/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/090102.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 Friday, January 2, 2009, Vol. 10, No. 1 Headlines A U S T R I A GOLF & CO: Claims Registration Period Ends January 20 HUBERT BERNEGGER: Claims Registration Period Ends Jan. 7 MICROBACK LLC: Claims Registration Period Ends January 30 OPM LLC: Claims Registration Period Ends January 20 UNIVERSALHAUS LLC: Claims Registration Period Ends January 15 G E R M A N Y BENTOUR INTERNATIONAL: Claims Registration Period Ends Feb. 4 ELEKTROHAUS WENDT: Claims Registration Period Ends February 6 SUELFMEISTER-HAUS GMBH: Claims Registration Period Ends Feb. 4 HOTEL VILLA: Claims Registration Period Ends February 14 PRO EVENT: Claims Registration Period Ends February 15 SAYOKO GMBH: Claims Registration Period Ends February 16 I C E L A N D LANDSBANKI ISLANDS: Court to Hear Chapter 15 Petition on Jan. 28 I R E L A N D OMEGA CAPITAL: Moody's Lowers Rating on EUR150 Mil. Notes to 'Ba1' K A Z A K H S T A N AILIYA LLP: Claims Registration Ends February 5 BIL STROY: Claims Registration Ends February 10 ELECTROTEHNICHESKAYA: Proof of Claim Deadline Slated for Feb. 10 HT TROPLAST: Claims Filing Period Ends February 10 KAPADOKIYA 2006 LLP: Claims Filing Period Ends February 5 MGM LIMITED: Creditors' Claims Due on February 5 SAMEK LLP: Creditors Must File Claims by February 5 SENIM PETROLEUM: Creditors' Claims Due on February 10 TAT MUNAI: Proof of Claim Deadline Slated for February 10 YTYS REM: Creditors Must File Claims by February 10 K Y R G Y Z S T A N BREWERY KORONA: Creditors Must File Claims by February 12 R U S S I A ALROSA-AVIA CJSC: Creditor Must File Claims by January 19 AGINSKIE NON-FERROUS: Court Names Insolvency Manager BANKING HOUSE: Creditors Must File Claims by February 19 DRILLING EQUIPMENT: Creditors Must File Claims by January 19 KHOLMSK-TRANZIT-UGOL LLC: Creditors Must File Claims by Jan. 19 MAGNITOGORSK IRON: Inks RUR3 Bln Credit Facility with Sberbank NURLATSKIY SAKHAR OJSC: Creditors Must File Claims by January 19 PIK GROUP: Among List of Companies Priority for State Support PLANT NO. 24: Creditors Must File Claims by February 19 ROS-STEKLO-PROM LLC: Creditors Must File Claims by January 19 SALAVAT-STROY TRUST LLC: Creditors Must File Claims by Feb. 19 STAV-PLAST LLC: Creditors Must File Claims by February 19 X5 RETAIL: To Acquire Pyaterochka Franchise for RUR400 Million S W E D E N FORD MOTOR: Kirk Kerkorian Sells Remaining Stake in Firm S W I T Z E R L A N D BERNARD L. MADOFF: Union Bancaire Confirms US$700 Mil. Investment BRECHBUHLER HOLDING: Proofs of Claim Filing Deadline is Jan. 20 BRUNO MAZZOTTI: Creditors Must File Proofs of Claim by Jan. 15 DIE DENK-LEISTER: Creditors' Proofs of Claim Due by January 15 HEINZ KLAUSER: January 15 Set as Deadline to File Claims M. PETER BAUABDICHTUNG: Deadline to File Claims Set Jan. 8 RUDOLF KELLER: Deadline to File Proofs of Claim Set January 22 SWISS OLYMPIA: Creditors Have Until January 11 to File Claims U K R A I N E ACTIVE-BANK: Moody's Withdraws 'E+' Bank Financial Strength Rating NAFTOGAZ OF UKRAINE: May File for Bankruptcy This Year U N I T E D K I N G D O M BLUESTONE SECURITIES: Fitch Junks Ratings on Four Tranches BOWDEN SMYTH: Appoints Joint Liquidators from Tenon Recovery BRAND LONDON: Names Joint Liquidators from Tenon Recovery BRITISH VITA: Inks Standstill Agreement with Lenders DERBY PLAYHOUSE: Taps Joint Liquidators from Tenon Recovery FARMHOUSE FREEDOM: Appoints Liquidators from Grant Thornton GREAT HALL: Fitch Junks Ratings on Three RMBS Series Tranches HAZEMASTER LTD: Brings In Joint Liquidators from Baker Tilly MECOM GROUP: Banks Defer Covenant Test Date to February 28 MONIER GROUP: Creditors Bring In Restructuring Advisers NORTH SOUTH: Taps Joint Liquidators from Smith & Williamson RANGERS LTD: Appoints Joint Liquidators from Tenon Recovery UK CAR: Calls In Joint Liquidators from Tenon Recovery USC: Goes Into Administration; 300 Jobs at Risk * Slump in Comm'l Property Values Could Hit U.K. Banks' Earnings * BOOK REVIEW: How To Measure Managerial Performance ********* ============= A U S T R I A ============= GOLF & CO: Claims Registration Period Ends January 20 ----------------------------------------------------- Creditors owed money by LLC Golf & Co. KEG (FN 261738i) have until Jan. 20, 2009, to file written proofs of claim to the court- appointed estate administrator: Clemens Richter Esteplatz 4 1030 Vienna Austria Tel: 712 33 30 Fax: 712 33 30-30 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Feb. 3, 2009, for the examination of claims at: Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 24, 2008, (Bankr. Case No. 4 S 130/08g). HUBERT BERNEGGER: Claims Registration Period Ends Jan. 7 -------------------------------------------------------- Creditors owed money by LLC Hubert Bernegger (FN 54260w) have until Jan. 7, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Johannes Mueller Landhausgasse 4/Minoritenplatz 6 1010 Wien Austria Tel: 535 06 82 Fax: 535 06 829 E-mail: borth.mueller@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on Jan. 28, 2009, for the examination of claims at: Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 24, 2008, (Bankr. Case No. 28 S 154/08p). MICROBACK LLC: Claims Registration Period Ends January 30 --------------------------------------------------------- Creditors owed money by LLC Microback (FN 289684g) have until Jan. 30, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Reinhold Zeinhofer Hofgasse 9 4020 Linz Austria Tel: 77 88 98 Fax: 77 88 98 99 E-mail: zs@anwaltskanzlei.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 30, 2009, for the examination of claims at: Land Court of Linz Room 522 Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Nov. 21, 2008, (Bankr. Case No. 12 S 102/08z). OPM LLC: Claims Registration Period Ends January 20 --------------------------------------------------- Creditors owed money by LLC OPM (FN 246457m) have until Jan. 20, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Annemarie Kosesnik-Wehrle Oelzeltgasse 4/6 1030 Wien Austria Tel: 713 61 92 Fax: 713 61 92 22 E-mail: annemarie.kosesnik-wehrle@kosesnik-langer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 3, 2009, for the examination of claims at: Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Wien, Austria, the Debtor declared bankruptcy on Nov. 20, 2008, (Bankr. Case No. 4 S 175/08z). UNIVERSALHAUS LLC: Claims Registration Period Ends January 15 ------------------------------------------------------------- Creditors owed money by LLC Universalhaus - IBSD - Bau (FN 282920i) have until Jan. 15, 2009, to file written proofs of claim to the court-appointed estate administrator: Andrea Eisner Weyrgasse 8/7 1030 Wien Austria Tel: 712 04 77 Fax: 712 04 77 12 E-mail: office@ra-eisner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on Jan. 29, 2009, for the examination of claims at: Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 19, 2008, (Bankr. Case No. 5 S 124/08g). ============= G E R M A N Y ============= BENTOUR INTERNATIONAL: Claims Registration Period Ends Feb. 4 ------------------------------------------------------------- Creditors of Bentour International Reisen GmbH have until Feb. 4, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on March 18, 2009, at which time the insolvency manager will present her first report. The meeting of creditors will be held at: The District Court of Frankfurt/Main Hall 1 Building F Klingerstrasse 20 60313 Frankfurt/Main Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Angelika Amend Minnholzweg 2 b D 61476 Kronberg Germany Tel: 06173/78340 Fax: 06173/783422 The District Court opened bankruptcy proceedings against the company on Dec. 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bentour International Reisen GmbH Hanauer Landstrasse 551 60386 Frankfurt am Main Germany Heinz W. Bartels, Manager Haldesdorfer Strasse 117 22179 Hamburg Germany ELEKTROHAUS WENDT: Claims Registration Period Ends February 6 ------------------------------------------------------------- Creditors of Elektrohaus Wendt GmbH have until Feb. 6, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on March 4, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Cottbus Hall 210 Gerichtsplatz 2 Cottbus Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Bruno M. Kuebler Nieritzstrasse 14 01097 Dresden Germany Website: www.kuebler-gbr.de The District Court opened bankruptcy proceedings against the company on Dec. 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Elektrohaus Wendt GmbH Frau Ilona Wendt, Manager Oelsnitzer Strasse 21 04932 Hirschfeld Germany SUELFMEISTER-HAUS GMBH: Claims Registration Period Ends Feb. 4 -------------------------------------------------------------- Creditors of Suelfmeister-Haus GmbH have until Feb. 4, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on Feb. 25, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Uwe Kassing Pulverweg 1a 21337 Lueneburg Germany Tel: 0 700 800 800 25 Fax: 0 700 800 800 27 The District Court opened bankruptcy proceedings against the company on Dec. 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Suelfmeister-Haus GmbH Buelows Kamp 6 21337 Lueneburg Germany Attn: Rolf Suellow, Manager Querlberg 2 21409 Embsen Germany HOTEL VILLA: Claims Registration Period Ends February 14 -------------------------------------------------------- Creditors of Hotel Villa im Park GmbH have until Feb. 14, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on March 12, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Wilhelmshaven Hall 109 Old Building Market Route 15 26382 Wilhelmshaven Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jens Luessenhop Alter Markt 10 D 26441 Jever Germany Tel: 04461-4215 Fax: 04461-72220 E-mail: Jens.Luessenhop@t-online.de The District Court opened bankruptcy proceedings against the company on Dec. 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hotel Villa im Park GmbH Dorfplatz 16 26486 Wangerooge Germany Attn: Jens Diekmann, Manager Am Gerhardshain 2 24768 Rendsburg Germany PRO EVENT: Claims Registration Period Ends February 15 ------------------------------------------------------ Creditors of Pro Event GmbH have until Feb. 15, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on March 20, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Marburg/Lahn Hall 154 District Court Building Universitatsstrasse 48 35037 Marburg/Lahn Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hartmut Mitze Jahnstrasse 18 35066 Frankenberg Germany Tel: 06451/71919-22 Fax: 06451/7191921 The District Court opened bankruptcy proceedings against the company on Dec. 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pro Event GmbH Attn: Volker Albert Poggenseier, Manager Siegenerstrasse 12 35066 Frankenberg Germany SAYOKO GMBH: Claims Registration Period Ends February 16 -------------------------------------------------------- Creditors of Sayoko GmbH have until Feb. 16, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 17, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 1240 Luxemburger Strasse 101 50939 Cologne Germany Claims set out in the insolvency manager's report will be verified by the court during this meeting. Creditors may also 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 opened bankruptcy proceedings against the company on Dec. 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sayoko GmbH Hansaring 61 50670 Cologne Germany Attn: Ismail Oezkan Kasimoglu, Manager Heinrich-Nauen-Str. 17 41470 Neuss Germany ============= I C E L A N D ============= LANDSBANKI ISLANDS: Court to Hear Chapter 15 Petition on Jan. 28 ---------------------------------------------------------------- On December 9, 2008, Kristinn Bjarnason in his capacity as the foreign representative of Landsbanki Islands hf., filed a Verified Petition for Recognition of a Foreign Main Proceeding and Motion for Permanent Injunction, and Related Relief Pursuant to 11 U.S.C. SS 1504, 1515, 1517, 1520, and 1521, pursuant to Chapter 15 of title 11 of the United States Code, with the United States Bankruptcy Court for the Southern District of New York. The Petition and Motion seeks the entry of an order granting recognition to the Icelandic Proceeding currently pending in Iceland as a foreign main proceeding and granting injunctive and related relief in aid thereof. The Bankruptcy Court has scheduled a hearing with respect to the Petition and Motion for 10:00 a.m. on January 28, 2009. Copies of the Petition and Motion, the Declaration of Kristin Bjarnason in Support of the Petition and Motion, the Memorandum of Law Support of the Verified Petition and Motion, and the form of order requested are available to parties-in-interest on the Bankruptcy Court's Electronic Case Filing System, which can be accessed from the Bankruptcy Court's Web site at http://www.nysb.uscourts.gov(a PACER login and password are required to retrieve a document) or upon written request to the Petitioner's United States counsel (including by facsimile or e-mail) addressed to: Morrison & Foerster LLP, 1290 Avenue of the Americas, New York 10104, (212) 468-7900 (facsimile), Attn: Gary S. Lee, glee@mofo.com Any party-in-interest wishing to submit a response or objection to the Petition and Motion or the relief requested by the Petitioner must do so in accordance with the Bankruptcy Order and the Federal Rules of Bankruptcy Procedure, in writing, setting forth the basis therefor, which response or objection must be filed electronically with the Court by registered users of the Court's electronic case filing system in accordance with General Order M-242 (a copy of which may be viewed on the Court's Web site, http://www.nysb.uscourts.gov)and by all other parties-in-interest on a 3.5 inch disc, preferably in Portable Document Format (PDR), Word Perfect or any other Windows-based word processing format, which disc shall be sent to the Office of the Clerk of the Court, One Bowling Green, New York, New York 10004-1408. A hard copy of the response or objection shall be sent to the Chambers of the Honorable Robert D. Drain, United States Bankruptcy Judge, One Bowling Green, New York, New York 10004-1408 and served upon Morrisson & Foerster LLP, 1290 Avenue of the Americas, New York, New York 10104 (Attention: Gary S. Lee), United States counsel to the Petitioner, so as to be received no later than 4:00 p.m. (Eastern Times), January 21, 2008. All parties-in-interest opposed to the Petition and Motion or the Petitioner's request for relief must appear at the Recognition Hearing at the time and place set forth above. If no response or objection is timely filed and served as provided above, the Court may grant the recognition and relief requested in the Petition and Motion without further notice. The Recognition Hearing may be adjourned from time to time without further notice other than an announcement in open court, or a notice of adjournment filed with the Court, of the adjourned date or dates at the hearing or any other further adjourned hearing. About Landsbanki Headquartered in Reykjavik, Iceland, Landsbanki Islands hf. -- http://www.landsbanki.is/-- is a financial institution. The Bank filed for Chapter 15 protection on Dec. 9, 2008 (Bankr. S.D. N.Y. Case No.: 08-14921). Gary S. Lee, Esq., at Morrison & Foerster LLP, represents the Debtor. When it filed for protection from its creditors, it listed assets and debts of more than US$1 billion each. ============= I R E L A N D ============= OMEGA CAPITAL: Moody's Lowers Rating on EUR150 Mil. Notes to 'Ba1' ------------------------------------------------------------------ Moody's Investors Service announced it has downgraded its ratings of one class of notes issued by Omega Capital Europe p.l.c. Series 30. The transaction is a managed synthetic CDO referencing corporate securities. According to Moody's, the rating action is the result of deterioration in the credit quality of the transaction's reference portfolio, which includes but is not limited to exposure to Washington Mutual Inc., which was seized by federal regulators on September 25, 2008 and subsequently virtually all of its assets were sold to JPMorgan Chase; Fannie Mae and Freddie Mac, which were placed into the conservatorship of the U.S. government on September 8, 2008; and Landsbanki Islands hf, for each of which a receivership committee was appointed on October 7, 2008 and Kaupthing Bank hf, for which a receivership committee was appointed on October 8, 2008. The transaction also has a significant exposure to other corporate names which continue to deteriorate in the current economic environment. This will weigh on the ratings of the tranches in this transaction. Moody's initially analyzed and continues to monitor this transaction using primarily the methodology and its supplements for corporate synthetic CDOs as described in Moody's Special Reports: -- Moody's Approach To Rating Synthetic CDOs (July 2003) -- Moody's Revisits Its Assumptions Regarding Corporate Default (and Asset) Correlations for CDOs (November 2004) -- Understanding Collateral Risks of Funded Synthetics in CDOs (June 2006) The rating action is: Omega Capital Europe p.l.c. Series 30: (1) EUR150,000,000 Series 30 Secured Variable Rate Notes due 2013 -- Current Rating: Ba1 -- Prior Rating: Aa3 -- Prior Rating Date: 30 June 2006, assigned Aa3 =================== K A Z A K H S T A N =================== AILIYA LLP: Claims Registration Ends February 5 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Astana has declared LLP Ailiya insolvent on Nov. 11, 2008. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Astana Kenesary Str. 46-38 Astana Kazakhstan BIL STROY: Claims Registration Ends February 10 ----------------------------------------------- LLP Construction Company Bil Stroy has declared insolvency. Creditors have until Feb. 10, 2009, to submit written proofs of claims to: LLP Construction Company Bil Story Gruzinskaya Str. 3 Ust-Kamenogorsk East Kazakhstan Kazakhstan ELECTROTEHNICHESKAYA: Proof of Claim Deadline Slated for Feb. 10 ---------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Pavlodarskaya Electrotehnicheskaya Kompaniya (Pavlodar Electro Technical Company) insolvent. Creditors have until Feb. 10, 2009, to submit written proofs of claims to: Pavlodarskaya Electrotehnicheskaya Kompaniya Kutuzov Str. 91/1 Pavlodar Kazakhstan Tel: 8 (7182) 54-98-55 HT TROPLAST: Claims Filing Period Ends February 10 -------------------------------------------------- Representation of Company Ht Troplast Ag has declared insolvency. Creditors have until Feb. 10, 2009, to submit written proofs of claims to: Representation of Company Ht Troplast Ag Mynbaev Str. 46 Almaty Kazakhstan KAPADOKIYA 2006 LLP: Claims Filing Period Ends February 5 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Kapadokiya 2006 insolvent. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan MGM LIMITED: Creditors' Claims Due on February 5 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Karaganda has declared LLP MGM Limited insolvent. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan SAMEK LLP: Creditors Must File Claims by February 5 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Samek insolvent on June 19, 2008. Creditors have until Feb. 5, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Almaty Timiryazev Str. 61-2 Almaty Kazakhstan Tel: 8 (7272) 75-67-84 SENIM PETROLEUM: Creditors' Claims Due on February 10 ----------------------------------------------------- LLP Senim Petroleum has declared insolvency. Creditors have until Feb. 10, 2009, to submit written proofs of claims to: LLP Senim Petroleum Office 3 Auezov Str. 2 Almaty Kazakhstan TAT MUNAI: Proof of Claim Deadline Slated for February 10 --------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Kaz Tat Munai insolvent. Creditors have until Feb. 10, 2009, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (7132) 21-30-32 YTYS REM: Creditors Must File Claims by February 10 --------------------------------------------------- LLP Construction Company Bytys Rem Stroy has declared insolvency. Creditors have until Feb. 10, 2009, to submit written proofs of claims to: LLP Construction Company Bytys Rem Stroy Office 5 Jybek joly Ave. 81 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== BREWERY KORONA: Creditors Must File Claims by February 12 --------------------------------------------------------- LLC Brewery Korona Aziyi has declared insolvency. Creditors have until Feb. 12, 2009, to submit written proofs of claims. The company can be reached at: (+996 312) 66-34-33 =========== R U S S I A =========== ALROSA-AVIA CJSC: Creditor Must File Claims by January 19 --------------------------------------------------------- Creditors of CJSC Alrosa-Avia Air Carrier have until Jan. 19, 2009, to submit proofs of claims to: V. Pronyushkina Temporary Insolvency Manager Post User Box 81 Avtozavodskaya Str.5 115280 Moscow Russia The Arbitration Court of Moscow will convene at 2:00 p.m. on May 19, 2009, to hear bankruptcy supervision procedure. The case is docketed under Case No. ?41-19599/08. The Court is located at: The Arbitration Court of Moscow Hall 440 Prospect Akademika Sakharova Str. 18 Moscow Russia The Debtor can be reached at: CJSC Alrosa-Avia Zhukovskogo Str.1 Zhukovskiy 140180 Moskovskaya Russia AGINSKIE NON-FERROUS: Court Names Insolvency Manager ---------------------------------------------------- The Arbitration Court of Chita appointed G.Konstantinov as Insolvency Manager for OJSC Aginskie Non-Ferrous Metals (TIN 8001005648). The case is docketed under Case No. ?78�2355/2007 B-242. He can be reached at: Post User Box 836 672051Chita Russia Tel: 26�88�84 BANKING HOUSE: Creditors Must File Claims by February 19 -------------------------------------------------------- Creditors of CJSC Russian Banking House Joint Stock Bank have until Feb. 19, 2009, to submit proofs of claims to: Investment Insurance Agency Acting as Insolvency Manager Post User Box 48 109052 Moscow Russia Tel: 8�800�200�08�05 The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?40�72363/08�95�245B. The Debtor can be reached at: CJSC Russian Banking House Building 7 Sadovnicheskaya Str. 63 115035 Moscow Russia DRILLING EQUIPMENT: Creditors Must File Claims by January 19 ------------------------------------------------------------ Creditors of LLC Drilling Equipment (TIN 3443072218) have until Jan. 19, 2009, to submit proofs of claims to: Yu. Podgornov Insolvency Manager Khirosimy Str. 1/194 400050 Volgograd Russia The Arbitration Court of Volgograd commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?12�16494/08-s49. The Debtor can be reached at: LLC Drilling Equipment Shosse Aviatorov 11 Volgograd Russia KHOLMSK-TRANZIT-UGOL LLC: Creditors Must File Claims by Jan. 19 --------------------------------------------------------------- Creditors of LLC Kholmsk-Tranzit-Ugol (PSRN 1026501018829) (Cargo Transportation) have until Jan. 19, 2009, to submit proofs of claims to: V. Lupandin Temporary Insolvency Manager Lenina Str. 76A Yuzhno-Sakhalinsk 693000 Sakhalinsk Russia The Arbitration Court of Sakhalinskaya commenced bankruptcy supervision procedure. The case is docketed under Case No. ?59� 3985/08-S4. The Debtor can be reached at: LLC Kholmsk-Tranzit-Ugol Zheleznodorozhnaya Str. 93 Kholmsk 694620 Sakhalinskaya Russia MAGNITOGORSK IRON: Inks RUR3 Bln Credit Facility with Sberbank -------------------------------------------------------------- Chairman of the Board and CEO of Sberbank Herman Gref and Chairman of the Board of Directors of OAO Magnitogorsk Iron & Steel Works Victor Rashnikov signed a nonrenewable 2-year credit facility for RUR3 billion. The credit facility is provided to finance the construction of the plate mill complex at MMK (Plate Mill 5000) with a design capacity of 1.5 mn tons of plates per year. The plates are intended for production of pipes, building of ships, vessels and bridges. The implementation of the plate mill complex is bound to further significantly strengthen the general operational efficiency of MMK. It will secure state-of-the-art production of high quality plates meeting international standards and capable to successfully compete both in the domestic and export markets. In its turn, Sberbank considers the credit line for MMK as another major step towards effective support of Russian strategic enterprises. About Magnitogorsk Iron Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and Steel Works -- http://www.mmk.ru/-- manufactures steel and accounts for about 20% of all steel products sold on the domestic market. MMK is a major fully integrated steel making complex encompassing all the required processes, from preparation of iron ore materials to high added value processing of steel. About half of the Company's output is exported worldwide. * * * Magnitogorsk Iron and Steel Works continues to carry a Ba2 long-term corporate family and probability of default ratings from Moody's Investors Service with stable outlook. MMK also carries a BB long-term issuer default and senior unsecured debt ratings from Fitch Ratings with stable outlook. NURLATSKIY SAKHAR OJSC: Creditors Must File Claims by January 19 ---------------------------------------------------------------- Creditors of OJSC Nurlatskiy Sakhar (Food Industry, Granulated Sugar Production) have until Jan. 19, 2009, to submit proofs of claims to: A. Sabitov Insolvency Manager Post User Box 236 420012 Kazan Tatarstan Russia The Arbitration Court of Tatarstan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?65�15969/2006-SG4�35. The Debtor can be reached at: OJSC Nurlatskiy Sakhar Zavodskaya Str. 1 423041 Nurlat Tatarstan Russia PIK GROUP: Among List of Companies Priority for State Support ------------------------------------------------------------- OJSC PIK Group has been included on the list of strategically important companies able to count on state support. The list of the companies that are a priority for state support was prepared by the Government of the Russian Federation on the instructions of the Chairman of the Government of the Russian Federation, Vladimir Putin. This list includes companies from different industries which the government believes are vital to increasing the sustainability of Russian economic development. Specific criteria were set for inclusion, among them: revenues - over RUR15 billion, number of employees - at least 4,000 persons, strategic importance of the company and contribution to federal tax revenues. Companies from the list can count on loan financing under state guarantees, interest rate subsidies, additional equity capitalization, deferred tax payments, government contracts and tariff support. Artem Eyramdzhants, First Vice President of PIK Group, described this as a positive development for the company in general, its customers, partners and employees as it means that the company now has assurances that, if necessary, it can access a package of financial support from the State. On Dec. 1, 2008, the TCR-Europe reported that according to Reuters, Russia's state bank Vnesheconombank provided a loan of US$250 million-US$300 million to PIK Group. The loan, Reuters noted, is part of the government rescue plan aimed at helping real estate companies to refinance their foreign debts. PIK has to repay US$900 million of debt before the end of 2008, Reuters disclosed. Evgeny Luneev, chief financial officer of PIK, said the company would channel US$400 million of its own funds to the debt repayment, and seek to raise the remainder from financial institutions, Reuters recalled. About OJSC PIK Group OJSC PIK Group -- http://www.pik.ru/-- is a residential nationwide developer in Russia, focusing on mass market communities. Its business activities are concentrated in Moscow and the Moscow region with a footprint in many of Russia's other regions. Its principal activity is the development, construction and sale of residential properties in large scale developments targeted primarily at the middle income housing market in Russia. The Company's core activities include development of residential real estate projects and sales of completed units, including service and maintenance of residential real estate developed by the Company and by other developers; production and assembly of concrete panel housing in Moscow and the Moscow region, and production and sales of raw materials and construction materials. As of January 1, 2008, 96% of the Company's property portfolio was represented by residential areas and 40% of the portfolio's total area consisted of properties in the course of development. * * * As reported in the TCR-Europe on Dec. 15, 2008, Fitch Ratings withdrew Russian housebuilder OJSC PIK Group's Long-term Issuer Default Rating of 'CCC' and Short-term IDR of 'C', with both ratings on Rating Watch Negative. Fitch will no longer provide ratings or analytical coverage on this issuer. PIK's ratings reflect significant concerns about the company's ability to meet its short-term debt maturities. Despite recently obtaining new financing from Vnesheconombank (VEB - 'BBB+'/Outlook Negative), a state-owned Russian bank, PIK still faces sizable maturities over the short-term, including some in the very near- term. In Fitch's opinion, the company may not have sufficient liquidity to meet these obligations. PLANT NO. 24: Creditors Must File Claims by February 19 ------------------------------------------------------- Creditors of OJSC Civil Aviation Automotive Equipment Maintenance Plant ? 24 have until Feb. 19, 2009, to submit proofs of claims to: R. Savostin Insolvency Manager Dzerzhinskogo pereulok 3a/68 680030 Khabarovsk Russia The Arbitration Court of Khabarovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?73�6250/2007�38. The Debtor can be reached at: OJSC Civil Aviation Automotive Equipment Maintenance Plant NO. 24 Zaparina Str. 1 680030 Khabarovsk Russia ROS-STEKLO-PROM LLC: Creditors Must File Claims by January 19 ------------------------------------------------------------- Creditors of LLC Ros-Steklo-Prom (Glass Production) have until Jan. 19, 2009, to submit proofs of claims to: A. Prikhodko Temporary Insolvency Manager Kuznetskiy most Str. 6/3 125009 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy supervision procedure. The case is docketed under Case No. ?40-56582/08-88- 154B. The Debtor can be reached at: LLC Ros-Steklo-Prom Lukov pereulok 10 107045 Moscow Russia SALAVAT-STROY TRUST LLC: Creditors Must File Claims by Feb. 19 -------------------------------------------------------------- Creditors of LLC Salavat-Stroy Trust (TIN 0266023849) (Construction) have until Feb. 19, 2009, to submit proofs of claims to: D. Baytimirova Insolvency Manager Prospect Oktyabrya 80/2/6 450054 Ufa Bashkortostan Russia The Arbitration Court of Bashkortostan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ?07�6816/08-G-NLV. The Debtor can be reached at: LLC Salavat-Stroy Trust Pervomayskaya Str. 75a 453261 Salavat Bashkortostan Russia STAV-PLAST LLC: Creditors Must File Claims by February 19 --------------------------------------------------------- Creditors of LLC Stav-Plast (TIN 2634075426, RVC 263401001) (Plastic Production) have until Feb. 19, 2009, to submit proofs of claims to: D. Perekhoda Insolvency Manager Office 19 45 parallel Str. 26 355042 Stavropol Russia The Arbitration Court of Stavropol commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. ? 63-16477/2008-S5-7. The Debtor can be reached at: LLC Stav-Plast Serova Str. 523a Stavropol Russia X5 RETAIL: To Acquire Pyaterochka Franchise for RUR400 Million -------------------------------------------------------------- X5 Retail Group N.V. has signed an agreement to acquire 100% of the business and assets of OOO Agrotorg-Rostov -- a Pyaterochka franchisee in the Rostov region -- for a total consideration of RUR400 million (approximately US$15 million), including refinancing of debt owed to B.I.N.BANK and trade accounts payable to suppliers and employees. In order to refinance the debt of OOO Agrotorg-Rostov X5 and B.I.N.BANK have signed a credit agreement in the amount of RUR282 million to be repaid in 1.5 years. As a result of the transaction, X5's will strengthen its geographic presence in the south of Russia, with a better balanced multi-format store portfolio. X5 Retail Group plans to operate 15 of the Pyaterochka soft discount stores acquired in the transaction (about 7 thousand. sq. m. of net selling space), 10 of them owned properties, and will consider potential sale of some real estate assets at a future date. Currently in addition to leased premises OOO Agrotorg-Rostov owns retail premises and an office building in Rostov and the region with the total area of 14 thousand. sq. m. Lev Khasis, X5 Retail Group CEO, commented: "We have always considered franchisee buy-outs as part of X5's expansion strategy. In current market conditions, we have increased our focus on these potential opportunities as a consequence of the liquidity situation many players are facing. The buy-out of OOO Agrotorg- Rostov is the first transaction in an inevitable process of Russian retail consolidation, and we are considering other potential buy-outs of franchisee businesses or assets. X5 is acting as a source of strength in Russian retail, ensuring that stores continue to operate and stabilizing payments to suppliers to maintain the flow of deliveries to the consumer." Mikhail Shishkhanov, the President of B.I.N.BANK pointed out: "In a difficult economic environment, B.I.N.BANK commits to work with clients that have been affected by volatile financial market conditions. We are pleased with this agreement with X5 that will provide for the refinancing of OOO Agrotorg-Rostov's debt and thus will enable its continuous trading activity." About X5 Retail Headquartered in Amsterdam, Netherlands, X5 Retail Group N.V. (LSE: FIVE) -- http://www.x5.ru/en/-- acts as a holding firm for the group of companies that operate retail grocery stores. The main activity of the company is the development and operation of grocery retail stores. The company operated Pyaterochka and Perekrestok retail chains in Russia, including Moscow, St. Petersburg, Nizhniy Novgorod, Krasnodar, Kazan, Samara, Ekaterinburg and Kiev, Ukraine. * * * X5 Retail Group N.V. continues to carry B1 corporate family and probability of default ratings from Moody's with positive outlook. The company still carries BB- long-term foreign and local issuer credit ratings from Standard & Poor's with stable outlook. =========== S W E D E N =========== FORD MOTOR: Kirk Kerkorian Sells Remaining Stake in Firm -------------------------------------------------------- Jeff Bennett at The Wall Street Journal reports that Kirk Kerkorian has sold his remaining 6.1% stake in Ford Motor Co. Mr. Kerkorian's Tracinda Corp. no longer owns any shares in Ford Motor, WSJ relates, citing Tracinda spokesperson Winnie Lerner. Tracinda had 133.5 million shares left in Ford Motor, WSJ states. Earlier this year, Tracinda purchased a 6.5% stake in Ford Motor, WSJ states. Mr. Kerkorian said in April that he had acquired 100 million shares in Ford Motor, and increased it in June, according to WSJ. WSJ relates that Tracinda said that it was considering a "possible infusion of additional capital" into Ford Motor to give the company "more flexibility in implementing its turnaround process," but no investment occurred and Mr. Kerkorian started to cut his stake amid slowing automotive sales and his own financial pressures. Tracinda sold about 7.3 million shares of Ford Motor common stock in October and had said it might continue selling its holdings through the end of 2008, WSJ reports. Jeff Green at Bloomberg News relates that Mr. Kerkorian said that he would focus his investments on energy, gambling, and hotels. Mr. Kerkorian, according to WSJ, said that he had started selling the shares and most recently reported holdings on Oct. 28, when he said his stake had dropped below 5%. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin-American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Nov. 11, 2008, Moody's Investors Service lowered the debt ratings of Ford Motor Company, Corporate Family and Probability of Default Ratings to Caa1 from B3. The company's Speculative Grade Liquidity rating remains at SGL-3 and the rating outlook is negative. In a related action Moody's also lowered the long-term rating of Ford Motor Credit Company to B3 from B2. The outlook for Ford Credit is negative. As reported in the Troubled Company Reporter on Oct. 10, 2008, Fitch Ratings downgraded the Issuer Default Rating of Ford Motor Company and Ford Motor Credit Company by one notch to 'CCC' from 'B-'. ===================== S W I T Z E R L A N D ===================== BERNARD L. MADOFF: Union Bancaire Confirms US$700 Mil. Investment ----------------------------------------------------------------- Union Bancaire Privee said it had invested about US$700 million in Bernard L. Madoff Investment Securities LLC through its funds of funds and client portfolios, The Wall Street Journal's Cassell Bryan-Low and Carrick Mollenkamp report. UBP confirmed in a December 15 statement that its exposure to Madoff represents less than 1% of the total assets under management of the bank, which itself had no own-account investments in the Madoff group. The Journal relates that according to a recent letter from the bank to investors, half of UBP's 22 funds of funds, which channeled clients' money into other hedge funds, put at least some of that money into Madoff-related investment vehicles, including one run by J. Ezra Merkin, chairman of car-loan company GMAC LLC. At the same time, the Journal says UBP provided an array of services such as investment advice and loans to a division of Fairfield Greenwich Group, a New York firm that funneled investors' money into Madoff funds. Some outside fund managers also looked to UBP in making their own investments, the Journal adds. In a Dec. 17 letter to investors obtained by the Journal, UBP, while admitting that it is a victim of a "massive fraud," said it had reservations about the way Mr. Bernard L. Madoff ran his investment firm, particularly the lack of an outside administrator and custodian. But UBP said it overcame those concerns because of Mr. Madoff's firm's status as a "reputable" broker-dealer that was registered with the Securities and Exchange Commission, as well as Mr. Madoff's "longstanding reputation in building Wall Street's financial markets infrastructure," in part, as a former chairman of the Nasdaq Stock Market. According to the Journal, the UBP funds gained exposure to Mr. Madoff through at least four intermediaries: -- Fairfield Sentry Ltd; -- Ascot Fund Ltd., run by Mr. Merkin of GMAC; -- Kingate Global Fund Ltd., run by FIM Advisers LLP of London; and -- M-Invest Ltd., UBP's Cayman Islands vehicle. About Union Bancaire Privee Union Bancaire Privee (UBP) -- http://www.ubp.ch/-- is based in Geneva and is one of Switzerland's leading private banks. As global asset manager for private and institutional clients, the Group held over CHF126 billion (US$124.5 billion) under management at June 30, 2008. UBP employs about 1,300 people in some 20 locations worldwide and provides a complete range of investment products and services. About Bernard L. Madoff Bernard L. Madoff Investment Securities LLC was a market maker in US stocks, including all of the S&P 500 and more than 350 Nasdaq stocks. The firm moved large blocks of stock for institutional clients by splitting up orders or arranging off-exchange transactions between parties. It also performed clearing and settlement services. Clients included brokerages, banks, and other financial institutions. In addition, Madoff Securities managed assets for high-net-worth individuals, hedge funds, and other institutional investors. The firm is being liquidated in the aftermath of a fraud scandal involving founder Bernard L. Madoff. As reported by the Troubled Company Reporter on Dec. 15, 2008, the Securities and Exchange Commission charged Bernard L. Madoff and his investment firm, Bernard L. Madoff Investment Securities LLC, with securities fraud for a multi-billion dollar Ponzi scheme that he perpetrated on advisory clients of his firm. The estimated the losses from Madoff's fraud were at least US$50 billion. As reported by the TCR on Dec. 16, 2008, the Securities Investor Protection Corporation, which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms, announced on Mon., Dec. 15, that it is liquidating Bernard L. Madoff Investment Securities LLC of New York, N.Y., under the Securities Investor Protection Act. BRECHBUHLER HOLDING: Proofs of Claim Filing Deadline is Jan. 20 --------------------------------------------------------------- Creditors owed money by JSC Brechbuhler Holding are requested to file their proofs of claim by Jan. 20, 2009, to: Gertrud Brechbuhler Im Grut 8902 Urdorf Switzerland The company is currently undergoing liquidation in Urdorf. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Sept. 22, 2008. BRUNO MAZZOTTI: Creditors Must File Proofs of Claim by Jan. 15 -------------------------------------------------------------- Creditors owed money by JSC Bruno Mazzotti are requested to file their proofs of claim by Jan. 15, 2009, to: JSC Bruno Mazzotti Paradiesrain 26 4123 Allschwil Switzerland The company is currently undergoing liquidation in Allschwil. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Oct. 23, 2008. DIE DENK-LEISTER: Creditors' Proofs of Claim Due by January 15 -------------------------------------------------------------- Creditors owed money by JSC Die Denk-Leister are requested to file their proofs of claim by Jan. 15, 2009, to: Stephan Muller Santisstrasse 45 8200 Schaffhausen Switzerland The company is currently undergoing liquidation in Schaffhausen. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Oct. 30, 2008. HEINZ KLAUSER: January 15 Set as Deadline to File Claims -------------------------------------------------------- Creditors owed money by JSC Heinz Klauser are requested to file their proofs of claim by Jan. 15, 2009, to: JSC Alfondo-Treuhand Kirschgartenstrasse 7 4010 Basel Switzerland The company is currently undergoing liquidation in Basel. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 4, 2008. M. PETER BAUABDICHTUNG: Deadline to File Claims Set Jan. 8 ---------------------------------------------------------- Creditors owed money by JSC M. Peter Bauabdichtung are requested to file their proofs of claim by Jan. 8, 2009, to: Baumlisacherstrasse 32 8907 Wettswil am Albis Switzerland The company is currently undergoing liquidation in Wettswil am Albis. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Oct. 30, 2008. RUDOLF KELLER: Deadline to File Proofs of Claim Set January 22 -------------------------------------------------------------- Creditors owed money by JSC Rudolf Keller Generalunternehmung are requested to file their proofs of claim by Jan. 22, 2009, to: JSC Consa Treuhand Breitackerstrasse 2 Mail Box 176 8702 Zollikon Dorf Switzerland The company is currently undergoing liquidation in Schinznach-Bad. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Oct. 28, 2008. SWISS OLYMPIA: Creditors Have Until January 11 to File Claims ------------------------------------------------------------- Creditors owed money by LLC Swiss Olympia are requested to file their proofs of claim by Jan. 11, 2009, to: Andreas Gantenbein Sonnhaldenstrasse 28 9536 Schwarzenbach Switzerland The company is currently undergoing liquidation in Wittenbach SG. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Oct. 28, 2008. ============= U K R A I N E ============= ACTIVE-BANK: Moody's Withdraws 'E+' Bank Financial Strength Rating ------------------------------------------------------------------ Moody's Investors Service has withdrawn all of its ratings for Active-Bank for business reasons. The bank has no rated foreign and local currency debt outstanding. Moody's last rating action was on December 19, 2007 when Moody's assigned a prospective B3/NP global scale local currency long- and short-term senior unsecured debt rating to Active-Bank, as well as a Baa3.ua long-term National Scale Rating to the local currency- denominated bonds. Active-Bank is headquartered in Kiev, Ukraine, and as of December 31, 2007 reported total audited assets of US$364 million under IFRS and net profit of US$297 thousand. These ratings assigned to Active-Bank were withdrawn: * Bank financial strength rating -- E+ * Global long-term and short-term local currency deposit ratings -- B3 and Not Prime; * Long-term and short-term foreign currency deposit ratings -- B3 and Not Prime; * National scale deposit ratings -- Baa3.ua NAFTOGAZ OF UKRAINE: May File for Bankruptcy This Year ------------------------------------------------------ Naftogaz of Ukraine could file for bankruptcy in 2009, RBC Ukraine reports citing a source in the Ukrainian president's administration. The report relates that the source said the 2009 budget set aside US$211.9 million to cover the gap between the gas import price and prices for the population. However, the report notes that according to the source, the actual amount could reach up to US$1.22 billion, suggesting that Naftogaz will either raise gas tariffs, or go bust. Meanwhile, talks between Naftogaz of Ukraine and Gazprom representatives over debt settlement continue, the report adds. About NJSC Naftogaz of Ukraine Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine -- http://www.naftogaz.com/-- processes gas, oil and condensate at the Company's five gas processing plants, which produce LPG, motor fuels and other types of petroleum products. Over 97% of the oil and gas in Ukraine is produced by the enterprises of the Company. * * * As reported in the TCR-Europe on Oct. 23, 2008, Moody's Investors Service changed the outlook on the B1 foreign currency corporate family rating of NJSC Naftogaz of Ukraine, as well as its US$500 million senior unsecured Loan Participation notes, to Negative from Developing. Naftogaz's Probability of Default rating is affirmed at B1. On Oct. 21, 2008, the TCR-Europe reported that Fitch Ratings downgraded OJSC Naftogaz of Ukraine's Long-term local and foreign currency Issuer Default ratings to 'B' from 'B+'. This follows the downgrade of Ukraine's sovereign Long-term local and foreign currency IDRs to 'B+' from 'BB-'. The IDRs of Naftogaz remain on RWN. The senior unsecured rating on the company's US$500 million eurobond maturing in 2009 is also downgraded to 'B+' from 'BB-', and its Recovery rating of 'RR4' is affirmed. =========================== U N I T E D K I N G D O M =========================== BLUESTONE SECURITIES: Fitch Junks Ratings on Four Tranches ---------------------------------------------------------- Fitch Ratings has upgraded two, downgraded seven and affirmed 14 tranches of the Bluestone Securities series of UK non-conforming transactions. In addition, the agency has changed the Outlook to Negative from Stable on seven tranches on the more recent deals Bluestone Securities plc (Series 2006-1) (Bluestone 2006-1) and Bluestone Securities plc (Series 2007-1) (Bluestone 2007-1). The rating actions are listed at the end of the announcement. All four transactions have a three-year interest-stripping mechanism in place, which steps up throughout the three-year period. In the more seasoned transactions, Bluestone 2004-1 and 2005-1, this deferred consideration mechanism has expired, thereby providing more excess spread to the two transactions. The upgrades in Bluestone 2004-1 follow a strong build-up in credit enhancement on the class B and C notes, which as of the last reporting period stood at 27.38% and 17.52% respectively. The Outlook on class B has also been revised to Positive from Stable as a result. Despite the relatively high principal payment rates (average annualised principal payment rate as calculated by Fitch for the past 12 months stood at 32.79%), Bluestone 2005-1 has not seen its credit enhancement levels build up to levels comparable to those of Bluestone 2004-1. This is due to the pro rata redemption of the notes, which first occurred in March 2007. Although this indicates that the performance of the underlying collateral is good, at the same time it has caused the stagnation of the credit support available to the notes. The negative rating actions taken on the more recent deals, Bluestone 2006-1 and Bluestone 2007-1, are a result of a combination of factors: deteriorating mortgage and housing market, as well as the performance of the deals. As of the last reporting period in December 2008, both transactions reported reserve fund draws of GBP475,898 (26.92% of the Bluestone 2006-1 reserve target amount) and GBP466,535 (10.14% of Bluestone 2007-1). The two transactions have seen further losses being realized. In December 2008 GBP486,850 (Bluestone 2006-1) and GBP531,298 (Bluestone 2007- 1) were allocated through the junior tranche principal deficiency ledger as of the last interest payment date. Latest period loss severities on the two deals stood at 21.92% and 26.35% respectively. According to the latest investor reports, loans in arrears by more than three months range from 9.85% (Bluestone 2007-1) and 23.35% (Bluestone 2004-1 of the respective pools outstanding. Loans in repossession in December 2008 stood between 3.66% (Bluestone 2007- 1) and 9.89% (Bluestone 2006-1). The rating actions are: Bluestone Securities plc (Series 2004-1): -- Class Aa (ISIN XS0208448331) affirmed at 'AAA'; Outlook Stable -- Class Az (ISIN XS0208450311) affirmed at 'AAA'; Outlook Stable -- Class B (ISIN XS0208452879) upgraded to 'AA' from 'A+'; Outlook revised to Positive from Stable -- Class C (ISIN XS0208453687) upgraded to 'A' from 'BBB+'; Outlook Stable -- Class D (ISIN XS0208453760) affirmed at 'BB+'; Outlook Stable Bluestone Securities plc (Series 2005-1): -- Class A (ISIN XS0222339631) affirmed at 'AAA'; Outlook Stable -- Class B (ISIN XS0222339391) affirmed at 'A'; Outlook Stable -- Class C (ISIN XS0222338740) affirmed at 'BBB'; Outlook Stable -- Class D (ISIN XS0222338153) affirmed at 'BB'; Outlook Stable Bluestone Securities plc (Series 2006-1): -- Class A1 (ISIN XS0264881508) affirmed at 'AAA'; Outlook revised to Negative from Stable -- Class A2 (ISIN XS0264881920) affirmed at 'AAA'; Outlook revised to Negative from Stable -- Class B (ISIN XS0264882654) downgraded to 'BBB' from 'A'; Outlook revised to Negative from Stable -- Class C (ISIN XS0264882902) downgraded to 'B' from 'BBB'; Outlook revised to Negative from Stable -- Class D (ISIN XS0264883207) downgraded to 'CCC' from 'BB'; Distressed Recovery Rating 'DR3' assigned -- Class E (ISIN XS0264883546) downgraded to 'CC' from 'B'; Distressed Recovery Rating 'DR4' assigned Bluestone Securities plc (Series 2007-1): -- Class A1a (ISIN XS0300919908) affirmed at 'AAA'; Outlook Stable -- Class A1b (ISIN XS0301239561) affirmed at 'AAA'; Outlook Stable -- Class A2 (ISIN XS0300920237) affirmed at 'AAA'; Outlook Stable -- Class Az (ISIN XS0300920583) affirmed at 'AAA'; Outlook revised to Negative from Stable -- Class B (ISIN XS0300920823) affirmed at 'A'; Outlook revised to Negative from Stable -- Class C (ISIN XS0300921128) downgraded to 'BB' from 'BBB'; Outlook revised to Negative from Stable -- Class Da (ISIN XS0300921474) downgraded to 'CCC' from 'BB'; Distressed Recovery Rating 'DR2' assigned -- Class Db (ISIN XS0301241039) downgraded to 'CCC' from 'BB'; Distressed Recovery Rating 'DR2' assigned BOWDEN SMYTH: Appoints Joint Liquidators from Tenon Recovery ------------------------------------------------------------ Peter John Forsey and Nick Simmonds of Tenon Recovery were appointed joint liquidators of Bowden Smyth & Partners Ltd. on Dec. 8, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Tenon Recovery at: Suite 3 Chalkwell Lawns 648-656 London Road Westcliff-On-Sea Essex SS0 9HR England BRAND LONDON: Names Joint Liquidators from Tenon Recovery --------------------------------------------------------- S. J. Parker and T. J. Binyon of Tenon Recovery were appointed joint liquidators of Brand London Ltd. on Dec. 3, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Tenon Recovery at: Sherlock House 73 Baker Street London W1U 6RD England BRITISH VITA: Inks Standstill Agreement with Lenders ---------------------------------------------------- Anousha Sakoui at the Financial Times reports that British Vita Group has agreed on a standstill with lenders to avoid a breach on the terms of its debt. The standstill agreement, the FT states, will give the company a period of stability until March, in which to hold negotiations with its lenders. British Vita, which is owned by private equity group TPG, had risked being in breach of covenants on its EUR663 million (US$933 million) of debt in January, the FT recalls. The FT notes that while the company has cash on its balance sheet, it needs to reduce its debt load. According to the FT, among the options considered, included TPG injecting new funds into its GBP668 million buy-out, or lenders swapping debt for equity. Citing people close to the situation, the FT relates the company had been working on a short-term debt facility of about EUR100 million. Crain's Manchester Business recounts British Vita's trading position deteriorated. Sales, Crain's says, are believed to have declined sharply this year as the business supplies sectors such as furniture manufacturing, construction and the automotive sector, all of which have been hard hit by the downturn. Headquartered in London, British Vita Group -- http://www.thevitagroup.com/-- produces cellular and industrial polymers, engineered thermoplastic sheet and nonwovens. It operates nearly 80 sites in 20 countries. DERBY PLAYHOUSE: Taps Joint Liquidators from Tenon Recovery ----------------------------------------------------------- Patrick B. Ellward and Dilip K. Dattani of Tenon Recovery were appointed joint liquidators of Derby Playhouse (Enterprises) Ltd. on Nov. 26, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Tenon Recovery at: The Poynt 45 Wollaton Street Nottingham NG1 5FW England FARMHOUSE FREEDOM: Appoints Liquidators from Grant Thornton ----------------------------------------------------------- Alistair Wardell and Nigel Morrison of Grant Thornton UK LLP were appointed joint liquidators of Farmhouse Freedom Egg Products (Cardiff) Ltd. on Nov. 21, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: Farmhouse Freedom Egg Products (Cardiff) Ltd. C/o Peacheys Chartered Accountants Lanyon House Mission Court Newport NP20 2DW England GREAT HALL: Fitch Junks Ratings on Three RMBS Series Tranches ------------------------------------------------------------- Fitch Ratings has downgraded eight tranches from the Great Hall Mortgages No. 1 RMBS series. The downgrades are a result of a deteriorating mortgage and housing market, as well as the weak performance of the deals, in particular increasing losses from repossessed properties. The rating actions are listed at the bottom of this announcement. According to the latest investor reports for December 2008, the two more recent transactions Great Hall Mortgages No. 1 (Series 2007-1) and Great Hall Mortgages No. 1 (Series 2007-2) reported reserve fund draws in the amount of GBP642,895 and GBP195,743, i.e. 4.88% and 2.09% of their target amounts respectively. The recent reports also showed greater realized losses, which as of December were reported at GBP1.8 million (GHM 2007-1) and GBP915,275 (GHM 2007-2). Meanwhile, no reserve fund draw was reported in Great Hall Mortgages 2006-1, as in December 2008 the transaction generated sufficient excess spread to cover GBP869,091 worth of losses that were realized during the period. The portfolios of the three transactions contain discount loans, and for this reason, discount margin reserves have been set up across all three deals. Amounts released from these ledgers provide additional revenue to the transactions. The loans in the three pools also contain BBR (Bank of England base rate)- linked loans; however, none of the deals have hedging agreements in place to cover the risk of any mismatches arising from the BBR-linked assets and Libor-linked notes. The latest investor reports show loans in arrears by more than three months ranging from 7.41% (GHM 2007-2) and 9% (GHM 2006-1). Loans in repossessions in December 2008 stood between 2.09% (GHM 2006-1) and 2.42% (GHM 2007-1) of the respective pools outstanding. The rating actions are: Great Hall Mortgages No. 1 plc (Series 2006-1): -- Class A2a (ISIN XS0276086393) affirmed at 'AAA'; Outlook Stable -- Class A2b (ISIN XS0276092797) affirmed at 'AAA'; Outlook Stable -- Class Ba (ISIN XS0276086989) affirmed at 'AA'; Outlook Stable -- Class Bb (ISIN XS0276093332) affirmed at 'AA'; Outlook Stable -- Class Ca (ISIN XS0276087524) affirmed at 'A'; Outlook Stable -- Class Cb (ISIN XS0276093928) affirmed at 'A'; Outlook Stable -- Class Da (ISIN XS0276088506) affirmed at 'BBB'; Outlook revised to Negative from Stable -- Class Db (ISIN XS0276095030) affirmed at 'BBB'; Outlook revised to Negative from Stable -- Class Ea (ISIN XS0276089223) downgraded to 'B' from 'BB'; Outlook revised to Negative from Stable Great Hall Mortgages No. 1 plc (Series 2007-1): -- Class A2a (ISIN XS0288626525 ) affirmed at 'AAA'; Outlook Stable -- Class A2b (ISIN XS0288627507) affirmed at 'AAA'; Outlook Stable -- Class Ba (ISIN XS0288628224) affirmed at 'AA'; Outlook Stable -- Class Bb (ISIN XS0288628810) affirmed at 'AA'; Outlook Stable -- Class Ca (ISIN XS0288629545) affirmed at 'A'; Outlook revised to Negative from Stable -- Class Cb (ISIN XS0288630121) affirmed at 'A'; Outlook revised to Negative from Stable -- Class Da (ISIN XS0288630394) downgraded to 'BB' from 'BBB'; Outlook revised to Negative from Stable -- Class Db (ISIN XS0288630550) downgraded to 'BB' from 'BBB'; Outlook revised to Negative from Stable -- Class Ea (ISIN XS0288630808) downgraded to 'CCC' from 'BB'; Distressed Recovery Rating 'DR2' assigned Great Hall Mortgages No. 1 plc (Series 2007-2): -- Class Aa (ISIN XS0308354504) affirmed at 'AAA'; Outlook Stable -- Class Ab (ISIN XS0308354843) affirmed at 'AAA'; Outlook Stable -- Class Ac (ISIN XS0308462141) affirmed at 'AAA'; Outlook Stable -- Class Ba (ISIN XS0308356970) affirmed at 'AA-' (AA minus); Outlook Stable -- Class Ca (ISIN XS0308357358) affirmed at 'A-' (A minus); Outlook revised to Negative from Stable -- Class Cb (ISIN XS0308355733) affirmed at 'A-' (A minus); Outlook revised to Negative from Stable -- Class Da (ISIN XS0308357788) downgraded to 'BB' from 'BBB-' (BBB minus); Outlook revised to Negative from Stable -- Class Db (ISIN XS0308356111) downgraded to 'BB' from 'BBB-' (BBB minus); Outlook revised to Negative from Stable -- Class Ea (ISIN XS0308357861) downgraded to 'CCC' from 'BB'; Distressed Recovery Rating 'DR2' assigned -- Class Eb (ISIN XS0308356467) downgraded to 'CCC' from 'BB'; Distressed Recovery Rating 'DR2' assigned HAZEMASTER LTD: Brings In Joint Liquidators from Baker Tilly ------------------------------------------------------------ Donald Bailey and Lindsey Cooper of Baker Tilly Restructuring & Recovery, were appointed joint liquidators of Hazemaster Ltd. on Dec. 5, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Baker Tilly Restructuring & Recovery at: Brazennose House Lincoln Square Manchester M2 5BL England MECOM GROUP: Banks Defer Covenant Test Date to February 28 ---------------------------------------------------------- Mecom Group plc issued a pre-close trading update for the year ended December 31, 2008. Trading Mecom said it remains on track to deliver its revised earnings forecast for the full year as indicated in its October Interim Management Statement. It however noted that trading conditions remain challenging with ongoing volatility in all it advertising markets. Net Debt and Financing As indicated in the IMS, the company continues to focus on managing its affairs to ensure ongoing compliance with its banking facilities which have been affected mainly by the recent adverse exchange rate movements. The company has entered into constructive discussions with its lending banks with a view to concluding certain amendments to its debt facilities so as to provide financial stability in the medium term. In the context of this, the banks have agreed to defer the next covenant test date from December 31, 2008 to February 28, 2009 to facilitate these discussions and the company has agreed an initial fee of approximately EUR2.5 million and an increase in the core lending margin of approximately 175 basis points. The company has received approaches for a number of assets which may or may not lead to disposals. David Montgomery, Executive Chairman of Mecom said: "The deterioration in global economic activity is continuing to affect advertising adversely in our markets. The Board has recognized that in the light of these continuing market conditions we need to reduce our leverage and is confident of reaching an agreement on a long term solution, including disposals, in the first quarter of the New Year. We continue to believe that Mecom's operating model is the right one and progress continues to be made in restructuring the cost base and developing new revenue streams." Debt Pile In a Dec. 22, report, the Daily Telegraph said Mecom's banks are understood to have recently hired PricewaterhouseCoopers to undertake an independent business review following mounting concern about its high debt levels. According to the Daily Telegraph, Mecom's debt pile - GBP571 million in November - dwarfs its market capitalization of GBP17.3 million. Mecom, the Daily Telegraph disclosed, has tried to make asset disposals to reduce its debt burden, but has had difficulty selling in the midst of a downturn. Mark Sweney of guardian.co.uk wrote the company faced breaching its debt-to-earnings ratio of 3.5 times earnings. Disposal of German Newspaper Business Reuters meanwhile reported Mecom is considering selling its German newspaper business. Citing German magazine Kress, Reuters revealed Germany's fourth largest newspaper publisher M. DuMont Schauberg (MDS) is eyeing to acquire Mecom's assets Berliner Verlag and Hamburger Morgenpost. According to Reuters, Kress said MDS, which tried to buy Berliner Verlag in 2005, would be willing to pay just below EUR200 million (US$279.7 million). Kress added German WAZ media group was also interested in Berliner Verlag, Reuters noted. "The company has looked at making selective strategic disposals but there's nothing to report at this stage," a Mecom spokesman was quoted by the report as saying. About Mecom Group plc Headquartered in London, Mecom Group plc -- http://www.mecom.co.uk -- is engaged in the acquisition and operation of newspaper publishing and content businesses in Europe. The company owns over 300 titles in its five divisions, with operations in the Netherlands, Denmark, Norway, Germany and Poland, together publishing approximately 30 million copies a week. MONIER GROUP: Creditors Bring In Restructuring Advisers ------------------------------------------------------- Mark Kleinman at the Daily Telegraph reports that creditors of Monier Group are calling in advisers to oversee the restructuring of the company. According to the report, Monier is exposed to the house-building slump because it is among the largest suppliers to the industry through its Redland subsidiary. In a TCR-Europe report on Nov. 12, 2008, The Times said that Monier hired Goldman Sachs to restructure an estimated EUR2 billion (GBP1.6 billion) of debt amid fears that it might breach its banking covenants in December. Citing insiders, the Times disclosed Monier is at risk of breaching its December 31 covenant. The company, the report recalled, drew down EUR125 million from its credit facilities in September to give it an additional cash cushion. However, it has not provided lenders with detailed guidance about its end-of-year figures, heightening concerns about a possible covenant breach, the report noted. PAI, which bought Monier for EUR2.4 billion in March last year, could be forced to inject more equity into the business to appease lenders, the report said. Goldman, which was drafted in by PAI, is understood to be looking at a range of options including covenant waiver negotiations, a PAI-backed debt buyback and or a refinancing, although this will be very difficult in the current debt markets, the report stated. PAI, the report recounted, unveiled plans this year to cut Monier's debt by buying back about 20 per cent of it. The Goldman team is led by Andrew Wilkinson, the bank's global head of restructuring, the report revealed. Monier Group -- http://www.monier.co.uk/-- supplies pitched- roofing products, roofing components and chimney systems. It has more than 200 production sites and activities in 46 countries, including the United Kingdom, Germany, Poland, among others. In 2006, Monier employed more than 12,000 people, generating sales of over EUR1.6 billion. NORTH SOUTH: Taps Joint Liquidators from Smith & Williamson ----------------------------------------------------------- Anthony Cliff Spicer and Henry Anthony Shinners of Smith & Williamson Ltd. were appointed joint liquidators of North South Publishing Ltd. on Dec. 9, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Smith & Williamson Ltd. at: 25 Moorgate London EC2R 6AY England RANGERS LTD: Appoints Joint Liquidators from Tenon Recovery ----------------------------------------------------------- Alexander Kinninmonth and Nigel Ian Fox of Tenon Recovery were appointed joint liquidators of Rangers (Salisbury) Ltd. on Dec. 8, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Tenon Recovery at: Highfield Court Tollgate Chandlers Ford Eastleigh Hampshire SO53 3TZ England UK CAR: Calls In Joint Liquidators from Tenon Recovery ------------------------------------------------------ T. J. Binyon and S. J. Parker of Tenon Recovery were appointed joint liquidators of UK Car Kits Ltd. on Dec. 8, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached through Tenon Recovery at: Sherlock House 73 Baker Street London W1U 6RD England USC: Goes Into Administration; 300 Jobs at Risk ----------------------------------------------- BBC News reports that fashion retailer USC has gone into administration, putting 300 jobs at risk. Bryan Jackson of PKF has been appointed administrator of USC, which has 58 stores across the UK, the report relates. Mr. Jackson, the report notes, blamed the poor economic climate for the chain's financial woes. "The impact of the credit crunch is continuing to spread into the wider economy beyond the property and financial sectors, Mr. Jackson was quoted by the report as saying. "As has been well publicized, retail operators are facing extremely challenging times." According to the report, Sir Tom Hunter's private equity group West Coast Capital, which bought the chain in 2004 for GBP45 million, will buy back 43 of the stores in a so-called pre-pack deal that will secure 1,127 jobs. The report states Dundonald Holdings Ltd, which is another business interest of Mr. Hunter, put together the rescue package for most of the stores. Jim McMahon, Mr. Hunter's partner in West Coast Capital, insisted the deal that had been negotiated was the only way of assuring the business survived, the report recalls. The remaining 15 stores, however, will be temporarily run by the administrator, the report discloses. Headquartered in Dundonald, North Ayrshire, USC -- http://www.usc.co.uk/-- is a retailer of branded clothing, footwear and accessories housing top brands such as Diesel, G- Star, Firetrap, Miss Sixty, Replay, Henri Lloyd, Ted Baker and Lacoste. * Slump in Comm'l Property Values Could Hit U.K. Banks' Earnings ---------------------------------------------------------------- A slump in commercial property values could force Britain's banks into a fresh round of capital raisings, Ben Harrington at Telegraph.co.uk reported. The report said up to GBP70 billion in losses await UK banks after having fueled the commercial property sector boom by lending as much as 95pc of a property's value to private investors. The report related that investment bank Close Brothers forecasts massive writedowns in light of its forecast 50pc-60pc slump in commercial property values by the end of 2009 compared to the market's 2007 peak. Such writedowns could again imperil banks' capital ratios, potentially forcing them once more to go cap in hand to the Government, Mr. Harrington said in his report. According to the report, a study by De Montfort University found that the country's leading banks have a total GBP250 billion exposure to commercial property loans - twice the amount they had before entering the recession in the early 1990s. Close Brothers, as cited by the report, said the fall in commercial property values is higher than most observers estimate, noting that "No available debt finance and a limited number of investors with equity capital for acquisitions means that anything sold will only realize distressed valuations." "Commercial property is a major issue facing the banks during the next couple of years. We believe the scale of the problem has not been built into the recapitalization program developed by the UK Government," Gareth Davies, a managing director in Close Brothers' restructuring division, was quoted by Mr. Harrington in his report. * BOOK REVIEW: How To Measure Managerial Performance ---------------------------------------------------- Author: Richard S. Sloma Publisher: Beard Books Paperback: 272 pages List Price: US$34.95 Order your personal copy at: http://www.amazon.com/exec/obidos/ASIN/1893122646/internetbankrupt How to Measure Managerial Performance by Richard S. Sloma is a valuable reference tool. This practical handbook provides new insights into enterprising management techniques. This book is a compendium of principles and techniques to improve and measure managerial performance in a number of areas important to the successful operation of a business. Rigorous application of the concepts of this instructive book will enable an organization to perform at several levels higher in efficiency and effectiveness. ********* 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. Pius Xerxes V. Tovilla, Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante, Marie Therese V. Profetana and Peter A. Chapman, Editors. Copyright 2009. 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 * * *