/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070730.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, July 30, 2007, Vol. 8, No. 149 Headlines A U S T R I A ASBOECK – HAIRLINES: Claims Registration Period Ends Aug. 24 D.S. KREDITVERMITTLUNG: Vienna Court Orders Business Shutdown KAIBLINGER & STEINACKER: Claims Registration Period Ends Aug. 24 MIAMI GASTRO: Claims Registration Period Ends Aug. 24 SKILIFTE UNKEN-HEUTAL: Claims Registration Period Ends Sept. 5 WIENERMATIK LLC: Claims Registration Period Ends Aug. 23 WMS METALLSYSTEME: Korneuburg Court Orders Business Shutdown B E L G I U M ARVINMERITOR INC: To Close Ontario Assembly Operations METHANEX CORP: Earns US$35.7 Million in Second Quarter 2007 F R A N C E ALCATEL-LUCENT: Forms Joint Venture with Aruba Networks DELPHI CORPORATION: IUE-CWA Intends to Terminate Contracts EUTELSAT COMMUNICATIONS: Pier Francesco Guarguaglini Joins Board G E R M A N Y BAUSCH & LOMB: Asks Advanced Medical to Revise Buyout Bid BETREUTES WOHNEN: Opens Insolvency Proceedings in Dresden EUROHOME MORTGAGES: Moody's Rates EUR6.9 Million Notes at Ba2 HEAD NV: Moody's Junks HTM Sport's Sr. Unsecured Debt Rating KDL GESELLSCHAFT: Claims Registration Period Ends Sept. 1 SPECTRUM BRANDS: Global Operations President K. Biller to Retire I C E L A N D SAKS INCORPORATED: Baugur Groups Acquires 8.08% Stake I T A L Y DANA CORP: Court Approves USW & UAW Settlement Agreements IMAX CORP: S&P Affirms Ratings & Removes CreditWatch Negative PARMALAT SPA: Parma Court Indicts Ex-CEO & 60 Others K A Z A K H S T A N AKTOBE LLP: Proof of Claim Deadline Slated for Sept. 5 ALGABAS-98 LLP: Creditors Must File Claims Sept. 7 ASIA 3579: Claims Filing Period Ends Sept. 5 ENERGY RESOURCES: Creditors' Claims Due on Sept. 7 JULDYZ LLP: Claims Registration Ends Sept. 5 KAZ ATK: Creditors Must File Claims Sept. 7 KAZKOMMERTSBANK JSC: Increases Stake in Two Pension Funds KAZPHARM LLP: Claims Filing Period Ends Sept. 7 NORD OIL: Creditors' Claims Due on Sept. 5 USPEH LTD: Claims Registration Ends Sept. 4 K Y R G Y Z S T A N COSMOS CORPORATION: Creditors Must File Claims by September 7 L U X E M B O U R G EVRAZ GROUP: Eyes 80% Stake in Highveld Unit in Coming Months N E T H E R L A N D S HEAD NV: Moody's Cuts Corporate Family Rating to B3 INVISTA BV: S&P Raises Senior Unsecured Debt Rating to BB- X5 RETAIL: Closes US$1 Billion Syndicated Loan Facility P O L A N D STOCZNIA SZCZECINSKA: Seeks Capital from Shareholders R U S S I A CENTRE OF INDUSTRIAL: Bankruptcy Hearing Slated for Oct. 16 CENTRE-OIL CJSC: Court Names B. Vasilyev as Insolvency Manager GAZAVTOREMONT OJSC: Kursk Bankruptcy Hearing Slated for Oct. 3 INTER-REGIONAL TRADING: Creditors Must File Claims by Aug. 30 KAMENSKIY DIARY: Asset Sale Slated for August 10 KAMENSKIY GRINDING: Names D. Moskovskiy as Insolvency Manager EVRAZ GROUP: Eyes 80% Stake in Highveld Unit in Coming Months MAYSKOE CJSC: Bidding Deadline Slated for Aug. 3 NOVATEK OAO: Hikes Gas Production to 4.1% in 2007 First Half NOVOTROITSKOE LLC: Court Starts Bankruptcy Supervision Procedure OIL-CAPITAL LLC: Court Names V. Boldin as Insolvency Manager OROTUKANSKOE BUILDING: Names A. Dutov as Insolvency Manager PROMNERUD OJSC: Creditors Must File Claims by Aug. 30 SHOSHINSKOE LLC: Bankruptcy Hearing Slated for Oct. 12 SUKHOBEZVODNENSKIY BAKERY: Creditors Must File Claims by Aug. 30 SYZRANSKIY FEED: Court Starts Bankruptcy Supervision Procedure TANTAL-GALVANIKA CJSC: Creditors Must File Claims by Aug. 30 TSIVILSKIY BACON: Creditors Must File Claims by Aug. 30 X5 RETAIL: Closes US$1 Billion Syndicated Loan Facility S P A I N PYME VALENCIA: Moody's Junks EUR15.3 Million Series E Notes S W I T Z E R L A N D ACCEL INSTRUMENTS: Creditors' Liquidation Claims Due August 9 EGLI IMMOBILIEN: Creditors' Liquidation Claims Due August 15 ENTSO TECH: Creditors' Liquidation Claims Due August 17 HTN BETEILIGUNG: Creditors' Liquidation Claims Due August 9 MUTESA JSC: Zug Court Starts Bankruptcy Proceedings ROLAND WALSER: Creditors' Liquidation Claims Due August 9 SOFIR JSC: Creditors' Liquidation Claims Due August 10 TYPHOON SECURITY: Creditors' Liquidation Claims Due August 8 UTM LLC: Schwyz Court Starts Bankruptcy Proceedings WILMAR JSC: Creditors' Liquidation Claims Due August 6 U K R A I N E ALFA BANK: Moody's Rates Domestic Bond Issue at Ba3/NP/Aa1.ua GRATE TRADING: Proofs of Claim Deadline Set July 31 INGUL OJSC: Proofs of Claim Deadline Set August 2 JARVIS PLC: Trading and Cost Cutting In Line With Expectations NIKA LLC: Creditors Must File Claims by August 2 QUEST LLC: Proofs of Claim Deadline Set July 31 SMARZHYNETSKOE LLC: Proofs of Claim Deadline Set July 31 SOLOMON LLC: Proofs of Claim Deadline Set August 2 SPECIAL MOTORCAR: Creditors Must File Claims by August 2 STEPANOVSKAYA LLC: Proofs of Claim Deadline Set August 2 TESKO LLC: Proofs of Claim Deadline Set July 31 TSARICHANKA CANNERY: Proofs of Claim Deadline Set August 2 U N I T E D K I N G D O M ALLIANCE BOOTS: KKR's Banks Defer GBP5.5 Bln Senior Debt Sale ALPHA PACKAGING: Taps Liquidators from BDO Stoy Hayward ARLO IV: Moody's Cuts Rating to Ba2 on EUR20 Mln Class B Notes AVOCA CLO II: S&P Lifts Rating on Class D Notes to BB+ BRYANSTON INSURANCE: Administrator Lifts Payment to 59 Percent CAIRN EURO: Fitch Rates EUR6.475 Million Class C Notes at BB- DJ ABBOTT: Brings In Liquidators from Tenon Recovery EDDIE WALTON: Appoints Michael C. Kienlen as Liquidator EIRLES TWO: S&P Raise Ratings on Series 19 CDO Notes to BB- EXPERT PRINT: Claims Filing Period Ends October 15 FORD MOTOR: Tata to Begin Due Diligence as Deripaska Joins Fray HMV GROUP: Brings In Gerry Johnson as New Executive Director I.C.P. LTD: Names Keith Aleric Stevens Liquidator SOUTHERN POULTRY: Calls In Liquidators from Baker Tilly STRAWINSKY I PLC: S&P Rates EUR10.27 Mln Class E Notes at BB+ TRADITIONAL SUITE: Nigel Price Leads Liquidation Procedure XEROX CORP: Earns US$266 Million in Quarter Ended June 30 * Tenon Group Acquires Hurst Morrison Thomson Corporate Recovery * BOND PRICING: For the Week July 23 to July 27, 2007 ********* ============= A U S T R I A ============= ASBOECK – HAIRLINES: Claims Registration Period Ends Aug. 24 ------------------------------------------------------------ Creditors owed money by LLC Asboeck – Hairlines (FN 219871s) have until Aug. 24 to file written proofs of claim to court- appointed estate administrator Stefan Weidinger at: Mag. Stefan Weidinger Dr. Koss-Strasse 3 4600 Wels Austria Tel: 07242/67354-0 Fax: 07242/67354-50 E-mail: kanzlei@holme.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:40 a.m. on Sept. 6 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Strasse 12 Wels Austria Headquartered in Wels, Austria, the Debtor declared bankruptcy on June 25 (Bankr. Case No. 20 S 80/07a). D.S. KREDITVERMITTLUNG: Vienna Court Orders Business Shutdown ------------------------------------------------------------- The Trade Court of Vienna entered June 25 an order shutting down the business of LLC D.S. Kreditvermittlung (FN 238340a). Court-appointed estate administrator Romana Weber-Wilfert 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. Romana Weber-Wilfert Esslinggasse 9 1010 Vienna Austria Tel: 533 24 55 Fax: 533 24 55-24 E-mail: office@weber-wilfert.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 12 (Bankr. Case No 5 S 62/07p). KAIBLINGER & STEINACKER: Claims Registration Period Ends Aug. 24 ---------------------------------------------------------------- Creditors owed money by LLC Kaiblinger & Steinacker Gastro (FN 266818f) have until Aug. 24 to file written proofs of claim to court-appointed estate administrator Ursula Schilchegger-Silber at: Mag. Ursula Schilchegger-Silber Ringstrasse 14 4600 Wels Austria Tel: 07242/41824 Fax: 07242/4182480 E-mail: schilchegger@welslaw.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:20 a.m. on Sept. 6 for the examination of claims. The meeting of creditors will be held at: Land Court of Wels Hall 101 First Floor Maria Theresia Strasse 12 Wels Austria Headquartered in Wels, Austria, the Debtor declared bankruptcy on June 25 (Bankr. Case No. 20 S 79/07d). MIAMI GASTRO: Claims Registration Period Ends Aug. 24 ----------------------------------------------------- Creditors owed money by LLC MIAMI Gastro (FN 281577i) have until Aug. 24 to file written proofs of claim to court-appointed estate administrator Stephan Andreas Binder at: Mag. Stephan Andreas Binder Eisenhowerstrasse 40 4600 Wels Austria Tel: 07242/47024 Fax: 07242/47167 E-mail: s.binder@kapo.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on Sept. 6 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Strasse 12 Wels Austria Headquartered in Wels, Austria, the Debtor declared bankruptcy on June 25 (Bankr. Case No. 20 S 78/07g). SKILIFTE UNKEN-HEUTAL: Claims Registration Period Ends Sept. 5 -------------------------------------------------------------- Creditors owed money by LLC Skilifte Unken-Heutal & Co KG (FN 26017k) have until Sept. 5 to file written proofs of claim to court-appointed estate administrator Wolfgang Kleibel at: Dr. Wolfgang Kleibel Erzabt-Klotz-Strasse 4 5020 Salzburg Austria Tel: 0662/84 22 81 Fax: 0662-842281-29 E-mail: wolfgang.kleibel@k-b-k.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on Sept. 19 for the examination of claims. The meeting of creditors will be held at: The Land Court of Salzburg Hall 256 Second Floor Salzburg Austria Headquartered in Unken, Austria, the Debtor declared bankruptcy on June 22 (Bankr. Case No. 44 S 21/07y). WIENERMATIK LLC: Claims Registration Period Ends Aug. 23 -------------------------------------------------------- Creditors owed money by LLC WIENERMATIK (FN 211730v) have until Aug. 23 to file written proofs of claim to court-appointed estate administrator Maria Brandstetter at: Dr. Maria Brandstetter Stephansplatz 4 Stiege VI Second Floor 1010 Vienna Austria Tel: 513 85 12 Fax: 513 85 12/20 E-mail: office@rechtsberaterin.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:45 a.m. on Sept. 6 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 25 (Bankr. Case No. 5 S 80/07k). WMS METALLSYSTEME: Korneuburg Court Orders Business Shutdown ------------------------------------------------------------ The Land Court of Korneuburg entered June 25 an order shutting down the business of LLC WMS Metallsysteme (FN 164253z). Court-appointed estate administrator Herwig Ernst 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. Herwig Ernst c/o Dr. Robert Zauchinger Hauptplatz 32 2100 Korneuburg Austria Tel: 02262/723 17 Fax: 02262/756 57 E-mail: lawoffice@mack-ernst.at zauchinger@mack-ernst.at Headquartered in Groissenbrunn, Austria, the Debtor declared bankruptcy on June 14 (Bankr. Case No 36 S 84/07f). Robert Zauchinger represents Dr. Ernst in the bankruptcy proceedings. ============= B E L G I U M ============= ARVINMERITOR INC: To Close Ontario Assembly Operations ------------------------------------------------------ ArvinMeritor Inc. would close its Commercial Vehicle Systems assembly operation in St. Thomas, Ontario, Canada by Nov. 23, 2007. The closure is part of restructuring actions in North America and Europe which the company expects to affect 13 plants and 2,800 employees, resulting in an estimated annual run rate savings of US$130-$140 million by 2012. The facility in St. Thomas employs 17 people, and serves as an assembly site of the company's drivelines. Operations based in St. Thomas will be transferred to ArvinMeritor's facility in Laurinburg, North Carolina. Employees were advised of the closure today during a meeting at the facility. ArvinMeritor will offer outplacement support and severance and benefits packages to affected employees. "Actions like these are never easy, but are necessary because of the highly competitive nature of the motor vehicle industry," Wayne Watson, general manager, Operations, North America, said. "The company must have a global manufacturing footprint that optimizes capacity, reduces costs, and creates the greatest level of customer service." "The closure of St. Thomas is in no way a reflection of our fine workforce,” Brad Ducharme, site manager at the St. Thomas facility said. Our employees are talented and highly skilled individuals who have worked hard to support our customers." About ArvinMeritor Inc. Based in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) -- http://www.arvinmeritor.com/-- supplies integrated systems, modules and components serving light vehicle, commercial truck, trailer and specialty original equipment manufacturers and certain aftermarket. ArvinMeritor employs approximately 29,000 people at more than 120 manufacturing facilities in 25 countries. These countries are: China, India, Japan, Singapore, Thailand, Australia, Venezuela, Brazil, Argentina, Belgium, Czech Republic, France, Germany, Hungary, Italy, Netherlands, Spain, Sweden, Switzerland, United Kingdom, among others. ArvinMeritor common stock is traded on the New York Stock Exchange under the ticker symbol ARM. * * * As reported in the Troubled Company Reporter on Feb. 28, 2007, Moody's Investors Service has upgraded ArvinMeritor's senior secured bank debt rating to Baa3, LGD2, 13% from Ba1, LGD2, 20% and affirmed the company's Corporate Family Rating of Ba3, Speculative Grade Liquidity rating of SGL-2, and stable outlook. METHANEX CORP: Earns US$35.7 Million in Second Quarter 2007 ----------------------------------------------------------- For the second quarter of 2007, Methanex Corp. realized revenue of US$466.4 million and net income of $35.7 million. The company had revenue of US$461 million and net income of US$83 million for the second quarter of 2006. Total sales volumes for the three months ended June 30, 2007, were 1.7 billion, down from 1.8 billion for the three months ended June 30, 2006. At June 30, 2007, the company had total assets of US$2.4 billion, total liabilities of US$1.2 billion, and total stockholders’ equity of US$1.2 billion. Liquidity and Capital Resources Cash flows from operating activities before changes in non-cash working capital in the second quarter of 2007 were US$67 million compared with US$129 million for the same period in 2006. During the second quarter of 2007, the company repurchased for cancellation a total of 3.2 million common shares at an average price of US$24.79 per share, totaling US$79 million. This includes 1.9 million common shares repurchased under a normal course issuer bid that expired May 16, 2007, and 1.3 million common shares repurchased under a new normal course issuer bid that commenced May 17, 2007. On closing of the normal course issuer bid that expired at May 16, 2007, the company had repurchased a total of 7.5 million common shares at an average price of US$23.85 per share, totaling US$179 million. On May 7, 2007, the new normal course issuer bid was approved. This bid commenced May 17, 2007, and expires May 16, 2008, and allows the company to repurchase for cancellation up to 8.7 million common shares. Also during the second quarter of 2007, the company’s Board of Directors approved a 12% increase in our regular quarterly dividend to shareholders, from US$0.125 per share to US$0.14 per share. During the second quarter of 2007, the company paid quarterly dividends of about US$14 million. In May 2007, the company reached financial close for the company’s project to construct a 1.3 million tonne per year methanol facility at Damietta on the Mediterranean Sea in Egypt. The company is developing the project through a joint venture in which it has a 60% interest. The joint venture has secured limited recourse debt of US$530 million. The company expects commercial operations from the methanol facility to begin in early 2010 and it will purchase and sell 100% of the methanol from the facility. The total estimated future costs to complete the project over the next three years, excluding financing costs and working capital, are expected to be about US$800 million. The company’s 60% share of future equity contributions, excluding financing costs and working capital, over the next three years is estimated to be about US$215 million and it expects to fund these expenditures from cash generated from operations and cash on hand. Cash balance at June 30, 2007 was US$484 million and the company has a strong balance sheet with an undrawn US$250 million credit facility. Its planned capital maintenance expenditure program directed towards major maintenance, turnarounds and catalyst changes is currently estimated to total about US$90 million for the period to the end of 2009. Bruce Aitken, president and chief executive officer of Methanex, commented, "Our average realized price in the second quarter was US$286 per tonne, similar to our Q2-2006 average realized price of US$279 per tonne. We commented at the end of the first quarter that our pre-tax earnings would be lower in the second quarter by US$35 million as a result of selling higher cost opening inventory. This fact, together with the disappointing level of production from our assets in Chile, reduced earnings below what we would regard as normal in the current positive operating environment in the methanol industry." Mr. Aitken added, "While our operational performance in Chile during the second quarter was disappointing, our production outlook for the second half of the year looks much better. As recent technical issues impacting gas supply are currently being resolved, we expect to restart our plants in Chile on a staged basis and have all four production plants operating by the fourth quarter." Mr. Aitken continued, "Industry fundamentals continue to be positive, with markets expected to remain balanced under a normal industry operating environment. As expected, under the current price environment, China reverted back to being a net importer of methanol during the second quarter. Industry pricing remains healthy, with July posted contract prices averaging approximately US$300 per tonne in all of the major regions. Overall, the global demand outlook for traditional chemical derivatives remains strong, as does the longer-term outlook for significant new methanol demand growth from emerging energy related uses including biodiesel, DME, and fuel blending." Mr. Aitken concluded, "With US$124 million in cash flow from operations generated during the second quarter, we continue to be in a very strong financial position with liquidity to meet the financial requirements related to our methanol project in Egypt, pursue opportunities to accelerate gas development in southern Chile, pursue other strategic growth initiatives, and continue to deliver on our commitment to return excess cash to shareholders." About Methanex Corp. Headquartered in Vancouver, British Columbia, Methanex Corp. -- http://www.methanex.com/-- is a publicly traded company engaged in the worldwide production and marketing of methanol. The marketing and logistics offices in Waterloo, Belgium, and Tees, United Kingdom, oversee the management and administration of all Methanex's sales and distribution operations in Europe. * * * Methanex Corp. carries Moody's Investors Service’s Ba1 long-term corporate family, senior unsecured debt, and probability-of- default ratings. The ratings outlook remains stable. =========== F R A N C E =========== ALCATEL-LUCENT: Forms Joint Venture with Aruba Networks ------------------------------------------------------- Alcatel-Lucent and Aruba Networks Inc. will establish a joint venture focused on developing next-generation wired and wireless solutions for the enterprise. Together, the two companies will drive a new phase of business- critical enterprise infrastructure for a new generation of business users. The solution will be designed to identify, authenticate, and manage users regardless of the means by which they access the network, something no other enterprise system provides today. The joint venture will focus on the design and delivery of hardware and software modules that add secure wireless LAN switching to Alcatel-Lucent’s next generation products. These modules, used in combination with Alcatel-Lucent platforms, will address the growing need for pervasive secure mobility in Enterprises of any size. Alcatel-Lucent will market and sell a best-of-class mobility solution that combines Aruba’s secure mobile technology with Alcatel-Lucent’s wired network infrastructure and communication/collaboration applications suite. The resulting platform will be designed to allow enterprises to experience the many benefits of secure mobility, including unparalleled mobile communication and collaboration user experience, without comprising the integrity of their business critical network traffic. Aruba’s user-centric networking technology securely extends enterprise networks and applications to users, regardless of their locale and independent of the network over which they communicate. By associating security policies with users, instead of ports or hardware, the policies can be enforced independently of how or where a user accesses the network. This unique follow-me security capability provides unprecedented mobility for users while ensuring that security is always enforced. "Integrating Aruba’s user-centric networking technology with Alcatel-Lucent’s next-generation of LAN switches, unified messaging and teleconferencing systems, and mobile access switches will usher in a new class of converged mobility infrastructure," said Dominic Orr, Aruba’s president and CEO. "The resulting solution will deliver best-of-class connectivity and switching, enhance the productivity of mobile users, and ensure the reliable delivery of business-critical applications within even the largest enterprises." "This venture will combine Alcatel-Lucent’s award winning infrastructure with Aruba’s strength in secure mobility solutions to create network solutions for the new business generation -— ones which are capable of meeting the needs of an ‘always on communications’ generation who want access anywhere, any time," said Tom Burns, president of Alcatel-Lucent’s Enterprise Solutions activities. "In creating a new class of infrastructure, our companies will deliver a faster, denser, business critical mobile solution that enterprises need to transform their networks for a technological competitive edge." Alcatel-Lucent was among the first major enterprise players to market a fixed mobile convergence solution that seamlessly switches between enterprise Wi-Fi networks and public mobile phone networks. The company’s comprehensive communication application suite encompasses data, voice, video, LAN, and public switched networking solutions. About Aruba Networks Based in Sunnyvale, California, Aruba Networks Inc. -- http://www.arubanetworks.com/-- provides access to enterprise data, voice and video applications across wired and wireless LAN, WAN, and carrier networks without compromising security or mobility. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As reported on April 13, 2007, Fitch Ratings affirmed Alcatel- Lucent's ratings at Issuer Default 'BB' with a Stable Outlook, senior unsecured 'BB' and Short-term 'F2' and simultaneously withdrawn them. As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. DELPHI CORPORATION: IUE-CWA Intends to Terminate Contracts ---------------------------------------------------------- The International Union of Electronic, Electrical, Salaried, Machine and Furniture Workers Division of the Communications Workers of America notified Delphi Corp. of its intent to terminate its local and national contracts with the auto parts maker in a July 18, 2007 letter. The action comes as talks over a new national agreement have dragged on concerning key issues, including job security, wages, and benefits. "Delphi has not delivered proposals that meet our members' needs," said IUE-CWA President Jim Clark. "From the start we have stated that IUE-CWA members want both their jobs and dignity intact at the end of the process. We are tired of spinning our wheels in negotiations while Delphi falls short of these basic demands." The termination notice is the first step toward a national strike by the IUE-CWA at Delphi. Under the terms of the national agreement, the notice allows the locals to strike effective 12:01 a.m. on Oct. 13, 2007. "There is still much time to change our course," said IUE-CWA Automotive Conference Board Chairman Willie Thorpe. "But we cannot sit back and be unprepared. In our estimation, given the current state of talks, a strike is a real possibility and we need to act accordingly." As part of the termination notice, IUE-CWA also revoked its permission for Delphi to continue to use temporary employees in IUE-CWA represented facilities. "The union had allowed temporary workers as a goodwill gesture as long as talks toward an acceptable contract were progressing. Hopefully with this action progress may improve," explained Mr. Clark. According to the IUE-CWA, Delphi has the option of reducing production output or hiring the workers as permanent. In most cases, the cut-off takes place in two weeks. The IUE-CWA represents more than 2,000 Delphi workers. About Delphi Corp. Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single largest global supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil, and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Mar. 31, 2007, the Debtors' balance sheet showed $11,446,000,000 in total assets and $23,851,000,000 in total debts. The Debtors' exclusive plan-filing period expires on Dec. 31, 2007. (Delphi Corporation Bankruptcy News, Issue No. 77; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). EUTELSAT COMMUNICATIONS: Pier Francesco Guarguaglini Joins Board ---------------------------------------------------------------- Pier Francesco Guarguaglini has joined Eutelsat Communications’ Board of Directors. Mr. Guarguaglini is chairman and CEO of Finmeccanica, the main Italian industrial group operating globally in the aerospace, defense and security sectors, and a world-leading group in the fields of helicopters and defense electronics. Quoted on the Milan Stock Exchange, Finmeccanica generated consolidated revenues of 12.5 billion euros in 2006 and has 58,000 employees. The decision to co-opt Mr. Guarguaglini to the Board follows the resignation of Frank Dangeard, Chairman and CEO of Thomson. The Board has also co-opted Jean-Luc Archambault, CEO of Lysios and Bertrand Mabille, chief operating Officer of SFR Entreprises as directors following the resignations of Patrick Sayer, chairman of the Executive Board of Eurazeo and Gilbert Saada, director of Investments and Executive Board member of Eurazeo. Proposed to the Board by the Caisse des Depots et Consignations, Mr. Archambault and Mr. Mabille bring over 20 years of expertise from the public sector via previous functions in ministries of the French government and from the private sector. “We are very pleased to welcome Pier Francesco Guarguaglini to our Board as a new independent director,” Giuliano Berretta, chairman and CEO of Eutelsat Communications, said. “His outstanding experience in building successful organizations and the solid track records of Jean-Luc Archambault and Bertrand Mabille bring a wealth of knowledge and expertise that will strengthen our corporate governance and complement our overall leadership team as we pursue our growth objectives.” These appointments will be submitted for ratification at the next ordinary general meeting, to be scheduled for November 2007. The mandates of Mr. Archambault and Mr. Mabille are valid to the ordinary general meeting of shareholders examining the accounts for the 2010-2011 financial year. The mandate of Mr. Guarguaglini is valid until the ordinary general meeting of shareholders examining the accounts for the 2011-2012 financial year. Eutelsat Communications’ Board comprises 10 directors, of which two are independent directors, Lord Birt and Pier Francesco Guarguaglini. About Eutelsat Headquartered in Paris, France, Eutelsat Communications (Euronext Paris: ETL) -- http://www.eutelsat.com/-- is the holding company of Eutelsat S.A. The Group is a leading satellite operator with capacity commercialized on 23 satellites providing coverage over the entire European continent, as well as the Middle East, Africa, India and significant parts of Asia and the Americas. The Group is one of the world's three leading satellite operators in terms of revenues. Its satellites are used for broadcasting nearly 1,800 TV and 900 radio stations to more than 120 million cable and satellite homes. The Group also provides TV contribution services, corporate networks, mobile positioning and communications, Internet backbone connectivity and broadband access for terrestrial, maritime and inflight applications. * * * In April 2007, in connection with the implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors, Moody's Investors Service confirmed its Ba2 Corporate Family Rating for Eutelsat Communications S.A. Moody's also assigned a Ba3 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Debt LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------ ---------- Senior Unsecured Bank Credit Facility Ba3 LGD4 55% ============= G E R M A N Y ============= BAUSCH & LOMB: Asks Advanced Medical to Revise Buyout Bid --------------------------------------------------------- William H. Waltrip, the chairman of a special committee of the Board of Directors of Bausch & Lomb Incorporated, sent a letter Tuesday asking Advanced Medical Optics to revise its offer to buy Bausch & Lomb. In July 2007, Advanced Medical proposed to acquire 100% of the outstanding shares of Bausch & Lomb in a merger in which Bausch & Lomb's shareholders would receive, per share of Bausch & Lomb stock, US$45.00 in cash and US$30.00 in AMO stock. In his letter, Mr. Waltrip noted that "without further assurances as to value and certainty of consummation and, in particular, without concrete, credible evidence that holders of a significant percentage of the outstanding AMO shares would affirmatively support the proposed acquisition of Bausch & Lomb by AMO, the Special Committee and the Board intend to revoke AMO’s designation as an excluded party under [a merger agreement with] Warburg Pincus." Mr. Waltrip also emphasized that any proposed increase in the fee that would be payable by AMO in the event the transaction did not close due to failure to obtain AMO shareholder approval should be accompanied by an opinion of counsel that such fee is legally payable in light of the known opposition of at least one significant shareholder to the proposed transaction. Bausch & Lomb is expecting additional information from AMO no later than 12:00 p.m., Eastern time, today, July 27, 2007. Warburg Pincus Deal In May 2007, Bausch & Lomb entered into a definitive merger agreement with Warburg Pincus, pursuant to which Warburg Pincus agreed to acquire 100% of the outstanding shares of Bausch & Lomb for US$65.00 per share in cash. Pursuant to the Warburg Pincus merger agreement, AMO has been designated as an "excluded party," thus permitting Bausch & Lomb, subject to certain conditions, to continue negotiating with AMO with respect to the AMO proposal despite the end of the "go shop" period, so long as AMO remains an "excluded party." FTC Approval Reuters said in a July 10, 2007 report that affiliates of Warburg Pincus have received U.S. antitrust approval to acquire Bausch & Lomb. Citing the U.S. Federal Trade Commission, Reuters said antitrust authorities completed their review of the deal without taking any action to block it. About Bausch & Lomb Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE: BOL) -- http://www.bausch.com/-- develops, manufactures, and markets eye health products, including contact lenses, contact lens care solutions, and ophthalmic surgical and pharmaceutical products. The company is organized into three geographic segments: the Americas; Europe, Middle East, and Africa; and Asia (including operations in India, Australia, China, Hong Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand). In Latin America, the company has operations in Brazil and Mexico. In Europe, the company maintains operations in Austria, Germany, the Netherlands, Spain, and the United Kingdom. * * * As reported in the Troubled Company Reporter on July 12, 2007, Standard & Poor's Ratings Services said its 'BB+' corporate credit and senior secured ratings on Bausch & Lomb Inc. remain on CreditWatch with negative implications in light of the July 5, 2007 acquisition bid by Advanced Medical Optics Inc. As reported in the Troubled Company Reporter on May 18, 2007, Moody's Investors Service stated that it will continue its review of Bausch & Lomb Incorporated's ratings for possible downgrade following the announcement that the company has entered into a definitive merger agreement with affiliates of Warburg Pincus. Ratings subject to review for possible downgrade include the company's Ba1 Corporate Family rating and Ba1 Probability of Default rating. In addition, the Warburg Pincus deal prompted Fitch to maintain its Negative Rating Watch on the company. Fitch also warned that the transaction would significantly increase leverage and likely result in a multiple-notch downgrade, including an Issuer Default Rating of no higher than 'BB-'. BETREUTES WOHNEN: Opens Insolvency Proceedings in Dresden --------------------------------------------------------- Ruediger Wienberg was appointed provisional administrator of Betreutes Wohnen in der Landeshauptstadt Dresden e.V. after the organization applied for insolvency proceedings to the District Court of Dresden on July 17, 2007. According to the Financial Times, Mr. Wienberg told Die Welt that the 400 elderly people taking shelter in Betreutes Wohnen will continue to receive care. Headquartered in Dresden, Germany, Betreutes Wohnen in der Landeshauptstadt Dresden e.V. is an organization for sheltered accommodation set up in 1994. It operates nine institutions in Dresden and Neusalza-Spremberg. The provisional administrator can be reached at: Ruediger Wienberg Wasastrasse 15 01219 Dresden Germany Web site: http://www.hww-kanzlei.de/ EUROHOME MORTGAGES: Moody's Rates EUR6.9 Million Notes at Ba2 ------------------------------------------------------------- Moody's Investors Service assigned definitive long-term credit ratings to the Notes issued by Eurohome Mortgages 2007-1 p.l.c.: -- Aaa to the EUR262,500,000 Class A Mortgage Backed Floating Rate Notes due August 2050; -- Aa2 to the EUR15,000,000 Class B Mortgage Backed Floating Rate Notes due August 2050; -- A1 to the EUR12,000,000 Class C Mortgage Backed Floating Rate Notes due August 2050; -- Baa2 to the EUR6,300,000 Class D Mortgage Backed Floating Rate Notes due August 2050; -- Ba2 to the EUR4,200,000 Class E Mortgage Backed Floating Rate Notes due August 2050; -- Ba2 to the EUR2,700,000 Class X Mortgage Backed Floating Rate Notes due August 2050. Moody's has also assigned definitive ratings to the Certificates issued by Eurohome Mortgages 2007-1 p.l.c.: -- Aaa to the Italian Mortgage Early Repayment Certificates due August 2050; -- Aaa to the German Mortgage Early Repayment Certificates due August 2050. Eurohome Mortgages 2007-1 p.l.c. is the first transaction securitizing mortgage loans originated by Deutsche Bank's newly set-up mortgage lending platforms "Sofia" in Italy and "topimmo" in Germany. About 65% of the final pool are represented by Italian mortgages loans while the remaining 35% are German mortgage loans. The two sub-pools are fully cross collateralized. Both pools have a limited average seasoning of 3 months since the origination by both lending platforms was just recently started. The servicing of the loan portfolios will be done by dedicated servicing teams embedded in the lending platforms in the two countries. The issuance proceeds from the Classes A, B, C, D and E Notes are used by the Issuer to purchase Italian and German mortgage loans. The Class X Notes fund the initial balance of the Reserve Account and a portion of the Issuer's initial expenses. The Reserve Account is funded at 0.5% of the initial pool balance and increases to the required level of 1.1% by trapping excess spread after closing of the transaction. Once the Reserve Account has reached its target level, the available excess spread will be used to be repay the Class X Notes. The Class A to E Notes will start to amortize in sequential order starting with the Class A Notes. Once the relative subordination of Class A has doubled, the Notes will switch to pro-rata amortization subject to certain performance triggers. The issuer entered into interest swap agreements in order to hedge its interest rate exposure due to the mismatch of the interest received under the securitized loans and the floating interest payments due under the Notes. HEAD NV: Moody's Junks HTM Sport's Sr. Unsecured Debt Rating ------------------------------------------------------------ Moody's Investors Service downgraded Head NV's corporate family rating to B3 from B2 and the senior unsecured rating on the notes issued by HTM Sport- und Freizeitgerate AG to Caa1/LGD4 (65%) from B3. The outlook on the ratings has been changed to negative. The rating action concludes the review initiated on the April 30, 2007. The rating downgrade reflects the expectation that company's operating performance during the current financial year is likely to remain under pressure following a poor winter June/July seasons. "The extent of the downturn in order volumes during the current year is likely to dent the company's profitability that is expected to be at breakeven at EBIT level at best for FYE 2007, adding pressure to the liquidity profile of the company," Paolo Leschiutta, lead analyst at Moody's Investors Service for Head said. "Despite the company's effort in improving operating leverage flexibility by means of increasing production in low costs countries over recent years, the downturn in the winter sport division and ongoing competition across all business segments is likely to results in credit metrics below those required for a B3 rating over the short term," the analyst added The negative outlook reflects Moody's view that the company's operating performances are likely to remain subdued beyond 2007 and Moody's concerns on the company's limited availability under Head's liquidity resources. The ratings could be further downgraded if the company's top line and profitability remains under pressure beyond 2007 due to ongoing weakening market situation or adverse weather conditions or if the company's liquidity profile had to deteriorate quickly. The ratings could also be downgraded if financial leverage measured as Debt to EBITDA had to remain above 7x over the next 12 to 18 months and EBITA interest cover below 1x. Although it is unlikely that the ratings could be upgraded over the short term, upward pressure could arise in case of restored profitability, improved liquidity and market conditions that would lead to credit metrics in line with those showed at year end 2006 with financial leverage around 5x and RCF to Net Debt in the mid teens on a sustainable basis. Ratings downgraded are as follow: -- Head NV's Corporate Family Rating downgraded to B3 from B2; -- Senior unsecured rating on the EUR135 million notes due 2014 issued by HTM Sport- und Freizeitgerate AG downgraded to Caa1 from B3. Incorporated under Dutch Law, Head N.V. is a leading global manufacturer of branded sporting goods focusing on winter, diving and racquet sports. For the financial year ended Dec. 31, 2006, the company reported consolidated revenues and EBITDA of EUR366.8 million and EUR34.1 million, respectively. It operates in Austria, Italy, Germany, France, Switzerland, the Netherlands, Spain, the United Kingdom, North America, and Asia. KDL GESELLSCHAFT: Claims Registration Period Ends Sept. 1 --------------------------------------------------------- Creditors of KDL Gesellschaft fuer kaufmannische Dienstleistungen mbH have until Sept. 1 to register their claims with court-appointed insolvency manager Harald Hess. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on Oct. 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kaiserslautern Hall 8 Bahnhofstr. 24 67655 Kaiserslautern 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. Harald Hess W.-Th.-Roemheld-Str. 14 55130 Mainz Germany Tel: 06131/2850-0 Fax: 06131/2850-28 The District Court of Kaiserslautern opened bankruptcy proceedings against KDL Gesellschaft fuer kaufmannische Dienstleistungen mbH on July 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KDL Gesellschaft fuer kaufmannische Dienstleistungen mbH Attn: Christoph J. Queling, Manager Europaallee 10 67657 Kaiserslautern Germany SPECTRUM BRANDS: Global Operations President K. Biller to Retire ---------------------------------------------------------------- Kenneth V. Biller, President of Global Operations of Spectrum Brands, Inc., disclosed his retirement from the company effective Sept. 30, 2007. Mr. Biller's responsibilities will be assumed by other members of Spectrum's senior management team. "Ken is completing a distinguished 35 year career with Spectrum Brands during which he was integral to the company's growth from a locally owned Midwestern battery manufacturer to a global, multi-brand consumer products company," Kent Hussey, Chief Executive Officer, said. "His expertise and leadership were instrumental to the successful integration of our acquisitions, and he most recently spearheaded the consolidation of Spectrum Brands' Global Operations division into our Global Batteries & Personal Care, Home & Garden and Global Pet Supplies business units. Throughout his years at the company, Ken has been a relentless advocate of quality, efficiency and superior technology, and a mentor to many of our senior managers. We wish Ken all the best in his well-earned retirement." Mr. Biller, 59, joined Rayovac Corporation in 1972 and held a series of management positions in technology and manufacturing operations. He was appointed Senior Vice President of Operations in 1998 and a year later was named Executive Vice President of Operations. In 2005 he became President of Global Operations, with responsibility for nearly 6000 employees around the globe. His many accomplishments include the integration and consolidation of technology, manufacturing and supply chain operations acquired along with VARTA AG in Germany in 2002, Remington Products LLC in 2003, Brazilian battery manufacturer Microlite S.A. and Ningbo Baowang China Battery Company in 2004, and United Industries and Tetra GmbH in 2005. Mr. Biller currently serves on the Dean's Advisory Board for the University of Wisconsin's School of Business and in recent years has served as a member of the Advisory Board for the University of Wisconsin Operations and Technology Management program. He holds a Bachelor of Science in chemical engineering and a Masters of Business Administration from the University of Wisconsin. About Spectrum Brands Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC) -- http://www.spectrumbrands.com/-- is a consumer products company and a supplier of batteries and portable lighting, lawn and garden care products, specialty pet supplies, shaving and grooming and personal care products, and household insecticides. Spectrum Brands' products are sold by the world's top 25 retailers and are available in more than one million stores in 120 countries around the world. The company has manufacturing and distribution facilities in China, Australia and New Zealand, and sales offices in Melbourne, Shanghai, and Singapore. The company's European headquarters is located in Sulzbach, Germany. * * * As reported in the Troubled Company Reporter on April 30, 2007, Fitch Ratings affirmed the ratings of Spectrum Brands Inc., including its CCC issuer default rating, its CCC- rating of the company's $700 million 7-3/8% senior subordinated note due 2015 and its CCC- rating of the company's $350 million 11.25% Variable Rate Toggle Interest pay-in-kind Senior Subordinated Note due 2013. The Outlook remains Negative. ============= I C E L A N D ============= SAKS INCORPORATED: Baugur Groups Acquires 8.08% Stake ----------------------------------------------------- Baugur Group hf. has bought a total of 11.5 million shares in Saks Incorporated, representing an 8.08% stake in the company, Tom Braithwaite and Jonathan Birchall write for The Financial Times. According to a filing with the U.S. Securities and Exchange Commission, dated July 23, 2007, Baugur purchased the shares as part of its global investment portfolio and believes them to represent a sound acquisition. Although Baugur has no current intention to seek to influence or participate in the formulation, determination or direction of the basic business decisions of Saks, it is anticipated that Baugur may from time to time seek to have discussions with management, the board of directors and other shareholders of the company. Baugur’s beneficial ownership arises through Icelandic forward contracts that it has entered into with Landsbanki. FT says Baugur paid only US$22 for each share, or about US$250 million. About Baugur Baugur -- http://www.baugurgroup.com/-- is a privately owned, international investment firm focusing on investments within retail, property and media in Iceland, the United Kingdom, Scandinavia and the United States. Since its formation in 1998 in Iceland, Baugur has continually grown its investment portfolio. About Saks Incorporated Based in Birmingham, Alabama, Saks Incorporated (NYSE: SKS) -- http://www.saksincorporated.com/-- operates Saks Fifth Avenue Enterprises, which consists of 54 Saks Fifth Avenue stores, 49 Saks Off 5th stores, and Saks.com. The company also operates 39 Parisian stores and 57 Club Libby Lu specialty stores. * * * As reported in the Troubled Company Reporter on June 1, 2007, Fitch Ratings has affirmed its Issuer Default Rating of Saks Incorporated at 'B' and its rating of the company's secured bank credit facility at 'BB/RR1'. In addition, Fitch has upgraded the company's senior unsecured notes to 'B+/RR3' from 'B/RR4'. Fitch said the Rating Outlook has been revised to Stable from Negative. ========= I T A L Y ========= DANA CORP: Court Approves USW & UAW Settlement Agreements --------------------------------------------------------- The Honorable Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York granted approval of the settlement agreements between Dana Corporation and each of the United Steel Workers and the United Auto Workers, as well as an investment agreement with Centerbridge Capital Partners, L.P., for a major investment in the company. As reported in the Troubled Company Reporter on July 9, 2007, the agreements consist of: -- A settlement agreement with each of the United Steel Workers and the United Auto Workers, which will lower Dana's labor costs and replace the company's health care and long-term disability obligations for retirees and employees represented by these unions with Voluntary Employees' Beneficiary Association trusts to which Dana will contribute in aggregate approximately US$700 million in cash, less certain benefit payments made prior to the effective date of the company's plan of reorganization, and approximately $80 million in common stock of the reorganized Dana; -- An agreement with Centerbridge Capital Partners, L.P., and its affiliates on the terms under which the firm will invest up to US$500 million in cash for convertible preferred stock in the reorganized Dana and facilitate an additional investment by other investors of up to US$250 million in convertible preferred stock; and -- A plan support agreement with the USW, the UAW, and Centerbridge, under which these parties will support a plan of reorganization filed by Dana that includes both the labor settlements and the Centerbridge investment agreement. The judge also approved a plan support agreement with the USW, the UAW, and Centerbridge, under which these parties will support a plan of reorganization filed by Dana that includes both the labor settlements and the Centerbridge investment agreement. Under terms of the investment agreement, Centerbridge will purchase up to US$500 million of convertible preferred stock of the reorganized Dana and facilitate an additional investment of up to US$250 million in convertible preferred stock. "We are pleased with the Court's approval of these agreements, which we believe preserves significant value for all of our constituents," Dana Chairman and CEO Mike Burns said. "The developments support Dana's long-term success and keep our company on the path to file our reorganization plan by the beginning of September and to emerge from bankruptcy by year end as a competitive and sustainable business." Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- (OTC Bulletin Board: DCNAQ) designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total assets and US$6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors' exclusive period to file a plan expires on Sept. 3, 2007. They have until Nov. 2, 2007, to solicit acceptances of that plan. IMAX CORP: S&P Affirms Ratings & Removes CreditWatch Negative ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings, including the 'CCC+' corporate credit rating, on IMAX Corp. and removed them from CreditWatch. The ratings were originally placed on CreditWatch with negative implications on April 2, 2007, with a revision to developing implications occurring on July 5, 2007. The rating action follows the company's filing of its SEC Form 10-Q for the first quarter of 2007 and its 2006 Form 10-K, which should put the company in compliance with its filing requirement under its bond indenture and alleviate the risk of a near-term acceleration. "The positive outlook reflects solid system signings in the first quarter and good box office performance of IMAX films this year, which could lead to new system signings," said Standard & Poor's credit analyst Tulip Lim. As of March 31, 2007, the company had US$160 million of debt. The rating reflects the modest size and uncertain long-term earnings potential of the company's niche market relative to its debt burden, weak discretionary cash flow, and limited liquidity. These concerns overshadow IMAX's position as a specialized provider of giant-screen projection, camera, and sound systems; the recurring revenue provided by the installed base of 283 IMAX theater systems; and a measure of near-term revenue visibility provided by the company's backlog of pending system installations. Headquartered jointly in New York City and Toronto, Canada, IMAX Corporation -- http://www.imax.com/-- (NASDAQ:IMAX) is one of the world's leading entertainment technology companies, with particular emphasis on film and digital imaging technologies including 3D, post-production and digital projection. IMAX is a fully-integrated, out-of-home entertainment enterprise with activities ranging from the design, leasing, marketing, maintenance, and operation of IMAX(R) theatre systems to film development, production, post-production and distribution of large-format films. IMAX also designs and manufactures cameras, projectors and consistently commits significant funding to ongoing research and development. IMAX has locations in Guatemala, India, Italy, among others. PARMALAT SPA: Parma Court Indicts Ex-CEO & 60 Others ---------------------------------------------------- The Hon. Domenico Truppa of the Parma Bankruptcy Court has indicted Parmalat S.p.A. founder and former chief executive Calisto Tanzi and around 60 others on charges of fraudulent bankruptcy in relation to the food concern’s collapse in December 2003, various reports say. Aside from Mr. Tanzi, other indicted persons are: -- Fausto Tonna, former Parmalat chief financial officer; -- Cesare Geronzi, Capitalia S.p.A. (formerly Banca di Roma) and Mediobanca S.p.A. chairman; and -- Matteo Arpe, former Capitalia chief executive. The indictments came after a two-year investigation and a preliminary hearing in 2006 involving around 90 personalities. Judge Truppa accepted 16 guilty pleas, Bloomberg News reports. The executives and consultants may face up to 15 years in prison if found guilty of the charges, the Associated Press relates. Trial commences March 14, 2008. "Considering the number of defendants, the complexity and the dimension of the case, I think we are at a good point," Mr. Laguardia, chief prosecutor for the case, told AP. Mr. Laguardia revealed to AP that more than 130 people were investigated relating to the case. The number, however, was cut by half through plea bargain agreements and expedited trial procedures. "The most interesting development from [the] hearing is that the judge said one can see clearly from reading the company's balance sheets from 1994 that the company was deteriorating," Giampiero Biancolella, Tanzi's lawyer, told Bloomberg News. "This has important implications for the responsibility of third parties." Capitalia Role The indictments against Messrs. Geronzi and Arpe and six other Capitalia executives center on a condition set by the bank for providing loan to Parmalat. Prosecutors accuse the bankers of forcing Parmalat to acquire Ciappazzi, owned by a firm close to Banca di Roma, above its market value in exchange for granting a credit line to Parmatour, the food group's bankrupt tour unit. Geronzi's lawyer, Ennio Amodio, vowed to appeal the indictment, claiming the judge had transgressed his role and went beyond issuing an indictment "by writing a conviction." Capitalia, meanwhile, reiterated its support for its chairman, saying that there is no proof that Mr. Geronzi abetted Parmalat's collapse. "Capitalia was a victim of fraud that affected the national and international banking system," the firm told Bloomberg News. Capitalia added it would seek damages against Mr. Tanzi and other Parmalat executives charged in the case. Luisa Mazzola, Mr. Arpe's lawyer, stressed that the indictment doesn't indicate guilt. "Mr. Arpe's role will certainly be re-examined, considering he opposed the financing," Mr. Mazzola said. According to the Financial Times, a credit committee meeting chaired by Mr. Arpe refused to provide the loan, but approved it later at a meeting held in his absence. EUR40 Million Damages Judge Truppa also awarded EUR40 million in provisional compensation for "moral damage" suffered by bondholders in Parmalat's bankruptcy. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed or bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. =================== K A Z A K H S T A N =================== AKTOBE LLP: Proof of Claim Deadline Slated for Sept. 5 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Aktube has declared LLP Trade Firm Aktobe insolvent. Creditors have until Sept. 5 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 ALGABAS-98 LLP: Creditors Must File Claims Sept. 7 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl has declared LLP Algabas-98 insolvent on May 28. Creditors have until Sept. 7 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Jambyl Pushkin Str. 76 Lugovaya Station Jambyl Kazakhstan ASIA 3579: Claims Filing Period Ends Sept. 5 -------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Company Asia 3579 insolvent. Creditors have until Sept. 5 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 ENERGY RESOURCES: Creditors' Claims Due on Sept. 7 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Energy Resources insolvent on June 14. Creditors have until Sept. 7 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Melnikaite Str. 7/1 Almaty Kazakhstan Tel: 8 (3272) 29-52-83 8 700 453 17-85 JULDYZ LLP: Claims Registration Ends Sept. 5 -------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Juldyz insolvent on May 7. Creditors have until Sept. 5 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 27, 67-7 Aktau Mangistau Kazakhstan Tel: 8 (3292) 41-00-42 8 (3292) 41-58-26 8 701 537 15-58 KAZ ATK: Creditors Must File Claims Sept. 7 ------------------------------------------- Branch of JSC Kaz Atk After Tynyshbayev (West Kazakhstan Colledge) has declared insolvency. Creditors have until Sept. 7 to submit written proofs of claims to: Branch of JSC Kaz Atk After Tynyshbayev West Kazakhstan Colledge Smagulov Str. 5v Aktobe Aktube Kazakhstan KAZKOMMERTSBANK JSC: Increases Stake in Two Pension Funds --------------------------------------------------------- JSC Kazkommertsbank has increased its stake in the share capital of the Accumulative Pension Fund Ular Umit and CB Moskommertsbank. On July 24, 2007, Kazkommertsbank completed the acquisition of a 52.11% stake in the share capital of CB Moskommertsbank. The shares were acquired from Moskommertsbank's shareholders. On July 17, 2007, Kazkommertsbank acquired 327 ordinary shares of the JSC Accumulative Pension Fund Ular Umit, representing 8.175% of total voting shares. As a result, Kazkommertsbank's stake in the share capital of the Fund has increased from 41.175% to 49.35%. "We are delighted to announce our increased holdings in Ular Umit and CB Moskommertsbank," Alexander Barsukov, managing director, said. These two transactions reflect our strategy for growth in financial services markets through affiliates and subsidiaries." Ular Umyt Pension Fund is one of the largest funds in Kazakhstan, with a market share of 18% of the total pension assets. As of 1 July 2007, the size of the pension assets of the fund was KZT178.6 billion with a client base of more than 1.3 million. The accrued investment profit of the fund as at July 1, 2007 exceeded KZT49.5 billion. In addition to Kazkommertsbank, the Fund's other shareholders include Vneshinvest Company Ltd., Terminal Ltd. Investment management of the Fund is carried out by JSC OCOPAIM Zhetysu. CB Moskommertsbank was established in 1991 and has been a strategic partner of JSC Kazkommertsbank in Russia. Since 2003 the bank adheres to MSFO accounting standards. In June 2005, Moskommertsbank successfully entered the deposit insurance system. With a credit portfolio of US$1 billion, the Bank is ranked third in the mortgage market in Russia, ahead of some of the leading mortgage banks. Assets of Moskommertsbank as of July 1, 2007 were US$1.8 billion, with a credit portfolio of US$ 1.46 billion (corporate: US$0.34 billion, retail: US$1.13 billion). The Bank has six offices in Moscow and three in St. Petersburg, with branches in Volgograd, Kaliningrad, Novosibirsk and Chelyabinsk. About Kazkommertsbank Kazkommertsbank –- http://www.kazkommertsbank.com/-- accepts deposits and provides loans and credit facilities in Tenge and foreign currencies. The Bank is also a major participant in the securities market and the foreign currency market in Kazakhstan. Kazkommertsbank has subsidiaries in Kyrgyzstan and Russia, it is the majority shareholder in the Grantum pension fund, Kazkommerts-Policy and Kazkommerts-Life companies, as well as the Kazkommerts-Securities investment company. * * * As reported in the TCR-Europe on June 26, 2007, Moody's Investors Service downgraded these ratings of Kazkommertsbank of Kazakhstan: -- senior unsecured debt in foreign currency to Baa2/P-2 from Baa1/P-2; -- foreign currency backed subordinated debt to Baa3 from Baa2; and -- foreign currency backed junior subordinated debt to Ba1 from Baa3. KKB's bank financial strength rating is affirmed at D, while the outlook on the BFSR and on all debt ratings is changed to negative. Moody's has also affirmed KKB's foreign currency deposit ratings at Ba1/NP with a stable outlook. In February 2007, Fitch Ratings affirmed Kazakhstan-based Kazkommertsbank's ratings at foreign currency Issuer Default 'BB+', Short-term foreign currency 'B', local currency Issuer Default 'BBB-', Short-term local currency 'F3', Individual 'C/D' and Support '3'. Fitch said The Outlook on the foreign currency Issuer Default rating remains Positive and that on the local currency IDR Stable. KAZPHARM LLP: Claims Filing Period Ends Sept. 7 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Kazpharm insolvent on June 15. Creditors have until Sept. 7 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Melnikaite Str. 7/1 Almaty Kazakhstan Tel: 8 (3272) 29-52-83 8 700 453 17-85 NORD OIL: Creditors' Claims Due on Sept. 5 ------------------------------------------ The Specialized Inter-Regional Economic Court of Akmola has declared LLP Trans Nord Oil insolvent on June 13. Creditors have until Sept. 5 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-79-32 USPEH LTD: Claims Registration Ends Sept. 4 ------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Uspeh Ltd 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 =================== K Y R G Y Z S T A N =================== COSMOS CORPORATION: Creditors Must File Claims by September 7 ------------------------------------------------------------- CJSC Cosmos Corporation has declared insolvency. Creditors have until Sept. 7 to submit written proofs of claim to: CJSC Cosmos Corporation Tretya Liniya Str. 25/1 Bishkek Kyrgyzstan =================== L U X E M B O U R G =================== EVRAZ GROUP: Eyes 80% Stake in Highveld Unit in Coming Months ------------------------------------------------------------- Evraz Group S.A. may hike its stake in Highveld Steel & Vanadium Ltd. to around 80% percent these coming months, Carli Lourens writes for Bloomberg News. Evraz CEO Alexander Frolov said the company may exercise an option to buy Credit Suisse's 24.9% stake in Highveld. The company holds a 54.2% stake in the South African group. As reported in the TCR-Europe on July 19, 2007, Highveld's board of directors has recommended that shareholders accept an improved buyout offer from Evraz. Evraz has increased its buyout offer to Highveld shareholders by 15% from ZAR82.99 per share to ZAR93 per share. The company also extended the offer until 5:00 p.m. South African time on Aug. 6, 2007. "We're making significant progress [with the offer]," Mr. Frolov was quoted by Bloomberg News as saying. "This is absolutely the final offer." "The likelihood of getting over 80% is fairly high," Chief Financial Officer Pavel Tatyanin said. "The possibility of delisting is on the cards." Highveld Plans Mr. Tatyanin revealed that Evraz might review Highveld's dividend policy and change its "random" capital-expenditure program. "On both sides there are question marks over sustainability of earnings," Mr. Frolov said. "Our impression is that steelmaking is in quite questionable conditions." Mr. Frolov said Highveld is small, complex and in need of "substantial investment," adding that the unit's spending might be increased to expand its operations. 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. * * * As reported in the TCR-Europe on July 23, 2007, Fitch Ratings affirmed Evraz Group S.A.'s Long-term Issuer Default and senior unsecured ratings at 'BB' and its Short-term IDR at 'B'. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd., a 100%-owned subsidiary of Evraz that controls the group's Russia-based assets, at Long-term IDR 'BB' and Short- term IDR 'B'. Evraz Securities S.A.'s senior unsecured rating is affirmed at 'BB'. The Outlooks on the Long-term IDRs are Stable. Evraz Group also carries a Ba3 Corporate Family Rating for Evraz Group S.A. and a Ba3 Probability-of-Default Rating from Moody's Investor Service. 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. Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+. ===================== N E T H E R L A N D S ===================== HEAD NV: Moody's Cuts Corporate Family Rating to B3 --------------------------------------------------- Moody's Investors Service downgraded Head NV's corporate family rating to B3 from B2 and the senior unsecured rating on the notes issued by HTM Sport- und Freizeitgerate AG to Caa1/LGD4 (65%) from B3. The outlook on the ratings has been changed to negative. The rating action concludes the review initiated on the April 30, 2007. The rating downgrade reflects the expectation that company's operating performance during the current financial year is likely to remain under pressure following a poor winter June/July seasons. "The extent of the downturn in order volumes during the current year is likely to dent the company's profitability that is expected to be at breakeven at EBIT level at best for FYE 2007, adding pressure to the liquidity profile of the company," Paolo Leschiutta, lead analyst at Moody's Investors Service for Head said. "Despite the company's effort in improving operating leverage flexibility by means of increasing production in low costs countries over recent years, the downturn in the winter sport division and ongoing competition across all business segments is likely to results in credit metrics below those required for a B3 rating over the short term," the analyst added The negative outlook reflects Moody's view that the company's operating performances are likely to remain subdued beyond 2007 and Moody's concerns on the company's limited availability under Head's liquidity resources. The ratings could be further downgraded if the company's top line and profitability remains under pressure beyond 2007 due to ongoing weakening market situation or adverse weather conditions or if the company's liquidity profile had to deteriorate quickly. The ratings could also be downgraded if financial leverage measured as Debt to EBITDA had to remain above 7x over the next 12 to 18 months and EBITA interest cover below 1x. Although it is unlikely that the ratings could be upgraded over the short term, upward pressure could arise in case of restored profitability, improved liquidity and market conditions that would lead to credit metrics in line with those showed at year end 2006 with financial leverage around 5x and RCF to Net Debt in the mid teens on a sustainable basis. Ratings downgraded are as follow: -- Head NV's Corporate Family Rating downgraded to B3 from B2; -- Senior unsecured rating on the EUR135 million notes due 2014 issued by HTM Sport- und Freizeitgerate AG downgraded to Caa1 from B3. Incorporated under Dutch Law, Head N.V. is a leading global manufacturer of branded sporting goods focusing on winter, diving and racquet sports. For the financial year ended Dec. 31, 2006, the company reported consolidated revenues and EBITDA of EUR366.8 million and EUR34.1 million, respectively. It operates in Austria, Italy, Germany, France, Switzerland, the Netherlands, Spain, the United Kingdom, North America, and Asia. INVISTA BV: S&P Raises Senior Unsecured Debt Rating to BB- ---------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Invista B.V. to positive from stable and raised its senior unsecured debt rating on the company to 'BB-' from 'B+'. At the same time, S&P affirmed our 'BB' corporate credit rating, 'BBB-' senior secured bank loan rating and '1' recovery rating. "The outlook revision reflects the ongoing strength of Invista's global fibers and chemical intermediates franchise, successful and very significant cost reduction since the 2004 acquisition of the former DuPont Textiles & Interiors business of E.I. DuPont de Nemours & Co., and financial policies that could support a slightly higher rating," said Standard & Poor's credit analyst Cynthia Werneth. Ms. Werneth added, "The one-notch upgrade of the senior unsecured debt to one notch below the corporate credit rating was warranted because the ratio of priority liabilities to adjusted total debt has improved and is expected to remain at a level consistent with the revised senior unsecured ratings." At March 31, 2007, total debt was about US$3.1 billion, adjusted to include capitalized operating leases, asset retirement obligations, and unfunded postretirement obligations totaling roughly US$500 million. "We believe INVISTA's solid business risk profile could support a slightly higher rating if financial policies remain unchanged," Ms. Werneth said. "Therefore, S&P could raise the ratings by one notch during the next few quarters if overall earnings remain relatively stable in the face of weakness in the polyethylene terephthalate packaging resins and U.S. housing markets and still-volatile raw material costs, if management maintains its disciplined approach to growth, and if debt leverage does not increase materially. On the contrary, S&P could revise the outlook to stable or negative or lower the ratings in the event of greater-than-expected earnings volatility or unforeseen business challenges; a large, debt- financed acquisition; or unexpectedly large shareholder rewards." X5 RETAIL: Closes US$1 Billion Syndicated Loan Facility ------------------------------------------------------- X5 Retail Group N.V. has successfully closed its latest loan facility with a further six financial institutions joining the transaction as Mandated Lead Arrangers. The facility is for US$1 billion with a final maturity of one year. The initial mandated lead arrangers and bookrunners of the facility are Goldman Sachs International and Citigroup Global Markets Limited, each participating in the facility post syndication. The facility was oversubscribed in senior syndication and the general syndication was cancelled. The loan will pay a margin of 0.75% over LIBOR, significantly lower than previous facilities. The new loan will be used entirely to refinance existing debt. The new participants in the facility are: -- ABN Amro N.V. -- BNP Paribas -- Commerzbank Aktiengesellschaft -- ING -- Raiffeisen Zentralbank Oesterreich AG -- WestLB AG About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. (fka Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.x5.ru/en/ -- operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As reported in the TCR-Europe on July 19, 2007, Moody's Investors Service changed the outlook on the B1 corporate family rating of X5 Retail Group N.V. to positive from stable. At the same time, Standard & Poor's Ratings Services revised its outlook on X5 Retail Group N.V., owner of Russia's largest grocery retail network, and its subsidiaries to stable from negative, reflecting expectations that X5's financial performance will continue to improve. At the same time, the 'BB-' long-term corporate credit rating was affirmed. Standard & Poor's also assigned its 'BB-' long-term corporate credit and 'ruAA-' Russia national scale ratings to financing vehicle X5 Finance LLC and its upcoming RUR9 billion (US$350 million) senior unsecured bonds. =========== P O L A N D =========== STOCZNIA SZCZECINSKA: Seeks Capital from Shareholders ----------------------------------------------------- Stocznia Szczecinska Nowa Ltd. sought capital from its shareholders -- the Industrial Development Agency (ARP) and Korporacja Polskie Stocznie (KPS), an entity created by ARP to support Polish shipyards, Polish News Bulletin reports. According to the report, when the trade unions threatened to go on strike, ARP raised SSN's capital to PLN100-200 million on conditions that the company's management provide a modified restructuring blueprint and reviews its contracts. SSN borrowed PLN34 million from ARP but was turned down. ARP offered to buy assets from KPS and pass them to the shipyard. The offer is subject to Treasury Ministry and EC approval, Polish News relates. About Stocznia Szczecinska Headquartered in Szczecin, Poland, Stocznia Szczecinska Nowa Ltd. -- http://www.ssn.pl/-- is one of the leading Polish and European shipyards. In 1999 there was a major downturn in the world economic situation -- as a result of which there was a substantial reduction of new ship orders, as well as a sharp price decline. The financial situation of the Szczecin shipyard was also aggravated by several years of high exchange rate between the Polish zloty and US dollar. All these factors eventually led to the company's insolvency. The State Agency of Industrial Development took over from Stocznia Szczecinska Porta Holding S.A. and on July 17, 2002, the company started operating under the name of Stocznia Szczecinska Nowa Ltd. =========== R U S S I A =========== CENTRE OF INDUSTRIAL: Bankruptcy Hearing Slated for Oct. 16 ----------------------------------------------------------- The Arbitration Court of Saratov will convene at 10:05 a.m. on Oct. 16 to hear the bankruptcy supervision procedure on CJSC Centre of Industrial Technologies. The case is docketed under Case No. A-57-4607/07-31. The Temporary Insolvency Manager is: A. Vasilyev Apartment 1b Volskaya Str. 11a 410028 Saratov Russia The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: CJSC Centre of Industrial Technologies Vishnevaya Str. 26 Saratov Russia CENTRE-OIL CJSC: Court Names B. Vasilyev as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Sakha-Yakutiya appointed B. Vasilyev as Insolvency Manager for CJSC Centre-Oil. He can be reached at: B. Vasilyev Post User Box 75 Yakutsk 677027 Sakha-Yakutiya Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A58-8867/06. The Court is located at: The Arbitration Court of Sakha-Yakutiya Kurashova Str. 28 677000 Sakha-Yakutiya Russia The Debtor can be reached at: B. Vasilyev Post User Box 75 Yakutsk 677027 Sakha-Yakutiya Russia GAZAVTOREMONT OJSC: Kursk Bankruptcy Hearing Slated for Oct. 3 -------------------------------------------------------------- The Arbitration Court of Kursk will convene on Oct. 3 to hear the bankruptcy supervision procedure on OJSC Gazavtoremont. The case is docketed under Case No. A35-2270/07 g. The Temporary Insolvency Manager is: D. Pakhtusov Seregina Str. 20 305018 Kursk Russia The Court is located at: The Arbitration Court of Kursk K. Marksa Str. 25 305004 Kursk Russia The Debtor can be reached at: OJSC Gazavtoremont Lenina Str. 104 Oboyan Oboyanskiy 306230 Kursk Russia INTER-REGIONAL TRADING: Creditors Must File Claims by Aug. 30 ------------------------------------------------------------- Creditors of CJSC Inter-Regional Trading Company have until Aug. 30 to submit proofs of claim to: A. Astakhov Insolvency Manager Post User Box 12676 660021 Krasnoyarsk Russia The Arbitration Court of Krasnoyarsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-5313/2007g. The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Russia The Debtor can be reached at: CJSC Inter-Regional Trading Company Sovetskaya Str. 2 Tura Evenkijskij 648000 Krasnoyarsk Russia KAMENSKIY DIARY: Asset Sale Slated for August 10 ------------------------------------------------ A. Reuk, the insolvency manager and bidding organizer for OJSC Kamenskiy Diary, will open a public auction for the company's properties at noon on Aug. 10 at: A. Reuk Mosvkoskaya Str. 68 Rostov-na-Donu Russia Interested participants have until Aug. 7 to deposit an amount equivalent to 20% of the starting price to: OJSC KAMENSKIY DIARY Settlement Account 40702810352000104405 Correspondent Account 301018 BIK 046015602 Yugo-Zapadnij Bank of Sberbank RF Bidding documents must be submitted to: A. Reuk Mosvkoskaya Str. 68 Rostov-na-Donu Russia The Debtor can be reached at: OJSC Kamenskiy Diary Astakhovskiy Per. 89 Kamensk-Shakhtuinskiy Rostov Russia KAMENSKIY GRINDING: Names D. Moskovskiy as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Saratov appointed D. Moskovskiy as Insolvency Manager for OJSC Kamenskiy Grinding-Sorting Factory. He can be reached at: D. Moskovskiy Post User Box 478 410031 Saratov-31 Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A57-107b/06-32. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: D. Moskovskiy Post User Box 478 410031 Saratov-31 Russia EVRAZ GROUP: Eyes 80% Stake in Highveld Unit in Coming Months ------------------------------------------------------------- Evraz Group S.A. may hike its stake in Highveld Steel & Vanadium Ltd. to around 80% percent these coming months, Carli Lourens writes for Bloomberg News. Evraz CEO Alexander Frolov said the company may exercise an option to buy Credit Suisse's 24.9% stake in Highveld. The company holds a 54.2% stake in the South African group. As reported in the TCR-Europe on July 19, 2007, Highveld's board of directors has recommended that shareholders accept an improved buyout offer from Evraz. Evraz has increased its buyout offer to Highveld shareholders by 15% from ZAR82.99 per share to ZAR93 per share. The company also extended the offer until 5:00 p.m. South African time on Aug. 6, 2007. "We're making significant progress [with the offer]," Mr. Frolov was quoted by Bloomberg News as saying. "This is absolutely the final offer." "The likelihood of getting over 80% is fairly high," Chief Financial Officer Pavel Tatyanin said. "The possibility of delisting is on the cards." Highveld Plans Mr. Tatyanin revealed that Evraz might review Highveld's dividend policy and change its "random" capital-expenditure program. "On both sides there are question marks over sustainability of earnings," Mr. Frolov said. "Our impression is that steelmaking is in quite questionable conditions." Mr. Frolov said Highveld is small, complex and in need of "substantial investment," adding that the unit's spending might be increased to expand its operations. 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. * * * As reported in the TCR-Europe on July 23, 2007, Fitch Ratings affirmed Evraz Group S.A.'s Long-term Issuer Default and senior unsecured ratings at 'BB' and its Short-term IDR at 'B'. At the same time, Fitch has affirmed the ratings of Mastercroft Ltd., a 100%-owned subsidiary of Evraz that controls the group's Russia-based assets, at Long-term IDR 'BB' and Short- term IDR 'B'. Evraz Securities S.A.'s senior unsecured rating is affirmed at 'BB'. The Outlooks on the Long-term IDRs are Stable. Evraz Group also carries a Ba3 Corporate Family Rating for Evraz Group S.A. and a Ba3 Probability-of-Default Rating from Moody's Investor Service. 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. Standard & Poor's rated Evraz Group's 8-1/4% notes due November 2015 at B+. MAYSKOE CJSC: Bidding Deadline Slated for Aug. 3 ------------------------------------------------ A. Kornienko, the insolvency manager and bidding organizer for CJSC Mayskoe, will set to a repeated auction for the company's properties at 1:00 p.m. on Aug. 7 at: CJSC Mayskoe Tsentralnaya Str. 10 Mayskoe Pestravskiy 446178 Samara Russia Interested participants have until Aug. 3 to deposit an amount equivalent to 10% of the starting price to: A. Mitusov Personal Account 42307810754191701108 Correspondent Account 30101810200000000607 BIK 043601607 TIN 7707083893 Povolzhskiy Bank SB Bolsheglushitskiy Branch 4249 Bidding documents must be submitted to: A. Kornienko Tsentralnaya Str. 10 Mayskoe Pestravskiy 446178 Samara Russia The Debtor can be reached at: CJSC Mayskoe Tsentralnaya Str. 10 Mayskoe Pestravskiy 446178 Samara Russia NOVATEK OAO: Hikes Gas Production to 4.1% in 2007 First Half ------------------------------------------------------------ OAO Novatek reported preliminary production data for the second quarter and first half 2007. Gross production for the second quarter totaled 7.29 billion cubic meters of natural gas and 593,000 tons of liquids (gas condensate and crude oil). Gross natural gas production increased by 230 million cubic meters, or by 3.3%, and gross liquids production decreased by 40 thousand tons, or by 6.3%, as compared with the corresponding gross production in the second quarter 2006. In the first half 2007, gross production for Novatek totaled 14.90 billion cubic meters of natural gas and 1.21 million tons of liquids. Natural gas production increased by 580 million cubic meters, or by 4.1%, whereas gross liquids production decreased by 59 thousand tons, or by (4.6%) as compared with the corresponding gross production in the first half 2006. Total gross liquids production in the 2007 periods was in line with Company forecasts and takes into account the natural decline in the concentration of gas condensate, due to decreasing reservoir pressure at the current gas condensate producing horizons, at the East-Tarkosalinskoye and Khnacheyskoye fields and the temporary production stoppage in June 2007 due to planned maintenance and repair work at these fields. In the second quarter and first half 2007, Novatek processed 500 and 1,020 thousand tons, respectively, of unstable gas condensate at the Purovsky Gas Condensate Processing Plant. About Novatek Headquartered in Tarko-Sale, Russia, OAO Novatek – http://www.novatek.ru/-- -- engages in the exploration, production and processing of natural gas and liquid hydrocarbons. The Company's upstream activities are concentrated in the prolific Yamal-Nenets Region in Western Siberia. * * * As of July 28, 2007, OAO Novatek carries Ba2 Corporate Family Probability-of-Default ratings. The company also carries BB- long-term foreign and local issuer credit ratings with a stable outlook from Standard & Poor's. NOVOTROITSKOE LLC: Court Starts Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Arbitration Court of Amur commenced bankruptcy supervision procedure on LLC Novotroitskoe (TIN 2817004084, KPP 281701001). The case is docketed under Case No. A04-3372/07-6/173 B. The Temporary Insolvency Manager is: A. Dovlatbekov Room 202 Svyatitlya Innokentiya Per. 13 675000 Amur Russia The Debtor can be reached at: LLC Novotroitskoe Sovetskaya Str., 55 Novotroitskoe Konstantinovskiy Amur Russia OIL-CAPITAL LLC: Court Names V. Boldin as Insolvency Manager ------------------------------------------------------------ The Arbitration Court of Khabarovsk appointed V. Boldin as Insolvency Manager for LLC Oil-Capital (TIN 2721111511). He can be reached at: V. Boldin Post User Box 101/5 680023 Khabarovsk-23 Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A73-4805/3007-9 B. The Debtor can be reached at: LLC Oil-Capital Gogolya Str. 27 680030 Khabarovsk Russia OROTUKANSKOE BUILDING: Names A. Dutov as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Magadan appointed A. Dutov as Insolvency Manager for OJSC Orotukanskoe Building-Assembly Enterprise (TIN 4908000933). He can be reached at: A. Dutov Post User Box 95 Proletarskaya Str., 10 685000 Magadan Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A37-718/07-12B. The Debtor can be reached at: OJSC Orotukanskoe Building-Assembly Enterprise Pervomayskaya Str. 4 Orotukan Yagodninskiy 686210 Magadan Russia PROMNERUD OJSC: Creditors Must File Claims by Aug. 30 ----------------------------------------------------- Creditors of OJSC Promnerud have until Aug. 30 to submit proofs of claim to: M. Baymurzaev Insolvency Manager Kizilyurt Dagestan Russia The Arbitration Court of Dagestan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A15-1069/2006. The Debtor can be reached at: OJSC Promnerud Kizilyurt Dagestan Russia SHOSHINSKOE LLC: Bankruptcy Hearing Slated for Oct. 12 ------------------------------------------------------ The Arbitration Court of Krasnoyarsk will convene on Oct. 12 to hear the bankruptcy supervision procedure on LLC Shoshinskoe (TIN 2455019591, OGRN 1022401540920). The case is docketed under Case No. A33-5496/2007. The Temporary Insolvency Manager is: A. Astakhov Post User Box 12676 660021 Krasnoyarsk Russia The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Russia The Debtor can be reached at: LLC Shoshinskoe Shoshino Minusinskij Krasnoyarsk Russia SUKHOBEZVODNENSKIY BAKERY: Creditors Must File Claims by Aug. 30 ---------------------------------------------------------------- Creditors of LLC Sukhobezvodnenskiy Bakery (TIN 5228007669) have until Aug. 30 to submit proofs of claim to: N. Rykova Insolvency Manager Chkalova Str., 9v-19 603002 Nizhniy Novgorod Russia The Arbitration Court of Nizhniy Novgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A43-35304/2006-36-1114. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: LLC Sukhobezvodnenskiy Bakery Sovetskaya Str. Sukhobezvodnoe Semenovskiy Nizhniy Novgorod Russia SYZRANSKIY FEED: Court Starts Bankruptcy Supervision Procedure -------------------------------------------------------------- The Arbitration Court of Samara commenced bankruptcy supervision procedure on OJSC Syzranskiy Feed Mill (TIN 6325003083). The case is docketed under Case No. A55-4252/2007. The Temporary Insolvency Manager is: E. Dulnev Office 209 Demokraticheskaya Str. 8 443031 Samara Russia The Debtor can be reached at: OJSC Syzranskiy Feed Mill Samara Russia TANTAL-GALVANIKA CJSC: Creditors Must File Claims by Aug. 30 ------------------------------------------------------------ Creditors of CJSC Tantal-Galvanika have until Aug. 30 to submit proofs of claim to: A. Elgaev Insolvency Manager Office 302 Chernyshevskogo Str. 94 B 410056 Saratov Russia The Arbitration Court of Saratov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-57-13345/06-31. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: CJSC Tantal-Galvanika 50 Let Oktyabrya Pr. 110 A 410040 Saratov Russia TSIVILSKIY BACON: Creditors Must File Claims by Aug. 30 ------------------------------------------------------- Creditors of OJSC Tsivilskiy Bacon have until Aug. 30 to submit proofs of claim to: Y. Golnev Insolvency Manager Prosvesheniya Str. 19 Tsivilsk 429900 Chuvashiya Russia The Arbitration Court of Chuvashiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A79-1001/2007. The Debtor can be reached at: OJSC Tsivilskiy Bacon Taushkary Tsivilskiy Chuvashiya Russia X5 RETAIL: Closes US$1 Billion Syndicated Loan Facility ------------------------------------------------------- X5 Retail Group N.V. has successfully closed its latest loan facility with a further six financial institutions joining the transaction as Mandated Lead Arrangers. The facility is for US$1 billion with a final maturity of one year. The initial mandated lead arrangers and bookrunners of the facility are Goldman Sachs International and Citigroup Global Markets Limited, each participating in the facility post syndication. The facility was oversubscribed in senior syndication and the general syndication was cancelled. The loan will pay a margin of 0.75% over LIBOR, significantly lower than previous facilities. The new loan will be used entirely to refinance existing debt. The new participants in the facility are: -- ABN Amro N.V. -- BNP Paribas -- Commerzbank Aktiengesellschaft -- ING -- Raiffeisen Zentralbank Oesterreich AG -- WestLB AG About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. (fka Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.x5.ru/en/ -- operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As reported in the TCR-Europe on July 19, 2007, Moody's Investors Service changed the outlook on the B1 corporate family rating of X5 Retail Group N.V. to positive from stable. At the same time, Standard & Poor's Ratings Services revised its outlook on X5 Retail Group N.V., owner of Russia's largest grocery retail network, and its subsidiaries to stable from negative, reflecting expectations that X5's financial performance will continue to improve. At the same time, the 'BB-' long-term corporate credit rating was affirmed. Standard & Poor's also assigned its 'BB-' long-term corporate credit and 'ruAA-' Russia national scale ratings to financing vehicle X5 Finance LLC and its upcoming RUR9 billion (US$350 million) senior unsecured bonds. ========= S P A I N ========= PYME VALENCIA: Moody's Junks EUR15.3 Million Series E Notes ----------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to the debt to be issued by "PYME Valencia 1, FTA", a securitization of loans to small- and medium-sized enterprises carried out by Banco de Valencia: -- Aaa to the EUR180.0 million Series A1 notes; -- Aaa to the EUR574.8 million Series A2 notes; -- A3 to the EUR47.6 million Series B notes; -- Baa3 to the EUR34.0million Series C notes; -- Ba3 to the EUR13.6 million Series D notes; -- C to the EUR15.3 million Series E notes. In Moody's view, strong features within this deal include, among others: (1) a 12-month artificial write-off mechanism; (2) a strong swap agreement guaranteeing an excess spread of 0.65% and covering the servicing fee; and (3) election of the least concentrated securitized pool at closing. The weaknesses of this deal include: (1) Some limitations on the historical information submitted by the originator; (2) around 30% of bullets loans included in the pool; (3) high debtor, region and industry concentration; (4) the pro-rata amortization of the notes; and (5) the negative impact of the interest deferral trigger on the subordinated series. These increased risks were reflected in the credit enhancement calculation. As of June 2007, the provisional portfolio comprised 3,786 loans and 3,172 borrowers. The loans have been originated by Banco de Valencia in its normal course of business between 2003 and December 2006, with a weighted average seasoning of 1.73 years and a weighted average remaining term of 7.86 years. The longest loan matures in January 2037. The interest rate is floating for 95.58% of the pool and fixed for the rest, with a weighted average interest rate of 4.83% for the fixed-rate loans and a weighted average margin of 1.01% for the floating-rate loans. The majority of the loans pay through monthly (61.97%) or quarterly (31.70%) installments. The rest of the loans pay through semi-annual (3.20%) or annual (3.13%) installments. In terms of amortization pattern, 30.69% of the pool corresponds to non-amortizing loans. Apart from this, 15.27% of the pool has a grace period on principal payments (the average length of the grace period being 0.8 years). Around 73% of the outstanding of the portfolio is secured by a first-lien mortgage guarantee over different types of properties. The total weighted average loan- to-value is 63.72%. Geographically, the pool is concentrated in Valencia (62%), Murcia (15%) and Madrid (7%). Around 60% of the portfolio is concentrated in the "buildings and real estate" sector according to Moody's industry classification. In terms of debtor concentration, the pool includes exposures up to 1.57% of the issuance amount. Moody's based the ratings primarily on: (i) an evaluation of the underlying portfolio of loans; (ii) historical performance information; (iii) the swap agreement hedging the interest rate risk; (iv) the credit enhancement provided through the GIC account, the excess spread, the reserve fund and the subordination of the notes; and (v) the legal and structural integrity of the transaction. The definitive ratings address the expected loss posed to investors by the legal final maturity (March 2040). In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal on Series A1, A2, B, C and D at par on or before the rated final legal maturity date, and for ultimate payment of interest and principal at par on or before the rated final legal maturity date on Class E. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. ===================== S W I T Z E R L A N D ===================== ACCEL INSTRUMENTS: Creditors' Liquidation Claims Due August 9 ------------------------------------------------------------- Creditors of LLC ACCEL Instruments have until Aug. 9 to submit their claims to: OTT Treuhandburo Liquidator Burgstrasse 10 8750 Glarus Switzerland The Debtor can be reached at: LLC ACCEL Instruments Netstal GL Switzerland EGLI IMMOBILIEN: Creditors' Liquidation Claims Due August 15 ------------------------------------------------------------ Creditors of JSC Egli Immobilien & Beteiligungen have until Aug. 15 to submit their claims to: Rohrhaldenstrasse 12 8712 Stafa Meilen ZH Switzerland The Debtor can be reached at: JSC Egli Immobilien & Beteiligungen Stafa Meilen ZH Switzerland ENTSO TECH: Creditors' Liquidation Claims Due August 17 ------------------------------------------------------- Creditors of JSC ENTSO TECH have until Aug. 17 to submit their claims to: Jean-Pierre Remund Liquidator JSC Kastli Bauunternehmung Grubenstrasse 12 3072 Ostermundigen BE Switzerland The Debtor can be reached at: JSC ENTSO TECH Sissach BL Switzerland HTN BETEILIGUNG: Creditors' Liquidation Claims Due August 9 ----------------------------------------------------------- Creditors of JSC HTN Beteiligung have until Aug. 9 to submit their claims to: JSC Buchhaltung und Revision Liquidator Bundesstrasse 3 6304 Zug Switzerland The Debtor can be reached at: JSC HTN Beteiligung Zug Switzerland MUTESA JSC: Zug Court Starts Bankruptcy Proceedings --------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Mutesa on June 19. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Mutesa Neugasse 6 6300 Zug Switzerland ROLAND WALSER: Creditors' Liquidation Claims Due August 9 --------------------------------------------------------- Creditors of LLC Roland Walser Plattenbelage have until Aug. 9 to submit their claims to: Helena Walser-Fuglistaler Liquidator Rummelstrasse 27 5610 Wohlen Bremgarten AG Switzerland The Debtor can be reached at: LLC Roland Walser Plattenbelage Wohlen Bremgarten AG Switzerland SOFIR JSC: Creditors' Liquidation Claims Due August 10 ------------------------------------------------------ Creditors of JSC Sofir have until Aug. 10 to submit their claims to: Mandataria Treuhand Liquidator Bahnhofstrasse 23 6301 Zug Switzerland The Debtor can be reached at: JSC Sofir Zug Switzerland TYPHOON SECURITY: Creditors' Liquidation Claims Due August 8 ------------------------------------------------------------ Creditors of JSC Typhoon Security Technologies have until Aug. 8 to submit their claims to: Walter Villiger Liquidator Paradiesstrasse 25 8645 Jona See-Gaster SG Switzerland The Debtor can be reached at: JSC Typhoon Security Technologies Zug Switzerland UTM LLC: Schwyz Court Starts Bankruptcy Proceedings --------------------------------------------------- The Bankruptcy Court of March in Schwyz commenced bankruptcy proceedings against LLC UTM on March 15. The Bankruptcy Service of March can be reached at: Bankruptcy Service of March 8853 Lachen March SZ Switzerland The Debtor can be reached at: LLC UTM Burgerheimstrasse 3 8853 Lachen March SZ Switzerland WILMAR JSC: Creditors' Liquidation Claims Due August 6 ------------------------------------------------------ Creditors of JSC Wilmar have until Aug. 6 to submit their claims to: Aemattlihof 105 6370 Stans NW Switzerland The Debtor can be reached at: JSC Wilmar Stans NW Switzerland ============= U K R A I N E ============= ALFA BANK: Moody's Rates Domestic Bond Issue at Ba3/NP/Aa1.ua ------------------------------------------------------------- Moody's Investors Service assigned a Ba3 global local currency long-term senior unsecured debt rating as well as an Aa1.ua long-term National Scale Rating to the local currency- denominated Series F bonds amounting to UAH290 million; and a Ba3/Not-Prime global local currency long- and short- term senior unsecured debt rating as well as an Aa1.ua long-term NSR to UAH denominated Series G bonds amounting to UAH310 million, planned to be issued by Alfa Bank Ukraine. The bonds will represent a senior unsecured claim on the bank. Both series will be issued with a final maturity of five years. The outlook for the global rating is stable, while the NSR carries no specific outlook. According to Moody's, the Ba3 global scale local currency rating reflects global default and loss expectation and is not constrained by any foreign currency transfer risk, while the Aa1.ua NSR reflects the standing of the bank's credit quality relative to its domestic peers. Moody's Ba3 rating for the bonds is based on ABU's fundamental credit quality and factors in the bank's ability to fulfill both its long-term and short-term obligations. The latter obligations include those associated with the put option that the bondholders will, according to the terms of the issue, be able to exercise in order to sell the bonds back to the bank on the first, second, third and fourth anniversaries of the Series F notes issue and on a semi-annual basis for the Series G notes issue. Moody's notes that if the bank's credit quality were to deteriorate at these times, exercise of the put options might exert additional pressure on its financial condition. Moody's notes that Ukraine is in general a country with individual depositor preference, which may reduce the recovery rates for the bondholders, especially if such deposits were to represent a sizeable proportion of the bank's liabilities in the event of liquidation. Headquartered in Kiev, Ukraine, ABU reported total IFRS assets of US$1.2 billion as at year-end 2006 and net income of US$1.6 million for the year 2006. GRATE TRADING: Proofs of Claim Deadline Set July 31 --------------------------------------------------- Creditors of LLC Grate Trading (code EDRPOU 34296600) have until July 31 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/223-b. The Debtor can be reached at: LLC Grate Trading Apartment 272 Sviatoshynskaya Square 1 03115 Kiev Ukraine INGUL OJSC: Proofs of Claim Deadline Set August 2 ------------------------------------------------- Creditors of State Enterprise Ingul-Trans OJSC Ingul (code EDRPOU 24787163) have until August 2 to submit written proofs of claim to: Jury Andriushchenko Liquidator Gmirev Str. 8 54028 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 2/344/07. The Court is located at: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Debtor can be reached at: State Enterprise Ingul-Trans OJSC Ingul Gmirev Str. 8 54028 Nikolaev Ukraine JARVIS PLC: Trading and Cost Cutting In Line With Expectations -------------------------------------------------------------- Jarvis plc said trading results for the first quarter of 2007 have been in line with expectations. The Board set out its objectives for the strategic repositioning of the Group at last year's Annual General Meeting and the targets underpinning the delivery of this strategy continue to be met. Consent for the termination of the three significantly loss- making facilities management contracts, announced on June 4, 2007, has been agreed with the relevant local authority committees and responsibilities will transfer to the new service providers in August. Following the termination of these contracts the overall facilities management business will be profitable at the contract level. The program of cost savings has commenced following successful completion of the Placing and Open Offer and is progressing in line with management expectations. Jarvis Rail Ltd. and Fastline Ltd. have announced contract awards of GBP50 million and GBP40 million respectively in recent weeks. Fastline Ltd.'s contract award from E.ON UK Plc is a significant step in the development of its freight business and commences in April 2008. The Jarvis Rail contract awards demonstrate the anticipated pick-up in workload as reported in the preliminary results statement on June 12, 2007. The impact of the increased workload is expected to be fully seen in the second half of the financial year. Network Rail has delayed their decision on the four successful track renewal contractors, originally scheduled for August, until September. The rail business of Jarvis continues to perform well on the key performance indicators on which it understands the decision will largely be based. Headquartered in York, England, Jarvis plc -- http://www.jarvis-uk.com/jarvisplc/-- operates in a number of markets delivering solutions for the public sector, specifically rail services and plant hire operations. It has more than 4,500 employees across a nationwide network of facilities. At April 2, 2007, the company's balance sheet showed GBP187.2 million in total assets, GBP201.5 million in total liabilities and GBP14.3 million in equity shareholders' deficit. The company's balance sheet at April 2, 2007, also showed strained liquidity with GBP118 million in total current assets available to pay GBP139.5 million in total current liabilities. NIKA LLC: Creditors Must File Claims by August 2 ------------------------------------------------ Creditors of LLC Agricultural Firm Nika (code EDRPOU 30481531) have until August 2 to submit written proofs of claim to: Anatoly Ageyev Temporary Insolvency Manager Mstislavskaya Str. 9 Chernigov The Economic Court of Chernigov commenced bankruptcy supervision procedure on the company. The Court is located at: The Economic Court of Chernigov Mir Avenue 20 14000 Chernigov Ukraine The Debtor can be reached at: LLC Agricultural Firm Nika 1st May Str. 150 Mena 15600 Chernigov Ukraine QUEST LLC: Proofs of Claim Deadline Set July 31 ----------------------------------------------- Creditors of LLC Trading Group Quest (code EDRPOU 34352235) have until July 31 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/220-b. The Debtor can be reached at: LLC Trading Group Quest Apartment 272 Sviatoshynskaya Square 1 03115 Kiev Ukraine SMARZHYNETSKOE LLC: Proofs of Claim Deadline Set July 31 -------------------------------------------------------- Creditors of Agricultural LLC Smarzhynetskoe (code EDRPOU 03729954) have until July 31 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/263-07. The Debtor can be reached at: Agricultural LLC Smarzhynetskoe Smarzhyntsi Pogrebishchensky District 22212 Vinnica Ukraine SOLOMON LLC: Proofs of Claim Deadline Set August 2 -------------------------------------------------- Creditors of LLC Legal Firm Solomon (code EDRPOU 31002736) have until August 2 to submit written proofs of claim to: Vladimir Senko Liquidator P.O. Box 4050 69114 Zaporozhye Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/302-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Legal Firm Solomon Apartment 56 Turovskaya Str. 18/20 04080 Kiev Ukraine SPECIAL MOTORCAR: Creditors Must File Claims by August 2 -------------------------------------------------------- Creditors of LLC Special Motorcar Transport (code EDRPOU 32054770) have until August 2 to submit written proofs of claim to: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 5/175-07. The Debtor can be reached at: LLC Special Motorcar Transport Vatutin Str. 174 Vinnica Ukraine STEPANOVSKAYA LLC: Proofs of Claim Deadline Set August 2 -------------------------------------------------------- Creditors of LLC Poultry Factory Stepanovskaya (code EDRPOU 32276781) have until August 2 to submit written proofs of claim to: Vitaly Bolkhovitin Liquidator Apartment 411 Hmelnickiy Highway Str. 2 Vinnica Ukraine The Economic Court of Vinnica commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 10/27-07. The Court is located at: The Economic Court of Vinnica Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: LLC Poultry Factory Stepanovskaya Oberevsky Str. 1 Stepanovka Vinnica Ukraine TESKO LLC: Proofs of Claim Deadline Set July 31 ----------------------------------------------- Creditors of LLC Trading-Service Company Tesko (code EDRPOU 34295722) have until July 31 to submit written proofs of claim to: LLC Westresource Liquidator Okhtyrka Lane 3 03022 Kiev Ukraine The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/222-b. The Debtor can be reached at: LLC Trading-Service Company Tesko Apartment 414 Gnat Jury Str. 9 03148 Kiev Ukraine TSARICHANKA CANNERY: Proofs of Claim Deadline Set August 2 ---------------------------------------------------------- Creditors of OJSC Tsarichanka Cannery (code EDRPOU 00374031) have until August 2 to submit written proofs of claim to: Natalie Chesnova Liquidator a/b 2047 49033 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B 15/29/212/04. The Court is located at: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: OJSC Tsarichanka Cannery Kirov Str. 168 Tsarichanka 51000 Dnipropetrovsk Ukraine =========================== U N I T E D K I N G D O M =========================== ALLIANCE BOOTS: KKR's Banks Defer GBP5.5 Bln Senior Debt Sale ------------------------------------------------------------- The banks financing Kohlberg Kravis Roberts & Co.'s GBP11 billion leveraged buyout of Alliance Boots Plc, has postponed the sale of a GBP5.05 billion loan tranche until this week, various reports say. "Market conditions drove our decision to withdraw the senior [debt] at this time", a source told Reuters. Deutsche Bank AG, JPMorgan Chase & Co., UniCredit S.p.A. and three other banks, however, will continue selling: -- GBP1 billion in second-lien loans at 96% of face value with 425 basis points interest margin; and -- GBP750 million in mezzanine debt at 95% of face value with 650 basis points interest margin. The banks will use their own fee income to pay for the discount, Bloomberg News reports citing a source privy to the banks. According to the Wall Street Journal, the banks had pitched investors a number of sweeteners, including higher interest payments, but failed to secure deals. Headquartered in London, United Kingdom, Alliance Boots Plc -- http://www.allianceboots.com/-- operates as a high street retailer, pharmacist and pharmaceuticals wholesaler. The company operates in the U.K., Norway, The Netherlands, Ireland, Italy Switzerland, Czech Republic, France, Russia, Spain, Germany and Thailand. * * * As reported in the TCR-Europe on July 19, 2007, Moody's Investors Service downgraded the long term unsecured rating of Alliance Boots plc to B2 from Baa2. The rating remains on review for possible downgrade, where it was placed on March 13, 2007. A Corporate Family Rating for Alliance Boots has been assigned at B1 and is also on review for possible downgrade. The TCR-Europe reported on July 10, 2007, that Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Alliance Boots PLC to 'BB-' from 'BBB', reflecting a dramatic change of financial structure for the expanded group. The ratings remain on CreditWatch with negative implications where they were placed on March 12, 2007, following the announcement that Kohlberg Kravis Roberts & Co., a private- equity firm, and Stefano Pessina, the executive deputy chairman of Alliance Boots, had made a friendly approach to buy the group. ALPHA PACKAGING: Taps Liquidators from BDO Stoy Hayward ------------------------------------------------------- Matthew Dunham and Dermot Justin Power of BDO Stoy Hayward LLP were appointed joint liquidators of Alpha Packaging Films Ltd. on July 13 for the creditors’ voluntary winding-up procedure. The joint liquidators can be reached at: BDO Stoy Hayward LLP Commercial Buildings 11-15 Cross Street Manchester M2 1BD England ARLO IV: Moody's Cuts Rating to Ba2 on EUR20 Mln Class B Notes -------------------------------------------------------------- Moody's Investors Service downgrades to Ba2 from Baa3 the Series 2005 EUR20 million Class B Notes due 2013 issued by Arlo IV Limited. This downgrade is the result of a credit migration in the underlying pool. AVOCA CLO II: S&P Lifts Rating on Class D Notes to BB+ ------------------------------------------------------ Standard & Poor's Ratings Services raised its credit ratings on the class A-2, B, and D notes and the class Q combo notes issued by Avoca CLO II B.V. At the same time, the class A-1, C-1, and C-2 notes and the class P, R, S, and T combo notes were affirmed. Avoca II is an arbitrage cash flow CLO managed by Avoca Capital that closed in November 2004. The portfolio comprises senior and mezzanine loans from issuers mainly incorporated in Western Europe. The transaction is still in its reinvestment period, which ends in January 2010. Standard & Poor's has observed the gradual increase in the total par amount since the closing date. This coupled with healthy performance under the weighted-average spread and weighted- average recovery rate tests, prompted the review for an upgrade of the transaction. Standard & Poor's has conducted an updated cash flow analysis under its latest cash flow criteria comparing the breakeven default rates generated using different default patterns, default timings, and interest rate scenarios to the scenario default rates produced by CDO Evaluator version 3.3 at the relevant rating levels. This credit and cash flow analysis illustrated that credit enhancement levels are now consistent with higher rating levels for the class A-2, B, and D notes and the class Q combo notes. Ratings List Class Rating To From Avoca CLO II B.V. EUR368.2 Million Floating- And Fixed-Rate Notes Ratings Raised A-2 AAA AA B A+ A D BB+ BB Q Combo BBB+ BBB Ratings Affirmed A-1 AAA C-1 BBB C-2 BBB P Combo BBB R Combo BB S Combo BBB T Combo BB+ BRYANSTON INSURANCE: Administrator Lifts Payment to 59 Percent -------------------------------------------------------------- The scheme administrator of Bryanston Insurance Co. Limited, Paul Evans of PricewaterhouseCoopers LLP, raised the payment percentage a further 12% to 59%, following his review of the company's latest financial position. The change sees creditors' benefit with a substantial increase to the initial 10% of established liabilities set in 2004. "The latest dividend payment is expected to be the last significant increase in payment percentage which sees creditors benefiting from a 12% raise. I am very pleased with the progress being made on the Bryanston estate in bringing this scheme towards finality," Mr. Evans disclosed. "PricewaterhouseCoopers has led the way in developing schemes of arrangement for books of business of both solvent and insolvent insurance companies and we are committed to working with policyholders, cedants and shareholders so that transparently fair schemes of arrangement continue to be proposed where appropriate," Mr. Evans added. Whittington Insurance Services Limited, the run-off management company for Bryanston, will be processing the additional payments to scheme creditors in the next few weeks. Any queries surrounding claims' agreement and payment should be directed to: Bryanston Insurance Company Limited c/o Omni Whittington Insurance Services Limited Omni Whittington Court Whitfield Street Gloucester GL1 1NA England Tel: +44 (0)1452 428 100 Bryanston Insurance Co. Limited's -- http://www.bryanstoninsurance.co.uk/-- original scheme of arrangement became effective on April 13, 1994 after receiving High Court sanction. Bryanston’s special resolution, which introduced a mechanism to allow claims from scheme creditors to be finalized and valued, bringing the affairs of Bryanston to a close quicker than would be the case under the original scheme (a run-off scheme), became effective on June 26, 2003. The initial payment percentage was set at 10% in December 2004 and has been increased in various stages to 47% by July 2006. Bryanston had paid scheme creditors a total of US$90.3 million by the end of 2006. This included scheme payments of US$81.7 million and commutation payments of US$8.6 million. CAIRN EURO: Fitch Rates EUR6.475 Million Class C Notes at BB- ------------------------------------------------------------- Fitch Ratings has assigned Cairn Euro ABS CDO I PLC's issue of EUR350 million floating-rate notes due 2087 expected ratings. The transaction is a managed securitization of structured finance assets, primarily consisting of European mezzanine residential and commercial mortgage-backed securities and CDOs: -- EUR262.5 million Class A1S floating-rate notes: 'AAA' -- EUR13.3 million Class A1J floating-rate notes: 'AAA' -- EUR24.5 million Class A2 floating-rate notes: 'AA' -- EUR19.25 million Class A3 deferrable floating-rate notes: 'A-' -- EUR10.85 million Class B deferrable floating-rate notes: 'BBB-' -- EUR6.475 million Class C deferrable floating-rate notes: 'BB-' The EUR13.125 million subordinated notes are not rated. The final ratings are contingent upon the receipt of final documents conforming to information already received. The Class A1S, A1J and A2 notes expected ratings address the ultimate repayment of principal at maturity and the timely payment of interest when due, according to the terms of the notes. The Class A3, B and C notes expected ratings address the ultimate payment of principal and interest, including deferred interest, at maturity according to the terms of the notes. Credit enhancement for the Class A1S notes, in the form of subordination, will total 24.63%, and will be provided by the Class A1J notes (3.82%), Class A2 notes (7.03%), the Class A3 notes (5.53%), the Class B notes (3.12%), the Class C notes (1.86%) and the subordinated notes (3.28%). The expected ratings also take into account the quality and diversity of the portfolio of assets, which are selected by the collateral manager, Cairn Financial Products Limited, subject to the guidelines outlined in the collateral management agreement. The guidelines limit the collateral manager's portfolio allocations with respect to obligor, sector and asset type. Fitch assigned a CDO Asset Manager Rating of 'CAM2-' for structured finance CDOs to Cairn Financial Products Limited on July 13, 2007, based primarily on Cairn's highly successful, albeit recently established, business franchise, the deep experience of the executive management team, and the demonstrated commitment to the core CDO platforms. Approximately 95% of the target par amount of EUR348.3 million is currently ramped and the portfolio is comprised of 77 assets with a weighted average rating factor of 5.28 (commensurate with a weighted average rating of 'BBB'/'BBB-'). The structured finance securities include mainly cash and synthetically- referenced RMBS, CMBS, consumer ABS and CLO securities. The current weighted average life is 6.3 years. Amortizing proceeds will only be reinvested over the first five years following the ramp-up period. DJ ABBOTT: Brings In Liquidators from Tenon Recovery ---------------------------------------------------- Matthew Colin Bowker and David Antony Willis of Tenon Recovery were appointed joint liquidators of DJ Abbott Ltd. on July 17 for the creditors’ voluntary winding-up procedure. The joint liquidators can be reached at: Tenon Recovery 33 George Street Wakefield WF1 1LX England EDDIE WALTON: Appoints Michael C. Kienlen as Liquidator ------------------------------------------------------- Michael C. Kienlen of Armstrong Watson was appointed liquidator of Eddie Walton Ltd. on July 18 for the creditors’ voluntary winding-up proceeding. The liquidator can be reached at: Armstrong Watson Central House 47 St. Paul’s Street Leeds LS1 2TE England EIRLES TWO: S&P Raise Ratings on Series 19 CDO Notes to BB- ----------------------------------------------------------- Standard & Poor's Ratings Services raised to 'BB-' from 'B+' its credit rating on the series 19 synthetic CDO notes issued by Eirles Two Ltd. The EUR40 million zero-coupon credit-linked secured notes are backed by a linear portfolio of underlying obligors. This rating action is due to a change in the rating on an underlying obligor. EXPERT PRINT: Claims Filing Period Ends October 15 -------------------------------------------------- Creditors of Expert Print & Promotions Ltd. have until Oct. 15 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Stewart Trevor Bennett and James Preston Bradney Joint Liquidators BKL Business Recovery LLP 35 Ballards Lane London N3 1XW England Stewart Trevor Bennett and James Preston Bradney of BKL Business Recovery LLP were appointed joint liquidators of the company on July 13 for the creditors’ voluntary winding-up proceeding. FORD MOTOR: Tata to Begin Due Diligence as Deripaska Joins Fray --------------------------------------------------------------- Senior officials of India's Tata Motors Ltd. are already in London and may start due diligence this week to acquire Ford Motor Company's Jaguar and Land Rover brands, Reuters reports, citing the Hindustan Times as its source. According to the Hindustan Times, Citigroup has been roped in to be Tata's advisor while Arun Gandhi, a Tata group director involved in Tata Steel's acquisition of Corus Group Plc, is expected to lead the team of negotiators, Reuters notes. Concurrently, billionaire tycoon Oleg Deripaska, the head of Russian automaker GAZ has also expressed interest in Ford's premium British brands, Reuters relates, quoting a report published by German business weekly WirtschaftsWoche on Saturday. Mr. Deripaska may also bid for Volvo should Ford put the Swedish brand on the block. The TCR-Europe reported on July 27, 2007, that bidders, including private equity groups Ripplewood Holdings, One Equity Partners, TPG Capital, and Cerberus Capital Management, as well as India's Tata Motors and Mahindra & Mahindra had submitted indicative offers for Land Rover and Jaguar. Ford has hired Goldman Sachs, HSBC and Morgan Stanley to act as advisors. The auto maker plans to let prospective bidders begin due diligence on its Jaguar and Land Rover brands in August. 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. HMV GROUP: Brings In Gerry Johnson as New Executive Director ------------------------------------------------------------ HMV Group plc has appointed of Gerry Johnson, managing director of Waterstone's, as an executive director effective immediately. “We are delighted to welcome Gerry Johnson as a new Executive Director,” HMV Chairman Carl Symon commented. “Gerry has led the Waterstone's team through the successful integration of Ottakar's, and the continuing re-shaping of our books business. His leadership of these activities, together with his experience prior to joining Waterstone's in 2005, will make for a broad contribution to the Group Board.” Gerry Johnson was appointed as Managing Director of Waterstone's on Oct. 1, 2005, and led the company through the acquisition and successful integration of Ottakar's. He joined the Group from Booker plc, where he was managing director and a main Board director of its parent company, Big Food Group plc. He began his career in retail with Tesco, joining its management trainee program from school, and rose to become Manager of a Tesco superstore in 1985. He furthered his career by joining Allied Maples, part of the Asda Group, initially in a field management position, and progressed through the company to become a member of the Allied Maples Executive Board. In 1994 he moved to Wickes, where he ran the company's highly successful renewal programme, which was a key element in the company's turnaround. At Booker, he spent four years in charge of the GBP3.5 billion Booker wholesale operation, where he oversaw a successful change management program and the collaborative rebuilding of the supply chain for the benefit of the company and its suppliers. About HMV Headquartered in Maindenhead, United Kingdom, HMV Group PLC -- http://www.hmvgroup.com/-- is engaged in the retailing of pre- recorded music, video and electronic games under the HMV brand, and the retailing of books under the Waterstone's brand. Including the acquisition of Ottakar's Plc, the Group operates over 730 stores in eight countries, with the principal markets being those of the United Kingdom, Japan and Canada. * * * At April 28, 2007, HMV Group plc’s balance sheet showed GBP637.8 million in total assets, GBP651 million in total liabilities and GBP13.2 million in stockholders’ deficit. The company’s April 28 balance sheet also showed strained liquidity with GBP358.1 million in total current assets available to pay GBP627.4 million in total liabilities coming due within the next 12 months. I.C.P. LTD: Names Keith Aleric Stevens Liquidator ------------------------------------------------- Keith Aleric Stevens of Wilkins Kennedy was appointed liquidator of I.C.P. (London) Ltd. on July 17 for the creditors’ voluntary winding-up procedure. The liquidator can be reached at: Wilkins Kennedy Gladstone House 77/79 High Street Egham TW20 9HY England SOUTHERN POULTRY: Calls In Liquidators from Baker Tilly ------------------------------------------------------- Andrew White and Susan Maund of Baker Tilly were appointed joint liquidators of Southern Poultry Ltd. on July 17 for the creditors’ voluntary winding-up procedure. The joint liquidators can be reached at: Baker Tilly International House Queens Road Brighton BN1 3XE England STRAWINSKY I PLC: S&P Rates EUR10.27 Mln Class E Notes at BB+ ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR271.4 million senior secured floating- rate notes and EUR28.6 million subordinated notes to be issued by Strawinsky I PLC, a special purpose entity. The portfolio of senior, second-lien, and mezzanine loans is expected to be diversified across several countries and industries. The portfolio quality will be monitored closely during the reinvestment period, using Standard & Poor's CDO Monitor model. This will be the first European CLO transaction managed by Faxtor Securities B.V. This transaction features multicurrency revolving liabilities intended to match the euro- and non- euro- denominated assets. Ratings List Strawinsky I PLC EUR271.4 Million Senior Secured Floating-Rate Notes And EUR28.6 Million Subordinated Notes Prelim. Prelim. Amount Class Rating (Mln. EUR) ----- ----- -------- A1-T AAA 105.50 A1-R(1) AAA 58.63 A2 AAA 43.00 B AA 23.00 C A 19.00 D BBB 12.00 E BB+ 10.27 F NR 28.60 (1) The class A1 revolver will be drawable in euros, U.S. dollars, and British pound sterling. The interest due under the class A1-R tranche will comprise a commitment fee calculated on the undrawn portion of the class and an interest rate based on the six-month EURIBOR rate, six-month U.S. dollar LIBOR rate, six-month British pound sterling LIBOR rate plus a margin on the portion of the class A1-R drawn in euros, U.S. dollars, and British pound sterling respectively. NR — Not rated. TRADITIONAL SUITE: Nigel Price Leads Liquidation Procedure ---------------------------------------------------------- Nigel Price of Moore Stephens LLP was appointed liquidator of Traditional Suite Centre Ltd. (t/a Abbey Furniture) on July 3 for the creditors’ voluntary winding-up procedure. The liquidator can be reached at: Moore Stephens LLP Beaufort House 94-96 Newhall Street Birmingham B3 1PB England XEROX CORP: Earns US$266 Million in Quarter Ended June 30 --------------------------------------------------------- (UK) Xerox Corporation's net income increased 2% to US$266 million for the three months ended June 30, 2007 from net income of US$260 million for the three months ended June 30, 2006. Total revenues also increased 6% to US$4,208 million for the three months ended June 30, 2007 from total revenues of US$3,977 million for the three months ended June 30, 2006. Post-sale and financing revenue increased 7 percent. Both total revenue and post-sale revenue included a currency benefit of 2 percentage points as well as the benefit from Xerox’s acquisition of Global Imaging Systems, which was completed in early May. The company's balance sheet at June 30, 2007 showed total assets of US$23,006 million, total liabilities of US$15,457 million, and total common shareholders’ equity of US$7,549 million. "Our results in the second quarter reflect the strategic importance of annuity and acquisitions flowing through to boost revenue and strengthen our position in the marketplace," said Anne M. Mulcahy, Xerox chairman and chief executive officer. "With the Global Imaging team now on board, we’ve increased our reach to U.S. small and mid-size businesses by 50 percent. At the same time, our investment in delivering the industry’s broadest portfolio of color technology is paying off with the annuity from our color business increasing 16 percent. And, Xerox’s global relationships with large customers are contributing to annuity growth from our consulting and managed services business.” During the second quarter, the company's install activity increased 54% for its color multifunction devices that print, copy, fax and scan. In addition, activity grew for color production systems as more commercial printers and graphic arts customers installed Xerox digital presses to meet their clients’ demand for personalization, book publishing and promotional marketing materials. Price declines and the mix of products sold continued to put pressure on equipment sales revenue. Xerox reported a 3% increase in equipment sales revenue, which includes a 2-point benefit from currency. Since the beginning of the year, Xerox has introduced 28 new products, 10 of which are color devices, doubling the 14 total product launches in 2006. More than two-thirds of Xerox’s equipment sales revenue comes from products launched in the past two years. Revenue from color grew 12 percent in the second quarter and now represents 38 percent of Xerox’s total revenue, up 4 points from the second quarter of 2006. Xerox color presses produce the highest volume of pages in the industry and last year more than 30 billion color pages were printed on Xerox technology. In the second quarter, the number of color pages grew 30 percent, and now represent 12 percent of total pages, up 3 points from the prior year. Color performance excludes Global Imaging Systems. Through multiyear, multimillion dollar contracts, the company’s document management services generated more than US$1.6 billion in annuity revenue in the first half of the year, an 8 percent increase in post-sale revenue from services. Xerox recently signed its largest services contract to date, finalizing a seven-year deal with the United Kingdom’s Department for Work and Pensions for a Xerox-led group to serve as the department’s primary supplier of print and related services, supporting more than 2,000 DWP offices across the U.K. Gross margins were 40.3 percent, a less than one point decline from second quarter of 2006. Selling, administrative and general expenses were 25.7 percent of revenue, about the same as the prior year. Xerox generated operating cash flow of US$388 million in the second quarter and closed the quarter with US$870 million in cash and short-term investments. Since launching its stock buyback program in October 2005, the company to date has repurchased about 117 million shares, totaling US$1.8 billion of its US$2.5 billion program. Xerox expects third-quarter 2007 earnings in the range of 24-26 cents per share. The company increased its range of earnings expectations for full-year 2007 to US$1.16-US$1.18. About Xerox Corp. Headquartered in Stamford, Connecticut, Xerox Corp. (NYSE: XRX) -- http://www.xerox.com/-- develops, manufactures, markets, services and finances a range of document equipment, software, solutions and services. Xerox operates in over 160 countries worldwide and distributes products in the Western Hemisphere through divisions, wholly owned subsidiaries and third-party distributors. The company maintains operations in France, Japan, Italy, Nicaragua, and the United Kingdom, among others. * * * As reported in the Troubled Company Reporter on May 16, 2007, Fitch Ratings placed Xerox Corp.'s trust preferred securities rating at 'BB' with a stable outlook. The rating still applies to date. * Tenon Group Acquires Hurst Morrison Thomson Corporate Recovery ---------------------------------------------------------------- Tenon Group PLC has acquired Hurst Morrison Thomson Corporate Recovery in the Thames Valley. HMT CR is a prominent Corporate Recovery and Insolvency specialist in the region, with turnover in excess of GBP1.5 million generated by three equity partners. Financial incentives relating to the maintenance and improvement of performance and the retention of the partners have been given as part of the transaction. The main business of HMT CR directly integrates with Tenon's national Recovery and Insolvency business which, after this acquisition and those of Unity and JJC announced on July 10, 2007, will have expected annualized income in excess of GBP27 million from prominent locations throughout England and Scotland. Immediately after completion HMT CR will relocate to a new Reading base, becoming the core of Tenon's operations in this rapidly growing economic center. The new office will complement Tenon's existing offices in Windsor and Basingstoke and will provide a full range of services for clients. Andrew Jupp, Tenon's recently appointed Head of Tax, who for many years has been prominent in the Thames Valley professional community and until recently, was a partner in a Big 4 firm, will be based in the new office. “We continue to grow our Insolvency and Recovery team and to use this specialism to help us extend the business and geographical reach of all our services,” Tenon Chief Executive Andy Raynor said. “Our recent acquisitions, our entry into Reading and our new senior appointments are all part of a clear strategy to enable further profit growth.” Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. * BOND PRICING: For the Week July 23 to July 27, 2007 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- Kommunal Kredit Austria AG 0.500 03/15/19 CDN 60.93 0.250 10/14/26 CDN 37.98 Republic of Austria 4.000 06/22/22 EUR 72.53 7.000 08/04/25 EUR 65.79 5.000 10/10/25 EUR 62.17 FINLAND ------- Muni Finance PLC 1.000 03/19/13 AUD 73.68 0.500 04/26/13 AUD 70.94 1.000 11/21/16 NZD 58.12 0.500 09/24/20 CDN 55.62 0.250 06/28/40 CDN 19.81 FRANCE ------ Accor S.A. 1.750 01/01/08 EUR 63.46 Alcatel S.A. 4.750 01/01/11 EUR 16.92 Altran Technologies S.A. 3.750 01/01/09 EUR 12.46 BNP Paribas 0.250 12/20/14 US$ 68.38 CAP Gemini S.A. 2.500 01/01/10 EUR 58.15 1.000 01/01/12 EUR 57.80 Club Mediterranee S.A. 3.000 11/01/08 EUR 67.23 4.375 11/01/10 EUR 57.44 FCC Rome Alliance Funding 2.256 01/08/21 EUR 73.10 Havas S.A. 4.000 01/01/09 EUR 10.80 Infogrames Entertainment S.A. 1.500 07/01/11 EUR 23.49 Ingenico 2.750 01/01/12 EUR 20.33 Maurel & Prom 3.500 01/01/10 EUR 21.81 Publicis Group 0.750 07/17/08 EUR 33.15 1.000 01/18/18 EUR 43.38 Rallye 3.750 01/01/08 EUR 51.66 Rhodia S.A. 0.500 01/01/14 EUR 47.93 Scor S.A. 4.125 01/01/10 EUR 2.32 Soc Air France 2.750 04/01/20 EUR 35.40 Soitec 4.625 12/20/09 EUR 13.08 Thomson (EX-TMM) 1.000 01/01/08 EUR 39.33 Valeo 2.375 01/01/11 EUR 50.01 Vivendi Universal S.A. 1.750 10/30/08 EUR 32.31 Wendel Invest S.A. 2.000 06/19/09 EUR 53.81 GERMANY ------- KfW Bankengruppe 0.500 10/30/13 AUD 67.18 0.500 12/19/17 EUR 67.20 5.000 05/23/20 EUR 73.88 1.250 07/07/20 EUR 70.75 6.000 07/21/25 EUR 67.64 8.000 08/10/30 EUR 65.45 Landeskreditbank Baden- Wuerttemberg Foerderbk 0.500 05/10/27 CDN 42.38 Landwirtschaftliche Rentenbank AG 1.000 03/29/17 NZD 57.27 GREECE ------ Hellenic Republic 0.628 07/13/20 EUR 69.92 Hellenic Republic 0.990 07/07/24 EUR 66.45 Hellenic Republic 6.000 07/06/24 EUR 71.55 ICELAND ------- Kaupthing Bank 7.500 02/01/45 EUR 64.77 Kaupthing Bank 6.500 02/03/45 EUR 69.00 IRELAND ------- Depfa ACS Bank 0.500 03/03/25 CDN 48.02 0.250 07/08/33 CDN 26.95 Irish Perm Plc 6.125 02/15/35 EUR 66.22 Magnolia Finance IV Plc 1.050 12/20/45 US$ 27.32 LUXEMBOURG ---------- Carrier1 Int'l S.A. 13.250 02/15/09 US$ 0.88 Teksid Aluminum S.A. 12.375 07/15/11 EUR 32.42 NETHERLANDS ----------- ABN AMRO Bank N.V. 6.250 06/29/35 EUR 69.50 BK Ned Gemeenten 0.500 06/27/18 CDN 60.65 0.500 02/24/25 CDN 45.96 EM.TV Finance B.V. 5.250 05/08/13 EUR 6.17 Energy Group O/S 7.425 10/15/17 US$ 35.00 Gerling Global Rentefonds 6.625 08/16/21 EUR 61.85 Lehman Bros TSY B.V. 6.000 02/15/35 EUR 74.23 8.250 03/16/35 EUR 62.85 7.000 05/17/35 EUR 69.56 7.250 10/05/35 EUR 63.51 6.000 11/02/35 RUT 66.78 Ned Waterschapbk 6.000 06/01/35 EUR 73.73 6.500 08/15/35 EUR 65.13 Rabobank Groep N.V. 5.360 07/15/15 EUR 67.65 6.000 04/08/20 EUR 72.00 3.100 11/15/24 US$ 74.17 6.000 02/22/35 EUR 71.98 2.000 02/23/35 EUR 62.80 7.000 02/28/35 EUR 70.06 7.000 03/23/35 EUR 66.17 6.000 05/09/35 EUR 72.91 NORWAY ------ Kommunalbanken A.S. 0.500 02/07/13 AUD 69.95 SWEDEN ------ AB Svensk Export 0.500 03/27/13 AUD 71.27 SWITZERLAND ----------- UBS AG 1.000 12/21/11 NZD 75.08 1.000 01/25/12 NZD 74.68 1.000 02/27/12 NZD 74.31 1.000 03/28/12 NZD 73.95 1.000 06/28/12 NZD 72.95 UNITED KINGDOM -------------- Anglian Water Finance Plc 2.400 04/20/35 GBP 54.82 HBOS Treasury Services Plc 6.000 02/07/35 EUR 72.72 National Grid Gas Plc 1.754 10/17/36 GBP 46.12 1.771 03/30/37 GBP 46.02 Royal BK Scotland Plc 0.250 03/27/14 US$ 72.03 7.000 06/09/25 EUR 65.07 TXU Eastern Finance Plc 6.750 05/15/09 US$ 5.63 Wessex Water Finance Plc 1.369 07/31/57 GBP 30.87 ********* 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 * * *