/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080731.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 Thursday, July 31, 2008, Vol. 9, No. 151 Headlines A U S T R I A A-K-D WOHNSERVICE: Claims Registration Period Ends August 12 ITV INDUSTRIETEILE-VERTRIEB: Claims Registration Ends August 14 KAYIKO KARIN: Claims Registration Period Ends August 13 B U L G A R I A KREMIKOVTZI AD: UK High Court Rules Payment to Bondholders F R A N C E ALCATEL-LUCENT SA: Reports EUR1.1 Billion Net Loss for Q2 2008 ARES SA: Evry Court Places Software Developer Under Receivership G E R M A N Y BIOSCORA GMBH: Claims Registration Period Ends August 8 C61 SERVICES: Claims Registration Period Ends August 8 CRAFT PERSONALLEASING: Claims Registration Period Ends Aug. 8 DECO 7: Fitch Puts 'BB' Notes Ratings Under Negative Watch ELEKTRO RUDOLSTADT: Claims Registration Period Ends August 8 ESSENTIAL CRM: Claims Registration Period Ends August 8 FERNTRANSPORTE KOWALL: Claims Registration Period Ends Aug. 8 FUN-FOOD MILCHPRODUKTE: Claims Registration Period Ends Aug. 8 HELI-BAU GMBH: Claims Registration Period Ends August 8 LOGMATI GMBH: Claims Registration Period Ends August 8 MATO HOBBYDESIGN: Claims Registration Period Ends August 8 PROSIEBENSAT.1 MEDIA: Media Manager Quits Post H U N G A R Y OTP BANKA: Moody's Affirms D- Bank Financial Strength Rating I R E L A N D BIFROST INVESTMENTS: Fitch Chips EUR65MM Swaps Rating to BB BIFROST INVESTMENTS: Fitch Trims EUR75MM Swaps Rating to BB- I T A L Y FIAT SPA: Fiat Group Inks Auto Financing Deal with Jaguar * ITALY: Long-Term Growth Prospects Could Dim Further, S&P Says K A Z A K H S T A N ALEX COMPANY: Creditors Must File Claims by September 9 DIGOR-INTER LLP: Claims Deadline Slated for September 3 FIALKA COMMERCE: Claims Filing Period Ends September 3 JYL STROY: Creditors' Claims Due on September 9 KASKAD SERVICE: Claims Registration Ends September 10 MASH SERVICE: Creditors Must File Claims by September 10 PETRO-STROY LLP: Claims Deadline Slated for September 9 SBM GROUP: Claims Filing Period Ends September 9 VOSTOK VTOR: Creditors' Claims Due on September 9 K Y R G Y Z S T A N ALTYN INVEST: Creditors Must File Claims by September 4 R U S S I A AGRO-PROM-STROY KAMENSKOE: Tula Bankruptcy Hearing Set August 6 AN-STAR LLC: Court Starts Bankruptcy Supervision Procedure DIKOM OJSC: Creditors Must File Claims by August 28 DOL LAZRUNYJ: Krasnodar Bankruptcy Hearing Slated for August 13 OASIS CJSC: Court Starts Bankruptcy Supervision Procedure OLE-COM LLC: Creditors Must File Claims by August 28 POLYMER LLC: Creditors Must File Claims by August 28 S P A I N AYT CAIXA: Fitch Assigns 'BB-' Rating on EUR21.6MM Class D Notes BILBAO BIZKAIA: Fitch Holds Support Floor Rating at 'BB+' S W I T Z E R L A N D FIT PUNKT: Creditors Have Until Aug. 14 to File Proofs of Claim HH MOVIE: Aug. 14 Set as Deadline to File Proofs of Claim KARL BLEIKER: Creditors Must File Proofs of Claim by Aug. 14 MCPUTER JSC: Deadline to File Proofs of Claim Set Aug. 15 SCREENTEX JSC: Proofs of Claim Filing Deadline is Aug. 14 SENNET LLC: Creditors' Proofs of Claim Due by Aug. 14 SURME HOLDING: Aug. 14 Set as Deadline to File Proofs of Claim TRACY COLLEGE: Creditors Must File Proofs of Claim by Aug. 14 UBS AG: Some Employees Arrested on Insider Trading Probe VIOLET ORIENTTEPPICHE: Claims Filing Deadline is August 14 WAWI LLC: Deadline to File Proofs of Claim Set August 14 U K R A I N E CHERKASSY SEED: Creditors Must File Proofs of Claim by August 13 KSK SWISS: Creditors Must File Proofs of Claim by August 13 MERCURY LLC: Creditors Must File Proofs of Claim by August 10 PIRS LLC: Creditors Must File Proofs of Claim by August 14 SOFIYA AND CO: Creditors Must File Proofs of Claim by August 13 SOUERTE LLC: Creditors Must File Proofs of Claim by August 10 SLOVGRESS LLC: Creditors Must File Proofs of Claim by August 13 TECHNICAL BUILDING: Creditors Must File Claims by August 13 U N I T E D K I N G D O M 5KS ELECTRICAL: Brings in Liquidators from Tenon Recovery A & J PRINT: Simon Paterson Leads Liquidation Procedure BAXALL LTD: Calls in Liquidators from KPMG BRODY INTERNATIONAL: Taps Liquidators from Smith & Williamson CAMPAGNA RESTAURANTS: Goes Into Voluntary Liquidation CPS LTD: Names Richard Dixon Fleming Liquidator DIGITAL NETWORK: Appoints Liquidator from KPMG DONNELLY & BAILEY: Claims Filing Period Ends September 13 DRENT LTD: Calls in Liquidator from KPMG GREATFLEET PLC: Appointments Joint Administrators HIGHLAND NATURAL: Lack of Funding Prompts Liquidation Proceeding HOLMES BUILDING: Taps Liquidator from KPMG LA FEMME: Brings in Liquidators from Tenon Recovery MONEY QUEST: Goes Into Administration; 40 Jobs at Risk PERIPATETIC PLAY-CARE: Joint Liquidators Take Over Operations PHOENIX MORTGAGE: Hires Liquidators from BDO Stoy Hayward POLYONE CORP: Realigns Manufacturing Assets; Shuts Down Plants SECURITY CAPITAL: Inks Forbearance and Waiver Pact with Lenders SECURITY CAPITAL: Moody's Puts Ratings Under Review; May Cut SOLUTIA INC: Court Hears Settlement for Avoidance Actions TAYLOR WIMPEY: Taps NM Rothschild for Debt Waiver Talks UBS AG: Some Employees Arrested on Insider Trading Probe * S&P Takes Credit Rating Actions on 102 European Synthetic CDO * Fewer Retailers in Administration in Q2 2008, Says Deloitte * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= A-K-D WOHNSERVICE: Claims Registration Period Ends August 12 ------------------------------------------------------------ Creditors owed money by LLC A-K-D Wohnservice have until Aug. 12, 2008, to file written proofs of claim to the court-appointed estate administrator: Dr. Thomas Zeitler Eisenhandstrasse 15 4020 Linz Austria Tel: 77 55 44-11 Fax: 77 55 44-10 E-mail: insolvenz@bzp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at [time] on [date] for the examination of claims at: The Land Court of Linz Hall 522 5th Floor Linz Austria Headquartered in Neumarkt im Muehlkreis, Austria, the Debtor declared bankruptcy on June 25, 2008, (Bankr. Case No. 17 S 27/08g). ITV INDUSTRIETEILE-VERTRIEB: Claims Registration Ends August 14 --------------------------------------------------------------- Creditors owed money by LLC Itv Industrieteile-Vertrieb have until Aug. 14, 2008, to file written proofs of claim to the court-appointed estate administrator: Dr. Michael Axmann Kalchberggasse 10 8010 Graz Austria Tel: 0316/832515 Fax: 0316/816778 E-mail: office@anwalt-graz-info Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on Aug. 21, 2008, for the examination of claims at: The Land Court of Graz Room 222 2nd Floor Graz Austria Headquartered in Feldkirchen, Austria, the Debtor declared bankruptcy on June 24, 2008, (Bankr. Case No. 26 S 72/08w). KAYIKO KARIN: Claims Registration Period Ends August 13 ------------------------------------------------------- Creditors owed money by KG Kayiko Karin Oebster have until Aug. 13, 2008, to file written proofs of claim to the court-appointed estate administrator: Beate Holper 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 9:30 a.m. on Aug. 27, 2008, for the examination of claims at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on June 25, 2008, (Bankr. Case No. 4 S 95/08k). =============== B U L G A R I A =============== KREMIKOVTZI AD: UK High Court Rules Payment to Bondholders ---------------------------------------------------------- The High Court of England and Wales has issued a decision ordering Kremikovtzi AD to repay EUR347 million in principal and interest due to Law Debenture Trust Corporation, trustee for the company's seven-year 12% notes due 2013, Dnevnik News reports. As previously reported in the TCR-Europe, Law Debenture sued Kremikovtzi and its Bulgaria Steel Finance B.V. unit at the U.K. High Court, seeking repayment of EUR325 million in principal plus over EUR20 million in interests. Law Debenture claimed Kremikovtzi breached the terms of the notes, which made them immediately payable. The trustee further claimed Kremikovtzi failed to pay interest to noteholders despite receiving notices from March to May. In its ruling, the High Court ordered that Kremikovtzi reclassify the principal and interest due as a short-term liability. The case is Law Debenture Trust Corp. v. Bulgaria Steel Finance B.V., No. HC08C1494, Docket ID: X1Q6L00QLDO2 Meanwhile, the committee of Kremikovtzi bondholders has sought permission from the Sofia City Court to join the insolvency proceedings against the Bulgarian firm as an interested party, Dnevnik News relates. About Kremikovtzi Headquartered in Sofia, Bulgaria, Kremikovtzi AD -- http://www.kremikovtzi.com/-- is a single-site steel producer in Bulgaria that reported BGN896 million in revenues in 2006. It explores and produces iron and ore fields. The Sofia City Court appointed administrators April 30, 2008, at Kremikovtzi AD in relation with the steel mill's deteriorating financial position. * * * Kremikovtzi AD carries Moody's Investors Service corporate family rating of Caa3 with a developing outlook. =========== F R A N C E =========== ALCATEL-LUCENT SA: Reports EUR1.1 Billion Net Loss for Q2 2008 -------------------------------------------------------------- Alcatel-Lucent S.A. posted EUR1.102 billion in net losses on EUR4.1 billion in net revenues for the second quarter ended June 30, 2008. During the second quarter, the CDMA activity declined at a higher pace than the company had planned. This was due, to a large extent, to a strong reduction in the capital expenditure of a key customer in North America. Although there are new opportunities in other geographic areas, the uncertainty regarding spending in North America has led the company to take more cautious mid-term assumptions in this activity. This resulted in a goodwill impairment charge of EUR810 million, which is reflected in the reported net loss of EUR1.102 billion or EUR0.49 per diluted share for the second quarter. "Looking beyond the non-cash impairment charge, operationally we made good progress against our turnaround plan in the second quarter, delivering top-line and an adjusted operating margin in line with our expectations," Patricia Russo, CEO, commented. "First, revenue performance came in at the higher end of our guidance, posting sequential growth of slightly more than 6% . We were able to fully absorb the material decline in CDMA, achieving year-over-year growth of close to 2% at constant Euro/US$ exchange rate, thanks to the strong growth of our Enterprise and Services operating segments and good performance in most of our other carrier activities. Of particular note, GSM/W-CDMA/WiMAX continued to enjoy strong, double-digit growth year-over-year. In addition, our activities in convergence grew for the first time since completing the merger and we saw slight growth in our wireline activities. "Second, our adjusted gross margin is in the mid thirties, which is in line with our overall guidance for the year. Factoring out the impact of one-time gains, our gross margin increased by 150 basis points year-over-year, reflecting a more stringent pricing discipline and the impact of our product costs reduction programs. Sequentially, it declined 90 basis points, in spite of higher volumes, reflecting to a large extent a negative shift in the product and geographic mix. "Finally, we continue to make good progress in reducing our fixed costs. Our operating expenses declined 8.6% year-over- year and 1.7% sequentially. As a result, we achieved higher adjusted operating margins in all three business segments, with break-even performance in the carrier segment and high single- digit operating margins in the Enterprise and Services segments." Market and Outlook "In our outlook for the second quarter and full year, we were prudent in our view of the telecommunications equipment market due to the macroeconomic environment and the resulting potential for lower capital spending in the U.S.," Ms. Russo continued. "Over the past three months, the global macroeconomic environment has further deteriorated and the economic slowdown has begun to spread to Europe. Although not evident yet, we believe this could impact somewhat the capital expenditure decisions of certain European customers, especially in fixed access. "At the same time, we are seeing a stronger-than-expected demand for GSM/W-CDMA mobile access in emerging markets, especially in Asia. In addition, we feel positive about our prospects in China, both in 2G and 3G (including CDMA EV-DO) for the fourth quarter and next year. Finally, we now see a stronger than initially expected demand in Services, especially in network operations and network integration. Against this mixed backdrop, we continue to anticipate that the global telecommunications equipment and related services market should be flat in 2008 at constant currency." "With approximately half of the company's revenue in U.S. dollar or dollar-linked currencies, Alcatel-Lucent reiterates its previous guidance for the full year 2008 revenue. Expressed in current Euro rate and due to the reduction in the value of the dollar since 2007, revenue should be down in the low to mid single-digit range. The company continues to expect an adjusted gross margin in the mid thirties and an adjusted operating margin in the low to mid single-digit range in percentage of revenue in full year 2008. For the third quarter 2008, Alcatel- Lucent expects its revenue to be flat to slightly down sequentially, followed by a strong ramp in the fourth quarter." Net Debt Position The net debt position was EUR415 million as of June 30, 2008, compared with EUR30 million as of March 31, 2008. The increase in net debt of EUR385 million primarily reflects an increase in non operating working capital requirements mainly related to the bonus payments which were concentrated in the second quarter, cash outflow related to restructuring plans (EUR166 million), our cash contribution to pensions (EUR112 million) and a slightly higher-than-anticipated cash income tax payment (EUR48 million). Based on the outlook for revenue and adjusted operating margin, Alcatel-Lucent expects its year-end 2008 net debt to be materially reduced compared to the level at the end of June 2008. As of June 30, 2008, Alcatel-Lucent SA had EUR30.94 billion in total assets, EUR20.98 billion in total liabilities and EUR9.96 billion in total shareholders' liability. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * Alcatel-Lucent continues to carry Ba3 Corporate Family and Senior Debt ratings, Not-Prime for short term debt, as well as B2 ratings for subordinated debt with negative outlook from Moody's Investors Service. The ratings were affirmed in April 2008. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt still carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. ARES SA: Evry Court Places Software Developer Under Receivership ---------------------------------------------------------------- The Tribunal de Commerce in Evry, France placed Ares SA under a judicial reorganization and appointed Messrs. Avezou and Vaillot as administrators on July 21, 2008, Bloomberg News reports. The court also placed Ares under a six-month observation period, during which the company is protected from creditors. According to Bloomberg News, Ares filed for receivership after suspending payments to creditors on July 18, 2008. In a statement, Ares assured employees, suppliers and customers that its operations would continue normally during the observation period. The company added it is drafting a continuation plan for its core business, which employs 1,300 people and turns over EUR100 million in sales. Ares recently completed the sale of two subsidiaries, affecting 362 employees. Ares posted EUR289 million in net losses on EUR329.1 million in net revenues for fiscal year ended March 31, 2008, compared with EUR12 million in net losses on EUR411.7 million in net revenues for fiscal year ended March 31, 2007. As of March 31, 2008, Ares had EUR242.9 million in total assets, EUR235.1 million in total liabilities and EUR7.8 million in total shareholders' equity. As of March 31, 2008, the company had EUR211.6 million in current assets and EUR212.8 million in current liabilities, resulting in EUR1.2 million in net working deficit. About Ares SA Headquartered in Villebon sur Yvette, France, Ares SA -- http://www.ares.fr/-- develops computer software and supplies related services that specializes infrastructure design and facilities management. ============= G E R M A N Y ============= BIOSCORA GMBH: Claims Registration Period Ends August 8 ------------------------------------------------------- Creditors of BIOSCORA GmbH have until Aug. 8, 2008, to register their claims with court-appointed insolvency manager Katrin Bringezu. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Sept. 9, 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 Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Katrin Bringezu Prager Strasse 34 04317 Leipzig Germany Tel: 0341/486930 Fax: 0341/4869393 E-mail: leipzig@hbml.de The District Court of Leipzig opened bankruptcy proceedings against BIOSCORA GmbH on June 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BIOSCORA GmbH Deutscher Platz 5c 04103 Leipzig Germany C61 SERVICES: Claims Registration Period Ends August 8 ------------------------------------------------------ Creditors of C61 Services GmbH have until Aug. 8, 2008, to register their claims with court-appointed insolvency manager Ernst Wiesner. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Sept. 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Meeting Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ernst Wiesner Schwanenwall 23 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against C61 Services GmbH on June 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: C61 Services GmbH Robertstrasse 31 44145 Dortmund Germany Attn: Carsten Rosenhoff, Manager Vulkanstr. 1 44225 Dortmund Germany CRAFT PERSONALLEASING: Claims Registration Period Ends Aug. 8 ------------------------------------------------------------- Creditors of Craft Personalleasing GmbH have until Aug. 8, 2008, to register their claims with court-appointed insolvency manager Joerg Spies. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Dresden Hall D132 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joerg Spies Glashuetter Strasse 104 01277 Dresden Germany Web site: http://www.pkl.com/ The District Court of Dresden opened bankruptcy proceedings against Craft Personalleasing GmbH on July 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Craft Personalleasing GmbH Attn: Uwe Bednarski and Manuela Bednarski, Managers Weisseritzstrasse 3 01067 Dresden Germany DECO 7: Fitch Puts 'BB' Notes Ratings Under Negative Watch ---------------------------------------------------------- Fitch Ratings has placed seven classes of notes from DECO 7 - Pan Europe 2 plc on Rating Watch Negative and affirmed one class as: -- EUR487.29 million Class A2 (XS0246470214): affirmed at 'AAA'; Outlook Stable -- EUR108.54 million Class B (XS0244895073): 'AA'; on RWN -- EUR53.97 million Class C (XS0244895586): 'A+'; on RWN -- EUR17.58 million Class D (XS0244896048): 'A'; on RWN -- EUR35.78 million Class E (XS0244896394): 'BBB'; on RWN -- EUR19.40 million Class F (XS0246471881): 'BBB-' (BBB minus); on RWN -- EUR16.37 million Class G (XS0246474042): 'BB'; on RWN -- EUR35.62 million Class H (XS0246475445): 'BB'; on RWN The RWN on the above tranches is the result of an event of default that has occurred under the Karstadt Kompakt loan. This default was caused by the borrowers failing to pay the full amount of the amortization installment due on July 21, 2008. The shortfall was EUR1.3 million, implying a decline in debt service cover ratio to 0.75x from 1.62x in Q208. The loan payment default has triggered the note sequential payment trigger, meaning all loan principal distribution amounts will now be applied fully sequentially. The agency has become increasingly concerned that the poor operating performance of Hertie as tenant in the portfolio may lead to further under-performance of the loan. Additionally, press statements have indicated that Dawnay Day, one of the owners of the joint venture behind both the borrower and Hertie, has recently undertaken sales of assets unrelated to this portfolio to bolster its general financial position. In April 2008, Deutsche Bank AG, London Branch, acting as servicer (DBL, rated 'CPS2-UK') instructed Price Waterhouse Coopers, as auditors, to perform due diligence and assess the financial strength and viability of the tenant as a going concern. The servicer also instructed a valuer to provide a current vacant possession value assessment. The nature of some of the assets creates uncertainty regarding the feasibility of finding an alternative tenant, should the tenant's cashflow constraints result in a default by the tenant. If this should occur, the VPV will be the most appropriate proxy for likely loan recoveries rather than the market value. Nevertheless, there are a number of leases being negotiated with various parties, eight of which have been signed, while two remain under negotiation. The current VPV was estimated at EUR336.8 million for the remaining assets (compared to EUR337.7 million in September 2005). This VPV is higher than the current loan amount, implying that the transaction could continue to have positive equity even after a default by the tenant. However, a protracted workout period, if it were to occur, could erode surplus value significantly. The servicer is actively working with the borrowers, the sponsors and the respective administrator; there is a 45 day cure period in which the borrowers can rectify the amortization shortfall and prevent the loan from being transferred to special servicing. Fitch will resolve the rating watch following receipt of further information from the servicer or the end of the cure period, if earlier. The loan accounts for 35.6% of the current total loan balance. It was granted to fund the acquisition of a portfolio of 65 retail properties spread throughout Germany, with a concentration in North-Rhine Westphalia. The majority of properties are three- to five-storey department stores constructed between 1960 and 1979. The portfolio was acquired by a 50:50 joint venture owned by Dawnay Day (a property investment company) and Hilco (a distressed debt specialist) in December 2004. ELEKTRO RUDOLSTADT: Claims Registration Period Ends August 8 ------------------------------------------------------------ Creditors of Elektro Rudolstadt GmbH have until Aug. 8, 2008, to register their claims with court-appointed insolvency manager Michael Bleek. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Sept. 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gera Hall 317 Rudolf-Diener-Str. 1 Gera Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Bleek Grosse Allee 1a 07407 Rudolstadt Germany The District Court of Gera opened bankruptcy proceedings against Elektro Rudolstadt GmbH on July 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Elektro Rudolstadt GmbH Werner-John-Strasse 1 07407 Rudolstadt Germany ESSENTIAL CRM: Claims Registration Period Ends August 8 ------------------------------------------------------- Creditors of Essential CRM GmbH have until Aug. 8, 2008, to register their claims with court-appointed insolvency manager Justus Schneidewind. Creditors and other interested parties are encouraged to attend the meeting at 11:10 a.m. on Sept. 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 24 Justice Center Jagerallee 10 - 12 14469 Potsdam 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: Justus Schneidewind Behlertstrasse 28 a 14469 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against Essential CRM GmbH on June 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Essential CRM GmbH Luftschiffhafen 1 14471 Potsdam Germany FERNTRANSPORTE KOWALL: Claims Registration Period Ends Aug. 8 ------------------------------------------------------------- Creditors of Ferntransporte Kowall Verwaltungs GmbH have until Aug. 8, 2008, to register their claims with court-appointed insolvency manager Dr. Heiko Warmbold. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Sept. 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stralsund Hall AE 26 House A Bielkenhagen 9 Stralsund 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. Heiko Warmbold Ossenreyerstrasse 16 18439 Stralsund Germany The District Court of Stralsund opened bankruptcy proceedings against Ferntransporte Kowall Verwaltungs GmbH on July 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ferntransporte Kowall Verwaltungs GmbH Attn: Mirko Krohn, Manager Kowall 3 18574 Garz/Ruegen Germany FUN-FOOD MILCHPRODUKTE: Claims Registration Period Ends Aug. 8 -------------------------------------------------------------- Creditors of FUN-FOOD Milchprodukte GmbH have until Aug. 8, 2008, to register their claims with court-appointed insolvency manager Stephan Neubauer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Sept. 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Neubauer Spitalerstrasse 4 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against FUN-FOOD Milchprodukte GmbH on June 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FUN-FOOD Milchprodukte GmbH Attn: Mikhail Dneprov, Manager Glockengiesserwall 26 20095 Hamburg Germany HELI-BAU GMBH: Claims Registration Period Ends August 8 ------------------------------------------------------- Creditors of HELI-BAU GmbH Hoch- und Tiefbau have until Aug. 8, 2008, to register their claims with court-appointed insolvency manager J. Oehler. Creditors and other interested parties are encouraged to attend the meeting at 1:05 p.m. on Sept. 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gera Room 317 Rudolf-Diener-Str. 1 Gera 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: J. Oehler Willy-Brandt-Platz 1 99084 Erfurt Germany The District Court of Gera opened bankruptcy proceedings against HELI-BAU GmbH Hoch- und Tiefbau on July 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HELI-BAU GmbH Hoch- und Tiefbau Lindenhof 17 04626 Schmolln Germany LOGMATI GMBH: Claims Registration Period Ends August 8 ------------------------------------------------------ Creditors of Logmati GmbH have until Aug. 8, 2008, to register their claims with court-appointed insolvency manager Dr. Harald Schwartz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Sept. 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Fuerth Room 216 Office Building 2 Baumenstrasse 28 Fuerth 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. Harald Schwartz Creussnerstr. 5 90409 Nurnberg Germany Tel: 0911/76600810 Fax: 0911/76600828 The District Court of Fuerth opened bankruptcy proceedings against Logmati GmbH on June 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Logmati GmbH Nordring 39 90765 Fuerth Germany MATO HOBBYDESIGN: Claims Registration Period Ends August 8 ---------------------------------------------------------- Creditors of MaTo Hobbydesign GmbH have until Aug. 8, 2008, to register their claims with court-appointed insolvency manager Reinhold Schmid-Sperber. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Eutin Hall B 1. Stick Jungfernstieg 3 23701 Eutin 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: Reinhold Schmid-Sperber Westring 455 24118 Kiel Germany The District Court of Eutin opened bankruptcy proceedings against MaTo Hobbydesign GmbH on July 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MaTo Hobbydesign GmbH Attn: Torsten Rohreit, Manager Thulboden 7 23744 Heiligenhafen Germany PROSIEBENSAT.1 MEDIA: Media Manager Quits Post ---------------------------------------------- Marcus Wolter, Managing Director of 9Live Fernsehen GmbH and 9Live International GmbH, will be leaving the company at his own wish as of Sept. 30, 2008. The media manager will head Endemol Germany as Managing Director. Mr. Wolter joined 9Live in 2002, initially as a programming director and a member of management, and was then appointed the stations Managing Director in 2003. During that time he was able to establish interactive television as a sustainable business model, and to make 9Live Europe's most profitable station in its niche. A search has begun for his successor. Marcus Englert, Executive Board Member for New Media and Diversification, said, "Marcus Wolter is a television professional through and through. With dedication and passion, he has established 9Live over the past few years as the most successful premium call TV brand in the market, and built it steadily further in the face of rising pressure from competitors. We very much regret that we will be losing him as a manager and colleague at 9Live, and we wish him every success in his new duties as managing director at Endemol Deutschland." Under Mr. Wolters management, the station became the first free TV channel to introduce its own bonus plan in 2005. Early in 2007 he established the station as the ProSiebenSat.1 Groups central provider of interactive TV. In January, neunTV went on the air, an independent programming window financed primarily from advertising, with content geared to women. Mr. Wolter, said, "I lived through six amazing and exciting TV- years at 9Live. I would like to thank my great team for our successful time together. IN the best sense, we have always sailed close to the wind together. We were able to shape a unique story from a start-up company, through the successful integration in the ProSiebenSat.1 Group to internationalization. 9Live is in great shape in Germany and internationally. Now it is time for me to hand over and take on a new professional challenge." About ProsiebenSat.1 Headquartered in Munich, Germany, ProsiebenSat.1 Media AG -- http://en.prosiebensat1.com/-- broadcasts and produces TV programs through 24 commercial TV stations, 24 premium Pay TV channels and 22 radio network. In June 2007, the ProSiebenSat.1 Group acquired SBS Broadcasting Group. The company employs around 6,000 Europe-wide. * * * ProsiebenSat.1 Media AG continues to carry Moody's Investors Service's Ba1 senior unsecured and corporate family ratings. ============= H U N G A R Y ============= OTP BANKA: Moody's Affirms D- Bank Financial Strength Rating ------------------------------------------------------------ Moody's Investors Service has placed the A2/Prime-1 foreign and local currency deposit ratings of OTP Banka Slovensko (OBS) on review for possible downgrade. The rating action follows a public statement by Hungary's OTP Bank (rated Aa3/Prime-1/C+), OBS's parent, that it might sell some of its subsidiaries, naming OBS as one of the possible divestments, in order to finance its further expansion in Eastern Europe and the Commonwealth of Independent States (CIS). OBS's bank deposit ratings are underpinned by Moody's assessment that OBS benefits from a very high probability of support from the parent, given OTP Bank's 97.23% ownership of OBS's share capital, the fact that the bank shares the parent's name and logo, integration with the parent and proximity of the two markets in which the parent and the subsidiary operate. Moody's does not anticipate imminent changes in OBS's ownership status and highlights that it would expect OTP Bank to extend support to its Slovak subsidiary in the case of need. However, the announcement that OTP Bank is willing to sell OBS suggests that the strategic importance of the Slovak entity is lower than was previously the case. OTP Bank acquired the majority stake in OBS in 2002 as one of its first foreign subsidiaries, but it has not managed to strengthen substantially its position on the Slovak market or reach the profitability comparable to that of its parent or some of the other group companies. The review will focus on assessing the strategic fit and importance of OBS to the group as well as re-assessing the likelihood of support. OBS's bank financial strength rating (BFSR) of D- was affirmed with a stable outlook, as in Moody's view the bank's standalone rating is not affected by the plans of its parent. The D- rating reflects the bank's position of a mid-sized player on the Slovak banking market and relatively weak profitability and efficiency. The following ratings of OBS were put on a review for possible downgrade: - Long-term local and foreign currency deposits: A2 - Short-term local and foreign currency deposits: Prime-1 The following ratings were affirmed: - Bank financial strength rating: D- About OBS Headquartered in Bratislava, Slovakia, OBS reported consolidated audited IFRS net income of SKK355.5 million (EUR10.58 million) in 2007 and total assets of SKK49.7. billion (EUR1.48 billion) About OTP Bank Headquartered in Budapest, Hungary, OTP Bank reported consolidated audited IFRS net income of HUF208.5 billion (EUR828 million) and total assets of HUF8,462 billion (EUR33.48billion). ============= I R E L A N D ============= BIFROST INVESTMENTS: Fitch Chips EUR65MM Swaps Rating to BB ----------------------------------------------------------- Fitch Ratings has downgraded five tranches of Bifrost Investments Limited-Series 12's unfunded mezzanine swaps and removed them from Rating Watch Negative. Fitch also affirmed the remaining three tranches, as listed below. The rating actions reflect Fitch's view on the credit risk of the rated tranches following the release of its new Corporate CDO rating criteria. -- EUR160 million Class 7A Series 12 due August 2010: affirmed at 'AAA' -- EUR125 million Class 7B Series 12 due August 2010: affirmed at 'AAA' -- EUR82.5 million Class 7C Series 12 due August 2010: downgraded to 'A' from 'AA+'; removed from RWN -- EUR50 million Class 7D Series 12 due August 2010: downgraded to 'BBB' from 'A+'; removed from RWN -- EUR185 million Class 10A Series 12 due August 2013: affirmed at 'AAA' -- EUR135 million Class 10B Series 12 due August 2013: downgraded to 'AA-' from 'AAA'; removed from RWN -- EUR100 million Class 10C Series 12 due August 2013: downgraded to 'BBB' from 'A+'; removed from RWN -- EUR65 million Class 10D Series 12 due August 2013: downgraded to 'BB' from 'BBB+'; removed from RWN Key drivers of this transaction's credit risk include portfolio's credit risk, with 11.1% of the portfolio now rated sub-investment grade, compared to 5.1% at the previous rating action in February 2007. In addition, portfolio migration risk has increased, with 8.1% of the portfolio on RWN and 8.1% on Negative Outlook. Fitch also notes the industry concentration of 43.4% in the three largest sectors, made up of 27.3% in banking and finance, 10.1% in telecommunications and 6.1% in utilities. Given Fitch's view of concentration and the current credit quality of the portfolio, the credit enhancement levels below are not sufficient to justify the current ratings of the tranches -- Class 7C Series 12 due August 2010: 4.6% -- Class 7D Series 12 due August 2010: 3.59% -- Class 10B Series 12 due August 2013: 7.18% -- Class 10C Series 12 due August 2013: 5.16% -- Class 10D Series 12 due August 2013: 3.84% At closing, Bifrost, a special purpose vehicle incorporated under the laws of Ireland, entered into 12 mezzanine credit default swaps with BNP Paribas (rated 'AA'/'F1+'/Outlook Stable), under which it provides notional protection on a static reference portfolio of 100 corporate entities with a total notional value of EUR5 billion. The mezzanine swaps for each series relate to the same reference portfolio of currently 99 corporate entities, although the swaps have different loss thresholds and maturity dates. Fitch released updated criteria on 30 April 2008 for Corporate CDOs and, at that time, noted it would be reviewing its ratings accordingly to establish consistency for existing and new transactions. As part of this review, Fitch makes standard adjustments for any names on RWN or Negative Outlook, reducing such ratings for default analysis purposes by two notches and one notch, respectively. Fitch has previously noted that its review will be focused first on ratings most exposed to risks it has highlighted in its updated criteria. As such, the transaction was placed on RWN on 20 May 2008. As previously indicated, resolution of the Rating Watch status depends on any plans managers/arrangers may choose to modify either the structure or the portfolio. In this case, the arranger has confirmed that it does not intend to make any modifications. BIFROST INVESTMENTS: Fitch Trims EUR75MM Swaps Rating to BB- ------------------------------------------------------------ Fitch Ratings has downgraded five tranches of Bifrost Investments Limited-Series 13's unfunded mezzanine swaps and removed them from Rating Watch Negative. The remaining three tranches are affirmed, with one of them removed from RWN. The rating actions reflect Fitch's view on the credit risk of the rated tranches following the release of its new Corporate CDO rating Criteria. -- EUR160 million Class 7A Series 13 due August 2010: affirmed at 'AAA' -- EUR130 million Class 7B Series 13 due August 2010: affirmed at 'AAA'; RWN removed -- EUR75 million Class 7C Series 13 due August 2010: downgraded to 'A' from 'A+'; RWN removed -- EUR62.5 million Class 7D Series 13 due August 2010: downgraded to 'BB' from 'BBB'; RWN removed -- EUR195 million Class 10A Series 13 due August 2013: affirmed at 'AAA' -- EUR135 million Class 10B Series 13 due August 2013: downgraded to 'A+' from 'AA+'; RWN removed -- EUR100 million Class 10C Series 13 due August 2013: downgraded to 'BBB-' from 'A'; RWN removed -- EUR75 million Class 10D Series 13 due August 2013: downgraded to 'BB-' from 'BB+'; RWN removed Key drivers of this transaction's credit risk include the portfolio's credit risk, with 12.7% of the portfolio now rated sub-investment grade, compared to 6.6% at the previous rating action in February 2007. In addition, portfolio migration risk has increased, with 6.6% of the portfolio on RWN and 15.3% on Negative Outlook. Fitch also notes the industry concentration of 54.6% in the three largest sectors, made up of 27.6% in banking and finance, 15.3% in utilities and 11.7% in telecommunications. Given Fitch's view of concentration and the current credit quality of the portfolio, the credit enhancement levels below are not sufficient to justify the previous ratings of the tranches listed below. While Class 7B due August 2010 was initially placed on RWN in May, this tranche has benefited from the reduced risk horizon. As a result, the current credit enhancement is now sufficient to support the current rating, resulting in the affirmation and removal from RWN. -- Class 7C Series 13 due August 2010: 4.1% -- Class 7D Series 13 due August 2010: 2.8% -- Class 10B Series 13 due August 2013: 6.9% -- Class 10C Series 13 due August 2013: 4.8% -- Class 10D Series 13 due August 2013: 3.3% At closing, Bifrost, a special purpose vehicle incorporated under the laws of Ireland, entered into 12 mezzanine credit default swaps with BNP Paribas (rated 'AA'/'F1+'/Outlook Stable), under which it provides notional protection on a static reference portfolio of 100 corporate entities with a total notional value of EUR5 billion. The mezzanine swaps for each series relate to the same reference portfolio of 100 corporate entities, although the swaps have different loss thresholds and maturity dates. Due to the Parmalat SpA (December 2003) and Delphi Corporation (October 2005) credit events, the total value of the portfolio has decreased to EUR4.9 billion and it currently references 99 entities. Fitch released its updated criteria on April 30, 2008 for Corporate CDOs and, at that time, noted it would be reviewing its ratings accordingly to establish consistency for existing and new transactions. As part of this review, Fitch makes standard adjustments for any names on RWN or Negative Outlook, reducing such ratings for default analysis purposes by two and one notch, respectively. Fitch has previously noted that its review will be focused first on ratings most exposed to risks it has highlighted in its updated criteria. As such, the transaction was placed on RWN on May 16, 2008. As previously indicated, resolution of the Rating Watch status depends on any plans managers/arrangers may choose to modify either the structure or the portfolio. In this case, the arranger has confirmed that it does not intend to make any modifications. ========= I T A L Y ========= FIAT SPA: Fiat Group Inks Auto Financing Deal with Jaguar --------------------------------------------------------- Fiat Group Automobiles Financial Services and Jaguar Land Rover have signed an agreement for a cooperation in auto financing in Europe. Under the agreement, FGAFS, which is a 50%-50% joint venture between Fiat Group Automobiles and Credit Agricole Group, will progressively take on all Jaguar Land Rover�s financing activities in ten Europe affiliates, covering retail auto financing and dealer financing. It is expected that the transition period will be finished by June 2009. The agreement replaces the previous arrangement with Ford, whose financial arm previously provided support to Jaguar and Land Rover. FGAFS was chosen by Jaguar Land Rover after a rigorous selection process, involving ten potential providers, for its expertise in automotive financing and its ability to offer Jaguar and Land Rover branded products with competitive terms to customers and dealers. Credit Agricole Group will provide the funding to FGAFS. About Jaguar Land Rover Jaguar Land Rover is a business built around two great British car brands that design, engineer and manufacture in the U.K. The Jaguar Land Rover business employs some 16,000 people, predominately in the U.K., including some 3,500 engineers at two product development centers in Whitley, Coventry and Gaydon, Warwickshire. The business is a major wealth generator for the UK with 78 percent of Land Rovers exported to 169 countries and 70 percent of Jaguars exported to 63 countries, with sales to customers conducted principally through franchised dealers and importers. About Fiat Group Automobiles Financial Services Fiat Group Automobiles Financial Services has been created in December 2006, continuing financial services activities to Fiat Group Automobiles� brands which were originally set up in 1925. It finances dealers and more than 30% of total retail sales. It is present in 13 countries in Europe and manages, with 1.800 employees, a total portfolio of more than EUR15 billion. About Fiat SpA Based in Turin, Italy, Fiat SpA -- http://www.fiatgroup.com/-- designs, manufactures, and sells automobiles, trucks, wheel loaders, excavators, telehandlers, tractors and combine harvesters. Outside Europe, the company has subsidiaries in the United States, Japan, India, China, Mexico, Brazil, and Argentina. * * * The company continues to carry Standard & Poor's Ratings Services' BB long-term corporate credit rating. The company also carries B short-term rating. S&P said the outlook is stable. * ITALY: Long-Term Growth Prospects Could Dim Further, S&P Says --------------------------------------------------------------- Italy's onerous general government debt and interest burdens will continue to constrain policy flexibility until there is sufficient political will to attack the heart of Italy's fiscal malaise: an over-sized and inefficient public sector, a weak budgetary framework which has led to rapidly rising other current expenditure, an expensive pension system, and the demands on the budget imposed by the still developing system of fiscal federalism. According to Standard & Poor's Ratings Services' new Full Analysis on Italy, while the recent commitment to about EUR31 billion (1.7% of 2011 GDP) in corrective fiscal measures over the period until 2011 raises hopes of a more pro-active expenditure-focused fiscal consolidation, the new centre-right government of Silvio Berlusconi does not propose to implement any structural reform focusing on these big ticket recurrent expenditure items. "The new government has promised to broadly balance the budget by 2011, largely via discretionary expenditure cuts and targeted tax hikes. However, as in the past, when Mr. Berlusconi's 2001-2006 government communicated similar aims but failed to implement them, the ability to lighten the debt burden will depend not on budgetary plans, but on the full and timely execution of such plans," S&P's credit analyst Trevor Cullinan said. Despite the new coalition benefiting from stronger majorities in both houses of parliament, S&P expects the structural weaknesses of Italy's public finances to lead to general government budget deficits of closer to 3% of GDP until at least 2011, and as a result the substantial general government debt burden will stay above 100% of GDP. The prospects for a more energetic approach to fiscal consolidation are further impeded by the worsening outlook for Italian GDP growth. Longstanding obstacles to economic performance in the area of physical and institutional infrastructure and structural rigidities, especially in the labor market, have yet to be addressed. As a result, and despite some indications of an acceleration of private sector restructuring, the economy's growth potential remains low and international competitiveness continues to be pressured, with a commensurate loss of export market share. In the long term, growth prospects could dim further, as Italy has one of the most adverse demographic profiles among rated sovereigns. =================== K A Z A K H S T A N =================== ALEX COMPANY: Creditors Must File Claims by September 9 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Alex Company Ltd-Aktau insolvent on June 16, 2008. Creditors have until Sept. 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Micro District 28, 25-12 Aktau Mangistau Kazakhstan Tel: 8 (7292) 40-03-12 7 701 416 22-23 DIGOR-INTER LLP: Claims Deadline Slated for September 3 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Mangistau has declared LLP Firm Digor-Inter insolvent. Creditors have until Sept. 3, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Mangistau Building of Auto Station Micro District 28 Aktau Mangistau Kazakhstan Tel: 8 (7292) 41-14-58 FIALKA COMMERCE: Claims Filing Period Ends September 3 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Jambyl has declared LLP Fialka Commerce insolvent. Creditors have until Sept. 3, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Jambyl Suleimanov Str. 17 Taraz Jambyl Kazakhstan JYL STROY: Creditors' Claims Due on September 9 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Housing Building Industry Jyl Stroy Industriya insolvent on March 21, 2008. Creditors have until Sept. 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Post Office Box 193 Main Post office 050000, Almaty Kazakhstan Tel: 8 777 688 60-47 KASKAD SERVICE: Claims Registration Ends September 10 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Kaskad Service insolvent. Creditors have until Sept. 10, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 MASH SERVICE: Creditors Must File Claims by September 10 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Mash Service Trade insolvent. Creditors have until Sept. 10, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Office 8 Kassin Str. 2/1 Mamyr 050052, Almaty Kazakhstan Tel: 8 (7272) 26-38-44 8 777 559 68-31 8 777 258 50-41 PETRO-STROY LLP: Claims Deadline Slated for September 9 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Construction Company Petro-Stroy insolvent. Creditors have until Sept. 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan Tel: 8 (7252) 53-48-34 8 (7252) 54-02-36 SBM GROUP: Claims Filing Period Ends September 9 ------------------------------------------------ The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP SBM Group Kazakhstan insolvent on June 16, 2008. Creditors have until Sept. 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Office 203 Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 57-83-69 VOSTOK VTOR: Creditors' Claims Due on September 9 ------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan has declared LLP Vostok Vtor Prom insolvent on June 16, 2008. Creditors have until Sept. 9, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of East Kazakhstan Office 203 Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Kazakhstan Tel: 8 (7232) 57-83-69 =================== K Y R G Y Z S T A N =================== ALTYN INVEST: Creditors Must File Claims by September 4 ------------------------------------------------------- LLC Altyn Invest has declared insolvency. Creditors have until Sept. 4, 2008, to submit written proofs of claim. Inquiries can be addressed to(+996 312) 57-83-73. =========== R U S S I A =========== AGRO-PROM-STROY KAMENSKOE: Tula Bankruptcy Hearing Set August 6 --------------------------------------------------------------- The Arbitration Court of Tula will convene at 10:00 a.m. on Aug. 6, 2008, to hear the bankruptcy supervision procedure on CJSC Agro-Prom-Stroy Kamenskoe. The case is docketed under Case No. A68-509/08-12/B. The Temporary Insolvency Manager is: V. Semochkin Venevskoe Shosse 13 300004 Tula Russia The Court is located at: The Arbitration Court of Tula Hall 35 Sovetskaya Str. 112 Tula Russia The Debtor can be reached at: CJSC Agro-Prom-Stroy Kamenskoe Tula Russia AN-STAR LLC: Court Starts Bankruptcy Supervision Procedure ---------------------------------------------------------- The Arbitration Court of Moscow commenced bankruptcy supervision procedure on LLC An-Star (TIN 7716224702). The case is docketed under Case No. A40-12149/08-103-36B. The Temporary Insolvency Manager is: S. Lysenko Post User Box 42 111033 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC An-Star Palekhskaya Str. 11 129337 Moscow Russia DIKOM OJSC: Creditors Must File Claims by August 28 --------------------------------------------------- Creditors of OJSC Dikom have until Aug. 28, 2008, to submit proofs of claim to: A. Avilov Insolvency Manager Office 313 Suvorova Str. 111A 440000 Penza Russia The Arbitration Court of Ulyanovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A72-6728/07-29/45-B. The Court is located at: The Arbitration Court of Ulyanovsk Zheleznodorozhnaya Str. 14 432063 Ulyanovsk Russia The Debtor can be reached at: OJSC Dikom Zagorodnoe Shosse 1 Ulyanovsk Russia DOL LAZRUNYJ: Krasnodar Bankruptcy Hearing Slated for August 13 --------------------------------------------------------------- The Arbitration Court of Krasnodar will convene at 10:00 a.m. on Aug. 13, 2008, to hear the bankruptcy supervision procedure on CJSC Dol Lazrunyj Bereg. The case is docketed under Case No. A-32-23773/2006-46/2321-B. The Temporary Insolvency Manager is: D. Khomutov Apt. 116 Building 4 B. Cheremushkinskaya Str. 26 117218 Moscow Russia The Court is located at: The Arbitration Court of Krasnodar Krasnaya Str. 6 Krasnodar Russia The Debtor can be reached at: CJSC Dol Lazrunyj Bereg Pionerskiy Pr. 234 Anapa 353440 Krasnodar Russia OASIS CJSC: Court Starts Bankruptcy Supervision Procedure --------------------------------------------------------- The Arbitration Court of Kaluga commenced bankruptcy supervision procedure on CJSC Oasis. The case is docketed under Case No. A23-1298/08B-7-61. The Temporary Insolvency Manager is: V. Lavrukhin Tsiolkovskogo Str. 33/19 248000 Kaluga Russia The Court is located at: The Arbitration Court of Kaluga Staryj Torg Square 4 Kaluga Russia The Debtor can be reached at: CJSC Oasis Saltykovo Tarusskiy Kaluga Russia OLE-COM LLC: Creditors Must File Claims by August 28 ---------------------------------------------------- Creditors of LLC Ole-Com have until Aug. 28, 2008, to submit proofs of claim to: A. Krylenko Insolvency Manager Office 34 Rozhdestvenskiy Avenue 5-7 Moscow Russia The Arbitration Court of Ryazan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A54-5243/2007 S19. The Court is located at: The Arbitration Court of Ryazan Pochtovaya Str. 43/44 Ryazan Russia The Debtor can be reached at: LLC Ole-Com Apt. 14 Pushkina 49 Ryazan Russia POLYMER LLC: Creditors Must File Claims by August 28 ---------------------------------------------------- Creditors of LLC Polymer have until Aug. 28, 2008, to submit proofs of claim to: A. Sokolov Insolvency Manager Post User Box 63 433504 Dimitrovograd Russia The Arbitration Court of Ulyanovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A72-7574/07-29/69-B. The Court is located at: The Arbitration Court of Ulyanovsk Zheleznodorozhnaya Str. 14 432063 Ulyanovsk Russia The Debtor can be reached at: LLC Polymer Altayskaya Str. 69 Dimitrovograd 433509 Ulyanovsk Russia ========= S P A I N ========= AYT CAIXA: Fitch Assigns 'BB-' Rating on EUR21.6MM Class D Notes ---------------------------------------------------------------- Fitch Ratings has assigned AyT CAIXA SABADEL HIPOTECARIO I, Fondo de Titulizacion de Activos EUR300 million mortgage-backed floating-rate notes due in November 2050 final ratings, as: -- EUR248.8 million Class A: 'AAA'; Outlook Stable -- EUR17.4 million Class B: 'A'; Outlook Stable -- EUR12.6 million Class C: 'BBB-'; Outlook Stable -- EUR21.6 million Class D: 'BB- '; Outlook Stable This transaction is a cash flow securitization of a EUR300 million static pool of first-ranking Spanish mortgage loans originated and serviced by Caixa d'Estalvis de Sabadell (Caixa Sabadell, rated 'A-'/'F2'/Outlook Stable). The final ratings are based on the quality of the collateral, the underwriting and servicing of the mortgage loans, available credit enhancement, the integrity of the transaction's legal and financial structure and Ahorro y Titulizacion S.A., S.G.F.T.'s administrative capabilities. Initial CE for the Class A to D notes is provided by subordination and a reserve fund, which has been fully funded at closing using a subordinated loan. The final ratings address the payment of interest on the notes according to the terms and conditions of the documentation, subject to a deferral trigger on the Class B, C and D notes, as well as the repayment of principal by legal final maturity. Should the deferral trigger on the Class B, C and D notes be hit, interest on these notes will be deferred in the priority of payments. In this instance, interest payments might not be received for a period of time, but will be received by legal final maturity. The fund is regulated by Spanish Securitisation Law 19/1992 and Royal Decree 926/1998. Its sole purpose is to transform into fixed-income securities a portfolio of mortgages certificates acquired from Caixa Galicia. The CTHs are subscribed by Ahorro y Titulizacion S.A., S.G.F.T., whose sole function is to manage asset-backed notes on behalf of the fund. BILBAO BIZKAIA: Fitch Holds Support Floor Rating at 'BB+' --------------------------------------------------------- Fitch Ratings has affirmed Bilbao Bizkaia Kutxa's ratings at Long-term Issuer Default 'A+', Short-term IDR 'F1', Individual 'A/B' and Support '3'. Its Support Rating Floor is affirmed at 'BB+'. The Outlook for the Long-term IDR is Stable. BBK's ratings reflect its strong local franchise in one of Spain's wealthiest regions, consistently robust capital base, track record of good profitability, healthy asset quality, and good management. They also consider its appetite for equity investments and significant risk concentration from combined equity and credit risks. The Stable Outlook for its Long-term IDR reflects Fitch's view that BBK should maintain sound performance thanks to its good local franchise, good revenues from retail and other complementary businesses, below-sector-average exposure to the Spanish real estate sector and strong capital base. Size, market risk profile and risk concentration constrain upward rating potential. Downside rating risk could arise from a further significant rise in risk concentration or equity investments and a marked deterioration of profitability and/or asset quality due to a more severe slow-down in the Spanish housing market and economy. Although BBK's main risk is credit-related, it is also exposed to market risk from large equity investments (62% of end-2007 Fitch eligible capital net of valuation adjustments), which results in high risk concentration from combined equity and credit exposures. Risks are mitigated by holdings to large Spanish and regional companies with healthy fundamentals. The risk profile from retail banking is low, with a large share of first residential mortgages to individuals (58% of end-2007 loans) diversifying risk, and comparatively lower risks to the construction/real estate sectors (14% of total loans). A large and stable retail deposit base supports liquidity and mitigates risks of funding long-term loans with short-term deposits. In addition, BBK has increased access to diversified wholesale funding sources in recent years. Despite its market risk profile and high risk concentration, BBK is well capitalized (Tier 1 capital ratio of 11.9% at end-2007), helped by high internal capital generation. BBK was Spain's ninth-largest savings bank (15th-largest banking group) by total assets at end-2007. It has strong market shares in its home province of Vizcaya. ===================== S W I T Z E R L A N D ===================== FIT PUNKT: Creditors Have Until Aug. 14 to File Proofs of Claim --------------------------------------------------------------- Creditors owed money by LLC Fit Punkt are requested to file their proofs of claim by Aug. 14, 2008, to: Beat Hauri Liquidator Feldweg 4 5040 Schoftland Switzerland The company is currently undergoing liquidation in Hirschthal. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on June 16, 2008. HH MOVIE: Aug. 14 Set as Deadline to File Proofs of Claim --------------------------------------------------------- Creditors owed money by LLC HH Movie are requested to file their proofs of claim by Aug. 14, 2008, to: Rudolf Gerber JSC Fineac Management Bahnhofstrasse 21 6304 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on June 24, 2008. KARL BLEIKER: Creditors Must File Proofs of Claim by Aug. 14 ------------------------------------------------------------- Creditors owed money by LLC Karl Bleiker Instandhaltung are requested to file their proofs of claim by Aug. 14, 2008, to: Unterfeldstrasse 19a 8500 Frauenfeld Switzerland The company is currently undergoing liquidation in Frauenfeld. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Feb. 13, 2007. MCPUTER JSC: Deadline to File Proofs of Claim Set Aug. 15 ---------------------------------------------------------- Creditors owed money by JSC MCPUTER are requested to file their proofs of claim by Aug. 15, 2008, to: J. Martin Pulver Advocacy Pulver & Fahrni Uraniastrasse 18 Mail Box 2276 8021 Zurich Switzerland The company is currently undergoing liquidation in Freienbach SZ. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on June 6, 2008. SCREENTEX JSC: Proofs of Claim Filing Deadline is Aug. 14 ---------------------------------------------------------- Creditors owed money by JSC Screentex are requested to file their proofs of claim by Aug. 14, 2008, to: Dr. Andreas Renggli Baarerstrasse 8 6300 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on June 24, 2008. SENNET LLC: Creditors' Proofs of Claim Due by Aug. 14 ------------------------------------------------------ Creditors owed money by LLC Sennet are requested to file their proofs of claim by Aug. 14, 2008, to: Ursula Duerst Grossen Liquidator Sudweg 14 2532 Magglingen Switzerland The company is currently undergoing liquidation in Evilard. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on June 11, 2008. SURME HOLDING: Aug. 14 Set as Deadline to File Proofs of Claim -------------------------------------------------------------- Creditors owed money by JSC Surme Holding are requested to file their proofs of claim by Aug. 14, 2008, to: Dr. R. Mosimann Baarerstrasse 78 6300 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on June 17, 2008. TRACY COLLEGE: Creditors Must File Proofs of Claim by Aug. 14 -------------------------------------------------------------- Creditors owed money by JSC Tracy College are requested to file their proofs of claim by Aug. 14, 2008, to: Markus Bur Liquidator Falkengasse 9 6330 Bad Zurzach Switzerland The company is currently undergoing liquidation in Baden. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on June 23, 2008. UBS AG: Some Employees Arrested on Insider Trading Probe -------------------------------------------------------- The Wall Street Journal reports that British authorities arrested eight people, including people working at UBS AG as part of a broadening effort to crack down on insider trading. According to the report, the Financial Services Authority, the U.K. markets regulator, has been making greater efforts to change its reputation as being soft on market abuses such as insider trading. In May, the Journal says FSA data showed 28.7% of U.K. takeover deals in 2007 were preceded by suspicious stock movement, up from 23.7% in 2005. The Journal relates that following up on its warnings that it would come down hard on anyone involved in suspicious trading, the regulator said it made the arrests across London and southeastern England as part of "a major ongoing investigation into insider dealing rings." A person familiar with the investigation told the Journal that those arrested were people who worked in the banks' back offices and their friends, not traders or bankers, and the sums allegedly involved were in the hundreds of thousands of pounds or less. According to the Journal, a spokeswoman for Swiss banking giant UBS said a junior member of the bank's support staff in London was arrested and suspended from work during the investigation. Meanwhile, the Journal relates that a spokeswoman for the FSA said only that the people arrested were men, 27 to 48 years old, and she declined to comment further. Multi-Billion Lawsuit As reported Monday in the Troubled Company Reporter-Europe, UBS AG's U.S. units -- UBS Securities LLC and UBS Financial Services Inc. -- are facing a multi-billion U.S. dollar securities fraud lawsuit filed by Attorney General Andrew M. Cuomo against the firms. The lawsuit charges UBS with falsely selling and marketing auction rate securities as safe, highly liquid, and cash- equivalent securities. Auction rate securities are preferred equity securities that pay dividends that are reset by an auction typically held every seven or 28 days. These auctions have consistently been failing since February 2008. Consequently, many holders desiring to sell these securities, including UBS clients, have been unable to do so. UBS customers are currently holding more than US$25 billion of the securities. The lawsuit, filed in the Supreme Court of New York, New York County, also alleges that as the securities market started to collapse, the bank's top executives quickly sold-off US$21 million in personal holdings of auction rate securities, but continued to market the securities to its consumers. "Not only is UBS guilty of committing a flagrant breach of trust between the bank and its customers, its top executives jumped ship as soon the securities market started to collapse, leaving thousands of customers holding the bag," said Mr. Cuomo. As of February 2008, UBS had more than 50,000 customer accounts holding auction rate securities, including over 7,000 New York customer accounts. On February 13, 2007, UBS stopped supporting its auctions, leaving UBS customers unable to access to billions in what they believed was as liquid as cash. The case is being handled by Assistant Attorneys General Pamela Lynam Mahon, Ethan Zlotchew, and Christopher Mulvihill, as well as Economist for the Division of Economic Justice Kitty Kay Chan, under the supervision of Investor Protection Bureau Chief David A. Markowitz and Executive Deputy Attorney General for Economic Justice Eric Corngold. UBS said on July 15 that it would offer to buyback approximately US$3.5 billion of auction rate securities, however, Mr. Coumo's lawsuit seeks to require UBS to repurchase the securities at par in addition to disgorgement of ill-gotten gains, restitution and other damages, and injunctions from further violations of New York's Martin Act. Commenting on the lawsuit, UBS spokeswoman Karina Byrne said in an e-mailed statement sent to Bloomberg News that the bank will "vigorously defend" itself against the allegations in the suit, and "categorically rejects any claim that the firm engaged in a widespread campaign" to shift auction-rate debt off its books and into client accounts. "While UBS does not believe that there was illegal conduct by any employee, we have found cases of poor judgment by certain individuals and are evaluating appropriate disciplinary measures for these individuals," Ms. Byrne added. About UBS AG Based in Zurich, Switzerland, UBS AG -- http://www.ubs.com/-- is a global provider of financial services for wealthy clients. UBS's financial businesses are organized on a worldwide basis into three Business Groups and the Corporate Center. Global Wealth Management & Business Banking consists of three segments: Wealth Management International & Switzerland, Wealth Management US and Business Banking Switzerland. The Business Groups Investment Bank and Global Asset Management constitute one segment each. The Industrial Holdings segment holds all industrial operations controlled by the Group. Global Asset Management provides investment products and services to institutional investors and wholesale intermediaries around the globe. The Investment Bank operates globally as a client-driven investment banking and securities firm. The Industrial Holdings segment comprises the non-financial businesses of UBS, including the private equity business, which primarily invests UBS and third-party funds in unlisted companies. VIOLET ORIENTTEPPICHE: Claims Filing Deadline is August 14 ---------------------------------------------------------- Creditors owed money by JSC Violet Orientteppiche are requested to file their proofs of claim by Aug. 14, 2008, to: Iradj Zarnegin Gorenmattstrasse 6 4102 Binningen Switzerland The company is currently undergoing liquidation in Basel. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on May 6, 2008. WAWI LLC: Deadline to File Proofs of Claim Set August 14 -------------------------------------------------------- Creditors owed money by LLC WaWi are requested to file their proofs of claim by Aug. 14, 2008, to: JSC Conreva Geigenmuhlestrasse 5 8173 Neerach Switzerland The company is currently undergoing liquidation in St. Gallen. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on June 12, 2008. ============= U K R A I N E ============= CHERKASSY SEED: Creditors Must File Proofs of Claim by August 13 ---------------------------------------------------------------- Creditors of CJSC Cherkassy Seed Company (code EDRPOU 25583344) have until Aug. 13, 2008, to submit proofs of claim to: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent on May 6, 2008. The case is docketed as 14/1912. The Debtor can be reached at: CJSC Cherkassy Seed Company Smilianskaya Str. 144 Cherkassy Ukraine KSK SWISS: Creditors Must File Proofs of Claim by August 13 ----------------------------------------------------------- Creditors of KSK Swiss (code EDRPOU 33846591) have until Aug. 13, 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 July 3, 2008. The case is docketed as 12/50b. The Debtor can be reached at: KSK Swiss Oboronnaya Str. 109 91047 Lugansk Ukraine MERCURY LLC: Creditors Must File Proofs of Claim by August 10 ------------------------------------------------------------- Creditors of LLC Mercury (code EDRPOU 19159051) have until Aug. 10, 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. The case is docketed as 29/84. The Debtor can be reached at: LLC Mercury B. Hmelnitsky Str. 271 79037 Lvov Ukraine PIRS LLC: Creditors Must File Proofs of Claim by August 14 ---------------------------------------------------------- Creditors of State Enterprise Glass Plant LLC Pirs (code EDRPOU 30727912) have until Aug. 14, 2008, to submit proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent on July 1, 2008. The case is docketed as 45/155-b. The Debtor can be reached at: State Enterprise Glass Plant LLC Pirs Tkachenko Ivan Str. 125 83032 Donetsk Ukraine SOFIYA AND CO: Creditors Must File Proofs of Claim by August 13 --------------------------------------------------------------- Creditors of LLC Sofiya and Co. (code EDRPOU 35076817) have until Aug. 13, 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 25, 2008. The case is docketed as 24/155-b. The Debtor can be reached at: LLC Sofiya and Co. Gorky Str. 95 03150 Kiev Ukraine SOUERTE LLC: Creditors Must File Proofs of Claim by August 10 ------------------------------------------------------------- Creditors of LLC Souerte (code EDRPOU 32227446) have until Aug. 10, 2008, to submit proofs of claim to: The Economic Court of Kiev Komintern Str. 16 01032 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent on July 1, 2008. The case is docketed as B 2/075-08. The Debtor can be reached at: LLC Souerte Vishnevoye 08132 Kiev Ukraine SLOVGRESS LLC: Creditors Must File Proofs of Claim by August 13 --------------------------------------------------------------- Creditors of LLC Slovgress (code EDRPOU 31461102) have until Aug. 13, 2008, to submit proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa has commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 24-2/82-07-3447. The Debtor can be reached at: LLC Slovgress Dalnitskaya Str. 44 Odessa Ukraine TECHNICAL BUILDING: Creditors Must File Claims by August 13 ----------------------------------------------------------- Creditors of LLC Production-Commerce Firm Technical Building Center (code EDRPOU 34747018) have until Aug. 13, 2008, to submit proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent on July 2, 2008. The case is docketed as 27/114-b The Debtor can be reached at: LLC Production-Commerce Firm Technical Building Center Universitetskaya Str. 80 83114 Donetsk Ukraine =========================== U N I T E D K I N G D O M =========================== 5KS ELECTRICAL: Brings in Liquidators from Tenon Recovery --------------------------------------------------------- Steven Philip Ross and Ian William Kings of Tenon Recovery were appointed joint liquidators of 5KS Electrical & Plumbing Ltd. on July 9, 2008, on for the creditors' voluntary winding-up proceeding. The company can be reached at: 5KS Electrical & Plumbing Ltd. c/o Tenon Recovery Tenon House Ferryboat Lane Sunderland Tyne and Wear SR5 3JN England A & J PRINT: Simon Paterson Leads Liquidation Procedure ------------------------------------------------------- Simon Paterson of Moore Stephens LLP was appointed liquidator of A & J Print Ltd. on July 17, 2008, for the creditors' voluntary winding-up procedure. The company can be reached at: A & J Print Ltd. c/o Moore Stephens LLP Victory House Admiralty Place Chatham Maritime Kent ME4 4QU England BAXALL LTD: Calls in Liquidators from KPMG ------------------------------------------ Paul Andrew Flint and Brian Green of KPMG LLP were appointed joint liquidators of Baxall Ltd. on July 15, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: Baxall Ltd. c/o KPMG LLP 8 Princes Parade Liverpool L3 1QH England BRODY INTERNATIONAL: Taps Liquidators from Smith & Williamson ------------------------------------------------------------- Stephen Robert Cork and Joanne Elizabeth Milner of Smith & Williamson Ltd. were appointed joint liquidators of Brody International Ltd. on July 15, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: Brody International Ltd. c/o Smith & Williamson Ltd. Prospect House 2 Athenaeum Road London N20 9YU England CAMPAGNA RESTAURANTS: Goes Into Voluntary Liquidation ----------------------------------------------------- After trading for over 30 years, Campagna Restaurants (Leeds) Ltd., which owns Da Mario, has gone into voluntary liquidation, Jo Francisco writes for the Yorkshire Evening Post. On July 4, 2008, the report relates, liquidators were called in to wind up Campagna Restaurants (Leeds) Ltd., Bellinis Restaurants Ltd. and Boomtown Ltd. after a general meeting resolved the three businesses could not carry on trading due to liabilities. However, a source told Yorkshire Evening Post, it's business as usual at Da Mario on The Headrow, saying "the owner still owns this and it's open for business," although according to the report, the restaurant is now owned by Campagna Holdings Ltd. Meanwhile, the report discloses Bellinis, which operated Fat Franco's, was sold to Beato Ltd. "Both Bellinis and Da Mario were sold by the companies shortly before liquidation," Susan Wriglesworth, appointed liquidator from Creditfix Ltd., was quoted by the Yorkshire Evening Post as saying. "When a business is sold under the transfer of undertaking regulations, the staff transfer to the new owner." CPS LTD: Names Richard Dixon Fleming Liquidator ----------------------------------------------- Richard Dixon Fleming of KPMG LLP was appointed liquidator of CPS (Civil Engineering) Ltd. on July 4, 2008, for the creditors' voluntary winding-up procedure. The company can be reached at: CPS (Civil Engineering) Ltd. c/o The Annexe The Manor House 260 Ecclesall Road South Sheffield S11 9PS England DIGITAL NETWORK: Appoints Liquidator from KPMG ---------------------------------------------- Richard Dixon Fleming of KPMG LLP was appointed liquidator of Digital Network plc on July 4, 2008, for the creditors' voluntary winding-up procedure. The company can be reached at: Digital Network plc c/o The Annexe The Manor House 260 Ecclesall Road South Sheffield S11 9PS England DONNELLY & BAILEY: Claims Filing Period Ends September 13 --------------------------------------------------------- Creditors of Donnelly & Bailey Surfacing Ltd. have until Sept. 13, 2008, to detail their names and addresses (and solicitors if applicable) together with particulars of their debts or claims, in writing, or in person, to: Duncan R. Beat Liquidator Tenon Recovery 75 Springfield Road Chelmsford Essex CM2 6JB England Duncan R. Beat of Tenon Recovery was appointed Liquidator of the company on July 15, 2008, for the creditors' voluntary winding- up procedure. DRENT LTD: Calls in Liquidator from KPMG ---------------------------------------- Howard Smith of KPMG LLP was appointed liquidator of Drent (U.K.) Ltd. on July 4, 2008, for the creditors' voluntary winding-up procedure. The company can be reached at: Drent (U.K.) Ltd. c/o KPMG LLP 1 The Embankment Neville Street Leeds LS1 4DW England GREATFLEET PLC: Appointments Joint Administrators ------------------------------------------------- The Board of Greatfleet plc has appointed Michael Healy of Leonard Curtis and Paul Boyle of Harrisons as joint administrators to take over and manage the business and affairs of the company and its subsidiaries. On July 11, 2008, the company entered into a period of protection pursuant to the provisions of the Insolvency Act and Rules. On July 25, 2008, a further period of protection was granted until Aug. 8, 2008. The appointment of joint administrators follows the company's announcements on July 9 and 10, when dealings in the company's shares were suspended from trading on AIM pending clarification of the company's financial position. This arose following recent difficult trading and the failure of the company to agree repayment terms with a major creditor. As a consequence the Board was concerned that the company may not have sufficient working capital for its present requirements. In connection with the appointment of administrators, the annual general meeting set for Aug. 4, 2008, has been canceled. Greatfleet PLC (formerly known as Longbridge International plc.) provides human resource consultancy specializing in recruitment for the professional and financial service markets. The Group offers search, contingency and contract solutions. The Group operates in London, Norwich, Paris, Frankfurt, Brussels, Amsterdam, Geneva and New York and currently employs over 80 staff. HIGHLAND NATURAL: Lack of Funding Prompts Liquidation Proceeding ---------------------------------------------------------------- Muir of Ord, Scotland-based cosmetics company Highland Natural Products has gone into liquidation, Press and Journal reports. David Menzies of Baker Tilly Restructuring was appointed joint interim liquidator of the company, the report relates. According to the report, the company, which initially planned to plant thousands of acres of bog myrtle for use in cosmetics sold by pharmaceutical firm Boots, could no longer fund development of its products. The report discloses Essentially Scottish Botanicals, backed by US-based Technology Crop International, took over the company's work. Keith Anderson of Highland Natural Products told Press and Journal "the company ceased to trade in May this year following the sale of assets to Technology Crops International. No redundancies were made as a result of the liquidation." HOLMES BUILDING: Taps Liquidator from KPMG ------------------------------------------ Richard Dixon Fleming of KPMG LLP was appointed liquidator of Holmes Building plc (formerly Holmes Buildings Ltd., Holmes Leeds Ltd., P.H Holmes (Leeds) Ltd.) on July 4, 2008, for the creditors' voluntary winding-up procedure. The company can be reached at: Holmes Building plc c/o KPMG LLP 1 The Embankment Neville Street Leeds LS1 4DW England LA FEMME: Brings in Liquidators from Tenon Recovery --------------------------------------------------- Steven Philip Ross and Ian William Kings of Tenon Recovery were appointed joint liquidators of La Femme Direct Ltd. on July 15, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: La Femme Direct Ltd. c/o Tenon Recovery Tenon House Ferryboat Lane Sunderland Tyne & Wear SR5 3JN England MONEY QUEST: Goes Into Administration; 40 Jobs at Risk ------------------------------------------------------ Money Quest U.K. has gone into administration after being hit by the credit crunch, putting about 40 jobs at risk, Rosemary Gallagher writes for the Scotsman. According to the report, Money Quest U.K. chief executive Paul Gratton said it was decided to put the company into administration following deteriorating market conditions in May and June, adding "we felt we had no option other than to try and secure some of the business and protect jobs." Mr. Gratton, the report relates, set up a new firm in Glasgow called Money Quest Mortgage Brokers, which bought the customer base and liabilities of Money Quest U.K. from the administrators, Mazars. Money Quest U.K. earlier closed its Edinburgh office, although it intends to retain two-thirds of the staff at its Glasgow head office for Money Quest Mortgage Brokers, the report adds. A spokeswoman for Money Quest U.K. told the Scotsman talks with staff are ongoing. Headquartered in Nottingham, Money Quest U.K. -- http://www.moneyquest.co.uk/-- is a remortgage, mortgage and life insurance broker. PERIPATETIC PLAY-CARE: Joint Liquidators Take Over Operations ------------------------------------------------------------- Kerry Bailey and Jonathan Newell of PKF (U.K.) LLP were appointed joint liquidators of Peripatetic Play-Care Company Ltd. (formerly Gingerbread Peripatetic Creche Ltd.) (t/a Pied Piper Childcare) on July 10, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: Peripatetic Play-Care Company Ltd. c/o PKF (U.K.) LLP Sovereign House Queen Street Manchester M2 5HR England PHOENIX MORTGAGE: Hires Liquidators from BDO Stoy Hayward --------------------------------------------------------- Andrew Howard Beckingham and Matthew Tait of BDO Stoy Hayward LLP were appointed joint liquidators of Phoenix Mortgage Services (Holdings) Ltd. on July 11, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: Phoenix Mortgage Services (Holdings) Ltd. 8A The Gardens Broadcut Fareham Hampshire PO16 8SS England POLYONE CORP: Realigns Manufacturing Assets; Shuts Down Plants -------------------------------------------------------------- As a next step in its strategic transformation, PolyOne Corporation, on July 28, 2008, disclosed that it is realigning certain of its manufacturing assets, primarily in North America. The decision to realign assets is a result of the Company's ongoing focus on both the operational excellence and specialization components of its transformation strategy. This realignment is designed to enable the Company to improve the competitiveness of its operations and supply chain across many platforms and businesses, consistent with current and anticipated customer requirements. The impact of these actions will be to enhance the Company's long-term performance, while helping to mitigate the effects of the current economic downturn and the increases in raw material and energy costs. Over the next nine months, the Company will close certain production facilities, including seven in North America, and one in the United Kingdom, resulting in a net reduction of approximately 150 positions. Production at the affected facilities, as well as several manufacturing lines, will be moved to a limited number of the Company's more than 30 remaining plants. PolyOne expects no disruption of service, due to the Company's focus on improved product delivery systems and inventory management. "As part of our transformation process, we are committed to driving operational excellence on a global basis, which includes improving service and efficiency throughout our supply chain," said Thomas J. Kedrowski, senior vice president, operations and supply chain. "After conducting a thorough review of our entire operation, our business teams identified opportunities to further align our capacity and production assets to improve the effectiveness of our global manufacturing footprint. These changes also reflect our focus on specialization, which is shifting our portfolio away from non-value-added commodity applications toward more specialized solutions." Stephen D. Newlin, chairman, president and chief executive officer, said, "The recent unprecedented increases in raw material and energy costs, and longer-term fundamental changes in the global economy were critical factors in our decision- making. Declining demand in markets such as housing and automotive has created a timely opportunity to remove excess capacity and address supply chain efficiencies as important steps in mitigating the effects of the current economic conditions on PolyOne and its customers." As a result of these actions, PolyOne expects to incur one-time charges of approximately US$31 million, of which approximately US$18 million are expected to be non-cash. These one-time charges will include costs related to severance and asset write- downs, which will be included in the Company's financial results over the next three quarters. The Company also expects to invest approximately US$12 million in additional capital expenditures at its remaining locations to support these changes. The Company expects these actions to generate pre-tax savings of US$17 million ($0.12 per share after tax), on an annualized basis. Newlin said, "Difficult decisions like these are taken very seriously. After thorough study, it was determined that this capacity reduction is needed to improve our near-term operating efficiency while advancing our longer-term strategic position. We understand the impact of this announcement on affected employees, their families and local communities and are committed to handling these moves with great sensitivity." About PolyOne Corp. Headquartered in Ohio, PolyOne Corporation (NYSE: POL) -- http://www.polyone.com/-- provides of specialized polymer materials, services and solutions. PolyOne has regional headquarters in Assese, Belgium and Shanghai, China. * * * PolyOne Corp.'s carries 'B+' corporate credit rating with stable outlook from Standard & Poor's. The company also carries B1 corporate family rating with stable outlook from Moody's. Moody's affirmed the rating in April 2008. SECURITY CAPITAL: Inks Forbearance and Waiver Pact with Lenders --------------------------------------------------------------- Security Capital Assurance Ltd. entered into an amendment, forbearance and limited waiver agreement with respect to its Credit Agreement, dated as of Aug. 1, 2006, as amended. Pursuant to the Credit Agreement Amendment, SCA agreed: (i) to permanently reduce the availability under its revolving credit facility from US$250.0 million to zero; (ii) to reduce the availability under the letter of credit facility to the amount of the letter of credit exposure as of July 28, 2008; and (iii) that upon the closing of the Master Transaction Agreement, it will cash collateralize the remaining letters of credit after giving effect to the transactions contemplated by the Master Transaction Agreement. In consideration of the foregoing, the lenders under the Credit Agreement have agreed to: (i) forbear from declaring certain defaults, if any, set forth in the Credit Agreement Amendment; (ii) waive the defaults, if any, upon the satisfaction of certain conditions set forth in the Credit Agreement Amendment; and (iii) grant certain waivers in connection with the consummation of the Master Transaction Agreement. SCA and its principal operating subsidiaries, XL Capital Assurance Inc. and XL Financial Assurance Ltd., also entered into an agreement with XL Capital Ltd. and certain of XL Capital's affiliates. Certain financial institutions that are counterparties to credit default swap agreements with XLCA are also parties to the Master Transaction Agreement. The Master Transaction Agreement provides for the termination, elimination or commutation of certain reinsurance, guarantees and other agreements with XL Capital and its subsidiaries in exchange for a payment by XL Capital to SCA of $1.775 billion in cash and 8 million shares of XL Capital Class A Ordinary Shares to SCA's subsidiaries, and the transfer of XL Capital's 46% ownership stake in SCA to a trust. Concurrent with the Master Transaction Agreement, SCA also entered into an agreement with Merrill Lynch & Co., Inc. for the termination of eight credit default swaps and the related financial guarantee insurance policies that were issued by XLCA. Additionally, as of June 30, 2008, due to significant adverse development on loss reserves, XLCA will report negative statutory surplus and XLFA will report negative total statutory capital and surplus. Upon the closing of the transactions contemplated by the Master Transaction Agreement, the Merrill Agreement and related agreements, XLCA expects to have positive statutory surplus, and XLFA expects to have positive total statutory capital and surplus. SCA and XL Capital have obtained approval from the New York Insurance Department and the Bermuda Monetary Authority for the Master Transaction Agreement and the transactions contemplated thereby. Other required approvals related to the agreement have been received from the Delaware Department of Insurance. The New York Insurance Department has also approved the Merrill Agreement and the transactions contemplated thereby. "The agreements with XL Capital and Merrill Lynch represent a significant step in the restructuring process of SCA and are critical to our efforts to stabilize the company," Paul S. Giordano, chief executive officer of sca, commented. "While we are very pleased with the progress made to date, our company remains exposed to potentially significant adverse loss development and there is still much work to be done. In the next phase, we will commence discussions with swap counterparties seeking to commute, terminate or restructure our remaining credit default swaps. The New York Insurance Department, the Bermuda Monetary Authority, the Delaware Department of Insurance and the U.K. Financial Services Authority, as well as our other regulators, have been extremely supportive in this process, and we look forward to continuing to work constructively with them in the future." Corporate Name Change SCA will formally change its corporate name on Aug. 4, 2008, from Security Capital Assurance Ltd. to Syncora Holdings Ltd. SCA's operating subsidiaries will also change names on the same date: XLCA will become Syncora Guarantee Inc. and XLFA will become Syncora Guarantee Re Ltd. As of Aug. 4, 2008, SCA is no longer permitted to use the "XL" name. The company's stock ticker symbol will remain "SCA". About SCA Security Capital Assurance Ltd (SCA) -- http://www.scafg.com/-- through its subsidiaries -- XL Capital Assurance Inc., (XLCA) a monoline financial guarantee insurance provider, and XL Financial Assurance Ltd. (XLFA), a monoline provider of reinsurance to financial guarantee insurers -- provides credit enhancement for the obligations of debt issuers worldwide. As reported by the Troubled Company Reporter on June 23, 2008, Moody's Investors Service downgraded to B2, from A3, the insurance financial strength ratings of XL Capital Assurance Inc., XL Capital Assurance (U.K.) Limited and XL Financial Assurance Ltd. In the same rating action, Moody's also downgraded the debt ratings of Security Capital Assurance Ltd (NYSE: SCA -- preference shares to Ca from B3) and a related financing trust. * * * As reported in the Troubled Company Reporter on June 23, 2008, Moody's Investors Service has downgraded to B2, from A3, the insurance financial strength ratings of XL Capital Assurance Inc., XL Capital Assurance (U.K.) Limited and XL Financial Assurance Ltd. In the same rating action, Moody's also downgraded the debt ratings of Security Capital Assurance Ltd. (NYSE: SCA -- preference shares to Ca from B3) and a related financing trust. SECURITY CAPITAL: Moody's Puts Ratings Under Review; May Cut ------------------------------------------------------------ Moody's Investors Service has placed the B2 insurance financial strength ratings of XL Capital Assurance Inc., XL Capital Assurance (U.K.) Limited and XL Financial Assurance Ltd. under review with direction uncertain. In the same rating action, Moody's placed the ratings of Security Capital Assurance Ltd (NYSE: SCA -- preference shares at Ca) and a related financing trust on review for possible downgrade. July 30's rating action was prompted by SCA's announcement that it has reached an agreement with XL Capital Ltd. providing for the termination, elimination or commutation of certain reinsurance, guarantees and other agreements with XL and its affiliates in return for a payment by XL of US$1.775 billion in cash and 8 million shares of XL Class A ordinary shares. SCA also announced it has reached an agreement with Merrill Lynch & Co., Inc. for the termination of eight credit default swaps on ABS CDOs written by XLCA in return for a US$500 million cash payment to Merrill Lynch. Moody's noted that the Master Agreement has been approved by the New York Insurance Department and the Bermuda Monetary Authority. The Merrill Agreement has also been approved by the New York Insurance Department. Prior to July 30's rating action, the rating outlook for SCA and its subsidiaries was negative. Moody's ratings on securities that are guaranteed or "wrapped" by a financial guarantor are generally maintained at a level equal to the higher of a) the rating of the guarantor (if rated at the investment grade level), or b) the published underlying rating. In accordance with current rating agency policy, following Moody's June 20, 2008 rating action on XLCA and XLFA which lowered their ratings to below the investment grade level, Moody's withdrew ratings on XLCA and XLFA-wrapped securities for which there was no published underlying rating. Should the guarantors' ratings subsequently move back into the investment grade range or should the agency subsequently publish the associated underlying rating, Moody's would reinstate previously withdrawn ratings on those wrapped instruments. According to Moody's, the review with direction uncertain on the insurance financial strength ratings of XLCA and XLFA reflects the significant improvement to SCA's capital adequacy position and upward pressure on the ratings that would occur following the successful completion of the aforementioned transactions, as well as the likelihood of downgrades if the transactions fail to be completed. The Master Agreement and Merrill Agreement are expected to close in early August 2008, and are subject to the completion of an announced US$2.5 billion capital raise by XL and other customary closing conditions. XL announced this morning that it has priced offerings of its equity and equity units totaling US$2.5 billion. If the contemplated transactions are successfully completed, Moody's will likely change the rating review from direction uncertain to a review for possible upgrade. However, Moody's stated that the insurance financial strength ratings are likely to remain non-investment grade at the conclusion of our rating review given the continued uncertainty with respect to SCA's remaining mortgage-related exposures and currently impaired franchise. The review for possible downgrade of SCA's preferred ratings reflects the potential for the insurance financial strength ratings to be lowered in the unlikely event that the Master Agreement and Merrill Agreement fail to close by August 15, 2008, which would have an impact on those ratings due to their subordinated status relative to policyholder claims. Upon the successful closing of the Master Agreement and Merrill Agreement, Moody's will likely confirm the current ratings on SCA's preferred securities with a negative outlook. The rating agency stated that SCA is expected to record significant reserve charges on its mortgage-related exposures during 2Q2008, including both second-lien RMBS and ABS CDOs. This reserving activity will result in both XLCA and XLFA reporting negative statutory capital at quarter-end. However, the transactions contemplated by the Master Agreement and the Merrill Agreement will, if completed, result in the companies having positive statutory capital and result in a significant improvement in their capital adequacy positions, in Moody's opinion. In addition, SCA has announced it has commuted its outbound reinsurance with RAM Reinsurance Company Ltd and a portion of inbound reinsurance with Financial Security Assurance Inc. (the remainder of which will be moved from XLFA to XLCA). SCA has also earmarked US$820 million for the purpose of commuting, terminating, amending or restructuring existing agreements with certain CDS bank counterparties who have signed the Master Agreement. Moody's stated that the ratings review will focus on: 1) the successful closing of the Master Agreement and the Merrill Agreement; 2) the subsequent risk-adjusted capital adequacy position of XLCA and XLFA; 3) prospective dividend capacity of the operating companies and preferred share dividend policy going forward; and 4) an assessment of SCA's franchise value and future business prospects. With respect to the Merrill Agreement, Moody's noted that the negotiated settlement has some elements that are typically associated with a distressed exchange. Moody's anticipates that it will further analyze the terms of the Merrill Agreement to determine whether a distressed exchange has occurred, though any conclusions reached from this analysis would not have an impact on the ratings under review. List of Rating Actions The following ratings have been placed on review with direction uncertain: * XL Capital Assurance Inc. -- insurance financial strength at B2; * XL Capital Assurance (U.K.) Limited -- insurance financial strength at B2; and * XL Financial Assurance Ltd -- insurance financial strength at B2. The following ratings have been placed on review for possible downgrade: Security Capital Assurance Ltd. -- provisional rating on senior debt at (P)Caa3, provisional rating on subordinated debt at (P)Ca and preference shares at Ca; and Twin Reefs Pass-Through Trust -- contingent capital securities at Caa2. Security Capital Assurance Ltd. is a Bermuda-domiciled holding company whose primary operating subsidiaries, XL Capital Assurance Inc. and XL Financial Assurance Ltd, provide credit enhancement and protection products to the public finance and structured finance markets throughout the United States and internationally. SCA has announced that it will formally change its corporate name to Syncora Holdings Ltd on August 4, 2008. XLCA and XLFA will be renamed Syncora Guarantee Inc. and Syncora Guarantee Re Ltd, respectively. SOLUTIA INC: Court Hears Settlement for Avoidance Actions --------------------------------------------------------- Solutia Inc. and its debtor-affiliates, in accordance with their confirmed Fifth Amended Joint Plan of Reorganization, as modified, sought the authority of the U.S. Bankruptcy Court for the Southern District of New York to pursue, settle, abandon, release or otherwise resolve certain pending avoidance actions without further notice to any party or the consent or approval of Monsanto Company, the Official Committee of Unsecured Creditors or the Court. On May 4, 2006, the Court approved the Debtors' employment of Hodgson Russ LLP for the limited purpose of commencing and prosecuting the Avoidance Actions, seeking recovery of preferential transfers and fraudulent conveyances, made by the Debtors pursuant to Chapter 5 and other relevant provisions of the Bankruptcy Code or applicable state law. By a separate order, on the same day, the Court also approved the Debtors' employment of Rosen & Associates to represent them in certain of the Avoidance Actions with respect to which Hodgson Russ might have had a conflict. The time for filing adversary proceeding complaints under Sections 544, 547, 548 and 550 of the Bankruptcy Code expired on Dec. 17, 2005. Between Dec. 14 and 17, 2005, Hodgson Russ and Rosen & Associates timely filed 82 complaints commencing the Avoidance Actions against various defendants. A list of the 82 Avoidance Actions is available at no charge at: http://bankrupt.com/misc/Solutia_82AvoidanceActions.pdf In an effort to conserve judicial, legal, financial and other resources, the Debtors sought and obtained extension of the deadline to serve complaints in the Avoidance Actions. The Debtors stated that they anticipate their eventual plan of reorganization might eliminate the necessity to further prosecute certain of the Avoidance Actions, many of which involved defendants who continued to do business with the Debtors, Garry M. Graber, Esq., at Hodgson Russ LLP, in New York, related. The Debtors' Plan was confirmed on Nov. 29, 2007, and became effective on Feb. 28, 2008. Several of the Avoidance Actions have been settled and dismissed during the course of the Debtors' Chapter 11 proceedings. None of the defendants has sought to expedite the litigation of any of the Avoidance Actions. Six of the defendants have filed an answer or other papers responsive to the complaints filed in the Avoidance Actions. No further proceedings or discovery has been had in any of the adversary proceedings, according to Mr. Graber. To conserve resources and achieve beneficial economies, and to expedite resolution of the adversary proceedings that remain pending, the Reorganized Debtors wish to exclusively pursue certain Avoidance Actions based solely upon their business judgment. About Solutia Inc. Based in St. Louis, Missouri, Solutia Inc. (OTCBB: SOLUQ) (NYSE: SOA-WI) -- http://www.solutia.com/-- and its subsidiaries, manufactures and sells chemical-based materials, which are used in consumer and industrial applications worldwide. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Lead Case No. 03- 17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. Solutia emerged from chapter 11 protection Feb. 28, 2008. (Solutia Bankruptcy News, Issue No. 129; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). TAYLOR WIMPEY: Taps NM Rothschild for Debt Waiver Talks ------------------------------------------------------- Taylor Wimpey plc has hired NM Rothschild & Sons Ltd. to negotiate a waiver with bondholders for a possible breach of covenant or GBP380 million of outstanding private placement notes, The Telegraph reports. As previously reported in the TCR-Europe, Taylor Wimpey is also currently negotiating an amendment to terms of its bank debt, which carries the same covenants as the bonds. While Taylor Wimpey said it was still in compliance with the debt covenants even without an amendment to the terms, the Telegraph relates that the company might breach banking covenants due to falling property prices. The Telegraph says Rothchild's appointment indicates that Taylor Wimpey believes it could reach a waiver deal with bondholders without having to restart its failed capital increase. Rothschild recently negotiated a similar deal on behalf of Barratt Developments, which have the same lenders as Taylor Wimpey, The Telegraph notes. Rothschild, along with Taylor Wimpey's corporate advisers, JPMorgan Cazenove and UBS AG, hopes to reach a waiver deal by end of September 2008. About Taylor Wimpey Headquartered in London, Taylor Wimpey plc -- http://www.taylorwimpey.com/-- builds homes in the U.K., North America, Spain and Gibraltar. Taylor Wimpey also operates in the Construction sector under the Taylor Woodrow brand. Taylor Wimpey plc's major markets are experiencing a significant downturn, characterized by significantly lower weekly sales rates and lower average selling prices than in recent years. Taylor Wimpey remains in full compliance with its banking covenants. However, without an amendment to the terms of its banking facilities, in certain negative market scenarios Taylor Wimpey might breach one or more banking covenants at the first testing date in 2009. UBS AG: Some Employees Arrested on Insider Trading Probe -------------------------------------------------------- The Wall Street Journal reports that British authorities arrested eight people, including people working at UBS AG as part of a broadening effort to crack down on insider trading. According to the report, the Financial Services Authority, the U.K. markets regulator, has been making greater efforts to change its reputation as being soft on market abuses such as insider trading. In May, the Journal says FSA data showed 28.7% of U.K. takeover deals in 2007 were preceded by suspicious stock movement, up from 23.7% in 2005. The Journal relates that following up on its warnings that it would come down hard on anyone involved in suspicious trading, the regulator said it made the arrests across London and southeastern England as part of "a major ongoing investigation into insider dealing rings." A person familiar with the investigation told the Journal that those arrested were people who worked in the banks' back offices and their friends, not traders or bankers, and the sums allegedly involved were in the hundreds of thousands of pounds or less. According to the Journal, a spokeswoman for Swiss banking giant UBS said a junior member of the bank's support staff in London was arrested and suspended from work during the investigation. Meanwhile, the Journal relates that a spokeswoman for the FSA said only that the people arrested were men, 27 to 48 years old, and she declined to comment further. Multi-Billion Lawsuit As reported Monday in the Troubled Company Reporter-Europe, UBS AG's U.S. units -- UBS Securities LLC and UBS Financial Services Inc. -- are facing a multi-billion U.S. dollar securities fraud lawsuit filed by Attorney General Andrew M. Cuomo against the firms. The lawsuit charges UBS with falsely selling and marketing auction rate securities as safe, highly liquid, and cash- equivalent securities. Auction rate securities are preferred equity securities that pay dividends that are reset by an auction typically held every seven or 28 days. These auctions have consistently been failing since February 2008. Consequently, many holders desiring to sell these securities, including UBS clients, have been unable to do so. UBS customers are currently holding more than US$25 billion of the securities. The lawsuit, filed in the Supreme Court of New York, New York County, also alleges that as the securities market started to collapse, the bank's top executives quickly sold-off US$21 million in personal holdings of auction rate securities, but continued to market the securities to its consumers. "Not only is UBS guilty of committing a flagrant breach of trust between the bank and its customers, its top executives jumped ship as soon the securities market started to collapse, leaving thousands of customers holding the bag," said Mr. Cuomo. As of February 2008, UBS had more than 50,000 customer accounts holding auction rate securities, including over 7,000 New York customer accounts. On February 13, 2007, UBS stopped supporting its auctions, leaving UBS customers unable to access to billions in what they believed was as liquid as cash. The case is being handled by Assistant Attorneys General Pamela Lynam Mahon, Ethan Zlotchew, and Christopher Mulvihill, as well as Economist for the Division of Economic Justice Kitty Kay Chan, under the supervision of Investor Protection Bureau Chief David A. Markowitz and Executive Deputy Attorney General for Economic Justice Eric Corngold. UBS said on July 15 that it would offer to buyback approximately US$3.5 billion of auction rate securities, however, Mr. Coumo's lawsuit seeks to require UBS to repurchase the securities at par in addition to disgorgement of ill-gotten gains, restitution and other damages, and injunctions from further violations of New York's Martin Act. Commenting on the lawsuit, UBS spokeswoman Karina Byrne said in an e-mailed statement sent to Bloomberg News that the bank will "vigorously defend" itself against the allegations in the suit, and "categorically rejects any claim that the firm engaged in a widespread campaign" to shift auction-rate debt off its books and into client accounts. "While UBS does not believe that there was illegal conduct by any employee, we have found cases of poor judgment by certain individuals and are evaluating appropriate disciplinary measures for these individuals," Ms. Byrne added. About UBS AG Based in Zurich, Switzerland, UBS AG -- http://www.ubs.com/-- is a global provider of financial services for wealthy clients. UBS's financial businesses are organized on a worldwide basis into three Business Groups and the Corporate Center. Global Wealth Management & Business Banking consists of three segments: Wealth Management International & Switzerland, Wealth Management US and Business Banking Switzerland. The Business Groups Investment Bank and Global Asset Management constitute one segment each. The Industrial Holdings segment holds all industrial operations controlled by the Group. Global Asset Management provides investment products and services to institutional investors and wholesale intermediaries around the globe. The Investment Bank operates globally as a client-driven investment banking and securities firm. The Industrial Holdings segment comprises the non-financial businesses of UBS, including the private equity business, which primarily invests UBS and third-party funds in unlisted companies. * S&P Takes Credit Rating Actions on 102 European Synthetic CDO --------------------------------------------------------------- Standard & Poor's Ratings Services has taken credit rating actions on 102 European synthetic collateralized debt obligation (CDO) tranches. Specifically, the ratings on: -- 41 tranches were lowered and removed from CreditWatch with negative implications; -- 3 tranches were lowered and remain on CreditWatch negative; -- 17 tranches was removed from CreditWatch with negative implications and affirmed; -- 27 tranches were removed from CreditWatch with positive implications and raised; and -- 14 tranches were raised. Of the 44 tranches lowered: -- 30 reference U.S. residential mortgage-backed securities (RMBS) and U.S. CDOs that are exposed to U.S. RMBS, which have experienced recent negative rating actions; and -- 14 have experienced corporate downgrades in their portfolios. Rating Action Summary Downgrades Upgrades Key to (No. of (No. of corporate tranches) tranches) downgrades Jan-08 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-08 90 9 GMAC LLC (BB+/Negative to B+/Negative) Feb. 2, 2008 Residential Capital, LLC (BB+/Negative to B/Negative) Feb. 22, 2008 Mar-08 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-08 118 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-08 152 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 Jun-08 109 0 Ambac Assurance Corp. (AAA/Negative to AA/Watch Neg) June 5, 2008 MBIA Inc. (AA-/Negative to A-/Watch Neg) June 5, 2008 Jul-08 44 41 Radian Asset Assurance Inc. (AA/Watch Neg to A/Watch Neg) June 16, 2008 Countrywide Home Loans, Inc. (BB+/Watch Dev to AA/Negative) July 1, 2008 *Those corporate names that have experienced a significant notch downgrade or upgrade as well as being highly referenced within European synthetic CDOs. For those transactions that have been on CreditWatch negative for longer than 90 days, where S&P has 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 its criteria and assessed portfolio quality based on its credit quality. 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%, S&P immediately lowers the rating. Ratings List: Class (where applicable) To From Rating SROC Projected scenario (%) 90 day+ SROC(%) Alexandria Capital PLC: -- EUR212 Million Secured Floating-Rate Credit-Linked Notes Series 2004-12 (Karnak) B-2a AA+ AA+/Watch Neg AA+ 101.0300 B-2b AA+ AA+/Watch Neg AA+ 101.0300 Alexandria Capital PLC: -- EUR160 Million Secured Floating- And Fixed-Rate Notes Series 2005-1 (ISIS I (A)) A-e1 AAA AA/Watch Pos AAA 100.7100 AA+ 100.9700 AA 101.0700 Alexandria Capital PLC: -- EUR160 Million Secured Floating- And Fixed-Rate Notes Series 2005-1 (ISIS I (A)) A-e2 AAA AA/Watch Pos AAA 100.7063 AA+ 100.9664 AA 101.0686 Alexandria Capital PLC: -- EUR160 Million Secured Floating- And Fixed-Rate Notes Series 2005-1 (ISIS I (A)) C-e1 AA- A/Watch Pos AA- 100.1108 A+ 100.2325 A 100.3745 Alexandria Capital PLC: -- EUR160 Million Secured Floating- And Fixed-Rate Notes Series 2005-1 (ISIS I (A)) C-e2 AA- A/Watch Pos AA- 100.1108 A+ 100.2325 A 100.3745 Alexandria Capital PLC: -- EUR50 Million And US$37 Million Secured Floating- And Fixed-Rate Notes Series 2005-2 (ISIS I (B)) A-e5 AAA AA/Watch Pos AAA 100.7063 AA+ 100.9664 AA 101.0686 Alexandria Capital PLC: -- EUR50 Million And US$37 Million Secured Floating- And Fixed-Rate Notes Series 2005-2 (ISIS I (B)) C-u2 AA- A/Watch Pos AA- 100.1122 A+ 100.2422 A 100.3745 Alexandria Capital PLC: -- EUR50 Million And US$37 Million Secured Floating- And Fixed-Rate Notes Series 2005-2 (ISIS I (B)) D-u1 AA- A/Watch Pos AA- 100.1122 A+ 100.2422 A 100.3745 Aphex Capital PLC: -- US$5 Million DESIGN Secured Portfolio Credit-Linked Floating-Rate Notes Series 2005-12 AA- A-/Watch Pos AA- 100.0078 A+ 100.1260 A 100.2520 Aphex Capital PLC: -- EUR15 Million Kalgoorlie Secured Callable Portfolio Credit-Linked Floating-Rate Notes Series 2006-28 AA- AA-/Watch Neg AA- 102.8700 Aphex Capital PLC: -- EUR15 Million SENWAI Secured Callable Portfolio Credit-Linked Floating-Rate Notes Series 2006-31 BBB+ BBB+/Watch Neg BBB+ 102.9800 Asset-Backed Obligaties Ltd.: -- EUR470 Million Limited-Recourse Variable Coupon Credit-Linked And Seven-Year Euro Swap Rate-Linked Notes (series 05-01) A AAA AA/Watch Pos AAA 103.0939 AA+ 105.0187 AA 105.7926 Baker Street Finance Ltd.: -- EUR519.2 Million Floating-Rate Credit-Linked Notes B A A+/Watch Neg A+ 99.4300 99.7051 A 100.0400 100.3002 Bassi Co. Ltd.: -- EUR33 Million Floating-Rate Secured Portfolio Callable Credit-Linked Notes Series 2 A AA AA-/Watch Pos AA 109.1842 AA- 112.4154 Bifrost Investments Ltd.: -- EUR160 Million Mezzanine Portfolio Credit Swap Transaction, Reference Portfolio 27 5B CDS AAA AA/Watch Pos AAA 100.9424 AA+ 101.1309 AA 102.0969 Bifrost Investments Ltd.: -- EUR160 Million Mezzanine Portfolio Credit Swap Transaction, Reference Portfolio 28 5B CDS AAA AA/Watch Pos AAA 100.4712 AA+ 100.6832 AA 101.2251 BNP Paribas and Calyon: -- EUR40 Million Credit Default Swap Between BNP Paribas And Calyon BB+ BBB-/Watch Neg BBB- 83.5000 77.7156 BB+ 100.0000 100.0000 Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.: -- EUR225 Million Floating- And Fixed-Rate Notes A1 AA+ AAA/Watch Neg AAA 99.1900 99.2713 AA+ 100.5600 100.5659 Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.: -- EUR225 Million Floating- And Fixed-Rate Notes A2 A+ AA/Watch Neg AA 99.0300 99.0340 AA- 99.4400 99.4534 A+ 100.2500 100.2780 Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.: -- EUR225 Million Floating- And Fixed-Rate Notes A3 BBB A/Watch Neg A 98.4300 98.4447 A- 98.8300 98.8231 BBB+ 99.9000 99.8912 BBB 100.3500 100.3675 Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.: -- EUR225 Million Floating- And Fixed-Rate Notes A4 BB BBB/Watch Neg BBB 98.1500 98.1599 BBB- 98.7500 98.7708 BB+ 99.7100 99.7280 BB 100.0700 100.0819 Brooklands Euro Referenced Linked Notes 2004-1 Ltd.: -- EUR182.5 Million And YEN677.5 Million Fixed- And Floating-Rate Notes C-Y BBB+ A-/Watch Neg A- 99.8600 99.9624 BBB+ 100.5500 100.6670 Carneros III PLC: -- US$10 Million JPY2,400 Million And EUR176.5 Million Floating-Rate Credit-Linked Secured Notes B AA-/Watch Neg AA/Watch Neg AA 99.7600 99.8481 AA- 99.9400 100.0233 Carneros III PLC: -- US$10 Million JPY2,400 Million And EUR176.5 Million Floating-Rate Credit-Linked Secured Notes C A+/Watch Neg AA-/Watch Neg AA- 99.7700 99.9228 A+ 99.9200 100.0616 Carneros III PLC: -- US$10 Million JPY2,400 Million And EUR176.5 Million Floating-Rate Credit-Linked Secured Notes E AA+ AAA/Watch Neg AAA 99.8400 99.9305 AA+ 100.1100 100.1888 Claris III Ltd.: -- GBP25 Million Zero Coupon Credit-Linked Notes Series 10/2007 BBB BBB+/Watch Neg BBB+ 99.6000 99.6900 BBB 100.0100 100.1044 Claris IV Ltd.: -- US$49 Million Leibnitz 2006-1 SYNTHETIC CDO OF RMBS Variable-Rate Notes Series 9/2006 CCC CCC+/Watch Neg CCC+ 99.5900 99.6536 CCC 100.8100 100.8111 Claris IV Ltd.: -- US$22 Million Leibnitz 2006-1 Synthetic CDO Of RMBS Variable-Rate Notes Series 10/2006 CCC- CCC/Watch Neg CCC 99.4600 99.4562 CCC- 100.5500 100.5456 Cloverie PLC: -- US$20 Million Floating-Rate Portfolio Credit-Linked Notes Series 2004-5 AAA AA/Watch Pos AAA 100.1821 AA+ 100.2306 AA 100.2549 Cloverie PLC: -- JPY1 Billion Fixed-Rate Portfolio Credit-Linked Notes Series 2005-15 (Rotonda II) AA+ AA+/Watch Neg AA+ 100.3800 Cloverie PLC: -- SEK324 Million Variable-Rate Portfolio Credit-Linked Notes Series 2005-32 AA AA-/Watch Pos AA 100.3062 AA- 100.4639 Corsair Finance (Ireland) No. 4 Ltd.: -- EUR25 Million Floating-Rate Secured Portfolio Credit-Linked Notes Series 7 A+ A+/Watch Neg A+ 100.7800 Corsair Finance (Ireland) No. 4 Ltd.: -- EUR25 Million Floating-Rate Secured Portfolio Credit-Linked Notes Series 8 A- A-/Watch Neg A- 104.9700 Corsair (Cayman Islands) No. 4 Ltd.: -- EUR40 Million Floating-Rate Secured Callable Portfolio Credit-Linked Notes Series 3 A+ A+/Watch Neg A+ 100.5300 Coriolanus Ltd.: -- US$5 Million Class B Secured Floating-Rate Notes Series 69 B BB+ BBB-/Watch Neg BBB- 99.4300 99.4255 BB+ 101.0900 101.0881 Coriolanus Ltd.: -- EUR70 Million Class B Secured Credit-Linked Floating-Rate Notes Series 72 AAA AAA/Watch Neg AAA 100.0300 Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC: -- EUR20 Million Limited-Recourse Secured Credit-Linked Variable-Rate Notes Series 33 (Aramis) BB+ BBB-/Watch Neg BBB- 99.9000 99.8971 BB+ 100.7200 100.7159 Deutsche Bank AG and Coriolanus Ltd.: -- EUR15 Million Unfunded Credit Default Swap Between (Deutsche Bank AG and Coriolanus Ltd.) AA+srp AAAsrp/Watch Neg AAA 99.8700 99.9676 AA+ 100.2300 100.3199 Edam Funding One Ltd. EUR20 Million Secured Limited-Recourse Credit-Linked Notes Series 03-01 A AAA AA/Watch Pos AAA 101.0782 AA+ 101.2571 AA 101.3466 Edam Funding One Ltd.: -- EUR70 Million Limited-Recourse Variable-Coupon Credit-Linked And Inflation-Linked Notes Series 04-02 A AA+ AA+/Watch Neg AA+ 100.6500 Eirles Two Ltd.: -- EUR21 Million Variable-Rate Secured Notes Series 160 BBB+ A-/Watch Neg A- 99.2300 99.4740 BBB+ 100.0500 101.4564 Eirles Two Ltd.: -- EUR27.5 Million Variable-Rate Secured Notes Series 223 BB BB+/Watch Neg BB+ 99.8000 99.8103 BB 100.8300 100.8444 Eirles Two Ltd.: -- EUR42.75 Million Variable-Rate Secured Notes Series 224 B+ BB-/Watch Neg BB- 99.8900 99.9018 B+ 100.4300 100.4303 Eirles Two Ltd.: -- EUR26.125 Million Variable-Rate Secured Notes Series 225 B- B/Watch Neg B 99.9000 99.8957 B- 100.4100 100.4057 Eirles Two Ltd.: -- EUR27.5 Million Variable-Rate Secured Notes Series 227 CCC- CCC/Watch Neg CCC 99.7800 99.7810 CCC- 100.3600 100.3565 Eirles Two Ltd.: -- US$16.5 Million Class B Variable-Rate Secured Notes Series 269 B CCC- B-/Watch Neg B- 97.9800 98.0102 CCC+ 99.1400 99.1811 CCC 99.6800 99.6846 CCC- 101.1600 101.1679 Eirles Two Ltd.: -- US$18 Million Class C Variable-Rate Secured Notes Series 270 C CCC- CCC/Watch Neg CCC 98.4700 98.4676 CCC- 99.9200 99.9327 Eirles Two Ltd.: -- EUR14.1 Million Class B Variable-Rate Secured Notes Series 297 CCC+ B-/Watch Neg B- 99.4000 99.4740 CCC+ 101.3800 101.4564 Eirles Two Ltd. US$16 Million Variable-Rate Secured Notes Series 305 A-2 BBB- AA/Watch Neg AA 94.9400 94.9350 AA- 95.4800 95.4829 A+ 96.4100 96.4129 A 96.8300 96.8293 A- 97.5400 97.5470 BBB+ 98.7100 98.7399 BBB 99.7800 99.8082 BBB- 101.4300 101.4714 Eirles Two Ltd.: -- US$17 Million Variable-Rate Secured Notes Series 306 B+ BBB/Watch Neg BBB 95.4900 95.5153 BBB- 97.0700 97.1070 BB+ 97.9700 98.0085 BB 98.9000 98.9351 BB- 99.7900 99.8281 B+ 100.5000 100.5414 Eirles Two Ltd.: -- US$17 Million Variable-Rate Secured Notes Series 307 A-4 CCC+ B/Watch Neg B 98.2900 98.3210 B- 99.1000 99.1344 CCC+ 100.2800 100.3177 Eirles Two Ltd.: -- JPY3.7 Billion Variable-Rate Secured Notes Series 317 A-4 CCC+ B/Watch Neg B 98.2900 98.3210 B- 99.1000 99.1333 CCC+ 100.2800 100.3177 Elva Funding PLC: -- EUR162.5 And US$68.5 Million Floating- And Fixed-Rate Notes Series 2004-4 D1 AAA AA/Watch Pos AAA 100.0000 AA+ 100.0000 AA 100.0000 Elva Funding PLC: -- EUR162.5 And US$68.5 Million Floating- And Fixed-Rate Notes Series 2004-4 D2 AAA AA/Watch Pos AAA 100.0000 AA+ 100.0000 AA 100.0000 Elva Funding PLC: -- EUR162.5 And US$68.5 Million Floating- And Fixed-Rate Notes Series 2004-4 D3 AAA AA/Watch Pos AAA 100.0000 AA+ 100.0000 AA 100.0000 Elva Funding PLC: -- EUR157 Million, JPY4.15 Billion And US$28 Million Floating- And Fixed-Rate Notes Series 2005-2 F-1 BBB+ A-/Watch Neg A- 99.8000 99.8020 BBB+ 100.0000 100.0000 Elva Funding PLC: -- EUR157 Million, JPY4.15 Billion And US$28 Million Floating- And Fixed-Rate Notes Series 2005-2 F-2 BBB+ A-/Watch Neg A- 99.8000 99.8020 BBB+ 100.0000 100.0000 Elva Funding PLC: -- EUR157 Million, JPY4.15 Billion And US$28 Million Floating- And Fixed-Rate Notes Series 2005-2 F-3 BBB+ A-/Watch Neg A- 99.8000 99.8020 BBB+ 100.0000 100.0000 Elva Funding PLC: -- EUR157 Million, JPY4.15 Billion And US$28 Million Floating- And Fixed-Rate Notes Series 2005-2 F-4 BBB+ A-/Watch Neg A- 99.8000 99.8020 BBB+ 100.0000 100.0000 Elva Funding PLC: -- EUR80 Million And US$36.3 Million Floating- And Fixed-Rate Notes Arosa X-Subordination 7 Years Notes Series 2005-4 D-1 AAA AA/Watch Pos AAA 100.2613 AA+ 100.2734 AA 100.2794 Elva Funding PLC: -- EUR80 Million And US$36.3 Million Floating- And Fixed-Rate Notes Arosa X-Subordination 7 Years Notes Series 2005-4 D-2 AAA AA/Watch Pos AAA 100.2613 AA+ 100.2734 AA 100.2794 Elva Funding PLC: -- EUR80 Million And US$36.3 Million Floating- And Fixed-Rate Notes Arosa X-Subordination 7 Years Notes Series 2005-4 D-3 AAA AA/Watch Pos AAA 100.2613 AA+ 100.2734 AA 100.2794 Elva Funding PLC: -- US$2.5 Million And EUR10 Million Secured Floating-Rate Credit-Linked Notes Series 2006-5 B2 AA A/Watch Pos AA 100.0708 AA- 100.1939 A+ 100.3166 A 100.4204 Elva Funding PLC: -- EUR165 Million, US$40 Million And JPY2.2 Billion Secured Credit-Linked Floating-Rate Notes Series 2007- 2 (Euclid CDO) B AA AA/Watch Neg AA 100.7900 Elva Funding PLC: -- EUR165 Million, US$40 Million And JPY2.2 Billion Secured Credit-Linked Floating-Rate Notes Series 2007- 2 (Euclid CDO) B2 AA AA/Watch Neg AA 100.7900 Elva Funding PLC: -- EUR165 Million, US$40 Million And JPY2.2 Billion Secured Credit-Linked Floating-Rate Notes Series 2007- 2 (Euclid CDO) B3 AA AA/Watch Neg AA 100.7900 Elva Funding PLC: -- EUR165 Million, US$40 Million And JPY2.2 Billion Secured Credit-Linked Floating-Rate Notes Series 2007- 2 (Euclid CDO) B4 AA AA/WatchNeg AA 100.7900 Elva Funding PLC: -- EUR165 Million, US$40 Million And JPY2.2 Billion Secured Credit-Linked Floating-Rate Notes Series 2007- 2 (Euclid CDO) C A A/Watch Neg AA 100.0300 Fermat Ltd.: -- US$10 Million Floating-Rate Secured Portfolio Credit-Linked Notes Series 6 BBB BBB- BBB 100.0482 BBB- 100.4801 Herald Ltd.: -- US$121.4 Million Floating-Rate Credit-Linked Secured Notes (Logan CDO) Series 25 A-1 B BB-/Watch Neg BB- 99.0300 99.0434 B+ 99.6500 99.6606 B 100.3500 100.3568 Herald Ltd.: -- US$17.2 Million Floating-Rate Credit-Linked Secured Notes (Logan CDO) Series 27 B CCC- CCC+/Watch Neg CCC+ 99.2600 99.2717 CCC 99.6200 99.6241 CCC- 100.3200 100.3309 Linker Finance PLC: -- US$86.5 Million Class B Floating-Rate Secured Notes Series 2 (Tsar 16) B B/Watch Neg B+/Watch Neg B+ 99.2100 99.3853 B 99.9200 100.0519 Linker Finance PLC: -- US$28.5 Million Class C Floating-Rate Secured Notes Series 3 (Tsar 16) C CCC CCC+/Watch Neg CCC+ 99.7500 99.8222 CCC 100.7400 100.8076 Linker Finance PLC: -- US$18 Million Class D Floating-Rate Secured Notes Series 4 (Tsar 16) D CCC CCC+/Watch Neg CCC+ 99.0300 99.1119 CCC 100.0200 100.0897 Lunar Funding V PLC: -- US$25 Million Limited Recourse Secured Floating-Rate Credit-Linked Notes Series 2006-29 CCC- CCC/ Watch Neg CCC 96.2500 96.2482 CCC- 98.6500 98.6546 Mainsail CDO I Ltd.: -- US$298.25 Mil Secured Floating Credit-Linked Notes A1 CCC- CCC+/Watch Neg CCC+ 97.0300 97.0515 CCC 99.1400 99.1799 CCC- 101.4800 101.5068 Menton CDO IV Ltd.: -- US$250 Million Secured Floating-Rate Notes A-2 CCC B+/Watch Neg B+ 98.4100 98.4118 B 98.4100 98.4118 B- 98.4100 98.4118 CCC+ 98.4100 98.4118 CCC 100.1100 100.1066 Momentum CDO (Europe) Ltd.: -- AU$40 Million Floating-Rate Notes Series 2005-5 A- A-/Watch Neg A- 100.2400 Natixis S.A.: -- EUR6 Million Floating-Rate Credit-Linked Notes Linked To A Refernce Portfolio Initally Comprising 114 Reference Entities Series 2262 BBB- BBB-/Watch Neg BBB- 100.1000 Prime Square CDO Ltd.: -- US$50 Million Tranche Ba & Bb PRIMO Secured Floating-Rate Notes Series 2006-1 Ba AA- A AA- 100.0600 A+ 100.1800 A 100.3000 Prime Square CDO Ltd.: -- US$50 Million Tranche Ba & Bb PRIMO Secured Floating-Rate Notes Series 2006-1 Bb AA- A AA- 100.0600 A+ 100.1800 A 100.3000 Prime Square CDO Ltd.: -- EUR10 Million Tranche B PRIMO secured Floating-Rate Notes Series 2006-2 B AA- A AA- 100.0600 A+ 100.1800 A 100.3000 Prime Square CDO Ltd.: -- US$5 Million Tranche C PRIMO Secured Floating-Rate Notes Series 2006-3 C A- BBB+ A- 100.0800 BBB+ 100.3700 Prime Square CDO Ltd.: -- EUR6 Million Tranche A PRIMO Secured Floating-Rate Notes Series 2006-4 A AA+ AA AA+ 100.1200 AA 100.4500 Prime Square CDO Ltd.: -- EUR20 Million Tranche C PRIMO Secured Floating-Rate Notes Series 2006-5 C A- BBB+ A- 100.0800 BBB+ 100.3700 Prime Square CDO Ltd.: -- US$20 Million Tranche B PRIMO Secured Floating-Rate Notes Series 2006-6 B AA- A AA- 100.0600 A+ 100.1800 A 100.3000 Prime Square CDO Ltd.: -- JPY2,000 Million Tranche A PRIMO Secured Floating-Rate Notes Series 2006-7 A AA+ AA AA+ 100.1200 AA 100.4500 Prime Square CDO Ltd.: -- JPY2 Billion Tranche A PRIMO Secured Floating-Rate Credit-Linked Notes Series 2006-8 A AA+ AA AA+ 100.1200 AA 100.4500 Prime Square CDO Ltd.: -- JPY1 Billion Tranche B PRIMO Secured Floating-Rate Credit-Linked Notes Series 2006-9 B AA- A AA- 100.0600 A+ 100.1800 A 100.3000 Rheinwest Credit Management: -- EUR10 Million Credit-Linked Floating-Rate Notes Series 11 BBB BBB+/WatchNeg BBB+ 99.8900 99.9651 BBB 100.2100 100.2735 Saphir Finance PLC: -- EUR15 Million Class A1 Credit-Linked Synthetic Portfolio Premium Notes Series 2006-2 A1 A A/Watch Neg A 100.1400 Saphir Finance PLC: -- US$5 Million Class B1 Credit-Linked Synthetic Portfolio Premium Notes Series 2006-2 B1 A A/Watch Neg A 100.1800 Saphir Finance PLC: -- US$10 Million Class A2 Credit-Linked Synthetic Portfolio Vantage Point Notes Series 2006-2 A2 BBB+BBB+/Watch Neg BBB+ 106.2500 Signum Finance II PLC: -- EUR135 million Secured Medium-Term Credit-Linked Notes Series 2007-5 A AA/Watch Neg AA 99.6900 99.7602 AA- 99.7900 99.8552 A+ 99.9100 99.9758 A 100.0100 100.0763 Starling Finance PLC: -- EUR35 Million Floating-Rate Portfolio Credit-Linked Notes Series 2005-6 AA- A+/Watch Pos AA- 100.1525 A+ 100.2716 A 100.4090 Starling Finance PLC: -- JPY500 Million Class C Floating-Rate Jinkoki Portfolio Credit-Linked Notes Series 2007-04 BBB+ BBB- BBB+ 100.0634 BBB 100.3817 BBB- 100.8828 Starling Finance PLC: -- JPY1.1 Billion Class B Floating-Rate Jinkoki Portfolio Credit-Linked Notes Series 2007-005 A- BBB A- 100.0453 BBB+ 100.3538 BBB 100.6266 Starling Finance PLC: -- JPY1.1 Billion Class B Floating-Rate Jinkoki Portfolio Credit-Linked Notes Series 2007-015 A- BBB A- 100.1180 BBB+ 100.4252 BBB 100.7003 Xelo PLC: -- EUR40 Million Secured Limited Recourse Credit-Linked Notes Series 2006 (Spinnaker III Europe series 1) AA AA/Watch Neg AA 100.0700 Xelo PLC: -- EUR10 Million Secured Limited Resource Credit-Linked Notes Series 2006 (Spinnaker III Europe TRED 1 Series 1) AA AA/Watch Neg AA 100.0700 * Fewer Retailers in Administration in Q2 2008, Says Deloitte -------------------------------------------------------------- Deloitte & Touche LLP has disclosed its analysis of the retail administration figures for the second quarter of 2008. Lee Manning, reorganization services partner at Deloitte commented, "Contrary to expectations, the latest retail administration figures show that there has been a drop of 16% in quarter two compared with the previous quarter and a staggering 30% drop in retail administrations for the first half of 2008 compared with the same period in 2007. "While the decrease in administrations is surprising, there are other trends playing in the market which have caused this somewhat counter-cyclical set of numbers. Traditional book, music and DVD retailers really struggled over the past two years, as did card, gift and toy retailers largely as a result of competition from the Internet. The drop-off in figures in these sectors this year shows that the worst effects of this maturing market may have been felt. The same cannot be said for fashion clothing, however, where we are starting to see the effects of the credit crunch: there has been a 28% increase in administrations in this sector this year. Fashion is often one of the first sectors to be hit hard as consumers� discretionary spend is tightened and those retailers whose customer offering isn't spot on experience sales slippage. "It is important to note that the administration figures are generally skewed towards smaller businesses, as larger businesses are better suited to being restructured, because of their greater scale and financing models. If, as we are now seeing, the larger retailers are feeling the pinch, their smaller counterparts will also be suffering and may struggle to survive if the present economic environment persists. In particular, we would expect furniture and household related retailers to experience an increase in failures next quarter." The administration figures do not bear out general market sentiment, Richard Hyman, strategic adviser to Deloitte, commented. "Retailers are faced with an equation that does not balance: customers are reining in spend while costs are escalating. The retailers that are able to both react quickly to the market by adapting their offerings to changing customer needs while encumbering as little cost as possible will be able to both survive and achieve business success." Retail Sector Administration Figures Sub-sector 2007 H1 2008 H1 % change ---------- Book, music, DVD 17 3 -82.4 Cards, gifts, toys 19 6 -66.6 Furniture, household, electrical 29 27 -6.9 Clothing, fashion, cosmetics[[ 33 40 21.2 Food and drink 12 8 -33.3 Vehicles and parts 16 3 -81.3 IT 9 3 -66.6 Travel and sports 4 1 -75 Other 11 8 Total 150 107 -28.7 Deloitte & Touche LLP -- http://www.deloitte.co.uk/-- is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein, whose member firms are legally separate and independent entities. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Aug. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Do's and Don'ts of Investing in a Turnaround Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 17, 2008 TURNAROUND MANAGEMENT ASSOCIATION Real Estate / Condo Restructuring Panel Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Sept. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Private Equity Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION State of the Capital Markets Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Oct. 30 & 31, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Physicians Agreements and Ventures Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Interaction Between Professionals in a Restructuring/Bankruptcy Bankers Club, Miami, Florida Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Chinas New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer for Navigating the Restructuring Process Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Examining the Examiners: Pros and Cons of Using Examiners in Chapter 11 Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES New 'Red Flag' Identity Theft Rules Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergersthe New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Todays Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite Corporate Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ * * * The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* 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. Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy Agravante, Julybien Atadero, Marie Therese Profetana 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 * * *