/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070507.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, May 7, 2007, Vol. 8, No. 89 Headlines A U S T R I A AEL LINDNER: Claims Registration Period Ends May 20 DIANA LLC: Claims Registration Period Ends May 31 ESTRICH U. FERTIGPUTZ: Claims Registration Period Ends May 30 J.R.D. LLC: Claims Registration Period Ends May 29 JAMMERTZHEIM & HOEDELMOSER: Claims Registration Ends May 22 MONTANHANDEL LLC: Claims Registration Period Ends May 22 B E L G I U M MILACRON INC: Shareholders Approve 1-for-10 Reverse Stock Split C Z E C H R E P U B L I C CLEAR CHANNEL: Board Rejects New Terms of Buyout Offer NEW WORLD: Moody's Assigns B1 Corporate Family Rating F I N L A N D METSO CORPORATION: Posts EUR121.9 Mln EBITDA in First Qtr. 2007 F R A N C E EUROPCAR GROUPE: Moody's Holds Low-B Ratings on EUR805 Mln Notes EUROPCAR GROUPE: S&P Affirms BB- Rating with Outlook Stable SUPERIOR ESSEX: Moody's Upgrades Ratings on Improved EBITDA G E R M A N Y BAR SYSTEM: Claims Registration Ends May 25 BOON GMBH: Claims Registration Ends May 30 COGNIS GMBH: Intends to Raise EUR1.65 Billion Senior Sec. Notes COGNIS GMBH: Moody's Lowers Rating to B2 on Increased Leverage COGNIS GMBH: S&P Rates Proposed EUR250 Million Facility at BB-/1 DAIMLERCHRYSLER: Chrysler Sales Up 17% -- Best April in 10 Years EUROPA SUNSHINE: Claims Registration Ends May 21 FRIEDRICH KNOSPE: Claims Registration Ends June 8 GERRESHEIMER HOLDINGS: Moody's Assigns Loss-Given-Default Rating GET IT: Claims Registration Ends June 21 GETIFIX JOACHIM: Claims Registration Ends June 4 GILDEMEISTER AG: Moody's Assigns Loss-Given-Default Rating GTH GMBH: Creditors Must Register Claims by June 15 HAHLE METALLBAU: Creditors Must Register Claims by June 11 HOFER FAHRZEUGTECHNIK: Creditors Must Register Claims by May 30 IMMOBILLENVERWALTUNGSGESELL: Claims Registration Ends June 13 K&P FOOD: Claims Registration Period Ends May 21 KLEENOTHEK-FRANCHISE: Claims Registration Period Ends June 5 KLOECKNER PENTAPLAST: Blackstone to Buy Firm for EUR1.3 Billion KLOECKNER PENTAPLAST: Sale to Blackstone Cues S&P to Keep Watch OMEGA VERANSTALTUNGSTECHNIK: Claims Registration Ends June 7 PROJEKT ONE: Creditors' Meeting Slated for June 22 RENATE HOSUNG: Claims Registration Period Ends June 4 RIMA CAR-SERVICE: Claims Registration Period Ends May 25 SCHMERZZENTRUM PFORZHEIM: Claims Registration Ends June 22 SENDLER DRUCK: Claims Registration Period Ends June 15 VOGTLAND BUEROTECHNIK: Claims Registration Period Ends June 8 WCM BETEILIGUNGS: CURA Seniorencentrum Buys 71.8% Maternus Stake I R E L A N D CENTRAL PARKING: High Leverage Cues S&P to Cut Rating to B NORTEL NETWORKS: Invests US$5 Million in Irish Customer Center I T A L Y CORDUSIO RMBS: Moody's Rates EUR19.5 Mln Class E Notes at (P)Ba2 CORDUSIO RMBS: S&P Puts BB Ratings to EUR19.5 Mln Class D Notes K A Z A K H S T A N BOLTICK TRUST: Creditors Must File Claims by June 8 CAPITAL STROY: Creditors' Claims Due June 13 CORPORATION LOYALTY-I: Proof of Claim Deadline Slated for June 1 HELP-ECOIL LLP: Claims Registration Ends June 1 JETYKARINSKAYA NEFTEBAZA: Claims Filing Period Ends June 13 KARACHAGANAKSTROYSERVICE LLP: Creditors' Claims Due June 13 KARAGANDA OIL: Creditors Must File Claims by June 1 ORIGINAL LLP: Proof of Claim Deadline Slated for June 1 TOUR-SERVICE LLP: Claims Registration Ends June 1 K Y R G Y Z S T A N MOBILE TRANS: Creditors Must File Claims by June 20 L U X E M B O U R G GELDILUX-TS-2007: Moody's Puts Low-B Ratings to Two Note Classes N E T H E R L A N D S NEW WORLD: S&P Assigns BB- Ratings with Stable Outlook ROYAL AHOLD: Fitch Lifts Ratings to BB+ on Foodservice Disposal N O R W A Y GENERAL CABLE: Names Mark Thackeray Sr. VP of North American Ops R U S S I A AZIA-AUTO LLC: Creditors Must File Claims by May 14 BEER INDUSTRY: Court Starts Bankruptcy Supervision Procedure BUILDING COMPANY 3: Creditors Must File Claims by May 14 CONCERN ROBUR: Creditors Must File Claims by May 14 FINANCE LLC: Creditors Must File Claims by June 14 GAZPROMBANK OAO: Earns RUR14.8 Billion for First Quarter 2007 GROUP TITAN: Primorye Bankruptcy Hearing Slated for July 12 GUBKINSKAYA BUILDING: Creditors Must File Claims by June 14 KADINSKOYE CJSC: Court Names A. Nikolskiy as Insolvency Manager MAKHALINO CJSC: Creditors Must File Claims by June 14 MAYSKOYE CJSC: Court Names A. Nikolskiy as Insolvency Manager MINERAL WATERS: Asset Bidding Deadline Slated for May 14 NORTH LLC: Creditors Must File Claims by May 14 RASPADSKAYA OJSC: Moody's Assigns Ba3 Currency Rating ROSNEFT OIL: Earns RUR213 Billion for Full Year 2006 SLAVYANSK-AGRO-KHIM: Creditors Must File Claims by June 14 TEXTILE LLC: Creditors Must File Claims by May 14 URSA BANK: Fitch Affirms B IDR with Stable Outlook YUZHINSKOYE CJSC: Creditors Must File Claims by June 14 S P A I N FTA SANTANDER: Fitch Junks EUR40 Million Class D Notes MBS BANCAJA: Moody's Junks EUR23.1 Million Series E Notes U K R A I N E APSU LLC: Creditors Must Register Claims by May 17 BUGGI LLC: Creditors Must Register Claims by May 17 CARBAMIDE GUMS: Claims Filing Bar Date Set May 17 CONTRACT LLC: Creditors Must Register Claims by May 16 DERGACHEV BREAD: Creditors Must Register Claims by May 16 DRONGO LLC: Creditors Must Register Claims by May 16 GARANT LLC: Claims Filing Bar Date Set May 16 KALUSH BUILDING: Creditors Must Register Claims by May 17 NOVOTROITSKOE LLC: Creditors Must Register Claims by May 17 UKRAINA BANK: Yuschenko Approves Extending Liquidation to 2009 UKRAINA BANK: Liquidator Receives UAH429,000 in March UKRAINIAN TECHNICAL: Creditors Must Register Claims by May 17 ZMIEV BREAD: Creditors Must Register Claims by May 16 U N I T E D K I N G D O M ALL AMERICAN: Bankruptcy Court Approves First Day Motions BARKER INTERIORS: Hires Liquidators from Moore Stephens BEND IT: Creditors' Meeting Slated for May 15 BIRCH HALL: Creditors' Meeting Slated for May 15 BLUESTONE SECURITIES: Fitch Puts BB Ratings on Class D Notes BRIAN JOHNSON: Creditors' Meeting Slated for May 14 BRITISH SKY: Earns GBP388 Million in Nine Months Ended March 31 BRIXTON ONLINE: Joint Liquidators Take Over Operations CASTLE COURIERS: Creditors' Meeting Slated for May 15 CLAVIS SECURITIES: Fitch Rates Series 2007-01 B2 Notes at BB COMPLETE PROCESSING: Names Paul James Fleming Liquidator FENNY TOOL: Claims Filing Period Ends May 31 GEORGICA PLC: Earns GBP855,000 in 13 Weeks Ended April 1, 2007 GEORGICA PLC: Moody's Assigns Loss-Given-Default Rating KFA SOUND: Names Liquidators to Wind Up Business MEDICLEAN CORP: Appoints Michael C. Kienlen as Liquidator RANK GROUP: Achieves 3% Like-For-Like Revenue Growth in April SCHEFENACKER PLC: Bondholder Deal Rids EUR200 Million Debt SOLUTIA INC: Court Rules Bonds Doesn't Have Lien on Assets SOLUTIA INC: Completes Purchase of Akzo Nobel's Flexsys Stake STONECLEAN LTD: Calls In Liquidators from B & C Associates T.M. TIMBER: Mark S. Goldstein Leads Liquidation Procedure ULTRA BRITE: Claims Filing Period Ends June 6 VONAGE HOLDINGS: Circuit Court Denies Patent Case Retrial Bid WESTWAY SERVICES: Taps John Russell to Liquidate Assets WILD TECHNIK: Creditors' Meeting Slated for May 11 WILLIAM LISTER: Claims Filing Period Ends May 30 * Begbies Traynor Acquires Stellar Financial Partners LLP ********* ============= A U S T R I A ============= AEL LINDNER: Claims Registration Period Ends May 20 --------------------------------------------------- Creditors owed money by LLC AEL Lindner (fka LLC SMD Roland Druschowitz) (FN 274007b) have until May 20 to file written proofs of claim to court-appointed estate administrator Franz Doppelhofer at: Mag. Franz Doppelhofer Reitschulgasse 1 8010 Graz Austria Tel: 0316/810030 Fax: 0316/810080 E-mail: office@fritschpartner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 a.m. on May 31 for the examination of claims. The meeting of creditors will be held at: Land Court Graz Room 222 Second Floor Graz Austria Headquartered in Hitzendorf, Austria, the Debtor declared bankruptcy on April 12 (Bankr. Case No. 26 S 25/07g). DIANA LLC: Claims Registration Period Ends May 31 ------------------------------------------------- Creditors owed money by LLC Diana (FN 97776p) have until May 31 to file written proofs of claim to court-appointed estate administrator Johannes Jaksch at: Dr. Johannes Jaksch c/o Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on June 14 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 10 (Bankr. Case No. 5 S 48/07d). Stephan Riel represents Dr. Jaksch in the bankruptcy proceedings. ESTRICH U. FERTIGPUTZ: Claims Registration Period Ends May 30 ------------------------------------------------------------- Creditors owed money by LLC Estrich u. Fertigputz (fka LLC ARES Fertigputz)(FN 199562z) have until May 30 to file written proofs of claim to court-appointed estate administrator Michael Enzinger at: Dr. Michael Enzinger c/o Mag. Johannes Bousek Mahlerstrasse 11 1010 Vienna Austria Tel: 513 17 84 Fax: 513 75 94 E-mail: office@lattenmayer-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on June 13 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 11 (Bankr. Case No. 2 S 55/07m). J.R.D. LLC: Claims Registration Period Ends May 29 -------------------------------------------------- Creditors owed money by LLC J.R.D. (FN 227649d) have until May 29 to file written proofs of claim to court-appointed estate administrator Klemens Dallinger at: Dr. Klemens Dallinger c/o Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 28 33 Fax: 513 28 33 22 E-mail: dallinger@anwaltsteam.at hoedl@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on June 11 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 16th Floor Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 11 (Bankr. Case No. 38 S 21/07a). Guenther Hoedl represents Dr. Dallinger in the bankruptcy proceedings. JAMMERTZHEIM & HOEDELMOSER: Claims Registration Ends May 22 ----------------------------------------------------------- Creditors owed money by OEG Jammertzheim & Hoedelmoser (FN 195857a) have until May 22 to file written proofs of claim to court-appointed estate administrator Kurt Lechner at: Dr. Kurt Lechner c/o Mag. Klaus Haberler Triester Strasse 34 2620 Neunkirchen Austria Tel: 02635/69555 Fax: 02635/69555-5 E-mail: info@dr-lechner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on June 6 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Schwarzau am Steinfelde, Austria, the Debtor declared bankruptcy on April 10 (Bankr. Case No. 10 S 35/07m). Klaus Haberler represents Dr. Lechner in the bankruptcy proceedings. MONTANHANDEL LLC: Claims Registration Period Ends May 22 -------------------------------------------------------- Creditors owed money by LLC Montanhandel (FN 099590g) have until May 22 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 11:30 a.m. on June 12 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 April 11 (Bankr. Case No. 14 S 66/07g). ============= B E L G I U M ============= MILACRON INC: Shareholders Approve 1-for-10 Reverse Stock Split --------------------------------------------------------------- Shareholders of Milacron Inc. approved Wednesday, May 2, a 1- for-10 reverse stock split of both the company's common stock and 4% preferred stock. Currently Milacron has approximately 56 million shares of common stock outstanding. Upon completion of the reverse stock split, the company will have approximately 5.6 million common shares outstanding. Including Milacron's 6% convertible preferred stock on an "as converted" basis, Milacron has approximately 113 million fully diluted shares, which will become approximately 11.3 million shares. There are 60,000 shares of 4% preferred stock outstanding, which will become 6,000 shares. Common stockholders otherwise entitled to receive fractional shares as a result of the reverse stock split will receive a cash payment in lieu thereof. Fractional shares of Milacron's 4% preferred stock will be issued to qualified holders. The purpose of the reverse stock split is to increase the market price of Milacron's common shares in order to comply with the minimum share price rule of the New York Stock Exchange. It will likely take up to two weeks to complete the necessary filings to effect the split. At the annual meeting, shareholders elected Donald R. McIlnay, senior vice president, president Industrial Tools Group and Emerging Markets of The Stanley Works, a director to a three- year term. The following directors, nominated by Glencore Finance AG, the majority holder of Series B 6% preferred stock, were elected: Steven N. Isaacs, chairman and managing director of Glencore; Mark R. Jacobson, managing partner of Ethemba Capital LLP; Eric Schneider, president and chief executive officer of Redwood Custom Communications Inc.; Thomas T. Thompson, former managing director and partner of Imperial Capital; and Brent C. Williams, managing director of Chanin Capital. In addition, shareholders ratified the appointment of Ernst & Young LLP as independent auditors of the company for fiscal year 2007. Final, certified vote counts will be posted on Milacron's website as soon as they are available and will be included in the company's 10-Q filing for the second quarter. Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ) -- http://www.milacron.com/-- manufactures and supplies plastics-processing equipment and related supplies. Milacron is also one of the largest global manufacturers of synthetic water- based industrial fluids used in metalworking applications. The company has major manufacturing facilities in North America, Europe, and Asia. Milacron's annual revenues approximated US$805 million over the last twelve months. The company has an office in South Korea, and joint ventures in China and India. In Europe, the company maintains operations in Belgium, Germany, Italy, the Netherlands, Spain, and England. * * * As reported in the TCR-Europe on Jan. 2, Standard & Poor's Ratings Services revised its outlook on Cincinnati, Ohio-based Milacron Inc., to developing from negative. At the same time, Standard & Poor's affirmed its ratings on the company, including its 'CCC+' corporate credit rating. =========================== C Z E C H R E P U B L I C =========================== CLEAR CHANNEL: Board Rejects New Terms of Buyout Offer ------------------------------------------------------ The board of directors of Clear Channel Communications Inc. has rejected the new terms and structure of the proposed merger between the Company and the private equity group co-led by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. The amended term sheet the board received contemplates: (i) an increase in the merger consideration to be paid to unaffiliated shareholders from US$39 to US$39.20 per share, a 0.5% increase, and (ii) the opportunity for each shareholder to elect between cash and stock in the surviving corporation in the merger (up to an aggregate cap equivalent to 30% of the outstanding shares immediately following the merger (or approximately 6% before the merger)). Under this proposal, each of L. Lowry Mays, Mark Mays and Randall Mays (and their affiliates) and each director of the Company would be entitled to receive US$37.60 per share in cash for each share of common stock (and options) held by them (or in the case of a rollover, shares with a value of US$37.60 per share), in lieu of the US$39.20 per share. Following the consummation of the merger, the shares would trade over the counter, and not be listed on any national stock exchange. Acceptance of the proposal would result in a delay in the special meeting to consider the merger, currently scheduled for May 8 by as much as 90 days in order to allow the Company an opportunity to prepare, file and process a registration statement with the U.S. Securities and Exchange Commission and distribute it to the Company's shareholders. The board concluded to convene the special meeting of shareholders scheduled to take place on May 8 and allow the shareholders to vote on the existing merger proposal. About Clear Channel Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a global media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. * * * As reported in the Troubled Company Reporter on April 23, Standard & Poor's Ratings Services lowered its corporate credit and senior unsecured debt ratings on Clear Channel Communications Inc. to 'B+' from 'BB+'. The ratings remain on CreditWatch with negative implications, where they were placed on Oct. 26, 2006, following the company's announcement that it was exploring strategic alternatives to enhance shareholder value. NEW WORLD: Moody's Assigns B1 Corporate Family Rating ----------------------------------------------------- Moody's Investors Service assigned a B1 Corporate Family Rating to New World Resources B.V. and a (P)B3/LGD6 (91%) ratings to the proposed EUR300 million senior unsecured notes due in May 2015. The outlook on all ratings is stable. NWR's B1 Corporate Family Rating reflects the Group's strong financial results and operating efficiency in 2006, supported in part by its favorable geographic location and continuous strength in coal prices and freight tariffs. These positive credit considerations, however, are offset by the Group's business profile with modest reserve base and a high level of customer and business concentration, as well as exposure to a negative shift in the current strong business cycle. The rating also reflects NWR's high operating risk, given the depth of its mines. Furthermore, the rating also incorporates a degree of event risk, associated with NWR's strategy, notably the need to expand its reserves base. Moody's assigned (P)B3/LGD6 (91%) ratings to the proposed EUR300 million senior unsecured notes to be raised by New World Resources B.V. holding company reflect the notes position in the capital structure ranking behind the secured EUR970 million bank facility (the facility will be reduced to EUR820 million with part of the bond issue proceeds). The assigned ratings anticipate the payment of a EUR300 million special dividend during 2007. Should the dividend payment be postponed or reduced, the LGD assessment on the proposed notes may be changed, while the assigned rating is likely to remain unchanged. Rating assigned: -- B1 Corporate Family Rating to New World Resources B.V. -- (P)B3/LGD 6 (91%) Senior Unsecured rating to the proposed EUR300 million notes at New World Resources B.V. New World Resources B.V. is an industrial group whose main activities include coal mining, coke production and logistics. The company exploits the Upper Silesian basin in the North- Eastern part of the Czech Republic, and during 2006 produced approximately 13.5 million tonnes of coal and 1.3 million tonnes of coke. During the year ending December 2006 the company reported revenues of CZK37.3 billion (or EUR1.3 billion) and EBITDA of CZK8.5 billion (or EUR304 million). ============= F I N L A N D ============= METSO CORPORATION: Posts EUR121.9 Mln EBITDA in First Qtr. 2007 --------------------------------------------------------------- Metso Corporation reported Earnings before interest, tax, and amortization of EUR121.9 million or 8.9% of net sales for the first quarter ended March 31, 2007, compared with EUR99.9 million and 9.3% in the first quarter of 2006. Net sales were EUR1,366 million, a 27% increase from the same period in 2006. Operating income was EUR108.4 million, or 8.9% of net sales, dropping 0.9% compared with the first quarter of 2006. Earnings per share were EUR0.50 as opposed to EUR0.47 the prior year. "Metso's January - March order intake was strong, and our order backlog has further strengthened from the record-high year-end figures," Metso President and CEO Jorma Eloranta said. This, together with the continuing favorable market outlook, gives us confidence about the rest of the year and beyond. Eloranta notes that Metso's financial performance was solid despite seasonal factors that are typical for the first quarter. "Our net sales grew significantly over the same period in 2006. Much of the growth is due to our expanded business scope, i.e. the acquisition of the Pulping and Power businesses, but even organically we delivered some 10% growth. Also our operating profit improved on the first quarter of 2006." Eloranta says that Metso's outlook for 2007 continues to be favorable. "The financial performance for the rest of the year is expected to be stronger than in the first quarter of 2007. Furthermore, we repeat our estimate that our net sales will grow by more than 20% on 2006 and that the operating profit will clearly improve." Short-term outlook The favorable market outlook for Metso's products and services is expected to continue for the rest of 2007. Metso Paper's market situation is estimated to continue much the same as in the year's first quarter. The demand for paper, board and tissue machines and for fiber lines is expected to be satisfactory. The demand for power plants is estimated to be good. Also the demand for Metso Paper's aftermarket services is expected to remain satisfactory. Metso Minerals' favorable market outlook is expected to continue. The demand is anticipated to remain at the first quarter's excellent level in the mining and metals recycling industries, and at a good level in the construction industry. The demand for aftermarket services is expected to remain excellent. Metso Automation's market outlook in the pulp and paper customer segment is estimated to be good. In the power, oil and gas industries, the demand is expected to be good in process automation systems and excellent in flow control systems. It is estimated that Metso's financial performance for the rest of the year will be stronger than in the first quarter. Metso's net sales in 2007 are estimated to grow by more than 20% on 2006, thanks to the strong order backlog, continuing favorable market situation and the expanded business scope. The operating profit in 2007 is estimated to clearly improve. It is estimated that the operating profit margin in 2007 will be slightly below Metso's target, which is over 10%. This is primarily due to the high first-year amortization of intangible assets, integration costs and only partially materializing synergy benefits related to the acquisition of the Pulping and Power businesses. The estimates concerning financial performance are based on Metso's current structure, order backlog and market outlook. About Metso Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj -- http://www.metso.com/-- is a global engineering and technology corporation with 2005 net sales of around EUR4.2 billion. Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. The company's principal production plants are located in Brazil, China, Finland, France, Germany, India, Italy, South Africa, Sweden, the United Kingdom, and the United States. * * * As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+' long-term and 'B' short-term corporate credit ratings and 'BB' senior unsecured debt rating. =========== F R A N C E =========== EUROPCAR GROUPE: Moody's Holds Low-B Ratings on EUR805 Mln Notes ---------------------------------------------------------------- Moody's Investors Services affirmed the B1 rating of the EUR430 million senior subordinated secured notes and the B2 rating of the EUR375 million subordinated notes of Europcar Groupe S.A., which have been increased from an original face value of EUR300 million and EUR250 million, respectively. The proceeds of the increase of the debt instruments will be applied to finance the acquisition of the European businesses of US car rental group Vanguard (rated B1). The last rating action was on February 23 when the ratings were confirmed and the outlook was changed to negative. As the confirmation of Europcar's Ba3 Corporate Family Rating with a negative outlook has incorporated the increased debt amount, it has no further impact on the ratings. These ratings were affirmed: -- EUR430 million senior subordinated secured Floating Rate Notes, affirmed at B1 (Loss Given Default Assessment LGD4, 68%). -- EUR375 million senior subordinated unsecured notes, affirmed at B2 (Loss Given Default Assessment LGD6, 93%). Headquartered in Paris, France, Europcar is one of the leading European rental car companies with reported sales of EUR1.5 billion in 2006. EUROPCAR GROUPE: S&P Affirms BB- Rating with Outlook Stable ----------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on France-based European car rental firm Europcar Groupe S.A. The outlook is stable. At the same time, Standard & Poor's affirmed its 'BB' debt rating on Europcar's proposed increased EUR350 million senior secured revolving credit facility. The recovery rating of '1' on the RCF was also affirmed, indicating our expectation of full recovery of principal in the event of a payment default. The rating on the proposed increased EUR430 million subordinated secured floating-rate notes has been affirmed at 'B+', one notch below the corporate credit rating. The recovery rating of '3' was also affirmed, indicating our expectation of meaningful recovery of principal for the FRN holders in the event of a payment default. The rating on the proposed increased EUR375 million subordinated unsecured notes has been affirmed at 'B', two notches below the corporate credit rating. The affirmations reflect our assessment of the proposed financing arrangements supporting Europcar's acquisition of the European businesses of Vanguard Car Rental Holdings LLC. "Standard & Poor's considers the acquisition of Vanguard as slightly positive for Europcar's business profile, as it increases the group's diversification in Western Europe," said Standard & Poor's credit analyst Anna Stegert. "Integration will be challenging, however, and will be closely monitored." Europcar has global presence outside Western Europe, primarily through franchisees, but still remains absent from the key U.S. market. The strategic partnership with Vanguard in the U.S. is therefore likely to yield some benefits in terms of market coverage in the longer term. The group has gained significant market share from the acquisition, but competition from the other two leading European market participants, U.S.-based Hertz Corp. and U.K.-based Avis Europe PLC, remains fierce. The industry is also highly asset intensive, and demand remains essentially discretionary in nature. "Europcar's credit metrics are not expected to improve considerably over the intermediate term, as any positive developments in the operating environment resulting in business growth will also result in an increased fleet funding requirement," Ms. Stegert added. As a result, gross debt reduction will only be achievable through a reduction in fleet or the issuance of further equity, neither of which we presently view as likely. Downward pressure would arise if credit metrics weaken from expected levels. The ratings assume adjusted funds from operations to net debt of between 12% and 15% over the cycle, and adjusted net debt to capital of about 80%. No further debt- financed acquisitions are factored into the ratings. Rating upside potential is limited by the expected slow progress in debt reduction over the medium term. SUPERIOR ESSEX: Moody's Upgrades Ratings on Improved EBITDA ----------------------------------------------------------- Moody's Investors Service upgraded the Corporate Family Rating of Superior Essex Communications LLC and changed the outlook to positive. Moody's upgraded these ratings: -- Corporate Family Rating to B1 from B2; -- Probability of Default Rating to B1 from B2; Moody's affirmed this rating: -- US$257.1MM, 9.0% Senior Unsecured Notes due 2012, B3 (LGD5, 78%) from (LGD5, 76%); The upgrade in the Corporate Family Rating follows the recent strong financial performance (all figures in accordance with Moody's standard analytical adjustments) of the company, which has been characterized by moderating leverage, strong interest coverage and materially improved EBITDA. Debt/EBITDA has decreased to approximately 2.6 times at the end of 2006 from 4.3 times at the end of 2005. This decrease has been driven mainly through EBITDA that has increased from US$96 million to US$163 million from 2005 to 2006. At the end of 2006, interest coverage measured as EBIT/Interest expense was strong at 3.5 times. Factors constraining the B1 Corporate Family Rating are Superior's seasonal and volatile business environment, negative free cash flow because of increases in copper costs and the impact on working capital, and the high commodity price content in its products. The company benefits from its leading market positions, strong capacity utilization due to firm global product demand, good liquidity and material barriers to entry. The positive outlook reflects the expectation of a stable macro economic environment allowing Superior to maintain its moderate leverage and strong interest coverage. It is Moody's belief that absent a significant increase in copper pricing, free cash flow could normalize in 2007 and that FCF/debt could equal or exceed 10%. Superior Essex Communications LLC is a leading manufacturer and supplier of communications wire and cable products to telephone companies, CATV companies, distributors and systems integrators, and magnet wire and fabricated insulation materials to major original equipment manufacturers for use in motors, transformers and electrical controls. The company also converts copper cathode to copper rod for internal consumption and for sale to other wire and cable manufacturers and OEMs. Superior operates manufacturing operations in the U.S., the United Kingdom, France, Germany, Portugal, Mexico and China. The company presently conducts its operations through 95 sites. For the twelve months ended December 31, 2006, the company recognized revenue of approximately US$2.9 billion. ============= G E R M A N Y ============= BAR SYSTEM: Claims Registration Ends May 25 ------------------------------------------- Creditors of Bar System Concept GmbH have until May 25 to register their claims with court-appointed insolvency manager Michael Bremen. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on June 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Bremen Sternstr. 58 40479 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Bar System Concept GmbH on April 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bar System Concept GmbH Ludenberger Str. 39 40629 Duesseldorf Germany BOON GMBH: Claims Registration Ends May 30 ------------------------------------------ Creditors of Boon GmbH have until May 30 to register their claims with court-appointed insolvency manager Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfrid Andres Heinrich-Held-Str. 16 45133 Essen Germany The District Court of Essen opened bankruptcy proceedings against Boon GmbH on April 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Boon GmbH Kopstadtplatz 6 45127 Essen Germany COGNIS GMBH: Intends to Raise EUR1.65 Billion Senior Sec. Notes --------------------------------------------------------------- Cognis GmbH intends to access the debt capital markets to raise EUR1.65 billion Senior Secured Floating Rate Notes and Loans, in addition to a EUR250 million revolving credit facility. Goldman Sachs and JP Morgan have been mandated to lead the refinancing, with investor roadshow events being held by the Cognis in London over the coming days. The refinancing will enable Cognis to take advantage of current favorable market conditions, reducing the overall cost of capital. No proceeds will be used to finance a payment to the existing private equity sponsors. In addition, the company disclosed that bondholders representing 94.3% of the outstanding principal amount of the existing 9.5% Senior Notes due 2014 have granted consent in conjunction with the consent solicitation launched on April 25, and thus the proposed waivers and amendments have been approved. The consent solicitation sought to: -- amend certain provisions of the indenture dated May 13, 2004; -- waive certain provisions of the indenture; -- authorize the release of the security and guarantees set forth in the indenture; and -- replace the existing intercreditor agreement dated May 13, 2004. Headquartered in Monheim, Germany, Cognis GmbH -- http://www.cognis.com/-- is a leading global manufacturer of natural-oil based specialty chemicals products. It employs about 8,000 people, and it operates production sites and service centers in 30 countries. The company holds a 50-percent stake in the joint venture Cognis Oleochemicals, one of the world's leading manufacturers of natural-source oleochemical basestocks. Cognis is owned by private equity funds advised by Permira, GS Capital Partners, and SV Life Sciences. COGNIS GMBH: Moody's Lowers Rating to B2 on Increased Leverage -------------------------------------------------------------- Moody's Investors Service downgraded Cognis GmbH corporate family rating to B2 and Probability of Default rating for the group to B2. Moody's also downgraded the senior notes due 2014 to Caa1 and revised LGD assessment at LGD5 (88%). At the same time, Moody's assigned a rating of (P)B1, LGD3 (44%) to the proposed senior secured floating rate notes and loans (expected to rank pari passu with each other and have equal terms and conditions) and a rating of (P)Ba2, LGD1 (4%) to the proposed revolving credit facility. The ratings on the existing first lien senior secured bank facilities and second lien senior notes and loans of Cognis Deutschland GmbH & Co. KG will be withdrawn following the completion of the proposed refinancing. The outlook is stable. Moody's issues provisional ratings in advance of the final sale of securities, and these ratings only represent Moody's preliminary opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the securities. A definitive rating may differ from a provisional rating. Moody's one notch downgrade of the corporate family rating reflects the increase in leverage and cash interest costs associated with the debt located within the rated Cognis GmbH group following the partial repayment of the 2015 PIK notes. While the consent of the holders of the 2014 senior notes to the partial repayment of the PIK notes was secured through an one- off waiver and leaves the ring fencing arrangements restricting the upstreaming of cash from Cognis GmbH to its parent Cognis Holding GmbH in place, Moody's notes that the refinancing exercise will result in some material deterioration in the credit metrics of the rated group. Despite assuming that Cognis will continue to report a relatively robust operating performance in line with its 2006 results, Moody's expects that the group's adjusted gross debt to EBITDA ratio will remain close to 6x in the near to medium term. This rating action concludes the review for downgrade that was initiated on 25 April 2007 following the company's announcement of the consent solicitation under the 2014 9.5% senior notes to allow refinancing of its senior secured first lien and second lien obligations and a portion of the 2015 PIK notes. These ratings of Cognis GmbH have been affected by the press release: -- Corporate Family rating -- B2/PDR B2; -- Senior secured 2014 notes -- Caa1/LGD 5(88%); -- Senior secured floating rate notes and loans -- (P)B1/ LGD3 (44%) -- Revolving credit facility -- (P)Ba2, LGD1 (4%) Moody's does not rate senior PIK notes at Cognis Holding GmbH. Cognis GmbH, with headquarters in Monheim, Germany, is a leading global manufacturer of natural-oil based specialty chemicals products with consolidated revenues of EUR3.4 billion in 2006. COGNIS GMBH: S&P Rates Proposed EUR250 Million Facility at BB-/1 ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB-' senior secured debt rating and a recovery rating of '1' to the proposed EUR250 million revolving credit facility to be issued by Cognis GmbH, indicating the expectation of full recovery of principal in the event of a payment default. At the same time, Standard & Poor's assigned its 'B' senior secured debt rating and a recovery rating of '3' to the company's proposed EUR1.65 billion senior secured debt, which comprise floating rate notes and senior secured loans, indicating the expectation of meaningful recovery of principal. The proposed issues will be used to refinance existing first- and second-lien debt as well as to repay up to EUR350 million of the payment-in-kind notes issued by Cognis Holding GmbH. The ratings on Cognis continue to reflect the company's exposure to several markets undergoing significant structural changes, such as oleochemicals and textile chemicals; high volatility in natural and petrochemical raw-material prices; and difficulties of fully passing on the higher costs to customers. These factors are partly mitigated by well-diversified specialty chemicals operations with above-average exposure to consumer- related sectors and backward integration into natural-based raw materials. This provides Cognis a competitive advantage under the current high oil price levels. Recovery Analysis The proposed EUR250 million senior secured revolving credit facility is rated 'BB-', two notches above the corporate credit rating, with a recovery rating of '1', indicating Standard & Poor's expectation of full recovery of principal in the event of a payment default. The proposed EUR1.65 billion senior secured debt comprising floating rate notes and loans is rated 'B', at the same level as the corporate credit rating, with a recovery rating of '3', indicating our expectation of meaningful recovery in the event of a payment default. The '3' recovery rating assumes that loss-sharing provisions in respect of senior secured loans borrowed by subsidiaries of Cognis are upheld such that lenders of senior secured debt in both loan and note form rank pari passu on enforcement of recovery proceeds. Senior secured lenders to the revolving credit facility and senior secured debt are expected to benefit from charges over tangible assets where available--primarily from German, U.S., and French entities--in addition to share pledges and guarantees from material companies in the group. The lenders to the senior secured loans and notes will rank pari passu although behind lenders to the revolving credit facility on enforcement. Guarantees are provided by group companies accounting for at least 70% of the group's total assets and adjusted EBITDA. Should the corporate tax reform that is currently under discussion in Germany be resolved with a detrimental tax effect for Cognis, security and subsidiary guarantees may be released and cease to secure the senior secured debt of the company. At that point security would only consist of a Cognis share pledge, and the recovery ratings would be reviewed. The group's operations are located in a number of jurisdictions- -although about 80% of sales are generated in Western Europe and North America--so cross-jurisdictional issues and legal restrictions could affect the enforceability or ultimate value of certain guarantees. Senior secured documentation contains nonfinancial covenants standard for "covenant-light" transactions, including limitations on additional indebtedness, liens, disposals, mergers, consolidations, sale-and-lease-back transactions, and dividend payouts. In addition, the revolving credit facility includes a financial covenant restricting total drawn revolver debt to no more than 1.5x consolidated cash flow. To calculate recoveries, Standard & Poor's simulates a default scenario. We have used an enterprise valuation approach supported by Cognis' satisfactory business profile as the leading worldwide manufacturer of natural-based specialty chemicals and intermediates and a midsize producer of synthetic specialty chemicals. Standard & Poor's simulated default scenario assumes a potential combination of these factors: -- Four years of revenue decline at a compound annual growth rate of 2%, as a result of overall weakness in economy and insufficient innovation. -- Pressure on gross margins due to raw material price volatility and an inability to pass the raw material price increases on to customers. -- Working capital increase driven by weakened negotiation power in the unfavorable market conditions. -- Higher interest costs to account for possible base rate increase and to secure covenant waivers. -- Effective tax rate of 35%. Under our default scenario, a payment default is unlikely to occur before early 2010, at which point the outstanding amount of senior debt that would have to be covered is estimated at about EUR1.9 billion, assuming the revolving credit facility is fully drawn. Using primarily a discounted cash flow analysis, the enterprise value at the point of default is reduced by priority obligations, comprising enforcement costs, Henkel pension fund contributions, finance leases, and other bank borrowings. This provides coverage of more than 100% for the senior secured revolving credit facility, resulting in a recovery rating of '1', and of meaningful coverage for the senior secured term loan facilities, resulting in a recovery rating of '3'. The senior secured debt rating is not notched down from the corporate credit rating, reflecting our expectation that, from a recovery perspective, debtholders would benefit meaningfully from the security package, despite their second-ranking position on the proceeds of enforcement. DAIMLERCHRYSLER: Chrysler Sales Up 17% -- Best April in 10 Years ---------------------------------------------------------------- DaimlerChrysler AG has reported that April 2007 sales for U.S.- based Chrysler Group outside North America were up 17 percent over the same month last year and marked the best April in 10 years as sales in the Middle East, Northern Africa and Russia nearly doubled those from April 2006. The company experienced an unprecedented 23 consecutive months of year-over-year sales gains and year-to-date sales increased 14 percent over the same period in 2006. New vehicles fueled the growth of Dodge and Jeep brand sales. April 2007 was a strong start for the second quarter with Chrysler Group sales outside North America up 17 percent over the same month last year, and a 23rd consecutive month of year- over-year sales growth. The Company's sales outside North America for the month reached 18,289 units and marked the best April in 10 years. Year-to-date, sales grew 14 percent over the same period in 2006, and total sales through April were 70,859 units. While the key European and South American markets continued to do well, a key contributor to this month's growth were the sales increases seen in newer, fast-growing markets. In the Middle East and Northern Africa region, sales jumped 97 percent (1,871 units) when compared to April 2006, and were up 62 percent year- to-date (5,816 units). Sales in Russia also grew at a significant pace as April sales climbed 95 percent over the same month last year, and year-to-date sales were up 93 percent. "The expansion of the Dodge brand has been a catalyst for the growth we've seen in both mature and emerging markets outside North America," said Thomas Hausch, vice president, Chrysler Group International Sales. "In both Western and Eastern Europe, as well as the Middle East, Dodge vehicles have been the top- selling Chrysler Group products, telling us that there is increasing demand around the world for this distinctly American- styled brand. But Dodge is only one part of the sales success story. We have also seen strong sales for new Chrysler and Jeep vehicles that have been developed from the ground up for global customers, and they are helping to boost sales and profitability." The fuel-efficient, yet powerful Dodge Caliber has been the highest volume Chrysler Group vehicle outside North America in 2007, and the brand continued to lead new sales growth. Some of the historic favorites, like Jeep Grand Cherokee and Chrysler 300C, continued to rank among the Company's top-selling products. New vehicles, such as Jeep Compass and Chrysler Sebring are making their way into dealerships in all of the key markets and sales are picking up for those as well. "The growth potential and importance of markets outside North America have been identified as key factors in Chrysler Group's Recovery and Transformation Plan," Mr. Hausch said. "We will continue to put energy behind strategic growth in these markets and find ways to reach customers whose needs identify with the vehicles that we have available. We have also worked to ensure that once a customer purchases a Chrysler Group vehicle, that their experience with both the vehicle and the dealership service is a positive one. This will remain a priority as we develop new vehicles, expand our operations and evaluate new opportunities and potential business partners." Chrysler Group sells and services vehicles in more than 125 countries around the world, and Chrysler Group sales outside North America currently account for approximately 8 percent of the Company's total global sales. Vehicles available range across all three Chrysler Group brands, with limited availability on some trucks and SUV models. The Company's operations outside North America have been experiencing year- over-year sales increases since 2004, and will continue to increase the number of product offerings, powertrain options and RHD availability through 2007. Concurrently, Chrysler Group's April 2007 U.S. sales rose by 2 percent with the Jeep brand up 29 percent led by Jeep Wrangler and Jeep Patriot; the Chrysler and Dodge minivans up 10 percent with momentum from "National Minivan Month" in April; the five- star crash test-rated Dodge Ram pick up rising 2 percent in competitive segment; and the Chrysler Sebring sedan increasing by 56 percent. Inventory was down by 18 percent and more than 100,000 units. Chrysler Group reported sales for April 2007 of 193,104 units; up 2 percent compared to April 2006 with 190,095. "Chrysler Group increased sales in April based on a solid retail performance -- despite two less selling days than in the previous year and a challenging market environment," said Steven Landry, executive vice president, NAFTA Sales, Global Marketing, Service and Parts. "Driven by the continuously strong Jeep Wrangler and the new Jeep Patriot, sales for the Jeep brand were up significantly by 29 percent." With the continued pressure on gas prices Chrysler Group's incentives in May will focus on the company's full line of cars and small and compact SUVs with the launch of the 'Maximize Your Miles' program. The program will communicate the vehicle's fuel economy message across all three Chrysler Group brands. A key part of it will be low-rate finance and additional bonus cash, which will give customers a great package. Chrysler Group finished the month with 482,786 units of inventory, or a 60-day supply. Inventory is down by 18 percent compared to April 2006 when it was at 586,263 units. Meanwhile, DaimlerChrysler Canada has disclosed that April 2007 marks the ninth consecutive month of sales growth following a monthly increase in revenues since August 2006. Monthly sales were up 6.2 per cent while year-to-date sales rose 4.3 per cent. A total of 22,514 vehicles were sold in April, an increase of 6.2 per cent over April 2006. 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. EUROPA SUNSHINE: Claims Registration Ends May 21 ------------------------------------------------ Creditors of Europa Sunshine Transport GmbH have until May 21 to register their claims with court-appointed insolvency manager Hansjoachim Grube-Dobrick. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Luebeck Hall 256 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 reached at: Hansjoachim Grube-Dobrick Wakenitzstr. 6a 23564 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against Europa Sunshine Transport GmbH on April 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Europa Sunshine Transport GmbH Attn: Herrn Jens-Arvo Breyer, Manager Brandenbaumer Landstrasse 247 23566 Luebeck Germany FRIEDRICH KNOSPE: Claims Registration Ends June 8 ------------------------------------------------- Creditors of Friedrich Knospe GmbH have until June 8 to register their claims with court-appointed insolvency manager Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hagen Meeting Hall 259 Second Floor Heinitzstr. 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfrid Andres Grabenstr. 28 58095 Hagen Germany The District Court of Hagen opened bankruptcy proceedings against Friedrich Knospe GmbH on April 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Friedrich Knospe GmbH Elberfelder Str. 79 58095 Hagen Germany Attn: Albrecht Heidi, Manager Bolohstr. 86 e 58093 Hagen Germany GERRESHEIMER HOLDINGS: 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, the rating agency confirmed its B2 Corporate Family Rating for Gerresheimer Holdings GmbH. 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 ---------- ------- ------- ------ ---------- 7.875% Sr. Sub. Regular Bond/ Debenture Due 2015 Caa1 Caa1 LGD6 92% 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 Duesseldorf, Germany, Gerresheimer Holdings Gmbh & Co Kg, -- http://www.gerresheimer.com/-- manufactures advanced glass and plastic products. The company operates in Germany, France, China and U.S.A. GET IT: Claims Registration Ends June 21 ---------------------------------------- Creditors of get IT consult GmbH have until June 21 to register their claims with court-appointed insolvency manager Stefan Rieger. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on Aug. 23, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Koenigstein/Ts. Area 106 Law Courts Burgweg 9 61462 Koenigstein/Ts. Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Rieger Brueder-Grimm-Strasse 13, D 60314 Frankfurt am Main Germany Tel: 069/405862-80 Fax: 069/405862-85 E-mail: rieger@rieger-iv.de The District Court of Koenigstein/Ts. opened bankruptcy proceedings against get IT consult GmbH on April 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: get IT consult GmbH Attn: Marco Bodewein, Manager Koenigsteiner Strasse 63 65812 Bad Soden Germany GETIFIX JOACHIM: Claims Registration Ends June 4 ------------------------------------------------ Creditors of Getifix Joachim Nitsch GmbH have until June 4 to register their claims with court-appointed insolvency manager Dr. Hubertus Bartelheimer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Cottbus Hall 210 Gerichtsplatz 2 Cottbus Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hubertus Bartelheimer Bernburger Strasse 32 10963 Berlin Germany The District Court of Cottbus opened bankruptcy proceedings against Getifix Joachim Nitsch GmbH on April 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Getifix Joachim Nitsch GmbH Bergmannstrasse 20 01983 Grossraschen Germany GILDEMEISTER AG: 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, the rating agency confirmed its Ba3 Corporate Family Rating for Gildemeister AG. 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 ---------- ------- ------- ------ ---------- 9.75% Sr. Sub. Regular Bond/ Debenture Due 2011 B2 B2 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 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 Bielefeld, Germany, Gildemeister AG -- http://www.gildemeister.com/-- manufactures machine tools. The Company specializes in the production of computer numeric control milling and turning machines, as well as offering laser and ultrasonic technology. Its LASERTEC GmbH subsidiary offers 3D laser beam machining for industries requiring high-precision technology and ultrasonic-supported machining for advanced materials, including ceramics, glass, silicon and sintered metal carbide. GTH GMBH: Creditors Must Register Claims by June 15 --------------------------------------------------- Creditors of GTH GmbH have until June 15 to register their claims with court-appointed insolvency manager Uwe Hueggenberg. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 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 Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Uwe Hueggenberg Huestrasse 34 44787 Bochum Germany The District Court of Bochum opened bankruptcy proceedings against GTH GmbH on April 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GTH GmbH Baukauer Strasse 86 44653 Herne Germany HAHLE METALLBAU: Creditors Must Register Claims by June 11 ---------------------------------------------------------- Creditors of Hahle Metallbau GmbH have until June 11 to register their claims with court-appointed insolvency manager Markus M. Merbecks. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on June 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 Chemnitz Hall 28 Fuerstenstrasse 21 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Markus M. Merbecks Leipziger Strasse 58 09113 Chemnitz Germany Tel: (0371) 444610 Fax: (0371) 4446111 The District Court of Chemnitz opened bankruptcy proceedings against Hahle Metallbau GmbH on April 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hahle Metallbau GmbH Schoenherrstrasse 8 09113 Chemnitz Germany HOFER FAHRZEUGTECHNIK: Creditors Must Register Claims by May 30 --------------------------------------------------------------- Creditors of Hofer Fahrzeugtechnik GmbH have until May 30 to register their claims with court-appointed insolvency manager Robert Wartenberg. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on June 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Schweinfurt Rufferstr. 1 97421 Schweinfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Robert Wartenberg Friedrichstr. 15 96047 Bamberg Germany Tel: 0951/29743-0 Fax: 0951/29743-29 The District Court of Schweinfurt opened bankruptcy proceedings against Hofer Fahrzeugtechnik GmbH on April 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hofer Fahrzeugtechnik GmbH Dr.-Georg-Schafer-Strasse 5 97447 Gerolzhofen Germany IMMOBILLENVERWALTUNGSGESELL: Claims Registration Ends June 13 ------------------------------------------------------------- Creditors of Immobillenverwaltungsgesell- schaft Am Kruemmling GmbH have until June 13 to register their claims with court- appointed insolvency manager Marlies Greschuchna. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on July 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Marlies Greschuchna Am Steintor 13 D 06112 Halle Germany Tel: 0345/6828831 Fax: 0345/6828897 The District Court of Halle-Saalkreis opened bankruptcy proceedings against Immobillenverwaltungsgesell- schaft Am Kruemmling GmbH on April 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Immobillenverwaltungsgesell- schaft Am Kruemmling GmbH Am Kruemmling 1 06184 Kabelsketal Germany Attn: Denny Gloser, Manager Kleiner Berlin 2 06108 Halle Germany K&P FOOD: Claims Registration Period Ends May 21 ------------------------------------------------ Creditors of K&P food service consulting GmbH have until May 21 to register their claims with court-appointed insolvency manager Georg Kreplin. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on June 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 388 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 reached at: Georg Kreplin Breite Strasse 27 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against K&P food service consulting GmbH on April 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K&P food service consulting GmbH Schadowstr. 86-88 40212 Duesseldorf Germany Attn: Guenter Kuhn, Liquidator Schadowstrasse 78 40212 Duesseldorf Germany KLEENOTHEK-FRANCHISE: Claims Registration Period Ends June 5 ------------------------------------------------------------ Creditors of Kleenothek-Franchise-Verwaltungs GmbH have until June 5 to register their claims with court-appointed insolvency manager Hendrik Rogge. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on July 24, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hendrik Rogge Albert-Einstein-Ring 15 22761 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Kleenothek-Franchise-Verwaltungs GmbH on April 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kleenothek-Franchise-Verwaltungs GmbH Kleine Bahnstrasse 10 22525 Hamburg Germany Attn: Christian Schmidt, Manager Am Sportpaltz 10 25495 Kummerfeld Germany KLOECKNER PENTAPLAST: Blackstone to Buy Firm for EUR1.3 Billion --------------------------------------------------------------- The Kloeckner Pentaplast Group (Luxembourg) disclosed on May 3 that an affiliate of The Blackstone Group has signed a contract to acquire the company and all its holdings from Cinven and JP Morgan Partners LLC for EUR1.3 billion. The sale is subject to approval by various regulatory authorities. Approval is expected by June. "Kloeckner Pentaplast has a strong international market position and performance," Lionel Assant, managing director of The Blackstone Group, said. "Kloeckner Pentaplast is committed to providing its customers with the most innovative and comprehensive solutions to meet their films needs. The Group's high-quality films, superior technical expertise and support, and its global manufacturing platform have earned its position as a recognized industry leader. We will continue to support Kloeckner Pentaplast's aggressive growth and investment strategy." The management of the Kloeckner Pentaplast Group will remain in place. According to Tom Goeke, CEO of the Kloeckner Pentaplast Group, "The Blackstone Group is committed to the company's strategic goals. With their backing, we will continue to pursue the expansion of Kloeckner Pentaplast." About The Blackstone Group The Blackstone Group -- http://www.blackstone.com/-- is a leading global alternative asset manager and provider of financial advisory services. The Blackstone Group is one of the largest independent alternative asset managers in the world. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement service. About the Kloeckner Pentaplast Group Headquartered in Montabaur, Germany, The Kloeckner Pentaplast Group -- http://www.kpfilms.com/en/index.asp-- is the world's leading producer of films for pharmaceutical, medical device, food, electronics, and general-purpose thermoform packaging, as well as printing and specialty applications. Founded in 1965 it has grown from its initial facility to 21 current production operations in 11 countries. The Kloeckner Pentaplast Group is a wholly owned subsidiary of funds managed by Cinven and CCMP Capital Advisors, LLC. The company has sales of over US$1.6 billion and employs more than 3,400 people committed to serving customers worldwide. KLOECKNER PENTAPLAST: Sale to Blackstone Cues S&P to Keep Watch --------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on Germany-based packaging company Kloeckner Pentaplast S.A. on CreditWatch with negative implications. The 'B' senior unsecured debt rating on KP's EUR180 million notes was also placed on CreditWatch with negative implications. This follows the announcement that Cinven Ltd. and CCMP Capital Advisors LLC have agreed to sell KP to Blackstone Group, a private equity investor, for EUR1.3 billion. "Although the details of Blackstone's financing for this acquisition have not been disclosed, the CreditWatch placement reflects our concerns that it would lead to additional debt in KP's capital structure," said Standard & Poor's credit analyst Izabela Listowska. "We will resolve the CreditWatch after a review of KP's future capital structure as well as its future financial policies." The current ratings on KP reflect its highly leveraged financial profile and exposure to high and volatile raw-material prices. The ratings are also based on KP's high dependence on calendered rigid polyvinyl chloride film and the risk of material substitution. These factors are offset by the group's leading niche market position in Europe and North America for PVC and polyethylene terepthalate based rigid film, its strong in-house proprietary production technology and knowledge of calendered PVC rigid film, and diverse end markets and customer base. With sales of EUR1.18 billion in the 12 months to Dec. 31, 2006, KP's strong position in high-growth areas such as pharmaceuticals and medical packaging, credit cards, and stretched film, as well as increased focus on high-growth regions such as Asia and Eastern Europe is expected to help expand the group's overall PVC-based rigid film business, a market with moderate growth of about 2% per year. KP's balance sheet is highly leveraged. At Dec. 31, 2006, KP had total reported debt of EUR512.8 million. In the 12 months to Dec. 31, 2006, the group had EBITDA cash interest coverage of about 3.0x and adjusted funds from operations to cash net debt of below 15%, which is weak for the current ratings. OMEGA VERANSTALTUNGSTECHNIK: Claims Registration Ends June 7 ------------------------------------------------------------ Creditors of Omega Veranstaltungstechnik GmbH have until June 7 to register their claims with court-appointed insolvency manager Dr. Steffen Koch. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hameln Hall 106 Zehnthof 1 31785 Hameln Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Steffen Koch Sophienstr. 1 30159 Hannover Germany Tel: 0511/353991-0 Fax: 0511/353991-10 The District Court of Hameln opened bankruptcy proceedings against Omega Veranstaltungstechnik GmbH on April 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: OMEGA Veranstaltungstechnik GmbH Walter-von-Selve-Strasse 11 31789 Hameln Germany Attn: Sascha Torggler Ruschenbrink 1 31787 Hameln Germany PROJEKT ONE: Creditors' Meeting Slated for June 22 -------------------------------------------------- The court-appointed insolvency manager for Projekt One Projektentwicklungsgesellschaft mbH, Hartwig Albers, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m. on June 22. 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 Sept. 21 at the same venue. Creditors have until July 25 to register their claims with the court-appointed insolvency manager. The District Court of Charlottenburg opened bankruptcy proceedings against Projekt One Projektentwicklungsgesellschaft mbH on April 25. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Hartwig Albers Luetzowstr. 100 10785 Berlin Germany The Debtor can be reached at: Projekt One Projektentwicklungsgesellschaft mbH Ruschestr. 68 10365 Berlin Germany RENATE HOSUNG: Claims Registration Period Ends June 4 ----------------------------------------------------- Creditors of Renate Hosung KG have until June 4 to register their claims with court-appointed insolvency manager Tim F. Gatcke. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on 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 Celle Hall 014 Ground Floor Branch Mill Road 4 29221 Celle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Celle opened bankruptcy proceedings against Renate Hosung KG on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Tim F. Gatcke Hans-Boeckler-Allee 26 30173 Hanover Tel: 0511/360960 Fax: 0511/3609696 E-mail: k.lange@wedlerundgaetcke.de The Debtor can be reached at: Renate Hosung KG Eichstr. 7 30855 Langenhagen Germany RIMA CAR-SERVICE: Claims Registration Period Ends May 25 -------------------------------------------------------- Creditors of RiMa Car-Service GmbH have until May 25 to register their claims with court-appointed insolvency manager Annett Kittner. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on July 11, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D132 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Dresden opened bankruptcy proceedings against RiMa Car-Service GmbH on April 25. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Annett Kittner Gustav-Adolf-Strasse 6 b 01219 Dresden Germany Web site: http://www.munz-anwaelte.de/ The Debtor can be reached at: RiMa Car-Service GmbH Meissner Landstrasse 106 01157 Dresden Germany Attn: Rico Rehtanz, Manager Gruber-Str. 1 09599 Freiberg Germany SCHMERZZENTRUM PFORZHEIM: Claims Registration Ends June 22 ---------------------------------------------------------- Creditors of Schmerzzentrum Pforzheim GmbH have until June 22 to register their claims with court-appointed insolvency manager Dr. Andreas Wille. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 24, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Pforzheim Mannheimer Str. 17 75179 Pforzheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Andreas Wille Karlsruher Str. 34 75179 Pforzheim Germany The District Court of Pforzheim opened bankruptcy proceedings against Schmerzzentrum Pforzheim GmbH on April 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schmerzzentrum Pforzheim GmbH Attn: Jeanette Irrling, Manager Karlsruher Str. 87a 75179 Pforzheim Germany SENDLER DRUCK: Claims Registration Period Ends June 15 ------------------------------------------------------ Creditors of Sendler Druck & Medien GmbH have until June 15 to register their claims with court-appointed insolvency manager Bernd Depping. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on July 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 Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Bochum opened bankruptcy proceedings against Sendler Druck & Medien GmbH on April 27. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Bernd Depping Kunibertistrasse 9 45657 Recklinghausen Germany The Debtor can be reached at: Sendler Druck & Medien GmbH Karlstr. 37-39 45661 Recklinghausen Germany Attn: Hannelore Sendler Leuzener Str. 17 48734 Reken Germany VOGTLAND BUEROTECHNIK: Claims Registration Period Ends June 8 ------------------------------------------------------------- Creditors of Vogtland Buerotechnik Rossbach GmbH have until June 8 to register their claims with court-appointed insolvency manager Frank Ruediger Scheffler. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 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 Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Chemnitz opened bankruptcy proceedings against Vogtland Buerotechnik Rossbach GmbH on April 26. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Frank Ruediger Scheffler Ulmenstrasse 14 09112 Chemnitz Germany Tel: (0371) 3822 623 Fax: (0371) 3822 623 Web site: http://www.tiefenbacher.de/ The Debtor can be reached at: Vogtland Buerotechnik Rossbach GmbH Attn: Hans-Jochen Rossbach, Manager Egerstrasse 26 08606 Oelsnitz Germany WCM BETEILIGUNGS: CURA Seniorencentrum Buys 71.8% Maternus Stake ---------------------------------------------------------------- CURA Seniorencentrum GmbH has become a new majority partner of MATERNUS-Kliniken AG, effective April 26, after it acquired WCM Beteiligungs- und Grundbesitz-AG's 71.8% stake in the German nursing home. Michael Frege, the insolvency administrator for WCM, has sold the Maternus stake, which is valued at around EUR28 million, to Cura, The Financial Times reports citing Borsen Zeitung as its source. According to the report, WCM may have used the proceeds of the acquisition to repay debts owed to major creditor HSH Nordbank AG. Mr. Frege disclosed that he is still looking into WCM's remaining investments and the losses that it has carried forward, FT relates. Preliminary Agreement On March 22, WCM Beteiligungs- und Grundbesitz-AG, WCM Beteiligungs- und Verwaltungs GmbH & Co KG and WCM Beteiligungs- und Verwaltungs GmbH concluded a preliminary agreement to sell close to a 71.5% stake in MATERNUS-Kliniken AG and a 95% stake in YMOS AG to CURA Kurkliniken, Seniorenwohn-und Pflegeheime Aktiengesellschaft. Furthermore the stake MEDICO Grundstuecksgesellschaft mbH & Co Bayerwald Klinik KG indirectly held by WCM Beteiligungs- und Verwaltungs GmbH will also be sold. In the preliminary agreement, the right to terminate the contract in favor of the bankruptcy administrator has been agreed. The preliminary contract is subject to approval by the executive boards of the contracting parties. WCM applied for insolvency on Nov. 8, 2006, as a result of the extraordinary termination of the loan agreement by HSH Nordbank. The District Court of Frankfurt (Main) opened bankruptcy proceedings against the company on Nov. 21, 2006. About WCM AG Headquartered in Frankfurt, Germany, WCM Beteiligungs- und Grundbesitz-AG -- http://www.wcm.de/-- holds equity interests in other real estate investment, management, and development companies, as well as in the nursing homes and a packaging maker. The group owns 80% of Klockner-Werke AG, which also operates in Austria, Czech Republic, Denmark, France, United Kingdom, Italy, Netherlands, Spain, Switzerland, Australia, Brazil, India, Japan, Mexico, Russian Federation, Singapore, and the U.S.A. WCM has been posting consecutive annual net losses of EUR849 million in 2002; EUR315 million in 2003; EUR163 million in 2004; and EUR44 million in 2005. ============= I R E L A N D ============= CENTRAL PARKING: High Leverage Cues S&P to Cut Rating to B ---------------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on Nashville, Tennessee-based Central Parking Corp. to 'B' from 'B+', and removed the ratings from CreditWatch with negative implications. Standard & Poor's also assigned its bank loan and recovery ratings to CPC's proposed first- and second-lien credit facilities. The company's US$355 million first-lien credit facility was rated 'B', with a recovery rating of '3', indicating first-lien lenders could expect meaningful (50%-80%) recovery of principal in the event of a payment default or bankruptcy. The US$50 million second-lien facility was rated 'CCC+', with a recovery rating of '5', indicating our expectation that second-lien lenders can expect negligible (0%-25%) recovery of principal in the event of a payment default. The ratings are based on preliminary terms and are subject to review upon final documentation. The rating on the company's existing US$300 million senior secured credit facility was also lowered to 'B+' from 'BB-', and the rating on Central Parking Finance Trust's convertible trust issued preferred securities was lowered to 'CCC' from 'CCC+'. Both ratings will be withdrawn upon the completion of the transaction. The outlook is negative. "The downgrade reflects CPC's substantially more aggressive financial policy and more highly leveraged capital structure following KCPC Holdings Inc. completing its acquisition of CPC," said Standard & Poor's credit analyst Mark Salierno. On Feb. 20, 2007, KCPC entered into a definitive agreement to acquire CPC for US$22.53 per share, or a total purchase price of US$883.2 million, inclusive of fees and expenses. Proceeds from the new credit facilities will be used to finance a substantial portion of the transaction. CPC is a private owner, operator, and manager of surface lots and multilevel garages. As of December 31, 2006, the Company operated more than 3,000 parking facilities containing approximately 1.5 million spaces at locations in 37 states, the District of Columbia, Canada, Puerto Rico, Chile, Colombia, Peru, the United Kingdom, the Republic of Ireland, Spain, Greece, Italy and Switzerland. NORTEL NETWORKS: Invests US$5 Million in Irish Customer Center -------------------------------------------------------------- Nortel Networks opened its new global Customer and Technology Center at its Mervue campus in Galway, Ireland. Nortel has invested US$5 million in the new Center, which is responsible for developing customer contact center applications for markets around the world. The opening also marks Nortel's celebration of 25 years of research and development in the Galway area. The new Center is developing contact center solutions focused on ensuring customer enquiries to businesses are answered as quickly and efficiently as possible, incorporating multimedia capabilities such as instant messaging and video. The Center will also showcase applications that provide customers with the opportunity to participate in demonstrations tailored specifically for verticals markets such as healthcare, education and finance. At a Nortel Galway campus ceremony on Thursday, May 3, the Center was officially opened by Frank Fahey, Teachta Dala, Minister of State at the Department of Justice, Quality and Law Reform. The ceremony was attended by Darryl Edwards, president, EMEA, Nortel as well as Nortel customers and employees. Local dignitaries and guests from Galway's business and political communities also attended. "This is a great day for Nortel and Galway because it underscores the global importance of the role that the Galway campus plays for the company," Mr. Edwards said in his remarks at the Center's opening. "The Technology and Customer Center is part of our multi-million dollar investment in the region and our talented Galway team." "Nortel should be congratulated for its commitment to Galway over the last 25 years," Minister Fahey said. "Nortel has developed rapidly since its arrival here and we are delighted that its Irish-based operation is continuing to play a key role in its global transformation. [Thurs]'s opening speaks volumes to the depth, quality, expertise and loyalty of the Irish workforce in the West region." Nortel began operations in Galway in 1973. A research and development team was established in 1982. Today, its Galway campus has global responsibility for one of Nortel's most sophisticated technologies - multimedia contact centers. The solutions have enhanced customer service for companies worldwide including: Lloyds TSB, Fossil and Guy's and St Thomas' NHS Foundation Trust. "Nortel in Ireland has evolved significantly over the past 25 years," Dave Quane, managing director for Nortel, Ireland, said. "[Thurs]day's opening is testimony to the innovation and expertise this facility is expected to deliver to Nortel." About Nortel Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized leader in delivering communications capabilities that enhance the human experience, ignite and power global commerce, and secure and protect the world's most critical information. Serving both service provider and enterprise customers, Nortel delivers innovative technology solutions encompassing end-to-end broadband, Voice over IP, multimedia services and applications, and wireless broadband designed to help people solve the world's greatest challenges Nortel does business in more than 150 countries including the United Kingdom, Denmark, Russia, Norway, Australia, Brazil, China, Singapore, among others. * * * Dominion Bond Rating Service confirmed the long-term ratings of Nortel Networks Capital Corporation, Nortel Networks Corporation, and Nortel Networks Limited at B (low) along with the preferred share ratings of Nortel Networks Limited at Pfd-5 (low). All trends are Stable. DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt; Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5 (low) Stb Class A, Non-Cumulative Redeemable Preferred Shares. Additionally, Moody's Investors Service affirmed the B3 corporate family rating of Nortel; assigned a B3 rating to the proposed US$2billion senior note issue; downgraded the US$200 million 6.875% Senior Notes due 2023 and revised the outlook to stable from negative. Standard & Poor's also affirmed its 'B-' long-term and 'B-2' short-term corporate credit ratings on the company, and assigned its 'B-' senior unsecured debt rating to the company's proposed US$2 billion notes. S&P said the outlook is stable. ========= I T A L Y ========= CORDUSIO RMBS: Moody's Rates EUR19.5 Mln Class E Notes at (P)Ba2 ---------------------------------------------------------------- Moody's Investors Service has assigned these provisional ratings to seven classes of Notes to be issued by Cordusio RMBS Securitisation S.r.l., a special purpose vehicle incorporated in Italy in accordance with law 130/99. Seven provisional ratings have been assigned: -- (P)Aaa to EUR703.5 million Class A1 Residential Mortgage- Backed Floating Rate Notes due 2040; -- (P)Aaa to EUR2,227.6 million Class A2 Residential Mortgage-Backed Floating Rate Notes due 2040; -- (P)Aaa to EUR738.6 million Class A3 Residential Mortgage- Backed Floating Rate Notes due 2040; -- (P)Aa1 to EUR71.1 million Class B Residential Mortgage- Backed Floating Rate Notes due 2040; -- (P)A1 to EUR43.8 million Class C Residential Mortgage- Backed Floating Rate Notes due 2040; -- (P)Baa2 to EUR102 million Class D Residential Mortgage- Backed Floating Rate Notes due 2040; and -- (P)Ba2 to EUR19.5 million Class E Residential Mortgage- Backed Floating Rate Notes due 2040. -- Class F EUR12.97 million is not rated. Cordusio RMBS Securitization S.r.l. is the third RMBS transaction launched by Unicredit Banca SpA (currently 100% owned by Unicredito Italiano SpA (Aa2/P-1). The portfolio consists of EUR3,908,102,838 of prime residential mortgage loans all originated by Unicredit Banca Spa. All loans are guaranteed by first economic lien on residential properties and 88.83% of the portfolio is indexed to floating rate. 98.16% of the loans pay through direct debit on the debtor's account held at Unicredit Banca Spa. All loans are in bonis and all of them benefit from an economic first lien mortgage on the actual property. The collateral portfolio has a WA current LTV of 60.54% per cent (WA original LTV of 66.40% per cent) and a WA seasoning of approximately 34 months. The portfolio also presents a good granularity with the top 20 debtors summing up to 0.19% per cent. The portfolio is quite diversified geographically: 10% per cent of the loans have been originated in the South of Italy, 23% per cent in the Centre of Italy and the remaining part comes from the North 66% per cent. The structure also benefits from a cash reserve that will not amortize, fully funded at closing of 0.16% of the initial outstanding of the portfolio. Moody's issues provisional ratings in advance of the final sale of securities, but these ratings only represent Moody's preliminary credit opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the Notes. A definitive rating may differ from a provisional rating. Moody's will disseminate the assignment of any definitive ratings through its Client Service Desk The ratings address the expected loss posed to investors by the legal final maturity of the Notes. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. CORDUSIO RMBS: S&P Puts BB Ratings to EUR19.5 Mln Class D Notes --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR3.906 billion residential mortgage- backed floating-rate notes to be issued by Cordusio RMBS Securitisation S.r.l. At the same time, the special purpose entity will issue EUR2.003 million of unrated notes as credit support. The current transaction will be the largest Italian RMBS transaction to be rated by Standard & Poor's to date. This transaction is backed by a pool of performing mortgages secured over residential properties in Italy and originated by UniCredit Banca SpA, a leading retail bank in the Italian market and 100% owned by UniCredito Italiano SpA. This will be the third RMBS transaction to be originated by UCB and the fourth Italian RMBS transaction to be originated by the UniCredit Group. The structure is largely unchanged from the previous transaction originated by UniCredit Banca SpA, Cordusio RMBS 2 S.r.l. rated in July 2006. The main structural differences are the presence of three additional classes of rated notes and the functioning of the cash reserve. The cash reserve can be used in the current transaction as credit enhancement from Day 1 and is available from Day 1 to cover losses recorded in the principal deficiency ledger. In Cordusio RMBS 2, the cash reserve covered only interest shortfalls to pay senior expenses and interest on the rated notes, giving full credit support only at the end of the transaction. The credit quality of the collateral is good. Standard & Poor's sees a higher credit risk embedded in the current portfolio compared with the Cordusio 2, mainly driven by a higher LTV ratio. The performance of Cordusio RMBS S.r.l. has so far been better than in transactions with a similar seasoning. Based on the three quarters of data available since closing, a similar pattern is being followed by Cordusio RMBS 2. Ratings List Cordusio RMBS Securitisation S.r.l. EUR3.908 Billion Residential Mortgage-Backed Floating-Rate Notes Prelim. Prelim. Amount Class Rating (Mil. EUR) ----- ------ -------- A1 AAA 703.500 A2 AAA 2,227.600 A3 AAA 738.600 B AA 71.100 C A 43.800 D BBB 102.000 E BB 19.500 F NR 2.003 =================== K A Z A K H S T A N =================== BOLTICK TRUST: Creditors Must File Claims by June 8 --------------------------------------------------- JSC Boltick Trust Bank has declared insolvency. Creditors have until June 8 to submit written proofs of claim to: JSC Boltick Trust Bank Office 603 Kazybek bi Str. 65 Almaty Kazakhstan CAPITAL STROY: Creditors' Claims Due June 13 -------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Construction Company Capital Stroy Invest Plus insolvent. Creditors have until June 13 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakshtan CORPORATION LOYALTY-I: Proof of Claim Deadline Slated for June 1 ---------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Corporation Loyalty-I insolvent. Creditors have until June 1 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Post Office 57 050057 Almaty Kazakshtan Tel: 8 (3272) 37-03-31 HELP-ECOIL LLP: Claims Registration Ends June 1 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Help-Ecoil insolvent. Creditors have until June 1 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktube Kazakshtan Tel: 8 (3132) 21-30-32 JETYKARINSKAYA NEFTEBAZA: Claims Filing Period Ends June 13 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Jytykarinsk Oil Baze Jetykarinskaya Neftebaza insolvent. Creditors have until June 13 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakshtan KARACHAGANAKSTROYSERVICE LLP: Creditors' Claims Due June 13 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region has declared LLP Construction Company Karachaganakstroyservice insolvent. Creditors have until June 13 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of West Kazakhstan Region Saraishyk Str.19-92 Uralsk West Kazakhstan Kazakshtan Tel: 8 (3112) 50-02-73 KARAGANDA OIL: Creditors Must File Claims by June 1 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Omsk Karaganda Oil insolvent. Creditors have until June 1 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakshtan ORIGINAL LLP: Proof of Claim Deadline Slated for June 1 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Original insolvent. Creditors have until June 1 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Post Office 57 050057 Almaty Kazakshtan Tel: 8 (3272) 37-03-31 TOUR-SERVICE LLP: Claims Registration Ends June 1 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Tour-Service insolvent. Creditors have until June 1 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktube Kazakshtan Tel: 8 (3132) 21-30-32 =================== K Y R G Y Z S T A N =================== MOBILE TRANS: Creditors Must File Claims by June 20 --------------------------------------------------- LLC Mobile Trans Cargo Service (INN 00806200510078) has declared insolvency. Creditors have until June 20 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 90-06-24. =================== L U X E M B O U R G =================== GELDILUX-TS-2007: Moody's Puts Low-B Ratings to Two Note Classes ---------------------------------------------------------------- Moody's Investors Service has assigned these definitive ratings to six classes of asset-backed notes issued by Geldilux-TS-2007 S.A.: -- Aaa to the EUR4.5 million Secured Floating Rate Liquidity Notes due 2012; -- Aaa to the EUR2,024.4 million Class A Secured Floating Rate Notes due 2012; -- A2 to the EUR21 million Class B Secured Floating Rate Notes due 2012; -- Baa2 to the EUR21 million Class C Secured Floating Rate Notes due 2012; -- Ba2 to the EUR8.4 million Class D Secured Floating Rate Notes due 2012; and -- B2 to the EUR4.2 million Class E Secured Floating Rate Notes due 2012. Moody's has not rated the EUR21 million Class F Secured Floating Rate Notes due 2012. Geldilux-TS-2007 is the seventh securitization of loans extended under the Euro-Loan program of HVB Banque Luxembourg S.A. Geldilux-TS-2007 S.A. has issued the Class A to Class F for an amount equal to approx. EUR2.1 billion as well as the Liquidity Notes. The Class A to Class F Notes refinance the purchase price for the initial portfolio and these notes are backed by the receivables arising from the portfolio of short-term loans denominated in euros and granted by HVBL to medium-sized companies, small businesses and individuals in Germany pursuant to the Euro-Loan program. During a replenishment period of up to five years that is subject to certain early amortization triggers, the issuer will purchase further receivables from the seller. After the end of the replenishment period, the notes will be paid down in full sequential order. Interest on the notes will be paid quarterly throughout the replenishment period and monthly throughout any amortization period. Although the transaction is a "cash" transaction, a loss allocation mechanism, similar to synthetic transactions, is in place. Principal losses will be allocated to the notes in full reverse sequential order starting with the non-rated Class F Notes. In addition to the Class A to Class F Notes, which fund the purchase of the portfolio, the SPV issues the Liquidity Notes, which fund the issuer interest reserve. This reserve is not credit enhancement but only provides liquidity in case of time mismatches between the interest payment dates on the assets and the interest payment dates on the notes. The Liquidity Notes will be paid back by the interest reserve amount and no losses will be allocated to this note. According to Moody's, the ratings take account of, among other factors, the fact that HVBL (rated A2/P-1) is an experienced originator and servicer and has used ABS term financing in the past via the previous Geldilux transactions, where the performance of the securitized portfolios has been excellent to date. In addition, credit enhancement is provided by subordination, while liquidity is provided by the interest rate swap counterparty and the issuer interest reserve to cover any timing mismatches between the interest payment dates on the assets and the interest payment dates on the notes. The transaction also envisions specific triggers which, if hit, will stop the replenishment of the portfolio or which will trigger the notification of the assignment to the borrowers. The ratings address the expected loss posed to investors by the legal final maturity of the notes in September 2014. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the notes by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. ===================== N E T H E R L A N D S ===================== NEW WORLD: S&P Assigns BB- Ratings with Stable Outlook ------------------------------------------------------ Standard & Poor's Ratings Services assigned its 'BB-' long-term corporate credit rating to The Netherlands-based New World Resources B.V., a holding company for four wholly owned Czech Republic based subsidiaries active in coal and coke mining, coal transport, and gas and energy. The outlook is stable. NWR's main operating company is OKD A.S., a coal mining company, which in 2006 produced about 13.5 million tons of coal from its five mines. At the same time, we assigned a 'B' senior unsecured debt rating to NWR's proposed EUR300 million senior unsecured notes, reflecting a high proportion of structurally senior debt. "The ratings on NWR reflect the company's aggressive financial policy following the planned Czech Koruna 30 billion dividend payouts to shareholders in 2007, which increases the group's leverage substantially," said Standard & Poor's credit analyst Tobias Mock. "Other constraints are a limited track record as a consolidated group, as well as the company's likely participation in further acquisitions and expansion in pursuit of its growth strategy." S&P considers the business profile to be weak, reflecting the company's exposure to highly cyclical and capital intensive coal operations, which accounted for about 90% of the company's EBITDA in 2006. NWR also holds a 100% interest in OKD Doprava, OKK A.S., and some ancillary operations. Nevertheless, the company benefits from high-quality and higher value coke and the fact that about 60% of its total production is sold as coking coal to steel companies in long-term contracts. Coal prices are highly cyclical and dependent on the global demand-and-supply balance, albeit currently very well balanced, supporting favorable coal prices. Competition is somewhat regional, because transportation costs constitute a significant portion of the coal price. S&P expects solid coal prices and balanced supply and demand over the next few years will allow NWR to pursue its expansion plans and still maintain adequate cash flow protection ratios for the ratings. The ratings could be lowered if NWR fails to achieve adequate cash flow protection ratios, which could be triggered by a drop in coal prices, fierce competition from Polish mines, or significant acquisitions. A more conservative financial policy with no further dividend payouts and only moderate expansion plans with sustainable higher cash flow protection ratios would be positive for the ratings. ROYAL AHOLD: Fitch Lifts Ratings to BB+ on Foodservice Disposal --------------------------------------------------------------- Fitch Ratings upgraded the Issuer Default and senior unsecured ratings of Royal Ahold N.V. (nka Koninklijke Ahold N.V.) to 'BB+' from 'BB'. The Outlook on the Issuer Default rating remains Positive. Its Short-term rating is affirmed at 'B'. This rating action follows the announcement of the disposal of its US foodservice operation to a consortium led by Clayton, Dubilier & Rice Fund VII, L.P and Kohlberg Kravis Roberts & Co L.P. for US$7.1 billion. The deal is expected to close in H207. "The disposal fulfils Ahold's strategic review announced in November 2006 and enables the group to execute its strategy more effectively as a more focused food retailer," says Johnny Da Silva, Director in Fitch's European Retail Leisure Consumer Products team. "Disposal of other non-core businesses, a strengthening of the US food retail business and the details of a strategic plan to be implemented by the future CEO are key considerations for a further improvement in the ratings." In FY06 the group improved its financial profile with a lease- adjusted net debt/EBITDAR of 3.6x. Further improvements in financial ratios are expected after the disposal of the US foodservices operations. At FYE06, net debt reduced to EUR4.6 billion. Once the disposal is completed, approximately EUR3 billion are expected to be returned to shareholders and another EUR2 billion are expected to be applied to debt reduction. Fitch regards this as a balanced move in terms of evenly benefiting shareholders and bondholders. Excluding US foodservices, the group should generate pro forma sales of approximately EUR28 billion with a more balanced split between the US and Europe - the latter representing approximately 43% of group sales. With regards to the US retail operations, as at Q406, Stop&Shop and Giant Landover posted a like-for-like sales decline of 2% and 2.1% respectively. The group continues to implement its value improvement program aimed at repositioning the group in price and product offerings. The sales performance of Giant-Carliste/Top Arena was mixed with good growth sales trends at Giant-Carlisle but negative at Tops. In Europe, the Albert Heijn Dutch operations posted strong Q406 lfl sales growth of 9%. =========== N O R W A Y =========== GENERAL CABLE: Names Mark Thackeray Sr. VP of North American Ops ---------------------------------------------------------------- General Cable Corp. has appointed Mark A. Thackeray as Senior Vice President of North American Operations. The company also named appointed him to the Leadership Team. Mr. Thackeray, formerly Vice President of Supply Chain, will replace Larry E. Fast, who plans to retire from General Cable in June of 2007. Mr. Thackeray will report to Gregory B. Kenny, President and Chief Executive Officer of General Cable. "Over the past nine years since joining our Company, Larry Fast has built a superb Operations organization," Mr. Kenny said. "I would match our team against the best manufacturers in North America as evidenced by our strong plant performance and numerous INDUSTRYWEEK Best Plants awards over the past five years. Larry's vision for Manufacturing Excellence will continue to guide our operations team to even higher levels of performance." "Mark has proven to be an outstanding leader and has tackled numerous projects to bring manufacturing and logistics expertise to our operations all over the world," Mr. Kenny continued. "I look forward to many years of Mark's counsel and leadership, and his high expectations and execution of continuous improvement." Since joining General Cable in 2001, Mr. Thackeray has served as Vice President of Advanced Manufacturing Engineering, Vice President of Manufacturing for our Communications and Assembly plants, and most recently served as Vice President of Supply Chain. Mr. Thackeray holds a bachelor's degree in Industrial & Systems Engineering from the Georgia Institute of Technology and has a Master of Business Administration from Xavier University. He is also a certified Six Sigma Champion. Prior to joining General Cable in April 2001, he was President of Cincinnati Industrial Consulting, a consulting firm that specialized in operations and process improvement technology using Lean and Six Sigma methodologies. Mr. Thackeray was Vice President of R.D. Garwood Inc., a leading supply chain and operations consulting firm, from August 1996 through January 1998. He has also held numerous manufacturing operations and plant manager positions during his career, including serving as Operations Manager for Tomkins Industries. About General Cable Headquartered in Highland Heights, KY, General Cable Corp. -- http://www.generalcable.com/-- makes aluminum, copper, and fiber-optic wire and cable products. Brand names include Carol and Brand Rex. It also produces power cables, automotive wire, mining cables, and custom-designed cables for medical equipment and other products. The company also operates in France, Turkey, Spain, Portugal, Norway, China, Australia, New Zealand, Brazil, Angola, Dominican Republic, Mexico, and Canada. * * * In a TCR-Europe report on March 13, Moody's Investors Service assigned a rating of B1 to the proposed US$325 million senior unsecured notes of General Cable Corporation consisting of $125 million of floating rate notes and US$200 million fixed rate notes. Concurrently, Moody's affirmed all other ratings for this issuer. Moody's said the rating outlook remains stable. =========== R U S S I A =========== AZIA-AUTO LLC: Creditors Must File Claims by May 14 --------------------------------------------------- Creditors of LLC Azia-Auto have until May 14 to submit proofs of claim to: O. Khvoshnyanskiy Temporary Insolvency Manager Office 407 Lenina Pr. 89 454080 Chelyabinsk Russia The Arbitration Court of Chelyabinsk will convene at 10:00 a.m. on Aug. 8 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A76-1576/ 2007-36-39. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: LLC Azia-Auto Elkina Str. 78-A 454048 Chelyabinsk Russia BEER INDUSTRY: Court Starts Bankruptcy Supervision Procedure ------------------------------------------------------------ The Arbitration Court of Primorye commenced bankruptcy supervision procedure on OJSC Beer Industry of Primorye (TIN 2504001367). The case is docketed under Case No. A51-1485/ 2007 9-1. The Insolvency Manager is: V. Kosolapov Room 34 Sukhanova Str. 3 690001 Vladivostok Russia The Debtor can be reached at: OJSC Beer Industry of Primorye 2nd Shosseynaya Str. 1 Vesennyaya St. 690054 Vladivostok Russia BUILDING COMPANY 3: Creditors Must File Claims by May 14 -------------------------------------------------------- Creditors of OJSC Building Company 3 have until May 14 to submit proofs of claim to: V. Plashkin Temporary Insolvency Manager Office 2 Svobody Str. 58 Kudymkar 619000 Komi-Permyatskiy Russia The Arbitration Court of Perm will convene on Aug. 14 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. AZO-157-2007. The Court is located at: The Arbitration Court of Perm Lunacharskogo Str. 3 Perm Russia The Debtor can be reached at: OJSC Building Company 3 Svobody Str. 58 Kudymkar 619000 Komi-Permyatskiy Russia CONCERN ROBUR: Creditors Must File Claims by May 14 --------------------------------------------------- Creditors of CJSC Concern Robur have until May 14 to submit proofs of claim to: O. Matveeva Insolvency Manager Apartment 64 Building 1 Polotskaya Str. 29 121351 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-28258/06-101-266B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: O. Matveeva Insolvency Manager Apartment 64 Building 1 Polotskaya Str. 29 121351 Moscow Russia FINANCE LLC: Creditors Must File Claims by June 14 -------------------------------------------------- Creditors of declared LLC Omskaya Chemical Company Finance (TIN 5501074651) have until June 14 to submit proofs of claim to: D. Gindin Insolvency Manager Post User Box 5135 644010 Omsk Russia The Arbitration Court of Omsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-12668/2006. The Debtor can be reached at: D. Gindin Insolvency Manager Post User Box 5135 644010 Omsk Russia GAZPROMBANK OAO: Earns RUR14.8 Billion for First Quarter 2007 ------------------------------------------------------------- OAO Gazprombank released its financial results for the first quarter ended March 31, 2007, prepared according to Russian Accounting Standards. For the first quarter of 2007, Gazprombank reported a 170% year- on-year increase in net profit to RUR14.8 billion and a 120% year-on-year increase in pre-tax profit to RUR15.3 billion, RIA Novosti says. As of March 31, 2007, Gazprombank had RUR1.09 trillion in total assets. "The bank's profit growth is attributable both to the stable inflow of revenues from lending operations and its successful performance on the stock market, despite the stock market's volatility," Alexander Sobol, Gazprombank Deputy Chairman, was quoted by RIA Novosti as saying. About Gazprombank Headquartered in Moscow, Russian Federation, OAO Gazprombank -- http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom, offers services primarily to the gas industry. It offers syndicated loans, participation loans, factoring, lease financing, cash and settlement services, money transfers and credit cards. * * * Gazprombank carries Moody's Investors' Service's D financial strength rating. GROUP TITAN: Primorye Bankruptcy Hearing Slated for July 12 ----------------------------------------------------------- The Arbitration Court of Primorye will convene at 10:00 a.m. on July 12 to hear the bankruptcy supervision procedure on CJSC Group Titan. The case is docketed under Case No. A51-1146/ 2007 26-11B. The Temporary Insolvency Manager is: E. Teslenko Post User Box 109 690014 Vladivostok Russia The Debtor can be reached at: CJSC Group Titan Borisenko Str. 35 Vladivostok Russia GUBKINSKAYA BUILDING: Creditors Must File Claims by June 14 ----------------------------------------------------------- Creditors of LLC Gubkinskaya Building Company have until June 14 to submit proofs of claim to: I. Bodnar Insolvency Manager Post User Box 39 Pavement 3, 17 Promzona Gubkinskiy Tyumen 629830 Yamalo-Nenetskiy Russia The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A81-3208/2006. The Court is located at: The Arbitration Court of Yamalo-Nenetskiy Chubynina Str. 37A Salekhard Yamalo-Nenetskiy Autonomous Russia The Debtor can be reached at: LLC Gubkinskaya Building Company Promzona Gubkinskiy 629830 Yamalo-Nenetskiy Russia KADINSKOYE CJSC: Court Names A. Nikolskiy as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Smolensk appointed A. Nikolskiy as Insolvency Manager for CJSC Kadinskoye. He can be reached at: A. Nikolskiy Apartment 101 Building 1 Tsuryupy Str. 22 117418 Moscow Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-62-5778/2006 (1138-N/06). The Debtor can be reached at: CJSC Kadinskoye Apartment 1a Sotsialisticheskaya Str. 48 Pochinok Smolensk Russia MAKHALINO CJSC: Creditors Must File Claims by June 14 ----------------------------------------------------- Creditors of declared CJSC Agricultural Industrial Enterprise Makhalino have until June 14 to submit proofs of claim to: V. Lebedev Insolvency Manager Suvorova Str. 1-1 Bogoslovka 440528 Penza Russia The Arbitration Court of Penza commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A49-5795/2006-516B/10. The Court is located at: The Arbitration Court of Penza Belinskogo Str. 2 440600 Penza Russia The Debtor can be reached at: CJSC Agricultural Industrial Enterprise Makhalino Makhalino Kuznetskiy Penza Russia MAYSKOYE CJSC: Court Names A. Nikolskiy as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Smolensk appointed A. Nikolskiy as Insolvency Manager for CJSC Mayskoye. He can be reached at: A. Nikolskiy Apartment 101 Building 1 Tsuryupy Str. 22 117418 Moscow Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-62-5779/2006 (1137-N/06). The Debtor can be reached at: CJSC Mayskoye Bokhotovo Monastyrshinskiy Smolensk Russia MINERAL WATERS: Asset Bidding Deadline Slated for May 14 -------------------------------------------------------- LLC Leader-Region, the bidding organizer for OJSC Mineral Waters Of Kabardino-Balkariya, will open a public auction for the company's properties at noon on May 18 at: LLC Leader-Region Kabardinskaya Str. 151 Nalchik 360000 Kabardino-Balkariya Russia Interested participants have until May 14 to deposit an amount equivalent to 5% of the starting price to: OJSC Mineral Waters of Kabardino-Balkariya Settlement Account 40702810400000000860 Correspondent Account 301018104000000000257 BIK 044579257 CB Credit-Impex-Bank Moscow Russia Bidding documents must be submitted to: LLC Leader-Region Kabardinskaya Str. 151 Nalchik 360000 Kabardino-Balkariya Russia The Debtor can be reached at: OJSC Mineral Waters of Kabardino-Balkariya Kabardino-Balkariya Russia NORTH LLC: Creditors Must File Claims by May 14 ----------------------------------------------- Creditors of LLC North have until May 14 to submit proofs of claim to: V. Vinogradov Temporary Insolvency Manager 50 Let Profsoyuzov Str. 61 644065 Omsk Russia The Arbitration Court of Tyumen commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A-70-660/3-07. The Court is located at: The Arbitration Court of Tyumen Khokhryakova Str. 77 627000 Tyumen Russia The Debtor can be reached at: LLC North Melekhino Berdyuzhskiy 627451 Tyumen Russia RASPADSKAYA OJSC: Moody's Assigns Ba3 Currency Rating ----------------------------------------------------- Moody's Investors Service assigned a Ba3 foreign and domestic currency Corporate Family Rating to OJSC Raspadskaya, a coking coal producer located in the Kuzbass, Russia. In assigning a Ba3 CFR to Raspadskaya, Moody's has taken into account: (i) the company's large reserves (more than 70 years' remaining life at current production level) with significant proportion of scarce hard coking coal; (ii) its well invested asset base with over 50% expansion capex already completed, underpinning the good health & safety track record and reducing the risk of accidents and a temporary mine closure; (iii) favorable geographic location characterized by high demand and customer proximity that allows for premium prices and ensures high barriers to entry for other competitors; (iv) good customer relationships including long standing relationship with some of the domestic industry's largest steel companies, i.e. NLMK (rated Ba1), MMK (Ba2) and EVRAZ (Ba3, pos); (v) strong credit metrics and conservative financial policies, although currently benefiting from high coal prices; (vi) the company's high operating margins at levels far in excess of its peers, reflecting highly competitive cash production costs; (vii) significant in-house expertise in the exploration and design of mines; (viii) ability to produce high quality coal and to make further improvements in the product mix toward more scarce hard coal grades. In view of financial metrics, which already would indicate investment grade characteristics (EBIT margin at 33%, Debt /EBITDA at 1.7x, RCF/Net Debt of 38.3% at FYE 2006), any further upside rating pressure on the Ba3 rating remains limited largely by five factors: (i) Raspadskaya's business profile of a relatively small, single-product niche provider with a degree of concentration of both its 4 mines in one geographical area and also of its customers, although Moody's notes their strong relationship with and dependence on Raspadskaya, which is underpinned by its high grade coaking coal and close proximity to its customers; this should ensure a more stable demand in volume terms and also mitigates to a large extent the customer concentration, as the three largest customers accounted for 57% of total sales in 2006; (ii) Raspadskaya's exposure to the cyclicality of the coking coal market driven by the steel cycle, which is expected to lead to some weakening of its financial profile in the next downturn; (iii) significant transportation costs for Raspadksaya's exports given the land-locked location and reliance on Russian Railways which may result in bottlenecks limiting export potential; (iv) hazardous nature of coal mining with high risk of accidents which can disrupt production. An increased concern over safety standards of Russian coal producers due to the recent accidents, increased intensity of safety checks performed by state officials with a risk of production suspension until the completion of these checks; and (v) risk of execution of growth strategy given limited track record and tight mining market for equipment, geologists and skilled labor. These ratings have been assigned: -- LC Corporate Family Rating: Ba3 -- FC Corporate Family Rating: Ba3 The rating outlook is stable reflecting the expectation that the company will further benefit from organic growth and investments in efficiency and in production of high value-added product mix enabling it to bolster cash flows and strengthen debt protection measurements. Raspadskaya is Russia's second largest coking coal producer and is among the top 10 coking coal producers globally with coal production volume of 10.6 million tonnes in 2006. The company's production assets consist of 2 underground mines, one open-pit and a coal preparation plant, one more mine is currently under construction. All the assets are located in Kuzbass Basin (Kemerovo, Russia). The company is controlled by management and Evraz Group through equal stakes in Corber Enterprises Ltd. which holds an 80% stake in Raspadskaya. In 2006 the company reported revenue of US$469 million and US$242 of EBITDA based on audited consolidated financial statements. ROSNEFT OIL: Earns RUR213 Billion for Full Year 2006 ---------------------------------------------------- OAO Rosneft Oil Co. released it financial results for the year- and fourth quarter ended Dec. 31, 2006, and for the first quarter ended Mar. 31, 2007, all prepared according to Russian Accounting Standards. For 2006, Rosneft reported a 280% year-on-year increase in net profit to RUR213.2 billion, RIA Novosti says. For the fourth quarter 2006, the company posted a 23% increase in net profit to RUR136.3 billion, Analytical Information Agency reports. The company said the profit growth in the period reflects OAO Yukos Oil Co.' debts to Rosneft that were recognized in court rulings. As of Feb. 1, Yukos owes Rosneft RUR263.7 billion. For the first quarter of 2007, Rosneft reported RUR18.6 billion in net profit, compared with RUR23.3 billion in net profit for the same period in 2006, Interfax relates. As of March 31, 2007, Rosneft had RUR106 million in shareholders equity, divided into around 10.6 billion common shares, RosBusinessConsulting says. The company will release its 2006 results prepared according to U.S. GAAP on May 15. The company is the second largest Russian oil firm in terms of oil production capacity with 80.6 million tons of oil produced in 2006, AK&M says. Rosneft, however, recently won an auction to acquire Yukos' East Siberian assets for RUR177.7 billion. Kommersant suggests that following the auction, Rosneft has overtaken Lukoil in terms of oil production capacity. Lukoil produced 90 million tons of oil in 2006, while Rosneft, with Tomskneft, could produce up to 92 million tons. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://ns.roilcom.ru/english/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * In a TCR-Europe report on Mar. 23, Fitch Ratings notes that Rosneft's plans to borrow US$22 billion from a group of eight banks in two credit arrangements of US$13 billion maturing in 12 months and US$9 billion maturing in 18 months is currently incorporated into the company's local and foreign currency Issuer Default ratings of 'BB+' Rating Watch Positive. In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from CreditWatch, where it had been placed with positive implications on Nov. 15, 2006. S&P said the outlook is developing. SLAVYANSK-AGRO-KHIM: Creditors Must File Claims by June 14 ---------------------------------------------------------- Creditors of declared OJSC Slavyansk-Agro-Khim have until June 14 to submit proofs of claim to: A. Tsikunib Insolvency Manager Kommunisticheskaya Str. 32/2 385200 Adygeysk Russia The Arbitration Court of Krasnodar will convene at 2:15 p.m. on Oct. 2 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A-32-21916/2006-2/1923-B. The Court is located at: The Arbitration Court of Krasnodar Staroderevenkovskaya St. Krasnodar Russia The Debtor can be reached at: OJSC Slavyansk-Agro-Khim Proletarskaya Str. 201 Apsheronsk 352690 Krasnodar Russia TEXTILE LLC: Creditors Must File Claims by May 14 ------------------------------------------------- Creditors of LLC Textile have until May 14 to submit proofs of claim to: L. Prikhodko Insolvency Manager Post User Box 3077 Barnaul 656015 Altay Russia The Arbitration Court of Altay commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A03-15438/06-B. The Court is located at: The Arbitration Court of Altay Lenina Pr. 76 Barnaul 656015 Altay Russia The Debtor can be reached at: LLC Textile Barnaul Altay Russia URSA BANK: Fitch Affirms B IDR with Stable Outlook -------------------------------------------------- Fitch Ratings affirmed Russia-based JSC URSA Bank's (fka Sibacadembank) ratings at Issuer Default 'B' with a Stable Outlook, Short-term 'B', Individual 'D' and Support '5'. URSA's ratings reflect the credit and operational risks arising from the bank's very rapid ongoing and planned loan growth. They also reflect the bank's modest capitalisation and reliance on capital markets access to fund further capital increases, as well as the relatively high-risk Russian operating environment. At the same time, the ratings also consider URSA's strong and geographically more diversified franchise following the recent merger with Uralvneshtorgbank. In addition, they take into account the bank's sound performance, prudent liquidity management and low market-risk appetite. "Upward pressure on URSA's ratings could come from a substantial slowdown in its growth rates or a sustainable strengthening of its core capitalization, which, however, is not expected in the near term," notes Alexei Kechko, Associate Director of Fitch's Financial Institutions Group in Moscow. "Significant losses in unsecured retail lending not covered by loan loss reserves or excessive use of hybrids to support capitalization could weaken URSA's capital and result in downside for its ratings." URSA is a top 20 bank in Russia by assets and the largest independent regional bank with headquarters outside of Moscow. Its business is focused on lending to small/medium-sized companies and retail customers in Siberia and the Urals. Igor Kim and his two partners currently control the bank, with a combined 52% share. The EBRD and two other foreign owners have together a blocking 28% stake. YUZHINSKOYE CJSC: Creditors Must File Claims by June 14 ------------------------------------------------------- Creditors of CJSC Yuzhinskoye have until June 14 to submit proofs of claim to: V. Larichkin Insolvency Manager Apartment 2 Aviastroitelej, 4 Novosibirsk Russia The Arbitration Court of Novosibirsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-16023/06-54/433. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: CJSC Yuzhinskoye Yuzhino Kolyvanskiy Novosibirsk Russia ========= S P A I N ========= FTA SANTANDER: Fitch Junks EUR40 Million Class D Notes ------------------------------------------------------ Fitch Ratings assigned expected ratings to FTA Santander Consumer Spain Auto 07-1's auto loans-backed notes totaling EUR2.04 billion due in September 2022: -- EUR1.9 million Class A: 'AAA' -- EUR78 million Class B: 'A' -- EUR20 million Class C: 'BBB' -- EUR40 million Class D: 'CC' The final ratings are contingent on the receipt of final documents conforming to information already received. The expected ratings address the payment of interest on the notes as well as the repayment of principal by the legal final maturity date, according to the terms and conditions of the documentation. The Class D notes will be issued to finance the creation of the reserve fund at closing. The good performance of the Class D notes is subject to highly favorable conditions for the collateral backing the Class A to C notes, and therefore its expected rating is supported by the recovery rate that noteholders are likely to receive during the life of the transaction. The transaction is a true-sale securitization of auto loans originated in Spain by Santander Consumer, E.F.C., S.A, a wholly owned and fully integrated subsidiary of Santander Consumer Finance. This is the third auto loan securitization transaction to be brought to the market by SCF. In line with the preceding deal, this transaction has a revolving period after which the transaction will amortize initially on a sequential basis; the collateral to be securitized includes both new and used cars. The issuer will be legally represented and managed by Santander de Titulizacion S.G.F.T., S.A., a limited-liability company incorporated under the laws of Spain, whose activities are limited to the management of securitization funds. MBS BANCAJA: Moody's Junks EUR23.1 Million Series E Notes --------------------------------------------------------- Moody's Investors Service assigned definitive credit ratings to seven series of Bonos de Titulizacion de Activos to be issued by MBS Bancaja 4 Fondo de Titulizacion de Activos, a Spanish asset securitization fund that has been created by Europea de Titulizacion, S.G.F.T, S.A. Moody's has assigned these ratings: -- Aaa to the EUR300 million Series A1 notes; -- Aaa to the EUR1.18 billion Series A2 notes; -- Aaa to the EUR300 million Series A3 notes; -- Aa3 to the EUR30.5 million Series B notes; -- A3 to the EUR18.9 million Series C notes; -- Baa3 to the EUR18.5 million Series D notes; and -- Caa3 to the EUR23.1 million Series E notes. The ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal on Classes A1, A2, A3, B, C and D at par on or before the rated final legal maturity date, and for ultimate payment of interest and principal at par on or before the rated final legal maturity date on Class E. The ratings do not address the full redemption of the notes on the expected maturity date. According to Moody's, this deal benefits from several strengths, including: (1) reasonably low borrower concentration; (2) a reserve fund to cover potential shortfalls in interest or principal; (3) a 18-month artificial write-off mechanism; and (4) the fact that all the loans are secured by a first-lien mortgage guarantee. It is worth pointing out that the reserve fund will be funded with the benefits from the issuance of Series E notes. However, the transaction poses several challenging features, namely: (1) pro-rata amortization of the notes; (2) geographical concentration in the region of Valencia; (3) interest rate risk only partially hedged; and (4) the negative impact of the interest deferral trigger on the subordinated series. These increased risks were reflected in the credit enhancement calculation. As of February 2007, the provisional portfolio comprised 18,961 loans. The loans have been originated between 2000 and December 2006, with a weighted average seasoning of 1.21 year and a weighted average remaining term of 22.3 years. The longest loan matures in November 2046. The interest rate is floating for all the loans, all of them being referenced to Euribor/Mibor. The weighted average interest rate of the pool is 4.40% and the weighted average margin over the reference rate is 0.92%. All the loans are secured by a first-lien mortgage guarantee with a current loan-to-value lower than 100%, mainly based on residential properties. The total weighted average loan-to- value is 61.0% Moody's based the ratings primarily on: (i) an evaluation of the underlying portfolio of loans; (ii) historical performance information; (iii) the swap agreement partially hedging the interest rate risk; (iv) the credit enhancement provided through the GIC account, the pool spread, the reserve fund and the subordination of the notes; and (v) the legal and structural integrity of the transaction. ============= U K R A I N E ============= APSU LLC: Creditors Must Register Claims by May 17 -------------------------------------------------- Creditors of LLC Apsu (code EDRPOU 33608751) have until May 17 to submit written proofs of claims to: Sergey Moroz Liquidator P.O. Box 10068 61070 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-39/42-07. The Court is located at: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: LLC Apsu Darvin Str. 20 Kharkov Ukraine BUGGI LLC: Creditors Must Register Claims by May 17 --------------------------------------------------- Creditors of LLC Buggi (code EDRPOU 20587775) have until May 17 to submit written proofs of claim to: S. Gritsay Liquidator P.O. Box 38 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B 11/110-07. 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 Buggi Kiev Str. 94 Brovary Kiev Ukraine CARBAMIDE GUMS: Claims Filing Bar Date Set May 17 ------------------------------------------------- Creditors of CJSC Carbamide Gums (code EDRPOU 31487251) have until May 17 to submit written proofs of claim to: Vladimir Yurkiv Temporary Insolvency Manager Sechevie Streltsy Str. 19/23 Kalush Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. B-5/181. The Court is located at: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Debtor can be reached at: CJSC Carbamide Gums Industrial Str. 6 Kalush 77300 Ivano-Frankovsk Ukraine CONTRACT LLC: Creditors Must Register Claims by May 16 ------------------------------------------------------ Creditors of have until May 16 to submit written proofs of claim to: Irene Pchelintseva Liquidator LLC Agricultural Contract Schors Str. 10, ap. 48 14000 Chernigov Tel. (0462) 675-131 The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/108b. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Agricultural Contract Constitution Square 1 83000 Donetsk Ukraine DERGACHEV BREAD: Creditors Must Register Claims by May 16 --------------------------------------------------------- Creditors of OJSC Dergachev Bread Receiving Enterprise (code EDRPOU 22619438) have until May 16 to submit written proofs of claims to: Alexander Sniezhko Liquidator 40 Years of October Str. 126 03127 Kiev Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-19/65-07. The Court is located at: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: OJSC Dergachev Bread Receiving Enterprise 50 Years of VLKSM Str. 2 Dergachi 62300 Kharkov Ukraine DRONGO LLC: Creditors Must Register Claims by May 16 ---------------------------------------------------- Creditors of LLC Drongo (code EDRPOU 33007689) have until May 16 to submit written proofs of claim to: O. Scherban Liquidator P.O. Box 157 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 164/14b-06. 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 Drongo Kurguzov Str. 2, ap. 65 Vyshgorod 07300 Kiev Ukraine GARANT LLC: Claims Filing Bar Date Set May 16 --------------------------------------------- Creditors of LLC Garant have until May 16 to submit written proofs of claim to: Artem Stupak Temporary Insolvency Manager Bielozerskoe Pivdenna Str. 3/14 85013 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 27/21B. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Garant Artem str. Nikanorovka Dobropolye District 85053 Donetsk Ukraine KALUSH BUILDING: Creditors Must Register Claims by May 17 --------------------------------------------------------- Creditors of OJSC Kalush Building Administration of Mechanization (code EDRPOU 01272446) have until May 17 to submit written proofs of claim to: Oleg Savchuk Liquidator V. Stus Str. 9, ap. 39 76008 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-11/162-3/331. The Court is located at: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Debtor can be reached at: OJSC Kalush Building Administration of Mechanization B. Khmelnitsky Str. 103 Kalush Ivano-Frankovsk Ukraine NOVOTROITSKOE LLC: Creditors Must Register Claims by May 17 ----------------------------------------------------------- Creditors of Agricultural LLC Novotroitskoe (code EDRPOU 30869244) have until May 17 to submit written proofs of claim to: Andrew Maksimov Liquidator P.O. Box 85 01030 Kiev Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: Agricultural LLC Novotroitskoe Novotroitskoe Dobropolye District 85019 Donetsk Ukraine UKRAINA BANK: Yuschenko Approves Extending Liquidation to 2009 -------------------------------------------------------------- Ukraine President Viktor Yuschenko has signed a law extending the liquidation of JSC Ukraina Bank until Jan. 1, 2009, The Financial Times reports, citing Interfax as its source. According to the report, the law comes into force from the day it is published. The bill, adopted by the Verkhovna Rada on March 20, outlines the procedure for paying UAH821.8 million owed to creditors. President Yuschenko was deputy and then first deputy of Ukraina Bank's board chairman from 1990 to 1993. About Ukraina Bank Headquartered in Kyiv, Ukraine, Ukraina Bank -- http://www.krid.crimea.ua/-- encountered financial troubles that began in 1998. On July 16, 2001, the National Bank of Ukraine cancelled its banking license and started liquidation proceedings. UKRAINA BANK: Liquidator Receives UAH429,000 in March ----------------------------------------------------- Ukraina Bank's liquidator received in March a total of UAH384,000 in repaid credits and UAH45,000 from sales of the bank's property, The Financial Times reports, citing Interfax as its source. The TCR-Europe reported on April 9 that the liquidator had paid a total of UAH805.32 million to the insolvent bank's first, second, and third line creditors, including UAH200.55 million given to individual depositors and UAH604.77 million shelled out to businesses. About Ukraina Bank Headquartered in Kyiv, Ukraine, Ukraina Bank -- http://www.krid.crimea.ua/-- encountered financial troubles that began in 1998. On July 16, 2001, the National Bank of Ukraine cancelled its banking license and started liquidation proceedings. UKRAINIAN TECHNICAL: Creditors Must Register Claims by May 17 ------------------------------------------------------------- Creditors of CJSC Ukrainian Technical Service (code EDRPOU 30486194) have until May 17 to submit written proofs of claim to: Alexander Tereschenko Liquidator Independency Square 1-B 36003 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 10/11-7/59. The Court is located at: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Debtor can be reached at: CJSC Ukrainian Technical Service Krasnoarmeyskaya Str. 3 36000 Poltava Ukraine ZMIEV BREAD: Creditors Must Register Claims by May 16 ----------------------------------------------------- Creditors of OJSC Zmiev Bread Receiving Enterprise (code EDRPOU 00956483) have until May 16 to submit written proofs of claims to: Alexander Sniezhko Liquidator 40 Years of October Str. 126 03127 Kiev Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-19/66-07. The Court is located at: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: OJSC Zmiev Bread Receiving Enterprise 50 Years of Komsomol Str. 61 Zmiev 63400 Kharkov Ukraine =========================== U N I T E D K I N G D O M =========================== ALL AMERICAN: Bankruptcy Court Approves First Day Motions --------------------------------------------------------- All American Semiconductor, Inc. disclosed the approval of its first day motions by the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division. The company received approval of first day motions seeking relief to enable the company to continue operations during the Chapter 11 process, including debtor-in-possession financing from its existing bank group, and the payment of prepetition, employee-related and certain customer obligations. In addition, All American received Bankruptcy Court approval of bidding procedures for an auction sale of its businesses as a going concern to be completed no later than June 8, 2007. The Court approved interim DIP financing of up to $13 million, which is expected to provide the company with sufficient liquidity to continue operations during the Chapter 11 case and is based on a budget agreed upon with the bank group. The final hearing on DIP financing is scheduled to be held on May 17, 2007. "We are pleased with this outcome," Bruce Goldberg, President and CEO of All American, said. "The Court's approval of our motions allows All American to continue as a going concern as we work towards an auction sale of the business." The approved sale process provides for interested purchasers to complete due diligence and submit binding bids by May 28, 2007, with the auction scheduled for May 31 at the Miami offices of the company's counsel, Squire, Sanders & Dempsey, L.L.P. The hearing to approve a sale to the highest bidder at the auction is scheduled for June 5, 2007, with the sale closing no later than June 8. Prior to the company's bankruptcy filing on April 25, 2007, it signed a nonbinding letter of intent with a potential purchaser of substantially all of the company's and its subsidiaries' assets. The company advised the Bankruptcy Court that it is actively negotiating a binding purchase agreement with this party to become the stalking horse for the sale. In the event such an agreement is reached, specific stalking horse protections, including a breakup fee, will be subject to the approval of the DIP lenders and the Bankruptcy Court. In addition, a sale to the highest bidder at the auction will also require the approval of the Bankruptcy Court. The Chapter 11 filing included the company's 33 subsidiaries in the United States, Canada, Mexico, Europe and Asia. All American determined to file for relief under Chapter 11 after extensively exploring and carefully evaluating all of its options. All American believes that the Chapter 11 process provides the best alternative for maximizing the value of the company for the benefit of its stakeholders including suppliers, customers and employees. About All American Semiconductor Headquartered in Miami, Florida, All American Semiconductor Inc. (Pink Sheets: SEMI.PK) -- http://www.allamerican.com/-- is a distributor of electronic components manufactured by others. The company distributes a full range of semiconductors including transistors, diodes, memory devices, microprocessors, microcontrollers, other integrated circuits, active matrix displays and various board-level products. All American also distributes passive components such as capacitors, resistors and inductors; and electromechanical products such as power supplies, cable, switches, connectors, filters and sockets. The company also offers complete solutions for flat panel display products. In total, the company offers approximately 40,000 products produced by approximately 60 manufacturers. The company has 36 strategic locations throughout North America and Mexico, as well as operations in both Asia and Europe. The company and its debtor-affiliates filed for Chapter 11 on April 25, 2007 (Bankr. S.D. Fla. Lead Case No. 07-12963). Tina M. Talarchyk, Esq., at Squire Sanders & Dempsey LLP, in West Palm Beach, Florida, represents the Debtors. As of Feb. 28, 2007, total assets was $117,634,000 and total debts was $106,024,000. BARKER INTERIORS: Hires Liquidators from Moore Stephens ------------------------------------------------------- David R. Elliott and Simon G. Paterson of Moore Stephens LLP were appointed joint liquidators of Barker Interiors Ltd. on April 21 for the creditors' voluntary winding-up proceeding. Moore Stephens -- http://www.moorestephens.co.uk/-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its U.K. network comprises over 1,400 partners and staff. The company can be reached at: Barker Interiors Ltd. Chester Hall Lane Basildon SS14 3DA England Tel: 01268 293 671 Fax: 01268 530 093 BEND IT: Creditors' Meeting Slated for May 15 --------------------------------------------- Creditors of The Bend It Shape It Company Ltd. will meet at 11:00 a.m. on May 15 at: Marriott Gosforth Park Hotel Gosforth Park Newcastle upon Tyne 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 May 11 at: Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS England BIRCH HALL: Creditors' Meeting Slated for May 15 ------------------------------------------------ Creditors of Birch Hall Quarries Ltd. will meet at 11:00 a.m. on May 15 at: Unity Business Services LLP Unity House Clive Street Bolton BL1 1ET England Creditors who want to vote at the meeting have until noon on May 14 to submit their proxy forms together with particulars of their claims or of any security at the said address. M. C. Bowker of Unity Business Services LLP will furnish creditors with information concerning the company's affairs free of charge during the period before the day of the meeting as they may reasonably require. BLUESTONE SECURITIES: Fitch Puts BB Ratings on Class D Notes ------------------------------------------------------------ Fitch Ratings assigned expected ratings to Bluestone Securities 2007-01's GBP460 million mortgage-backed floating-rate notes due in 2044: -- GBP138 million Class A1 notes: 'AAA' -- GBP242.42 million Class A2 notes: 'AAA' -- GBP78.2 million Class Az notes: 'AAA' -- GBP43.47 million Class B notes: 'A' -- GBP19.78 million Class C notes: 'BBB' -- GBP8.51 million Class D notes: 'BB' The final ratings are contingent upon the receipt of final documents conforming to information already received. This is Bluestone's fourth issuance from the shelf that it established in December 2004 for the purpose of securitizing non-conforming residential mortgage loan portfolios purchased by Redstone Mortgages plc from third-party originators in the UK. Like the previous issue, the underlying collateral is originated by Amber Homeloans - a wholly owned subsidiary of Skipton Building Society and Beacon Homeloans. The expected ratings for this series are based on the quality of the collateral, the available credit enhancement, the underwriting and origination processes of Amber Homeloans and Beacon Homeloans and the servicing capabilities of Homeloan Management Ltd as primary servicer and the sound legal structure of the transaction. The 18.30% credit enhancement for the Class A1 and A2 notes will be provided by the subordination of the Class Az, Class B, Class C and Class D notes, and an initial and target reserve fund of 1% of the initial note balance. To determine appropriate credit enhancement levels, Fitch analyzed the collateral using its UK Residential Mortgage Default Model, dated 5 February 2007. The agency also modeled cash flows using the results of the default model, with structural stresses including various prepayment and interest rate scenarios. The cash-flow tests showed that each Class of notes could withstand loan losses at a level corresponding to the related stress scenario without incurring any principal loss or interest shortfall and can retire principal by legal final maturity. BRIAN JOHNSON: Creditors' Meeting Slated for May 14 --------------------------------------------------- Creditors of Brian Johnson (Building Contractors) Ltd. will meet at 11:00 a.m. on May 14 at: Unity Business Services LLP Unity House Clive Street Bolton BL1 1ET England Creditors who want to vote at the meeting have until noon on May 12 to submit their proxy forms together with particulars of their claims or of any security at the said address. M. C. Bowker of Unity Business Services LLP will furnish creditors with information concerning the company's affairs free of charge during the period before the day of the meeting as they may reasonably require. BRITISH SKY: Earns GBP388 Million in Nine Months Ended March 31 --------------------------------------------------------------- British Sky Broadcasting Group PLC released unaudited financial results for the nine months ended March 31, 2007. BSkyB reported GBP388 million in net profit against GBP3.4 billion in revenues for the nine months ended March 31, 2007, compared with GBP425 million in net profit against GBP3.1 billion in revenues for the same period in 2005. "Customer response to our 'See, Speak, Surf' campaign has been very encouraging. Total sales of our TV, broadband and telephony products surpassed one million for the second consecutive quarter and now exceed three million in the year to date, an increase of more than 50% on the prior year and almost double that of two years ago," James Murdoch, BSkyB Chief Executive, said. "In just eight months, Sky Broadband has passed the milestone of 500,000 customers who are enjoying fast speeds, wireless access and significant savings. Our network now reaches over 60% of U.K. homes and we are on track for our goal of more than 700,000 broadband customers by the end of June. "Our investments in customer service, value and quality are driving more customers to choose more services from Sky than ever before. "Changes to our retention and acquisition strategy are delivering valuable benefits to the quality and profitability of our business. We are delivering on our multi-product strategy and customers are responding in record numbers." About BSkyB Headquartered in Isleworth, England, British Sky Broadcasting Group PLC -- http://www.sky.com/-- is the holding company of the British Sky Broadcasting group of companies. British Sky Broadcasting Group plc and its subsidiaries operate the pay television broadcast service in the United Kingdom and Ireland. The Company acquires programming to broadcast on its channels and supplies certain of those channels to cable operators for them to retransmit to their subscribers in the United Kingdom and Ireland. It retails channels (both its own and third parties) to direct-to-home subscribers and to a limited number of digital subscriber line subscribers. The Company also makes three of its channels available via the United Kingdom free-to- air digital terrestrial television platform, which markets itself under the brand Freeview. At Dec. 31, 2006, the Groups' balance sheet showed GBP4.1 billion in total assets, GBP4.3 billion in total liabilities, and GBP145 million in stockholders' deficit. The Group's Dec. 31 balance sheet also showed strained liquidity with GBP1.8 billion in total currents assets available to pay GBP2.2 billion in total liabilities coming due within the next 12 months. BRIXTON ONLINE: Joint Liquidators Take Over Operations ------------------------------------------------------ Peter Robin Bacon and Carl Derek Faulds of Portland Business & Financial Solutions Ltd. were appointed joint liquidators of Brixton Online Ltd. (formerly Brixton On-Line Ltd.) on April 25 for the creditors' voluntary winding-up proceeding. The company can be reached at: Brixton Online Ltd. Eurolink Business Centre 49 Effra Road Lambeth London SW2 1BZ England Tel: 020 7274 2888 Fax: 020 7274 2666 CASTLE COURIERS: Creditors' Meeting Slated for May 15 ----------------------------------------------------- Creditors of Castle Couriers Ltd. will meet at 10:15 a.m. on May 15 at: Vantis Business Recovery Services Judd House 16 East Street Tonbridge Kent TN9 1HG England Creditors who want to vote at the meeting have until noon on May 14 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 May 11 and May 14. CLAVIS SECURITIES: Fitch Rates Series 2007-01 B2 Notes at BB ------------------------------------------------------------ Fitch Ratings assigned expected ratings to Clavis Securities Plc Series 2007-01 GBP556.8 million-equivalent mortgage-backed floating-rate notes: -- GBP-equivalent 136.4 million Class A1 notes due 2032: 'AAA' -- GBP-equivalent 91.4 million Class A2 notes due 2032: 'AAA' -- GBP-equivalent 229.1 million Class A3 notes due 2032: 'AAA' -- GBP-equivalent 35 million Class AZ notes due 2032: 'AAA' -- GBP-equivalent 22.6m Class M1 notes due 2040: 'AA' -- GBP-equivalent 20 million Class M2 notes due 2040: 'A' -- GBP-equivalent 14.3 million Class B1 notes due 2040: 'BBB' -- GBP-equivalent 8.1 million Class B2 notes due 2040: 'BB' The final ratings are contingent on the receipt of final documents conforming to information already received. The expected ratings are based on the quality of the collateral, available credit enhancement, the underwriting criteria of GMAC- RFC, primary servicing capabilities of Specialist Mortgage Services Limited and the special servicing capabilities of Basinghall Finance Plc and the sound legal structure of the transaction. Credit enhancement for the Class A1, A2 and A3 notes totals 18.66% and will be provided by the subordination of the Class AZ, Class M1, Class M2 Class B1, Class B2 and an initial reserve fund of 0.7% (GBP3.9 million) of the initial issue size. The reserve fund is expected to increase to a target amount of 0.85%. To determine appropriate credit enhancement levels, Fitch analyzed the collateral using its UK Residential Mortgage Default Model, dated 5 February 2007. The agency also modeled cash flows using the results of the default model with structural stresses including various prepayment and interest rate scenarios. The cash flow tests showed that each Class of notes could withstand loan losses at a level corresponding to the related stress scenario without incurring any principal loss or interest shortfall and can retire principal by legal final maturity. COMPLETE PROCESSING: Names Paul James Fleming Liquidator -------------------------------------------------------- Paul James Fleming of Parkin S. Booth & Co. was appointed liquidator of Complete Processing Ltd. on April 24 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: Complete Processing Ltd. Cawdor Street Farnworth Bolton BL4 7JA England Tel: 01204 604 139 Fax: 01204 701 871 FENNY TOOL: Claims Filing Period Ends May 31 -------------------------------------------- Creditors of Fenny Tool Hire Ltd. have until May 31 to send in their full names, their addressed and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Phillip A. Roberts Liquidator Sterling Ford Centurion Court 83 Camp Road St. Albans Hertfordshire AL1 5JN England The company can be reached at: Fenny Tool Hire Ltd. Simpson Road Bletchley Milton Keynes MK1 1BB England Tel: 01908 646 666 Fax: 01908 630 215 GEORGICA PLC: Earns GBP855,000 in 13 Weeks Ended April 1, 2007 -------------------------------------------------------------- Georgica plc released unaudited financial results for the 13 weeks ended April 1, 2007. Georgica reported GBP855,000 in net profit against GBP35.4 million revenues for the 13 weeks ended April 1, 2007, compared with GBP1.4 million in net profit against GBP34.9 million in revenues for the same period in 2005. At April 1, 2007, the company's balance sheet showed GBP226.7 million in total assets, GBP136 million in total liabilities, and GBP90.6 million in stockholders' equity. The company's balance sheet at April 1, 2007, also showed strained liquidity with GBP22.8 million in total current assets available to pay GBP28.4 million in total liabilities coming due within the next 12 months. Operational Review Good progress has been made in relation to the proposed demerging of Georgica into two wholly separate listed businesses, Rileys and Tenpin. All necessary regulatory consents have been obtained. The required internal reorganization has now been completed. Discussions are at an advanced stage regarding future bank finance and with parties interested in purchasing and leasing back the majority of Georgica's freehold and long leasehold properties. The demerger will proceed immediately such financing arrangements are complete. Provision has been made in the quarter under review for GBP1 million of demerger costs. As previously disclosed, trading conditions in the first quarter of the year were challenging. Same outlet sales in Tenpin and Rileys were down 0.3% and 4.1% respectively. Trading in Scotland improved slightly relative to England and Wales when compared to the preceding quarter. The smoking ban was in force in the first quarter of 2007 but not in the first quarter of 2006. Several marketing and cost reduction initiatives have been introduced to improve profitability. Total sales for the 13 weeks ended 1st April were up 1.5% when compared to sales with the prior year 13 week period ended on April 2. This resulted in EBITDA of GBP7.4 million for the period which was flat when compared to the prior year. In the first three months of the year, a further 113 clubs introduced low stakes poker games, increasing the total number of venues at which poker is played to 128. Enhancements to the Rileyspoker.com website operated by 888 are expected to be completed by the end of June, however it is already attracting an increasing number of players. The initial financial results for poker have been encouraging; poker is already delivering an annualized uplift in EBITDA estimated to be in the region of GBP800,000. The installation of enhanced IT systems in both Rileys and Tenpin is progressing well. At Rileys, such systems are expected to be operating before the year end. At Tenpin, the first of such enhanced systems are already operating and contributing satisfactorily to profitability. The online yield management booking system at Tenpin is currently being tested. Since February, sites for a further two bowls and two cue sports businesses have been contracted. Georgica has now added or contracted to add 22 Rileys and 11 bowls since July 2005. The redevelopment of certain of Georgica's freehold and long leasehold properties is moving forward satisfactorily. To date, GBP18 million has been released at a cost of GBP300,000 EBITDA foregone. Currently, your board anticipates that this program will be completed prior to the end of 2008. When taken together with the proposed sale and leaseback of the remaining freehold and long leasehold properties, your board currently anticipates realizing a further sum from property disposals somewhat greater than Georgica's total existing net borrowings which, at April 30, amounted to GBP92 million. Recent trading has been disappointing having suffered from regulatory change and unseasonably high temperatures. However, the board believes that the changes currently being implemented to the business and corporate structure will ensure enhanced returns to shareholders in the foreseeable future. About Georgica plc Headquartered in London, England, Georgica plc provides leisure activities, including pool and snooker clubs (cue sports), ten pin bowling centers and the operation of franchised restaurants. * * * As reported in the TCR-Europe on Dec. 4, 2006, Moody's Investors Service changed the rating outlook for Georgica Plc to negative (from stable). Ratings affected: Georgica plc -- CFR at B2; and -- Sr. Second Priority Notes due 2012 at Caa1. Standard & Poor's Ratings Services lowered its long-term corporate credit rating on U.K. leisure group Georgica PLC to 'CCC+' from 'B-' and placed the rating on CreditWatch with negative implications, reflecting the rating agency's concerns about the company's increased leverage and the forthcoming smoking bans in England and Wales. At the same time, Standard & Poor's lowered its debt rating on Georgica's GBP60 million senior secured second-lien floating- rate notes due 2012 to 'CCC' from 'CCC+' and also placed this rating on CreditWatch with negative implications. GEORGICA 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, the rating agency confirmed its B2 Corporate Family Rating for Georgica Plc. 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 ---------- ------- ------- ------ ---------- Senior Secured Regular Bond/ Debenture Due 2012 Caa1 Caa1 LGD5 77% 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 London, United Kingdom, Georgica Plc provides leisure activities, including pool and snooker clubs, ten pin bowling centers and the operation of franchised restaurants. KFA SOUND: Names Liquidators to Wind Up Business ------------------------------------------------ Richard Frank Simms and Martin Richard Buttriss were appointed joint liquidators of KFA Sound Design & Construction Ltd. on April 24 for the creditors' voluntary winding-up procedure. The company can be reached at: KFA Sound Design & Construction Ltd. Unit 24 Baldock Industrial Estate London Road Baldock SG7 6NG England Tel: 01462 896 444 Fax: 01462 491 999 MEDICLEAN CORP: Appoints Michael C. Kienlen as Liquidator --------------------------------------------------------- Michael C. Kienlen of Armstrong Watson was appointed liquidator of The Mediclean Corporation Ltd. on April 19 for the creditors' voluntary winding-up proceeding. The company can be reached at: The Mediclean Corporation Ltd. The Moorings Waterside Industrial Park Waterside Road Leeds LS10 1DG England Tel: 01423 712 525 RANK GROUP: Achieves 3% Like-For-Like Revenue Growth in April ------------------------------------------------------------- The Rank Group Plc provides trading update for the 16 weeks to April 22, 2007. Rank has made a solid start to its first year as a focused gaming business with like-for-like revenue up 3% for the first 16 weeks. This reflects like-for-like revenue growth at Grosvenor Casinos, Top Rank Espana and Blue Square and a modest decline at Mecca Bingo, against the comparable period in 2006. This revenue performance, together with the cost-saving initiatives disclosed in September last year, has led to an increase in group profits in the year to date. Like-for-like (adjusted for club openings, Revenue disposals & closures) Total ------- --------------------- ----- Mecca Bingo (1)% (4)% Top Rank Espana 2% 2% Grosvenor Casinos 3% (1)% Blue Square 40% 40% Total Group 3% 0% Mecca Bingo Mecca Bingo like-for-like revenue was 1% lower than in the same period in 2006, with spend per head increasing by 6% and admissions declining by 7%. In England and Wales, Mecca Bingo's like-for-like clubs generated 1% growth in revenue with increases in spend per head off-setting lower admissions. This pattern was due in part to Rank's decisions both to reduce free bingo and to not replicate a number of frequency-based promotions (operated in the comparable period in 2006), which resulted in a decline in low- spend admissions. On March 26, the Group passed the anniversary of the Scottish ban on smoking in enclosed public places. For the first 12 months of the smoking ban, revenue from its Mecca Bingo clubs in Scotland declined by 17% on a like-for-like basis, with admissions down 10% and spend per head down 7%. During the winter months spend per head recovered to near pre-ban levels but admissions were affected adversely. In April 2007, the Group opened at Mecca Bingo in Dundee its first sheltered outdoor gaming area. It is seeking to extend this type of amenity across a large number of its Mecca Bingo clubs. Top Rank Espana A slight increase in revenue from Top Rank Espana, Rank's Spanish bingo business, demonstrated progress in overcoming the effects of the partial smoking ban that was phased in during 2006. Grosvenor Casinos Grosvenor Casinos grew revenue by 3% on a like-for-like basis, with admissions down by 6% and spend per head increasing by 10%. These figures in part reflect Rank's decision to end the frequency-based promotions that were a feature in the first- quarter of 2006. The Group remains pleased with the growth in new members and the underlying admissions performance. In March 2007, Grosvenor was granted a license to operate a casino in Southend-on-Sea, Essex. The Group has now been granted nine new casino licenses in total. Blue Square Blue Square, Rank's interactive gaming and betting business, continued its excellent recent progress, growing revenue by 40% in the period. This performance was driven primarily by online gaming products, with meccabingo.com performing particularly well. Sportsbook also enjoyed a buoyant start to the year. Headquartered in London, United Kingdom, Rank Group PLC -- http://www.rank.com/-- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * As reported in the TCR-Europe on April 24, Moody's Investors Service downgraded to B2 (from Ba3) the debt ratings of the US$100-million guaranteed notes due 2008 and US$14.3-million guaranteed notes due 2018 at Rank Group Finance Plc. According to the Loss Given Default methodology, Moody's has also assigned: -- a probability of default rating of Ba3 to the corporate family; and -- an LGD assessment of LGD5 and an LGD rate of 84% to the 2008 and 2018 notes. The Ba3 corporate family rating and Negative outlook are not affected. Affected ratings are as follows: -- A probability of default rating of Ba3 has been assigned to Rank. -- The rating on the US$100 million Guaranteed notes due 2008 at Rank Group Finance (guaranteed by Rank) downgraded to B2 from Ba3. An LGD5 and 84% LGD rate has been assigned. -- The rating on the US$14.3 million Guaranteed notes due 2018 at Rank Group Finance (guaranteed by Rank) downgraded to B2 from Ba3. An LGD5 and 84% LGD rate has been assigned. At the same time, Standard & Poor's Ratings Services revised its outlook on U.K.-based gaming company The Rank Group PLC to negative from stable. At the same time, the 'BB-' long-term and 'B' short-term corporate credit ratings were affirmed. In December 2006, Fitch Ratings affirmed The Rank Group Plc's Issuer Default ratings at B+ with Negative Outlook, senior unsecured rating at B+ and Short-term rating at B. The ratings are simultaneously withdrawn. SCHEFENACKER PLC: Bondholder Deal Rids EUR200 Million Debt ---------------------------------------------------------- Schefenacker Plc has successfully concluded its refinancing after bondholders have agreed to the modified refinancing proposal presented on April 5. "A resolution was passed which effectively removes EUR200 million of debt from the balance sheet and significantly reduces the amount of our cash that has to be used to pay interest. This result is a massive step along the way to restoring the groups' finances and allows us to refocus on the development of our business," said Stephen Taylor, CEO of Schefenacker. As a result of the refinancing, senior creditors now holding 70 percent of the Group's equity have agreed to a substantial reduction of their cash interest payments and have also contributed EUR35 million of fresh money to the company. Bondholders have agreed to exchange their Bond against a EUR7.5 million cash payment, a five-percent equity stake and additional warrants that if exercised could increase that stake to around 15 percent. Dr. Alfred Schefenacker has contributed EUR20 million of fresh money and his personal equity stake in Schefenacker-subsidiary Engelmann. In addition Dr. Schefenacker has cancelled over EUR100 million of shareholder loans and will retain 25 percent of the Group's equity. Schefenacker's main customers have expressed their support to the refinancing and new shareholder structure. "I would specifically like to thank our customers and our employees who have supported the management in the difficult negotiations over the past months", said acting CEO Stephen Taylor. "Together we have kept the company on track and set a restructuring pace that is already showing effect in a solid first quarter performance." About Schefenacker Headquartered in Hampshire, United Kingdom, Schefenacker Plc (fka Schefenacker AG) -- http://www.schefenacker.com/-- develops, produces and supplies rear vision systems, lighting systems and sound systems to the world's automotive manufacturers. The company employs 7,900 people and operates 27 sites in Australia, China, France, Hungary, India, Japan, Korea, Mexico, Romania, Slovenia, Spain, the United Kingdom, and the U.S.A. * * * As reported in the TCR-Europe on Feb. 15, Moody's Investors Service downgraded the Corporate Family Rating of Schefenacker AG to Ca from Caa2, the rating on the company's senior subordinated notes to C from Ca and the rating for the senior secured facility from Caa1 to Caa2. Moody's said the outlook has been changed to stable. In December 2006, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on German automotive parts supplier Schefenacker AG to 'SD' (selective default) from 'CCC'. At the same time, the rating was removed from CreditWatch, where it had been placed with negative implications on Sept. 12, 2006, following the company's announcement that it had appointed financial-restructuring experts. S&P said the 'C' long-term debt rating on the Schefenacker's EUR200-million subordinated notes maturing in 2014 remains on CreditWatch with negative implications. SOLUTIA INC: Court Rules Bonds Doesn't Have Lien on Assets ---------------------------------------------------------- Solutia Inc. disclosed that the Honorable Prudence Carter Beatty of the U.S. Bankruptcy Court for the Southern District of New York has issued a ruling in the company's favor in the JPMorgan bondholder litigation. The judge found that Solutia's 7.375% notes due Oct. 15, 2027, and its 6.72% notes due Oct. 15, 2037, are not entitled to a lien on any of Solutia's assets and therefore should be treated like all of the other unsecured creditors. "The company is pleased to have its position sustained by the court and this decision clarifies an important legal issue concerning the status of one of the company's major creditor constituents that will allow for Solutia to emerge from bankruptcy," Jeffry N. Quinn, chairman, president and chief executive officer of Solutia, said. "The company's priority remains to maximize the value of the estate for all stakeholders and the company looks forward to filing a revised Plan of Reorganization shortly," Mr. Quinn added. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003, (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. On Feb. 14, the Debtors' filed their chapter 11 plan of reorganization and disclosure statement explaining that plan. Their exclusive period to file a chapter 11 plan expires on July 30, 2007. SOLUTIA INC: Completes Purchase of Akzo Nobel's Flexsys Stake ------------------------------------------------------------- Solutia Inc. has completed its purchase of Akzo Nobel N.V.'s 50% interest in Flexsys. Effective, Wednesday, May 2, it became a wholly owned subsidiary of Solutia. As reported in the Troubled Company Reporter on Dec. 20, 2006, Solutia Inc. has reached an agreement in principle to purchase Akzo Nobel's stake in Flexsys well as Akzo Nobel's Crystex, a "non-blooming vulcanizing agents for unsaturated elastomers" business in Japan. Solutia funded the purchase through a combination of sources, including a portion of its new debtor-in-possession financing package. Flexsys became the fourth major platform in Solutia's business portfolio, joining Performance Products which consists of Saflex(R) laminated glass interlayers and specialty chemicals, CPFilms(R) aftermarket window films, and an integrated family of nylon products. "Solutia's businesses are world leaders in their markets, and Flexsys is the world leader in rubber chemicals. This truly global business will become an integral part of Solutia," Jeffry N. Quinn, chairman, president and CEO of Solutia, said. James R. Voss has been named senior vice president and president of Flexsys. He previously served as Solutia's senior vice president -- business operations. Enrique Bolanos, who led Flexsys for the past eight years, will remain active in the business and will help with the transition of Flexsys into Solutia. "Flexsys brings Solutia a portfolio of strong products, a great team of people, and unparalleled knowledge of the technology and the market," Voss said. "Solutia will contribute clear strategy, crisp decision-making and strong corporate leadership." About Flexsys Headquartered in Brussels, Belgium, Flexsys -- http://www.flexsys.com-- is a 50%/50% rubber chemicals joint venture between Akzo Nobel and Solutia, and is a supplier of chemicals to the rubber industry. Flexsys' products are manufactured at 15 facilities worldwide: eight in Europe, three in North America, two in South America and two in Asia. Flexsys also operates three technology centers, as well as more than 40 sales offices worldwide. Flexsys products play an important role in the manufacture of tires and other rubber products, such as belts, hoses, seals and footwear. These chemicals help control the process of manufacturing rubber, determine its performance characteristics and improve the durability, flexibility and appearance of rubber. Flexsys is a global business with offices, manufacturing facilities and technology centers around the world and employs about 600 people worldwide. Flexsys has annual sales of US$600 million, about two-thirds of which take place outside the United States. About Akzo Nobel Netherlands-based Akzo Nobel N.V., is a multicultural organization serving customers throughout the world with human and animal healthcare products, coatings, and chemicals. Akzo Nobel employs around 61,500 people and conduct activities in four segments - human and animal health, coatings and chemicals - subdivided into 13 business units, with operating subsidiaries in more than 80 countries. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. The company and 15 debtor-affiliates filed for chapter 11 protection onDec. 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. On Feb. 14, the Debtors' filed their chapter 11 plan of reorganization and disclosure statement explaining that plan. Their exclusive period to file a chapter 11 plan expires on July 30, 2007. STONECLEAN LTD: Calls In Liquidators from B & C Associates ---------------------------------------------------------- Jeffrey Mark Brenner and Filippa Connor of B & C Associates were appointed joint liquidators of Stoneclean Ltd. on April 19 for the creditors' voluntary winding-up procedure. The company can be reached at: Stoneclean Ltd. 31 Playgreen Way Lewisham London SE6 3HU England Tel: 020 8695 0783 T.M. TIMBER: Mark S. Goldstein Leads Liquidation Procedure ---------------------------------------------------------- Mark S. Goldstein of DCM Insolvency Service Ltd. was appointed liquidator of T.M. Timber Ltd. on April 23 for the creditors' voluntary winding-up procedure. The company can be reached at: T.M. Timber Ltd. Pinns Wharf 16-18 River Road Barking IG11 0DG England Tel: 020 8591 5995 Fax: 020 8591 5949 ULTRA BRITE: Claims Filing Period Ends June 6 --------------------------------------------- Creditors of Ultra Brite Windows (U.K.) Ltd. (t/a Nationwide Plastics) have until June 6 to send their names and addresses with particulars of their debts or claims to: David Moore Joint Liquidator Begbies Traynor No. 1 Old Hall Street Liverpool L3 9HF England David Moore and Donald Bailey of Begbies Traynor were appointed joint liquidators of the company on April 25. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. VONAGE HOLDINGS: Circuit Court Denies Patent Case Retrial Bid ------------------------------------------------------------- The U.S. Court of Appeals for the Federal Circuit has denied Vonage Holdings Corp.'s motion for a retrial in its patent dispute with Verizon Communications Inc., Corey Boles of The Wall Street Journal reports. According to the report, Vonage had sought to have the original jury verdict that it had violated three of Verizon's five patents overturned and a new trial ordered. The court did rule that Vonage could include the issue in its appeal brief, which is due May 9, WSJ says. WSJ cited Vonage as saying that while it was disappointed in the court's ruling, it had no impact on its overall appeal in the case. An oral hearing in an appeal in the case is scheduled for June 25, WSJ relates. Amol Sharma of WSJ said in an earlier report that Vonage asked the Federal Circuit Court to remand the patent case to a lower court, citing a recent Supreme Court ruling that could put pressure on companies in protecting patents deemed too obvious. The ruling, which favored a company accused of patent infringement, gave Vonage more hope that it could win the case against Verizon. The company previously said in a regulatory filing that its ongoing patent litigation with Verizon, if determined against the company, could, among others, lead to the bankruptcy or liquidation of the company. Verizon Litigation On June 12, 2006, Verizon filed a suit against Vonage and its subsidiary Vonage America Inc., with the U.S. District Court for the Eastern District of Virginia. Verizon alleged that the company infringed seven patents in connection with providing VoIP services and sought injunctive relief, compensatory and treble damages and attorneys' fees. Verizon dismissed its claims with respect to two of its patents prior to trial, which commenced on Feb. 21. After trial on the merits, a jury returned a verdict finding that the company infringed three of the patents-in-suit. The jury rejected Verizon's claim for willful infringement, treble damages, and attorneys' fees, and awarded compensatory damages in the amount of US$58 million. The trial court subsequently indicated that it would award Verizon US$1.6 million in prejudgment interest on the US$58 million jury award. The trial court issued a permanent injunction with respect to the three patents the jury found to be infringed effective April 12. The trial court then permitted the company to continue to service existing customers pending appeal, subject to deposit into escrow of a 5.5% royalty on a quarterly basis. The trial court also ordered that the company may not use its technology that was found to be infringing to provide services to new customers. In addition, Vonage posted a US$66 million bond to stay execution of the monetary judgment pending appeal. On April 6, the company brought the trial court's ruling to the Federal Circuit Court, which Court allowed Vonage to continue to sign up new customers while Vonage appeals the jury's decision and set June 25 as the commencement of the oral arguments on the matter. About Vonage Vonage Holdings Corp. (NYSE:VG) -- http://www.vonage.com/-- is a provider of broadband telephone services with over 1.4 million subscriber lines as of February 8, 2006. Utilizing its voice over Internet protocol technology platform, the company offers feature-rich, low-cost communications services with a call quality comparable to traditional telephone services. While customers in the United States represent over 95% of its subscriber lines, Vonage continues to expand internationally, having launched its service in Canada in November 2004, and in the United Kingdom in May 2005. WESTWAY SERVICES: Taps John Russell to Liquidate Assets ------------------------------------------------------- John Russell of The P&A Partnership was appointed liquidator of Westway Services John Cann Plumbing & Heating Ltd. on April 18 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: Westway Services John Cann Plumbing & Heating Ltd. 23 Brookfield Street Bideford EX39 4ER England Tel: 01237 420 803 WILD TECHNIK: Creditors' Meeting Slated for May 11 -------------------------------------------------- Creditors of Wild Technik Ltd. will meet at 10:00 a.m. on May 11 at: Vantis Torrington House 47 Holywell Hill St. Albans Hertfordshire AL1 1HD England Creditors who want to vote at the meeting have until noon on May 10 to submit their proxy forms together with particulars of their claims or of any security at the said address. Michael Young of Vantis will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. WILLIAM LISTER: Claims Filing Period Ends May 30 ------------------------------------------------ Creditors of William Lister Ltd. (t/a Grant & Son) have until May 30 to send in their names and addresses, with particulars of their debts or claims, to: Adrian David Allen Joint Liquidator Baker Tilly Restructuring and Recovery LLP 2 Whitehall Quay Leeds LS1 4HG England Philip Edward Pierce and Adrian David Allen of Baker Tilly were appointed joint liquidators of the company on April 17. 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. * Begbies Traynor Acquires Stellar Financial Partners LLP --------------------------------------------------------- Begbies Traynor Group Plc has added a new professional service offering to its portfolio, by acquiring Stellar Financial Partners LLP, which provides specialized fiscal structuring and investigations consultancy advice to independent financial advisors, financial institutions and general practice accountants. BTG intends to substantially grow its activities in this area, building on this initial acquisition, under the BTG Financial Partners brand as part of its strategy to deliver group activity in excess of GBP100 million by 2010. Steve Bold led the acquired firm. Mr. Bold has many years experience in both HM Revenue and Customs and in professional practice. Steve leads a Manchester based team of consultants generating some GBP1.2 million net fee income per annum, all of whom are remaining with the business. BTG Financial Partners aims to expand both its geographical coverage and its range of specialist fiscal consultancy services, continuing to work with the financial community as well as through providing complementary support to general practice accountants and by working closely with the Corporate Finance and Corporate Rescue divisions of the BTG group. "It is a pleasure to welcome Steve and his team to the BTG group. This acquisition is part of our continuing expansion strategy and enables us to offer our clients an even broader range of specialist professional support services," Ric Traynor, executive chairman of BTG commented. "Our goal is to add activities that complement our professional service offerings to the increasing network of general practice professionals and financial institutions with whom we regularly work," Mr. Traynor added. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A. Godinez, and Pius Xerxes Tovilla, Editors. Copyright 2007. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *