/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080701.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 Tuesday, July 1, 2008, Vol. 9, No. 129 Headlines A U S T R I A KREMSLEHNER LLC: Claims Registration Period Ends July 8 RKN EISEN: Claims Registration Period Ends July 15 RUDOLF UND MARIA: Claims Registration Period Ends July 21 G E R M A N Y BAU-NORD GMBH: Claims Registration Period Ends July 15 BAUTRAGER UND PLANUNGS: Claims Registration Period Ends July 15 BRUGER & FISCHER: Claims Registration Period Ends July 15 CHRYSLER LLC: Borrows US$2 Bln from Owners Cerberus and Daimler CHRYSLER LLC: Denies Rumors of Possible Bankruptcy Filing GLOE HOLDING: Claims Registration Period Ends July 15 GOLLAS GMBH: Claims Registration Period Ends July 15 I-WORLD GMBH: Claims Registration Period Ends July 15 K & B EDELSTAHLKONSTRUKTIONEN: Claims Registration Ends July 11 M & K HANDELS: Claims Registration Period Ends July 15 MARSWAY - FU: Claims Registration Period Ends July 15 REVENTEC GMBH: Creditors' Meeting Slated for July 4 STAR CONSULT: Claims Registration Period Ends July 11 TRG HORIZONTALBOHRTECHNIK: Claims Registration Ends July 11 TRICONCEPT GMBH: Claims Registration Ends July 14 UNITRUCK ENTERPRISES: Claims Registration Period Ends July 11 UZ - BAU GMBH: Claims Registration Period Ends July 14 WEL-HAUS GMBH: Claims Registration Period Ends July 14 I R E L A N D DREAM HOTELS: Liquidator Seeks Buyer for Ramada Hotel EIRLES TWO: Moody's Cuts Ratings on Tsar 11 Swaps and Notes EIRLES TWO: Moody's Cuts Ratings on Tsar_05 Swaps and Notes K A Z A K H S T A N ALATAU TRANS: Creditors Must File Claims by Aug. 8 EAGLE CORPORATION: Claims Deadline Slated for Aug. 8 HAN-TENGRI JSC: Claims Filing Period Ends Aug. 12 KANTRUST LLP: Creditors' Claims Due on Aug. 12 NATURA-SHYMKENT LLP: Claims Registration Ends Aug. 8 K Y R G Y Z S T A N EUROASIA TRAVELS: Creditors Must File Claims by July 30 JEMCHUJINA GOR: Claims Filing Period Ends July 25 N E T H E R L A N D S EUROPEAN MORTGAGE: Moody's Rates Classes E and F Notes at Low-B HEXION SPECIALTY: Says Huntsman Suit Against Apollo Baseless PARKER DRILLING: S&P Keeps B+ Rating; Outlook Revised to Pos. X5 RETAIL: Completes Formata Holding Acquisition R U S S I A COKE-KHIM-MONTAZH: Creditors Must File Claims by July 7 DANILOVSKIY FACTORY: Creditors Must File Claims by July 7 GENERAL ICE: Moscow Bankruptcy Hearing Slated for September 23 MINERAL WATERS: Creditors Must File Claims by July 7 SANDAL LLC: Buryatiya Bankruptcy Hearing Slated for August 20 SEVERSTAL OAO: To Distribute Dividends for Year 2007 and Q1 2008 SEVERSTAL OAO: Shareholders Elect New Board of Directors SISTEMA JFSC: Earns US$400.8 Million for First Quarter 2008 SISTEMA JFSC: To Pay RUR2.4 Billion Annual Dividend SISTEMA JFSC: Shareholders Elect New Board of Directors X5 RETAIL: Completes Formata Holding Acquisition U K R A I N E GALON LLC: Creditors Must File Claims by July 12 LOGIC OJSC: Creditors Must File Claims by July 11 LUGANSK MINE: Creditors Must File Claims by July 11 NADBUZHANSKOYE LLC: Proofs of Claim Deadline Set July 12 RITE LLC: Creditors Must File Claims by July 12 STAR-AUTO LLC: Creditors Must File Claims by July 11 YAVOROV MILK: Proofs of Claim Deadline Set July 11 U N I T E D K I N G D O M AVEBURY INTERNATIONAL: Crisis Send Firm into Administration BUNCHES UPMINSTER: Brings In Liquidators from Vantis CAPRICORN HOMES: Credit Crunch Sends Firm into Administration CHARLES BAILEY: Michael Young Leads Liquidation Procedure CHESAPEAKE CORP: Moody's May Lower Ratings After Review DALESMOOR HOMES: Credit Crunch Prompts Administration Move FOOTLOGIC LTD: Appoints Liquidator from Mazars HUNTSMAN CORP: Suit Against Apollo Baseless, Hexion Says POLAR PRINT: Calls in Administrators from KPMG VEDANTA RESOURCES: S&P Rates Proposed Senior Unsec. Notes at BB * Moody's Investors Service Rates 13 Static CPDO Notes * Standard & Poor's Rates 110 European Synthetic CDOs * S&P's Takes Watch Actions on 28 European CDO of ABS Tranches * Credit Crunch Hits UK Financial Services Industry, Survey Says * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= KREMSLEHNER LLC: Claims Registration Period Ends July 8 ------------------------------------------------------- Creditors owed money by LLC Kremslehner (FN 110629s) have until July 8, 2008, to file written proofs of claim to court-appointed estate administrator Ulla Reisch at: Dr. Ulla Reisch Kremser Gasse 4 3100 St. Poelten Austria Tel: 02742/35 15 50 Fax: 02742/35 15 50-5 E-mail: office.st.poelten@ulsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on July 29, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Pressbaum, Austria, the Debtor declared bankruptcy on May 30, 2008 (Bankr. Case No. 14 S 87/08x). RKN EISEN: Claims Registration Period Ends July 15 -------------------------------------------------- Creditors owed money by KG RKN Eisen (FN 224497v) have until July 15, 2008, to file written proofs of claim to court- appointed estate administrator Mario Kapp at: Mag. Mario Kapp LLC KAPP Rechtsanwalt Karntnerstrasse 525 - 527 8054 Graz - Seiersberg Austria Tel: 0316/225955 Fax: 0316/282013 E-mail: kapp@kapp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 4:25 p.m. on July 31, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Hall L Room 230/II Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on May 30, 2008 (Bankr. Case No. 25 S 36/08v). RUDOLF UND MARIA: Claims Registration Period Ends July 21 --------------------------------------------------------- Creditors owed money by LLC Rudolf und Maria Navrkal (FN 54406) have until July 21, 2008, to file written proofs of claim to court-appointed estate administrator Beate Holper at: Mag. Beate Holper c/o Dr. Susi Pariasek Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 Fax: 533 28 55 28 E-mail: office@anwaltwien.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on Aug. 4, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 2101 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 30, 2008 (Bankr. Case No. 38 S 29/08d). Susi Pariasek represents Mag. Holper in the bankruptcy proceedings. ============= G E R M A N Y ============= BAU-NORD GMBH: Claims Registration Period Ends July 15 ------------------------------------------------------ Creditors of BN BAU-NORD GmbH have until July 15, 2008, to register their claims with court-appointed insolvency manager Michael Hawelka. Claims will be verified at 9:45 a.m. on Sept. 16, 2008, at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Hawelka Friedrichstr. 204 10117 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against BN BAU-NORD GmbH on April 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BN BAU-NORD GmbH Eichhorster Weg 84 A 13435 Berlin Germany BAUTRAGER UND PLANUNGS: Claims Registration Period Ends July 15 --------------------------------------------------------------- Creditors of BSP Bautrager und Planungsgesellschaft fuer Wohnbauten mbH & Co. Stephanstrasse 21/22 KG have until July 15, 2008, to register their claims with court-appointed insolvency manager Dr. Joachim Heitsch. Claims will be verified at 10:25 a.m. on May 20, 2008, at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Joachim Heitsch Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against BSP Bautrager und Planungsgesellschaft fuer Wohnbauten mbH & Co. Stephanstrasse 21/22 KG on April 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BSP Bautrager und Planungsgesellschaft fuer Wohnbauten mbH & Co. Stephanstrasse 21/22 KG Fasanenstr.63 10719 Berlin Germany BRUGER & FISCHER: Claims Registration Period Ends July 15 --------------------------------------------------------- The court-appointed insolvency manager for Bruger & Fischer Krananlagen und Hebezeuge GmbH & Co., Knut Rebholz will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:45 a.m. on July 15, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:45 a.m. on Nov. 11, 2008, at the same venue. Creditors have until Sept. 10, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Knut Rebholz Cicerostr. 22 10709 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Bruger & Fischer Krananlagen und Hebezeuge GmbH & Co. on June 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bruger & Fischer Krananlagen und Hebezeuge GmbH & Co. Buckower Chaussee 63-65 12277 Berlin Germany CHRYSLER LLC: Borrows US$2 Bln from Owners Cerberus and Daimler --------------------------------------------------------------- Chrysler LLC's owners Cerberus Capital Management LP and Daimler AG will provide the U.S. automaker with US$2 billion loan payable in 2014, Josee Valcourt of The Wall Street Journal reports. Daimler, which holds a 19.9% stake in Chrysler, disclosed that it will lend Chrysler US$1.5 billion, Cerberus US$500 million. The action, WSJ relates, was to aid Chrysler's liquidity in the midst of the slowing U.S. economy and period of great change in the U.S. auto industry. As reported in the Troubled Company Reporter on June 23, 2008, Nancy Rae, Chrysler LLC's Senior Vice President of Human Resources and Corporate Communications, defended Chrysler's status, insisting that despite the challenges, Chrysler is meeting or exceeding its financial targets. She suggested that Chrysler is better aligned than previously for the shift towards smaller, more fuel efficient vehicles. Ms. Rae also said that the automaker also believes there is a strong and viable pickup truck market going forward. The TCR also reported that 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. S&P observes that the erosion of demand for SUVs and pickups has been 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. WSJ disclosed that a US$2 billion loan clause was included in a deal Cerberus and Daimler reached a year ago when Cerberus, along with co-investors, bought its 80.1% stake in Chrysler. Chrysler did not comment on the reasons for tapping in its loan. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * In May 2008 Fitch Ratings downgraded the Issuer Default Rating of Chrysler LLC to 'B' from 'B+', with a Negative Rating Outlook. Fitch has also downgraded the senior secured bank facilities, including senior secured first-lien bank loan to 'BB/RR1' from 'BB+/RR1'; and senior secured second-lien bank loan to 'CCC+/RR6' from 'BB+/RR1'. The recovery rating on the second lien was also downgraded from 'BB+/RR1' to 'CCC+/RR6' based on lower asset value assumptions and associated recoveries in the event of a stress scenario. CHRYSLER LLC: Denies Rumors of Possible Bankruptcy Filing --------------------------------------------------------- The Deal's Maria Woehr reports that Chrysler LLC denied rumors that it may file for Chapter 11 protection. The Deal says a Chrysler spokesperson told Reuters that the rumors were "without merit" and that the third largest U.S. automaker had ample liquidity. According to Ms. Woehr, there have been rumors that Chrysler may not have enough liquidity due to the downturn in auto sales, the oil spike and the credit crunch. Daimler AG also has said there are no signs that Chrysler LLC will file for bankruptcy, Thomson Financial reports. Daimler owns roughly 19% stake in Chrysler. Cerberus Capital Management LP borrowed roughly US$7,000,000,000 to acquire about 81% of Chrysler in August 2007. The Deal relates that Daimler has reported that Chrysler lost US$2.9 billion from when Cerberus Capital Management bought an 81% stake in August 2007. "I can clearly say that there are no signs at all that Chrysler will file for Chapter 11," Thomson Financial quotes a Daimler spokesman as saying. Thomson Financial relates that shares in Daimler were lower in afternoon deals on Thursday, as traders pointed to speculation that Chrysler may face credit problems in the near future. Cerberus has said early this year that Chrysler was exceeding most of its financial targets. Executive officer Robert Nardelli has set cost-cutting initiatives to lessen the losses this year, which he expects will be lower than 2007's US$1.6 billion, John Lippey and Mike Ramsey of Bloomberg News reports. Mr. Nardelli aims to cut purchasing costs by 25% in three years, insisting that Chrysler must buy the lowest global price for auto parts. He also intends to restrict new models, eyeing only 51% of new Chrysler models. As disclosed in the Troubled Company Reporter on June 12, 2008, Mr. Nardelli insisted the company is in good shape with US$9 billion in cash at the end of 2007, Mike Ramsey of Bloomberg News, citing a CNBC interview, reports. Mr. Nardelli says he is leading to get the automaker through 2008 and make it better positioned to 2009. Bloomberg News say Chrysler had reported a US$1.6 billion operating loss for 2007 and a US$650 million net loss for 2006. As related in the Troubled Company Reporter in December 2007, the Wall Street Journal quoted Mr. Nardelli describing Chrysler LLC as "operationally" bankrupt. The only thing, Mr. Nardelli relates, that is keeping Chrysler from going into bankruptcy is the US$10 billion investors entrusted the automaker with. Bloomberg reports that shareholder Cerberus Capital Management LP is not regretting its investment in Chrysler, stating that the company is hitting its financial targets. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * In June 2008 Moody's Investors Service affirmed the B3 Corporate Family Rating and Probability of Default Rating of Chrysler LLC, but changed the outlook to negative from stable. The change in outlook reflects the increasingly challenging environment faced by Chrysler as the outlook for U.S. vehicle demand falls, and as high fuel costs drive U.S. consumers away from light trucks and SUVs, and toward more fuel efficient vehicles. At the same time, Standard & Poor's Ratings Services 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. In May 2008 Fitch Ratings downgraded the Issuer Default Rating of Chrysler LLC to 'B' from 'B+', with a Negative Rating Outlook. Fitch has also downgraded the senior secured bank facilities, including senior secured first-lien bank loan to 'BB/RR1' from 'BB+/RR1'; and senior secured second-lien bank loan to 'CCC+/RR6' from 'BB+/RR1'. The recovery rating on the second lien was also downgraded from 'BB+/RR1' to 'CCC+/RR6' based on lower asset value assumptions and associated recoveries in the event of a stress scenario. GLOE HOLDING: Claims Registration Period Ends July 15 ----------------------------------------------------- Creditors of GLOE Holding GmbH have until July 15, 2008, to register their claims with court-appointed insolvency manager Dr. Thomas Kaiser. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on July 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Freiburg Hall 1 Holzmarkt 2 79098 Freiburg i.Br. Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Thomas Kaiser LG-Fach 37 Wilhelmstr. 1b 79098 Freiburg Germany Tel: 0761/703940 Fax: 0761/7039410 The District Court of Freiburg opened bankruptcy proceedings against GLOE Holding GmbH on June 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GLOE Holding GmbH Attn: Angela Nicole Gloe, Manager Schreiberstr. 8 79098 Freiburg Germany GOLLAS GMBH: Claims Registration Period Ends July 15 ---------------------------------------------------- Creditors of Gollas GmbH & Co. KG have until July 15, 2008, to register their claims with court-appointed insolvency manager Dr. Michael Krebs. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Aschaffenburg (Nebenstelle) Meeting Room 5.103 First Upper Floor Schlossplatz 5 63739 Aschaffenburg 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. Michael Krebs Frohsinnstr. 15 63739 Aschaffenburg Germany Tel: 06021/30880 Fax: 06021/3987-60 The District Court of Aschaffenburg (Nebenstelle) opened bankruptcy proceedings against Gollas GmbH & Co. KG on May 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gollas GmbH & Co. KG Einsteinstr. 2 63868 Grosswallstadt Germany I-WORLD GMBH: Claims Registration Period Ends July 15 ----------------------------------------------------- Creditors of i-world GmbH have until July 15, 2008, to register their claims with court-appointed insolvency manager Rolf Rattunde. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Hagen Meeting Hall 252 Heinitzstrasse 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Rattunde Neumarktstr. 2c 58095 Hagen Germany The District Court of Hagen opened bankruptcy proceedings against i-world GmbH on June 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: i-world GmbH Heydastr. 15 58093 Hagen Germany Attn: Ulla-Britta Reichberg, Manager Brauerriege 2 58339 Breckerfeld Germany K & B EDELSTAHLKONSTRUKTIONEN: Claims Registration Ends July 11 --------------------------------------------------------------- Creditors of K & B Edelstahlkonstruktionen GmbH & Co. KG have until July 11, 2008, to register their claims with court- appointed insolvency manager Jan H. Wilhelm. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 22, 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 Syke Hall 112 Hauptstr. 5A 28857 Syke 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: Jan H. Wilhelm Am Markt 1 28195 Bremen Germany Tel: 0421/178765 Fax: 0421/1787665 The District Court of Syke opened bankruptcy proceedings against K & B Edelstahlkonstruktionen GmbH & Co. KG on June 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: K & B Edelstahlkonstruktionen GmbH & Co. KG Schulstrasse 81 28816 Stuhr Germany M & K HANDELS: Claims Registration Period Ends July 15 ------------------------------------------------------ Creditors of M. & K. Handels-, Vermietungs- have until July 15, 2008, to register their claims with court-appointed insolvency manager Bert Buske. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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: Bert Buske Alt Nowawes 67 14482 Potsdam Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against M. & K. Handels-, Vermietungs- on June 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: M. & K. Handels-, Vermietungs- Verpachtungs- und Leasing GmbH Holzstrasse 5 15517 Fuerstenwalde Germany MARSWAY - FU: Claims Registration Period Ends July 15 ----------------------------------------------------- Creditors of Marsway - Fu Bang GmbH have until July 15, 2008, to register their claims with court-appointed insolvency manager Steuerberaterin Gisela Ansorge. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 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 Neumuenster Meeting Hall B.126 Law Courts Boostedter Strasse 26 Neumuenster 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: Steuerberaterin Gisela Ansorge Faehrhausstrasse 8 22085 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Marsway - Fu Bang GmbH on July 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Marsway - Fu Bang GmbH Attn: Shiqiang Qin und Daniel Bruegemann, Managers Gadelander Strasse 151-155 24539 Neumuenster Germany REVENTEC GMBH: Creditors' Meeting Slated for July 4 --------------------------------------------------- The court-appointed insolvency manager for ReVenTec GmbH, Dr. Christian Willmer, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on July 4, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Verden (Aller) Hall 214 Main Building Johanniswall 8 27283 Verden (Aller) Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on Sept. 5, 2008, at the same venue. Creditors have until July 10, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christian Willmer Georgstr. 5 27283 Verden (Aller) Germany Tel: 04231/884-45 Fax: 04231/884-55 The District Court of Verden (Aller) opened bankruptcy proceedings against ReVenTec GmbH on June 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ReVenTec GmbH Wickenweg 9 27308 Kirchlinteln Germany STAR CONSULT: Claims Registration Period Ends July 11 ----------------------------------------------------- Creditors of STAR Consult GmbH have until July 11, 2008, to register their claims with court-appointed insolvency manager Fabio Algari. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Aug. 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanau Area E03 Engelhardstrasse 21 63450 Hanau 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: Fabio Algari Oppenheimer Landstrasse 3 60594 Frankfurt Germany Tel: 069 913092 750 Fax: 069 913092 755 The District Court of Hanau opened bankruptcy proceedings against STAR Consult GmbH on May 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: STAR Consult GmbH Leipzigerstr. 36 63571 Gelnhausen Germany TRG HORIZONTALBOHRTECHNIK: Claims Registration Ends July 11 ----------------------------------------------------------- Creditors of TRG Horizontalbohrtechnik GmbH have until July 11, 2008, to register their claims with court-appointed insolvency manager Martin Abegg. Creditors and other interested parties are encouraged to attend the meeting at 8:40 a.m. on Aug. 1, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Martin Abegg Bahnhofstr. 101 66111 Saarbruecken Germany Tel: (0681) 976 1900 Fax: (0681) 976 190 111 The District Court of Saarbruecken opened bankruptcy proceedings against TRG Horizontalbohrtechnik GmbH on Jan. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TRG Horizontalbohrtechnik GmbH Am Kirschenwaldchen 38 66333 Voelklingen Germany TRICONCEPT GMBH: Claims Registration Ends July 14 ------------------------------------------------- Creditors of TriConcept GmbH have until July 14, 2008, to register their claims with court-appointed insolvency manager Uta Plischkaner. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Aug. 25, 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 Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin 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: Uta Plischkaner Joh.Stelling - Str. 1 19053 Schwerin Germany The District Court of Schwerin opened bankruptcy proceedings against TriConcept GmbH on May 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TriConcept GmbH Attn: Gerhold Wien, Manager Bahnhofstrasse 42 19230 Hagenow Germany UNITRUCK ENTERPRISES: Claims Registration Period Ends July 11 ------------------------------------------------------------- Creditors of Unitruck Enterprises Verwaltung GmbH have until July 11, 2008, to register their claims with court-appointed insolvency manager Dirk Eichelbaum. Creditors and other interested parties are encouraged to attend the meeting at 11:15 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 Stuttgart Hall 13 Ground Floor 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: Dirk Eichelbaum Gerhard-Kindler-Str. 8 72770 Reutlingen Germany Tel/Fax: 07121/51497-29 The District Court of Stuttgart opened bankruptcy proceedings against Unitruck Enterprises Verwaltung GmbH on June 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Unitruck Enterprises Verwaltung GmbH Lindenstrasse 5 72475 Bitz Germany UZ - BAU GMBH: Claims Registration Period Ends July 14 ------------------------------------------------------ Creditors of UZ - Baugesellschaft mbH + Co. KG have until July 14, 2008, to register their claims with court-appointed insolvency manager Dr. Martin Prager. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Martin Prager Barthstr. 16 80339 Munich Germany Tel: 089-8589633 Fax: 089-85896350 The District Court of Munich opened bankruptcy proceedings against UZ - Baugesellschaft mbH + Co. KG on May 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: UZ - Baugesellschaft mbH + Co. KG Sebastian-Bauer-Str. 16 a 81737 Munich Germany WEL-HAUS GMBH: Claims Registration Period Ends July 14 ------------------------------------------------------ Creditors of WEL-HAUS GmbH have until July 14, 2008, to register their claims with court-appointed insolvency manager Stefan Meyer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 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: Stefan Meyer Ostertorstr. 7 32312 Luebbecke Germany The District Court of Bielefeld opened bankruptcy proceedings against WEL-HAUS GmbH on May 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WEL-HAUS GmbH Hindenburgstr. 4 32257 Buende Germany Attn: Karl-Hermann Gerber, Manager Trockene Wiese 3 32120 Hiddenhausen Germany ============= I R E L A N D ============= DREAM HOTELS: Liquidator Seeks Buyer for Ramada Hotel ----------------------------------------------------- The Ramada Hotel and Suites Lough Allen, Drumshanbo in Leitrim, Ireland will continue to operate while its provisional liquidator seeks a buyer for operator Dream Hotels Ltd., Leitrim Observer reports. Leitrim Observer disclosed Justice Liam McKechnie appointed Kieran Wallace of KPMG as provisional liquidator to its operator Dream Hotels, which has debts of around EUR5 million. Dream Hotels, Leitrim Observer adds, also owed the Revenue Commissioners more than EUR300,000. Leitrim Observer says The Ramada Hotel and Suites is Dream Hotels' only asset of real value. EIRLES TWO: Moody's Cuts Ratings on Tsar 11 Swaps and Notes ----------------------------------------------------------- Moody's Investors Service downgraded four swaps entered into by Deutsche Bank AG (London Branch) and four classes of notes issued by Eirles Two Limited, each referencing the TSAR_11 portfolio. Two of the tranches remain on review for downgrade. The four classes of notes are repacks of the four classes of swaps. These rating actions are a response to credit deterioration in the underlying portfolio. The transactions are synthetic CDOs referencing RMBS and ABS CDOs, containing 56% RMBS and 14% ABS CDOs of the 2005, 2006, and 2007 vintages. The percentage of C and Ca rated assets in the portfolio is currently 9.5%, with the Class B attaching at 11% and detaching at 16%. These rating actions are: Deutsche Bank AG (London Branch) - Tsar 11: (1) US$37,500,000 Class B Swap due 2039 -- Current Rating: Caa3, on review for downgrade -- Prior Rating: A1, on review for downgrade (2) US$22,500,000 Class C Swap due 2039 -- Current Rating: Ca -- Prior Rating: Ba1, on review for downgrade (3) US$16,875,000 Class D Swap due 2039 -- Current Rating: Ca -- Prior Rating: Ba3, on review for downgrade (4) US$20,625,000 Class E Swap due 2039 -- Current Rating: Ca -- Prior Rating: Caa1, on review for downgrade Eirles Two Limited - Series 134, 135, 136, 137: (1) US$37,500,000 Series 137 Floating and Variable Rate Secured Notes due 2039 -- Current Rating: Caa3, on review for downgrade -- Prior Rating: A1, on review for downgrade (2) US$22,500,000 Series 136 Floating and Variable Rate Secured Notes due 2039 -- Current Rating: Ca -- Prior Rating: Ba1, on review for downgrade (3) US$16,875,000 Series 135 Floating and Variable Rate Secured Notes due 2039 -- Current Rating: Ca -- Prior Rating: Ba3, on review for downgrade (4) US$20,625,000 Series 134 Floating and Variable Rate Secured Notes due 2039 -- Current Rating: Ca -- Prior Rating: Caa1, on review for downgrade EIRLES TWO: Moody's Cuts Ratings on Tsar_05 Swaps and Notes ----------------------------------------------------------- Moody's Investors Service downgraded and left on review for further downgrade nine classes of notes issued by Eirles Two Limited, seven classes of notes issued by Eirles Four Limited and seventeen credit default swaps entered into by Deutsche Bank AG referencing the TSAR_05 transaction. These credit-linked notes issued by the Eirles Two and Eirles Four program are repacks of various credit default swaps entered into by Deutsche Bank AG, London Branch. The TSAR05 transaction contains subprime RMBS bonds and ABS CDOs, particularly of the 2004, 2005 and 2006 vintages. 2.04% of the pool is currently rated Caa1 or below with the junior most rated tranche attaching at 0.95%. All of these notes and credit default swaps reference the same TSAR 05 portfolio. These rating actions are: Eirles Two Limited: (1) The JPY1000,000,000 Series 66 Floating and Variable Rate Secured Notes -- Current Rating: Ba1, on review for downgrade -- Prior Rating: Aa1 (2) The JPY2000,000,000 Series 68 Floating and Variable Rate Secured Notes -- Current Rating: A1, on review for downgrade -- Prior Rating: Aaa (3) The JPY3000,000,000 Series 69 Floating and Variable Rate Secured Notes -- Current Rating: A1, on review for downgrade -- Prior Rating: Aaa (4) The JPY1000,000,000 Series 75 Floating and Variable Rate Secured Notes -- Current Rating: A1, on review for downgrade -- Prior Rating: Aaa (5) The JPY1000,000,000 Series 81 Floating and Variable Rate Secured Notes -- Current Rating: Caa3, on review for downgrade -- Prior Rating: Baa3, on review for downgrade (6) The JPY500,000,000 Series 82 Floating and Variable Rate Secured Notes -- Current Rating: Ca -- Prior Rating: Caa1, on review for downgrade (7) The US$15,000,000 Series 85 Floating and Variable Rate Secured Notes -- Current Rating: Ca -- Prior Rating: Caa3, on review for downgrade (8) The EUR10,000,000 Series 110 Floating and Variable Rate Secured Notes -- Current Rating: Baa1, on review for downgrade -- Prior Rating: Aaa (9) The EUR50,000,000 Series 118 Floating and Variable Rate Secured Notes -- Current Rating: Baa1, on review for downgrade -- Prior Rating: Aaa Eirles Four Limited: (1) The US$126,000,000 Series 9 Floating Rate Secured Notes -- Current Rating: Caa1, on review for downgrade -- Prior Rating: Baa1, on review for downgrade (2) The US$15,000,000 Series 11 Floating and Variable Rate Secured Notes -- Current Rating: Ca -- Prior Rating: Caa1, on review for downgrade (3) The US$5,000,000 Series 15 Floating and Variable Rate Secured Notes -- Current Rating: Ca -- Prior Rating: Caa1, on review for downgrade (4) The US$5,000,000 Series 16 Floating and Variable Rate Secured Notes -- Current Rating: Ca -- Prior Rating: Caa3, on review for downgrade (5) The US$5,000,000 Series 54 Floating and Variable Rate Secured Notes -- Current Rating: Ca -- Prior Rating: Caa3, on review for downgrade (6) The EUR10,000,000 Series 82 Floating and Variable Rate Secured Notes -- Current Rating: Caa3, on review for downgrade -- Prior Rating: Baa3, on review for downgrade (7) The EUR5,000,000 Series 86 Floating and Variable Rate Secured Notes -- Current Rating: Baa1, on review for downgrade -- Prior Rating: Aaa Deutsche Bank AG (London) TSAR_05 Swaps 2005 (Class B to E): (1) The US$15,910,000 TSAR_05 (DB) Class B Portfolio Credit Default Swap -- Current Rating: Baa1, on review for downgrade -- Prior Rating: Aaa (2) The US$7,160,000 TSAR_05 (DB) Class C Portfolio Credit Default Swap -- Current Rating: B2, on review for downgrade -- Prior Rating: Aa2, on review for downgrade (3) The US$7,160,000 TSAR_05 (DB) Class D Portfolio Credit Default Swap -- Current Rating: Caa3, on review for downgrade -- Prior Rating: Baa3, on review for downgrade (4) The US$4,770,000 TSAR_05 (DB) Class E Portfolio Credit Default Swap -- Current Rating: Ca -- Prior Rating: Caa1, on review for downgrade Deutsche Bank AG, London BRANCH - TSAR_05: (1) The Class A- (2) Swap with a maximum exposure of US$86,001,816.69 -- Current Rating: A1, on review for downgrade -- Prior Rating: Aaa (2) The Class B Swap with a maximum exposure of US$114,669,088.92 -- Current Rating: Baa1, on review for downgrade -- Prior Rating: Aaa (3) The Class B (1) Swap with a maximum exposure of US$114,669,088.92 -- Current Rating: Baa1, on review for downgrade -- Prior Rating: Aaa (4) The Class B (2) Swap with a maximum exposure of US$71,668,180.58 -- Current Rating: Ba1, on review for downgrade -- Prior Rating: Aa1 (5) The Class C Swap with a maximum exposure of US$51,601,090.01 -- Current Rating: B2, on review for downgrade -- Prior Rating: Aa2, on review for downgrade (6) The Class D Swap with a maximum exposure of US$51,601,090.01 -- Current Rating: Caa3, on review for downgrade -- Prior Rating: Baa3, on review for downgrade (7) The Class E Swap with a maximum exposure of US$34,400,726.68 -- Current Rating: Ca -- Prior Rating: Caa1, on review for downgrade (8) The Class F Swap with a maximum exposure of US$17,200,363.34 -- Current Rating: Ca -- Prior Rating: Caa3, on review for downgrade Deutsche Bank AG, London Branch - Tsar_05 Credit Default Swap: (1) The Class B(3) Swap with a maximum exposure of US$12,180,000 -- Current Rating: Baa1, on review for downgrade -- Prior Rating: Aaa (2) The US$Class D(2) Swap with a maximum exposure of US$51,601,090.01 -- Current Rating: Caa3, on review for downgrade -- Prior Rating: Baa3, on review for downgrade (3) The Class D(3) Swap with a maximum exposure of US$51,601,090.01 -- Current Rating: Caa3, on review for downgrade -- Prior Rating: Baa3, on review for downgrade (4) The Class E(2) Swap with a maximum exposure of US$34,400,726.68 -- Current Rating: Ca -- Prior Rating: Caa1, on review for downgrade (5) The Class F(2) Swap with a maximum exposure of US$17,200,363.34 -- Current Rating: Ca -- Prior Rating: Caa3, on review for downgrade =================== K A Z A K H S T A N =================== ALATAU TRANS: Creditors Must File Claims by Aug. 8 -------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Alatau Trans Service insolvent on May 14, 2008. Creditors have until Aug. 8, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Shymkent, Ilyaev Str. 24 South Kazakhstan Kazakhstan EAGLE CORPORATION: Claims Deadline Slated for Aug. 8 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Eagle Corporation insolvent on May 13, 2008. Creditors have until Aug. 8, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Ushanov Str. 78-27 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 26-24-41 HAN-TENGRI JSC: Claims Filing Period Ends Aug. 12 ------------------------------------------------- JSC Joint Stock Fund of Risk Investment Han-Tengri has declared insolvency. Creditors have until Aug. 12, 2008, to submit written proofs of claims to: JSC Joint Stock Fund of Risk Investment Han-Tengri Furmanov Str. 240b 050059, Almaty Germany KANTRUST LLP: Creditors' Claims Due on Aug. 12 ---------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan has declared LLP Kantrust insolvent. Creditors have until Aug. 12, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of West Kazakhstan Tsvetochnaya Str. 36 Uralsk West Kazakhstan Kazakhstan Tel: 8 (7112) 25-71-83 8 777 288 69-30 NATURA-SHYMKENT LLP: Claims Registration Ends Aug. 8 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Natura-Shymkent insolvent on May 14, 2008. Creditors have until Aug. 8, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Shymkent, Ilyaev Str. 24 South Kazakhstan Kazakhstan =================== K Y R G Y Z S T A N =================== EUROASIA TRAVELS: Creditors Must File Claims by July 30 ------------------------------------------------------- LLC Euroasia Travels Ltd. Co. has declared insolvency. Creditors have until July 30, 2008, to submit written proofs of claim. Inquiries can be addressed to (+996 312) 61-15-49. JEMCHUJINA GOR: Claims Filing Period Ends July 25 ------------------------------------------------- LLC Center of Tourism and Rest Jemchujina Gor has declared insolvency. Creditors have until July 25, 2008, to submit written proofs of claim to: Ak-Suu Jayilsky Chui Kyrgyzstan ===================== N E T H E R L A N D S ===================== EUROPEAN MORTGAGE: Moody's Rates Classes E and F Notes at Low-B --------------------------------------------------------------- Moody's Investors Service has assigned definitive long-term credit ratings to seven classes of notes issued by European Mortgage Securities (E.M.S.) VII B.V. The ratings assigned are: -- Aaa to EUR925,650,000 Senior Class A1 Notes due 2092; -- Aaa to EUR6,325,250,000 Senior Class A2 Notes due 2092; -- Aa3 to EUR123,400,000 Mezzanine Class B Notes due 2092; -- A3 to EUR146,600,000 Mezzanine Class C Notes due 2092; -- Baa2 to EUR46,250,000 Mezzanine Class D Notes due 2092; -- Ba2 to EUR84,850,000 Junior Class E Notes due 2092; and -- B2 to EUR61,750,000 Subordinated Class F Notes due 2092. This transaction represents the securitization of Dutch residential mortgage loans originated by ABN AMRO Hypotheken Groep B.V., WoonNexxt Hypotheken B.V. and MoneYou B.V., all three wholly owned subsidiaries of ABN AMRO Bank N.V. (Aa2/P-1). The collateral pool of approximately EUR7,714 million contains first lien mortgage loans secured on residential properties located in the Netherlands. Stater Nederland B.V., a wholly owned subsidiary of ABN AMRO, has been sub-contracted to service the mortgage loans. It is the tenth securitization using the E.M.S. platform. The Notes are issued out of the fifth compartment (Compartment 2008- I) of issuer EMS VII B.V. The Issuer may in the future issue notes out of different compartments. All compartments will be bankruptcy-remote, ring-fenced from each other and the assets in each compartment will be fully segregated. The transaction is revolving until the first optional redemption date in August 2015. The ratings of the notes is based upon the analysis of the characteristics of the mortgage pool backing the note, the protection the note receives from credit enhancement against defaults and arrears in the mortgage pool, the legal and structural integrity of the issue and the credit quality of the parties involved in the transaction. The transaction benefits from a swap agreement with ABN AMRO to hedge the interest rate risk over the entire term of the transaction. An excess margin of 25 bps in the transaction is guaranteed through the operation of the interest rate swap. The 1.5 per cent liquidity facility and the GIC are provided by ABN AMRO. The interest rate swap does not comply with Moody's swap de- linkage guidelines, as the swap collateral agreement allows asset backed securities to be used as collateral. This results in linkage between the rating on the notes and the credit strength of the swap counterparty, which may lead to rating volatility. Currently the swap counterparty, ABN AMRO is rated Aa2/P-1. The definitive ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for the timely payment of interest and ultimate payment of principal by the legal final maturity. HEXION SPECIALTY: Says Huntsman Suit Against Apollo Baseless ------------------------------------------------------------ Hexion Specialty Chemicals Inc. issued a statement in response to a suit filed by Huntsman Corp. in Texas: "It is unfortunate that Huntsman has chosen to file a baseless lawsuit against Apollo and to personally sue two of its principals. Huntsman's Texas suit violates a clear provision of the merger agreement which requires that any litigation be brought exclusively in the State of Delaware. As we alleged in our suit, primarily due to Huntsman's underperformance, we believe that consummating the merger on the basis of the capital structure agreed to with Huntsman would render the combined company insolvent. In fact, Huntsman's suit does not dispute that the combined company would be insolvent. We believe Huntsman's lawsuit is wholly without merit." As reported in the Troubled Company Reporter-Europe on June 24, 2008, Huntsman Corp. filed a suit against Apollo Management L.P. and partners Leon Black and Joshua Harris in Conroe, Texas, for fraud and tortuous interference in connection with inducing Huntsman to terminate its merger agreement with Basell AF, a Dutch manufacturer, to enter into a merger agreement with Apollo affiliate Hexion Specialty Chemicals instead. The TCR disclosed on June 20, 2008, that Hexion Specialty and related entities filed a suit in the Delaware Court of Chancery to declare its contractual rights with respect to a US$10.6 billion merger agreement, which includes the assumption of debt, with Huntsman. In the petition filed, Huntsman seeks a jury trial to determine the defendants' liability to Huntsman for actual damages exceeding US$3 billion, plus exemplary damages. About Huntsman Corp. Huntsman Corp. (NYSE:HUN) -- http://www.huntsman.com/-- manufactures and markets differentiated and commodity chemicals. Its operating companies manufacture products for a variety of global industries including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later for rapid and integrated growth in petrochemicals, Huntsman today has 13,000 employees and operates from multiple locations worldwide, including Argentina, Belarus, Japan, Luxembourg, Malaysia, Spain and the United Kingdom, among others. The Company had 2007 revenues of approximately US$10 billion. About Hexion Specialty Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. -- http://www.hexionchem.com/-- is a producer of thermosetting resins, or thermosets. Thermosets are a critical ingredient in virtually all paints, coatings, glues and other adhesives produced for consumer or industrial uses. Hexion Specialty Chemicals is controlled by an affiliate of Apollo Management L.P. Outside the United States, the company has regional headquarters in: China through Hexion Specialty Chemicals Singapore Pte Ltd.; Australia through Hexion Specialty Chemicals Australia Pty.; the Netherlands through Hexion Specialty Chemicals B.V.; and in Brazil through Hexion Quimica Industria e Comercio Ltda. Hexion Specialty Chemicals Inc.'s balance sheet at March 31, 2008, showed the company had total assets of US$4.2 billion and total liabilities of US$5.5 billion, resulting in a shareholders' deficit of US$1.3 billion. PARKER DRILLING: S&P Keeps B+ Rating; Outlook Revised to Pos. ------------------------------------------------------------- Standard & Poor's Ratings Services revised its outlook on Houston-based oil and gas contract driller Parker Drilling Co. to positive from stable and affirmed its ratings, including the 'B+' corporate credit rating on the company. "The outlook revision is based on the company's strong operating performance and improved credit measures," said Standard & Poor's credit analyst Aniki Saha-Yannopoulos. "We expect further improvement in operating performance from Parker's recent capital expenditure program and favorable industry conditions." The receipt of the letter of intent from BP PLC's subsidiary for a drilling contract in Alaska also improves Parker's outlook. Standard and Poor's also expects that the resolution of the Kazakhstan tax issue and Parker's exit from the Saudi Arabian Joint Venture will allow Parker to focus on expanding its operations. The rating on Parker reflects the company's participation in a highly competitive, cyclical industry; its capital spending program; and operations in international markets and areas that can expose it to geopolitical risks. Business segment and geographic diversity partially mitigate these weaknesses. As of March 31, 2008, Parker had about US$396 million in debt, adjusted for operating leases. X5 RETAIL: Completes Formata Holding Acquisition ------------------------------------------------ X5 Retail Group N.V. has completed the acquisition of the entire issued share capital of Formata Holding B.V., the owner of the Karusel hypermarket chain and is ready to proceed to its integration. In accordance with the share purchase agreement between X5 and the shareholders of Formata as of June 25, 2008, X5 has completed the acquisition of the entire issued share capital of Formata on June 26, 2008, and the operational control over Karusel has passed to X5 Retail Group. "We are happy to announce the completion of this strategic transaction," Lev Khasis, the CEO of X5 Retail Group said. "The key focus for us now is integration and our efforts will be concentrated on making this process as smooth and efficient as possible." About X5 Retail Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V. (LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm for the group of companies that operate retail grocery stores. The main activity of the company is the development and operation of grocery retail stores. The company operated Pyaterochka and Perekrestok retail chains in Russia, including Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara, Ekaterinburg and Kiev, Ukraine. * * * X5 Retail Group N.V. continues to carry a B1 Corporate Family Rating from Moody's Investors Service with positive outlook. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. =========== R U S S I A =========== COKE-KHIM-MONTAZH: Creditors Must File Claims by July 7 ------------------------------------------------------- Creditors of OJSC Coke-Khim-Montazh Magnitogorsk (TIN 7414001499) have until July 7, 2008, to submit proofs of claim to: G. Mufazalov Temporary Insolvency Manager Apt. 84 Shafieva Str. 10 Ufa 450083 Bashkortostan Russia Tel/Fax: (347) 248-81-17 The Arbitration Court of Chelyabinsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A40-13574/08-74-44 B. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: OJSC Coke-Khim-Montazh Magnitogorsk Building 1 Stalevarov Str. 11 Magnitogorsk 455038 Chelyabinsk Russia DANILOVSKIY FACTORY: Creditors Must File Claims by July 7 --------------------------------------------------------- Creditors of LLC Danilovskiy Factory of Wood Processing Machines have until July 7, 2008, to submit proofs of claim to: S. Ilyushechkin Temporary Insolvency Manager Post User Box 17 127106 Moscow Russia The Arbitration Court of Yaroslavl will convene at 10:00 a.m. on Aug. 5, 2008, to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A82-2910/ 2008-30-B/23. The Debtor can be reached at: LLC Danilovskiy Factory of Wood Processing Machines Zavodskaya Str. 7 152070 Danilov Russia GENERAL ICE: Moscow Bankruptcy Hearing Slated for September 23 -------------------------------------------------------------- The Arbitration Court of Moscow will convene on Sept. 23, 2008, to hear the bankruptcy supervision procedure on CJSC General Ice (TIN 7726257810). The case is docketed under Case No. A40-7968/ 08-38-24B. The Temporary Insolvency Manager is: I. Zaytsev Post User Box 79 119607 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC General Ice Room 201 Elektrolitnyj Pr. 5 115230 Moscow Russia MINERAL WATERS: Creditors Must File Claims by July 7 ---------------------------------------------------- Creditors of LLC Mineral Waters (TIN 5405279416, OGRN 1045401939186) have until July 7, 2008, to submit proofs of claim to: T. Sukhosyrova Temporary Insolvency Manager Nizhegorodskaya Str. 270/1 630063 Novosibirsk Russia The Arbitration Court of Novosibirsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A45-6128/2008. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: T. Sukhosyrova Temporary Insolvency Manager Nizhegorodskaya Str. 270/1 630063 Novosibirsk Russia SANDAL LLC: Buryatiya Bankruptcy Hearing Slated for August 20 ------------------------------------------------------------- The Arbitration Court of Buryatiya will convene at 4:20 p.m. on Aug. 20, 2008, to hear the bankruptcy supervision procedure on LLC Sandal. The case is docketed under Case No. A10-2979/07. The Temporary Insolvency Manager is: D .Badmazhapova Klyuchevskaya Str. 26-36 Ulan-Ude 670013 Buryatiya Russia The Debtor can be reached at: LLC Sandal Apt. 41 Karla Marksa Avenue 33 Ulan Ude 670031 Buryatiya Russia SEVERSTAL OAO: To Distribute Dividends for Year 2007 and Q1 2008 ---------------------------------------------------------------- The Annual General Meeting of Shareholders of OAO Severstal has voted to distribute profit according to the fiscal year 2007 and first quarter 2008 results, following approval of the annual report and annual accounting statements, including profit and loss statement. Shareholders approved to pay dividends in the amount of RUR4 per one ordinary registered share according to 2007 results, and RUR5.20 per one ordinary registered share according to fist quarter results. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. * * * As reported in the TCR-Europe on June 30, 2008, Fitch Ratings said Severstal's Long-term Issuer Default and senior unsecured 'BB', Short-term IDR 'B' and National 'AA-(rus)' ratings are unaffected by its agreement to acquire West Virginia-based steel products maker, Esmark Inc., for approximately US$775 million plus assumed debt. The Outlook on the Long-term IDR is Stable. OAO Severstal continues to carry Ba2 Corporate Family, Senior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service, which said the the outlook on all ratings is stable. Moody's raised the company's ratings to its current level in October 2007. The company also carries BB long-term Foreign and Local Issuer Credit ratings from Standard & Poor's, which said the outlook is stable. SEVERSTAL OAO: Shareholders Elect New Board of Directors -------------------------------------------------------- The Annual General Meeting of Shareholders of OAO Severstal has elected a new Board of Directors: 1. Alexey Mordashov, 2. Mikhail Noskov, 3. Anatoly Kruchinin, 4. Vadim Makhov, 5. Christopher Clark, 6. Ronald Freeman, 7. Peter Kraljic, 8. Martin Angle, 9. Rolf Stomberg, and 10. Gregory Mason. The AGM also elected an Audit Commission: 1. Roman Antonov, 2. Timur Bayazitov, 3. Alexey Guryev. The shareholders approved ZAO KPMG as OAO Severstal Auditor. About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. * * * As reported in the TCR-Europe on June 30, 2008, Fitch Ratings said Severstal's Long-term Issuer Default and senior unsecured 'BB', Short-term IDR 'B' and National 'AA-(rus)' ratings are unaffected by its agreement to acquire West Virginia-based steel products maker, Esmark Inc., for approximately US$775 million plus assumed debt. The Outlook on the Long-term IDR is Stable. OAO Severstal continues to carry Ba2 Corporate Family, Senior Unsecured Debt and Probability-of-Default ratings from Moody's Investor Service, which said the the outlook on all ratings is stable. Moody's raised the company's ratings to its current level in October 2007. The company also carries BB long-term Foreign and Local Issuer Credit ratings from Standard & Poor's, which said the outlook is stable. SISTEMA JFSC: Earns US$400.8 Million for First Quarter 2008 ----------------------------------------------------------- JSFC Sistema has published its unaudited consolidated U.S. GAAP financial results for the three months ended March 31, 2008. Sistema posted a 79.7% hike in net income to US$400.8 million for the first three months 2008. The company also posted a 39.7% increase in net consolidated revenues to US$3.8 billion for the same period. "Sistema delivered solid financial results in the first quarter of 2008 which demonstrate strong fundamentals of the Group and its underlying businesses. We intend to further strengthen Sistema's position in the Russian and international markets as a preeminent consumer services corporation," Leonid Melamed, President and Chief Executive Officer, said. "Our goal, which is branded "5 X 5 > 25," is to achieve Return on Invested Capital for the Sistema Group of above 25% within the 5-year period and maintain it at this level beyond." The company's tools for achieving this goal are: * continued increase in the value of all assets of the Group justified by: -- delivering robust and transparent financial results; -- demonstrating excellent management of assets, including through partnerships with leading companies in respective sectors; and -- Diversifying risks and attracting capital, including through established partnerships with market leaders. * maintaining a strict fiscal discipline based on our TSR and ROIC-driven philosophy, as well as transparent KPIs for all public and non-public companies; * simplifying the Group's corporate structure; * demonstrating leadership in the execution of our portfolio strategy and management of daughter companies; and * becoming best in class in investor relations and corporate governance areas, and continuing to work with our minority shareholders in an open and transparent manner. About Sistema Headquartered in Moscow, Russia, Sistema JSFC -- http://www.sistema.com/-- develops and manages market- leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. * * * Sistema JSFC currently carries a Ba3 long-term corporate family rating and a B2 senior unsecured debt rating from Moody's, with positive outlook. The company also carries Standard & Poor's BB- long-term foreign and local issuer credit ratings. S&P said the outlook is negative. Sistema JSFC carries BB- Issuer Default rating from Fitch, which said the outlook is stable. SISTEMA JFSC: To Pay RUR2.4 Billion Annual Dividend --------------------------------------------------- The Annual General Meeting of Shareholders of Sistema JSFC has approved an annual dividend of RUR0.25 per ordinary share, or around US$0.21 per Global Depositary Receipt, for the 12 months ended Dec. 31, 2007, to be paid to holders of Sistema's shares as at the record date of May 17, 2008. The dividend payment amounts to over RUR2.4 billion or around US$102 million. Audit-Garantia-M was appointed as Sistema's Russian Accounting Standards auditor for 2008, and Deloitte & Touche Regional Consulting Services Limited was appointed as Sistema's U.S. GAAP auditor for 2008. About Sistema Headquartered in Moscow, Russia, Sistema JSFC -- http://www.sistema.com/-- develops and manages market- leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. * * * Sistema JSFC currently carries a Ba3 long-term corporate family rating and a B2 senior unsecured debt rating from Moody's, with positive outlook. The company also carries Standard & Poor's BB- long-term foreign and local issuer credit ratings. S&P said the outlook is negative. Sistema JSFC carries BB- Issuer Default rating from Fitch, which said the outlook is stable. SISTEMA JFSC: Shareholders Elect New Board of Directors ------------------------------------------------------- The Annual General Meeting of Shareholders of Sistema JSFC has approved the election of two new members to the Board of Directors. The Board of Directors comprises four independent non-executive directors and consists of 10 members. Members of the Board of Directors are: 1. Vladimir Evtushenkov, Chairman 2. Alexander Goncharuk, Non-executive Director 3. Vyacheslav Kopiev, Non-executive Director 4. Dmitry Zubov, Non-executive Director 5. Evgeny Novitsky, Non-executive Director 6. Sergey Cheremin, Vice President, Head of External Relations 7. Alexander Gorbatovsky, Non-executive and Independent Director 8. Ron Sommer, Non-executive and Independent Director 9. Stephan Newhouse, Non-executive and Independent Director, and 10. Robert Skidelsky, Non-executive and Independent Director About Sistema Headquartered in Moscow, Russia, Sistema JSFC -- http://www.sistema.com/-- develops and manages market- leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. * * * Sistema JSFC currently carries a Ba3 long-term corporate family rating and a B2 senior unsecured debt rating from Moody's, with positive outlook. The company also carries Standard & Poor's BB- long-term foreign and local issuer credit ratings. S&P said the outlook is negative. Sistema JSFC carries BB- Issuer Default rating from Fitch, which said the outlook is stable. X5 RETAIL: Completes Formata Holding Acquisition ------------------------------------------------ X5 Retail Group N.V. has completed the acquisition of the entire issued share capital of Formata Holding B.V., the owner of the Karusel hypermarket chain and is ready to proceed to its integration. In accordance with the share purchase agreement between X5 and the shareholders of Formata as of June 25, 2008, X5 has completed the acquisition of the entire issued share capital of Formata on June 26, 2008, and the operational control over Karusel has passed to X5 Retail Group. "We are happy to announce the completion of this strategic transaction," Lev Khasis, the CEO of X5 Retail Group said. "The key focus for us now is integration and our efforts will be concentrated on making this process as smooth and efficient as possible." About X5 Retail Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V. (LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm for the group of companies that operate retail grocery stores. The main activity of the company is the development and operation of grocery retail stores. The company operated Pyaterochka and Perekrestok retail chains in Russia, including Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara, Ekaterinburg and Kiev, Ukraine. * * * X5 Retail Group N.V. continues to carry a B1 Corporate Family Rating from Moody's Investors Service with positive outlook. X5 Retail and its subsidiaries also carries a 'BB-' long-term corporate credit rating from Standard & Poor's Ratings Services. S&P said the outlook is stable. ============= U K R A I N E ============= GALON LLC: Creditors Must File Claims by July 12 ------------------------------------------------ Creditors of LLC Galon (code EDRPOU 24926831) have until July 12, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 15/111-b. The Debtor can be reached at: LLC Galon Krasnoarmeyskaya Str. 94 03150 Kiev Ukraine LOGIC OJSC: Creditors Must File Claims by July 11 ------------------------------------------------- Creditors of OJSC Rodon Subsidiary Company Production Enterprise of Integral Chips Logic (code EDRPOU 25569209) have until July 11, 2008, to submit proofs of claim to: The Economic Court of Ivano-Frankovsk Shevchenko Str. 16a 76000 Ivano-Frankovsk Ukraine The Economic Court of Ivano-Frankovsk commenced bankruptcy supervision procedure on the company after finding it insolvent on May 27, 2008. The case is docketed as B-21/62. The Debtor can be reached at: OJSC Rodon Subsidiary Company Production Enterprise of Integral Chips Logic Vovchinetskaya Str. 225 76000 Ivano-Frankovsk Ukraine LUGANSK MINE: Creditors Must File Claims by July 11 --------------------------------------------------- Creditors of Lugansk Mine Building (code EDRPOU 05432402) have until July 11, 2008, to submit proofs of claim to: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The Economic Court of Lugansk commenced bankruptcy proceedings against the company after finding it insolvent on May 5, 2008. The case is docketed as 20/32b. The Debtor can be reached at: Lugansk Mine Building Sverdlovsk Lugansk Ukraine NADBUZHANSKOYE LLC: Proofs of Claim Deadline Set July 12 -------------------------------------------------------- Creditors of Agricultural LLC Nadbuzhanskoye (code EDRPOU 21345252)have until July 12, 2008, to submit proofs of claim to: The Economic Court of Hmelnitskij Nezalezhnosti Square 1 29000 Hmelnitskij Ukraine The Economic Court of Hmelnitskij commenced bankruptcy proceedings against the company after finding it insolvent on May 27, 2008. The case is docketed as 2/107-B. The Debtor can be reached at: Agricultural LLC Nadbuzhanskoye Gorbasov Letichiv District Hmelnitskij Ukraine RITE LLC: Creditors Must File Claims by July 12 ----------------------------------------------- Creditors of LLC Company Rite (code EDRPOU 33817178) have until July 12, 2008, to submit proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent on June 4, 2008. The case is docketed as B-50/77-08. The Debtor can be reached at: LLC Company Rite Krasnoarmeyskaya Str. 11-a 61052 Kharkov Ukraine STAR-AUTO LLC: Creditors Must File Claims by July 11 ---------------------------------------------------- Creditors of LLC Star-Auto (code EDRPOU 31085220) have until July 11, 2008, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on June 3, 2008. The case is docketed as 28/469-b. The Debtor can be reached at: LLC Star-Auto 1st May Str. 1-A 02088 Kiev Ukraine YAVOROV MILK: Proofs of Claim Deadline Set July 11 -------------------------------------------------- Creditors of OJSC Yavorov Milk Plant (code EDRPOU 02773367) have until July 11, 2008, to submit proofs of claim to: The Economic Court of Lvov Lichakivska Str. 81 79010 Lvov Ukraine The Economic Court of Lvov commenced bankruptcy proceedings against the company after finding it insolvent on May 27, 2008. The Debtor can be reached at: OJSC Yavorov Milk Plant Velike Peredmistia Str. 1 Yavorov 81000 Lvov Ukraine =========================== U N I T E D K I N G D O M =========================== AVEBURY INTERNATIONAL: Crisis Send Firm into Administration ----------------------------------------------------------- Avery International has gone into administration due to difficult trading conditions, Alastair Craig writes for Evening Chronicle. Avebury, hit by the downturn in the construction industry, has ceased trading with redundancies expected in the immediate future, Evening Chronicle relates citing joint administrator Steve Wood of Mazars LLP. "Contracts with value in excess of GBP60 million have been canceled or delayed in the last four months leaving the Group with no option but to cease trading," Mr. Wood was quoted by Evening Chronicle as saying. Avery, Evening Chronicle discloses, was tapped to oversee construction of Live Smart@Home's BoKlok development in Gateshead. "The sub-contractors who were being managed by Avebury are now being managed by Live Smart@Home and we have taken overall project management of the scheme," a spokesman for Lve Smart @ Home told Evening Chronicle. BUNCHES UPMINSTER: Brings In Liquidators from Vantis ---------------------------------------------------- G. Mummery and P. Atkinson of Vantis Business Recovery Services were appointed joint liquidators of Bunches (Upminster) Ltd. on June 11, 2008, for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Vantis Business Recovery Services 43-45 Butts Green Road Hornchurch Essex RM11 2JX England CAPRICORN HOMES: Credit Crunch Sends Firm into Administration ------------------------------------------------------------- Guernsey-based housebuilder Capricorn Homes has gone into administration after being hit by the credit crunch, Michael Glackin writes for building, citing administrator KPMG. building adds accounts filed at Companies House showed that the company made a profit of GBP1.1 million in 2005 on a turnover of over GBP7 million. CHARLES BAILEY: Michael Young Leads Liquidation Procedure --------------------------------------------------------- Michael Young of Vantis was appointed liquidator of Charles Bailey Ltd. on June 20 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Vantis Torrington House 47 Holywell Hill St. Albans Herts AL1 1HD England CHESAPEAKE CORP: Moody's May Lower Ratings After Review ------------------------------------------------------- Moody's Investors Service placed all the credit ratings of Chesapeake Corporation on review for possible downgrade. This rating action follows Chesapeake's announcement on June 27, 2008 that the completion of a proposed new credit facility will not be completed prior to the expiration of the commitment letter on July 1, 2008. Chesapeake further announced it is reviewing its balance sheet and exploring other alternatives for reducing leverage and improving its capital structure, in addition to the continued pursuit of asset sales to reduce debt. The existing credit facility matures in February 2009 and had an outstanding balance of US$185 million as of March 30, 2008. Moody's review for possible downgrade will primarily focus on the company's near-term liquidity pressures. Despite a recent amendment to the existing credit agreement that relaxed financial covenant levels through the end of 2008, Moody's is concerned that Chesapeake may breach its financial covenants at June 30, 2008. Regardless, Moody's estimates that effective availability under the revolver has been significantly diminished due to covenant constraints. Furthermore, an amendment to the current U.K. pension recovery plan has not yet been finalized; unless an amended recovery plan is completed beforehand, Chesapeake is obligated to make a GBP35.6 million supplementary contribution to the plan on July 15, 2008. Moody's placed these ratings of Chesapeake Corporation on review for possible downgrade: -- US$18.75 million 6.375% senior unsecured revenue bonds due 2019, B3/LGD3 (48%) -- US$31.25 million 6.25% senior unsecured revenue bonds due 2019, B3/LGD3 (48%) -- GBP67.1 million 10.375% senior subordinated notes due 2011, Caa1/LGD5 (72%) -- EUR100 million 7% senior subordinated eurobonds due 2014, Caa1/LGD5 (72%) -- Corporate Family Rating, B2 -- Probability of Default Rating, B3 Headquartered in Richmond, Virginia, Chesapeake Corporation is a leading international supplier of specialty paperboard and plastic packaging. Revenues for the 12-month period ended March 30, 2008, were US$1.04 billion. DALESMOOR HOMES: Credit Crunch Prompts Administration Move ---------------------------------------------------------- Lancaster-based housebuilder Dalesmoor Homes has gone into administration, blaming the credit crunch, Michael Glackin of building reports. The company has assets of GBP2.5 million, building adds. FOOTLOGIC LTD: Appoints Liquidator from Mazars ---------------------------------------------- Timothy Colin Hamilton Ball of Mazars LLP was appointed liquidator of Footlogic Ltd. on May 28 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Mazars LLP Clifton Down House Beaufort Buildings Clifton Bristol BS8 4AN England HUNTSMAN CORP: Suit Against Apollo Baseless, Hexion Says -------------------------------------------------------- Hexion Specialty Chemicals Inc. issued a statement in response to a suit filed by Huntsman Corp. in Texas: "It is unfortunate that Huntsman has chosen to file a baseless lawsuit against Apollo and to personally sue two of its principals. Huntsman's Texas suit violates a clear provision of the merger agreement which requires that any litigation be brought exclusively in the State of Delaware. As we alleged in our suit, primarily due to Huntsman's underperformance, we believe that consummating the merger on the basis of the capital structure agreed to with Huntsman would render the combined company insolvent. In fact, Huntsman's suit does not dispute that the combined company would be insolvent. We believe Huntsman's lawsuit is wholly without merit." As reported in the Troubled Company Reporter-Europe on June 24, 2008, Huntsman Corp. filed a suit against Apollo Management L.P. and partners Leon Black and Joshua Harris in Conroe, Texas, for fraud and tortuous interference in connection with inducing Huntsman to terminate its merger agreement with Basell AF, a Dutch manufacturer, to enter into a merger agreement with Apollo affiliate Hexion Specialty Chemicals instead. The Troubled Company Reporter disclosed on June 20, 2008, that Hexion Specialty and related entities filed a suit in the Delaware Court of Chancery to declare its contractual rights with respect to a US$10.6 billion merger agreement, which includes the assumption of debt, with Huntsman. In the petition filed, Huntsman seeks a jury trial to determine the defendants' liability to Huntsman for actual damages exceeding US$3 billion, plus exemplary damages. About Huntsman Corp. Huntsman Corp. (NYSE:HUN) -- http://www.huntsman.com/-- manufactures and markets differentiated and commodity chemicals. Its operating companies manufacture products for a variety of global industries including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. Originally known for pioneering innovations in packaging and, later for rapid and integrated growth in petrochemicals, Huntsman today has 13,000 employees and operates from multiple locations worldwide, including Argentina, Belarus, Japan, Luxembourg, Malaysia, Spain and the United Kingdom, among others. The Company had 2007 revenues of approximately US$10 billion. About Hexion Specialty Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. -- http://www.hexionchem.com/-- is a producer of thermosetting resins, or thermosets. Thermosets are a critical ingredient in virtually all paints, coatings, glues and other adhesives produced for consumer or industrial uses. Hexion Specialty Chemicals is controlled by an affiliate of Apollo Management L.P. Outside the United States, the company has regional headquarters in: China through Hexion Specialty Chemicals Singapore Pte Ltd.; Australia through Hexion Specialty Chemicals Australia Pty.; the Netherlands through Hexion Specialty Chemicals B.V.; and in Brazil through Hexion Quimica Industria e Comercio Ltda. Hexion Specialty Chemicals Inc.'s balance sheet at March 31, 2008, showed the company had total assets of US$4.2 billion and total liabilities of US$5.5 billion, resulting in a shareholders' deficit of US$1.3 billion. POLAR PRINT: Calls in Administrators from KPMG ---------------------------------------------- Polar Print Group has called in joint administrators from KPMG LLP, William Mitting writes for the PrintWeek. According to Polar Print Managing director David Gask, PrintWeek reports, the company's collapse was due to shortened credit term and lower credit limits. Polar Print ran into financial trouble starting March 2008 when its bank facility was not renewed. Richard Philpott of KPMG said that during the past 12 months, the company lost two major contracts and was unable to recover the loss. The company's credit report from ICSM says that Polar Print received two County Court Judgments in April and May 2008, totaling almost GBP60,000. Headquartered in Leicester, U.K., Polar Print Group -- http://www.polargroup.co.uk/-- is an environment friendly printer with 45 personnel manning it's business. VEDANTA RESOURCES: S&P Rates Proposed Senior Unsec. Notes at BB --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' rating to the proposed two-tranche senior unsecured notes (comprising of a five-and-a-half-year US$500 million tranche due 2014, and a 10- year US$750 million tranche due 2018) of Vedanta Resources PLC (foreign currency rating BB/Positive/--). * Moody's Investors Service Rates 13 Static CPDO Notes ------------------------------------------------------ Moody's Investors Service has taken rating actions on 13 series of static constant proportion debt obligations based on the application of updated surveillance tools that take into account the new dynamics brought about by the current market crisis. The resulting rating actions include eight downgrades of one to three notches, which reflect ongoing vulnerability in light of underlying fundamentals. There were also two upgrades of one notch and three confirmations, reflecting relatively better transaction performance since the last rating actions taken. All 13 CPDO transactions were previously downgraded on March 10, 2008 and left under review for further possible downgrade. "The dramatic widening of spreads that started in summer 2007 and developed into the first half of 2008 has introduced exceptional volatility," says Nicolas Weill, Group Managing Director and Chief Credit Officer. Moody's approach relies on two different tests that the monitored transaction must pass. These tests assess the performance of the CPDO both in the short term and in the long term and are based on parameters that vary according to the rating level. A special report fully describing the two tests and their parameters will be published in the coming weeks. Accounting for Increased Volatility When monitoring CPDO transactions, Moody's has identified two main risks. The near-term risk is that of a cash-out event due to a rapid and significant spread widening. The second is a long-term risk that the CPDO proves unable to rebuild its net asset value and consequently to repay principal and interest due at or before maturity. A CPDO typically involves a special purpose vehicle (SPV) that issues notes, the proceeds of which are used to invest in non- risky, liquid assets (typically a cash deposit). In parallel, the SPV enters into an agreement that replicates the sale of protection on a portfolio of investment-grade names, such as indexes that are widely traded like Itraxx or Globox, or bespoke portfolios. The notional amount of the risk exposure is significantly larger than the outstanding amount of the notes -- that is, the transaction is highly leveraged. Since the CPDO investor takes on a leveraged exposure to synthetic credit indices or bespoke portfolios, the evolution of credit spreads can significantly affect the transaction. A cash-out event occurs when the net asset value of the transaction falls below a certain threshold and causes the transaction to unwind, exposing noteholders to loss. The NAV is the aggregate value of the assets of the SPV -- that is, the sum of the cash deposit account and the mark-to-market value of the leveraged credit default swap position. Moody's surveillance of CPDOs considers the degree of spread widening, occurring over periods of one day, one week and one month, that the transaction is able to sustain without cashing out. Moody's applies these levels of widening starting from the current NAV level of the transaction. Moody's also takes into account the specific leverage formula of the deal. Consequently, any relevant de-leveraging transaction-specific feature that would kick in during the week or the month has been accounted for in the analysis. In addition, those transactions that have incurred reductions in NAV are exposed to risk of not rebuilding it to par. When analyzing the long-term risk that the transaction fails to pay all amounts due at or before maturity, Moody's models the future evolution of the NAV from the current level under specific scenarios consistent with various ratings. The scenarios used for this test were devised to simulate two extreme paths in which spreads either tighten or widen sharply. The resulting ratings are usually based on the worst outcome of the three scenarios (short term cash out, long term spread widening and long term spread tightening). 13 CPDO Ratings Affected Following the implementation of the above-described monitoring approach, Moody's has downgraded the ratings of eight series of Globox-based CPDO notes, upgraded two, and confirmed the ratings of three. The rating actions are as follows: Downgrades * Series 7 EUR325,000,000 SURF CPDO Issued by Castle Finance I Limited -- Current rating: Ba3 -- Prior rating: Ba2, on review for downgrade * Series 8 USD 100,000,000 SURF CPDO Issued by Castle Finance I Limited -- Current rating: Ba3 -- Prior rating: Ba2, on review for downgrade * Series 2 USD 25,000,000 SURF CPDO Issued by Castle Finance II Limited -- Current rating: Ba2 -- Prior rating: Baa2, on review for downgrade * Series 9 EUR60,000,000 SURF CPDO Issued by Castle Finance I Limited -- Current rating: B1 -- Prior rating: Ba2, on review for downgrade * Series 2006-1 USD 25,000,000 Credit Linked Notes Issued by Thebes Capital PLC -- Current rating: B1 -- Prior rating: Ba2, on review for downgrade * Series 2007-2 USD 10,000,000 R Evolution Credit Linked Notes issued by SEA CDO Ltd -- Current rating: Baa2 -- Prior rating: A2, on review for downgrade * Series 2007-3 EUR50,000,000 R Evolution Credit Linked Notes issued by SEA CDO Ltd -- Current rating: Baa1 -- Prior rating: A1, on review for downgrade * Series 2007-5 USD 10,000,000 R Evolution Credit Linked Notes issued by SEA CDO Ltd -- Current rating: Baa1 -- Prior rating: A2, on review for downgrade Upgrades * Series 2007-1 USD 25,000,000 "Artemis" DPI Notes issued by Thebes Capital PLC -- Current rating: Baa3 -- Prior rating: Ba1, on review for downgrade * Series 2006-3 EUR50,000,000 RIDERS Notes due 2017 issued by Magnolia Finance IV plc -- Current rating: Ba1 -- Prior rating: Ba2, on review for downgrade Confirmations * Series DE EUR10,000,000 RECIPES Notes Issued by Aquarius + Investments PLC -- Current rating: Ba1 -- Prior rating: Ba1, on review for downgrade * Series 2007-2 EUR4,000,000 "Artemis" DPI Notes issued by Thebes Capital PLC -- Current rating: Ba1 -- Prior rating: Ba1, on review for downgrade * Series 2006-18 JPY 10,000,000,000 Riders Notes issued by Magnolia Finance IV plc -- Current rating: Ba2 -- Prior rating: Ba2, on review for downgrade The managed CPDO's remain under review for possible downgrade. * Standard & Poor's Rates 110 European Synthetic CDOs ----------------------------------------------------- Standard & Poor's Ratings Services has taken credit rating actions on 110 European synthetic collateralized debt obligation tranches. Specifically, the ratings on: -- 89 tranches were lowered and removed from CreditWatch with negative implications; -- 20 tranches were lowered and remain on CreditWatch negative; and -- One tranche was removed from CreditWatch with positive implications and affirmed. Of the 109 tranches lowered: -- 29 reference U.S. residential mortgage-backed securities and U.S. CDOs that are exposed to U.S. RMBS, which have experienced recent negative rating actions; and -- 80 have experienced corporate downgrades in their portfolios. Rating Action Summary Downgrades Upgrades Key corporate (no. of (no. of downgrades* tranches) tranches) Jan. 8 57 8 United Parcel Service Inc. (AAA/Watch Neg to AA-/Stable) Jan. 9, 2008 Quebecor World Inc. (CCC/Watch Neg to D) Jan. 16, 2008 Feb. 8 90 9 GMAC LLC (BB+/Negative to B+/Negative) Feb. 22, 2008 Residential Capital, LLC (BB+/Negative to B/Negative) Feb. 22, 2008 Mar. 8 79 2 FGIC Corp. (BBB/Watch Neg to B/Negative) March 28, 2008 FGIC UK Ltd. (A/Watch Neg to BB/Negative) March 28, 2008 Apr. 8 118 9 Royal Caribbean Cruises Ltd. (BBB-/Negative to BB+/Stable) April 3, 2008 Residential Capital, LLC (B/Negative to CCC+/Watch Neg) April 24, 2008 May 8 152 1 Countrywide Home Loans, Inc. (BBB+/Watch Pos to BB+/Watch Dev) May 2, 2008 Residential Capital, LLC (CCC+/Watch Neg to CC/Watch Neg) May 2, 2008 June 8 109 0 Ambac Assurance Corp. (AAA/Negative to AA/Watch Neg) June 5, 2008 MBIA Inc. (AA-/Negative to A-/Watch Neg) June 5, 2008 *Those corporate names that have experienced a significant notch downgrade as well as being highly referenced within European synthetic CDOs. NR�Not rated. For those transactions that have been on CreditWatch negative for longer than 90 days, where we have either not received material levels of information or relative portfolio credit quality has not improved since the CreditWatch placement to a level sufficient to affirm the rating, S&P has modeled recovery rates in accordance with our criteria and assessed portfolio quality based on its credit quality today. These rating actions and the CreditWatch updates follow two reviews. The first review was of the CreditWatch placements made on June 12, 2008. The second review was of the ratings on tranches that have been on CreditWatch negative for more than 90 days. Where SROC (synthetic rated overcollateralization) is less than 100%, S&P runs scenarios that project the current portfolio 90 days into the future, assuming no asset rating migration. Where this projection indicates that the SROC would return to a level above 100% at that time, the rating is maintained, but S&P places it on CreditWatch negative. If, on the other hand, the projection indicates that the SROC would remain below 100%, we immediately lower the rating. Ratings List Class (where applicable) To From Rating SROC Projected scenario today 90 day+ (%) SROC(%) ABN AMRO Bank N.V. EUR100 million Rente Plus notes 5 BBB+ A-/Watch Neg A- 99.8882 99.9673 BBB+ 100.7018 100.8169 Aldersgate Finance Ltd. EUR249.5 million floating-rate credit-linked notes B A- A/Watch Neg A 99.8127 99.9587 A- 100.1868 100.3479 Alexandria Capital PLC EUR212 million secured floating-rate credit-linked notes series 2004-12 (Karnak) A2b AA+/Watch Neg AAA/Watch Neg AAA 99.5665 99.9455 AA+ 99.9989 100.5796 Angel Court CDO PLC EUR60 million tranche B secured floating-rate notes series 2006- 1 B BBB+ A+/Watch Neg A+ 99.4802 99.4689 A 99.6254 99.6110 A- 99.8736 99.8657 BBB+ 100.2273 100.2324 Angel Court CDO PLC US$2 million tranche B secured fixed-rate notes series 2006-2 B BBB+ A+/Watch Neg A+ 99.4802 99.4689 A 99.6254 99.6110 A- 99.8736 99.8657 BBB+ 100.2273 100.2324 Angel Court CDO PLC EUR15 million tranche B secured floating-rate notes series 2006- 3 A- AA/Watch Neg AA 99.4530 99.4619 AA- 99.6194 99.6128 A+ 99.7953 99.7841 A 99.9410 99.9267 A- 100.1900 100.1822 Angel Court CDO PLC US$10 million tranche B secured floating-rate notes series 2006- 4 A- AA/Watch Neg AA 99.4530 99.4619 AA- 99.6194 99.6128 A+ 99.7953 99.7841 A 99.9410 99.9267 A- 100.1900 100.1822 Angel Court CDO PLC US$30 million secured tranche B floating-rate notes series 2006- 5 BBB+ A+/Watch Neg A+ 99.4801 99.4689 A 99.6253 99.6110 A- 99.8735 99.8657 BBB+ 100.2272 100.2324 Angel Court CDO PLC EUR20 million tranche A secured floating-rate notes series 2006- 6 A A+ AA/Watch Neg AA 99.7691 99.7780 AA- 99.9360 99.9294 A+ 100.1125 100.1012 Angel Court CDO PLC US$10 million tranche B secured floating-rate notes series 2006- 7 BBB+ A+/Watch Neg A+ 99.4801 99.4689 A 99.6253 99.6110 A- 99.8735 99.8657 BBB+ 100.2272 100.2324 Angel Court CDO PLC US$25 million tranche A secured floating-rate notes series 2006- 11 AA-/Watch Neg AA+/Watch Neg AA+ 98.7802 99.4973 AA 99.2026 99.9877 AA- 99.3685 100.0974 Argon Capital PLC US$10 million Gansevoort CDO limited recourse secured floating- rate credit-linked class B notes series 36 B A- AA/Watch Neg AA 98.9523 98.9523 AA- 99.0499 99.0499 A+ 99.8018 99.8018 A 99.8807 99.8807 A- 100.0561 100.2008 Argon Capital PLC US$10 million Gansevoort CDO limited recourse secured floating- rate credit-linked class A notes series 37 A AA+ AAA/Watch Neg AAA 98.7239 98.8802 AA+ 100.0505 100.0505 Argon Capital PLC US$51 million limited-recourse secured credit-linked floating- rate notes series 60 B BBB+/Watch Neg BBB+ 96.0861 96.0861 BBB 96.8639 96.8639 BBB- 97.9095 97.9095 BB+ 98.4675 98.4675 BB 99.0105 99.0105 BB- 99.4761 99.4761 B+ 99.9748 99.9748 B 100.5358 100.5358 Astir B.V. EUR150 million and EUR100 million Tap issuance floating-rate variable coupon amount credit-linked notes series 14 (Regatta) A/Watch Neg A+/Watch Neg A+ 99.8745 99.9705 A 99.9770 100.0743 Astir B.V. EUR10 million fixed-rate variable coupon amount credit-linked notes series 15 (Regatta) A/Watch Neg A+/Watch Neg A+ 99.8745 99.9705 A 99.9770 100.0743 Baker Street Finance Ltd. EUR519.2 million floating-rate credit-linked notes A-2 AA+ AAA/Watch Neg AAA 99.4618 99.7450 AA+ 100.8339 101.0830 B A+/Watch Neg AA+/Watch Neg AA+ 97.1581 97.3981 AA 98.5775 98.7893 AA- 99.1844 99.3954 A+ 99.8269 100.0295 Bassi Co. Ltd. EUR15 million floating-rate secured portfolio callable credit- linked notes series 3 A AA AA+/Watch Neg AA+ 98.8113 AA 131.6526 Brooklands Euro Referenced Linked Notes 2004-1 Ltd. EUR182.5 million and �677.5 million fixed- and floating-rate notes C-Y A- A/Watch Neg A 99.6513 99.7372 A- 100.0371 100.1187 D BB+ BBB/Watch Neg BBB 99.0924 99.1682 BBB- 99.7208 99.8034 BB+ 100.6108 100.7025 E B BB/Watch Neg BB 99.1748 99.2580 BB- 99.4350 99.5052 B+ 99.8534 99.9109 B 100.2066 100.2638 Brooklands Euro Referenced Linked Notes 2005-1 Ltd. EUR200 million fixed- and floating-rate notes C A-/Watch Neg A/Watch Neg A 99.5051 99.6816 A- 99.9051 100.0757 D BBB- BBB/Watch Neg BBB 99.8000 99.9551 BBB- 100.6845 100.8328 Calyon and Citibank N.A. US$5 million tranche C unfunded credit default swap (Piccadilly II) BBB- BBB/Watch Neg BBB 99.9036 99.9935 BBB- 100.5281 100.6138 Cerigo Capital Ltd. EUR49 million and US$1 million denominated secured floating-rate credit-linked notes series 2007-1 (Dolomite) A-e1 A+/Watch Neg AA-/Watch Neg AA- 99.7439 99.8465 A+ 99.9357 100.0369 Chiswell Street Finance Ltd. EUR135.5 million floating-rate credit-linked notes A Senior AA- AA/Watch Neg AA 99.9556 99.9663 AA- 100.4248 100.4743 Claris III Ltd. EUR100 million floating-rate credit-linked notes series 09/2007 BBB+ A-/Watch Neg A- 99.8964 99.9840 BBB+ 100.1662 100.2616 Claris IV Ltd. EUR40 million Carmel Valley 2006-3 synthetic CDO of RMBS variable-rate notes series 5 BB- BBB-/Watch Neg BBB- 98.2650 98.2650 BB+ 98.4718 99.2302 BB 99.2302 99.3106 BB- 100.2758 100.2758 Claris IV Ltd. EUR5 million Carmel Valley 2006-3 synthetic CDO of RMBS variable-rate notes series 6 B BB/Watch Neg BB 98.2145 98.2941 BB- 99.2494 99.2494 B+ 99.2494 99.2494 B 100.2843 100.2843 Claris IV Ltd. US$17.5 million Carmel Valley synthetic CDO of RMBS variable- rate notes series 7 B BB/Watch Neg BB 98.2145 98.2941 BB- 99.2494 99.2494 B+ 99.2494 99.2494 B 100.2843 100.2843 Claris IV Ltd. US$39 million Leibnitz 2006-1 synthetic CDO of RMBS variable- rate notes series 8/2006 CCC+ B-/Watch Neg B- 99.9385 99.9385 CCC+ 103.2360 103.2360 Coriolanus Ltd. EUR14.956 million floating-rate secured notes series 14 A BBB+ A-/Watch Neg A- 99.2793 99.2793 BBB+ 100.0571 100.0571 Coriolanus Ltd. EUR25 million floating-rate secured notes series 62 A+/Watch Neg AA-/Watch Neg AA- 99.6629 99.7824 A+ 99.9564 100.0648 Coriolanus Ltd. US$50 million class B secured floating-rate notes series 63 B CCC+ B/Watch Neg B 96.6798 96.7218 B- 99.7847 99.8164 CCC+ 105.3947 105.4399 Corsair Finance (Ireland) No. 6 Ltd. EUR74 million rotating SPI basket variable-rate secured portfolio credit-linked notes series 12 A+/Watch Neg AA-/Watch Neg AA- 99.7773 99.8598 A+ 99.9306 100.0132 C.L.E.A.R. PLC JPY3 billion limited-recourse secured credit-linked variable- rate notes series 32 (Aramis) CCC+ B-/Watch Neg B- 99.9829 99.9802 CCC+ 102.9056 102.9056 C.L.E.A.R. PLC AUS$10 million limited-recourse secured credit-linked variable- rate notes series 34 (Aramis) CCC+ B-/Watch Neg B- 99.9829 99.9802 CCC+ 102.9056 102.9056 C.L.E.A.R. PLC US$25 million limited-recourse secured credit-linked variable- rate notes series 38 (Aramis) BBB- BBB/Watch Neg BBB 98.8605 98.8561 BBB- 100.3777 100.3644 C.L.E.A.R. PLC EUR20 million limited-recourse secured credit-linked variable- rate notes series 39 (Aramis) BBB BBB+/Watch Neg BBB+ 99.9268 99.9185 BBB 100.8080 100.8035 Curzon Funding Ltd. US$80 million step-up notes series 2006-2 (Horizon CDO VII) D BBB- BBB/Watch Neg BBB 99.8579 99.8579 BBB- 100.4016 100.4016 Delta CDO PLC US$142.5 million floating-rate credit-linked secured notes series 2005-2 C-1 A- AA+/Watch Neg AA+ 98.7254 98.9557 AA 99.5301 99.5949 AA- 99.6285 99.7231 A+ 99.7905 99.9217 A 99.9270 99.9914 A- 100.1419 100.2541 E-1 BB+ BBB-/Watch Neg BBB- 99.7593 99.8007 BB+ 100.0545 100.0545 K-1 BBB+/Watch Neg AA/Watch Neg AA 98.7550 98.8192 AA- 98.8525 98.9464 A+ 99.0133 99.1435 A 99.1487 99.2127 A- 99.3620 99.4733 BBB+ 99.9736 100.0144 Edam Funding One Ltd. EUR70 million limited-recourse variable-coupon credit-linked and inflation-linked notes series 04-02 AA+/Watch Neg AAA/Watch Neg AAA 98.4531 100.2701 AA+ 99.6941 101.2739 Eirles Four Ltd. US$9.6 million variable rate secured notes, Series 61 BB+ AAA/Watch Neg AAA 85.1188 85.2479 AA+ 86.9758 87.1227 AA 89.6066 89.6476 AA- 90.4827 90.5595 A+ 91.4374 91.5293 A 92.2286 92.3013 A- 93.1551 93.2477 BBB+ 94.5513 94.6542 BBB 95.9824 96.0271 BBB- 98.1792 98.2237 BB+ 100.6905 100.7631 Eirles Four Ltd. US$70.4 million variable rate secured notes, Series 62 CCC- A/Watch Neg A 86.5970 86.6685 A- 87.5221 87.5977 BBB+ 88.9111 89.0000 BBB 90.3018 90.3516 BBB- 92.4593 92.5213 BB+ 94.9056 94.9653 BB 96.1920 96.2532 BB- 96.8084 96.8624 B+ 97.6145 97.6780 B 98.4081 98.4442 B- 98.7400 98.7769 CCC+ 99.2302 99.2302 CCC 99.5104 99.5271 CCC- 100.1247 100.1473 Eirles Two Ltd. US$35.7 million variable rate secured notes series 144 CCC CCC+/Watch Neg CCC+ 99.9998 99.9998 CCC 100.3564 100.3573 Eirles Two Ltd. US$18 million class C variable-rate secured notes series 270 C CCC CCC+/Watch Neg CCC+ 99.6021 99.6649 CCC 100.1787 100.1819 Eirles Two Ltd. US$55 million floating-rate portfolio credit-linked secured notes series 273 BB- BB/Watch Neg BB 99.5923 99.7597 BB- 101.4983 101.6915 Eirles Two Ltd. US$25 million floating-rate portfolio credit-linked secured notes series 274 B B+/Watch Neg B+ 98.7017 98.7017 B 100.3271 100.3271 Eirles Two Ltd. US$17 million variable-rate secured notes series 307 A-4 B BB-/Watch Neg BB- 99.3390 99.4145 B+ 99.9156 99.9314 B 100.3626 100.4261 Eirles Two Ltd. EUR35 million CPPI strategy credit-linked secured notes series 309 BBB AAA/Watch Neg AAA 96.8162 96.9265 AA+ 97.2453 97.3610 AA 97.7777 97.9017 AA- 98.0773 98.2004 A+ 98.3525 98.4651 A 98.5889 98.7051 A- 98.9714 99.0841 BBB+ 99.4343 99.5501 BBB 100.0487 100.1630 Eirles Two Ltd. EUR35 million zero-coupon portfolio credit-linked secured notes series 312 BBB BBB+/Watch Neg BBB+ 99.8551 99.9682 BBB 100.3656 100.4795 Eirles Two Ltd. JPY3.7 billion variable-rate secured notes series 317 A-4 B BB-/Watch Neg BB- 99.3390 99.4145 B+ 99.9156 99.9314 B 100.3626 100.4261 Eirles Two Ltd. US$66 million floating-rate leveraged super senior secured credit-linked notes series 331 A+ AA-/Watch Neg AA- 99.0833 99.0833 A+ 103.1111 103.1111 Eirles Two Ltd. EUR34.062 million variable- and deferrable-rate secured notes series 336 AA AA+/Watch Neg AA+ 99.7872 99.8616 AA 100.1916 100.2759 Elva Funding PLC EUR157 million, JPY4.15 billion and US$28 million floating- and fixed-rate notes series 2005-2 D-5 AA AA+/Watch Neg AA+ 99.6377 AA 100.5876 Far East Funding I SPC Ltd. US$10 million deferrable notes series 2007-03 A AA/Watch Neg AA 99.5788 99.6245 AA- 99.7340 99.7732 A+ 99.8871 99.9203 A 100.0212 100.0512 Far East Funding I SPC Ltd. US$0.01 million deferrable notes series 2007-05 AA+ AAA/Watch Neg AAA 99.8362 99.9039 AA+ 100.0960 100.1443 Far East Funding I SPC Ltd. US$20 million deferrable notes series 2007-10 AA+ AAA/Watch Neg AAA 99.8362 99.9039 AA+ 100.0960 100.1443 Far East Funding I SPC Ltd. US$10 million deferrable notes series 2007-20 AA+ AAA/Watch Neg AAA 99.8415 99.8675 AA+ 100.0975 100.1273 Herald Ltd. US$17.2 million floating-rate credit-linked secured notes (Logan CDO) series 27 B CCC+ B-/Watch Neg B- 99.8797 99.8932 CCC+ 100.3037 100.3115 Ionia Capital PLC EUR47.5 million fixed- and floating-rate credit-linked notes series 2006-2 Ae1 BBB+ A-/Watch Neg A- 99.7717 99.8952 BBB+ 100.2158 100.3512 Ae2 BBB+ A-/Watch Neg A- 99.7717 99.8952 BBB+ 100.2158 100.3512 Ionia Capital PLC US$11 million floating-rate credit-linked notes series 2006-4 Au1 BBB+ A-/Watch Neg A- 99.7717 99.8952 BBB+ 100.2158 100.3512 Ionia Capital PLC EUR26 million secured fixed- and floating-rate credit-linked notes series 2006-5 Ae1 A+/Watch Neg AA-/Watch Neg AA- 99.7228 99.8705 A+ 99.9796 100.1296 Ae2 A+/Watch Neg AA-/Watch Neg AA- 99.7228 99.8705 A+ 99.9796 100.1296 Ae3 A+/Watch Neg AA-/Watch Neg AA- 99.7228 99.8705 A+ 99.9796 100.1296 Be2 BBB+ A-/Watch Neg A- 99.7599 99.9021 BBB+ 100.2791 100.4248 Linker Finance PLC US$86.5 million class B floating-rate secured notes series 2 (Tsar 16) B B+ BB-/Watch Neg BB- 99.8156 99.9540 B+ 100.3487 100.4376 Lunar Funding V PLC US$30 million limited recourse secured floating-rate credit- linked notes series 2006-27 CCC+ B-/Watch Neg B- 99.5796 99.5796 CCC+ 106.0696 106.0696 Motif Capital B.V. US$30 million floating-rate CDO notes series 2005-6 AA AA+/Watch Neg AA+ 99.5430 99.6787 AA 100.1979 100.3346 Omega Capital Investments PLC CHF75 million and EUR15 million secured floating-rate notes series 17 A AA AA+/Watch Neg AA+ 99.4659 AA 103.5066 Omega Capital Investments PLC US$10 million class AA-U5 secured floating-rate notes series 33 AA-U5 BBB+ A-/Watch Neg A- 99.8495 99.9277 BBB+ 100.1869 100.2683 Prime Square CDO Ltd. US$50 million tranche Ba & Bb PRIMO secured floating-rate notes series 2006-1 Ba A AA-/Watch Neg AA- 99.7796 99.8455 A+ 99.9152 99.9803 A 100.0221 100.0935 Bb A AA-/Watch Neg AA- 99.7796 99.8455 A+ 99.9152 99.9803 A 100.0221 100.0935 Prime Square CDO Ltd. EUR10 million tranche B PRIMO secured floating-rate notes series 2006-2 B A AA-/Watch Neg AA- 99.7796 99.8455 A+ 99.9152 99.9803 A 100.0221 100.0935 Prime Square CDO Ltd. US$5 million tranche C PRIMO secured floating-rate notes series 2006-3 C BBB+ A-/Watch Neg A- 99.8199 99.8858 BBB+ 100.1127 100.1880 Prime Square CDO Ltd. EUR6 million tranche A PRIMO secured floating-rate notes series 2006-4 A AA AA+/Watch Neg AA+ 99.8038 99.8677 AA 100.1567 100.2419 Prime Square CDO Ltd. EUR20 million tranche C PRIMO secured floating-rate notes series 2006-5 BBB+ A-/Watch Neg A- 99.8199 99.8858 BBB+ 100.1127 100.1880 Prime Square CDO Ltd. US$20 million tranche B PRIMO secured floating-rate notes series 2006-6 A AA-/Watch Neg AA- 99.7796 99.8455 A+ 99.9152 99.9803 A 100.0221 100.0935 Prime Square CDO Ltd. �2,000 million tranche A PRIMO secured floating-rate notes series 2006-7 AA AA+/Watch Neg AA+ 99.8038 99.8677 AA 100.1567 100.2419 Prime Square CDO Ltd. �2 billion tranche A PRIMO secured floating-rate credit-linked notes series 2006-8 A AA AA+/Watch Neg AA+ 99.7883 99.8521 AA 100.1411 100.2262 Prime Square CDO Ltd. �1billion tranche B PRIMO secured floating-rate credit-linked notes series 2006-9 A AA-/Watch Neg AA- 99.7641 99.8300 A+ 99.8997 99.9648 A 100.0065 100.0780 Rente Plus Co. Ltd. EUR70 million Rente Plus notes 2 series 1 A/Watch Neg A+/Watch Neg A+ 99.4318 99.4318 A 99.7727 100.9318 Rheinwest Credit Management EUR15 million credit-linked floating-rate notes series 10 A- A/Watch Neg A 99.9173 99.9912 A- 100.1263 100.1982 Rheinwest Credit Management EUR15 million credit-linked floating-rate notes series 14 A+/Watch Neg AA-/Watch Neg AA- 99.7786 99.8668 A+ 99.9251 100.0146 Rheinwest Credit Management EUR10 million credit-linked floating-rate notes series 15 BBB+ A-/Watch Neg A- 99.8109 99.8889 BBB+ 100.0915 100.1603 Rheinwest Credit Management EUR10 million credit-linked floating-rate notes series 17 BBB- BBB/Watch Neg BBB 99.8619 99.9481 BBB- 100.4555 100.5373 Saphir Finance PLC EUR20 million credit-linked synthetic portfolio notes series 2004-2 AA AA/Watch Pos AA 101.0748 Saphir Finance PLC EUR10 million class A1 Oak Harbour credit-linked synthetic portfolio notes with a reserve coupon linked to the global large cap ethical index series 2006-3 A1 Ap/Watch Neg A+p/Watch Neg A+ 93.2177 97.9917 A 98.9749 103.9779 Saphir Finance PLC EUR20 million class A3 Oak Harbour credit-linked synthetic portfolio notes with a reserve coupon linked to the global large cap ethical index series 2006-3 A3 BBB+p A-p/Watch Neg A- 89.7491 94.2224 BBB+ 102.9773 107.8648 Saphir Finance PLC EUR15 million class A4 Oak Harbour credit-linked synthetic portfolio notes with a reserve coupon linked to the global large cap ethical index series 2006-3 A4 Ap/Watch Neg A+p/Watch Neg A+ 91.3136 96.9746 A 99.6356 104.9007 Sceptre Capital B.V. EUR3 million secured credit-linked variable-rate notes series 2004-9 A+/Watch Neg AA-/Watch Neg AA- 99.6267 102.9286 A+ 99.8954 103.0492 Sceptre Capital B.V. EUR20 million forward-starting synthetic CDO floating-rate notes series 2006-01 A A- A+/Watch Neg A+ 99.7642 99.8864 A 99.8944 99.9951 A- 100.1028 100.1972 Sceptre Capital B.V. EUR20 million forward-starting synthetic CDO variable-rate notes series 2006-4 A AA-/Watch Neg AA/Watch Neg AA 99.7949 99.9275 AA- 99.9367 100.0509 Starling Finance PLC EUR35 million floating-rate portfolio credit-linked notes series 2005-6 A+ AA/Watch Neg AA 99.7636 99.8777 AA- 99.8867 99.9935 A+ 100.0225 100.1252 Starling Finance PLC EUR27.5 million floating-rate Deveron portfolio credit-linked notes series 2005-13 A-2 A+ AA/Watch Neg AA 99.7273 99.8536 AA- 99.8787 99.9941 A+ 100.0313 100.1429 Starling Finance PLC US$50 million floating-rate Deveron portfolio credit-linked notes series 2006-1 A-1B AA+ AAA/Watch Neg AAA 99.8063 99.9328 AA+ 100.0792 100.1992 Starling Finance PLC US$14 million floating-rate Deveron portfolio credit-linked notes series 2006-2 A-2 A+ AA/Watch Neg AA 99.7273 99.8536 AA- 99.8787 99.9941 A+ 100.0313 100.1429 Starling Finance PLC EUR25 million floating-rate Deveron portfolio credit-linked notes series 2006-3 AA+ AAA/Watch Neg AAA 99.8063 99.9328 AA+ 100.0792 100.1992 Starling Finance PLC EUR4 million floating-rate portfolio credit-linked notes series 2006-6 AA- AA/Watch Neg AA 99.8926 99.9886 AA- 100.0326 100.1207 Third Essential Public Infrastructure Capital GmbH A2 �58 million floating-rate credit-linked notes A AAA/Watch Neg AAA 96.9554 96.9554 AA+ 98.0834 98.0834 AA 99.3076 99.3076 AA- 99.7644 99.7644 A+ 99.8481 99.8481 A 100.4267 100.4267 Topaz Finance Ltd. EUR25 million Tulip Lane CDO of CDO variable-rate credit-linked synthetic portfolio notes series 2005-2 BBB- BBB/Watch Neg BBB 94.4715 98.5176 BBB- 110.1937 114.2062 WISE 2006-1 PLC �63.75 million floating-rate credit-linked notes A AA- AA+/Watch Neg AA+ 98.9054 98.9054 AA 99.6419 99.6419 AA- 100.5149 100.5149 B A- AA-/Watch Neg AA- 98.9958 98.9958 A+ 99.0428 99.0428 A 99.5466 99.5466 A- 100.4870 100.4870 C BBB+ A+/Watch Neg A+ 98.3000 98.3000 A 98.8000 98.8000 A- 99.7333 99.7333 BBB+ 100.0000 100.0000 Xelo PLC EUR10 million secured limited recourse credit-linked notes (Piccadilly 7) series 2006 BBB+ A-/Watch Neg A- 99.7801 99.9036 BBB+ 100.1720 100.2938 Xelo PLC EUR140 million secured limited recourse credit-linked notes series 2007 (Ferras CDO) A+ AA/Watch Neg AA 99.5286 99.5885 AA- 99.7776 99.8320 A+ 100.0051 100.0506 * S&P's Takes Watch Actions on 28 European CDO of ABS Tranches -------------------------------------------------------------- Standard & Poor's Ratings Services has taken CreditWatch actions on 28 tranches issued by several European CDO of ABS transactions. Specifically, ratings on: -- Two tranches were affirmed; -- Four tranches were lowered; -- Eight tranches were lowered and removed from CreditWatch with negative implications; -- 11 tranches were lowered and kept on CreditWatch negative; and -- Three tranches were removed from CreditWatch negative and affirmed. Most of the affected tranches were originally placed on CreditWatch negative on May 7, 2008, reflecting the deterioration in the credit quality of the underlying portfolio due to the exposure to U.S. CDOs of ABS and residential mortgage-backed securities, and the potential decrease in the break-even default rates as a result of our revision to our recovery assumptions for certain CDOs. These rating actions reflect the negative rating migration in the transaction's portfolios following recent negative rating changes on U.S. CDOs of ABS in the underlying portfolio. This has led to an increase in scenario default rates. These rating actions also reflect the effect on the CDOs following the revisions to our recovery rate assumptions for CDOs. The revision has led to a significant fall in the BDRs when subject to our cash flow analysis. As a result, current credit enhancement cannot support the rise in SDRs at existing ratings levels. Ratings List Class Rating To From Ratings Affirmed Palmer Square PLC US$1,254.5 Million Asset-Backed Floating-Rate Notes A1-A AAA A1-B AAA Ratings Lowered Palmer Square PLC US$1,254.5 Million Asset-Backed Floating-Rate Notes A2-A AA+ AAA A2-B AA+ AAA B-1 AA- AA B-2 AA- AA Ratings Removed From CreditWatch Negative And Affirmed Palmer Square 2 PLC US$2,012 Million Asset-Backed Floating-Rate Notes X-1 AAA AAA/Watch Neg X-2 AAA AAA/Watch Neg Cairn High Grade ABS CDO I PLC US$1 Billion Floating-Rate Notes A1 AA- AA-/Watch Neg Ratings Lowered And Removed From CreditWatch Negative Palmer Square PLC US$1,254.5 Million Asset-Backed Floating-Rate Notes C-1 BBB- A/Watch Neg C-2 BBB- A/Watch Neg D-1 BB BB+/Watch Neg D-2 BB BB+/Watch Neg Cairn High Grade ABS CDO I PLC US$1 Billion Floating-Rate Notes A2 BBB+ A+/Watch Neg B BBB- A/Watch Neg C BB- BBB+/Watch Neg E CCC-p BB-p/Watch Neg Ratings Lowered and Kept on CreditWatch Negative Palmer Square 2 PLC US$2,012 Million Asset-Backed Floating-Rate Notes A1-M-A A+/Watch Neg AAA/Watch Neg A1-M-B A+/Watch Neg AAA/Watch Neg A1-Q-A A+/Watch Neg AAA/Watch Neg A1-Q-B A+/Watch Neg AAA/Watch Neg A2-A BBB/Watch Neg AA+/Watch Neg A2-B BBB/Watch Neg AA+/Watch Neg A3-A BB/Watch Neg BBB/Watch Neg A3-B BB/Watch Neg BBB/Watch Neg B-1 BB-/Watch Neg BBB-/Watch Neg B-2 BB-/Watch Neg BBB-/Watch Neg C B/Watch Neg BB-/Watch Neg * Credit Crunch Hits UK Financial Services Industry, Survey Says ---------------------------------------------------------------- The impact of the credit crunch on the U.K. financial services industry has worsened over the past quarter, as profitability fell at a record pace and business volumes fell at the fastest rate in 17 years, a survey said. The latest Financial Services Survey from the CBI and PricewaterhouseCoopers LLP also showed that credit remains expensive and in short supply with the gap between lending and borrowing rates widening more than at any time in the survey's history. Job cuts have continued and business has been lost across all customer bases. Although the credit crunch has already been underway for ten months, nine out of ten firms (91%) think it will take more than six months for market conditions to return to normal. Asked about business volume trends in the three months to early June, 20 per cent of firms said they had risen, while 55 per cent said they had decreased. The resulting balance of -35% was in line with expectations, but was the weakest result since March 1991 (-44%). The outlook for the coming three months is bleaker still, with a balance of 44 per cent expecting business volumes to fall. Financial services firms had expected profitability in the sector to remain stable but instead it dived sharply, with a balance of 44% reporting a fall, compared with 18% in March. This is the fastest rate of decline in profitability since the survey began in late 1989, and another heavy fall is anticipated over the next quarter. In the last three months the value of fee, commission and premium incomes and incomes from net interest, investment or trading both fell for the third consecutive quarter, but at slower rates than reported in March. Over the coming three months firms expect further falls at similar rates to this quarter. Business sentiment recorded its steepest fall since September 1990, as a balance of 57% said they are less optimistic about the overall business situation in the financial services sector than they were in March. Business volumes with industrial and commercial companies, which had been holding up so far during the credit crunch, fell for the first time since March 2005 (a balance of -16%) and are expected to fall more heavily over the coming three months (-33%). Business volumes with financial institutions and private individuals continued to fall, (-23% and -28% respectively) while a pick-up in volumes with overseas customers failed to materialize. Total operating costs fell sharply (a balance of -23%) at the fastest rate since December 1993 (-49%), given the steep decline in business volumes and firms' efforts to trim costs. Total costs are expected to fall again over the next three months at a similar rate. However, average operating costs per transaction stayed flat and are expected to remain so next quarter. Average spreads, which mark the difference between the rates at which money is borrowed and lent, built on the strong increase of the March survey and again widened more than expected - the 51% balance is a survey record high. The increases in spreads were strongest among banks and building societies. The value of non-performing loans, or bad debt, rose markedly (a balance of +16%) and a similar rate is expected in the three months ahead. Jobs were again lost in the sector, and a balance of 22% reported a fall in numbers employed, but this outcome was not as bad as predicted, and slightly slower than in the March survey. A balance of 19% expects to cut jobs over the next three months. In a sign that firms are cutting back to weather difficult times, a balance of 16% expects to spend less on marketing in the next 12 months than they did in the past 12 months, which is the first planned reduction since June 2003. Planned IT capital expenditure is also well below its long run average. Concern about the cost of finance as a constraint to investment edged higher to a new record high (26%), while worries that the ability to raise funds might limit business in the year ahead fell back slightly from the survey high in March (40% down to 32%). Firms expect that the most significant barrier to limit business over the next 12 months will be the level of demand, but they are less worried about competition or the adequacy of systems capacity than they have been for the past few years. Supplementary questions on the credit crunch �- asked now for a third successive survey �- suggested that firms believe there is a lower risk of further deterioration in financial market conditions than there was three months ago. However, 91% believe it will take longer than six months for normal conditions to resume. The main concerns regarding the short term effects of the credit crunch are increased funding costs and reduced sales and revenue growth. Asset devaluation is a much greater worry in the medium term. Ian McCafferty, CBI Chief Economic Adviser, said: "The impact of the credit crunch on financial services has deepened over the last three months, and conditions look set to remain difficult for some time yet. "Although credit markets have been somewhat calmer of late, the interbank lending system is still looking gummed up, and spreads have widened more than at any time in the past eighteen years. "Profitability in the sector is being badly hit, so firms are trying hard to trim costs by planning to cut back on training and marketing for the first time in a number of years. "The problems of the financial sector will echo throughout the wider economy and will drag economic growth down this year and next." Analysis by Sector * Banking Banks raised the spread between borrowing and lending costs by a record degree, yet still saw a further deterioration in their profitability as a result of falls in the volume of business and a rise in the value of non-performing loans. These trends are expected to continue next quarter, though spread widening will be slightly less severe. Numbers employed fell further, and banks also plan to spend less on marketing in the year ahead than they did last year. * Building Societies Business volumes rose in the past three months against expectations and are expected to hold steady in the coming quarter. However, profitability fell on the back of lower fee and commission incomes and a rise in the value of non-performing loans. Employment fell for the first time in a decade, while investment intentions are largely positive. John Hitchins, U.K. banking leader, PricewaterhouseCoopers LLP, said: "Banks have made their gloomiest profitability prediction since 1994 and sentiment in the sector has fallen the most sharply since 1998. Volumes of business are declining faster than expected and economic worries are broadening from the retail arena to include the commercial sector. Asset write downs continue to impact profitability. Although the outlook for employment remains negative, investment budgets have stabilized and growth in compliance costs is seen as slowing to a more manageable pace." * Life Insurance Business volumes fell at their fastest rate since the survey began and are forecast to fall very rapidly again in the next three months. The fall in volumes was concentrated in business with private individuals, but did not spread as feared to companies and financial institutions. Average spreads increased at their fastest rate since the survey began and total operating costs fell for a fourth successive survey. However, lower income values and business volumes still resulted in a sharp fall in profitability �- the strongest in the survey history. * General Insurance Profitability fell over the past three months, following growth in the previous two quarters. Spreads continued to widen, but business volumes and income values were down. The fall in business volumes was concentrated on industrial & commercial companies and overseas customers, as business to private individuals continued to rise. Investment intentions for capital and marketing were weaker than in the previous survey, although firms continued to take on additional staff. Andrew Kail, U.K. insurance leader, PricewaterhouseCoopers LLP, said: "In contrast to last quarter, general insurers no longer feel somewhat insulated from the effects of the credit crunch. The fall in confidence was the steepest for four years, and is accompanied by downbeat responses on volumes, revenues, customer activity and profitability. A re evaluation of the economic outlook is the most likely cause and maintaining profitability is now the sector's dominant concern." "Life insurers have reported their steepest decline yet for profitability. New business is expected to continue to fall, investment business is under threat from perceived market volatility and demand for protection products is being affected by the slowdown in the housing market. The slowdown is putting pressure on the sector's own investment and capital plans. Life insurers intend to commit less capital to IT projects and look likely to reduce headcount." * Securities Trading Volumes of business fell sharply for a third successive survey and the level of business was considered to be well below normal. Fee and commission income and the value of interest, investment or trading income also fell for the third successive survey, albeit by much less than expected in the case of the former. Profitability fell, as sharply lower levels of business offset a first fall in total operating costs for three years. * Fund Management Contrary to expectations, business volumes in fund management rose sharply for a third successive quarter, reflecting healthy growth to overseas customers. Fee & commission income was up, although profitability was sharply lower. This mainly reflected a steep increase in total operating costs and further investment in staff and staff training. Marketing expenditure is expected to be sharply increased over the next 12 months. Robert Mellor, U.K. financial services tax leader, PricewaterhouseCoopers LLP, said: "Securities traders' confidence has declined further. They tend to be one of the industry's most pessimistic sectors in their assessment of financial market conditions and also one of the most concerned about the impact of falling revenues on their business. Although the secondary markets are busy, including derivatives and commodities, securities traders are increasingly focused on recalibrating their cost bases for a lower volume world and the share of respondents reporting cuts in total operating costs is the highest since 2002." "Despite a successful quarter of asset gathering, predominantly with foreign customers, and healthy activity over the past three months, fund managers' profitability is under pressure. However, the sector remains upbeat in its plans for increased headcount and higher marketing expenditure." * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) BELGIUM ------- Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) Setuza A.S. (55) 145 (1,120) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Arbel ARB (150) 138 (96) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Euro Computer System (110) 682 377 Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (67) 301 (13) Matussiere et Forest S.A. MTF (78) 294 (28) Outremer Telecom OMT (33) 229 (88) Pagesjaunes GRP PAJ (3,023) 1,377 (311) Pneumatiques Kleber S.A. (34) 480 139 SDR Picardie (135) 413 N.A. Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 Selcodis S.A. SPVX (9) 134 (26) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Alno AG ANO (21) 340 (61) Babcock Borsig BBX (1608) 137 (1,309) CBB Holding AG COB (43) 905 N.A. Cinemaxx AG MXC (27) 177 (30) Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (10) 111 N.A. Kabel Deutschland (1,199) 2,280 (306) Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (4) 201 (20) Nordsee AG (8) 195 (31) Primacom AG PRC (5) 662 (47) Schaltbau Hold SLT (3) 240 14 SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) TA Triumph-Adler TWN (72) 462 (53) GREECE ------ Petzetakis-PFC PETZP (8) 263 (98) Radio A.Korassidis KORA (101) 181 (139) Commercial HUNGARY ------- Exbus PLC EXBUS (30) 118 (5,162) ICELAND ------- Decode Genetics Inc. DCGN (146) 156 48 IRELAND ------- Elan Corp PLC ELN (388) 1,599 484 Waterford Wed Ut WTFU (145) 897 208 ITALY ----- A.S. Roma S.p.A. ASR (12) 188 (49) Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Gruppo Coin S.p.A. GC (154) 801 (50) Compagnia Italia ICT (138) 527 (235) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) I Viaggi del Ventaglio S.p.A. VVE (64) 529 (88) Lazio S.p.A. SSL (32) 254 (33) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Snia S.p.A. SN (39) 275 36 Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Interoil Exploration IOX (9) 205 (11) Petroleum-Geo Services PGO (32) 2,963 (5,250) ROMANIA ------- Oltchim RM Valce OLT (430) 673 (417) Rafo Onesti RAF (354) 475 (1,421) RUSSIA ------ East Siberia Brd VSNK (79) 107 (278) Omskij Kauchu OMKA (4) 125 (1,794) OAO Samaraneftegas (332) 892 (16,942) Vimpel Ship SOVP (93) 281 (420) Zil Auto ZILLP (178) 425 (10,597) SPAIN ----- Altos Hornos de Vizcaya S.A. AHV (116) 1,283 (278) Santana Motor S.A. LRSA (46) 223 41 TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UKRAINE ------- Dniprooblenergo DNON (51) 433 (1,010) Donetskoblenergo DOON (341) 573 (2,365) UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) Alldays Plc (120) 252 (202) Amey Plc AMY (49) 932 (47) Atkins (WS) Plc ATK (150) 1,390 62 Bagleys Investment (247) 1,094 (126) BCH Group Plc BCH (6) 188 (44) Blenheim Group BEH (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Ltd (5,823) 4,921 290 British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 Carlisle Group (12) 204 15 Compass Group CPG (668) 2,972 (298) Dowson Holding DWN (18) 226 31 Dignity Plc DTY (9) 648 35 Easybroker PLC (1) 287 (1) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (2,266) 2,950 (296) Evans Healthcare (86) 239 (144) Global Green Tech Group (156) 408 (18) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (26) 1,273 (277) Imperial Chemical Industries Plc ICI (370) 8,393 2 Jarvis Plc JRVS.L (28) 370 (22) Ladbrokes Plc LAD (894) 2,139 (356) Lambert Fenchurch Group (1) 1,827 3 Legal & Gen. Fin. (7) 3,576 (522) M 2003 Plc (2,204) 7,205 (756) Misys Plc MSY (7) 1,123 (131) Mytravel Group MT.L (380) 1,818 (488) New Star Asset (418) 368 10 Next Plc (156) 3,224 (63) Norbain Finance (10) 280 (10) Orange Plc ORNGF (594) 2,902 7 Rank Group Plc (26) 1,209 (88) Regus Plc (46) 367 (60) Saatchi & Saatchi SSI (119) 705 (41) SFI Group SUF (108) 178 (162) Skyepharma PLC SKP (117) 212 11 Spirit Group (75) 365 (56) Telewest Communications Plc TLWT (3,702) 7,581 (5,631) Trio Finance TRIO (14) 592 N.A. Webley Stadium (55) 1,561 (45) Wincanton Plc WIN (27) 1,451 (78) ********* 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. Julybien Atadero, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, and Peter A. Chapman, 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 * * *