/raid1/www/Hosts/bankrupt/TCREUR_Public/080505.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, May 5, 2008, Vol. 9, No. 88
Headlines
A U S T R I A
ALGORITHMS EDV-SOFTWARE: Claims Registration Period Ends June 12
BIOMASSE-GEWINNUNG: Creditors' Meeting Slated for May 7
DELTA WOHN: Claims Registration Period Ends June 2
DEMIL LLC: Claims Registration Period Ends June 5
ING. ERNST DURST: Creditors' Meeting Slated for May 13
MD PROJEKTENTWICKLUNGS: Claims Registration Period Ends June 2
F I N L A N D
NVIDIA CORP: Court Rejects Trustee's Claim for US$100 Million
F R A N C E
DMC DOLLFUS: Reports Liquidity Problems to Paris Court
IXIS CIB: Moody's Cuts Rating on EUR10 Million Notes to Ba1
G E R M A N Y
A3M AG: Claims Registration Period Ends May 14
ACROM FACHBETRIEBE: Claims Registration Ends May 26
AEE GMBH: Claims Registration Ends May 26
CREDITHYP GMBH: Claims Registration Period Ends May 23
ECOMIT SERVICE: Claims Registration Period Ends May 23
HARZ & HEIDE: Claims Registration Period Ends May 23
IKB DEUTSCHE: Posts EUR965.1MM Loss for 1st Half Ended Sept. 30
ITOC AG: Claims Registration Period Ends May 16
LEAR CORPORATION: Earns US$78.2 Million for Q1 Ended March 29
LEAR CORP: Annual Stockholders Meeting to be Held Thursday
MALIBU DREAM: Claims Registration Ends May 26
METALLTECHNIK PERR: Creditors' Meeting Slated for June 12
RATSHOF GMBH: Claims Registration Ends May 23
RIO FASHION: Claims Registration Period Ends May 23
RW-BAU-IDEE-IMMOBILIEN: Claims Registration Period Ends May 23
SLT GMBH: Claims Registration Period Ends May 23
STRATEG GMBH: Claims Registration Period Ends May 21
VB-EDELSTAHLDESIGN: Claims Registration Period Ends May 23
WESTLB AG: Alexander Stuhlmann Quits as Managing Board Chairman
WOHNBAU-DESIGN: Claims Registration Period Ends May 23
I R E L A N D
STANTON VINTAGE: S&P Cuts Ratings on Two Note Classes to Low-B
I T A L Y
PARMALAT SPA: Settles U.S. Shareholders' Class Action
TISCALI SPA: Repurchases 2.6 Million Shares for EUR6.2 Million
K Y R G Y Z S T A N
ENGINEERING SERVICE: Creditors Must File Claims by June 25
N E T H E R L A N D S
NIELSEN CO: Good Performance Prompts S&P's Positive Outlook
R O M A N I A
FORD MOTOR: EC Allows EUR143-Mln State Aid to Romanian Plants
R U S S I A
EAR CJSC: Creditors Must File Claims by June 26
EXPORT-INSTRUMENT OJSC: Creditors Must File Claims by June 26
KAZANORGSINTEZ: S&P Puts B- Corp. Credit Rating on Watch Neg.
NEMO CJSC: Creditors Must File Claims by June 26
OKA OJSC: Tambov Court Names A. Bezborodov as Insolvency Manager
PROJECT-DESIGN LLC: Creditors Must File Claims by June 26
S W I T Z E R L A N D
DIMENO JSC: Luzern Court Starts Bankruptcy Proceedings
GELOG JSC: Creditors' Liquidation Claims Due on May 24
KILLER HANDEL: Creditors' Liquidation Claims Due by May 18
MASAI CONSULTING: Creditors' Proofs of Claim Due by May 30
MASAI LOGISTICS: Creditors' Liquidation Claims Due by May 30
MASAI SOURCING: Creditors' Claims Filing Deadline is May 30
RATIO BAU: Proofs of Claim Filing Deadline Set for May 16
SWISS HANDEL: Aargau Court Commences Bankruptcy Proceedings
WYSER ELEKTRONIK: Creditors Must File Proofs of Claims by May 15
U K R A I N E
AGROIMEKS LLC: Creditors Must File Claims by May 14
ANTICOR-SOUTH LLC: Creditors Must File Claims by May 15
BEREG LLC: Creditors Must File Claims by May 15
DNIEPROPETROVSK REPAIR: Proofs of Claim Deadline Set May 15
GALICHINA LLC: Creditors Must File Claims by May 14
KALINA LLC: Creditors Must File Claims by May 14
MALIYE YERCHIKI: Creditors Must File Claims by May 15
MEGAPOLIS INVEST: Creditors Must File Claims by May 15
MIR LLC: Creditors Must File Claims by May 14
SINKOV AGRICULTURAL: Creditors Must File Claims by May 14
TON LLC: Creditors Must File Claims by May 15
UKRAINIAN AGRICULTURAL: Creditors Must File Claims by May 14
U N I T E D K I N G D O M
AMPEX CORPORATION: Shareholder Wants Equity Committee Appointed
ARRAN CORPORATE: Moody's Puts Rating On Review & May Upgrade
BATH BLIND: Taps Liquidators from BDO Stoy Hayward
CASTLE HOLDCO 4: Moody's Cuts Corporate Family Rating to Caa1
CHROME FUNDING: Moody's Cuts Rating to Low-B on Two Note Classes
CLARIS LTD V: Moody's Cuts Ratings on Four Note Classes to Low-B
GRANVILLE ASSOCIATES: Enters Into Administration
HOWARD CONSTRUCTION: Calls In Liquidator from Vantis
INTERIOR SOLUTIONS: Brings In Liquidators from Tenon Recovery
LEEDS UNITED: Football Panel Rejects Appeal Over Point Deduction
OSSIAN GROUP: Confirms Sale of Internacional Fashion Chain
SMOBY UK: Appoints Liquidator from Mazars
SOUND CONTROL: Appoints Deloitte & Touche as Administrators
TINDALE AND STANTON: Workers Uncertain on Jobs
WAINFLEET MOTOR: Claims Filing Period Ends June 6
ZIFF DAVIS: Disclosure Statement Gets Court Approval
* Insolvency Service Releases 1Q 2008 Insolvency Statistics
* BoE Report Warns Pickup in Defaults Amid Tight Credit Market
* BOND PRICING: For the Week April 28 to May 2, 2008
*********
=============
A U S T R I A
============
ALGORITHMS EDV-SOFTWARE: Claims Registration Period Ends June 12
----------------------------------------------------------------
Creditors owed money by LLC ALGORITHMS EDV-SOFTWARE (FN 48940x)
have until June 12, 2008, to file written proofs of claim to
court-appointed estate administrator Christian Bachmann at:
Dr. Christian Bachmann
c/o Dr. Eva-Maria Bachmann-Lang
Opernring 8
1010 Vienna
Austria
Tel: 512 87 01-Serie
Fax: 513 82 50
E-mail: bachmann.rae@aon.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on June 26, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1703
17th Floor
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 14, 2008 (Bankr. Case No. 5 S 32/08b). Eva-Maria
Bachmann-Lang represents Dr. Bachmann in the bankruptcy
proceedings.
BIOMASSE-GEWINNUNG: Creditors' Meeting Slated for May 7
-------------------------------------------------------
Creditors owed money by LLC Biomasse-Gewinnung (FN 278132v) are
encouraged to attend the first creditors' meeting at 11:15 a.m.
on May 7, 2008.
The creditors' meeting will be held at:
The Land Court of Leoben
Hall IV
First Floor
Leoben
Austria
The Court will also examine the claims at 10:00 a.m. on June 18,
2008, at the same venue.
Creditors have until May 31, 2008, to file written proofs of
claim to court-appointed estate administrator Heinz Pichler at:
Dr. Heinz Pichler
Burggasse 61
8750 Judenburg
Austria
Tel: 03572-82362
Fax: 03572-82372-19
E-mail: kanzlei-j@pichler-schuetz.at
Headquartered in Niklasdorf, Austria, the Debtor declared
bankruptcy on April 14, 2008 (17 S 16/08h).
DELTA WOHN: Claims Registration Period Ends June 2
--------------------------------------------------
Creditors owed money by LLC DELTA Wohn- und Gewerbebau (FN
97327d) have until June 2, 2008, to file written proofs of claim
to court-appointed estate administrator Roland Heitzinger at:
Dr. Roland Heitzinger
Ringstrasse 4/Plobergerstr.7
4600 Wels
Austria
Tel: 07242/42605-0
Fax: 07242/42605-20
E-mail: heitzinger@ra-stossier.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on June 12, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Wels
Hall 101
First Floor
Maria Theresia Str. 12
Wels
Austria
Headquartered in Wels, Austria, the Debtor declared bankruptcy
on April 14, 2008 (Bankr. Case No. 20 S 48/08x).
DEMIL LLC: Claims Registration Period Ends June 5
-------------------------------------------------
Creditors owed money by LLC DEMIL (FN 283325f) have until
June 5, 2008, to file written proofs of claim to court-appointed
estate administrator Eva Riess at:
Dr. Eva Riess
c/o Dr. Leopold Riess
Zeltgasse 3
1080 Vienna
Austria
Tel: 402 57 01
Fax: 402 57 01 21
E-mail: law@riess.co.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 19, 2008, 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 April 11, 2008 (Bankr. Case No. 5 S 30/08h). Leopold Riess
represents Dr. Riess in the bankruptcy proceedings.
ING. ERNST DURST: Creditors' Meeting Slated for May 13
------------------------------------------------------
Creditors owed money by LLC Ing. Ernst Durst (FN 90218z) are
encouraged to attend the creditors' meeting at 9:10 a.m. on
May 13, 2008.
The creditors' meeting will be held at:
The Land Court of St. Poelten
Room 216
Second Floor
Old Building
St. Poelten
Austria
Headquartered in Waidhofen an der Ybbs, Austria, the Debtor
declared bankruptcy on April 11, 2008 (14 S 51/08b). Christine
Riess serves as the court-appointed estate administrator of the
bankrupt's estate.
The estate administrator can be reached at:
Dr. Christine Riess
Kapuzinergasse 9
3340 Waidhofen/Ybbs
Austria
Tel: 07442/52 22 60
Fax: 07442/52 22 66
E-mail: kanzlei@rb-anwalt.at
MD PROJEKTENTWICKLUNGS: Claims Registration Period Ends June 2
--------------------------------------------------------------
Creditors owed money by LLC MD PROJEKTENTWICKLUNGS- UND WOHN
BAU (FN 199286v) have until June 2, 2008, to file written proofs
of claim to court-appointed estate administrator Edmund Roehlich
at:
Dr. Edmund Roehlich
c/o Mag. Birgit Linder
Am Heumarkt 9/I/11
1030 Vienna
Austria
Tel: 713 46 51
Fax: 713 84 35
E-mail: proksch@eurojuris.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 16, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1705
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 14, 2008 (Bankr. Case No. 3 S 37/08y). Birgit Linder
represents Dr. Roelich in the bankruptcy proceedings.
=============
F I N L A N D
=============
NVIDIA CORP: Court Rejects Trustee's Claim for US$100 Million
-------------------------------------------------------------
NVIDIA Corporation said Friday that the United States Bankruptcy
Court for the Northern District of California issued its
Memorandum Decision After Trial in the 3dfx bankruptcy action.
In the Decision, the Court found in favor of NVIDIA on all
issues and rejected the Trustee's attempts to obtain damages
from NVIDIA in excess of US$100 million. The Trustee's lawsuit
arose from NVIDIA's 2001 acquisition of certain assets of its
former competitor, 3dfx Interactive, Inc. Specifically, the
Trustee claimed that NVIDIA did not pay fair value for the
assets it acquired in the transaction, thereby allegedly harming
3dfx's creditors.
"A trial was necessary to fully demonstrate that we conducted
ourselves appropriately in the acquisition and we are very
pleased with the Decision from the Court. The Decision is
comprehensive, thorough, well-reasoned, and a complete rejection
of the Trustee's legal and factual arguments," said David
Shannon, NVIDIA's senior vice president and general counsel.
The Court expressly found that "the Trustee's valuation theory
-- every way it is articulated -- is simply not credible," and
concluded that "the creditors of 3dfx were not injured by the
Transaction."
"We will continue to fight this matter through any and all
appeals," said Mr. Shannon.
About NVIDIA
Headquartered in Santa Clara, California, NVIDIA Corp. (Nasdaq:
NVDA) -- http://www.nvidia.com/-- is in the business of visual
computing technologies and invented the GPU, a high-performance
processor which generates breathtaking, interactive graphics on
workstations, personal computers, game consoles, and mobile
devices. NVIDIA serves the entertainment and consumer market
with its GeForce(R) products, the professional design and
visualization market with its Quadro(R) products, and the high-
performance computing market with its Tesla(TM) products.
Outside the U.S., the company has subsidiaries in these
countries; Canada, Cayman Islands, Singapore, Australia, the
United Kingdom, Germany, Hong Kong, Japan, Mauritius, India,
China, British Virgin Islands, Finland and Netherlands.
* * *
The company carries Standard & Poor's Ratings Services BB-
corporate credit rating.
===========
F R A N C E
===========
DMC DOLLFUS: Reports Liquidity Problems to Paris Court
------------------------------------------------------
DMC Dollfus Mieg et Cie, on April 29, 2008, notified its Central
Works Councils that several Group companies (DMC SA, DMC Tissus
and Loisirs & Creation) were experiencing liquidity problems.
These problems are attributable to the persistent deterioration
of the economic conditions that affect the Group's activities,
including the continued decline of the U.S. dollar, consumption
that has been falling since early 2008 and an increased inflow
of products from Asia.
"The Group is facing major liquidity problems, and appearing
before the Commercial Court is the only solution available to us
to provide the various Group companies with the resources they
need to have a fighting chance," François Demoulin, Chairman of
the Executive Board of DMC, stated.
The Group therefore decided to refer the matter to the
Commercial Court of the City of Paris on Wednesday, April 30,
and report on the liquidity problems its various companies are
experiencing. The Court will decide which procedures are to
be followed to identify the best and most appropriate solutions
to the problems the Group is facing.
The Court may convene a hearing in early May.
On April 24, 2008, the Group disclosed that it plans to
undertake significant restructuring measures in the near term.
As a result, Euronext has agreed to suspend trading in DMC
shares.
This development will delay the schedule previously announced
for the release of the Group's 2007 financial statements.
According to the Financial Times, DMC is seeking bankruptcy
protection from creditors.
Headquartered in Paris, France, DMC Dollfus Mieg et Cie --
http://www.dmc.com/-- focuses on three core businesses:
sportswear fabrics under the Saic Velcorex brand, DMC creative
world and creative-leisure activities. The sportswear division
is active in Europe and in the United States and produces
corduroy and cotton fabric suitable for the sportswear and
leisure clothing industry. DMC creative world specializes in
embroidery and offers various types of needle art threads. The
creative-leisure activities division operates a chain of 21
stores in France under the name Loisirs & Creation. It offers
materials and accessories for handcrafts activities, including
needle art, beadwork, fine arts, interior decoration, card-
making and children's activities.
IXIS CIB: Moody's Cuts Rating on EUR10 Million Notes to Ba1
-----------------------------------------------------------
Moody's Investors Service downgraded 6 tranches of Series Must
50/5 notes issued out of Chrome Funding Limited and one related
series of notes issued by IXIS Corporate and Investment Bank.
All notes reference the same portfolio. Must 50/5 is a
resecuritization of corporate CDOs and ABSs with no exposure to
downgraded subprime RMBS.
The downgrade is in response to deterioration in the average
credit quality of the underlying collateral, driven primarily by
negative rating migration in the corporate portfolios underlying
the CDOs.
These rating actions are:
Issuer: Chrome Funding Limited
* EUR53,750,000 Secured Credit-linked Floating Rate Class
A2-A Notes due 2009 issued under Series MUST 50/5
-- Current rating: A1
-- Prior rating: Aa3, under review for downgrade
* EUR15,000,000 Secured Credit-linked Floating Rate Class
A2-B Notes due 2009 issued under Series MUST 50/5
-- Current rating: A1
-- Prior rating: Aa3, under review for downgrade
* EUR22,000,000 Secured Credit-linked Floating Rate Class B
Notes due 2009 issued under Series MUST 50/5
-- Current rating: Baa1
-- Prior rating: A2, under review for downgrade
* EUR13,750,000 Secured Credit-linked Floating Rate Class C1
Notes due 2009 issued under Series MUST 50/5
-- Current rating: Baa3
-- Prior rating: Baa2, under review for downgrade
* EUR3,750,000 Secured Credit-linked Floating Rate Class C2
Notes due 2009 issued under Series MUST 50/5
-- Current rating: Ba1
-- Prior rating: Baa2, under review for downgrade
* EUR13,750,000 Secured Credit-linked Floating Rate Class D
Notes due 2009 issued under Series MUST 50/5
-- Current rating: Ba3
-- Prior rating: Ba1, under review for downgrade
Issuer: IXIS Corporate and Investment Bank
* EUR10,000,000 Secured Credit-linked Floating Rate Class C2
MUST 50/5 Notes due 2009 issued under Series 1388
-- Current rating: Ba1
-- Prior rating: Baa2, under review for downgrade
=============
G E R M A N Y
=============
A3M AG: Claims Registration Period Ends May 14
----------------------------------------------
Creditors of A3M AG have until May 14, 2008, to register their
claims with court-appointed insolvency manager Klaus-Peter
Krueger.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 4, 2008, 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 Tuebingen
Hall 1.01
Ground Floor
Aussenstelle
Schulberg 14
72074 Tuebingen
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:
Klaus-Peter Krueger
Kaiserstr. 56
72764 Reutlingen
Germany
Tel: 07121/9725512
Fax: 07121/9725522
The District Court of Tuebingen opened bankruptcy proceedings
against A3M AG on April 17, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
A3M AG
Hintere Grabenstr. 30
72070 Tuebingen
Germany
ACROM FACHBETRIEBE: Claims Registration Ends May 26
---------------------------------------------------
Creditors of Acrom Fachbetriebe fuer analoge & digitale
Bildbearbeitung GmbH have until May 26, 2008 to register their
claims with court-appointed insolvency manager Rolf G. Pohlmann.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 7, 2008, 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 Munich
Meeting Hall 102
Infanteriestr. 5
80097 Munich
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:
Rolf G. Pohlmann
Rosental 6
80331 Muenchen
Germany
Tel: (089)548033-0
Fax: (089)548033-111
The District Court of Munich opened bankruptcy proceedings
against Acrom Fachbetriebe fuer analoge & digitale
Bildbearbeitung GmbH on April 7, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Acrom Fachbetriebe fuer analoge &
digitale Bildbearbeitung GmbH
Hirtenstr. 26
80335 Munich
Germany
AEE GMBH: Claims Registration Ends May 26
-----------------------------------------
Creditors of aee GmbH have until May 26, 2008 to register their
claims with court-appointed insolvency manager Ottmar Hermann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 16, 2008, 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 Offenbach am Main
Hall 162N
First Floor
Kaiserstrasse 16-18
63065 Offenbach am Main
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:
Ottmar Hermann
Bleichstrasse 2-4, D
60313 Frankfurt am Main
Germany
Tel: 069/9130920
Fax: 069/91309230
The District Court of Offenbach am Main opened bankruptcy
proceedings against aee GmbH on March 12, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
aee GmbH
Hauptstrasse 70
63303 Dreieich
Germany
Attn: Siegfried-Johann Hoecht, Manager
2C rue de la Paix
67160 Wissembourg
France
CREDITHYP GMBH: Claims Registration Period Ends May 23
------------------------------------------------------
Creditors of CreditHyp GmbH have until May 23, 2008, to register
their claims with court-appointed insolvency manager Sabine
Aldermann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 20, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Dortmund
Hall 3.201
Second Floor
Gerichtsplatz 1
44135 Dortmund
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Sabine Aldermann
Landgrafenstr. 2 a
44139 Dortmund
Germany
The District Court of Dortmund opened bankruptcy proceedings
against CreditHyp GmbH on April 1, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
CreditHyp GmbH
Attn: Jens Fritz Wolpers, Manager
Schleefstr. 2 e
44287 Dortmund
Germany
ECOMIT SERVICE: Claims Registration Period Ends May 23
------------------------------------------------------
Creditors of EComIT Service GmbH have until May 23, 2008, to
register their claims with court-appointed insolvency manager
Klaus Knetter.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 13, 2008, 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 Paderborn
Meeting Hall 230a
Second Floor
Bogen 2-4
33098 Paderborn
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:
Klaus Knetter
Otto-Brenner-Strasse 186
33604 Bielefeld
Germany
Tel: 052196623300
Fax: 052196623310
The District Court of Paderborn opened bankruptcy proceedings
against EComIT Service GmbH on March 31, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
EComIT Service GmbH
Wollmarktstr. 121
33098 Paderborn
Germany
HARZ & HEIDE: Claims Registration Period Ends May 23
----------------------------------------------------
Creditors of Harz & Heide Garten- und Landschaftsbau GmbH have
until May 23, 2008, to register their claims with court-
appointed insolvency manager Torsten Gutmann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 13, 2008, 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 Gifhorn
Hall 118
Schlossgarten 4
38518 Gifhorn
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:
Torsten Gutmann
Zum Blauen See 5
31275 Lehrte
Germany
Tel: 05132/82680
Fax: 05132/8268-96
The District Court of Gifhorn opened bankruptcy proceedings
against Harz & Heide Garten- und Landschaftsbau GmbH on April 1,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
Harz & Heide Garten- und Landschaftsbau GmbH
Gut Martinsbuettel 6a
38527 Meine/Wedesbuettel
Germany
IKB DEUTSCHE: Posts EUR965.1MM Loss for 1st Half Ended Sept. 30
---------------------------------------------------------------
IKB Deutsche Industriebank AG posted EUR965.1 million in
consolidated net loss for the first half ended Sept. 30, 2007,
compared with EUR89.3 million in consolidated net income for the
first half ended Sept. 30, 2006.
Despite the half year loss, IKB confirms its forecasted result
for the entire financial year 2007/2008 of EUR200 million.
As of Sept. 30, 2007, losses from obligations towards Havenrock
have largely been accounted for, while the additional support by
KfW and the banking pool, which was granted in November 2007,
has not yet been taken into account.
Revenues resulting from the valuation of liabilities, mainly
hybrid securities, have increased significantly since 30
September 2007. The favorable valuation effect of compensation
out of future profits (Besserungsabrede) of EUR0.35 billion,
which is an element of KfW’s capital injection, has also
affected the results.
Overall, these effects significantly outweigh the increased
value adjustments of portfolio investments required since
Sept. 30, 2007.
Core Business Affected by Crisis
In IKB's core business segments, Corporate Clients, Real Estate
Clients and Structured Finance, adjusting events as of have been
included in risk provisioning. Thus, risk provisioning
increased significantly in all segments.
In the first six months of the financial year 2007/2008, the
Corporate Clients’ volume of new business rose to EUR2.6 billion
(EUR2.1 billion). The segment posted an operating loss of EUR-
18 million (EUR42 million), due to negative valuation results of
Private Equity activities and significantly increased
provisions for possible loan losses. Net interest income of the
operational business was on pre-year level.
In the segment Real Estate Clients new business volume increased
to EUR700 million (EUR400 million), due to European activities.
However, corresponding administrative expenses and provisions
for possible loan losses also increased. The operating result
amounted to EUR3 million (EUR12 million).
The segment Structured Finance posted a negative operating
result of EUR10 million (EUR47 million) due to a doubling in
risk provisioning and necessary valuation adjustments on First
Loss Pieces of IKB’s own securitized credits. At EUR3.1 billion
new business was down slightly compared to the previous record
year (EUR3.4 billion).
SME Business
The disbursements for the fiscal year 2007/08 -- April 1, 2007
to March 31, 2008) increased in the segment Corporate Clients to
EUR4.7 billion (EUR4.6 billion), even though IKB in recent
months had reduced on the level of new commitments.
New disbursements in the Real Estate Clients segment increased
to EUR1.4 billion (EUR1.3 billion). After the exceptionally
strong results in the Structured Finance segment in FY 2006/07
(EUR5.3 billion), new disbursements for FY 2007/08 went down to
EUR3.8 billion due to market conditions.
Bidders
The sale of stakes of KfW Banking Group (45.5%) and Stiftung
Industrieforschung (10.7%) in IKB is proceeding according to
plan.
The data room for national and international bidders, who had
previously made indicative offers, has been open since 18 March
2008.
Bidders confirmed their substantial interest in acquiring IKB
during last week’s management presentations. The bidders
recognized the bank’s value drivers and in particular IKB’s
focussed business model, the long-standing relationships with
mid-sized corporate clients (Mittelstand), the strong market
position and IKB’s experienced staff. Further substantiated
offers have to be submitted by mid May 2008.
About IKB Deutsche
Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank
AG -- http://www.ikb.de/-- provides medium-sized companies with
long-term financing. The bank operates in several German
locations, as well as branches in the United Kingdom,
Luxembourg, Spain and France.
IKB had previously invested in securitized loans on the US
market for subprime mortgages, which are now almost worthless.
This resulted in a deep-seated crisis within the bank, pushing
it on the brink of bankruptcy.
* * *
As reported in the TCR-Europe April 2, 2008, Moody's Investors
Service downgraded these ratings of IKB: bank financial strength
rating to E from E+. The outlook on the BFSR is now stable
(previously developing); IKB's subordinated debt ratings were
downgraded to Ba2. The outlook on is negative; IKB's short-term
ratings were downgraded to Prime-3; IKB's junior subordinated
securities were downgraded to Ca from Caa1. Its hybrid capital
instruments eligible for Tier 1 capital (silent participations)
and the preferred securities of IKB Funding Trust I & II were
downgraded to Caa3 from Caa1. All hybrid ratings now have a
stable outlook.
ITOC AG: Claims Registration Period Ends May 16
-----------------------------------------------
Creditors of iTOC AG have until May 16, 2008, to register their
claims with court-appointed insolvency manager Thomas Luger.
Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 16, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Ludwigsburg
Hall 2008
Palace Schuetz
Schorndorfer Str. 28
Ludwigsburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Thomas Luger
Olgastr. 54
70182 Stuttgart
Germany
Tel: 0711/165530
The District Court of Ludwigsburg opened bankruptcy proceedings
against iTOC AG on April 21, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
iTOC AG
Gartenstr. 8
71576 Burgstetten
Germany
LEAR CORPORATION: Earns US$78.2 Million for Q1 Ended March 29
-------------------------------------------------------------
Lear Corp. posted US$78.2 million in consolidated net profit on
US$3.86 billion in consolidated net revenues for the first
quarter ended March 29, 2008, compared with US$49.9 million in
consolidated net profit on US$4.41 billion in consolidated net
revenues for the first quarter ended March 29, 2008.
The decline in net sales for the quarter reflects the
divestiture of the Interior business and lower industry
production in North America, due in part to the impact of a
strike at a major supplier, offset in part by favorable foreign
exchange and new business.
In the seating segment, net sales increased slightly driven by
favorable foreign exchange and the benefit of new business,
offset by lower industry production in North America. Operating
margins improved slightly, reflecting favorable cost performance
and increased savings from restructuring actions, as well as the
timing of commercial settlements, largely offset by lower
industry production in North America.
In the electrical and electronic segment, net sales increased
slightly driven by favorable foreign exchange, partially offset
by lower industry production in North America. Operating
margins improved, reflecting favorable operating performance,
including savings from restructuring actions and the net impact
of legal and commercial claims, partially offset by lower
industry production in North America.
In the first quarter of 2008, free cash flow was negative
US$31.4 million, compared with negative US$32.1 million in the
first quarter of 2007.
During the quarter, the Company implemented a global operating
structure for its two business units, naming Lou Salvatore,
President - Global Seating Systems, and Ray Scott, President -
Global Electrical and Electronic Systems. This new structure is
consistent with the global strategies of the Company's major
customers, allows Lear to take full advantage of its global
scale, leverages Lear's worldwide engineering and product
development resources and enables Lear to access the lowest cost
manufacturing and sourcing available.
Lear continued to grow its sales outside of North America and
expand its low-cost footprint in Asia, including a new foam
plant in Wuhu, China and a new seat trim facility in Hai Phong,
Vietnam.
"Although we are facing significant challenges in North America,
Lear's underlying operating fundamentals remain strong," said
Bob Rossiter, Lear Chairman, Chief Executive Officer and
President. "The Lear team remains very focused on delivering
outstanding quality and customer service to our customers. At
the same time, we are putting in place a global operating
structure for our business units and taking aggressive actions
to improve our longer-term competitiveness."
Full-Year 2008 Outlook
Lear expects 2008 net sales of approximately US$15.5 billion,
compared with prior guidance of US$15.0 billion. The increase
reflects the positive impact of foreign exchange, mainly the
strong Euro, partially offset by lower industry production in
North America. Lear's 2008 earnings outlook remains unchanged,
reflecting favorable operating performance and foreign exchange,
offset by lower industry production in North America and
increasing commodity costs.
Lear anticipates 2008 income before interest, other expense,
income taxes, restructuring costs and other special items of
US$660 to US$700 million. Restructuring costs in 2008 are
estimated to be about US$100 million.
Interest expense for 2008 is estimated between US$185 million
and US$195 million. Pretax income before restructuring costs
and other special items is estimated in the range of US$430
million to US$470 million. Tax expense is expected to be
approximately US$135 million, depending on the mix of earnings
by country.
Capital spending in 2008 is estimated between US$255 million to
US$275 million. Depreciation and amortization expense is
estimated at about US$300 million. Free cash flow is expected to
be solidly positive, at about US$250 million, for the year.
Key assumptions underlying Lear's financial outlook include
expectations for industry vehicle production of approximately
14.1 million units in North America compared with a prior
forecast of 14.4 million units. In Europe, our forecast for
industry production is 20.2 million units. Lear expects
production for the Domestic Three to be down about 10% in North
America, compared with a prior forecast of a 9% decline. In
addition, we are assuming an exchange rate of US$1.52/Euro,
compared with a prior forecast of US$1.45/Euro.
As of Mach 29, 2008, Lear's unaudited consolidated balance sheet
showed US$8.28 billion in total assets and US$7.03 billion in
total liabilities, resulting in US$1.25 billion in shareholders'
equity.
About Lear Corporation
Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems,
electrical distribution systems and related electronic products.
The company has around 91,000 employees at 215 facilities in 35
countries. Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.
* * *
As reported in the TCR-Europe on March 24, 2008, Standard &
Poor's Ratings Services placed the ratings on Lear Corp. on
CreditWatch with negative implications. The company carries B+
Long-Term Foreign and Local Issuer Credit ratings from S&P.
As of March 4, 2008, Lear Corp. carries B2 Corporate Family,
Bank Loan Debt and Probability-of-Default ratings, and B3 Senio
Unsecured Debt rating from Moody's Investors Service, which said
the outlook is stable.
LEAR CORP: Annual Stockholders Meeting to be Held Thursday
----------------------------------------------------------
Lear Corp. Chief Executive Officer Robert E. Rossiter said that
the company will hold its 2008 Annual Meeting of Stockholders on
May 8, 2008, at 10:00 a.m. (Eastern Time). The meeting will be
held at Lear Corporation’s Corporate Headquarters at 21557
Telegraph Road in Southfield, Michigan.
At the annual meetings, stockholders will be asked to:
1. elect three directors;
2. ratify the appointment of Ernst & Young LLP as the
company’s independent registered public accounting firm
for 2008;
3. consider one stockholder proposal, if presented at the
meeting; and
4. conduct any other business properly brought before the
meeting or any adjournments or postponements thereof.
Only stockholders of record at the close of business on
March 14, 2008 will be allowed to vote.
About Lear Corporation
Based in Southfield, Michigan, Lear Corporation (NYSE:LEA) --
http://www.lear.com/-- supplies automotive interior systems,
electrical distribution systems and related electronic products.
The company has around 91,000 employees at 215 facilities in 35
countries. Outside the United States, Lear has subsidiaries in
Germany, Luxembourg, Sweden, Singapore, China, India and Mexico,
among others.
* * *
As reported in the TCR-Europe on March 24, 2008, Standard &
Poor's Ratings Services placed the ratings on Lear Corp. on
CreditWatch with negative implications. The company carries B+
Long-Term Foreign and Local Issuer Credit ratings from S&P.
As of March 4, 2008, Lear Corp. carries B2 Corporate Family,
Bank Loan Debt and Probability-of-Default ratings, and B3 Senio
Unsecured Debt rating from Moody's Investors Service, which said
the outlook is stable.
MALIBU DREAM: Claims Registration Ends May 26
---------------------------------------------
Creditors of Malibu Dream GmbH have until May 26, 2008 to
register their claims with court-appointed insolvency manager
Christian Koehler-Ma.
Claims will be verified at 10:05 a.m. on July 21, 2008 at:
The District Court of Charlottenburg
Hall 218
Second Floor
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report 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:
Christian Koehler-Ma
Kurfuerstendamm 26 a
10719 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against Malibu Dream GmbH on March 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Malibu Dream GmbH
Marzahner Promenade 55
12679 Berlin
Germany
METALLTECHNIK PERR: Creditors' Meeting Slated for June 12
---------------------------------------------------------
The court-appointed insolvency manager for Metalltechnik Perr
GmbH, Joachim Exner will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:15 a.m. on June 12, 2008.
The meeting of creditors and other interested parties will be
held at:
The District Court of Ingolstadt
Meeting Hall 28
1st Floor
Schrannenstr. 3
85049 Ingolstadt
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on July 10, 2008 at the same
venue.
Creditors have until May 26, 2008 to register their claims with
the court-appointed insolvency manager.
The insolvency manager can be reached at:
Joachim Exner
Stahlstrasse 17
90411 Nuremberg
Germany
Tel: 0911/95 12 850
Fax: 0911/95 12 8510
The District Court of Ingolstadt opened bankruptcy proceedings
against Metalltechnik Perr GmbH on April 1, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Metalltechnik Perr GmbH
Burgwaldring 4
86697 Oberhausen-Kreut
Germany
RATSHOF GMBH: Claims Registration Ends May 23
---------------------------------------------
Creditors of Ratshof GmbH & Co. KG have until May 23, 2008 to
register their claims with court-appointed insolvency manager
Manfred Gottschalk.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 24, 2008, 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 Hagen
Meeting Hall 252
Second Floor
Heinitzstrasse 42/44
58097 Hagen
Germany
Creditors may constitute a creditors' committee or opt to
appoint a new insolvency manager.
The insolvency manager can be reached at:
Manfred Gottschalk
Kirchender Dorfweg 14
58313 Herdecke
Germany
The District Court of Hagen opened bankruptcy proceedings
against Ratshof GmbH & Co. KG on April 24, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Ratshof GmbH & Co. KG
Alter Rathausplatz 9
58636 Iserlohn
Germany
Attn: Dr. Hans-Martin Schuett, Manager
Piepenstockstr. 1
58636 Iserlohn
Germany
RIO FASHION: Claims Registration Period Ends May 23
---------------------------------------------------
Creditors of RIO Fashion GmbH have until May 23, 2008, to
register their claims with court-appointed insolvency manager
Christian Adolf.
Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Hof
Meeting Hall 012
Ground Floor
Berliner Platz 1
95030 Hof
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Christian Adolf
Ludwigstr. 50
95028 Hof
Germany
Tel: 09281/8331080
Fax: 09281/8331089
The District Court of Hof opened bankruptcy proceedings against
RIO Fashion GmbH on March 31, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
RIO Fashion GmbH
Marienstr. 4-6
95111 Rehau
Germany
RW-BAU-IDEE-IMMOBILIEN: Claims Registration Period Ends May 23
--------------------------------------------------------------
Creditors of RW-Bau-Idee-Immobilien GmbH have until May 23,
2008, to register their claims with court-appointed insolvency
manager Rasmus Reinhardt.
Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on June 16, 2008, 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 Rottweil
Room 0.05
Branch Office
Koernerstr. 29
Rottweil
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:
Rasmus Reinhardt
Koenigstr. 16
78628 Rottweil
Germany
Tel: 0741-174670
Fax: 0741-1746725
The District Court of Rottweil opened bankruptcy proceedings
against RW-Bau-Idee-Immobilien GmbH on April 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
RW-Bau-Idee-Immobilien GmbH
Attn: Reiner Woessner, Manager
In den Graben 30/1
72275 Alpirsbach-Reutin
Germany
SLT GMBH: Claims Registration Period Ends May 23
------------------------------------------------
Creditors of SLT GmbH have until May 23, 2008, to register their
claims with court-appointed insolvency manager Ruediger
Wienberg.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Erfurt
Hall 15
Judicial Center
Rudolfstr. 46
99092 Erfurt
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Ruediger Wienberg
Peterstr. 1
99084 Erfurt
Germany
The District Court of Erfurt opened bankruptcy proceedings
against SLT GmbH on April 2, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
SLT GmbH
Attn: Olaf Mueller, Manager
Juri-Gagarin Ring 126c
99084 Erfurt
Germany
STRATEG GMBH: Claims Registration Period Ends May 21
----------------------------------------------------
Creditors of Strateg GmbH Gesellschaft fuer
Arbeitnehmerueberlassung have until May 21, 2008, to register
their claims with court-appointed insolvency manager Christopher
Seagon.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 2, 2008, 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 Karlsruhe
Hall IV
First Floor
Schlossplatz 23
76131 Karlsruhe
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:
Christopher Seagon
Blumenstr. 17
69115 Heidelberg
Germany
Tel: 06221/ 91 18 0
The District Court of Karlsruhe opened bankruptcy proceedings
against Strateg GmbH Gesellschaft fuer Arbeitnehmerueberlassung
on April 30, 2008. Consequently, all pending proceedings
against the company have been automatically stayed.
The Debtor can be reached at:
Strateg GmbH Gesellschaft fuer
Arbeitnehmerueberlassung
Attn: Klaus Nuerck, Manager
Ewald-Renz-Str. 1
76669 Bad Schoenborn
Germany
VB-EDELSTAHLDESIGN: Claims Registration Period Ends May 23
----------------------------------------------------------
Creditors of VB-Edelstahldesign GmbH have until May 23, 2008, to
register their claims with court-appointed insolvency manager
Angela Torst.
Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on June 23, 2008, 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 Neubrandenburg
Hall 1
Fr.-Engels-Ring 15-18
Neubrandenburg
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:
Angela Torst
Otto von Guericke Str. 5
17033 Neubrandenburg
Germany
The District Court of Neubrandenburg opened bankruptcy
proceedings against VB-Edelstahldesign GmbH on April 1, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
VB-Edelstahldesign GmbH
Baumwallsweg 6c
17034 Neubrandenburg
Germany
WESTLB AG: Alexander Stuhlmann Quits as Managing Board Chairman
---------------------------------------------------------------
Alexander Stuhlmann has resigned as Chairman of the Managing
Board of WestLB AG.
"Alexander Stuhlmann took office for an agreed limited period
under entirely different premises," Michael Breuer, Chairman of
WestLB´s Supervisory Board, said. "He has set WestLB on course
in extremely turbulent times. With his firm resolve, but also
his reconciliation skills, he has provided the Bank with a
perspective for the future."
His successor is Heinz Hilgert, who officially takes office on
May 1, 2008.
"With his humane and conciliatory manner, Alexander Stuhlmann
has brought WestLB closer to the savings banks again," Mr.
Breuer added. "His long-standing experience, his prudence and
his outstanding personal commitment have enabled him to cope
with the immense challenges posed by the financial markets´
crisis. We thank him most sincerely for his valuable
contribution and wish him all the very best for the future.”
Mr. Stuhlmann, who took over as chairman at the end of July
2007, had committed himself from the outset for a maximum period
of 12 months. He steered the Bank through the aftermath of the
global financial markets' crisis and was instrumental in
ensuring that WestLB´s owners established a complex risk shield
for the Bank within a period of only seven weeks. At the same
time he initiated the necessary restructuring process to prepare
WestLB for future requirements arising from the consolidation
among Germany´s public-sector banks."
About WestLB
Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB)
-- http://www.westlb.com/-- provides financial advisory,
lending, structured finance, project finance, capital markets
and private equity products, asset management, transaction
services and real estate finance to institutions.
In the United States, certain securities, trading, brokerage and
advisory services are provided by WestLB AG's wholly owned
subsidiary WestLB Securities Inc., a registered broker-dealer
and member of the NASD and SIPC.
WestLB's shareholders are the two savings banks associations in
NRW (25.15% each), two regional associations (0.52% each), the
state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by
NRW (64.7%) and two regional associations (35.3%).
* * *
In January 2008, Fitch Rating downgraded WestLB AG's Individual
rating to 'F' from 'D/E' and removed the Rating Watch Negative.
WOHNBAU-DESIGN: Claims Registration Period Ends May 23
------------------------------------------------------
Creditors of Wohnbau-Design GmbH have until May 23, 2008, to
register their claims with court-appointed insolvency manager
Dr. Hans-Peter Lehner.
Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on June 9, 2008, 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 Amberg
Room 115
Meeting Hall V
First Stock
Baustadelgasse 1
Amberg
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. Hans-Peter Lehner
Ditthornstr. 5
93055 Regensburg
Germany
Tel: 0941/640 820-0
Fax: 0941/640 820-10
The District Court of Amberg opened bankruptcy proceedings
against Wohnbau-Design GmbH on April 18, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Wohnbau-Design GmbH
Kellergasse 7
93133 Burglengenfeld
Germany
=============
I R E L A N D
=============
STANTON VINTAGE: S&P Cuts Ratings on Two Note Classes to Low-B
--------------------------------------------------------------
Standard & Poor's Ratings Services has removed from CreditWatch
with negative implications and lowered its credit ratings on the
class A, B, C, D, and E notes issued by Stanton Vintage CDO Plc.
These rating actions follow a full review and analysis of the
transaction's credit quality and cash flow model. The ratings
have been lowered to levels where the portfolio's expected
default is met by the breakeven default rates generated by the
cash flow model.
On April 28, 2008, Standard & Poor's placed all Stanton
Vintage's rated notes on CreditWatch negative due to the
negative rating migration experienced in the portfolio. This
negative migration has led to an increase in the scenario
default rates that may not be supported by current credit
enhancement.
Stanton Vintage is a collateralized debt obligation of
collateralized loan obligations and CDO of asset-backed
securities transaction managed by UNIQA Alternative Investments
GmbH. The transaction closed in June 2006.
The CDO is structured as a hybrid, comprising a portfolio of
cash CLOs and CDOs of ABS, and total return swaps referencing
CLOs and CDOs of ABS. US$159.6 million of notes were issued at
closing, as well as an unfunded super senior piece.
Ratings List
Stanton Vintage CDO PLC
US$159.6 Million Floating-Rate Notes
Rating
Class To From
Ratings Removed From CreditWatch Negative And Lowered
A AA+ AAA/Watch Neg
B A- AA/Watch Neg
C BBB A/Watch Neg
D BB+ BBB/Watch Neg
E B BB/Watch Neg
=========
I T A L Y
=========
PARMALAT SPA: Settles U.S. Shareholders' Class Action
-----------------------------------------------------
Parmalat S.p.A. has reached agreement to settle the securities
class action against it in the United States Southern District
Court of New York.
Parmalat will issue 10.5 million shares of stock in full
satisfaction of any and all claim asserted against it in the
class action, worldwide.
Parmalat will also incur up to EUR1 million of the cost of
notifying the class members of the settlement.
Parmalat believes that this settlement is in the best interests
of its shareholders to avoid the distraction and expense of
further litigation, and diminishes uncertainty in the value of
its stock.
The settlement is subject to the approval of the court.
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
for 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. On June 21, 2007, the U.S. Court granted
Parmalat permanent injunction.
TISCALI SPA: Repurchases 2.6 Million Shares for EUR6.2 Million
--------------------------------------------------------------
Tiscali S.p.A. repurchased 2,600,000 own shares, 0.45% of the
share capital, April 18, 2008, at an average price per share of
EUR2.379, for a counter value of about EUR6.2 millions.
The share buyback has been done pursuant to art. 2357 and
subsequent articles of the Italian Civil Code and within the
limits set by the shareholder’s resolution.
Pursuant to art. 132 of Legislative Decree 58/98 and art. 144-
bis of the Issuers’ Regulation, the purchase took place on
regulated markets pursuant to the markets’ regulations.
Moreover, the purchases have been done for daily volumes not
exceeding 25% of the average daily volume of Tiscali shares
negotiated in the month previous to the official communication
of the plan, pursuant to art. 5 of CE regulation n. 2273/2003.
About Tiscali
Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country. The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.
Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006. It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.
* * *
As reported in the TCR-Europe on Feb. 12, 2008, Standard &
Poor's Ratings Services has raised its long-term corporate
credit rating to 'B+' from 'B' on Tiscali S.p.A.
The one-notch upgrade also applies to S&P's long-term debt
ratings on the EUR50 million senior secured term loan and
EUR50 million senior secured revolving credit facility taken on
by financing vehicle Tiscali U.K. Holdings Ltd. These debt
obligations' recovery ratings of respectively '3' (meaningful
{50%-70%} recovery in the event of a payment default, given the
presence of the EUR400 million bridge facility) and '2'
(substantial {70%-90%} recovery in the event of a payment
default) remain unchanged and are meaningfully influenced by the
impact of the Italian insolvency regime on lenders' recovery
prospects.
At the same time, S&P removed all of the credit ratings from
CreditWatch, where they had been placed with positive
implications on Jan. 10, 2008, when they first assigned ratings
to Tiscali. The outlook is stable.
===================
K Y R G Y Z S T A N
===================
ENGINEERING SERVICE: Creditors Must File Claims by June 25
----------------------------------------------------------
LLC Engineering Service has declared insolvency. Creditors have
until June 25, 2008 to submit written proofs of claim to:
LLC Engineering Service
Gorky Str. 1/19
Bishkek
Kyrgyzstan
=====================
N E T H E R L A N D S
=====================
NIELSEN CO: Good Performance Prompts S&P's Positive Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
'B' corporate credit rating of The Nielsen Co. B.V. to stable
from negative.
"The outlook change reflects the company's good operating
performance and progress in its cost-cutting initiatives," said
Standard & Poor's credit analyst Tulip Lim. "However, Nielsen's
discretionary cash flow remains weak, prolonging its highly
leveraged status."
The ratings on the New York City-based Nielsen reflect the
company's highly leveraged capital structure, track record of
frequent acquisitions that have deferred deleveraging, the
continuing investment required to remain competitive in the
evolving marketing information industry, and ongoing customer
pressure on prices and service levels that underpin the need for
an efficient cost base. Nielsen's satisfactory business risk
profile, which reflects its strong market positions in media
measurement and retail marketing information, and significant
recurring revenues partially offset these factors.
Operating in more than 100 countries, Nielsen is one of the
world's leading providers of marketing, media, and business
information. Marketing information and media measurement have a
high proportion of sales contracted in advance and strong
renewal rates, which mean that cash flows are relatively
predictable.
Nielsen aims to deleverage its balance sheet largely through
EBITDA growth resulting from cost savings. Management's progress
depends on several factors, some of which are not within its
control. In particular, S&P expects that most of the cost
savings will originate in the marketing information division,
which is more exposed to competition. Nielsen's acquisition of
IAG Research Inc. last month, its August 2007 acquisition of
U.S. telecom research provider Telephia Inc., and the June 2007
buyout of minority investors in Nielsen/NetRatings Inc. were
marginally negative to Nielsen's near-term liquidity and at
price tags that reinforce high leverage. Also, funding of the
cost-cutting program and pension-plan contributions will consume
cash for the next few years. As a result, S&P expects debt
reduction will be very limited, with any improvement in credit
measures coming from EBITDA growth.
=============
R O M A N I A
=============
FORD MOTOR: EC Allows EUR143-Mln State Aid to Romanian Plants
-------------------------------------------------------------
The European Commission has approved a EUR143 million state aid
to Ford Motor Co.'s Craiova sites from the Romanian government,
Caroline Binham and Matthew Newman write for Bloomberg News.
The Commission said Romania's financial support to Ford's two
plants will allow provision of 40,0000 jobs and stimulate
investment in Craiova, Bloomberg News relates.
Craiova, Romania is one of the regions exempted from the
European Union's state aid rule, since it has "abnormally low
standard of living and high unemployment."
"Ford indicated that it would actively encourage technology
transfer in the region to develop a substantial local supply
base," the Commission was quoted by Bloomberg News as saying.
As reported in the TCR-Europe on March 26, 2008, Ford said it
plans to invest around EUR1 billion a year by 2012 in Romania to
support the Craiova operations.
About Ford Motor
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.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin American regions, including Argentina and Brazil.
The company has operations in Japan in the Asia Pacific region.
* * *
As reported in the TCR-Europe on March 28, 2008, Standard &
Poor's Ratings Services said that the ratings and outlook on
Ford Motor Co. and Ford Motor Credit Co. (both rated B/Stable/B-
3) were not affected by Ford's announcement of an agreement to
sell its Jaguar and Land Rover units to Tata Motors Ltd.
(BB+/Watch Neg/--) for US$2.3 billion (before US$600 million of
pension contributions by Ford for Jaguar-Land Rover).
As reported in the Troubled Company Reporter-Europe on Feb. 18,
2008, Fitch Ratings affirmed the Issuer Default Ratings of Ford
Motor Company and Ford Motor Credit Company at 'B', and
maintained the Rating Outlook at Negative.
As reported in the Troubled Company Reporter on Nov. 20, 2007,
Moody's Investors Service affirmed the long-term ratings of Ford
Motor Company (B3 Corporate Family Rating, Ba3 senior secured,
Caa1 senior unsecured, and B3 probability of default), but
changed the rating outlook to Stable from Negative and raised
the company's Speculative Grade Liquidity rating to SGL-1 from
SGL-3. Moody's also affirmed Ford Motor Credit Company's B1
senior unsecured rating, and changed the outlook to Stable from
Negative.
===========
R U S S I A
===========
EAR CJSC: Creditors Must File Claims by June 26
-----------------------------------------------
Creditors of CJSC Ear have until June 26, 2008, to submit proofs
of claim to:
S. Eliseev
Insolvency Manager
Post User Box 38
170100 Tver-100
Russia
The Arbitration Court of Tver commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A66-2927/2007.
The Court is located at:
The Arbitration Court of Tver
Room 7
Sovetskaya Str. 23b
Tver
Russia
The Debtor can be reached at:
CJSC Ear
Barsuki
Torzhkovskiy
172030 Tver
Russia
EXPORT-INSTRUMENT OJSC: Creditors Must File Claims by June 26
-------------------------------------------------------------
Creditors of OJSC Trade-Production Company Export-Instrument
have until June 26, 2008, to submit proofs of claim to:
A. Vakka
Insolvency Manager
Post User Box 281
107078 Moscow
Russia
The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A40-37455/07-88-126B.
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
OJSC Trade-Production Company Export-Instrument
Vavilova Str. 67
117860 Moscow
Russia
KAZANORGSINTEZ: S&P Puts B- Corp. Credit Rating on Watch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' long-term
corporate credit and 'ruBBB' Russia national scale ratings on
Russian petrochemicals group Kazanorgsintez OJSC on CreditWatch
with negative implications following the group's announced
request for a covenant waiver on the outstanding US$200 million
loan participation notes issued by Kazanorgsintez S.A.
Kazanorgsintez OJSC is the borrower on these notes and does not
guarantee them.
Headquartered in the Republic of Tatarstan (foreign currency
BB-/Positive/--, local currency BB-/Positive/--), Kazanorgsintez
is one of the leading petrochemical players in Russia, with 2007
estimated sales of US$900 million.
"The CreditWatch placement reflects our concerns that
Kazanorgsintez may not have sufficient funds to cover payments
of the notes maturing in 2011 if noteholders request early
redemption," said Standard & Poor's credit analyst Lucas
Sevenin. "While our rating already factors in the group's tight
liquidity situation and noncompliance with the initial covenant
on the notes, we had expected Kazanorgsintez to have already
finalized sufficient new credit lines and obtained covenant
waivers."
The group's cash is also very low, at less than US$5 million at
the end of March 2008.
Kazanorgsintez is soliciting noteholders to waive the 2007
covenant breach tied to the limitation on the group's
indebtedness. Total debt to EBITDA is likely to have reached
4.4x at year-end 2007, whereas the debt incurrence test is set
at 4x. The group is also asking to increase the test threshold
to 6x until the end of the second quarter of 2009. The extent
of the 2007 breach will be calculated after the group discloses
audited figures, which is likely to occur at the end of May. The
consent solicitation offer should be completed by that time.
"Petrochemical industry cyclical profits and corporate
governance uncertainties also constrain the ratings," said Mr.
Sevenin. "These factors are partially offset by the group's
historically comfortable EBITDA margin, averaging 25% over the
past four years thanks to cheap feedstock, favorable cycles,
good market shares for the company's main products in Russia,
and fast-growing demand for polyethylenes in the country."
S&P expects to resolve the CreditWatch status within one month,
when the solicitation process is set to end. We will not only
look at the results, but also at the overall group's liquidity
situation and prospects.
NEMO CJSC: Creditors Must File Claims by June 26
------------------------------------------------
Creditors of CJSC Nemo (TIN 7817043886, OGRN 1037839003180) have
until June 26, 2008, to submit proofs of claim to:
S. Kovalenko
Insolvency Manager
Lenina Pr. 1
Kolpino
196651 St. Petersburg
Russia
The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent. The case is docketed under Case No. A56-20028/2007.
The Court is located at:
The Arbitration Court of St. Petersburg and the
Leningrad
Hall 113
Suvorovskiy Pr. 50/52
St. Petersburg
Russia
The Debtor can be reached at:
CJSC Nemo
Lenina Pr. 1
Kolpino
196651 St. Petersburg
Russia
OKA OJSC: Tambov Court Names A. Bezborodov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Tambov appointed A. Bezborodov as
Insolvency Manager for OJSC Textile Company Oka. He can be
reached at:
A. Bezborodov
Post User Box 40
107023 Moscow
Russia
The Court commenced bankruptcy proceedings against the company
after finding it insolvent. The case is docketed under Case No.
A41-?2-3300/07.
The Court is located at:
The Arbitration Court of Tambov
Penzenskaya Str. 67/12
392020 Tambov
Russia
The Debtor can be reached at:
OJSC Textile Company Oka
Sovetskiy Per. 3
Ozery
Ozerskiy
140560 Moscow
Russia
PROJECT-DESIGN LLC: Creditors Must File Claims by June 26
---------------------------------------------------------
Creditors of LLC Project-Design have until June 26, 2008, to
submit proofs of claim to:
A. Maltabar
Insolvency Manager
Post User box 619
170006 Tver
Russia
The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A40-57758/07-78-151B.
The Court is located at:
The Arbitration Court of Moscow
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
LLC Project-Design
Menzhinskogo 9
Moscow
Russia
=====================
S W I T Z E R L A N D
=====================
DIMENO JSC: Luzern Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Luzern, on March 13, 2008, commenced
bankruptcy proceedings against JSC Dimeno.
The Bankruptcy Service of Luzern can be reached at:
Bankruptcy Service of Luzern
6000 Luzern 5
Switzerland
The Debtor can be reached at:
JSC Dimeno
Pilatusstrasse 1
6003 Luzern
Switzerland
GELOG JSC: Creditors' Liquidation Claims Due on May 24
-----------------------------------------------------
Creditors of JSC Gelog have until May 24, 2008 to submit their
proofs of claim to:
Trust Company JSC
Th. Maurer Treuhand
Neugutstrasse 52
8600 Dubendorf
Switzerland
KILLER HANDEL: Creditors' Liquidation Claims Due by May 18
----------------------------------------------------------
Creditor owed money by JSC Killer Handel are given until May 18,
2008 to submit their proofs of claim to:
Urs Kobler
Ringstr. 7
8107 Buchs ZH
Switzerland
MASAI CONSULTING: Creditors' Proofs of Claim Due by May 30
----------------------------------------------------------
Creditors owed money by LLC Masai Consulting Holding must submit
their proofs of claim by May 30 to:
Stephan Neidhardt
Walder Wyss & Partner
Seefeldstrasse 123
8034 Zurich
Switzerland
MASAI LOGISTICS: Creditors' Liquidation Claims Due by May 30
------------------------------------------------------------
Creditors of LLC Masai Logistics are given until May 30, 2008
to submit their proofs of claim to:
Stephan Neidhardt
Walder Wyss & Partner
Seefeldstrasse 123
8034 Zurich
Switzerland
MASAI SOURCING: Creditors' Claims Filing Deadline is May 30
-----------------------------------------------------------
Creditors of LLC Masai Sourcing are given until May 30, 2008 to
submit their proofs of claim to:
Stephan Neidhardt
Walder Wyss & Partner
Seefeldstrasse 123
8034 Zurich
Switzerland
RATIO BAU: Proofs of Claim Filing Deadline Set for May 16
---------------------------------------------------------
Creditors of JSC Ratio Bau, Ipsach are given until May 16, 2008
to submit their proofs of claim to:
JSC Ratio Bau, Ipsach
Dorfstrasse 9
2563 Ipsach BE
Switzerland
SWISS HANDEL: Aargau Court Commences Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Aargau commenced bankruptcy
proceedings against LLC Swiss Handel on March 13, 2008.
The Bankruptcy Service of Aargau can be reached at:
Bankruptcy Service of Aargau
Amtsstelle Brugg
5201 Brugg
Switzerland
The Debtor can be reached at:
LLC Swiss Handel
Industrie Nord
5643 Sins.
Switzerland
WYSER ELEKTRONIK: Creditors Must File Proofs of Claims by May 15
----------------------------------------------------------------
Creditors owed money by LLC Wyser Elektronik have until May 15,
2008 to file their proofs of claims. Proofs of claim must be
submitted to:
LLC Wyser Elektronik
Dorfplatz 10
4123 Allschwil BE
Switzerland
=============
U K R A I N E
=============
AGROIMEKS LLC: Creditors Must File Claims by May 14
---------------------------------------------------
Creditors of LLC Agroimeks (code EDRPOU 32720167) have until
May 14, 2008, to submit proofs of claim to:
The Economic Court of Nikolaev
Admiralskaya Str. 22
54009 Nikolaev
Ukraine
The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on April 2, 2008.
The case is docketed as 5/150/08.
The Debtor can be reached at:
LLC Agroimeks
1st Slobodskaya Str. 62
54055 Nikolaev
Ukraine
ANTICOR-SOUTH LLC: Creditors Must File Claims by May 15
-------------------------------------------------------
Creditors of LLC Anticor-South (code EDRPOU 33138588) have until
May 15, 2008, to submit proofs of claim to:
The Economic Court of Odessa
Shevchenko Avenue 4
65032 Odessa
Ukraine
The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as 2/69-08-1195.
The Debtor can be reached at:
LLC Anticor-South
Bazarin Str. 60
65011 Odessa
Ukraine
BEREG LLC: Creditors Must File Claims by May 15
-----------------------------------------------
Creditors of LLC Trading Center Bereg (code EDRPOU 33601562)
have until May 15, 2008, to submit proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed as 23/285-b.
The Debtor can be reached at:
LLC Trading Center Bereg
Apartment 34
Pobeda Avenue 136
03115 Kiev
Ukraine
DNIEPROPETROVSK REPAIR: Proofs of Claim Deadline Set May 15
-----------------------------------------------------------
Creditors of OJSC Dniepropetrovsk Repair Plant of Electrical
Transport (code EDRPOU 03326972) have until May 15, 2008, to
submit proofs of claim to:
The Economic Court of Dnipropetrovsk
Kujbishev Str. 1a
49600 Dnipropetrovsk
Ukraine
The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on March 25, 2008. The
case is docketed as B 24/150-08.
The Debtor can be reached at:
OJSC Dniepropetrovsk Repair Plant of
Electrical Transport
Voytsehovich Str. 77
49101 Dnipropetrovsk
Ukraine
GALICHINA LLC: Creditors Must File Claims by May 14
---------------------------------------------------
Creditors of Agricultural LLC Galichina (code EDRPOU 20781525)
have until May 14, 2008, to submit proofs of claim to:
The Economic Court of Lvov
Lichakivska Str. 81
79010 Lvov
Ukraine
The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on March 31,
2008. The case is docketed as 4/16.
The Debtor can be reached at:
Agricultural LLC Galichina
Sushno
Radekhov District
Lvov
Ukraine
KALINA LLC: Creditors Must File Claims by May 14
------------------------------------------------
Creditors of Agricultural LLC Kalina (code EDRPOU 31929230) have
until May 14, 2008, to submit proofs of claim to:
The Economic Court of Lvov
Lichakivska Str. 81
79010 Lvov
Ukraine
The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on Feb. 28, 2008.
The case is docketed as 4/17.
The Debtor can be reached at:
Agricultural LLC Kalina
Rozzhalov
Radekhov District
Lvov
Ukraine
MALIYE YERCHIKI: Creditors Must File Claims by May 15
-----------------------------------------------------
Creditors of Agricultural LLC Maliye Yerchiki Agrarian
Enterprise (code EDRPOU 04529453) have until May 15, 2008, to
submit proofs of claim to:
The Economic Court of Kiev
Komintern Str. 16
01032 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on March 18,
2008. The case is docketed as B 14/089-08.
The Debtor can be reached at:
Agricultural LLC Maliye Yerchiki Agrarian Enterprise
Maliye Yerchiki
Skvira District
09010 Kiev
Ukraine
MEGAPOLIS INVEST: Creditors Must File Claims by May 15
------------------------------------------------------
Creditors of LLC Megapolis Invest Group (code EDRPOU 34477686)
have until May 15, 2008, to submit 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 on March 27, 2008, after finding it
insolvent. The case is docketed as 43/226.
The Debtor can be reached at:
LLC Megapolis Invest Group
Obolon Avenue 23-a
04205 Kiev
Ukraine
MIR LLC: Creditors Must File Claims by May 14
---------------------------------------------
Creditors of LLC Mir (code EDRPOU 03772559) have until
May 14, 2008, to submit proofs of claim to:
The Economic Court of Poltava
Zigin Str. 1
36000 Poltava
Ukraine
The Economic Court of Poltava commenced bankruptcy proceedings
against the company on March 27, 2008, after finding it
insolvent. The case is docketed as 4/144.
The Debtor can be reached at:
LLC Mir
Sharkovschina
Mirgprpd District
Poltava
Ukraine
SINKOV AGRICULTURAL: Creditors Must File Claims by May 14
------------------------------------------------------------
Creditors of Sinkov Agricultural LLC (code EDRPOU 03760438)
have until May 14, 2008, to submit proofs of claim to:
The Economic Court of Lvov
Lichakivska Str. 81
79010 Lvov
Ukraine
The Economic Court of Lvov commenced bankruptcy proceedings
against the company on March 11, 2008, after finding it
insolvent. The case is docketed as 29/22.
The Debtor can be reached at:
Sinkov Agricultural LLC
Central Str.
Sinkov
Radekhov District
80200 Lvov
Ukraine
TON LLC: Creditors Must File Claims by May 15
---------------------------------------------
Creditors of LLC Ton (code EDRPOU 19484976) have until May 15,
2008, to submit 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 on March 27, 2008, after finding it
insolvent. The case is docketed as 43/286.
The Debtor can be reached at:
LLC Ton
Melnikov Str. 12
04050 Kiev
Ukraine
UKRAINIAN AGRICULTURAL: Creditors Must File Claims by May 14
------------------------------------------------------------
Creditors of LLC Trading House Ukrainian Agricultural Machine
Investment (code EDRPOU 32773224) have until May 14, 2008, to
submit proofs of claim to:
The Economic Court of Kiev
Komintern Str. 16
01032 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 20, 2008, after finding it
insolvent. The case is docketed as B 11/061-08.
The Debtor can be reached at:
LLC Trading House Ukrainian
Agricultural Machine Investment
Krasnoarmeyskaya Str. 14
Kalita
Brovary District
Kiev
Ukraine
===========================
U N I T E D K I N G D O M
===========================
AMPEX CORPORATION: Shareholder Wants Equity Committee Appointed
---------------------------------------------------------------
ValueVest High Concentration Master Fund Ltd., equity security
holder and party-in-interest of Ampex Corporation and its
debtor-affiliates, ask the U.S. Bankruptcy Court for the
Southern District of New York to immediately appoint an Official
Committee of Equity Holders to represent and prosecute the
interest of shareholders and recover certain of their equity
stake in the Debtors.
ValueVest argues that the Debtors are not insolvent and there
is a substantial likelihood of a meaningful distribution to
equity.
The Debtors have at least 393 shareholders with Class A common
stock outstanding as of March 25, 2008, wherein ValueVest holds
13.4% shares of the Debtors' Class A common stock.
A hearing was scheduled May 1, 2008 to consider approval of
ValueVest request.
About Ampex
Headquartered in Redwood City, California, Ampex Corp. --
http://www.ampex.com/-- (Nasdaq:AMPX) is a licensor of visual
information technology. The company has two business segments:
Recorders segment and Licensing segment. The Recorders segment
primarily includes the sale and service of data acquisition and
instrumentation recorders (which record data and images rather
than computer information), and to a lesser extent mass data
storage products. The Licensing segment involves the licensing
of intellectual property to manufacturers of consumer digital
video products through their corporate licensing division.
On March 30, 2008, Ampex Corp. and six affiliates filed for
protection under Chapter 11 of the Bankruptcy Code with the U.S.
Bankruptcy Court for the Southern District of New York (Case
Nos. 08-11094 through 08-11100). Matthew Allen Feldman, Esq.,
and Rachel C. Strickland, Esq., at Willkie Farr & Gallagher LLP,
represents the Debtors in their restructuring efforts. The
Debtors have also retained Conway Mackenzie & Dunleavy as their
financial advisors. In its schedules of assets and liabilities
filed with the Court, Ampex Corp. disclosed total assets of
US$9,770,089 and total debts of US$$82,488,054.
The Debtors have nine foreign affiliates that are incorporated
in seven countries -- one each in the United Kingdom, Japan,
Belgium, Colombia and Brazil and two each in Germany and Mexico.
With the exception of the affiliates located in the U.K. and
Japan, none of the other foreign affiliates conduct meaningful
business activity. As of March 30, 2008, none of the foreign
affiliates have commenced insolvency proceedings.
ARRAN CORPORATE: Moody's Puts Rating On Review & May Upgrade
------------------------------------------------------------
Moody's Investors Service placed under review for upgrade
thirteen classes of notes issued by Arran Corporate Loans No.1
B.V.
Arran Corporate Loans No.1 B.V. is a balance sheet CDO
referencing a pool of UK SME loans. At closing, the portfolio
balance was GBP3,500,000,000 and has amortized to
GBP2,105,310,000 since the end of the replenishment period in
June 2007. This review for upgrade is the result of the overall
reduction in credit risk of the reference pool arising from the
amortisation of the underlying pool.
These rating actions are:
Arran Corporate Loans No.1 B.V:
(1) GBP90,500,000 Class B1 Secured Floating Rate Notes due
2025
-- Current Rating: Aa2, on review for upgrade
-- Prior Rating: Aa2
(2) EUR110,000,000 Class B2 Secured Floating Rate Notes due
2025
-- Current Rating: Aa2, on review for upgrade
-- Prior Rating: Aa2
(3) US$73,000,000 Class B3 Secured Floating Rate Notes due
2025
-- Current Rating: Aa2, on review for upgrade
-- Prior Rating: Aa2
(4) GBP26,250,000 Class C1 Secured Floating Rate Notes due
2025
-- Current Rating: A2, on review for upgrade
-- Prior Rating: A2
(5) EUR38,000,000 Class C2 Secured Floating Rate Notes due
2025
-- Current Rating: A2, on review for upgrade
-- Prior Rating: A2
(6) GBP42,500,000 Class D1 Secured Floating Rate Notes due
2025
-- Current Rating: Baa2, on review for upgrade
-- Prior Rating: Baa2
(7) EUR50,000,000 Class D2 Secured Floating Rate Notes due
2025
-- Current Rating: Baa2, on review for upgrade
-- Prior Rating: Baa2
(8) GBP39,250,000 Class E1 Secured Floating Rate Notes due
2025
-- Current Rating: Ba2, on review for upgrade
-- Prior Rating: Ba2
(9) EUR38,000,000 Class E2 Secured Floating Rate Notes due
2025
-- Current Rating: Ba2, on review for upgrade
-- Prior Rating: Ba2
(10) US$28,000,000 Class E3 Secured Floating Rate Notes due
2025
-- Current Rating: Ba2, on review for upgrade
-- Prior Rating: Ba2
(11) GBP70,500,000 Class F1 Secured Floating Rate Notes due
2025
-- Current Rating: B2, on review for upgrade
-- Prior Rating: B2
(12) EUR10,000,000 Class F2 Secured Floating Rate Notes due
2025
-- Current Rating: B2, on review for upgrade
-- Prior Rating: B2
(13) US$5,000,000 Class F3 Secured Floating Rate Notes due
2025
-- Current Rating: B2, on review for upgrade
-- Prior Rating: B2
BATH BLIND: Taps Liquidators from BDO Stoy Hayward
--------------------------------------------------
Simon Edward Jex Girling and Graham David Randall of BDO Stoy
Hayward LLP were appointed joint liquidators of Bath Blind
Co. Ltd. on April 22 for the creditors' voluntary winding-up
proceeding.
The joint liquidators can be reached at:
BDO Stoy Hayward LLP
One Victoria Street
Bristol
BS1 6AA
England
CASTLE HOLDCO 4: Moody's Cuts Corporate Family Rating to Caa1
-------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating
of Castle Holdco 4, Ltd, the parent holding company for
Countrywide plc, to Caa1 from B3.
Concurrently, Moody's downgraded the rating on the GBP100
million revolving credit facility to B1 from Ba3, the B3 rating
on the GBP470 million senior secured notes to Caa1 and the Caa2
rating on the GBP170 million Senior Notes to Caa3. The outlook
on all ratings remains negative.
The downgrade primarily reflects an expectation that the
weakening of the UK housing market will be somewhat more
pronounced and possibly prolonged than general consensus had
previously anticipated. Notably, mortgage approvals in Q1 2008
and the month of March were down year on year 43% and 52%,
respectively; moreover, there is no immediate sign of a
normalisation in mortgage lending conditions. Other factors
such as subdued consumer confidence also continue to exert
pressure on the UK housing market.
"Moody's current ratings for Countrywide plc reflect the lower-
than-expected figures reported for the first quarter of 2008 as
a result of a more marked reduction in the number of house sales
exchanged and associated demand for services which has
negatively affected the company's performance. The company
incurred an EBITDA loss of GBP12.5 million on quarterly revenues
that declined 32% year-on-year in the first quarter of 2008"
said Stefano del Zompo, lead analyst for Countrywide at Moody's.
Countrywide has approximately GBP137 million of cash, after
drawing GBP90 million under its GBP100 million revolving credit
facility and after incurring cash loss of GBP22.0 million in the
first quarter. Notwithstanding that the company has minimal
capital commitments, the annual gross interest expense totals
approximately GBP60 million, with the next bond coupon payment
due around May 15. While the unrestricted cash on-hand appears
adequate to meet the scheduled coupon payments, Moody's believes
the company will rely on Apollo's ongoing support to ensure
viability of the business in the event that market conditions do
not show signs of recovery over the next 12-18 months.
The rating outlook remains negative given the weak conditions of
the UK housing market and the company's current credit profile
which is solely reliant on cash balances to meet its debt
service obligations. The intangible nature of the business also
lends itself to low recovery to debt holders should the company
fail to meet its obligations in a timely manner.
Countrywide plc is the leading residential property service
agency in the UK, providing estate agency services, surveying,
financial services, commercial and residential lettings and
residential property conveyance. In fiscal year 2007, the
company reported revenues of GBP632.7 million and EBITDA (before
exceptionals) of GBP96.3 million.
CHROME FUNDING: Moody's Cuts Rating to Low-B on Two Note Classes
----------------------------------------------------------------
Moody's Investors Service downgraded 6 tranches of Series Must
50/5 notes issued out of Chrome Funding Limited and one related
series of notes issued by IXIS Corporate and Investment Bank.
All notes reference the same portfolio. Must 50/5 is a
resecuritization of corporate CDOs and ABSs with no exposure to
downgraded subprime RMBS.
The downgrade is in response to deterioration in the average
credit quality of the underlying collateral, driven primarily by
negative rating migration in the corporate portfolios underlying
the CDOs.
These rating actions are:
Issuer: Chrome Funding Limited
* EUR53,750,000 Secured Credit-linked Floating Rate Class
A2-A Notes due 2009 issued under Series MUST 50/5
-- Current rating: A1
-- Prior rating: Aa3, under review for downgrade
* EUR15,000,000 Secured Credit-linked Floating Rate Class
A2-B Notes due 2009 issued under Series MUST 50/5
-- Current rating: A1
-- Prior rating: Aa3, under review for downgrade
* EUR22,000,000 Secured Credit-linked Floating Rate Class B
Notes due 2009 issued under Series MUST 50/5
-- Current rating: Baa1
-- Prior rating: A2, under review for downgrade
* EUR13,750,000 Secured Credit-linked Floating Rate Class C1
Notes due 2009 issued under Series MUST 50/5
-- Current rating: Baa3
-- Prior rating: Baa2, under review for downgrade
* EUR3,750,000 Secured Credit-linked Floating Rate Class C2
Notes due 2009 issued under Series MUST 50/5
-- Current rating: Ba1
-- Prior rating: Baa2, under review for downgrade
* EUR13,750,000 Secured Credit-linked Floating Rate Class D
Notes due 2009 issued under Series MUST 50/5
-- Current rating: Ba3
-- Prior rating: Ba1, under review for downgrade
Issuer: IXIS Corporate and Investment Bank
* EUR10,000,000 Secured Credit-linked Floating Rate Class C2
MUST 50/5 Notes due 2009 issued under Series 1388
-- Current rating: Ba1
-- Prior rating: Baa2, under review for downgrade
CLARIS LTD V: Moody's Cuts Ratings on Four Note Classes to Low-B
----------------------------------------------------------------
Moody's Investors Service has taken downgrade actions on four
synthetic CDO notes issued by Claris Limited - Napa Valley V.
These rating actions are a response to credit deterioration in
the portfolio underlying these transactions. The portfolio
references high-grade ABS exposure namely subprime RMBS (36%),
CMBS Large Loans and Conduit (29%), RMBS First and Second Lien
Prime (14%), predominantly of the 2005 vintage.
Moody's announced on Feb. 4, 2008 that it is revising its
expected loss assumptions which are used for surveillance of
ratings of ABS CDOs holding subprime RMBS, specifically of the
2006 vintage. Moody's stated that for purposes of monitoring
its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it
will rely on certain projections of the lifetime average
cumulative losses for 2006's quarterly vintages of RMBS set
forth in a recent Moody's Special Report, "Moody's Updates Loss
Projections for 2006 Subprime Loans." This report illustrates
average loss results for the 2006 quarterly vintages under five
distinct loss projection scenarios. Moody's explained that it
will utilise the range of loss projections set forth in
Scenarios 2 and 3 based on deal performance and quarterly
vintage to modify its prior assumptions of the expected loss
inputs when monitoring ABS CDO ratings.
Moody's will continue to monitor all deals with exposure to US
subprime RMBS, and will take further actions in respect of all
CDOs placed under review for downgrade once the extent of actual
downgrades to US RMBS vintages becomes known.
These actions are:
Napa Valley V Synthetic CDO of ABS:
(1) Series 59 Tranche 1 EUR40,000,000 Napa Valley V Synthetic
CDO of ABS Floating Rate Notes due 2025
-- Current Rating: Ba2, on review for downgrade
-- Prior Rating: Aaa
(2) Series 60 Tranche 1 EUR10,000,000 Napa Valley V Synthetic
CDO of ABS Floating Rate Notes due 2025
-- Current Rating: Ba3, on review for downgrade
-- Prior Rating: A2
(3) Series 61 Tranche 1 EUR5,000,000 Napa Valley V Synthetic
CDO of ABS Floating Rate Notes due 2025
-- Current Rating: Ba3, on review for downgrade
-- Prior Rating: A2
(4) Series 62 Tranche 1 EUR13,500,000 Napa Valley V Synthetic
CDO of ABS Floating Rate Notes due 2025
-- Current Rating: Ba3, on review for downgrade
-- Prior Rating: A2
GRANVILLE ASSOCIATES: Enters Into Administration
------------------------------------------------
Granville Associates Ltd., on Thursday, May 1, 2008, entered
into administration in the United Kingdom. Granville provides
Business Intelligence software products to the banking sector.
The software products were developed in house using "best of
breed" software from Microsoft and IBM Cognos.
Michael Charles of Amco Agency Ltd. and Dana Gordon-Davis of
Novitas Partners LLP has been appointed by the joint
administrators Stephen Mark Katz and David Birne of Fisher
Partners London to dispose of the company or its assets.
Granville Architecture
Mr. Charles said, given the strength of Granville's products and
the head start the company has in the banking sector a buyer can
be found quickly.
Granville's solutions extract and transform data from banking
systems and use this to populate a banking data model to create
a fully reconciled and reliable source of banking information.
Granville has no direct competitor at this time being
significantly ahead of the market place. The company has
accrued significant technical expertise that would be difficult
for a potential competitor to replicate quickly.
The turnover for 2007 was GBP1.40 million, with a forecast for
2008 of GBP2.06 million. The projected turnover for 2010 is
GBP4.75 million.
Granville has already sold and successfully installed products
into eight banks including five with further work for 2008. At
the end of the first quarter 2008 the sales pipeline stood at
GBP3.65 million with GBP800k contracted subject to letters of
intent.
Granville market to 350 tier 2 and 3 banks using Midas and Midas
Plus as their core system. An additional market of around 2,000
tier 2 and 3 banks using Temenos, Calypso core banking
applications will be addressable once the requisite ETL adaptors
have been developed.
HOWARD CONSTRUCTION: Calls In Liquidator from Vantis
----------------------------------------------------
Frank Wessely and Peter James Hughes-Holland of Vantis Business
Recovery Services were appointed joint liquidators of Howard
Construction Ltd. on April 21 for the creditors' voluntary
winding-up proceeding.
The joint liquidators can be reached at:
Vantis Business Recovery Services
81 Station Road
Marlow
Buckinghamshire
SL7 1NS
England
INTERIOR SOLUTIONS: Brings In Liquidators from Tenon Recovery
-------------------------------------------------------------
Nigel Ian Fox and Stanley Donald Burkett-Coltman of Tenon
Recovery were appointed joint liquidators of Interior Solutions
Contracts Ltd. on April 25 for the creditors' voluntary winding-
up proceeding.
The joint liquidators can be reached at:
Tenon Recovery
Highfield Court
Tollgate
Chandlers Ford
Eastleigh
Hampshire
SO53 3TZ
England
LEEDS UNITED: Football Panel Rejects Appeal Over Point Deduction
----------------------------------------------------------------
The three man arbitration panel appointed by The Football
Association has rejected Leeds United Football Association
Ltd.'s arguments that the 15 point deduction imposed on the club
for going into administration was unlawful.
In making the decision the panel took into account the detailed
submissions made by both parties (Leeds United and the Football
League). The panel were critical of the length of time taken by
Leeds United in bringing this action to have the 15-point
decision overturned.
Leeds United claims the finding is unjust as the club sought to
oppose the imposition of the penalty from Aug. 30, 2007 onwards.
Leeds United said it did accept the imposed condition of a
15-point penalty subject to an appeal to Member clubs. As at
Aug. 3, 2007 it had no option but to do so. If it had not the
club would have been lost forever which was far too big a price
for anyone to pay. The club argued it is galling therefore that
it is criticized for the delay in bringing the appeal when it
was delays by the Football League that effectively backed us
into this corner in the first place. Any request by the club to
alter the wording of the agreement by the Football League, as
the Tribunal recognized, would have been rejected by the Board
in any event so to reiterate, it had no option but to agree. It
is both noticeable and significant that the panel saw fit to
suggest that the Football League should look to incorporate into
its Insolvency Policy clear guidelines, objectives and
procedures going forward so as to make sure no other club has to
be subjected to what it have had to endure if they are unable to
secure the completion of a CVA.
The appeal to Member Clubs was imposed by the Football League.
Leeds United disclosed it has been critical of this throughout
and felt justified therefore that the Tribunal felt it was
unsatisfactory due to the level of vested interest in the appeal
body. Leeds United will be proposing at the forthcoming
Football League AGM, a change to the regulations to this effect
to protect other clubs in the future.
Leeds United stated if what football achieves out of this
decision is clarity for clubs in the future (and there will
undoubtedly be cases of insolvency again), then that can
mitigate some of our disappointment as it wants all clubs to
survive through what are very difficult times.
According to Leeds United, the matter is now closed and the
focus can now return to the pitch. The decision to remain in
League One was always correct from the club's perspective. If
the team are now able to progress through the play-offs to the
Championship, then it would be the appropriate reward for the
efforts of the club's fans and players in overcoming the penalty
imposed on the club.
Headquartered in Leeds, England, Leeds United Association
Football Club Ltd. -- http://www.leedsunited.com/-- is an
English professional football club.
In May 2007 Richard Fleming, Mark Firmin and Howard Smith, of
KPMG Restructuring were appointed administrators of Leeds
United Association Football Club Ltd. at the request of the
Club's directors.
Shortly after their appointment the joint administrators agreed
to sell the business and its assets to a newly formed company
called Leeds United Football Club Limited, the directors of
which are Ken Bates, Shaun Harvey and Mark Taylor.
On Feb. 15, 2008, Richard Dixon Fleming and Mark Firmin and
Howard Smith of KPMG LLP were appointed joint liquidators of the
club.
OSSIAN GROUP: Confirms Sale of Internacional Fashion Chain
----------------------------------------------------------
David Brock, the non-executive chairman of Ossian Retail Group
Ltd., confirmed that the company's fashion chain Internacionale
has been sold, saving 1,000 jobs, Mark Smith writes for the
Herald.
Mr. Brock, however, declined to provide further details on the
transaction, saying "there are regulatory issues that must be
dealt with," the Herald relates.
Meanwhile, Mr. Brock told the Herald Ossians's sister company Au
Naturele may go into administration. The company employs 1500
staff, many of whom were given notice of redundancy.
According to Mr. Brock that although Internacionale and Au
Naturale, "had been trading extremely well", Ossian lost the
support of the banks, the Herald notes.
Ossian, whose debts stood at around GBP19 million, is also on
the verge of administration after being hit by difficulties in
the UK retail sector and the global credit crunch, the Herald
states.
Ossian, the Herald adds, suffered from a cashflow crisis and
failed to meet its rent and service charge obligations for its
120 outlets.
The Herald reveals Ossian's creditors, who have been called to
attend a meeting last Friday, will be offered just 25 pence in
the pound from the company.
An unnamed employee of Ossian, on the other hand, disclosed the
company will go into administration on May 9, 2008, the paper
states.
"As of today [May 2, 2008], we have been told we shall be paid
by Ossian up till Monday, and then by Agilo for four days then
the administrators PriceWaterhouseCoopers shall pay us after
that," the employee was quoted by the paper as saying.
As previously reported in the TCR-Europe on April 17, 2008,
Ossian Retail Group was set to file for administration after its
investor, Agilo filed a notice in court to appoint
PricewaterhouseCoopers LLP as administrator.
According to the report, the company has started negotiations
with interested parties for a likely sale of certain assets.
The report adds that Agilo, which had earlier bought the
company's GBP25 million debt, sold around 30 of Ossian's stores
to B&M Bargains.
Headquartered in Glasgow, England, Ossian Retail Group Ltd.
retails clothing. It has 120 stores and owns the fashion chain
Internacionale and the Au Naturale homeware outlets.
SMOBY UK: Appoints Liquidator from Mazars
-----------------------------------------
Timothy Colin Hamilton Ball of Mazars LLP was appointed
liquidator of Smoby UK Ltd. on April 16 for the creditors'
voluntary winding-up procedure.
The liquidator can be reached at:
Mazars LLP
Clifton Down House
Beaufort Buildings
Clifton
Bristol
BS8 4AN
England
SOUND CONTROL: Appoints Deloitte & Touche as Administrators
-----------------------------------------------------------
John Reid and Bill Dawson of Deloitte & Touche LLP were
appointed joint administrators of Sound Control Holdings Ltd.
and certain of its subsidiaries following applications to the
courts by the group's directors.
The group has been impacted by increased competition from the
internet and the directors had been pursuing a strategy to sell
the business. This did not prove successful and accordingly
they sought the appointment of the administrators.
"Following a review of the group's operations the administrators
have today [April 30, 2008] made the difficult decision to close
10 of the group's trading locations and bring to an end its
telesales and internet sales activities. These changes to the
group's operations have resulted in 163 redundancies with
immediate effect," John Reid disclosed.
"The administrators welcome interest in the business and assets
of the Group and are already in discussions with a number of
interested parties to explore a possible sale," Mr. Reid added.
"However, at the same time as they explore sale options, the
administrators will continue to trade the remaining 16 stores,
selling high quality musical instruments to the public," Mr.
Reid said.
Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations. The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.
Headquartered in Dunfermline, Scotland, Sound Control Group --
http://www.soundcontrol.co.uk/-- is the largest musical
instrument retailer in the U.K. It operates from 26 stores
across the U.K., under the brand names Sound Control, Media
Tools, Turnkey and Soho Sound House. It has a turnover of GBP50
million and 338 employees nationwide.
TINDALE AND STANTON: Workers Uncertain on Jobs
----------------------------------------------
Around 297 workers of Tindale and Stanton are currently
uncertain of what will happen to their as the company is now
undergoing administration proceedings, The Northern Echo
reports. Ian Stokoe of PricewaterhouseCoopers LLP was appointed
as administrator.
According to the report, the change in the "taste" of customers
was cited as one of the reasons for the company's downfall. The
company, the report adds citing Mr. Stokoe, will continue to
conduct business and look for a buyer.
Tindale and Stanton -- http://tindaleandstanton.co.uk/-- makes
pasties, pies, savoury products and bread and sells its products
throughout the United Kingdom. The company also exports its
products to Spain, Ibiza and Tenerife.
WAINFLEET MOTOR: Claims Filing Period Ends June 6
-------------------------------------------------
Creditors of Wainfleet Motor Services Ltd. have until
June 6, 2008 to send in their names, their addresses and
descriptions, full particulars of their debts and claims, and
names and addresses of their solicitors (if any) to:
Dilip K. Dattani
Liquidator
Tenon Recovery
1 Bede Island Road
Bede Island Business Park
Leicester
LE2 7EA
England
Dilip K. Dattani and Patrick B. Ellward of Tenon Recovery were
appointed joint liquidators of the company on April 23, 2008 for
the creditors' voluntary winding-up proceeding.
ZIFF DAVIS: Disclosure Statement Gets Court Approval
----------------------------------------------------
Judge Burton Lifland of the U.S. Bankruptcy Court for the
Southern District of New York has approved the disclosure
statement outlining the Joint Plan of Reorganization of Ziff
Davis Media Inc. and its debtor-affiliates, Bloomberg News
reports. The Court had held a hearing on the adequacy of the
information contained in the Disclosure Statement on April 29.
As previously reported, the Debtors reached an agreement with an
ad hoc group of holders of more than 80% in principal amount of
its Senior Secured Floating Rate Notes and the Official
Committee of Unsecured Creditors on a consensual plan of
reorganization that substantially de-leverages Ziff Davis'
balance sheet by converting more than $428,000,000 in funded
indebtedness to:
(a) new common stock of reorganized Ziff Davis Media and
(b) a new note that will not exceed $57,500,000.
A full-text copy of the blackline version of the Debtors' 2nd
Amended Disclosure Statement is available for free at
http://bankrupt.com/misc/Blackline_Ziff_2ndAmendedDS.pdf
A full-text copy of the blackline version of the Debtors' 1st
Amended Plan of Reorganization is available for free at
http://bankrupt.com/misc/Blackline_Ziff_2ndAmendedDS.pdf
Ziff Davis will ask the Court to confirm the Plan in June 2008
The First Amended Joint Plan of Reorganization, the Second
Amended Disclosure Statement provided for some changes to
treatment of unsecured creditors. One of the amendments is the
scrapping of a provision that would have distributed new shares
to unsecured noteholders only if they voted in favor of the
Plan.
Disclosure Objections
The Official Committee of Unsecured Creditors and Deutsche Bank
Trust Companies tried to block the Court's approval of the
Disclosure Statement on the ground that the Disclosure Statement
does not contain "adequate information."
A. Creditors Committee
Michael J. Sage, Esq., at O'Melveny & Myers LLP, in New York,
noted that the Debtors' financial projections provide that the
Debtors are on the road to rapid recovery and, as a consequence,
the Committee believes that the Debtors are potentially
undervalued.
"To be sure, the Debtors have endured tremendous upheaval over
the past several years stemming from poorly planned acquisitions
and the failure to adapt to a changing marketplace," Mr. Sage
says. He pointed out the Debtors now project their EBITDA
before restructuring expenses to go from negative $3,618,000 in
the first half of 2008 to positive $7,641,000 in the second half
of the year and $13,799,000 in 2010.
"The Debtors' expected recovery serves to support the position
of the Creditors' Committee that the Debtors' have inherent
enterprise value that the Debtors -- in conjunction with the Ad
Hoc Senior Secured Note Holder Group -- have previously refused
to recognize in their rush into and out of bankruptcy," Mr. Sage
tells the Court.
Before the Petition Date, the Ad Hoc Senior Secured Note Holder
Group threatened to withhold cash necessary to support the
Debtors' businesses and ultimately obtained, through the signing
of the Plan Support Agreement and Term Sheet, a favorable
recovery for itself, as well as de facto control over the
Chapter 11 Cases and the plan process.
The Committee complained that the Senior Secured Note Holders
under the proposed Original Plan are slated to receive, among
other things 88.8% of the Debtors' new common stock, plus cash,
a secured notes and de facto control over many aspects of
administration and implementation and the Plan.
Mr. Sage said that the Debtors and the Ad Hoc Group appear to
"steamroll" the Chapter 11 cases through bankruptcy irrespective
of the obligation of the Creditors Committee to examine the
financial condition of the Debtors. He cited the adjustment of
the confirmation hearing date to June 11, from June 25, which
would cut short the Committee's discovery on the Debtors'
financial condition.
Section 1125 of the Bankruptcy Code requires the Debtors to
supply adequate information in the Disclosure Statement. "Yet,
as drafted, the Disclosure Statement is missing critical
information regarding the value of New Ziff Davis Holdings
Common Stock, a major component of the Debtors' treatment for
holders of Class 4 and Class 5 claims under the proposed Plan,"
Mr. Sage pointed out. "Without this information, and in light
of the Debtors' rapid move toward confirmation, unsecured
creditors cannot determine if the proposed treatment is adequate
and appropriate."
Mr. Sage also contended that the Disclosure Statement prevents
the Creditors Committee from advising its constituency regarding
other significant issues that have not been disclosed
appropriately, including the:
(i) reasonableness of the Debtors' financial projections in
light of the Debtors' projected turnaround;
(ii) lack of support for the broad third-party releases and
exculpation provision in the absence of a global
resolution to these Chapter 11 Cases by the parties in
interest;
(iii) failure to identify the Reorganized Debtors' board of
directors;
(iv) absence of analyses regarding actual or potential
litigation claims; and
(v) absence of the Plan Support Agreement and other critical
documentation.
Mr. Sage argued that with the projected turnaround of the
Debtors less than a year away, it is patently unfair not to
disclose an estimated range of values for the New Common Stock
in order to provide an estimated recovery.
"In the absence of disclosure, the Bondholders -- who account
for over $185 million of claims -- will not be able to determine
if the proposed treatment of 11.2% of New Common Stock is
adequate and appropriate given the new realities in the case,"
Mr. Sage notes. "It also prevents the Creditors' Committee from
determining if the Senior Secured Note Holders will receive an
inappropriate recovery in excess of the allowed claims."
With regards to the Debtors' exit financing, Mr. Sage noted that
the Debtors fail to provide sufficient detail on what that
financing might look like and its effect on the proposed
creditor recoveries, like the Reorganized Debtors' ability to
service any similar financing.
The Creditors Committee's objection appears to have been
resolved prior to the April 29 hearing. The Second Amended
Disclosure Statement and First Amended Plan provides that the
Creditors Committee is supporting the Plan and the Disclosure
Statement.
B. Deutsche Bank
Deutsche Bank Trust Company Americas, as indenture trustee,
submitted that the First Amended Disclosure Statement fails to
provide adequate information regarding the way in which the
Debtors propose to address certain provisions of two indentures
dated July 21, 2000 and August 12, 2002.
Ben M. Krowicki, Esq., at Bingham McCutchen LLP, in Hartford,
Connecticut, related that the Disclosure Statement and Plan
contemplate the issuance of stock and warrants to the holders of
12% Senior Subordinated Notes due 2010 and Senior Subordinated
Compounding Notes due 2009 on account of the claims. However,
Mr. Krowicki argued that the Debtors fail to provide information
regarding items which are necessary to address in light of their
proposed treatment of the claims under the Notes. The items
are:
-- the establishment of a record date for the closing of
books for transfer;
-- payment of DBTCA's fees and expenses as an administrative
claim;
-- appropriate statements regarding DBTCA's charging liens
under each of the operative Indentures with regard to
payment of its fees and expenses;
-- surrender or cancellation of the Notes and Indentures, as
appropriate; and
-- discharge of DBTCA as indenture trustee under the
Indentures.
Mr. Krowicki informed the Court that DBTCA's counsel has already
contacted the Debtors' counsel in an effort to resolve the
disputed issues.
DBTCA is a member of the Creditors Committee. The Second
Amended Disclosure Statement provides that members of the
Creditors Committee will support the Plan.
* * *
The Court has not yet issued a written order approving the
Disclosure Statement.
About Ziff Davis
Headquartered in New York City, Ziff Davis Media Inc. --
http://www.ziffdavis.com/-- is a wholly-owned indirect
subsidiary of Ziff Davis Holdings. Ziff Davis Holdings is the
ultimate parent. Ziff Davis Holdings is majority owned by
various investment funds managed by Willis Stein.
Ziff Davis Media is an integrated media company serving the
technology and videogame markets. Ziff Davis currently reaches
over 26 million people a month through its portfolio of 15
websites, three award-winning magazines, consumer events and
direct marketing services. The company has offices and labs in
San Francisco and exports its brands internationally in 45
countries and 13 languages. The company manages its business
through two business segments: the “PCMag Network” and the “1UP
Network.
Ziff Davis Media, Ziff Davis Holdings and five other affiliates
filed voluntary petitions under Chapter 11 of the Bankruptcy
Code on March 5, 2008 (Bankr. S.D.N.Y., Case No.
08-10768). Carey D. Schreiber, Esq., and David Neier, Esq., at
Winston & Strawn, LLP and represents the Debtors in their
restructuring efforts. The Official Committee of Unsecured
Creditors has selected O'Melveny & Myers LLP as its counsel. In
its schedules filed with the Court, Ziff Davis Media disclosed
total assets of US$144,224,155 and total debts of
US$441,406,545.
Ziff Davis' non-debtor foreign affiliates include Ziff Davis
Europe Ltd. (United Kingdom), Ziff Davis Publishing (UK) Ltd.
(United Kingdom), Ziff Davis France S.A. (France), SEEC/Ziff
Davis Group (China) Ltd. (British Virgin Islands), and Ziff
Davis Internet I.
(Ziff Davis Bankruptcy News, Issue No. 10, Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstandor 215/945-7000)
* Insolvency Service Releases 1Q 2008 Insolvency Statistics
-----------------------------------------------------------
The Insolvency Service, on May 2, 2008, released the latest
National Statistics on insolvencies according to the
arrangements approved by the UK Statistics Authority.
COMPANY LIQUIDATIONS
There were 3,210 liquidations in England and Wales in the first
quarter of 2008 on a seasonally adjusted basis. This was an
increase of 2.0% on the previous quarter and an increase of 4.0%
on the same period a year ago.
This was made up of 1,085 compulsory liquidations, a decrease of
6.6% on the previous quarter and a decrease of 22.0% on the
corresponding quarter of the previous year, and 2,125 creditors
voluntary liquidations, an increase of 7.1% on the previous
quarter and an increase of 25.4% on the corresponding quarter of
the previous year.
In the twelve months ending Q1 2008, 0.6% of active companies
went into liquidation, the same as the previous quarter and the
corresponding quarter of 2006.
INDIVIDUAL INSOLVENCIES
There were 25,264 individual insolvencies in England and Wales
in the first quarter of 2008 on a seasonally adjusted basis.
This was an increase of 1.7% on the previous quarter and a
decrease of 13.2% on the same period a year ago.
This was made up of 15,651 bankruptcies, an increase of 0.1% on
the previous quarter and a decrease of 6.8% on the corresponding
quarter of the previous year, and 9,614 Individual Voluntary
Arrangements (IVAs), an increase of 4.3% on the previous quarter
and a decrease of 22.0% on the corresponding quarter of the
previous year
For bankruptcy orders there has been a pronounced shift towards
debtor’s petition bankruptcies and away from creditor’s
petitions in recent years. By the first quarter of 2008, 84%
were made on the petition of the debtor.
The percentage of bankruptcy orders involving trading debts
(self-employed bankruptcies) has fallen from 61% in 1995 to 11%
in 2007 (first quarter 2008 figures for trading-related
bankruptcies are not yet available). It should be noted,
however, that figures for 2007 are based on a revised
classification and are not entirely consistent with earlier
years figures.
* BoE Report Warns Pickup in Defaults Amid Tight Credit Market
--------------------------------------------------------------
The Bank of England, on Thursday, May 1, 2008, published its
Financial Stability Report stating that the rising US sub-prime
defaults have triggered a broad-based repricing of risk and
deleveraging in credit markets. An adjustment was needed after
the credit boom and was bound to have costs, but it is proving
even more prolonged and difficult than anticipated. Prices in
some credit markets are now likely to overstate the losses that
will ultimately be felt by the financial system and the economy
as a whole, as they appear to include large discounts for
illiquidity and uncertainty. Conditions should improve as
market participants recognize that some assets look cheap
relative to credit fundamentals. But with sentiment still weak,
the Bank has announced a special scheme to improve the liquidity
position of the banking system and to increase confidence in
financial markets.
The report sets out:
* the reasons for the repricing of credit risk and
deleveraging being so protracted.
* why market-based estimates of the costs of the crisis are
likely to overstate ultimate losses.
* prospects for financial stability.
* measures to help contain the length and costs of the
turmoil and to prevent its recurrence.
"The unavoidable correction after the credit boom is proving
protracted and difficult. However the pricing of risk in credit
markets seems to have swung from being unsustainably low last
summer to being temporarily too high relative to fundamentals.
So, while there remain downside risks, the most likely path
ahead is that confidence and risk appetite will return gradually
in the coming months," John Gieve, Deputy Governor for Financial
Stability, said. "To reinforce those prospects of recovery, we
need to restore confidence in the banking system. That is why
we have launched the Special Liquidity Scheme and why I welcome
the steps taken by some banks to strengthen their capital
positions."
Financial Stability Report Summary
Key risks to financial stability include:
* market participants overreact to market-based estimates of
losses that likely overstate the ultimate costs of the
turmoil;
* inadequate information about key valuation assumptions and
uncertainties around reported losses and exposures prolong
concerns about counterparty credit risk and strains in
money markets;
* in the near term, tight funding conditions mean banks are
vulnerable to adverse news and rumors, as highlighted by
the run on Bear Stearns in mid-March;
* tight credit conditions can be expected to lead to a
pickup in defaults among vulnerable borrowers, including a
subset of households , parts of the commercial property
sector, and some highly leveraged non-financial companies;
and
* financing difficulties could emerge in some emerging
markets, including countries in Central and Eastern Europe
with large current account deficits.
Key actions that need to be taken include:
To rebuild confidence in financial institutions:
* the Bank has announced a new scheme aimed at improving the
liquidity position of the banking system;
* banks raising capital as a signal of strength in volatile
markets;
* consistent, frequent and co-ordinated disclosure by banks
of positions and losses, including key assumptions and
uncertainties;
* enhanced information on complex instruments; and
* authoritative guidance on the application of mark-to-
market accounting rules in stressed markets.
To improve ongoing financial stability:
* better governance of risk management within banks;
* improved liquidity risk management and strengthened
regulatory standards for liquidity;
* differentiated ratings for structured products and more
information on the drivers and uncertainties around
ratings;
* sharper regulatory incentives for banks to control risks
through the cycle; and
* strengthened UK and cross-border crisis management
arrangements.
* BOND PRICING: For the Week April 28 to May 2, 2008
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
Kommunal Kredit
Austria AG 0.500 03/15/19 CAD 66.66
0.250 10/14/26 CAD 40.31
Republic of Austria 4.000 06/22/22 EUR 71.97
2.817 10/10/25 EUR 63.24
FINLAND
-------
Muni Finance PLC 1.000 03/19/13 AUD 73.58
0.500 04/26/13 AUD 70.92
1.000 10/30/17 AUD 56.45
1.000 02/27/18 AUD 55.72
0.500 09/24/20 CDN 61.85
0.250 06/28/40 CDN 20.74
1.000 11/21/16 NZD 58.98
FRANCE
------
Alcatel S.A. 4.750 01/01/11 EUR 14.60
Altran Technologies S.A. 3.750 01/01/09 EUR 12.26
BNP Paribas 0.250 12/20/14 US$ 74.28
Calyon 6.000 06/18/47 EUR 44.66
CAP Gemini S.A. 2.500 01/01/10 EUR 53.32
1.000 01/01/12 EUR 47.26
Club Mediterranee S.A. 3.000 11/01/08 EUR 66.24
4.375 11/01/10 EUR 47.67
FCC Rome Alliance
Funding 2.26 01/08/21 EUR 73.73
Groupe Vial 2.5 01/01/14 EUR 34.87
Havas S.A. 4.000 01/01/09 EUR 10.73
Infogrames
Entertainment S.A. 1.500 04/01/09 EUR 0.54
Ingenico 2.750 01/01/12 EUR 20.28
Maurel & Prom 3.500 01/01/10 EUR 21.19
Publicis Group 0.750 07/17/08 EUR 29.09
1.000 01/18/18 EUR 42.30
Rhodia S.A. 0.500 01/01/14 EUR 36.44
Scor S.A. 4.125 01/01/10 EUR 2.12
Soc Air France 2.750 04/01/20 EUR 24.86
Soitec 4.625 12/20/09 EUR 5.55
Theolia S.A. 2.000 01/01/14 EUR 23.64
Valeo 2.38 01/01/11 EUR 43.17
Vivendi Univers 1.75 10/30/08 EUR 30.73
Wavecom S.A. 1.750 01/01/14 EUR 20.14
Wendel Invest S.A. 2.000 06/19/09 EUR 44.97
4.380 08/09/17 EUR 73.38
Zlomrex International
Finance SA 8.5 02/01/14 EUR 66.04
8.5 02/01/14 EUR 65.63
GERMANY
-------
Deutsche Schifbk 4.200 01/23/09 EUR 99.56
KfW Bankengruppe 0.500 10/30/13 AUD 66.77
0.500 12/19/17 EUR 67.68
5.000 05/23/20 EUR 74.98
1.250 07/07/20 EUR 75.92
1.250 07/29/20 EUR 75.06
5.000 07/21/25 EUR 71.18
5.000 09/01/25 EUR 74.26
5.000 08/10/30 EUR 79.17
Landeskreditbank Baden-
Wuerttemberg Foerderbk 0.500 05/10/27 CDN 45.07
Landwirtschaftliche
Rentenbank AG 1.000 03/29/17 NZD 57.52
GREECE
------
Hellenic Republic 0.990 07/17/24 EUR 67.35
ICELAND
-------
Kaupthing Bank 6.130 10/04/16 US$ 102.15
6.500 02/03/45 EUR 50.17
IRELAND
-------
Banesto Finance Plc 6.170 11/07/37 EUR 73.04
Depfa ACS Bank 0.500 03/03/25 CDN 74.09
0.250 07/08/33 CDN 49.56
Irish Nationwide
Building Society 5.500 01/10/18 GBP 16.41
Irish Perm PLC 2.500 02/15/35 EUR 06.12
Magnolia Finance IV Plc 1.050 12/20/45 US$ 28.31
Ono Finance II 8.000 05/16/14 EUR 49.44
ITALY
-----
Unicredito Itali 3.000 2/15/35 EUR 61.15
Telecom Italia 5.250 03/17/55 EUR 72.18
LUXEMBOURG
----------
Del Monte Fin SA 6.630 05/24/06 EUR 45.07
Finmek International 7.000 12/03/04 EUR 6.49
IT Holding Fin 9.880 11/15/12 EUR 76.38
Nell AF S.A. 8.375 08/15/15 EUR 72.80
8.375 08/15/15 US$ 72.62
NETHERLANDS
-----------
ABN Amo Bank B.V. 6.000 03/16/35 EUR 75.13
Air Berlin Finance B.V. 1.500 04/11/27 EUR 58.99
ALB Finance BV 7.880 02/01/12 EUR 74.84
BK Ned Gemeenten 0.500 06/27/18 CDN 68.92
0.500 02/24/25 CDN 49.49
Bulgaria Steel 12.000 05/04/13 EUR 65.25
Cirio Del Monte 7.750 03/14/05 EUR 36.73
EM.TV Finance B.V. 5.250 05/08/13 EUR 4.19
Hypo Real ES Finance 5.500 08/20/08 EUR 53.00
Indah Kiat Intl 11.880 06/15/02 US$ 53.00
IVG Finance B.V. 1.750 03/29/17 EUR 64.64
Kazkommerts
International B.V. 6.880 02/13/17 EUR 73.77
Kazkommertsbank 8.500 06/13/17 US$ 75.35
Lehman Bros TSY B.V. 2.000 02/16/15 EUR 72.39
2.000 03/18/15 EUR 72.24
4.169 02/16/17 EUR 67.84
6.000 02/15/35 EUR 53.00
2.000 03/16/35 EUR 48.54
7.000 05/17/35 EUR 53.75
7.250 10/05/35 EUR 43.81
Montell Finance B.V. 8.100 03/15/27 US$ 67.34
Natl Invester Bank 25.982 05/07/29 EUR 31.71
Ned Waterschapbk 6.000 06/01/35 EUR 67.94
6.500 08/15/35 EUR 63.54
6.000 06/30/45 EUR 60.30
Rabobank Groep N.V. 6.000 02/22/35 EUR 62.48
5.000 02/28/35 EUR 60.31
7.000 03/23/35 EUR 60.83
6.000 05/09/35 EUR 68.81
Tjiwi Kimia Finance BV 13.25 08/01/01 US$ 0.44
NORWAY
------
Kommunalbanken A.S. 0.500 02/07/13 AUD 71.71
Norske Skogindustrier ASA 7.000 06/26/17 EUR 66.39
SWEDEN
------
AB Svensk Export 0.500 03/27/13 AUD 71.84
Swedish Exp Cred 1.000 03/27/13 NZD 73.24
1.000 12/20/12 NZD 74.48
1.000 01/29/13 NZD 73.98
SWITZERLAND
-----------
S-Air Group 0.130 07/07/05 CHF 11.97
UNITED KINGDOM
--------------
Alliance & Leicester Plc 5.88 08/14/31 GBP 72.65
Anglian Water
Finance Plc 2.400 04/20/35 GBP 50.23
BAA Plc 5.130 02/15/23 GBP 75.92
Britannia Building
Society 5.875 03/28/33 GBP 77.42
F&C Asset Management plc 6.750 12/20/26 GBP 73.73
Grainer Plc 3.630 05/17/14 GBP 73.68
HSBC Bank Plc 3.650 05/18/15 EUR 91.13
Ineos Group Holding 7.880 02/15/16 EUR 75.32
Jaztel Plc 5.000 04/29/10 EUR 69.76
National Grid Gas Plc 1.754 10/17/36 GBP 41.04
1.771 03/30/37 GBP 41.01
RSL Communications Ltd 10.125 03/01/08 US$ 2.25
Slough Estates Plc 5.750 06/20/35 GBP 76.69
Wessex Water Fin 1.369 07/31/57 GBP 24.55
*********
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. Jason Nieva, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala and Pius Xerxes
Tovilla, Editors.
Copyright 2008. 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 * * *