/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070726.mbxT R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, July 26, 2007, Vol. 8, No. 147 Headlines A U S T R I A AMR LLC: Claims Registration Period Ends Aug. 21 BELUGA GASTRO: Claims Registration Period Ends Aug. 21 DORNFELD IT-CONSULTING: Creditors' Meeting Slated for Aug. 8 FRITZ MLADOSEVITS: Claims Registration Period Ends Aug. 21 LEUPRECHT RECHTSANWALT: Claims Registration Period Ends Aug. 31 MIKU – VERMOEGENSANLAGEN: Claims Registration Ends Aug. 13 POPESCU VERSPACHTELUNGEN: Steyr Court Orders Business Shutdown TEAM BAU: Steyr Court Orders Business Closure B E L G I U M GOODYEAR TIRE: Will Launch Wrangler Tyre at Jamaican Unit C Z E C H R E P U B L I C SENSIENT TECH: Improved Performance Spurs S&P to Revise Outlook F I N L A N D HILTON HOTELS: Completes Sale of Eight European Hotels F R A N C E BOSTON SCIENTIFIC: Moody's Cuts Sr. Unsecured Debt Rating to Ba2 CROWN HOLDINGS: June 30 Balance Sheet Upside-down by US$388 Mln G E R M A N Y CRESCO OIL: Claims Registration Period Ends Sept. 28 GOETTINGER GRUPPE: Authorities Arrest Founder in Netherlands INFRAKOM AG: Claims Registration Period Ends Sept. 28 MFT-LOGISTIK: Claims Registration Period Ends Sept. 21 RHEINBODEN AG: Sells Property Loan Portfolio to MuenchenerHyp ZAPF CREATION: Secures New Financing with Banks & Shareholders H U N G A R Y AES CORP: Reports US$119 Mil. Net Income in 2007 First Quarter AES CORP: Finalizes Joint Dev't & Equipment Pact with Altair I R E L A N D CORSAIR FINANCE: S&P Cuts Ratings on Series 7 Notes to BB- ELAN CORP: Seeks Re-Examination of Negative Opinion on TYSABRI I T A L Y FIAT SPA: Earns EUR1 Billion for First Half Ended June 30, 2007 FIAT SPA: Appoints New Members to Board of Directors HUNTSMAN CORP: Inks Pact to Host New Biodiesel Plant in Texas K A Z A K H S T A N AIBOLAT LLP: Proof of Claim Deadline Slated for Aug. 29 AKTOBE ONIMDERI-2007: Creditors Must File Claims Aug. 28 ELJAN &K LLP: Claims Filing Period Ends Aug. 28 EUROSTROY LLP: Creditors' Claims Due on Sept. 4 FLORA-ALTYN LLP: Creditors Must File Claims Aug. 28 HEFTEGAZOVAYA ENERGETICHESKAYA: Claims Registration Ends Aug. 28 JANAT LLP: Claims Filing Period Ends Aug. 29 MAN LLP: Creditors' Claims Due on Sept. 4 PROMREMSERVICE LLP: Claims Registration Ends Aug. 29 TIMEKS-N LLP: Proof of Claim Deadline Slated for Aug. 28 K Y R G Y Z S T A N MARKGRAF LLC: Creditors Must File Claims by August 31 N E T H E R L A N D S SABIC INNOVATIVE: High Leverage Cues S&P’ BB Rating SENSATA TECHNOLOGIES: Appoints Jeff Cote as Exec. Vice President N O R W A Y OSLO REINSURANCE: Chapter 15 Petition Summary P O L A N D POLSKA GRUPA: Acquiring Stakes in Limedica & Gintarine Vastine POLSKA GRUPA: Fitch Puts BB+ Rating on Watch Negative R U S S I A AGRO-DON OJSC: Court Names D. Zelepukin as Insolvency Manager BOLSHEKHOMUTETSKOE OJSC: Creditors Must File Claims by July 30 CHEREMNOVSKIY SEED: Creditors Must File Claims by Aug. 30 EAR OJSC: Court Names D. Zelepukin as Insolvency Manager EVRAZ GROUP: Releases Second Quarter 2007 Operational Results LOCKO FINANCE: Fitch Puts B- Rating to RUR3 Billion Notes MILLION LLC: Creditors Must File Claims by July 30 ROSNEFT OIL: Gets US$3 Billion Loan to Refinance Debt RUSSIAN WOOD: Voronezh Bankruptcy Hearing Slated for Sept. 20 SAKHALIN-COAL-1: Creditors Must File Claims by July 30 SEVKAV-AGRO CJSC: Court Names V. Goncharov as Insolvency Manager SMOLINSKOE LLC: Creditors Must File Claims by July 30 STROYMONTAZH LLC: Creditors Must File Claims by Aug. 30 TALITSKOE CJSC: Creditors Must File Claims by July 30 TAMBOV-MONOLITH-STROY: Creditors Must File Claims by Aug. 30 TNK-BP HOLDING: Earns US$1.37 Billion for Second Quarter 2007 TRANS-STROY-TORG: Creditors Must File Claims by July 30 TRANS-SVYAZ LLC: Creditors Must File Claims by July 30 TYUMEN-GEOL-SNAB-SERVICE: Creditors Must File Claims by Aug. 30 S W I T Z E R L A N D ACUME JSC: Graubunden Court Closes Bankruptcy Proceedings BERINGER ENGINNERING: Zug Court Closes Bankruptcy Proceedings BOYCE ENTERPRISES: Zurich Court Closes Bankruptcy Proceedings CONSIMPEX JSC: Creditors' Liquidation Claims Due August 3 F. A MARCA BIEL: Lucerne Court Closes Bankruptcy Proceedings I-T - TEXTIL: Zurich Court Closes Bankruptcy Proceedings ITUBAG JSC: Creditors' Liquidation Claims Due August 3 KVS JSC: Schwyz Court Closes Bankruptcy Proceedings LIFESTYLE BETEILIGUNG: Zug Court Closes Bankruptcy Proceedings MALER – UND TAPEZIERERGESCHAFT: Court Closes Bankruptcy Process NETTO-NETTO: Zurich Court Closes Bankruptcy Proceedings POLSTERMOBELFABRIK ROSENTAL: Court Closes Bankruptcy Proceedings THERMATEX SCHWEIZ: Appenzell Court Closes Bankruptcy Proceedings TRANSCOOL JSC: Zug Court Closes Bankruptcy Proceedings WOLF SNACK: Creditors' Liquidation Claims Due August 2 T U R K E Y TURKIYE IS BANKASI: Fitch Affirms Short-term IDRs at B * S&P Affirms BB- Credit Rating on City of Istanbul U K R A I N E ALFA-EAST-TRADING: Creditors Must File Claims by July 27 BAKHMUT-PLASTER CJSC: Claims Submission Deadline Set July 27 BISHAY-GROUP LLC: Claims Submission Deadline Set July 27 ELITA TAVRII: Claims Submission Deadline Set July 27 ETRIS LLC: Claims Submission Deadline Set July 27 INTERPIPE LTD.: Fitch Rates US$200 Million Notes at B+ PROMIN LLC: Claims Submission Deadline Set July 27 REBIR-UKRAINE LLC: Claims Submission Deadline Set July 27 SUPPLY LLC: Creditors Must File Claims by July 27 TECHNICAL INVEST: Claims Submission Deadline Set July 27 U N I T E D K I N G D O M BANBURY BUILDING: Names Philip Michael Lyon Liquidator BLANDFORD DIRECT: Taps Liquidators from BDO Stoy Hayward BRYAN INDUSTRIES: Brings In Liquidator from Mazars CABLE & WIRELESS: Says Digicel's Complaint Has No Basis COLLINS & AIKMAN: Court Confirms Amended Ch. 11 Liquidation Plan COSMOS MOTOR: Appoints David A. Butler as Liquidator CROSSCO 1018: Calls In Liquidators from BDO Stoy Hayward DECO 16: S&P Rates GBP15.6 Million Class G Notes at BB FORD MOTOR: Seeks Concessions as Labor Talks With UAW Start GENERAL MOTORS: Deal Hits Snag as Firms Shelve US$3.1B Debt Sale GENERAL MOTORS: Seeks Concessions as Labor Talks With UAW Start GENERAL MOTORS: Reports Global 2Q Sales of 2.4 Mln Vehicles GRIFF WOODWORK: Hires Liquidators from Wilkins Kennedy GT GLASS: Appoints Liquidators from Tenon Recovery FEDERAL-MOGUL: Earns US$4 Mln in Second Quarter Ended June 30 HOMEBUY GROUP: Management Buyout Cues Administration Exit HOUSE OF EUROPE: Fitch Affirms BB Ratings on Class C Notes HUSH RITUALS: A. Poxon Leads Liquidation Procedure ISOFT GROUP: CompuGROUP Makes GBP160 Million Cash Offer JOY FOOK: Joint Liquidators Take Over Operations KORUS SERVICES: Claims Filing Period Ends August 15 LEVEL 3: European Markets Group Inks Network Deal with Joost MAXIM ARCHITECTURAL: Taps Colin Prescott to Liquidate Assets QUINTEK DISTRIBUTION: Calls In Liquidators from Grant Thornton SCOTTISH RE: Names George Zippel as President & Global CEO SERVICEMASTER CO: Moody's Rates US$1.15 Mln Sr. Term Loan at B3 SOLUTIA INC: Wants Exclusive Plan-Filing Period Extended UNIVERSAL AERIAL: Taps Liquidators from KPMG VIRGIN MEDIA: Auction Slated for Next Month WARNER MUSIC: S&P Says BB- Rating Still Under Negative Watch * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= AMR LLC: Claims Registration Period Ends Aug. 21 ------------------------------------------------ Creditors owed money by LLC AMR (FN 102804h) have until Aug. 21 to file written proofs of claim to court-appointed estate administrator Petra Klingenschmid at: Mag. Petra Klingenschmid Wassergasse 20 2500 Baden Austria Tel: 02252/252 991 Fax: 02252/252991-25 E-mail: office@aurednik.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on Sept. 4 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 Kottingbrunn, Austria, the Debtor declared bankruptcy on June 22 (Bankr. Case No. 11 S 76/07y). BELUGA GASTRO: Claims Registration Period Ends Aug. 21 ------------------------------------------------------ Creditors owed money by LLC Beluga Gastro (FN 238046v) have until Aug. 21 to file written proofs of claim to court-appointed estate administrator Erhard Hackl at: Dr. Erhard Hackl c/o Mag. Markus Weixlbaumer Hofgasse 7 4020 Linz Austria Tel: 0732/776234 Fax: 0732/776234 22 E-mail: hackl.hatak@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Sept. 4 for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Hall 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on June 28 (Bankr. Case No. 38 S 39/07z). Markus Weixlbaumer represents Dr. Hackl in the bankruptcy proceedings. DORNFELD IT-CONSULTING: Creditors' Meeting Slated for Aug. 8 ------------------------------------------------------------ Creditors owed money by LLC Dornfeld IT-Consulting (FN 272642w) are encouraged to attend the first creditors' meeting at 11:30 a.m. on Aug. 8. The creditors' meeting will be held at: The Land Court of Leoben Hall 4 First Floor Leoben Austria The Court will also examine the claims at 11:20 a.m. a.m. on Sept. 5, at the same venue. Creditors have until Aug. 20 to file written proofs of claim to court-appointed estate administrator Michael Kropiunig at: Dr. Michael Kropiunig Max-Tendler-Strasse 28 8700 Leoben Austria Tel: 03842/45 6 57 Fax: 03842/45019-30 E-mail: office@ra-kropiunig.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 26 (Case No. 17 S 47/07s). FRITZ MLADOSEVITS: Claims Registration Period Ends Aug. 21 ---------------------------------------------------------- Creditors owed money by LLC Fritz Mladosevits (FN 95021m) have until Aug. 21 to file written proofs of claim to court-appointed estate administrator Maria-Christina Nau at: Mag. Maria-Christina Nau Bahnhofsplatz 1a/Stg.1/Top 5 2340 Moedling Austria Tel: 02236/22 050 Fax: 02236/49239 E-mail: office@viehboeck.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on Sept. 4 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 Maria Enzersdorf am Gebirge, Austria, the Debtor declared bankruptcy on June 22 (Bankr. Case No. 11 S 75/07a). LEUPRECHT RECHTSANWALT: Claims Registration Period Ends Aug. 31 --------------------------------------------------------------- Creditors owed money by LLC Leuprecht Rechtsanwalt (FN 227092i) have until Aug. 31 to file written proofs of claim to court- appointed estate administrator Wolfgang Offer at: Dr. Wolfgang Offer Museumstrasse 16 6020 Innsbruck Austria Tel: 0512/582833 Fax: 0512/570484 E-mail: office@kanzlei-offer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Sept. 14 for the examination of claims. The meeting of creditors will be held at: The Land Court of Innsbruck Conference Hall N214 Second Floor New Building Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Innsbruck, Austria, the Debtor declared bankruptcy on June 25 (Bankr. Case No. 9 S 13/07x). MIKU – VERMOEGENSANLAGEN: Claims Registration Ends Aug. 13 ---------------------------------------------------------- Creditors owed money by LLC MIKU – Vermoegensanlagen (FN 85331m) have until Aug. 13 to file written proofs of claim to court- appointed estate administrator Norbert Abel at: Mag. Norbert Abel c/o Mag. Johanna Abel-Winkler Franz-Josefs-Kai 49/19 1010 Vienna Austria Tel: 533 52 72 Fax: 533 52 72-15 E-mail: office@abel-abel.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on Aug. 27 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 28 (Bankr. Case No. 3 S 91/07p). Johanna Abel-Winkler represents Mag. Abel in the bankruptcy proceedings. POPESCU VERSPACHTELUNGEN: Steyr Court Orders Business Shutdown -------------------------------------------------------------- The Land Court of Steyr entered June 22 an order shutting down the business of LLC Popescu Verspachtelungen (FN 241192w). Court-appointed estate administrator Wolfgang Strasser recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Wolfgang Strasser Hauptplatz 11 4300 St. Valentin Austria Tel: 07435/ 52437 Fax: 5243721 E-mail: st-valentin@advocat24.at Headquartered in Enns, Austria, the Debtor declared bankruptcy on June 20 (Bankr. Case No 14 S 24/07p). TEAM BAU: Steyr Court Orders Business Closure --------------------------------------------- The Land Court of Steyr entered June 28 an order closing the business of LLC TEAM BAU (FN 169633k). Court-appointed estate administrator Erhard Hackl recommended the business closure after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Erhard Hackl c/o Mag. Markus Weixlbaumer Hofgasse 7 4020 Linz Austria Tel: 0732/776234 E-mail: hackl.hatak@aon.at Headquartered in Enns, Austria, the Debtor declared bankruptcy on June 22 (Bankr. Case No 14 S 25/07k). Markus Weixlbaumer represents Dr. Hackl. ============= B E L G I U M ============= GOODYEAR TIRE: Will Launch Wrangler Tyre at Jamaican Unit --------------------------------------------------------- Goodyear Tire & Rubber Company's unit, Goodyear Jamaica Limited, will launch the Wrangler line of tyres to the Jamaican market, the Jamaican Gleaner reports. According to The Gleaner, Goodyear Jamaica is trying new strategies to rebuild sales. The product would be fully on the market by September 2007, which is the end of the third calendar quarter for this year, The Gleaner notes, citing Goodyear Jamiaca General Manager Steven Miller. Mr. Miller told The Gleaner, "As business managers, part of our responsibility is sourcing and selling an optimal set of products for this market. We have distilled what the consumer needs and we are working to match those needs with the proper offerings from Goodyear." The Gleaner relates that the Wrangler features SilentArmor technology, with these zones: -- one armored for strength, and -- one for a smooth and quiet ride. The report says that the armor zone is composed of two high- tensile steel belts and a layer made with Dupont Kevlar, which is five times stronger than steel. The Wrangler tyres also have durawall sidewall compound, "which resist cuts and punctures in the sidewall area of the tyre and a rugged rim guard that protects expensive wheels against accidental damage," according to The Gleaner. The Gleaner says that the quiet zone, also made of Kevlar, helps soak up road noise. Mr. Miller admitted to The Gleaner that Goodyear Jamaica still has to determine the price of the range -- four sizes are already being tested here. The company also needs to determine the full suite of which will be rolled out, Goodyear Jamaca told The Gleaner. "The package will include a 50,000-mile/80,000-kilometre tread life limited warranty, 30-day no-obligation trial period, nationwide warranty service, and off-road assistance." The Wrangler tyres are for light trucks and sport-utility vehicles, The Gleaner states, citing Mr. Miller. About The Goodyear Tire & Rubber Company Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. Goodyear employs more than 80,000 people worldwide. Goodyear maintains Asia-Pacific facilities in Australia, China and Korea. Its European bases are located in Austria, Belgium, France, Germany, Italy, Russia, Spain, and the United Kingdom. Goodyear's Latin-American operations are located in Argentina, Brazil, Chile, Colombia, Jamaica, Mexico, and Peru. * * * The Troubled Company Reporter - Asia Pacific reported on June 8, 2007, that Standard & Poor's Ratings Services raised its ratings on the class A-1 and A-2 certificates from the US$46 million Corporate Backed Trust Certificates Goodyear Tire & Rubber Note- Backed Series 2001-34 Trust to 'B' from 'B-' and removed them from CreditWatch, where they were placed with positive implications on May 14, 2007. The rating actions reflect the May 31, 2007, raising of the rating on the underlying securities, the 7% notes due March 15, 2028, issued by Goodyear Tire & Rubber Co., and its removal from CreditWatch positive. On March 15, 2007, that Fitch Ratings affirmed ratings for The Goodyear Tire & Rubber Company and revised the Rating Outlook to Stable from Negative. -- Issuer Default Rating 'B'; -- US$1.5 billion first lien credit facility 'BB/RR1'; -- US$1.2 billion second lien term loan 'BB/RR1'; -- US$300 million third lien term loan 'B/RR4'; -- US$650 million third lien senior secured notes 'B/RR4'; -- Senior unsecured debt 'CCC+/RR6'. Goodyear Dunlop Tires Europe B.V. -- EUR505 million European secured credit facilities 'BB/RR1' Moody's Investors Service affirmed Goodyear Tire & Rubber Company's Corporate Family Rating of B1. Ratings on Goodyear's existing secured and unsecured obligations were also affirmed, as was the company's Speculative Grade Liquidity rating of SGL-2. The outlook has reverted to stable from negative. =========================== C Z E C H R E P U B L I C =========================== SENSIENT TECH: Improved Performance Spurs S&P to Revise Outlook --------------------------------------------------------------- Standard & Poor's Ratings Services has revised its outlook on Milwaukee, Wis.-based Sensient Technologies Corp. to stable from negative. At the same time, Standard & Poor's affirmed its 'BB+' corporate credit and senior unsecured debt ratings on the company. Approximately US$508 million of debt was outstanding as of June 30, 2007. "The revised outlook is based on the company's improved operating performance, and its total debt to EBITDA improving to below 3 times, from 3.7 times in fiscal 2005," said Standard & Poor's credit analyst Patrick Jeffrey. This improvement was driven by the company's focus on improving operating efficiencies and utilizing free cash flow to reduce debt. "We expect the company will continue to reduce leverage over the near term and manage any acquisition activity in line with the current ratings," said Mr. Jeffrey. The ratings on Sensient reflect the company's position as: * a leading industrial marketer of value-added flavors, fragrances, and colors; * its improved operating performance over the past 18 months following several years of inconsistent performance; and * its still moderately high debt leverage. Headquartered in Milwaukee, Wisconsin, Sensient Technologies Corp. -- http://www.sensient-tech.com/-- manufactures and markets colors, flavors and fragrances. Sensient also employs technologies to develop specialty chemicals for inkjet inks, display imaging systems and other applications. The company's principal products include flavors, flavor enhancers and bionutrients; fragrances and aroma chemicals; dehydrated vegetables and other food ingredients; natural and synthetic food colors; cosmetic and pharmaceutical additives; inkjet inks, technical colors, and specialty dyes and pigments, and chemicals for laser printing and flat screen displays. In Europe, Sensient maintains operations facilities and/or sales offices in Belgium, Bosnia, Croatia, Cyprus, Czech Republic, Germany, United Kingdom, France, Estonia, Macedonia, Poland, Romania, Serbia and Montenegro, Turkey, Ukraine, and Wales. In Latin America, it has operations in Argentina, Bolivia, Brazil, Colombia, Costa Rica, Chile, Mexico, Peru, Uruguay and Venezuela. The company also has operations in Australia, Bangladesh, Cambodia, China, Emirates, Hong Kong, India, Indonesia, Japan, Korea, Laos, Malaysia, Myanmar, New Zealand, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan, Thailand, Vietnam. ============= F I N L A N D ============= HILTON HOTELS: Completes Sale of Eight European Hotels ------------------------------------------------------ Hilton Hotels Corporation has completed the sale of eight hotels in Europe to a fund managed by Morgan Stanley Real Estate. Completion of the sale of two further hotels (Hilton Brussels and Hilton Zurich) to the same purchaser is expected by the end of the third quarter 2007. The gross proceeds from the sale of all 10 properties are expected to be approximately EUR566 million. The eight European properties are: -- Hilton Dresden, -- Hilton Dusseldorf, -- Hilton Weimar, -- Hilton Charles de Gaulle, -- Hilton Strasbourg, -- Hilton Luxembourg, -- Hilton Barcelona and -- Los Zocos Club Resort in the Canary Islands. An agreement to sell the ten hotels was previously announced on April 26. About Hilton Hotels Headquartered in Beverly Hills, California, Hilton Hotels Corp. -- http://www.hilton.com/-- together with its subsidiaries, engages in the ownership, management, and development of hotels, resorts, and timeshare properties, as well as in the franchising of lodging properties in the United States and internationally, including Australia, Austria, Barbados, Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam. * * * As reported on May 1, 2007, Standard & Poor's Ratings Services said its rating and outlook on Hilton Hotels Corp. (BB+/Stable/--) would not be affected by the company's announcement that it has entered into an agreement with Morgan Stanley Real Estate to sell up to 10 hotels for approximately US$612 million in proceeds (net of property level debt repayment, taxes, and transaction costs). Upon the close of the transactions, Hilton Hotels plans to use the net proceeds to repay debt. Standard & Poor's rating upgrade for Hilton Hotels in March 2007 incorporated the expectation that the company would sell a meaningful level of additional assets over the near term, which would likely lead to additional debt reduction. Still, Standard & Poor's is encouraged by the expected transaction multiple related to today's announcement. If the lodging transaction market remains strong, enabling Hilton Hotels to generate substantial proceeds from remaining asset sales, if these proceeds are used for debt reduction, and if the lodging environment remains strong, an outlook revision to positive could be considered as 2007 progresses. Any movement signaling the potential for a higher rating will depend on Hilton Hotels's commitment to maintaining credit measures aligned with higher ratings over the lodging cycle. In February 2007, Moody's Investors Service upgraded Hilton Hotels Corporation's corporate family rating to Ba1 from Ba2 reflecting a reduction in leverage from a faster than expected pace of asset sales and strong earnings during 2006. Adjusted debt to EBITDAR has improved to around 5.0x from 6.0x in January 2006. =========== F R A N C E =========== BOSTON SCIENTIFIC: Moody's Cuts Sr. Unsecured Debt Rating to Ba2 ---------------------------------------------------------------- Moody's Investors Service downgraded the credit ratings of Boston Scientific Corporation. The company's senior unsecured debt rating was downgraded to Ba2 from Baa3 and its short term debt rating was downgraded to Not Prime from Prime-3. At the same time, Moody's assigned a Ba1 Corporate Family Rating to the company. The rating outlook is negative. This concludes Moody's rating review that was initiated on May 9, 2007. This rating action primarily reflects these concerns: (1) second quarter results continue to show lower than expected cash flows; (2) the lack of definitive action related to material asset sales, which could provide financial flexibility; (3) the potential for regulatory and litigation matters to further impinge on liquidity; and (4) the potential for covenant violations under its bank agreement over the next twelve months. "Boston Scientific's cash flows no longer comfortably support its high debt levels, resulting in a downgrade to below investment grade," Diana Lee, a Senior Credit Officer at Moody's said. "Persistent weakness in the DES market and inability to gain consistent traction in ICD sales contribute to Moody's concerns regarding the company's cash flows," said Lee. The negative outlook reflects concerns that uncertain sales recovery in key product lines and heightened competition in 2008 could contribute to even lower operating cash flows. The negative outlook also considers the possibility that Boston Scientific may face greater liquidity challenges as upcoming cash payments (including litigation, bank amortization and milestone payments) may occur at the same time that the company faces potential covenant violations. The US senior unsecured notes held at Boston Scientific Corporation are structurally subordinated to the (unrated) non- US bank debt held at its foreign subsidiary. Before this rating action, Moody's did not heavily weigh the issue of structural subordination in its rating of Boston Scientific's US senior notes; however, the effects of structural subordination are now reflected in the company's ratings because of the application of Moody's LGD Rating Methodology. Using our LGD analysis, the senior unsecured notes are now notched below the Ba1 CFR. Ratings assigned: * Boston Scientific Corporation: -- Ba1 Corporate Family Rating -- Ba1 PDR -- SGL-3 Speculative Grade Liquidity Rating Ratings downgraded: Boston Scientific Corporation: -- Sr. Unsecured Notes to Ba2, LGD5, 75% from Baa3 -- Senior Shelf to (P)Ba2 from (P) Baa3 -- Subordinated Shelf to (P)Ba2 from (P)Ba1 Short-term rating to Not-Prime from Prime-3 (This rating will be withdrawn subsequent to the downgrade.) Rating confirmed: Boston Scientific Corporation: -- Preferred Stock Shelf at (P)Ba2 Headquartered in Natick, Massachusetts, Boston Scientific Corporation (NYSE: BSX) -- http://www.bostonscientific.com/-- develops, manufactures and markets medical devices used in a broad range of interventional and cardiac rhythm management devices. The company has offices in Argentina, France, Germany, and Japan, among others. CROWN HOLDINGS: June 30 Balance Sheet Upside-down by US$388 Mln --------------------------------------------------------------- Crown Holdings Inc.'s consolidated balance sheet at June 30, 2007, showed US$6.79 billion in total assets and US$7.18 billion in total liabilities, resulting in a US$388 million total shareholders' deficit. The company reported net income of US$88 million for the second quarter ended June 30, 2007, compared with net income of US$50 million for the same period ended June 30, 2006. Net sales in the second quarter rose to US$1.99 billion, up 11.7% over the US$1.78 million in the second quarter of 2006. The increase was primarily the result of higher sales unit volumes across most product lines and geographies, the pass- through of higher raw material costs and favorable foreign currency translation. Approximately 71% of sales were generated outside the U.S. in both the second quarter of 2007 and 2006. Second quarter gross profit grew 15.5% to US$283 million over the US$245 million in the 2006 second quarter. As a percentage of net sales, gross profit expanded to 14.2% in the second quarter from 13.8% in the second quarter last year. Stronger sales unit volumes, increased operating efficiencies and productivity gains drove the improvements. Selling and administrative expense in the second quarter was US$93 million compared to US$74 million in last year's second quarter. The increase is attributable to a higher accrual for incentive compensation costs, foreign currency translation and general inflationary increases. Segment income (a non-GAAP measure defined by the company as gross profit less selling and administrative expense) grew to US$190 million in the second quarter, up 11.1% over the US$171 million in the 2006 second quarter. Segment income as a percentage of net sales was 9.5% in the second quarter compared to 9.6% in the second quarter last year. Commenting on the results, John W. Conway, chairman and chief executive officer, stated, "The company continued to build momentum in the second quarter through a combination of positive factors. In our Americas Beverage business, volumes and margins are returning to their 2005 levels due to sales unit recovery in North America, strong Latin American results and an increase in specialty cans in our overall sales mix. Equally important, margin recovery in our European Beverage business is on plan. At the same time, our North America Food business continues to improve. The company remains on plan to generate strong free cash flow in 2007, which will be available to pay down debt and repurchase shares. Looking ahead, our new beverage can plant in Cambodia will begin operating in the third quarter. This will further expand and diversify our world class manufacturing portfolio with entry into another fast growing emerging market." Interest expense in the second quarter was US$77 million compared to US$70 million in the second quarter of 2006. The increase reflects the impact of higher average short-term borrowing rates and foreign currency translation. Net income from continuing operations in the second quarter was US$88 million, compared to US$74 million in the second quarter of 2006. Included within net income from continuing operations, the company recorded a net gain of US$4 million reflecting a net gain of US$8 million related to gain on sale of assets offset by a net loss of US$4 million related to restructuring actions. In last year's second quarter, the company reported a net gain of US$2 million related to financial foreign exchange gains offset by restructuring charges. At June 30, 2007, the company's consolidated balance sheet showed US$6.79 billion in total assets and US$7.18 billion in total liabilities, resulting in a US$388 million total shareholders' deficit. About Crown Holdings Philadelphia, Pa.-based Crown Holdings Inc. (NYSE: CCK) -- http://www.crowncork.com/-- through its affiliated companies, supplies packaging products to consumer marketing companies around the world. In Latin America, the Company has operations in Mexico, and in South and Central America. The Company also maintains operations in Europe, particularly in the United Kingdom and France. In the Asia-Pacific region, the Company has an office in Singapore. ============= G E R M A N Y ============= CRESCO OIL: Claims Registration Period Ends Sept. 28 ---------------------------------------------------- Creditors of Cresco Oil Handelsgesellschaft mbH have until Sept. 28 to register their claims with court-appointed insolvency manager Andreas Schafft. Creditors and other interested parties are encouraged to attend the meeting at 11:25 a.m. on Oct. 24, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meiningen Meeting Hall A 0105 Lindenallee 15 Meiningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Schafft Charlottenstr. 7 99096 Erfurt Germany The District Court of Meiningen opened bankruptcy proceedings against Cresco Oil Handelsgesellschaft mbH on July 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cresco Oil Handelsgesellschaft mbH Attn: Carmen Eisenbach, Manager Schuetzenstrasse 2 98527 Suhl Germany GOETTINGER GRUPPE: Authorities Arrest Founder in Netherlands ------------------------------------------------------------ Authorities in the Netherlands have arrested Erwin Zacharias, one of the founders of insolvent Goettinger Gruppe Beteiligungs GmbH, and later extradited him to Germany, The Financial Times reports, citing Frankfurter Allgemeine Zeitung as its source. According to the report, Mr. Zacharias received a 16-month suspended sentence at the beginning of 2006 for tax evasion. He was required to pay a fine of EUR400,000 as a condition of the sentence but this was not actually paid. The company's latest figures show that up to 270,000 investors were affected by the insolvency of Gottinger Gruppe and its main subsidiary, Securenta, the report says. About Goettinger Gruppe Headquartered in Berlin, Germany, Goettinger Gruppe Beteiligungs GmbH -- http://www.goettinger-gruppe.de/-- is an investment company, offering savings plans of old age provisions. The company has been trading since 1980. Goettinger filed for insolvency at the District Court of Charlottenburg on June 8, 2007, after a shareholder called for the petition. The District Court of Goettingen opened insolvency proceedings against Securenta AG, an investment company arm of Goettinger Gruppe Beteiligungs GmbH, on June 11, 2007. INFRAKOM AG: Claims Registration Period Ends Sept. 28 ----------------------------------------------------- Creditors of Infrakom AG have until Sept. 28 to register their claims with court-appointed insolvency manager Gerald Bittner. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on Oct. 24, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hof Meeting Hall 012 Ground Floor Berliner Platz 1 95030 Hof, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Gerald Bittner Kreuzsteinstr. 41 95028 Hof Germany Tel: 09281/71550 Fax: 09281/715555 The District Court of Hof opened bankruptcy proceedings against Infrakom AG on July 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Infrakom AG Attn: Reinhard Hilpert, Manager Schneebergstr. 7 95709 Troestau Germany MFT-LOGISTIK: Claims Registration Period Ends Sept. 21 ------------------------------------------------------ Creditors of MFT-Logistik + Speditionsgesellschaft mbH have until Sept. 21 to register their claims with court-appointed insolvency manager Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund 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. Christoph Schulte-Kaubruegger Rheinlanddamm 199 44139 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against MFT-Logistik + Speditionsgesellschaft mbH on July 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MFT-Logistik + Speditionsgesellschaft mbH Holsterntal 7 44319 Dortmund Germany Attn: Mike Fabian, Manager Kiehlkamp 93 44319 Dortmund Germany RHEINBODEN AG: Sells Property Loan Portfolio to MuenchenerHyp ------------------------------------------------------------- Allgemeine HypothekenBank Rheinboden AG has sold a portfolio of private residential property loans to Muenchener Hypothekenbank eG as part of a true buy transaction. The portfolio consists of approximately 16,800 performing loans with a total volume of about EUR715 million. The loans were made by AHBR to finance private housing in Germany. "The portfolio has good regional diversity, with a slight emphasis on North Rhine-Westphalia, and complements our current inventory of loans," said Erich Roedel, chairman of MuenchenerHyp’s board of management. The loans in the portfolio have low loan-to-value ratios, and 98% of the portfolio consists of first mortgage loans. The purchase of the portfolio reinforces and expands MuenchenerHyp’s core business of residential property finance. The acquisition of the portfolio will also make sense for the bank’s business strategy following a possible merger between MuenchenerHyp and DG HYP. MuenchenerHyp’s main focus in the area of private housing loans is providing financing for loans brokered by cooperative banks. The acquisition of the new portfolio will not change this situation although the transaction will significantly increase the volume of the bank’s direct customer business. "Thanks to our efficient loan processing capabilities we’ll also be able to fully concentrate on meeting the needs of our new customers and provide them with attractive financial solutions," added Mr. Roedel. "This transaction marks the successful conclusion of another step in our efforts to reduce our retail portfolio. We are within our timetable and are confident that we will be able to shed the rest by the end of the year," noted Dr. Claus Nolting, chairman of Allgemeine HypothekenBank Rheinboden’s board of management. AHBR’s main business focus is commercial property finance. Following in-depth restructuring in 2006, which also included the closing of its private housing loan business, the bank has been doing business under the name COREALCREDIT since the fall of 2006 and has become a specialist bank for professional property investors in its core German market. In comparison to the start of 2006, when the AHBR had about EUR10 billion in private housing loans on its books, the bank will only have about EUR1.4 billion of these loans left on its books after the current transaction is completed. The technical transfer of the loan portfolio from AHBR to MuenchenerHyp will take place without delay. Refinancing of the loans will be primarily achieved using MuenchenerHyp’s collateral pool. About AHBR Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank Rheinboden AG -- http://www.ahbr.de/-- finances residential and commercial real estate projects locally. The group is also engaged in commercial lending abroad. It has assets of more than EUR80 billion. * * * In a TCR-Europe report on April 2, 2007, Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on Allgemeine HypothekenBank Rheinboden AG to 'BB-' from 'BB', following a review of the bank's progress in implementing its new business model. At the same time, the 'B' short-term rating was affirmed. The outlook is negative. AHBR's Subordinated Debt also carries Fitch's BB+ rating. ZAPF CREATION: Secures New Financing with Banks & Shareholders -------------------------------------------------------------- Zapf Creation AG has reached agreement with an international syndicate of banks and the major shareholders of the company, MGA Entertainment, Inc. and its CEO Isaac Larian, Nicolas Mathys and Gustavo Perez regarding the long-term follow-up financing for the company. The new financing plan calls for a new, long-term syndicated loan of EUR65 million. This loan is based on the condition precedent that an equity contribution of EUR30 million is made by October 31, 2007 in a way to be determined by the shareholders. The major shareholders will make the equity contribution possible. They have already assured the company in writing that they will support the equity contribution in the amount of EUR30 million. The previous syndicate of banks of Zapf Creation has agreed to allow repayment of the credit lines used in the amount of around EUR45 million, which has been due since June 30, 2007, to be deferred until October 31, 2007. To finance peak capital needs in the course of the company's operations, the lead manager of the new syndicate of banks has also agreed to providing interim financing of up to EUR20 million until October 31, 2007. These funds can be utilized as defined and depending on the equity contributions made at such a time. All agreements are subject to the provision that there is no material adverse change to the economic situation of the Zapf Creation Group until October 31, 2007. Furthermore, they are subject to signature of the final documents. The Company underlines that this positive solution would not have been possible without the extraordinary support of MGA Entertainment, Inc and its CEO Mr. Larian and of the other major shareholders who have all assumed additional risks in connection with the now planned capital increase of Zapf Creation. "This is good news for Zapf Creation. With the new financing model, we managed to establish a sustainable, long-term capital base for the Group after intense negotiations. The willingness of MGA Entertainment, Inc. and of the other major shareholders to provide additional capital has been instrumental in reaching the agreements. Based on the secure financing, we can now focus on further pushing ahead with the development of the operational business of the Zapf Creation Group," Jens U. Keil, CFO of Zapf Creation disclosed. 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. ============= H U N G A R Y ============= AES CORP: Reports US$119 Mil. Net Income in 2007 First Quarter -------------------------------------------------------------- The AES Corporation reported strong first quarter 2007 results. Revenues increased 11% to US$3.1 billion compared to US$2.8 billion for the first quarter of 2006, while net cash from operating activities increased 14% to US$581 million compared to US$509 million last year. First quarter income from continuing operations was US$119 million, or US$0.18 earnings per diluted share. The quarterly results were in line with the company's expectations excluding a non-cash charge of US$35 million, or US$0.05 impact on diluted earnings per share, due to an impairment of a minority investment, and a charge of US$22 million, or US$0.03 impact on diluted earnings per share, relating to a litigation reserve as a result of a court ruling at its subsidiary in Kazakhstan. Adjusted earnings per share (a non-GAAP financial measure) were US$0.24 for the quarter and include the US$0.03 charge at its subsidiary in Kazakhstan. These results compare to 2006 first quarter income from continuing operations of US$330 million, or US$0.49 earnings per diluted share, and adjusted earnings per share of US$0.39. First quarter 2006 results included a one- time US$87 million gain or US$0.13 positive impact on diluted earnings per share associated with the sale of Kingston in Ontario and the sale of an additional US$39 million or US$0.05 positive impact on diluted earnings per share in excess emission sales. As anticipated and previously disclosed, the company recognized an impairment charge of approximately US$638 million, or US$0.94 impact on diluted earnings per share, in connection with the sale of its equity stake in its Venezuelan subsidiary C.A. La Electricidad de Caracas, now included in discontinued operations. Including these charges, the company incurred a net loss of US$455 million, or US$0.67 diluted loss per share. This compares to net income of US$348 million, or US$0.52 earnings per diluted share in first quarter 2006. During the quarter, AES continued to execute its growth plans. The Company signed a Memorandum of Understanding and subsequently entered into a partnership with GE Energy Financial Services to develop greenhouse gas emission reduction projects in the United States. The Company also acquired two new power plants with long-term power agreements in Tamuin, Mexico totaling 460 MW of capacity. "The quarter reflected strong revenues, cash flow and underlying operating performance," said Paul Hanrahan, AES President and CEO. "We continued to implement its growth strategy focusing on meeting increasing demand for energy in fast-growing markets while expanding our presence in renewables and the growing market for emission offsets." First Quarter 2007 Consolidated Highlights: -- Revenues increased by US$304 million to US$3.1 billion, reflecting higher prices and increased demand primarily in Latin America, the acquisition of two new facilities in Mexico and the consolidation of Itabo, one of the company's businesses in the Dominican Republic, and favorable foreign currency translation. -- Gross margin decreased by US$49 million to US$868 million, primarily due to the benefit of higher emission sales of US$39 million recorded in first quarter 2006 and US$32 million cost recoveries related to prior periods in the first quarter of 2006 at Eletropaulo in Brazil. This was partially off-set by favorable foreign currency translation, contributions from the two new facilities in Mexico and the consolidation of Itabo, and improved operating performance at various subsidiaries. -- General and administrative expense increased US$28 million to US$85 million, largely from higher spending related to the strengthening of the company's financial organization, completion of its recent restatement and increased business development activities to support its growth initiatives. -- Interest expense increased by US$4 million to US$422 million, reflecting debt at recently acquired businesses, including the two new facilities in Mexico, interest on regulatory liabilities in Brazil and losses on interest rate derivatives. These increases were partially offset by debt retirements and lower interest rates at its Brazil subsidiaries. -- Other expense decreased US$37 million to US$41 million, largely due to costs associated with debt retirements at the parent company and at its businesses in El Salvador during the first quarter of 2006, partially offset by a US$22 million charge in first quarter of 2007 related to a court ruling at its subsidiary in Kazakhstan. -- Gain on sale of investment decreased by US$86 million due to the sale of AES Kingston, a 110 MW power plant in Ontario, Canada that resulted in a gain of US$87 million in the first quarter of 2006. -- Other non-operating expense increased by US$39 million to US$39 million, largely due to a US$35 million impairment in the company's minority investment in AgCert International. An impairment was determined to exist due to the application of accounting rules relating to an "other than temporary" decline in AgCert's stock price performance during the first quarter of 2007. -- The effective tax rate during the quarter was 41% as compared to 31% in 2006. This increase was primarily due to a change in tax law in China, unfavorable tax impacts of the charges associated with the impairment of its investment in AgCert and with the court ruling in Kazakhstan, and a favorable impact in the first quarter of 2006 associated with the non-taxable sale of Kingston, offset by a tax benefit recorded upon the release of a valuation allowance at one of its subsidiaries in Argentina. -- Income from continuing operations for the first quarter of 2007 was US$119 million, or US$0.18 diluted earnings per share, versus US$330 million, or US$0.49 diluted earnings per share for the first quarter of 2006. Adjusted earnings per share for the first quarter of 2007 were US$0.24 compared to US$0.39 in first quarter 2006. -- During the quarter, free cash flow (a non-GAAP financial measure) increased by US$68 million to US$377 million, primarily due to decreases in net working capital, lower cash tax payments and contributions from the two new facilities in Mexico and the consolidation of Itabo. First Quarter 2007 Segment Highlights: -- Latin America Generation revenue increased by US$139 million to US$738 million, primarily due to higher contract and spot prices at Gener in Chile, the consolidation of Itabo in the Dominican Republic, and increased energy prices in Argentina. Gross margin decreased by US$9 million to US$250 million, primarily due to increased purchased electricity and fuel costs at Uruguaiana in Brazil and Gener in Chile and higher fixed costs at Gener, partially offset by the consolidation of Itabo and variable margin on the increased revenues in Argentina. -- Latin America Utility revenue increased by US$73 million to US$1.2 billion, primarily due to the positive impact of foreign currency translation in Brazil and higher tariff rates at Eletropaulo and Sul in Brazil and CAESS-EEO in El Salvador. Gross margin decreased by US$19 million to US$210 million, primarily due to prior period costs recovered through the tariff in first quarter 2006 at Eletropaulo in Brazil, partially offset by favorable foreign currency translation and the favorable tariff rates at Sul and CAESS-EEO. -- North America Generation revenue increased by US$17 million to US$510 million, primarily due to the acquisition of the two new facilities in Mexico, higher spot prices at Eastern Energy in New York and planned outages at Warrior Run in Maryland and AES Hawaii in first quarter 2006. These gains were mostly offset by lower emission sales in New York and outages at Merida in Mexico and at Deepwater in Texas. Gross margin decreased by US$20 million to US$154 million, primarily due to lower emission sales at Eastern Energy in New York. -- North America Utility revenue increased by US$8 million to US$263 million, primarily due to higher volumes at IPL in Indiana. Gross margin increased by US$17 million to US$81 million primarily due to higher volume and lower maintenance costs associated with generation unit overhauls in first quarter of 2006 at IPL. -- Europe & Africa Generation revenue increased by US$44 million to US$252 million, primarily due to higher volume and prices in Kazakhstan, favorable foreign currency translation and higher volume and prices in Hungary. Gross margin increased by US$10 million to US$90 million, primarily due to higher revenues in Kazakhstan and favorable foreign currency translation, partially offset by lower emission sales at Bohemia in Czech Republic. -- Europe & Africa Utility revenue increased by US$14 million to US$166 million, primarily due to higher tariff rates in Ukraine and foreign currency translation gains. Gross margin decreased by US$19 million to US$17 million due to reduced rainfall in Cameroon which led to increased fuel costs and an unfavorable derivative mark-to-market variance at AES SONEL in Cameroon. Additionally, AES SONEL experienced higher fixed costs related to increased staffing and higher depreciation. -- Asia Generation revenue increased by US$18 million to US$212 million, primarily due to higher volume in Pakistan and an outage at Ras Laffan in Qatar in 2006, partially offset by lower volumes in Sri Lanka. Gross margin decreased by US$5 million to US$58 million, primarily due to lower volumes in Sri Lanka and higher planned maintenance costs at Barka in Oman. AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES Corp.'s Latin America business group is comprised of generation plants and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican Republic, El Salvador, Panama and Venezuela. Fuels include biomass, diesel, coal, gas and hydro. The group also pursues business development activities in the region. AES has been in the region since May 1993, when it acquired the CTSN power plant in Argentina. AES has been in Eastern Europe for over ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. * * * In Oct. 20, 2006, Moody's Investors Service's downgraded its B1 Corporate Family Rating for AES Corporation in connection with the implementation of its new Probability-of-Default and Loss- given-default rating methodology. Additionally, Moody's revised its probability-of-default ratings and assigned loss-given- default ratings on the company's loans and bond debt obligations including the B1 rating on its senior unsecured notes 7.75% due 2014, which was also given an LGD4 loss-given default rating, suggesting noteholders will experience a 55% loss in the event of a default. AES CORP: Finalizes Joint Dev't & Equipment Pact with Altair ------------------------------------------------------------ The AES Corporation has finalized a joint development and equipment purchase agreement related to Altairnano's battery technology and energy storage products with Altair Nanotechnologies Inc. Earlier this year, AES completed a US$3-million strategic investment in Altairnano. Under the terms of the deal, Altairnano and AES will jointly develop a suite of energy storage solutions specifically for AES. These energy storage products are expected to deliver in excess of one megawatt of power and 500-kilowatt hours of energy. Altairnano is working with AES to apply these products and systems at strategic points within the electrical grid to more efficiently deal with congestion, peak energy consumption, and real-time fluctuations in electricity demand. The quick response time, extended life, and power profile of the Altairnano batteries and energy storage products are well suited to improving performance in these areas with lower environmental impact than traditional generation solutions. Delivery to AES of the prototype Altairnano energy storage products is scheduled for the end of the year. "This agreement demonstrates the unique product performance of Altairnano's technology to improve the operation of the electrical grid, one of the most critical infrastructures in the world," said Altairnano President and Chief Executive Officer Alan J. Gotcher, PhD. "We are very proud to work with the AES Corporation in these market applications and we look forward to jointly creating solutions for their businesses around the globe." About Altair Nanotechnologies Altairnano – http://www.altairnano.com/-- is an innovator and supplier of advanced novel, ceramic nanomaterials. A seasoned management team complements Altairnano's leading edge scientists, with substantial experience in commercializing innovative, disruptive technologies. The company has developed nanomaterials for the alternative energy, life sciences and performance materials markets based on its proprietary manufacturing process. This process also provides the foundation for its innovative AHP pigment process. Altairnano is a manufacturer of advanced battery pack systems which are used in stationary power applications and electric and hybrid- electric vehicles. About AES AES Corp. -- http://www.aes.com/-- is a global power company. The company operates in South America, Europe, Africa, Asia and the Caribbean countries. Specifically, it also has operations in India. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES Corp.'s Latin America business group is comprised of generation plants and electric utilities in Argentina, Brazil, Chile, Colombia, Dominican Republic, El Salvador, Panama and Venezuela. Fuels include biomass, diesel, coal, gas and hydro. The group also pursues business development activities in the region. AES has been in the region since May 1993, when it acquired the CTSN power plant in Argentina. AES has been in Eastern Europe for over ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. * * * In Oct. 20, 2006, Moody's Investors Service's downgraded its B1 Corporate Family Rating for AES Corporation in connection with the implementation of its new Probability-of-Default and Loss- given-default rating methodology. Additionally, Moody's revised its probability-of-default ratings and assigned loss-given- default ratings on the company's loans and bond debt obligations including the B1 rating on its senior unsecured notes 7.75% due 2014, which was also given an LGD4 loss-given default rating, suggesting noteholders will experience a 55% loss in the event of a default. ============= I R E L A N D ============= CORSAIR FINANCE: S&P Cuts Ratings on Series 7 Notes to BB- ---------------------------------------------------------- Standard & Poor's Ratings Services lowered and placed on CreditWatch with negative implications its credit rating on the series 7 synthetic CDO notes issued by Corsair Finance (Ireland) No. 6 Ltd. to 'BB-/Watch Neg' from 'BBB'. The EUR39 million floating-rate secured credit-linked notes are backed by a linear portfolio of reference entities. This rating action is due to a lowering of the rating on a reference entity to 'BB-/Watch Neg'. ELAN CORP: Seeks Re-Examination of Negative Opinion on TYSABRI -------------------------------------------------------------- Elan Corporation plc and Biogen Idec have been informed by the European Medicines Agency that the Committee for Medicinal Products for Human Use has adopted a negative opinion on the marketing application for the use of natalizumab in patients with Crohn's disease. In accordance with European regulations, Elan and Biogen Idec plan to apply for a re-examination of the negative opinion through the appeal procedure. A decision on the appeal is expected by the first quarter of 2008. “Without natalizumab, European patients with severely active disease who failed other therapies and who are suffering from continuous symptoms may be offered surgery, with its potential complications, intravenous nutritional therapies or clinical trials with unproven experimental agents, depending upon on the patients' condition,” Professor Jean-Frederick Colombel, University of Lille, said. “There is a need for new therapies for this very difficult disease.” An application for approval of TYSABRI(R) (natalizumab) for treatment of moderate to severe Crohn's disease was filed in the US on Dec. 15, 2006. The FDA is holding an advisory committee to discuss the application on July 31, 2007. About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors, Moody's Investors Service the rating agency confirmed its B3 Corporate Family Rating for Elan Corporation plc and assigned a B2 probability-of-default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Elan Finance plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$300M Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$150M Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% US$850M 7.75% Senior Unsecured Regular Bond/Debenture Due 2011 B3 LGD4 65% US$465M 8.875% Senior Unsecured Regular Bond/Debenture Due 2013 B3 LGD4 65% As reported in the TCR-Europe on Nov. 13, 2006, Standard & Poor's Ratings Services assigned its 'B' rating to Elan Finance plc's proposed offering of US$500 million senior unsecured notes due 2013, to be issued in a combination of fixed and floating- rate notes. Outstanding ratings on Elan (including the 'B' corporate credit rating) and its related entities were affirmed. S&P said the ratings outlook is stable. ========= I T A L Y ========= FIAT SPA: Earns EUR1 Billion for First Half Ended June 30, 2007 --------------------------------------------------------------- Fiat S.p.A. posted EUR1 billion in net profit on EUR28.86 billion in net revenues for the first half of 2007, compared with EUR481 million in net profit on EUR26.16 billion in net revenues for the same period in 2006. The company also posted EUR627 million in net profit on EUR15.18 billion in net revenues for the second quarter of 2007, compared with EUR330 million in net profit on EUR13.61 billion in net revenues for the same period in 2006. Net industrial debt decreased from EUR1.8 billion at Dec, 31, 2006, end to EUR900 million at June 30, 2007, mainly reflecting positive net industrial cash flow of approximately EUR1.4 billion net of dividends paid and share buy-back of more than EUR0.5 billion. Outlook The Group’s first half results are fully in line with its 2007 targets and provide a solid base to pursue the growth and margin expansion path set out in the 2007-2010 industrial plan. In particular, the Group confirms that it expects to reach the upper end of all the 2007 target ranges announced in November 2006. The Group expects: -- consolidated trading profit of approximately EUR2.7 billion (5% trading margin); -- net income between EUR1.6 and EUR1.8 billion; and -- earnings per share between EUR1.25 and EUR1.40. In addition, strong industrial cash flow generation in the first half of the year enables the Group to move its year-end net industrial debt target to around EUR600 million (excluding the impact of additional share buy-backs). The Group will continue to implement its strategy of targeted alliances, in order to optimize capital commitments and reduce risks. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term Corporate Family Rating of Ba2 and Probability of Default Rating at Ba2 with Outlook Positive. Standard & Poor's give Long-Term Foreign and Local Issuer Credit Ratings of BB+ for Fiat. Its Short-term Foreign and Local Issuer Credit Ratings are at B with Positive Outlook. Dominion Bond Rating Service gives Fiat a Long-term Issuer Rating of BB with Positive Outlook. FIAT SPA: Appoints New Members to Board of Directors ---------------------------------------------------- Fiat S.p.A.'s board of director has accepted the resignation tendered by member Hermann-Josef Lamberti due to his increasing commitments and thanked him on behalf of the entire Fiat Group for his precious cooperation throughout these years. The Board co-opted Rene Carron, Chairman of Credit Agricole, as new board member. Considering the size of the Credit Agricole Group, the Board determined that the relations existing between the French banking group and the Fiat Group are not material and therefore that Mr. Carron meets the requirements for independence. The Board of Directors also appointed Gian Maria Gros-Pietro as component of the Internal Control Committee in replacement of Mr. Lamberti and resolved to split the Nominating and Compensation Committee into two separate committees in order to better conform to corporate governance best practices, as well as the other recommendations set forth on the issue in the Corporate Governance Code. * Internal Control Committee Mario Zibetti Chairman Gian Maria Gros-Pietro Vittorio Mincato * Nominating and Corporate Governance Committee John Elkann Chairman Luca Garavoglia Gian Maria Gros-Pietro * Compensation Committee Roland Berger Chairman Luca Garavoglia Mario Zibetti About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As of June 19, 2007, Fiat S.p.A. carries Moody's Long-Term Corporate Family Rating of Ba2 and Probability of Default Rating at Ba2 with Outlook Positive. Standard & Poor's give Long-Term Foreign and Local Issuer Credit Ratings of BB+ for Fiat. Its Short-term Foreign and Local Issuer Credit Ratings are at B with Positive Outlook. Dominion Bond Rating Service gives Fiat a Long-term Issuer Rating of BB with Positive Outlook. HUNTSMAN CORP: Inks Pact to Host New Biodiesel Plant in Texas ------------------------------------------------------------- Huntsman Corporation has reached an agreement with RBF Port Neches LLC to operate a newly-constructed biodiesel plant to be located at Huntsman's Port Neches, Texas site. Under the arrangement, RBF will design, finance, build and own the new plant, which will have an initial capacity of 89 million gallons of biodiesel per year, with plans to expand to nearly 180 million gallons per year of production. The new plant is expected to be operational in mid-2008 after which the facility will be operated and maintained by Huntsman, while RBF will be responsible for the marketing of the output of the plant. "RBF chose Huntsman for its industry-leading expertise in operating multiple process technologies and the Port Neches site for its superior logistics," said Don Stanutz, President of Huntsman's Performance Products division. "This alliance will enable each company to take advantage of synergies in our respective operations and to spread fixed costs across both businesses." With Huntsman's option to purchase crude glycerin produced as a by-product at the biodiesel plant, the agreement also represents an important step in Huntsman's recently announced plan to commercialize its proprietary process for manufacturing propylene glycol from glycerin, a renewable raw material. Huntsman also continues to develop other glycerin-based technologies at its Advanced Technology Center in The Woodlands, Texas. "The need for sustainable options is a critical challenge facing today's world and we're proud to be at the forefront of sustainable chemistry," said CEO Peter Huntsman. "With our proprietary process to make bio-based propylene glycol and our broader commitment to find new developments in the field of sustainable chemistry, we intend to be an industry leader in addressing this challenge." Examples of Huntsman's other sustainable chemistry products include propylene carbonate-based solvents that reduce toxicity in applications from agriculture to industrial cleaning agents, carbonates that reduce volatile organic compounds in paints, wood preservatives that replace a known human carcinogen, waterborne paint primers, non-brominated flame retardants and catalysts that eliminate emissions from insulation foams. Affiliates of MatlinPatterson will hold a significant portion of the equity interest in RBF Port Neches, LLC. About Huntsman Huntsman Corporation -- http://www.huntsman.com/-- is a global manufacturer of differentiated and commodity chemical products. Huntsman's products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, durable and non-durable consumer products, electronics, medical, packaging, paints and coatings, power generation, refining and synthetic fiber industries. The company has operations in Indonesia, Italy and Guatemala. The Troubled Company Reporter - Asia Pacific reported on Apr 02, 2007, Moody's Investors Service upgraded the corporate family rating for Huntsman Corporation and Huntsman International LLC, a subsidiary of Huntsman, to Ba3 from B1, and upgraded other ratings as appropriate. The ratings on recently redeemed debt have been withdrawn. The outlook for Huntsman's ratings was moved to stable from developing. Summary of the ratings activity: Upgrades: * Huntsman Corporation -- Corporate Family Rating, Upgraded to Ba3 from B1 * Huntsman International LLC -- Corporate Family Rating, Upgraded to Ba3 from B1 -- Senior Secured Bank Credit Facility, Upgraded to Ba1 from Ba3, LGD2, 21% -- Senior Subordinated Regular Bond/Debenture, Upgraded to B2 from B3, LGD5, 89% * Huntsman LLC -- Senior Secured Regular Bond/Debenture, Upgraded to Ba1 from Ba3, LGD2, 21% -- Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3 from B2, LGD4, 57% Outlook Actions: * Huntsman Corporation -- Outlook, Changed To Stable From Developing * Huntsman International LLC -- Outlook, Changed To Stable From Developing * Huntsman LLC -- Outlook, Changed To Stable From Developing Withdrawals: * Huntsman International LLC -- Senior Subordinated Regular Bond/Debenture, Withdrawn, previously rated B3 -- Senior Unsecured Regular Bond/Debenture, Withdrawn, previously rated B2 On Jan. 23, 2007 Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating and other ratings on Salt Lake City, Utah-based chemicals producer Huntsman Corp. and its subsidiary Huntsman International LLC. =================== K A Z A K H S T A N =================== AIBOLAT LLP: Proof of Claim Deadline Slated for Aug. 29 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Aibolat insolvent on June 4. Creditors have until Aug. 29 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Office 13 Sholohov Str. 2/4 Uralsk West Kazakhstan Kazakhstan Tel: 8 (3112) 53-84-66 AKTOBE ONIMDERI-2007: Creditors Must File Claims Aug. 28 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Aktobe Onimderi-2007 insolvent. Creditors have until Aug. 28 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan ELJAN &K LLP: Claims Filing Period Ends Aug. 28 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Eljan &K insolvent. Creditors have until Aug. 28 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan EUROSTROY LLP: Creditors' Claims Due on Sept. 4 ----------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Construction Company Eurostroy insolvent. Creditors have until Sept. 4 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Room 206 Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Kazakhstan FLORA-ALTYN LLP: Creditors Must File Claims Aug. 28 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Flora-Altyn insolvent. Creditors have until Aug. 28 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Al-Farabi ave. 119-303 Kostanai Kazakhstan Tel: 8 (3142) 53-63-21 HEFTEGAZOVAYA ENERGETICHESKAYA: Claims Registration Ends Aug. 28 ---------------------------------------------------------------- LLP Heftegazovaya Energeticheskaya Kompaniya has declared insolvency. Creditors have until Aug. 28 to submit written proofs of claims to: LLP Heftegazovaya Energeticheskaya Kompaniya Rabochaya Str. 43 Shuchinsk Akmola Kazakhstan JANAT LLP: Claims Filing Period Ends Aug. 29 -------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Janat insolvent on June 8. Creditors have until Aug. 29 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Valihanov Str. 46-38 Almaty Kazakhstan Tel: 8 (3272) 73-45-80 8 (3272) 56-98-06 8 701 516 69-72 MAN LLP: Creditors' Claims Due on Sept. 4 ----------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Man insolvent. Creditors have until Sept. 4 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Room 206 Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Kazakhstan PROMREMSERVICE LLP: Claims Registration Ends Aug. 29 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Promremservice insolvent on June 5. Creditors have until Aug. 29 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Valihanov Str. 46-38 Almaty Kazakhstan Tel: 8 (3272) 73-45-80 8 (3272) 56-98-06 8 701 516 69-72 TIMEKS-N LLP: Proof of Claim Deadline Slated for Aug. 28 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Timeks-N insolvent. Creditors have until Aug. 28 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Al-Farabi ave. 119-303 Kostanai Kazakhstan Tel: 8 (3142) 53-63-21 =================== K Y R G Y Z S T A N =================== MARKGRAF LLC: Creditors Must File Claims by August 31 ----------------------------------------------------- LLC Juridical Company Markgraf has declared insolvency. Creditors have until Aug. 31 to submit written proofs of claim to: LLC Juridical Company Markgraf Manas Ave. 16-9 Bishkek Kyrgyzstan ===================== N E T H E R L A N D S ===================== SABIC INNOVATIVE: High Leverage Cues S&P’ BB Rating --------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' long-term corporate credit rating to Netherlands-based specialty plastics producer SABIC Innovative Plastics Holding B.V., reflecting a highly leveraged capital structure, mitigated primarily by an expectation of support from its parent Saudi Basic Industries Corp. (A+/Stable/A-1) and by its strong business risk profile. The outlook is stable. The ratings reflect a very aggressive capital structure and weak cash flow metrics, with funds-from-operations--to-debt ratio of about 5%-10% in the coming years and initial peak leverage with debt to EBITDA of 7.9x according to Standard & Poor's calculations. "The aggressiveness of the financial profile is the result of SABIC's proposed leveraged acquisition of GE Plastics for a total consideration of US$11.6 billion excluding fees and expenses, which will be 70% debt financed," said Standard & Poor's credit analyst Tobias Mock. The acquisition is expected to close in the third quarter of 2007 and is still subject to regulatory approvals. Total unadjusted debt will reach US$8.3 billion at closing. "Standard & Poor's has given one category of uplift to the stand-alone rating, as we have factored in implicit support from SABIC in the case of unexpected operating challenges," said Mr. Mock. Factors considered in our analysis of the parent/subsidiary relationship include SABIC's 100% (indirect) ownership of the new entity, strong strategic fit, access to key end markets, important customer relationships, and the long-term value of technologies for SABIC. This was illustrated by the significant investment and strategic premium price SABIC paid for these assets. SABIC Innovative Plastics had US$6.6 billion in sales and an adjusted EBITDA of US$1,172 million for the twelve months ending April 1, 2007. "The stable outlook reflects Standard & Poor's expectation that SABIC Innovative Plastics will remain 100% owned by SABIC and continue to benefit from solid economic growth prospects in the coming years, allowing for some de-leveraging and gradual improvement in key credit protection ratios," said Mr. Mock. The company is expected to balance investments, acquisitions, and dividends to achieve FFO to debt of about 10% and debt to EBITDA of about 5.5x for the assigned rating. A stronger-than- expected de-leveraging trend, better business performance, or equity injections from SABIC would be positive for the rating. A significant weakening in economic activity, significant increase in Benzene prices, and a failure to pass on these higher costs to customers, as well as significant acquisitions or a change in ownership could further weaken the credit metrics and put pressure on the ratings. SENSATA TECHNOLOGIES: Appoints Jeff Cote as Exec. Vice President ---------------------------------------------------------------- Sensata Technologies Inc. has named Chief Financial Officer Jeff Cote as a member of the board of directors and executive vice president. Sensata Technologies Chief Executive Officer and Chairman of the Board Tom Wroe said, "We are pleased to recognize Jeff's ongoing contribution to Sensata with this promotion. His expertise in the areas of financial reporting and investor relations has been especially valuable to Sensata as we establish ourselves as a stand-alone company." Mr. Cote joined Sensata as a senior vice president and CFO in January 2007. Previously, he was the Chief Operating Officer at Ropes & Gray LLP where he was responsible for the firm's administrative and operational initiatives, including finance, information technology, facilities management, human resources, marketing and business development. Mr. Cote also served as Chief Operating, Financial and Administrative Officer for Digitas, Inc., where he had similar responsibilities. He has a breadth of experience with mergers and acquisitions, regulatory and filing requirements and initial public offerings and holds a bachelor's and master's degree in Accounting. He is a Certified Public Accountant in Florida and Massachusetts. About Sensata Technologies Headquartered in Attleboro, Massachusetts, Sensata Technologies -- http://www.sensata.com/-- is a supplier of sensors and controls across a range of markets and applications. The company has manufacturing locations in Brazil, Mexico, China, Japan and the Netherlands. Sensata Technologies employs approximately 5,400 people worldwide. * * * As reported in the Troubled Company Reporter-Latin America on June 22, 2007, Standard & Poor's Ratings Services revised its outlook on Sensata Technologies B.V. to negative from stable. The outlook revision follows the company's announcement that it will acquire Airpax Holdings Inc. for US$276 million plus fees and expenses using a combination of cash and debt. All of its ratings on Sensata, including S&P's 'B+' corporate credit rating, have been affirmed. =========== N O R W A Y =========== OSLO REINSURANCE: Chapter 15 Petition Summary --------------------------------------------- Petitioner: Jan C.H. Endresen Sidley Austin LLP 787 Seventh Avenue New York, NY 10019 212 839-5300 Debtor: Oslo Reinsurance Company ASA fdba Storebrand-Norden Reinsurance Company Limited AS fdba Uni Storebrand International Insurance AS fdba Storebrand Reinsurance Company Limited AS fdba Storebrand International Reinsurance Company Limited AS fdba Storebrand International Insurance AS Ruselokkveien 14 0251 Oslo, Norway Case No.: 07-12212 Type of Business: The Debtor is a European insurance company. Chapter 15 Petition Date: July 19, 2007 Court: Southern District of New York (Manhattan) Petitioner's Counsel: Geoffrey T. Raicht, Esq. Sidley Austin LLP 787 Seventh Avenue New York, NY 10019 Tel: (212) 839-5300 Fax: (212) 839-5599 Estimated Assets: $1 Million to $100 Million Estimated Debts: $1 Million to $100 Million =========== P O L A N D =========== POLSKA GRUPA: Acquiring Stakes in Limedica & Gintarine Vastine -------------------------------------------------------------- Polska Grupa Farmaceutyczna S.A. has signed a Framework Agreement opening up an opportunity for equity investments in Lithuania. The Framework Agreement, with appendixes which contain other agreements between the parties to be signed in the future, defines the manner in which PGF will invest in a special-purpose company in Lithuania, through which it will take control of a number of companies operating in the sector of wholesale and retail distribution of pharmaceuticals in Lithuania; the establishment of the special-purpose company is a condition for the parties to be bound by the Framework Agreement. The investment of PGF involves the purchase from various owners of a number of wholesale and retail distributors of pharmaceuticals operating in Lithuania, the major of which are: * Limedica – pharmaceutical wholesaler * Gintarine Vastine – operator of a chain of pharmacies Transaction Value EUR22.5 million (enterprise value) in the first stage to be completed by acquiring majority stakes in the Lithuanian companies. Data on the Target Companies Limedica – the third largest pharmaceutical wholesaler with a market share of approximately 18% * 2006 sales – EUR74 million * 2006 net profit – EUR3.4 million Data on the Retail Companies Gintarine Vastine - the largest of the target companies * 2006 total sales – EUR25 million * 2006 total net loss – EUR1 million Legal Basis Art. 56.1.1 of the Public Offering Act About PGF Polska Grupa Farmaceutyczna S.A. -- http://www.pgf.com.pl/-- is Poland's largest distributor of pharmaceuticals and healthcare products to pharmacies and hospitals. PGF commands about 20% of the Polish wholesale pharmaceuticals market, and its distribution network covers the entire country. It is also the largest player in the retail segment, representing about 3% of the market. POLSKA GRUPA: Fitch Puts BB+ Rating on Watch Negative ----------------------------------------------------- Fitch Ratings has placed Poland's largest pharmaceutical distributor Polska Grupa Farmaceutyczna S.A.'s National Long- term rating of 'BB+(pol)' on Rating Watch Negative. The National Short-term rating was affirmed at 'B(pol)'. The RWN action reflects the company's announcement of PGF's debt-funded acquisition of a controlling stake in a group of pharmaceutical wholesale and retail distribution companies in Lithuania for EUR22.5 million (PLN85 million). This acquisition, likely to close at end of third quarter of 2007, together with two smaller acquisitions of pharmacies in Poland (for PLN30 million) announced in late June, are expected to increase PGF's lease-adjusted net debt by some PLN115 million or almost 40%. As a result, PGF's financial leverage is likely to deteriorate to a level considered as high for the current rating. The RWN is likely to be resolved in the next three to six months once post-acquisition financial and business strategy become available. Under the acquisition agreement, PGF will acquire more than a 50% stake in a special purpose vehicle, which will control UAB Limedika, Lithuania's third-largest pharmaceutical wholesaler with an 18% market share, Gintarine Vastine, a retail network comprising 350 owned or franchised pharmacies together with some smaller distribution companies. According to PGF, the Lithuanian pharmaceuticals market has high growth potential underpinned by a solid, growing national economy and relatively strong central budget, resulting in a higher drug reimbursement rate than in Poland. Fitch notes that this acquisition follows a consolidation trend in the European distribution market, where wholesalers become increasingly active in the pharmacies segment. In the longer term, if the Lithuania business is successfully integrated into the PGF group, this acquisition may decrease the group's business risk. It may also reduce PGF's over-reliance on the difficult Polish market, which leaves limited room for expansion, especially in the retail segment. The ratings reflect PGF's aggressive financial policy, as evidenced by its high financial leverage and considerable dividend payments. This aggressive policy is mitigated by the company's leading position in the growing Polish pharmaceuticals wholesale and retail distribution market, resulting in an above average EBITDA margin. In 2006, PGF managed to reverse the negative trend in its profitability and free cash flow. PGF commands about 20% of the Polish wholesale pharmaceuticals market, and its distribution network covers the entire country. It is also the largest player in the retail segment, representing about 3% of the market. Owned pharmacies, together with affiliated independent pharmacies totalling 1,600 retail outlets, operate under one nationwide brand within the loyalty programme. In 2006, PGF reported EBITDA of PLN96m (EUR25m) on revenues of PLN4bn (EUR1bn). =========== R U S S I A =========== AGRO-DON OJSC: Court Names D. Zelepukin as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Voronezh appointed D. Zelepukin as Insolvency Manager for OJSC Agro-Don. He can be reached at: D. Zelepukin Post User Box 21 394038 Voronezh Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-7116/2006 166/20b. The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: OJSC Agro-Don Staraya Khvorostan Liskinskiy Voronezh Russia BOLSHEKHOMUTETSKOE OJSC: Creditors Must File Claims by July 30 -------------------------------------------------------------- Creditors of OJSC Bolshekhomutetskoe have until July 30 to submit proofs of claim to: G. Larionov Temporary Insolvency Manager Office 202 Dovatora Str. 12 398024 Lipetsk Russia The Arbitration Court of Lipetsk will convene at 3:00 p.m. on Oct. 11 to hear the company's bankruptcy supervision procedure on OJSC Bolshekhomutetskoe. The case is docketed under Case No. A36-1192/2007. The Court is located at: The Arbitration Court of Lipetsk Skorokhodova Str. 2 398019 Lipetsk Russia The Debtor can be reached at: OJSC Bolshekhomutetskoe Bolshak Str. 21 B. Khomutets Dobrovskiy 399170 Lipetsk Russia CHEREMNOVSKIY SEED: Creditors Must File Claims by Aug. 30 --------------------------------------------------------- Creditors of OJSC Cheremnovskiy Seed Mill have until Aug. 30 to submit proofs of claim to: M. Polyakov Insolvency Manager Post User Box 130 Vorovskogo Str. 140 Barnaul 656002 Altay Russia The Arbitration Court of Altay commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. AO3-1855/04-B. The Debtor can be reached at: OJSC Cheremnovskiy Seed Mill Cheremnoe Pavlovskiy 659020 Altay Russia EAR OJSC: Court Names D. Zelepukin as Insolvency Manager -------------------------------------------------------- The Arbitration Court of Voronezh appointed D. Zelepukin as Insolvency Manager for OJSC Ear. He can be reached at: D. Zelepukin Post User Box 21 394038 Voronezh Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-8233-2005 84/20b. The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: OJSC Ear Panino Paninskiy Voronezh Russia EVRAZ GROUP: Releases Second Quarter 2007 Operational Results ------------------------------------------------------------- Evraz Group S.A. released its second quarter 2007 operational results as: Production Volumes ------------------ Product, '000 2Q 2007/ 2Q 2007/ 1H 2007/ tonnes unless 2Q 2Q 2Q 2006 1Q 1Q 2007 1Q 2007 otherwise stated 2007 2006 change* 2007 change* change* ---------------- ---- ---- ------- ---- ------- ------- Steel division -------------- Pig iron 3,188 3,310 (3.7)% 3,293 (3.2)% 1.6% Crude steel 4,139 4,159 (0.5)% 4,287 (3.5)% 5.3% Rolled products, net of re-rolled volumes 3,828 3,721 2.9% 3,892 (1.6)% 8.3% Semi-finished products 904 1,616 (44.1)% 1,434 (37.0)% (26.9)% Construction products 1,273 1,057 20.4% 1,104 15.3% 23.2% Railway products 597 394 51.6% 485 23.2% 41.9% Flat-rolled products 569 441 29.0% 460 23.6% 25.5% Tubular products 126 4 n/a 98 28.8% n/a Other steel products 360 209 71.8% 311 15.7% 63.0% Mining division --------------- Iron ore (saleable products) -------- Concentrate 1,020 585 74.3% 647 57.6% 53.7% Sinter 1,841 2,249 (18.1)% 2,235 (17.6)% (5.1)% Pellets 1,617 1,484 9.0% 1,557 3.8% 7.3% Coal [3] ---- Coking coal (mined) 515 194 165.0% 142 263.0% 64.2% Steam coal (mined) 461 15 n/a 58 n/a n/a Concentrate (production) 232 n/a n/a n/a n/a n/a Vanadium (tonnes of V) [4] ------------ Vanadium in slag (saleable) 3,055 3,340 (8.5)% 2,888 5.8% 0.9% Vanadium in alloys and chemicals 3,057 n/a n/a 1,385 120.7% n/a * Percentage changes may not be exact due to rounding. [1] Operational results of Evraz Oregon Steel Mills are consolidated into the Group since 12 January 2007. [2] Operational results of Highveld Steel and Vanadium Corporation are consolidated since May 2007. [3] Evraz Group held a 50% interest in ZAO Yuzhkuzbassugol until June 8, 2007 and consolidated its results on an equity basis. Since June 8, 2007 the operational results of Yuzhkuzbassugol are fully consolidated into the Group. [4] Calculated in pure vanadium equivalent. Include operational results of Strategic Minerals Corporation consolidated into the Group since September 2006 and of Highveld Steel and Vanadium Corporation consolidated since May 2007. [5] Evraz Group holds a 40% beneficial interest in OAO Raspadskaya. 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+. LOCKO FINANCE: Fitch Puts B- Rating to RUR3 Billion Notes --------------------------------------------------------- Fitch Ratings assigned Locko Finance p.l.c.'s RUR3 billion 10.5% issue of limited recourse loan participation notes due 2009 a final of Long-term 'B-' rating and Recovery Rating 'RR4'. The notes are to be used solely for financing a loan to Locko- Bank. Locko is rated Long-term Foreign and Local Currency Issuer Default 'B-', Short-term IDR 'B', Individual 'D', Support '5' and National Long-term 'BB+(rus)'. The Outlooks for the Foreign and Local Currency Long-term IDR and National Long-term rating are Stable. The Support Rating Floor remains at 'No Floor'. Locko is a Moscow-based bank focusing primarily on SME lending. It has four full-scale branches, six additional outlets and eight cash centers in Moscow, as well as 11 regional credit outlets and four regional sales offices. The bank is owned by several individuals, none of whom has a stake of over 20%, and the IFC (15%) and East Capital Group (11%). MILLION LLC: Creditors Must File Claims by July 30 -------------------------------------------------- Creditors of LLC Million have until July 30 to submit proofs of claim to: T. Dautov Temporary Insolvency Manager Post User Box 8218 454084 Chelyabinsk Russia The Arbitration Court of Sverdlovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A60-5035/2007-S11. The Court is located at: The Arbitration Court of Sverdlovsk Lenina Pr. 34 620151 Ekaterinburg Russia The Debtor can be reached at: LLC Million Building A Lenina Pr. 60 620075 Ekaterinburg Russia ROSNEFT OIL: Gets US$3 Billion Loan to Refinance Debt ----------------------------------------------------- OAO Rosneft Oil Co. has raised over US$3 billion in a five-year syndicated loan facility, RosBusinessConsulting reports citing a banking source told RBC. Rosneft plans to use the amount to repay its existing debt, RBC relates. The company initially planned to avail of a US$2 billion loan. According to RBC, Rosneft had hired ABN AMRO, Barclays, BayernLB, BNP Paribas, Calyon, Citibank, Goldman Sachs, J.P.Morgan, Morgan Stanley, and Societe Generale as co-lead managers for the loan. 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. * * * As of July 17, 2007, OAO Rosneft Oil Co. carries a BB+ long-term corporate credit rating from Standard & Poor's Ratings Services. Outlook is positive. RUSSIAN WOOD: Voronezh Bankruptcy Hearing Slated for Sept. 20 ------------------------------------------------------------- The Arbitration Court of Voronezh will convene at 10:00 a.m. on Sept. 20 to hear the bankruptcy supervision procedure on LLC Trading Company Russian Wood. The case is docketed under Case No. A14-3901/2007 26/20b. The Temporary Insolvency Manager is: A. Kondrashov Nikitinskaya Str. 8a 394036 Voronezh Russia The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: LLC Trading Company Russian Wood Dorozhnaya Str. 22b Voronezh Russia SAKHALIN-COAL-1: Creditors Must File Claims by July 30 ------------------------------------------------------ Creditors of LLC Sakhalin-Coal-1 have until July 30 to submit proofs of claim to: V. Glik Temporary Insolvency Manager Room 24 Pobedy Pr. 65 693008 Yuzhno-Sakhalinsk Russia The Arbitration Court of Sakhalin commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A59-553/07-S4. The Debtor can be reached at: LLC Sakhalin-Coal-1 Tsentralnaya Str. 50 Vakhrushev Poronajskij 693000 Sakhalin Russia SEVKAV-AGRO CJSC: Court Names V. Goncharov as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Stavropol appointed V. Goncharov as Insolvency Manager for CJSC Sevkav-Agro (TIN 2634024968). He can be reached at: V. Goncharov Kholzunova Str. 19-9 400123 Volgograd Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-4049/02-S5. The Court is located at: The Arbitration Court of Stavropol Mira Str. 4586 Stavropol Russia The Debtor can be reached at: CJSC Sevkav-Agro Lenina Str. 1 Stavropol Russia SMOLINSKOE LLC: Creditors Must File Claims by July 30 ----------------------------------------------------- Creditors of LLC Smolinskoe have until July 30 to submit proofs of claim to: N. Shalaev Insolvency Manager Office 82 Komsomolskiy Pr. 11 454008 Chelyabinsk Russia The Arbitration Court of Chelyabinsk commenced bankruptcy proceedings against the company after finding it insolvent. The Court will convene on Nov. 20 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A76- 3444/02007-34-58. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: LLC Smolinskoe Michurina Str. 10b Sagazy Sosnosvkiy 456531 Chelyabinsk Russia STROYMONTAZH LLC: Creditors Must File Claims by Aug. 30 ------------------------------------------------------- Creditors of LLC Stroymontazh (OGRN 1023601073935) have until Aug. 30 to submit proofs of claim to: G. Dudkin Temporary Insolvency Manager Dzerzhinskogo Str. 188 Boguchar 396790 Voronezh Russia The Arbitration Court of Voronezh commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A14-3747/2007 25/33b. The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: LLC Stroymontazh Boguchar Voronezh Russia TALITSKOE CJSC: Creditors Must File Claims by July 30 ----------------------------------------------------- Creditors of CJSC Talitskoe have until July 30 to submit proofs of claim to: A. Chepurnov Temporary Insolvency Manager 9th Maya Str. 14a 398017 Lipetsk Russia The Arbitration Court of Lipetsk will convene at 2:30 p.m. on Oct. 11 to hear the company's bankruptcy supervision procedure The case is docketed under Case No. A36-1170/2007. The Court is located at: The Arbitration Court of Lipetsk Skorokhodova Str. 2 398019 Lipetsk Russia The Debtor can be reached at: CJSC Talitskoe Talitsa Eletskiy 399761 Lipetsk Russia TAMBOV-MONOLITH-STROY: Creditors Must File Claims by Aug. 30 ------------------------------------------------------------ Creditors of CJSC Tambov-Monolith-Stroy (TIN 6832027855) have until Aug. 30 to submit proofs of claim to: A. Pustovalov Insolvency Manager Post User Box 22 Post Office 392000 Tambov Russia The Arbitration Court of Tambov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A64-5812/06-18. The Debtor can be reached at: CJSC Tambov-Monolith-Story Zoi Kosmodemyanskoj Str. 1 Tambov Russia TNK-BP HOLDING: Earns US$1.37 Billion for Second Quarter 2007 ------------------------------------------------------------- TNK-BP Holding Ltd. posted US$1.37 billion in net profit for the second quarter of 2007, compared with US$1.29 billion for the same period in 2006, Torrey Clark and Stephen Voss of Bloomberg News report citing parent BP Plc's statement. TNK-BP also posted US$2.03 billion in EBIT for the second period of 2007, compared with US$2.17 billion in EBIT for the same period in 2006, Bloomberg News adds. The company paid US$376 million in taxes during the period. BP received US$686 million as share of the joint venture's income for the quarter. TNK-BP attributed the plunge to declining output, which fell 8.6% to 1.8 million barrels a day of oil equivalent in the period. The company also did not book reserves attributable to its former gas field in Kovykta, which control was ceded to OAO Gazprom in June. Andy Inglis, BP's head of exploration and production, forecasted that TNK-BP's output will be broadly "flat" until the end of the decade before new oil and gas projects begin to contribute additional supply, TNK-BP plans to invest about US$4 billion this year to improve output and expand overseas. About TNK-BP Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six refineries in Russia and Ukraine, and markets products through 2,100 retail service stations operating under TNK and BP brand. BP Plc and Alfa Access/Renova jointly own the group. TNK-BP holds a strategic position as the second largest liquids producer in the Russian intergraded operating environment, accounting for approximately 18% of Russia's total crude oil production. * * * Standard & Poor's assigned BB+/Stable foreign currency local currency ratings to TNK-BP on June 30, 2006. Moody's assigned a Ba2/Positive foreign currency rating to the company on Jan. 24, 2006. Fitch assigned a BB+/Positive foreign currency rating to TNK-BP on Feb. 13, 2006, and BB+/Positive local currency rating on Aug. 24, 2005. TRANS-STROY-TORG: Creditors Must File Claims by July 30 ------------------------------------------------------- Creditors of CJSC Trans-Stroy-Torg (TIN 7709020480) have until July 30 to submit proofs of claim to: Y. Safonov Temporary Insolvency Manager Building 1 Luchnikov Per. 4 101000 Moscow Russia The Arbitration Court of Moscow will convene at 10:00 a.m. on Nov. 13 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A40-23255/07-74-93 B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Trans-Stroy-Torg Building 1 Tovarisheskiy Per. 7 109004 Moscow Russia TRANS-SVYAZ LLC: Creditors Must File Claims by July 30 ------------------------------------------------------ Creditors of LLC Trans-Svyaz (TIN 2315071961) have until July 30 to submit proofs of claim to: A. Kamenskiy Insolvency Manager Balakhninskaya Str. 4 400001 Volgogorad Russia The Arbitration Court of Krasnodar commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-5641/2007-60/200-B. The Court is located at: The Arbitration Court of Krasnodar Krasnaya Str. 6 Krasnodar Russia The Debtor can be reached at: LLC Trans-Svyaz K. Marksa Str. 6 Novorossijsk 353900 Krasnodar Russia TYUMEN-GEOL-SNAB-SERVICE: Creditors Must File Claims by Aug. 30 --------------------------------------------------------------- Creditors of OJSC Tyumen-Geol-Snab-Service (TIN 7202086123) have until Aug. 30 to submit proofs of claim to: P. Sidor Insolvency Manager Mostrostroitelej 8-20 Tyumen Russia The Arbitration Court of Tyumen commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-70-971/3-2007. The Court is located at: The Arbitration Court of Tyumen Khokhryakova Str. 77 627000 Tyumen Russia The Debtor can be reached at: OJSC Tyumen-Geol-Snab-Service Sudostroitelej Str. 2 625034 Tyumen Russia ===================== S W I T Z E R L A N D ===================== ACUME JSC: Graubunden Court Closes Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Service of Landquart in Graubunden entered June 29 an order closing the bankruptcy proceedings of JSC Acume. The Bankruptcy Service of Landquart can be reached at: Bankruptcy Service of Landquart 7205 Zizers Landquart GR Switzerland The Debtor can be reached at: JSC Acume Davoserweg 365 C 7302 Landquart GR Switzerland BERINGER ENGINNERING: Zug Court Closes Bankruptcy Proceedings ------------------------------------------------------------- The Bankruptcy Service of Zug entered June 29 an order closing the bankruptcy proceedings of JSC Beringer Engineering. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Beringer Engineering Bosch 73 6331 Hunenberg ZG Switzerland BOYCE ENTERPRISES: Zurich Court Closes Bankruptcy Proceedings ------------------------------------------------------------- The Bankruptcy Service of Zurich entered June 29 an order closing the bankruptcy proceedings of LLC Boyce Enterprises. The Bankruptcy Service of Zurich can be reached at: Bankruptcy Service of Zurich 8022 Zurich Switzerland The Debtor can be reached at: LLC Boyce Enterprises Talstrrasse 82 8001 Zurich Switzerland CONSIMPEX JSC: Creditors' Liquidation Claims Due August 3 --------------------------------------------------------- Creditors of JSC CONSIMPEX have until Aug. 3 to submit their claims to: Dr. Eric Pierre Bornand Liquidator Teienstrasse 31 8706 Feldmeilen Switzerland The Debtor can be reached at: JSC CONSIMPEX Meilen ZH Switzerland F. A MARCA BIEL: Lucerne Court Closes Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Service of Lucerne entered June 26 an order closing the bankruptcy proceedings of LLC F. a Marca Biel. The Bankruptcy Service of Lucerne can be reached at: Bankruptcy Service of Lucerne 6000 Lucerne 5 Switzerland The Debtor can be reached at: LLC F. a Marca Biel Obergrundstrasse 17 6002 Lucerne Switzerland I-T - TEXTIL: Zurich Court Closes Bankruptcy Proceedings -------------------------------------------------------- The Bankruptcy Service of Thalwil in Zurich entered July 4 an order closing the bankruptcy proceedings of JSC I-T - Textil. The Bankruptcy Service of Thalwil can be reached at: Bankruptcy Service of Thalwil 8800 Thalwil Horgen ZH Switzerland The Debtor can be reached at: JSC I-T - Textil Bohnirainstrasse 9 8800 Thalwil Horgen ZH Switzerland ITUBAG JSC: Creditors' Liquidation Claims Due August 3 ------------------------------------------------------ Creditors of JSC ITUBAG have until Aug. 3 to submit their claims to: Bernhard Latsch Liquidator Ausstellungsstrasse 88 8005 Zurich Switzerland The Debtor can be reached at: JSC ITUBAG Zurich Switzerland KVS JSC: Schwyz Court Closes Bankruptcy Proceedings --------------------------------------------------- The Bankruptcy Service of Schwyz entered July 4 an order closing the bankruptcy proceedings of JSC KVS. The Bankruptcy Service of Schwyz can be reached at: Bankruptcy Service of Schwyz 8853 Lachen March SZ Switzerland The Debtor can be reached at: JSC KVS Alpenblickstr. 9 8853 Lachen March SZ Switzerland LIFESTYLE BETEILIGUNG: Zug Court Closes Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Service of Zug entered June 29 an order closing the bankruptcy proceedings of JSC Lifestyle Beteiligung. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Lifestyle Beteiligung Grabenstrasse 25 6340 Baar ZG Switzerland MALER – UND TAPEZIERERGESCHAFT: Court Closes Bankruptcy Process --------------------------------------------------------------- The Bankruptcy Service of Zurich entered June 21 an order closing the bankruptcy proceedings of LLC Maler- und Tapezierergeschaft Isenschmid. The Bankruptcy Service of Zurich can be reached at: Bankruptcy Service of Zurich 8036 Zurich Switzerland The Debtor can be reached at: LLC Maler- und Tapezierergeschaft Isenschmid Leonhard Ragaz-Weg 3 8055 Zurich 3 Switzerland NETTO-NETTO: Zurich Court Closes Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Zurich entered June 27 an order closing the bankruptcy proceedings of JSC netto-netto Posten- Discount. The Bankruptcy Service of Zurich can be reached at: Bankruptcy Service of Zurich 8622 Wetzikon Hinwil ZH Switzerland The Debtor can be reached at: JSC netto-netto Posten-Discount Zurcherstrasse 71 8620 Wetzikon Hinwil ZH Switzerland POLSTERMOBELFABRIK ROSENTAL: Court Closes Bankruptcy Proceedings ---------------------------------------------------------------- The Bankruptcy Service of Thurgau entered June 29 an order closing the bankruptcy proceedings of JSC Polstermobelfabrik Rosental. The Bankruptcy Service of Thurgau can be reached at: Bankruptcy Service of Thurgau 8510 Frauenfeld TG Switzerland The Debtor can be reached at: JSC Polstermobelfabrik Rosental Wilerstrasse 55 9545 Wangi Munchwilen TG Switzerland THERMATEX SCHWEIZ: Appenzell Court Closes Bankruptcy Proceedings ---------------------------------------------------------------- The Bankruptcy Service of Appenzell entered July 4 an order closing the bankruptcy proceedings of LLC Thermatex Schweiz. The Bankruptcy Service of Appenzell can be reached at: Bankruptcy Service of Appenzell 9050 Appenzell AI Switzerland The Debtor can be reached at: LLC Thermatex Schweiz Weissbadstrasse 1 9050 Appenzell AI Switzerland TRANSCOOL JSC: Zug Court Closes Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Service of Zug entered June 25 an order closing the bankruptcy proceedings of JSC Transcool. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Transcool Buhlstrasse 45 6314 Unterageri ZG Switzerland WOLF SNACK: Creditors' Liquidation Claims Due August 2 ------------------------------------------------------ Creditors of LLC Wolf Snack 2000 have until Aug. 2 to submit their claims to: Daniel Geiser Liquidator Industriestrasse 43 3612 Steffisburg Thun BE Switzerland The Debtor can be reached at: LLC Wolf Snack 2000 Steffisburg Thun BE Switzerland =========== T U R K E Y =========== TURKIYE IS BANKASI: Fitch Affirms Short-term IDRs at B ------------------------------------------------------ Fitch Ratings has affirmed Turkiye Is Bankasi A.S.'s ratings at Long-term foreign currency Issuer Default Rating 'BB', LT local currency IDR 'BB+', ST foreign and local currency IDR 'B', National LT 'AA+(tur)' , Individual 'C' and Support '4'. The Outlooks on the LT foreign and local currency IDRs and on National LT rating remain Stable. The Support Rating Floor is affirmed at 'B+'. The LT foreign currency IDR is constrained by Turkey's 'BB' Country Ceiling. The LT local currency IDR is rated two notches above the sovereign's due to the bank's stand- alone financial strength. Isbank's IDRs are driven by its intrinsic financial strength. The Individual rating reflects the bank's strong franchise within Turkey, improving asset quality trends, good efficiency, stable core funding and adequate capitalization. This is balanced by lower profitability, rapid loan growth and a volatile operating environment. Like its peers', Isbank's profitability declined in 2006 as a result of narrower margins due to higher funding costs. This can be traced to the hike in interest rates in financial markets in H106 and repricing mismatch between the bank's assets and liabilities. Isbank's operating profitability remained weaker than its peers' as a result of a higher proportion of non- earning assets, despite better efficiency. Gross loans grew by a further 36% in 2006 before slowing to a 3% increase in first quarter of 2007, in line with sector in Turkey. Asset quality continued to improve as non-performing loans, totaling 3.72% of gross loans at end of first quarter of 2007, were fully covered by reserves. Although Isbank's Tier 1 ratio continued to decline to 21.5% at first quarter of 2007 from 24.02% at end- 2006 due to growth in risk-weighted assets, it remained adequate and amongst the highest in Turkey's private banks. Isbank's Stable Outlook reflects that of the sovereign. An upgrade in the Sovereign rating is likely to trigger an upgrade in Isbank's LT local and foreign currency IDRs. There is limited upside potential for the Individual rating, given the volatile operating environment. Prolonged deterioration of capitalization and asset quality could result in a weakening of the Individual rating, although this is considered unlikely at present. Isbank was established as Turkey's first private commercial bank to support economic development. It was Turkey's largest bank by assets (with 15.51% share) at end-2006. Isbank Group's core business is financial services; the bank provides retail, corporate, commercial and private banking services through its 907 domestic and 11 foreign branches. Whereas its financial participations provide a wide range of financial services, the group also has non-core strategic participations, mainly in glass and telecommunications. * S&P Affirms BB- Credit Rating on City of Istanbul --------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' long-term issuer credit rating on the city of Istanbul, located in the Republic of Turkey (foreign currency BB-/Stable/B; local currency BB/Stable/B; Turkish national scale trAA+/--/trA-1). The outlook is stable. "The rating reflects the city's role as Turkey's financial and commercial center, with a rapidly growing economy and consequent fast budget revenue growth," said Standard & Poor's credit analyst Boris Kopeykin. The rating also factors in a strong operating performance and low debt service levels. The uncertainties related to future intergovernmental reforms, the city's minimal revenue flexibility, expected debt accumulation, and developing reporting systems constrain the rating, however. Istanbul's direct debt is a low 16% of operating revenues, although we expect this to increase to 40%-50% by 2010 due to planned investments. "The stable outlook balances our expectation of Istanbul's strengthening economy and growing budget revenues against anticipated growth in the city's debt burden," said Mr. Kopeykin. Should the future reforms or continued expenditure pressures lead to deterioration of the city's financial performance, with deficits after capital expenditures greater than 15%, and a debt increase at levels higher than S&P expects, the rating on Istanbul might come under pressure. Moreover, increasing foreign currency risks, with accumulation of foreign currency- denominated direct debt of more than 25%-30% of operating revenues, could threaten the rating. Positive developments in the ratings on the sovereign could drive positive developments in that on Istanbul, but will also depend on the city's ability to keep debt and debt service at manageable levels, as well as on improvements in reporting and transparency of accounts. ============= U K R A I N E ============= ALFA-EAST-TRADING: Creditors Must File Claims by July 27 -------------------------------------------------------- Creditors of Alfa-East-Trading (code EDRPOU 30280309) have until July 27 to submit written proofs of claim to: Maxim Sivolobov Temporary Insolvency Manager Tsupov Land 22 91002 Lugansk Ukraine The Economic Court of Lugansk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 20/39b. The Court is located at: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The debtor can be reached at: Alfa-East-Trading Gagarin Avenue 5 91000 Lugansk Ukraine BAKHMUT-PLASTER CJSC: Claims Submission Deadline Set July 27 ------------------------------------------------------------ Creditors of CJSC Bakhmut-Plaster (code EDRPOU 30756254) have until July 27 to submit written proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/89 B. The debtor can be reached at: CJSC Bakhmut-Plaster Mir Avenue 8 83015 Donetsk Ukraine BISHAY-GROUP LLC: Claims Submission Deadline Set July 27 -------------------------------------------------------- Creditors of LLC Bishay-Group (code EDRPOU 32613006) have until July 27 to submit written proofs of claim to: Tatiana Rudenko Liquidator Lazurnaya Str. 50 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/397/07. The Court is located at: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The debtor can be reached at: LLC Bishay-Group Shevchenko Str. 27 Nikolaev Ukraine ELITA TAVRII: Claims Submission Deadline Set July 27 ---------------------------------------------------- Creditors of LLC Elita Tavrii (code EDRPOU 30352425) have until July 27 to submit written proofs of claim to: Ivan Sevriukov Liquidator P.O. Box 145 73034 Herson Ukraine The Economic Court of Herson commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/67-B-07. The Court is located at: The Economic Court of Herson Gorkiy Str. 18 73000 Herson Ukraine The debtor can be reached at: LLC Elita Tavrii Lenin Str. 30 Khrestovka Tchaplinsky District Herson Ukraine ETRIS LLC: Claims Submission Deadline Set July 27 ------------------------------------------------- Creditors of Etris LLC have until July 27 to submit written proofs of claims to: Constantine Kociuruba Akhsarov Str. 19, ap. 5 61051 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-19/149-07. The Court is located at: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine INTERPIPE LTD.: Fitch Rates US$200 Million Notes at B+ ------------------------------------------------------ Fitch Ratings has assigned Interpipe Limited's US$200 million 8.75% notes due in 2010 final senior unsecured 'B+' and Recovery 'RR4' ratings. The senior unsecured rating is in line with Interpipe's 'B+' Long-term Issuer Default rating. The final ratings on the notes follow a review of the final terms and conditions conforming to information already received when Fitch assigned the expected ratings of 'B+'/'RR4' on July 5, 2007. The proceeds from the loan are used to refinance short-term debt, pay a special dividend to adjust the capital structure and fund capital expenditure. The notes are governed by English law. The transaction is structured in the form of a loan by Interpipe, a private company with limited liability incorporated in Cyprus, to the joint borrower group (OJSC Interpipe Nizhnedneprovsky Tube Rolling Plant, CJSC Interpipe Nikopolsky Seamless Tubes Plant ("Niko Tube") and LLC Interpipe Ukraine), representing 80% of consolidated EBITDA, net profit and net assets of the group. NTRP, Niko Tube and Interpipe Ukraine act as sureties on a joint and several basis. The notes are subject to a trust deed. Covenants in the loan agreement include, among others, an equal ranking of the loan with present or future unsecured obligations of Interpipe and a negative pledge. Interpipe also has a leverage ceiling of 3.5x. With fiscal year 2006 total debt/EBITDA ratio of 0.5x, the company has significant headroom under the above-mentioned covenant. In addition, dividend payments are limited to 75% of the cumulative consolidated net income. The special dividend forms part of Interpipe's financial strategy to raise shareholder return by increasing debt to 50% of total capital, as mentioned in the Rating Action Commentary dated June 22, 2007. On June 22, 2007 Interpipe was assigned a Long-term IDR of 'B+' with Stable Outlook and Short-term IDR of 'B'. It is Ukraine's leading pipe and wheel producer as well as the third-largest producer of forged wheels and the tenth-largest producer of seamless steel pipes in the world. Revenue reached UAH7.3 billion (US$1.4 billion) in 2006. PROMIN LLC: Claims Submission Deadline Set July 27 -------------------------------------------------- Creditors of Agricultural LLC Promin (code EDRPOU 03772536) have until July 27 to submit written proofs of claim to: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 4/18. The debtor can be reached at: Agricultural LLC Promin Bilyki Mirgorod District Poltava Ukraine REBIR-UKRAINE LLC: Claims Submission Deadline Set July 27 --------------------------------------------------------- Creditors of LLC Rebir-Ukraine have until July 27 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. 15/161-b. The debtor can be reached at: LLC Rebir-Ukraine Grechko Str. 14-a 04136 Kiev Ukraine SUPPLY LLC: Creditors Must File Claims by July 27 ------------------------------------------------- Creditors of LLC Don Subsidiary Supply (code EDRPOU 32138765) have until July 27 to submit written proofs of claim to: Maxim Sivolobov Temporary Insolvency Manager Tsupov Land 22 91002 Lugansk Ukraine The Economic Court of Lugansk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 20/40b. The Court is located at: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The debtor can be reached at: LLC Don Subsidiary Supply Lenin Komsomol Block 7-A 91000 Lugansk Ukraine TECHNICAL INVEST: Claims Submission Deadline Set July 27 -------------------------------------------------------- Creditors of LLC Agricultural Technical Invest (code EDRPOU 25474259) have until July 27 to submit written proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 19/12/07. The debtor can be reached at: LLC Agricultural Technical Invest Uralskaya Str. 61 69068 Zaporozhje Ukraine =========================== U N I T E D K I N G D O M =========================== BANBURY BUILDING: Names Philip Michael Lyon Liquidator ------------------------------------------------------ Philip Michael Lyon of Mazars LLP was appointed liquidator of Banbury Building Systems Ltd. on July 4 for the creditors’ voluntary winding-up procedure. The liquidator can be reached at: Mazars LLP Cartwright House Tottle Road Nottingham NG2 1RT England BLANDFORD DIRECT: Taps Liquidators from BDO Stoy Hayward -------------------------------------------------------- Francis Graham Newton and Toby Scott Underwood of BDO Stoy Hayward LLP were appointed joint liquidators of Blandford Direct Retail Ltd. on July 11 for the creditors’ voluntary winding-up procedure. The joint liquidators can be reached at: BDO Stoy Hayward LLP 1 City Square Leeds LS1 2DP England The company can be reached at: Blandford Direct Retail Ltd. Commercial Buildings 11-15 Cross Street Manchester M1 1BD England BRYAN INDUSTRIES: Brings In Liquidator from Mazars -------------------------------------------------- Philip Michael Lyon of Mazars LLP was appointed liquidator of Bryan Industries Two Thousand Ltd. on July 10 for the creditors’ voluntary winding-up proceeding. The liquidator can be reached at: Mazars LLP Cartwright House Tottle Road Nottingham NG2 1RT England CABLE & WIRELESS: Says Digicel's Complaint Has No Basis ------------------------------------------------------- Cable & Wireless said in a statement that it is positive that Digicel's claim against the firm is without foundation. As reported in the Troubled Company Reporter-Asia Pacific on July 24, 2007, Digicel said it filed a lawsuit against rival Cable & Wireless for illegally delaying its entry into Caribbean markets. Digicel said it is seeking "multimillion pound" in damages. Digicel claims that former Cable & Wireless, a former monopoly in the Caribbean and Central American markets, tried to prevent the company from launching competing mobile phone networks in eight markets, which include St. Lucia, Grenada, Barbados, Cayman Islands, and Trinidad & Tobago. According to Digicel, the obstructions happened between 2002 and 2006, causing the company substantial losses. Cable & Wireless told Reuters that it would defend itself against a claim for damages from a rival in the Caribbean. About Digicel Group Digicel Group Limited -- http://www.digicelgroup.com/-- is a wireless services provider in the Caribbean region. The company is a newly created Bermuda incorporated company formed by Mr. Denis O'Brien, who previously owned 78% of the shares of Digicel Limited on a fully diluted basis. The company started operations in Jamaica in April 2001 and now offers GSM mobile services in 22 markets primarily in the Caribbean including Jamaica, St. Lucia, St. Vincent, Aruba, Grenada, Barbados, Cayman, Curacao, Martinique, Guadeloupe, Trinidad and Tobago and Haiti among others. About Cable & Wireless Headquartered in London, Cable & Wireless Plc -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. The company has operations are in the United Kingdom, India, China, the Cayman Islands and the Middle East. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and technology sector, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Cable & Wireless Plc. Moody's also assigned a Ba3 Probability-of-Default rating to the company. * Issuer: Cable & Wireless Plc Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 4% Senior Unsecured Conv./Exch. Bond/Debenture Due 2010 B1 LGD4 60% GBP200 million 8.75% Senior Unsecured Regular Bond/Debenture Due 2012 B1 LGD4 60% COLLINS & AIKMAN: Court Confirms Amended Ch. 11 Liquidation Plan ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Michigan has confirmed Collins & Aikman Corporation and its debtor- affiliates Amended Joint Plan of Liquidation. The Amended Plan provides for the full recovery by holders of secured claims aggregating $913,000,000, majority of which conveyed support for the Plan. Proceeds from the wind down and asset sales contemplated in Plan will be used to pay the secured creditors. Noteholders in Classes 6 and 7, however, voted against the plan, in contrast to other impaired classes who overwhelmingly cast ballots in favor of the Plan, which included holders of general unsecured claims in Class 5. Bondholders and holders of $539,000,000 in unsecured claims will be paid based on asset sales and future litigation trust awards. Holders of shares of stock will receive zero recovery. At the confirmation hearing, the Debtors stepped Judge Rhodes through the 13 statutory requirements of Section 1129(a) of the Bankruptcy Code. The Debtors claimed that they have satisfied the requirements for confirmation, including the "cram-down" requirements under Section 1129(b) with respect to Classes 6 and 7. According to Bloomberg News, the Court overruled the objections of investment banker Third Avenue Trust and autosupplier Noble International Ltd. Third Avenue Trust, which had resigned as chair of the Official Committee of Unsecured Creditors, had expressed dissent about how the Debtors' managed their Chapter 11 cases. Third Avenue had complained why the Debtors had to languish in bankruptcy for more than two years and further deplete their assets only to liquidate, instead of emerging as a viable enterprise. Third Avenue had previously won Court approval for an appointment of a fee examiner tasked to review the fees of professionals which, the investment banker claimed, charged "excessive fees". As previously reported, several objections have been resolved before the confirmation hearing. The Ohio Department of Taxation also withdrew its objection. David Youngman, Collins & Aikman Corporation spokesman, relates that Collins will operate until at least August 31, 2007, when supply agreements with DaimlerChrysler AG and General Motors Corp. expire. Mr. Youngman states that of Collins' 87 plants when it filed for Chapter 11, 26 have been sold and another 30 are pending sale. Due to lack of buyers' interest, 24 plants have been closed. Collins intends to shut down another seven facilities. With respect to the sale of certain of the Debtors' facilities, Cadence Innovation LLC, recently announced that it "continues its efforts to acquire certain assets and operations" of the Debtors' Plastics Business. Cadence agreed in May to buy nine of the Debtors' facilities for $68,000,000. However, a dispute slowed down transaction and scared off some customers, Erik Larsonmsg of Bloomberg News reports. Sixteen plants from the Debtors' Soft Trim Business is being purchased by Wilbur Ross's International Automotive Components Group North America Inc. The Debtors' Hermosillo, Mexico plant, which manufactures parts for Ford, is also being sold to IAC. Flex-n-Gate will purchase three exterior plastics plants for $10,400,000. About Collins & Aikman Headquartered in Troy, Mich., Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtors with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and $2,856,600,000 in total debts. On Aug. 30, 2006, the Debtors filed their Chapter 11 Plan and Disclosure Statement. On Dec. 22, 2006, they filed an Amended Joint Chapter 11 Plan. The Court approved the adequacy of the Amended Disclosure Statement. (Collins & Aikman Bankruptcy News, Issue No. 69; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). COSMOS MOTOR: Appoints David A. Butler as Liquidator ---------------------------------------------------- David A. Butler of Nunn Hayward was appointed liquidator of Cosmos Motor Products Ltd. on June 20 for the creditors’ voluntary winding-up proceeding. The liquidator can be reached at: Nunn Hayward Eastgate House 46 Wedgewood Street Aylesbury Buckinghamshire HP19 7HL England CROSSCO 1018: Calls In Liquidators from BDO Stoy Hayward -------------------------------------------------------- Francis Graham Newton and Toby Scott Underwood of BDO Stoy Hayward LLP were appointed joint liquidators of Crossco (1018) Ltd. (formerly Penny Plain Ltd.) on July 11 for the creditors’ voluntary winding-up proceeding. The joint liquidators can be reached at: BDO Stoy Hayward LLP 1 City Square, Leeds LS1 2DP England The company can be reached at: Crossco (1018) Ltd. Commercial Buildings 11-15 Cross Street Manchester M1 1BD England DECO 16: S&P Rates GBP15.6 Million Class G Notes at BB ------------------------------------------------------ Standard & Poor's Ratings Services assigned its preliminary credit ratings to the GBP646.594 million commercial mortgage- backed floating-rate notes to be issued by DECO 16 – UK 5 PLC, a public company with limited liability incorporated in England and Wales. At closing, the issuer will use the note issuance proceeds to purchase two loans secured against 267 commercial properties located throughout the U.K. the largest loan accounts for 50.7% of the pool. The transaction is the fifth DECO U.K. CMBS securitization to be undertaken by Deutsche Bank AG and will use a similar structure to previous transactions in the series. Ratings List DECO 16 – UK 5 PLC GBP646.594 Million Commercial Mortgage-Backed Floating-Rate Notes Prelim. Prelim. Amount Class Rating (Mln. GBP) ----- ------ -------- A1 AAA 295.000 A2 AAA 137.000 B AA 61.000 C A 61.000 D BBB+ 38.000 E BBB 20.000 F BBB- 19.000 G BB 15.594 FORD MOTOR: Seeks Concessions as Labor Talks With UAW Start ----------------------------------------------------------- General Motors Corp. and Ford Motor Company officially opened contract negotiations with the United Auto Workers on Monday, seeking to win concessions that would reduce labor costs as they grapple with rising health care expenses and stiff competition, particularly from Japanese carmakers, Reuters reports. DaimlerChrysler AG unit Chrysler Group started labor talks with the UAW on Friday. The TCR-Europe reported on June 14, 2007, that the car companies are trying to deal with health care costs that GM CEO Rick Wagoner says cost them a combined US$12 billion in 2006. Providing health care to 2 million employees, retirees and dependents contributed to losses at each of the U.S. automakers last year, while Japanese rivals posted record profits. The difference is made even more significant by higher pensions and retiree health care costs. Many analysts expect the UAW to consider establishing a union- aligned trust fund for retiree health care, if it can reach an agreement with the automakers on how fully to fund it. GM and Ford hourly labor costs -- US$73.26 and US$70.51, respectively -- are about US$30 an hour higher than those paid by Japanese competitors operating U.S. plants, Reuters states, referring to data compiled by the automakers. The UAW's current four-year contract with the "Big Three" automakers expires September 14, 2007, Reuters relates. UAW President Ron Gettelfinger said a strike was still possible if the parties could not reach an agreement. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. * * * To date, Ford Motor Company still carries Standard & Poor's Ratings Services 'B' long-term foreign and local issuer credit ratings and negative ratings outlook. At the same time, the company carries Moody's Caa1 issuer and senior unsecured debt ratings and negative ratings outlook. GENERAL MOTORS: Deal Hits Snag as Firms Shelve US$3.1B Debt Sale ---------------------------------------------------------------- General Motors Corp.'s plan to sell Allison Transmission is facing a major hurdle after Wall Street firms postponed a sale of US$3.1 billion in loans that would pay for the leveraged buyout of the unit by private-equity firms, the Wall Street Journal relates. The TCR-Europe reported on July 2, 2007, that GM had reached a definitive agreement to sell its Allison Transmission commercial and military business to The Carlyle Group and Onex Corporation for about US$5.6 billion. The deal is being financed by US$3.5 billion in corporate loans and US$1.1 billion in junk bonds. Allison is expected to have debt that represents about seven times its annual cash flow, according to Standard & Poor's Leveraged Commentary & Data, WSJ notes. Underwriters that include Citigroup, Lehman Brothers and Merrill Lynch were planning to sell, or syndicate, US$3.1 billion of the loans to investors, the report says. The firms will now try to distribute the loan among a small group of banks, WSJ quotes a person familiar with the matter as saying. Investors have been avoiding sales of junk bonds and similarly rated corporate loans for several weeks. Debt investors have become more cautious after seeing the losses that have struck bonds backed by risky subprime mortgage debt, WSJ states. The snag reflects difficult conditions in the market for risky corporate loans and bonds and raises questions about the prospects of other buyout-related debt financings that need to be completed this summer, Serena Ng and Gina Chon of WSJ observe. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908, GM employs about 280,000 people around the world. With global manufactures its cars and trucks in 33 countries, including Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on May 28, 2007, Standard & Poor's Ratings Services placed General Motors Corp.'s corporate credit rating at B/Negative/B-3. At the same time, Moody's Investors Service affirmed GM's B3 Corporate Family Rating and B3 Probability of Default Rating, and maintained its SGL-3 Speculative Grade Liquidity Rating. The rating outlook remains negative, according to Moody's. GENERAL MOTORS: Seeks Concessions as Labor Talks With UAW Start --------------------------------------------------------------- General Motors Corp. and Ford Motor Company officially opened contract negotiations with the United Auto Workers on Monday, seeking to win concessions that would reduce labor costs as they grapple with rising health care expenses and stiff competition, particularly from Japanese carmakers, Reuters reports. DaimlerChrysler AG unit Chrysler Group started labor talks with the UAW on Friday. The TCR-Europe reported on June 14, 2007, that the car companies are trying to deal with health care costs that GM CEO Rick Wagoner says cost them a combined US$12 billion in 2006. Providing health care to 2 million employees, retirees and dependents contributed to losses at each of the U.S. automakers last year, while Japanese rivals posted record profits. The difference is made even more significant by higher pensions and retiree health care costs. Many analysts expect the UAW to consider establishing a union- aligned trust fund for retiree health care, if it can reach an agreement with the automakers on how fully to fund it. GM and Ford hourly labor costs -- US$73.26 and US$70.51, respectively -- are about US$30 an hour higher than those paid by Japanese competitors operating U.S. plants, Reuters states, referring to data compiled by the automakers. The UAW's current four-year contract with the "Big Three" automakers expires September 14, 2007, Reuters relates. UAW President Ron Gettelfinger said a strike was still possible if the parties could not reach an agreement. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908, GM employs about 280,000 people around the world. With global manufactures its cars and trucks in 33 countries, including Brazil and India. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on May 28, 2007, Standard & Poor's Ratings Services placed General Motors Corp.'s corporate credit rating at B/Negative/B-3. At the same time, Moody's Investors Service affirmed GM's B3 Corporate Family Rating and B3 Probability of Default Rating, and maintained its SGL-3 Speculative Grade Liquidity Rating. The rating outlook remains negative, according to Moody's. GENERAL MOTORS: Reports Global 2Q Sales of 2.4 Mln Vehicles ----------------------------------------------------------- General Motors Corp. sold 2.405 million cars and trucks around the world in the second quarter of 2007, reporting record sales outside the United States, according to preliminary sales figures. GM sold 2.395 million vehicles in the second quarter last year. "GM's second quarter sales were driven by exceptionally strong demand in emerging markets," John Middlebrook, GM vice president, Global Sales, Service and Marketing Operations, said. "GM global sales of 4.67 million vehicles for the first half of the year reflects solid results, in fact we're on track to have our second-best annual sales performance in our almost 100-year history. In the second quarter we experienced record sales growth around the globe including 20% growth in Latin America, Africa and the Middle East -- an all-time quarterly record for that region, and 8% growth in the Asia/Pacific region. We're also pleased to see almost 5% growth in Europe where we sold more than 574,000 vehicles." Chevrolet global sales of 1.13 million vehicles in the second quarter of 2007 were up more than 4,000 vehicles compared with a year ago. The brand grew by 34% in Europe, 24% in Latin America, Africa and the Middle East and 3% in Asia-Pacific. Saturn sales in the United States and Canada were up 27%, based largely on the popularity of three new vehicles, the Sky roadster, Aura mid-car and Outlook mid-utility crossover vehicle. Saturn is launching the all-new Vue small utility crossover and soon will introduce the Astra small car. Saturn has two hybrid offerings in its lineup, the Aura Green Line and Vue Green Line. Second quarter sales outside the United States has set a record. At 1.39 million vehicles, Q2 2007 sales outside of the United States accounted for about 58% of GM's total global sales, growing at close to 8% compared with Q2 2006, outpacing the industry average growth rate of 6%. In the Latin America, Africa and Middle East region, GM sales surged to 293,300 vehicles, up 20% in volume compared with 2006, which set the industry and GM record for the second quarter. Sales in Brazil were up 23% for the quarter. In the Asia/Pacific region, GM sales of 338,000 vehicles were 8% higher than the previous year's second quarter, and were a record for the quarter. GM China sales of 234,000 vehicles posted a more than 6% sales increase compared with 2006. GM remained the top-selling automaker in China. With these results, GM is on track to become the first manufacturer in China to exceed one million vehicles sold annually. GM's sales in China include sales by SAIC-GM-Wuling, in which GM owns the maximum permissible interest for a foreign company, 34%. In Europe, GM also set a quarterly sales record with deliveries of 574,000 vehicles, up 5%. Growth in Russia, up 106%, led the increase. Chevrolet achieved record European sales of 114,900 vehicles, up 34%, and is fueling GM's growth in Russia. Vauxhall sales strength in the UK helped offset significant reductions in the German market, keeping Opel/Vauxhall share in Europe at 7.4% for the first half of the year. In North America, planned reductions in daily rental sales and softness in the U.S. market due to increasing fuel prices and concerns about housing, resulted in sales of 1.2 million vehicles, a decline of 7% compared with a strong quarter the previous year. Despite a competitive market for full-size pickups, GM continues to show pickup truck segment leadership with share gains in the quarter thanks to the North America Truck of the Year Chevrolet Silverado and all-new GMC Sierra. GM's mid-car and mid-utility crossover segments also saw retail sales gains on the strength of mid-cars Saturn Aura, Pontiac G6 and Chevrolet Impala, and mid-utility crossovers GMC Acadia, Saturn Outlook and Buick Enclave. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908, GM employs about 280,000 people around the world. With global manufactures its cars and trucks in 33 countries. In 2006, nearly 9.1 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on May 28, 2007, Standard & Poor's Ratings Services placed General Motors Corp.'s corporate credit rating at B/Negative/B-3. At the same time, Moody's Investors Service affirmed GM's B3 Corporate Family Rating and B3 Probability of Default Rating, and maintained its SGL-3 Speculative Grade Liquidity Rating. The rating outlook remains negative. GRIFF WOODWORK: Hires Liquidators from Wilkins Kennedy ------------------------------------------------------ John Arthur Kirkpatrick and Keith Aleric Stevens of Wilkins Kennedy were appointed joint liquidators of Griff Woodwork Co. Ltd. on July 3 for the creditors’ voluntary winding-up proceeding. The joint liquidators can be reached at: Wilkins Kennedy 6c Church Street Reading RG1 2SB England GT GLASS: Appoints Liquidators from Tenon Recovery -------------------------------------------------- Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon Recovery were appointed joint liquidators of GT Glass Technology U.K. Ltd. on July 6 for the creditors’ voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TZ England The company can be reached at: GT Glass Technology U.K. Ltd. Unit 16 Highcroft Industrial Estate Enterprise Road Horndean Waterlooville Hampshire PO8 0BT England FEDERAL-MOGUL: Earns US$4 Mln in Second Quarter Ended June 30 ------------------------------------------------------------- Federal-Mogul Corporation reported its financial results for the three and six month periods ended June 30, 2007. Federal-Mogul reported net income of $4,000,000 for the quarter ended June 30, 2007, compared to a net loss of $17,000,000 for the second quarter of 2006. For the six months ended June 30, 2007, the company reported net income of $9,000,000, compared to a net loss of $85,000,000 for the comparable period of 2006. These results reflect an 8% increase in sales, improved gross margin and reduced selling, general and administrative expenses. Federal-Mogul reported net sales of $1,763,000,000 for the quarter ended June 30, 2007, an increase of $131,000,000, or 8%, compared to the second quarter of 2006. The most significant factors impacting sales were increased volumes of $77,000,000 and favorable foreign currency of $56,000,000. For the six- month period ended June 30, 2007, net sales increased by $248,000,000 to $3,480,000,000, of which $119,000,000 is due to increased volumes, $51,000,000 is due to the May 2006 acquisition of Federal-Mogul Goetze India and $116,000,000 is due to favorable foreign currency. These favorable impacts were partially offset by customer pricing. Gross margin for the three and six months ended June 30, 2007, increased by $18,000,000 and $41,000,000, respectively, over the comparable periods of 2006. Improvements in gross margin resulted from a combination of the October 2006 settlement of the U.K. pension plans, productivity in excess of labor and benefits inflation, increased volumes, and favorable foreign currency. These favorable impacts were partially offset by increased raw materials costs and customer pricing. Selling, general and administrative expense for the three and six months ended June 30, 2007, improved by $5,000,000 and $26,000,000, respectively, when compared to the comparable periods of 2006. Reductions in SG&A resulted from a combination of cost reduction actions in excess of labor and benefits inflation, and the settlement of the U.K. pension plans. These favorable impacts were partially offset by increased SG&A from the acquisition of FMG and adverse foreign currency. Federal-Mogul reported income before income taxes for the three- month period ended June 30, 2007, of $25,000,000, an improvement of $13,000,000 over the comparable period of 2006. For the six month period ended June 30, 2007, the company's income before income taxes improved by $88,000,000 compared to the same period of 2006, largely derived from the $67,000,000 of improvements in gross margin and selling, general and administrative expenses, and $30,000,000 in reduced impairment and restructuring charges. Management believes that Operational EBITDA most closely approximates the cash flow associated with the operational earnings of the company and uses Operational EBITDA to measure the performance of its operations. Operational EBITDA is defined to include discontinued operations and exclude impairment charges, Chapter 11 and U.K. Administration expenses, restructuring costs, income tax expense, interest expense, depreciation and amortization. The company reported Operational EBITDA for the three and six months ended June 30, 2007, of $212,000,000 and $412,000,000, respectively, representing improvements of $37,000,000 and $92,000,000, respectively, over the comparable periods of 2006. This improvement is largely due to the improvements reported within gross margin and reduced SG&A expenses. A reconciliation of Operational EBITDA to the company's earnings before income taxes for the three months ended June 30, 2007, has been provided. Combining cash provided from operating activities with cash used by investing activities, the company generated positive cash inflows of $79,000,000 for the six months ended June 30, 2007, compared with $30,000,000 for the comparable period of 2006. "Federal-Mogul remains fully committed to exiting from Chapter 11, while wholly dedicated to our strategy for sustainable global profitable growth, providing our valued customers with service excellence, quality products, leading technology and innovation at competitive cost," said chairman, president and chief executive officer Jose Maria Alapont. "The results achieved during the first half of 2007 reflect the company's commitment to consistently improve our operational performance." About Federal-Mogul Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is an automotive parts company with worldwide revenue of some $6 billion. Federal- Mogul also has operations in Mexico and the Asia Pacific Region, which includes, Malaysia, Australia, China, India, Japan, Korea, and Thailand. In Europe, the company maintains operations in Belgium, France, Germany, Poland and the United Kingdom. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. They then submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The confirmation hearing on that plan began on June 18, 2007, and is expected to conclude on Oct. 1, 2007. (Federal-Mogul Bankruptcy News, Issue No. 144; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). HOMEBUY GROUP: Management Buyout Cues Administration Exit --------------------------------------------------------- Homebuy Group plc, a leading national supplier of electrical and household goods that reached a market capitalization of more than GBP100 million before plummeting into administration, is back in business following a GBP22 million management buyout. The deal was supported by substantial investment from Endless LLP, the buyout and turnaround fund, and Landsbanki Commercial Finance. The buyout, which was arranged by corporate finance advisers Orbis Partners, means that Homebuy will recommence trading immediately, saving 400 jobs. The agreement sees the re-emergence of a substantial, profitable and growing business serving approximately 60,000 households, with a workforce of 400 people and annual turnover of GBP35 million. The Walsall headquarters is supported by a national distribution centre in Manchester and a further eight service depots around the U.K. - in Belfast, Chester Le Street, Dundee, Glasgow, Rotherham, Sevenoaks, Walsall and Wigan. Homebuy is a leading supplier of electrical products, household goods and cash loans using personal credit facilities. Customers pay home-visit collectors every four weeks from a coin meter attached to their televisions. Formed in 2003, Homebuy Group floated on the AIM market of the London Stock Exchange in April 2004, subsequently acquired Telebank and invested heavily in new channels, diversifying into retail stores. The company was considered a star performer, reaching a market valuation of more than GBP100 million. However, Administrators were appointed to Homebuy in September 2006 after a fall in cash collection combined with spiraling costs to force the company quickly into insolvency. The new management team, led by the Managing Director Phil Goad and Steven Banks, Finance Director, has developed a robust business plan focused on supporting its approximately 60,000 loyal existing customers. With the backing of Endless, the company is poised for a return to growth through providing high- quality products and loan services to the sub-prime market place. "Our investment alongside management will preserve employment and reinvigorate the business. This is the first of many investments we will deliver in the Midlands and I am delighted that it is such a significant transaction. Turnaround is a challenging market and needs the right combination of timely funding, support and expertise," Nick Leitch, Investment Director of Endless, said. "There's been significant negative press directed at the private equity industry and this deal demonstrates how a supportive and proactive equity investor can secure the future of a business and its workforce. Endless were quick to recognize the opportunity and commit considerable resource, expertise and speed to completing the deal," James Grenfell at Orbis Partners said. "The Homebuy management team and staff have collectively been working hard to maintain what we have always known to be an excellent business and deliver this deal. We were especially impressed by the ability of the Birmingham-based funders and advisers to act quickly and commercially in providing advice, support and funding. Having such expertise on the ground here in the Midlands was vital in getting the right deal and achieving success," Phil Goad said. Paul Hayward and Tom Durrant of HBJ Gateley Wareing advised Endless while Graham Muth and Mark Gibson of Cobbetts advised the management team. HOUSE OF EUROPE: Fitch Affirms BB Ratings on Class C Notes ---------------------------------------------------------- Fitch Ratings has affirmed all classes of House of Europe Funding I, Ltd. notes following a satisfactory performance review: -- EUR880 million Class A due 2015: affirmed at 'AAA' -- EUR65 million Class B due 2047: affirmed at 'AAA' -- EUR50 million Class C due 2047: affirmed at 'BBB-' -- EUR50 million Class C additional interest (interest only) due 2047: affirmed at 'BB' -- EUR5 million certificates due 2047: affirmed at 'AAA' HOE I is a collateralized debt obligation that was restructured in June 2005. HOE I's collateral pool consists primarily of European commercial mortgage-backed securities, residential mortgage-backed securities, as well as some CDOs. The transaction is managed by Collineo Asset Management GmbH (rated 'CAM 2' for structured finance CDO asset management). The transaction will exit the reinvestment period in March 2008. The affirmations reflect the portfolio's stable performance to date. As of the June 2007 trustee report, the portfolio's credit quality has slightly improved. The Weighted Average Fitch Factor is now at 0.54, little changed from 0.56 (equivalent to 'AAA'/'AA+') in July 2006. There are no underlying securities in the portfolio rated less than 'A-'. The transaction continues to pass all coverage tests; however, the transaction remains undercollateralized with very limited excess spread. The future performance of the Class C notes is dependent on the asset manager's ability to build credit enhancement through trading gains. Since the restructuring in June 2005, the manager has improved the Class C's overcollateralization ratio by 14 basis points to 99.6%. Derivative Fitch will carefully monitor this trend. The ratings on the Class A and B notes address the timely payment of interest and the ultimate repayment of principal by the stated maturity date. The rating on the Class C notes addresses the ultimate repayment of principal and the ultimate payment of interest at a rate equal to EURIBOR by the stated maturity date. The rating on the Class C additional interest addresses the ultimate payment of Class C interest at a rate equal to 1.3% per annum. The rating on the certificates addresses the ultimate repayment of principal only by the stated maturity date. HUSH RITUALS: A. Poxon Leads Liquidation Procedure -------------------------------------------------- A. Poxon of DTE Leonard Curtis was appointed liquidator of Hush Rituals Ltd. (formerly Paulela Ltd.) on July 10 for the creditors’ voluntary winding-up procedure. The liquidator can be reached at: DTE Leonard Curtis DTE House Hollins Mount Bury BL9 8AT England ISOFT GROUP: CompuGROUP Makes GBP160 Million Cash Offer ------------------------------------------------------- The boards of CompuGROUP U.K. Ltd. and iSOFT Group plc have agreed on the terms of a recommended offer, to be effected by means of a scheme of arrangement, pursuant to which CompuGROUP will acquire the entire issued and to be issued ordinary share capital of iSOFT. The Offer will be at a price of 66 pence in cash for each iSOFT Share, valuing the fully diluted share capital of iSOFT at approximately GBP160 million. The price of 66 pence in cash for each iSOFT Share represents: 1. a premium of approximately 18.9% to the implied value of the IBA Offer on July 19, 2007, being the last Business Day prior to the date of this announcement; and 2. a premium of approximately 18.4% to the closing mid-market price of 55.75 pence per iSOFT Share on Oct. 16, 2006, being the last Business Day prior to the announcement by iSOFT that it was reviewing its options with respect to the long term capital needs of its business and that it had received a number of expressions of interest. CompuGROUP is a newly-incorporated company which has been formed for the purpose of effecting the Scheme and is a wholly owned subsidiary of CompuGROUP Holding AG. The CompuGROUP Directors believe that CompuGROUP Holding is one of the leading e-health companies in Europe. Its products aim to provide efficient communication, cost-effective organization and secure documentation, as well as enhancing quality levels within healthcare and providing medical expert systems. The company's software and communication solutions support around 255,000 doctors, dentists, hospitals, associations and networks as well as other service providers across Europe. More than 50 subsidiaries in 9 countries operate under the CompuGROUP umbrella and the company employs approximately 1,500 people. CompuGROUP Holding is listed on the Frankfurt Stock Exchange and as at July 19, 2007 had a market capitalization of approximately EUR875 million. CompuGROUP will finance the Offer and repayment of iSOFT's existing bank facilities, which are repayable upon a change of control of iSOFT, and the ongoing working capital requirements of the Enlarged Group, through a combination of CompuGROUP Holding's existing cash resources and committed New Debt Facilities of GBP285,000,000. The New Debt Facilities have been arranged and underwritten by SEB AG. CompuGROUP Holding has reached agreement with Computer Sciences Corp. on a mutually satisfactory solution which will enable CSC, if the Scheme becomes effective, to take full control of certain of its obligations in respect of the National Programme for IT project whilst giving greater certainty to CompuGROUP Holding in respect of iSOFT's ongoing operations and limiting liability for iSOFT on historic and future NPfIT related issues. In addition, CSC has agreed that it will not withhold its consent to the change of control of iSOFT which will occur on the Scheme becoming effective. Following the announcement by iSOFT on July 6, 2007 that the resolutions proposed in connection with the IBA Scheme at both the Court meeting and extraordinary general meeting of iSOFT Shareholders had been passed by the requisite majorities, on July 19, 2007 the iSOFT Directors received an unsolicited definitive proposal from CompuGROUP comprising an all cash offer for the entire issued and to be issued share capital of iSOFT. In accordance with their fiduciary duties to iSOFT Shareholders, the iSOFT Directors have considered this proposal and concluded that the Offer represents better value to iSOFT Shareholders than the IBA Offer. The Offer is conditional only on approval by iSOFT Shareholders and the Court sanctioning the Scheme and confirming the Capital Reduction. The iSOFT Directors have therefore withdrawn their recommendation of the IBA Offer and intend to apply for an adjournment of the Court hearing to sanction the IBA Scheme scheduled for July 25, 2007. iSOFT has agreed that it will serve notice on IBA terminating the IBA Implementation Agreement, which will trigger an obligation on iSOFT to pay to IBA an inducement fee of GBP1,397,137. The CompuGROUP Directors believe that the combination of CompuGROUP Holding and iSOFT will create one of the world's leading healthcare software companies, with operations in over 16 countries. The increased geographic breadth and range of products will enable the combined company to leverage the respective strengths of CompuGROUP Holding and iSOFT to the expected benefit of all stakeholders. "We are delighted that iSOFT has decided to recommend our proposed offer,” Frank Gotthardt, President and CEO of CompuGROUP Holding, said. “It is a further defining moment for CompuGROUP following our recent successful public offering. CompuGROUP has developed over the last few years via both organic and acquisitory growth and the offer for iSOFT is seen as the next step in this impressive story.” "The fit between CompuGROUP and iSOFT is strong with complementary geographic footprints and significant opportunities to leverage industry know how and technical expertise across the enlarged group leading to significant value creation,” Mr. Gotthardt continued. "CompuGROUP has agreed with CSC a mutually attractive solution to service the National Programme for IT which fits into CompuGROUP's focused business model to ensure that it maintains its position as one of the world's leading healthcare software companies," Mr. Gotthardt added. "CompuGROUP's Offer represents, in the view of the board, superior value for iSOFT Shareholders compared with the offer by IBA. It underlines the fundamental value inherent in the business, and the strengthening position which the management team has brought over the last year. We therefore have no hesitation in recommending it," John Weston, chairman and acting CEO of iSOFT, said. About iSOFT Headquartered in Manchester, United Kingdom, iSOFT Group plc -- http://www.isoftplc.com/-- supplies advanced medical software applications for the healthcare sector. Its products are used by more than 8,000 organizations in 27 countries for managing patient information and driving improvements in healthcare services. In international markets, the group has a strong presence in the Asia-Pacific, including Singapore and India. * * * In June 2006, the Group disclosed a change in accounting policy, as a consequence of which it became necessary to review revenue recognition in prior years, in order to re-state some prior year revenues. Arising out of that review, a number of possible accounting irregularities came to light in which it appears that some revenues reported in 2003/04 and 2004/05 may have been recognized earlier than they should have been. On July 20, 2006, the Group engaged its auditors, Deloitte & Touche LLP, to conduct a formal initial investigation into these possible irregularities. In August 2006, it was confirmed that there were indeed matters that needed further investigation and the company handed over relevant documents to the Financial Services Authority, which is now conducting further investigations. The Group is working closely and co-operatively with the FSA in order to complete these investigations as quickly as possible. At the current time it would be inappropriate to comment on the likely outcome. On Oct. 25, 2006, the Accountancy Investigation and Discipline Board (AIDB) disclosed that it would conduct its own investigation. The AIDB investigation is a review of the conduct of those members of accountancy bodies that are regulated by the AIDB who were executive or non-executive directors of iSOFT during the relevant periods, and RSM Robson Rhodes LLP, iSOFT's auditor for the financial years ended April 30 2003, 2004 and 2005. All current executive directors of iSOFT who are members of those accountancy bodies were appointed after the dates under investigation, as was the non-executive director who is currently chairman of the audit committee. The initial investigation into possible accounting irregularities -- conducted by the Group's current auditors, Deloitte & Touche LLP, in July and August 2006 -- did not uncover evidence that any of the current non-executive directors had any knowledge of the irregularities. On the basis of information that has come to light so far, the Group does not believe that these matters will have any impact on the current or future financial position of iSOFT. Going Concern Doubt At Oct. 31, 2006, the company's board of directors recognized that there are material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern. JOY FOOK: Joint Liquidators Take Over Operations ------------------------------------------------ G. Mummery and P. Atkinson of Vantis Redhead French Ltd. were appointed joint liquidators of Joy Fook Chinese Restaurant Ltd. on July 9 for the creditors’ voluntary winding-up procedure. The joint liquidators can be reached at: Vantis Redhead French Ltd. 43-45 Butts Green Road Hornchurch Essex RM11 2JX England KORUS SERVICES: Claims Filing Period Ends August 15 --------------------------------------------------- Creditors of Korus Services Ltd. have until Aug. 15 to send their full names, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Steven Draine Joint Liquidator Moore Stephens LLP 3-5 Rickmansworth Road Watford Hertfordshire WD18 0GX England Steven Draine and David Rolph of Moore Stephens LLP were appointed joint liquidators of the company on July 6 for the creditors’ voluntary winding-up proceeding. LEVEL 3: European Markets Group Inks Network Deal with Joost ------------------------------------------------------------ The European Markets Group of Level 3 Communications Inc. has been selected by Joost(TM) to support its broadcast-quality Internet television service. Under the terms of the agreement, Level 3 will provide Joost with network solutions including high speed Internet access and colocation services in North America and Europe. "Level 3's unparalleled global infrastructure and extensive local connectivity make them a logical network partner for Joost," Fredrik de Wahl, chief strategy officer of Joost, said. "We have developed the next generation of television for viewers, content owners and advertisers on a global scale and we are confident that the Level 3 network, with its ability to scale and the quality it delivers, can support our growth well into the future." Joost provides a new way of watching TV that combines the best of full-screen television entertainment with online interactive and community tools such as channel-specific chat rooms and instant messaging. This all brings a broad selection of on- demand video content to subscribers anywhere they have a broadband connection. Joost is based on an advanced, secure, peer-to-peer streaming technology. Connecting to Level 3's global Internet Protocol (IP) backbone, one of the world's largest, enables Joost to bring its service closer to end users. "Joost offers the next generation of television viewing and advertising," Brady Rafuse, president and chief executive officer of Level 3 European Markets, said. "We look forward to supporting their current and future needs for network connectivity and continuing to enable their delivery of high- quality programming that is redefining television entertainment." Level 3 continues to invest in its network, and with one of the world's largest IP backbones, the company provides reliable, high capacity bandwidth to meet growing traffic demand from customers with rich media applications. Level 3 offers Internet connectivity in over 175 markets in addition to a comprehensive suite of network services that provide building blocks for its customers' diverse service offerings. Level 3 has the scale, performance and service portfolio to support content delivery solutions as its customers' network needs evolve. About Level 3 Headquartered in Broomfield, Colorado, Level 3 Communications Inc. (Nasdaq: LVLT) -- http://www.level3.com/-- is an international communications company. The company provides a comprehensive suite of services over its broadband fiber optic network including Internet Protocol (IP) services, broadband transport and infrastructure services, colocation services, voice services and voice over IP services. In Europe, Level 3 maintains operations in the United Kingdom, France, Germany, Ireland, France and Switzerland. * * * Level 3 Communications Inc. and wholly owned subsidiary, Level 3 Financing Inc. carry Standard & Poor's Rating Services' 'B-' corporate credit rating. The outlook is stable. The company's new US$1 billion term loan carries Moody's Investors Service's B1 rating and the company's US$1 billion fixed and floating rate notes at its Financing subsidiary carry Moody's B3 rating. It also bears Moody's Caa1 corporate family rating with a stable outlook. MAXIM ARCHITECTURAL: Taps Colin Prescott to Liquidate Assets ------------------------------------------------------------ Colin Prescott of Moore Stephens was appointed liquidator of Maxim Architectural Aluminium Ltd. on July 5 for the creditors’ voluntary winding-up proceeding. The liquidator can be reached at: Moore Stephens 1-2 Little King Street Bristol BS1 4HW England QUINTEK DISTRIBUTION: Calls In Liquidators from Grant Thornton -------------------------------------------------------------- Nigel Morrison and Trevor Patrick O’Sullivan of Grant Thornton U.K. LLP were appointed joint liquidators of Quintek Distribution Ltd. on July 11 for the creditors’ voluntary winding-up proceeding. The joint liquidators can be reached at: Grant Thornton U.K. LLP 11-13 Penhill Road Cardiff CF11 9UP Wales The company can be reached at: South Wales Distribution Centre Kenfig Industrial Estate Port Talbot SA13 2PE Wales SCOTTISH RE: Names George Zippel as President & Global CEO ---------------------------------------------------------- Scottish Re Group Limited has appointed George Zippel as President and Global Chief Executive, effective Aug. 10, 2007. He will be joining the company immediately, serving in a transition role. Mr. Zippel will be based at the company's Hamilton, Bermuda headquarters. Paul Goldean, who has been serving as President and Chief Executive Officer for the past year, will continue with Scottish Re, assuming the role of Chief Administrative Officer, effective Aug. 10. Mr. Zippel was most recently President and CEO of Genworth Financial's Protection segment, which included the company's life insurance, long-term care insurance, employee benefit, and payment protection insurance businesses. In this role, he was responsible for 4,000 employees in 17 countries, and in 2006, oversaw efforts that resulted in over US$6 billion in revenue and US$600 million in operating net income. "George has an impressive background and proven track record with broad and significant experience in the insurance industry," Jonathan Bloomer, a Scottish Re Board of Directors member noted. "He will be a tremendous asset for our future growth and we look forward to his contributions to the company." "I'm excited to be joining Scottish Re and look forward to working with the team to drive disciplined management processes that will help us satisfy client needs and meet our financial targets," Mr. Zippel commented. "The company has been through a challenging year, but has strong capabilities that we can build on for our future." Prior to joining Genworth as part of its initial public offering in May 2004, Mr. Zippel held various senior management, operations and financial roles with the General Electric Company. He joined GE Financial in 1999 as President and CEO of First Colony Life Insurance Company. A native of Westbury (Long Island), New York, Mr. Zippel holds a B.A. in Economics from Hamilton College. He was most recently a board member of the American Council of Life Insurers and served on the Boards of Directors of Centra Health, Amazement Square -- The Rightmire Children's Museum, STEP with Links, and the NAILBA Charitable Foundation. At the Scottish Re Board of Directors meeting scheduled for Aug. 1, it is expected that Mr. Zippel will also be named to the Board. About Scottish Re Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United Kingdom, United States, and Singapore. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re Capital Markets, Inc., a member of Scottish Re Group Ltd., is a registered broker dealer that specializes in securitization of life insurance assets and liabilities. * * * As reported on June 8, 2007, Fitch Ratings has upgraded Scottish Re Group Ltd.'s (NYSE: SCT) Issuer Default Rating to 'BB-' from 'B+' and the Insurer Financial Strength ratings of its primary operating subsidiaries to 'BBB-' from 'BB+'. Fitch has removed the ratings from watch positive and assigned a stable outlook. As of July 26, 2007, Scottish Re Group Ltd. carries a Ba3 Senior Unsecured Debt rating and a B2 Preferred Stock rating. Outlook is Positive. The company also carries a B+ Long-Term Local Issuer Credit rating from Standard & Poor's. SERVICEMASTER CO: Moody's Rates US$1.15 Mln Sr. Term Loan at B3 --------------------------------------------------------------- Moody's Investors Service assigned a B3 rating to the US$1.15 billion senior unsecured interim term loan (bridge facility) of The ServiceMaster Company and withdrew the B3 rating on the US$1.15 billion proposed senior unsecured note offering, which was cancelled. The proceeds from the bridge facility, along with secured financing and an equity contribution, were utilized to finance the leveraged buyout of ServiceMaster that closed on July 24, 2007. Moody's also downgraded to Caa1 from Baa3 US$585 million in aggregate principal amount of existing senior notes with maturity dates ranging from 2007 to 2038, since such notes were not redeemed at the time of the closing of the buyout. These rating actions conclude a review for possible downgrade initiated on March 19, 2007 following the announcement that the company had entered into a definitive agreement to be acquired by an investment group led by Clayton, Dubilier & Rice, Inc. The rating outlook is stable. The leveraged buyout financing package included a US$2.65 billion senior secured term loan, a US$1.15 billion bridge facility and an equity contribution of approximately US$1.43 billion. The US$2.65 billion term loan includes a US$240 million delayed draw tranche that may be used within 45 days of the closing to fund the redemption of US$179 million in senior unsecured notes due 2009, which were called for redemption on July 24, 2007, and to repay US$49 million in senior unsecured notes with a maturity date in August 2007. Moody's also affirmed the B2 Corporate Family Rating, B2 Probability of Default Rating and B1 rating on the US$3.3 billion senior secured credit facility. The credit facility consists of the US$2.65 billion senior secured term loan, a $500 million senior secured revolver and a pre-funded US$150 million synthetic letter of credit facility (downsized from US$200 million). The US$500 million revolving credit facility was undrawn and fully available at closing. The downgrade of the US$585 million of existing senior notes of ServiceMaster to Caa1, one notch below the bridge facility, reflects a lack of subsidiary guarantees which effectively subordinates such notes to the bridge facility. The US$585 million principal amount of downgraded senior notes includes US$179 million in senior unsecured notes due 2009 and US$49 million in senior unsecured notes with a maturity date in August 2007. The B2 Corporate Family Rating is constrained by weak credit metrics pro forma for the buyout, significant competition from local, regional and national competitors and potential earnings cyclicality. The ratings are supported by leading market positions and brands in large end-markets, favorable geographic and service line diversification and stable financial performance. In addition, strategic initiatives to reduce costs and improve retention rates should drive performance improvements in the intermediate term. Moody's took these rating actions with respect to The ServiceMaster Company (Old): -- Downgraded US$49 million senior unsecured notes due 2007, to Caa1(LGD6, 95%) from Baa3; -- Downgraded US$79 million senior unsecured notes due 2018, to Caa1(LGD6, 95%) from Baa3; -- Downgraded US$195 million senior unsecured notes due 2027, to Caa1(LGD6, 95%) from Baa3; -- Downgraded US$83 million senior unsecured notes due 2038, to Caa1(LGD6, 95%) from Baa3; -- Downgraded US$179 million senior unsecured notes due 2009, to Caa1(LGD6, 95%) from Baa3 (ratings expected to be withdrawn upon closing of the redemption); -- Downgraded US$300 million medium term note program, to Caa1(LGD6, 95%) from Baa3; and -- Downgraded senior unsecured shelf registration, to (P)Caa1(LGD6, 95%) from (P)Baa3. Moody's took these rating actions with respect to The ServiceMaster Company (CDRSVM Acquisition Co., Inc. merged into The ServiceMaster Company in connection with the closing of the buyout): -- Assigned US$1.15 billion senior unsecured interim term loan facility, B3 (LGD5, 73%); -- Affirmed US$2.65 billion 7 year senior secured term loan B, B1 (LGD3, 34%); -- Affirmed US$500 million 6 year senior secured revolving credit facility, B1 (LGD3, 34%); -- Affirmed US$150 million (downsized from US$200 million) 7 year senior secured synthetic letter of credit facility, B1 (LGD3, 34%); -- Affirmed Corporate Family Rating, B2; -- Affirmed Probability of Default Rating, B2; and -- Withdrew US$1.15 billion 8 year senior unsecured toggle notes, B3 (LGD5, 74%). The stable outlook anticipates moderate organic revenue growth and EBITDA improvement (excluding non-recurring charges) over the next 12-18 months. Cash flow, leverage and interest coverage are expected to remain weak for the rating category during this period. ServiceMaster Co. -- http://www.servicemaster.com/-- (NYSE:SVM) currently serves residential and commercial customers through a network of over 5,500 company-owned locations and franchised licenses. The company's brands include TruGreen, TruGreen LandCare, Terminix, American Home Shield, InStar Services Group, ServiceMaster Clean, Merry Maids, Furniture Medic, and AmeriSpec. The core services of the company include lawn care and landscape maintenance, termite and pest control, home warranties, disaster response and reconstruction, cleaning and disaster restoration, house cleaning, furniture repair, and home inspection. The company has operations in Australia, Chile, China, Dominican Republic, Hong Kong, Indonesia, Japan, and the United Kingdom, among others. SOLUTIA INC: Wants Exclusive Plan-Filing Period Extended -------------------------------------------------------- Solutia Inc. and its debtor-affiliates seek the U.S. Bankruptcy Court for the Southern District of New York's to further extend their exclusive right to file a chapter 11 Plan of Reorganization to Dec. 31, 2007. The Debtors also want their exclusive period to solicit acceptances of that plan extended to Feb. 29, 2007. The Debtors' current exclusive period to file a plan of reorganization ends on July 30, 2007, and the period of time to solicit acceptances of that plan ends on September 28, 2007. The Debtors filed their First Amended Plan and related disclosure statement, as it has been or may be amended, on May 16, 2007. The modified Plan enjoys the support of many of Solutia Inc.'s significant stakeholders, including the Official Committee of Unsecured Creditors, Official Committee of Solutia's retirees, Monsanto Company, and the Ad Hoc Committee of Trade Claims Creditors. Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York, relates that the Plan is premised on two settlements -- a settlement between Solutia and Monsanto, and a settlement between Solutia and the Retirees Committee, Monsanto and the Creditors Committee. The Settlements achieve a reallocation of legacy liabilities and are the cornerstones of Solutia's Plan, therefore, they must be approved before or in conjunction with the confirmation of Solutia's Plan. The Settlements will be heard on September 5, 2007. Solutia is revising its Disclosure Statement and drafting the necessary additional disclosures to comply with the Court's directions. In addition, Solutia is preparing for the Sept. 5, 2007 hearing on the Settlements . Solutia believes that the Settlements readily meet the standards for approval under Bankruptcy Rule 9019. Mr. Henes says that extension of the Exclusive Periods is necessary to ensure that the Debtors will not be placed in a position where it is prosecuting the Plan, but due to the termination of the Exclusive Filing Period, the confirmation process is disrupted by a recalcitrant stakeholder filing a competing plan. That situation could have a material, adverse impact on the Solutia, its operation and all parties-in- interest, he tells the Court. Solutia has acted as the honest broker throughout the Chapter 11 cases in an effort to resolve the differences among its stakeholder groups and has made significant strides towards a consensual plan, Mr. Henes relates. If, however, Solutia cannot preserve its exclusive right to prosecute the Plan, he points out that the balance that has permitted the relevant parties-in- interest to work together towards a consensual plan will be upset and further progress will be jeopardized. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide, including in Malaysia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. On Feb. 14, 2007, the Debtors filed their Reorganization Plan and Disclosure Statement explaining that plan. On May 16, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed their Second Amended Reorganization Plan. The hearing to consider the adequacy of the Debtors' Disclosure Statement began on July 10, 2007, and was continued to July 26, 2007. (Solutia Bankruptcy News, Issue No. 93; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). UNIVERSAL AERIAL: Taps Liquidators from KPMG -------------------------------------------- Myles Antony Halley and Jane Bronwen Moriarty of KPMG LLP were appointed joint liquidators of Universal Aerial Platforms Ltd. (formerly Tasteward Ltd.) on July 11 for the creditors’ voluntary winding-up proceeding. The joint liquidators can be reached at: KPMG LLP 8 Salisbury Square London EC4Y 8BB England VIRGIN MEDIA: Auction Slated for Next Month -------------------------------------------- Virgin Media Inc.(fka NTL Inc.), which has an enterprise value of GBP11 billion, is expected to be auctioned off this August, published reports say. According to The Sunday Times, indicative bids will have to be filed within the first week of next month. There have been 11 expressions of interest for Virgin Media, The Sunday Times relates. The Sunday Times says the company’s cashflow, which can service debts of GBP6 billion, makes it attractive to private equity firms. As previously reported in the TCR-Europe on July 4, 2007, Virgin Media confirmed it has received a takeover proposal but declined to divulge the identity of the offeror. The company said it has not engaged in negotiations with the offeror. Prior to the receipt of the proposal, Virgin Media's Board of Directors had initiated a review of strategic alternatives with Goldman Sachs, including a process for a possible sale of the company. The proposal will be considered as part of the review Published reports have cited Carlyle Group to have made a preliminary offer of between US$33 and US$$35 per share for the telecoms company. Virgin Media, however, declined to comment on the matter. Other bidders include Providence Equity Partners, Blackstone, Kohlberg Kravis Roberts and Apax, Nic Fildes writes for The Sunday Times. The bidders could break down into three or four consortiums. About Virgin Media Headquartered in London, England, Virgin Media Inc. (fka NTL Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides broadband, digital television, telephony, content and communications services, reaching over 50% of the U.K. homes and 85% of the U.K. businesses. Virgin Media posted GBP120.3 million in net losses against GBP1 million in revenues for the first quarter ended March 31, 2007, compared with GBP119.9 million in net losses against GBP611.4 million in revenues for the same period in 2006. At March 31, 2007, Virgin Media's balance sheet showed GBP11 billion in total assets, GBP7.9 billion in total liabilities and GBP3.1 billion in total shareholders' equity. The Company's balance sheet at March 31, 2007, showed strained liquidity with GBP988.9 million in total current assets available to pay GBP1.4 billion in total liabilities coming due within the next 12 months. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa, Moody's Investors Service confirmed its Ba3 Corporate Family Rating for Virgin Media Inc. Moody's also assigned a Ba3 Probability-of-Default Rating to the company. As reported in the TCR-Europe on March 23, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' senior secured debt rating and '1' recovery rating on Virgin Media Investment Holdings Ltd.'s GBP4.98 billion senior secured facilities. WARNER MUSIC: S&P Says BB- Rating Still Under Negative Watch ------------------------------------------------------------ Standard & Poor's Ratings Services said that its ratings for Warner Music Group, including the 'BB-' corporate credit rating, remain on CreditWatch with negative implications. The ratings have been on CreditWatch because of S&P's concern about the company's interest in EMI Group PLC. S&P still see uncertainty surrounding management's alternate strategies following WMG's statement that it will not submit a competing bid for EMI. In addition, year-over-year revenue and EBITDA decreased by roughly 2% and 8%, respectively, in the company's second fiscal quarter ended March 31, 2007. Declines in recorded music revenue and EBITDA, which reflect tough release comparisons from the previous year and continued physical sale declines, were partially offset by gains in publishing. Debt to EBITDA was roughly 5.1x, which is somewhat weak for the rating. S&P expect the company's third fiscal quarter (ended June 30, 2007) to be relatively flat, with easier release comparisons coming in the fiscal fourth quarter. About Warner Music Group Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/-- is a music company that operates through numerous international affiliates and licensees in more than 50 countries. Warner Music maintains international operations in Argentina, Australia, Brazil, Canada, Croatia, Denmark, France, Germany, Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico, Philippines, Thailand, and the United Kingdom, among others. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- July 25-28, 2007 AMERICAN BANKRUPTCY INSTITUTE 12th Annual Southeast Bankruptcy Workshop The Sanctuary, Kiawah Island, South Carolina Contact: http://www.abiworld.org/ July 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting TBA, Arizona Contact: http://www.turnaround.org/ July 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Golf Social Event Crystal Lake Golf Club, Lakeville, Minnesota Contact: 612-708-0258 or http://www.turnaround.org/ July 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Colorado Chapter Annual Golf Tournament Kings Deer Golf Club, Monument, Colorado Contact: 303-847-5026 or http://www.turnaround.org/ July 28, 2007 TURNAROUND MANAGEMENT ASSOCIATION Lake Tahoe Cruise: Getting to Know Your Nevada Associations Zephyr Cove, Lake Tahoe, Nevada Contact: 702-952-2480 or http://www.turnaround.org/ July 31, 2007 BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ July 31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Enterprise Florida: Improving Florida's Business Climate and Helping Florida Companies Market Overseas Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Aug. 2, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA-SA Board Meeting Deloitte Place, Sandton, South Africa Contact: http://www.turnaround.org/ Aug. 3, 2007 TURNAROUND MANAGEMENT ASSOCIATION Women's Spa Event Short Hills Hilton, Livingston, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Aug. 9, 2007 BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today's Legal Processes Contact: 240-629-3300; http://www.beardaudioconferences.com/ Aug. 9-11, 2007 AMERICAN BANKRUPTCY INSTITUTE 3rd Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 9, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Brown Bag Lunch Blum Shapiro & Co., West Hartford, Connecticut Contact: http://www.iwirc.org/ Aug. 10, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Olympics Sportsman's Lunch Sofitel, Brisbane, Queensland, Australia Contact: 1300 303 863 or http://www.turnaround.org/ Aug. 10, 2007 TURNAROUND MANAGEMENT ASSOCIATION Body of Knowledge - 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CTP Review Class Chicago, Illinois Contact: http://www.turnaround.org/ Sept. 18, 2007 TURNAROUND MANAGEMENT ASSOCIATION 14th Annual Connecticut Children's Medical Center Fundraiser Golf Outing Woodbridge Country Club, Woodbridge, Connecticut Contact: 203-265-2048 or http://www.turnaround.org/ Sept. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Buying and Selling Troubled Companies Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ Sept. 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Lean Transformation at Current and Other Case Studies Denver Athletic Club, Denver, Colorado Contact: http://www.turnaround.org/ Sept. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Retail Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Sept. 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Joint Educational & Networking Reception TBD, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Sept. 26-27, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Florida Annual Golf Tournament Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Sept. 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting TBA, Arizona Contact: http://www.turnaround.org/ Sept. 27-30, 2007 TURNAROUND MANAGEMENT ASSOCIATION 8th Annual Cross Border Business Restructuring & Turnaround Conference Contact: http://www.turnaround.org/ Oct. 2, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBD, Bridgewater, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Oct. 4, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Oct. 5, 2007 AMERICAN BANKRUPTCY INSTITUTE ABI/GULC "Views from the Bench" Georgetown University Law Center Washington, District of Columbia Oct. 9-10, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC Annual Fall Conference Orlando, Florida Contact: http://http://www.iwirc.org/ Oct. 10-13, 2007 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES 81st Annual National Conference of Bankruptcy Judges Contact: http://www.ncbj.org/ Oct. 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Oct. 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Winn Dixie Bankruptcy University Club, Jacksonville, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Oct. 12, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Presentation by George F. Will: The Political Argument Today Orlando, Florida Contact: http://www.ardent-services.com/ Oct. 12, 2007 AMERICAN BANKRUPTCY INSTITUTE ABI Educational Program at NCBJ Orlando World Marriott, Orlando, Florida Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 16-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place Boston, Massachussets Contact: 312-578-6900; http://www.turnaround.org/ Oct. 23, 2007 BEARD AUDIO CONFERENCES Partnerships in Bankruptcy Contact: 240-629-3300; http://www.beardaudioconferences.com/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION Capital Markets Case Study Seattle, Washington Contact: http://www.turnaround.org/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Oct. 26, 2007 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Hotel Adlon Kempinski, Berlin, Germany Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, Florida Contact: 561-882-1331; http://www.turnaround.org/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Crisis Communications With Employees, Vendors and Media Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Nov. 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Nov. 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBD, Hackensack, New Jersey Contact: 908-575-7333; http://www.turnaround.org/ Nov. 12, 2007 AMERICAN BANKRUPTCY INSTITUTE Consumer Bankruptcy Conference Marriott, Troy, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Mixer McCormick & Schmick's, Las Vegas, Nevada Contact: 702-952-2480 or http://www.turnaround.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Aloha Airlines Story Bankers Club, Miami, Florida Contact: http://www.turnaround.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Australia 4th Annual Conference and Gala Dinner Hilton, Sydney, Australia Contact: http://www.turnaround.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Dinner TBA, South Florida Contact: 561-882-1331 or http://www.turnaround.org/ Nov. 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Portland Holiday Party University Club, Portland, Oregon Contact: 206-223-5495; http://www.turnaround.org/ Nov. 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Mixer TBA, Vancouver, British Columbia Contact: 206-223-5495; http://www.turnaround.org/ Nov. 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Real Estate Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Nov. 29, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Holiday Gala Yale Club, New York, New York Contact: http://www.iwirc.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker TBD, New Jersey Contact: 908-575-7333; http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker Hilton, Sydney, Australia Contact: http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Dec. 6, 2007 TURNAROUND MANAGEMENT ASSOCIATION Seattle Holiday Party Athletic Club, Seattle, Washington Contact: 206-223-5495; http://www.turnaround.org/ Dec. 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Westin Mission Hills Resort, Rancho Mirage, California Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA & CFA Georgia Aquarium, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Dec. 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Holiday Extravaganza - TMA & CFA Georgia Aquarium, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ Dec. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331; http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, Florida Feb. 7, 2008 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Event Carnelian Room, San Francisco, California Contact: 510-346-6000 ext 226 or http://www.turnaround.org/ Mar. 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Apr. 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ July 10-13, 2008 TURNAROUND MANAGEMENT ASSOCIATION 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com; http://researcharchives.com/t/s?20fa BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency - Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers-the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Today's Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e- mail to conferences@bankrupt.com are encouraged. ********* 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 * * *