/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080620.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, June 20, 2008, Vol. 9, No. 120 Headlines A U S T R I A MOMENTS 4 LIFE: Claims Registration Period Ends July 14 OPERGER GUENTER: Claims Registration Period Ends July 15 STIEFMANN BAU: Claims Registration Period Ends July 15 TERRA - BAUMANAGEMENT: Claims Registration Period Ends June 30 F R A N C E BELVEDERE SA: S&P Cuts Debt Ratings to B- on High Leverage G E R M A N Y BAUUNTERNEHMUNG SEIDLER: Claims Registration Period Ends July 1 BBM WOHNUNGSVERWALTUNGS: Claims Registration Period Ends July 1 BERLIN-MUSEUM: Claims Registration Period Ends July 1 DETLEF MOENCH: Claims Registration Ends July 7 DONGES GRUNDBESITZ: Claims Registration Ends July 7 DONGES VERMOEGENSVERWALTUNGS: Claims Registration Ends July 7 EXTERN PERSONAL: Claims Registration Period Ends July 1 FITAIR GMBH: Claims Registration Ends July 7 HAUSDORF TIEFBAU: Claims Registration Ends July 7 HECKLER & KOCH: Moody's Changes Outlook on B2 Ratings to Neg. HEINRICH NERZ: Claims Registration Ends July 7 HOLDER INDUSTRIES: Claims Registration Period Ends July 7 HUBERHAUS GMBH: Claims Registration Period Ends July 7 IKB DEUTSCHE: SIV's Creditors Ink Deal with Goldman Sachs KONZEPT LOGISTIK: Claims Registration Period Ends July 7 LEHRTE MUSIC-CLUB: Claims Registration Period Ends July 7 NATURATHEK GMBH: Claims Registration Period Ends July 7 PIN GROUP: Sale of Business Likely to Close This Month PROVIDE GEMS: Fitch Junks Class E Notes on Loss Allocation SEG BETEILIGUNGEN: Claims Registration Period Ends July 2 SLC MARKUS: Claims Registration Period Ends July 7 SPIELHAGEN GMBH: Claims Registration Period Ends July 1 I R E L A N D RHINEBRIDGE PLC: Creditors Ink Rescue Deal with Goldman Sachs I T A L Y ALITALIA SPA: Sale Adviser Studying Administration Option K A Z A K H S T A N ADONAI PLUS: Creditors Must File Claims by July 29 AGRO MARKETING: Claims Deadline Slated for July 25 AGRO MECH: Claims Filing Period Ends July 25 ARA INTERNATIONAL: Creditors' Claims Due on July 29 JETISAI-GAS LLP: Claims Registration Ends July 25 STROY POSTAVKA: Creditors Must File Claims by July 25 STROY TECH: Claims Deadline Slated for July 25 STROY-SILA NS: Claims Filing Period Ends July 25 UNIVERSAL-SERVICE XXI: Creditors' Claims Due on July 25 K Y R G Y Z S T A N KYRGYZ VNESH: Creditors Must File Claims by July 16 N E T H E R L A N D S X5 RETAIL: Pays US$11 Million to Hike Pyaterochka Stake to 75% N O R W A Y OCEAN RIG: S&P Withdraws B Credit Ratings at Company's Request R U S S I A AUTO OJSC: Orenburg Court Names V. Ivanov as Insolvency Manager BEGISHEVSKOE CJSC: Court Starts Bankruptcy Supervision Procedure DELPHI CORP: To Build Two New Plants in Russia by 2010 ISTOK OJSC: Creditors Must File Claims by July 13 KAMYSHIN-MEL-PROM: Volgograd Bankruptcy Hearing Set August 12 LAPUSHINSKOE CJS: Tyumen Bankruptcy Hearing Slated for July 31 LEASING AND REPAIR-BUILDING: Bankruptcy Hearing Set Sept. 16 NADVOITSKAYA ENERGY: Kareliy Bankruptcy Hearing Set July 9 NOVOSIBIRSKIY METAL: Names N. Tarakonova as Insolvency Manager OPEN CUT: Creditors Must File Claims by July 13 ORENBURG-SEL-ENERGO: Creditors Must File Claims by July 13 QUARRY MANAGEMENT: St. Petersburg Bankruptcy Hearing Set Aug. 18 SAKHALIN-GRAIN-PRODUCT: Creditors Must File Claims by July 13 SEVERSTAL OAO: WCI Steel Shareholders Dispute US$140 Million Bid SILICATE-STROY LLC: Creditors Must File Claims by July 13 SISTEMA-HALS: Earns US$26.6 Million for First Quarter of 2008 SISTEMA JFSC: Hikes Stake in Shyam Telelink to 73.71% VOLGOGRADSKAYA BUILDING: Names S. Kharchenko to Manage Assets WEST TORG: Moscow Bankruptcy Hearing Slated for September 25 X5 RETAIL: Pays US$11 Million to Hike Pyaterochka Stake to 75% U K R A I N E AGRO-MIR: Creditors Must File Claim by July 2 EXPLOITATION REPAIR: Creditors Must File Claim by July 2 HERSON-PIPE LLC: Creditors Must File Claim by July 2 LAN LLC: Proofs of Claim Deadline Set July 2 MANZHELIYA LLC: Proofs of Claim Deadline Set July 2 UKRAINE LLC: Creditors Must File Claim by July 2 UKRASTRADE LLC: Creditors Must File Claim by July 2 UKRSOTSBANK: S&P Cuts Rating to B+ on Sovereign Rating Action VORONEZH SUGAR: Creditors Must File Claim by July 2 YATRAN LLC: Creditors Must File Claim by July 2 YUGS LLC: Creditors Must File Claim by July 2 U N I T E D K I N G D O M ALAN SPEAR: Appoints Joint Administrators from Mazars LLP APB COLOUR: Taps Grant Thornton as Joint Administrators AQUAVITAE LTD: Brings In Administrators from Vantis ARRAN BREWERY: Administrators Sell Business to MMS BAXI HOLDINGS: S&P Cuts Rating on Poor Performance to B- BRADMA LTD: Appoints Joint Administrators from Menzies BRIDGES MOTOR: Appoints Joint Administrators from KPMG C2 ADVERTISING: Brings In Tenon Recovery as Administrators DEUTSCHE BANK: Moody's Cuts Ratings on Three N-Tsar Swaps DOWNEY & DAVIS: Claims Filing Period Ends September 30 EIRLES TWO: Moody's Cuts Ratings on Three Note Classes FIRST DATA: Appoints Joint Administrators from Deloitte & Touche FORMULA YACHT: Taps Tenon Recovery to Administer Assets GOLDEN KEY: Creditors Ink Restructuring Deal with Goldman Sachs HARRY IRVING: Brings In Administrators from KPMG HUNTSMAN CORP: Seeks Consummation of Apollo Merger Agreement HUNTSMAN CORP: Moody's Ba3 Rating Under Review and May Downgrade HUNTSMAN CORP: S&P's BB- Rating Remain on Watch Negative JOHN STEFANIDIS: Brings In Liquidators from Tenon Recovery LANCASHIRE SECURITY: M. C. Bowker Leads Liquidation Procedure MILNER DELVAUX: Taps Liquidators from Baker Tilly PEARL GROUP: Fitch Withdraws Ratings on Acquisition by Impala POLAR PRINT: Taps Joint Administrators from KPMG ROOM UPSTAIRS: Appoints Joint Administrators from Moore Stephens UK-EURO FASHIONS: Claims Filing Period Ends August 3 WHISTLEJACKET CAPITAL: Creditors Ink Deal with Goldman Sachs BOOK REVIEW: Corporate Players: On Working and Winning Together ********* ============= A U S T R I A ============= MOMENTS 4 LIFE: Claims Registration Period Ends July 14 ------------------------------------------------------- Creditors owed money by LLC moments 4 life (FN 299448s) have until July 14, 2008, to file written proofs of claim to court- appointed estate administrator Rene Lindner at: Mag. Rene Lindner Am Winterhafen 11 4020 Linz Austria Tel: 78 40 80-12 Fax: 78 40 80-4 E-mail: konkurs@ra-hlp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on July 28, 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 27, 2008 (Bankr. Case No. 12 S 41/08d). OPERGER GUENTER: Claims Registration Period Ends July 15 -------------------------------------------------------- Creditors owed money by Company Operger Guenter have until July 15, 2008, to file written proofs of claim to court- appointed estate administrator Guenther Csar at: Dr. Guenther Csar Hauptplatz 35 2700 Wiener Neustadt Austria Tel: 02622/23433 Fax: 02622/23433-22 E-mail: ra.drcsar@adis.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on July 24, 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 Eggendorf, Austria, the Debtor declared bankruptcy on May 26, 2008 (Bankr. Case No. 10 S 63/08f). STIEFMANN BAU: Claims Registration Period Ends July 15 ------------------------------------------------------ Creditors owed money by LLC Stiefmann Bau (FN 263002v) have until July 15, 2008, to file written proofs of claim to court- appointed estate administrator Werner Bachlechner at: Dr. Werner Bachlechner Hauptstrasse 86 8582 Rosental an der Kainach Austria Tel: 03142/27235 Fax: 03142/27235-4 E-mail: ra.bachlechner@gmx.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:55 p.m. on July 31, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Hall L Room 230 Graz Austria Headquartered in Koeflach, Austria, the Debtor declared bankruptcy on May 26, 2008 (Bankr. Case No. 25 S 37/08s). TERRA - BAUMANAGEMENT: Claims Registration Period Ends June 30 -------------------------------------------------------------- Creditors owed money by LLC Terra - Baumanagement (FN 246838y) have until June 30, 2008, to file written proofs of claim to court-appointed estate administrator Gunter Huainigg at: Mag. Gunter Huainigg Dr. Franz Palla-Gasse 21 9020 Klagenfurt Austria Tel: 0463/599 399, 512 889 Fax: 0463/599399-15 E-mail: office@hdp-law.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on July 7, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Room 225 Klagenfurt Austria Headquartered in Pischeldorf, Austria, the Debtor declared bankruptcy on May 26, 2008, (Bankr. Case No. 41 S 61/08f). =========== F R A N C E =========== BELVEDERE SA: S&P Cuts Debt Ratings to B- on High Leverage ---------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit and senior secured debt ratings on France-based spirits and wine producer and supplier Belvedere S.A. to 'B-' from 'B'. At the same time, we placed the ratings on CreditWatch with negative implications. "The downgrade and CreditWatch placement follow the stronger-than-anticipated default potential that Belvedere faces, based on audited 2007 financial statements," said Standard & Poor's credit analyst Michael Seewald. "One of the auditors has expressed reserves relating to a potential covenant breach in the group's senior secured debt." In addition, operating setbacks in 2007 and the group's high leverage--despite intentions to reduce debt--make any near-term upgrade unlikely. The ratings reflect Belvedere's highly leveraged financial profile, resulting from its debt-financed expansion strategy, and the group's exposure to the low- and midmarket segments of the highly competitive, mature, and consolidating French and Polish spirit and wine industries. Partially mitigating factors are Belvedere's increasingly diversified product mix and geographic reach following acquisitions, coupled with ownership of some brands with leading market shares in the group's Polish and French core markets. S&P will resolve the CreditWatch status once further details are known. Depending on the outcome, we could affirm the ratings or lower them by several notches. Recovery Analysis The '4' recovery rating on Belvedere's €375 million senior secured floating-rate notes due 2013 remains unchanged, indicating our expectation of average (30%-50%) recovery in the event of a payment default. S&P has lowered the issue rating on these notes to 'B-' from 'B', in line with our downgrade of Belvedere. To calculate recovery, Standard & Poor's simulates a payment default. This would likely occur for Belvedere as a result of a combination of factors, including increased pricing pressure from supermarket buyers, leading to lower revenues and gross margins; a failure to achieve expected cost savings; or an increase in interest rates or unfavorable exchange rate movements upping the cost of servicing the notes. Due to Belvedere's vulnerable business risk profile, we have valued the company on a break-up basis because we believe that many of the group's mass-market brands will be of limited value to prospective purchasers. Using this approach, S&P has applied haircut values to the combined group's assets. The group's working facilities are assumed to be fully drawn and considered to be paid out first with other priority obligations. S&P estimates the enterprise value at the point of default at about EUR310 million. Recovery prospects, estimated in the 30%-50% range, are calculated after deducting priority liabilities, including the fully drawn revolver, other debt facilities, prepetition interest, and costs of enforcement. S&P currently assumes no cash on balance sheet in our break-up analysis. Consequently, if a default is declared within the next couple of months based on the abovementioned breach of the restricted payment covenant, higher recovery rates could result. Indeed, under this default scenario, the company would not consume all its available liquidity, leaving more residual value to noteholders. ============= G E R M A N Y ============= BAUUNTERNEHMUNG SEIDLER: Claims Registration Period Ends July 1 --------------------------------------------------------------- Creditors of Bauunternehmung Seidler GmbH have until July 1, 2008, to register their claims with court-appointed insolvency manager Nada Nasser. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 18, 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 Bad Neuenahr-Ahrweiler Hall 4 Wilhelmstrasse 55-57 53474 Bad Neuenahr-Ahrweiler 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: Nada Nasser Godesberger Allee 6-8 53175 Bonn Germany Tel: 0228 9090870 Fax: 0228 9090871 E-mail: team@kreplin-partner.de The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy proceedings against Bauunternehmung Seidler GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauunternehmung Seidler GmbH Eckendorfer Str. 31 53501 Grafschaft Germany BBM WOHNUNGSVERWALTUNGS: Claims Registration Period Ends July 1 --------------------------------------------------------------- Creditors of BBM Wohnungsverwaltungs-GmbH have until July 1, 2008, to register their claims with court-appointed insolvency manager Joachim Heitsch. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on Sept. 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Joachim Heitsch Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against BBM Wohnungsverwaltungs-GmbH on April 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BBM Wohnungsverwaltungs-GmbH Sandhauser Str. 54 13505 Berlin Germany BERLIN-MUSEUM: Claims Registration Period Ends July 1 ----------------------------------------------------- Creditors of Berlin-Museum Grundstuecksgesellschaft mbH & Co. Museumsgarten KG have until July 1, 2008, to register their claims with court-appointed insolvency manager Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at 11:35 a.m. on Aug. 27, 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 Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Berlin-Museum Grundstuecksgesellschaft mbH & Co. Museumsgarten KG on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Berlin-Museum Grundstuecksgesellschaft mbH & Co. Museumsgarten KG Pohlstrasse 20 10785 Berlin Germany DETLEF MOENCH: Claims Registration Ends July 7 ---------------------------------------------- Creditors of Detlef Moench Druck- und Verlag GmbH have until July 7, 2008 to register their claims with court-appointed insolvency manager Henning Bungart. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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 Bungart Zweigertstr. 43 45130 Essen Germany The District Court of Essen opened bankruptcy proceedings against Detlef Moench Druck- und Verlag GmbH on June 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Detlef Moench Druck- und Verlag GmbH Attn: Detlef Moench, Manager Langemarckstr. 83 45141 Essen Germany DONGES GRUNDBESITZ: Claims Registration Ends July 7 --------------------------------------------------- Creditors of Donges Grundbesitz Verwaltungs-GmbH have until July 7, 2008 to register their claims with court-appointed insolvency manager Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 12, 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 Darmstadt Hall 4.311 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt 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. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt Germany Tel: 069/962334-0 Fax: 069/962334-22 E-mail: m.plathner@brinkmann-partner.de The District Court of Darmstadt opened bankruptcy proceedings against Donges Grundbesitz Verwaltungs-GmbH on May 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Donges Grundbesitz Verwaltungs-GmbH Attn: Rainer Mueller-Donges, Manager Mainzer Strasse 55 64293 Darmstadt Germany DONGES VERMOEGENSVERWALTUNGS: Claims Registration Ends July 7 ------------------------------------------------------------- Creditors of Donges Vermoegensverwaltungs GmbH have until July 7, 2008 to register their claims with court-appointed insolvency manager Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Aug. 12, 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 Darmstadt Hall 4.312 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt 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. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt Germany Tel: 069/962334-0 Fax: 069/962334-22 E-mail: m.plathner@brinkmann-partner.de The District Court of Darmstadt opened bankruptcy proceedings against Donges Vermoegensverwaltungs GmbH on May 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Donges Vermoegensverwaltungs GmbH Attn: Rainer Mueller-Donges, Manager Mainzer Str. 55 64293 Darmstadt Germany EXTERN PERSONAL: Claims Registration Period Ends July 1 ------------------------------------------------------- Creditors of EXTERN Personal GmbH have until July 1, 2008, to register their claims with court-appointed insolvency manager Jens Lieser. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on July 18, 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 Bad Neuenahr-Ahrweiler Hall 4 Wilhelmstrasse 55-57 53474 Bad Neuenahr-Ahrweiler 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: Jens Lieser Josef-Goerres-Platz 5 56068 Koblenz Austria Tel: 0261-304790 Fax: 0261-9114729 The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy proceedings against EXTERN Personal GmbH on April 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EXTERN Personal GmbH Glasfabrik 2 53498 Bad Breisig Germany FITAIR GMBH: Claims Registration Ends July 7 -------------------------------------------- Creditors of FitAir GmbH have until July 7, 2008 to register their claims with court-appointed insolvency manager Dr. Tjark Thies. Creditors and other interested parties are encouraged to attend the meeting at 11:45 a.m. on Aug. 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 Hamburg Meeting Hall B405 Fourth Floor Sievkingplatz 1 20355 Hamburg 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. Tjark Thies Domstrasse 15 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against FitAir GmbH on May 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FitAir GmbH Attn: Edmund Johann Bollig, Manager Adebarweg 8 22559 Hamburg Germany HAUSDORF TIEFBAU: Claims Registration Ends July 7 ------------------------------------------------- Creditors of Hausdorf Tiefbau GmbH have until July 7, 2008 to register their claims with court-appointed insolvency manager Raimund Schafmeister. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 6, 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 Detmold Meeting Hall 12 Ground Floor Gerichtsstr. 6 32756 Detmold 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: Raimund Schafmeister Moltkestr. 12 32756 Detmold Germany The District Court of Detmold opened bankruptcy proceedings against Hausdorf Tiefbau GmbH on May 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hausdorf Tiefbau GmbH Attn: Ilona Hausdorf, Manager Gartenstr. 19 33813 Oerlinghausen Germany HECKLER & KOCH: Moody's Changes Outlook on B2 Ratings to Neg. ------------------------------------------------------------- Moody's Investors Service has affirmed the ratings of Heckler & Koch GmbH -- including the B2 corporate family rating and the B2 rating on the senior unsecured notes -- and changed the rating outlook to stable from negative. "The affirmation of HK's ratings reflects the company's achievement in turning around its revenues, profitability and cash generation back to levels more in line with the requirements of the B2 rating category," says Christian Hendker, lead analyst for HK at Moody's Frankfurt office. "This achievement is the result of internal efficiency improvements and as importantly the strategic shift away from the company's historical reliance on a few large and highly profitable orders towards a higher number of small orders, which again improved capacity utilisation to a level close to net income breakeven," Mr Hendker adds. The change in outlook to stable from negative reflects the evidence that the company has achieved Moody's requirements for a rating outlook stabilization as outlined in Moody's Press Release in December 2006: (1) improvement in credit metrics, namely a reduction of Debt to EBITDA from 6.8x as at end of 2006 to around 6.0x in 2007 and an improvement in RCF to Net Debt from 0.9% in 2006 to above 7% in 2007, and (2) free cash flow generation close to break even levels in the last twelve months, which enabled the company to maintain its cash cushion. As at end of March 2008 the company had a cash position of EUR30.3 million which is comparable to last year if we take into account a EUR4.5 million intercompany loan to a holding company outside the restricted group which is expected to be repaid within the next quarters. The stable outlook reflects Moody's expectation that HK will significantly improve its profitability and cash generation ability during the course of 2008 and beyond, while preserving an adequate liquidity cushion. Moody's takes comfort from the solid order backlog, which provides a solid level of revenue visibility and represents high demand for the company's small arms, based on the good market position and high quality perception of HK's products. The stable outlook anticipates that Debt to EBITDA will be lowered towards 5.5x and RCF to Net Debt should be improved towards 10% at the end of the current year. Moody's cautions that the ratings could be under renewed downward pressure in the event of: (1) an erosion of the company's liquidity position, or (2) an inability to restore credit metrics, evidenced by Debt to EBITDA remaining above 6.0x or sustained negative free cash flows. Positive migration of the rating would require a sustained track record in improving the company's credit metrics, reflected in (1) Debt to EBITDA to be lowered below 5.0x, and (2) RCF to Net Debt improving towards 15%. HK's B2 corporate family rating reflects the company's solid market position as a leading small arms manufacturer with a strong brand and number-one positions in the supply of assault rifles, (sub)machine guns and grenade launchers. The rating is also supported by HK's technological leadership, and stable-to- improving industry trends. Further, the long-term nature of its main contracts provides high visibility of sales and stable cash flows. Offsetting these strengths are the highly leveraged capital structure, the company's limited scale combined with a lack of regional and customer diversification, and the extensive regulation and restrictions HK is facing. In addition, HK's rating is constrained by the intense competition in the defence industry, both for share of defence budgets generally and from other small arms manufacturers, which all are exposed to a heavily politicized procurement process in most countries, combined with the fact that defence budgets have been under pressure in NATO countries for some time. Moody's cautions that HK's sole liquidity source is its cash on balance sheet and that the company does not have access to any alternative external backup facility. However, HK's liquidity profile benefits from the company's extended debt maturity profile, with no maturities before 2011. These ratings of Heckler & Koch GmbH were affirmed: -- B2 corporate family rating -- B1 probability of default rating -- B2 senior unsecured rating (LGD 4, 65%) Outlook Actions: Issuer: Heckler & Koch GmbH -- Outlook, Changed To Stable From Negative The last rating action was in December 2006, when Moody's downgraded the corporate family rating to B2 with a negative outlook. Headquartered in Oberndorf, Germany, Heckler & Koch GmbH is a leading defence contractor in the small arms sector of the European NATO defence market. In 2007, the company generated revenues of EUR147.9 million. HEINRICH NERZ: Claims Registration Ends July 7 ---------------------------------------------- Creditors of Heinrich Nerz GmbH have until July 7, 2008 to register their claims with court-appointed insolvency manager Karl-Heinrich Lorenz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 18, 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 Mannheim Hall 232 Second Floor Schloss 68149 Mannheim 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: Karl-Heinrich Lorenz Theodor Heuss-Anlage 12 68165 Mannheim Germany Tel: 0621/422900 The District Court of Mannheim opened bankruptcy proceedings against Heinrich Nerz GmbH on June 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heinrich Nerz GmbH Attn: Reinhard Kuhn, Manager Landzungenstr. 10 68159 Mannheim Germany HOLDER INDUSTRIES: Claims Registration Period Ends July 7 --------------------------------------------------------- Creditors of Holder Industries GmbH have until July 7 2008, to register their claims with court-appointed insolvency manager Juergen Sulz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Aug. 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 Tuebingen N 1.01 Courtroom/Ground Floor Schulberg 14 72074 Tuebingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Juergen Sulz Rommelsbacher Str. 27 72760 Reutlingen Germany Tel: 07121/333540 Fax: 07121/333544 The District Court of Tuebingen opened bankruptcy proceedings against Holder Industries GmbH on May 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Holder Industries GmbH Max-Holder-Strasse 1 72555 Metzingen Germany HUBERHAUS GMBH: Claims Registration Period Ends July 7 ------------------------------------------------------ Creditors of HuberHaus GmbH & Co. KG have until July 7, 2008, to register their claims with court-appointed insolvency manager Ulrich Nehrig. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 28, 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 1 Holzmarkt 2 79098 Freiburg i.Br. 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: Ulrich Nehrig LG-Fach 107 Schillerstr. 2 79102 Freiburg i. Br. Germany Tel: 0761/703900 Fax: 0761/7039052 The District Court of Freiburg opened bankruptcy proceedings against HuberHaus GmbH & Co. KG on July 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HuberHaus GmbH & Co. KG Attn: Alois Huber, Manager Glasbergweg 25 79822 Titisee-Neustadt Germany IKB DEUTSCHE: SIV's Creditors Ink Deal with Goldman Sachs --------------------------------------------------------- Creditors of Rhinebridge Plc has signed in principle a restructuring agreement with Goldman Sachs International, Helen Power writes for the Telegraph. According to the Telegraph, Goldman Sachs will apply to Rhinebridge a modified version of the process it is using to restructure Cheyne Finance Plc. The investment bank will also apply the same process to these structured investment vehicles in receivership: * Whistlejacket Capital Ltd., * Golden Key Ltd., and * Mainsail II. Deloitte & Touche LLP serves as administrator for the collapsed SIVs. The Telegraph relates that Goldman Sachs plans to finalize restructuring terms with the SIVs' creditors this summer. "This has been a complicated process," Neville Kahn of Deloitte told the Telegraph. "Achieving this agreement is the result of a great team effort." Headquartered in Dublin, Ireland, Rhinebridge Plc is a structured investment vehicle of IKB Deutsche Industriebank AG. Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * Moody's Investors Service currently rates IKB Deutsche Industriebank AG's bank financial strength at E; subordinated debt at Ba2; junior subordinated securities at Ca and hybrid capital instruments eligible for Tier 1 capital and the preferred securities of IKB Funding Trust I & II at Caa3. The ratings, which were downgraded to their current level in April 2008, have stable outlook. KONZEPT LOGISTIK: Claims Registration Period Ends July 7 -------------------------------------------------------- Creditors of Konzept Logistik Sued GmbH have until July 7, 2008, to register their claims with court-appointed insolvency manager Dr. Wolfgang Petereit. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Aug. 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 Mainz Hall 174 Building B Ernst-Ludwig Strasse 7 55116 Mainz 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. Wolfgang Petereit GF 48 Kaiserstrasse 24a D 55116 Mainz Germany Tel: 06131/626080 Fax: 06131/6260813 The District Court of Mainz opened bankruptcy proceedings against Konzept Logistik Sued GmbH on June 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Konzept Logistik Sued GmbH Attn: Michael Niegel, Manager Carl-Zeiss-Str. 53 55129 Mainz-Hechtsheim Germany LEHRTE MUSIC-CLUB: Claims Registration Period Ends July 7 --------------------------------------------------------- Creditors of Lehrte Music-Club GmbH have until July 7, 2008, to register their claims with court-appointed insolvency manager Friedemann U. Schade. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 28, 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: Friedemann U. Schade Seelhorststrasse 64 30175 Hannover Germany Tel: 0511/515122-0 Fax: 0511/515122-19 Website: www.kuebler-gbr.de The District Court of Gifhorn opened bankruptcy proceedings against Lehrte Music-Club GmbH on June 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lehrte Music-Club GmbH Zuckerpassage 17 31275 Lehrte Germany Attn: Rainer Zabel, Manager Fruechteburger Weg 7 26721 Emden Germany NATURATHEK GMBH: Claims Registration Period Ends July 7 ------------------------------------------------------- Creditors of Naturathek GmbH have until July 7, 2008, to register their claims with court-appointed insolvency manager Karl-Heinrich Lorenz. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Aug. 18, 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 Mannheim Area 232 Second Floor West Wing Schloss 68149 Mannheim 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: Karl-Heinrich Lorenz Theodor Heuss-Anlage 12 68165 Mannheim Germany Tel: 0621/422900 The District Court of Mannheim opened bankruptcy proceedings against Naturathek GmbH on June 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Naturathek GmbH Attn: Horst Dieter Hartig und Matthias Diehl, Managers Talhausstr. 4 68766 Hockenheim Germany PIN GROUP: Sale of Business Likely to Close This Month ------------------------------------------------------ A spokesman for PIN Group AG's insolvency administrator said the company's disposal is expected to close this month, Chris Reiter writes for Bloomberg News, citing a Handelsblatt report. Bloomberg relates that possible bidders for the company's assets include The Holtzbrinck Group, which publishes the Handelsblatt, the Stark Group and WAZ Group. Bloomberg discloses about 50 of PIN's solvent operating units are up for sale. About PIN Group Based in Luxembourg, PIN Group AG -- http://www.pin-group.net/ -- provides postal services across Germany. The group has more than 60 regional subsidiaries, and in 2006 became a national integrated provider by setting up an efficient nationwide distribution network. As previously reported in the TCR-Europe, PIN Group's units filed for insolvency after Axel Springer AG decided to stop funding the company. Axel Springer said the business in unviable following the German government's decision to introduce minimum wages of EUR8-EUR9.80 for the postal industry, which would PIN, which has 9,000 employees, up to EUR45 million, although "most of the costs are expected to be covered by a form of state reimbursement." PROVIDE GEMS: Fitch Junks Class E Notes on Loss Allocation ---------------------------------------------------------- Fitch Ratings has downgraded Provide Gems 2002-1 plc's classes that are rated 'AA' and below, following the full depletion of the threshold amount and the allocation of losses to the junior class E notes. -- Class A+ (ISIN XS0145700398) affirmed at 'AA+'; Outlook Negative -- Class A (ISIN XS0145700471) downgraded to 'AA-' from 'AA'; Outlook remains Negative -- Class B (ISIN XS0145701289) downgraded to 'BBB-' from 'A-' ; Outlook remains Negative -- Class C (ISIN XS0145701792) downgraded to 'B-' from 'BB-'; Outlook remains Negative; Distressed Recovery rating of 'DR1' assigned -- Class D (ISIN XS0145701875) downgraded to 'C' from 'CC'; Outlook revised to Stable from Negative; Distressed Recovery rating changed to 'DR6' from 'DR5'; -- Class E (ISIN XS0145702170) affirmed at 'C'; Outlook remains Stable; Distressed Recovery rating affirmed at 'DR6' Fitch has undertaken a loan-by-loan analysis of the current pool of reference claims, which showed that the current level of credit enhancement available to the notes is not sufficient for the current ratings of the notes. The Distressed Recovery ratings on class C, D and E notes reflect the level of losses that Fitch anticipates will be realized over the life of the transaction and allocated to these tranches. A rating of 'C'/'DR6' is the lowest rating assigned in structured finance transactions, and for this reason the Outlooks on class D and E notes are Stable. Further downgrades will depend on the future performance of the transaction, in particular, the level of realized losses allocated to the junior notes and the speed of prepayments affecting the credit enhancement to the notes. According to the latest investor report, in May 2008, net cumulative losses were reported at 1.92% of the initial pool. The losses that came through in this period resulted in the remaining balance of the threshold amount being utilized, and an amount of EUR233,571 was allocated to the most junior tranche of notes. Meanwhile, the reference claims in arrears by more than three months stood at 12.45% of the aggregate balance of outstanding reference claims, of which 10.28% were credit events. In May 2008 liquidated reference claims represented 2.23% of the initial pool of reference claims. Of these liquidated reference claims, for 1.6% the foreclosure proceeds received were not sufficient to cover the foreclosure costs, principal and/or interest payments, and therefore they suffered losses. With the volume of credit events currently outstanding, and the high loss severity seen to date, Fitch expects to see further losses allocated to the junior notes. Provide Gems 2002-1 plc is a synthetic securitization of a pool of second-charge reference claims originated by Rheinische Hypothekenbank AG (Rheinhyp), which in 2002 merged with Eurohypo AG, Europaeischen Hypothekenbank, der Deutschen Bank to form Eurohypo AG (rated 'A'/'F1'/Outlook Stable). The initial pool contained a larger portion of "riskier" borrower categories than previously seen in other German RMBS transactions. The servicing of the reference claims is conducted by Eurohypo AG. SEG BETEILIGUNGEN: Claims Registration Period Ends July 2 --------------------------------------------------------- Creditors of SEG Beteiligungen GmbH have until July 2, 2008, to register their claims with court-appointed insolvency manager Christoph Rosenmueller. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on Sept. 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christoph Rosenmueller Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against SEG Beteiligungen GmbH on July 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SEG Beteiligungen GmbH Pohlstrasse 20 10785 Berlin Germany SLC MARKUS: Claims Registration Period Ends July 7 -------------------------------------------------- Creditors of SLC Markus & Ehringhagen GmbH have until July 7, 2008, to register their claims with court-appointed insolvency manager Dr. Guenter Trutnau III. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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. Guenter Trutnau III Hagen 30 45127 Essen Germany The District Court of Essen opened bankruptcy proceedings against SLC Markus & Ehringhagen GmbH on June 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SLC Markus & Ehringhagen GmbH Herkulesstr. 20 45127 Essen Germany Attn: Ehrenfried Markus, Manager Krummecke 22 a 45277 Essen Germany SPIELHAGEN GMBH: Claims Registration Period Ends July 1 ------------------------------------------------------- Creditors of Spielhagen GmbH have until July 1, 2008, to register their claims with court-appointed insolvency manager Ingo Thurm. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.m. on July 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 Hannover Hall 226 Second Floor Service Bldg. Hamburger Allee 26 30161 Hannover 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: Ingo Thurm Aegidientorplatz 2 B 30159 Hannover Germany Tel: 0511 475577-47 Fax: 0511 475577-99 The District Court of Hannover opened bankruptcy proceedings against Spielhagen GmbH on April 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spielhagen GmbH Bachstr. 2 30167 Hannover Germany ============= I R E L A N D ============= RHINEBRIDGE PLC: Creditors Ink Rescue Deal with Goldman Sachs ------------------------------------------------------------- Creditors of Rhinebridge Plc has signed in principle a restructuring agreement with Goldman Sachs International, Helen Power writes for the Telegraph. According to the Telegraph, Goldman Sachs will apply to Rhinebridge a modified version of the process it is using to restructure Cheyne Finance Plc. The investment bank will also apply the same process to these structured investment vehicles in receivership: * Whistlejacket Capital Ltd., * Golden Key Ltd., and * Mainsail II. Deloitte & Touche LLP serves as administrator for the collapsed SIVs. The Telegraph relates that Goldman Sachs plans to finalize restructuring terms with the SIVs' creditors this summer. "This has been a complicated process," Neville Kahn of Deloitte told the Telegraph. "Achieving this agreement is the result of a great team effort." Headquartered in Dublin, Ireland, Rhinebridge Plc is a structured investment vehicle of IKB Deutsche Industriebank AG. * * * Rhinebridge Plc continues to carry Standard & Poor's Ratings Services' Default ratings on its commercial paper, medium-term notes, mezzanine capital notes, and combination capital notes. ========= I T A L Y ========= ALITALIA SPA: Sale Adviser Studying Administration Option --------------------------------------------------------- Intesa Sanpaolo S.p.A., the Italian government's adviser for the sale of its 49.9% stake in Alitalia S.p.A., is reviewing placing the national carrier into administration, Thomson Financial News reports citing an unsourced Il Messaggero report. Under the Marzano law -- which governs administration procedures for large companies, Alitalia's core business would be separated from its debt and place them under a new company. Parmalat Finanziaria S.p.A. and Cirio Finanziaria S.p.A. were restructured under the Marzano law. Intesa said Alitalia's want their investments returned at a discount either in cash or in shares of the newco. As previously reported in the TCR-Europe, Intesa will present on June 27, 2008, a plan to dispose the carrier's assets. Intesa may propose to sell Alitalia's unprofitable operations under an emergency administration procedure. 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. =================== K A Z A K H S T A N =================== ADONAI PLUS: Creditors Must File Claims by July 29 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Adonai Plus insolvent. Creditors have until July 29, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan AGRO MARKETING: Claims Deadline Slated for July 25 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Agro Marketing insolvent. Creditors have until July 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (7162) 25-79-32 AGRO MECH: Claims Filing Period Ends July 25 -------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Agro Mech Tech Complex (RNN 090400014507). Creditors have until July 25 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 ARA INTERNATIONAL: Creditors' Claims Due on July 29 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Ara International Ltd. insolvent. Creditors have until July 29, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan JETISAI-GAS LLP: Claims Registration Ends July 25 ------------------------------------------------- LLP Jetisai-Gas has declared insolvency. Creditors have until July 25, 2008, to submit written proofs of claims to: LLP Jetisai-Gas Kojanov Str. 200 Jetysai South Kazakhstan Kazakhstan STROY POSTAVKA: Creditors Must File Claims by July 25 ----------------------------------------------------- LLP Tech Stroy Postavka has declared insolvency. Creditors have until July 25, 2008, to submit written proofs of claims to: LLP Tech Stroy Postavka Torgovaya Str. 8 Pavlodar Kazakhstan STROY TECH: Claims Deadline Slated for July 25 ---------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Stroy Tech Project (RNN 090400214356). Creditors have until July, 25 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 STROY-SILA NS: Claims Filing Period Ends July 25 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Astana has declared LLP Stroy-Sila NS insolvent on May 4, 2008. Creditors have until July 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Room 106 Manas Str. 2 010000, Astana Kazakhstan Tel: 8 (7172) 37-40-09 UNIVERSAL-SERVICE XXI: Creditors' Claims Due on July 25 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP UNIVERSAL-SERVICE XXI insolvent on May 4, 2008. Creditors have until July 25, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Room 106 Manas Str. 2 010000, Astana Kazakhstan Tel: 8 (7172) 37-40-09 =================== K Y R G Y Z S T A N =================== KYRGYZ VNESH: Creditors Must File Claims by July 16 --------------------------------------------------- LLC Kyrgyz Foreign Commerce Kyrgyz Vnesh Torg has declared insolvency. Creditors have until July 16, 2008 to submit written proofs of claim to: LLC Kyrgyz Foreign Commerce Kyrgyz Vnesh Torg Moskovskaya Str. 121 Bishkek Kyrgyzstan Tel: (+996 312) 62-64-60 ===================== N E T H E R L A N D S ===================== X5 RETAIL: Pays US$11 Million to Hike Pyaterochka Stake to 75% -------------------------------------------------------------- X5 Retail Group NV has increased its stake in Pyaterochka store chain in Urals and signed a new franchising agreement to begin roll-out of Pyaterochka stores in Ivanovo and Kostroma regions. In accordance with the agreement between X5 and the former owners of Pyaterochka franchisee in Chelyabinsk, X5 has purchased further 24% in the company that operates Pyaterochka stores in Yekaterinburg and Chelyabinsk for US$11 million (the chain's sales for 2007 exceeded US$160 million). As a result, X5's stake in the business increased to 75%. As per the agreement, X5 has an option to purchase the remaining 25% in 2009. Purchase price will be determined on the basis of the chain's sales for 2008. X5 has signed a new franchising agreement with the Prodmag company to develop a chain of Pyaterocka stores in the Ivanovo and Kostroma regions. In accordance with the agreement, Prodmag is obliged to open no fewer than 30 Pyaterochka stores in the Ivanovo and Kostroma regions within two years. Already by the end of 2008 the number of operating Pyaterochka stores in these regions is expected to be close to 20. In addition to the franchising agreement, the parties have signed a call option agreement enabling X5 to buy-out the chain of Pyaterochka stores opened by Prodmag in the Ivanovo and Kostroma regions. The option is exercisable in 2011, which is in line with the Company's planned timing for entering these regions. Purchase price will depend on the chain's performance in 2010. About X5 Retail Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V. (LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm for the group of companies that operate retail grocery stores. The main activity of the company is the development and operation of grocery retail stores. The company operated Pyaterochka and Perekrestok retail chains in Russia, including Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara, Ekaterinburg and Kiev, Ukraine. * * * X5 Retail Group N.V. continues to carry a B1 Corporate Family Rating from Moody's Investors Service with positive outlook. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. =========== N O R W A Y =========== OCEAN RIG: S&P Withdraws B Credit Ratings at Company's Request -------------------------------------------------------------- Standard & Poor's Ratings Services had withdrawn its 'B' long- term issuer credit ratings on Norway-based contract driller Ocean Rig Norway A.S. at the company's request. =========== R U S S I A =========== AUTO OJSC: Orenburg Court Names V. Ivanov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Orenburg appointed V. Ivanov as Insolvency Manager for OJSC Auto. He can be reached at: V. Ivanov Apt. 193 Dzhangildina Str. 10 460052 Orenburg Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-5840/05-14GK. The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: OJSC Auto Shosseynaya Str. 32 460411 Orenburg Russia BEGISHEVSKOE CJSC: Court Starts Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Arbitration Court of Tula commenced bankruptcy supervision procedure on CJSC Begishevskoe. The case is docketed under Case No. A68-957/08-25/B-08. The Temporary Insolvency Manager is: S. Konev Office 406 Mendeleevskaya Str. 1 300024 Tula Russia The Court is located at: The Arbitration Court of Tula Hall 35 Sovetskaya Str. 112 Tula Russia The Debtor can be reached at: S. Konev Office 406 Mendeleevskaya Str. 1 300024 Tula Russia DELPHI CORP: To Build Two New Plants in Russia by 2010 ------------------------------------------------------ Delphi Corp. intends to build two plants in Russia by 2010 to meet demand in its fastest-growing European market, Thomson Financial reports, citing Hemscott. "We expect that our business there will double by 2012," Delphi manager Stefaan Vandevelde was quoted by Thomson Financial as saying. Delphi, Thomson Financial relates, is eyeing locations near Kaliningrad and Kaluga. The plants, Bloomberg News discloses, citing a Handelsblatt report, will employ about 1,000 people. Thomson Financial adds Delphi, which has production sites in Samara and Surgut and a representative office in Moscow, also plans to expand its Dimitrovgrad operations. About Delphi Corp. Based in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for Chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. ISTOK OJSC: Creditors Must File Claims by July 13 ------------------------------------------------- Creditors of OJSC Istok (TIN 6506004352) have until July 13, 2008, to submit proofs of claim to: A. Zharikova Insolvency Manager Office 36 Ukrainskaya Str. 11 693012 Yuzhno-Sakhalinsk Russia The Arbitration Court of Sakhalin commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A59-1322/07-S16. The Debtor can be reached at: OJSC Istok Ushakova Str. 44 Krasnogorsk 693810 Sakhalin Russia KAMYSHIN-MEL-PROM: Volgograd Bankruptcy Hearing Set August 12 ------------------------------------------------------------- The Arbitration Court of Volgograd will convene at 10:00 a.m. on Aug. 12, 2008, to hear the bankruptcy supervision procedure on CJSC Kamyshin-Mel-Prom (TIN 34360822114). The case is docketed under Case No. A12-2292/08-s27. The Temporary Insolvency Manager is: A. Shimanskiy Tarashantsev Str. 68a-78 400009 Volgograd Russia The Debtor can be reached at: CJSC Kamyshin-Mel-Prom 2nd Zheleznodorozhnyj Pereezd 1 Kamyshinin Volgograd Russia LAPUSHINSKOE CJS: Tyumen Bankruptcy Hearing Slated for July 31 -------------------------------------------------------------- The Arbitration Court of Tyumen will convene on July 31, 2008, to hear the bankruptcy supervision procedure on CJS Lapushinskoe (TIN 7214002985). The case is docketed under Case No. A70-1425/ 3-2008. The Temporary Insolvency Manager is: N. Zakharova 8th Floor Respubliki Str. 249 Tyumen Russia The Court is located at: The Arbitration Court of Tyumen Khokhryakova Str. 77 627000 Tyumen Russia The Debtor can be reached at: N. Zakharova 8th Floor Respubliki Str. 249 Tyumen Russia LEASING AND REPAIR-BUILDING: Bankruptcy Hearing Set Sept. 16 ------------------------------------------------------------ The Arbitration Court of Moscow will convene on Sept. 16, 2008, to hear the bankruptcy supervision procedure on CJSC Company Leasing and Repair-Building Services (TIN 7730025000). The case is docketed under Case No. A40-6296/08-38-18B. The Temporary Insolvency Manager is: V. Pronyushkina Building 15 Nizhegorodskaya Str. 32 109029 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Company Leasing and Repair-Building Services Mozhayskiy Val Str. 6a 121151 Moscow Russia NADVOITSKAYA ENERGY: Kareliy Bankruptcy Hearing Set July 9 ---------------------------------------------------------- The Arbitration Court of Kareliya will convene on July 9, 2008, to hear the bankruptcy supervision procedure on LLC Nadvoitskaya Energy Company. The case is docketed under Case No. A26-6805 /2007. The Temporary Insolvency Manager is: T. Ragozina Post User Box 260 Petrozavodsk 185001 Kareliya Russia The Debtor can be reached at: LLC Nadvoitskaya Energy Company Zavodskaya Str. 1 Nadvoitsy Segezhskiy 186430 Kareliya Russia NOVOSIBIRSKIY METAL: Names N. Tarakonova as Insolvency Manager -------------------------------------------------------------- The Arbitration Court of Novosibirsk appointed N. Tarakonova as Insolvency Manager for LLC Novosibirskiy Metal Processing Factory (TIN 5404262402). He can be reached at: N. Tarakonova Sovetskaya Str. 4 440026 Penza Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A45-11725/2007 54/54. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: LLC Novosibirskiy Metal Processing Factory Statsionnaya Str. 30A 630108 Novosibirsk Russia OPEN CUT: Creditors Must File Claims by July 13 ----------------------------------------------- Creditors of CJSC Open Cut Tagaryshskiy have until July 13, 2008, to submit proofs of claim to: D. Kotin Insolvency Manager Post User Box 981 Central Post Office 650000 Kemerovo Russia The Arbitration Court of Kemerovo commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A27-10015/2007-4. The Court is located at: The Arbitration Court of Kemerovo Krasnaya Str. 8 Kemerovo Russia The Debtor can be reached at: CJSC Open Cut Tagaryshskiy Kostenkovo Novokuznetskiy Kemerovo Russia ORENBURG-SEL-ENERGO: Creditors Must File Claims by July 13 ---------------------------------------------------------- Creditors of CJSC Orenburg-Sel-Energo have until July 13, 2008, to submit proofs of claim to: A. Pakhomov Insolvency Manager Parkovaya Str. 13 Prigorodnyj 460507 Orenburg Russia The Arbitration Court of Orenburg commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A47-8191/07-14GK. The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: CJSC Orenburg-Sel-Energo Sroitelnaya Str. 8 Nezhinka 460520 Orenburg Russia QUARRY MANAGEMENT: St. Petersburg Bankruptcy Hearing Set Aug. 18 ---------------------------------------------------------------- The Arbitration Court of St. Petersburg and Leningrad will convene on Aug. 18, 2008, to hear the bankruptcy supervision procedure on CJSC Quarry Management. The case is docketed under Case No. A56-9037/2008. The Temporary Insolvency Manager is: I. Rulev Klochkov Per. 4-2-108 193318 St. Petersburg Russia The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Quarry Management Location 1, 18 im.Sverdlova Vsevolzhskiy 188682 Leningrad Russia SAKHALIN-GRAIN-PRODUCT: Creditors Must File Claims by July 13 ------------------------------------------------------------- Creditors of OJSC Company Sakhalin-Grain-Product (TIN 6501174859, OGRN 1066501072956) have until July 13, 2008, to submit proofs of claim to: V. Veselkov Insolvency Manager Post User Box 6/12 Central Post Office 680000 Khabarovsk Russia The Arbitration Court of Udmurtiya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A59-3304/07-S7. The Court is located at: The Arbitration Court of Udmurtiya Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Russia The Debtor can be reached at: OJSC Company Sakhalin-Grain-Product Office 237 Dzerzhinskogo Str. 23 Yuzhno-Sakhalinsk Russia SEVERSTAL OAO: WCI Steel Shareholders Dispute US$140 Million Bid ---------------------------------------------------------------- Shareholders of WCI Steel Inc. has filed a case at the Delaware Chancery Court in Wilmington challenging OAO Severstal's US$140 million offer for the Ohio-based firm, Phil Milford writes for Bloomberg News. WCI shareholders -- CVI GVF (Lux) Master S.a.R.L., Eagle Rock Master Fund LP and Wilfrid Aubrey International Ltd. -- claims that directors should have accepted a US$172 million offer from Optima International, Bloomberg News relates. Shareholders also claim that WCI directors were influenced by a steelworkers union to prefer Severstal's offer. "The board should withdraw its recommendation of the Severstal bid and announce its support of Optima's superior unconditional offer," the shareholders said in its complaint. As reported in the TCR-Europe in May 2008, Severstal reached a binding agreement to acquire all outstanding equity of WCI Steel Inc. for a total cash consideration of US$140 million, implying an enterprise value of US$331 million based on outstanding net debt as of April 30, 2008. Parties expect to complete the deal in July 2008. Citi and Raymond James are acting as financial advisors to Severstal on this transaction. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Severstal. About WCI Steel Headquartered in Warren, Ohio, WCI Steel Inc. (OTC: WCIS.PK) -- http://www.wcisteel.com/-- is an integrated steel maker producing 185 grades of flat-rolled custom and commodity steel products. Its products include high carbon, alloy, ultra high strength, and heavy-gauge galvanized steel. Major customers are steel converters, processors, service centers, construction product companies, and to a lesser extent, automobile manufacturers About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. * * * OAO Severstal continues to carry Ba2 Corporate Family, Senior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service, which said the the outlook on all ratings is stable. Moody's raised the company's ratings to its current level in October 2007. The company also carries BB long-term Foreign and Local Issuer Credit ratings from Standard & Poor's, which said the outlook is stable. Severstal carries BB- Issuer Default and Senior Unsecured ratings from Fitch, which said the outlook is positive. SILICATE-STROY LLC: Creditors Must File Claims by July 13 --------------------------------------------------------- Creditors of LLC Silicate-Stroy have until July 13, 2008, to submit proofs of claim to: F. Vinnikov Insolvency Manager Michurina Str. 56 Belgorod Russia The Arbitration Court of Belgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A08-7876/07— 26. The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: LLC Silicate-Stroy Michurina Str. 56 Belgorod Russia SISTEMA-HALS: Earns US$26.6 Million for First Quarter of 2008 ------------------------------------------------------------- JSC Sistema-Hals released its unaudited consolidated financial results for the first quarter of 2008 in accordance with US GAAP. Financial Highlights 3m 2008 3m 2007 (US$ ‘000) (US$ ‘000) ---------- ---------- Revenues 141,631 34,502 Operating expenses (115,619) (29,996) Operating income 26,012 4,506 OIBDA 31,231 7,387 Net income 26,630 5,893 Sistema-Hals' consolidated revenues for the three months ended March 31, 2008 increased by 311% year-on-year to US$141.6 million, compared to US$34.5 million for the first quarter of 2007. This growth was led by several factors including: -- the sale of the Rochdelskaya 22 project; -- revenues, recognized from the sale of a complex of buildings at 8 Marta Street; -- continuing sales of units in the ongoing "Dnepropetrovskaya", "Nahimovskiy", "Michurinskiy", "Rublevskoe highway" residential projects and an increase in rental revenues from single family houses in the Serebryany Bor settlement. "We are pleased to report strong results for the first quarter of 2008," Felix Evtushenkov, President of Sistema-Hals commented. The solid increase in our revenue, OIBDA and net income gives an indication of expected growth for the rest of the year. We are confident that our efforts aimed at implementing our construction program and portfolio management strategy will be fruitful and the next three quarters will be equally positive." About Sistema-Hals Based in Moscow, JSC Sistema-Hals -- http://www.sistema-hals.ru/ -- is property developers in Moscow and the Moscow region, with operations in the six regions in Russia, as well as Yalta and Kiev, Ukraine. The company is involved in a number of large-scale governmental infrastructural projects in the capacity of project manager. Sistema-Hals is a 71.1% subsidiary of Sistema JSFC. * * * JSC Sistema-Hals continues to carry B1 long-term corporate family and probability-of-default ratings from Moody's Investor Service. The outlook according to Moody’s is stable. Sistema-Hals also carries B+ Issuer Default rating from Fitch, which said the outlook is negative. SISTEMA JFSC: Hikes Stake in Shyam Telelink to 73.71% ----------------------------------------------------- Sistema JFSC has increased its stake in Shyam Telelink Ltd. from 72% to 73.71% following an additional share issue. Sistema increased its stake in Shyam Telelink from 72% to 73.71% as a result of its participation in the charter capital increase of Shyam Telelink in the total amount of US$470 million with Sistema's contribution being US$348 million. About Sistema Headquartered in Moscow, Russia, Sistema JSFC -- http://www.sistema.com/-- develops and manages market- leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. * * * Sistema JSFC currently carries a Ba3 long-term corporate family rating and a B2 senior unsecured debt rating from Moody's, with positive outlook. The company also carries Standard & Poor's BB- long-term foreign and local issuer credit ratings. S&P said the outlook is negative. Sistema JSFC carries BB- Issuer Default rating from Fitch, which said the outlook is stable. VOLGOGRADSKAYA BUILDING: Names S. Kharchenko to Manage Assets ------------------------------------------------------------- The Arbitration Court of Volgograd appointed S. Kharchenko as Insolvency Manager for LLC Volgogradskaya Building Company. He can be reached at: S. Kharchenko Post User Box 764 Volzhskiy 404130 Volgograd Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A12-3342/08-s27. The Debtor can be reached at: LLC Volgogradskaya Building Company Stantsionnaya Str. 1 Volgograd Russia WEST TORG: Moscow Bankruptcy Hearing Slated for September 25 ------------------------------------------------------------ The Arbitration Court of Moscow will convene at 10:30 a.m. on Sept. 25, 2008, to hear the bankruptcy supervision procedure on LLC West Torg (ORGN 1037706034486). The case is docketed under Case No. A40-15030/08-123-45B. The Temporary Insolvency Manager is: M. Dyakonov 111141 Moscow Post User Box 481 Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC West Torg Bolshaya Ordynka Str. 12 Moscow Russia X5 RETAIL: Pays US$11 Million to Hike Pyaterochka Stake to 75% -------------------------------------------------------------- X5 Retail Group NV has increased its stake in Pyaterochka store chain in Urals and signed a new franchising agreement to begin roll-out of Pyaterochka stores in Ivanovo and Kostroma regions. In accordance with the agreement between X5 and the former owners of Pyaterochka franchisee in Chelyabinsk, X5 has purchased further 24% in the company that operates Pyaterochka stores in Yekaterinburg and Chelyabinsk for US$11 million (the chain's sales for 2007 exceeded US$160 million). As a result, X5's stake in the business increased to 75%. As per the agreement, X5 has an option to purchase the remaining 25% in 2009. Purchase price will be determined on the basis of the chain's sales for 2008. X5 has signed a new franchising agreement with the Prodmag company to develop a chain of Pyaterocka stores in the Ivanovo and Kostroma regions. In accordance with the agreement, Prodmag is obliged to open no fewer than 30 Pyaterochka stores in the Ivanovo and Kostroma regions within two years. Already by the end of 2008 the number of operating Pyaterochka stores in these regions is expected to be close to 20. In addition to the franchising agreement, the parties have signed a call option agreement enabling X5 to buy-out the chain of Pyaterochka stores opened by Prodmag in the Ivanovo and Kostroma regions. The option is exercisable in 2011, which is in line with the Company's planned timing for entering these regions. Purchase price will depend on the chain's performance in 2010. About X5 Retail Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V. (LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm for the group of companies that operate retail grocery stores. The main activity of the company is the development and operation of grocery retail stores. The company operated Pyaterochka and Perekrestok retail chains in Russia, including Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara, Ekaterinburg and Kiev, Ukraine. * * * X5 Retail Group N.V. continues to carry a B1 Corporate Family Rating from Moody's Investors Service with positive outlook. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. ============= U K R A I N E ============= AGRO-MIR: Creditors Must File Claim by July 2 --------------------------------------------- Creditors of Association Agro-Mir (code EDRPOU 25657238) have until July 2, 2008 to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on May 5, 2008. The case is docketed as B 11/479-07. The Debtor can be reached at: Association Agro-Mir Lenin Str. 73 Mironovka Kiev Ukraine EXPLOITATION REPAIR: Creditors Must File Claim by July 2 -------------------------------------------------------- The Economic Court of Poltava commenced bankruptcy proceedings against the company after finding it insolvent on May 6, 2008. The case is docketed as 4/45. Creditors of LLC Exploitation Repair Building Company (code EDRPOU 32371083) have until July 2, 2008 to submit proofs of claim to: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Debtor can be reached at: LLC Exploitation Repair Building Company Zavodskaya Str. 3 36007 Poltava Ukraine HERSON-PIPE LLC: Creditors Must File Claim by July 2 ---------------------------------------------------- Creditors of LLC Herson-Pipe (code EDRPOU 35788605) have until July 2, 2008 to submit proofs of claim to: The Economic Court of Herson Gorkiy Str. 18 73000 Herson Ukraine The Economic Court of Herson commenced bankruptcy proceedings against the company after finding it insolvent on May 29, 2008. The case is docketed as 6/107-B-08. The Debtor can be reached at: LLC Herson-Pipe Fontannaya Str. 21 b. 3 73000 Herson Ukraine LAN LLC: Proofs of Claim Deadline Set July 2 -------------------------------------------- Creditors of LLC Lan (code EDRPOU 25478760) have until July 2, 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 April 29, 2008. The case is docketed as 19/108/08. The Debtor can be reached at: LLC Lan Lenin Str. 1 Berestovoye Berdiansk District 71100 Zaporozhje Ukraine MANZHELIYA LLC: Proofs of Claim Deadline Set July 2 --------------------------------------------------- Creditors of LLC Agricultural Firm Manzheliya (code EDRPOU 23808319) have until July 2, 2008 to submit proofs of claim to: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Economic Court of Poltava has commenced bankruptcy supervision procedure on the company. The Debtor can be reached at: LLC Agricultural Firm Manzheliya Manzheliya Globinsky District 39062 Poltava Ukraine UKRAINE LLC: Creditors Must File Claim by July 2 ------------------------------------------------ Creditors of LLC Ukraine have until July 2, 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 5/294/B. The Debtor can be reached at: LLC Ukraine Livintsy Kelmenetsky District Cherkassy Ukraine UKRASTRADE LLC: Creditors Must File Claim by July 2 --------------------------------------------------- Creditors of LLC Ukrastrade (code EDRPOU 33492059) have until July 2, 2008 to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on May 15, 2008. The case is docketed as 28/13-b. The Debtor can be reached at: LLC Ukrastrade Borschagovskaya Str. 182-V 03056 Kiev Ukraine UKRSOTSBANK: S&P Cuts Rating to B+ on Sovereign Rating Action ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term counterparty credit rating on Ukraine-based Ukrsotsbank OJSC to 'B+' from 'BB-' following the same action on the long-term foreign currency sovereign credit rating on Ukraine (foreign currency B+/Stable/B; local currency BB-/Stable/B; Ukraine national scale 'uaAA'). At the same time, Standard & Poor's affirmed its 'B' short-term counterparty credit rating on the bank. The outlook is stable. "The ratings on USB reflect the bank's risky operating environment, rapid loan growth, pressured profitability ratios, tight balance-sheet liquidity, and still moderate capitalization, as well as intensified competition in the Ukrainian banking sector," said Standard & Poor's credit analyst Ekaterina Trofimova. Positive rating factors are USB's strategic importance to its ultimate parent, the Italian bank UniCredit SpA (UniCredit; A+/Stable/A-1); and the Ukrainian bank's good commercial franchise, improving business mix and earnings diversification, and reduced single-name concentration. Standard & Poor's gives the long-term rating on USB two notches of uplift above its stand-alone creditworthiness to reflect parental support from UniCredit. However, S&P caps that uplift at one notch, at the level of the foreign currency rating on Ukraine. In the second half of January 2008, UniCredit, through its subsidiary Bank Austria Creditanstalt AG (A+/Stable/A-1), acquired a 94.2% stake in USB. USB stands to benefit from the change in ownership, which should enhance its financial flexibility, business development, and risk management. Standard & Poor's sees positively a planned capital increase of Ukrainian hryvnia 750 million in the second half of 2008. "The stable outlook mirrors that on Ukraine and reflects our expectation that having UniCredit as a strong and committed parent should benefit USB and enable the bank to minimize the impact of ongoing domestic inflationary pressure and currency volatility," said Ms. Trofimova. "If we revise the sovereign ratings upward, this will trigger a similar rating action on the bank, namely given our expectation of parental support." S&P expects that Unicredit's initiatives to optimize and adapt USB's business model, processes, and internal technologies will allow the bank to strengthen its commercial and credit position. We do not foresee that the ratings on the bank will go higher than the sovereign foreign currency ratings, at least in the next couple of years. This is because it is highly probable that the Ukrainian government would intervene if a domestic bank were under stress, including potentially freezing deposits, and because of the geographic concentration of USB's business. We might lower the ratings on the bank following a sovereign downgrade, or if the parent's support and commitment become weaker, or if stand-alone creditworthiness, namely asset quality, significantly erodes, even if we do not currently expect that. VORONEZH SUGAR: Creditors Must File Claim by July 2 --------------------------------------------------- Creditors of OJSC Voronezh Sugar Plant (code EDRPOU 00372954) have until July 2, 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 after finding it insolvent on May 22, 2008. The case is docketed as 7/6-07. The Debtor can be reached at: Kiev Str. 4 OJSC Voronezh Sugar Plant Voronezh Shostka District 41140 Sumy Ukraine YATRAN LLC: Creditors Must File Claim by July 2 ----------------------------------------------- Creditors of LLC Yatran (code EDRPOU 30047797) have until July 2, 2008 to submit proofs of claim to: The Economic Court of Ternopol Ostrozsky Str. 14a 46000 Ternopol Ukraine The Economic Court of Ternopol commenced bankruptcy proceedings against the company after finding it insolvent on May 19, 2008. The case is docketed as 8/B-1052. The Debtor can be reached at: LLC Yatran Ivan Podkova Str. 13 Ternopol Ukraine YUGS LLC: Creditors Must File Claim by July 2 --------------------------------------------- Creditors of LLC Yugs (code EDRPOU 34150323) have until July 2, 2008 to submit proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent on May 20, 2008. The case is docketed as 45/131B. The Debtor can be reached at: LLC Yugs Molodezhnaya Str. 3a Avdeyevka 86060 Donetsk Ukraine =========================== U N I T E D K I N G D O M =========================== ALAN SPEAR: Appoints Joint Administrators from Mazars LLP --------------------------------------------------------- Roderick John Weston and Martin Dominic Pickard of Mazars LLP were appointed joint administrators of Alan Spear Ltd. (Company Number 02785849) on June 6, 2008. Mazars -- http://www.mazars.com/-- provides in audit, accounting, tax and advisory services. The company can be reached at: Alan Spear Ltd. Unit 1 Broadley Park Road Plymouth Devon PL6 7EZ England Tel: 01752 696 500 Fax: 01752 696 777 Web site: http://www.alanspear.co.uk/ APB COLOUR: Taps Grant Thornton as Joint Administrators ------------------------------------------------------- David Matthews and Nigel Morrison of Grant Thornton UK LLP were appointed joint administrators of APB Colour Print Ltd. (Company Number 01085733) on June 2, 2008. Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- provides value-added professional services as assurance services, compensation and benefits, merger and acquisition transaction services, management advisory services, tax consulting and valuation services. The company can be reached at: APB Colour Print Ltd. Silverthorne Lane Bristol Avon BS2 0QD England Tel: 0117 971 7667 Fax: 0117 971 1198 AQUAVITAE LTD: Brings In Administrators from Vantis --------------------------------------------------- Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis Business Recovery Services were appointed joint administrators of Aquavitae (UK) Ltd. (Company Number 04151711) on June 9, 2008. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. The company can be reached at: Aquavitae (UK) Ltd. Gainsborough Chambers 59-60 Thames Street Windsor Berkshire SL4 1QW England Tel: 077 9669 6267 Fax: 020 7661 9767 ARRAN BREWERY: Administrators Sell Business to MMS -------------------------------------------------- The joint administrators of Arran Brewery Co. Ltd., Graham Martin and Laurie Manson of PricewaterhouseCoopers LLP, have announced the sale of the business to Marketing Management Services International Ltd. "This is an excellent result for the brewery and for the Isle of Arran, and reflects the award winning nature of the product. We wish MMS and the workforce every success in growing the operations and in taking the brand to its full potential," Mr. Martin disclosed. Gerald Michaluk, managing director of MMS, disclosed, "This will make a first class addition to our family of companies. I am looking forward to see the brand grow and develop and feel with such a good team on the Island, the excellent quality of the product and the good will of all those that previously supported the brand we can make a real success here." "This is just the kind of project MMS excels at, I am looking forward to see the brand grow and develop," William Donaldson, MMS chairman disclosed. The brewery hopes to be back in production of brands such as Arran Blond, Arran Dark, Arran Sunset and Arran Ale as early as next week. The Arran Brewery Co. Ltd. brought in joint administrators on May 8, 2008. The Arran Brewery Company Ltd. -- http://www.arranbrewery.com/ -- manufactures casks and bottled beer. The brewery, which has been trading since 2000, produces award winning dark, blonde and other beer from its custom built micro brewery in Cladach, near Brodick, on the Isle of Arran. The brewery employed 11 people and has a turnover of approximately GBP1 million per annum. BAXI HOLDINGS: S&P Cuts Rating on Poor Performance to B- -------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on U.K.-based heating products manufacturer Baxi Holdings Ltd. to 'B-' from 'B', reflecting weak credit protection measures and further weakening business conditions. The outlook is negative. At the same time, the second-lien secured debt rating on the GBP100 million mezzanine notes issued by finance subsidiary Heating Finance PLC and guaranteed by Baxi and other subsidiaries was lowered one notch to 'CCC' from 'CCC+'. The recovery rating on the notes is unchanged at '6', indicating our expectation of negligible (0%-10%) recovery in the event of a payment default. "The downgrade reflects the deterioration of the company's credit metrics in 2007 and continuation at a weak level in the first quarter of 2008 and should be seen in the light of persisting difficult market conditions in its key markets," said Standard & Poor's credit analyst Andres Albricci. The economic slowdown is likely to affect demand, as cost inflation and adverse foreign exchange rate fluctuations add further pressure. As a result, S&P has concerns over Baxi's liquidity position and the tightening headroom under certain financial covenants. Baxi's operating performance in 2007 was negatively affected by the tough conditions in the construction industry of some of its key markets, particularly in Spain. This led to a shortfall in the reported group operating profit, which fell to GBP19 million in 2007 from GBP59 million in 2006. The ratings on Baxi reflect its highly leveraged financial risk profile, with the funds from operations to debt estimated at 2.3% for the 12 months ended April 30, 2007 (2% in 2007 and 10.7% in 2006). Adjusted free operating cash flow generation for 2007 was negative GBP5.1 million. Despite a decrease in total adjusted debt of about GBP40 million in 2007, the debt-to- EBITDA ratio increased to 5.5x (4.3x in the same period last year); S&P estimates the ratio for the 12 months ended April 30, 2008, to be slightly lower at 5.2x. The ratings also reflect a narrow product focus, exposure to highly competitive and fragmented markets, and a weakened market share in its key U.K. market following a shift toward high- efficiency products. These factors are partially mitigated by still good market positions in the U.K. and Iberian markets. A downgrade could result if Baxi's liquidity position and prospects further deteriorate, if headroom on covenants significantly reduces, or if Baxi's business prospects worsen significantly. Given Baxi's fragile position, S&P will monitor the developments and company's actions closely, and further rating actions in the next several months are possible. Rating upside remains unlikely over the medium term and would require improvement in cash generation and debt reduction, with adjusted funds from operations to debt sustained at about 10% and debt to EBITDA at, or less than, 5x. BRADMA LTD: Appoints Joint Administrators from Menzies ------------------------------------------------------ Geoffrey Wayne Bouchier and Andrew Gordon Stoneman of Menzies Corporate Restructuring were appointed joint administrators of Bradma Ltd. (Company Number 02868949) on June 4, 2008. Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- provides corporate restructuring services including: services for directors or stakeholders of troubled businesses; services to Lenders of troubled businesses; raising rescue funding at short notice; and forensic and fraud services. The company can be reached at: Bradma Ltd. Unit 12-13 Suprema Business Park Suprema Avenue Bridgwater Somerset TA7 9LF England Tel: 01278 723 467 Fax: 01278 723 129 BRIDGES MOTOR: Appoints Joint Administrators from KPMG ------------------------------------------------------ Richard John Hill and Mark Jeremy Orton of KPMG LLP were appointed June 4, 2008, joint administrators of: -- Bridges Motor Co.(Cirencester) Ltd (Company No. 887898); -- Bridges (Newbury) Ltd. (Company Number 2823379); -- New Quarry Motors Ltd. (Company Number 1599257); and -- Stratton Garage Ltd. (Company Number 1814657). 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 companies can be reached at: Bridges Motor Co. (Cirencester) Ltd. Chesterton Lane Cirencester Gloucestershire GL7 1YD England Tel: 01285 640 011 Fax: 01285 641 511 C2 ADVERTISING: Brings In Tenon Recovery as Administrators ---------------------------------------------------------- Christopher Ratten and Jeremy Woodside of Tenon Recovery were appointed joint administrators of C2 Advertising Ltd. (Company Number 05054174) on June 5, 2008. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The company can be reached at: C2 Advertising Ltd. 4 Park Place Leeds West Yorkshire LS1 2RU England Tel: 0113 383 5332 Web site: http://www.c2advertising.co.uk/ DEUTSCHE BANK: Moody's Cuts Ratings on Three N-Tsar Swaps --------------------------------------------------------- Moody's Investors Service downgraded three swaps and three related classes of notes issued by Deutsche Bank AG, London Branch - N-Tsar and Eirles Two Limited. Two of the tranches remain on review for downgrade. The three classes of notes are repackagings of the three classes of swaps. These rating actions are a response to credit deterioration in the underlying portfolio. The transactions are synthetic managed CDOs referencing RMBS and ABS CDOs, containing 20% RMBS and 18% ABS CDOs of the 2004, 2005, and 2006 vintages. These rating actions are: Deutsche Bank AG, London Branch - N-Tsar: (1) US$105,000,000 Class C Swap due 2019 -- Current Rating: Ba1, on review for downgrade -- Prior Rating: A1, on review for downgrade (2) US$66,500,000 Class D Swap due 2019 -- Current Rating: Ca -- Prior Rating: Ba1, on review for downgrade (3) US$31,500,000 Class E Swap due 2019 -- Current Rating: C -- Prior Rating: B3, on review for downgrade Eirles Two Limited: (1) US$105,000,000 Eirles Two Limited - Series 102 due 2019 -- Current Rating: Ba1, on review for downgrade -- Prior Rating: A1, on review for downgrade (2) US$66,500,000 Eirles Two Limited - Series 103 due 2019 -- Current Rating: Ca -- Prior Rating: Ba1, on review for downgrade (3) US$31,500,000 Eirles Two Limited - Series 104 due 2019 -- Current Rating: C -- Prior Rating: B3, on review for downgrade DOWNEY & DAVIS: Claims Filing Period Ends September 30 ------------------------------------------------------ Creditors of Downey & Davis Home Development Consultancy Ltd. have until Sept. 30, 2008 to send in their full names, their addresses and descriptions, full particulars of their debts or claims and the names and addresses of their solicitors (if any), to: Mark Newman and Vincent John Green Joint Liquidators Vantis Business Recovery Services Judd House 16 East Street Tonbridge TN9 1HG England Mark Newman and Vincent John Green of Vantis Business Recovery Services were appointed joint liquidators of the company on June 11, 2008 by the members and creditors. EIRLES TWO: Moody's Cuts Ratings on Three Note Classes ------------------------------------------------------ Moody's Investors Service downgraded three swaps and three related classes of notes issued by Deutsche Bank AG, London Branch - N-Tsar and Eirles Two Limited. Two of the tranches remain on review for downgrade. The three classes of notes are repackagings of the three classes of swaps. These rating actions are a response to credit deterioration in the underlying portfolio. The transactions are synthetic managed CDOs referencing RMBS and ABS CDOs, containing 20% RMBS and 18% ABS CDOs of the 2004, 2005, and 2006 vintages. These rating actions are: Deutsche Bank AG, London Branch - N-Tsar: (1) US$105,000,000 Class C Swap due 2019 -- Current Rating: Ba1, on review for downgrade -- Prior Rating: A1, on review for downgrade (2) US$66,500,000 Class D Swap due 2019 -- Current Rating: Ca -- Prior Rating: Ba1, on review for downgrade (3) US$31,500,000 Class E Swap due 2019 -- Current Rating: C -- Prior Rating: B3, on review for downgrade Eirles Two Limited: (1) US$105,000,000 Eirles Two Limited - Series 102 due 2019 -- Current Rating: Ba1, on review for downgrade -- Prior Rating: A1, on review for downgrade (2) US$66,500,000 Eirles Two Limited - Series 103 due 2019 -- Current Rating: Ca -- Prior Rating: Ba1, on review for downgrade (3) US$31,500,000 Eirles Two Limited - Series 104 due 2019 -- Current Rating: C -- Prior Rating: B3, on review for downgrade FIRST DATA: Appoints Joint Administrators from Deloitte & Touche ---------------------------------------------------------------- Christopher James Farrington and Dominic Lee Zoong Wong of Deloitte & Touche LLP were appointed joint administrators of First Data (Training) (Company Number 02943317) on June 5, 2008. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The company can be reached at: First Data (Training) Newdigate Street Nottingham Nottinghamshire NG7 4FD England Tel: 0115 970 5910 Fax: 0115 970 8047 FORMULA YACHT: Taps Tenon Recovery to Administer Assets ------------------------------------------------------- Robert C. Keyes and Gareth W. Roberts of Tenon Recovery were appointed joint administrators of Formula Yacht Spars Ltd. (Company Number 03855753) on June 3, 2008. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The company can be reached at: Formula Yacht Spars Ltd. Unit 8 Ampress Works Lymington Hampshire SO41 8XN England Tel: 01590 610 063 Fax: 01590 610 066 Web site: http://www.formulayachtspars.co.uk/ GOLDEN KEY: Creditors Ink Restructuring Deal with Goldman Sachs --------------------------------------------------------------- Creditors of Golden Key Ltd. has signed in principle a restructuring agreement with Goldman Sachs International, Helen Power writes for the Telegraph. According to the Telegraph, Goldman Sachs will apply to Golden Key a modified version of the process it is using to restructure Cheyne Finance Plc. The investment bank will also apply the same process to these structured investment vehicles in receivership: * Whistlejacket Capital Ltd., * Rhinebridge Plc, and * Mainsail II. Deloitte & Touche LLP serves as administrator for the collapsed SIVs. The Telegraph relates that Goldman Sachs plans to finalize restructuring terms with the SIVs' creditors this summer. "This has been a complicated process," Neville Kahn of Deloitte told the Telegraph. "Achieving this agreement is the result of a great team effort." About Golden Key Headquartered in London, Golden Key Ltd. is a US$1.6 billion structured investment vehicle Avendis Financial Services Ltd. HARRY IRVING: Brings In Administrators from KPMG ------------------------------------------------ Paul Andrew Flint and Brian Green of KPMG LLP were appointed joint administrators of Harry Irving & Co. Ltd. (Company Number 712852) on June 5, 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: Harry Irving & Co. Ltd. Hi Craft House Sandy Road Liverpool Merseyside L21 1AG England Tel: 0151 928 2487 Fax: 0151 920 0617 HUNTSMAN CORP: Seeks Consummation of Apollo Merger Agreement ------------------------------------------------------------ Huntsman Corporation commented on the lawsuit by Hexion Specialty Chemicals and Apollo in which they claim they would not be required to consummate the Merger Agreement. Peter Huntsman, President and CEO stated, "We believe Hexion and Apollo's actions are inconsistent with the terms of the Merger Agreement and the obligations to Huntsman and its shareholders. These actions appear to be a blatant attempt to deprive our shareholders of the benefits of the Merger Agreement that was agreed to nearly a year ago." Huntsman intends to vigorously enforce all of its rights under the Merger Agreement and seek to consummate the merger on the agreed terms. Huntsman Corp. -- http://www.huntsman.com/-- manufactures and markets differentiated and commodity chemicals. Its operating companies manufacture products for a variety of global industries including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later for rapid and integrated growth in petrochemicals, Huntsman today has 13,000 employees and operates from multiple locations worldwide, including Argentina, Belarus,Japan, Luxembourg, Malaysia, Spain and the United Kingdom, among others. The Company had 2007 revenues of approximately US$10 billion. HUNTSMAN CORP: Moody's Ba3 Rating Under Review and May Downgrade ---------------------------------------------------------------- Moody's Investors Service reiterated that the debt ratings and the corporate family ratings (CFR -- Ba3) for Huntsman Corporation and Huntsman International LLC, a subsidiary of Huntsman remain under review for possible downgrade. This follows the announcement by Hexion Specialty Chemicals and Apollo in which Hexion/Apollo claim they would not be required to consummate the previously announced merger agreement between the two companies. Moody's ongoing review for possible downgrade will also focus on a number of new factors including; (1) the length of time the litigation may take, and (2) the potential cash inflows from settlements, if any, of the litigation and the use of those proceeds to bolster the capital structure. Moody's believes that the magnitudes of any such inflows are subject to great variability due to the presence of the initial lawsuit. However the possible settlements might be in the range of at least US$325 million (a termination fee in the original merger agreement) or even more if Huntsman can successfully establish with the court that damages have been incurred. Moody's will also begin a reassessment of Huntsman's credit profile on a stand alone basis in light of current market conditions and management's future plans to improve pricing, cash flows and the company's credit measures. Moody's notes that many issuers in the chemical industry, including Huntsman, have seen sustained increases in costs for energy, commodity and intermediate feedstocks, and transportation. In specific response to these pressures Huntsman has initiated plans to raise prices for all products, some by as much as 25%, and also impose an energy surcharges across a wide range of products. Moody's reassessment will also focus on the success of these price increases and energy surcharges which will vary by product, in accordance with costs attributed to each product. Huntsman Corporation is a global manufacturer of differentiated and commodity chemical products. Huntsman's products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, durable and non-durable consumer products, electronics, medical, packaging, paints and coatings, power generation, refining and synthetic fiber industries. Huntsman had revenues of US$9.9 billion for the last twelve months ending March 31, 2008. HUNTSMAN CORP: S&P's BB- Rating Remain on Watch Negative -------------------------------------------------------- Standard & Poor's Ratings Services ratings on Salt Lake City, Utah-based Huntsman Corp. (BB-/Watch Neg/--) and Columbus, Ohio- based Hexion Specialty Chemicals Inc. (B/Watch Neg/--) remain on CreditWatch with negative implications, where they were placed on July 5, 2007. The initial placement followed the announcement of Hexion's proposed debt-financed acquisition of Huntsman Corp. in a transaction valued at more than US$10 billion, including assumed debt. The CreditWatch update follows Hexion's filing of a Form 8-K with the SEC and press release indicating that the transaction, which was expected to close this year, is no longer viable based on the proposed highly leveraged capital structure of the combined company. Hexion cites a number of factors supporting this conclusion, including Huntsman's increased net debt and lower than expected earnings, and Hexion's belief that the lenders will not provide the committed financing required to complete the transaction as proposed. Huntsman issued a statement indicating that it will seek to enforce its rights under the merger agreement and to consummate the deal on the agreed terms. "The ongoing CreditWatch indicates that the ratings of both companies remain at risk for downgrades, with or without completing the pending transaction," said Standard & Poor's credit analyst Kyle Loughlin. "The CreditWatch will remain in place until there is further clarity on the prospects for completion of a transaction and after we have conducted a full reassessment of the standalone credit quality of each company." Both companies' financial results have weakened since the time when the transaction was announced, which is consistent with general trends in the chemicals sector that has been plagued by weaker economic conditions and escalating raw material costs. As indicated in our initial comments on the transaction, the proposed acquisition was expected to be very large relative to Hexion's existing operations, and would have resulted in a highly aggressive capital structure for a cyclical company, more than offsetting the expected benefits to the business profile. The transaction would result in a global and highly diversified chemicals producer with over US$16 billion in annual revenue, compared with Hexion's current revenue of about US$6 billion. If completed, the transaction would clearly improve Hexion's business profile given the stronger product mix, better diversification, and less dependency on Hexion's core resins product. However, S&P also noted that Hexion was already highly leveraged at the time of the announcement, with total debt to EBITDA above 5x, and that a debt-financed transaction would further stretch the financial profile, even beyond a level appropriate for Hexion's existing 'B' corporate credit rating. Hexion's financial profile now reflects debt to EBITDA of over 7x, after adjustments including tax-adjusted unfunded employee benefit obligations, and the capitalized present value of operating leases. Similarly, Huntsman's financial profile has deteriorated with negative operating trends in its textile effects and pigments segments. A confluence of weak volumes and substantially higher raw material costs has compressed the company's margins in certain products. Accordingly, Huntsman's financial profile is somewhat weak for its 'BB-' corporate credit rating and remains at risk for a modest downgrade, with last-12-months debt to EBITDA of above 5.0x, including adjustments to reported debt. S&P will resolve the CreditWatch listings after meeting with the management teams to evaluate future strategic plans, business prospects, and financial policies, and the potential that a transaction could still be completed. JOHN STEFANIDIS: Brings In Liquidators from Tenon Recovery ---------------------------------------------------------- T. J. Binyon and S. J. Parker of Tenon Recovery were appointed joint liquidators of John Stefanidis Ltd. on June 3, 2008 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Tenon Recovery Sherlock House 73 Baker Street London W1U 6RD England LANCASHIRE SECURITY: M. C. Bowker Leads Liquidation Procedure ------------------------------------------------------------- M. C. Bowker of Tenon Recovery was appointed liquidator of Lancashire Security Services Ltd. on May 28 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Tenon Recovery Clive House Clive Street Bolton BL1 1ET England MILNER DELVAUX: Taps Liquidators from Baker Tilly ------------------------------------------------- Adrian David Allen of Baker Tilly Restructuring and Recovery LLP and Nigel Millar of Baker Tilly Restructuring and Recovery LLP were appointed joint liquidators of Milner Delvaux Ltd. on June 5, 2008 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Baker Tilly Restructuring and Recovery LLP 2 Whitehall Quay Leeds LS1 4HG England PEARL GROUP: Fitch Withdraws Ratings on Acquisition by Impala ------------------------------------------------------------- Fitch has downgraded Pearl Group Holdings (No 1) Limited's (formerly Resolution plc) GBP500 million 6.5864% innovative tier 1 debt to 'BB-' from 'BBB-'. Fitch has also downgraded the subordinated debt issue of Pearl Group Holdings (No 1) Limited's operating entity Scottish Mutual Assurance Ltd to 'BB+' from 'BBB'. The Long-term Issuer Default ratings of Pearl Group Holdings (No 1) Limited are downgraded to 'BB+' from 'BBB+' and the IDRs of SMA and of the operating entity Scottish Provident Ltd are downgraded to 'BBB-' from 'BBB+'. Fitch has also downgraded the Insurer Financial Strength ratings of SMA and SPL to 'BBB' from 'A-'. All ratings are removed from Rating Watch Negative. Fitch has simultaneously withdrawn all of its ratings for these companies, owing to insufficient information to maintain the ratings following the acquisition of Resolution plc by Impala Holdings Limited, a subsidiary of Pearl Group Limited. The downgrades and withdrawals reflect the lack of publicly available information on Pearl and the refusal of Pearl to share certain rating-critical information with Fitch on an ongoing basis. Fitch understands that a condition of the FSA's approval of the transaction was that "the capital management policies currently in place for the life firms will be maintained", at least until Dec. 31, 2016. However, in the absence of any further details, Fitch continues to believe that Pearl will manage aggressively the capital of Pearl Group Holdings (No 1) Limited, SMA and SPL, to the potential detriment of these companies' credit quality. Pearl has agreed to sell Phoenix Life Assurance Limited and Scottish Provident International Life Assurance Limited, subsidiaries of Pearl Group Holdings (No 1) Limited, to Royal London Mutual Insurance Society (IFS 'A'/Outlook Stable) during 2008. Fitch expects to affirm the IFS 'A' rating of PLAL and remove it from RWN on the completion of this transaction. SMA -- IFS rating downgraded to 'BBB' from 'A-'; off RWN; rating withdrawn. -- Long-term IDR downgraded to 'BBB-' from 'BBB+; off RWN; rating withdrawn. -- Subordinated debt issue downgraded to 'BB+' from 'BBB'; off RWN; rating withdrawn. SPL -- IFS rating downgraded to 'BBB' from 'A-'; off RWN; rating withdrawn. -- Long-term IDR downgraded to 'BBB-' from 'BBB+'; off RWN; rating withdrawn. Pearl Group Holdings (No 1) Limited -- Long-term IDR downgraded to 'BB+' from 'BBB+'; off RWN; rating withdrawn. -- GBP500 million 6.5864% innovative tier 1 debt downgraded to 'BB-' from 'BBB-'; off RWN; rating withdrawn. PLAL -- IFS 'A' rating remains on RWN. POLAR PRINT: Taps Joint Administrators from KPMG ------------------------------------------------ Richard James Philpott and Mark Jeremy Orton of KPMG LLP were appointed joint administrators of Polar Print Group Ltd. (Company Number 1997110) on June 11, 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: Polar Print Group Ltd. 9-17 Tuxford Road Leicester Leicestershire LE4 9TZ England Tel: 0116 274 4700 Fax: 0116 274 4799 ROOM UPSTAIRS: Appoints Joint Administrators from Moore Stephens ---------------------------------------------------------------- Nigel Price and Colin Andrew Prescott of Moore Stephens LLP were appointed joint administrators of Room Upstairs Ltd. (Company Number 01923767) on May 29, 2008. Moore Stephens -- http://www.moorestephens.co.uk-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its U.K. network comprises over 1,400 partners and staff. The company can be reached at: Room Upstairs Ltd. 120 Hagley Road Stourbridge West Midlands DY8 2JD England Tel: 01384 374 717 Fax: 01384 373 554 UK-EURO FASHIONS: Claims Filing Period Ends August 3 ---------------------------------------------------- Creditors of UK-Euro Fashions Ltd. have until Aug. 3, 2008 to detail their names and addresses (and solicitors if applicable) together with particulars of their debts or claims, in writing, or in person, to: Duncan R. Beat Liquidator Tenon Recovery 75 Springfield Road Chelmsford Essex CM2 6JB England Duncan R. Beat of Tenon Recovery was appointed liquidator of the company on June 4, 2008 for the creditors' voluntary winding-up procedure. WHISTLEJACKET CAPITAL: Creditors Ink Deal with Goldman Sachs ------------------------------------------------------------ Creditors of Whistlejacket Capital Ltd. has signed in principle a restructuring agreement with Goldman Sachs International, Helen Power writes for the Telegraph. According to the Telegraph, Goldman Sachs will apply to Whistlejacket a modified version of the process it is using to restructure Cheyne Finance Plc. The investment bank will also apply the same process to these structured investment vehicles in receivership: * Rhinebridge Plc, * Golden Key Ltd., and * Mainsail II. Deloitte & Touche LLP serves as administrator for the collapsed SIVs. The Telegraph relates that Goldman Sachs plans to finalize restructuring terms with the SIVs' creditors this summer. "This has been a complicated process," Neville Kahn of Deloitte told the Telegraph. "Achieving this agreement is the result of a great team effort." About Whistlejacket Capital Whistlejacket Capital Ltd. invests in a portfolio of high quality investment grade securities with a weighted average rating of double A funded by the issuance of A-1+/P-1, AAA/Aaa rated senior debt and investment grade subordinated debt. Deloitte & Touche was appointed receiver for Whistlejacket on Feb. 11, 2008, after the SIV advised that it has breached its capital note Net Asset Value trigger of 50% as a result of a recent fall in the market value of assets. The breach of the NAV trigger is an enforcement event, which requires the security trustee, BNY Corporate, to appoint a receiver to manage Whistlejacket. BOOK REVIEW: Corporate Players: On Working and Winning Together --------------------------------------------------------------- Full Title: Corporate Players: Designs for Working and Winning Together Author: Robert W. Keidel Publisher: Beard Books Paperback: 276 pages List Price: $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 tem 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 * * *