/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070712.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, July 11, 2007, Vol. 8, No. 136 Headlines A U S T R I A B & R ELEKTROBAU: Claims Registration Period Ends July 25 FOEZOE LLC: Claims Registration Period Ends July 31 FORM LLC: Claims Registration Period Ends July 31 GEZA HONTVARI: Claims Registration Period Ends July 25 HARF LLC: Claims Registration Period Ends July 31 SCHOENER JM: Claims Registration Period Ends July 30 TFW MEDIA: Claims Registration Period Ends August 7 WASCHEREI HANS: Claims Registration Period Ends July 31 F I N L A N D METSO CORP: Unit to Provide Tissue Machine to Saudi Paper METSO CORP: Unit to Supply Deinking Line to Subburaj Papers F R A N C E AKERYS SA: Moody's Rates Proposed EUR300 Mln Notes at (P)Ba3 REMY COINTREAU: Moody's Holds Ba2 Ratings on Strong Business G E R M A N Y BBS AUTOMOTIVE: Punch International to Acquire German Units BETREIBERGESELLSCHAFT HOHELEYE: Claims Registration Ends Aug. 25 C.B.T. CANADISCHE: Claims Registration Period Ends August 17 GRUNDSTEIN VERWALTUNGS: Claims Registration Period Ends Aug. 14 MUEHLE-GLASHUETTE GMBH: Failed Talks Cue Insolvency Filing ZAPF CREATION: Isaac Larian to Purchase Outstanding Debt I R E L A N D LOCKO FINANCE: Moody's Assigns B2 Rating to Loan Notes K A Z A K H S T A N ALORA OIL: Proof of Claim Deadline Slated for August 15 B.S. TRADING LLP: Creditors Must File Claims August 14 DAYANA LLP: Claims Filing Period Ends August 14 KUSTANAIASBEST LLP: Creditors' Claims Due on August 14 TELEMAH LLP: Claims Registration Ends August 14 TEMIR CAPITAL: Moody's Assigns Ba1 Foreign Currency Rating U-NO-TRADE LLP: Creditors Must File Claims August 17 VALEAS LLP: Claims Filing Period Ends August 14 K Y R G Y Z S T A N UNIVERSALSTROY LLC: Creditors Must File Claims by August 17 L U X E M B O U R G AK BARS: Fitch Assigns BB- Rating to US$250 Million Loan EVRAZ GROUP: Extends Buyout Offer Period for Highveld Steel Unit N E T H E R L A N D S EURO GALAXY: Moody's Rates EUR13.5 Mln Class E Notes at (P)Ba3 X5 RETAIL: S&P Affirms BB Credit Ratings with Stable Outlook R U S S I A AGRO-TRADE CJSC: Creditors Must File Claims by August 16 ALIOT CJSC: Creditors Must File Claims by August 16 ANIS CJSC: Creditors Must File Claims by August 16 BAYKALSKIYE VOROTA: Bankruptcy Hearing Slated for Oct. 15 DELTA CJSC: Creditors Must File Claims by August 16 EVRAZ GROUP: Extends Buyout Offer Period for Highveld Steel Unit HEATHER CJSC: Creditors Must File Claims by August 16 INVESTMENT TRADE: Moody's Assigns B2/Not-Prime/E+ Ratings KADOMSKIY AGRO-FOOD: Creditors Must File Claims by July 16 MEAT-IMPORT LLC: Creditors Must File Claims by August 16 PARIS ON NEVA: Creditors Must File Claims by August 16 PROBUSINESSBANK: Fitch Puts B- Rating on RUB3 Billion Loan ROS-TORG-SERVICE: Creditors Must File Claims by August 16 ROSBANK: Societe Generale Opts to Buy Shares 18 Months Early ROSNEFT OIL: Inks Strategic Cooperation Deal with Shell ST. PETERSBURG METALLURGICAL: Claims Filing Deadline Set Aug. 16 UST'-ILIMSKIY CJSC: Court Starts External Bankruptcy Procedure VIRAZH CJSC: Novosibirsk Bankruptcy Hearing Slated for Sept. 23 X5 RETAIL: S&P Affirms BB Credit Ratings with Stable Outlook ZTK-TRANS LLC: Creditors Must File Claims by July 16 S P A I N AYT CAJA: Fitch Rates EUR2 Million Class D Notes at BB S W I T Z E R L A N D M. ET M. COIFF': Creditors' Liquidation Claims Due July 26 OPTIMISE LLC: Creditors' Liquidation Claims Due July 25 P. SEILER: Creditors' Liquidation Claims Due July 26 PYRONEX JSC: Aargau Court Closes Bankruptcy Proceedings RALF NAGEL: Creditors' Liquidation Claims Due July 27 SCHUH-TONI JSC: Creditors' Liquidation Claims Due July 26 SCHMID HOLZBAU: Creditors' Liquidation Claims Due July 31 U & R PRINT: Schaffhausen Court Starts Bankruptcy Proceedings VON BOHLEN: Creditors' Liquidation Claims Due July 26 WELTPANORAMA VERTRIEBS: Liquidation Claims Due July 26 U K R A I N E BERSHAD-INVEST LLC: Proofs of Claim Deadline Set July 13 IMPEX CJSC: Creditors Must File Claims by July 13 LUBNY FOUNDRY-MECHANICAL: Creditors Must File Claims by July 13 LUKSON LLC: Creditors Must File Claims by July 13 MKT-98 LLC: Creditors Must File Claims by July 13 NOVOSANZHARKA BREADRECEIVING: Creditors' Claims Due July 13 PETKIM: Privatization Auction Cues Fitch to Watch BB IDR PROGRESS LLC: Creditors Must File Claims by July 14 UKRSIBBANK: Shareholders' Support Cues Fitch to Assign BB Rating UKRSOTSBANK JSCB: Unicredit SpA to Acquire 95% Stock UKRSOTSBANK JSCB: Purchase Deal Cues S&P to Watch B Rating VTB BANK: Fitch Assigns BB Ratings on Shareholders' Support ZMIYEV OIL: Creditors Must File Claims by July 13 U N I T E D K I N G D O M APEX INTERNET: Jason Groocock Leads Liquidation Procedure BIARN LTD: Joint Liquidators Take Over Operations BRANDED LOGO: Brings In Administrators from David Rubin CITY OFFICE: Taps Michael Ioannou to Liquidate Assets EUROHOME UK: Fitch Puts BB Ratings on Class B2 and Class C Notes GENEVE INTERNATIONAL: Brings In Liquidators from Tait Walker INITIATE CLOTHING: Appoints Kikis Kallis as Liquidator ISD FINANCE: Moody's Rates US$350-500M Guaranteed Notes at (P)B2 ISD FINANCE: Fitch Rates Loan Participation Notes at B+ MICROPLUS COMPUTER: Calls In Liquidators from Vantis NEW YORK: Hires Liquidators from Kingston Smith & Partners PENICUIK HOME: Appoints BDO Stoy as Receiver PRIESTLEY CIVIL: Claims Filing Period Ends July 31 ROADWAY TRUCK: Joint Liquidators Take Over Operations SARACEN SERVICES: Names Richard William James Long Liquidator SEARCH PARTNERS: Paul Appleton Leads Liquidation Procedure TELLITS DIALS: Appoints Tony Mitchell to Liquidate Assets TRILINE HOLDINGS: Brings In Liquidators from Vantis WEYBRIDGE CONSTRUCTION: Taps Liquidators from Smith & Williamson ********* ============= A U S T R I A ============= B & R ELEKTROBAU: Claims Registration Period Ends July 25 --------------------------------------------------------- Creditors owed money by LLC B & R Elektrobau (FN 243937g) have until July 25 to file written proofs of claim to court-appointed estate administrator Georg Kahlig at: Dr. Georg Kahlig Siebensterngasse 42/3 1070 Vienna Austria Tel: 523 47 91-0 E-mail: kahlig.partner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Aug. 8 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 12 (Bankr. Case No. 2 S 80/07p). FOEZOE LLC: Claims Registration Period Ends July 31 --------------------------------------------------- Creditors owed money by LLC Foezoe (FN 75329d) have until July 31 to file written proofs of claim to court-appointed estate administrator Wolfgang Gerhard Zorn at: Dr. Wolfgang Gerhard Zorn c/o Mag. Dominik Baurecht Weihburggasse 4/22 1010 Vienna Austria Tel: 533 66 61 Fax: 533 66 61-92 E-mail: office@gnbz.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Aug. 14 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 13 (Bankr. Case No. 4 S 60/07m). Dominik Baurecht represents Dr. Zorn in the bankruptcy proceedings. FORM LLC: Claims Registration Period Ends July 31 ------------------------------------------------- Creditors owed money by LLC Form (FN 254238f) have until July 31 to file written proofs of claim to court-appointed estate administrator Karl F. Engelhart at: Dr. Karl F. Engelhart c/o Dr. Thomas Engelhart Tel: 712 33 30-0 Fax: 712 33 30-30 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on Aug. 14 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 13 (Bankr. Case No. 4 S 68/07p). GEZA HONTVARI: Claims Registration Period Ends July 25 ------------------------------------------------------ Creditors owed money by KEG Geza Hontvari PB (FN 261078p) have until July 25 to file written proofs of claim to court-appointed estate administrator Josef Ebner at: Dr. Josef Ebner Mahlerstrasse 7 1010 Vienna Austria Tel: 512 29 94 Fax: 512 29 04 E-mail: ra.ebner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Aug. 8 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 8 (Bankr. Case No. 4 S 65/07x). HARF LLC: Claims Registration Period Ends July 31 ------------------------------------------------- Creditors owed money by LLC HARF (FN 278764y) have until July 31 to file written proofs of claim to court-appointed estate administrator Susanne Fruhstorfer at: Dr. Susanne Fruhstorfer c/o Dr. Michael Guenther Seilerstatte 17 1010 Vienna Austria Tel: 512 5776/13 Fax: 512 5776/50 E-mail: office@fg-lawyers.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Aug. 14 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 14 (Bankr. Case No. 4 S 69/07k). Michael Guenther represents Dr. Fruhstorfer in the bankruptcy proceedings. SCHOENER JM: Claims Registration Period Ends July 30 ---------------------------------------------------- Creditors owed money by LLC Schoener J.M. (FN 182614a) have until July 30 to file written proofs of claim to court-appointed estate administrator Gottfried Forsthuber at: Dr. Gottfried Forsthuber Kaiser-Franz-Josef-Ring 5 2500 Baden bei Wien Austria Tel: 02252/86366 Fax: 02252/863662 E-mail: forsthuber@forsthuber.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Aug. 9 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Neuhaus im Triestingtal, Austria, the Debtor declared bankruptcy on June 14 (Bankr. Case No. 10 S 62/07g). TFW MEDIA: Claims Registration Period Ends August 7 --------------------------------------------------- Creditors owed money by LLC TFW Media (FN 128100h) have until Aug. 7 to file written proofs of claim to court-appointed estate administrator Franz Stefan Pechmann at: Dr. Franz Stefan Pechmann Gusshausstrasse 6 1040 Vienna Austria Tel: 503 19 95 Fax: 503 19 95 12 E-mail: office@pechmann.cc Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Aug. 21 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 11 (Bankr. Case No. 28 S 61/07k). WASCHEREI HANS: Claims Registration Period Ends July 31 ------------------------------------------------------- Creditors owed money by LLC Wascherei Hans Troll (FN 62988f) have until July 31 to file written proofs of claim to court- appointed estate administrator Lukas Pfefferkorn at: Mag. Lukas Pfefferkorn Schulgasse 7 6850 Dornbirn Austria Tel: 05572/20210 Fax: 05572/34414 E-mail: office@ktg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on Aug. 9 for the examination of claims. The meeting of creditors will be held at: The Land Court of Feldkirch Meeting Hall 45 First Floor Feldkirch Austria Headquartered in Dornbirn, Austria, the Debtor declared bankruptcy on June 14 (Bankr. Case No. 14 S 25/07z). ============= F I N L A N D ============= METSO CORP: Unit to Provide Tissue Machine to Saudi Paper --------------------------------------------------------- Metso Paper, one of Metso Corp.'s three business areas, will supply a complete tissue machine to Saudi Paper Manufacturing Co. The machine will be installed in SPM's mill located in Dammam, Eastern Province, of Saudi Arabia. The machine is scheduled to start production during the fourth quarter of 2008. The value of the order is not disclosed. The order is included in Metso's second quarter order backlog. The market value of these types of tissue production lines is in excess of EUR25 million, depending on the scope of delivery and production output. The total project investment made by Saudi Paper Manufacturing Co. is in excess of EUR50 million. Metso Paper's delivery will comprise an Advantage DCT 200 tissue machine including quality control and distributed control systems (QCS/DCS). Metso will also supply all the basic and detailed engineering and project management services. The machine is designed for a cogeneration ventilation system. With a width of 5.5 m and a design speed of 2,200 m/min, the new machine will add another 60,000 tons a year of high-quality facial, toilet and towel grades to Saudi Paper Manufacturing Company's total production capacity. The raw material for the new machine will be virgin pulp and recycled fiber. Tissue consumption has grown by 25% in the Middle East over the past five years. Although per capita consumption is low compared to Europe, the population of 258 million means that the potential for growth is large. The Saudi Paper Manufacturing Company was established in 1991 to produce a wide range of high-quality tissue paper. The products are sold in Saudi Arabia and to a growing number of countries in the Middle East and the region at large. The production capacity is today 80,000 tons. Currently there are three tissue machines in SPM's Dammam mill. About Metso Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj -- http://www.metso.com/-- is a global engineering and technology corporation with 2006 net sales of approximately EUR5 billion. Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. The company's principal production plants are located in Brazil, China, Finland, France, Germany, India, Italy, South Africa, Sweden, the United Kingdom, and the United States. * * * As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+' long-term and 'B' short-term corporate credit ratings and 'BB' senior unsecured debt rating. METSO CORP: Unit to Supply Deinking Line to Subburaj Papers ----------------------------------------------------------- Metso Paper, one of Metso Corp.'s three business areas, will supply a complete deinking line to Subburaj Papers Private Ltd. in India. The new DIP line will have a daily capacity of 320 tons and the value of the investment is close to EUR8 million. The greenfield printing and writing paper project is scheduled to start up in mid-2008. The line will feature the latest deinking technology, including the energy efficient OptiSlush drum pulper and OptiBright flotation cells. The delivery is Metso Paper's first recycled fiber system to be installed in India. The pulp is used for manufacturing high-quality printing and writing paper based on 100 % recovered fiber as raw material. Subburaj Papers Private Ltd. is a part of the Subburaj Industries Ltd. group of companies, based in Tirunelveli, southern Tamil Nadu, India. Subburaj is a well-established 100 % EOU (Export Oriented Units) company in the textile industry. The mill is located approximately 20 km from the town of Tirunelveli. About Metso Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj -- http://www.metso.com/-- is a global engineering and technology corporation with 2006 net sales of approximately EUR5 billion. Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. The company's principal production plants are located in Brazil, China, Finland, France, Germany, India, Italy, South Africa, Sweden, the United Kingdom, and the United States. * * * As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+' long-term and 'B' short-term corporate credit ratings and 'BB' senior unsecured debt rating. =========== F R A N C E =========== AKERYS SA: Moody's Rates Proposed EUR300 Mln Notes at (P)Ba3 ------------------------------------------------------------ Moody's Investors Service assigned a Ba2 corporate family rating to Korreden S.A., the ultimate holding company for the French residential property developer Akerys. At the same time, Moody's assigned a provisional (P)Ba3 rating to EUR300 million of senior Floating Rate Notes due 2014 to be issued by Akerys Holdings S.A., a finance subsidiary of Korreden S.A. The outlook for all ratings is stable. This is the first time that Moody's assigned ratings to Akerys. The Ba2 corporate family rating assigned to the group's ultimate parent company, Korreden S.A., reflects Akerys' leading position in the buy-to-let segment of the homebuilding market and its good geographic diversification. Ratings also factor in the supportive legal framework in France and the group's conservative risk-management guidelines, which restrict the level of speculative development undertaken. Moody's adds that Akerys benefits from its integrated business model, which yields more stable cash flows than a pure homebuilder due to the recurring nature of some of its ancillary businesses such as financial products brokerage and real estate services. At the same time, ratings remain constrained by the cyclical nature of the homebuilding industry which is characterized by relatively low barriers to entry, strong competition and exposure to intrinsically volatile macro-economic indicators such as interest rates, unemployment and consumer confidence, albeit mitigated by the favorable outlook for the French market due to the structural imbalance between high demand and lack of supply. Ratings also incorporate the group's moderate leverage and its focus on one type of product -- properties under buy-to- let schemes -- exposing it to potential changes in the degree of tax incentives provided. The proceeds of the proposed EUR300 million Notes issuance will be used to: (i) refinance the existing debt of Akerys; and (ii) fund a EUR35 million dividend distribution. The (P)Ba3 rating assigned to the Notes reflects the combination of the overall probability of default of Akerys, to which Moody's has assigned a PDR of Ba2, with a loss given default assessment of LGD5 (77%). The Notes will be guaranteed on a senior basis by Korreden S.A. and secured by: (i) a first ranking pledge on the shares of Akerys Holdings S.A. and Akerys S.A. together with (ii) a first ranking pledge over certain bank accounts of Korreden S.A. and Akerys Holdings S.A. The one-notch discount to the Ba2 CFR however reflects their structural subordination to the claims of creditors located at the group's subsidiaries including: (i) lenders of a EUR15 million Revolving Credit Facility; (ii) the bank debt outstanding under Credit Promoteur raised at Akerys Promotion S.A.S.; and (iii) trade creditors. Moody's notes that there are no financial covenants that apply under the Notes with the exception of a minimum consolidated EBITDA interest cover test of 2.5x in relation to additional indebtedness of Korreden S.A. and Akerys Holdings S.A. The stable outlook anticipates Akerys to maintain a net adjusted debt/EBITDA ratio below 3.0x to support current ratings (versus an expected leverage of around 2.5x post-transaction). Moody's adds that a deleveraging of the capital structure resulting in a ratio of net adjusted debt to EBITDA below 2.0x on a sustainable basis could exert upward pressure on ratings over time. Headquartered in Toulouse, France, Akerys is the largest player in the buy-to-let segment of the French homebuilding market with 8,571 housing units sold in 2006/07. The group's main shareholder is investment holding company Qualis SCA (not rated), with a 66% interest. In 2006/2007, the group reported revenues of EUR815 million. REMY COINTREAU: Moody's Holds Ba2 Ratings on Strong Business ------------------------------------------------------------ Moody's Investors Services changed the outlook of Remy Cointreau SA to stable from negative and affirmed the ratings - Corporate Family Rating at Ba2, senior unsecured at Ba2 and LGD assessment at LGD4. The change in outlook is based on the improvement in the company's underlying performance in fiscal year ended March 31, 2007 reflecting the group's refocused business strategy on its premium and super premium brands and a positive momentum in its main markets. This, combined with a reduction in leverage following a number of disposals in the past year, resulted in a moderate improvement in Remy's debt protection ratios. The Ba2 corporate family rating reflects the company's portfolio of brand name products and the general stability in its operations. Moody's believes that the recent change in Remy's longer-term strategy towards premium and super premium products provides potential for profitability improvement through, inter alia, greater pricing flexibility. Overall, Remy Cointreau enjoys a strong Ba/low Baa business profile. These strengths, however, are balanced against the high reliance of Remy to the Cognac segment, which represented over 55% of its operating profit at fiscal year ended March 31, 2007 and its exposure to foreign currency fluctuations. In addition, the decision to exit the Maxxium joint venture as of March 2009 will result in a significant cash outflow of circa EUR164 million (post tax) in that year partly offset by the sale of its 25% stake in the joint venture to the remaining partners. The corporate family rating is also constrained by the company's leverage and its aggressive shareholder policy with credit metrics in the high single B rating category. The stable outlook is based on the generally stable industry conditions and the expectations that the company will continue to improve its margins and apply part of its cash flow generation to deleveraging. The Ba2 rating and the stable outlook also factors in Moody's view that Remy will maintain a ratio of Debt to EBITDA between 4.0x and 4.8x over time. Moody's nonetheless cautions that the effects on the cost structure of the exit from Maxxium remain unclear. Any indication of a disruption or unanticipated additional costs could lead to a revision of the ratings and/or outlook. The current rating does not factor in any debt-financed acquisitions or significant increases in Remy's already high shareholder returns. Headquartered in Paris, France, Remy Cointreau S.A. is a major producer of cognac and other spirits. It had revenues of EUR786 million in the fiscal year ending March 31, 2007. ============= G E R M A N Y ============= BBS AUTOMOTIVE: Punch International to Acquire German Units ----------------------------------------------------------- Belgian Industrial Holding company Punch International has agreed to acquire, for an undisclosed sum, BBS Kraftfahrzeugtechnik and BBS Motorsport & Engineering, both subsidiaries of insolvent German manufacturer BBS automotive technology AG, The Financial Times reports, citing Borsen- Zeitung as its source. According to the report, there will be some job cuts although the two German production sites at Schiitach and Herbolzheim will continue to operate. About BBS Headquartered in Schiltach, Germany, BBS automotive technology AG -- http://bbs.com/-- manufactures high-quality light alloy wheels. BBS employs 1,200 people, 750 of which are in Germany. In 2005, the company had turnover of EUR189.8 million and losses of EUR1.7 million. BBS declared insolvency in February 2007 after its inability to pay discouraged one bank to participate in a rescue plan aimed at restoring its liquidity. BETREIBERGESELLSCHAFT HOHELEYE: Claims Registration Ends Aug. 25 ---------------------------------------------------------------- Creditors of Betreibergesellschaft Hoheleye mbH have until Aug. 25 to register their claims with court-appointed insolvency manager Axel Kampmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Sept. 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Arnsberg Meeting Hall 328 Eichholzstr. 4 59821 Arnsberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Axel Kampmann Bronnerstr. 7 44141 Dortmund Germany The District Court of Arnsberg opened bankruptcy proceedings against Betreibergesellschaft Hoheleye mbH on July 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Betreibergesellschaft Hoheleye mbH Hoheleye 4 59955 Winterberg Germany Attn: Ronald Bourne, Manager Schneidingweg 2 22179 Hamburg Germany C.B.T. CANADISCHE: Claims Registration Period Ends August 17 ------------------------------------------------------------ Creditors of C.B.T. Canadische Bau Technologie Beratungs- und Vertriebsgesellschaft mbH have until Aug. 17 to register their claims with court-appointed insolvency manager Carsten Lange. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Sept. 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Carsten Lange Laurentiusstrasse 16-20 52072 Aachen Germany Tel: 024141344550 Fax: 0241413445511 The District Court of Aachen opened bankruptcy proceedings against C.B.T. Canadische Bau Technologie Beratungs- und Vertriebsgesellschaft mbH on July 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: C.B.T. Canadische Bau Technologie Beratungs- und Vertriebsgesellschaft mbH Attn: Ewald Schulz, Manager Geilenkirchener Strasse 355 52134 Herzogenrath Germany GRUNDSTEIN VERWALTUNGS: Claims Registration Period Ends Aug. 14 --------------------------------------------------------------- Creditors of Grundstein Verwaltungsgesellschaft mbH have until Aug. 14 to register their claims with court-appointed insolvency manager Bettina Schmudde. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on Sept. 26, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D132 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bettina Schmudde Koenigstrasse 1 01097 Dresden Germany Web site: http://www.whitecaseinso.de/ The District Court of Dresden opened bankruptcy proceedings against Grundstein Verwaltungsgesellschaft mbH on July 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grundstein Verwaltungsgesellschaft mbH Attn: Ursula Scherwietes, Manager Sternstrasse 30 01139 Dresden Germany MUEHLE-GLASHUETTE GMBH: Failed Talks Cue Insolvency Filing ---------------------------------------------------------- Muehle-Glashuette GmbH has applied for insolvency proceedings at the District Court of Dresden after discussions fell through with local rival Nomos regarding a settlement for contractual penalties of EUR63 million, The Financial Times reports, citing Handelsblatt. According to the report, the legal dispute with Nomos resulted to excessive debts. The court has appointed Helgi Heumann to act as the company's provisional insolvency administrator. Muehle-Glashuette Chairman Thilo Muehle is banking on an insolvency plan that will not only safeguard jobs at the company but create new ones as well, FT relates. Headquartered in Glashuette, Germany, Muehle-Glashuette GmbH - http://www.muehle-glashuette.de/-- manufactures wrist watches, nautical instruments and ship clock systems. The company employs 38 people. ZAPF CREATION: Isaac Larian to Purchase Outstanding Debt -------------------------------------------------------- Isaac Larian, the chief executive officer of MGA Entertainment, Inc., the largest shareholder of Zapf Creation AG, has expressed willingness to purchase the latter's outstanding indebtedness to banks for an adequate price. Mr. Larian submitted an offer to the syndicate of banks whose facility expired on June 30, 2007. Zapf Creation group shall be refinanced long-term by banks working with MGA. The Management Board of the company continues to negotiate with all parties involved to secure the long-term financing of the company. To avoid insolvency proceedings, a solution will have to be found shortly. Headquartered in Roedental/Coburg, Germany, Zapf Creation AG -- http://www.zapf-creation.com/-- markets branded play concepts including dolls and a wide range of accessories. The company's most popular brands are Baby Born, Baby Annabell and Chou Chou. Zapf Creation AG incurred EUR3.4 million in net losses on EUR13.3 million in net sales for the first quarter of 2007, compared with EUR5.3 million in net losses on EUR15.4 million in net sales for the same period in 2006. At March 31, 2007, the company's balance sheet showed EUR77 million in total assets, EUR75.1 million in total liabilities and EUR1.9 million in equity. The company's balance sheet also showed strained liquidity with EUR51.5 million in total current assets available to pay EUR74.9 million in total liabilities coming due within the next 12 months. ============= I R E L A N D ============= LOCKO FINANCE: Moody's Assigns B2 Rating to Loan Notes ------------------------------------------------------ Moody's Investors Service assigned a rating of B2 to the Loan Participation Notes to be issued on a limited recourse basis by Locko Finance Plc for the sole purpose of funding a loan to Locko-bank (Russia). The outlook for the rating is stable. Moody's notes that the holders of the notes will be relying for repayment solely and exclusively on the ability of Locko-bank to make payments under the loan agreement. Locko-bank is currently rated B2/Not Prime for long- and short-term foreign- and local- currency deposits, and E+ for financial strength, all with a stable outlook. The amount of this LPN issue is RUR3 billion and the tenor is two years. The obligations of Locko-bank to make payments under the loan agreement will at all times rank at least pari-passu with the claims of all other unsecured creditors of the borrower, except for those whose claims are preferred by any bankruptcy, insolvency, liquidation or similar laws of general application. According to the terms and conditions of the loan agreement, Locko-bank must maintain a minimum total capital adequacy ratio and Tier 1 capital adequacy ratio calculated in accordance with BIS guidelines of 12% and 8%, respectively, while its exposure to any single borrower, which is not a related party, shall not exceed 25% of the net asset value. The bank must comply with a number of other covenants such as negative pledge, limitations on mergers, disposals and transactions with affiliates. Headquartered in Moscow, Russia, Locko-bank reported total consolidated assets and shareholders' equity of US$630.6 million and US$94 million, respectively, at year-end 2006. Locko Finance Plc is an orphan special purpose vehicle domiciled in Ireland. =================== K A Z A K H S T A N =================== ALORA OIL: Proof of Claim Deadline Slated for August 15 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Alora Oil Group (RNN 600400124576) insolvent. Creditors have until Aug. 15 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Post Office Box 193 Main Post Office Almaty Kazakhstan Tel: 8 777 233 19-63 B.S. TRADING LLP: Creditors Must File Claims August 14 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP B.S. Trading insolvent. Creditors have until Aug. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 DAYANA LLP: Claims Filing Period Ends August 14 ----------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Dayana insolvent. Creditors have until Aug. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Office 203 Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 24-84-70 KUSTANAIASBEST LLP: Creditors' Claims Due on August 14 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Management Company Kustanaiasbest (RNN 600400072899) insolvent. Creditors have until Aug. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Micro District Mamyr-1, 13-43 Almaty Kazakhstan Tel: 8 777 294 44- 97 TELEMAH LLP: Claims Registration Ends August 14 ----------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Telemah 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 TEMIR CAPITAL: Moody's Assigns Ba1 Foreign Currency Rating ---------------------------------------------------------- Moody's Investors Service assigned a Ba1 long-term foreign currency rating to the senior debt to be issued by Temir Capital B.V., a Netherlands-based special purpose vehicle wholly owned by Temirbank (Kazakhstan), under its newly established medium-term note program, with an expected total amount of US$1.2 billion. The senior notes will be unconditionally and irrevocably guaranteed by Temirbank. Long-term subordinated notes, which may also be issued under the program, have been rated Ba2. At the same time Moody's assigns a Ba1 long-term foreign currency rating to the first drawdown of the senior debt issued under this program. The amount of the issue is US$500 million with a maturity of seven years. All of the ratings of Temirbank carry a stable outlook. The Ba1 senior debt rating and Ba2 subordinated debt rating are based on the fundamental credit quality of Temirbank, the ultimate obligor under the debt issuance program, and factor in a high degree of support from Temirbank's majority shareholder Bank TuranAlem (BTA, Ba1/NP foreign currency bank deposits ratings, Baa3 senior debt ratings, D- BFSR). No systemic support is implied in Temirbank's deposit and debt ratings, as the bank's importance to the Kazakhstani banking system is still relatively low, in Moody's view. The Ba2 long-term rating for the subordinated debt also reflects the extent of this instrument's subordination against other obligations. It takes into account a higher expected loss given default, stemming from the subordinated nature of this class of debt, and was notched down from the bank's Ba1 senior unsecured debt rating. Moody's noted that it will be closely monitoring the bank's refinancing risk, which could result in a liquidity strain under unfavorable market conditions and which has been growing considerably in recent years as the bank has been borrowing extensively from the international capital markets. Upcoming drawdowns under the US$1.2 billion MTN program (equivalent to 77% of the bank's total assets as at year end 2006) might further increase the refinancing risk and exert pressure on the bank's ratings. According to the terms and conditions of the notes, Temirbank must maintain on a consolidated basis (reported under IFRS) a total capital adequacy ratio of at least 10% as well as comply with a number of other covenants such as negative pledge, limitations on mergers and consolidation, and restrictions on distribution of dividends. Headquartered in Almaty, Kazakhstan, Temirbank reported audited consolidated total assets of US$1.56 billion, capital of US$176 million and net income of US$24 million under IFRS on Dec. 31, 2006. U-NO-TRADE LLP: Creditors Must File Claims August 17 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP U-No-Trade insolvent. Creditors have until Aug. 17 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Micro District Jetysu-4, 10/11 Almaty Kazakhstan Tel: 8 (3272) 56-61-46 VALEAS LLP: Claims Filing Period Ends August 14 ----------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Valeas insolvent. Creditors have until Aug. 14 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Office 203 Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (3232) 24-84-70 =================== K Y R G Y Z S T A N =================== UNIVERSALSTROY LLC: Creditors Must File Claims by August 17 ----------------------------------------------------------- LLC Construction Company Universalstroy has declared insolvency. Creditors have until Aug. 17 to submit written proofs of claim to: LLC Universalstroy Mederov Str. 50 Bishkek Kyrgyzstan =================== L U X E M B O U R G =================== AK BARS: Fitch Assigns BB- Rating to US$250 Million Loan -------------------------------------------------------- Fitch Ratings has assigned AK BARS Luxembourg's US$250 million Series 1 issue of limited recourse loan participation notes, due June 2010, a final 'BB-' rating. The notes are the first issue of a US$1.5 billion debt issuance program. AK BARS was founded by the government of the Republic of Tatarstan in 1993. It is the largest bank in the republic and one of the 20 largest Russian banks. At end-2006, the republic's government, through ministries, government agencies and related companies, ultimately controlled 96% of the bank's capital (end-2005: 93%). EVRAZ GROUP: Extends Buyout Offer Period for Highveld Steel Unit ---------------------------------------------------------------- Evraz Group S.A. has extended an offer period, until further notice, to buy the shares in Highveld Steel & Vanadium Ltd. That it does not own yet, Carli Lourens and Maria Kolesnikova write for Bloomberg News. Evraz said shareholders holding 57,647 Highveld shares had already accepted the offer -- equivalent to 0.1% of the South African firm's total stock. The TCR-Europe reported on June 5, 2007, that Evraz made an offer to acquire the entire issued share capital of Highveld for a consideration of US$11.40 per Highveld share. Highveld's board of directors, however, rejected the offer and shareholders are expected to do the same. "Only if they are neither prepared, nor in a position, to bear the risk of the uncertainties detailed, should they accept the offer, otherwise they should not accept the offer," the board said in a circular to shareholders. The board noted that Evraz's ZAR82.99 per share offer was lower than the ZAR93 per share valuation made by independent adviser Standard Bank, Reuters relates, citing Highveld's Web site. The firm said Standard Bank arrived at the valuation based on cash flows. It added that the adviser applied a range of scenarios and in no case did the valuation fall below ZAR85 a share. To secure approval from South African regulators, Evraz pledged to divest vanadium assets including: -- Highveld's Vanchem operations, -- a 50% stake in South Africa Japan Vanadium (Pty) Ltd., and -- shares in the Mapochs Mine. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Evraz Group S.A. and assigned a Ba3 Probability-of- Default Rating. Moody's also assigned these ratings: * Issuer: Evraz Group S.A. Projected Old Debt New Debt LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 8.25% Senior Unsecured Regular Bond/ Debenture Due 2015 B2 B2 LGD5 88% * Issuer: Evraz Securities S.A. Old Debt New Debt LGD Loss Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 10.875% Senior Unsecured Regular Bond/ Debenture Due 2009 B1 Ba3 LGD3 47% In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and senior unsecured ratings at BB and its Short-term rating at B. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd., Evraz's core subsidiary with most of its assets concentrated in Russia- at Issuer Default BB and Short-term B. Evraz Securities SA's senior unsecured rating is affirmed at BB. Fitch said the Outlooks on the Issuer Default ratings are Stable. Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+. ===================== N E T H E R L A N D S ===================== EURO GALAXY: Moody's Rates EUR13.5 Mln Class E Notes at (P)Ba3 -------------------------------------------------------------- Moody's assigned provisional credit ratings to six classes of notes to be issued by Euro Galaxy II CLO B.V., a Dutch special purpose company. The ratings are: -- (P)Aaa to the EUR235 million Class A-1 Senior Floating Rate Notes due 2022; -- (P)Aaa to the EUR40 million Class A-2 Senior Floating Rate Delayed Draw Notes due 2022; -- (P)Aa2 to the EUR36 million Class B Senior Floating Rate Notes due 2022; -- (P)A2 to the EUR27.5 million Class C Deferrable Interest Floating Rate Notes due 2022; -- (P)Baa3 to the EUR20 million Class D Deferrable Interest Floating Rate Notes due 2022; and -- (P)Ba3 to the EUR13.5 million Class E Deferrable Interest Floating Rate Notes due 2022. EUR38,000,000 Class F Subordinated Notes due 2022 will also be issued but will not be rated by Moody's. The ratings address the expected loss posed to investors by the legal final maturity in October 2022. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks, such as those associated with the timing of principal prepayments and other market risks, have not been addressed and may have a significant effect on yield to investors. These provisional ratings are based upon: 1. an assessment of the eligibility criteria and portfolio guidelines applicable to the future additions to the portfolio; 2. the protection against losses through the subordination of the more junior classes of notes to the more senior classes of notes; 3. the overcollateralization of the Notes; 4. the proposed currency swap transactions, which insulate the Issuer from the volatility of the foreign currency exchange rates in respect of non-Euro denominated obligations; and the proposed interest rate swap transactions, which substantially mitigate the risk to the Issuer from the potential fixed/floating interest mismatch between the collateral portfolio and the Notes; 5. the expertise of AIG Global Investment Corp. (Europe) Ltd as a collateral manager; and 6. The legal and structural integrity of the issue. This transaction will be a high yield collateralized loan obligation related to a collateral portfolio of approximately EUR400 million, comprised primarily of European senior and mezzanine loans (with a predominance of senior secured loans) and high yield bonds. This portfolio will be dynamically managed by AIG Global Investment Corp. (Europe) Ltd.; 90% of this portfolio will be acquired at closing date and the remainder during the six months ramp-up period in compliance with portfolio guidelines. The portfolio of loans will be actively managed and the portfolio manager will have the option to buy or sell assets in the portfolio. Any addition or removal of assets will be subject to a number of portfolio criteria. The transaction is arranged by Morgan Stanley. X5 RETAIL: S&P Affirms BB Credit Ratings with Stable Outlook ------------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on X5 Retail Group N.V., owner of Russia's largest grocery retail network, and its subsidiaries to stable from negative, reflecting expectations that X5's financial performance will continue to improve. At the same time, the 'BB-' long-term corporate credit rating was affirmed. Standard & Poor's also assigned its 'BB-' long-term corporate credit and 'ruAA-' Russia national scale ratings to financing vehicle X5 Finance LLC and its upcoming RUR9 billion (US$350 million) senior unsecured bonds. "The rating reflects the group's aggressive growth appetite, which inevitably leads to an increasing need for capital, as well as X5's exposure to Russia's complex and nontransparent real estate industry," said Standard & Poor's credit analyst Anton Geyze. Moreover, the group is subject to the risk of declining operating margins due to planned moves into new market segments. Moderating these risks is the group's position as the largest grocery retailer in a growing retail market, X5's proven effectiveness in cost control, and recent plans to finance its further expansion through a second equity issue. X5 had adjusted debt of US$1.38 billion at end of 2006. "We expect X5's financial profile to improve from the level reached at year-end 2006," said Mr. Geyze. "The secondary public equity placement planned for fourth-quarter 2007 should provide headroom to finance the group's extensive capital- expenditure program and acquisition pipeline, while helping to hold adjusted debt to EBITDA under 3.0x in the medium term." The outlook could be revised back to negative or the rating could be lowered if X5's credit protection measures remain aggressive in the next 12 months. Upside potential is limited by the group's significant negative free cash flow and subsequent strong dependence on the availability of external financing. S&P expect's X5 to maintain an extensive capital- expenditure program to uphold its leading position in Russia's retail food retail market. =========== R U S S I A =========== AGRO-TRADE CJSC: Creditors Must File Claims by August 16 -------------------------------------------------------- Creditors of CJSC Agro-Trade have until Aug. 16 to submit proofs of claim to: A. Trifonov Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-32126/2006. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Agro-Trade Premise 22-N Mokhovaya 31 St. Petersburg Russia ALIOT CJSC: Creditors Must File Claims by August 16 --------------------------------------------------- Creditors of CJSC Oil Company Aliot have until Aug. 16 to submit proofs of claim to: A. Pshenkov Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-35991/2006. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Oil Company Aliot Kosmonavtov, 69a St. Petersburg Russia ANIS CJSC: Creditors Must File Claims by August 16 -------------------------------------------------- Creditors of CJSC Anis have until Aug. 16 to submit proofs of claim to: A. Trifonov Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-32244/2006. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Anis Premise 16-N Ligovskiy Pr. 29 St. Petersburg Russia BAYKALSKIYE VOROTA: Bankruptcy Hearing Slated for Oct. 15 --------------------------------------------------------- The Arbitration Court of Irkutsk will convene at 3:00 p.m. on Oct. 15 to hear the bankruptcy supervision procedure on LLC Baykalskiye Vorota (TIN 3808093523). The case is docketed under Case No. A19-1518/06-8. The Temporary Insolvency Manager is: A. Ilyin Post User Box 1779 Bratsk-32 665732 Irkutsk Russia 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 Baykalskiye Vorota Krupskaya Str. 13-312 Irkutsk Russia DELTA CJSC: Creditors Must File Claims by August 16 --------------------------------------------------- Creditors of CJSC Delta have until Aug. 16 to submit proofs of claim to: D. Bykovskikh Insolvency Manager Post User Box 3167 460001 Orenburg Russia The Arbitration Court of Orenburg commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-2138/07-14GK. The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: CJSC Delta Vostochnoye Shosse 5 Buguruslan Orenburg Russia EVRAZ GROUP: Extends Buyout Offer Period for Highveld Steel Unit ---------------------------------------------------------------- Evraz Group S.A. has extended an offer period, until further notice, to buy the shares in Highveld Steel & Vanadium Ltd. That it does not own yet, Carli Lourens and Maria Kolesnikova write for Bloomberg News. Evraz said shareholders holding 57,647 Highveld shares had already accepted the offer -- equivalent to 0.1% of the South African firm's total stock. The TCR-Europe reported on June 5, 2007, that Evraz made an offer to acquire the entire issued share capital of Highveld for a consideration of US$11.40 per Highveld share. Highveld's board of directors, however, rejected the offer and shareholders are expected to do the same. "Only if they are neither prepared, nor in a position, to bear the risk of the uncertainties detailed, should they accept the offer, otherwise they should not accept the offer," the board said in a circular to shareholders. The board noted that Evraz's ZAR82.99 per share offer was lower than the ZAR93 per share valuation made by independent adviser Standard Bank, Reuters relates, citing Highveld's Web site. The firm said Standard Bank arrived at the valuation based on cash flows. It added that the adviser applied a range of scenarios and in no case did the valuation fall below ZAR85 a share. To secure approval from South African regulators, Evraz pledged to divest vanadium assets including: -- Highveld's Vanchem operations, -- a 50% stake in South Africa Japan Vanadium (Pty) Ltd., and -- shares in the Mapochs Mine. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Evraz Group S.A. and assigned a Ba3 Probability-of- Default Rating. Moody's also assigned these ratings: * Issuer: Evraz Group S.A. Projected Old Debt New Debt LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 8.25% Senior Unsecured Regular Bond/ Debenture Due 2015 B2 B2 LGD5 88% * Issuer: Evraz Securities S.A. Old Debt New Debt LGD Loss Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ------- 10.875% Senior Unsecured Regular Bond/ Debenture Due 2009 B1 Ba3 LGD3 47% In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and senior unsecured ratings at BB and its Short-term rating at B. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd., Evraz's core subsidiary with most of its assets concentrated in Russia- at Issuer Default BB and Short-term B. Evraz Securities SA's senior unsecured rating is affirmed at BB. Fitch said the Outlooks on the Issuer Default ratings are Stable. Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+. HEATHER CJSC: Creditors Must File Claims by August 16 ----------------------------------------------------- Creditors of CJSC Heather have until Aug. 16 to submit proofs of claim to: A. Trifonov Insolvency Manager Post User Box 383 OSP-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A60-8652/ 2006-S11. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Heather Apartment 27 Zheleznovodskaya Str. 35 St. Petersburg and Leningrad V.O. Russia INVESTMENT TRADE: Moody's Assigns B2/Not-Prime/E+ Ratings --------------------------------------------------------- Moody's Investors Service assigned first-time B2/Not-Prime local currency deposit ratings, B2/Not-Prime foreign currency deposit ratings, and an E+ Bank Financial Strength Rating to Russia's Investment Trade Bank. The outlooks on all ratings are stable. At the same time, Moody's Interfax Rating Agency has affirmed the bank's Baa1.ru long-term national scale credit rating. Moscow-based Moody's Interfax is majority-owned by Moody's. According to Moody's, the E+ BFSR, which translates into a Baseline Credit Assessment of B2, is supported by ITB's satisfactory financial indicators and relative geographic diversification outside the home Moscow region. The bank has an entrenched position in the Oblast of Ivanovo located about 300 kilometres to the northeast from Moscow where it enjoys the second-largest (after Sberbank) market share. At the same time, the BFSR takes into account ITB's high dependency on the volatile Russian operating environment, which constrains the ratings of all banks in the country, as well as the bank's limited franchise value. ITB's high risk positioning, particularly large single-party concentrations in the loan portfolio, and its weak economic capitalization with no visible prospects to strengthen it under the current ownership structure also weigh on the BFSR. The local currency deposit rating assigned to ITB is supported by the bank's Baseline Credit Assessment of B2 and does not factor in any support from its shareholders. In Moody's view, although such support cannot be ruled out, its scope and timeliness are rather uncertain, while systemic support in the event of need is unlikely. The foreign currency deposit rating is assigned at the same level as the bank's local currency deposit rating and is not constrained by the country foreign currency deposit ceiling for Russia. Investment Trade Bank is headquartered in Moscow and reported total assets of US$676 million under IFRS on Dec. 31, 2006. KADOMSKIY AGRO-FOOD: Creditors Must File Claims by July 16 ---------------------------------------------------------- Creditors of OJSC Kadomskiy Agro-Food-Combine have until July 16 to submit proofs of claim to: N. Zakharov Temporary Insolvency Manager Post User Box 109 390044 Ryazan Russia The Arbitration Court of Ryazan will convene at 11:30 a.m. on Oct. 9 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A54-1581/2007-S6. The Court is located at: The Arbitration Court of Ryazan Pochtovaya Str. 43/44 Ryazan Russia The Debtor can be reached at: OJSC Kadomskiy Agro-Food-Combine 1t Kooperativnyj Per. 6 Kadom 391670 Ryazan Russia MEAT-IMPORT LLC: Creditors Must File Claims by August 16 -------------------------------------------------------- Creditors of LLC Meat-Import have until Aug. 16 to submit proofs of claim to: A. Trifonov Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-32119/2006. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: LLC Meat-Import Apartment 10 Engelsa Pr. 43 St. Petersburg Russia PARIS ON NEVA: Creditors Must File Claims by August 16 ------------------------------------------------------ Creditors of CJSC Paris On Neva have until Aug. 16 to submit proofs of claim to: A. Trifonov Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-32127/2006. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Paris On Neva Nab.r.Mojki 20 St. Petersburg Russia PROBUSINESSBANK: Fitch Puts B- Rating on RUB3 Billion Loan ---------------------------------------------------------- Fitch Ratings has assigned Russia-based Probusinessbank a local currency Long-term Issuer Default rating of 'B-' with Stable Outlook. The rating is aligned with the bank's foreign currency IDR. Fitch Ratings has also assigned PBB LPN Issuance Limited's RUB3 billion 9.75% issue of loan participation notes ratings of Recovery 'RR4' and Long-term 'B-'. These notes are due on July 2010 and to be used solely for financing a loan to PBB. PBB is a medium-sized Russian bank, with consolidated assets of RUR37 billion at end-2006. The bank is owned by senior management and a small number of private equity funds having 65.5% and 34.5% stakes, respectively. PPB's activities are concentrated on SME and retail lending. ROS-TORG-SERVICE: Creditors Must File Claims by August 16 --------------------------------------------------------- Creditors of CJSC Ros-Torg-Service have until Aug. 16 to submit proofs of claim to: A. Trifonov Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-32270/2006. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Ros-Torg-Service Kommuny 21/7 Kolpino St. Petersburg Russia ROSBANK: Societe Generale Opts to Buy Shares 18 Months Early ------------------------------------------------------------ The board of directors of French bank The Societe Generale Group decided to exercise an option to purchase 30% plus two shares in Rosbank 18 months ahead of its original schedule slated before the end of 2008, Kommersant reports. According to the report, the acquisition is set to be the most expensive deal in the history of the Russian banking industry in terms of capital to purchase price ratios and will enable SocGen to own 50% plus one share in one of Russia's largest banks. "Rosbank chairman Alexander Popov knows about this information, said company spokesman Valentin Shapka. "The French bank has decided to file an application with the Bank of Russia and the Federal Antimonopoly Service concerning the acquisition of another 30% plus two shares of our bank." The TCR-Europe reported on October 2, 2006, that SocGen has increased its stake in the share capital of OAO Rosbank from 10% to 20% less one share for US$317 million. The move followed SocGen's acquisition of an initial 10% stake in Rosbank from Interros Holdings in June 2006 and the due diligence conducted since then. About SocGen Headquartered in Paris, France, Societe Generale -- http://www.socgen.com/-- employs more than 103,000 people worldwide in three key businesses: retail banking and financial services; global investment management and services; and corporate and investment banking. About Rosbank Rosbank OJSC is one of the largest privately owned banks in Russia. Its primary activities include retail and corporate banking, investment banking, treasury related operations, trade finance, asset management, private banking, custody and depositary services, international and domestic settlement services, and credit card services. As of Dec. 31, 2005, its balance sheet shows RUR213 billion in total assets and RUR22.8 billion of total equity. * * * As of July 9, 2007, Moody's Investors Service had assigned Ba2 ratings to Rosbank's Foreign Long-term Bank Deposits and Bank Loan Debt, giving it a Stable Outlook. Standard & Poor's Ratings Services rates the Russian bank's Long-term Foreign Issuer Credit and Long-term Local Issuer Credit at B+ and gave a B rating to its Short-term Foreign Issuer Credit and Short-term Local Issuer Credit, all with a Positive Outlook. Fitch Ratings assigned a B+ Issuer Default Rating to the company's Long-term foreign currency and Long-term Local currency while its Short term and Short term Issuer Default Rating were each given a B rating. ROSNEFT OIL: Inks Strategic Cooperation Deal with Shell ------------------------------------------------------- OAO Rosneft Oil Co. and Royal Dutch Shell plc have concluded an Agreement on Strategic Cooperation. Rosneft President Sergey Bogdanchikov and Shell CEO Jeroen van der Veer signed the agreement in Moscow. The Agreement provides the opportunity for joint implementation of upstream and downstream oil and gas projects. It sets the basic principles of strategic cooperation between the two major international energy companies and lays the foundation for long- term cooperation between Shell and Rosneft both in Russia and elsewhere. "The agreement reached today will allow our companies to seriously widen the scope and geography of our work," Mr. Bogdanchikov said. "There is no doubt that cooperation between Rosneft and Shell will be beneficial not only from commercial perspective -- it is equally important to share experience and technologies." Mr. Bogdanchikov also stressed that the agreement between the two major international publicly traded companies is in the best interest of all their shareholders. "Russia is a strategic growth area for Shell and we are committed to developing our business in cooperation with Russian companies across the entire range of the energy business," Mr. van der Veer said. "Shell with its global experience of applying technologies in an integrated way will complement Rosneft's strengths and experience on the Russian market. We look forward to successful cooperation with Rosneft, one of the leaders of Russian oil and gas sector." About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://www.rosneft.com/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * In a TCR-Europe report on Jan. 16, 2007, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from CreditWatch, where it had been placed with positive implications on Nov. 15, 2006. S&P said the outlook is developing. ST. PETERSBURG METALLURGICAL: Claims Filing Deadline Set Aug. 16 ---------------------------------------------------------------- Creditors of CJSC Heather have until Aug. 16 to submit proofs of claim to: A. Trifonov Insolvency Manager Post User Box 383 OSP-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-32245/2006. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC St. Petersburg Metallurgical Company Letter A Shkapina 3-5 St. Petersburg Russia UST'-ILIMSKIY CJSC: Court Starts External Bankruptcy Procedure -------------------------------------------------------------- The Arbitration Court of Irkutsk commenced external management bankruptcy procedure on CJSC UST'-Ilimskiy Repair-Transport Complex (TIN 3817021268). The case is docketed under Case No. A19-15560/06-29. The External Insolvency Manager is: O. Lukina Post User Box 165 664047 Irkutsk Russia The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: CJSC UST'-Ilimskiy Repair-Transport Complex Post User Box 353 Post Office 14 Ust-Ilimsk 666684 Irkutsk Russia VIRAZH CJSC: Novosibirsk Bankruptcy Hearing Slated for Sept. 23 --------------------------------------------------------------- The Arbitration Court of Novosibirsk will convene at 2:00 p.m. on Sept. 3 to hear the bankruptcy supervision procedure on CJSC Virazh. The case is docketed under Case No. A45-6018/07-43/48. The Temporary Insolvency Manager is: S. Lebedev Office 108 Kamenskaya Str. 64a 630091 Novosibirsk Russia The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: CJSC Virazh Frunze Str. 2a Novosibirsk Russia X5 RETAIL: S&P Affirms BB Credit Ratings with Stable Outlook ------------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on X5 Retail Group N.V., owner of Russia's largest grocery retail network, and its subsidiaries to stable from negative, reflecting expectations that X5's financial performance will continue to improve. At the same time, the 'BB-' long-term corporate credit rating was affirmed. Standard & Poor's also assigned its 'BB-' long-term corporate credit and 'ruAA-' Russia national scale ratings to financing vehicle X5 Finance LLC and its upcoming RUR9 billion (US$350 million) senior unsecured bonds. "The rating reflects the group's aggressive growth appetite, which inevitably leads to an increasing need for capital, as well as X5's exposure to Russia's complex and nontransparent real estate industry," said Standard & Poor's credit analyst Anton Geyze. Moreover, the group is subject to the risk of declining operating margins due to planned moves into new market segments. Moderating these risks is the group's position as the largest grocery retailer in a growing retail market, X5's proven effectiveness in cost control, and recent plans to finance its further expansion through a second equity issue. X5 had adjusted debt of US$1.38 billion at end of 2006. "We expect X5's financial profile to improve from the level reached at year-end 2006," said Mr. Geyze. "The secondary public equity placement planned for fourth-quarter 2007 should provide headroom to finance the group's extensive capital- expenditure program and acquisition pipeline, while helping to hold adjusted debt to EBITDA under 3.0x in the medium term." The outlook could be revised back to negative or the rating could be lowered if X5's credit protection measures remain aggressive in the next 12 months. Upside potential is limited by the group's significant negative free cash flow and subsequent strong dependence on the availability of external financing. S&P expect's X5 to maintain an extensive capital- expenditure program to uphold its leading position in Russia's retail food retail market. ZTK-TRANS LLC: Creditors Must File Claims by July 16 ---------------------------------------------------- Creditors of LLC ZTK-Trans have until July 16 to submit proofs of claim to: M. Miroshnichenko Temporary Insolvency Manager Lenina Str. 191 Blagoveshensk Amur Russia The Arbitration Court of Amur will convene on July 31 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A04-1995/07-6/90 B. The Debtor can be reached at: LLC ZTK-Trans Surzhikova Str. 112 Valujki Amur Russia ========= S P A I N ========= AYT CAJA: Fitch Rates EUR2 Million Class D Notes at BB ------------------------------------------------------ Fitch Ratings has assigned ratings to AyT Caja Granada Hipotecario 1, Fondo de Titulizacion de Activos EUR400 million mortgage-backed floating-rate notes due in March 2050: -- EUR363 million Class A: 'AAA'; Outlook Stable -- EUR24 million Class B: 'A'; Outlook Stable -- EUR11 million Class C: 'BBB-'; Outlook Stable -- EUR2 million Class D: 'BB'; Outlook Stable This transaction is a cash flow securitization of a EUR400 million static pool of first-ranking Spanish mortgage loans originated and serviced by Caja General de Ahorros Granada (Caja Granada, rated 'A-'/Outlook Stable/'F2'), The ratings are based on the quality of the collateral, the underwriting and servicing of the mortgage loans, available credit enhancement, the integrity of the transaction's legal and financial structure and Ahorro y Titulizacion S.A., S.G.F.T.'s administrative capabilities. Initial for the Class A to D notes is provided by subordination and a reserve fund, which has been funded at closing using a subordinated loan. The ratings 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, Class C and Class D notes, as well as the repayment of principal at legal final maturity. Should the deferral trigger on the Class B, C and D 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 legal final maturity. The fund is regulated by Spanish Securitization Law 19/1992 and Royal Decree 926/1998. Its sole purpose will be to transform into fixed-income securities a portfolio of mortgages certificates ("certificados de transmission de hipoteca") acquired from Caja Granada. The CTHs will be subscribed by Ahorro y Titulizacion S.A., S.G.F.T. whose sole function is to manage asset-backed notes on behalf of the fund. ===================== S W I T Z E R L A N D ===================== M. ET M. COIFF': Creditors' Liquidation Claims Due July 26 ---------------------------------------------------------- Creditors of LLC M. et M. Coiff' Elle have until July 26 to submit their claims to: Santuzza Bianchi-Di Filippo Liquidator Drosselstrasse 30 4059 Basel BS Switzerland The Debtor can be reached at: LLC M. et M. Coiff' Elle Basel BS Switzerland OPTIMISE LLC: Creditors' Liquidation Claims Due July 25 ------------------------------------------------------- Creditors of LLC Optimise have until July 25 to submit their claims to: Marco Ingala Liquidator Untere Holzstrasse 25 5036 Oberentfelden Aarau AG Switzerland The Debtor can be reached at: LLC Optimise Oberentfelden Aarau AG Switzerland P. SEILER: Creditors' Liquidation Claims Due July 26 ---------------------------------------------------- Creditors of JSC P. Seiler have until July 26 to submit their claims to: Schulhausstr. 4 8467 Truttikon Andelfingen ZH Switzerland The Debtor can be reached at: JSC P. Seiler Schlatt Winterthur ZH Switzerland PYRONEX JSC: Aargau Court Closes Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Aargau entered June 18 an order closing the bankruptcy proceedings of JSC Pyronex. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Baden 5402 Baden AG Switzerland The Debtor can be reached at: JSC Pyronex Dattwilerstrasse 58 5405 Baden-Dattwil AG Switzerland RALF NAGEL: Creditors' Liquidation Claims Due July 27 ----------------------------------------------------- Creditors of LLC Ralf Nagel have until July 27 to submit their claims to: Ralf J. Nagel Liquidator Missionsstrasse 15 4055 Basel BS Switzerland The Debtor can be reached at: LLC Ralf Nagel Wollerau Hofe SZ Switzerland SCHUH-TONI JSC: Creditors' Liquidation Claims Due July 26 --------------------------------------------------------- Creditors of JSC Schuh-Toni have until July 26 to submit their claims to: Thomas Frei Liquidator Bachtelstrasse 4 8636 Wald Hinwil ZH Switzerland The Debtor can be reached at: JSC Schuh-Toni Wald Hinwil ZH Switzerland SCHMID HOLZBAU: Creditors' Liquidation Claims Due July 31 --------------------------------------------------------- Creditors of JSC Schmid Holzbau have until July 31 to submit their claims to: Emil Schmid Liquidator JSC Tscholl Treuhand + Revisionen Bahnhofstrasse 14 7000 Chur Plessur GR Switzerland The Debtor can be reached at: JSC Schmid Holzbau Flims Imboden GR Switzerland U & R PRINT: Schaffhausen Court Starts Bankruptcy Proceedings ------------------------------------------------------------- The Bankruptcy Court of Schaffhausen commenced bankruptcy proceedings against LLC u&r print on May 31. The Bankruptcy Service of Schaffhausen can be reached at: Bankruptcy Service of Schaffhausen 8201 Schaffhausen Switzerland The Debtor can be reached at: LLC u&r print Oberstadt 11 8260 Stein am Rhein SH Switzerland VON BOHLEN: Creditors' Liquidation Claims Due July 26 ----------------------------------------------------- Creditors of LLC von Bohlen & Partner have until July 26 to submit their claims to: Dr. Hans Christoph Tanner Liquidator Baarerstr. 53/55 6302 Zug Switzerland The Debtor can be reached at: LLC von Bohlen & Partner Zug Switzerland WELTPANORAMA VERTRIEBS: Liquidation Claims Due July 26 ------------------------------------------------------ Creditors of LLC Weltpanorama Vertriebs have until July 26 to submit their claims to: Martin Keigel Liquidator Chilchweg 309 5078 Effingen Brugg AG Switzerland The Debtor can be reached at: LLC Weltpanorama Vertriebs Wegenstetten Rheinfelden AG Switzerland ============= U K R A I N E ============= BERSHAD-INVEST LLC: Proofs of Claim Deadline Set July 13 -------------------------------------------------------- Creditors of LLC Bershad-Invest (code EDRPOU 30805814) have until July 13 to submit written proofs of claim to: Arthur Milovanov Temporary Insolvency Manager Apartment 805 October Str. 1 21001 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 5/86-07. The Court is located at: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: LLC Bershad-Invest Lenin Str. 61 District Miroliubovka Pischanka 24720 Vinnica Ukraine IMPEX CJSC: Creditors Must File Claims by July 13 ------------------------------------------------- Creditors of CJSC Ukrainian Machinery Impex have until July 13 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/517-b. The Debtor can be reached at: Ac. Palladin Str. 44 03142 Kiev Ukraine LUBNY FOUNDRY-MECHANICAL: Creditors Must File Claims by July 13 --------------------------------------------------------------- Creditors of OJSC Lubny Foundry-Mechanical Plant (code EDRPOU 02971529) have until July 13 to submit written proofs of claim to: The Economic Court of Rivne Yavornitski Str. 59 33001 Rivne Ukraine The Economic Court of Rivne commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 8/74. The Debtor can be reached at: OJSC Lubny Foundry-Mechanical Plant Grushevsky Str. 134 Dubno 35604 Rivne Ukraine LUKSON LLC: Creditors Must File Claims by July 13 ------------------------------------------------- Creditors of LLC Lukson (code EDRPOU 32560447) have until July 13 to submit written proofs of claim to: Victoriya Yevstafieva Liquidator a/b 1523 49023 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B 26/125-07. The Court is located at: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: LLC Lukson Quay of Victory Str. 10 49000 Dnipropetrovsk Ukraine MKT-98 LLC: Creditors Must File Claims by July 13 ------------------------------------------------- Creditors of LLC MKT-98 (code EDRPOU 33907774) have until July 13 to submit written proofs of claim to: Igor Moroz Liquidator a/b 2734; 49044 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B 15/105-07. The Court is located at: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: LLC MKT-98 Apartment 3 Eupatoriyskaya Str. 40 49049 Dnipropetrovsk Ukraine NOVOSANZHARKA BREADRECEIVING: Creditors' Claims Due July 13 ----------------------------------------------------------- Creditors of OJSC Novosanzharka Breadreceiving Enterprise (code EDRPOU 00955515) have until July 13 to submit written proofs of claim to: Ruslan Borovik Liquidator Perspective Lane 10 36007 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 7/77. The Court is located at: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Debtor can be reached at: OJSC Novosanzharka Breadreceiving Enterprise October Str. 2 Rudenkovka Novosanzharovka District 39323 Poltava Ukraine PETKIM: Privatization Auction Cues Fitch to Watch BB IDR -------------------------------------------------------- Fitch Ratings has put Turkey-based PETKIM Petrokimya Holding A.S.'s Long-term local and foreign currency Issuer Default ratings of 'BB' and National Long-term rating of 'AA(tur)' on Rating Watch Negative. The RWN reflects Fitch's concerns that the sale of 51% of Petkim by the Turkish Privatization Administration to TransCentralAsia Petrochemical Holding for US$2.05 billion may negatively affect Petkim's credit profile. This is because TransCentralAsia Petrochemical Holding is likely to depend on Petkim's cash flow to service the acquisition debt. The former is a three-way consortium made up of real estate development company, Investment Industrial Group Euroasia, Russia-based Investment Bank Troika Dialog and Kazakhstan-based oil company Caspi Neft. The bid values the company at slightly over US$4 billion in total and is 181% above the US$1,428 million market capitalization of Petkim as per the July 4, 2007 closing price on the Istanbul Stock Exchange. Being a privatization transaction, the sale is exempt from the usual tender offer requirements. "Given the 181% premium bid for the shares, we expect the new owners to try to recuperate their aggressive investment in some form," says Oguz Bardak, director in Fitch's Industrials team. "In the process, Petkim faces the risk of increased leverage, effectively turning the transaction into a leveraged buy-out." Alternatively, the new owners could demand sizeable dividends, hence straining the cash flows of the company. However, Fitch notes that while the 51% stake will give strong management control, a minority of 10% of shareholders could potentially block dividend decisions. The auction is subject to the Competition Board's approval, upon which the Privatization High Council will have to sanction the sale. Fitch aims to resolve the RWN upon the final approval of the sale by the Privatization High Council and a review of the business plans of Petkim's management and the new owners' future strategy for the company. At this stage, with very limited information on the new shareholders and the potential impact on Petkim's credit profile, it is not yet possible to assess the number of notches by which the ratings may change. Further, there is a possibility that the new shareholding could have a positive impact on Petkim, for example through the provision of low-cost feedstock. As per Fitch's Rating Action Commentary dated April 5, 2007, the TPA announced on Feb. 8, 2007 a privatization tender of 51% of Petkim shares through a block sale. The TPA owns 54% of Petkim (44% of which is subject to this sale) and the Republic of Turkey State Pension Fund holds 7%. Currently, 39% of Petkim shares are traded on the ISE. TPA will continue to hold onto 10% of Petkim post-privatization. Petkim was founded in 1965 as a state-owned entity in Turkey. At the end of Fiscal-Year 2006, Petkim's sales were up 65% y-o-y at TRY2.2bn. It reported TRY212m EBITDA with 10% EBITDA margin (Fiscal-Year 2005: 3%) at the end of Fiscal-Year 2006. Petkim has historically carried minimal debt on its balance sheet. At the end of Fiscal-Year 2006, the company reported TRY89m net cash. PROGRESS LLC: Creditors Must File Claims by July 14 --------------------------------------------------- Creditors of Agricultural LLC Progress (code EDRPOU 30840822) have until July 14 to submit written proofs of claim to: Svetlana Akayeva Liquidator Apartment 9 Paris Commune Str. 1-b 36020 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 4/49. The Court is located at: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Debtor can be reached at: Agricultural LLC Progress Novy Tagamlik Mashevsky District 39432 Poltava Ukraine UKRSIBBANK: Shareholders' Support Cues Fitch to Assign BB Rating ---------------------------------------------------------------- Fitch Ratings has assigned JSCIB UkrSibbank National Long-term ratings of 'AAA(ukr)', with Stable Outlooks. The National Long-term ratings, like the Long-term local currency Issue Default Ratings of 'BB', are driven by the possibility of support from their shareholders. UkrSib is rated Long-term foreign currency IDR 'BB-', Short-term foreign currency IDR 'B', Long-term local currency IDR 'BB', Individual 'D' and Support '3'. The Outlook on the Long-term foreign and local currency IDRs is Positive. The ratings reflect the moderate possibility of support being forthcoming from BNP Paribas ("BNP", rated 'AA'/'F1+'/Outlook Stable), which owns a controlling stake in the bank. Currently, UkrSib is undergoing a transition process, which should result in the full integration of its major functions and products into BNP's systems. UkrSib is the third-largest bank in Ukraine with US$4.9 billion in assets, holding roughly 6.6% of system assets at end of first quarter of 2007. UKRSOTSBANK JSCB: Unicredit SpA to Acquire 95% Stock ---------------------------------------------------- UniCredit S.p.A. has agreed to acquire 95% of AKB Ukrsotsbank's shares for US$2.07 billion in cash, Andrew Frye and Daryna Krasnolutska write for Bloomberg News. However, Ralf Breuer of WestLB told Bloomberg News that Unicredit's acquisition of AKB Ukrsotsbank comes at price so steep that it may not be well-received by investors. "It's far beyond the point where we can apply a price to book value," Mr. Breuer told Bloomberg News. "The sentiment toward Profumo has pretty much turned around. The crowd trusted him blindly for a long time." UniCredit acquired Ukrsotsbank after Intesa Sanpaolo S.p.A. dropped its bid for the Ukrainian bank. Headquartered in Kiev, Ukraine, JSCB Ukrsotsbank -- http://www.usb.com.ua/-- provides banking services in three principal sectors: retail business, corporate business, and finance-institutional business. As reported in the TCR-Europe on July 10, 2007, 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. The TCR-Europe reported on April 9, 2007, that Fitch Ratings affirmed Ukrsotsbank's Issuer Default and Support ratings at 'B- ' and '5' respectively and removed them from Rating Watch Positive. A Positive Outlook has been assigned to the bank's IDR. The other ratings are affirmed at Short-term 'B' and Individual 'D'. UKRSOTSBANK JSCB: Purchase Deal Cues S&P to Watch B Rating ---------------------------------------------------------- Standard & Poor's Rating Services placed its 'B' long-term counterparty credit rating on Ukraine-based Ukrsotsbank OJSC on CreditWatch with positive implications. At the same time, the 'B' short-term rating was affirmed. The rating actions follow the announcement that UniCredito Italiano SpA (UCI; A+/Stable/A-1), through its subsidiary Bank Austria Creditanstalt AG (A+/Stable/A-1), has signed a share purchase agreement with the majority shareholder of USB on the acquisition of approximately 95% of the share capital of USB. The deal is subject to approval by relevant regulatory authorities. "The CreditWatch placement reflects the strong upside potential for USB, resulting from the change of control. If the acquisition is successful, the ratings on USB could be raised by a maximum of two notches, not to exceed the sovereign foreign currency rating on Ukraine (BB-/Negative/B). We will assess the strategic importance of USB for UCI; its operational and financial commitment and support; the revised strategy to be implemented; and the impact of these factors on the stand-alone and final ratings on USB," said Standard & Poor's credit analyst Ekaterina Trofimova. Standard & Poor's expects to resolve the CreditWatch placement on completion of the acquisition. VTB BANK: Fitch Assigns BB Ratings on Shareholders' Support ----------------------------------------------------------- Fitch Ratings has assigned JSC VTB Bank (Ukraine) (formerly Bank Mriya) National Long-term ratings of 'AAA(ukr)', with Stable Outlooks. The National Long-term ratings, like the Long-term local currency Issue Default Ratings of 'BB' are driven by the possibility of support from their shareholders. VTB Bank (Ukraine) is rated Long-term foreign currency IDR 'BB-', Short-term foreign currency IDR 'B', Long-term local currency IDR 'BB', Individual 'D/E' and Support '3'. The Outlook on the Long-term foreign and local currency IDRs is Positive. The ratings reflect the moderate possibility of support being forthcoming from Russian VTB Bank, (rated 'BBB+'/'F2'/Outlook Stable), its major shareholder with more than a 99% stake. VTB Bank (Ukraine) is a medium-sized Ukrainian bank with total assets of US$630 million and a market share of 0.8% of system assets at end of first quarter of 2007. As was outlined in Fitch's credit update published on March 7, 2007, VTB Bank (Ukraine) is about to merge with another VTB subsidiary in Ukraine, Vneshtorgbank-Ukraine. The management of VTB Bank (Ukraine) currently has overall responsibility for the operations of both banks. ZMIYEV OIL: Creditors Must File Claims by July 13 ------------------------------------------------- Creditors of LLC Zmiyev Oil Products (code EDRPOU 31269364) have until July 13 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-24/108-07. The Debtor can be reached at: LLC Zmiyev Oil Products Taranovka Highway 9 Zmiyev 63401 Kharkov Ukraine =========================== U N I T E D K I N G D O M =========================== APEX INTERNET: Jason Groocock Leads Liquidation Procedure --------------------------------------------------------- Jason Groocock of HKM LLP was appointed liquidator of Apex Internet Solutions Ltd. on April 26 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: Apex Internet Solutions Ltd. Queens Gardens Leigh WN7 2JH England Tel: 01942 244 420 Fax: 01942 244 420 BIARN LTD: Joint Liquidators Take Over Operations ------------------------------------------------- Charles William Anthony Escott and Michael John Hore of RSM Robson Rhodes LLP were appointed joint liquidators of Biarn Ltd. (formerly Flightbound Holdings Ltd. and Gweco 219 Ltd.) on May 30 for the creditors' voluntary winding-up proceeding. RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/-- provides a wide range of auditing, assurance, advisory and compliance services for both private and public sectors. The firm is a member of the RSM International, the world's sixth largest international organization of accountants and business advisers. The company can be reached at: Biarn Ltd. 7 Bridgewater Road Worsley Manchester M28 3JE England Tel: 0161 799 1199 BRANDED LOGO: Brings In Administrators from David Rubin ------------------------------------------------------- Branded Logo Ltd. (t/a Hawkshead) has brought in administrators from David Rubin & Partners, BBC News reports. Company administrator Asher Miller stated that insufficient financing and problems with its mail order database forced the company to go into administration, BBC relates. Mr. Miller told BBC news that the delay in new stock orders has exacerbated the company's problems. According to the report, the company had made significant investments into cleaning up its mail-order database. New stocks are expected to arrive at the retailer's stores in August. Mr. Miller added that he felt an established retail operator would be able to restore Hawkshead to profitability. David Rubin & Partners -- http://www.drpartners.com/-- specializes in corporate and personal insolvency, recovery, forensic accounting and litigation support. Headquartered in Salford, England, Branded Logo Ltd. (t/a Hawkshead) -- http://www.hawkshead.com/-- is an outdoor clothing company. Hawkshead has 20 stores and concessions with 200 employees. Its owner, Branded Logo has a warehouse in Workington and a call center in Kendal. CITY OFFICE: Taps Michael Ioannou to Liquidate Assets ----------------------------------------------------- Michael Ioannou of Gregory Michaels & Co. was appointed liquidator of City Office Audio (London) Ltd. on June 12 for the creditors' voluntary winding-up procedure. The company can be reached at: City Office Audio (London) Ltd. City Office Superstore 303-309 Camberwell New Road Southwark London SE5 0TF England Tel: 0800 980 4518 Fax: 020 7703 5500 EUROHOME UK: Fitch Puts BB Ratings on Class B2 and Class C Notes ---------------------------------------------------------------- Fitch Ratings has assigned expected ratings to Eurohome U.K. Mortgages 2007-2 (GBP-equivalent 500 million) mortgage-backed floating-rate notes due 2044: -- GBP-equivalent 155 million Class A1: 'AAA'/Outlook Stable -- GBP-equivalent 201 million Class A2: 'AAA'/Outlook Stable -- GBP-equivalent 53.75 million Class A3: 'AAA'/Outlook Stable -- GBP-equivalent 34.75 million Class M1: 'AA-'/Outlook Stable -- GBP-equivalent 25.5 million Class M2: 'A-'/Outlook Stable -- GBP-equivalent 26.25 million Class B1: 'BBB-'/Outlook Stable -- GBP-equivalent 3.75 million Class B2: 'BB'/Outlook Stable -- GBP-equivalent 7.5 million Class C: 'BB'/Outlook Stable The final ratings are contingent on the receipt of final documents conforming to information already received. The ratings are based on the collateral quality, available credit enhancement, and the underwriting of DB Mortgages. They also consider the servicing capabilities of Vertex Mortgage Services Limited and the sound legal structure of the transaction. Credit enhancement for the Class A1 and A2 notes, totaling 30.3%, is provided by the subordination of the Class A3 notes (10.75%), the Class M1 (6.95%) notes, the Class M2 (5.1%) notes, the Class B1 (5.25%) notes and the Class B2 (0.75%) notes as well as an initial reserve fund of 1.5%, building to 1.8%. The Class C notes will receive principal after any necessary payments into the reserve fund and interest before any necessary payments into the reserve fund. GENEVE INTERNATIONAL: Brings In Liquidators from Tait Walker ------------------------------------------------------------ Gordon Smythe Goldie and Allan D. Kelly of Tait Walker were appointed joint liquidators of Geneve International Ltd. on June 5 for the creditors' voluntary winding-up procedure. Tait Walker -- http://www.taitwalker.co.uk/-- provides financial advisory services that include corporate finance, audit and specialized audit, accounts, forensic accounting, outsourcing, business development, business taxes and VAT, company pension, schemes, company financial services, IT consultancy, business disposals and acquisitions. The company can be reached at: Geneve International Ltd. Unit 31 North Tyne Industrial Estate Whitley Road Benton Newcastle Upon Tyne NE12 9SZ England Fax: 0191 266 6161 INITIATE CLOTHING: Appoints Kikis Kallis as Liquidator ------------------------------------------------------ Kikis Kallis of Kallis & Co. was appointed liquidator of Initiate Clothing Ltd. on for the creditors' voluntary winding- up procedure. The company can be reached at: Initiate Clothing Ltd. Bounds Green Industrial Estate Ring Way London N11 2UD England Tel: 020 8211 9990 ISD FINANCE: Moody's Rates US$350-500M Guaranteed Notes at (P)B2 ---------------------------------------------------------------- Moody's Investors Service assigned a (P)B2 senior unsecured rating to the loan participation notes issued by ISD Finance plc, guaranteed by Industrial Union of Donbass and by the operating companies Alchevsk Iron & Steel Works and Dniprovsky Iron & Steel Works. In its assessment of the company's capital structure for the purpose of assessing the loss given default, Moody's considers existing secured debt to rank ahead of the loan participation notes. The US$350-500 million Notes, guaranteed by ISD and operating companies AMK and DMKD, are structurally and contractually subordinated to the existing secured indebtedness of US$1,253 million, which is secured by property, equipment and fixed assets. After the refinancing of the existing indebtedness, 34% of total debt will be still ranked ahead of the Notes, therefore the assigned rating is one notch below the corporate family rating of B1. The (P)B2 rating on the US$350-500 million unsecured notes due in 2012 reflects both the overall probability of default of the group, to which Moody's assigned a probability-of-default rating of B1, and a loss-given default assessment of LGD5 or 73.63%. The loan participation notes are subject to various restrictions and financial covenants, including a maximum debt/EBITDA ratio of 3.0x and limitations regarding additional indebtedness and dividend payments are restricted. The proceeds of the notes will be applied to finance different corporate needs including the retirement of US$150 million of existing CLNs, the repayment of US$200 million of a bridge loan and financing CAPEX at AMK and DMKD. The assigned ratings assume that there will be no material variations to the draft legal documentation reviewed by Moody's and assume that these agreements are legally valid, binding, and enforceable. Industrial Union of Donbass is one of the leaders in the steel sector of CIS and is the largest in the Ukraine with an annual production of 9.7 million tons of liquid steel in 2006. The company's production assets are located in four sites in the Ukraine, Hungary and Poland. ISD is focused on export markets, which account for 83% of 2006 sales, which in turn amounted to US$4.85 billion. ISD FINANCE: Fitch Rates Loan Participation Notes at B+ ------------------------------------------------------- Fitch Ratings has assigned ISD Finance Plc's proposed issue of US$350 million - US$500 million loan participation notes expected senior unsecured 'B+' and Recovery 'RR4' ratings. The notes will benefit from surety from three group entities, including the parent company Corporation Industrial Union of Donbass. The expected rating is in line with ISD's Long-term Issuer Default 'B+' rating with Stable Outlook, which along with ISD's Short-term Issuer Default 'B' rating is affirmed today. The final rating on the notes is contingent on the receipt of final documentation conforming to information already received and further details regarding the amount and tenor. The final rating is subject to satisfactory legal opinion. The LPNs will be issued by ISD Finance Plc on a limited recourse basis for the sole purpose of funding loans to the borrowers - ISD, AMK and DMKD (AMK and DMKD are ISD's main Ukrainian steel production facilities). Each of the borrowers will provide surety in relation to the obligations of the other borrowers on a joint and several basis. The notes are unsecured obligations of the issuer that rank equally with other unsecured obligations and will have the benefit of a trust deed. ISD intends to use the proceeds of the bond issue to retire the group's US$150 million credit-linked notes, repay a new bridge loan of US$200 million that was drawn in First Half 2007, and to fund capital expenditure needs. ISD Finance Plc is an SPV incorporated in England and Wales. The loan agreement carries a change of control clause and a cross default provision. The financial covenants include a leverage ceiling of 3x and net worth minimum level of UAH6 billion (US$1.2 billion). With FY06 total debt/EBITDA ratio of 1.9x, the company has headroom under the above-mentioned covenant. ISD is the largest steel producer in Ukraine (including international operations) with crude steel production of 9.7 million tons in 2006. Its Financial Year 2006 revenues reached UAH24.5 billion (US$4.9 billion). MICROPLUS COMPUTER: Calls In Liquidators from Vantis ---------------------------------------------------- Peter Nicholas Wastell and Michael William Young of Vantis were appointed joint liquidators of Microplus Computer Consultants Ltd. on June 13 for the creditors' voluntary winding-up procedure. The company can be reached at: Microplus Computer Consultants Ltd. St Albans Enterprise Centre Long Spring Porters Wood St Albans AL3 6EN England Tel: 01727 799 670 Fax: 01727 850 807 NEW YORK: Hires Liquidators from Kingston Smith & Partners ---------------------------------------------------------- Nicholas John Miller and Ian Robert of Kingston Smith & Partners LLP were appointed joint liquidators of The New York Nail Co. Ltd. on June 11 for the creditors' voluntary winding-up procedure. The company can be reached at: The New York Nail Co. Ltd. 118 Westbourne Grove City of Westminster London W11 2RR England Tel: 020 7229 4321 PENICUIK HOME: Appoints BDO Stoy as Receiver -------------------------------------------- Penicuik Home Improvements has appointed BDO Stoy Hayward LLP as its receiver, Daily Record reports. The company terminated 59 jobs but kept 51 factory workers to meet existing orders of GBP2.1 million, Daily Record relates. "We are optimistic with Penicuik's reputation and orders book that we will be able to sell it on as a going concern," receiver James Stephen told the daily. Mr. Stephen added that the company will be incurring trading losses. 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. Headquartered in Midlothian, Scotland, Penicuik Home Improvements manufactures engineered windows, doors, roofline products and conservatories for over 30 years. The company has a turnover of about GBP8 million. PRIESTLEY CIVIL: Claims Filing Period Ends July 31 -------------------------------------------------- Creditors of Priestley Civil Engineering Ltd. have until July 31 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: Charles Howard Ranby-Gorwood Liquidator CRG Insolvency & Financial Recovery Greetwell Place 2 Limekiln Way Greetwell Road Lincoln LN2 4US England Charles Howard Ranby-Gorwood of CRG Insolvency & Financial Recovery was appointed liquidator of the company on June 8 by resolutions of members and creditors. ROADWAY TRUCK: Joint Liquidators Take Over Operations ----------------------------------------------------- Peter John Windatt and Gavin Geoffrey Bates of BRI Business Recovery and Insolvency were appointed joint liquidators of Roadway Truck & Trailer Ltd. on June 6 for the creditors' voluntary winding-up procedure. The company can be reached at: Roadway Truck & Trailer Ltd. Stewkley Road Soulbury Leighton Buzzard LU7 0DH England Tel: 0870 750 5125 Fax: 0870 750 5126 SARACEN SERVICES: Names Richard William James Long Liquidator ------------------------------------------------------------- Richard William James Long of Richard Long & Co. was appointed liquidator of Saracen Services & Supplies Ltd. on June 13 for the creditors' voluntary winding-up procedure. The company can be reached at: Saracen Services & Supplies Ltd. Manufactory House Bell Lane Hertford SG14 1BP England Tel: 01233 861 101 SEARCH PARTNERS: Paul Appleton Leads Liquidation Procedure ---------------------------------------------------------- Paul Appleton of David Rubin & Partners was appointed liquidator of Search Partners (International) Ltd. on June 13 for the creditors' voluntary winding-up proceeding. David Rubin & Partners -- http://www.drpartners.com/-- specializes in corporate and personal insolvency, recovery, forensic accounting and litigation support. The company can be reached at: Search Partners (International) Ltd. 45 Great Sutton Street Islington London EC1 V0DE England Fax: 020 7251 1332 TELLITS DIALS: Appoints Tony Mitchell to Liquidate Assets --------------------------------------------------------- Tony Mitchell of Cranfield Recovery Ltd. was appointed liquidator of Tellits Dials Ltd. (formerly Javanest Ltd.) on June 13 for the creditors' voluntary winding-up procedure. The company can be reached at: Tellits Dials Ltd. 3-4 Faraday Close Clacton-on-Sea CO15 4TR England Fax: 01789 400 217 TRILINE HOLDINGS: Brings In Liquidators from Vantis --------------------------------------------------- G. Mummery and P. Atkinson of Vantis Redhead French Ltd. were appointed joint liquidators of Triline Holdings Ltd. (formerly Stevton (No.139) Ltd.) on June 7 for the creditors' voluntary winding-up proceeding. The company can be reached at: Triline Holdings Ltd. 26a Hounslow Road Twickenham TW2 7EX England Tel: 020 8894 1155 Fax: 020 8898 2267 WEYBRIDGE CONSTRUCTION: Taps Liquidators from Smith & Williamson ---------------------------------------------------------------- Anthony Murphy, RobertHorton and Roger Tulloch of Smith & Williamson Ltd. were appointed joint liquidators of Weybridge Construction Ltd. on June 8 for the creditors' voluntary winding-up proceeding. Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. The company can be reached at: Weybridge Construction Ltd. Tristar Business Centre Star Road Partridge Green Horsham RH13 8RA England Tel: 01403 713 111 Fax: 01932 786 518 ********* 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 * * *