/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080530.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 Friday, May 30, 2008, Vol. 9, No. 107 Headlines A U S T R I A HAIDER/OELLINGER RED: Claims Registration Period Ends June 10 ITC-S NETZWERKSYSTEME: Claims Registration Period Ends June 18 LEICHTFRIED FRISUREN: Claims Registration Period Ends June 23 RENOME REINIGUNGSSERVICE: Claims Registration Ends June 23 RESULT MARKETING: Claims Registration Period Ends June 20 B U L G A R I A * Fitch Holds BB+ Ratings for Municipality of Blagoevgrad D E N M A R K TDC A/S: Inks Agreement with Topnordic F I N L A N D M-REAL CORP: Sells 6.7% Pohjolan Voima Stake to Kymppivoima F R A N C E RHODIA SA: Shareholders Approve Board Resolutions WARNER MUSIC: S&P Keeps BB- Corporate Credit Rating G E R M A N Y 3-S-MARKT: Claims Registration Period Ends June 16 ANTONI GMBH: Claims Registration Ends June 26 ASELMANN & RICHERS: Claims Registration Period Ends June 16 AUTOHAUS BAUM: Claims Registration Period Ends June 16 BET - TIME GMBH: Claims Registration Ends June 25 COGNIS GMBH: High Financial Debt Cues S&P to Hold B Rating HRW-GASTSTATTENBETRIEBS: Claims Registration Period Ends June 13 KF-TRANSPORTE GMBH: Claims Registration Period Ends June 13 KNODEL GMBH: Claims Registration Period Ends June 13 KUEPPERS GMBH: Claims Registration Period Ends June 17 LAMPRECHT REISEN: Claims Registration Period Ends June 17 LEUCHTTURM KINDER: Claims Registration Period Ends June 13 MALCOM WINGS: Claims Registration Period Ends June 13 PARLUP GMBH: Claims Registration Ends June 24 SCHOENDORF BAU: Claims Registration Period Ends June 17 WESTLB AG: WestImmo Names Peter Knopp as Chairman I R E L A N D AER LINGUS: Oil Price Hike May Prompt Bankruptcy, Ryanair Says I T A L Y ALITALIA SPA: Posts EUR495MM Net Loss for Year Ended Dec. 31 ALITALIA SPA: Board Calls for Urgent Capital Injection PARMALAT SPA: Completes Newlat Unit Sale to TMT Finance K A Z A K H S T A N HAIDER/OELLINGER RED: Claims Registration Period Ends June 10 ITC-S NETZWERKSYSTEME: Claims Registration Period Ends June 18 LEICHTFRIED FRISUREN: Claims Registration Period Ends June 23 RENOME REINIGUNGSSERVICE: Claims Registration Ends June 23 RESULT MARKETING: Claims Registration Period Ends June 20 K Y R G Y Z S T A N DELACTE LTD: Creditors Must File Claims by July 9 L U X E M B O U R G AMERICAN AXLE: S&P Cuts Corporate Credit Rating to BB- R U S S I A ARIES CJSC: Creditors Must File Claims by July 6 CIVIL AVIATION 411: Court Names O. Shoshina to Manage Assets EUROCHEM MINERAL: S&P Lifts Rating to BB on Improved Operation EXPEDITIONARY COMPANY: Creditors Must File Claims by July 6 LYASKELYA LLC: Creditors Must File Claims by June 6 MIASSKIY FISH: Court Names A. Belugin as Insolvency Manager MOTORIST CJSC: Creditors Must File Claims by July 6 MSV-SDP OJSC: Creditors Must File Claims by June 26 NOVATEK OAO: Shareholders Approve 2007 Dividend Payment NOVATEK OAO: Shareholders Elect Board of Directors OFFICE-COMPLEX OJSC: Rostov Bankruptcy Hearing Slated for July 1 SOYUZ-KHIM-CONTRACT: Creditors Must File Claims by June 26 URAL-TRADE LLC: Creditors Must File Claims by July 6 S W I T Z E R L A N D ARMA FIX: Aargau Court Commences Bankruptcy Proceedings ELEVISOR JSC: Creditors Must File Proofs of Claim by June 5 GREIF COMMERCE: Proofs of Claim Filing Deadline Set for June 5 HANS GYSIN: Creditors Have Until June 4 to File Proofs of Claim HOLIGAY JSC: Deadline to File Proofs of Claim is June 4 MB ACTIVE: St. Gallen Court Commences Bankruptcy Proceedings OLSTON HOLDING: Creditors' Liquidation Claims Due by June 5 STAVAG VERTRIEB: Proofs of Claim Must Be Filed by June 6 U K R A I N E AST ARSENAL: Creditors Must File Claims by June 12 BASA LLC: Creditors Must File Claims by June 12 GIURZA LLC: Creditors Must File Claims by June 12 HEALTH OF PEOPLE: Proofs of Claim Filing Deadline Set June 12 KRINYCHKIAL LLC: Creditors Must File Claims by June 11 KORVIT-MET LLC: Creditors Must File Claims by June 11 MIR LLC: Creditors Must File Claims by June 12 NIKA LLC: Creditors Must File Claims by June 12 NIVA LLC: Proofs of Claim Filing Deadline Set June 12 SOUTH LLC: Creditors Must File Claims by June 12 SPARTA LLC: Creditors Must File Claims by June 11 U N I T E D K I N G D O M ABBEY ELECTRICAL: Taps Liquidators from Baker Tilly APPLEYARDS PLASTICS: Appoints Tenon Recovery as Administrators BELLISIMO JOINERY: Calls In Liquidators from Tenon Recovery BAA LTD: Reports GBP51 Mln Operating Loss for First Quarter 2008 BRITISH AIRWAYS: Extends Terminal 5 Move Completion to October CLEAR CHANNEL: Amended Merger Agreement Now Fully Funded CLEAR CHANNEL: S&P's B+ Credit Rating Remains on Watch Negative DVO LTD: Brings In Liquidators from Vantis FRAMEWORK CONSTRUCTION: Creditors' Meeting Slated for June 9 FURNITURE CRAFT: Taps Joint Administrators from Begbies Traynor GENERAL MOTORS: 19,000 Employees Accept Attrition Program HARVEST CLO V: Fitch Affirms Classes E1 & E2 Notes Ratings at BB HEXCEL CORP: Moody's Affirms Ba3 Corporate Family Rating LONDON & SILVER: Appoints KPMG as Joint Administrators NORTHERN ROCK: Treasury Seeks Independent Compensation Valuer YORKSHIRE MACHINE: Brings In Administrators from Begbies Traynor * BOOK REVIEW: Corporate Players ********* ============= A U S T R I A ============= HAIDER/OELLINGER RED: Claims Registration Period Ends June 10 ------------------------------------------------------------- Creditors owed money by KEG Haider/Oellinger Red Red (FN 266962t) have until June 10, 2008, to file written proofs of claim to court-appointed estate administrator Helmar Feigl at: Dr. Helmar Feigl Preinsbacher Strasse 5 3300 Amstetten Austria Tel: 07472/68 6 30 Fax: 07472/63 3 48 E-mail: rafeigl@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:40 a.m. on July 1, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Amstetten, Austria, the Debtor declared bankruptcy on May 7, 2008 (Bankr. Case No. 14 S 70/08x). ITC-S NETZWERKSYSTEME: Claims Registration Period Ends June 18 -------------------------------------------------------------- Creditors owed money by LLC ITC-S Netzwerksysteme (FN 269049k) have until June 18, 2008, to file written proofs of claim to court-appointed estate administrator Stefan Langer at: Dr. Stefan Langer c/o Dr. Annemarie Kosesnik-wehrle Oelzeltgasse 4 1030 Vienna Austria Tel: 712 63 02, 713 61 92 E-mail: kanzlei@kosesnik-langer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on July 2, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 7, 2008 (Bankr. Case No. 2 S 56/08k). Annemarie Kosesnik-Wehrle represents Dr. Langer in the bankruptcy proceedings. LEICHTFRIED FRISUREN: Claims Registration Period Ends June 23 ------------------------------------------------------------- Creditors owed money by LLC Leichtfried Frisuren (FN 122256p) have until June 23, 2008, to file written proofs of claim to court-appointed estate administrator Peter Shamiyeh at: Dr. Peter Shamiyeh c/o Mag. Huber Elisabeth Hopfengasse 23 4020 Linz Austria Tel: 0732/66 73 26 Fax: 0732/66 73 20 - 942 E-mail: p.shamiyeh@wildmoser-koch.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on July 4, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Gallneukirchen, Austria, the Debtor declared bankruptcy on May 7, 2008 (Bankr. Case No. 12 S 34/08z). Huber Elisabeth represents Dr. Shamiyeh in the bankruptcy proceedings. RENOME REINIGUNGSSERVICE: Claims Registration Ends June 23 ---------------------------------------------------------- Creditors owed money by KEG RENOME Reinigungsservice IGNJATOVIC (FN 283009s) have until June 23, 2008, to file written proofs of claim to court-appointed estate administrator Michael Jagerndorfer at: Dr. Michael Jagerndorfer Hernsteinerstr. 17 2560 Berndorf Austria Tel: 02672/84228 Fax: 02672/84228-33 E-mail: office@jaegerndorfer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on July 3, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Sooss, Austria, the Debtor declared bankruptcy on May 8, 2008 (Bankr. Case No. 10 S 49/08x). RESULT MARKETING: Claims Registration Period Ends June 20 --------------------------------------------------------- Creditors owed money by LLC RESULT MARKETING (FN 259471a) have until June 20, 2008, to file written proofs of claim to court- appointed estate administrator Matthias Schmidt at: Dr. Matthias Schmidt Dr. Karl Lueger-Ring 12 1010 Vienna Austria Tel: 533 16 95 Fax: 535 56 86 E-mail: schmidt@preslmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on July 4, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 8, 2008 (Bankr. Case No. 28 S 64/08b). =============== B U L G A R I A =============== * Fitch Holds BB+ Ratings for Municipality of Blagoevgrad ---------------------------------------------------------- Fitch Ratings has affirmed the Municipality of Blagoevgrad's Long-term foreign and local currency ratings at 'BB+' and Short- term foreign currency rating at 'B'. The Outlooks for the Long- term ratings are Stable. The ratings reflect Blagoevgrad's limited budgetary flexibility and substantial infrastructure investment needs for which long- term funding is not fully secured. However, they also take into account the municipality's debt-free position and low contingent liabilities, prudent budgetary management and strengthening socio-economic profile (though weak by international standards). A positive rating action may be triggered by higher budgetary flexibility stemming from further improvements of financial transparency and reliability, economic development resulting in higher wealth levels, and continued limited debt. A negative rating action could be prompted by deterioration in the operating performance and insufficient coverage of capital funding plans resulting in a significant increase of debt. The city was able to achieve positive overall balances and keep the operating performance at an average of 2% of current revenue during 2003-07, mainly based on proceeds from asset sales. However, these are not perpetual funding sources and, although this shows the municipality's capacity to balance its aggregate budget without raising debt, Fitch notes that it is not a sustainable, long-term policy, particularly given the city's high investments needs. However, Fitch expects the city to incur only limited financial debt due to the availability of significant EU funding and its prudent policy of carrying out projects only if substantial co-financing is ensured. Fitch expects the city to remain debt-free in 2008. Bulgaria's EU accession will facilitate further development of Blagoevgrad's economy and the narrowing of its infrastructural gap via available cohesion funds. In addition, any further development of the city's commercial and industrial activities alongside the booming private property market could prove positive for the city's accounts. This would expand local tax bases, in turn feeding operating revenue. The dynamism of local tax proceeds, increased charges and fees, and the municipality's new role in directly managing them help to mitigate the city's limited budgetary flexibility. However, state transfers still account for most of the city's budget and are subject to annual appropriations. This makes revenue relatively unpredictable, as the municipality's ability to cope with additional spending needs depends on decisions made by the central government. The municipality remains prudent in its budgeting process by allowing additional expenditure only if sufficient revenue is collected, by strictly monitoring municipal shareholdings and by constantly improving financial transparency. However, its transparency remains modest compared to international standards. The municipality of Blagoevgrad is located about 100 kilometers south of Bulgaria's capital Sofia near the borders of Greece, Serbia and Macedonia. It had a population of about 85,540 in 2007 and is the economic and cultural centre of the region of Blagoevgrad. GDP per capita remains 25% below that of Bulgaria as a whole, which is 35% of the EU-27 average based on purchasing power standards, but the unemployment rate of 4.5% is significantly below the national average of 7.8%, lowering the pressure on social costs. ============= D E N M A R K ============= TDC A/S: Inks Agreement with Topnordic -------------------------------------- Topnordic A/S, part of the Ementor Group, entered into agreement with TDC A/S, to take over TDC's direct sales and delivery of mobile terminals (mobile phones, PDAs, etc.) and accessories to TDC's large and mid-sized business customers. The agreement includes transfer of approx. 2,200 TDC business customers and 22 employees from TDC Business Nordic to Topnordic with effect from June 1, 2008 after which Topnordic will take care of all sales and administration of mobile phone terminals and TDC subscriptions to the transferred customers and new customers. Increasing convergence within IT and mobile phone markets, increased sales focus and implementation of a mobile e-commerce solution integrated with TDC subscription systems are expected to generate revenue growth the coming years in the mobile terminal market. Today the Ementor Group sells mobile phones in all Nordic countries and expects yearly sale of more than 210,000 mobile phones to customers within the Nordic markets in 2009. "The agreement with TDC is an important strategic agreement for the Ementor Group due to the increasing convergence within IT and mobile communication markets. With this agreement we are establishing a leading position in the enterprise segment within IT and mobile phone markets in Denmark," says Peter Trans, Managing Director of Topnordic, Denmark. Employee broadband solutions Additionally Topnordic and TDC have entered into an agreement that Topnordic shall handle all sales and administration of TDC employee broadband solutions in Denmark in close co-operation with TDC Business Nordic. The agreement includes transfer of 10 employees from TDC Business Nordics to Topnordic with effect from June 1, 2008 plus a distribution agreement between the parties where Topnordic is paid a fee for sales and administration of employee broadband solutions to all TDC employee broadband customers. New Director Topnordic has engaged a new director Soren Jensen with responsibility for sale of employee oriented solutions, such as employee home-PCs, mobile terminals and employee broadband solutions. Soren Jensen has extensive experience within IT and telecommunication. He has previously been Vice President of Sales and Marketing in TDC Business Nordic. Before TDC he was Sales and Marketing Director in DanaData- Merkantildata. Soren Jensen will start in Topnordic June 1, 2008. The transferred business from TDC to Topnordic is expected to generate revenue of MDKK 200.0 (MNOK 210.0) and EBITDA of MDKK 12.0 (MNOK 12.6) during the first 12 months after completion of the transaction. The total transfer sum agreed with TDC is DKK 1.0 (NOK 1.0). About Ementor The Ementor Group -- http://www.ementor.com/-- is a Nordic and Baltic supplier of IT infrastructure products and services. The Group has more than 4000 employees and is present in 70 cities in Norway, Sweden, Denmark, Finland, Lithuania, Latvia, Estonia and Russia. The Group has revenue of approximately NOK 14 billion and uses the Ementor, Atea, Topnordic and Sonex brands in its business. The company is listed on the Oslo Stock Exchange. About TDC A/S Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.dk/-- through its subsidiaries and affiliates, provides communication solutions in Europe. It provides communication services in Denmark and Switzerland, and has a significant presence in selected Northern and Central European telecommunication markets. It operates through five business lines. * * * As reported in the Troubled Company Reporter-Europe on May 29, 2008, Standard & Poor's Ratings Services revised its issue ratings on leading Danish integrated telecommunications provider TDC A/S' (BB-/Stable/B) unsecured notes maturing up to 2012 to 'BB-' from 'B', in line with the corporate credit rating. S&P revised the recovery rating to '4' from '6', indicating its expectation of average (30%-50%) recovery in the event of a payment default. ============= F I N L A N D ============= M-REAL CORP: Sells 6.7% Pohjolan Voima Stake to Kymppivoima ----------------------------------------------------------- M-real Corporation has signed a contract to sell its 100,000 B2 shares in Pohjolan Voima to Kymppivoima. The shares represent around 6.7% of the total amount of B2 shares and voting rights. The sales price of the shares is EUR80 million and the transaction is planned to be put into effect by June 25, 2008. M-real will book a non-recurring gain of about EUR74 million from the transaction. After the transaction M-real will own about 3% of the total amount of PVO B2 shares and voting rights. In addition, M-real owns about 11% of PVO B shares that entitle to electricity from the two current Olkiluoto nuclear power plants. M-real's self- sufficiency in electricity is about 60% composed of own generation and ownerships in power plants. This transaction does not have impact on M-real's self-sufficiency in electricity. This sale is a part of M-real's minimum EUR200 million asset divestment program launched in February 2008. M-real has so far divested assets worth EUR 162 million under its asset divestment program. Asset items divested are the PVO shares and the New Thames mill. The asset divestment program is planned to be completed by the end of the first quarter of 2009. Headquartered in Espoo, Finland, M-real Corp. -- http://www.M-Real.com/-- produces and distributes coated and uncoated fine papers for printing and packaging industries. The company has operations in Brazil and Mexico. * * * M-real Oyj continues to carry a B2 long-term corporate family rating and a B2 senior unsecured debt rating from Moody's Investor Service, with negative outlook. Standard & Poor's rates the company's long-term foreign and local issuer credit at B+ and its short-term foreign and local issuer credit at B. The outlook is negative. =========== F R A N C E =========== RHODIA SA: Shareholders Approve Board Resolutions ------------------------------------------------- Shareholders of Rhodia S.A. adopted all of the resolutions approved by the company's board of directors at a combined annual meeting on May 16, 2008. The resolutions adopted include: -- the consolidated financial statements for the year and the payment of EUR0.25 dividend per share, paid on May 23, 2008; and -- the election of Laurence Danon as director and the re-election of Yves Rene Nanot, Michael de Fabiani and Jerome Contamine. The shareholders present or represented at the meeting held 37.77% of Rhodia's capital. About Rhodia Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. The group generated sales of EUR4.8 billion in 2006 and employs around 16,000 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. The company has operations in Brazil. * * * Rhodia S.A. continues to carry 'BB' long-term corporate credit and 'B' short-term corporate credit ratings from Standard & Poor's Ratings Services, with stable outlook. S&P raised Rhodia's long-term rating to its current level in April 2008. WARNER MUSIC: S&P Keeps BB- Corporate Credit Rating --------------------------------------------------- Standard & Poor's Rating Services affirmed its ratings on New York City-based Warner Music Group Corp., including its 'BB-' corporate credit rating, based on our expectation that the company will have sufficient resources to meet its financial covenant step-downs over the near term. S&P removed all ratings from CreditWatch with negative implications, where they were placed on Feb. 22, 2007. At the same time, S&P raised the rating on the company's US$1.65 billion senior secured credit facility to 'BB' from 'BB-' and revised the recovery rating to '2' from '4'. The '2' recovery rating indicates our expectation that lenders can expect substantial (70%-90%) recovery in the event of a payment default. The outlook is negative. S&P also assigned recovery ratings to WMG's GBP100 million 8.125% senior subordinated notes due 2014, its US$465 million 7.375% senior subordinated notes due 2014, and senior discount notes due 2014. The issue-level ratings remain unchanged at 'B' (two notches below the 'BB-' corporate credit rating on WMG). S&P assigned a recovery rating of '6' to the debt, indicating our expectation of negligible (0%-10%) recovery in the event of a payment default. "Our continuing concerns about WMG'S profitability as it transitions to a digital business model," said Standard & Poor's credit analyst Michael Altberg, "are somewhat tempered by the termination of its dividend and its focus on significantly reducing acquisitions." S&P believes that as a result, there should be sufficient cash balances as a cushion against its net leverage covenant. ============= G E R M A N Y ============= 3-S-MARKT: Claims Registration Period Ends June 16 -------------------------------------------------- Creditors of 3-S-Markt GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Dr. Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 14, 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 Dortmund Hall 3.201 Gerichtsplatz 22 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Koenigswall 21 44137 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against 3-S-Markt GmbH on April 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: 3-S-Markt GmbH Attn: Elke Graf, Manager In der Dille 22 59192 Bergkamen Germany ANTONI GMBH: Claims Registration Ends June 26 --------------------------------------------- Creditors of Antoni GmbH & Co. KG have until June 26, 2008, to register their claims with court-appointed insolvency manager Uwe Kuhmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 14, 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 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: Uwe Kuhmann Hochstr. 124 58095 Hagen Germany The District Court of Hagen opened bankruptcy proceedings against Antoni GmbH & Co. KG on May 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Antoni GmbH & Co. KG Zur Helle 10 58638 Iserlohn Germany Attn: Claus Gegenmantel, Manager Emmy-Beckmann-Weg 22 b 22455 Hamburg Germany ASELMANN & RICHERS: Claims Registration Period Ends June 16 ----------------------------------------------------------- Creditors of Aselmann & Richers Beton- und Natursteinbetrieb GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Henning Bosse. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Gifhorn Hall 114 Am 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: Henning Bosse Am Hafen 2 38112 Braunschweig Germany Tel: 0531/8891942 Fax: 0531/8891944 The District Court of Gifhorn opened bankruptcy proceedings against Aselmann & Richers Beton- und Natursteinbetrieb GmbH on April 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Aselmann & Richers Beton- und Natursteinbetrieb GmbH Attn: Heinrich Richers, Manager Kesselstr. 1 31249 Hohenhameln OT Bierbergen Germany AUTOHAUS BAUM: Claims Registration Period Ends June 16 ------------------------------------------------------ Creditors of Autohaus Baum & Wiegand GmbH have until June 16, 2008, to register their claims with court-appointed insolvency manager Andre Schirrmeister. Creditors and other interested parties are encouraged to attend the meeting at 10:55 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 Magdeburg Hall 13 Breiter Weg 203 - 206 39104 Magdeburg 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: Andre Schirrmeister Magdeburger Str. 23 06112 Halle Germany Tel: 0345/ 2308811 Fax: 0345/ 2311199 The District Court of Magdeburg opened bankruptcy proceedings against Autohaus Baum & Wiegand GmbH on May 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Baum & Wiegand GmbH Attn: Frank Baum, Manager Am Silberfeld 3 39418 Stassfurt Germany BET - TIME GMBH: Claims Registration Ends June 25 ------------------------------------------------- Creditors of BET - Time GmbH u. Co. KG have until June 25, 2008, to register their claims with court-appointed insolvency manager Matthias Hahn. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 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 Freiburg Hall II Holzmarkt 2 79098 Freiburg 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: Matthias Hahn Engelbergerstr. 21 79106 Freiburg Germany The District Court of Freiburg opened bankruptcy proceedings against BET - Time GmbH u. Co. KG on May 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BET - Time GmbH u. Co. KG Attn: Emir Cengic, Manager Waldkircher Str. 61-63 79106 Freiburg Germany COGNIS GMBH: High Financial Debt Cues S&P to Hold B Rating ---------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on Germany-based specialty chemicals and intermediate manufacturer Cognis GmbH. The outlook is stable. "The ratings reflect the group's high financial debt, following a leveraged buyout in 2001 and subsequent debt-financed dividend payouts to shareholders," said Standard & Poor's credit analyst Tobias Mock. "These factors are mitigated by a satisfactory business risk profile." Cognis' cash flow protection ratios remain weak, with funds from operations to debt of about 5% at year-end 2007 and debt to EBITDA of 8.1x. The group is highly leveraged, with a debt-to- capital ratio of more than 100%. Cognis successfully refinanced its debt in May 2007 and has no contractual repayment obligations until 2013, which will benefit its liquidity. Cognis has a satisfactory business profile as the world's leading manufacturer of nature-based specialty chemicals and a midsize producer of synthetic specialty chemicals. Positive rating factors include the group's strong diversification by end markets and its strong foothold in home and personal care markets that are less volatile than the industrial markets that the chemical industry largely serves. In addition, Cognis uses nature-based raw materials for up to 51% of its production. Owing to high oil prices, the group has a competitive advantage over companies that only use petrochemicals in their production processes. Recent price increases in nature-based raw materials, such as palm oil, has reduced this benefit significantly, however. The outlook is stable because we expect Cognis to continue to benefit from solid demand in key end markets and manage to largely pass on the increased costs of its raw materials. "However, we expect the company to reduce debt only moderately over the next few years," said Mr. Mock. HRW-GASTSTATTENBETRIEBS: Claims Registration Period Ends June 13 ---------------------------------------------------------------- Creditors of HRW-Gaststattenbetriebs GmbH have until June 13, 2008, to register their claims with court-appointed insolvency manager Peter Depre. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 11, 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 Neustadt a.d.Wstr. C 9 Seitengebaude Robert-Stolz-Str. 20 67433 Neustadt a.d.Wstr. 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: Peter Depre O 4, 13-16 D 68161 Mannheim Germany Tel: 0621/12078-0 Fax: 0621/153800 The District Court of Neustadt a.d.Wstr. opened bankruptcy proceedings against HRW-Gaststattenbetriebs GmbH on April 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HRW-Gaststattenbetriebs GmbH Gutenbergstr. 2-4 67433 Neustadt a. d. Wstr. Germany KF-TRANSPORTE GMBH: Claims Registration Period Ends June 13 ----------------------------------------------------------- Creditors of KF-Transporte GmbH have until June 13, 2008, to register their claims with court-appointed insolvency manager Hans von Gleichenstein. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 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 Ingolstadt Meeting Hall 28 I Schrannenstr. 3 85049 Ingolstadt 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 von Gleichenstein Rottmannstrasse 11 a 80333 Munich Germany Tel: 089/5427300 Fax: 089/54273015 The District Court of Ingolstadt opened bankruptcy proceedings against KF-Transporte GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KF-Transporte GmbH Attn: Franc Knuplez, Manager Spitalstrasse 3-5 85276 Pfaffenhofen Germany KNODEL GMBH: Claims Registration Period Ends June 13 ---------------------------------------------------- Creditors of Knodel GmbH Malerfachbetrieb have until June 13, 2008, to register their claims with court-appointed insolvency manager Christian Hellmich. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 11, 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 Pforzheim Hall 142 First Floor Lindenstr. 8 75175 Pforzheim 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 Hellmich Koenigstr. 20 70173 Stuttgart Germany The District Court of Pforzheim opened bankruptcy proceedings against Knodel GmbH Malerfachbetrieb on May 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Knodel GmbH Malerfachbetrieb Attn: Leonhard Fritsch and Peter Rauchle, Managers Baznerstr. 17 75172 Pforzheim Germany KUEPPERS GMBH: Claims Registration Period Ends June 17 ------------------------------------------------------ Creditors of KUEPPERS GmbH have until June 17, 2008, to register their claims with court-appointed insolvency manager Goerge Scheid. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on July 15, 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 Leipzig Hall 145 Bernhard Goering Strasse 64 04275 Leipzig 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: Goerge Scheid Jacobstrasse 25 04105 Leipzig Germany Tel: 0341/702520 Fax: 0341/7025244 E-mail: Sozietaet@Voigt-Scheid.de The District Court of Leipzig opened bankruptcy proceedings against KUEPPERS GmbH on April 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KUEPPERS GmbH Paulaner Palais Klostergasse 5 04109 Leipzig Germany LAMPRECHT REISEN: Claims Registration Period Ends June 17 --------------------------------------------------------- Creditors of Lamprecht Reisen GmbH have until June 17, 2008, to register their claims with court-appointed insolvency manager Herbert Feigl. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on July 15, 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 Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle 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: Herbert Feigl Hansering 1 D 06108 Halle Germany Tel: 0345/212220 Fax: 0345/2122222 The District Court of Halle-Saalkreis opened bankruptcy proceedings against Lamprecht Reisen GmbH on April 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lamprecht Reisen GmbH Attn: Kornelia Lamprecht, Manager Thomas-Muentzer-Str. 168 06313 Hergisdorf Germany LEUCHTTURM KINDER: Claims Registration Period Ends June 13 ---------------------------------------------------------- Creditors of Leuchtturm Kinder- und Jugendhilfe GmbH have until June 13, 2008, to register their claims with court-appointed insolvency manager Stephan Geisslreiter. Creditors and other interested parties are encouraged to attend the meeting at 3:50 p.m. on June 30, 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 Floor 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: Stephan Geisslreiter Kaiser-Wilhelm-Ring 18 92224 Amberg Germany Tel: 09621/91 70 40 Fax: 09621/91 70 45 The District Court of Amberg opened bankruptcy proceedings against Leuchtturm Kinder- und Jugendhilfe GmbH on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Leuchtturm Kinder- und Jugendhilfe GmbH Herrnstrasse 18 92224 Amberg Germany MALCOM WINGS: Claims Registration Period Ends June 13 ----------------------------------------------------- Creditors of Malcom Wings GmbH have until June 13, 2008, to register their claims with court-appointed insolvency manager Detlef Siwonia. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on July 14, 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: Detlef Siwonia Am Muehlenberg 8 17192 Waren Germany The District Court of Neubrandenburg opened bankruptcy proceedings against Malcom Wings GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Malcom Wings GmbH Lindenallee 25 17213 Malchow Germany PARLUP GMBH: Claims Registration Ends June 24 --------------------------------------------- Creditors of parlup GmbH have until June 24, 2008, to register their claims with court-appointed insolvency manager Dr. Henning Dohrmann. Creditors and other interested parties are encouraged to attend the meeting at 11:45 a.m. on July 10, 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 Cologne Meeting Hall 14 Luxemburger Str. 101 50939 Cologne 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. Henning Dohrmann Moltkestr. 12 51643 Gummersbach Germany Tel: 02261/9279-0 Fax: +49226192799 The District Court of Cologne opened bankruptcy proceedings against parlup GmbH on May 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: parlup GmbH Attn: Peter Prinz, Manager Kirchberg 2 51766 Engelskirchen Germany SCHOENDORF BAU: Claims Registration Period Ends June 17 ------------------------------------------------------- Creditors of Schoendorf Bau GmbH have until June 17, 2008, to register their claims with court-appointed insolvency manager Andrea Julia Wolf. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 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 Saarbruecken Area Hall 13 First Floor Branch Office Sulzbach Vopeliusstrasse 2 66280 Sulzbach 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: Andrea Julia Wolf Talstrasse 12 66119 Saarbruecken Germany Tel: 0681/859 150 Fax: 0681/859 1515 The District Court of Saarbruecken opened bankruptcy proceedings against Schoendorf Bau GmbH on May 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schoendorf Bau GmbH Attn: Birgit Schoendorf, Manager Birkelweg 1 66440 Blieskastel Germany WESTLB AG: WestImmo Names Peter Knopp as Chairman ------------------------------------------------- The Supervisory Board of Westdeutsche ImmobilienBank AG has appointed Peter Knopp as Chairman of the Managing Board. He will take up his post on June 1, 2008. Mr. Knopp succeeds Hubert Beckmann, who becomes Vice Chairman of the WestLB AG Managing Board and Chairman of the WestImmo Supervisory Board on the same date. Other members of the WestImmo Managing Board are Claus-Juergen Cohausz and Rainer Spielmann. Mr. Beckmann said: "I am convinced that, with Peter Knopp at the helm, the Managing Board will continue the positive development of WestImmo, maintaining the trustful cooperation and excellent communication between WestImmo and WestLB." Mr. Knopp has been a member of the WestImmo Managing Board since Aug. 1, 2007, with responsibility, among other things, for developing and expanding the capital markets business. WestImmo is the center of competence for real estate finance and structured real estate transactions in the WestLB Group. In Germany it is represented in Berlin, Duesseldorf, Hamburg, Mainz, Muenster and Munich, and internationally in London, Madrid, New York, Paris, Prague, Tokyo and Warsaw. 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%). * * * As reported in the Troubled Company Reporter-Europe on May 29, 2008, Fitch Ratings upgraded WestLB AG's Individual rating to 'E' from 'F'. ============= I R E L A N D ============= AER LINGUS: Oil Price Hike May Prompt Bankruptcy, Ryanair Says -------------------------------------------------------------- Ryanair Holdings plc CEO Michael O'Leary said Aer Lingus Group plc is among airlines that may collapse into bankruptcy if oil price reaches US$200 a barrel, Belfast Telegraph reports. Mr. O'Leary told Belfast Telegraph "half the airlines would certainly go out of business if oil hit US$200 a barrel," adding "only the strong airlines would survive and that would be British Airways, Lufthansa, Air France and Ryanair." According to Davy analyst Stephen Furlong, Ryanair, which holds about 29% stake in Aer Lingus, is more likely to take over the Irish carrier if it goes bust. Mr. O'Leary, however, dismissed the speculation, Belfast Telegraph relates. Belfast Telegraph reveals Ryanair made a hostile bid for Aer Lingus in October 2006. In June 2007, the European Commission blocked Ryanair's proposed merger with the carrier. Meanwhile, Aer Lingus corporate affairs director Enda Corneille stated soaring fuel charges would hit pure low-cost carriers, such as Ryanair, more, saying a US$200 a barrel oil price increase could result to more grounding of flights as airlines would not be buying aircraft. Mr. Corneille noted that while Aer Lingus is grounding flights in Dublin and London's Stansted Airport this winter, it is not because of high oil prices but of high airport charges, Belfast Telegraph discloses. Headquartered in Dublin, Ireland, Aer Lingus Group plc -- http://www.aerlingus.com/-- primarily provides passenger transportation services. The Company and its subsidiaries operates as a low fares Irish airline primarily providing passenger and cargo transportation services from Ireland to the United Kingdom and Europe (short haul) and also to the United states (long haul). The Company also provides cargo transportation services on its passenger aircraft, primarily on its long-haul routes, as well as a range of ancillary services to its passengers. ========= I T A L Y ========= ALITALIA SPA: Posts EUR495MM Net Loss for Year Ended Dec. 31 ------------------------------------------------------------ Alitalia S.p.A. posted EUR494.64 million in consolidated net losses on EUR4.85 billion in consolidated net operating revenues for full year ended Dec 31, 2007, compared EUR626.95 million in consolidated net losses on EUR4.72 billion in consolidated net operating revenues for full year ended Dec 31, 2006. The year 2007 was characterized by a number of critical situations mainly due to these factors: * rising fuel prices; the cost of fuel rose on average by +10.6% compared 2006; * the sharp rise in competitive pressure from low-cost carriers on domestic and international markets; * trade union unrest which, through repeated effects especially on regularity and commercial reliability, led to revenue losses for 2007 estimated at EUR150 million, together with damage to Alitalia's image and its customer relations; * the loss caused by reducing the value of the fleet by EUR97 million. At the end of 2007, liquidity amounted to EUR362 million, down by about EUR345 million due not only to business performance but also to reimbursement of financial debts for EUR176 million. Net financial indebtedness on Dec. 31, 2007, amounted to EUR1.164 million showing an increase of EUR171 million compared to the situation on Dec. 31, 2006. Investments totaled EUR153 million in 2007. The Group's workforce on Dec. 31, 2007, was 11,172 people, down by 258 compared to Dec. 31 2006. The Group's average workforce on the payroll in 2007 was 10,243 people, up by 133 (+1.3%) compared to 2006, mainly due to the presence of the Volare company which, for 2006, was officially included in the Group only in April, but also due to non-implementation of solidarity contracts for flight crews and the overtime redundancy fund for ground staff. The Alitalia Group's operating fleet on Dec. 31, 2007, consisted of 186 aircraft of which: * 157 for short/medium-haul routes; and * 29 for long-haul. As of Dec. 31, 2007, Alitalia had EUR3.59 billion in total assets, EUR3.21 billion in total liabilities, resulting to EUR381.37 million in total shareholders' equity. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. ALITALIA SPA: Board Calls for Urgent Capital Injection ------------------------------------------------------ The Board of Directors of Alitalia S.p.A. has confirmed the need for recapitalization to be carried out as quickly as possible. These factors require an asset situation able to sustain the Alitalia's forecast operations: * strongly negative impact of uncertainty; * continual erosion of the Company�s commercial credibility with marked repercussions on sales; * resulting critical aspects of implementing actions required by the budget; and * deterioration of the market scenario, heavily affected by continual and ever higher increases in fuel costs. The Board of Directors, is evaluating the possibilities of resolving the requirements and, with this object in view, awaits the measures that the main shareholder -- the Italian government -- will decide to take. Failure to achieve integration with a leading airline group has led to renewed uncertainty within the Company. From a strictly financial viewpoint, Legislative Decree no. 80 of April 23, 2008, together with the decree approved by the Council of Ministers on May 21, 2008, has made available a considerable amount of liquidity and, from the point of view of business continuity, this shows that the Government itself is confident about the possibility of completing the privatization process and restructuring the Company, as coming out by covering reports of the above mentioned decrees. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes, including United States, Canada, Japan and Argentina. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, EUR625.6 million in 2006, and EUR494.64 million in 2007. PARMALAT SPA: Completes Newlat Unit Sale to TMT Finance ------------------------------------------------------- Parmalat S.p.A. finalized the sale of 100% of Newlat S.p.A. to TMT Finance S.A. following the signing of a contract on April 18, 2008, and approval of the transaction by the Italian antitrust authorities on May 27, 2008. The disposal took place for a token consideration of EUR1 in return for Parmalat transferring an EUR8 million receivable from Newlat to the buyer, again for a token value of EUR1. Inter-company accounts worth approximately EUR4.6 million were repaid prior to May 27, 2008, generating cash flow for the Parmalat group of a like amount. With this transaction Parmalat S.p.A. will deconsolidate a total of approximately EUR36 million in debt and amounts payable under leases, based on the situation as at March 31, 2008. 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. =================== K A Z A K H S T A N =================== HAIDER/OELLINGER RED: Claims Registration Period Ends June 10 ------------------------------------------------------------- Creditors owed money by KEG Haider/Oellinger Red Red (FN 266962t) have until June 10, 2008, to file written proofs of claim to court-appointed estate administrator Helmar Feigl at: Dr. Helmar Feigl Preinsbacher Strasse 5 3300 Amstetten Austria Tel: 07472/68 6 30 Fax: 07472/63 3 48 E-mail: rafeigl@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:40 a.m. on July 1, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Amstetten, Austria, the Debtor declared bankruptcy on May 7, 2008 (Bankr. Case No. 14 S 70/08x). ITC-S NETZWERKSYSTEME: Claims Registration Period Ends June 18 -------------------------------------------------------------- Creditors owed money by LLC ITC-S Netzwerksysteme (FN 269049k) have until June 18, 2008, to file written proofs of claim to court-appointed estate administrator Stefan Langer at: Dr. Stefan Langer c/o Dr. Annemarie Kosesnik-wehrle Oelzeltgasse 4 1030 Vienna Austria Tel: 712 63 02, 713 61 92 E-mail: kanzlei@kosesnik-langer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on July 2, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 7, 2008 (Bankr. Case No. 2 S 56/08k). Annemarie Kosesnik-Wehrle represents Dr. Langer in the bankruptcy proceedings. LEICHTFRIED FRISUREN: Claims Registration Period Ends June 23 ------------------------------------------------------------- Creditors owed money by LLC Leichtfried Frisuren (FN 122256p) have until June 23, 2008, to file written proofs of claim to court-appointed estate administrator Peter Shamiyeh at: Dr. Peter Shamiyeh c/o Mag. Huber Elisabeth Hopfengasse 23 4020 Linz Austria Tel: 0732/66 73 26 Fax: 0732/66 73 20 - 942 E-mail: p.shamiyeh@wildmoser-koch.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on July 4, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Gallneukirchen, Austria, the Debtor declared bankruptcy on May 7, 2008 (Bankr. Case No. 12 S 34/08z). Huber Elisabeth represents Dr. Shamiyeh in the bankruptcy proceedings. RENOME REINIGUNGSSERVICE: Claims Registration Ends June 23 ---------------------------------------------------------- Creditors owed money by KEG RENOME Reinigungsservice IGNJATOVIC (FN 283009s) have until June 23, 2008, to file written proofs of claim to court-appointed estate administrator Michael Jagerndorfer at: Dr. Michael Jagerndorfer Hernsteinerstr. 17 2560 Berndorf Austria Tel: 02672/84228 Fax: 02672/84228-33 E-mail: office@jaegerndorfer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on July 3, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Sooss, Austria, the Debtor declared bankruptcy on May 8, 2008 (Bankr. Case No. 10 S 49/08x). RESULT MARKETING: Claims Registration Period Ends June 20 --------------------------------------------------------- Creditors owed money by LLC RESULT MARKETING (FN 259471a) have until June 20, 2008, to file written proofs of claim to court- appointed estate administrator Matthias Schmidt at: Dr. Matthias Schmidt Dr. Karl Lueger-Ring 12 1010 Vienna Austria Tel: 533 16 95 Fax: 535 56 86 E-mail: schmidt@preslmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on July 4, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 8, 2008 (Bankr. Case No. 28 S 64/08b). =================== K Y R G Y Z S T A N =================== DELACTE LTD: Creditors Must File Claims by July 9 ------------------------------------------------- LLC Delacte Ltd. has declared insolvency. Creditors have until July 9, 2008, to submit written proofs of claim. Inquiries can be addressed to (+996 312) 56-56-32 (0-555) 24-16- 32 =================== L U X E M B O U R G =================== AMERICAN AXLE: S&P Cuts Corporate Credit Rating to BB- ------------------------------------------------------ Standard & Poor's Ratings Services lowered its corporate credit rating on American Axle Manufacturing & Holdings Inc. to 'BB-' from 'BB' and removed the ratings from CreditWatch with negative implications, where they were placed on March 17, 2008, as a result of the United Auto Workers strike. The outlook is negative. At the same time, Standard & Poor's lowered its issue-level ratings on Detroit-based Axle's unsecured debt to 'BB-' from 'BB' and assigned a recovery rating of '3' to this debt, indicating an expectation for meaningful (50%-70%) recovery in the event of a payment default. The assignment of recovery ratings reflects the extension of our recovery methodology to all speculative-grade unsecured debt issues. "The downgrade and negative outlook reflect our view that Axle's credit measures will deteriorate in the face of very challenging North American auto sector conditions in 2008 and, quite likely, 2009," said Standard & Poor's credit analyst Lawrence Orlowski. S&P expects 2008 to be a weak year for Axle's sales and profitability because of the impact of the strike on first- and second-quarter results, lower light truck production volumes from GM in the third and fourth quarters, and costs associated with employee buyout and wage reduction programs. EBITDA margins may fall to single-digit levels in 2008, but S&P expects some improvement in 2009 as the company begins to realize some cost savings from the new contract and work force reductions. However, if EBITDA margins do not improve to more than 10% in 2009, S&P believes free operating cash flow will remain negative in 2009, which could prompt us to lower the rating. Prior to 2009, a downgrade would likely be triggered by any reduction in Axle's liquidity, such as a substantial depletion in borrowing availability under its revolving facility or concerns about forward covenants. On the other hand, S&P could adjust our outlook to stable if Axle capitalizes on cost savings and industry conditions improve. =========== R U S S I A =========== ARIES CJSC: Creditors Must File Claims by July 6 ------------------------------------------------ Creditors of CJSC Aries have until July 6, 2008, to submit proofs of claim to: A. Rybakov Insolvency Manager Post User Box 3058 Izhevsk 426008 Udmurtiya Russia The Arbitration Court of Udmurtiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A71-7664/2007(G15). The Court is located at: The Arbitration Court of Udmurtiya Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Russia The Debtor can be reached at: CJSC Aries Zhivsovkhoznaya Str. 47v 426021 Izhevsk Russia CIVIL AVIATION 411: Court Names O. Shoshina to Manage Assets ------------------------------------------------------------ The Arbitration Court of Stavropol appointed O. Shoshina as Insolvency Manager for OJSC Factory 411 of Civil Aviation (TIN/KPP 2630000050/263001001). She can be reached at: O. Shoshina Knyshevskogo Str. 69 Mineralnye Vody Stavropol Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A63-12501/2006-C5-11. The Court is located at: The Arbitration Court of Stavropol Mira Str. 4586 Stavropol Russia The Debtor can be reached at: OJSC Factory 411 of Civil Aviation Knyshevskogo Str. 69 Mineralnye Vody Stavropol Russia EUROCHEM MINERAL: S&P Lifts Rating to BB on Improved Operation -------------------------------------------------------------- Standard & Poor's Ratings Services has raised to 'BB' from 'BB-' its long-term corporate credit rating on Moscow-based fertilizer group EuroChem Mineral and Chemical Co. OJSC, reflecting sustainable operational and financial improvements. In line with this one-notch upgrade, we raised to 'ruAA' from 'ruAA-' the Russia national scale rating on EuroChem, and to 'BB' from 'BB-' the long-term rating on EuroChem Finance PLC's participation notes. The outlook is stable. "The upgrade reflects the much better than anticipated selling prices for the group's nitrogen- and phosphate-based fertilizers, and our expectations that these prices will stay high in 2008 and 2009," said Standard & Poor's credit analyst Lucas Sevenin. This translates into much stronger EBITDA, cash flow metrics, and free operating cash flow than forecast one year ago. "The upgrade also takes into account the group's financial policy, which supports cash flow metrics, free operating cash flow, and liquidity." said Mr. Sevenin. "We also factor in material capital expenditure, as well as potential large acquisitions." The stable outlook reflects our expectations that EuroChem will maintain a moderate financial policy and good cash flow metrics, with notably a robust ratio of funds from operations to adjusted debt in 2008 and 2009, despite heavy capital expenditure plans. This reflects the anticipated good cycles, the group's financial policy, and the shareholder strategy that supports key credit metrics, through, for example, reducing dividends should cycles become more challenging or growth opportunities appear that pressure free operating cash flow. Our rating factors in about US$1 billion of acquisitions. We will closely monitor purchase prices, the quality of assets acquired--especially in terms of capital expenditure needed and efficiency--the synergies and benefits tied to costs, logistics, and access to markets, plus any additional debt load. The ratings could come under pressure if cycles reverse earlier than anticipated; if the group makes acquisitions that pressure key credit metrics for a long time; or if a change in the shareholder distribution policy appears. Further broadening of the portfolio, such as the potash expansion, or material new equity for the potash project, could be supportive of a higher rating over time. EXPEDITIONARY COMPANY: Creditors Must File Claims by July 6 ----------------------------------------------------------- Creditors of LLC North-West Transport Expeditionary Company have until July 6, 2008, to submit proofs of claim to: V. Bobkov Insolvency Manager Post User Box 216 169000 Vologda Russia The Arbitration Court of Vologda commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A13-8380/2007. The Court is located at: The Arbitration Court of Vologda Hall 4 Gertsena Str. 1a Vologda Russia The Debtor can be reached at: LLC North-West Transport Expeditionary Company Staryj Aeroport Vologda Russia LYASKELYA LLC: Creditors Must File Claims by June 6 --------------------------------------------------- Creditors of LLC North-Adozhskiy Paper Mill Lyaskelya have until June 6, 2008, to submit proofs of claim to: V. Tyurlik Temporary Insolvency Manager Dzerzhinskogo Str. 4-2 Petrozavodsk 185035 Kareliya Russia The Arbitration Court of Kareliya will convene at 10:00 a.m. on Oct. 1, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A26-1773/2008. The Debtor can be reached at: LLC North-Adozhskiy Paper Mill Lyaskelya Leningradskaya Str. 6-6 Petrozavodsk 185031 Kareliya Russia MIASSKIY FISH: Court Names A. Belugin as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Chelyabinsk appointed A. Belugin as Insolvency Manager for LLC Miasskiy Fish Processing Mill. He can be reached at: A. Belugin Kovshova Str. 23-29 456200 Zlatoust Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-12135/2006-52-73. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: LLC Miasskiy Fish Processing Mill Pionerskaya Str. 12 Uyskoe Chelyabinsk Russia MOTORIST CJSC: Creditors Must File Claims by July 6 --------------------------------------------------- Creditors of CJSC Motorist have until July 6, 2008, to submit proofs of claim to: D. Mishenko Insolvency Manager Post User Box 16 656015 Barnaul-15 Russia The Arbitration Court of Novosibirsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-11390/07-48/52. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: CJSC Motorist Lomonosova Str. 24 Suzun 633623 Novosibirsk Russia MSV-SDP OJSC: Creditors Must File Claims by June 26 --------------------------------------------------- Creditors of OJSC MSV-SDP have until June 26, 2008, to submit proofs of claim to: S. Ryzhkov Insolvency Manager Office 719 Knipovicha Str. 23 183008 Murmansk Russia The Arbitration Court of Murmansk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A42-5624/2007. The Court is located at: The Arbitration Court of Murmansk Knipovicha Str. 20 Murmansk Russia The Debtor can be reached at: OJSC MSV-SDP Russia Murmansk Tralovaya Str. 2 Russia NOVATEK OAO: Shareholders Approve 2007 Dividend Payment ------------------------------------------------------- The Annual General Meeting of Shareholders of OAO Novatek approved its dividend payment for 2007 on May 27, 2008. The AGM resolved to pay dividends in the amount of RUR1.52 per one ordinary share or RUR15.2 per one Global Depositary Receipt. The total dividend distribution for 2007, including interim dividends paid for first half of 2007, amounts to RUR2.35 per one ordinary share or RUR23.5 per one GDR. The interim dividend is payable 60 days after shareholder approval, to shareholders of record of the list of persons entitled to receive dividends compiled on 10 April 2008, which also coincided with the date for making a list of those entitled to attend the Company's AGM. About Novatek Headquartered in Tarko-Sale, Russia, OAO Novatek -- http://www.novatek.ru/ -- engages in the exploration, production and processing of natural gas and liquid hydrocarbons. The company's upstream activities are concentrated in the prolific Yamal-Nenets Region in Western Siberia. * * * OAO Novatek carries Ba2 Corporate Family rating from Moody's Investors Service, which said the outlook is stable. Ratings apply to date. The company also carries BB long-term Foreign and Local Issuer ratings from Standard & Poor's Ratings Services, which said the outlook is positive. NOVATEK OAO: Shareholders Elect Board of Directors -------------------------------------------------- The Annual General Meeting of Shareholders of OAO Novatek has elected a new Board of Directors, now comprised of: * Akimov, Andrei Igorevich: Chairman of the Management Board of Gazprombank; * Vardanian, Ruben Karlenovich: Chairman of the Board of Directors of Troika Dialog Group; * Gyetvay, Mark Anthony: Chief Financial Officer of Novatek; * Dmitriev, Vladimir Alexandrovich: Chairman of the Board of Directors of State Corporation Bank for Development and Foreign Economic Affairs; * Mikhelson, Leonid Viktorovich: Chairman of the Management Board of Novatek; * Natalenko, Alexander Yegorovich: Chairman of the Board of Directors of Novatek, State Prize Laureate and Honored Geologist of the Russian Federation; * Seleznev, Kirill Gennadievich: member of the Management Board of Gazprom, Director of Gazprom's Gas and Liquid Hydrocarbons Marketing and Processing Department and General Director of Mezhregiongaz; and * Yuzhanov, Ilia Arturovich: member of the Board of Directors of RAO UES, OAO UralKaliy, OAO Kirovsky Zavod and Supervisory Board of NOMOS-BANK. The new Board is comprised of six non-executive directors. Following the AGM, the Board elected Alexander Natalenko as Chairman. The Board also elected the members of the three Board committees. * Strategy and Investments Committee: -- Ilia Yuzhanov (chairman), -- Kirill Seleznev, and -- Alexander Natalenko * Audit Committee: -- Vladimir Dmitriev (chairman), -- Ruben Vardanian, and -- Andrei Akimov * Corporate Governance and Remuneration Committee: -- Ruben Vardanian (chairman), -- Mark Gyetvay, and -- Ilia Yuzhanov. About Novatek Headquartered in Tarko-Sale, Russia, OAO Novatek -- http://www.Novatek.ru/-- engages in the exploration, production and processing of natural gas and liquid hydrocarbons. The company's upstream activities are concentrated in the prolific Yamal-Nenets Region in Western Siberia. * * * OAO Novatek carries Ba2 Corporate Family rating from Moody's Investors Service, which said the outlook is stable. Ratings apply to date. The company also carries BB long-term Foreign and Local Issuer ratings from Standard & Poor's Ratings Services, which said the outlook is positive. OFFICE-COMPLEX OJSC: Rostov Bankruptcy Hearing Slated for July 1 ---------------------------------------------------------------- The Arbitration Court of Rostov will convene at 10:50 a.m. on July 1, 2008, to hear the bankruptcy supervision procedure on OJSC Office-Complex. The case is docketed under Case No. A53-2224/2008-S1-51. The Temporary Insolvency Manager is: A. Dordzhiev Lunacharskogo Str. 180 Bataysk Rostov Russia The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: OJSC Office-Complex Lunacharskogo Str. 180 Bataysk Rostov Russia SOYUZ-KHIM-CONTRACT: Creditors Must File Claims by June 26 ---------------------------------------------------------- Creditors of CJSC Soyuz-Khim-Contract (TIN 6454037130) have until June 26, 2008, to submit proofs of claim to: A. Vasilyev Insolvency Manager Apt. 1B Volskaya Str. 11A 410028 Saratov Russia The Arbitration Court of Saratov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-57-22973/07-31. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: CJSC Soyuz-Khim-Contract Saratov Russia URAL-TRADE LLC: Creditors Must File Claims by July 6 ---------------------------------------------------- Creditors of LLC Company Ural-Trade have until July 6, 2008, to submit proofs of claim to: S. Kagramanov Insolvency Manager Room 420 Shosseynaya Str. 24a 460028 Orenburg Russia Tel/Fax: (3532) 53-35-43 The Arbitration Court of Orenburg commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-6171/2007-14/1GK. The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: LLC Company Ural-Trade Shosseynaya Str. 24a 460028 Orenburg Russia ===================== S W I T Z E R L A N D ===================== ARMA FIX: Aargau Court Commences Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Service of Aargau commenced bankruptcy proceedings against LLC Arma Fix Armierungen on April 16, 2008. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Amtsstelle Oberentfelden 5036 Oberentfelden Switzerland The company can be reached at: LLC Arma Fix Armierungen K�fergasse 18 5742 Kolliken Switzerland ELEVISOR JSC: Creditors Must File Proofs of Claim by June 5 ----------------------------------------------------------- Creditors owed money by JSC Elevisor are requested to submit their proofs of claim by June 5, 2008, to: Hans Althaus Liquidator Todistrasse 15 8712 Stafa Switzerland The company is currently undergoing liquidation in Stafa. The decision about liquidation was accepted at an extraordinary general meeting held on April 15, 2008. GREIF COMMERCE: Proofs of Claim Filing Deadline Set for June 5 -------------------------------------------------------------- Creditors owed money by JSC Greif Commerce are requested to submit their proofs of claim by June 5, 2008, to: JSC Treuhand Fassler & Partner Appenzell Weissbadstrasse 14 9050 Appenzell Switzerland The company is currently undergoing liquidation in Schwende AI. The decision about liquidation was accepted at an extraordinary general meeting held on April 14, 2008. HANS GYSIN: Creditors Have Until June 4 to File Proofs of Claim --------------------------------------------------------------- Creditors owed money by JSC Hans Gysin are requested to submit their proofs of claim by June 4, 2008, to: Gartenstrasse 59 4052 Basel Switzerland The company is currently undergoing liquidation in Basel. The decision about liquidation was accepted at an extraordinary general meeting held on April 14, 2008. HOLIGAY JSC: Deadline to File Proofs of Claim is June 4 ------------------------------------------------------- Creditors owed money by JSC Holigay are requested to submit their proofs of claim by June 4, 2008, to: Thomas Moser Liquidator Gesellschaftsstrasse 9 3012 Bern Switzerland The company is currently undergoing liquidation in Bern. The decision about liquidation was accepted at an extraordinary general meeting held on March 27, 2008. MB ACTIVE: St. Gallen Court Commences Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Service of St. Gallen commenced bankruptcy proceedings against LLC MB active on March 11, 2008. The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Addolorata Tazza 9001 St. Gallen Switzerland The company can be reached at: LLC MB active St. Leonhardstrasse 22 9000 St. Gallen Switzerland OLSTON HOLDING: Creditors' Liquidation Claims Due by June 5 ----------------------------------------------------------- Creditors owed money by JSC Olston Holding are requested to submit their proofs of claim by June 5, 2008, to: JSC Virtue Trustees (Switzerland) Liquidator Muhlemattstrasse 56 5001 Aarau Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at a general meeting held on March 12, 2008. STAVAG VERTRIEB: Proofs of Claim Must Be Filed by June 6 -------------------------------------------------------- Creditors owed money by JSC STAVAG Vertrieb are requested to submit their proofs of claim by June 6, 2008, to: Dr. Bruno Stierli Bahnhofstrasse 37 Mail Box: 2990 8022 Zurich Switzerland The company is currently undergoing liquidation in Glarus. The decision about liquidation was accepted at a general meeting held on April 8, 2008. ============= U K R A I N E ============= AST ARSENAL: Creditors Must File Claims by June 12 -------------------------------------------------- Creditors of LLC Ast Arsenal (code EDRPOU 31459271) have until June 12, 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 proceedings against the company after finding it insolvent on May 6, 2008. The case is docketed as B 24/182-08. The Debtor can be reached at: LLC Ast Arsenal Kirov Avenue 36 49000 Dnipropetrovsk Ukraine BASA LLC: Creditors Must File Claims by June 12 ----------------------------------------------- Creditors of OJSC Gluhov Bread Receiving Enterprise (code EDRPOU 14009140) have until June 12, 2008, to submit proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company on March 17, 2008, after finding it insolvent. The case is docketed as 8/78-08. The Debtor can be reached at: OJSC Gluhov Bread Receiving Enterprise Skriabin Str. 11/3 Sumy Ukraine GIURZA LLC: Creditors Must File Claims by June 12 ------------------------------------------------- Creditors of LLC Giurza (code EDRPOU 33002612) have until June 12, 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 April 2, 2008. The case is docketed as B 11/094-08. The Debtor can be reached at: LLC Giurza Lenin Str. 1 Kovalevka Vasilkov District Kiev Ukraine HEALTH OF PEOPLE: Proofs of Claim Filing Deadline Set June 12 ------------------------------------------------------------- Creditors of State Joint Stock Company Ukrainian Medical Industry Kharkov State Pharmaceutical Enterprise Health of People (code EDRPOU 22690784) have until June 12, 2008, to submit proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov has commenced bankruptcy supervision procedure on the company. The case is docketed as B-39/07-08. The Debtor can be reached at: State Joint Stock Company Ukrainian Medical Industry Kharkov State Pharmaceutical Enterprise Health of People Shevchenko Str. 22 61013 Kharkov Ukraine KRINYCHKIAL LLC: Creditors Must File Claims by June 11 ------------------------------------------------------ Creditors of Krinychkial LLC on Agricultural and Industrial Building Agricultural Building (code EDRPOU 03583315) have until June 11, 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 proceedings against the company after finding it insolvent on April 22, 2008. The case is docketed as B 24/373-07 (B29/99/06) The Debtor can be reached at: Krinychkial LLC on Agricultural and Industrial Building Agricultural Building Stroiteley Str. 7 Krinychki 52300 Dnipropetrovsk Ukraine KORVIT-MET LLC: Creditors Must File Claims by June 11 ----------------------------------------------------- Creditors of LLC Korvit-Met (code EDRPOU 34279894) have until June 11, 2008, to submit proofs of claim to: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The Economic Court of Lugansk commenced bankruptcy proceedings against the company on April 24, 2008, after finding it insolvent. The case is docketed as 12/43b. The Debtor can be reached at: LLC Korvit-Met Oboronnaya Str. 109 91047 Lugansk Ukraine MIR LLC: Creditors Must File Claims by June 12 ---------------------------------------------- Creditors of LLC Mir (code EDRPOU 30769436) have until June 12, 2008, to submit proofs of claim to: The Economic Court of Chernovcy O. Kobylianska Str. 14 58000 Chernovcy Ukraine The Economic Court of Chernovcy has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 12/239/b. The Debtor can be reached at: LLC Mir Klishkovtsy Hotin District Chernovcy Ukraine NIKA LLC: Creditors Must File Claims by June 12 ----------------------------------------------- Creditors of LLC Nika (code EDRPOU 30987050) have until June 12, 2008, to submit proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent on May 5, 2008. The case is docketed as B-19/60-08. NIVA LLC: Proofs of Claim Filing Deadline Set June 12 ----------------------------------------------------- Creditors of LLC Niva (code EDRPOU 03749419) have until June 12, 2008, to submit proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy supervision procedure on the company on Feb. 28, 2008. The case is docketed as 16/43/08. The Debtor can be reached at: LLC Niva Soviet Str. 26 Vladovka Chernigovsky District Zaporozhje Ukraine SOUTH LLC: Creditors Must File Claims by June 12 ------------------------------------------------ Creditors of LLC South (code EDRPOU 13624044) have until June 12, 2008, to submit proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent on April 18, 2008. The case is docketed as 25/7/08-16/76/08. The Debtor can be reached at: LLC South Pushkin Str. 11 69095 Zaporozhje Ukraine SPARTA LLC: Creditors Must File Claims by June 11 ------------------------------------------------- Creditors of LLC Sparta (code EDRPOU 13910206) have until June 11, 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 7/360-07-8741. The Debtor can be reached at: LLC Sparta Pushkin Str. 7 65000 Odessa Ukraine =========================== U N I T E D K I N G D O M =========================== ABBEY ELECTRICAL: Taps Liquidators from Baker Tilly --------------------------------------------------- Guy Edward Brook Mander and Lynn Robert Bailey of Baker Tilly Restructuring and Recovery LLP were appointed joint liquidators of Abbey Electrical (Oxford) Ltd. on May 20, 2008, for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Baker Tilly Restructuring and Recovery LLP St. Philips Point Temple Row Birmingham B2 5AF England APPLEYARDS PLASTICS: Appoints Tenon Recovery as Administrators -------------------------------------------------------------- Ian William Kings and Steven Philip Ross of Tenon Recovery were appointed joint administrators of Appleyards Plastics Ltd. (Company Number 02580024) on May 13, 2008. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The company can be reached at: Appleyards Plastics Ltd. Queensway House Queensway Middlesbrough Cleveland TS3 8TF England Tel: 01642 707 300 Fax: 01642 707 314 Web site: http://www.aplcubic.co.uk/ BELLISIMO JOINERY: Calls In Liquidators from Tenon Recovery ----------------------------------------------------------- Nigel Ian Fox and Stanley Donald Burkett-Cotlman of Tenon Recovery were appointed joint liquidators of Bellisimo Joinery (U.K.) Ltd. on May 15, 2008, 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 BAA LTD: Reports GBP51 Mln Operating Loss for First Quarter 2008 ---------------------------------------------------------------- BAA Limited reported a GBP51 million operating loss for the first quarter of 2008 compared to a GBP107 million operating profit in the same period in 2007. BAA outlined these reasons for its operating loss: -- costs associated with the hire of 2,200 additional security staff since August 2006, mostly in the second half of 2007, to implement tighter security measures, reduce queues and meet CAA requirements for Q5; -- maintenance costs incurred to improve facilities, including increased servicing of airport plant and equipment, painting and replacement of ageing fittings to meet higher service levels; -- the higher depreciation and amortization charge reflects the increase in the depreciable cost of operational assets through our capital investment program; and -- higher other costs associated with the Airline relocations project and costs to improve the cleanliness of airports, police costs and baggage connection systems. The company reports a total revenue of GBP506 million for the first three months of 2008. This is 8.8% higher than the GBP465 million total revenue in the same quarter of 2007. Mr. Colin Matthews, BAA Limited CEO, said: "BAA reports good revenue growth for the quarter, driven by increased passenger traffic through our airports. Our operating profit was clearly affected by higher security and maintenance costs, reflecting the importance we place on delivering a safe and convenient service to passengers, through higher standards and better facilities." About BAA Ltd. Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. * * * BAA Limited continues to carry BB- long-term corporate credit rating from Standard & Poor's Ratings Services, which said the Outlook is negative. BRITISH AIRWAYS: Extends Terminal 5 Move Completion to October -------------------------------------------------------------- British Airways Plc and BAA Limited have decided that, following the already announced move of some long haul flights from Terminal 4 to Terminal 5 on Thursday June 5, 2008, the remaining long haul flights will move into Terminal 5 in two further phases. The first will take place on Wednesday Sept. 17, 2008, and the second, at the end of October 2008. On Sept. 17, 2008, a further 30 daily departures and 30 daily arrivals will transfer across from Terminal 4 to Terminal 5. The cities are Accra, Dar Es Salaam, Lusaka, Entebbe, Luanda, Mauritius, Nairobi, Abu Dhabi, Muscat, Bahrain, Doha, Kuwait, Tel-Aviv, Mumbai, Nassau, Grand Cayman, Providenciales, Sao Paulo, Buenos Aires, Rio de Janeiro, Baltimore, Washington, Dallas, Newark, Houston, Chicago, Philadelphia, Toronto and Mexico City. Some of these services do not operate on a daily basis. Once the final long haul move of a further 15 daily departures and 15 daily arrivals takes place at the end of October 2008, Terminal 5 will be handling a total of approximately 510 flights every day (150 long haul flights and 360 short haul flights). Terminal 5 is working well, and this phased move has been planned in the interests of the passengers and the smooth operation of Heathrow over the busy summer period. About BAA Ltd. Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. About British Airways Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As of Jan. 2, 2008, British Airways Plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. CLEAR CHANNEL: Amended Merger Agreement Now Fully Funded -------------------------------------------------------- Clear Channel Communications, Inc. said Wednesday that the company�s amended US$17.9 billion merger agreement with entities formed by private equity funds sponsored by Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P. is now fully funded in escrow with The Bank of New York. The escrow fund was created within a three-way settlement between the company, the transaction�s financial sponsors and the banks announced earlier this month. �All of our financing is liquid and ready to deploy as soon as shareholders approve the amended merger agreement,� said Mark Mays, CEO of Clear Channel Communications. On May 22nd, the company had disclosed that the banks involved in the transaction had fully funded the debt portion of the financing. The newly funding parties � contributing equity to the transaction � included private equity funds sponsored by Thomas H. Lee Partners L.P. and Bain Capital Partners, LLC, Highfields Capital Management LP, Abrams Capital Partners, LP and the Mays family. The company continues to expect the transaction to close by the end of the third quarter. Under the terms of the amended agreement, Clear Channel shareholders will receive $36.00 in cash or stock for each share they own. About Clear Channel Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. As of Dec. 31, 2007, it owned 717 core radio stations, 288 non-core radio stations which are being marketed for sale and a leading national radio network operating in the United States. CLEAR CHANNEL: S&P's B+ Credit Rating Remains on Watch Negative --------------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings on Clear Channel Communications Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications. S&P originally placed them on CreditWatch on Oct. 26, 2006, following the San Antonio, Texas-based company's announcement that it was exploring strategic alternatives to enhance shareholder value. The CreditWatch update reflects the company's announcement that the bank syndicate providing debt financing for its proposed LBO has placed funding into an escrow account, pending completion of the transaction. The total transaction value (excluding the assumption of existing debt) is US$17.9 billion under the renegotiated terms, or US$36 per share, an 8.2% reduction from the previous price of US$39.20 per share. This reduces pro forma leverage by about seven-tenths of a turn. "As we have previously indicated, if the deal successfully closes, and barring any further material changes," said Standard & Poor's credit analyst Michael Altberg, "we expect to lower Clear Channel's long-term corporate credit rating to 'B' from 'B+'." At the same time, S&P would expect to lower our rating on the company's existing senior unsecured notes to 'CCC+' (two notches below the expected corporate credit rating) from 'B-'. DVO LTD: Brings In Liquidators from Vantis ------------------------------------------ Colin Ian Vickers and Christopher David Stevens of Vantis were appointed joint liquidators of DVO (UK) Ltd. (formerly Chedclass Ltd.) on May 15 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Vantis Fourth Floor Southfield House 11 Liverpool Gardens Worthing West Sussex BN11 1RY England FRAMEWORK CONSTRUCTION: Creditors' Meeting Slated for June 9 ------------------------------------------------------------ Creditors of Framework Construction Design & Management Ltd. (Company Number 04124491) will meet at 11:00 a.m. on June 9, 2008, at: BDO Stoy Hayward LLP 1 Bridgewater Place Water Lane Leeds LS11 5RU England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on June 6, 2008, at: F.G. Newton Joint Administrator BDO Stoy Hayward LLP 1 Bridgewater Place Water Lane Leeds LS11 5RU England BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. FURNITURE CRAFT: Taps Joint Administrators from Begbies Traynor --------------------------------------------------------------- Paul Michael Davis and Colin David Wilson of Begbies Traynor (South) LLP were appointed joint administrators of Furniture Craft International Ltd. (Company Number 01859698) on May 21, 2008. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The company can be reached at: Furniture Craft International Ltd. Rays House North Circular Road Willesden London NW10 7XP England Tel: 0870 7702 964 Fax: 0870 774 1335 Web site: http://www.furniturecraft.com/ GENERAL MOTORS: 19,000 Employees Accept Attrition Program --------------------------------------------------------- General Motors Corp. continued to transform its North American operations by announcing approximately 19,000 of its U.S. hourly employees have decided to take advantage of the company�s attrition program. Most of the employees participating in the program will leave the company no later than July 1, 2008. GM will fill job openings with current employees whenever possible, as spelled out in the provisions of the GM/UAW national labor agreement. In facilities where GM needs new employees, those individuals would be hired in at the entry- level wage and benefit structure. The extent of the new hiring at each facility will be determined on a plant-by-plant basis. �Despite significant challenges in the U.S. market, we continue to reshape our business for long-term success,� said Troy Clarke, Group Vice President and President, GM North America. �This attrition program gives us an opportunity to restructure our U.S. workforce through the entry-level wage and benefit structure for new hourly employees.� Clarke recognized UAW leadership�s role in negotiating the 2008 attrition program. �We appreciate the UAW�s support in making business improvements that provide a more secure future for General Motors and its employees,� he said. He also recognized employees� role in the continued transformation of GM�s business. �Participation in the attrition program was an important, personal choice for employees and their families,� Clarke said. �I want to personally thank those who decided to participate for their many contributions to General Motors. For those who chose to stay, we must continue to work together to build the world�s best products for our customers.� General Motors Corp. (NYSE: GM) -- hhtp://www.gm.com/ -- is the world's largest automaker and has been the annual global industry sales leader for 77 years. Founded in 1908, GM today employs about 266,000 people around the world. With global headquarters in Detroit, GM manufactures its cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter on May 23, 2008, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with negative implications, where they were placed March 17, 2008, as a result of the strike at American Axle & Manufacturing Holdings Inc. The outlook on GM is negative. HARVEST CLO V: Fitch Affirms Classes E1 & E2 Notes Ratings at BB ---------------------------------------------------------------- Fitch Ratings has affirmed Harvest CLO V P.L.C.'s notes due 2024. The rating actions reflect Fitch's view on the credit risk of the rated notes following the release of its new Corporate CDO rating criteria. -- EUR250.5 million Class A-D (ISIN: XS0293379342): affirmed at 'AAA' -- EUR162.5 million Class A-R floating-rate notes: affirmed at 'AAA' -- EUR32.5 million Class A2 (ISIN: XS0293379771): affirmed at 'AAA' -- EUR42.5 million Class B (ISIN: XS0293380191): affirmed at 'AA' -- EUR30 million Class C1 (ISIN: XS0293380274): affirmed at 'A' -- EUR10 million Class C2 (ISIN: XS0293951280): affirmed at 'A' -- EUR26 million Class D (ISIN: XS0293380431): affirmed at 'BBB' -- EUR26 million Class E1 (ISIN: XS0293380514): affirmed at 'BB' -- EUR5 million Class E2 (ISIN: XS0293952684): affirmed at 'BB' -- EUR10 million Class Q (ISIN: XS0293380944): affirmed at 'A-' The portfolio has been ramped-up in accordance with its collateral investment guidelines. As of the review date, it contained loans from 88 obligors, with the largest exposure constituting 2.88% of the outstanding portfolio amount, and the three largest obligors making up 8.21% of the outstanding portfolio amount. The weighted average portfolio quality is 'B/B-', with 10.8% of the assets implied rating at 'CCC' or below; 3.21% of the portfolio is on RWN and 11.8% is on Negative Outlook. The largest single industry is broadcasting and media, with 12.36% of the portfolio volume. The current credit enhancement levels of all rated tranches are deemed sufficient to justify their ratings under Fitch's revised corporate CDO rating methodology. Harvest CLO V P.L.C. is a securitization of mainly European senior secured loans, with the total note issuance of EUR650 million invested in a target portfolio of EUR632 million. A portion of the note proceeds was used to finance organizational and issuance expenses. The portfolio is actively managed by Mizuho Investment Management UK Limited (rated 'CAM 2'). This deal is a multi-currency transaction. GBP and US$ assets are hedged through Classes A-R, a revolving GBP/US$ note, and foreign exchange options. The hedging strategy for these assets consists of matching asset and liabilities notional for each currency. Other non-euro assets are hedged through perfect asset swaps. HEXCEL CORP: Moody's Affirms Ba3 Corporate Family Rating -------------------------------------------------------- Moody's Investors Service affirmed Hexcel Corporation's corporate family and probability of default ratings of Ba3. At the same time, the rating agency lowered the rating on the company's senior secured bank credit facilities to Ba1 from Baa3, reflecting a proposed increase to the term loan. The larger amount of secured bank debt, while beneficial to the company's liquidity profile, caused recovery expectations on the bank debt to decline as it will represent a higher proportion of liabilities in downside scenarios. The B1 rating on the company's subordinated notes was not affected. The outlook remains stable. Hexcel has proposed to exercise a portion of an "accordion" feature in its bank credit agreement. This would increase the term loan by US$80 million to a pro forma total of approximately US$168 million. The company intends to use the proceeds to reduce outstandings under its US$125 million revolving credit facility and for other general corporate purposes. At the end of March 2008, roughly US$56 million had been borrowed and some US$14 million of letters of credit were issued against the revolving credit commitment, leaving roughly US$55 million of unused capacity. On a pro forma basis as of the same date, revolving credit usage would be reduced to nil, and, net of letter of credit utilization, unused capacity would be increased to US$111 million. In Moody's opinion, Hexcel's revenue growth in 2008 could involve incremental working capital requirements, which, in addition to planned capital expenditures, could result in negative free cash flow for the year. Consequently, Moody's views the increase in the term loan as an enhancement to the company's liquidity profile as financial flexibility will be improved through the effective increase in untapped capacity under the revolving credit. Although there may be a slight increase in total indebtedness as a result of the incremental funding, the increase was not considered material in the context of the company's strong earnings and growth prospects over the intermediate term, modest leverage and solid interest coverage metrics. As a result, the Ba3 corporate family rating and stable outlook are unchanged. Ratings affirmed and up-dated loss given default assessment: -- Corporate Family, Ba3 -- Probability of Default, Ba3 -- US$225 million senior subordinated notes, B1 (LGD-5, 72%) Ratings lowered with revised term loan amount and updated loss given default assessments: -- US$125 million secured revolving credit facility, Ba1 (LGD-2, 17%) from Baa3 (LGD-2, 14%) -- US$168 million secured term loan, Ba1 (LGD-2, 17%) from Baa3 (LGD-2, 14%) The last rating action was on April 28, 2008 at which time the corporate family rating was affirmed and ratings on the bank debt were upgraded. Hexcel Corporation, headquartered in Stamford, CT, is a leading advanced structural materials company. It develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense, and certain industries. Revenues in 2007 were approximately US$1.2 billion. LONDON & SILVER: Appoints KPMG as Joint Administrators ------------------------------------------------------ Jane Moriarty and Myles Antony Halley of KPMG LLP were appointed joint administrators of London & Silver Developments LLP (Company Number OC309778) on May 20, 2008. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. The company can be reached at: London & Silver Developments LLP 44 Upper Belgrave Road Bristol Avon BS8 2XN England NORTHERN ROCK: Treasury Seeks Independent Compensation Valuer ------------------------------------------------------------- The Treasury has yet to find an independent valuer to calculate compensation for Northern Rock plc's former shareholders, Philip Aldrick and Katherine Griffiths write for the Daily Telegraph. The Treasury, the Daily Telegraph says, may advertise for candidates, since big four accounting firms and some of the city's leading investment banks are reluctant to apply for fear of being caught up in the legal action brought against the government by the shareholders. An insider told the Daily Telegraph "no one really believes the valuation" -- which will be carried out under the assumption that Northern Rock is unable to continue as a going concern and is in administration -- "can be a transparent process." The Treasury will consult the Institute of Chartered Accountants in England and Wales before making any appointment to establish independence, the paper relates. A TCR-Europe report disclosed SRM Global Fund, a leading institutional shareholder in Northern Rock plc, on May 8, 2008, joined the judicial review of the U.K. Government's compensation scheme imposed following nationalization of Northern Rock plc in February 2008. The judicial review is being pursued by the U.K. Shareholders Association, which is promoting the interests of the approximately 150,000 small private shareholders who held as much as 25% of the shares. On Friday, May 23, 2008, Legal & General confirmed that it would become an interested party in the Judicial Review proceedings issued by SRM and the Shareholders Action Group on May 8, 2008, and by RAB Capital on May 16, 2008. About Northern Rock plc Headquartered in Newcastle upon Tyne, England, Northern Rock plc -- http://www.northernrock.co.uk/mortgages/-- deals with mortgages, savings accounts, loans and insurance. The company also promotes secured loans to its existing mortgage customers. The company had more than US$200 billion in assets at the end of June 2007. * * * Northern Rock Plc's Bank Financial Strength is currently rated at E+ by Moody's Investors Service. The rating was initially at D+ and was downgraded to its current rating in December 2007. The bank's dated subordinated debt was also downgraded to B1 from Baa1 and the undated subordinated debt and Tier-1 securities were downgraded to B3 from Baa1 and Baa3 respectively. All of these ratings have negative outlooks. Northern Rock's short-term rating was affirmed at Prime-1. YORKSHIRE MACHINE: Brings In Administrators from Begbies Traynor ---------------------------------------------------------------- D.R. Acland and M.E.G. Saville of Begbies Traynor were appointed May 21, 2008, joint administrators of: -- Yorkshire Machine Tools Ltd. (Company Number 03390129); -- Crawford-Swift Ltd. (Company Number 03171049); and -- Binns & Berry Ltd. (Company Number 05296347). Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. The companies can be reached at: Yorkshire Machine Tools Ltd. Rosemount Works Huddersfield Road Elland West Yorkshire HX5 0EE England Tel: 01422 379 222 Fax: 01302 887 088 Web site: http://www.ymtools.com/ * BOOK REVIEW: Corporate Players -------------------------------- Full Title: Corporate Players: Designs for Working and Winning Together Author: Robert W. Keidel Publisher: Beard Books Paperback: 276 pages List Price: US$34.95 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1587982587/internetbankrupt In American business, the metaphor of the sports team is commonly used for business groups of all sizes -- from ad hoc teams of a few members that deal with temporary problems to groups of executive managers who are responsible for long-term corporate survival and the profitability of an entire organization. The sports team is a favored metaphor because sports bring individuals with different talents and different responsibilities together to perform a particular activity and pursue a common objective. Within its framework, sports also allow for the outstanding performance of particular individuals and recognition of that performance. The sports team metaphor has become so common in business and so routinely applied to business teams of all sorts and sizes that little thought is usually given to its specifics. Corporate Players -- Designs for Working and Winning Together takes a close look at what makes a sports team function effectively and win. The author then applies these observations to develop a plan for those in the corporate world to be as successful as those in the sports world. While a reprint of a 1988 book, the lessons in this book are timeless. Keidel identifies three main types of teams found in business: autonomy, control and cooperation. The author relates each to a particular type of sports team: autonomy for baseball, control for football and cooperation for basketball. A chart compares differences among the three with respect to organizational strategy, organizational structure, and organizational style. For instance, the organizational strategy for autonomy in base ball is "adding value through star performers"; while the organizational strategy for cooperation in basketball is "innovating by combining resources in novel ways." With a sharp analytic eye and decades of experience in different aspects of business, including academic and government positions, Keidel delves into the specifics of business groups as sports teams. A fundamental point often overlooked by businesspersons is that teams in different sports are different in significant ways. An understanding of these differences is crucial for executives, managers, and consultants who are responsible for conceptualizing a team in relation to a particular business matter and then bringing together a team of individuals. As such, executives, managers and consultants have roles similar to a general manager and coach of a sports team. In some case, they may also have the role of a player on the team. This chart and other aids, together with the author's engaging commentary and enlightening analyses, will help business leaders select the right personnel, assemble a team capable of performing the task at hand, and then coordinate all of the players to accomplish the desired objective. Robert W. Keidel has a Ph.D. from Wharton, and has also been a Senior Fellow at this top business school. An author of three other books and many articles, he teaches courses in business strategy, technology, and organization at Drexel University's Lebow College of Business. Robert Keidel Associates is his business consulting firm. ********* 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 * * *