/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070202.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 Friday, February 2, 2007, Vol. 8, No. 24 Headlines A U S T R I A ASTEK LLC: Claims Registration Period Ends February 26 OPULENTIA LLC: Claims Registration Period Ends February 27 F R A N C E ALCATEL-LUCENT: LGS Unit Commences Operations & Names Executives COMPAGNIE GENERALE: Moody's Rates US$300-Mln Notes at (P)Ba3 PERNOD RICARD: Hikes Sales Growth Forecast for 2007 G E R M A N Y ASTHETIK TEAM: Claims Registration Ends Feb. 22 AVM ALLGEMEINE: Creditor's Meeting Slated for February 28 AW MASCHINENBAU: Creditor's Meeting Slated for Feb. 22 BABEL'S PARK: Creditor's Meeting Slated for Feb. 27 BUECHNER & CRUSTEWITZ: Claims Registration Ends Feb. 19 COMPLETE STYLEZ: Claims Registration Ends Feb. 27 DIENSTLEISTUNGS VERWALTUNGS: Claims Registration Ends March 12 DIRK REUTER: Claims Registration Ends February 14 DOSTLAR LEBENSMITTEL: Claims Registration Ends Feb. 5 DRUCKHAUS J. FLEISSIG: Claims Filing Period Ends March 21 ELANTEC GMBH: Claims Filing Period Ends Feb. 13 EMIL HASENFRATZ: Claims Filing Period Ends March 1 ENTERPRISE SOLUTIONS: Claims Filing Period Ends Feb. 28 FLAMM IMMOBILIEN: Claims Registration Period Ends Feb. 23 FRITZ NEUMERKEL: Claims Registration Period Ends March 8 GLEISBERG & HUSMANN: Claims Registration Period Ends May 23 GUENKA IMPEX: Claims Registration Period Ends Feb. 22 HANSE-PC-SERVICE: Claims Registration Period Ends Feb. 16 HAUTKLINIK PODBI-PARK: Claims Registration Ends February 20 HERMES VORSORGE: Claims Registration Ends March 5 HEUSER'S EXPRESS: Claims Registration Ends February 16 HIGHSPEED WIRELESS: Claims Registration Ends March 26 HPAL HAMBURGER: Claims Registration Ends February 28 INTRONIC GMBH: Claims Registration Ends February 20 ISOLIERTECHNIK GARBE: Claims Registration Ends February 22 J.B. SYSTEMPACK-DIESTLEISTUNGS: Claims Registration Ends March 5 JENKE INNENAUSBAU: Claims Registration Ends March 7 JU-BAU GMBH: Creditors Must Register Claims by February 13 KIS KULTUR: Creditors' Meeting Slated for February 20 KOERNER-MARKT BACKNANG: Creditors Must File Claims by March 14 LASSOW EVENT: Creditors Must Register Claims by February 24 LOHNBETRIEB BEHM: Creditors Must Register Claims by February 26 LOOXOR GMBH: Creditors Must Register Claims by February 7 MAISON NOBLESSE: Creditors Must Register Claims by March 1 MASCHU MALEREI: Creditors' Meeting Slated for March 5 MEDIFACTS INT'L: Organizational Meeting Scheduled on February 7 METALLBAU WEST: Creditors Must Register Claims by February 28 NETCACAO GMBH: Creditors Must Register Claims by March 2 NOCTUA GMBH: Creditors Must Register Claims by February 5 SCHULTE GMBH: Creditors Must Register Claims by March 5 SHT LOGISTIK: Creditors Must Register Claims by February 27 SIEGEL BAU-GMBH: Claims Registration Ends March 2 SISO TEXTIL: Creditors Must Register Claims by March 2 SKO GMBH: Claims Registration Ends February 17 SPAREPARTS GMBH: Claims Registration Ends March 20 STULKEN UND VUEST: Claims Registration Ends April 17 SURFER'S POINT: Claims Registration Ends March 16 TANGENS VERWALTUNGS: Claims Registration Ends March 7 ULRICH PAUL: Claims Registration Ends Feb. 28 USERWORLD COMPUTERSCHULUNGEN: Claims Registration Ends Feb. 13 VIT MANAGEMENT: Creditors' Meeting Slated for Feb. 20 W. K. OMNIBUSREISEN: Claims Registration Ends February 25 WAGNER VERSICHERUNGSVERMITTLUNGS: Creditors' Mtg. Set for Feb. 9 WOHN- UND GEBAEUDESERVICE: Claims Filing Period Ends Feb. 20 WOSI WOHN: Claims Registration Period Ends March 1 ZEITSPRUNG GMBH: Claims Registration Period Ends March 14 ZELENY CONSULTING: Claims Registration Period Ends Feb. 28 I R E L A N D ZURICH BANK: Moody's Assigns D Bank Financial Strength Rating I T A L Y ALITALIA SPA: 11 Buyers Commence Melee for Italy's 30.1% Stake ALITALIA SPA: Group Net Debt Up to EUR1.02 Bln in December 2006 K A Z A K H S T A N AKJARSKOYE PATP: Claims Filing Period Ends March 9 BANK CENTERCREDIT: Fitch Rates US$500-Mln Eurobond Issue at BB- GAS AKTOBE: Claims Registration Ends March 9 JOLJONDEU SERVICE: Claims Filing Period Ends March 9 ELENA LLP: Proof of Claim Deadline Slated for March 9 JOMART LLP: Creditors Must File Claims by March 9 MAKSAT LLP: Claims Registration Ends March 9 PLASTIC LLP: Claims Filing Period Ends March 9 SHYGYS LLP: Claims Registration Ends March 9 TECH TRANS: Creditors' Claims Due March 9 TEPLO IMPORT-ASIA: Claims Filing Period Ends March 9 K Y R G Y Z S T A N KARA-UNKUR SUU: Creditors' Meeting Slated for February 9 RIVERA LLC: Creditors' Meeting Slated for February 14 N E T H E R L A N D S CEVA GROUP: S&P Cuts Rating to B on Proposed Recapitalization R U S S I A ATAL-VOLGA OJSC: Court Names I. Dmitriev as Insolvency Manager BANK SOYUZ: Moody's Rates Loan Participation Notes at B1 BAYMAKSKIY MEAT-PACKING: Creditors Must File Claims by Feb. 13 BUILDING ENTERPRISE 3: Creditors Must File Claims by March 13 DALNENSKOYE CJSC: Creditors Must File Claims by Feb. 13 EURO-TOBACCO CJSC: Court Names T. Kraynova as Insolvency Manager GAGARINSKOYE GRAIN: Creditors Must File Claims by February 13 GAZPROM NEFT: Oil Production Dips to 44.4 Mln Tons in 2006 KOMSOMOLSKOYE CJSC: Bankruptcy Hearing Slated for Feb. 21 KORKATOVSKIY PIT: Creditors Must File Claims by March 13 KUZBASSKAYA COMPANY: Creditors Must File Claims by February 13 RENAISSANCE CAPITAL: Losses Cue Fitch to Assign Low-B IDR RESORTS OF BASHKORTOSTAN: Bankruptcy Hearing Slated for March 14 ROMANOVSKIY FACTORY: Creditors Must File Claims by February 13 ROMANOVSKIY OJSC: Creditors Must File Claims by February 13 ROSNEFT OIL: To Expand Production Capacity; Eyes Asian Market SBERBANK ROSSII: Commences US$12.3-Billion IPO in Russia SITRONICS JSC: Reveals Indicative Price Range for Planned IPO UVAT-OIL-GAS CJSC: Creditors Must File Claims by February 13 YUKOS OIL: ESN Consortium Makes First Bid for Bankrupt Assets ZARECHNOYE CJSC: Creditors Must File Claims by February 13 S L O V E N I A ABANKA: Fitch Rates EUR120 Million Hybrid Capital Notes at BB+ S W I T Z E R L A N D NYCOMED A/S: Moody's Upgrades Corporate Family Rating to B1 T U R K E Y TURKCELL ILETISIM: Teliasonera Wins Turkcell Share Purchase Deal U K R A I N E ARTEMOVSK MOTOR-CAR: Creditors Must Submit Claims by Feb. 14 DNIEPRODZRZHYNSK MOTO-CAR: Claims Filing Deadline Set Feb. 10 NIVA LLC: Claims Submission Deadline Set February 14 POLTAVA METAL: Creditors Must Submit Claims by February 14 UKRAINE LLC: Creditors Must Submit Claims by February 14 UKRSOTSBANK: Moody's Rates Loan Participation Notes at Ba3 VVD LLC: Creditors Must Submit Claims by February 14 U N I T E D K I N G D O M A1ST BOILER: Taps Liquidators from Ashcrofts ABITIBI-CONSOLIDATED: CEP Says Merger Should Raise "Alarm Bells" ABITIBI-CONSOLIDATED: Credit-Default Swaps Fell 35% ABITIBI-CONSOLIDATED: Fitch Puts BB- Rating on Secured Bank Debt ADVANCED VISUAL: Claims Filing Period Ends February 28 ALUKO BROOKS: Claims Filing Period Ends March 7 AUSTIN HAMILTON: Trade Secretary Submits Wind Up Petition BRADSHAW AND DAVIS: Creditors' Meeting Slated for February 12 BRITISH SKY: Dec. 31 Balance Sheet Upside-Down by GBP145 Million BRITISH SKY: Gets Valid Acceptances for 365 Media Cash Offer CABTIVATE: Executives Opt for Liquidation Due to Financial Woes CAFE INTERIORS: Creditors' Meeting Slated for February 12 CNET NETWORKS: Earns US$387.7 Million in Fourth Quarter 2006 CORUS GROUP: Auction Completion Cues S&P to Affirm BB Rating CORUS GROUP: Fitch Keeps Watch Negative on Tata Bid CSB LTD: Creditors' Meeting Slated for February 12 DEESIDE CYCLES: Appoints Laurence S. Burt as Liquidator DESIRE JEWELLERY: Creditors' Meeting Scheduled for February 12 DOMINION RACING: Creditors' Claims Due February 28 ERIKA ISSITT: Creditors' Meeting Scheduled for February 13 FEET FIRST: Brings In Liquidator from Findlay James FELTFAB BUILDING: Susan Purnell Leads Liquidation Procedure FORD MOTOR: May Get Revised Offers for Aston Martin Sports Car GENERAL MOTORS: S&P Says Result Restatement Won't Affect Ratings GENERAL MOTORS: GMAC's Mortgage Risks May Hit GM, Analysts Say GENERAL MOTORS: Plans to Sell Allison Transmission to Cut Costs GREETING CARD: Brings In Joint Administrators from PwC HSH ASSET: Claims Registration Ends March 31 INTERIOR INNOVATIONS: Joint Liquidators Take Over Operations LEX MACHINERY: Creditors' Meeting Slated for February 6 LIGHTPOINT PAN-EUROPEAN: Moody's Rates EUR9.5-Mln Notes at Ba3 MEDCREST N.D.T.: Hires Liquidators from KPMG LLP MICHAEL KAVANAGH: Taps Tony Mitchell to Liquidate Assets MOORE ON THE MENU: Creditors' Meeting Slated for February 12 ONE58 ASSOCIATES: Creditors' Claims Due February 26 PENNINE ROOFING: Names Jonathan Lord Liquidator RANK GROUP: Moody's Lowers Ba3 Corporate Family Rating to Ba2 RIVER FM: Shuts Down after Owner Fails to Find a Buyer SCREEN ARTS: Creditors' Meeting Slated for February 6 SIMCLAR GROUP: Shuts Down Two Factories in Scotland SUSSEX REFINED: Creditors' Meeting Slated for February 15 VIOLET INK: Creditors' Meeting Scheduled for February 6 VISUAL DISPLAYS: Calls In Liquidators from Begbies Traynor WELD-TEK WEST: Creditors' Meeting Slated for February 8 * BOOK REVIEW: American Arbitration: Its History, Functions and Achievements ********* ============= A U S T R I A ============= ASTEK LLC: Claims Registration Period Ends February 26 ------------------------------------------------------ Creditors owed money by LLC ASTEK (FN 269755z) have until Feb. 26 to file written proofs of claim to court-appointed estate administrator Thomas Steiner at: Mag. Thomas Steiner c/o Dr. Renate Steiner Weihburggasse 18-20/50 1010 Vienna, Austria Tel: 513 53 63 Fax: 513 53 63-17 E-mail: steiner.steiner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 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. 12 (Bankr. Case No. 3 S 5/07s). Renate Steiner represents Mag. Steiner in the bankruptcy proceedings. OPULENTIA LLC: Claims Registration Period Ends February 27 ---------------------------------------------------------- Creditors owed money by LLC Opulentia (FN 271956k) have until Feb. 27 to file written proofs of claim to court-appointed estate administrator Christian Bachmann at: Dr. Christian Bachmann c/o Dr. Eva-Maria Bachmann-Lang Opernring 8 1010 Vienna, Austria Tel: 512 87 01 Fax: 513 82 50 E-mail: bachmann.rae@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:30 p.m. on March 13 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 Jan. 12 (Bankr. Case No. 6 S 121/06w). Eva-Maria Bachmann- Lang represents Dr. Bachmann in the bankruptcy proceedings. =========== F R A N C E =========== ALCATEL-LUCENT: LGS Unit Commences Operations & Names Executives ---------------------------------------------------------------- LGS, a subsidiary of Alcatel-Lucent dedicated to serving the U.S. Government community, is now fully operational and serving its customers. LGS, headquartered in Vienna, Va., and with offices in California, Colorado, Maryland, New Jersey and North Carolina, was created by merging Lucent and Alcatel's Government business units and Bell Labs Government. LGS is the sole sales and contracting channel for all classified and unclassified business contracted from U.S. federal agencies and departments, both military and civilian. Reporting to LGS Chief Executive Ron Iverson and Chief Operating Officer/CTO Dave Bishop are a talented team of people representing the deep government and industry expertise of the three organizations that combined to create LGS. They include: -- Dan Bigbie, Vice President Sales & Business Development -- Edward C. Bursk, Chief Marketing Officer -- John D'Amore, Chief Financial Officer -- Edward M. Eldridge Jr., Director of Operations -- Michael D. Garson, General Counsel and Chief Compliance Officer -- Michael J. Geller, Vice President of Products and Technology -- Kevin L. Kelly, Chief Strategist -- Theresa J. Quallich, SPHR, CCP, Director of Human Resources -- Andrew D. Walker, Chief Security Officer About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide, to deliver voice, data and video communication services to end users. Through its operations in fixed, mobile and converged broadband networking, Internet protocol (IP) technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable communications services for people at home, at work and on the move. The company has operations in Brazil and Indonesia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As of Feb. 1, Alcatel-Lucent carries these ratings: Moodys: * Alcatel -- Corporate Family Rating: Ba2 -- Senior Debt ratings: Ba2 -- short-term debt: Not-Prime * Lucent -- Corporate Family Rating: B1 (withdrawn) -- Senior Debt ratings: B1 -- Subordinated debt & trust preferreds ratings: B2 -- Preferred Stock Issuable: P(B3) Standard & Poor's: -- Long-Term Corporate Credit Rating: BB- -- Short-Term Corporate Credit Rating: B -- Senior Unsecured Debt Ratings: BB- -- Outlook: positive. Fitch Ratings: * Alcatel -- Issuer Default Rating: BB -- Senior Unsecured Debt: BB COMPAGNIE GENERALE: Moody's Rates US$300-Mln Notes at (P)Ba3 ------------------------------------------------------------ Moody's Investors Services assigned a rating of (P)Ba3, stable outlook, to Compagnie Generale de Geophysique-Veritas' proposed New Senior Notes of US$300-million due May 2017. The final confirmation of the rating is subject to signing of the offering circular. The additional notes are part of the same series as the existing 7-1/2% Senior Notes due 2015 rated Ba3 with stable outlook. The proposed notes, together with cash on hand, will refinance the US$700 million drawn under a bridge credit facility raised in January 2007 by Compagnie Generale de Geophysique to fund its merger with Veritas DGC Inc. The terms and conditions of the notes are expected to be identical to those of the two tranches of existing CGG Senior Notes due May 2015 and rated Ba3, stable outlook, by Moody's. The notes will be issued by CGGVeritas and are expected to benefit from upstream guarantees from certain operating subsidiaries accounting in aggregate for at least 50% of the group's operating income. The guarantees will be on an unsecured senior basis. The (P)Ba3 rating on the notes reflects their effective subordination to: (i) the US$1-billion Term Loan and US$340-million proposed Revolving Credit Facilities that are secured by a first ranking pledge on the group's multi-client libraries in the Gulf of Mexico, two vessels and a number of streamers, and (ii) the goup's other secured obligations and the obligations of the remaining subsidiaries that do not guarantee the Notes. Moody's last rating action on CGGVeritas was on Jan. 12, 2007, when the rating agency confirmed CGG's ratings. The recently renamed Compagnie Generale de Geophysique-Veritas, headquartered in Paris, France, is a leading global seismic services provider and manufacturer of seismic equipment. In 2006, its combined revenues amounted to around US$2.4 billion. PERNOD RICARD: Hikes Sales Growth Forecast for 2007 --------------------------------------------------- Pernod Ricard S.A. revised its revenue forecast for 2007 after posting a lucrative sales figure for the October-December 2006 period, Scott Reid writes for The Scotsman. Pernod forecasts a 6% increase in year-on-year revenue, up from previous estimate of 4%-6%, following a 12.4% sales hike in the second quarter of its 2006-2007 fiscal year to GBP1.35 billion, The Scotsman says. Pernod attributed the improvement to changes in the group structure and exchange rate movements. "Our excellent 2006-7 first-half net sales testify to the strength of our global network and to the quality of our portfolio," Patrick Ricard, Pernod's chairman, said. The company posted growth in the Americas, Asia and Russia and steady progress on Europe. Pernod, however, said the U.K. and Italian markets "remained difficult," The Scotsman relays. Pernod boosted its second quarter sales by selling more expensive cognacs, whiskies and wines. The company posted a 9% rise in sales for the first half ended Dec. 31, 2006, for its 15 key brands, including Martell cognac, Havana Club rum and Beefeater gin, and whisky brands Glenlivet and Ballantine's. The winemaker said it was testing direct selling of premium wines and spirits brands via a new Web site in France. About Pernod Ricard Headquartered in Paris, France, Pernod Ricard -- http://www.pernod-ricard.com/-- produces and distributes spirits and wines. The Company operates in Europe, North America, Central and South America, and the Asia-Pacific region. * * * As reported in the TCR-Europe on Nov. 21, 2006, Standard & Poor's Ratings Services raised its long-term corporate credit and senior unsecured debt ratings on French spirits manufacturer and marketer Pernod Ricard S.A. to 'BB+' from 'BB' following quicker-than-expected integration of acquired businesses and improved profitability prospects. At the same time, the 'B' short-term corporate credit rating was affirmed. S&P said the outlook is stable. ============= G E R M A N Y ============= ASTHETIK TEAM: Claims Registration Ends Feb. 22 ----------------------------------------------- Creditors of Asthetik Team GmbH have until Feb. 22 to register their claims with court-appointed insolvency manager Marc Odebrecht. Creditors and other interested parties are encouraged to attend the meeting at 9:05 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 Tostedt Meeting Hall 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 Asthetik Team GmbH on Jan 12. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Marc Odebrecht Sechslingpforte 2 22087 Hamburg Germany Tel: 040/22 66 77 Fax: 040/22 66 7 888 The Debtor can be reached at: Asthetik Team GmbH Steinbecker Str. 44 21244 Buchholz Germany Attn: Frank Neuhaus Kapellenufer 71 44285 Dortmund Germany AVM ALLGEMEINE: Creditor's Meeting Slated for February 28 --------------------------------------------------------- The court-appointed insolvency manager for AVM Allgemeine Bau- Verwaltungs- und Management-GmbH & Co. KapHag Fonds, Udo Feser, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:55 a.m. on Feb. 28. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 11:30 a.m. on June 6 at the same venue. Creditors have until April 10 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Udo Feser Uhlandstr 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against AVM Allgemeine Bau-Verwaltungs- und Management-GmbH & Co. KapHag Fonds on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AVM Allgemeine Bau-Verwaltungs- und Management-GmbH & Co. KapHag Fonds Zweite Tranche Oranienstrasse 196 10999 Berlin Germany AW MASCHINENBAU: Creditor's Meeting Slated for Feb. 22 ------------------------------------------------------ The court-appointed insolvency manager for AW Maschinenbau GmbH, Heiner Thyssen, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on Feb. 22. The meeting of creditors and other interested parties will be held at: The District Court of Osnabrueck Meeting Hall N 301 Kollegienwall 10 49074 Osnabrueck Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on April 12 at the same venue. Creditors have until March 9 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Heiner Thyssen Schloss Str. 11 49186 Bad Iburg Germany Tel: 05403/7333-0 Fax: 05403/5802 The District Court of Osnabrueck opened bankruptcy proceedings against AW Maschinenbau GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AW Maschinenbau GmbH Werkstr 8 49324 Melle Germany BABEL'S PARK: Creditor's Meeting Slated for Feb. 27 --------------------------------------------------- The court-appointed insolvency manager for Babel's Park Management GmbH, Thomas Wulsten, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on Feb. 27. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg 2nd Stock Hall 218 Geritch Platz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:15 a.m. on June 12 at the same venue. Creditors have until April 10 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Thomas Wulsten Gross-Berliner Damm 73c 12487 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Babel's Park Management GmbH on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Babel's Park Management GmbH Fasanenstr 85 10623 Berlin Germany BUECHNER & CRUSTEWITZ: Claims Registration Ends Feb. 19 ------------------------------------------------------- Creditors of Buechner & Crustewitz GmbH & Co. KG have until Feb. 19 to register their claims with court-appointed insolvency manager Herbert Feigl. Creditors and other interested parties are encouraged to attend the meeting at 10:10 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 Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle 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 insolvency manager can be reached at: Herbert Feigl Hansering 1 D 06108 Halle Germany Tel: 0345/212220 Fax: 0345/2122222 The District Court of Halle-Saalkreis opened bankruptcy proceedings against Buechner & Crustewitz GmbH & Co. KG on Dec. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buechner & Crustewitz GmbH & Co. KG Theodor-Koerner-Str. 17 06686 Grossgoerschen Germany Attn: Rene Crustewitz Woellnerstr 3 04249 Leipzig Germany COMPLETE STYLEZ: Claims Registration Ends Feb. 27 ------------------------------------------------- Creditors of Complete Stylez GmbH have until Feb. 27 to register their claims with court-appointed insolvency manager Lars Knipper. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 4, 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 Reinbek Park Avenue 6 21465 Reinbek 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 insolvency manager can be reached at: Lars Knipper Rothenbaumchaussee 3 20148 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings Complete Stylez GmbH on Jan 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Complete Stylez GmbH GF Stephan Riemann Rathausstr 10 22926 Ahrensburg Germany DIENSTLEISTUNGS VERWALTUNGS: Claims Registration Ends March 12 -------------------------------------------------------------- Creditors of Dienstleistungs Verwaltungs GmbH have until March 12 to register their claims with court-appointed insolvency manager Ulrich Hauter. Creditors and other interested parties are encouraged to attend the meeting at 4:05 p.m. on April 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 Muehlhausen Area 35 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 insolvency manager can be reached at: Ulrich Hauter Untermarkt 12 99974 Muehlhausen Germany The District Court of Muehlhausen opened bankruptcy proceedings against Dienstleistungs Verwaltungs GmbH on Jan 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dienstleistungs Verwaltungs GmbH Planplatz 8 99706 Sondershausen Germany DIRK REUTER: Claims Registration Ends February 14 ------------------------------------------------- Creditors of Dirk Reuter have until Feb. 14 to register their claims with court-appointed insolvency manager Martin Sarris. Creditors and other interested parties are encouraged to attend the meeting 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 Wiesbaden E 36 A Third Floor Building E Moritzstrasse 5 Hinterhaus 65185 Wiesbaden 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 insolvency manager can be reached at: Martin Sarris Bahnhofstrasse 27-33 65185 Wiesbaden Germany Tel: 0611-166 66 0 Fax: 0611-166 66 77 The District Court of Wiesbaden opened bankruptcy proceedings against Dirk Reuter on Jan 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dirk Reuter Schlosser Otto-Schwabe-Strasse 7 65239 Hochheim am Main Germany DOSTLAR LEBENSMITTEL: Claims Registration Ends Feb. 5 ----------------------------------------------------- Creditors of Dostlar Lebensmittel GmbH have until Feb. 5 to register their claims with court-appointed insolvency manager Friedrich Knoop. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Feb. 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 Duesseldorf Area A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf 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 insolvency manager can be reached at: Friedrich Knoop Robertstrasse 3 40229 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Dostlar Lebensmittel GmbH on Jan 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dostlar Lebensmittel GmbH Hall 8 Ulmenstr 275 40468 Duesseldorf Attn: Gazi Sarioglu Goudewinde Straat 64 NLD-6833 Dp Arnheim Germany DRUCKHAUS J. FLEISSIG: Claims Filing Period Ends March 21 --------------------------------------------------------- Creditors of Druckhaus J. Fleissig Geschaeftsfuehrungs GmbH have until March 21 to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 11, 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 Boardroom 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 insolvency manager can be reached at: Andreas Sontopski Gnoiener Place 1 48493 Wettringen Germany Tel: 02557/9384-0 Fax: +492557938450 The District Court of Muenster opened bankruptcy proceedings against Druckhaus J. Fleissig Geschaeftsfuehrungs GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Druckhaus J. Fleissig Geschaeftsfuehrungs GmbH Druffels Weg 86 48653 Coesfeld Germany Attn: Alexandra Ferlings, Manager Am alten Kotten 5 45768 Marl Germany ELANTEC GMBH: Claims Filing Period Ends Feb. 13 ----------------------------------------------- Creditors of ELANTEC GmbH have until Feb. 13 to register their claims with court-appointed insolvency manager Franz-Ludwig Danko. 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 Dresden Hall D131 Olbrichtplatz 1 01099 Dresden 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 insolvency manager can be reached at: Dr. Franz-Ludwig Danko Nieritzstrasse 14 01097 Dresden Germany Web site: http://www.kuebler-gbr.de/ The District Court of Dresden opened bankruptcy proceedings against ELANTEC GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ELANTEC GmbH Schweriner Str. 35 01067 Dresden Germany Attn: Juergen Fechner, Manager Hauptstrasse 29 01097 Dresden Germany EMIL HASENFRATZ: Claims Filing Period Ends March 1 -------------------------------------------------- Creditors of Emil Hasenfratz Beteiligungs-GmbH have until March 1 to register their claims with court-appointed insolvency manager Marc Schmidt-Thieme. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Pforzheim Room 310 Third Floor Mannheimer Strasse 17 75179 Pforzheim 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 insolvency manager can be reached at: Marc Schmidt-Thieme Soldnerstr. 2 68219 Mannheim Germany The District Court of Pforzheim opened bankruptcy proceedings against Emil Hasenfratz Beteiligungs-GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Emil Hasenfratz Beteiligungs-GmbH Attn: Peter Mueller, Manager Hohenzollernstr. 109 75177 Pforzheim Germany ENTERPRISE SOLUTIONS: Claims Filing Period Ends Feb. 28 ------------------------------------------------------- Creditors of Enterprise Solutions GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Markus Eibofner. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Stuttgart Room 181 Ground Floor Hauffstr. 5 70190 Stuttgart 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 insolvency manager can be reached at: Markus Eibofner Wilhelmstr. 4 70182 Stuttgart Germany The District Court of Stuttgart opened bankruptcy proceedings against Enterprise Solutions GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Enterprise Solutions GmbH Attn: Luigi Miragliuolo, Manager Calwerstr. 11 70173 Stuttgart Germany FLAMM IMMOBILIEN: Claims Registration Period Ends Feb. 23 --------------------------------------------------------- Creditors of Flamm Immobilien GmbH have until Feb. 23 to register their claims with court-appointed insolvency manager Dirk-Henning Toennesmann. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Bonn Meeting Hall S 2.22 Second Floor Wilhelmstr. 23 53111 Bonn 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 insolvency manager can be reached at: Dirk-Henning Toennesmann Josef-Ruhr-Str. 30 53879 Euskirchen Germany Tel: 02251/65081-22 Fax: 02251/65081-25 The District Court of Bonn opened bankruptcy proceedings against Flamm Immobilien GmbH on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Flamm Immobilien GmbH Schonscheider Weg 12 53902 Bad Muenstereifel Germany Attn: Manfred Klein, Manager Birkenweg 18 50126 Bergheim Germany FRITZ NEUMERKEL: Claims Registration Period Ends March 8 -------------------------------------------------------- Creditors of Fritz Neumerkel GmbH & Co. have until March 8 to register their claims with court-appointed insolvency manager Karsten Toetter. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 2, 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 Fourth Floor 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 insolvency manager can be reached at: Karsten Toetter Speersort 4/6 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Fritz Neumerkel GmbH & Co. on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fritz Neumerkel GmbH & Co. Alsterdorfer Strasse 233 22297 Hamburg Germany Attn: Annegret van der Ven, Manager Anne-Frank-Strasse 36 22587 Hamburg Germany GLEISBERG & HUSMANN: Claims Registration Period Ends May 23 ----------------------------------------------------------- Creditors of Gleisberg & Husmann Baumanagement Erfurt GmbH have until May 23 to register their claims with court-appointed insolvency manager Mr. Reinhardt. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.m. on June 6, 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 insolvency manager can be reached at: Mr. Reinhardt Windthorststr. 17 99096 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against Gleisberg & Husmann Baumanagement Erfurt GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gleisberg & Husmann Baumanagement Erfurt GmbH Alten Ziegelei 18 99091 Erfurt Germany GUENKA IMPEX: Claims Registration Period Ends Feb. 22 ----------------------------------------------------- Creditors of GUENKA Impex-Handels-GmbH have until Feb. 22 to register their claims with court-appointed insolvency manager Peer Moeller. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.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 Luebeck Hall E3 Castle Field 7 23568 Luebeck 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 insolvency manager can be reached at: Dr. Peer Moeller Untere Querstr. 1 23730 Neustadt Germany The District Court of Luebeck opened bankruptcy proceedings against GUENKA Impex-Handels-GmbH on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GUENKA Impex-Handels-GmbH Attn: Bruno Dohrendorf, Manager Alte Dorfstrasse 39 23554 Luebeck Germany HANSE-PC-SERVICE: Claims Registration Period Ends Feb. 16 --------------------------------------------------------- Creditors of Hanse-PC-Service GmbH have until Feb. 16 to register their claims with court-appointed insolvency manager Stefan Schuppa. Creditors and other interested parties are encouraged to attend the meeting at 10 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 Stralsund Hall A 421 Fourth Floor House A Franconia Dam 17 Stralsund 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 insolvency manager can be reached at: Stefan Schuppa Bleichstrasse 15 17489 Greifswald Germany The District Court of Stralsund opened bankruptcy proceedings against Hanse-PC-Service GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hanse-PC-Service GmbH Wolgaster Street 7 17489 Greifswald Germany HAUTKLINIK PODBI-PARK: Claims Registration Ends February 20 ----------------------------------------------------------- Creditors of Hautklinik Podbi-Park Verwaltungs-GmbH & Co. KG have until Feb. 20 to register their claims with court-appointed insolvency manager Peter Baumgarte. Creditors and other interested parties are encouraged to attend the meeting at 9:50 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 Hanover Hall 226 Second Floor Office Building Hamburg Avenue 26 30161 Hanover 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 insolvency manager can be reached at: Peter Baumgarte Lange-Hop-Strasse 158 30539 Hanover Germany Tel: 0511 954750 Fax: 0511 9547599 The District Court of Hanover opened bankruptcy proceedings against Hautklinik Podbi-Park Verwaltungs-GmbH & Co. KG on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hautklinik Podbi-Park Verwaltungs-GmbH & Co. KG Listerstr. 9 30163 Hanover Germany Attn: Wolf-Dieter Lixfeld, Manager Altenbekenerdamm 49 30173 Hanover Germany HERMES VORSORGE: Claims Registration Ends March 5 ------------------------------------------------- Creditors of HERMES Vorsorge AG have until March 5 to register their claims with court-appointed insolvency manager Goerge Scheid. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 4, 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 Bernhard Goering Strasse 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 insolvency manager can be reached at: Goerge Scheid Jacobstrasse 25 04105 Leipzig Germany Tel: 0341/702520 Tel/Fax: 0341/7025244 E-mail: Sozietaet@Voigt-Scheid.de The District Court of Leipzig opened bankruptcy proceedings against HERMES Vorsorge AG on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HERMES Vorsorge AG Karl-Heine-Str. 20 04229 Leipzig Germany HEUSER'S EXPRESS: Claims Registration Ends February 16 ------------------------------------------------------ Creditors of Heuser's Express Kuriere GmbH have until Feb. 16 to register their claims with court-appointed insolvency manager Mechthild Greve. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 23, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Koblenz Hall 123 Main Law Courts Karmeliterstrasse 14 56068 Koblenz 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 insolvency manager can be reached at: Mechthild Greve Josef-Goerres-Platz 5 56068 Koblenz Germany Tel: 0261/30479-0 Fax: 0261/9114729 E-mail: info@lieser-rechtsanwaelte.de The District Court of Koblenz opened bankruptcy proceedings against Heuser's Express Kuriere GmbH Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heuser's Express Kuriere GmbH Provinzialstr. 1 56182 Urbar Germany Attn: Juergen Schneider, Manager Dr. Luessem-Str. 15 56566 Neuwied Germany HIGHSPEED WIRELESS: Claims Registration Ends March 26 ----------------------------------------------------- Creditors of Highspeed Wireless - Lan GmbH have until March 26 to register their claims with court-appointed insolvency manager Tim F. Gatcke. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Feb. 4, 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 Celle Hall 014 Ground Floor Branch Mill Road 4 29221 Celle 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 insolvency manager can be reached at: Tim F. Gatcke Hans-Boeckler-Allee 26 30173 Hanover Germany Tel: 0511/360960 Fax: 0511/3609696 E-mail: k.lange@wedlerundgaetcke.de The District Court of Celle opened bankruptcy proceedings against Highspeed Wireless - Lan GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Highspeed Wireless - Lan GmbH Attn: Peter S. Murray, Manager Hannoversche Heerstr. 68 29227 Celle Germany HPAL HAMBURGER: Claims Registration Ends February 28 ---------------------------------------------------- Creditors of HPAL Hamburger Paletten Logistik GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Dr. Sven-Holger Undritz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Hamburg Hall B 405 (Civil Law Courts) Fourth 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 insolvency manager can be reached at: Dr. Sven-Holger Undritz Jungfernstieg 51 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against HPAL Hamburger Paletten Logistik GmbH Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HPAL Hamburger Paletten Logistik GmbH Attn: Ahmet Demirel, Manager Zweibrueckenstrasse 13 20539 Hamburg Germany INTRONIC GMBH: Claims Registration Ends February 20 --------------------------------------------------- Creditors of intronic GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Ulrich Bastian. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Munich Meeting Hall 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 insolvency manager can be reached at: Ulrich Bastian Sendlinger Str. 46 80331 Munich Germany Tel: 089/2603966 Fax: 089/2609204 The District Court of Munich opened bankruptcy proceedings against intronic GmbH on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: intronic GmbH Attn: Wolfgang Schmidmueller, Manager Ehrenbreitsteiner Str. 32 80993 Munich Germany ISOLIERTECHNIK GARBE: Claims Registration Ends February 22 ---------------------------------------------------------- Creditors of Isoliertechnik Garbe und Losch GmbH have until Feb. 22 to register their claims with court-appointed insolvency manager Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.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 Dortmund Hall 3.201 Second Floor Court Place 1 44135 Dortmund 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 insolvency manager can be reached at: Dr. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf Germany The District Court of Dortmund opened bankruptcy proceedings against Isoliertechnik Garbe und Losch GmbH on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Isoliertechnik Garbe und Losch GmbH Hafenstr. 21 59067 Hamm Germany Attn: Horst Losch, Manager Moewenweg 7 59077 Hamm und Thomas Garbe Germany J.B. SYSTEMPACK-DIESTLEISTUNGS: Claims Registration Ends March 5 ---------------------------------------------------------------- Creditors of J.B. Systempack-Diestleistungs GmbH have until March 5 to register their claims with court-appointed insolvency manager Ulrich Zerrath. Creditors and other interested parties are encouraged to attend the meeting at 8:00 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 Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum 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 insolvency manager can be reached at: Ulrich Zerrath Lange Wanne 57 45665 Recklinghausen Germany The District Court of Bochum opened bankruptcy proceedings against J.B. Systempack-Diestleistungs GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: J.B. Systempack-Diestleistungs GmbH Attn: Marcel Schneller, Manager Industriestr.8 - 14 45739 Oer-Erkenschwick Germany JENKE INNENAUSBAU: Claims Registration Ends March 7 --------------------------------------------------- Creditors of Jenke Innenausbau GmbH have until March 7 to register their claims with court-appointed insolvency manager Henning Bosse. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 4, 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 Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig 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 insolvency manager can be reached at: Henning Bosse Hafen 2 38112 Braunschweig Germany Tel: 0531/8891942 Fax: 0531/8891944 E-mail: braunschweig@brfpartner.de The District Court of Braunschweig opened bankruptcy proceedings against Jenke Innenausbau GmbH on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Jenke Innenausbau GmbH Attn: Wolfgang Puder, Manager Donnerburgstr. 14 38321 Gross Denkte Germany JU-BAU GMBH: Creditors Must Register Claims by February 13 ---------------------------------------------------------- Creditors of JU-Bau GmbH have until Feb. 13 to register their claims with court-appointed insolvency manager Dr. Volkhard Frenzel. Creditors and other interested parties are encouraged to attend the meeting at 10 a.m. on March 13, 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 Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle 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 insolvency manager can be reached at: Dr. Volkhard Frenzel Magdeburger Str. 23 D 06112 Halle Germany Tel: 0345/231110 Fax: 0345/2311199 The District Court of Halle-Saalkreis opened bankruptcy proceedings against JU-Bau GmbH on Jan. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: JU-Bau GmbH Attn: Jutta Ultsch, Manager Brunnenstr. 19 06246 Delitz am Berge Germany KIS KULTUR: Creditors' Meeting Slated for February 20 ----------------------------------------------------- The court-appointed insolvency manager for KIS Kultur im Spannwerk GmbH & Co. KG, Dr. Wolfgang Schroeder, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:20 a.m. on Feb. 20. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 Geritch Platz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:25 a.m. on May 21 at the same venue. Creditors have until March 31 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Schroeder Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against KIS Kultur im Spannwerk GmbH & Co. KG on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KIS Kultur im Spannwerk GmbH & Co. KG Paul-Lincke-Ufer 20/22 10999 Berlin Germany KOERNER-MARKT BACKNANG: Creditors Must File Claims by March 14 -------------------------------------------------------------- Creditors of Koerner-Markt Backnang GmbH have until March 14 to register their claims with court-appointed insolvency manager Steffen Beck. Creditors and other interested parties are encouraged to attend the meeting at 10 a.m. on April 4, 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 Ludwigsburg Hall 2008 Palace Schuetz Schorndorfer Str. 28 Ludwigsburg 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 insolvency manager can be reached at: Steffen Beck Breitscheidstr. 10 70174 Stuttgart Germany Tel: 0711/252566-0 The District Court of Ludwisburg opened bankruptcy proceedings against Koerner-Markt Backnang GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Koerner-Markt Backnang GmbH Attn: Dieter Dreher, Manager Hofgut Hagenbach 71522 Backnang Germany LASSOW EVENT: Creditors Must Register Claims by February 24 ----------------------------------------------------------- Creditors of Lassow Event GmbH have until Feb. 24 to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on Feb. 2, 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 Vechta Hall 129 Main Building Kapitelplatz 8 49377 Vechta 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 insolvency manager can be reached at: Andreas Sontopski Gnoiener Platz 1 48493 Wettringen Germany Tel: 02557-93840 Fax: 02557-652 E-mail: info@RA-Sontopski.de The District Court of Vechta opened bankruptcy proceedings against Lassow Event GmbH on Jan. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lassow Event GmbH Robert-Bosch-Strasse 18 49401 Damme Germany Attn: Horst Lassow, Manager Ohlkenbergsweg 12 49401 Damme Germany LOHNBETRIEB BEHM: Creditors Must Register Claims by February 26 --------------------------------------------------------------- Creditors of Lohnbetrieb Behm GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Helmut Gattermann. Creditors and other interested parties are encouraged to attend the meeting at 2:25 p.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 Husum Hall 4 Theodor-Storm-Strasse 55 Husum 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 insolvency manager can be reached at: Helmut Gattermann Lehmweg 17 20251 Hamburg Germany The District Court of Husum opened bankruptcy proceedings against Lohnbetrieb Behm GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lohnbetrieb Behm GmbH Norder-Kronenburg 5 25860 Horstedt Germany LOOXOR GMBH: Creditors Must Register Claims by February 7 --------------------------------------------------------- Creditors of Looxor GmbH have until Feb. 7 to register their claims with court-appointed insolvency manager Thomas Krafft. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Feb. 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 Magdeburg Hall D Insolvency Department Liebknechtstrasse 65-91 39110 Magdeburg 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 insolvency manager can be reached at: Thomas Krafft Leipziger Strasse 70 06108 Halle/Saale Germany Tel: 0345/67878-0 Fax: 0345/67878-10 E-mail: halle-saale@hww-kanzlei.de The District Court of Magdeburg opened bankruptcy proceedings against Looxor GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Looxor GmbH Gustav-Ricker-Str. 62 39120 Magdeburg Germany Attn: Thomas Ryll, Manager Chausseestr. 10 06348 Grossoerner Germany MAISON NOBLESSE: Creditors Must Register Claims by March 1 ----------------------------------------------------------- Creditors of Maison Noblesse Fashion Design GmbH have until March 1 to register their claims with court-appointed insolvency manager Dirk Decker. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 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 insolvency manager can be reached at: Dirk Decker Speersort 4/6 20095 Hamburg Tel: 040/30 30 10 Fax: 040/30 30 11 11 Germany The District Court of Lueneburg opened bankruptcy proceedings against Maison Noblesse Fashion Design GmbH on Jan. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Maison Noblesse Fashion Design GmbH Attn: Uwe Stautmeister, Manager Hauptstr. 10a 21376 Salzhausen Germany MASCHU MALEREI: Creditors' Meeting Slated for March 5 ----------------------------------------------------- The court-appointed insolvency manager for MaSchu Malerei GmbH, Dr. Wolfgang Schroeder, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:20 a.m. on March 5. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg 2nd Stock Hall 218 Geritch Platz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:55 a.m. on May 21 at the same venue. Creditors have until April 9 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Schroeder Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against MaSchu Malerei GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MaSchu Malerei GmbH Ringstr.71 12205 Berlin Germany MEDIFACTS INT'L: Organizational Meeting Scheduled on February 7 --------------------------------------------------------------- Kelly Beaudin Stapleton, the U.S. Trustee for Region 3, will hold an organizational meeting to appoint an official committee of unsecured creditors in Medifacts International Inc.'s chapter 11 case at 11:00 a.m., on Feb. 7 at Room 5209, J. Caleb Boggs Federal Building, 844 North King Street, in Wilmington, Delaware. The sole purpose of the meeting will be to form a committee or committees of unsecured creditors in the Debtors' cases. The meeting is not the meeting of creditors pursuant to Section 341 of the Bankruptcy Code. However, a representative of the Debtors will attend and provide background information regarding the cases. Creditors interested in serving on a Committee should complete and return to the U.S. Trustee a statement indicating their willingness to serve on an official committee. Official creditors' committees, constituted under Section 1102 of the Bankruptcy Code, ordinarily consist of the seven largest creditors who are willing to serve on a committee. In some Chapter 11 cases, the U.S. Trustee is persuaded to appoint multiple creditors' committees. Official creditors' committees have the right to employ legal and accounting professionals and financial advisors, at the Debtors' expense. They may investigate the Debtors' business and financial affairs. Importantly, official committees serve as fiduciaries to the general population of creditors they represent. Those committees will also attempt to negotiate the terms of a consensual Chapter 11 plan -- almost always subject to the terms of strict confidentiality agreements with the Debtors and other core parties-in-interest. If negotiations break down, the Committee may ask the Bankruptcy Court to replace management with an independent trustee. If the Committee concludes that the reorganization of the Debtors is impossible, the Committee will urge the Bankruptcy Court to convert the Chapter 11 cases to a liquidation proceeding. Based in Rockville, Maryland, 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 employs 176 people in the North America, China and Europe. The company filed for chapter 11 protection on Jan. 28, 2007 (Bankr. D. Del. Case No. 07-10110). Joseph A. Malfitano, Esq., at Young, Conaway, Stargatt & Taylor, LLP, represents the Debtor in its restructuring efforts. When the Debtor filed for protection from its creditors, it listed estimated assets and debts of US$10 million to US$50 million. METALLBAU WEST: Creditors Must Register Claims by February 28 ------------------------------------------------------------- Creditors of Metallbau West GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Dr. Petra Hilgers. Creditors and other interested parties are encouraged to attend the meeting at 10:10 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam 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 insolvency manager can be reached at: Dr. Petra Hilgers Goethestrasse 85 10623 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against Metallbau West GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Metallbau West GmbH Attn: Axel Schumann, Manager Bahnhofstrasse 49 14612 Falkensee Germany NETCACAO GMBH: Creditors Must Register Claims by March 2 -------------------------------------------------------- Creditors of NetCacao GmbH have until March 2 to register their claims with court-appointed insolvency manager Falk Eppert. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on April 2, 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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg 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 insolvency manager can be reached at: Falk Eppert Vietmannsdorfer Str. 23 17268 Templin Germany The District Court of Neubrandenburg opened bankruptcy proceedings against NetCacao GmbH on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NetCacao GmbH Friedenstrasse 9 17309 Pasewalk Germany NOCTUA GMBH: Creditors Must Register Claims by February 5 --------------------------------------------------------- Creditors of Noctua GmbH have until Feb. 5 to register their claims with court-appointed insolvency manager Friedrich Knoop. Creditors and other interested parties are encouraged to attend the meeting at 9:35 a.m. on Feb. 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 Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf 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 insolvency manager can be reached at: Friedrich Knoop Robertstrasse 3 40229 Duesseldorf Germany The District Court of Dueselldorf opened bankruptcy proceedings against Noctua GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Noctua GmbH Tilsiter Weg 1 41564 Kaarst Germany Attn: Ingo Fleischer, Manager Moosheide 25 47877 Willich Germany SCHULTE GMBH: Creditors Must Register Claims by March 5 ------------------------------------------------------- Creditors of Schulte GmbH Fachgrosshandel fuer Sanitar und Heizung have until March 5 to register their claims with court- appointed insolvency manager Rolf Otto Neukirchen. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on March 23, 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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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 insolvency manager can be reached at: Rolf Otto Neukirchen Zweigertstr. 28-30 45130 Essen Germany The District Court of Essen opened bankruptcy proceedings against Schulte GmbH Fachgrosshandel fuer Sanitar und Heizung on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schulte GmbH Fachgrosshandel fuer Sanitar und Heizung Ruhrallee 175 45136 Essen Germany Attn: Dr. Guido Sandler, Manager Ruhrallee 175 45136 Essen Germany SHT LOGISTIK: Creditors Must Register Claims by February 27 ----------------------------------------------------------- Creditors of SHT Logistik GmbH & Co. KG have until Feb. 27 to register their claims with court-appointed insolvency manager Rolf Otto Neukirchen. 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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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 insolvency manager can be reached at: Rolf Otto Neukirchen Zweigertstr. 28-30 45130 Essen Germany The District Court of Essen opened bankruptcy proceedings against SHT Logistik GmbH & Co. KG on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SHT Logistik GmbH & Co. KG Ruhrallee 175 45136 Essen Germany SIEGEL BAU-GMBH: Claims Registration Ends March 2 ------------------------------------------------- Creditors of Siegel Bau-GmbH have until March 2 to register their claims with court-appointed insolvency manager Jutta Ruedlin. Creditors and other interested parties are encouraged to attend the meeting at 10:00 on March 28, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Eschwege Meeting Hall 2 1st Stock Friedr. Wilh. Strasse 39 37269 Eschwege 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 insolvency manager can be reached at: Jutta Ruedlin Markt 4 34212 Melsungen Germany Tel: 05661/926 28-0 Fax: 05661/926 28-20 The District Court of Eschwege opened bankruptcy proceedings against Siegel Bau-GmbH on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Siegel Bau-GmbH Landstrasse 85 37287 Wehretal Germany Attn: Reiner Eisfeld, Manager Steingasse 1 37296 Ringgau Germany SISO TEXTIL: Creditors Must Register Claims by March 2 ------------------------------------------------------ Creditors of SISO Textil GmbH have until March 2 to register their claims with court-appointed insolvency manager Frank Wiedemann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 23, 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 Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen 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 insolvency manager can be reached at: Frank Wiedemann Eupener Str. 181 52066 Aachen Germany Tel: 0241/6052800 Fax: 0241/6052799 The District Court of Aachen opened bankruptcy proceedings against SISO Textil GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SISO Textil GmbH Neuenhofstr. 191 52078 Aachen Germany [REDACTED Jan. 11, 2014] SKO GMBH: Claims Registration Ends February 17 ---------------------------------------------- Creditors of A. SKO GmbH have until Feb. 17 to register their claims with court-appointed insolvency manager Andreas Pantlen. Creditors and other interested parties are encouraged to attend the meeting at 8:40 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 Moenchengladbach Meeting Room A 58 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 insolvency manager can be reached at: Andreas Pantlen Fliethstrasse 112 41061 Moenchengladbach Tel: 02161 / 2470646 Fax: 02161 / 2470647 The District Court of Moenchengladbach opened bankruptcy proceedings against A. SKO GmbH on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A. SKO GmbH Karstrasse 104 41068 Moenchengladbach Germany SPAREPARTS GMBH: Claims Registration Ends March 20 -------------------------------------------------- Creditors of Spareparts GmbH have until March 20 to register their claims with court-appointed insolvency manager Ralph Buenning. Creditors and other interested parties are encouraged to attend the meeting at 10:35 a.m. on April 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 Hanover Hall 226 Second Floor Office Building Hamburg Avenue 26 30161 Hanover 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 insolvency manager can be reached at: Ralph Buenning Karl-Wiechert-Allee 1 c 30625 Hannover Germany Tel: 0511 554706-0 Fax: 0511 554706-99 The District Court of Hanover opened bankruptcy proceedings against Spareparts GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spareparts GmbH Attn: Matthias Rowold, Manager Lessingstr. 5 30916 Isernhagen Germany STULKEN UND VUEST: Claims Registration Ends April 17 ---------------------------------------------------- Creditors of Stulken und Vuest Bauunternehmung GmbH have until April 17 to register their claims with court-appointed insolvency manager Heiko Janssen. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 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 Aurich Room 018 Schlossplatz 2 26603 Aurich 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 insolvency manager can be reached at: Heiko Janssen Julianenburger Str. 19 D 26603 Aurich Germany Tel: 04941 /97 44 0 Fax: 04941 / 9744137 The District Court of Aurich opened bankruptcy proceedings against Stulken und Vuest Bauunternehmung GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stulken und Vuest Bauunternehmung GmbH Attn: Martin Stulken and Guenter Vuest, Managers Eckelkamp 30b 26607 Aurich Germany SURFER'S POINT: Claims Registration Ends March 16 ------------------------------------------------- Creditors of Surfer's Point Hamburg GmbH have until March 16 to register their claims with court-appointed insolvency manager Jens-Soeren Schroeder. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 16, 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 Meeting Room B405 Fourth Floor 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 insolvency manager can be reached at: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Surfer's Point Hamburg GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Surfer's Point Hamburg GmbH Deelboege 5-7 22297 Hamburg Germany TANGENS VERWALTUNGS: Claims Registration Ends March 7 ----------------------------------------------------- Creditors of Tangens Verwaltungs GmbH have until March 7 to register their claims with court-appointed insolvency manager Atty. Jens Lieser. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Bad Kreuznach Hall 34 Ringstrasse 79 55543 Bad Kreuznach 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 insolvency manager can be reached at: Jens Lieser Josef-Goerres-Platz 5 56068 Koblenz Germany Tel: 0261/30479-0 Fax: 0261/9114729 E-mail: info@lieser-rechtsanwaelte.de The District Court of Bad Kreuznach opened bankruptcy proceedings against Tangens Verwaltungs GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tangens Verwaltungs GmbH Johann-Steffen-Str. 2 56869 Mastershausen Germany ULRICH PAUL: Claims Registration Ends Feb. 28 --------------------------------------------- Creditors of Ulrich Paul Bauunternehmung GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Markus Walter. The insolvency manager can be reached at: Markus Walter Waldhofer Str. 17 69123 Heidelberg Germany The District Court of Heidelberg opened bankruptcy proceedings against Ulrich Paul Bauunternehmung GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ulrich Paul Bauunternehmung GmbH Bahnhofstrasse 13 74933 Neidenstein Germany USERWORLD COMPUTERSCHULUNGEN: Claims Registration Ends Feb. 13 -------------------------------------------------------------- Creditors of Userworld Computerschulungen GmbH have until Feb. 13 to register their claims with court-appointed insolvency manager Werner F. Muehlenbrock. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Essen Meeting Room 185 First Floor Zweigertstrasse 52 45130 Essen 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 insolvency manager can be reached at: Werner F. Muehlenbrock Overwegstr. 47 45879 Gelsenkirchen Germany The District Court of Essen opened bankruptcy proceedings against Userworld Computerschulungen GmbH on Jan. 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Userworld Computerschulungen GmbH Romanusstr. 17 45894 Gelsenkirchen Germany VIT MANAGEMENT: Creditors' Meeting Slated for Feb. 20 ----------------------------------------------------- The court-appointed insolvency manager for VIT Management GmbH, Christian Koehler-Ma, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on Feb. 20. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg 2nd Stock Hall 218 Geritch Platz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:10 a.m. on June 5 at the same venue. Creditors have until April 10 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 212 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against VIT Management GmbH on Jan. 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: VIT Management GmbH Unter den Linden 21 10117 Berlin Germany W. K. OMNIBUSREISEN: Claims Registration Ends February 25 --------------------------------------------------------- Creditors of W. K. Omnibusreisen GmbH have until Feb. 25 to register their claims with court-appointed insolvency manager Dr. Thorsten Fuest. Creditors and other interested parties are encouraged to attend the meeting at 11:40 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 Detmold Meeting Room 12 Ground Floor Gerichtsstrasse 6 32756 Detmold 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 insolvency manager can be reached at: Dr. Thorsten Fuest Gerichtsstr. 3 33602 Bielefeld Germany The District Court of Detmold opened bankruptcy proceedings against W. K. Omnibusreisen GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: W. K. Omnibusreisen GmbH Rosenweg 1 32816 Schieder-Schwalenberg Germany WAGNER VERSICHERUNGSVERMITTLUNGS: Creditors' Mtg. Set for Feb. 9 ---------------------------------------------------------------- The court-appointed insolvency manager for Wagner Versicherungsvermittlungs GmbH, Hermann Berding, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on Feb. 9. The meeting of creditors and other interested parties will be held at: The District Court of Cloppenburg Hall 6, Hauptgebaude Burgstrasse 9 49661 Cloppenburg Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on March 30 at the same venue. Creditors have until March 16 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Hermann Berding Jammertal 1 49661 Cloppenburg Germany Tel: 04471/9126-0 Fax: 04471/82997 The District Court of Cloppenburg opened bankruptcy proceedings against Wagner Versicherungsvermittlungs GmbH on Jan. 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wagner Versicherungsvermittlungs GmbH Attn: Nikolai Mueller, Manager Liese-Meitner-Str. 5a 49661 Cloppenburg Germany WOHN- UND GEBAEUDESERVICE: Claims Filing Period Ends Feb. 20 ------------------------------------------------------------ Creditors of Wohn- und Gebaeudeservice F. Donisch GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Ralf Bornemann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Cologne Meeting Hall 1240 12th Floor Luxemburger Str. 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 insolvency manager can be reached at: Dr. Ralf Bornemann Godesberger Allee 125-127 53175 Bonn Germany Tel: 0228-8100056 Fax: 022881000820 The District Court of Cologne opened bankruptcy proceedings against Wohn- und Gebaeudeservice F. Donisch GmbH on Jan. 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wohn- und Gebaeudeservice F. Donisch GmbH Attn: Frank Donisch, Manager Aachener Str. 82 50389 Wesseling Germany WOSI WOHN: Claims Registration Period Ends March 1 -------------------------------------------------- Creditors of WOSI Wohn- und Siedlungsbau Verwaltungs-GmbH have until March 1 to register their claims with court-appointed insolvency manager Heinrich Klenk. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Esslingen Hall 1 Ground Floor Ritterstrasse 5 Stuttgart 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 insolvency manager can be reached at: Heinrich Klenk Moehringer Landstr. 5 70563 Stuttgart Germany Tel: 0711/90134-20 Fax: 0711/90134-199 The District Court of Esslingen opened bankruptcy proceedings against WOSI Wohn- und Siedlungsbau Verwaltungs-GmbH on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WOSI Wohn- und Siedlungsbau Verwaltungs-GmbH Attn: Karin Geissler, Manager Kolpingstr. 20 72636 Frickenhausen Germany ZEITSPRUNG GMBH: Claims Registration Period Ends March 14 --------------------------------------------------------- Creditors of Zeitsprung GmbH have until March 14 to register their claims with court-appointed insolvency manager Eduard Spaeth. Creditors and other interested parties are encouraged to attend the meeting at 1:05 p.m. on April 10, 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 Hall 012 Ground Floor Berliner Platz 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 insolvency manager can be reached at: Eduard Spaeth Strassberger Str. 1 08527 Plauen Germany Tel: 03741/289499 Fax: 03741/289498 The District Court of Hof opened bankruptcy proceedings against Zeitsprung GmbH on Jan. 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Zeitsprung GmbH Attn: Olga Karpushenko, Manager Culmitzhammer 3 95119 Naila Germany ZELENY CONSULTING: Claims Registration Period Ends Feb. 28 ---------------------------------------------------------- Creditors of Zeleny Consulting GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Christian Plail. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Augsburg Meeting Hall 162 Am Alten Einlass 1 86150 Augsburg 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 insolvency manager can be reached at: Christian Plail c/o SKP Partnerschaftsgesellschaft Eserwallstr. 1-3 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Zeleny Consulting GmbH on Jan. 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Zeleny Consulting GmbH Attn: Marcus Zeleny, Manager Gratzmuellerstr. 1 86150 Augsburg Germany ============= I R E L A N D ============= ZURICH BANK: Moody's Assigns D Bank Financial Strength Rating ------------------------------------------------------------- Moody's Investors Service assigned a bank financial strength rating of D to Zurich Bank. The rating carries a stable outlook. The bank is a subsidiary of Zurich Group Holding and by extension Zurich Financial Services. The A1 deposit ratings, A3 senior debt ratings and Baa1 subordinated debt ratings have been affirmed with a stable outlook. Zurich Bank is primarily active in U.K. commercial property lending via its U.K. subsidiary, Dunbar Bank plc, and also continues to manage a number of structured lending transactions. Going forward, the institution intends to concentrate on U.K. property lending, deposit-taking and premium financing and offer wealth management products to existing clients of ZFS. However, with the exception of its property lending business, Moody's recognizes that Zurich Bank has yet to establish a solid track record and build a sustainable franchise along its chosen business lines. The D BFSR also takes into consideration the sound credit quality of Zurich Bank's property loan portfolio and the fact that the market risk of the bank is contained. Nevertheless, Moody's notes the existence of a number of large individual exposures relative to equity in regard to the interbank and structured lending business of Zurich Bank. In mitigation, these interbank exposures are to highly rated entities and have a short-term duration whilst the total return swaps are partially cash collateralized. Zurich Bank is still primarily reliant on short-term wholesale funding sources. Nevertheless, the integration of Dunbar Bank Plc and Zurich Bank International Ltd. in 2005 has enhanced the group's overall funding profile. Moody's also notes positively the fact that Zurich Bank has committed facilities in the amount of GBP255 million at its disposal and also has access to some of the group's cash deposits. Dunbar Bank is the primary earnings driver of the group. Zurich Bank's continued ability to grow its business and franchise and maintain credit quality could place upward pressure on the BFSR. Conversely, downward pressure on Zurich Bank's BFSR could occur if the bank were unable to grow its business and franchise and suffer a deterioration in credit quality and profitability. These ratings were affirmed: -- A1 Long-term deposit rating -- A3 Senior unsecured debt rating -- Baa1 Subordinated debt rating -- Prime-1 Short-term deposit rating Zurich Bank is headquartered in Dublin, Ireland and reported pre-tax income of EUR32 million for the year to Dec. 31, 2005 (2004: EUR12 million). Total assets amounted to EUR2.392 billion as at Dec. 31, 2005. ========= I T A L Y ========= ALITALIA SPA: 11 Buyers Commence Melee for Italy's 30.1% Stake -------------------------------------------------------------- Eleven bidders submitted their non-binding offers to acquire the Italian government's 30.1% stake in Alitalia S.p.A., Bloomberg News reports. Most of the bidders are private equity funds hoping that Alitalia would recover via massive restructuring, Reuters says. According to the Italian Treasury, bidders include: 1) UBM, a unit of Unicredito Italiano S.p.A., 2) Texas Pacific Group Europe LLP, 3) AP Holding S.p.A., owned by AirOne chief Carlo Toto; 4) a consortium of Management & Capitali S.p.A., Cerberus European Investments LLC, ELQ Investors Ltd. and Lefinalc S.p.A. 5) Benstar-Saturn Enterprises Ltd. 6) Fabio Scaccia, a professor 7) MatlinPatterson Global Advisers LLC, 8) Net Present Value S.p.A., backed by Unione Piloti 9) a consortium of Porcellana Castello S.p.A. and Capper-NO S.p.A., 10) Terra Firma Investments (GP) 3 Ltd., and 11) Wonders & Dreams U.K. Ltd. a consortium headed by Paolo Alazraki. Air-France KLM, who had been tagged as potential bidder for Alitalia, did not submit an offer. Other interested parties can still join the bidding process by taking part in a consortium set up by any of the 11 bidders. Alessandro Bianchi, Italy's Transport Minister, expressed satisfaction with the bidder turnout, but said 11 offers "are really a lot" and a selection will be made, AFX News relates. The Economy Ministry, advised by Merrill Lynch and Chiomenti Studio Legale, is reviewing the bids to choose qualified candidates for the next phase of the tender. Mr. Bianchi told La Stampa that he expects the process to be complete within a few months. He added that Giancarlo Cimoli's tenure as chairman and CEO of Alitalia is currently in discussion with Economy Minister Tommaso Padoa-Schioppa and Prime Minister Romano Prodi. "The 11 expressions of interest are not that significant, given that they are not binding," Fabrizio Solari, secretary of Federazione Italiana Lavoratori dei Trasporti- Confederazione Generale Italiana del Lavoro union, said. "One has to note that they carry different weight and I think the final buyer will be someone that is not on the list." The deadline for submission of non-binding offers for the Italian government's 30.1% stake in national carrier Alitalia S.p.A. ended at 6:00 p.m. on Jan. 29. In a TCR-Europe report on Jan. 3, the government launched the bidding process for its stake in Alitalia on Dec. 29, 2006. Italy's Ministry of Economy and Finance invited interested parties to submit a non-binding offer for around 30.1% to 49.9% of Alitalia's capital and 1,207,147,404 convertible bonds of the carrier's 7.5% 2002-2010 debenture loan. The sale will take place through a competitive procedure involving direct negotiations with potential buyers. According to the Ministry, potential buyers will be selected based on the economic terms of the offers received and an analysis of the business plans. The Ministry will also examine the compatibility of the offers and business plans with the Alitalia's restructuring, development and relaunch objectives. The Ministry also outlined mandatory commitments for the buyer to: -- keep at least a 30.1% stake in Alitalia until the business plan is successfully carried out: -- safeguard Alitalia's national identity; and -- guarantee the quality and quantity of services offered and coverage of the territory. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. In Europe, the company reaches 45 airports, with 1,238 flights per week. In the rest of the world, the Alitalia Group's aircrafts operate out of 32 airports with 255 flights per week. The Alitalia Group network is centered on two main airports, Rome Fiumicino and Milan Malpensa, and includes, as of Sept. 30, 2006, an operating fleet of 182 aircrafts. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia registered EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked consecutive annual net losses of EUR520 million in 2003, EUR813 million in 2004, and EUR168 million in 2005. ALITALIA SPA: Group Net Debt Up to EUR1.02 Bln in December 2006 --------------------------------------------------------------- Alitalia Group disclosed a net financial position of EUR1.03 billion as of Dec. 31, 2006, showing an increase in net indebtedness of EUR62 million (+6.4%) compared to the situation on Nov. 30, 2006. The net financial position of the parent company Alitalia S.p.A. on Dec. 31, 2006, amounted to EUR998 million showing an increase in net indebtedness of EUR59 million (+6.3%) compared to the situation on Nov. 30, 2006, and including short-term net financial credits for subsidiaries. Cash-to-hand and short-term financial credits on Dec. 31, 2006, at the Group level and for Alitalia, amounted to EUR726 million and EUR762 million respectively, also including an investment of EUR55 million regarding their duration. It should be noted that on Dec. 31, 2006, there were several leasing contracts at the Group level -- referring almost entirely to fleet aircraft mostly held by the parent company amounting to EUR132 million -- whose capital share, including lease closure value, amounted to EUR148 million, of which EUR19 million represent the current capital share falling due within 12 months of the reference date, with EUR16 million held by the parent company. By comparison, the same figure on Nov. 30, 2006, amounted to EUR152 million, of which EUR21 million falling due in the 12 months from the reference date. It should also be noted that existing debts to banks are almost entirely backed up by real guarantees or by personal guarantees. The relative financing contracts contain standard legal clauses relating to withdrawal. None of the contracts refer to specific requirements regarding assets or economic/financial aspects, in order to maintain the credit line. During December 2006, repayments were made of medium/long-term financing amounting to about EUR19 million. Regarding debts of a financial, fiscal and social welfare nature, there were no outstanding sums or payment irregularities on Dec. 31, 2006, both for the parent company and for the other companies in the Group. As far as debts of a commercial nature are concerned, there were no outstanding sums or payment irregularities on Dec. 31, 2006, both for the parent company and for other Group companies, except for those relating to disputed situations. Regarding the latter, there were outstanding sums owed to a single airport management company for disputed debts amounting to a total of about EUR82 million on Dec. 31, 2006. In addition, decisions are still pending for the petitions filed by Alitalia regarding: -- five injunctions issued by an airport management company for a total of about EUR14 million; -- a further injunction has been issued by an IT services supplier for about EUR812,000; -- another injunction has been issued by a professional studio for about EUR534,000; -- a contractor for restructuring work has issued an injunction for about EUR635,000; -- a further injunction has been issued by a supplier of videos to be shown onboard aircraft, for about EUR909,000; -- six injunctions issued by suppliers for a total of around EUR110,000. There are no other injunction orders or executive actions undertaken by creditors notified as of Dec. 31, 2006, nor are there any threats by suppliers to suspend operations. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- generates around EUR4.8 billion in annual revenue and employs more than 11,000 people. Alitalia flies to about 80 destinations in more than 60 countries, including Argentina, China, and Japan, from hubs in Rome and Milan and operates a fleet of about 185 aircraft. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia registered EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked consecutive annual net losses of EUR520 million in 2003, EUR813 million in 2004, and EUR168 million in 2005. =================== K A Z A K H S T A N =================== AKJARSKOYE PATP: Claims Filing Period Ends March 9 -------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region has declared LLP Akjarskoye Patp insolvent. Creditors have until March 9 to submit written proofs of claim to: LLP Akjarskoye Patp Peschanaya Str. 3 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 50-17-76 8 (3232) 705 525 11-37 8 (3232) 705 901 35-39 BANK CENTERCREDIT: Fitch Rates US$500-Mln Eurobond Issue at BB- --------------------------------------------------------------- Fitch Ratings assigned Center Credit International B.V.'s US$500 million 8.625% eurobond issue due 2014 a final rating of Long- term 'BB-'. The notes will be irrevocably and unconditionally guaranteed by JSC Bank CenterCredit rated Long-term Issuer Default 'BB- '/Stable Outlook, Short-term 'B', Support '3', Individual 'D'. BCC is one of the six largest banks in Kazakhstan with a market share of around 7.8% at end-September 2006, and focuses primarily on the SME and retail segments, utilizing its countrywide branch network. Bakhytbek Bayseitov, current Chairman of the Board of Directors, is now consolidating a 51% stake in the bank. The management team has increased its stake since Jan. 1 and now owns a 22% stake in BCC. GAS AKTOBE: Claims Registration Ends March 9 -------------------------------------------- LLP Oil Gas Aktobe has declared insolvency. Creditors have until March 9 to submit written proofs of claim to: LLP Oil Gas Aktobe Maresiev Str. 79-48 Aktube Aktube Region Kazakhstan JOLJONDEU SERVICE: Claims Filing Period Ends March 9 ---------------------------------------------------- LLP Joljondeu Service has declared insolvency. Creditors have until March 9 to submit written proofs of claim to: LLP Joljondeu Service Baatyr Str. 18 Mambet, Taraz Jambyl Region Kazakhstan ELENA LLP: Proof of Claim Deadline Slated for March 9 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region has declared LLP Elena insolvent. Creditors have until March 9 to submit written proofs of claim to: Department of Agriculture Konstitutsiya Kazakhstana Str. 38 Petropavlovsk North Kazakhstan Region Kazakhstan JOMART LLP: Creditors Must File Claims by March 9 ------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region has declared LLP Jomart insolvent. Creditors have until March 9 to submit written proofs of claim to: LLP Jomart Sutushev Str. 58 Petropavlovsk North Kazakhstan Region Kazakhstan Tel: 8 (3152) 46-35-83 MAKSAT LLP: Claims Registration Ends March 9 -------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda Region has declared LLP Maksat 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 PLASTIC LLP: Claims Filing Period Ends March 9 ---------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan region has declared LLP Plastic insolvent. Creditors have until March 16 to submit written proofs of claim to: LLP Plastic Ushanov Str. 78-27 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 26-24-41 SHYGYS LLP: Claims Registration Ends March 9 -------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region has declared LLP Shygys insolvent. Creditors have until March 9 to submit proofs of claim to: Department of Agriculture Kazakhstana Str. 38 Konstitutsiya Petropavlovsk North Kazakhstan Region KaZakhstan TECH TRANS: Creditors' Claims Due March 9 ----------------------------------------- LLP Tech Trans Company has declared insolvency. Creditors have until March 9 to submit written proofs of claim to: LLP Tech Trans Company Office 321b Abai Ave. 76/109 Almaty Kazakhstan Tel: 8 (3272) 50-71-89 TEPLO IMPORT-ASIA: Claims Filing Period Ends March 9 ---------------------------------------------------- LLP Joint Enterprise Teplo Import-Asia has declared insolvency. Creditors have until March 9 to submit written proofs of claim to: LLP Joint Enterprise Teplo Import-Asia Turgut Ozal Str. 129 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== KARA-UNKUR SUU: Creditors' Meeting Slated for February 9 -------------------------------------------------------- Creditors of JSC Kara-Unkur Suu Kurulush will convene at 11:00 a.m. on Feb. 9 at: JSC Kara-Unkur Suu Kurulush Bazarkorgonsky District Djalal-Abad Region Kyrgyzstan The Inter-District Court of Djalal-Abad Region for Economic Issues commenced bankruptcy proceedings on the company after finding it insolvent on Dec. 1, 2006. The case is docketed under Case No.70-55/2006 MB. Creditors must submit their proofs of claim and register within seven days before the meeting with the temporary insolvency manager. Proxies must have authorization to vote. The Temporary Insolvency Manager is: Taalaibek Boronov Tel: (0-502) 61-35-25 (0-502) 11-64-37 RIVERA LLC: Creditors' Meeting Slated for February 14 ----------------------------------------------------- Creditors of LLC Rivera will convene at 10:00 a.m. on Feb. 14 at: Lev Tolstoi Str. 100b Bishkek Kyrgyzstan The meeting of creditors will discuss: -- the transformation of bankruptcy proceedings into rehabilitation procedure; -- the affirmation of rehabilitation plan; and -- the commencement of rehabilitation procedure. Proxies must have authorization to vote. Inquiries can be addressed to (0-503) 29-41-24. ===================== N E T H E R L A N D S ===================== CEVA GROUP: S&P Cuts Rating to B on Proposed Recapitalization ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on CEVA Group PLC, the holding company for The Netherlands-based contract logistics group Ceva Ltd. to 'B' from 'B+'. This follows the group's planned recapitalization. The outlook is stable. "The rating action reflects our expectation that the company's financial policy will be more aggressive and its financial profile weaker, owing to an increased use of leverage after the recapitalization, which has been announced just three months after the closing of the acquisition of the company by a private equity investor in November 2006," said Standard & Poor's credit analyst Eve Greb. In addition, equity redemption or dividends were not factored into the previous rating. After the proposed transaction, valued at approximately EUR250 million, the group will have pension and lease-adjusted debt of about EUR1.9 billion pro-forma on Sept. 30, 2006. Since the LBO in November 2006, leverage has decreased slightly to total lease- and pension-adjusted debt to EBITDA of 6.3x, from 6.4x previously, due to low capital expenditure and positive working capital management. Pro forma the recapitalization, total lease- and pension-adjusted debt to EBITDA is expected to be about 7x for the 12 months to Sept. 30, 2006, compared with 6.4x after the buyout, which was already weak for the previous rating. The ratings reflect the business and financial risk profiles of the main operating company Ceva. The ratings are constrained by Ceva's: -- leveraged financial profile; -- weak credit measures; and -- limited free cash flow generation, which will limit meaningful debt reduction. Ceva operates within the highly fragmented and competitive logistics industry but benefits from a satisfactory business profile, underpinned by its global network and strong market positions, particularly in Europe. The group's highly leveraged financial structure, however, outweighs the benefits of its investment-grade business risk profile and is the key driver of the ratings. With EUR3.4 billion of total revenues in 2005, Ceva is the second-largest contract logistics provider globally and has leading market positions in targeted key industries. In November 2006, Ceva was bought by private equity investor Apollo Management from TNT N.V., a global provider of mail, express, and freight management services. "The stable outlook reflects our expectation that CEVA Group's credit protection measures will be in the range of debt to EBITDA of 6x to 7x," said Ms. Greb. "Exceptional transition costs during 2007 are likely to limit the potential for ratio improvements in the short term." =========== R U S S I A =========== ATAL-VOLGA OJSC: Court Names I. Dmitriev as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Chivashiya Republic appointed Mr. I. Dmitriev as Insolvency Manager for OJSC Corporation Atal-Volga. He can be reached at: I. Dmitriev Office 12 P. Lumumby Str. 8 Cheboksary Chivashiya Republic Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A79-7842/2006. The Debtor can be reached at: OJSC Corporation Atal-Volga Cheboksary Chivashiya Republic Russia BANK SOYUZ: Moody's Rates Loan Participation Notes at B1 -------------------------------------------------------- Moody's Investors Service has assigned a rating of B1 to the Loan Participation Notes to be issued on a limited recourse basis by SB Funding Ltd. for the sole purpose of funding a loan to Bank Soyuz. The outlook for the rating is stable. Moody's understands that the holders of the notes will be relying for repayment solely and exclusively on the ability of Bank Soyuz to make payments under the loan agreement. Bank Soyuz is currently rated B1/Not Prime for long- and short-term foreign- and local-currency deposits and E+ for financial strength, all with stable outlook. The amount and the tenor of the notes have yet to be determined. The obligations of Bank Soyuz to make payments under the loan agreement will rank at all times at least pari passu with the claims of all other unsecured creditors of the borrower, save for those whose claims are preferred by any bankruptcy, insolvency, liquidation or similar laws of general application. Moody's notes that Russia is in general a country with individual depositor preference, which may reduce the recovery rates for the bondholders, especially if such deposits were to represent a sizeable proportion of the bank's liabilities in the event of liquidation. According to the terms and conditions of the loan agreement, Bank Soyuz must maintain on a consolidated basis total assets at not less than US$2 billion and a minimum total capital adequacy ratio of 11% calculated in accordance with BIS guidelines or, if higher, the minimum capital adequacy ratio required by the Central Bank of Russia, and must comply with a number of other covenants such as negative pledge, limitations on any reorganization, as well as on disposals and transactions with affiliates. The loan agreement, the notes and the trust deed will be governed by and construed in accordance with English law, and the courts of England will have exclusive jurisdiction to settle any dispute, arising from or connected with the loan agreement. Bank Soyuz is incorporated in Moscow, Russia, and reported total consolidated assets of US$2.166 billion in accordance with IFRS as at Sept. 30, 2006. SB Funding is an orphan special purpose vehicle domiciled in Ireland that was established for this transaction. BAYMAKSKIY MEAT-PACKING: Creditors Must File Claims by Feb. 13 -------------------------------------------------------------- Creditors of LLC Baymakskiy Meat-Packing Factory (TIN 0254008420) have until Feb. 13 to submit written proofs of claim to: F. Yunusov, Insolvency Manager Br. Kadomtsevykh Str. 6 Ufa 450059 Bashkortostan Republic Russia The Arbitration Court of Bashkortostan Republic commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-20495/ 06-G-FLE. The Arbitration Court of Bashkortostan Republic is located at: Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Republic Russia The Debtor can be reached at: F. Yunusov, Insolvency Manager Br. Kadomtsevykh Str. 6 Ufa 450059 Bashkortostan Republic Russia BUILDING ENTERPRISE 3: Creditors Must File Claims by March 13 ------------------------------------------------------------- Creditors of LLC Building Enterprise 3 (TIN 0277056740) have until March 13 to submit written proofs of claim to: A. Dergachev, Insolvency Manager Gorkogo Str. 69a Ufa 450112 Bashkortostan Republic Russia The Arbitration Court of Bashkortostan Republic commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-5954/ 06-G-KhRM. The Arbitration Court of Bashkortostan Republic is located at: Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Republic Russia The Debtor can be reached at: LLC Building Enterprise 3 Gorkogo Str. 69a Ufa 450112 Bashkortostan Republic Russia DALNENSKOYE CJSC: Creditors Must File Claims by Feb. 13 ------------------------------------------------------- Creditors of CJSC Dalnenskoye have until Feb. 13 to submit written proofs of claim to: A. Vasilyev, Insolvency Manager Apartment 1 b Volskaya Str. 11 a Saratov Region Russia The Arbitration Court of Saratov Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-57-438B/06-23. The Arbitration Court of Saratov Region is located at: Babushkin Vvoz 1 Saratov Region Russia The Debtor can be reached at: CJSC Dalnenskoye Dalniy Krasnopartizanskiy Region Saratov Region Russia EURO-TOBACCO CJSC: Court Names T. Kraynova as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Moscow Region appointed Ms. T. Kraynova as Insolvency Manager for CJSC Production Commercial Company Euro-Tobacco (TIN 5044025428). She can be reached at: T. Kraynova Apartment 36 Nizhegorodskaya Str. 10 109029 Moscow Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A78-2107/2005 B-12. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Production Commercial Company Euro-Tobacco Malinskaya Str. 2 Ruzino Solnechnogorskiy Region 141414 Moscow Region Russia GAGARINSKOYE GRAIN: Creditors Must File Claims by February 13 ------------------------------------------------------------- Creditors of OJSC Gagarinskoye Grain Receiving Enterprise have until Feb. 13 to submit written proofs of claim to: P. Utkin, Insolvency Manager Apartment 37 Ak. Krylova Str. 1 Cheboksary 428003 Chuvashiya Republic Russia The Arbitration Court of Smolensk Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A62-3508/2005 (690-N/05). The Debtor can be reached at: P. Utkin, Insolvency Manager Apartment 37 Ak. Krylova Str. 1 Cheboksary 428003 Chuvashiya Republic Russia GAZPROM NEFT: Oil Production Dips to 44.4 Mln Tons in 2006 ---------------------------------------------------------- OAO Gazprom Neft released its consolidated oil production results for the full year 2006. Gazprom Neft, along with its subsidiaries, produced 44.4 million metric tons of oil in 2006, 1.7% lower than its results in 2005, RIA Novosti reports. The company alone produced 32.7 million tons of oil in 2006, a percent lower than its figures in 2005. Gazprom Neft said its integration with parent OAO Gazprom would provide access to more resources and create a basis for production growth. About Gazprom Neft Headquartered in Moscow, Russia, Gazprom Neft OAO -- http://www.gazprom-neft.ru/-- explores, produces, refines, markets, produces and sells petroleum products. The Company holds oilfield exploration and development licenses in the Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as in the Omsk and Tomsk regions, and in Chukotka. The Company' smain oil processing center is the Omsk Refinery. * * * As reported in the TCR-Europe on Nov. 20, 2006, Standard & Poor's Ratings Services placed its 'BB+' corporate credit rating and 'ruAA+' national scale rating on Russia-based oil company JSC Gazprom Neft on CreditWatch with positive implications. KOMSOMOLSKOYE CJSC: Bankruptcy Hearing Slated for Feb. 21 --------------------------------------------------------- The Arbitration Court of St. Petersburg and Leningrad Region will convene at 11:15 a.m. on Feb. 21 to hear the bankruptcy supervision procedure on CJSC Komsomolskoye. The case is docketed under Case No. A56-19568/2006. The Temporary Insolvency Manager is: O. Elisovetskiy Obvodnogo Kanala Quay 181 190103 St. Petersburg Region Russia The Arbitration Court of St. Petersburg and the Leningrad Region is located at: Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Komsomolskoye Kamyshevka Vyborgskiy Region Leningrad Region Russia KORKATOVSKIY PIT: Creditors Must File Claims by March 13 -------------------------------------------------------- Creditors of OJSC Korkatovskiy Pit have until March 13 to submit written proofs of claim to: N. Smyshlyaev, Insolvency Manager Post User Box 75 Yoshkar-Ola 424007 Mariy El Republic Russia The Arbitration Court of Mariy El Republic commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-38-1592/19/2002-2006. The Debtor can be reached at: OJSC Korkatovskiy Pit Kutyuk-Kiner Mariy El Republic Russia KUZBASSKAYA COMPANY: Creditors Must File Claims by February 13 -------------------------------------------------------------- Creditors of LLC Kuzbasskaya Company have until Feb. 13 to submit written proofs of claim to: A. Mundusova, Temporary Insolvency Manager Post User Box 255 Central Post Office Gorno-Altaysk 649000 Altay Republic Russia The Arbitration Court of Altay Republic commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A02-1211/06g. The Arbitration Court of Altay Region is located at: Lenina Pr. 76 Barnaul 656015 Altay Region Russia The Debtor can be reached at: LLC Kuzbasskaya Company Komsomolskaya Str. 13 Gorno-Altaysk Altay republic Russia RENAISSANCE CAPITAL: Losses Cue Fitch to Assign Low-B IDR --------------------------------------------------------- Fitch Ratings has assigned Russia-based CB Renaissance Capital ratings of Issuer Default 'B-', Short-term 'B', Support '5', Individual 'D/E' and National Long-term 'BB'. A Stable Outlook has been assigned to both Issuer Default and National Long-term ratings. The ratings reflect CBRC's short track record of operations and the fact that it has yet to break even on a full-year basis, as well as its still developing asset base and franchise. The ratings also consider the high credit, operational and liquidity risks associated with the rapid loan growth being pursued in retail lending and the bank's significant loan loss levels experienced to date. However, the ratings also take into account the bank's experienced management, presently sound capital levels and low market risk appetite. In addition, they acknowledge the bank's efforts to develop an infrastructure to support the planned business expansion, although Fitch notes that the effectiveness of risk management systems will be tested as the business continues to grow. The successful implementation of the bank's growth plans, coupled with acceptable asset quality, improved profitability and reasonable capital levels, may cause upward pressure on the ratings. Downward pressure is viewed as unlikely at present, but could arise mainly from any substantial weakening in asset quality as the bank grows its loan book. The bank is a part of Renaissance Group, which also includes the investment banking entity Renaissance Capital Holdings Ltd. CBRC benefits from capital provided by RG's shareholders and its owners' high commitment to the bank's development; non-equity funding has also been made available to CBRC by other RG entities, and the bank should also be able to utilize RG's expertise in tapping the debt capital markets. Nonetheless, while in Fitch's opinion RG's shareholders would have a strong propensity to provide support to CBRC in case of need, their ability to do so, outside of RCHL, is hard to assess. Furthermore, Fitch does not expect that RG's shareholders would use RCHL as a source of capital and liquidity support for CBRC in all circumstances, in particular given the planned rapid growth of CBRC's business and balance sheet. Therefore, while shareholder support for CBRC is possible in case of need, in Fitch's view it cannot be relied upon, and hence CBRC's ratings are currently driven by its stand-alone financial strength. CBRC is a specialist consumer finance bank that has been fully operational since 2004. The bank currently has a relatively small balance sheet, but was within the top 30 Russian consumer lenders at end of third quarter of 2006, and has built a network of 50 regional offices and 3,000 points-of-sale. CBRC is owned by Renaissance Holdings Management Ltd., which also holds RCHL and Renaissance Partners, an entity that has made investments in the Russian forestry, Ukrainian agriculture and African banking sectors. RESORTS OF BASHKORTOSTAN: Bankruptcy Hearing Slated for March 14 ---------------------------------------------------------------- The Arbitration Court of Bashkortostan Republic will convene at 10:30 a.m. on March 14 to hear the bankruptcy supervision procedure on LLC Resorts of Bashkortostan (TIN 0274093776). The case is docketed under Case No. A07-22182/06-G-GRA. The Temporary Insolvency Manager is: E. Ivanov Apartment 109 Stepana Kuvykina Str. 31 Ufa 450106 Bashkortostan Republic Russia The Arbitration Court of Bashkortostan Republic is located at: Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Republic Russia The Debtor can be reached at: LLC Resorts of Bashkortostan Sochinskaya Str. 8 Ufa 450103 Bashkortostan Republic Russia ROMANOVSKIY FACTORY: Creditors Must File Claims by February 13 -------------------------------------------------------------- Creditors of CJSC Romanovskiy Factory have until Feb. 13 to submit written proofs of claim to: A. Stepanov, Insolvency Manager Post User Box 211 196084 St. Petersburg Region Russia The Arbitration Court of St. Petersburg and Leningrad Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-17229/2006. The Arbitration Court of St. Petersburg and the Leningrad Region is located at: Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Romanovskiy Factory Kirpichnyj Zavod St. Vsevolzhskiy Region Leningrad Region Russia ROMANOVSKIY OJSC: Creditors Must File Claims by February 13 ----------------------------------------------------------- Creditors of OJSC Diary Romanovskiy have until Feb. 13 to submit written proofs of claim to: N. Bolotnikov, Temporary Insolvency Manager Zapadnaya Str. 1 Romanovka 412270 Saratov Region Russia The Arbitration Court of Saratov Region commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A-57-14690/06-40. The Arbitration Court of Saratov Region is located at: Babushkin Vvoz 1 Saratov Region Russia The Debtor can be reached at: OJSC Diary Romanovskiy Sovetskaya Str. 147 Romanovka 412270 Saratov Region Russia ROSNEFT OIL: To Expand Production Capacity; Eyes Asian Market ------------------------------------------------------------- OAO Rosneft Oil Co. will expand its refining capacity by investing in eastern Russia, RIA Novosti reports citing chief executive Sergei Bogdanchikov as saying. Rosneft plans to increase the production capacity of its Komsomolsk-on-Amur refinery to 8 million tons of oil in 2008. The company also plans to build more refineries in Russia's eastern coast, one near the port of Nakhokdka, RIA Novosti relays. "Rosneft is viewing the possibility of shipping both crude and oil products to the Asian market," Mr. Bodganchikov said. Mr. Bodganchikov also revealed expanding its cooperation deal with India, allowing the Asian country access to the company's oil assets in Russia. He said India could gain access to shelf projects on Sakhalin in exchange for giving the company access to its oil refining and sales market. "Taking into account their positive experience in cooperation within the Sakhalin-I Project, India's oil and gas corporation ONGC and Rosneft have agreed to expand cooperation by undertaking other projects in Russia and India, as well as in third countries," Mr. Bodganchikov told RIA Novosti. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://ns.roilcom.ru/english/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus and the Arctic regions of Russia. * * * In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from CreditWatch, where it had been placed with positive implications on Nov. 15, 2006. S&P said the outlook is developing. As reported in the TCR-Europe on Jan. 2, Fitch Ratings placed OJSC Rosneft Oil's foreign and local currency Issuer Default ratings of BB+ on Rating Watch Positive following the company's announcement of strong financial results for the first nine months of 2006. SBERBANK ROSSII: Commences US$12.3-Billion IPO in Russia -------------------------------------------------------- OAO Sberbank Rossii commenced its initial public offering on Feb. 1 in Moscow, Russia, Bloomberg News reports. Sberbank is selling 3.5 billion shares during the 20-day IPO period. The company is eyeing to raise US$12 billion from the IPO, and is planning to use the amount to finance its expansion. Sberbank is trying to break Rosneft's IPO record for Russian companies after Rosneft raised around US$10.4 billion in July 2006. "Sberbank has grown so fast over the past year that it needs to replenish its capital, so it's coming to the equity markets with a potentially record-breaking share issue," Alexander Kantarovich of MDM Bank, said. "A successful sale will allow Sberbank to boost its loan portfolio by tens of billions of dollars over the next few years." As previously reported in the TCR-Europe, the Russian government plans to reduce its controlling stakes in foreign trade bank Vneshtorgbank and savings bank Sberbank. The Russian government holds a 99.9% stake in VTB while the Central Bank owns 65.7% of Sberbank's shares. About Sberbank Headquartered in Moscow, OAO Sberbank Rossii -- http://www.sbrf.ru/eng/-- provides a full range of banking services, including commercial, investment, merchant, mortgage and retail banking, and a complete range of travel, lending and credit services. The Bank operates through 17 territorial banks, 921 divisions and 19,390 subdivisions across Russia. * * * As of Feb. 1, 2006, Sberbank carries these ratings: Moody's: -- Financial Strength Rating: D -- Outlook: Stable Fitch: -- Individual Rating: C SITRONICS JSC: Reveals Indicative Price Range for Planned IPO ------------------------------------------------------------- JSC Sitronics disclosed of the indicative price range for its proposed initial public offering of ordinary shares and global depositary receipts representing interests in its shares. Sitronics intends to list its GDRs on the London Stock Exchange. The ordinary shares are listed on the RTS Stock Exchange and the Moscow Stock Exchange. The offering is subject to receipt of all necessary regulatory approvals by the U.K. Financial Services Authority. The GDRs will be offered in the United States to qualified institutional buyers under Rule 144A of the U.S. Securities Act of 1933 and outside the United States and Russian Federation in offshore transactions under Regulation S of the Securities Act. The shares are being offered in the Russian Federation, in the United States to QIBs in reliance on Rule 144A and outside the United States in offshore transactions in reliance on Regulation S. Summary of the Offering -- the indicative price range of US$12 to US$15 per GDR and US$0.24 to US$0.30 per ordinary share, with one GDR representing an interest in 50 ordinary shares -- the offering will include both newly issued and existing shares in the form of GDRs and existing ordinary shares -- the indicative price range reflects an implied market capitalization of Sitronics of approximately US$1.92 billion to US$2.4 billion before taking into account the proceeds received by Sitronics in connection with the offering Sitronics intends to use approximately 50% of the proceeds from the offering for acquisitions, including for the consolidation of minority interests in its subsidiaries, 25% of the proceeds for the repayment of indebtedness and the remaining 25% of the proceeds for general corporate purposes, including for the development of new projects and for working capital. Credit Suisse, Goldman Sachs International and Renaissance Capital are acting as joint global coordinators and bookrunners of the Offering. HSBC is acting as co-lead manager. About Sitronics Headquartered in Moscow, Russia, JSC Sitronics -- http://www.sitronics.com/-- provides telecommunications solutions, IT solutions and microelectronic solutions in the CIS region with a rapidly growing presence in other EEMEA markets. Sistema controls the company. The company also operates in Russia, CIS countries, Eastern Europe, Middle East, Africa and North America. * * * Fitch Ratings assigned Sitronics JSC a Long-term IDR rating of B- with a Stable Outlook and an expected rating of B- to Sitronics' guaranteed up to US$200 million bond with a maturity of three years. The assignment of the final bond rating is contingent on receipt of final documents conforming to information already received. UVAT-OIL-GAS CJSC: Creditors Must File Claims by February 13 ------------------------------------------------------------ Creditors of CJSC Uvat-Oil-Gas (TIN 7202129730) have until Feb. 13 to submit written proofs of claim to: A. Lychagin, Temporary Insolvency Manager Vugi 10 Lyubertsy 140004 Moscow Region Russia The Arbitration Court of Tyumen Region commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A70-5820/3-06. The Arbitration Court of Tyumen Region is located at: Khokhryakova Str. 77 627000 Tyumen Region Russia The Debtor can be reached at: CJSC Uvat-Oil-Gas Vodoprovodnaya Str. 32 625000 Tyumen Region Russia YUKOS OIL: ESN Consortium Makes First Bid for Bankrupt Assets ------------------------------------------------------------- Energogaz, an ESN holding, asked the Federal Anti-Monopoly Service to approve a bid for certain gas assets of bankrupt OAO Yukos Oil Co., published reports say citing ESN spokeswoman Marianna Belousova. Ms. Belousova did not identify the specific assets ESN plans to take over. ESN's interest makes it the first candidate to bid for Yukos' upcoming auction, Miriam Elder of The St. Petersburg Times reports. Ms. Elder reveals close links between Gazprom and ESN, which heads a consortium comprising of Italy's Eni and Enel, through: * a cooperation agreement between Gazprom and Eni in 2006, which allows Gazprom to sell gas directly to Italy and extend supply contracts through 2035; and * the steady investment of Enel in Russia's electricity sector and its reported purchase of OGK-5's stake when it was spun off from Unified Energy Systems in 2006. ESN holds 50.1 percent of the consortium, while ENI and Enel have 30 and 19 percent respectively, Reuters reports. Analysts suggest that Gazprom could use the ESN bid to procure Yukos' assets for its own interest while avoiding legal risks, Ms. Elder relates. Gazprom participated in a bidding war for Yukos' main production unit, Yuganskneftegaz, in a December 2004 auction, but immediately backed out at the last minute due to a legal injunction by the U.S. Bankruptcy Court for the Southern District of Texas. The asset was sold to Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. It was eventually bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. A planned merger between Rosneft and Gazprom was called off in May 2005. Although Gazprom and Rosneft have signed cooperation agreements ahead of the Yukos auctions, analysts believe the two firms could still battle over certain assets, The St. Petersburg Times relates. The remaining assets of what was once Russia's largest oil producer include refineries and two oil production units. These assets, which are due to be liquidated this year, are initially valued at more than US$22 billion as of January 2007. An unidentified source told Russian daily Vedomosti last month that the company's final market value could be slightly over US$20 billion, US$4 billion short of the total creditor claims against Yukos. The sale of Yukos's assets will begin following the completion of the valuation process this month. In a Troubled Company Reporter-Europe report on Oct. 26, 2006, Yevgeny Neiman, general director of Roseco, one of the five valuers in the consortium, said Yukos's assets may be sold at a discount after appraisers complete the valuation of the company's properties. "The discount on the liquidation price will depend on which asset we are valuing. The discount could be 10 percent or it could be 90 percent," he said. About Yukos Oil Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. On March 10, 2006, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, 2006, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. ZARECHNOYE CJSC: Creditors Must File Claims by February 13 ---------------------------------------------------------- Creditors of CJSC Zarechnoye have until Feb. 13 to submit written proofs of claim to: O. Novikov, Temporary Insolvency Manager Post User Box 12 163071 Arkhangelsk-71 Russia The Arbitration Court of Arkhangelsk Region commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A05-11152/2006-6. The Arbitration Court of Arkhangelsk Region is located at: Loginova Str. 17 163069 Arkhangelsk Region Russia The Debtor can be reached at: O. Novikov Post User Box 12 163071 Arkhangelsk-71 Russia =============== S L O V E N I A =============== ABANKA: Fitch Rates EUR120 Million Hybrid Capital Notes at BB+ -------------------------------------------------------------- Fitch Ratings assigned Slovenia-based Abanka's EUR120 million issue of callable perpetual capital instruments a final Long- term rating of 'BB+'. The rating is two notches below Abanka's Issuer Default rating of 'BBB', in line with Fitch's rating policy for hybrid securities. Based upon Fitch's equity credit criteria, these securities are assigned Class E equity treatment, giving them 100% equity credit. This classification recognizes the securities' subordinated ranking, their perpetual nature, the mechanisms for deferral of interest as well as the non-cumulative nature of the deferred interest. Fitch limits equity credit for these and other hybrid securities to 30% of the total consolidated capital base of Abanka. ===================== S W I T Z E R L A N D ===================== NYCOMED A/S: Moody's Upgrades Corporate Family Rating to B1 ----------------------------------------------------------- Moody's Investors Service upgraded the corporate family rating of Nycomed A/S to B1 from B2 and has withdrawn the B3 senior secured rating on the notes issued by Nyco Holding 2 Aps due in 2013 following the redemption of the notes. The corporate family rating upgrade concludes the review initiated on Sept. 22, 2006, following the company's announcement of the intention to acquire ALTANA Pharma AG. The outlook on the rating is stable. The B1 rating reflects a low Baa to high Ba business risk of the combined group as well as low single B credit metrics on a pro- forma basis. The combined group will benefit from: (i) Altana R&D expertise and pipeline; (ii) the enlarged scale of the group; and (iii) the expected growing cash flow generation that mitigates the initial high indebtedness. The rating also takes into consideration the company's exposure to patent expiration over the next three years, the high financial leverage, measured as operating cash flow to Debt in a range of 5-10% in the near term, and a degree of integration risk. In addition Moody's highlights the lack of track record of the combined group and the degree of uncertainty surrounding the current pipeline on which future cash flow generation will partly depend upon. The stable outlook on the rating recognizes the company's expected strong cash flow generation that should facilitate debt reduction over the intermediate term and thus credit metrics enhancement, but also the fact that future operating performance are still subject to a degree of integration risk and the successful implementation of the current pipeline. Should the company prove successful in integrating the two businesses achieving the expected level of synergies, in the contest of a clear trend in reducing financial debt from 2006 pro-form levels, the outlook might be revised to positive. Reduction in financial leverage, measured as Total Debt to EBITDA, towards less than 4x, Cash Flow from Operations to Total Debt in excess of 15% and Free Cash Flow to Total Debt above 10% are likely to place upward pressure on the rating. On the contrary the rating could be revised downward in case of failures in the late stage pipeline or in case generics companies would be successful in their patent challenges to Protonix. The rating could also be downgraded if the company decides to adopt a more aggressive financial policy than expected going forward, limiting the expected reduction in financial leverage from current levels. Headquarter in Zurich, Switzerland, Nycomed group is a pharmaceutical conglomerate combining its traditional core marketing and distribution capabilities together with the R&D expertise of recently acquired Altana Pharma. During the FYE December 2006 the combined group generated around EUR3.4 billion and EUR927 million of revenues and EBITDA on a pro-forma basis, respectively. =========== T U R K E Y =========== TURKCELL ILETISIM: Teliasonera Wins Turkcell Share Purchase Deal ---------------------------------------------------------------- An arbitration tribunal of the International Chamber of Commerce has issued an award finding that a binding share purchase agreement was concluded between TeliaSonera AB and Cukurova Group in 2005. The award calls for Cukurova to sell all the remaining shares in Turkcell Holding, the Netherlands-based parent company of Turkcell Iletisim Hizmetleri A.S., to TeliaSonera for a cash consideration of US$3.1 billion (approximately SEK21.7 billion), thereby increasing TeliaSonera's effective ownership to 64.3% in Turkcell. The tribunal held that Cukurova is obligated to join TeliaSonera in good faith efforts to bring about a closing of the Turkcell Holding transaction. The tribunal retains jurisdiction of the matter until the parties report back on their efforts to reach closing. The tribunal further held that even if Cukurova proceed to closing of the transaction, the responsibility to pay potential damages due to the delay in proceeding to closing remains. "I am of course very pleased with this decision, which is in line with what we have claimed all the time," comments Anders Igel, president and CEO of TeliaSonera, and continues "We hope to conclude the transaction with Cukurova, but even if the share purchase agreement is binding, we do not yet know if Cukurova is willing to, or able to, proceed with a transfer of the shares to TeliaSonera." On March 25, 2005, an agreement was disclosed in which Cukurova agreed to sell all the remaining shares in Turkcell Holding to TeliaSonera. The award results from an arbitration proceeding in Geneva that TeliaSonera commenced in May 2005, against Cukurova after Cukurova withdrew from the transaction. About Turkcell Headquartered in Instanbul, Turkey, Turkcell Iletisim Hizmetleri A.S. -- http://www.turkcell.com.tr/-- provides high-quality mobile voice and data services through its own GSM network, with 30.8 million subscribers as of September 2006. The company also operates in the Ukraine through its indirect subsidiary Astelit, in Azerbaijan, Kazakhstan, Georgia and Moldova through its associate Fintur, and in Northern Cyprus through its wholly owned subsidiary Kibris Telekom. * * * As reported in the TCR-Europe on Dec. 27, 2006, Moody's Investors Service assigned Ba2 foreign currency and Ba2 domestic currency corporate family ratings to Turkcell Iletisim Hizmetleri A.S. Moody's said the outlook is stable. As reported by the TCR-Europe on Dec. 5, 2006, Standard & Poor's Ratings Services raised to 'BB-' from 'B+' its long-term foreign currency corporate credit rating on Turkcell Iletisim Hizmetleri A.S., the leading Turkish mobile telecommunications group. S&P said the outlook is stable. In August 2006, Fitch Ratings upgraded the foreign currency Issuer Default rating for Turkcell Iletisim Hizmetleri A.S. to BB from BB- and remains on Outlook Positive, reflecting the existing Positive Outlook on Fitch's BB- FC IDR. ============= U K R A I N E ============= ARTEMOVSK MOTOR-CAR: Creditors Must Submit Claims by Feb. 14 ------------------------------------------------------------ Creditors of OJSC Artemovsk Motor-Car Repair Plant (code EDRPOU 05461450) have until Feb. 14 to submit written proofs of claim to: Vladimir Nesvit, Temporary Insolvency Manager Independency Square 1-B 36003 Poltava Region Ukraine The Economic Court of Poltava Region commenced bankruptcy supervision procedure on the company on Dec. 14, 2006. The case is docketed under Case No. 7/127. The Economic Court of Poltava Region is located at: Zigin Str. 1 36000 Poltava Region Ukraine The Debtor can be reached at: OJSC Artemovsk Motor-Car Repair Plant Artemovka Chutov District 38800 Poltava Region Ukraine DNIEPRODZRZHYNSK MOTO-CAR: Claims Filing Deadline Set Feb. 10 ------------------------------------------------------------- Creditors of OJSC Dnieprodzrzhynsk Moto-Car Plant (code EDRPOU 05482481) have until Feb. 14 to submit written proofs of claim to: I. Kapeliushny, Liquidator P.O. Box 53 03037 Kiev Region-37 Ukraine The Economic Court of Dnipropetrovsk Region commenced bankruptcy proceedings against the company on Dec. 25, 2006, after finding it insolvent. The case is docketed under Case No. B 40/15/176/02. The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: OJSC Dnieprodzrzhynsk Moto-Car Plant Stasov Str. 79 Dnieprodzerzhynsk Dnipropetrovsk Region Ukraine NIVA LLC: Claims Submission Deadline Set February 14 ---------------------------------------------------- Creditors of have until Feb. 14 to submit written proofs of claim to: Vitaly Bahtin, Liquidator Suvorov Str. 45 Svoboda Beregivskoe District Zakarpatye Region Ukraine The Economic Court of Zakarpatye Region commenced bankruptcy proceedings against the company on Dec. 14, 2006, after finding it insolvent. The case is docketed under Case No. 6/199. The Economic Court of Zakarpatye Region is located at: Kociubinsky Str. 2a Uzhgorod 88000 Zakarpatye Region Ukraine The Debtor can be reached at: Agricultural LLC Niva Suvorov Str. 45 Svoboda Beregivskoe District Zakarpatye Region Ukraine POLTAVA METAL: Creditors Must Submit Claims by February 14 ---------------------------------------------------------- Creditors of LLC Poltava Metal Syndicate (code EDRPOU 32544960) have until Feb. 14 to submit written proofs of claim to: Igor Avramenko, Temporary Insolvency Manager Independence Square 1-B 36003 Poltava Region Ukraine The Economic Court of Poltava Region commenced bankruptcy supervision procedure on the company on Dec. 12, 2006. The case is docketed under Case No. 4/287. The Economic Court of Poltava Region is located at: Zigin Str. 1 36000 Poltava Region Ukraine The Debtor can be reached at: LLC Poltava Metal Syndicate October Str. 19 Poltava Region Ukraine UKRAINE LLC: Creditors Must Submit Claims by February 14 -------------------------------------------------------- Creditors of Agricultural LLC Ukraine (code EDRPOU 05524819) have until Feb. 14 to submit written proofs of claim to: Igor Avramenko, Temporary Insolvency Manager Independence Square 1-B 36003 Poltava Region Ukraine The Economic Court of Poltava Region commenced bankruptcy supervision procedure on the company on Dec. 12, 2006. The case is docketed under Case No. 18/200. The Economic Court of Poltava Region is located at: Zigin Str. 1 36000 Poltava Region Ukraine The Debtor can be reached at: Agricultural LLC Ukraine Paschenki Reshetilovka District Poltava Region Ukraine UKRSOTSBANK: Moody's Rates Loan Participation Notes at Ba3 ---------------------------------------------------------- Moody's Investors Service assigned a rating of Ba3 to the Loan Participation Notes to be issued by Credit Suisse International on a limited recourse basis for the sole purpose of funding an unsecured and unsubordinated loan to Ukrsotsbank. The rating of the LPNs is under review for possible upgrade, in line with other Ukrsotsbank's ratings. Moody's noted that holders of the notes will be relying for repayment solely and exclusively on the ability of Ukrsotsbank to make payments under the loan agreement. Moody's Ba3 rating is based on the fundamental credit quality of Ukrsotsbank and matches Ukraine's Ba3 foreign currency sovereign ceiling for bonds. The rating is likely to be upgraded if and when the current owner of Ukrsotsbank completes the sale of a controlling stake in the bank to Intesa Sanpaolo S.p.A. (rated Aa3/P-1/B). The obligations of Ukrsotsbank to make payments under the loan agreement will rank at all times at least pari-passu in right of payment with the claims of all its other unsecured creditors, save those whose claims are preferred by any relevant law. According to Ukrainian legislation, accounts of individuals are ranked senior in right of payment to the claims under the loan agreement. The loan agreement contains an acceleration clause as well as covenants such as negative pledge, cross default, maintenance of NBU required capital adequacy, limitations on mergers, disposals, and transactions with affiliates and restricted payments. The notes might be eligible for early redemption by the noteholders if the bank's ratings were to be downgraded due to the change of ownership. However, Moody's believes that such change of ownership, which may lead to a rating downgrade, is unlikely in the near- to medium-term. Ukrsotsbank is headquartered in Kiev, Ukraine, and as of Sept. 30, 2006, reported total IFRS assets of US$2.85 billion and US$31.7 million of net profit for nine months ended Sept. 30, 2006. VVD LLC: Creditors Must Submit Claims by February 14 ---------------------------------------------------- Creditors of LLC VVD (code EDRPOU 22910056) have until Feb. 14 to submit written proofs of claim to: The Economic Court of Kiev Region B. Hmelnitskij Boulevard 44-B 01030 Kiev Region Ukraine The Economic Court of Kiev Region commenced the bankruptcy supervision procedure on the company. The case is docketed under Case No. 15/779-b. The Debtor can be reached at: LLC VVD Moskow Str. 7 01010 Kiev Region Ukraine =========================== U N I T E D K I N G D O M =========================== A1ST BOILER: Taps Liquidators from Ashcrofts --------------------------------------------- Harjinder Johal and George Michael of Ashcrofts were appointed joint liquidators of A1st Boiler & Heating Services Ltd. on Jan. 24 for the creditors' voluntary winding-up procedure. Ashcrofts -- http://www.ashcrofts.net/-- offers hands-on expertise specializing in Business Recovery and Insolvency providing positive solutions for negative situations. A1st Boiler & Heating Services Ltd. can be reached at: 681 Romford Road Newham London E12 5AD England Tel: 020 8553 3434 Fax: 020 8553 1234 ABITIBI-CONSOLIDATED: CEP Says Merger Should Raise "Alarm Bells" ---------------------------------------------------------------- The announced merger of Abitibi-Consolidated Inc. and Bowater Inc. should raise "alarm bells" in government and community circles, says Communications, Energy, and Paperworkers Union of Canada. The 150,000-member CEP, Canada's largest union of forest industry workers, expressed concern that the merger may lead to more devastation in dozens of already hard hit forest communities across the country. "This announcement is yet one more reason for Prime Minister Harper to immediately convene a national summit of all stakeholders to discuss the future of the forestry sector," CEP President Dave Coles said. "There are many issues underlying this announced merger which should raise alarm bells in Ottawa," he said. "Our forest based industries and communities are already in crisis with the loss of some 10,000 jobs over the past few years. "Our history with mergers and acquisitions has been that so called 'synergies' really mean more mill closures, job losses and devastation in our communities. "We intend to meet with these companies to avoid a repeat of that history. We intend to fight for investment in the sector to save and expand jobs," Mr. Coles added. So far, he noted, that neither Abitibi-Consolidated nor Bowater have been clear about any future new investment plans in the sector and in fact, say their merger will create synergies of $250 million. "All Canadians have a stake in what is going on and deserve to know that this merger meets the test of broad public interest," Mr. Coles said. "The forests are one of Canada's greatest publicly owned natural resources, and we think Prime Minister Harper needs to force the industry's hand in clarifying their plans." About Bowater Incorporated Bowater Inc. (NYSE: BOW, TSX: BWX) -- http://www.bowater.com/-- produces coated and specialty papers and newsprint. In addition, the company sells bleached market pulp and lumber products. Bowater has 12 pulp and paper mills in the United States, Canada, and South Korea. In North America, it also owns two converting facilities and 10 sawmills. Bowater's operations are supported by approximately 835,000 acres of timberlands owned or leased in the United States and Canada and 28 million acres of timber cutting rights in Canada. Bowater operates six recycling plants and is one of the world's largest consumers of recycled newspapers and magazines. ABITIBI-CONSOLIDATED: Credit-Default Swaps Fell 35% --------------------------------------------------- Abitibi-Consolidated Inc.'s credit-default swaps on bonds fell 35% this week, Shannon D. Harrington of Bloomberg News reports citing CMA Datavision in London. Abitibi's increase in credit quality perception is due to its planned merger with Bowater Inc. Bowater's credit default swaps also fell 6.6% this week, Bloomberg notes. Credit-default swaps are the fastest growing derivative, which are financial documents obtained from stocks, bonds, loans, and others, Bloomberg says. They have become the best gauge of changes in credit quality, Bloomberg adds. The TCR-Europe reported on Jan. 31, that the combined company, which will be called AbitibiBowater Inc., will have pro forma annual revenues of approximately US$7.9 billion or CDN$9.3 billion, making it the third largest publicly traded paper and forest products company in North America and the eight largest in the world. The current combined enterprise value of the two companies is in excess of US$8 billion or CDN$9.4 billion. The combination is expected to generate approximately US$250 million or CDN$295 million of annualized cost synergies from improved efficiencies in such areas as production, selling, general and administrative costs, distribution and procurement. At the same time, Moody's Investors Service also "expects the combined company to have an improved ability to appropriately anticipate the evolving supply-demand dynamic in the North American mechanical pulp-based communication paper market." Accordingly, Moody's expects in the interim that "the prospect of the transaction's benefits forestalls adverse rating activity." About Bowater Incorporated Bowater Inc. (NYSE: BOW, TSX: BWX) -- http://www.bowater.com/-- produces coated and specialty papers and newsprint. In addition, the company sells bleached market pulp and lumber products. Bowater has 12 pulp and paper mills in the United States, Canada, and South Korea. In North America, it also owns two converting facilities and 10 sawmills. Bowater's operations are supported by approximately 835,000 acres of timberlands owned or leased in the United States and Canada and 28 million acres of timber cutting rights in Canada. Bowater operates six recycling plants and is one of the world's largest consumers of recycled newspapers and magazines. About Abitibi-Consolidated Inc. Abitibi-Consolidated Inc. (NYSE: ABY, TSX: A) -- http://www.abitibiconsolidated.com/-- is a global supplier in newsprint and commercial printing papers as well as a major producer of wood products, serving clients in some 70 countries from its 45 operating facilities. Abitibi-Consolidated is among the largest recyclers of newspapers and magazines in North America, diverting annually approximately 1.9 million tons of waste paper from landfills. It also ranks first in Canada in terms of total certified woodlands. The Company supplies customers in around 70 countries including Canada, the United States and the United Kingdom. * * * As reported in the Troubled Company Reporter-Europe on Feb. 1, Dominion Bond Rating Service placed the ratings of Abitibi- Consolidated Inc.'s notes at Positive BB (low) under review; Abitibi-Consolidated Company of Canada's senior unsecured debt at Positive BB (low) under review; Bowater Inc.'s issuer rating at Positive BB (low) under review; and Bowater Canadian Forest Products Inc.'s senior debentures at Positive BB (low) under review with Positive Implications. In a TCR-Europe report on Jan. 31, Moody's Investors Service affirmed Abitibi-Consolidated Inc.'s B1 corporate family, B2 senior unsecured and SGL-2 speculative grade liquidity ratings but revised the outlook to developing from stable. In addition, Standard & Poor's Ratings Services revised its outlook on Abitibi-Consolidated Inc. to negative from stable. At the same time, the ratings on the company, including the long-term corporate credit rating, were affirmed at 'B+'. ABITIBI-CONSOLIDATED: Fitch Puts BB- Rating on Secured Bank Debt ---------------------------------------------------------------- Fitch has placed the ratings of Abitibi-Consolidated Inc. and Bowater Inc. on Rating Watch Positive and Evolving, respectively, after the companies' joint report of an intent to merge in an all stock transaction. Fitch rates ABY's debt as: -- Issuer Default Rate 'B+'; -- Senior unsecured debt 'B+/RR4'; -- Secured bank debt 'BB-/RR3'. Fitch rates BOW's debt as follows: -- Issuer Default Rate 'BB-'; -- Senior unsecured debt 'BB-'; -- Secured bank debt 'BB'. ABY and BOW have overlapping footprints in newsprint and supercalendered papers and lumber. ABY makes and sells about 3.4 million metric tons of newsprint per year compared to BOW's 2.2 million metric tons. Both companies make specialty and supercalendered grades, and each manufactures lumber in Canada. In addition BOW makes light-weight coated grades of paper, primarily at its newly converted mill in Catawba, South Carolina and manufactures and sells about one million metric tons of market pulp per year. Fitch believes the merger is a positive step forward for both companies. Paper mill locations are complementary and lend support to an estimated US$250 million in cost synergies to be gained by employing the 'best practices' of each. These encompass not only manufacturing but also procurement and delivery and extend to lumber operations as well. Moreover, the combination will provide the companies a stronger platform to compete in the challenging newsprint industry, which witnessed a 6.3% decline in consumption last year. It will also help address cost inflation, which is largely responsible for last year's record high newsprint prices. The consolidation will allow the Number 1 and Number 2 newsprint producers on the continent to find collaborative solutions that deal with North America's shift to the internet for information, likely at more reasonable costs than if each were to forge ahead independently. Offsetting the positive aspects of the merger is the high leverage of both companies amid deteriorating industry fundamentals. The merger will require shareholders' approval and the blessing of regulatory authorities in both Canada and the U.S. Approvals by the latter could extend the timetable for the merger and conditions for approval could affect the benefits of the merger. As the merger moves forward, the financial risks to investors will become clearer and will be evaluated by Fitch. Until the merger is consummated both companies will operate independently and conduct their financial affairs to reduce debt through available cash flow and announced asset sales. Through the third quarter of last year, ABY had total debt outstanding of almost CDN$4.3 billion, including asset securitizations. The company's 12 month rolling EBITDA, calculated by Fitch, was CDN$563 million. BOW had US$2.4 billion in debt outstanding at Sept. 30, 2006; 12 month rolling EBITDA was US$379 million. ADVANCED VISUAL: Claims Filing Period Ends February 28 ------------------------------------------------------ Creditors of Advanced Visual Systems Ltd. have until Feb. 28 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors, if any, to: Andrew John Whelan Liquidator 60-62 Old London Road Kingston Upon Thames KT2 6QZ England ALUKO BROOKS: Claims Filing Period Ends March 7 ----------------------------------------------- Creditors of Aluko Brooks Architects Ltd. have until March 7 to send their names and addresses with particulars of their debts or claims to: David Moore Joint Liquidator Begbies Traynor No 1 Old Hall Street Liverpool L3 9HF England David Moore and Donald Bailey of Begbies Traynor were appointed joint liquidators of the company on Jan. 24. The company can be reached at: Aluko Brooks Architects Ltd. 59 Seel Street Liverpool Merseyside L1 4AZ England Tel: 0151 707 8187 Fax: 0151 707 8557 AUSTIN HAMILTON: Trade Secretary Submits Wind Up Petition --------------------------------------------------------- The Secretary of State for Trade and Industry has presented a petition in the High Court to wind up Austin Hamilton Associates Ltd. in the public interest. The petition to wind up the company was presented following an investigation carried out by Companies Investigation Branch under Section 447 of the Companies Act 1985 (as amended). The Official Receiver has been appointed provisional liquidator of the company. The petitioner's solicitor is Cobbetts LLP. Headquartered in Bury, England, Austin Hamilton Associates Ltd. trades as an endowment mortgage compensation specialist. BRADSHAW AND DAVIS: Creditors' Meeting Slated for February 12 ------------------------------------------------------------- Creditors of Bradshaw and Davis Ltd. will meet at 11:00 a.m. on Feb. 12 at the offices of: Elliot, Woolfe & Rose First Floor Equity House 128-136 High Street Edgware Middlesex HA8 7TT England Melvyn L. Rose of Elliot, Woolfe & Rose will furnish creditors with information concerning the company's affairs. BRITISH SKY: Dec. 31 Balance Sheet Upside-Down by GBP145 Million ---------------------------------------------------------------- British Sky Broadcasting Group PLC released its unaudited interim financial results for the six months ended Dec. 31, 2006. British Sky posted GBP246 million in net profit against GBP2.2 billion in revenues for the six months ended Dec. 31, 2006, compared with GBP274 million in net profit against GBP2 billion in revenues for the same period in 2005. At Dec. 31, 2006, the Groups' balance sheet showed GBP4.1 billion in total assets, GBP4.3 billion in total liabilities, and GBP145 million in stockholders' deficit. The Group's Dec. 31 balance sheet also showed strained liquidity with GBP1.8 billion currents assets available to pay GBP2.2 billion in total liabilities coming due within the next 12 months. The Group disclosed of an interim dividend of 6.6p in respect of the six months to December 2006. The ex-dividend date will be March 28 and the dividend will be paid on April 24 to shareholders of record on March 30. "In the last six months we have achieved a number of important milestones in building our business for the future," James Murdoch, Chief Executive said. "Sales of new Sky boxes were the highest for six years, Sky+ broke through the two million barrier and Sky HD almost doubled in size after a strong Christmas sales period. With over one in four of our customers now taking an additional service from Sky, more people are choosing more of our products than ever before. "At the end of our first full quarter as a broadband provider, benefits are starting to flow through the business. Sky Broadband is attracting new and existing customers with more than two-thirds opting for our faster, paid-for products. The rollout of our all-IP broadband network is progressing ahead of schedule. As a result, we now reach more households than the entire U.K. cable network with our 'See, Speak, Surf' combination of TV, telephony and broadband products. "We are committed to making a difference with energy efficiency and climate change. Sky was recognized recently as a National Energy Efficiency Champion and I want to thank all our staff for making this possible. "In 2007, we will continue to drive towards our goal of being the leader in entertainment and communications in the U.K. and Ireland. We're on track for our targets and our expansion into broadband and telephony positions us well to take advantage of a growing opportunity in a GBP20 billion industry." Headquartered in Isleworth, England, British Sky Broadcasting Group PLC -- http://www.sky.com/-- is the holding company of the British Sky Broadcasting group of companies. British Sky Broadcasting Group plc and its subsidiaries operate the pay television broadcast service in the United Kingdom and Ireland. The Company acquires programming to broadcast on its channels and supplies certain of those channels to cable operators for them to retransmit to their subscribers in the United Kingdom and Ireland. It retails channels (both its own and third parties) to direct-to-home subscribers and to a limited number of digital subscriber line subscribers. The Company also makes three of its channels available via the United Kingdom free-to- air digital terrestrial television (DTT) platform, which markets itself under the brand Freeview. A full-text copy of the company's financial statements for the six months ended Dec. 31, 2006, is available for free at http://ResearchArchives.com/t/s?1943 BRITISH SKY: Gets Valid Acceptances for 365 Media Cash Offer ------------------------------------------------------------ Sky Holdings, a wholly owned subsidiary of British Sky Broadcasting Group PLC, acquired or received valid acceptances under a recommended cash offer (with a Loan Note Alternative) for the entire issued and to be issued share capital of 365 Media. As at 3:00 p.m. (London time) on Jan. 29, it has obtained 137,747,957 365 Media Shares, representing approximately 97.1% of the existing share capital of 365 Media. As valid acceptances of the Offer have been received in respect of more than nine-tenths in value of 365 Media Shares to which the Offer relates, Sky Holdings has sent to non-assenting 365 Media Shareholders notices implementing the procedure set out in sections 428 to 430F of the Companies Act 1985 to acquire compulsorily those 365 Media Shares which have not been assented to the Offer. The Offer will remain open for acceptance until further notice and remains subject to the terms set out in the Offer Document. On Jan. 24, application was made to the London Stock Exchange for the cancellation of the admission of 365 Media Shares to AIM in accordance with Rule 41 of the AIM Rules, such cancellation of admission will take effect on Feb. 20, which is 20 business days following the date of that announcement. On Jan. 23, the Offer was declared unconditional in all respects. Headquartered in Isleworth, England, British Sky Broadcasting Group PLC -- http://www.sky.com/-- is the holding company of the British Sky Broadcasting group of companies. British Sky Broadcasting Group plc and its subsidiaries operate the pay television broadcast service in the United Kingdom and Ireland. The Company acquires programming to broadcast on its channels and supplies certain of those channels to cable operators for them to retransmit to their subscribers in the United Kingdom and Ireland. It retails channels (both its own and third parties) to direct-to-home subscribers and to a limited number of digital subscriber line subscribers. The Company also makes three of its channels available via the United Kingdom free-to- air digital terrestrial television platform, which markets itself under the brand Freeview. At Dec. 31, 2006, the Groups' balance sheet showed GBP4.1 billion in total assets, GBP4.3 billion in total liabilities, and GBP145 million in stockholders' deficit. The Group's Dec. 31 balance sheet also showed strained liquidity with GBP1.8 billion in currents assets available to pay GBP2.2 billion in current liabilities. CABTIVATE: Executives Opt for Liquidation Due to Financial Woes --------------------------------------------------------------- Taxi advertising company Cabtivate has ceased trading after Mark Greenhalgh, founder and managing director, and James Neilson, executive director, petitioned for the company's liquidation on Jan. 22, The Herald reports. The Herald reveals that the company has debts of almost GBP1 million, including a GBP100,000 investment from Scottish Enterprise's Business Growth Fund. In Cabtivate's last financial year, it reported an asset deficiency of GBP375,000 after losses more than doubled from GBP466,000 to GBP957,000. Debts to creditors increased from GBP312,000 to GBP483,000 in the same fiscal year, The Herald relates. The company then owed GBP171,000 from secured creditors, but the final balance due to principal creditor Bank of Scotland is estimated at about GBP300,000, The Herald states. "We are focused on whether any of the company's assets, which are mainly intangible, have any value at all. The prospects don't look very good at all," said Ken Pattullo, a liquidator at Begbies Traynor, said. The firm confirmed that the company has "run into cash flow difficulties" and will lay off eight of its staff members, The Scotsman reports. Meanwhile, Iain Mackenzie, Cabtivate's finance director, resigned on Dec. 4 while Sara Maclean resigned on Jan. 7, The Herald relates. According to the report, Mr. Greenhalgh, who launched Cabtivate in 2002, also set up Independent Taxi Services, a livery advertising service, in 1996. He was also the director of seven other companies between 2001 and 2005. The company installs 15-inch television screens in taxicabs with an installation cost of GBP3,500-plus VAT, triggering a GBP104- a-month payment in a four-year agreement with finance companies such as Haydock Finance, the Herald says. After the installation, the company then sells advertising on them with Mr. Greenhalgh promising to pay the drivers an income of GBP192 a month, with an increase in the future, giving them a profit of GBP88 a month, the Herald relates. "There is talk of it costing GBP700 to GBP800. If he has signed me up for finance of over three grand, what happened to the rest?" asked taxi driver and Cabtivate customer Graham Nicholl. "As far as the finance company are concerned it is a separate agreement to pay them. If you don't pay, they can take you to court and it will affect your credit rating," he added. Concurrently, Bedford-based Graffit, the company that installed the television units, claims Cabtivate owes them several hundred pounds for services that Graffit rendered in September 2006, the Herald discloses. "We were calling Iain Mackenzie, but not getting any answer," said Graffit Director John Battezzato. About Cabtivate Headquarters in Edinburgh, Scotland, Cabtivate -- http://www.cabtivate.com/-- is a taxi advertising company that installs 15-inch television screens in taxicabs and then sells advertising on them. The company collects an installation cost of GBP3,500-plus VAT but pays the drivers an income of GBP192 a month. The company has racked up debts of almost GBP1 million, including a GBP100,000 investment from Scottish Enterprise's Business Growth Fund. On January 22, its directors filed a petition for the company's liquidation. The company has since then been forced to cease trading. CAFE INTERIORS: Creditors' Meeting Slated for February 12 --------------------------------------------------------- Creditors of Cafe Interiors Ltd. will meet at 10:45 a.m. on Feb. 12 at the offices of: DTE Leonard Curtis DTE House Hollins Mount Bury BL9 8AT 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. 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. CNET NETWORKS: Earns US$387.7 Million in Fourth Quarter 2006 ------------------------------------------------------------ CNET Networks Inc. reported results for the fourth quarter and year ended Dec. 31, 2006. Financial highlights for the year ended Dec. 31, 2006, are: -- total revenues of US$387.7 million, a 15% increase compared with revenues of US$338 million for the same period of 2005. -- operating income totaled US$9.4 million during 2006 compared with operating income of US$29.9 million for the same period of 2005. Reported operating income also reflects US$13.7 million in costs related to the company's restatement and stock option investigation. -- operating income before depreciation, amortization, impairments, and stock compensation expense was US$66.7 million for the year ended Dec. 31, 2006. Excluding stock option investigation costs of US$13.7 million, operating income before depreciation, amortization, impairments, and stock compensation expense was US$80.5 million, a 24% increase compared with US$65 million during 2005. -- the profit margin of operating income before depreciation, amortization, impairments, and stock compensation expense was 17%. Excluding stock option investigation expenses, the profit margin of operating income before depreciation, amortization, impairments, and stock compensation expense increased to 21% from 19% during 2005. -- net cash provided by operating activities for the year of 2006 was US$61.8 million, up from US$43.2 million in the same period of 2005. Free cash flow for the year of 2006 was US$29 million. Free cash flow is defined as cash flow from operating activities less capital expenditures. -- on a reported basis, net income for the year of 2006 was US$7.8 million. This compares with net income of US$19.6 million in 2005. Reported net income was negatively impacted by stock option investigation costs of US$13.7 million. -- Excluding stock compensation expense, impairment, realized gain on investments, loss from discontinued operations and stock option investigation costs, adjusted net income for the year of 2006 was US$43.6 million compared to US$36.8 million in 2005. "We were able to deliver solid performance in the fourth quarter," said Neil Ashe, chief executive officer of CNET Networks. "We will continue to demonstrate our ability to build interactive media brands for people and the things they are passionate about. Our brands combined with our ability to generate, fund and promote emerging media provide us the platform for success in the evolving media landscape." Headquartered in San Francisco, Calif., CNET Networks Inc. (Nasdaq: CNET) -- http://www.cnetnetworks.com/-- is an interactive media company that builds brands for people and the things they are passionate about, such as gaming, music, entertainment, technology, business, food, and parenting. The Company's leading brands include CNET, GameSpot, TV.com, MP3.com, Webshots, CHOW, ZDNet and TechRepublic. Founded in 1993, CNET Networks has a strong presence in the US, Asia and Europe including Russia, Germany, Switzerland, France and the United Kingdom. * * * On Oct. 23, 2006, Standard & Poor's Ratings Services lowered its ratings on CNET Networks Inc., including lowering the corporate credit rating to 'CCC+' from 'B', and placed the ratings on CreditWatch with developing implications. CORUS GROUP: Auction Completion Cues S&P to Affirm BB Rating ------------------------------------------------------------ Standard & Poor's Ratings Services kept its 'BB' long-term corporate credit rating on U.K.-based steelmaker Corus Group PLC on CreditWatch with developing implications, after the completion of the auction process, during which India-based steel manufacturer Tata Steel Ltd. offered the highest bid of 608 pence per share. This values the company at GBP5.75 billion, up from the 455 pence per share of the initial bid. At the same time, the 'BB+' long-term debt rating on Corus' EUR700 million senior secured bank loan and the 'BB-' unsecured debt ratings on Corus remain on CreditWatch with developing implications. The 'B' short-term corporate credit rating remains on CreditWatch with positive implications. All ratings were placed on CreditWatch on Oct. 18, 2006, following the dislocure of an initial bid by Tata Steel. "The CreditWatch status of Corus reflects ongoing uncertainty regarding the long-term financial structure of the transaction and its implications for Corus," said Standard & Poor's credit analyst Tatiana Kordyukova. Standard & Poor's understands that Tata Steel has arranged bridge financing for the acquisition, but as the ultimate financial structure is unknown, the ratings on Corus could be affected positively or negatively. Tata Steel previously announced that part of the acquisition financing would use nonrecourse debt that would be serviced by Corus' cash flows. Absent adequate support from Tata Steel, this could lead to a downgrade of Corus. Standard & Poor's note that the materially increased acquisition price has reduced the upside potential for Corus' ratings. The debt burden of the combined entity is likely to increase following completion of the transaction, implying lower ability and incentives for Tata Steel to support Corus. Nevertheless, under certain scenarios, the combined entity might be rated higher than the current rating on Corus. If there is sufficient evidence that Tata Steel will provide financial support to Corus, the ratings on Corus could be raised. Furthermore, integration with Tata Steel's low-cost operations might benefit Corus' weak business profile in the medium term. "In resolving the CreditWatch placement, we will seek further details on the new entity's long-term financial structure and integration plans," added Ms. Kordyukova. Standard & Poor's will also consider whether Corus' weak business risk profile will be enhanced, and whether Tata Steel would be likely to support Corus in case of financial difficulty. CORUS GROUP: Fitch Keeps Watch Negative on Tata Bid --------------------------------------------------- Fitch Ratings said that Corus Group Plc's Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating Watch Negative following a recommended bid, valued at GBP6.2 billion, from India-based Tata Steel Ltd. in the wake of an auction process conducted by the U.K. Takeover Panel on Jan. 30-31. The RWN also applies to the 'B+' ratings on CS's EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m 6.75% guaranteed bonds. "The increased absolute level of debt associated with Tata Steel's revised offer increases the risk of CS's ratings being downgraded," says Peter Archbold, Director of Fitch's EMEA Industrials team. Tata Steel's revised GBP6.2 billion offer represents a 32% increase on its December 2006 offer of GBP4.7 billion, and a 44% increase on its original October 2006 offer of GBP4.3 billion. Fitch notes that the proposed acquisition multiple of 9x based on LTM third quarter of 2006 continuing EBITDA is materially higher than other recent transactions' multiples in the steel sector. Tata Steel indicated in its statement that it will raise additional debt and make a further cash contribution under its new offer. Based on previous funding plans Fitch expects the new debt to be raised by the acquisition vehicle -- Tata Steel U.K. Ltd. -- which will not benefit from any credit support provided by Tata Steel, its parent entity, but be dependent on CS's standalone cash flows for debt service. Fitch continues to view that a tie-up with Tata Steel would be positive for CS's operational profile. However, it remains uncertain to what extent operational benefits, such as the ability to access cheap semi-finished steel from Tata Steel's Indian operations, will be reflected in an improvement in its financial metrics. Fitch notes that currently there are some limitations on the export of iron ore from India. CS's ratings were placed on RWN on 20 October 2006 following disclosure of the ring-fenced nature of Tata Steel's acquisition financing arrangements. Previously, on 18 October 2006, Fitch had assigned a Rating Watch Positive on the expectation that a combined CS / Tata Steel would have a stronger operational profile and higher margins compared to CS on a standalone basis. Fitch will resolve the Rating Watch following greater clarity on the structure of the financing arrangements of the revised offer, further details regarding the level of synergies and operational benefits that could accrue, and the closure of the deal, which is expected in mid-March 2007. CS is the world's ninth largest steel maker with production of 18.2 million tons and revenue of GBP10.1 billion in fiscal year 2005. Tata Steel is the second-largest Indian steel maker with crude steel capacity of 7.2 million tons and 2006 revenues of GBP2.6 billion. CSB LTD: Creditors' Meeting Slated for February 12 -------------------------------------------------- Creditors of CSB Ltd. will meet at noon on Feb. 12 at: First Floor 1 East Poultry Avenue West Smithfield London EC1A 9PT England A list of names and addresses of the company's creditors will be available for inspection free of charge by appointment on Feb. 8 at: M. J. Ryan & Co. 129 Hythe Avenue Bexleyheath Kent DA7 5NQ England DEESIDE CYCLES: Appoints Laurence S. Burt as Liquidator ------------------------------------------------------- Laurence S. Burt of Ganley Burt was nominated liquidator of Deeside Cycles Ltd. (formerly Cougar Racing Ltd., Velosave (Wholesale Supplies) Ltd. and Novelsure Ltd.) on Jan. 24 for the creditors' voluntary winding-up proceeding. The company can be reached at: Deeside Cycles Ltd. 3 Chester Road East Shotton Deeside Clwyd CH5 1QA Wales Tel: 01244 831 110 Fax: 01244 812 067 DESIRE JEWELLERY: Creditors' Meeting Scheduled for February 12 -------------------------------------------------------------- Creditors of Desire Jewellery Ltd. will meet at 11:00 a.m. on Feb. 12 at: Moore Stephens LLP Beaufort House 94-96 Newhall Street Birmingham B3 1PB 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 and Feb. 9 at the said address. Moore Stephens -- http://www.moorestephens.co.uk/-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its U.K. network comprises over 1,400 partners and staff. DOMINION RACING: Creditors' Claims Due February 28 -------------------------------------------------- Creditors of Dominion Racing Ltd. have until Feb. 28 to send in their names and addresses, particulars of their debts or claims, and the names and addresses of their solicitors, if any, to: T. J. Heaselgrave Liquidator The Till Morris Partnership 2 Church Street Warwick CV34 4AB England T. J. Heaselgrave of The Till Morris Partnership was appointed liquidator of the company on Jan. 22. The company can be reached at: Dominion Racing Ltd. Arden House Arden Road Saltley Birmingham West Midlands B8 1DE England Tel: 01564 822 392 Fax: 01564 822 392 ERIKA ISSITT: Creditors' Meeting Scheduled for February 13 ---------------------------------------------------------- Creditors of Erika Issitt Associates Ltd. will meet at 11:30 a.m. on Feb. 13 at: Tenon Recovery Third Floor Lyndean House 43-46 Queens Road Brighton East Sussex BN1 3XB England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, and, unless they are individual creditors attending in person, ensure their proxy forms are received, at noon on Feb. 12 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. 9. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. FEET FIRST: Brings In Liquidator from Findlay James --------------------------------------------------- Alisdair J. Findlay of Findlay James was appointed liquidator of Feet First Scuba Ltd. on Jan. 23 for the creditors' voluntary winding-up procedure. The company can be reached at: Feet First Scuba Ltd. Unit E1 Northway Lane Northway Trading Estate Tewkesbury Gloucestershire GL2 08JH England Tel: 078 9987 0790 Fax: 01684 850 063 FELTFAB BUILDING: Susan Purnell Leads Liquidation Procedure ----------------------------------------------------------- Susan Purnell was appointed liquidator of Feltfab Building Contractors Ltd. on Jan. 16 for the creditors' voluntary winding-up procedure. The company can be reached at: Feltfab Building Contractors Ltd. 13 Kelvedon Street Newport Gwent NP1 90DW Wales Tel: 01633 251 888 Fax: 01633 251 886 FORD MOTOR: May Get Revised Offers for Aston Martin Sports Car -------------------------------------------------------------- Ford Motor Co. is expected to get revised offers from the remaining bidders for its Aston Martin sports car brand, MarketWatch reports citing the Financial Times as its source. Remaining bidders on the brand are thought to include property tycoon Simon Halabi, buyout company Doughty Hanson, Canadian car parts company Magna, and a consortium including Australian media billionaire James Packer, MarketWatch says, referring to the FT's report. Ford has explored strategic options for its Aston Martin sports- car unit in August, with particular emphasis on a potential sale of all or a portion of the unit. Aston Martin, up for sale for more than GBP450 million, is part of the company's premier automotive group -- the organization under which all of Ford's European brands are grouped. The group also includes other brands like Volvo, Land Rover, and Jaguar. The sale of Aston Martin is in line with the company's cost reduction plan, which according to its chief executive officer Alan R. Mulally, includes reduction of the number of vehicle platforms the company uses around the world and increasing the number of shared parts. Restructuring Efforts Moving on with its restructuring efforts, Ford will be closing a day-care center near its Kentucky Truck Plant -- one of the seven day care facilities the company intends to shut down -- on June 29, Robert Schoenberger of The Courier-Journal says. Company spokesman Tom Hoyt told The Courier-Journal that the company can no longer afford to subsidize the program. Mr. Hoyt did not disclose of how much of the program Ford subsidized. As reported Troubled Company Reporter-Europe on Jan. 26, Ford posted US$12.75 billion in losses against US$160.1 billion in revenues for the full year 2006, compared with US$1.4 billion in net profit against US$176.9 billion in revenues for 2005. Ford also posted US$5.76 billion in net loss against US$40.3 billion in revenues for the fourth quarter of 2006, compared with US$74 million in net loss against US$46.3 billion in revenues for the same period in 2005. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures and distributes automobiles in 200 markets across six continents. With more than 324,000 employees worldwide, the company's core and affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive- related services include Ford Motor Credit Company and The Hertz Corporation. * * * As reported in the TCR-Europe on Dec. 13, 2006, Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2' recovery ratings on Ford Motor Co. after the company increased the size of its proposed senior secured credit facilities to between US$17.5 billion and US$18.5 billion, up from US$15 billion. As reported in the Troubled Company Reporter on Dec. 7, 2006, Fitch Ratings downgraded Ford Motor Company's senior unsecured ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of both the secured facilities and the senior unsecured convertible notes being offered. As reported in the Troubled Company Reporter on Dec. 6, 2006, Moody's Investors Service assigned a Caa1, LGD4, 62% rating to Ford Motor Company's US$3 billion of senior convertible notes due 2036. GENERAL MOTORS: S&P Says Result Restatement Won't Affect Ratings ---------------------------------------------------------------- Standard & Poor's Ratings Services said that General Motors Corp.'s (GM; B/Negative/B-3) announcement that it is restating financial results from 2002 through the third quarter of 2006 raises new concerns about the integrity of the company's financial reporting and internal controls, but has no immediate effect on the ratings on GM, GMAC LLC (BB+/Developing/B-1), or GMAC unit Residential Capital LLC (ResCap; BBB/Negative/A-3). The accounting issues GM is working to resolve encompass several areas, including FAS 133 hedge accounting and accounting for deferred tax liabilities. In addition, GMAC has not yet finalized its financial statements for 2006, after GM sold a majority stake in the finance unit to an investor group in November. GM still expects to file its 10-K by the March 1, 2007, deadline. S&P does not believe these errors will affect cash and cash equivalents, which were US$26.4 billion at the end of 2006. However, the ratings could be placed on CreditWatch with negative implications if GM were to miss the March 1 filing date with the SEC, even with the brief and normally available extension period. The heavy ongoing funding requirements of GMAC and ResCap add particular significance to the timely filing of financial statements. The ratings could also be placed on CreditWatch if additional serious concerns are uncovered or if there is any other material near-term effect on GM's liquidity, neither of which S&P currently anticipates. As with the early 2006 restatement, this current restatement could raise potential issues regarding GM's access to its US$4.48 billion revolving credit facility. At a minimum, GM, GMAC, and ResCap could have to seek waivers on financial reporting requirements from lenders. However, in contrast to the circumstances surrounding the 2006 restatement, GM's current bank revolving credit facility is secured, and lenders may be more inclined to provide accounting-related waivers. In addition, the GMAC sale has closed, GM's cash position is larger, some progress has been made in the North American restructuring plan, and S&P believes that that resolution of GM's operational and financial exposure to bankrupt former unit Delphi Corp. is well within the scope of GM's liquidity. Still, the need to attend to these accounting issues adds to the various challenges that management continues to face on a number of non-operating issues, including the Delphi situation. GM still faces SEC investigations into certain accounting practices, including its pension and OPEB assumptions. These investigations remain concerns, although the magnitude of their effect is uncertain. Prospects for GM's automotive operations remain clouded. The ratings could be lowered further if S&P came to expect that GM's substantial cash outflow would fail to moderate because of setbacks, whether GM-specific or stemming from market conditions. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader since 1931. Founded in 1908, GM employs about 284,000 people around the world. It has manufacturing operations in 33 countries and its vehicles are sold in 200 countries. GM sells cars and trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. * * * As reported in the Troubled Company Reporter-Europe on Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with negative implications, where they were placed March 29, 2006. S&P said the outlook is negative. As reported in the TCR-Europe on Nov. 16, 2006, Standard & Poor's Ratings Services assigned its 'B+' bank loan rating to General Motors Corp.'s proposed US$1.5 billion senior term loan facility, expiring 2013, with a recovery rating of '1'. The 'B+' rating was placed on Creditwatch with negative implications, consistent with the other issue ratings of GM, excluding recovery ratings. At the same time, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the proposed US$1.5 Billion secured term loan of General Motors Corp. The term loan will be secured by a first priority perfected security interest in all of the U.S. machinery and equipment, and special tools of GM and Saturn Corp. GENERAL MOTORS: GMAC's Mortgage Risks May Hit GM, Analysts Say -------------------------------------------------------------- General Motors Corp.'s decision of its delayed fourth quarter earnings filing could reflect in part the toll U.S. mortgage market has taken on its recently divested GMAC Financial Services lending unit, John D. Stoll of the Wall Street Journal reports citing industry watchers. In a statement made by Lehman Brothers auto analyst Brian Johnson, WSJ relates that complications in connection to estimating the value of GMAC's ResCap mortgage unit could cost the company US$300 million to US$400 million in cash charges in the first half. According to WSJ, GMAC portfolio viewed ResCap as its crown jewel but has fallen under industrywide pressure that has hurt traditionally strong lenders and might have diminished ResCap's value. Mr. Johnson further said in the report that potential provisions for loan losses from subprime mortgages in GMAC's case, might need growth, and residual interest in trading securities might need mark-to-market modifications. GMAC and Cerberus must sort out issues related to ResCap, said GM Chief Financial Officer Fritz Henderson. He concluded that settlements related to the changes in the mortgage industry should be established. GMAC officials were unavailable for comment and Cerberus spokesman Peter Duda refused to comment, WSJ says. GM, as reported in the Troubled Company Reporter last week, expected to have been profitable in the fourth quarter with record revenue, but did not provide figures. GM said it will provide further information on the progress of its financial reporting on Feb. 5, 2007. The company currently anticipated that it will file its annual report on Form 10-K by its due date of March 1, 2007. In addition, GMAC has informed GM that it continues to finalize its financial statements for 2006 and its balance sheet as of Nov. 30, the date of the sale of 51% of the equity of GMAC. As a result, GMAC advised GM that it is not yet able to provide the financial information needed to complete GM's fourth quarter financial results. GM would also restate its financial statements for 2002 through the third quarter of 2006 as a result of these anticipated adjustments related to the deferred tax liabilities, hedging activities and other miscellaneous items. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader since 1931. Founded in 1908, GM employs about 284,000 people around the world. It has manufacturing operations in 33 countries and its vehicles are sold in 200 countries. GM sells cars and trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. * * * As reported in the Troubled Company Reporter-Europe on Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with negative implications, where they were placed March 29, 2006. S&P said the outlook is negative. As reported in the TCR-Europe on Nov. 16, 2006, Standard & Poor's Ratings Services assigned its 'B+' bank loan rating to General Motors Corp.'s proposed US$1.5 billion senior term loan facility, expiring 2013, with a recovery rating of '1'. The 'B+' rating was placed on Creditwatch with negative implications, consistent with the other issue ratings of GM, excluding recovery ratings. At the same time, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the proposed US$1.5 Billion secured term loan of General Motors Corp. The term loan will be secured by a first priority perfected security interest in all of the U.S. machinery and equipment, and special tools of GM and Saturn Corp. GENERAL MOTORS: Plans to Sell Allison Transmission to Cut Costs --------------------------------------------------------------- General Motors Corp. is considering strategic options for subsidiary Allison Transmission, including a possible sale, in an effort to boost liquidity, Reuters reports. The company, Reuters says, is in the middle of a restructuring effort that focuses on cutting costs and improving cash flow. "This process is another potential step in GM's plan to improve liquidity through the assessment of strategic options for a business that is not central to GM's mission of designing, manufacturing and selling cars and light trucks globally," GM said in a statement cited by Reuters. Indianapolis-based Allison makes transmissions and hybrid propulsion systems for commercial trucks and buses and military vehicles and employs more than 4,000 workers. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader since 1931. Founded in 1908, GM employs about 284,000 people around the world. It has manufacturing operations in 33 countries and its vehicles are sold in 200 countries. GM sells cars and trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. * * * As reported in the Troubled Company Reporter-Europe on Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with negative implications, where they were placed March 29, 2006. S&P said the outlook is negative. As reported in the TCR-Europe on Nov. 16, 2006, Standard & Poor's Ratings Services assigned its 'B+' bank loan rating to General Motors Corp.'s proposed US$1.5 billion senior term loan facility, expiring 2013, with a recovery rating of '1'. The 'B+' rating was placed on Creditwatch with negative implications, consistent with the other issue ratings of GM, excluding recovery ratings. At the same time, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the proposed US$1.5 Billion secured term loan of General Motors Corp. The term loan will be secured by a first priority perfected security interest in all of the U.S. machinery and equipment, and special tools of GM and Saturn Corp. GREETING CARD: Brings In Joint Administrators from PwC ------------------------------------------------------ Michael J. A. Jervis and Mark N. Cropper of PricewaterhouseCoopers LLP were appointed joint administrators for: -- Card Control Ltd. (Company Number 02223511); -- Card Warehouse Group Ltd. (Company Number 03198333); -- Card Warehouse Ltd. (Company Number 03538711); -- Card Warehouse Holdings Ltd. (Company Number 04569019); -- Designer Greetings Ltd. (Company Number 02954268); -- GCG Holdings Ltd. (Company Number 02958169); -- Glebelion Ltd. (Company Number 01843024); -- Greeting Card Group Ltd. (Company Number 02568990); -- Kandies Ltd. (Company Number 00560360); and -- John Waddington Greetings Cards Ltd. (Company Number 03207437). "Greeting Card Group is well established and historically profitable, but has suffered from the generic decrease in high street footfall over recent months; additionally the core profitable stores have been impacted by the loss making ones, which have absorbed working capital and management time, out of proportion to their value," Miker Jervis, partner and joint administrator at PricewaterhouseCoopers was quoted by The Times as saying. "The core stores have been and are expected to continue to be successful - as a result we expect to achieve a going concern sale and are currently in talks with a number of interested parties with a view to achieving this," Mr. Jervis added. Headquartered in Peterborough, England, Greeting Card Group Ltd. is the second largest specialist card and gift retailer in the U.K. It employs over 2,500 staff and trades from over 470 stores across the U.K., mostly under the brands of Cardfair and Card Warehouse. For the year ended June 30, 2006, the group's turnover was GBP70 million. Headquartered in London, England, PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. HSH ASSET: Claims Registration Ends March 31 -------------------------------------------- Creditors of HSH Asset Management Ltd. have until March 31 to send their full names and addresses, together with full particulars of their debts or claims to: Peter O'Duffy Liquidator IP Services Ltd. 9 Woodhill Road Portishead Bristol BS20 7EU England Creditors confirmed the appointment of Peter O'Duffy of IP Services Ltd. as liquidator of the company on Jan. 25. The company can be reached at: HSH Asset Management Ltd. Bath Street Cheddar Somerset BS273AA England Fax: 01256 406 671 INTERIOR INNOVATIONS: Joint Liquidators Take Over Operations ------------------------------------------------------------ D. J. Oprey and K. W. Touhey, of Chantrey Vellacott DFK LLP were appointed joint liquidators of Interior Innovations Ltd. on Jan. 17 for the creditors' voluntary winding-up procedure. The joint liquidators can be reached at: Chantrey Vellacott DFK LLP 16-17 Boundary Road Hove East Sussex BN3 4AN England LEX MACHINERY: Creditors' Meeting Slated for February 6 ------------------------------------------------------- Creditors of Lex Machinery U.K. Ltd. will meet at 11:00 a.m. on Feb. 6 at: Hilton London Tower Bridge 5 More London Place Tooley Street London SE1 2BY Englan 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 at the offices of: Recovery hjs 12-14 Carlton Place Southampton Hampshire SO15 2EA England LIGHTPOINT PAN-EUROPEAN: Moody's Rates EUR9.5-Mln Notes at Ba3 -------------------------------------------------------------- Moody's Investors Service assigned these ratings to Notes issued by LightPoint Pan-European CLO 2006 p.l.c.: -- EUR220-million Class A Floating Rate Notes Due 2022: Aaa; -- EUR23.5-million Class B Floating Rate Notes Due 2022: Aa2; -- EUR20.5-million Class C Deferrable Floating Rate Notes Due 2022: A3; -- EUR20-million Class D Floating Rate Notes Due 2022: Baa3; and -- EUR9.5-million Class E Floating Rate Notes Due 2022: Ba3. The Moody's ratings of the Notes address the ultimate cash receipt of all required interest and principal payments, as provided by the Notes' governing documents, and are based on the expected loss posed to Note holders, relative to the promise of receiving the present value of such payments. The ratings reflect the risks due to the diminishment of cash flow from the underlying portfolio -- consisting primarily of Senior Secured Loans -- due to defaults, the transaction's legal structure and the characteristics of the underlying assets. LightPoint Capital Management LLC will manage the selection, acquisition and disposition of collateral on behalf of the Issuer. MEDCREST N.D.T.: Hires Liquidators from KPMG LLP ------------------------------------------------ Howard Smith and Richard Dixon Fleming of KPMG LLP were appointed joint liquidators of Medcrest N.D.T. Ltd. on Jan. 22 for the creditors' voluntary winding-up procedure. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. Medcrest N.D.T. Ltd. can be reached at: Station Road Industrial Estate Valley Road Wombwell Barnsley South Yorkshire S73 0BS England Tel: 01226 759 360 Fax: 01226 757 392 MICHAEL KAVANAGH: Taps Tony Mitchell to Liquidate Assets -------------------------------------------------------- Tony Mitchell of Cranfield Recovery Ltd. was appointed liquidator of Michael Kavanagh Building & Roofing Contractors Ltd. on Jan. 22 f or the creditors' voluntary winding-up proceeding. The company can be reached at: Michael Kavanagh Building & Roofing Contractors Ltd. Warwick Street Coventry West Midlands CV5 6ET England Tel: 01635 435 12 MOORE ON THE MENU: Creditors' Meeting Slated for February 12 ------------------------------------------------------------ Creditors of Moore on the Menu Ltd. will meet at 11:00 a.m. on Feb. 12 at: Vantis plc Fourth Floor Southfield House 11 Liverpool Gardens Worthing BN11 1RY England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, and (unless they are individual creditors attending in person) ensure their proxy forms are received, at noon on Feb. 9 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. 8. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. ONE58 ASSOCIATES: Creditors' Claims Due February 26 --------------------------------------------------- Creditors of One58 Associates Ltd. have until Feb. 26 to send in their names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors, if any, to: David N. Hughes Joint Liquidator Janes Owen House Trinity Lane Cheltenham Gloucestershire GL52 2NT England David N. Hughes of Janes and Colin A. Prescott of Moore Stephens LLP were appointed joint liquidators of the company on Jan. 19. The company can be reached at: One58 Associates Ltd. Unit 1 Grove Street Cheltenham Gloucestershire GL503LZ England Tel: 01242 241 158 Fax: 01242 241 580 PENNINE ROOFING: Names Jonathan Lord Liquidator ----------------------------------------------- Jonathan Lord of Bridgestones was appointed liquidator of Pennine Roofing & Building Ltd. on Jan. 23 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Bridgestones 125-127 Union Street Oldham OL1 1TE England RANK GROUP: Moody's Lowers Ba3 Corporate Family Rating to Ba2 ------------------------------------------------------------- Moody's Investors Service downgraded to Ba3 from Ba2 the corporate family and issuer ratings of the The Rank Group Plc and the debt ratings of its subsidiary Rank Group Finance plc. The outlook is negative. The downgrade reflects the weakening of the company's credit profile following the sale of its Hard Rock operations. Proceeds from the sale will be largely returned to shareholders thus weakening credit metrics and the disposal further reduces the scale, scope and diversification of the group's operations. On the other hand Moody's acknowledges the benefits of the strategic focus Rank has gained now that its operations are concentrated in U.K. gaming. The new Ba3 ratings also reflect concerns about the outlook for the company's U.K. bingo business which has to content not only with an underlying trend of declining attendance, but also with the negative effects of a smoking ban which has already been introduced in Scotland and by July 2007 will cover all of the U.K. The uncertainties regarding: (i) the impact of the smoking ban on Bingo attendance and profits and (ii) the potential interest of financial buyers in the company inform a negative outlook. On the upside, Rank has made good progress in exiting from the Deluxe Media businesses as planned with a complete exit envisioned by mid-2007 and overall cash costs expected to remain within the GBP57 million provision established in 2005. Moody's also believes that Rank's casino business remains well positioned to benefit from the positive operating environment in the sector as regulation eases, the range of permitted gaming activities widens and casinos become acceptable as a mainstream leisure destination over time. In addition, a significant number of casinos will be built under license from both the old and the new U.K. gambling act. This should help to stimulate demand, but it will also significantly increase competition, increasing pressure on Rank's management to be effective in managing estate and brand extension. While Rank has put measures in place to counteract the effects of the upcoming smoking ban in England and Wales, some of which have been trailed, the extent to which revenues and profits will be affected remains very difficult to predict. Given Rank's operational challenges, the rating leaves no leeway for further material share buy-backs or acquisitions. Any indication that the ratio Debt/ EBITDA as calculated by Moody's, which includes adjustments for operating leases and pensions exceeds 5.5 times would lead to downward pressure on the ratings. On the other hand, evidence of successful mitigation of the effects of the smoking ban combined with sound underlying operating process over the next 18-24 months could help to stabilize the rating outlook. Moody's regards Rank's liquidity currently as overall adequate. The company does not face any material debt maturities until early 2008 when US$100 million of Yankee bonds fall due. Rank has also represented that it is fully funded until at least December 2007 after effecting the planned distribution of GBP350 million to shareholders. The rating is based on the assumption that medium term finance will be put in place to fund the distribution and failure to arrange this in the near term would result in ratings pressure. All material debt elements in the company's capital structure are currently unsecured, ranking pari-passu with other unsecured payments obligations of the group. The introduction of any form of material secured financing to the capital structure that ranks ahead of the bonds or material subsidiary borrowing is likely to have negative notching consequences for the rated bonds and the issuer rating. In its November 2006 trading statement Rank said that trading in its Mecca Bingo had been impacted negatively by the smoking ban in Scotland where revenues were down by 15% for the 48 weeks to Nov. 26 2006, counterbalanced only to an extent by a gain in market share. In England and Wales Rank's clubs grew revenues by 1% with a 2% increase in spend per head off-setting a 1% admissions decline. Grosvenor Casino's revenues were up by 6% for the 48 weeks to Nov. 26 2006, but growth slowed down in the second half of the year as comparables became more demanding. Rank reported "strong trading" for its Blue Square betting operation. Ratings downgraded to Ba3 from Ba2 are: * The Rank Group Plc: -- Corporate Family Rating -- Senior Unsecured Issuer Rating * Rank Group Finance (guaranteed by The Rank Group Plc): -- US$100-million Guaranteed note due 2008 -- US$14.3-million Guaranteed note due 2018 The Rank Group Plc is a gaming group with interests in casinos, bingo, online and telephone betting, mainly in the UK. The company is based in London, England. RIVER FM: Shuts Down after Owner Fails to Find a Buyer ------------------------------------------------------ Scottish radio station River FM stopped its operations this week after its owner, Kingdom Radio Group, failed to find a buyer, The Scotsman reports. The Kingdom Radio Group earlier disclosed that it would also return the station's West Lothian license to the Office of Communications. According to Scotsman, Ofcom may give the license to a community radio station. Based in Livingston, Scotland, River FM was launched in September 2003. The station was run by Gerry Burke. SCREEN ARTS: Creditors' Meeting Slated for February 6 ----------------------------------------------------- Creditors of Screen Arts Ltd. will meet at 11:30 a.m. on Feb. 6 at: Begbies Traynor 1 Winckley Court Chapel Street Preston PB1 8BU England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, and (unless they are individual creditors attending in person) ensure their proxy forms are received, 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. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. SIMCLAR GROUP: Shuts Down Two Factories in Scotland --------------------------------------------------- The Simclar Group shut down its Irvine and Kilwinning factories in Scotland, leading to 200 more jobs lost, BBC News reports. According to BBC News, in November 2006, the company cut 240 jobs at their electronics manufacturing plant in Irvine following the company's decision to withdraw from hard-tooling manufacturing. "The current market conditions have made the continued operation of Simclar (Ayrshire) impossible," a Simclar spokesman told BBC News. "Simclar has made every attempt to restructure and save the business but it would not be in the best interests of the group as a whole to continue to do so in the long-term," he added. "The company will work with the local enterprise and employment agencies to offer information and support to those affected by this closure in their search for new employment." Simclar workers' union, Community, told BBC that a loyal workforce had been treated callously. The union said it would make sure that members received the pay they are owed. "In this day and age there is absolutely no excuse for treating a high-skilled, highly-motivated and loyal workforce so callously," Willie Paterson, Scottish regional secretary, told BBC. Mr. Paterson said that workers in Kilwinning had turned up to find the factory gates padlocked while Irvine workers were escorted to the canteen, told that they were being made redundant and then escorted off the premises. Allan Wilson, deputy minister for enterprise, said: "This is devastating news for those who will lose their jobs and their families, full and immediate support will now be made available." Simclar (Ayrshire) will be placed in administration. The company disclosed that its site in Dunfermline, with 300 workers, would continue to operate. Headquartered in Dunfermline, Scotland, The Simclar Group -- http://www.simclar.com/-- is a global solutions provider, offering complete manufacturing and fulfillment services to customers. The company has facilities in Europe, the U.S. Mexico and China with about 1,800 employees worldwide. SUSSEX REFINED: Creditors' Meeting Slated for February 15 --------------------------------------------------------- Creditors of Sussex Refined Oils Ltd. will meet at 11:30 a.m. on Feb. 15 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 securi ty, and (unless they are individual creditors attending in person) ensure their proxy forms are received, at noon on Feb. 14 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. 13. VIOLET INK: Creditors' Meeting Scheduled for February 6 ------------------------------------------------------- Creditors of Violet Ink Design Consultants Ltd. will meet at 2:00 p.m. on Feb. 6 at the offices of: B&C Associates Trafalgar House Grenville Place Mill Hill London NW7 3SA England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, and (unless they are individual creditors attending in person) ensure their proxy forms are received, 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. VISUAL DISPLAYS: Calls In Liquidators from Begbies Traynor ---------------------------------------------------------- R. A. Segal and P. M. Davis of Begbies Traynor (South) LLP were appointed joint liquidators of Visual Displays (U.K.) Ltd. on for the creditors' voluntary winding-up procedure proceeding. The joint liquidators can be reached at: Begbies Traynor (South) LLP 32 Cornhill London EC3V 3BT England Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. WELD-TEK WEST: Creditors' Meeting Slated for February 8 ------------------------------------------------------- Creditors of Weld-Tek (West Midlands) Ltd. will meet at 11:30 a.m. on Feb. 8 at: Himley Hall Dudley Road Himley Dudley DY3 4DF England Creditors who want to vote at the meeting must submit particulars of their claims or of any security, and (unless they are individual creditors attending in person) ensure their proxy forms are received, at noon on Feb. 7 to: Secretary of the company c/o F A Hatch & Co. Castle View 48 Salop Street Dudley DY1 3AY United Kingdom 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 and Feb. 7 at the office of F A Hatch & Co. * BOOK REVIEW: American Arbitration: Its History, Functions and Achievements --------------------------------------------------------------- Author: Frances Kellor Publisher: Beard Books Paperback: 280 pages List Price: US$34.95 Order your personal copy at http://www.amazon.com/exec/obidos/ASIN/1893122581/internetbankru pt Frances Kellor's American Arbitration: It's History, Functions and Achievements covers the rise of the American Arbitration Association, and the beginnings of the important role that arbitration has come to play in the commercial arena. This book makes for interesting reading as it traces the two pioneer organizations that consolidated in 1926 to form the American Arbitration Association. The role and influence of the Association in its first 20 years of existence are noteworthy as the book covers the practice of American arbitration and the American concept and organization of international commercial arbitration. The final chapter is devoted to the builders of American arbitration. ********* 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 * * *