/raid1/www/Hosts/bankrupt/TCREUR_Public/080820.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
Wednesday, August 20, 2008, Vol. 9, No. 165
Headlines
A U S T R I A
ELEKTRO TECHNIK: Claims Registration Period Ends August 29
GASTRONOVA LLC: Claims Registration Period Ends August 31
MC EVENTS: Claims Registration Period Ends September 1
MEDIADESIGNER LLC: Claims Registration Period Ends August 31
META PLUS: Claims Registration Period Ends August 26
P+R MULTIMEDIA: Claims Registration Period Ends September 24
B E L G I U M
CHRYSLER LLC: Financial Unit Changes Top Management Line-Up
F R A N C E
INVISTA: Files Trade Secrets Suit Against Rhodia & DuPont
INVISTA BV: S&P Puts BB Corporate Credit Rating on WatchNegative
G E R M A N Y
ALERIS INTERNATIONAL: S&P Puts BB- Term Loan Rating on Watch Neg
ASKA INTERNATIONAL: Claims Registration Period Ends August 29
ATS-BAUSERVICE GMBH: Claims Registration Ends August 29
BITTER ELEKTRO: Claims Registration Period Ends August 29
EDP PLANUNGSBUERO: Claims Registration Period Ends August 28
FIRST CHOICE: Creditors' Meeting Slated for August 29
GANZER GMBH: Claims Registration Period Ends August 29
HLPR-GMBH: Claims Registration Period Ends August 29
KONPERSA GMBH: Claims Registration Period Ends August 29
LIFE WELLNESS: Claims Registration Period Ends August 28
LTM BAUUNTERNEHMUNG: Claims Registration Period Ends August 29
PD DESIGN: Claims Registration Period Ends September 1
SENTENTIA GRUNDBESITZ: Creditors Meeting Slated for September 2
TEXTIL DIENSTLEISTUNGEN: Claims Registration Period Ends Aug. 29
WMS MIETKAUF-ZENTRALE: Claims Registration Period Ends Aug. 29
WOHNUNGSGENOSSENSCHAFT MBH: Claims Registration Ends August 29
G R E E C E
FAGE DAIRY: S&P Corrects B Corp. Credit Rating Affirmation to B-
I R E L A N D
ANSONIA CDO: S&P Downgrades Rating on Class Q Securities to CCC+
I T A L Y
GENERAL MOTORS: To Meet w/ Zastava in Sept. for Opel Astra Sales
K Y R G Y Z S T A N
ASK INTERNATIONAL: Creditors Must File Claims by September 23
L U X E M B O U R G
EVRAZ GROUP: Evraz Inc. Unit Secures US$725 Million Financing
EVRAZ GROUP: Accident at Kemerovo Mine Claims Three Lives
R U S S I A
EVRAZ GROUP: Evraz Inc. Unit Secures US$725 Million Financing
EVRAZ GROUP: Accident at Kemerovo Mine Claims Three Lives
FOTOGRAD LLC: Moscow Bankruptcy Hearing Set October 10
GEOREKON LTD OJSC: Creditors Must File Claims by September 19
KUSKIY PROMSTROYPROJECT: Kursk Bankruptcy Hearing Set October 15
PERFECT LLC: Moscow Bankruptcy Hearing Set October 10
SISTEMA JSFC: Consolidates Dalcombank Ownership
VOSKHOD OJSC: Mordoviya Bankruptcy Hearing Set September 25
VYSHNEVOLOTSK AGRO: Court Starts Bankruptcy Supervision Process
S E R B I A & M O N T E N E G R O
GENERAL MOTORS: To Meet w/ Zastava in Sept. for Opel Astra Sales
S W I T Z E R L A N D
SEMGROUP LP: Bankruptcy Forces BOK to Report Loss
U K R A I N E
ACTIVE DEVELOPMENT: Proofs of Claim Deadline Set August 24
AVERS 93: Proofs of Claim Deadline Set August 24
BVP-INVEST: Creditors Must File Claims by Aug. 24
COMPOUND FERTILIZERS: Creditors Must File Claims by Aug. 24
ENERGY INDUSTRIAL: Creditors Must File Claims by August 24
MOTORCAR ENTERPRISE 14827: Creditors Must File Claims by Aug. 24
PRINTER LLC: Proofs of Claim Deadline Set August 24
SLAVIYA LLC: Proofs of Claim Deadline Set August 24
TRANSPORT LOGISTIC: Creditors Must File Claims by Aug. 24
U N I T E D K I N G D O M
101 LILLIPUT: Taps Joint Administrators from Deloitte & Touche
ASTERIM LTD: Ceases Trading After Liquidation; 25 Jobs Affected
AXS-ONE INC: June 30 Balance Sheet Upside-Down by US$12.7 Mln
BAA LTD: Completes GBP13.3 Billion Airport Refinancing
BAA LTD: July 2008 Passenger Traffic Down 1.7% to 14.8 Million
BAA LTD: S&P Withdraws BB- Corp. Credit Rating at Firm's Request
BRADFORD & BINGLEY: Most Shareholders Snub Rights Issue
BRADFORD & BINGLEY: Names Richard Prym as Chief Executive
BRADLEY SMART: Brings in Liquidators from Mazars
C.A.S. AGENCIES: Calls in Liquidators from Baker Tilly
COINCHECK ELECTRONICS: Appoints Liquidators from Tenon Recovery
COLIN CLAPP: Brings in Joint Administrators from KPMG
CURTIS FINE: Needs to be Sold Soon in Order to Survive
DC OFFICE: Colin Prescott Leads Liquidation Procedure
DRIFTWOOD PARTNERS: Claims Filing Period Ends September 8
EDGE IMPORT: Taps Kevin Hellard to Liquidate Assets
FLOORS-2-GO: Saved from Administration by Hodges Brothers
H KINGHAM: Claims Filing Period Ends September 8
HAMLIN MODELMAKING: Claims Filing Period Ends October 31
INGENERO DESIGN: Taps Liquidators from Tenon Recovery
LDH MAILING: Calls in Joint Administrators from KPMG
LEWIS HAMMER: Goes Into Administration; Closes Wellfield Branch
SOUND ALERT: Appoints Joint Administrators from BDO Stoy
SWIFTWOOD IMPORTS: Claims Filing Period Ends September 8
TAVERNA LATINOS: Hires Liquidators from Vantis
ULYSSES GB: Appoints Joint Administrators from Ernst & Young
* S&P Reports New Risk Value Analysis for Euro Life Insurance
*********
=============
A U S T R I A
=============
ELEKTRO TECHNIK: Claims Registration Period Ends August 29
----------------------------------------------------------
Creditors owed money by LLC Elektro Technik Sommer have until
Aug. 29, 2008, to file written proofs of claim to the court-
appointed estate administrator:
Helmut Nestler
Abstallerstrasse 41
8052 Graz
Austria
Tel: 0664/8334509
Fax: 0316285624/4
E-mail: nestler.h@aon.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:25 p.m. on Sept. 11, 2008, for the
examination of claims at:
The Land Court of Graz
Hall L
Room 230
2nd Floor
Graz
Austria
Headquartered in Graz, Austria, the Debtor declared bankruptcy
on July 21, 2008, (Bankr. Case No. 25 S 51/08z).
GASTRONOVA LLC: Claims Registration Period Ends August 31
---------------------------------------------------------
Creditors owed money by LLC GastroNOVA have until Aug. 31, 2008,
to file written proofs of claim to the court-appointed estate
administrator:
Dr. Christian Purkarthofer
Radetzkystrasse 6
8010 Graz
Austria
Tel: 0316/830442
Fax: 0316/821128
E-mail: office@kanzlei-pn.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 11, 2008, for the
examination of claims at:
The Land Court of Graz
Room 222
2nd Floor
Graz
Austria
Headquartered in Graz, Austria, the Debtor declared bankruptcy
on July 17, 2008, (Bankr. Case No. 26 S 80/08x).
MC EVENTS: Claims Registration Period Ends September 1
------------------------------------------------------
Creditors owed money by LLC MC events & musicpromotions have
until Sept. 1, 2008, to file written proofs of claim to the
court-appointed estate administrator:
Nikolaus Vogt
Zeltgasse 3/13
1080 Vienna
Austria
Tel: 402 57 01 33
Fax: 402 57 01-21
E-mail: nikolaus.vogt@riess.co.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 15, 2008, for the
examination of claims at:
The Trade Court of Vienna
Room 1705
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 15, 2008, (Bankr. Case No. 3 S 84/08k).
MEDIADESIGNER LLC: Claims Registration Period Ends August 31
------------------------------------------------------------
Creditors owed money by LLC mediaDesigner have until Aug. 31,
2008, to file written proofs of claim to the court-appointed
estate administrator:
Georg Dieter
Friedhofgasse 20
8020 Graz
Austria
Tel: 0316/7085
Fax: 0316/7085-25
Austria
E-mail: georg.dieter@rath-partner.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on Sept. 11, 2008, for the
examination of claims at:
The Land Court of Graz
Room 222
2nd Floor
Graz
Austria
Headquartered in [city], Austria, the Debtor declared bankruptcy
on July 21, 2008, (Bankr. Case No. 26 S 81/08v).
META PLUS: Claims Registration Period Ends August 26
----------------------------------------------------
Creditors owed money by LLC Meta Plus Mediamanagement have until
Aug. 26, 2008, to file written proofs of claim to the court-
appointed estate administrator:
Dr. Johannes Leon
Reichsratsstraße 5/2
1010 Vienna
Austria
Tel: 402 15 54
Fax: 402 15 54 54
E-mail: office@leonlaw.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Sept. 9, 2008, for the
examination of claims at:
The Trade Court of Vienna
Room 1607
Vienna
Austria
Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on July 17, 2008, (Bankr. Case No. 28 S 99/08z).
P+R MULTIMEDIA: Claims Registration Period Ends September 24
------------------------------------------------------------
Creditors owed money by LLC P+R Multimedia Systems have until
Sept. 24, 2008, to file written proofs of claim to the court-
appointed estate administrator:
Dr. Anton Ullmann
Stadtplatz 20
5230 Mattighofen
Austria
Tel: 07742/2267
Fax: 07742/4989
E-mail: rauu@aon.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on Oct. 1, 2008, for the
examination of claims at:
The Land Court of Ried im Innkreis
Hall 101
1st Floor
Ried im Innkreis
Austria
Headquartered in Lochen, Austria, the Debtor declared bankruptcy
on July 17, 2008, (Bankr. Case No. 17 S 25/08w).
=============
B E L G I U M
=============
CHRYSLER LLC: Financial Unit Changes Top Management Line-Up
-----------------------------------------------------------
Chrysler Financial, the financing arm of Chrysler LLC, appointed
Thomas F. Gilman as vice chairperson and chief executive and
Darryl R. Jackson as chief operating officer, The Wall Street
Journal reports.
As part of the executives revamp, Paul Knauss, president and
CEO, and William F. Jones Jr., chief operating officer, are
retiring, WSJ adds.
According to WSJ, the position of vice chairman and CEO is a
combination of the former roles of executive vice chairman and
president and CEO. Mr. Gilman had been executive vice chairman,
WSJ notes. WSJ says that in his new role, Mr. Gilman will set
the strategic direction and ensure that the company's
performance is in line with investors' expectation.
Mr. Jackson was previously the vice president-U.S. sales of
Chrysler LLC.
Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.
* * *
As reported in the Troubled Company Reporter June 24, 2008,
Moody's Investors Service affirmed the B3 Corporate Family
Rating and Probability of Default Rating of Chrysler LLC, but
changed the outlook to negative from stable. The change in
outlook reflects the increasingly challenging environment faced
by Chrysler as the outlook for U.S. vehicle demand falls, and
as high fuel costs drive U.S. consumers away from light trucks
and SUVs, and toward more fuel efficient vehicles.
As reported in the Troubled Company Reporter on May 9, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Chrysler
LLC to 'B' from 'B+', with a Negative Rating Outlook. Fitch has
also downgraded the senior secured bank facilities, including
senior secured first-lien bank loan to 'BB/RR1' from 'BB+/RR1';
and senior secured second-lien bank loan to 'CCC+/RR6' from
'BB+/RR1'. The recovery rating on the second lien was also
downgraded from 'BB+/RR1' to 'CCC+/RR6' based on lower asset
value assumptions and associated recoveries in the event of a
stress scenario.
===========
F R A N C E
===========
INVISTA: Files Trade Secrets Suit Against Rhodia & DuPont
---------------------------------------------------------
INVISTA, on Friday, August 15, 2008, sued Rhodia and DuPont in
federal court alleging they are teaming up to misappropriate
INVISTA's world-leading adiponitrile (ADN) technology and are
unlawfully using INVISTA's trade secrets to expand in the nylon
chemicals business.
"Our proprietary ADN technology is an enormously valuable trade
secret, and INVISTA takes protecting its trade secrets and other
intellectual property very seriously," said Mary Beth Jarvis,
INVISTA spokesperson.
"This suit was necessary to stop Rhodia and DuPont from
unlawfully using INVISTA's intellectual property to build an ADN
manufacturing plant in Asia or elsewhere. We're asking the
court to put an end to Rhodia's and DuPont's misconduct and
award damages for the harm they have caused," Ms. Jarvis said.
The INVISTA trade secrets at issue relate to its proprietary
process for producing adiponitrile, a critical intermediate
chemical used in the manufacture of nylon 6,6. INVISTA bought
the original technology several years ago from DuPont as part of
a US$4.2 billion transaction and has built upon that technology
to earn a world-leading position in the manufacture of ADN,
Ms. Jarvis said.
When it sold the technology to INVISTA, DuPont signed an
agreement prohibiting it from competing against INVISTA or
making investments in competitors for an agreed-upon period,
which has yet to expire. As explained in the lawsuit, Rhodia
obtained unlawful access to the trade secrets through a France-
based joint venture between affiliates of INVISTA and Rhodia.
Public statements by Rhodia and DuPont indicate that Rhodia is
using INVISTA's trade secrets to develop and operate an
adiponitrile (ADN) manufacturing facility in Asia. DuPont
recently disclosed that it is an investor in Rhodia's ADN
expansion plans.
The lawsuit seeks preliminary and permanent injunctive relief
preventing Rhodia and DuPont from using and disclosing INVISTA
trade secret information in developing their own plant or using
that trade secret information to compete unfairly in the
marketplace. It also asserts claims for damages for violations
of various sections of the Lanham Act, misappropriation and
misuse of trade secrets, breach of various contracts between
DuPont and INVISTA, conversion, tortious interference with
contracts, and conspiracy.
About INVISTA
Headquartered in Wichita, Kansas, INVISTA --
http://www.invista.com/-- is engaged in textile and polymer
manufacturing. INVISTA is composed of five business units --
Apparel, Interiors, Intermediates, Performance Materials, and
Polymers and Resins -- and its portfolio includes brand names
Stainmaster, Lycra, and Thermolite. Its products are used in
clothing, plastic packaging, automobile airbags, and
pharmaceutical ingredients. DuPont sold INVISTA to Koch
Industries in 2004. Koch then merged the company with its own
fibers unit, KoSa, leaving only INVISTA remaining. INVISTA has
operations in 86 countries, including Germany, Switzerland, Hong
Kong, China, Mexico and Brazil.
* * *
Invista B.V. carries 'BB-' unsecured debt rating from Standard &
Poor's. S&P raised the rating to its current level in July
2007.
INVISTA BV: S&P Puts BB Corporate Credit Rating on WatchNegative
----------------------------------------------------------------
Standard & Poor's Ratings Services has placed all its ratings,
including its 'BB' corporate credit rating, on INVISTA B.V. and
its subsidiaries on CreditWatch with negative implications.
"The CreditWatch listing reflects the deterioration of key
measures of credit quality and follows a sequential weakening in
the company's operating results due to a spike in raw material
costs as well as soft conditions in housing, auto, and beverage
packaging markets," said S&P's credit analyst Cynthia Werneth.
If performance remains weak and the company takes no other
actions, it could be in danger of violating the covenants in its
primary bank credit facility within the next couple of quarters.
However, in view of recent business trends, as well as ambitious
capital spending plans, INVISTA is currently pursuing
alternative capital sources that could provide relief from
covenant pressures.
Total debt outstanding at June 30, 2008, was about US$2.8
billion, including about US$220 million of capitalized operating
leases, unfunded postretirement liabilities, and asset
retirement obligations.
At June 30, 2008, the company had nearly US$500 million of
liquidity, including more than US$300 million of cash.
S&P expects to resolve the CreditWatch within the next several
weeks after meeting with management to discuss the prognosis for
its businesses and its financing plans.
INVISTA is a major manufacturer of fibers including nylon,
polyester, and spandex, as well as intermediate chemicals used
to manufacture them. It also holds large positions in
downstream applications such as fibers used in nylon carpeting
and airbags. Annual revenues are about US$9 billion.
=============
G E R M A N Y
=============
ALERIS INTERNATIONAL: S&P Puts BB- Term Loan Rating on Watch Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' issue rating
on Aleris International Inc.'s US$825 million and its €303
million term loan B both due 2013 on CreditWatch with negative
implications. As of June 30, 2008, total debt outstanding was
about US$3 billion, adjusted for operating leases and
postretirement obligations.
The CreditWatch listing reflects the potential for lower
recovery prospects for the company's existing term loan lenders
following the recent announcement by Aleris that it was seeking
an increase to its existing asset-based (ABL) revolving credit
facility due 2011 to US$1.2 billion from US$850 million. S&P
currently does not maintain ratings on the company's ABL credit
facility.
"In resolving our CreditWatch listing, we will monitor the
status of the proposed increase and its impact on recovery
prospects of existing term loan lenders," said Standard & Poor's
credit analyst Maurice Austin.
ASKA INTERNATIONAL: Claims Registration Period Ends August 29
-------------------------------------------------------------
Creditors of Aska International GmbH have until Aug. 29, 2008,
to register their claims with court-appointed insolvency manager
F. Peters.
Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Sept. 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 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:
F. Peters
Deichstrasse 1
20459 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against Aska International GmbH on July 3, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Aska International GmbH
Papenreye 51
22453 Hamburg
Germany
ATS-BAUSERVICE GMBH: Claims Registration Ends August 29
-------------------------------------------------------
Creditors of ATS-Bauservice GmbH have until Aug. 29, 2008, to
register their claims with court-appointed insolvency manager
Stefan Denkhaus.
Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Sept. 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 Hamburg
Meeting Hall B405
Fourth Floor
Sievkingplatz 1
20355 Hamburg
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Stefan Denkhaus
Jungfernstieg 30
20354 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against ATS-Bauservice GmbH on July 3, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
ATS-Bauservice GmbH
Attn: Erbil Cetin, Manager
Neumann-Reichardt-Strasse 34
22041 Hamburg
Germany
BITTER ELEKTRO: Claims Registration Period Ends August 29
---------------------------------------------------------
Creditors of Bitter Elektro-, Haus- und Systemtechnik GmbH have
until Aug. 29, 2008, to register their claims with court-
appointed insolvency manager Dr. Norbert Heimann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Oct. 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 Cologne
Meeting Hall 14
Luxemburger Str. 101
50939 Cologne
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Norbert Heimann
Spichernstr. 55
50672 Cologne
Germany
The District Court of Cologne opened bankruptcy proceedings
against Bitter Elektro-, Haus- und Systemtechnik GmbH on
July 14, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Bitter Elektro-, Haus- und Systemtechnik GmbH
Altenberger-Dom-Str. 132
51467 Bergisch Gladbach
Germany
Attn: Mario Foerster, Manager
Binsenfeld 22 a
51515 Kuerten
Germany
EDP PLANUNGSBUERO: Claims Registration Period Ends August 28
------------------------------------------------------------
Creditors of EDP Planungsbuero fuer Elektro und Haustechnik GmbH
have until Aug. 28, 2008, to register their claims with court-
appointed insolvency manager Volker Reinhardt.
Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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 Erfurt
Hall 15
Judicial Center
Rudolfstr. 46
99092 Erfurt
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:
Volker Reinhardt
Windthorststr. 17
99096 Erfurt
Germany
The District Court of Erfurt opened bankruptcy proceedings
against EDP Planungsbuero fuer Elektro und Haustechnik GmbH on
June 30, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
EDP Planungsbuero fuer Elektro und Haustechnik GmbH
Nordstr. 3
99310 Arnstadt
Germany
FIRST CHOICE: Creditors' Meeting Slated for August 29
-----------------------------------------------------
The court-appointed insolvency manager for First Choice Events
GmbH, Dr. Bjoern Gehde will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:05
a.m. on Aug. 29, 2008.
The meeting of creditors and other interested parties will be
held at:
The District Court of Charlottenburg
Hall 218
Second Floor
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 9:25 a.m. on Sept. 11, 2008, at the same
venue.
Creditors have until Sept. 8, 2008, to register their claims
with the court-appointed insolvency manager.
The insolvency manager can be reached at:
Dr. Bjoern Gehde
Goethestr. 85
10623 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against First Choice Events GmbH on July 8, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
First Choice Events GmbH
Alexanderplatz 6
10178 Berlin
Germany
GANZER GMBH: Claims Registration Period Ends August 29
------------------------------------------------------
Creditors of Ganzer GmbH & Co. KG have until Aug. 29, 2008, to
register their claims with court-appointed insolvency manager
Erich Hoelzemann.
Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Sept. 26, 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:
Erich Hoelzemann
Goethestrasse 2
59065 Hamm
Germany
The District Court of Dortmund opened bankruptcy proceedings
against Ganzer GmbH & Co. KG on July 1, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Ganzer GmbH & Co. KG
Carl-Zuckmayer-Str. 58
59192 Bergkamen
Germany
HLPR-GMBH: Claims Registration Period Ends August 29
----------------------------------------------------
Creditors of HLPR-GmbH have until Aug. 29, 2008, to register
their claims with court-appointed insolvency manager Dr. Heinz
Dieter Klein.
Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Sept. 25, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Cologne
Meeting Hall 1240
12th Floor
Luxemburger Str. 101
50939 Cologne
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Heinz Dieter Klein
Waldpark 11
50996 Cologne
Germany
The District Court of Cologne opened bankruptcy proceedings
against HLPR-GmbH on July 3, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
HLPR-GmbH
Barbarastr. 15-17
50996 Cologne
Germany
Attn: Susanne Lechner, Manager
Mittelstr. 7
50996 Cologne
Germany
KONPERSA GMBH: Claims Registration Period Ends August 29
--------------------------------------------------------
Creditors of KonPersA GmbH have until Aug. 29, 2008, to register
their claims with court-appointed insolvency manager Florian
Loserth.
Creditors and other interested parties are encouraged to attend
the meeting at 1:10 p.m. on Sept. 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Traunstein
Meeting Hall B/40
Herzog-Otto-Str. 1
83278 Traunstein
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:
Florian Loserth
Richard-Wagner-Str. 15
84453 Muehldorf
Germany
Tel: 08631/160350
Fax: 08631/160351
The District Court of Traunstein opened bankruptcy proceedings
against KonPersA GmbH on June 24, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
KonPersA GmbH
Stadtplatz 25 a c/o Sperr
83278 Traunstein
Germany
LIFE WELLNESS: Claims Registration Period Ends August 28
--------------------------------------------------------
Creditors of Life Wellness GmbH have until Aug. 28, 2008, to
register their claims with court-appointed insolvency manager
Fatma Kreft.
Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Friedberg (Hessen)
Hall 20a
Homburger Strasse 18
61169 Friedberg (Hessen)
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:
Fatma Kreft
Neue Mainzer Strasse 84
60311 Frankfurt am Main
Germany
Tel: 069-6773677-0
Fax: 069-6773677-20
E-mail: frankfurt@reuss-insol.com
The District Court of Friedberg (Hessen) opened bankruptcy
proceedings against Life Wellness GmbH on July 7, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Life Wellness GmbH
Schottener Strasse 31a
35410 Hungen
Germany
LTM BAUUNTERNEHMUNG: Claims Registration Period Ends August 29
--------------------------------------------------------------
Creditors of LTM Bauunternehmung GmbH have until Aug. 29, 2008,
to register their claims with court-appointed insolvency manager
Dirk-Henning Toennesmann.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 30, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Bonn
Room W 1.24c
First Floor
William-Str. 23
53111 Bonn
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dirk-Henning Toennesmann
Josef-Ruhr-Str. 30
53879 Euskirchen
Germany
Tel: 02251/65081-22
Fax: 02251/65081-25
The District Court of Bonn opened bankruptcy proceedings against
LTM Bauunternehmung GmbH on July 4, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
LTM Bauunternehmung GmbH
Attn: Hans-Peter Meyer, Manager
Weststrasse 24
53913 Swisttal
Germany
PD DESIGN: Claims Registration Period Ends September 1
------------------------------------------------------
Creditors of PD Design House GmbH have until Sept. 1, 2008, to
register their claims with court-appointed insolvency manager
Dr. Joerg Nerlich.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Sept. 19, 2008, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Bad Neuenahr-Ahrweiler
Hall 4
William Route 55-57
53474 Bad Neuenahr-Ahrweiler
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Joerg Nerlich
Aachener Str. 563-565
50933 Koeln
Germany
Tel: 0221/9408030
Fax: 0221/9408039
The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against PD Design House GmbH on July 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
PD Design House GmbH
Attn: Tino Wenzl, Manager
Robert-Koch-Str. 1
53501 Grafschaft
Germany
SENTENTIA GRUNDBESITZ: Creditors Meeting Slated for September 2
---------------------------------------------------------------
The court-appointed insolvency manager for Sententia Grundbesitz
GmbH, Udo Feser, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:00 a.m. on
Sept. 2, 2008.
The meeting of creditors and other interested parties will be
held at:
The District Court of Charlottenburg
Second Stock Hall 218
Amtsgerichtsplatz 1
14057 Berlin
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 11:05 a.m. on Nov. 4, 2008, at the same
venue.
Creditors have until Sept. 4, 2008, to register their claims
with the court-appointed insolvency manager.
The insolvency manager can be reached at:
Udo Feser
Uhlandstr. 165/166
10719 Berlin
Germany
The District Court of Charlottenburg opened bankruptcy
proceedings against Sententia Grundbesitz GmbH on June 17, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Sententia Grundbesitz GmbH
Attn: Dietmar Otremba, Manager
Katharinenstrasse 18
10711 Berlin
Germany
TEXTIL DIENSTLEISTUNGEN: Claims Registration Period Ends Aug. 29
----------------------------------------------------------------
Creditors of TDL Textil - Dienstleistungen und Logistik GmbH
have until Aug. 29, 2008, to register their claims with court-
appointed insolvency manager Stephan Haspel.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Sept. 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 Landau in der Pfalz
Room 225
Marienring 13
76829 Landau in der Pfalz
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 Haspel
Xylanderstr. 3
76829 Landau in der Pfalz
Germany
Tel: 06341 - 51020
Fax: 06341-510229
The District Court of Landau in der Pfalz opened bankruptcy
proceedings against TDL Textil - Dienstleistungen und Logistik
GmbH on July 1, 2008. Consequently, all pending proceedings
against the company have been automatically stayed.
The Debtor can be reached at:
TDL Textil - Dienstleistungen und
Logistik GmbH
Attn: Volkmar Nacke, Manager
Queichstr. 19
76857 Albersweiler
Germany
WMS MIETKAUF-ZENTRALE: Claims Registration Period Ends Aug. 29
--------------------------------------------------------------
Creditors of WMS Mietkauf-Zentrale GmbH have until
Aug. 29, 2008, to register their claims with court-appointed
insolvency manager Hendrik Rogge.
Creditors and other interested parties are encouraged to attend
the meeting at 12:00 p.m. on Sept. 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 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:
Hendrik Rogge
Haferweg 22
22769 Hamburg
Germany
The District Court of Hamburg opened bankruptcy proceedings
against WMS Mietkauf-Zentrale GmbH on June 30, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
WMS Mietkauf-Zentrale GmbH
Carsten Schuermann, Managing Director
Osterbrooksweg 69-71
22869 Schenefeld
Germany
WOHNUNGSGENOSSENSCHAFT MBH: Claims Registration Ends August 29
--------------------------------------------------------------
Creditors of Wohnungsgenossenschaft mbH have until Aug. 29,
2008, to register their claims with court-appointed insolvency
manager Christopher Alff.
Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on Sept. 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 Schwerin
Hall 7
Demmlerplatz 14
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:
Christopher Alff
Buerohaus Am Moenchtor
Strandstrasse 96
18055 Rostock
The District Court of Schwerin opened bankruptcy proceedings
against Wohnungsgenossenschaft mbH on July 10, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Wohnungsgenossenschaft mbH
Attn: Uwe Schoenfeld, Manager
Fritz-Reuter-Strasse 2
23936 Roggenstorf
Germany
===========
G R E E C E
===========
FAGE DAIRY: S&P Corrects B Corp. Credit Rating Affirmation to B-
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook to
negative from stable on Greece-based dairy company Fage Dairy
Industry S.A. At the same time, S&P affirmed its 'B-' long-term
corporate credit rating and the issue rating on the company's
EUR130 million 7.5% senior unsecured notes due 2015.
"The outlook revision reflects the EUR5.4 million operating loss
Fage posted in the three months ended June 2008, which marks a
negative trend that it will be challenged to reverse, primarily
due to the continuing competitive pressure in its core domestic
market," said S&P's credit analyst Diego Festa. "In addition,
it remains unclear how soon Fage will get the full profit
contribution from its new production facility in the U.S." The
continuing volatility of operating profits means that Fage might
find it difficult to gain access to additional working capital
funding, further complicating the operating turnaround.
The ratings on Fage reflect its highly leveraged financial
profile, in particular in the light of the recent volatility of
earnings. Fage's business profile is constrained by the
company's geographical concentration in, and reliance on, its
domestic Greek market, given only modest yet increasing exports;
its low profitability, which, in addition to the recent
operating pressures, is due to substantial related-party
transactions; and its aggressive financial policy. These
factors are tempered by Fage's still leading, although weakened,
position in its domestic market and the increased contribution
from export operations, representing about one-fourth of the
company's net sales in the six months ended June 2008.
Fage is confronted with rising price-led competition in the more
traditional product segments in Greece, with the promotional
initiatives, such as 'buy two, get one free', undertaken by its
main competitors; the challenges of adapting to ever-more-varied
product offerings; and the increasing concentration of multiple
outlet retailers, which accounted for about 75% of Fage's end
market in full-year 2007. These factors, together with the
adverse impact of three yogurt product recalls on quality issues
since April 2005, have eroded the company's leading share of the
Greek branded-yogurt market, which in terms of volume
represented 31% at Dec. 31, 2007, down from 47% three years
earlier.
Revenue pressure coming from an adverse pricing environment as
Fage tries to defend its market share in Greece, has coincided
with the weakening of the U.S. dollar and the pound sterling
against the euro because increased exports are confronted with a
cost function that is still largely euro based. On top of this,
there has been a sharp spike in raw milk prices in Europe in the
past 12 months. The resulting pressure on operating margins has
further hindered Fage's ability to improve its competitive
standing in Greece. Reduced advertising costs and third-party
fees, with no compensation to the shareholders and family
members, have only partially mitigated this negative trend.
Fage's growing U.S. business has so far been unable to provide
an adequate profit contribution, due to the ongoing shift to
selling yoghurt produced locally in the U.S. from
Europe-produced yogurt.
Fage's management's target is to lift U.S. operations to 40% of
group's EBITDA in the medium term. However, in the near term,
they are not expected to offset fully the reduction in profits
at domestic operations. On a positive note, the company's new
yogurt plant in the U.S. started its operations in April 2008.
This venture will mean that operating profits should benefit
from reduced costs -- such as transportation and milk -- and
import tariffs will be avoided.
"The negative outlook reflects the possibility that Fage might
not be able to restore its operating profitability in the near
term," said Mr. Festa. Fage's current operating loss results
from both operating issues in its Greek yogurt market and the
launch of its new facility in the U.S. Margin pressure is likely
to continue in the coming quarters, making the steady build-up
of sales from the U.S. facility critical for eventual recovery.
Tightening liquidity would also increase near-term pressure on
the ratings.
The ratings could be lowered if Fage suffers further significant
market share losses in its domestic market or if further
negative free cash flow reduces headroom under Fage's covenants
even more.
=============
I R E L A N D
=============
ANSONIA CDO: S&P Downgrades Rating on Class Q Securities to CCC+
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 15
classes of notes issued by Ansonia CDO 2007-1 Ltd., a hybrid
cash flow/synthetic collateralized debt obligation (CDO)
transaction, and removed five of them from CreditWatch with
negative implications, where they were placed on May 28, 2008.
At the same time, S&P affirmed its 'AAA' ratings on the class A-
1 and A-2 notes.
The downgrades and CreditWatch removals reflect credit
deterioration as well as the incorporation of Standard & Poor's
revised recovery rate assumptions for commercial mortgage-backed
securities.
As of the July 21, 2008, trustee report, approximately 29% of
the underlying collateral (as of Aug. 14, 2008) was rated below
investment grade, compared with approximately 21% as of the
first trustee report issued in August 2007.
Standard & Poor's will continue to monitor the performance of
the transaction to ensure that the ratings continue to reflect
the credit quality of the obligors within the collateral pool
and that the credit enhancement available is sufficient to
support the rated notes.
Ratings Lowered and Removed from CreditWatch Negative
Ansonia CDO 2007-1 Ltd.
Rating
Class To From
F BBB+ A/Watch Neg
G BBB A-/Watch Neg
H BBB- BBB+/Watch Neg
J BBB- BBB/Watch Neg
K BB+ BBB-/Watch Neg
RATINGS LOWERED
Ansonia CDO 2007-1 Ltd.
Rating
Class To From
B AA AA+
C AA- AA
D A+ AA-
E A A+
L BB BB+
M BB- BB
N B+ BB-
O B B+
P B- B
Q CCC+ B-
RATINGS AFFIRMED
Ansonia CDO 2007-1 Ltd.
Class Rating
A-1 AAA
A-2 AAA
=========
I T A L Y
=========
GENERAL MOTORS: To Meet w/ Zastava in Sept. for Opel Astra Sales
----------------------------------------------------------------
General Motors and officials from Serbian carmaker Zastava will
meet next month to decide whether to continue local assembly and
sales of the Opel Astra after Zastava signed a joint-venture
with Fiat SpA, Bloomberg News reports, citing newspaper
Vecernje Novosti.
According to the report, the two sides will review the
feasibility of further assembly of Opel cars at Zastava's plant
in Kragujevac, 100 kilometers (62 miles) southeast of the
capital, and sales through its network.
The report relates that Zastava will offer that General Motors
relocate its Opel assembly line to a Zastava plant that will not
be sold to Fiat or to build a new plant.
Fiat is opposed to a deal that would allow for assembly of a
competitor's car in its plant, the report notes.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.
At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.
General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General
Motors India. GM India has 95 sales points and over 110 service
centers.
General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units. GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela. GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.
* * *
As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corporation and
General Motors of Canada Limited Under Review with Negative
Implications. The rating action reflects the structural
deterioration of the company's operations in North America
brought on by high oil prices and a slowing U.S. economy.
Standard & Poor's Ratings Services is placing its corporate
credit ratings on the three U.S. automakers, General Motors
Corp., Ford Motor Co., and Chrysler LLC, on CreditWatch with
negative implications, citing the need to evaluate the financial
damage being inflicted by deteriorating U.S. industry conditions
—largely as a result of high gasoline prices. Included in the
CreditWatch placement are the finance units Ford Motor Credit
Co. and DaimlerChrysler Financial Services Americas LLC, as well
as GM's 49%-owned finance affiliate GMAC LLC.
As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B/Negative/B-3) are not immediately
affected by the company's announcement that it will cease
production at four North American truck plants over the next two
years. These closures are in response to the re-energized shift
in consumer demand away from light trucks. GM previously said
only one shift was being eliminated at each of the four truck
plants. Production is being increased at plants producing small
and midsize cars, but the cash contribution margin from these
smaller vehicles is far less than that of light trucks.
===================
K Y R G Y Z S T A N
===================
ASK INTERNATIONAL: Creditors Must File Claims by September 23
-------------------------------------------------------------
LLC Ask International has declared insolvency. Creditors have
until Sept. 23, 2008, to submit written proofs of claim.
Inquiries can be addressed to (+996 312) 65-70-41.
===================
L U X E M B O U R G
===================
EVRAZ GROUP: Evraz Inc. Unit Secures US$725 Million Financing
-------------------------------------------------------------
Evraz Group S.A. disclosed the closing of a US$550 million
five-year revolving credit facility and a US$175 million
five-year term loan facility for its North American division,
Evraz Inc. NA.
The facilities bear the floating interest rate of LIBOR plus
2.5% and LIBOR plus 3.25% respectively and are secured by the
assets of Evraz Inc. NA and its subsidiaries.
The funds will primarily be used to refinance existing
indebtedness of Evraz Inc. NA.
The revolving credit facility was jointly led by RBS Greenwich
Capital and GE Capital with RBS Business Capital and GE as co-
collateral agents. The Term Loan was led by RBS Greenwich
Capital.
Commenting, Pavel Tatyanin, Evraz Group's Senior Vice President
and CFO, said: "We are pleased to successfully close the
transaction. It demonstrates Evraz's ability to secure external
financing even in the current complex credit environment as well
as the confidence of the financial community in the Company’s
strong business model in North America."
About Evraz
Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products. In addition, the Company owns and operates
certain mining assets. Its steel production and mining
facilities are mainly located in the Russian Federation. It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.
* * *
Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.
The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook. The ratings were affirmed in
March 2008.
Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook. The ratings were affirmed in
March 2008.
EVRAZ GROUP: Accident at Kemerovo Mine Claims Three Lives
---------------------------------------------------------
Evraz Group S.A. disclosed that as a result of an accident at
its Mine 12 in the Kemerovo region, three people died. A roof
collapse occurred at approximately 8:30 a.m. on Sunday. Seven
more miners who were also working in the mine at the time of the
accident were safely evacuated.
Alexander Frolov, Evraz Group's Chairman and CEO, said: "We
deeply regret that there has been an accident in one of our coal
mines in Kemerovo and express our condolences to the relatives
of the dead miners. The Company will provide all necessary
support to their families. I would like to state that labor
safety at all Evraz's mines remains our top priority. A full
investigation will be launched into the cause of the accident
and measures will be taken to prevent similar occurrences in the
future."
The Mine 12 coal mine is one of the oldest active mines in the
town of Kiselevsk in the Kenerovo region in Siberia. Evraz
acquired it in March 2005. In 2007, Mine 12 produced 893,000
tons of coal, including over 667,000 tons of hard coking coal.
Senior members of the Evraz management are currently present at
the mine.
About Evraz
Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products. In addition, the Company owns and operates
certain mining assets. Its steel production and mining
facilities are mainly located in the Russian Federation. It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.
* * *
Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.
The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook. The ratings were affirmed in
March 2008.
Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook. The ratings were affirmed in
March 2008.
===========
R U S S I A
===========
EVRAZ GROUP: Evraz Inc. Unit Secures US$725 Million Financing
-------------------------------------------------------------
Evraz Group S.A. disclosed the closing of a US$550 million
five-year revolving credit facility and a US$175 million
five-year term loan facility for its North American division,
Evraz Inc. NA.
The facilities bear the floating interest rate of LIBOR plus
2.5% and LIBOR plus 3.25% respectively and are secured by the
assets of Evraz Inc. NA and its subsidiaries.
The funds will primarily be used to refinance existing
indebtedness of Evraz Inc. NA.
The revolving credit facility was jointly led by RBS Greenwich
Capital and GE Capital with RBS Business Capital and GE as co-
collateral agents. The Term Loan was led by RBS Greenwich
Capital.
Commenting, Pavel Tatyanin, Evraz Group's Senior Vice President
and CFO, said: "We are pleased to successfully close the
transaction. It demonstrates Evraz's ability to secure external
financing even in the current complex credit environment as well
as the confidence of the financial community in the Company’s
strong business model in North America."
About Evraz
Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products. In addition, the Company owns and operates
certain mining assets. Its steel production and mining
facilities are mainly located in the Russian Federation. It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.
* * *
Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.
The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook. The ratings were affirmed in
March 2008.
Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook. The ratings were affirmed in
March 2008.
EVRAZ GROUP: Accident at Kemerovo Mine Claims Three Lives
---------------------------------------------------------
Evraz Group S.A. disclosed that as a result of an accident at
its Mine 12 in the Kemerovo region, three people died. A roof
collapse occurred at approximately 8:30 a.m. on Sunday. Seven
more miners who were also working in the mine at the time of the
accident were safely evacuated.
Alexander Frolov, Evraz Group's Chairman and CEO, said: "We
deeply regret that there has been an accident in one of our coal
mines in Kemerovo and express our condolences to the relatives
of the dead miners. The Company will provide all necessary
support to their families. I would like to state that labor
safety at all Evraz's mines remains our top priority. A full
investigation will be launched into the cause of the accident
and measures will be taken to prevent similar occurrences in the
future."
The Mine 12 coal mine is one of the oldest active mines in the
town of Kiselevsk in the Kenerovo region in Siberia. Evraz
acquired it in March 2005. In 2007, Mine 12 produced 893,000
tons of coal, including over 667,000 tons of hard coking coal.
Senior members of the Evraz management are currently present at
the mine.
About Evraz
Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products. In addition, the Company owns and operates
certain mining assets. Its steel production and mining
facilities are mainly located in the Russian Federation. It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.
* * *
Evraz Group S.A. continues to carry Ba2 corporate family rating,
Ba2 rating for Senior Notes due 2009 and Ba3 rating for Senior
Notes due 2015 from Moody's Investors Service, which placed
them on review in March 2008 for possible downgrade.
The company also carries BB- long-term corporate credit and
senior unsecured debt ratings from Standard & Poor's Ratings
Services, with positive outlook. The ratings were affirmed in
March 2008.
Evraz carries BB long-term Issuer Default and senior unsecured
ratings and B Short-term Issuer Default rating from Fitch
Ratings, with stable outlook. The ratings were affirmed in
March 2008.
FOTOGRAD LLC: Moscow Bankruptcy Hearing Set October 10
------------------------------------------------------
The Arbitration Court of Moscow will convene at 3:30 p.m. on
Oct. 10, 2008, to hear the bankruptcy supervision procedure on
LLC Fotograd. The case is docketed under Case No. A40-9645/
08-73-16B.
The Temporary Insolvency Manager is:
A. Lantsov
Post User Box 58
121614 Moscow
Russia
The Court is located at:
The Arbitration Court of Moscow
Hall 728
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
LLC Fotograd
Bulatnikovskiy Per. 14
113403 Moscow
Russia
GEOREKON LTD OJSC: Creditors Must File Claims by September 19
-------------------------------------------------------------
Creditors of OJSC Georekon Ltd have until Sept. 19, 2008, to
submit proofs of claim to:
P. Tarasov
Insolvency Manager
Post User Box 19
Post Office 100
170100 Tver
Russia
The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent. The case is docketed under Case No. A56-54951/2007.
The Court is located at:
The Arbitration Court of St. Petersburg and Leningrad
Zheleznodorozhnaya Str. 14
432063 Ulyanovsk
Russia
The Debtor can be reached at:
OJSC Georekon Ltd
2nd KRasnoarmeyskaya Str. 4
190005 St. Petersburg
Russia
KUSKIY PROMSTROYPROJECT: Kursk Bankruptcy Hearing Set October 15
----------------------------------------------------------------
The Arbitration Court of Kursk will convene at 10:00 a.m. on
Oct. 15, 2008, to hear the bankruptcy supervision procedure
on OSJC Kuskiy Promstroyproject. The case is docketed under
Case No. A35-1671/08-S24.
The Temporary Insolvency Manager is:
N. Volobuev
3rd Blagodatnyj Per. 14
305035 Kursk
Russia
The Debtor can be reached at:
OSJC Kuskiy Promstroyproject
K. Marksa Str. 51
Kursk
Russia
PERFECT LLC: Moscow Bankruptcy Hearing Set October 10
-----------------------------------------------------
The Arbitration Court of Moscow will convene on Oct. 10, 2008,
to hear the bankruptcy supervision procedure on LLC Perfect
(TIN 7724536399). The case is docketed under Case No. A40-9199/
08-86-25B.
The Temporary Insolvency Manager is:
A.Kubasov
Volgogradskiy Pr. 28A
Moscow
Russia
The Court is located at:
The Arbitration Court of Moscow
Hall 728
Novaya Basmannaya Str. 10
Moscow
Russia
The Debtor can be reached at:
LLC Perfect
2nd Nagatinskiy Pr. 6, 8
Moscow
Russia
SISTEMA JSFC: Consolidates Dalcombank Ownership
-----------------------------------------------
Sistema JSFC has fully consolidated its ownership of Dalcombank,
a commercial bank based in the Far East of Russia. Sistema
increased its stake from 98.65% to 100% for a total cash
consideration of approximately US$ 2.9 million.
In August 2007, Sistema acquired 20% stake in Dalcombank.
Sistema increased its holding to 48.16% in October 2007. In
January 2008, Sistema raised its stake to 98.65% through a
public offer to existing shareholders of the bank.
The acquisition of shares in Dalcombank is in line with the
development of Sistema's banking group, which presently
comprises Moscow Bank for Reconstruction and Development (MBRD)
and East-West United Bank (Luxembourg). Dalcombank is a leading
bank in the Far East region of Russia with a wide retail
network, including the largest cities: Birobidzhan,
Blagoveshchensk, Vladivostok, Irkutsk, Komsomolsk-on-Amur,
Khabarovsk, Yakutsk and other.
About Sistema
Headquartered in Moscow, Russia, Sistema JSFC
-- http://www.sistema.com/-- develops and manages market-
leading businesses in selected service-based industries,
including telecommunications, technology, insurance,
banking, real estate, retail and media.
* * *
Sistema JSFC currently carries a Ba3 long-term corporate family
rating and a B2 senior unsecured debt rating from Moody's, with
positive outlook.
The company also carries Standard & Poor's BB- long-term foreign
and local issuer credit ratings. S&P said the outlook is
negative.
Sistema JSFC carries BB- Issuer Default rating from Fitch, which
said the outlook is stable.
VOSKHOD OJSC: Mordoviya Bankruptcy Hearing Set September 25
-----------------------------------------------------------
The Arbitration Court of Mordoviya will convene on Sept. 25,
2008, to hear the bankruptcy supervision procedure on OJSC
Voskhod. The case is docketed under Case No. A39-1971/
2008-55/12.
The Temporary Insolvency Manager is:
A. Lisitsyn
Sovetskaya Str. 47-2
430005 Saransk
Mordoviya
Russia
The Court is located at:
The Arbitration Court of Mordoviya
Lommunisticheskaya St. 33
430000 Saransk
Mordoviya republic
Russia
The Debtor can be reached at:
OJSC Voskhod
Lenina Str. 136
Tengushevo
Tengushevskiy Rostov
431210 Russia
VYSHNEVOLOTSK AGRO: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Tver commenced bankruptcy supervision
procedure on OJSC Vyshnevolotsk Agro Stroy (TIN 6920000436).
The case is docketed under Case No. A66-7093/2007.
The Temporary Insolvency Manager is:
M. Yakovlev
Post User Box 402
Central Post Office
170000 Tver
Russia
The Debtor can be reached at:
OJSC Vyshnevolotsk Agro Story
Stroiteley Str. 3
Prioezrnyj
Vyshnevolotskiy
Tver
Russia
=====================================
S E R B I A & M O N T E N E G R O
=====================================
GENERAL MOTORS: To Meet w/ Zastava in Sept. for Opel Astra Sales
----------------------------------------------------------------
General Motors and officials from Serbian carmaker Zastava will
meet next month to decide whether to continue local assembly and
sales of the Opel Astra after Zastava signed a joint-venture
with Fiat SpA, Bloomberg News reports, citing newspaper
Vecernje Novosti.
According to the report, the two sides will review the
feasibility of further assembly of Opel cars at Zastava's plant
in Kragujevac, 100 kilometers (62 miles) southeast of the
capital, and sales through its network.
The report relates that Zastava will offer that General Motors
relocate its Opel assembly line to a Zastava plant that will not
be sold to Fiat or to build a new plant.
Fiat is opposed to a deal that would allow for assembly of a
competitor's car in its plant, the report notes.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.
At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.
General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General
Motors India. GM India has 95 sales points and over 110 service
centers.
General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units. GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela. GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.
* * *
As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corporation and
General Motors of Canada Limited Under Review with Negative
Implications. The rating action reflects the structural
deterioration of the company's operations in North America
brought on by high oil prices and a slowing U.S. economy.
Standard & Poor's Ratings Services is placing its corporate
credit ratings on the three U.S. automakers, General Motors
Corp., Ford Motor Co., and Chrysler LLC, on CreditWatch with
negative implications, citing the need to evaluate the financial
damage being inflicted by deteriorating U.S. industry conditions
—largely as a result of high gasoline prices. Included in the
CreditWatch placement are the finance units Ford Motor Credit
Co. and DaimlerChrysler Financial Services Americas LLC, as well
as GM's 49%-owned finance affiliate GMAC LLC.
As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B/Negative/B-3) are not immediately
affected by the company's announcement that it will cease
production at four North American truck plants over the next two
years. These closures are in response to the re-energized shift
in consumer demand away from light trucks. GM previously said
only one shift was being eliminated at each of the four truck
plants. Production is being increased at plants producing small
and midsize cars, but the cash contribution margin from these
smaller vehicles is far less than that of light trucks.
=====================
S W I T Z E R L A N D
=====================
SEMGROUP LP: Bankruptcy Forces BOK to Report Loss
-------------------------------------------------
BOK Financial Corp. revised its second-quarter earnings report
to report a US$1.2 million loss instead of a US$43.7 million
profit due to its credit exposure to SemGroup LP.
BOK is a participant in an approximately US$2.4 billion working
capital and term facility to SemGroup, according to BOK's 8-K
form filed with the Securities and Exchange Commission.
After SemGroup filed for bankruptcy, BOK announced that its
credit exposure to SemGroup would force it to recognize an
additional loss of US$71 million for the second quarter in
addition to the US$16 million the bank holding company already
had reported when it initially announced earnings.
About SemGroup L.P.
SemGroup L.P. -- http://www.semgrouplp.com/-- is a midstream
service company providing the energy industry means to move
products from the wellhead to the wholesale marketplace.
SemGroup provides diversified services for end users and
consumers of crude oil, natural gas, natural gas liquids,
refined products and asphalt. Services include purchasing,
selling, processing, transporting, terminaling and storing
energy. SemGroup serves customers in the United States, Canada,
Mexico, Wales, Switzerland and Vietnam.
SemGroup L.P. and its debtor-affiliates filed for Chapter 11
protection on July 22, 2008 (Bankr. D. Del. Lead Case No. 08-
11525). These represent the Debtors' restructuring efforts:
John H. Knight, Esq., L. Katherine Good, Esq. and Mark D.
Collins, Esq. at Richards Layton & Finger; Harvey R. Miller,
Esq., Michael P. Kessler, Esq. and Sherri L. Toub, Esq. at Weil,
Gotshal & Manges LLP; and Martin A. Sosland, Esq. and Sylvia A.
Mayer, Esq. at Weil Gotshal & Manges LLP. Kurtzman Carson
Consultants L.L.C. is the Debtors' claims agent. The Debtors'
financial advisors are The Blackstone Group L.P. and A.P.
Services LLC. Margot B. Schonholtz, Esq., and Scott D.
Talmadge, Esq., at Kaye Scholer LLP; and Laurie Selber
Silverstein, Esq., at Potter Anderson & Corroon LLP, represent
the Debtors' prepetition lenders.
SemGroup L.P.'s affiliates, SemCAMS ULC and SemCanada Crude
Company, sought protection under the Companies' Creditors
Arrangement Act (Canada) on July 22, 2008. Ernst & Young, Inc.
The CCAA stay expires on Aug. 20, 2008.
SemGroup L.P.'s consolidated, unaudited financial conditions as
of June 30, 2007, showed US$5,429,038,000 in total assets and
US$5,033,214,000 in total debts. In their petition, they showed
more than US$1,000,000,000 in estimated total assets and more
than US$1,000,000,000 in total debts.
=============
U K R A I N E
=============
ACTIVE DEVELOPMENT: Proofs of Claim Deadline Set August 24
----------------------------------------------------------
Creditors of LLC Active Development Group (code EDRPOU 34603733)
have until Aug. 24, 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 24/161-b.
The Debtor can be reached at:
LLC Active Development Group
Yaroslavskaya Str. 4B
04071 Kiev
Ukraine
AVERS 93: Proofs of Claim Deadline Set August 24
------------------------------------------------
Creditors of LLC Avers 93 (code EDRPOU 19492922) have until
Aug. 24, 2008 to submit proofs of claim to:
The Economic Court of Kiev
B. Hmelnitskij Boulevard 44-B
01030 Kiev
Ukraine
The Economic Court of Kiev has commenced bankruptcy proceedings
against the company after finding it insolvent.
The Debtor can be reached at:
LLC Avers 93
Heroes of Sevastopol Str. 48
03061 Kiev
Ukraine
BVP-INVEST: Creditors Must File Claims by Aug. 24
-------------------------------------------------
Creditors of LLC BVP-Invest (code EDRPOU 34185665) have until
Aug. 24, 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 the bankruptcy supervision
procedure on the company on July 14, 2008. The case is docketed
as 50/45.
The Debtor can be reached at:
LLC BVP-Invest
Krakov Str. 11-A
02100 Kiev
Ukraine
COMPOUND FERTILIZERS: Creditors Must File Claims by Aug. 24
------------------------------------------------------------
Creditors of OJSC Novy Razdol Plant of Compound Fertilizers
(code EDRPOU 31638889) have until Aug. 24, 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 supervision
procedure on the company on June 23, 2008. The case is docketed
as 4/125.
The Debtor can be reached at:
OJSC Novy Razdol Plant of Compound Fertilizers
Gornaya Str. 2
Novy
81652 Lvov
Ukraine
ENERGY INDUSTRIAL: Creditors Must File Claims by August 24
----------------------------------------------------------
Creditors of LLC Energy Industrial Center (code EDRPOU 35499339)
have until Aug. 24, 2008 to submit proofs of claim to:
The Economic Court of Zaporozhje
Shaumiana Str. 4
69001 Zaporozhje
Ukraine
The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent on
July 7, 2008. The case is docketed as 19/146/08.
The Debtor can be reached at:
LLC Energy Industrial Center
Rekordnaya Str. 20-A
69037 Zaporozhje
Ukraine
MOTORCAR ENTERPRISE 14827: Creditors Must File Claims by Aug. 24
----------------------------------------------------------------
Creditors of OJSC Motorcar Enterprise 14827 (code EDRPOU
03117843) have until Aug. 24, 2008 to submit proofs of claim to:
The Economic Court of Nikolaev
Admiralskaya Str. 22
54009 Nikolaev
Ukraine
The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company on July 8, 2008. The case is docketed
as 5/307/08.
The Debtor can be reached at:
OJSC Motorcar Enterprise 14827
Komintern Str. 34
54031 Nikolaev
Ukraine
PRINTER LLC: Proofs of Claim Deadline Set August 24
---------------------------------------------------
Creditors of LLC Trading House Printer (code EDRPOU 35317269)
have until Aug. 24, 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 July 16, 2008.
The case is docketed as 24/177-b.
The Debtor can be reached at:
LLC Trading House Printer
Bulgakov Str. 16
03134 Kiev
Ukraine
SLAVIYA LLC: Proofs of Claim Deadline Set August 24
---------------------------------------------------
Creditors of LLC Advertising Agency Slaviya (code EDRPOU
35317269) have until Aug. 24, 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 July 16, 2008.
The case is docketed as 24/177-b.
The Debtor can be reached at:
LLC Advertising Agency Slaviya
Sosneny Family Str. 3
03148 Kiev
Ukraine
TRANSPORT LOGISTIC: Creditors Must File Claims by Aug. 24
---------------------------------------------------------
Creditors of LLC Transport Logistic Service (code EDRPOU
34376680) have until Aug. 24, 2008 to submit proofs of claim to:
The Economic Court of Odessa
Shevchenko Avenue 4
65032 Odessa
Ukraine
The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company. on July 16, 2008. The case is
docketed as 2/143-08-2948.
The Debtor can be reached at:
LLC Transport Logistic Service
Zhytomir Str. 38
65098 Odessa
Ukraine
===========================
U N I T E D K I N G D O M
===========================
101 LILLIPUT: Taps Joint Administrators from Deloitte & Touche
--------------------------------------------------------------
Lee Antony Manning and Richard Michael Hawes of Deloitte &
Touche LLP were appointed joint administrators of 101 Lilliput
Road Ltd. (Company Number 06129994) on Aug. 4, 2008.
Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations. The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.
The company can be reached at:
101 Lilliput Road Ltd.
11 Ravine Road
Canford Cliffs
Poole
Dorset
BH13 7HS
England
ASTERIM LTD: Ceases Trading After Liquidation; 25 Jobs Affected
---------------------------------------------------------------
Asterim Limited has ceased trading after it went into
liquidation on Aug. 6, 2008, resulting to 25 job losses,
according to published reports.
Anthony Harris of Critchley's Chartered Accountants was
appointed liquidator of the printing firm, which was founded by
publisher Alan Sutton six months ago following the collapse of
Oaklands Book Services, The Bookseller relates.
"The company has stopped trading and I am trying to collect
assets and pay the creditors," Mr. Harris was quoted by The
Bookseller as saying.
According to Mr. Harris, the liquidation process could take a
few months, The Bookseller reveals.
Meanwhile, Mr. Sutton told The Bookseller that he decided to
liquidate the company due to a lack of printing work.
Mr. Sutton, however, is not planning to sell the business as a
going concern, printweek.com discloses. He insists the
liquidation will not affect his new venture, Amberley
Publishing, The Bookseller adds.
Asterim Limited -- http://www.asterim.com/-- is based in
Gloucestershire.
AXS-ONE INC: June 30 Balance Sheet Upside-Down by US$12.7 Mln
---------------------------------------------------------------
AXS-One Inc. announced its financial results for the second
quarter and six month period ended June 30, 2008.
At June 30, 2008, the company's balance sheet showed total
assets of US$3.5 million and total liabilities of US$16.3
million, resulting in a US$12.7 million stockholders'
deficiency.
Total revenues for the second quarter of 2008 were
US$3.4 million, an increase of US$0.9 million or 35% from the
second quarter 2007 revenues of US$2.5 million. License revenue
for the second quarter was US$1.1 million, an increase of 109%
compared to US$0.5 million in the second quarter of 2007.
Service revenue for the second quarter was US$2.3 million, an
increase of US$0.3 million or 16% from the second quarter of
2007. Total operating expenses for the second quarter were
US$5.5 million, a decrease of 10%, compared to US$6.1 million in
the second quarter of 2007. The operating loss for the second
quarter of 2008 was US$2.1 million, a US$1.4 million or 41%
improvement from the second quarter 2007 operating loss of
US$3.6 million. The Company reported a net loss of US$2.5
million for the second quarter of 2008, compared to a net loss
of US$3.7 million in the second quarter of last year.
Highlights for the second quarter include:
* Announcement of AXS-One as a visionary in the 2008 Gartner
Inc.'s report: "Magic Quadrant for E-Mail Active
Archiving."
* Wins and new sales opportunities across disparate
industries including public sector, manufacturing,
healthcare and pharmaceutical. This reflects the position
maintained by the Company that every organization will
need software assistance to manage their electronic
records.
* A major competitive replacement an at international
medical device provider, continuing the trend of
competitive wins as organizations reevaluate their
archiving technology and vendor selection.
* Announcement of a patent-pending new product, Dynamic Data
Migrator(TM). The product leverages the company's current
archiving and electronic records management technology to
provide a unique approach for organizations migrating
their messaging platform from Lotus Notes to Microsoft
Exchange.
* Endorsement from Microsoft of Dynamic Data Migrator and
expansion of AXS-One’s current partnership with the
company. Microsoft has identified their "Notes Transition
Program" as a strategic initiative for the current fiscal
year and, per their quote in the product announcement, is
excited by the product's ability to "have a dramatic
effect on the cost and time it takes customer to migrate."
"We are seeing steady progress in our core business of
electronic records archiving and are particularly excited about
the opportunity presented by Microsoft to migrate millions of
users that have already committed to convert from Notes to
Exchange, using our software products and methodology," Bill
Lyons, Chairman & CEO of AXS-One, commented. "We are actively
engaged with the Microsoft team, which has validated and
endorsed our technology and methodology and are now introducing
us into their client opportunities. We expect this partnership
to drive a significant improvement in our financial results
starting this year."
For the first six months of 2008, total revenues were
US$7.3 million, an increase of 17.4% compared with total
revenues of US$6.2 million for the first six months of 2007.
License fees were US$2.5 million, up 10.5% from the US$2.3
million in license fees for the first six months last year.
Total operating expenses were US$11.2 million for the first six
months of 2008, a decrease of 11.3% from US$12.6 million in the
prior year. The operating loss narrowed to US$3.9 million for
the first six months of 2008, down from an operating loss of
US$6.4 million in the first six months of last year. The net
loss for the first six months of 2008 was US$4.7 million,
compared to a net loss of US$6.3 million for the
comparable prior-year period.
"Corporate leaders continue to recognize the importance of
implementing electronic records management solutions as a key
risk management tool," Mr. Lyons continued. "The changes in the
processes for litigation, including the new Federal Rules of
Civil Procedure, remain a catalyst for us as enterprises
recognize the need to pro-actively manage their electronically
stored information. This trend demonstrates that industry
leaders recognize the growing trend in this area, and
increasingly see AXS-One as an emerging leader. As a pioneer in
providing archiving and electronic records management for
disparate record types for 15 years, AXS-One is uniquely
positioned to exploit this emerging and accelerating
opportunity."
About AXS-One Inc.
Headquartered in Rutherford, N.J., AXS-One (OTC BB: AXSO)
-- http://www.axsone.com/-- provides Records Compliance
Management software solutions. The AXS-One Compliance Platform
enables organizations to implement secure, scalable and
enforceable policies that address records management for
corporate governance, legal discovery and industry regulations
such as SEC17a-4, NASD 3010, Sarbanes-Oxley, HIPAA, The Patriot
Act and Gramm-Leach Bliley. AXS-One has offices worldwide
including in the United States, Australia, Singapore, United
Kingdom and South Africa.
Going Concern Doubt
As reported in the Troubled Company Reporter on April 25, 2008,
Amper, Politziner, & Mattia, P.C., in Edison, N.J., expressed
substantial doubt about AXS-One Inc.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the years ended Dec. 31, 2007, and
2006. The auditing firm pointed to the company's losses from
operations and working capital deficiency.
The company has generated losses from operations of US$1,752,000
for the three months ended March 31, 2008. Additionally, the
company was not in compliance with its quarterly license revenue
covenant as of March 31, 2008. The bank waived such violation
and changed the covenants for future periods from a minimum
license revenue covenant and minimum three month rolling net
loss covenant to (a) a minimum three month rolling EBITDA
covenant, (b) minimum cash and accounts receivable availability
covenant and (c) a minimum equity infusion covenant of
US$500,000.
BAA LTD: Completes GBP13.3 Billion Airport Refinancing
------------------------------------------------------
BAA Limited has successfully completed the GBP13.3 billion
refinancing of its United Kingdom airports.
The transaction establishes a stable, long-term, investment
grade financing platform for investment in Heathrow, Gatwick and
Stansted airports over the coming decades. Included in the
GBP13.3 billion is GBP3 billion of committed facilities to fund
immediate investment projects across the seven airports.
Colin Matthews, Chief Executive of BAA, said: "The successful
completion of the refinancing and establishment of the long-term
funding platform ensures that BAA has the right financial
structure to deliver our ambitious investment program to expand
airport capacity, build new facilities and provide a better
service to passengers and airlines."
"This is the largest financing of its kind ever completed, and
the fact that a landmark transaction of this size and complexity
has been completed in challenging credit markets is a testament
to the strength of the business and the confidence of the
financial markets in BAA and its airports."
Transaction Overview
Implementation of the financing comprised three key elements:
1. A corporate reorganization to separate financing of the
Designated Airports (Heathrow, Gatwick and Stansted) and
the Non-Designated Airports (Edinburgh, Glasgow, Aberdeen
and Southampton) into ring-fenced groups.
2. The establishment of a long term financing platform for
the Designated Airports, including a GBP7.15 billion bank
facility consisting of term loans and capex facilities
arranged by a group of Mandated Lead Arranging banks being
Banco Santander, BBVA, BNP Paribas, Caja Madrid, Calyon,
Citi, HSBC Bank, Royal Bank of Canada and The Royal Bank
of Scotland.
The European Investment Bank (EIB) provided additional
loan facilities, and Lloyds TSB provided liquidity lines.
Banco Santander, BBVA, BNP Paribas, Caja Madrid, Calyon,
Citi, HSBC Bank, Royal Bank of Canada and The Royal Bank
of Scotland are Dealers under the Financing Programme
while Citi and The Royal Bank of Scotland acted as Co-
Arrangers of the Financing Programme and as Dealer
Managers on the migration of existing BAA bonds into the
new platform
3. A separate GBP1.255 billion bank financing for the Non-
Designated Airports arranged by a group of Mandated Lead
Arranging banks comprising of Citi, Export Development
Canada, HSH Nordbank, ICO, ING, La Caixa, and The Royal
Bank of Scotland.
Clifford Chance was legal counsel to the various arranger and
creditor parties. BAA was advised on the Transaction by
Macquarie Capital and Freshfields Bruckhaus Deringer.
Financing of the Designated Airports
The financing for Heathrow, Gatwick and Stansted represents the
largest financing of its type ever completed.
GBP12.1 billion of debt facilities have been migrated or raised
against the Designated Airports to repay the acquisition
facilities put in place in 2006 and to provide BAA with
financing for its investment program. The establishment of a
funding program allows for the issuance of two classes of debt.
S&P and Fitch have rated the Class A debt with a strong
investment grade rating of "A-" and have rated the Class B debt
at "BBB' recognizing the strong and stable nature of the
airports and the positive structural features of the financing.
Of the GBP12.1 billion of debt raised for the Designated
Airports:
* GBP4.5 billion results from the migration of BAA's
existing long term bond debt into the new structure.
These bondholders overwhelmingly supported BAA's new
financing strategy
* GBP4.4 billion represents new bank facilities
* GBP440 million was provided by the European Investment
Bank
* GBP2.75 billion represents new committed, undrawn bank
facilities to fund working capital and immediate planned
investment projects to provide much needed expansion of
capacity and improve the passenger experience at the three
London airports.
In addition to the senior facilities listed above, and following
a partial prepayment, a GBP1.56 billion of subordinated facility
will continue to enjoy a second-ranking charge over the
Designated Airports and rank below the secured senior debt ring-
fence.
The GBP4.5 billion of bonds previously issued by BAA Limited
have been canceled and replaced by new bonds issued by a new
funding vehicle, BAA Funding Limited, following a successful
bondholder vote on Aug. 5, 2008 where over 99% of bondholders
(by value) approved the resolutions.
The Funding Programme established by BAA for the Designated
Airports allows access to both the bank and bond markets in a
range of maturities and currencies to maximize financing
flexibility for BAA's ambitious investment program. BAA's
intention is to issue bonds in the capital markets to refinance
its bank facilities over time and the company looks forward to
the continued support of the UK, European and US bond markets.
Financing of the Non-Designated Airports
BAA has secured GBP1.255 billion of seven-year bank facilities.
The facilities consist of GBP1 billion of term loans and a
GBP255 million capex and working capital facility, secured
against the Non-Designated Airports and available to finance
investment in Edinburgh, Glasgow, Aberdeen and Southampton.
About BAA Ltd.
Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.
* * *
BAA Ltd. continues to carry BB- long-term corporate credit
rating from Standard & Poor's Ratings Services, which said the
Outlook is negative.
BAA LTD: July 2008 Passenger Traffic Down 1.7% to 14.8 Million
--------------------------------------------------------------
BAA's UK airports handled a total of 14.8 million passengers in
July 2008, a drop of 1.7% on the same month last year. A
combination of a weakening economic climate, rising airfares and
airline capacity cuts meant that each airport in the group and
most major markets lost ground in July. Year to date BAA UK
airports traffic shows a decline of 0.8%.
Among key markets the most affected are European flights (-1.4%)
and UK Domestic (- 4.5%). The stimulus of Open Skies helped
North Atlantic traffic to an increase of 0.6% but other long
haul routes saw a collective decline of 1.7%.
Heathrow was virtually unchanged on last year, thanks to Open
Skies, showing an increase of approximately 6.5% in long haul
routes, but Gatwick's losses from the same source due to the
shift of long haul traffic to Heathrow contributed to an overall
decrease of 1.8% despite an 11.9% increase in European scheduled
traffic. Stansted was down by 5.3%. Each of the Scottish
airports also recorded slight reductions on last July.
In total the numbers of air transport movements was 0.5% lower
than a year ago but cargo tonnage was up by 2.6% overall, with
Heathrow recording an increase of 10.8%.
About BAA Ltd.
Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc)
-- http://www.baa.com/-- owns and operates seven airports in
the United Kingdom, including Heathrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.
* * *
BAA Ltd. continues to carry BB- long-term corporate credit
rating from Standard & Poor's Ratings Services, which said the
Outlook is negative.
BAA LTD: S&P Withdraws BB- Corp. Credit Rating at Firm's Request
----------------------------------------------------------------
Standard & Poor's Ratings Services has revised its CreditWatch
status on the 'BBB-' senior unsecured debt ratings on the
guaranteed nonconvertible bonds issued by U.K.-based airports
operator BAA Ltd. to positive from developing, where they
were placed on April 16, 2008.
The revision of the CreditWatch status reflects the fact that
the bondholders in each of the outstanding debt issues have
consented to an exchange of their securities into various new
class A debt securities issued by BAA Funding Ltd. under its
GBP50 billion multicurrency program. S&P rated the new
securities 'A-', reflecting, among other things, the
first-ranking security over three designated airports (London
Heathrow, London Gatwick, and London Stansted) and Heathrow
Express as well as an asset and financial covenant package.
("Ratings Assigned To 1st Issuance In BAA Funding's Landmark
U.K. Airports Securitization," published on RatingsDirect.)
Subsequently, the ratings on the debt issued by BAA Ltd. were
withdrawn, reflecting the execution of the exchange of the
bonds.
At the same time, the long-term 'BB-' corporate credit rating on
BAA Ltd., which was on CreditWatch with developing implications,
was withdrawn at the company's request.
All ratings on BAA Ltd. were originally placed on CreditWatch
with negative implications on March 17, 2006, following a
takeover proposal from Airport Development and Investment Ltd.,
a consortium led by Spanish concession and construction group
Grupo Ferrovial S.A.
Ratings List:
CreditWatch Action
To From
BAA Ltd.
Senior Unsecured (6 issues) BBB-/Watch Pos
BBB-/Watch Dev
Ratings Withdrawn
To From
BAA Ltd.
Corporate Credit Rating NR
BB-/Watch Dev
Senior Unsecured (6 issues) NR
BBB-/Watch Pos
BRADFORD & BINGLEY: Most Shareholders Snub Rights Issue
-------------------------------------------------------
Bradford & Bingley plc disclosed that, as at 11:00 a.m. on
Aug. 15, 2008, being the latest date for receipt of valid
subscriptions, it had received valid acceptances in respect of
230,406,761 new ordinary shares, representing around 27.84% of
the total number of New Shares offered to shareholders pursuant
to the 67 for 50 rights issue announced on July 4, 2008.
The Underwriters have agreed in accordance with the terms of the
underwriting arrangements and subject to the following paragraph
to endeavor to procure subscribers for the remaining 597,263,479
New Shares, for which valid acceptances were not received, until
4:30 p.m. on Aug 22, 2008. Each of the Underwriters and sub-
underwriters and their respective affiliates may participate in
the Placing.
The Underwriters will not be obliged to endeavor to procure
subscribers for all or some of the New Shares in the Placing if
in their opinion it is unlikely that any such subscribers can be
procured at a price per New Share which is at least equal to the
aggregate of the Issue Price of 55 pence per New Share and the
expenses of procuring subscribers (including any applicable
brokerage and commissions and amounts in respect of value added
tax) in which case the Underwriters and the sub-underwriters
will subscribe for the remaining New Shares (then unsubscribed)
themselves.
There has been no material change in the current trading and
outlook of the Company since the Company released its trading
statement on June 2, 2008 in respect of the first four months of
2008. As previously announced, the Company will release its
interim results of the six months ended June 30, 2008 on
Aug. 29, 2008.
About Bradford & Bingley
Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and
focus on a range of areas providing mortgages for individuals.
It focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.
* * *
As reported in the TCR-Europe on July 8, 2008, Fitch Ratings has
maintained UK-based Bradford and Bingley's ratings at Short-term
IDR 'F2', Individual 'B/C', Support '3' and Support Rating Floor
'BB+'.
BRADFORD & BINGLEY: Names Richard Prym as Chief Executive
---------------------------------------------------------
The Board of Bradford & Bingley plc has disclosed that Richard
Pym has agreed to join the Board as Chief Executive with
immediate effect.
Richard Pym retired as Group Chief Executive of Alliance &
Leicester plc (A&L) in July 2007. He joined A&L in 1992 as
Group Finance Director, and became Managing Director of Retail
Banking in 2001 and Chief Executive in 2002. He was
responsible for fundamental changes in A&L's product and channel
strategies, including the substantial development of Internet
capabilities.
He is currently an independent non-executive director of Old
Mutual plc, the international asset management group and non-
executive Chairman of BrightHouse Group Ltd, an investment of
private equity firm Vision Capital. He is also non-executive
Chairman of Halfords Group plc, the U.K. car parts, car
accessories and cycle retailer, and will be standing down from
this role in due course. He is a qualified Chartered
Accountant.
Chairman of Bradford & Bingley, Rod Kent, said: "It has been a
key priority for the Board to find a new Chief Executive, and we
believe that Richard Pym is ideal for the role."
Richard Pym commented: "Bradford & Bingley has developed strong
customer franchises in savings and lending and I am delighted to
have been invited to lead the business. I look forward to
working with the Board and executive team in building a
successful future."
Pursuant to Listing Rule 9.6.13 (1), details of directorships
held by Mr. Pym in Publicly quoted companies during the past
five years are set out below:
* Halfords Group plc (current),
* Old Mutual plc (current),
* Alliance & Leicester plc (ceased 2007), and
* Selfridges plc (ceased 2003)
Bradford & Bingley also confirms that there are no matters
relating to Mr. Pym that would require disclosure under Listing
Rules 9.6.13 (2) to (6). Mr Pym does not currently have any
beneficial interests in Bradford & Bingley shares.
About Bradford & Bingley
Headquartered in Bingley, United Kingdom, Bradford & Bingley plc
-- http://www.bbg.co.uk/-- offers residential mortgages, and
focus on a range of areas providing mortgages for individuals.
It focuses on its savings business and provides a range of
savings products through 197 branches and network of 140 third-
party branch-type agents, by phone, post and Online.
* * *
As reported in the TCR-Europe on July 8, 2008, Fitch Ratings has
maintained UK-based Bradford and Bingley's ratings at Short-term
IDR 'F2', Individual 'B/C', Support '3' and Support Rating Floor
'BB+'.
BRADLEY SMART: Brings in Liquidators from Mazars
------------------------------------------------
Roderick John Weston and Alistair Steven Wood of Mazars LLP were
appointed joint liquidators of Bradley Smart Ltd. on Aug. 7,
2008, for the creditors' voluntary winding-up proceeding.
The company can be reached at:
Bradley Smart Ltd.
c/o Mazars LLP
Tower Bridge House
St. Katharine's Way
London
E1W 1DD
England
C.A.S. AGENCIES: Calls in Liquidators from Baker Tilly
------------------------------------------------------
Philip Edward Pierce and Adrian David Allen of Baker Tilly
Restructuring and Recovery LLP were appointed joint liquidators
of C.A.S. Agencies Ltd. on July 30, 2008, for the creditors'
voluntary winding-up proceeding.
The company can be reached at:
C.A.S. Agencies Ltd.
Baker Tilly Restructuring and Recovery LLP
2 Whitehall Quay
Leeds
LS1 4HG
England
COINCHECK ELECTRONICS: Appoints Liquidators from Tenon Recovery
---------------------------------------------------------------
Matthew Colin Bowker and Daniel Antony Willis of Tenon Recovery
were appointed joint liquidators of Coincheck Electronics Ltd.
on July 29, 2008, for the creditors' voluntary winding-up
proceeding.
The company can be reached at:
Coincheck Electronics Ltd.
c/o Tenon Recovery
Lowgate House
Lowgate
Hull
HU1 1EL
England
COLIN CLAPP: Brings in Joint Administrators from KPMG
-----------------------------------------------------
Andrew Stephen McGill and Myles Antony Halley of KPMG LLP were
appointed joint administrators of Colin Clapp Ltd.
(Company Number 00590934) on Aug. 11, 2008.
KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.
The company can be reached at:
Unit 6 Trident Ind Estate
Pindar Road
Hoddesdon
Herts
EN11 OSF
England
CURTIS FINE: Needs to be Sold Soon in Order to Survive
------------------------------------------------------
Keith Chapman, former Curtis Fine Papers director, cautioned
that in order to survive, the company needs to be sold soon,
printweek.com reports.
The report relates that Mr. Chapman is in discussions with
potential buyers are ongoing and many are still in waiting.
Mr. Chapman said, "However, clearly something needs to happen
soon as our summer ends this week and customers need deliveries
to start again."
On July 30, the TCR-Europe reported that Curtis Fine Papers
went into administration with Messrs. Blair Nimmo and Gary
Fraser of KPMG Restructuring acting as joint administrators.
Headquartered in Guardbridge, Scotland, Curtis Fine Papers --
http://www.curtisfinepapers.com/-- specializes in the
manufacture and supply of quality uncoated fine papers.
DC OFFICE: Colin Prescott Leads Liquidation Procedure
-----------------------------------------------------
Colin Prescott of Moore Stephens LLP was appointed liquidator of
DC Office Services Ltd. on July 30, 2008, for the creditors'
voluntary winding-up procedure.
The company can be reached at:
DC Office Services Ltd.
c/o Moore Stephens LLP
1-2 Little King Street
Bristol
BS1 4HW
England
DRIFTWOOD PARTNERS: Claims Filing Period Ends September 8
---------------------------------------------------------
Creditors of Driftwood Partners Ltd. have until Sept. 8, 2008,
to send their claims to:
Ian S. Carr
Joint Liquidator
Grant Thornton U.K. LLP
Byron House
Cambridge Business Park
Cowley Road
Cambridge
CB4 0WZ
England
Ian S. Carr and John Whitfield of Grant Thornton U.K. LLP were
appointed joint liquidators of the company on Aug. 9, 2008, for
the creditors' voluntary winding-up proceeding.
EDGE IMPORT: Taps Kevin Hellard to Liquidate Assets
---------------------------------------------------
Kevin Hellard of Grant Thornton U.K. LLP was appointed
liquidator of The Edge Import Export Ltd. on July 22, 2008, for
the creditors' voluntary winding-up procedure.
The company can be reached at:
The Edge Import Export Ltd.
14 Courtney Place
Lightwood
Stoke on Trent
Staffordshire
ST3 7XF
England
FLOORS-2-GO: Saved from Administration by Hodges Brothers
---------------------------------------------------------
Floors-2-Go has been saved from administration by original
founders Robert and Richard Hodges. Payment details were not
disclosed, the birminghampost.net reports.
Mr. Robert Hodges said, "We are delighted to have saved the jobs
of so many of the Floors-2-Go team and to be able to provide the
British public with a real alternative to the big stores when
beautifying their homes."
Mr. Nick Johnson, partner at Deloitte, said, "I am really
pleased for the Hodges family and the Floors-2-Go business.
They are so passionate about the business and will transform the
UK flooring market."
Administrator Kroll said it had sold 80 of the firm's stores to
the original founders. The rescue package has saved 301 jobs.
Headquartered in Birmingham, Floors-2-Go Ltd. --
http://www.floors2go.co.uk/-- sells wood and laminates
flooring. The company employs a total of 450 retail and head
office staff.
H KINGHAM: Claims Filing Period Ends September 8
-------------------------------------------------
Creditors of H Kingham (Transport) Ltd. have until Sept. 8,
2008, to send their claims to:
Ian S. Carr
Joint Liquidator
Grant Thornton U.K. LLP
Byron House
Cambridge Business Park
Cowley Road
Cambridge
CB4 0WZ
England
Ian S. Carr and John Whitfield of Grant Thornton U.K. LLP were
appointed joint liquidators of the company on Aug. 9, 2008, for
the creditors' voluntary winding-up proceeding.
HAMLIN MODELMAKING: Claims Filing Period Ends October 31
--------------------------------------------------------
Creditors of Hamlin Modelmaking Ltd. have until Oct. 31, 2008,
to send in their full names, address and descriptions, full
particulars of their debts or claims, and the names and
addresses of their Solicitors (if any), to:
M. H. Abdulali
Liquidator
Moore Stephens
6 Ridge House
Ridgehouse Drive
Festival Park
Stoke on Trent
England
M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on July 31, 2008, for the creditors' voluntary winding-
up procedure.
INGENERO DESIGN: Taps Liquidators from Tenon Recovery
-----------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of Ingenero Design Ltd. on
Aug. 7, 2008, for the creditors' voluntary winding-up
proceeding.
The company can be reached at:
Ingenero Design Ltd.
c/o Tenon Recovery
Unit 1
Calder Close
Calder Park
Wakefield
WF4 3BA
England
LDH MAILING: Calls in Joint Administrators from KPMG
----------------------------------------------------
Andrew Stephen McGill and Myles Antony Halley of KPMG LLP were
appointed joint administrators of LDH Mailing Ltd.
(Company Number 03133186) on Aug. 11, 2008.
KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.
The company can be reached at:
LDH Mailing Ltd.
Unit 1 & 2 Trident Trading Estate
Pindar Road
Hoddesdon
Herts
EN11 0SF
England
LEWIS HAMMER: Goes Into Administration; Closes Wellfield Branch
---------------------------------------------------------------
Lewis Hammer Partnership Ltd., trading as Halifax Estate Agents,
has closed its Cardiff (Wellfield Road) branch after it went
into administration, Lisa Jones of South Wales Echo reports.
The closure, the report says, will not affect other shops in the
group as the estate agency branch was run independently under
license by Halifax.
PriceWaterhouseCoopers have been appointed administrators of the
company, the report relates.
Lewis Hammer Partnership Ltd. is based in Pontprennau, Cardiff.
SOUND ALERT: Appoints Joint Administrators from BDO Stoy
--------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint administrators of Sound Alert Ltd. (Company
Number 02904634) and Sound Alert Technology plc (Company Number
03909129) on Aug. 8, 2008.
BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality. The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.
SWIFTWOOD IMPORTS: Claims Filing Period Ends September 8
--------------------------------------------------------
Creditors of Swiftwood Imports Ltd. have until Sept. 8, 2008, to
send their claims to:
Ian S. Carr
Joint Liquidator
Grant Thornton U.K. LLP
Byron House
Cambridge Business Park
Cowley Road
Cambridge
CB4 0WZ
England
Ian S. Carr and John Whitfield of Grant Thornton U.K. LLP were
appointed joint liquidators of the company on Aug. 9, 2008, for
the creditors' voluntary winding-up proceeding.
TAVERNA LATINOS: Hires Liquidators from Vantis
----------------------------------------------
Glyn Mummery and Martin Weller of Vantis Business Recovery
Services were appointed joint liquidators of Taverna Latinos
Ltd. on Aug. 7, 2008, for the creditors' voluntary winding-up
proceeding.
The company can be reached at:
Taverna Latinos Ltd.
c/o Vantis Business Recovery Services
43-45 Butts Green Road
Hornchurch
Essex
RM11 2JX
England
ULYSSES GB: Appoints Joint Administrators from Ernst & Young
------------------------------------------------------------
R. H. Kelly and C. G. J. King of Ernst & Young LLP were
appointed joint administrators of Ulysses GB Ltd.
(Company Number 03678994) on Aug. 8, 2008.
Ernst & Young -- http://www.ey.com/-- provides broad array of
services relating to audit and risk-related services, tax, and
transactions across all industries—from emerging growth
companies to global powerhouses—deal with a broad range of
business issues.
The company can be reached at:
Ulysses GB Ltd.
c/o Ernst & Young LLP
1 Bridgewater Place
Water Lane
Leeds
LS11 5QR
England
* S&P Reports New Risk Value Analysis for Euro Life Insurance
-------------------------------------------------------------
Standard & Poor's Ratings Services has published a report
detailing the new metrics it is introducing to improve the
comparability of company performance in the European life
insurance sector.
"Embedded value has become Standard & Poor's primary tool for
assessing operating performance within this sector," said S&P's
credit analyst Miroslav Petkov. "It reflects the risks to which
a company is exposed by capturing the expected costs of these
risks to the company."
S&P's ratings analysis includes not only how well a company
allows for risks in its economic valuation, but also the extent
to which its worth could be affected under adverse
circumstances. S&P is therefore introducing new metrics, based
on embedded value, to assess company exposure to risk and the
quality of their earnings.
*********
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 * * *