/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070530.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, May 30, 2007, Vol. 8, No. 106 Headlines A U S T R I A BASSAN & CO: Claims Registration Period Ends June 27 BALBOA LLC: Claims Registration Period Ends June 27 DST LLC: Claims Registration Period Ends June 21 C Z E C H R E P U B L I C CZECH AIRLINES: Cuts First Quarter Loss to CZK122 Million G E R M A N Y FISCHER BAU- U. MIETSERVICE: Claims Registration Ends June 20 FD BAUDEKORATIONS: Claims Registration Ends June 6 GIH INNO: Claims Registration Ends June 5 GROSS & WERHEIT: Claims Registration Ends June 22 GRUNDSTUECKS GMBH: Creditors' Meeting Slated for June 4 JUST IN TIME: Creditors Must Register Claims by August 1 KARL SCHUMACHER: Claims Registration Ends June 17 LCR TELECOM: Creditors Must Register Claims by June 26 MASSIVHAUS GMBH: Claims Registration Period Ends June 26 MAVA GRUNSTUECKVERWALTUNG: Creditors Must File Claims by Aug. 2 MESSE TEAM: Creditors Must Register Claims by June 27 MUNICH TRUST: Claims Registration Period Ends July 6 NEUBAUER UND PARTNER: Claims Registration Period Ends August 9 NEUHAUSER FENSTERBAU: Claims Registration Period Ends June 29 NK-GMBH: Claims Registration Period Ends June 18 STRASSENBAU GMBH: Claims Registration Period Ends June 17 THEO KLEINKAUERTZ: Creditors’ Meeting Slated for Aug. 10 W.WELTHER BAU: Claims Registration Period Ends July 25 WL LIPPELS: Claims Registration Period Ends June 13 I T A L Y ALITALIA SPA: Aeroflot to Bid Less Than Market Price BANCA UBAE: Fitch Affirms Issuer Default Rating at BB+ K A Z A K H S T A N ALIGARH XXI: Proof of Claim Deadline Slated for July 6 ANEL LLP: Creditors Must File Claims July 6 JOLEK JSC: Claims Filing Period Ends July 6 KAZTRANSSERVICE LLP: Claims Registration Ends July 6 KOLESO LLP: Creditors' Claims Due July 6 MUSTAFA SHOKAI: Proof of Claim Deadline Slated for July 6 SHANYRAK OJSC: Creditors Must File Claims July 4 TRESURALSKPROMSTROY LLP: Claims Filing Period Ends July 6 R U S S I A ALCOR LLC: Creditors Must File Claims by June 5 BALTAY-STORY CJSC: Creditors Must File Claims by June 5 BOOMERANG CJSC: Court Names A. Sergeev as Insolvency Manager GAZPROM NEFT: To Create Joint Venture with OAO Lukoil KAB-BAL-GRAIN-PRODUCT: Creditors Must File Claims by June 5 KAMA-WOOD LLC: Creditors Must File Claims by June 5 KRASNOARMEYSKIY CJSC: Creditors Must File Claims by June 5 KSENOPLASTA-A CJSC: Creditors Must File Claims by June 5 MED-PROM-PREPARAT: Creditors Must File Claims by June 5 NBT FINANCE: Fitch Places B- Rating on US$200 Million Eurobond POVOLZHYE-PROM-STROY: Creditors Must File Claims by June 5 ROSNEFT OIL: To Hike Oil Refining Volume by 730% in 2015 RUSSIAN NORTH: Creditors Must File Claims by July 5 RTISHEVO CJSC: Court Names Zh. Tachkova as Insolvency Manager SEL-KHOZ-TORG-TRANS: Creditors Must File Claims by July 5 TRADE-INVEST LLC: Creditors Must File Claims by June 5 VORONYA MINERALS: Creditors Must File Claims by July 5 YUKOS OIL: Prana Gets FAS Okay on US$3.9 Bln Asset Purchase S W E D E N SAS AB: Union Ends Strike & Signs New CBA as Flights Resume S W I T Z E R L A N D A1 WESTERN SALOON: Creditors' Liquidation Claims Due June 11 ALPHA.CH JSC: Creditors' Liquidation Claims Due June 15 BAU-HANDWERKER-GEMEINSCHAFT: Liquidation Claims Due July 9 CADRANEXT JSC: Creditors' Liquidation Claims Due June 15 CAFFE CATHERINE: Creditors' Liquidation Claims Due July 15 DURAGRESS JSC: Creditors' Liquidation Claims Due June 11 FMS ENGINEERING: Creditors' Liquidation Claims Due June 15 MARTIN BAER: Creditors' Liquidation Claims Due July 4 MOSSE ADRESS: Creditors' Liquidation Claims Due July 16 PS SCHLOSSEREI: Creditors' Liquidation Claims Due June 8 SULA GARTENBAU: Creditors' Liquidation Claims Due June 8 TENFORE (SCHWEIZ): Creditors' Liquidation Claims Due June 8 TREUGRUND JSC: Zug Court Starts Bankruptcy Proceedings VIVUSLINES JSC: Creditors' Liquidation Claims Due July 6 YAPURA SCHMUCK: Creditors' Liquidation Claims Due June 11 U K R A I N E ABC LLC: Claims Filing Deadline Set June 3 EKSIM LLC: Claims Filing Deadline Set June 3 ETALON LLC: Claims Filing Deadline Set June 3 FORWARD-TRANS LLC: Claims Filing Deadline Set June 3 POLOGUY PMK 10: Claims Filing Deadline Set June 3 SERPANOK-KIEV LLC: Claims Filing Deadline Set June 3 TARUS LLC: Claims Filing Deadline Set June 3 TOP ENTERTAINMENT: Claims Filing Deadline Set June 3 UKRAINIAN RESOURCE: Claims Filing Deadline Set June 3 ZLAGODA LLC: Claims Filing Deadline Set June 3 U N I T E D K I N G D O M CA INC: Fitch Affirms BB+ Issuer Default & Debt Ratings CELESTICA: Fitch Pares Default Rating to B+ with Neg. Outlook ********* ============= A U S T R I A ============= BASSAN & CO: Claims Registration Period Ends June 27 ---------------------------------------------------- Creditors owed money by LLC Bassan & Co (FN 65916k) have until June 27 to file written proofs of claim to court-appointed estate administrator Stephan Riel at: Dr. Stephan Riel c/o Dr. Johannes Jaksch 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 9:50 a.m. on July 11 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 May 3 (Bankr. Case No. 2 S 65/07g). Johannes Jaksch represents Dr. Riel in the bankruptcy proceedings. BALBOA LLC: Claims Registration Period Ends June 27 --------------------------------------------------- Creditors owed money by LLC BALBOA (FN 61325i) have until June 27 to file written proofs of claim to court-appointed estate administrator Gerhard Bauer at: Mag. Gerhard Bauer Mahlerstrasse 7 1010 Vienna Austria Tel: 512 97 06 E-mail: ra-g.bauer@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on July 11 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 May 3 (Bankr. Case No. 2 S 64/07k). DST LLC: Claims Registration Period Ends June 21 ------------------------------------------------ Creditors owed money by LLC DST (FN 242776z) have until June 21 to file written proofs of claim to court-appointed estate administrator Georg Getreuer at: Dr. Georg Getreuer Weyrgasse 6 1030 Vienna Austria Tel: 713 14 25-0 Fax: 713 14 25-17 E-mail: office@getreuer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on July 5 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 May 3 (Bankr. Case No. 5 S 58/07z). =========================== C Z E C H R E P U B L I C =========================== CZECH AIRLINES: Cuts First Quarter Loss to CZK122 Million --------------------------------------------------------- Czech Airlines reported a loss of CZK122 million in the first quarter of 2007 according to Czech Accounting Standards, more than CZK500 million better than had been planned. The operating results improved by more than CZK500 million year over year. “Thanks to a successful first quarter, CSA is not entering the high season ‘in a hole’, for the first time in several years," said CSA President Radomir Lasak. "In terms of revenue, the first three months are problematic for all airlines. In that time-period, we achieved better revenue and greater cost savings than planned. The first quarter of this year saw a continuation of the growth in revenue from the second half of last year. In the first three months of the year, the Airline reported operating revenues of CZK4.6 billion, which means a year- on-year improvement of nearly CZK300 million. In particular, revenue from carriage increased, reaching CZK4.2 billion. At the same time, operating expenses dropped by more than CZK250 million, to CZK5.1 billion. Financial results were also helped by the implementation of the planned sale and leaseback of five Boeing 737 aircraft in February 2007. Revenue from carriage grew primarily due to the higher numbers of passengers carried on routes to Germany, Scandinavia, Romania, Spain, and Belgium. In the first three months, CSA carried a total of 1.06 million passengers, which constitutes a 5.2% increase compared to the same period last year. In March alone, CSA reported a profit of CZK13 million; in March of 2005, the Airline had a loss of CZK166 million. According to the international accounting standards by which most airlines publish their results, CSA reported a loss of US$33.2 million before tax in Q1. Revenue from air carriage increased by 11% y/y, to US$221 million. About Czech Airlines Headquartered in Prague, Czech Republic, Czech Airlines, a.k.a. Ceske Aerolinie AS -- http://www.csa.cz/-- is the largest national carrier of the new EU member countries according to the number of passengers carried. In 2005, the airline carried a record of more than 5 million passengers. Since 2001, it has been a member of SkyTeam, one of the leading global airline alliances. CSA currently offers connections to 120 destinations in 45 countries worldwide. The fleet contains 50 aircraft - ATR 42's/72's, Boeing 737's, and Airbus A310/A320/A321's. CSA reported an unaudited loss of CZK397 million (EUR14 million) against an expected loss of CZK493 million (EUR18 million) in 2006. The company posted a CZK496 million (EUR18 million) net loss in 2005. Revenues of CZK14.5 billion (EUR517 million) from regular flights accounted for the bulk of the airline's total revenues, which increased by CZK1.3 billion (EUR46 million) to almost CZK23.5 billion (EUR837 million) in 2006. ============= G E R M A N Y ============= FISCHER BAU- U. MIETSERVICE: Claims Registration Ends June 20 ------------------------------------------------------------- Creditors of Fischer Bau- u. Mietservice GmbH have until June 20 to register their claims with court-appointed insolvency manager Boris Freiherr v.d. Bussche. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Uelzen Hall 2 Hauptgebaude Fritz-Roever-Str. 5 29525 Uelzen 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: Boris Freiherr v.d. Bussche Lueneburgerstrasse 43a 29456 Hitzacker Germany Tel: 05862/5088 Fax: 05862/5089 The District Court of Uelzen opened bankruptcy proceedings against Fischer Bau- u. Mietservice GmbH on April 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fischer Bau- u. Mietservice GmbH Plate Nr. 39a 29439 Luechow Germany FD BAUDEKORATIONS: Claims Registration Ends June 6 -------------------------------------------------- Creditors of FD Baudekorations GmbH have until June 6 to register their claims with court-appointed insolvency manager Dr. Holger Lessing. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on June 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Holger Lessing Hanauer Landstr. 287-289 D 60314 Frankfurt am Main Germany Tel: 069/15051-300, Fax: 069/15051-400 The District Court of Offenbach am Main opened bankruptcy proceedings against FD Baudekorations GmbH on April 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FD Baudekorations GmbH Merianstr. 11 63069 Offenbach am Main Germany GIH INNO: Claims Registration Ends June 5 ----------------------------------------- Creditors of GIH Inno Haus GmbH have until June 5 to register their claims with court-appointed insolvency manager Ulrich Weber. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 10, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt/Main Hall 2 Building F Klingerstrasse 20 60313 Frankfurt/Main, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Weber Kurfuerstendamm 212 10719 Berlin Germany The District Court of Frankfurt opened bankruptcy proceedings against GIH Inno Haus GmbH on April 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GIH Inno Haus GmbH Dr.-Wilhelm-Kuelz-Strasse 63 15517 Fuerstenwalde Germany GROSS & WERHEIT: Claims Registration Ends June 22 ------------------------------------------------- Creditors of Gross & Werheit Handels GmbH have until June 22 to register their claims with court-appointed insolvency manager Dr. Christoph Niering. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on June 26, 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Niering Brabanter Str. 2 50674 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Gross & Werheit Handels GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gross & Werheit Handels GmbH Stefanstr. 2-6 51145 Cologne Germany GRUNDSTUECKS GMBH: Creditors' Meeting Slated for June 4 ------------------------------------------------------- The court-appointed insolvency manager for Grundstuecks GmbH & Co. Betriebs KG, Dr. Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m. on June 4. 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 9:20 a.m. on Sept. 3 at the same venue. Creditors have until July 5 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Grundstuecks GmbH & Co. Betriebs KG on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grundstuecks GmbH & Co. Betriebs KG Pohlstr. 20 10785 Berlin Germany JUST IN TIME: Creditors Must Register Claims by August 1 -------------------------------------------------------- Creditors of Just in Time Fashion GmbH have until Aug. 1 to register their claims with court-appointed insolvency manager Udo Feser. Creditors and other interested parties are encouraged to attend the meeting at 11:45 p.m. on Sept. 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 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 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: Udo Feser Uhlandstr. 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Just in Time Fashion GmbH on May 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Just in Time Fashion GmbH Suedliche Hauptstrasse 47 83703 Gmund am Tegernsee Germany KARL SCHUMACHER: Claims Registration Ends June 17 ------------------------------------------------- Creditors of Karl Schumacher Maschinenbau GmbH have until June 17 to register their claims with court-appointed insolvency manager Andreas Amelung. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on July 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Amelung Im Mediapark 6 B 50670 Cologne Germany Tel: 57437910 Fax: +4922157437938 The District Court of Cologne opened bankruptcy proceedings against Karl Schumacher Maschinenbau GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Karl Schumacher Maschinenbau GmbH Frankfurter Str. 661 51145 Cologne Germany LCR TELECOM: Creditors Must Register Claims by June 26 ------------------------------------------------------ Creditors of LCR Telecom GmbH have until June 26 to register their claims with court-appointed insolvency manager Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on July 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Biner Bahr Graf-Adolf-Platz 15 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against LCR Telecom GmbH on May 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LCR Telecom GmbH Koenigsallee 100 40215 Duesseldorf Germany MASSIVHAUS GMBH: Claims Registration Period Ends June 26 -------------------------------------------------------- Creditors of Massivhaus GmbH have until June 26 to register their claims with court-appointed insolvency manager Christoph Herbst. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Memmingen Meeting Hall 103 Ground Floor Buxacher Strasse 6 Memmingen 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. Christoph Herbst Maximiliansplatz 12 80333 Munich Germany Tel: 089/2878810 Fax: 089/287881-29 The District Court of Memmingen opened bankruptcy proceedings against Massivhaus GmbH on May 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Massivhaus GmbH Attn: Welkmann Gernold and Kalm Ansgar, Managers Rabenstr. 1 87700 Memmingen Germany MAVA GRUNSTUECKVERWALTUNG: Creditors Must File Claims by Aug. 2 --------------------------------------------------------------- Creditors of MAVA Grundstuecksverwaltung GmbH have until Aug. 2 to register their claims with court-appointed insolvency manager Wolfgang Schroeder. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Sept. 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 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 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: Wolfgang Schroeder Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against MAVA Grundstuecksverwaltung GmbH on May 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MAVA Grundstuecksverwaltung GmbH Mueggelseedamm 136 12587 Berlin Germany MESSE TEAM: Creditors Must Register Claims by June 27 ----------------------------------------------------- Creditors of Messe Team GmbH Messe- und Kongressorganisation kompletton have until June 27 to register their claims with court-appointed insolvency manager Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Hall C205 Second Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Horst Piepenburg Heinrich-Heine-Allee 20 40213 Duesseldorf Germany The District Court of Duisburg opened bankruptcy proceedings against Messe Team GmbH Messe- und Kongressorganisation kompletton May 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Messe Team GmbH Messe- und Kongressorganisation komplett Am Plan 30 15831 Grossbeeren Germany MUNICH TRUST: Claims Registration Period Ends July 6 ---------------------------------------------------- Creditors of munich trust GmbH have until June 6 to register their claims with court-appointed insolvency manager Kurt Bruder. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 8, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Kurt Bruder Herzog-Wilhelm-Str. 17 80331 Munich Germany Tel: 089/236858-0 Fax: 089/2603440 The District Court of Munich opened bankruptcy proceedings against munich trust GmbH on May 8. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: munich trust GmbH Attn: Heinz Kober, Manager Prinzregentenplatz 19 81675 Munich Germany NEUBAUER UND PARTNER: Claims Registration Period Ends August 9 -------------------------------------------------------------- Creditors of Neubauer und Partner GWA Werbeagentur GmbH have until Aug. 9 to register their claims with court-appointed insolvency manager Jan Roth. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on Sept. 10, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Main) Hall 2 Building F Klingerstrasse 20 60313 Frankfurt (Main) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Jan Roth Pfingstweidstrasse 3 60316 Frankfurt am Main Germany Tel: 069/209739-0 Fax: 069/20973929 The District Court of Frankfurt (Main) opened bankruptcy proceedings against Neubauer und Partner GWA Werbeagentur GmbH on May 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Neubauer und Partner GWA Werbeagentur GmbH Hanauer Landstr. 551 60386 Frankfurt am Main Germany Attn: Edda Zippelius, Manager Am Lindach 14 97252 Frickenhausen Germany NEUHAUSER FENSTERBAU: Claims Registration Period Ends June 29 ------------------------------------------------------------- Creditors of Neuhauser Fensterbau GmbH have until June 29 to register their claims with court-appointed insolvency manager Christoph Herbst. Creditors and other interested parties are encouraged to attend the meeting at 7:40 a.m. on July 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 Meiningen Meeting Hall A 0105 Lindenallee 15 Meiningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Eduard Uebelacker Schwanthaler Str. 32/IV 80336 Munich Germany The District Court of Meiningen opened bankruptcy proceedings against Neuhauser Fensterbau GmbH on May 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Neuhauser Fensterbau GmbH Attn: Mueller-Haas, Inka, Manager Fabrikstrasse 2 A 98724 Neuhaus/Rwg. Germany NK-GMBH: Claims Registration Period Ends June 18 ------------------------------------------------ Creditors of NK-GmbH have until June 18 to register their claims with court- appointed insolvency manager Walter Broehan. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 9, 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: Walter Broehan Muehlenstrasse 56 23552 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against NK-GmbH on May 9. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NK-GmbH Attn: Klaus Nittscher, Manager Niendorfer Hauptstr. 8 23560 Luebeck Germany STRASSENBAU GMBH: Claims Registration Period Ends June 17 ---------------------------------------------------------Creditors of Strassenbau GmbH have until June 17 to register their claims with court- appointed insolvency manager Dr. Volkhard Frenzel. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on Aug. 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 Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Volkhard Frenzel Magdeburger Strasse 23 06112 Halle Germany Tel: 0345/2311111 Fax: 0345/2311199 The District Court of Dessau opened bankruptcy proceedings against Strassenbau GmbH on May 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Strassenbau GmbH Attn: Werner Mischer, Manager Lichtenauer Strasse 70 06847 Dessau Germany THEO KLEINKAUERTZ: Creditors’ Meeting Slated for Aug. 10 -------------------------------------------------------- The court-appointed insolvency manager for Theo Kleinkauertz GmbH, Eberhard Stock, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:06 a.m. on Aug. 10. The meeting of creditors and other interested parties will be held at: The District Court of Krefeld Meeting Room H 131 First Floor Nordwall 131 47798 Krefeld Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on Sept. 28 at the same venue. Creditors have until Aug. 5 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Eberhard Stock Wilhelmshofallee 75 47800 Krefeld Tel: (02151) 5813-0 Fax: +4921515813134 The District Court of Krefeld opened bankruptcy proceedings against Theo Kleinkauertz GmbH on May 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Theo Kleinkauertz GmbH Siemensring 70 47877 Willich Germany W.WELTHER BAU: Claims Registration Period Ends July 25 ------------------------------------------------------ Creditors of W.Welther Bau GmbH have until July 25 to register their claims with court-appointed insolvency manager Goetz Lautenbach. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on Sept. 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt/Main Hall 1 Building F Klingerstrasse 20 60313 Frankfurt/Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Goetz Lautenbach Zeilweg 42 D 60439 Frankfurt am Main Germany Tel.: 069/963761-0 Fax: 069/963761145 The District Court of Frankfurt am Main opened bankruptcy proceedings against W.Welther Bau GmbH on May 14. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: W.Welther Bau GmbH Sauerstrasse 24-28 65934 Frankfurt Germany Attn: Nedzad Welther-Welther, Manager Rheinlandstrasse 26 65824 Schwalbach am Taunus Germany WL LIPPELS: Claims Registration Period Ends June 13 --------------------------------------------------- Creditors of WL Lippels - Kunstverlag GmbH have until June 13 to register their claims with court-appointed insolvency manager Ulrich Cramer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 5, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wolfratshausen Meeting Room 3/I Station Route 18 Wolfratshausen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Cramer Konrad-Zuse-Platz 1 81829 Muenchen Germany Tel: 089/992990 Fax: 089/99299-299 The District Court of Wolfratshausen opened bankruptcy proceedings against WL Lippels - Kunstverlag GmbH on May 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WL Lippels - Kunstverlag GmbH Haarer Str. 5 85640 Putzbrunn Germany ========= I T A L Y ========= ALITALIA SPA: Aeroflot to Bid Less Than Market Price ---------------------------------------------------- OAO Aeroflot will offer less than the market price for the Italian government's 39.9% stake in Alitalia S.p.A., Bloomberg News reports citing Mikhail Poluboyarinov, Aeroflot deputy chief executive officer for finance and planning. "We want to invest in the company itself and not in the Italian government," Mr. Poluboyarinov was quoted by Bloomberg News as saying. Mr. Poluboyarinov added Aeroflot does not want to bid for Italy's entire 49.9% stake in Alitalia. "Alitalia's price may be 30% to 40% lower than its market price," Edoardo Luini of Il Nuovo Mercato told Bloomberg News. "[Bidders] will aim at something between 50 and 60 cents per share." The consortium of Aeroflot and Unicredit Italiano S.p.A. is trying to outbid other interested groups -- AirOne S.p.A. and Intesa-San Paolo S.p.A.; and TPG Capital, MatlinPatterson Global Advisers and Mediobanca -- for the stake. The parties gained access to Alitalia's data room on May 24, 2007, and have to present their binding offers on July 2. The government eyes to complete the sale process by end of July. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. In Europe, the company reaches 45 airports, with 1,238 flights per week. In the rest of the world, the Alitalia Group's aircrafts operate out of 32 airports with 255 flights per week. The Alitalia Group network is centered on two main airports, Rome Fiumicino and Milan Malpensa, and includes, as of Sept. 30, 2006, an operating fleet of 182 aircraft. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia registered EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked consecutive annual net losses of EUR520 million in 2003, EUR813 million in 2004, and EUR168 million in 2005. BANCA UBAE: Fitch Affirms Issuer Default Rating at BB+ ------------------------------------------------------ Fitch Ratings has affirmed Banca UBAE's ratings at Issuer Default 'BB+' with a Stable Outlook, Short-term 'B', Individual 'C/D' and Support '5'. The bank's Support Rating Floor of NF remains unchanged. UBAE is a niche provider of specialized short-term trade finance to Mediterranean Arab markets, with a leading market share in payment services related to oil trading between Libya and Italy. UBAE's IDR, Short-term and Individual ratings reflect its core activities in a niche market, significant credit exposure to speculative-grade rated countries, low market risk and adequate capitalization. They also take account of its low but improving profitability and its sensitivity to political changes in its key markets downside pressure on UBAE's ratings could arise from an increase of political risk or volatility in its key markets or from a weakening of its relationship with its main shareholder. The bank's ratings have a limited upward potential given its operations, its reliance on short-term wholesale funding and the tight margins in its core business. In accordance with its main shareholder, the state-owned Libyan Foreign Bank (49.9%), UBAE continues (since 2005) to restructure its activities to boost profitability by entering new markets, diversifying its product range and generating higher returns on its securities portfolio. To offset the higher risks inherent in its strategy, it has introduced more effective controls and modernized its organization. Although revenues from the Libyan oil business are still significant, UBAE has diversified its business by offering new trade-related products and geographically by strengthening its activities in other North African countries, the Middle East and the Gulf countries, as well as Sudan, Russia, Ukraine and Kazakhstan, which exposes it to political risks. The bank's thin profitability reflects tight profit margins in its core trade finance-related business. At end-2006 UBAE reported an adequate operating ROAE of 14.3%. Its operating profitability is underpinned by funding coming from the oil business and invested in interbank assets. In 2006 operating cost efficiency remained good at around 47%. UBAE's credit risk in its trade finance business is moderate. The short-term nature of its assets and their high turnover explain the relatively small size of its balance sheet. The bank is highly exposed to emerging markets, but this is mitigated by its sound knowledge of the countries and counterparties and by the short-term interbank nature of the exposures. It also has a small portfolio of loans extended to trade finance-related customers. Market risk is low. Since 2005 UBAE has set up an independent risk management unit and introduced more sophisticated tools, which should help it offset the higher market risk. The majority of its funding derives from short-term interbank deposits, mainly from its Arab shareholders, and from oil business. Liquidity is satisfactory. At end-2006 UBAE's ratio of eligible capital to risk-weighted assets was adequate at 23.6%, given the bank's exposure to political and operational risk, the concentration in its loan book and its small size. =================== K A Z A K H S T A N =================== ALIGARH XXI: Proof of Claim Deadline Slated for July 6 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Aligarh XXI insolvent. Creditors have until July 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Abai ave. 21-27 Kostanai Kazakhstan ANEL LLP: Creditors Must File Claims July 6 ------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Anel insolvent. Creditors have until July 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Abai ave. 21-27 Kostanai Kazakhstan JOLEK JSC: Claims Filing Period Ends July 6 ------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared JSC Jolek insolvent. Creditors have until July 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kyzylorda Suleimenov Str. 21 Josaly Karmakchynsky District Kyzylorda Kazakhstan Tel: 8 (237) 2-27-31, 8 701 412 72-65 KAZTRANSSERVICE LLP: Claims Registration Ends July 6 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Kaztransservice (RNN 302000059306) insolvent. Creditors have until July 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan KOLESO LLP: Creditors' Claims Due July 6 ---------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Koleso insolvent. Creditors have until July 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of West Kazakhstan Saraishyk-19-92 Uralsk West Kazakhstan Kazakhstan Tel: 8 (3112) 50-02-73 MUSTAFA SHOKAI: Proof of Claim Deadline Slated for July 6 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Mustafa Shokai insolvent. Creditors have until July 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kyzylorda Suleimenov Str. 21 Josaly Karmakchynsky District Kyzylorda Kazakhstan Tel: (237) 2-27-31, 8 701 412 72-65 SHANYRAK OJSC: Creditors Must File Claims July 4 ------------------------------------------------ OJSC Shanyrak has declared insolvency. Creditors have until July 4 to submit written proofs of claim to: OJSC Shanyrak Lenin ave. 34 Ust-Kamenogorsk East Kazakhstan Kazakhstan TRESURALSKPROMSTROY LLP: Claims Filing Period Ends July 6 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Construction Company Tresuralskpromstroy insolvent. Creditors have until July 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of West Kazakhstan Saraishyk-19-92 Uralsk West Kazakhstan Kazakhstan Tel: 8 (3112) 50-02-73 =========== R U S S I A =========== ALCOR LLC: Creditors Must File Claims by June 5 ----------------------------------------------- Creditors of LLC Alcor have until June 5 to submit proofs of claim to: L. Kharitonova Insolvency Manager Post User Box 41 Syzran 446001 Samara Russia The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55- 2246/2007. The Debtor can be reached at: LLC Alcor Kirovskaya Str. 9 Smyshlyaevka Samara Russia BALTAY-STORY CJSC: Creditors Must File Claims by June 5 ------------------------------------------------------- Creditors of CJSC Baltay-Story have until June 5 to submit proofs of claim to: A. Pshenkov Temporary Insolvency Manager Lenina Pr. 79-102 400078 Volgograd Russia The Arbitration Court of Saratov commenced bankruptcy supervision procedure the company. The case is docketed under Case No. A57-2294/07-31. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Region Russia The Debtor can be reached at: CJSC Baltay-Story Baltay Saratov Russia BOOMERANG CJSC: Court Names A. Sergeev as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Sverdlovsk appointed A. Sergeev as Insolvency Manager for CJSC Boomerang. He can be reached at: A. Sergeev Post User Box 616 Berezniki 618400 Perm Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A60-14618/06-S11. The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Region Russia The Debtor can be reached at: CJSC Boomerang Lomonosova Str. 26 Artemovskiy 623780 Sverdlovsk Russia GAZPROM NEFT: To Create Joint Venture with OAO Lukoil ----------------------------------------------------- OAO Gazprom Neft and OAO Lukoil signed a memorandum of understanding to set up a joint venture for oil and gas projects, various reports say. According to the Analytical Information Agency, the joint venture will engage in: -- acquisition of rights of subsoil use; -- geological survey of jointly purchased fields; -- exploitation and development of hydrocarbons on the jointly purchased fields; -- field facilities; and -- realization of infrastructure projects. Gazprom Neft will control 51% of the joint venture while Lukoil will hold the remaining 49% stake. ConocoPhillips, a 20% stakeholder in Lukoil, will be excluded from the venture, Catherine Belton writes for the Financial Times. "The memorandum of understanding... is an effective mechanism for mutually advantageous cooperation between large Russian oil companies, which have a strong production and financial potential to implement large projects in oil and gas exploration," Mr. Alekperov said. Valery Nesterov of Troika Dialog told Ms. Belton that Lukoil risked being further outstripped by OAO Rosneft Oil Co. if it did not team up with Gazprom Neft. Mr. Nesterov added that new laws on developing strategic new fields will limit access to companies that are majority Russian-owned. About Lukoil Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX, RTS: LKOH) -- http://www.lukoil.com/-- explores and produces oil & gas, petroleum products and petrochemicals, and markets the outputs. Most of the Company's exploration and production activity is located in Russia, and its main resource base is in Western Siberia. About Gazprom Neft Headquartered in Moscow, Russia, OAO Gazprom Neft -- http://www.gazprom-neft.ru/-- explores, produces, refines, markets, produces and sells petroleum products. The Company holds oilfield exploration and development licenses in the Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as in the Omsk and Tomsk regions, and in Chukotka. The Company's main oil processing center is the Omsk Refinery. * * * As of May 28, 2007, Gazprom Neft carries a Ba1 Corporate Family and Ba2 Senior Unsecured Debt ratings from Moody's. Outlook is positive. Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit and Local Issuer Credit ratings from Standard & Poor's. Outlook is positive. KAB-BAL-GRAIN-PRODUCT: Creditors Must File Claims by June 5 ----------------------------------------------------------- Creditors of OJSC Kab-Bal-Grain-Product have until June 5 to submit proofs of claim to: Kh. Khuteshev Temporary Insolvency Manager Lenina Pr. 36 Nalchik 360022 Kabardino Balkariya Russia The Arbitration Court of Kabardino Balkariya commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A20-597/2007. The Debtor can be reached at: Kh. Khuteshev Temporary Insolvency Manager Lenina Pr. 36 Nalchik 360022 Kabardino Balkariya Russia KAMA-WOOD LLC: Creditors Must File Claims by June 5 --------------------------------------------------- Creditors of LLC Kama-Wood have until June 5 to submit proofs of claim to: G. Pogosyan Insolvency Manager Post User Box 152 160000 Vologda Russia The Arbitration Court of Vologda commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A13- 1747/2007. The Debtor can be reached at: LLC Kama-Wood K. Marksa Str. 14-3 Vologda Russia KRASNOARMEYSKIY CJSC: Creditors Must File Claims by June 5 ---------------------------------------------------------- Creditors of CJSC Meat Combine Krasnoarmeyskiy have until June 5 to submit proofs of claim to: A. Shlyakhov Insolvency Manager Lenina Pr. 72 400005 Vologograd Russia The Arbitration Court of Vologograd commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A12-4920/07-s50. The Debtor can be reached at: CJSC Meat Combine Krasnoarmeyskiy Geroev Maloj Zemli Str. 27 Vologograd Russia KSENOPLASTA-A CJSC: Creditors Must File Claims by June 5 -------------------------------------------------------- Creditors of CJSC Ksenoplasta-A have until June 5 to submit proofs of claim to: S. Kurochkin Insolvency Manager Post User Box 0620 170100 Tver-100 Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-32238/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Ksenoplasta-A Suvorovskiy Pr., 50/52 191015 St. Petersburg Russia MED-PROM-PREPARAT: Creditors Must File Claims by June 5 ------------------------------------------------------- Creditors of LLC Med-Prom-Preparat have until June 5 to submit proofs of claim to: G. Zhukova Temporary Insolvency Manager K. Libknekhta Str. 15-24 Velikie Luki 182100 Pskov Russia The Arbitration Court of Pskov will convene on Oct. 15 to hear the company’s bankruptcy supervision procedure. The case is docketed under Case No. A52- 674/2007. The Debtor can be reached at: LLC Med-Prom-Preparat Vokzalnyj Per. 3 Ostrov 181350 Pskov Russia NBT FINANCE: Fitch Places B- Rating on US$200 Million Eurobond -------------------------------------------------------------- Fitch Ratings has assigned NBT Finance Limited's US$200 million 9.375% issue due May 2010 a final Long-term rating of 'B-' and Recovery rating of 'RR4'. The notes are issued solely to finance a loan to Russia-based National Bank Trust, rated Issuer Default 'B-' with a Stable Outlook, Short-term 'B', Individual 'D/E' and Support '5'. The final loan agreement limits transactions between NBT and its affiliates to 50% of consolidated total assets, measured by fair market value and reported under IFRS. It also provides noteholders a put option, exercisable within a defined period of time, should there be a change of control over NBT or its holding companies -- T&IB Holdings Ltd and CJSC Management Trust. The structure of the deal as well as other covenants (negative pledge, mergers and disposals, financial covenants etc.) remain unchanged as stated in Fitch's announcement of May 11, 2007. NBT, together with its sister company Trust Investment Bank, was bought out by IBT managers from the shareholders of Group Menatep (who were also the main shareholders of Yukos) in 2004. IBT has continued to develop as an investment bank, while NBT has focused on building its retail and SME franchises in the regions, utilizing its large network (123 outlets at end- 2006). NBT and IBT are run relatively independently but share senior-level managers (some of whom are also owners) and some middle- and back-office functions. The shareholders do not exclude the possibility of merging the two banks and/or selling a stake in IBT to support the capitalization of NBT. POVOLZHYE-PROM-STROY: Creditors Must File Claims by June 5 ---------------------------------------------------------- Creditors of OJSC Kab-Bal-Grain-Product have until June 5 to submit proofs of claim to: V. Fedoseev Insolvency Manager Rahkmaninova Str. 1 Penza Russia The Arbitration Court of Samara will convene on July 16 to hear the company’s bankruptcy supervision procedure. The case is docketed under Case No. A55- 18954/2006. The Debtor can be reached at: CJSC Povolzhye-Prom-Story Uchebnaya Str. 2 Ust-Kinelskiy Kinel Samara Russia ROSNEFT OIL: To Hike Oil Refining Volume by 730% in 2015 -------------------------------------------------------- OAO Rosneft Oil Co. plans to increase its oil refining volume by 730% to 91 million metric tons annualy by 2015, RIA Novosti reports citing First Vice President Sergei Kudryashov. Mr. Kudryashov said that following the company's acquisition of OAO Yukos Oil Co.'s Volga and Siberian refineries, Rosneft's refining capacity would increase from the current 15% to 40%, RIA Novosti relates. Rosneft refined around 11 million metric tons of crude oil in 2006. Rosneft also plans to build a refinery at the terminus of the Eastern Siberia- Pacific oil pipeline and in China, Mr. Kudryashov added. The ESPPO pipeline is expected to pump up to 1.6 million barrels per day of crude oil from Siberia to Russia's Far East. The output will then be exported to China and the Asia-Pacific region. The company also plans to ink a deal with OAO Gazprom on supplying additional natural gas to Russia's gas transportation system, Mr. Kudryashov told RIA Novosti, adding that the company plans to sell around 15 billion cubic meters of its gas output in 2007 to the state-owned gas producer. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://rosneft.com/-- 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, 2007, 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, 2007, 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. RUSSIAN NORTH: Creditors Must File Claims by July 5 --------------------------------------------------- Creditors of CJSC Trading House Russian North (TIN 5115500087) have until July 5 to submit proofs of claim to: P. Volkov Insolvency Manager Starostina Str. 19 183071 Murmansk Russia The Arbitration Court of Murmansk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A42-1209/2007. The Debtor can be reached at: CJSC Trading House Russian North Apartment 23 Korchilova Str. 9 Zaozersk 184310 Murmansk Russia RTISHEVO CJSC: Court Names Zh. Tachkova as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Saratov appointed Zh. Tachkova as Insolvency Manager for CJSC Rtishevo. She can be reached at: Zh. Tachkova Rakhmaninova Str. 1 Penza Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-57-92B/06-23. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Region Russia The Debtor can be reached at: Zh. Tachkova Rakhmaninova Str. 1 Penza Russia SEL-KHOZ-TORG-TRANS: Creditors Must File Claims by July 5 --------------------------------------------------------- Creditors of OJSC Sel-Khoz-Torg-Trans have until July 5 to submit proofs of claim to: I. Madzhuga Insolvency Manager Office 40 Br. Korostekevykh Str. 168 443001 Samara Russia The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55- 35521/05. The Debtor can be reached at: OJSC Sel-Khoz-Torg-Trans Rabochaya Str. 1 Khvorostyanka Samara Russia TRADE-INVEST LLC: Creditors Must File Claims by June 5 ------------------------------------------------------ Creditors of LLC Trade-Invest (TIN 3525163787) have until June 5 to submit proofs of claim to: G. Pogosyan Insolvency Manager Post User Box 152 160000 Vologda Russia The Arbitration Court of Vologda commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A13- 1948/2007. The Court is located at: The Arbitration Court of Vologda Hall 4 Gertsena Str. 1a Vologda Region Russia The Debtor can be reached at: LLC Trade-Invest Kozlenskaya Str. 35 Vologda Russia VORONYA MINERALS: Creditors Must File Claims by July 5 ------------------------------------------------------ Creditors of OJSC Voronya Minerals have until July 5 to submit proofs of claim to: K. Ipatov Insolvency Manager Metallurgov Pr. 2 A Monchegorsk 184500 Murmansk Russia The Arbitration Court of Murmansk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A42-1300/2007. The Debtor can be reached at: OJSC Voronya Minerals Monchegorsk 184500 Murmansk Russia YUKOS OIL: Prana Gets FAS Okay on US$3.9 Bln Asset Purchase ----------------------------------------------------------- The Federal Antimonopoly Service has approved Prana Group's application to acquire Lot 13 of OAO Yukos Oil Co.'s assets for US$3.9 billion after it submitted documents necessary to close the deal, Kommersant reports. Prana, which outbid OAO Rosneft Oil at a May 11 auction, exercised the right for commercial secret when it revealed its ownership structure to the FAS only, Kommersant relates. The competition agency earlier warned Prana that it will block the sale of the assets, which includes Yukos' 22-story Moscow headquarters, if it fails to disclose its ownership structure 14 days following the May 11 auction. The FAS subsequently extended the deadline for Prana to comply with the requirements through Aug. 2 saying that it would need to spend more time to look at Prana's application. “Having examined the information submitted on May 25th, the FAS came to the conclusion that the deal of Prana’s acquiring YUKOS assets will not lead to restricting the competition,” the FAS said. The competition agency gave Prana until tomorrow night, May 30, to pay for the lot and three days to sign a statement of transfer and acceptance of assets, Kommersant relates. The assets fetched nearly five times more than the lot's US$856.8 million starting price. According to Tanya Mosolova of Reuters, the bidding amounts appeared unjustified by the value of the building, prompting speculations that the bidders might knew about hidden value in another asset in the lot. Prana, Kommersant notes, is 1% owned by Vladimir Esakov, who previously worked for the projects of OAO Gazprom board member Boris Fedorov. The rest of Prana's stake is reportedly held by an offshore incorporated in the Seychelles, Kommersant adds. About Yukos Oil Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Russian Government sold its main production unit Yugansk to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, 2006, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, 2006, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. =========== S W E D E N =========== SAS AB: Union Ends Strike & Signs New CBA as Flights Resume ----------------------------------------------------------- The Swedish Salaried Employees' Union has called off its strike, effective immediately, after several days of negotiations with SAS AB management over workers’ demands resulted in the signing of a new collective agreement for Scandinavian Airlines Sverige's cabin employees, the company disclosed in a statement posted on its Web site. Accordingly, Scandinavian Airlines Sverige will resume all traffic effective Wednesday, May 30, 2007. The collective agreement will apply form March 1, 2007, through April 30, 2010. The agreement is in line with the level applicable in the Swedish labor market, that is, 10.3 percent over 38 months, the company added in the statement. "I am pleased and relieved that we can take to the air again,” said Anders Ehrling, President of Scandinavian Airlines Sverige. “We have reached agreement with the Salaried Employees' Union regarding a new collective agreement and will focus all of our energy on restarting operations. As of Wednesday, May 30, 2007, we will once again be operating in accordance with our ordinary timetable.” The TCR-Europe reported on May 28, 2007, that SAS AB's Scandinavian Airlines unit in Sweden had cancelled some 150 flights in Europe and Sweden on Sunday, as well as more than 275 flights affecting some 20,000 passengers on Monday because of a strike by cabin staff. The Associated Press reported that the strike could cost the carrier as much as SEK20 million (US$3 million) per day in lost ticket sales. The Swedish unit has 2,500 staff and flies 6 million passengers a year to more than 50 domestic and international destinations. About SAS Headquartered in Stockholm, Sweden, SAS AB -- http://www.sasgroup.net/-- is the Nordic region's largest listed airline and travel group and the fourth- largest airline group in Europe, in terms of passengers. It had revenues of SEK60.78 billion in fiscal year 2006. * * * On April 4, 2007, in connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa, the rating agency confirmed its B1 Corporate Family Rating for SAS AB. The implementation of the LGD methodology in EMEA follows the introduction of the methodology in September 2006. Most of the rating actions Moody's confirmed relate to senior secured loans. * Issuer: SAS Denmark-Norway-Sweden Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- EUR1-billion Sr. Unsecured Medium-Term Note Program B2 B1 LGD3 48% 1% Senior Unsecured Regular Bond/ Debenture Due 2007 B2 B1 LGD3 48% 1.305% Sr. Unsecured Regular Bond/ Debenture Due 2008 B2 B1 LGD3 48% 1.12% Sr. Unsecured Regular Bond/ Debenture Due 2007 B2 B1 LGD3 48% CZK750-million Sr. Unsecured Regular Bond/ Debenture Due 2008 B2 B1 LGD3 48% EUR500-million 6% Senior Unsecured Regular Bond/ Debenture Due 2008 B2 B1 LGD3 48% CHF200-Million 2.375% Sub. Regular Bond/ Debenture B3 B3 LGD6 96% ===================== S W I T Z E R L A N D ===================== A1 WESTERN SALOON: Creditors' Liquidation Claims Due June 11 ------------------------------------------------------------ Creditors of LLC A1 Western Saloon have until June 11 to submit their claims to: Beat Friedli Liquidator Neuengasse 41 3011 Bern Switzerland The Debtor can be reached at: LLC A1 Western Saloon Ostermundigen BE Switzerland ALPHA.CH JSC: Creditors' Liquidation Claims Due June 15 ------------------------------------------------------- Creditors of JSC Alpha.ch have until June 15 to submit their claims to: Dorfstrasse 38 6341 Baar ZG Switzerland The Debtor can be reached at: JSC Alpha.ch Baar ZG Switzerland BAU-HANDWERKER-GEMEINSCHAFT: Liquidation Claims Due July 9 ---------------------------------------------------------- Creditors of JSC Bau-Handwerker-Gemeinschaft Zurcher Unterland und Umgebung have until July 9 to submit their claims to: Pfarrhausstrasse 6 8426 Lufingen Bulach ZH Switzerland The Debtor can be reached at: JSC Bau-Handwerker-Gemeinschaft Zurcher Unterland und Umgebung Lufingen Bulach ZH Switzerland CADRANEXT JSC: Creditors' Liquidation Claims Due June 15 -------------------------------------------------------- Creditors of JSC Cadranext have until June 15 to submit their claims to: Roger Hirsch Liquidator Eichstrasse 16 6330 Cham ZG Switzerland The Debtor can be reached at: JSC Cadranext Cham ZG Switzerland CAFFE CATHERINE: Creditors' Liquidation Claims Due July 15 ---------------------------------------------------------- Creditors of LLC Caffe Catherine have until July 15 to submit their claims to: Casar Husler Liquidator Kantonsstrasse 40 6048 Horw LU Switzerland The Debtor can be reached at: LLC Caffe Catherine Lucerne Switzerland DURAGRESS JSC: Creditors' Liquidation Claims Due June 11 -------------------------------------------------------- Creditors of JSC Duragress have until June 11 to submit their claims to: Peter K. Kraus Liquidator JSC Revitrag Treuhand Metallstrasse 9a 6304 Zug Switzerland The Debtor can be reached at: JSC Duragress Zug Switzerland FMS ENGINEERING: Creditors' Liquidation Claims Due June 15 ---------------------------------------------------------- Creditors of LLC FMS Engineering have until June 15 to submit their claims to: Herr Erhard Spoker Liquidator JSC Birr Hinterdorfstrasse 2 5242 Brugg AG Switzerland The Debtor can be reached at: LLC FMS Engineering Brugg AG Switzerland MARTIN BAER: Creditors' Liquidation Claims Due July 4 ----------------------------------------------------- Creditors of LLC Martin Baer have until July 4 to submit their claims to: Martin Baer Liquidator Schonenbergstrasse 39 8820 Wadenswil Horgen ZH Switzerland The Debtor can be reached at: LLC Martin Baer Schonenbergstrasse 39 8820 Wadenswil Horgen ZH Switzerland MOSSE ADRESS: Creditors' Liquidation Claims Due July 16 ------------------------------------------------------- Creditors of JSC Mosse Adress have until July 16 to submit their claims to: Max Buhlmann Liquidator P.O. Box 2731 8022 Zurich Switzerland The Debtor can be reached at: JSC Mosse Adress Zurich Switzerland PS SCHLOSSEREI: Creditors' Liquidation Claims Due June 8 -------------------------------------------------------- Creditors of LLC PS Schlosserei have until June 8 to submit their claims to: Paul Kaiser Liquidator Glarnerstr. 65 8854 Siebnen Switzerland The Debtor can be reached at: LLC PS Schlosserei Wollerau Hofe SZ Switzerland SULA GARTENBAU: Creditors' Liquidation Claims Due June 8 -------------------------------------------------------- Creditors of LLC SULA Gartenbau have until June 8 to submit their claims to: Gerenstrasse 25 8105 Regensdorf Dielsdorf ZH Switzerland The Debtor can be reached at: LLC SULA Gartenbau Regensdorf Dielsdorf ZH Switzerland TENFORE (SCHWEIZ): Creditors' Liquidation Claims Due June 8 ----------------------------------------------------------- Creditors of LLC Tenfore (Schweiz) have until June 8 to submit their claims to: Isabella Gisler Liquidator Splugenstrasse 11 8022 Zurich Switzerland The Debtor can be reached at: LLC Tenfore (Schweiz) Zurich Switzerland TREUGRUND JSC: Zug Court Starts Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Treugrund on April 24. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Treugrund 6300 Zug Switzerland VIVUSLINES JSC: Creditors' Liquidation Claims Due July 6 -------------------------------------------------------- Creditors of JSC Vivuslines have until July 6 to submit their claims to: Zurichsee and Oberland Liquidator Binzikerstrasse 2 8627 Gruningen Hinwil ZH Switzerland The Debtor can be reached at: JSC Vivuslines Gruningen Hinwil ZH Switzerland YAPURA SCHMUCK: Creditors' Liquidation Claims Due June 11 --------------------------------------------------------- Creditors of LLC Yapura Schmuck have until June 11 to submit their claims to: JSC CLC Samedan Liquidator Plazzet 25 7503 Samedan Maloja GR Switzerland The Debtor can be reached at: LLC Yapura Schmuck Samedan Maloja GR Switzerland ============= U K R A I N E ============= ABC LLC: Claims Filing Deadline Set June 3 ------------------------------------------ Creditors of LLC Finance Company ABC (code EDRPOU 32307987) have until June 3 to submit their 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. 43/144. 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 Finance Company ABC 16-a Apartment 82 Obolonsky Avenue 04205 Kiev Ukraine EKSIM LLC: Claims Filing Deadline Set June 3 -------------------------------------------- Creditors of LLC Consulting Group Eksim (code EDRPOU 32850738) have until June 3 to submit their proofs of claim to: LLC Amros AKR Liquidator Mayakovsky Avenue 02222 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/99-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Consulting Group Eksim Shota Rustaveli Str. 30-b Kiev Ukraine ETALON LLC: Claims Filing Deadline Set June 3 --------------------------------------------- Creditors of LLC Etalon (code EDRPOU 23786718) have until June 3 to submit their proofs of claim to: S. Dovgantchuk Liquidator Apartment 15 Gogol Str. 143 69002 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 21/75/07. The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: LLC Etalon Shkolnaya Str. 42 Guliaypole 72000 Zaporozhje Ukraine FORWARD-TRANS LLC: Claims Filing Deadline Set June 3 ---------------------------------------------------- Creditors of LLC Forward-Trans (code EDRPOU 30918804) have until June 3 to submit their proofs of claim to: Sergey Lipsky Liquidator P.O. Box 4389 79013 Lvov Ukraine The Economic Court of Lvov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 6/215-29/317. The Court is located at: The Economic Court of Lvov Lichakivska Str. 81 79010 Lvov Ukraine The Debtor can be reached at: LLC Forward-Trans Peremeskaya Str. 4/2 Lvov Ukraine POLOGUY PMK 10: Claims Filing Deadline Set June 3 ------------------------------------------------- Creditors of CJSC Pologuy PMK 10 (code EDRPOU 05402476) have until June 3 to submit their proofs of claim to: Jury Zinchenko Liquidator Spartakovskaya Str. 8 Guliaypole 70200 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 19/80/07. The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: CJSC Pologuy PMK 10 Pervomayskaya Str. 13 Pologuy 70600 Zaporozhje Ukraine SERPANOK-KIEV LLC: Claims Filing Deadline Set June 3 ---------------------------------------------------- Creditors of LLC Serpanok-Kiev (code EDRPOU 24573947) have until June 3 to submit their 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. 43/146. 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 Serpanok-Kiev Marko Vovtchok Str. 12/14 04073 Kiev Ukraine TARUS LLC: Claims Filing Deadline Set June 3 -------------------------------------------- Creditors of LLC Centre of Refraction and Laser Eyes Microsurgery Tarus (code EDRPOU 20952139) have until June 3 to submit their proofs of claim to: Jury Novikov Liquidator Apartment 5 Tchaikovsky Lane 18 65026 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 32/49-07-1989. The Court is located at: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Debtor can be reached at: LLC Centre of Refraction and Laser Eyes Microsurgery Apartment 5 Tchaikovsky Lane 18 65026 Odessa Ukraine TOP ENTERTAINMENT: Claims Filing Deadline Set June 3 ---------------------------------------------------- Creditors of LLC Top Entertainment (code EDRPOU 21701623) have until June 3 to submit their 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. 43/145. 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 Top Entertainment Krasnykh kazakhov Str. 21 04073 Kiev Ukraine UKRAINIAN RESOURCE: Claims Filing Deadline Set June 3 ----------------------------------------------------- Creditors of LLC Ukrainian Resource Petroleum (code EDRPOU 30229111) have until June 3 to submit their proofs of claim to: LLC Industrial Ecelogy Ltd. Liquidator Mayakovsky Avenue 02222 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/113-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Ukrainian Resource Petroleum M. Raskovaya Str. 19 Kiev Ukraine ZLAGODA LLC: Claims Filing Deadline Set June 3 ---------------------------------------------- Creditors of LLC Zlagoda (code EDRPOU 00706651) have until June 3 to submit their proofs of claims by the address V. Vakulenko Liquidator Apartment 5-A Shakespeare Str. 12-A 61045 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- 24/72-07. 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 Zlagoda Leninka Krasnograd District Kharkov Ukraine =========================== U N I T E D K I N G D O M =========================== CA INC: Fitch Affirms BB+ Issuer Default & Debt Ratings ------------------------------------------------------- Fitch has affirmed these ratings for CA, Inc.: -- Issuer Default Rating at 'BB+'; -- Senior unsecured revolving credit facility expiring 2008 at 'BB+'; -- Senior unsecured debt at 'BB+'. The 'B' commercial paper rating is affirmed and withdrawn. The Rating Outlook remains Negative. Fitch's actions affect approximately US$2.6 billion of total outstanding debt. The negative outlook reflects Fitch's continued uncertainty regarding CA's long-term capital structure and Fitch's expectations for modestly weaker annual free cash flow over the near-term. Fitch's June 30, 2006 downgrade of CA's ratings to 'BB+' from 'BBB-' incorporated the company's change of financial policies and ultimate use of some debt to finance the US$2 billion share repurchase authorization announced at that time. Fitch believes the company has sufficient financial capacity within the current ratings to fund the remaining US$500 million outstanding under the authorization via debt, pro forma for the completion of the company's announced accelerated share repurchase program for up to US$500 million, which will be funded with current cash balances. Whether CA's annual spending on share repurchases and acquisitions will revert to historical levels when it approximated annual free cash flow remains unclear to Fitch, although the company has stated that it remains committed to a "balanced capital allocation strategy." Fitch will monitor CA's ratings and outlook quarterly, with a focus on capital structure and balanced use of free cash. In addition, the ratings and outlook incorporates Fitch's expectations for slightly lower annual free cash flow of approximately US$800 million (versus US$1 billion historically). Free cash flow for fiscal year 2008 is anticipated to be adversely impacted by cash restructuring and higher cash tax payments but should increase beyond fiscal year 2008, as the company's restructuring initiatives begin to translate into higher profitability, cash restructuring payments decline, and capital spending on the company's global SAP implementation trends downward. Ratings concerns also center on a slowing and more challenging mainframe market, the likelihood for additional albeit less significant restructuring, and strong competition from larger, better capitalized companies. Positively, Fitch anticipates CA's operating performance will benefit from increased management focus following the company's recent resolution of its deferred prosecution agreement. CA announced on May 21, 2007, that it satisfied the terms of the September 2004 deferred prosecution agreement, including the departure of the independent examiner assigned and resulting in the dismissal of all pending charges against CA. Fitch also believes the company will continue to make progress in resolving its outstanding accounting issues, including the remaining material weaknesses identified in the company's 10-K for the fiscal year ended March 31, 2006. The ratings continue to be supported by CA's: i) solid recurring revenue profile, driven by the high barriers to entry with significant "switching" costs associated with the software industry; ii) consistent annual free cash flow approximating US$750 million to US$1 billion; and iii) size, diversity, and quality of the company's installed base (approximately 98% of Fortune 500) and depth of product line. While credit protection measures have eroded over the past year, leverage and coverage ratios remains solid for the current rating category and should be flat over the near-term. Cash from operations to total debt was 2.4 times for the fiscal year ended March 31, 2007, up from 1.3x for the prior year. Fitch believes liquidity at March 31, 2007 was solid and supported by: i) approximately US$2.3 billion of cash and cash equivalents; ii) US$1 billion senior unsecured RCF due December 2008, of which US$250 million is undrawn and available; and iii) aforementioned consistent annual free cash flow. Fitch notes that CA has US$1.1 billion of debt maturities over the next year and a half, including US$750 million outstanding under the company's US$1 billion revolving credit facility expiring December 2008, which Fitch believes the company will renew over the near-term. Total debt as of March 31, 2007, was approximately US$2.6 billion, up from US$1.8 billion a year ago but essentially flat from the end of fiscal year 2005. At March 31, 2007, debt primarily consisted of: i) US$750 million of borrowings outstanding under the company's RCF; ii) US$350 million senior notes due April 2008; iii) US$460 million senior notes due 2009; iv) US$500 million senior notes due 2009; and v) US$500 million senior notes due 2014. On Sept. 1, 2006, CA entered into an amendment to its RCF expiring December 2008 to loosen certain covenants, including increasing the carve-out amount to US$2 billion for share repurchases from the effective date of the amendment through June 30, 2007 and increasing the maximum allowable leverage ratio (total debt to cash flow from operations) to 4x from 3.25x. About CA Inc. Based in Metairie, Louisiana, OCA, Inc. -- http://www.ocai.com/ -- provides a full range of operational, purchasing, financial, marketing, administrative and other business services, as well as capital and proprietary information systems to approximately 200 orthodontic and dental practices representing approximately almost 400 offices. The Debtor's client practices provide treatment to patients throughout the United States and in Japan, Mexico, Spain, Brazil and Puerto Rico. CELESTICA: Fitch Pares Default Rating to B+ with Neg. Outlook ------------------------------------------------------------- Fitch Ratings has downgraded Celestica Inc.'s Issuer Default Rating to 'B+' from 'BB-'. Furthermore, Fitch has assigned a 'BB+/RR1' rating to Celestica's new US$300 million secured credit facility and lowered its rating on Celestica's senior subordinated debt to 'B/RR5' from 'B+'. Lastly, Fitch has withdrawn its 'BB-' rating on Celestica's former unsecured credit facility. The Rating Outlook remains Negative. Fitch's action affects approximately US$750 million of debt securities. The downgrade of the IDR and Negative Outlook reflect: i) Fitch's belief that Celestica will continue to be negatively impacted by recent execution issues, which have resulted in customer attrition as well as declining revenue and profitability; ii) negative free cash flow resulting from earnings losses, cash restructuring costs and increased working capital requirements; iii) Fitch's expectation that Celestica will incur additional cash payments for restructuring actions necessary to bring the company's cost structure in-line with its reduced revenue run rate. Absent a significant turnaround in profitability, this would contribute to a significant reduction in cash over the next one to two years; and iv) continued challenges in the overall Electronic Manufacturing Services market environment, including significant pricing pressure due to below average capacity utilization at most EMS providers. Credit concerns also center on: i) the thin EBIT margins associated with the EMS industry, despite ongoing efforts to expand into higher margin service offerings; ii) competition from lower cost competitors including Asian- based EMS and original design manufacturer providers, particularly in non-traditional end markets with more attractive growth rates; iii) Celestica's high exposure to traditional EMS end markets, such as communications equipment, which are characterized by slower growth and high competition; and iv) significant customer concentration with the top ten customers accounting for approximately 60% of revenue including IBM and Cisco, both of which were 10% customers in 2006. The ratings are supported by: i) Fitch's expectation that Celestica will continue to maintain a conservative capital structure; ii) Celestica's improved liquidity given its new US$300 million secured credit facility which is fully available to the company as of March 31, 2007; iii) Fitch's belief that if Celestica's revenue continues to decline, any resulting negative funds from operations would likely be offset by a positive cash contribution from reduced working capital requirements in the near term; iv) long-term trends that in Fitch's estimation support additional penetration of the manufacturing outsourcing model, which should enable the EMS industry in its entirety to grow at a rate of approximately 2 times worldwide GDP; and v) Celestica's significant scope and scale of operations, which Fitch believes are important to remaining competitive among tier one EMS providers. As of March 31, 2007, liquidity was sufficient and supported by approximately US$700 million of cash and cash equivalents and an undrawn US$300 million senior secured revolving credit facility expiring April 2009. Celestica also has a US$250 million accounts receivable sales program expiring November 2007, which can be extended at the company's discretion for 12 months. Total debt as of March 31, 2007, was approximately US$750 million and consisted of: i) US$500 million 7.875% senior subordinated notes due 2011 and ii) US$250 million 7.625% senior subordinated notes due 2013. As of March 31, 2007, Fitch estimates Celestica's latest 12 months EBITDA to LTM interest expense ratio was 4.4x and its Debt to LTM EBITDA ratio was 2.6x versus 4.8x and 2.8x, respectively, one year prior. Fitch expects Celestica's credit protection measures to deteriorate in 2007, primarily reflecting pressured EBITDA results. The Recovery Ratings and notching reflect Fitch's recovery expectations under a distressed scenario, as well as Fitch's expectation that the enterprise value of Celestica, and hence recovery rates for its creditors, will be maximized in a restructuring scenario rather than a liquidation scenario. In deriving a distressed enterprise value, Fitch applies a 50% discount to Celestica's estimated operating EBITDA of approximately US$283 million for the LTM ended March 31, 2007. Fitch then applies a 4x distressed EBITDA multiple, which considers Celestica's current multiple and that a stress event would likely lead to multiple contraction. As is standard with Fitch's recovery analysis, the revolver is fully drawn and cash balances fully depleted to reflect a stress event. The 'RR1' Recovery Rating for Celestica's secured bank facility reflects Fitch's belief that 100% recovery is realistic. The 'RR5' Recovery Rating for the senior subordinated debt reflects Fitch's estimate that a recovery of 11%-30% would be achievable. About Celestica Headquartered in Toronto, Ontario, Celestica, Inc. (NYSE: CLS, TSX: CLS/SV) -- http://www.celestica.com/-- is a world leader in the delivery of innovative electronics manufacturing services. Celestica operates a highly sophisticated global manufacturing network with operations in Brazil, China, Ireland, Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United Kingdom, among others. Providing a broad range of integrated services and solutions to original equipment manufacturers. Celestica's expertise in quality, technology and supply chain management, enables the company to provide competitive advantage to its customers by improving time-to-market, scalability and manufacturing efficiency. ********* 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/booksto 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 * * *