/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070404.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, March 30, 2007, Vol. 8, No. 64 Headlines A U S T R I A AVES LLC: Claims Registration Period Ends April 24 CLASSICO WORLDWIDE: Klagenfurt Court Orders Business Shutdown HELMUT MANTSCH: Claims Registration Period Ends April 23 INTERIA LLC: Claims Registration Period Ends April 23 ZIMMEREI SPORN: Creditors' Meeting Slated for April 11 B U L G A R I A NOVA PLAMA: Auctioning Assets on April 18 C Z E C H R E P U B L I C MASONITE CORP: Moody's Affirms B2 Corporate Family Rating D E N M A R K BLOCKBUSTER INC: Good Performance Cues S&P's Ratings' Upgrade F R A N C E EUROTUNNEL GROUP: Meets Requirements to Exit Safeguard Process G E R M A N Y ALBERT STAVENOW: Claims Registration Period Ends May 23 ALLES DICHT: Creditors' Meeting Slated for June 15 AUTOHAUS STAVENOW: Claims Registration Period Ends May 23 AVISPED VERWALTUNGS: Claims Registration Period Ends May 16 BAUSANIERUNG BADERWELT: Claims Registration Period Ends May 15 BENQ CORP: Snubs Mobile Unit's EUR500-Mln Creditors' Claim BLAKQORI MALEREIBETRIEB: Creditors' Meeting Slated for May 8 BLAUBAUM-STAHLARMIERUNGS: Claims Registration Period Ends June 1 BOTEC GMBH: Claims Registration Period Ends May 21 BREEZE FINANCE: Moody's Rates EUR85-Mln Class B Notes at Ba1 DACHKLEMPNERBETRIEB DEICH: Creditors' Meeting Set for April 26 DADDY'S KAFFEE: Claims Registration Period Ends May 30 DUERR AG: Confirms Earnings Improvement Forecast for 2007 GENIUS BAU: Claims Registration Period Ends April 20 GOING LASIK: Claims Registration Period Ends May 18 H&M RECYCLING: Claims Registration Period Ends May 4 HEINRICH PRUESSING: Claims Registration Period Ends May 21 HOBBY & TOYS: Claims Registration Period Ends June 1 HOGESS MASCHINENBAU: Creditors Must Register Claims by May 14 HOLZKONSTRUKTIONSBAU PIPREK: Claims Filing Period Ends April 20 HONNEFER VERLAGSGESELLSCHAFT: Claims Filing Period Ends April 13 HORST SPORKENBACH: Creditors Must Register Claims by May 11 SCHOENBERG + PARTNER: Claims Registration Period Ends May 16 SGL CARBON: Moody's Reviews Low-B Ratings for Upgrade SILVERTEC GMBH: Claims Registration Period Ends May 15 SPIEL-PLANET GMBH: Creditors' Meeting Slated for April 30 TERRAVALOR: Claims Registration Period Ends May 23 TRANSPORT U. LOGISTIK: Claims Registration Ends May 15 WEIER SYSTEME: Claims Registration Period Ends May 8 I R E L A N D AFFILIATED COMPUTER: Unit Inks Settlement with N.C. Health Dept. AFFILIATED COMPUTER: Moody's Affirms Ba2 Corporate Family Rating I T A L Y POPOLARE ITALIANA: Posts EUR39.9 Million Net Loss for 2006 TRW AUTOMOTIVE: Earns US$176 Million for Full Year 2006 K A Z A K H S T A N ANASTASIA LLP: Creditors Must File Claims by May 4 BEREKE-SERVICE LLP: Creditors' Claims Due May 4 COMPANY REM: Proof of Claim Deadline Slated for May 4 INTER-COMPLEX LLP: Claims Registration Ends May 11 INVESTTECHNOPLUS CJSC: Claims Filing Period Ends May 11 KASPY KURYLYS: Claims Registration Period Ends May 11 METALL-INTERIER LLP: Creditors Must File Claims by May 4 SPECIAL ENGINEERING: Creditors' Claims Due May 11 K Y R G Y Z S T A N BAISAL-PARTNERS LLC: Claims Filing Period Ends May 16 SUMMER GOLD: Creditors Must File Claims by May 11 N E T H E R L A N D S AZOVSTAL CAPITAL: Moody's May Lower B3 Rating After Review P O L A N D GDYNIA SHIPYARD: Unlikely to Finish Privatization by June SZCZECIN SHIPYARD: Unlikely to Complete Privatization by June R U S S I A BANK OF MOSCOW: Fitch Affirms IDR at B- with Positive Outlook CARGO-TRANS CJSC: Creditors Must File Claims by April 17 CHEMICAL PRODUCT: Creditors Must File Claims by April 17 CRYSTAL LLC: Creditors Must File Claims by April 17 ECO-KHIM CJSC: Creditors Must File Claims by April 17 FORTUNA CASINO: Creditors Must File Claims by April 17 GAZPROM NEFT: Gazprom Confirms Plans to Buy Yukos' 20% Stake INDUSTRIAL ENERGY: Creditors Must File Claims by April 17 NORTH-WEST CJSC: Creditors Must File Claims by April 17 NOVOLIPETSK STEEL: Inks GO Steel Supply with Tebian Electric OIL TECHNOLOGIES: Creditors Must File Claims by April 17 ORION CJSC: Creditors Must File Claims by April 17 POLYMER-STROY-MATERIALS: Creditors Must File Claims by April 17 RUZAEVSKIY COMBINE: Asset Bidding Deadline Slated for April 12 SBERBANK ROSSII: Raises RUR230.2 Billion from Public Share Sale SHELEKHOVSKIY BAKERY: Creditors Must File Claims by April 17 SITRONICS JSC: Inks Supply Deal with China National Machinery SUAL GROUP: Completes Merger with RUSAL & Glencore Int'l SUAL INT'L: S&P's BB- Ratings Still on Watch After Merger TANTAL-S LLC: Creditors Must File Claims by April 17 TNK-BP HOLDING: Mulls Bidding for Yukos' Other Assets TRANSATLANTIC PETERSBURG: Creditors Must File Claims by April 17 TSIVILSKIY BACON: Court Starts Bankruptcy Supervision Procedure VIMPEL-COMMUNICATIONS: Annual General Meeting Slated for June 29 VNESHTORGBANK JSC: Gains US$500-Mln Credit Line for Sino Exports VNESHTORGBANK JSC: Inks Credit Line Deal with Export-Import Bank YUKOS OIL: Gazprom Confirms Plans to Buy Gazprom Neft Stake YUKOS OIL: Russo-Italian Consortium Eyes Gazprom Neft Stake YUKOS OIL: TNK-BP Holding Mulls Bidding for Co.'s Other Assets * S&P Hikes Leningbrad Oblast's Ratings to BB on Economic Growth S P A I N TOWER AUTOMOTIVE: Selling Assets to Cerberus Capital S W I T Z E R L A N D CREACOM MARKETING: Creditors' Liquidation Claims Due April 11 DELOITTE HOLDING: Creditors' Liquidation Claims Due April 30 MULTING HOLDING: Creditors' Liquidation Claims Due April 11 OKTACARE LLC: Creditors' Liquidation Claims Due April 11 REPGERGASSE 26: Creditors' Liquidation Claims Due April 11 U K R A I N E AZOVSTAL CAPITAL: Moody's May Lower B3 Rating After Review DAMIYA OJSC: Claims Submission Period Ends April 2 DELIVERY INDUSTRIAL: Creditors Must File Claims by April 6 GROD-N LLC: Creditors Must File Claims by April 6 KIRNASOVKA LLC: Creditors Must File Claims by April 2 LIUBOTIN GARDEN: Creditors Must File Claims by April 2 MISSURI LLC: Creditors Must File Claims by April 5 NOVOKRYMSKOE LLC: Claims Submission Period Ends April 5 POULTRY FACTORY: Creditors Must File Claims by April 6 RODINA LLC: Claims Submission Period Ends April 2 STIROL JSC: Rise in Gas Prices Cues Fitch's Junk Ratings SUMY TIRE: Claims Submission Period Ends April 2 TRIUMF AND K: Creditors Must File Claims by April 5 VASILEVKA LLC: Creditors Must File Claims by April 2 U N I T E D K I N G D O M ARROW ELECTRONICS: Moody's Puts Ba2 Rating on Preferred Stock B2B COMMUNICATIONS: Creditors' Meeting Slated for April 5 BRYANT AND TUCKER: Creditors' Meeting Slated for April 12 BRYANT JACKSON: Creditors' Meeting Slated for April 5 BULLOUGH LTD: Brings In Liquidators from Deloitte & Touche CONTRACT TECHNICAL: Claims Filing Period Ends May 19 ECOFLO LTD: Creditors' Meeting Slated for April 4 EUROTUNNEL GROUP: Meets Requirements to Exit Safeguard Process FINEFORM EUROPE: Creditors' Meeting Slated for April 12 FRYMANS FEED: Claims Filing Period Ends April 16 GETTY IMAGES: New Debt Cues S&P to Retain Developing Watch GOODYEAR TIRE: S&P Rates EUR350-Million Revolving Loan at BB- H.J. COOPER: Names Roderick Graham Butcher Liquidator HEATING DIRECT: Taps Joint Administrators from Ernst & Young HUNTSMAN CORP: Moody's Lifts Rating to Ba3 on Debt Reduction ISLEWORTH COACHES: Claims Filing Period Ends May 1 ISOFT GROUP: Fires Steven Graham as Director J A SALISBURY: Names Liquidator to Wind Up Business JMN BUILDING: Creditors' Meeting Slated for April 13 KENSINGTON MORTGAGE: Moody's Puts Ba2 Rating to Class B2 Notes KILLARNEY SPRINGS: Names Administrator from Smith & Williamson LEA VALLEY: Creditors' Meeting Slated for April 26 LONDON TUBE: Names Keith Barry Stout Liquidator MAXFIELDS JEWELLERS: Joint Liquidators Take Over Operations MJD CONSTRUCTION: Appoints Liquidator from Tomlinsons NATIONWIDE KITCHENS: Calls In Liquidators from BWC PHELPS DODGE: Moody's Lifts Rating on US$566.7 Mln Notes to Ba2 RELISYS DIGITAL: Brings In Begbies Traynor as Administrators SIMPSON EVANS: Creditors' Meeting Slated for April 13 SOLUTIA INC: Wants to Acquire Akzo Nobel's 50% Flexsys Stake SOLUTIA INC: Proposes Bidding Procedure for Dequest Sale SPLASH OFFICE: Hires Liquidator from Tomlinsons STAGEIT BY PREMIER: Hires Terry Christopher Evans as Liquidator SUPREMA TILE: Creditors' Meeting Slated for April 5 SWALLOW HOTEL: Paddy Crerar Buys Name from Administrators TUBE ENGINEERING: Claims Filing Period Ends April 27 WHITE STRIPE: Creditors' Meeting Slated for April 11 * Grant Thornton Names Paul McCourt as Senior Manager * BOOK REVIEW: Admiralty and Maritime Law ********* ============= A U S T R I A ============= AVES LLC: Claims Registration Period Ends April 24 -------------------------------------------------- Creditors owed money by LLC Aves (FN 246711k) have until April 24 to file written proofs of claim to court-appointed estate administrator Peter Sommerer at: Dr. Peter Sommerer Nottendorfer Gasse 11 1030 Vienna Austria Tel: 503 17 90 Fax: 503 17 90 444 E-mail: peter.sommerer@at.pwcglobal.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:45 p.m. on May 8 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 March 7 (Bankr. Case No. 6 S 15/07h). CLASSICO WORLDWIDE: Klagenfurt Court Orders Business Shutdown ------------------------------------------------------------- The Land Court of Klagenfurt entered March 7 an order shutting down the business of LLC Classico Worldwide (FN 240506k). Court-appointed estate administrator Karl Safron recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Karl Safron Alter Platz 24/I Second Floor 9020 Klagenfurt Austria Tel: 0463/915 999 Fax: 0463/915999 99 E-mail: kanzlei@anwalt.safron.at Headquartered in Karnten, Austria, the Debtor declared bankruptcy on March 6 (Bankr. Case No. 41 S 17/07h). HELMUT MANTSCH: Claims Registration Period Ends April 23 -------------------------------------------------------- Creditors owed money by LLC Helmut Mantsch (FN 124377h) have until April 23 to file written proofs of claim to court- appointed estate administrator Thomas Steiner at: Mag. Thomas Steiner c/o Dr. Renate Steiner Weihburggasse 18-20/50 1010 Vienna Austria Tel: 513 53 63 Fax: 513 53 63-17 E-mail: steiner.steiner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on May 7 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 6 (Bankr. Case No. 3 S 35/07b). Renate Steiner represents Mag. Thomas Steiner in the bankruptcy proceedings. INTERIA LLC: Claims Registration Period Ends April 23 ----------------------------------------------------- Creditors owed money by LLC interia (FN 258603z) have until April 23 to file written proofs of claim to court-appointed estate administrator Dietmar Endmayr at: Dr. Dietmar Endmayr Vogelweiderstrasse 9 4600 Wels Austria Tel: 07242/26651 Fax: 07242/26651-19 E-mail: office@endmayr-jaegersberger.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on May 3 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Strasse 12 Wels Austria Headquartered in Gallspach, Austria, the Debtor declared bankruptcy on March 6 (Bankr. Case No. 20 S 31/07w). ZIMMEREI SPORN: Creditors' Meeting Slated for April 11 ------------------------------------------------------ Creditors owed money by LLC Zimmerei Sporn (FN 55921m) are encouraged to attend the first creditors' meeting at 9:45 a.m. on April 11. The creditors' meeting will be held at: The Land Court of Salzburg Hall 256 Second Floor Salzburg Austria The Court will also examine the claims at 8:30 a.m. on May 11 at the same venue. Creditors have until April 27 to file written proofs of claim to court-appointed estate administrator Gernot Franz Herzog at: Dr. Gernot Franz Herzog Haunspergstr. 33 5020 Salzburg Austria Tel: 0062-8700460 Fax: 0662-878462 E-mail: office@hauserherzog.com Headquartered in Hallein, Austria, the Debtor declared bankruptcy on March 7 (Case No. 44 S 12/07z). =============== B U L G A R I A =============== NOVA PLAMA: Auctioning Assets on April 18 ----------------------------------------- The production site of Nova Plama JSC will be sold through an auction on April 18 at a starting price of BGN59 million, Dnevnik a.m. says. According to the report, the successful bidder will also acquire all on-site buildings, equipment, machinery and transportation vehicles. As previously reported in the TCR-Europe, the district court in Pleven opened a bankruptcy proceeding against Nova Plama in July 2005. The proceeding is the second in seven years after the Bulgarian oil company failed to implement its rehabilitation plan approved by creditors in 1999. The first proceeding was initiated by State Fund for Reconstruction and Development. The rehab plan extended Plama's repayment of a BGN251.5 million debt until 2031, but in 2003 it must repay creditors BGN30 million. Creditors in the second proceedings claim Plama did not implement this plan. Jorset Holding and DZI Bank, which are collectively owed more than BGN8 million, asked the court to appoint receivers and order the sale of Plama's assets to pay its debt. The company claims the rehab plan was not implemented because it failed to resume operations promptly. Court records show Plama's buyer following its first bankruptcy called "Plama Consortium" had several demands on the government as conditions for reviving operations, among them, legislative amendments concerning the so-called hollow profit. In January 2006, Yorset Holding and DZI Bank filed separate insolvency petitions against Nova Plama. Yorset failed to have Nova Plama declared insolvent, after the Supreme Cassation Court stayed the proceedings against the oil refinery. The Court said Yorset does not own enough credit percentage to ask for an insolvency ruling. Court records show that Yorset and DZI Bank own 14.83% and 7.9% respectively of Nova Plama's BGL241 million debt. Nova Plama is Bulgaria's No.2 oil refinery with annual processing capacity of 1,200,000 metric tons of crude oil. Until 1996, the refinery was the main supplier of base oils, finished oils and special products for all local and most East- European consumers. The refinery is located near the town of Pleven, approximately 160 km Northeast of Sofia and nearly 30 km South from the Danube River. =========================== C Z E C H R E P U B L I C =========================== MASONITE CORP: Moody's Affirms B2 Corporate Family Rating --------------------------------------------------------- Moody's Investors Service affirmed Masonite Corporation's B2 corporate family rating, as well as affirmed the company's Ba3 rating on its senior secured credit facilities. Masonite's outlook has been changed to negative from stable. Masonite's ratings consider the company's recent loss of business from Home Depot, the company's largest customer, high leverage, and low free cash flow generation relative to debt levels. The ratings benefit from Masonite's market position as leading producer of doors in North America. These ratings have been affirmed for Masonite Corporation: -- Corporate family rating, affirmed at B2; -- Probability of default rating, affirmed at B2; -- US$1,172-million Gtd. Sr. Sec. Term Loan due 2013, affirmed at Ba3 (LGD3, 32%); -- US$350-million Gtd. Sr. Sec. Revolver due 2011, rated Ba3 (LGD3, 32%); and -- Speculative grade liquidity rating, affirmed at SGL-3. Masonite's negative outlook incorporates the company's recent announcement of the loss of 50% of Home Depot volume, while balancing the benefits of its revenue mix. The majority of the company's sales came from repair and remodeling. The ratings could come under pressure if free cash flow to debt was projected to fall to below 2% over a 12 month basis, if Debt/EBITDA was to increase to over seven times, if the company violates its covenants, or if additional business is lost from key customers. Further loss of business due to price increases implemented or further weakening market conditions would also pressure the rating downward. The ratings could improve if free cash flow to debt was to increase to above 8% on a projected 12 month basis and if debt to EBITDA fell below four times and was expected to improve further. Headquartered in Ontario, Canada, Masonite manufactures doors and door components with over 80 facilities in 18 countries in North America, Europe, Latin America, Asia and Africa. Revenues for fiscal year 2006 were around US$2.5 billion. ============= D E N M A R K ============= BLOCKBUSTER INC: Good Performance Cues S&P's Ratings' Upgrade ------------------------------------------------------------- Standard & Poor's Ratings Services raised the ratings on Dallas-based Blockbuster Inc. to 'B' from 'B-'. This action reflects the improved operating performance and improved credit protection metrics for the company. At the same time, Standard & Poor's raised the recovery rating on the bank facility to '3' from '5', indicating the expectation for meaningful recovery of principal in the event of payment default. Standard & Poor's affirmed the stable outlook. The ratings reflect its participation in the declining video rental industry, extremely competitive home entertainment market, operational challenges as the company diversifies its distribution channels, dependence on decisions made by the movie studios, and highly leveraged capital structure. "Cash flow protection measures have strengthened and are adequate for the rating category," said Standard & Poor's credit analyst David Kuntz, "but Blockbuster will be challenged to increase movie rental sales, given the industry's weak fundamentals and strong competition." =========== F R A N C E =========== EUROTUNNEL GROUP: Meets Requirements to Exit Safeguard Process -------------------------------------------------------------- Eurotunnel Group disclosed that the principal elements required to save the company were in placed since the Paris Commercial Court approved its safeguard plan on Jan. 15. The company told shareholders that: -- the new credit agreements have been signed; -- the registration document which describes, in 334 pages, the details of the reorganization, has been registered by the French market authority (Autorite des Marches Financiers/AMF), with number i.07-021; -- the offer itself was filed on March 23 by Eurotunnel's presenting banks Lazard Freres, Natixis and Lehman Brothers; and -- although the chosen Registrar of GET SA is BNP Paribas Securities Services, the company will offer a facility for the U.K. shareholders to hold their GET SA shares in the form of Crest Depository Interests through the existing Eurotunnel U.K. Registrar, Computershare Investor Services Plc. After an 11-month suspension, Eurotunnel shares resumed trading on March 27. On its first day, the London-listed shares rose 20% to 30 pence while Paris fell 6.8% to 41 eurocents, BBC News relates. According to Chairman and CEO Jacques Gounon, it is possible that the share price will take some time to settle. The next and last step is the offer for one Eurotunnel SA/PLC unit of one share and one warrant to subscribe for a share in GET SA. The minimum acceptance level was set at 60%. If the market authorities approve the draft offer on April 3, the offer will be launched on April 10. Shareholders will have five weeks, until May 15 to tender their units. If the offer envisaged by the Paris Commercial Court fails, Eurotunnel will go into liquidation, considering the negative equity of GBP1.3 billion. About Eurotunnel Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. Eurotunnel Group files reports in the U.S. Securities and Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and Eurotunnel SA (ETTFF.PK). Eurotunnel obtained Aug. 2 an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). At end of 2006, the group's creditors and bondholder approved a plan to decrease its GBP6.2 billion debt to GBP2.84 billion. On Jan. 15, the Court approved Eurotunnel's safeguard plan, backed by the court-appointed representatives to the company and to the creditors. At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in shareholders' deficit. ============= G E R M A N Y ============= ALBERT STAVENOW: Claims Registration Period Ends May 23 ------------------------------------------------------- Creditors of Albert Stavenow GmbH & Co. KG have until May 23 to register their claims with court-appointed insolvency manager Peter Steuerwald. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 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 II/D Second Floor Haus II Kaiserbleek 8 38640 Goslar Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on July 11 at the same venue. The insolvency manager can be contacted at: Peter Steuerwald Bruchtorwall 6 38100 Braunschweig Germany Tel: 0531/24480-30 Fax: 0531/24480-80 The District Court of Goslar opened bankruptcy proceedings against Albert Stavenow GmbH & Co. KG on March 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Albert Stavenow GmbH & Co. KG Attn: Dr. Lutz Wunderlich amd Josef Schmidt, Managers Schleeke 100 38644 Goslar Germany ALLES DICHT: Creditors' Meeting Slated for June 15 -------------------------------------------------- Creditors of Alles dicht ! Dachdecker GmbH Dachdeckermeisterbetrieb have until June 15 to register their claims with court-appointed insolvency manager Wolf-R. von der Fecht. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on June 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 Krefeld Meeting Hall H 131 First Floor Nordwall 131 47798 Krefeld Germany The Court will also verify the claims set out in the insolvency manager's report at 10:01 a.m. on Aug. 8 at the same venue. The insolvency manager can be contacted at: Dr. Wolf-R. von der Fecht Rheinort 1 40213 Duesseldorf Germany Tel: 0211 13940 Fax: +4902111394251 The District Court of Krefeld opened bankruptcy proceedings against Alles dicht ! Dachdecker GmbH Dachdeckermeisterbetrieb on March 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Alles dicht ! Dachdecker GmbH Dachdeckermeisterbetrieb Jakob-Kaiser-Str.4 47877 Willich Germany Attn: Otto August Wilhelm Wassmann, Manager Berliner Str. 7 37199 Wulften am Harz Germany AUTOHAUS STAVENOW: Claims Registration Period Ends May 23 --------------------------------------------------------- Creditors of Autohaus Stavenow GmbH have until May 23 to register their claims with court-appointed insolvency manager Peter Steuerwald. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 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 II/D Second Floor Haus II Kaiserbleek 8 38640 Goslar Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on July 11, at the same venue. The insolvency manager can be contacted at: Peter Steuerwald Bruchtorwall 6 38100 Braunschweig Germany Tel: 0531/24480-30 Fax: 0531/24480-80 The District Court of Goslar opened bankruptcy proceedings against Autohaus Stavenow GmbH on March 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Autohaus Stavenow GmbH Attn: Lutz Wunderlich and Josef Schmidt, Managers Schleeke 100 38644 Goslar Germany AVISPED VERWALTUNGS: Claims Registration Period Ends May 16 ----------------------------------------------------------- Creditors of AVISPED Verwaltungs- und Beteiligungsgesellschaft mbH have until May 16 to register their claims with court- appointed insolvency manager Henning Samisch. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on June 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Henning Samisch Muehlenkamp 59 D 22303 Hamburg Germany Tel: 040650390 Fax: 04065039199 The District Court of Lueneburg opened bankruptcy proceedings against AVISPED Verwaltungs- und Beteiligungsgesellschaft mbH on March 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: AVISPED Verwaltungs- und Beteiligungsgesellschaft mbH Attn: Karlheinz Thierbach, Manager Segdelstrasse 27 10117 Berlin Germany BAUSANIERUNG BADERWELT: Claims Registration Period Ends May 15 -------------------------------------------------------------- Creditors of BauSanierung Baderwelt GmbH have until May 15 to register their claims with court-appointed insolvency manager Joachim M. E. Voigt-Salus. Creditors and other interested parties are encouraged to attend the meeting at 2:10 p.m. on June 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau 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: Joachim M. E. Voigt-Salus Jacobstrasse 25 04105 Leipzig Germany Tel: 0341/702520 Fax: 0341/7025244 The District Court of Dessau opened bankruptcy proceedings against BauSanierung Baderwelt GmbH on March 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BauSanierung Baderwelt GmbH Semmelweisstrasse 11a 06749 Bitterfeld Germany Attn: Rainer Mauss, Manager Anhaltstr. 60 06749 Bitterfeld Germany BENQ CORP: Snubs Mobile Unit's EUR500-Mln Creditors' Claim ---------------------------------------------------------- BenQ Corp. will not heed the EUR500 million claims sought by the insolvency administrator of the company's German unit, BenQ Mobile GmbH & Co, as there is no legal basis to it, various reports say. BenQ Corp. has denied allegations that it received assets allegedly transferred by BenQ Mobile before the German unit filed for insolvency in September 2006. As reported by the Troubled Company Reporter-Europe on March 26, Martin Prager, the insolvency manager for BenQ Mobile, was seeking to recover EUR382 million from the company's Taipei headquarters and EUR122 million from a Shanghai subsidiary. In an e-mailed statement to Bloomberg News, BenQ stressed that it "does not believe there is a legal basis" for claims made by the unit's insolvency manager. At the same time, contrary to reports, BenQ reiterated, "it has received no document from the insolvency administrator of BenQ Mobile explaining any legal ground for a claim of EUR500 million," XFN Asia says. In addition, Mike Clendenin, writing for the EE Times, quoted the parent company's defense on its move to transfer assets "as actually outstanding payment for goods sold and shipped to the unit from BenQ Corp and its affiliates." BenQ added that, in fact, there was still account receivables of approximately US$216 million by the German unit at the time of the insolvency," the Times notes. BenQ also said that it reserves all rights to hold the insolvency administrator responsible if the administrator makes any incorrect statement without legal ground, which could be damaging to the company's goodwill and interest, Bloomberg says. 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, 2006, 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. * * * 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. BLAKQORI MALEREIBETRIEB: Creditors' Meeting Slated for May 8 ------------------------------------------------------------ The court-appointed insolvency manager for BLAKQORI Malereibetrieb GmbH, Joachim Heitsch, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on May 8. 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 9:15 a.m. on Aug. 28, at the same venue. Creditors have until June 20 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Joachim Heitsch Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against BLAKQORI Malereibetrieb GmbH on March 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BLAKQORI Malereibetrieb GmbH Buergerstrasse 55 12347 Berlin Germany BLAUBAUM-STAHLARMIERUNGS: Claims Registration Period Ends June 1 ---------------------------------------------------------------- Creditors of Blaubaum-Stahlarmierungs-GmbH have until June 1 to register their claims with court-appointed insolvency manager Alexander Naraschewski. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wilhelmshaven Hall 109 Old Building Marktstrasse 15 26382 Wilhelmshaven 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. Alexander Naraschewski Adalbertstr. 2 26382 Wilhelmshaven Germany Tel: 04421/507090 Fax: 04421/507099 E-mail: info@naraschewski.de The District Court of Wilhelmshaven opened bankruptcy proceedings against Blaubaum-Stahlarmierungs-GmbH on March 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Blaubaum-Stahlarmierungs-GmbH Attn: Nicole Moritz and Thomas Blaubaum, Managers Moerte 34 26316 Varel Germany BOTEC GMBH: Claims Registration Period Ends May 21 -------------------------------------------------- Creditors of BOTEC GmbH have until May 21 to register their claims with court-appointed insolvency manager Hans-Peter Valentiner. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on June 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gifhorn Hall 114 Schlossgarten 4 38518 Gifhorn 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 Valentiner Bahnhofstrasse 30 A 29221 Celle Germany The District Court of Gifhorn opened bankruptcy proceedings against BOTEC GmbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BOTEC GmbH Praklastr. 1 31311 Uetze Germany Attn: Wolfgang Boecker, Manager Muehlenkanal 8 29342 Wienhausen Germany BREEZE FINANCE: Moody's Rates EUR85-Mln Class B Notes at Ba1 ------------------------------------------------------------ Moody's Investors Service assigned these provisional ratings to two classes of notes issued by Breeze Finance S.A: -- EUR280-million [ ] percent Class A Guaranteed Secured Bond due 2027: Aaa; and -- EUR85-million [ ] percent Class B Secured Bonds due 2027: Ba1. The ratings on the Class A Bonds reflect a financial guarantee issued by MBIA U.K. Insurance Ltd. Moody's has assessed the underlying credit quality of the Class A Bonds as a Baa2 risk. This transaction is the financing of a pool of wind-farms based in Germany (90%) and France (10%). These wind-farms have been developed by nine independent operators and are using turbines from five different manufacturers. Around 80% of the wind farms are operational, the rest should be commissioned in the next 12 months. Although these wind-farms operate independently, their cash-flows are shared in order to repay the Bonds. The structure relies on two Issuer Borrower Loan Agreements granted to a German and a French Borrower, which are secured on the various accounts and agreements. Moody's notes that a missed payment on the Class B Bonds would not trigger an event of default and an enforcement of the security. According to Moody's, the ratings take account of these factors: (1) the supportive and stable legal framework both in Germany and in France that guarantees feed-in electricity tariffs, (2) the cross-collateralization of the cash-flows between the various wind-farms, (3) the diversification in terms of turbine manufacturer and developers of the different wind-farm projects, (4) the resilience of the structure to downside scenarios in terms of wind resource when relying on the results of the wind survey. The underlying rating of the Class A as well as the rating of the Class B Bonds reflect the wind variability risk combined with the risk of constructing, maintaining and operating these assets. In order to assess the wind resource risk, Moody's reviewed the technical advisers reports and applied various confidence intervals to wind outputs. In order to assess the risk of constructing and operating the turbines in the long term, Moody's reviewed the mitigants within the structure such as business interruption and breakdown insurance policies and applied various stresses to the availability of the turbines. Moody's notes that none of the operators are rated, and that there is no back-up servicer appointed at closing. Regarding the servicing risk in this transaction, Moody's takes comfort from the number of operators involved in this transaction. Each one of them should be able to take on the additional servicing and maintenance resulting from a potential insolvency of one servicer. Moody's also takes comfort from the growing size of the wind sector in Europe, which should guarantee, to a level of comfort consistent with the ratings on the Notes, that spare parts suppliers and maintenance providers will be available in the long term. The ratings address the expected loss posed to investors by the legal final maturity of the notes. In Moody's opinion, the structure allows for timely payment of interest and principal with respect to the Class A Bonds by the legal final maturity. 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. DACHKLEMPNERBETRIEB DEICH: Creditors' Meeting Set for April 26 -------------------------------------------------------------- The court-appointed insolvency manager for Dachklempnerbetrieb Deich GmbH, Knut Rebholz, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:55 a.m. on April 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 10:00 a.m. on Aug. 23 at the same venue. Creditors have until June 22 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Knut Rebholz Cicerostr. 22 10709 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Dachklempnerbetrieb Deich GmbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dachklempnerbetrieb Deich GmbH Goeckestr. 3 13055 Berlin Germany DADDY'S KAFFEE: Claims Registration Period Ends May 30 ------------------------------------------------------ Creditors of Daddy's Kaffee GmbH - Spezialitatenroesterei have until May 30 to register their claims with court-appointed insolvency manager Stephan Ries. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on June 20, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 14 Ground Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Stephan Ries Wall 28 42103 Wuppertal Germany The District Court of Cologne opened bankruptcy proceedings against Daddy's Kaffee GmbH - Spezialitatenroesterei on March 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Daddy's Kaffee GmbH - Spezialitatenroesterei Waidmarktstrasse 4 42499 Hueckeswagen Germany DUERR AG: Confirms Earnings Improvement Forecast for 2007 --------------------------------------------------------- Duerr AG's board of management presented the annual financial statement for 2006 adopted by the supervisory board. Duerr achieved its target in fiscal year 2006 with an improvement in earnings. The company confirmed its expectation of a further significant earnings improvement in 2007. CEO Ralf Dieter held out the prospect of a dividend payment for fiscal year 2007. "We will continue to press ahead with resolve on the path of sustainable earnings improvement in 2007," Mr. Dieter commented. "The Group-wide FOCUS program is being transformed into a continuous improvement process. We want to grow on our own steam and will be taking advantage of the opportunities available to us in the growth markets, in service business and with new customers. A focus will be on new products and developments in the area of energy-saving and resource- conserving systems that take account of environmental aspects." The company completed the capacity adjustments undertaken in connection with the FOCUS program. As announced, a total of 811 jobs have been cut within the Group, 479 of which were in 2006. The focus was on Europe and America. New jobs are being created in the growth markets. The number of employees in Asia increased by 21% to 601 at Dec. 31, 2006, compared with the 495 employees for the same period in 2005. "For 2007 we expect a substantial earnings improvement, which will enable us to pay a dividend," Mr. Dieter disclosed. The company posted EUR7.5 million in net income on EUR1.36 billion in net revenues for 2006, compared with EUR4.3 million in net profit on EUR1.4 billion in net sales for 2005. At Dec. 31, 2006, the company shows EUR1.04 billion in total assets, EUR794.4 million in total liabilities and EUR245.7 million in shareholders' equity. A full-text copy of Duerr AG's annual financial statement is available at no charge at http://ResearchArchives.com/t/s?1c68 About Duerr Headquartered in Stuttgart, Germany, Duerr AG -- http://www.durr.com/en-- supplies products, systems, and services for automobile manufacturing. Its range of products and services covers important stages of vehicle production. As a systems supplier, Duerr plans and builds complete paint shops and final assembly facilities. It also delivers cleaning and filtration systems for the manufacture of engine and transmission components as well as balancing systems. * * * As of Feb. 20, Duerr AG carries these ratings: Moody's: -- Long-term Corporate Family: B2 -- Senior Subordinated Debt: Caa1 -- Outlook: Negative Standard & Poor's -- Long-Term Foreign Issuer Credit: B -- Long-Term Local Issuer Credit: B -- Outlook: Stable GENIUS BAU: Claims Registration Period Ends April 20 ---------------------------------------------------- Creditors of Genius Bau GmbH have until April 20 to register their claims with court-appointed insolvency manager Peter Lameyer. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on May 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leer Woerde 5 26789 Leer Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Lameyer Bremer Str. 76 26789 Leer Germany Tel: 0491/15255 Fax: 0491/15222 The District Court of Leer opened bankruptcy proceedings against Genius Bau GmbH on March 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Genius Bau GmbH Niekampsweg 2 26670 Uplengen Germany GOING LASIK: Claims Registration Period Ends May 18 --------------------------------------------------- Creditors of Going Lasik LLK Augenlaserzentrum GmbH have until May 18 to register their claims with court-appointed insolvency manager Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on June 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jan H. Wilhelm Albert-Einstein-Ring 11/15 22761 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Going Lasik LLK Augenlaserzentrum GmbH on March 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Going Lasik LLK Augenlaserzentrum GmbH Admiralitatstr. 4 20459 Hamburg Germany H&M RECYCLING: Claims Registration Period Ends May 4 ---------------------------------------------------- Creditors of H&M Recycling GmbH have until May 4 to register their claims with court-appointed insolvency manager Florian Stapper. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.m. on June 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 Ground Floor Enforcement Court Bernhard Goering Road 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Florian Stapper Karl-Heine-Strasse 16 04229 Leipzig Germany Tel: 0341/984110 Fax: 0341/9841111 E-mail: leipzig@stapper-korn.de The District Court of Leipzig opened bankruptcy proceedings against H&M Recycling GmbH on March 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H&M Recycling GmbH Attn: Kathrin Mogilka, Manager Hauptstrasse 32 04519 Rackwitz Germany HEINRICH PRUESSING: Claims Registration Period Ends May 21 ---------------------------------------------------------- Creditors of Heinrich Pruessing, Nachfolger, Stahl- und Metallbau-GmbH have until May 21 to register their claims with court-appointed insolvency manager Robert Schiller. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on June 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 Marburg/Lahn Hall 159 District Court Building Universitatsstrasse 48 35037 Marburg/Lahn 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: Robert Schiller Fach 63 Schulstrasse 9 35083 Wetter Germany Tel: 06423/9400-15 Fax: 06423/940024 The District Court of Marburg/Lahn opened bankruptcy proceedings against Heinrich Pruessing, Nachfolger, Stahl- und Metallbau- GmbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heinrich Pruessing, Nachfolger, Stahl- und Metallbau-GmbH Attn: Hans Pruessing, Manager Schornhofstrasse 8 34626 Neukirchen Germany HOBBY & TOYS: Claims Registration Period Ends June 1 ---------------------------------------------------- Creditors of Hobby & Toys GmbH have until June 1 to register their claims with court-appointed insolvency manager Walter Broehan. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 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 Eutin Hall E Eutin 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: Walter Broehan M�hlenstrasse 56 23552 Luebeck Germany The District Court of Eutin opened bankruptcy proceedings against Hobby & Toys GmbH on March 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hobby & Toys GmbH Attn: Diana Petzold, Manager Schulweg 2 K 23617 Stockelsdorf Germany HOGESS MASCHINENBAU: Creditors Must Register Claims by May 14 ------------------------------------------------------------- Creditors of hogess Maschinenbau GmbH have until May 14 to register their claims with court-appointed insolvency manager Volkhard Frenzel. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on June 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 Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Volkhard Frenzel Magdeburger Strasse 23 06112 Halle Germany Tel: 0345/2311111 Fax: 0345/2311199 The District Court of Dessau opened bankruptcy proceedings against hogess Maschinenbau GmbH on March 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: hogess Maschinenbau GmbH Ratswall 8 06749 Bitterfeld Germany HOLZKONSTRUKTIONSBAU PIPREK: Claims Filing Period Ends April 20 --------------------------------------------------------------- Creditors of Holzkonstruktionsbau Piprek GmbH have until April 20 to register their claims with court-appointed insolvency manager Thomas Steger. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall S 2.22 Second Stock William-Strasse 21 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Steger Koelnstrasse 135 53757 Sankt Augustin Germany Tel: 02241/90600 Fax: 02241/21048 The District Court of Bonn opened bankruptcy proceedings against Holzkonstruktionsbau Piprek GmbH on March 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Holzkonstruktionsbau Piprek GmbH Mottmannstr. 5c 53842 Troisdorf Germany HONNEFER VERLAGSGESELLSCHAFT: Claims Filing Period Ends April 13 ---------------------------------------------------------------- Creditors of Honnefer Verlagsgesellschaft mbH have until April 13 to register their claims with court-appointed insolvency manager Christian Frystatzki. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall S 2.22 Second Stock William-Strasse 21 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Frystatzki Sankt Augustiner Strasse 94 a 53225 Bonn Germany Tel: 0228/ 40 09 40 Fax: 40 09 479 The District Court of Bonn opened bankruptcy proceedings against Honnefer Verlagsgesellschaft mbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Honnefer Verlagsgesellschaft mbH Hauptstrasse 38f 53604 Bad Honnef Germany HORST SPORKENBACH: Creditors Must Register Claims by May 11 ----------------------------------------------------------- Creditors of Horst Sporkenbach & Co. GmbH have until May 11 to register their claims with court-appointed insolvency manager Lucas F. Floether. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on June 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court 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: Lucas F. Floether Halberstadter Str. 55 39112 Magdeburg Germany Tel: 0391/5556840 Fax: 0391/5556849 E-mail: magdeburg@feigl.biz The District Court of Magdeburg opened bankruptcy proceedings against Horst Sporkenbach & Co. GmbH on March 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Horst Sporkenbach & Co. GmbH Saalestr. 43-44 39126 Magdeburg Germany Attn: Horst Sporkenbach, Manager Bruno-Wille-Str. 2 39108 Magdeburg Germany SCHOENBERG + PARTNER: Claims Registration Period Ends May 16 ------------------------------------------------------------ Creditors of Schoenberg + Partner GmbH have until May 16 to register their claims with court-appointed insolvency manager Knut Thomas Hofheinz. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on June 7, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hameln Hall 106 Zehnthof 1 31785 Hameln 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: Knut Thomas Hofheinz Am Markte 13 30159 Hannover Germany Tel: 0511-357721-0 Fax: 0511-357721-40 E-mail: hannover@hofheinz-mittendorff.de The District Court of Hameln opened bankruptcy proceedings against Schoenberg + Partner GmbH on March 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schoenberg + Partner GmbH Berliner Strasse 1-3 30952 Ronnenberg-Empelde Germany Attn: Rolf Schoenberg Auf der Gast 30 E 26316 Varel Germany SGL CARBON: Moody's Reviews Low-B Ratings for Upgrade ----------------------------------------------------- Moody's Investors Service placed all ratings of SGL Carbon AG on review for upgrade following improvement in the Company's performance, substantial repayment of the remaining European Union fines and significant deleveraging in the last 12 months. SGL performance in 2006 continued to improve supported by strong volumes and robust pricing environment in all key divisions, while strong operating cash flow generation was primarily supported by enduring demand for graphite electrodes. EBITDA and EBIT margins continued to improve to 16.1% and 11.6% respectively. Taking into account good revenues visibility, the performance outlook for 2007 is expected to remain sound. Strong cash flow generation, as well as the rights issue in early 2006, allowed SGL to repay the bulk of the EU fines in 2006 and cash-provision the remaining fine, while continuing to invest in its operations. The Company applied operating cash flow and divestment proceeds to reduce debt, which declined to x2.8 on adjusted Total Debt/EBITDA basis. At the end of the year, SGL reported EUR103 million in cash on its balance sheet. The Group also has access to the undrawn EUR42-million revolver. The review will concentrate on the assessment of medium-term strategy and financial profile of the Company, evaluation of its development plans, including expansion in Asia, as well as medium-term operating environment. At this time it is envisaged that any upgrade would be limited to one notch. These ratings are effected: -- Ba3 Corporate Family Rating of SGL Carbon AG; -- Ba3 rating on senior secured credit facilities at SGL Carbon AG and certain of its subsidiaries; and -- B2 rating on EUR270-million in senior notes due 2012 at SGL Carbon Luxembourg S.A. Registered in Germany, SGL Carbon is one of the leading international manufacturers of carbon and graphite-based products. For the 12 months ended Dec. 31, 2006, SGL Carbon reported revenues of EUR1,1 billion and EBITDA of EUR192 million. SILVERTEC GMBH: Claims Registration Period Ends May 15 ------------------------------------------------------ Creditors of SilverTEC GmbH have until May 15 to register their claims with court-appointed insolvency manager Stefan von der Ahe. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on June 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 Leer Hall 101 Worde 5 26789 Leer Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan von der Ahe Dr.-Warsing-Str. 205 26802 Moormerland Germany Tel: 04954/9570-0 Fax: 04954/9570-60 The District Court of Leer opened bankruptcy proceedings against SilverTEC GmbH on March 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SilverTEC GmbH Hahnstrasse 14 26842 Ostrhauderfehn Germany Attn: Mario Mackenthum, Manager Hahnstrasse 14 26842 Ostrhauderfehn Germany SPIEL-PLANET GMBH: Creditors' Meeting Slated for April 30 --------------------------------------------------------- The court-appointed insolvency manager for Spiel-Planet GmbH, Jens Lieser, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:35 a.m. on April 30. The meeting of creditors and other interested parties will be held at: The District Court of Montabaur Hall 106 First Stock Bahnhofstrasse 47 56410 Montabaur, Germany The Court will also verify the claims set out in the insolvency manager's report at 8:58 a.m. on Aug. 20 at the same venue. Creditors have until June 22 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Jens Lieser Josef-Goerres-Platz 5 56068 Koblenz Germany Tel: 0261-304790 Fax: 0261-9114729 The District Court of Montabaur opened bankruptcy proceedings against Spiel-Planet GmbH on March 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spiel-Planet GmbH Attn: Marco Voss, Manager Am Schorrberg 5 56470 Bad Marienberg TERRAVALOR: Claims Registration Period Ends May 23 -------------------------------------------------- Creditors of Terravalor Grundstuecksverwaltungsgesellschaft mbH have until May 23 to register their claims with court-appointed insolvency manager Klaus-Werner Bonow. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 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 Wilhelmshaven Hall 109 Old Building Market Route 15-17 26382 Wilhelmshaven 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: Klaus-Werner Bonow Alter Markt 10 D 26441 Jever Germany Tel: 04461/2046 Fax: 04461/72220 E-mail: KlausBonow@t-online.de The District Court of Wilhelmshaven opened bankruptcy proceedings against Terravalor Grundstuecksverwaltungsgesellschaft mbH on march 21. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Terravalor Grundstuecksverwaltungsgesellschaft mbH Freiligrathstrasse 210 26386 Wilhelmshaven Germany Attn: Robert Baar Oelhafendamm 24 A 26384 Wilhelmshaven Germany TRANSPORT U. LOGISTIK: Claims Registration Ends May 15 ------------------------------------------------------ Creditors of Transport u. Logistik GmbH have until May 15 to register their claims with court-appointed insolvency manager Herbert Feigl. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Halle-Saalkreis Hall 1.043 Justizzentrum Thueringer Str. 16 06112 Halle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Herbert Feigl Hansering 1 D 06108 Halle Germany Tel: 0345/212220 Fax: 0345/2122222 The District Court of Halle-Saalkreis opened bankruptcy proceedings against Transport u. Logistik GmbH on March 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Transport u. Logistik GmbH Brachwitzer Str. 2 06198 Salzmuende Germany WEIER SYSTEME: Claims Registration Period Ends May 8 ---------------------------------------------------- Creditors of Weier Systeme GmbH have until May 8 to register their claims with court-appointed insolvency manager Ute Jacob. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on May 25, 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 Eutin Hall A Eutin 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: Ute Jacob Lorentzendamm 19 24103 Kiel Germany The District Court of Eutin opened bankruptcy proceedings against Weier Systeme GmbH on March 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ` Weier Systeme GmbH Otto-Hahn-Strasse 7 23701 Eutin Germany ============= I R E L A N D ============= AFFILIATED COMPUTER: Unit Inks Settlement with N.C. Health Dept. ---------------------------------------------------------------- Affiliated Computer Services Inc. reported that its subsidiaries, ACS State Healthcare LLC, and the North Carolina Department of Health and Human Services, have settled the pending litigation related to the North Carolina Medicaid Management Information System contract. The settlement provides that DHHS withdraw its June 6, 2006, plan to terminate the NCMMIS contract. ACS State Healthcare has agreed, as part of the settlement, to license DHHS certain products in connection with contract. DHHS will pay ACS State Healthcare US$10.5 million in installment basis beginning March 31, 2007, until June 30, 2008. Under the new contract, ACS State Healthcare will render service to DHHS, and will be paid based on achieving certain levels of cost savings. About Affiliated Computer Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.acs-inc.com/-- provides business process outsourcing and information technology solutions to world- class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. AFFILIATED COMPUTER: Moody's Affirms Ba2 Corporate Family Rating ---------------------------------------------------------------- Moody's Investors Service confirmed Affiliated Computer Services' Ba2 corporate family rating and assigned a stable rating outlook, following the company's conclusion of an internal investigation into its options granting practices and restoration to current U.S. Securities and Exchange Commission financial reporting. This rating confirmation concludes a review for possible downgrade initiated on Oct. 2, 2006, which was prompted by the company's internal options granting investigation and a related delay in filing its SEC financial statements. ACS' Ba2 rating is supported by the company's size and profitability as measured by its pretax income of US$450 million and net profit returns on assets adjusted for pensions and leases of about 4% for LTM December 2006. In addition, the company's business profile, as measured collectively by its geographic, business line, and client diversity, is estimated by Moody's to be greater than certain of its I/T services peers. The rating is constrained by management's aggressive growth goal to achieve US$10 billion total revenues for 2010, the company's sluggish internal/organic revenue growth rate, declining commercial operating margins, a legal overhang related to prior improper stock options granting practices, and sizable capital expenditures as a percentage of EBITDA. Moody's believes the company's financial leverage and interest coverage as measured by debt to EBITDA and free cash flow to debt, respectively, may deteriorate as the company pursues further acquisitions and possibly conducts further share repurchases. However, the Ba2 rating assumes that the company's leverage will not exceed 7.2x and that its EBIT to interest ratio will not decline to less than 2x. The stable outlook reflects the company's relatively steady internal revenue growth and healthy operating margins, which are supported by its competitively positioned and well diversified BPO business portfolio. The company's equity value as well as new business award signings has been negatively affected by the stock option backdating investigations and late financial statement filings. The stable outlook assumes that the company's market value and asset book value will converge and that its new business awards will improve over the next twelve months. The ratings could experience upward pressure if the company is able to exhibit continued internal revenue growth, consistent client retention rates, growth of new business signings, and operating margin stability and if its ratio of debt to EBITDA less capital expenditures were to remain below 5.5x. The rating could experience downward pressure if internal revenues and new business signings were to decline or debt to EBITDA less capital expenditures were to increase to over 7.2x, possibly due to realized material legal exposure related to shareholder activity along with acquisition spending and share repurchases. Ratings confirmed include: -- Ba2 Corporate Family Rating; -- US$500-million Senior Secured Notes due 2010 and 2015, Ba2; -- US$3800-million Senior Secured Term Loan facility due 2013, Ba2; and -- US$1000-million Senior Secured Revolving Credit Facility, Ba2. Headquartered in Dallas, Texas, Affiliated Computer Services, with US$5.5 billion LTM December 2006 revenues, is a leading provider of business process outsourcing and I/T outsourcing to commercial clients as well as state and local governments. ========= I T A L Y ========= POPOLARE ITALIANA: Posts EUR39.9 Million Net Loss for 2006 ---------------------------------------------------------- Banca Popolare Italiana Scrl released its financial results for the full year 2006. BPI posted EUR39.9 million in net losses on EUR1.50 billion in net revenues for 2006, compared with EUR743.8 million in net losses on EUR1.28 billion in net revenues for 2005. The company had forecasted a EUR200-million net profit for 2006, but took losses after a series of extraordinary items. In a TCR-Europe report on Mar. 26, BPI's board of directors said it will write off EUR104 million of the EUR448-million loan availed to Dutch foundation Stichting Bakery Finance following a survey by Tamburi & Associati on its financial exposure to Kamps and Harry's, AFX News says. BPI used Stitching as vehicle to acquire Kamps and Harry's. In a TCR-Europe report on Mar. 28, BPI's board canceled a promised ordinary dividend. The board excluded the dividend payout from the company's annual results. BPI, however, will confirm the extraordinary dividend announced in relation to its merger with Banco Popolare di Verona e Novara. In October 2006, the Board of Directors of BPI accepted an EUR8.2-billion takeover offer from larger rival BPVN. BPI and BPVN will form a holding company that will launch a share swap to stakeholders of the groups: -- 0.43 share for every BPI share, and -- a share for every BPVN share. Aside from the share swap, BPI would distribute an extraordinary dividend of EUR2 per share, for a total cash of EUR1.5 billion, to existing shareholders. The share-and-cash offer values BPI at EUR12 per share, based on BPVN's share price of EUR22.81 on Oct. 13, 2006. About Banca Popolare Italiana Headquartered in Lodi, Italy, Banca Popolare Italiana -- http://www.bancapopolareitaliana.it/-- attracts deposits and offers commercial banking services. The Bank offers securities brokerage, asset management, mortgage loans, insurance, lease financing and treasury services and manages mutual funds. Through a subsidiary, Banca Popolare Italiana offers merchant banking services and medium- and long-term lending. * * * As of Feb. 23, BPI carries Moody's Investors Service's D financial strength rating, Ba2 junior subordinated debt rating, and Ba2 preferred stock and Tier III debt ratings. At the same time, BPI also carries Fitch's C financial strength rating, BB+ junior subordinated debt rating, and BB+ preferred stock rating. TRW AUTOMOTIVE: Earns US$176 Million for Full Year 2006 -------------------------------------------------------- TRW Automotive Holdings Corp. reported fourth-quarter and year- end 2006 financial results for the period ended Dec. 31, 2006. Full year net earnings in 2006 were US$176 million, which compares to US$204 million in the 2005 period. For full-year 2006, the company reported sales of US$13.1 billion, an increase of US$501 million, as compared with prior period sales of US$12.6 billion. The current year benefited from incremental sales related to the acquisition of Dalphimetal. Additionally, sales benefited from increased safety product sales and foreign currency translation, partially offset by a decline in North American customer vehicle production and price reductions provided to customers. Net earnings in 2006 and 2005 were impacted by certain non- recurring items, including 2006 expenses of US$57 million, or US$40 million after-tax, related to the Lucas bond tender transaction. The 2005 results included net income of US$28 million comprised of a one-time tax gain of US$17 million stemming from a tax law change in Poland and the litigation reserve adjustment of US$18 million, offset partially by debt retirement expenses of US$7 million. Net earnings excluding these items from both periods were US$216 million in 2006, which compares to US$176 million in 2005. As of Dec. 31, 2006, the company had US$11.1 billion in total assets, US$8.6 billion in total liabilities, and US$109 million in minority interests, resulting to US$2.4 billion in total stockholders' equity. A full-text copy of the company's annual report is available for free at http://ResearchArchives.com/t/s?1c4b Fourth Quarter 2006 The company reported fourth-quarter 2006 sales of US$3.3 billion, an increase of US$136 million over the prior year period. The 2006 quarter benefited from the positive effect of foreign currency translation, incremental sales related to the acquisition of Dalphimetal in October 2005, and growth from safety products and modules. These positives were partially offset by historically low customer vehicle production volumes in North America and price reductions provided to customers. The company reported fourth-quarter 2006 net earnings of US$33 million, which compares to US$59 million in the 2005 period. Fourth quarter 2006 net earnings excluding the US$17 million tax benefit discussed previously were US$16 million. In comparison, net earnings for the 2005 period excluding the one- time litigation reserve adjustment of US$18 million were US$41 million. "Despite facing significant second half operating challenges, we are pleased to report solid 2006 financial results that exceeded the business objectives we set at the beginning of the year," said John Plant, president and chief executive officer. "The company performed well in a difficult business environment, especially in North America where sustained pressures from domestic OEM market share losses and commodity inflation have taken a heavy toll on the industry. Our steady financial performance over the past few years can be attributed to the strength of our safety portfolio, together with industry leading diversification and extensive cost reduction actions. Additionally, we are making considerable investments to enhance our technology and our global presence in the marketplace, with the ultimate goal of growing the company profitably and competitively over the long term," Mr. Plant, continued. Cash Flow and Capital Structure Net cash provided by operating activities during the fourth quarter and full year was US$397 million and US$649 million, respectively. In the comparable 2005 period, the company's cash flow from operating activities was US$380 million in the fourth quarter and US$502 million for the full year. Fourth quarter capital expenditures were US$195 million compared to US$222 million in 2005. For the year 2006, capital expenditures were US$529 million, which compares to US$503 million in the previous year. On Nov. 10, 2006, the company repurchased Northrop Grumman Corporation's remaining ownership position of 9.7 million shares of TRW's common stock. Separately, on the same day, TRW sold 6.7 million of its common stock through a public offering. Proceeds generated from the offering were used to fund a portion of the Northrop Grumman stock repurchase. The net cash impact to the company as a result of the stock transactions, which resulted in a 3 million decline in shares outstanding, was US$56 million. As of Dec. 31, 2006, the company had US$3 billion of debt and US$589 million of cash and marketable securities, resulting in net debt of US$2.4 billion. The year-end 2006 net debt level decreased US$117 million, as compared with the year-end 2005 level, which represents solid progress considering 2006 cash outflows related to the Lucas bond tender transaction premiums of US$57 million and US$56 million related to the November 2006 stock transactions. About TRW Automotive Headquartered in Livonia, Michigan, TRW Automotive Holdings Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive supplier. Through its subsidiaries, the company employs about 63,800 people in 26 countries including Brazil, China, Germany and Italy. TRW Automotive products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems, electronics, engine components, fastening systems and aftermarket replacement parts and services. * * * Fitch Ratings affirmed TRW Automotive Holdings Corp.'s BB Issuer Default Rating, BB+ Senior secured bank lines, BB- Senior unsecured notes, and B+ Senior subordinated unsecured Notes on September 2006. =================== K A Z A K H S T A N =================== ANASTASIA LLP: Creditors Must File Claims by May 4 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Anastasia insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-79-32 BEREKE-SERVICE LLP: Creditors' Claims Due May 4 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Bereke-Service insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Atyrau Third Floor Abai Str. 10a Atyrau Kazakhstan Tel: 8 (31222) 32-90-02 COMPANY REM: Proof of Claim Deadline Slated for May 4 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Company Rem insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-79-32 INTER-COMPLEX LLP: Claims Registration Ends May 11 -------------------------------------------------- LLP Inter-Complex has declared insolvency. Creditors have until May 11 to submit written proofs of claim to: LLP Inter-Complex Aiteke bi Str. 2 Shymkent South Kazakhstan Region Kazakhstan INVESTTECHNOPLUS CJSC: Claims Filing Period Ends May 11 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared CJSC Investtechnoplus insolvent. Creditors have until May 11 to submit written proofs of claim to: CJSC Investtechnoplus P.O. Box 72 Main Post Office 050000 Almaty Kazakhstan Tel: 8 777 241 79-98 KASPY KURYLYS: Claims Registration Period Ends May 11 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Kaspy Kurylys Atyrau insolvent. Creditors have until May 4 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Atyrau Third Floor Abai Str. 10a Atyrau Kazakhstan Tel: 8 (31222) 32-90-02 METALL-INTERIER LLP: Creditors Must File Claims by May 4 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region has declared LLP Metall-Interier insolvent. Creditors have until May 4 to submit written proofs of claim to: LLP Metall-Interier Seifullin Str. 37 Uralsk West Kazakhstan Region Kazakhstan SPECIAL ENGINEERING: Creditors' Claims Due May 11 ------------------------------------------------- LLP Special Engineering Service has declared insolvency. Creditors have until May 11 to submit written proofs of claim to: LLP Special Engineering Service Verhnyaya Str. 40-6 Uralsk West Kazakhstan Region Kazakshtan Ten: 8 (3112) 53-81-42 =================== K Y R G Y Z S T A N =================== BAISAL-PARTNERS LLC: Claims Filing Period Ends May 16 ----------------------------------------------------- LLC Baisal-Partners has declared insolvency. Creditors have until May 16 to submit written proofs of claim to: LLC Baisal-Partners Bokonbaev Str. 133/1 Bishkek Kyrgyzstan SUMMER GOLD: Creditors Must File Claims by May 11 ------------------------------------------------- The Representation of LLC Summer Gold has declared insolvency. Creditors have until May 11 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 66-50-91. ===================== N E T H E R L A N D S ===================== AZOVSTAL CAPITAL: Moody's May Lower B3 Rating After Review ---------------------------------------------------------- Moody's Investors Service Inc placed on review for possible downgrade the B3 rating for the senior unsecured loan participation notes due 2011 issued by Azovstal Capital B.V., a Dutch special purpose vehicle. The notes are issued for the sole purpose of financing Azovstal Capital B.V.'s 100% sub-participation in a loan extended by Moscow Narodny Bank Ltd. to Azovstal Iron and Steel Works. The corporate family rating of Azovstal was affirmed at B2. The rating review was prompted by the absence of reduction in secured indebtedness, which continues to represent 47% of gross debt. When initially rating the notes one notch below the corporate family rating in February 2006, Moody's expected structural and contractual subordination to reduce below 20% of total debt. In fact, with secured debt currently at around 47% there continues to be a sizeable amount of debt ranking ahead of the senior notes. The rating review will primarily focus on the company's financial and funding strategy, but will also assess the current operating performance and cash flow prospects of the company. Azovstal, located in Mariupol on the shore of Azov Sea, is Ukraine's third-largest steel producer with an annual production capacity of 6.5 million metric tons. The company reported sales of around UAH12.92 trillion (around US$2.48 billion) in 2005. Azovstal is majority-owned by Ukrainian metals and mining conglomerate System Capital Management. =========== P O L A N D =========== GDYNIA SHIPYARD: Unlikely to Finish Privatization by June --------------------------------------------------------- Poland's Deputy Treasury Minister Slawomir Urbaniak acknowledged that the privatization of the Szczecin and Gdynia shipyards by the cabinet would not be finished by June, Polish News Bulletin reports. According to the report, the European Union may decide that the sector restructuring and public aid procedure for the shipyards were fruitless. "We may have to return PLN2 billion, which means that the shipyard would go bankrupt," Deputy Economy Minister Pawel Poncyliusz was quoted by Polish News as saying. At the same time, cabinet representatives believed that the delay would not influence the European Union's decision negatively. The European Commission required the reduction of the shipyard's capacity. "We've suggested reducing the capacity to 650,000 compensated gross tons but the Commission stated that Polish shipyards would not be able to use even such capacities," Mr. Poncyliusz told Polish News. The shipyards will try to convince the commission that the companies will be unprofitable following reduction. SZCZECIN SHIPYARD: Unlikely to Complete Privatization by June ------------------------------------------------------------- Poland's Deputy Treasury Minister Slawomir Urbaniak acknowledged that the privatization of the Szczecin and Gdynia shipyards by the cabinet would not be finished by June, Polish News Bulletin reports. According to the report, the European Union may decide that the sector restructuring and public aid procedure for the shipyards were fruitless. "We may have to return PLN2 billion, which means that the shipyard would go bankrupt," Deputy Economy Minister Pawel Poncyliusz was quoted by Polish News as saying. At the same time, cabinet representatives believed that the delay would not influence the European Union's decision negatively. The European Commission required the reduction of the shipyard's capacity. "We've suggested reducing the capacity to 650,000 compensated gross tons but the Commission stated that Polish shipyards would not be able to use even such capacities," Mr. Poncyliusz told Polish News. The shipyards will try to convince the commission that the companies will be unprofitable following reduction. =========== R U S S I A =========== BANK OF MOSCOW: Fitch Affirms IDR at B- with Positive Outlook ------------------------------------------------------------- Fitch Ratings affirmed Russia-based Credit Bank of Moscow's ratings at Issuer Default 'B-', Short-term 'B', Individual 'D', Support '5' and National Long-term 'BB+'. The Outlooks on the Issuer Default and National Long-term ratings remain Positive. "Stable or improving profitability ratios on the back of franchise expansion, continued moderate loan impairment and adequate capitalization levels could lead to a rating upgrade," Vladimir Markelov, Associate Director of Fitch's Financial Institutions team in Moscow, said. "If the bank's profitability worsens or asset quality deteriorates substantially, the Outlooks could be revised to Stable." The ratings reflect the bank's reduced core profitability and risks resulting from rapid asset growth as well as certain weaknesses in the Russian operating environment. However, they also take into account the bank's good asset and earnings quality and the considerable progress made in funding diversification. Loan impairment is very low following modest write-offs in 2006, and exposure to higher return/higher risk sectors is modest. Quality of earnings is also strong with fees and commissions making up about one third of operating revenue and the share of volatile trading gains being negligible. The bank has made significant progress in diversifying and lengthening the maturity of its funding base. Capitalization is currently adequate with the Tier I ratio at end-2006 equal to 15.7%, although rather thin loan impairment reserves mean that should asset quality deteriorate, equity would be hit. CBOM's management is focusing on business development and franchise growth rather than current profitability. In 2006, the bank opened 2 branches and 21 mini-offices in the Moscow/Moscow region to support its expansion. This on the back of narrowing margins resulted in reduced profitability ratios. In total assets, CBOM was ranked the 57th-largest Russian bank at end-2006. Its core business lies in providing banking services to medium-sized trading companies and also retail customers in Moscow and the Moscow region. It is owned by Roman Avdeev. CARGO-TRANS CJSC: Creditors Must File Claims by April 17 -------------------------------------------------------- Creditors of CJSC Cargo-Trans have until April 17 to submit proofs of claim to: P. Tarasov, Insolvency Manager Post User Box 19 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-31575/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Cargo-Trans Gagarina Pr. 2 St. Petersburg Russia CHEMICAL PRODUCT: Creditors Must File Claims by April 17 -------------------------------------------------------- Creditors of CJSC Chemical Product have until April 17 to submit proofs of claim to: P. Tarasov, Insolvency Manager Post User Box 19 Ops-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-32564/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Chemical Product Gagarina Pr. 1 St. Petersburg Russia CRYSTAL LLC: Creditors Must File Claims by April 17 ---------------------------------------------------- Creditors of LLC Crystal have until April 17 to submit proofs of claim to: N. Popov, Insolvency Manager Post User Box 366 Ops-100 170100 Tver Russia The Arbitration Court St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-36597/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: LLC Crystal Zheleznovodskaya, 17/5 St. Petersburg Russia ECO-KHIM CJSC: Creditors Must File Claims by April 17 ----------------------------------------------------- Creditors of CJSC Eco-Khim have until April 17 to submit proofs of claim to: R. Musin, Insolvency Manager Post User Box 19 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-31562/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Eco-Khim Kostyushko 62 St. Petersburg Russia FORTUNA CASINO: Creditors Must File Claims by April 17 ------------------------------------------------------ Creditors of CJSC Fortuna Casino St. Petersburg have until April 17 to submit proofs of claim to: A. Trifonov, Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-26926/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Fortuna Casino St-Petersburg Letter A Na.r.Moyki 48 St. Petersburg Russia GAZPROM NEFT: Gazprom Confirms Plans to Buy Yukos' 20% Stake ------------------------------------------------------------ OAO Gazprom has confirmed plans to acquire OAO Yukos Oil Co.'s 20% stake in Gazprom Neft, Interfax News reports. Eduard Rebgun, Yukos's bankruptcy receiver, will solicit higher and better offers through an auction on April 4. These assets will be sold as one lot: -- 20% stake in Gazprom Neft -- 100% stake in Arcticgaz, -- 100% stake in Urengoil Inc, and -- 19 more Yukos assets. The lot has starting price of RUR144,776,328,088. Gazprom included Gazprom Neft stake as one of its planned acquisitions for 2007, Interfax News cites the firm's corporate magazine. Gazprom had allotted around RUR99.6 billion in its 2007 budget to acquire the shares. Gazprom's board has approved a strategy for the development of the oil business to 2020, in which Gazprom Neft will play a vital role, Interfax News further cites the magazine. Gazprom, citing international consultants, estimated Gazprom Neft's value to reach US$40 billion in 2020, subsequently increasing the oil firm's value by around US$30 billion. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX: GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. 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 Russian 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. About Gazprom Neft Headquartered in Moscow, Russia, OAO Gazprom Neft -- http://www.gazprom-neft.ru/-- explores, produces, refines, markets, produces and sells petroleum products. The Company holds oilfield exploration and development licenses in the Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as in the Omsk and Tomsk regions, and in Chukotka. The Company' smain oil processing center is the Omsk Refinery. * * * As reported in the TCR-Europe on Nov. 20, 2006, Standard & Poor's Ratings Services placed its 'BB+' corporate credit rating and 'ruAA+' national scale rating on Russia-based oil company JSC Gazprom Neft on CreditWatch with positive implications. INDUSTRIAL ENERGY: Creditors Must File Claims by April 17 --------------------------------------------------------- Creditors of CJSC Industrial Energy have until April 17 to submit proofs of claim to: E. Smirnov, Temporary Insolvency Manager Post User Box 617 603000 Nizhniy Novgorod Russia The Arbitration Court of Nizhniy Novgorod will convene at 2:10 p.m. on June 5 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A43-35545/ 2006, 36-1119. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: CJSC Industrial Energy Proviantskaya Str. 6 Nizhniy Novgorod Russia NORTH-WEST CJSC: Creditors Must File Claims by April 17 ------------------------------------------------------- Creditors of CJSC Source of Raw Materials North-West have until April 17 to submit proofs of claim to: P. Tarasov, Insolvency Manager Post User Box 19 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-31581/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Source of Raw Materials North-West Premise 3-N Letter A Moskovskoye Shosse, 6 St. Petersburg Russia NOVOLIPETSK STEEL: Inks GO Steel Supply with Tebian Electric ------------------------------------------------------------ Novolipetsk Steel has signed a long-term supply agreement with Tebian Electric Apparatus Stock Co. Ltd. to supply grain- oriented (GO) electrical steel to China. The agreement will ensure a stable supply of GO steel produced by NLMK Group companies to China. NLMK will supply 94,000 tonnes of grain-oriented steel to TBEA during the period 2007- 2011. The agreement has a total value of US$460 million. The parties have nominated "Russteel" trading company to act as a commercial agent for shipments under the agreement. The agreement is of strategic value to both parties. NLMK will increase its supply of high value-added products to Chinese consumers while TBEA will develop its competitive advantages in the domestic and global electrical products market. The parties have agreed to conduct regular monitoring of the efficiency of TBEA finished electrical products. The parties will also exchange information about major trends and developments in the transformer manufacturing industry in China as well as other countries. This approach will enable NLMK to obtain essential information to continue to improve GO steel quality. "This agreement is an important step in developing NLMK's relations with fast-growing Chinese producers," Alexei Lapshin, President of NLMK, said. "Securing a stable GO steel supply to China will allow NLMK to increase the production of high value- added products along with ongoing quality improvements and gain a strong position in the growing Chinese market." "NLMK and TBEA hold leading market positions," Yu Jun, General Director of TBEA, said. "This agreement is a result of the unique match of interest between our two companies. I strongly believe that that strategic relations between TBEA, the largest Chinese producer of transformers, and NLMK, one of the world's leading GO steel producers, are mutually beneficial not only for our companies but also for the development of trade relations between China and Russia." According to the agreement, the first GO steel supply contacts should be signed in the first half of 2007. About Novolipetsk Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC -- http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot- rolled steel, and a variety of value-added steel products, such as cold-rolled sheet, electrical steel and other specialty flat products. The group also operates in Denmark. The group entered the Danish steel market in the first quarter of 2006 by acquiring a 100% stake at DanSteel A/S. * * * In a TCR-Europe report on Jan. 17, Fitch Ratings assigned OJSC Novolipetsk Steel an Issuer Default BB+ rating, a Short-term B rating and a National Long-term AA rating. Fitch said The Outlooks on the Issuer Default and National Long-term ratings are Stable. In December 2006, Moody's Investor's Service upgraded the corporate family rating for Novolipetsk Steel from Ba2 to Ba1. Moody's said the outlook for the rating is stable. The Moody's Interfax Rating Agency has upgraded the national scale rating for NLMK from Aa2.ru to Aa1.ru. At the same time, Standard & Poor's Ratings Services said that its ratings and outlook on Russian steelmaker OJSC Novolipetsk Steel (NLMK;BB+/Stable/--; Russia national scale 'ruAA+') are unchanged by the announcement of NLMK's acquisition of a 50% share in a joint venture with Duferco Group for US$850 million OIL TECHNOLOGIES: Creditors Must File Claims by April 17 -------------------------------------------------------- Creditors of CJSC Oil Technologies have until April 17 to submit proofs of claim to: A. Trifonov, Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-30502/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Oil Technologies Letter B Sedova 57 St. Petersburg Russia ORION CJSC: Creditors Must File Claims by April 17 -------------------------------------------------- Creditors of CJSC Orion have until April 17 to submit proofs of claim to: N. Chistyukhin, Temporary Insolvency Manager Post User Box 98 308036 Belgorod-36 Russia The Arbitration Court of Kursk will convene at 10:20 a.m. on June 6 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A35-8632/06 g. The Court is located at: The Arbitration Court of Kursk K. Marksa Str. 25 305004 Kursk Russia The Debtor can be reached at: CJSC Orion Stroitelnaya Str. 1 Gorshechnoye 305800 Kursk Russia POLYMER-STROY-MATERIALS: Creditors Must File Claims by April 17 --------------------------------------------------------------- Creditors of OJSC St. Petersburgfactory Polymer-Stroy-Materials have until April 17 to submit proofs of claim to: P. Tarasov, Insolvency Manager Post User Box 19 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-28031/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: OJSC St. Petersburgfactory Polymer-Stroy-Materials Irinovskiy Pr. 1 St. Petersburg Russia RUZAEVSKIY COMBINE: Asset Bidding Deadline Slated for April 12 -------------------------------------------------------------- LLC Stolichnyj Proekt, the bidding organizer for OJSC Ruzaevskiy Combine Stroy-Ceramics, will open a public auction for the company's properties at 11:00 a.m. on April 17 at: OJSC Ruzaevskiy Combine Stroy-Ceramics Stanislavskogo Str. 1 Ruzaevka Mordoviya Russia Interested participants have until April 12 to deposit an amount equivalent to 10% of the starting price to: OJSC Ruzaevskiy Combine Stroy-Ceramics Settlement Account 40702810504600140910 Correspondent Account 3010181010000000000754 TIN 1324025430 KPP 132401001 BIK 048952754 OJSC Bank Vozrozhdeniye Saransk Russia Bidding documents must be submitted to: LLC Stolichnyj Proekt, Bidding Organizer Aleksandrovskoye Shosse 14 Saransk 430000 Mordoviya Russia The Debtor can be reached at: OJSC Ruzaevskiy Combine Stroy-Ceramics Stroitelnaya Str. 1 Saransk 430000 Mordoviya Russia SBERBANK ROSSII: Raises RUR230.2 Billion from Public Share Sale ---------------------------------------------------------------- OAO Sberbank Rossii raised around RUR230.2 billion from its recently concluded initial public offering held from Feb. 22 to March 24, RIA Novosti reports. The amount represents 2,587,000 shares sold at RUR89,000 each, RIA Novosti reports citing the bank's supervisory board. The company received payment for 95% of the total submitted bids. The company placed around 73.9% of the share offering. In a TCR-Europe report on Mar. 2, Sberbank Rossii CEO Andrei Kazmin disclosed that a large number of the 49,197 applications submitted -- including 262 requests from non-residents -- during the placement for its secondary offering of 3.5 million shares came from Russia. Sberbank's current shareholders exercised their pre-emptive rights to acquire 1,643,489 shares at RUR146.3 billion, representing 99% of their submitted bids or 46.96% of the new share offering. About Sberbank Headquartered in Moscow, OAO Sberbank Rossii -- http://www.sbrf.ru/eng/-- provides a full range of banking services, including commercial, investment, merchant, mortgage, and retail banking, and a complete range of travel, lending, and credit services. The Bank operates through 17 territorial banks, 921 divisions, and 19,390 subdivisions across Russia. * * * As of Feb. 1, 2006, Sberbank carries Moody's Investors Service's D financial strength rating with stable outlook. At the same time, the bank also carries Fitch's C Individual Rating. SHELEKHOVSKIY BAKERY: Creditors Must File Claims by April 17 ------------------------------------------------------------ Creditors of LLC Shelekhovskiy Bakery (TIN 3821003918, OGRN 1023802254431) have until April 17 to submit proofs of claim to: I. Kozlov, Temporary Insolvency Manager Office 7 K. Libknekhta Str. 153 664047 Irkutsk Russia The Arbitration Court of Irkutsk will convene at 10:00 a.m. on June 18 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A19-27084/06-38. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: LLC Shelekhovskiy Bakery Kultukskiy Trakt, 23 Shelekhov Irkutsk Russia SITRONICS JSC: Inks Supply Deal with China National Machinery ------------------------------------------------------------- Gennady Krasnikov, head of Sitronics Microelectronic Solutions business division and General Director of Mikron, and He Guozhong, vice president of China National Machinery Import & Export Corp., signed a US$75 million contract for supplies of microelectronic products to China for a term of five years. The signing ceremony took place at Chinese National Exhibition opened in Moscow. Russian President Vladimir Putin and the President of the People's Republic of China Hu Jintao attended the Exhibition opening ceremony. The contract between the companies was signed in the framework of the intergovernmental agreement between Russia and China on discharge of the state debt of former USSR to China. According to the contract, companies-members of SITRONICS Microelectronic Solutions business division will supply their products to China National Machinery Import & Export Corp for repayment of this debt. Russian Ministry of Economic Development and Trade of the Russian Federation will remit funds for accomplished works to JSC Sitronics on the basis of acceptance report of Chinese Ministry of Commerce. "China is the largest world purchaser of microelectronic products," Mr. Krasnikov said. "Enterprises of our business division are supplying electronic components to its market for more than 15 years. China accounted for 40% of all export supplies in 2006. It is logical that exactly Sitronics became the party to the intergovernmental agreement on repayment of the state debt of former USSR to China." About Sitronics Headquartered in Moscow, Russia, JSC Sitronics -- http://www.sitronics.com/-- provides telecommunications solutions, IT solutions and microelectronic solutions in the CIS region with a rapidly growing presence in other EEMEA markets. Sistema controls the company. The company also operates in Russia, CIS countries, Eastern Europe, Middle East, Africa and North America. * * * Fitch Ratings assigned Sitronics JSC a Long-term IDR rating of B- with a Stable Outlook and an expected rating of B- to Sitronics' guaranteed up to US$200 million bond with a maturity of three years. The assignment of the final bond rating is contingent on receipt of final documents conforming to information already received. SUAL GROUP: Completes Merger with RUSAL & Glencore Int'l -------------------------------------------------------- Siberian-Urals Aluminium Company, Russky Alyuminiyum and Glencore International AG have formally merged into United Company RusAl, RIA Novosti reports. RusAl chief executive Alexander Bulygin will head the firm as director general while former SUAL chairman Viktor Vekselberg will sit as chairman, RIA Novosti relates. The new firm will have a 12-member board: six from RusAl, two from Sual, one from Glencore and three independent directors. The firm will name the third independent director on July 1. "By using the global scale of the business and the financial power of the united company, its access to hydro-resources and technological solutions, we will prepare for a new development stage of creating an international energy and metals corporation," Mr. Bulygin was quoted by RIA Novosti as saying. "We will concentrate on further development of our corporate management system, which will allow the united company to meet the highest standards in relations with clients, business partners, and investors," Mr. Vekselberg told RIA Novosti. The three firms agreed on Oct. 9, 2006, to merge their assets to form United Company RusAl, with RusAl holding a 66% stake, Sual 22% and Glencore 12%. The combined company would have a total production capacity of 4 million tons of aluminum and 11 million tons of alumina. The merged company will hold 12.5% of the global primary aluminum market and 16% of the worldwide alumina market, RIA Novosti relates. The merged company will operate in 17 countries and employ more than 110,000 people. The Federal Anti-Monopoly Service, the European Commission and anti-monopoly authorities in Ukraine, Montenegro and Turkey had already approved the merger. As reported in the TCR-Europe on Nov 15, 2006, the United Company Rusal will include these RUSAL assets: -- Bratsk Aluminium Smelter, -- Krasnoyarsk Aluminium Smelter, -- Novokuznetsk Aluminium Smelter, -- Sayanogorsk Aluminium Smelters, -- Achinsk Alumina Plant, -- Nikolaev Alumina Refinery, -- Boksitogorsk Alumina Refinery, -- Friguia Alumina Plant (Guinea), -- Compagnie des Bauxites de Kindia (Guinea), -- Bauxite Company of Guyana, -- a stake in the Queensland Alumina Refinery (Australia), -- Armenal Alumina Refinery, -- Sayanal Alumina Refinery, and -- a cathode plant in China. SUAL Group will contribute: -- Irkutsk Aluminium Smelter, -- Urals Aluminium Smelter, -- Kandalaksha Aluminium Smelter, -- Bogoslovsk Aluminium Smelter, -- Nadvoitsy Aluminium Smelter, -- Volgograd Aluminium Smelter, -- Volkhov Aluminium Smelter, -- Zaporozhye Aluminium Combine, -- Pikalevo Alumina Refinery, -- SUBR, -- Urals Foil, -- Silicon, -- SUAL-Silicon-Ural and -- SUAL-PM. Glencore International AG will contribute: -- Aughinish in Ireland, -- Windalco and Alpart in Jamaica, -- Eurallumina in Italy, and -- Kubikenborg Aluminium Smelter in Sweden. About Glencore Headquartered in Baar, Switzerland, Glencore International AG -- http://www.glencore.com/-- engages in the smelting, refining, mining, processing, purchasing, selling and marketing of metals and minerals, energy products and agricultural products. Energy products and commodities are marketed and coordinated primarily in Glencore's headquarters in Baar, Switzerland and through the offices of its subsidiaries in London, Stamford and Singapore. About RusAl Headquartered in Moscow, Russia, Russky Alyuminiyum -- http://www.rusal.com/-- produces and smelts aluminium with US$6.65 billion in revenues in 2005. The group produced 2.714 million tons of primary aluminium in 2005. RusAl employs about 50,000 people in nine Russian regions and thirteen countries. About SUAL Headquartered in Moscow, Russia, Siberian-Urals Aluminium Company -- http://www.sual.com/-- produces and smelts aluminium and ranks amongst the world's top ten producers. It comprises 18 businesses that are located in nine Russian regions and in Ukraine, Zaporozhya City, are involved in the production of bauxite, alumina, primary aluminium, silicon, semi-finished and finished aluminium products. The Group's revenue for the year ended Dec. 31, 2005, was US$2.7 billion. It has 60,000 employees. * * * Standard & Poor's Ratings Services assigned its 'BB-'long-term corporate credit rating to SUAL International Ltd. The outlook is stable. Standard & Poor's also assigned its 'ruAA-' Russian national scale rating to SUAL. At the same time, Moody's Investors Service, assigned 'Ba3' corporate family rating to SUAL International Ltd. Outlook is stable. SUAL INT'L: S&P's BB- Ratings Still on Watch After Merger --------------------------------------------------------- Standard & Poor's Ratings Services said that its 'BB-' long-term corporate credit rating and 'ruAA-' Russia national scale rating on Russian vertically integrated aluminum company Sual International Ltd. remains on CreditWatch with positive implications on news of the completion of the company's combination with Russia's largest aluminum company, RUSAL, and with the assets of Switzerland-based trading company Glencore International AG. The ratings were placed on CreditWatch on Oct. 9, 2006, following the combination announcement. The new entity, United Company RUSAL, will be the world's largest aluminum company. Under the terms of the transaction RUSAL's shareholders will own 66% of the new group, Sual's shareholders 22%, and Glencore's 12%. "The CreditWatch placement continues to reflect the possibility of an upgrade, as the combined group's business profile is significantly stronger than that of any of its three units on a stand-alone basis," said Standard & Poor's credit analyst Elena Anankina. "An upgrade of Sual will, however, depend on United Company RUSAL's strategy, financial policy, and financial risk profile; the degree of Sual's integration and the relative status of its creditors within the new entity; and the new entity's governance practices and efforts to improve transparency," Ms. Anankina added. Resolution of the CreditWatch status will require more clarity about these financial, governance, and strategy factors. If the new entity has substantial leverage, this may limit the rating upside potential for Sual. We believe the combined group may have ambitious growth plans and will need to focus on how to reconcile these plans with initial debt levels. At year-end 2005, Sual's adjusted debt was US$759 million. TANTAL-S LLC: Creditors Must File Claims by April 17 ---------------------------------------------------- Creditors of LLC Tantal-S have until April 17 to submit proofs of claim to: Y. Petrov, Temporary Insolvency Manager 50 Let Oktyabrya Str. 110A 410040 Saratov Russia The Arbitration Court of Saratov commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A57-15310/06-32. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: LLC Tantal-S Saratov Russia TNK-BP HOLDING: Mulls Bidding for Yukos' Other Assets ----------------------------------------------------- TNK-BP Holding Ltd. considers participating in upcoming auctions for the assets of bankrupt oil company OAO Yukos Oil Co., Steve Hawkes writes for The Times Online. A TNK-BP spokesman told The Times that it might bid for Yukos' other assets after failing to grab the bankrupt's 9.44% stake in OAO Rosneft Oil Co. He said that TNK-BP might bid for Yukos' two production units and five refineries. TNK-BP, however, ruled out bidding for Yukos' 20% stake in Gazprom Neft. In a TCR-Europe report on Mar. 28, Rosneft unit RN-Razvitiye won the stake in an auction, outbidding TNK-BP Holding Ltd. Rosneft offered RUR197.84 billion to acquire the first lot, which includes the stake and 12 promissory notes worth RUR3.56 billion in unit Yuganskneftegaz. TNK-BP defended the outcome of the auction, saying it could not offer more than Rosneft had, The Times relates. Analysts had claimed that TNK-BP, seeking favor from Russian president Vladimir Putin, participated the auction only to legitimized the process, as the sale cannot proceed without two rival bidders. The Times suggests that TNK-BP is under intense pressure to sell a stake in its Kovytka gas field to state-owned OAO Gazprom. Lord Browne of Madingley and Tony Hayward, owners of TNK-BP, will reportedly sell half of their Kovytka field stake to Gazprom at the end of the year. 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 Russian 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. About TNK-BP Headquartered Moscow, Russia, TNK-BP operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. * * * Standard & Poor's assigned BB+/Stable foreign currency local currency ratings to TNK-BP on June 30, 2006. Moody's assigned a Ba2/Positive foreign currency rating to the company on Jan. 24, 2006. Fitch assigned a BB+/Positive foreign currency rating to TNK-BP on Feb. 13, 2006, and BB+/Positive local currency rating on Aug. 24, 2005. TRANSATLANTIC PETERSBURG: Creditors Must File Claims by April 17 ---------------------------------------------------------------- Creditors of CJSC Transatlantic Petersburg have until April 17 to submit proofs of claim to: A. Trifonov, Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-26906/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Transatlantic Petersburg Apartment 35 Grazhdanskaya 2/4 St. Petersburg Russia TSIVILSKIY BACON: Court Starts Bankruptcy Supervision Procedure --------------------------------------------------------------- The Arbitration Court of Chuvashiya commenced bankruptcy supervision procedure on OJSC Tsivilskiy Bacon. The case is docketed under Case No. A79-1001/2007. The Temporary Insolvency Manager is: Y. Golnev Prosvesheniya Str. 19 Tsivilsk 429900 Chuvashiya Russia The Debtor can be reached at: OJSC Tsivilskiy Bacon Taushkasy Tsivilskiy Chuvashiya Russia VIMPEL-COMMUNICATIONS: Annual General Meeting Slated for June 29 ---------------------------------------------------------------- The Board of Directors of OJSC Vimpel-Communications set the date for the Company's 2007 Annual General Meeting of Shareholders for June 29, 2007. The record date for the Company's shareholders entitled to participate in the Shareholders Meeting has been set for May 14, 2007. The Board also recommended that the Shareholders Meeting approve annual dividends of RUR166.88 per ordinary share of VimpelCom stock for the 2006 fiscal year, amounting to a total of RUR8.6 billion, to be payable within 60 days of the approval at the Shareholders Meeting. The record date for the Company's shareholders entitled to receive dividends for 2006 has been set for May 14, 2007. The approval of the shareholders owning more than 50% of the voting shares represented at the Shareholders Meeting is required for the payment of dividends by VimpelCom. If the requisite majority at the Shareholders Meeting approves the dividends, VimpelCom will, in accordance with Russian tax legislation, withhold a tax of up to 30% on the dividend amount when payable. The exact amount of the withholding will vary depending on the recipient's legal status and jurisdiction. About VimpelCom Headquartered in Moscow, Russia, OJSC Vimpel-Communications (NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile telecommunications services in Russia and Kazakhstan with newly acquired operations in Ukraine, Tajikistan and Uzbekistan. The Company operates under the 'Beeline' brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use 'K- mobile' and 'EXCESS' brands in Kazakhstan. The group wholly owns Mobitel in Georgia. * * * As reported in the TCR-Europe on Oct. 12, 2006, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russia-based mobile telecommunications operator Vimpel-Communications (JSC) to 'BB+' from 'BB', reflecting the company's continuing strong performance. S&P said the outlook is stable. VNESHTORGBANK JSC: Gains US$500-Mln Credit Line for Sino Exports ---------------------------------------------------------------- JSC Vneshtorgbank and China Development Bank on March 26 signed a loan agreement under which a credit line worth US$500 million will be extended to VTB to finance Russian export to China for an eight-year period. The agreement was signed by Andrei Kostin, Chairman and CEO of VTB, and Wang Yi, Vice Governor of China Development Bank. The agreements achieved will contribute to further cooperation between VTB and financial institutions of China, they will also help build on bilateral relationship between China and Russia, strengthen VTB competitiveness in foreign trade operations and long-term fund raising for the Russian economy. About Vneshtorgbank Headquartered in Moscow, Russia, JSC Vneshtorgbank and its subsidiaries are a leading Russian commercial banking group, offering a wide range of banking services and conducting operations in both Russian and international markets. As of Dec. 31, 2005, the Group had a network of 151 branches, including 55 branches of VTB, 42 branches of VTB Retail Services and 54 branches of Industry and Construction Bank, located in major Russian regions. The Group operates through three subsidiaries located in the CIS (Armenia, Georgia, Ukraine), seven subsidiaries located in Western Europe (Austria, Cyprus, Switzerland, Germany, Luxembourg, France) and Great Britain and through five representative offices located in India, Italy, China, Byelorussia and Ukraine. * * * Following the upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB, Fitch Ratings affirmed Vneshtorgbank's Individual rating at C/D and Support at 2. VNESHTORGBANK JSC: Inks Credit Line Deal with Export-Import Bank ---------------------------------------------------------------- Vneshtorgbank JSC and Export-Import Bank of China on March 26 signed a loan agreement under which a credit line worth US$500 million will be extended to VTB to finance Chinese import to Russia, under the coverage of the Chinese export insurance agency SINOSURE, for a 10-year term. The agreement was signed at the opening ceremony of the Year of China in Russia in the presence of the Russian President Vladimir Putin and President of the People's Republic of China Hu Jintao by Andrei Kostin, Chairman and CEO of VTB, and Li Rougu, Chairman and President of Export-import bank of China. The agreements achieved will contribute to further cooperation between VTB and financial institutions of China, they will also help build on bilateral relationship between China and Russia, strengthen VTB competitiveness in foreign trade operations and long-term fund raising for the Russian economy. About Vneshtorgbank Headquartered in Moscow, Russia, JSC Vneshtorgbank and its subsidiaries are a leading Russian commercial banking group, offering a wide range of banking services and conducting operations in both Russian and international markets. As of Dec. 31, 2005, the Group had a network of 151 branches, including 55 branches of VTB, 42 branches of VTB Retail Services and 54 branches of Industry and Construction Bank, located in major Russian regions. The Group operates through three subsidiaries located in the CIS (Armenia, Georgia, Ukraine), seven subsidiaries located in Western Europe (Austria, Cyprus, Switzerland, Germany, Luxembourg, France) and Great Britain and through five representative offices located in India, Italy, China, Byelorussia and Ukraine. * * * Following the upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB, Fitch Ratings affirmed Vneshtorgbank's Individual rating at C/D and Support at 2. YUKOS OIL: Gazprom Confirms Plans to Buy Gazprom Neft Stake ----------------------------------------------------------- OAO Gazprom has confirmed plans to acquire OAO Yukos Oil Co.'s 20% stake in Gazprom Neft, Interfax News reports. Eduard Rebgun, Yukos's bankruptcy receiver, will sell through an auction on April 4 these assets as one lot: -- 20% stake in Gazprom Neft -- 100% stake in Arcticgaz, -- 100% stake in Urengoil Inc, and -- 19 more Yukos assets. The lot has starting price of RUR144,776,328,088. Gazprom included Gazprom Neft stake as one of its planned acquisitions for 2007, Interfax News cites the firm's corporate magazine. Gazprom had allotted around RUR99.6 billion in its 2007 budget to acquire the shares. Gazprom's board has approved a strategy for the development of the oil business to 2020, in which Gazprom Neft will play a vital role, Interfax News further cites the magazine. Gazprom, citing international consultants, estimated Gazprom Neft's value to reach US$40 billion in 2020, subsequently increasing the oil firm's value by around US$30 billion. About Gazprom Headquartered in Moscow, Russia, OAO Gazprom (RTS: GAZP; MICEX: GAZP; LSE: OGZD) -- http://www.gazprom.ru/eng-- produces 94% of the country's natural gas, controls 25% of the world's reserves, and is also the world's largest gas producer. It focuses on gas exploration, processing, transport, and marketing. About Gazprom Neft Headquartered in Moscow, Russia, OAO Gazprom Neft -- http://www.gazprom-neft.ru/-- explores, produces, refines, markets, produces and sells petroleum products. The Company holds oilfield exploration and development licenses in the Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as in the Omsk and Tomsk regions, and in Chukotka. The Company' smain oil processing center is the Omsk Refinery. 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 Russian 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. YUKOS OIL: Russo-Italian Consortium Eyes Gazprom Neft Stake ----------------------------------------------------------- Italian energy firms Eni S.p.A. and Enel S.p.A., and Russian firm ESN have formed a consortium to participate in the April 4 auction for OAO Yukos Oil Co.'s 20%-stake in Gazprom Neft, Vedomosti reports. Energogaz, a joint company 49% owned by Eni and Enel and 51% controlled by ESN, has paid a EUR827-million deposit to join the auction, Vedomosti says. Eduard Rebgun, Yukos's bankruptcy receiver, will sell through an auction these assets as one lot: -- 20% stake in Gazprom Neft -- 100% stake in Arcticgaz, -- 100% stake in Urengoil Inc, and -- 19 more Yukos assets. The lot has starting price of RUR144,776,328,088. In a TCR-Europe report on Mar. 16, Energogaz and OAO Gazprom has inked a deal under which the consortium will acquire the lot and sell them to the gas firm at a later date. The consortium will likely face OAO Novatek on the April 4 auction, Vedomosti said. As reported in the TCR-Europe on Mar. 28, OAO Rosneft Oil Co., through its RN-Razvitiye, won the auction for Yukos' 9.44% stake in the company, outbidding TNK-BP Holding Ltd. Rosneft offered RUR197.84 billion to acquire the first lot, which includes the stake and 12 promissory notes worth RUR3.56 billion in unit Yuganskneftegaz. 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 Russian 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. YUKOS OIL: TNK-BP Holding Mulls Bidding for Co.'s Other Assets -------------------------------------------------------------- TNK-BP Holding Ltd. considers participating in upcoming auctions for the assets of bankrupt oil company OAO Yukos Oil Co., Steve Hawkes writes for The Times Online. A TNK-BP spokesman told The Times that it might bid for Yukos' other assets after failing to grab the bankrupt's 9.44% stake in OAO Rosneft Oil Co. He said that TNK-BP might bid for Yukos' two production units and five refineries. TNK-BP, however, ruled out bidding for Yukos' 20% stake in Gazprom Neft. In a TCR-Europe report on Mar. 28, Rosneft unit RN-Razvitiye won the stake in an auction, outbidding TNK-BP Holding Ltd. Rosneft offered RUR197.84 billion to acquire the first lot, which includes the stake and 12 promissory notes worth RUR3.56 billion in unit Yuganskneftegaz. TNK-BP defended the outcome of the auction, saying it could not offer more than Rosneft had, The Times relates. Analysts had claimed that TNK-BP, seeking favor from Russian president Vladimir Putin, participated the auction only to legitimized the process, as the sale cannot proceed without two rival bidders. The Times suggests that TNK-BP is under intense pressure to sell a stake in its Kovytka gas field to state-owned OAO Gazprom. Lord Browne of Madingley and Tony Hayward, owners of TNK-BP, will reportedly sell half of their Kovytka field stake to Gazprom at the end of the year. About TNK-BP Headquartered Moscow, Russia, TNK-BP operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. 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 Russian 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&P Hikes Leningbrad Oblast's Ratings to BB on Economic Growth ---------------------------------------------------------------- Standard & Poor's Ratings Services raised to 'BB-' from 'B+' its issuer credit rating on Leningrad Oblast, located in the northwest of the Russian Federation. At the same time, the Russia national scale rating was raised to 'ruAA-' from 'ruA+'. The outlook is stable. "The upgrade is driven by the oblast's improved budgetary performance and solid economic growth," said Standard & Poor's credit analyst Pavel Kochanov. The ratings reflect Leningrad Oblast's good economy and fiscal policies, which have resulted in an improved operating balance and a moderate debt burden. The ratings are constrained, however, by the oblast's low revenue and expenditure flexibility, evolving intergovernmental relations, and the need to expand and upgrade public sector infrastructure. Total tax-supported debt as a percentage of total revenues fell slightly to 15.8%, and direct debt dropped to 8%, from 20% one year earlier, following the redemption of all outstanding bank loans. "We believe the oblast's rapidly growing economy will support a positive operating balance and capital expenditures without materially weakening the debt position," added Mr. Kochanov. "Total tax-supported debt is likely to stay below 30% of total revenues." Future positive rating actions will depend on the oblast's management ability to maintain a stable financial performance and further improve it under growing operating-expenditure pressure. A negative rating action could occur if the oblast's budgetary performance deteriorates, resulting in an operating deficit, although this is not expected in the next two to three years. ========= S P A I N ========= TOWER AUTOMOTIVE: Selling Assets to Cerberus Capital ---------------------------------------------------- Tower Automotive Inc. has filed a restructuring term sheet with the U.S. Bankruptcy Court for the Southern District of New York to sell substantially all of its assets through a Chapter 11 Plan to funds and accounts to be designated by Cerberus Capital Management L.P. The proposed transaction, among other things, provides for payment in full of obligations under Tower's Debtor-in- Possession credit facility and second lien loan facility, assumption of the company's pensions, and certain recovery for unsecured creditors. Tower's Unsecured Creditors Committee supports the transaction and has signed the term sheet. "We have accomplished a tremendous amount during the last few years to revitalize Tower so the company can strongly compete in today's global automotive marketplace," Kathleen Ligocki, President and Chief Executive Officer, said. "During its reorganization process, Tower diversified its customer portfolio, sold non-core businesses, consolidated the North American manufacturing footprint and negotiated settlements with all 10 U.S.-based labor unions to drive the profitability needed to attract new investment to the company. "The recapitalization of the company is the last major milestone in our restructuring process. We are excited to have the support of an investor like Cerberus Capital Management, L.P., a group dedicated to investing in the automotive sector for the long term." The term sheet anticipates Tower will file a Chapter 11 Plan by April 20, 2007. It also specifies a marketing process under which qualified parties may submit competing bids by June 15, 2007. If competing bids are received, the company proposes to conduct an auction on June 21, 2007, to determine the highest and best bid. The company would then ask the Bankruptcy Court to confirm Tower's Plan and approve a transaction on June 22, 2007, with a closing to occur by July 31, 2007. Headquartered in Grand Rapids, Michigan, Tower Automotive Inc. -- http://www.towerautomotive.com/-- is a global designer and producer of vehicle structural components and assemblies used by every major automotive original equipment manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components. The company has operations in Korea, Spain and Brazil. The Company and 25 of its debtor-affiliates filed voluntary chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through 05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent the Debtors in their restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed US$787,948,000 in total assets and US$1,306,949,000 in total debts. The Debtors' exclusive plan-filing deadline is extended to March 21, 2007, pending a hearing on that date. ===================== S W I T Z E R L A N D ===================== CREACOM MARKETING: Creditors' Liquidation Claims Due April 11 ------------------------------------------------------------- Creditors of JSC Creacom Marketing & Kommunikation have until April 11 to submit their claims to: Verena Huber, Liquidator JSC Creacom Marketing & Kommunikation Wilfriedstr. 12 8032 Zurich Switzerland The Debtor can be reached at: JSC Creacom Marketing & Kommunikation Wilfriedstr. 12 8032 Zurich Switzerland DELOITTE HOLDING: Creditors' Liquidation Claims Due April 30 ------------------------------------------------------------ Creditors of JSC Deloitte Holding have until April 30 to submit their claims to: JSC Deloitte Klausstr. 4 8008 Zurich Switzerland The Debtor can be reached at: JSC Deloitte Holding Glarus Switzerland MULTING HOLDING: Creditors' Liquidation Claims Due April 11 ----------------------------------------------------------- Creditors of JSC Multing Holding have until April 11 to submit their claims to: JSC Finova Partners Pilatusstrasse 38 Postfach 5050 6002 Luzern Switzerland The Debtor can be reached at: JSC Multing Holding Luzern Switzerland OKTACARE LLC: Creditors' Liquidation Claims Due April 11 -------------------------------------------------------- Creditors of LLC Oktacare have until April 11 to submit their claims to: Kirchgasse 50 8706 Meilen Zurich Switzerland The Debtor can be reached at: LLC Oktacare Meilen Zurich Switzerland REPGERGASSE 26: Creditors' Liquidation Claims Due April 11 ---------------------------------------------------------- Creditors of JSC Repfergasse 26 have until April 11 to submit their claims to: Matthias Oeschger Frontwagplatz 22 8200 Schaffhausen Switzerland The Debtor can be reached at: JSC Repfergasse 26 8200 Schaffhausen Switzerland ============= U K R A I N E ============= AZOVSTAL CAPITAL: Moody's May Lower B3 Rating After Review ---------------------------------------------------------- Moody's Investors Service, Inc placed on review for possible downgrade the B3 rating for the senior unsecured loan participation notes due 2011 issued by Azovstal Capital B.V., a Dutch special purpose vehicle. The notes are issued for the sole purpose of financing Azovstal Capital B.V.'s 100% sub-participation in a loan extended by Moscow Narodny Bank Ltd. to Azovstal Iron and Steel Works. The corporate family rating of Azovstal was affirmed at B2. The rating review was prompted by the absence of reduction in secured indebtedness, which continues to represent 47% of gross debt. When initially rating the notes one notch below the corporate family rating in February 2006, Moody's expected structural and contractual subordination to reduce below 20% of total debt. In fact, with secured debt currently at around 47% there continues to be a sizeable amount of debt ranking ahead of the senior notes. The rating review will primarily focus on the company's financial and funding strategy, but will also assess the current operating performance and cash flow prospects of the company. Azovstal, located in Mariupol on the shore of Azov Sea, is Ukraine's third-largest steel producer with an annual production capacity of 6.5 million metric tons. The company reported sales of around UAH12.92 trillion (around US$2.48 billion) in 2005. Azovstal is majority-owned by Ukrainian metals and mining conglomerate System Capital Management. DAMIYA OJSC: Claims Submission Period Ends April 2 -------------------------------------------------- Creditors of OJSC Damiya (code EDRPOU 03569551) have until April 2 to submit written proofs of claim to: Shafagat Nabiev, Temporary Insolvency Manager Galan Str. 8 Krivoy Rog 50031 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy supervision procedure on the company on Feb. 15. The case is docketed as B 29/24-07. The Court is located at: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: OJSC Damiya Bolnichnaya Str. 78 Sofievka 53100 Dnipropetrovsk Ukraine DELIVERY INDUSTRIAL: Creditors Must File Claims by April 6 ---------------------------------------------------------- Creditors of LLC Delivery Industrial Resource (code EDRPOU 33573478) have until April 6 to submit written proofs of claim to: Larisa Timofeeva, Liquidator P.O. Box 179 54017 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company on Feb. 28 after finding it insolvent. The case is docketed as 5/82/07. The Court is located at: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Debtor can be reached at: LLC Delivery Industrial Resource Inzhenernaya Str. 13 Nikolaev Ukraine GROD-N LLC: Creditors Must File Claims by April 6 ------------------------------------------------- Creditors of LLC Grod-N (code EDRPOU 34318896) have until April 6 to submit written proofs of claim to: Larisa Timofeeva, Liquidator P.O. Box 179 54017 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company on Feb. 27 after finding it insolvent. The case is docketed as 5/70/07. The Court is located at: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Debtor can be reached at: LLC Grod-N Buznik Str. 5 Nikolaev Ukraine KIRNASOVKA LLC: Creditors Must File Claims by April 2 ----------------------------------------------------- Creditors of Agricultural LLC Kirnasovka (code EDRPOU 03734464) have until April 2 to submit written proofs of claim to: Theal Branch on Bankruptcy in Tulchin, Liquidator Lenin Str. 51 Tulchin 23600 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 10/180-06. The Court is located at: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: Agricultural LLC Kirnasovka Kolhoznaya Str. 25 Kirnasovka Tulchin District 23652 Vinnica Ukraine LIUBOTIN GARDEN: Creditors Must File Claims by April 2 ------------------------------------------------------ Creditors of OJSC Liubotin Garden (code EDRPOU 00412412) have until April 2 to submit their proofs of claims to Ivan Panasiuk, Liquidator Shliah Str. 154 Poltavsky 61098 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company on Feb. 7 after finding it insolvent. The case is docketed as B-39/105-04. The Court is located at: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: OJSC Liubotin Garden Kurortnaya Str. 1 Liubotin 62433 Kharkov Ukraine MISSURI LLC: Creditors Must File Claims by April 5 -------------------------------------------------- Creditors of LLC Missuri (code EDRPOU 30836566) have until April 5 to submit written proofs of claim to: State Tax Inspection of Vinnica, Liquidator 30 Years of Victory Str. 21 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company on Feb. 8 after finding it insolvent. The case is docketed as 10/3-07. The Court is located at: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: LLC Missuri Tsimlianskaya Str. 2 Vinnica Ukraine NOVOKRYMSKOE LLC: Claims Submission Period Ends April 5 ------------------------------------------------------- Creditors of Agricultural LLC Novokrymskoe (code EDRPOU 03759990) have until April 5 to submit written proofs of claim to: Vasily Kuhta, Temporary Insolvency Manager P.O. Box 2745 Simferopol 95048 AR Krym Ukraine The Economic Court of AR Krym commenced bankruptcy supervision procedure on the company. The case is docketed as 2-6/1134- 2007. The Court is located at: The Economic Court of AR Krym Karl Marks Str. 18 Simferopol 95000 AR Krym Ukraine The Debtor can be reached at: Agricultural LLC Novokrymskoe Druzhba Str. 7 Novokrymskoe Dzhankoy District 96133 AR Krym Ukraine POULTRY FACTORY: Creditors Must File Claims by April 6 ------------------------------------------------------ The Economic Court of Vinnica commenced bankruptcy proceedings against the company on Feb. 26 after finding it insolvent. The case is docketed as 10/27-07. Creditors of LLC Poultry Factory (code EDRPOU 32276781) have until April 6 to submit written proofs of claim to: Vitaly Bolhovitin, Liquidator Hmelnitskiy Highway 2A 21000 Vinnica Ukraine The Court is located at: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: LLC Poultry Factory Obrevsky Str. 1 Stepanovka Vinnica Ukraine RODINA LLC: Claims Submission Period Ends April 2 ------------------------------------------------- Creditors of Agricultural LLC Rodina have until April 2 to submit written proofs of claim to: Vasily Kuhta, Temporary Insolvency Manager P.O. Box 2745 Simferopol 95048 AR Krym Ukraine The Economic Court of AR Krym commenced bankruptcy supervision procedure on Agricultural LLC Rodina (code EDRPOU 30899483) on Feb. 15. The case is docketed as 2-3/1138-2007. The Court is located at: The Economic Court of AR Krym Karl Marks Str. 18 Simferopol 95000 AR Krym Ukraine The Debtor can be reached at: Agricultural LLC Rodina Privetnoe, Trudovaya Str. 13 Kirov District 97341 AR Krym Ukraine STIROL JSC: Rise in Gas Prices Cues Fitch's Junk Ratings -------------------------------------------------------- Fitch Ratings downgraded Ukrainian chemical company JSC Stirol's Issuer Default Rating to 'CCC' from 'B-' and removed it from Rating Watch Negative. A Stable Outlook is assigned. The Short-term rating is affirmed at 'B' and removed from RWN. At the same time, Fitch has downgraded the US$125 million notes issued by UkrChem Capital B.V. to 'CCC+' from 'B-' and resolved the RWN. The RWN was first put in place in July 2006 before Stirol's IDR and notes were downgraded to 'B-' from 'B' in August 2006 and kept on RWN. The downgrade reflects several concerns, relating firstly to the fundamental business of Stirol, in particular the rise in gas prices and the significant impact this has had on the company's profitability to date. There is also a lack of clarity regarding Stirol's strategy and capital expenditure plans while Fitch has reservations about the company's corporate governance standards. In addition, the downgrade reflects Stirol's limited compliance with its financial documentations in the light of its covenant breaches as well as difficult negotiations with its bondholders to reach an agreement to waive the covenant breaches. The one-notch differential between the IDR and the notes is due to the company being current on its interest payments under the notes, combined with a significant liquidity position. This liquidity is also reflected in the affirmation of the Short-term 'B' rating. Based on the unaudited accounts as of first half 2006, Stirol had liquidity amounting to UAH1.19 billion on its balance sheet. However, if Stirol embarks on significant capital expenditure, its liquidity could deteriorate quickly. Unless such capital expenditure projects provide fast incremental operating cash flows, both the issue and Short-term ratings may be downgraded. SUMY TIRE: Claims Submission Period Ends April 2 ------------------------------------------------ Creditors of OJSC Sumy Tire Processing (code EDRPOU 31162645) have until April 2 to submit written proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy supervision procedure on the company on Jan. 24. The case is docketed as 6/6-07. The Debtor can be reached at: OJSC Sumy Tire Processing Prigranichnaya Str. 47 40007 Sumy Ukraine TRIUMF AND K: Creditors Must File Claims by April 5 --------------------------------------------------- Creditors of LLC Triumf and K (code EDRPOU 31743487) have until April 5 to submit written proofs of claim to: State Tax Inspection of Vinnica, Liquidator 30 Years of Victory Str. 21 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 5/442-06. The Court is located at: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: LLC Triumf and K Dachnaya Str. 6/77 Vinnica Ukraine VASILEVKA LLC: Creditors Must File Claims by April 2 ---------------------------------------------------- Creditors of Vasilevka Agricultural LLC (code EDRPOU 30806713) have until April 2 to submit written proofs of claim to: Theal Branch on Bankruptcy in Tulchin, Liquidator Lenin Str. 51 Tulchin 23600 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 5/441-06. The Court is located at: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: Vasilevka Agricultural LLC Vasilevka Tulchin 23665 Vinnica Ukraine =========================== U N I T E D K I N G D O M =========================== ARROW ELECTRONICS: Moody's Puts Ba2 Rating on Preferred Stock ------------------------------------------------------------- Moody's Investors Service affirmed the Baa3 senior long-term debt rating of Arrow Electronics Inc. and revised the outlook to positive from stable. "The positive outlook reflects our expectation that Arrow's operating performance will continue to benefit from the secular outsourcing trend underway in the semiconductor space, favorable product mix, an expanded line card from recent acquisitions and increasing geographic diversity that collectively support operating margins above 4%," according to Moody's Vice President & Senior Analyst Gregory Fraser, CFA. "The positive outlook also considers realized operating efficiency improvements that have resulted in sustained operating margin and ROA expansion, improved credit protection measures, higher gross cash flow levels and an enhanced business model that has the propensity to deliver operating margin stability and consistent levels of positive free cash flow especially during periods of industry weakness," Fraser added. Standard & Poor's expects Arrow to continue to maintain focused on balance sheet de-leveraging via free cash flow generation targeted towards debt reduction and/or higher operating cash flow. The outlook revision also recognizes the company's improved operating leverage and enhanced market position as the leading distributor of enterprise product solutions for both IBM and Hewlett-Packard following the planned acquisition of the Agilysys KeyLink Systems Group. It is Moody's understanding that the US$485 million KeyLink acquisition will be funded through a combination of debt and cash. Although debt will increase, the purchase is not expected to materially weaken Arrow's credit protection measures and internal liquidity given the additive cash flow from KeyLink. The positive outlook considers the company's de-leveraging track record and reflects Moody's expectations that free cash flow will be used to reduce debt incurred for the KeyLink acquisition with leverage migrating to a range of 1.6x to 2.2x. Affirmed: -- Senior unsecured debt at Baa3 -- senior unsecured stock at Baa3 -- senior subordinated stock at Ba1 -- senior preferred stock at Ba2 Arrow Electronics Inc., headquartered in Melville, New York, is one of the world's largest distributors of electronic components and computer products to industrial and commercial customers. Revenues and EBITDA for the twelve months ended Dec. 31, 2006, were US$13.6 billion and US$720 million, respectively. B2B COMMUNICATIONS: Creditors' Meeting Slated for April 5 --------------------------------------------------------- Creditors of B2B Communications Ltd. will meet at 11:00 a.m. on April 5 at: Vantis The White Cottage 19 West Street Epsom Surrey KT18 7BS England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on April 4 at: P. N. Wastel Joint Administrator Vantis Business Recovery Torrington House 47 Holywell Hill St. Albans Hertfordshire AL1 1HD England Tel: 01727 811111 Fax: 01727 810057 Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. BRYANT AND TUCKER: Creditors' Meeting Slated for April 12 --------------------------------------------------------- Creditors of Bryant and Tucker Ltd. will meet at 10:30 a.m. on April 12 at: New Guild House 45 Great Charles Street Birmingham B3 2LX England Creditors who want to vote at the meeting have until noon on April 11 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 April 10. BRYANT JACKSON: Creditors' Meeting Slated for April 5 ----------------------------------------------------- Creditors of Bryant Jackson Communications Ltd. will meet at 11:15 a.m. on April 5 at: Vantis The White Cottage 19 West Street Epsom Surrey KT18 7BS England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on April 4 at: P. N. Wastel Joint Administrator Vantis Business Recovery Torrington House 47 Holywell Hill St. Albans Hertfordshire AL1 1HD England Tel: 01727 811111 Fax: 01727 810057 Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. BULLOUGH LTD: Brings In Liquidators from Deloitte & Touche ---------------------------------------------------------- Neville Barry Kahn, Nicholas, James Dargan and IanBrown of Deloitte & Touche LLP were appointed joint liquidators of Bullough Ltd. on March 16 for the creditors' voluntary winding- up procedure. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. CONTRACT TECHNICAL: Claims Filing Period Ends May 19 ---------------------------------------------------- Creditors of Contract Technical Services Ltd. (formerly Dean Offshore Services Ltd.) have until May 19 to send their full names, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any), to: David Elliott Liquidator Moore Stephens LLP Victory House Admiralty Place Chatham Maritime Kent ME4 4QU England David Elliott of Moore Stephens LLP was appointed liquidator of the company on March 19. 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. ECOFLO LTD: Creditors' Meeting Slated for April 4 ------------------------------------------------- Creditors of Ecoflo Ltd. (Company Number 04721502) will meet at 11:00 a.m. on April 4 at: The Exeter Court Hotel A38 Kennford Exeter Devon EX6 7UX England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on April 3 at: I. E. Walker Joint Administrator Begbies Traynor Balliol House Southernhay Gardens Exeter Devon EX1 1NP England Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. EUROTUNNEL GROUP: Meets Requirements to Exit Safeguard Process -------------------------------------------------------------- Eurotunnel Group disclosed that the principal elements required to save the company were in placed since the Paris Commercial Court approved its safeguard plan on Jan. 15. The company told shareholders that: -- the new credit agreements have been signed; -- the registration document which describes, in 334 pages, the details of the reorganization, has been registered by the French market authority (Autorite des Marches Financiers/AMF), with number i.07-021; -- the offer itself was filed on March 23 by Eurotunnel's presenting banks Lazard Freres, Natixis and Lehman Brothers; and -- although the chosen Registrar of GET SA is BNP Paribas Securities Services, the company will offer a facility for the U.K. shareholders to hold their GET SA shares in the form of Crest Depository Interests through the existing Eurotunnel U.K. Registrar, Computershare Investor Services Plc. After an 11-month suspension, Eurotunnel shares resumed trading on March 27. On its first day, the London-listed shares rose 20% to 30 pence while Paris fell 6.8% to 41 eurocents, BBC News relates. According to Chairman and CEO Jacques Gounon, it is possible that the share price will take some time to settle. The next and last step is the offer for one Eurotunnel SA/PLC unit of one share and one warrant to subscribe for a share in GET SA. The minimum acceptance level was set at 60%. If the market authorities approve the draft offer on April 3, the offer will be launched on April 10. Shareholders will have five weeks, until May 15 to tender their units. If the offer envisaged by the Paris Commercial Court fails, Eurotunnel will go into liquidation, considering the negative equity of GBP1.3 billion. About Eurotunnel Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. Eurotunnel Group files reports in the U.S. Securities and Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and Eurotunnel SA (ETTFF.PK). Eurotunnel obtained Aug. 2 an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). At end of 2006, the group's creditors and bondholder approved a plan to decrease its GBP6.2 billion debt to GBP2.84 billion. On Jan. 15, the Court approved Eurotunnel's safeguard plan, backed by the court-appointed representatives to the company and to the creditors. At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in shareholders' deficit. FINEFORM EUROPE: Creditors' Meeting Slated for April 12 ------------------------------------------------------- Creditors of Fineform Europe Ltd. will meet at 1:15 p.m. on April 12 at: Jurys Inn 1 Charlotte Place Southampton SO14 0TB England Creditors who want to vote at the meeting have until noon on April 11 to submit their proxy forms together with particulars of their claims or of any security at the registered office of the company at: 5 Barnfield Crescent Exeter Devon EX1 1RF 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 April 10 at the registered of the company. FRYMANS FEED: Claims Filing Period Ends April 16 ------------------------------------------------ Creditors of Graham P. Petersen of Benedict Mackenzie LLP have until April 16 to send in their names, their addre�ses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any), to: Graham P. Petersen Liquidator Benedict Mackenzie LLP 5-6 The Courtyard East Park Crawley West Sussex RH10 6AG England Graham P. Petersen of Benedict Mackenzie LLP was appointed liquidator of the company on March 12 by resolutions of members. GETTY IMAGES: New Debt Cues S&P to Retain Developing Watch ---------------------------------------------------------- Standard & Poor's Ratings Services reported that the ratings on Getty Images Inc., including the 'B+' corporate credit rating, remain on CreditWatch with developing implications, following the company's report that it had obtained a US$350 million revolving credit facility. The ratings were placed on CreditWatch on Dec. 4, 2006, after the company reported that it had received notices from bondholders that its delayed third-quarter SEC Form 10-Q filing constituted an event of default. Developing implications indicate the possibility of upward or downward movement in the ratings. Getty could use borrowings under the facility to acquire MediaVast Inc. or to fund its convertible bond obligation should these bonds be accelerated. Separately, the cure period for the company to resolve its alleged event of default with its bondholders has passed; the company's bondholders may demand immediate payment of the principal and any accrued interest of the convertible notes at any time. The new facility gives Standard & Poor's Ratings Services some comfort that bank lenders are willing to support the company's growth plans and provide the company with additional liquidity despite the delayed filing. "We will monitor the situation closely," said Standard & Poor's credit analyst Tulip Lim. "If the filing is delayed further, we could lower the rating again. If the company becomes current with its required quarterly and annual filings, we will reassess the company for an upgrade." GOODYEAR TIRE: S&P Rates EUR350-Million Revolving Loan at BB- ------------------------------------------------------------- Standard & Poor's Ratings Services assigned various ratings to Goodyear Tire & Rubber Co.'s proposed bank financings. At the same time, S&P assigned a recovery rating to the existing US$650 million senior secured notes. S&P will withdraw the ratings on the existing bank facilities that are being refinanced upon closing of the new facilities. The corporate credit rating on Goodyear is B+/Positive/B-2. The ratings on the Akron, Ohio-based company reflect its aggressive financial risk profile, characterized by low earnings in North America, a leveraged capital structure, and significant, albeit declining, underfunded employee benefit liabilities. These factors more than offset the company's business strengths, including its position as one of the three largest global tire manufacturers, its good geographic diversity, its strong distribution, and its well-recognized brand name. Ratings List Goodyear Tire & Rubber Co. Corp. credit rating B+/Positive/B-2 Ratings Assigned Goodyear Tire & Rubber Co. US$1.5 billion asset-backed rev. credit facility BB Recovery rating 1 US$1.2 billion second-lien term loan B+ Recovery rating 2 US$650 million senior secured notes recovery rating 5 Goodyear Dunlop Tires Europe B.V. EUR350 million revolving credit facility BB- Recovery rating 1 Goodyear Dunlop Tires Germany GmbH EUR155 million revolving credit facility BB- Recovery rating 1 H.J. COOPER: Names Roderick Graham Butcher Liquidator ----------------------------------------------------- Roderick Graham Butcher of Butcher Woods was appointed liquidator of H.J. Cooper (Timber) Ltd. on March 20 for the creditors' voluntary winding-up proceeding. The company can be reached at: H.J. Cooper (Timber) Ltd. Unit 19 Thornleigh Trading Estate Dudley West Midlands DY2 8UB England Tel: 01384 254 591 HEATING DIRECT: Taps Joint Administrators from Ernst & Young ------------------------------------------------------------ Angela Swarbrick and Roy Bailey of Ernst & Young LLP were appointed joint administrators of Heating Direct Ltd. (Company Number 04112064) on March 15. Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. Headquartered in London, England, Heating Direct Ltd. is engaged in gas audit and inspection services. HUNTSMAN CORP: Moody's Lifts Rating to Ba3 on Debt Reduction ------------------------------------------------------------ Moody's Investors Service upgraded the corporate family rating for Huntsman Corporation and Huntsman International LLC, a subsidiary of Huntsman, to Ba3 from B1, and upgraded other ratings as appropriate. The ratings on recently redeemed debt have been withdrawn. The outlook for Huntsman's ratings was moved to stable from developing. Summary of the ratings activity: Upgrades: * Huntsman Corporation -- Corporate Family Rating, Upgraded to Ba3 from B1 * Huntsman International LLC -- Corporate Family Rating, Upgraded to Ba3 from B1 -- Senior Secured Bank Credit Facility, Upgraded to Ba1 from Ba3, LGD2, 21% -- Senior Subordinated Regular Bond/Debenture, Upgraded to B2 from B3, LGD5, 89% * Huntsman LLC -- Senior Secured Regular Bond/Debenture, Upgraded to Ba1 from Ba3, LGD2, 21% -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from B2, LGD4, 57% Outlook Actions: * Huntsman Corporation -- Outlook, Changed To Stable From Developing * Huntsman International LLC -- Outlook, Changed To Stable From Developing * Huntsman LLC -- Outlook, Changed To Stable From Developing Withdrawals: * Huntsman International LLC -- Senior Subordinated Regular Bond/Debenture, Withdrawn, previously rated B3 -- Senior Unsecured Regular Bond/Debenture, Withdrawn, previously rated B2 The upgrade of Huntsman's CFR reflects the actions taken by the company over the last 24 months to materially reduce debt and thereby improve credit metrics. Debt has been reduced using cash proceeds generated by an IPO, asset sales and cash from operations. Asset sales have been directed at reducing Huntsman's exposure to pure commodity businesses and increasing its exposure to less volatile, differentiated chemical businesses. Management has also simplified the corporate structure over the last three years such that all debt is now issued out of HI, Huntsman's primary operating subsidiary. In addition to absolute debt reduction, lower interest expense has improved credit metrics. The ratings take into account Huntsman's strong competitive position in key businesses and significant competitive barriers, including process know-how and requirements for world scale production capabilities. Management's publicly stated leverage target of net debt/adjusted EBITDA of ~2.5 also represents a departure from historic levels. The ratings are nevertheless tempered by its leverage (3.7 times at the end of 2006 using Moody's metrics) at this point in the chemical cycle, exposure to rising prices in some feed stocks, and weakness in certain end markets, notably automotive and housing. In addition management's new financial philosophy is still relatively short lived. A concern for Moody's is the adherence to the new financial policies in the event that equity returns are less robust than anticipated. Moody's notes that lackluster equity performance was a key factor in management's decision to transform the company. Since announcing the transformation plan, in February 2006, management has successfully sold its commodity businesses and kept its differentiated businesses. As of Dec. 31, 2006, Huntsman's leverage remains elevated with roughly US$3.6 billion of balance sheet debt. However, debt to EBITDA has declined significantly over the past two years and is currently at three times, down from five times at the end of 2004; retained cash flow to total debt is 22% and free cash flow to total debt is 9%. When utilizing Moody's Standard Adjustments, which also include the capitalization of pension obligations (US$487 million), securitizations (US$220 million) and operating leases (US$313 million), debt rises to almost US$4.4 billion, debt to EBITDA is 3.7 times, retained cash flow to total debt is 18.6% and free cash flow to total debt is 7.1%. Credit metrics are expected to show further improvement in 2007 if only from the proceeds from already announced asset sales, which are anticipated to reduce debt by roughly US$700 million. The stable outlook reflects Moody's expectation that Huntsman's businesses will remain strong for much of 2007 and into 2008, providing good liquidity and the opportunity to reduce debt further using free cash flow and cash. These actions may improve the company's credit profile and raise its metrics over the cycle. If, over the next 12-24 months, the company continues to follow its newly defined financial policies and does not re-lever its balance sheet either through consolidating acquisitions or through participation in other shareholder enhancing events the company's outlook or ratings could be positively affected. The notching of the senior secured credit facilities at Ba1, two levels above the CFR, reflects the combination of anticipated debt reduction at the secured level along with the benefit of a substantial cushion of subordinated debt. For rating purposes Moody's assumed that the bulk of the debt to be paid down was at the bank term debt level although management has yet to designate a specific plan for the use of asset sale proceeds other than the proceeds will be used to reduce debt. Huntsman Corporation is a global manufacturer of differentiated and commodity chemical products. Huntsman's products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, durable and non-durable consumer products, electronics, medical, packaging, paints and coatings, power generation, refining and synthetic fiber industries. Huntsman had revenues of US$10.6 billion for fiscal year 2006. ISLEWORTH COACHES: Claims Filing Period Ends May 1 -------------------------------------------------- Creditors of Isleworth Coaches Ltd. have until May 1 to prove their debts by sending written statements of the amounts they claim to be due to them by the company to: Stephen Cork and Joanne Milner Joint Liquidators Smith & Williamson Ltd. Prospect House 2 Athenaeum Road London N20 9YU England Stephen Robert Cork and Joanne Elizabeth Milner of Smith & Williamson Ltd. were appointed joint liquidators of the company on March 15. Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. ISOFT GROUP: Fires Steven Graham as Director -------------------------------------------- ISoft Group PLC dismissed suspended commercial director Steve Graham as director effective immediately, AFX News Ltd. reports. The company disclosed that along with his dismissal, Mr. Graham also ceased to be its employee. The board of iSoft suspended Mr. Graham on Aug. 8, following an initial investigation into possible accounting irregularities in the financial years ended April 30, 2004, and 2005. About iSOFT Headquartered in Manchester, United Kingdom, iSOFT Group plc -- http://www.isoftplc.com/-- supplies advanced medical software applications for the healthcare sector. Its products are used by more than 8,000 organizations in 27 countries for managing patient information and driving improvements in healthcare services. In international markets, the group has a strong presence in the Asia-Pacific, including Singapore and India. * * * In June 2006, the Group disclosed of a change in accounting policy, as a consequence of which it became necessary to review revenue recognition in prior years, in order to re-state some prior year revenues. Arising out of that review, a number of possible accounting irregularities came to light in which it appears that some revenues reported in 2003/04 and 2004/05 may have been recognized earlier than they should have been. On July 20, 2006, the Group engaged its auditors, Deloitte & Touche LLP, to conduct a formal initial investigation into these possible irregularities. In August 2006, it was confirmed that there were indeed matters that needed further investigation and the company handed over relevant documents to the Financial Services Authority, which is now conducting further investigations. The Group is working closely and co-operatively with the FSA in order to complete these investigations as quickly as possible. At the current time it would be inappropriate to comment on the likely outcome. On Oct. 25, 2006, the Accountancy Investigation and Discipline Board (AIDB) disclosed that it would conduct its own investigation. The AIDB investigation is a review of the conduct of those members of accountancy bodies that are regulated by the AIDB who were executive or non-executive directors of iSOFT during the relevant periods, and RSM Robson Rhodes LLP, iSOFT's auditor for the financial years ended April 30 2003, 2004 and 2005. All current executive directors of iSOFT who are members of those accountancy bodies were appointed after the dates under investigation, as was the non-executive director who is currently chairman of the audit committee. The initial investigation into possible accounting irregularities -- conducted by the Group's current auditors, Deloitte & Touche LLP, in July and August 2006 -- did not uncover evidence that any of the current non-executive directors had any knowledge of the irregularities. On the basis of information that has come to light so far, the Group does not believe that these matters will have any impact on the current or future financial position of iSOFT. Going Concern Doubt At Oct. 31, 2006, the company's board of directors recognized that there are material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern. J A SALISBURY: Names Liquidator to Wind Up Business --------------------------------------------------- Simon James Bonney of BN Jackson Norton was appointed liquidator of J A Salisbury Ltd. on March 13 for the creditors' voluntary winding-up proceeding. The company can be reached at: J A Salisbury Ltd. The Smithy Whitton Ludlow Shropshire SY8 3DB England Tel: 01584 891 715 Fax: 01584 891 714 JMN BUILDING: Creditors' Meeting Slated for April 13 ---------------------------------------------------- Creditors of JMN Building & Maintenance Services Ltd. will meet at 2:00 p.m. on April 13 at: Granite Buildings 6 Stanley Street Liverpool L1 6AF England Creditors who want to vote at the meeting have until noon on April 12 to submit their proxy forms together with particulars of their claims or of any security at the said address. Leigh & Co. Brentmead House Britannia Road London N12 9RU England Martin Henry Linton of Leigh & Co. will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. KENSINGTON MORTGAGE: Moody's Puts Ba2 Rating to Class B2 Notes -------------------------------------------------------------- Moody's Investors Service assigned definitive credit ratings to these classes of Notes to be issued by Kensington Mortgage Securities plc, Series 2007-1: -- Class A1a, due June 2022: Aaa; -- Class A1a Detachable Coupons, due September 2011: Aaa; -- Class A1b, due June 2022: Aaa; -- Class A1b Detachable Coupons, due September 2011: Aaa; -- Class A1c, due June 2022: Aaa; -- Class A1c Detachable Coupons, due September 2011: Aaa; -- Class A2, due June 2040: Aaa; -- Class A2 Detachable Coupons, due September 2011: Aaa; -- Class A3a, due June 2040: Aaa; -- Class A3a Detachable Coupons, due September 2011: Aaa; -- Class A3b, due June 2040: Aaa; -- Class A3b Detachable Coupons, due September 2011: Aaa; -- Class A3c, due June 2040: Aaa; -- Class A3c Detachable Coupons, due September 2011: Aaa; -- Class M1a, due June 2040: Aa3; -- Class M1b, due June 2040: Aa3; -- Class M2b, due June 2040: A2; -- Class B1a, due June 2040: Baa2; -- Class B1b, due June 2040: Baa2; and -- Class B2, due June 2040: Ba2. The ratings are based, inter alia, on the sterling equivalent split of the Notes being as follows (in percentage of the total Notes issuance excluding the Class C Notes): -- Class A1 30% -- Class A2 13% -- Class A3 42% -- Class M1 6% -- Class M2 4% -- Class B1 3.1% -- Class B2 1.9% Investors in the Class A Detachable Coupons do not receive any payments of principal, and will be paid interest at a rate of 0.60% p.a. for a period of 18 quarters, calculated on the outstanding balance of the Class A1, A2, A3 Notes, respectively. Moody's previously assigned provisional ratings on the notes on 1st March 2007. The Issuer, Kensington Mortgage Securities plc, is a special purpose vehicle incorporated in England and Wales, which is ultimately owned by a charitable trust. The Issuer is a multi-issuance vehicle and this transaction represents the first series to be issued under its MTN style program. The assets supporting the Notes are subprime and non-conforming first- and second-lien residential mortgage loans originated by entities trading under the name of Kensington Mortgage Company Ltd., Money Partners Ltd. and Money Partners Loans Ltd. and secured on residential properties in England, Wales and Scotland. Homeloan Management Ltd. will be responsible for the day-to-day servicing of the loans, while Western Mortgage Services will act as standby servicer. The ratings of the Notes are based upon an analysis of the characteristics of the mortgage pool backing the Notes, the protection the Notes receive from credit enhancement against defaults and arrears in the mortgage pool, and the legal and structural integrity of the transaction. The credit enhancement available in the deal is provided in the form of excess spread, a discount margin reserve, reserve fund (initially 1% of original note balance, building to 1.5%), and subordination of the Class M1, M2, B1 and B2 Notes. Subject to certain conditions being met, the reserve fund may amortize down to a floor of 0.75% of the original note balance. To hedge against the risk of rising interest rates during the fixed rate periods for the fixed-rate loans in the pool, the Issuer will enter into a swap for the principal balance of these loans. To hedge against possible mismatch between Note LIBOR and LIBOR payable on the loans, the issuer will enter into a basis swap agreement. The Issuer will also enter into cross currency swaps to hedge against interest rate and foreign exchange risk on the Notes. The ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the rated final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. KILLARNEY SPRINGS: Names Administrator from Smith & Williamson -------------------------------------------------------------- Iain John Allan of Smith & Williamson and Simon Ian Kirkhope of Solomon Hare LLP were appointed joint administrators of Killarney Springs Family Leisure Park Ltd. (Company Number 05034727) on March 20. Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. The company can be reached at: Killarney Springs Family Leisure Park Ltd. Killarney Springs Youlstone Bude Cornwall EX23 9PX England Tel: 01288 331 475 LEA VALLEY: Creditors' Meeting Slated for April 26 -------------------------------------------------- Creditors of Lea Valley Motors Ltd. will meet at 2:30 p.m. on April 26 at: 1 Kings Avenue Winchmore Hill London N21 3NA England A list of names and addresses of the company's creditors will be available for inspection free of charge on April 25. LONDON TUBE: Names Keith Barry Stout Liquidator ----------------------------------------------- Keith Barry Stout was appointed liquidator of The London Tube Co. Ltd. on March 20 for the creditors' voluntary winding-up proceeding. The company can be reached at: The London Tube Co. Ltd. Crabtree Manorway North Belvedere Kent DA17 6LJ England Tel: 020 8310 1000 Fax: 020 8311 3844 MAXFIELDS JEWELLERS: Joint Liquidators Take Over Operations ----------------------------------------------------------- David Leighton Cockshott and Paul Andrew Whitwam of BWC Business Solutions were appointed joint liquidators of Maxfields (Jewellers) Ltd. on March 21 for the creditors' voluntary winding-up procedure. The company can be reached at: Maxfields (Jewellers) Ltd. Unit 8 Carlton Lanes Shopping Centre Castleford West Yorkshire WF10 1AD England Tel: 01977 603 648 MJD CONSTRUCTION: Appoints Liquidator from Tomlinsons ----------------------------------------------------- Alan H. Tomlinson of Tomlinsons was appointed liquidator of MJD Construction Ltd. on March 20 for the creditors' voluntary winding-up proceeding. Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all types of business recovery and insolvency procedures, as well as offering advice to companies and individuals who believe they may be heading towards, or are already in, financial difficulty. The company can be reached at: MJD Construction Ltd. 510 Darwen Road Bromley Cross Bolton Lancashire BL7 9DX England Tel: 01204 690 746 Fax: 01204 592 008 NATIONWIDE KITCHENS: Calls In Liquidators from BWC -------------------------------------------------- David L. Cockshott and Gary E. Blackburn of BWC Business Solutions were appointed joint liquidators of Nationwide Kitchens Ltd. on March 16 for the creditors' voluntary winding- up procedure. The company can be reached at: Nationwide Kitchens Ltd. Dewsbury Road Ossett West Yorkshire WF5 9HU England Tel: 01924 272 000 Fax: 01924 277 700 PHELPS DODGE: Moody's Lifts Rating on US$566.7 Mln Notes to Ba2 --------------------------------------------------------------- Moody's Investors Service upgraded Freeport-McMoRan Copper & Gold Inc.'s corporate family rating to Ba2 from Ba3 and undertook a number of related rating actions: * upgraded to Baa2 from Baa3 the senior secured rating on Freeport's US$500-million secured revolver; * upgraded to Baa3 from Ba2 the senior secured ratings on each of Freeport's US$1-billion secured revolver, US$2.5- billion secured Term Loan A, US$7.5 billion secured Term Loan B, and each of Freeport's existing 6.875%, 10.125% and 7.20% senior secured notes; and * upgraded to Ba3 from B2 Freeport's US$6-billion senior unsecured notes. Moody's also upgraded to Ba2 from B1 the ratings on Phelps Dodge's secured Cyprus Amax notes and on Phelps Dodge's other existing notes. The rating actions are based on Freeport's pending issuance of around US$2.5-billion of common equity and US$2.5-billion of mandatorily convertible preferred stock and a potential overallotment, the proceeds of which will be used to reduce Term Loans A and B. In considering Freeport's capital structure, Moody's treats the mandatorily convertible preferreds as equity. The ratings reflect the overall probability of default of Freeport, to which Moody's assigns a PDR of Ba2. The rating outlooks for Freeport, Phelps Dodge and Cyprus Amax are stable. The Ba2 corporate family rating reflects Freeport's high debt level of around US$13 billion and what Moody's believes will be a protracted time frame for debt reduction in the face of softening metals prices and continued high cost challenges. The rating also considers the high concentration in copper and resultant variability in earnings and cash flow, significant capital expenditures, and a high level of reliance on the Grasberg mine in Indonesia. The rating also reflects the cultural challenges inherent in the acquisition of the larger Phelps Dodge by Freeport, and the execution and political risk of Phelps Dodge's development project in the Congo. The Ba2 rating favorably considers the company's leading positions in copper and molybdenum, a significant amount of gold production, the low cost, long-life reserves at PT-FI, and improved operating and political diversity. These are the rating actions: * Freeport-McMoRan Copper & Gold Inc. -- Corporate Family Rating, to Ba2 from Ba3; -- Probability of Default Rating; to Ba2 from Ba3; -- US$0.5-billion Senior Secured Revolving Credit facility, to Baa2, LGD1, 2% from Baa3; -- US$1-billion Senior Secured Revolving Credit Facility, to Baa3, LGD2, 22% from Ba2; -- US$2.5-billion Senior Secured Term Loan A, to Baa3, LGD2, 22%, from Ba2; -- US$7.5-billion Senior Secured Term Loan B, to Baa3, LGD2, 22%, from Ba2; -- US$340-million 6.875% Senior Secured Notes due 2014, to Baa3, LGD2, 22%, from Ba2; -- US$272-million 10.125% Senior Secured Notes due 2010, to Baa3, LGD2, 22%, from Ba2; -- US$0.2-million 7.20% Senior Secured Notes due 2026, to Baa3, LGD2, 22%, from Ba2; and -- Senior Unsecured Notes: to Ba3, LGD5, 83%, from B2. * Cyprus Amax Minerals Company -- US$60.1-million 7.375% Senior Notes due 2007, to Ba2, LGD3, 48%, from B1. * Phelps Dodge Corporation -- US$107.9-million 8.75% Senior Notes due 2011, to Ba2, LGD3, 48%, from B1; -- US$115-million 7.125% Senior Notes due 2027, to Ba2, LGD3, 48%, from B1; -- US$150-million 6.125% Senior Notes due 2034, to Ba2, LGD3, 48%, from B1; and -- US$193.8-million 9.50% Senior Notes due 2031, to Ba2, LGD3, 48%, from B1. Moody's last rating action on Freeport was to affirm its Ba3 corporate family rating in February 2007 in connection with Freeport's acquisition of Phelps Dodge. Freeport-McMoRan Copper & Gold Inc. is a Phoenix based producer of copper, gold and molybdenum and had revenue in 2006 of US$5.8 billion. RELISYS DIGITAL: Brings In Begbies Traynor as Administrators ------------------------------------------------------------ Simon Robert Thomas and David Paul Hudson of Begbies Traynor (South) LLP were appointed joint administrators of Relisys Digital Ltd. (Company Number 03324410) on March 21. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The company can be reached at: Relisys Digital Ltd. Synergy House Guildhall Close Manchester Science Park Manchester Lancashire M15 6SY England Tel: 0161 232 6014 SIMPSON EVANS: Creditors' Meeting Slated for April 13 ----------------------------------------------------- Creditors of Simpson Evans Ltd. will meet at 3:00 p.m. on April 13 at: Stones & Co. 63 Walter Road Swansea SA1 4PT Wales Secured creditors who want to vote must submit before the meeting 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 April 11. SOLUTIA INC: Wants to Acquire Akzo Nobel's 50% Flexsys Stake ------------------------------------------------------------ Solutia Inc. seeks authority from the U.S. Bankruptcy Court for the Southern District of New York to acquire Akzo Nobel N.V.'s interest in Flexsys pursuant to the terms of a transaction agreement, and provide Flexsys with a subordinated intercompany loan up to US$150 million for the acquisition of Akzo Nobel's interest in Flexsys. Solutia and Akzo Nobel have been partners in Flexsys, a successful rubber chemicals business with 13 manufacturing facilities worldwide, with around 1,000 employees, and annual revenues in fiscal year 2006 of about US$600 million. Flexsys was formed in 1995 as a 50/50 joint venture between Akzo Nobel and Monsanto Company. Solutia was created in 1997 by Pharmacia Corp., then known as Monsanto, pursuant to a spin-off transaction. In connection with the spin-off, Solutia received Pharmacia's interest in Flexsys. Flexsys is not a debtor in the Debtors' Chapter 11 cases. Flexsys is headquartered in Brussels, Belgium, and is comprised of three primary legal entities: (a) Flexsys Holding B.V., (b) Flexsys America LP, and (c) Flexsys Rubber Chemicals Ltd. By late 2005, Akzo Nobel had decided to exit the rubber chemicals business to focus on its other chemicals and coating businesses, and asked Solutia if it would consent to a sale of Akzo Nobel's 50% interest in Flexsys. Solutia relates that following a year-long process resulting in three binding bids, it concluded that it would not be in the estates' best interest to sell Solutia's stake in Flexsys at the prices and on the terms and conditions set forth in the bids submitted. Solutia management, with input from its operational consultants, CRA International, formerly Charles River Associates, undertook a strategic review options with respect to Flexsys on the summer of 2006. As a result of the review, Solutia's Board of Directors determined that the best course of action would be to seek to purchase Akzo Nobel's 50% in Flexsys on favorable terms. Proposed Transaction On Feb. 27, 2007, after several months of arm's-length negotiations, Solutia and Akzo Nobel reached an agreement on the terms of Solutia's proposed acquisition of the remaining 50% interest in Flexsys. Under the terms of the Transaction Agreement, the Flexsys entities will repurchase Akzo Nobel's interests in Flexsys for US$212.5 million subject to certain deductions and adjustments. Upon the closing of the proposed transaction, the Flexsys Entities will become wholly owned subsidiaries of Solutia. However, they will remain separate and distinct legal entities from Solutia and its affiliated subsidiary debtors. Akzo Nobel will continue to be responsible for certain legacy environmental liabilities. To provide Flexsys with sufficient funds for its general corporate and other working capital needs, the Flexsys Entities have negotiated a commitment from KBC Bank N.V. and Citigroup Global Markets Ltd. for US$200 million. The credit facility will be secured solely with the assets of the Flexsys Entities and will not result in any additional obligations on Solutia or any of its Debtor-subsidiaries. As previously reported, Solutia has amended its debtor-in- possession financing facility to provide up to US$150,000,000 as an intercompany loan to the Flexsys Entities, to finance the proposed transaction. The intercompany loan will be subordinate to the financing obtained directly by the Flexsys Entities; have an initial term of six years; be non-amortizing; and will be provided on customary market rates and terms for debt of this kind. No interest will be paid to Solutia on account of the subordinated intercompany loan until Solutia emerges from Chapter 11 and certain other conditions have been satisfied. The subordinated intercompany loan will be subject to an intercreditor agreement among Solutia, KBC Bank, and Citigroup. Under the Transaction Agreement, Akzo Nobel and its affiliates will agree to a five-year, worldwide non-compete in the Field of Agreement, subject to limited exceptions. The Akzo Nobel entities will not solicit or hire any employees of the Flexsys Entities for three years after closing, subject to customary exceptions. The Akzo Nobel Entities will reimburse Flexsys for 50% of the cost of the "disentanglement transactions," which refers to certain transactions designed to separate the operations of the Flexsys Entities from the Akzo Nobel Entities, incurred after the Closing or incurred but not paid as of immediately before Closing. To the extent the Akzo Nobel Entities will continue providing services to the Flexsys Entities at certain sites after the Closing, the parties will enter into services agreements before Closing that will have substantially similar terms as the operating agreements that govern the services before the Closing. The services will generally be provided on the same economic terms as they are provided under the current operating agreements. The Transaction Agreement also contains customary covenants regarding access to books and records; efforts to obtain financing; cooperation regarding certain material litigation; cooperation regarding intellectual property transfer; tax matters; and termination of certain affiliate arrangements. A summary of proposed transaction terms is available for free at: http://researcharchives.com/t/s?1c5f James M. Sullivan, senior vice president and chief financial officer of Solutia, states that as a condition to the proposed transaction to acquire the rights to manufacture and market certain Flexsys products in Asia, the Flexsys Entities, along with their Japanese affiliate Flexsys KK, will enter into an equity purchase agreement and an asset purchase agreement, pursuant to which the Kashima Buyers will purchase all of Akzo Nobel's Crystex(R) business in Japan from affiliates of Akzo Nobel. Under the Kashima Purchase Agreements, the Kashima Buyers will acquire all of the outstanding shares of Crystex Japan K.K., which are owned by Akzo Nobel K.K.; and all of the assets owned by Akzo Nobel Kashima K.K. that relate to its Crystex business and to assume the liabilities related to the assets. Neither Solutia nor any of its Debtor-affiliates will participate in the Kashima Transactions. Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York, states that the structure of the lending transaction provides tax and financing benefits to Solutia, including allowing the repayment of the intercompany financing without triggering a United States taxable income inclusion. Mr. Henes asserts that Solutia's acquisition of Akzo Nobel's 50% stake in Flexsys and the provision of a subordinated intercompany loan to Flexsys is in the best interest of Solutia's estates, its stakeholders, and all other parties-in- interest because: (a) Solutia has the opportunity to create additional value for its estates as the sole owner of Flexsys. Solutia is acquiring Akzo Nobel's interest in Flexsys at an attractive price when compared to the acquisition prices for comparable specialty chemical companies. Like Solutia, Flexsys is a global specialty chemicals business that specializes in the "know how" of manufacturing market-leading products, Mr. Henes says. Solutia continues to experience improved financial performance during the Chapter 11 cases as a result of implementing new business strategies, disposing of underperforming assets and shutting down unprofitable businesses, Mr. Henes notes. Solutia believes that the implementation of many of the same strategies similarly would improve Flexsys' businesses to the benefit of all of Solutia's stakeholders. (b) The proposed transaction allows Solutia to retain and possibly enhance the value of its existing interest in Flexsys. Solutia believes that the proposed transaction would resolve the divergent business interests of Solutia and Akzo Nobel and present significant opportunities for Flexsys to be more profitable and competitive in the future. Under the status quo, Solutia believes substantial value would remain trapped in a joint venture that lacks one dedicated owner or a viable exit strategy, thereby eroding the value of Solutia's existing investment in Flexsys. (c) The proposed transaction will be accretive to Solutia's earnings and cash flow, and will enhance Solutia's credit metrics by decreasing Solutia's debt-to-EBITDAR ratio. (d) The acquisition will diversify Solutia's cash flows. Solutia should be authorized to enter into the Proposed Transaction, including implementation of certain organizational changes in connection with the acquisition, because Solutia has demonstrated that good business reasons support acquiring Akzo Nobel's interests in Flexsys, Mr. Henes tells the Court. Solutia believes that the Proposed Transaction presents the optimal way for Akzo Nobel to exit the Flexsys joint venture, while at the same time allowing Solutia to maximize value for its interest in Flexsys. Organizational Changes In connection with Solutia's acquisition of Flexsys, James R. Voss, Solutia's senior vice president of Business Operations, has been named president of Flexsys and senior vice president of Solutia. He will assume general management responsibilities for the Flexsys business. Robert T. DeBolt, Solutia's vice president of Strategy, has been named senior vice president of Business Operations for Solutia. He will retain responsibility for the corporate strategy function and will assume responsibility for four additional corporate functions -- environmental, safety & health; human resources; procurement; and information technology. Solutia will enter into new employment agreements with Messrs. Voss and DeBolt. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. The company and 15 debtor-affiliates 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 Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. 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. 82; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). In February 2007, the Honorable Prudence Carter Beatty entered a bridge order extending the Debtors' exclusive period to file a plan until April 30, 2007. SOLUTIA INC: Proposes Bidding Procedure for Dequest Sale -------------------------------------------------------- Solutia Inc. and its debtor-affiliates filed with the U.S. Bankruptcy Court for the Southern District of New York their proposed bidding procedure for the sale of their water treatment phosphonates business. The Debtors have significantly enhanced their businesses by continuing to groom their asset portfolio, developing new robust business strategies, and making selective strategic investments, M. Natasha Labovitz, Esq., at Kirkland & Ellis LLP, in New York, relates. Solutia continued to analyze its businesses and has determined that Dequest(R), its water treatment phosphonates business, is a non-core asset that should be divested. Dequest operates within Solutia's specialty products and services business segment and is a leader in the production and sale of phosphonates and phosphonates-based specialty additives that enhance water quality for industrial and domestic use. Solutia has marketed the Dequest business to chemical industry players with a strategic advantage in one or more of the major raw materials used in the business. Thermphos Trading GmbH, a Swiss corporation, emerged with a very attractive bid for the business. After several months of intensive negotiations, on March 11, 2007, Thermphos and Solutia entered into a purchase agreement. Solutia believes that it is appropriate to further market-test the purchase price and other terms of the proposed Thermphos transaction by holding an auction, with Thermphos as a "stalking horse" bidder, whose Purchase Agreement will set a bidding floor to ensure Solutia will receive the best offer in the Auction. Due to the fact that Solutia has a definitive, binding agreement with Thermphos to purchase the Dequest business at a very attractive price, conducting a full, public auction process now no longer poses as much risk of erosion of vendor, customer and employee confidence in Dequest that existed before Solutia entered into the Purchase Agreement, Ms. Labovitz tells the Court. Any risk to Solutia of having a public auction at this stage is outweighed by the significant potential upside if a higher purchase price is obtained through the auction process, Ms. Labovitz says. Purchase Agreement Thermphos has agreed to purchase the business free and clear of liens, encumbrances, claims and other interests, for US$67,000,000, subject to certain adjustments based on an agreed upon working capital and inventory value as of the closing date, subject to better offers in an auction process to be conducted in accordance with the proposed bidding procedures. The Debtors propose to sell assets that are used exclusively in the Dequest business, including fixed assets; inventory; contracts; intellectual property; permits; books and records; credits; prepaid expenses; security deposits; all prepayments or deposits in respect of orders or product to be shipped after the closing date; technology; and a number of Microsoft licenses equal to the number of employees of Solutia and its affiliates, who will be transferred to the buyer or accept the buyer's offer of employment pursuant to the Purchase Agreement and actually commence active employment with the buyer or its affiliate on or after the closing date. To the fullest extent permitted by the Court, the Transferred Assets are to be transferred free and clear of any charge, claim, mortgage, lien, option, pledge, security interest, lease, levy, right of first refusal, right of first offer, restriction on voting or transfer or encumbrances, other than permitted encumbrances and assumed liabilities. The excluded assets include: -- all cash and cash equivalents of the Solutia and its affiliates; -- the land; -- originals of books and records, records of internal corporate proceedings, tax records, work papers, and books and records of Solutia and its affiliates they are required by law to retain, provided that copies are made available to the purchaser; -- all rights in the names and marks; -- all of the bank accounts; and -- any insurance policies and rights, claims or cause of action. Among the liabilities the purchaser will assume are: * taxes arising from or with respect to the Transferred Assets or the operation of the Dequest business occurring after the closing date; * all liabilities under the business contracts and the business permits that accrue or are to be performed on or after the closing date, other than any liability resulting from a breach before closing; and * all buyer environmental liabilities. Solutia will assign to Thermphos the certain contracts, and it will assume all obligations required to be performed subsequent to the closing. Solutia will pay the cure costs as and when finally determined by Court order. The Purchase Agreement may be terminated by mutual written consent; if the non-terminating party is in breach of the representations, warranties or covenants of the party and the breach would give rise to a failure of a condition precedent that cannot be cured within 15 days of written notice; if the closing will not have occurred by 120 days after the execution of the Purchase Agreement; and if any government authority has enjoined or otherwise prohibited the sale by final, non- appealable order. Thermphos may terminate the Purchase Agreement if the bidding procedures order have not been entered and become a final order on or before May 3, 2007; and the sale order have not been entered and become a final order on or before June 17, 2007. Solutia has agreed to pay, pursuant to separate agreements, five key Dequest employees each a closing bonus aggregating US$231,298, to further Solutia's interest in obtaining the highest possible sales value for the Dequest business and to maintain the value of the business for and ensure the orderly transition of the business to Thermphos. A copy of the Purchase Agreement is available for free at: http://researcharchives.com/t/s?1c61 Sale Procedure To participate in the bidding process and to receive non-public information concerning the Transferred Assets, each entity must deliver to Solutia's counsel and counsel for the Official Committee of Unsecured Creditors on or before the proposed bid deadline of April 30, 2007: -- an executed non-binding indication of interest; -- an executed confidentiality agreement in form and substance containing terms no less favorable to Solutia than the terms of confidentiality agreement entered into with Thermphos; and -- written evidence, including audited financial statements or other form of financial disclosure, of the potential bidder's financial ability to complete the contemplated transactions, the adequacy of which Solutia and its advisors will determine in their sole discretion. A bid is a Qualified Bid if, among others, it: (a) is equal or exceed the sum of (i) the purchase price, (ii) the minimum overbid increment that is 3% of the purchase price, (iii) a break-up fee payable to Thermphos that is 3% of the base purchase price, and (iv) up to US$1 million for reimbursement of actual and reasonable documented out-of-pocket costs and expenses incurred by Thermphos in connection with negotiating and preparing for the Sale; (b) provides payment of the Break-Up Fee and Expense Reimbursement; and (c) is accompanied by a deposit of 10% of the cash purchase price specified in the Bid. If more than one Qualified Bid is received, Solutia will conduct an auction on May 2, 2007, at 10:00 a.m., Eastern Time, at the offices of Kirkland & Ellis LLP, at 153 East 53rd Street, New York. On May 1, Solutia will provide each Qualified Bidder a written notice of the auction, a copy of the Qualified Bid that Solutia and the Creditors Committee believe constitutes the best offer and with which it intends to commence the auction. If no Qualified Bid is received by the Bid Deadline, Thermphos' bid will be deemed the best offer and an auction will not be conducted. At the close of the auction, Solutia, in its sole discretion and after consultation with the Creditors Committee, will identify the best bidder. The auction will not close unless and until Qualified Bidders, who were not chosen as the successful bidder, have been given a reasonable opportunity to submit an overbid at the auction to the then existing Overbid, if any, and the Successful Bidder has submitted a fully executed purchase agreement memorializing the terms of the Successful Bid. After announcing the Successful Bidder and alternate bidder, Solutia will declare the auction closed. An Alternate Bidder will be required to keep the alternate bid open, binding and irrevocable until the closing of the Sale. If for any reason, the Successful Bidder fails to consummate the purchase of the Transferred Assets within the time permitted in the Purchase Agreement, the Alternate Bidder with the second highest or otherwise best bid for the Transferred Assets will automatically be deemed to have submitted the best bid, and Solutia will be authorized, but not required, after consultation with the Creditors Committee, to consummate the Sale with the Alternate Bidder without further Court order. If Solutia sells any or all of the Transferred Assets to a Successful Bidder other than Thermphos, Solutia will pay the Break-Up Fee and the Expenses Reimbursement to Thermphos upon the closing of the Sale. Thermphos will have an allowed claim for an administrative expense in the Debtors' Chapter 11 cases in an amount equal to the sum of the Break-Up Fee and the Expense Reimbursement. Solutia asks that a Sale hearing be held on May 4, 2007. At the Sale Hearing, if no other Qualified Bid is received, Solutia will seek entry of the Sale order authorizing and approving the sale of the Transferred Assets to Thermphos, or if a Qualified Bid is identified as the Successful Bid, to the Successful Bidder. Bid Protections Under the Purchase Agreement, Solutia has agreed to pay Thermphos a Break-Up Fee that is 3% of the base purchase price and an Expense Reimbursement of Thermphos' actual, reasonable and documented out-of-pocket costs and expenses up to US$1,000,000. Thermphos has repeatedly informed Solutia that it was reluctant to become a stalking horse bidder and expose its bid to additional market-testing in an auction process, Ms. Labovitz relates. Accordingly, the Bid Protections were material inducements for, and conditions of, Thermphos' agreement to enter into the Purchase Agreement, she adds. Assumption and Assignment of Contracts The Purchase Agreement requires Solutia to assume and assign certain contracts, which may include curing any defaults under them to the extent required by Section 365 of the Bankruptcy Code. Solutia believes it is appropriate to establish a process by which Solutia and the counterparties to the Assumed Contracts can establish the amount of cure costs, if any, and for the counterparties to assert any objections they may have to the assumption and assignment of the Assumed Contracts. Solutia will file and serve a cure notice to the Bidding Procedures order to each non-Debtor counterparty to an Assumed Contract no later than April 16, 2007. The Cure Notice will include a schedule of the cure costs associated with each Assumed Contract. Counterparties will have 10 days from the service of the Cure Notice to object to the proposed assumption and assignment of the applicable Assumed Contract and the proposed cure cost. If there are no objections, the Assumed Contract will be assumed by Solutia and assigned to Thermphos or the Successful Bidder, subject to the occurrence of the closing date of the Sale. If the objection to the cure cost cannot be resolved consensually before the Sale Hearing, Solutia, in consultation with Thermphos, will determine whether to: -- request approval of the assignment of the Assumed Contract, provided that the disputed portion of the cure cost will be held in escrow pending resolution of the dispute; and -- withdraw the request that the Court approve assumption and assignment of the Assumed Contract. If parties are unable to resolve the disputed cure cost in connection with the Assumed Contract, a hearing will be held at a date and time determined by the Court. If there is no objection to a cure cost, Solutia will pay each Assumed Contract Counterparty the cure costs on the later of the closing date and the actual date of assignment of the Assumed Contract. Solutia asks the Court to approve the Bidding Procedures; Assumption and Assignment Procedures; form and manner of the sale notice; and schedule a Sale Hearing to approve a Sale of the Dequest business to Thermphos. Solutia also seeks the Court's authority, at the Sale Hearing, to sell the Transferred Assets free and clear of liens, encumbrances, claims and other interests, on substantially the terms and conditions set forth in the Purchase Agreement; and assume and assign the Assumed Contracts. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. The company and 15 debtor-affiliates 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 Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. 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. 82; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). In February 2007, the Honorable Prudence Carter Beatty entered a bridge order extending the Debtors' exclusive period to file a plan until April 30, 2007. SPLASH OFFICE: Hires Liquidator from Tomlinsons ----------------------------------------------- Alan H. Tomlinson of Tomlinsons was appointed liquidator of Splash Office Services Ltd. on March 19 for the creditors' voluntary winding-up procedure. Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all types of business recovery and insolvency procedures, as well as offering advice to companies and individuals who believe they may be heading towards, or are already in, financial difficulty. The company can be reached at: Splash Office Services Ltd. Unit 44 Cariocca Business Park Hellidon Close Ardwick Manchester Lancashire M12 4AH England Tel: 0870 411 8811 STAGEIT BY PREMIER: Hires Terry Christopher Evans as Liquidator --------------------------------------------------------------- Terry Christopher Evans of Rogers Evans was appointed liquidator of Stageit By Premier Ltd. on March 16 for the creditors' voluntary winding-up procedure. The company can be reached at: Stageit By Premier Ltd. Solent Business Centre 343 Millbrook Road West Southampton Hampshire SO15 0HW England Fax: 023 8070 4073 SUPREMA TILE: Creditors' Meeting Slated for April 5 --------------------------------------------------- Creditors of Suprema Tile Design Ltd. will meet at 4:00 p.m. on April 5 at the offices of: Valentine & Co. 4 Dancastle Court 14 Arcadia Avenue London N3 2HS England A list of names and addresses of the company's creditors will be available for inspection free of charge on April 3. SWALLOW HOTEL: Paddy Crerar Buys Name from Administrators --------------------------------------------------------- Edinburgh-based hotelier Paddy Crerar acquired the Swallow Hotel name from its administrators, The Scotsman reports. According to the report, Mr. Crerar intends to use the brand for the 26 Swallow properties he bought following the collapse of the London and Edinburgh Swallow Group Ltd. in September 2006. As previously reported in the TCR-Europe, London and Edinburgh Swallow Group struggled in the face of increasing heavy losses. The directors of the group have considered various avenues and concluded that a restructuring through an insolvency process provided the best option for the business. Roy Bailey, Alan Bloom and Angela Swarbrick at Ernst & Young LLP were appointed joint administrators of the group. Mr. Crerar also restructured and expanded the board of Crerar Hotels. He will remain chief executive, responsible for hotel acquisition and disposal, development of management contracts and management of the property portfolio, The Scotsman relates. "Circumstances have accelerated planned changes in our overall strategy, Mr. Crerar was quoted by Breaking Travel News as saying. "In the last six months we have grown at a faster pace than originally planned. As our strategy has accelerated we have brought in structure changes that were to be phased in alongside the intended, but slower, pace of growth. " "With a strengthened senior team we are now focusing on growing the estate through two channels - owned and operated hotels under the Crerar Hotel banner, and joint ventures and management contracts, particularly related to private investor funds, under the Swallow Hotel banner," Mr. Crerar continued. "The hotel market remains a difficult place to acquire decent assets at return rates that make economic sense but there are clear signs that the market is settling, which our company will be well placed to take advantage of," he concluded. Mr. Crerar owns seven hotels under the Crerar Hotel brand. About Swallow Hotels Swallow Hotels Limited -- http://www.swallow-hotels.com/-- is one of the largest privately owned hotel and pub groups in the U.K. On Sept. 14, 2006, the company went into receivership and appointed A. Swarbrick, R. Bailey, and A.R. Bloom as joint administrators of the company. The affairs, business, and property of the company are being managed by the joint administrators, who act as agents of the company only and without personal liability. The company owned 671 sites across the U.K., employing 7,300 staff. The portfolio included around 70 hotels and 120 tenanted and managed pubs across Scotland, many of them acquired in the past two years. Around 600 have been sold since. TUBE ENGINEERING: Claims Filing Period Ends April 27 ---------------------------------------------------- Creditors of Tube Engineering (Bristol) Ltd. have until April 27 to send in their full names, addresses and descriptions, full particulars of their debts or claims and the names and addresses of their solicitors, if any, to: Graham Lindsay Down Liquidator BN Jackson Norton 14 Orchard Street Bristol BS1 5EH England WHITE STRIPE: Creditors' Meeting Slated for April 11 ---------------------------------------------------- Creditors of White Stripe Barcode Solutions Ltd. will meet at 11:00 a.m. on April 11 at: Maidment Judd Verulam House 110 Luton Road Harpenden Hertfordshire AL5 3BL England Creditors who want to vote at the meeting have until noon on April 10 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 on April 9. * Grant Thornton Names Paul McCourt as Senior Manager ----------------------------------------------------- Grant Thornton U.K. LLP disclosed of Paul McCourt's appointment as senior manager to its audit team in Glaslow, Scotland, Scotsman reports. Mr. McCourt worked with PricewaterhouseCoopers for nine years before joining Grant Thornton. Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- provides value-added professional services as assurance services, compensation and benefits, merger and acquisition transaction services, management advisory services, tax consulting and valuation services. * BOOK REVIEW: Admiralty and Maritime Law ----------------------------------------- Author: Robert Force, A.N. Yiannopoulos, and Martin Davies Publisher: Beard Books Paperback: 752 pages List Price: US$149.95 Order your personal copy at http://www.amazon.com/exec/obidos/ASIN/1587982900/internetbankru pt The book Admiralty and Maritime Law is written by Robert Force, A.N.Yiannopoulos, and Martin Davies. This two-volume casebook on Admiralty and Maritime law is a thorough and comprehensive work by experts at the Tulane Maritime Law Center. It is replete with case law, statutes, textual notes, questions and analysis on every aspect of this area of the law. Robert Force, Niels F. Johnsen Professor of Maritime Law and Director Emeritus, Maritime Law Center BS, 1955, LLB, 1958, Temple University; LLM, 1960, New York University Professor Force clerked for state and federal judges in Pennsylvania, practiced law in Philadelphia, and taught law at Indiana University before coming to Tulane in 1968. He teaches courses in admiralty and criminal law. Professor Force was named special master to the United States District Court for the Eastern District of Louisiana for a major case involving conditions in the Orleans Parish Prison. His current research activities are largely in the area of admiralty and maritime law, but he has co-authored the Louisiana Code of Evidence as well as numerous articles on maritime law. Professor Force and his colleagues, Professor Yiannopoulos and Professor Davies, have co-authored two course books used in Admiralty I and II. Professor Force is currently revising two well-known admiralty texts, Norris on The Law of Seamen I and Norris on The Law of Maritime Personal Injuries. Professor Force is director of the Maritime Law Center and holds the only endowed chair in maritime law in the United States. He was Acting Dean from 1977 through 1978. In 2001, Professor Force was honored by the Seamen's Church Institute as a maritime law legend and received its Distinguished Maritime Law Award. In 2002, he was honored by the President of Panama, who designated him a member of the Order de Vasco Nunez de Balboa. In addition, Force has authored well over 30 books on admiralty as well as criminal law and countless other essays and teaching materials. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. 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 * * *