/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070205.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, February 5, 2007, Vol. 8, No. 25 Headlines A U S T R I A DKFM. A. TREE: Claims Registration Period Ends February 20 GELBES HAUS: Claims Registration Period Ends March 6 IGMA HANDELS: Claims Registration Period Ends March 7 MEGS IMMOBILIEN: Creditors' Meeting Slated for March 6 OSWALD WERKZEUGTECHNIK: Claims Registration Period Ends Feb. 28 PERNER LLC: Claims Registration Period Ends February 21 F R A N C E ALCATEL-LUCENT: Antonio Beato Teixeira to Head Portuguese Unit G E R M A N Y ACS TOURISTIK: Claims Registration Ends February 12 ADAXXA GMBH: Creditors' Meeting Slated for March 7 AMBULANTER PFLEGEDIENST: Claims Registration Ends March 2 ARS SPORTIVI: Claims Registration Ends March 15 BENQ CORP: Mobile Phone Unit Shuts Down Kamp-Lintfort Factory FREE FILM: Claims Registration Ends February 7 HANS FELDNER: Claims Registration Ends February 20 HARRY TIEDE: Claims Registration Ends February 9 HERMGES BUEROORGANISATION: Claims Registration Ends February 21 HOLZBE-UND-VERARBEITUNG: Creditors Must File Claims by Feb. 26 IMMO MUELLER: Creditors Must Register Claims by February 20 JAGGI DACH-BAU: Creditors Meeting Slated for February 26 KLG HAUS: Creditors Must Register Claims by February 21 LINEA 3 BAU: Creditors Must Register Claims by February 15 MARHOLDT REPRODUKTIONSTECHNIK: Claims Registration Ends March 16 NESSELTAL WERNIGERODE: Claims Registration Ends February 19 OFFSETDRUCK HILLEBRAND: Claims Registration Ends February 24 OLYMPIC BAUUNION: Claims Registration Ends February 26 PROBAU BAUDEKORATION: Claims Registration Ends February 15 SCHULTE TIEFBAUHANDEL: Claims Registration Ends March 12 SERFLING GALA: Claims Registration Ends March 1 RGP ROTTALER: Claims Registration Ends March 9 QUARTEC GMBH: Claims Registration Ends March 9 SPORTMARKT SELLNER: Claims Registration Ends February 22 TECCO METALTEC: Claims Registration Ends February 20 TEGO-BAU GMBH: Claims Registration Ends March 5 TIFFINGER GMBH: Claims Registration Ends March 9 TOLLGREVE BAU: Claims Registration Ends February 27 VICTORY MEDIA: Claims Registration Ends March 8 VOENIX 156: Creditors' Meeting Slated for March 6 WUERFEL & PARTNER: Claims Registration Ends February 20 XTREM-NET: Claims Registration Ends March 22 H U N G A R Y BORSODCHEM NYRT: Returned Shares Hike Treasury Stock BORSODCHEM NYRT: Higher Debt Load Cues Fitch to Cut Rating to B+ FORTEINVEST KFT: May Close; Bergger, FilmoTec Plan Acquisition I T A L Y ALITALIA SPA: Traffic Figures Slide in December 2006 PARMALAT SPA: Has Until Oct. 30 to Sell Two Brands K A Z A K H S T A N ALTYN NUR: Claims Registration Ends March 9 LACOS ENGINEERING: Creditors' Claims Due March 9 LLP JENIS: Creditors Must File Claims By March 9 LLP JULDYZ: Claims Registration Ends March 16 LLP ZAISAN: Claims Registration Ends March 9 KAZTRANSCOM SK: Creditors Must File Claims By March 16 TIMUR-TECHSERVICE: Creditors' Claims Due March 16 VERTEX-BLASTING: Claims Registration Ends March 16 ZAVOD PENOSTEKLOIZOL: Creditors Must File Claims By March 16 K Y R G Y Z S T A N AK TILEK-A LLC: Public Auction Slated for February 12 TUNGUCH OJSC: Creditors' Meeting Slated for February 15 N E T H E R L A N D S KONINKLIJKE AHOLD: SEC Accuses 13 More People of Fraud at US Arm KONINKLIJKE AHOLD: Posts EUR44.9 Billion Net Sales for 2006 P O R T U G A L ALCATEL-LUCENT: Antonio Beato Teixeira to Head Portuguese Unit R U S S I A AGRO-SNAB-SERVICE OJSC: Creditors Must File Claims by March 13 ALTAIR CJSC: Creditors Must File Claims by Feb. 13 AMBER CJSC: Creditors Must File Claims by Feb. 13 BRYANSK-STROY-COM: Asset Bidding Deadline Slated for February 10 CENTERTELECOM OAO: Forecasts RUR2.6 Billion Net Profit for 2007 CROCUS LLC: Creditors Must File Claims by Feb. 13 GAS-ENERGO OJSC: Creditors Must File Claims by March 13 OMSKIY GROATS: Creditors Must File Claims by March 13 PILOT LLC: Creditors Must File Claims by Feb. 13 PONOMAREVSKAYA MACHINE-TECHNOLOGICAL: Claims Filing Ends Feb. 13 SHATURSKAYA GARMENT: Creditors Must File Claims by Feb. 13 TMK OAO: Shareholders Okay Revised Management Board Regulations TRANS-SERVICE CJSC: Creditors Must File Claims by Feb. 13 TUIMSKIY FACTORY: Creditors Must File Claims by Feb. 13 TULA-SPIRIT LLC: Creditors Must File Claims by March 13 VESTA CJSC: Creditors Must File Claims by March 13 VYSOKOYASKOYE CJSC: Creditors Must File Claims by March 13 YUKOS OIL: PKN Orlen Withdraws RUR2.9 Billion Bankruptcy Claim S W I T Z E R L A N D DVP LLC: Aargau Court Starts Bankruptcy Proceedings ERNST GERBER: Creditors' Liquidation Claims Due March 1 GENERALBAU MATHIS: Creditors' Liquidation Claims Due February 21 GIPSERGESCHAFT MORINA: Aargau Court Starts Bankruptcy Process INSTITUT VITAL: Creditors' Liquidation Claims Due February 23 LUST-KICK BETRIEBS: Creditors' Liquidation Claims Due Feb. 23 MSS TECHNIK: Aargau Court Starts Bankruptcy Proceedings NOVA CHEMICALS: Moody's Puts Ba3 Debt Ratings on Review QUEENS BETRIEBS: Creditors' Liquidation Claims Due February 23 SWISSAIR: UBS Denies Corti's Claim that Plan "Strangled" Company V.R.S. SICHERHEITSDIENST: Court Starts Bankruptcy Proceedings VEREINIGTE ZIEGELEIEN: Creditors' Liquidation Claims Due Feb. 15 U K R A I N E ARADON LLC: Creditors Must Submit Claims by February 16 DNIEPR METAL: Creditors Must Submit Claims by February 16 ELTEX LLC: Creditors Must Submit Claims by February 16 MEYHER-K LLC: Creditors Must Submit Claims by February 16 TRANSLINE LLC: Creditors Must Submit Claims by February 16 UKRSOTSBANK: Loan Participation Notes Gets Fitch's B- Rating U N I T E D K I N G D O M A CLARKE: Creditors' Meeting Slated for February 13 ADVANCED MARKETING: Has Until March 9 to File Schedules ALLIED INSTALLATION: Creditors' Meeting Slated for February 8 ALMIT BRICKWORK: Creditors' Meeting Slated for February 20 ANDREW WEIR: U.K. High Court Issues Winding Up Order ARRAN FUNDING: Moody's Assigns Ba1 Rating on US$112.89-Mln Notes BAA PLC: Readies US$15.7-Bln Airport Assets to Back Bond Issue BAA PLC: Names D. Johnston as Scotland Unit's Managing Director BIFROST INVESTMENTS: Fitch Affirms Class 10D Notes at BB+ CABLE & WIRELESS: Has 2,384,239,440 Voting Rights as at Jan. 31 COLLINS & AIKMAN: Files List of Multi-Debtor Claims COLLINS SERVICES: Creditors' Meeting Slated for February 7 COLLINS STEWART: Fitch Cuts GBP150-Million Debt Rating to BB- COMPASS GROUP: Buys 1 Million Ordinary Shares for Cancellation CROXLEYS LTD: Creditors' Meeting Slated for February 23 DOPPLER LIFT: Creditors' Meeting Slated for February 23 E. T. KNAGG: Creditors' Meeting Slated for February 13 FDS PROPERTY: Creditors' Meeting Slated for February 6 GAINSBOROUGH QUALITY: Creditors' Meeting Slated for February 13 GENERAL MOTORS: Wants Increase in Battery Tech Research Funding GENERAL MOTORS: Recalls 100,000 Chevrolet Cobalt Small Sedans HOTTUBS DIRECT: Names Antony Robert Fanshawe as Administrator HPS PRINTING: Creditors' Meeting Slated for February 8 HURST PARNELL: Brings In KPMG as Joint Administrators INXS LTD: Appoints Begbies Traynor as Joint Administrators J L SWEETMAN: Appoints Begbies Traynor to Administer Assets LADBROKES PLC: Hikes Issued Share Capital to 628,127,545 MASTER WEAVERS: Creditors' Meeting Slated for February 16 MINERVA INTERNATIONAL: Taps BDO Stoy to Administer Assets MISYS PLC: Transfers 12,225 Ordinary Shares Held in Treasury MORGAN & FONE: Creditors' Meeting Slated for February 9 NEW SOUND: Creditors' Meeting Slated for February 8 NWD GROUP: Brings In Joint Administrators from Moore Stephens ORIENTAL EXPRESS: Appoints Administrators from BDO Stoy OTTAWAY INTERIORS: Brings In Administrators from Begbies Traynor P A BEVERIDGE: Taps Menzies to Administer Assets P M S NEWS: Taps Recovery hjs as Joint Administrators PROVENTUS EUROPEAN: S&P Assigns B Rating to Class F Notes RBA PLASTICS: Appoints KPMG as Joint Administrators RUSSELLTON LTD: Creditors' Meeting Slated for February 9 SEA CONTAINERS: Train Unit Recognized for High Standard Stations SISTRA LTD: Creditors' Meeting Scheduled for February 13 SOLUTIA INC: Wants Plan-Filing Period Extended Through June 29 VANTAGE TECHNOLOGIES: Creditors' Meeting Slated for February 21 WILLIAMS PRECISION: Creditors' Meeting Slated for February 14 WILTSHIRE INT'L: Creditors' Meeting Slated for February 12 WINCANTON PLC: Sept. 30 Balance Sheet Upside-Down by GBP20.2 Mln WINCANTON PLC: Has 120,145,932 Total Voting Rights as at Jan. 31 WINDMILL MACHINE: Creditors' Meeting Scheduled for February 19 ********* ============= A U S T R I A ============= DKFM. A. TREE: Claims Registration Period Ends February 20 ---------------------------------------------------------- Creditors owed money by LLC Dkfm. A. Tree (FN 78690x) have until Feb. 20 to file written proofs of claim to out-of-court settlement manager Guenther Hoedl at: Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna, Austria Tel: 513 16 55 Fax: 513 16 55-33 E-mail: Hoedl@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 p.m. on March 6 to consider the adoption of the rule by out-of-court settlement. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 15 (Bankr. Case No. 28 Sa 1/07m). GELBES HAUS: Claims Registration Period Ends March 6 ---------------------------------------------------- Creditors owed money by LLC Gelbes Haus (FN 115444x) have until March 6 to file written proofs of claim to court-appointed estate administrator Michael Kadlicz at: Mag. Michael Kadlicz Domplatz 16 2700 Wiener Neustadt, Austria Tel: 02622/81624 Fax: 02622/81624-2 E-mail: office@auer-kadlicz.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on March 20 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt, Austria Headquartered in Wiener Neustadt, Austria, the Debtor declared bankruptcy on Jan. 15 (Bankr. Case No. 11 S 3/07p). IGMA HANDELS: Claims Registration Period Ends March 7 ----------------------------------------------------- Creditors owed money by LLC IGMA Handels (FN 240882p) have until March 7 to file written proofs of claim to court-appointed estate administrator Thomas Engelhart at: Dr. Thomas Engelhart c/o Mag. Clemens Richter Esteplatz 4 1030 Vienna, Austria Tel: 712 33 30 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on March 21 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 15 (Bankr. Case No. 2 S 7/07b). Clemens Richter represents Dr. Engelhart in the bankruptcy proceedings. MEGS IMMOBILIEN: Creditors' Meeting Slated for March 6 ------------------------------------------------------ Creditors owed money by LLC MEGS Immobilien Consulting (FN 277160p) are encouraged to attend the creditors' meeting at 10:15 a.m. on March 6 for examination of claims. The creditors' meeting will be held at: Trade Court of Vienna Room 1607 Vienna, Austria Creditors have until March 20 to file written proofs of claims to court-appointed estate administrator Beate Holper at: Mag. Beate Holper Gonzagagasse 15 1010 Vienna, Austria Tel: 533 28 55 Fax: 533 28 55-28 E-mail: office@anwaltwien.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 15 (Bankr. Case No. 28 S 3/07f). OSWALD WERKZEUGTECHNIK: Claims Registration Period Ends Feb. 28 --------------------------------------------------------------- Creditors owed money by LLC Oswald Werkzeugtechnik (FN 84561f) have until Feb. 28 to file written proofs of claim to court- appointed estate administrator Peter Shamiyeh at: Dr. Peter Shamiyeh c/o Mag. Gudrun Pixner Hopfengasse 23 4020 Linz, Austria Tel: 0732/667326 Fax: 0732/667320-942 E-mail: p.shamiyeh@wildmoser-koch.com g.pixner@wildmoser-koch.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 p.m. on March 12 for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz, Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Jan. 12 (Bankr. Case No. 12 S 8/07z). Gudrun Pixner represents Dr. Shamiyeh in the bankruptcy proceedings. PERNER LLC: Claims Registration Period Ends February 21 ------------------------------------------------------- Creditors owed money by LLC Perner (FN 110721a) have until Feb. 21 to file written proofs of claim to court-appointed estate administrator Gerald Hegenbart at: Mag. Gerald Hegenbart Kaiser Franz Ring 13 2500 Baden bei Wien, Austria Tel: 02252/85500 Fax: 02252/42577 E-mail: office@advocat-baden.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on March 7 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt, Austria Headquartered in Triestingtal, Austria, the Debtor declared bankruptcy on Jan. 12 (Bankr. Case No. 10 S 3/07f). =========== F R A N C E =========== ALCATEL-LUCENT: Antonio Beato Teixeira to Head Portuguese Unit -------------------------------------------------------------- Alcatel-Lucent appointed Antonio Beato Teixeira to lead its activities in Portugal with responsibility for all local company activities. He will report to Alfredo Redondo, who leads the Alcatel-Lucent Iberian Regional Unit Prior to this appointment, Antonio Beato Teixeira was general manager for Nortel in charge of the Vodafone account in Portugal, Eastern Europe, the Middle East and Africa. From 1999 to 2002, he was Technology and Network vice president of Telesystem International Wireless (TIW) in Brazil. He had previously held various management positions for Vodafone Portugal and Portugal Telecom, having initiated his professional career with I.T.T.-Standard El�ctrica in Portugal. Born in Lisbon, Antonio Beato Teixeira graduated from the Instituto Superior Tecnico of Lisbon as a telecom and electronics engineer, before taking post graduation degrees at the Universidade Catolica in Lisbon and at the Harvard Business School in Cambridge, U.S. 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. 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 ============= G E R M A N Y ============= ACS TOURISTIK: Claims Registration Ends February 12 --------------------------------------------------- Creditors of acs touristik GmbH have until Feb. 12 to register their claims with court-appointed insolvency manager Manuel Ast. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on March 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 of Nuremberg Meeting Room 152/I Flaschenhofstr. 35 Nuremberg 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: Manuel Ast Archivstr. 3 90408 Nuremberg Germany Tel: 0911/59781-22 Fax: 0911/59781-44 The District Court of Nuremberg opened bankruptcy proceedings against acs touristik GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: acs touristik GmbH Attn: Geekiyanage Senadeera Gunawardena, Manager Ostendstr. 193 90482 Nuremberg Germany ADAXXA GMBH: Creditors' Meeting Slated for March 7 -------------------------------------------------- The court-appointed insolvency manager for ADAXXA GmbH, Detlef Ruediger Beckmann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:55 a.m. on March 7. 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 11:35 a.m. on June 6 at the same venue. Creditors have until April 13 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Detlef Ruediger Beckmann Lietzenburger Strasse 77 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against ADAXXA GmbH on Jan 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ADAXXA GmbH Kurfuerstenstrasse 79 10787 Berlin Germany AMBULANTER PFLEGEDIENST: Claims Registration Ends March 2 --------------------------------------------------------- Creditors of Ambulanter Pflegedienst GmbH have until March 2 to register their claims with court-appointed insolvency manager Rechtsanwalt Michael Wilkens. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Schwerin Hall 7 Demmlerplatz 14 Schwerin 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: Rechtsanwalt Michael Wilkens Elbchaussee 140 22763 Hamburg Germany The District Court of Schwerin opened bankruptcy proceedings against Ambulanter Pflegedienst GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ambulanter Pflegedienst GmbH Attn: Annelore Kahl, Manager Rahlstedter Street 2/119 19057 Schwerin Germany ARS SPORTIVI: Claims Registration Ends March 15 ----------------------------------------------- Creditors of ars sportivi GmbH have until March 15 to register their claims with court-appointed insolvency manager Manfred Dobler. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.m. on April 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Esslingen Hall 1 Ritterstr. 5 Eingang Strohstr 1 OG Esslingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Manfred Dobler Gansheidestr. 1 70184 Stuttgart Tel: 0711/36433-0 FAX: 0711/16433-50 The District Court of Esslingen opened bankruptcy proceedings against ars sportivi GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ars sportivi GmbH Schelztorstr. 15 73728 Esslingen Germany BENQ CORP: Mobile Phone Unit Shuts Down Kamp-Lintfort Factory ------------------------------------------------------------- BenQ Mobile GmbH & Co. OHG, the bankrupt German unit of Taiwan- based BenQ Corp., shut down one of its three plants in Germany last week after efforts to secure a buyer failed, according to published reports. Some 165 workers in the firm's Kamp-Lintfort factory in North Rhine-Westphalia were sent home after the firm decided to stop producing mobile phones. The company, however, has commissioned B2X Care Solutions GmbH last month to continue warranty services for phones sold under the brand names "Siemens" and "BenQ Siemens." Pursuant to an agreement with BenQ Corp. and Siemens AG, B2X is taking over the warranty services for sales partners and end customers in Europe, Russia and Latin America. The warranty claims of Asian customers will be dealt with directly by BenQ Corp. To guarantee the provision of services for mobile phones, Siemens has agreed with BenQ Corp. to use the payments originally due in December. Job Placements Siemens revealed in January a solid financial basis for the job placement companies for employees of BenQ Mobile OHG in North Rhine-Westphalia and Bavaria. A EUR10 million aid fund has also been set up by Siemens for supporting employees in financial difficulties. Through the job exchange established by Siemens for employees of BenQ Mobile OHG, over 690 interviews have been scheduled at Siemens. Round about 150 concrete job offers have so far been made. In addition, Siemens has secured the continuation of training for 88 trainees of BenQ Mobile within Siemens AG. BenQ Mobile revealed plans to cut 1,900 jobs of its 3,000-strong work force in October 2006. BenQ Mobile administrator Martin Prager had said the cuts would affect all areas of the business including administration, marketing, sales and production. Failed Bids In a TCR-Europe report on Jan. 31, Bacoc, the German laptop computer company, failed to submit an offer for BenQ Mobile after creditors rejected bids by two potential buyers last month. Bloomberg News says Bacoc's decision not to bid for the bankrupt assets came as a result of an exodus of key personnel relating to the division's collapse at the end of September 2006. Bacoc CEO Stefan Baustert told Simon Thiel of Bloomberg News that chances of successfully turning around the mobile-phone unit declined "dramatically" over the last few weeks. He said that the sale of Inservio GmbH, BenQ's insolvent mobile repair unit, also reduced Bacoc's interest because it removed a valuable asset, Bloomberg relates. As widely reported, Bacoc had planned to retain the firm's Kamp- Lintfort facility and reduce two-thirds of the company's work force by closing down BenQ's central office in Munich. Aside from Bacoc, investor group SF Capital Partners, led by Hansjoerg Beha, a former Daimler-Benz executive, pulled out of the bidding race, with sources speculating that the group could not raise the required funding needed for the acquisition, Mobile Today reports. Also, as reported in the Troubled Company Reporter-Europe on Jan. 25, Sentex Sensing Technology Inc. submitted a EUR52 million bid for BenQ Mobile's assets. Henrik Rubenstein, Sentex's chief executive officer, told Dow Jones Newswires then that the bid is based on an earn-out model, which would base payments on BenQ Mobile's financial success in the future. He added that the company had secured a "three-digit million euro sum" of working capital financing. Mr. Prager previously disclosed on Jan. 9 that Sentex Sensing and SF Capital did not meet creditors' requirements on adequate price offer and did not present concrete evidence of secured financing, John Blau wrote for IDG News Service. About Siemens Siemens (Berlin and Munich) -- http://www.siemens.com/-- is a global powerhouse in electrical engineering and electronics. The company has around 461,000 employees working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of services for individual requirements. Siemens provides innovative technologies and comprehensive know-how to benefit customers in 190 countries. Founded more than 155 years ago, the company focuses on the areas of Information and Communications, Automation and Control, Power, Transportation, Medical, and Lighting. In fiscal 2006 (ended Sept. 30), Siemens had sales from continuing operations of EUR87.3 billion and net income of EUR3.1 billion. About BenQ Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. -- http://www.benq.com/-- is principally engaged in manufacturing, developing and selling of computer peripherals and telecommunication products. It is also a major provider of 3G handset, 3G handset, Camera phones, and other products. BenQ Mobile GmbH & Co., the company's wholly owned subsidiary, operates from Munich, Germany. BenQ Mobile filed for insolvency in Germany on Sept. 29, after BenQ Corp.'s board decided to discontinue capital injection into the mobile unit in order to stem unsustainable losses. The collapse follows a year after Siemens sold the company to Taiwanese technology group BenQ. BenQ Mobile has lost market share against giant competitors. A Munich Court opened insolvency proceedings against BenQ Mobile GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the deadline in finding a buyer for the company on Dec. 31, 2006. More than 3,000 manufacturing workers have been affected in the company's insolvency proceedings after it disclosed of plans to reduce two-thirds of its work force. The mobile unit took over a factory in Kamp Lintfort in western Germany from Siemens, which cost Siemens more than US$1 billion. Under the agreement, BenQ will have the right to use the Siemens brand for five years. Siemens owns a 2.5 percent stake in BenQ Corp. * * * The Troubled Company Reporter - Asia Pacific reported on Dec. 5, 2006, that Taiwan Ratings Corp., assigned its long-term twBB+ and short-term twB corporate credit ratings to BenQ Corp. The outlook on the long-term rating is negative. At the same time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's existing NT$7.05 billion unsecured corporate bonds due in 2008, 2009, and 2010. The ratings reflect BenQ's: * continuing operating losses from its handset operations; * high leverage; and * the competitive nature and low profitability of the LCD monitor industry. FREE FILM: Claims Registration Ends February 7 ---------------------------------------------- Creditors of Free Film Productions GmbH have until Feb. 7 to register their claims with court-appointed insolvency manager Rosemarie Lankes. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Feb. 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 Regensburg Room 105 Augustenstr. 5 Regensburg 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: Rosemarie Lankes Dr.-Valentin-Koch-Str. 12 93413 Cham Germany Tel: 09971/994045 Fax: 09971/994046 The District Court of Regensburg opened bankruptcy proceedings against Free Film Productions GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Free Film Productions GmbH frueher Mittelweg 15 93413 Cham Germany HANS FELDNER: Claims Registration Ends February 20 -------------------------------------------------- Creditors of Hans Feldner Asbestentsorgung GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Markus M. Merbecks. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Law Courts Prince Road 21 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Markus M. Merbecks Ludwigstrasse 58 09113 Chemnitz Germany Tel:(0371) 444610 Fax:(0371) 4446111 E-mail: chemnitz@handschumacher.de The District Court of Chemnitz opened bankruptcy proceedings against Hans Feldner Asbestentsorgung GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hans Feldner Asbestentsorgung GmbH Attn: Carsten Baron, Manager Thomas-Muentzer-Road 82 08134 Langenweissbach Germany HARRY TIEDE: Claims Registration Ends February 9 ------------------------------------------------ Creditors of Harry Tiede + Soehne GmbH have until Feb. 9 to register their claims with court-appointed insolvency manager Dr. Klaus Pannen. Creditors and other interested parties are encouraged to attend the meeting at 2:10 p.m. on March 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Itzehoe Hall 2 Itzehoe 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. Klaus Pannen Jungfernstieg 51 20354 Hamburg Germany The District Court of Itzehoe opened bankruptcy proceedings against Harry Tiede + Soehne GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Harry Tiede + Soehne GmbH Wasserturm 8 25551 Hohenlockstedt Germany HERMGES BUEROORGANISATION: Claims Registration Ends February 21 --------------------------------------------------------------- Creditors of Hermges Bueroorganisation GmbH & Co. KG have until Feb. 21 to register their claims with court-appointed insolvency manager Paul Fink. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on March 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Moenchengladbach Meeting Room A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Paul Fink Rheinort 1 40213 Duesseldorf Germany Tel: 0211/1394 - 0 Fax: +492111394251 The District Court of Moenchengladbach opened bankruptcy proceedings against Hermges Bueroorganisation GmbH & Co. KG on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hermges Bueroorganisation GmbH & Co. KG Rudolfstrasse 10 41068 Moenchengladbach Germany Attn: Kerstin Ringel, Manager Rheydter Strasse 251 41065 Moenchengladbach Germany HOLZBE-UND-VERARBEITUNG: Creditors Must File Claims by Feb. 26 -------------------------------------------------------------- Creditors of Holzbe- und -verarbeitung GmbH Finsterwalde have until Feb. 26 to register their claims with court-appointed insolvency manager Justus Schneidewind. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cottbus Hall 210 Geritchplatz 2 Cottbus 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: Justus Schneidewind Eisenhartstrasse 1 14469 Potsdam Germany The District Court of Cottbus opened bankruptcy proceedings against Holzbe- und -verarbeitung GmbH Finsterwalde on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Holzbe- und -verarbeitung GmbH Finsterwalde Langer Damm 39 03238 Finsterwalde Germany IMMO MUELLER: Creditors Must Register Claims by February 20 ----------------------------------------------------------- Creditors of Immo Mueller GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Norbert Kruse. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Norbert Kruse Bonhoefferstr. 10 48282 Emsdetten Germany Tel: 02572/875-0 Fax: +49257287533 The District Court of Muenster opened bankruptcy proceedings against Immo Mueller GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Immo Mueller GmbH Attn: Burghard Mueller-Petersen, Manager Frauenstrasse 19 48282 Emsdetten Germany JAGGI DACH-BAU: Creditors Meeting Slated for February 26 -------------------------------------------------------- The court-appointed insolvency manager for JAGGI Dach-Bau GmbH, Christoph Rosenmueller, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:40 a.m. on Feb. 26. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Second Stock Hall 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 8:35 a.m. on June 11 at the same venue. Creditors have until April 12 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christoph Rosenmueller Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against JAGGI Dach-Bau GmbH on Jan. 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: JAGGI Dach-Bau GmbH Alt-Blankenburg 62-66 13129 Berlin Germany KLG HAUS: Creditors Must Register Claims by February 21 ------------------------------------------------------- Creditors of KLG Haus & Wohnungsbau GmbH have until Feb. 21 to register their claims with court-appointed insolvency manager Dr. Kai Christian Uhr. 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 Nuremberg Meeting Hall 152/I Flaschenhofstr. 35 Nuremberg 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. Kai Christian Uhr Aussere Sulzbacher Str. 118 90491 Nuremberg Germany Tel: 0911/59890-0 Fax: 0911/59890-11 The District Court of Nuremberg opened bankruptcy proceedings against KLG Haus & Wohnungsbau GmbH on Jan. 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KLG Haus & Wohnungsbau GmbH Oettinger Str. 16a 90451 Nuremberg Germany Attn: Peter Kube, Manager Untere Eichenstr. 9 90559 Burgthann Germany LINEA 3 BAU: Creditors Must Register Claims by February 15 ---------------------------------------------------------- Creditors of Linea 3 Bau GmbH have until Feb. 15 to register their claims with court-appointed insolvency manager Michael Hawelka. Creditors and other interested parties are encouraged to attend the meeting at 1:50 p.m. on March 15, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 056 Ground Floor Enforcement Court 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: Michael Hawelka Nonnenstrasse 37 04229 Leipzig Germany Tel: 0341/4866414 Fax: 0341/4866428 E-mail: HHH.Leipzig@t-online.de The District Court of Leipzig opened bankruptcy proceedings against Linea 3 Bau GmbH on Jan. 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Linea 3 Bau GmbH Attn: Lutz Trobisch, Manager Gustav-Adolf-Strasse 57 04105 Leipzig Germany MARHOLDT REPRODUKTIONSTECHNIK: Claims Registration Ends March 16 ---------------------------------------------------------------- Creditors of Marholdt Reproduktionstechnik GmbH have until March 16 to register their claims with court-appointed insolvency manager Rudiger Berkhan. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 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 Goslar House II Kaiserbleek 8 38640 Goslar 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: Rudiger Berkhan Braunschweiger Str. 15a D 38723 Seesen Germany Tel: 05381/93 56-0 Fax: 05381/93 56 44 The District Court of Goslar opened bankruptcy proceedings against Marholdt Reproduktionstechnik GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Marholdt Reproduktionstechnik GmbH Attn: Holger Marholdt, Manager Bahnhofstr. 16 A 38723 Seesen Germany NESSELTAL WERNIGERODE: Claims Registration Ends February 19 ----------------------------------------------------------- Creditors of Nesseltal Wernigerode Verwaltungs-GmbH have until Feb. 19 to register their claims with court-appointed insolvency manager Sabine von Stein-Lausnitz. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 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: Sabine von Stein-Lausnitz Hegelstr. 39 39104 Magdeburg Germany Tel: 0391/5982244 Fax: 0391/5982158 The District Court of Magdeburg opened bankruptcy proceedings against Nesseltal Wernigerode Verwaltungs-GmbH on Jan. 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nesseltal Wernigerode Verwaltungs-GmbH Gartenstr. 27 69463 Hirschberg/Bergstr. Germany Attn: Dietrich Voigt, Manager Louis-Braille-Str. 7 38855 Wernigerode Germany OFFSETDRUCK HILLEBRAND: Claims Registration Ends February 24 ------------------------------------------------------------ Creditors of Offsetdruck Hillebrand GmbH & Co. KG have until Feb. 24 to register their claims with court-appointed insolvency manager Arne M. Gerhards. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 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 Paderborn Meeting Room 230a Second Floor Bogen 2-4 33098 Paderborn 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: Arne M. Gerhards Hafenplatz 7 34385 Bad Karlshafen Germany Tel: 05672925440 Fax: 05672925442 The District Court of Paderborn opened bankruptcy proceedings against Offsetdruck Hillebrand GmbH & Co.KG on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Offsetdruck Hillebrand GmbH & Co.KG Weserstr. 8 37688 Beverungen Germany Attn: Winfried Kmitt, Manager Bergstr. 47 37603 Holzminden Germany OLYMPIC BAUUNION: Claims Registration Ends February 26 ------------------------------------------------------ Creditors of Olympic Bauunion GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Rudiger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.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 Cottbus Hall 210 Court Place 2 Cottbus 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: Rudiger Wienberg Wasastrasse 15 01219 Dresden Germany The District Court of Cottbus opened bankruptcy proceedings against Olympic Bauunion GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Olympic Bauunion GmbH Gewer-beparkstrasse 18 03099 Kolkwitz Germany PROBAU BAUDEKORATION: Claims Registration Ends February 15 ---------------------------------------------------------- Creditors of PROBAU Baudekoration GmbH have until Feb. 15 to register their claims with court-appointed insolvency manager Arthur Naujok. Creditors and other interested parties are encouraged to attend the meeting at 9:55 a.m. on March 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 162N First Floor Emperor Route 16-18 (Building K18) 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Arthur Naujok Mittelseestrasse 48 D 63065 Offenbach am Main Germany Tel: 069/8001701 Fax: 069/8002054 The District Court of Offenbach am Main opened bankruptcy proceedings against PROBAU Baudekoration GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PROBAU Baudekoration GmbH Muehlheimer Str. 219 63075 Offenbach am Main Germany Attn: Waldemar Reszcynski, Manager Offenbacher Landstr. 467 60599 Frankfurt Germany SCHULTE TIEFBAUHANDEL: Claims Registration Ends March 12 -------------------------------------------------------- Creditors of Schulte Tiefbauhandel GmbH have until March 12 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 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 Essen 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 Tiefbauhandel GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schulte Tiefbauhandel GmbH Ruhrallee 175 45136 Essen Germany SERFLING GALA: Claims Registration Ends March 1 ----------------------------------------------- Creditors of SERFLING GALA GmbH have March 1 to register their claims with court-appointed insolvency manager Dr. Florian Stapper. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Leipzig Enforcement Court Bernhard Goering Road 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Florian Stapper Karl-Heine-Strasse 16 04229 Leipzig Tel: 0341/984110 Fax: 0341/9841111 E-mail: leipzig@stapper-korn.de The District Court of Leipzig opened bankruptcy proceedings against SERFLING GALA GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SERFLING GALA GmbH Schiemannstrasse 1 04808 Wurzen Germany RGP ROTTALER: Claims Registration Ends March 9 ---------------------------------------------- Creditors of RGP Rottaler Gefluegel Produkte GmbH have until March 9 to register their claims with court-appointed insolvency manager Daniel Bauch. Creditors and other interested parties are encouraged to attend the meeting at 9:05 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 Landshut Meeting Room 9/I Insolvency Court Maximilianstrasse 22-24 Landshut 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: Daniel Bauch SKP Partnership Co. Spirknerallee 10 84307 Eggenfelden Germany Tel: 08721/1268990 Fax: 08721/1268999 The District Court of Landshut opened bankruptcy proceedings against RGP Rottaler Gefluegel Produkte GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RGP Rottaler Gefluegel Produkte GmbH Industriesiedlung 3 84140 Gangkofen Germany QUARTEC GMBH: Claims Registration Ends March 9 ---------------------------------------------- Creditors of Firma Quartec GmbH have until March 9 to register their claims with court-appointed insolvency manager Dr. Hubert Ampferl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 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 Deggendorf Meeting Room 3 E 29, Amanstrasse 17 94469 Deggendorf 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. Hubert Ampferl Kumpfmuhlerstr. 30 93051 Regensburg Germany The District Court of Deggendorf opened bankruptcy proceedings against Firma Quartec GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Firma Quartec GmbH Ulrichsberger Str. 17 94469 Deggendorf Germany SPORTMARKT SELLNER: Claims Registration Ends February 22 -------------------------------------------------------- Creditors of Sportmarkt Sellner GmbH have until Feb. 22 to register their claims with court-appointed insolvency manager Severin Kiesl. Creditors and other interested parties are encouraged to attend the meeting at 8:15 a.m. on March 29, 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 Rosenheim Room 108 Rosenheim 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 contacted at: Severin Kiesl Stollstrasse 5 83022 Rosenheim Germany Tel: 08031/38096-0 The District Court of Rosenheim opened bankruptcy proceedings against Sportmarkt Sellner GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Sportmarkt Sellner GmbH Muenchener Str. 44 83022 Rosenheim Germany TECCO METALTEC: Claims Registration Ends February 20 ---------------------------------------------------- Creditors of TECCO MetalTec GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Martin Schmidt-John. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 2, 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 Norderstedt Hall B City Hall Avenue 80 22846 Norderstedt 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 contacted at: Martin Schmidt-John Berliner Avenue 40b 22850 Norderstedt Germany The District Court of Norderstedt opened bankruptcy proceedings against TECCO MetalTec GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: TECCO MetalTec GmbH Robert-Koch-Road 35 22851 Norderstedt Germany Attn: Evelyn Margit Schmidt, Manager Trilluper Weg 10b 22397 Hamburg Germany TEGO-BAU GMBH: Claims Registration Ends March 5 ----------------------------------------------- Creditors of TEGO-Bau GmbH have until March 5 to register their claims with court-appointed insolvency manager Andreas Kienast. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 3, 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 Tostedt Meeting Room I Area CE.02 Linden 23 21255 Tostedt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Andreas Kienast Johnsallee 7 20148 Hamburg Germany Tel: 040/808065920 Fax: 040/808065999 The District Court of Tostedt opened bankruptcy proceedings against TEGO-Bau GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: TEGO-Bau GmbH Attn: Joachim Voigt, Manager Luetten Horn 15 27412 Hepstedt Germany TIFFINGER GMBH: Claims Registration Ends March 9 ------------------------------------------------ Creditors of Tiffinger GmbH have until March 9 to register their claims with court-appointed insolvency manager Oliver Reichelt. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 12, 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 Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Oliver Reichelt Ohmstr. 13/III 80802 Munich Germany Tel: 089/ 383 87 10 Fax: 089/ 33 83 08 The District Court of Munich opened bankruptcy proceedings against Tiffinger GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Tiffinger GmbH Attn: Reinhold Strigler, Manager Templerstr. 2 82194 Groebenzell Germany TOLLGREVE BAU: Claims Registration Ends February 27 --------------------------------------------------- Creditors of Tollgreve Bau GmbH have until Feb. 27 to register their claims with court-appointed insolvency manager Michael Wilkens. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on April 2, 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 Schwerin Hall 7 Demmlerplatz 14 Schwerin 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 contacted at: Michael Wilkens Elbchaussee 140 22763 Hamburg Germany The District Court of Schwerin opened bankruptcy proceedings against Tollgreve Bau GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Tollgreve Bau GmbH Attn: Peter Tollgreve, Manager Birdieweg 10 23968 Hohen Wieschendorf Germany VICTORY MEDIA: Claims Registration Ends March 8 ----------------------------------------------- Creditors of VICTORY Media AG have until March 8 to register their claims with court-appointed insolvency manager Marco Liebler. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 29, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kempten Meeting Room 157/I Residenzplatz 4-6 87435 Kempten 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 contacted at: Dr. Marco Liebler c/o Kanzlei Ott & Kollegen Nymphenburger Str. 139 80636 Munich Germany Tel: 089/120 260 Fax: 089/120 261 27 The District Court of Kempten opened bankruptcy proceedings against VICTORY Media AG on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: VICTORY Media AG Neue Zeile 3 87600 Kaufbeuren Germany VOENIX 156: Creditors' Meeting Slated for March 6 ------------------------------------------------- The court-appointed insolvency manager for VOENIX 156. Verwaltungsgesellschaft mbH, Dirk Wittkowski, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:10 a.m. on March 6. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the insolvency manager's report at 9:10 a.m. on June 12, at the same venue. Creditors have until April 17 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Dirk Wittkowski Kirchblick 11 14129 Berlin, Germany The District Court of Charlottenburg opened bankruptcy proceedings against VOENIX 156. Verwaltungsgesellschaft mbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: VOENIX 156. Verwaltungsgesellschaft mbH Pieskower Weg 54 10409 Berlin Germany WUERFEL & PARTNER: Claims Registration Ends February 20 ------------------------------------------------------- Creditors of Wuerfel & Partner Entwicklung anwendbarer Software GmbH have until Feb. 20 to register their claims with court- appointed insolvency manager Hans-Peter Rechel. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on March 20, 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 Tostedt Meeting Room I Area CE.02 Linden 23 21255 Tostedt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Hans-Peter Rechel Lehmweg 17 20251 Hamburg Germany Tel: 040/48063933 Fax: 040/48063999 The District Court of Tostedt opened bankruptcy proceedings against Wuerfel & Partner Entwicklung anwendbarer Software GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Wuerfel & Partner Entwicklung anwendbarer Software GmbH Reindorfer Landstr. 27 21244 Buchholz Germany Attn: Matthias von Fintel, Manager Reindorfer Landstr. 27 21244 Buchholz Germany XTREM-NET: Claims Registration Ends March 22 -------------------------------------------- Creditors of XTREM-NET GmbH have until March 22 to register their claims with court-appointed insolvency manager Rainer Beck. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 12, 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 Duisburg Area C315 Third Floor Cardinal Galen Road 124-132 47058 Duisburg 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 contacted at: Rainer Beck Rheinstrasse 75 47623 Kevelaer Germany The District Court of Duisburg opened bankruptcy proceedings against XTREM-NET GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: XTREM-NET GmbH Blauen Hahn 5 46483 Wesel Germany ============= H U N G A R Y ============= BORSODCHEM NYRT: Returned Shares Hike Treasury Stock ---------------------------------------------------- BorsodChem Nyrt. disclosed that due to developments concerning its Registered Employee Share Ownership, the number of the Company's treasury shares changed. Out of the 203,062 shares transferred to the employees' securities accounts in HVB Bank Hungary Zrt.'s custody on Nov. 9, 2005, the Company received back 98 pieces with a value date of Jan. 24, from employees terminating their employment relations. Following the transaction the number of the Company's treasury shares increased by 98 pieces to 1,193,164. About BorsodChem Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. (fka BorsodChem Rt) -- http://www.borsodchem.hu/-- produces chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries. The Company exports its products mainly to Western Europe. At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9 billion in total assets, HUF98.9 billion in total liabilities and HUF139.02 billion in total equity. * * * As of Feb. 5, BorsodChem's long-term foreign and local issuer credit carry Standard and Poor's BB rating with stable outlook. BORSODCHEM NYRT: Higher Debt Load Cues Fitch to Cut Rating to B+ ---------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Hungary-based intermediate chemicals producer BorsodChem Rt (nka BorsodChem Nyrt.) to 'B+' from 'BB', as an LBO of the company led by private equity fund is nearing completion. The rating remains on CreditWatch with negative implications, where it was placed on July 10, 2006, pending further details on the company's final debt structure, operational strategy -- notably with reference to growth projects -- and financial policy. The downgrade reflects the far higher debt load the group will have to support once the LBO closes, which is likely to happen in the next few weeks, as well as a new massive capital expenditure plan, leading to much weaker cash flow metrics and free operating cash flow generation in the coming years. The rating agency is also concerned by the lack of sufficient and timely information going forward, which will particularly be an issue when the company is delisted and the LBO closes. "We plan to resolve the CreditWatch once the LBO closes, the group's final debt structure is known, and we have more details on BorsodChem's updated operational strategy and main projects," said Standard & Poor's credit analyst Lucas Sevenin. However, it is not yet clear whether we will receive all the information necessary to resolve the CreditWatch. If the rating is lowered, though, the downgrade will be limited to one notch. FORTEINVEST KFT: May Close; Bergger, FilmoTec Plan Acquisition -------------------------------------------------------------- Forteinvest Kft. plans to shut down its plant in Hungary on Feb. 22, with the loss of 150 jobs, unless interested buyers come up with a concrete offer, Portfolio.hu says. According to reports, French company Bergger and Germany's FilmoTec have expressed interest in acquiring the company, which manufactures photographic products. "We have been in talks with investors led by Bergger since November, but we have not received a concrete offer up to date," said Janos Mate, one of Forteinvest's owners. "We are open to any kind of offer, but I feel that if they haven't made one so far, there is little chance they will do now," Mr. Mate said. Mr. Mate, who is also Forteinvest's managing director, blames the ever-growing popularity of digital cameras and associated equipment for the impending closure. He further said that this also forced two of Europe's largest producers of photographic film to shut down, The Budapest Sun relates. Andras Vaczi, communications director at the Hungarian Trade and Development Agency, said that the Bergger-FilmoTec team plans to carry on the Forte name, absorb about 80 employees, and introduce modern technology at the Vac-based factory. They plan to set up a new production line and start manufacturing photo papers for digital prints, Portfolio.hu reveals. Bergger notified the agency that it did not have the necessary data to make an offer. In turn, the agency offered to help the potential buyers, as well as the owners, to continue their dialogue for the company's sale, Portfolio.hu states. About Bergger S.A. Paris, France-based Bergger S.A. -- http://www.bergger.com/-- manufactures photographic products that include classic silver papers, premium black and white films, antique and alternative processes products, fine darkroom chemistry, and progressive new inkjet papers. About FilmoTec GmbH Headquartered in Wolfen, Germany, FilmoTec GmbH -- http://www.filmotec.de/-- produces high quality photographic film, including black and white negative film for motion picture production, duplicating film, sound recording film, and leaders for the processing and distribution business. About Forteinvest Kft. Headquartered in Vac, Hungary Forteinvest Kft. -- http://fortefotokemia-c-en.cegbongeszo.hu/-- has been manufacturing black & white film, photographic papers, and other photo material since 1922. In 2006, the company reported revenues of HUF1 billion, with losses of between HUF150 to HUF200 million. ========= I T A L Y ========= ALITALIA SPA: Traffic Figures Slide in December 2006 ---------------------------------------------------- Alitalia S.p.A. released its traffic statistics for passenger and cargo operations for December 2006. Passenger Operations Traffic, measured in Revenue-Passenger-Kilometers, decreased 2.3% and the capacity, measured in Available Seat Kilometers decreased 2%. Therefore load factor decreased 0.2 percentage point reaching 69%. Alitalia carried 1.8 million passengers, down (-4.5%) compared to the previous year. This fact was due to both the strike of some Alitalia Unions on Dec. 15, 2006, as well as the negative effects of the November strikes of some airport operators. Detailed comparisons with December 2005: -- Domestic Passenger Network: load factor grew slightly to 61.1%, with the number of passengers down 7.5% compared to same period in 2005. -- International Passenger Network: traffic was down by 0.6%. With a capacity increase of 2.1%, load factor was 63%. -- Intercontinental Passenger Network: load factor increasing (+0.8 p.p.) to 76.5% compared to 2005's. Capacity down 2.8% due to frequencies reductions linked to winter season start. Cargo Operations In December 2006, Cargo, measured in Revenue-Ton-Kilometers, increased by 29.2% while capacity was up 22.4%. Overall load factor was equal to 73.7% up 3.9 percentage points. 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. PARMALAT SPA: Has Until Oct. 30 to Sell Two Brands -------------------------------------------------- Parmalat S.p.A. communicates that it has been notified of a decision of the Italian Antitrust Authority of Dec. 21, 2006, according to which, and in line with Parmalat's request, an extension has been granted until Oct. 30, for Parmalat to comply with the obligations imposed upon it by the previous Antitrust decision of June 30, 2005. In a TCR-Europe report on Oct. 11, 2006, Parmalat has reclaimed its two Italian dairy units -- Newlat Srl and Carnini S.p.A. -- at no cost. Italian authorities conditioned the return of the units on the sale of Parmalat's Matese and Torre in Pietra brands. Parmalat also has to sell some of Newlat's production facilities to ease the group's dominant position in the fresh milk market. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has 40- some brand product line, which includes yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Parmalat Capital Finance Ltd., Dairy Holdings, Ltd., and Food Holdings, Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat SpA. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. (Parmalat Bankruptcy News, Issue No. 84; Bankruptcy Creditors' Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/) =================== K A Z A K H S T A N =================== ALTYN NUR: Claims Registration Ends March 9 ------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region has declared LLP Altyn Nur insolvent. Creditors have until March 9 to submit proofs of claim to: LLP Altyn Nur Temirlanovskoye highway Shymkent South Kazakhstan Region Kazakhstan LACOS ENGINEERING: Creditors' Claims Due March 9 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Lacos Engineering declared insolvent on Dec. 22, 2006. Creditors have until March 9 to submit proofs of claim to: LLP Lacos Engineering Timirazev Str. 61-2 Almaty Kazakhstan Tel: 8 (3272) 75-67-84 LLP JENIS: Creditors Must File Claims By March 9 ------------------------------------------------ The Specialized Inter-Regional Economic Court of North Kazakhstan Region has declared LLP Jenis insolvent. Creditors have until March 9 to submit proofs of claim to: Department of Agriculture Kazakhstana Str. 38 Konstitutsiya North Kazakhstan Region Kazakhstan LLP JULDYZ: Claims Registration Ends March 16 --------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty Region has ordered compulsory liquidation of LLP "Juldyz" (RNN 090400004961) on Dec. 20, 2006. Creditors have until March 16 to submit proofs of claim to: LLP Juldyz (RNN 090400004961) Room 208 Jangusurov Str. 113a Taldykorgan Almaty Region Kazakhstan Tel: 8 (32822) 24-19-77 LLP ZAISAN: Claims Registration Ends March 9 -------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Joint Enterprise Zaisan insolvent. Creditors have until March 9 to submit proofs of claim to: Office 408 Abai Str. 42/44 Almaty Kazakhstan KAZTRANSCOM SK: Creditors Must File Claims By March 16 ------------------------------------------------------ LLP Kaztranscom Sk has declared insolvency. Creditors have until March 16 to submit proofs of claim to: Grizodubova Str. 12-67 Almaty Kazakhstan TIMUR-TECHSERVICE: Creditors' Claims Due March 16 ------------------------------------------------- LLP Timur-Techservice has declared insolvency. Creditors have until March 16 to submit proofs of claim to: LLP Timur-Techservice Valihanov Str. 197 Kokshetau Akmola Region Kazakhstan VERTEX-BLASTING: Claims Registration Ends March 16 -------------------------------------------------- LLP Vertex-Blasting has declared insolvency. Creditors have until March 16 to submit proofs of claim to: LLP Vertex-Blasting Respublika Ave. 15 Almaty Kazakhstan ZAVOD PENOSTEKLOIZOL: Creditors Must File Claims By March 16 ------------------------------------------------------------ LLP Plant Zavod Penostekloizol has declared insolvency. Creditors have until March 16 to submit proofs of claim to: Kalinin Str. 17a Otegen Baatyr Ilyisky district Almaty Region Kazakhstan =================== K Y R G Y Z S T A N =================== AK TILEK-A LLC: Public Auction Slated for February 12 ----------------------------------------------------- The bidding organizer and insolvency manager of the LLC Ak Tilek-A will auction the company's properties to the public at 11:00 a.m. on Feb. 12 at: Building of LLC Ak Tilek-A Sai-Korgon Bazar-Korgon Djalal-Abad Region Kyrgyzstan The assets for sale are: -- Lot 1-9: building of stable, equipment, inventory and cars. Starting prices ranges from KGS1,500 to KGS216,203. Interested bidders have until Feb. 10 to deposit an amount equivalent to 10% of the starting price to the cashier of LLC Ak Tilek-A Participants may submit their bids at: Building of LLC Ak Tilek-A Sai-Korgon Bazar-Korgon Djalal-Abad Region Kyrgyzstan Tel: (0-502) 69-39-97 TUNGUCH OJSC: Creditors' Meeting Slated for February 15 ------------------------------------------------------- The temporary insolvency manager of the OJSC Tunguch will discuss his final report at a creditors' meeting at 9:00 a.m. on Feb. 15, at: Building of School Bokonbaev District Sulukta Batken Region Kyrgyzstan Proxies must have authorization to vote. Inquiries can be addressed to (0-543) 94-16-63. ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: SEC Accuses 13 More People of Fraud at US Arm ---------------------------------------------------------------- The U.S. Securities and Exchange Commission implicated 13 more people of abetting a massive accounting fraud at U.S. Foodservice Inc., a unit of Koninklijke Ahold N.V., The Associated Press reports. Nine of the 13 individuals, who have neither admitted nor denied the allegations, agreed to settle the case for US$25,000 each. The charges are brought against employees of or agents for vendor companies that supplied U.S. Foodservice, AP relates. Around 30 people are now facing charges of aiding the alleged fraud by signing false audit statements that enabled a US$1 billion overstatement of Ahold's earnings in 2001 and 2002. The SEC filed fraud and other charges in the U.S. District Court for the District of Columbia against Koninklijke Ahold N.V. and its employees. The SEC's complaints alleged that, as a result of the fraudulent inflation of promotional allowances at U.S. Foodservice, the improper consolidation of joint ventures through fraudulent side letters, and other accounting errors and irregularities, Ahold's original SEC filings for at least fiscal years 2000, 2001, and the first three quarters of 2002 materially overstated net sales, operating income, and net income. About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * As reported in the TCR-Europe on Dec. 22, 2006, Standard & Poor's Ratings Services revised its outlook on the Dutch food retailer and food service distributor Koninklijke Ahold N.V. to positive from stable. At the same time, the 'BB+/B' long- and short-term corporate credit ratings were affirmed. Moody's Investors Service and Standard and Poor's has assigned low-B ratings to the company's 5.625% senior notes due 2007. Also, the company's 5.875% senior unsubordinated notes due 2008 and 6.375% senior unsubordinated notes due 2007 carry Moody's, S&P's and Fitch's low-B ratings. KONINKLIJKE AHOLD: Posts EUR44.9 Billion Net Sales for 2006 ----------------------------------------------------------- Koninklijke Ahold N.V. released its operational results for the fourth quarter and year ended Dec. 31, 2006. Ahold posted consolidated net sales of EUR10.4 billion for the fourth quarter of 2006. Compared to the fourth quarter of 2005, net sales decreased by 3% but increased by 3% at constant exchange rates. Market conditions remained unchanged. Stop & Shop/Giant-Landover margins were impacted by price investments related to the further roll out of the Value Improvement Program. For the full year, consolidated net sales of EUR44.9 billion were up 2% compared to 2005. At constant exchange rates, net sales were up 2.7%. About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * As reported in the TCR-Europe on Dec. 22, 2006, Standard & Poor's Ratings Services revised its outlook on the Dutch food retailer and food service distributor Koninklijke Ahold N.V. to positive from stable. At the same time, the 'BB+/B' long- and short-term corporate credit ratings were affirmed. Moody's Investors Service and Standard and Poor's has assigned low-B ratings to the company's 5.625% senior notes due 2007. Also, the company's 5.875% senior unsubordinated notes due 2008 and 6.375% senior unsubordinated notes due 2007 carry Moody's, S&P's and Fitch's low-B ratings. =============== P O R T U G A L =============== ALCATEL-LUCENT: Antonio Beato Teixeira to Head Portuguese Unit -------------------------------------------------------------- Alcatel-Lucent appointed Antonio Beato Teixeira to lead its activities in Portugal with responsibility for all local company activities. He will report to Alfredo Redondo, who leads the Alcatel-Lucent Iberian Regional Unit Prior to this appointment, Antonio Beato Teixeira was general manager for Nortel in charge of the Vodafone account in Portugal, Eastern Europe, the Middle East and Africa. From 1999 to 2002, he was Technology and Network vice president of Telesystem International Wireless (TIW) in Brazil. He had previously held various management positions for Vodafone Portugal and Portugal Telecom, having initiated his professional career with I.T.T.-Standard El�ctrica in Portugal. Born in Lisbon, Antonio Beato Teixeira graduated from the Instituto Superior Tecnico of Lisbon as a telecom and electronics engineer, before taking post graduation degrees at the Universidade Catolica in Lisbon and at the Harvard Business School in Cambridge, U.S. 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. 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 =========== R U S S I A =========== AGRO-SNAB-SERVICE OJSC: Creditors Must File Claims by March 13 -------------------------------------------------------------- Creditors declared OJSC Agro-Snab-Service have until March 13 to submit written proofs of claim to: N. Pyzhova, Insolvency Manager Apartment 20 Gagarina Str Kursk Russia The Arbitration Court of Kursk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A35-5006/06. The Arbitration Court of Kursk is located at: K. Marksa Str. 25 305004 Kursk Russia The Debtor can be reached at: OJSC Agro-Snab-Service Ostrovskogo Str. 1 Korenevo Korenevskiy Kursk Russia ALTAIR CJSC: Creditors Must File Claims by Feb. 13 -------------------------------------------------- Creditors CJSC Altair (TIN 7725048980) have until Feb. 13 to submit written proofs of claim to: S. Kuznetsov, Insolvency Manager To be called for Mr. S. Kuznetsov 125009 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-55159/06-86-1090B. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Altair Sudostroitelnaya Str. 40 141414 Moscow Russia AMBER CJSC: Creditors Must File Claims by Feb. 13 ------------------------------------------------- Creditors of CJSC Amber have until Feb. 13 to submit written proofs of claim to: A. Volchkov, Temporary Insolvency Manager Third Kurskaya Str. 15 302004 Orel Russia The Arbitration Court of Orel Region commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A48-5315/06-206. The Arbitration Court of Orel is located at: Gorkogo Str. 42 302000 Orel Russia The Debtor can be reached at: CJSC Amber Oktyabrskaya Str. 27 302028 Orel Russia BRYANSK-STROY-COM: Asset Bidding Deadline Slated for February 10 ---------------------------------------------------------------- OJSC Bryansk-Stroy-Com will open a public auction for the company's properties at noon on Feb. 14 at: Insolvency Manager Office 1 Saltykova-Shedrina Str. 23 248600 Kaluga Russia Tel/Fax: (4842) 57-84-21 The company has set a RUR445,000 starting price for the auctioned assets. Interested participants have until Feb. 10 to deposit an amount of RUR80,000 to: OJSC BRYANSK-STROY-COM Settlement Account 40702810727000000371 in Kaluzhskiy RF OJSC Rozselkhozbank Kaluga Correspondent Account 3010181010000000780 BIK 042908780 TIN 3207008266 KPP 320701001 Bidding documents must be submitted to: Insolvency Manager Office 1 Saltykova-Shedrina Str. 23 248600 Kaluga Russia Tel/Fax: (4842) 57-84-21 The Debtor can be reached at: OJSC Bryansk-Stroy-Com Putevka 242019 Bryansk Russia CENTERTELECOM OAO: Forecasts RUR2.6 Billion Net Profit for 2007 --------------------------------------------------------------- The Board of Directors of OAO CenterTelecom approved the Company's budget for 2007. Pursuant to the approved financial and economic plan, earnings from ordinary activities according to the results of the year are expected to make RUR30.54 billion, expenditures on ordinary activities will amount to RUR23.07 billion rubles. In 2007 EBITDA is expected to be RUR11.08 billion, while the investment program volume will reach RUR5.51 billion. Forecast for net profit in 2007 is RUR2.6 billion. The Company plans to use RUR1.8 billion for repayment of the external debt. The key indexes of efficiency in 2007: -- EBITDA margin: 36.3% -- Net debt/EBITDA ratio: 2.2 -- CAPEX/EBITDA ratio: 0.5 In 2007 OAO CenterTelecom plans to continue its work on solution of priority tasks set before the Company. Including the further amplitudinous development of DOMOLINK project (in 2007 the number of users of broadband Internet access via ADSL is to exceed 250 thousand subscribers), further staff number optimization and reduction of the Company's external debt. It is expected that in 2007 the growth of the revenue side of the budget of OAO CenterTelecom first of all will be affected by the increase of revenues from Internet access and data transmission services by 40% comparing with the expected result of 2006 and the growth of revenues from local and intra-areal communication services due to rise of outgoing traffic of the mobile operators' network and increase of tariffs for provision of local telephone connection -- at the average in the Company by 10.3%. According to the approved budget, the growth rates of expenditures will make 8.6%, which doesn't exceed the growth rates of the Company's revenues in 2007 (9.7%). As a result of the policy conducted by the Management of OAO CenterTelecom aimed at tightening of control over expenditures, the Company's expenditures dynamics in 2007 will be mostly affected by increase of allocations to the long-distance communication operators stemmed from the new rules of interaction for the participants of the Russian telecommunication market, which came into force in the previous year, and rise in the Company's depreciation charges. As to Deputy General Director-Financial Director of OAO CenterTelecom Alexander Lutsky, implementation of the Company's budget in 2007 will require significant efforts on the part of all divisions of CenterTelecom. "We have ambitious tasks set before us in the sphere of telecommunication services development as well as increase of operating efficiency," Mr. Lutsky said. "Strengthening of CenterTelecom's positions on new services market of the CFD and enhancement of the Company's economic situation will allow not only provide high quality of infocommunication services for residents of central regions of Russia, but will also improve the Company's investment attractiveness and become the prove of the effective activities of the Management of CenterTelecom." About CenterTelecom OAO CenterTelecom -- http://www.centertelecom.ru/eng-- provides fixed-line and mobile communications in the Russian Central Federal District. CenterTelecom had a charter capital of RUR6.31 billion (about US$234 million) as of July 1, 2006. The company's shares are listed on the Russian Trading System stock exchange and the Moscow Inter-Bank Currency Exchange, and its Level-1 American Depositary Receipts circulate on the U.S. over-the-counter market and the Berlin and Frankfurt stock exchanges. * * * As of Feb. 5, OAO CenterTelecom carries these ratings: Standard & Poor's: -- Corporate Credit: B -- Outlook: stable Fitch: -- Issuer Default: B- -- Short-term: B -- National Long-term: BB+ -- RUB3 billion bond August 2011: BB+ -- Outlook: Stable CROCUS LLC: Creditors Must File Claims by Feb. 13 ------------------------------------------------- Creditors of LLC Crocus have until Feb. 13 to submit written proofs of claim to: N. Bortnikov, Temporary Insolvency Manager Post User Box 1780 Solikamsk-13 618553 Perm Russia The Arbitration Court of Bashkortostan Republic commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A07-17375/06-G-MOG. The Arbitration Court of Bashkortostan is located at: Oktyabrskoy Revolyutsii Str. 63a Ufa, Bashkortostan Russia The Debtor can be reached at: LLC Crocus Khudayberdina Str. 138-37 Sterlimaka 452121 Bashkortostan Russia GAS-ENERGO OJSC: Creditors Must File Claims by March 13 ------------------------------------------------------- Creditors declared OJSC Gas-Energo (TIN 2632016560) have until March 13 to submit written proofs of claim to: L. Palyan, Insolvency Manager Office 304 Chkalova Str. 6 Essentuki 357600 Stavropol Russia Tel: (887934)6-13-52 The Arbitration Court of Stavropol Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-11054/06-S5. The Arbitration Court of Stavropol is located at: Mira Str. 458 b Stavropol Russia The Debtor can be reached at: OJSC Gas-Energo Podstantsionnaya Str. 26 Energetik Pyatigorsk 357500 Stavropol Russia OMSKIY GROATS: Creditors Must File Claims by March 13 ----------------------------------------------------- Creditors CJSC Omskiy Groats Factory (TIN 5507013447) have until March 13 to submit written proofs of claim to: V. Ratkovskiy, Insolvency Manager 13th floor K. Libknekhta Str. 35 644043 Omsk Russia The Arbitration Court of Omsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-4323/2006. The Debtor can be reached at: CJSC Omskiy Groats Factory 12 Dekabrya Str. 1 644015 Omsk Region Russia PILOT LLC: Creditors Must File Claims by Feb. 13 ------------------------------------------------ Creditors of LLC Trading Company Pilot have until Feb. 13 to submit written proofs of claim to: R. Islamov, Temporary Insolvency Manager Lunacharskogo Str. 2 Oktyabrskiy 452601 ashkortostan Republic Russia The Arbitration Court of Bashkortostan Republic commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A07-21959/06-A-GRA. The Arbitration Court of Bashkortostan Republic is located at: Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Republic Russia The Debtor can be reached at: R. Islamov, Temporary Insolvency Manager Lunacharskogo Str. 2 Oktyabrskiy 452601 ashkortostan Republic Russia PONOMAREVSKAYA MACHINE-TECHNOLOGICAL: Claims Filing Ends Feb. 13 ---------------------------------------------------------------- Creditors of OJSC Ponomarevskaya Machine-Technological Station-21 have until Feb. 13 to submit written proofs of claim to: N. Stulkov, Temporary Insolvency Manager Poymennaya Str. 20 Solnchnyj 460051 Orenburg Russia The Arbitration Court of Orenburg commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A47-13332/2005-14gk. The Arbitration Court of Orenburg Region is located at: 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: OJSC Ponomarevskaya Machine-Technological Station-21 Ponomarevka Ponomarevskiy Orenburg Russia SHATURSKAYA GARMENT: Creditors Must File Claims by Feb. 13 ---------------------------------------------------------- Creditors CJSC Shaturskaya Garment Factory have until Feb. 13 to submit written proofs of claim to: L. Vlasov, Insolvency Manager Office 19 Building 2 Pokrovka Str. 2/1 101000 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-10690/06. The Arbitration Court of Moscow is located at: Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Shaturskaya Garment Factory Sovetskaya Str. 46 Shatura 140700 Moscow Russia TMK OAO: Shareholders Okay Revised Management Board Regulations --------------------------------------------------------------- Shareholders of OAO TMK reviewed and approved the company's revised Management Board Regulations at an extraordinary general meeting on Jan. 17. The revised Management Board Regulations of OAO TMK contain a supplementary phrase in paragraph four "Rights, obligations and responsibility of members of the Management Board" concerning a new obligation for members of the Management Board to inform the Board of Directors, the Audit Committee and the auditor of OAO TMK in writing of their holdings in OAO TMK securities as well as of the sale and (or) purchase of securities of OAO TMK. Some 89.53% of shareholders took part in the meeting, and this decision was supported by 89.18% of votes cast. "The results of the vote show that the overwhelming majority of shareholders support the drive at TMK for greater transparency and openness of management with regard to shareholders of the company and measures to prevent the use of insider information in the trading of company's shares," OAO TMK's CEO Konstantin Semerikov, said. About TMK Headquartered in Moscow, Russia, OAO TMK -- http://www.tmkgroup.ru/eng/-- manufactures the entire product range of existing pipe products, which are used in the oil-and- gas industry, the chemical and petrochemical industries, the energy and machine-building industries, construction and the municipal housing economy, shipbuilding, aviation, space and rocket equipment, and agriculture. TMK has production facilities located in Russia and Romania, which unite the four leading enterprises in the Russian pipe industry. * * * In a TCR-Europe report on Oct. 31, 2006, Standard & Poor's Ratings Services kept its 'B+' long-term corporate credit rating on Russia-based steel pipe producer OAO TMK on CreditWatch with negative implications. The ratings were originally placed on CreditWatch on Sept. 4, 2006, pending clarification of the company's eventual balance sheet structure. On Sept. 11, 2006, Moody's Investors Service assigned a B1 corporate family rating to TMK and a (P)B2 senior unsecured rating to the loan participation notes issued by TMK Capital S.A., guaranteed by the operating subsidiaries of TMK. Moody's said the outlook on both ratings is positive. On Sept. 9, 2006, the TCR-Europe reported that Standard & Poor's Ratings Services assigned a 'B+' long-term corporate credit rating to OAO TMK. Standard & Poor's also assigned its 'B+' preliminary senior unsecured debt rating to TMK's proposed Eurobond, which will be issued by special-purpose vehicle TMK Capital S.A. TRANS-SERVICE CJSC: Creditors Must File Claims by Feb. 13 --------------------------------------------------------- Creditors of CJSC Trans-Service (TIN 084101255) have until Feb. 13 to submit written proofs of claim to: O. Abasheva, Temporary Insolvency Manager Post User Box 1125 OPS-1 170001 Tver Russia The Arbitration Court of Kalmykiya Republic commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A02-1211/06g. The Debtor can be reached at: CJSC Trans-Service Room 505 Lenina Str. 249 Elista Kalmykiya Republic Russia TUIMSKIY FACTORY: Creditors Must File Claims by Feb. 13 ------------------------------------------------------- Creditors of OJSC Tuimskiy Factory of Nonferrous Metals have until Feb. 13 to submit written proofs of claim to: L. Sitkina, Temporary Insolvency Manager Yubileynaya Str. 18-53 Chernogorsk 655158 Khakasiya Republic Russia The Arbitration Court of Khakasiya Republic commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A74-4119/2006. The Debtor can be reached at: OJSC Tuimskiy Factory of Nonferrous Metals Tuim Shirinskiy Khakasiya Republic Russia TULA-SPIRIT LLC: Creditors Must File Claims by March 13 ------------------------------------------------------- Creditors declared LLC Tula-Spirit have until March 13 to submit written proofs of claim to: M. Bologov, Insolvency Manager Third Kurskaya Str. 15 302004 Orel Russia The Arbitration Court of Tula Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A68-462/B-06. The Arbitration Court of Tula is located at: Hall 35 Sovetskaya Str. 112 Tula Russia The Debtor can be reached at: LLC Tula-Spirit Lenina Pr. 85 300600 Tula Russia VESTA CJSC: Creditors Must File Claims by March 13 -------------------------------------------------- Creditors declared CJSC Vesta have until March 13 to submit written proofs of claim to: I. Strogov, Insolvency Manager Office 3/7 Chubynina Str. 35 Salekhard 629008 Yamalo-Nenetskiy Autonomous Russia The Arbitration Court of Yamalo-Nenetskiy Autonomous Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A81-4405/2006. The Arbitration Court of Yamalo-Nenetskiy Autonomous is located at: Chubynina Str. 37A Salekhard Yamalo-Nenetskiy Autonomous Russia The Debtor can be reached at: CJSC Vesta Vesta Noyabrsk Yamalo-Nenetskiy Autonomous Russia VYSOKOYASKOYE CJSC: Creditors Must File Claims by March 13 ---------------------------------------------------------- Creditors OJSC Vysokoyaskoye (TIN 7003003073) have until March 13 to submit written proofs of claim to: A. Lastochkin, Insolvency Manager Post User Box 4793 634034 Tomsk-34 Russia The Arbitration Court of Tomsk Region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A67-3932/06. The Arbitration Court of Tomsk Region is located at: Kirova Pr. 10 634050 Tomsk Russia The Debtor can be reached at: CJSC Vysokoyaskoye Vysokiy Yar Bakcharskiy 636225 Tomsk Russia YUKOS OIL: PKN Orlen Withdraws RUR2.9 Billion Bankruptcy Claim -------------------------------------------------------------- PKN Orlen SA dropped a RUR2.9 billion (US$109 million) claim against bankrupt OAO Yukos Oil Co. in exchange for the right to participate in the auction of the latter's assets, according to published reports. The move came after Orlen acquired Yukos's 53.7% stake in Mazeikiu Nafta for US$1.49 billion. Orlen also purchased the Lithuanian government's 30.66% stake in Mazeikiu for US$852 million. "When PKN Orlen bought Mazeikiu, we agreed we wouldn't make any claims against each other and any existing claims would be settled out of court," Nikolai Lashkevich, a spokesman for Yukos' receiver, was quoted by Bloomberg News as saying. Orlen had been seeking compensation for losses caused when Yukos was forced to cut oil deliveries to Poland after the Russian government seized its assets, Torrey Clark and Nathaniel Espino write for Bloomberg News. About Mazeikiu Headquartered in Mazeikiai District, Lithuania, Mazeikiu Nafta -- http://nafta.it/en-- is an integrated downstream oil company that comprises in one complex pipeline operations, oil refining, marine terminal operations, and logistics of crude oil and refined products. About PKN Orlen Headquartered in Poland, PKN Orlen operates three refineries located in Plock, Trzebinia and Jedlicze. It processes mainly URAL blend crude oil, shipped from Russia via the Friendship pipeline. Alternative supplies of crude oil to Plock may be sourced via the Pomerania pipeline, which connects the fuel reloading facility on the Baltic Sea with the Plock refinery. PKN ORLEN's retail network in Poland is made of 1,326 company owned stations, 504 affiliated stations and 87 franchised stations. 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. A few days later, the Government sold its main production unit Yugansk, to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, 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. ===================== S W I T Z E R L A N D ===================== DVP LLC: Aargau Court Starts Bankruptcy Proceedings --------------------------------------------------- The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC DVP on Jan. 10. The Debtor can be reached at: LLC DVP Hauptstrasse 11 5512 Wohlenschwil Baden, Aargau Switzerland The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Baden 5402 Baden Aargau Switzerland ERNST GERBER: Creditors' Liquidation Claims Due March 1 ------------------------------------------------------- Creditors of JSC Ernst Gerber Bau have until March 1 to submit their claims to: Daniel Leibundgut Liquidator Treuhand Leibundgut 4917 Melchnau Aarwangen, Bern Switzerland The Debtor can be reached at: JSC Ernst Gerber Bau Gondiswil Aarwangen, Bern Switzerland GENERALBAU MATHIS: Creditors' Liquidation Claims Due February 21 ---------------------------------------------------------------- Creditors of JSC Generalbau Mathis have until Feb. 21 to submit their claims to: Mathis Arnold Liquidator Tellostrasse 16 7000 Chur Plessur, Graubunden Switzerland The Debtor can be reached at: JSC Generalbau Mathis Zurich Switzerland GIPSERGESCHAFT MORINA: Aargau Court Starts Bankruptcy Process ------------------------------------------------------------- The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC Gipsergeschaft Morina on Jan. 8. The Debtor can be reached at: LLC Gipsergeschaft Morina Brunismattstrasse 7 5610 Wohlen Bremgarten, Aargau Switzerland The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Baden 5400 Baden Aargau Switzerland INSTITUT VITAL: Creditors' Liquidation Claims Due February 23 ------------------------------------------------------------- Creditors of LLC Institut Vital Betriebs have until Feb. 23 to submit their claims to: Walter Hansl and Eveline Ruegg Liquidators LLC R&H Management Services Rieterstrasse 35 8002 Zurich Switzerland The Debtor can be reached at: LLC Institut Vital Betriebs Zurich Switzerland LUST-KICK BETRIEBS: Creditors' Liquidation Claims Due Feb. 23 ------------------------------------------------------------- Creditors of LLC Lust-Kick Betriebs have until Feb. 23 to submit their claims to: Walter Hansl and Eveline Ruegg Liquidators LLC R&H Management Services Rieterstrasse 35 8002 Zurich Switzerland The Debtor can be reached at: LLC Lust-Kick Betriebs Opfikon Zurich Switzerland MSS TECHNIK: Aargau Court Starts Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC MSS Technik on Jan. 9. The Debtor can be reached at: LLC MSS Technik Tafernstrasse 3 5405 Baden-Dattwil Aargau Switzerland The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Baden 5402 Baden Aargau Switzerland NOVA CHEMICALS: Moody's Puts Ba3 Debt Ratings on Review ------------------------------------------------------- Moody's Investors Service placed NOVA Chemicals Corp. Ba3 corporate family and senior unsecured debt ratings on review for possible downgrade following the company's announcement of fourth quarter earnings and a US$772 million after-tax asset write-down in its STYRENIX business unit. While the asset write-down was not unexpected, its size, combined with the lack of progress in monetizing this business, heightens the company's credit risk. Additionally, the company's new segment breakout shows that both the Corunna and Polyethylene businesses were only marginally profitable in 2006 on a fully allocated cost basis, which is a concern at this point in the cycle. The ratings review will seek to determine if NOVA can reasonably be expected to reduce debt over the near term, perhaps through a monetization of its STYRENIX business, and to determine if the Corunna and Polyethylene businesses can become a significant contributor to its cash flow going forward. During 2006, NOVA expressed desire to examine strategic options for its STYRENIX business segment through a divestiture, joint venture, or spin off. In the company's conference call, the management indicated that an asset sale was less likely. Furthermore, the US$772 million after-tax write down of the STYRENIX assets will greatly reduce shareholders equity; management has prudently revised the terms of its bank agreements to maintain access to all of its facilities and liquidity. NOVA's future financial performance relies solely on its olefins operations. The Ba3 ratings assumed that all of NOVA's olefin assets were providing a meaningful contribution to its profitability and cash flow at this point in the cycle. The recent segment breakout indicates the potential for a significantly higher concentration of profit at the Joffre assets than was previously envisaged by the ratings. NOVA's Joffre olefins operations generated 87% of the company's positive operating income in 2006 (while Corunna and Polyethylene combined generated less than 15%); the results were more skewed toward Joffre when looking at net income. Additionally, the anticipated downturn in the ethylene and polyethylene margins over the next several years and NOVA's ability to generate financial metrics that solidly support the Ba3 ratings over the cycle were risk factors that Moody's had previously identified as have a potential negative impact on the ratings. On Review for Possible Downgrade: * NOVA Chemicals Corp. -- Corporate Family Rating, Placed on Review for Possible Downgrade, currently Ba3 -- Senior Unsecured Notes and Debentures, Placed on Review for Possible Downgrade, currently Ba3, LGD4 Outlook Actions: * NOVA Chemicals Corp. -- Outlook, Changed To Rating Under Review From Negative Nova Chemicals Company is headquartered in Calgary, Alberta, Canada and is a leading producer of ethylene, polyethylene, styrene, polystyrene, and expanded polystyrene. NOVA reported revenues of US$6.5 billion for year ending 2006. QUEENS BETRIEBS: Creditors' Liquidation Claims Due February 23 -------------------------------------------------------------- Creditors of LLC Queens Betriebs have until Feb. 23 to submit their claims to: Walter Hansl and Eveline Ruegg Liquidators LLC R&H Management Services Rieterstrasse 35 8002 Zurich Switzerland The Debtor can be reached at: LLC Queens Betriebs Opfikon Zurich Switzerland SWISSAIR: UBS Denies Corti's Claim that Plan "Strangled" Company ---------------------------------------------------------------- Mario Corti, Swissair's last chief executive officer prior to its collapse, testified in court that a UBS AG-led plan "strangled" the company and led to its demise, Bloomberg News reports. Mr. Corti said in a court in Buelach, near Zurich, that the company could have resorted to asset sales and other measures to ensure its survival. However, according to Mr. Corti, a UBS-led group implemented Project Phoenix without his knowledge, in the weekend before the airline's fleet was grounded on Oct. 2, 2001, Bloomberg News states. "The Swissair group was strangled by [...] Phoenix," said Mr. Corti. "The worst solution prevailed." He further alleged that the bank sought to eliminate Swissair and let Crossair, its regional unit, absorb the company. The company's assets were eventually merged with Crossair, creating Swiss International Air Lines Ltd. in March 2002, Bloomberg News relates. "It was a failure of the whole system," Mr. Corti informed journalists during the hearing's recess. "The company could have been saved." UBS "had barely any risk, because the substantial majority was held by foreign banks," he added. UBS Chairman Marcel Ospel called Mr. Corti's allegations "embarrassing," Swiss weekly SonntagsZeitung reports. "UBS doesn't stand before the court," said Mr. Ospel. A UBS spokesperson further added: "The grounding of the fleet was because of indebtedness caused by the expansion strategies and the operative policies of the SAirGroup," Swissair's parent company. UBS Statement UBS published a 19-page document out of court on Feb. 1 slamming the SairGroup, Swissair's parent group, for the delay in the Swissair restructuring, Swiss Radio International reports. "If there had been willingness and courage to go through with a proper restructuring in good time, part of Swissair could probably have been saved," the bank declared in the document. UBS disclosed through its document that it only heard of Project Phoenix on Sept. 29, 2001, at the board of directors' emergency meeting. The bank asked for the details on a second version of the plan, which Mr. Corti discontinued in favor of Project Phoenix, Swiss Radio International states. Mr. Corti and former chief financial officer Jacqualyn Fouse, had intended to sell the Swissport ground-handling unit and Nuance, a duty-free retailer, among other plans, to revive the company. These proposals were made in the wake of a failed expansion plan in the late 1990s and the decline in air travel after the Sept. 11, 2001, terrorist attacks, Bloomberg News says. Both of them claim that the company had sufficient funds on Sept. 17, 2001, when it requested the government for a CHF1 billion (US$800 million) loan. They also rejected charges that they delayed the request for protection from its creditors, Swiss Radio International reveals. Mr. Corti and Ms. Fouse, as well as 17 other top Swissair executives and board members, face charges that include damaging creditors, mismanagement, making false statements about the business, and forging documents. About Swissair Swissair collapsed in 2001 after accumulating CHF17 billion in debt in relation to significant investments in a number of European airlines including Sabena, Air Liberte of France, and Turkish Airlines. It defaulted on the debt during the slump that followed the Sept. 11, 2001, terrorist attacks in the U.S. V.R.S. SICHERHEITSDIENST: Court Starts Bankruptcy Proceedings ------------------------------------------------------------- The Bankruptcy Court of St. Gallen commenced bankruptcy proceedings against LLC V.R.S. Sicherheitsdienst on Jan. 9. The Debtor can be reached at: LLC V.R.S. Sicherheitsdienst Badstrasse 9 9230 Flawil Wil, St. Gallen Switzerland The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Urs Benz 9001 St. Gallen Switzerland VEREINIGTE ZIEGELEIEN: Creditors' Liquidation Claims Due Feb. 15 ---------------------------------------------------------------- Creditors of Vereinigte Ziegeleien Bern-Solothurn have until Feb. 15 to submit their claims to: Gaus Peter and Stampfli Fred Liquidators Vereinigte Ziegeleien Bern-Solothurn 3255 Rapperswil St. Gallen Switzerland The Debtor can be reached at: Vereinigte Ziegeleien Bern-Solothurn 3255 Rapperswil St. Gallen Switzerland ============= U K R A I N E ============= ARADON LLC: Creditors Must Submit Claims by February 16 ------------------------------------------------------- The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 24/796 b. Creditors of LLC Aradon (code EDRPOU 32208837) have until Feb. 16 to submit written proofs of claim to: Vladimir Monakov, Liquidator P.O. Box 16 Tel: 516-86-40 03110 Kiev Ukraine The Economic Court of Kiev is located at: B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Aradon Livarskaya Str. 1 04073 Kiev Ukraine DNIEPR METAL: Creditors Must Submit Claims by February 16 --------------------------------------------------------- Creditors of LLC Dniepr Metal Supply (code EDRPOU 32302858) have until Feb. 16 to submit written proofs of claim to: The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/726b. The Economic Court of Kiev is located at: B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Dniepr Metal Supply Bubnov Str. 11/8 03040 Kiev Ukraine ELTEX LLC: Creditors Must Submit Claims by February 16 ------------------------------------------------------ Creditors of LLC Eltex (code EDRPOU 32302858) have until Feb. 16 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/725b. The Debtor can be reached at: LLC Eltex 40 Years of October Avenue 120 03127 Kiev Ukraine MEYHER-K LLC: Creditors Must Submit Claims by February 16 --------------------------------------------------------- Creditors of LLC Meyher-K (code EDRPOU 33599758) have until Feb. 16 to submit written proofs of claim to: I. Fedorov, Liquidator Amosov Str. 4 03141 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on Dec. 28, 2006, after finding it insolvent. The case is docketed under Case No. 24/937b. The Economic Court of Kiev is located at: B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Meyher-K Lihachev Boulevard 1/27 01133 Kiev Ukraine TRANSLINE LLC: Creditors Must Submit Claims by February 16 ---------------------------------------------------------- The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/374b. Creditors of LLC Transline (code EDRPOU 31110749) have until Feb. 16 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Region Ukraine The Debtor can be reached at: LLC Transline 40 Years of October Avenue 120 03127 Kiev Ukraine UKRSOTSBANK: Loan Participation Notes Gets Fitch's B- Rating ------------------------------------------------------------ Fitch Ratings assigned Ukraine-based JSC Bank for Social Development Ukrsotsbank's upcoming issue of limited recourse loan participation notes an expected Long-term 'B-' rating and an expected Recovery Rating 'RR4'. The Long-term rating of the notes is placed on Rating Watch Positive. The limited recourse notes are to be issued by Credit Suisse International for the sole purpose of financing a loan to Ukrsots, which is rated Issuer Default 'B-', Short-term 'B', Individual 'D' and Support '5'. Ukrsots's Issuer Default and Support ratings are on RWP. The final ratings on the bond are contingent upon receipt of final documentation conforming materially to information already received. Credit Suisse International's obligation is to solely account to noteholders for amounts of principal and interest received from Ukrsots. Credit Suisse International will charge certain rights and interests under the loan agreement to the trustee, The Bank of New York, for the benefit of noteholders under a trust deed. The claims under the loan agreement will rank at least equally with the claims of other senior unsecured creditors of Ukrsots, save those whose claims are preferred by any bankruptcy, insolvency, liquidation or similar laws of general application. Under Ukrainian law, the claims of retail depositors and account holders rank above those of other senior unsecured creditors. At end-9M06, retail deposits and accounts represented a high 34% of total liabilities, according to the bank's reviewed IFRS accounts. The loan agreement contains covenants restricting mergers and disposals by Ukrsots and its material subsidiaries, transactions between the bank and its affiliates, and certain payments and distributions by the bank and its subsidiaries. It also contains a cross default clause and a 'negative pledge' clause, the latter of which allows for a degree of securitization by Ukrsots. In the event of any securitization, Fitch comments that the nature and extent of any over-collateralization would be assessed by the agency for any potential impact on unsecured creditors. Ukrsots must ensure full compliance with the National Bank of Ukraine's minimum mandatory capital adequacy requirement of 10%. Fitch also notes that the draft prospectus contains an additional clause specifying that the notes may be redeemed at the option of the noteholders at their principal amount, together with accrued interest to the date of redemption, following the occurrence of a put event. The latter is deemed to have occurred if Viktor Pinchuk or, if and when the proposed sale of his controlling stake to Intesa Sanpaolo S.p.A. is completed, Intesa or any of its affiliates ceases to control 50% plus one share of the voting stock of Ukrsots, and such an event results in a rating downgrade. At end-2006, Ukrsots was the sixth-largest bank in Ukraine, holding around 5.1% of system assets, and top five positions in terms of market share in all major segments according to the NBU. Retail business has been the largest growth driver between 2004 and 2006, and at nine months ended 2006 retail loans and deposits accounted for 52% and 34% of the loan book and funding base, respectively. The retail customer base comprises over a million individual clients acquired through one of the largest nationwide networks, comprising over 500 branches. Viktor Pinchuk, who also owns Interpipe Corp., currently indirectly owns Ukrsots one of the largest private companies in Ukraine. =========================== U N I T E D K I N G D O M =========================== A CLARKE: Creditors' Meeting Slated for February 13 --------------------------------------------------- Creditors of A Clarke Flooring Ltd. will meet at 11:30 a.m. on Feb. 13 at: Begbies Traynor Elliot House 151 Deansgate Manchester M3 3BP 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. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. ADVANCED MARKETING: Has Until March 9 to File Schedules ------------------------------------------------------- The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware extended the time within which Advanced Marketing Services Inc. and its debtor-affiliates must file their Schedules and Statements under Rule 1007 of the Federal Rules of Bankruptcy Procedure, through and including March 9. The debtors previously asked the U.S. Bankruptcy Court for the District of Delaware to extend to March 29 their deadline to file: -- schedules of assets and liabilities; -- a schedule of current income and expenditure; -- a schedule of executory contracts and unexpired leases; and -- a statement of financial affairs. Under Rule 1007(b) of the Federal Rules of Bankruptcy Procedure and Rule 1007-1(b) of the Local Rules of Bankruptcy Practice and Procedure of the U.S. Bankruptcy Court for the District of Delaware, the Debtors are required to file their Schedules and Statements within 30 days after filing their Chapter 11 petitions. Paul N. Heath, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, however, told Judge Christopher S. Sontchi that because of the substantial size and scope of the Debtors' business, the complexity of their financial affairs, the limited staffing available to perform the required internal review of their accounts and affairs, and the press of business incident to the commencement of their cases, the Debtors were unable to assemble, prior to Dec. 29, 2006, all of the information necessary to complete and file the Schedules and Statements. The Debtors will not be in a position to complete the Schedules and Statements within the time specified in Bankruptcy Rule 1007 and Local Rule 1007-1(b), Mr. Heath said. Completing the Schedules and Statements for each of the Debtors, Mr. Heath explained, will require the collection, review and assembly of information from multiple locations throughout the United States. About Advanced Marketing Based in San Diego, California, Advanced Marketing Services, Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution, and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom, and Australia and employs about 1,200 people Worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Suzzanne S. Uhland, Esq., Austin K. Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP, represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors as Local Counsel. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a chapter 11 plan expires on Apr. 28, 2007. (Advanced Marketing Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ALLIED INSTALLATION: Creditors' Meeting Slated for February 8 ------------------------------------------------------------- Creditors of Allied Installation and Maintenance Ltd. will meet at 11:00 a.m. on Feb. 8 at the offices of: Cooper Young Kirkdale House Kirkdale Road London E11 1HP England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 6. ALMIT BRICKWORK: Creditors' Meeting Slated for February 20 ---------------------------------------------------------- Creditors of Almit Brickwork Contractors Ltd. will meet at 11:15 a.m. on Feb. 20 at: Armstrong Watson Central House 47 St. Paul's Street Leeds LS1 2TE England Secured creditors who want to vote at the meeting must submit particulars of their security at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge on Feb. 16. ANDREW WEIR: U.K. High Court Issues Winding Up Order ---------------------------------------------------- The High Court of England and Wales ordered Andrew Weir Insurance Company Ltd. on Dec. 20, 2006, to begin winding-up proceedings. As a result of the court order, the company's Scheme of Arrangement was also terminated on the same date. Under Andrew Weir's Scheme of Arrangement, the Scheme Administrators, Paul Evans and Nigel Rackham of PricewaterhouseCoopers LLP, declared Scheme Dividends totaling 49.65% on Scheme Creditors' Established Liabilities. The Debtor can be reached at: Andrew Weir Insurance Company Ltd. 12 Plumtree Court London EC4A 4HT England ARRAN FUNDING: Moody's Assigns Ba1 Rating on US$112.89-Mln Notes ---------------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to around US$112.89-million equivalent of asset-backed notes to be issued by Arran Funding Ltd.: -- Ba1 to the EUR51.2 Series 2007-A Class A2 Notes; and -- Ba1 to the GBP24.0 Series 2007-A Class A3 Notes. Arran Funding Ltd. Series 2007-A Class A2 Notes and Class A3 Notes which will be issued concurrently, will be the sixth series to be issued out of the U.K. credit card master trust of the Royal Bank of Scotland Plc and National Westminster Bank plc. Pursuant to the terms of the Series 2007-A Notes, following pro-rata allocations of funds to the Series 2007-A, such allocated funds may be used in priority to meet any shortfalls in finance charge allocations to meet payments required in respect of the outstanding existing Series 2005-A and Series 2005-B issued out of the trust. Moody's has taken into account in its analysis the use of allocations to the Series 2007-A Notes and views this feature as a very beneficial support for the Existing Series. The definitive rating of the Series 2007-A Class A2 Notes and Class A3 Notes is based on the benefit of a spread trapping account that will trap excess spread, in a manner similar to the spread accounts that support the Class C Notes of the Existing Series. Upon closing, 25% of the Series 2007-A spread account will be funded by a drawing made by the loan issuing entity under the loan issuing entity expenses loan agreement, and the unfunded portion may be funded from excess spread arising from the pro-rata allocation of finance charge receivables from the receivables trust to the Series 2007-A, any excess spread shared from any Existing Series and amounts on deposit in the spread account or reserve account of any Existing Series upon redemption of the relevant Existing Series. The definitive ratings address the expected loss posed to investors by the legal final maturity date. In Moody's opinion, the structure allows for ultimate payment of interest and principal at par on or before the rated legal final maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. A rating is not a recommendation to purchase, sell or invest in any securities. Moody's assigned provisional ratings to this transaction on Nov. 17, 2006. BAA PLC: Readies US$15.7-Bln Airport Assets to Back Bond Issue -------------------------------------------------------------- BAA Plc will guarantee its planned bond issue through about US$15.7 billion of assets from its London airports, Esteban Duarte writes for Bloomberg News. BAA will pledge the income and assets of its Heathrow, Gatwick and Stansted airports as collateral for the new bonds. The three airports posted GBP417 million in operating profit, 62% of BAA's total operating income, for the year ended March 2006. The airport will issue the bonds either March or April to refinance GBP4.7 billion of acquisition loans used by parent Grupo Ferrovial S.A. and GBP4.6 billion of its own bonds, Bloomberg cited Michael Wilkins, head of infrastructure finance at Standard & Poor's. BAA will issue the bonds in pounds and euros through Airport Development and Investment Ltd., a specially created finance unit that parent Ferrovial used to acquire the airport operator. The asset-backed bonds, known as whole business securitizations, give investors many of the rights typically held by shareholders, including firing executives and shuffling management, Bloomberg News suggests. The bonds, however, would allow the borrower to get higher credit ratings and cut interest costs. "The corporate securitization is the only way BAA can refinance such a huge amount of debt," Mondher Bettaieb-Loriot, of Swisscanto Asset Management, said. "If they tried to refinance with corporate bonds they would lose their investment grade rating." S&P may give it's premium maximum safety rating of AAA to some of bonds since they are covered by an insurer, Mr. Wilkins added. About BAA Plc Headquartered in London, United Kingdom, BAA plc -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Healthrow, the world's busiest international airport, and Budapest Airport, serving 700 destination by around 300 airlines. Its airports in the U.K. handled over 117 million international passenger during the 12 months up to October 2005. International passengers make up 81% of its total U.K. airport traffic. BAA had total assets of GBP15.2 billion and pre-tax profits of GBP757 million for the year ended March 31, 2006. * * * As of Feb. 6, BAA Plc carries these ratings from Moody's: -- Issuer Rating: Ba1 -- GBP425-million convertible bonds due August 2009: Ba1 -- GBP424-million convertible bonds due April 2008: Ba1 -- GBP200-million 7.875% bonds due February 2007: Ba1 BAA PLC: Names D. Johnston as Scotland Unit's Managing Director --------------------------------------------------------------- BAA Scotland, a unit of BAA Plc, appointed David Johnston as its new managing director, following Richard Jeffrey's decision to leave the airport company later this year. Mr. Johnston, a 41-year old lighting industry executive from County Durham, will join Edinburgh Airport in the next few months, working closely with Richard Jeffrey before he leaves. "I am enormously proud of Edinburgh Airport and the important role we play in the life of Scotland and its capital city," Mr. Jeffrey, who has led Edinburgh Airport for nearly six years and is currently President of Edinburgh Chamber of Commerce, said. "Having spent six great years at Edinburgh, the time is right for me to move on, particularly as my family and I are settled in Scotland and my career with BAA was unlikely to prove compatible with the life I enjoy here." "I wish David Johnston the best of success in his new role, knowing that I leave an airport in good health, with an exciting and growing network of international routes and an infrastructure in which BAA has invested considerably," Mr. Jeffrey added. "I will be sorry to lose Richard from my management team in Scotland, but he goes with our best wishes and understanding," Stephen Baxter, divisional managing director of BAA Scotland, said. "Richard's legacy is a profitable and efficient airport, which has been transformed in recent years. "At the same time, I am pleased to welcome David Johnston to Edinburgh Airport and look forward to working closely with him and the team at Edinburgh to deliver the exciting changes we have planned for Scotland's capital airport." Mr. Johnston is currently operations director for Thorn Lighting in Durham and has several years experience in the manufacturing sector. "Edinburgh Airport is a strong and fast-growing business and I am excited at the challenges which lie ahead," Mr. Johnston said. "I am very much aware of the important role the airport plays in Scotland and look forward to working with our stakeholders to write the new chapters in Edinburgh Airport's undoubted success story." About BAA Plc Headquartered in London, United Kingdom, BAA plc -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Healthrow, the world's busiest international airport, and Budapest Airport, serving 700 destination by around 300 airlines. Its airports in the U.K. handled over 117 million international passenger during the 12 months up to October 2005. International passengers make up 81% of its total U.K. airport traffic. BAA had total assets of GBP15.2 billion and pre-tax profits of GBP757 million for the year ended March 31, 2006. * * * As of Feb. 6, BAA Plc carries these ratings from Moody's: -- Issuer Rating: Ba1 -- GBP425-million convertible bonds due August 2009: Ba1 -- GBP424-million convertible bonds due April 2008: Ba1 -- GBP200-million 7.875% bonds due February 2007: Ba1 BIFROST INVESTMENTS: Fitch Affirms Class 10D Notes at BB+ --------------------------------------------------------- Fitch upgrades two Classes of Bifrost Investments Limited - Series 13's and affirmed the rest as: -- EUR160 million Class 5A Series 13 due July 2008 affirmed at 'AAA'; -- EUR115 million Class 5B Series 13 due July 2008 affirmed at 'AAA'; -- EUR75 million Class 5C Series 13 due July 2008 upgraded to 'AA+' from 'AA'; -- EUR50 million Class 5D Series 13 due July 2008 upgraded to 'BBB+' from 'BBB'; -- EUR160 million Class 7A Series 13 due July 2010 affirmed at 'AAA'; -- EUR130 million Class 7B Series 13 due July 2010 affirmed at 'AAA'; -- EUR75 million Class 7C Series 13 due July 2010 affirmed at 'A+'; -- EUR62.5 million Class 7D Series 13 due July 2010 affirmed at 'BBB'; -- EUR195 million Class 10A Series 13 due July 2013 affirmed at 'AAA'; -- EUR135 million Class 10B Series 13 due July 2013 affirmed at 'AA+'; -- EUR100 million Class 10C Series 13 due July 2013 affirmed at 'A'; and -- EUR75 million Class 10D Series 13 due July 2013 affirmed at 'BB+'. The upgrades reflect the transaction's diminished risk due to increased seasoning. The Weighted Average Fitch Factor has increased slightly to 3.7 from 3.42 in April 2006 although it has remained within the 'BBB'/'BBB+' rating category. The portfolio has experienced some credit deterioration with currently seven speculative-grade corporate entities, compared to five in April 2006. However, Fitch notes that increasing seasoning has offset this deterioration. At closing, Bifrost, a special purpose vehicle incorporated under the laws of Ireland, entered into 12 mezzanine credit default swaps with BNP Paribas, under which it provides notional protection on a reference portfolio of 100 corporate entities with a total notional value of EUR5 billion. The mezzanine swaps for each series relates to the same reference portfolio of 100 corporate entities, although the swaps have different loss thresholds and different maturity dates. Due to the Parmalat SpA and Delphi Corporation credit events, the total value of the portfolio has decreased to EUR4.9 billion and it currently references 98 entities. CABLE & WIRELESS: Has 2,384,239,440 Voting Rights as at Jan. 31 --------------------------------------------------------------- Cable and Wireless plc confirmed that as of Jan. 31 its issued share capital consisted of 2,459,189,440 Ordinary Shares of 25 pence nominal value with voting rights. The Company continues to hold 74,950,000 Ordinary Shares in Treasury. All changes to the Company's issued share capital since Jan. 19 relate to the exercise of employee share options. Therefore, as at Jan. 31 the total number of voting rights in the Company is 2,384,239,440. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules. About Cable & Wireless Headquartered in London, Cable & Wireless PLC -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. Its principal operations are in the United Kingdom, continental Europe, Asia, the Caribbean, Panama and the Middle East. * * * Cable & Wireless Plc carry these ratings: * Moody's Investors Service -- Long-Term Corporate Family Rating: Ba3 -- Senior Unsecured Debt: B1 -- Short-Term: NP -- Outlook: Negative * Standard & Poor's -- Long-Term Foreign Issuer Credit Rating: BB- -- Long-Term Local Issuer Credit Rating: BB- -- Short-Term Foreign Issuer Credit Rating: B -- Short-Term Local Issuer Credit Rating: B -- Outlook: Negative COLLINS & AIKMAN: Files List of Multi-Debtor Claims --------------------------------------------------- Collins & Aikman Corp. and its debtor-affiliates filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a list of multi-debtor claims that will receive only one Ballot for their identical claims asserted in the same class of the First Amended Joint Plan. The list identifies the claims that have been omitted for voting purposes, and the claims that have been allowed for voting purposes. A list of the multi-debtor claims allowed for voting purposes is available for free at http://ResearchArchives.com/t/s?1933 About Collins & Aikman Headquartered in Troy, Michigan, Collins & Aikman Corp. -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of around 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed US$3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 50; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS SERVICES: Creditors' Meeting Slated for February 7 ---------------------------------------------------------- Creditors of Collins Services (Bradford) Ltd. will meet at 10:30 a.m. on Feb. 7 at: 1 Whitehall Whitehall Road Leeds LS1 4HR England A list of names and addresses of the company's creditors will be available for inspection between 10:00 a.m. and 4:00 p.m. on Feb. 5 at: The P&A Partnership 93 Queen Street Sheffield S1 1WF England The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors COLLINS STEWART: Fitch Cuts GBP150-Million Debt Rating to BB- ------------------------------------------------------------- Fitch Ratings downgraded Collins Stewart Tullett plc's Issuer Default rating to 'BB+' from 'BBB' and removed it from Negative Rating Watch. A Stable Outlook is assigned. Simultaneously, following the restructuring that took place in H206, Fitch has withdrawn CST's IDR with Outlook and assigned CST's parent, Tullett Prebon plc, an IDR of 'BB+' with Stable Outlook. Finally, Fitch has downgraded the GBP150 million of subordinated debt issued by CST to 'BB-' from 'BBB-'. CST's IDR has been downgraded because of the substantial increase in leverage that will arise following the debt-financed return of GBP301.5 million of capital to shareholders that, subject to shareholder and court approval, should take place in March 2007. A circular in this regard was posted to shareholders. Fitch believes the medium-term earnings outlook for the inter- dealer broker industry to be favorable and TP to be capable of further improvement in its margin and of EBITDA growth. Absent acquisitions, inter-dealer brokers have low capital expenditure requirements and, consequently, there may be upside potential for TP's IDR, should its leverage and earnings profile improve over the medium term. The notching of the group's GBP150-million subordinated debt has been widened to two notches from the IDR from one notch. This reflects the deterioration in recovery assumptions following the capital return, which will turn TP's consolidated tangible equity into a deficit. The capital return is being financed by a GBP300 million senior bank loan, amortizing at GBP30 million per annum over the first four years, with the GBP180m balance repayable in 2012. The group's GBP150-million subordinated bond has a call/step-up in 2009. The group also has a GBP50m five-year bank facility. TP is a holding company and owner of numerous subsidiaries that constitute the world's second largest inter-dealer broker. CST is an intermediate holding company of the group. COMPASS GROUP: Buys 1 Million Ordinary Shares for Cancellation -------------------------------------------------------------- Compass Group PLC purchased on Jan. 31 1,000,000 ordinary shares for cancellation at a price of 302.870854 pence per share through Merrill Lynch International. Following the purchase and upon cancellation of these shares, the number of ordinary shares of Compass Group PLC in issue with voting rights will be 2,038,054,488. About the Company Headquartered in the U.K., Compass Group PLC -- http://www.compass-group.com/-- is the world's leading foodservice company, with 400,000 employees specializing in providing food, vending and related services in over 90 countries, and annual revenues of GBP12 billion. * * * At Sept. 30, 2006, the company's balance sheet showed strained liquidity with GBP2.503 billion in total assets available to pay GBP2.533 billion in total liabilities coming due within the next 12 months. CROXLEYS LTD: Creditors' Meeting Slated for February 23 ------------------------------------------------------- Creditors of Croxleys Ltd. will meet at 11:30 a.m. on Feb. 23 at: Carter Clark Meridian House 62 Station Road North Chingford London E4 7BA England Creditors who want to vote at the meeting have until noon on Feb. 22 to submit their proxy forms together with particulars of their claims or of any security at the said address. Alan J. Clark of Carter Clark will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. DOPPLER LIFT: Creditors' Meeting Slated for February 23 ------------------------------------------------------- Creditors of Doppler Lift Installations Ltd. will meet at 10:30 a.m. on Feb. 23 at: Hilton London Gatwick Hotel South Terminal London Gatwick Airport Crawley RH6 0LL England Secured creditors who want to vote at the meeting have until noon on Feb. 22 to submit their proxy forms together with particulars of their security at: Fourth Floor Southfield House 11 Liverpool Gardens Worthing West Sussex BN11 1RY England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 21 at: Fourth Floor Southfield House 11 Liverpool Gardens Worthing West Sussex BN11 1RY England E. T. KNAGG: Creditors' Meeting Slated for February 13 ------------------------------------------------------ Creditors of E. T. Knagg & Co. Ltd. will meet at 11:30 a.m. on Feb. 13 at: Begbies Traynor Elliot House 151 Deansgate Manchester M3 3BP England Creditors who want to vote at the meeting have until noon on Feb. 12 to submit their proxy forms together with particulars of their claims or of any security 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. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. FDS PROPERTY: Creditors' Meeting Slated for February 6 ------------------------------------------------------ Creditors of FDS Property Services Ltd. will meet at 3:30 p.m. on Feb. 6 at: Begbies Traynor 32 Cornhill London EC3V 3BT England Creditors have until noon on Feb. 5 to submit their proxy forms together with particulars of their claims or of any security at the said address. Lloyd Biscoe of Begbies Traynor will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. GAINSBOROUGH QUALITY: Creditors' Meeting Slated for February 13 --------------------------------------------------------------- Creditors Gainsborough Quality Foods Ltd. will meet at noon on Feb. 13 at the offices of: Harris Lipman LLP 2 Mountview Court 310 Friern Barnet Lane Whetstone London N20 England Creditors have until noon on Feb. 12 to submit their proxy forms at the said address. A list of names and addresses of the company's creditors will be available for inspection between 10:00 a.m. and 4:00 p.m. on Feb. 9 and Feb. 12. GENERAL MOTORS: Wants Increase in Battery Tech Research Funding --------------------------------------------------------------- General Motors Corp. has asked the U.S. government to increase funding in research and development in battery technology and to support manufacturing of advanced batteries, David Shepardson of Detroit News Washington Bureau reports. The call, Detroit News says, comes as momentum is building on Capitol Hill to force automakers to improve the efficiency of their vehicles. The automakers' move for alternative fuel is in conjunction with its restructuring efforts, which, according to Reuters, focus on cutting costs and improving cash flow. To boost liquidity, Reuters says General Motors is considering a possible sale of Allison Transmission -- its Indianapolis-based subsidiary, which makes transmissions and hybrid propulsion systems for commercial trucks and buses and military vehicles and employs more than 4,000 workers. In addition, General Motors said in a filing with the U.S. Securities and Exchange Commission early this week that it will be delaying the announcement of its 2006 year-end and fourth quarter financial results but expects to report improved performance in its automotive business, including record fourth quarter revenue in 2006. The company also said that it will restate its financial statements, primarily due to pre-2002 tax accounting adjustments. GM indicated that its deferred tax liabilities, as previously disclosed in its results for the third quarter of 2006 and prior periods, were overstated due to errors that originally occurred primarily before 2002. While these errors do not impact cash flow or previously reported cash balances, retained earnings as of Dec. 31, 2001, and subsequent periods were understated by a range of US$450 million to US$600 million as a result. As reported in the Troubled Company Reporter-Latin America on Jan. 30, 2007, 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). GMAC, the rating agency said, 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, it said that 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. 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: Recalls 100,000 Chevrolet Cobalt Small Sedans ------------------------------------------------------------- General Motors Corp. told the Associated Press that it was taking back almost 100,000 Chevrolet Cobalt small sedans to upgrade their head impact protection. The recall affects 98,707 vehicles from the 2005-2006 model years not equipped with optional roof-mounted side impact air bags, AP relates, citing General Motors. According to AP, General Motors found out the lack of impact air bags during compliance testing. General Motors told AP that dealers will install energy absorbing plastic to the area. The head impact protection would only be a problem for motorists not wearing a seat belt. Belted motorists would not be affected, AP reports, citing General Motors spokesperson Alan Adler. 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. HOTTUBS DIRECT: Names Antony Robert Fanshawe as Administrator ------------------------------------------------------------- Antony Robert Fanshawe of Fanshawe Lofts was named administrator of Hottubs Direct Ltd. (Company Number 04544919) on Jan. 16. The administrator can be reached at: Fanshawe Lofts 41 Castle Way Southampton Hampshire SO14 2BW United Kingdom Tel: 023 8023 3522 Fax: 023 8023 3504 E-mail: arf@fanshawe-lofts.co.uk Hottubs Direct Ltd. can be reached at: Yelfs Yard Botley Road Bishops Waltham Southampton Hampshire SO32 1DR United Kingdom Tel: 01489 891 309 Fax: 01489 892 226 HPS PRINTING: Creditors' Meeting Slated for February 8 ------------------------------------------------------ Creditors of HPS Printing Ltd. will meet at 11:00 a.m. on Feb. 8 at: Tenon Recovery Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TZ England Creditors who want to vote at the meeting have until noon on Feb. 7 to submit their proxy forms together with particulars of their claims or of any security at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 6. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. HURST PARNELL: Brings In KPMG as Joint Administrators ----------------------------------------------------- Jonathan Scott Pope and Richard John Hill of KPMG LLP were appointed joint administrators of Hurst Parnell Westland Ltd. (Company Number 3754057) on Jan. 24. 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. Headquartered in Bristol, England, Hurst Parnell & Co. Ltd. -- http://hurstparnell.net/-- wholesales fresh fruits and vegetables. INXS LTD: Appoints Begbies Traynor as Joint Administrators ---------------------------------------------------------- Paul Stanley and Gary Norton Lee of Begbies Traynor were appointed joint administrators of INXS Ltd. (Company Number 03944247) on Jan. 8. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. INXS Ltd. can be reached at: Unit 23 Hewitt Business Park Winstanley Road Billinge Wigan Lancashire WN5 7XB United Kingdom Tel: 01695 627 670 Fax: 01695 627 679 J L SWEETMAN: Appoints Begbies Traynor to Administer Assets ----------------------------------------------------------- David Hill and William John Kelly of Begbies Traynor were appointed joint administrators of J L Sweetman & Sons Ltd. (Company Number 03028903) on Jan. 2. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. J L Sweetman & Sons Ltd. can be reached at: 64 High Street Gorseinon Swansea West Glamorgan SA4 4BP United Kingdom Tel: 01792 895 231 Fax: 01792 895 231 LADBROKES PLC: Hikes Issued Share Capital to 628,127,545 -------------------------------------------------------- Ladbrokes Plc disclosed that following the issue of 99,431 ordinary shares of 28 1/3p each between Jan. 22 and Jan. 29, the company's issued share capital now consists of 628,127,545 Ordinary shares of 28p each with voting rights. No shares are held in Treasury. The total voting rights figure of 628,127,545 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify Their interest in, or a change in their interest in, Ladbrokes under the FSA's disclosure and transparency rules. About Ladbrokes Headquartered in Watford, United Kingdom, Ladbrokes plc -- http://www.ladbrokesplc.com/-- engages in fixed odds betting. The company is comprised of Ladbrokes, the biggest retail bookmaker in the U.K. and Ireland, Ladbrokes.com, a world- leading provider of interactive betting and gaming services, Vernons, the leading football pools operator and Ladbrokes Casinos, which opened its first casino at the Hilton London Paddington in July 2006. * * * As reported in the TCR-Europe on Oct. 26, 2006, Standard & Poor's Ratings Services affirmed its 'BB' ratings on the senior unsecured debt of the U.K.-based gaming operator Ladbrokes PLC and its guaranteed subsidiary Ladbrokes Group Finance PLC, and removed the ratings from CreditWatch with negative implications. Moody's Investors Service downgraded in February 2006 the senior unsecured long-term ratings of Hilton Group Plc (nka Ladbrokes Plc) and its guaranteed subsidiaries to Ba2 from Baa3; the outlook is stable. MASTER WEAVERS: Creditors' Meeting Slated for February 16 --------------------------------------------------------- Creditors of Master Weavers Ltd. will meet at 2:30 p.m. on Feb. 16 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. 14 and Feb. 15. 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. MINERVA INTERNATIONAL: Taps BDO Stoy to Administer Assets --------------------------------------------------------- David Harry Gilbert and Martha Hanora Thompson of BDO Stoy Hayward LLP were appointed joint administrators of Minerva International Ltd. (Company Number 01706526) on Jan. 3. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. Minerva International Ltd. can be reached at: 86 London Street Reading Berkshire RG1 4SQ United Kingdom Tel: 0118 959 0099 Fax: 0118 951 0253 MISYS PLC: Transfers 12,225 Ordinary Shares Held in Treasury ------------------------------------------------------------ Misys plc transferred on Jan. 31 12,225 ordinary shares at prices between 211 pence and 230.5 pence per share to participants in its employee share schemes. The shares were all formerly held as Treasury shares. Following the above transfer of shares out of Treasury, Misys holds a total of 50,787,946 ordinary shares in Treasury. The total number of ordinary shares in issue (excluding Treasury shares) is 500,939,090. Headquartered in the United Kingdom, Misys PLC -- http://www.misys.com/-- provides industry-specific software serving the international banking and healthcare industries and the U.K. general insurance industry. At Nov. 30, 2006, the Company's balance sheet showed strained liquidity with GBP266.5 million in total current assets available to pay GBP331.9 million in total liabilities coming due within the next 12 months. MORGAN & FONE: Creditors' Meeting Slated for February 9 ------------------------------------------------------- Creditors of Morgan & Fone Ltd. will meet at noon on Feb. 9 at the offices of: Gerald Edelman Business Recovery 25 Harley Street London W1G 9BR England Creditors who want to vote at the meeting have until noon on Feb. 8 to submit their proxy forms together with particulars of their claims or of any security at: Suite 1 Kent House Station Road Ashford Kent TN23 1PP England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 7 at the offices of Gerald Edelman Business Recovery. Gerald Edelman -- http://www.geraldedelman.com/-- offers services that include auditing, business development, business recovery, company registration, corporate finance, independent financial planning, litigation support services, IT solutions, taxation, and trusts. NEW SOUND: Creditors' Meeting Slated for February 8 --------------------------------------------------- Creditors of New Sound 2000 Ltd. will meet at 11:30 a.m. on Feb. 8 at: Regus Lakeside House 1 Furzeground Way Stockley Park Heathrow UB11 1BD England Creditors who want to vote at the meeting have until noon on Feb. 7 to submit their proxy forms together with particulars of their claims or of any security at: Robert Day and Co. Ltd. Garfield, Church Lane Oving Aylesbury Buckinghamshire HP22 4HL England Robert Day of Robert Day and Co. Ltd. will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. NWD GROUP: Brings In Joint Administrators from Moore Stephens ------------------------------------------------------------- Phillip Sykes and Nigel Price of Moore Stephens LLP, on Jan. 16, were appointed joint administrators of: -- NWD Group Plc (Company Number 3963747); -- The Design Clinic Ltd. (Company Number 2239404); -- The Alternative Agency Ltd. (Company Number 4367883); -- Oneshoe Digital Ltd. (Company Number 3658228); and -- Twentyfirst Century Communications Ltd. (Company Number 4927392). 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. NWD Group Plc can be reached at: 29-35 Rathbone Street City of Westminster London WT1 1NJ England Tel: 020 8214 1480 Fax: 01206 382 269 ORIENTAL EXPRESS: Appoints Administrators from BDO Stoy ------------------------------------------------------- Francis Graham Newton and David Gilbert of BDO Stoy Hayward LLP were appointed joint administrators of Oriental Express Frozen Foods Ltd. (Company Number 04573429) on Jan. 17. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. Oriental Express Frozen Foods Ltd. can be reached at: Parker Drive Fakenham Norfolk NR21 8RP England Tel: 01328 855 120 OTTAWAY INTERIORS: Brings In Administrators from Begbies Traynor ---------------------------------------------------------------- D F Wilson and J N R Pitts of Begbies Traynor were appointed joint administrators of Ottaway Interiors Ltd. (Company Number 27238208) on Jan. 15. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Ottaway Interiors Ltd. can be reached at: 21-22 West Park Harrogate North Yorkshire HG1 1BJ United Kingdom Tel: 01423 566 566 Fax: 01423 564 830 P A BEVERIDGE: Taps Menzies to Administer Assets ------------------------------------------------ Andrew Gordon Stoneman and Paul David Williams of Menzies Corporate Restructuring were appointed joint administrators of P A Beveridge Flooring Ltd. (Company Number 03917712) on Jan. 10. Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- provides corporate restructuring services including: services for directors or stakeholders of troubled businesses; services to Lenders of troubled businesses; raising rescue funding at short notice; and forensic and fraud services. P A Beveridge Flooring Ltd. can be reached at: T M L House The Anchorage Gosport Hampshire PO12 1LY United Kingdom Tel: 01329 823 737 P M S NEWS: Taps Recovery hjs as Joint Administrators ----------------------------------------------------- Shane Biddlecombe and Gordon John Johnston of Recovery hjs were appointed joint administrators of P M S News Ltd. (Company Number 05548164) on Jan. 3 The administrators can be reached at: Shane Biddlecombe and Gordon John Johnston Recovery hjs 12-14 Carlton Place Southampton Hampshire SO15 2EA United Kingdom Tel: 023 8023 4222 Fax: 023 8023 4888 E-mail: gordon.johnston@hjsaccountants.co.uk P M S News Ltd. can be reached at: 3 Fairbank Road Lintot Square Southwater Horsham West Sussex RH13 9LA United Kingdom Tel: 01403 731 526 Fax: 01403 731 444 PROVENTUS EUROPEAN: S&P Assigns B Rating to Class F Notes --------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR115 million secured floating-rate credit-linked notes to be issued by Proventus European ABS CDO PLC, an SPE. This is a synthetic CDO transaction for Mizuho Corporate Bank Ltd., arranged by Merrill Lynch International. On the effective date, Proventus will issue notes that are credit-linked to a portfolio initially comprising 223 asset- backed securities. For this purpose, Proventus will enter into a CDS with Mizuho, under which the issuer will make protection payments to the counterparty if the cumulative losses in the portfolio exceed the available credit support of each class of notes. Losses will be allocated based on reverse sequential order, starting with the class F notes. In return, the issuer will receive quarterly premium payments from the CDS counterparty. The note issuance will transfer the issuer's exposure under the CDS. At closing, the issuer will invest the class A and B note proceeds in senior collateral. This will comprise EUR40 million of bonds issued by Depfa Bank PLC. The proceeds of the class C, D, E, and F notes will be placed in initial time deposit with Mizuho. The issuer will also enter into a par put swap agreement for the class A and B notes. Any cash settlement amounts regarding these two classes of notes will be funded under the par put swap agreement. Ratings List Proventus European ABS CDO PLC EUR115 Million Secured Floating-Rate Credit-Linked Notes Prelim. Prelim Amount Class rating (EUR Mil) ----- ------- ------------- A AAA 12 B AA 28 C A 20 D BBB 25 E BB 20 F B 10 RBA PLASTICS: Appoints KPMG as Joint Administrators --------------------------------------------------- Paul Andrew Flint and Brian Green of KPMG Corporate Restructuring were appointed joint administrators of RBA Plastics Ltd. on Jan. 18. "We are working directly with customers to try and find a solution so that production can continue," Paul Flint told Creditman UK. According to Creditman, the company had undergone two previous insolvencies. It was first bought from the receivers of Rolinx Plastics Ltd. following its administration in February 2006. Rolinx acquired the business from the receivers of Transtec Ltd., which failed in 2000. 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. Headquartered in Manchester, England, RBA Plastics Ltd. manufactures and supplies injection moulding to automotive and domestic appliance manufacturers. The company has 170 employees across the North West and Wales. For year ended 2006 the company's turnover is around GBP20 million. RUSSELLTON LTD: Creditors' Meeting Slated for February 9 -------------------------------------------------------- Creditors of Russellton Ltd. will meet at 11:00 a.m. on Feb. 9 at: Holiday Inn Emerson Road Washington NE37 1LB England Creditors who want to vote at the meeting have until noon on Feb. 8 to submit their proxy forms together with particulars of their claims or of any security at: C12 Marquis Court Marquis Way Team Valley Gateshead NE11 0RU 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. 7 at: C12 Marquis Court Marquis Way Team Valley Gateshead NE11 0RU England SEA CONTAINERS: Train Unit Recognized for High Standard Stations ---------------------------------------------------------------- Passenger Focus, an independent rail consumer watchdog in the U.K., has recognized Great North Eastern Railway, British unit of Sea Containers Ltd., for the high standards of its station facilities. About 87% of the passengers surveyed were satisfied with GNER's station facilities, as well as train facilities. Connections with other forms of public transport from the station, provision of information about train times/platforms, and staff handling to certain passenger requests in its stations were among the criteria, which GNER earned high marks from respondents. With respect to its train facilities, GNER scored the highest among long distance train operators for 'room to sit or stand', with 74% of passengers satisfied. According to Edinburgh News, the Passenger Focus survey follows a GBP1 million investment by GNER to install new easy-to-read platform departure monitor screens at its stations. Passenger Focus surveyed over 25,000 passengers of Great Britain's railways. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. (Sea Containers Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SISTRA LTD: Creditors' Meeting Scheduled for February 13 -------------------------------------------------------- Creditors of Sistra Ltd. will meet at 10:30 a.m. on Feb. 13 at: Renaissance Derby/Nottingham Hotel M1 J28 Carter Lane East South Normanton DE55 2EH 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 9 at: The P&A Partnership 93 Queen Street Sheffield S1 1WF England The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. SOLUTIA INC: Wants Plan-Filing Period Extended Through June 29 -------------------------------------------------------------- Solutia Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the Southern District of New York to further extend their exclusive periods to file a plan of reorganization through and including April 30, 2007, and to solicit acceptances of that plan through and including June 29, 2007. Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York, tells the Honorable Prudence Carter Beatty that the Debtors have used the previous extensions of their Exclusive Periods to make significant progress on three potential paths to: (1) seek confirmation of a modified version of a Global Settlement, which would provide the 2027 and 2037 noteholders a higher percentage recovery than the general unsecured creditors to resolve the JPM Adversary Proceeding; (2) work on another potential plan that would be funded by the proceeds from the sale of the equity of reorganized Solutia; and (3) analyze the viability of an alternative plan to sell certain businesses, use the cash proceeds from the sales to satisfy liabilities and pay creditors, and reorganize around the remaining businesses. Mr. Henes discloses that in late November 2006, the Debtors prepared and provided a proposal for the Equity Premium Plan to its major stakeholders. In addition, beginning in late November 2006, the Debtors began a month-long sales process, during which it contacted 18 potential purchasers and obtained indications of interest from six of them. He states that the Debtors are continuing to work with the parties that submitted the bids and its stakeholders to develop the Sale Plan. Moreover, Mr. Henes says that the stakeholders whose claims were not satisfied in cash would receive the equity of the reorganized company pursuant to the Modified Sale Plan. Jeffry N. Quinn, Chairman, President and Chief Executive Officer of Solutia, attests that the company has stabilized and improved its businesses, maximized the value of the estate, and provided for a fair distribution of value to its creditors by implementing its four-part strategy, in which: (a) Solutia improved its financial operating performance by recruiting a new management team that instilled greater commercial discipline across all business lines, achieved greater operating performance in its plants, reduced overhead costs, and used the Chapter 11 process to reject unfavorable contracts; (b) Solutia has improved the quality of its asset portfolio; (c) Solutia addressed its legacy liabilities by negotiating an agreement in principle that reallocated the majority of them back to Monsanto Company; and (d) Solutia is working to ensure that it has a competitive capital structure upon emergence by pursuing a plan of reorganization that would leave the company with a much improved and reasonably competitive balance sheet. Mr. Quinn relates that Solutia has reached an agreement in principle with Monsanto and the Official Committee of Unsecured Creditors in June 2005. Solutia also negotiated a comprehensive settlement with the Official Committee of Retirees, providing for a US$175,000,000 trust for the benefit of the company's 20,000 retirees in exchange for significant reductions in future retiree medical and life insurance obligations. Mr. Quinn states, however, that the Plan confirmation process was stalled because: (i) two pending adversary proceedings were commenced by (x) the Official Committee of Equity Security Holders against Monsanto and Pharmacia Corp. in March 2005, and (y) JPMorgan Chase Bank, as indenture trustee, against Solutia in May 2005; and (ii) many of the stakeholders with whom Solutia negotiated the Global Settlement are no longer involved in the bankruptcy cases, and the successors want to negotiate a new deal. Mr. Quinn states that Solutia is currently working to renegotiate an amended plan with the new constituents. However, the renegotiation has proved challenging because the new constituents have a different set of perspectives and expectations than their predecessors, Mr. Quinn tells Judge Beatty. Furthermore, Mr. Quinn avers that even if the Debtors were to reach an agreement now with their stakeholders on the Proposal or with a potential purchaser under the Sale Plan or Modified Sale Plan, the Debtors would still not be able to confirm an amended plan by Feb. 13, 2007. Mr. Henes asserts that extension of the Exclusive Periods is necessary and appropriate for the Debtors to work out a deal under any of the Emergence Paths. Mr. Henes maintains that any additional extension would not pressure creditors, but rather would provide the Debtors with the time to continue their efforts to good-faith negotiations between and among their stakeholders, without any one stakeholder exerting unwarranted leverage over negotiations. Furthermore, Mr. Henes contends that an exclusivity extension is necessary to allow for a Plan confirmation without a final, non- appealable judgment in the JPMorgan Adversary Proceeding. Similarly, the Equity Committee Adversary Proceeding must be resolved before a plan can be approved because of its impact on the Global Settlement, he maintains. Mr. Henes assures the Court that no party will be prejudiced by an extension of the Exclusive Periods because Solutia is paying its debts as they become due, as supported by the Debtors' Court-approved US$1,225,000,000 of debtor-in-possession financing. Mr. Henes maintains that if Solutia loses exclusive control of the plan process, it could jeopardize the Global Settlement, which is necessary to any plan of reorganization. Any disruption in Solutia's control over the plan process could be debilitating and distract Solutia from moving forward with its reorganization efforts, he points out. The Court will convene a hearing on Feb. 8, 2007, at 11:00 a.m., Eastern Time, to consider the Debtors' request. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia, Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- with its subsidiaries, make and sell a variety of high-performance chemical-based materials used in a broad range of consumer and industrial applications. The Company filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. (Solutia Bankruptcy News, Issue No. 78; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) VANTAGE TECHNOLOGIES: Creditors' Meeting Slated for February 21 --------------------------------------------------------------- Creditors of Vantage Technologies (U.K.) Ltd. will meet at 11:30 a.m. on Feb. 21 at: Kent House Station Road Ashford Kent TN23 1PP England Creditors who want to vote at the meeting have until noon on Feb. 20 to submit their proxy forms together with particulars of their claims or of any security 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. 19. WILLIAMS PRECISION: Creditors' Meeting Slated for February 14 ------------------------------------------------------------- Creditors of Williams Precision Engineering Services Ltd. will meet at 10:30 a.m. on Feb. 14 at: Begbies Traynor Tudor Cottages Footscray High Street Sidcup DA14 5HN England Creditors have until noon on Feb. 13 to submit their proxy forms together with particulars of their claims or of any security at: The Old Exchange 234 Southchurch Road Southend-on-Sea Essex SS1 2EG England Lloyd Biscoe of Begbies Traynor will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. WILTSHIRE INT'L: Creditors' Meeting Slated for February 12 ---------------------------------------------------------- Creditors of Wiltshire International Horse Transport Ltd. will meet at 10:30 a.m. on Feb. 12 at: 65 St. Edmunds Church Street Salisbury Wiltshire SP1 1EF England Creditors who want to vote at the meeting have until noon on Feb. 9 to submit their proxy forms together with particulars of their claims or of any security 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. WINCANTON PLC: Sept. 30 Balance Sheet Upside-Down by GBP20.2 Mln ---------------------------------------------------------------- Wincanton plc released its unaudited interim financial results for the half year ended Sept. 30, 2006. Wincanton reported GBP10.1 million in net profit against GBP931.8 in revenues for the half year ended Sept. 30, 2006, compared with GBP10.6 million net profit against GBP879.8 million in revenues for the same period in 2005. At Sept. 30, 2006, the company's balance sheet showed GBP707 million in total assets and GBP727.2 million in total liabilities, resulting in a GBP20.2 million stockholders' deficit. The company's Sept. 30 balance sheet also showed strained liquidity with GBP389 million in current assets available to pay GBP464.9 million in total liabilities coming due within the next 12 months. Headquartered in Chippenham, England, Wincanton plc -- http://www.wincanton.co.uk/-- is a contract logistics services business, which designs, implements and operates a range of supply chain management solutions. WINCANTON PLC: Has 120,145,932 Total Voting Rights as at Jan. 31 ---------------------------------------------------------------- Wincanton Plc disclosed that as of Jan. 31, its capital consists of 120,145,932 Ordinary Shares of 10 pence each with equal voting rights. Wincanton plc holds no ordinary shares in Treasury. Therefore, the total number of voting rights in Wincanton is 120,145,932. The total voting rights figure of 120,145,932 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Wincanton under the FSA's Disclosure and Transparency Rules. Headquartered in Chippenham, England, Wincanton plc -- http://www.wincanton.co.uk/-- is a contract logistics services business, which designs, implements and operates a range of supply chain management solutions. At Sept. 30, 2006, the company's balance sheet showed GBP707 million in total assets and GBP727.2 million in total liabilities, resulting in a GBP20.2 million stockholders' deficit. The company's Sept. 30 balance sheet also showed strained liquidity with GBP389 million in current assets available to pay GBP464.9 million in total liabilities coming due within the next 12 months. WINDMILL MACHINE: Creditors' Meeting Scheduled for February 19 -------------------------------------------------------------- Creditors of Windmill Machine Services Ltd. will meet at 11:00 a.m. on Feb. 19 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. 15 and Feb. 16 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. ********* 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 * * *