------------------------- Mark Jonathan Botwood of Muras Baker Jones was appointed liquidator of I W Cooper (Printers) Ltd. on Jan. 16 for the creditors' voluntary winding-up procedure. The company can be reached at: I W Cooper (Printers) Ltd. New Cross Street Wednesbury West Midlands WS107ST England Tel: 0121 526 4504 Fax: 0121 568 6197 ICE COOL: Creditors' Meeting Slated for February 6 -------------------------------------------------- Creditors of Ice Cool Designer Wear Ltd. will meet at 2:30 p.m. on Feb. 6 at: 1 Kings Avenue Winchmore Hill London N21 3NA England A list of names and addresses of the company's creditors will be available for inspection free of charge on Feb. 2. INTERPARTNERS NETWORK: Creditors' Meeting Slated for February 8 --------------------------------------------------------------- Creditors of Interpartners Network Ltd. will meet at 10:30 a.m. on Feb. 8 at the offices of: ThorntonRones LLP First Floor 167 High Road Loughton Essex IG10 4LF England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 7 at the said address. The proxy forms and written statement of claims may also be sent by fax to 020 8418 9444. Information concerning the company's affairs will be available free of charge at the offices of Richard Rones of ThorntonRones LLP during the period up to the meeting of creditors. JADES HOME: Creditors' Meeting Scheduled for February 6 ------------------------------------------------------- Creditors of Jades Home Furnishing Ltd. will meet at 10:30 a.m. on Feb. 6 at: Mayfields Insolvency Church Steps House Queensway Halesowen B63 4AB England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 5 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge on Feb. 1. JDL HOLDINGS: Keith Barry Stout Leads Liquidation Procedure ----------------------------------------------------------- Keith Barry Stout was appointed liquidator of JDL Holdings Ltd. on Jan. 15 for the creditors' voluntary winding-up procedure. The company can be reached at: JDL Holdings Ltd. 340-342 London Road Hadleigh Benfleet Essex SS7 2DD England Tel: 0845 741 3807 KIKI EUROPE: Creditors' Meeting Scheduled for February 6 -------------------------------------------------------- Creditors of Kiki Europe Ltd. will meet at 10:30 a.m. on Feb. 6 at: Arrans PO Box 9377 Leonard House Tamworth Staffordshire B77 5HL England Robert Gibbons of Arrans will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. KIOSK LONDON: Creditors' Meeting Slated for January 30 ------------------------------------------------------ Creditors of The Kiosk (London) Ltd. will meet at 10:15 a.m. on Jan. 30 at: Marks Bloom 60-62 Old London Road Kingston upon Thames Surrey KT2 6QZ England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Jan. 29 at the said address. Andrew John Whelan of Marks Bloom will furnish creditors with such information concerning the company's affairs free of charge as they may reasonably require. LADY GOLFER: Creditors' Meeting Slated for January 31 ----------------------------------------------------- Creditors of The Lady Golfer Ltd. will meet at 11:30 a.m. on Jan. 31 at: Mazars LLP Mazars House Gelderd Road Gildersome Leeds LS27 7JN England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Jan. 30 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Jan. 29. Mazars -- http://www.mazars.com/-- provides audit, accounting, tax and advisory services. LEARNING DESIGN: Creditors' Meeting Scheduled for February 6 ------------------------------------------------------------ Creditors of Learning Design Ltd. will meet at 3:15 p.m. on Feb. 6 at: Begbies Traynor (South) LLP The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 2EG England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 5 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 2. LIGMONT LTD: Creditors' Meeting Slated for February 5 ----------------------------------------------------- Creditors of Ligmont Ltd. will meet at 10:15 a.m. on Feb. 5 at the offices of: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton Surrey SM1 4LA England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 2 at the said address. Martin Charles Armstrong of Turpin Barker Armstrong will furnish creditors with such information concerning the company's affairs as they may reasonably require. Turpin Barker Armstrong -- http://www.turpinba.co.uk/-- provides accounting, tax and business advisory services. LIQUID TRADING: Creditors' Meeting Slated for February 7 -------------------------------------------------------- Creditors of Liquid Trading International Ltd. will meet at 1:15 p.m. on Feb. 7 at: The Thistle Middlesbrou gh Hotel Fry Street Middlesbrough TS1 1JH England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 5 at: DTE Leonard Curtis DTE House Hollins Mount Hollins Lane Bury BL9 8AT England 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. LOJICS RESOURCE: Bank of Scotland Appoints BDO Stoy as Receivers ---------------------------------------------------------------- Bank of Scotland appointed Simon Edward Jex Girling and Shay Bannon of BDO Stoy Hayward LLP joint administrative receivers of Lojics Resource Services Ltd. (Company Number 00843621) on Jan. 9. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. Lojics Resource Services Ltd. can be reached at: Hoyle Street Warri ngton Cheshire WA5 0LR United Kingdom Tel: 01925 232 327 Fax: 0121 328 0822 LOJICS SERVICES: Bank of Scotland Hires Receivers from BDO Stoy --------------------------------------------------------------- Bank of Scotland appointed Simon Edward Jex Girling and Shay Bannon of BDO Stoy Hayward LLP joint administrative receivers of Lojics Services Group Ltd. (Company Number 3542922) on Jan. 8. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. Lojics Services Group Ltd. can be reached at: Unit 3 Stangate House Stanwell Road Penarth South Glamorgan CF64 2AA United Kingdom Tel: 029 2070 6111 LUXE LTD: Creditors Confirm Liquidator's Appointment ---------------------------------------------------- Creditors of Luxe Ltd. confirmed Jan. 16 the appointment of Stephen Franklin of Panos Eliades, Franklin & Co. as liquidator of the company. The company can be reached at: Luxe Ltd. Orion Business Centre Surrey Canal Road Lewisham London SE145RT England Tel: 020 7237 1007 Fax: 020 7394 9399 MANGO DESIGN: Creditors' Meeting Slated for February 8 ------------------------------------------------------ Creditors of Mango Design Ltd. will meet at 11:30 a.m. on Feb. 8 at: 25 Harley Street London W1G 9BR England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 7 at: Suite 1 Kent House Station Road Ashford Kent TN23 1PP England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 6 at: 25 Harley Street London W1G 9BR England MCCLELLAND CLEANING: Creditors' Meeting Scheduled for February 6 ---------------------------------------------------------------- Creditors of McClelland Cleaning Services Ltd. (t/a Optimum Cleaning Group) will meet at noon on Feb. 6 at: 47-49 Green Lane Northwood Middlesex HA6 3AE England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, on Feb. 5 at the said address. Ashok Kumar Bhardwaj will furnish creditors with information concerning the company's affairs free of charge. A list of names and addresses of the company's creditors will be available for inspection free of charge. MIDDLESEX PUBLIC: Creditors' Meeting Scheduled for February 8 ------------------------------------------------------------- Creditors of Middlesex Public Golf Courses Ltd. will meet at 11:00 a.m. on Feb. 8 at: Tenon Recovery Sherlock House 73 Baker Street London W1U 6RD England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 7 at the said address. A list of names and addresses of the company's creditors will be available for inspect ion free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 6. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. MMC CONTRACTING: Creditors' Meeting Slated for February 5 --------------------------------------------------------- Creditors of MMC Contracting & Designs Ltd. will meet at 11:00 a.m. on Feb. 5 at: Kallis & Co. 1148 High Road Whetstone London N20 0RA England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 2 to Elizabeth Arakapiotis at the said address. Ms. Arakapiotis will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. NAGLE BLUE: Creditors' Meeting Scheduled for February 6 ------------------------------------------------------- Creditors of Nagle Blue Ltd. will meet at 3:00 p.m. on Feb. 6 at the offices of: CBA 39 Castle Street Leicester LE1 5WN England A list of names and addresses of the company's creditors will be available for inspection free of charge on Feb. 2. CBA -- http://www.cba-insolvency.co.uk/-- provides solutions to financial difficulties when the perceivable option is either liquidation or bankruptcy. NATURAL WORLD: Brings In Marriotts LLP to Administer Assets ----------------------------------------------------------- Kevin Thomas Brown and Anthony Harry Hyams of Marriotts LLP were appointed joint administrators of The Natural World Plc (Company Number 2228703) on Jan. 15. The joint administrators can be reached at: Kevin Thomas Brown and Anthony Harry Hyams Marriotts LLP Allan House 10 John Princes St London W1G 0JW United Kingdom Tel: 020 7495 2348 The Natural World Plc can be reached at: Bourton Business Park Bourton on the Water Gloucestershire GL54 2HQ United Kingdom Web site: https://www.thenaturalworld.com/ NATURAL WORLD: Joint Administrators Selling Gift Chain ------------------------------------------------------ Kevin Brown and Anthony Hyams of Marriotts LLP, in their capacity as joint administrators for The Natural World Plc, are offering to sell the company's assets and business. Features: -- GBP13 million turnover; -- 26 leasehold outlets; -- high specification warehouse; -- fully integrated EPOS & EVOS infrastructure; -- own brand "Animal World" product line The company can be reached at: The Natural World Plc Bourton Business Park Bourton on the Water Gloucestershire GL54 2HQ United Kingdom Web site: https://www.thenaturalworld.com/ Inquiries can be addressed to: Philip Davies & Sons 10 Glasshouse Yard London EC1A 4JN United Kingdom Tel: 0207 495 2348 Fax: 0207 495 2318 E-mail: pjd@pdsauctioneers.co.uk Web site: http://www.pdsauctioneers.co.uk/ -- or -- Marriotts LLP Allan House 10 John Princes Street London W1G 0AH United Kingdom Tel: 0207 336 6959 Fax: 0207 336 6968 E-mail: kbrown@marriottsllp.co.uk Philip Davies & Sons -- http://www.pdsauctioneers.co.uk/-- provides extensive range of valuation and disposal services to insolvency practitioners. NOMADS LEEDS: Creditors' Meeting Slated for February 16 ------------------------------------------------------- Creditors of Nomads (Leeds) Ltd. will meet at 10:15 a.m. on Feb. 16 at the offices of: Tom Harrison Insolvency Services Concourse House 432 Dewsbury Road Leeds LS11 7DF England T. C. E. Harrison of Tom Harrison Insolvency Services will furnish creditors with information concerning the company's affairs on Feb. 15 free of charge as they may reasonably require. NOW GROUP: Ernst & Young Selling Kitchen Furniture Retailer ----------------------------------------------------------- Simon Allport and Tom Jack of Ernst & Young LLP, in their capacity as joint administrators for Now Group Plc, are offering to sell the company as a going concern. Features: -- distributors, fitters and retailers of kitchen furniture and appliances; -- suppliers to small, regional and national house builders with a quality product; -- order book totaling GBP4 million; -- turnover in 2006 of circa �11 million -- head office and warehouse facility in Preston with showrooms in Wakefield, Preston, Warrington, Rotherham and Blackpool; and -- around 110 employees. Inquiries can be addressed to: Alex Williams Ernst & Young LLP Tel: 0161 333 2807 E-mail: awilliams1@uk.ey.com Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. OAKLEY NEW: Creditors' Meeting Scheduled for February 6 ------------------------------------------------------- Creditors of Oakley New Homes (Southern) Ltd. will meet at 1:45 p.m. on Feb. 6 at the offices of: Smith & Williamson Ltd. First Floor 89 King Street Maidstone Kent ME14 1BG England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 5 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb 2 and Feb. 5. Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. OCTAVE CAPITAL: Creditors' Meeting Scheduled for February 6 ----------------------------------------------------------- Creditors of Octave Capital Ltd. will meet at 2:00 p.m. on Feb. 6 at: Tenon Recovery Sherlock House 73 Baker Street London W1U 6RD England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 5 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 2. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. OSLO LTD: Creditors' Meeting Slated for February 7 -------------------------------------------------- Creditors of Oslo Ltd. will meet at 10:15 a.m. on Feb. 7 at: Abbey Taylor Ltd. The Blades Enterprise Centre John Street Sheffield S2 4SW England Tracy A. Taylor of Abbey Taylor Ltd. will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. P&H THERMAL: Hires Stephen M. Rout to Liquidate Assets ------------------------------------------------------ Stephen M. Rout of Stephen M. Rout & Co. was appointed liquidator of P&H Thermal Control Ltd. on July 10, 2006, for the creditors' voluntary winding-up proceeding. The company can be reached at: P&H Thermal Control Ltd. 37 Hilton Street Over Cambridge Cambridgeshire CB4 5PU England Tel: 01954 206 062 Fax: 01954 206 065 PARK PRECISION: Creditors' Meeting Slated for February 8 -------------------------------------------------------- Creditors Park Precision Ltd. will meet at 2:30 p.m. on Feb. 8 at: Pine Lodge 281 Nottingham Road Mansfield NG18 4SE England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 7 at the offices of: Businesscare Solutions Ltd. Tong Hall Tong West Yorkshire BD4 0RR England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 6. PINE DI: Creditors' Meeting Slated for February 6 ------------------------------------------------- Creditors of Pine DIY Ltd. will meet at 10:30 a.m. on Feb. 6 at the offices of: Parkin S. Booth & Co. 20 Winmarleigh Street Warrington Cheshire WA1 1JY England Paul James Fleming of Parkin S. Booth & Co. will furnish creditors with such information concerning the company's affairs free of charge as they may reasonably require. Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals entirely with insolvency practice. POWERHOUSE GARAGE: Brings In Liquidator from Jackson Gregory ------------------------------------------------------------ Roderick Julian Jones of Jackson Gregory & Co. was appointed liquidator of Powerhouse Garage Ltd. on Jan. 8 for the creditors' voluntary winding-up proceeding. The liquidator can be reached at: Jackson Gregory & Co. 14 Wood Street Bolton BL1 1DZ England PROVENTUS EUROPEAN: Fitch Rates EUR10 Million Class F Notes at B ---------------------------------------------------------------- Fitch assigned expected ratings to Proventus European ABS CDO P.L.C.'s upcoming issue of EUR115 million credit-linked notes. This is a seven-year replenishing synthetic transaction referencing a high grade asset-backed securities portfolio from the balance sheet of Mizuho Corporate Bank, Ltd. -- EUR12 million Class A: 'AAA'; -- EUR28 million Class B: 'AA'; -- EUR20 million Class C: 'A'; -- EUR25 million Class D: 'BBB'; -- EUR20 million Class E: 'BB'; and -- EUR10 million Class F: 'B'. The final ratings are contingent on the receipt of final documents conforming to information already received. The issuer and Mizuho have entered into one credit default swap on a reference portfolio of asset-backed securities with a notional balance of EUR2 billion. The credit linked notes represent the mezzanine tranche of the CDS between the unfunded senior tranche and the first-loss threshold. Initial credit enhancement for Class A totals 5.35% and is provided by the Class B notes, the Class C notes, the Class D notes, the Class E notes, the Class F notes and the initial first loss threshold. The expected ratings are based on the quality of the collateral, available credit enhancement, the financial structure of the transaction, the underwriting and servicing of the collateral and the transaction's legal structure. The CLNs benefit from an initial first loss threshold of 20bps of the initial reference portfolio balance, which increases by 2.7bps per annum based on the outstanding balance of the reference portfolio. Upon a loss allocation, an additional 4.3bps per annum based on the outstanding balance of the reference portfolio will be made available as credit enhancement to compensate for the losses. The net proceeds of the Class A to B CLNs will be invested in securities issued by Depfa Bank Plc rated 'AAA'. The proceeds of the Class C to F notes will be deposited in a time deposit account held by Mizuho. PTF LTD: Creditors' Meeting Scheduled for February 12 ----------------------------------------------------- Creditors of PTF Ltd. will meet at 10:30 a.m. on Feb. 12 at: BWC Business Solutions 8 Park Place Leeds LS1 2RU England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 8. QUALITY POWDER: Creditors' Meeting Slated for February 15 --------------------------------------------------------- Creditors of Quality Powder Coatings (NW) Ltd. will meet at 10:30 a.m. on Feb. 15 at: Parkin S. Booth & Co. 44 Old Hall Street Liverpool L3 9EB England Ian C Brown of Parkin S. Booth & Co. will furnish creditors with information concerning the company's affairs free of charge during the period before the day of the meeting as they may reasonably require. Parkin S. Booth & Co -- http://www.parkinsbooth.co.uk/-- deals entirely with insolvency practice. REDWOODSTONE LTD: Barclays Bank Appoints PwC as Receivers --------------------------------------------------------- Barclays Bank Plc appointed Paul William Harding and Derek Anthony Howell of PricewaterhouseCoopers LLP joint administrative receivers of Redwoodstone Ltd. (Company Number 02848085) on Jan. 17. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting ad vice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. Redwoodstone Ltd. can be reached at: The Stoneworks Haydon Drove Haydon Wells Somerset BA5 3EH United Kingdom Tel: 01749 677 777 Fax: 01749 671 177 REFCO INC: Refco LLC Files November 2006 Operating Report --------------------------------------------------------- Albert Togut, the Chapter 7 trustee appointed to oversee the liquidation of Refco LLC's estate, filed with the U.S. Bankruptcy Court for the Southern District of New York a monthly statement of cash receipts and disbursements for the period from Nov. 1 to 30, 2006. The Chapter 7 Trustee reports that Refco LLC's beginning balance as of Oct. 1, 2006, totals US$616,608,000. The Debtor's beginning purchase price account balance totals US$25,038,000, while its beginning capital account "A" balance totals US$591,570,000. The purchase price account includes activity related to Man Financial Inc. sale proceeds and related disbursements. Capital account "A" includes activity related to collection of excess capital. Refco LLC received US$7,706,000 and disbursed US$3,864,000. The Debtor held US$620,450,000 at the end of the period. The Chapter 7 Trustee prepared the Monthly Statement in lieu of comprehensive financial statements. Headquartered in New York, New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. (Refco Bankruptcy News, Issue No. 55; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). RMF VENTILATION: Creditors' Meeting Slated for February 8 --------------------------------------------------------- Creditors of RMF Ventilation Ltd. will meet at 10:30 a.m. on Feb. 8 at: Begbies Traynor 1 Winckley Court Chapel Street Preston Lancashire PR1 8BU England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 7 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 6. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. ROYAL & SUN: Goldman Sachs Buys Voting Rights in 260-Mln Shares --------------------------------------------------------------- Royal & Sun Alliance Insurance Group Plc disclosed that The Goldman Sachs Group Inc. acquired Jan. 22 the voting rights in 260,415,764 shares of the company. About Royal & Sun Alliance Headquartered in London, United Kingdom, Royal & Sun Alliance Insurance Group Plc -- http://www.royalsunalliance.com/-- provides risk management and insurance solutions through two divisions focusing on property & casualty business and personal insurance. The group consists of three regions -- U.K., Scandinavia and International. The group operates in the U.K., Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China, Colombia, Denmark, Egypt, France, Germany, Hong Kong, India, Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland Antilles, the Netherlands, Norway, Oman, Saudi Arabia, Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela. * * * As reported in the TCR-Europe on Sept. 29, 2006, A.M. Best Co. has placed the financial strength ratings of C++ (Marginal) and the issuer credit ratings of "b" of the Royal & SunAlliance U.S.A. Insurance Pool and Royal Surplus Lines Insurance Company under review with developing implications pending the completion of the proposed sale of these operations to Arrowpoint Capital, a new company formed by the existing management team of these operations. All the above companies are domiciled in Wilmington, Delaware. R&SAUS and RSLIC are U.S. subsidiaries of Royal & Sun Alliance Insurance Group Plc (London, England). As reported in the TCR-Europe on March 27, 2006, Standard & Poor's Ratings Services lowered its counterparty credit and insurer financial strength ratings on Royal & Sun Alliance Insurance Group PLC's U.S. insurance operations (RSA USA) to 'BB' from 'BB+'. S&P said the outlook remains negative. At the same time, the ratings were withdrawn at the request of the companies' management. RUBY SHOES: Creditors' Meeting Scheduled for February 7 ------------------------------------------------------- Creditors of Ruby Shoes (U.K.) Ltd. will meet at 11:00 a.m. on Feb. 7 at: The Pines Hotel 570 Preston Road Clayton le Woods Chorley PR6 7ED England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Feb. 6 at the offices of: T.H.Associates Towngate House 116-118 Towngate Leyland Preston PR25 2LQ England T. J. Hargreaves of T.H.Associates will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. SCOTTISH GRASS: SGM U.K. Buys Asset Out of Receivership ------------------------------------------------------- Scottish Grass Machinery was bought out of receivership by SGM (U.K.), a new company set up by former owner David McInroy and Steven McInroy, in a deal that will keep 102 jobs secure but leave creditors out of pocket, The Herald reports. The company went into administration in November 2006 when owners David McInroy and Alex Pollock went bankrupt after amassing several million pounds of debt and failing to obtain additional funding over the winter season. However, the company continued to trade in administration. Deloitte & Touche LLP, the company's administrator, transferred ownership to SGM (U.K.) after choosing the group's bid over several others. The tender was financed through a mix of shareholder equity and debt, The Herald states. "Once we have realized the sums for the sale of the company and its assets, we will begin to recompense the creditors. However, even at this stage, it is unlikely there will be funds to meet the claims of ordinary trading customers," said Deloitte's John Reid, one of the joint administrators. The shareholders in SGM (U.K.) are managing director Steven McInroy, executive chairman David McInroy, finance director Richard Lawson, operations director Ian Morrison, and non- executive director John Clarke, a senior partner in law firm CCW. "The past few months have been a difficult period for everyone associated with SGM Group. Important lessons have been learned, and we now want to focus on the future, which we believe is exceptionally bright," said managing director Steven McInroy. SGM (U.K.) will trade under the Scottish Grass Machinery (SGM) brand for its sales and distribution business in Scotland and SGM Hire for its contract hire business across the U.K. Its network of 12 service centers will also continue to operate across the U.K., The Herald relates. About the Company Headquartered at at Inverkeithing in Fife, Scottish Grass Machinery -- http://www.scottishgrass.co.uk/-- supplies groundcare equipment through 12 service centers across the U.K. and offers workshop facilities, a parts department, a purpose built training center, and an extensive demonstration site. It also provides the mowing equipment for the pitch at Celtic Park and the fairways and greens of some of Scotland's golf courses. SOLUTIA INC: Seeks May 7 Deadline to File Notices of Removal ------------------------------------------------------------ Solutia Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the Southern District of New York to enter an order pursuant to Rule 9006(b) of the Federal Rules of Bankruptcy Procedure extending the time within which they can file notices of removal of civil actions and proceedings from Feb. 5 through and including May 7. Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York, tells the Court that the Debtors continue to review their files and records to determine whether to remove a number of civil causes of action pending in state or federal court to which it might be parties. Mr. Henes states that the Debtors' key personnel and legal department are assessing the civil actions while being actively involved in the Debtors' Chapter 11 cases. Additional time to consider filing notices of removal in the Civil Actions is required, Mr. Henes asserts. The rights of any party to the Civil Actions will not be prejudiced by the extension, Mr. Henes assures the Court. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- with its subsidiaries, make and sell a variety of high-performance chemical-based materials used in a broad range of consumer and industrial applications. The Company filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. (Solutia Bankruptcy News, Issue No. 77; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) STRUCTURAL BUILDING: Joint Liquidators Take Over Operations ----------------------------------------------------------- Peter Robin Bacon and Carl Derek Faulds of Portland Business & Financial Solutions Ltd. were appointed joint liquidators of Structural Building Services Ltd. (formerly Speed 1114 Ltd.) on Jan. 12 for the creditors' voluntary winding-up proceeding. The Joint Liquidators can be reached at: Portland Business & Financial Solutions Ltd. 1640 Parkway Solent Business Park Whiteley Fareham Hampshire PO15 7AH England TALKINGMINUTES LTD: Creditors' Meeting Scheduled for January 30 --------------------------------------------------------------- Creditors of Talkingminutes Ltd. will meet at 3:00 p.m. on Jan. 30 at: Langley Group LLP Langley House Park Road East Finchley London N2 8EX England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Jan. 29 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Jan. 26. TARGET COMMUNICATIONS: Taps Melvyn L. Rose to Liquidate Assets -------------------------------------------------------------- Melvyn L. Rose of Elliot, Woolfe & Rose was appointed liquidator of Target Communications (PR) Ltd. on Jan. 16 for the creditors' voluntary winding-up proceeding. The company can be reached at: Target Communications (PR) Ltd. Pump House Farm Ongar Road Kelvedon Hatch Brentwood Essex CM150LA England Tel: 01277 365 344 Fax: 0871 431 0408 TERABYTE COMPUTER: Creditors' Meeting Scheduled for February 7 -------------------------------------------------------------- Creditors of Terabyte Computer Solutions Ltd. will meet at 2:15 p.m. on Feb. 7 at: Abbey Taylor Ltd. The Blades Enterprise Centre John Street Sheffield S2 4SW England Tracy A. Taylor of Abbey Taylor Ltd. will furnish creditors with information concerning the company's affairs as they may reasonably require. THIRD BUTCHER: Creditors' Meeting Slated for January 31 ------------------------------------------------------- Creditors of Third Butcher Ltd. (t/a Twenty5th) will meet at 3:00 p.m. on Jan. 31 at: Tomlinsons St. John's Court 72 Gartside Street Manchester M3 3EL England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Jan. 29. TOPLINX LTD: Creditors' Meeting Scheduled for February 6 -------------------------------------------------------- Creditors of Toplinx Ltd. (t/a Dawaat Indian Cuisine) will meet at noon on Feb. 6 at: Ashcrofts 601 High Road Leytonstone London E11 4PA England Harjinder Johal of Ashcrofts will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. Ashcrofts -- http://www.ashcrofts.net/-- offers hands-on expertise specializing in Business Recovery and Insolvency providing positive solutions for negative situations. TRADING OVERSEAS: Creditors' Meeting Slated for January 30 ---------------------------------------------------------- Creditors of Trading Overseas Marketing & Retail Ltd. will meet at 11:30 a.m. on Jan. 30 at: 4th Floor Allan House 10 John Princes Street London W1G 0AH England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Jan. 26. TRIANA UK: Creditors' Meeting Scheduled for January 30 ------------------------------------------------------ Creditors of Triana U.K. Lt d. will meet at 11:00 a.m. on Jan. 30 at: Tenon Recovery 30 Christchurch Road Bournemouth Dorset BH1 3PD England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Jan. 29 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Jan. 26. TRISCO WARRINGTON: Creditors' Meeting Scheduled for February 8 -------------------------------------------------------------- Creditors of Trisco Warrington Ltd. will meet at 11:30 a.m. on Feb. 8 at: The Rhinewood Country House Hotel Glazebrook Lane Glazebrook Proxies to be used at the meeting must be submitted at noon on Feb. 7 at the offices of: Campbell Crossley and Davis 348-350 Lytham Road Blackpool FY4 1DW England Ian Richard Williamson of Campbell Crossley and Davis will furnish creditors with such information concerning the company's affairs free of charge. Campbell Crossley and Davis -- http://www.campbell-crossley- davis.co.uk/ -- specializes in debt problems leading to insolvency. It is a partnership and is associated to the general accountancy practice of Crossley and Davis. UBP REALISATIONS: Creditors' Claims Due February 19 --------------------------------------------------- Creditors of UBP Realisations (2005) Ltd. (formerly United Beauty Products Ltd.) have until Feb. 19 to prove their debts by sending written statements of the amounts they claim to be due to them from the company to: David K. Duggins Liquidator Ernst & Young LLP No.1 Colmore Square Birmingham B4 6HQ England Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. UFP LTD: Creditors' Meeting Slated for January 30 ------------------------------------------------- Creditors of UFP Ltd. will meet at 11:00 a.m. on Jan. 30 at: Jurys Clifton Ford Hotel 47 Welbeck Street London W1G 8DN England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Jan. 29 at: Vantis Plc 4th Floor Southfield House 11 Liverpool Gardens Worthing West Sussex BN11 1RY England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Jan. 26 at Vantis Plc. UPDATE SOLUTIONS: Creditors' Meeting Slated for February 5 ---------------------------------------------------------- Creditors of Update Solutions Ltd. will meet at noon on Feb. 5 at: Ashcrofts 601 High Road Leytonstone London E11 4PA England Harjinder Johal of Ashcrofts will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. Ashcrofts -- http://www.ashcrofts.net/-- offers hands on expertise specializing in Business Recovery and Insolvency providing positive solutions for negative situations. US TRADING: Creditors' Meeting Slated for January 31 ---------------------------------------------------- Creditors of U.S. Trading London Ltd. will meet at 2:30 p.m. on Jan. 31 at: Begbies Traynor The Old Exchange 234 Southchurch Road Southend-on-Sea Essex SS1 2EG England Creditors must submit particulars of their claims or of any security, together with their proxy forms, at noon on Jan. 30 at the said address. Richard Andrew Segal of Begbies Traynor will furnish creditors with such information concerning the company's affairs free of charge as they may reasonably require. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. W. KNIGHT: Creditors' Meeting Slated for January 30 --------------------------------------------------- Creditors of W. Knight & Co. (RRoadworks) Ltd. will meet at 11:00 a.m. on Jan. 30 at: Harrisons 4 St. Giles Court Southampton Street Reading RG1 2QL England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Jan. 29 at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Jan. 26. Harrisons -- http://www.harrisons.uk.com/-- provides advice and solutions to professional advisors who found their clients experiencing financial difficulties. Originally trading from offices in Reading and has added London, Manchester, Bristol and Derby and h as associate offices in Grantham and Stockton on Tees. WADE'S CYCLES: Creditors' Meeting Scheduled for January 31 ---------------------------------------------------------- Creditors of Wade's Cycles Ltd. will meet at 3:30 p.m. on Jan. 31 at: The Quality Hotel Bell Common Epping Essex CM16 4DG England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Jan. 30 at: Begbies Traynor (South) LLP The Old Exchange 234 Southchurch Road Southend-on-Sea SS1 3EG England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Jan. 29 at Begbies Traynor (South) LLP. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. WHAT WOMEN WANT: Creditors' Meeting Slated for January 30 --------------------------------------------------------- Creditors of What Women Want U.K. Ltd. will meet at 10:30 a.m. on Jan. 30 at: The Regent Hotel Regent Square Doncaster DN1 2DS England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, together with their proxy forms, at noon on Jan. 29 at: Jacksons Joliffe Cork Richmonds House White Rose Way Doncaster DN4 5JH England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Jan. 26. WIDNEY CABS: Baker Tilly Selling Cab Assembly Manufacturer ---------------------------------------------------------- Alan Lovett, Michael David Rollings and Mark Wilson of Baker Tilly, in their capacity as joint administrators for Widney Cabs Ltd., are offering to sell the company either as a whole or in part. Features: -- GBP32-million turnover for year ended Sept. 30, 2006; -- manufactures and supplies cab assemblies for construction and agricultural vehicles; -- high-profile blue chip customers in the construction and agricultural industries; -- experienced workforce of around 240 employees; -- semi-automated production lines; and -- headquarter office and factory premises comprising 294,000 sq. ft. in Northampton Inquiries can be addressed to: Simon Harris Baker Tilly 5 Old Bailey London EC4M 7AF United Kingdom Tel: 020 7002 8654 Fax: 020 7002 8691 E-mail: simon.d.harris@bakertilly.co.uk Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other services for mid-cap and smaller publicly listed companies and private companies, particularly those expanding into new foreign markets. Services include business and financial planning, tax-related services, corporate finance, litigation support, turnaround services, and technology consulting. WILLIAM DUNK: Creditors' Meeting Slated for February 6 ------------------------------------------------------ Creditors of William Dunk Flooring Ltd. will meet at 11:00 a.m. on Feb. 6 at: Renaissance Solihull Hotel 651 Warwick Road Solihull B91 1AT England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 2. YOGO LTD: Creditors' Meeting Slated for January 30 -------------------------------------------------- Creditors of Yogo Ltd. will meet at 11:00 a.m. on Jan. 30 at: Albany House 18 Theydon Road London E5 9NZ England Stephen Franklin, of Panos Eliades, Franklin & Co. will furnish creditors with such information concerning the company's affairs on Jan. 29 as the may reasonably require. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (214) 1,756 293 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (8) 106 (35) Arbel PA.ARB (98) 222 (72) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Dollfus Mieg & Cie S.A. DS (16) 143 (45) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (10) 120 (5) Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 Labo Dolisos DOLI.PA (28) 110 (33) Matussiere et Forest S.A. MTF (78) 294 (28) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 Rhodia S.A. RHA (788) 6,681 171 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Selcodis S.A. SPVX (18) 128 22 Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Teamlog TLO (19) 109 (3) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cognis Deutschland GmbH & Co. KG (174) 3,003 606 Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (3) 207 (30) Nordsee AG (8) 195 (31) Plambeck Neue Energien AG PNE3 (4) 141 19 Primacom AG PRIG (268) 1,257 (1,048) Rinol AG RLIG (64) 104 (15) Schaltbau Hold SLTG (23) 144 (7) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) Vivanco Gruppe (55) 131 (31) GREECE ------ Empedos S.A. EMPED (34) 175 (48) Pouliadis Associates Corporation POUL (28) 124 (31) Radio A.Korassidis KORA (101) 181 (139) Commercial HUNGARY ------- Exbus Asset Management Nyrt. EXBUS (30) 118 (5,162) ICELAND ------- Decode Genetics Inc. DCGN (9) 229 141 ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (150) 4,218 N.A. I Viaggi del Ventaglio S.p.A. VVE.MI (61) 487 (58) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) Wind Telecomunicazioni S.p.A. (10) 12,698 (815) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) Vista Alegre Atlantis SGPS S.A. VAAAE (18) 193 (83) ROMANIA ------- Oltchim RM Valce OLT (45) 232 (321) RUSSIA ------ OAO Samaraneftegas (332) 892 (16,942) Zil Auto (185) 378 (11,107) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 Sniace S.A. (10) 134 (37) SWITZERLAND ----------- Wedins Skor Accessoarer AB (10) 139 (129) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UKRAINE ------- Dnepropetrovsk Metallurgical Plant Imeni Petrovsko (2) 278 (509) Dniprooblenergo (38) 478 (797) Donetskoblenergo (166) 706 (1,320) UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) AEA Technology Plc AAT.L (24) 340 (50) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker Plc ANK.L (22) 115 13 Atkins (WS) Plc ATK (63) 1,279 70 Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 Compass Group CPG (668) 2,972 (298) Costain Group COST (39) 567 (5) Danka Bus System DNK.L (108) 540 34 Dawson Holdings DWN.L (12) 158 (19) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,264) 2,818 (253) Euromoney Institutional Investor Plc ERM.L (88) 297 (56) European Home Retail Plc EHRL (14) 111 (37) Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Gondola Holdings Plc GND.L (239) 987 (396) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (4) 948 (175) Homestyle Group Plc HME (29) 409 (124) Imperial Chemical Industries Plc ICI (835) 8,881 (49) Invensys PLC (1,031) 3,875 494 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (683) 492 (371) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Mytravel Group MT.L (283) 1,159 (410) Orange Plc ORNGF (594) 2,902 7 Park Group Plc PKG.L (5) 111 (13) Partygaming Plc PRTY (46) 398 (110) Premier Farner Plc PFL (33) 964 127 Premier Foods Plc PFD.L (31) 1,475 16 Probus Estates Plc PBE.L (28) 113 (49) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,134) 2,678 (45) RHM Plc RHM (586) 2,411 59 Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) UK Coal Plc UKC (25) 865 (62) Virgin Mobile Holdings Plc VMOB.L (490) 155 (80) Wincanton Plc WIN (66) 1,236 (71) ********* Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. ********* 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 P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A. Godinez, and Pius Xerxes Tovilla, Editors. Copyright 2007. 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$625 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 * * *