/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070411.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 Wednesday, April 11, 2007, Vol. 8, No. 71 Headlines A U S T R I A ARORA LLC: Claims Registration Period Ends April 20 BULGUSS LLC: Claims Registration Period Ends April 24 CREATIVE ARENA: Salzburg Court Orders Business Closure HDM LLC: Vienna Court Declares Business Shutdown NIGHTLIFE-DISCO: Claims Registration Period Ends April 20 TEAMTEX LLC: Claims Registration Period Ends April 24 TGZ LLC: Claims Registration Period Ends April 20 B E L G I U M GEARBULK HOLDING: Moody's Assigns Loss-Given-Default Rating D E N M A R K FS FUNDING: Moody's Assigns Loss-Given-Default Rating F R A N C E ALCATEL-LUCENT: To Acquire Tropic Networks Inc. ALCATEL-LUCENT: Completes Gazprom Neft Network Project ALCATEL-LUCENT: Unveils Adjusted Quarterly Figures for 2006 COMPLETEL SAS: Moody's Assigns Loss-Given-Default Rating EUROTUNNEL GROUP: Shareholders Defend Travel Perks EUROTUNNEL GROUP: CEO Gounon Appeals for Shareholders' Support EUTELSAT COMMS: Moody's Assigns Loss-Given-Default Rating FCI INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating G E R M A N Y DAIMLERCHRYSLER AG: Kerkorian Offers US$4.5 Billion for Chrysler INDUSTRIAL SURFACE: Claims Registration Period Ends May 18 JOERG OTTENS: Claims Registration Period Ends April 16 K-F-H BAU: Creditors' Meeting Slated for May 14 KARL-HEINZ THEISEN: Claims Registration Period Ends May 15 KARL PITSCHENEDER: Claims Registration Period Ends April 22 KERIM HANDELSAGENTUR: Creditors' Meeting Slated for May 11 KFZ-KLINIK GMBH: Claims Registration Period Ends May 30 KNITT GEBAUDETECHNIK: Claims Registration Period Ends May 10 LEONHARDT & KERN: Claims Registration Period Ends May 30 LINDSAY DEVELOPMENT: Claims Registration Period Ends April 13 LUDWIG DIEMEL: Claims Registration Ends May 11 MADER WERKZEUGBAU: Claims Registration Ends May 7 MAINPLAN GMBH: Claims Registration Ends May 4 MANFOOD GMBH: Creditors Must Register Claims by May 21 MECKLENBURGER KUESTENFISCH: Creditors Must File Claims by May 2 METZLER MASCHINENBAU: Creditors Must Register Claims by May 4 MEYER & BIELA: Claims Registration Period Ends April 20 MICHAEL KOELNBERGER: Claims Registration Period Ends June 4 MTU AERO: Moody's Assigns Loss-Given-Default Rating ORBITER GEARS: Claims Registration Period Ends May 7 PBB PROJEKTMANAGEMENT: Creditors' Meeting Slated for May 25 PRIMUS-VERMOEGENSARCHITEKTUR: Creditors' Meeting on April 19 PROTEK GMBH: Claims Registration Period Ends May 11 QUALITY LINK: Claims Registration Period Ends April 30 WESTLB AG: Fitch Keeps Individual D Rating Despite Trading Loss G R E E C E FAGE DAIRY: Moody's Assigns Loss-Given-Default Rating I R E L A N D ELAN CORP: Moody's Assigns Loss-Given-Default Rating I T A L Y LUCCHINI SPA: Moody's Assigns Loss-Given-Default Rating SEAT PAGINE: Antitrust Authority Blocks 12.88's Acquisition K A Z A K H S T A N ACTIVE CREDIT: Creditors Must File Claims by May 4 BIRJA INKAR: Creditors' Claims Due May 11 CENTRONICKS LTD: Proof of Claim Deadline Slated for May 4 GRADIENT TV: Claims Registration Ends May 4 FIRM FERRUM: Claims Filing Period Ends May 11 KVAZAR LTD: Creditors Must File Claims by May 11 KYRAN LLP: Creditors' Claims Due May 11 OST-STAR LLP: Proof of Claim Deadline Slated for May 11 SANDAL LLP: Claims Registration Ends May 11 VYBOR LLP: Claims Filing Period Ends May 11 K Y R G Y Z S T A N KYRGYZDYIKANBANK: Creditors' Meeting Slated for April 23 MELZAVOD OJSC: Creditors Must File Claims by April 23 L U X E M B O U R G CODERE FINANCE: Moody's Assigns Loss-Given-Default Rating N E T H E R L A N D S CLONDALKIN INDUSTRIES: Moody's Assigns Loss-Given-Default Rating CNH GLOBAL: Moody's Assigns Loss-Given-Default Rating GETRONICS N.V.: Moody's Assigns Loss-Given-Default Rating P O L A N D MALMA: North Coast & Colussi Plan Acquisition to Relaunch Plants R O M A N I A HIDROELECTRICA SA: Moody's Assigns Loss-Given-Default Rating R U S S I A ALCATEL-LUCENT: Completes Gazprom Neft Network Project EASTERN FISH: Creditors Must File Claims by April 17 FOODS-210 CJSC: Creditors Must File Claims by May 17 GAZPROM NEFT: Alcatel-Lucent Installs New Communication Network GOLDEN TELECOM: Moody's Assigns Loss-Given-Default Rating IGARSKIY SEA: Court Names A. Anishenko as Insolvency Manager KUGANAKSKIY BRICKWORKS: Creditors Must File Claims by May 17 LADOZHSKOYE CJSC: Creditors Must File Claims by April 17 MITEKS CJSC: Creditors Must File Claims by April 17 NABEREZHNO CHELNINSKIY: Bankruptcy Hearing Slated for June 19 NOVOLIPETSK STEEL: Earns RUR50.51 Billion for Full Year 2006 NOVOSELSKOYE CJSC: Creditors Must File Claims by April 17 OZINSKIY OJSC: Court Names A. Progozhin as Insolvency Manager PLASTMASS-SERVICE CJSC: Creditors Must File Claims by May 17 SEVER LLC: Court Names V. Khmelnitskiy as Insolvency Manager SIBAY PRESERVED: Creditors Must File Claims by April 17 SLADKOVSKOYE CJSC: Asset Bidding Deadline Slated for April 13 VOLGO-PROM-OIL-STROY: Creditors Must File Claims by April 17 WORKS OF SEA: Creditors Must File Claims by May 17 YUKOS OIL: Creditors OK May 10 Auction for Samaraneftegaz Assets S L O V A K R E P U B L I C CENTRAL EUROPEAN: Moody's Assigns Loss-Given-Default Rating S P A I N CODERE FINANCE: Moody's Assigns Loss-Given-Default Rating S W I T Z E R L A N D ALPSTEIN INVEST: Creditors' Liquidation Claims Due April 25 CAPRICORN COMMUNICATION: Liquidation Claims Due April 25 DRESDNER WIEDERAUFBAU: Liquidation Claims Due April 25 HANS DENIFL: Creditors' Liquidation Claims Due April 26 HEINIGER JSC: Creditors' Liquidation Claims Due May 31 INCOIN - INVESTMENTS: Creditors' Liquidation Claims Due April 30 INSPIRATION BLUMEN: Creditors' Liquidation Claims Due May 8 KERSCO JSC: Creditors' Liquidation Claims Due April 25 LEGOLAND ESTATES: Creditors' Liquidation Claims Due April 23 LICINI FITNESS: Creditors' Liquidation Claims Due August 23 MACROBRACHIUM LLC: Creditors' Liquidation Claims Due April 25 MAGERT & JUNGEN: Creditors' Liquidation Claims Due April 23 MANFRED SCHAFER: Creditors' Liquidation Claims Due April 23 METZLER ENGINEERING: Creditors' Liquidation Claims Due June 4 UNIOS LLC: Creditors' Liquidation Claims Due April 20 T U R K E Y FORD OTOSAN: Plans to Hike Exports to US$2.7 Billion in 2007 PETROKIMYA HOLDING: Fitch's BB IDR May Change on Privatization U K R A I N E ALPARI LLC: Creditors Must File Claims by April 21 DONBASS-COAL LLC: Creditors Must File Claims by April 21 ENERGY LLC: Creditors Must File Claims by April 21 KOMETA LLC: Creditors Must File Claims by April 21 NIKOL LLC: Creditors Must File Claims by April 21 SCORPIO LLC: Creditors Must File Claims by April 21 STOREX LLC: Creditors Must File Claims by April 21 VERHOVINA 2004: Claims Submission Deadline Set April 21 * S&P Changes Ukraine's Outlook to Negative on Political Tension U N I T E D K I N G D O M A C SKELTON: Appoints Administrators from PricewaterhouseCoopers AVOCA CLO: Fitch Rates EUR45 Million Notes at Low-B BELLS INCORPORATED: Creditors' Meeting Slated for April 17 BRITISH AIRWAYS: CEO Discounts Rumors on bmi Acquisition Talks BRITISH ENERGY: Moody's Assigns Loss-Given-Default Rating CORUS GROUP: Tata to Dispatch Consideration for Takeover Offer CORUS GROUP: Shares Delisted Following Approval of Tata Offer CROFTACRE LTD: Claims Filing Period Ends April 30 D.H.R. LTD: Creditors' Meeting Slated for April 26 DALE EXPRESS: Creditors' Meeting Slated for April 12 DIONICS PLC: A. Turpin Leads Liquidation Procedure DREAM DESIGNS: Appoints Jonathan Sinclair as Liquidator DU FAY: Claims Filing Period Ends April 23 EULINK LTD: Names Colin Nicholls as Administrator EUROTUNNEL GROUP: Shareholders Defend Travel Perks EUROTUNNEL GROUP: CEO Gounon Appeals for Shareholders' Support FASTSERV LTD: Claims Filing Period Ends May 4 FKI PLC: Moody's Assigns Loss-Given-Default Rating FLOORLINE CONTRACTS: Names Neil Francis Hickling Liquidator FOCUS DIY: Moody's Assigns Loss-Given-Default Rating FORD MOTOR: Unit Plans to Hike Exports to US$2.7 Billion in 2007 GALLERY MEDIA: Moody's Assigns Loss-Given-Default Rating GARTMORE INVESTMENT: S&P Rates GBP522-Million Loans at BB+ GATEWAY TELECOM: Moody's Assigns Loss-Given-Default Rating GLOBAL CROSSING: Moody's Assigns Loss-Given-Default Rating GRANDSTAND DISPLAYS: Creditors' Meeting Slated for April 20 HI CLASS: Names Gagen Dulari Sharma Liquidator HINTRENT LTD: Creditors' Meeting Slated for April 16 HOMESAFE SYSTEMS: Creditors' Meeting Slated for April 16 I E S ENERGY: Appoints Andrew T. Clay as Liquidator IMPERIUM CARS: Taps Peter Nottingham to Liquidate Assets LEDA SUSPENSION: Joint Liquidators Take Over Operations LITE-ON AUTOMOTIVE: Hires Liquidator from Poppleton & Appleby M J R WELDED: Taps Joint Administrators from PwC MALIN CLO: S&P Rates EUR18.75-Million Class E Notes at BB- MALLARD RETAIL: Claims Filing Period Ends April 26 MELBACREST LTD: Calls In Liquidator from Elwell Watchorn MOTORCISE PORTSMOUTH: Names Liquidators to Wind Up Business PINE BY DESIGN: Claims Filing Period Ends August 27 PINE BY DESIGN: Claims Filing Period Ends August 28 RETROVEND LTD: Creditors' Meeting Slated for April 18 RIGHT IDEA: Appoints T. Papanicola as Liquidator ROCKCOM INTERNATIONAL: Creditors' Meeting Slated for April 19 RON A BRADLEY: Brings In Administrators from Baker Tilly RONAL COMPUTERS: Hires John C. Moran as Liquidator SAVOY UPHOLSTERY: Names Amanda Janice Ireland Liquidator SELECT BLINDS: Names Joint Administrators from Milner Boardman SILVER TOWER: Fitch Rates EUR60-Million Tranche 3 Loan at BB SOLAR FLAIR: Claims Filing Period Ends May 1 SOLUTIA INC: Equity Committee Balks at Modified Incentive Plan SOLUTIA INC: Wants to Amend Rothschild Employment Terms SRS LEGAL: Names Joint Administrators from Kroll Ltd STAR MANUFACTURING: Claims Filing Period Ends May 11 SWALLOW HOTELS: Taps Liquidators from Ernst & Young THREE BLIND: Joint Liquidators Take Over Operations TRICOOL ENGINEERING: Brings In Administrators from RSM Robson U.K. OILS: Appoints Poppleton & Appleby to Administer Assets VENTILATION GRILLE: Creditors' Meeting Slated for April 17 WORCESTERSHIRE POWDER: Appoints DTE Leonard as Administrators WORLD OF WOOD: Creditors' Meeting Slated for April 18 ********* ============= A U S T R I A ============= ARORA LLC: Claims Registration Period Ends April 20 --------------------------------------------------- Creditors owed money by LLC Arora (FN 47665x) have until April 20 to file written proofs of claim to court-appointed estate administrator Stefan Offer at: Dr. Stefan Offer c/o Dr. Wolfgang Offer Museumstrasse 16 6020 Innsbruck Austria Tel: 0512/582833 Fax: 0512/570484 E-mail: office@kanzlei-offer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:45 p.m. on May 7 for the examination of claims. The meeting of creditors will be held at: The Land Court of Innsbruck Conference Hall 212 Second Floor New Building Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on March 20 (Bankr. Case No. 19 S 24/07p). Wolfgang Offer represents Dr. Stefan Offer in the bankruptcy proceedings. BULGUSS LLC: Claims Registration Period Ends April 24 ----------------------------------------------------- Creditors owed money by LLC Bulguss (FN 099924y) have until April 24 to file written proofs of claim to court-appointed estate administrator Kurt Weinreich at: Dr. Kurt Weinreich Josefstrasse 13 3100 St. Poelten Austria Tel: 02742/72 222 Fax: 02742/72 222-10 E-mail: kanzlei@tws-rae.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on May 15 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor (Old Building) St. Poelten Austria Headquartered in Reichersdorf, Austria, the Debtor declared bankruptcy on March 16 (Bankr. Case No. 14 S 50/07d). CREATIVE ARENA: Salzburg Court Orders Business Closure ------------------------------------------------------ The Land Court of Salzburg entered March 19 an order closing the business of LLC Creativ Arena (fka Gasthaus Nussbaumerhof) (FN 144247d). Court-appointed estate administrator Brigitte Stampfer recommended the business closure after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Harald Berger Kaigasse 11 5020 Salzburg Austria Tel: 0662/824050 Fax: 0662/824050-6 E-mail: office@anwalt-berger.at Headquartered in Hof bei Salzburg, Austria, the Debtor declared bankruptcy on March 2 (Bankr. Case No. 23 S 6/07p). HDM LLC: Vienna Court Declares Business Shutdown ------------------------------------------------ The Trade Court of Vienna entered March 16 an order shutting down the business of LLC HDM (FN 257024b). Court-appointed estate administrator Peter Zens 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. Peter Zens c/o Dr. Norbert Schopf Reichsratsstrasse 7 1010 Vienna Austria Tel: 534 90 Fax: 534 90-50 E-mail: office@schopf-zens.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 9 (Bankr. Case No. 4 S 33/07s). Norbert Schopf represents Dr. Zens in the bankruptcy proceedings. NIGHTLIFE-DISCO: Claims Registration Period Ends April 20 --------------------------------------------------------- Creditors owed money by LLC Nightlife-Disco (FN 196524g) have until April 20 to file written proofs of claim to court- appointed estate administrator Stephan Kasseroler at: Dr. Stephan Kasseroler Lieberstrasse 3 6020 Innsbruck Austria Tel: 0512/57 13 31 Fax: 0512/57133199 E-mail: office@kasseroler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:40 p.m. on May 7 for the examination of claims. The meeting of creditors will be held at: The Land Court of Innsbruck Conference Hall 212 Second Floor New Building Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on March 19 (Bankr. Case No. 19 S 23/07s). TEAMTEX LLC: Claims Registration Period Ends April 24 ----------------------------------------------------- Creditors owed money by LLC TeamTex (FN 274416d) have until April 24 to file written proofs of claim to court-appointed estate administrator Helmar Feigl at: Dr. Helmar Feigl Preinsbacher Strasse 5 3300 Amstetten Austria Tel: 07472/68 6 30 Fax: 07472/63 3 48 E-mail: rafeigl@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:10 a.m. on May 15 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Amstetten, Austria, the Debtor declared bankruptcy on March 19 (Bankr. Case No. 14 S 51/07a). TGZ LLC: Claims Registration Period Ends April 20 ------------------------------------------------- Creditors owed money by LLC TGZ (FN 147464i) have until April 20 to file written proofs of claim to court-appointed estate administrator Max Dengg at: Dr. Max Dengg c/o Mag. Alessandro Swoboda Wilhelm-Greil-Strasse 19a 6020 Innsbruck Austria Tel: 0512/573900 Fax: 0512/5739006 E-mail: office@ra-max-dengg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on May 7 for the examination of claims. The meeting of creditors will be held at: The Land Court of Innsbruck Conference Hall 212 Second Floor New Building Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Telfs, Austria, the Debtor declared bankruptcy on March 19 (Bankr. Case No. 19 S 22/07v). Alessandro Swoboda represents Dr. Dengg in the bankruptcy proceedings. ============= B E L G I U M ============= GEARBULK HOLDING: Moody's Assigns Loss-Given-Default Rating ----------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution, and Other sectors last week, the rating agency confirmed its Ba2 Corporate Family Rating for Gearbulk Holding Limited. Moody's also assigned a Ba2 probability-of-default-rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Gearbulk -- http://www.gearbulk.com/-- is an international shipping company providing high quality transportation services for various industrial sectors. The company owns and operates a fleet of over 60 vessels, consisting primarily of open hatch gantry craned (OHGC) vessels plus has interests in several terminals, used for handling, storing & distributing cargoes. About 75% of cargo transported is unitized products, the remainder being general or bulk cargoes, the majority of which is carried under contracts of affreightment. It has a network of offices located in 16 countries including Belgium, Australia, Argentina, Indonesia, United Kingdom, Norway, among others. ============= D E N M A R K ============= FS FUNDING: Moody's Assigns Loss-Given-Default Rating ----------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution, and Other sectors last week, the rating agency confirmed its B2 Corporate Family Rating for FS Funding A/S. Moody's also assigned a B2 probability-of-default-rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- ------ Senior Subordinated Floating Rate Global Notes Due 2016 Caa1 LGD5 89% 8.875% Senior Subordinated Regular Bond/Debenture Due 2016 Caa1 LGD5 89% Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). FS Funding A/S (previously PurusCo A/S) ultimately owned by EQT and Goldmann Sachs Capital Partners is the owner and single shareholder of ISS A/S. Headquartered in Copenhagen, Denmark ISS A/S -- http://www.issworld.com/-- provides facility services including cleaning, office support, property, catering and integrated facilities services. In 2005, the company reported revenues and operating profits of DKK46.44 billion (EUR624 million) and DKK2.650 billion (EUR355 million), respectively, under IFRS. =========== F R A N C E =========== ALCATEL-LUCENT: To Acquire Tropic Networks Inc. ----------------------------------------------- Alcatel-Lucent signed an agreement to acquire substantially all the assets, including all intellectual property of Canadian metro WDM networking supplier Tropic Networks Inc. This transaction builds upon the collaboration the two companies established in July 2004 with the Alcatel-Lucent investment and global supply agreement. Bandwidth-hungry services for consumers -- including gaming, IPTV and video-on-demand -- as well as advanced data services like mission-critical business applications are leading operators to increase the flexibility and ease of use of their optical networks. This new service growth also requires automated monitoring processes to maximize network simplicity for the highest efficiency in service delivery. Through this acquisition, Alcatel-Lucent takes a new, strategic step in focusing on cable MSO and telecom operators' key requirements for simplified network planning, accelerated wavelength/service provisioning and advanced optical monitoring technology that eases overall maintenance activities across their optical infrastructure. The further integration of key intellectual property developed by Tropic Networks, namely the Wavelength Tracker, enhances the competitiveness of Alcatel-Lucent's optical product portfolio and gives operators the benefit of cost-effectively upgrading their networks according to the latest innovations in optical transmission. In combination with Alcatel-Lucent's ROADM technology, the advanced optical layer management technology developed by Tropic Networks delivers the flexibility and security to maximize network efficiency and operational cost savings. In addition, this acquisition provides for uninterrupted supply to Alcatel-Lucent and Tropic Networks' customers, allowing them to benefit from integration synergies with the overall Alcatel- Lucent portfolio. "Through this transaction, we are strengthening our value proposition for photonic networks with innovative solutions that complete both cable and telecom service providers requirements," said Romano Valussi, president of Alcatel-Lucent's Optics activities. "We are continuing to make strategic moves that serve our customers with the ability to successfully address new opportunities for the end-users' benefit." "The relationship developed over three years has been valuable and we are proud to join Alcatel-Lucent, the worldwide leader in optical networking" stated Kevin Rankin, CEO of Tropic Networks. "Our vision of a fully flexible and scalable optical network is finding a further expansion with the Alcatel-Lucent's advanced product portfolio and new opportunities to bring technology advancements to the market." About Tropic Networks Headquartered in Ottawa, Canada, Tropic Networks Inc. builds simple, manageable and flexible metro-regional optical transport infrastructures. Tropic Networks developed the TRX-24000 ROADM platform with patented Wavelength Tracker to help service providers minimize costs and maximize profits. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa last week, the rating agency confirmed its Ba3 Corporate Family Rating for Alcatel-Lucent. The implementation of the LGD methodology in EMEA follows the introduction of the methodology in September 2006. Most of the rating actions Moody's confirmed relate to senior secured loans. * Issuer: Alcatel-Lucent Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Senior Unsecured Bank Credit Facility Ba2 Ba2 LGD3 46% 4.75% Senior Unsecured Conv./Exch. Bond/ Debenture Due 2011 Ba2 Ba2 LGD3 46% US$1.5-billion Senior Unsecured Medium-Term Note Program Ba2 Ba2 LGD3 46% EUR5-billion Senior Unsecured Medium-Term Note Program Ba2 Ba2 LGD3 46% 6.375% Senior Unsecured Regular Bond/Debenture Due 2014 Ba2 Ba2 LGD3 46% US$500-million Senior Unsecured Regular Bond/ Debenture Due 2010 Ba2 Ba2 LGD3 46% EUR1-billion 4.375% Senior Unsecured Regular Bond/ Debenture Due 2009 Ba2 Ba2 LGD3 46% EUR120-million 4.375% Senior Unsecured Regular Bond/Debenture Due 2009 Ba2 Ba2 LGD3 46% * Issuer: Lucent Technologies Capital Trust I Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$1750-million 7.75% Preferred Stock Due 2017 B2 B1 LGD6 94% * Issuer: Lucent Technologies Inc. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$1.75-billion Multiple Seniority Shelf, subordinated, (P)B2 (P)B1 LGD6 94% US$1.75-billion Multiple Seniority Shelf regular/junior preferred stock (P)B3 (P)B1 LGD6 97% US$1.75-billion Multiple Seniority Shelf, senior unsecured (P)Ba3 (P)Ba2 LGD3 46% 8% Subordinate Conv./Exch. Bond/ Debenture Due 2031 B2 B1 LGD6 94% 2.75% Senior Unsecured Conv./Exch. Bond/ Debenture Due 2023 Ba3 Ba2 LGD3 46% 2.75% Senior Unsecured Conv./Exch. Bond/ Debenture Due 2025 Ba3 Ba2 LGD3 46% US$300-million 6.5% Senior Unsecured Regular Bond/ Debenture Due 2028 Ba3 Ba2 LGD3 46% US$500-million 5.5% Senior Unsecured Regular Bond/ Debenture Due 2008 Ba3 Ba2 LGD3 46% US$1.36-billion 6.45% Senior Unsecured Regular Bond/ Debenture Due 2029 Ba3 Ba2 LGD3 46% As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB rating. It's Short-Term Corporate Credit rating stands at B. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. ALCATEL-LUCENT: Completes Gazprom Neft Network Project ------------------------------------------------------ Alcatel-Lucent has completed the project with OAO Gazprom neft, Russia's fastest-growing oil company, for the transformation of its corporate network at its oil-processing factory in the city of Omsk. Through the implementation of this new network, Gazprom neft is focused on improving employee productivity and increasing the reliability of its communications capabilities. Gazprom neft chose Alcatel-Lucent to deliver a state-of-the-art IP communication solution which will provide IP telephony to more than 3,000 employees of the oil processing factory. Based on the Alcatel-Lucent OmniPCX Enterprise IP telephony platform, the solution includes Alcatel-Lucent's newest VoIP handsets. All nodes of the network are interconnected to ensure a feature rich environment and to unite existing systems into a single, integrated enterprise communication platform. Alcatel-Lucent also delivered Alcatel-Lucent IP Touch phones, which provide advanced capabilities to increase employee productivity, including "dial-by-name," call forwarding for mobility, and other advanced communications applications. "We made our choice in favor of the Alcatel-Lucent solution due to its flexibility and high reliability. It improves employee productivity by delivering advanced communications services, while minimizing downtime," Constantin Yurganov, Gazprom neft Head of Information technologies, said. "The new solution will allow our staff to communicate more effectively, while improving overall productivity." "We are very honored to work with Gazprom neft on this network transformation project," Ivan Makharine, Director of Alcatel- Lucent enterprise activities in CIS, said. "Gazprom neft is a perfect example of a forward-thinking corporation, investing in a future-proof IP based solution that was designed to fully meet their requirements." Implementation of this project will enable Gazprom neft to significantly enhance the organization's operating efficiency and raise levels of quality and employee performance. 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's main oil processing center is the Omsk Refinery. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa last week, the rating agency confirmed its Ba3 Corporate Family Rating for Alcatel-Lucent. The implementation of the LGD methodology in EMEA follows the introduction of the methodology in September 2006. Most of the rating actions Moody's confirmed relate to senior secured loans. * Issuer: Alcatel-Lucent Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Senior Unsecured Bank Credit Facility Ba2 Ba2 LGD3 46% 4.75% Senior Unsecured Conv./Exch. Bond/ Debenture Due 2011 Ba2 Ba2 LGD3 46% US$1.5-billion Senior Unsecured Medium-Term Note Program Ba2 Ba2 LGD3 46% EUR5-billion Senior Unsecured Medium-Term Note Program Ba2 Ba2 LGD3 46% 6.375% Senior Unsecured Regular Bond/Debenture Due 2014 Ba2 Ba2 LGD3 46% US$500-million Senior Unsecured Regular Bond/ Debenture Due 2010 Ba2 Ba2 LGD3 46% EUR1-billion 4.375% Senior Unsecured Regular Bond/ Debenture Due 2009 Ba2 Ba2 LGD3 46% EUR120-million 4.375% Senior Unsecured Regular Bond/Debenture Due 2009 Ba2 Ba2 LGD3 46% * Issuer: Lucent Technologies Capital Trust I Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$1750-million 7.75% Preferred Stock Due 2017 B2 B1 LGD6 94% * Issuer: Lucent Technologies Inc. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$1.75-billion Multiple Seniority Shelf, subordinated, (P)B2 (P)B1 LGD6 94% US$1.75-billion Multiple Seniority Shelf regular/junior preferred stock (P)B3 (P)B1 LGD6 97% US$1.75-billion Multiple Seniority Shelf, senior unsecured (P)Ba3 (P)Ba2 LGD3 46% 8% Subordinate Conv./Exch. Bond/ Debenture Due 2031 B2 B1 LGD6 94% 2.75% Senior Unsecured Conv./Exch. Bond/ Debenture Due 2023 Ba3 Ba2 LGD3 46% 2.75% Senior Unsecured Conv./Exch. Bond/ Debenture Due 2025 Ba3 Ba2 LGD3 46% US$300-million 6.5% Senior Unsecured Regular Bond/ Debenture Due 2028 Ba3 Ba2 LGD3 46% US$500-million 5.5% Senior Unsecured Regular Bond/ Debenture Due 2008 Ba3 Ba2 LGD3 46% US$1.36-billion 6.45% Senior Unsecured Regular Bond/ Debenture Due 2029 Ba3 Ba2 LGD3 46% As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB rating. It's Short-Term Corporate Credit rating stands at B. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. ALCATEL-LUCENT: Unveils Adjusted Quarterly Figures for 2006 ----------------------------------------------------------- Alcatel-Lucent has provided 2006 quarterly unaudited adjusted pro forma revenues and operating income (loss) for its three operating segments: Carrier, Enterprise, and Services. In addition, the company presented quarterly revenues for the business groups comprising its Carrier operating segment: the Wireline Business Group, the Wireless Business Group, and the Convergence Business Group. Adjusted pro-forma results include combined operations for Alcatel-Lucent for the twelve-month period ended December 31, 2006. Businesses to be contributed to Thales are presented as discontinued activities. Results from Nortel's UMTS radio access business are not included as the transaction was completed on Dec. 31, 2006. In addition, these results exclude any impact from purchase price allocation entries. These estimated results are presented for illustrative purposes only and are neither indicative of the revenues and operating income (loss) that would have been achieved had the merger been completed on Jan. 1, 2006, nor reflect the cost savings which may result from the merger. (in Euro millions) Q1 Q2 Q3 Q4 12M Revenues 4,433 4,491 4,909 4,421 18,254 Carriers 3,340 3,367 3,706 3,198 13,611 - Wireline 1,342 1,459 1,447 1,454 5,702 - Wireless 1,495 1,397 1,674 1,249 5,815 - Convergence 503 511 585 495 2,094 Enterprise 342 368 362 419 1,491 Services 674 700 775 819 2,968 Other & eliminations 77 56 66 (15) 184 Operating income 246 252 430 (3) 925 Carriers 260 224 389 (75) 798 Enterprise 24 28 24 50 126 Services (10) 35 60 35 120 Other & eliminations (28) (35) (43) (13) (119) The first quarter 2007 earnings will be released on May 11. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa last week, the rating agency confirmed its Ba3 Corporate Family Rating for Alcatel-Lucent. The implementation of the LGD methodology in EMEA follows the introduction of the methodology in September 2006. Most of the rating actions Moody's confirmed relate to senior secured loans. * Issuer: Alcatel-Lucent Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Senior Unsecured Bank Credit Facility Ba2 Ba2 LGD3 46% 4.75% Senior Unsecured Conv./Exch. Bond/ Debenture Due 2011 Ba2 Ba2 LGD3 46% US$1.5-billion Senior Unsecured Medium-Term Note Program Ba2 Ba2 LGD3 46% EUR5-billion Senior Unsecured Medium-Term Note Program Ba2 Ba2 LGD3 46% 6.375% Senior Unsecured Regular Bond/Debenture Due 2014 Ba2 Ba2 LGD3 46% US$500-million Senior Unsecured Regular Bond/ Debenture Due 2010 Ba2 Ba2 LGD3 46% EUR1-billion 4.375% Senior Unsecured Regular Bond/ Debenture Due 2009 Ba2 Ba2 LGD3 46% EUR120-million 4.375% Senior Unsecured Regular Bond/Debenture Due 2009 Ba2 Ba2 LGD3 46% * Issuer: Lucent Technologies Capital Trust I Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$1750-million 7.75% Preferred Stock Due 2017 B2 B1 LGD6 94% * Issuer: Lucent Technologies Inc. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$1.75-billion Multiple Seniority Shelf, subordinated, (P)B2 (P)B1 LGD6 94% US$1.75-billion Multiple Seniority Shelf regular/junior preferred stock (P)B3 (P)B1 LGD6 97% US$1.75-billion Multiple Seniority Shelf, senior unsecured (P)Ba3 (P)Ba2 LGD3 46% 8% Subordinate Conv./Exch. Bond/ Debenture Due 2031 B2 B1 LGD6 94% 2.75% Senior Unsecured Conv./Exch. Bond/ Debenture Due 2023 Ba3 Ba2 LGD3 46% 2.75% Senior Unsecured Conv./Exch. Bond/ Debenture Due 2025 Ba3 Ba2 LGD3 46% US$300-million 6.5% Senior Unsecured Regular Bond/ Debenture Due 2028 Ba3 Ba2 LGD3 46% US$500-million 5.5% Senior Unsecured Regular Bond/ Debenture Due 2008 Ba3 Ba2 LGD3 46% US$1.36-billion 6.45% Senior Unsecured Regular Bond/ Debenture Due 2029 Ba3 Ba2 LGD3 46% As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB rating. It's Short-Term Corporate Credit rating stands at B. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. COMPLETEL SAS: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its B3 Corporate Family Rating for Completel S.A.S. Moody's also assigned a B2 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- 11% Senior Secured Regular Bond/Debenture Due 2012 B3 B3 LGD4 67% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Completel S.A.S. -- http://www.completel.fr/-- is the French subsidiary of Completel Europe N.V. Completel operates fiber metropolitan area networks through which it offers telecommunications and Internet-related services to business and governmental customers and Internet service providers in certain metropolitan areas in France. EUROTUNNEL GROUP: Shareholders Defend Travel Perks -------------------------------------------------- The action group organized by Eurotunnel Group's 4,000 shareholders to protect their travel perks could halt the tunnel operator's restructuring, The Guardian reports. According to the report, the foundation shareholders are gathering support for a class action suit through the Eurotunnel Action Group, ETAG. Michael Spencer, a member of ETAG's Steering Committee, presented a "letter before action" to Eurotunnel, which has 14 days to respond. The Guardian says ETAG estimated a subsequent compensation claim could cost Eurotunnel more than GBP90 million. Eurotunnel believed that any court action would jeopardize the restructuring. Under the terms of its debt-for-equity restructuring, the company slashed the different types of travel perks for its 12,000 shareholders to six one-way crossings a year at a 30% discount. Eurotunnel defended that the French regulatory regime forced its decision to cut the travel perks, which cost the company about GBP200,000 a year, The Guardian continues. The company's debt-for-equity swap needs the support of 60% of Eurotunnel's 600,000 shareholders for the deal to push through. The deal will leave debtholders with convertible loan notes that would mature into between 33% and 87% of the share equity, depending on how much debt the restructured business can pay off over a three year period, The Guardian relates. 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). 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. Safeguard Protection 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 the end of 2006, the group's creditors and bondholders 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. EUROTUNNEL GROUP: CEO Gounon Appeals for Shareholders' Support -------------------------------------------------------------- Jacques Gounon, Eurotunnel Group's chairman and chief executive officer, called for shareholders to vote in favor of the safeguard plan on May 15 or face a total wipe-out, The Independent reports. "If the tender offer fails, then there is no alternative but bankruptcy. That means Euro-tunnel will disappear and, along with it, 100 percent of shareholders' equity. It is now or never," Mr. Gounon was quoted by The Independent as saying. Mr. Gounon's call for support came as an action group, organized by the company's 4,000 shareholders, threatened to launch a legal proceeding against the company to protect their unlimited free travel perks through the tunnel. Under the terms of its debt-for-equity restructuring, the company plans to slash the different types of travel perks for its 12,000 shareholders to six one-way crossings a year at a 30% discount. Mr. Gounon said Eurotunnel would not change the terms of the deal to reinstate the rights of the foundation shareholders, The Independent relates. "They have to share in the pain. We can only offer one scheme to shareholders because to do otherwise would be discriminatory," Mr. Gounon added. The company's safeguard plan needs the support of 60% of Eurotunnel's 600,000 shareholders for the deal to push through. 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). 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. Safeguard Protection 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 the end of 2006, the group's creditors and bondholders 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. EUTELSAT COMMS: Moody's Assigns Loss-Given-Default Rating --------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its Ba2 Corporate Family Rating for Eutelsat Communications SA. Moody's also assigned a Ba3 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Senior Unsecured Bank Credit Facility Ba3 Ba3 LGD4 55% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Paris, France, Eutelsat Communications SA offers television and radio broadcasting, video broadcasting, corporate network, Internet access and mobile communications. Eutelsat serves Europe, the Middle East, Africa, Asia, and the Americas. FCI INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating ------------------------------------------------------------ In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its B1 Corporate Family Rating FCI International S.A.S. and assigned a B2 probability-of-default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- Senior Secured Bank Credit Facility B1 LGD3 30% Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). ============= G E R M A N Y ============= DAIMLERCHRYSLER AG: Kerkorian Offers US$4.5 Billion for Chrysler ---------------------------------------------------------------- DaimlerChrysler AG has received a new offer of up to US$4.5 billion in cash from Tracinda Corp., an investment firm owned by billionaire Kirk Kerkorian, published reports say. Meanwhile, Magna International Inc. and private-equity group Cerberus Capital Management LP have each submitted tenders for Chrysler, with Blackstone Group LP and Centerbridge Capital Partners LLC presenting a joint bid for the ailing unit, Bloomberg News relates. Tracinda plans to offer United Auto Workers union a "substantial portion" of Chrysler equity in exchange for lower healthcare cost for hourly workers, the Wall Street Journal reveals. According to reports, Mr. Kerkorian's tender also depends on whether Chrysler enters into a "satisfactory" labor contract with the UAW and if Daimler agrees to share part of the troubled unit's unfunded pension liabilities and retiree heath-care costs amounting to US$15 billion. In a letter to DaimlerChrysler CEO Dieter Zetsche, Jerome B. York, Mr. Kerkorian's longtime lieutenant and former Chrysler CFO, wrote: "Investors that feel the need to show 'mark to market' results in their funds in relatively short time frames (just a few years) will not be willing to invest as necessary over an unusually lengthy period of time to achieve the necessary end results. Long term, patient investing has been Tracinda's approach." Mr. Kerkorian previously said he wants "a true partnership" with the company's workers, including the investment of "necessary new funds" to help boost Chrysler's product spending, reports claim. This is Mr. Kerkorian's second attempt to acquire Chrysler, following a failed US$25 million hostile bid in 1995 that later led to Chrysler's 1998 merger with Daimler-Benz AG of Germany, The Scotsman states. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA: DCX) -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide operations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam, and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. INDUSTRIAL SURFACE: Claims Registration Period Ends May 18 ---------------------------------------------------------- Creditors of Industrial Surface GmbH have until May 18 to register their claims with court-appointed insolvency manager Bernd Ache. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Wetzlar Meeting Hall 201 Building B Second Stock Wetherstr. 1 35578 Wetzlar Germany The Court will also verify the claims set out in the insolvency manager's report at 9:10 a.m. on June 29, at the same venue. The insolvency manager can be contacted at: Bernd Ache 44 Karl-Kellner-Ring 23 35576 Wetzlar Germany Tel: 06441/94240 Fax: 06441/42843 E-mail: info@kanzlei-unuetzer.de The District Court of Wetzlar opened bankruptcy proceedings against Industrial Surface GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Industrial Surface GmbH Attn: Daniel Boeck, Manager Dreieiche 7 35630 Ehringshausen Germany JOERG OTTENS: Claims Registration Period Ends April 16 ------------------------------------------------------ Creditors of Joerg Ottens Bauunternehmen GmbH have until April 16 to register their claims with court-appointed insolvency manager Axel Gerbers. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on April 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Vechta Hall 129 Main Building Kapitelplatz 8 49377 Vechta Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Vechta opened bankruptcy proceedings against Joerg Ottens Bauunternehmen GmbH on March 19. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Axel Gerbers Soegestrasse 70 28195 Bremen Germany Tel: 0421/178998-0 Fax: 0421/178998-11 E-Mail: bremen@jnp.de Web: http://www.jnp.de/ The Debtor can be reached at: Joerg Ottens Bauunternehmen GmbH Attn: Joerg Ottens, Manager Hunteburger Str. 68 49401 Damme Germany K-F-H BAU: Creditors' Meeting Slated for May 14 ----------------------------------------------- The court-appointed insolvency manager for K-F-H Bau GmbH, Joachim Voigt-Salus, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:10 a.m. on May 14. 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 9:00 a.m. on Sept. 3, at the same venue. Creditors have until July 2 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Joachim Voigt-Salus Rankestrasse 33 10789 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against K-F-H Bau GmbH on March 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K-F-H Bau GmbH Seddiner Str. 5 10315 Berlin Germany KARL-HEINZ THEISEN: Claims Registration Period Ends May 15 ---------------------------------------------------------- Creditors of Karl-Heinz Theisen Gemuese, Obst- und Kartofffelgrosshandel GmbH have until May 15 to register their claims with court-appointed insolvency manager Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Dr. Frank Kebekus Carl-Theodor-Str. 1 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Karl-Heinz Theisen Gemuese, Obst- und Kartofffelgrosshandel GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Karl-Heinz Theisen Gemuese, Obst- und Kartofffelgrosshandel GmbH Attn: Anette and Karl-Heinz Theisen, Managers Scherfhausen 2g 41352 Korschenbroich Germany KARL PITSCHENEDER: Claims Registration Period Ends April 22 ----------------------------------------------------------- Creditors of Karl Pitscheneder GmbH have until April 22 to register their claims with court-appointed insolvency manager Dr. Wolfgang Ott. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Munich opened bankruptcy proceedings against Karl Pitscheneder GmbH on March 23. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Dr. Wolfgang Ott Nymphenburgerstr. 139 80636 Munich Germany Tel: 089/120260 Fax: 089/12026127 The Debtor can be reached at: Karl Pitscheneder GmbH Attn: Karl Pitscheneder Carl-von-Linde-Strasse 11 85748 Garching Germany KERIM HANDELSAGENTUR: Creditors' Meeting Slated for May 11 ---------------------------------------------------------- The court-appointed insolvency manager for KERIM Handelsagentur fuer Baukeramik Geschaftsfuehrungs GmbH, Thomas Becker, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:50 a.m. on May 11. The meeting of creditors and other interested parties will be held at: The District Court of Saarbruecken Meeting Hall 24 Second Floor Aussenstelle Sulzbach Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 9:10 a.m. on June 29, at the same venue. Creditors have until June 8 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Thomas Becker Brueckenstrasse 60 66763 Dillingen Germany Tel: (06831) 769980 Fax: (06831) 7699870 The District Court of Saarbruecken opened bankruptcy proceedings against KERIM Handelsagentur fuer Baukeramik Geschaftsfuehrungs GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KERIM Handelsagentur fuer Baukeramik Geschaftsfuehrungs GmbH Attn: Karl Peter Weber, Manager Carl-Friedrich-Gauss-Str. 6 66793 Saarwellingen Germany KFZ-KLINIK GMBH: Claims Registration Period Ends May 30 ------------------------------------------------------- Creditors of KFZ-Klinik GmbH have until May 30 to register their claims with court-appointed insolvency manager Juergen Blersch. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Alzey Hall 209 Alzey 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. Juergen Blersch Taunusstrasse 7a D 65183 Wiesbaden Germany Tel: 0611/18089100 Fax: 0611/18089189 The District Court of Alzey opened bankruptcy proceedings against KFZ-Klinik GmbH on April 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: KFZ-Klinik GmbH Attn: Michael Franz, Manager Ober-Saulheimer-Strasse 24 55286 Woerrstadt Germany KNITT GEBAUDETECHNIK: Claims Registration Period Ends May 10 ------------------------------------------------------------ Creditors of Knitt Gebaudetechnik GmbH have until May 10 to register their claims with court-appointed insolvency manager Marc Schaumann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 31, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Luebeck Hall E3 Am Burgfeld 7 23568 Luebeck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Marc Schaumann Falkenstr. 22 23564 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against Knitt Gebaudetechnik GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Knitt Gebaudetechnik GmbH Attn: Bernd Kabelmacher, Manager Kirschkaten 81 23560 Luebeck Germany LEONHARDT & KERN: Claims Registration Period Ends May 30 -------------------------------------------------------- Creditors of Leonhardt & Kern, Uli Weber Werbeagentur GmbH have until May 30 to register their claims with court-appointed insolvency manager Manfred Ruedisuehli. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Ludwigsburg Hall 2008 Palace Schuetz Schorndorfer Str. 28 Ludwigsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Manfred Ruedisuehli Silberburgstrasse 160 70178 Stuttgart Germany Tel: 0711/2376890 The District Court of Ludwigsburg opened bankruptcy proceedings against Leonhardt & Kern, Uli Weber Werbeagentur GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Leonhardt & Kern, Uli Weber Werbeagentur GmbH Attn: Klaus Habann, Roger Tassilo Hoehne and Ulrich Weber, Managers Groenerstrasse 33 71636 Ludwigsburg Germany LINDSAY DEVELOPMENT: Claims Registration Period Ends April 13 ------------------------------------------------------------- Creditors of Lindsay Development GmbH & Co. KG have until April 13 to register their claims with court-appointed insolvency manager Stefan Meyer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Bielefeld opened bankruptcy proceedings against Lindsay Development GmbH & Co. KG on March 13. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Stefan Meyer Ostertorstr. 7 32312 Luebbecke Germany The Debtor can be reached at: Lindsay Development GmbH & Co. KG Attn: Mark Wilson-Lindsay, Manager Elverdisser Str. 8 32052 Herford Germany LUDWIG DIEMEL: Claims Registration Ends May 11 ---------------------------------------------- Creditors of Ludwig Diemel GmbH & Co. Kraftfahrzeuge have until May 11 to register their claims with court-appointed insolvency manager Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on June 1, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Paderborn Meeting Hall 216 Second Floor Bogen 2-4 33098 Paderborn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Frank Kebekus Liboriberg 21 33098 Paderborn Germany Tel: 05251-180660 Fax: 05251-1806666 The District Court of Paderborn opened bankruptcy proceedings against Ludwig Diemel GmbH & Co. Kraftfahrzeuge on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ludwig Diemel GmbH & Co. Kraftfahrzeuge Marienloher Str. 60 33104 Paderborn Germany Attn: Peter Diemel, Manager Friedrich-von-Spee Str. 16 33098 Paderborn Germany MADER WERKZEUGBAU: Claims Registration Ends May 7 ------------------------------------------------- Creditors of Mader Werkzeugbau GmbH have until May 7 to register their claims with court-appointed insolvency manager Stephan Ries. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Ries Wall 28 42103 Wuppertal Germany Tel: 0202/317558-0 Fax: 0202/317558-10 The District Court of Wuppertal opened bankruptcy proceedings against Mader Werkzeugbau GmbH on April 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mader Werkzeugbau GmbH Attn: Reiner Mader, Manager Siemensstr. 32 42551 Velbert Germany MAINPLAN GMBH: Claims Registration Ends May 4 --------------------------------------------- Creditors of mainplan GmbH have until May 4 to register their claims with court-appointed insolvency manager Robert Hahn. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanau Area E03 Engelhardstrasse 21 63450 Hanau Germany The Court will also verify the claims set out in the insolvency manager's report at 9:10 a.m. on the same date at the same venue, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Robert Hahn Gerichtsfach 75 Kurt-Blaum-Platz 1, D 63450 Hanau Germany Tel: 06181/9321 0 Fax: 06181/9321 20 E-mail: INFO@KLOZ-HAHN.DE The District Court of Hanau opened bankruptcy proceedings against mainplan GmbH on March 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: mainplan GmbH Attn: Joerg Winkler, Manager Dieselstr. 4 63526 Erlensee Germany MANFOOD GMBH: Creditors Must Register Claims by May 21 ------------------------------------------------------ Creditors of Manfood GmbH & Co. KG have until May 21 to register their claims with court-appointed insolvency manager Frank Weber. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on July 2, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mannheim Hall 232 Second Floor Schloss 68149 Mannheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank Weber Theodor Heuss-Anlage 12 68165 Mannheim Tel: 0621/422900 Germany The District Court of Mannheim opened bankruptcy proceedings against Manfood GmbH & Co. KG on March 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Manfood GmbH & Co. KG Attn: Miklos Mertan, Manager P 7, 1 68161 Mannheim Frank Weber Theodor Heuss-Anlage 12 68165 Mannheim Tel: 0621/422900 Germany MECKLENBURGER KUESTENFISCH: Creditors Must File Claims by May 2 --------------------------------------------------------------- Creditors of Mecklenburger Kuestenfisch Handels GmbH have until May 2 to register their claims with court-appointed insolvency manager Gerhard Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Stralsund Hall A 421 Fourth Floor House A Frankendamm 17 Stralsund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Gerhard Brinkmann Freiligrathstr. 1 18055 Rostock Germany The District Court of Stralsund opened bankruptcy proceedings against Mecklenburger Kuestenfisch Handels GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mecklenburger Kuestenfisch Handels GmbH Attn: Kerstin Schuchardt, Manager Am See 40 18311 Ribnitz-Damgarten Germany METZLER MASCHINENBAU: Creditors Must Register Claims by May 4 ------------------------------------------------------------- Creditors of Metzler Maschinenbau GmbH Konstruktion + Fertigung have until May 4 to register their claims with court-appointed insolvency manager Arndt Geiwitz. Creditors and other interested parties are encouraged to attend the meeting at 8:00 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 Ravensburg Hall 3 Herrenstr. 42 88212 Ravensburg 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: Arndt Geiwitz Bahnhofstr. 39 89231 Neu-Ulm Germany The District Court of Ravensburg opened bankruptcy proceedings against Metzler Maschinenbau GmbH Konstruktion + Fertigung on April 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Metzler Maschinenbau GmbH Konstruktion + Fertigung Raiffeisenstr. 22 88214 Ravensburg Germany MEYER & BIELA: Claims Registration Period Ends April 20 ------------------------------------------------------- Creditors of Meyer & Biela GmbH have until April 20 to register their claims with court-appointed insolvency manager Christian Krause. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on May 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 Siegen Hall 009 Ground Floor Main Building Berliner Str. 21-22 57072 Siegen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Siegen opened bankruptcy proceedings against Meyer & Biela GmbH on March 7. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Christian Krause Cecilienstr. 45 40474 Duesseldorf Germany Tel: 0211/6585290 Fax: 0211/65852929 The Debtor can be reached at: Meyer & Biela GmbH Innenputz-Aussenputz Am Reygelskamp 45 57462 Olpe Germany Attn: Friedhelm Biela, Manager Am Reygelskamp 45 57462 Olpe Germany MICHAEL KOELNBERGER: Claims Registration Period Ends June 4 ----------------------------------------------------------- Creditors of Michael Koelnberger Speditions GmbH have until June 4 to register their claims with court-appointed insolvency manager Josef Scherer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Straubing Hall 216/II Straubing 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. Josef Scherer Theresienplatz 29 94315 Straubing Germany Tel: 09421/3303930 The District Court of Straubing opened bankruptcy proceedings against Michael Koelnberger Speditions GmbH on April 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Michael Koelnberger Speditions GmbH Mittlere Bachstr. 43 c in 94315 Straubing Germany MTU AERO: Moody's Assigns Loss-Given-Default Rating --------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defence, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its Ba2 Corporate Family Rating for MTU Aero Engines Investment GmbH. Moody's also assigned a Ba2 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Munich, Germany, MTU Aero Engines -- http://www.mtu.de/-- develops, manufactures, markets, and repairs commercial and military engine modules and components for aircraft engines and industrial gas turbines. ORBITER GEARS: Claims Registration Period Ends May 7 ---------------------------------------------------- Creditors of Orbiter Gears GmbH & Co. KG have until May 7 to register their claims with court-appointed insolvency manager Marcus Egner. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on May 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn 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. jur. Marcus Egner Moltkestrasse 40 74072 Heilbronn Germany Tel: 07131/60990 Fax: 07131/609962 The District Court of Heilbronn opened bankruptcy proceedings against Orbiter Gears GmbH & Co. KG on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Orbiter Gears GmbH & Co. KG. Koepffstrasse 17 74076 Heilbronn Germany Andreas Foerster Foersterhof 5 17194 Lupendorf Germany PBB PROJEKTMANAGEMENT: Creditors' Meeting Slated for May 25 ----------------------------------------------------------- The court-appointed insolvency manager for PBB Projektmanagement Berlin/Brandenburg GmbH, Christian Koehler-Ma, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:25 a.m. on May 25. 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 9:30 a.m. on Aug. 24 at the same venue. Creditors have until June 29 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christian Koehler-Ma Kurfuerstendamm 212 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against PBB Projektmanagement Berlin/Brandenburg GmbH on March 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PBB Projektmanagement Berlin/Brandenburg GmbH Ahrensfelder Chaussee 62 12689 Berlin Germany PRIMUS-VERMOEGENSARCHITEKTUR: Creditors' Meeting on April 19 ------------------------------------------------------------ The court-appointed insolvency manager for Primus- Vermoegensarchitektur GmbH, Hanns Poellmann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m. on April 19. The meeting of creditors and other interested parties will be held at: The District Court of Deggendorf Meeting Hall 3 E 29 Amanstrasse 17 94469 Deggendorf Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on July 19 at the same venue. Creditors have until May 19 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Hanns Poellmann Prannerstr. 11 80333 Muenchen Germany Tel: 089/33008090 Fax: 089/330080999 The District Court of Deggendorf opened bankruptcy proceedings against Primus-Vermoegensarchitektur GmbH on April 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Primus-Vermoegensarchitektur GmbH Westl. Stadtgraben 24 c 94469 Deggendorf Germany PROTEK GMBH: Claims Registration Period Ends May 11 --------------------------------------------------- Creditors of ProTek GmbH have until May 11 to register their claims with court-appointed insolvency manager Torsten Gutmann. Creditors and other interested parties are encouraged to attend the meeting at 9:18 a.m. on June 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Osterode am Harz Hall 12 Amtshof 20 37520 Osterode am Harz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Torsten Gutmann Lueders Partnerschaftsgesellschaft Blauen See 5 31275 Hannover/Lehrte Germany Tel: 05132-8268-38 Fax: 05132-8268-96 E-mail: Gutmann@luederslaw.de The District Court of Osterode am Harz opened bankruptcy proceedings against ProTek GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ProTek GmbH Walkenrieder Str. 32 37449 Zorge Germany Attn: Peter Probst, Manager Pfarrwiese 6 37447 Wieda Germany QUALITY LINK: Claims Registration Period Ends April 30 ------------------------------------------------------ Creditors of Quality Link Automatisierungstechnik GmbH have until April 30 to register their claims with court-appointed insolvency manager Ulrich Bert. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Hall 4.312 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Bert Birkenweg 24 64295 Darmstadt Germany Tel: 06151/66 72 9-0 Fax: 06151/66 72 9-20 E-mail: darmstadt@ltb-anwaelte.de The District Court of Darmstadt opened bankruptcy proceedings against Quality Link Automatisierungstechnik GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Quality Link Automatisierungstechnik GmbH Erlenweg 9 64665 Alsbach Germany Attn: Giudo Lowitsch, Manager Wesenstr. 14 64319 Pfungstadt Germany WESTLB AG: Fitch Keeps Individual D Rating Despite Trading Loss --------------------------------------------------------------- Fitch Ratings says WestLB AG's trading loss of approximately EUR100 million does not have an immediate impact on the bank's ratings of Issuer Default 'A-' with Stable Outlook, Short-term 'F1', Individual 'D' and Support '1'. With eligible equity of EUR5.5 billion, WestLB can digest a trading loss of this dimension. At 8.1% at FYE06 its regulatory capitalization is solid, especially taking into account that management has managed down risks over the past three years, reflected in improved asset quality. At 5.7%, the bank's eligible capital ratio is, however, less solid. Last week the bank reported a pre-tax profit of EUR1 billion for FY06. However, WestLB's 2006 net interest income plus net fee income plus net trading income minus administrative costs was only EUR68 million, 76% below 2005's. Excluding one-off positions like non-recurrent capital gains, restructuring costs and net releases from loan-impairment charges WestLB's underlying operating profitability remains weak and is burdened by a still high cost base. WestLB's earnings remained dominated by its capital markets division in FY06, especially after its net trading income soared on favorable market conditions. The trading loss highlights the higher volatility of this revenue component compared to other income sources. WestLB does not disclose the size of its proprietary trading, where reportedly the loss occurred. The bank stated that two of its managers have breached internal rules and have been removed from office. Fitch believes that the trading loss does not necessarily show weaknesses in WestLB's risk management, which has been strengthened over the past three years. WestLB's Issuer Default, Short-term and Support ratings are driven by the extremely high potential support from its owners in case of need, in particular from the state of North-Rhine Westphalia. =========== G R E E C E =========== FAGE DAIRY: Moody's Assigns Loss-Given-Default Rating ----------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defense, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its B1 Corporate Family Rating for Fage Dairy Industry S.A. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- 7.5% Senior Unsecured Regular Bond/Debenture Due 2015 B1 B1 LGD4 50% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Athens, Greece, Fage Dairy Industry S.A. produces a wide range of branded dairy products including yogurts, deserts, milk, dairy creams, cheeses and delicatessens. ============= I R E L A N D ============= ELAN CORP: Moody's Assigns Loss-Given-Default Rating ---------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its B3 Corporate Family Rating for Elan Corporation plc and assigned a B2 probability-of-default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Elan Finance plc Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$150M Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% US$850M 7.75% Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$465M 8.875% Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. ========= I T A L Y ========= LUCCHINI SPA: Moody's Assigns Loss-Given-Default Rating ------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defence, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its Ba3 Corporate Family Rating for Lucchini S.p.A. Moody's also assigned a Ba3 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Brescia, Italy, Lucchini S.p.A. -- http://www.lucchini.it/-- is an iron and steel producer. It is now part of the Severstal Group. SEAT PAGINE: Antitrust Authority Blocks 12.88's Acquisition ----------------------------------------------------------- Italy's antitrust authority banned Seat Pagine Gialle S.p.A.'s acquisition of 12.88 SCT, the directory assistance unit of Telefonica Publicidad e Informacion S.A., Bloomberg News reports. According to AFX News Ltd., a probe by the regulator found that Seat Pagine would have further strengthened its position from 60 to 70 percent market share. "Such strengthening, taking account of competitive advantages which Seat holds via its strong brands and advertising network... contributes to raising barriers to market entry," the regulator disclosed in a statement. "The elimination of the 12.88 brand following the acquisition would take one of the most dynamic players out of the market, thereby reducing customers' choices," it added. In November 2006, Seat Pagine and Telefonica Publicidad, a unit of Yell Group Plc, signed a deal for the sale of 12.88. About Seat Pagine Gialle Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A. -- http://www.seat.it/-- provides a multimedia platform for assisting in the development of business contacts between users and advertisers. * * * Moody's Investors Service assigned Seat Pagine Gialle S.p.A. a Ba3 Corporate Family Rating, with stable outlook. Fitch Ratings also placed the company an Issuer Default rating of BB- with Stable Outlook. Fitch also assigned rating of BB to Seat's senior secured facilities, and B+ to the senior notes issued by Lighthouse International Company S.A. Standard & Poors also assigned BB- Long-term Local and Foreign Issuer Rating to Seat. =================== K A Z A K H S T A N =================== ACTIVE CREDIT: Creditors Must File Claims by May 4 -------------------------------------------------- LLP Microcredit Organization Active Credit has declared insolvency. Creditors have until May 4 to submit written proofs of claim to: LLP Microcredit Organization Active Credit Pobeda Str. 58-10 Kaskelen Karasaisky District Almaty Kazakhstan BIRJA INKAR: Creditors' Claims Due May 11 ----------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region has declared LLP Birja Inkar Semei insolvent. Creditors have until May 11 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 24-22-84 CENTRONICKS LTD: Proof of Claim Deadline Slated for May 4 --------------------------------------------------------- LLP Centronicks Ltd has declared insolvency. Creditors have until May 4 to submit written proofs of claim to: LLP Centronicks Ltd Aibergenov Str. 4/10 Shymkent South Kazakhstan Region Kazakhstan GRADIENT TV: Claims Registration Ends May 4 -------------------------------------------- LLP Gradient Tv has declared insolvency. Creditors have until May 4 to submit written proofs of claim to: LLP Gradient Tv Barhatnaya Str. 20 Shymkent South Region Kazakhstan FIRM FERRUM: Claims Filing Period Ends May 11 --------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan region has declared LLP Firm Ferrum insolvent. Creditors have until May 11 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of West Kazakhstan Region Seifullin Str. 37 Uralsk West Kazakhstan Region Kazakhstan KVAZAR LTD: Creditors Must File Claims by May 11 ------------------------------------------------ LLP Kvazar Ltd has declared insolvency. Creditors have until May 11 to submit written proofs of claim to: LLP Kvazar Ltd Gogol Str. 111 Almalinsky District Almaty Kazakhstan KYRAN LLP: Creditors' Claims Due May 11 --------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region has declared LLP Kyran insolvent. Creditors have until May 11 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of West Kazakhstan Region Office 409 Dostyk-Drujba Ave. 215 Uralsk West Kazakhstan Region Kazakhstan OST-STAR LLP: Proof of Claim Deadline Slated for May 11 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region has declared LLP Ost-Star insolvent. Creditors have until May 11 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of West Kazakhstan Region Office 409 Dostyk-Drujba Ave. 215 Uralsk West Kazakhstan Region Kazakhstan SANDAL LLP: Claims Registration Ends May 11 ------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region has declared LLP Sandal insolvent on Feb. 19. Creditors have until May 11 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 24-22-84 VYBOR LLP: Claims Filing Period Ends May 11 ------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region has declared LLP Vybor insolvent. Creditors have until May 11 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of West Kazakhstan Region Seifullin Str. 37 Uralsk West Kazakhstan Region Kazakhstan =================== K Y R G Y Z S T A N =================== KYRGYZDYIKANBANK: Creditors' Meeting Slated for April 23 -------------------------------------------------------- The temporary insolvency manager of JS Commercial Kyrgyzdyikanbank will discuss his report at a creditors' meeting at 10:00 a.m. on April 23 at: Room 201 Chui Ave. 114 Bishkek, Kyrgyzstan Proxies must have authorization to vote. Inquiries can be addressed to (+996 312) 66-05-82, 62-44-83. MELZAVOD OJSC: Creditors Must File Claims by April 23 ----------------------------------------------------- OJSC Tokmoksky Mill Factory Melzavod declared insolvency. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until April 23 to submit written proofs of claim to: OJSC Tokmoksky Mill Factory Melzavod Sadovaya Str. 20 Chui, Kyrgyzstan The temporary insolvency manager is: Mr. Mussa Manatbaev Tel: (0-503) 29-41-40. =================== L U X E M B O U R G =================== CODERE FINANCE: Moody's Assigns Loss-Given-Default Rating --------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its B1 Corporate Family Rating for Codere Finance (Luxembourg) S.A. Moody's also assigned a B1 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- 8.25% Senior Unsecured Regular Bond/Debenture Due 2015 B1 B1 LGD4 58% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Madrid, Spain, Codere S.A. -- http://www.codere.com/-- manages slot machines, bingos, betting shops, casinos and racetracks, for the private gaming sector in Spain, Latin America and Italy. Codere Finance (Luxembourg) S.A. is a subsidiary of Codere S.A. ===================== N E T H E R L A N D S ===================== CLONDALKIN INDUSTRIES: Moody's Assigns Loss-Given-Default Rating ---------------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its B1 Corporate Family Rating for Clondalkin Industries B.V. Moody's also assigned a B1 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 8% Senior Unsecured Regular Bond/Debenture Due 2014 B3 LGD5 88% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in the Netherlands, Clondalkin Industries B.V. is a special purpose company formed to issue senior notes. CNH GLOBAL: Moody's Assigns Loss-Given-Default Rating ----------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its Ba3 Corporate Family Rating for CNH Global N.V. Moody's also assigned a Ba3 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Case Corp. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- US$300 million 7.25% Senior Unsecured Regular Bond/Debenture Due 2016 Ba3 LGD4 52% * Issuer: Case Credit Corp. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- US$550 million Senior Unsecured Medium-Term Note Program Ba3 LGD4 52% US$1 billion Senior Unsecured Medium-Term Note Program Ba3 LGD4 52% US$550 million Senior Unsecured Medium-Term Note Program Ba3 LGD4 52% US$150 million 6.75% Senior Unsecured Regular Bond/Debenture Due 2007 Ba3 LGD4 52% * Issuer: Case New Holland Inc. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 9.25% Senior Unsecured Regular Bond/Debenture Due 2011 Ba3 LGD4 52% 6% Senior Unsecured Regular Bond/Debenture Due 2009 Ba3 LGD4 52% 7.125% Senior Unsecured Regular Bond/Debenture Due 2014 Ba3 LGD4 52% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Amsterdam, the Netherlands, CNH Global N.V. (NYSE: CNH) -- http://www.cnh.com/-- is a world leader in the agricultural and construction equipment businesses. Supported by more than 11,000 dealers in 160 countries, CNH brings together the knowledge and heritage of its Case and New Holland brand families with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. CNH Global N.V. is a majority-owned subsidiary of Fiat S.p.A. GETRONICS N.V.: Moody's Assigns Loss-Given-Default Rating --------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution, and Other sectors last week, the rating agency confirmed its B2 Corporate Family Rating for Getronics N.V. Moody's also assigned a B2 probability-of-default-rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 5.5% Senior Unsecured Conv./Exch. Bond/Debenture Due 2008 Caa1 LGD5 79% Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Amsterdam, Netherlands, Getronics N.V. -- http://www.getronics.com/-- designs, integrates and manages ICT infrastructures and business solutions for many of the world's largest global and local companies and organizations, helping them maximize the value of their information technology investments. Getronics has some 27,000 employees in over 30 countries and approximate revenues of EUR3 billion. The company has regional offices in Boston, Madrid and Singapore. Its shares are traded on Euronext Amsterdam. =========== P O L A N D =========== MALMA: North Coast & Colussi Plan Acquisition to Relaunch Plants ---------------------------------------------------------------- North Coast S.A. and Colussi seek to acquire debt-ridden Malma and resume production at the company's plants, Puls Biznesu reports. The TCR-Europe reported on Jan. 17 that Alpina Savoie still plans to acquire Malma, despite the rejection of its three takeover bids. Alpina had requested a Gdan'sk district court to declare Malma, a Polish pasta manufacturer, bankrupt. The company, burdened by a debt of more than PLN150 million (EUR38.9 million), is the subject of three bankruptcy petitions. North Coast has promised the court that it will file a bankruptcy suit against Malma before May 14, hoping that the company's bankruptcy would result in a settlement with its creditors, Puls Biznesu states. About Malma Headquartered in Malbork, Poland, Malma -- http://www.malma.com/ -- produces pasta, stuffed dumplings, potato gnocchi and pizza with its Malma brand appearing on the market in 1991. The company sells its products in Italy, France and Poland, among others. ============= R O M A N I A ============= HIDROELECTRICA SA: Moody's Assigns Loss-Given-Default Rating ------------------------------------------------------------ In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its Ba1 Corporate Family Rating for Hidroelectrica S.A. Moody's also assigned a Ba1 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Bucharest, Romania, Hidroelectrica S.A. -- http://www.hidroelectrica.ro/-- is engaged in the generation of electric power. =========== R U S S I A =========== ALCATEL-LUCENT: Completes Gazprom Neft Network Project ------------------------------------------------------ Alcatel-Lucent has completed the project with OAO Gazprom neft, Russia's fastest-growing oil company, for the transformation of its corporate network at its oil-processing factory in the city of Omsk. Through the implementation of this new network, Gazprom neft is focused on improving employee productivity and increasing the reliability of its communications capabilities. Gazprom neft chose Alcatel-Lucent to deliver a state-of-the-art IP communication solution which will provide IP telephony to more than 3,000 employees of the oil processing factory. Based on the Alcatel-Lucent OmniPCX Enterprise IP telephony platform, the solution includes Alcatel-Lucent's newest VoIP handsets. All nodes of the network are interconnected to ensure a feature rich environment and to unite existing systems into a single, integrated enterprise communication platform. Alcatel-Lucent also delivered Alcatel-Lucent IP Touch phones, which provide advanced capabilities to increase employee productivity, including "dial-by-name," call forwarding for mobility, and other advanced communications applications. "We made our choice in favor of the Alcatel-Lucent solution due to its flexibility and high reliability. It improves employee productivity by delivering advanced communications services, while minimizing downtime," Constantin Yurganov, Gazprom neft Head of Information technologies, said. "The new solution will allow our staff to communicate more effectively, while improving overall productivity." "We are very honored to work with Gazprom neft on this network transformation project," Ivan Makharine, Director of Alcatel- Lucent enterprise activities in CIS, said. "Gazprom neft is a perfect example of a forward-thinking corporation, investing in a future-proof IP based solution that was designed to fully meet their requirements." Implementation of this project will enable Gazprom neft to significantly enhance the organization's operating efficiency and raise levels of quality and employee performance. 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's main oil processing center is the Omsk Refinery. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa last week, the rating agency confirmed its Ba3 Corporate Family Rating for Alcatel-Lucent. The implementation of the LGD methodology in EMEA follows the introduction of the methodology in September 2006. Most of the rating actions Moody's confirmed relate to senior secured loans. * Issuer: Alcatel-Lucent Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Senior Unsecured Bank Credit Facility Ba2 Ba2 LGD3 46% 4.75% Senior Unsecured Conv./Exch. Bond/ Debenture Due 2011 Ba2 Ba2 LGD3 46% US$1.5-billion Senior Unsecured Medium-Term Note Program Ba2 Ba2 LGD3 46% EUR5-billion Senior Unsecured Medium-Term Note Program Ba2 Ba2 LGD3 46% 6.375% Senior Unsecured Regular Bond/Debenture Due 2014 Ba2 Ba2 LGD3 46% US$500-million Senior Unsecured Regular Bond/ Debenture Due 2010 Ba2 Ba2 LGD3 46% EUR1-billion 4.375% Senior Unsecured Regular Bond/ Debenture Due 2009 Ba2 Ba2 LGD3 46% EUR120-million 4.375% Senior Unsecured Regular Bond/Debenture Due 2009 Ba2 Ba2 LGD3 46% * Issuer: Lucent Technologies Capital Trust I Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$1750-million 7.75% Preferred Stock Due 2017 B2 B1 LGD6 94% * Issuer: Lucent Technologies Inc. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$1.75-billion Multiple Seniority Shelf, subordinated, (P)B2 (P)B1 LGD6 94% US$1.75-billion Multiple Seniority Shelf regular/junior preferred stock (P)B3 (P)B1 LGD6 97% US$1.75-billion Multiple Seniority Shelf, senior unsecured (P)Ba3 (P)Ba2 LGD3 46% 8% Subordinate Conv./Exch. Bond/ Debenture Due 2031 B2 B1 LGD6 94% 2.75% Senior Unsecured Conv./Exch. Bond/ Debenture Due 2023 Ba3 Ba2 LGD3 46% 2.75% Senior Unsecured Conv./Exch. Bond/ Debenture Due 2025 Ba3 Ba2 LGD3 46% US$300-million 6.5% Senior Unsecured Regular Bond/ Debenture Due 2028 Ba3 Ba2 LGD3 46% US$500-million 5.5% Senior Unsecured Regular Bond/ Debenture Due 2008 Ba3 Ba2 LGD3 46% US$1.36-billion 6.45% Senior Unsecured Regular Bond/ Debenture Due 2029 Ba3 Ba2 LGD3 46% As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB rating. It's Short-Term Corporate Credit rating stands at B. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. EASTERN FISH: Creditors Must File Claims by April 17 ---------------------------------------------------- Creditors of CJSC Eastern Fish Resources have until April 17 to submit proofs of claim to: O. Syskov, Temporary Insolvency Manager Post User Box 284 Anadyr, Chukotskiy Russia The Arbitration Court of Chukotskiy commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A80-124/06-B. The Debtor can be reached at: CJSC Eastern Fish Resources Energetikov Str. 24-2 Anadyr 689000 Chukotskiy Russia FOODS-210 CJSC: Creditors Must File Claims by May 17 ---------------------------------------------------- Creditors of CJSC Factory of Reinforced Concrete Foods-210 have until May 17 to submit proofs of claim to: M. Sidorov, Insolvency Manager Post User Box 85 Kazan 420029 Tatarstan Russia The Arbitration Court of Tatarstan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A65-16395/2006-SG4-39. The Court is located at: The Arbitration Court of Tatarstan Room 12, Floor 2 Entrance 2, Building 1 Kremlin Kazan, Tatarstan Russia The Debtor can be reached at: CJSC Factory of Reinforced Concrete Foods - 210 Post User Box 172 BSI-8 Naberezhnye Chelny 423802 Tatarstan Russia GAZPROM NEFT: Alcatel-Lucent Installs New Communication Network --------------------------------------------------------------- Alcatel-Lucent has completed the project with OAO Gazprom neft, Russia's fastest-growing oil company, for the transformation of its corporate network at its oil-processing factory in the city of Omsk. Through the implementation of this new network, Gazprom neft is focused on improving employee productivity and increasing the reliability of its communications capabilities. Gazprom neft chose Alcatel-Lucent to deliver a state-of-the-art IP communication solution which will provide IP telephony to more than 3,000 employees of the oil processing factory. Based on the Alcatel-Lucent OmniPCX Enterprise IP telephony platform, the solution includes Alcatel-Lucent's newest VoIP handsets. All nodes of the network are interconnected to ensure a feature rich environment and to unite existing systems into a single, integrated enterprise communication platform. Alcatel-Lucent also delivered Alcatel-Lucent IP Touch phones, which provide advanced capabilities to increase employee productivity, including "dial-by-name," call forwarding for mobility, and other advanced communications applications. "We made our choice in favor of the Alcatel-Lucent solution due to its flexibility and high reliability. It improves employee productivity by delivering advanced communications services, while minimizing downtime," Constantin Yurganov, Gazprom neft Head of Information technologies, said. "The new solution will allow our staff to communicate more effectively, while improving overall productivity." "We are very honored to work with Gazprom neft on this network transformation project," Ivan Makharine, Director of Alcatel- Lucent enterprise activities in CIS, said. "Gazprom neft is a perfect example of a forward-thinking corporation, investing in a future-proof IP based solution that was designed to fully meet their requirements." Implementation of this project will enable Gazprom neft to significantly enhance the organization's operating efficiency and raise levels of quality and employee performance. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. 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's main 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. GOLDEN TELECOM: Moody's Assigns Loss-Given-Default Rating --------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its Ba3 Corporate Family Rating for Golden Telecom Inc. Moody's also assigned a Ba3 probability-of-default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Moscow, Russia, Golden Telecom Inc. -- http://www.goldentelecom.com/-- provides integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States. The Company offers voice, data and Internet services to corporations, operators and consumers using its overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara, Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via intercity fiber optic and satellite-based networks, including around 287 combined access points in Russia and other countries of the CIS. The Company offers cellular communication services in Kiev and Odessa, Ukraine. IGARSKIY SEA: Court Names A. Anishenko as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Krasnoyarsk appointed Mr. A. Anishenko as Insolvency Manager for OJSC Maslodel. He can be reached at: A. Anishenko Post User Box 20647 660017 Krasnoyarsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-2671/04-S4. The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Russia The Debtor can be reached at: OJSC Maslodel Shmidta Str. 1 Igarka, Krasnoyarsk Russia KUGANAKSKIY BRICKWORKS: Creditors Must File Claims by May 17 ------------------------------------------------------------ Creditors of LLC Kuganakskiy Brickworks (TIN 0242005897) have until May 17 to submit proofs of claim to: R. Urazbakhtin, Insolvency Manager Office 2 Oktyabrya Pr. 11 Ufa 450001 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-47163/05-G-KhRM. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: LLC Kuganakskiy Brickworks B. Kuganak Sterlitamakskiy 453149 Bashkortostan Russia LADOZHSKOYE CJSC: Creditors Must File Claims by April 17 -------------------------------------------------------- Creditors of CJSC Ladozhskoye have until April 17 to submit proofs of claim to: D. Serdyuk, Temporary Insolvency Manager Uralskaya Str. 134 350059 Krasnodar Russia The Arbitration Court of Krasnodar commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A-32-659/2007-27/35B. The Court is located at: The Arbitration Court of Krasnodar Staroderevenkovskaya St. Krasnodar Russia The Debtor can be reached at: CJSC Ladozhskoye Konshinykh Str. 111 Ladozhskaya St. 352323 Krasnodar Russia MITEKS CJSC: Creditors Must File Claims by April 17 --------------------------------------------------- Creditors of CJSC Gloves Factory Miteks have until April 17 to submit proofs of claim to: I. Nozdrin, Insolvency Manager Post User Box 15854 Diksona Str. 1 660020 Krasnoyarsk Russia The Arbitration Court of Khakasiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A74-2068/2006. The Court is located at: The Arbitration Court of Khakasiya Post User Box 147 Pushkina Str. 165 Abakan 655017 Khakasiya Russia The Debtor can be reached at: The Arbitration Court of Khakasiya Post User Box 147 Pushkina Str. 165 Abakan 655017 Khakasiya Russia NABEREZHNO CHELNINSKIY: Bankruptcy Hearing Slated for June 19 ------------------------------------------------------------- The Arbitration Court of Tatarstan will convene at 10:00 a.m. on June 19 to hear the bankruptcy supervision procedure on OJSC Naberezhno Chelninskiy Elevator. The case is docketed under Case No. A65-23341/2006-SG4-49. The Temporary Insolvency Manager is: A. Volkov Post User Box 72 422986 Tatarstan Russia The Court is located at: The Arbitration Court of Tatarstan Room 12, Floor 2 Entrance 2, Building 1 Kremlin Kazan, Tatarstan Russia The Debtor can be reached at: OJSC Naberezhno Chelninskiy Elevator Naberezhnye Chelny Tatarstan Russia NOVOLIPETSK STEEL: Earns RUR50.51 Billion for Full Year 2006 ------------------------------------------------------------ Novolipetsk Steel OJSC released its financial results for the year ended Dec. 31, 2006, prepared according to the Russian Accounting Standards. NLMK posted a 43.6% year-on-year hike in annual net profit in 2006 to RUR50.51 billion, against a 17.7% year-on-year rise in revenues to RUR140.3 billion, RIA Novosti reports. The company attributed the increase in net profit to the sale of its stakes in the Lebedinsky Ore Mining and Processing Plant and the KMAruda mining company in Belgorod, RIA Novosti relates. NLMK raised around RUR12.8 billion from the stake sale. NLMK attributed its hike in revenues to a favorable situation on the world metal products market and the expanded output and sales volumes. In 2006, the company posted 7.8% year-on-year in steel output to 9.13 million metric tons. 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 NOVOSELSKOYE CJSC: Creditors Must File Claims by April 17 --------------------------------------------------------- Creditors of CJSC Novoselskoye have until April 17 to submit proofs of claim to: A. Sotnikov, Temporary Insolvency Manager Abrekskaya, 5 690001 Vladimir Russia The Arbitration Court of Primorye will convene at 2:00 p.m. on Aug. 9 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A51-375/2007 15-2. The Debtor can be reached at: CJSC Novoselskoye Tsentralnaya Str. 6 Novoselskoye Spasskiy 692214 Primorye Russia OZINSKIY OJSC: Court Names A. Progozhin as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Saratov appointed Mr. A. Progozhin as Insolvency Manager for OJSC Butter Factory Ozinskiy. He can be reached at: A. Progozhin Post User Box 1 Lukoyanov 607800 Nizhniy Novgorod Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A57-161/07-40. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: OJSC Butter Factory Ozinskiy Ozinki Saratov Russia PLASTMASS-SERVICE CJSC: Creditors Must File Claims by May 17 ------------------------------------------------------------ Creditors of CJSC Plastmass-Service have until May 17 to submit proofs of claim to: Y. Kushenko, Insolvency Manager Post User Box 9271 644029 Omsk-29 Russia Tel: 8-913-979-53-07 The Arbitration Court of Omsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-10323/2006. The Debtor can be reached at: CJSC Plastmass-Service Krasnoyarskiy Trakt, 155 644035 Omsk Russia SEVER LLC: Court Names V. Khmelnitskiy as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Omsk appointed Mr. V. Khmelnitskiy as Insolvency Manager for LLC Shipping Company Sever. He can be reached at: V. Khmelnitskiy Marksa Pr. 4-209A 644027 Omsk-24 Russia Tel/Fax: (3812)31-05-27 Tel: 31-00-13 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-902/2007. The Debtor can be reached at: LLC Shipping Company Sever Omsk Russia SIBAY PRESERVED: Creditors Must File Claims by April 17 ------------------------------------------------------- Creditors of CJSC Sibay Preserved Milk (TIN 0267005754) have until April 17 to submit proofs of claim to: F. Bayburin, Insolvency Manager Oktyabrskoy Revolyutsii Str., 67 Ufa 450057 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-9817/05-G-ADM/PAV. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: CJSC Sibay Preserved Milk Building 5 Vostochnoye Shosse 1 Sibay 453833 Bashkortostan Russia SLADKOVSKOYE CJSC: Asset Bidding Deadline Slated for April 13 ------------------------------------------------------------- D. Khomutov, the external insolvency manager and the bidding organizer for CJSC Sladkovskoye, will open a public auction for the company's properties at 11:00 a.m. on April 18 at: Room 513 Krasnaya Str. 180 Krasnodar Russia Interested participants have until April 13 to deposit an amount equivalent to 5% of the starting price to: IP Khomutov D.V. Settlement Account 40802810800440004090 Correspondent Account 3010181030000000000978 BIK 040349978 OJSC Bank Moskvy (Krasnodarskiy) Russia Bidding documents must be submitted to: D. Khomutov Krasnaya Str. 513 Krasnodar Russia The Debtor can be reached at: CJSC Sladkovskoye Zelenaya Str. 13A Tselinnyj Slavyanskiy, Krasnodar Russia VOLGO-PROM-OIL-STROY: Creditors Must File Claims by April 17 ------------------------------------------------------------ Creditors of CJSC Volgo-Prom-Oil-Stroy have until April 17 to submit proofs of claim to: R. Radyno, Insolvency Manager Post User Box 103 Nizhnekamsk-6 423576 Tatarstan Russia The Arbitration Court of Tatarstan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A65-27033/2006-SG4-26. The Court is located at: The Arbitration Court of Tatarstan Room 12, Floor 2 Entrance 2, Building 1 Kremlin Kazan, Tatarstan Russia The Debtor can be reached at: R. Radyno, Insolvency Manager Post User Box 103 Nizhnekamsk-6 423576 Tatarstan Russia WORKS OF SEA: Creditors Must File Claims by May 17 -------------------------------------------------- Creditors of CJSC Works of Sea have until May 17 to submit proofs of claim to: E. Khramenok, Insolvency Manager Post User Box 113 23 GOS 683023 Petropavlovsk-Kamchatskiy Russia The Arbitration Court of Kamchatka commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A24-2135/06-16. The Debtor can be reached at: CJSC Works of Sea 50 Let Oktyabrya Pr. 20 Kovran Tigilskiy 688621 Kamchatka Russia YUKOS OIL: Creditors OK May 10 Auction for Samaraneftegaz Assets ---------------------------------------------------------------- (JazeL) The committee of OAO Yukos Oil Co.'s creditors approved the sale of the company's assets under three lots, which will be auctioned off in mid-May, published reports say. According to Yukos bankruptcy receiver Eduard Rebgun, these assets will be auctioned on May 10 in one lot: -- Samaraneftegaz, one of Yukos' largest remaining crude oil production assets; -- oil refineries comprising of Kuibyshevsky, Novokuibyshevsky, and Syzransky; and -- other assets. The block will carry a RUR154.97 billion or US$6 billion starting price with a RUR260 million increment. Bids will be accepted from April 9 to May 7. The second lot, Interfax relates, will carry companies specializing in the retail trade of oil products located mostly in Central Russia. The block carries a starting price of RUR23.3 billion or US$900 million. The third lot will include Yukos' headquarters in Moscow for a starting price of RUR7.75 billion (US$300 million). Other Auction Details Interfax reports that a lot consisting of: -- 100% of Tomskneft -- 70.78% of Vostsibneftegaz -- 5.89% of Yeniseineftegaz -- 100% of Angarsk Petrochemical Company -- 100% of Achinsk Oil Refinery, and -- 100% Angarsk Polymer Plant will be sold for a RUR166.3 billion (US$6.4 billion) starting price at an auction on May 3. Auction Details The next series of auctions for Yukos' assets will be held on: Bidding Auction Starting Bid Increment Assets Deadline Date Price (RUR) (RUR) ------ -------- ------- -------------- -------------- Lot 4 Apr. 13 Apr. 17 2.64 billion 26.39 million Lot 5 Apr. 16 Apr. 18 992.31 million 9.92 million Lot 6 Apr. 18 Apr. 20 3.12 million 31,000 An unidentified source told Interfax last month that assets under Lot 4, which will feature Yukos's stakes in various energy companies, include: -- ZAO Energy Service Co. (100%), -- ESKOM- EnergoTrade (100%), -- Belgorodenergo (25.73%), -- Tambovenergo (25.15%), -- Tambov Energy Sales Company (25.15%), -- Tambov Trunk Grid Company (25.15%), -- Belgorod Trunk Grid Company (25%), -- Belgorod Sales Company (25%), -- Corporate Service Systems (25%), and -- Territorial Generation Company No. 4 (3.18%). RosBusinessConsulting says the fifth lot will be comprised of nine assets while the sixth would include eight non-core assets of the bankrupt oil firm. Auction Winners In a TCR-Europe report on March 28, Rosneft, through 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. On April 4, EniNeftegaz, a joint venture of Italian energy firms Eni S.p.A. (60%) and Enel S.p.A. (40%) won the auction to acquire Yukos's 20% stake in OAO Gazprom Neft for RUR151.5 billion. In a TCR-Europe report on March 16, OAO Gazprom will acquire the stake from EniNeftegaz at a later date pursuant to an agreement entered between the two parties. Mr. Rebgun has estimated the firm's assets between US$25.6 billion and US$26.8 billion, minus a possible liquidation discount of not more than 30 percent. As of Jan. 31, claims against Yukos filed by 68 creditors reached RUR709 billion (US$26.8 billion). Rosneft Oil and Gazprom are seen as the most likely bidders for the bulk of the nearly 200 Yukos assets up for liquidation, which Mr. Rebgun aims to sell by August 2007. Aside from being a potential buyer, Rosneft also holds a RUR264.6 billion (US$10 billion) claim against Yukos, which entitled Rosneft a seat in the firm's creditors' committee. 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 L O V A K R E P U B L I C ============================= CENTRAL EUROPEAN: Moody's Assigns Loss-Given-Default Rating ----------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its Ba3 Corporate Family Rating for Central European Media Enterprises Ltd. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Senior Unsecured Floating-Rate Global Notes Due 2012 Ba3 Ba3 LGD4 59% 8.25% Senior Unsecured Regular Bond/Debenture Due 2012 Ba3 Ba3 LGD4 59% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Central European Media Enterprises Ltd. is a commercial television company in Central and Eastern Europe. The Company operates national private television stations and networks in the Slovak Republic and Slovenia. CEM's television studios and production facilities produce original programming to support its broadcasting operations. ========= S P A I N ========= CODERE FINANCE: Moody's Assigns Loss-Given-Default Rating --------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its B1 Corporate Family Rating for Codere Finance (Luxembourg) S.A. Moody's also assigned a B1 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- 8.25% Senior Unsecured Regular Bond/Debenture Due 2015 B1 B1 LGD4 58% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Madrid, Spain, Codere S.A. -- http://www.codere.com/-- manages slot machines, bingos, betting shops, casinos and racetracks, for the private gaming sector in Spain, Latin America and Italy. Codere Finance (Luxembourg) S.A. is a subsidiary of Codere S.A. ===================== S W I T Z E R L A N D ===================== ALPSTEIN INVEST: Creditors' Liquidation Claims Due April 25 ----------------------------------------------------------- Creditors of JSC Alpstein Invest have until April 25 to submit their claims to: Josef Eugster Liquidator Weissbadstrasse 1 9050 Appenzell Switzerland The Debtor can be reached at: JSC Alpstein Invest Appenzell Switzerland CAPRICORN COMMUNICATION: Liquidation Claims Due April 25 -------------------------------------------------------- Creditors of LLC Capricorn Communication have until April 25 to submit their claims to: Thomas Hobi Liquidator Rabengasse 11 7000 Chur Plessur GR Switzerland The Debtor can be reached at: LLC Capricorn Communication Chur Plessur GR Switzerland DRESDNER WIEDERAUFBAU: Liquidation Claims Due April 25 ------------------------------------------------------ Creditors of JSC Dresdner Wiederaufbau have until April 25 to submit their claims to: Dr. Ernst A. Brandenberg Liquidator Poststrasse 9 6300 Zug Switzerland The Debtor can be reached at: JSC Dresdner Wiederaufbau Zug Switzerland HANS DENIFL: Creditors' Liquidation Claims Due April 26 ------------------------------------------------------- Creditors of LLC Hans Denifl have until April 26 to submit their claims to: Beatrix Schmid Liquidator Sihleggstr. 23 8832 Wollerau Hofe SZ Switzerland The Debtor can be reached at: LLC Hans Denifl Wollerau Hofe SZ Switzerland HEINIGER JSC: Creditors' Liquidation Claims Due May 31 ------------------------------------------------------ Creditors of JSC Heiniger have until May 31 to submit their claims to: Alfred Heiniger Liquidator Dammstrasse 46 4142 Munchenstein Arlesheim BL Switzerland The Debtor can be reached at: JSC Heiniger Munchenstein Arlesheim BL Switzerland INCOIN - INVESTMENTS: Creditors' Liquidation Claims Due April 30 ---------------------------------------------------------------- Creditors of LLC INCOIN-Investments have until April 30 to submit their claims to: Helen Otto Liquidator Birchstr. 185 8050 Zurich Switzerland The Debtor can be reached at: LLC INCOIN-Investments Zurich Switzerland INSPIRATION BLUMEN: Creditors' Liquidation Claims Due May 8 ----------------------------------------------------------- Creditors of LLC Inspiration Blumen Design have until May 8 to submit their claims to: Nadine Thomann Liquidator Fehrenstr. 32 4226 Breitenbach Thierstein SO Switzerland The Debtor can be reached at: LLC Inspiration Blumen Design Laufen BL Switzerland KERSCO JSC: Creditors' Liquidation Claims Due April 25 ------------------------------------------------------ Creditors of JSC Kersco have until April 25 to submit their claims to: LLC Kromag Verwaltung Liquidator Chamerstrasse 172 6300 Zug Switzerland The Debtor can be reached at: JSC Kersco Zug Switzerland LEGOLAND ESTATES: Creditors' Liquidation Claims Due April 23 ------------------------------------------------------------ Creditors of JSC Legoland Estates have until April 23 to submit their claims to: Sihlbruggstrasse 3 6340 Baar ZG Switzerland The Debtor can be reached at: JSC Legoland Estates Baar ZG Switzerland LICINI FITNESS: Creditors' Liquidation Claims Due August 23 ----------------------------------------------------------- Creditors of JSC Licini Fitness have until Aug. 23 to submit their claims to: Yvonne Licini Liquidator Fichtenstrasse 35 8032 Zurich Switzerland The Debtor can be reached at: JSC Licini Fitness Zurich Switzerland MACROBRACHIUM LLC: Creditors' Liquidation Claims Due April 25 ------------------------------------------------------------- Creditors of LLC Macrobrachium have until April 25 to submit their claims to: Walter Fluckiger Liquidator Tiergarten 1 3400 Burgdorf BE Switzerland The Debtor can be reached at: LLC Macrobrachium Burgdorf BE Switzerland MAGERT & JUNGEN: Creditors' Liquidation Claims Due April 23 ----------------------------------------------------------- Creditors of LLC Magert & Jungen, Import have until April 23 to submit their claims to: Martin Jungen Liquidator Reudlen 3713 Reichenbach i.K. Frutigen BE Switzerland The Debtor can be reached at: LLC Magert & Jungen, Import Reichenbach i.K. Frutigen BE Switzerland MANFRED SCHAFER: Creditors' Liquidation Claims Due April 23 ----------------------------------------------------------- Creditors of LLC Manfred Schafer have until April 23 to submit their claims to: Manfred Schafer Liquidator Rossistrasse 48 1735 Giffers Sense FR Switzerland The Debtor can be reached at: LLC Manfred Schafer St. Antoni Sense FR Switzerland METZLER ENGINEERING: Creditors' Liquidation Claims Due June 4 ------------------------------------------------------------- Creditors of LLC Metzler Engineering have until June 4 to submit their claims to: Viktor Metzler Liquidator Kestenbergstrasse 29 5210 Windisch Brugg AG Switzerland The Debtor can be reached at: LLC Metzler Engineering Windisch Brugg AG Switzerland UNIOS LLC: Creditors' Liquidation Claims Due April 20 ----------------------------------------------------- Creditors of LLC Unios have until April 20 to submit their claims to: Christian Gusset Liquidator Somazzistrasse 7 3008 Bern Switzerland The Debtor can be reached at: LLC Unios Bern Switzerland =========== T U R K E Y =========== FORD OTOSAN: Plans to Hike Exports to US$2.7 Billion in 2007 ------------------------------------------------------------ Ford Otomotiv Sanayi A.S., the Turkish unit of Ford Motor Co., is eyeing to boost its exports by 10% to US$2.7 billion in 2007 from US$2.4 billion in 2006, The Detroit News reports citing Bloomberg News as its source. According to Turgay Durak, chief executive of Ford Otosan, the capacity of its Kocaeli plant will increase its production to 300,000 cars a year by October. The plant currently produces 250,000 cars annually. Mr. Durak further revealed that Ford Otosan already invested US$1.6 billion since the 2001 economic crisis in Turkey. "We have managed to increase our market share to 17.1 percent in 2006 from 17 percent in 2005," Mr. Durak was quoted by the Turkish Daily News as saying. Headquartered in Istanbul, Turkey, Ford Otomotiv Sanayi A.S. -- http://www.ford.com.tr/-- manufactures and distributes a range of Ford vehicles including models such as Fiesta, KA, Street KA, Explorer, Focus, Focus C-Max and Transit. As of Aug. 1, 2006, the Company had three manufacturing plants and 112 dealers across Turkey, which provides sales, after sales services and spare parts. It makes exports mainly to the European region and the Commonwealth of Independent States. Ford Motor Co. and Koc Group of Turkey exercise joint control in Ford Otosan with a 41% stake each, while the remaining 18% is quoted on the Istanbul Stock Exchange. * * * As reported in the TCR-Europe on Aug. 23, Fitch Ratings affirmed Turkey-based Ford Otosan's local currency Issuer Default rating at BB+. Fitch said the rating Outlook remains Negative. PETROKIMYA HOLDING: Fitch's BB IDR May Change on Privatization -------------------------------------------------------------- Fitch Ratings says PETKIM Petrokimya Holding A.S.'s ratings may change as a result of the Turkish petrochemical company's privatization. This will depend on the credit profile of the successful bidder and new majority owner as well as structural ownership details. Petkim is rated Local Currency and Foreign Currency Issuer Default 'BB' and National Long-term 'AA-'. The Outlooks on all the ratings are Stable. The Turkish Privatization Administration announced on Feb. 8 a privatization tender of 51% of Petkim shares through a block sale. The Administration owns 54% of Pektim and the Republic of Turkey, State Pension Fund holds 7%. Currently, 39% of Petkim shares are traded on the Istanbul Stock Exchange. The information memorandum and the tender specifications prepared for Petkim have been made available from March 20. The pre- qualification application deadline is May 14. Final bids are due on June 15. Petkim is Turkey's largest petrochemicals player with an approximate 30% share in the domestic market that shows high growth potential. Furthermore, Petkim remains an equity- capitalized company with very low debt. Compared to its larger international peers, the company, however, has limited scale and integration scope and suffers earnings volatility, leading to below-average operating margins. Petkim was founded in 1965 as a state-owned entity in Turkey. At end-FY06, Pektim's sales were up 65% y-o-y at TRY2.2 billion sales. It reported TRY212 million EBITDA with 10% EBITDA margin and TRY58 million net income at end-FY06. Pektim has historically carried minimal debt on its balance sheet. At end- FY06, the company reported TRY89 million net cash. At end-FY05, the company had TRY18 million net debt, compared to its TRY1.4 billion equity. In FY05, Petkim increased its production capacity by 19% to 1.9 million tons. ============= U K R A I N E ============= ALPARI LLC: Creditors Must File Claims by April 21 -------------------------------------------------- Creditors of LLC Alpari (code EDRPOU 31858626) have until April 21 to submit written proofs of claim to: Alexander Polischuk Liquidator Vorovsky Str. 5/1 83045 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 42/249B. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Alpari Adonisov Str. 77 Donetsk Ukraine DONBASS-COAL LLC: Creditors Must File Claims by April 21 -------------------------------------------------------- Creditors of LLC Donbass-Coal (code EDRPOU 24456683) have until April 21 to submit written proofs of claim to: Svetlana Kharakhash Liquidator Kievsky Avenue 5/30 83121 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/172b. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Donbass-Coal Komsomolets of Donbass Newspaper Str. 43-a 83037 Donetsk Ukraine ENERGY LLC: Creditors Must File Claims by April 21 -------------------------------------------------- Creditors of LLC Energy (code EDRPOU 30872168) have until April 21 to submit written proofs of claim to: Alexander Polischuk Liquidator Vorovsky Str. 5/1 83045 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company on March 15 after finding it insolvent. The case is docketed under Case No. 42/252B. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Energy Adonisov Str. 77 Donetsk Ukraine KOMETA LLC: Creditors Must File Claims by April 21 -------------------------------------------------- Creditors of LLC Agricultural Company Kometa (code EDRPOU 32616410) have until April 21 to submit written proofs of claim to: L. Arkina Temporary Insolvency Manager Gorky Str. 10/14, ap. 209 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy supervision procedure on the company on Jan. 9. The case is docketed under Case No. B 24/10-07. The Court is located at: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: LLC Agricultural Company Kometa Shevchenko Str. 10 Dnipropetrovsk Ukraine NIKOL LLC: Creditors Must File Claims by April 21 ------------------------------------------------- Creditors of LLC Nikol (code EDRPOU 30399865) have until April 21 to submit written proofs of claim to: Alexander Polischuk Liquidator Vorovsky Str. 5/1 83045 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 42/251B. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Nikol Adonisov Str. 77 Donetsk Ukraine SCORPIO LLC: Creditors Must File Claims by April 21 --------------------------------------------------- Creditors of LLC Scorpio (code EDRPOU 30569483) have until April 21 to submit written proofs of claim to: Alexander Polischuk Liquidator Vorovsky Str. 5/1 83045 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 42/250B. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Scorpio Adonisov Str. 77 Donetsk Ukraine STOREX LLC: Creditors Must File Claims by April 21 -------------------------------------------------- Creditors of LLC Storex (code EDRPOU 32532252) have until April 21 to submit written proofs of claim to: Victor Denisenko Liquidator Pobeda Avenue 57 03113 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on March 13 after finding it insolvent. The case is docketed under Case No. 15/32-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Storex Oles Gonchar Str. 38A 03034 Kiev Ukraine VERHOVINA 2004: Claims Submission Deadline Set April 21 ------------------------------------------------------- Creditors of LLC Verhovina 2004 (code EDRPOU 32876117) have until April 21 to submit written proofs of claim to: V. Rabushko Temporary Insolvency Manager Fuchik Str. 14 Melitopol 72319 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 16/37/07. The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: LLC Verhovina 2004 Student Str. 27-B Melitopol District Lazurnoe 72372 Zaporozhje Ukraine * S&P Changes Ukraine's Outlook to Negative on Political Tension ---------------------------------------------------------------- Standard & Poor's Ratings Services revised its long-term rating outlook on Ukraine to negative from stable based on the deteriorating political climate and the concomitant risks to economic policies. At the same time, the 'BB-' long-term foreign, 'BB' long-term local, and 'B' short-term sovereign credit ratings on Ukraine were all affirmed. "The outlook revision is based on a heightening in political tensions that have been simmering between Prime Minister Viktor Yanukovich and President Viktor Yushchenko ever since the "Orange Revolution" in 2004," said Standard & Poor's credit analyst Moritz Kraemer. This escalation in tensions has culminated in the president calling earlier this week for new parliamentary elections, to be held by the end of May. Nevertheless, the legal basis for Yushchenko's decision to dissolve parliament is disputed, and so far parliament has rejected the call for dissolution and the cabinet has refused to allocate funds to finance the election. Economic and fiscal policy-making has never been at the forefront of the Yanukovich government's agenda, but the current political turbulence is likely to reduce even its modest reformist ambitions. If early elections were to be held, they would probably not return a reform-oriented and market-friendly government, especially as the return of opposition leader Yulia Timoshenko to a position of power could result. This could accelerate the currently relatively gradual increase in the price of natural gas imported from Russia, which in turn would harm the energy-intensive Ukrainian economy. Ukraine's very rapidly increasing private sector leverage and the fast rising external indebtedness of the largely domestically-owned banking sector have increased Ukraine's economic vulnerability to external shocks or a worsening of the domestic political environment. The negative outlook reflects the growing risks that Ukraine could slide into a full-blown constitutional crisis, paralyzing policy making and undermining economic growth prospects," said Mr. Kraemer. Political hazards are accompanied by structural economic weaknesses. Specifically, Ukraine remains vulnerable to terms of trade shocks. The poor prospects for meaningful supply-side reform will make it harder for the economy to absorb those external shocks if and when they occur. Improved political stability and at least moderate progress with institutional and economic modernization would be a precondition for revising the outlook back to stable. If there was to be an intensification of the current political crisis, or if it were to be significantly prolonged, this would put the economic achievements of recent years in jeopardy and lead to the ratings on Ukraine being lowered. =========================== U N I T E D K I N G D O M =========================== A C SKELTON: Appoints Administrators from PricewaterhouseCoopers ---------------------------------------------------------------- Mark David, Arthur Loftus and Edward Klempka of PricewaterhouseCoopers LLP were appointed joint administrators of A.C. Skelton & Sons Ltd. (Company Number 00369411) on March 26. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. Headquartered in Hull, England, A.C. Skelton and Sons Ltd. -- http://www.skeltonsbakery.co.uk/-- is a local independent family owned bakery that has 44 retail shops and 8 cafes situated in East Yorkshire and North Lincolnshire. AVOCA CLO: Fitch Rates EUR45 Million Notes at Low-B --------------------------------------------------- Fitch Ratings assigned final ratings to Avoca CLO VII plc's issue of EUR711 million floating-rate notes due 2024. The transaction, a European arbitrage collateralized loan obligation, is a securitization of primarily senior secured loans. -- EUR284 million Class A1 floating-rate notes XS0289562745: 'AAA' -- EUR62.5 million Class A2 floating-rate notes XS0289563396: 'AAA' -- EUR145 million Class A3 floating-rate notes XS0289564014: 'AAA' -- EUR48.5 million Class B deferrable floating-rate notes XS0289565763: 'AA' -- EUR42 million Class C1 deferrable floating-rate notes XS0289566571: 'A' -- EUR4.5 million Class C2 deferrable fixed-rate notes XS0290383412: 'A' -- EUR23 million Class D1 deferrable floating-rate notes XS0289566902: 'BBB' -- EUR8.5 million Class D2 deferrable fixed-rate notes XS0290383768: 'BBB' -- EUR28.25 million Class E1 deferrable floating rate notes XS0289567546: 'BB' -- EUR2.75 million Class E2 deferrable fixed-rate notes XS0290384493: 'BB' -- EUR14 million Class F deferrable floating-rate notes XS0289568437: 'B' -- EUR40 million Class V combination notes XS0290386431: 'AAA' The ratings are based on the quality and diversity of the portfolio of assets, which are selected by the collateral manager, Avoca Capital Holdings. Avoca's CDO Asset Manager Rating of 2 for leveraged loans was affirmed on Feb. 21, based on the manager's disciplined investment process, robust credit research and good access to collateral. The ratings are also based on the credit enhancement provided to the various classes of notes, which consists of the subordinated notes, structural protection covenants and excess spread. The ratings of the Class A1, Class A2, Class A3 and the Class V combination notes address the ultimate repayment of principal at maturity and timely payment of interest according to the terms of the notes. For all other rated classes of notes, the ratings address the ultimate payment of principal and interest, including any deferred interest, at maturity according to the terms of the notes. The portfolio comprises primarily senior secured loans and up to 15% of mezzanine loans and second-lien loans. In addition, up to 5% of the portfolio can contain high-yield bonds. The portfolio guidelines outlined in the investment management agreement limit the collateral manager's portfolio allocations with respect to obligor, industry and asset type. Avoca CLO VII plc is a limited liability company incorporated in Ireland, under the Irish Companies Acts, 1963-2006. The net proceeds from the note issuance are used to purchase a portfolio of primarily European senior secured loans. BELLS INCORPORATED: Creditors' Meeting Slated for April 17 ---------------------------------------------------------- Creditors of Bells Incorporated Ltd. will meet at noon on April 17 at: Begbies Traynor 5th Floor Riverside House 31 Cathedral Road Cardiff CF11 9HB Wales Creditors who want to vote at the meeting have until noon on April 16 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 13. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. BRITISH AIRWAYS: CEO Discounts Rumors on bmi Acquisition Talks -------------------------------------------------------------- William Walsh, chief executive officer of British Airways plc, dismissed speculations that the carrier is in talks to acquire smaller rival bmi, The Guardian reports. Mr. Walsh told The Guardian that he has had no contact with bmi Chairman Sir Michael Bishop, who holds a 50% stake in bmi. He emphasized that BA would not acquire bmi just to protect a U.S. service, although it may consider a bid for the carrier if it is up for sale. "I have always said I would have no difficulty competing with BMI on the transatlantic route. I don't believe in closing off threats like that," Mr. Walsh was quoted by The Guardian as saying. Iberia Lineas Takeover? The chief executive also revealed that BA is not interested in taking over Iberia Lineas Aereas de Espana SA as bilateral treaties underpinning the latter's Latin American network would prevent a non-Spanish carrier from acquiring or merging with the airline. As previously reported in the TCR-Europe on April 5, British Airways has decided to appoint UBS AG to advise on how to use its 10% holding in Iberia Lineas Aereas de Espana SA in the best interests of shareholders. The advice will examine all options, including a disposal of the holding. The move came after Iberia disclosed that it has received a bid approach from private equity firm Texas Pacific Group. However, BA instructed its two nominees to the Iberia board not to attend future meetings of the Spanish carrier to avoid any potential conflict of interest, AFX News reports citing a company spokesman. According the report, TPG is considering a cash offer of EUR3.60 a share, which values Iberia at EUR3.4 billion (US$4.5 billion). About British Airways Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. BA has offices in India and Guatemala. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa, the rating agency confirmed its Ba1 Corporate Family Rating for British Airways Plc. * Issuer: British Airways, Plc Projected Old POD New POD LGD Loss-iven Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- GBP100-million 10.875% Sr. Unsec. Regular Bond/Debenture Due 2008 Ba2 Ba2 LGD5 84% GBP250-million 7.25% Sr. Unsec. Regular Bond/Debenture Due 2016 Ba2 Ba2 LGD5 84% As reported in the TCR-Europe on March 27, Standard & Poor's Ratings Services said that its 'BB+' long-term corporate credit rating on British Airways PLC remains on CreditWatch, with positive implications, following a vote on March 22 by EU ministers approving a proposed "open skies" aviation treaty with the U.S. BRITISH ENERGY: Moody's Assigns Loss-Given-Default Rating --------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its Ba2 Corporate Family Rating for British Energy Holdings Plc. Moody's also assigned a Ba2 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 7% Senior Unsecured Regular Bond/Debenture Due 2022 Ba3 LGD5 85% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Livingston, Scotland, British Energy Holdings Plc -- http://www.british-energy.com/-- is a subsidiary of British Energy Group Plc. The company generates and sells electricity and operates nuclear power plants in the U.K. It employs 6,000 professionals. CORUS GROUP: Tata to Dispatch Consideration for Takeover Offer -------------------------------------------------------------- Corus Group plc disclosed on April 2 that the scheme of arrangement relating to the recommended offer for Corus Group plc by Tata Steel U.K. Ltd. at a price of 608 pence per ordinary share in cash had become effective, the board of Tata Steel confirms that consideration monies (and where applicable loan note certificates) will be dispatched to Corus shareholders tomorrow, April 11. As previously reported, the Scheme was sanctioned by the High Court of Justice in England and Wales at a hearing held on March 27 and the reduction of capital relating to the Scheme was confirmed by the Court on March 30. This follows approval of the Scheme, by the requisite majorities of Corus shareholders, at the Court Meeting and at the Extraordinary General Meeting, which were held on March 7. In a TCR-Europe report on Jan. 31, Tata Steel outbid Companhia Siderurgica Nacional in the auction for Corus Group's assets after offering investors 608 pence per share in cash, or GBP5.7 billion (US$11.3 billion). About Tata Steel Established in 1907, Tata Steel is Asia's first and India's largest private sector steel company. Tata Steel is among the lowest cost producers of steel in the world and one of the few select steel companies in the world that is EVA+ (Economic Value Added). About Corus Group Corus Group plc, fka British Steel, was formed when the U.K. privatized its major steelworks in 1988. It then changed its name to Corus Group after acquiring most of Dutch rival Koninklijke Hoogovens. Corus makes coated and uncoated strip products, sections and plates, wire rod, engineering steels, and semi-finished carbon steel products. It also manufactures primary aluminum products. Customers include companies in the automotive, construction, engineering, and household-product manufacturing industries. Corus turns over GBP10 billion annually and employs 47,300 in over 40 countries and sales offices and service centers worldwide, including Indonesia and the Philippines. * * * As reported in the TCR-Europe on April 9, Standard & Poor's Ratings Services kept its 'BB' long-term corporate credit rating on U.K.-based steelmaker Corus Group PLC on CreditWatch with developing implications, following the completion of the GBP6.2 billion takeover of the company by India-based steel manufacturer Tata Steel Ltd., which became effective on April 2. S&P said the 'BB+' debt rating on Corus' EUR700 million senior secured bank loan and the 'BB-' unsecured debt rating on Corus also remain on CreditWatch with developing implications. The 'B' short-term corporate credit rating remains on CreditWatch with positive implications. The ratings were placed on CreditWatch on Oct. 18, 2006, following the announcement of an initial bid by Tata Steel. On Feb 2, Fitch Ratings said that Corus Group Plc's Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating Watch Negative following a recommended bid, valued at GBP6.2 billion, from India-based Tata Steel Ltd. in the wake of an auction process conducted by the U.K. Takeover Panel on Jan. 30-31. The RWN also applies to the 'B+' ratings on CS's EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m 6.75% guaranteed bonds. At the same time, Moody's Investors Service placed Corus Group plc's Ba2 Corporate Family and other ratings under review. CORUS GROUP: Shares Delisted Following Approval of Tata Offer ------------------------------------------------------------ Corus Group plc disclosed that, as from 9.00 a.m. (Amsterdam time) on Thursday, April 5, the ordinary shares of 50 pence each in the capital of Corus have been delisted from Euronext in Amsterdam. In addition, as from 8.00 a.m. (London time), the Corus Shares have been delisted from the Official List of the U.K. Listing Authority. This follows the scheme of arrangement relating to the recommended offer for Corus by Tata Steel U.K. Ltd. at a price of 608 pence per ordinary share in cash having become effective on April 2. About Tata Steel Established in 1907, Tata Steel is Asia's first and India's largest private sector steel company. Tata Steel is among the lowest cost producers of steel in the world and one of the few select steel companies in the world that is EVA+ (Economic Value Added). About Corus Group Corus Group plc, fka British Steel, was formed when the U.K. privatized its major steelworks in 1988. It then changed its name to Corus Group after acquiring most of Dutch rival Koninklijke Hoogovens. Corus makes coated and uncoated strip products, sections and plates, wire rod, engineering steels, and semi-finished carbon steel products. It also manufactures primary aluminum products. Customers include companies in the automotive, construction, engineering, and household-product manufacturing industries. Corus turns over GBP10 billion annually and employs 47,300 in over 40 countries and sales offices and service centers worldwide, including Indonesia and the Philippines. * * * As reported in the TCR-Europe on April 9, Standard & Poor's Ratings Services kept its 'BB' long-term corporate credit rating on U.K.-based steelmaker Corus Group PLC on CreditWatch with developing implications, following the completion of the GBP6.2 billion takeover of the company by India-based steel manufacturer Tata Steel Ltd., which became effective on April 2. S&P said the 'BB+' debt rating on Corus' EUR700 million senior secured bank loan and the 'BB-' unsecured debt rating on Corus also remain on CreditWatch with developing implications. The 'B' short-term corporate credit rating remains on CreditWatch with positive implications. The ratings were placed on CreditWatch on Oct. 18, 2006, following the announcement of an initial bid by Tata Steel. On Feb 2, Fitch Ratings said that Corus Group Plc's Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating Watch Negative following a recommended bid, valued at GBP6.2 billion, from India-based Tata Steel Ltd. in the wake of an auction process conducted by the U.K. Takeover Panel on Jan. 30-31. The RWN also applies to the 'B+' ratings on CS's EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m 6.75% guaranteed bonds. At the same time, Moody's Investors Service placed Corus Group plc's Ba2 Corporate Family and other ratings under review. CROFTACRE LTD: Claims Filing Period Ends April 30 ------------------------------------------------- Creditors of Croftacre Ltd. (t/a Premier Screw & Repetition Company) have until April 30 to send in their names and addresses with particulars of the debts or claims to: Mark Goldstein Liquidator Mark Goldstein Associates Kingswood Court 1 Hemlock Close Kingswood Surrey KT20 6QW England The company can be reached at: Croftacre Ltd. Woodgate Leicestershire LE3 5GL England Tel: 0116 262 5691 D.H.R. LTD: Creditors' Meeting Slated for April 26 -------------------------------------------------- Creditors of D.H.R. Ltd. will meet at 11:45 a.m. on April 26 at: The Holiday Inn London Road Newport Pagnell MK16 0JA England A. J. Nichols of Redman Nichols will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. DALE EXPRESS: Creditors' Meeting Slated for April 12 ---------------------------------------------------- Creditors of Dale Express Transport Ltd. (Company Number 01675942) will meet at 11:00 a.m. on April 12 at: Tenon Recovery Third Floor Lyndean House 43-46 Queens Road Brighton East Sussex BN1 3XB 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 11 at: A. J. Pear and I. Cadlock Joint Administrators Tenon Recovery Third Floor Lyndean House 43-46 Queens Road Brighton East Sussex BN1 3XB England Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. DIONICS PLC: A. Turpin Leads Liquidation Procedure -------------------------------------------------- A. Turpin of Poppleton & Appleby was appointed liquidator of Dionics PLC (formerly Ensign Electronics Ltd. and Dionics Ltd.) on March 27 for the creditors' voluntary winding-up procedure. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. The company can be reached at: Dionics PLC Fletchworth Gate Industrial Estate Coventry West Midlands CV5 6SP England Tel: 024 7671 3366 Fax: 024 7671 4488 DREAM DESIGNS: Appoints Jonathan Sinclair as Liquidator ------------------------------------------------------- Jonathan Sinclair of Sinclair Harris was appointed liquidator of Dream Designs Trading Ltd. on March 26 for the creditors' voluntary winding-up procedure. The company can be reached at: Dream Designs Trading Ltd. The Coach House High Street Elstree Borehamwood Hertfordshire WD6 3EZ England Tel: 020 8953 0242 Fax: 020 8953 5800 DU FAY: Claims Filing Period Ends April 23 ------------------------------------------ Creditors of Du Fay Ltd. have until April 23 to prove their debts or claims and send their names and addresses to: Gerard Keith Rooney Liquidator Rooney Associates Second Floor 19 Castle Street Liverpool L2 4SX England Gerard Keith Rooney of Rooney Associates was appointed liquidator of the company on March 23. EULINK LTD: Names Colin Nicholls as Administrator ------------------------------------------------- Colin Nicholls of Haines Watts was named administrator of Eulink (U.K.) Ltd. (Company Number 03785147) on March 14. Haines Watts -- http://www.hwca.com/-- provides services that include taxation, business advisory, corporate finance, corporate recovery & insolvency and budget summary. The company can be reached at: Eulink (U.K.) Ltd. 247 Bolton Road Salford Lancashire M6 7HP England Tel: 0161 736 2030 Fax: 0161 745 7547 EUROTUNNEL GROUP: Shareholders Defend Travel Perks -------------------------------------------------- The action group organized by Eurotunnel Group's 4,000 shareholders to protect their travel perks could halt the tunnel operator's restructuring, The Guardian reports. According to the report, the foundation shareholders are gathering support for a class action suit through the Eurotunnel Action Group, ETAG. Michael Spencer, a member of ETAG's Steering Committee, presented a "letter before action" to Eurotunnel, which has 14 days to respond. The Guardian says ETAG estimated a subsequent compensation claim could cost Eurotunnel more than GBP90 million. Eurotunnel believed that any court action would jeopardize the restructuring. Under the terms of its debt-for-equity restructuring, the company slashed the different types of travel perks for its 12,000 shareholders to six one-way crossings a year at a 30% discount. Eurotunnel defended that the French regulatory regime forced its decision to cut the travel perks, which cost the company about GBP200,000 a year, The Guardian continues. The company's debt-for-equity swap needs the support of 60% of Eurotunnel's 600,000 shareholders for the deal to push through. The deal will leave debtholders with convertible loan notes that would mature into between 33% and 87% of the share equity, depending on how much debt the restructured business can pay off over a three year period, The Guardian relates. 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). 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. Safeguard Protection 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 the end of 2006, the group's creditors and bondholders 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. EUROTUNNEL GROUP: CEO Gounon Appeals for Shareholders' Support -------------------------------------------------------------- Jacques Gounon, Eurotunnel Group's chairman and chief executive officer, called for shareholders to vote in favor of the safeguard plan on May 15 or face a total wipe-out, The Independent reports. "If the tender offer fails, then there is no alternative but bankruptcy. That means Euro-tunnel will disappear and, along with it, 100 percent of shareholders' equity. It is now or never," Mr. Gounon was quoted by The Independent as saying. Mr. Gounon's call for support came as an action group, organized by the company's 4,000 shareholders, threatened to launch a legal proceeding against the company to protect their unlimited free travel perks through the tunnel. Under the terms of its debt-for-equity restructuring, the company plans to slash the different types of travel perks for its 12,000 shareholders to six one-way crossings a year at a 30% discount. Mr. Gounon said Eurotunnel would not change the terms of the deal to reinstate the rights of the foundation shareholders, The Independent relates. "They have to share in the pain. We can only offer one scheme to shareholders because to do otherwise would be discriminatory," Mr. Gounon added. The company's safeguard plan needs the support of 60% of Eurotunnel's 600,000 shareholders for the deal to push through. 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). 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. Safeguard Protection 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 the end of 2006, the group's creditors and bondholders 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. FASTSERV LTD: Claims Filing Period Ends May 4 --------------------------------------------- Creditors of Fastserv Ltd. have until May 4 to send their names and addresses with particulars of the debts or claims to: David Moore Joint Liquidator Begbies Traynor No. 1 Old Hall Street Liverpool L3 9HF England David Moore and Donald Bailey of Begbies Traynor were appointed joint liquidators of the company on March 23. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. FKI PLC: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its Ba2 Corporate Family Rating FKI plc. Moody's also assigned a Ba2 probability-of-default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- EUR600M 6.625% Senior Unsecured Regular Bond/Debenture Due 2010 Ba2 LGD4 58% Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Loughborough, England, FKI PLC -- http://www.fki.co.uk/-- is an international engineering group active in the four specialized business areas: FKI Logistex, Lifting Products & Services, Hardware and Energy Technology. The group recorded revenues The group generated revenues of GBP1.3 billion in FY 2005/2006. FLOORLINE CONTRACTS: Names Neil Francis Hickling Liquidator ----------------------------------------------------------- Neil Francis Hickling was appointed liquidator of Floorline (Contracts) Ltd. on March 27 for the creditors' voluntary winding-up procedure. The company can be reached at: Floorline (Contracts) Ltd. Orchard Industrial Estate Toddington Cheltenham Gloucestershire GL54 5EB England Tel: 01242 621 155 FOCUS DIY: Moody's Assigns Loss-Given-Default Rating ---------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution, and Other sectors last week, the rating agency confirmed its Caa3 Corporate Family Rating for Focus DIY (Investments) Limited. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Focus DIY (Investments) Limited Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Senior Secured Bank Credit Facility Caa2 Caa2 LGD3 33% * Issuer: Focus (Finance) Plc Senior Subordinated Regular Bond/Debenture Due 2015 Ca Ca LGD5 87% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). FORD MOTOR: Unit Plans to Hike Exports to US$2.7 Billion in 2007 ---------------------------------------------------------------- Ford Otomotiv Sanayi A.S., the Turkish unit of Ford Motor Co., is eyeing to boost its exports by 10% to US$2.7 billion in 2007 from US$2.4 billion in 2006, The Detroit News reports citing Bloomberg News as its source. According to Turgay Durak, chief executive of Ford Otosan, the capacity of its Kocaeli plant will increase its production to 300,000 cars a year by October. The plant currently produces 250,000 cars annually. Mr. Durak further revealed that Ford Otosan already invested US$1.6 billion since the 2001 economic crisis in Turkey. "We have managed to increase our market share to 17.1 percent in 2006 from 17 percent in 2005," Mr. Durak was quoted by the Turkish Daily News as saying. About Ford Otosan Headquartered in Istanbul, Turkey, Ford Otomotiv Sanayi A.S. -- http://www.ford.com.tr/-- manufactures and distributes a range of Ford vehicles including models such as Fiesta, KA, Street KA, Explorer, Focus, Focus C-Max and Transit. As of Aug. 1, 2006, the Company had three manufacturing plants and 112 dealers across Turkey, which provides sales, after sales services and spare parts. It makes exports mainly to the European region and the Commonwealth of Independent States. Ford Motor Co. and Koc Group of Turkey exercise joint control in Ford Otosan with a 41% stake each, while the remaining 18% is quoted on the Istanbul Stock Exchange. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures and distributes automobiles in 200 markets across six continents. With more than 280,000 employees worldwide, the company's core and affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury, and Volvo. Its automotive- related services include Ford Motor Credit Company and The Hertz Corporation. * * * As reported in the Troubled Company Reporter on Dec. 12, 2006, Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2' recovery ratings on Ford Motor Co. As reported in the Troubled Company Reporter on Dec. 7, 2006, Fitch Ratings downgraded Ford Motor Company's senior unsecured ratings to 'B-/RR5' from 'B/RR4'. As reported in the Troubled Company Reporter on Dec. 6, 2006, Moody's Investors Service assigned a Caa1, LGD4, 62% rating to Ford Motor Company's $3 billion of senior convertible notes due 2036. GALLERY MEDIA: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its Caa1 Corporate Family Rating for Gallery Media Group Ltd. Moody's also assigned a Caa1 probability-of-default-rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Gallery Capital SA Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 10.125% Senior Secured Regular Bond/Debenture Due 2013 Caa1 LGD3 48% Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). GARTMORE INVESTMENT: S&P Rates GBP522-Million Loans at BB+ ---------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB+/B' long- and short-term counterparty credit ratings on Gartmore Investment Management PLC. At the same time, Standard & Poor's assigned its preliminary 'BB+' rating to the GBP522 million equivalent senior secured credit facilities expected to be issued by special purpose vehicles, Oxford Acquistion IV Ltd. and Oxford Acquisition US LLC, to be guaranteed by Gartmore, as part of its current refinancing. The outlook is stable. "The ratings on Gartmore reflect its high leverage relative to other rated asset managers. In addition, Gartmore's market position is relatively modest, with a bias toward equity investments and a focus on U.K. clients, while the overall net sales trend is mixed," said Standard & Poor's credit analyst Nigel Greenwood. "The stable outlook reflects Standard & Poor's expectation that Gartmore will make steady progress in increasing its interest coverage," added Mr. Greenwood. This should be enabled by its improved ability to convert its niche market position and leaner cost base into more meaningful net sales and better financial performance, leading to a gradual reduction in the debt burden. Failure to grow management fee EBITDA or reduce debt could lead to a lower rating. Scope for an upgrade would primarily be driven by a sustained improvement in net sales across all business lines, a broadening of AuM beyond the U.K., and the maintenance of healthy management fees coupled with continued strong cost control, or by a faster-than-expected reduction in debt. GATEWAY TELECOM: Moody's Assigns Loss-Given-Default Rating ---------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its B3 Corporate Family Rating for Gateway Telecommunications Plc. Moody's also assigned a B3 probability-of-default-rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 9.875% Senior Secured Regular Bond/Debenture Due 2013 B3 LGD4 50% Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in London, United Kingdom, Gateway Telecommunications Plc provides voice and data connectivity services between Africa and the rest of the world, and a provider of mobile intra-network connectivity to African wireless operators. It has operations in Belgium and South Africa. For the last twelve months as of September 2006, the company reported pro-forma, unaudited, consolidated sales of US$137.5 million and adjusted EBITDAR of US$31.3 million respectively. At September 2006, the company's adjusted gross debt (including PIK notes of US$15 million) would have amounted to US$170 million pro-forma for the proposed transaction. GLOBAL CROSSING: Moody's Assigns Loss-Given-Default Rating ---------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its B3 Corporate Family Rating for Global Crossing (UK) Finance plc and assigned a B2 probability- of-default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 10.75% Senior Secured Regular Bond/Debenture Due 2014 B3 LGD4 63% 11.75% Senior Secured Regular Bond/Debenture Due 2014 B3 LGD4 63% Moody's explains that current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha- numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). About Global Crossing Headquartered in Florham Park, New Jersey, Global Crossing Ltd. -- http://www.globalcrossing.com/-- provides telecommunication services over the world's first integrated global IP-based network, which reaches 27 countries and more than 200 major cities around the globe including Bermuda, Argentina, Brazil, and the United Kingdom. Global Crossing serves many of the world's largest corporations, providing a full range of managed data and voice products and services. The company filed for chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No. 02-40188). When the Debtors filed for protection from their creditors, they listed USUS$25,511,000,000 in total assets and USUS$15,467,000,000 in total debts. Global Crossing emerged from chapter 11 on Dec. 9, 2003. At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet reflected a US$131 million stockholders' deficit. At June 30, 2006, the company reported US$1.87 billion in total assets and US$1.95 billion in total liabilities, resulting to a stockholders' deficit of US$86 million. It also reported a US$173 million stockholders' deficit on Dec. 31, 2005. About GCUK Global Crossing (U.K.) Telecommunications Ltd. provides a full range of managed telecommunications services in a secure environment ideally suited for IP-based business applications. The company provides managed voice, data, Internet and e- commerce solutions to the strong and established commercial customer base, including more than 100 U.K. government departments, as well as systems integrators, rail sector customers and major corporate clients. In addition, GCUK provides carrier services to national and international communications service providers. Global Crossing (U.K.) Telecommunications operates a high- capacity U.K. network comprising over 5,600 route miles of fiber optic cable connecting 150 towns and cities and reaching within just over one mile of 64% of U.K. businesses. The U.K. network is linked into the wider Global Crossing network that connects more than 300 major cities and 30 countries worldwide, and delivers services to more than 600 cities, 60 countries and 6 continents around the globe. GRANDSTAND DISPLAYS: Creditors' Meeting Slated for April 20 ----------------------------------------------------------- Creditors of Grandstand Displays Ltd. will meet at 11:00 a.m. on April 20 at: B&C Associates Trafalgar House Grenville Place Mill Hill London NW7 3SA England Creditors who want to vote must submit before the meeting 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 18. HI CLASS: Names Gagen Dulari Sharma Liquidator ---------------------------------------------- Gagen Dulari Sharma of Sharma & Co. was appointed liquidator of Hi Class Windows Ltd. on March 26 for the creditors' voluntary winding-up procedure. The company can be reached at: Hi Class Windows Ltd. Great Hampton Row Birmingham West Midlands B19 3JP England Tel: 0121 233 3390 Fax: 0121 233 3390 HINTRENT LTD: Creditors' Meeting Slated for April 16 ---------------------------------------------------- Creditors of Hintrent Ltd. will meet at 3:00 p.m. on April 16 at: 47-49 Green Lane Northwood Middlesex HA6 3AE England Creditors who want to vote must submit before the meeting particulars of their claims or of any security at the said address. Ashok Kumar Bhardwaj will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. A list of names and addresses of the company's creditors will be available for inspection free of charge on April 12. HOMESAFE SYSTEMS: Creditors' Meeting Slated for April 16 -------------------------------------------------------- Creditors of Homesafe Systems Ltd. will meet at 10:15 a.m. on April 16 at: DTE Leonard Curtis DTE House Hollins Mount Hollins Lane Bury BL9 8AT England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on April 12. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. I E S ENERGY: Appoints Andrew T. Clay as Liquidator --------------------------------------------------- Andrew T. Clay of Andrew Michaels & Co. Ltd. was appointed liquidator of I E S Energy Services Ltd. on March 12 for the creditors' voluntary winding-up proceeding. The company can be reached at: I E S Energy Services Ltd. Dean Clough Office Park Halifax West Yorkshire HX3 5AX England Tel: 01422 250 757 Fax: 01422 250 759 IMPERIUM CARS: Taps Peter Nottingham to Liquidate Assets -------------------------------------------------------- Peter Nottingham of Nottingham Watson Ltd. was appointed liquidator of Imperium Cars U.K. Ltd. on March 27 for the creditors' voluntary winding-up procedure. The company can be reached at: Imperium Cars (U.K.) Ltd. 7-8 Sydenham Road Birmingham West Midlands B11 1DG England Tel: 0121 753 4993 Fax: 0121 753 4994 LEDA SUSPENSION: Joint Liquidators Take Over Operations ------------------------------------------------------- Ian Donald Williams and Laurence Pagden of Benedict Mackenzie LLP were appointed joint liquidators of Leda Suspension Ltd. (formerly Pulseworth Ltd.) on March 26 for the creditors' voluntary winding-up procedure. The company can be reached at: Leda Suspension Ltd. Sales Unit 1 Park Drive Braintree Essex CM7 1AP Tel: 01376 326 531 Fax: 01376 326 530 LITE-ON AUTOMOTIVE: Hires Liquidator from Poppleton & Appleby -------------------------------------------------------------- A. Turpin of Poppleton & Appleby was appointed liquidator of Lite-On Automotive Electronics (Europe) Ltd. on March 23 for the creditors' voluntary winding-up proceeding. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. The company can be reached at: Lite-On Automotive Electronics (Europe) Ltd. Ptarmigan Place Attleborough Fields Ind Estate Nuneaton Warwickshire CV11 6RX Tel: 024 7637 5999 Fax: 024 7637 5444 M J R WELDED: Taps Joint Administrators from PwC ------------------------------------------------ Paul William Harding and Derek Anthony Howell of PricewaterhouseCoopers LLP were appointed joint administrators of M J R Welded Products Ltd. (Company Number 04204087) on March 26. PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. The company can be reached at: M J R Welded Products Ltd. Avondale Business Park Avondale Way Pontrhydyrun Cwmbran Gwent NP44 1XE Wales Tel: 01633 869 067 MALIN CLO: S&P Rates EUR18.75-Million Class E Notes at BB- ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR446.25 million secured floating-rate notes to be issued by Malin CLO B.V. At the same time, it will issue EUR53.75 million of unrated notes. At closing, Malin will issue the notes, the proceeds of which, after paying transaction fees and expenses, will be invested in a portfolio of predominantly senior secured leveraged loans. The investment manager will be Babson Capital Europe Ltd. Malin is the ninth CLO managed by Babson Capital Europe. This transaction features a class E reinvestment test. When triggered during the reinvestment period, it will divert up to 50% of the interest proceeds that remain after paying the interest due on the rated notes, and certain uncapped fees and expenses, to purchase additional collateral. Ratings List Malin CLO B.V. EUR500 Million Secured Floating-Rate Notes Prelim. Prelim. Amount Class rating (Mln. EUR) ----- ------ -------- Variable funding note AAA 100.00 A-1a AAA 188.00 A-1b AAA 47.00 B AA 32.50 C A 25.00 D BBB- 35.00 E BB- 18.75 F NR 53.75 MALLARD RETAIL: Claims Filing Period Ends April 26 -------------------------------------------------- Creditors of Mallard Retail Specialisms Ltd. have until April 26 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any), to: Edward Christopher Wetton Liquidator Gibson Booth 15 Victoria Road Barnsley South Yorkshire S70 2BB England Edward Christopher Wetton of Gibson Booth was appointed liquidator of the company on March 23. MELBACREST LTD: Calls In Liquidator from Elwell Watchorn -------------------------------------------------------- Paul Anthony Saxton of Elwell Watchorn & Saxton LLP was appointed liquidator of Melbacrest Ltd. (t/a Dino's Restaurant) on March 28 for the creditors' voluntary winding-up procedure. Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/-- provides insolvency and recovery services. The firm's partners have considerable expertise in all formal areas of insolvency, both corporate and personal and have been offering turnaround advice without the need for formal insolvency. The company can be reached at: Melbacrest Ltd. 1 Garrick Walk Leicester Leicestershire LE1 3YQ England Tel: 0116 262 8308 Fax: 0116 262 5549 MOTORCISE PORTSMOUTH: Names Liquidators to Wind Up Business ----------------------------------------------------------- Carl Derek Faulds and James Richard Tickell of Portland Business & Financial Solutions Ltd. were appointed joint liquidators of Motorcise (Portsmouth) Ltd. on March 21 for the creditors' voluntary winding-up proceeding. The company can be reached at: Motorcise (Portsmouth) Ltd. Unit 8F The Pompey Centre Fratton Way Southsea Hampshire PO4 8SL England Tel: 023 9281 5860 Fax: 023 9281 5860 PINE BY DESIGN: Claims Filing Period Ends August 27 --------------------------------------------------- Creditors of Pine By Design (Beeston) Ltd. have until Aug. 27 to send in their full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Michael F. McCarthy Liquidator Walletts Insolvency Services 2-6 Adventure Place Hanley Stoke-on-Trent ST1 3AF England Michael F. McCarthy of Walletts Insolvency Services was appointed liquidator of the company on March 27. PINE BY DESIGN: Claims Filing Period Ends August 28 --------------------------------------------------- Creditors of Pine By Design (Stoke) Ltd. have until Aug. 28 to send in their full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Michael F. McCarthy Liquidator Walletts Insolvency Services 2-6 Adventure Place Hanley Stoke-on-Trent ST1 3AF England Michael F. McCarthy of Walletts Insolvency Services was appointed liquidator of the company on March 27. RETROVEND LTD: Creditors' Meeting Slated for April 18 ----------------------------------------------------- Creditors Retrovend Ltd. will meet at 11:00 a.m. on April 18 at: Poppleton & Appleby Gable House 239 Regents Park Road London N3 3LF 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 16. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. RIGHT IDEA: Appoints T. Papanicola as Liquidator ------------------------------------------------ T. Papanicola was appointed liquidator of Right Idea (U.K.) Ltd. on March 27 for the creditors' voluntary winding-up proceeding. The company can be reached at: Right Idea U.K. Ltd. The Studio Mansell Road Wellington Telford Shropshire TF1 1QQ England Tel: 01952 240 840 Fax: 01952 243 290 ROCKCOM INTERNATIONAL: Creditors' Meeting Slated for April 19 ------------------------------------------------------------- Creditors of Rockcom International Ltd. will meet at 11:00 a.m. on April 19 at: J W Lewis Insolvency Services Ltd. Suite B1 White House Business Centre Forest Road Kingswood Bristol BS15 8NH England Creditors have until noon on April 18 to submit their proxy forms at the said address. A list of names and addresses of the company's creditors will be available for inspection between 10:00 a.m. and 4:00 p.m. on April 16. RON A BRADLEY: Brings In Administrators from Baker Tilly -------------------------------------------------------- Lindsey J. Cooper and Philip E. Pierce of Baker Tilly were appointed joint administrators of Ron A. Bradley Ltd. (Company Number 01185588) on March 9. Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other services for mid-cap and smaller publicly listed companies and private companies, particularly those expanding into new foreign markets. Services include business and financial planning, tax-related services, corporate finance, litigation support, turnaround services, and technology consulting. The company can be reached at: Ron. A. Bradley Ltd. Ashcroft Chorlton Lane Cuddington Malpas Cheshire SY14 7EN England Tel: 01948 860 395 Fax: 01948 860 719 RONAL COMPUTERS: Hires John C. Moran as Liquidator -------------------------------------------------- John C. Moran of Parkin S. Booth & Co. was appointed liquidator of Ronal Computers Ltd. on March 27 for the creditors' voluntary winding-up proceeding. Parkin S. Booth & Co. -- http://www.parkinsbooth.co.uk/-- deals entirely with insolvency practice. The company can be reached at: Ronal Computers Ltd. Unit 18-19 A K Business Park Russell Road Southport Merseyside PR9 7SA England Tel: 01704 507 808 Fax: 01704 505 600 SAVOY UPHOLSTERY: Names Amanda Janice Ireland Liquidator -------------------------------------------------------- Amanda Janice Ireland of McCabe Ford Williams was appointed liquidator of Savoy Upholstery Ltd. on March 28 for the creditors' voluntary winding-up proceeding. The company can be reached at: Savoy Upholstery Ltd. South Parade Grantham Lincolnshire NG31 6HT Tel: 01476 591 300 Fax: 01476 575 768 SELECT BLINDS: Names Joint Administrators from Milner Boardman -------------------------------------------------------------- Colin Burke and Gary J. Corbett of Milner Boardman & Partners were appointed joint administrators of Select Blinds Ltd. (Company Number 04513380) on March 28. Milner Boardman -- http://www.milnerboardman.co.uk/-- provides financial accounting and business advisory services. The company can be reached at: Select Blinds Ltd. Manor Farm Business Court High Street Walcott Lincoln Lincolnshire LN4 3SN England Tel: 01526 861 958 Fax: 01526 861 592 SILVER TOWER: Fitch Rates EUR60-Million Tranche 3 Loan at BB ------------------------------------------------------------ Fitch affirmed Silver Tower 125 Inc's EUR180 million loan facilities: -- EUR60 million tranche 1 loan facility at 'A' -- EUR60 million tranche 2 loan facility at 'BBB' -- EUR60 million tranche 3 loan facility at 'BB' This is a securitization of fully drawn exposures to small-and- medium-sized enterprises in Germany. Dresdner Bank AG transferred EUR3 billion of loans to RCL securitization GmbH at a predetermined price. RCLS funded the purchase of the loans by issuing senior and unrated junior notes. The junior notes in turn funded themselves through the issuances of the tranche 1 to 3 loan facilities and an asset-backed commercial paper facility out of Silver Tower 125. The transaction's performance has been stable to date. The weighted average Fitch rating of the portfolio has remained stable in the 'BB+'/'BB' category since March 2006. The credit quality was established by mapping the internal credit rating systems of Dresdner Bank to Fitch's public rating scale. Further, only a small proportion of loans have been declared as defaulted. This balance has been absorbed by the purchase price discount mechanism. In case any defaulted amount in one period is not covered such that the over-collateralization of 102.04% cannot be maintained, the transaction goes into early amortization and the notes issued by RCLS will start to amortize in sequential order. Delinquencies have remained low, with the one-month delinquencies being the most volatile, but remaining well below trigger levels. As of Feb. 28, the portfolio consisted of 1,612 borrowers with an outstanding nominal balance of EUR3 billion compared to 2,034 borrowers and EUR3 billion notional balance in March 2006. The credit enhancement for the tranche 3 loan facility of 3.05% is provided by the purchase price discount a fully funded excess spread reserve, and an additional guaranteed excess spread margin of 25bp p.a. The excess spread reserve of 1.05% was paid upfront in form of a fee by the seller and is being maintained at this level by excess spread from the portfolio. Tranche 2 and 1 loan facilities benefit from additional subordination bringing the credit enhancement levels to 5.05% and 7.05% respectively. SOLAR FLAIR: Claims Filing Period Ends May 1 -------------------------------------------- Creditors of Solar Flair Renewable Energy Ltd. have until May 1 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Alison M. Byrne Liquidator Byrne Associates Suite 3 Farleigh House Farleigh Court Old Weston Road Flax Bourton BS48 1UR England Alison M. Byrne of Byrne Associates was appointed liquidator of the company on March 29 by resolutions of members and creditors. SOLUTIA INC: Equity Committee Balks at Modified Incentive Plan -------------------------------------------------------------- The Official Committee of Equity Security Holders of Solutia Inc. and its debtor-affiliates asks the U.S. Bankruptcy Court for the Southern District of New York to: (a) deny approval of the Modified AIP; or (b) delay consideration of any modifications to the AIP until all of the parties have a better understanding of the Debtors' strategy for emergence: * to determine the appropriateness of that strategy; and * to properly align the incentives being put in place for management to execute. The Equity Committee objects to the Debtors' elimination of a certain language in their amended and modified 2007 annual incentive program. The Equity Committee notes that the language "those executives and other key employees of the Company who have significant role in the bankruptcy process to incent them to strive for a prompt emergence from bankruptcy for the Company, and to focus on the maximization of enterprise value" has been eliminated. Craig A. Barbarosh, Esq., at Pillsbury Winthrop Shaw Pittman LLP, in New York, argues that the alteration significantly modifies and misaligns the incentives of the Debtors' senior management, charged with developing a plan of reorganization for Solutia's estates, by encouraging management to sacrifice enterprise value for speed. Under the Modified AIP, the timing of emergence is the most critical factor determining their emergence bonus. As previously reported, the Equity Committee expressed support of the modified sale plan being considered by the Debtors, which it believes is the exit strategy likely to yield the most significant recoveries to all their constituents, including the public shareholders. Under the Modified Sale Plan, the Debtors are analyzing the viability of an alternative, under which they will sell certain businesses, use the cash proceeds from the sales to satisfy liabilities and pay creditors, and reorganize around the remaining businesses. The Equity Committee has proposed that a supplement be added to the AIP to further reward management for maximizing value in the plan process. It believes that the AIP, as initially proposed, was otherwise properly structured to encourage senior management to attain the maximum amount of enterprise and distributable value for reorganized Solutia, Mr. Barbarosh tells the Court. In an effort to appease the Ad Hoc Committee of Solutia, Inc. Noteholders, the Debtors have amended the AIP to, among other things, eliminate the provisions tying senior management's incentive bonuses to the enterprise value of the emerging company, Mr. Barbarosh notes. The Noteholders Committee, Mr. Barbarosh states, is the one constituency who the Debtors consistently portray as unwilling to work towards a reasonable settlement with the other parties to their Chapter 11 cases. Mr. Barbarosh notes that a large benefit has inured the Noteholders Committee as it has the most to gain from a speedy emergence rather than the maximization of the enterprise value through the reorganization plan process. If approved by the Court, Mr. Barbarosh points out, the Amended AIP will stifle fulsome exploration of each of the exit strategies, including the Modified Sale Plan, in favor of any structure that is focused solely on a speedy emergence from Chapter 11, rather than an emergence that maximizes value. 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. 83; 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: Wants to Amend Rothschild Employment Terms ------------------------------------------------------- Solutia Inc. and its debtor-affiliates seek the authority of the U.S. Bankruptcy Court for the Southern District of New York to amend the terms of employment of Rothschild Inc., as financial advisor and investment banker to include services in connection with a sale of their Dequest(R) product line. Jeffry N. Quinn, chairman, president and chief executive officer of Solutia, Inc., and an authorized officer of each of the Debtors, relates that due to Rothschild's familiarity with the Debtors' businesses, and to ensure that the Debtors receive the highest and best offer possible for Dequest, Rothschild was asked to provide additional services, including: -- identifying and contacting potential purchasers of Dequest; -- preparing a confidential information memorandum regarding Dequest; and -- advising Solutia with respect to the negotiation of a sale agreement with potential purchasers of Dequest. Rothschild will earn a fee if the Debtors enter into any definitive agreements, approved by final and non-appealable Court order, to sell or dispose significant assets relating to the Dequest product line. The Dequest Sale Fee with be: (i) US$500,000; and (ii) 5% of the "Aggregate Dequest Consideration" received in connection with the Dequest Sale in excess of US$75,000,000. The Dequest Sale Fee will not exceed 1.25% of the Aggregate Dequest Consideration, but not less than US$500,000. The Dequest Sale Fee and the other fees payable to Rothschild under the engagement letter will not be credited against each other. The Debtors believe that the Dequest Sale Fee is reasonable and is consistent with the market for comparable mergers and acquisitions services performed by financial advisors and investment bankers for companies in and outside of Chapter 11. The parties have acknowledged that the hours worked, results achieved, and ultimate benefit of the work performed in connection with the Dequest Sale may be variable. These factors have been taken into account in setting the Dequest Sale Fee, including the lack of crediting of the Dequest Sale Fee, in connection with the sale, Mr. Quinn tells the Court. 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. 83; 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. SRS LEGAL: Names Joint Administrators from Kroll Ltd ---------------------------------------------------- R. Maxwell and C. P. Holder of Kroll Ltd. were appointed joint administrators of SRS Legal Services Ltd. (Company Number 03946829) on March 19. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. The company can be reached at: SRS Legal Services Ltd. 7A Coventry Road Coleshill Birmingham B46 3BB England Tel: 01675 430 017 STAR MANUFACTURING: Claims Filing Period Ends May 11 ---------------------------------------------------- Creditors of Star Manufacturing Ltd. have until May 11 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Jonathan Avery-Gee Liquidator Kay Johnson Gee Griffin Court 201 Chapel Street Manchester M3 5EQ England Jonathan Avery-Gee of Kay Johnson Gee was appointed liquidator of the company on March 22. SWALLOW HOTELS: Taps Liquidators from Ernst & Young --------------------------------------------------- Roy Bailey and Angela Swarbrick of Ernst & Young LLP were appointed joint liquidators of Swallow Hotels Ltd. (formerly Maycastle Ltd.) on March 21 for the creditors' voluntary winding-up proceeding. 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. THREE BLIND: Joint Liquidators Take Over Operations --------------------------------------------------- John Russell and Andrew Philip Wood of The P&A Partnership were appointed joint liquidators of Three Blind Mice Media Ltd. on March 27 for the creditors' voluntary winding-up procedure. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. The company can be reached at: Three Blind Mice Media Ltd. Beehive Works Milton Street Sheffield South Yorkshire S3 7WL England Tel: 0114 275 7709 TRICOOL ENGINEERING: Brings In Administrators from RSM Robson ------------------------------------------------------------- David Michael Riley and Simon Peter Bower of RSM Robson Rhodes LLP were appointed joint administrators of Tricool Engineering Ltd. (Company Number 01415187) on March 21. RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- provides a wide range of auditing, assurance, advisory and compliance services for both private and public sectors. The firm is a member of the RSM International, the world's sixth largest international organization of accountants and business advisers. The company can be reached at: Tricool Engineering Ltd. Solent House 14 Barnes Wallis Road Fareham Hampshire PO15 5TT England Tel: 01489 584 006 Fax: 01489 583 510 U.K. OILS: Appoints Poppleton & Appleby to Administer Assets ------------------------------------------------------------ A. Turpin and M. D. Hardy of Poppleton & Appleby were appointed joint administrators of U.K. Oils (Birmingham) Ltd. (Company Number 03317556) on March 9. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. The company can be reached at: U.K. Oils (Birmingham) Ltd. Vauxhall Trading Estate Dollman Street Birmingham West Midlands B7 4RA England Tel: 0121 333 4379 Fax: 0121 359 6665 VENTILATION GRILLE: Creditors' Meeting Slated for April 17 ---------------------------------------------------------- Creditors of Ventilation Grille Co. Ltd. will meet at 11:00 a.m. on April 17 at: Smith & Williamson Ltd. No. 1 St. Swithin Street Worcester WR1 2PY England A list of names and addresses of the company's creditors will be available for inspection free of charge on April 13. 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. WORCESTERSHIRE POWDER: Appoints DTE Leonard as Administrators ------------------------------------------------------------- P. D. Masters and A. Poxon of DTE Leonard Curtis were appointed joint administrators of Worcestershire Powder Coating Ltd. (Company Number 02883703) on March 19. DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax consultancy, company secretarial services, corporate finance, corporate recovery, turnaround, forensic accounting, financial services and insurance & risk management. The company can be reached at: Worcestershire Powder Coating Ltd. Unit 7 Pershore Trading Estate Pershore Worcestershire WR10 2DD England Tel: 01386 554 900 Fax: 01386 554 900 WORLD OF WOOD: Creditors' Meeting Slated for April 18 ----------------------------------------------------- Creditors of World of Wood Ltd. will meet at noon on April 18 at the offices of: Parkin S. Booth & Co. 24 Trinity Square Llandudno LL30 2RH Wales Creditors who want to vote at the meeting have until noon on Feb. 23 to submit their proxy forms together with particulars of their claims or of any security at the said address. Robert M. Rutherford of Parkin S. Booth & Co. will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require during the period before the day of the meeting. Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals entirely with insolvency practice. ********* 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. 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