/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070711.mbxT 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 Tuesday, July 10, 2007, Vol. 8, No. 135 Headlines A U S T R I A AUTOHAUS GAMS: Claims Registration Period Ends July 20 BELAS ARTES: Korneuburg Court Orders Business Shutdown CITY GOLF: Postpones Creditors' Meeting to Aug. 1 FARBEN REITER: Claims Registration Period Ends July 24 FREIZEITANLAGEN LLC: Claims Registration Period Ends July 24 RESA LLC: Graz Court Orders Business Shutdown TECHNOLOGIE MANAGEMENT: Claims Registration Period Ends July 23 B E L G I U M FERRYWAYS NV: Romanian Crew Blocks Three Vessels in Belgium GENERAL MOTORS: European Arm Unveils Environmental Strategy D E N M A R K TDC A/S: Selling 224 Properties to ATP and PFA for DKK4.1 Bln F R A N C E SPARC EUROPE: Fitch Rates EUR39.2 Million Series D Notes at BB- G E R M A N Y BOHLEN & DOYEN: Claims Registration Period Ends August 6 DAIMLERCHRYSLER AG: European Commission Approves Chrysler Sale DAIMLERCHRYSLER: Chrysler Canada Sales Rise 24.1% in June 2007 DR MICHAEL TAEGER: Claims Registration Period Ends August 13 LT GRUNDSTUECKSGESELLSCHAFT: Claims Registration Ends Aug. 3 SCHIEDER MOEBEL: May Get Assistance From North Rhine-Westphalia WE-KA GRUNDSTUECKSVERWALTUNGS: Meeting Slated for August 15 I T A L Y ALITALIA SPA: AirOne Financial Partners May Drop Support K A Z A K H S T A N ASIMK LLP: Proof of Claim Deadline Slated for Aug. 14 ASTANA-TECHNOTERM LLP: Creditors Must File Claims Aug. 8 AUTOSERVICE MERKURIY: Claims Filing Period Ends Aug. 14 BANK TURANALEM: Says Insolvency-Related Reporting is False DILDA & K: Creditors' Claims Due on Aug. 8 GLORIYA PV: Claims Registration Ends Aug. 10 SHAKAR EK: Proof of Claim Deadline Slated for Aug. 10 TD MUNAYGASCOMPLECT: Creditors Must File Claims Aug. 14 TRANSIB LLP: Claims Filing Period Ends Aug. 14 K Y R G Y Z S T A N JOIN LLC: Creditors Must File Claims by August 17 L U X E M B O U R G IIB LUXEMBOURG: Fitch Rates EUR200 Million Notes at B/RR4 N E T H E R L A N D S GRESHAM CAPITAL: Fitch Rates EUR10 Million Class E Notes at BB R U S S I A ALAPAEVSKIY OJSC: Court Starts External Bankruptcy Procedure AMURSKOE BREEDING: Bankruptcy Hearing Slated for Oct. 2 BANK SAINT PETERSBURG: Fitch Holds B Rating with Stable Outlook DUBENSKAYA BUILDING: Court Starts Bankruptcy Supervision INFONET CJSC: Creditors Must File Claims by Aug. 9 INTERNATIONAL INDUSTRIAL: Fitch Rates EUR200 Mln Notes at B/RR4 NECTAR LLC: Creditors Must File Claims by Aug. 9 NIZHEGORODSKIY TIMBER: Bankruptcy Hearing Slated for Oct. 9 REINFORCED CONCRETE: Creditors Must File Claims by Aug. 9 ROSBANK OJSC: SocGen Interest Cues S&P to Affirm B+ Rating SEVERSTAL OAO: Moody's Lifts Corporate Family Rating to Ba2 SOYUZ-STEEL-PROM: Bankruptcy Hearing Slated for Sept. 25 STRONEG-KBI CJSC: Court Names A. Pshenkov as Insolvency Manager TALITSKIY BREWERY: Court Starts Bankruptcy Supervision Procedure URALSKIY FACTORY: Creditors Must File Claims by Aug. 9 VALUJSKUY MEAT-PACKING: Bankruptcy Hearing Slated for Oct. 10 YANA CJSC: Moscow Court Names A. Demin as Insolvency Manager YUGRA-OIL OJSC: Court Names M. Kotov as Insolvency Manager S P A I N PYME VALENCIA: Moody's Junks EUR15.3 Million Series E Notes TDA 28 FONDO DE TITULIZACION: Fitch Rates EUR1 Mln Notes at B S W I T Z E R L A N D AFM FELLINGER: Creditors' Liquidation Claims Due July 20 BUCHER C.P.: Creditors' Liquidation Claims Due July 25 CLEANWORLD INTERNATIONAL: Liquidation Claims Due July 25 DACH + WAND: Creditors' Liquidation Claims Due July 25 EL-PAMCH JSC: Creditors' Liquidation Claims Due July 23 FASSBIND & FASSBIND: Creditors' Liquidation Claims Due July 23 JURGEN GEILING: Creditors' Liquidation Claims Due July 23 ROAG JSC: Creditors' Liquidation Claims Due July 23 STEINER DESIGN: Creditors' Liquidation Claims Due July 20 VIDEO-O-TRONIC WUSSOW: Creditors' Liquidation Claims Due Aug. 31 U K R A I N E ALFA BANK: Moody's Rates Loan Participation Notes at Ba3 BAGIRA LLC: Creditors Must File Claims by July 12 DVORECHYE REGIONAL: Creditors Must File Claims by July 12 ECONOMIC DEVELOPMENT: Creditors Must File Claims by July 12 INTERPIPE LIMITED: Fitch Puts B+/RR4 Ratings to Proposed Notes KARAT LLC: Proofs of Claim Deadline Set July 12 ORIZON-POBUT: Creditors Must File Claims by July 12 PRISEYMOVSKOE LLC: Creditors Must File Claims by July 13 SPARES LLC: Creditors Must File Claims by July 12 UKRSOTSBANK: Moody's May Lift Ba1/Ba3 Ratings After Review VICTORIYA LLC: Creditors Must File Claims by July 12 WESTINVEST LLC: Proofs of Claim Deadline Set July 12 ZARIA LLC: Proofs of Claim Deadline Set July 12 U N I T E D K I N G D O M ALDA SKIP: Names Mark Jonathan Botwood Liquidator ALLIANCE BOOTS: KKR Outlines GBP9 Billion LBO Debt Package ALLIANCE BOOTS: S&P Cuts Rating to BB- on LBO Financing BERKSHIRE BEERS: Brings In Administrators from Vantis Plc BRAKE BROS: S&P Puts Rating on Watch Over Impending Sale CIRRUS TECHNOLOGIES: Creditors' Meeting Slated for July 20 CORUS GROUP: Moody's Cuts & Withdraws Corporate Family Rating CRMS CONTRACTS: Brings In Liquidators from KPMG DD BARS: Appoints Elizabeth Arakapiotis as Liquidator DEW REMEDIATION: Claims Filing Period Ends July 31 EUROHOME UK: S&P Puts BB Ratings to Two Note Classes FIREWORK FACTORS: Enters Receivership Proceedings GLAREWORD LTD: Claims Filing Period Ends August 1 ICON BUSINESS: Calls In Liquidators from Harrisons INDIGO DENIM: Taps Jason Groocock to Liquidate Assets ISOFT GROUP: Shareholders OK IBA's All-Share Offer Under Scheme KWIK SAVE: Administrators Sell 56 Stores; 600 Jobs Saved LUSZCZAK ASSOCIATES: Claims Filing Period Ends July 16 MARBLE ARCH: Fitch Puts Low-B Ratings to Three Note Classes MENDWEST TRADITIONAL: Hires Liquidators from Begbies Traynor MGH ENTERPRISES: Appoints Administrative Receivers from BDO Stoy NYCHOLWOOD LTD: Joint Liquidators Take Over Operations SAMSONITE CORP: Moody's May Lift B1 Rating After Review TATA STEEL UK: Moody's Assigns (P)Ba3 Rating to Holding Company TLC PARKING: Claims Filing Period Ends September 30 UNICORN COMPUTERS: Taps Liquidators from Jacksons Joliffe Cork WICLIFFE MOTOR: National Westminster Taps E&Y As Receivers * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= AUTOHAUS GAMS: Claims Registration Period Ends July 20 ------------------------------------------------------ Creditors owed money by LLC Autohaus Gams (FN 211419k) have until July 20 to file written proofs of claim to court-appointed estate administrator Axel Reckenzaun at: Dr. Axel Reckenzaun Annenstrasse 10/ 8020 Graz Austria Tel: 0316/71 33 53 Fax: 0316/713353-30 E-mail: office@boehm-reckenzaun.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Sept. 5 for the examination of claims. The meeting of creditors will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Judenburg, Austria, the Debtor declared bankruptcy on June 12 (Bankr. Case No. 17 S 50/07g). BELAS ARTES: Korneuburg Court Orders Business Shutdown ------------------------------------------------------ The Land Court of Korneuburg entered June 14 an order shutting down the business of LLC Belas Artes (FN 219021s). Court-appointed estate administrator Eva Riess 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. Eva Riess c/o Dr. Leopold Riess Zeltgasse 3/13 1080 Vienna Austria Tel: 01/402 57 01 Fax: 01/402 57 01 21 E-mail: law@riess.co.at Headquartered in Schwechat, Austria, the Debtor declared bankruptcy on May 31 (Bankr. Case No 36 S 78/07y). Leopold Riess represents Dr. Riess in the bankruptcy proceedings. CITY GOLF: Postpones Creditors' Meeting to Aug. 1 ------------------------------------------------- The creditors' meeting of LLC City Golf (FN 253938p) was postponed to 9:50 a.m. on Aug. 1 instead of July 25. 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). Katharina Widhalm-Budak serves as the court-appointed estate administrator of the bankrupt estate. Guenther Hoedl represents Dr. Widhalm-Budak in the bankruptcy proceedings. The estate administrator can be reached 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 FARBEN REITER: Claims Registration Period Ends July 24 ------------------------------------------------------ Creditors owed money by LLC Farben Reiter (FN 113603p) have until July 24 to file written proofs of claim to court-appointed estate administrator Wolfgang Strasser at: Dr. Wolfgang Strasser Hauptplatz 11 4300 St. Valentin Austria Tel: 07435/52 4 37 Fax: 5243721 E-mail: st-valentin@advvocat24.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:30 p.m. on Aug. 7 for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Asten, Austria, the Debtor declared bankruptcy on June 13 (Bankr. Case No. 14 S 22/07v). FREIZEITANLAGEN LLC: Claims Registration Period Ends July 24 ------------------------------------------------------------ Creditors owed money by LLC Freizeitanlagen (FN 179211x) have until July 24 to file written proofs of claim to court-appointed estate administrator Wolfgang Strasser at: Dr. Wolfgang Strasser Hauptplatz 11 4300 St. Valentin Austria Tel: 07435/52 4 37 Fax: 07435/52 4 37-21 E-mail: st-valentin@advocat24.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 a.m. on Aug. 14 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in St. Valentin, Austria, the Debtor declared bankruptcy on June 14 (Bankr. Case No. 14 S 111/07z). RESA LLC: Graz Court Orders Business Shutdown --------------------------------------------- The Land Court of Graz entered June 13 an order shutting down the business of LLC Resa (FN 260776w). Court-appointed estate administrator Wolfgang Dlaska recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Wolfgang Dlaska Joanneumring 11/4 8010 Graz Austria Tel: 0316/825580-0 Fax: 0316/825580-10 E-mail: office@dlaska.at Headquartered in Graz, Austria, the Debtor declared bankruptcy on June 12 (Bankr. Case No 25 S 61/07v). TECHNOLOGIE MANAGEMENT: Claims Registration Period Ends July 23 --------------------------------------------------------------- Creditors owed money by LLC Technologie Management (FN 173114f) have until July 23 to file written proofs of claim to court- appointed estate administrator Johann Jalovetz at: Dr. Johann Jalovetz Postgasse 6/IV 9500 Villach Austria Tel: 04242/28896 Fax: 04242/28896-6 E-mail: rajw@inode.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on July 30 for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Meeting Hall 225 Second Floor Klagenfurt Austria Headquartered in Feld am See, Austria, the Debtor declared bankruptcy on June 14 (Bankr. Case No. 41 S 55/07x). ============= B E L G I U M ============= FERRYWAYS NV: Romanian Crew Blocks Three Vessels in Belgium ----------------------------------------------------------- Around 60 Romanian crew set up a blockade at three of Ferryways N.V.�s vessels off the Belgium coast for fear of not being paid if the ferry operator eventually collapses, Informa Maritime Trade and Transport reports citing The Financial Times as its source. According to the report, the vessels blockaded include: The Flanders Ways, the Ipswich Way and Anglian Way. The vessels are still subject to claims, Informa Maritime relates. As previously reported in the TCR-Europe on June 22, 2007, a Belgian court appointed a three-person committee of experts to take over Ferryways from owner Cobelfret. Cobelfret had stopped operations after banks refused to continue providing financial support leading to the near-collapse of the ferry operator, FT relates. 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. About Ferryways Headquartered in Oostende, Belgium, Ferryways N.V. -- 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 U.K. 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 U.K.. The status of the fifth ship, which had a different ownership structure, is unclear. The banks' withdrawal of funds has forced the company's U.K. arm into administration and has pushed the ferry operator to the brink of bankruptcy. GENERAL MOTORS: European Arm Unveils Environmental Strategy ----------------------------------------------------------- General Motors Europe has launched an environmental strategy focusing short-term on reducing CO2 emissions and long-term on introducing new propulsion technologies. The strategy�s key points are: -- Opel/Vauxhall will introduce an ecoFLEX variant emitting lower CO2 levels in each model line; premiere at IAA in September 2007; -- GM will present HydroGen4, its next generation hydrogen fuel cell vehicle, at the IAA; -- Cadillac will launch the BLS as bioethanol (E85) variant in fall 2007; -- Opel/Vauxhall and Chevrolet will offer E85 vehicles as of 2010; and -- 16 new GME engine families and ten transmission families by 2012. GME has intensively addressed the subject of emissions reduction and improved fuel economy for many years. This is evident in the current wide product portfolio, in which many vehicles meet or undercut the level of 140 g/CO2 per kilometer. As GM's largest brand in Europe, Opel/Vauxhall will unveil ecoFLEX models at the 2007 Frankfurt motor show in September. These especially pro-environmental automobiles combine economy and driving enjoyment with low fuel consumption and reduced CO2 emissions in each vehicle class. The premiere model is a Corsa 1.3 CDTI emitting only 119 g/km of CO2, which will be launched in 2008. The Swedish premium brand Saab is also expanding its range of BioPower engines across its entire model portfolio this year. Cadillac will offer a similar E85 variant as of fall 2007, and in 2010, E85 vehicles are expected to be available for Opel/Vauxhall and Chevrolet. Between 2007 and 2012, GME will also introduce 16 new engine families with a total of 93 variants, as well as ten transmission families with 48 variants. "A vehicle's CO2 emissions are an important parameter, but by no means the only measurement of its environmental compatibility,� said General Motors Europe President Carl-Peter Forster. That's why we are not restricting ourselves to the production of single, eco-friendly prestige objects.� �We want all GME vehicles to protect natural resources as much as possible throughout the entire life cycle, from development through to the recycling of materials. The start of Opel/Vauxhall's ecoFLEX environmental initiative at the beginning of June was an important step, as this campaign promotes the scrapping of old vehicles which do not meet today's environmental standards," Mr. Forster emphasized. More Efficient Engine Technology & Use of Alternative Fuels In order to further reduce fleet fuel consumption and CO2 emissions, GM is pursuing a strategy of short and mid-term objectives. Conventional internal combustion engines will be made more efficient and economical through continued development, and greater use will be made of alternative fuels. Eco-Turbo and CNG are the engine concepts at the core of ecoFLEX models. Engines with larger displacements are being replaced by new Eco-Turbo units with smaller cylinder volumes. The Eco- Turbo concept is used in both gasoline and diesel engines. Opel and Saab are pioneers in the use of alternative fuels in Europe with their successful CNG (Opel) and E85 BioPower models (Saab). GM's environmental strategy pursues a clear global objective of energy diversification and focus on more than one technology. E-Flex & Fuel Cells as Propulsion Systems of the Future Presented this year, GM's E-Flex system enables multiple propulsion systems to be installed in a common, electrically driven chassis. Long-term, GM is working flat-out on the introduction of the hydrogen fuel cell -� currently the only zero-emission vehicle option. GM has already invested more than one billion US dollars in this technology. The research department of the Fuel Cell Activities Center is currently being integrated into regular production development, giving it a central role within GM. The GM HydroGen4 -� the European version of the Chevrolet Equinox Fuel Cell vehicle -� will be presented at the IAA and marks the next step toward fuel cell production readiness. A fleet of ten vehicles will undergo testing in Berlin as of next year. About General Motors General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the world's largest automaker, has been the global industry sales leader since 1931. Founded in 1908, GM employs about 317,000 people around the world. It has manufacturing operations in 32 countries. General Motors has Asia-Pacific operations in India, China, Indonesia, Japan, the Philippines, among others. It has locations in European countries including Belgium, Austria, and France. In Latin-America, the company maintains locations in Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay and Uruguay. * * * Standard & Poor's Ratings Services assigned its 'B+' bank loan rating to General Motors Corp.'s proposed $1.5 billion senior term loan facility, expiring 2013, with a recovery rating of '1'. The 'B+' rating was placed on Creditwatch with negative implications, consistent with the other issue ratings of GM, excluding recovery ratings. Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the proposed $1.5 Billion secured term loan of General Motors Corporation. The term loan is expected to be secured by a first priority perfected security interest in all of the US machinery and equipment, and special tools of GM and Saturn Corporation. ============= D E N M A R K ============= TDC A/S: Selling 224 Properties to ATP and PFA for DKK4.1 Bln ------------------------------------------------------------- TDC A/S has divested 224 of its properties in Denmark to ATP Ejendomme A/S and PFA Ejendomme A/S at a price of DKK4.1 billion. The sale is expected to result in an after tax gain of DKK2.8 billion which will be included in the 3Q statement of income under special items. "TDC's core business is telecommunication and not property management. Therefore, we are pleased to have found a buyer focusing on property development,� Jens Alder, President and CEO of TDC, said. The 224 properties cover about 480,000 sqm and are mainly used for technical and administrative purposes. TDC will lease the divested properties back. Two thirds of the divested properties are centrally located in Copenhagen, Arhus, Aalborg, Odense and in the area around Fredericia, Kolding and Vejle. TDC owns 1586 properties in total and will after the divestment still own the remaining 1362 properties, mainly consisting of smaller technical buildings. TDC's main office at Norregade 21 in Copenhagen is owned by KTAS' Pension Fund for which reason it is not part of the sale. 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 =========== SPARC EUROPE: Fitch Rates EUR39.2 Million Series D Notes at BB- --------------------------------------------------------------- Fitch Ratings assigned SPARC Europe (Junior) Compartment 2007's Series D notes totalling EUR39.2 million due in July 2010 a final rating of 'BB-' with Stable Outlook. This transaction is the second securitisation of motor quota share reinsurance treaties in Europe (the first one, FCC SPARC, closed in December 2005 and involved French motor insurance policies granted by Axa France IARD (rated IFS 'AA' /Outlook Stable) to individuals). The underlying risk stems from Belgian, German, Italian and Spanish portfolios of motor insurance policies made to individuals and originated by AXA subsidiaries' distribution network in those countries. The ratings reflect the timely payment of interest and ultimate payment of principal. They are based on the financial structure of the transaction, the credit quality of the underlying motor insurance contract portfolios, and premium and loss appraisal procedures of each AXA subsidiary. Nexgen Re (the reinsurer) and the AXA's subsidiaries have entered into four reinsurance treaties. Pursuant to these treaties, AXA's subsidiaries have transferred quota shares of premiums to the reinsurer. AXA's subsidiaries also receive same quota shares of amounts to be paid under the claims arising from the eligible motor insurance pools. To secure its respective payment obligations, the reinsurer has, on the one hand, made a junior cash deposit of an aggregate amount of EUR120.8 million for the benefit of the AXA subsidiaries. On the other hand, the latter has pledged financial instruments, in an amount of EUR120.8 million, credited to specific accounts for the benefit of the Fonds Commun de Creances. It should be noted that the constitution of such deposit is a condition precedent to the issuance of notes by a senior FCC, which has been set up in parallel. On the closing date, the reinsurer transferred to the FCC the receivable, which corresponds to the financial obligation of the AXA subsidiaries to repay the junior deposit as well as ancillary rights such as the benefit of the above mentioned pledge. The FCC is a French compartmentalised debt mutual fund, which has been set up by the custodian, IXIS Corporate & Investment Bank, and the management company, Eurotitrisation. It allows for future issuances and SPARC EUROPE (JUNIOR) (COMPARTMENT 2007) is the first of a maximum four compartments, dedicated to the cover period 2007. The risk covered by these reinsurance treaties and transferred to noteholders reflects the evolution of the premium and claims of the portfolios of insurance contracts and will be measured by the global ratio of claims to premiums (the global loss ratio). Portfolios losses will be passed to noteholders once the global loss ratio exceeds each note's attachment point (loss threshold at which noteholders are affected). Attachment points for the Class D notes will be based on the global loss ratio at 3.5% above the budgeted global loss ratio. ============= G E R M A N Y ============= BOHLEN & DOYEN: Claims Registration Period Ends August 6 -------------------------------------------------------- Creditors of Bohlen & Doyen Vermoegensverwaltung AG have until Aug. 6 to register their claims with court-appointed insolvency manager Wolfgang van Betteray. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Sept. 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 Aurich Hall 115 Schlossplatz 2 26603 Aurich Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on Oct. 18, at Room 023 on the same venue. The insolvency manager can be reached at: Wolfgang van Betteray Rheinort 1 40213 Duesseldorf Germany Tel: 0211-1394 0 Fax: 0211-1394 251 The District Court of Aurich opened bankruptcy proceedings against Bohlen & Doyen Vermoegensverwaltung AG on July 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bohlen & Doyen Vermoegensverwaltung AG Hauptstr. 248 26639 Wiesmoor Germany DAIMLERCHRYSLER AG: European Commission Approves Chrysler Sale -------------------------------------------------------------- The European Commission approved on July 2, 2007, the sale of DaimlerChrysler AG units Chrysler Corporation LLC and Chrysler Financial Services LLC to CG Investor LLC, controlled by Cerberus Group, according to a press release issued by the EU. The Comission stated in the release that the pact was approved under a special simplified procedure as there were no objections lodged against it. The deal still needs approval from U.S. authorities and is expected to be completed in the third quarter. The TCR-Europe reported on May 15, 2007, that an affiliate of private equity firm Cerberus Capital Management, L.P., New York, will make a capital contribution of US$7.4 billion in return for an 80.1 percent equity interest in the future new company, Chrysler Holding LLC. Of the total capital contribution of US$7.4 billion, US$5.0 billion will flow into the industrial business (Chrysler Corporation LLC) and US$1.05 billion will flow into the financial services business in order to strengthen the equity base of both businesses. DaimlerChrysler will receive the balance of US$ 1.35 billion. In addition, DaimlerChrysler will grant a loan of US$0.4 billion to Chrysler Corporation LLC. DaimlerChrysler will hold a 19.9 percent equity interest in the new company. Chrysler Holding LLC will hold 100 percent each of the future Chrysler Corporation LLC, which produces and sells Chrysler, Dodge and Jeep vehicles, and the future Chrysler Financial Services LLC, which provides financial services for these vehicles in the NAFTA region. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:DCX) -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide operations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam, and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. DAIMLERCHRYSLER: Chrysler Canada Sales Rise 24.1% in June 2007 -------------------------------------------------------------- Chrysler Canada sales jumped 24.1 percent in June 2007 marking the company's 11th straight month of sales increases. The company sold 123,237 vehicles in 2007 versus 114,659 in 2006 making it the number two seller of cars and trucks in Canada. Car sales of 5,607 were up 54.1 percent and 16,422 truck sales were up 16.3 percent in June to total 22,029, versus 17,755 units in June 2006. June sales continued this year's rise in retail sales with double-digit growth. Sales of for the first half of 2007 are up 7.5 percent over the same period last year. "Our outstanding June sales performance shows that Chrysler is clearly on a roll in Canada," said Chrysler Canada President and CEO Reid Bigland. "We are solidly in 2nd place in the Canadian market and are seeing consistently strong retail sales, especially of our new, highly fuel-efficient vehicles like Dodge Caliber, Jeep Patriot, Jeep Compass and Chrysler Sebring." Summer Momentum A new incentive program for July features the return of the Employee Price Discount, offering an employee price discount program on nearly all 2007 model year Chrysler, Jeep and Dodge vehicles, and a gas discount card from Petro-Canada that will allow customers to save 20 cents per liter for one year�s worth of average driving. Eligible vehicles include all 2006 models, all 2007 models (except Dodge Caliber, Jeep Compass, Jeep Patriot, Jeep Wrangler and Dodge Sprinter) and the 2008 Dodge Avenger. Total possible savings on eligible vehicles range from US$1,735 on the 2008 Dodge Avenger to US$9,000 on a 2007 Dodge Caravan. Sales Highlights Total Jeep brand vehicle sales of 4,359 reached a new monthly high based on strong performance of Compass, Patriot and the new four-door Wrangler. Jeep brand sales increased 119 percent over the same month last year. Other trucks with strong sales performance include Grand Cherokee with sales up 34.4 percent and Dodge Dakota, which doubled sales versus the same month last year. Chrysler Pacifica sales were up 78.3 percent to 419 units. Cars with strong sales performance include Chrysler Sebring (632 units); Chrysler 300/C (1043 units), and Dodge Charger (936 units) which is up 98.7 percent over the same month last year. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA:DCX) -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide operations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam, and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. DR MICHAEL TAEGER: Claims Registration Period Ends August 13 ------------------------------------------------------------ Creditors of Dr. Michael Taeger Gesellschaft fuer Top Management Beratung mbH have until Aug. 13 to register their claims with court-appointed insolvency manager Helge Wachsmuth. Creditors and other interested parties are encouraged to attend the meeting at 10:50 a.m. on Sept. 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 of Hannover Hall 226 Second Floor Service Bldg. Hamburger Allee 26 30161 Hannover 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: Helge Wachsmuth Alexanderstr. 2 30159 Hannover Germany Tel: 0511 325095 Fax: 0511 329934 The District Court of Hannover opened bankruptcy proceedings against Dr. Michael Taeger Gesellschaft fuer Top Management Beratung mbH on July 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dr. Michael Taeger Gesellschaft fuer Top Management Beratung mbH Attn: Dr. Michael Taeger, Manager Karl-Wiechert Allee 20 30625 Hannover Germany LT GRUNDSTUECKSGESELLSCHAFT: Claims Registration Ends Aug. 3 ------------------------------------------------------------ Creditors of LT Grundstuecksgesellschaft mbH have until Aug. 3 to register their claims with court-appointed insolvency manager Christoph Henningsmeier. Creditors and other interested parties are encouraged to attend the meeting at noon on Sept. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cuxhaven Hall 112 Old Building Deichstr. 12 A 27472 Cuxhaven Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christoph Henningsmeier Osdorfer Landstr. 230 22549 Hamburg Germany Tel: 040 8078810 Fax: 040 807881-20 The District Court of Cuxhaven opened bankruptcy proceedings against LT Grundstuecksgesellschaft mbH on July 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LT Grundstuecksgesellschaft mbH Attn: Uve Dohrn, Manager Schleusenpriel 80 27472 Cuxhaven Germany SCHIEDER MOEBEL: May Get Assistance From North Rhine-Westphalia --------------------------------------------------------------- The German state of North Rhine-Westphalia is willing to provide economic assistance to Schieder Moebel Holding GmbH as long as European Union law allows it, according to a spokesperson for the state's ministry of economic affairs, The Financial Times reports, citing Suddeutsche Zeitung as its source. As reported in the Troubled Company Reporter-Europe on June 29, 2007, Schieder Moebel declared insolvency after takeover talks failed, potentially leading to the holdings' dissolution. Negotiations over a complete takeover fell through in spite of several companies and investors expressing interest in salvaging parts of the insolvent group. The accounting scandal that pushed Schieder Moebel into bankruptcy has deterred investors from committing to a takeover of the furniture maker. About Schieder Moebel Headquartered in Herford, Germany, Schieder Moebel Holding GmbH -- http://www.schieder.com/-- is one of the leading furniture designers and manufacturers in Europe. The company has 41 production plants and employs 11,000 people worldwide, 9,000 of which in Poland. It had turnover of EUR950 million in the financial year 2005/06. Schieder applied for insolvency proceedings at the District Court of Detmold on June 22, 2007, after incurring debts of nearly EUR300 million due to high capital costs. The insolvency now affects all of Schieder's factories and distribution centers in Germany. Schieder, which has 11,000 staff and 5,000 customers in 60 different countries, now faces being broken up into various parts. WE-KA GRUNDSTUECKSVERWALTUNGS: Meeting Slated for August 15 ----------------------------------------------------------- The court-appointed insolvency manager for We-Ka Grundstuecksverwaltungsgesellschaft mbH & Co. Budapester Strasse 11-13 KG, Christoph Rosenmueller will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:20 a.m. on Aug. 15. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:15 a.m. on Nov. 28 at the same venue. Creditors have until Oct. 3 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christoph Rosenmueller Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against We-Ka Grundstuecksverwaltungsgesellschaft mbH & Co. Budapester Strasse 11-13 KG on July 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: We-Ka Grundstuecksverwaltungsgesellschaft mbH & Co. Budapester Strasse 11-13 KG Santesstr. 12 63843 Niedernberg Germany ========= I T A L Y ========= ALITALIA SPA: AirOne Financial Partners May Drop Support -------------------------------------------------------- AirOne S.p.A.'s financial partners may drop their support for the carrier in its bid to acquire the Italian government's 39.9% stake in Alitalia S.p.A., Andrew Frye of Bloomberg News reports citing Italian daily Il Sole 24 Ore. The financial backers -- Intesa-Sanpaolo S.p.A. Morgan Stanley, Lehman Brothers, Nomura Holdings Inc., and Banca Monte Paschi di Siena -- are apprehensive of AirOne chief Carlo Toto's plan not to inject fresh capital in the bid, Il Sole relates. The lenders are also unhappy that Toto would maintain a majority stake in the consortium, Il Sole adds. As reported in the TCR-Europe on June 29, 2007, AP Holding S.p.A., AirOne's acquisition vehicle, was seeking a valuation in preparation for its Alitalia bid. The valuation, Il Sole relates, will allow AP Holding's financial backers to support its bid for the national carrier. PricewaterhouseCoopers have estimated AP Holding's value to be worth between EUR850 million and EUR1 billion, Il Sole says. AP Holding will try to outbid rival MatlinPatterson Global Advisers LLC. The bidders have until July 12, 2007, to submit a binding offer. 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 =================== ASIMK LLP: Proof of Claim Deadline Slated for Aug. 14 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Asimk insolvent. Creditors have until Aug. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktube Kazakhstan Tel: 8 (3132) 21-30-32 ASTANA-TECHNOTERM LLP: Creditors Must File Claims Aug. 8 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP Astana-Technoterm insolvent. Creditors have until Aug. 8 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Saryarka Str. 24-77 010000, Astana Kazakhstan Tel: 8 (3172) 23-80-72 8 (3172) 36-09-38 AUTOSERVICE MERKURIY: Claims Filing Period Ends Aug. 14 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Autoservice Merkuriy insolvent. Creditors have until Aug. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Krasin Str. 8/1-256 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 24-29-03 8 (3232) 22-19-10 BANK TURANALEM: Says Insolvency-Related Reporting is False ---------------------------------------------------------- Sadyr Shaguzhayev, Head of Loan & Capital Markets for JSC Bank TuranAlem, says a report appearing in the Troubled Company Reporter on June 20, 2007, and distributed by SunStream News via Bloomberg on July 5, 2006, contains "false information about the bankruptcy of the JSC Bank TuranAlem representation in Kyrghyzstan." "Please be informed," Bank TuranAlem says, "that the given information is absolutely incorrect - representation of the JSC ?Bank TuranAlem? in Kirghizstan, as well as the number of other representations of the Bank in CIS, are going to be closed within the frames of the program of the regional network optimization, the press release on this matter has been placed on the official site of the JSC ?Bank TuranAlem? on 28.06.2007. It is incorrect to talk about the "bankruptcy", as according to the Law of the Republic of Kazakhstan No. 2444 dated 31.08.1995, 'About banks and banking activity in the Republic of Kazakhstan,' the Representation of a Bank is an isolated/separate division of a bank, which is not considered as a legal unit, is outside of the bank's location, and is operating for and on behalf of the bank and is not carrying out banking activity. At the same time IneximBank in Kyrgyzstan, which is the affiliated bank of Temir Bank, which control stake belonging to BTA Group, is successfully conducting its business." Direct any questions to: Sadyr Shaguzhayev Head of Loan & Capital Markets Phone: 7-3272-500-671 Fax: +7-3272-667-276 Mobile: 7-777-270-93-00 E-mail: shaguzhayev@bta.kz Web site: http://www.bta.kz/ - or - Ms. Viktoria Shen Mass Media Relations Department Tel.: +7 327 266 26 87 About Bank TuranAlem Headquartered in Almaty, Kazakhstan, JSC Bank TuranAlem -- http://bta.kz/en/-- is the second largest commercial bank in Kazakhstan by IFRS assets by 2005. The group is present in all segments of the market: corporate and retail banking, trade financing, fund market, credits, SME development, leasing, mortgage lending and pension funds. * * * As reported in the TCR-Europe on June 26, 2007, Moody's downgraded the debt ratings of Bank TuranAlem following the implementation of Moody's refined JDA methodology on external support. All ratings now carry stable outlooks. The affected ratings are: -- Foreign Currency Subordinate Debt Ratings downgraded to Ba1 from Baa2. -- Foreign Currency Junior Subordinate Debt Rating downgraded to Ba2 from Baa3. -- The D- Bank Financial Strength Rating is unchanged. In TCR-Europe report on May 22, 2007, Fitch affirmed the ratings of Kazakhstan's Bank TuranAlem -- BTA -- at foreign currency Issuer Default 'BB+', Short-term foreign currency 'B', local currency Issuer Default 'BBB-', Short-term local currency 'F3', Support '3' and Individual C/D. The Outlook on the foreign currency Issuer Default rating is Positive while that on the local currency IDR is Stable. BTA also carries 'BB/B' long- and short-term counterparty credit ratings from Standard & Poor's. Outlook is positive. DILDA & K: Creditors' Claims Due on Aug. 8 ------------------------------------------ The Specialized Inter-Regional Economic Court of Astana has declared LLP Dilda & K insolvent. Creditors have until Aug. 8 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Saryarka Str. 24-77 010000, Astana Kazakhstan Tel: 8 (3172) 23-80-72 8 (3172) 36-09-38 GLORIYA PV: Claims Registration Ends Aug. 10 -------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Gloriya Pv insolvent. Creditors have until Aug. 10 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Kutuzov Str. 91/1 Pavlodar Kazakhstan Tel: 8 (3182) 54-98-55 SHAKAR EK: Proof of Claim Deadline Slated for Aug. 10 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Shakar Ek insolvent. Creditors have until Aug. 10 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Kutuzov Str. 91/1 Pavlodar Kazakhstan Tel: 8 (3182) 54-98-55 TD MUNAYGASCOMPLECT: Creditors Must File Claims Aug. 14 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Td Munaygascomplect insolvent. Creditors have until Aug. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktube Kazakhstan Tel: 8 (3132) 21-30-32 TRANSIB LLP: Claims Filing Period Ends Aug. 14 ---------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Transib insolvent. Creditors have until Aug. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Krasin Str. 8/1-256 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 24-29-03 8 (3232) 22-19-10 =================== K Y R G Y Z S T A N =================== JOIN LLC: Creditors Must File Claims by August 17 ------------------------------------------------- LLC Join (INN 03006200510251) has declared insolvency. Creditors have until Aug. 17 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 53-05-55. =================== L U X E M B O U R G =================== IIB LUXEMBOURG: Fitch Rates EUR200 Million Notes at B/RR4 --------------------------------------------------------- Fitch Ratings assigned IIB Luxembourg S.A.'s EUR200 million 9% issue of limited recourse notes final ratings of Long-term 'B' and Recovery 'RR4'. The notes are due in July 2010. The notes are to be used solely for financing a loan to Russia's International Industrial Bank, which is rated Long-term Issuer Default 'B' with a Stable Outlook, Short-term IDR 'B', Individual 'D', Support '5' and National Long-term 'BBB(rus)' with a Stable Outlook. It has a Support Rating Floor of 'No Floor'. IIB ranked among the top 20 Russian banks by IFRS total assets at end-2006. It is managed by a trust, beneficially owned by the family of Sergei Pugachev (72%) and the bank's senior managers (with the largest individual stake at 6%). Mr. Pugachev also has significant industrial interests in a broad range of sectors, which are consolidated under the management company United Industrial Corporation. Since 2001, Mr. Pugachev has been a member of the upper house of the Russian parliament (Federation Council) from the Tyva Republic. ===================== N E T H E R L A N D S ===================== GRESHAM CAPITAL: Fitch Rates EUR10 Million Class E Notes at BB -------------------------------------------------------------- Fitch Ratings assigned final ratings to Gresham Capital CLO IV B.V.'s issue of EUR300 million floating-rate notes: -- EUR75 million Class A1A senior secured floating-rate variable funding notes due 2023: 'AAA' -- EUR75 million Class A1B senior secured floating-rate notes due 2023: 'AAA' -- EUR48.8 million Class A2 senior secured floating-rate notes due 2023: 'AAA' -- EUR24.13 million Class B deferrable secured floating-rate notes due 2023: 'AA' -- EUR21.9 million Class C deferrable secured floating-rate notes due 2023: 'A' -- EUR22.02 million Class D deferrable secured floating-rate notes due 2023: 'BBB' -- EUR10.78 million Class E deferrable secured floating-rate notes due 2023: 'BB' -- The EUR32.8 million Class N subordinated notes due 2023 are not rated The transaction is a securitization of leverage loans including primarily senior secured loans, senior unsecured loans, second lien loans, mezzanine obligations and CLO securities. The ratings of the Class A notes (Class A1A, A1B and A2) address the ultimate repayment of principal at maturity and the timely payment of interest when due, according to the terms of the notes. For all other Classes of notes the ratings address the ultimate payment of principal and interest, including deferred interest, at maturity. The ratings are based on the quality and diversity of the portfolio of assets, which are selected by the collateral manager, Investec Principal Finance, part of Investec Bank (UK) Ltd., subject to the guidelines outlined in the collateral management agreement. The guidelines limit the collateral manager's portfolio allocations with respect to obligor, industry and asset type. IPF will actively manage the collateral over a six-year reinvestment period. The ratings are also based on the credit enhancement provided to the various Classes of notes in the form of subordination, structural protection and excess spread. Credit enhancement, in the form of subordination, for the Class A1A and A1B totals 50%, of which 16.27% is provided by the A2 notes, 8.04% by the B notes, 7.3% by the C notes, 7.34% by the D notes, 3.59% by the E notes and 7.46% by the unrated subordinated notes. Some of the EUR32.8 million proceeds from the subordinated Class of notes are used to pay certain initial expenses of the issuer rather than to purchase collateral and therefore are unavailable for subordination. Gresham IV CLO B.V. is a limited liability company incorporated under the laws of Netherlands. On the closing date, the issuer had purchased approximately 70% of the target portfolio; the remainder will be purchased over the following 180 days. =========== R U S S I A =========== ALAPAEVSKIY OJSC: Court Starts External Bankruptcy Procedure ------------------------------------------------------------ The Arbitration Court of Sverdlovsk commenced external management bankruptcy procedure on OJSC Meat Combine Alapaevskiy. The case is docketed under Case No. A60-31199/ 06-S11. The External Insolvency Manager is: V. Lyutov Post User Box 206 620027 Ekaterinburg Russia The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: OJSC Meat Combine Alapaevskiy Severovostochnaya Str. 1 Alapaevsk 624600 Sverdlovsk Russia AMURSKOE BREEDING: Bankruptcy Hearing Slated for Oct. 2 ------------------------------------------------------- The Arbitration Court of Chelyabinsk will convene at 2:30 p.m. on Oct. 2 to hear the bankruptcy supervision procedure on CJSC Amurskoe Breeding Factory. The case is docketed under Case No. A76-3536/2007-34-73. The Temporary Insolvency Manager is: M. Moiseev Post User Box 249 620014 Ekaterinburg Russia The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Region Russia The Debtor can be reached at: CJSC Amurskoe Breeding Factory Amurskiy Bredinskiy 457335 Chelyabinsk Russia BANK SAINT PETERSBURG: Fitch Holds B Rating with Stable Outlook --------------------------------------------------------------- Fitch Ratings affirmed Russia-based Bank Saint Petersburg's ratings at Long-term Issuer Default 'B', Short-term IDR 'B', Individual 'D' and Support '5'. The Outlook for the Long-term IDR is Stable. The ratings reflect BSP's high, although falling, individual borrower concentration, sizeable exposure to the real estate and construction sectors, very rapid asset growth and currently insufficient capitalisation to support further growth, as well as the relatively high-risk Russian operating environment. They also take into account the bank's strong regional franchise, its sound asset quality and respectable earnings performance. Rapid growth rates mean that an upward movement in the Long-term IDR in the near-term is unlikely unless there is a substantial increase in capital. "The credit profile can improve if BSP strengthens its capitalisation, through a planned IPO or otherwise. However, these plans look ambitious", notes Alexei Kechko, Associate Director of Fitch's Financial Institutions Group in Moscow. Reduced concentration on the largest borrowers and a slowdown of growth rates would also be positive rating factors, while failure to increase capital combined with rapid asset growth or an increase in impaired loans would put ratings under downward pressure. BSP is a mid-sized Russian bank with a strong presence in St. Petersburg. At end-2006, the bank had a 7.1% regional market share in terms of assets. The bank is ultimately controlled by its senior management, including the chairman, Alexander Saveliev. The remaining 30% is mostly owned by two individual investors with common business interests. DUBENSKAYA BUILDING: Court Starts Bankruptcy Supervision -------------------------------------------------------- The Arbitration Court of Mordoviya commenced bankruptcy supervision procedure on LLC Dubenskaya Building Company. The case is docketed under Case No. A39-1637/07-79/6. The Temporary Insolvency Manager is: S. Bolzin Stroitelnaya Str. 1-311 Saransk Mordoviya Russia The Court is located at: The Arbitration Court of Mordoviya Kommunisticheskaya Str. 33 Saransk Mordoviya Russia The Debtor can be reached at: LLC Dubenskaya Building Company Dubenki Dubenskiy Mordoviya Russia INFONET CJSC: Creditors Must File Claims by Aug. 9 -------------------------------------------------- Creditors of CJSC Infonet have until Aug. 9 to submit proofs of claim to: F. Lesnyak Insolvency Manager Room 18 Pobedy Str. 4a 443068 Samara Russia The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55-2006/2007. The Debtor can be reached at: CJSC Infonet Novo-Vokzalnaya Str. 112A 443081 Samara Russia INTERNATIONAL INDUSTRIAL: Fitch Rates EUR200 Mln Notes at B/RR4 --------------------------------------------------------------- Fitch Ratings assigned IIB Luxembourg S.A.'s EUR200 million 9% issue of limited recourse notes final ratings of Long-term 'B' and Recovery 'RR4'. The notes are due in July 2010. The notes are to be used solely for financing a loan to Russia's International Industrial Bank, which is rated Long-term Issuer Default 'B' with a Stable Outlook, Short-term IDR 'B', Individual 'D', Support '5' and National Long-term 'BBB(rus)' with a Stable Outlook. It has a Support Rating Floor of 'No Floor'. IIB ranked among the top 20 Russian banks by IFRS total assets at end-2006. It is managed by a trust, beneficially owned by the family of Sergei Pugachev (72%) and the bank's senior managers (with the largest individual stake at 6%). Mr. Pugachev also has significant industrial interests in a broad range of sectors, which are consolidated under the management company United Industrial Corporation. Since 2001, Mr. Pugachev has been a member of the upper house of the Russian parliament (Federation Council) from the Tyva Republic. NECTAR LLC: Creditors Must File Claims by Aug. 9 ------------------------------------------------ Creditors of LLC Nevinnomysskiy Tinned Food Factory Nectar have until Aug. 9 to submit proofs of claim to: D. Evtushenko Insolvency Manager Post User Box 2924 355029 Stavropol Russia The Arbitration Court of Stavropol commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-12323/06-S5. The Court is located at: The Arbitration Court of Stavropol Mira Str. 4586 Stavropol Russia The Debtor can be reached at: LLC Nevinnomysskiy Tinned Food Factory Nectar 3 Internatsionala Str. 128 Nevinnomyssk Stavropol Russia NIZHEGORODSKIY TIMBER: Bankruptcy Hearing Slated for Oct. 9 ----------------------------------------------------------- The Arbitration Court of Nizhniy Novgorod will convene at 1:15 p.m. on Oct. 9 to hear the bankruptcy supervision procedure on CJSC Nizhegorodskiy Timber-Financial Trading House (TIN 5262057331). The case is docketed under Case No. A43-5763/ 2007 33-90. The Temporary Insolvency Manager is: V. Nogtev Sennaya Square 15 603024 Nizhniy Novgorod Russia The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: CJSC Nizhegorodskiy Timber-Financial Trading House Bekerova Str. 73A Nizhniy Novgorod Russia REINFORCED CONCRETE: Creditors Must File Claims by Aug. 9 --------------------------------------------------------- Creditors of LLC Reinforced Concrete Goods�2 (TIN 3819013600) have until Aug. 9 to submit proofs of claim to: V. Afanasyeva Insolvency Manager Office 308 Lenina Str. 18 664025 Irkutsk Russia The Arbitration Court of Irkutsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-24233/06-38. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: LLC Reinforced Concrete Goods�2 Korostova Str. 20 Usolye-Sibirskoye Irkutsk Russia ROSBANK OJSC: SocGen Interest Cues S&P to Affirm B+ Rating ---------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B+/B' counterparty credit ratings on Russia-based Rosbank OJSC. At the same time, the 'ruAA-' Russia national scale rating was also affirmed. The outlook is positive. The affirmation reflects Societe Generale's (SocGen; AA/Stable/A-1+) continued strategic interest in Rosbank. SocGen's existing holding in Rosbank is 20% less one share. "The ratings on Rosbank already incorporate operational and managerial support from SocGen, which we reflect by adding one notch to our stand-alone credit assessment of Rosbank," said Standard & Poor's credit analyst Eugene Tarzimanov. The positive outlook reflects the fact that S&P considers it likely that SocGen will acquire a majority ownership in Rosbank before the end of 2008, but the French banking group has not yet made its final decision. SocGen is currently in the process of filing an application with Russian authorities for an additional purchase of 30% plus two shares (through a call option maturing at the end of 2008) of Rosbank. Standard & Poor's will likely raise the ratings on Rosbank if SocGen acquires the controlling stake, and the holding appears long term. The majority ownership by SocGen should have a positive impact on Rosbank's funding, risk management, and IT. "The amount of uplift will depend upon our projection of the future strategic support and commitment from SocGen toward Rosbank," added Mr. Tarzimanov. The bank's ability to withstand competitive pressure on profitability and to maintain good asset quality will drive our assessment of its stand-alone credit profile over the medium term. Factors that would lead to a downgrade include a failure to control the quality of rapidly growing loans, reduction of support from SocGen, or difficulties in managing the widespread branch and office network. SEVERSTAL OAO: Moody's Lifts Corporate Family Rating to Ba2 ----------------------------------------------------------- Moody's Investor's Service upgraded the corporate family rating for OAO Severstal from Ba3 to Ba2. At the same time, Moody's Interfax Rating Agency, which is majority owned by Moody's, upgraded the national scale rating from Aa3.ru to Aa2.ru. Moody's also upgraded rating for the Loan Participation Notes totaling US$700 million from B1 to Ba2. The outlook on all ratings is stable. The rating upgrade for OAO Severstal to Ba2 reflects: (i) the company's growing track record of strong operating performance, supported by an increasingly healthy domestic demand for steel products in Russia which should result in a greater sustainability of the group's current performance levels; and (ii) OAO Severstal 's completion of the consolidation of its steel and mining assets within the group, which resulted in an improved transparency of the group structure and corporate governance (The improved business profile as a consequence of the transfer of the mining assets in 2006 had already resulted in an earlier upgrade to Ba3 from B1). The Ba2 rating remains underpinned by: (i) OAO Severstal's established position in the Russian market and its ability to compete in international markets; (ii) its low cash costs and continued focus on cost reductions; (iii) the group's current low debt levels and strong cash flow generation (RCF/Net Debt stood at 103.1% at FYE 2006); (iv) OAO Severstal's self-sufficiency in main raw materials like iron ore and coal; (v) the strategic location of its steel assets close to the major steel consuming markets. Moody's notes OAO Severstal's disciplined approach towards M&A, as well as its consistency in strategy and financial policy, which are also expected to be adhered to going forward. The Ba2 ratings also reflects Moody's view that OAO Severstal's upstream and downstream integration has been largely completed successfully and that the implementation of the growth strategy with the aim of further developing high value-added and niche products will succeed and should reduce earnings volatility going forward. Recently released first quarter 2007 results indicate a continuous strong performance especially with respect to the Russian steel and mining divisions in the benign market environment. Moody's added that the strong domestic demand in Russia for steel products from the construction, oil & gas, infrastructure and automotive/manufacturing sector is expected to continue for the foreseeable future, driven by the booming domestic economy, a growth of infrastructure investments, the need for ongoing exploration, production and transportation via pipeline of oil and gas products and a growing tendency by international automotive manufacturers to open plants in Russia. These developments should foremost benefit the well-located Russian steel producers such as OAO Severstal, contributing to a greater immunity to global steel price cyclicality and therefore to a more stable financial performance over the next several years. On a more cautionary note, Moody's reiterated that the Ba2 corporate family rating continues to reflect: (i) the remaining exposure of OAO Severstal to the inherent cyclicality of the steel industry mainly via its international operations in Italy, France and North America; (ii) weaker than expected FYE 2006 financial results due to consolidation of Lucchini and mining assets which negatively affected the company's margins (EBITA margins have weakened from 23% in 2005 to 16.4% in 2006); (iii) the group's appetite for acquisitions; (iv) expectations of substantial capital expenditures related to the activity of mining companies and steel assets; (v) the group's ownership concentration adding uncertainty and less predictability to its financial strategy and dividend policy; (vi) the evolving and less transparent Russian political, fiscal and legal environment. In its assessment of the company's capital structure for the purpose of assessing the loss given default, Moody's therefore considers secured debt to rank ahead of the loan participation notes. Two issues of the Loan Participation Notes totaling US$700 million and due in 2009 and 2014 - are structurally and contractually subordinated to the existing secured indebtedness of US$280 million or less than 10% of the total loan portfolio that is secured by property, equipment and fixed assets. However, as the proportion of secured debt was reduced substantially, Moody's has upgraded by two notches from B1 to Ba2 the rating of the Loan Participation Notes. The Ba2 rating on the unsecured notes reflects both the overall probability of default of the group, to which Moody's assigned a probability-of-default rating of Ba2, and a loss-given default assessment of LGD4 or 55.31%. Upgrades: * Issuer: Severstal OAO -- Probability of Default Rating, Upgraded to Ba2 from Ba3; -- Corporate Family Rating, Upgraded to Ba2 from Ba3; -- Senior Unsecured Regular Bond/Debenture, Upgraded to a range of 55-LGD4 to Ba2 from a range of 75-LGD5 to B1. OAO Severstal is the largest steel producer in Russia (measured by production volume), with subsidiaries in the U.S. and Italy. In 2006, the Company produced 17.6 million tonnes of steel and reported net revenues of US$12,423 million and EBITDA of US$2,987 million. SOYUZ-STEEL-PROM: Bankruptcy Hearing Slated for Sept. 25 -------------------------------------------------------- The Arbitration Court of Novgorod region will convene at 10:30 a.m. on Sept. 25 to hear the bankruptcy supervision procedure on LLC Soyuz-Steel-Prom (TIN 5321070136). The case is docketed under Case No. A44-764/2007. The Temporary Insolvency Manager is: A. Gerasimov Office 211 Moskovskaya Str. 127 429820 Alatyr Russia The Debtor can be reached at: LLC Soyuz-Steel-Prom Magistralnaya Str. 7a Velikij Novgorod Russia STRONEG-KBI CJSC: Court Names A. Pshenkov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Saratov appointed A. Pshenkov as Insolvency Manager for CJSC Stroneg-KBI. He can be reached at: A. Pshenkov Lenina Pr. 79-102 400078 Volgograd Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A57-239B/06-32. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: CJSC Stroneg-KBI Saratov Russia TALITSKIY BREWERY: Court Starts Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Arbitration Court of Sverdlovsk commenced bankruptcy supervision procedure on LLC Talitskiy Brewery (TIN 6654009490). The case is docketed under Case No. A60-7428/2007-S11. The Temporary Insolvency Manager is: M. Moiseev Post User Box 249 620014 Ekaterinburg Russia The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: M. Moiseev Post User Box 249 620014 Ekaterinburg Russia URALSKIY FACTORY: Creditors Must File Claims by Aug. 9 ------------------------------------------------------ Creditors of CJSC Uralskiy Factory of Experimental Alloys have until Aug. 9 to submit proofs of claim to: S. Shelegin Insolvency Manager Post User Box 93 620088 Ekaterinburg Russia The Arbitration Court of Sverdlovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A60-8652/2006-S11. The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: CJSC Uralskiy Factory of Experimental Alloys Alpinistov Str. 57 620010 Ekaterinburg Russia VALUJSKUY MEAT-PACKING: Bankruptcy Hearing Slated for Oct. 10 ------------------------------------------------------------- The Arbitration Court of Belgorod will convene at 11:00 a.m. on Oct. 10 to hear the bankruptcy supervision procedure on OJSC Valujskuy Meat-Packing Factory. The case is docketed under Case No. A08-1958/07 24 B. The Temporary Insolvency Manager is: V. Krotov Room 23 Promyshlennyj Proezd 308023 Belgorod Russia The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: OJSC Valujskuy Meat-Packing Factory Surzhikova Str. 112 Valujki Belgorod Russia YANA CJSC: Moscow Court Names A. Demin as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Moscow appointed A. Demin as Insolvency Manager for CJSC Yana (TIN 7709084941). He can be reached at: A. Demin Office 201 Mira Avenue 12 603086 N. Novgorod Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-40718/06-73-842B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: CJSC Yana Tovarisheskiy Per. 17 Moscow Russia YUGRA-OIL OJSC: Court Names M. Kotov as Insolvency Manager ---------------------------------------------------------- The Arbitration Court of Moscow appointed M. Kotov as Insolvency Manager for OJSC Joint-Stock Oil Company Yugra-Oil (TIN 8601001927, OGRN 1028600509190). He can be reached at: M. Kotov Office 312 Vorobyevskoe Shosse 4 Moscow Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-66543/04-95-67B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Region Russia The Debtor can be reached at: OJSC Joint-Stock Oil Company Yugra-Oil Moskvorechye Str. 43 115409 Moscow Russia ========= S P A I N ========= PYME VALENCIA: Moody's Junks EUR15.3 Million Series E Notes ----------------------------------------------------------- Moody's Investors Service assigned these provisional ratings to the debt to be issued by "PYME Valencia 1, FTA", a securitization of loans to small- and medium-sized enterprises carried out by Banco de Valencia: -- (P)Aaa to the EUR180 million Series A1 notes; -- (P)Aaa to the EUR574.8 million Series A2 notes; -- (P)A3 to the EUR47.6 million Series B notes; -- (P)Baa3 to the EUR34 million Series C notes; -- (P)Ba3 to the EUR13.6 million Series D notes; and -- (P)C to the EUR15.3 million Series E notes. In Moody's view, strong features within this deal include: (1) a 12-month artificial write-off mechanism; (2) a strong swap agreement guaranteeing an excess spread of 0.65% and covering the servicing fee; and (3) the election of the least concentrated securitized pool at closing. The weaknesses of this deal include: (1) some limitations on the historical information submitted by the originator; (2) around 30% of bullets loans included in the pool; (3) high debtor, region and industry concentration; (4) the pro-rata amortization of the notes; and (5) the negative impact of the interest deferral trigger on the subordinated series. These risks were reflected in the credit enhancement calculation. As of June 2007, the provisional portfolio comprised 3,786 loans and 3,172 borrowers. The loans have been originated by Banco de Valencia in its normal course of business between 2003 and December 2006, with a weighted average seasoning of 1.73 years and a weighted average remaining term of 7.86 years. The longest loan matures in January 2037. The interest rate is floating for 95.58% of the pool and fixed for the rest, with a weighted average interest rate of 4.83% for the fixed-rate loans and a weighted average margin of 1.01% for the floating-rate loans. The majority of the loans pay through monthly (61.97%) or quarterly (31.70%) installments. The rest of the loans pay through semi-annual (3.20%) or annual (3.13%) installments. In terms of amortization pattern, 30.69% of the pool corresponds to non-amortizing loans. Apart from this, 15.27% of the pool has a grace period on principal payments (the average length of the grace period being 0.8 years). Around 73% of the outstanding of the portfolio is secured by a first-lien mortgage guarantee over different types of properties. The total weighted average loan- to-value is 63.72%. Geographically, the pool is concentrated in Valencia (62%), Murcia (15%) and Madrid (7%). Around 60% of the portfolio is concentrated in the "buildings and real estate" sector according to Moody's industry classification. In terms of debtor concentration, the pool includes exposures up to 1.57% of the issuance amount. Moody's based the provisional ratings primarily on: (i) an evaluation of the underlying portfolio of loans; (ii) historical performance information; (iii) the swap agreement hedging the interest rate risk; (iv) the credit enhancement provided through the GIC account, the excess spread, the reserve fund and the subordination of the notes; and (v) the legal and structural integrity of the transaction. Moody's issues provisional ratings in advance of the final sale of securities, and these ratings only reflect Moody's preliminary credit opinions regarding the transaction. Upon a conclusive review of the final pool of assets and the final documentation, Moody's will endeavor to assign a definitive rating to the notes. A definitive rating, if any, may differ from a provisional rating. The provisional ratings address the expected loss posed to investors by the legal final maturity (March 2040). In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal on Series A1, A2, B, C and D at par on or before the rated final legal maturity date, and for ultimate payment of interest and principal at par on or before the rated final legal maturity date on Class E. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. TDA 28 FONDO DE TITULIZACION: Fitch Rates EUR1 Mln Notes at B ------------------------------------------------------------- Fitch Ratings assigned expected ratings to TDA 28, Fondo de Titulizacion de Activos' notes totalling EUR451.35 million due in October 2050, as follows: -- EUR414 million Series A: 'AAA'; Outlook Stable -- Non-accelerated interest-only security due in July 2010: 'AAA'; Outlook Stable -- EUR11.7 million Series B: 'AA'; Outlook Stable -- EUR9 million Series C: 'A'; Outlook Stable -- EUR7.2 million Series D: 'BBB'; Outlook Stable -- EUR8.1 million Series E: 'BB'; Outlook Stable -- EUR1.35 million Series F: 'B'; Outlook Stable The final ratings are contingent upon the receipt of final documents conforming to information already received. This transaction is a cash-flow securitisation of a EUR450m static pool of residential mortgage loans granted by Caixa d'Estalvis de Terrassa ("Caixa Terrassa", rated 'A-' (A minus)/Outlook Positive/'F2') and Union de Credito para la Financiacion Mobiliaria e Inmobiliaria EFC, ("Credifimo"). The expected ratings are based on the quality of the collateral, the underwriting and servicing of the mortgage loans, available credit enhancement, the integrity of the transaction's legal and financial structure and Titulizacion de Activos, S.G.F.T. S.A's administrative capabilities. Initial CE for the Class A to E notes is provided by subordination and a reserve fund, which will be funded at closing using part of the proceeds of the F notes. The expected ratings on the A to E notes address the payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the Class B, C, D and E notes, as well as the repayment of principal at the legal final maturity. Should the deferral trigger on the Class B, C, D and E notes be hit, interest on these notes will be deferred in the priority of payments. In this instance, interest payments might not be received for a period of time, but will be received by the legal final maturity. The Class F notes are uncollateralised but benefit from the excess spread available within the structure. The expected rating of the Class F notes addresses the ultimate payment of interest and principal only by the legal final maturity date. The NAS-IO notes will pay a coupon on a notional balance defined as a minimum 16% of the initial balance of the Class A notes or the current balance of the Class A notes at any point in time. The coupon will be equivalent to 2.7% per year until the fourth interest payment date of the transaction, 2% per year for the fifth to the eight interest payment date of the transaction, and 1% per year for the ninth to the 12th and final interest payment dates until the expected maturity date of the NAS-IO strip in July 2010. During this period, some collateral revenues will be used to pay the NAS-IO note coupon, reducing the amount of excess spread available for first loss protection. The expected rating on the NAS-IO notes addresses the timely payment of interest. Caixa Terrassa and Credifimo have previously participated in various multi-seller transactions, with the most recent being TDA 27 FTA. The first centres its operations in the region of Catalonia while the latter operates mainly in Madrid, Andalusia and Catalonia. The fund will be regulated by Spanish Securitisation Law 19/1992 and Royal Decree 926/1998. Its sole purpose will be to convert mortgage transmission certificates (certificados de transmision de hipotecas) from the seller into fixed-income securities. The fund will be legally represented and managed by Titulizacion de Activos, S.G.F.T., S.A., a limited liability company incorporated under Spanish law, whose activities are limited to the management of securitisation funds. ===================== S W I T Z E R L A N D ===================== AFM FELLINGER: Creditors' Liquidation Claims Due July 20 -------------------------------------------------------- Creditors of LLC AFM Fellinger have until July 20 to submit their claims to: Albert Fellinger Liquidator Ruttistrasse 11 4512 Bellach Lebern SO Switzerland The Debtor can be reached at: LLC AFM Fellinger Bellach Lebern SO Switzerland BUCHER C.P.: Creditors' Liquidation Claims Due July 25 ------------------------------------------------------ Creditors of JSC Bucher C.P. have until July 25 to submit their claims to: Margrit Burlet Liquidator Austrasse 49 8625 Gossau ZH Switzerland The Debtor can be reached at: JSC Bucher C.P. Wunnewil-Flamatt Sense FR Switzerland CLEANWORLD INTERNATIONAL: Liquidation Claims Due July 25 -------------------------------------------------------- Creditors of CleanWorld International Ltd. Liab. Co. have until July 25 to submit their claims to: Patrick Antonetty Liquidator Juchgasse 14 4314 Zeiningen Rheinfelden AG Switzerland The Debtor can be reached at: CleanWorld International Ltd. Liab. Co. Riehen BS Switzerland DACH + WAND: Creditors' Liquidation Claims Due July 25 ------------------------------------------------------ Creditors of LLC Dach + Wand have until July 25 to submit their claims to: Christoph Aschwanden Liquidator Gitschenstrasse 31 6460 Altdorf UR Switzerland The Debtor can be reached at: LLC Dach + Wand Altdorf UR Switzerland EL-PAMCH JSC: Creditors' Liquidation Claims Due July 23 ------------------------------------------------------- Creditors of JSC El-Pamch have until July 23 to submit their claims to: JSC Clariden Leu Liquidator Bahnhofstrasse 32 8070 Zurich Switzerland The Debtor can be reached at: JSC El-Pamch Geneva Switzerland FASSBIND & FASSBIND: Creditors' Liquidation Claims Due July 23 -------------------------------------------------------------- Creditors of LLC Fassbind & Fassbind have until July 23 to submit their claims to: Dr. Marc Nater Liquidator Seestrasse 39 8700 Kusnacht Meilen ZH Switzerland The Debtor can be reached at: LLC Fassbind & Fassbind Mannedorf Meilen ZH Switzerland JURGEN GEILING: Creditors' Liquidation Claims Due July 23 --------------------------------------------------------- Creditors of JSC Jurgen Geiling & Partner Treuhand have until July 23 to submit their claims to: Tottikonstrasse 49 6370 Stans NW Switzerland The Debtor can be reached at: JSC Jurgen Geiling & Partner Treuhand Stans NW Switzerland ROAG JSC: Creditors' Liquidation Claims Due July 23 --------------------------------------------------- Creditors of JSC Roag have until July 23 to submit their claims to: Werner Rothlisberger Liquidator Hutzmannweg 18 4202 Duggingen Laufen BL Switzerland The Debtor can be reached at: JSC Roag Basel BS Switzerland STEINER DESIGN: Creditors' Liquidation Claims Due July 20 --------------------------------------------------------- Creditors of LLC Steiner Design have until July 20 to submit their claims to: Andrin Steiner Liquidator Muliweg 1 7203 Trimmis Landquart GR Switzerland The Debtor can be reached at: LLC Steiner Design Trimmis Landquart GR Switzerland VIDEO-O-TRONIC WUSSOW: Creditors' Liquidation Claims Due Aug. 31 ---------------------------------------------------------------- Creditors of LLC Vide-O-Tronic Wussow have until Aug. 31 to submit their claims to: JSC POTESTA Treuhand- und Revisionsgesellschaft Liquidator Kirchstrasse 1 8304 Wallisellen Bulach ZH Switzerland The Debtor can be reached at: JSC Vide-O-Tronic Wussow Fehraltorf Pfaffikon ZH Switzerland ============= U K R A I N E ============= ALFA BANK: Moody's Rates Loan Participation Notes at Ba3 -------------------------------------------------------- Moody's Investors Service assigned a long-term foreign currency rating of Ba3 to the US$1 billion Program for the issuance of Loan Participation Notes by Ukraine Issuance Plc incorporated under the laws of the United Kingdom. The LPNs will be issued on a limited recourse basis with the sole purpose of financing senior unsecured loans to Alfa Bank Ukraine. The tenor, currency and the price of the notes will be defined individually for each tranche. The outlook for the ratings is stable. According to Moody's, the Ba3 ratings are based on the fundamental credit strength of Alfa Bank Ukraine and do not incorporate any potential support from the Ukrainian authorities in case of need. A moderate probability of parental support is, however, imputed in the Ba3 rating. The first drawdown of approximately US$200 million has been rated Ba3 in line with the Program's rating. Moody's also notes that according to the terms of the program ABU will have to comply with a number of covenants such as a negative pledge, a limitation on mergers and consolidations as well as restrictions on mergers, disposals, transactions with affiliates, restricted payments and maintenance of capital adequacy. According to the rating agency, the likelihood of any of the above covenants being triggered is relatively low. However, if any such were to occur, it could potentially have adverse liquidity implications for the bank and might exert severe downward pressure on its ratings. ABU is required to maintain full compliance with prudential supervision ratios and other requirements of the National bank of Ukraine. Moody's cautions that the transaction also has an embedded rating trigger whereby the notes will become payable if, during the three months after the occurrence of change of control of ABU, its ratings are downgraded by one or more notches or publicly placed under review for possible downgrade. Moody's notes that the occurrence of change of control of ABU will be viewed as a risk factor; if the noteholders' put option were to be exercised, this could result in the need to repay a sizeable obligation, thus placing a burden on the bank's financial resources and potentially destabilizing its ratings further. ABU is headquartered in Kiev, Ukraine, and reported total assets of US$1.23 billion under IFRS as of Dec. 31, 2006. BAGIRA LLC: Creditors Must File Claims by July 12 ------------------------------------------------- Creditors of LLC Bagira (code EDRPOU 32297584) have until July 12 to submit written proofs of claim to: Oleg Boyko Kozitsky Str. 46 21050 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/186-07. The Court is located at: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: LLC Bagira Apartment 132 P. Zaporozhets Str. 20A 21000 Vinnica Ukraine DVORECHYE REGIONAL: Creditors Must File Claims by July 12 --------------------------------------------------------- Creditors of OJSC Dvorechye Regional Enterprise of Logistical Support (code EDRPOU 00907467) have until July 12 to submit written proofs of claims by the address Dmitry Tsymberov Liquidator Apartment 52 Bakulin Str. 9/13 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-39/100-07. The Debtor can be reached at: OJSC Dvorechye Regional Enterprise of Logistical Support Pobeda Str. 43 Tavilzhanka Dvorechye District Kharkov Ukraine ECONOMIC DEVELOPMENT: Creditors Must File Claims by July 12 ----------------------------------------------------------- Creditors of CJSC Regional Agency of Economic Development (code EDRPOU 20550872) have until July 12 to submit written proofs of claim to: Natalie Sayevich Liquidator Independency Square 336 Tysmenitsa District Ugrinov 77423 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-9/45. The Court is located at: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Debtor can be reached at: CJSC Regional Agency of Economic Development Kruk Str. 1/1 Ivano-Frankovsk Ukraine INTERPIPE LIMITED: Fitch Puts B+/RR4 Ratings to Proposed Notes -------------------------------------------------------------- Fitch Ratings assigned Interpipe Limited's proposed issue of notes expected senior unsecured 'B+' and Recovery 'RR4' ratings. The expected rating is in line with Interpipe's 'B+' Issuer Default rating. At the same time, Interpipe's IDR of 'B+' with Stable Outlook and Short-term Issuer Default rating of 'B' are affirmed. The final ratings on the notes are contingent on the receipt of final documentation conforming to information already received and further details regarding the amount and tenor. The transaction is structured in the form of a loan by Interpipe, a private company with limited liability incorporated in Cyprus, to the joint borrower group (OJSC Interpipe Nizhnedneprovsky Tube Rolling Plant, CJSC Interpipe Nikopolsky Seamless Tubes Plant and LLC Interpipe Ukraine, representing 80% of consolidated EBITDA, net profit and net assets of the group. NTRP, Niko Tube and Interpipe Ukraine will act as sureties for the loan on a joint and several basis. The notes will be subject to a trust deed. The proceeds from the loan will be used to refinance short-term debt, pay a special dividend to adjust the capital structure and fund capital expenditure. The notes will be governed by English law. Covenants in the loan agreement include, among others, an equal ranking of the loan with present or future unsecured obligations of Interpipe and a negative pledge. Interpipe also has a leverage ceiling of 3.5x. With Financial Year total debt/EBITDA ratio of 0.5x, the company has significant headroom under the above-mentioned covenant. In addition, dividend payments are limited to 75% of the cumulative consolidated net income. The special dividend forms part of the financial strategy to raise shareholder return by increasing debt to 50% of total capital, as mentioned in the Rating Action Commentary dated 22 June 2007. With short-term debt accounting for some 93% of total debt at present, the planned notes issue will reduce refinancing risk. Interpipe is Ukraine's leading pipe and wheel producer. It is the third-largest producer of railroad wheels and the ninth- largest producer of seamless steel pipes in the world. Revenue reached UAH7.3 billion (US$1.4 billion) in 2006. KARAT LLC: Proofs of Claim Deadline Set July 12 ----------------------------------------------- Creditors of LLC Karat (code EDRPOU 19278614) have until July 12 to submit written proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy supervision procedure on the company on May 23. The case is docketed under Case No. 25/126/07. The Debtor can be reached at: LLC Karat Shevchenko Str. 11 Orekhov 70545 Zaporozhje Ukraine ORIZON-POBUT: Creditors Must File Claims by July 12 --------------------------------------------------- Creditors of State Enterprise Firm Orizon-Pobut (code EDRPOU 22794101) have until July 12 to submit written proofs of claim to: Alexander Paschenko Liquidator P.O. Box 558 Lenin Str. 31/1 18002 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 014-08/5261. The Court is located at: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Debtor can be reached at: State Enterprise Firm Orizon-Pobut Mazur Str. 24 Smila 20708 Cherkassy Ukraine PRISEYMOVSKOE LLC: Creditors Must File Claims by July 13 -------------------------------------------------------- Creditors of Agricultural LLC Priseymovskoe (code EDRPOU 02137387) have until July 13 to submit written proofs of claim to: Olga Naumova Insolvency Manager Kirov Str. 25 The Economic Court of Sumy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 6/172-06. The Court is located at: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Debtor can be reached at: Agricultural LLC Priseymovskoe Kamen Krolevetsky District Sumy Ukraine SPARES LLC: Creditors Must File Claims by July 12 ------------------------------------------------- Creditors of LLC Trade Agricultural Spares (code EDRPOU 34446024) have until July 12 to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-39/99-07. The Debtor can be reached at: LLC Trade Agricultural Spares October Str. 69 Yuzhnoe Dvorechye District Kharkov Ukraine UKRSOTSBANK: Moody's May Lift Ba1/Ba3 Ratings After Review ---------------------------------------------------------- Moody's Investors Service placed on review for possible upgrade the Ba1 local currency long-term debt rating of Ukrsotsbank, the D- bank Financial Strength rating, the Aa1.ua National Scale Rating and the Ba3 long-term debt rating of the bank's loan participation notes. Moody's said that the bank's B2 long-term foreign currency deposit rating was affirmed, with positive outlook, as it remains constrained by Ukraine's B2 country ceiling for such deposits. Moody's noted that the review for possible upgrade has been prompted by the recent announcement that Unicredit Group, the largest bank in Italy by total assets (rated Aa2/P-1/B-, on review for possible downgrade), has signed, via its Austrian subsidiary Bank Austria Creditanstalt AG (rated Aa2/P-1/C+), a share purchase agreement to acquire 95% of Ukrsotsbank. The transaction is expected to be completed by the end of 2007. Moody's understands that Ukrsotsbank will continue to focus on developing as a universal bank providing a full range of services to both individuals and corporates. The bank will continue to place an increased emphasis on retail lending and development of the distribution network, but will also begin to offer more sophisticated products to its corporate clients and SMEs. Moody's said that its rating review will focus on the implicit commitment and support from Unicredit Group as well as on the legal completion of the transaction and the obtaining of all the necessary approvals from Ukrainian, Italian and Austrian authorities. According to Moody's, the review for upgrade of the bank's BFSR of D- was prompted by the meaningful improvement in the bank's financial fundamentals in 2006 -- in the form of increased recurring earning power, enhanced efficiency and improved asset quality, improvement in the bank's funding profile, liquidity position and capitalization in 2007 as well as the expected benefits of the bank's integration with Unicredit Group, especially in the areas of corporate governance, credit and market risk management. These ratings were placed on review for possible upgrade: -- Ba1 local currency bank deposit rating; -- Ba1 local currency long-term debt rating; -- Ba3 foreign currency debt rating; -- D- bank financial strength rating; and -- Aa1.ua national scale rating. These ratings were affirmed: -- B2 long-term foreign currency deposit rating (positive outlook); -- Non-Prime short-term debt rating. Ukrsotsbank is headquartered in Kyiv, Ukraine, and as of Dec. 31, 2006 reported audited IFRS total assets of UAH17.4 billion (US$3.4 billion) and net profit of UAH233 million (US$ 46.2 million). VICTORIYA LLC: Creditors Must File Claims by July 12 ---------------------------------------------------- Creditors of LLC Agricultural Firm Victoriya (code EDRPOU 30803974) have until July 12 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 10/190-06. The Debtor can be reached at: LLC Agricultural Firm Victoriya Zavodskaya Str. 1 Uladovka Letin District Vinnica Ukraine WESTINVEST LLC: Proofs of Claim Deadline Set July 12 ---------------------------------------------------- Creditors of LLC Westinvest (code EDRPOU 20620503) have until July 12 to submit written proofs of claim to: Vladislav Klimenko Temporary Insolvency Manager Apartment 35 Gorky Str. 140 03150 Kiev Ukraine The Economic Court of Kiev commenced the bankruptcy supervision procedure on the company. The case is docketed under Case No. 15/416-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Westinvest Trud Boulevard 8 02094 Kiev Ukraine ZARIA LLC: Proofs of Claim Deadline Set July 12 ----------------------------------------------- Creditors of Agricultural LLC Agricultural Firm Zaria (code EDRPOU 03791545) have until July 12 to submit written proofs of claim to: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy supervision procedure on the company on May 15. The case is docketed under Case No. 10/2027. The Debtor can be reached at: Agricultural LLC Agricultural Firm Zaria Shabastovka Monastyrischensky District 19100 Cherkassy Ukraine =========================== U N I T E D K I N G D O M =========================== ALDA SKIP: Names Mark Jonathan Botwood Liquidator ------------------------------------------------- Mark Jonathan Botwood of Muras Baker Jones was appointed liquidator of Alda Skip Hire Ltd. on June 8 for the creditors� voluntary winding-up procedure. The company can be reached at: Alda Skip Hire Ltd. Unit 8-12 Bestmore Works Greens Industrial Estate Station Road Hednesford Cannock WS12 0QS England Tel: 01543 425 275 ALLIANCE BOOTS: KKR Outlines GBP9 Billion LBO Debt Package ---------------------------------------------------------- Syndication of a record GBP9 billion leveraged buyout debt package for Alliance Boots PLC has kicked off, according to published reports. Kohlberg Kravis Roberts & Co., the US private equity firm, and Stefano Pessina, Boots' executive deputy chairman, outlined the debt structure for the financing package backing the GBP11 billion buyout of Alliance Boots by AB Acquisitions Limited, a company jointly controlled by KKR & Mr. Pessina, with an emphasis on accepting borrowing limits, the Thomson Merger News reports. The buyout consortium has also incorporated a maintenance covenant covering the company's ratio of debt to Ebitda in the senior tranche of the GBP9 billion financing package, Duncan Kerr of Financial News Online relates. Alliance confirmed the successful transfer of ownership to AB Acquisitions Limited on June 26, 2007. The listing of Alliance Boots shares on the London Stock Exchange was withdrawn from the London Stock Exchange on June 28, 2007. Alliance says it will publish and present an annual performance review, update on major business developments and continue to push ahead with its corporate social responsibility agenda. The intention will be to keep employees, customers and all other stakeholders up to date with all relevant aspects of the company. Headquartered in London, England, Alliance Boots LTD (LSE: AB.) operates as a high street retailer, pharmacist and pharmaceuticals wholesaler. Alliance Boots is the dominant pharmacy chain in Britain with a 17% market share. Retail operations are carried out under the Boots The Chemist and Alliance Pharmacies brands. Alliance Boots is also the largest pharmaceuticals wholesaler in the U.K. through their UniChem subsidiary with a 40% market share. ALLIANCE BOOTS: S&P Cuts Rating to BB- on LBO Financing ------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on U.K.-based health-and-beauty retailer and wholesaler Alliance Boots PLC to 'BB-' from 'BBB', reflecting a dramatic change of financial structure for the expanded group. The ratings remain on CreditWatch with negative implications where they were placed on March 12, 2007, following the announcement that Kohlberg Kravis Roberts & Co., a private- equity firm, and Stefano Pessina, the executive deputy chairman of Alliance Boots, had made a friendly approach to buy the group. The bid has since materialized and a GBP9.020 billion senior facilities package will part finance the acquisition. As a result, the financial profile of the expanded Alliance Boots group stands to dramatically deteriorate and reach an extremely leveraged level. "Although at this stage we still lack sufficient information to precisely gauge the company's future financial structure, it is clear that the structure will not be commensurate with the previous ratings," said Standard & Poor's credit analyst Nicolas Baudouin. "The ratings were consequently lowered to 'BB-', which is the highest rating conceivable under the LBO financing package that has been disclosed." S&P expect to resolve the CreditWatch status in the next two months, once we have met Alliance Boots to discuss the group's strategy and financial policy, as well as liquidity considerations and financial forecasts. "The ratings will continue to reflect the group's satisfactory business profile, but will now be primarily driven by the group's extremely aggressive financial profile," said Mr. Baudouin. Headquartered in London, England, Alliance Boots LTD (LSE: AB.) operates as a high street retailer, pharmacist and pharmaceuticals wholesaler. Alliance Boots is the dominant pharmacy chain in Britain with a 17% market share. Retail operations are carried out under the Boots The Chemist and Alliance Pharmacies brands. Alliance Boots is also the largest pharmaceuticals wholesaler in the U.K. through their UniChem subsidiary with a 40% market share. BERKSHIRE BEERS: Brings In Administrators from Vantis Plc --------------------------------------------------------- Geoff Rowley and Simon Glyn of Vantis Plc. were appointed joint administrators of Berkshire Beers Ltd. (Company Number 03528149) on June 27. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. The company can be reached at: Berkshire Beers Ltd. Unit 4 Thames Industrial Estate Fieldhouse Lane Marlow SL7 1TD England Fax: 01628 487 044 BRAKE BROS: S&P Puts Rating on Watch Over Impending Sale -------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B' long-term corporate credit rating on U.K.-based food service distributor Brake Bros Finance PLC on CreditWatch with negative implications. This follows the announcement of a takeover bid by U.S. private- equity group Bain Capital LLC for about GBP1.4 billion. At the same time, the issue ratings on Brake Bros' EUR105 million 11.5% subordinated bonds and GBP105 million 12% subordinated bonds, both due Dec. 15, 2011, were affirmed at 'CCC+'. This is based on Standard & Poor's expectation that the transaction will trigger the change-of-control covenant, giving the possibility for bondholders to put the bonds to the company and thereby avoiding any potential increase in financial risk. The CreditWatch placement reflects our expectation that the group's debt could materially increase from the GBP700 million adjusted level posted at year-end 2006. "The ratings could be lowered if Brake Bros' leverage increases following the debt refinancing that will be induced by the change in the shareholding structure," said Standard & Poor's credit analyst Nicola Baudouin. "We will resolve the CreditWatch once the transaction has gone through and we have been able to evaluate the group's new financial profile, as well as the global strategy and financial policy that the new shareholders intend to put in place," Mr. Baudouin added. Headquartered in the U.K., Brake Bros Finance PLC supplies frozen, chilled and ambient foods to the catering industry. In 2006 the company reported revenues and EBITDA (before exceptionals) of GBP1.6 billion and GBP108.7 million, respectively. CIRRUS TECHNOLOGIES: Creditors' Meeting Slated for July 20 ---------------------------------------------------------- Creditors of Cirrus Technologies Ltd. will meet at 10:30 a.m. on July 20 at: PricewaterhouseCoopers LLP Cornwall Court 19 Cornwall Street Birmingham B3 2DT 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 19 at: R.J. Hund and M.D.C. Hopkins Joint Administrative Receivers PricewaterhouseCoopers LLP Cornwall Court 19 Cornwall Street Birmingham B3 2DT England PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/-- provides auditing services, accounting advice, tax compliance and consulting, financial consulting and advisory services to clients in a variety of industries. CORUS GROUP: Moody's Cuts & Withdraws Corporate Family Rating ------------------------------------------------------------- Moody's downgraded by one notch and withdrawn the corporate family rating of Corus Group plc and assigned (P)Ba3 corporate family rating to Tata Steel UK Limited (the group's new holding company). Moody's also assigned provisional (P)Ba3/LGD3 (49%) ratings to the signed GBP3.7 billion senior secured guaranteed bank facilities to be raised by Tata Steel UK Limited and its subsidiaries. Moody's has issued the ratings following the acquisition of the group by Tata Steel Limited (rated Ba1) subject to finalizing the refinancing and the security package. Funding for the acquisition of Corus, refinancing Corus' existing debt and paying transaction costs has been provided by the term loan and loan note guarantee elements of the senior secured guaranteed bank facilities and GBP3.5 billion of equity contributions. The (P)Ba3 corporate family rating reflects the group's strong position in construction, automotive and packaging market sectors in Europe and medium to long-term opportunities to further improve the cost position of the UK group. The rating anticipates continuous favorable steel market conditions and robust EBITDA momentum for Corus in 2007. While the new facilities suggest no legal recourse to the parent, the new ratings assume some support is likely to be available to Corus group, given the importance of the newly acquired European operations for the Tata Steel group. Moody's notes that Corus's medium-term financial profile will substantially depend on continuous efficiency gains to be delivered by the U.K. group in 2007-2009, as well as some synergies arising from the acquisition by Tata Steel Limited. Following the refinancing in 2007, the adjusted gross leverage is expected to be close to 4x EBITDA. Moody's expects the group to press ahead with its substantial investment program of 2007- 2009 that should underpin future cash flow generation and continuous competitive position of the group. This rating action concludes the review that was initiated on Oct. 23, 2006 following the announcement of the acquisition of Corus by Tata Steel Limited. Ratings affected by the rating action are: -- (P)Ba3 Corporate Family Rating of Tata Steel UK Limited; -- (P)Ba3/LGD3 (49%) GBP3.7 billion Senior Secured Guaranteed Bank Facilities. The new facilities include GBP3.09 billion term of loans, GBP80 million of loan note guarantee facilities and GBP500 million revolving facilities and it is proposed that these will be secured against UK assets, the shares of Corus Nederland and shares in some holding companies and guaranteed by holding and operating companies of the UK group. Moody's notes that Corus will continue to discuss a possible sharing of security with the UK pension funds and has yet to obtain the advice of Corus Nederland Central Works Council. The rating on the facilities at the same level as the corporate family rating reflects absence of junior debt in the structure. Corus, headquartered in the U.K., was created through the merger of British Steel plc and Koninklijke Hoogovens NV. Corus is the second largest producer in Europe with 18.3 million of tonnes of crude steel made in 2006. For the financial year ended 30 December 2006, revenue of GBP9.7 billion was generated. Tata Steel is an integrated steel company headquartered in Mumbai, India. The company produces a variety of flat and long products, including hot rolled coil, cold rolled coil, galvanized sheet, bars, rebar and wire rods. For the fiscal year ended March 31, 2007, gross sales revenue was Rs.274.4 billion (approximately US$6.5 billion). It is controlled by the Tata Group through a 33.77% shareholding, including Tata Sons interest of 27.63%. CRMS CONTRACTS: Brings In Liquidators from KPMG ----------------------------------------------- Richard John Hill and Jonathan Scott Pope of KPMG LLP were appointed joint liquidators of CRMS (Contracts) Ltd. on May 31 for the creditors� voluntary winding-up proceeding. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. The company can be reached at: CRMS (Contracts) Ltd. 18 Battle Road Heathfield Industrial Estate Newton Abbot TQ12 6RY England Tel: 01626 205 205 Fax: 01626 205 206 DD BARS: Appoints Elizabeth Arakapiotis as Liquidator ----------------------------------------------------- Elizabeth Arakapiotis of Kallis & Co. was appointed liquidator of DD Bars Ltd. (t/a The Cross Bar) on May 9 for the creditors� voluntary winding-up proceeding. The company can be reached at: DD Bars Ltd. 29 Wilmington Square Islington London WC1 X0EG England Tel: 020 7880 7272 DEW REMEDIATION: Claims Filing Period Ends July 31 -------------------------------------------------- Creditors of Dew Remediation Ltd. (formerly Dew Pitchmastic Maintenance Ltd.) have until July 31 to send their names and addresses and particulars of their debts or claims, and the names and addresses of the solicitors (if any) to: Robert Hunter Kelly Joint Liquidator Ernst & Young LLP PO Box 61 Cloth Hall Court 14 King Street Leeds LS1 2JN England Robert Hunter Kelly and Charles Graham John King of Ernst & Young LLP were appointed joint liquidators of the company on March 16. Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries�from emerging growth companies to global powerhouses�deal with a broad range of business issues. EUROHOME UK: S&P Puts BB Ratings to Two Note Classes ---------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the GBP500 million (equivalent) mortgage- backed floating-rate notes, plus an overissuance of GBP7.5 million excess-spread-backed floating-rate notes to be issued by Eurohome U.K. Mortgages 2007-2 PLC. Eurohome U.K. Mortgages 2007-2 is the second transaction to securitize residential mortgages offered in the U.K. by Deutsche Bank AG's recently established U.K. mortgage origination arm, db mortgages (a brand of DB U.K. Bank Ltd.). Seven classes of notes will be issued that will be collateralized against GBP500 million of mortgages. In addition, the issuer will offer a class C note backed solely by excess spread. The completion mortgage portfolio is expected to consist of conforming and nonconforming loans, plus all related security for the loans. It is also expected to comprise first-ranking mortgages on properties in England, Wales, and Northern Ireland, and standard securities on properties in Scotland. The portfolio comprises a large portion of buy-to-let properties and borrowers whose income has been self certified. To mitigate exposure to various interest rate movements the transaction features an interest rate cap agreement, a discount margin reserve, a fixed/floating swap and a bank-base rate (BBR) swap agreement. Notes will be issued in British pounds sterling and euros and will be hedged accordingly. Ratings List Eurohome U.K. Mortgages 2007-2 PLC GBP500.0 Million (Equivalent) Mortgage-Backed Floating-Rate Notes Plus an Overissuance of GBP7.5 Million Excess-Spread-Backed Floating-Rate Notes Prelim. Prelim. Class rating amount (Mil. GBP equiv.) ----- ------- ------- A1(A) AAA 155.00 A1(B) AAA TBD A2(A) AAA 201.00 A2(B) AAA TBD A3(A) (1) AAA 53.75 A3(B) AAA TBD M1(A) AA 34.75 M1(B) AA TBD M2(A) A 25.50 M2(B) A TBD B1(A) BBB 26.25 B1(B) BBB TBD B2 BB 3.75 C BB 7.50 MERCs (2) AAA N/A (1) The class A3 notes rank pari passu and pro rata with the class A1 and A2 notes in the payment of interest. However, the class A3 notes are subordinate to the class A1 and A2 notes in the payment of principal. (2) The 'AAA' credit assessment on the MERCs addresses the likelihood that MERC holders will receive any mortgage early redemption amounts received by the issuer, if enforceable. N/A�Not applicable. TBD�To be determined. FIREWORK FACTORS: Enters Receivership Proceedings ------------------------------------------------- Firework Factors U.K. Ltd. has gone into receivership with Butcher Woods Ltd. appointed to oversee the company's operations, Gary Bills-Geddes writes for the Ledbury Reporter. John Nicholls, owner of Firework Factors, told Mr. Bill-Geddes that the company was the subject of a business restructuring, but he could not disclosed any more information on the issue since he had signed a confidentiality clause. According to the report, the company failed to secure planning permission from Herefordshire Council for a purpose-built firework magazine, which would have been used to store fireworks on site. Without the magazine, the company was paying out to have its fireworks stored in Cirenscester site. Headquartered in Birmingham, England, Butcher Woods Ltd. -- http://www.butcher-woods.co.uk/-- is a licensed insolvency practitioner specializing in corporate recovery. Headquartered in Staplow, England, Firework Factors U.K. Ltd. -- http://www.fireworkfactors.com/-- manufactures and supplies fireworks. The company has 450 outlets. GLAREWORD LTD: Claims Filing Period Ends August 1 ------------------------------------------------- Creditors of Glareword Ltd. have until Aug. 1 to send in their full forenames and surnames, their addresses of their Solicitors (if any) to: Helen Phillips Liquidator Phillips & Co. 21-23 Station Road Gerrards Cross Buckinghamshire SL9 8ES England Helen Timothe Phillips of Phillips & Co. was appointed liquidator of the company on June 6. ICON BUSINESS: Calls In Liquidators from Harrisons -------------------------------------------------- P. R. Boyle and J. C. Sallabank of Harrisons were appointed joint liquidators of Icon Business Systems Ltd. on June 7 for the creditors� voluntary winding-up proceeding. Harrisons -- http://www.harrisons.uk.com/-- provides advice and solutions to professional advisors who found their clients experiencing financial difficulties. Originally trading from offices in Reading and has added London, Manchester, Bristol and Derby and has associate offices in Grantham and Stockton on Tees. The company can be reached at: Icon Business Systems Ltd. Unit 27 Murrell Green Business Park London Road Hook RG27 9GR England Tel: 0870 458 6979 Fax: 01256 768 090 INDIGO DENIM: Taps Jason Groocock to Liquidate Assets ----------------------------------------------------- Jason Groocock of HKM LLP was appointed liquidator of Indigo Denim Ltd. on May 17 for the creditors� voluntary winding-up proceeding. HKM LLP -- http://www.hkm.co.uk/-- is an independent and regulated firm of accountants, business and taxation advisors and insolvency specialists. In July 2004, HKM Harlow Khandhia Mistry changed its business status to become a limited liability partnership and is now known as HKM LLP. The company can be reached at: Indigo Denim Ltd. Winkle Street West Bromwich B70 9SA England Tel: 0121 553 3267 Fax: 0121 580 0024 ISOFT GROUP: Shareholders OK IBA's All-Share Offer Under Scheme --------------------------------------------------------------- The shareholder resolutions to approve the recommended offer for iSOFT Group plc, by a wholly owned subsidiary of IBA Health Ltd., IBA U.K. Holdings Ltd., to be effected by means of a scheme of arrangement, were duly passed at the Court Meeting and the Extraordinary General Meeting held on July 6, 2007. At the Court Meeting, a majority in number of iSOFT Shareholders, who voted either in person or by proxy and who together represented over 75% by value of the votes cast, voted in favor of the resolution to approve the Scheme. The resolution was accordingly passed. At the Extraordinary General Meeting, the special resolution to approve the Scheme and provide for its implementation was also passed by the requisite majority. Court Meeting The voting on the resolution to approve the Scheme was taken on a poll and the results were: * Number of Meeting Shareholders voting: For: 424 (97.03%) Against: 13 (2.97%) * Number of votes: For: 87,780,362 (99.97%) Against: 25,781(0.03%) Extraordinary General Meeting The voting on the Special Resolution giving effect to the Scheme was taken on a poll and the results were as follows: * Number of votes: For: 89,717,026 (99.97%) Against: 29,814 (0.03%) Implementation of the Offer remains subject to the High Court of Justice for England and Wales sanctioning the Scheme at the Court Hearing which is expected to take place on July 25, 2007 and confirming the associated reduction of iSOFT's share capital at the Court Hearing which is expected to take place on July 27, 2007. Subject to the Scheme receiving the sanction and confirmation of the Court on those dates, the effective date of the Scheme is expected to be July 30, 2007. It is also expected that if the Scheme becomes effective on July 30, 2007, listing of the iSOFT Shares will be cancelled at or about 8:00 a.m. on July 30, 2007. The consideration due to shareholders is expected to be sent no later than 14 days after the effective date. Copies of the resolutions passed at the iSOFT Court Meeting and EGM will shortly be submitted to the Financial Services Authority and will shortly be available for inspection by the public during normal business hours on any weekday (except public holidays) at the FSA's Document Viewing Facility which is situated at: Financial Services Authority 25 The North Colonnade Canary Wharf London E14 5HS England Tel. +44 (0)20 7676 1000) Terms of the Offer As previously disclosed, under the terms of the Offer, iSOFT Shareholders will be entitled to receive 1.1 IBA Consideration Shares for each iSOFT Share held. IBA is listed on the Australian Securities Exchange with a market capitalization of AUS$$434 million (GBP183 million). The Offer values each iSOFT Share at 58.1 pence and the entire issued and to be issued share capital of iSOFT at approximately GBP140 million, based on the price of an IBA Share of AUS$1.255, being the closing mid-market price on the ASX on May 4, 2007 (being the last day prior to the date on which IBA was granted a trading halt for its shares by the ASX). IBA is raising new equity and adjusted for the impact of this equity issue, the Offer values each iSOFT share at 54.7 pence and the entire issued and to be issued share capital of iSOFT at approximately GBP132 million. A TCR-Europe report on June 20, 2007 relates that iSOFT has reached agreement with Computer Sciences Corp. on mutually beneficial changes to the terms of the National Programme for IT contract between iSOFT and CSC and that CSC has formally consented to the change in control of iSOFT that would result from the merger of iSOFT and IBA Health. About iSOFT Headquartered in Manchester, United Kingdom, iSOFT Group plc -- http://www.isoftplc.com/-- supplies advanced medical software applications for the healthcare sector. Its products are used by more than 8,000 organizations in 27 countries for managing patient information and driving improvements in healthcare services. In international markets, the group has a strong presence in the Asia-Pacific, including Singapore and India. * * * In June 2006, the Group disclosed a change in accounting policy, as a consequence of which it became necessary to review revenue recognition in prior years, in order to re-state some prior year revenues. Arising out of that review, a number of possible accounting irregularities came to light in which it appears that some revenues reported in 2003/04 and 2004/05 may have been recognized earlier than they should have been. On July 20, 2006, the Group engaged its auditors, Deloitte & Touche LLP, to conduct a formal initial investigation into these possible irregularities. In August 2006, it was confirmed that there were indeed matters that needed further investigation and the company handed over relevant documents to the Financial Services Authority, which is now conducting further investigations. The Group is working closely and co-operatively with the FSA in order to complete these investigations as quickly as possible. At the current time it would be inappropriate to comment on the likely outcome. On Oct. 25, 2006, the Accountancy Investigation and Discipline Board (AIDB) disclosed that it would conduct its own investigation. The AIDB investigation is a review of the conduct of those members of accountancy bodies that are regulated by the AIDB who were executive or non-executive directors of iSOFT during the relevant periods, and RSM Robson Rhodes LLP, iSOFT's auditor for the financial years ended April 30 2003, 2004 and 2005. All current executive directors of iSOFT who are members of those accountancy bodies were appointed after the dates under investigation, as was the non-executive director who is currently chairman of the audit committee. The initial investigation into possible accounting irregularities -- conducted by the Group's current auditors, Deloitte & Touche LLP, in July and August 2006 -- did not uncover evidence that any of the current non-executive directors had any knowledge of the irregularities. On the basis of information that has come to light so far, the Group does not believe that these matters will have any impact on the current or future financial position of iSOFT. Going Concern Doubt At Oct. 31, 2006, the company's board of directors recognized that there are material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern. KWIK SAVE: Administrators Sell 56 Stores; 600 Jobs Saved -------------------------------------------------------- KPMG, the administrators of Kwik Save Ltd., have sold the remaining 56 stores of the supermarket chain to FreshXpress for GBP18 million, BBC News reports. According the report, the deal, which saved around 600 jobs, is thought to be backed by Irish entrepreneur Brendand Murtagh. As previously reported in the TCR-Europe, Kwik Save told the High Court in Manchester on July 5, 2007 that they wanted to transfer 56 stores to a new company which The Union of Shop, Distributive and Allied Workers (Usdaw) believes would trade as FreshXpress and close the remaining stores which the judge agreed. Usdaw members in the 56 stores being transferred to the new company will join with the same terms and conditions and the new owners made a commitment to the court that they would pay their new staff their back pay by next Tuesday at the very latest. But the workers made redundant on July 5, 2007, and those who lost their jobs last month when Kwik Save closed 81 stores will still be classed as Kwik Save employees so will have to apply for statutory protection via administrators KPMG. On July 6, 2007, Brian Green and David Costley-Wood, both of KPMG, were appointed joint administrators to Kwik Save Group Ltd., Kwik Save Ltd., Kwik Save Corporation Ltd. and Kwik Save Stores Ltd. The appointments were made in the High Court of Justice, Chancery Division, Manchester District Registry. Headquartered in Huddersfield, England, Kwik Save Ltd. -- http://www.kwiksave.co.uk/-- is a discount supermarket chain in the United Kingdom, which is owned and operated by Kwik Save Group Ltd. (fka BTTF Ltd.). As reported in the TCR-Europe on June 7, 2007, Kwik Save was seeking capital injection after suffering from a sharp decline in sales and mounting losses. The company reportedly had conflicts with its major suppliers due to payment delays, resulting to limited stocks on basic products. LUSZCZAK ASSOCIATES: Claims Filing Period Ends July 16 ------------------------------------------------------ Creditors of Luszczak Associates Ltd. have until July 16 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: S. J. Parker Joint Liquidator Tenon Recovery Sherlock House 73 Baker Street London W1U 6RD England S. J. Parker and T. J. Binyon of Tenon Recovery were appointed joint liquidators of the company on June 4. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. MARBLE ARCH: Fitch Puts Low-B Ratings to Three Note Classes ----------------------------------------------------------- Fitch Ratings upgraded two tranches of Marble Arch Residential Securitisation Ltd series of non-conforming residential mortgage transactions issued by London Mortgage Company and affirmed 23 others. * Marble Arch Residential Securitisation Ltd No 2: -- Class A1a (ISIN XS0186951462) affirmed at 'AAA'. Outlook Stable -- Class A1b (ISIN XS0186951629) affirmed at 'AAA'. Outlook Stable -- Class M (ISIN XS0186951975) upgraded to 'AA+' from 'AA'. Outlook Positive -- Class B (ISIN XS0186952353) upgraded to 'A+' from 'A'. Outlook Positive * Marble Arch Residential Securitisation Ltd No 3: -- Class A1a (ISIN XS0214916081) affirmed at 'AAA'. Outlook Stable -- Class A1b (ISIN XS0214916917) affirmed at 'AAA'. Outlook Stable -- Class M1 (ISIN XS0214917303) affirmed at 'AA'. Outlook Positive -- Class M2 (ISIN XS0214917642) affirmed at 'A'. Outlook Positive -- Class B1 (ISIN XS0214918533) affirmed at 'BBB'. Outlook revised to Stable from Positive. * Marble Arch Residential Securitisation Ltd No 4: -- Class A1b (ISIN XS0270499071) affirmed at 'AAA'. Outlook Stable -- Class A1c (ISIN XS0270512600) affirmed at 'AAA'. Outlook Stable -- Class A2b (ISIN XS0270499667) affirmed at 'AAA'. Outlook Stable -- Class A2c (ISIN XS0270512949) affirmed at 'AAA'. Outlook Stable -- Class A3c (ISIN XS0270513590) affirmed at 'AAA'. Outlook Stable -- Class B1a (ISIN XS0270496994) affirmed at 'AA'. Outlook Stable -- Class B1b (ISIN XS0270510224) affirmed at 'AA'. Outlook Stable -- Class B1c (ISIN XS0270513756) affirmed at 'AA'. Outlook Stable -- Class C1a (ISIN XS0270497612) affirmed at 'A'. Outlook Stable -- Class C1c (ISIN XS0270513830) affirmed at 'A'. Outlook Stable -- Class D1a (ISIN XS0270498180) affirmed at 'BBB-'. Outlook Stable -- Class D1c (ISIN XS0270513913) affirmed at 'BBB-'. Outlook Stable -- Class DTc (ISIN XS0270514135) affirmed at 'BBB-'. Outlook Stable -- Class E1c (ISIN XS0270514309) affirmed at 'BB'. Outlook Stable -- Class ETc (ISIN XS0270514564) affirmed at 'BB'. Outlook Stable -- Class FTc (ISIN XS0270515371) affirmed at 'B'. Outlook Stable The upgrades of MARS 2 reflect the continued good performance of the transaction throughout 2006 and into 2007. A significant amount of available excess spread and a continued healthy build- up of credit enhancement are also influencing factors. The amount of excess spread is due to the absence of detachable A coupons. The presence of DACs effectively strips out the amount of excess spread available in a deal. Payments to the DAC noteholders rank equally with the interest on the Class A, and are paid before the reserve fund is replenished. Therefore, the absence of DACs in the MARS series has contributed to the significant amount of available excess spread than would have been the case if DACs were present. The MARS transactions have historically performed in line with the Fitch U.K. Non-Conforming index. Arrears greater than three months, including current possessions, for MARS 2, currently comprise 20.78% of the outstanding pool balance. For MARS 3 and MARS 4, arrears greater than three months, are at 22.67% and 3.5% respectively. The amortisation structure of the MARS deals is sequential but includes a switch to pro rata once certain criteria have been met. MARS 2 notes began pro-rata redemption in December 2005 when all conditions had been met, along with MARS 3, which began pro-rata redemption in the most recent reporting period, March 2007 and as a result, growth in credit enhancement has slowed. MARS 4 closed in October 2006, has only seen one reporting period to date and is therefore still paying sequentially. MARS 2 and 3 have a high proportion of adverse credit borrowers. At end-March 2007, some 60.95% and 77.55% of loans (by value) in MARS 2 and 3, respectively, were to borrowers who certified their income level rather than providing full income information, compared to 49.21% in MARS 4. Furthermore, MARS 2 and 3 have a significantly higher proportion of borrowers who have been the subject of at least one county court judgement at 41.2% and 44% respectively, compared to 12% in MARS 4. MENDWEST TRADITIONAL: Hires Liquidators from Begbies Traynor ------------------------------------------------------------ Paul Finnity and Robert Michael Young of Begbies Traynor were appointed joint liquidators of Mendwest Traditional Homes Ltd. on May 29 for the creditors� voluntary winding-up procedure. 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: Mendwest Traditional Homes Ltd. Elford House 6B Elford Street Ashby de la Zouch LE65 1HH England Tel: 01530 413 613 Fax: 01530 417 317 MGH ENTERPRISES: Appoints Administrative Receivers from BDO Stoy ---------------------------------------------------------------- HSBC Bank Plc appointed Matthew Dunham and Dermot Justin Power of BDO Stoy Hayward LLP joint administrative receivers of MGH Enterprises Ltd. (Company Number 04546997) on June 28. 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: MGH Enterprises Ltd. 29 Lowther Street Kendal LA9 4DH England Tel: 01539 738 666 NYCHOLWOOD LTD: Joint Liquidators Take Over Operations ------------------------------------------------------ Joseph Gordon MauriceSadler and John Michael Munn of Elwell Watchorn & Saxton LLP were appointed joint liquidators of Nycholwood Ltd. on June 7 for the creditors� voluntary winding- up procedure. Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/-- provides insolvency and recovery services. The firm's partners have considerable expertise in all formal areas of insolvency, both corporate and personal and have been offering turnaround advice without the need for formal insolvency. The company can be reached at: Nycholwood Ltd. Brindley Road Dodwells Bridge Industrial Estate Hinckley LE10 3BY England Tel: 01455 610 300 Fax: 01455 619 030 SAMSONITE CORP: Moody's May Lift B1 Rating After Review ------------------------------------------------------- Moody's Investors Service placed all ratings of Samsonite Corporation under review for possible downgrade. The review was prompted by the company's announcement that it has entered into a definitive merger agreement with funds managed and advised by CVC Capital Partners in an all-cash transaction valued at about US$1.7 billion, including the assumption of debt (US$482 million outstanding as of April 30, 2007). The transaction remains subject to regulatory approval in both the U.S. and Europe, and is expected to close in the fourth quarter of 2007. LGD assessments are also subject to change. Moody's review will consider the impact of the transaction on Samsonite's capital structure and credit metrics, particularly since post-transaction debt levels could potentially increase. The review will also focus on management's ongoing strategy for growth, profitability improvement, and cash flow generation. Since Samsonite's operating performance and credit metrics have shown significant improvement over the last several years, Moody's will assess whether the company will be able to sustain metrics that are consistent with a B1 rating going forward given changes which may occur to its capital structure. Ratings placed under review for possible downgrade are: * Samsonite Corporation -- US$80 million senior secured revolving credit facility at Ba3; -- US$450 million senior secured term loan at Ba3; -- Corporate Family Rating at B1; and -- Probability of Default rating at B2. Samsonite is a leading manufacturer, marketer and distributor of luggage and travel-related products. The company's owned and licensed brands, which include Samsonite, American Tourister, Sammies, Lacoste and Timberland, are sold globally through external retailers and 284 company-owned stores. Net sales for the 12-month period ended April 30, 2007 approached US$1.1 billion. Executive offices are located in London, England. The company has global locations in Aruba, Australia, Costa Rica, Indonesia, India, Japan, and the United States among others. TATA STEEL UK: Moody's Assigns (P)Ba3 Rating to Holding Company --------------------------------------------------------------- Moody's downgraded by one notch and withdrawn the corporate family rating of Corus Group plc and assigned (P)Ba3 corporate family rating to Tata Steel UK Limited (the group's new holding company). Moody's also assigned provisional (P)Ba3/LGD3 (49%) ratings to the signed GBP3.7 billion senior secured guaranteed bank facilities to be raised by Tata Steel UK Limited and its subsidiaries. Moody's has issued the ratings following the acquisition of the group by Tata Steel Limited (rated Ba1) subject to finalizing the refinancing and the security package. Funding for the acquisition of Corus, refinancing Corus' existing debt and paying transaction costs has been provided by the term loan and loan note guarantee elements of the senior secured guaranteed bank facilities and GBP3.5 billion of equity contributions. The (P)Ba3 corporate family rating reflects the group's strong position in construction, automotive and packaging market sectors in Europe and medium to long-term opportunities to further improve the cost position of the UK group. The rating anticipates continuous favorable steel market conditions and robust EBITDA momentum for Corus in 2007. While the new facilities suggest no legal recourse to the parent, the new ratings assume some support is likely to be available to Corus group, given the importance of the newly acquired European operations for the Tata Steel group. Moody's notes that Corus's medium-term financial profile will substantially depend on continuous efficiency gains to be delivered by the U.K. group in 2007-2009, as well as some synergies arising from the acquisition by Tata Steel Limited. Following the refinancing in 2007, the adjusted gross leverage is expected to be close to 4x EBITDA. Moody's expects the group to press ahead with its substantial investment program of 2007- 2009 that should underpin future cash flow generation and continuous competitive position of the group. This rating action concludes the review that was initiated on Oct. 23, 2006 following the announcement of the acquisition of Corus by Tata Steel Limited. Ratings affected by the rating action are: -- (P)Ba3 Corporate Family Rating of Tata Steel UK Limited; -- (P)Ba3/LGD3 (49%) GBP3.7 billion Senior Secured Guaranteed Bank Facilities. The new facilities include GBP3.09 billion term of loans, GBP80 million of loan note guarantee facilities and GBP500 million revolving facilities and it is proposed that these will be secured against UK assets, the shares of Corus Nederland and shares in some holding companies and guaranteed by holding and operating companies of the UK group. Moody's notes that Corus will continue to discuss a possible sharing of security with the UK pension funds and has yet to obtain the advice of Corus Nederland Central Works Council. The rating on the facilities at the same level as the corporate family rating reflects absence of junior debt in the structure. Corus, headquartered in the U.K., was created through the merger of British Steel plc and Koninklijke Hoogovens NV. Corus is the second largest producer in Europe with 18.3 million of tonnes of crude steel made in 2006. For the financial year ended 30 December 2006, revenue of GBP9.7 billion was generated. Tata Steel is an integrated steel company headquartered in Mumbai, India. The company produces a variety of flat and long products, including hot rolled coil, cold rolled coil, galvanized sheet, bars, rebar and wire rods. For the fiscal year ended March 31, 2007, gross sales revenue was Rs.274.4 billion (approximately US$6.5 billion). It is controlled by the Tata Group through a 33.77% shareholding, including Tata Sons interest of 27.63%. TLC PARKING: Claims Filing Period Ends September 30 --------------------------------------------------- Creditors of TLC Parking Ltd. have until Sept. 30 to send in their names and addresses, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Mark S. Reynolds Liquidator Valentine & Co. Dancastle Court 14 Arcadia Avenue London N3 2HS England Mark S. Reynolds of Valentine & Co. was appointed liquidator of the company on June 7. UNICORN COMPUTERS: Taps Liquidators from Jacksons Joliffe Cork -------------------------------------------------------------- Matthew Colin Bowker and David Antony Willis of Jacksons Joliffe Cork were appointed joint liquidators of Unicorn Computers Ltd. (t/a Games 2U) on May 31 for the creditors� voluntary winding-up procedure. Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages exclusively in business recovery and insolvency work and comprises certified and chartered accountants, licensed insolvency practitioners and business turnaround consultants, many having joined us from senior positions within National firms. The company can be reached at: Unicorn Computers Ltd. 1 Park Lane Clayton Bradford BD14 6AR England Tel: 01274 883 362 Fax: 01274 816 397 WICLIFFE MOTOR: National Westminster Taps E&Y As Receivers ---------------------------------------------------------- National Westminster Bank Plc. appointed Ian Best and Tomislav Lukic of Ernst & Young LLP joint administrative receivers of Wicliffe Motor Co. Ltd. (Company Number 00148439) on June 28. Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries�from emerging growth companies to global powerhouses�deal with a broad range of business issues. The company can be reached at: Wicliffe Motor Co. Ltd. Wicliffe Industrial Centre Chestnut Lane Stroud GL5 3EN England Tel: 01453 763 671 Fax: 01453 763 675 * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (214) 1,756 293 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Arbel PA.ARB (116) 194 (94) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Dollfus Mieg & Cie S.A. DS (16) 143 (45) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (10) 120 (5) Grande Paroisse S.A. (927) 629 330 Groupe Eurotunnel GET (2935) 9958 (9345) Immob Hoteliere (65) 259 10 Matussiere et Forest S.A. MTF (78) 294 (28) Pagesjaunes GRP PAJ (2718) 1,121 (291) Pneumatiques Kleber S.A. (34) 480 139 Rhodia S.A. RHA (828) 6,796 531 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 Selcodis S.A. SPVX (18) 128 22 Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cognis Deutschland GmbH & Co. KG (174) 3,003 606 Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (10) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (4) 201 (20) Nordsee AG (8) 195 (31) Schaltbau Hold SLTG (20) 162 (4) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) Vivanco Gruppe (33) 132 (45) GREECE ------ Empedos S.A. EMPED (34) 175 (48) Radio A.Korassidis KORA (101) 181 (139) Commercial HUNGARY ------- IPK Osijek DD OS IPKORA (18) 190 (320) ICELAND ------- Decode Genetics Inc. DCGN (55) 216 146 IRELAND ------- Waterford Wed Ut WTFU (203) 828 190 ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Gruppo Coin S.p.A. GC (154) 801 (50) Compagnia Italia ICT (138) 527 (235) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) I Viaggi del Ventaglio S.p.A. VVE.MI (61) 487 (57) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ BW Offshore BWO (85) 487 (516) Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Vista Alegre Atlantis SGPS S.A. VAAAE (18) 193 (83) ROMANIA ------- Rafo Onesti RAF (395) 359 (1695) RUSSIA ------ East Siberia Brd VSNK (40) 106 (70) Gukovugol Pfd GUUGP (58) 144 (4094) OAO Samaraneftegas (332) 892 (16,942) Vimpel Ship SOVP (77) 188 (927) Zil Auto ZILLP (178) 425 (10,597) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UKRAINE ------- Dnepropetrovsk Metallurgical Plant Imeni Petrovsko DMZP (11) 359 (596) Dniprooblenergo DNON (38) 478 (797) Donetskoblenergo DOON (286) 597 (1991) UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Atkins (WS) Plc ATK (150) 1,390 62 BCH Group Plc BCH (6) 188 (44) Blenheim Group BEH (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,823) 4,921 434 British Energy Ltd 523362Q (5,823) 4,921 290 British Nuclear Fuels Plc (4,248) 40,326 977 Britvic Plc BVIC (108) 874 (20) Cineworld Groug CINE (115) 748 7 Compass Group CPG (668) 2,972 (298) Costain Group COST (39) 595 (5) Danka Bus System DNK.L (108) 540 34 Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (2266) 2,950 (381) Euromoney Institutional Investor Plc ERM.L (50) 448 (67) Galiform Plc GFRM (152) 889 35 Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (26) 1,273 (269) HOGG Robinson Gr HRG (258) 791 (5) Imperial Chemical Industries Plc ICI (370) 8,393 2 Invensys PLC (276) 3,914 357 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (49) 307 (53) Ladbrokes Plc LAD (1,227) 1,669 (267) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) London Stock Exchange LSE (689) 526 (195) M 2003 Plc (2,204) 7,205 (756) Mytravel Group MT.L (380) 1,818 (488) Orange Plc ORNGF (594) 2,902 7 Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,044) 3,507 (457) Saatchi & Saatchi SSI (119) 705 (41) SFI Group (108) 178 (162) Skyepharma PLC SKP (95) 211 (15) Smiths News PLC NWS (119) 225 (57) Telewest Communications Plc TLWT (3,702) 7,581 (5,631) Wincanton Plc WIN (27) 1,451 (78) ********* 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 * * *