/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070615.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, June 15, 2007, Vol. 8, No. 118 Headlines A U S T R I A ENT LLC: Linz Court Orders Business Shutdown JETT TAXI: Vienna Court Orders Business Shutdown JOCHEN WEINDL: Claims Registration Period Ends June 27 LIFE MEDICAL: Steyr Court Orders Business Shutdown O CONNOR: Wels Court Orders Business Shutdown S.S. LLC: Claims Registration Period Ends June 26 SEWERT LLC: Claims Registration Period Ends June 26 WILHELM STIX: Wels Court Orders Business Shutdown D E N M A R K TDC A/S: Redemption of Minority Stake Invalid, Court Rules F R A N C E ALCATEL-LUCENT: Christian Sapsizian Pleads Guilty of Bribe ASPEN TECHNOLOGY: To Restate Balance Sheets on Accounting Errors BOSTON SCIENTIFIC: Inks Share Buyback Plan with Aspect Medical GENERAL CABLE: Commences US$125 Million Senior Notes Offer G E R M A N Y ANDREA B. FASHION: Claims Registration Period Ends July 17 AUTOHAUS HAUSLER: Creditors' Meeting Slated for July 19 AUTOHAUS LUZENBERG: Claims Registration Period Ends July 24 BAIER BAUREGIE: Claims Registration Period Ends July 11 BENQ MOBILE: Auctioneer Starts Sale of Remaining Assets BEWEHRUNGSTECHNIK WIENEKE: Claims Registration Ends July 26 CINE-INTERNATIONAL: Claims Registration Ends July 20 CONSTRUCT SF: Claims Registration Ends July 23 DOEBELNER HOLZHANDEL: Claims Registration Ends July 16 DAIMLERCHRYSLER: Chrysler Puts US$450MM in Kenosha Engine Plant ECKARDT HAUSTECHNIK: Claims Registration Ends July 20 GEBAUDE- UND ANLAGENTECHNIK: Claims Registration Ends July 6 GERRESHEIMER HOLDINGS: Moody's Lifts Corp. Family Rating to Ba3 HBO GMBH: Claims Registration Ends June 26 HBO VERWALTUNGS: Claims Registration Ends June 26 IEBS AUTOHANDELS: Claims Registration Period Ends July 13 LEHR IT: Creditors' Meeting Slated for July 5 NRG ENERGY: Closes US$4.4 Billion Senior Credit Refinancing SEMPER FINANCE: Fitch Rates EUR20,300,000 Class E Notes at BB I C E L A N D CHIQUITA BRANDS: Europe Sales Volume Down 4% in April-May 2007 I T A L Y ALITALIA SPA: Posts EUR135 Million Net Loss for Q1 2007 K A Z A K H S T A N EUROASIA-TECHNICS-PV LLP: Creditors Must File Claims July 13 GEOS LOGISTICS: Proof of Claim Deadline Slated for July 13 GERMES LLP: Creditors' Claims Due July 13 KAZKOMMERTSBANK JSC: Purchasing 50% Stake in IC East Capital KRASINA LLP: Claims Filing Period Ends July 13 KEDEGES LLP: Proof of Claim Deadline Slated for July 13 LUFTSERVICE LLP: Creditors Must File Claims July 13 NUR LTD: Claims Filing Period Ends July 13 SHU-AGRO-XXI LLP: Creditors' Claims Due July 13 STALKER-PLUS LLP: Claims Filing Period Ends July 13 VISTA-PAVLODAR LLP: Creditors' Claims Due July 13 K Y R G Y Z S T A N HIMMEL LLC: Creditors Must File Claims by July 25 REVIVAL LLC: Proof of Claim Deadline Slated for July 25 L U X E M B O U R G AGILENT TECHNOLOGIES: Completes US$250 Mil. Stratagene Purchase N E T H E R L A N D S HEXION SPECIALTY: S&P Holds B- Rating on US$825 Million Notes R U S S I A AGATE LLC: Creditors Must File Claims by June 19 AGROTON-S CJSC: Stavropol Bankruptcy Hearing Slated for July 12 BELYJ BEREG: Court Names O. Malyukov as Insolvency Manager CHERNOGORSKIY FACTORY: Creditors Must File Claims by July 19 CONCERN INMASH: Court Names V. Kryuchkov as Insolvency Manager DALSVYAZ OJSC: Unveils Consolidation Plans for Two Subsidiaries DERZHAVA OJSC: Creditors Must File Claims by July 19 DISTILLERY LIVIZ: Creditors Must File Claims by June 19 FISH HARBOR: Creditors Must File Claims by July 19 KRUUS OJSC: Asset Sale Slated for June 20 MIRNOE OJSC: Orenburg Bankruptcy Hearing Slated for July 25 ORGRESBANK: Moody's Withdraws E+/Ba2/NP Global Ratings REINFORCED CONCRETE: Creditors Must File Claims by June 19 RUBY LLC: Court Names V. Goncharov as Insolvency Manager STROY-DETAIL OJSC: Creditors Must File Claims by July 19 TECHNICAL CENTRE: Creditors Must File Claims by July 19 YUG-SVYAZ-SERVICE: Creditors Must File Claims by July 19 YUKOS OIL: Prana Completes US$3.9 Billion Asset Purchase Deal ZARECHNOYE CJSC: Creditors Must File Claims by July 19 S P A I N AUCTENTIA SLU: Chapter 15 Petition Hearing Scheduled on June 15 MBS BANCAJA 4: Fitch Affirms CCC Rating on Class E Notes S W I T Z E R L A N D DIGIPOINT JSC: Creditors' Liquidation Claims Due June 29 GM GROUP: Claims Registration Period Ends June 25 GUNTERT JSC: Claims Registration Period Ends June 25 HERCULES INC: Moody's Keeps Corporate Family Rating at Ba2 HOMET JSC: Creditors' Liquidation Claims Due June 29 HPG HOLZPRODUKTE: Creditors' Liquidation Claims Due June 30 KAS IMMOBILIEN: Creditors' Liquidation Claims Due June 30 SPECIALIZED TECH: Moody's Junks Proposed US$75 Million Loan STORKING BERATUNGS: Creditors' Liquidation Claims Due June 30 VIN E FIOR: Creditors' Liquidation Claims Due June 29 T U R K E Y ARCELIK AS: Fitch Pares Issuer Default Rating to BB+ from BBB- U K R A I N E BONAS LLC: Creditors Must File Claims by June 17 BROVARY AGRICULTURAL: Creditors Must File Claims by June 17 DVORECHYE ENTERPRISE: Claims Filing Deadline Set June 17 DVORECHYE REPAIR-TRANSPORT: Claims Filing Deadline Set June 17 KOMPANION LLC: Claims Filing Deadline Set June 17 MAKSTRO MOL: Creditors Must File Claims by June 17 MICRODIN STS: Creditors Must File Claims by June 17 MOTOR-CAR 16331: Claims Filing Deadline Set June 17 NAFTOGAZ UKRAINY: To Assess Dnieper-Donets Basin with Marathon SURINA LLC: Creditors Must File Claims by June 17 SVITANOK LLC: Claims Filing Deadline Set June 17 TOKAREVKA AGRICULTURAL: Claims Filing Deadline Set June 17 U N I T E D K I N G D O M ALPINE SHEET: Taps Joint Administrators from KPMG LLP ARENSON GROUP: Appoints Administrators from Baker Tilly BAA PLC: European Traffic Figures Up 1.8% in May 2007 BNY CONVERGEX: Moody's Puts B1 Ratings Under Review BNY CONVERGEX: LiquidPoint Acquisition Cues S&P’s Neg. Outlook BOMBARDIER REC: Moody's Rates CDN$250 Mil. Sr. Sec. Loan at Ba2 CHRISTIAN ST. JOHN: Brings In Administrators from Vantis CREA CDO: Fitch Rates EUR11.25 Mln Class E Senior Notes at BB DD BARS: Appoints Elizabeth Arakapiotis as Liquidator EDP INC: Moody's Junks Proposed US$410 Mil. 2nd Lien Term Loan EPD INC: S&P Assigns Corporate Credit Rating at B EMPOWER INTERACTIVE: Joint Liquidators Take Over Operations ISOFT GROUP: Posts IBA All-Share Offer Scheme Circular JOHN PETERS: Appoints Joint Administrators from Ernst & Young LORRY LOADERS: Shareholders' Approve Voluntary Liquidation MORTGAGES NO. 6: S&P Puts Notes' Ratings on Positive Watch NBE UK: Fitch Affirms BB+ Issuer Default Rating NEWGATE FUNDING: Moody's Rates Classes E & F Notes at Low-B QUINTILES TRANSNATIONAL: To Expand Business in Scotland SUNNY DELIGHT: Improved Performance Cues S&P’s Upgrade to CCC+ WOOD STREET CLO V: S&P Rates EUR20 Million Class E Notes at BB ********* ============= A U S T R I A ============= ENT LLC: Linz Court Orders Business Shutdown -------------------------------------------- The Land Court of Linz entered May 15 an order shutting down the business of LLC ENT (FN 122036s). Court-appointed estate administrator Rene Lindner recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Rene Lindner Fadingerstr. 9 4020 Linz Austria Tel: 0732/784080-34 Fax: 0732/784080-5 E-mail: konkurs@hengstschlaeger-lindner.at Headquartered in Pasching, Austria, the Debtor declared bankruptcy on May 14 (Bankr. Case No 38 S 32/07w). JETT TAXI: Vienna Court Orders Business Shutdown ------------------------------------------------ The Trade Court of Vienna entered May 22 an order shutting down the business of LLC Jett Taxi (FN 240178d). Court-appointed estate administrator Ilse Korenjak recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Ilse Korenjak Gusshausstrasse 6 1040 Vienna Austria Tel: 512 21 02 Fax: 512 21 0220 E-mail: office@buresch-korenjak.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 16 (Bankr. Case No 38 S 26/07m). JOCHEN WEINDL: Claims Registration Period Ends June 27 ------------------------------------------------------ Creditors owed money by LLC Jochen Weindl (FN 267847v)have until June 27 to file written proofs of claim to court-appointed estate administrator Clemens Richter at: Mag. Clemens Richter c/o Dr. Thomas Engelhart Esteplatz 4 1030 Vienna Austria Tel: 01/712 33 30 Fax: 01/712 33 30 30 E-mail: engelhart@csg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on July 11 for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Strasshof an der Nordbahn, Austria, the Debtor declared bankruptcy on May 18 (Bankr. Case No. 36 S 74/07k). Thomas Engelhart represents Mag. Richter in the bankruptcy proceedings. LIFE MEDICAL: Steyr Court Orders Business Shutdown -------------------------------------------------- The Land Court of Steyr entered May 16 an order shutting down the business of LLC LIFE Medical (FN 122834p). Court-appointed estate administrator Guenther Grassner recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Guenther Grassner c/o Dr. Norbert Mooseder Suedtirolerstrasse 4-6 4020 Linz Austria Tel: 0732/77 08 15 Fax: 770816a E-mail: lawfirm@gltp.at Headquartered in Pfarrkirchen bei Bad Hall, Austria, the Debtor declared bankruptcy on May 14 (Bankr. Case No 14 S 18/07f). Norbert Mooseder represents Dr. Grassner in the bankruptcy proceedings. O CONNOR: Wels Court Orders Business Shutdown --------------------------------------------- The Land Court of Wels entered May 21 an order shutting down the business of O Connor Enterprises Ltd. (FN 252550y). Court-appointed estate administrator Gerhard Eigner recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Gerhard Eigner Ringstrasse 25 4600 Wels Austria Tel: 07242/58120 Fax: 07242/58120-22 E-mail: OFFICE@EIGNER-ROYER.AT Headquartered in Wels, Austria, the Debtor declared bankruptcy on May 4 (Bankr. Case No 20 S 61/07g). S.S. LLC: Claims Registration Period Ends June 26 ------------------------------------------------- Creditors owed money by LLC S.S. (FN 279167s)have until June 26 to file written proofs of claim to court-appointed estate administrator Christof Stapf at: Dr. Christof Stapf c/o Mag. Michael Neuhauser Esslinggasse 9 1010 Vienna Austria Tel: 536 50-0 Fax: 536 50-14 E-mail: officewien@aaa-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:15 p.m. on July 10 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 23 (Bankr. Case No. 6 S 60/07a). Michael Neuhauser represents Dr. Stapf in the bankruptcy proceedings. SEWERT LLC: Claims Registration Period Ends June 26 --------------------------------------------------- Creditors owed money by LLC Sewert (FN 278617g) have until June 26 to file written proofs of claim to court-appointed estate administrator Eva Wexberg at: Dr. Eva Wexberg c/o Dr. Walter Kainz Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:30 p.m. on July 10 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 23 (Bankr. Case No. 6 S 61/07y). Walter Kainz represents Dr. Wexberg in the bankruptcy proceedings. WILHELM STIX: Wels Court Orders Business Shutdown ------------------------------------------------- The Land Court of Wels entered May 22 an order shutting down the business of LLC Wilhelm Stix & Co. KG (FN 25979f). Court-appointed estate administrator Martin Stossier recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Martin Stossier Ringstrasse 4/Plobergerstrasse 7 4600 Wels Tel: 07242/42605-0 Fax: 07242/42605-20 E-mail: stossier@ra-stossier.at Headquartered in Wels, Austria, the Debtor declared bankruptcy on May 10 (Bankr. Case No 20 S 64/07y). ============= D E N M A R K ============= TDC A/S: Redemption of Minority Stake Invalid, Court Rules ---------------------------------------------------------- The Eastern High Court has delivered on June 1, 2007 its judgment in the action brought by ATP against TDC A/S and Nordic Telephone Company ApS and in the action brought by TDC against the Danish Commerce and Companies Agency regarding compulsory redemption of the minority shareholdings in TDC. The court has found for ATP's and the DCCA's claims that the provisions in the Articles of Association regarding compulsory redemption for the benefit of NTC, which were adopted at the Extraordinary General Meeting in TDC on Feb. 28, 2006, are invalid and cannot be registered with the DCCA. TDC will now examine the judgment and thereafter decide on a possible appeal to the Supreme Court. The judgment may be appealed to the Supreme Court within a time-limit of 8 weeks from June 13, 2007. About TDC A/S Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.dk/-- through its subsidiaries and affiliates, provides communication solutions in Europe. It provides communication services in Denmark and Switzerland, and has a significant presence in selected Northern and Central European telecommunication markets. It operates through five business lines. * * * In April 2007, in connection with the 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, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for TDC A/S. Moody's also assigned a Ba3 Probability-Of-Default-rating to the company. * Issuer: TDC A/S Projected Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$6-billion Sr. Unsecured Medium-Term Note Program Ba3 B1 LGD5 81% DEM500-billion 5% Sr. Unsecured Ba3 B1 LGD5 81% Regular Bond/ Debenture Due 2008 JPY3-billion 1.28% Sr. Unsecured Regular Bond/ Debenture Due 2008 Ba3 B1 LGD5 81% EUR350-million 5.625% Senior Unsecured Regular Bond/ Debenture Due 2009 Ba3 B1 LGD5 81% EUR750-million 6.5% Senior Unsecured Regular Bond/ Debenture Due 2012 Ba3 B1 LGD5 81% Senior Secured Bank Credit Facility Ba2 Ba2 LGD3 34% * Issuer: Nordic Telephone Company Holdings ApS Projected Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Sr. Unsecured Floating Rate Notes 2016 B2 B2 LGD6 92% 8.875%/8.25% Senior Unsecured Regular Bond/ Debenture Due 2016 B2 B2 LGD6 92% As reported in the TCR-Europe on April 27, 2007, Fitch Ratings placed TDC A/S's Issuer Default rating of 'BB-' on Rating Watch Negative, following the company's disclosure of anticipated additional tax charges from July 1. The ratings of TDC's and NTC Holdings' debt are also put on RWN. At the same time, Standard & Poor's Ratings Services affirmed all its ratings on Danish telecoms operator TDC A/S and its parent company Nordic Telephone Co. Holding ApS, including the 'BB-/B' corporate credit ratings on TDC. S&P said the outlook is stable. =========== F R A N C E =========== ALCATEL-LUCENT: Christian Sapsizian Pleads Guilty of Bribe ---------------------------------------------------------Christian Sapsizian, a former Alcatel official, has pleaded guilty of participating in bribing senior Costa Rican government officials with over US$2.5 million to secure a mobile telephone contract from Costa Rican state-run telecommunications authority, Lawfuel reports, citing the Department of Justice. Lawfuel says that Mr. Sapsizian has breached the Foreign Corrupt Practices Act. He entered the plea in U.S. District Court in Miami, before the Honorable Patricia Seitz. He pleaded "guilty to two counts, conspiracy and violating the FCPA, from a superseding indictment returned on March 20, 2007." The remaining counts will be dismissed during the sentencing on Dec. 20, 2007. Mr. Sapsizian will cooperate with law enforcement officials in their probe, Lawfuel notes. The report says that Alcatel was a French telecommunications firm whose American Depositary Receipts were traded on the New York Stock Exchange until Nov., 30, 2006. Mr. Sapsizian worked for Alcatel for over 20 years. Mr. Sapsizian was Alcatel's deputy vice president in Costa Rica at when the bribe was paid out. According to Lawfuel, Mr. Sapsizian admitted that he conspired with co-defendant Edgar Valverde Acosta -- Alcatel's former senior country officer in Costa Rica -- and others from February 2000 through September 2004 to pay over US$2.5 million in bribes to senior Costa Rican officials to win a mobile telephone contract for Alcatel. The payments were channeled through one of Alcatel's Costa Rican consulting companies and were then made to a director of Costa Rican state-run telecommunications authority Instituto Costarrisence de Electricidad, which was responsible for awarding all telecommunications contracts. Lawfuel notes that Mr. Sapsizian also admitted that the ICE director was an advisor to a senior government official. The bribes given were shared with the senior government official. The payments were to convince the ICE director and the senior government official to exercise their influence to start a bid process that favored Alcatel's technology and to vote to award Alcatel a mobile telephone contract. The report says that Alcatel was awarded a US$149-million mobile telephone contract in August 2001. Lawfuel underscores that Mr. Sapsizian was sentenced with 10 years of prison, a US$250,000 fine, and US$330,000 in forfeiture. Deputy Chief Mark F. Mendelsohn and Trial Attorneys Charles Duross and Mary K. Dimke of the Criminal Division's Fraud Section were the prosecutors in the case, according to Lawfuel. The Criminal Division's Office of International Affairs provided substantial support in gathering evidence outside the country and in facilitating international cooperation. The Southeast Regional Branch of the U.S. Securities and Exchange Commission, the Office of the Attorney General in Costa Rica, and the Fiscalia de Delitos Economicos, Corrupcion y Tributarios in Costa Rica also helped in the case. The Federal Bureau of Investigation is continuing the investigations, Lawfuel states. Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As reported on April 13, 2007, Fitch Ratings affirmed Alcatel- Lucent's ratings at Issuer Default 'BB' with a Stable Outlook, senior unsecured 'BB' and Short-term 'F2' and simultaneously withdrawn them. As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. ASPEN TECHNOLOGY: To Restate Balance Sheets on Accounting Errors ---------------------------------------------------------------- Aspen Technology, Inc. reported that certain errors in the accounting for sales of installments receivable were discovered in connection with a recent review of its financial statements. As a result, the company’s previously issued financial statements as of June 30, 2005 and 2006 and for each of the three years in the period ended June 30, 2006, and related reports of its independent registered public accounting firm for those periods should not be relied upon. In addition, the company’s quarterly filings on Form 10-Q within these years and for each of the quarters ended Sept. 30, 2006, Dec. 31, 2006, and March 31, 2007, should not be relied upon. The company estimates that the restatements will result in the creation of two new balance sheet captions, a collateral asset for secured borrowings and a secured borrowing liability, in these amounts: -- approximately US$70 million as of June 30, 2005; -- approximately US$80 million as of June 30, 2006; and -- in excess of US$200 million as of March 31, 2007. Because the review of the accounting is ongoing, these estimates are subject to change, and those changes could be material. Brad Miller, chief executive officer of AspenTech, said “It is expected that the asset and liability accounts created as a result of this restatement will match, and that the cash flows received from these long term customer accounts will continue to finance the debt, consistent with nearly 20 years of practice as well as the intentions of the parties when the arrangements were originally established. We do not believe the restated balance sheet treatment of these accounts for GAAP purposes affects the net financial position of the company, nor the cash required and available to operate our business.” Mr. Miller added, “We are focused on completing the restatement process as quickly as practicable, and we remain focused on running the business, serving our customers and continuing to make progress in improving our operational execution.” About Aspen Technology Based in Cambridge, Massachusetts, Aspen Technology Inc. (Nasdaq: AZPN) -- http://www.aspentech.com/-- provides software and professional services that help process companies improve efficiency and profitability by enabling them to model, manage and control their operations. The company has locations in Brazil, Malaysia and France. * * * Aspen Technology carries Moody's B2 long-term corporate family rating and Caa1 equity linked rating. The outlook is stable. On the other hand, the company carries Standard & Poor's B long- term foreign and local issuer credit ratings. The outlook is negative. BOSTON SCIENTIFIC: Inks Share Buyback Plan with Aspect Medical -------------------------------------------------------------- Boston Scientific Corporation and Aspect Medical Systems, Inc. had agreed to enter into a share repurchase plan to conclude their alliance for the development of new brain monitoring products aimed at assisting clinicians in the diagnosis and treatment of depression, Alzheimer's disease and other neurological conditions. The agreement includes these key provisions: 1) Aspect will immediately acquire 2 million shares of Aspect stock now held by Boston Scientific at a price of approximately US$15.91 per share. This price represents the average of the closing prices of Aspect stock over the 20 most recent trading days. Prior to this agreement, Boston Scientific's position in Aspect stood at approximately 6 million shares, or 27% of Aspect's shares outstanding. 2) For a period of six months following the date of the agreement, Aspect will have the right to purchase any or all of the balance of Boston Scientific's position in Aspect at a price of US$15 per share, or the average of the closing prices of Aspect stock over the 10 trading days prior to Aspect exercising its right to repurchase, whichever is higher. In addition, Boston Scientific has agreed not to sell any of its Aspect stock, except to Aspect, during the six month period. 3) Boston Scientific is relieved from all current and future obligations to the alliance. The neuroscience alliance was established in May 2005 and involved a commitment by Boston Scientific of US$25 million over five years to support research by Aspect in the depression and Alzheimer's markets. To date, Boston Scientific has provided US$10 million of the US$25 million originally committed. 4) Aspect regains all commercial rights to products developed under the alliance that were previously shared with Boston Scientific. Aspect and Boston Scientific also agreed today that all rights and obligations in connection with an OEM Product Development Agreement signed in 2002 will cease effective upon closing of the share repurchase. As part of the 2002 Agreement, Boston Scientific held an option to distribute products developed by Aspect in the procedural sedation space. With Boston Scientific declining this option, all rights to products developed in conjunction with this agreement will revert to Aspect. As a result of this, Aspect will recognize approximately US$3.8 million of previously deferred alliance revenue this quarter. "Boston Scientific has been an outstanding partner, and we appreciate their contribution to our success to date. Further, we understand Boston Scientific's desire to refocus its strategic priorities following its recent acquisition, and we believe that this agreement creates new opportunities for both parties," said Nassib Chamoun, president and CEO of Aspect Medical Systems. "We are enthusiastic about Aspect's neuroscience program, particularly the interim results from the BRITE study that we announced three weeks ago. We believe that the neuroscience business will become a great complement to our core consciousness-monitoring business in the years ahead. Today's share purchase from Boston Scientific speaks to our growing financial strength and signals our confidence in our ability to continue to grow our core business and to develop the potential of our neuroscience program." Chamoun continued, "We also believe that the opportunity to reacquire full commercial rights to the products developed in the neuroscience space will prove to be significant for Aspect longer term. Over the coming months, we plan to seek financing, which may be in the form of convertible notes, in order to replenish our cash position and gain the flexibility to exercise our option to purchase additional shares from Boston Scientific. We believe these share purchases will provide stability and create value for all of our shareholders." Transaction Details Under the terms of the termination and repurchase agreement signed today, Aspect and Boston Scientific have agreed that all obligations and rights granted by either party in connection with the 2005 neuroscience strategic alliance and the 2002 OEM product development agreement will terminate under the agreement. In connection with the 2002 Agreement, Boston Scientific established a revolving credit facility available to Aspect which was also terminated under the agreement. Aspect has never drawn down on this line of credit. Aspect and Boston Scientific are also entering into a registration rights agreement under which Boston Scientific will have the right to request under certain circumstances that Aspect register under the Securities Act of 1933, as amended, shares of Aspect common stock held by Boston Scientific and not repurchased by Aspect. About Aspect Medical Aspect Medical Systems, Inc. (NASDAQ: ASPM) -- http://www.aspectmedical.com/-- produces and develops brain monitoring technology. The company's Bispectral Index technology has been used to assess approximately 20 million patients and has been the subject of more than 2,800 published articles and abstracts. BIS technology is installed in approximately 75 percent of hospitals listed in the July 2006 U.S News and World Report ranking of America's Best Hospitals and in approximately 55 percent of all domestic operating rooms. The company is also investigating how other methods of analyzing brain waves may aid in the diagnosis and management of neurological diseases, including depression and Alzheimer's disease. About Boston Scientific Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional medical specialties. The company has offices in Argentina, France, Germany, and Japan, among others. * * * As reported in the Troubled Company Reporter on May 11, 2007, Moody's placed Boston Scientific Corporation's ratings including its Baa3 senior unsecured and Prime-3 short term, under review for possible downgrade. The rating action reflects Moody's expectation that, absent any material debt reduction, financial strength measures over the near term will be below those identified for an investment grade company under Moody's Global Medical Products & Device Industry Rating Methodology. GENERAL CABLE: Commences US$125 Million Senior Notes Offer -------------------------------------------------------- General Cable Corporation has commenced an offer to the holders of its US$125 million principal amount Senior Floating Rate Notes due 2015 (CUSIP Nos. 369300AE8 and U36606AB4) and its US$200 million principal amount 7.125% Senior Fixed Rate Notes due 2017 (CUSIP Nos. 369300AF5 and U36606AC2 to exchange such notes for a like principal amount of its Senior Floating Rate Notes due 2015, Series B and its 7.125% Senior Fixed Rate Notes due 2017, Series B which have been registered under the Securities Act of 1933, as amended. The Exchange Notes were sold to institutional investors in a private placement by the company, which was completed in March 2007. The company was required to carry out the Exchange Offer under the terms of agreements entered into in the private placement. The Exchange Offer is scheduled to expire at 5:00 p.m., New York City time, on July 20, 2007, unless extended by the company. The exchange agent for the exchange offer is U.S. Bank National Association. Holders of the Exchange Notes may obtain information pursuant to the Prospectus dated June 11, 2007 and the related Letter of Transmittal which more fully set forth the terms of the Exchange Offer by calling the exchange agent at (800) 934-6802, or by facsimile at (651) 495-8158. Headquartered in Highland Heights, Kentucky, General Cable Corporation (NYSE: BGC) -- http://www.generalcable.com/-- makes aluminum, copper, and fiber-optic wire and cable products. It has three operating segments: industrial and specialty (wire and cable products conduct electrical current for industrial and commercial power and control applications); energy (cables used for low-, medium- and high-voltage power distribution and power transmission products); and communications (wire for low-voltage signals for voice, data, video, and control applications). 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. General Cable has locations in China, Australia, France, Brazil, the Dominican Republic and Spain. * * * AS reported in the Troubled Company Reporter on March 13, 2007, Moody's Investors Service assigned a rating of B1 to the proposed $325 million senior unsecured notes of General Cable Corporation consisting of US$125 million of floating rate notes and US$200 million fixed rate notes. Concurrently, Moody's affirmed all other ratings for this issuer. The rating outlook remains stable. ============= G E R M A N Y ============= ANDREA B. FASHION: Claims Registration Period Ends July 17 ---------------------------------------------------------- Creditors of Andrea B. fashion GmbH have until July 17 to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Aug. 7, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 119 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Sontopski Gnoiener Platz 10 48493 Wettringen Germany Tel: 02557/9384-0 Fax: +492557938450 The District Court of Muenster opened bankruptcy proceedings against Andrea B. fashion GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Andrea B. fashion GmbH Attn: Andrea Banken-Krause, Manager Solmstrasse 30 48683 Ahaus-Ottenstein Germany AUTOHAUS HAUSLER: Creditors' Meeting Slated for July 19 ------------------------------------------------------- The court-appointed insolvency manager for Autohaus Hausler GmbH & Co. Handels KG, Michael Jaffe will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:15 a.m. on July 19. The meeting of creditors and other interested parties 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 at 9:00 a.m. on Oct. 12 at the same venue. Creditors have until Aug. 31 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Michael Jaffe Franz-Joseph-Str. 8 80801 Munich Germany Tel: 089/255487-00 Fax: 089/255487-10 The District Court of Munich opened bankruptcy proceedings against Autohaus Hausler GmbH & Co. Handels KG on May 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Hausler GmbH & Co. Handels KG Oberdiller Str. 29 82065 Baierbrunn Germany AUTOHAUS LUZENBERG: Claims Registration Period Ends July 24 ----------------------------------------------------------- Creditors of Autohaus Luzenberg GmbH have until July 24 to register their claims with court-appointed insolvency manager Holger Bluemle. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe 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: Holger Bluemle Kriegsstrasse 113 76135 Karlsruhe Germany Tel: (0721) 91 95 70 The District Court of Karlsruhe opened bankruptcy proceedings against Autohaus Luzenberg GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Luzenberg GmbH Attn: Klaus Uchatius, Manager Loewitstrasse 1 68169 Mannheim Germany BAIER BAUREGIE: Claims Registration Period Ends July 11 ------------------------------------------------------- Creditors of Baier Bauregie GmbH & Co. KG have until July 11 to register their claims with court-appointed insolvency manager Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Sept. 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 Rostock Hall 330 Zochstrasse 18057 Rostock 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: Berthold Brinkmann Freiligrathstrasse 1 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against Baier Bauregie GmbH & Co. KG on May 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Baier Bauregie GmbH & Co. KG Attn: Sonja Baier, Manager Moehlenkamp 2 18109 Rostock Germany BENQ MOBILE: Auctioneer Starts Sale of Remaining Assets ------------------------------------------------------- Martin Prager, the insolvency administrator for BenQ Mobile GmbH and Co., hired German auctioneer Dechow to sell the company's remaining assets, the Financial Times reports citing Frankfurter Allgemeine Zeitung as its source. The process will see around 3,000 individual items used for the production of mobile phones on the auction block at the company's former production plant in Kamp-Lintfort, FT relates. Smaller pieces of technical equipment were auctioned online earlier this month. In a TCR-Europe report on June 11, 2007, Option NV purchased BenQ Mobile's laboratory facilities and technical manpower for EUR4 million. About BenQ Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. -- http://www.benq.com/-- is principally engaged in manufacturing developing and selling of computer peripherals and telecommunication products. It is also a major provider of 3G handset, camera phones, and other products. BenQ Mobile GmbH & Co., the company's German-based wholly owned subsidiary, filed for insolvency in Munich on Sept. 29, 2006, after BenQ Corp.'s board decided to discontinue capital injection into the mobile unit in order to stem unsustainable losses. The collapse follows a year after Siemens sold the company to Taiwanese technology group BenQ. BenQ Mobile has lost market share against giant competitors. A Munich Court opened insolvency proceedings against BenQ Mobile GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a buyer for the company by the Dec. 31, 2006 deadline. * * * The Troubled Company Reporter - Asia Pacific reported on Dec. 5, 2006, that Taiwan Ratings Corp., assigned its long-term twBB+ and short-term twB corporate credit ratings to BenQ Corp. The outlook on the long-term rating is negative. At the same time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's existing NT$7.05 billion unsecured corporate bonds due in 2008, 2009, and 2010. The ratings reflect BenQ's continuing operating losses from its handset operations and high leverage, and the competitive nature and low profitability of the LCD monitor industry. BEWEHRUNGSTECHNIK WIENEKE: Claims Registration Ends July 26 ----------------------------------------------------------- Creditors of Bewehrungstechnik Wieneke GmbH have until July 26 to register their claims with court-appointed insolvency manager Hans-Peter Burghardt. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 16, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Hans-Peter Burghardt Bunsenstr. 3 D 32052 Herford Germany Tel: 05221/693 0731 Fax: 05221/693 0691 The District Court of Hameln opened bankruptcy proceedings against Bewehrungstechnik Wieneke GmbH on May 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bewehrungstechnik Wieneke GmbH Meintetalstrasse 11 31812 Bad Pyrmont Germany CINE-INTERNATIONAL: Claims Registration Ends July 20 ---------------------------------------------------- Creditors of Cine-International Filmvertrieb GmbH & Co. KG have until July 20 to register their claims with court-appointed insolvency manager Oliver Schartl. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Aug. 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Oliver Schartl Schwanthalerstr. 32 80336 Munich Telefon: 089-545110 Telefax: 089-54511-444 The District Court of Munich opened bankruptcy proceedings against Cine-International Filmvertrieb GmbH & Co. KG on May 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cine-International Filmvertrieb GmbH & Co. KG Leopoldstr. 18 80802 Munich Germany CONSTRUCT SF: Claims Registration Ends July 23 ---------------------------------------------- Creditors of Construct SF Bau GmbH have until July 23 to register their claims with court-appointed insolvency manager Dr. Ulrich Wenzel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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. Ulrich Wenzel Grossbeerenstr. 231 14480 Potsdam Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Construct SF Bau GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Construct SF Bau GmbH Lessingstrasse 16 16356 Ahrensfelde Germany DOEBELNER HOLZHANDEL: Claims Registration Ends July 16 ------------------------------------------------------ Creditors of Doebelner Holzhandel GmbH have until July 16 to register their claims with court-appointed insolvency manager Goerge Scheid. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.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 Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Goerge Scheid Jacobstrasse 25 04105 Leipzig Germany Tel:0341/702520 Fax: 0341/7025244 E-mail: Sozietaet@Voigt-Scheid.de The District Court of Leipzig opened bankruptcy proceedings against Doebelner Holzhandel GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Doebelner Holzhandel GmbH Richard-Koeberlin-Strasse 9 04720 Doebeln Germany DAIMLERCHRYSLER: Chrysler Puts US$450MM in Kenosha Engine Plant --------------------------------------------------------------- DaimlerChrysler AG unit Chrysler Group plans to invest US$450 million in its Kenosha, Wisconsin, engine plant for a comprehensive retooling in preparation for the launch of a new family of fuel-efficient V-6 engines. The investment and retooling are part of an extensive powertrain offensive that will commit a total of US$3 billion to develop and launch the new engines -— known as Phoenix engines —- in addition to a dual-clutch transmission joint venture with German parts maker Getrag and new common axle family. All are part of Chrysler Group's commitment to advanced powertrain technologies and the first step to more fuel-efficient vehicles. Scheduled to begin production in January 2011, the plant will have an annual Phoenix production capacity of 400,000 units when it reaches full volume. Retooling for the Kenosha Phoenix Engine Plant will begin in June 2010. Once the plant is fully operational, Kenosha Phoenix Engine Plant will employ 700 full-time workers. "This retooling investment will allow us to build an entirely new, globally competitive family of V-6 engines," said Richard Chow-Wah, vice president for Powertrain Manufacturing, Chrysler Group. "The Chrysler Group Recovery and Transformation Plan is focused on new products, and today's news supports a long-term commitment to new vehicle components that support consumer demand for refined, economical-to-operate vehicles for many years to come." Wisconsin Governor Jim Doyle said that Chrysler Group would receive an incentive package of Kenosha County, City of Kenosha and State of Wisconsin funds totaling US$16.8 million. "This is an important day for the future of the UAW and Chrysler Group, and in particular for the continued competitiveness of our team here in the State of Wisconsin," said General Holiefield, UAW vice president, who directs the union's DaimlerChrysler Department. "We have a vision to see this company and our union grow this business and transform Chrysler Group into a stronger company that will be competitive for the long run. The investment we announce today proves that we are investing in this vision.” Chrysler Group has had a presence in Kenosha since 1987, when American Motors Corp. was acquired by Chrysler Corporation. The company's current 2.7-liter V-6 has been produced there since 1997. The company's 3.5-liter V-6 was launched in 1999, part of a US$624 million modernization of the plant. The plant was built in 1917. Over the long term, the Phoenix family of V-6 engines will reduce manufacturing complexity by paring the Company’s four current V-6 engine architectures to one. Kenosha becomes the third Phoenix engine plant announced by Chrysler Group since April 2007, joining previously announced plants in Trenton, Michigan, and Saltillo, Mexico. The company will also construct an all-new plant in Marysville, Michigan, to build a new line of corporate axles. 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. ECKARDT HAUSTECHNIK: Claims Registration Ends July 20 ----------------------------------------------------- Creditors of Eckardt Haustechnik GmbH have until July 20 to register their claims with court-appointed insolvency manager Joachim Exner. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.m. on Aug. 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hof Meeting Hall 012 Ground Floor Berliner Platz 1 95030 Hof 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: Joachim Exner Ludwigstr. 50 95028 Hof Germany Tel: 09281/8331080 Fax 09281/8331089 The District Court of Hof opened bankruptcy proceedings against Eckardt Haustechnik GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eckardt Haustechnik GmbH Attn: Wolfgang Eckardt, Manager Nailaer Str. 12 95192 Lichtenberg Germany GEBAUDE- UND ANLAGENTECHNIK: Claims Registration Ends July 6 ------------------------------------------------------------ Creditors of Gebaude- und Anlagentechnik Leipzig GmbH have until July 6 to register their claims with court-appointed insolvency manager Goerge Scheid. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.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 Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Goerge Scheid Jacobstrasse 25 04105 Leipzig Germany Tel: 0341/702520 Fax: 0341/7025244 E-mail: sozietaet@voigt-scheid.de The District Court of Leipzig opened bankruptcy proceedings against Gebaude- und Anlagentechnik Leipzig GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gebaude- und Anlagentechnik Leipzig GmbH Druckereistrasse 4 04159 Leipzig Germany Attn: Dr. Susann Richter, Manager Rosslauer Strasse, 7a 04157 Leipzig Germany GERRESHEIMER HOLDINGS: Moody's Lifts Corp. Family Rating to Ba3 --------------------------------------------------------------- Moody's Investors Service upgraded the Corporate Family Rating for Gerresheimer Holdings GmbH to Ba3 from B2, and the rated notes to B2 (LGD rate 93%, LGD6) from Caa1. The rating outlook has been changed to positive from stable. This rating action follows the capital increase and partial floatation of the company and the announced application of the proceeds of EUR450 million from the capital increase and floatation to immediate debt reduction. The company plans to repay EUR33 million of its vendor loan (including accrued interest), EUR93 million of its outstanding notes (including a pre-payment premium as well as accrued interest) with the remainder used for repayment of EUR322 million of outstanding senior credit facilities. Remaining liabilities under the existing senior credit facility of approximately EUR250 million will be refinanced by draw downs under a newly established EUR275 million credit facility. As a result of the repayment, the company's debt, which increased by around EUR330 million following several acquisitions, primarily the Wilden AG, and other investments, is expected to decrease from around EUR930 million (unadjusted, including shareholder loan and vendor note) as per first quarter 2007 to expected EUR500 million (net debt of about EUR400 million) as per fiscal year 2007 end. The planned debt repayment will result in a strongly improved capital structure and leverage as reflected in the company's adjusted Debt/EBITDA leverage ratio, which is expected to improve from 6.3x as per year end 2006 to below 4x at the end of 2007. Interest coverage should notably improve from 0.7x at FYE 2006. Moody's added that the positive outlook indicated the further upward rating pressure over the next 12 to 18 months that could result from a demonstration of solid operating performance in the wake of the Wilden acquisition over the next quarters as indicated by EBITDA margins moving towards 19%-20%, accompanied by return to positive free cash flows following the end of replacement capex into the furnaces. Furthermore, the company will need to demonstrate its ongoing commitment to the new de-levered capital structure. These ratings were affected: Downgrades: * Issuer: Gerresheimer Holdings GmbH -- Senior Subordinated Regular Bond/Debenture, Downgraded to 93 - LGD6 from 92 - LGD6. Upgrades: * Issuer: Gerresheimer Holdings GmbH -- Probability of Default Rating, Upgraded to Ba3 from B2; -- Corporate Family Rating, Upgraded to Ba3 from B2; -- Senior Subordinated Regular Bond/Debenture, Upgraded to B2 from Caa1. Outlook Actions: * Issuer: Gerresheimer Holdings GmbH -- Outlook, Changed To Positive From Stable Gerresheimer Holdings GmbH, with headquarters in Duesseldorf, Germany, is a producer of specialty glass and plastic packaging primarily for the pharmaceutical, cosmetics and specialty food markets. Revenues for the fiscal year end Nov. 30, 2006 were EUR647 million. On Jan. 2, 2007, the company acquired Regensburg/Germany based Wilden AG. The transaction has a material impact on the shape and financial profile of the group: Wilden AG will add about EUR245 million in sales (or 38% based on preliminary FYE 2006 numbers), increase the share of plastic-based products to more than 30%. Going forward, Gerresheimer will operate through four divisions: Tubular Glass, Life Sciences Research, Moulded Glass and Plastic Systems. HBO GMBH: Claims Registration Ends June 26 ------------------------------------------ Creditors of HBO GmbH & Co. KG have until June 26 to register their claims with court-appointed insolvency manager Dr. Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting at 8:10 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 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Biner Bahr Graf-Adolf-Platz 15 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against HBO GmbH & Co. KG on May 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HBO GmbH & Co. KG Attn: Dr. Juergen Lindemann and Ulrike Poell, Managers Hansaallee 30 40547 Duesseldorf Germany HBO VERWALTUNGS: Claims Registration Ends June 26 ------------------------------------------------- Creditors of HBO Verwaltungs GmbH have until June 26 to register their claims with court-appointed insolvency manager Dr. Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting at 8:25 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 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Biner Bahr Graf-Adolf-Platz 15 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against HBO Verwaltungs GmbH on May 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HBO Verwaltungs GmbH Attn: Dr. Juergen Lindemann, Manager Hansaalle 30 40547 Duesseldorf Germany IEBS AUTOHANDELS: Claims Registration Period Ends July 13 --------------------------------------------------------- Creditors of IEBS Autohandels GmbH have until July 13 to register their claims with court-appointed insolvency manager Rolf Pohlmann. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on July 31, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Konstanz Hall 102 First Floor Gerichtstrasse 9 78462 Konstanz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Pohlmann Richard-Strauss-Str. 69 81677 Munich Germany The District Court of Konstanz opened bankruptcy proceedings against IEBS Autohandels GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IEBS Autohandels GmbH Elisabethstr. 50 80796 Munich Germany LEHR IT: Creditors' Meeting Slated for July 5 --------------------------------------------- The court-appointed insolvency manager for Lehr IT service GmbH & Co. KG, Christine Frosch will present her first report on the Company's insolvency proceedings at a creditors' meeting at 2:30 p.m. on July 5. The meeting of creditors and other interested parties will be held at: The District Court of Trier Hall 56 Justizstrasse 2,4,6 54290 Trier Germany The Court will also verify the claims set out in the insolvency manager's report at 10:30 a.m. on Sept. 27 at the same venue. Creditors have until July 13 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christine Frosch Simeonstrasse 5 D 54290 Trier Germany Tel: 0651/9941499 Fax: 0651/9941061 E-mail: kanzlei.frosch@t-online.de The District Court of Trier opened bankruptcy proceedings against Lehr IT service GmbH & Co. KG on May 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lehr IT service GmbH & Co. KG Max-Planck-Strasse 6 54296 Trier Germany NRG ENERGY: Closes US$4.4 Billion Senior Credit Refinancing ----------------------------------------------------------- NRG Energy, Inc. has completed the US$4.4 billion refinancing of its senior credit facility previously announced on May 2, 2007. This transaction resulted in a 25 basis points reduction in the first lien pricing grid, a US$200 million reduction in the synthetic letter of credit facility to US$1.3 billion, and various amendments to provide improved flexibility and efficiency for returning capital to shareholders and asset repowering and investment opportunities. The pricing of the Term B and LC facilities is now LIBOR + 175 basis points with further reductions available upon the achievement of certain financial ratios. On May 2, 2007, the company also disclosed its intent to form a holding company – Holdco -- later in 2007. Under the refinanced credit facility, the Company, at its option, can move US$1 billion of the Term B debt to a new senior credit facility at Holdco, which was entered into June 8 as part of the refinancing transaction. Use of the net proceeds from the Holdco facility to pay down the NRG Term B debt will expand the company’s restricted payments capacity under its senior unsecured notes by the same amount. When funded, the Holdco facility will price 75 basis points wider than the existing senior secured facility. Other amendments to NRG’s existing senior credit facilities include amendments that: * permit the formation of the Holdco; * permit the payment of up to US$150 million in common share dividends; * exclude principal and interest payments made on the Holdco senior credit facility, once funded, from being considered restricted payments under the senior credit facilities; * modify the existing excess cash flow prepayment mechanism so that the prepayments are offered to both NRG and Holdco on a pro rata basis; and * provide additional flexibility to NRG with respect to certain covenants governing or restricting the use of excess cash flow, new investments, new indebtedness and permitted liens. “The planned implementation of a new Holding Company structure took a significant step forward with the closing of the Holdco credit facility,” commented Robert Flexon, NRG Energy’s Executive Vice President and Chief Financial Officer. “Once the Holdco regulatory approvals are received the Holdco will be put in place and funded, providing the Company with significantly improved capital allocation flexibility for investment and returning capital to shareholders.” About NRG A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse portfolio of powergenerating facilities, primarily in Texas and the Northeast, South Central and West regions of the United States. Its operations include baseload, intermediate, peaking, and cogeneration and thermal energy production facilities. NRG also has ownership interests in generating facilities in Australia, Germany and Brazil. * * * As reported in the Troubled Company Reporter-Latin America on May 9, 2007, Moody's Investors Service affirmed the ratings of NRG Energy, Inc., including its Corporate Family Rating at Ba3, the Probability of Default Rating at Ba3, the senior unsecured debt at B1, and its Speculative Grade Liquidity Rating of SGL-2, following the company's announcement to return more capital to shareholders in the form of existing and future share repurchases and to begin paying a common dividend during the first quarter of 2008. Standard & Poor's Ratings Services raised its rating on NRG Energy Inc.'s US$4.7 billion unsecured bonds to 'B' from 'B-' and assigned its 'B-' rating to the proposed US$1 billion delayed-draw term loan B at NRG Holdings Inc., a newly created holding company that would own 100% of NRG's equity. SEMPER FINANCE: Fitch Rates EUR20,300,000 Class E Notes at BB ------------------------------------------------------------- Fitch Ratings has assigned Semper Finance 2007-1 GmbH's commercial mortgage-backed floating-rate notes due 2043 expected ratings: -- EUR790,700,000 Class A1: 'AAA'; Outlook Stable -- EUR500,000 Class A1+: 'AAA'; Outlook Stable -- EUR10,000,000 Class A2: 'AAA'; Outlook Stable -- EUR51,800,000 Class B: 'AA'; Outlook Stable -- EUR51,700,000 Class C: 'A'; Outlook Stable -- EUR49,100,000 Class D: 'BBB'; Outlook Stable -- EUR20,300,000 Class E: 'BB'; Outlook Stable -- EUR8,700,000 Class F: not rated -- EUR11,400,000 Class G: not rated -- EUR7,683,722 threshold amount: not rated The ratings reflect the characteristics of the reference portfolio and the integrity of the legal and financial structures. The ratings also address the timely payment of interest on the notes and the ultimate repayment of principal by final legal maturity in September 2046. The final ratings are contingent on the receipt of final documents conforming to information already received. This transaction is a fully funded synthetic securitisation of commercial mortgage loans originated by Eurohypo AG (rated 'A'/Outlook Stable/'F1') and secured by German properties. It is the second transaction issued through Eurohypo's synthetic commercial mortgage-backed securities platform 'Semper'. As at the cut-off date on May 2, 2007, the reference portfolio consisted of 480 EUR- and 12 CHF-denominated mortgage loans with an aggregate current balance of EUR1 billion. The loans were granted to 348 mostly operating companies or private individuals and are secured by one or more commercial real estate assets located in Germany. The reference claims are secured either by senior- or subordinate-ranking mortgages and the weighted-average loan-to-value ratio is 72.2%. The vast majority of the loans in the portfolio are seasoned fixed-rate loans, amortizing over approximately 30 years. The portfolio is collateralized by 411 commercial real estate properties with a most recent appraisal value of approximately EUR1.7 billion. The collateral is located in Germany and distributed across the country with some concentrations in the federal states of North Rhine-Westphalia (21.7% by market value), Baden-Wuerttemberg (13.5%) and Berlin (10.5%). The collateral comprises predominantly retail (29.5% by allocated loan amount), residential (17.6%), office (16.6%) and mixed-use properties (16.3%) but there are also operating assets such as hotels (5.5%) and nursing homes (5.3%) in the portfolio. ============= I C E L A N D ============= CHIQUITA BRANDS: Europe Sales Volume Down 4% in April-May 2007 -------------------------------------------------------------- Chiquita Brands International Inc. provided an intraquarter update for the second quarter 2007, including Chiquita banana and Fresh Express value-added salad prices and volumes for April-May 2007 in its Banana and Salads and Healthy Snacks segments, respectively. Banana Segment Year-over-Year Percentage Change (1) April-May 2007 vs. April-May 2006 % of Total CHIQUITA BANANAS Pricing Volume (2) Volume Sold Core European Markets (3) U.S. dollar basis (4) +7 % -4 % 37 % Local currency basis -1 % North America 0 % +8 % 43 % Asia Pacific and the Middle East (5) +5 % -17 % 12 % Trading Markets -11 % +293 % 8 % (1) These statistics may not be indicative of future results. (2) Total volume sold includes all banana varieties, such as Chiquita to Go, Chiquita minis, organic bananas and plantains. (3) The company's "core" European markets include the member states of the European Union (except new entrants Romania and Bulgaria, which continue to be reported in "trading" markets), Switzerland, Norway and Iceland. (4) Prices on a U.S. dollar basis do not include the impact of hedging. (5) In this region, the company primarily operates through joint ventures, and most business is invoiced in U.S. dollars. Banana prices in the company's core European markets were down 1 percent year-on-year on a local currency basis (up 7 percent on a U.S. dollar basis), reflecting the continued impact of E.U. regulatory changes implemented on Jan. 1, 2006, which have resulted in an increase in industry volume and price competition. Volume sold in the core European markets decreased by 4 percent, due to the company's strategic determination to focus on profitable volume and maintaining its premium position in these markets. North American banana pricing was flat year-over-year. While base contract prices increased, this improvement was partially offset by lower spot-market pricing and lower year-on-year surcharges linked to a third-party fuel price index. Banana volume sold in the region rose 8 percent, reflecting distribution gains at several top-25 customers as well as the company's recovery from weather-related disruptions in the previous year. In Asia Pacific and the Middle East, pricing rose 5 percent year-on-year on a U.S. dollar basis, primarily as a result of significant improvement in local pricing in Japan, partially offset by unfavorable dollar-yen exchange rates. Volume in this region fell by 17 percent year-over-year, primarily related to supply constraints in the Philippines, which resulted in lower yields of premium-quality fruit. In the company's trading markets, which consist primarily of European and Mediterranean countries that do not belong to the European Union, decreased pricing of 11 percent year-over-year reflects the transition in Turkey to a year-round service commitment in 2007, rather than opportunistic entry in the spot market. In addition, volume growth in this region was also driven by the company's year-round presence in Turkey. Salads and Healthy Snacks Segment Year-over-Year Percentage Change (1) April-May 2007 vs. April-May 2006 FRESH EXPRESS RETAIL VALUE-ADDED SALADS Net Revenue Per Case Volume North America 0 % +1 % (1) These statistics may not be indicative of future results. In the Salads and Healthy Snacks segment, total volume of retail value-added salads was up 1 percent year-over-year in the two-month period. Since mid-September 2006, the company's Fresh Express operations have been impacted by consumer concerns regarding the safety of fresh spinach and other packaged leafy greens in the United States, despite the fact that no confirmed cases of consumer illness were linked by the U.S. Food and Drug Administration to Fresh Express products. As noted previously, the company expects reduced sales and decreased margins to continue through at least the third quarter 2007 due to consumer concerns about the safety of packaged salad products. Net revenue per case was flat year-over-year. Cincinnati, Ohio-based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- operates as an international marketer and distributor of bananas and other fresh produce sold under the Chiquita and other brand names in over 70 countries including Panama, Philippines, Australia, Belgium, Germany, among others. It also distributes and markets fresh-cut fruit and other branded, value-added fruit products. * * * As reported in the Troubled Company Reporter-Latin America on May 16, 2007, Moody's Investors Service changed the rating outlook for Chiquita Brands International, Inc. to negative from stable. Ratings affirmed: * Chiquita Brands International, Inc. (parent holding company) -- Corporate family rating at B3 -- Probability of default rating at B3 -- US$250 million 7.5% senior unsecured notes due 2014 at Caa2 (LGD5, 89%) -- US$225 million 8.875% senior unsecured notes due 2015 at Caa2 (LGD5, 89%) * Chiquita Brands LLC (operating subsidiary): -- US$200 million senior secured revolving credit agreement at B1 (LGD2, 26%) -- US$24.3 million senior secured term loan B at B1 (LGD2, 26%) -- US$368.4 million senior secured term loan C at B1 (LGD2, 26%). ========= I T A L Y ========= ALITALIA SPA: Posts EUR135 Million Net Loss for Q1 2007 ------------------------------------------------------- Alitalia S.p.A. published EUR135 million in net losses for the first quarter of 2007, compared with EUR159 million in net losses for the same period in 2006, Kristine Crane writes for the Wall Street Journal. The company also posted 7.3% year-on-year increase in first quarter net revenues. Alitalia attributed its better results to higher passenger and cargo traffic increased in the first three months of 2007, The Irish Independent reports. The carrier added it is liquid enough to maintain operations for more than 12 months. The carrier blamed high fuel costs and a series of strikes for its difficulty in reaching a turnaround, Ms. Crane relates. Deloitte Approves 2006 Results Meanwhile, Alitalia reveals that auditors Deloitte & Touche has approve its accounts for year ended Dec. 31, 2006. As reported in the TCR-Europe on June 5, 2007, there have been speculations that Deloitte may not approve Alitalia's 2006 results pending assurance of the carrier's future. The TCR-Europe reported on May 28, 2007, that Alitalia reported EUR625.6 million in net loss on EUR4.72 billion in operating revenues for the year ended Dec. 31, 2006, compared with EUR176.6 million in net loss on EUR4.8 billion in operating revenues for the year ended Dec. 31, 2005. The company attributed its net loss mainly to a EUR197.3 million write off of its aging fleet. Alitalia also attributed its poor results on higher fuel costs, stiff competition from low-cost carriers, strikes and difficulties in achieving cost-cutting objectives. Around EUR100 million in losses were caused by strikes. WSJ's Ms. Crane cites analysts as saying that Deloitte's approval of the results reassures investors that the current sale process is moving on. Bidders OAO Aeroflot-Unicredit Italiano S.p.A. and AirOne S.p.A.-Intesa-San Paolo S.p.A. have until July 2, 2007 to submit a binding offer to acquire the Italian government's 39.9% stake in Alitalia S.p.A. Italy is encouraging the bidders to unify their bids. 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. 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. =================== K A Z A K H S T A N =================== EUROASIA-TECHNICS-PV LLP: Creditors Must File Claims July 13 ------------------------------------------------------------ The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Euroasia-Technics-PV insolvent. Creditors have until July 13 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Kutuzov Str. 91/1 Pavlodar Kazakhstan Tel: 8 (3182) 54-98-55 GEOS LOGISTICS: Proof of Claim Deadline Slated for July 13 ---------------------------------------------------------- The Specialized Inter-Regional Economic Court of Atyrau has declared LLP Geos Logistics insolvent. Creditors have until July 13 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Atyrau Third Floor Abai Str. 10a Atyrau Kazakhstan Tel: 8 (31222) 32-90-02 GERMES LLP: Creditors' Claims Due July 13 ----------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Germes insolvent. Creditors have until July 13 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Serikbaev Str. 29-7 Serikbaev Str. 29-7 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 25-15-33 KAZKOMMERTSBANK JSC: Purchasing 50% Stake in IC East Capital ------------------------------------------------------------ JSC Kazkommertsbank intends to purchase a 50 percent share in capital of LLC IC East Capital. IC East Capital is a resident of Russian Federation (registered by public institution Moscow Registration Chamber on Nov. 23, 2001) and a professional participant of securities market and has representative offices in these cities: -- Surgut, -- Orenburg, -- Lipetsk, -- Voronezh, -- Kaliningrad, -- Kemerovo, -- Rostov-na-Donu, -- Stavropol, -- Cheboksary, -- Ufa, and -- Saint Petersburg. The permission of Agency of Republic of Kazakhstan on regulation and supervision of financial markets and financial institutions is obtained. The actual purchase will take place after approval by Russian authorities. LLC IC East Capital can be reached at: 18 Krasnopresnenskaya Wharf 123317 Moscow Russia About Kazkommertsbank Established in 1990, Kazkommertsbank is one of the leading banks in Kazakhstan. As at June 30, 2006, it was the market leader as measured by total assets and loans and third largest in terms of deposits. The Bank has a network of 22 full-service branches and 68 outlets in Kazakhstan. In addition, the Bank has a well- developed alternative channel distribution network including Internet banking, 454 ATMs, over 3,200 point-of-sale terminals and a call center. With a gross corporate loan portfolio of KZT837.3 billion and deposits of KZT204.97 billion as of June 30, 2006, Kazkommertsbank is the largest corporate lender in Kazakhstan. In addition, the Bank also has a strong retail business and believes that it is the leading bank in Kazakhstan servicing high net-worth individuals. As at June 30, 2006, the Bank had approximately 253,000 retail customers, a gross retail loan portfolio of KZT129.14 billion and retail deposits of KZT128.87 billion. In addition to corporate, SME and retail banking services, the Bank engages in treasury operations, investment banking, brokerage services and asset management and is a major participant in the securities markets and the foreign currency markets in Kazakhstan. Through its international subsidiaries, KKB also provides corporate, SME and retail banking services in Russia and Kyrgyzstan. The bank has a number of subsidiaries, including two in Kazakhstan: Kazkommerts Securities and Kazkommertspolicy 2000; three in the Netherlands: Kazkommerts International B.V., Kazkommerts Capital-2 B.V. and Kazkommerts Finance-2 B.V., and one in Kyrgyzstan: Kazkommertsbank Kyrgyzstan. * * * As reported in the TCR-Europe on Feb. 21, 2007, Fitch Ratings affirmed Kazakhstan-based Kazkommertsbank's ratings at foreign currency Issuer Default 'BB+', Short-term foreign currency 'B', local currency Issuer Default 'BBB-', Short-term local currency 'F3', Individual 'C/D' and Support '3'. Fitch said The Outlook on the foreign currency Issuer Default rating remains Positive and that on the local currency IDR Stable. KRASINA LLP: Claims Filing Period Ends July 13 ---------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Krasina insolvent. Creditors have until July 13 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Serikbaev Str. 29-7 Serikbaev Str. 29-7 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 25-15-33 KEDEGES LLP: Proof of Claim Deadline Slated for July 13 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Kedeges insolvent. Creditors have until July 13 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan LUFTSERVICE LLP: Creditors Must File Claims July 13 --------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Luftservice insolvent. Creditors have until July 13 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 24-06-50 NUR LTD: Claims Filing Period Ends July 13 ------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Firm Nur Ltd insolvent. Creditors have until July 13 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Maylin Str. 12-2 Micro District Vostochny Taldykorgan Almaty Kazakhstan Tel: 8 (32822) 26-28-64 SHU-AGRO-XXI LLP: Creditors' Claims Due July 13 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl has declared LLP SHU-AGRO-XXI insolvent. Creditors have until July 13 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Jambyl Rahimov Str. 1a-34 Taraz Jambyl Kazakhstan Tel: 8 (3262) 34-61-32 STALKER-PLUS LLP: Claims Filing Period Ends July 13 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Stalker-Plus insolvent. Creditors have until July 13 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 28, 25-12 Aktau Mangistau Kazakhstan Tel: 8 (3292) 40-31-47 VISTA-PAVLODAR LLP: Creditors' Claims Due July 13 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared has declared LLP Vista-Po” insolvent. Creditors have until July 13 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Kutuzov Str. 91/1 Pavlodar Kazakhstan Tel: 8 (3182) 54-98-55 =================== K Y R G Y Z S T A N =================== HIMMEL LLC: Creditors Must File Claims by July 25 ------------------------------------------------- LLC Himmel has declared insolvency. Creditors have until July 25 to submit written proofs of claim to: LLC Himmel Skryabin Str. 76-42 Bishkek Kyrgyzstan Tel: (+996 312) 90-02-30 REVIVAL LLC: Proof of Claim Deadline Slated for July 25 ------------------------------------------------------- LLC Revival has declared insolvency. Creditors have until July 25 to submit written proofs of claim to: LLC Revival Belmazar Str. 18 Ala-Too Bishkek Kyrgyzstan Tel: (+996 312) 59-20-65 =================== L U X E M B O U R G =================== AGILENT TECHNOLOGIES: Completes US$250 Mil. Stratagene Purchase --------------------------------------------------------------- Agilent Technologies Inc. has completed the acquisition of Stratagene Corp. for approximately US$250 million. Agilent expects this strategic acquisition to accelerate its growth in life sciences through a complementary product portfolio and strong market reach into academia and government. Agilent disclosed the definitive agreement to acquire Stratagene on April 6, 2007. Completion of this acquisition will have no impact on Agilent's earnings-per-share guidance. Agilent's revenue guidance for the third quarter is now US$1.38 billion to US$1.42 billion. "The company is excited about the opportunities ahead," Nick Roelofs, vice president and general manager of Agilent's Life Sciences Solutions Unit, said. "With its combined product portfolios, technology, R&D expertise and employees, the company will serve a wider customer base with more comprehensive workflow solutions. This acquisition is an example of one-plus-one is greater than two because of the workflow leverage the company anticipates from combining its two companies." The Stratagene acquisition is expected to strengthen Agilent's life science offerings in genomics and proteomics, particularly in academia and government where Stratagene products and market leadership are well recognized. Meanwhile, Agilent's sales channel strength in the pharmaceutical market provides additional opportunities for expanding the reach of Stratagene's portfolio of reagents and instruments. Agilent believes that with Stratagene, the total addressable life science market will be US$14 billion, with an estimated compounded annual growth rate of 7 to 9 percent in the next three years. Stratagene is the largest acquisition that Agilent has made in several years, underscoring the company's commitment to life sciences. Stratagene's extensive portfolio of PCR enzymes and instrument capabilities, including quantitative PCR, coupled with Agilent's range of product platforms, software and data management capabilities, provides full workflow solutions to both academic and pharmaceutical customers. Agilent and Stratagene also have disclosed the sale of certain Stratagene assets to a new company, Decisive Diagnostics, a subsidiary of Catalyst Assets LLC, an entity formed by Dr. Joseph A. Sorge, former chairman, CEO and founder of Stratagene. Decisive Diagnostics is an entity formed to pursue molecular diagnostic applications. Decisive Diagnostics will acquire for US$6.6 million certain assets of Stratagene from Agilent and license from Agilent certain of Stratagene's molecular diagnostic technologies. About Stratagene Corp. Stratagene Corp. (NASDAQ: STGN) -– http://www.stratagene.com/-- is a worldwide developer of innovative products and technologies for the growing life science research market. Stratagene supports advances in life sciences by inventing, manufacturing and marketing products that simplify, accelerate and improve research. Since 1984, the company's products have been used throughout the academic, industry and government research sectors in fields spanning molecular biology, genomics, proteomics, drug discovery and toxicology. Stratagene employs more than 450 people worldwide, who have now joined Agilent. Stratagene's product portfolio includes reagents for life science research and instruments. The company also offers a range of diagnostics products, including applications for allergy testing and urinalysis. Stratagene's life science reagent and instrument manufacturing facility in Cedar Creek, Texas, as well as its diagnostics facilities in Garden Grove, Calif., and Edinburgh, Scotland, are all registered to the ISO 13485 standard. The diagnostics facilities are also licensed medical device manufacturers, compliant with the U.S. Food and Drug Administration's Quality System Regulation (QSR). Other major Stratagene locations are La Jolla, Calif.; Tokyo, Japan; and Amsterdam, the Netherlands. About Agilent Technologies Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/-- is the world's premier measurement company and a technology leader in communications, electronics, life sciences and chemical analysis. The company's 19,000 employees serve customers in more than 110 countries. The company has operations in India, Argentina and Luxembourg. * * * Agilent Technologies Inc. carries Moody's Investors Service 'Ba1' corporate family rating. ===================== N E T H E R L A N D S ===================== HEXION SPECIALTY: S&P Holds B- Rating on US$825 Million Notes ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its loan and recovery ratings on Hexion Specialty Chemicals Inc.'s senior secured first-lien bank credit facilities, including a proposed US$200 million add-on to its existing term loan, and a proposed US$10 million add-on to its existing synthetic letter of credit facility. Pro forma for the proposed changes to the existing facilities, the senior secured first-lien bank facilities will increase to approximately US$2.5 billion, from US$2.3 billion. The first-lien bank loan rating is 'B' (the same as the corporate credit rating) and the recovery rating is '2', indicating the expectation for substantial (80%-100%) recovery of principal in the event of a payment default. At the same time, S&P affirmed its ratings on Hexion's $825 million second-lien notes due 2014. The 'B-' notes rating (one notch lower than the corporate credit rating) and '3' recovery rating indicate a meaningful recovery (50%-80%) recovery of principal in the event of a payment default. Ratings List Hexion Specialty Chemicals Inc. Corporate credit rating B/Stable/-- Senior secured first-lien bank credit facilities B Recovery rating 2 US$825 million second-lien notes due 2014 B- Recovery rating 3 Based in Columbus, Ohio, Hexion Specialty Chemicals, Inc. – http://www.hexion.com/-- serves the global wood and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries. Hexion Specialty Chemicals is owned by an affiliate of Apollo Management, L.P. The company has locations in China, Australia, Netherlands, and Brazil. =========== R U S S I A =========== AGATE LLC: Creditors Must File Claims by June 19 ------------------------------------------------ Creditors of LLC Agate have until June 19 to submit proofs of claim to: G. Konstantinov Insolvency Manager Post User Box 836 672051 Chita Russia The Arbitration Court of Chita commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A78-603/2007-B-24. The Debtor can be reached at: LLC Agate Apt. 31 Borzya-3, 2 674600 Chita Russia AGROTON-S CJSC: Stavropol Bankruptcy Hearing Slated for July 12 --------------------------------------------------------------- The Arbitration Court of Stavropol will convene at 10:00 a.m. on July 12 to hear the bankruptcy supervision procedure on CJSC Agroton-S. The case is docketed under Case No. A63-2923/07-S5. The Temporary Insolvency Manager is: N. Zhuravlev Office 4 Lermontova Str. 343 355029 Stavropol Russia The Court is located at: The Arbitration Court of Stavropol Mira Str. 4586 Stavropol Russia The Debtor can be reached at: CJSC Agroton-S Stavropol Russia BELYJ BEREG: Court Names O. Malyukov as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Kalmykiya appointed O. Malyukov as Insolvency Manager for LLC Shipping Company Belyj Bereg. He can be reached at: O. Malyukov Post User Box 253 400005 Volgograd Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A22-92/07-9-16. The Debtor can be reached at: LLC Shipping Company Belyj Bereg Lagan Kalmykiya Russia CHERNOGORSKIY FACTORY: Creditors Must File Claims by July 19 ------------------------------------------------------------ Creditors of OJSC Chernogorskiy Factory of Leatherette have until July 19 to submit proofs of claim to: E. Chu Insolvency Manager Posadskaya Str. 21-105 Ekaterinburg 620086 Sverdlovsk Russia The Arbitration Court of Tver commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A66-13230/2004. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver Russia The Debtor can be reached at: OJSC Chernogorskiy Factory of Leatherette Erofeeva Str. 5 170134 Tver Russia CONCERN INMASH: Court Names V. Kryuchkov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Bashkortostan appointed V. Kryuchkov as Insolvency Manager for OJSC Concern Inmash. He can be reached at: V. Kryuchkov Post User Box 140 K. Marksa Str. 24 Kumertau 453300 Bashkortostan Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-7412/05-G-MOG. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: OJSC Concern Inmash Gogolya Str. 122 Sterlitamak 453130 Bashkortostan Russia DALSVYAZ OJSC: Unveils Consolidation Plans for Two Subsidiaries --------------------------------------------------------------- OJSC Dalsvyaz plans to complete the business consolidation of its subsidiaries – Sakhalinugol-Telecom and A-Svyaz by the end of 2007. On June 5, 2007 the Board of Directors of Dalsvyaz adopted a decision to liquidate Sakhalin-Telecom (Sakhalin region). Dalsvyaz acquired a 100% stake in Sakhalinugol Telecom in August 2005 for RUR40 million. At the time of acquisition the subscriber base stood at about 6,000. During 2005 the subscribers of Sakhalinugol Telecom were switched to servicing by Dalsvyaz. In Q107 Dalsvyaz restructured its line numbering system used to provide telecom services and placed on the balance sheet the technological telecom equipment and line cable facilities of Sakhalinugol Telecom. At present, Dalsvyaz is switching over the subscriber network of another subsidiary – A-Svyaz (Amur region), over which it gained control in June 2006. Dalsvyaz’s stake stands at 84.2% and cost the company RUR10 million. At the time of purchase, the subscriber base of A-Svyaz numbered 6,500. Dalsvyaz acquired technological equipment, electric power transmission lines and added A-Svyaz to its subscriber base. Dalsvyaz plans to raise its stake in the charter capital of A-Svyaz by acquiring shares from minority shareholders. Shareholders that failed to sell their shares will receive the portion of assets remaining after settlement with creditors is complete. Dalsvyaz intends to raise at the general shareholders meeting of A-Svyaz the issue of voluntary liquidation of the company this August. The plan is to wind up A-Svyaz by the end of 2007 or early 2008. Headquartered in Vladivostok, Russia, OJSC Dalsvyaz (RTS: ESPK, MICEX: DLSV, U.S. OTC: FEEOY, Frankfurt and Berlin exchanges: D71) -– http://www.dsv.ru/index_en.php/-- provides all kinds of communication services, including: local, long distance and international telephone services, access to the Internet network services, data transfer, ISDN, cellular communications, trunk communications, wireless radio access, etc. The company operates in the Primorie, Khabarovsk, Amur, Kamchatka, Magadan, Sakhalin regions and the Jewish Autonomous Region. Its major shareholder is Svyazinvest (50.6% of voting stocks or 38.1% of the charter capital). Foreign investors own over 25% of the telecom operator’s charter capital. * * * As reported in the TCR-Europe on Dec 29, 2006, Fitch Ratings affirmed OAO Dalsvyaz's Issuer Default rating at B with Stable Outlook and Short-term rating at B. DERZHAVA OJSC: Creditors Must File Claims by July 19 ---------------------------------------------------- Creditors of OJSC Derzhava (TIN 6139006440) have until July 19 to submit proofs of claim to: M. Bendikov Insolvency Manager Yufimstseva Str. 14 Rostov-na-Donu Russia The Arbitration Court of Rostov commenced bankruptcy proceedings against the company after finding it insolvent. The Court will convene at 2:30 p.m. on July 24 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A53-16026/06-S2-7. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: OJSC Derzhava Gorokhovskiy Sholokhovskiy Rostov Russia DISTILLERY LIVIZ: Creditors Must File Claims by June 19 ------------------------------------------------------- Creditors of LLC Distillery Liviz have until June 19 to submit proofs of claim to: S. Kovalev Insolvency Manager Office 1305 Building 1 16th Liniya, 7 V.O. 199034 St. Petersburg Russia The Arbitration Court of St. Petersburg and Leningrad will convene at 2:20 p.m. on Aug. 14 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A56-3625/2007. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: LLC Distillery Liviz Brickworks Promzona Vsevolzhskiy 188640 Leningrad Russia FISH HARBOR: Creditors Must File Claims by July 19 -------------------------------------------------- Creditors of CJSC Fish Harbor (TIN 5193103440) have until July 19 to submit proofs of claim to: P. Volkov Insolvency manager Office 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. A42-5253/2005 14. The Court is located at: The Arbitration Court of Murmansk Knipovicha Str. 20 Murmansk Russia The Debtor can be reached at: CJSC Fish Harbor Marksa Str. 56 183071 Murmansk Russia KRUUS OJSC: Asset Sale Slated for June 20 ----------------------------------------- The insolvency manager and bidding organizer for OJSC Kruus, will open a public auction for the company's properties at noon on June 20 at: The Insolvency Manager and Bidding Organizer Office 21 Knipovicha Str. 45 Murmansk Russia The company has set a RUR2.95 million starting price for the auctioned assets. Interested participants have to deposit an amount equivalent to 10% of the starting price to: TIN 5192800014 Settlement Account 40702810641120003155 BIK 044705615 KPP 519001001 Murmanskiy OSB 8627 Murmansk Russia Bidding documents must be submitted to: The Insolvency Manager and Bidding Organizer Office 21 Knipovicha Str. 45 Murmansk Russia The Debtor can be reached at: OJSC Kruus Lobova Str. Murmansk Russia MIRNOE OJSC: Orenburg Bankruptcy Hearing Slated for July 25 ----------------------------------------------------------- The Arbitration Court of Orenburg will convene at 9:30 a.m. on July 25 to hear the bankruptcy supervision procedure on OJSC Mirnoe. The case is docketed under Case No. A47-641/2007-14GK. The Temporary Insolvency Manager is: S. Levchenko Mekhanizatorov Str. 1 460027 Orenburg Russia The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Region Russia The Debtor can be reached at: OJSC Mirnoe Mirnyj Orsk Orenburg Russia ORGRESBANK: Moody's Withdraws E+/Ba2/NP Global Ratings ------------------------------------------------------ Moody's Investors Service has withdrawn the E+/Ba2/NP global ratings of Orgresbank. At the same time, Moody's Interfax Rating agency has withdrawn Orgresbank's Aa2.ru national scale rating. Moscow-based Moody's Interfax is majority-owned by Moody's Investors Service. The ratings have been withdrawn for business reasons. Headquartered in Moscow, Russian Federation, Orgresbank reported total assets of US$920 million in accordance with IFRS at year-end 2006. REINFORCED CONCRETE: Creditors Must File Claims by June 19 ---------------------------------------------------------- Creditors of LLC Reinforced Concrete (TIN 6623001758) have until June 19 to submit proofs of claim to: D. Lazarev Temporary Insolvency Manager Post User Box 106 Post Office 620000 Ekaterinburg Russia The Arbitration Court of Sverdlovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A19-4252/07-60. The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: LLC Reinforced Concrete 678735 Sverdlovsk Russia RUBY LLC: Court Names V. Goncharov as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Stavropol appointed V. Goncharov as Insolvency Manager for LLC Ruby (TIN 2625003753). He can be reached at: LLC Ruby Mineralovodskiy Per. 10 Georgievsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-8460/06-S5. The Court is located at: The Arbitration Court of Stavropol Mira Str. 4586 Stavropol Russia The Debtor can be reached at: LLC Ruby Mineralovodskiy Per. 10 Georgievsk Stavropol Russia STROY-DETAIL OJSC: Creditors Must File Claims by July 19 -------------------------------------------------------- Creditors of OJSC Stroy-Detail have until July 19 to submit proofs of claim to: Kh. Khutezhev Insolvency Manager Lenina Pr. 36 Nalchik 360022 Kabardino-Balkariya Russia The Arbitration Court of Kabardino-Balkariya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A20-1385/2006. The Debtor can be reached at: Kh. Khutezhev Insolvency Manager Lenina Pr. 36 Nalchik 360022 Kabardino-Balkariya Russia TECHNICAL CENTRE: Creditors Must File Claims by July 19 ------------------------------------------------------- Creditors of CJSC Technical Centre have until July 19 to submit proofs of claim to: A. Lantsov Insolvency Manager Post User Box 58 121614 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-16400/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at CJSC Technical Centre 1st Poselkovskaya Str. 20b Elektrostal 144002 Moscow Russia YUG-SVYAZ-SERVICE: Creditors Must File Claims by July 19 -------------------------------------------------------- Creditors of CJSC Yug-Svyaz-Service have until July 19 to submit proofs of claim to: P. Kutelev Insolvency Manager Post User Box 3392 344092 Rostov-na-Donu Russia The Arbitration Court of Rostov commenced bankruptcy proceedings against the company after finding it insolvent. The Court will convene at 3:00 p.m. on Oct. 2 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A53-19261/2006-S1-8. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: CJSC Yug-Svyaz-Service Budennovskiy Pr. 96 Rostov-na-Donu Russia YUKOS OIL: Prana Completes US$3.9 Billion Asset Purchase Deal ------------------------------------------------------------- The Prana Group, which bought the 22-story Moscow headquarters of bankrupt OAO Yukos Oil Co. in a May 11 auction, finalized the deal on June 8 without disclosing its owners, published reports say. "The buyer has been given the ownership transfer documents and property titles," Nikolai Lashkevich, spokesman to insolvency administrator Eduard Rebgun, was quoted by RIA Novosti as saying. "Therefore, the buyer is entitled to exercise its ownership rights in full." Prana fully paid the US$3.9 billion (RUR100.5 billion) price tag on May 30, after the Federal Antimonopoly Service approved the deal. The company opted to exercise its right for corporate secrecy when it disclosed its ownership structure only to the competition agency after being warned that the sale would not be approved unless it did otherwise. In a TCR-Europe report on May 15, 2007, Prana offered US$3.9 billion (RUR100.5 billion) for the assets, outbidding state- owned OAO Rosneft Oil in a three-hour battle, which could have awarded the latter with a string of major victories in the series of Yukos auctions. The assets fetched nearly five times more than the lot's US$856.8 million starting price raising speculations that the bidders might knew about hidden value in another asset in the lot. Aside from Yukos' offices, the lot includes: -- 100% in YUKOS-M CJSC, -- 100% in YUKOS-Moscow, -- 100% in YUKOS- Financial-Accounting center, -- 100% in YUKOS IMPORT, -- 100% in U-Mordovia, -- 100% in YUKOS-M Trade House, -- 100% in TopMaster-Realty Ltd, -- 77.4% in United center of scientific research, -- 70% in YUKOS Vostok Trade, -- 70% in UT-OIL, -- 60.98% Scientific-research institute of aviation industry economy, -- 50% in USVL CJSC, -- 37.99% in Voronezh nefteproduct avtomatika, -- 0.01% in YUKOS Refining and Marketing, and -- 0.01% in YUKOS Exploration and Production. According to a report carried in the Kommersant and published in the Troubled Company Reporter-Europe on June 1, 2007, Prana 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. ZARECHNOYE CJSC: Creditors Must File Claims by July 19 ------------------------------------------------------ Creditors of CJSC Zarechnoye have until July 19 to submit proofs of claim to: N. Patrov Insolvency Manager Post User Box 315 163000 Arkhangelsk Russia The Arbitration Court of Pskov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A05-11152/2006-6. The Debtor can be reached at: N. Patrov Insolvency Manager Post User Box 315 163000 Arkhangelsk Russia ========= S P A I N ========= AUCTENTIA SLU: Chapter 15 Petition Hearing Scheduled on June 15 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District has set a hearing on June 15, 2007, at 10:00 a.m., at Room 601, One Bowling Green in New York City, to consider the chapter 15 petition filed by Javier Diaz Galvez and Benito Aguera Mann on behalf of Auctentia SLU and their request for recognition of the Debtor’s foreign proceeding pending in Madrid, Spain, as a foreign main proceeding. All parties opposed to the petition or foreign representatives’ request must appear at the hearing. Headquartered in Madrid, Spain, Auctentia SLU is a wholly owned subsidiary of Afinsa Bienes Tangibles, S.A., wholesaler and retailer of stamps, coins, art works and other collectibles. Javier Diaz Galvez and Benito Aguera Marin filed for Chapter 15 petition on behalf of Auctentia SLU on April 24, 2007 (S.D. N.Y. Case No. 07-11173). Thomas L. Kent, Esq., at Paul, Hastings, Janofsky & Walker LLP, in New York City, represents the petitioners. When the petitioners filed for chapter 15 petition, it estimated the Debtor's assets and debts between US$1 million and US$100 million. MBS BANCAJA 4: Fitch Affirms CCC Rating on Class E Notes -------------------------------------------------------- Fitch Ratings has assigned ratings to MBS Bancaja 4, Fondo de Titulizacion de Activos' EUR1,873.1 million mortgage-backed floating-rate notes due in July 2050: -- EUR300 million Class A1: 'AAA'; Outlook Stable -- EUR1.18 billion Class A2: 'AAA'; Outlook Stable -- EUR300 million Class A3: 'AAA'; Outlook Stable -- EUR30.5 million Class B: 'AA'; Outlook Stable -- EUR18.9 million Class C: 'A+'; Outlook Stable -- EUR18.5 million Class D: 'BBB+'; Outlook Stable -- EUR23.1 million Class E: 'CCC'; Outlook Stable This transaction is a cash flow securitization of a EUR1.85 billion static pool of first-ranking Spanish mortgage loans originated and serviced by Caja de Ahorros de Valencia, Castellon y Alicante (Bancaja, rated 'A+'/Outlook Stable/'F1'). The ratings are based on the quality of the collateral, the underwriting and servicing of the mortgage loans, available credit enhancement, the integrity of the transaction's legal and financial structure and Europea de Titulizacion S.A., S.G.F.T.'s administrative capabilities. Initial CE for the Class A to D notes is provided by subordination and a reserve fund, which has been funded at closing using part of the proceeds from the issuance of the notes. The Class E notes are uncollateralized but benefit from the excess spread available within the structure. The ratings address payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the Class B, C and D notes, as well as the repayment of principal at legal final maturity. The fund is regulated by Spanish Securitisation Law 19/1992 and Royal Decree 926/1998. Its sole purpose is to transform into fixed-income securities a portfolio of mortgages certificates (certificados de transmission de hipoteca) acquired from Bancaja. The CTHs will are subscribed by Europea de Titulizacion S.A., S.G.F.T. whose sole function is to manage asset-backed notes on behalf of the fund. ===================== S W I T Z E R L A N D ===================== DIGIPOINT JSC: Creditors' Liquidation Claims Due June 29 -------------------------------------------------------- Creditors of JSC Digipoint have until June 29 to submit their claims to: Kurt Jaussi Liquidator Industrie West 40/42 4614 Hagendorf Olten SO Switzerland The Debtor can be reached at: JSC Digipoint Hagendorf Olten SO Switzerland GM GROUP: Claims Registration Period Ends June 25 ------------------------------------------------- The Bankruptcy Court of Wallisellen in Zurich commenced bankruptcy proceedings against LLC gm group on Sept. 13, 2006. Creditors have until June 25 to file their written proofs of claim. The Bankruptcy Service of Wallisellen can be reached at: Bankruptcy Service of Wallisellen 8304 Wallisellen Bulach ZH Switzerland The Debtor can be reached at: LLC gm group Pfandwiesenstr. 2a 8152 Opfikon Bulach ZH Switzerland GUNTERT JSC: Claims Registration Period Ends June 25 ---------------------------------------------------- The Bankruptcy Court of St. Gallen commenced bankruptcy proceedings against JSC Guntert on April 27. Creditors have until June 25 to file their written proofs of claim. The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Branch Buchs Arthur Kollegger 9471 Buchs Werdenberg SG Switzerland The Debtor can be reached at: JSC Guntert Riet 9658 Wildhaus Wahlkreis Toggenburg SG Switzerland HERCULES INC: Moody's Keeps Corporate Family Rating at Ba2 ---------------------------------------------------------- Moody's Investors Service affirmed the corporate family Ba2 rating of Hercules, Inc. and changed the rating outlook to positive from stable. At the same time, Hercules speculative grade liquidity rating was raised to SGL-1 from SGL-2 indicating very good liquidity over the next 12 months. The positive outlook reflects Moody's anticipation that Hercules can reduce debt by roughly US$200 million in 2007 and that this will cause credit metrics to improve to levels that are strong relative to the Ba2 rating by the end of this year. About US$21 million of the Term Loan B was paid down in the first quarter of 2007. The outlook improvement also reflects Moody's expectation of further debt reduction in 2008 and 2009, after which Moody's expects absolute debt levels to stabilize. Provided that capital expenditures remain moderate, there are no large acquisitions and prospective dividend actions/share repurchases are prudently sized, the company should be able to generate retained cash flow to adjusted total debt above 20%, free cash flow to adjusted total debt of over 10%, and a fixed charge coverage ratio (EBITDA to interest) of over 4.5X times. If these metrics are realized Moody's could reassess the appropriateness of the Ba2 ratings after the end of 2007. Conversely, an unexpected increase in legacy liabilities and bolt on acquisitions that would cause debt to remain at or above US$900 million could cause Moody's outlook to return to stable. Ratings Raised: -- SGL raised to SGL-1 from SGL-2 Ratings affirmed: -- CFR: Ba2; -- PDR: Ba2; -- US$150 million Gtd Sr Sec Revolving Credit Facility due 10/2010, Baa3, LGD2, 18%; -- US$354 million Gtd Sr Sec Term Loan B due 10/2010, Baa3, LGD2, 18%; -- US$100 million 6.60% Gtd Sr Sec Putable Notes due 2027, Baa3, LGD2, 18%; -- US$16 million 11.125% Gtd Sr Unsec Notes due 2007, Ba2, LGD3, 40%; -- US$250 million 6.75% Gtd Sr Sub Notes due 2029, Ba3, LGD4, 61%; -- US$3 million 8.00% Conv Sub Debentures due 2010, B1, LGD5, 89%; -- US$217 million 6.50% Jr Sub Deferrable Int. Debentures due 2029, B1, LGD5, 89%. The Speculative Grade Liquidity rating was raised reflecting improvements in: (1) the company's cash flow; (2) the availability under its committed bank facilities; and (3) the headroom under its covenant requirements. Hercules' Ba2 CFR is supported by leading market positions in its two main businesses including the Aqualon Group and the Paper Technologies/Ventures Group and particularly by relatively strong EBITDA operating margins of over 20% in the Aqualon group. The Aqualon Group has the higher organic growth potential while the Paper Group's growth potential is more aligned with GDP growth rates. The rating has been tempered by weak financial metrics with Debt/EBITDA averaging 4.1X and EBITDA/Interest averaging 3.0X over the last three years. The credit profile has been negatively impacted by legacy liabilities (asbestos and environmental) and significant debt-like obligations (pensions and operating leases) although Moody's expects the pension underfunding to improve at the end of 2007 as it did in 2006. The rating is supported by Hercules' significant cash balance, which stood at US$160 million as of March 31, 2007. Cash increased significantly after the sale of 51% of FiberVisions and US$103 million of these proceeds were subsequently used to redeem all but US$16 million of the 11.125% notes due 2007 via a tender offer. With the exception of the ongoing asbestos liability, Moody's expects that the bulk of the negative cash flow impact related to Hercules' lawsuits and legacy liabilities will be more muted in the future than it has been in the recent past. Hercules will become responsible for the cash portion of its asbestos settlements and defense expenses starting in 2008. These payments will continue until Hercules' Future Coverage Agreement settlement with its insurers becomes effective, which occurs after about US$260 million of incremental costs have been paid by the company. Assuming these costs average US$35 million per year, this insurance coverage will not initiate until after 2014. Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE: HPC) -- http://www.herc.com/-- is a global manufacturer and marketer of specialty chemicals and related services. Its principal products are chemicals for the paper industry, water-soluble polymers, and specialty resins. The company has its regional headquarters in China and Switzerland, and a production facility in Brazil. Revenues for the LTM period ending March 31, 2007 were about US$2 billion. HOMET JSC: Creditors' Liquidation Claims Due June 29 ---------------------------------------------------- Creditors of JSC Homet have until June 29 to submit their claims to: Herbert Weindl Liquidator Tulpenweg 11 8853 Lachen March SZ Switzerland The Debtor can be reached at: JSC Homet Wadenswil Horgen ZH Switzerland HPG HOLZPRODUKTE: Creditors' Liquidation Claims Due June 30 ----------------------------------------------------------- Creditors of LLC HPG Holzprodukte have until June 30 to submit their claims to: Andreas Schafer Liquidator Gartenweg 4 4334 Sisseln Laufenburg AG Switzerland The Debtor can be reached at: LLC HPG Holzprodukte Sisseln Laufenburg AG Switzerland KAS IMMOBILIEN: Creditors' Liquidation Claims Due June 30 --------------------------------------------------------- Creditors of JSC KAS Immobilien have until June 30 to submit their claims to: Fritz Siegrist Liquidator Muhlebach Falkengasse 3 P.O. box 5023 6000 Luzern 5 Switzerland The Debtor can be reached at: JSC KAS Immobilien Lucerne Switzerland SPECIALIZED TECH: Moody's Junks Proposed US$75 Million Loan ----------------------------------------------------------- Moody's Investors Service downgraded the ratings of the proposed first lien senior secured credit facilities of Specialized Technology Resources, Inc. to B1 from Ba3 following the upsizing of the first lien term loan by US$50 million to US$185 million. The upsizing was accompanied by a reduction in the proposed second lien term loan by US$50 million to US$75 million. The Caa1 ratings on the proposed second lien term loan were affirmed. Concurrently, Moody's affirmed the B2 Corporate Family Rating and B2 Probability of Default Ratings of the company. The outlook for the ratings remains stable. The ratings are constrained by a high level of overall indebtedness at close with adjusted pro forma debt to EBITDA for the twelve months ended March 31, 2007 of about 6.5 times, the company's small size both in absolute terms and relative to competitors, and Moody's expectations of negative free cash flow generation in fiscal 2007. The ratings also reflect some degree of technological risk with respect to STR Solar. Although the leverage reflects the relatively high valuation of the company in relation to current cash flow generation, the ratings recognize the significant equity contribution and associated sponsor commitment. The B2 Corporate Family Rating acknowledges STR's geographically diverse asset base (including laboratories, inspection and audit offices and manufacturing plants), the continuing outsourcing of manufacturing from consumer to producer countries and related safety requirements and regulations which support growth in the quality assurance and testing business, and the current environment with respect to solar panel installation subsidies in several countries, along with the diversification benefits of operating in two unrelated business segments. Moody's also notes that STR's focus on areas such as social responsibility and renewable energy is likely to continue to benefit from favorable social and regulatory trends. Moody's took these rating actions: -- Downgraded the proposed US$20 million first lien revolver due 2012 to B1 (LGD 3, 35%) from Ba3 (LGD2, 24%); -- Downgraded the proposed US$185 million first lien term loan due 2014 to B1 (LGD 3, 35%) from Ba3 (LGD2, 24%); -- Affirmed the proposed Caa1 (LGD5, 88%) rated US$75 million second lien term loan due 2014; -- Affirmed the B2 Probability of Default Rating; -- Affirmed the B2 Corporate Family Rating; -- The outlook for the ratings is stable. Specialized Technology Resources -- http://www.strlab.com/-- founded in 1944, is a recognized leader in testing and quality assurance services for the consumer products industry and the leading manufacturer of solar module encapsulants globally. STR Quality Assurance has established deep and longstanding relationships with the leading global retailers and manufacturers in the consumer and retail markets. STR Solar is the leading, long-term supplier of encapsulants to many of the major solar module manufacturers in the industry. STR has sophisticated laboratories and offices in over 30 countries across five continents. The Company is headquartered in Enfield, CT and has over 1,500 employees worldwide. The company has laboratories located in Mexico, Hong Kong, China, Taiwan, Singapore, Indonesia, Korea, India, Sri Lanka, Switzerland, United Kingdom, France, and Turkey, among others. STR had revenues of approximately US$135 million for the 12 months ended March 31, 2007. STORKING BERATUNGS: Creditors' Liquidation Claims Due June 30 ------------------------------------------------------------- Creditors of JSC Storking Beratungs have until June 30 to submit their claims to: Andreas Miescher Liquidator Aeschenvorstadt 71 P.O. box 330 4010 Basel BS Switzerland The Debtor can be reached at: JSC Storking Beratungs Oberwil BL Switzerland VIN E FIOR: Creditors' Liquidation Claims Due June 29 ----------------------------------------------------- Creditors of LLC Vin e Fior Sessa & Dugo have until June 29 to submit their claims to: Sebastiano Dugo Liquidator Seestrasse 810 8706 Meilen ZH Switzerland The Debtor can be reached at: LLC Vin e Fior Sessa & Dugo Dubendorf Uster ZH Switzerland =========== T U R K E Y =========== ARCELIK AS: Fitch Pares Issuer Default Rating to BB+ from BBB- -------------------------------------------------------------- Fitch Ratings has downgraded Arcelik A.S.'s local currency Issuer Default rating to 'BB+' from 'BBB-' and National Long-term rating to 'AA+(tur)' from 'AAA(tur)'. The Rating Watch Negative status is removed from both of these ratings and a Stable Outlook is in place. Arcelik's foreign currency IDR of 'BB' with Stable Outlook is affirmed. The local currency IDR and National long term rating had been placed on Watch Negative on 10 October 2006 following Arcelik's announcement that it had increased its stake in Beko Elektronik to 72.46% from 22.36% for TRY190m in cash. The stake was acquired through the purchase of some of the shares held in Beko by Arcelik's majority shareholder, Koc Holding A.S., and other Koc entities. The ratings downgrade reflects the subsequent deterioration of Arcelik's business and financial profile following the Beko acquisition. Beko, a television and related consumer electronics manufacturer, reported operating and net losses in 2006 and 2005 with considerable debt stock for its size. The company also reported negative operating cash flows for FY06. Arcelik now faces the challenge of turning around Beko, especially considering the very competitive nature of the TV manufacturing business. Arcelik's net debt/EBITDA ratio increased to 3.0x in FYE06 with Beko consolidated from 0.8x in FYE05 without Beko consolidated. Furthermore, Arcelik's 2006 performance continued to be characterised by a negative free cash flow due to increased working capital needs, primarily to finance its instalment based sales (overall, trade receivables) in the domestic market as well as continued dividend payout and ongoing expansion capex in some of the business lines. Fitch notes that part of the increased debt stock at Arcelik in FY06 is driven by the continued need to finance these domestic trade receivables, which remains a function of sales growth. Fitch views these trade receivables as high quality credit, and factors that into its overall assessment of Arcelik's debt. Delays in Beko's turnaround and in group deleveraging, as per the agency's expectations, may have a downward pressure on ratings. Fitch notes that the price paid for Beko was in line with the prevailing stock market valuation at the time of the transaction and Arcelik management's strategic rationale underlying the acquisition. Fitch, however, has concerns about the acquisition and disposal strategies at Arcelik and its parent Koc respectively, primarily from minority shareholder and creditor perspectives. Koc's strategy at the holding level regarding Arcelik will remain an integral part of Fitch's assessment of Arcelik's ratings. Arcelik is the largest white goods manufacturer in Turkey, with over 55% domestic market share. It produced 9.8 million units of white goods and 5 million units of TV sets and reported TRY7.0 billion consolidated sales in FY06. Arcelik is 56%-owned by Koc Group of Turkey, while 21% is quoted on the Istanbul Stock Exchange. Beko reported TRY1.8 billion sales, TRY54 million operating loss, TRY128 million net loss at end FY06. Prior to the transaction, Beko was 22.36% held by Arcelik, 19.95% in free float on ISE and 57.69% held by Koc Holding and other Koc entities. ============= U K R A I N E ============= BONAS LLC: Creditors Must File Claims by June 17 ------------------------------------------------ Creditors of LLC Bonas (code EDRPOU 30580283) have until June 17 to submit their proofs of claim to: Andrew Vershynin Liquidator P.O. Box 151 03110 Kiev Ukraine 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 Bonas Izium Str. 7A 03039 Kiev Ukraine BROVARY AGRICULTURAL: Creditors Must File Claims by June 17 ----------------------------------------------------------- Creditors of OJSC Brovary Agricultural Building (code EDRPOU 01355633) have until June 17 to submit their proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 163/14b-06. The Debtor can be reached at: OJSC Brovary Agricultural Building Grushevsky Str. 1 Brovary Kiev Ukraine DVORECHYE ENTERPRISE: Claims Filing Deadline Set June 17 -------------------------------------------------------- Creditors of OJSC Regional Agricultural Chemistry Dvorechye Enterprise (code EDRPOU 05491066) have until June 17 to submit their proofs of claims to: Dmitry Tsymberov Temporary Insolvency Manager Apartment 52 Bakulin Str. 9/13 Kharkov Ukraine The Economic Court of Kharkov region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-39/65-07. 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 Regional Agricultural Chemistry Dvorechye Enterprise Gagarin Str. 1 Grianikovka Dvorechye District Kharkov Ukraine DVORECHYE REPAIR-TRANSPORT: Claims Filing Deadline Set June 17 -------------------------------------------------------------- Creditors of OJSC Regional Dvorechye Repair-Transport Enterprise (code EDRPOU 03761685) have until June 17 to submit their proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-39/64-07. The Debtor can be reached at: OJSC Regional Dvorechye Repair-Transport Enterprise Victory Str. 43 Tavilzhanka Dvorechye District Kharkov Ukraine KOMPANION LLC: Claims Filing Deadline Set June 17 ------------------------------------------------- Creditors of LLC Kompanion (code EDRPOU 31315033) have until June 17 to submit their proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje region commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 19/99/07. The Debtor can be reached at: LLC Kompanion Soyuznaya Str. 69/33 69067 Zaporozhje Ukraine MAKSTRO MOL: Creditors Must File Claims by June 17 -------------------------------------------------- Creditors of LLC Makstro Mol have until June 17 to submit their proofs of claim to: Andrew Vershynin Liquidator P.O. Box 151 03110 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/167-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 Makstro Mol Vozdukhoflotsky Avenue 54 03151 Kiev Ukraine MICRODIN STS: Creditors Must File Claims by June 17 --------------------------------------------------- Creditors of LLC Microdin STS (code EDRPOU 33996356) have until June 17 to submit their proofs of claim to: Andrew Vershynin Liquidator P.O. Box 151 03110 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/165-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: Schors Str. 29 LLC Microdin STS 01103 Kiev Ukraine MOTOR-CAR 16331: Claims Filing Deadline Set June 17 --------------------------------------------------- Creditors of OJSC Motor-Car Enterprise 16331 (code EDRPOU 05524624) have until June 17 to submit their proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov region commenced bankruptcy supervision procedure on the company on April 19. The case is docketed under Case No. B-24/92-07. The Debtor can be reached at: OJSC Motor-Car Enterprise 16331 Moscow Avenue 303 Kharkov Ukraine NAFTOGAZ UKRAINY: To Assess Dnieper-Donets Basin with Marathon -------------------------------------------------------------- NAK Naftogaz Ukrainy reached a cooperation agreement with U.S. Marathon International Petroleum to assess an area of the Dnieper-Donets Basin for prospective fuel reserves, RIA Novosti reports. "Under the agreement, the companies will study an area of some 30,000 square km over a three year period with a view to assessing its attractiveness for investors and locating the most promising sectors," Yevgen Bakulin, Naftogaz board chairman told RIA Novosti. Mr. Bakulin added that the deal "will secure a substantial increase in resources, a necessary condition that could boost oil and gas output in Ukraine." RIA Novosti cites a Naftogaz spokesman as saying that basin has prospective reserves of 200 billion cubic meters of natural gas, 46 million metric tons of gas condensate and 130 million metric tons of oil. "This cooperation agreement with Naftogaz Ukrainy is consistent with Marathon's efforts to seek out and access new resources that could lead to profitable growth opportunities," Philip G. Behrman, senior vice president of Worldwide Exploration for Marathon, said at the firm's Web site. Marathon International Petroleum Ltd., is a unit of Marathon Oil Company, a transnational energy company involved in exploration, production, refining, marketing, and transportation operations. About Naftogaz Ukrainy Headquartered in Kiev, Ukraine, NAK Naftogaz Ukrainy -- http://www.naftogaz.com/-- processes gas, oil and condensate at the Company's five gas processing plants, which produce LPG, motor fuels and other types of petroleum products. Over 97% of the oil and gas in Ukraine is produced by the enterprises of the Company. In 2005, NJSC Naftogaz of Ukraine produced one-seventh of the gross domestic product of Ukraine and brought US$2.25 billion in state budget revenues. The Company employs around 170,000 people, roughly one percent of Ukraine's working population. * * * As of June 14, 2007, NAK Naftogaz Ukraine carries a Ba3 Corporate Family Rating, a Ba2 Senior Unsecured Debt rating, and a Ba3 Probability-of-Default rating from Moody's. Outlook is stable. The company also carries a B+ Issuer Default Rating from Fitch. Outlook is stable. SURINA LLC: Creditors Must File Claims by June 17 ------------------------------------------------- Creditors of LLC Surina (code EDRPOU 34491192) have until June 17 to submit their proofs of claim to: Andrew Vershynin Liquidator P.O. Box 151 03110 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/164-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 Surina 03131 Kiev Ukraine Liubomir Str. 14 SVITANOK LLC: Claims Filing Deadline Set June 17 ------------------------------------------------ The Economic Court of Chernigov region commenced bankruptcy supervision procedure on the company on March 26. The case is docketed under Case No. 5/193b. Creditors of LLC Agricultural Firm Svitanok (code EDRPOU 30885837) have until June 17 to submit their proofs of claim to: The Economic Court of Chernigov Mir Avenue 20 14000 Chernigov Ukraine The Debtor can be reached at: LLC Agricultural Firm Svitanok Nosovka Paris Commune Str. 12 Chernigov Ukraine TOKAREVKA AGRICULTURAL: Claims Filing Deadline Set June 17 ---------------------------------------------------------- Creditors of Tokarevka Agricultural LLC (code EDRPOU 31369047) have until June 17 to submit their proofs of claims to: Dmitry Tsymberov Temporary Insolvency Manager Apartment 52 Bakulin Str. 9/13 Kharkov Ukraine The Economic Court of Kharkov region commenced bankruptcy supervision procedure on the company on May 10. The case is docketed under Case No. B-39/49-07. 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: Tokarevka Agricultural LLC Mir Str. 21 Tokarevka Dvorechye District 62743 Kharkov Ukraine =========================== U N I T E D K I N G D O M =========================== ALPINE SHEET: Taps Joint Administrators from KPMG LLP ----------------------------------------------------- David John Crawshaw and Jane Bronwen Moriarty of KPMG LLP were appointed joint administrators of Alpine Sheet Metal Ltd. (Company Number 04944398) on June 6. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. The company can be reached at: Alpine Sheet Metal Ltd. Porte Marsh Road Calne SN11 9BW England Tel: 01249 813 412 Fax: 01249 813 184 ARENSON GROUP: Appoints Administrators from Baker Tilly ------------------------------------------------------- Mark John Wilson, Michael David Rollings and Alan Lovett of Baker Tilly Restructuring and Recovery LLP were appointed joint administrators of Arenson Group Ltd. (Company Number 03262306) on June 1. Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other services for mid-cap and smaller publicly listed companies and private companies, particularly those expanding into new foreign markets. Services include business and financial planning, tax-related services, corporate finance, litigation support, turnaround services, and technology consulting. The company can be reached at: Arenson Group Ltd. Arenson Centre Arenson Way Houghton Regis Dunstable LU5 5UL England Tel: 01582 678 000 Fax: 01582 678 111 BAA PLC: European Traffic Figures Up 1.8% in May 2007 ----------------------------------------------------- The U.K. Airports of BAA plc (nka BAA Ltd.) handled a total of 12.8 million passengers in May 2007, an increase of 0.3% on May 2006. Of the major markets, European scheduled traffic was up 1.8%, but North Atlantic traffic was 0.4% lower. Other long haul routes recorded a collective increase of 3.3%, within which traffic to and from China was up by 10.9% and India by 9.2%. Domestic traffic was 2% lower and European charter was down 5%. Of the individual airports, the best results were seen at the Scottish airports where Glasgow, Edinburgh and Aberdeen grew 3.7%, 5.8% and 9.9% respectively. Heathrow and Stansted traffic declined 1.9% and 1.2% respectively while Gatwick was up 2.2% and Southampton traffic rose 0.7%. In total BAA's airports handled 0.8% more air transport movements in May, while cargo tonnage was down 2%. About BAA Plc Headquartered in London, United Kingdom, BAA plc (nka BAA Ltd.) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. * * * As of Feb. 6, 2007, BAA Plc carries these ratings from Moody's: -- Issuer Rating: Ba1 -- GBP425-million convertible bonds due August 2009: Ba1 -- GBP424-million convertible bonds due April 2008: Ba1 -- GBP200-million 7.875% bonds due February 2007: Ba1 BNY CONVERGEX: Moody's Puts B1 Ratings Under Review --------------------------------------------------- Moody's Investors Service affirmed the B2 corporate family rating of ConvergEx Holdings LLC following the company's announcement of a definitive agreement to acquire Liquid Point LLC and First Traders Analytical Solutions LLC. Moody's also affirmed its B3 rating on the US$180 million second-lien term loan. The B1 ratings on the US$420 million first-lien term loan and the US$75 million first-lien revolving credit facility were placed on review for a possible downgrade pending the final deal financing structure and ConvergEx's resultant capital structure. In explaining its rating action, Moody's noted that LiquidPoint, which specializes in agency-only options brokerage and the sale and marketing of options trading and order routing software, has the potential to broaden ConvergEx's product offering and the lessen the company's dependence on cash equities trading volumes. Equity options are a fast-growing asset class, which is being increasingly embraced by market participants, and the ability to offer a front-end order management solution for options along with (and integrated into) its Eze Castle's software product suite should bolster CovergEx's ability to compete for trade analytics and order management market share, particularly within the alternative investor community. The addition of an agency-only options brokerage capability is also a positive step in that it diversifies ConvergEx's trading volume-based revenues away from pure cash equities. Although the acquisition of LiquidPoint will result in a modest increase in cash flow leverage and will exert pressure on the already thin interest coverage, the issuer's credit profile remains consistent with a B2 corporate family rating as a result its solid performance and the de-leveraging undertaken by the firm in the last six months. The rating agency noted, however, that, subject to its review of the final terms of the financing, the B1 rating on the first-lien facilities may be downgraded to B2. The B1 rating on the first-lien facilities, which is one notch higher than the CFR, currently benefits from the structural subordination of the second-lien facilities and the mezzanine note in the capital structure of the firm. However, were a meaningful portion of new debt to rank on terms pari pasu with those of the first-lien facilities, the relative amount of debt structurally subordinate to the first lien facilities may be insufficient to support a one-notch lift relative to the CFR. What Could Change the Rating -- UP The ratings could go up if the company achieves and sustains its targets of lower leverage and improved interest coverage by means of an aggressive reduction of debt and/or strong growth in earnings. A sustained and profitable growth in revenue, particularly from sources less dependent on cyclical revenue drivers like trading volumes, would also exert upward pressure on the ratings. What Could Change the Rating -- DOWN The ratings could go down if there is a significant change in the capital structure that increases leverage and negatively impacts the already thin interest coverage. Also weighing negatively on the ratings would be a deterioration of credit metrics caused by a slowdown in earnings stemming from a prolonged decline in executed trade volumes or market share erosion in the company's major business lines. These ratings were affirmed: * ConvergEx Holdings LLC: -- Corporate Family Rating -- B2 * BNY ConvergEx Group LLC and EZE Castle Software Inc: -- US$180 7.5-Year Second-Lien Term Loan -- B3 These ratings were placed on review for a possible downgrade: * BNY ConvergEx Group LLC and EZE Castle Software Inc: -- US$420 Million 7-Year First-Lien Term Loan -- B1 -- US$75 Million 6-Year First-Lien Revolving Credit Facility: B1 BNY ConvergEx Group LLC, headquartered in New York City, New York, is a global agency brokerage and technology company, which generated US$119 million of revenue in fourth quarter 2006. The company has offices in Bermuda, Hong Kong and the United Kingdom. BNY CONVERGEX: LiquidPoint Acquisition Cues S&P’s Neg. Outlook -------------------------------------------------------------- Standard & Poor's Ratings Services changed the outlook on its 'B+' long-term counterparty credit rating on BNY ConvergEx LLC to negative from stable. This action was taken in response to the company's announced acquisition of the privately held LiquidPoint LLC. "While we understand the compelling business reasons for this acquisition, management's decision to make an acquisition at this early stage in the company's status as a stand-alone entity reflects a more aggressive strategy and attitude toward debt than we had expected," said Standard & Poor's credit analyst Robert B. Hoban, Jr. ConvergEx's undertaking a largely debt-funded acquisition at this time, instead of focusing on paying down existing high debt levels and the synchronization of its own recently combined businesses, puts downward pressure on the rating. If the company does not improve interest coverage or continues to demonstrate an appetite for leveraging acquisitions, ratings would be lowered. Should ConvergEx successfully integrate LiquidPoint, regularly pay down debt, and maintain interest coverage ahead of projections, the outlook would return to stable. ConvergEx is one of the largest independent agency-only equity trading shops, with several good niche businesses. ConvergEx's two main business lines are institutional agency-only equity trading and providing order management software systems to traders. ConvergEx was formed in October 2006 in a highly leveraged transaction, which resulted in the company having no tangible equity and very weak interest coverage. ConvergEx is the combination of several institutional brokerage operations formerly owned by the Bank of New York Co. Inc. and Eze Castle Software Inc. Each of the combined entities had good operational management, which has allowed for a smooth integration to date. The company has offices in Bermuda, Hong Kong and the United Kingdom. BOMBARDIER REC: Moody's Rates CDN$250 Mil. Sr. Sec. Loan at Ba2 --------------------------------------------------------------- Moody's Investors Service assigned a Ba2 rating to Bombardier Recreational Products' CDN$250 million senior secured revolver and a B1 rating to BRP's CDN$1.2 billion senior secured term loan. Proceeds from the transaction will be used to refinance the company's existing debt (CDN$800 million term loan) and pay a dividend to its shareholders (the total dividend, which is expected to be paid later in the year, is expected to approximate CDN$535 - CDN$435 million from the term loan and CDN$100 million from free cash flow). The ratings on the existing first lien and second lien bank debt will be withdrawn following the close of the transaction. At the same time, Moody's affirmed BRP's B1 corporate family rating and B1 probability of default rating with a negative outlook. "Moody's believes that the significant improvements in the company's cost structure over the last few years demonstrated by the 335 bps gross margin percentage improvement in fiscal 2007 from 2006, diversification in the company's product offerings and the introduction of new products enabled it to maintain a B1 rating, albeit weakly positioned, despite the aggressive financial policies of increasing debt to fund shareholder returns." said Kevin Cassidy, Vice President/Senior Analyst at Moody's Investors Service. "The negative outlook reflects Moody's concern that the company's aggressive financial policies have reduced its financial flexibility to withstand a downturn in the recreational sports industry amid continuing uncertainty in consumer spending" said Cassidy. "Failure to reduce and sustain adjusted leverage, measured as adjusted debt/EBITDA, below 5x by the end of the year would likely result in a downgrade" Cassidy further noted. The proposed transaction will increase adjusted leverage to above 5x from 3.8x; adjusted leverage was 4.8x following the May 2006 leverage recapitalization. The negative outlook also reflects Moody's concern over the lack of maintenance financial covenants. The ratings for the term loan and revolver reflect both the overall probability of default of the company, to which Moody's has affirmed the PDR of B1, and a loss given default assessment of LGD2 (26%) for the revolver and LGD4 (53%) for the term loan. Both the revolving credit facility and the term loan benefit from the full guarantees of the existing and future subsidiaries. The revolver has a 1st lien priority interest on inventory and accounts receivable and a 2nd priority lien on the remaining assets, and the term has the inverse security interest. Moody's believes that the term loan's collateral coverage approximates 50%, based on a combination of valuation techniques. Ratings assigned: -- CDN$250 million senior secured revolver, due 2012, at Ba2; -- US equivalent of CDN$1,230 million senior secured term loan, due 2014, at B1; Rating affirmed: -- Corporate family rating at B1; -- Probability of default rating at B1. Headquartered in Quebec, Canada, Bombardier Recreational Products Inc. -- http://www.brp.com/-- a privately held company, is a world leader in the design, development, manufacturing, distribution and marketing of motorised recreational vehicles. The company's portfolio of brands and products includes: Ski-Doo(R) and Lynx(TM) snowmobiles, Sea- Doo(R) watercraft and sport boats, Johnson(R) and Evinrude(R) outboard engines, direct injection technologies such as Evinrude E-TEC(R), Can-Am(TM) all-terrain vehicles, Rotax(R) engines and karts. The company has operations in Japan, Australia, Brazil, France, the Netherlands, Norway, the United Kingdom, and the United States, among others. Net sales for the 12-month period ended January 2007 were approximately CAD$2.7 billion. CHRISTIAN ST. JOHN: Brings In Administrators from Vantis --------------------------------------------------------- Mark Newman and Vincent John Green of Vantis Business Recovery Services were appointed joint administrators of Christian St. John Ltd. (Company Number 03609046) on May 30. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. The company can be reached at: Christian St. John Ltd. 41 Downing Street Farnham GU9 7PH England Tel: 01252 728 080 Fax: 01252 727 193 CREA CDO: Fitch Rates EUR11.25 Mln Class E Senior Notes at BB -------------------------------------------------------------Fitch has assigned CREA CDO I Limited's upcoming issue of EUR300m floating-rate notes due 2047 expected ratings: -- EUR225 million Class A senior secured notes: 'AAA' -- EUR19.5 million Class B senior secured notes: 'AA' -- EUR12 million Class C senior secured deferrable notes: 'A' -- EUR16.5 million Class D senior secured deferrable notes: 'BBB' -- EUR11.25 million Class E senior secured deferrable notes: 'BB' The transaction, a European real estate arbitrage collateralized debt obligation, is a securitization of primarily non-conforming mortgage loans, mortgage-backed securities and subordinate real estate debt. The final ratings are contingent on the receipt of final documents conforming to information already received. The expected ratings are based on the quality and diversity of the portfolio of assets, which are selected by the collateral manager, Investec Principal Finance, as well as the credit enhancement provided to the various Classes of notes, which consists of the subordinated notes, structural protection covenants and excess spread. Credit enhancement for the Class A notes in the form of collateralized subordination totals 25%, and is provided by the Class B notes (6.5%), the Class C notes (4%), the Class D notes (5.5%), the Class E notes (3.75%) and the subordinated notes. The issuer's upfront costs and expenses, including placement fees, in connection with the issuance of the notes will be paid through an upfront swap agreement, leaving 15.75% of first loss coverage. The key risks in this developing asset class in Europe are threefold; the lack of granularity, characterized by lumpy exposure to individual assets in the underlying portfolio, the exposure of the CDO investor to refinancing risk in an underlying asset pool that is typically clustered by maturity and lastly, the importance of a manager with a level of experience and resources appropriate to managing such an asset type. As part of its analysis, Fitch assesses and quantifies these risks, amongst others, within its modeling of the transaction, giving consideration to the asset manager's 'CAM2-' rating. The proceeds from the note issuance will be used to purchase a portfolio of primarily mortgage-backed securities (MBS, both residential and commercial), limited-recourse commercial mortgage loan products (including whole loans, A notes, B notes and mezzanine loans) and full-recourse U.K. non-conforming residential and commercial mortgage loans. Approximately 70% of the issuance proceeds will be initially invested and the remainder will be invested over the first nine months of the transaction. CREA CDO I Limited is a company with limited liability, incorporated under the laws of Ireland. The expected ratings of the Class A and B notes address the ultimate repayment of principal at maturity and the timely payment of interest according to the terms of the notes. For all other rated Classes of notes, the expected ratings address the ultimate payment of principal and interest, including any deferred interest, at maturity according to the terms of the notes. DD BARS: Appoints Elizabeth Arakapiotis as Liquidator ------------------------------------------------------ Elizabeth Arakapiotis was appointed liquidator of DD Bars Ltd. (t/a The Cross Bar) on May 9 for the creditors' voluntary winding-up procedure. The company can be reached at: DD Bars Ltd. 29 Wilmington Square Islington London WC1 X0EG England Tel: 020 7880 7272 EDP INC: Moody's Junks Proposed US$410 Mil. 2nd Lien Term Loan -------------------------------------------------------------- Moody's Investors Service has assigned a B2 corporate family rating with a stable outlook to EPD Inc, a division of The Goodyear Tire & Rubber Company. Additionally, Moody's assigned a Ba3 rating to the company's proposed US$650 million 7-year first lien term loan, US$100 million 6-year senior secured revolving credit facility and 7-year US$100 million delayed draw term loan, as well as a Caa1 rating to the proposed US$410 million 8-year second lien term loan. The ratings are subject to review of the final financing documentation. The B2 corporate family rating reflects the company's high pro forma leverage (6.9 times debt to trailing twelve-month EBITDA as of March 31, 2007, using Moody's standard adjustments), modest cash flow to debt metrics, as well as EPD's exposure to volatile end-user markets creating revenue variability. In addition, the rating reflects the challenge faced by the company to restore the profitability and cash flows of its loss-making transportation OE business and the risk of higher raw material costs, which represent more than half of COGS. On the other hand, the rating is supported by EPD's solid market positions, customer and end-market diversity, the retained Goodyear brand, the company's large installed base of products and extensive distribution footprint. The rating also factors in the continuation of cost-cutting efforts initiated under Goodyear's ownership and the generation of positive free cash flow, though the rating agency cautions that EPD has no track record as a stand-alone entity. The rating outlook is stable, reflecting Moody's expectation of a modest improvement of credit metrics in the next twelve to eighteen months and a recurrent basis of cash flows supported by EPD's end-market diversity. It also considers that the planned joint-venture with an industrial manufacturer overseas will be leverage-neutral and will not negatively affect EPD's free cash flow. The ratings for the first lien and second lien facilities reflect the overall probability of default of the company, to which Moody's has assigned a probability of default rating of B2, and a loss given default of LGD 3 for the first lien term loan, delayed draw term loan and revolver as well as LGD 5 for the second lien term loan. The Ba3 rating of the first lien senior secured term loan, delayed draw term loan and revolving credit facility reflects their senior position in EPD's capital structure, full guarantees of existing and future domestic subsidiaries, a pledge on all tangible and intangible assets of domestic subsidiaries and a pledge on 65% of the capital stock of the borrower's foreign subsidiaries, as well as a substantial amount of more junior debt. The Caa1 rating of the second lien term loan reflects its effective subordination to all first lien creditors. Ratings assigned: -- B2 Corporate Family Rating -- B2 Probability of Default Rating -- Ba3 First Lien Term Loan due 2014 (LGD 3/31%) -- Ba3 Senior Secured Revolver due 2013 (LGD 3/31%) -- Ba3 First Lien Delayed Draw Term loan due 2014 (LGD 3/31%) -- Caa1 Second Lien Term Loan due 2015 (LGD 5/81%) On March 23, 2007, Carlyle executed a definitive Purchase and Sales agreement to acquire EPD, Goodyear's Engineered Product Division, for US$1,483 million or 9 times adjusted EBITDA for the trailing twelve months ended March 31, 2007. Carlyle intends to finance the acquisition, which is expected to close in the next few weeks, with the above mentioned bank facilities ($25 million will be drawn under the revolver at closing) and a US$465 million common equity contribution. EPD could also contemplate reinforcing its presence overseas in the short term through the joint-venture with an industrial manufacturer, which will be financed with the proceeds from the delayed draw term loan. Based in Akron, Ohio, EPD is a leading manufacturer of engineered rubber products for industrial, military, consumer and transportation end users. For the 12 months period ending March 31, 2007, EPD generated revenues of approximately US$1,541 million. Parent company Goodyear maintains Asia-Pacific facilities in Australia, China and Korea. Its European bases are located in Austria, France, Germany, Italy, Russia, Spain, and the United Kingdom. Goodyear’s Latin-American operations are located in Argentina, Brazil, Chile, Colombia, Jamaica, Mexico, and Peru. EPD INC: S&P Assigns Corporate Credit Rating at B ------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' corporate credit rating to Akron, Ohio-based EPD Inc., which is an entity established by the Carlyle Group to acquire the Engineered Products Division of the Goodyear Tire & Rubber Co. At the same time, 'B+' bank loan ratings and '2' recovery ratings were assigned to the company's proposed US$100 million revolving credit facility, US$650 million first-lien senior secured term loan, and US$100 million senior secured delayed draw term loan, indicating expectation of substantial recovery (70%-90%) in the event of a default. In addition, Standard & Poor's assigned its 'CCC+' bank loan rating and '6' recovery rating to the company's US$410 million second-lien senior secured term loan, indicating negligible (0%-10%) recovery in the event of a payment default. The outlook is stable. Proceeds will be used to finance a leveraged buyout of EPD. The Carlyle Group has agreed to purchase EPD for a total consideration of US$1.483 billion excluding transaction costs. Pro forma for the transaction, consolidated debt outstanding is approximately $1.2 billion. Based in Akron, Ohio, EPD is a leading manufacturer of engineered rubber products for industrial, military, consumer and transportation end users. For the 12 months period ending March 31, 2007, EPD generated revenues of approximately US$1,541 million. Parent company Goodyear maintains Asia-Pacific facilities in Australia, China and Korea. Its European bases are located in Austria, France, Germany, Italy, Russia, Spain, and the United Kingdom. Goodyear’s Latin-American operations are located in Argentina, Brazil, Chile, Colombia, Jamaica, Mexico, and Peru. EMPOWER INTERACTIVE: Joint Liquidators Take Over Operations ----------------------------------------------------------- Nicholas Stewart Wood and Daniel Robert Whiteley Smith of Grant Thornton U.K. LLP were appointed joint liquidators of Empower Interactive Group Ltd. on June 1 for the creditors' voluntary winding-up proceeding. Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- provides value-added professional services as assurance services, compensation and benefits, merger and acquisition transaction services, management advisory services, tax consulting and valuation services. The company can be reached at: Empower Interactive Group Ltd. Building 10 Chiswick Park 566 Chiswick High Road Hounslow London W4 5XS England Tel: 020 8987 5100 Fax: 020 7920 9101 ISOFT GROUP: Posts IBA All-Share Offer Scheme Circular ------------------------------------------------------ iSOFT Group plc disclosed that the circular containing, inter alia, the terms of a recommended all-share offer to be effected by means of a scheme of arrangement under which a wholly owned unit of IBA Health Limited, IBA U.K. Holdings Ltd., will acquire the entire issued and to be issued ordinary share capital of iSOFT, an explanatory statement (in compliance with section 426 of the Companies Act), notices of the required meetings, a timetable of principal events, and details of the action to be taken by iSOFT Shareholders was posted to all iSOFT Shareholders and, for information only, to participants in the iSOFT Share Schemes and to iSOFT Warrant Holders on June 13, 2007. The Offer involves a reduction of capital under section 135 of the Companies Act. As described in the Scheme Circular, the Scheme will require the approval of iSOFT Shareholders at the Court Meeting, and the passing of a special resolution at an extraordinary general meeting of iSOFT. The Scheme will also require the subsequent sanction of the Court and confirmation of the capital reduction by the Court. Further details as to the approvals required and the persons entitled to vote at these meetings are contained in the Scheme Circular. Both meetings are scheduled to be held on July 6, 2007 at: FD Holborn Gate 26 Southampton Buildings London WC2A 1PB England It is a condition of the Offer that Computer Sciences Corporation gives its consent to the change of control in iSOFT plc which would result from the completion of the Offer. On May 28, 2007, CSC indicated to iSOFT that it did not intend to give its consent to the change of control in iSOFT. As set out in the Scheme Circular, IBA has indicated that, if CSC's consent is not obtained, or cannot be waived as a condition to the Offer, IBA and IBA U.K. would seek the permission of the Panel to invoke the condition and lapse the Offer. However, iSOFT is now engaged in constructive discussions with CSC in relation to the commercial arrangements under which CSC would take a greater role in the management of iSOFT's work on the National Programme for IT and iSOFT also continues to seek CSC's consent to the change of control in iSOFT. ISOFT Shareholders will be notified without delay if there are any further developments. Subject to approval at the relevant meetings and the satisfaction or waiver of the other Conditions set out in the Scheme Circular, the Scheme is expected to become effective on or around July 30, 2007. Terms of the Offer Under the terms of the Offer, iSOFT Shareholders will be entitled to receive 1.1 IBA Consideration Shares for each iSOFT Share held. IBA is listed on the Australian Securities Exchange with a market capitalization of AUS$$434 million (GBP183 million). The Offer values each iSOFT Share at 58.1 pence and the entire issued and to be issued share capital of iSOFT at approximately GBP140 million, based on the price of an IBA Share of AUS$1.255, being the closing mid-market price on the ASX on May 4, 2007 (being the last day prior to the date on which IBA was granted a trading halt for its shares by the ASX). IBA is raising new equity (as described below) and adjusted for the impact of this equity issue, the Offer values each iSOFT share at 54.7 pence and the entire issued and to be issued share capital of iSOFT at approximately GBP132 million. About iSOFT Headquartered in Manchester, United Kingdom, iSOFT Group plc -- http://www.isoftplc.com/-- supplies advanced medical software applications for the healthcare sector. Its products are used by more than 8,000 organizations in 27 countries for managing patient information and driving improvements in healthcare services. In international markets, the group has a strong presence in the Asia-Pacific, including Singapore and India. * * * In June 2006, the Group disclosed a change in accounting policy, as a consequence of which it became necessary to review revenue recognition in prior years, in order to re-state some prior year revenues. Arising out of that review, a number of possible accounting irregularities came to light in which it appears that some revenues reported in 2003/04 and 2004/05 may have been recognized earlier than they should have been. On July 20, 2006, the Group engaged its auditors, Deloitte & Touche LLP, to conduct a formal initial investigation into these possible irregularities. In August 2006, it was confirmed that there were indeed matters that needed further investigation and the company handed over relevant documents to the Financial Services Authority, which is now conducting further investigations. The Group is working closely and co-operatively with the FSA in order to complete these investigations as quickly as possible. At the current time it would be inappropriate to comment on the likely outcome. On Oct. 25, 2006, the Accountancy Investigation and Discipline Board (AIDB) disclosed that it would conduct its own investigation. The AIDB investigation is a review of the conduct of those members of accountancy bodies that are regulated by the AIDB who were executive or non-executive directors of iSOFT during the relevant periods, and RSM Robson Rhodes LLP, iSOFT's auditor for the financial years ended April 30 2003, 2004 and 2005. All current executive directors of iSOFT who are members of those accountancy bodies were appointed after the dates under investigation, as was the non-executive director who is currently chairman of the audit committee. The initial investigation into possible accounting irregularities -- conducted by the Group's current auditors, Deloitte & Touche LLP, in July and August 2006 -- did not uncover evidence that any of the current non-executive directors had any knowledge of the irregularities. On the basis of information that has come to light so far, the Group does not believe that these matters will have any impact on the current or future financial position of iSOFT. Going Concern Doubt At Oct. 31, 2006, the company's board of directors recognized that there are material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern. JOHN PETERS: Appoints Joint Administrators from Ernst & Young ------------------------------------------------------------- Roberth Hunter Kelly and Charles Graham John King of Ernst & Young LLP were appointed joint administrators of John Peters (Furnishings) Ltd. (Company Number 02532539) on May 25. Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries—from emerging growth companies to global powerhouses—deal with a broad range of business issues. Headquartered in Huddersfield, England, John Peters (Furnishings) Ltd. -- http://www.johnpeters.co.uk/-- retails furniture. LORRY LOADERS: Shareholders' Approve Voluntary Liquidation ---------------------------------------------------------- Lorry Loaders Ltd. will be placed into creditors' voluntary liquidation after shareholders settled the dispute over insolvency practitioners' fees, Chris Tindall writes for the Road Transport. "We have had the shareholders' meeting and a creditors' meeting. The firm is in creditors' voluntary liquidation. Our appointment has been held up it's to do with the bank having a charge over the company. They don't agree to our fees. We aren't officially appointed until they have agreed," a spokeswoman for McTear Williams & Wood was quoted by Road Transport as saying. The spokeswoman added that once they are officially appointed, the company will be wound up. According to the report, the company's account for the year-ended June 30, 2005, revealed a GBP40,000 decrease in turnover and a GBP28,000 pre-tax loss. In a statement within the accounts, the company explained, "the company is supported by its major supplier -- also its biggest single creditor -- which has indicated that it will continue to waive normal trading terms and not press for early repayment of the sums due to it, although Lorry Loaders will be attempting to reduce core indebtedness gradually. The company still meets its day-to-day working capital requirements through a small bank overdraft facility." Headquartered in Wisbech, England, Lorry Loaders Ltd. -- http://www.lorryloaders.co.uk/-- is an industrial equipment supplier. The company was founded in 1997. MORTGAGES NO. 6: S&P Puts Notes' Ratings on Positive Watch ---------------------------------------------------------- Standard & Poor's Ratings Services said that it has placed on CreditWatch with positive implications its credit ratings on the class B, C, D, and E notes issued by Mortgages No. 6 PLC. The class A2 notes remain unaffected by the CreditWatch placements. The CreditWatch placements follow an initial review of the most recent transaction information received by Standard & Poor's. This analysis showed that the likelihood of a positive rating action has increased for the subordinate notes, and levels of credit enhancement available to these notes have improved. Standard & Poor's will now conduct a more detailed analysis to investigate whether any or all of these notes can attain a higher rating. The results of this review and any rating changes are expected within three months of this media release. This transaction, which closed in December 2004, is backed by a pool of first-ranking mortgages secured over freehold and leasehold, owner-occupied, "right-to-buy", and "buy-to-let" properties in the U.K. It was originated by Mortgages 1 to 7 Ltd. and Bristol & West PLC. Ratings List Mortgages No. 6 PLC GBP595.9 Million Mortgage-Backed Floating-Rate Notes Ratings Placed on CreditWatch with Positive Implications Rating ------ Class To From ----- -- ----- B AA/Watch Pos AA C A/Watch Pos A D BBB/Watch Pos BBB E BB/Watch Pos BB NBE UK: Fitch Affirms BB+ Issuer Default Rating ----------------------------------------------- Fitch Ratings has affirmed National Bank of Egypt U.K.'s ratings at Issuer Default 'BB+', Short-term 'B', Individual 'C/D' and Support '3'. The Outlook on the Issuer Default rating is Stable. The IDR, Short-term and Individual ratings reflect NBE U.K.'s strong balance sheet liquidity and solid capitalization, but also take into account the bank's modest profitability and concentrations on both sides of the balance sheet. Although NBE U.K. has reduced its exposure to Egyptian entities, the Egyptian market is a major source of funding for the bank. Upside potential for NBE U.K.'s IDR and Individual rating could arise from a stronger core franchise and greater scale with a concomitant decline in concentrations. Downside risk is limited but could arise if concentrations were to increase or credit losses from the bank's expansion strategy were greater than expected. NBE U.K. is a wholly owned subsidiary of National Bank of Egypt (rated 'BB+'/Outlook Stable), the largest state-owned bank in Egypt. The bank is incorporated in the U.K. and supervised by the Financial Services Authority. NBE U.K.'s activities are largely wholesale in nature and include money market dealing, debt securities, international syndications, commercial lending and trade finance. NEWGATE FUNDING: Moody's Rates Classes E & F Notes at Low-B ----------------------------------------------------------- Moody's Investors Service assigned definitive long-term credit ratings to the Notes to be issued by Newgate 2007-2: -- Aaa to the GBP75,000,000 Class A1a Mortgage Backed Floating Rate Notes due December 2050 -- Aaa to the EUR100,000,000 Class A1b Mortgage Backed Floating Rate Notes due December 2050 -- Aaa to the GBP135,400,000 Class A2 Mortgage Backed Floating Rate Notes due December 2050 -- Aaa to the GBP103,500,000 Class A3 Mortgage Backed Floating Rate Notes due December 2050 -- Aa2 to the GBP11,200,000 Class M Mortgage Backed Floating Rate Notes due December 2050 -- Aa3 to the EUR37,700,000 Class Bb Mortgage Backed Floating Rate Notes due December 2050 -- A3 to the EUR25,250,000 Class Cb Mortgage Backed Floating Rate Notes due December 2050 -- Baa3 to the EUR14,600,000 Class Db Mortgage Backed Floating Rate Notes due December 2050 -- Ba1 to the GBP2,300,000 Class E Mortgage Backed Floating Rate Notes due December 2050 -- Ba2 to the GBP2,250,000 Class F Mortgage Backed Floating Rate Notes due December 2050 -- Aaa to the Mortgage Early Repayment Certificates due December 2050 Moody's assigned provisional ratings for the above classes of Notes on May 9, 2007. The Class T and Class Q Notes are not rated by Moody's. This transaction is the 12th securitization of non-conforming and impaired credit mortgage loans originated by entities belonging to the Mortgages Group trading under the name of "Mortgages PLC". As in the prior Mortgages Plc securitization, the assets supporting the Notes are sub-prime and non-conforming first residential mortgage loans originated by entities trading under the name of Mortgages PLC and secured on residential properties in England, Wales, Northern Ireland and Scotland. A part of underlying loan portfolio (approximately 44%) consists of loans to borrowers classified by the originator as "near prime" or "near prime plus", with stricter criteria for adverse credit compared to non-conforming mortgage loans. Mortgages PLC will be responsible for the day-to-day servicing of the loans, handling arrears cases and approving further advances and product conversions. The ratings of the Notes are based upon an analysis of the characteristics of the mortgage pool backing the Notes, the protection the Notes receive from credit enhancement against defaults and arrears in the mortgage pool, and the legal and structural integrity of the issue. The credit enhancement available in the deal is provided in the form of excess spread, reserve fund fully funded at 0.70% of the original note balance, subordination of the Class M 2.49%, Class B 5.68%, Class C 3.80%, Class D 2.20%, Class E 0.51% and Class F 0.50% Notes. The Class A1 Notes represent 31.73%, the Class A2 Notes represent 30.09% and the Class A3 Notes represent 23.00%). Subject to certain conditions being met, the reserve fund may amortise up to a floor of 0.40% of the original note balance. 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 with respect to the Notes by the final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. The Mortgage Early Repayment Certificates are backed solely by mortgage early redemption charges that may become payable by borrowers in the pool on early redemption of their loans within a certain period. The Aaa rating on the MERC's addresses the likelihood of receipt by MERC holders of such amounts if they are received by the Issuer. It assumes, without any independent investigation: (i) that payment of the mortgage early redemption charges under the mortgage loans is legally valid, binding and enforceable; and (ii) that such amounts are actually collected from borrowers and received by the Issuer. The amount receivable by MERC holders also depends on prepayment rates within the pool. The rating does not address such prepayment rates. The Issuer, Newgate Funding Plc, is a special purpose vehicle incorporated in England and Wales, which is ultimately owned by a charitable trust. The Issuer is a multi-issuance vehicle and this transaction represents the fifth series to be issued under its MTN style Program. The Issuer will fund the purchase price of the series mortgage portfolio using the proceeds of the Notes. QUINTILES TRANSNATIONAL: To Expand Business in Scotland ------------------------------------------------------- Quintiles Transnational Corp. plans to build a new office near Edinburgh that will be the Scotland home for its Product Development business, including Quintiles Laboratories, and its NovaQuest group. The company will also add 150 jobs in Scotland in over the next four years. The new structure will be built in Livingston, West Lothian, near Quintiles' present laboratory. "Our lab business is expanding – globally and in Europe – because of our proximity to clinical trial sites and our tight quality control," Thomas Wollman, Global Central Laboratories' senior vice president disclosed. "This new facility will enhance our level of customer service in the U.K. and Europe, just as our new central lab in Mumbai has improved service in India. We will continue to look for opportunities to strengthen our global central lab network," Mr. Wollman added. The company will sign a 15-year lease for the facility. Quintiles is receiving a US$2.4 million Regional Selective Assistance Grant from the Scottish Executive to help offset some of the company’s US$13 million investment in the new building. Under terms of the grant agreement, Quintiles has agreed to add 150 jobs over the next four years. "We want to thank West Lothian Council, the Scottish Executive and Scottish Enterprise for their support in our project," Quintiles Laboratories Europe's General Manager Graham Murray said. "Their assistance, particularly the Regional Selective Assistance grant, was instrumental in our decision to expand in Livingston." Headquartered near Research Triangle Park, North Carolina, Quintiles Transnational Corp. -- http://www.quintiles.com/-- helps improve healthcare worldwide by providing a broad range of professional services, information and partnering solutions to the pharmaceutical, biotechnology and healthcare industries. The company has operations in the United Kingdom, Belgium, Ukraine, Netherlands, Switzerland, Austria, Germany, and other parts of Europe. The company has a regional office in Singapore Science Park, Singapore, and affiliates in Australia, China and Philippines. * * * As reported in the TCR-Europe on Sept. 27, 2006, Moody's Investors Service's implementation of its new Probability-of Default and Loss-Given-Default rating methodology for the U.S. pharmaceutical sector, the rating agency confirmed its B1 Corporate Family Rating for Quintiles Transnational Corp. Additionally, Moody's revised or held its probability-of-default ratings and assigned loss-given-default ratings on these three loan facilities: Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------ ------ ------ ------- US$1 Billion First Lien Term Loan B1 B1 LGD3 44% US$225 Million First Lien Revolving Credit Facility B1 B1 LGD3 44% US$220 Million Second Lien Term Loan B3 B2 LGD5 72% SUNNY DELIGHT: Improved Performance Cues S&P’s Upgrade to CCC+ -------------------------------------------------------------- Standard & Poor's Ratings Services raised its corporate credit rating on Cincinnati, Ohio-based Sunny Delight Beverages Co. to 'CCC+' from 'CCC'. The outlook is developing. "The upgrade reflects Sunny Delight's increased financial flexibility, reduced leverage from its recent refinancing, and somewhat improved operating performance," said Standard & Poor's credit analyst Bea Chiem. However, S&P remain concerned about the company's ability to stabilize its sales volumes in North America and certain parts of Europe, to increase sales volume with new-product launches, to offset rising commodity costs, and to maintain or improve its operating margins in order to sustain adequate cushion on its covenants. Sunny Delight is a global manufacturer and distributor of juice drinks under the Sunny Delight brand name. The rating on the company reflects its soft operating trends, narrow product portfolio, limited size within the highly competitive and somewhat fragmented global juice industry, and leveraged financial profile. The juice drink company is majority owned by financial sponsor J.W. Childs Associates L.P. Sunny Delight Beverages Co. -- http://www.sunnyd.com/-- manufactures juice-based drinks in North America and Western Europe. The company was formed from brands acquired from Procter & Gamble in 2004. Its worldwide headquarters are in Cincinnati, Ohio. The company also has operations in Canada, United Kingdom, Portugal, Spain, and France. WOOD STREET CLO V: S&P Rates EUR20 Million Class E Notes at BB -------------------------------------------------------------- Standard & Poor's Ratings Services assigned preliminary credit ratings to the EUR454 million senior secured floating-rate notes to be issued by Wood Street CLO V B.V. At the same time, Wood Street CLO V will issue EUR46 million of unrated notes. At closing, Wood Street CLO V will issue floating-rate notes, the proceeds of which, after paying transaction fees and expenses, will be invested in a portfolio of predominantly senior-secured leveraged loans. The transaction has a six-year reinvestment period. The collateral manager will be Alcentra Ltd. This will be the 14th European CDO transaction managed by Alcentra. The ratings reflect: -- Commensurate credit enhancement in the form of vercollateralization and subordination; -- A diversified collateral pool of loans and derivative financial instruments; -- Currency risk protections; -- Strong collateral investment guidelines; -- The expected insolvency remoteness of the issuer; and -- Various amortization triggers. Ratings List Wood Street CLO V B.V. EUR500 Million Senior Secured Floating-Rate Notes Prelim. Prelim. Amount Class rating (in million EUR) ----- ------ -------------- A-D AAA 218 A-R AAA 100 A-2 AAA 20 B AA 40 C A 30 D BBB 26 E BB 20 Subordinated securities NR 46 NR — Not rated. ********* 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 * * *