/raid1/www/Hosts/bankrupt/TCREUR_Public/080623.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Monday, June 23, 2008, Vol. 9, No. 121
Headlines
A U S T R I A
ABC AUTOHANDEL: Claims Registration Period Ends July 30
CARRY QUICK: Claims Registration Period Ends June 30
F.GEISSLINGER: Claims Registration Period Ends July 15
KUERT INFORMATION: Claims Registration Period Ends July 7
B U L G A R I A
KREMIKOVTZI AD: Sofia Court Defers Insolvency Ruling to End July
G E R M A N Y
AMBULANTEN MEDIZINISCHEN: Claims Registration Period Ends July 9
APART-HOTEL PREDIGTSTUHL: Claims Registration Period Ends July 9
AT HOTELBETRIEBS: Claims Registration Period Ends July 9
CONDOMI AG: Claims Registration Period Ends August 15
ELEKTRONIK CENTER: Claims Registration Period Ends July 1
F.A.B. BAU: Claims Registration Period Ends July 2
LOSKE RECYCLING: Claims Registration Period Ends July 9
MEY BAU: Claims Registration Period Ends July 8
MK MERTA KEGELSPORT: Claims Registration Period Ends July 2
PROFI-BAUTRAGER GMBH: Claims Registration Period Ends July 8
SANITATSHAUS WEDEL: Claims Registration Period Ends June 30
SCHOENICHEN BAU: Claims Registration Period Ends June 30
SHG SCHWABISCHE: Claims Registration Period Ends June 30
SPEDITION FRIEDRICH: Claims Registration Period Ends July 8
TOREG TONER: Claims Registration Period Ends July 8
TRANSPORTUNTERNEHMEN OESER: Claims Filing Period Ends July 8
TYROS AG: Claims Registration Period Ends August 18
WERKZEUG - MASCHINEN: Claims Registration Period Ends July 7
K A Z A K H S T A N
ABAI AUYLY: Creditors Must File Claims by July 25
AGROSNAB LLP: Claims Deadline Slated for July 25
AVANGARD LLP: Claims Filing Period Ends July 25
CHIM TECH: Creditors' Claims Due on July 29
KAZ INSI: Claims Registration Ends July 25
NTS KURYLYS: Creditors Must File Claims by July 25
PROM CHIM: Claims Deadline Slated for July 25
SEM STROY: Claims Filing Period Ends July 25
VOSTOK CHIM: Creditors' Claims Due on July 25
WEST GROUP-PV: Claims Registration Ends July 29
K Y R G Y Z S T A N
LOTUS-LND LLC: Creditors Must File Claims by July 25
N E T H E R L A N D S
YRC WORLDWIDE: Updates Second Quarter 2008 Earnings Guidance
P O L A N D
AEI: Moody's Rates Proposed US$250MM Sr. Unsecured Notes at B2
R U S S I A
BOGORODSKIY BUTTER: Creditors Must File Claims by July 13
CHERNOZEMYE AGRO: Voronezh Bankruptcy Hearing Slated for Aug. 21
GAS-OIL-TECHNOLOGY: Court Names L. Kiseleva to Manage Assets
IMMOVABLE PROPERTY: Creditors Must File Claims by July 13
INTERLEASING-INVEST: Creditors Must File Claims by July 13
IRKUTSKIY BAKERY: Irkutsk Bankruptcy Hearing Slated for July 24
NOVOCHARYSHSKOE OJSC: Creditors Must File Claims by July 13
NOVOSPASSKIE WALL: Ulyanovsk Bankruptcy Hearing Set August 25
ROAD MARKET: Court Starts Bankruptcy Supervision Procedure
ROSEVROBANK: Moody's Puts B1 Rating to Loan Participation Notes
SEL-KHOZ-PRODUCT: Court Names I. Gorelov as Insolvency Manager
SEVERSTAL OAO: Fitch Hikes IDR to BB with Stable Outlook
VODOLEY LLC: Stavropol Bankruptcy Hearing Slated for August 7
S P A I N
TDA CREDIFIMO 1: S&P Junks Rating on EUR18.7 Million Notes
U K R A I N E
BUILDING SERVICE-COMPANY: Creditors Must File Claim by July 2
PETROLEUM-SERVICE SKP: Creditors Must File Claim by July 2
RENOVATIO LLC: Creditors Must File Claim by July 2
UKRSIBBANK: Fitch Assigns BB- Ratings to US$2 Billion Loans
VAB BANK: Moody's Revises Outlook on B2 Rating to Stable
ZARIA LLC: Creditors Must File Claim by July 2
U N I T E D K I N G D O M
BANTRY BAY: S&P Junks Ratings on 3 Notes Classes; Keeps Watch
CAROLINE KEEBLE: Brings In Liquidators from Vantis
CHRYSLER LLC: S&P Places Ratings on Negative Watch
CLASSICO RURAL: Taps Joint Administrators from KPMG
DA VINCI SYNTHETIC: Fitch Rates EUR15.6 Mln. Class C Loan at BB+
EUGENA: Worsening Market Conditions Prompt Administration
FGIC CORP: Moody's Lowers Ratings to B1; Outlook is Negative
FORD MOTOR: Makes Further Reductions on Truck Production
FORD MOTOR: Moody's Holds B3 Rating But Says Outlook is Negative
FORD MOTOR: S&P Places Ratings on Negative Watch
GENERAL MOTORS: S&P Places Ratings on Negative Watch
IAP WORLDWIDE: S&P Lifts Ratings and Says Outlook is Developing
INCA INTERIORS: Brings In Administrators from Vantis
JBS CONTRACTS: Appoints Begbies Traynor as Administrators
NORTHERN ROCK: Loan Totals GBP19.3Bln Over Summer, UK Gov't Says
POLAR PRINT: Administrators to Sell Business as Going Concern
XL CAPITAL: Moody's Hacks Ratings to B2; Outlook is Negative
* BoE to Play Stronger Role in Preserving Financial Stability
* BOND PRICING: For the Week June 16 to June 20, 2008
*********
=============
A U S T R I A
=============
ABC AUTOHANDEL: Claims Registration Period Ends July 30
-------------------------------------------------------
Creditors owed money by LLC ABC Autohandel (FN 132139y) have
until July 30, 2008, to file written proofs of claim to court-
appointed estate administrator Eva-Maria Bachmann-Lang at:
Dr. Eva-Maria Bachmann-Lang
c/o Dr. Christian Bachmann
Opernring 8
1010 Vienna
Austria
Tel: 512 87 01-Serie
Fax: 513 82 50
E-mail: bachmann.rae@aon.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Aug. 13, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1707
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 27, 2008 (Bankr. Case No. 2 S 63/08i). Christian
Bachmann represents Dr. Bachman-Lang in the bankruptcy
proceedings.
CARRY QUICK: Claims Registration Period Ends June 30
----------------------------------------------------
Creditors owed money by LLC Carry Quick Trans have until
June 30, 2008, to file written proofs of claim to court-
appointed estate administrator Peter Hajek Jun at:
Dr. Peter Hajek Jun
Blumengasse 5
7000 Eisenstadt
Austria
Tel: 02682/63108
Fax: 02682/65640
E-mail: eisenstadt@hbw.co.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on July 14, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Eisenstadt
Hall F
Eisenstadt
Austria
Headquartered in Unterfrauenhaid, Austria, the Debtor declared
bankruptcy on May 27, 2008 (Bankr. Case No. 41 S 23/08g).
F.GEISSLINGER: Claims Registration Period Ends July 15
------------------------------------------------------
Creditors owed money by LLC F.Geisslinger Gastronomie (FN
144314b) have until July 15, 2008, to file written proofs of
claim to court-appointed estate administrator Florian Gehmacher
at:
Dr. Florian Gehmacher
c/o Dr. Matthias Schmidt
Dr. Karl Lueger-Ring 12
1010 Vienna
Austria
Tel: 533 16 95
Fax: 535 56 86
E-mail: gehmacher@preslmayr.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 29, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1606
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 27, 2008 (Bankr. Case No. 4 S 74/08x). Matthias Schmidt
represents Dr. Gehmacher in the bankruptcy proceedings.
KUERT INFORMATION: Claims Registration Period Ends July 7
---------------------------------------------------------
Creditors owed money by LLC Kuert Information Management (FN
251078h) have until July 7, 2008, to file written proofs of
claim to court-appointed estate administrator Georg Kahlig at:
Dr. Georg Kahlig
c/o Mag. Gerhard Stauder
Siebensterngasse 42/3
1070 Vienna
Austria
Tel: 523 47 91-0
Fax: 523 47 91 33
E-mail: kahlig.partner@aon.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 21, 2008, for the
examination of claims.
The meeting of creditors will be held at:
The Trade Court of Vienna
Room 1705
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 27, 2008 (Bankr. Case No. 3 S 55/08w). Gerhard Stauder
represents Dr. Kahlig in the bankruptcy proceedings.
===============
B U L G A R I A
===============
KREMIKOVTZI AD: Sofia Court Defers Insolvency Ruling to End July
----------------------------------------------------------------
The Sofia City Court postponed until the end of July 2008, a
decision on whether to declare Kremikovtzi AD insolvent, Mark
Herlihy writes for Bloomberg News, citing ArcelorMittal vice-
president Volker Schwich.
Mr. Schwich said the postponement would further delay
ArcelorMittal's plan to acquire Kremikovtzi.
As previously reported in the TCR-Europe, ArcelorMittal will
only acquire Kremikovtzi after it is legally declared bankrupt
Arcelor executives met with trade union leaders to show their
plans for Kremikovtzi. Arcelor also submitted its takeover
plan, which proposed a short-term loan for working capital and
wages, to Bulgarian economy minister Petar Dimitrov.
Arcelor was ready to invest US$150 million as working capital
and a further US$30 million for wages. Arcelor then intends to
see through the insolvency proceedings of Kremikovtzi and take
charge of the company after all creditor claims are paid, the
report said.
As previously reported in the TCR-Europe, a Bulgarian court on
April 30, 2008, appointed administrators at Kremikovtzi AD in
relation with the steel mill's deteriorating financial position,
published reports say.
Headquartered in Sofia, Bulgaria, Kremikovtzi AD --
http://www.kremikovtzi.com/-- is a single-site steel producer
in Bulgaria that reported BGN896 million in revenues in 2006.
It explores and produces iron and ore fields.
* * *
Kremikovtzi AD carries Moody's Investors Service corporate
family rating of Caa3 with a developing outlook.
=============
G E R M A N Y
=============
AMBULANTEN MEDIZINISCHEN: Claims Registration Period Ends July 9
----------------------------------------------------------------
Creditors of Ambulanten medizinischen Einrichtungen Finsterwalde
GmbH have until July 9, 2008, to register their claims with
court-appointed insolvency manager Rolf-Dieter Klein.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 13, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Cottbus
Hall 210
platz 2
Cottbus
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Rolf-Dieter Klein
Schillerstrasse 58
03046 Cottbus
Germany
The District Court of Cottbus opened bankruptcy proceedings
against Ambulanten medizinischen Einrichtungen Finsterwalde GmbH
on May 22, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Ambulanten medizinischen Einrichtungen
Finsterwalde GmbH Kirchhainer Strasse 38 a
03238 Finsterwalde
Germany
APART-HOTEL PREDIGTSTUHL: Claims Registration Period Ends July 9
----------------------------------------------------------------
Creditors of Apart-Hotel Predigtstuhl GmbH & Co. KG have until
July 9, 2008, to register their claims with court-appointed
insolvency manager Dr. Josef Scherer.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 21, 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 Straubing
Room 216
Straubing
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. Josef Scherer
Theresienplatz 29
94315 Straubing
Germany
Tel: 09421/3303930
The District Court of Straubing opened bankruptcy proceedings
against Apart-Hotel Predigtstuhl GmbH & Co. KG on May 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Apart-Hotel Predigtstuhl GmbH & Co. KG
Am Predigtstuhl 2
94379 St. Englmar
Germany
AT HOTELBETRIEBS: Claims Registration Period Ends July 9
--------------------------------------------------------
Creditors of AT Hotelbetriebs GmbH have until July 9, 2008, to
register their claims with court-appointed insolvency manager
Mirko Lehnert.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 20, 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 4.310
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:
Mirko Lehnert
Kasinostrasse 9
64293 Darmstadt
Germany
Tel: 06151-3968211
Fax: 06151-3968220
The District Court of Darmstadt opened bankruptcy proceedings
against AT Hotelbetriebs GmbH on May 24, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
AT Hotelbetriebs GmbH
Attn: Ali Toptaner, Manager
Bunsenstrasse 3
64347 Griesheim
Germany
CONDOMI AG: Claims Registration Period Ends August 15
-----------------------------------------------------
Creditors of condomi AG have until Aug. 15, 2008, to register
their claims with court-appointed insolvency manager Joerg
Bornheimer.
Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 17, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Cologne
Meeting Hall 142
First Floor
Luxemburger Strasse 101
50939 Cologne
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Joerg Bornheimer
Sporergasse 7
50667 Cologne
Germany
Tel: 0221-336600
Fax: +4922133660 85
The District Court of Cologne opened bankruptcy proceedings
against condomi AG on June 17, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
condomi AG
Venloer Str. 251
50823 Cologne
Germany
ELEKTRONIK CENTER: Claims Registration Period Ends July 1
---------------------------------------------------------
Creditors of Elektronik Center Krautz GmbH have until
July 1, 2008, to register their claims with court-appointed
insolvency manager Christoph Junker.
Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on July 8, 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 Cottbus
Hall 210
First Floor
Gerichtsplatz 2
03046 Cottbus
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 Junker
Karcherallee 25 a
01277 Dresden
Germany
The District Court of Cottbus opened bankruptcy proceedings
against Elektronik Center Krautz GmbH on June 2, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Elektronik Center Krautz GmbH
Lange Strasse 33
03130 Spremberg
Germany
F.A.B. BAU: Claims Registration Period Ends July 2
--------------------------------------------------
Creditors of F.A.B. Bau GmbH have until July 2, 2008, to
register their claims with court-appointed insolvency manager
Thomas Illy.
Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on July 23, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Offenbach am Main
Hall 166N
First Floor
Kaiserstrasse 16-18 (Gebaude K18)
63065 Offenbach am Main
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Thomas Illy
Taunusanlage 17
D 60325 Frankfurt (Main)
Germany
Tel: 069/979953-0
Fax: 069/979953-99
The District Court of Offenbach am Main opened bankruptcy
proceedings against F.A.B. Bau GmbH on June 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
F.A.B. Bau GmbH
Siemensstr. 9
63071 Offenbach am Main
Germany
LOSKE RECYCLING: Claims Registration Period Ends July 9
-------------------------------------------------------
Creditors of Loske Recycling GmbH have until July 9, 2008, to
register their claims with court-appointed insolvency manager
Michael Krause.
Creditors and other interested parties are encouraged to attend
the meeting at 8:10 a.m. on Aug. 8, 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 Neuruppin
Hall 325
Karl-Marx-Strasse 18a
16816 Neuruppin
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:
Michael Krause
Putlitzer Strasse 30
16928 Pritzwalk
Germany
The District Court of Neuruppin opened bankruptcy proceedings
against Loske Recycling GmbH on May 14, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Loske Recycling GmbH
Dorfstr. 56
16928 Kemnitz
Germany
Attn: Hartmut Loske, Manager
Dorfstr. 56 a
16928 Kemnitz
Germany
MEY BAU: Claims Registration Period Ends July 8
-----------------------------------------------
Creditors of MEY Bau Service GmbH have until July 8, 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 10:30 a.m. on Aug. 19, 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 14
First 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 MEY Bau Service GmbH on June 4, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
MEY Bau Service GmbH
Attn: Esma Yildiz, Manager
Robert-Koch-Strasse 9a
64331 Weiterstadt
Germany
MK MERTA KEGELSPORT: Claims Registration Period Ends July 2
-----------------------------------------------------------
Creditors of MK Merta Kegelsport GmbH have until July 2, 2008,
to register their claims with court-appointed insolvency manager
Alexander Saponjic.
Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on July 17, 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 Landshut
Meeting Hall 8/I
Maximilianstrasse 22-24
Landshut
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:
Alexander Saponjic
Bachstr. 6
84036 Landshut
Germany
Tel: 0871/94321-0
Fax: 0871/94321-50
The District Court of Landshut opened bankruptcy proceedings
against MK Merta Kegelsport GmbH on June 3, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
MK Merta Kegelsport GmbH
Neustadtstr. 54 f
85368 Moosburg
Germany
PROFI-BAUTRAGER GMBH: Claims Registration Period Ends July 8
------------------------------------------------------------
Creditors of Profi-Bautrager GmbH have until July 8, 2008 to
register their claims with court-appointed insolvency manager
Thomas Bandl.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 29, 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 Bielefeld
Meeting Hall 4065
Fourth Floor
Gerichtstr. 6
33602 Bielefeld
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Thomas Bandl
Wasserstr. 14 D
33378 Rheda-Wiedenbrueck
Germany
The District Court of Bielefeld opened bankruptcy proceedings
against Profi-Bautrager GmbH on May 7, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Profi-Bautrager GmbH
Attn: Werner Dreisvogt and Gerd Samp, Managers
Rosenweg 19
33378 Rheda-Wiedenbrueck
Germany
SANITATSHAUS WEDEL: Claims Registration Period Ends June 30
-----------------------------------------------------------
Creditors of Sanitatshaus Wedel GmbH have until June 30, 2008,
to register their claims with court-appointed insolvency manager
Hendrik Rogge.
Creditors and other interested parties are encouraged to attend
the meeting at 11:40 a.m. on Aug. 4, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Pinneberg
Hall 5
First Floor
Bahnhofstrasse 17
25421 Pinneberg
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:
Hendrik Rogge
Haferweg 22
22769 Hamburg
Germany
The District Court of Pinneberg opened bankruptcy proceedings
against Sanitatshaus Wedel GmbH on June 4, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Sanitatshaus Wedel GmbH
Attn: Sven Markus Weller, Manager
Rosengarten 5
22880 Wedel
Germany
SCHOENICHEN BAU: Claims Registration Period Ends June 30
--------------------------------------------------------
Creditors of Schoenichen Bau GmbH & Co.KG have until
June 30, 2008, to register their claims with court-appointed
insolvency manager Rainer Eckert.
Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on July 31, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Leipzig
Hall 145
First Floor
Enforcement Court
Bernhard Goering Strasse 64
04275 Leipzig
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Rainer Eckert
Kathe-Kollwitz-Strasse 9
04109 Leipzig
Germany
Tel: 0341/910470
Fax: 0341/9104710
E-mail: eckert-leipzig@rae-eckert.de
The District Court of Leipzig opened bankruptcy proceedings
against Schoenichen Bau GmbH & Co.KG on June 3, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Schoenichen Bau GmbH & Co.KG
Dorfallee 41
04880 Elsnig
Germany
SHG SCHWABISCHE: Claims Registration Period Ends June 30
--------------------------------------------------------
Creditors of SHG Schwabische Haus & Grund GmbH have until
June 30, 2008, to register their claims with court-appointed
insolvency manager Philipp Grub.
Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 29, 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 Stuttgart
Room 175
Hauffstr. 5 (Am Neckartor)
70190 Stuttgart
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. Philipp Grub
Humboldtstr. 16
70178 Stuttgart
Germany
Tel: 0711/96 68 90
Fax: 0711/96 68 919
The District Court of Stuttgart opened bankruptcy proceedings
against SHG Schwabische Haus & Grund GmbH on June 4, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
SHG Schwabische Haus & Grund GmbH
Grueneisenstr. 10
70184 Stuttgart
Germany
SPEDITION FRIEDRICH: Claims Registration Period Ends July 8
-----------------------------------------------------------
Creditors of Spedition Friedrich u. Gencer GmbH have until
July 8, 2008 to register their claims with court-appointed
insolvency manager Dr. Christoph Schulte-Kaubruegger.
Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on July 29, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Dortmund
Meeting Hall 3.201
Second Floor
Gerichtsplatz 1
44135 Dortmund
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Christoph Schulte-Kaubruegger
Koenigswall 21
44137 Dortmund
Germany
The District Court of Dortmund opened bankruptcy proceedings
against Spedition Friedrich u. Gencer GmbH on May 20, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Spedition Friedrich u. Gencer GmbH
Attn: Manfred Karl Friedrich and Veli Gencer, Managers
Erlenkamp 39
59071 Hamm
Germany
TOREG TONER: Claims Registration Period Ends July 8
---------------------------------------------------
Creditors of TOREG Toner Fachhandels- und Recycling GmbH have
until July 8, 2008 to register their claims with court-appointed
insolvency manager Dr. Bettina E. Breitenbuecher.
Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Aug. 19, 2008, at which time the
insolvency manager will present her first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Dresden
Hall D131
Olbrichtplatz 1
01099 Dresden
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. Bettina E. Breitenbuecher
Nieritzstrasse 14
01097 Dresden
Germany
Web site: http://www.kuebler-gbr.de/
The District Court of Dresden opened bankruptcy proceedings
against TOREG Toner Fachhandels- und Recycling GmbH on June 2,
2008. Consequently, all pending proceedings against the company
have been automatically stayed.
The Debtor can be reached at:
TOREG Toner Fachhandels- und Recycling GmbH
Veteranenstr. 3
01139 Dresden
Germany
Attn: Hans-Guenter Beyer, Manager
Racknitzstr. 12
01069 Dresden
Germany
TRANSPORTUNTERNEHMEN OESER: Claims Filing Period Ends July 8
------------------------------------------------------------
Creditors of Transportunternehmen Oeser GmbH have until July 8,
2008 to register their claims with court-appointed insolvency
manager Tobias Hohmann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Aug. 19, 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 Chemnitz
Hall 27
Fuerstenstrasse 21
09130 Chemnitz
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:
Tobias Hohmann
Hilbersdorfer Strasse 1
09131 Chemnitz
Germany
Tel: (0371) 459 02 35
Fax: (0371) 459 02 38
E-mail: chemnitz@floetherwissing.de
The District Court of Chemnitz opened bankruptcy proceedings
against Transportunternehmen Oeser GmbH on May 26, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Transportunternehmen Oeser GmbH
Attn: Enrico Oeser, Manager
Muehlenstrasse 4
09579 Gruenhainichen
Germany
TYROS AG: Claims Registration Period Ends August 18
---------------------------------------------------
Creditors of Tyros AG Finanzdienstleistungen have until
Aug. 18, 2008, to register their claims with court-appointed
insolvency manager Hendrik Rogge.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Sept. 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 Hamburg
Hall B 405
Fourth Floor
Civil Justice Bldg.
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:
Hendrik Rogge
Haferweg 22
22769 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against Tyros AG Finanzdienstleistungen on June 18, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Tyros AG Finanzdienstleistungen
Roedingsmarkt 16
20459 Hamburg
Germany
WERKZEUG - MASCHINEN: Claims Registration Period Ends July 7
------------------------------------------------------------
Creditors of Werkzeug - Maschinen - Vertriebs GmbH have until
July 7, 2008 to register their claims with court-appointed
insolvency manager Karl Kasser.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 5, 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 Passau
Meeting Hall 6
Ground Floor
Schustergasse 4
Passau
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 Kasser
Rathausgasse 5
94481 Grafenau
Germany
Tel: 08552/1066-7
Fax: 08552/4717
The District Court of Passau opened bankruptcy proceedings
against Werkzeug - Maschinen - Vertriebs GmbH on June 6, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Werkzeug - Maschinen - Vertriebs GmbH
Oberndorf 21
94065 Waldkirchen
Germany
===================
K A Z A K H S T A N
===================
ABAI AUYLY: Creditors Must File Claims by July 25
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Abai Auyly insolvent on April 23, 2008.
Creditors have until July 25, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Kyzylorda
Abai ave. 48
Kyzylorda
Kazakhstan
Tel: 8 (72422) 23-56-11
AGROSNAB LLP: Claims Deadline Slated for July 25
------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Agrosnab insolvent.
Creditors have until July 25, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
5 Dekabrya Str. 1/1
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
Tel: 8 705 833 82-69
AVANGARD LLP: Claims Filing Period Ends July 25
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Avangard insolvent.
Creditors have until July 25, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Karaganda
Cheremhovsky Str. 8a
Karaganda
Kazakhstan
CHIM TECH: Creditors' Claims Due on July 29
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Chim Tech insolvent on May 12, 2008.
Creditors have until July 29, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Almaty
Tereshkov Str. 10
Otenai
Almaty
Kazakhstan
Tel: 8 (7282) 22-90-39
7 701 362 50-46
KAZ INSI: Claims Registration Ends July 25
------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Kaz Insi 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
NTS KURYLYS: Creditors Must File Claims by July 25
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP NTS Kurylys Consulting KB-405 insolvent.
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
PROM CHIM: Claims Deadline Slated for July 25
---------------------------------------------
The Tax Committee of Almaty has ordered the compulsory
liquidation of LLP Prom Chim Impex (RNN 090400219852).
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
SEM STROY: Claims Filing Period Ends July 25
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Sem Stroy Teplo Service insolvent.
Creditors have until July 25, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Satpayev ave. 22/1-56
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
Tel: 8 (7232) 62-26-83
8 777 261 87-27
VOSTOK CHIM: Creditors' Claims Due on July 25
---------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Vostok Chim Complex insolvent.
Creditors have until July 25, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Satpayev ave. 22/1-56
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
Tel: 8 (7232) 62-26-83
8 777 261 87-27
WEST GROUP-PV: Claims Registration Ends July 29
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP West Group-PV insolvent on May 12, 2008.
Creditors have until July 29, 2008, to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Almaty
Tereshkov Str. 10
Otenai
Almaty
Kazakhstan
Tel: 8 (7282) 22-90-39
7 701 362 50-46
===================
K Y R G Y Z S T A N
===================
LOTUS-LND LLC: Creditors Must File Claims by July 25
----------------------------------------------------
LLC Lotus-LND has declared insolvency. Creditors have until
July 25, 2008 to submit written proofs of claim.
Inquiries can be addressed to (0-543) 08-43-11, (0-517) 24-94-
57.
=====================
N E T H E R L A N D S
=====================
YRC WORLDWIDE: Updates Second Quarter 2008 Earnings Guidance
------------------------------------------------------------
YRC Worldwide Inc. last week updated second quarter 2008
earnings guidance to a range of US$0.55 to US$0.65 per share,
which now includes net curtailment gains of US$0.34 per share
and a charge for a significant accident of US$0.09 per share.
Excluding the curtailment gains and the accident charge, second
quarter 2008 earnings from core operations are expected to be
consistent with previously issued guidance of US$0.30 to US$0.40
per share.
"Our operational execution has been strong, and we are building
momentum in spite of the challenging environment," stated Bill
Zollars, Chairman, President and CEO of YRC Worldwide. "The
cost of fuel creates macroeconomic concerns as we look forward.
However, of those areas within our control, we remain confident
that we are on the right track to enhance customer value as we
implement network improvements at the National companies,
increase the efficiency and profitability of the Regional
companies and execute solidly at YRC Logistics," Zollars
continued.
The net curtailment gains relate to changes in certain
retirement plans as the company continues its progress toward a
common employee benefits platform across its multiple operating
units.
About YRC Worldwide
YRC Worldwide Inc. (Nasdaq: YRCW) -- http://www.yrcw.com/-- is
the holding company for a portfolio of successful brands
including Yellow Transportation, Roadway, Reimer Express, YRC
Logistics, New Penn, USF Holland, USF Reddaway, and USF Glen
Moore. The enterprise provides global transportation services,
transportation management solutions and logistics management.
The portfolio of brands represents a comprehensive array of
services for the shipment of industrial, commercial and retail
goods domestically and internationally. Headquartered in
Overland Park, Kansas, YRC Worldwide employs approximately
60,000 people.
The company has subsidiaries in Bermuda, the United Kingdom,
Netherlands, Singapore, Hong Kong and Mexico.
* * *
As reported in the Troubled Company Reporter on April 29, 2008,
Standard & Poor's Ratings Services affirmed its ratings on YRC
Worldwide Inc., including the 'BB' corporate credit rating, and
removed the ratings from CreditWatch, where they had been placed
with negative implications on Feb. 21, 2008. The outlook is
negative. The ratings had been placed on CreditWatch because of
heightened concerns over the company's refinancing risk,
earnings performance, and liquidity position over the next year,
given the slowing U.S. economy and continuing pressures in the
trucking sector.
===========
P O L A N D
===========
AEI: Moody's Rates Proposed US$250MM Sr. Unsecured Notes at B2
--------------------------------------------------------------
Moody's Investors Service has affirmed the B1 Corporate Family
Rating for AEI and assigned a B2 rating to AEI's proposed
issuance of US$250MM senior unsecured notes due in 2018. In
addition, Moody's has affirmed AEI's senior secured credit
facilities rating of Ba3. The outlook remains stable.
The rating affirmations reflect Moody's expectation that AEI
will use the proceeds from the proposed offering for debt
repayment and to fund new investment opportunities. The notes
are expected to be issued in late June 2008. The B2 rating for
the notes reflect their low tier standing as the new unsecured
notes are contractually subordinated to a much larger issue of
US$968MM senior secured bank term loans due in March of 2014 and
US$500MM of senior secured bank revolving facilities due in
March 2012.
The rating for the senior unsecured notes was determined using
Moody's Loss Given Default model. Based on AEI's B1 Corporate
Family Rating and Probability of Default Ratings of B1, and as a
result of the small size of the proposed offering relative to
the existing senior secured facilities, the LGD model would
suggest a rating of B3. The B2 rating assigned reflects Moody's
understanding that over time, the company intends to shift its
parent company debt more toward senior unsecured notes and to
reduce the percentage of secured credit facilities in its
capital structure. The rating also reflects Moody's view, based
on the diversity of AEI's portfolio and the moderate amount of
leverage currently employed at the operating companies, that in
a default scenario and possible sale of individual operating
companies that there would likely be excess collateral available
to the senior unsecured note holders.
AEI's B1 CFR also reflects its moderately leveraged consolidated
capital structure and the structural subordination of its parent
level recourse debt to a significant amount of non-recourse debt
at its operating companies. Moody's views the structural
subordination constraints as somewhat mitigated by the
diversification provided by AEI's operating subsidiaries and by
the stable and predictable cash flows provided by operations in
various other countries, including Colombia, Guatemala,
Dominican Republic, Poland, Turkey and the Philippines, in
addition to Brazil. Moody's notes, however, the company is
still in the early stages of its formation and is considering
making additional investments in countries such as China and
Peru, in which they have recently entered and have a limited
operating history.
Over the forecast horizon, we expect AEI to generate positive
free cash flow and to maintain consolidated FFO to debt coverage
of approximately 20%. The company's ratio of consolidated debt
to total capitalization is currently about 59% and is projected
to increase slightly as we expect the company will begin some
greenfield construction projects. A number of the company's key
projects are also currently lightly levered at the operating
company level. Under reasonable scenarios the company could
withstand the nationalization of other projects without a
materially adverse effect on the parent's credit profile, as
long as they are not a primary source of cash reliance for AEI's
debt service requirements and investment needs and the company
is able to at least recover its costs.
We also note that approximately 45% of the AEI's 2007 cash
received from subsidiaries were supported by businesses with
revenues that are either US dollar denominated or US dollar-
linked, which m itigates to some degree the volatility of
currency risk. Additionally, the liquidity position at both the
group and parent level is adequate, sustained by strong
operating cash flows at the operating company level, the
aggregate US$500 million revolving credit facility, and cash on
hand.
Ratings/Assessments assigned:
AEI
-- Senior Unsecured Notes due in 2018—B2 (LGD5, 75%)
Ratings affirmed/Assessments revised:
AEI
-- Corporate Family Rating -- B1
-- Probability of Default Rating -- B1
-- Senior secured credit facilities -- Ba3 (LGD3, 34%)
Incorporated in the Cayman Islands, AEI is an international
holding company of investment interests in a globally
diversified portfolio of 37 companies that engage in natural gas
distribution, transportation, and services; power generation and
distribution, and retail fuel. AEI's businesses are located
within 19 countries, which are primarily speculative grade
emerging market economies. In aggregate, the group's power
infrastructure serves the power needs of approximately 6 million
customers worldwide. A wholly owned subsidiary of AEI, AEI
Services LLC has offices in Houston, TX.
===========
R U S S I A
===========
BOGORODSKIY BUTTER: Creditors Must File Claims by July 13
---------------------------------------------------------
Creditors of OJSC Bogorodskiy Butter Making Mill (TIN
4304000169) have until July 13, 2008, to submit proofs of claim
to:
V. Bushmanova
Insolvency Manager
Volodarskogo Str. 145a
610002 Kirov
Russia
The Arbitration Court of Kirov commenced bankruptcy proceedings
agains the company after finding it insolvent. The case is
docketed under Case No. A28-361/07-262/19.
The Court is located at:
The Arbitration Court of Kirov
K-Libknekhta Str. 102
610017 Kirov
Russia
The Debtor can be reached at:
OJSC Bogorodskiy Butter Making Mill
Sovetskaya Str. 4
Bogorodskoe
Kirov
Russia
CHERNOZEMYE AGRO: Voronezh Bankruptcy Hearing Slated for Aug. 21
----------------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:00 a.m. on
Aug. 21, 2008, to hear the bankruptcy supervision procedure on
LLC Chernozemye Agro (TIN 3621005007). The case is docketed
under Case No. A14-2134-2008/17/7?.
The Temporary Insolvency Manager is:
O. Trubitsyn
Apt. 63
Shishkova Str. 75
394068 Voronezh
Russia
The Court is located at:
The Arbitration Court of Voronezh
Room 606
Srednemoskovskaya Str. 77
Voronezh
Russia
The Debtor can be reached at:
LLC Chernozemye Agro
Bolshoy Martyn
Paninskiy
Voronezh
Russia
GAS-OIL-TECHNOLOGY: Court Names L. Kiseleva to Manage Assets
------------------------------------------------------------
The Arbitration Court of Samara appointed L. Kiseleva as
Insolvency Manager for CJSC Gas-Oil-Technology (TIN 6325015900).
He can be reached at:
L. Kiseleva
Post User Box 93
446020 Syzran
Russia
The Court commenced bankruptcy proceedings agains the company
after finding it insolvent. The case is docketed under Case No.
A55-12753/2007.
The Court is located at:
The Arbitration Court of Samara
Avrory Str. 148
443045 Samara
Russia
The Debtor can be reached at:
CJSC Gas-Oil-Technology
Mira Str. 2
Syzran
Samara
Russia
IMMOVABLE PROPERTY: Creditors Must File Claims by July 13
---------------------------------------------------------
Creditors of LLC Immovable Property (TIN 6407900542) have until
July 13, 2008, to submit proofs of claim to:
R. Perepletov
Insolvency Manager
Post User Box 1531
410000 Saratov
Russia
The Arbitration Court of Saratov commenced bankruptcy
proceedings agains the company after finding it insolvent. The
case is docketed under Case No. A-57-23731/07-8.
The Court is located at:
The Arbitration Court of Saratov
Babushkin Vvoz 1
Saratov
Russia
The Debtor can be reached at:
LLC Immovable Property
Minskaya Str. 9
Balakovo
Saratov
Russia
INTERLEASING-INVEST: Creditors Must File Claims by July 13
----------------------------------------------------------
Creditors of CJSC Interleasing-Invest have until July 13, 2008,
to submit proofs of claim to:
A. Kalashnikov
Insolvency Manager
Post User Box 272
355003 Stavropol
Russia
The Arbitration Court of Stavropol commenced bankruptcy
proceedings agains the company after finding it insolvent. The
case is docketed under Case No. A63-1879/08-S5-11.
The Court is located at:
The Arbitration Court of Stavropol
Mira Str. 4586
Stavropol
Russia
The Debtor can be reached at:
CJSC Interleasing-Invest
Krasnoflotskaya Str. 66
Stavropol
Russia
IRKUTSKIY BAKERY: Irkutsk Bankruptcy Hearing Slated for July 24
---------------------------------------------------------------
The Arbitration Court of Irkutsk wll convene at 10:00 a.m. on
July 24, 2008, to hear the bankruptcy supervision procedure on
CJSC Irkutskiy Bakery (TIN 3811063832). The case is docketed
under Case No. A19-1439/08-8.
The Temporary Insolvency Manager is:
S. Vinogradov
Post User Box 267
664058 Irkutsk
Russia
The Court is located at:
The Arbitration Court of Irkutsk
Room 303
Gagarina Avenue 70
664025 Irkutsk
Russia
The Debtor can be reached at:
CJSC Irkutskiy Bakery
2 Batareynaya Str. 49
664037 Irkutsk
Russia
NOVOCHARYSHSKOE OJSC: Creditors Must File Claims by July 13
-----------------------------------------------------------
Creditors of OJSC Novocharyshskoe have until July 13, 2008, to
submit proofs of claim to:
V. Zorin
Insolvency Manager
Post User Box 4608
Barnaul
656049 Altay
Russia
The Arbitration Court of Altay commenced bankruptcy proceedings
agains the company after finding it insolvent. The case is
docketed under Case No. A03-9928/07-B.
The Debtor can be reached at:
OJSC Novocharyshskoe
Oktyabrskaya Str. 11
Trusovo
658324 Kurinskiy
Russia
NOVOSPASSKIE WALL: Ulyanovsk Bankruptcy Hearing Set August 25
-------------------------------------------------------------
The Arbitration Court of Ulyanovsk will convene at 9:00 a.m. on
Aug. 25, 2008, to hear the bankruptcy supervision procedure on
OJSC Novospasskie Wall Papers. The case is docketed under Case
No. A53-1024/2008-S1-21.
The Court is located at:
The Arbitration Court of Ulyanovsk
Zheleznodorozhnaya Str. 14
432063 Ulyanovsk
Russia
The Debtor can be reached at:
OJSC Novospasskie Wall Papers
Fabrichnye Vyselki
Novospasskiy
433870 Ulyanovsk
Russia
ROAD MARKET: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
supervision procedure on LLC Road Market. The case is docketed
under Case No. A75-1247/2008.
The Temporary Insolvency Manager is:
I. Zhane
Energetikov Str. 6-2
Surgut
628400 Tyumen
Russia
The Court is located at:
The Arbitration Court of Khanty-Mansiyskiy
Lenina Str. 54/1
Khanty-Mansiysk
Russia
The Debtor can be reached at:
LLC Road Market
Stroiteley Str. 7a
Surgutskiy
Tyumen
Russia
ROSEVROBANK: Moody's Puts B1 Rating to Loan Participation Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a rating of B1 to the
Loan Participation Notes ("LPNs") issued on a limited recourse
basis by Rosevro Finance Limited for the sole purpose of funding
a loan to Russia's Rosevrobank. The amount of the issue is
US$80 million. The total amount of LPNs that could be issued
under the programme is US$500 million. The outlook for the
rating is stable.
The holders of the notes will rely for repayment solely and
exclusively on the ability of Rosevrobank to make payments under
the loan agreement. Rosevrobank is currently rated B1/Not Prime
for long- and short-term foreign and local currency deposits,
and E+ for financial strength. All of Rosevrobank's ratings
carry a stable outlook.
The obligations of Rosevrobank to make payments under the loan
agreement will rank at all times at least pari-passu with the
claims of all other unsecured creditors of the borrower, except
for those whose claims are given preference under bankruptcy,
insolvency, liquidation or similar laws of general application.
Moody's notes that Russia is, in general, a country that gives
preference to individual depositors, hence potentially reducing
the recovery rates for bondholders, especially if such
individual deposits were to represent a sizeable proportion of
the bank's liabilities in the event of liquidation.
According to the terms and conditions of the loan agreement,
Rosevrobank shall maintain full compliance with prudential
supervisory ratios and other requirements of the Central Bank of
Russia. The bank must also comply with a number of other
covenants such as negative pledge and limitations on any
reorganisation, disposals and transactions with affiliates.
The loan agreement, the LPNs and the trust deed will be governed
by, and construed in accordance with, English law, and the
courts of England will have exclusive jurisdiction to settle any
dispute arising from or connected with the loan agreement.
Headquartered in Moscow, Rosevrobank reported total consolidated
assets of US$2.104 billion in accordance with IFRS as at
December 31, 2007. Rosevro Finance Limited is a special purpose
vehicle domiciled in Cyprus that was established for this
transaction.
SEL-KHOZ-PRODUCT: Court Names I. Gorelov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Stavropol appointed I. Gorelov as
Insolvency Manager for CJSC Sel-Khoz-Product. He can be
reached at:
I. Gorelov
Office 525
Lenina Str. 392
355003 Stavropol
Russia
The Court commenced bankruptcy proceedings agains the company
after finding it insolvent. The case is docketed under Case No.
A63-1437/2008-S5-11.
The Court is located at:
The Arbitration Court of Stavropol
Mira Str. 4586
Stavropol
Russia
The Debtor can be reached at:
CJSC Sel-Khoz-Product
Stavropol
Russia
SEVERSTAL OAO: Fitch Hikes IDR to BB with Stable Outlook
--------------------------------------------------------
Fitch Ratings has upgraded OAO Severstal's Long-term Issuer
Default and senior unsecured ratings to 'BB' from 'BB-', and its
National Long-term rating to 'AA-(rus)' from 'A+(rus)'.
Following the upgrade, the Outlooks on the Long-term IDR and
National Long-term rating are now Stable. At the same time,
Severstal's Short-term IDR is affirmed at 'B'.
This upgrade reflects Severstal's continued adherence to its
stated corporate governance practices over the past 12 months,
and indications (including from discussions with independent
members of the company's board) of positive developments in day-
to-day corporate governance practices. On April 20, 2007, Fitch
had revised the Outlook to Positive from Stable following the
company's implementation of various corporate governance
improvements following its IPO in later 2006; however, at that
time it had noted the lack of a long track record of adherence
to these new policies.
Severstal's ratings continue to be underpinned by the strong
operational profile of its core Russian operations which benefit
from significant scale, a higher value-added product mix and
self-sufficiency in key steel-making raw materials. Over the
past five years Severstal has expanded its presence in
international markets with significant investments in Western
Europe and the US. Fitch recognizes the benefits of enhanced
scale, and geographic and product diversification which this
strategy has provided. However, despite the implementation of
cost-cutting and operational efficiency programs, the company
has struggled to improve the performance of the assets under its
Severstal North America division. In fiscal year ending 2007
this division generated an EBITDA margin of only 1.2% (although
this was in part due to the planned reline of one of its blast
furnaces). Results from these operations are expected to
improve significantly in 2008, and based on Fitch estimates are
likely to increase to an EBITDA margin of approximately 10%.
The ratings also reflect Severstal's continuing high
profitability relative to international peers' (fiscal year
ending 2007 consolidated EBITDAR margin of 24%) - albeit lower
in percentage terms than domestic Russian peers such as NLMK
('BB+'/'B'/Stable) and MMK ('BB'/'B'/Stable). They also factor
in Severstal's conservative capital structure with an average
adjusted net leverage over the past four years of 0.3x per
annum. Fitch believes that Severstal's management remains
committed to prudent financial policies. Further bolt-on
acquisitions to the company's international operations are,
however, likely to see leverage rise above historical levels,
although this is expected to remain consistent with the 'BB'
rating level. Over the next 12-18 months, a strong demand-and-
price environment for steel within Russia should continue to
support Severstal's overall financial profile. However, rising
input costs, including for energy and labour, are likely to
limit margin improvement.
Liquidity at end of first quarter of 2008 remained healthy with
US$2.4 billion of cash and equivalents, plus approximately
US$1.4 billion of unused credit lines. Liquidity should remain
strong for 2008 despite recent announced acquisitions (e.g.
Sparrows Point), with on-balance sheet cash of around US$1
billion, based on Fitch forecasts.
The Stable Outlook reflects Fitch's view that Severstal's scale,
diversification and the low-operating cost position of its core
Russian operations will enable the company to maintain operating
margins and a capital structure that are commensurate with its
ratings.
Severstal is the largest vertically integrated steel producer in
Russia by volume (including production at its international
facilities) with crude steel production of 17.5 million tonnes
in 2007. For fiscal year ending 2007 the company generated
revenues of US$15.2 billion, EBITDAR of US$3.7 billion and had
an adjusted net leverage (adj. net debt/EBITDAR) of 0.3x.
VODOLEY LLC: Stavropol Bankruptcy Hearing Slated for August 7
-------------------------------------------------------------
The Arbitration Court of Stavropol will convene at 11:00 a.m. on
Aug. 7, 2008, to hear the bankruptcy supervision procedure on
LLC Vodoley. The case is docketed under Case No. A63-2321/
2008-S5-7.
The Temporary Insolvency Manager is:
A. Veshkurtsev
Office 525
Floor 5
Lenina Str. 392
355000 Stavropol
Russia
The Court is located at:
The Arbitration Court of Stavropol
Mira Str. 4586
Stavropol
Russia
The Debtor can be reached at:
LLC Vodoley
Kochubeevskoe
Stavropol
Russia
=========
S P A I N
=========
TDA CREDIFIMO 1: S&P Junks Rating on EUR18.7 Million Notes
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the mortgage-backed floating-rate notes to be
issued by TDA CREDIFIMO 1, Fondo de Titulizacion de Activos.
In this transaction, the originator— Credifimo, E.F.C., S.A.U.
(Credifimo)—will securitize part of its growing residential
mortgage-lending book. The loans, mainly originated in
Catalonia, Andalucía, and Madrid are secured by first-ranking
liens, with a small percentage of loans in the pool secured by
second-ranking liens (1.65%).
The credit enhancement is adequate for the preliminary ratings.
The cash reserve (which will be fully funded at the issue date)
and the excess spread of the pool will be available to cover any
interest or principal shortfalls.
There will be an interest rate cap agreement, which will
partially mitigate the risk of an increase in interest rates.
Rating List
TDA CREDIFIMO 1, Fondo de Titulizacion de Activos
EUR343.7 Million Mortgage-Backed Floating-Rate Notes
Class Prelim. Rating Prelim. Amount
----- -------------- --------------
A AAA EUR264,800,000
B A- EUR24,400,000
C BBB EUR19,500,000
D BB EUR16,300,000
E CCC- EUR18,700,000
=============
U K R A I N E
=============
BUILDING SERVICE-COMPANY: Creditors Must File Claim by July 2
-------------------------------------------------------------
Creditors of LLC Building Service-Company (code EDRPOU 34046493)
have until July 4, 2008 to submit proofs of claim to:
The Economic Court of Kiev
Komintern Str. 16
01032 Kiev
Ukraine
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on May 27, 2008.
The case is docketed as B2/013-08.
The Debtor can be reached at:
LLC Building Service-Company
Soviet Str. 29-A
Tarasovka
Belaya Tserkov District
09166 Kiev
Ukraine
PETROLEUM-SERVICE SKP: Creditors Must File Claim by July 2
----------------------------------------------------------
The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent on May 12, 2008.
The case is docketed as 3/138-b.
Creditors of LLC Science-Production Enterprise Petroleum-Service
SKP (code EDRPOU 33320899) have until July 4, 2008 to submit
proofs of claim to:
The Economic Court of Zhytomir
Putiatinskiy Square 3/65
10014 Zhytomir
Ukraine
The Debtor can be reached at:
LLC Science-Production Enterprise Petroleum-Service SKP
Aviatsionnaya Str. 64
Ozernoye
Zhytomir District
Zhytomir
Ukraine
RENOVATIO LLC: Creditors Must File Claim by July 2
--------------------------------------------------
Creditors of LLC Renovatio (code EDRPOU 35258519) have until
July 4, 2008 to submit proofs of claim to:
The Economic Court of Zaporozhje
Shaumiana Str. 4
69001 Zaporozhje
Ukraine
The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
May 21, 2008. The case is docketed as 19/107/08.
The Debtor can be reached at:
LLC Renovatio
Inzhenerny Square 1/518
69065 Zaporozhje
Ukraine
UKRSIBBANK: Fitch Assigns BB- Ratings to US$2 Billion Loans
-----------------------------------------------------------
Fitch Ratings has assigned Ukrainian MTN Finance Plc's upcoming
US$2 billion LPN program an expected Long-term 'BB-' rating for
notes with maturities in excess of one year and an expected
Short-term 'B' rating for notes with maturities of less than one
year. The notes are to be used solely for financing loans to
Ukraine's Joint-Stock Commercial Innovation Bank "UkrSibbank"
(Long-term Issuer Default 'BB-' with Stable Outlook, Short-term
IDR 'B', Long-term local currency IDR 'BB', Individual 'D',
Support '3' and National Long-term 'AAA(ukr)' with Stable
Outlook). At the same time, Fitch has assigned an expected
'BB-' rating to the program's upcoming Series 1 issue. Fitch
understands that the issue is expected to be a senior bond
maturing in excess of one year.
The final ratings of the program and the issue are contingent
upon the receipt of final documentation conforming materially to
information already received.
Ukrainian MTN Finance Plc, a UK-domiciled special purpose
vehicle, will only pay noteholders principal and interest
received from UkrSib. Issues under the program will be rated
separately. The SPV's claims under the loan agreement will rank
at least equally with the claims of other senior unsecured
creditors of UkrSib, save those whose claims are preferred by
any bankruptcy, insolvency, liquidation or similar laws of
general application. Under Ukrainian law, the claims of retail
depositors rank above those of other senior unsecured creditors.
At end of 2007, retail deposits and current accounts made up 19%
of UkrSib's total liabilities, according to the bank's audited
IFRS accounts.
The program stipulates that the SPV may enter into a swap
agreement should notes be issued in currency other than US$.
Fitch notes that in the case of default by a swap counterparty,
noteholders bear foreign exchange risk. The Series 1 issue is
not expected to contain a swap arrangement.
The agreement contains a number of covenants, including the
bank's full compliance with capital adequacy requirements of the
National bank of Ukraine, with the minimum regulatory capital
ratio currently being 10%. Importantly, the noteholders will
have a put option should BNP Paribas and its subsidiaries cease
to own, in aggregate, in excess of 50% of voting shares of
UkrSib.
According to the National bank of Ukraine, UkrSib was the third-
largest bank by assets at end on 2007. UkrSib is a universal
bank, focusing on corporate, retail and investment banking. The
bank operates the fourth-largest nationwide branch network,
consisting of over 1,000 banking units and outlets. A
controlling 51% stake is held by France-based BNP Paribas (Long-
term IDR 'AA' with Stable Outlook, Short-term IDR 'F1+',
Individual 'A/B', Support '1' and Support Rating floor 'A-'),
with the remaining 49% controlled by two Ukrainian shareholders,
Oleksandr Yaroslavskyy and Ernest Galiyev, who also own several
large industrial enterprises in the country.
VAB BANK: Moody's Revises Outlook on B2 Rating to Stable
--------------------------------------------------------
Moody's Investors Service changed to stable from positive the
outlook on the bank's B2 long-term local and foreign currency
deposit and debt ratings of VAB Bank, whilst VAB's E+ financials
strength rating and Not Prime short-term local and foreign
currency deposit ratings were affirmed. Concurrently, Moody's
affirmed the bank's long-term national scale rating of A1.ua.
The NSR carries no specific outlook.
According to Moody's, the B2/Not Prime/E+ global scale ratings
reflect VAB's global default and loss expectation, while the
A1.ua NSR reflects the standing of the bank's credit quality
relative to its domestic peers.
The reversal of outlook to stable reflects the deterioration in
the bank's profitability and efficiency indicators over the last
year due to substantial once off retail developing costs, as
well as lower than expected progress in improving the market
positions in some customer segments. Although the bank's
investment into regional and segmental diversification of its
business profile could bring greater economies of scale and
scope Moody's does not expect VAB's performance to strengthen
significantly in short-to-medium term, especially taking into
account further infrastructure improvement costs and tightening
price competition in the Ukrainan banking market -- the latter
could also potentially lead to some erosion of the bank's market
position. The bank's outlook on debt and deposit ratings was
originally changed to positive on 4 May 2007 following the
implementation of JDA/BFSR methodologies for Ukrainian banks.
A change of outlook on VAB's global scale ratings to positive
may be driven by the reversal of the reduction in the bank's
profitability and efficiency indicators, and if the bank manages
to keep its capitalisation as well as asset quality sound going
forward together with gradual improvements in its franchise.
This could happen, inter alia, if the implementation of risk
management and IT solutions was successful to reduce the costs
of operations and further investments were to be more controlled
in connection with respective revenue streams.
Headquartered in Kyiv (Ukraine), as at Dec. 31, 2007, VAB Bank
reported IFRS consolidated total assets of US$1.22 billion
(includes balances of start-up subsidiaries operating in
financial services segments) and net loss amounted to US$2.8
million for the year then ended, while at the same time the bank
demonstrated stand-alone IFRS total assets of US$1.21 billion as
at year-end 2007 and net income of US$1.8 million for 2007.
ZARIA LLC: Creditors Must File Claim by July 2
----------------------------------------------
Creditors of Agricultural LLC Zaria (code EDRPOU 00697366) have
until July 4, 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 15, 2008.
The case is docketed as 27/214B.
The Debtor can be reached at:
Agricultural LLC Zaria
Lenin Str. 1
Malinovka
Slaviansk District
84187 Donetsk
Ukraine
===========================
U N I T E D K I N G D O M
===========================
BANTRY BAY: S&P Junks Ratings on 3 Notes Classes; Keeps Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered and kept on
CreditWatch with negative implications its credit ratings on the
class A-1, A-2, and A-3 notes issued by Bantry Bay CDO I PLC.
The class B, C, and D notes remain on CreditWatch negative.
Bantry Bay CDO I closed on May 3, 2007 and is a static
collateralized debt obligation of CDOs transaction.
The underlying portfolio has experienced negative rating
migration, as it contains U.S. CDOs of ABS that have been placed
on CreditWatch negative and/or have had their ratings lowered.
This has led to an increase in the scenario default rates we
assume for different rating scenarios.
The rating actions also reflect revisions to our recovery rate
assumptions for certain CDOs.
The revision has led to a significant fall in the tranches'
breakeven default rates(BDRs), as estimated in our cash flow
analysis. As a result, current credit enhancement is not
sufficient to support existing ratings levels.
On Dec. 14, 2007, all rated notes were placed on CreditWatch
negative to reflect the credit deterioration being experienced
in the underlying portfolio. The CreditWatch placements were
resolved and all the rated notes were downgraded on Dec. 31,
2007.
On April 15, 2008, the notes were downgraded further due to
ongoing credit deterioration in the underlying portfolio.
Ratings List
Ratings Lowered And Remaining On CreditWatch Negative
Rating
------
Class To From
----- -- ----
A-1 CCC/Watch Neg BBB/Watch Neg
A-2 CCC-/Watch Neg BB-/Watch Neg
A-3 CCC-/Watch Neg CCC+/Watch Neg
Ratings Remaining On CreditWatch Negative
Class Rating
----- ------
B CCC-/Watch Neg
C CCC-/Watch Neg
D CCC-/Watch Neg
CAROLINE KEEBLE: Brings In Liquidators from Vantis
--------------------------------------------------
Julie Anne Kinnison and Christopher David Stevens of Vantis
Business Recovery Services were appointed joint liquidators of
Caroline Keeble Ltd. on June 11 for the creditors' voluntary
winding-up proceeding.
The joint liquidators can be reached at:
Vantis Business Recovery Services
Southfield House
11 Liverpool Gardens
Worthing
West Sussex
BN11 1RY
England
CHRYSLER LLC: S&P Places Ratings on Negative Watch
--------------------------------------------------
Standard & Poor's Ratings Services on Friday said it is placing
its corporate credit ratings on the three U.S. automakers,
General Motors Corp., Ford Motor Co., and Chrysler LLC, on
CreditWatch with negative implications, citing the need to
evaluate the financial damage being inflicted by deteriorating
U.S. industry conditions -- largely as a result of high gasoline
prices.
Included in the CreditWatch placement are the finance units Ford
Motor Credit Co. and DaimlerChrysler Financial Services Americas
LLC, as well as GM's 49%-owned finance affiliate GMAC LLC.
"We have renewed concerns about all three automakers' future
cash outflows in light of the prospects for U.S. sales for the
rest of 2008 and into 2009," said Standard & Poor's credit
analyst Robert Schulz. The erosion of demand for SUVs and
pickups has been particularly troubling. Although these
segments have been weak for some time, the exodus of demand that
began in April, caused by escalating gas prices and consumer
preferences for smaller vehicles, is gathering speed. Despite
concerted, and in some cases successful, efforts to bolster
their line-ups of smaller vehicles and reduce costs, all three
Michigan-based automakers still rely on light trucks for a
disproportionate share of profitability and cash flow.
The companies' difficulty in anticipating the pace of market
deterioration was reflected today in Ford's announcement that it
expects to use an even larger amount of cash this year and next
than it announced previously, its second negative guidance
revision in a month. Ford plans to use more than US$16 billion
of cash between 2007 and 2009 in its automotive operations,
including the cost of employee separation programs, unless the
economy rebounds next year. The company also said this year's
pretax results will be worse than last year's, announced further
light-truck production cuts and shift reductions, and delayed
this fall's launch of the F-150 pickup by two months to clear
existing inventory. Also worrisome is the dire state of
the vehicle finance market. Ford said Friday it expects Ford
Motor Credit to report a pretax loss for the year (before any
infusion from Ford) caused by weak used (residual) values,
primarily for light trucks.
Although GM and Chrysler have not publicly detailed their
expectations for cash use, all of the factors behind Ford's
weaker guidance also apply to the other U.S.-based automakers.
In addition to weak sales and adverse product mix shifts, the
list of challenges also includes less receptive capital
markets, higher costs for steel and other raw materials, lower
residual values that hurt profitability at the finance units and
reduce consumers' trade-in power, and increasing cash needs for
restructuring efforts.
S&P believes all three companies currently have ample liquidity
for at least the rest of 2008 as measured by cash balances,
available bank facilities, and in some cases unencumbered
assets. But S&P also believes deteriorating industry
fundamentals could reduce liquidity to undesirable levels by the
second half of 2009.
As part of S&P's reviews, S&P will assess all three companies'
strategies for addressing the weak sales and shifts in demand
away from light trucks and maintaining liquidity at satisfactory
levels through 2009.
CLASSICO RURAL: Taps Joint Administrators from KPMG
---------------------------------------------------
Jonathan Scott Pope and Richard John Hill of KPMG LLP were
appointed joint administrators of Classico Rural (UK) LLP
(Company Number 0C306607) on June 13, 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:
Classico Rural (UK) Ltd.
c/o KPMG LLP
Marlborough House
Fitzalan Court
Fitzalan Road
Cardiff
England
DA VINCI SYNTHETIC: Fitch Rates EUR15.6 Mln. Class C Loan at BB+
---------------------------------------------------------------
Fitch Ratings has taken the these rating actions on the Da Vinci
Synthetic plc transaction's tranches:
-- EUR25.9 million Class A floating-rate notes: downgraded to
'A-' from 'A'; Outlook changed to Negative from Stable
-- EUR20.8 Da Vinci Synthetic Class B floating-rate notes:
affirmed at 'BBB'; Outlook changed to Negative from Stable
-- EUR15.6 million Class C floating-rate notes: downgraded to
'BB' from 'BB+'; Outlook changed to Negative from Stable
This transaction is a synthetic securitization of a portfolio of
financial leases and loans secured on aircraft and associated
aircraft collateral. Merrill Lynch International Bank entered
into a hedging swap with Intesa Sanpaolo under which it sells
protection on a reference portfolio of up to US$650 million.
All financial lease or loan obligations relate to the financing
or refinancing of aircrafts.
Fitch used its Portfolio Credit Model to determine if the credit
enhancement levels were still appropriate for the notes. Fitch
also applied the same methodology set at closing with regard to
the depreciation of the aircraft. However, Fitch's calculation
of the recovery rate takes into account the current high oil
prices and the pressure that such prices could put on the
airline sector in general and aircraft values in particular.
The agency has calculated, on a loan-to-loan basis, an
individual recovery rate by comparing the aircrafts' collateral
values to the outstanding balances of the relevant reference
obligations at a specific point in time. This specific point in
time is now determined by the credit risk of the obligor
airline.
A significant number of the aircraft securing the Da Vinci
Synthetic plc obligations is more exposed to fuel price
increases, as they are less fuel-efficient than other models,
leading to possible deterioration in their market value.
Therefore, Fitch is concerned that the cost of aviation fuel
could influence the proceeds of realisation of relevant
aircraft. Fitch took this eventuality into consideration by
comparing the base value - a theoretical value assuming an open,
unrestricted and stable market with balanced supply and demand -
of the aircraft securing the reference obligation with the
current market value of such an aircraft. Fitch uses the lowest
of both valuations to calculate the recovery rates. Recovery
rates have been stressed under all rating scenarios, assuming
market value declines of the underlying aircraft.
The change in the calculation of the recovery rate and the use
of Fitch's Portfolio Credit Model has increased the minimum
credit enhancement level for all classes of notes and therefore
negatively affects the ratings of the Class A and C notes.
While the minimum credit enhancement for the Class B notes has
been raised as well, the current credit enhancement for this
specific class of notes is still sufficient. The Outlook for the
Class B notes has consequently been changed to Negative from
Stable.
EUGENA: Worsening Market Conditions Prompt Administration
---------------------------------------------------------
Eugena has collapsed into administration, affecting 130 jobs,
building reports.
Eugena, building relates, called in administrators from BDO Stoy
Hayward after being hit by worsening market conditions in the
U.K. construction sector this year.
"We are attempting to sell the ongoing contracts and existing
assets of the company and are in the process of talking to
interested parties," David Gilbert, business restructuring
partner at BDO Stoy Hayward, was quoted by building as saying.
For the year ended Sept. 30, 2006, Eugena posted a pre-tax
profit of GBP286,617 on a turnover of GBP46.9 million, down 34%
from a year ago, building discloses.
Eugena -- http://www.eugena.co.uk/-- is a privately owned
construction and development company operating in London and the
Home Counties.
Working mainly in Health, Education, Office, Residential,
Institutional and Community Sectors, Eugena undertakes new-build
and refurbishment projects on both Traditional and Design &
Build bases.
FGIC CORP: Moody's Lowers Ratings to B1; Outlook is Negative
------------------------------------------------------------
Moody's Investors Service has downgraded to B1, from Baa3, the
insurance financial strength ratings of the main operating
subsidiaries of FGIC Corporation, including Financial Guaranty
Insurance Company and FGIC UK Limited (collectively "FGIC").
In the same rating action, Moody's has also downgraded the
senior debt ratings of the holding company, FGIC Corporation to
Caa2 from B3 and the contingent capital securities ratings of
Grand Central Capital Trusts I-IV to B3 from B2.
The rating action concludes a review for possible downgrade that
was initiated on March 31, 2008, and reflects the company's
severely impaired financial flexibility and the company's
proximity to minimum regulatory capital requirements relative to
our estimations of expected case losses. The rating action also
considers the likelihood that FGIC's previously announced
restructuring plan will ultimately result in the company
retaining the higher-risk portion of the insured portfolio
without the premiums associated with its lower-risk business.
The outlook for the rating is negative.
Moody's ratings on securities that are guaranteed or "wrapped"
by a financial guarantor are generally maintained at a level
equal to the higher of a) the rating of the guarantor or b) the
published underlying rating. However, as FGIC's ratings are
downgraded below the investment grade level, and reflecting
current rating agency policy, Moody's will withdraw ratings on
FGIC-wrapped securities for which there is no published
underlying rating. Should the guarantor's rating subsequently
move back into the investment grade range or should the agency
subsequently publish the underlying rating, Moody's would
reinstate the rating to the wrapped instruments.
The B1 insurance financial strength rating reflects Moody's view
that FGIC has limited cushion above its regulatory capital
requirement given uncertainty surrounding future loss
development on its mortgage exposures. FGIC has recorded
approximately US$1.8 billion in cumulative statutory loss
reserves (net of anticipated recoveries), much of which is
associated with its mortgage-related exposures, primarily from
second lien mortgage backed securities and asset-backed CDOs
(ABS CDOs). FGIC's statutory surplus at 1Q2008 was US$366
million, which is approximately US$300 million above the
statutory minimum regulatory requirement. Moody's has estimated
losses on FGIC's insured portfolio of residential mortgage-
backed securities that are significantly higher than the
company's reserves for these transactions.
The rating agency added that if FGIC's capital were to fall
below the regulatory minimum, there could be material adverse
effects on the firm's financial condition. A meaningful portion
of FGIC's credit exposure was written in Credit Default Swap
(CDS) form, and contains a clause that exposes the firm to mark
to market termination in the event of insolvency. A breach of
minimum regulatory capital requirement heightens the risk of
regulatory intervention, which could trigger a market value
termination of the CDS contracts.
Moody's has re-estimated expected and stress loss projections on
FGIC's insured portfolio, focusing on the company's mortgage-
related exposures, as well as other sectors of the portfolio
potentially vulnerable to deterioration in the current
environment. Based on Moody's revised assessment of the risks
in FGIC's pro-forma residual portfolio (assuming the completion
of the company's restructuring initiatives), estimated stress-
case losses would approximate US$6.2 billion at the Aaa rating
threshold. This compares to Moody's estimate of FGIC's total
claims paying resources of approximately US$3.7 billion, a
capital position more consistent with a rating in the Ba
category.
Moody's said that the downgrade of FGIC Corporation's senior
unsecured debt to Caa2 reflects the operating company's
inability, without regulatory approval, to upstream dividends to
the holding company to service debt.
According to Moody's, the negative outlook on FGIC's ratings
reflects continued uncertainty regarding losses that may arise
on the insured portfolio and attendant risks that could occur if
loses develop adversely, including the potential for regulatory
intervention. The negative outlook also considers the
uncertainty regarding the ultimate impact of FGIC's potential
restructuring efforts on its residual portfolio.
List of Rating Actions
These ratings have been downgraded, with a negative outlook:
Financial Guaranty Insurance Company
-- insurance financial strength to B1 from Baa3.
FGIC UK Limited
-- insurance financial strength to B1 from Baa3;
Grand Central Capital Trusts I-VI
-- contingent capital securities to B3, from B2 and
FGIC Corporation
-- senior unsecured debt to Caa2 from B3.
Overview of FGIC Corporation
FGIC Corporation is a holding company whose primary operating
subsidiaries, Financial Guaranty Insurance Corporation and FGIC
UK Limited, provide credit enhancement and protection products
to the public finance and structured finance markets throughout
the United States and internationally. FGIC Corporation is
privately owned by an investor group consisting of The PMI
Group, GE and private equity firms Blackstone, Cypress and CIVC.
For the three months ended March 31, 2008, FGIC Corporation
reported GAAP losses of US$33.3 million. As of March 31, 2008,
the company had shareholders' equity of approximately US$548
million.
FORD MOTOR: Makes Further Reductions on Truck Production
--------------------------------------------------------
Ford Motor Company said Friday it is making further reductions
to its North American truck production plan while adding more
small cars, crossovers and fuel-efficient powertrains, as the
company responds to the continued deterioration in the U.S.
business environment and the accelerated shift away from large
trucks and SUVs.
“As gasoline prices average more than US$4 a gallon and
consumers worry about the weak U.S. economy, we see June
industry-wide auto sales slowing further and demand for large
trucks and SUVs at one of the lowest levels in decades,” said
Ford President and CEO Alan Mulally. “Ford has taken decisive
action to respond to this accelerating shift in customer demand
away from large trucks and SUVs to smaller cars and crossovers,
and we will continue to act swiftly moving forward.”
Ford now expects U.S. industry volume in 2008 – including medium
and heavy vehicles – to be between 14.7 million and 15.2 million
units, compared with the previous assumption of 15 million to
15.4 million units. Accordingly, in the third quarter, Ford now
plans to produce 475,000 vehicles, a reduction of 50,000 units
from previously announced plans and a decline of 25 percent
compared with the 2007 third quarter. In the fourth quarter,
Ford plans to produce 550,000 to 590,000 units, a reduction of
40,000 units from previously announced plans and a decline of 8
to 14 percent compared with the 2007 fourth quarter.
In parallel, Ford is adjusting the public introduction timing of
the new 2009 Ford F-150 by approximately two months due to the
industry-wide slowdown in the U.S. truck market and the need to
sell down dealer inventory of the current model. The new F-150
now will go on sale in late fall.
“The new 2009 F-150 raises the bar yet again on capability,
quality and durability, and we know core truck customers are
eagerly awaiting its arrival,” said Mark Fields, Ford’s
President of The Americas. “Our plan all along has been to
introduce the new F-150 after our dealers had a chance to sell
down inventory of the existing model, and – with the current
slowdown in the marketplace – we decided it was prudent to
adjust the start of public sale for the new truck by about two
months.”
With these actions, Ford said it now is clear that 2008 pre-tax
Automotive results will be worse than 2007, cash outflows to
fund operating losses and restructuring will be greater than
previous guidance and, unless the economy improves, it will be
difficult for Ford to break even companywide on a pre-tax basis
in 2009, excluding special items. Ford North America still
expects to reduce annual operating costs by about US$5 billion
by the end of 2008 – at constant volume, mix and exchange, and
excluding special items – compared with 2005.
Ford Motor Credit Company now will incur a pre-tax loss this
year – excluding any potential payment related to Ford’s profit
maintenance agreement – primarily due to further weakness in
large truck and SUV auction values. Ford Credit no longer is
planning a distribution payment to Ford in 2008.
Ford said it will provide more details on changes to its overall
plan when it announces second-quarter financial results in July.
In the meantime, Ford is taking these production actions:
-- Production of the 2009 F-150 now will begin in August at
Kansas City Assembly Plant and in September at Dearborn
Truck. One shift will be eliminated at both Kansas City
(from two to one) and Dearborn (from three to two).
Dearborn Truck will be idled most of the third quarter.
-- Michigan Truck Plant will be idled for nine consecutive
weeks beginning the week of June 23, in line with demand
for the company’s full-size SUVs.
-- One shift of production will be eliminated at Louisville
Assembly Plant for mid-size SUVs in the third quarter.
-- The line speed will be reduced at Kentucky Truck Plant
for large pickups in the third quarter.
-- The line speed will be reduced at Chicago Assembly in
the third quarter for full-size sedans.
-- Production will wind down at Cuautitlan Assembly Plant
in Mexico by the end of 2008. The plant, which now
produces large pickups, will be retooled for production
of the new Fiesta small car for North America beginning
in early 2010.
Ford also is taking these actions to increase capacity in the
third quarter:
-- Oakville Assembly will add a third shift for production
of the Ford Edge, Lincoln MKX and all-new 2009 Ford Flex
crossovers.
-- Kansas City Assembly Plant’s line that produces the Ford
Escape, Escape Hybrid and Mercury Mariner and Mariner
Hybrid small utility vehicles will add a third shift.
-- Wayne Assembly Plant’s body and paint shops will add a
third shift, and the line-speed will be increased for
final assembly production of the popular Ford Focus
small car.
Production at Ford’s stamping, engine and transmission plants is
being adjusted in line with the changes in assembly capacity.
“We view the move to smaller, more fuel-efficient vehicles as
permanent, and we are responding to customer demand,” Mulally
said. “In the near term, we are adjusting production to the
actual demand – increasing small cars and crossovers and
reducing large trucks and SUVs. For the long term, we are
moving fast to introduce more small cars, crossovers and fuel-
efficient powertrains – including more hybrids – and we will
adjust our manufacturing facilities to match our updated product
lineup.”
Ford said it is uniquely positioned to build on its strength
today as a crossover vehicle leader, while leveraging its small
car expertise in Europe and bringing more of those vehicles to
North America.
In addition to hatchback and sedan versions of the European-
engineered Ford Fiesta small car that goes on sale in North
America in early 2010, Ford is announcing today that four- and
five-door versions of the next-generation European Ford Focus
small car will be produced in North America beginning in late
2010.
The new Focus will be common with Europe, South America and Asia
Pacific and represent the next generation of today’s successful
European Focus. Excellent fuel economy will be achieved through
new highly efficient direct-injection engine technology and a
new advanced six-speed transmission.
The new Focus and Fiesta – as well as other small cars and
crossovers from Europe – will be part of an unprecedented period
of new Ford product introductions that has only just begun in
North America. The new Ford Flex crossover and Lincoln MKS
sedan went on sale this month, and the new F-150 goes on sale in
late fall. New versions of the Ford Fusion, Mercury Milan and
Lincoln MKZ mid-size cars debut late this year, as do all-new
hybrid versions of the Fusion and Milan.
By the end of this year, 70 percent of all Ford, Lincoln and
Mercury products by volume in North America will be new or
significantly upgraded compared with the 2006 models. By the
end of 2010, 100 percent of the product lineup will be new,
including in 2009 the next-generation Mustang, new fuel-saving
EcoBoost engines and new European Transit Connect.
“We remain absolutely committed to accelerating the development
of the new products that customers want and value,” Mulally
said. “We sell some of the best smaller cars and utility
vehicles in the world in our profitable European and South
American operations, and our plan is to introduce these same
vehicles in North America as quickly as possible. This is an
integral part of our plan to leverage our global assets and
achieve our goal of profitable growth.”
About Ford
Ford Motor Company (NYSE: F) -– http://www.ford.com/-- a global
automotive industry leader based in Dearborn, Mich.,
manufactures or distributes automobiles in 200 markets across
six continents. With about 244,000 employees and about 90
plants worldwide, the company’s core and affiliated automotive
brands include Ford, Lincoln, Mercury, Volvo and Mazda. The
company provides financial services through Ford Motor Credit
Company.
FORD MOTOR: Moody's Holds B3 Rating But Says Outlook is Negative
----------------------------------------------------------------
Moody's Investors Service affirmed the B3 Corporate Family
Rating and Probability of Default Rating of Ford Motor Company,
but changed the rating outlook to negative from stable. The
company's Speculative Grade Liquidity rating remains SGL-1. The
rating outlook for Ford Credit has also been changed to negative
from stable, reflecting parent level concerns and deteriorating
asset quality. The negative outlook for Ford reflects the
increasingly challenging environment faced by its and the other
domestic auto manufacturers as the outlook for US vehicle demand
falls, and as high fuel costs drive US consumers away from light
trucks and SUVs and toward more fuel efficient vehicles.
As a result of these eroding market fundamentals Ford announced
that:
1) its automotive performance for 2008 will be worse than
that of 2007 in which it had a pre-tax loss of
US$1.8 billion excluding Jaguar and Land Rover, and
special items;
2) Ford Credit will incur a pre-tax operating loss for
2008;
3) the company is unlikely to achieve break even
performance during 2009; and
4) the two-year pace of automotive operating cash burn for
2008 and 2009 will exceed the previously estimated level
of US$12 to US$14 billion.
The negative outlook for Ford Credit reflects the business and
ownership connections with Ford and the impact of declining used
vehicle values (in particular, trucks and SUVs) on the firm's
asset quality. These declining used vehicle values are expected
to result in higher credit costs and additional depreciation
expense at Ford Credit, pressuring operating results. Ford
Credit expects to report a pre-tax loss in 2008, excluding any
potential payment related to Ford's profit maintenance
agreement. Ford Credit is the beneficiary of a profit support
agreement from Ford, who has indicated that it will take no
distributions from Ford Credit during 2008, in contrast to
previous expectations. This, in combination with Ford Credit's
committed borrowing facilities, cash flow from short-duration
assets, cash balances, and access to the secured debt markets,
should provide the firm adequate resources to meet short-term
demands on cash.
Ford's operational response to the US shift in consumer demand
includes: reducing production of trucks and SUVs while
increasing the production of cars and crossover vehicles;
extending further buyout offers to hourly workers in order to
reduce manned capacity; delaying the launch of the F-150 truck;
and, introducing many of its successful European small cars and
crossovers to the US market. Despite the prudence of these
initiatives, the massive shift in the production and product
profile being contemplated by Ford is a complex, long-term
undertaking. Consequently, the future pace and degree of success
of these initiatives remain highly uncertain. An additional
area of uncertainty is the company's ability to build a
reasonable level of profitability for mid-size and small cars in
the US -- classes of vehicles that have historically generated
losses for Ford, and that have had to be priced at significant
discounts relative to comparably equipped vehicles made by
Japanese manufacturers.
Bruce Clark, senior vice president with Moody's said,
"Maintaining adequate liquidity will be one of the most critical
challenges Ford faces as it attempts to reshape its US product
profile and manufacturing base during the next two years."
Clark noted that, "Ford is going to burn a considerable amount
of cash until it adequately expands its fleet of fuel efficient
cars and convinces consumers that these vehicles offer
competitive value relative to Japanese product. The pace of
cash consumption will also remain high until Ford begins to
harvest the health care cost savings of its new UAW contract in
2010."
At March 31, Ford had a sizable US$40.6 billion liquidity
position that consisted of US$28.7 billion in cash and US$11.9
billion in availability under committed credit facilities. This
liquidity position was further enhanced by approximately US$2.3
billion in proceeds from the sale of Land Rover and Jaguar.
During 2008 and 2009, Ford's key liquidity requirements will
include the following: operating losses and restructuring
expenditures that could exceed US$14 billion; ongoing minimum
levels of cash required to fund intra-month working capital
requirements that can approximate 5%-6% of revenues in the
automotive OEM sector; debt repayments of approximately US$1.5
billion; UAW-related VEBA contributions of US$2.8 billion;
pension contributions; over US$4 billion in payments to Ford
Motor Credit Company that will bring Ford's subvention payment
terms with its finance operation more in line with industry
norms; and the possibility that the pace of cash outflow could
increase depending on delays in implementing the company's
repositioning efforts and further erosion in the demand
characteristics in the US market.
A key factor supporting Ford's B3 corporate family rating and
SGL-1 liquidity rating is the ample size of the company's
liquidity position relative to the cash requirements it will
likely face during the coming twelve months. However, Ford will
continue to face a sizable cash burn through 2009. Consequently
the current liquidity cushion will continue to narrow, and the
SGL-1 is unlikely to be sustainable absent any substantial
source of new liquidity. ver the coming quarters, this
narrowing of Ford's liquidity position will likely contribute to
reductions in the Speculative Grade Liquidity rating and may
also contribute to a review for possible downgrade of the B3
long-term rating. Moreover, any acceleration in the company's
pace of cash consumption would accelerate downward pressure on
both the SGL and long-term ratings.
Ford Motor Company, headquartered in Dearborn, Mich., is a
leading global automotive manufacturer.
FORD MOTOR: S&P Places Ratings on Negative Watch
------------------------------------------------
Standard & Poor's Ratings Services on Friday said it is placing
its corporate credit ratings on the three U.S. automakers,
General Motors Corp., Ford Motor Co., and Chrysler LLC, on
CreditWatch with negative implications, citing the need to
evaluate the financial damage being inflicted by deteriorating
U.S. industry conditions -- largely as a result of high gasoline
prices.
Included in the CreditWatch placement are the finance units Ford
Motor Credit Co. and DaimlerChrysler Financial Services Americas
LLC, as well as GM's 49%-owned finance affiliate GMAC LLC.
"We have renewed concerns about all three automakers' future
cash outflows in light of the prospects for U.S. sales for the
rest of 2008 and into 2009," said Standard & Poor's credit
analyst Robert Schulz. The erosion of demand for SUVs and
pickups has been particularly troubling. Although these
segments have been weak for some time, the exodus of demand that
began in April, caused by escalating gas prices and consumer
preferences for smaller vehicles, is gathering speed. Despite
concerted, and in some cases successful, efforts to bolster
their line-ups of smaller vehicles and reduce costs, all three
Michigan-based automakers still rely on light trucks for a
disproportionate share of profitability and cash flow.
The companies' difficulty in anticipating the pace of market
deterioration was reflected today in Ford's announcement that it
expects to use an even larger amount of cash this year and next
than it announced previously, its second negative guidance
revision in a month. Ford plans to use more than US$16 billion
of cash between 2007 and 2009 in its automotive operations,
including the cost of employee separation programs, unless the
economy rebounds next year. The company also said this year's
pretax results will be worse than last year's, announced further
light-truck production cuts and shift reductions, and delayed
this fall's launch of the F-150 pickup by two months to clear
existing inventory. Also worrisome is the dire state of
the vehicle finance market. Ford said Friday it expects Ford
Motor Credit to report a pretax loss for the year (before any
infusion from Ford) caused by weak used (residual) values,
primarily for light trucks.
Although GM and Chrysler have not publicly detailed their
expectations for cash use, all of the factors behind Ford's
weaker guidance also apply to the other U.S.-based automakers.
In addition to weak sales and adverse product mix shifts, the
list of challenges also includes less receptive capital
markets, higher costs for steel and other raw materials, lower
residual values that hurt profitability at the finance units and
reduce consumers' trade-in power, and increasing cash needs for
restructuring efforts.
S&P believes all three companies currently have ample liquidity
for at least the rest of 2008 as measured by cash balances,
available bank facilities, and in some cases unencumbered
assets. But S&P also believes deteriorating industry
fundamentals could reduce liquidity to undesirable levels by the
second half of 2009.
As part of S&P's reviews, S&P will assess all three companies'
strategies for addressing the weak sales and shifts in demand
away from light trucks and maintaining liquidity at satisfactory
levels through 2009.
GENERAL MOTORS: S&P Places Ratings on Negative Watch
----------------------------------------------------
Standard & Poor's Ratings Services on Friday said it is placing
its corporate credit ratings on the three U.S. automakers,
General Motors Corp., Ford Motor Co., and Chrysler LLC, on
CreditWatch with negative implications, citing the need to
evaluate the financial damage being inflicted by deteriorating
U.S. industry conditions -- largely as a result of high gasoline
prices.
Included in the CreditWatch placement are the finance units Ford
Motor Credit Co. and DaimlerChrysler Financial Services Americas
LLC, as well as GM's 49%-owned finance affiliate GMAC LLC.
"We have renewed concerns about all three automakers' future
cash outflows in light of the prospects for U.S. sales for the
rest of 2008 and into 2009," said Standard & Poor's credit
analyst Robert Schulz. The erosion of demand for SUVs and
pickups has been particularly troubling. Although these
segments have been weak for some time, the exodus of demand that
began in April, caused by escalating gas prices and consumer
preferences for smaller vehicles, is gathering speed. Despite
concerted, and in some cases successful, efforts to bolster
their line-ups of smaller vehicles and reduce costs, all three
Michigan-based automakers still rely on light trucks for a
disproportionate share of profitability and cash flow.
The companies' difficulty in anticipating the pace of market
deterioration was reflected today in Ford's announcement that it
expects to use an even larger amount of cash this year and next
than it announced previously, its second negative guidance
revision in a month. Ford plans to use more than US$16 billion
of cash between 2007 and 2009 in its automotive operations,
including the cost of employee separation programs, unless the
economy rebounds next year. The company also said this year's
pretax results will be worse than last year's, announced further
light-truck production cuts and shift reductions, and delayed
this fall's launch of the F-150 pickup by two months to clear
existing inventory. Also worrisome is the dire state of
the vehicle finance market. Ford said Friday it expects Ford
Motor Credit to report a pretax loss for the year (before any
infusion from Ford) caused by weak used (residual) values,
primarily for light trucks.
Although GM and Chrysler have not publicly detailed their
expectations for cash use, all of the factors behind Ford's
weaker guidance also apply to the other U.S.-based automakers.
In addition to weak sales and adverse product mix shifts, the
list of challenges also includes less receptive capital
markets, higher costs for steel and other raw materials, lower
residual values that hurt profitability at the finance units and
reduce consumers' trade-in power, and increasing cash needs for
restructuring efforts.
S&P believes all three companies currently have ample liquidity
for at least the rest of 2008 as measured by cash balances,
available bank facilities, and in some cases unencumbered
assets. But S&P also believes deteriorating industry
fundamentals could reduce liquidity to undesirable levels by the
second half of 2009.
As part of S&P's reviews, S&P will assess all three companies'
strategies for addressing the weak sales and shifts in demand
away from light trucks and maintaining liquidity at satisfactory
levels through 2009.
IAP WORLDWIDE: S&P Lifts Ratings and Says Outlook is Developing
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on IAP
Worldwide Services Inc., including raising the corporate credit
rating to 'CCC+' from 'CC', and removed all ratings from
CreditWatch with negative implications. Ratings were originally
placed on CreditWatch on Aug. 10, 2007, and subsequently lowered
and maintained on CreditWatch on Jan. 8, 2008.
At the same time, S&P revised the recovery rating on IAP's
first-lien facilities to '3', indicating expectations of
meaningful recovery (50%-70%) in the event of a payment default,
from '2'. As a result, the company's first-lien facilities are
rated in line with the corporate credit rating at 'CCC+'. The
outlook is developing.
"The upgrade reflects the company's successful completion of a
debt restructuring, which mitigates the risk of a default in the
near term," said Standard & Poor's credit analyst Dan Picciotto.
The resolution included an equity contribution by owner Cerberus
Capital L.P. that was used to pay down debt. The company will
benefit from lower cash interest obligations. However,
IAP remains highly leveraged and weakness in operating
performance could pressure covenants or affect its ability to
meet financial obligations.
The ratings on IAP reflect the company's highly leveraged
financial risk profile and vulnerable business risk profile,
marked by revenue concentration from large contracts and the
less-predictable nature of contingency operations, which
significantly contribute to revenue and profit. These
weaknesses are partially mitigated by the company's good rebid
record on contracts and the low fixed-capital intensiveness of
operations.
IAP is a provider of contingency operations, facilities
management, and technical services to the U.S. military and
civilian government agencies. The company's largest operating
segment is global operations and logistics, which provides about
60% of revenues. This segment includes power generation,
emergency disaster relief, transport operations, and other
services in the U.S. and overseas. The facilities management
segment, meanwhile, contributes roughly one-quarter of the
company's revenues. Through this segment, the company maintains
domestic and overseas U.S. military bases. The professional
and technical services segment provides temporary staff support
services to the federal civilian agencies and accounts for the
remainder of the company's
revenue base.
If operating performance stabilizes and the company demonstrates
it can maintain adequate liquidity, S&P could raise the ratings.
S&P could lower the ratings if the company breaches a financial
covenant or if its operating performance and financial leverage
fail to improve.
IAP Worldwide Services -– http://www.iapws.com/-- is a
government contractor providing global mission support for the
Department of Defense and other U.S. government agencies. IAP,
which is privately held, traces its roots back 50 years ago to
Pan Am World Services, Inc., which built and operated America’s
first space launch complex at Cape Canaveral, Fla.
IAP specializes in four lines of business: global operations and
logistics; facilities management and base operations support;
professional and technical services; and energy and natural
resource services. IAP’s corporate headquarters are located in
Cape Canaveral, and the company has project sites in over 100
locations worldwide. The also has offices in Panama and the
United Kingdom.
INCA INTERIORS: Brings In Administrators from Vantis
----------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis
Business Recovery Services were appointed joint administrators
of INCA Interiors Ltd. (Company Number 04276741) on June 2,
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:
INCA Interiors Ltd.
Inca House
Trinity Road
Ashford
Kent
TN25 4AB
England
Tel: 01233635444
Web site: http://www.incainteriors.co.uk/contact.aspx/
JBS CONTRACTS: Appoints Begbies Traynor as Administrators
---------------------------------------------------------
David Moore and Gary Lee of Begbies Traynor were appointed joint
administrators of JBS Contracts Ltd. (Company Number 2682215) on
June 5, 2008.
Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.
The company can be reached at:
JBS Contracts Ltd.
188 Rainhill Road
Prescot
Merseyside
L35 4PL
England
Tel: 0151 426 3999
Fax: 0151 426 7999
Web site: http://www.jbs-contracts.co.uk/
NORTHERN ROCK: Loan Totals GBP19.3Bln Over Summer, UK Gov't Says
----------------------------------------------------------------
The Summer Supplementary Estimates booklet (HC 621), containing
a Supplementary Estimate for HM Treasury, presented to the House
of Commons sought authority for additional cash expenditure by
the department of GBP5.3 billion on existing services. There is
also a token increase in resource expenditure.
At the Budget the Treasury announced that the Bank of England
loan facilities to Northern Rock would be replaced with direct
Treasury funding during 2008-09 in line with restrictions on
central bank financing of government undertakings set out in the
Treaty Establishing the European Community. The Main Supply
Estimates published in April included a sum of GBP14 billion,
the amount of the outstanding loan facilities projected at the
end of the 2008-09 financial year.
Since then, the date of transfer has been agreed by the parties
involved and the Treasury will transfer the loan facilities over
the summer, at which point the outstanding balance is projected
to be GBP19.3 billion. This Supplementary Estimate updates the
provision made in the Main Estimate and will enable the transfer
of the Northern Rock loan from the Bank of England to the
Treasury at the agreed time.
Northern Rock has been paying down these facilities to date and
is expected to continue to do so. As set out in the Budget, the
outstanding loan facilities at the end of March 2009 are
projected to be GBP14 billion.
The Estimate does not involve any change in total spending
plans.
About Northern Rock plc
Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance. The company
also promotes secured loans to its existing mortgage customers.
The company had more than US$200 billion in assets at the end of
June 2007.
* * *
Northern Rock Plc's Bank Financial Strength is currently rated
at E+ by Moody's Investors Service. The rating was initially at
D+ and was downgraded to its current rating in December 2007.
The bank's dated subordinated debt was also downgraded to B1
from Baa1 and the undated subordinated debt and Tier-1
securities were downgraded to B3 from Baa1 and Baa3
respectively. All of these ratings have negative outlooks.
Northern Rock's short-term rating was affirmed at Prime-1.
POLAR PRINT: Administrators to Sell Business as Going Concern
-------------------------------------------------------------
Polar Print Group Ltd.'s administrators are optimistic they
could sell the business as a going concern, William Mitting
writes for PrintWeek. Polar Print went into administration
after experiencing prolonged trading difficulties as a result of
increasing competition and soaring overhead costs.
According to joint administrator Richard Philpott of KPMG, Polar
Print, which has ceased trading, attracted interest from
potential buyers, PrintWeek relates.
PrintWeek adds 45 workers of Polar Print have been made
redundant.
In 2006, the company posted a GBP202,000 pre-tax loss compared
to a profit of GBP105,000 in 2005, PrintWeek discloses.
XL CAPITAL: Moody's Hacks Ratings to B2; Outlook is Negative
------------------------------------------------------------
Moody's Investors Service has downgraded to B2, from A3, the
insurance financial strength ratings of XL Capital Assurance
Inc., XL Capital Assurance (U.K.) Limited and XL Financial
Assurance Ltd. In the same rating action, Moody's also
downgraded the debt ratings of Security Capital Assurance Ltd
(NYSE: SCA -- preference shares to Ca from B3) and a related
financing trust.
The rating action concludes a review for possible downgrade that
was initiated on March 4, 2008, and reflects the company's
severely impaired financial flexibility and the company's
proximity to minimum regulatory capital requirements relative to
our estimations of expected case losses. The outlook for the
ratings is negative.
Moody's ratings on securities that are guaranteed or "wrapped"
by a financial guarantor are generally maintained at a level
equal to the higher of a) the rating of the guarantor or b) the
published underlying rating. However, as XLCA and XLFA's
ratings are downgraded below the investment grade level, and
reflecting current rating agency policy, Moody's will withdraw
ratings on XLCA and XLFA-wrapped securities for which there is
no published underlying rating. Should the guarantors' ratings
subsequently move back into the investment grade range or should
the agency subsequently publish the underlying rating, Moody's
would reinstate the rating to the wrapped instruments.
SCA has recorded approximately US$750 million in cumulative
losses arising from its mortgage-related exposures, primarily
from ABS CDOs and to a lesser extent, second-lien RMBS
transactions. At 1Q2008, XLCA had US$167 million of statutory
surplus, which is approximately US$102 million above the
statutory minimum regulatory requirement. Moody's notes that
XLCA cedes a majority of premiums and losses to XLFA under a
quota share reinsurance arrangement, which substantially
increases the amount of resources XLCA may draw upon to pay
claims. At 1Q2008, XLFA had approximately US$1.2 billion of
capital. During 4Q2007, XLCA entered into various additional
reinsurance arrangements with XLFA designed to maintain XLCA's
statutory surplus above the minimum threshold. SCA has stated
that it could incur adverse case basis loss reserve development
of up to approximately 80% of its established case basis
reserves at 1Q2008 (net of reinsurance), and still maintain
compliance with its regulatory solvency requirements. However,
Moody's has estimated expected case losses on the firm's
mortgage risks to be in the range of US$2 billion, suggesting
that meaningful further losses may be recognized and regulatory
capital further depleted.
The rating agency added that if XLCA's capital were to fall
below the regulatory minimum, there could be material adverse
effects on the firm's financial condition. A meaningful portion
of XLCA's credit exposure was written in credit default swap
(CDS) form, and contains a clause that exposes the firm to mark
to market termination in the event of insolvency. A breach of
minimum regulatory capital requirement heightens the risk of
regulatory intervention, which could trigger a market value
termination of the CDS contracts.
Moody's has re-estimated expected and stress loss projections on
SCA's insured portfolio, focusing on the company's mortgage-
related exposures, as well as other sectors of the portfolio
potentially vulnerable to deterioration in the current
environment. Based on Moody's revised assessment of the risks
in SCA's portfolio, estimated stress-case losses would
approximate US$6.6 billion at the Aaa rating threshold. This
compares to Moody's estimate of SCA's total claims paying
resources of approximately US$3.5 billion, a capital position
more consistent with a rating in the single-B category.
According to Moody's, the negative outlook on SCA's ratings
reflects continued uncertainty with respect to the amount of
losses that will ultimately arise from the company's insured
portfolio and attendant risks that could occur if losses develop
adversely, including the potential of regulatory intervention.
SCA has stated that it continues to work toward mitigating the
financial stresses impacting the company, including the
commutation, restructuring or settlement of its obligations with
its CDO counterparties and the commutation or settlement of
various reinsurance arrangements with XL Capital Ltd.
Moody's will continue to evaluate SCA's ratings in the context
of changes to the company's strategic and capital management
plans, as well as the future performance of the company's
mortgage-related exposures relative to expectations and
resulting capital adequacy levels. The rating agency noted that
upward rating pressure could occur if SCA is able to
successfully execute on its restructuring plans, although there
is considerable uncertainty about the outcome and timing of
those efforts. Conversely, downward rating pressure could occur
if minimum regulatory capital requirements are breached.
List of Rating Actions
These ratings have been downgraded:
XL Capital Assurance Inc.
-- insurance financial strength to B2 from A3;
XL Capital Assurance (U.K.) Limited
-- insurance financial strength to B2 from A3;
XL Financial Assurance Ltd
-- insurance financial strength to B2 from A3;
Security Capital Assurance Ltd
-- provisional rating on senior debt to (P)Caa3 from
(P)Ba1, provisional rating on subordinated debt to (P)Ca
from (P)Ba2 and preference shares to Ca from B3; and
Twin Reefs Pass-Through Trust
-- contingent capital securities to Caa2 from Ba1.
Overview of Security Capital Assurance
Security Capital Assurance Ltd is a Bermuda-domiciled holding
company whose primary operating subsidiaries, XL Capital
Assurance Inc. and XL Financial Assurance Ltd, provide credit
enhancement and protection products to the public finance and
structured finance markets throughout the United States and
internationally. For the three months ended March 31, 2008, SCA
reported a net loss available to common shareholders of US$97
million. As of March 31, 2008, SCA had shareholders' equity of
approximately US$348 million.
* BoE to Play Stronger Role in Preserving Financial Stability
------------------------------------------------------------
Her Majesty The Queen has approved, under the Bank of England
Act 1998, the appointment of Charles Bean as a Deputy Governor
of the Bank of England for Monetary Stability, for a period of
five years starting on July 1, 2008. Alongside this the
Chancellor has announced that, in future, the Government will
advertise vacancies for the Governor and Deputy Governors of the
Bank of England and also for external members of the MPC,
consistent with the principles of open competition.
Having consulted with the Governor and Sir John Gieve, the
Chancellor has also set out proposals to enhance the role of the
Bank of England in preserving financial stability. These
proposals will be included in the Banking Reform bill, to be
introduced later this year.
The Chancellor's proposals focus on:
* provision of a statutory responsibility for financial
stability for the Bank of England;
* changes to the governance structures of the Bank of
England, to support the Bank and the Governor in the
exercise of these new responsibilities, including the
establishment of a new Financial Stability Committee of
the Court; and
* provision of a range of tools for the Bank of England to
enable it to carry out its responsibility in this area.
This will include a leading role in the implementation of
the new special resolution regime (SRR), should it be
triggered by the FSA, including powers related to
deploying and implementing the SRR tools.
The new legislation will change the role of the Bank and, within
that, the Deputy Governor for financial stability from Spring
2009.
Taking this forward will require a long-term commitment. Sir
John Gieve has indicated that he would not wish to serve a new
5-year term at the Bank and has decided therefore to step down
once the legislation comes into force. The Governor and
Chancellor have asked Sir John to continue in the job of leading
this reform process until then, at which point the position will
be advertised under the new process.
Further details are set out in the Chancellor's letter to the
Treasury Select Committee The Chancellor said:
"I am delighted to announce the appointment of Charlie Bean as
Deputy Governor for Monetary Stability at the Bank of England.
He is a world-class economist with a great depth of experience
in both academia and policy making environments. Appointing an
economist of Charlie's caliber is particularly important amidst
the significant global economic challenges the UK economy is
presently facing.
I would also like to take this opportunity to thank Rachel Lomax
for the contribution she has made to the public sector
throughout her distinguished career, including as Permanent
Secretary to a number of Government departments and as Deputy
Governor.
The wider reforms that I am announcing today will ensure that
the Bank of England will in future have a much enhanced role in
the preservation of financial stability. Sir John Gieve has
made a huge contribution to public service over many years both
in the civil service and at the Bank. I am extremely grateful
to him for leading the Bank's work to develop these proposals
for reform and for all his work in the demanding circumstances
of the last year."
Mervyn King said:
"I am delighted that the Treasury has asked Charlie Bean to take
on this vital role overseeing our monetary policy work. I am
extremely grateful to Rachel Lomax for her contribution to the
MPC, her tireless devotion to the work of the Bank and her
personal support and wise counsel over the past five years. I
am also very grateful to John Gieve for his hard work and
loyalty. In particular since the events of last summer, John
has played a major role in delivering the new framework, and I
am pleased he is staying until the Bill is law. I wish them
both well in future."
Charlie Bean commented:
"As the Deputy Governor responsible for overseeing the Bank's
monetary policy work, I am committed to ensuring that the MPC is
properly equipped to steer the economy through the challenging
times ahead."
The Bank of England is announcing Charles Bean's successor as
Executive Director and Chief Economist at the Bank of England in
parallel to this announcement.
* BOND PRICING: For the Week June 16 to June 20, 2008
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRIA
-------
Kommunal Kredit
Austria AG 0.500 03/15/19 CAD 63.80
0.250 10/14/26 CAD 40.15
HTM Sport Freize 8.500 02/01/14 EUR 62.88
Immofinanz Immob 2.750 01/20/14 EUR 74.17
BELGIUM
-------
Fortis Bank 8.750 12/07/10 EUR 72.54
FINLAND
-------
Muni Finance Ltd 1.000 03/19/13 AUD 72.61
Muni Finance PLC 0.500 04/26/13 AUD 70.01
1.000 10/30/17 AUD 57.66
1.000 02/27/18 AUD 56.98
1.000 11/21/16 NZD 61.61
0.250 06/28/40 CAD 20.70
0.500 09/24/20 CAD 60.55
FRANCE
------
Alcatel S.A. 4.750 01/01/11 EUR 14.77
Altran Technologies S.A. 3.750 01/01/09 EUR 12.58
BNP Paribas 0.250 12/20/14 US$ 73.53
Calyon 6.000 06/18/47 EUR 44.12
CAP Gemini S.A. 2.500 01/01/10 EUR 52.94
1.000 01/01/12 EUR 46.44
Club Mediterranee S.A. 3.000 11/01/08 EUR 66.51
4.375 11/01/10 EUR 46.67
FCC Rome Alliance
Funding 2.26 01/08/21 EUR 70.26
Groupe Vial 2.5 01/01/14 EUR 34.31
Havas S.A. 4.000 01/01/09 EUR 10.79
Infogrames
Entertainment S.A. 1.500 04/01/09 EUR 0.25
Maurel & Prom 3.500 01/01/10 EUR 21.31
Publicis Group 0.750 07/17/08 EUR 28.71
1.000 01/18/18 EUR 41.70
Rhodia S.A. 0.500 01/01/14 EUR 35.33
Scor S.A. 4.125 01/01/10 EUR 1.97
Soc Air France 2.750 04/01/20 EUR 21.53
Theolia S.A. 2.000 01/01/14 EUR 20.96
Valeo 2.38 01/01/11 EUR 42.38
Wavecom S.A. 1.750 01/01/14 EUR 19.49
Wendel Invest S.A. 2.000 06/19/09 EUR 44.97
4.380 08/09/17 EUR 72.31
GERMANY
-------
Callahan NRH 16.000 07/15/10 US$ 0.01
Colonia Real EST 1.880 12/07/11 EUR 66.29
Deutsche Schifbk 4.200 01/23/09 EUR 99.37
IKB Deut Industriebank 4.080 12/20/35 EUR 74.51
KfW Bankengruppe 0.500 10/30/13 AUD 67.65
0.500 12/19/17 EUR 66.15
1.250 05/23/20 EUR 70.91
1.250 07/07/20 EUR 73.64
1.250 07/29/20 EUR 72.94
5.000 08/10/30 EUR 68.43
Landeskreditbank Baden-
Wuerttemberg Foerderbk 0.500 05/10/27 CDN 43.62
Landwirtschaftliche
Rentenbank AG 1.000 03/29/17 NZD 60.14
Westlb AG 3.350 10/19/26 EUR 74.83
ICELAND
-------
Kaupthing Bank 6.500 02/03/45 EUR 50.01
6.125 10/04/16 US$ 73.93
7.125 05/19/16 US$ 73.05
IRELAND
-------
Banesto Finance Plc 6.120 11/07/37 EUR 6.12
Depfa ACS Bank 0.500 03/03/25 CDN 47.87
0.250 07/08/33 CDN 28.25
Irish Nationwide
Building Society 5.500 01/10/18 GBP 63.43
Irish Perm Plc 2.500 02/15/35 EUR 49.63
Ono Finance II 8.000 05/16/14 EUR 71.01
UT2 Funding Plc 5.320 06/30/16 EUR 74.57
ITALY
-----
Risanamento 1.000 04/17/69 EUR 38.68
Telecom Italia 5.250 03/17/55 EUR 70.60
LUXEMBOURG
----------
Globus Capital Finance SA 8.500 03/05/12 US$ 72.31
IT Holding Fin 9.880 11/15/12 EUR 69.70
Nell AF S.A. 8.380 08/15/15 EUR 67.90
8.380 08/15/15 US$ 67.62
NETHERLANDS
-----------
ABN Amo Bank B.V. 6.000 03/16/35 EUR 64.31
Air Berlin Finance B.V. 1.500 04/11/27 EUR 53.20
BK Ned Gemeenten 0.500 06/27/18 CDN 66.99
0.500 02/24/25 CDN 47.91
BLT Finance BV 7.500 04/17/74 US$ 67.58
DGS Intl Fin BV 10.000 06/01/07 US$ 0.995
EM.TV Finance B.V. 5.250 05/08/13 EUR 4.17
Hypo Real ES Finance 5.500 08/20/08 EUR 47.21
Indah Kiat Intl 11.880 06/15/02 US$ 53.00
IVG Finance B.V. 1.750 03/29/17 EUR 61.39
KBC Ifima NV 5.880 02/07/25 US$ 72.74
Lehman Bros TSY B.V. 2.000 03/18/15 EUR 73.92
4.169 02/16/17 EUR 68.45
6.000 02/15/35 EUR 52.13
2.000 03/16/35 EUR 42.58
7.000 05/17/35 EUR 51.75
7.250 10/05/35 EUR 39.78
6.000 11/02/35 EUR 46.25
Montell Finance B.V. 8.100 03/15/27 US$ 64.20
Natl Invester Bank 25.982 05/07/29 EUR 30.00
Ned Waterschapbk 6.000 06/01/35 EUR 65.09
6.500 08/15/35 EUR 59.08
6.000 06/30/45 EUR 59.30
Portugal Tel Fin 4.500 06/16/25 EUR 71.47
Rabobank Groep N.V. 2.500 02/22/35 EUR 61.06
5.000 02/28/35 EUR 57.91
2.000 03/23/35 EUR 58.04
6.000 05/09/35 EUR 66.34
0.440 04/08/20 EUR 71.52
Tjiwi Kimia Finance BV 13.25 08/01/01 US$ 0.43
NORWAY
------
Eksportfinans 13.000 02/25/09 US$ 69.25
Kommunalbanken A.S. 0.500 02/07/13 AUD 71.16
Norske Skogindustrier ASA 7.000 06/26/17 EUR 63.95
SWEDEN
------
AB Svensk Export 0.500 03/27/13 AUD 71.73
Swedish Exp Cred 1.000 03/27/13 NZD 74.64
10.500 09/30/15 TRY 71.65
UNITED KINGDOM
--------------
Allianc&Leic Bld 5.880 08/14/31 GBP 72.82
5.250 03/06/23 GBP 75.20
Anglian Water
Finance Plc 2.400 04/20/35 GBP 50.46
Aspire Defence 4.670 03/31/40 GBP 74.07
4.670 03/31/40 GBP 74.50
Baa Plc 5.125 02/15/23 GBP 75.32
Bank of Scotland 6.000 02/07/35 EUR 50.56
0.000 02/22/17 EUR 59.57
Bradford&Bin BLD 5.750 12/12/22 GBP 73.68
6.630 06/16/23 GBP 74.23
Britannia Building
Society 5.875 03/28/33 GBP 75.01
5.750 12/02/24 GBP 72.08
F&C Asset Management plc 6.750 12/20/26 GBP 69.12
Grainer Plc 3.630 05/17/14 GBP 63.14
HBOS Plc 4.500 03/18/30 EUR 71.64
HSBC Bank Plc 3.650 05/18/15 EUR 71.63
Ineos Group Holdings Plc 7.875 02/15/16 EUR 67.81
7.875 02/15/16 EUR 68.04
8.500 02/15/16 US$ 72.63
Jaztel Plc 5.000 04/29/10 EUR 67.85
National Grid Gas Plc 1.754 10/17/36 GBP 41.51
1.771 03/30/37 GBP 41.50
ONO Finance PLC 10.500 05/15/14 EUR 73.67
Royal BK Scotland 9.500 04/04/25 US$ 65.97
Slough Estates plc 5.750 06/20/35 GBP 77.13
Taylor Woodrow 6.380 05/24/19 GBP 66.21
Wessex Water Fin 1.369 07/31/57 GBP 21.06
*********
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 * * *