/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/090115.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, January 15, 2009, Vol. 10, No. 10 Headlines A U S T R I A FAHRTENDIENST KLOUDA: Claims Registration Period Ends Jan. 19 JOHANN MANDT: Claims Registration Period Ends January 19 KENI LLC: Claims Registration Period Ends January 19 KLM KEG: Claims Registration Period Ends January 18 B E L G I U M FORTIS NV: Belgium Might Offer to Buy Rest of the Business FORTIS NV: To Hold General Shareholders Meetings in February G E R M A N Y AVESTA BIOTHERAPEUTICS: Claims Registration Period Ends Feb. 20 B & T GMBH: Claims Registration Period Ends March 4 CCS ROYAL: Claims Registration Period Ends February 10 CONSUMER GOODS: Claims Registration Period Ends January 27 DRESDNER BANK: Fitch Retains Negative Watch on 'D' Rating NBG AG: S&P Downgrades Ratings on Subordinated Debt Issue to 'BB+' VARIOSUN BESCHATTUNGSSYSTEME: Claims Registration Ends Feb. 5 TS COMIT: S&P Downgrades Rating on Class E Notes to 'CCC+' OKIN BETEILIGUNGS: Hungarian Plant Shut Down Affects 250 Jobs I R E L A N D DELL INC: To Cut 1,900 Jobs in Limerick THOMAS READ: High Court Approves Individual Plans for Companies WATERFORD WEDGWOOD: John Foley Steps Down from Board WATERFORD WEDGWOOD: Moody's Withdraws 'Ca' CFR on Missed Payments I T A L Y SEAT PAGINE: Moody's Downgrades Corporate Family Rating to 'B1' K A Z A K H S T A N ALMATY STROY INVEST-K: Proof of Claim Deadline Slated for Feb. 25 AULIEKOL-2000 LLP: Creditors Must File Claims by February 24 BOLASHAK LLP: Claims Filing Period Ends February 24 JS KAZAKHSTAN: Creditors' Claims Due on February 25 KAZAKHTELECOM JSC: Fitch Affirms Long-Term Rating at 'BB' KMG JSC: S&P Ratings Unmoved by MangistauMunayGas Share Purchase RAMZES-KORGAU LLP: Claims Registration Ends February 20 TRANSMERIDIAN EXPLORATION: US$8.7MM Interest Payment Due Jan. 15 UING OIL: Proof of Claim Deadline Slated for February 25 UK RUS GAS: Creditors Must File Claims by February 20 VERCOMP LLP: Claims Filing Period Ends February 20 K Y R G Y Z S T A N EUROPREMIUM LTD: Creditors Must File Claims by February 19 TEGIN-ELECTRO LLC: Creditors Must File Claims by February 19 N E T H E R L A N D S LYONDELL CHEMICAL: Royal Bank of Scotland Has US$3.5BB Exposure LYONDELL CHEMICAL: Mid-America Seeks Adequate Protection R U S S I A BANK OF MOSCOW: Fitch Affirms 'D' Indiv. Rating on Low Reserves BELKOZIN OJSC: Saint-Petersburg Bankruptcy Hearing Set June 16 BOBROVSKIY INSULANT: Creditors Must File Claims by January 26 EMAL-POSUDA CJSC: Creditors Must File Claims by February 26 GAZPROMBANK: S&P Downgrades Counterparty Credit Ratings to 'BB+' KHOLMOGOR-TRUBOPROVOD-STROY: Creditors Must File Claims by Jan. 26 LOBVINSKIY BIO-CHEMICAL: Creditors Must File Claims by February 26 PARNAS-M OJSC: Saint-Petersburg Bankruptcy Hearing Set June 8 PESKOVSKIY FOUNDRY OJSC: Creditors Must File Claims by Feb. 26 PRIVOLZHSKIY GRINDING: Creditors Must File Claims by February 26 SHAMARSKIY LES-PROM-KHOZ: Creditors Must File Claims by Feb. 26 URAL-MED-STROY 1 LLC: Creditors Must File Claims by January 26 S P A I N MBSCAT 1: Moody's Rates EUR39.4 Mil. Class C Notes 'Ba2' S W I T Z E R L A N D BESAG BAUMANN: Creditors Must File Proofs of Claim by January 22 BLUMENAUER ELECTRONICS: Deadline to File Claims Set January 22 HICKERT CO: Creditors Have Until January 22 to File Claims KNOPFEL PETER: Proofs of Claim Filing Deadline is January 22 PERMA-DRIVE JSC: Jan. 22 Set as Deadline to File Claims SUMMEK HOLDING: Creditors Must File Proofs of Claim by Jan. 22 TACTICX JSC: Deadline to File Proofs of Claim Set January 22 ZURCHER ZENTRUM: Creditors Have Until January 22 to File Claims T U R K E Y PO OIL: S&P Withdraws 'B+' Rating on US$175 Mil. Senior Notes U K R A I N E ASGARD B LLC: Creditors Must File Claims by January 17 CAPITAL BUILDING MK: Creditors Must File Claims by January 17 CHERVONE PARUTINE: Creditors Must File Claims by January 17 COMPANY TARIM: Creditors Must File Claims by January 17 GAYCHURSKY ELEVATOR: Creditors Must File Claims by January 17 GOLIANT LLC: Creditors Must File Claims by January 17 INTERPIPE LIMITED: S&P Withdraws Ratings at Company's Request PIRIATIN FURNITURE: Creditors Must File Claims by January 17 PROFESSIONAL-BUILDING LLC: Creditors Must File Claims by Jan. 17 R.O.S.S. LLC: Creditors Must File Claims by January 17 SVITOCH LLC: Creditors Must File Claims by January 17 UNIVERSAL-TH-INVEST LLC: Creditors Must File Claims by Jan. 17 * CITY OF ODESSA: S&P Removes 'B' Rating From CreditWatch U N I T E D K I N G D O M AP DRIVELINE: In Administration; PwC Appointed BARCLAYS PLC: Mulls 2,100 Job Cuts in 2 Units BRITANNIA BULK: Moody's Withdraws Junk Corporate Family Rating EUROPA SOFABEDS: In Administration; 175 Jobs Axed HERITABLE BANK: Ernst & Young Says 11% of Mortgage Book in Arrears LAND OF LEATHER: Administrators Receive Expressions of Interest MAJOR GROUP: Appoints Joint Administrators from KPMG MECOM GROUP: Sells German Unit to M.Dumont Schauberg for EUR152MM MONEY PARTNERS: S&P Affirms Rating on Class B2 Notes at 'BB+' NEW STAR: Gets Indicative Offers from Potential Buyers REDROW PLC: Forward Home Sales at End of Dec. 2008 Down by 40% ROYAL BANK: Norwich Ex-Head Mulls GBP7 Bln Bid for Insurance Units SANDRINGHAM HOTEL: In Administration; Smith & Williamson Appointed SOLA WETSUITS: Goes Into Creditors Voluntary Liquidation STARS SPORT: Appoints Joint Liquidators from PKF THOMPSON TECHNIK: Goes Into Administration; 100 Jobs at Risk WIREWORKS LTD: Names Joint Liquidators from Tenon Recovery * UK: Aon Says 4 in 5 Suppliers Face Pre-Pack Insolvency Debt X X X X X X X X * S&P Takes Rating Actions on 364 European Synthetic CDO Tranches * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= FAHRTENDIENST KLOUDA: Claims Registration Period Ends Jan. 19 ------------------------------------------------------------- Creditors owed money by LLC Fahrtendienst Klouda & Pernsteiner (FN 159019b) have until Jan. 19, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Wien Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Feb. 2, 2009, for the examination of claims at: Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 5, 2008, (Bankr. Case No. 3 S 145/08f). JOHANN MANDT: Claims Registration Period Ends January 19 -------------------------------------------------------- Creditors owed money by LLC Johann Mandt Transport (FN 239588k) have until Jan. 19, 2009, to file written proofs of claim to the court-appointed estate administrator: Michael Neuhauser Esslinggasse 7 1010 Wien Austria Tel: 90 333 Fax: 90 333-55 E-mail: wien@snwlaw.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Feb. 2, 2009, for the examination of claims at: Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Wien, Austria, the Debtor declared bankruptcy on Dec. 5, 2008, (Bankr. Case No. 3 S 146/08b). KENI LLC: Claims Registration Period Ends January 19 ---------------------------------------------------- Creditors owed money by LLC Keni (FN 277814a) have until Jan. 19, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Walter Kainz Gusshausstrasse 23 1040 Wien 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 at 10:15 a.m. on Feb. 2, 2009, for the examination of claims at: Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Wien, Austria, the Debtor declared bankruptcy on Dec. 11, 2008, (Bankr. Case No. 3 S 147/08z). KLM KEG: Claims Registration Period Ends January 18 --------------------------------------------------- Creditors owed money by KEG KLM (FN 199514d) have until Jan. 18, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Bernhard Birek Marktplatz 4 4707 Schluesslberg Austria Tel: 07248/64720 Fax: 07248/64720-20 E-mail: ra-birek@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:40 a.m. on Jan. 29, 2009, for the examination of claims at: Land Court of Wels Hall 101 Wels Austria Headquartered in Neumarkt im Hausruckkreis, Austria, the Debtor declared bankruptcy on Dec. 11, 2008, (Bankr. Case No. 20 S 151/08v). ============= B E L G I U M ============= FORTIS NV: Belgium Might Offer to Buy Rest of the Business ---------------------------------------------------------- The Belgian government may bid at around EUR2.50 to EUR3 for what remains of Fortis NV, Philip Blenkinsop at Reuters reports, citing a Paris-based trader. The news, Reuters relates, sent Fortis shares on Euronext Brussels up to EUR1.6820 in afternoon trading on Tuesday, January 13, a gain of 31.1 percent and their highest level since mid-October. In his report, Reuters' Mr. Blenkinsop said a state purchase of the rest of Fortis could be a way for the Belgian state to end the Fortis debacle, which led to the collapse of the government last month, although a number of traders and one banking source expressed their doubts. On December 12, the Brussels Court of Appeal ruled in favor of a group of shareholders seeking to block the carve-up of Fortis by a trio of governments and the sale of assets to France's BNP Paribas. In September, Belgium, along with the Netherlands, and Luxembourg, agreed to inject EUR11.2 billion into Fortis after its shares slumped amid concerns about the company's solvency. The deals left Fortis with only its international insurance business, a 66% stake in a EUR10.4 billion portfolio of structured credit products and financial assets and liabilities of various financing vehicles. The bank's deal with Belgium involved subsequent transfer of 75% of the Belgian state's 100% interest in Fortis to BNP Paribas. Under the deal, BNP Paribas will also acquire 100% of Fortis Insurance Belgium for a total consideration of EUR5.73 billion in cash. The Brussels Court ordered a shareholder vote before Feb. 12 for the transaction to proceed and said the government would have to pay a fine of EUR5 billion to shareholders if it sold Fortis before the vote. The Court also appointed a panel of experts to review the proposed dismantling of Fortis. Following the Brussels Court ruling, Fortis said it incurred a net loss of EUR295 million which reduced its pro forma net cash position on September 30, 2008 from EUR2.1 billion to EUR1.8 billion and pro forma shareholders' equity from EUR6.7 billion to EUR6.4 billion. About Fortis N.V. Headquartered in Brussels, Belgium, Fortis N.V. -- http://www.fortis.com/-- is an international provider of banking and insurance services to personal, business and institutional customers. The Company operates in four core businesses: Retail Banking, Asset Management and Private Banking, Merchant Banking and Insurance. The Company delivers a package of financial products and services through its own channels and via intermediaries and other partners. In May 2007, Fortis N.V. finalized the acquisition of a 50.45% stake in Pacific Century Insurance Holdings Limited. As of June 15, 2007, the Company had acquired a 98.59% stake in Pacific Century Insurance Holdings Limited. In July 2008, the Company sold International Asset Management Limited (IAM). * * * As reported by the Troubled Company Reporter on Oct. 9, 2008, Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V. long term issuer ratings to Baa2 from Baa1, and the ratings were placed under review for possible downgrade. Debt ratings benefiting from subordinated and preferred guarantees from the joint holding companies were downgraded to Baa3 and Ba1 respectively. Certain securities benefiting from joint and several guarantees from the holding companies and Fortis ASR Levensverzkering N.V. were confirmed at Baa3 with a developing outlook. Moody's also downgraded the insurance financial strength rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from A3, and the backed senior unsecured debt of Fortis Capital (Asia) Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1. These ratings now carry a developing outlook. The Group's CP rating was affirmed at P-2 and placed under review for possible downgrade. FORTIS NV: To Hold General Shareholders Meetings in February ------------------------------------------------------------ Fortis NV scheduled extraordinary general meetings of shareholders on February 11 in Brussels and February 13 in Utrecht in accordance with a Brussels Appeal Court ruling on December 12, 2008. The Appeal Court's ruling ordered a shareholder vote for the carve-up of Fortis to proceed. Shareholders attending the Extraordinary General Meeting in Brussels will be invited to vote on: -- the decisions taken by the Board of Directors on October 3, 5, and 6, 2008; and -- the agreements arising from the implementation of those decisions, with regard to the sale of business units to the Dutch and Belgian governments and to BNP Paribas. Shareholders attending the Extraordinary General Meetings in both Brussels and Utrecht will also be able to vote on the appointment of new board members. The Board of Directors will propose the appointment of Messrs Ludwig Criel and Guy de Selliers de Moranville as non-executive directors for a period of 2 years until the conclusion of the General Meeting of Shareholders of 2011. Under the terms of the Articles of Association, candidates may be proposed by shareholders representing at least one per cent of Fortis's share capital or owning Units with a market value equivalent to at least EUR 50 million. About Fortis N.V. Headquartered in Brussels, Belgium, Fortis N.V. -- http://www.fortis.com/-- is an international provider of banking and insurance services to personal, business and institutional customers. The Company operates in four core businesses: Retail Banking, Asset Management and Private Banking, Merchant Banking and Insurance. The Company delivers a package of financial products and services through its own channels and via intermediaries and other partners. In May 2007, Fortis N.V. finalized the acquisition of a 50.45% stake in Pacific Century Insurance Holdings Limited. As of June 15, 2007, the Company had acquired a 98.59% stake in Pacific Century Insurance Holdings Limited. In July 2008, the Company sold International Asset Management Limited (IAM). * * * As reported by the Troubled Company Reporter on Oct. 9, 2008, Moody's Investors Service downgraded Fortis SA/NV and Fortis N.V. long term issuer ratings to Baa2 from Baa1, and the ratings were placed under review for possible downgrade. Debt ratings benefiting from subordinated and preferred guarantees from the joint holding companies were downgraded to Baa3 and Ba1 respectively. Certain securities benefiting from joint and several guarantees from the holding companies and Fortis ASR Levensverzkering N.V. were confirmed at Baa3 with a developing outlook. Moody's also downgraded the insurance financial strength rating of Fortis Insurance Company (Asia) Ltd (FICA) to Baa1 from A3, and the backed senior unsecured debt of Fortis Capital (Asia) Ltd, a wholly-owned subsidiary of FICA, to Baa2 from Baa1. These ratings now carry a developing outlook. The Group's CP rating was affirmed at P-2 and placed under review for possible downgrade. ============= G E R M A N Y ============= AVESTA BIOTHERAPEUTICS: Claims Registration Period Ends Feb. 20 -------------------------------------------------------------- Creditors of Avesta Biotherapeutics GmbH have until Feb. 20, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 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 Potsdam Hall 24 Justice Center Jagerallee 10 - 12 14469 Potsdam 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: Rolf Rattunde Kurfuerstendamm 26 a 10719 Berlin Germany The District Court opened bankruptcy proceedings against the company on Dec. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Avesta Biotherapeutics GmbH Attn: Dr. Mathias Schroedter, Manager Heinrich-Hertz-Str. 1b 14532 Kleinmachnow Germany B & T GMBH: Claims Registration Period Ends March 4 --------------------------------------------------- Creditors of B & T GmbH have until March 4, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 24, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Hildesheim Hall 13 Main Building Kaiserstrasse 60 31134 Hildesheim 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. Steffen Koch Sophienstr. 1 30159 Hannover Germany Tel: 0511/3539910 Fax: 0511/35399110 E-mail: www.hww-kanzlei.de The District Court opened bankruptcy proceedings against the company on Jan. 2, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B & T GmbH Attn: Sabine Rathmann, Manager Wellweg 87 31157 Sarstedt Germany CCS ROYAL: Claims Registration Period Ends February 10 ------------------------------------------------------ Creditors of CCS ROYAL Brillenmode Vertriebsgesellschaft mbH have until Feb. 10, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 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 Chemnitz Insolvency Tribunal Hall 2.011 Fuerstenstr. 21-23 09130 Chemnitz 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: Reinhard Klose Leipziger Str. 58 09113 Chemnitz Germany Tel: 0371/444620 Fax: 0371/4446111 E-mail: Klose@handschumacher.de The District Court opened bankruptcy proceedings against the company on Jan. 2, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CCS ROYAL Brillenmode Vertriebsgesellschaft mbH Attn: Claus Scheiner, Manager Roesslerstrasse 30 09120 Chemnitz Germany CONSUMER GOODS: Claims Registration Period Ends January 27 ---------------------------------------------------------- Creditors of Consumer Goods Import Export GmbH have until Jan. 27, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 10, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Darmstadt Hall 4.308 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt 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: Ulrich Bert Birkenweg 24 64295 Darmstadt Germany Tel: 06151/66 72 9-0 Fax: 06151/66 72 9-20 E-mail: darmstadt@ltb-anwaelte.de The District Court opened bankruptcy proceedings against the company on Jan. 1, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Consumer Goods Import Export GmbH Industriestrasse 2 64832 Babenhausen Germany Attn: Horst Boehm, Manager Ernst Leitz Strasse 1 63150 Heusenstamm Germany DRESDNER BANK: Fitch Retains Negative Watch on 'D' Rating --------------------------------------------------------- Fitch Ratings has downgraded Germany-based Dresdner Bank AG's Long-term Issuer Default Rating to 'A' from 'A+' and downgraded Dresdner's Short-term IDR to 'F1' from 'F1+'. Both ratings have simultaneously been removed from Rating Watch Negative. The Outlook on the Long-term IDR is Stable. Dresdner's Individual Rating of 'D' remains on RWN. The agency has also affirmed the bank's Support Rating at '1' and its Support Rating Floor of 'A'. Dresdner's hybrid capital instruments remain on RWN. The rating action follows the January 12, 2009 announcement by Commerzbank AG (Commerz, rated 'A'/'F1'/Stable) confirming the completion of its acquisition of Dresdner from Allianz SE (Allianz, rated 'AA-'((AA minus))/Stable), Germany's largest insurance group. As of January 12, 2009, Commerzbank became the sole shareholder of Dresdner Bank. Following the transferral of ownership, Dresdner's Long-term and Short-term IDRs have now been aligned to those of Commerz, as Dresdner no longer benefits from the support of its former parent. The RWN on Dresdner's Individual Rating takes into account the substantial pressure on the bank's performance in persistently difficult markets. Fitch expects to resolve the RWN on completion of a review of the risk profile of the newly-combined entity. Dresdner's hybrid capital instruments are rated: -- Dresdner Funding Trust I, II, III and IV's dated silent participation certificates: Long-term rating 'BBB-' (BBB minus); RWN -- UT2 Funding plc dated Upper Tier 2 securities: Long-term rating 'BBB-' (BBB minus); RWN (The RWNs on the above listed hybrid securities will be resolved upon clarification of the positions taken by the domestic authorities and possibly the European Union on the deferral of interest payments.) -- Dresdner's HT1 Funding GmbH Tier 1 Securities: Long-term rating 'A'; RWN (The agency expects to resolve the RWN applied to the security detailed above following clarification on whether the change in Dresdner's ownership will impact Allianz SE's guarantee in respect of the payment of coupons. A downgrade by more than one notch is possible.) NBG AG: S&P Downgrades Ratings on Subordinated Debt Issue to 'BB+' ------------------------------------------------------------------ Standard & Poor's Ratings Services said it lowered to 'A-' from 'A' its long-term counterparty credit and insurer financial strength ratings on German life insurer Nuernberger Lebensversicherung AG and property/casualty insurer Nuernberger Allgemeine Versicherungs-AG, the core operating entities of the Germany-based Nuernberger insurance group. At the same time, the long-term counterparty credit rating on the group's holding company, Nuernberger Beteiligungs-AG was lowered to 'BBB' from 'BBB+', and the ratings on subordinated debt issued by NBG were lowered to 'BB+' from 'BBB-'. The outlook on all entities was revised to stable from negative. "The downgrade reflects our expectation that current operating conditions constrain Nuernberger's earnings prospects and will therefore make it difficult for the company to rebuild its capital adequacy, which has fallen to the low 'A' and upper 'BBB' rating categories," said Standard & Poor's credit analyst Ralf Kuerzdoerfer. These conditions include progressively lower investment returns, due to the capital market crisis; more challenging economic conditions, and continued intense competition in motor insurance, one of Nuernberger's key business lines. The rating actions also reflect S&P's concerns about Nuernberger's enterprise risk- management capabilities which, albeit adequate, remain a relative weakness to the rating. The group's risk-management efforts mainly focus on fulfilling the requirements set by the regulatory framework. Although Nuernberger's long-term target is a more comprehensive ERM framework, the group does not yet have a holistic program and uses largely traditional concepts. A positive rating factor is Nuernberger's strong competitive position in the German life insurance market, particularly in unit-linked and disability insurance, where it differentiates itself through a high degree of product innovation. Further supporting factors are the group's sound underwriting profits in life and non-life insurance. "The outlook is stable because S&P expects management to defend the group's strong competitive position," said Mr. Kuerzdoerfer. "In life insurance, this should translate into continued above- market-average growth of new business in 2009 and 2010, with sound new business margins that exceed 10%." Financial market conditions are likely to reduce the growth momentum seen in the recent past, however. In non-life, S&P expects increasing diversification into profitable non-motor business to preserve stable premium income relative to 2008 and the group to have achieved a non-life net combined ratio of about 100% in 2008. S&P expects the group to be able to repeat this result in 2009 and achieve a ratio of less than 100% in 2010, while maintaining its conservative reserving practices. Capitalization should continue to range between the low single 'A' and upper 'BBB' rating categories. ERM should improve further. A positive rating action appears unlikely, but might be considered if Nuernberger significantly outperformed S&P's rating expectations and similarly rated peers. The ratings may be lowered if the group failed to achieve S&P's ratings targets. VARIOSUN BESCHATTUNGSSYSTEME: Claims Registration Ends Feb. 5 ------------------------------------------------------------- Creditors of Variosun Beschattungssysteme GmbH have until Feb. 5, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 10.30 a.m. on March 19, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Nuernberg Meeting Hall 152/I Flaschenhofstr. 35 Nuernberg 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. Hubert Ampferl Stahlstrasse 17 90411 Nuernberg Germany The District Court opened bankruptcy proceedings against the company on Jan. 2, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Variosun Beschattungssysteme GmbH Attn: Heinz Brau and Daniela Brau-Zosel, Manager Im Teich 12 91235 Velden Germany TS COMIT: S&P Downgrades Rating on Class E Notes to 'CCC+' ---------------------------------------------------------- Standard & Poor's Ratings Services lowered and removed from CreditWatch negative its credit rating on the class E notes issued by TS Co.mit One GmbH, a German SME collateralized loan obligation transaction. The class E notes were placed on CreditWatch on July 10, 2008. At the same time, S&P affirmed the ratings on the class A to D and F notes. The rating actions conclude S&P's in-depth review of the transaction including credit and cash flow modeling of the most recent loan-level information. S&P based S&P's analysis on the findings of the October 2008 review and took into account the most recent portfolio changes. As of the December 2008 payment date, the underlying portfolio has amortized significantly, both in terms of total balance and number of obligors. The pool balance has decreased to EUR198 million from EUR270 million in September 2008. The reduction was mostly due to the removal of ineligible loans (EUR49 million) and partly due to scheduled repayments (EUR23 million). The removals resulted from an extensive portfolio screening carried out by the servicer. Following the screening process, numerous receivables were found to be non-compliant with the eligibility criteria set out in the transaction's documentation. As a result, the loans were bought by the originator at face value and resulted in notable principal repayments in the securitization. Given that the pro rata conditions are currently not satisfied, the resulting amortization occurred in sequential order and led to a significant de-leverage of the structure. The de-leverage led to an increase in relative credit enhancement available and at the same time amplified the single-obligor concentrations in the transaction. The top 10 obligors now comprise 24% of the entire portfolio and the top 20 obligors 39%. Among the top 20 obligors, bullet loans are largely over- represented. The transaction's dynamics have changed markedly following the removal of some credits from the portfolio over the past nine months. Subordination has become the primary form of enhancement as absolute excess spread levels have dried out. S&P therefore remains cautious about further defaults. Currently, the transaction principal deficiency ledger stands at EUR1.3 million. A further increase in the PDL balance could put the ratings on the class A to D notes under pressure. Ratings List TS Co.mit One GmbH EUR503 Million Floating-Rate Asset-Backed Notes Rating Lowered And Removed From CreditWatch Negative Rating ------ Class To From ----- -- ---- E CCC+ B/Watch Neg Ratings Affirmed Rating ------ To From -- ---- A AAA B AA C A D BBB F CCC OKIN BETEILIGUNGS: Hungarian Plant Shut Down Affects 250 Jobs ------------------------------------------------------------- Okin Beteiligungs GmbH's Hungarian unit head, Istvan Wachter, said the company will shut down one of its two Hungarian factories because of a decline in production, Balazs Penz at Bloomberg News reports citing newspaper Napi Gazdasag. Bloomberg News relates that according to the newspaper, Okin will cut 250 jobs at its plant in Varpalota, 94 kilometers (58 miles) from Budapest, but will maintain its other Hungarian plant. Based in Gummersbach, Germany, Okin Beteiligungs GmbH makes parts for movable furniture such as La-Z-Boy chairs. ============= I R E L A N D ============= DELL INC: To Cut 1,900 Jobs in Limerick --------------------------------------- BBC News reports that computer firm Dell Inc. plans to cut 1,900 of the 3,000 jobs at its manufacturing site in Limerick in the Irish Republic as part of a US$3 billion global cost-cutting effort. According to the report, global profits slip because consumers are buying fewer computers as they rein in spending. The report relates Sean Corkery, vice-president of Dell's operations in Europe, the Middle East and Africa, said the move is aimed at making Dell more competitive, and deliver greater value to customers in the region. The cuts however will not affect the 1,300 marketing and sales staff at Dell's Cherrywood plant in south Dublin, the report notes. The report discloses the remaining 1,100 Dell staff will primarily work in product development, engineering and logistics, focused on supporting overseas manufacturing. Dell, the report says, will move production to a new factory in Poland. Headquartered in Round Rock, Texas, Dell Inc. (NASDAQ: DELL) -- http://www.dell.com/-- designs, develops, manufactures, markets, sells, and provides support for various computer systems and services to customers worldwide. Dell has regional headquarters in Bracknell, England, for Europe, Middle East and Africa and in Singapore to serve the Pacific Rim, including Japan, India, China, Australia and New Zealand. The company manufactures its computer systems in seven locations: Austin, Texas; Nashville, Tenn.; Winston-Salem, North Carolina; Eldorado do Sul, Brazil (Americas); Limerick, Ireland (Europe, Middle East and Africa); Penang, Malaysia (Asia Pacific and Japan) and Xiamen, China (China). Dell sells its products and services worldwide. THOMAS READ: High Court Approves Individual Plans for Companies --------------------------------------------------------------- RTE Business reports that the High Court has approved proposals for how the companies within the Thomas Read Group would be dealt with if an investor emerged. Ms Justice Mary Finlay Geoghegan, the report relates, agreed Tuesday morning to the proposal that there should be separate schemes of arrangement for each of the individual companies currently under the protection of the court. According to the report, each company's scheme is to be interdependent on the others, so that the overall scheme will proceed only if all the individual plans are approved. The report discloses that under the plan, creditors of each company will receive the proposals for all of the other companies. However, creditors will be able to vote only on the scheme of the company to which they are a creditor. As reported in the TCR-Europe on Dec. 9, 2008, the Independent.ie said Judge Geoghegan approved a rescue plan for 21 of Dublin's best known bars and restaurants operated by the Thomas Read group after being convinced that the companies are insolvent but have a reasonable prospect of survival in whole or in part if a number of conditions are met. Citing Gary McCarthy, counsel for the group, the Independent.ie stated the conditions include securing additional investment, restructuring debts and resolving "the situation" with the group's former managing director Mark Leavey, who initiated court proceedings over being made redundant. The High Court judge, the report recalled, confirmed Kieran McCarthy of accountants Hughes Blake as examiner to Sharmane Ltd, the parent company of the Thomas Read group, and as examiner to 13 of the 14 companies operating the bars. The court heard all but three of the companies are trading profitably, the report revealed. According to Lyndon MacCann, counsel for the examiner, the companies would not need external finance to keep going during the protection period. He added the examiner had also received nine unsolicited queries expressing interest in either the group itself or assets within it. The judge however adjourned the application for examinership for the 14th company -- Floridita Ireland Ltd, which operates a bar and restaurant in the Irish Life Centre, Abbey Street -- as the agreed transfer of 60pc of the shareholding of that company to Sharmane is not complete and therefore, does not yet fall within the legal definition of a related company, the report recounted. As reported in the TCR-Europe, Mr Justice Brian McGovern on Friday, November 28, appointed Kieran McCarthy of Hughes Blake accountants as interim examiner to Sharmane Ltd and 14 related companies, known as the Thomas Read Group. According to the report, Guerneville Ltd, the parent company of the group, petitioned the High Court to put the Thomas Read group of companies into examinership as Sharmane was likely or unlikely to be able to pay its debts. The companies, which employ more than 400 people, racked up debts of EUR26.7 million, the report disclosed. Citing Gary McCarthy of Guerneville, the report revealed the Diageo Ireland, Heineken Murphy Breweries and Britvic C&C were among the largest creditors, while the group's banker creditors included ACC Bank, owed more than EUR15 million; Ulster Bank, owed EUR5.6 million; AIB, owed EUR3.5 million and Anglo Irish Bank, owed EUR597,000. WATERFORD WEDGWOOD: John Foley Steps Down from Board ---------------------------------------------------- Barry O' Halloran at The Irish Times reports that John Foley resigned as chief executive of Waterford Crystal and stepped down from the board of Waterford Wedgwood plc on Tuesday, January 13. Mr. Foley also quit his post as president of Waterford Wedgwood USA, RTE Business discloses. The Irish Times relates his departure follows those of a number of directors last week, including non-executive chairman Sir Anthony O'Reilly, who owns 52 per cent of the overall group with his brother-in-law, Peter Goulandris. As reported in the TCR-Europe, Waterford Wedgwood plc along with 10 subsidiaries entered administration on January 5. Angus Martin, Neville Kahn, Nick Dargan and Dominic Wong of Deloitte LLP, were appointed as joint administrators while David Carson, partner of Deloitte in Ireland, was appointed Receiver of Waterford Wedgwood plc, (the ultimate parent of the UK companies), and a number of its trading subsidiaries. The Waterford Wedgwood subsidiaries also in administration are: Waterford Wedgwood UK Plc Wedgwood Limited Josiah Wedgwood & Sons Limited Josiah Wedgwood & Sons (Exports) Limited Waterford Wedgwood Retail Limited Royal Doulton Ltd Royal Doulton (UK) Limited Royal Doulton Overseas Holdings Ltd Stuart & Sons Limited Statum Limited The companies are involved in the manufacture, wholesale and retail of Waterford crystal, Wedgwood fine china and Royal Doulton fine china products around the world. In the UK there are approximately 1,900 staff working across manufacturing and retail and Worldwide there are approximately another 5800 employees covering the USA, Germany, Ireland, Canada, Australia, Indonesia, Japan and Pan Asia. In a statement, administrator Deloitte said that in recent years, the companies benefited from significant shareholder support as exhaustive efforts were made by the management team to restructure the businesses. However, as trading conditions deteriorated, it became apparent that a restructuring of the businesses could not be achieved in an acceptable timescale. Consequently management began looking at the alternative strategy of trying to find a buyer for the businesses which would also have involved a comprehensive financial restructuring. While considerable progress was made, no firm offer was secured. The current global economic conditions have continued to affect the business and the Companies have needed the protection of administration. Waterford Wedgwood plc, (the ultimate holding company), is an Irish company with manufacturing operations in Ireland. The Irish businesses in total employ approximately 800 people. The group also has manufacturing operations in the UK, Indonesia and Germany. The UK head office is located in London and employs 6 people. The Irish head office is located in Waterford, Ireland and employs 14 people Manufacturing is undertaken in Barlaston in the UK, the Irish Republic and Indonesia. The approximate number of manufacturing employees in each location is 600, 450 and 1500 respectively. In the UK, there are 19 retail stores which employ 170 people. In addition there are approximately 120 retail concessions. The retail operations are spread throughout the UK. There are also retail outlets around the world but these are operated by separate overseas companies which are continuing to trade and which are not in insolvency. As reported in the TCR-Europe on Jan. 9, 2009, the joint administrators of Waterford Wedgwood UK Plc and the receiver of Waterford Wedgwood Plc, respectively, entered into a letter of intent with KPS Capital Partners, LP, a New York- based private equity limited partnership, in connection with the proposed acquisition by KPS of assets of the group worldwide, including certain assets of Waterford, Wedgwood, and Royal Doulton, among others. The joint administrators and receiver are working with KPS to expeditiously agree the terms upon which a transaction can be completed in the interests of stakeholders. WATERFORD WEDGWOOD: Moody's Withdraws 'Ca' CFR on Missed Payments ----------------------------------------------------------------- Moody's Investors Service has withdrawn the ratings of Waterford Wedgwood plc. Moody's has withdrawn the company's ratings following the company's failure to pay the coupon on the EUR166 million senior subordinated notes and the filing for receivership on January 5, 2008. These ratings are withdrawn: -- Corporate family rating at Ca -- Probability of default rating at D -- Senior subordinated rating at C (LGD5, 77%) The last rating action on Waterford Wedgwood was on January 5, 2009, when Moody's downgraded Waterford Wedgwood plc's Probability of Default Rating to D from Ca, the Corporate Family Rating to Ca from Caa3 and the senior subordinated rating on its EUR166 million notes due in 2010 to C from Ca. Based in Waterford, Ireland, Waterford Wedgwood Plc is a manufacturer and distributor of luxury crystal and chinaware products through the well-known brands of Waterford for its crystal division and Wedgwood, Royal Doulton and Rosenthal for its ceramics division. ========= I T A L Y ========= SEAT PAGINE: Moody's Downgrades Corporate Family Rating to 'B1' --------------------------------------------------------------- Moody's Investors Service has downgraded the Corporate Family Rating and the Probability of Default Rating of SEAT Pagine Gialle SpA to B1 from Ba3. At the same time, Moody's has downgraded the rating on the company's EUR1.3 billion 8% senior notes due 2014 issued by Lighthouse International Company SA to B3 from B2. This action follows an assessment of SEAT's guidance for 2009, announced on December 23, 2008, along with Moody's consideration of possible operating performance trends for 2009. The outlook is stable. The downgrade reflects a significant downward trend in the company's EBITDA generation capacity to EUR567 million -including WLW- as management anticipated for the year 2009, from over EUR600 million in 2008 and EUR650 million in 2007, against the background of (i) a substantial pressure on top-line growth due to faster-than-expected migration to online from print, coupled with a recessionary macroeconomic environment in each of SEAT's markets; and (ii) the continuing investment requirements in its core Italian market, particularly in new online products, the extension of its sales force to attract new customers, and advertising to promote its brand. While SEAT's management is committed to undertaking certain cost-cutting measures (the details of which will be presented by SEAT at a later stage), the scale of the measures in Moody's view are not adequate in the near term to protect EBITDA from revenue shortfalls. Moody's believes that the deterioration in EBITDA together with higher tax payments in 2009 onwards are likely to undermine the company's free cash flow generation capacity, despite lower overall average cost of debt and interest payments expected in 2009. More cautiously, Moody's notes that the company's still developing online market positioning in the new cycle implies a degree of execution risk, particularly in light of the growing competition in the online arena from the new entrant, Telecom Italia. TI recently announced its objective to develop and monetize its online multi-platform audience, and launched its first local advertising offering, which will allow SMEs to distribute locally- targeted advertising messages via the Virgilio Web Portal, TIM mobile phones, and directory inquiries. In Moody's view, although TI's online offerings are initially likely to be rather basic compared to SEAT's offerings and its dedicated sales force may need relevant training, Moody's nevertheless believes that intensifying competition in the online battle field with the new participant could undermine SEAT's plan to stabilize its customer base in its core market, which is necessary for the sustainability of its business model. Moody's is comforted by the announcement that SEAT has reached an agreement with its senior facility lender to reset the financial covenants on its senior facility subject to certain conditions. In conjunction with this agreement, SEAT will limit the distribution of dividends until Net Debt /EBITDA improves below 4x. Moreover, an anticipated EUR200 million increase in share capital (subject to certain conditions) in H1 2009 should provide some comfort from a de-leveraging point of view in absolute terms and as regards the liquidity profile of the company, while reflecting shareholders' support of the business. Nevertheless, Moody's remains cautious looking ahead. To the extend SEAT deviates from its 3Q 2008 online revenue growth performance (which stood at 27% year on year) throughout 2009 due to competitive and recessionary pressures, Net Debt/EBITDA could potentially remain broadly unchanged at its year-end 2008 and 2007 levels of 5x -- a trend that would fall below Moody's expectations. A potential delay in credit metrics' improvement is a risk that Moody's has already factored in today's rating action. Moody's notes that the rating action assumes that the company's asset-backed securitization program will remain available and broadly unchanged until the program ends in 2011, together with the two annually renewed back-up facilities (which are due for renewal in June 2009) -- notwithstanding any potential deterioration in the quality of SEAT's receivables and/or the company's ratings. Any change in the availability under the program could result in rating pressure in the absence of committed alternative arrangements. The stable outlook reflects Moody's expectation that the company's planned capital increase in EUR200 million (EUR100 million of which is the condition precedent to the agreement reached with the senior facility lender for the resolution of the covenants) should be achievable on a timely basis. As announced in December 23, 2008, the consortium controlling 50.4% of the company's voting share capital confirmed its commitment to underwrite its pro rata share of the company's capital increase, following internal shareholder reorganization within the consortium. The remainder of the share capital increase will be guaranteed by a syndicate. Nevertheless, Moody's notes that in the event SEAT is not successful in completing the process on a timely basis, and/or Net Debt/EBITDA (as reported by SEAT) exceeds 5.5x, moving towards 6.0x, further downward pressure could be placed on the rating. Provided that i) the leverage improves towards 4.5x; ii) free cash flow generation capacity strengthens; and iii) no major refinancing requirement appears on the near-term horizon, upward pressure on the rating will develop. The last rating action was on March 20, 2008 when Moody's affirmed the Ba3 Corporate Family Rating and the B2 rating on the group's EUR1.3 billion 8% senior notes due 2014 issued by Lighthouse International Company S.A., while changing the rating outlooks to negative from stable following the announcement of SEAT's 2007 year-end financial results, and the EBITDA expectations set for 2008. SEAT's ratings were assigned by evaluating factors Moody's believe are relevant to the credit profile of the issuer, such as (i) the business risk and competitive position of the company versus others within its industry, (ii) the capital structure and financial risk of the company, (iii) the projected performance of the company over the near to intermediate term, and (iv) management's track record and tolerance for risk. These attributes were compared against other issuers both within and outside of SEAT's core industry and SEAT's ratings are believed to be comparable to those of other issuers of similar credit risk. Headquartered in Turin, Italy, SEAT is the leading publisher and provider of directory services in Italy and, through its wholly- owned subsidiary, TDL, is the number three directories publisher in the UK. SEAT also has a presence in Germany through Telegate, the second-largest player in the German directory-assistance market. SEAT recorded EUR1.453 billion in revenues and EUR650 million in EBITDA during the fiscal year ended December 31, 2007. =================== K A Z A K H S T A N =================== ALMATY STROY INVEST-K: Proof of Claim Deadline Slated for Feb. 25 ----------------------------------------------------------------- LLP Construction Company Almaty Stroy Invest-K has declared insolvency. Creditors have until Feb. 25, 2009, to submit written proofs of claim to: LLP Construction Company Almaty Stroy Invest-K Radostovtsa Str. 264 Almaty Kazakhstan AULIEKOL-2000 LLP: Creditors Must File Claims by February 24 ------------------------------------------------------------ The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Auliekol-2000 insolvent. Creditors have until Feb. 24, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan BOLASHAK LLP: Claims Filing Period Ends February 24 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Agricultural Firm Bolashak insolvent. Creditors have until Feb. 24, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan JS KAZAKHSTAN: Creditors' Claims Due on February 25 --------------------------------------------------- LLP JS Kazakhstan Development has declared insolvency. Creditors have until Feb. 25, 2009, to submit written proofs of claim to: LLP JS Kazakhstan Development Aiteke bi Str. 81/36 Almaty Kazakhstan KAZAKHTELECOM JSC: Fitch Affirms Long-Term Rating at 'BB' --------------------------------------------------------- Fitch Ratings clarified that it affirmed JSC Kazakhtelecom's Long- term local currency IDR at 'BB' and changed the Outlook to Negative from Stable, with retroactive effect from November 12, 2008. KMG JSC: S&P Ratings Unmoved by MangistauMunayGas Share Purchase ---------------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings and outlooks on 100% Kazakhstan-owned oil and gas holding company JSC NC KazMunayGas (KMG; BBB-/Negative/--) and its 58%-owned subsidiary JSC KazMunaiGas Exploration Production (BB+/Stable/--) remain unchanged following KMG's announced acquisition (subject to regulatory approvals) of 50% plus two shares of Kazakhstan's largest independent oil producer and refiner, MangistauMunayGas. This is because S&P's rating on KMG is based on a top-down approach and is equal to the foreign currency rating on the sovereign and one notch below the local currency rating on the sovereign. S&P's rating on KMG EP, KMG's largest and most cash- rich subsidiary, is one notch below that on the parent. S&P believes the acquisition will not affect either entity's stand- alone credit quality, because the transaction is in line with KMG's strategy. It will be financed with the group's existing large cash balances (we've never adjusted KMG's debt for surplus cash) and will leave the group with a comfortable liquidity position. As of Sept. 30, 2008, KMG had only US$1.6 billion in short-term debt, compared with US$3.2 billion in cash at the level of the parent group and US$5.2 billion at the level of subsidiaries (mostly KMG EP). Nevertheless, KMG's total debt is material and its near-term credit metrics will be only fair, due to lower oil prices. RAMZES-KORGAU LLP: Claims Registration Ends February 20 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Ramzes-Korgau insolvent. Creditors have until Feb. 20, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan TRANSMERIDIAN EXPLORATION: US$8.7MM Interest Payment Due Jan. 15 ---------------------------------------------------------------- Transmeridian Exploration Incorporated on December 15, 2008, failed to make its regularly scheduled interest payment on account of its 12% Senior Secured Notes due 2010 in the amount of approximately US$8.7 million. The 30-day grace period to make the payment expires on January 15, 2009. If Transmeridian fails to make the payment prior to expiration of the grace period, holders of the Senior Notes will have the right to exercise various remedies against Transmeridian and its subsidiaries. In light of Transmeridian's current circumstances, it is not likely that the holders of any Transmeridian equity securities would receive any recovery on their investment. The company also said Lorrie T. Olivier has resigned his position as Chief Executive Officer and has stepped down as Chairman of Transmeridian's Board of Directors, although he retains his membership on the Board. In addition, Gary Neus and Fred Zeidman, current members of the Transmeridian Board, have agreed to accept positions as Co-Chief Restructuring Officers and Mr. Zeidman will assume Chairmanship of the Board. In their capacities as Co-Chief Restructuring Officers, Messrs. Neus and Zeidman will exercise the entire executive management function over all of Transmeridian's operations and assets, including the on-going efforts to effect a sale or other transaction involving Transmeridian, its indirect wholly owned subsidiary, JSC Caspi Neft TME, or its major asset, the South Alibek field in Kazakhstan. Further Transmeridian announced that Caspi Neft entered into a loan agreement with OJSK Zere, providing for multiple draw downs of up to US$2,000,000 in the aggregate. Borrowings under the term loan facility will bear interest at the rate of 25% per annum and all principal and interest are due 120 days following the final draw down under the facility. The facility is secured by a pledge of Caspi Neft's tangible personal property, including oil in storage at Caspi Neft's South Alibek field in Kazakhstan, and certain other collateral. Term loan advances will be made available to Caspi Neft and Transmeridian pursuant to a budget agreed to with the Lender and receipt of certain required waivers from holders of the Senior Notes. As required by the loan agreement with the Lender, Transmeridian and Caspi Neft have entered into a consulting agreement with Erlan Sagadiev, the purpose of which is to secure Sagadiev's assistance in stabilizing field operations, preserving the associated asset value and working with Transmeridian's management to effect a sale of Caspi Neft. About Transmeridian Exploration Incorporated Based in Houston, Texas, Transmeridian Exploration Incorporated (Pink Sheets:TMYE) -- http://www.tmei.com-- is an independent energy company established to acquire and develop oil reserves in the Caspian Sea region of the former Soviet Union. Transmeridian primarily targets fields with proved or probable reserves and significant upside reserve potential. Transmeridian's main asset is a 100% interest in the South Alibek field in western Kazakhstan UING OIL: Proof of Claim Deadline Slated for February 25 -------------------------------------------------------- LLP Uing Oil has declared insolvency. Creditors have until Feb. 25, 2009, to submit written proofs of claim to: LLP Uing Oil Grishin Str. 66/31 Aktobe Aktube Kazakhstan UK RUS GAS: Creditors Must File Claims by February 20 ----------------------------------------------------- Branch of Llp Uk Rus Gas Engineering has declared insolvency. Creditors have until Feb. 20, 2009, to submit written proofs of claim to: LLP UK Rus Gas Engineering 101 Strelkovaya brigada Str. 10 Aktobe Aktube Kazakhstan VERCOMP LLP: Claims Filing Period Ends February 20 -------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Vercomp insolvent. Creditors have until Feb. 20, 2009, to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan =================== K Y R G Y Z S T A N =================== EUROPREMIUM LTD: Creditors Must File Claims by February 19 ---------------------------------------------------------- LLC Europremium Ltd. has declared insolvency. Creditors have until Feb. 19, 2009 to submit proofs of claim. The company can be reached at: (0-543) 88-87-18 TEGIN-ELECTRO LLC: Creditors Must File Claims by February 19 ------------------------------------------------------------ LLC Tegin-Electro has declared insolvency. Creditors have until Feb. 19, 2009, to submit proofs of claim to: LLC Tegin-Electro Micro District 8, 17-28 Bishkek Kazakhstan ===================== N E T H E R L A N D S ===================== LYONDELL CHEMICAL: Royal Bank of Scotland Has US$3.5BB Exposure --------------------------------------------------------------- The Royal Bank of Scotland Plc has a US$3.5 billion exposure to LyondellBasell Chemical Company, Lyondell Bankruptcy News reports, citing Reuters. "We have a banking relationship with LyondellBasell Industries and we will continue to work with the company to reach a successful outcome," a spokesman for RBS had told The Herald. "It's very early in the process, and we don't want to speculate on any potential impact," the Spokesman added. Whether or not RBS has already written down the debt, the Spokesman did not disclose. Jill Treanor of guardian.co.uk said RBS' new chief executive, Stephen Hester, is selling off its US$2.4 billion stake in Bank of China. RBS is selling around US$2.4 billion of shares, which represents the bank's entire 10.8 billion shares in Bank of China. The shares are being sold at between HKUS$1.68 and HKUS$1.71, a discount of up to 9% of the prevailing market price, says the report. Morgan Stanley and RBS' ABN Amro unit are managing the sale, notes Bloomberg News. RBS is the biggest lender to Lyondell Chemical and may face losses on its US$3.5 billion of loans to Lyondell, Bloomberg says. RBS inherited the loans after its purchase last year of ABN Amro Holding NV's investment bank, which extended a US$1.6 billion portion of the Lyondell credit that may lose all its value, according to Andrew Brady, an analyst at CreditSights Inc. in New York. Meanwhile, Petroleos de Venezuela S.A. may lose about USUS$233.6 million as the third largest unsecured creditor of Lyondell, El Universal News reports. According to Bloomberg News, citing US Energy Department data, the unit of the Lyondell refinery in Houston imported an average of 198,000 barrels of crude oil per day from Venezuela in the first nine months of 2008. The refinery has a contract to buy 230,000 barrels per day from Pdvsa, El Universal says. The Troubled Company Reporter also related on January 9, 2009, that Citi indicated that as of December 31, 2008, its direct gross exposure to LyondellBasell was approximately US$2.0 billion. Citi currently holds this exposure primarily in its Institutional Clients Group. The fourth quarter pre-tax impact related to LyondellBasell is estimated to be approximately US$1.4 billion recorded primarily as a loan loss reserve build. The final impact on Citi's fourth quarter financial results could differ from the impact disclosed above due to closing and other adjustments. About LyondellBasell Basell AF and Lyondell Chemical Company merged operations in 2007 to form LyondellBasell Industries -- http://www.lyondellbasell.com/-- the world's third largest independent chemical company. Lyondellbasell produces polypropylene and advanced polyolefins products, is a leading supplier of polyethylene, and a global leader in the development and licensing of polypropylene and polyethylene processes and related catalyst sales. LyondellBasell became saddled with debt as part of the US$12.7 billion merger. About a year after completing the merger, LyondellBasell Industries' U.S. operations and one of its European holding companies -- Basell Germany Holdings GmbH -- filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on January 6, 2009, to facilitate a restructuring of the company's debts. The case is In re Lyondell Chemical Company, et al., Bankr. S.D. N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell entities, including Equistar Chemicals, LP, Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt Industries, Inc., filed for Chapter 11. LyondellBasell is not part of the bankruptcy filing. LyondellBasell's non-U.S. operating entities are also not included in the Chapter 11 filing. The Hon. Robert E. Gerber presides over the case. Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York, serves as the Debtors' bankruptcy counsel. Evercore Partners serves as financial advisors, and Alix Partners and its subsidiary AP Services LLC, serves as restructuring advisors. AlixPartners' Kevin M. McShea acts as the Debtors' Chief Restructuring Officer. Clifford Chance LLP serves as restructuring advisors to the European entities. Lyondell Chemicals estimated that consolidated assets total US$27.12 billion and debts total US$19.34 billion as of the bankruptcy filing date. (Lyondell Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) LYONDELL CHEMICAL: Mid-America Seeks Adequate Protection -------------------------------------------------------- Pursuant to applicable carrier and warehouseman's lien law and certain agreements entered between Mid-America Pipeline Company LLC and Debtor Equistar Chemical, L.P., Mid-America holds perfected security interests and rights of set-off and recoupment in petroleum products placed by the Debtor in Mid-America Pipeline's pipeline, storage and terminalling assets. Mid- America Pipeline has claims under the agreements and tariffs for unpaid prepetition charges and Mid-America expects that it will have substantial contract rejection damage claims should the Debtor reject one or more of the Agreements. Since the filing of the bankruptcy, the Debtor has been withdrawing Product from Mid-America Pipeline System at a rapid pace. Mid-America Pipeline's collateral position has been reduced and could be eliminated if the Debtor continues to withdraw Product currently in Mid-America Pipeline's possession. Accordingly, Mid-America Pipeline asks the U.S. Bankruptcy Court for the Southern District of New York to grant it adequate protection pursuant to Section 361 of the Bankruptcy Code for the diminution in value of its interest in the Collateral. Mid-America Pipeline is seeking adequate protection for the actual diminution in the value of its security interest as opposed to the decline in market value. The diminution in value can be readily calculated because every dollar's worth of Product that would be withdrawn from the Mid-America Pipeline System reduces the value of its security interest by a dollar, Mid- America Pipeline explains. Mid-America Pipeline further clarifies that it has not and is not violating the automatic stay. Mid-America Pipeline says that it must obtain Court approval to effect any set-off or foreclose on its security interests, and will do so once Mid-America Pipeline's claims against the Debtors are liquidated. Thus, in the alternative, Mid-America Pipeline asks the Court to lift the automatic stay to permit it to sell an amount of Product at current market prices to satisfy its prepetition claim. Mid-America reasons that "cause" exists for the Court to grant it relief from the automatic stay. Mid-America Pipeline insists that without automatic stay, it would be able to sell Product in its Pipeline System at public auction to satisfy the prepetition amounts owing by the Debtor. If it is not provided replacement liens or cash for the depletion of its Collateral, then Mid- America Pipeline lacks adequate protection, and relief from the automatic stay is warranted, Mid-America Pipeline concludes. About LyondellBasell Basell AF and Lyondell Chemical Company merged operations in 2007 to form LyondellBasell Industries -- http://www.lyondellbasell.com/-- the world's third largest independent chemical company. Lyondellbasell produces polypropylene and advanced polyolefins products, is a leading supplier of polyethylene, and a global leader in the development and licensing of polypropylene and polyethylene processes and related catalyst sales. LyondellBasell became saddled with debt as part of the US$12.7 billion merger. About a year after completing the merger, LyondellBasell Industries' U.S. operations and one of its European holding companies -- Basell Germany Holdings GmbH -- filed voluntary petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on January 6, 2009, to facilitate a restructuring of the company's debts. The case is In re Lyondell Chemical Company, et al., Bankr. S.D. N.Y. Lead Case No. 09-10023). Seventy-nine Lyondell entities, including Equistar Chemicals, LP, Lyondell Chemical Company, Millennium Chemicals Inc., and Wyatt Industries, Inc., filed for Chapter 11. LyondellBasell is not part of the bankruptcy filing. LyondellBasell's non-U.S. operating entities are also not included in the Chapter 11 filing. The Hon. Robert E. Gerber presides over the case. Deryck A. Palmer, Esq., at Cadwalader, Wickersham & Taft LLP, in New York, serves as the Debtors' bankruptcy counsel. Evercore Partners serves as financial advisors, and Alix Partners and its subsidiary AP Services LLC, serves as restructuring advisors. AlixPartners' Kevin M. McShea acts as the Debtors' Chief Restructuring Officer. Clifford Chance LLP serves as restructuring advisors to the European entities. Lyondell Chemicals estimated that consolidated assets total US$27.12 billion and debts total US$19.34 billion as of the bankruptcy filing date. (Lyondell Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) =========== R U S S I A =========== BANK OF MOSCOW: Fitch Affirms 'D' Indiv. Rating on Low Reserves --------------------------------------------------------------- Fitch Ratings has affirmed Bank of Moscow's ratings, including its Long-term Issuer Default Rating of 'BBB' with a Negative Outlook. BOM's IDRs, Support and National Long-term ratings are driven by the strong potential support from the City of Moscow ("the City", rated 'BBB+'/'F2'/Negative). The City currently owns 44% of BOM directly and controls 15% through Capital Insurance Group and some of its subsidiaries. CIG is majority owned by the City and BOM, which control stakes of 25% plus one share and 25%, respectively, in it. Fitch remains concerned about the complexity of the City's ownership, with it being dependent on BOM/the City retaining their interest in intermediary companies, including but not limited to CIG, which enable the City to control BOM. However, the agency has received assurances from BOM's senior management that they do not expect the City's ownership to decrease or weaken. Fitch notes that the retention of the City's control over BOM is crucial for the bank's IDRs. Upward or downward pressure on the bank's Long-Term IDR will also be linked to the financial position of the City. BOM's Individual Rating of 'D' reflects risks arising from relatively high borrower and industry loan book concentrations, relatively low loan loss reserves and only moderate capitalization. The rating also acknowledges BOM's broad franchise, reasonable liquidity, supported by the City's funding, and adequate core profitability to date. The bank has informed Fitch about plans to gradually increase its loan loss provisioning level while sustaining its overall capitalization level, which is expected to be achieved through earnings retention and a proposed preferred share issue for at least RUR10 billion. The share issue is likely to occur in H109 and will be subscribed to by the City, according to BOM. Upside for the Individual Rating could potentially result from a further reduction in customer and industry concentrations, and improvement in the operating environment. Downside pressure on the Individual Rating could result from a marked deterioration of asset quality or a major liquidity shortfall. BOM is one of Russia's five largest banks. The bank has historically had strong positions in the Moscow region, but has focused increasingly on regional development. BOM's ratings are: -- Long-term foreign currency IDR: affirmed at 'BBB' with a Negative Outlook -- Short-term foreign currency IDR: affirmed at 'F3' -- National Long-term rating: affirmed at 'AA+(rus)' with a Stable Outlook -- Support Rating: affirmed at '2' -- Individual Rating: affirmed at 'D' BELKOZIN OJSC: Saint-Petersburg Bankruptcy Hearing Set June 16 -------------------------------------------------------------- The Arbitration Court of Saint-Petersburg will convene at 11:00 a.m. on June 16, 2009, to hear bankruptcy supervision procedure on OJSC Belkozin (Meat Food Production). The case is docketed under Case No. A56�51433/2008. The Temporary Insolvency Manager is: G. Zhuravlev Office 206 Amgliyskiy Pereulok 3 190121 Saint-Petersburg Russia The Debtor can be reached at: OJSC Belkozin Leningradskoe shosse, 137 km Luga 188230 Leningradskaya Russia BOBROVSKIY INSULANT: Creditors Must File Claims by January 26 ------------------------------------------------------------- Creditors of OJSC Bobrovskiy Insulant Plant have until Jan. 26, 2009, to submit proofs of claims to: L. Bogacheva Temporary Insolvency Manager Office 311 Lunacharskogo Str. 185 Yekaterinburg 620026 Sverdlovskaya Russia The Arbitration Court of Sverdlovskaya commenced bankruptcy supervision procedure. The case is docketed under Case No. A60- 35771/2008 �S11. The Debtor can be reached at: OJSC Bobrovskiy Insulant Plant Shcherbakova Str. 4 Yekaterinburg 620076 Sverdlovskaya Russia EMAL-POSUDA CJSC: Creditors Must File Claims by February 26 ----------------------------------------------------------- Creditors of CJSC Emal-Posuda (Fabricated Metal Products) have until Feb.26, 2009, to submit proofs of claims to: Ye. Rokhlin Insolvency Manager Office 25 Mira Str. 22 Nizhny Tagil 622034 Sverdlovskaya Russia The Arbitration Court of Sverdlovskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A60�2283/2008-S11. The Debtor can be reached at: CJSC Emal-Posuda Balakinskaya Str. 2 Nizhny Tagil 622005 Sverdlovskaya Russia GAZPROMBANK: S&P Downgrades Counterparty Credit Ratings to 'BB+' ---------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered its long- term and short-term counterparty credit ratings on Russia-based Gazprombank to 'BB+/B' from 'BBB-/A-3'. The outlook is negative. At the same time, S&P affirmed the 'ruAA+' Russia national scale rating on the bank. "The rating action reflects the bank's weakened stand-alone credit profile, including sharply pressured capitalization, decimated earnings caused by recent sizable market-sensitive losses, and the slowdown in the Russian economy," said Standard & Poor's credit analyst Ekaterina Trofimova. "Gazprombank's growing level of risk emanating from participation in the government's initiatives to support the domestic banking and corporate sectors, plus its continued rapid growth in the context of a vulnerable operating environment, also undermine the bank's stand-alone creditworthiness." These concerns are partly mitigated by continued parental and increasing government support, the bank's good commercial standing, its below-market-average liquidity risk, and manageable short-term foreign debt repayment burden. The third-largest bank in Russia, GPB is 42%-owned by OAO Gazprom (BBB/Negative/--), the world's largest gas producer, which is majority-controlled by the Russian Federation (foreign currency BBB/Negative/A-3, local currency BBB+/Negative/A-2). The bank is the main financial services provider to Gazprom and its related entities (together the Gazprom group). Standard & Poor's classifies GPB as a "strategically important" but not "core" subsidiary of Gazprom. S&P therefore does not equalize the ratings on GBP with those on Gazprom. S&P also classifies GPB as a government-related entity, given its privileged status in the system, the consistent track record of government support, and the bank's significant role in the government's initiatives to sustain the domestic banking sector and economy. The long-term rating on GPB incorporates a three-notch uplift above the bank's stand-alone credit quality to reflect the combination of its GRE status and parental support. "The negative outlook on GPB mirrors those on Gazprom and the Russian Federation," said Ms. Trofimova. "It also reflects the increasing market risks and pressure on capitalization, earnings, and asset quality at the bank amid the current turbulence in the banking sector and deteriorated economic environment." If S&P revises the outlook on Gazprom or the sovereign back to stable, this will not automatically trigger a similar rating action on the bank, unless the banking sector turbulence eases considerably and GPB demonstrates resilient stand-alone credit quality. S&P would lower the ratings on the bank if parental or government support weakens or the bank's stand-alone credit quality deteriorates significantly beyond S&P's expectations. KHOLMOGOR-TRUBOPROVOD-STROY: Creditors Must File Claims by Jan. 26 ------------------------------------------------------------------ Creditors of LLC Kholmogor-Truboprovod-Stroy (Construction) have until Jan. 26, 2009, to submit proofs of claims to: Ye. Zhikharev Insolvency Manager Post User Box 3024 625028 Tumen Russia The Arbitration Court of Tumen commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A70-3771/3-2007. The Debtor can be reached at: LLC Kholmogor-Truboprovod-Stroy Moskovskiy trakt Str. 102/230 625003 Tumen Russia LOBVINSKIY BIO-CHEMICAL: Creditors Must File Claims by February 26 ------------------------------------------------------------------ Creditors of LLC Lobvinskiy Bio-Chemical Plant have until Feb. 26, 2009, to submit proofs of claims to: A. Koryakina Insolvency Manager Lunacharskogo Str. 185/403 620026 Yekaterinburg Russia The Arbitration Court of Sverdlovskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A60-5799/2008-S11. The Court is located at: The Arbitration Court of Sverdlovskaya Lenina Str. 34 Yekaterinburg Russia The Debtor can be reached at: LLC Lobvinskiy Bio-Chemical Plant Lenina Str. 52 Lobva Novolyalinskiy 624420 Sverdlovskaya Russia PARNAS-M OJSC: Saint-Petersburg Bankruptcy Hearing Set June 8 ------------------------------------------------------------- The Arbitration Court of Saint-Petersburg will convene at 11:00 a.m. on June 8, 2009, to hear bankruptcy supervision procedure on OJSC Parnas-M (Meat-Processing Plant). The case is docketed under Case No. A56�50159/2008. The Temporary Insolvency Manager is: V. Ganzhin Office 206 Amgliyskiy Pereulok 3 190121 Saint-Petersburg Russia The Debtor can be reached at: OJSC Parnas-M 8th. Verkhniy pereulok 4 194292 Saint-Petersburg Russia PESKOVSKIY FOUNDRY OJSC: Creditors Must File Claims by Feb. 26 -------------------------------------------------------------- Creditors of OJSC Peskovskaya Foundry have until Feb. 26, 2009, to submit proofs of claims to: S. Semenov Insolvency Manager Post User Box 439 620000 Yekaterinburg Russia The Arbitration Court of Kirovskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A28-3111/2008-115/19. The Court is located at: The Arbitration Court of Kirovskaya K. Libknekhta Str. 102 Kirov Russia The Debtor can be reached at: OJSC Peskovskaya Foundry Lenina Str. 73 Peskovka Omutinskiy Kirovskaya Russia PRIVOLZHSKIY GRINDING: Creditors Must File Claims by February 26 ---------------------------------------------------------------- Creditors of LLC Privolzhskiy Grinding Plant (TIN 6362011318) have until Feb. 26, 2009, to submit proofs of claims to: N. Yershova Insolvency Manager Post User Box 1914 443052 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�7748/2008. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 443045 Samara Russia The Debtor can be reached at: LLC Privolzhskiy Grinding Plant Shchorsa Str. 1 Obsharovka Privolzhskiy Samarskaya Russia SHAMARSKIY LES-PROM-KHOZ: Creditors Must File Claims by Feb. 26 --------------------------------------------------------------- Creditors of CJSC Shamarskiy Les-Prom-Khoz (Wood-Processing) have until Feb. 26, 2009, to submit proofs of claims to: C. Bobin Insolvency Manager Vikulova Str. 63/1/43 620043 Yekaterinburg Russia The Arbitration Court of Sverdlovskaya commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A60-11242/2008-S11. The Debtor can be reached at: CJSC Shamarskiy Les-Prom-Khoz Oktyabrskaya Str. 2 Shamary Shalinskiy 623010 Sverdlovskaya Russia URAL-MED-STROY 1 LLC: Creditors Must File Claims by January 26 -------------------------------------------------------------- Creditors of LLC Ural-Med-Stroy 1(TIN 6606019240) (Construction) have until Jan. 26, 2009, to submit proofs of claims to: D. Lazarev Temporary Insolvency Manager Post User Box 106 62000 Yekaterinburg Russia The Arbitration Court of commenced bankruptcy supervision procedure. The case is docketed under Case No. A60-38280/2008- S11. ========= S P A I N ========= MBSCAT 1: Moody's Rates EUR39.4 Mil. Class C Notes 'Ba2' -------------------------------------------------------- Moody's Investors Service assigned definitive credit ratings in Nov 2008 to these classes of Notes issued by MBSCAT 1, Fondo de Titulizacion de Activos: -- Aaa to the EUR963.4 million Class A due 2052, -- A2 to the EUR47.2 million Class B due 2052, -- Ba2 to the EUR39.4 million Class C due 2052. This is the first transaction of this series to hit the market, although it is worth mentioning that Caixa Catalunya has been very active in the past having issued 23 deals over the last years. What is peculiar about this transaction is its collateral composition: a portfolio consisting of first and second lien loans, and lines of credits. Regarding the lines of credits, this transaction includes the securitization of first draw-downs and further draw-downs of a mortgage product which is structured like a line of credit. Both first and further draw-downs are secured by mortgages on properties. Regarding the second liens, there are several things to highlight: 1) the process to grant a second lien is the same as the process of granting a first lien -- the bank will request an updated valuation and will maintain the same required criteria as those for first liens, 2) second lien loans represent 4.06% of the entities total mortgage balance, and 3) all prior ranks are originated by Caixa Catalunya. This is the first time Moody's have seen a high concentration of second liens in any single portfolio, and as a result this has been taken into account in Moody's analysis. The ratings of the Notes are based upon the analysis of the characteristics of the mortgage pool backing the Notes, the protection the Notes receive from credit enhancement against defaults and arrears in the mortgage pool, the legal and structural integrity of the issue and the credit quality of the parties involved in the transaction. The definitive ratings address the expected loss posed to investors by the legal final maturity. The structure allows for timely payment of interest and ultimate payment of principal at par on or before the legal final maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed but may have a significant effect on the yield to investors. Moody's initially analyzed and monitors this transaction using the rating methodology for EMEA RMBS transactions as described in the Rating Methodology reports "Moody's Updated Methodology for Rating Spanish RMBS", July 2008 and "Cash Flow analysis in EMEA RMBS: testing structural features with the MARCO model" January 2006. The key parameters used to calibrate the loss distribution curve for this portfolio include: Milan Aaa CE range of 11.64% - 11.84% and an expected loss range of 2.90% - 3.10%. Moody's based the definitive ratings primarily on: (i) an evaluation of the underlying portfolio of loans; (ii) historical performance and bank' internal ratings information; (iii) the swap agreements hedging the interest rate risk; (iv) the credit enhancement provided by the reserve fund, the subordination of the notes, and the excess spread; and (v) the legal and structural integrity of the transaction. The Spanish Government announced on November 4th 2008 a package of aid to assist unemployed, self employed and pensioneer borrowers through a form of mortgage subsidy aid. It is unclear how this package will be implemented, and also if it is implemented, how the transaction will be affected, although both liquidity and credit implications are possible on this portfolio. However, any implications on the ratings will ultimately depend on the actual financial aid conditions which will be approved. ===================== S W I T Z E R L A N D ===================== BESAG BAUMANN: Creditors Must File Proofs of Claim by January 22 ---------------------------------------------------------------- Creditors owed money by JSC Besag Baumann Energiesysteme are requested to file their proofs of claim by Jan. 22, 2009, to: Ingrid Baumann-Ulmer Schlossberg 9a 3600 Thun Switzerland The company is currently undergoing liquidation in Thun. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Sept. 12, 2008. BLUMENAUER ELECTRONICS: Deadline to File Claims Set January 22 -------------------------------------------------------------- Creditors owed money by LLC Blumenauer Electronics are requested to file their proofs of claim by Jan. 22, 2009, to: Abendstrasse 30/6 3018 Bern Switzerland The company is currently undergoing liquidation in Bern. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on May 27, 2008. HICKERT CO: Creditors Have Until January 22 to File Claims ---------------------------------------------------------- Creditors owed money by LLC Hickert Co. are requested to file their proofs of claim by Jan. 22, 2009, to: Kalkofenstrasse 24 8810 Horgen Switzerland The company is currently undergoing liquidation in Horgen. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 27, 2008. KNOPFEL PETER: Proofs of Claim Filing Deadline is January 22 ------------------------------------------------------------ Creditors owed money by LLC P. Knopfel are requested to file their proofs of claim by Jan. 22, 2009, to: Knopfel Peter Liquidator Habersack 16 9305 Berg SG Switzerland The company is currently undergoing liquidation in Berg SG. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Dec. 1, 2008. PERMA-DRIVE JSC: Jan. 22 Set as Deadline to File Claims ------------------------------------------------------- Creditors owed money by JSC Perma-Drive are requested to file their proofs of claim by Jan. 22, 2009, to: Bruno Grob Kagenstrasse 14 4153 Reinach Switzerland The company is currently undergoing liquidation in Reinach BL. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 26, 2008. SUMMEK HOLDING: Creditors Must File Proofs of Claim by Jan. 22 -------------------------------------------------------------- Creditors owed money by JSC Summek Holding are requested to file their proofs of claim by Jan. 22, 2009, to: Markus Uhl Dufourstrasse 43 8034 Zurich Switzerland The company is currently undergoing liquidation in Wollerau. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Dec. 27, 2007. TACTICX JSC: Deadline to File Proofs of Claim Set January 22 ------------------------------------------------------------ Creditors owed money by JSC Tacticx are requested to file their proofs of claim by Jan. 22, 2009, to: Weiherhau 4 5405 Baden-Dattwil Switzerland The company is currently undergoing liquidation in Baden. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 17, 2008. ZURCHER ZENTRUM: Creditors Have Until January 22 to File Claims --------------------------------------------------------------- Creditors owed money by JSC Zurcher Zentrum fur Unternehmen are requested to file their proofs of claim by Jan. 22, 2009, to: JSC OBT Liquidator Hardturmstrasse 120 8005 Zurich Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on July 17, 2008. =========== T U R K E Y =========== PO OIL: S&P Withdraws 'B+' Rating on US$175 Mil. Senior Notes ------------------------------------------------------------- Standard & Poor's Ratings Services said that it has withdrawn its 'B+' rating on the US$175 million senior unsecured notes issued by PO Oil Financing Ltd., a wholly owned subsidiary of Turkey-based petroleum-product distributor Petrol Ofisi A.S. (B+/Stable/--), after the notes were repaid early, in full and at par on Dec. 29, 2008. The notes, which were scheduled to mature in July 2009, were funded from Petrol Ofisi's cash balances, which totaled US$605 million (TRY777.1 million) on Sept. 30, 2008. The early debt repayment does not affect S&P's rating or the outlook on Petrol Ofisi. ============= U K R A I N E ============= ASGARD B LLC: Creditors Must File Claims by January 17 ------------------------------------------------------ Creditors of LLC Asgard B (EDRPOU 33367806) have until Jan. 17, 2009, to submit proofs of claim to: Mrs. Alla Bezabchuk Liquidator / Insolvency Manager P.O.B. 14 54056 Nikolaev Ukraine The Arbitration Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 2, 2008. The case is docketed as 5/581/08. The Economic Court of Nikolaev Admiralskaya Str. 22a 65009 Nikolaev Ukraine The Debtor can be reached at: LLC Asgard B Novozavodskaya Str. 16 Nikolaev Ukraine CAPITAL BUILDING MK: Creditors Must File Claims by January 17 ------------------------------------------------------------- Creditors of LLC Capital Building MK (EDRPOU 35674627) have until Jan. 17, 2009, to submit proofs of claim to: Mrs. Larisa Timofeeva Liquidator / Insolvency Manager P.O.B. 179 54017 Nikolaev Ukraine Tel: (512)47-89-69 The Arbitration Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 2, 2008. The case is docketed as 5/573/08. The Economic Court of Nikolaev Admiralskaya Str. 22a 65009 Nikolaev Ukraine The Debtor can be reached at: LLC Capital Building MK Stroiteley Str. 5-B 54034 Nikolaev Ukraine CHERVONE PARUTINE: Creditors Must File Claims by January 17 ----------------------------------------------------------- Creditors of Chervone Parutine Agricultural CJSC (EDRPOU 04951755) have until Jan. 17, 2009, to submit proofs of claim to: Mrs. Alla Bezabchuk Liquidator / Insolvency Manager P.O.B. 14 54056 Nikolaev Ukraine The Arbitration Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 2, 2008. The case is docketed as 5/580/08. The Economic Court of Nikolaev Admiralskaya Str. 22a 65009 Nikolaev Ukraine The Debtor can be reached at: Chervone Parutine Agricultural CJSC Stepovaya Str. 17 Chervone Parutine Ochakov Nikolaev Ukraine COMPANY TARIM: Creditors Must File Claims by January 17 ------------------------------------------------------- Creditors of Subsidiary Company Tarim (EDRPOU 30976206) have until Jan. 17, 2009, to submit proofs of claim to: Mrs. Alla Bezabchuk Liquidator / Insolvency Manager P.O.B. 14 54056 Nikolaev Ukraine The Arbitration Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 2, 2008. The case is docketed as 5/582/08. The Economic Court of Nikolaev Admiralskaya Str. 22a 65009 Nikolaev Ukraine The Debtor can be reached at: Subsidiary Company Tarim Bolshaya Morskaya Str. 63/8 Nikolaev Ukraine GAYCHURSKY ELEVATOR: Creditors Must File Claims by January 17 ------------------------------------------------------------- Creditors of OJSC Gaychursky Elevator (EDRPOU 00954277) have until Jan. 17, 2009, to submit proofs of claim to: Mr. Jury Zinchenko Liquidator / Insolvency Manager Spartakovskaya Str. 8 Guliaypole 70200 Zaporozhje Ukraine The Arbitration Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 9, 2008. The case is docketed as 19/311/08. The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: OJSC Gaychursky Elevator Elevator Str. 4 Ternovatoye Novonikolayevsky 70150 Zaporozhje Ukraine GOLIANT LLC: Creditors Must File Claims by January 17 ----------------------------------------------------- Creditors of LLC Goliant (EDRPOU 34706812) have until Jan. 17, 2009, to submit proofs of claim to: Mrs. Larisa Timofeeva Liquidator / Insolvency Manager P.O.B. 179 54017 Nikolaev Ukraine Tel: (512)47-89-69 The Arbitration Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 2, 2008. The case is docketed as 5/572/08. The Economic Court of Nikolaev Admiralskaya Str. 22a 65009 Nikolaev Ukraine The Debtor can be reached at: LLC Goliant Stroiteley Str. 5-B 54034 Nikolaev Ukraine INTERPIPE LIMITED: S&P Withdraws Ratings at Company's Request ------------------------------------------------------------- Standard & Poor's Ratings Services said that it withdrew all its ratings on Ukrainian steel pipe producer Interpipe Ltd. at the company's request. Interpipe had about US$1 billion of financial debt as of Sept. 30, 2008. On Dec. 16, 2008, following a below-par bond tender offer from Millen Financial Ltd., S&P lowered its long-term corporate credit rating on Interpipe to 'CC' with a negative outlook. Then, on Dec. 23, 2008, following the completion of the transaction, S&P lowered the ratings to 'SD' (selective default). Finally, on Dec. 29, 2008, S&P raised the long-term corporate credit rating on Interpipe to 'CCC+' from 'SD' (selective default), with a developing outlook. The ratings and outlook chiefly reflected S&P's liquidity concerns in the form of material and short-term refinancing risks, as well as potential covenant compliance breaches at year-end 2008 and in 2009. PIRIATIN FURNITURE: Creditors Must File Claims by January 17 ------------------------------------------------------------ Creditors of OJSC Piriatin Furniture Plant (EDRPOU 00275027) have until Jan. 17, 2009, to submit proofs of claim to: Mr. Ivan Gricenko Liquidator / Insolvency Manager P.O.B. 1841 36007, Ukraine The Arbitration Court of Poltava commenced bankruptcy proceedings against the company after finding it insolvent on Aug. 28, 2008. The case is docketed as 18/75. The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Debtor can be reached at: OJSC Piriatin Furniture Plant Independency square, 2 Piriatin Poltava Ukraine PROFESSIONAL-BUILDING LLC: Creditors Must File Claims by Jan. 17 ---------------------------------------------------------------- Creditors of LLC Professional-Building (EDRPOU 33057881) have until Jan. 17, 2009, to submit proofs of claim to: LLC Universal-TH-Invest Kikvidze Str. 41A 01103 Kiev Ukraine The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 50/7. The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Professional-Building Schors Str. 29 01133 Kiev Ukraine R.O.S.S. LLC: Creditors Must File Claims by January 17 ------------------------------------------------------ Creditors of LLC Research Center Of New Technologies R.O.S.S. (EDRPOU 30565092) have until Jan. 17, 2009, to submit proofs of claim to: Mrs. Larisa Timofeeva Liquidator / Insolvency Manager P.O.B. 179 54017 Nikolaev Ukraine Tel: (512)47-89-69 The Arbitration Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent on Dec. 9, 2008. The case is docketed as 5/575/08. The Economic Court of Nikolaev Admiralskaya Str. 22a 65009 Nikolaev Ukraine The Debtor can be reached at: LLC Research Center of New Technologies R.O.S.S. Apt. 59 Adm. Makarov Str. 56 54001 Nikolaev Ukraine SVITOCH LLC: Creditors Must File Claims by January 17 ----------------------------------------------------- Creditors of Agricultural LLC Svitoch (EDRPOU 30827439) have until Jan. 17, 2009, to submit proofs of claim to: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Arbitration Court of Poltava commenced bankruptcy proceedings against the company after finding it insolvent on Poltava. The case is docketed as 7/75. The Debtor can be reached at: Agricultural LLC Svitoch Mikhnovtsy Lubny Poltava Ukraine UNIVERSAL-TH-INVEST LLC: Creditors Must File Claims by Jan. 17 -------------------------------------------------------------- Creditors of LLC Universal-TH-Invest (EDRPOU 33545530) have until Jan. 17, 2009, to submit proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Arbitration Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 43/40. The Debtor can be reached at: LLC Universal-TH-Invest Kikvidze Str. 41A 01103 Kiev Ukraine * CITY OF ODESSA: S&P Removes 'B' Rating From CreditWatch --------------------------------------------------------- Standard & Poor's Ratings Services said that it had removed its 'B' long-term issuer credit and 'uaA-' Ukraine national scale ratings on the southern Ukrainian City of Odessa from CreditWatch, following the city's repayment of its bond on Dec. 31, 2008. The outlook is negative. The ratings had been placed on CreditWatch with negative implications on Oct. 15, 2008, due to increased risks related to the safety of Odessa's deposits earmarked for 2008 debt service. "The ratings reflect the city's low fiscal flexibility, arising from central government controls," said Standard & Poor's credit analyst Boris Kopeykin. They also reflect significant expenditure pressures due to increasing salaries and infrastructure needs; low, albeit improving, wealth levels; and the foreign-exchange risks of Odessa's debt structure. The ratings are supported by the city's favorable location, which encourages economic development, and its possession of large assets that it could sell. As of Dec. 1, 2008, the city's overall cash exceeded UAH110 million (US$14 million) including UAH70 million in special fund cash the city used for a bond payment due on Dec. 31, 2008. The negative outlook reflects that on Ukraine (foreign currency B/Negative/B; local currency B+/Negative/B), as well as S&P's expectations that Odessa's economic and financial performance will substantially weaken, with economic contraction and a small operating deficit likely in 2009. "Positive rating actions on Ukraine, when combined with resumed economic and budget revenue growth in Odessa--and consequential positive operating balances--might be positive for the city's creditworthiness, provided that debt service remains less than 10%-12% of revenues despite recent sharp exchange-rate fluctuations," said Mr. Kopeykin. Conversely, negative rating actions on Ukraine, or higher-than- expected debt service due to exchange-rate fluctuations, could pressure the ratings. =========================== U N I T E D K I N G D O M =========================== AP DRIVELINE: In Administration; PwC Appointed ---------------------------------------------- David Bennett, Colin Haig and Matthew Hammond of PricewaterhouseCoopers LLP were appointed joint administrators of AP Driveline Technologies Ltd on January 12, 2009. David Bennett, director and joint administrator at PricewaterhouseCoopers LLP said: "AP Driveline has suffered as a result of the current economic challenges facing the automotive industry. A substantial fall in the level of volumes in a short period of time has meant that AP Driveline had limited options and has therefore sought the protection of administration. "Our immediate priority now is to review all options for the company and immediately seek a buyer for the business. While a buyer for the business is sought, we expect to continue trading and we will look to work with the company's existing management team, suppliers, employees and customers to try and ensure that a solution is found to take the business forward." Prospective buyers should contact Bob Toor at PricewaterhouseCoopers LLP by email at bhupinder.s.toor@uk.pwc.com. About PricewaterhouseCoopers LLP PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides industry-focused assurance, tax and advisory services. It has more than 16,000 partners and staff in offices around the UK. About AP Driveline Ltd Based in Leamington Spa AP Driveline Ltd is a manufacturer of clutches for the automotive sector supplying some of the major car companies. The company has a turnover of approximately GBP18 million per annum and employs 237 staff. BARCLAYS PLC: Mulls 2,100 Job Cuts in 2 Units --------------------------------------------- Barclays PLC will layoff 2,100 workers at its investment banking and wealth management units, or about 7 percent of its headcount, to match the "current market conditions", various reports say. According to the reports, the job cuts will affect 1,300 employees at investment banking unit Barclays Capital, 500 at wealth management unit Barclays Wealth and 300 at Barclays Global Investors. "We can confirm that we have begun a process to reduce head count in some parts of investment banking and investment management to insure that we are appropriately sized given the current market conditions," a spokesman for Barclays Capital, Simon Eaton, was quoted by The International Herald Tribune as saying. Capital Raising BBC News recalls in November, Barclays shareholders voted overwhelmingly in favor of a plan to raise GBP7 billion, mainly from investors in the Middle East, instead of going to the UK government for help. According to BBC, the bank's shareholders decided against taking money from the UK banking bail-out package because of the stipulations attached, which would have included restrictions on dividends, having government representatives on the board and a requirement to put its UK interests ahead of those of the bank overseas. About Barclays PLC Barclays PLC -- -- http://www.barclays.com/-- offers commercial and investment banking, insurance, financial, asset management and related services. The Company's subsidiary, Barclays Bank plc, operates over 2,000 branches in the United Kingdom and around 900 branches overseas. BRITANNIA BULK: Moody's Withdraws Junk Corporate Family Rating -------------------------------------------------------------- Moody's Investors Service has withdrawn the ratings of Britannia Bulk plc. Moody's has withdrawn Britannia's ratings because the issuer has been placed into administration under UK Insolvency Law. These ratings were withdrawn: -- Corporate family rating at Ca -- Probability of default rating at D The last rating action on Britannia was on November 3, 2008, when Moody's downgraded Britannia's Probability of Default Rating to D from Ca, the Corporate Family Rating to Ca from Caa3. EUROPA SOFABEDS: In Administration; 175 Jobs Axed ------------------------------------------------- Newton Aycliffe-based Europa Sofabeds Ltd was placed into administration on December 29, 2008. A spokesperson for administrators Begbies Tranor said: "Europa employed 180 people manufacturing and assembling sofa beds for many high street retailers. Over the past year the firm has been hit by rising costs and the falling value of the pound. "With many of its product components imported from the Euro zone the recent changes in exchange rates have crippled the business. "Unfortunately, despite a period of negotiation with key customers we have been unable to negotiate terms that would allow Europa to continue to trade and seek a buyer as a going concern. "On the 7th January 2009 we were forced to make 175 staff redundant including all the company's directors. Five administrative staff will remain in employment for the time being. "The administrators will now concentrate on recovering the significant sums outstanding from existing debtors, and selling the firm's stock." HERITABLE BANK: Ernst & Young Says 11% of Mortgage Book in Arrears ------------------------------------------------------------------ Catherine Couch at The Financial Times reports that Heritable Bank had inherent problems before the collapse of the Icelandic banks forced it into administration. Citing a 201-page statement of affairs obtained by Financial Adviser, the FT discloses administrators Ernst & Young found at the end of September 2008 the bank had 11 per cent of its mortgage book in arrears and was experiencing an increasing rate of default. According to the FT, buy-to-let, self-cert and status books were found to be in 9 per cent, 5 per cent and 8 per cent in arrears respectively. The FT states the bank's residential mortgage book comprised of GBP690 million worth of buy-to-let, regulated and unregulated mortgages. The bank, which employed 123 staff, was placed into administration on Oct. 7 last year, following the collapse of parent company Landsbanki, the FT recalls. The FT relates that according to the statement produced by Ernst & Young, at that time the bank operated a retail deposit book of about GBP540 million, majority of which were buy-to-let mortgages, with 94 per cent being repaid on an interest-only basis. The statement said the bank's problems arose from operating in a market that depended heavily on depositor and general market confidence, the FT recounts. The FT notes this was exacerbated by the difficulties in the Icelandic economy. Citing the administrator's notice of statement of affairs, the FT reveals the bank owed GBP1 billion to unsecured creditors, GBP1.78 million in contingent or other liabilities and GBP86 million in revolving credit loan. The bank, the FT adds, also had deposits totaling GBP6.1 million in HSBC, Barclays and the Bank of England cash ratio. As reported in the TCR-Europe on Oct. 9, 2008, the Financial Services Authority determined that Heritable no longer meets its threshold conditions. The FSA concluded that the bank was in default for the purposes of the Financial Services Compensation Scheme. The Treasury used the Banking (Special Provisions) Act 2008 to ensure a resolution that preserves financial stability and provides protection and continuity of business for depositors. The bank's retail deposit business was transferred to ING Direct, a wholly owned subsidiary of ING Group, while the remainder of its business was put into administration. Heritable Bank is a UK-based banking subsidiary of Icelandic bank Landsbanki Islands hf. LAND OF LEATHER: Administrators Receive Expressions of Interest --------------------------------------------------------------- James Hall at the Daily Telegraph reports that Land of Leather's administrators have received a number of expressions of interest from potential buyers. The report says it is understood both trade buyers and private equity companies have expressed interest in the furniture retailer, which went into administration Monday, January 12. According to the report, the retailer, which employs 1,060 people, failed to secure emergency working capital facilities from banks. The retailer, the report recounts, suspended its shares Monday morning "pending clarification of the company's financial position". The report relates a spokesman for Land of Leather said the retailer is debt free. The report meanwhile adds the retailer's January sale had been "very disappointing". It is understood sales were down 40pc on expectations, the report states. As reported in the TCR-Europe on Jan. 13, 2009, Lee Manning and Nick Edwards of Deloitte LLP, the business advisory firm, were appointed as joint administrators to Land of Leather. Land of Leather operates from 109 retail stores across the United Kingdom and Ireland, and has a head office in Kent. The administrators noted the company directors had been seeking to either raise working capital facilities or sell the business following challenging trading conditions. Lee Manning, joint administrator and Deloitte Partner, commented: "The Land of Leather stores will continue to trade as normal, while the administrators continue to talk to interested parties with a view to concluding a sale of the business as a going concern. MAJOR GROUP: Appoints Joint Administrators from KPMG ---------------------------------------------------- Howard Smith and Richard Dixon Fleming of KPMG LLP were appointed joint administrators of Major Group Holdings Ltd. on Jan. 5, 2009. The company can be reached through KPMG LLP at: 1 The Embankment Neville Street Leeds LS1 4DW England MECOM GROUP: Sells German Unit to M.Dumont Schauberg for EUR152MM ----------------------------------------------------------------- Ben Fenton at The Financial Times reports that Mecom Group plc has sold its titles in Germany to Cologne-based M. DuMont Schauberg for EUR152 million (US$204 million). M. DuMont Schauberg, the report relates, bought the Berliner Zeitung, Hamburger Morgenpost and several other titles from Mecom on Monday. The titles being sold contributed about EUR20 million of Mecom's estimated EUR163 million of earnings before interest, tax, depreciation and amortization last year, the report says. The report relates that according to Simon Davies, a media analyst at RBS, if Mecom realized a net GBP125 million (US$185 million) from the sale of the German business, its net debt/ebitda ratio would fall to just under the 3.5 times necessary to honor its bank covenants, which will be applied at the end of February. The report however notes that Mecom, which has a net debt of about EUR650 million, is still at risk of breaching its covenants at the end of June. According to the Daily Telegraph, Mecom's debt pile dwarfs its market capitalization of GBP17.3 million. As reported in the the TCR-Europe on Jan. 2, 2009, the Daily Telegraph in a Dec. 22 report said that Mecom's banks are understood to have recently hired PricewaterhouseCoopers to undertake an independent business review following mounting concern about its high debt levels. 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. MONEY PARTNERS: S&P Affirms Rating on Class B2 Notes at 'BB+' ------------------------------------------------------------- Standard & Poor's Ratings Services removed from CreditWatch negative and lowered or affirmed its credit ratings on the junior notes issued by Money Partners Securities 1 PLC, Money Partners Securities 3 PLC, and Money Partners Securities 4 PLC. All other notes in these transactions have been affirmed. The rating actions follow full credit and cash flow analyses using the most recent transaction information that S&P has received. The downgrades are due to deterioration in collateral performance in recent quarters. First, the collection rates of all three transactions have been on downward trends, resulting in successive reserve fund draws on the September and December payment dates. Second, S&P has also carefully monitored losses from the collateral pools. Cumulative losses have increased significantly since June, from 1.72% to 2.45% in MPS1, 0.79% to 1.50% in MPS3, and 0.49% to 1.05% in MPS4. Loss severities on each interest payment date have continuously increased from June to December, which are currently 32.3%, 43.7%, and 41.2% in MPS1, MPS2, and MPS4, respectively. Third, loans in arrears and foreclosures, which are an indication of future losses, are high. Total delinquencies in all three transactions are higher than the average nonconforming residential mortgage-backed securities index at the same IPD. Loans in foreclosures consist of 6.58%, 3.73%, and 3.30% of outstanding loans in MPS1, MPS3, and MPS4 -- also higher than the index. S&P expects these trends to be sustained since house prices are likely to continue falling in the coming months and this will place pressure on excess spread and loss severity, leading to the possibility of further reserve fund draws and a decrease in credit enhancement. Our analysis using the most recent data shows that the junior notes on which S&P has taken rating actions are particularly susceptible to the weakening collateral performance. S&P has not included Money Partners Securities 2 PLC in these rating actions because S&P has just received the most recent data and are currently reviewing the performance. Ratings List Money Partners Securities 1 PLC EUR255 Million, GBP199.8 Million, and US$60 Million Mortgage-Backed Floating-Rate Notes Ratings Removed From CreditWatch Negative And Affirmed Rating ------ Class To From ----- -- ---- B1 BBB BBB/Watch Neg B2 BB+ BB+/Watch Neg Ratings Affirmed Rating ------ To From -- ---- A2a AAA A2a DAC-10 AAA A2b AAA A2b DAC-10 AAA A2c AAA A2c DAC-10 AAA M1 AA+ M2a A M2b A MERCs AAA Money Partners Securities 3 PLC GBP382.95 Million, EUR298 Million, and US$50 Million Mortgage-Backed Floating-Rate Notes Ratings Lowered And Removed From CreditWatch Negative Rating ------ Class To From ----- -- ---- B1a BBB- BBB/Watch Neg B1b BBB- BBB/Watch Neg B2a B+ BB/Watch Neg B2b B+ BB/Watch Neg Ratings Removed From CreditWatch Negative And Affirmed Rating ------ Class To From ----- -- ---- M2a A- A-/Watch Neg M2b A- A-/Watch Neg Ratings Affirmed Rating ------ To From -- ---- A2a AAA A2a DAC-11 AAA A2b AAA A2b DAC-11 AAA A2c AAA A2c DAC-11 AAA M1a AA M1b AA MERCs AAA Money Partners Securities 4 PLC GBP351.75 Million and EUR388.95 Million Mortgage-Backed Floating-Rate Notes Ratings Lowered And Removed From CreditWatch Negative Rating ------ Class To From ----- -- ---- B1a BB+ BBB/Watch Neg B1b BB+ BBB/Watch Neg B2 B BB/Watch Neg Ratings Removed From CreditWatch Negative And Affirmed Rating ------ Class To From ----- -- ---- M2a A- A-/Watch Neg M2b A- A-/Watch Neg Ratings Affirmed Rating ------ To From -- ---- A1a AAA A1a DAC-12 AAA A1b AAA A1b DAC-12 AAA M1a AA M1b AA MERCs AAA NEW STAR: Gets Indicative Offers from Potential Buyers ------------------------------------------------------ New Star Asset Management confirmed that it has received indicative offers to buy the company, which has a stock market value of GBP7.9 million, Yvette Essen at The Daily Telegraph reports citing The Sunday Telegraph. The indicative offers, the report says, are believed to have been north of GBP100 million. New Star however did not reveal the names of the bidders, which are understood to be working towards a speedy sale to help provide investors with some relief and prevent the company from losing more funds. The report relates that according to the Sunday Telegraph, possible buyers include Schroders, Henderson, Aberdeen Asset Management, Threadneedle, Neptune Investment Management and Hellman & Friedman. The report discloses sources told the newspaper that investment bank UBS, which has been charged with orchestrating a sale of New Star, is hoping to announce a preferred bidder in the next few weeks, although the company said in a statement on Monday there was no certainty that the offers would lead to a sale. The company said that in the meantime it was continuing to work on implementing its restructuring, the report states. On Dec. 12, 2008, the TCR-Europe, citing The Daily Telegraph, reported that John Duffield, the chairman and the founder of New Star, was forced to agree to a GBP240 million debt-for-equity swap to prevent the company from collapse. The report recalled the banks which negotiated the debt-for-equity swap include HBOS, HSBC, Lloyds TSB, Royal Bank of Scotland, and National Australia Bank. Under the deal, the banks would take a 75% stake in exchange for GBP240 million of the company's GBP260 million debt. On Dec. 4, 2008, the TCR-Europe reported that according to The Daily Telegraph, New Star has more than GBP230 million worth of debt on its balance sheet after a special dividend paid to shareholders in 2007. Its assets under management dropped from GBP19.8 billion at the end of June, to around GBP13 billion amid falling markets and a wave of redemptions by nervous investors, the report added. New Star Asset Management -- http://www.newstaram.com/-- is a UK fund manager, offering a wide range of investment products for retail and institutional investors REDROW PLC: Forward Home Sales at End of Dec. 2008 Down by 40% -------------------------------------------------------------- Redrow plc said its inventory of unsold Signature and Debut properties has decreased by nearly 50% in the last six months to just over 350 units. The company completed 1,042 new homes in the period (H1 07/08: 2,111) at an average selling price of approximately GBP140,000 (H1 07/08: GBP162,700). The 10% drop in selling price since June 2008 reflected the significant pricing pressure experienced in the housing market over the last twelve months, the company said in a statement Wednesday. Forward sales at the end of December 2008 decreased 40% to 1,000 homes compared to 1,694 homes at the end of December 2007 while sales achieved in the first six months decreased 49% to 853 from 1,657 in the corresponding period last year. Over the last six months, Redrow significantly reduced its headcount and closed two of its offices. Bloomberg News relates Redrow slashed 500 jobs, or 40 percent of its workforce, and scrapped the second-half dividend. "Macro economic conditions will inevitably have a significant impact on the sector. The level of consumer confidence and the condition of the lending markets lead us to conclude that the trading environment will continue to be extremely difficult in 2009. We have continued to experience pricing pressure which has been evident in all the leading house price indices and we expect pricing to remain uncertain in the coming months," the statement said. The company expects gross margins for the full year to be adversely affected by approximately 5 percentage points as compared with management's previous expectations. The company's net debt at the end of December was under GBP270 million. Since the period end, the company said it received GBP27.5 million in corporation tax repayment, in addition to the GBP13.5 million already received in the first half. Accordingly, the company said it is well placed to meet its debt target of under GBP225 million at June 2009 with further reductions in debt anticipated in 2009/10. Redrow will be releasing its interim results for the six months ended December 31 , 2008 on February 24, 2009. Redrow plc (LON:RDW) -- http://www.redrow.co.uk/-- is a United Kingdom-based company engaged in residential and commercial property development. It operates in two business segments: home, and mixed use and regeneration. The company's products portfolio in its home segment include Signature, which features one-bedroom apartments to five-bedroom luxury houses; In the City, which offers high specification apartment living, and Debut, which ranges from one-bedroom apartments to two-storey homes. In the mixed use and regeneration segment, the company undertakes projects that combine two or more types of development, such residential, commercial (retail, office), leisure and/or industrial, and provides concerted social, economic and physical solutions for community benefits. During the fiscal year ended June 30, 2007, the company's land bank with planning comprised 17,700 plots, and it had a forward land bank of 24,400 plots. ROYAL BANK: Norwich Ex-Head Mulls GBP7 Bln Bid for Insurance Units ------------------------------------------------------------------ The Scotsman reports that Patrick Snowball, the former head of Norwich Union, is said to have teamed up with private equity firms BC Partners and Apollo Management to launch a GBP7 billion bid for Royal Bank of Scotland plc's insurance businesses, which include household names like Direct Line and Churchill. However, it is thought Stephen Hester, RBS's new chief executive, favors retaining the insurance firms, the report notes. The report discloses the bank's insurance units made almost GBP1 billion in pre-tax profits last year. GBP20 Bil. Cash Injection As reported in the Troubled Company Reporter-Europe on Oct. 15, 2008, Bloomberg News said RBS obtained a GBP20 billion (US$34 billion) lifeline from the British government in exchange for 60% of the bank, subject to investors' agreement to purchase stock at 65.5 pence apiece. However, according to the International Herald Tribune, the bank's investors shunned the lender's share sale resulting in the British government taking majority control. IHT said investors only signed up for 0.24 percent of the shares, and the government had to take up the rest, leaving it with a 57.9 percent stake in RBS. The government also agreed to buy a separate block of preferred shares bringing its investment in RBS to about GBP20 billion, or US$31 billion, IHT disclosed. IHT recalled investors balked at buying RBS shares after they dropped below the share issue offer price of 65.5 pence a share this month. Before that, IHT said some investors considered buying the shares to avoid the government taking a stake in the bank because it meant RBS would be constrained by strict limits on dividend and bonus payments. But they failed to do so when it became less expensive to buy the shares on the open market than through the share issue, the same report noted. About Royal Bank of Scotland Headquartered in Edinburgh, Scotland, The Royal Bank of Scotland Group plc (RBS) -- http://www.rbs.com/-- is a holding company of The Royal Bank of Scotland plc (Royal Bank) and National Westminster Bank Plc (NatWest), which are United Kingdom-based clearing banks. The Company's activities are organized in six business divisions: Corporate Markets (comprising Global Banking and Markets and United Kingdom Corporate Banking), Retail Markets (comprising Retail and Wealth Management), Ulster Bank, Citizens, RBS Insurance and Manufacturing. On Oct. 17, 2007, RFS Holdings B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V., Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and controlled by RBS, completed the acquisition of ABN AMRO Holding N.V. (ABN AMRO). In July 2008, the company disposed its entire interest in Global Voice Group Ltd. SANDRINGHAM HOTEL: In Administration; Smith & Williamson Appointed ------------------------------------------------------------------ Smith & Williamson has been appointed the administrator of a landmark budget hotel in Portsmouth after it ran into financial difficulties. The 53-bedroom Sandringham Hotel, Southsea, on the edge of Southsea Common and overlooking the Solent and Isle of Wight, was marketed on its website as "offering the best-value rooms in Portsmouth and Southsea". Greg Palfrey, joint administrator with accountancy group Smith & Williamson, is currently exploring options to see what value can be maximized for the benefit of the creditors. In a statement, he said: "We have been appointed after the trading position of the Sandringham Hotel in Southsea became untenable. "The hotel was operated by a Southsea-registered firm, Beacon Commercial Limited. "One of the options we will be exploring is whether this hotel would realize more capital for creditors through redevelopment. The site already holds planning consents for redevelopment. "There may well be a number of developers who have the investment and vision to turn the property into apartments or studios. "I'm confident there will be interest in that option, despite the current state of the housing market." Mr. Palfrey, based at the south coast office of Smith & Williamson in Southampton, is working jointly on the case with James Money from the London office. Prices at the Sandringham Hotel started from GBP20 for a single room, with family rooms at up to GBP75, and offered long-stay discounts to contractors. SOLA WETSUITS: Goes Into Creditors Voluntary Liquidation --------------------------------------------------------- Ian Walker, Regional Managing Partner of insolvency, business rescue and restructuring specialists Begbies Traynor was appointed as liquidator to Saltash-based Sola Wetsuits and Leisurewear Ltd at a creditors' meeting this week. Sola, which imported wet suits and accessories for distribution through surf shops in the UK and Europe, ceased trading on December 4 with the loss of nine jobs. The directors stated that Sola's difficulties had arisen from a combination of a succession of poor summers, increased competition from supermarkets and Europe, and the worsening global economic situation which lead to the withdrawing of an overdraft facility at the same time as a major American customer defaulted on a large debt. Every available action had been taken to try and avoid company failure, including the sale of the Sola Sports brand and stock to a new company, Sola Sports Ltd, who are continuing to distribute, but in the end the directors were left with no alternative but to apply for creditors voluntary liquidation of the remaining wetsuits and leisurewear side of the operations. STARS SPORT: Appoints Joint Liquidators from PKF ------------------------------------------------ Kerry Bailey and Jonathan D. Newell of PKF (UK) LLP were appointed joint liquidators of Stars Sport & Leisure Ltd. on Dec. 23, 2008, for the creditors' voluntary winding-up proceeding. The company can be reached at: Stars Sport & Leisure Ltd. Unit 1D Rossett Business Village Rossett Wrexham England THOMPSON TECHNIK: Goes Into Administration; 100 Jobs at Risk ------------------------------------------------------------ Gareth Evans at WalesOnline.co.uk reports that Pontycymer-based Thompson Technik, part of Thompson Plastics Group, has gone into administration, putting 100 jobs at risk. The group, the report discloses, employs 460 people across the UK, at Thompson Plastics in Hull and Plastics in Manchester. The report relates that according to Charles Escott, of administrator PKF, "These sites saw sales reduce significantly last year as the caravan, automotive and construction industries, their key markets, all suffered. "Orders were down 30% and there was also a growing burden of bad debt," Mr. Escott was quoted by the report as saying. On Jan. 9, 2009, the TCR-Europe, citing thisishullandeastriding.co.uk, reported that Thompson Plastics (Hull) Ltd went into administration along with its sister company Plastics (Manchester) Ltd on December 22. WIREWORKS LTD: Names Joint Liquidators from Tenon Recovery ---------------------------------------------------------- Alexander Kinninmonth and Stanley Donald Burkett-Coltman of Tenon Recovery, were appointed joint liquidators of Wireworks Ltd. on Dec. 23, 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: Aon Says 4 in 5 Suppliers Face Pre-Pack Insolvency Debt ------------------------------------------------------------- Four in five UK suppliers may have to write off unpaid debt due to ineffectual new rules for pre-pack insolvency arrangements � where a buyer is lined up before an insolvency technically occurs and without creditor agreement. Aon, the UK's largest credit insurance broker, is calling for change in government legislation to give unpaid suppliers the opportunity to seek recourse before the pre-pack deal is done. Currently, there is no legal obligation for administrators of pre- packs to involve suppliers to the failed business in creditors meetings � despite representing a significant percentage of the failed business' liabilities. January's new Statement of Insolvency Practice 16 ("SIP 16") rules seek to promote transparency by requiring administrators to divulge full details of the pre-pack to all creditors, but this is unlikely to happen before the insolvency has taken place. With the Insolvency Service forecasting at least 100 pre-pack administrations every month, Aon is calling for a review of the controversial insolvency legislation to give creditors a greater say. This includes: * advising the Insolvency Service of areas of concern with the pre-pack process on an ongoing basis; * focusing the campaign on specific sectors; * working with its partners, including the credit insurers and insolvency practitioners, to establish a uniform stance on pre-packs. The estimated 20% of UK companies with credit insurance, which pays out in the event of bad debt from an insolvency, will be able to claim and recoup their losses from pre-pack arrangements. Going forward, credit insurers will scrutinize pre-pack arrangements closely and could be reluctant to cover businesses that have the same management as the old company. James Bowker, director at Aon Trade Credit, commented: "The new insolvency rules don't go far enough and legislation must be reviewed to support the UK supplier. Often the first knowledge the supplier has of the pre-pack is when the new owners contact them to discuss new supply arrangements � the ultimate indignity being that there is no recourse to the new company in respect of debt attaching to the old company." =============== X X X X X X X X =============== * S&P Takes Rating Actions on 364 European Synthetic CDO Tranches ----------------------------------------------------------------- After running its month-end SROC (synthetic rated overcollateralization) figures, Standard & Poor's Ratings Services took CreditWatch actions on 364 European synthetic collateralized debt obligation tranches. Specifically, ratings on: -� 262 tranches were placed on CreditWatch negative. �- 102 tranches were removed from CreditWatch negative and affirmed. Of the 262 tranches placed on CreditWatch negative: �- 25 reference U.S. residential mortgage-backed securities and U.S. CDOs that are exposed to U.S. RMBS, which have experienced recent negative rating actions. -� 237 have experienced corporate downgrades in their portfolios. For this month's run, S&P has incorporated the new correlation assumptions for CDOs that have exposure to: �- Financial intermediaries; and �- Real estate investment trusts and real estate operating companies. The rating actions also include these assumed recovery valuations: �- 91.51% for senior Fannie Mae debt and 99.90% for subordinated debt; �- 94% for senior Freddie Mac debt and 98% for subordinated debt; �- 8.625% for Lehman Brothers Inc. debt; �- 57% for Washington Mutual Inc. debt; �- 1.25% for senior Landsbanki Islands debt and 0.125% for subordinated debt; �- 3% for senior Glitnir debt and 0.1250% for subordinated debt; �- 6.625% for senior Kaupthing debt and 2.375% for subordinated debt; and �- 1.5% for Tribune Co. debt. This table provides a summary of the CreditWatch actions S&P has taken on European synthetic CDO tranches since June 16, 2008. CreditWatch Summary Watch Neg Watch Pos Key corporate (no. of (no. of downgrades* tranches) tranches) --------- --------- -------------- Jul�08 59 27 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 72 27 Residential Capital, LLC (SD to CCC+/Negative) July 15, 2008 Louisiana-Pacific Corp. (BBB-/Negative to BB+/Watch Neg) July 29, 2008 Sept-08 111 0 Radian Group Inc. (BBB/Watch Neg to BB+) Aug. 26, 2008 PMI Group Inc. (BBB+ to BBB-/Watch Neg) Aug. 26, 2008 Oct-08 166 0 Lehman Brothers Inc. (A+/Negative to A+/Watch Neg) Sept. 9, 2008 (A+/Watch Neg to BB-/Watch Dev) Sept. 15, 2008 (BB-/Watch Dev to D) Sept. 23, 2008 Washington Mutual, Inc. (BBB-/Negative to BB-/Negative) Sept. 15, 2008 (BB-/Negative to CCC/Negative) Sept. 24, 2008 (CCC/Negative to D) Sept. 26, 2008 American Int'l Group Inc. (AA-/Watch Neg to A-/Watch Neg) Sept. 15, 2008 Nov-08 300 0 Fortis N.V. (A-/Developing to BBB-/Watch Neg) Oct. 6, 2008 Glitnir Bank (CCC/Watch Neg to D) Oct. 9, 2008 Dec�08 203 0 Residential Capital, LLC (CCC+/Negative to CC/Watch Neg) Nov. 20, 2008 Fin'l Guaranty Insurance Co. (BB/Watch Neg to CCC/Negative) Nov. 24, 2008 Jan�09 364 0 Citigroup Inc. (AA-/Watch Neg to A/Stable) Dec. 19, 2008 Morgan Stanley (A+/Negative to A/Negative) Dec. 19, 2008 * Those corporate names that have experienced a significant notch downgrade or upgrade as well as being widely referenced within European Synthetic CDOs. The SROC levels for the ratings placed on CreditWatch negative fell below 100% during the December month-end run. S&P will publish these SROC figures in the SROC report covering December 2008, which is imminent. The Global SROC Report provides SROC and other performance metrics on over 3,500 individual CDO tranches. Following publication of the latest SROC report, S&P will conduct a full review of the affected tranches, and publish the appropriate actions in S&P's January rating action media release. All other tranches in the transactions listed are unaffected by these rating actions. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- 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. 22-24, 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/ Mar. 14-16, 2009 AMERICAN BANKRUPTCY INSTITUTE Conrad Duberstein Moot Court Competition St. John's University School of Law, New York City Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 1-4, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. 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Contact: http://www.abiworld.org/ Sept. 10-11, 2009 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Hyatt Regency Lake Tahoe, Incline Village, Nevada 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. 2, 2009 AMERICAN BANKRUPTCY INSTITUTE ABI/GULC "Views from the Bench" Georgetown University Law Center, Washington, D.C. 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/ Oct. 20, 2009 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Paris Las Vegas, Las Vegas, Nev. Contact: http://www.abiworld.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. 29-May 2, 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/ July 14-17, 2010 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Ritz-Carlton Amelia Island, Amelia, Fla. Contact: 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 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, Maryland Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ ********* 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. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine C. Tumanda, Pius Xerxes V. Tovilla, 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 * * *