/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070622.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Friday, June 22, 2007, Vol. 8, No. 123 Headlines A U S T R I A CITY GOLF: Claims Registration Period Ends July 11 F.A.M.T. FRISEUR: Claims Registration Period Ends July 17 FUGENTECHNIK LEIN: Claims Registration Period Ends July 17 GIPFELTREFF LLC: Claims Registration Period July 13 INNGAST GASTRONOMIE: Innsbruck Court Orders Business Shutdown INTERFASSADENBAU LLC: Claims Registration Period Ends July 11 KEMAL HAKTANIYAN: Claims Registration Period Ends July 17 MARCELLO LLC: Claims Registration Period Ends July 15 QUACH & KAISER: Claims Registration Period Ends August 7 STRICH ABBRUCH: Claims Registration Period Ends July 19 WIENERBERGER AG: Takes Control of Baggeridge Via Stake Purchase WIENERBERGER AG: Expands Dutch Operations with Korevaar Purchase B E L G I U M SOLUTIA INC: Wants Equistar & Millenium Settlements Approved SOLUTIA INC: Recorded June 1 to 15 Claim Transfers D E N M A R K TDC A/S: TDC Mobile Divests 15% Stake in Australian Firm ONE F R A N C E EUTELSAT COMMUICATIONS: Inks Pay-TV Contract with Digiturk G E R M A N Y BOHLEN & DOYEN: Oceanteam Acquires Unit's Marine Cable Assets C-MAX EUROPE: Creditors Meeting Slated for July 16 DAIMLERCHRYSLER AG: Unit Eyes Expansion Outside North America DIA SERVICE: Creditors Must Register Claims by July 5 DLC KORNWESTHEIM: Creditors Must Register Claims by July 9 DUERR AG: Moody's Upgrades Corp. Credit Rating Outlook to Stable FRESENIUS MEDICAL: Plans US$500 Million Senior Notes Offering EURO-BAU AG: Claims Registration Period Ends August 14 LAZARD LTD: Affiliate Prices US$600 Million Sr. Notes Offering TREND-MODE-TEXTILVERTRIEBS: Claims Registration Ends June 20 UPM GROUP: Claims Registration Period Ends July 13 VIDO WOHN: Creditors Must Register Claims by July 6 I R E L A N D COMMSCOPE INC: Signs Joint Manufacturing Deal with Karlee I T A L Y ALITALIA SPA: MatlinPatterson Rejoins Stake Race Sans Partners K A Z A K H S T A N BAYLYK LLP: Proof of Claim Deadline Slated for July 27 GULDER LLP: Creditors Must File Claims July 27 INTA-A JSC: Claims Filing Period Ends July 31 KUNARLY LLP: Claims Registration Ends July 20 MP SEMERKA: Creditors' Claims Due July 20 PROMSTROY SERVICE: Proof of Claim Deadline Slated for July 20 PROMYVOCHNO-PROPAROCHNAYA: Claims Registration Ends July 27 SOYUZ KAOLIN: Creditors Must File Claims July 27 K Y R G Y Z S T A N GRADIENT TOKTOGUL: Creditors Must File Claims by July 27 GREEN HOUSE: Proof of Claim Deadline Slated for August 8 JYLDYZ-SHPARTA OJSC: Public Auction Scheduled for June 27 TOV ROSS: Creditors' Meeting Slated for June 26 L U X E M B O U R G EVRAZ GROUP: Distributing Annual Dividends to Shareholders N E T H E R L A N D S JAMES HARDIE: Will Hold its Annual Meetings on August 17, 2007 SUPERCLICK INC: April 30 Balance Sheet Upside-down by US$2.3MM ZINIFEX LIMITED: CEO Decides to Leave Firm on June 29 ZINIFEX LTD: Completes Takeover of Canada's Wolfden Resources P O L A N D MOSTY-LODZ: CEO Warns Bankruptcy Following Continuing Losses R U S S I A CHERNIGOVSKIY OJSC: Creditors Must File Claims by July 26 DOLGOVSKOYE CJSC: Creditors Must File Claims by July 26 ELECTRO-MONTAZH CJSC: Creditors Must File Claims by June 26 ICICI BANK: Public Offer Oversubscribed 1.29 Times INSTRUMENT-TANTAL: Names M. Kuvshinova as Insolvency Manager KARATUZ-GRAIN-PRODUCT: Creditors Must File Claims by July 26 KURAGINSKIY BRICKWORKS: Creditors Must File Claims by July 26 KUREZHSKOYE OJSC: Creditors Must File Claims by June 26 LENSK-SEL-KHOZ-ENERGO: Creditors Must File Claims by June 26 MIG CJSC: Creditors Must File Claims by July 26 OUR MEAT: Creditors Must File Claims by July 26 POKROVSKOE OJSC: Creditors Must File Claims by July 26 ROSNEFT OIL: Offers RUR4.9 Billion for Yukos' Krasnodar Assets ROSNEFT OAO: Earns US$358 Million for First Quarter 2006 ROSNEFT OIL: Rules Out Second Initial Public Offering SAKHALINSKAYA FISHING: Asset Bidding Deadline Slated for June 26 SEL-KHOZ-VOD-STROY: Creditors Must File Claims by July 26 SITRONICS JSC: Inks US$8 Million TENNET Delivery Deal with MGTS STROY-TEKHNIKA LLC: Creditors Must File Claims by June 26 SUDISLAVSKIY DIARY: Asset Sale Slated for June 29 TITAN PETROCHEMICAL: Sets Sights on Becoming Fuel Storage Giant TNK-BP HOLDING: Budgets US$1 Bln to Hike Processed Gas Output TRANSNEFT OAO: To Upgrade Primorsk Oil-Export Pipeline YUKOS OIL: Rosneft Offers RUR4.9 Billion for Krasnodar Assets S P A I N AFINSA BIENES: Shareholders' Meeting Slated for June 29 S W I T Z E R L A N D ARBOMEDICS LLC: Creditors' Liquidation Claims Due July 5 ERNST & PARTNER: Creditors' Liquidation Claims Due July 5 GOLF THALWIL: Creditors' Liquidation Claims Due July 4 HANGGI & BERNHARDT: Creditors' Liquidation Claims Due July 1 OTTO KASPER: Creditors' Liquidation Claims Due July 2 SAFECOM ENGINEERING: Creditors' Liquidation Claims Due July 2 TLS LLC: Creditors' Liquidation Claims Due July 4 T U R K E Y EUTELSAT COMMUICATIONS: Inks Pay-TV Contract with Digiturk U K R A I N E AMERTSYT INTERNATIONAL: Claims Filing Deadline Set June 24 FITO-OIL LLC: Creditors Must File Claims by June 24 IVANO-FRANKOVSK RENT: Claims Filing Deadline Set June 24 OPTIM-OIL CJSC: Claims Filing Deadline Set June 24 VARISEE INVEST: Creditors Must File Claims by June 24 VINOGRADAR LLC: Claims Filing Deadline Set June 24 YAKIMOVKA LLC: Claims Filing Deadline Set June 24 U N I T E D K I N G D O M BRITISH AIRWAYS: S&P Lifts BB+ Corp. Credit Rating to BBB- BRITISH AIRWAYS: Confident on Future Growth After Rating Upgrade CATALYST PAPER: Plans US$200 Mil. Senior Notes Private Placement CHIQUITA BRANDS: Executives Adopt Prearranged Stock Trading Plan CYBA COMPUTER: Appoints Administrators from Smith & Williamson FRESCO FOOD: Taps KPMG as Joint Administrators GOLDRITE LTD: Brings In Administrators from P&A Partnership HOLLOW EXTRUSIONS: Brings in Begbies as Administrators IMPERIAL CHEMICAL: Snubs Akzo Nobel's GBP7 Billion Approach KINGSWAY ENGINEERING: Names Administrators from Begbies Traynor LIGHTHOUSE COLOUR: Appoints Administrators from P&A MIKE SMITH: Appoints Baker Tilly as Joint Administrators NIALL PHILLIPS: Creditors' Meeting Slated for July 10 NOMURA HOLDINGS: Provides US$230-Mil. Loan to CrimsonPower PHARMED SOLUTIONS: Taps Baker Tilly as Joint Administrators PRISM LEISURE: Taps Joint Administrators from BDO Stoy RESTFULL NIGHTS: Brings In Administrators from Tenon Recovery * Begbies Traynor Opens Five New Offices in the United Kingdom * BOOK REVIEW: American Commercial Banking: A History ********* ============= A U S T R I A ============= CITY GOLF: Claims Registration Period Ends July 11 -------------------------------------------------- Creditors owed money by LLC City Golf (FN 253938p) have until July 11 to file written proofs of claim to court-appointed estate administrator Katharina Widhalm-Budak at: Dr. Katharina Widhalm-Budak c/o Dr. Guenther Hoedl Schulerstrasse 18 1010 Vienna Austria Tel: 513 10 37 E-mail: widhalm-budak@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on July 25 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 21 (Bankr. Case No. 2 S 72/07m). Guenther Hoedl represents Dr. Widhalm-Budak in the bankruptcy proceedings. F.A.M.T. FRISEUR: Claims Registration Period Ends July 17 --------------------------------------------------------- Creditors owed money by LLC F.A.M.T. Friseur (FN 250698z)have until July 17 to file written proofs of claim to court-appointed estate administrator Michael Troethandl at: Dr. Michael Troethandl Hauptplatz 9-13 2500 Baden Austria Tel: 02252/86 580 Fax: 02252/86580-3 E-mail: troethandl@lexacta.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on July 31 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Traiskirchen, Austria, the Debtor declared bankruptcy on May 21 (Bankr. Case No. 11 S 57/07d). FUGENTECHNIK LEIN: Claims Registration Period Ends July 17 ---------------------------------------------------------- Creditors owed money by KEG Fugentechnik Lein (FN 277721p) have until July 17 to file written proofs of claim to court-appointed estate administrator Karl Mayer at: Dr. Karl Mayer Wiener Strasse 46 2500 Baden Austria Tel: 02252/84677 Fax: 02252/45181 E-mail: ra.karl.mayer@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on July 31 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Leobersdorf, Austria, the Debtor declared bankruptcy on May 22 (Bankr. Case No. 11 S 61/07t). GIPFELTREFF LLC: Claims Registration Period July 13 --------------------------------------------------- Creditors owed money by LLC Gipfeltreff (FN 168330w)have until July 13 to file written proofs of claim to court-appointed estate administrator Christian Girardi at: Dr. Christian Girardi Maximilianstrasse 29/P 6020 Innsbruck Austria Tel: 0512/57 99 00 Fax: 0512/5799001 E-mail: office@gss.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on July 30 for the examination of claims. The meeting of creditors will be held at: The Land Court of Innsbruck Meeting Hall 212 Second Floor New Building Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Rum, Austria, the Debtor declared bankruptcy on May 23 (Bankr. Case No. 19 S 36/07b). INNGAST GASTRONOMIE: Innsbruck Court Orders Business Shutdown ------------------------------------------------------------- The Land Court of Innsbruck entered May 22 an order shutting down the business of LLC INNGAST Gastronomie & Co KG (FN 217385i). Court-appointed estate administrator Gernot Amoser 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. Gernot Amoser Colingasse 3 6020 Innsbruck Austria Tel: 0512/58 03 21 Fax: 0512/58032222 E-mail: amoser@law-danler.at Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on May 14 (Bankr. Case No 19 S 58/07p). INTERFASSADENBAU LLC: Claims Registration Period Ends July 11 ------------------------------------------------------------- Creditors owed money by LLC Interfassadenbau (FN 167463w)have until July 11 to file written proofs of claim to court-appointed estate administrator Ilse Korenjak at: Dr. Ilse Korenjak Gusshausstrasse 6 1040 Vienna Austria Tel: 01/512 21 02, Fax: 01/512 21 02 20 E-mail: office@buresch-korenjak.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on July 25 for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Leobendorf, Austria, the Debtor declared bankruptcy on May 23 (Bankr. Case No. 36 S 76/07d). KEMAL HAKTANIYAN: Claims Registration Period Ends July 17 --------------------------------------------------------- Creditors owed money by KEG Kemal Haktaniyan (FN 159806i) have until July 17 to file written proofs of claim to court-appointed estate administrator Michael Kadlicz at: Mag. Michael Kadlicz Domplatz 16 2700 Wiener Neustadt Austria Tel: 02622/81624 Fax: 02622/81624-2 E-mail: office@auer-kadlicz.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on July 31 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Wiener Neustadt, Austria, the Debtor declared bankruptcy on May 21 (Bankr. Case No. 11 S 59/07y). MARCELLO LLC: Claims Registration Period Ends July 15 ----------------------------------------------------- Creditors owed money by LLC Marcello (FN 204788i)have until July 15 to file written proofs of claim to court-appointed estate administrator Kurt Freyler at: Dr. Kurt Freyler c/o Dr. Hans Rant Seilerstatte 5 1010 Vienna Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on Aug. 1 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 21 (Bankr. Case No. 3 S 74/07p). Hans Rant represents Dr. Freyler in the bankruptcy proceedings. QUACH & KAISER: Claims Registration Period Ends August 7 -------------------------------------------------------- Creditors owed money by OEG Quach & Kaiser (FN 184848k) have until Aug. 7 to file written proofs of claim to court-appointed estate administrator Daniel Lampersberger at: Mag. Daniel Lampersberger c/o Mag. Clemens Richter Esteplatz 4 1030 Vienna Austria Tel: 712 33 30-0 Fax: 712 33 30-30 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at noon on Aug. 21 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 22 (Bankr. Case No. 6 S 56/07p). Clemens Richter represents Mag. Lampersberger in the bankruptcy proceedings. STRICH ABBRUCH: Claims Registration Period Ends July 19 ------------------------------------------------------- Creditors owed money by KEG Strich Abbruch (FN 277652m)have until July 19 to file written proofs of claim to court-appointed estate administrator Susi Pariasek at: Dr. Susi Pariasek c/o Mag. Beate Holper Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@anwaltwien.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Aug. 2 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 23 (Bankr. Case No. 5 S 64/07g). WIENERBERGER AG: Takes Control of Baggeridge Via Stake Purchase --------------------------------------------------------------- Wienerberger AG owns or has bought about 1.12 million shares in Baggeridge Brick PLC, raising its stake to about 18.60 million shares or 45.04 percent, Hemscott reports. The share purchase sees Wienerberger holding a controlling stake in the U.K. company and effectively positions it over its chief competitor, Michelmersh Brick Holding Plc of the U.K., the report says. The Austrian company lifted its offer to 247 pence a share to attract further sellers, prompting Michelmersh to back out, Bloomberg News relates. "We are very pleased finally to have agreed to secure a controlling stake," Wienerberger CEO Wolfgang Reithofer said in a Regulatory News Service statement. "We are confident that we can accelerate the positive closing of this acquisition and quickly integrate and develop Baggeridge within our group." About Wienerberger AG Headquartered in Vienna, Austria, Wienerberger AG -- http://www.wienerberger.com/-- is the world's largest brick manufacturer and Europe's second-largest producer of roof tiles. In 2005, the company generated sales of around EUR2bn. * * * On Jan. 22, 2007, Moody's Investors Service assigned a provisional (P)Ba1 rating to Wienerberger's proposed issuance of subordinated perpetual securities by Wienerberger AG and at the same time affirmed its Baa2 rating for its senior unsecured debt. Moody's said the outlook is stable. WIENERBERGER AG: Expands Dutch Operations with Korevaar Purchase ---------------------------------------------------------------- Wienerberger AG is continuing its expansion strategy in the Netherlands and also strengthening its position on the rapidly growing clay paver market with the acquisition of Korevaar, a Dutch building materials producer. The parties have agreed not to disclose any information on the purchase price for this transaction. Heimo Scheuch, member of the Managing Board of Wienerberger AG with responsibility for North-West Europe, explained the rational for this investment: �The acquisition of the third largest clay paver producer in the Netherlands will increase our production capacity in this product area and also expand our portfolio. Additionally, we will organically grow our brick and roof tile business over the coming years. The clay pavers segment nearly doubled in volume from 185 to 330 million units between 2000 and 2006, and we expect further growth over the mid-term. With this product we intend to concentrate not only on the market for public infrastructure projects but, in particular, on private construction.� The production capacity of Korevaar's two plants totals 80 million WF (= standard format for facing bricks). Roughly 85% of this capacity is used to produce pavers and the remaining 15% for facing bricks. The necessary approvals have already been received to expand capacity at Schipperswaard. In addition, Korevaar also owns sufficient clay reserves as well as the sales unit Bos & Vermeer. �The capability of these plants to produce both clay pavers and facing bricks will give us greater flexibility in allocating production. We also see a significant potential for synergies as well as future investments through our bolt-on program, which will make it possible for us to further expand our market positions and product portfolio for our customers over the long- term,� added Mr. Scheuch in conclusion. The Netherlands represents the third largest single market for Wienerberger AG, and generates 10% of Group revenues. The acquisition of Korevaar forms a part of the profitable Wienerberger growth program, which is expected to exceed EUR400 million in 2007. About Korevaar Korevaar was founded in 1925 and is one of the largest clay paver producers in the Netherlands. The company� headquarters is located in the foreland of the Waal River and its production facilities are in Zennewijnen near Tiel and Schipperswaard in the Neder Betuwe region. The Dutch company generated revenues of roughly EUR26.5 million and EBITDA of EUR3.5 million in 2006 with 74 employees. About Wienerberger AG Headquartered in Vienna, Austria, Wienerberger AG -- http://www.wienerberger.com/-- is the world's largest brick manufacturer and Europe's second-largest producer of roof tiles. In 2005, the company generated sales of around EUR2bn. * * * On Jan. 22, 2007, Moody's Investors Service assigned a provisional (P)Ba1 rating to Wienerberger's proposed issuance of subordinated perpetual securities by Wienerberger AG and at the same time affirmed its Baa2 rating for its senior unsecured debt. Moody's said the outlook is stable. ============= B E L G I U M ============= FERRYWAYS NV: Averts Bankruptcy as New Interim Owners Step In ------------------------------------------------------------- Ferryways NV's vessels will continue sailing after a Belgian court appointed a three-person committee of experts to take over the company from owner Cobelfret, The Financial Times reports, citing Informa Maritime Trade and Transport as its source. Cobelfret had stopped operations after banks refused to continue providing financial support leading to the near-collapse of the ferry operator, FT relates. Published reports say the Belgische TransportarbeidersBond, Belgium's transport union, went to court in a bid to evoke a special Belgian law, prompting the Brugge Court of Commerce to appoint a committee of experts to temporarily run the company and effectively suspend Cobelfret's ownership. Union President Ivan Victor said that while the committee investigates Ferryways' financial situation, Cobelfret cannot even enter the company. According to the reports, a meeting was scheduled with the committee and the union hoping that financing could be organized to "open the credit lines again." The chains holding the vessels in Ostend would then be removed and they could sail again as early as Saturday, Mr. Victor said. The UK arm of Ferryways was declared insolvent after Cobelfret took action that gave its subsidiary no choice, reports say. "We have appointed administrators," Gordon Braun, commercial director of Ferryways UK, confirmed. Sixteen staff based in Ferryways' Ipswich office were given immediate notice last week, along with an employee in Immingham, another in Tilbury and one in Ostend but on the UK payroll. About Ferryways Headquartered in Oostende, Belgium, Ferryways NV -- http://www.ferryways.com/-- started operations in 2000 and, having quickly become a major player in the short-sea market, is now the leading Belgian market ferry operator. Ferryways offers frequent sailings between its hub in the Belgian port of Ostend and the British ports of Ipswich and Tilbury in the south and Immingham in the north. The ferry operator was sold by liner giant Mediterranean Shipping Co to Cobelfret, which bought Ferryways NV, Searoad Stevedores of Ostend, Ferryways UK and its subsidiary Connect Logistics and Transport. MSC was the beneficial owner through its Antwerp agent Deckers & Wirtz. Cobelfret then transferred four ro-ro ships, including Ostend Way, Ipswich Way, Flanders Way and Anglian Way, to another company, leaving Ferryways without any assets and forcing banks to pull out funding for Ferryways UK. The status of the fifth ship, which had a different ownership structure, is unclear. The banks' withdrawal of funds has forced the company's UK arm into administration and has pushed the ferry operator to the brink of bankruptcy. SOLUTIA INC: Wants Equistar & Millenium Settlements Approved ------------------------------------------------------------ Equistar Chemicals LP and Millenium both supply Solutia Inc. with chemical products and raw materials that Solutia would otherwise have a significant difficulty obtaining for its Nylon and Saflex Businesses. Equistar is a wholly owned subsidiary of Lyondell Chemical Company, which is among North America's largest independent, publicly traded chemical company. Equistar operates two chemical-producing units as a guest at Solutia's chemical plant at Chocolate Bayou in Alvin, Texas. Millenium was purchased by Lyondell in 2004 and is a wholly owned subsidiary of Lyondell. Contracts with Suppliers (1) Equistar Solutia relates that the most critical among the raw materials is propylene, which Equistar supplies to its Chocolate Bayou plant pursuant to a chemical grade propylene sales agreement, dated January 1, 1999, as amended. Because of the importance of their relationship and desire to continue doing business with each other, Solutia, Equistar and Millenium have reached an agreement that enables Solutia to assume the amended Propylene Agreement and continue to receive the chemical products and raw materials it needs from Equistar and Millenium. Equistar also leases land at the Chocolate Bayou Plant from Solutia pursuant to a real estate lease, effective October 16, 1981, between Solutia's predecessor, Monsanto Company, and Equistar's predecessor-in-interest, Conoco, Inc. To minimize Solutia's operational costs at the Chocolate Bayou Plant, Solutia and Equistar entered into an amended and restated utilities and services agreement, effective September 30, 1999. The U&S Agreement governs Solutia's provision of certain site services and utility feeds to Equistar, including compressed air, nitrogen, electricity, treated water and the operation of a barge dock facility. In addition to the Executory Contracts, Equistar and Solutia were also parties to certain chemical supply contracts, pursuant to which Equistar supplied Solutia with, among other things, ethanol, methanol and benzene; and benzene sales contract, effective January 1, 2003. Solutia and Equistar have agreed to the terms of a new benzene sales contract -- amended Benzene Sales Contract. (2) Millenium Solutia purchased vinyl acetate monomer from Millenium pursuant to a vinyl acetate monomer agreement, dated January 1, 1985, until its expiration on December 31, 2004. On January 1, 2005, both entered into a certain VAM sales contract as a replacement for the Original VAM Contract. Solutia uses VAM in the production of its Saflex(R) brand windshield and architectural glass interlayer. Dispute Jonathan S. Henes, Esq., Kirkland & Ellis LLP, in New York, says that because of the breadth and complexity of their relationship, various commercial disputes often arise between Solutia and Equistar in connection with the Contract and the Supply Contracts. Some of the disputes relate to the Propylene Agreement. At various times from January 2001 to July 2005, there were certain inaccuracies in the meter that measured volume of propylene Equistar delivered to Solutia. As a result of the inaccuracies, Solutia contends that it paid for more than it actually received. It sought a US$925,036 refund from Equistar. Solutia has also claimed entitlement to certain refunds based on certain years' annual average weighted purity -- calculated based on the ratio of propylene molecules to molecules of other chemicals in the product delivered. Solutia believes that is owed a purity credit of US$1,373,228 for propylene delivered through December 31, 2006. Assumption of Contracts To facilitate their continued negotiations, Solutia and Equistar entered into a series of bridge agreement extending the term of the Propylene Agreement, and adjusting the price, to allow them to continue to negotiate the terms of the amended Propylene Agreement, resolve outstanding disputes and enter into other commercial agreements between the parties. These negotiations resulted in Solutia and Equistar reaching agreement on the Amended Propylene Agreement and the settlement agreement between Solutia, Equistar and Millenium. The Amended Propylene Agreement salient terms include: -- the initial term is through December 31, 2010. However, there is an evergreen provision pursuant to which the Amended Propylene Agreement would renew for 2-year periods unless terminated by either party on two years' notice. To terminate, Equistar or Solutia must provide the other party with two years' written notice prior to December 31, 2010, or any subsequent December 31 anniversary; -- highly competitive pricing and commercial terms that are equal to or better than terms Solutia would expect to receive in the absence of the Amended Propylene Agreement. The pricing is consistent with the pricing contained in a series of bridging agreements that have been in effect since January 1, 2007; -- Solutia has the right to purchase and store excess amounts of propylene, which would provide it more supply security when market conditions are tight and allow Solutia to take advantage of price hedging; -- Equistar may adjust its price for a limited quantity of propylene, or allow the affected quantity to be released from the contract if, due to significant change in market conditions, Solutia presents a competitive offer for the purchase of that quantity of propylene at a lower price and on similar terms from a different propylene supplier; -- if either party plans a substantial restructuring reduction in the production of propylene or usage of propylene, it may elect a reduction n sale/purchase of propylene by providing advance notice. The reduction must be in increments over two years with a limit on the circumstances that will justify the reduction, and on the total quantity that can be reduced using the provision; and -- Equistar will provide Solutia with a higher maximum credit limit than it has been providing Solutia since prior to the commencement of the Debtors' Chapter 11 cases. Solutia also agreed to assume the Real Estate Lease, without modifications, and to amend and assume the U&S Agreement, with salient terms including: -- the term is extended to December 31, 2010, to align it with the Amended Propylene Agreement; -- the U&S Agreement and the Amended Propylene Agreement contain cross termination rights. If one party gives the other written notice to terminate either agreement, the other party can terminate the other agreement; and -- a performance monitoring system is provided to define certain performance targets covering areas of reliability, quality, environmental and administrative. The Amended Benzene Sales Contract will be assumed to ensure that Solutia has a secure supply source of the cyclohexane grade benzene. As part of the settlement agreement and Solutia's payment of Equistar allowed cure claim, Solutia and Equistar will enter into a certain letter agreement dated June 7, 2007. Pursuant to the Credit Agreement, Equistar will provide Solutia with payment terms for the propylene supplied pursuant to the Amended Propylene Agreement that are better than those in place prepetition. Mr. Henes notes that the Credit Agreement: -- contemplates that Equistar will provide Solutia with a US$25,000,000 credit line for Solutia's purchases from Equistar and Millenium; -- Equistar has agreed to provide Solutia with an additional US$25,000,000 credit line, for a total of up to US$50,000,000, contingent upon Equistar being able to obtain put option credit assurance through the financial services market on commercially reasonable terms. Equistar and Solutia will share the cost of obtaining the Credit Assurance equally; and -- will provide Solutia with approximately US$43,000,000 of additional liquidity that Solutia can use for significant additional working capital flexibility and a meaningful reduction of its interest expense. Claims Equistar filed Claim No. 5625 against Solutia for US$6,013,617, which is premised upon prepetition amounts Solutia allegedly owed pursuant to Equistar Contracts. Pursuant to a reclamation demand letter, dated December 17, 2003, and a supplemental letter, dated December 19, 2003, Equistar asserted a total of US$6,539,394 for shipments of goods between December 7, 2003, and December 16, 2003. Millenium filed Claim No. 1041, amended by Claim No. 14733, asserting US$757,004 against Solutia. Solutia does not dispute the Millenium Prepetition Claim. Settlement Agreement Mr. Henes tells the U.S. Bankruptcy Court for the Southern District of New York that the Settlement Agreement will resolve the Metering Error Claim; Purity Credit; and the Millenium Prepetition Claim. Specifically: -- the Metering Error Claim will be set off and deducted from the Equistar Prepetition Claim, reducing the claim by US$925,036; -- US$799,938 of the Purity Credit Claim will be set off against the Millenium Prepetition Claim, as well as the portion of the Equistar Prepetition Claim not related to either the Contracts nor included in Equistar's US$42,934 reclamation claim; and -- the remaining portion of the Purity Credit Claim will be set off against the Equistar Prepetition Claim, reducing it by an additional US$573,290. Pursuant to the Settlement Agreement, the amount of the Equistar Prepetition Claim allowed as a cure claim will be US$4,472,357, Mr. Henes says. Equistar has alleged that pursuant to the terms of the Propylene Agreement, it is entitled to be paid interest at the rate of 18% on any unpaid amounts related to the Propylene Agreement. Equistar has agreed to waive its claim for interest through the settlement effective date, and the amount of the Equistar Allowed Cure Claim does not include the interest. Solutia will pay the Equistar Allowed Cure Claim in full within five business days of the settlement effective date. Solutia's obligation to pay the Equistar Allowed Cure Claim is conditioned upon the Credit Agreement being effective, Mr. Henes informs the Court. Moreover, Solutia has agreed to withdraw and dismiss the adversary proceedings it commenced against Equistar and Millenium with prejudice. In the Equistar Adversary, Adversary Proceeding No. 05-3348, Solutia sought to recover US$46,444,743 in potential preferential transfers. Solutia sought to recover US$5,870,293 in potential preferential transfers from Millenium in Adversary Proceeding No. 05-3349. Mr. Henes asserts that Solutia should be authorized to enter into the settlement agreement because: * the assumption of executory contracts will enable Solutia to continue to receive the propylene it needs to manufacture acrylonitrile -- AN, which is the first step in the multiple-step nylon manufacturing process chain that spans four different Solutia plant sites -- on favourable terms and reduce its fixed costs at the Chocolate Bayou Plant; * pursuant to the Settlement Agreement, Equistar and Millenium will provide Solutia with credit terms that will increase its liquidity by up to US$43,000,000; and * it enables Solutia, Equistar and Millenium to amicably resolve various disputes on favourable terms without the need for protracted litigation. Solutia seeks the Court's authority to enter into the Settlement Agreement and assume the Executory Contracts, as amended. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Court is set to consider approval of the Disclosure Statement describing Solutia�s First Amended Reorganization Plan on July 10, 2007. Objections to the Disclosure Statement, if any, are due on June 28, 2007. The Debtors' exclusive period to file a plan expires on July 30, 2007. (Solutia Bankruptcy News, Issue No. 89; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SOLUTIA INC: Recorded June 1 to 15 Claim Transfers -------------------------------------------------- The Bankruptcy Clerk of the U.S. Bankruptcy Court for the Southern District of New York recorded these claim transfers from June 1, 2007, to June 15, 2007: Face Amount Transferor Transferee Claim No. of Claims ---------- ---------- --------- --------- Allied Sales & Hain Capital 2330 US$45,487 Service Co. Holdings, LLC Allied Sales & Hain Capital 2331 3,372 Service Co. Holdings, LLC Altenahr Group Ltd. Argo Partners - 3,736 Andon Specialties Argo Partners - 3,652 Inc. Applied Thermal Fair Harbor - 3,529 Capital, LLC Systems Inc. Blue Ridge Grain & Argo Partners 14629 8,945 Marketing Inc. Bobcat of Greater Debt Acquisition - 790 Springfield Company of America V, LLC BRI Inc. Contrarian - 24,047 Funds, LLC Bruggemann Chemical Argo Partners 1263 22,605 U.S. Brusco Rich Contrarian - 204 Funds, LLC Brusco Rich Contrarian 3778 24,065 Funds Burgess Manning Inc. Debt Acquisition 1196 408 Company of America V, LLC Calabrian Corp. Hain Capital 1236 28,672 Holdings, LLC Campbell, Campbell Argo Partners - 20,701 & Edwards PC Carlson-Dimond & Fair Harbor 929 2,892 Wright Inc. Capital, LLC Central Machine Hain Capital 1888 21,858 Works Inc. Opportunities, LLC Chattowah Open Hain Capital 1927 24,007 Land Trust Holdings, LLC Cintas Corporation Fair Harbor - 5,490 Capital Cobalt Electric Inc. Debt Acquisition 477 250 Company Compressors Argo Partners - 2,668 Engineering Corp. De Kalb Feeds Inc. Fair Harbor - 2,516 Capital Dillon Supply Co. Argo Partners 1210 4,288 Fluid Engineering Fair Harbor - 5,740 Inc. Capital, LLC Frilot Partridge Liquidity - 25,989 Kohnke & Clements Solutions, Inc. George Rozelle & Debt Acquisition - 2,422 Associates Inc. Company George Rozelle & Debt Acquisition - 1,874 Associates Inc. Company Gulf City Body & Liquidity 3597 5,600 Trailer Works Inc. Solutions Hunter Assoc Labs Liquidity 3355 5,743 Solutions Hyspan Precision Fair Harbor - 8,624 Products Inc. Capital Ionics Incorporated Debt Acquisition - 600 Company JV Industrial Ore Hill Hub 319 467,693 Companies, Ltd. Fund, Ltd. Lummus Corporation Fair Harbor - 6,544 Capital Mallinckrodt, Inc. Hain Capital 974 66,134 Holdings, LLC McNaughton-McKay Fair Harbor 4460 2,499 Electric Co. Capital Metalforms Hain Capital 604 118,433 Incorporated Holdings, LLC Mitchell Engineering Fair Harbor 4489 2,000 Inc. Capital Penske Truck Leasing Liquidity - 1,157 Co. LP Solutions Precision Sierra Asset - 2,943 Electronics Management Printing Partners Liquidity - 5,340 Solutions Promac, Inc. Sierra Asset - 39,732 Management Riviera Utilities Argo Partners 3696 284,054 Royalty Products Debt Acquisition 1129 1,540 Company Company S. R. Hansen & Liquidity - 9,375 Associates Solutions Safety Source Inc. Debt Acquisition - 2,674 Company Search Enterprises Argo Partners 6189 14,375 South, Inc. Seaway Mechanical Hain Capital 1208 89,127 Contractors Inc. Holdings, LLC Southern Technical CVI GVF (Lux) - 149,548 Services Inc. Master S.a.r.l. Southwest Electric Hain Capital 2040 43,049 Co. Holdings, LLC Spectrum Systems Debt Acquisition 737 2,231 Inc. Company Sun Valley Fire Debt Acquisition 856 1,228 Equipment Company Sun Valley Fire Debt Acquisition 864 330 Equipment Company Tidland Corporation Liquidity 3784 2,739 Solutions Town Hall Archery Liquidity - 1,781 Solutions Unisource Worldwide, Contrarian 439 1,516 Inc. Funds Unisource Worldwide, Contrarian 11569 114,637 Inc. Funds Unisource Worldwide Debt Acquisition 439 1,516 Inc. Company Vigilar Liquidity - 3,479 Solutions Wal-Tech Marine Liquidity 1607 8,682 Inc. Solutions Liquidity Solutions is doing business as Revenue Management. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Court is set to consider approval of the Disclosure Statement describing Solutia�s First Amended Reorganization Plan on July 10, 2007. Objections to the Disclosure Statement, if any, are due on June 28, 2007. The Debtors' exclusive period to file a plan expires on July 30, 2007. (Solutia Bankruptcy News, Issue No. 89; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). ============= D E N M A R K ============= TDC A/S: TDC Mobile Divests 15% Stake in Australian Firm ONE ------------------------------------------------------------ TDC Mobile International A/S, the Danish subsidiary of TDC A/S, has agreed to divest, together with the other shareholders, the Austrian mobile company ONE to a consortium comprised of Mid Europe Partners and France Telecom. Signing of the Share Purchase Agreement is planned to take place no later than June 28, 2007. TDC holds 15% of the shares in ONE and the other shareholders are E.on, Telenor and Orange. The sale is only subject to approval from the EU competition authorities and the Austrian Telecom Control Authority. Furthermore, the Austrian Financial Markets Authority needs to be notified of the sale. The total consideration is EUR1.4 billion on a cash and debt free basis -� TDC's share amounts to EUR213 million. The sale of the shares is currently expected to result in an after tax gain of approximately DKK1.2 billion, which will be included in the 3Q 2007 statement of income as special items related to income from associates and joint ventures. About TDC A/S Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.dk/-- through its subsidiaries and affiliates, provides communication solutions in Europe. It provides communication services in Denmark and Switzerland, and has a significant presence in selected Northern and Central European telecommunication markets. It operates through five business lines. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for TDC A/S. Moody's also assigned a Ba3 Probability-Of-Default-rating to the company. * Issuer: TDC A/S Projected Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- US$6-billion Sr. Unsecured Medium-Term Note Program Ba3 B1 LGD5 81% DEM500-billion 5% Sr. Unsecured Ba3 B1 LGD5 81% Regular Bond/ Debenture Due 2008 JPY3-billion 1.28% Sr. Unsecured Regular Bond/ Debenture Due 2008 Ba3 B1 LGD5 81% EUR350-million 5.625% Senior Unsecured Regular Bond/ Debenture Due 2009 Ba3 B1 LGD5 81% EUR750-million 6.5% Senior Unsecured Regular Bond/ Debenture Due 2012 Ba3 B1 LGD5 81% Senior Secured Bank Credit Facility Ba2 Ba2 LGD3 34% * Issuer: Nordic Telephone Company Holdings ApS Projected Old New LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Sr. Unsecured Floating Rate Notes 2016 B2 B2 LGD6 92% 8.875%/8.25% Senior Unsecured Regular Bond/ Debenture Due 2016 B2 B2 LGD6 92% As reported in the TCR-Europe on April 27, 2007, Fitch Ratings placed TDC A/S's Issuer Default rating of 'BB-' on Rating Watch Negative, following the company's disclosure of anticipated additional tax charges from July 1. The ratings of TDC's and NTC Holdings' debt are also put on RWN. At the same time, Standard & Poor's Ratings Services affirmed all its ratings on Danish telecoms operator TDC A/S and its parent company Nordic Telephone Co. Holding ApS, including the 'BB-/B' corporate credit ratings on TDC. S&P said the outlook is stable. =========== F R A N C E =========== EUTELSAT COMMUICATIONS: Inks Pay-TV Contract with Digiturk ---------------------------------------------------------- Eutelsat Communications and Digiturk have signed a new contract for capacity on the W3A satellite to support continued expansion of Turkey�s leading pay-TV platform. The new contract, concluded for four years, is the third signed between Eutelsat and Digiturk since November 2006. It takes to 11 the total number of transponders leased for broadcasting services by Digiturk on Eutelsat's satellites. Launched in 2000 from Eutelsat's 7 degrees East position, Digiturk�s platform benefits from the high-power regional footprint on Eutelsat's W3A satellite in order to reach 1.6 million subscribing satellite homes across Turkey. In addition to its reach of Turkey, Digiturk offers pay-TV services across Europe and also uses capacity on ATLANTIC BIRD� 1 for contribution links back to its studios in Istanbul. The pay-TV platform serving Turkey today offers more than 150 television, radio and interactive channels incorporating national and international programming. Channels recently joining the platform include Disney Channel Turkey, which has signed a contract with Digiturk for exclusive carriage of Disney Channel Turkey which began broadcasting on April 29. Digiturk is also preparing for the introduction later in 2007 of new HDTV and Video on Demand services through its capacity on W3A. �Eutelsat has been the unique satellite provider for Digiturk since it launched into the pay-TV market in 2000,� Olivier Millies-Lacroix, Eutelsat�s commercial director, said. �We are very leased to further strengthen this relationship through additional capacity on our W3A satellite which is optimized for Direct-to-Home reception via its unique footprint which reaches into Digiturk�s core markets.� About Eutelsat Headquartered in Paris, France, Eutelsat Communications (Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the holding company of Eutelsat S.A. The Group is a leading satellite operator with capacity commercialized on 23 satellites providing coverage over the entire European continent, as well as the Middle East, Africa, India and significant parts of Asia and the Americas. The Group is one of the world's three leading satellite operators in terms of revenues. Its satellites are used for broadcasting nearly 1,800 TV and 900 radio stations to more than 120 million cable and satellite homes. The Group also provides TV contribution services, corporate networks, mobile positioning and communications, Internet backbone connectivity and broadband access for terrestrial, maritime and inflight applications. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors, Moody's Investors Service confirmed its Ba2 Corporate Family Rating for Eutelsat Communications S.A. Moody's also assigned a Ba3 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------ ---------- Senior Unsecured Bank Credit Facility Ba3 LGD4 55% ============= G E R M A N Y ============= BOHLEN & DOYEN: Oceanteam Acquires Unit's Marine Cable Assets ------------------------------------------------------------- Oceanteam Power & Umbilical ASA has agreed main terms with the curator of Bohlen & Doyen for the purchase of the Marine Cable Installation assets of Submarine Cable & Pipe GmbH & Co. Submarine Cable & Pipe Gmbh is a subsidiary of the insolvent Bohlen & Doyen Group from Wiesmoor, Germany. The agreement is only subject to conclusion of final agreements and OPU board approval. The assets include the Cable Barge - "Bodo Installer", cable burial equipment including the vertical injector, a rock cutter crawler, 2 jet sledges and other associated equipment. Oceanteam plans to establish a German daughter company in the next few weeks with offices in Wilhelmshafen, Germany. Submarine Cable & Pipe was formed in 1993 and had build up a substantial track record of cable installation world wide including power cable, fiber-optic cable and shore landing installations. During 2007 Submarine Cable & Pipe has been contracted on the NorNed cable installation project between Norway & the Netherlands, and the Burbo Offshore Wind Farm Project for SeaScape Energy. Oceanteam regards the acquisition as an important enhancement of its capabilities in the cable installation, IMR and trenching markets for the Offshore Renewable and Power Distribution. Headquartered in Wiesmoor, Germany, Bohlen & Doyen -� offers complete solutions ranging from planning to commissioning and from project management to maintenance as well as service in the areas of gas, water, waste, water, power and telecommunication cables. The company has 60 branch offices across the country. According to EIR Conferences Ltd., Bohlen & Doyen filed for insolvency with the district court of Aurich on April 23, 2007. 2,500 employees are affected by the insolvency. Uwe Kuhmann of Kuhmann Insolvenzverwaltung has been appointed interim trustee. C-MAX EUROPE: Creditors Meeting Slated for July 16 -------------------------------------------------- Creditors of C-MAX Europe GmbH have until June 22 to register their claims with court-appointed insolvency manager Heike Metzger. Creditors and other interested parties are encouraged to attend the meeting at 8:45 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 Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heike Metzger Hauptstrasse 161 68259 Mannheim Germany Tel: 0621/4328899-0 Fax: 0621/4328899-50 The District Court of Heilbronn opened bankruptcy proceedings against C-MAX Europe GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: C-MAX Europe GmbH Carl-Zeiss-Strasse 13 74078 Heilbronn Germany DAIMLERCHRYSLER AG: Unit Eyes Expansion Outside North America ------------------------------------------------------------- As DaimlerChrysler AG's Chrysler Group continues to increase sales and expand operations in markets outside North America, the company has identified a need for additional sales outlets in key established and growth markets. This week, approximately 70 international investors and dealers are visiting the company's headquarters in Auburn Hills for a sneak peek at the potential for Chrysler, Jeep and Dodge brand franchises in their respective markets. "While we will continue to aggressively defend our position in NAFTA, it is important that we expand in other markets so that we are not as dependent on the ups and downs of a single region," Chrysler Group President and CEO Tom LaSorda said. "With a more global focus we will be better able to take advantage of emerging opportunities." Dealer Investment Forum The Chrysler Group has invited the potential partners from 19 countries all over the world, including Russia, Japan and Middle East. During three days with senior Chrysler Group executives, the investors will learn more about the different avenues the company is pursuing to become a more global operation as it implements the Recovery and Transformation Plan, a roadmap for returning to financial health. They will also gain insight into the Chrysler Group's growth plans outside North America and experience first-hand the unique products and powertrains that would be available through their franchise if they choose to invest. This week's forum follows a conference held in China where 140 dealers attended. "Due to the expansion of our global portfolio, we see an opportunity not only to strengthen the relationship with our current dealers, but also to look for new business partners that can help us to take our international business to the next level," said Michael Manley, executive vice president of International Sales, Marketing and Business Development. Outside North America, Chrysler Group has roughly 1,400 sales outlets. In established markets, like Western Europe, the company plans to add roughly 100 new sales outlets over the next two years. Additional growth in the dealer network will increase the company's presence in growing markets, such as Russia and China, where the existing dealer network is doing well, but the goals of additional sales growth will require adding more locations. The addition of these new outlets will increase customer satisfaction, as well as contribute to increased sales. Chrysler Group remains committed to ensuring a positive customer experience with the product itself, and with the dealership for both sales and service experiences. Having the necessary number of dealerships exposes more customers to the Chrysler, Jeep and Dodge brands and also means that customers are able to visit a facility in or near their community after purchasing the vehicle for any necessary maintenance. Performance Outside North America In 2006, Chrysler Group expanded the availability of the Dodge brand in key markets all over the world with the launch of the Dodge Caliber, the brand's first volume vehicle outside North America. The next two Dodge vehicles, making their way into global markets this summer, are the Dodge Nitro and Avenger. Demand for the Dodge brand has been strong so far this year as Dodge Caliber sales soared to 13,265 units year-to-date, making it the top-selling Chrysler Group vehicle outside North America. By 2009, Dodge could account for roughly 30 percent of the Company's international sales. "Many dealers outside North America have been very successful with the sales of all three Chrysler Group brands in their local markets," Thomas Hausch, vice president of International Sales, said. "In Western Europe alone, we increased our return on sales by more than 20 percent, from 1.7 in 2005 to 2.1 in 2006. This is a clear indication that the new vehicles we are introducing are well-received by our customers and that we deliver to our dealers one of the best return on sales within the industry." Sales growth for Chrysler Group as a whole outside North America has reached an unprecedented two full years of monthly sales gains, and year-to-date growth of 16 percent (91,412 units) over the same period of time in 2006. Much of this growth is attributed to the increase in the number of models that are being introduced in markets all over the world with options that meet the needs of global customers. Chrysler Group management has indicated that the plan is to double last year's sales outside North America and reach approximately 400,000 units in the next five years. To support this growth plan, between 2003 and 2007, The Chrysler Group will approximately double the number of products available outside North America from 9 to 20 vehicles. Within the number of models available, the company will triple the number of vehicles in right-hand-drive, from 6 to 18; and, quadruple the number of vehicles with an option for a diesel powertrain, from 4 to 16. Chrysler Group sells and services vehicles in more than 125 countries around the world. Sales outside North America currently account for approximately 8 percent of the company's total global sales. Vehicles available outside of North America come from all three Chrysler Group brands, with limited availability on some trucks and SUV models. Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA: DCX) -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide operations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam, and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group As quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. DIA SERVICE: Creditors Must Register Claims by July 5 ----------------------------------------------------- Creditors of Dia Service Ruthardt Fotofachlabor GmbH have until July 5 to register their claims with court-appointed insolvency manager Inge Rall. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Aug. 2, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Hall 13 Ground Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart 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: Inge Rall Neckarstr. 144-146 70190 Stuttgart Germany Tel: 0711/120 900 00 Fax: 0711/120 900 09 The District Court of Stuttgart opened bankruptcy proceedings against Dia Service Ruthardt Fotofachlabor GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dia Service Ruthardt Fotofachlabor GmbH Attn: Peixoto Marques Rodrigues, Manager Hasenbergstr. 31 70178 Stuttgart Germany DLC KORNWESTHEIM: Creditors Must Register Claims by July 9 ---------------------------------------------------------- Creditors of DLC Kornwestheim GmbH & Co. KG have until July 9 to register their claims with court-appointed insolvency manager Wolfgang Bilgery. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ludwigsburg Hall 2008 Palace Schuetz Schorndorfer Str. 28 Ludwigsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Bilgery Humboldtstr. 16 70178 Stuttgart Germany Tel: 0711/966890 The District Court of Ludwigsburg opened bankruptcy proceedings against DLC Kornwestheim GmbH & Co. KG on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DLC Kornwestheim GmbH & Co. KG Attn: Herbert Wolters, Manager Sigelstrasse 53 70806 Kornwestheim Germany DUERR AG: Moody's Upgrades Corp. Credit Rating Outlook to Stable ---------------------------------------------------------------- Moody's has upgraded the outlook for Duerr AG's corporate credit rating from negative to stable. Duerr AG's corporate credit rating continues to stand at B2. Duerr's steady improvements in operating performance over recent months cued Moody's to upgrade the company�s outlook, which also reflects Moody's expectation that Duerr will record further improvements not only in the operating performance, but also in efficiency and that Duerr will retain an adequate liquidity position. The company reached all of its financial targets in fiscal 2006 and increased operating profit from EUR3.5 million to EUR39.1 million. In the first quarter of 2007 the specialist for paint shops and production technology continued its improved performance: operating profit rose to EUR3.1 million after Duerr had recorded a loss of EUR0.9 in the first quarter of 2006. Duerr expects sales growth of between 5 and 10% and a further significant earnings improvement in 2007. 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. ERICH RHODE: EU Commission Okays State Aid; 500 Jobs Secure ----------------------------------------------------------- Erich Rohde KG's future have been secured until the end of the year after the European Commission approved the request of the Ministry of Economic Affairs to extend state aid to the shoe manufacturer, AFX News reports. It is expected that an investor will be found within the next six months, which will secure 500 jobs at the company's Schwalmstadt plant, AFX relates. In a press notice on June 7, 2007, Jose Silva Peneda, member of the house of representatives of the PSD in the European Parliament, asked the European Commission to include a clause as �currency of exchange� of the authorization of the state aid, the guarantee of the jobs in the Rohde in Portugal. The press notice also disclosed that the state government of Hessen will have to guarantee EUR2.25 million of the company's EUR5 million loan from Kreissparkasse Schwalm-Eder. As previously reported in the TCR-Europe on April 5, 2007, the management of Erich Rohde is in talks with its insolvency manager and creditor banks over a restructuring and recovery plan. Eric Rohde filed an insolvency petition before the District Court of Marburg/Lahn on March 12, 2007 after it was overburdened with costs arising from the partial closure of its plant in Portugal, where 1,350 workers are employed. The court named Carsten Koch as preliminary insolvency administrator. The company also encountered quality problems with products from China and a fall in demand for its winter shoes due to mild weather resulting to sluggish sales, Suddeutsche Zeitung reported. Headquartered in Schwalmstadt, Germany, Eric Rhode KG is a shoe manufacturer with operations in Austria and Portugal. The company employs approximately 1,950 coworkers. It has an annual turnover of EUR130 million. FRESENIUS MEDICAL: Plans US$500 Million Senior Notes Offering ------------------------------------------------------------- Fresenius Medical Care AG & Co. KGaA intends to sell approximately US$500 million senior unsecured notes. Proceeds from the offering will be used to reduce the company�s debts under its senior secured bank credit facility, short-term debt, and for general corporate purposes. The company expects to complete the offering at the beginning of July 2007. The notes will be offered mainly to US institutional investors. The proposed offering will not be registered under the Securities Act of 1933, but will be offered in the United States pursuant to an exemption from registration under Rule 144A as well as outside the United States under Regulation S. About Fresenius Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG (Frankfurt Stock Exchange: FME, FME3) (NYSE: FMS, FMS/P) -- http://www.fmc-ag.com/-- provides products and services for individuals undergoing dialysis because of chronic kidney failure, a condition that affects more than 1,500,000 individuals worldwide. Fresenius Medical Care also provides dialysis products such as hemodialysis machines, dialyzers and related disposable products. Through its network of around 2,194 dialysis clinics in North America, Europe, Latin America, Asia-Pacific and Africa, Fresenius Medical Care provides dialysis treatment to around 128,200 patients around the globe. Fresenius AG holds around 37% of Fresenius Medical Care AG & Co. KgaA's capital. The company also operates facilities in Australia, Brazil, Canada, China, France, Korea, Mexico, Portugal and Sweden, among others. * * * The company carries Moody's Investors Service's Ba2 corporate family rating. EURO-BAU AG: Claims Registration Period Ends August 14 ------------------------------------------------------ Creditors of EURO-BAU AG Alevxander Wagner have until Aug. 14 to register their claims with court-appointed insolvency manager Andreas Schafft. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.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 Erfurt Hall 12 Judicial Center Rudolfstr. 46 99092 Erfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Schafft Charlottenstr. 7 99096 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against EURO-BAU AG Alevxander Wagner on June 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EURO-BAU AG Alevxander Wagner Anger 6 99084 Erfurt Germany LAZARD LTD: Affiliate Prices US$600 Million Sr. Notes Offering -------------------------------------------------------------- Lazard Ltd.�s subsidiary, Lazard Group LLC, has priced an offering of US$600 million aggregate principal amount of senior notes due 2017. The notes will be senior unsecured obligations of Lazard Group LLC. The notes will be sold at 99.702% and will bear interest at a rate of 6.85%. The sale of the notes is expected to close on June 21, 2007, subject to customary closing conditions. Lazard Group intends to use the net proceeds from the sale of the notes for: a) expansion of its Financial Advisory and Asset Management businesses; b) other strategic acquisitions or investments; c) repayment of Lazard Group�s US$96 million senior promissory note and US$50 million subordinated promissory note, each of which are due in February 2008; and d) general corporate purposes. The notes are offered in a private placement under Rule 144A, have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Lazard Ltd. (NYSE: LAZ) -- http://www.lazard.com/-- a preeminent financial advisory and asset management firm operates from 29 cities across 16 countries in North America, Europe, Asia, Australia and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, restructuring and capital raising, as well as asset management services to corporations, partnerships, institutions, governments, and individuals. The company has locations in Australia, China, France, Germany, India, Japan, Korea, and Singapore. * * * As reported in the Troubled Company Reporter on May 10, 2007, Lazard Ltd. reported total assets of US$2.6 billion, total liabilities of US$2.8 billion, and minority interest at $55.7 million, resulting in a total stockholders' deficit of $206.8 million as of March 31, 2007. TREND-MODE-TEXTILVERTRIEBS: Claims Registration Ends June 20 ------------------------------------------------------------ Creditors of Trend-Mode-Textilvertriebs-GmbH have until June 20 to register their claims with court-appointed insolvency manager Philipp Grub. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on July 12, 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 Waldshut-Tiengen Hall 25 Ground Floor Bismarckstrasse 23 79761 Waldshut-Tiengen 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. Philipp Grub Humboldstrasse 16 70178 Stuttgart Germany The District Court of Waldshut-Tiengen opened bankruptcy proceedings against Trend-Mode-Textilvertriebs-GmbH on June 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Trend-Mode-Textilvertriebs-GmbH Attn: Gerhard Winkler and Johannes Krieg, Managers Hoellsteinerstrasse 25a 79689 Maulburg Germany UPM GROUP: Claims Registration Period Ends July 13 -------------------------------------------------- Creditors of upm group AG have until July 13 to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Aug. 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D132 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ruediger Wienberg Wasastrasse 15 01219 Dresden Germany Web site: http://www.hww-kanzlei.de/ The District Court of Dresden opened bankruptcy proceedings against upm group AG on May 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: upm group AG Wintergartenstr. 4 01307 Dresden Germany VIDO WOHN: Creditors Must Register Claims by July 6 --------------------------------------------------- Creditors of Wohn- und Objektbau GmbH fuer schluesselfertiges Bauen have until July 6 to register their claims with court- appointed insolvency manager Markus Stoppelkamp. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Passau Meeting Hall 12a Ground Floor Schustergasse 4 Passau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Markus Stoppelkamp Rosstranke 13 94032 Passau Germany Tel: 0851/7568151 Telefax: 0851/75681520 The District Court of Passau opened bankruptcy proceedings against Wohn- und Objektbau GmbH fuer schluesselfertiges Bauen on May 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wohn- und Objektbau GmbH fuer schluesselfertiges Bauen Hoerdterbergstr. 18 94474 Vilshofen Germany ============= I R E L A N D ============= COMMSCOPE INC: Signs Joint Manufacturing Deal with Karlee --------------------------------------------------------- CommScope, Inc., and Karlee, Inc., planned to continue supporting the rapid deployment requirements of Internet Protocol Over Television solutions through a joint manufacturing relationship. CommScope is the Original Design Manufacturer (ODM) of enclosures and Karlee, a minority-owned business, manufactures these products on behalf of CommScope. CommScope embraced the diversity challenge from its customers and created a value-added model that benefits the Carrier group while meeting the demand for quality cabinets due to network expansion and the industry's diversity commitment. "The professional relationship between CommScope, Inc. and Karlee, Inc. began in 2005 when Karlee manufactured one CommScope cabinet design for a large IPTV rollout," stated Julie Nielson, Vice President Product Management and Engineering. "Since then, the collaborative production of cabinets has steadily increased each year. We believe the CommScope approach has created a competitive advantage that provides our customers exceptional quality in both manufactured parts and in the flexibility required to meet rapid deployment schedules," added Ms. Nielson. The CommScope Carrier group offers lab-engineered, integrated cabinet solutions that provide effective thermal, EMI and environmental protection. The quality of these integrated cabinet solutions is proven through the global deployment of over 350,000 cabinets meeting GR-487 requirements. In addition, the CommScope Carrier group provides apparatus designed for switching and transmission applications in telephone central offices and remote locations. About Karlee KARLEE is a privately owned contract manufacturer of precision sheet metal and machined components for the telecommunications, semiconductor, defense, aerospace, commercial goods and medical equipment industries. Since incorporation in 1977 as a producer of machined parts, the company's commitment to exceeding customer expectations and building quality into the product has differentiated us from competitors. During the early 1980's the company expanded the business to include sheet metal fabrication. In response to its customers' needs, the company added electrical-mechanical assembly and finishing processes such as plating, painting and silk-screening. About CommScope Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV) -- http://www.commscope.com/-- designs and manufactures "last mile" cable and connectivity solutions for communication networks. Through its SYSTIMAX(R) Solutions(TM) and Uniprise(R) Solutions brands CommScope is the global leader in structured cabling systems for business enterprise applications. It is also the world's largest manufacturer of coaxial cable for Hybrid Fiber Coaxial applications. Backed by strong research and development, CommScope combines technical expertise and proprietary technology with global manufacturing capability to provide customers with high-performance wired or wireless cabling solutions. CommScope has facilities in Brazil, Australia, China and Ireland. * * * As reported in the Troubled Company reporter on Aug. 23, 2006, Standard & Poor's Rating Services removed its rating on Hickory, North Carolina-based CommScope, Inc., from CreditWatch with negative implications from CreditWatch, where they were placed with negative implications on Aug. 7, 2006, and affirmed the existing 'BB' corporate credit rating. S&P said the outlook is stable. ========= I T A L Y ========= ALITALIA SPA: MatlinPatterson Rejoins Stake Race Sans Partners -------------------------------------------------------------- The Italian Finance Ministry has allowed MatlinPatterson Global Advisers LLC to submit a binding offer for Italy's 39.9% stake in Alitalia S.p.A., various reports say. The fund was part of the consortium of TPG Capital and Mediobanca S.p.A. that, along with rivals OAO Aeroflot- Unicredito Italiano S.p.A. and AirOne S.p.A. and Intesa-San Paolo S.p.A., qualified for the final round of bidding for a majority stake in Alitalia. MatlinPatterson's consortium, however, pulled out its bid, saying it was not "in a position to comply with all of the requirements," which it described as "too complex and cryptic." A source close to the consortium told the Wall Street Journal that the group was apprehensive it could not meet the July 2 deadline for submission of final offers and business plan. In an e-mailed statement to Bloomberg News, the Finance Ministry said MatlinPatterson �confirmed its interest in accessing Alitalia's data room and starting due diligence aimed at presenting a binding offer.� Italy, which is selling a minimum of 39.9% stake in Alitalia, gave the bidders until 5:00 p.m. on July 2 to present their binding offers. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia registered EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked consecutive annual net losses of EUR520 million in 2003, EUR813 million in 2004, and EUR168 million in 2005. =================== K A Z A K H S T A N =================== BAYLYK LLP: Proof of Claim Deadline Slated for July 27 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Baylyk insolvent. Creditors have until July 27 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Building of Auto Station Room 7, 9 Second Floor Micro District 28 Aktau Mangistau Kazakhstan Tel: 8 (3292) 41-14-58 GULDER LLP: Creditors Must File Claims July 27 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Rest Home Gulder insolvent. Creditors have until July 27 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3232) 21-30-32 INTA-A JSC: Claims Filing Period Ends July 31 --------------------------------------------- The Tax Committee of Almaty has declared JSC Inta-A (RNN 600900517379). Creditors have until July 31 to submit written proofs of claims to: JSC Inta-A Room 208 Jangusurov Str. 113A Taldykorgan Almaty Kazakhstan Tel: 8 (32822) 24-19-77 KUNARLY LLP: Claims Registration Ends July 20 --------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Kunarly 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 MP SEMERKA: Creditors' Claims Due July 20 ----------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Mp Semerka 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 PROMSTROY SERVICE: Proof of Claim Deadline Slated for July 20 ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Vk Promstroy Service 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 PROMYVOCHNO-PROPAROCHNAYA: Claims Registration Ends July 27 ----------------------------------------------------------- Branch of JSC Kazykurtskaya Promyvochno-Proparochnaya Stantsiya has declared insolvency. Creditors have until July 27 to submit written proofs of claims to: Branch of JSC Kazykurtskaya Promyvochno-Proparochnaya Stantsiya 5th Kilometer Lengerskoye High Way Shymkent South Kazakhstan Kazakhstan SOYUZ KAOLIN: Creditors Must File Claims July 27 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP Soyuz Kaolin insolvent. Creditors have until July 27 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3232) 21-30-32 =================== K Y R G Y Z S T A N =================== GRADIENT TOKTOGUL: Creditors Must File Claims by July 27 -------------------------------------------------------- LLC Gradient Toktogul (INN 01812200110018) has declared insolvency. Creditors have until July 27 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 62-15-53. GREEN HOUSE: Proof of Claim Deadline Slated for August 8 -------------------------------------------------------- LLC Consulting Group Green House has declared insolvency. Creditors have until Aug. 8 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 52-48-19. JYLDYZ-SHPARTA OJSC: Public Auction Scheduled for June 27 --------------------------------------------------------- The temporary insolvency manager of OJSC SKGP Jyldyz-Shparta will auction its 100% stake in the authorized capital of LLC Fabrika Vosmogo Marta at 10:00 a.m. on June 27 at: LLC Fabrika Vosmogo Marta Den Syaopina Str. 18/2 Bishkek Kyrgyzstan The starting price is KGS180,000,000, which was reduced by 50%. The type of the activity of the enterprise is manufacturing of fur, furniture-gobelin fabric and ready-made garments. Information about LLC Fabrika Vosmogo Marta: * authorized capital: KGS50,595,508 * cost of assets: KGS50,595,508 Interested bidders have until noon on June 26 to deposit guarantee payment equivalent to 10% of the starting price to: Settlement Account No. 1210820002000592 OJSC Dos Credo Bank Branch of Bereket BIK 121008 or to the cashier of the OJSC SKGP Jyldyz-Shparta. Participants may their bids and necessary documents at: LLC Fabrika Vosmogo Marta Den Syaopina Str. 18/2 Bishkek Kyrgyzstan Tel: (+996 312) 65-02-33 (+996 312) 24-15-05 (0-502) 50-56-46 TOV ROSS: Creditors' Meeting Slated for June 26 ----------------------------------------------- The temporary insolvency manager of LLC Tov Ross will discuss his final report and the completion of the company's bankruptcy proceedings at a creditors' meeting at 10:00 a.m. on June 26 at: Room 108 Moskovskaya Str. 151 Bishkek Kyrgyzstan Proxies must have authorization to vote. The temporary insolvency manager is: B. Aralbayev Tel: (+ 996 312) 21-67-25 (0-555) 50-35-76 =================== L U X E M B O U R G =================== EVRAZ GROUP: Distributing Annual Dividends to Shareholders ---------------------------------------------------------- Evraz Group S.A. has disclosed that all resolutions proposed to the shareholders were duly passed at the Annual General Meeting held on Wednesday, June 20, 2007, including, inter alia, the: 1.approval of the reports of the Board of Directors and of the auditor on the accounts as per Dec. 31, 2006 and of the decision for allocation of the profit, which for the period ending on Dec. 31, 2006 amounts to EUR222,213,213: -- to distribute annual dividends to the holders of record of shares in the share register of the Company as of June 6, 2007 in proportion to their participation in the share capital of the Company, provided that (1) the dividend per 1 GDR shall be Euro equivalent of US$1.10 (one US dollar and ten cents) and (2) the dividend per 1 share in the Company shall be Euro equivalent of US$3.30 (three US dollars and thirty cents). -- the total amount shall be calculated per the official exchange rate set out by the Central Bank of Luxembourg as of May 23, 2007. The dividends shall be paid by September 2007 at the latest. Payment of the dividends to the GDRs holders shall be made by The Bank of New York as custodian. 2. Statutory elections: 2.1. to re-elect the following directors for a period ending immediately after the approval of the annual accounts of the Company for the year ending on Dec. 31, 2007: -- Alexander Abramov -- Otari Arshba -- Alexander Frolov -- James Campbell -- Philippe Delaunois -- Olga Pokrovskaya -- Terry Robinson -- Eugene Shvidler -- Eugene Tenenbaum 2.2. to elect Alexandra Trunova as statutory auditor of the Company for a period ending immediately after the the approval of the annual accounts of the Company for the year ending on Dec. 31, 2007. 2.3. to elect Ernst & Young, a company having its registered office at 7, Parc d'Activite Syrdall, L-5365 Munsbach as external auditor of the Company for a period ending immediately after the approval of the annual accounts of the Company for the year ending on Dec. 31, 2007. 3. authorization to the Board of Directors to delegate the daily management of the Company's business and to appoint Alexander V. Frolov as managing director (administrateur- delegue/CEO) of the Company with the mandate expiring on the date of approval by the annual shareholders meeting of the Company's accounts for the year ending on Dec. 31, 2007. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Evraz Group S.A. and assigned a Ba3 Probability-of- Default Rating. Moody's also assigned these ratings: * Issuer: Evraz Group S.A. Projected Old Debt New Debt LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 8.25% Senior Unsecured Regular Bond/ Debenture Due 2015 B2 B2 LGD5 88% * Issuer: Evraz Securities S.A. Old Debt New Debt LGD Loss Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 10.875% Senior Unsecured Regular Bond/ Debenture Due 2009 B1 Ba3 LGD3 47% In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and senior unsecured ratings at BB and its Short-term rating at B. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd., Evraz's core subsidiary with most of its assets concentrated in Russia- at Issuer Default BB and Short-term B. Evraz Securities SA's senior unsecured rating is affirmed at BB. Fitch said the Outlooks on the Issuer Default ratings are Stable. Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+. ===================== N E T H E R L A N D S ===================== JAMES HARDIE: Will Hold its Annual Meetings on August 17, 2007 -------------------------------------------------------------- James Hardie Industries Limited will hold its Annual General Meeting on August 17, 2007, Friday at Ballroom B, Hilton Amsterdam, Apolloaan 138, 1077 BG Amsterdam, The Netherlands at 10:00 a.m. Central Europe Time. Meanwhile, the 2007 Annual Information Meeting of CUFS holders of James Hardie Industries NV will be held at The Westin Hotel. No. 1 Martin Place, Sydney, NSW, Australia at 1:00 p.m. Australian Eastern Standard Time on Wednesday, August 15, 2007. James Hardie Industries Limited -- http://www.jameshardie.com/ -- manufactures, markets and distributes fiber cement and gypsum products, fiberglass reinforced plastic and PVC products, sanitary ware and bathroom products, insulating materials and fillers, strippers and adhesives. On July 2, 1998, the then public company announced a plan of reorganization and capital restructuring. James Hardie N.V. was incorporated in August 1998 as an intermediary holding company, with all of its common stock owned by indirect subsidiaries of JHIL. Effective as of November 1998, JHIL contributed its fiber cement businesses, its United States gypsum wallboard business, its Australian and New Zealand building systems businesses and its Australian windows business to JHNV and its subsidiaries. On July 24, 2001, JHIL announced a further plan of reorganization and capital restructuring, which reorganization was completed on Oct. 19, 2001. In connection with the 2001 reorganization, James Hardie Industries N.V., formerly RCI Netherlands Holdings B.V., issued common shares represented by CHESS Units of Foreign Securities on a one for one basis to existing JHIL shareholders in exchange for their shares such that JHINV became the new ultimate holding company for JHIL and JHNV. Following the 2001 Reorganization, JHINV controls the same assets and liabilities as JHIL controlled immediately prior to the 2001 Reorganization. The company's troubles began with its "under-funded" allocation for asbestos claims, which were brought in by people who suffer or may have diseases caused by exposure to the asbestos-related products produced by JHIL. In 2001, James Hardie set up an independent entity, Medical Research and Compensation Foundation, to handle asbestos claims. The Foundation has warned that it could run out of money within five years. The Asbestos Diseases Foundation of Australia and workers unions called for all the Company's asbestos profits to be immediately placed in the fund. James Hardie was later accused of topping up the dwindling asbestos fund it established. By 2004, James Hardie's former asbestos manufacturing subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd -- are three of around 150 defendants in asbestos litigation, and based on the Foundation's own figures, they account for US$1,000,000,000 of the predicted US$6,000,000,000 future asbestos liabilities in Australia. Although James Hardie stopped making asbestos products in 1987, the average 35-year latency of mesothelioma, an asbestos-related disease, means asbestos compensation funds will be needed until mid-century. In a 2005 report by a company-hired actuary from KPMG, it was predicted that 4,915 Australians would contract mesothelioma from exposure to Hardie products in the coming decades. When less serious forms of asbestos-related disease are included, James Hardie should expect to compensate 8,725 victims. On Dec. 1, 2005, the company announced that the NSW Government and a wholly owned Australian subsidiary of the Company -- LGTDD Pty Ltd -- had entered into a conditional agreement to provide long-term funding to a special purpose fund that will provide compensation for Australian asbestos-related personal injury claims against certain former James Hardie asbestos companies. The amount of the asbestos provision of AU$1 billion, at March 31, 2006, is the company's best estimate of the probable outcome. The estimate includes an actuarial calculation prepared by KPMG Actuaries Pty Ltd of the projected future cash outflows, undiscounted and uninflated, and the anticipated tax deduction arising from Australian legislation, which came into force on April 6, 2006. SUPERCLICK INC: April 30 Balance Sheet Upside-down by US$2.3MM -------------------------------------------------------------- Superclick Inc.'s consolidated balance sheet at April 30, 2007, showed US$2,031,190 in total assets and US$4,395,803 in total liabilities, resulting in a US$2,364,613 total stockholders' deficit. The company's consolidated balance sheet at April 30, 2007, also showed strained liquidity with US$1,808,404 in total current assets available to pay US$4,373,019 in total current liabilities. Superclick Inc. reported net income after cumulative effect adjustment for the second quarter of US$54,001, compared to a net loss of US$480,709 for the three months ended April 30, 2006. The cumulative effect adjustment for the three months ended April 30, 2007, was US$73,700. During the quarter ended April 30, 2007, the company detected an error in the credit rate used to determine the 2004 and 2005 Provincial Research and Development (R&D) Tax Credit refund. The error was a result of the use of the 100% Canadian owned rate versus that of a foreign owned rate, which are higher and thus the amount of the eligible refund was overstated. Superclick Inc. reported net revenues of US$1,237,649 for the second quarter ended April 30, 2007, compared to US$907,809 in revenue for the second quarter of 2006. The increase of US$329,840 in revenue, or 36.3%, for the second quarter on a year-over-year basis, was attributable to improving installation revenue and the strengthening of support contracts. In particular, the company improved revenue performance in customer support revenues for the second quarter on a year-over-year basis by 64.7%. Gross profit for the second quarter ended April 30, 2007, was US$688,554, or 55.6% compared with the US$431,322, or 47.5% reported for the second quarter ended April 30, 2006. Selling, general and administrative (SG&A) expenses for the three months ended April 30, 2007, and 2006, were US$435,703, or 35.2% and US$492,846 or 54.3% respectively. Superclick ended the quarter with US$650,553 in cash and US$932,378 in accounts receivable. Sandro Natale, chief executive officer, commented that "we continue to be pleased with the progress we are making on many levels. From an operational standpoint, we have substantially streamlined our operations and are now committed to investing into core areas that will enable us to further scale revenue on a more profitable basis. On the technology front, we continue to demonstrate the depth of our SIMS platform and MAMA application and believe that we are truly differentiated in terms of our ability to provide customers with management transparency and performance over their networks. In terms of our development for the future, we are excited about the prospects we see developing for our Media Distribution System (MDS) application and hope to begin announcing successes here over the quarters to come. Our approach of developing services and products focused on resolving customer needs first and foremost is yielding strong results and this will continue to be our catalyst for growth moving forward." Full-text copies of the company's consolidated financial statements for the quarter ended April 30, 2007, are available for free at http://researcharchives.com/t/s?2107 Going Concern Doubt As reported in the Troubled Company Reported on Feb. 6, 2007, Bedinger & Company, in Concord, California, expressed substantial doubt about Superclick Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended Oct. 31, 2006. The auditing firm pointed to the company's recurring losses from operations. About Superclick Inc. Superclick Inc. (OTC BB: SPCK.OB) -- http://www.superclick.com/ -- through its wholly owned, Montreal-based subsidiary Superclick Networks Inc., develops, manufactures, markets and supports the Superclick Internet Management System, Monitoring and Management Application and Media Distribution System in worldwide hospitality, conference center and event, multi-tenant unit and university markets. Current clients include MTU residences and Candlewood Suites, Crowne Plaza, Fairmont Hotels, Four Points by Sheraton, InterContinental Hotels Group PLC, Hilton, Holiday Inn, Holiday Inn Express, Hampton Inn, Marriott, Novotel, Radisson, Sheraton, Westin and Wyndham hotels in Canada, the Caribbean and the United States. Superclick has operations in Argentina, Aruba, Australia, Bahamas, Barbados, Belgium, Bermuda, Brazil, Cayman Islands, Chile, Colombia, Costa Rica, Dominica, Dominican Republic, El Salvador, France, Guatemala, Jamaica, Luxembourg, Martinique, Mauritius, Netherlands, Portugal, Puerto Rico, Sweden, Switzerland, Trinidad and Tobago, Turks and Caicos Islands, United States, Virgin Islands, British, Virgin Islands, and the US. ZINIFEX LIMITED: CEO Decides to Leave Firm on June 29 ----------------------------------------------------- Zinifex Limited's chief executive officer, Greig Gailey, will step down from his post on June 29, 2007, the company disclosed in a press release posted at Mineweb. According to the Sydney Morning Herald, Mr. Gailey was expected to leave the company after it completed the sale of its smelters into a new joint venture company. However, SMH says, the �long- serving� CEO revealed plans to exit earlier with a AU$15-million payout in addition to his AU$20 million shareholding. SMH quotes the chief as explaining that his decision to leave is �for personal reasons�. Zinifex's chief financial officer, Tony Barnes, will be the acting CEO until the company can complete an international search to replace Mr. Gailey, the Brisbane Times relates. Mr. Barnes has been Zinifex's CFO since its listing in April 2004 and, prior to that, had a distinguished career of over 32 years with BHP Billiton. Mick Myers, currently Group Manager Corporate Accounting, will temporarily step into the role of Acting Chief Financial Officer to support Mr. Barnes. Zinifex assures that while Mr. Gailey's replacement has yet to be finalized, the company's major initiatives -- the Nyrstar transaction and the strategy to grow the Zinifex mining business -- are on track. Gaily Payout Questioned In a subsequent report, however, The Australian states that Zinifex was accused of treating shareholders with contempt after it agreed to the AU$15-million payout for Mr. Gailey. The report relates that shareholders are upset that the company's board of directors did not provide details on how it assessed the value of a AU$12.6 million ex-gratia payment compensating Mr. Gailey for the long-term performance shares he was entitled to, but which will lapse on his early departure. The company said that the total value of the long-term performance shares Mr. Gailey would have received if he had stayed on with the company was AU$14.9 million. That reflects the huge surge in the value of Zinifex shares -- from below AU$2.00 when the reward plan was put in place in 2004, to over AU$18.00 today, The Australian notes. About Zinifex Limited Zinifex Limited, one of the world's largest integrated zinc and lead companies -- http://www.zinifex.com/-- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. * * * On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's 'BB+' Issuer Default rating with a Stable Outlook, following its offer to buy Wolfden Resources Inc for approximately CDN$360 million (approximately AU$385m). Wolfden's board has unanimously recommended that shareholders accept Zinifex's offer. ZINIFEX LTD: Completes Takeover of Canada's Wolfden Resources ------------------------------------------------------------- Zinifex Limited said Tuesday that it has completed its buyout of Canada's Wolfden Resources Ltd., MarketWatch reports. In a press release, Zinifex stated that through its wholly owned subsidiary, Zinifex Canadian Enterprises Inc., it has completed the compulsory acquisition of the approximately 4.4 million common shares of Wolfden not acquired pursuant to the takeover bid initiated by ZCE on April 2, 2007. Wolfden is now a wholly-owned indirect subsidiary of Zinifex. The Common Shares were delisted from the Toronto Stock Exchange at the close of business (Toronto time) on June 18, 2007. Wolfden will make application to cease to be a reporting issuer as soon as reasonably practicable, the news release says. About Zinifex Limited Zinifex Limited, one of the world's largest integrated zinc and lead companies -- http://www.zinifex.com/-- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. * * * On March 21, 2007, Fitch Ratings affirmed Zinifex Limited's 'BB+' Issuer Default rating with a Stable Outlook, following its offer to buy Wolfden Resources Inc for approximately CDN$360 million (approximately AU$385m). Wolfden's board has unanimously recommended that shareholders accept Zinifex's offer. =========== P O L A N D =========== MOSTY-LODZ: CEO Warns Bankruptcy Following Continuing Losses ------------------------------------------------------------ Mosty-Lodz's "bankruptcy is only a matter of time," CEO Zygmunt Patern says, explaining that the company's two agreements for the construction of ring roads for the towns of Pulawy and Wyszkow in 2005 has put the company in the red, The Financial Times reports, citing the Polish News Bulletin Company as its source. According to the report, the two contracts generated a PLN2 million increase in losses each month. Mr. Patern concedes that while salaries and the prices of construction materials continue to sky-rocket, the two projects are expected to go beyond its deadline, forcing the company to take out a loan. Meanwhile, the construction company continues to participate in tenders and outbid rivals by offering the lowest prices, recently signing a PLN54 million contract with the General Directorate for National Roads and Motorways (GDDKiA). Mr. Patern notes that Mosty-Lodz can only be saved if the GDDKiA agrees to raise the value of the concluded contracts, which it refuses to do. About Mosty-Lodz Mosty-Lodz -- http://www.mosty-lodz.pl/-- is a construction company based in Poland. =========== R U S S I A =========== CHERNIGOVSKIY OJSC: Creditors Must File Claims by July 26 --------------------------------------------------------- Creditors of OJSC Tinned Food Factory Chernigovskiy have until July 26 to submit proofs of claim to: A. Lukhtionov Insolvency Manager Partizanskaya Str. 6 Chernigovka 692240 Primorye Russia The Arbitration Court of Primorye commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A51-3118/2007 15-26 B. The Debtor can be reached at: OJSC Tinned Food Factory Chernigovskiy Partizanskaya Str., 6 Chernigovka 692240 Primorye Russia DOLGOVSKOYE CJSC: Creditors Must File Claims by July 26 ------------------------------------------------------- Creditors of CJSC Dolgovskoye have until July 26 to submit proofs of claim to: D. Ustyuzhanin Insolvency Manager K. Myagotina Str. 117/21 Kurgan Russia The Arbitration Court of Kurgan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-34-7277/2006. The Debtor can be reached at: CJSC Dolgovskoye Dolgie Chastoozerskiy Kurgan Russia ELECTRO-MONTAZH CJSC: Creditors Must File Claims by June 26 ----------------------------------------------------------- Creditors of CJSC Syzranskoye Enterprise Electro-Montazh have until June 26 to submit proofs of claim to: I. Teleshinin Insolvency Manager Post User Box 41 Syzran 446001 Samara Russia The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55-12283/2006. The Debtor can be reached at: CJSC Syzranskoye Enterprise Electro-Montazh Dalnevostochnaya Str. 39 Syzran Samara Russia ICICI BANK: Public Offer Oversubscribed 1.29 Times -------------------------------------------------- The Troubled Company Reporter � Asia Pacific reported on June 15, 2007, regarding ICICI Bank Ltd's INR8,750-crore public issue, which opened yesterday. According to the bank, the share issuance is part of its consolidated capital raising exercise at INR20,125 crore, including a green shoe option of INR2,625 crore. In an update, media reports said that the bank's public offer was oversubscribed 1.29 times. Reuters said the bank received full subscription for the domestic portion of share sale in less than an hour of opening on Tuesday. In less than two hours, the public offer got oversubscribed 1.29 times, The Hindu recounted. Citing data available at the National Stock Exchange, local reports noted that the issue received over 12.72 crore bids against 9.88 crore shares issued. Most of the bids are from institutions and the retail portion is expected towards the close of the bids on June 22, Reuters cited an unnamed banker as saying. The price band for the issue has been fixed at INR885 to INR950 per equity share. The India Times said the issue was made to meet the bank's capital adequacy requirements and augment its capital to fund future requirements. The bank's CAR is currently at 11.69%. Post-issue it is seen at 15%, the Times noted. India-based ICICI Bank Ltd � http://www.icicibank.com/-- is a diversified financial company that provides a range of banking and financial services to customers, including retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking, and treasury products and services. The bank operates in two business segments: consumer and commercial banking, and investment banking. ICICI has a network of over 741 branches and over 3,300 ATMs in India. The bank has operations in Russia and the United States. * * * Moody's Investors Service, on Apr. 24, 2007, said that ICICI Bank 's Foreign Currency Deposit Rating is unchanged at Ba2. ICICI Bank carries Fitch Ratings' 'C' Individual Rating and 'BB' Subordinated Debt Rating. INSTRUMENT-TANTAL: Names M. Kuvshinova as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Saratov appointed M. Kuvshinova as Insolvency Manager for CJSC Instrument-Tantal. She can be reached at: M. Kuvshinova Rakhmaninova Str. 1 Penza Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-57-293B/06-12. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: M. Kuvshinova Rakhmaninova Str. 1 Penza Russia KARATUZ-GRAIN-PRODUCT: Creditors Must File Claims by July 26 ------------------------------------------------------------ Creditors of OJSC Karatuz-Grain-Product have until July 26 to submit proofs of claim to: A. Kirichenko Insolvency Manager Post User Box 28495 660020 Krasnoyarsk Russia The Arbitration Court of Krasnoyarsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-4399/2007. The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Region Russia The Debtor can be reached at: OJSC Karatuz-Grain-Product Khlebnaya Str. Karatuzskoye Karatuzskiy Krasnoyarsk Russia KURAGINSKIY BRICKWORKS: Creditors Must File Claims by July 26 ------------------------------------------------------------- Creditors of OJSC Kuraginskiy Brickworks have until July 26 to submit proofs of claim to: A. Kirichenko Insolvency Manager Post User Box 28495 660020 Krasnoyarsk Russia The Arbitration Court of Krasnoyarsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-4405/2007. The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Region Russia The Debtor can be reached at: OJSC Kuraginskiy Brickworks Severnaya Str. 9 Kuragino Krasnoyarsk Russia KUREZHSKOYE OJSC: Creditors Must File Claims by June 26 ------------------------------------------------------- Creditors of OJSC Kurezhskoye have until June 26 to submit proofs of claim to: A. Zyatkov Insolvency Manager Moskovskaya Str. 5-2 B-Urya Kanskiy 663624 Krasnoyarsk Russia The Arbitration Court of Krasnoyarsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-4403/2007. The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Region Russia The Debtor can be reached at: OJSC Kurezhskoye Zelenaya Str. 36-2 Kurezh Idrinskiy Krasnoyarsk Russia LENSK-SEL-KHOZ-ENERGO: Creditors Must File Claims by June 26 ------------------------------------------------------------ Creditors of OJSC Lensk-Sel-Khoz-Energo have until June 26 to submit proofs of claim to: T. Potehina Insolvency Manager Krupskoj Str. 35 Yakutsk 677007 Sakha�Yakutiya Russia The Arbitration Court of Sakha-Yakutiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A58-1460/06. The Court is located at: The Arbitration Court of Sakha-Yakutiya Kurashova Str. 28 677000 Sakha-Yakutiya Russia The Debtor can be reached at: OJSC Lensk-Sel-Khoz-Energo Pobedy Str. 77 Lensk 677007 Sakha-Yakutiya Russia MIG CJSC: Creditors Must File Claims by July 26 ----------------------------------------------- Creditors of CJSC MIG have until July 26 to submit proofs of claim to: A. Kozhematov Insolvency Manager Post User Box 20647 660017 Krasnoyarsk Russia The Arbitration Court of Krasnoyarsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-17516/2006. The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Region Russia The Debtor can be reached at: CJSC MIG Naberezhnaya Str. 41-50 Norilsk 663300 Krasnoyarsk Russia NOVOLIPETSK STEEL: Earns US$456.6 Million in First Quarter 2007 --------------------------------------------------------------- OJSC Novolipetsk Steel released consolidated financial results for the first quarter ended March 31, 2007, prepared according to US generally accepted accounting principles. NLMK recorded US$456.6 million in net profit against US$1.8 billion in revenues for the first quarter ended March 31, 2007, compared with US$545.9 million in net profit against US$1.1 billion in revenues for the same period in 2006. At March 31, 2007, NLMK's balance sheet showed US$9.3 billion in total assets, US$1.8 billion in total liabilities and US$7.4 billion in stockholders' equity. �NLMK has demonstrated strong financial results in Q1 2007,� NLMK Vice President Finance & CFO Galina Aglyamova said. �The EBITDA margin stood at 43% while operating income surged 70% on a year-on-year basis. The company's sound performance was driven by growing sales volumes particularly sales of high value-added products along with the favorable pricing environment in our core markets.� �At the beginning of the year, NLMK Group started to implement the next phase of the Technical Upgrading Program as part of our 'Sustainable Growth Strategy 2007 - 2011'. The Company continued the process of enhancement and modernization of existing production facilities, value-chain optimization and integration of recently acquired assets into the Group structure. The consistent implementation of our strategy is a key element of NLMK's successful development and long-term stability,� Ms. Aglyamova continued. �We maintain a positive outlook on steel demand both on the domestic and world market in 2007. The price growth started at the end of Q1 2007 and continued through Q2 2007, plateaued in June. While we may see possible price softening towards the end of the year we believe NLMK Group should again demonstrate record financial results and strengthen its position among world's most profitable steelmaking companies in 2007,� Ms. Aglyamova added. About Novolipetsk Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC -- http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot- rolled steel, and a variety of value-added steel products, such as cold-rolled sheet, electrical steel and other specialty flat products. The group also operates in Denmark. The group entered the Danish steel market in the first quarter of 2006 by acquiring a 100% stake at DanSteel A/S. * * * In April 2007, Moody's Investors Service's confirmed its Ba1 Corporate Family Rating for Novolipetsk Steel OJSC. Moody's also assigned a Ba1 Probability-of-Default rating to the company. In a TCR-Europe report on Jan. 17, Fitch Ratings assigned OJSC Novolipetsk Steel an Issuer Default BB+ rating, a Short-term B rating and a National Long-term AA rating. Fitch said The Outlooks on the Issuer Default and National Long-term ratings are Stable. At the same time, Standard & Poor's Ratings Services said that its ratings and outlook on Russian steelmaker OJSC Novolipetsk Steel (NLMK;BB+/Stable/--; Russia national scale 'ruAA+') are unchanged by the announcement of NLMK's acquisition of a 50% share in a joint venture with Duferco Group for US$850 million. OUR MEAT: Creditors Must File Claims by July 26 ----------------------------------------------- Creditors of LLC Our Meat Products have until July 26 to submit proofs of claim to: K. Volkov Insolvency Manager Room 2 Nevzorovyh 89 603024 N. Novgorod Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-59836/06-123-1091B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC Our Meat Products Kirovogradskaya 17 Moscow Russia POKROVSKOE OJSC: Creditors Must File Claims by July 26 ------------------------------------------------------ Creditors of OJSC Pokrovskoe have until July 26 to submit proofs of claim to: A. Khromov Insolvency Manager Barnaulskaya Str. 34 410049 Saratov Russia The Arbitration Court of Saratov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-57-632B/06-31. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: OJSC Pokrovskoe Novopokrovskoye Balashovskiy Saratov Russia ROSNEFT OIL: Offers RUR4.9 Billion for Yukos' Krasnodar Assets -------------------------------------------------------------- OAO Rosneft Oil has offered to buy OAO Yukos Oil Co.'s Krasnodar assets for RUR4.9 billion (US$190 million) after regulators blocked ZAO Promregion Holding from acquiring the assets at a May 3 auction, Torrey Clark writes for Bloomberg News. Rosneft is next in line to acquire the assets after it submitted the second-highest bid, through its Neft-Aktiv subsidary, behind Promregion's RUR4.9 billion offer. The lot carried a RUR3.7 billion starting price, a bid increment of RUR37.1 million, and a required deposit sum of RUR742.4 million. The lot, RIA Novosti relates, is comprised of: -- 100% in Stavropolnefteprodukt public company; -- 26.26% in Kubanenergo, Kubanenergosbyt, Kuban Generating Company and Kubanskiye Magistralnyye Seti public companies; -- 100% stake in OOO Val Shatskogo; -- 51% stake in the OOO Yu-Kuban; and -- a promissory note of Stavropolnefteprodukt with a face value of R1.16 million.] OAO Lukoil representative Dmitry Dolgov earlier denied speculations that Promregion is linked to his company. 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. ROSNEFT OAO: Earns US$358 Million for First Quarter 2006 -------------------------------------------------------- OAO Rosneft Oil Co. posted US$358 million in net profit on US$8.2 billion in net revenues for the first quarter ended March 31, 2007, compared with US$802 million in net profit on US$7.3 billion in net revenues for the first quarter ended March 31, 2006. Rosneft booked US$332 million in accrued fines and penalties related to tax debt of its Yuganskneftegaz unit, which it acquired from OAO Yukos Oil Co., Bloomberg News relates. According to the Wall Street Journal, Rosneft is in talks with the Federal Tax Service on a possible restructuring of Federal Tax Service debts. Rosneft currently owes Russia around US$1.26 billion in back taxes tied to Yuganskneftegaz and US$831 million in related fines and interest arrears. The company attributed the profit decline to a strengthening ruble and rising taxes, The Associated Press says. Rosneft also blamed a 23.8% rise in export duties. Rosneft, Bloomberg relates, revealed it would receive around US$10 billion from Yukos as payment for the latter's debt. The amount will be used to repay part of of its multi-billion dollar loans from banks. "The first quarter results you see today are still the old Rosneft," Peter O'Brien, vice president, was quoted by Bloomberg News as saying. "The old Rosneft was short on refining capacity and suffered compared to its peer group due to high crude export duties." 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. ROSNEFT OIL: Rules Out Second Initial Public Offering ----------------------------------------------------- OAO Rosneft Oil Co. is not planning to hold another initial public offering, RIA Novosti reports citing board deputy chairman Sergei Naryshkin. "The first offering was very successful and was aimed at raising significant resources, which the company is now using,� Mr. Naryshkin said. In July 2006, Rosneft completed the initial public offering of its shares and global depositary receipts. The total amount of funds raised during the placement was US$10.6 billion making Rosneft's IPO the fifth largest in the world. Rosneft's shares have been listed and are traded on Russia's RTS and MICEX exchanges, and the GDRs are traded on the London Stock Exchange under ticker ROSN. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * In a TCR-Europe report on Mar. 23, 2007, Fitch Ratings notes that Rosneft's plans to borrow US$22 billion from a group of eight banks in two credit arrangements of US$13 billion maturing in 12 months and US$9 billion maturing in 18 months is currently incorporated into the company's local and foreign currency Issuer Default ratings of 'BB+' Rating Watch Positive. In a TCR-Europe report on Jan. 16, 2007, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from CreditWatch, where it had been placed with positive implications on Nov. 15, 2006. S&P said the outlook is developing. SAKHALINSKAYA FISHING: Asset Bidding Deadline Slated for June 26 ---------------------------------------------------------------- LLC Regional Legal Company, the bidding organizer for CJSC Sakhalinskaya Fishing Industry Company, will set a repeated auction for the company's properties at 10:00 a.m. on June 28 at: LLC Regional Legal Company Chekhova Str. 37 Yuzhno-Sakhalinsk Russia Interested participants have until June 26 to deposit an amount to: CJSC SAKHALINSKAYA FISHING INDUSTRY COMPANY Settlement Account 40702810250340103387 Correspondent Account 30101810100000000642 BIK 046401642 AC SB RF OJSC Yuzhno-Sakhalinskiy branch 8567 Yuzhno-Sakhalinsk Russia Bidding documents must be submitted to: LLC Regional Legal Company Chekhova Str. 37 Yuzhno-Sakhalinsk Russia The Debtor can be reached at: LLC Regional Legal Company Chekhova Str. 37 Yuzhno-Sakhalinsk Russia SEL-KHOZ-VOD-STROY: Creditors Must File Claims by July 26 --------------------------------------------------------- Creditors of CJSC Sel-Khoz-Vod-Stroy have until July 26 to submit proofs of claim to: N. Surtaev Insolvency Manager Diksona Str. 1-203 660020 Krasnoyarsk Russia The Arbitration Court of Krasnoyarsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-4267/2007. The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Region Russia The Debtor can be reached at: CJSC Sel-Khoz-Vod-Stroy Office 348 Building 38 Akademgorodok 50 Krasnoyarsk Russia SITRONICS JSC: Inks US$8 Million TENNET Delivery Deal with MGTS --------------------------------------------------------------- JSC SITRONICS and JSC Moscow City Telephone Network have signed a US$8 million agreement for the delivery of TENNET equipment, to be used in the creation of MGTS's Next Generation Network. The delivery and assembly of the equipment will start in the third quarter of 2007. Within the framework of the agreement, SITRONICS Telecommunication Solutions will deliver subscriber gateways for 200,000 transit ports, in order to transfer existing analogue network subscribers to the newly created NGN network. SITRONICS Telecommunication Solutions will supply its own software and hardware switchboards for the management of subscriber and trunk gateways. The trunk gateways previously delivered by SITRONICS will be used to enable the existing network to function in conjunction with the new NGN network. �We continue modernizing the MGTS network infrastructure based on the TENNET platform, which was recently introduced for NGN networks. We intend to have 200,000 MGTS subscribers connected to the NGN network and using the new services by March 2008,� Evgeny Maximenko, general director of SITRONICS Telecommunication Solutions Russia, commented. �The introduction of the TENNET equipment is the next stage in the development of the NGN network. Approximately half of MGTS subscribers are expected to switch to the NGN by 2012, when the reconstruction of the network and the transition to digital technology will have been completed,� Victor Alekhin, deputy general director of MGTS responsible for the network technical development, commented. About Sitronics Headquartered in Moscow, Russia, JSC Sitronics (LSE: SITR) -- http://www.sitronics.com/-- provides telecommunications solutions, IT solutions and microelectronic solutions in the CIS region with a rapidly growing presence in other EEMEA markets. Sistema controls the company. Sitronics' key Telecommunication Solutions operations are based in Prague, Czech Republic and Athens, Greece, while the company's IT Solutions and Microelectronic Solutions divisions are based in Kiev, Ukraine and Zelenograd, Russia respectively. For the twelve months ended December 31, 2006, Sitronics' revenues and OIBDA were US$1.61 billion and US$183.6 million, respectively. As of Dec. 31, 2006, SITRONICS had total assets of US$1.65 billion. * * * As of May 24, 2007, JSC Sitronics carries Fitch's B- Long-Term Issuer Default Rating. STROY-TEKHNIKA LLC: Creditors Must File Claims by June 26 --------------------------------------------------------- Creditors of LLC Stroy-Tekhnika have until June 26 to submit proofs of claim to: A. Sabitov Insolvency Manager Post User Box 236 Kazan 420012 Tatarstan Russia The Arbitration Court of Tatarstan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A65-4189/2007-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: LLC Stroy-Tekhnika Sovetskaya Str. 1 Vysokaya Gora St. Vysokogorskiy 422700 Tatarstan Russia SUDISLAVSKIY DIARY: Asset Sale Slated for June 29 ------------------------------------------------- The insolvency manager and the bidding organizer for LLC Sudislavskiy Diary, will open a public auction for the company's properties at 10:00 a.m. on June 29 at: LLC Sudislavskiy Diary Yubileynaya Str. 28 Kostroma Russia The company has set a RUR5,063,000 starting price for the auctioned assets. Interested participants have until June 26 to deposit an amount equivalent to 10% of the starting price to: LLC Sudislavskiy Diary Settlement Account 40702810351000000273 Correspondent Account 30101810600000000731 BIK 043469731 KRF OJSC Rosselkhozbank Kostroma Russia The Debtor can be reached at: LLC Sudislavskiy Diary Yubileynaya Str. 28 Kostroma Russia TITAN PETROCHEMICAL: Sets Sights on Becoming Fuel Storage Giant --------------------------------------------------------------- Titan Petrochemicals Group Ltd may build 5.66 million cubic meters of tankage in the east coast of China in the next four years, Shanghai Daily reports, citing Bloomberg News. The company, based on a presentation made by Chief Executive Barry Cheung and a copy of which was obtained by Bloomberg News, wants to reduce dependence on its tanker business, whose profit contribution dropped to 75% in 2006 from 90% a year earlier. The company expects tankers to account for no more than a fifth of the company's earnings in two to three years. "Titan will continue to reduce dependence on its shipping division, by selling off two more Very Large Crude Carriers," Mr. Cheung was quoted as saying by Bloomberg in the presentation to bond investors in Singapore. The company is "converting three others to become floating storage units at the end of the year." Titan has the Chinese government's approval to build a maximum of 5.66 million cubic meters of storage capacity in three locations on the east coast of China, the repost says. They include a 1.8-million-cubic-meter facility at Nansha in Guangdong Province, a 1.49-million-cubic-meter facility at Quanzhou in Fujian Province and a 2.37-million-cubic-meter facility at Yangshan in Shanghai. The business unit managing the facilities is tentatively named China Storage Co, according to the company presentation. Titan will construct the three facilities in phases, and the speed of construction will depend on the demand for storage. The company has built around 10 percent of the planned facilities, the paper relates. Titan will operate no more than six VLCCs, each of which can carry as much as two million barrels of oil, under its shipping unit, the report says. In addition, Titan may consider listing the company's storage business on stock exchanges within five years, enabling shareholders to increase the value of their investments. "The listing of the storage facilities in China is one of the options in four to five years down the road," said Nora Yong, Titan's corporate communications director in a telephone interview with Shanghai Daily. "The listing of the storage unit would be one of the several options for Warburg Pincus to increase the value of its investment." Titan Petrochemicals Group Ltd -- http://www.petrotitan.com/-- is an Asian integrated oil logistics, distribution and supply services provider. It was listed on the Hong Kong Stock Exchange in 2002. Headquartered in Hong Kong, its operations are spread over Singapore, Malaysia and China. It also operates in Russia and Panama. It manages 25 tankers and has on-shore storage facilities in Guangdong, Fujian and Shanghai. On March 29, 2007, Moody's Investors Service affirmed the B1 corporate family rating of Titan Petrochemicals Group Ltd and its senior unsecured bond rating of B2. This follows Titan's announcement of its fiscal year 2006 results, which show a 9.5% increase in sales but a marked decline in net income by 67%. On May 4, 2006, the Troubled Company Reporter - Asia Pacific reported that the Standard & Poor's Ratings Services revised its outlook on Titan Petrochemicals Group Ltd. to negative from stable. At the same time, it affirmed the "BB-" long-term corporate credit rating on Titan. The "B+" issue rating on the company's senior unsecured notes was also affirmed. TNK-BP HOLDING: Budgets US$1 Bln to Hike Processed Gas Output ------------------------------------------------------------- TNK-BP Holding Ltd. will invest more than US$1 billion over the next five years into associated petroleum gas processing, RIA Novosti reports citing Oleg Nam, the company's West Siberian chief. Mr. Nam told RIA Novosti that TNK-BP aims to increase its average gas processing level from the current 78.4% to 95% by 2011. TNK-BP, which is developing 143 oil and gas deposits, extracted around 11 billion cubic meters of associated petroleum gas, of which 800 million cubic meters were used by the company, and 8 billion were processed, Mr. Nam added to RIA Novosti. About TNK-BP Headquartered in 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. TRANSNEFT OAO: To Upgrade Primorsk Oil-Export Pipeline ------------------------------------------------------ OAO Transneft will develop an existing oil pipeline terminal in Primorsk, Russia, to maximize the port's space capacity, RIA Novosti reports citing chief executive Semyon Vainshtok. "The port of Primorsk has a lot of space capacity, while [a new oil terminal at] Ust-Luga would have to be started from scratch," Mr. Vainshtok said. The Primorsk oil-export link is an extension of Transneft's Baltic Pipeline System. The 50-million-ton-a-year capacity pipeline could be expanded if necessary to increase exports via the Primorsk port. The Russian government conceived the Primorsk link following a snag with Belarus, which demanded that Russia pay transit fee. The conflict forced Transneft, a government-owned company, to cut oil supplies through the Druzhba pipeline, causing fuel interruption to Central Europe. Mr. Vainshtok The Transneft CEO said Primorsk not only has enough spare capacity to handle the additional oil without new construction, but also provides safe approach for tankers. Ust- Luga would require costly canal maintenance every year, he said. About Transneft Headquartered in Moscow, Russia, OAO Transneft -- http://www.transneft.ru/-- operates one of the largest networks of oil pipelines in the world. The company moves crude oil through more than 30,000 miles of pipeline stretching across Eastern Europe and Asia. Transneft operates a transportation network consisting of more than 30,000 miles of pipeline, about 330 pump stations, and 934 tankers capable of storing more than 13 million cu. meters of petroleum product. The company transports about 93% of the oil produced in Russia. * * * OAO Transneft carries Fitch's 'BB' rating. YUKOS OIL: Rosneft Offers RUR4.9 Billion for Krasnodar Assets ------------------------------------------------------------- OAO Rosneft Oil has offered to buy OAO Yukos Oil Co.'s Krasnodar assets for RUR4.9 billion (US$190 million) after regulators blocked ZAO Promregion Holding from acquiring the assets at a May 3 auction, Torrey Clark writes for Bloomberg News. Rosneft is next in line to acquire the assets after it submitted the second-highest bid, through its Neft-Aktiv subsidary, behind Promregion's RUR4.9 billion offer. The lot carried a RUR3.7 billion starting price, a bid increment of RUR37.1 million, and a required deposit sum of RUR742.4 million. The lot, RIA Novosti relates, is comprised of: -- 100% in Stavropolnefteprodukt public company; -- 26.26% in Kubanenergo, Kubanenergosbyt, Kuban Generating Company and Kubanskiye Magistralnyye Seti public companies; -- 100% stake in OOO Val Shatskogo; -- 51% stake in the OOO Yu-Kuban; and -- a promissory note of Stavropolnefteprodukt with a face value of R1.16 million.] OAO Lukoil representative Dmitry Dolgov earlier denied speculations that Promregion is linked to his company. 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. ========= S P A I N ========= AFINSA BIENES: Shareholders' Meeting Slated for June 29 ------------------------------------------------------- Shareholders of Afinsa Bienes Tangibles S.A. will meet on June 29, 2007 to approve the company's accounts for 2005-2006, Expansion reports. Shareholders will also review Afinsa's management during the meeting, Expansion adds. Court-appointed insolvency administrators recently told the Mercantile Court No. 6 in Madrid that Afinsa had EUR1.82 billion in shareholders' deficit. Headquartered in Madrid, Spain, Afinsa Bienes Tangibles SA -- http://www.afinsa.es/eng/-- wholesales and retails stamps, coins, art works and other collectables. The Debtor has a pending proceeding in the Mercantile Court No. 6 in Madrid, Spain. On March 13, 2007, Javier Diaz Galvez, Benito Aguera Marin, and Ana Fernandez Daza, as the Debtor's Foreign Representatives, 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. 07-10675). The Foreign Representatives are represented by Thomas L. Kent, Esq., Anthony Princi, Esq., and Jennifer A. Mo, Esq., at Paul, Hastings, Janofsky & Walker LLP. When the petitioners filed the chapter 15 petition, they estimated the Debtor's assets and debts to be more than US$100 million. ===================== S W I T Z E R L A N D ===================== ARBOMEDICS LLC: Creditors' Liquidation Claims Due July 5 -------------------------------------------------------- Creditors of LLC Arbomedics have until July 5 to submit their claims to: Werner Mueller Liquidator Wannenstr. 6 8542 Wiesendangen Winterthur ZH Switzerland The Debtor can be reached at: LLC Arbomedics Wiesendangen Winterthur ZH Switzerland ERNST & PARTNER: Creditors' Liquidation Claims Due July 5 --------------------------------------------------------- Creditors of JSC Ernst & Partner Resulting have until July 5 to submit their claims to: Buchenstrasse 5 6210 Sursee LU Switzerland The Debtor can be reached at: JSC Ernst & Partner Resulting Sempach Sursee LU Switzerland GOLF THALWIL: Creditors' Liquidation Claims Due July 4 ------------------------------------------------------ Creditors of LLC Golf Thalwil have until July 4 to submit their claims to: Michael Rusterholz Liquidator LLC Custom Made Todistrasse 79 8800 Thalwil Horgen ZH Switzerland The Debtor can be reached at: LLC Golf Thalwil Thalwil Horgen ZH Switzerland HANGGI & BERNHARDT: Creditors' Liquidation Claims Due July 1 ------------------------------------------------------------ Creditors of JSC Hanggi & Bernhardt have until July 1 to submit their claims to: Werner Hotz Liquidator Grunfeldstr. 7 4123 Allschwil Arlesheim BL Switzerland The Debtor can be reached at: JSC Hanggi & Bernhardt Muttenz Arlesheim BL Switzerland OTTO KASPER: Creditors' Liquidation Claims Due July 2 ----------------------------------------------------- Creditors of LLC Otto Kasper Studios have until July 2 to submit their claims to: Donato Caspari Liquidator Langgasse 38 9008 St. Gallen Switzerland The Debtor can be reached at: LLC Otto Kasper Studios St. Gallen Switzerland SAFECOM ENGINEERING: Creditors' Liquidation Claims Due July 2 ------------------------------------------------------------- Creditors of JSC Safecom Engineering have until July 2 to submit their claims to: Peter Schweizer Liquidator JSC Schweizer Electronic Industriestrasse 3 6260 Reiden Willisau LU Switzerland The Debtor can be reached at: JSC Safecom Engineering Grosswangen Sursee LU Switzerland TLS LLC: Creditors' Liquidation Claims Due July 4 ------------------------------------------------- Creditors of LLC TLS have until July 4 to submit their claims to: Klosterweg 14 9500 Wil SG Switzerland The Debtor can be reached at: LLC TLS Wil SG Switzerland =========== T U R K E Y =========== EUTELSAT COMMUICATIONS: Inks Pay-TV Contract with Digiturk ---------------------------------------------------------- Eutelsat Communications and Digiturk have signed a new contract for capacity on the W3A satellite to support continued expansion of Turkey�s leading pay-TV platform. The new contract, concluded for four years, is the third signed between Eutelsat and Digiturk since November 2006. It takes to 11 the total number of transponders leased for broadcasting services by Digiturk on Eutelsat's satellites. Launched in 2000 from Eutelsat's 7 degrees East position, Digiturk�s platform benefits from the high-power regional footprint on Eutelsat's W3A satellite in order to reach 1.6 million subscribing satellite homes across Turkey. In addition to its reach of Turkey, Digiturk offers pay-TV services across Europe and also uses capacity on ATLANTIC BIRD� 1 for contribution links back to its studios in Istanbul. The pay-TV platform serving Turkey today offers more than 150 television, radio and interactive channels incorporating national and international programming. Channels recently joining the platform include Disney Channel Turkey, which has signed a contract with Digiturk for exclusive carriage of Disney Channel Turkey which began broadcasting on April 29. Digiturk is also preparing for the introduction later in 2007 of new HDTV and Video on Demand services through its capacity on W3A. �Eutelsat has been the unique satellite provider for Digiturk since it launched into the pay-TV market in 2000,� Olivier Millies-Lacroix, Eutelsat�s commercial director, said. �We are very leased to further strengthen this relationship through additional capacity on our W3A satellite which is optimized for Direct-to-Home reception via its unique footprint which reaches into Digiturk�s core markets.� About Eutelsat Headquartered in Paris, France, Eutelsat Communications (Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the holding company of Eutelsat S.A. The Group is a leading satellite operator with capacity commercialized on 23 satellites providing coverage over the entire European continent, as well as the Middle East, Africa, India and significant parts of Asia and the Americas. The Group is one of the world's three leading satellite operators in terms of revenues. Its satellites are used for broadcasting nearly 1,800 TV and 900 radio stations to more than 120 million cable and satellite homes. The Group also provides TV contribution services, corporate networks, mobile positioning and communications, Internet backbone connectivity and broadband access for terrestrial, maritime and inflight applications. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors, Moody's Investors Service confirmed its Ba2 Corporate Family Rating for Eutelsat Communications S.A. Moody's also assigned a Ba3 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------ ---------- Senior Unsecured Bank Credit Facility Ba3 LGD4 55% ============= U K R A I N E ============= AMERTSYT INTERNATIONAL: Claims Filing Deadline Set June 24 ---------------------------------------------------------- Creditors of Science-Production Enterprise Amertsyt of International Charity Fund of Invalids of Tchernobyl, Dniepropetrovskal Branch (code EDRPOU 25538893) have until June 24 to submit their proofs of claim to: The Court is located at: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B 29/74/06. The Debtor can be reached at: Science-Production Enterprise Amertsyt of International Charity Fund of Invalids of Tchernobyl, Dniepropetrovskal Branch Mechnikov Str. 16 49070 Dnipropetrovsk Ukraine FITO-OIL LLC: Creditors Must File Claims by June 24 --------------------------------------------------- Creditors of LLC Fito-Oil (code EDRPOU 32505213) have until June 24 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 bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B11/164-07. The Debtor can be reached at: LLC Fito-Oil Kiev Road Str. 1 Ivankov 07200 Kiev Ukraine IVANO-FRANKOVSK RENT: Claims Filing Deadline Set June 24 -------------------------------------------------------- Creditors of Ivano-Frankovsk Rent Department Highway (code EDRPOU 05393211) have until June 24 to submit their proofs of claim to: V. Martyniuk Temporary Insolvency Manager South Boulevard 42/9 76010 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. B-7/110. The Court is located at: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Debtor can be reached at: Ivano-Frankovsk Rent Department Highway Polevaya Str. 8 Ivano-Frankovsk Ukraine OPTIM-OIL CJSC: Claims Filing Deadline Set June 24 -------------------------------------------------- Creditors of CJSC Optim-Oil (code EDRPOU 23365359) have until June 24 to submit their proofs of claim to: Julia Slieptsova Temporary Insolvency Manager P.O. Box 2144 49034 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. B 29/94-07. The Court is located at: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: CJSC Optim-Oil Bielostotsky Lane 8/8 49098 Dnipropetrovsk Ukraine VARISEE INVEST: Creditors Must File Claims by June 24 ----------------------------------------------------- Creditors of LLC Varisee Invest (code EDRPOU 33941527) have until June 24 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 bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/159-b. The Debtor can be reached at: LLC Varisee Invest Narodov Str. 10 Druzhba Kiev Ukraine VINOGRADAR LLC: Claims Filing Deadline Set June 24 -------------------------------------------------- Creditors of LLC Vinogradar (code EDRPOU 31893131) 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. 2/92-07-3770. The Debtor can be reached at: LLC Vinogradar Saratsky Andreev Str. 179 Plakhteevka 68232 Odessa Ukraine YAKIMOVKA LLC: Claims Filing Deadline Set June 24 ------------------------------------------------- Creditors of LLC Yakimovka (code EDRPOU 33108506) have until June 24 to submit their proofs of claim to: Pavel Maystrenko Temporary Insolvency Manager Lebedev Str. 15 AR Krym Simferopol Ukraine The Economic Court of AR Krym commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 2-3/4834-2007. The Court is located at: The Economic Court of AR Krym Karl Marks Str. 18 Simferopol 95000 AR Krym Ukraine The Debtor can be reached at: LLC Yakimovka Garden Lane 13 Plodovoe Nizhnegorsky District 97134 AR Krym Ukraine =========================== U N I T E D K I N G D O M =========================== BRITISH AIRWAYS: S&P Lifts BB+ Corp. Credit Rating to BBB- ---------------------------------------------------------- Standard & Poor's Ratings Services has raised its long-term corporate credit rating on British Airways PLC to 'BBB-' from 'BB+', propelling the U.K. airline to investment-grade status. The outlook is stable. "The upgrade follows BA's good progress in strengthening its financial profile and our expectations of improving operational performance," said Standard & Poor's credit analyst Leigh Bailey. At the same time, Standard & Poor's raised its long-term rating on BA's senior unsecured debt to 'BB+' from 'BB-'. This two- notch upgrade reflects Standard & Poor's criteria according to which a one-notch rating differential is the maximum allowed for the notching-down of unsecured debt with respect to priority liabilities of investment-grade issuers, compared with two notches at the speculative-grade level. All ratings were removed from CreditWatch, where they were placed with positive implications on Jan. 9, 2007. "The upgrade reflects the positive implications for BA's capital structure, future cash flows, and business operations of the proposed pension deficit solution and the debt reduction achieved in recent years. This should enable the group to maintain credit metrics consistent with an investment-grade rating," said Mr. Bailey. Despite a challenging trading environment, Standard & Poor's expects the structural cost savings achieved and the benefits of the transfer of BA's operations to the new terminal 5 at London Heathrow Airport to help maintain BA's profitability and provide support for its financial profile. At March 31, 2007, BA reported GBP3.3 billion (EUR4.9 billion) of total on-balance-sheet financial debt. The rating reflects BA's strong competitive position as the main airline at Heathrow, above-industry-average operating margins, and moderate financial policy. It is constrained, however, by the cyclical nature of the airline industry, BA's profit concentration in its transatlantic network, and the likelihood that the "Open Skies" agreement will increase competition on these long-haul routes. The impact on BA of the EU-U.S. "Open Skies" agreement, which will come into force in March 2008, will be negative, although to what degree is still uncertain. At this stage, we do not believe that the easing of regulatory restrictions on transatlantic routes will lead to a level of profit erosion that is sufficient to threaten the group's financial profile at the current rating level. "We believe that a satisfactory revenue environment--bolstered by demand for premium long-haul services--and tight cost control should enable the group to improve operating performance and maintain credit ratios in line with our expectations," said Mr. Bailey. The industry environment remains challenging, characterized by high fuel prices and growing competition, which limits the likelihood of a revision of the outlook to positive in the near term. The ongoing competition investigations into long-haul passenger and cargo fuel surcharges are also a negative factor, since the final outcome is uncertain. We expect BA to maintain FFO to adjusted debt of about 30% and adjusted debt to capital within 60%-65%. A slowdown in demand or significant acquisition activity, resulting in weakened credit metrics, could lead to downward pressure on the ratings. BRITISH AIRWAYS: Confident on Future Growth After Rating Upgrade ---------------------------------------------------------------- British Airways plc has been advised by the credit rating agency, Standard and Poor's that its corporate credit rating is to be increased to investment grade. The company was downgraded to sub-investment grade or junk status in July 2003 following the events of Sept. 11, 2001 and the war in Iraq. During that period the company has reduced its net debt from GBP6.6 billion to GBP990 million and steadily increased its operating margin. �We have worked hard over the last four years strengthening the foundations of our business. Regaining investment grade status will enable us to invest in our future growth with confidence,� British Airways CFO Keith Williams said. Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * 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's confirmed its Ba1 Corporate Family Rating for British Airways Plc. Moody's also assigned a Ba1 Probability-of-Default Rating to the company. * Issuer: British Airways Plc Projected Debt LGD Loss-iven Debt Issue Rating Rating Default ---------- ------- ------ ---------- GBP100-million 10.875% Sr. Unsec. Regular Bond/Debenture Due 2008 Ba2 LGD5 84% GBP250-million 7.25% Sr. Unsec. Regular Bond/Debenture Due 2016 Ba2 LGD5 84% CATALYST PAPER: Plans US$200 Mil. Senior Notes Private Placement ---------------------------------------------------------------- Catalyst Paper Corporation intends to sell, on a private placement basis, US$200 million in aggregate principal amount of senior notes with a proposed maturity of 2017 through an offering within the United States pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended, and in certain Canadian Provinces and other jurisdictions under Regulation S under the U.S. Securities Act of 1933, as amended. The net proceeds of the offering of the senior notes will be used for general corporate purposes, which may include acquisitions and investments to support our continued growth. The senior notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United Sates absent registration or an applicable exemption from the registration requirements. Headquartered in Vancouver, British Columbia, Catalyst Paper Corporation (TSE:CTL) -- http://www.catalystpaper.com/-- together with its subsidiaries, is a newsprint and specialty ground wood paper producer in North America. The company operates four manufacturing divisions, and one paper recycling division in British Columbia, Canada. The company operates in three business segments: Specialty Papers, engaged in the manufacture and sale of ground wood specialty printing paper; Newsprint, engaged in the manufacture and sale of newsprint, and Pulp, engaged in the manufacture and sale of long and short fiber pulp and containerboard. The primary market for the company's paper products is North America. The primary markets for the company's pulp products are Asia, Australasia and Europe. The company sells in Japan, the United Kingdom and Latin America. * * * Catalyst Paper's 8-5/8% Series C Senior Notes carry Moody's Investors Service's B2 rating, Standard & Poor's B+ rating, and Dominion Bond Rating Service's BB rating. CHIQUITA BRANDS: Executives Adopt Prearranged Stock Trading Plan ---------------------------------------------------------------- Chiquita Brands International Inc.�s executive officers has adopted a prearranged stock trading plan in accordance with guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Rule 10b5-1 allows plans to be established that permit corporate executives to prearrange sales of company securities at a time when they are not aware of any material non-public information. Such plans typically involve a plan to sell shares over a set period of time. These pre-arranged planned trades will be executed at a specified later date, as set forth in the plan, without further action or oversight by the executive officer. A plan can provide for sales of stock on a particular date or at a particular price or a combination of both of these factors, along with others. The rules allow corporate executives to diversify their investment portfolios and avoid concerns about initializing stock transactions while possibly in possession of material non-public information. Chiquita's president and chief operating officer of its Chiquita Fresh Group, Robert F. Kistinger, has adopted a plan under Rule 10b5-1 which is in accordance with company's stock ownership guidelines and provides for the liquidation of portions of his holdings over multiple quarters, as part of systematic financial planning for the benefit of his family. Shares sold pursuant to the plan will be disclosed publicly through Form 144 filings and Form 4 filings as required by the SEC. About Chiquita Brands Cincinnati, Ohio-based Chiquita Brands International, Inc. (NYSE: CQB) -- http://www.chiquita.com/-- markets and distributes fresh food products including bananas and nutritious blends of green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Panama and the Philippines. * * * As reported in the Troubled Company Reporter on May 16, 2007, Moody's Investors Service Ratings affirmed these ratings on Chiquita Brands International Inc.: (i) corporate family rating at B3; (ii) probability of default rating at B3; (iii) US$250 million 7.5% senior unsecured notes due 2014 at Caa2(LGD5, 89%); and (iv) US$225 million 8.875% senior unsecured notes due 2015 at Caa2 (LGD5, 89%). Moody's changed the rating outlook for Chiquita Brands to negative from stable. Troubled Company Reporter reported on May 4, 2007, that Standard & Poor's Ratings Services placed its 'B' corporate credit and other ratings on Cincinnati, Ohio-based Chiquita Brands International Inc. on CreditWatch with negative implications, meaning that the ratings could be lowered or affirmed following the completion of their review. Total debt outstanding at the company was about US$1.3 billion as of March 31, 2007. CYBA COMPUTER: Appoints Administrators from Smith & Williamson -------------------------------------------------------------- Gregory Andrew Palfrey and Stephen John Adshead of Smith & Williamson Ltd. were appointed joint administrators of Cyba Computer Services Ltd. (Company Number 02460935) on May 25. Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. The company can be reached at: Cyba Computer Services Ltd. Broadway Bexleyheath DA6 8AS England Tel: 020 8298 0818 Fax: 020 8298 0232 FRESCO FOOD: Taps KPMG as Joint Administrators ---------------------------------------------- Paul Andrew Flint and Brian Green of KPMG LLP were appointed joint administrators of Fresco Food Ltd. (Company Number 03851514) on May 30. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, healthcare providers, insurance, and pharmaceuticals. The company can be reached at: Fresco Foods Ltd. Radfords Field Maesbury Road Industrial Estate Oswestry SY10 8RA England Tel: 01691 657 664 GOLDRITE LTD: Brings In Administrators from P&A Partnership ----------------------------------------------------------- Christopher Michael White and Gareth David Rusling of The P&A Partnership were appointed joint administrators of Goldrite Ltd. (Company Number 04294064) on May 21. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. The company can be reached at: Goldrite Ltd. 322 Coleford Road Sheffield S9 5PH England Tel: 0114 243 3011 Fax: 0114 242 1902 HOLLOW EXTRUSIONS: Brings in Begbies as Administrators ------------------------------------------------------ W. John Kelly and James P. N. Martin of Begbies Traynor were appointed joint administrators of Hollow Extrusions (International) Ltd. (Company Number 05262631) on June 5. 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: Hollow Extrusions (International) Ltd. P O Box 764 Birmingham B11 2BW England Tel: 0121 706 6677 IMPERIAL CHEMICAL: Snubs Akzo Nobel's GBP7 Billion Approach ----------------------------------------------------------- The Board of Directors for Imperial Chemical Industries Plc unanimously rejected a GBP7 billion takeover approach by Akzo Nobel N.V. The Board rejected the cash offer of 600 pence per share as it significantly undervalues ICI, the company said in a statement. The Board is very confident in the Group's strategy and strong growth prospects. Akzo Nobel, however, said it is not ruling out any possible offer for ICI. About Akzo Nobel Headquartered in Arnhem, the Netherlands, Akzo Nobel N.V. -- http://www.akzonobel.com/-- provides coatings, chemicals, and human and animal healthcare products worldwide. It operates through four segments: Coatings, Chemicals, Organon and Intervet. The Coatings segment's product areas are decorative coatings, industrial activities, marine and protective coatings, and car refinishes. The Chemical segment offers pulp and paper chemicals, base chemicals, surfactants and polymer chemicals. Organon offers brand name prescription pharmaceuticals in the fields of gynecology, fertility, neuroscience and anesthesia. Intervet offers vaccines and pharmaceuticals for livestock, aquatic and companion animals. About ICI Headquartered in London, England, Imperial Chemical Industries Plc -- http://www.ici.com/-- is a major paints, adhesives and specialty products business with products and ingredients developed for a wide range of markets. The company has a number of Regional and Industrial businesses in Argentina, India and Pakistan. It has around 26,000 employees and had sales in 2006 of GBP4.8 billion. At Dec. 31, 2006, the company's balance showed GBP4.29 billion in total assets, GBP4.48 billion in total liabilities and GBP189 million in stockholders' deficit. KINGSWAY ENGINEERING: Names Administrators from Begbies Traynor --------------------------------------------------------------- Simon Robert Haskew and Kenneth Stephen Chalk of Begbies Traynor were appointed joint administrators of Kingsway Engineering Ltd. (Company Number 3540122) on June 5. 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: Kingsway Engineering Ltd. 1A Lower Hanham Road Bristol BS15 8HH England Tel: 0117 961 3168 Fax: 0117 960 4718 LIGHTHOUSE COLOUR: Appoints Administrators from P&A --------------------------------------------------- Andrew Philip Wood and Christopher Michael White of The P&A Partnership were appointed joint administrators of Lighthouse Colour Solutions Ltd. (Company Number 04883595) on May 24. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. The company can be reached at: Lighthouse Colour Solutions Ltd. Unit 3 Charnwood Business Park North Road Loughborough LE11 1LE England Tel: 01509 219 066 Fax: 01509 219 466 MIKE SMITH: Appoints Baker Tilly as Joint Administrators -------------------------------------------------------- Adrian David Allen and Philip Edward Pierce of Baker Tilly Restructuring and Recovery LLP were appointed joint administrators of Mike Smith Fabrications Ltd. (Company Number 01598167) on June 1. Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other services for mid-cap and smaller publicly listed companies and private companies, particularly those expanding into new foreign markets. Services include business and financial planning, tax-related services, corporate finance, litigation support, turnaround services, and technology consulting. The company can be reached at: Mike Smith Fabrications Ltd. Smithland Magdalen Road Tilney St. Lawrence King's Lynn PE34 4RE England Tel: 01945 880 582 Fax: 01945 881 036 NIALL PHILLIPS: Creditors' Meeting Slated for July 10 ----------------------------------------------------- Creditors of Niall Phillips Architects Ltd. (Company Number 02428344) will meet at 11:00 a.m. on July 10 at: BDO Stoy Hayward LLP One Victoria Street Bristol BS1 6AA England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on July 9 at: G. D. Randall Joint Administrator BDO Stoy Hayward LLP One Victoria Street Bristol BS1 6AA England BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. NOMURA HOLDINGS: Provides US$230-Mil. Loan to CrimsonPower ---------------------------------------------------------- Nomura Holdings, Inc. said that it provided a US$230 million mezzanine loan to CrimsonPower Holdings Company, Inc., a joint venture formed by The Tokyo Electric Power Company, Incorporated and Marubeni Corporation. The loan, provided via a newly established special purpose vehicle, is part of a financing arrangement for the acquisition of three power stations in the Philippines totaling 2,200 megawatts from Mirant Corporation, an independent US power company. The remainder of the acquisition financing consists of a US$2.7 billion senior loan by the Japan Bank for International Cooperation and commercial banks, and equity financing by TEPCO and Marubeni. In early 2007, Nomura set up dedicated team of project finance experts in Tokyo and Hong Kong to work on expanding the firm's project finance operations. The mezzanine loan for CrimsonPower marks the first deal for Nomura. Demand for project finance deals across Asia is expected to increase as the need for infrastructure development rises on the back of the region's rapid economic growth. Nomura will focus on creating new investment opportunities for a broad base of investors via the capital markets by arranging mezzanine loans, while making it easier for project sponsors to take on risk and stimulate the market for infrastructure projects in Asia. About Nomura Holdings Nomura Holdings, Inc. -- http://www.nomura.com/-- is a securities and investment banking firm in Japan and have worldwide operations in more than 20 countries and regions including Japan, the United States, the United Kingdom, Singapore and Hong Kong and Brazil through its subsidiaries. Nomura operates in five business segments: Domestic Retail, which includes investment consultation services to retail customers; Global Markets, which includes fixed income and equity trading and asset finance businesses in and outside Japan; Global Investment Banking, which includes mergers and acquisitions advisory and corporate financing businesses in and outside Japan; Global Merchant Banking, which includes private equity investments in and outside Japan, and Asset Management, which includes development and management of investment trusts, and investment advisory services. As of May 11, 2007, Nomura Holdings still carries Fitch Ratings' 'C' individual rating that was given on April 13, 2006. PHARMED SOLUTIONS: Taps Baker Tilly as Joint Administrators ----------------------------------------------------------- Adrian David Allen and Philip Edward Pierce of Baker Tilly Restructuring and Recovery LLP were appointed joint administrators of Pharmed Solutions Ltd. (Company Number 03934658) on June 1. Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other services for mid-cap and smaller publicly listed companies and private companies, particularly those expanding into new foreign markets. Services include business and financial planning, tax-related services, corporate finance, litigation support, turnaround services, and technology consulting. The company can be reached at: Pharmed Solutions Ltd. Magdalen Road Tilney St. Lawrence King's Lynn PE34 4RE England Tel: 01945 880 582 Fax: 01945 881 511 PRISM LEISURE: Taps Joint Administrators from BDO Stoy ------------------------------------------------------ David H. Gilbert and Martha H. Thompson of BDO Stoy Hayward LLP were appointed joint administrators of Prism Leisure Corp. PLC (Company Number 01522326) on June 4. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. The company can be reached at: Prism Leisure Corp. PLC Unit 1 Dencoram Business Centre Dundee Way Enfield EN3 7SX England Tel: 0870 000 0247 Fax: 020 8805 8001 RESTFULL NIGHTS: Brings In Administrators from Tenon Recovery ------------------------------------------------------------- Charles M. Brook and Christopher Ratten of Tenon Recovery were appointed joint administrators of Restfull Nights Ltd. (Company Number 03995852) on June 1. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The company can be reached at: Restfull Nights Ltd. Yardley Road Knowsley Ind. Park Liverpool L33 7SS England Tel: 0151 548 4417 Fax: 0151 548 4249 * Begbies Traynor Opens Five New Offices in the United Kingdom -------------------------------------------------------------- Begbies Traynor Group plc (AIM: BEG), the AIM listed specialist professional services group, is expanding its nationwide coverage in the U.K. with the opening of five more offices across the country in Bournemouth, Derby, Leicester, Northampton and Dundee. This reflects the growing demand for the Group's portfolio of services which include business rescue and restructuring, personal insolvency management corporate finance, forensic accounting and investigative services. These new offices mean the Group now has extensive geographical coverage across the U.K., ranging from Plymouth in the far south west, to Preston and Newcastle in the north. The opening of a third office in Scotland will further strengthen the firm's footprint north of the border, where it has been enjoying good growth generated from existing branches in Glasgow and Edinburgh. �The new offices underline our determination to develop the Group as a major force in insolvency and related professional support services. We believe there is further scope for expanding our network of offices and are actively looking at other opportunities in parts of the country where we wish to be represented,� Ric Traynor, executive chairman of Begbies Traynor, said. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. * BOOK REVIEW: American Commercial Banking: A History ----------------------------------------------------- Author: Benjamin J. Klebaner Publisher: Beard Books Paperback: 296 pages List Price: $34.95 Order your personal copy at http://www.amazon.com/exec/obidos/ASIN/1587981424/internetbankru pt This book American Commercial Banking: A History is written by Benjamin J. Klebaner. This informative and fascinating book traces the history of commercial banking from its inception to 1988. The authoritative historical perspective provides a greater understanding of more recent times and of the many policy issues that have arisen through the years. In addition to being a remarkable piece of scholarship, it is a very readable book. It should be on the "must read" list of all students of finance and history, as well as others who are curious as to the role banks have played in our society. ********* 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 * * *