/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070621.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 Thursday, June 21, 2007, Vol. 8, No. 122 Headlines A U S T R I A ISTN LLC: Claims Registration Period Ends July 4 JOHANN BIEDERMANN: Linz Court Orders Business Shutdown NIGHT-IN LLC: Innsbruck Court Orders Business Shutdown RESCHEISSE KEG: Claims Registration Period Ends July 6 VALKOTEL KLEMENT: Claims Registration Period Ends July 12 B E L G I U M GENERAL MOTORS: Will Retool Tonawanda Engine Plant GENERAL MOTORS: Plans to Sell 100,000 Chevrolets in Germany GENERAL MOTORS: Prepares Fuel Cell Technology for Future Output D E N M A R K TDC A/S: Court Ruling on Minority Stake Redemption Final F I N L A N D DYNEA CANADA: Moody's Puts Corporate Family Rating at B2 F R A N C E DELPHI CORP: Selling Mexican Brake Plant to Robert Bosch EUROTUNNEL GROUP: Joint Board Proposes Seven Nomination G E R M A N Y AUTOHAUS OIDTMANN: Claims Registration Period Ends July 17 DAY INTERNATIONAL: Moody's Withdraws Low-B Ratings DEALOK GMBH: Claims Registration Period Ends July 17 DGV TOP-GETRANKE: Claims Registration Period Ends June 29 DCR DRUCK-CENTER: Claims Registration Period Ends June 29 DUERR AG: ATON GmbH Acquires 10.1% Equity Interest ENCHILADA OSNABRUECK: Claims Registration Period Ends June 20 ENVARIA PLASTICS: Claims Registration Period Ends Sept. 7 F 1 – NETWORK: Claims Registration Period Ends July 17 GALVANOMETIC OBERFLACHENBEARBEITUNG: Claims Filing Ends June 25 GOE-LA GMBH: Creditors' Meeting Slated for July 12 H. SCHLUETZ: Claims Registration Period Ends July 13 HEIGEL´S METALLIDEEN: Claims Registration Period Ends August 6 HERA BLECHBEARBEITUNGSSYSTEME: Claims Registration Ends June 26 I C E L A N D SEPP'S GOURMET: Posts US$407,000 Net Loss in Qtr. Ended April 30 I T A L Y ALITALIA SPA: Aeroflot Sees Stake's Asking Price as Too High K A Z A K H S T A N ANIKO LLP: Proof of Claim Deadline Slated for July 20 ERJAN-SAPARBEK LLP: Creditors Must File Claims July 20 GASPROMGEOPHYSICS OJSC: Claims Filing Period Ends July 27 GRAFT LLP: Claims Registration Ends July 20 KOYLYK LLP: Creditors' Claims Due July 20 SARYKEMER JSC: Proof of Claim Deadline Slated for July 27 SEVO LLP: Creditors Must File Claims July 20 TRANS STROY: Claims Filing Period Ends July 27 K Y R G Y Z S T A N KEREMET-TRADE LLC: Claims Registration Ends July 27 PHILADELPHIA LLC: Claims Filing Period Ends July 27 WINCOR LLC: Creditors Must File Claims by July 27 N E T H E R L A N D S HEXION SPECIALTY: Further Amends Senior Secured Credit Facility R U S S I A ALLIANCE CJSC: Belgorod Bankruptcy Hearing Slated for Aug. 29 ALKA OJSC: Creditors Must File Claims by June 26 AGROHOLDING LUKHOVITSKIY: Bankruptcy Hearing Slated for Aug. 8 CAPITAL GROUP: Creditors Must File Claims by June 26 GAS-AUTOLINE OJSC: Creditors Must File Claims by June 26 GIANT CJSC: Creditors Must File Claims by June 26 INVEST-MARKET LLC: Tomsk Bankruptcy Hearing Slated for Oct. 10 OREL-GLASS OJSC: Orel Bankruptcy Hearing Slated for Aug. 1 PROFILE OJSC: Court Names A. Saranin as Insolvency Manager RADIUS OJSC: Bankruptcy Hearing Slated for Aug. 28 REGION LLC: Creditors Must File Claims by July 26 ROSNEFT OIL: Expects RUR263.7 Billion Payment from Yukos Oil SURGUT-TRANS-STROY: Creditors Must File Claims by July 26 TNK-BP HOLDING: Russia to Rule on License Dispute this Week TNK-BP HOLDING: Work Continues at Kovykta Gas Field VOROSHILOVSKIY OJSC: Creditors Must File Claims by June 26 VOSTOK-NEFTE-GAZ-STROY: Creditors Must File Claims by June 26 YUKOS OIL: Denies RUR263.7 Billion Payment to Rosneft Oil ZOV CJSC: Creditors Must File Claims by June 26 S P A I N AIR MADRID: Refund Ready in 2009 Under Receivers' Proposal CABLEUROPA S.A.: Fitch Lifts Sr. Secured Bank Facility at BB S W I T Z E R L A N D 3POINT LLC: Zug Court Starts Bankruptcy Proceedings BAU-AKTIENGESELLSCHAFT JSC: Liquidation Claims Due July 2 FINNHAMN HOLDING: Creditors' Liquidation Claims Due July 2 KURT. FREY JSC: Creditors' Liquidation Claims Due July 2 TRADELINK MARKETING: Zug Court Starts Bankruptcy Proceedings T U R K E Y OYAK BANK: ING Bank Sale Cue's Fitch to Affirm Low-B Ratings U K R A I N E AGRICULTURAL TECHNICS: Claims Filing Deadline Set June 22 BREAD OF UKRAINE: Claims Filing Deadline Set June 22 GALON LLC: Claims Filing Deadline Set June 23 SEDNA PLUS: Claims Filing Deadline Set June 24 STAVISCHE PMK-12: Creditors Must File Claims by June 24 STROM MACHINE: Claims Filing Deadline Set June 23 SUN COMMERCE: Claims Filing Deadline Set June 24 UGLOVATAYA AGRICULTURAL: Creditors Must File Claims by June 23 VESELOPODOLYE BREADRECEIVING: Claims Filing Deadline Set June 23 ZENIT: Claims Filing Deadline Set June 24 * Fitch Rates Ukraine's US$500 Million Eurobond at BB- U N I T E D K I N G D O M ALBA 2007-1: Fitch Rates GBP20.4 Million Class F Notes at BB ATSI COMMS: April 30 Balance Sheet Upside-Down by US$525,000 BALLY TOTAL: Inks Restructuring Support Pact w/ Sr. Noteholders E.C.A. CONSTRUCTION: Taps Liquidators from Harrisons EUROTUNNEL GROUP: Joint Board Proposes Seven Nomination FORD MOTOR: No Results on Cerberus Talks for Premier Brands Sale JIC REFRACTORIES: Hires Adrian Graham to Liquidate Assets LINDA DENNIS: Joint Liquidators Take Over Operations MG ROVER: May Get GBP25 Million Cash Payout From Abroad MYLES ENGINEERING: Claims Filing Period Ends October 30 NORTHWAY COMPUTER: Appoints A. J. Clark as Liquidator PACKHORSE CASE: Calls In Liquidators from Elwell Watchorn RAMSBOTTOM ENGINEERING: Hires Liquidator from CRG Insolvency RITE PEOPLE: Names Liquidators to Wind Up Business ROBERT BENNETT: Brings In Liquidators from Begbies Traynor SAM LONGSON: Hires Liquidators from Grant Thornton U.K. SHAW GROUP: To Build Fabrication Facility in Matamoras, Mexico SHELL-MOULD PATTERN: Names Roderick Graham Butcher Liquidator SUPER STYLE: Appoints Liquidators from Harrisons VIVANT CONSULTANTS: Mehmet Arkin Leads Liquidation Procedure * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= ISTN LLC: Claims Registration Period Ends July 4 ------------------------------------------------ Creditors owed money by LLC ISTN (FN 243383t) have until July 4 to file written proofs of claim to court-appointed estate administrator Karl Schirl at: Dr. Karl Schirl c/o Mag. Markus Siebinger Krugerstrasse 17/3 1010 Vienna Austria Tel: 513 22 31 E-mail: dr.karl.schirl@der-rechtsanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:50 a.m. on July 18 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 24 (Bankr. Case No. 2 S 76/07z). Markus Siebinger represents Dr. Schirl in the bankruptcy proceedings. JOHANN BIEDERMANN: Linz Court Orders Business Shutdown ------------------------------------------------------ The Land Court of Linz entered May 22 an order shutting down the business of LLC Johann Biedermann (FN 80217t). Court-appointed estate administrator Norbert Mooseder 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. Norbert Mooseder Stelzhamerstr. 1 4400 Steyr Austria Tel: 07252/42424 Fax: 07252/42424-24 E-mail: lawfirm@gltp.at Headquartered in Linz, Austria, the Debtor declared bankruptcy on May 18 (Bankr. Case No 38 S 33/07t). NIGHT-IN LLC: Innsbruck Court Orders Business Shutdown ------------------------------------------------------ The Land Court of Innsbruck entered May 18 an order shutting down the business of LLC Night-In (FN 236460k). Court-appointed estate administrator Stephan Kasseroler 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. Stephan Kasseroler Lieberstrasse 3 6020 Innsbruck Austria Tel: 0512/57 13 31 Fax: 0512/57 13 31 99 E-mail: office@kasseroler.at Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on May 14 (Bankr. Case No 19 S 60/07g). RESCHEISSE KEG: Claims Registration Period Ends July 6 ------------------------------------------------------ Creditors owed money by KEG Rescheisse (FN 200578v) have until July 6 to file written proofs of claim to court-appointed estate administrator Michael Ludwig Lang at: Mag. Michael Ludwig Lang Maria-Theresien-Strasse 9/4 1090 Vienna Austria Tel: 319 32 60 Fax: 319 32 60 9 E-mail: lang@brandlang.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on July 20 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 21 (Bankr. Case No. 28 S 56/07z). VALKOTEL KLEMENT: Claims Registration Period Ends July 12 --------------------------------------------------------- Creditors owed money by KEG Valkotel Klement (FN 236391i)have until July 12 to file written proofs of claim to court-appointed estate administrator Thomas Hufnag at: Dr. Thomas Hufnagl Dr.-Franz-Rehrl-Platz 2 5020 Salzburg Austria Tel: 0662/640083 Fax: 0662/642912-24 E-mail: dr.thomas.hufnagl@rechtsanwaelte.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on July 23 for the examination of claims. The meeting of creditors will be held at: The Land Court of Salzburg Room 221 Second Floor Salzburg Austria Headquartered in Mattsee, Austria, the Debtor declared bankruptcy on May 21 (Bankr. Case No. 23 S 38/07v). ============= B E L G I U M ============= GENERAL MOTORS: Will Retool Tonawanda Engine Plant -------------------------------------------------- General Motors Corp. wants to retool its engine plant in Tonawanda, New York, to produce a new clean diesel engine for its light duty pickup trucks, Newratings.com reports. General Motors told Newratings.com that it will invest some US$100 million in the plant to produce a 4.5-liter V-8 Duramax "high-output diesel engine for its Chevrolet Silverado, GMC Sierra pickup and Hummer H2 models." Newratings.com relates that the diesel engine will boost fuel efficiency by 25% and lessen carbon dioxide emissions by 13%. General Motors' Global Power Train and Quality Vice President Tom Stephens commented to Newratings.com: "It [the engine] will meet the stringent 2010 emissions standards, and it will be compliant in all 50 states, making it one of the cleanest diesel vehicles ever produced." General Motors expects to start producing the engine in the fourth quarter 2009, Newratings.com states. About General Motors General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader for 76 years. GM currently employs about 280,000 people around the world. GM manufactures its cars and trucks in 33 countries. General Motors has Asia-Pacific operations in India, China, Indonesia, Japan, the Philippines, among others. It has locations in European countries including Belgium, Austria, and France. In Latin America, the company maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay and Uruguay. In 2006, nearly 9.1 million GM cars and trucks were sold globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. As of March 31, 2007, GM's balance sheet showed a stockholders' deficit of US$4,347,000,000, compared to a positive equity of US$15,779,000,000 at March 31, 2006. * * * In May 2007, Fitch Ratings has downgraded General Motors Corporation's senior unsecured debt rating to 'B-/RR5' from 'B/RR4'. GM's Issuer Default Rating remains at 'B' and is still on Rating Watch Negative (along with the other outstanding ratings) by Fitch following the company's announcement that it will be raising US$4.1 billion in secured financing and US$1.1 billion in senior unsecured convertible securities. The US$4.1 billion 364-day facility, to be secured by GM's common equity holdings in GMAC, will be assigned a rating of 'BB/RR1', while the senior unsecured convertible securities will be rated 'B-/RR5'. GENERAL MOTORS: Plans to Sell 100,000 Chevrolets in Germany ----------------------------------------------------------- General Motors Corp. intends to quadruple sales of its Chevrolet brand cars in Germany within seven years, Die Welt newspaper quotes the division's manager as saying, Reuters reports. "In the next six to seven years we want to reach a sales level of 100,000 cars,” Chevrolet Germany Managing Director Peter Sommer told the paper, Reuters notes. Mr. Sommer added that Chevrolet plans to increase the number of dealers in Germany over the next two years to between 350 and 360, from 300 now, and the number of outlets to 600, from 450. Chevrolet's European sales rose 15.6 percent in 2006 to more than 341,000 cars, including 23,132 in Germany, helping to push General Motors' overall European sales over the 2 million mark for the first time, Reuters relates. About General Motors General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader for 76 years. GM currently employs about 280,000 people around the world. GM manufactures its cars and trucks in 33 countries. General Motors has Asia-Pacific operations in India, China, Indonesia, Japan, the Philippines, among others. It has locations in European countries including Belgium, Austria, and France. In Latin America, the company maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay and Uruguay. In 2006, nearly 9.1 million GM cars and trucks were sold globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. As of March 31, 2007, GM's balance sheet showed a stockholders' deficit of US$4,347,000,000, compared to a positive equity of US$15,779,000,000 at March 31, 2006. * * * In May 2007, Fitch Ratings has downgraded General Motors Corporation's senior unsecured debt rating to 'B-/RR5' from 'B/RR4'. GM's Issuer Default Rating remains at 'B' and is still on Rating Watch Negative (along with the other outstanding ratings) by Fitch following the company's announcement that it will be raising US$4.1 billion in secured financing and US$1.1 billion in senior unsecured convertible securities. The US$4.1 billion 364-day facility, to be secured by GM's common equity holdings in GMAC, will be assigned a rating of 'BB/RR1', while the senior unsecured convertible securities will be rated 'B-/RR5'. GENERAL MOTORS: Prepares Fuel Cell Technology for Future Output --------------------------------------------------------------- General Motors Corp. is moving more than 500 fuel cell experts from advanced development laboratories to core engineering functions to prepare this technology for future production. More than 400 fuel cell engineers will report to GM’s Powertrain Group to begin production engineering of fuel cell systems. Another 100 will transfer to GM’s Global Product Development organization to start integrating fuel cells into future company vehicles. Finally, more than 150 fuel cell scientists and program support will remain as part of GM’s Research and Development center to continue advanced research in hydrogen storage, fuel cells and program commercialization. The transition is aimed at expediting the company’s efforts to produce vehicles that displace petroleum through energy diversity. "Eight years ago we said that hydrogen fuel cell electric vehicle technology could make a major contribution to solving the energy and environmental challenges facing the automobile industry," said Larry Burns, GM vice president, Research and Development. "Today’s announcement signals another important milestone as we move fuel cell vehicles closer to future production." GM shared details about its fifth-generation fuel cell system technology when it unveiled the fuel cell-powered E-Flex version of the Chevrolet Volt at the Shanghai Auto Show in April. This latest system is half the size of its predecessor, yet provides the same power and performance. GM’s fourth-generation system currently powers the Chevrolet Sequel and Equinox Fuel Cell vehicles. The Sequel recently went into the record books as the first electrically-driven fuel cell vehicle to achieve more than 300 miles on one tank of hydrogen, in and out of traffic on public roads, while producing zero emissions. The Chevrolet Equinox Fuel Cell will be launched later this year as part of Project Driveway, which will place more than 100 hydrogen fuel cell vehicles with consumers in New York, Washington, D.C. and Los Angeles. "Moving our fuel cell experts from advanced development laboratories to our core engineering organizations highlights our strong commitment to developing electrically-driven vehicles using diverse energy sources" said Tom Stephens, GM Group vice president of Global Powertrain. Leading the fuel cell engineering team is Dr. J. Byron McCormick, currently executive director, GM Fuel Cell Activities. He will report simultaneously to Dan Hancock, GM Powertrain Vice President, Global Engineering, and John Buttermore, GM Powertrain Vice President, Global Manufacturing. McCormick has been working on electric and fuel cell propulsion system research and development for more than 30 years. He was instrumental in the development of the EV-1 electric vehicle, and during the past 10 years, has led the GM fuel cell activities team to becoming the world’s leader in fuel cell technology. This realignment is yet another initiative in GM’s commitment to displace petroleum usage in the auto industry through a range of propulsion alternatives, including: -- E85-capable biofuel vehicles -- GM is a leading producer with more than 2 million on the road today -- GM’s 2-mode hybrid system for large city buses -- GM’s Hybrid System in the Saturn Vue Green Line and Saturn Aura Green Line -- Coming this fall, GM’s 2-mode hybrid system in the Chevrolet Tahoe and GMC Yukon full-size SUVs, which provides a more than 25-percent improvement in fuel economy to what is already the industry’s most fuel efficient large SUVs, with no compromises in performance or towing capability -- Due next year, a front-wheel-drive 2-mode Saturn Vue Green Line that is expected to deliver up to a 45-percent improvement in combined city and highway fuel economy compared with the current non-hybrid Vue, based on current federal test procedures -- Plans to produce a plug-in version of the 2-mode hybrid Vue Green Line that has the potential to achieve double the fuel efficiency of any current SUV Additionally, GM provides more vehicles that achieve 30 mpg on the highway than any other manufacturer in the U.S. market. GM is also the first automotive member to join the U.S. Climate Action Partnership (USCAP), a group of global companies and non- governmental organizations formed to support an economy-wide, market-driven approach to reducing carbon emissions. About General Motors General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader for 76 years. GM currently employs about 280,000 people around the world. GM manufactures its cars and trucks in 33 countries. General Motors has Asia-Pacific operations in India, China, Indonesia, Japan, the Philippines, among others. It has locations in European countries including Belgium, Austria, and France. In Latin America, the company maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay and Uruguay. In 2006, nearly 9.1 million GM cars and trucks were sold globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. As of March 31, 2007, GM's balance sheet showed a stockholders' deficit of US$4,347,000,000, compared to a positive equity of US$15,779,000,000 at March 31, 2006. * * * In May 2007, Fitch Ratings has downgraded General Motors Corporation's senior unsecured debt rating to 'B-/RR5' from 'B/RR4'. GM's Issuer Default Rating remains at 'B' and is still on Rating Watch Negative (along with the other outstanding ratings) by Fitch following the company's announcement that it will be raising US$4.1 billion in secured financing and US$1.1 billion in senior unsecured convertible securities. The US$4.1 billion 364-day facility, to be secured by GM's common equity holdings in GMAC, will be assigned a rating of 'BB/RR1', while the senior unsecured convertible securities will be rated 'B-/RR5'. ============= D E N M A R K ============= TDC A/S: Court Ruling on Minority Stake Redemption Final -------------------------------------------------------- TDC A/S will not appeal the Eastern High Court’s judgment of June 13, 2007, in the actions brought by ATP against TDC A/S and Nordic Telephone Company ApS, and TDC against the Danish Commerce and Companies Agency, regarding compulsory redemption of minority shareholdings in TDC. In the judgment, the Eastern High Court has stated 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. NTC has informed TDC that NTC will not appeal the Eastern High Court‘s judgment either. Hereby the Eastern High Court’s judgment becomes final. The relevant provisions in the Articles of Association no longer apply and cannot serve as the basis for completion of the compulsory redemption which NTC, owing as of June 20, 2007, 87.9% of the shares in TDC, initiated on March 5, 2006, and suspended on March 9, 2006. 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 I N L A N D ============= DYNEA CANADA: Moody's Puts Corporate Family Rating at B2 -------------------------------------------------------- Moody's Investors Service assigned a B2 corporate family rating to Dynea Canada Ltd., a North American producer of formaldehyde resins and paper overlays. In addition, Moody's assigned these ratings to the company's proposed debt offerings: US$20 million senior secured first lien revolver and US$200 million senior secured first lien term loan at Ba3, and US$30 million senior secured second lien term loan at B3. Proceeds from the debt offering, combined with approximately $15 million of straight equity and US$140 million of levered equity capital contributions from Teachers' Private Capital, will be used to acquire the business from Dynea Chemicals Oy for $350 million, representing a 6.7x EBITDA multiple. The additional funds will provide roughly US$20 million of cash on the balance sheet at the closing and cover fees and expenses. The transaction is expected to close in mid-July 2007. The rating outlook is stable. This is the first time Moody's has rated the debt of Dynea Canada Ltd. Assignments: Issuer: Dynea Canada Ltd. * First Lien Guaranteed Senior Secured Revolving Credit Facility, Assigned Ba3, LGD2 - 28% * First Lien Guaranteed Senior Secured Term Loan, Assigned Ba3, LGD2 - 28% * Second Lien Guaranteed Senior Secured Term Loan, Assigned B3, LGD4 - 61% The B2 corporate family rating reflects Dynea's high leverage with expected Debt/EBITDA of 7.2x and Debt/Capital of 95% at the closing of the transaction, based on Moody's adjusted financial metrics, limited product diversity, significant exposure to the housing and remodeling markets in North America, exposure to volatile raw materials, and the need to improve its accounting system to provide detailed information by customer and product to management. The ratings are supported by Dynea's solid operating performance in 2006 and in the first quarter of 2007, its position as one of the three largest producers of formaldehyde resins in North America, its leading market position in overlays, the regional characteristics of this business, its broad operational footprint, and the ability to expand its specialty products and applications. The key rating factors for the company are management strategy, financial strength and business profile. While the vast majority of the company's resin products are commodity or quasi-commodity in nature, competition is limited due to low product prices relative to shipping costs and short product shelf lives. However, given the severe downturn in the housing and remodeling markets, as well as the substantial decline in oriented strand board prices, resin volumes and margins could materially decline from current levels as customers scale back production further and seek to reduce raw material costs and the formaldehyde resin industry's capacity utilization rate declines. Dynea's new Sexsmith, Alberta plant, which in Moody's opinion is a good long-term investment, will likely add to the short term over-supply situation in the industry. The stable outlook reflects Moody's base case expectation that the current downturn in the housing and remodeling markets will not result in a sustained reduction in margins and cause operating cash flow to remain below US$20 million. Additionally it assumes that Dynea will not meaningfully increase debt nor pursue significant acquisitions in the near term and that credit metrics will moderately improve in 2008 and 2009. The outlook also reflects our anticipation that Dynea will encounter minimal problems as it transitions to a stand-alone company outside of DC Oy and be able to maintain its current market share with key customers. If the company is able to increase EBITDA above US$60 million on a sustained basis over the next 12-18 months, we will assess the appropriateness of a higher corporate family rating. Conversely, the rating could be lowered if the company were to experience a more severe industry downturn, face unforeseen operational difficulties, or were free cash flow to be negative by more than US$15-20 million during the first year of operation. Dynea Canada is a subsidiary of Dynea International Oy -- http://www.dynea.com/-- which provides adhesion and surfacing solutions. In 2005, Dynea had revenues of EUR1.2 billion. After the transaction Dynea has 39 production units and some 2,200 employees in 23 countries in including Malaysia, Ukraine and Brazil. =========== F R A N C E =========== DELPHI CORP: Selling Mexican Brake Plant to Robert Bosch -------------------------------------------------------- Delphi Corporation said that two of its subsidiaries have entered into an asset sale and purchase agreement with Robert Bosch LLC and its affiliate Frenados Mexicanos, S.A. de C.V., for the sale of their brake components business, including a manufacturing plant in Saltillo, Mexico. Pursuant to the procedures outlined in the Bankruptcy Code, the company filed a motion Friday with the U.S. Bankruptcy Court for the Southern District of New York to request a bidding procedures hearing on June 26, 2007. Following the completion of the bidding procedure process, a final sale hearing is anticipated to be set for July 19, 2007. The final sale of the plant is subject to the approval of the Court. As outlined in the court filing, the US$15 million asset sale and purchase agreement between Delphi and Bosch includes: -- purchase of land; -- transfer of facility lease; -- machinery and equipment; and -- Assignment and assumption of certain contracts. Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single largest global supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on July 31, 2007. EUROTUNNEL GROUP: Joint Board Proposes Seven Nomination ------------------------------------------------------- Eurotunnel Group's joint board proposed at its meeting on June 12, 2007, the nomination of seven directors to the board of the new entity, Groupe Eurotunnel SA, in accordance with the safeguard plan approved by the Paris Commercial Court on Jan. 15, 2007. The board nominated, Colette Neuville, Pierre Bilger, Jacques Gounon, Robert Rochefort, Henri Rouanet, Philippe Vasseur and Tim Yeo. "In Philippe Vasseur we have a representative from the Pas-de- Calais who has a wide knowledge of economic issues at both regional and national level and who has always acted in the interests of the development of the Nord-Pas-de-Calais region, especially in the social and environmental sectors," chairman and CEO Jacques Gounon disclosed. About Eurotunnel Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group (aka Groupe Eurotunnel S.A.) -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains,which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. Eurotunnel Group files reports in the U.S. Securities and Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and Eurotunnel S.A. (ETTFF.PK). At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in shareholders' deficit. Safeguard Protection Eurotunnel obtained Aug. 2, 2006, an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). At the end of 2006, the group's creditors and bondholders approved a plan to decrease its GBP6.2 billion debt to GBP2.84 billion. On Jan. 15, 2007, the Court approved Eurotunnel's safeguard plan, backed by the court-appointed representatives to the company and to the creditors. ============= G E R M A N Y ============= AUTOHAUS OIDTMANN: Claims Registration Period Ends July 17 ---------------------------------------------------------- Creditors of Autohaus Oidtmann & Kloss GmbH have until July 17 to register their claims with court-appointed insolvency manager Biner Bahr. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on Aug. 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Moenchengladbach Meeting Hall A 58 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach 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 Wilhelm-Strauss-Strasse 45-47 41236 Moenchengladbach Germany Tel: 02161/2779098 Fax: 02161/2779099 The District Court of Moenchengladbach opened bankruptcy proceedings against Autohaus Oidtmann & Kloss GmbH on June 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Oidtmann & Kloss GmbH Aachener Strasse 98 41836 Hueckelhoven Germany Attn: Wilhelm Helpenstein, Manager Giesenkirchener Strasse 262 41238 Moenchengladbach Germany DAY INTERNATIONAL: Moody's Withdraws Low-B Ratings -------------------------------------------------- Moody's Investors Service withdrew the long-term debt ratings of Day International Group, Inc. following the acquisition of the company by Flint Group and the refinancing of the rated facilities. These ratings are affected: * The B1 Corporate Family Rating; * The B1 Probability of Default Rating; * The Ba3 (LGD3, 34%) rated US$25 million senior secured revolver due 2011; * The Ba3 (LGD3, 34%) rated US$186 million senior secured term B loan due 2012; * The Ba3 (LGD3, 34%) rated Euro term loan; * The B3 (LGD5, 86%) rated US$114 million senior secured second lien term loan due 2013; * The B3 (LGD6, 98%) rated US$52 million 12.25% senior exchangeable preference stock due 2010. Founded in 1905 in Dayton, Ohio, Day International Group Inc. -- http://www.dayintl.com/-- operates production, sales, and distribution centers in North America, Latin America, Europe and Asia Pacific. Product lines include dayGraphica(R) printing blankets and sleeves, david M(R) printing blankets, , Duco(TM) printing blankets, Sun Graphic printing blankets, IPT(TM) printing blankets, Varn(TM) pressroom chemicals, Rotec(R) flexographic sleeve systems, dayCorr(R) diecutting blankets and day-Flo(R) pre-inked rolls. The company has locations in Mexico, Germany, and Malaysia. DEALOK GMBH: Claims Registration Period Ends July 17 ---------------------------------------------------- Creditors of Dealok GmbH have until July 17 to register their claims with court-appointed insolvency manager Henning Samisch. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Cuxhaven Hall 112 Old Building Deichstr. 12 A 27472 Cuxhaven 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: Henning Samisch Muehlenkamp 59 22303 Hamburg Germany Tel: 040 65039-0 Fax: 040 65039-199 The District Court of Cuxhaven opened bankruptcy proceedings against Dealok GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dealok GmbH Rudolf-Diesel-Str. 3 27612 Loxstedt Germany Attn: Bodo Zillig, Manager Silker Weiche 44 b 21465 Reinbek Germany DGV TOP-GETRANKE: Claims Registration Period Ends June 29 --------------------------------------------------------- Creditors of DGV Top-Getranke GmbH have until June 29 to register their claims with court-appointed insolvency manager Ernst Wiesner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on July 24, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hagen Meeting Hall 259 Heinitzstr. 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ernst Wiesner Kirchender Dorfweg 14 58313 Herdecke Germany The District Court of Hagen opened bankruptcy proceedings against DGV Top-Getranke GmbH on June 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DGV Top-Getranke GmbH Attn: Hans-Joachim Reidt, Manager Weidenweg 8 58239 Schwerte Germany DCR DRUCK-CENTER: Claims Registration Period Ends June 29 --------------------------------------------------------- Creditors of DCR Druck-Center-GmbH have until June 29 to register their claims with court-appointed insolvency manager Jens Dohse. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Aug. 1, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stralsund Hall A 421 Fourth Floor House A Frankendamm 17 Stralsund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jens Dohse Hermannstr. 5 18055 Rostock Germany The District Court of Stralsund opened bankruptcy proceedings against DCR Druck-Center-GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DCR Druck-Center-GmbH Attn: Wolfgang Henning, Manager Parkstr. 18 18311 Ribnitz-Damgarten Germany DUERR AG: ATON GmbH Acquires 10.1% Equity Interest -------------------------------------------------- ATON GmbH notified Duerr AG that it holds 10.1% of the company's shares. The investment company, founded by Dr. Lutz Helmig, is now Duerr's second largest shareholder. The Heinz Duerr family, which still owns 44.2% of the share capital via Heinz Duerr GmbH and the foundation Heinz und Heide Duerr-Stiftung, continues to be the largest shareholder of Duerr AG. ATON acquired 5.0% of the shares of Duerr AG from Sued- Kapitalbeteiligungs-Gesellschaft mbH, a subsidiary of Landesbank Baden-Wuerttemberg, whose ownership interest in Duerr is now 5.0%. ATON acquired the other 5.1% from Kreissparkasse Biberach. "We welcome the change in the circle of shareholders. We can certainly profit from the know-how and experience of an industrial holding company which is active in a wide range of sectors," Duerr AG's CEO Ralf Dieter commented. Headquartered in Fulda, Germany, ATON GmbH -- http://www.aton.de/-- is an investment company, wholly-owned by Dr. Helmig family. It was established in 2001 and currently has interests in eleven firms in the areas of applied technology, natural resources and services. The company's largest affiliate in terms of sales is EDAG AG, which is active in the areas of automobile development, manufacturing technology and aerospace. EDAG AG and Duerr AG collaborate on specific projects in the aerospace sector. About Duerr Headquartered in Stuttgart, Germany, Duerr AG -- http://www.durr.com/en-- supplies products, systems, and services for automobile manufacturing. Its range of products and services covers important stages of vehicle production. As a systems supplier, Duerr plans and builds complete paint shops and final assembly facilities. It also delivers cleaning and filtration systems for the manufacture of engine and transmission components as well as balancing systems. * * * As of April 10, 2007, Duerr AG carries Moody's Long-term Corporate Family rating of B2, Senior Subordinated Debt rating of Caa1 with Outlook Negative. Moody's also assigned Loss-Given-Default Rating of LGD5 for Duerr's 9.75% Senior Subordinated Regular Bond/Debenture Due 2011. Standard & Poor's assigned Long-Term Foreign Issuer Credit rating of B to Duerr, its Long-term Local Issuer Credit is at B with Outlook Stable. ENCHILADA OSNABRUECK: Claims Registration Period Ends June 20 ------------------------------------------------------------- Creditors of Enchilada Osnabrück Gaststättenbetriebs-GmbH have until June 20 to register their claims with court-appointed insolvency manager Axel Klages. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Osnabrueck Branch N 301 Kollegienwall 10 49074 Osnabrueck 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: Axel Klages Schlossstrasse 26 49074 Osnabrueck Germany Tel: (0541) 77063-0 Fax: (0541) 77063-33 E-Mail: info@kanzlei-tkb.de The District Court of Osnabrueck opened bankruptcy proceedings against Enchilada Osnabrück Gaststättenbetriebs-GmbH on June 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Enchilada Osnabrück Gaststättenbetriebs-GmbH Pottgraben 58-60 49074 Osnabrueck Germany Attn: Thomas Schroeder, Manager Wichernstrasse 3 48147 Muenster Germany ENVARIA PLASTICS: Claims Registration Period Ends Sept. 7 --------------------------------------------------------- Creditors of Envaria Plastics Recycling Suedwest GmbH have until Sept. 7 to register their claims with court-appointed insolvency manager Dr. Hans-Gert Dhonau. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Sept. 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bad Kreuznach Hall A4 Hofgartenstr. 2 55545 Bad Kreuznach 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. Hans-Gert Dhonau Bahnhofstr. 7 D 55566 Bad Sobernheim Germany Tel: 06751/938013 Fax: 06751/9380-36 The District Court of Zweigstelle opened bankruptcy proceedings against Envaria Plastics Recycling Suedwest GmbH on June 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Envaria Plastics Recycling Suedwest GmbH Attn: Konrad Sabel, Manager Industriestr. 2 55606 Kirn Germany F 1 – NETWORK: Claims Registration Period Ends July 17 ------------------------------------------------------ Creditors of F 1 - network GmbH have until July 17 to register their claims with court-appointed insolvency manager Klaus Niemeyer. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Aug. 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Osnabrueck N 302 Nebestelle Kollegienwall 10 49074 Osnabrueck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Niemeyer Schillerstr. 20 49074 Osnabrueck Germany Tel: 0541/33 85 00 Fax: 0541/33 850-50 The District Court of Osnabrueck opened bankruptcy proceedings against F 1 - network GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: F 1 - network GmbH Niedersachsenstr. 15 a 49074 Osnabrueck Germany Attn: Bjoern Woestmann, Manager Wulftener Str. 18 49082 Osnabrueck Germany GALVANOMETIC OBERFLACHENBEARBEITUNG: Claims Filing Ends June 25 --------------------------------------------------------------- Creditors of Galvanometic Oberflachenbearbeitung GmbH & Co. KG have until June 25 to register their claims with court-appointed insolvency manager Manfred Gottschalk. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 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 Hagen Hall 259 Second Floor Heinitzstrasse 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Manfred Gottschalk Kirchender Dorfweg 14 58313 Herdecke Germany The District Court of Hagen opened bankruptcy proceedings against Galvanometic Oberflachenbearbeitung GmbH & Co. KG on June 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Galvanometic Oberflachenbearbeitung GmbH & Co. KG Attn: Thomas Rademacher, Manager Friedensstr. 42 58642 Iserlohn Germany GOE-LA GMBH: Creditors' Meeting Slated for July 12 -------------------------------------------------- The court-appointed insolvency manager for Goe-La GmbH, Christoph Schulte-Kaubruegger will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:25 a.m. on July 12. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:05 a.m. on Oct. 4 at the same venue. Creditors have until July 25 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Goe-La GmbH on May 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Goe-La GmbH Jonasstr. 22 12053 Berlin Germany H. SCHLUETZ: Claims Registration Period Ends July 13 ---------------------------------------------------- Creditors of H. Schluetz GmbH Reifen u. Autoservice have until July 13 to register their claims with court-appointed insolvency manager Caroline Schmitz. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on July 23, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen 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: Caroline Schmitz Waisenhausstr. 3 52349 Dueren Germany Tel: 02421/20908-0 Fax: 02421/20908-18 The District Court of Aachen opened bankruptcy proceedings against H. Schluetz GmbH Reifen u. Autoservice on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H. Schluetz GmbH Reifen u. Autoservice Max-Planck-Strasse 14 52249 Eschweiler Germany Attn: Herbert Schluetz, Manager Hochbrueckstrasse 48 52249 Eschweiler Germany HEIGEL´S METALLIDEEN: Claims Registration Period Ends August 6 -------------------------------------------------------------- Creditors of Heigel´s Metallideen GmbH have until Aug. 6 to register their claims with court-appointed insolvency manager Johannes Zimmermann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Sept. 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gifhorn Hall 118 Schlossgarten 4 38518 Gifhorn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Johannes Zimmermann Ringstrasse 9 29525 Uelzen Germany Tel: 0581/90 100 Fax: 0581/90 102 0 E-mail: buero@schwade-pp.de The District Court of Gifhorn opened bankruptcy proceedings against Heigel´s Metallideen GmbH on June 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heigel´s Metallideen GmbH Attn: Gerd Armbrecht, Manager Rade 34 29378 Wittingen Germany HERA BLECHBEARBEITUNGSSYSTEME: Claims Registration Ends June 26 --------------------------------------------------------------- Creditors of Hera Blechbearbeitungssysteme GmbH have until June 26 to register their claims with court-appointed insolvency manager Norbert Weber. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on July 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 1240 12th Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Norbert Weber Richmodstr. 6 50667 Cologne Germany Tel: 0221-92042-220 Fax: 004922192042200 The District Court of Cologne opened bankruptcy proceedings against Hera Blechbearbeitungssysteme GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hera Blechbearbeitungssysteme GmbH Attn: Michael Schaukowski and Jens Gebel, Managers Klosterstr. 14 51709 Marienheide Germany ============= I C E L A N D ============= SEPP'S GOURMET: Posts US$407,000 Net Loss in Qtr. Ended April 30 ---------------------------------------------------------------- Sepp's Gourmet Foods Ltd. Disclosed results for the three and nine months ending April 30, 2007. Nine months Sales for the nine months ending April 30, 2007 were $20.6 million, up 10.7% from the US$18.7 million in the comparable period last year Gross profit decreased to US$2.2 million (10.8% of sales) in the first nine months from the US$2.5 million (13.2%) in the comparable period last year due to higher freight and depreciation expense, higher levels of plant supervisory personnel, the appreciation of the Canadian dollar vis-a-vis the US dollar, and start-up costs and inefficiencies associated with moving the B.C. plant. Selling, general and administration expenses were US$2.6 million (12.7% of sales) for the nine month period compared to US$2.4 million (12.7%) in the same period in 2006. The dollar increase in selling, general and administrative expenses was due to higher commissions and product promotional expenses. Old Facility Shut Down During the period the company shut down its Burnaby facility and relocated it to Delta, another suburb of Vancouver. The shut down of the old Burnaby plant, and relocation and start-up of the new facility had a negative impact on earnings during the period. Net loss for the first nine months 2007 was US$1.1 million compared to US$584,000 last year. The loss was due to higher costs associated with freight, storage and utility expenses, higher depreciation charges due to new equipment in the Ontario factory, the recent appreciation of the Canadian dollar, and the shut down, relocation, and start-up of the Company's British Columbia facilities. During the nine months ending April 30, 2007, the company generated cash flow from operating activities of US$719,000 compared to US$1.3 million in the comparable period last year. This decrease was due to lower net income and a reduction in non-cash working capital. Three months Sales for the three months ending April 30, 2007 were $7.2 million, up 21% from the US$6.0 million in the comparable period last year. The increase is attributable to increased sales to existing customers and shipments to new customers. Gross profit increased to US$712,000 (9.9% of sales) in the three months from the US$622,000 (10.4%) in the comparable period last year, despite higher freight and depreciation expense, the appreciation of the Canadian dollar and the shut down, relocation, and start-up of the Company's British Columbia locations. Net loss for the three months was US$407,000 compared to US$393,000 last year. The loss was due to high costs associated with freight, storage and utility expenses, the shut down, relocation, and start-up of the company's British Columbia facilities, and higher interest charges. Change of Lenders In May 2006, the company changed lenders such that both its operating debt and long-term debt would be held by one lender having senior security over all assets. This change helps the company administratively and offers a better cost structure. Under the terms of lender's standard long-term bank loan the lender has the ability to demand repayment of the facility and therefore under generally accepted accounting principles (EIC 122) it is classified as a demand loan and is required to be shown on the balance sheet as a current liability. Thus, the full US$2.1 million of the long-term debt is included in current liabilities. Partly as a result of this accounting treatment, the company had a working capital deficit of $3.0 million at April 30, 2007 up from a working capital deficit of US$2.3 million at July 31, 2006. Debt Financing During the first nine months of 2007 the company undertook a debt financing with two major shareholders comprised of two letters of credit totaling US$1 million with share purchase warrants. The second shareholder loan is due in excess of 12 months and thus is treated as long-term. The company's total interest bearing debt was US$7.3 million, up from the US$5.9 million at July 31, 2006. Non Compliance with Working Capital Covenant The working capital ratio was 0.62:1 at April 30, 2007 compared to 0.65:1 at July 31, 2005. The working capital ratio is below the bank required 1.1:1 due to the inclusion of all of the long- term debt in current liabilities and to the losses experienced year-to-date. For the nine month period, the company's debt coverage ratio was 0.99:1 below the bank required 1.25:1. However for the three month period ending April 30, 2007 the debt coverage ratio was 1.40:1, above the bank required 1.25:1. The company is not in compliance with the debt to tangible net worth ratio as it was 2.59:1 at April 30, 2007, slightly above the bank required 2.5:1. The shareholder loans and convertible debentures are not considered "debt" for the purposes of this calculation but are viewed as "equity" as they originate from shareholders and have equity conversion rights. The company's bank is aware of these financial ratios. Due to the demand nature of the loan, and the requirement under EIC Abstract 122 that it be brought into current liabilities in its entirety, the company has not requested a waiver letter. The company expects to be below the working capital covenant during the remainder of fiscal 2007. Comments Mr. Tom Poole, President and CEO, stated: "The past nine months has seen the Company undertake two major strategic initiatives: the relocation of its Burnaby operation into a larger, newer, more efficient plant; and the start-up of the 50% owned Willow Road waffle and pancake facility located in Oklahoma. These two initiatives give the company the added production capacity to meet increasing orders. During that same nine month period, the company launched two new categories of products - mini-waffles and French Toast Stix." He went on to say, "The Company's greatest operating challenge is to work to improve operating efficiency to offset increasing cost pressures associated with input prices and freight costs. With three manufacturing facilities located in the Northern, Southern and Western parts of North America, the Company is positioned to deal with these escalating costs and currency fluctuations." "The past five years has seen Sepp's become known as a well established, reliable private label manufacturer. In due course, our recent initiatives, coupled with our established reputation and our commitment to service and quality will deliver a return to positive financial results." About Sepp's Gourmet Sepp's Gourmet Foods Ltd. -- http://www.seppsfoods.com/ -- (TSX:SGO) produces and markets specialty prepared foods for the retail grocery and food service sectors in North and South America, and Asia, including Iceland, Mexico and Japan. ========= I T A L Y ========= ALITALIA SPA: Aeroflot Sees Stake's Asking Price as Too High ------------------------------------------------------------ The OAO Aeroflot-Unicredit Italiano S.p.A. is complaining over the price tag and bidding conditions for the Italian government's 39.9% stake in Alitalia S.p.A., various reports say. "Everything depends on the conditions," Irina Dannenberg, a spokeswoman for Aeroflot, told reporters. "We are not happy with the conditions and do not intend to buy Alitalia at any price." Leonid Dushatin, a board member of National Reserve Corp. which owns 30% of Aeroflot, told Reuters that the Russia carrier believes that the bidding process would not allow it to turn Alitalia around. Alexander Lebedev, NRK's majority owner, told Reuters that though he was against the Alitalia bid, Aeroflot proceeded while taking cue from the Russian government, which owns 51% of the carrier. Bid Pullout Aeroflot, meanwhile, denied it was withdrawing its bid to acquire Alitalia, The Financial Times relates. Ms. Dannenber added that the matter would be addressed at an upcoming meeting of the company's board of directors. Alitalia press secretary Federica Mancinella has confirmed Aeroflot's statement, RIA Novosti relates. Giacomo Chiorino of Nuovi Investimenti Sim told Reuters that if Aeroflot pulls out from the race, the bidding process may fail. "The concern is that if you're left with only bidder, he gets much more negotiating power," Mr. Chiorino said. "Then they can bid what they want, and then it's up to the government to decide whether to accept it." As reported in the TCR-Europe on June 20, 2007, the AirOne S.p.A.-Intesa San Paolo consortium is grumbling over lack of adequate information on Alitalia's operation. The consortium reportedly wants access to Alitalia's legal contracts and other date that would allow them to assess accurately the profitability of the carrier's route network. AirOne wrote to Italian finance minister Tommaso Padoa-Schioppa bemoaning that it cannot devise a proper business plan for Alitalia due to limited information. About Alitalia http://www.alitalia.it/-- provides air travel services for Headquartered in Rome, Italy, Alitalia S.p.A. -- 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 =================== ANIKO LLP: Proof of Claim Deadline Slated for July 20 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Mp Aniko insolvent. Creditors have until July 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Ushanov Str.78-27 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 26-24-41 ERJAN-SAPARBEK LLP: Creditors Must File Claims July 20 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Erjan-Saparbek insolvent. Creditors have until July 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Room 40 Tolstoy Str. 74 Kostanai Kazakhstan Tel: 8 (3142) 51-10-40 GASPROMGEOPHYSICS OJSC: Claims Filing Period Ends July 27 --------------------------------------------------------- OJSC Kaz Munai Gaspromgeophysics has declared insolvency. Creditors have until July 27 to submit written proofs of claims to: OJSC Kaz Munai Gaspromgeophysics Industrial Zone Janaozen Mangistau Kazakhstan GRAFT LLP: Claims Registration Ends July 20 ------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Graft insolvent. Creditors have until July 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Ushanov Str.78-27 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 26-24-41 KOYLYK LLP: Creditors' Claims Due July 20 ----------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Koylyk insolvent. Creditors have until July 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Room 40 Tolstoy Str. 74 Kostanai Kazakhstan Tel: 8 (3142) 51-10-40 SARYKEMER JSC: Proof of Claim Deadline Slated for July 27 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl has declared JSC Sarykemer insolvent. Creditors have until July 27 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Jambyl Suleymenov Str. 17 (11a) Taraz Jambyl Kazakhstan SEVO LLP: Creditors Must File Claims July 20 -------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Sevo insolvent. Creditors have until July 20 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktube Kazakhstan TRANS STROY: Claims Filing Period Ends July 27 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl has declared LLP Construction Company Trans Stroy Service insolvent. Creditors have until July 27 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Jambyl Suleymenov Str. 17 (11a) Taraz Jambyl Kazakhstan =================== K Y R G Y Z S T A N =================== KEREMET-TRADE LLC: Claims Registration Ends July 27 --------------------------------------------------- LLC Keremet-Trade has declared insolvency. Creditors have until July 27 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 57-30-95. PHILADELPHIA LLC: Claims Filing Period Ends July 27 --------------------------------------------------- LLC Construction Firm Philadelphia has declared insolvency. Creditors have until July 27 to submit written proofs of claim. Inquiries can be addressed to (+996 3138) 5-88-48, 5-87-83. WINCOR LLC: Creditors Must File Claims by July 27 ------------------------------------------------- LLC Trade-Industrial Company Wincor (INN 12504200110086) has declared insolvency. Creditors have until July 27 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 42-38-65. ===================== N E T H E R L A N D S ===================== HEXION SPECIALTY: Further Amends Senior Secured Credit Facility --------------------------------------------------------------- Hexion Specialty Chemicals Inc. has amended its second amended and restated senior secured credit facility in order to reduce the interest rates applicable to borrowings of term loans by 0.25%. Also, the company funded incremental term loans under its second amended and restated credit agreement in the aggregate amount of $200 million in the form of new tranche C-5 term loans made in U.S. dollars and new tranche C-6 term loans made in euros. The proceeds of the incremental term loans will be used to acquire, directly or indirectly, the assets or equity interests of the German resins and formaldehyde business of Arkema GmbH expected to close in the third quarter 2007, to pay all fees and expenses in connection therewith and for general corporate purposes. The Incremental Credit Facility will mature on May 5, 2013. In addition, the second amended and restated credit agreement was changed to increase the amount of incremental borrowings it may make under its facility from US$200 million to US$300 million, net of the incremental amount borrowed. 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 Singapore, China, Australia, Netherlands, and Brazil. Hexion had 2006 sales of US$5.2 billion and employs more than 7,000 associates. * * * In May 2007, 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. =========== R U S S I A =========== ALLIANCE CJSC: Belgorod Bankruptcy Hearing Slated for Aug. 29 ------------------------------------------------------------- The Arbitration Court of Belgorod will convene on Aug. 29 to hear the bankruptcy supervision procedure on CJSC Alliance. The case is docketed under Case No. A08-997/07-14. The Temporary Insolvency Manager is: E. Feoktistov Post User Box 813 308001 Belgorod-1 Russia The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Region Russia The Debtor can be reached at: CJSC Alliance Pervomayskaya Belenkoye Borisovskiy Belgorod Russia ALKA OJSC: Creditors Must File Claims by June 26 ------------------------------------------------ Creditors of OJSC Alka have until June 26 to submit proofs of claim to: A. Terekhov insolvency manager Ulyanova Str. 14-14 241035 Bryansk Russia The Arbitration Court of Bryansk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A90-2265/07-28. The Court is located at: The Arbitration Court of Bryansk Room 602 Trudovoy Per. 5 Bryansk Region Russia The Debtor can be reached at: OJSC Alka Shosseynaya Str. 5 Suponevo Bryansk Russia AGROHOLDING LUKHOVITSKIY: Bankruptcy Hearing Slated for Aug. 8 -------------------------------------------------------------- The Arbitration Court of Moscow will convene on Aug. 8 to hear the bankruptcy supervision procedure on OJSC Agroholding Lukhovitskiy. The case is docketed under Case No. A41-K2-4762/ 07. The Temporary Insolvency Manager is: A. Mogilevskiy To be called for Mr. A. Mogilevskiy 127549 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: OJSC Agroholding Lukhovitskiy Tsentralnaya Str. 7 Matyra Lukhovitskiy 140516 Moscow Russia CAPITAL GROUP: Creditors Must File Claims by June 26 ---------------------------------------------------- Creditors of LLC Capital Group have until June 26 to submit proofs of claim to: V. Sokolov Insolvency Manager Post User Box 147 603000 Nizhniy Novgorod Russia The Arbitration Court of Nizhniy Novgorod commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A43-1277/2007 27-13. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: V. Sokolov Insolvency Manager Post User Box 147 603000 Nizhniy Novgorod Russia GAS-AUTOLINE OJSC: Creditors Must File Claims by June 26 -------------------------------------------------------- Creditors of OJSC Gas-Autoline (TN 7715028310) have until June 26 to submit proofs of claim to: V. Ulitenkov The Temporary Insolvency Manager To be called for Mr. V. Ulitenkov 125009 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A40-16610/07-86-72B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: OJSC Gas-Autoline B. Marfinskaya Str. 2 127276 Moscow Russia GIANT CJSC: Creditors Must File Claims by June 26 ------------------------------------------------- Creditors of CJSC Giant have until June 26 to submit proofs of claim to: I. Sizova Insolvency Manager Stakhanova Str. 26 398036 Lipetsk Russia The Arbitration Court of Lipetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A36-656/2007. The Court is located at: The Arbitration Court of Lipetsk Skorokhodova Str. 2 398019 Lipetsk Russia The Debtor can be reached at: CJSC Giant Kommunalnaya Str. 9, 403 Lipetsk Russia INVEST-MARKET LLC: Tomsk Bankruptcy Hearing Slated for Oct. 10 -------------------------------------------------------------- The Arbitration Court of Tomsk will convene on Oct. 10 to hear the bankruptcy supervision procedure on LLC Invest-Market. The case is docketed under Case No. A27-1661/07. The Temporary Insolvency Manager is: O. Ermolaev Chkalova Str. 10 650025 Kemerovo Russia The Court is located at: The Arbitration Court of Tomsk Kirova Str. 10 634050 Tomsk Russia The Debtor can be reached at: LLC Invest-Market Tomsk Russia OREL-GLASS OJSC: Orel Bankruptcy Hearing Slated for Aug. 1 ---------------------------------------------------------- The Arbitration Court of Orel will convene at 11:20 a.m. on Aug. 1 to hear the bankruptcy supervision procedure on OJSC Orel-Glass. The case is docketed under Case No. A48-13 82/ 07-206. The Temporary Insolvency Manager is: M. Bolotov 4th floor 3rd Kurskaya Str. 15 302004 Orel Russia The Court is located at: The Arbitration Court of Orel Gorkogo Str. 42 302000 Orel Region Russia The Debtor can be reached at: OJSC Orel-Glass Poselkovaya Str. 19 302024 Orel Russia PROFILE OJSC: Court Names A. Saranin as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Tomsk appointed A. Saranin as Insolvency Manager for OJSC Profile. He can be reached at: A. Saranin Post User Box 3020 634003 Tomsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A67-197/07. The Court is located at: The Arbitration Court of Tomsk Kirova Str. 10 634050 Tomsk Russia The Debtor can be reached at: OJSC Profile Apt. 126 Stroitelej Str. 306 Strezhevoj Tomsk Russia RADIUS OJSC: Bankruptcy Hearing Slated for Aug. 28 -------------------------------------------------- The Arbitration Court of Nizhniy Novgorod will convene at 1:00 p.m. on Aug. 28 to hear the bankruptcy supervision procedure on OJSC Radius (TIN 5256008110). The case is docketed under Case No. A43-3959/2007, 33-50. The Insolvency Manager is: A. Margaryan Sovetskaya Str. 16 603002 Nizhniy Novgorod Russia The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: OJSC Radius Sovetskoy Armii Str. 16 Nizhniy Novgorod Russia REGION LLC: Creditors Must File Claims by July 26 ------------------------------------------------- Creditors of OJSC Pokrovskoe (TIN 5444103783, OGRN 1025406624561) have until July 26 to submit proofs of claim to: T. Sukhosyrova insolvency manager Karla Marksa Str. 31a Barabinsk 632336 Novosibirsk Russia The Arbitration Court of Novosibirsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A 45-14878/06-54/409. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Region Russia The Debtor can be reached at: OJSC Pokrovskoe Ulyanovskaya Str. 60 Barabinsk 632332 Novosibirsk Russia ROSNEFT OIL: Expects RUR263.7 Billion Payment from Yukos Oil ------------------------------------------------------------ OAO Rosneft Oil Co. expects to receive this month around RUR263.7 billion from OAO Yukos Oil Co. as payment for the bankrupt's oil concern's debts, Analytical Information Agency reports. Rosneft plans to use the payment to boost its net profit for the second quarter of 2007 to US$8.8 billion. Nikolai Lashkevich, spokesperson to Yukos' bankruptcy manager, however, told AK&M that a decision to repay the company's debt to Rosneft has yet to be made. About Yukos Oil Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Russian Government sold its main production unit Yugansk to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, 2006, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, 2006, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * In a TCR-Europe report on Mar. 23, 2007, Fitch Ratings notes that Rosneft's plans to borrow US$22 billion from a group of eight banks in two credit arrangements of US$13 billion maturing in 12 months and US$9 billion maturing in 18 months is currently incorporated into the company's local and foreign currency Issuer Default ratings of 'BB+' Rating Watch Positive. In a TCR-Europe report on Jan. 16, 2007, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from CreditWatch, where it had been placed with positive implications on Nov. 15, 2006. S&P said the outlook is developing. SURGUT-TRANS-STROY: Creditors Must File Claims by July 26 --------------------------------------------------------- Creditors of CJSC Surgut-Trans-Stroy (TIN 8602300302) have until July 26 to submit proofs of claim to: E. Pugacheva insolvency manager Post User Box 583 Sugut-12 628412 Tyumen Russia The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A75-633/07. The Court is located at: The Arbitration Court of Khanty-Mansiyskiy Lenina Str. 54/1 Khanty-Mansiysk Russia The Debtor can be reached at: CJSC Surgut-Trans-Stroy Khanty-Mansiyskiy Russia TNK-BP HOLDING: Russia to Rule on License Dispute this Week ----------------------------------------------------------- The Ministry of Natural Resources will decide on the fate of TNK-BP Holding Ltd.'s operating license at the Kovykta gas field before the weekend, RIA Novosti reports citing natural resources minister Yuri Trutnev. “It's really a technological issue, under the jurisdiction of Rosnedra (Russian Subsoil Use Agency), and all the work has been done,” Mr. Trutnev told RIA Novosti. As reported in the TCR-Europe on June 6, 2007, Rosnedra postponed for two weeks a decision to revoke the license of TNK- BP Holding for the Kovytka natural gas field. Oleg Mitvol, chief of the Federal Natural Resource Oversight Agency (Rosprirodnadzor), recommended the cancellation of TNK- BP’s license to Rosnedra, claiming that the oil company failed to meet the terms of the license contract. Under the terms of its license, TNK-BP, through its OAO Rusia Petroleum unit, has to produce 9 billion cubic meters of natural gas annually from the field, the TCR-Europe reported on May 22. The company didn’t achieve the targeted production output as it only produced 1.5 billion cubic meters of natural gas from the field in 2006. About TNK-BP Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. * * * Standard & Poor's assigned BB+/Stable foreign currency local currency ratings to TNK-BP on June 30, 2006. Moody's assigned a Ba2/Positive foreign currency rating to the company on Jan. 24, 2006. Fitch assigned a BB+/Positive foreign currency rating to TNK-BP on Feb. 13, 2006, and BB+/Positive local currency rating on Aug. 24, 2005. TNK-BP HOLDING: Work Continues at Kovykta Gas Field --------------------------------------------------- TNK-BP Holding Ltd. is continuing its operations at the Kovykta gas field despite a possible license revocation by the Russian government, Thomson Financial reports citing a company spokesman. The spokesman told Thomson Financial that the current license dispute is “legal and administrative matter” that will not cause any disruptions to the project. As reported in the TCR-Europe on June 6, 2007, the Russian Subsoil Use Agency (Rosnedra) postponed a decision to revoke the license of TNK-BP for the Kovytka natural gas field. The TCR-Europe reported on May 31, 2007, that Oleg Mitvol, chief of the Federal Natural Resource Oversight Agency (Rosprirodnadzor), recommended the cancellation of TNK-BP’s license to Rosnedra, claiming that the oil company failed to meet the terms of the license contract. Under the terms of its license, TNK-BP, through its OAO Rusia Petroleum unit, has to produce 9 billion cubic meters of natural gas annually from the field, the TCR-Europe reported on May 22. The company didn’t achieve the targeted production output as it only produced 1.5 billion cubic meters of natural gas from the field in 2006. About TNK-BP Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. * * * Standard & Poor's assigned BB+/Stable foreign currency local currency ratings to TNK-BP on June 30, 2006. Moody's assigned a Ba2/Positive foreign currency rating to the company on Jan. 24, 2006. Fitch assigned a BB+/Positive foreign currency rating to TNK-BP on Feb. 13, 2006, and BB+/Positive local currency rating on Aug. 24, 2005. VOROSHILOVSKIY OJSC: Creditors Must File Claims by June 26 ---------------------------------------------------------- Creditors of OJSC Voroshilovskiy have until June 26 to submit proofs of claim to: The Temporary Insolvency Manager is: I. Sabirov Gagarina Str. 1 Betki 423877 Tatarstan Russia The Arbitration Court of Tatarstan will convene at 10:30 a.m. on Sept. 11 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A65-8843/2007-SG4-49. The Court is located at: The Arbitration Court of Tatarstan Room 12 Floor 2 Entrance 2 Building 1 Kremlin Kazan Tatarstan Russia The Debtor can be reached at: OJSC Voroshilovskiy Tukaevskiy Tatarstan Russia VOSTOK-NEFTE-GAZ-STROY: Creditors Must File Claims by June 26 ------------------------------------------------------------- Creditors of LLC Vostok-Nefte-Gaz-Stroy have until June 26 to submit proofs of claim to: Y. Tsapin Insolvency Manager Parkovyj 7-49 Mozhga 427791 Udmurtiya Russia The Arbitration Court of Udmurtiya will convene at 11:00 a.m. on Sept. 4 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A71-1361/2007-G26. The Court is located at: The Arbitration Court of Udmurtiya Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Russia The Debtor can be reached at: LLC Vostok-Nefte-Gaz-Stroy Lenina Str. 17-15 Votkinsk 427430 Udmurtiya Russia YUKOS OIL: Denies RUR263.7 Billion Payment to Rosneft Oil --------------------------------------------------------- Nikolai Lashkevich, spokesperson for OAO Yukos Oil Co.'s bankruptcy manager, denied that the fuel concern will repay around RUR263.7 billion in debt to OAO Rosneft Oil Co. this month, Analytical Information Agency reports. Mr. Lashkevich told AK&M that a decision to repay the company's debt to Rosneft has yet to be made. Rosneft Oil said it expects to receive the payment from Yukos Oil this month, AK&M relates. Rosneft plans to use the payment to boost its net profit for the second quarter of 2007 to US$8.8 billion. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. 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. ZOV CJSC: Creditors Must File Claims by June 26 ------------------------- --------------------- Creditors of CJSC Company ZOV have until June 26 to submit proofs of claim to: V. Vinogradov Insolvency Manager 50 Let Profsoyuzov Str. 61 644056 Omsk Russia The Arbitration Court of Khanty-Mansiyskiy will convene on Aug. 20 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A75-2027/07. The Court is located at: The Arbitration Court of Khanty-Mansiyskiy Lenina Str. 54/1 Khanty-Mansiysk Russia The Debtor can be reached at: CJSC Company ZOV 60 Let Oktyabrya Str., 56 Nizhnevartovsk Khanty-Mansiyskiy Tyumen Russia ========= S P A I N ========= AIR MADRID: Refund Ready in 2009 Under Receivers' Proposal ---------------------------------------------------------- Ticket holders affected by Air Madrid Lineas Aereas S.A.'s collapse in December 2006 may initially recover their money in 2009 if they approved a proposal laid out by the carrier's bankruptcy receivers, Expansion reports. The receivers, Expansion relates, emphasized that accepting the proposal is voluntary. Legal estimates pegged the payments to affected Air Madrid ticket holders at around EUR30 million. About Air Madrid Headquartered in Madrid, Spain, Air Madrid Lineas Aereas S.A. -- http://www.airmadrid.com/-- operated 10 aircraft in its fleet. Up until its shutdown, it operated routes to Spain and Latin America. * * * As previously reported in the TCR-Europe, Air Madrid shut down its operations on Dec. 15, 2006, leaving 330,000 passengers stranded in Latin America and Spain. The Spanish government had been investigating the company's operations due to constant customer claims of poor service that resulted in the cancellation of its permit to operate. The budget airline had been under scrutiny for delays that have kept hundreds of passengers in airports for days. CABLEUROPA S.A.: Fitch Lifts Sr. Secured Bank Facility at BB ------------------------------------------------------------ Fitch Ratings has upgraded Spain-based Cableuropa S.A.'s Long- term Issuer Default rating to 'B+' from 'B'. Following the upgrade, the Outlook is now Stable. At the same time the agency has upgraded Cableuropa's senior secured bank facility to 'BB' from 'BB-' and affirmed the ratings of the company's subordinated facilities and high-yield bonds at 'B-'. Cableuropa's Short-term IDR is affirmed at 'B'. Cableuropa is a Spanish broadband service provider and the principal operating subsidiary for the ONO group. The upgrade reflects the material progress Cableuropa has made in integrating the Auna acquisition, the combined scale and market position resulting from the acquisition, and the company's consistent target delivery. In particular, Fitch notes the strong improvement in earnings and cash flow over the past year, including 23% growth in EBITDA (compared with 2005 pro forma results) and accompanying reduction in leverage (now at 5.3x on an annualized EBITDA basis versus 5.8x at 4Q05). "Cableuropa has delivered strongly against its integration plan, following the acquisition of Auna in November 2005. Over the past year management has taken roughly EUR380 million in combined capital and operating expenditure out of the business," said Stuart Reid, a Director in Fitch's TMT team. "While Fitch would typically expect a leveraged cable company to have reached positive free cash flow before taking it into the 'B+' level, Cableuropa has a strong history of business performance and meeting planned targets. We therefore expect the company's target of positive free cash flow sometime in 2008 to be achievable." Fitch believes the Auna acquisition was a good strategic move, despite the pressure that this has had on Cableuropa's financial metrics; it helps establish the company as a strong national competitor to telecom incumbent Telefonica and pay TV provider, Sogecable. The agency considers that Cableuropa exhibits good second incumbent qualities in the old ONO areas, and will over time show similar qualities in the less developed Auna franchise areas. ONO is in any event the country's second-largest provider of telephony (1.6 million subscribers) broadband (1.1 million), and pay TV (with 925,000 subscribers). While continued network build remains a constraint on cash flows, Fitch notes that the company has a strong record of building out new homes, and driving up adoption rates quickly. Cableuropa places exacting performance targets when allocating build capital and has never failed to meet return hurdles. While Cableuropa has reached a level of maturity in terms of both operating and financial metrics, Fitch believes good growth potential remains, given levels of penetration approaching 50% in its most mature franchises compared with its composite rate of 29.7%. The rating is also now more in line with a number of its peers, including KDG ('BB-'/Outlook Stable) with leverage of 4.6x and Virgin Media ('B+'/Outlook Stable) at 4.6x leverage, compared with Cableuropa's published target of 4.8x - 5.3x for YE07. The Stable Outlook reflects an expectation that further de-leveraging will take time to deliver, although a change in the Outlook could be possible once a 4x metric starts to be visible. The 'BB' rating of Cableuropa's senior secured facilities reflects the strong recoveries predicted by Fitch's recovery analysis. The 'B-' rating on the remaining subordinated facilities and the high-yield notes reflects the contractual and structural subordination to the senior secured facilities and other obligations. Fitch's analysis indicates that recovery rates for the subordinated and high-yield lenders, following the company's refinancing (which is expected to be complete by mid- July) would be below-average in a distress scenario. Cableuropa's core business consists of integrated telecommunications, cable television and broadband internet services to residential and business customers. In 2006 the company generated revenues of EUR1.6 billion and EBITDA of EUR565 million (reflecting a margin of 34.6%). ===================== S W I T Z E R L A N D ===================== 3POINT LLC: Zug Court Starts Bankruptcy Proceedings --------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against LLC 3point on May 15. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: LLC 3point Rothusstrasse 5B 6331 Hunenberg ZG Switzerland BAU-AKTIENGESELLSCHAFT JSC: Liquidation Claims Due July 2 --------------------------------------------------------- Creditors of JSC Bau-Aktiengesellschaft have until July 2 to submit their claims to: Obstgartenstrasse 19 8006 Zurich Switzerland The Debtor can be reached at: JSC Bau-Aktiengesellschaft Zurich Switzerland FINNHAMN HOLDING: Creditors' Liquidation Claims Due July 2 ---------------------------------------------------------- Creditors of JSC Finnhamn Holding have until July 2 to submit their claims to: Dr. Rolf Auf der Maur Liquidator Schutzengasse 1 8023 Zurich Switzerland The Debtor can be reached at: JSC Finnhamn Holding Zug Switzerland KURT. FREY JSC: Creditors' Liquidation Claims Due July 2 -------------------------------------------------------- Creditors of JSC Kurt. Frey have until July 2 to submit their claims to: Kurt Frey Liquidator Igelweidstrasse 3 5607 Hagglingen Bremgarten AG Switzerland The Debtor can be reached at: JSC Kurt. Frey Hagglingen Bremgarten AG Switzerland TRADELINK MARKETING: Zug Court Starts Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Tradelink Marketing Services on May 18. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Tradelink Marketing Services Blegistrasse 13 6340 Baar ZG Switzerland =========== T U R K E Y =========== OYAK BANK: ING Bank Sale Cue's Fitch to Affirm Low-B Ratings ------------------------------------------------------------ Standard & Poor's Ratings Services has affirmed its 'BB-' long- term and 'B' short-term counterparty credit ratings on Turkey- based OYAK Bank A.S., following the announcement that Netherlands-incorporated ING Bank N.V. (AA/Stable/A-1+) will acquire 100% of the bank from OYAK (Ordu Yardimlasma Kurumu) for EUR2.0 billion. The outlook is stable. The ratings and outlook on ING Bank are not affected by the transaction, which is in line with group strategy and will be funded by internal resources. ING expects to close the transaction, which is subject to regulatory approval, in the second half of 2007. Although, the ratings on OYAK Bank previously reflected the likely support the bank would receive from the Turkish government, given its then full ownership by OYAK -- the pension fund for the Turkish armed forces' personnel -- the ratings were stand-alone and did not incorporate any explicit support from the bank's owner. OYAK Bank has benefited to date from the commercial advantages related to its strategically important role within the OYAK group, one of Turkey's largest financial and industrial conglomerates. "We believe that the loss of these benefits in the short to medium term, including OYAK-related business ties, will be compensated for by OYAK Bank's new strategic owner, which will dedicate long-term technical and financial resources for its future development," said Standard & Poor's credit analyst Magar Kouyoumdjian. ING expects to increase Oyak Bank's market share over the next five years as it assists the bank in executing its growth strategy by improving its Internet banking and marketing capabilities and risk management function. Oyak Bank will be integrated into the retail banking business line of the ING group and will be re-branded under the ING brand within the first year after the closing of the transaction. The ratings on OYAK Bank are constrained by the risky banking and economic environment in the Republic of Turkey (foreign currency, BB-/Stable/B; local currency; BB/Stable/B), and by the bank's moderate business position in an increasingly competitive market. OYAK's Bank's satisfactory financial profile is a positive rating factor, however. "The stable outlook reflects that on the Republic of Turkey, as the ratings on OYAK Bank are constrained by those on the republic, given the high correlation between sovereign creditworthiness and a deterioration of economic and banks' fundamentals, as well as OYAK Bank's direct exposure to the sovereign through holdings of government securities," said Mr. Kouyoumdjian. However, there could be room for an upgrade in the medium to long term, depending on the development of the sovereign ratings on Turkey, improvements in the economic and industry risks for the banking system, the success of OYAK Bank's integration process with ING Bank, and the latter's ability to strengthen OYAK Bank's business franchise and financial profile. ============= U K R A I N E ============= AGRICULTURAL TECHNICS: Claims Filing Deadline Set June 22 --------------------------------------------------------- Creditors of OJSC Agricultural Technics (code EDRPOU 03738999) have until June 22 to submit their proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 42/2B. The Debtor can be reached at: OJSC Agricultural Technics Dobropolye Industrial Zone 1 85032 Donetsk Ukraine BREAD OF UKRAINE: Claims Filing Deadline Set June 22 ---------------------------------------------------- Creditors of State JSC Bread of Ukraine Subsidiary Co. (code EDRPOU 30475659) have until June 22 to submit their proofs of claim to: Roman Senik Temporary Insolvency Manager P.O. Box 26 76008 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. B-16/295. The Court is located at: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Debtor can be reached at: State JSC Bread of Ukraine Subsidiary Co. Youth Str. 2 76000 Ivano-Frankovsk Ukraine GALON LLC: Claims Filing Deadline Set June 23 --------------------------------------------- Creditors of LLC Galon (code EDRPOU 24926831) have until June 23 to submit their proofs of claim to: The Economic Court of Kiev B. Hmelnitskiy Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced the bankruptcy supervision procedure on the company. The case is docketed under Case No. 15/111-b. The Debtor can be reached at: LLC Galon Krasnoarmeyskaya Str. 94 03150 Kiev Ukraine SEDNA PLUS: Claims Filing Deadline Set June 24 ---------------------------------------------- Creditors of LLC Sedna Plus (code EDRPOU 33569194) have until June 24 to submit their proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 2/98-07-3983. STAVISCHE PMK-12: Creditors Must File Claims by June 24 ------------------------------------------------------- Creditors of OJSC Kiev Special Agricultural Assembly Senterprise Stavische PMK-12 (code EDRPOU 25298087) have until June 24 to submit their proofs of claim to: M. Zanko Liquidator Apartment 409 Heroes of Stalingrad Str. 81 Cherkassy Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 394/14b-06. The Court is located at: The Economic Court of Kiev B. Hmelnitskiy Boulevard 44-B 01030 Kiev Ukraine STROM MACHINE: Claims Filing Deadline Set June 23 ------------------------------------------------- Creditors of CJSC Cherkassy Plant Strom Machine (code EDRPOU 05380272) have until June 23 to submit their proofs of claim to: Vladimir Rekun Liquidator Apartment 16 Ilyin Boulevard 330 18005 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 01/555. The Court is located at: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Debtor can be reached at: CJSC Cherkassy Plant Strom Machine 14th of December Str. 8 Cherkassy Ukraine SUN COMMERCE: Claims Filing Deadline Set June 24 ------------------------------------------------ Creditors of LLC Sun Commerce (code EDRPOU 33507143) have until June 24 to submit their proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 2/100-07-4004. UGLOVATAYA AGRICULTURAL: Creditors Must File Claims by June 23 -------------------------------------------------------------- Creditors of Uglovataya Agricultural LLC (code EDRPOU 03794532) have until June 23 to submit their proofs of claim to: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 14/1700. The Debtor can be reached at: Uglovataya Agricultural LLC Uglovataya Khristynivka District Cherkassy Ukraine VESELOPODOLYE BREADRECEIVING: Claims Filing Deadline Set June 23 ---------------------------------------------------------------- Creditors of OJSC Veselopodolye Breadreceiving Enterprise (code EDRPOU 00955584) have until June 23 to submit their proofs of claim to: Ruslan Borovik Temporary Insolvency Manager Perspective Lane 10 36007 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 4/32. The Court is located at: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Debtor can be reached at: OJSC Veselopodolye Breadreceiving Enterprise Semenovka 38200 Poltava Ukraine ZENIT: Claims Filing Deadline Set June 24 ----------------------------------------- Creditors of State Etiachev Plant Zenit (code EDRPOU 14307908) have until June 24 to submit their proofs of claim to: Vitaly Bakhtin Temporary Insolvency Manager Liberty Avenue 50 Zakarpatye Uzhgorod Apartment 77 Ukraine The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 6/55. The Court is located at: The Economic Court of Zakarpatye Kociubinsky Str. 2a Uzhgorod 88000 Zakarpatye Ukraine The Debtor can be reached at: State Etiachev Plant Zenit Komsomolskaya Str. 6-A Tiachev Zakarpatye Ukraine * Fitch Rates Ukraine's US$500 Million Eurobond at BB- ------------------------------------------------------ Fitch Ratings assigned Ukraine's five-year US$500 million eurobond with a fixed semi-annual coupon of 6.385%, maturity of June 2012, and closing date of 26 June, a 'BB-' rating. The rating is in line with Ukraine's Long-term foreign currency Issuer Default rating, on which the Outlook is Positive. Ukraine's impressive economic performance is exerting upward pressure on the rating, despite a volatile political situation. GDP grew 7.9% in the first five months of 2007, up from the 7.1% growth recorded in 2006. Fitch expects Ukraine's economy to grow 7% in 2007. General government debt of 15% of GDP at end- 2006 was less than half the 'BB' range median of 39%. Inward foreign direct investment reached US$5.3bn in 2006, 5% of GDP, comfortably financing the current account deficit of 1.5% of GDP. Official international reserves rose 15% to US$22.4 billion over 2006, further supporting the country's exchange- rate peg. Ukraine continues to suffer from relatively high corruption and some institutional weaknesses, in particular in the judiciary. But World Trade Organization entry in 2007 is now looking realistic after recent parliamentary approval of required reforms. Political risk weighs on the rating. The power struggle between President Viktor Yushchenko and Prime Minister Viktor Yanukovich, the root of the country's ongoing political crisis, is not over yet. But the two men have compromised over the President's demand for early parliamentary elections, which are now planned for Sept. 30, 2007. In Fitch's view, this shows that the two sides are still capable of negotiating, raising the chances of an orderly resolution to the country's political differences. The recent cooperation of the government and opposition in parliament on reforms required for WTO entry is another positive signal, highlighting the shared interest in economic development across Ukraine's main political parties. =========================== U N I T E D K I N G D O M =========================== ALBA 2007-1: Fitch Rates GBP20.4 Million Class F Notes at BB ------------------------------------------------------------ Fitch Ratings has assigned final ratings to ALBA 2007-1's mortgage-backed floating-rate notes due in 2039: -- GBP101.2 million Class A1a: 'AAA'; Outlook Stable -- EUR190 million Class A1b: 'AAA'; Outlook Stable -- GBP231.1 million Class A2: 'AAA'; Outlook Stable -- GBP269 million Class A3: 'AAA'; Outlook Stable -- GBP105.8 million Class B: 'AAA'; Outlook Stable -- GBP55.3 million Class C: 'AA-'; Outlook Stable -- GBP34.5 million Class D: 'A-'; Outlook Stable -- GBP23.8 million Class E: 'BBB'; Outlook Stable -- GBP20.4 million Class F: 'BB'; Outlook Stable -- Mortgage early redemption certificates: 'AAA'; Outlook Stable This transaction is a securitization of non-conforming residential mortgages originated and located in the UK. The ratings are based on the quality of the collateral, available credit enhancement, the underwriting criteria of GMAC-RFC and the sound legal structure of the transaction. Credit enhancement for the Class A notes is initially 25.9%, provided by the subordination of the Class B (10.9%), Class C (5.7%), Class D (3.55%), Class E notes (2.45%) and Class F (2.1%) and an initial and target reserve fund with a balance of 1.2% of the total aggregate note balances for the A to F notes as of closing. There is also a liquidity facility available to meet income deficiencies, including interest shortfalls on the Class A notes. However, it is not available to fund any periodic principal deficiencies. To determine appropriate credit enhancement levels, Fitch analyzed the collateral using its UK Residential Mortgage Default Model Criteria. The agency also modeled cash flows using the results of the default model with structural stresses including various prepayment and interest rate scenarios. The cash flow tests showed that each Class of notes could withstand loan losses at a level corresponding to the related stress scenario without incurring any principal loss or interest shortfall and can retire the principal by legal final maturity. ATSI COMMS: April 30 Balance Sheet Upside-Down by US$525,000 ------------------------------------------------------------ ATSI Communications, Inc. disclosed that revenues for its 3rd fiscal quarter ended April 30, 2007 reached US$8,140,000, a 99% increase over revenues of US$4,091,000 for the previous year's fiscal quarter ended April 30, 2006. ATSI also reported the company achieved its 11th consecutive quarter of record revenue, 4th consecutive quarter of positive cash flow from operations, and 2nd consecutive quarter of net earnings per share. Net income for the three months ended April 30, 2007 was US$379,000 vs. a net loss of US$62,000 for the three months ended April 30, 2006. As of April 30, 2007, the company's balance sheet showed total assets of US$1,944,000 and total debts of US$2,469,000, resulting in a stockholders' deficit of US$525,000. In addition to the continued revenue growth and positive earnings trend, recent achievements and highlights for the quarter include: -- The Company completed the conversion and redemption of its Series H Preferred Stock that eliminated US$1.3 million in Liabilities; -- ATSI successfully deployed the NexTone IntelliConnect(TM) System to further enhance the company's VoIP network; -- The Company processed 112 million VoIP minutes of use during the quarter through its NexTone powered VoIP network; and -- 157% improvement in gross profit for the three months ended April 30, 2007 vs. the three months ended April 30, 2006. "We are extremely pleased with our 3rd quarter performance and the consistency we have established in meeting key financial and strategic goals," stated ATSI President and CEO, Arthur L. Smith. "Our 3rd quarter growth demonstrates we are successfully executing our business plan, a trend we are continuing to experience well into the 4th quarter. We look forward to reporting a record fiscal year during which we have met and delivered on all of the fundamentals critical to the successful execution of our long term strategic plan." Adjusted for non-cash items, net income for the three months ended April 30, 2007 was US$198,000 vs. a net loss before non- cash items of US$64,000 for the three months ended April 30, 2006. ATSI Communications, Inc. -- http://www.atsi.net/-- (OTCBB: ATSX) operates through its two wholly owned subsidiaries, Digerati Networks, Inc. and Telefamilia Communications, Inc. Digerati Networks, Inc. is a premier global VoIP carrier serving rapidly expanding markets in Asia, Europe, the Middle East, and Latin America, with an emphasis on Mexico. Through Digerati's partnerships with established foreign carriers and network operators, interconnection and service agreements, and a NexTone powered VoIP network, ATSI believes it has clear advantages over its competition. Telefamilia Communications provides specialized retail communication services that include VoIP services to the high-growth Hispanic market in the United States. ATSI also owns a minority interest of a subsidiary in Mexico, ATSI Comunicaciones, S.A. de C.V., which operates under a 30-year government issued telecommunications license. BALLY TOTAL: Inks Restructuring Support Pact w/ Sr. Noteholders --------------------------------------------------------------- Holders of a majority of Bally Total Fitness Holding Corp.'s 10-1/2% Senior Notes due 2011 and more than 80% of its 9-7/8% Senior Subordinated Notes due 2007 have entered into a Restructuring Support Agreement agreeing to, following receipt of a disclosure statement, vote in favor of a plan of reorganization. The company says that the Plan will further enhance its liquidity by increasing the rights offering to US$90 million and by allowing the company to retain the cash which would have been used for the July 15, 2007 interest payment due on the Senior Notes. With its Restructuring Support Agreement in place, the company believes it has sufficient support from its noteholders to proceed to implement the Plan through appropriate bankruptcy proceedings and expects to make its Chapter 11 filing in the near future. The company plans to continue normal club operations during the pendency of the anticipated bankruptcy case and will seek to emerge from bankruptcy as quickly as possible. Don R. Kornstein, Interim chairman and Chief Restructuring Officer, stated, "We are pleased to have such strong support for the Plan from both our senior and senior subordinated noteholders. The Restructuring Support Agreement will enable us to expedite our work on restoring the strength of our balance sheet in the shortest time possible, and positioning Bally Total Fitness to compete over the long term. We look forward to emerging from bankruptcy with a greater ability to invest in and continue upgrading our fitness centers and to focus on building the Bally brand." Pursuant to the Restructuring Support Agreement, the Plan will provide that: * The Senior Notes will be modified, including an increase in the annual interest rate to 12-3/8% effective from July 16, 2007. The cash interest payment on the Senior Notes due July 15, 2007 will not be made. Upon effectiveness of the Plan, the new principal amount of the outstanding Senior Notes will be US$247,337,500, with the increase distributed pro rata to the holders of the Senior Notes. The maturity and guarantees of the Senior Notes would remain the same. Upon effectiveness of the Plan, holders of the Senior Notes would receive a fee equal to 2% of the face value of their notes on the date of the filing of the Chapter 11 cases. * The Senior Note Indenture would be amended to provide the holders with a "silent" second lien on substantially all assets of the company and the subsidiary guarantors. Under the amended Senior Note Indenture, the company would have a permitted debt basket for the senior credit facility of US$292 million, with a reduction for proceeds of asset sales completed after June 15, 2007 that are used to permanently pay down indebtedness under its senior credit facilities and are not reinvested in replacement assets within 360 days after the applicable asset sale. The Senior Note Indenture will also permit Bally to issue after emergence from bankruptcy and in addition to the securities referred to below, an additional US$90 million of pay-in-kind senior subordinated notes. The amended Senior Note Indenture also increases by US$50 million to a total of US$100 million the permitted debt basket for purchase money indebtedness and capital leases (with a US$50 million capital lease sublimit). The optional redemption schedule in the Senior Notes would be amended to permit the company to redeem the Senior Notes prior to July 15, 2008 at a: -- T+50 make whole premium (including all interest due and payable through July 15, 2008) based upon a redemption on July 15, 2008 at 106.25%; -- optional redemption at 106.25% until July 14, 2009; -- 102.50% until July 14, 2010; and -- 100% after July 14, 2010. The amended Senior Note Indenture would eliminate any requirement for filing of SEC reports, but would require the company to provide to investors and prospective investors SEC equivalent audited annual and unaudited quarterly financials, including MD&A and footnotes, and 8-K reportable events. * Consistent with the terms of the previously announced restructuring proposal, holders of Senior Subordinated Notes would receive, in exchange for their claims, new subordinated notes in the principal amount of US$150 million, representing 50% of the principal amount of their claims, and shares of common stock representing 100% of the equity in the reorganized company (subject to reduction for common stock to be issued to holders of certain other claims). The New Subordinated Notes would mature five years and nine months after the effective date of the Plan and would bear interest payable annually at 135/8% per annum if paid in kind or 12% per annum if paid in cash, at the company's option, subject to satisfaction of a toggle covenant based on specified cash EBITDA and minimum liquidity thresholds. * In addition, the holders of Senior Subordinated Notes would receive non-detachable rights to participate in a US$90 million rights offering of new senior subordinated notes. The Rights Offering Senior Subordinated Notes would rank senior to the New Subordinated Notes but otherwise have the same terms. * Holders of certain other claims against the company will be given the opportunity to participate in the rights offering, which, if exercised, would generate incremental proceeds beyond the US$90 million to be funded by electing Senior Subordinated Noteholders. * The company and its subsidiaries may reject selected leases and other contracts in the bankruptcy. * All existing equity would be cancelled for no consideration. * Effectiveness of the Plan is conditioned upon, among other things, the company having filed its Annual Report on Form 10-K for the year ended Dec. 31, 2006. A copy of the Restructuring Support Agreement will be included as an exhibit to a Current Report on Form 8-K that the company will file with the SEC. Tennenbaum Capital Partners, LLC and Anschutz Investment Company, through certain of their affiliates, and Goldman Sachs & Co., who collectively hold more than 80% of the Senior Subordinated Notes, have agreed in principle to subscribe for their pro rata share of the Rights Offering Senior Subordinated Notes and to purchase any Rights Offering Senior Subordinated Notes not subscribed for by other holders of Senior Subordinated Notes. As a result of these backstop provisions, the company will be assured of having US$90 million in additional cash availability upon the effectiveness of the Plan. Houlihan Lokey Howard & Zukin Capital acts as financial advisor and Akin Gump Strauss Hauer & Feld, LLP is counsel to the Ad Hoc Committee of Senior and Senior Subordinated Noteholders. About Bally Total Fitness Based in Chicago, Illinois, Bally Total Fitness Holding Corp. (NYSE: BFT)(OTC BB: BFTH) -- http://www.ballyfitness.com/-- is a commercial operator of fitness centers in the U.S., with over 375 facilities located in 26 states, Mexico, Canada, Korea, China, the United Kingdom, and the Caribbean under the Bally Total Fitness(R), Bally Sports Clubs(R) and Sports Clubs of Canada (R) brands. Bally offers a unique platform for distribution of a wide range of products and services targeted to active, fitness-conscious adult consumers. * * * As reported in the Troubled Company Reporter on June 4, 2007, Bally Total Fitness reached an agreement in principle on the proposed terms of a consensual restructuring with certain holders of over 80% in amount of its 9-7/8% Senior Subordinated Notes due 2007. The company plans to implement the proposed restructuring through a pre-packaged Chapter 11 bankruptcy filing of the parent company, Bally Total Fitness Holding Corporation, and certain of its subsidiaries. E.C.A. CONSTRUCTION: Taps Liquidators from Harrisons ---------------------------------------------------- P. R. Boyle and J. C. Sallabank of Harrisons were appointed joint liquidators of E.C.A. Construction Ltd. on May 30 for the creditors' voluntary winding-up procedure. Harrisons -- http://www.harrisons.uk.com/-- provides advice and solutions to professional advisors who found their clients experiencing financial difficulties. Originally trading from offices in Reading and has added London, Manchester, Bristol and Derby and has associate offices in Grantham and Stockton on Tees. The company can be reached at: E.C.A. Construction Ltd. 32 Grosvenor Avenue Hayes UB4 8NL England Tel: 020 8845 6888 Fax: 020 8845 6888 EUROTUNNEL GROUP: Joint Board Proposes Seven Nomination ------------------------------------------------------- Eurotunnel Group's joint board proposed at its meeting on June 12, 2007, the nomination of seven directors to the board of the new entity, Groupe Eurotunnel SA, in accordance with the safeguard plan approved by the Paris Commercial Court on Jan. 15, 2007. The board nominated, Colette Neuville, Pierre Bilger, Jacques Gounon, Robert Rochefort, Henri Rouanet, Philippe Vasseur and Tim Yeo. "In Philippe Vasseur we have a representative from the Pas-de- Calais who has a wide knowledge of economic issues at both regional and national level and who has always acted in the interests of the development of the Nord-Pas-de-Calais region, especially in the social and environmental sectors," chairman and CEO Jacques Gounon disclosed. About Eurotunnel Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group (aka Groupe Eurotunnel S.A.) -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains,which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. Eurotunnel Group files reports in the U.S. Securities and Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and Eurotunnel S.A. (ETTFF.PK). At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in shareholders' deficit. Safeguard Protection Eurotunnel obtained Aug. 2, 2006, an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). At the end of 2006, the group's creditors and bondholders approved a plan to decrease its GBP6.2 billion debt to GBP2.84 billion. On Jan. 15, 2007, the Court approved Eurotunnel's safeguard plan, backed by the court-appointed representatives to the company and to the creditors. FORD MOTOR: No Results on Cerberus Talks for Premier Brands Sale ---------------------------------------------------------------- Talks between Ford Motor Company and Cerberus Capital Management on the sale of Ford's Jaguar and Land Rover brands were inconclusive, Stephen Power of The Wall Street Journal reports citing unnamed sources. However, Ford is expecting the sale of its brands to take at least a month, citing the sale of Aston Martin, which took six months to sell, Mr. Powers writes. The TCR-Europe reported on June 14, 2007, that Ford employed help from investment banks including Goldman Sachs, HSBC and Morgan Stanley to explore the sale of its two British luxury brands. The brands, Jaguar and Land Rover, lost US$12.6 billion last year, instigating Ford to initiate a strategy referred to as "Project Swift" within Ford, which is how Ford wants the sale to be. The two are part of Ford's Premier Automotive Group, including Volvo, which was rumored to be on possible sale. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. * * * As reported in the Troubled Company Reporter on Dec. 12, 2006, Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2' recovery ratings on Ford Motor Co. As reported in the Troubled Company Reporter on Dec. 7, 2006, Fitch Ratings downgraded Ford Motor Company's senior unsecured ratings to 'B-/RR5' from 'B/RR4'. As reported in the Troubled Company Reporter on Dec. 6, 2006, Moody's Investors Service assigned a Caa1, LGD4, 62% rating to Ford Motor Company's $3-billion of senior convertible notes due 2036. JIC REFRACTORIES: Hires Adrian Graham to Liquidate Assets --------------------------------------------------------- Adrian Graham of Hamiltons Insolvency Practitioners Ltd. was appointed liquidator of JIC Refractories Ltd. on May 25 for the creditors' voluntary winding-up proceeding. The company can be reached at: JIC Refractories Ltd. 67 Sorby Street Sheffield S4 7LA England Tel: 0114 276 3676 LINDA DENNIS: Joint Liquidators Take Over Operations ---------------------------------------------------- Philip Anthony Brooks and Julie Willetts of Blades Insolvency Services were appointed joint liquidators of Linda Dennis Ltd. on May 9 for the creditors' voluntary winding-up procedure. The company can be reached at: Linda Dennis Ltd. Charlotte House 19b Market Place Bingham Nottingham NG13 8AP England Tel: 01623 424 770 MG ROVER: May Get GBP25 Million Cash Payout From Abroad ------------------------------------------------------- MG Rover Group Limited stands to recover up to GBP25 million as final cash payout from its network of European subsidiaries within a year, The Financial Times reports, citing the Birmingham Post & Mail as its source. "MG Rover had a series of companies throughout Europe, in France, Italy, Spain etc. It is in a position of being a creditor of these companies and it has creditor claims," the report quotes Joint Liquidator Rob Hunt as saying. “The assets being realized by the subsidiary companies include interests in overseas companies which are also subject to insolvency proceedings, so it is difficult to predict when that work will be completed," he added. According to the report, the administration of MG Rover has so far realized a total of GBP68.1 million, which includes Nanjing Automobile Group's GBP53 million payment to Pricewaterhouse- Coopers when it bought the car firm in July 2005. After expenses, fees and payments to preferential creditors, a total of GBP66.2 million is currently earning interest with the Bank of England for long suffering supply firms, dealers and traders. About MG Rover Headquartered at Longbridge, Birmingham, U.K., MG Rover Group Limited -- http://www1.mg-rover.com/-- produced automobiles under the Rover and MG brands, together with engine maker Powertrain Ltd. Previously owned by Phoenix Venture Holdings, the company faced huge losses in recent years, reaching GBP64.1 million in 2004, which were blamed on reduced sales. MG Rover collapsed on April 8, 2005, after a tie-up with China's largest carmaker, Shanghai Automotive Industry Corp., failed to materialize. It appointed Ian Powell, Tony Lomas and Rob Hunt, partners in PricewaterhouseCoopers, as joint administrators. The crisis left 6,000 people jobless, and caused a domino effect on related businesses, particularly in the West Midlands. Days later, eight European subsidiaries -- MG Rover Deutschland GmbH; MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG Rover Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal- Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland Limited -- also fell into administration. MYLES ENGINEERING: Claims Filing Period Ends October 30 ------------------------------------------------------- Creditors of Myles Engineering Ltd. have until Oct. 30 to send in their full particulars of their debts or claims, and the names and addresses of their solicitors (if any), to: Michael F. McCarthy Liquidator Walletts Insolvency Services 2-6 Adventure Place Hanley Stoke-on-Trent ST1 3AF England Michael F. McCarthy of Walletts Insolvency Services was appointed liquidator of the company on May 30. NORTHWAY COMPUTER: Appoints A. J. Clark as Liquidator ----------------------------------------------------- A. J. Clark of Carter Clark was appointed liquidator of Northway Computer Services Ltd. on May 18 for the creditors' voluntary winding-up proceeding. The company can be reached at: Northway Computer Services Ltd. 12 Cumberland Avenue Brent London NW10 7QL England Tel: 020 8961 8103 PACKHORSE CASE: Calls In Liquidators from Elwell Watchorn --------------------------------------------------------- Graham Stuart Wolloff and Richard John Elwell of Elwell Watchorn & Saxton LLP were appointed joint liquidators of on for the creditors' voluntary winding-up procedure proceeding. Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/-- provides insolvency and recovery services. The firm's partners have considerable expertise in all formal areas of insolvency, both corporate and personal and have been offering turnaround advice without the need for formal insolvency. The company can be reached at: Packhorse Case Co. Ltd. 2 Stapledon Road Orton Southgate Peterborough PE2 6TB England Tel: 01733 232 440 Fax: 01733 232 556 RAMSBOTTOM ENGINEERING: Hires Liquidator from CRG Insolvency ------------------------------------------------------------ Charles Howard Ranby-Gorwood of CRG Insolvency & Financial Recovery was appointed liquidator of Ramsbottom Engineering Ltd. on May 21 for the creditors' voluntary winding-up procedure. The company can be reached at: Ramsbottom Engineering Ltd. Garden Street Ramsbottom Bury BL0 9BG England Tel: 01706 822 803 Fax: 01706 822 817 RITE PEOPLE: Names Liquidators to Wind Up Business -------------------------------------------------- Colin Ian Vickers and Julie Anne Kinnison were appointed joint liquidators of Rite People Ltd. (formerly Agora Associates Ltd. and M3 Times Ltd.) on May 17 for the creditors' voluntary winding-up proceeding. The company can be reached at: Rite People Ltd. 71 London Road Riverhead Sevenoaks TN13 2DT England Tel: 01621 841 600 Fax: 01621 841 511 ROBERT BENNETT: Brings In Liquidators from Begbies Traynor ---------------------------------------------------------- D. F. Wilson and J. N. R. Pitts of Begbies Traynor were appointed joint liquidators of Robert Bennett Consultancy Ltd. on May 23 for the creditors' voluntary winding-up proceeding. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The company can be reached at: Robert Bennett Consultancy Ltd. 72 Hawthorn Avenue Armthorpe Doncaster DN3 2ET England Tel: 01302 832 677 SAM LONGSON: Hires Liquidators from Grant Thornton U.K. ------------------------------------------------------- Neil Tombs and Andrew Menzies of Grant Thornton U.K. LLP were appointed joint liquidators of Sam Longson (Buxton) Ltd. (formerly Ocean Affiliates Ltd.) on May 25 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: Sam Longson (Buxton) Ltd. Town End Garage Chapel-en-le-Frith High Peak SK23 0PF England Tel: 01298 812 301 Fax: 01298 815 013 SHAW GROUP: To Build Fabrication Facility in Matamoras, Mexico -------------------------------------------------------------- The Shaw Group Inc. plans to construct a new state-of-the-art industrial pipe and structural steel fabrication facility in Matamoras, Mexico, further executing its capacity expansion program for its fabrication and manufacturing business. The facility will include over 370,000 square feet of enclosed shop space and state-of-the-art piping technologies designed to interface with Shaw's proprietary production management systems. Shaw will fabricate custom piping systems and structural steel at the new facility, which is expected to be Shaw's largest. The planned facility is expected to be in operation by early 2008. Shaw also plans to add additional work shifts at certain existing facilities as part of its capacity expansion program. "The availability of skilled labor, solid transportation infrastructure, and proximity to our suppliers and clients' projects makes the Matamoras facility a strong strategic addition to our existing portfolio of fabrication facilities,” J.M. Bernhard,Jr., chairman, president and chief executive officer of Shaw, said. “With this facility in operation, combined with other expansion strategies we are engaged in, Shaw will increase its pipe fabrication and manufacturing volume capacity by approximately 50% from 2005." This phase of Shaw's fabrication expansion program is expected to significantly increase capacity to address the current and expected increase in demand for piping and structural steel fabrication from the fossil power, nuclear power, refining and petrochemical markets, as well as Canadian oil sands projects. "Shaw will continue to execute its expansion strategy and we look forward to strengthening our position as the world leader in pipe fabrication and manufacturing," Mr. Bernhard, added. Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR) -- http://www.shawgrp.com/-- provides services to the environmental, infrastructure and homeland security markets, including consulting, engineering, construction, remediation and facilities management services to governmental and commercial customers. It is also a vertically integrated provider of engineering, procurement, pipe fabrication, construction and maintenance services to the power and process industries. The company segregates its business activities into four operating segments: Environmental & Infrastructure; Energy & Chemicals; Maintenance, and Fabrication, Manufacturing &Distribution. In January 2005, the company sold substantially all of the assets of its Shaw Power Technologies, Inc. and Shaw Power Technologies International, Ltd. units to Siemens Power Transmission and Distribution Inc., a unit of Siemens AG. The company has operations in Chile, China, Malaysia, the United Kingdom and, Venezuela, among others. * * * Standard & Poor's Ratings Services affirmed its 'BB' corporate credit rating on The Shaw Group Inc. and removed it from CreditWatch, where it was placed with negative implications in October 2006. S&P said the outlook is stable. In addition, 'BB' senior secured debt rating was affirmed after the $100 million increase to the company's revolving credit facility. SHELL-MOULD PATTERN: Names Roderick Graham Butcher Liquidator ------------------------------------------------------------- Roderick Graham Butcher of Butcher Woods was appointed liquidator of Shell-Mould Pattern Plate Co. Ltd. on May 15 for the creditors' voluntary winding-up procedure. The company can be reached at: Shell-Mould Pattern Plate Co. Ltd. Hainge Rd Tividale Oldbury B69 2PA England Tel: 0121 557 6155 Fax: 0121 557 3747 SUPER STYLE: Appoints Liquidators from Harrisons ------------------------------------------------ J. C. Sallabank and P. R. Boyle of Harrisons were appointed joint liquidators of Super Style Windows Ltd. on May 31 for the creditors' voluntary winding-up proceeding. The company can be reached at: Super Style Windows Ltd. 55 Cable Street Manchester M4 5DF England Tel: 0161 819 5335 VIVANT CONSULTANTS: Mehmet Arkin Leads Liquidation Procedure ------------------------------------------------------------ Mehmet Arkin of Arkin & Co. was appointed liquidator of Vivant Consultants Ltd. on May 18 for the creditors' voluntary winding- up procedure. The company can be reached at: Vivant Consultants Ltd. Knights House 27-31 East Barnet Road Barnet EN4 8RN England Tel: 020 8275 5181 Fax: 020 8275 5182 * Upcoming Meetings, Conferences and Seminars --------------------------------------------- June 21, 2007 TURNAROUND MANAGEMENT ASSOCIATION 7th Annual TMA Toronto Golf Social Board of Trade Country Club, Woodbridge, Ontario Contact: 416-867-2300 or http://www.turnaround.org/ June 21, 2007 TURNAROUND MANAGEMENT ASSOCIATION Valuing Distressed and Troubled Companies Denver Athletic Club, Denver, Colorado Contact: http://www.turnaround.org/ June 21, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Corporate Reorganization Conference (2nd Annual IWIRC Woman of the Year Award) Chicago, Illinois Contact: http://www.iwirc.org/ June 21, 2007 NEW YORK SOCIETY OF SECURITY ANALYSTS Career Chat: Emerging Careers in Distressed Securities New York, New York Contact: http://www.nyssa.org/ June 21-22, 2007 BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES Tenth Annual Conference on Corporate Reorganizations Successful Strategies for Restructuring Troubled Companies The Millennium Knickerbocker Hotel - Chicago Contact: 800-726-2524; 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http://www.abiworld.org/ July 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Young Professionals Billiards Night TBD, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ July 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Body of Knowledge - CTP Review Class Chicago, Illinois Contact: http://www.turnaround.org/ July 18, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331 or http://www.turnaround.org/ July 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Mystic Blue Boat Cruise Navy Pier, Chicago, Illinois Contact: 815-469-2935 or http://www.turnaround.org/ July 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Young Professionals Networking Event Location TBA, Philadelphia, Pennsylvania Contact: 215-657-5551 or http://www.turnaround.org/ July 23, 2007 TURNAROUND MANAGEMENT ASSOCIATION Charity Networking Event Loews Hotel, Philadelphia, Pennsylvania Contact: 215-657-5551 or http://www.turnaround.org/ July 23-24, 2007 FINANCIAL RESEARCH ASSOCIATES Financial Restructuring 101 & 102 The Flatotel, New York, New York Contact: http://www.frallc.com/ July 25-28, 2007 AMERICAN BANKRUPTCY INSTITUTE 12th Annual Southeast Bankruptcy Workshop The Sanctuary, Kiawah Island, South Carolina Contact: http://www.abiworld.org/ July 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ July 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Golf Social Event Crystal Lake Golf Club, Lakeville, Minnesota Contact: 612-708-0258 or http://www.turnaround.org/ July 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Colorado Chapter Annual Golf Tournament Kings Deer Golf Club, Monument, Colorado Contact: 303-847-5026 or http://www.turnaround.org/ July 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Golf Outing Raritan Valley Country Club, Bridgewater, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ July 31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Enterprise Florida: Improving Florida's Business Climate and Helping Florida Companies Market Overseas Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Aug. 3, 2007 TURNAROUND MANAGEMENT ASSOCIATION Women's Spa Event Short Hills Hilton, Livingston, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Aug. 9, 2007 BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today’s Legal Processes Contact: 240-629-3300; 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http://www.abiworld.org/ Oct. 16-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place Boston, Massachussets Contact: 312-578-6900; http://www.turnaround.org/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION Capital Markets Case Study Contact: http://www.turnaround.org/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Crisis Communications With Employees,Vendors and Media Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Nov. 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBD, Hackensack, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Nov. 12, 2007 AMERICAN BANKRUPTCY INSTITUTE Consumer Bankruptcy Conference Marriott, Troy, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Mixer McCormick & Schmick's, Las Vegas, Nevada Contact: 702-952-2480 or http://www.turnaround.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Dinner South Florida Contact: 561-882-1331 or http://www.turnaround.org/ Nov. 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Portland Holiday Party University Club, Portland, Oregon Contact: 206-223-5495 or http://www.turnaround.org/ Nov. 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Mixer TBA, Vancouver Contact: 206-223-5495 or www.turnaround.org/ Nov. 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Real Estate Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker TBD, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Nov. 29, 2007 TMA Arizona Chapter Meeting TURNAROUND MANAGEMENT ASSOCIATION Contact: http://www.turnaround.org/ Dec. 6, 2007 TURNAROUND MANAGEMENT ASSOCIATION Seattle Holiday Party Athletic Club, Seattle, Washington Contact: 206-223-5495 or http://www.turnaround.org/ Dec. 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Westin Mission Hills Resort, Rancho Mirage, California Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA & CFA Georgia Aquarium, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Dec. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331 or http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, Florida March 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ April 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ April 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ July 10-13, 2008 TURNAROUND MANAGEMENT ASSOCIATION 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Dec. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ 2009 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Las Vegas, Nevada Contact: http://www.ncbj.org/ June 21-24, 2009 INSOL 8th International World Congress TBA Contact: http://www.insol.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ 2010 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges New Orleans, Louisiana Contact: http://www.ncbj.org/ BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency – Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers—the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today’s Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ ********* 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 * * *