/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080828.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, August 28, 2008, Vol. 9, No. 171 Headlines A U S T R I A CA.MI.DJ. LLC: Claims Registration Period Ends September 17 EWALD JEITLER: Claims Registration Period Ends September 10 GUGANT LLC: Claims Registration Period Ends September 16 POSCHKO GARTENBAU: Claims Registration Period Ends September 15 THERESE HAUER: Claims Registration Period Ends September 23 G E R M A N Y AK SERVICE: Claims Registration Period Ends September 5 AKTENMANAGEMENT & BERATUNGS: Claims Registration Ends Sept. 5 ARAN SALMON: Claims Registration Period Ends September 1 ARCON TRUST: Claims Registration Period Ends September 1 ART MEDIA: Claims Registration Period Ends September 5 BOEHNKE IMMOBILIEN: Claims Registration Period Ends September 1 CERAMO FLIESEN: Claims Registration Period Ends September 1 COM-BAU GMBH: Claims Registration Period Ends September 1 COPAN HANDELSGESELLSCHAFT: Claims Registration Ends September 1 FACON FASHION: Claims Registration Period Ends September 4 GUDENSBERGER DRUCK: Claims Registration Period Ends September 3 HAJTRANS GMBH: Claims Registration Period Ends September 2 KK3 KOMMUNIKATIONSKONTOR: Claims Registration Ends Sept. 5 MELCHER JEANS: Creditors' Meeting Slated for September 1 PROSIEBENSAT.1 MEDIA: Appoints Petra Fink as New VP for Free TV SCHLOSSHOTEL SURENBURG: Claims Registration Period Ends Sept. 3 * S&P Predicts Bleak Outlook for German Banking Industry I R E L A N D CHEYNE ABS: S&P Junks Rating on Class B & C Floating Rate Notes ELVA FUNDING: S&P Corrects Rating on Class D Euro CDO Tranches I T A L Y PARMALAT SPA: NY Court Certifies Domestic Plaintiff Class PARMALAT SPA: Thorp Reed Wins Dismissal for Pavia in Class Suit K Y R G Y Z S T A N ASIA PLUS: Creditors Must File Claims by September 25 L I T H U A N I A UKIO BANKAS: S&P Revises Outlook to Neg., Affirms BB/B Ratings N E T H E R L A N D S LAURELIN II: Fitch Affirms BB Rating on EUR17MM Class E Notes R U S S I A ING BANK: Moody's Assigns D Bank Financial Strength Rating KUZBASS-RAZREZ-UGOL-PERERABOTKA: Claims Filing Ends September 19 LADA-GUARANTEE CJSC: Creditors Must File Claims by September 19 MAGNITOGORSKIY FACTORY: Names L. Zimina as Insolvency Manager MDM BANK: S&P Affirms BB/B/Stable Counterparty Credit Ratings PRINT HOUSE–YUG: Rostov Bankruptcy Hearing Set October 1 ROS-STROY CJSC: Court Names V. Guskov as Insolvency Manager TNK-BP INT'L: Downstream EVP Anthony Considine Steps Down S W I T Z E R L A N D I.C.M.B. MANAGEMENT: Creditors' Proofs of Claim Due by Sept. 30 OPTA LLC: Proofs of Claim Filing Deadline is October 20 T U R K E Y ANADOLUBANK AS: Moody's Revises D BFSR Outlook to Positive TC ZIRAAT: Moody's Lifts Bank Financial Strength Rating to D+ U K R A I N E AGRO-CONTRACT LLC: Proofs of Claim Deadline Set August 29 CHERKASSY AGRICULTURAL: Creditors Must File Claims by August 29 CHERNIGOV TRANSPORT: Creditors Must File Claims by Aug. 29 CONCORD-SOUTH LLC: Creditors Must File Claims by August 29 DNIEPRREPAIRBUILDINGSERVICE: Creditors' Claims Due by Aug. 29 DONETSK START: Creditors Must File Claims by August 29 INDUSTRIAL TRADE: Proofs of Claim Deadline Set August 29 KHARKOV AIRLINES: Creditors Must File Claims by August 29 KOROVINTSY SUGAR: Creditors Must File Claims by Augus 29 LIPOVAYA DOLINA: Creditors Must File Claims by August 29 MACHINE-TECHNOLOGICAL STATION: Claims Deadline Set August 29 MARKTRADING LLC: Proofs of Claim Deadline Set August 29 OSNASTKA-ENERGY: Creditors Must File Claims by August 29 SELMIS LLC: Proofs of Claim Deadline Set August 29 TRIUMPH LLC: Creditors Must File Claims by August 29 UNIVERSALSERVICE K: Proofs of Claim Deadline Set August 29 U N I T E D K I N G D O M HIPSTAR LTD: Goes Into Administration LEVEL ONE: Brings in Joint Administrators from Kroll NETFOLD LTD: Brings in Joint Administrators from Ernst & Young ROADCHEF FINANCE: S&P Puts Class D Notes' BB Rating on WatchNeg. SIMPSONS RECRUITING: Calls in Joint Administrators from Vantis SPECIAL OPPORTUNITY: Taps Joint Administrators from Kroll TI AUTOMOTIVE: Moody's Affirms B3 Corp. Family Rating * S&P Reports UK RMBS Total Delinquency Index Rises in 2Q 2008 * S&P Says UK Prime RMBS Total Delinquency Index Up to 2.94% * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= CA.MI.DJ. LLC: Claims Registration Period Ends September 17 ----------------------------------------------------------- Creditors owed money by LLC CA.MI.DJ. have until Sept. 17, 2008, to file written proofs of claim to the court-appointed estate administrator: Dr. Walter Kainz Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at10:30 a.m. on Oct. 1, 2008, for the examination of claims at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 23, 2008, (Bankr. Case No. 2 S 91/08g). EWALD JEITLER: Claims Registration Period Ends September 10 ----------------------------------------------------------- Creditors owed money by LLC Ewald Jeitler have until Sept. 10, 2008, to file written proofs of claim to the court-appointed estate administrator: Dr. Erwin Fidler Schildbach 111 8230 Hartberg Austria Tel: 03332/6005-300 Fax: 03332/6005-350 E-mail: advocare@fidler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:40 a.m. on Sept. 18, 2008, for the examination of claims at: The Land Court of Graz Room 222 2nd Floor Graz Austria Headquartered in Hartberg, Austria, the Debtor declared bankruptcy on July 24, 2008, (Bankr. Case No. 26 S 89/08w). GUGANT LLC: Claims Registration Period Ends September 16 -------------------------------------------------------- Creditors owed money by LLC Gugant have until Sept. 16, 2008, to file written proofs of claim to the court-appointed estate administrator: Dr. Hannelore Pitzal Paulanergasse 9 1040 Vienna Austria Tel: 587 31 11 Fax: 587 87 50 50 E-mail: office@pitzal-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on Sept. 30, 2008, for the examination of claims at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 25, 2008, (Bankr. Case No. 4 S 113/08g). POSCHKO GARTENBAU: Claims Registration Period Ends September 15 --------------------------------------------------------------- Creditors owed money by LLC Poschko Gartenbau have until Sept. 15, 2008, to file written proofs of claim to the court-appointed estate administrator: Dr. Reinhard Schwarzkogler Marktplatz 2 4650 Lambach Austria Tel: 07245/21708-0 Fax: 07245/21708-20 E-mail: office@lawmaster.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on Sept. 25, 2008, for the examination of claims at: The Land Court of Wels Hall 101 Wels Austria Headquartered in Schwanenstadt, Austria, the Debtor declared bankruptcy on July 25, 2008, (Bankr. Case No. 20 S 91/08w). THERESE HAUER: Claims Registration Period Ends September 23 ----------------------------------------------------------- Creditors owed money by KG Therese Hauer have until Sept. 23, 2008, to file written proofs of claim to the court-appointed estate administrator: LLC Leeb & Weinwurm, Advocacy Triester Strasse 8 2620 Neunkirchen Austria Tel: 02635/62060 Fax: 02635/62060-25 E-mail: office@wlp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on Oct. 7, 2008, for the examination of claims at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Ternitz, Austria, the Debtor declared bankruptcy on July 25, 2008, (Bankr. Case No. 11 S 87/08t). ============= G E R M A N Y ============= AK SERVICE: Claims Registration Period Ends September 5 ------------------------------------------------------- Creditors of AK Service GmbH have until Sept. 5, 2008, to register their claims with court-appointed insolvency manager Thomas Illy. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Sept. 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanau Area E03 Engelhardstrasse 21 63450 Hanau Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Illy Taunusanlage 17 60325 Frankfurt/Main Germany Tel: 069/9799530 Fax: 069/97995399 E-mail: thomas.illy@thierhoffilly.com The District Court of Hanau opened bankruptcy proceedings against AK Service GmbH on July 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AK Service GmbH Wagnerstrasse 4 61130 Nidderau Germany Attn: Guenter Erdt, Manager Ronneburgstrasse 24 63526 Erlensee Germany AKTENMANAGEMENT & BERATUNGS: Claims Registration Ends Sept. 5 ------------------------------------------------------------- Creditors of Aktenmanagement & Beratungs GmbH have until Sept. 5, 2008, to register their claims with court-appointed insolvency manager Axel Bierbach. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Oct. 1, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meiningen Meeting Hall A 0208 Lindenallee 15 Meiningen 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: Axel Bierbach Schwanthaler Str. 32 80336 Muenchen Germany The District Court of Meiningen opened bankruptcy proceedings against Aktenmanagement & Beratungs GmbH on July 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Aktenmanagement & Beratungs GmbH Attn: Henry Tischer, Manager Am Bahnhof 26 36433 Immelborn Germany ARAN SALMON: Claims Registration Period Ends September 1 -------------------------------------------------------- Creditors of ARAN SALMON Feinkost GmbH have until Sept. 1, 2008, to register their claims with court-appointed insolvency manager Dr. Joerg Bornheimer. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 142 First 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. Joerg Bornheimer Sachsenring 81 50667 Cologne Germany Tel: 0221-336600 Fax: +4922133660 85 The District Court of Cologne opened bankruptcy proceedings against ARAN SALMON Feinkost GmbH on July 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ARAN SALMON Feinkost GmbH Amsterdamer Str. 33 50259 Pulheim Germany Attn: Bjoern Schulte, Manager Albert-Schweitzer-Str. 10 50259 Pulheim Germany ARCON TRUST: Claims Registration Period Ends September 1 -------------------------------------------------------- Creditors of ARCON-TRUST Schlegelstrasse Bonn GmbH have until Sept. 1, 2008, to register their claims with court-appointed insolvency manager Dr. Christian Frystatzki. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on Oct. 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Meeting Hall S 2.18 Second 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: Dr. Christian Frystatzki Sankt Augustiner Strasse 94 a 53225 Bonn Germany Tel: 0228/400 94-160 Fax: 40 09 479 The District Court of Bonn opened bankruptcy proceedings against ARCON-TRUST Schlegelstrasse Bonn GmbH on July 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ARCON-TRUST Schlegelstrasse Bonn GmbH Attn: Guenter Walter, Manager Niedertorplatz 2 53340 Meckenheim Germany ART MEDIA: Claims Registration Period Ends September 5 ------------------------------------------------------ Creditors of AMP Art Media Productions GmbH have until Sept. 5, 2008, to register their claims with court-appointed insolvency manager Dr. Sven-Holger Undritz. Creditors and other interested parties are encouraged to attend the meeting at 9:17 a.m. on Sept. 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Flensburg Hall A 220 Suedergraben 22 Flensburg 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. Sven-Holger Undritz C/o White & Case Insolvenz GbR Rathausstrasse 6 24937 Flensburg Germany The District Court of Flensburg opened bankruptcy proceedings against AMP Art Media Productions GmbH on July 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AMP Art Media Productions GmbH Attn: Peter Urs Preissle and Julius Peters, Managers Schiff-bruecke 19 24937 Flensburg Germany BOEHNKE IMMOBILIEN: Claims Registration Period Ends September 1 --------------------------------------------------------------- Creditors of Boehnke Immobilien-Vermoegensverwaltung GmbH have until Sept. 1, 2008, to register their claims with court- appointed insolvency manager Robert Fliegner. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Oct. 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bochum Meeting Hall A29 Ground Floor Main Building Viktoriastr. 14 44787 Bochum 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: Robert Fliegner Westring 303 44629 Herne Germany The District Court of Bochum opened bankruptcy proceedings against Boehnke Immobilien-Vermoegensverwaltung GmbH on July 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Boehnke Immobilien-Vermoegensverwaltung GmbH Baukauer Str. 86 44653 Herne Germany Attn: Carsten Kiesewald, Manager Solquellstr. 68 13467 Berlin Germany CERAMO FLIESEN: Claims Registration Period Ends September 1 ----------------------------------------------------------- Creditors of CFS Ceramo Fliesen Service Verwaltungsgesellschaft mbH have until Sept. 1, 2008, to register their claims with court-appointed insolvency manager Joachim Klein II. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 142 First 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: Joachim Klein II Hansaring 79-81 50670 Cologne Germany Tel: 9126770 Fax: +4922191267799 The District Court of Cologne opened bankruptcy proceedings against CFS Ceramo Fliesen Service Verwaltungsgesellschaft mbH on July 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CFS Ceramo Fliesen Service Verwaltungsgesellschaft mbH Attn: Holger Heidenreich, Manager Venloer Str. 1410 50829 Cologne Germany COM-BAU GMBH: Claims Registration Period Ends September 1 --------------------------------------------------------- Creditors of com-bau GmbH have until Sept. 1, 2008, to register their claims with court-appointed insolvency manager Ralph Schmid. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on Sept. 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster 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: Ralph Schmid Duelmener Str. 92 48653 Coesfeld Germany Tel: 02541/915-01 Fax: 02541-915600 The District Court of Muenster opened bankruptcy proceedings against com-bau GmbH on July 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: com - bau GmbH Platanenweg 6c 48653 Coesfeld Germany COPAN HANDELSGESELLSCHAFT: Claims Registration Ends September 1 --------------------------------------------------------------- Creditors of Copan Handelsgesellschaft fuer Genussmittel u.a. Wirtschaftsgueter mbH have until Sept. 1, 2008, to register their claims with court-appointed insolvency manager Dr. Ruediger Werres. Creditors and other interested parties are encouraged to attend the meeting at 9:25 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 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Ruediger Werres Friesenplatz 17a 50672 Cologne Germany Tel: 0221/95 1446-20 Fax: +4922195144690 The District Court of Cologne opened bankruptcy proceedings against Copan Handelsgesellschaft fuer Genussmittel u.a. Wirtschaftsgueter mbH on July 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Copan Handelsgesellschaft fuer Genussmittel u.a. Wirtschaftsgueter mbH Leinsamenweg 31b 50933 Cologne Germany FACON FASHION: Claims Registration Period Ends September 4 ---------------------------------------------------------- Creditors of Facon Fashion GmbH Men Sportswear & Designer Mode have until Sept. 4, 2008, to register their claims with court- appointed insolvency manager Moritz Hansberg. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 16, 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 Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum 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: Moritz Hansberg Huestrasse 34 44787 Bochum Germany The District Court of Bochum opened bankruptcy proceedings against Facon Fashion GmbH Men Sportswear & Designer Mode on July 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Facon Fashion GmbH Men Sportswear & Designer Mode Huestr. 17-19 44787 Bochum Germany Attn: Angelika Nickel-Horn, Manager Farnstr. 53 44787 Bochum Germany GUDENSBERGER DRUCK: Claims Registration Period Ends September 3 -------------------------------------------------------------- Creditors of Gudensberger Druck- und Verlagshaus GmbH have until Sept. 3, 2008, to register their claims with court-appointed insolvency manager Carsten Prall. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Oct. 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: District Court of Fritzlar Room 17 Building A Schladenweg 1 34560 Fritzlar 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: Carsten Prall Friedrichsstr. 11 34117 Kassel Germany Tel: 0561/9204010-0 Fax: 0561/9204010-20 The District Court of Fritzlar opened bankruptcy proceedings against Gudensberger Druck- und Verlagshaus GmbH on July 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gudensberger Druck- und Verlagshaus GmbH Buergermeister-Horstmann-Strasse 3a 34281 Gudensberg German HAJTRANS GMBH: Claims Registration Period Ends September 2 ---------------------------------------------------------- Creditors of Hajtrans GmbH have until Sept. 2, 2008, to register their claims with court-appointed insolvency manager Arthur Naujok. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Sept. 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Arthur Naujok Mittelseestrasse 48D 63065 Offenbach am Main Germany Tel: 069/8001 701 Fax: 069/8002 054 The District Court of Offenbach am Main opened bankruptcy proceedings against Hajtrans GmbH on July 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hajtrans GmbH Attn: Chtschatrjan, Garik -, Manager Carl-Ulrich-Strasse 139 63263 Neu-Isenburg Germany KK3 KOMMUNIKATIONSKONTOR: Claims Registration Ends Sept. 5 ---------------------------------------------------------- Creditors of KK3 Kommunikationskontor GmbH have until Sept. 5, 2008, to register their claims with court-appointed insolvency manager Soenke Hansen. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Oct. 14, 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: Soenke Hansen Moenckebergstrasse 17 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against KK3 Kommunikationskontor GmbH on July 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KK3 Kommunikationskontor GmbH Attn: Stefan Breitzke, Manager Papenreye 22 22453 Hamburg Germany MELCHER JEANS: Creditors' Meeting Slated for September 1 -------------------------------------------------------- The court-appointed insolvency manager for Melcher Jeans & Sportswear GmbH, Rolf Nacke will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:05 a.m. on Sept. 1, 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 10:00 a.m. on Dec. 8, 2008, at the same venue. Creditors have until Oct. 13, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Rolf Nacke Gross-Berliner Damm 73 c 12487 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Melcher Jeans & Sportswear GmbH on July 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Melcher Jeans & Sportswear GmbH Spandauer Str. 29 10178 Berlin Germany PROSIEBENSAT.1 MEDIA: Appoints Petra Fink as New VP for Free TV --------------------------------------------------------------- Petra Fink, Head of Corporate Communications and Business Development at ProSieben Television will assume the positions of Senior Vice President Business Development and Speaker of German Free TV Holding from Sept. 15, 2008. She will report to Andreas Bartl, Member of the Executive Board for German Free TV. Ms. Fink will assume responsibility for communications of all topics relevant to the German Free TV division of the Executive Board. As Senior Vice President of Business Development, Ms. Fink is responsible for coordinating all diversification activities of the German free TV stations, especially the introduction and continuing implementation of the TV 3.0 strategy among the German free TV stations. The objective is to strengthen the German broadcasting Group strategically through better networking in the area of business development. Ms. Fink, who joined ProSieben in 2006, served as company spokesperson and played a major role in pushing ahead with target-oriented diversification programs, the networking of stations and platforms, and process optimization. Before coming to ProSieben, she held the same position at kabel eins. Mr. Bartl, said, "I'm very pleased to have Petra Fink, a highly experienced communications and business development manager, working for German Free TV Holding. Introducing TV 3.0 and using it to prepare our company for the future are important strategic goals of the Groups free TV stations." About ProsiebenSat.1 Headquartered in Munich, Germany, ProsiebenSat.1 Media AG -- http://en.prosiebensat1.com/-- broadcasts and produces TV programs through 24 commercial TV stations, 24 premium Pay TV channels and 22 radio network. In June 2007, the ProSiebenSat.1 Group acquired SBS Broadcasting Group. The company employs around 6,000 Europe-wide. * * * ProsiebenSat.1 Media AG continues to carry Moody's Investors Service's Ba1 senior unsecured and corporate family ratings. SCHLOSSHOTEL SURENBURG: Claims Registration Period Ends Sept. 3 --------------------------------------------------------------- Creditors of Schlosshotel Surenburg GmbH & Co. KG have until Sept. 3, 2008, to register their claims with court-appointed insolvency manager Manfred Vellmer. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Sept. 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster 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: Manfred Vellmer Adalbertstr. 8 48565 Steinfurt Germany Tel: 02552/638710 Fax: +4925526387111 The District Court of Muenster opened bankruptcy proceedings against Schlosshotel Surenburg GmbH & Co. KG on July 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schlosshotel Surenburg GmbH & Co. KG Surenburg 13 48477 Hoerstel Germany * S&P Predicts Bleak Outlook for German Banking Industry -------------------------------------------------------- Given the fundamental changes in market conditions, it's no surprise that the German banking industry has experienced a pronounced drop in earnings in the first half of 2008 compared with the same period of 2007. However, earnings expectations for the months and years ahead are likely to be more meaningful than a comparison with the unsustainable record results of recent years, Standard & Poor's Ratings Services said in report entitled "Large Private-Sector German Banks Performed Better In Q2, But Full-Year Prospects Still Look Bleak," published on RatingsDirect. Indeed, markdowns resulting from market turbulence accounted for much of the decline in earnings in the first half of the year, and those markdowns should decrease in the second half of 2008. "Nonetheless, while performance for the sector is likely to improve in the second half of the year, it will still fall short of our initial expectations, and overall earnings will remain weak," said S&P's credit analyst Stefan Best. A positive sign is that, although the results of Germany's five largest private-sector banks (Big 5): Deutsche Bank AG (AA-/Negative/A-1+), Commerzbank AG (A/Stable/A-1), Dresdner Bank AG (A/Negative/A-1), Bayerische Hypo- und Vereinsbank AG (HVB; A+/Stable/A-1), and Deutsche Postbank AG (A-/Stable/A-2) remained weak in the second quarter of 2008, they showed improvement compared with the first quarter. The exception is Dresdner Bank AG, which reported its third consecutive quarterly pretax loss. The improvement stemmed mainly from lower total markdowns and smaller impairments on structured credit investments, leveraged loans, and credit-value adjustments on monoline hedges. Besides the Big 5, Bayerische Landesbank also reported low, but improved, earnings on the back of lower markdowns in the second quarter. S&P expects to see a similar trend for the other Landesbanks when they publish their results. Furthermore, because net exposures to critical asset classes have fallen, S&P maintains its view that total markdowns in the industry will further decline. S&P also expects the members of the Big 5, with the exception of Dresdner Bank, to remain profitable for the rest of the year. "Underlying this prognosis is the assumption that the banks will continue to keep costs well under control, showing some flexibility relative to their revenues," said Mr. Best. "Credit risk provisions might rise by 50% year on year, but from very low levels, therefore they should remain below the cyclical average." Although S&P expects risk provisions to increase substantially in 2009, the impact on earnings is likely to be moderate compared with that of the EUR13 billion in markdowns reported by the Big 5 over the past 12 months. ============= I R E L A N D ============= CHEYNE ABS: S&P Junks Rating on Class B & C Floating Rate Notes --------------------------------------------------------------- Standard & Poor's Ratings Services has lowered and left on CreditWatch with negative implications its credit ratings on the class A-1, A-2, B , and C notes issued by Cheyne ABS Investments I PLC. The rating actions follow further deterioration in the credit quality of the underlying portfolio, reflected in downgrades and CreditWatch negative placements for collateralized debt obligations (CDOs) of asset-backed securities (ABS) in the underlying portfolio. This has led to an increase in S&P's portfolio scenario default rates (SDRs) for different rating scenarios. In addition, changes in the levels of credit enhancement due to defaults in the underlying portfolio have resulted in a decrease in the break-even default rates (BDRs) for the tranches when subject to S&P's cash flow analysis. As a result of changes to both the SDRs and BDRs, the previous rating levels could no longer be maintained. S&P will closely monitor the CDO's performance, and run further cash flow analyses before resolving these CreditWatch placements. S&P will pay particular attention to the resolution of the outstanding CreditWatch placements on the aforementioned CDOs of ABS. Cheyne ABS Investments I PLC: -- US$178 Million Floating-Rate Notes Rating Lowered And Remaining On CreditWatch Negative: Class Rating To From A-1 BBB/Watch Neg AAA/Watch Neg A-2 BB/Watch Neg AA/Watch Neg B CCC-/Watch Neg BBB+/Watch Neg C CCC-/Watch Neg B-/Watch Neg ELVA FUNDING: S&P Corrects Rating on Class D Euro CDO Tranches -------------------------------------------------------------- Standard & Poor's Ratings Services has taken credit rating actions on 102 European synthetic collateralized debt obligation (CDO) tranches. Specifically, the ratings on: -— 74 tranches were lowered and removed from CreditWatch with negative implications; -— One tranche was lowered and remains on CreditWatch negative; and -- 27 tranches were raised and removed from CreditWatch positive. Of the 75 tranches lowered: -- 61 reference U.S. residential mortgage-backed securities (RMBS) and U.S. CDOs that are exposed to U.S. RMBS, which have experienced recent negative rating actions; and —- 14 have experienced corporate downgrades in their portfolios. Rating Action Summary: Downgrades Upgrades Key corporate (no. of (no. of downgrades tranches) tranches) ------------------------------------------------------------- Jan-08 57 8 United Parcel Service Inc. (AAA/Watch Neg to AA-/Stable) Jan. 9, 2008 Quebecor World Inc. (CCC/Watch Neg to D) Jan. 16, 2008 Feb-08 90 9 GMAC LLC (BB+/Negative to B+/Negative) Feb. 22, 2008 Residential Capital, LLC (BB+/Negative to B/Negative) Feb. 22, 2008 Mar-08 79 2 FGIC Corp. (BBB/Watch Neg to B/Negative) March 28, 2008 FGIC UK Ltd. (A/Watch Neg to BB/Negative) March 28, 2008 Apr-08 118 9 Royal Caribbean Cruises Ltd. (BBB-/Negative to BB+/Stable) April 3, 2008 Residential Capital, LLC (B/Negative to CCC+/Watch Neg) April 24, 2008 May-08 152 1 Countrywide Home Loans, Inc. (BBB+/Watch Pos to BB+/Watch Dev) May 2, 2008 Residential Capital, LLC (CCC+/Watch Neg to CC/Watch Neg) May 2, 2008 Jun-08 109 0 Ambac Assurance Corp. (AAA/Negative to AA/Watch Neg) June 5, 2008 MBIA Inc. (AA-/Negative to A-/Watch Neg) June 5, 2008 Jul-08 44 41 Radian Asset Assurance Inc. (AA/Watch Neg to A/Watch Neg) June 16, 2008 Countrywide Home Loans, Inc. (BB+/Watch Dev to AA/Negative) July 1, 2008 Aug-08 75 27 Residential Capital, LLC (SD to CCC+/Negative) July 15, 2008 Louisiana-Pacific Corp. (BBB-/Negative to BB+/Watch Neg) July 29, 2008 Those corporate names that have experienced a significant notch downgrade as well as being highly referenced within European synthetic CDOs. For those transactions that have been on CreditWatch negative for longer than 90 days, where S&P has either not received material levels of information or relative portfolio credit quality has not improved since the CreditWatch placement to a level sufficient to affirm the rating, it has modeled recovery rates in accordance with S&P's criteria and assessed portfolio quality based on its credit quality. These rating actions and the CreditWatch updates follow two reviews. The first review was of the CreditWatch placements made on Aug. 12, 2008 ("S&PCORRECT: Synthetic CDOs On CreditWatch After Running July 2008 Month-End SROC Figures"). The second review was of the ratings on tranches that have been on CreditWatch negative for more than 90 days. Where SROC (synthetic rated overcollateralization) is less than 100%, S&P runs scenarios that project the current portfolio 90 days into the future, assuming no asset rating migration. Where this projection indicates that the SROC would return to a level above 100% at that time, the rating is maintained, but the rating agency places it on CreditWatch negative. If, on the other hand, the projection indicates that the SROC would remain below 100%, S&P immediately lowers the rating. Ratings List: Class (where applicable) To From Rating SROC Projected scenario today 90 day+ (%) SROC(%) AIG Financial Products Corp. and Bayerische Hypo-und Vereinsbank AG: US$33 million unfunded managed portfolio credit default swap (Horizon V) C A- A/Watch Neg A 99.9261 99.9651 A- 100.0587 100.0850 AIG Financial Products Corp. and Bayerische Hypo-und Vereinsbank AG: US$33 million unfunded managed portfolio credit default swap (Horizon V) D BB+ BBB/Watch Neg BBB 99.7519 99.7681 BBB- 99.9214 99.9305 BB+ 100.1251 100.1338 Aldersgate Finance Ltd.: EUR249.5 million floating-rate credit-linked notes E BB BB+/Watch Neg BB+ 99.7848 99.8981 BB 100.2973 100.3982 Alexandria Capital PLC: GBP8.538 million secured fixed-rate credit-linked notes series 2003-3 (Dawnay Day Quantum Bond 2008) A AAA AA-/Watch Pos AAA 100.7099 AA+ 100.8924 AA 101.7615 AA- 101.8317 Angel Court CDO PLC: US$25 million Tranche A secured floating-rate notes series 2006-11 AA AA-/Watch Pos AA 100.0184 AA- 100.1140 Argon Capital PLC: US$10 million Gansevoort CDO limited recourse secured floating-rate credit-linked class B notes series 36 B BBB+ A-/Watch Neg A- 99.7185 99.7185 BBB+ 100.0386 100.0386 Argon Capital PLC: US$10 million Gansevoort CDO limited recourse secured floating-rate credit-linked class A notes series 37 A AA- AA+/Watch Neg AA+ 99.3612 99.4400 AA 99.8817 99.9153 AA- 100.0302 100.1129 Argon Capital PLC: US$51 million limited-recourse secured credit-linked floating-rate notes series 60 CCC B/Watch Neg B 96.3097 96.3097 B- 97.6107 97.6107 CCC+ 99.6528 99.6528 CCC 100.6343 100.6343 Argon Capital PLC: EUR20 million limited recourse secured variable-rate credit-linked notes series 87 A+ BBB/Watch Pos A+ 100.4364 A 100.6402 A- 100.9423 BBB+ 102.1667 BBB 102.5131 Baker Street Finance Ltd.: EUR519.2 million floating-rate credit-linked notes A-2 AA/Watch Neg AA+/Watch Neg AA+ 98.5104 98.7715 AA 99.9890 100.1877 AA- 100.6609 100.8418 Baker Street Finance Ltd.: EUR519.2 million floating-rate credit-linked notes B BBB+ A/Watch Neg A 98.4246 98.5916 BBB+ 100.0929 100.2344 Bassi Co. Ltd.: EUR15 million floating-rate secured portfolio callable credit-linked notes series 3 A AAA AA/Watch Pos AAA 115.2297 AA+ 121.8007 AA 150.7137 Betsen CDO Ltd.: EUR80 million secured floating-rate notes series 2004-2 B AAA AA/Watch Pos AAA 123.4568 AA+ 123.4568 AA 123.4568 Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.: EUR225 million floating- and fixed-rate notes A1 AA AA+/Watch Neg AA+ 99.4429 99.4798 AA 100.6460 100.6687 Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.: EUR225 million floating- and fixed-rate notes A2 A- A+/Watch Neg A+ 99.2954 99.3318 A 99.6956 99.7316 A- 100.1375 100.1688 Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.: EUR225 million floating- and fixed-rate notes A3 BBB- BBB/Watch Neg BBB 99.5138 99.5291 BBB- 100.1664 100.1859 Brooklands ABS Euro Referenced Linked Notes 2002-2 Ltd.: EUR225 million floating- and fixed-rate notes A4 B+ BB/Watch Neg BB 99.3890 99.4039 BB- 99.6144 99.6337 B+ 100.0678 100.0829 Brooklands Euro Referenced Linked Notes 2005-1 Ltd.: EUR200 million fixed- and floating-rate notes C BBB+ A-/Watch Neg A- 99.7951 99.9580 BBB+ 100.5047 100.6628 Brooklands Euro Referenced Linked Notes 2005-1 Ltd.: EUR200 million fixed- and floating-rate notes D2 BB+ BBB-/Watch Neg BBB- 99.8656 100.0089 BB+ 100.2795 100.4135 Cairngorm Ltd.: GBP87 million asset-backed floating-rate notes B AAA A/Watch Pos AAA 116.1023 AA+ 125.2871 AA 135.5804 AA- 140.2488 A+ 144.9421 A 149.5810 Cairngorm Ltd.: GBP87 million asset-backed floating-rate notes C AA BBB/Watch Pos AA 102.9456 AA- 106.4903 A+ 110.0539 A 113.5762 A- 117.0182 BBB+ 121.7145 BBB 126.2346 Cairngorm Ltd.: GBP87 million asset-backed floating-rate notes D BBB BB/Watch Pos BBB 102.7939 BBB- 108.3247 BB+ 115.9238 BB 119.6371 Carneros III PLC: US$10 million, JPY2,400 million, and EUR176.5 million floating-rate credit-linked secured notes A EUR AA+ AAA/Watch Neg AAA 99.8543 99.9401 AA+ 100.1240 100.1994 Chiswell Street Finance Ltd.: EUR135.5 million floating-rate credit-linked notes A Senior AA AA-/Watch Pos AA 100.4951 AA- 100.9988 Chiswell Street Finance Ltd.: EUR135.5 million floating-rate credit-linked notes A A A-/Watch Pos A 100.0136 A- 100.4581 Chiswell Street Finance Ltd.: EUR135.5 million floating-rate credit-linked notes B BBB BBB-/Watch Pos BBB 100.0557 BBB- 100.8511 Chrome Funding Ltd.: US$33 million floating-rate variable spread credit-linked floating-rate notes (Green Bay CDO I) series 23 I CCC CCC+/Watch Neg CCC+ 97.0741 97.0741 CCC 107.5945 107.5945 Chrome Funding Ltd.: US$28.5 million floating-rate variable spread credit-linked floating-rate notes (Green Bay CDO I) series 24 II CCC- CCC/Watch Neg CCC 98.3581 98.3581 CCC- 105.5711 105.5711 Claris IV Ltd.: EUR40 million Carmel Valley 2006-3 synthetic CDO of RMBS variable-rate notes series 5 CCC+ BB-/Watch Neg BB- 96.3001 96.9091 B+ 97.1274 97.3457 B 98.1730 98.1845 B- 99.4370 99.4370 CCC+ 102.3670 102.3670 Claris IV Ltd.: EUR5 million Carmel Valley 2006-3 synthetic CDO of RMBS variable-rate notes series 6 CCC+ B/Watch Neg B 98.0780 98.2145 B- 99.2494 99.2494 CCC+ 101.3192 101.3192 Claris IV Ltd.: US$17.5 million Carmel Valley synthetic CDO of RMBS variable-rate notes series 7 CCC+ B/Watch Neg B 98.0780 98.2145 B- 99.2494 99.2494 CCC+ 101.3192 101.3192 Claris IV Ltd.: US$49 million Leibnitz 2006-1 synthetic CDO of RMBS variable-rate notes series 9/2006 CCC- CCC/Watch Neg CCC 98.7507 98.8366 CCC- 99.9408 99.9408 Cloverie PLC: US$80 million class B secured portfolio-linked floating-rate notes series 2007-32 B B B+/Watch Neg B+ 99.6286 99.6286 B 100.3881 100.3881 Coriolanus Ltd.: EUR14.956 million floating-rate secured notes series 14 A A+ BBB+/Watch Pos A+ 100.0615 A 100.2193 A- 100.4935 BBB+ 101.0573 Coriolanus Ltd.: US$25 million variable-rate secured notes series 44 A2 CCC- CCC+/Watch Neg CCC+ 96.6471 96.6827 CCC 98.2608 98.3186 CCC- 99.6817 99.7458 Coriolanus Ltd.: US$5 million class B secured floating-rate notes series 69 B B- BB+/Watch Neg BB+ 89.1458 89.1559 BB 91.2977 91.2877 BB- 93.6724 93.6410 B+ 95.8666 95.8194 B 98.7255 98.6758 B- 102.6246 102.6090 Corsair Finance (Ireland) No. 6 Ltd.: EUR25 million floating-rate secured portfolio credit-linked notes series 3 A AA AA-/Watch Pos AA 100.5585 AA- 100.7367 Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC: EUR45 million limited-recourse secured credit-linked variable-rate notes series 31 (Aramis) BB- BBB/Watch Neg BBB 96.0216 96.0216 BBB- 97.3701 97.3701 BB+ 98.1896 98.1837 BB 99.3144 99.3144 BB- 100.6630 100.6630 Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC: EUR20 million limited-recourse secured credit-linked variable-rate notes series 33 (Aramis) B+ BB+/Watch Neg BB+ 96.5303 96.5245 BB 97.6360 97.6360 BB- 98.9618 98.9618 B+ 100.5644 100.5585 Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC: US$50 million limited-recourse secured credit-linked variable-rate notes series 37 (Aramis) CCC CCC+/Watch Neg CCC+ 99.5282 99.5235 CCC 101.0999 101.0999 Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC: US$25 million limited-recourse secured credit-linked variable-rate notes series 38 (Aramis) B+ BBB-/Watch Neg BBB- 96.0606 96.0606 BB+ 96.8690 96.8632 BB 97.9787 97.9787 BB- 99.3091 99.3091 B+ 100.9174 100.9115 Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC EUR20 million limited-recourse secured credit-linked variable-rate notes series 39 (Aramis) BB- BBB/Watch Neg BBB 96.5942 96.5942 BBB- 97.9508 97.9508 BB+ 98.7752 98.7693 BB 99.9067 99.9067 BB- 101.2633 101.2633 Credit-Linked Enhanced Asset Repackagings (C.L.E.A.R.) PLC: AU$5 million limited-recourse secured credit-linked variable-rate notes series 40 (Aramis) CCC+ B/Watch Neg B 97.1091 97.1020 B- 99.2783 99.2686 CCC+ 103.4524 103.4496 Curzon Funding Ltd.: EUR60 million (equivalent) variable-coupon notes series 2006-1 D BB- BBB/Watch Neg BBB 99.1990 99.2514 BBB- 99.5677 99.5677 BB+ 99.7596 99.8072 BB 99.8556 99.8556 BB- 100.1369 100.1818 Curzon Funding Ltd.: US$60 million floating-rate note series 2006-3 (Horizon CDO VIII) D BB BBB/Watch Neg BBB 99.6495 99.6538 BBB- 99.8869 99.8869 BB+ 99.9879 99.9879 BB 100.1242 100.1424 Delta CDO PLC: US$142.5 million floating-rate credit-linked secured notes series 2005-2 K-1 BBB- BBB+/Watch Neg BBB+ 99.5312 99.6794 BBB 99.8317 99.9346 BBB- 100.4194 100.4984 Deutsche Bank AG and Deutsche Securities Inc.: US$150 million floating-rate unfunded credit default swap (Tsar 16 portfolio) A-2 B+ BBB-/Watch Neg BBB- 96.9917 97.0119 BB+ 97.6820 97.6996 BB 98.4507 98.4646 BB- 99.1821 99.1938 B+ 100.0951 100.1053 Eirles Four Ltd.: US$9.6 million variable rate secured notes, Series 61 B- BB+/Watch Neg BB+ 95.7903 95.8346 BB 96.8962 96.9738 BB- 97.5983 97.6817 B+ 98.4620 98.5597 B 99.3472 99.4639 B- 100.0762 100.1753 Eirles Two Ltd.: US$37.2 million variable rate secured notes series 143 BB- BB+/Watch Neg BB+ 99.1202 99.1249 BB 99.6735 99.6735 BB- 100.0019 100.0090 Eirles Two Ltd.: US$35.7 million variable rate secured notes series 144 CCC- CCC/Watch Neg CCC 99.6728 99.6772 CCC- 100.3591 100.3591 Eirles Two Ltd.: EUR21 million variable-rate secured notes series 160 BBB- BBB+/Watch Neg BBB+ 99.0044 99.0510 BBB 99.6233 99.6404 BBB- 100.4108 100.4281 Eirles Two Ltd.: EUR50 million floating-rate credit-linked secured notes series 222 B B+ BBB/Watch Neg BBB 76.1459 76.1459 BBB- 80.9381 80.9381 BB+ 89.8709 89.8709 BB 93.6603 93.6603 BB- 96.0064 96.0064 B+ 102.4476 102.4476 Eirles Two Ltd.: US$50 million variable-rate secured notes (Builder CDO 2004-1) series 218 BB+ BBB/Watch Neg BBB 98.9698 98.9882 BBB- 99.9695 99.9873 BB+ 100.6370 100.6556 Eirles Two Ltd.: EUR27.5 million variable-rate secured notes series 223 CCC+ BB/Watch Neg BB 97.6285 97.6245 BB- 98.1781 98.1741 B+ 98.7930 98.7861 B 99.3073 99.2997 B- 99.9517 99.9517 CCC+ 101.1979 101.2157 Eirles Two Ltd.: EUR42.75 million variable-rate secured notes series 224 CCC B+/Watch Neg B+ 97.4546 97.4479 B 97.9583 97.9534 B- 98.5957 98.5959 CCC+ 99.8249 99.8421 CCC 100.4570 100.5063 Eirles Two Ltd.: EUR26.125 million variable-rate secured notes series 225 CCC- B-/Watch Neg B- 97.3526 97.3527 CCC+ 98.5667 98.5862 CCC 99.1935 99.2401 CCC- 99.9863 100.0388 Eirles Two Ltd.: EUR26.125 million variable-rate secured notes series 226 CCC- CCC+/Watch Neg CCC+ 97.8742 97.8911 CCC 98.4940 98.5423 CCC- 99.2798 99.3312 Eirles Two Ltd.: US$20 million secured floating-rate portfolio credit-linked notes series 236 B- BBB/Watch Neg BBB 67.2527 68.0819 BBB- 72.0080 72.7273 BB+ 77.3327 77.5125 BB 80.3596 80.9191 BB- 83.9461 84.4655 B+ 91.6284 91.9880 B 94.9750 95.4645 B- 100.0400 100.1998 Eirles Two Ltd.: US$55 million floating-rate portfolio credit-linked secured notes series 273 CCC+ BB-/Watch Neg BB- 81.4116 81.7569 B+ 86.3858 86.5637 B 89.2075 89.3855 B- 92.8582 93.0788 CCC+ 101.3995 101.6459 Eirles Two Ltd.: US$25 million floating-rate portfolio credit-linked secured notes series 274 CCC- B/Watch Neg B 83.9445 83.9445 B- 87.5502 87.5502 CCC+ 95.6165 95.6165 CCC 98.7133 98.7133 CCC- 101.8465 101.8465 Eirles Two Ltd. US$24 million class B variable-rate secured notes series 292 B CCC- CCC/Watch Neg CCC 98.1973 98.3194 CCC- 99.2407 99.3162 Eirles Two Ltd.: EUR14.1 million class B variable-rate secured notes series 297 CCC- CCC+/Watch Neg CCC+ 97.5851 97.6243 CCC 98.6879 98.7376 CCC- 99.9486 99.9873 Eirles Two Ltd.: US$150 million floating-rate portfolio credit-linked notes series 300 CCC- CCC/Watch Neg CCC 87.9617 88.2750 CCC- 92.2583 92.5417 Eirles Two Ltd.: US$17 million variable-rate secured notes series 306 A-3 B- B+/Watch Neg B+ 99.2192 99.2419 B 99.9268 99.9501 B- 100.7266 100.7594 Eirles Two Ltd.: US$17 million variable-rate secured notes series 307 A-4 CCC- CCC+/Watch Neg CCC+ 98.7893 98.8304 CCC 99.4258 99.4258 CCC- 100.9144 100.9222 Eirles Two Ltd.: JPY3.7 billion variable-rate secured notes series 317 A-4 CCC- CCC+/Watch Neg CCC+ 98.7893 98.8304 CCC 99.4258 99.4258 CCC- 100.9144 100.9222 Eirles Two Ltd.: US$66 million floating-rate leveraged super senior secured credit-linked notes series 331 BB+ A+/Watch Neg A+ 81.7778 81.7778 A 83.5556 83.5556 A- 85.3333 85.3333 BBB+ 90.3611 90.3611 BBB 93.6667 93.6667 BBB- 96.9722 96.9722 BB+ 101.2500 101.2500 Eirles Two Ltd.: EUR25 million floating-rate leveraged super senior secured credit-linked notes series 332 BB+ A+/Watch Neg A+ 80.4267 80.4267 A 82.1333 82.1333 A- 83.8400 83.8400 BBB+ 88.9067 88.9067 BBB 92.0800 92.0800 BBB- 96.8400 96.8400 BB+ 101.0667 101.0667 Eirles Two Ltd.: EUR50 million floating-rate leveraged super senior secured credit-linked notes series 333 BB+ A+/Watch Neg A+ 80.4267 80.4267 A 82.1333 82.1333 A- 83.8400 83.8400 BBB+ 88.9067 88.9067 BBB 92.0800 92.0800 BBB- 96.8400 96.8400 BB+ 101.0667 101.0667 Eirles Two Ltd.: EUR75 million floating-rate leveraged super senior secured credit-linked notes series 334 BB+ A+/Watch Neg A+ 80.4267 80.4267 A 82.1333 82.1333 A- 83.8400 83.8400 BBB+ 88.9067 88.9067 BBB 92.0800 92.0800 BBB- 96.8400 96.8400 BB+ 101.0667 101.0667 Elva Funding PLC: EUR100 million and JPY1.1 billion secured credit-linked floating-rate notes series 2007-3 (Euclid CDO) B AAA AA/Watch Pos AAA 100.8560 AA+ 101.0373 AA 101.3337 Elva Funding PLC: EUR100 million and JPY1.1 billion secured credit-linked floating-rate notes series 2007-3 (Euclid CDO) B3 AAA AA/Watch Pos AAA 100.8560 AA+ 101.0373 AA 101.3337 Elva Funding PLC: EUR100 million and ¥1.1 billion secured credit-linked floating- rate notes series 2007-3 (Euclid CDO) D A- BBB/Watch Pos A- 100.4695 BBB+ 100.7079 BBB 100.9721 Elva Funding PLC: EUR10 million, US$30 million, and JPY1.0 billion secured floating-rate credit-linked notes series 2007-7 B AAA AA/Watch Pos AAA 100.8560 AA+ 101.0373 AA 101.3337 Elva Funding PLC: US$62.5 million secured credit-linked floating- and variable-rate notes series 2007-10 C1 AA A+/Watch Pos AA 100.9525 AA- 101.2501 A+ 101.4300 Elva Funding PLC: US$62.5 million secured credit-linked floating- and variable-rate notes series 2007-10 C2 AA A+/Watch Pos AA 100.9525 AA- 101.2501 A+ 101.4300 Herald Ltd.: US$19.2 million floating-rate credit-linked secured notes (Logan CDO) series 26 A-2 CCC- B/Watch Neg B 98.1403 98.1438 B- 98.5575 98.5651 CCC+ 99.0670 99.0723 CCC 99.4804 99.4937 CCC- 100.3356 100.3511 Ionia Capital PLC: EUR26 million secured fixed- and floating-rate credit-linked notes series 2006-5 Ae1 A A+/Watch Neg A+ 99.8219 99.9827 A 100.0238 100.1826 Ionia Capital PLC: EUR26 million secured fixed- and floating-rate credit-linked notes series 2006-5 Ae2 A A+/Watch Neg A+ 99.8219 99.9827 A 100.0238 100.1826 Ionia Capital PLC: EUR26 million secured fixed- and floating-rate credit-linked notes series 2006-5 Ae3 A A+/Watch Neg A+ 99.8219 99.9827 A 100.0238 100.1826 Khamsin Credit Products (Netherlands) II BV: EUR21 million class C1 long-short floating-rate managed credit-linked notes series 4 (Silver Lake 2006-2) C1 A- BBB+/Watch Pos A- 100.2084 BBB+ 100.5658 Khamsin Credit Products (Netherlands) II BV: EUR11 million class C2 long-short fixed-rate managed credit-linked notes series 5 (Silver Lake 2006-3) C2 A- BBB+/Watch Pos A- 100.2084 BBB+ 100.5658 Khamsin Credit Products (Netherlands) II BV: EUR3.5 million class B long-short fixed-rate managed credit-linked notes series 6 (Silver Lake 2006-4) B AA A/Watch Pos AA 100.0587 AA- 100.1953 A+ 100.3493 A 100.4802 Khamsin Credit Products (Netherlands) II BV: AU$10 million Silver Bell Long-Short floating-rate credit-linked notes series 7 AA- A-/Watch Pos AA- 100.2121 A+ 100.3966 A 100.5608 A- 100.8314 Linker Finance PLC: US$28.5 million class C floating-rate secured notes series 2 (Tsar 16) CCC B/Watch Neg B 97.3379 97.3499 B- 98.0153 98.0345 CCC+ 99.3124 99.3551 CCC 100.2511 100.3082 Linker Finance PLC: US$28.5 million class C floating-rate secured notes series 3 (Tsar 16) C CCC- CCC/Watch Neg CCC 97.7683 97.8068 CCC- 98.7440 98.7723 Linker Finance PLC: US$18 million class D floating-rate secured notes series 4 (Tsar 16) D CCC- CCC/Watch Neg CCC 97.0718 97.1255 CCC- 98.1227 98.1620 Lunar Funding V PLC: US$30 million limited recourse secured floating-rate credit-linked notes series 2006-27 CCC- CCC+/Watch Neg CCC+ 84.8045 84.8045 CCC 89.2482 89.2482 CCC- 92.9482 92.9482 Lunar Funding V PLC: US$50 million limited recourse secured floating-rate credit-linked notes series 2007-36 BBB+ AAA/Watch Neg AAA 96.4513 96.4513 AA+ 97.2618 97.2618 AA 97.6006 97.6006 AA- 97.7957 97.7957 A+ 98.9980 98.9980 A 99.1661 99.1661 A- 99.4756 99.4756 BBB+ 100.8658 100.8658 Lunar Funding V PLC: US$100 million limited recourse secured floating-rate credit-linked notes series 2007-37 BB- A/Watch Neg A 93.3328 93.3328 A- 93.6241 93.6241 BBB+ 94.9325 94.9325 BBB 95.5574 95.5574 BBB- 96.9078 96.9078 BB+ 98.1567 98.1567 BB 99.4122 99.4122 BB- 100.9151 100.9151 Lunar Funding V PLC: US$200 million limited recourse secured floating-rate credit-linked notes series 2007-39 CCC+ B+/Watch Neg B+ 74.0725 74.0725 B 82.0043 82.0043 B- 92.2388 92.2388 CCC+ 111.1940 111.1940 Menton CDO IV Ltd.: US$250 million secured floating-rate notes A-1 BBB+ A+/Watch Neg A+ 99.4287 99.4287 A 99.4287 99.4287 A- 99.4287 99.4287 BBB+ 100.5765 100.6103 Omega Capital Investments PLC: CHF21 million, EUR26 million, and US$16 million secured floating-rate notes series 36 H AA- AA/Watch Neg AA 99.9447 99.9758 AA- 100.0872 100.9180 Omega Capital Investments PLC: CHF21 million, EUR26 million, and US$16 million secured floating-rate notes series 36 I AA- AA/Watch Neg AA 99.9447 99.9758 AA- 100.0872 100.9180 Omega Capital Investments PLC: CHF21 million, EUR26 million, and US$16 million secured floating-rate notes series 36 J AA- AA/Watch Neg AA 99.9447 99.9758 AA- 100.0872 100.9180 Quartz CDO (Ireland) PLC: US$150 million floating-rate secured substitutable managed portfolio credit-linked notes series 6 C-1 A+ A/Watch Pos A+ 106.1311 A 106.7297 Saphir Finance PLC: EUR15 million inflation and credit-linked synthetic variable coupon notes series 2007-9 AA AA+/Watch Neg AA+ 99.8704 99.9627 AA 100.1958 100.3002 Sceptre Capital BV: EUR3 million secured credit-linked variable-rate notes series 2004-9 A AA- A+/Watch Pos AA- 102.9286 A+ 103.0492 STARTS (Ireland) PLC US$15 million credit-linked floating-rate notes series 2006-23 AA AAA/Watch Neg AAA 99.1992 99.2222 AA+ 99.5524 99.5693 AA 100.0511 100.0906 WhiteBlue No. 1 GmbH: EUR200 million floating-rate notes A AAA AA+/Watch Pos AAA 100.2343 AA+ 100.4392 WhiteBlue No. 1 GmbH: EUR200 million floating-rate notes B AA AA-/Watch Pos AA 100.2246 AA- 100.3546 Xelo PLC: EUR140 million secured limited recourse credit-linked notes series 2007 (Ferras CDO) A- A+/Watch Neg A+ 99.7724 99.7029 A 99.9672 99.8952 A- 100.2742 100.1978 ========= I T A L Y ========= PARMALAT SPA: NY Court Certifies Domestic Plaintiff Class --------------------------------------------------------- Parmalat S.p.A. communicates that U.S. District Court for the Southern District of New York, where the class action "Parmalat Securities Litigation" is pending, has certified the class with respect to domestic plaintiffs who have purchased shares of (old) Parmalat in the period Jan. 5, 1999-Dec. 18, 2003. The court has excluded foreign purchasers considering the substantial likelihood that motions to dismiss their claims would be granted. The court also noted that the class representatives who have moved for certification have bought only Parmalat ordinary shares, not debt. Accordingly, the court further modified the class to include only domestic investors who purchased or otherwise acquired Parmalat ordinary shares during the class period. The ruling is without prejudice to the pending application to approve a settlement with (new) Parmalat on behalf of a broader class, and a renewed motion to expand the class to include foreign purchasers. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. PARMALAT SPA: Thorp Reed Wins Dismissal for Pavia in Class Suit --------------------------------------------------------------- Thorp Reed & Armstrong, LLP, has successfully secured a dismissal for independent Italian law firm Pavia e Ansaldo (Pavia) in a major class action suit brought by the shareholders of Parmalat S.p.A. The suit was brought against a number of independent institutions, including Bank of America, Citigroup and Pavia, following the Italian dairy firm's entering into bankruptcy, the largest in Europe's history. Bank of America and Citigroup were dismissed along with Pavia. The dismissal, handed down by U.S. District Court Judge Lewis A. Kaplan, was issued on August 7 and made available to the public on August 11. The class action suit sought billions of dollars in damages and was brought on behalf of buyers of shares in Parmalat. Investors accused accounting firms, the banks, and Pavia, of willfully misleading them about the value of shares they purchased in Parmalat prior to the company's collapse in 2003. The collapse of Parmalat has been referred to as the "Enron of Europe." The recent United States Supreme Court decision in Stoneridge vs. Scientific Atlanta provided the basis for the ruling and clarified that Pavia, and the banks involved in the suit, had no liability for the fraud alleged in the Parmalat case. Joe Donley, Esq., the Thorp Reed & Armstrong partner who was lead counsel for Pavia in the case, commented, "The dismissal is extremely satisfying for all of us who worked on the case, but perhaps most importantly, it is an important moral, ethical and legal victory for Pavia e Ansaldo, a highly respected Italian law firm. The firm always maintained that it had no involvement in the Parmalat collapse and that it did not engage in any fraudulent or deceptive conduct, and the evidence showed that. We applaud the decision by Judge Kaplan and his recognition that the plaintiffs' arguments were unfounded in this matter." About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. =================== K Y R G Y Z S T A N =================== ASIA PLUS: Creditors Must File Claims by September 25 ----------------------------------------------------- Branch of the Company Asia Plus KG has declared insolvency. Creditors have until Sept. 25, 2008, to submit written proofs of claim. Inquiries can be addressed to (0-772) 55-19-33. ================= L I T H U A N I A ================= UKIO BANKAS: S&P Revises Outlook to Neg., Affirms BB/B Ratings -------------------------------------------------------------- Standard & Poor's Ratings Services has revised its outlook on Lithuanian-based AB Ukio Bankas to negative from stable. At the same time, the 'BB' long-term ratings and 'B' short-term ratings on the bank were affirmed. The outlook revision on AB Ukio Bankas (Ukio) reflects the bank's heightened credit risks arising from uncertain economic prospects in the Republic of Lithuania (A-/Negative/A-2) where the bank operates. "In addition to the deteriorating economic conditions, we believe that Ukio's credit risks have increased because the bank has experienced very high loan growth in the past 12 months in an untested operating environment that is exposed to macroeconomic overheating," said S&P's credit analyst Miguel Pintado. "Standard & Poor's considers that Ukio is exposed to high credit risk through its loan portfolio growth of over 100% in the last 18 months. This is well above the overall Lithuanian market lending growth rate, and most of the loans are to the riskier small and midsize enterprises and retail leasing sectors." The credit risk concerns are compounded by the high single name and industry concentrations. The concerns on concentration were somewhat mitigated by the disposal on July 24, 2008 of a large real estate project in Moscow in which the bank was involved. Although asset quality indicators remain at relatively comfortable levels, the first six months of 2008 have already seen a deterioration, with nonperforming loans increasing. The ratings on Ukio factor the bank's sound capitalization, good but pressurized profitability, and adequate funding and liquidity profile. The ratings mirror the bank's stand-alone credit quality, and do not include any uplift for extraordinary external support. S&P considers that Ukio is likely to face increased pressure on its asset quality as the economic conditions in Lithuania deteriorate. The outlook also factors in the expectation that Ukio will be able to maintain its relatively good financial performance and garnering of market shares in core business lines, while maintaining capital levels. The outlook could revert to stable if S&P's concerns over the operating environment abate and the bank's asset quality proves resilient while it continues to deliver sustained profitability and strengthen its commercial and financial position. Conversely, a weakening financial profile or operating environment, contributing to higher credit or market risks, could put downward pressure on the ratings. ===================== N E T H E R L A N D S ===================== LAURELIN II: Fitch Affirms BB Rating on EUR17MM Class E Notes ------------------------------------------------------------- Fitch Ratings has affirmed the ratings of 11 classes of Laurelin II B.V. notes as: -- EUR147.25 million Class A-1E floating-rate notes (ISIN: XS0305009382): affirmed at 'AAA' -- EUR90 million Class A-1R floating-rate notes: affirmed at 'AAA' -- GBP30.405 million Class A-1S floating-rate notes (ISIN: XS0305009465): affirmed at 'AAA' -- EUR15.75 million Class A-2 floating-rate notes (ISIN: XS0305009978): affirmed at 'AAA' -- EUR26 million Class B-1 floating-rate notes (ISIN: XS0305010398): affirmed at 'AA' -- EUR15 million Class B-2 fixed-rate notes (ISIN: XS0305095365): affirmed at 'AA' -- EUR26 million Class C deferrable floating-rate notes (ISIN: XS03050 10471): affirmed at 'A' -- EUR12.5 million Class D-1 deferrable floating-rate notes (ISIN: XS0305010711): affirmed at 'BBB' -- EUR10.5 million Class D-2 deferrable fixed-rate notes (ISIN: XS0305195157): affirmed at 'BBB' -- EUR17 million Class E deferrable floating-rate notes (ISIN: XS0305011016): affirmed at 'BB' -- EUR16.19 million Class X combination notes (ISIN: XS0305096330): affirmed at 'BBB' Laurelin II B.V. is a securitization of mainly European senior secured loans with the total note issuance of EUR450 million invested in a target portfolio of EUR438 million. The portfolio is actively managed by GoldenTree Asset Management LP (rated 'CAM 2- (minus)'). Fitch released two new sets of rating criteria on 30 April 2008: Global Criteria for Corporate CDOs and Global Criteria for Cash Flow Analysis in Corporate CDOs. At that time, Fitch noted that it would be reviewing its ratings with these two new sets of criteria to establish consistency for existing and new ratings. The elements of the updated criteria that have the greatest impact on the analysis of Laurelin II B.V. include increased default probability assumptions for underlying assets, as well as stressed correlation assumptions to reflect the additional risk posed by portfolio concentrations. Fitch's new cash flow criteria also apply updated default timing and interest rate scenarios. In analysing Laurelin II B.V., Fitch has modified several elements of its public criteria. The most significant modification to the cash-flow methodology relates to a shortening of recovery timing to 12 months from 18 months after default for rating scenarios at 'BBB' and below. Fitch also used scenario analysis to determine whether the rated notes are in line with Fitch's rating definitions. The most important scenario analysis tested how robust the rated notes are against individual obligor defaults. For example, the Class D notes can withstand the default of 28 assets on average or 10 of the largest risk contributors and the Class E notes can withstand the default of 22 assets on average or seven of the largest risk contributors. This analysis more accurately reflects Fitch's view of the credit quality of the portfolio, the transaction structure and the ability of the manager. The notional amounts of the Class X refer to the outstanding rated balance. This takes into account all previous payments that have been used to reduce the note balance, in accordance with the terms and conditions of the notes. As of the review date, the portfolio contained loans from 63 obligors, with the largest exposure accounting for approximately 3% of the outstanding portfolio amount, and the five largest obligors accounting for 15% of the outstanding portfolio amount. Fitch makes downward adjustments for any names on Rating Watch Negative or Negative Outlook for default analysis in its Portfolio Credit Model. As at this date, approximately 1% of the assets are rated in the 'CCC' category on an unadjusted basis, and on an adjusted basis approximately 2% of the assets are treated as 'CCC+' or below. The weighted average portfolio quality is 'B'. None of the assets are on RWN, while 18% is on Negative Outlook and one obligor accounting for less than 1% of the portfolio has defaulted. The largest single industry is broadcasting and media with 16% of the portfolio volume. =========== R U S S I A =========== ING BANK: Moody's Assigns D Bank Financial Strength Rating ---------------------------------------------------------- Moody's Investors Service has assigned the following global scale ratings to ING Bank Eurasia (IBE): Baa1 long-term and Prime-2 (P-2) short-term foreign and local currency deposit ratings and a D bank financial strength rating (BFSR). The outlook for all ratings is stable. At the same time, Moody's Interfax Rating Agency has assigned a Aaa.ru long-term national scale credit rating (NSR) to IBE. Moscow-based Moody's Interfax is majority-owned by Moody's, a leading global rating agency. The Baa1/P-2/D global scale ratings assigned to IBE reflect global default and loss expectation, while the Aaa.ru national scale rating reflects the standing of the bank's credit quality relative to its domestic peers. According to Moody's, the bank's Baa1/Prime-2 local and foreign currency deposit ratings are primarily driven by the expected support from IBE controlling shareholder -- ING bank N.V- which is rated by Moody's at Aa1/Prime-1/B. According to Moody's, the bank's D FSR reflects its selective customer approach in corporate banking targeted at providing services to multinationals operating in Russia and top-notch local corporates and a solid franchise in securities services operations. The bank's BFSR is also supported by its low credit risk appetite (with the bulk of its lending business being guaranteed by the parent bank), adequate capitalization, strong risk management and tight control from the parent. The key factor constraining IBE's BFSR is the bank's modest franchise and narrow client base, as the bank focuses on a small number of key corporate customers. The BFSR is also constrained by the volatile nature of those bank's earnings which are derived from inherently volatile operations on financial markets. Moody's also notes that significant amount of market risk taken by the bank, as well as high single-name concentrations prevailing on both sides of IBE's balance sheet make the bank's financial performance potentially volatile and weigh negatively on the D BFSR. Moody's notes that at the current level the upside potential of IBE ratings is limited by the bank's modest franchise, narrow client base, absence of territorial coverage and volatile nature of its earnings. At the same time, the bank's ratings are not likely to be negatively affected either, given the bank's strong risk management function, excellent asset quality and solid financial fundamentals, all of which make negative rating developments unlikely. IBE is headquartered in Moscow, Russia and as of Dec. 31, 2007, reported total IFRS assets of US$3.4 billion and net IFRS income of US$59 million. KUZBASS-RAZREZ-UGOL-PERERABOTKA: Claims Filing Ends September 19 ---------------------------------------------------------------- Creditors of LLC Kuzbass-Razrez-Ugol-Pererabotka (OGRN 1024202051170, TIN 4234007256) have until Sept. 19, 2008, to submit proofs of claim to: V. Zimin Insolvency Manager Post User Box 886 650000 Kemerovo Russia Tel: (3842) 44-07-73 The Arbitration Court of Kemerovo commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A27-771/2008-4. The Court is located at: The Arbitration Court of Kemerovo Krasnaya Str. 8 Kemerovo Russia The Debtor can be reached at: LLC Kuzbass-Razrez-Ugol-Pererabotka Naberezhnaya Str. 23 Beregovaya Kemerovo Russia LADA-GUARANTEE CJSC: Creditors Must File Claims by September 19 --------------------------------------------------------------- Creditors of CJSC Lada-Guarantee have until Sept. 19, 2008, to submit proofs of claim to: I. Madzhuga Insolvency Manager Office 40 Br.Korostylevykh 268 Samara Russia The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55-18362/2007. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 443045 Samara Russia The Debtor can be reached at: CJSC Lada-Guarantee Yuzhnoe Shosse 115 Tolyatti Russia MAGNITOGORSKIY FACTORY: Names L. Zimina as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Chelyabinsk appointed L. Zimina as Insolvency Manager for OJSC Magnitogorskiy Factory of Metal Industry. He can be reached at: L. Zimina Insolvency Manager Apt.33 Pionerskaya Str. 7v 454138 Chelyabinsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-8958/2004-52-19/48-420. The Court is located at: The Arbitration Court of Chelyabinsk Vorovskogo Str. 2 454091 Chelyabinsk Russia The Debtor can be reached at: OJSC Magnitogorskiy Factory of Metal Industry Kharkovskaya Str. 5 Magnitogorsk 455005 Chelyabinsk Russia MDM BANK: S&P Affirms BB/B/Stable Counterparty Credit Ratings ------------------------------------------------------------- Standard & Poor's Ratings Services has affirmed its 'BB' long- term and 'B' short-term counterparty credit ratings on Russian MDM Bank. The outlook is stable. "The ratings reflect MDM's funding vulnerability due to still high single-name concentrations in customer deposits, its material exposure to the construction and real estate sectors, and its relatively volatile earnings track record," said S&P's credit analyst Eugene Tarzimanov. These negative factors are mitigated by MDM's sustained commercial and financial performance, and consistent progress in reducing single-name lending concentrations. These positive developments have been supported by the bank's strategic repositioning and organizational enhancements, adequate risk management, and governance practices, as well as by the improving -- albeit still challenging -- macroeconomic environment in Russia. The ratings reflect the bank's stand-alone credit quality, and do not include any uplift for extraordinary external support -- either from the owners or the government. With assets of RUR305 billion (US$13 billion) and equity of RUR39 billion (US$1.7 billion) as of March 31, 2008, MDM ranks among Russia's top 15 banks by assets. The bank represents only about 1.4% of the system's assets, however, which are dominated by state-owned banks, mainly Sberbank (not rated). "We believe that MDM's current strategy and related optimization and growth acceleration plan will progress smoothly without setbacks, and improve the bank's customer franchise and diversification of revenues, loans, and funding. MDM Bank's developed infrastructure positions it well to benefit from positive economic trends in Russia," said Mr. Tarzimanov. An upgrade would depend on the bank's successful execution of its strategic objectives, a longer track record of good financial performance, further reduction in funding concentration, and the maintenance of adequate capitalization. A negative rating action might occur if the bank's strategy faltered, particularly regarding retail-banking development, or if profitability, asset quality, or capitalization deteriorated significantly. PRINT HOUSE–YUG: Rostov Bankruptcy Hearing Set October 1 -------------------------------------------------------- The Arbitration Court of Rostov will convene at 10:15 a.m. on Oct. 1 2008, to hear the bankruptcy supervision procedure on OJSC Print House–Yug. The case is docketed under Case No. A53-8783/08-S1-30. The Temporary Insolvency Manager is: E. Romanova Office 802 Sotsialisticheskaya Str. 74 344002 Rostov-na-Donu Russia The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: CJSC Print House–Yug Office 403 Metallurgicheskaya Str. 102/2 Rostov-na-Donu Russia ROS-STROY CJSC: Court Names V. Guskov as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Samara appointed V. Guskov as Insolvency Manager for CJSC Ros-Stroy (TIN 6325011550). He can be reached at: V. Guskov Insolvency Manager Post User Box 41 Syzran 446001 Samara Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55-6623/2008. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 443045 Samara Russia The Debtor can be reached at: CJSC Ros-Stroy Kirova Str. 54 Syzran Russia TNK-BP INT'L: Downstream EVP Anthony Considine Steps Down --------------------------------------------------------- Anthony Considine of TNK-BP has resigned. Mr. Considine tendered his resignation in a letter dated Aug. 25, 2008. His resignation will be effective from Sept. 15, 2008. Mr. Considine is leaving TNK-BP after 5 years heading its refining, trading and marketing businesses, to pursue other opportunities. TNK-BP Chief Operating Officer, Tim Summers, said: "We regret we are losing Tony. In his 5 years of leadership with TNK-BP, he has set an outstanding example of cross cultural performance and success. His team has embodied what TNK-BP was set up to achieve – a unique and powerful blend of Russian and international expertise and talent which leads the industry. Tony has led the transformation of our refining and marketing business, including value chain optimization which has translated directly into consistently excellent financial results. Our Downstream safety performance has improved markedly during Tony's leadership. He has also been a valued member of senior management, and we thank Tony for his outstanding contribution to the success of our company. We all wish him every success in future." Mr. Considine has held the position of Executive Vice President at TNK-BP since it commenced operations in late August 2003. Immediately prior to this, he was a senior member of the TNK-BP Integration team managing the process of designing and structuring the new company which occurred between March and August 2003. He was a member of the TNK-BP Management Board, the Operations; Policy and Compliance and HR Committees. He is a Director of Slavneft, and a member of their Board's Compensation Committee. Prior to joining TNK-BP, he had previously enjoyed a successful international career with BP, working in a wide variety of senior commercial and management positions in a number of BP's businesses, across a range of geographies. The appointment of Mr. Considine's replacement will follow TNK-BP's normal recruitment processes. About TNK-BP Headquartered Moscow, Russia, TNK-BP -- http://www.tnk-bp.ru/-- is a vertically integrated oil company with a diversified upstream and downstream portfolio in Russia and Ukraine. It owns and operates five refineries (four in Russia and one in Ukraine) and has a retail network of approximately 1,600 sites spread across Central Russia and Ukraine, with a particularly strong position in the Moscow market. TNK-BP employs approximately 65,000 people, mostly located in eight major areas of Russia and Ukraine. The company was formed in 2003 as a result of the merger of BP's Russian oil and gas assets and the oil and gas assets of Alfa, Access/Renova group (AAR). BP and AAR each own 50% of TNK-BP. * * * As reported in the TCR-Europe on Aug. 8, 2008, Standard & Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on TNK-BP International Ltd. to 'BB' from 'BB+', reflecting S&P's concerns over the group's protracted shareholder dispute. At the same time, S&P affirmed its 'B' short-term corporate credit rating on the group. The outlook is negative. ===================== S W I T Z E R L A N D ===================== I.C.M.B. MANAGEMENT: Creditors' Proofs of Claim Due by Sept. 30 --------------------------------------------------------------- Creditors owed money by LLC I.C.M.B. MANAGEMENT are requested to file their proofs of claim by Sept. 30, 2008, to: JSC B + S Universal Treuhand Bahnhofstrasse 4 6102 Malters Switzerland The company is currently undergoing liquidation in Manno. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Sept. 26, 2007. OPTA LLC: Proofs of Claim Filing Deadline is October 20 ------------------------------------------------------- Creditors owed money by LLC Opta are requested to file their proofs of claim by Oct. 20, 2008, to: Scheinhutte Hans-Jurgen Paulistrasse 84 8834 Schindellegi Switzerland The company is currently undergoing liquidation in Feusisberg. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Feb. 24, 2006. =========== T U R K E Y =========== ANADOLUBANK AS: Moody's Revises D BFSR Outlook to Positive ---------------------------------------------------------- Moody's Investors Service has changed the outlook of the 'D' bank financial strength rating of Anadolubank Anonim Sirketi to positive from stable. Moody's has also changed the outlook of the bank's global local currency deposit ratings of 'Ba1/NP' to positive from stable. The bank's B1/Not-Prime foreign currency deposit ratings with stable outlook, constrained by the corresponding sovereign ceiling, are unaffected by this action. The decision to change the outlook of the bank's BFSR and its GLC deposit ratings takes into account Anadolubank's improved financial metrics in recent years. It also reflects the bank's enhanced business franchise, leveraging its relatively strong niche and expertise in the small and medium-sized enterprises segment. This is a quite lucrative market in Turkey offering very good spreads to Anadolubank, which exhibits favorable profitability indicators compared to its Turkish peers. In addition, the bank has very good asset quality, with one of the lowest non-performing loans ratio in the system, while its comfortable capitalization ensures the growth momentum of its loan book, which is expected to continue growing at round 30% over the medium term, further enhancing its franchise. Concurrently, the bank's efficiency is currently under strain as the bank expands its branch network for wider geographical and commercial coverage in Turkey, while its liquidity is good, as the bank wishes to maintain a liquidity buffer in the relatively volatile Turkish operating environment. However, we also note that deposit growth has not kept pace with loan growth, which translates into a less favorable funding profile for the bank, as it has some dependence on wholesale borrowings. Any eventual upgrade of Anadolubank's BFSR and GLC deposit ratings over the short to medium term will depend on the bank's success in sustaining its good financial performance, while maintaining its conservative risk and liquidity profile in the currently challenging economic climate. The rating action takes into account the possibility of deterioration in the Turkish credit environment over coming months, should weakening macroeconomic conditions in Europe spread to Turkey -- a situation that could have asset quality repercussions on Turkish banks including Anadolubank. Anadolubank is headquartered in Istanbul, Turkey and at the end of June 2008 had total assets of YTL3.5 billion (US$2.8 billion). TC ZIRAAT: Moody's Lifts Bank Financial Strength Rating to D+ ------------------------------------------------------------- Moody's Investors Service has upgraded the bank financial strength rating of T.C. Ziraat Bankasi to D+ from D. The bank's Baa1/Prime-2 global local currency deposit rating and B1/Not Prime foreign currency deposit ratings are unaffected by this action. All ratings now carry a stable outlook. Moody's decision to upgrade the BFSR to D+, now mapping to a baseline credit assessment of Ba1, reflects the ongoing improvement in Ziraat's standalone financial strength. Over the past year, the bank has further enhanced its lending franchise and has taken other incremental steps to broaden its product range and improve internal processes. Although it continues to lag behind private sector peers in terms of product range and service quality, it retains leadership in Turkish lira retail deposits, where it enjoys a market share of about 25%, and maintains the largest branch network in the country. In upgrading Ziraat's BFSR, Moody's also recognizes that, although investments in government securities still contribute a very large proportion of overall earnings, the bank's lending and deposit activities would by themselves be sufficient to enable it to attain adequate profitability. Moody's adds that the D+ BFSR reflects the bank's adequate capitalization ratios and healthy liquidity and asset quality metrics. The rating agency's assessment of the bank's risk positioning takes into account its adequate risk management capabilities and moderate market risk appetite, but remains constrained by the very high single-party exposure concentration to the Turkish government. Ziraat's portfolio of government securities accounted for 57% of its unconsolidated total assets as at June 2008. Finally, the rating action takes into account the possibility of a deterioration in the Turkish credit environment over coming months should the weakening macroeconomic conditions in Europe spread to Turkey. Moody's considers that Ziraat's high current profitability provides it with a strong provisioning capacity that would protect the bank's solvency in all but very extreme asset quality scenarios. Ziraat's Baa1/Prime-2 global local currency deposit ratings continue to benefit from external support expectations, currently enjoying a three-notch uplift from the bank's Ba1 baseline credit assessment. This is based on (i) Moody's view that there is an extremely high likelihood of systemic support from the Turkish government in case of need and (ii) the A3 local currency deposit ceiling for Turkey. T.C. Ziraat Bankasi is headquartered in Ankara, Turkey, and had total assets of YTL89.3 billion (US$73.2 billion) at the end of June 2008. ============= U K R A I N E ============= AGRO-CONTRACT LLC: Proofs of Claim Deadline Set August 29 --------------------------------------------------------- Creditors of LLC Agro-Contract (code EDRPOU 32172007) have until Aug. 29, 2008 to submit proofs of claim to: The Economic Court of Chernovcy O. Kobylianska Str. 14 58000 Chernovcy Ukraine The Debtor can be reached at: LLC Agro-Contract Lenkovtsy Kelmenetsky District Chernovcy Ukraine The Economic Court of Chernovcy commenced bankruptcy proceedings against the company after finding it insolvent on July 17, 2008. The case is docketed as 12/242/B. CHERKASSY AGRICULTURAL: Creditors Must File Claims by August 29 ------------------------------------------------------------- Creditors of Agricultural LLC Cherkassy (code EDRPOU 05529685) have until Aug. 29, 2008 to submit proofs of claim to: The Economic Court of Cherkassy Shevchenko Avenue 307 18005 Cherkassy Ukraine The Economic Court of Cherkassy commenced bankruptcy proceedings against the company after finding it insolvent on May 22, 2008. The case is docketed as 14/1730. The Debtor can be reached at: Agricultural LLC Cherkassy Panayev Str. 53 18000 Cherkassy Ukraine CHERNIGOV TRANSPORT: Creditors Must File Claims by Aug. 29 ---------------------------------------------------------- Creditors of OJSC Chernigov Transport Part (code EDRPOU 00232822) have until Aug. 29, 2008 to submit proofs of claim to: The Economic Court of Chernigov Mir Avenue 20 14000 Chernigov Ukraine The Economic Court of Chernigov has commenced bankruptcy supervision procedure on the company. The case is docketed as 4/270b. The Debtor can be reached at: OJSC Chernigov Transport Part Mir Avenue 312 14007 Chernigov Ukraine CONCORD-SOUTH LLC: Creditors Must File Claims by August 29 ---------------------------------------------------------- Creditors of LLC Concord-South (code EDRPOU 33564683) have until Aug. 29, 2008 to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent on July 17, 2008. The case is docketed as B 26/148-08. The Debtor can be reached at: LLC Concord-South Kachalov Str. 1 49000 Dnipropetrovsk Ukraine DNIEPRREPAIRBUILDINGSERVICE: Creditors' Claims Due by Aug. 29 ------------------------------------------------------------- Creditors of State Enterprise of Ministry of Defense of Ukraine Dnieprrepairbuildingservice (code EDRPOU 22996170) have until Aug. 29, 2008 to submit proofs of claim to: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy supervision procedure on the company on May 26, 2008. The case is docketed as B 26/118-08. The Debtor can be reached at: State Enterprise of Ministry of Defense of Ukraine Dnieprrepairbuildingservice Trud Avenue 2 49000 Dnipropetrovsk Ukraine DONETSK START: Creditors Must File Claims by August 29 ------------------------------------------------------ Creditors of Donetsk State Plant Start (code EDRPOU 05287615) have until Aug. 29, 2008 to submit proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk has commenced bankruptcy supervision procedure on the company. The case is docketed as 27/112B. The Debtor can be reached at: Donetsk State Plant Start Novosennaya Str. 78 83018 Donetsk Ukraine INDUSTRIAL TRADE: Proofs of Claim Deadline Set August 29 -------------------------------------------------------- Creditors of LLC Industrial Trade Metal (code EDRPOU 32910786) have until Aug. 29, 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 23, 2008. The case is docketed as 43/553. The Debtor can be reached at: LLC Industrial Trade Metal Saksagansky Str. 41 01033 Kiev Ukraine KHARKOV AIRLINES: Creditors Must File Claims by August 29 --------------------------------------------------------- Creditors of OJSC Kharkov Airlines (code EDRPOU 25469838) have until Aug. 29, 2008 to submit proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: OJSC Kharkov Airlines Airport 61031 Kharkov Ukraine KOROVINTSY SUGAR: Creditors Must File Claims by Augus 29 ------------------------------------------------------------- Creditors of OJSC Korovintsy Sugar Plant (code EDRPOU 00372397) have until Aug. 29, 2008 to submit proofs of claim to: The Economic Court of Zhytomir Putiatinskiy Square 3/65 10014 Zhytomir Ukraine The Economic Court of Zhytomir has commenced bankruptcy supervision procedure on the company. The case is docketed as 3/103-b. The Debtor can be reached at: OJSC Korovintsy Sugar Plant Pioneer Lane 2 Chudnov District Korovintsy 13240 Zhytomir Ukraine LIPOVAYA DOLINA: Creditors Must File Claims by August 29 -------------------------------------------------------- Creditors of OJSC Lipovaya Dolina Agricultural Chemistry (code EDRPOU 05490718) have until Aug. 29, 2008 to submit proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company after finding it insolvent on July 10, 2008. The case is docketed as 6/90-08. The Debtor can be reached at: OJSC Lipovaya Dolina Agricultural Chemistry 42500 Sumy Ukraine Lipovaya Dolina Sinevsky shliakh Str. 2 MACHINE-TECHNOLOGICAL STATION: Claims Deadline Set August 29 ------------------------------------------------------------ Creditors of OJSC Cherniakhoval Agricultural Industrial Technics Subsidiary Company Machine-Technological Station (code EDRPOU 30776585) have until Aug. 29, 2008 to submit proofs of claim to: The Economic Court of Zhytomir Putiatinskiy Square 3/65 10014 Zhytomir Ukraine The Economic Court of Zhytomir commenced bankruptcy proceedings against the company after finding it insolvent on May 27, 2008. The case is docketed as 3/64-b. The Debtor can be reached at: OJSC Cherniakhoval Agricultural Industrial Technics Subsidiary Company Machine-Technological Station Industrial Str. 33 Cherniakhov 12301 Zhytomir Ukraine MARKTRADING LLC: Proofs of Claim Deadline Set August 29 ------------------------------------------------------- Creditors of LLC Company Marktrading (code EDRPOU 33634630) have until Aug. 29, 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 23, 2008. The case is docketed as 43/554. The Debtor can be reached at: LLC Company Marktrading Volkhovskaya Str. 4 02092 Kiev Ukraine OSNASTKA-ENERGY: Creditors Must File Claims by August 29 -------------------------------------------------------- Creditors of CJSC Osnastka-Energy (code EDRPOU 23252052) have until Aug. 29, 2008 to submit proofs of claim to: The Economic Court of Volin Volia Avenue 54-a 43010 Lutsk Volin Ukraine The Economic Court of Volin commenced bankruptcy proceedings against the company after finding it insolvent on July 10, 2008. The case is docketed as 7/70-B. The Debtor can be reached at: CJSC Osnastka-Energy Lutsk Str. 25 Novovolinsk Volin Ukraine SELMIS LLC: Proofs of Claim Deadline Set August 29 -------------------------------------------------- Creditors of LLC Firm Selmis (code EDRPOU 19490585) have until Aug. 29, 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 18, 2008. The case is docketed as 43/263. The Debtor can be reached at: LLC Firm Selmis Chernobyl Str. 21 03179 Kiev Ukraine TRIUMPH LLC: Creditors Must File Claims by August 29 ---------------------------------------------------- Creditors of LLC Triumph (code EDRPOU 31993861)have until Aug. 29, 2008 to submit proofs of claim to: The Economic Court of Kirovograd Lunacharski Str. 29 25006 Kirovograd Ukraine The Economic Court of Kiev commenced bankruptcy supervision procedure on the company on March 11, 2008. The case is docketed as 11/32. The Debtor can be reached at: LLC Triumph Sadovaya Str. 1a Shyrokaya Balka Dolinsky District 28500 Kirovograd Ukraine UNIVERSALSERVICE K: Proofs of Claim Deadline Set August 29 ---------------------------------------------------------- Creditors of LLC Universalservice K (code EDRPOU 31356258) have until Aug. 29, 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 21, 2008. The case is docketed as 50/78. The Debtor can be reached at: LLC Universalservice K Melnikov Str. 12 04050 Kiev Ukraine =========================== U N I T E D K I N G D O M =========================== HIPSTAR LTD: Goes Into Administration ------------------------------------- The Board of Directors of Network Data Holdings plc has decided to draw a line under the losses incurred by its operating subsidiary Hipstar Ltd. Since Aug. 1 last year, Hipstar has been a provider of Home Information Packs to estate agents and solicitors operating in the residential property market in England & Wales. The market in 2007 saw a slow and staggered start to the HIPs legislation, while 2008 has witnessed property sales being the lowest in 40 years, up to 50% down on the 2007 levels. There is no sign of any medium-term improvement in the housing market and some industry commentators are predicting at least another 12 months of depressed property sales. The Directors have concluded there is no realistic prospect of recovering the investment that has been put into Hipstar since its incorporation in 2005, and accordingly the company has been placed into administration. Hipstar losses have already been written off in the Group's accounts. Full details will be provided with first half results to June 30 due to be published on Sept. 26. There will be no further impact on Group accounts. The other Group companies Network Data Ltd., the largest network of mortgage intermediaries in U.K., and Network Surveyors Ltd., a panel management service for property valuations, are not affected by the closure of Hipstar. LEVEL ONE: Brings in Joint Administrators from Kroll ---------------------------------------------------- Alastair Paul Beveridge, Anne Clare O'Keefe and Simon Jonathan Appell of Kroll were appointed joint administrators of Level One Commercial (Jersey) Ltd. (Company Number 97423) on Aug. 18, 2008. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. The company can be reached at: Level One Commercial (Jersey) Ltd. Channel House 7 Esplanade St. Helier Jersey JE4 5UW Channel Islands NETFOLD LTD: Brings in Joint Administrators from Ernst & Young -------------------------------------------------------------- Joint Administrators from Ernst & Young LLP were appointed by the directors of Netfold Limited on Aug. 22, 2008. Netfold, trading as Amtrak, specializes in national and international parcel freight. The business is headquartered in Aldridge, West Midlands, and operates two distribution hubs in Aldridge and Warrington together with 36 distribution depots across the U.K., employing over 900 people. One of the Joint Administrators from Ernst & Young commented, "Amtrak has found trading in the current economic climate challenging. It is a business led by consumer demand and as consumer spending power has weakened Amtrak's business has suffered. "We are currently assessing the financial situation of the business, and as a result the collection and delivery of goods may be disrupted." ROADCHEF FINANCE: S&P Puts Class D Notes' BB Rating on WatchNeg. ---------------------------------------------------------------- Standard & Poor's Ratings Services has placed on CreditWatch with negative implications its ratings on the class A2 and B notes issued by Roadchef Finance Ltd. following a weak performance in the third quarter of financial year 2008. At the same time, S&P has placed on CreditWatch positive the rating on the class A1 notes due to the expected imminent repayment of the outstanding obligation of GBP6.1 million at the next interest payment date in October 2008. The CreditWatch negative placements follow Roadchef's weaker-than-expected results in the quarter that ended on July 5, 2008. The ratings on all the classes of notes were assigned a negative outlook on Nov. 21, 2007. Since then, S&P failed to see material improvement in profitability and the business performance has further deteriorated. The past few quarters have witnessed adverse trading conditions. High fuel prices and lower consumer confidence levels unfavorably affected discretionary travel and retail spend. The ensuing financial performance remains weak. The current debt-service coverage ratio, calculated as EBITDA over debt service (EBITDA DSCR), is 1.20x excluding the equity injection, versus the 1.25x covenant level. An equity injection of GBP1.5 million was made on Feb. 20, 2008 to remedy the covenant breach. Without the one-off marketing gain of GBP1.2 million, the EBITDA DSCR would be only 1.16x. S&P envisions a breach if the parent company decides not to extend its financial commitment to the business. At the present EBIDTA levels, S&P does not expect the resultant free cash flow to be able to cover total debt service, with the class B notes being at the greatest risk. S&P highlighted Roadchef's weak cash generation in its last transaction update and at the time the negative outlook was assigned. Further adding to its concern, S&P notes that the company has historically drawn on its GBP4.5 million ancillary facility to fund its capital expenditure and working capital movements. For this to be permissible, the EBITDA DSCR must be at least 1.35x, meaning that investment in the business may be hindered until the company can improve its performance. The class A2 and B notes are vulnerable to a downgrade. It is plausible that a class B note downgrade could be greater than one notch. Any rating action on the class A1 notes would reflect the time to maturity and structural enhancements, including subordination. A rating action on the class A2 notes would be linked to changes in S&P's view regarding the long-term performance of the business, while a rating action on the class B notes would be driven by potential short-term cash shortfalls. S&P expects to resolve the CreditWatch placements in due course following a meeting with the management and updated model runs on the transaction. Roadchef Finance Ltd.: -- GBP210 Million Secured Notes Rating Placed On CreditWatch Positive: Class To From ------------------------------------------------------- A1 BBB+/Watch Positive BBB+/Negative Ratings Placed On CreditWatch Negative: Class To From ------------------------------------------------------ A2 BBB/Watch Negative BBB/Negative B BB/Watch Negative BB/Negative SIMPSONS RECRUITING: Calls in Joint Administrators from Vantis -------------------------------------------------------------- Glyn Mummery and Paul Atkinson of Vantis Business Recovery Services were appointed joint administrators of Simpsons Recruiting Services Ltd. (Company Number 06418057) on Aug. 15, 2008. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. The company can be reached at: Simpsons Recruiting Services Ltd. c/o Vantis Business Recovery Services 43-45 Butts Green Road Hornchurch Essex RM11 2JX England SPECIAL OPPORTUNITY: Taps Joint Administrators from Kroll --------------------------------------------------------- Alastair Paul Beveridge, Anne Clare O'Keefe and Simon Jonathan Appell of Kroll were appointed joint administrators of Special Opportunity Holdings Ltd. (Company Number 92668) on Aug. 18, 2008. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. The company can be reached at: Special Opportunity Holdings Ltd. 12 Castle Street St. Helier Jersey JE2 3RT Channel Islands TI AUTOMOTIVE: Moody's Affirms B3 Corp. Family Rating ----------------------------------------------------- Moody's Investors Service has affirmed the B3 Corporate Family Rating of TI Automotive Ltd. The rating outlook was changed from stable to negative. Rainer Neidnig, lead analyst at Moody's for TI Automotive, said: "The rating affirmation owes primarily to TI Automotive's overall resilient performance in a weak automotive market and reflects the substantial restructuring efforts management has undertaken so far in order to improve profitability. The change in the outlook to negative reflects primarily the challenge to cope with an increasingly difficult market environment in the context of a highly leveraged financial profile." The rating takes comfort that TI is on track to recover profitability after 3 years of deteriorating margins with the trough seen in 2006. Key drivers of this development have been substantial restructuring efforts over the past two years including plant closures and the movement of manufacturing to best cost facilities. Moreover, TI has been increasing business with faster growing Japanese and Korean OEMs and is reducing its - though still material - exposure to struggling American OEMs. In this context, Moody's notes that while TI's business is clearly impacted by declining demand in the North American market, this could be offset by other regions. In addition, TI so far has managed the challenge of rising raw material costs and could enhance the previously depressed operating efficiency in its Fuel Systems division which accounts for app. 44% of group revenues. As a result, TI's Operating Profit Margin was stabilized in 2007 at 3.3%, after a previous decline from 6% in 2004, and is expected to start to recover in 2008. At the same time the B3 rating considers various risks and challenges. In particular, financial leverage is still at high levels and Free Cash Flow is expected to remain negative in 2008, though by a modest amount, and to turn positive only in 2009. Moreover, TI remains strongly exposed to the overall development of the car industry which faces significant headwinds, in particular in the US, and Moody's notes that the aggressive measures to adjust the company's costs and operations to lower volumes and changing consumer preferences may not be sufficient to turn around the negative operating performance in that area. Furthermore, Moody's believes that volatile raw material prices and pricing pressure from OEM customers will continue to be a challenge in future. In this context Moody's notes that TI's lending arrangements contain conditionality language in the form of financial covenants which had been tailored to a business plan that leaves only limited room for material shortfalls in earnings or cash flow generation. Moody's notes that the negative outlook could be stabilized if TI managed to withstand the weak operating environment by sustaining production volumes and cash flow generation, turn around its currently loss making North American business and reach positive Free Cash Flow in 2009. Any evidence that the headwinds have a more negative impact than currently contemplated might on the other hand generate additional negative rating pressure. Based on Moody's Loss Given Default Methodology (LGD) TI's debt instruments are rated as follows: Downgrades: Issuer: TI Automotive Limited -- Senior Secured Bank Credit Facility, Downgraded to LGD5, 87% from LGD5, 86% Upgrades: Issuer: TI Automotive Limited -- Senior Secured Bank Credit Facility, Upgraded to a range of 50 - LGD4 to 08 - LGD1 from a range of 52 - LGD4 to 09 - LGD1 Outlook Actions: Issuer: TI Automotive Limited -- Outlook, Changed To Negative From Stable Headquartered in Oxford, England and Warren, Michigan, TI Automotive is a leading "Tier 1" automotive supplier delivering fuel systems, brake and fuel fluid carrying systems and components for air conditioning, power steering and oil cooling systems. In 2007, TI Auto reported consolidated sales of GBP1.4 billion. * S&P Reports UK RMBS Total Delinquency Index Rises in 2Q 2008 -------------------------------------------------------------- The total delinquency index for U.K. nonconforming residential mortgage-backed securities (RMBS) increased to the record level of 23.31% in second quarter 2008, according to a report published by Standard & Poor's Ratings Services. "The rise in delinquencies is being driven by affordability pressure, especially for those borrowers whose loans are resetting to higher floating interest rates. In the past, they would have had a wide range of refinancing options, but the sharp contraction in credit availability means refinancing is more difficult, and some borrowers are now struggling," explained credit analyst Kate Livesey. The collateral performance of the transactions in S&P's U.K. nonconforming RMBS index worsened in second quarter, and the rating agency lowered the ratings on tranches in 11 U.K. nonconforming RMBS transactions since its first quarter index report was published. Ratings in eight transactions are on CreditWatch negative. Losses continue to increase, putting strain on some transactions. For transactions that closed in 2007, higher losses are appearing arlier in the lives of some transactions. Ms. Livesey added: "Early losses are likely to be more stressful than losses later in the life of a transaction, where, in general, the pool's weighted-average margin would have risen and there would typically be more excess spread available". S&P's prepayment index continued falling to 23.98% in second quarter from 24.75% in the first quarter. The 2006 and 2007 vintages are displaying much lower-than-average prepayment rates during the first 12-18 months, given the changing economics of refinancing. Ms. Livesey concluded: "With no sign of credit conditions easing and house prices continuing to fall, we expect delinquencies to continue rising and losses to increase over the coming quarters, which in turn will place some of the transactions in our index under further pressure." * S&P Says UK Prime RMBS Total Delinquency Index Up to 2.94% ------------------------------------------------------------ Delinquencies in prime U.K. mortgages continued to increase in second quarter 2008, according to Standard & Poor's Ratings Services' latest index report for U.K. prime RMBS. Total delinquencies rose to 2.94%, up from 2.33% the previous quarter, and 90+-day delinquencies hit 1.00%, up from 0.92%. These are the highest values seen in S&P's index, exceeding the previous peak in 2006. The number of repossessions also increased across most transactions, noticeably in Northern Rock's Granite trust. "Despite the fact that almost all transactions saw some increase in delinquencies, the U.K. prime RMBS transactions that we rate have performed well to date, with no reserve fund draws, no note defaults, and no lowering of the ratings in any of the transactions used to calculate our indices," explained credit analyst Kate Livesey. The payment rate index has remained in the low 30% range throughout second quarter, reflecting reduced refinancing activity and fewer product switches. New issuance in the U.K. prime RMBS sector was high in second quarter, with a total of GBP48 billion notes rated. The majority of this issuance was retained by originators. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Aug. 27-28, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA 4th Annual Northeast Regional Conference Gideon Putnam Resort & Spa, Saratoga Springs, New York Contact: www.turnaround.org Aug. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION Arizona Chapter Mixer TBD, Phoenix, Arizona Contact: 623-581-3597 or www.turnaround.org Sept. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast Marriott, Bridgewater, New Jersey Contact: 908-575-7333 or www.turnaround.org Sept. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Dallas / Fort Worth Restructuring Workshop Belo Mansion Dallas, Texas Contact: www.turnaround.org Sept. 11, 2008 TURNAROUND MANAGEMENT ASSOCIATION Lenders Forum TBD, Long Island, New York Contact: www.turnaround.org Sept. 11-12, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Mid-America Regional Conference Oak Brook Hills Marriott Resort, Oak Brook, Illinois Contact: www.turnaround.org Sept. 11-14, 2008 TURNAROUND MANAGEMENT ASSOCIATION Cross Border Conference Grand Okanagan Resort, Kelowna, British Columbia Contact: www.turnaround.org Sept. 12, 2008 AMERICAN BANKRUPTCY INSTITUTE ABI/GULC Views from the Bench Georgetown University Law Center, Washington, DC Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 16-18, 2008 ASSOCIATION OF INSOLVENCY &RESTRUCTURING ADVISORS 2nd Annual Restructuring & Investing Conference Shanghai, China Contact: http://www.airacira.org/ Sept. 17, 2008 TURNAROUND MANAGEMENT ASSOCIATION Real Estate / Condo Restructuring Panel Marriott North, Fort Lauderdale, Florida Contact: www.turnaround.org/ Sept. 18, 2008 TURNAROUND MANAGEMENT ASSOCIATION Joint Event - CFA/IWIRC/RMA/NJTMA/NYIC Maplewood Country Club, Maplewood, New Jersey Contact: 908-575-7333 or www.turnaround.org Sept. 18, 2008 TURNAROUND MANAGEMENT ASSOCIATION Chapter Lunch Program Nashville City Center, Nashville, Tennessee Contact: 615-850-8678 or www.turnaround.org Sept. 18, 2008 TURNAROUND MANAGEMENT ASSOCIATION Healthcare Industry Update - Panel Discussion Summit Club, Birmingham, Alabama Contact: www.turnaround.org Sept. 18, 2008 TURNAROUND MANAGEMENT ASSOCIATION Effective Turnarounds: A View From US Trustees TBA, Syracuse, New York Contact: www.turnaround.org Sept. 18-19, 2008 AMERICAN CONFERENCE INSTITUTE Advanced Insolvency Law and Practice Conference Paris, France Contact: www.americanconference.com Sept. 24, 2008 TURNAROUND MANAGEMENT ASSOCIATION 13 Week Cash Flow Workshop: An Overview McCormick & Schmick's, Las Vegas, Nevada Contact: www.turnaround.org Sept. 24-25, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Florida Annual Golf Tournament Champions Gate Golf Club, Orlando, Florida Contact: 561-882-1331 or www.turnaround.org Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Sept. 25, 2008 TURNAROUND MANAGEMENT ASSOCIATION Case Study with Tom Kim, TMA Small Business of the Year Turnaround Award - TMA Arizona Chapter Meeting TBD, Phoenix, Arizona Contact: www.turnaround.org Sept. 26, 2008 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Marriott Desert Ridge, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Private Equity Panel Centre Club, Tampa, Florida Contact: www.turnaround.org/ Oct. 3, 2008 AMERICAN BANKRUPTCY INSTITUTE ABI/UMKC Midwestern Bankruptcy Institute H. Roe Bartle Hall Convention Center, Kansas City Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 13, 2008 AMERICAN BANKRUPTCY INSTITUTE Consumer Bankruptcy Conference Standard Club, Chicago, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2008 TURNAROUND MANAGEMENT ASSOCIATION Annual Charity Golf Event Forest Park Golf Course, St. Louis, Missouri Contact: www.turnaround.org Oct. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION Billiards Networking Night Herbert's Billiards, Secaucus, New Jersey Contact: 908-575-7333 or www.turnaround.org Oct. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION LI-TMA Member Social Davenport Press, Mineola, New York Contact: 631-251-6296 or www.turnaround.org Oct. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Meeting TBD, Calgary, Alberta Contact: 503-768-4299 or www.turnaround.org Oct. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION View from the Bench - Bankruptcy Update Summit Club, Birmingham, Alabama Contact: www.turnaround.org Oct. 16, 2008 TURNAROUND MANAGEMENT ASSOCIATION How to Contract with a Turnaround Manager University Club, Portland, Oregon Contact: www.turnaround.org Oct. 22, 2008 TURNAROUND MANAGEMENT ASSOCIATION Turnaround Nevada Award Night McCormick & Schmick's, Las Vegas, Nevada Contact: www.turnaround.org Oct. 23, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting - Election Oriented TBD, Phoenix, Arizona Contact: www.turnaround.org Oct. 23, 2008 TURNAROUND MANAGEMENT ASSOCIATION Effective Turnarounds: A Panel of Professionals TBA, Rochester, New York Contact: www.turnaround.org Oct. 23-24, 2008 AMERICAN CONFERENCE INSTITUTE Distressed Assets Boot Camp TBD, London, United Kingdom Contact: www.americanconference.com Oct. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION State of the Capital Markets Citrus Club, Orlando, Florida Contact: www.turnaround.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Oct. 29-30, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Corporate Governance Meetings Marriott, New Orleans, Louisiana Contact: www.turnaround.org Oct. 30 & 31, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Physicians Agreements and Ventures Contact: 800-726-2524; 903-595-3800; www.renaissanceamerican.com Oct. 31, 2008 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium Hilton, Frankfurt, Germany Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 6, 2008 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast Coach House Diner & Restaurant, Hackensack, New Jersey Contact: 908-575-7333 or www.turnaround.org Nov. 11, 2008 AMERICAN BANKRUPTCY INSTITUTE Detroit Consumer Bankruptcy Conference Marriott, Troy, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 13, 2008 TURNAROUND MANAGEMENT ASSOCIATION Turnaround Case Study Summit Club, Birmingham, Alabama Contact: www.turnaround.org Nov. 13, 2008 TURNAROUND MANAGEMENT ASSOCIATION Effective Turnarounds:A View From Workout Consultants TBA, Buffalo, New York Contact: www.turnaround.org Nov. 13, 2008 TURNAROUND MANAGEMENT ASSOCIATION LI-TMA Social TBD, Melville, New York Contact: 631-251-6296 or www.turnaround.org Nov. 13, 2008 TURNAROUND MANAGEMENT ASSOCIATION Dinner Meeting TBD, Calgary, Alberta Contact: 503-768-4299 or www.turnaround.org Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Special Program Tournament Players Club at Jasna Polana, New Jersey Contact: 908-575-7333 or www.turnaround.org Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Interaction Between Professionals in a Restructuring/Bankruptcy Bankers Club, Miami, Florida Contact: 312-578-6900; http://www.turnaround.org/ Nov. 20, 2008 TURNAROUND MANAGEMENT ASSOCIATION Senior Housing & Long Term Care Washington Athletic Club,Seattle, Washington Contact: www.turnaround.org Nov. 27, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting - Chris Kaup TBD, Phoenix, Arizona Contact: www.turnaround.org Dec. 3, 2008 TURNAROUND MANAGEMENT ASSOCIATION Holiday Party McCormick & Schmick's, Las Vegas, Nevada Contact: 702-952-2480 or www.turnaround.org Dec. 3, 2008 TURNAROUND MANAGEMENT ASSOCIATION Christmas Function Terminal City Club, Vancouver, British Columbia Contact: 503-768-4299 or www.turnaround.org Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ Dec. 8, 2008 TURNAROUND MANAGEMENT ASSOCIATION Holiday Gathering TBD, Long Island, New York Contact: 631-251-6296 or www.turnaround.org Dec. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION Holiday MIxer Washington Athletic Club, Seattle, Washington Contact: 503-768-4299 or www.turnaround.org Dec. 11, 2008 TURNAROUND MANAGEMENT ASSOCIATION Holiday MIxer University Club, Portland, Oregon Contact: 503-768-4299 or www.turnaround.org Dec. 18, 2008 TURNAROUND MANAGEMENT ASSOCIATION Holiday MIxer TBD, Phoenix, Arizona Contact: 623-581-3597 or www.turnaround.org Dec. 31, 2008 TURNAROUND MANAGEMENT ASSOCIATION Sponsorships - Annual Golf Outing, Various Events TBA, New Jersey Contact: 908-575-7333 or www.turnaround.org Jan. 21-22, 2009 TURNAROUND MANAGEMENT ASSOCIATION Corporate Governance Meetings Bellagio, Las Vegas, Nevada Contact: www.turnaround.org Jan. 22-23, 2009 TURNAROUND MANAGEMENT ASSOCIATION Distressed Investing Conference Bellagio, Las Vegas, Nevada Contact: www.turnaround.org Jan. 22-23, 2009 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colorado Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 5-7, 2009 AMERICAN BANKRUPTCY INSTITUTE Caribbean Insolvency Symposium Westin Casurina, Grand Cayman Island, AL Contact: 1-703-739-0800; http://www.abiworld.org/ Feb. 25-27, 2009 AMERICAN BANKRUPTCY INSTITUTE Valcon Four Seasons, Las Vegas, Nevada Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 13, 2009 AMERICAN BANKRUPTCY INSTITUTE Bankruptcy Battleground West Beverly Wilshire, Beverly Hills, California Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 17-18, 2009 NATIONAL ASSOCIATION OFBANKRUPTCY TRUSTEES NABT Spring Seminar The Peabody, Orlando, Florida Contact: http://www.nabt.com/ Apr. 20, 2009 AMERICAN BANKRUPTCY INSTITUTE Consumer Bankruptcy Conference John Adams Courthouse, Boston, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 27-28, 2009 TURNAROUND MANAGEMENT ASSOCIATION Corporate Governance Meetings Intercontinental Hotel, Chicago, Illinois Contact: www.turnaround.org Apr. 28-30, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Intercontinental Hotel, Chicago, Illinois Contact: www.turnaround.org May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ May 14-16, 2009 ALI-ABA Chapter 11 Business Reorganizations Langham Hotel, Boston, Massachusetts Contact: http://www.ali-aba.org June 11-13, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 15-18, 2010 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 17-20, 2010 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Chinas New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer for Navigating the Restructuring Process Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Examining the Examiners: Pros and Cons of Using Examiners in Chapter 11 Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Handling Complex Chapter 11 Restructuring Issues Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES New 'Red Flag' Identity Theft Rules Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergersthe New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Todays Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite Corporate Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ * * * Featured Conferences Renaissance American Management and Beard Conferences presents Oct. 30-31, 2008 Physician Agreements & Ventures The Millennium Knickerbocker Hotel - Chicago Brochure will be available soon! Nov. 17-18, 2008 Distressed Investing The Helmsley Park Lane - New York Brochure will be available soon! * * * Beard Audio Conferences presents Bankruptcy and Restructuring Audio Conference CDs More information and list of available titles at: http://beardaudioconferences.com/bin/topics?category_id=BAR * * * The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy Agravante, Julybien Atadero, Marie Therese Profetana and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *