/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/090512.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 Tuesday, May 12, 2009, Vol. 10, No. 92 Headlines A U S T R I A EK-LINE LLC: Claims Registration Period Ends May 26 ESCOM TOURISMUS: Claims Registration Period Ends May 26 KARL WINTER: Claims Registration Period Ends May 27 SERVICE & WARTUNGSTECHNIK: Claims Registration Period Ends May 26 F I N L A N D STORA ENSO: Moody's Confirms 'Ba2' Corporate Family Rating G E R M A N Y AETRON GMBH: Claims Registration Period Ends June 30 BEQAS AUTOMOTIVE: Claims Registration Period Ends June 2 BROECKER NATUERLICH: Claims Registration Period Ends June 10 COMMERZBANK AG: Fitch Takes Various Rating Actions on Five Units INITIATIVBAU BAUTRAGER: Claims Registration Period Ends June 15 INTELLSOLUTIONS GMBH: Claims Registration Period Ends June 2 LEHR UND LERNMITTEL: Claims Registration Period Ends May 25 NOVARENT VERMOEGENSVERWALTUNG: Claims Registration Ends June 5 PRO BAUTEAM: Claims Registration Period Ends June 11 RESOURCE PROGRAMMIERSERVICE: Claims Registration Ends June 3 SPS REHMUS: Files for Insolvency; 50 Jobs at Risk TBN IDENTIFIKATION: Claims Registration Period Ends May 28 I C E L A N D LANDSVIRKJUN: S&P Assesses Stand-Alone Creditworthiness as 'B-' I R E L A N D LARAGAN DEVELOPMENTS: Banks to Inject EUR3 Mln Under Rescue Plan SMURFIT KAPPA: Net Profit Down to EUR12.5 Mln in First Qtr. 2009 STANTON VINTAGE: S&P Cuts Ratings on Five Classes of Notes to 'D' I T A L Y ALTA PADOVANA: Moody's Assigns 'D+' Bank Financial Strength Rating GENERAL MOTORS: DBRS Comments on Fiat Alliance and GM Europe Talks GENERAL MOTORS: Six Executives Dump Remaining Shares K A Z A K H S T A N DELO-NS LLP: Creditors Must File Claims by June 12 JAKSYLYK ALTYN: Creditors Must File Claims by June 12 KAZAKH MORTGAGE: Fitch Junks Rating on Class C Notes KIP ELECTRO: Creditors Must File Claims by June 12 TALDYKORGANSKY JSC: Creditors Must File Claims by June 12 TORP TRADE: Creditors Must File Claims by June 12 K Y R G Y Z S T A N IPEACE-TRAIN LLC: Creditors Must File Claims by May 29 L U X E M B O U R G HAYES LEMMERZ: Files Chapter 22; Secured Creditors to Get Equity HAYES LEMMERZ: Jan. 31 Balance Sheet Upside-Down by US$292.9MM REDWOOD CBO: Moody's Junks Ratings on Two Classes of Notes N E T H E R L A N D S INDOVER BANK: Indonesian Creditors Seek Repayment of Credit Claims LYONDELLBASELL INDUSTRIES: S&P Puts 'BB' Rating on US$3.25BB Loan R U S S I A DELTA LLC: Creditors Must File Claims by June 24 MDM BANK: In Talks With Banks to Secure One-Year Refinancing Loan POWER STATIONS: Creditors Must File Claims by June 24 SIB-RESURS LLC: Creditors Must File Claims by May 24 TEKH-STROY-PROEKT LLC: Creditors Must File Claims by June 24 URUKHSKIY CANNERY: Creditors Must File Claims by June 24 S W I T Z E R L A N D IMAGE IMMOBILIEN : Claims Filing Deadline is May 15 PETROPLUS HOLDINGS: S&P Gives Negative Outlook; Holds 'BB' Rating PRIMANCE GMBH: Creditors' Proofs of Claim Due on May 14 RUEESCH PRINTMEDIA GMBH: Claims Filing Deadline is May 14 SHOP - TANKSTELLE: Creditors Must File Claims by May 15 VETTIGER GMBH: Claims Filing Deadline is May 15 U K R A I N E ALFA ZAO: Misses US$100 Million Bond Payment BANK FORUM: Fitch Affirms Individual Rating at 'D/E' ELECTRO-NET SUBSIDIARY: Creditors Must File Claims by May 17 MAGNETO LLC: Creditors Must File Claims by May 16 UKRAINIAN CHEMICAL: Creditors Must File Claims by May 21 U.S.T.A.S. LLC: Court Starts Bankruptcy Supervision Procedure ZAPOROZHYE BREWERY: Creditors Must File Claims by May 16 U N I T E D K I N G D O M B & P GROUP: Appoints Joint Administrators from Tenon Recovery BRITISH AIRWAYS: S&P Cuts Long-Term Corp. Credit Rating to 'BB' CASTLE HOLDCO: Restructuring Scheme Approval Cues S&P's 'D' Rating MEDICAL FINANCE: Taps Joint Administrators from Tenon Recovery MOUSELLS REMOVALS: Taps Joint Administrators from Tenon Recovery PASSLINE LTD: Appoints Joint Administrators from PKF PHILLIP GREEN: Taps Joint Administrators from Tenon Recovery PREMIER NETWORK: Creditors to Appoint Liquidator on May 20 ROYAL BANK: Incurs GBP857 Million First-Quarter Loss TATA STEEL: May Mothball TCP Plant in Northeast England TAYLOR WIMPEY: Fitch Lifts Long-Term Issuer Default Rating to 'B-' TIME & TIDE: Appoints Joint Administrators from Grant Thornton TURTON SPRINGS: Taps Joint Administrators from PwC TW STAMPING: Appoints Joint Administrators from BDO VIRGIN MEDIA: Fitch Affirms Issuer Default Rating at 'BB-' WATERFORD WEDGWOOD: U.S. Arm Put Into Administration * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= EK-LINE LLC: Claims Registration Period Ends May 26 --------------------------------------------------- Creditors owed money by EK-LINE LLC have until May 26, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Andreas Wippel Triester St. 15 2620 Neunkirchen Austria Tel: 02635/62860 Fax: 02635/6286114 E-mail: kanzlei@dr-wippel.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on June 9, 2009, for the examination of claims. ESCOM TOURISMUS: Claims Registration Period Ends May 26 ------------------------------------------------------- Creditors owed money by Escom Tourismus LLC have until May 26, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Bernhard Schatz Enzersdorfer Strasse 4 2340 Moedling Austria Tel: 02236/89 33 77 Fax: 02236/89 33 77-40 E-mail: bernhard.schatz@bpv-huegel.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on June 9, 2009, for the examination of claims. KARL WINTER: Claims Registration Period Ends May 27 --------------------------------------------------- Creditors owed money by Karl Winter Kartonagen LLC have until May 27, 2009, to file written proofs of claim to the court- appointed estate administrator: Mag. Stefan Jahns Gonzagagasse 15 1010 Wien Austria Tel: 532 17 11 Fax: 532 17 11 11 E-mail: kanzlei@jahns.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on June 10, 2009, for the examination of claims. SERVICE & WARTUNGSTECHNIK: Claims Registration Period Ends May 26 ----------------------------------------------------------------- Creditors owed money by Service & Wartungstechnik have until May 26, 2009, to file written proofs of claim to the court- appointed estate administrator: Dr. Friedrich Lorenz Hauptstrasse 4 2486 Pottendorf Austria Tel: 02623/7226120 Fax: 02623/7226161 E-mail: masseverwalter@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on June 9, 2009, for the examination of claims. ============= F I N L A N D ============= STORA ENSO: Moody's Confirms 'Ba2' Corporate Family Rating ---------------------------------------------------------- Moody's Investors Service has confirmed the Ba2 Corporate Family Rating, the Ba2 Senior Unsecured Note Ratings and Not-Prime short- term rating of Stora Enso Oyj. The outlook for the ratings is negative. The action concludes a review initiated by Moody's on February 13, 2009. "The confirmation of the Ba2 ratings reflects the company's proactive approach in addressing the significant cyclical demand contraction of paper, packaging and forest products supported by a solid liquidity profile which provides some headroom until restructuring measures are fully implemented", said Christian Hendker, a Moody's Assistant Vice President and Lead Analyst for Stora Enso. "The negative outlook reflects the execution challenge of restoring profitability and cash flow generation supporting a recovery of credit metrics more in line with the Ba rating category in a very challenging market environment," Mr. Hendker continued. Moody's notes that there is only limited headroom in the current rating category for a further erosion in credit metrics over the next few quarters. Moody's believes that the company's continued implementation of capacity and cost reduction activities combined with discretionary cash flow preservation measures focused on working capital improvements, lower dividend payouts and a more disciplined capex program than historically could support a gradual performance recovery over the next quarters. On the back of a severe macroeconomic environment in Stora Enso's core markets, Moody's expects that deliveries are likely to remain depressed throughout 2009. The company's capacity adjustment measures however should support an improvement in operating rates over the second half of 2009, which together with potential benefits from lower input costs is an important fundament for a profitability turnaround. Moody's recognizes that a source of uncertainty linked to performance recovery is the preservation of pricing levels. These levels held up reasonably well for most paper grades in the first quarter 2009, but could be challenging to sustain in a deflationary macroeconomic environment, particularly given the persistent industry over-capacity for most paper grades, packaging and forest products, and the continued demand contraction throughout 2009. Moody's confirmation of the Ba2 rating favorably reflects Stora Enso's visible reduction of free cash flow consumption towards break-even levels in the last 12 months ending March 2009, which further supports the company's solid liquidity profile, with sufficient on-balance sheet cash of EUR493 million at the end of March 2009 and a EUR1.4 billion revolving credit facility that is currently undrawn, combined with an extended debt maturity profile. The company's liquidity profile provides some cushion for the company's permanent and temporary capacity adjustments. Furthermore the confirmation of the Ba2 rating continues to reflect Stora Enso's relatively strong business profile as a diversified and leading European paper and forest products manufacturer with a high level of vertical integration. However, Moody's believes the ratings remain constrained by the recent erosion of Stora Enso's profitability and credit metrics, which are clearly below the requirements for the Ba rating category, such as RCF to Debt which fell to the low single digits in the last 12 months ending March 2009. The negative outlook consequently considers the challenge to improve operating performance over the next few quarters and to minimize free cash flow consumption by improving funds from operations, or through other discretionary measures to stem cash consumption from capital activities. The outlook could be stabilized if a turnaround in free cash flow generation is driven by a material strengthening of funds from operations from 2008 levels, and if credits metrics are to be restored, such as RCF to debt above 10% and EBITDA Margin in the low double digits. The ratings could be downgraded within the next quarters if free cash flow generation is not restored to break-even levels, or the RCF/Debt ratio and EBITDA margin do not improve towards the mid to high single-digit percentages. The last rating action was implemented on February 13, 2009, when Moody's downgraded Stora Enso's ratings to Ba2 from Ba1 and placed them on review for further possible downgrade. Outlook Actions: Issuer: Stora Enso Oyj -- Outlook, Changed to Negative From Rating Under Review Confirmations: Issuer: Stora Enso Oyj -- Probability of Default Rating, Confirmed at Ba2 -- Corporate Family Rating, Confirmed at Ba2 -- Senior Unsecured Medium-Term Note Program, Confirmed at Ba2 (LGD 4, 52%) -- Senior Unsecured Regular Bond/Debenture, Confirmed at Ba2 (LGD 4, 52%) Stora Enso, with headquarters in Helsinki, Finland, is among the world's largest paper and forest products companies. It recorded annual sales of approximately EUR11 billion in 2008. ============= G E R M A N Y ============= AETRON GMBH: Claims Registration Period Ends June 30 ---------------------------------------------------- Creditors of Aetron GmbH have until June 30, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 8.30 a.m. on July 27, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Wuerzburg Room 14 Second Stock Tiepolostr. 6 Wuerzburg 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: Andreas Becker Ludwigstr. 2 97070 Wuerzburg Germany Tel: 0931/3046211 The court opened bankruptcy proceedings against the company on April 29, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Aetron GmbH Attn: Reinhard Nuernberger, Manager Zeller St. 3a 97082 Wuerzburg Germany BEQAS AUTOMOTIVE: Claims Registration Period Ends June 2 -------------------------------------------------------- Creditors of Beqas Automotive Europe GmbH have until June 2, 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 July 2, 2009, at which time the insolvency manager will present her first report. The meeting of creditors will be held at: The District Court Heilbronn Hall 4 Rollwagstr. 10a 74072 Heilbronn 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: Undine Haller Bismarckstrasse 39 74074 Heilbronn Germany Tel: 07131/173032 Fax: 07131/171112 The court opened bankruptcy proceedings against the company on April 29, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Beqas Automotive Europe GmbH Attn: Dr. Ernst Hallas, Manager Bustadt 20-22 74360 Ilsfeld Germany BROECKER NATUERLICH: Claims Registration Period Ends June 10 ------------------------------------------------------------ Creditors of Broecker Natuerlich Wohnen GmbH have until June 10, 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 July 1, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 101 B Gerichtsstr. 2-6 48149 Muenster 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. Frank Kreuznacht Sperlichstr. 10 48151 Muenster Germany Tel: 0251/20803-0 Fax: +4925120803133 The court opened bankruptcy proceedings against the company on April 29, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Broecker Natuerlich Wohnen GmbH Attn: Reinhard Rehkemper, Manager Linzel 15 59302 Oelde Germany COMMERZBANK AG: Fitch Takes Various Rating Actions on Five Units ---------------------------------------------------------------- Fitch Ratings has taken various rating actions on five subsidiaries of Commerzbank AG (rated 'A+'/Stable) following the completion of an European Commission review to consider the injection of EUR18 billion into Commerzbank by Germany's Financial Market Stabilization Fund. The EC has approved the injection, subject to certain conditions. The performing hybrid capital instruments issued by the group, including Commerzbank Capital Funding Trust I/II, Delaware (US), Dresdner Funding Trusts I-IV, and EUROHYPO Capital Funding Trust I/II are rated 'B+', Rating Watch Negative. Fitch is undertaking a review of the implication of an announcement by Commerzbank on 7 May 2009 regarding its flexibility to continue to pay coupons on hybrid capital instruments that are linked to profits. EUROHYPO AG, Germany -- Long-term Issuer Default Rating of 'A' placed on RWN -- Short-term IDR affirmed at 'F1' -- Support Rating affirmed at '1' -- Support Rating Floor assigned at 'A-' EUROHYPO Europaeische Hypothekenbank SA (EUROHYPO LUX), Luxembourg -- Long-term IDR of 'A' placed on RWN -- Short-term IDR affirmed at 'F1' -- Support Rating affirmed at '1' The rating actions affecting EUROHYPO and its Luxembourg subsidiary, EUROHYPO LUX relate to the conditions attached to the EC's endorsement of the capital injections into Commerzbank. Accordingly, the EC requires Commerzbank to divest EUROHYPO by 2014. While there is uncertainty surrounding the definite timing and structure of the divesture, and the profit and loss agreement between the parent and the subsidiary, Fitch has taken the perspective that EUROHYPO will not form part of the Commerzbank group in the long-term. The RWN reflects this uncertainty over future ownership and will be resolved upon clarification of the likely acquirer of EUROHYPO. Likewise, Fitch would review the RWN should a buyer with a Long-term IDR higher than 'A' materialize. At the same time, the agency has assigned a Support Rating Floor of 'A-' to EUROHYPO, based on its systemic importance within the domestic banking system. As a result, the Support Rating of '1' is now based on potential support from the public authorities, rather than the support of its parent. Any possible downgrade of EUROHYPO resulting from a change in ownership would be restricted to one notch. The agency has also affirmed EURHYPO's mortgage and public sector Pfandbriefe and EUROHYPO LUX's Lettres de Gage Publiques' ratings at 'AAA' respectively. BRE BANK, Poland -- Long-term IDR upgraded to 'A' from 'A-' (A minus) removed from RWN, Stable Outlook -- Short-term IDR upgraded to 'F1' from 'F2' -- Individual Rating affirmed at 'C/D' -- Support Rating affirmed at '1'; removed from RWN BRE Leasing, Poland -- Long-term IDR upgraded to 'A' from 'A-' (A minus) removed from RWN, Stable Outlook -- Short-term IDR upgraded to 'F1' from 'F2' -- Support Rating affirmed at '1'; removed from RWN The rating actions with respect to the Polish subsidiaries reflect the strategic importance of the Polish banking subsidiary and its leasing subsidiary. As a result of the EC's decision, Commerzbank can retain its retail and corporate banking activities in Central and Eastern Europe. Bank Forum, Ukraine -- Long-term IDR affirmed at 'B'; Negative Outlook -- Short-term IDR affirmed at 'B' -- Long-term local currency IDR affirmed at 'B+'; Negative Outlook -- National Long-term Rating: affirmed at 'AAA(ukr)', Stable -- Individual Rating affirmed at 'D/E' -- Support Rating affirmed at '4' Fitch announced its proposed refinement of the agency's assumptions related to liquidity risks within covered bond programmes on March 11, 2009. The exposure draft report was subject to a six-week market consultation period. D-Factors and over collateralization in line with assigned ratings are generally expected to increase. Fitch's national ratings provide a relative measure of creditworthiness for rated entities in countries where the sovereign's foreign and local currency ratings are below 'AAA'. National ratings are not internationally comparable since the best relative risk within a country is rated 'AAA' and other credits are rated only relative to this risk. They are signified by the addition of an identifier, for the country concerned, such as 'AAA (ukr)' for national ratings in Ukraine. INITIATIVBAU BAUTRAGER: Claims Registration Period Ends June 15 --------------------------------------------------------------- Creditors of Initiativbau Bautrager und Immobiliengesellschaft mbH have until June 15, 2009, to register their claims with court- appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on July 13, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Duisburg Hall C407 Kardinal-Galen-Strasse 124-132 47058 Duisburg 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. Andreas Roepke Muelheimer Strasse 100 47057 Duisburg Germany The court opened bankruptcy proceedings against the company on April 23, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Initiativbau Bautrager and Immobiliengesellschaft mbH Attn: Petra Kamp, Manager Kardinal-Graf-Galen-Str. 28 45468 Muelheim an der Ruhr Germany INTELLSOLUTIONS GMBH: Claims Registration Period Ends June 2 ------------------------------------------------------------ Creditors of Intellsolutions GmbH have until June 2, 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 July 13, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Schwerin Hall 7 Demmlerplatz 14 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 Rosenkranz Osdorfer Landstr. 230 22549 Hamburg Germany Tel: 040/8078810 The court opened bankruptcy proceedings against the company on April 21, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Intellsolutions GmbH Attn: Lars Mainka, and Emile Wirtz, Managers Alter Holzhafen 17c 23966 Wismar Germany LEHR UND LERNMITTEL: Claims Registration Period Ends May 25 ----------------------------------------------------------- Creditors of Lehr und Lernmittel GmbH Pfaffschwende have until May 25, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 2:05 p.m. on June 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 Muehlhausen Hall 35 Untermarkt 17 Muehlhausen 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. Frank Kreuznacht Untermarkt 23 99974 Muehlhausen Germany The court opened bankruptcy proceedings against the company on April 28, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lehr und Lernmittel GmbH Pfaffschwende Attn: Uwe Wagner, Manager Gasse 18 37308 Pfaffschwende Germany NOVARENT VERMOEGENSVERWALTUNG: Claims Registration Ends June 5 -------------------------------------------------------------- Creditors of Novarent Vermoegensverwaltung GmbH have until June 5, 2009, to register their claims with court-appointed insolvency manager. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on July 6, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany 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: Ingmar Jarchow Heuberg 1 20354 Hamburg Germany The court opened bankruptcy proceedings against the company on April 28, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Novarent Vermoegensverwaltung GmbH Attn: Monika Weber, Manager Max-Herz-Ring 23 22159 Hamburg Germany PRO BAUTEAM: Claims Registration Period Ends June 11 ---------------------------------------------------- Creditors of Pro Bauteam GmbH have until June 11, 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 July 2, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld 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: Klaus Knetter Otto-Brenner-Str. 186 33604 Bielefeld Germany The court opened bankruptcy proceedings against the company on April 23, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pro Bauteam GmbH Attn: Mike Duerkopp, Manager Grafenheider St. 111 33729 Bielefeld Germany RESOURCE PROGRAMMIERSERVICE: Claims Registration Ends June 3 ------------------------------------------------------------ Creditors of Resource Programmierservice und EDV-Vertrieb GmbH have until June 3, 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 July 15, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe 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: Herbert Feigl Mozartstrasse 11 76133 Karlsruhe Germany Tel: 0721/8301184 The court opened bankruptcy proceedings against the company on April 28, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Resource Programmierservice and EDV-Vertrieb GmbH Attn: Friedrich Kauffmann, Manager Erzberger Strasse 117 76133 Karlsruhe Germany SPS REHMUS: Files for Insolvency; 50 Jobs at Risk ------------------------------------------------- Adam Hooker at Printweek reports Germany-based European screen press manufacturer SPS Rehmus has filed for insolvency, putting 50 jobs at risk. According to the report, the company appointed Jens Hamdorf of Treugarant AG as temporary insolvency administrator on April 1. Mr. Hamdorf, the report says, is currently talking to potential buyers. "SPS is a good and well known company in the printing industry and the current problems are not caused by bad products but by the worldwide financial crisis," the report quoted Mr. Hamdorf as saying. "At the moment we are talking to a couple of potential buyers, but it is too early for a prediction. I think in three or four weeks we shall know more." TBN IDENTIFIKATION: Claims Registration Period Ends May 28 ---------------------------------------------------------- Creditors of TBN Identifikation und Netzwerke GmbH have until May 28, 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 June 18, 2009, at which time the insolvency manager will present his first report. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 341 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf 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: Michael Bremen Sternstr. 58 40479 Duesseldorf Germany The court opened bankruptcy proceedings against the company on April 29, 2009. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TBN Identifikation und Netzwerke GmbH Niedenstrasse 63 40721 Hilden Germany Attn: Peter Erich Kern, Manager Am Schuetzenrain 19 64354 Reinheim Germany ============= I C E L A N D ============= LANDSVIRKJUN: S&P Assesses Stand-Alone Creditworthiness as 'B-' --------------------------------------------------------------- Standard & Poor's Ratings Services said that it placed its 'BBB-' long-term and 'A-3' short-term foreign and local currency corporate credit ratings on Iceland-based utility Landsvirkjun on CreditWatch with negative implications. "The CreditWatch placement reflects Standard & Poor's opinion of deterioration in Landsvirkjun's stand-alone credit profile because of a weakening in Landsvirkjun's liquidity and business outlook as well as uncertainties about the ability and willingness of the Icelandic state to provide timely financial support if necessary," said Standard & Poor's credit analyst Karin Erlander. S&P's concerns about Landsvirkjun's liquidity include: the funding sources for Landsvirkjun's short-term debt service requirements are uncertain; access to capital markets is limited; a credit support agreement counterparty could require Landsvirkjun to post more collateral; and Landsvirkjun's cash resources have declined following debt repayments in March 2009. Uncertainties about Landsvirkjun's business outlook reflect, in S&P's view, its exposure to a weakened domestic economy and the aluminum industry, which is experiencing less demand and lower price levels. Standard & Poor's analyzes Landsvirkjun using its criteria for government-related entities. The ratings on Landsvirkjun are currently based on a top-down methodology, which reflects these facts and opinions: Landsvirkjun's 100% ownership by the state, the Republic of Iceland (foreign currency BBB-/Negative/A-3; local currency BBB+/Negative/A-2); the provision of state guarantees for the collection of all of Landsvirkjun's debt; S&P's expectation that Landsvirkjun will not be incorporated and privatized in the medium term; its strategic importance to the Icelandic economy; its central role in the promotion of power-intensive industries; and the risk to the sovereign reputation if Landsvirkjun were to default. The debt guarantees are ultimate--but not timely--and S&P's review of the ratings on Landsvirkjun will assess the ability, willingness, and formal mechanisms for the Icelandic government to provide timely financial support to Landsvirkjun if needed. If S&P perceives more uncertainties than so far expected about the state's ability and willingness to provide timely support, S&P would consider whether to alter S&P's ratings approach to one in which the ratings are derived from Landsvirkjun's stand-alone credit quality. Adopting such an approach could lead to a lowering of the ratings on Landsvirkjun by more than one notch. In S&P's opinion, Landsvirkjun's stand-alone credit quality has further deteriorated, and S&P now assesses Landsvirkjun's stand- alone credit profile as 'B-', reflecting a weak and highly leveraged financial risk profile and a weak liquidity position. It also reflects customer concentration risks and exposure to inherently volatile aluminum prices and foreign exchange fluctuations. Landsvirkjun's stand-alone creditworthiness also reflects S&P's view of the company's dominant position in the Icelandic electricity market, ownership of the transmission grid, and modern asset base. A resolution of the CreditWatch placement is likely this month after discussions with Landsvirkjun's management and owners to determine whether S&P has sufficient evidence that the state would indeed provide timely support to Landsvirkjun if needed. S&P will also continue to monitor Landsvirkjun's progress to secure funding via the capital markets. S&P could lower the ratings if S&P determine that timely financial support remains uncertain. An upgrade is unlikely at present, given Landsvirkjun's weak financial profile and weak liquidity position. ============= I R E L A N D ============= LARAGAN DEVELOPMENTS: Banks to Inject EUR3 Mln Under Rescue Plan ---------------------------------------------------------------- Ian Kehoe at the Sunday Business Post Online reports that Paul McCann, examiner to Irish homebuilder Laragan Developments Ltd, has drawn up a rescue package for the company, which has debts of EUR75 million. According to the report, under the plan, Anglo Irish Bank, AIB and Bank of Scotland (Ireland) will inject about EUR3 million into Laragan to help finance a pay-out to the company's trade creditors, who are owed EUR11 million. The EUR3 million would be used to pay a 30 per cent dividend to preferential creditors, and a 25 per cent dividend to unsecured creditors, the report states. The banks already have a EUR60 million exposure to Laragan, through loans they advanced to the company's owner, Alan Hanly, the report discloses. The report relates Mr. McCann, a corporate recovery partner with Grant Thornton in Dublin, informed the three lenders that the best way to secure their lendings was to back the refinancing plan. The report says negotiations between Mr. McCann and the lenders are ongoing. If successful, the examiner will send a scheme of arrangement to creditors in the coming two weeks, the report notes. Laragan Developments Ltd is the house building subsidiary of the Hanly Group -- http://www.hanlygroup.com/laragan_developments-- which has interests in hotels, quarrying, road construction and commercial property. SMURFIT KAPPA: Net Profit Down to EUR12.5 Mln in First Qtr. 2009 ---------------------------------------------------------------- RTT News reports that Smurfit Kappa Group Plc's net profit for the first quarter of the year plunged to EUR12.5 million from EUR42.8 million in the comparable period last year. According to the report, profit before income tax dropped to EUR20.1 million from EUR61.6 million in the prior-year period, while revenue from continuing operations declined to EUR1.5 billion from EUR1.83 billion in the year-ago period. Gary McGann, the company's chief executive officer, attributed the 18% drop in revenues in the first quarter of the year on the impact of the weak macro environment on both volumes and price, the report states. Headquartered in Dublin, Ireland, Smurfit Kappa Group Plc (SKG) -- http://www.smurfitkappa.com/-- is a paper-based packaging company. The Company operates in 22 countries in Europe and is in to containerboard, solidboard, corrugated and solidboard packaging and in other paper packaging market segments. The Company also operates in nine countries in Latin America. The Company's operations are divided into packaging and specialties. The packaging segment includes a system of paper mills that produce a full line of containerboard that is converted into corrugated boxes by its converting operations. The Specialties segment primarily consists of graphicboard and solidboard businesses, along with paper sack and bag-in-box operations. * * * Smurfit Kappa Group Plc currently carries a 'Ba3' long-term corporate family rating from Moody's Investors Service with a stable outlook. STANTON VINTAGE: S&P Cuts Ratings on Five Classes of Notes to 'D' ----------------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'D' its credit ratings on all the rated notes issued by Stanton Vintage CDO PLC. The rating actions consider previous highlighted concerns and recent events that have affected the transaction. These include, but are not limited to, the serving of a notice of enforcement declaring all the notes immediately due and payable. The notice of enforcement followed an event of default under the note conditions after the class A par value ratio fell below 100% on March 23. From the information provided to us by the trustee, the liquidation proceeds of the portfolio were insufficient to repay principal or interest on any of the rated notes. Stanton Vintage CDO closed in June 2006, and is an arbitrage hybrid collateralized debt obligation of CDOs that are referenced almost entirely through total return swaps. Ratings List Stanton Vintage CDO PLC US$159.6 Million Floating-Rate Notes Ratings Lowered Class To From ----- -- ---- A D CCC B D CCC C D CCC D D CCC E D CC ========= I T A L Y ========= ALTA PADOVANA: Moody's Assigns 'D+' Bank Financial Strength Rating ------------------------------------------------------------------ Moody's Investors Service has assigned Baa3 and Prime-3 long- and short-term deposit ratings and a D+ Bank Financial Strength Rating to Alta Padovana -- Banca di Credito Cooperativo. The outlook on all ratings is stable. According to Moody's, the BFSR, which translates into a baseline risk assessment of Ba1, reflects the bank's good, but very local franchise, its adequate financials, modest risk management capabilities, weak asset quality and significant geographic, industry and borrower lending concentrations. Moody's said that it believes that the probability of support from the network of co-operative credit banks, known as banche di credito cooperativo, and their guarantee funds is moderate, while the probability of systemic support is low, resulting in a one- notch uplift to the deposit ratings. Despite the absence of a legally binding support system for BCCs, there have been numerous examples of troubled BCCs being supported by the system. Based in the north-eastern region of Veneto, BCC Alta Padovana is the result of a merger between two co-operative banks, Casse di Campodarsego and Trebaseleghe, in 1991. With total assets ofEUR2.4 billion at 2008 year-end, BCC Alta Padovana is a small bank; however, it is the second largest BCC in Italy (with 33 branches against an average of about nine). BCC Alta Padovana is a retail and commercial bank offering a wide range of products mainly to retail and small business customers in the province of Padova. Its main areas of activities include mortgage lending, leasing, as well as asset management. Moody's added that the bank shows overall satisfactory, but weakening financial factors -- in particular asset quality. Pre- provision profitability is acceptable, as well as capitalization, although low in absolute terms. Profitability in particular declined in 2008, the bank reporting a net income of EUR5 million, compared to EUR24 million in 2007. This was affected by trading losses of EUR11 million deriving mainly from revaluations of the bank's securities portfolios and by loan loss provisions of EUR23 million, which more than doubled from the previous year. The bank's Tier 1 ratio stood at 9.92% at year-end 2008, which Moody's said it considers to be an important strength underlying the current ratings, as it provides a significant buffer to withstand losses. However the rating agency added that the small size of regulatory capital in absolute terms (EUR221 million) leaves the bank exposed to any large defaults in its highly real estate concentrated loan portfolio. As common for a local co-operative bank, BCC Alta Padovana has a stable deposit base. Its retail customers absorb the bulk of the bank's market funds and make its modest reliance on the relatively volatile interbank markets acceptable. At the end of 2008, the majority of funding was provided by retail clients, when adjusting for bonds sold to its retail customers. That said with wholesale funding more difficult and expensive to source Moody's said that the ability to obtain funding could provide a constrain on the bank's ability to grow its business for the foreseeable future. These ratings were assigned: BCC Alta Padovana: -- Long-term bank deposits: Baa3 -- Short-term bank deposits: Prime-3 -- Bank financial strength rating: D+ Based in Campodarsego, in the Veneto region of Italy, BCC Alta Padovana reported total assets of EUR2.4 billion at the end of 2008. GENERAL MOTORS: DBRS Comments on Fiat Alliance and GM Europe Talks ------------------------------------------------------------------ Fiat S.p.A. and Chrysler LLC announced on April 30, 2009, that they have signed agreements to establish a global alliance (the Alliance). Dominion Bond Rating Service notes that the announcement of the Alliance coincided with Chrysler's filing for bankruptcy protection in the United States. DBRS notes that the Alliance in isolation has no immediate impact on the ratings of Fiat amid highly uncertain global market conditions and many other factors affecting the ratings. The main objectives of the Alliance are to increase the geographic and product diversities of both Fiat and Chrysler. The Alliance is to be formed through Chrysler's submitting a motion under Section 363 of the Bankruptcy Code requesting approval of the Alliance as well as the sale of Chrysler's principal assets to the new company (NewCo) being formed with Fiat. Fiat is to obtain an initial 20% equity interest in NewCo. Additional equity participants in NewCo include the Voluntary Employee Benefit Association (VEBA), which will be issued an equity interest of approximately 55%, as well as the U.S. Treasury and the Canadian government, which will collectively hold a 10% equity interest. DBRS notes that Fiat will be able to receive an additional 15% equity interest that can be obtained in three tranches of 5%. Each of these additional tranches remains subject to the achievement of the following established targets: (1) approval to build the Fully Integrated Robotised Engine (FIRE) engines in the United States; (2) achievement of sales of Chrysler vehicles outside of North America; and (3) regulatory approval to build a Chrysler model based on Fiat technology. Furthermore, Fiat will have the option to acquire a further 16% shareholding in Chrysler from the beginning of 2013 through June 30, 2016. DBRS notes that Fiat's shareholding in Chrysler will, however, be capped at 49%, subject to the repayment in full of the loans made to Chrysler by the U.S. Treasury. While there is no immediate rating impact, DBRS considers the Alliance to be modestly positive to the business profile of Fiat. The Alliance would appear to present an opportunity for the Company to re-enter the North American market, which remains among the most significant automotive markets despite an alarming decline in 2008 that is expected to persist through this year and possibly into 2010. DBRS notes that the North American market is likely to be more receptive to Fiat's product portfolio than in the past in light of the apparent shift in segmentation toward smaller vehicles. DBRS further notes that there are no firm commitments from Fiat to invest cash into the Alliance; this is critical as automotive original equipment manufacturers worldwide seek to preserve their liquidity positions to help them survive the current severe industry downturn. DBRS also notes that Fiat has entered into discussions regarding a possible merger between Fiat Group Automobiles, Chrysler and the European operations of General Motors Corporation (GM Europe). DBRS notes that, in the event that such a merger is executed, the resulting automotive concern (New Fiat) would be among the world's largest OEMs as combined sales in the range of six to seven million units would rank only behind Toyota Motor Corporation and roughly on par with Volkswagen AG. This would provide New Fiat with the requisite scale to compete more effectively on a global basis. DBRS notes that many details of the proposed merger remain to be addressed, including antitrust approvals. With respect to required financing, European countries where Fiat and GM Europe have plants are likely to be requested to provide guarantees in support of the debt of New Fiat. Furthermore, it is possible that Fiat Group Automobiles would be spun off from Fiat. As such, New Fiat would likely be a purely automotive concern. Unlike the acquisition of Chrysler in isolation, DBRS notes that the transactions resulting in New Fiat, if completed, could lead to rating actions. Any rating action would depend on many factors, including but not limited to the resulting business profiles, capital structures and the financial profiles of both New Fiat and Fiat. DBRS will monitor the progress of Fiat's actions regarding the expansion of its automotive activities and will provide commentaries or new rating actions when appropriate. GENERAL MOTORS: Six Executives Dump Remaining Shares ---------------------------------------------------- Shawn Langlois at MarketWatch reports that a group of top General Motors Corp. executives have sold what was left of their personal stakes, citing several filings with the Securities and Exchange Commission on Monday. The selling executives are: * Vice Chairman Bob Lutz, * Vice Chairman Thomas Stephens, * Ralph Szygenda, * Troy Clarke, * Gary Cowger and * Carl-Peter Forster. The executives sold nearly 205,000 shares in the aggregate between Friday and Monday, for US$1.45 and US$1.61 a share, according to the report. "Our shareholders are obviously facing some pretty severe dilution if the bond exchange goes through or we end up in bankruptcy," GM spokesperson Julie Gibson said, according to Mr. Langlois. "Either way, no matter the outcome, we'll essentially be issuing new stock." According to Mr. Langlois, Ms. Gibson acknowledged that the executives took advantage of a trading window to sell their shares while there's still some value "like most reasonable people would do." At the same time, GM is trying to rid itself of US$27 billion in debt by convincing thousands of creditors to exchange their bonds for 10% in GM stock, Mr. Langlois notes. About General Motors Corp. Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM Europe is based in Zurich, Switzerland, while General Motors Latin America, Africa and Middle East is headquartered in Miramar, Florida. As reported by the Troubled Company Reporter, GM reported net loss of US$6.0 billion, including special items, in the first quarter of 2009. This compares with a reported net loss of US$3.3 billion in the year-ago quarter. Excluding special items, the company reported an adjusted net loss of US$5.9 billion in the first quarter of 2009 compared to an adjusted net loss of US$381 million in the first quarter of 2008. As of March 31, 2009, GM had US$82.2 billion in total assets and US$172.8 billion in total liabilities, resulting in US$90.5 billion in stockholders' deficit. On April 27, General Motors Corp. presented the United States Department of Treasury with an updated plan as required by the loan agreement signed by GM and the U.S. Treasury on December 31, 2008. The plan addresses the key restructuring targets required by the loan agreement, including a number of the critical elements of the plan that was submitted to the U.S. government on December 2, 2008. Among these are: U.S. market competitiveness; fuel economy and emissions; competitive labor cost; and restructuring of the company's unsecured debt. It also includes a timeline for repayment of the Federal loans, and an analysis of the company's positive net present value. The plan details the future reduction of GM's vehicle brands and nameplates in the U.S., further consolidation in its workforce and dealer network, accelerated capacity actions and enhanced manufacturing competitiveness, while maintaining GM's strong commitment to high-quality, fuel-efficient vehicles and advanced propulsion technologies. GM also launched a bond exchange offer for roughly US$27 billion of unsecured public debt. If successful, the bond exchange would result in the conversion of a large majority of this debt to equity. GM is also in talks with the UAW to modify the terms of the Voluntary Employee Benefit Association, and with the U.S. Treasury regarding possible conversion of its debt to equity. The current bond exchange offer is conditioned on the converting to equity of at least 50% of GM's outstanding U.S. Treasury debt at June 1, 2009, and at least 50% of GM's future financial obligations to the new VEBA. GM expects a debt reduction of at least US$20 billion between the two actions. In total, the U.S. Treasury debt conversion, VEBA modification and bond exchange could result in at least US$44 billion in debt reduction. GM filed with the Securities and Exchange Commission a registration statement related to its exchange offer. The filing incorporates the revised Viability Plan. A full-text copy of the filing is available at http://ResearchArchives.com/t/s?3c09 A full-text copy of GM's viability plan presented in February 2009 is available at http://researcharchives.com/t/s?39a4 Going Concern Doubt Deloitte & Touche LLP, has said there is substantial doubt about GM's ability to continue as a going concern after reviewing GM's 2008 financial report. Deloitte cited the Company's recurring losses from operations, stockholders' deficit and failure to generate sufficient cash flow to meet the Company's obligations and sustain the its operations. It said GM's future is dependent on the Company's ability to execute the Company's Viability Plan successfully or otherwise address these matters. If the Company fails to do so for any reason, the Company would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the U.S. Bankruptcy Code. Standard & Poor's Ratings Services on April 10 lowered its issue- level rating on GM's US$4.5 billion senior secured revolving credit facility to 'CCC-' (one notch above the 'CC' corporate credit rating on the company) from 'CCC'. It revised the recovery rating on this facility to '2' from '1', indicating its view that lenders can expect substantial (70% to 90%) recovery in the event of a payment default. The corporate credit rating remains unchanged, at 'CC', reflecting its view of the likelihood that GM will default -- through either a bankruptcy or a distressed debt exchange. Moody's Investors Service said February 18 that the risk of a bankruptcy filing by GM and Chrysler remains high. The last rating action on GM and Chrysler was a downgrade of their Corporate Family Ratings to Ca on December 3, 2008. =================== K A Z A K H S T A N =================== DELO-NS LLP: Creditors Must File Claims by June 12 -------------------------------------------------- Creditors of LLP Delo-ns have until June 12, 2009, to submit proofs of claim to: The Specialized Inter-Regional Economic Court of Astana Abai Ave. 39 Astana Kazakhstan The Specialized Inter-Regional Economic Court of Astana commenced bankruptcy proceedings against the company on March 27, 2009, after finding it insolvent. JAKSYLYK ALTYN: Creditors Must File Claims by June 12 ----------------------------------------------------- Creditors of LLP Jaksylyk Altyn have until June 12, 2009, to submit proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Bajov Str. 2 070000 Ust-Kamenogorsk East Kazakhstan Kazakhstan The Specialized Inter-Regional Economic Court of East Kazakhstan commenced bankruptcy proceedings against the company on March 20, 2009. KAZAKH MORTGAGE: Fitch Junks Rating on Class C Notes ---------------------------------------------------- Fitch Ratings has downgraded Kazakh Mortgage Backed Securities 2007-I B.V.'s notes and maintained the notes' ratings on Rating Watch Negative. Kazakh MBS is a securitization of residential mortgage loans originated by BTA Ipoteka, a wholly-owned subsidiary of BTA Bank (RD). The notes ratings are: -- Class A (ISIN XS0293196266) downgraded to 'BB+' from 'BBB+'; remains on RWN; assigned a 'LS1' Loss Severity Rating -- Class B (ISIN XS0293196696) downgraded to 'B' from 'BBB'; remains on RWN; assigned a 'LS1' Loss Severity Rating -- Class C (ISIN XS0293196779) downgraded to 'CCC' from 'BB'; remains on RWN; assigned a 'RR4' Recovery Rating The downgrades were prompted by concerns regarding the transaction's future performance following a rapid increase in 1- 30 day delinquencies to 14.9% of the portfolio in April from 7.3% in February 2009. To a large degree, Fitch attributes this performance deterioration to the 25% devaluation of the tenge versus the US dollar in March 2009. The agency's concerns are compounded by the ongoing downward pressure on the tenge which it expects will further impact borrower affordability. Fitch is additionally concerned that if BTAI is unable to continue servicing the mortgage portfolio, its replacement by the transaction's back-up servicer -- Halyk Bank ('B+'/Negative) -- could result in considerable operational disruptions. BTAI has repurchased virtually all distressed loans since closing, leaving the transaction with only one defaulted loan to date. Fitch estimates that had BTAI not repurchased these loans, the defaults would have amounted to 5.8% of the original portfolio as of March 2009. Fitch believes that the increase in 1-30 day delinquencies will roll-over to a large degree into long-term delinquencies and defaults in coming quarters because of continued devaluation pressures and due to BTAI's inability to keep repurchasing distressed loans. Fitch downgraded BTA Bank's Long-term Issuer Default Rating to 'RD' from 'CC'/RWN on April 24, 2009, following the initiation of a debt restructuring procedure with its wholesale creditors. Failure to reach an agreement could result in the insolvency of BTA and BTAI, which would also raise the risk that the receiver may challenge the assignment of the mortgage loans in a Kazakh court. If BTAI does become insolvent, its replacement by Halyk Bank as the servicer of the portfolio is likely to cause at least temporary operational disruptions. Concerns in this area relate mainly to the possibility that a substantial number of borrowers would have to be convinced to pay into the issuer's account, in addition to the difficulty that the back-up servicer may have in servicing delinquent and defaulted loans. Fitch notes that a potential notification to borrowers of the assignment of their loans, and the transfer of mortgage files to the back-up servicer, would only take place after a servicer termination event is declared by the transaction's trustee. Fitch has updated its modeling for the transaction to incorporate the effects of BTAI's possible insolvency. The agency is now assuming in its rating scenarios that 40% of borrowers in the portfolio will stop making payments for a period of six months following notification of the assignment. Fitch has assumed that three months of interest and principal collections, inclusive of prepayments, will be paid to BTAI's accounts after insolvency, resulting in a commingling loss for the transaction. Fitch has also assumed a lengthened foreclosure process, with the property liquidation occurring at around 30 to 46 months following first arrears, depending on the considered rating scenario. The agency believes that the class A notes could withstand portfolio defaults of 50%, with recoveries of around 30% of the defaulted balance. This recovery rate would imply a fall in the US$-equivalent value of each foreclosed property, due to a fall in property values and/or the depreciation of the local currency, of around 80% on average from indexed valuations. The class B notes could withstand a default rate of 42% and have a recovery rate of 40%, which implies an MVD of around 76%, while class C would survive a default rate of 32% and have a recovery rate of 60%, implying an MVD of around 66%. According to the same analysis, the liquidity facility provided by ABN Amro ('AA-' /'F1+'/Stable), which is currently 7.82% of the notes outstanding, would allow the servicing of the notes' interest to be maintained in the event of high delinquencies, defaults and commingling losses. Data from the Statistical Agency of Kazakhstan suggest Kazakh house prices have lost approximately a further 10% since the middle of 2008, and are now comparable to levels seen in early 2006. Recovery rates are likely to be affected by the lack of liquidity in the housing market as well as the recent devaluation of the tenge: Fitch estimates that the proportion of loans with original Loan-to-Value above 90% has risen from negligible levels at closing to more than 16% of the portfolio as of March 2009, solely due to the depreciation of the local currency. Nonetheless, the average LTV is still low, at 66%, when related to original property values and 53% when property values are indexed using SAK's figures. KIP ELECTRO: Creditors Must File Claims by June 12 -------------------------------------------------- Creditors of LLP Kip Electro Complect Avtomatika have until June 12, 2009, to submit proofs of claim to: Pushkin Str. 201-9 Kostanai Kazakhstan The Specialized Inter-Regional Economic Court of Kostanai commenced bankruptcy proceedings against the company on Feb .2, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Kostanai Baitursynov Str. 70 Kostanai Kazakhstan TALDYKORGANSKY JSC: Creditors Must File Claims by June 12 --------------------------------------------------------- Creditors of JSC Taldykorgansky have until June 12, 2009, to submit proofs of claim to: Shkolnaya Str. 22 Otenai Taldykorgan Almaty Kazakhstan The Specialized Inter-Regional Economic Court of Almaty commenced bankruptcy proceedings against the company on March 26, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Almaty Tauelsyzdyk Str. 53 Taldykorgan Almaty Kazakhstan TORP TRADE: Creditors Must File Claims by June 12 ------------------------------------------------- Creditors of LLP Torp Trade have until June 12, 2009, to submit proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Bajov Str. 2 070000 Ust-Kamenogorsk East Kazakhstan Kazakhstan The Specialized Inter-Regional Economic Court of East Kazakhstan commenced bankruptcy proceedings against the company on March 20, 2009. =================== K Y R G Y Z S T A N =================== IPEACE-TRAIN LLC: Creditors Must File Claims by May 29 ------------------------------------------------------ LLC Ipeace-Train has shut down. Creditors have until May 29, 2009, to submit proofs of claim. Inquiries can be addressed to (+996 312) 41-82-53. =================== L U X E M B O U R G =================== HAYES LEMMERZ: Files Chapter 22; Secured Creditors to Get Equity ---------------------------------------------------------------- Hayes Lemmerz International, Inc., has reached agreements with lenders holding a majority of the Company's secured debt regarding a restructuring of the Company's debt. Certain of the lenders will provide a debtor-in-possession loan to the Company, which will make available up to US$100 million of additional liquidity (subject to certain terms and conditions), to provide the Company with operating funds during the restructuring. Including the DIP loan, the Company will have total liquidity of approximately US$138 million. To facilitate the restructuring, the Company and certain of its U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware. Also included in the filings is Hayes Lemmerz Finance LLC - Luxembourg S.C.A., a borrower under the Company's secured credit facility and issuer of its senior notes. As a result of the restructuring, the Company expects to eliminate a significant portion of its existing debt. Upon confirmation of a plan of reorganization, it is anticipated that the DIP lenders will convert certain of their loans into equity and will own substantially all of the equity of the reorganized Company. "The Chapter 11 filings were precipitated by an unprecedented slowdown in industry demand and a tightening of credit markets," said Curtis Clawson, Chairman and Chief Executive Officer. "These filings will allow us to reduce our debt and restructure our balance sheet. We fully expect to emerge from Chapter 11 as a stronger, more competitive company than we are today." The filings were made pursuant to a "pre-negotiated" restructuring plan with the support of a majority of the Company's secured lenders. As a result, the Company expects to complete its restructuring process on an accelerated basis. Chapter 22 This is the Company's second trip to the bankruptcy court, usually dubbed a Chapter 22. Hayes Lemmerz and its direct and indirect domestic subsidiaries and one subsidiary in Mexico filed for bankruptcy in December 2001 before the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 filings were precipitated by declining market conditions and the Company's excessive debt burdens, according to Mr. Clawson, who also served as chairman and chief executive officer at that time. The Court confirmed the Company's reorganization plan in May 2003, allowing the Company to exit bankruptcy in June. Creditors overwhelmingly accepted the Plan. In accordance with the Plan of Reorganization, approximately US$2.1 billion in pre-petition debt and other liabilities were discharged. The Plan provided for holders of prepetition secured claims to receive US$478.5 million in cash and 53.1% of the reorganized company common stock. Holders of senior note claims were to receive US$13 million in cash and 44.9% of the New Common Stock, and holders of general unsecured claims were to receive 2% of the New Common Stock. Hayes Lemmerz' prior common stock and securities were cancelled as of June 3, 2003. Business as Usual The Company expects to continue its operations in the normal course of business during the financial restructuring process with no interruption in its supply to customers. Liquidity for ongoing operations will be provided by the DIP financing. "We fully expect our day-to-day operations will continue uninterrupted. I want to personally assure our customers, suppliers and employees that we will continue to focus on being a premier automotive supplier by satisfying customers, being a low- cost producer and having the best people," Mr. Clawson stated. "We have been executing our operating plan by diversifying our global customer base, focusing on our core wheel business and expanding our operations in leading-cost regions. We are focusing on the right customers, the right products and the right geography. We expect to emerge from Chapter 11 with a strong balance sheet and with our Company better positioned to succeed as the marketplace recovers," Mr. Clawson continued. The Company has filed a variety of first day motions, including a motion seeking approval of the DIP loan, that, with court approval, will allow it to continue to conduct business without interruption. These motions are designed to minimize any impact on the Company's customers, suppliers and employees. During the reorganization process, suppliers will be paid in the ordinary course of business for goods and services purchased by the Company postpetition. The Company's principal bankruptcy attorneys are Skadden, Arps, Slate, Meagher & Flom, LLP. Lazard Freres & Co., LLC serves as the Company's financial advisor. AlixPartners, LLP serves as the Company's restructuring advisor. About Hayes Lemmerz International, Inc. Originally founded in 1908, Hayes Lemmerz International, Inc. (NasdaqGM: HAYZ) is a worldwide producer of aluminum and steel wheels for passenger cars and light trucks and of steel wheels for commercial trucks and trailers. The Company is also a supplier of automotive powertrain components. The Company has global operations with 23 facilities, including business, sales offices and manufacturing facilities, located in 12 countries around the world. The Company sells products to every major North American, Asian and European manufacturer of passenger cars and light trucks and to commercial highway vehicle customers throughout the world. HAYES LEMMERZ: Jan. 31 Balance Sheet Upside-Down by US$292.9MM ------------------------------------------------------------ Hayes Lemmerz International, Inc., on Monday delivered to the Securities and Exchange Commission its Annual Report on Form 10-K for the fiscal year ended January 31, 2009. As of January 31, 2009, Hayes Lemmerz had US$1.09 billion in total assets and US$1.38 billion in total liabilities, resulting in US$292.9 million in stockholders' deficit. The Company reported a net loss during fiscal 2008 of US$371.7 million as compared to US$194.4 million during fiscal 2007. The Company said net sales increased 18.4% or US$329.9 million to US$2,126.7 million during fiscal 2007 from US$1,796.8 million during fiscal 2006. Higher volumes increased sales by US$94 million and resulted primarily from an increase in international wheels demand, partially offset by a decrease in domestic volumes. Favorable fluctuations in foreign exchange rates relative to the U.S. dollar and the impact of higher metal pass-through pricing increased sales by US$139 million and US$60 million, respectively. Favorable product mix increased sales by US$79 million, partially offset by lower pricing. Sales decreased by US$36 million due to the sale of the Company's Wabash, Indiana powertrain facility in July 2007. In fiscal 2008, the Company's most significant customers were Ford and General Motors, which accounted for roughly 29% of the Company's fiscal 2008 net sales on a worldwide basis, while sales to these customers in the U.S. accounted for approximately 12% of total sales in fiscal 2008. Other significant customers include Daimler, Renault/Nissan, Toyota, and Volkswagen. Ford and General Motors are currently facing significant financial difficulties, which could result in significantly reduced sales and accounts receivables with these customers. The loss of a major portion of sales to any of the significant customers, including Ford and General Motors, could have a material adverse impact on the Company's business. Hayes noted that its current sources of liquidity are not sufficient to fund operations through May 2009. As a result of current conditions in the automotive industry and the Company's recurring operating losses, negative cash flows, and need for additional financing, the report of the Company's independent auditor -- KPMG LLP -- contained an explanatory paragraph regarding the Company's ability to continue as a going concern. The Company's lenders have agreed to waive defaults that result from the receipt of a going concern explanatory paragraph. A full-text copy of the Company's Annual Report is available at no charge at http://ResearchArchives.com/t/s?3cba On May 4, 2009, Hayes Lemmerz received a letter from the NASDAQ Stock Market notifying the Company that it was no longer in compliance with the rules for continued listing according to Listing Rule 5250(c)(1) as a result of its failure to file its Annual Report on Form 10-K for the fiscal year ended January 31, 2009, with the Securities and Exchange Commission within the required period. The Company has until July 3, 2009, to submit a plan to regain compliance with Nasdaq's continuing listing standards. About Hayes Lemmerz International, Inc. Originally founded in 1908, Hayes Lemmerz International, Inc. (NasdaqGM: HAYZ) is a worldwide producer of aluminum and steel wheels for passenger cars and light trucks and of steel wheels for commercial trucks and trailers. The Company is also a supplier of automotive powertrain components. The Company has global operations with 23 facilities, including business, sales offices and manufacturing facilities, located in 12 countries around the world. The Company sells products to every major North American, Asian and European manufacturer of passenger cars and light trucks and to commercial highway vehicle customers throughout the world. * * * In February 2009 Fitch downgraded the Company's corporate rating from B? to CCC; bank debt rating from B+/RR2 to B?/RR3; and New Senior Notes rating from CCC/RR6 to C/RR6. In April 2009, Fitch further downgraded the Company's corporate rating from CCC to C and bank debt rating from B?/RR3 to CC/RR3. In February 2009 S&P downgraded the Company's corporate rating from B? to CCC+; bank debt rating from B+ to B?; and New Senior Notes rating from CCC+ to CCC?. In May 2009, S&P further downgraded the Company's corporate rating from CCC+ to CC; bank debt rating from B? to CCC?; and New Senior Notes rating from CCC? to C. In April 2009 Moody's downgraded the Company's corporate rating from Caa1 to Caa3, bank debt rating from B3 to Caa2, and New Senior Notes rating from Caa3 to Ca. REDWOOD CBO: Moody's Junks Ratings on Two Classes of Notes ---------------------------------------------------------- Moody's Investors Service has downgraded its ratings of two classes of notes issued by Redwood CBO S.A. The transaction is a managed cash CDO referencing sub-investment grade corporate bonds and sovereign debt. The rating actions are a response to credit deterioration in the underlying portfolio due to corporate name defaults and general corporate deterioration. The transaction suffered significant aggregate losses in the order of EUR24 million where the current subordination below the Mezzanine Notes is approximately EUR3 million. The rating action is also the result of the application of revised and updated key modelling parameter assumptions that Moody's uses to rate and monitor ratings of collateralized loan obligations. Moody's announced the changes to these assumptions in a press release published on February 4, 2009. The revisions affect default probability and correlation, which are key parameters in Moody's model for rating CLOs. Moody's initially analyzed and continues to monitor this transaction using primarily the methodology and its supplements for cash flow CLOs as described in Moody's publications below: -- Moody's Approach to Rating Collateralized Loan Obligations (March 2009) The rating actions are: Redwood CBO S.A.: (1) EUR35,300,000 Class 2 Fixed Rate Notes due 2011 -- Current Rating: Caa3 -- Prior Rating: A2, on review for possible downgrade -- Prior Rating Action Date: 5 March 2009, A2 placed on review for possible downgrade (2) EUR11,675,000 Mezzanine Fixed Rate Notes due 2011 -- Current Rating: Ca -- Prior Rating: Ba1, on review for possible downgrade -- Prior Rating Action Date: 5 March 2009, Ba1 placed on review for possible downgrade ===================== N E T H E R L A N D S ===================== INDOVER BANK: Indonesian Creditors Seek Repayment of Credit Claims ------------------------------------------------------------------ Ferry Irwanto at Jakarta Globe reports that Indonesian creditors are seeking repayment of EUR151.28 million in credit claims from Netherlands-based Bank Indover, owned by Bank Indonesia. According to the report, Indover's Indonesian creditors include owner BI, and 42 Indonesian banks -- both state and private. BI, the report discloses, has credit claims to Indover worth EUR101.48 million, or nearly 25 percent of Indover's total liabilities, while the 42 Indonesian banks, including PT Bank Mandiri and PT Bank Negara Indonesia, have credit claims on Indover worth EUR49.8 million, the report notes. PT Bank Mandiri, one of Indonesia's state banks, has credit claims worth EUR31 million, while PT Bank Negara Indonesia, another state bank, has EUR27 million in credit claims, the report states. The report says Indonesia's central bank and other Indonesian banks will have to wait for a creditors meeting organized by trustees A. van Hees and H.P. de Haan, appointed by the District Court of Amsterdam, which is scheduled for the end of this month. The report relates Bank Indonesia spokeswoman Dyah Nastiti K. Makhijani on Sunday said that the central bank did not have any information about which creditors had already submitted claims, what Indover assets had been sold and what the results of Indover's claims verification process were. "Everything is handled by the trustees [appointed by the District Court of Amsterdam] now," the report quoted Ms. Makhijani as saying. The report states Mr. Economist Dradjad H. Wibowo, a member of the House of Representative's Commission XI, which handles banking and financial issues, said Bank of Indonesia's failure to secure domestic banks' claims to Indover "will reflect badly on Bank Indonesia and state banks' financial audits". "Commission XI was worried because the trial was held in the Netherlands using the country's legal system and liquidators," Mr. Dradjad was quoted by the report as saying. "We were afraid the liquidators would see that our banks were the last in line to receive credit based on fraudulent reasons." Citing Indover's provisional financial statement of March 31, which was released in April, the report discloses the bank's total liabilities were EUR429.87 million, including debts to some central banks amounting to EUR130.99 million, as well as liabilities to banks, financial institutions and customers totaling EUR298.88 million. As reported by the Troubled Company Reporter-Asia Pacific on Dec. 11, 2008, Antara News said De Indonesische Overzeese Bank N.V. (Indover), Bank Indonesia (BI)'s subsidiary based in the Netherlands, was declared bankrupt by a local court. As reported by the TCR-Asia Pacific, the District Court of Amsterdam, on Oct. 6, 2008, declared the emergency regulations applicable to Indover Bank at Amsterdam and appointed T. van Hees (Stibbe lawyers) and H. de Haan as administrators. About Bank Indonesia Bank Sentral Republik Indonesia -- http://www.bi.go.id/-- was created by a new Central Bank Act, the UU No. 23/1999 on Bank Indonesia, enacted on May 17, 1999. The Act confers it the status and position as an independent state institution and freedom from interference by the Government or any other external parties. About Indover Bank A specialized wholesale bank active in trade finance, Indover Bank is fully owned by the Indonesian central bank, Bank Indonesia. Indover Bank is based in Amsterdam, has a branch in Hamburg, wholly-owned subsidiaries in Hong Kong and Singapore, and a representative office in Jakarta. LYONDELLBASELL INDUSTRIES: S&P Puts 'BB' Rating on US$3.25BB Loan ----------------------------------------------------------------- Standard & Poor's Ratings Services said it assigned preliminary ratings to The Netherlands-based petrochemicals producer LyondellBasell Industries AF S.C.A.'s (LBI's; D/--/--) debtor-in- possession term loan facilities. S&P assigned a preliminary rating of 'BB-' to LBI's US$3.25 billion "new money" secured term loan, and a preliminary rating of 'B-' to the group's US$3.25 billion secured "roll-up" loan. LBI's US$1.57 billion DIP asset- based loan revolving credit facility is not rated. At the same time, Standard & Poor's revised its recovery ratings on a number of pre-petition (pre-bankruptcy) debt obligations of LBI and various subsidiaries. The recovery rating on LBI's pre- petition US$8.812 billion senior secured term loan facilities (representing the portion of the original US$12.45 billion term loan facilities that was not "rolled up" into LBI's post-petition DIP facilities obtained in connection with its U.S. bankruptcy proceedings) was changed to '3' from '1'. A recovery rating of '3' indicates S&P's expectation of meaningful (50%-70%) recovery prospects for holders of the non-rolled-up pre-petition term loans on conclusion of the bankruptcy process, although S&P note that coverage is at the low end of the range. In addition, S&P changed the recovery rating on the US$150 million senior notes issued by Equistar Chemicals L.P. (D/--/--) to '6' from '4', and the recovery rating on the US$100 million and US$225 million debentures issued by Lyondell Chemical Co. to '6' from '5'. Furthermore, the recovery rating on LyondellBasell Finance Co.'s US$3.5 billion second-lien fixed-rate loans and US$2 billion second-lien floating-rate loans is also changed to '6', from '5'. Recovery ratings on all other instruments are unchanged at '6'. A recovery rating of '6' indicates S&P's expectation of negligible (0-10%) recovery. "The 'BB-' preliminary rating on the new-money DIP term loan and the 'B-' preliminary rating on the roll-up loan reflect our view of the likelihood that the company and its subsidiaries that filed for Chapter 11 protection will emerge from bankruptcy," said Standard & Poor's recovery analyst Marc Lewis. "We believe that the company faces numerous challenges to effectuating a reorganization that may ultimately prove insurmountable, including the need to rationalize its asset base in light of weak demand, poor near-term industry fundamentals, excess production capacity, intense competition, and tight milestones in its DIP loan facilities. Even so, S&P believes a reorganization is the more likely outcome based on LBI's status as one of the five largest chemical producers in the world, its geographically diverse and vertically integrated asset base (which includes many complex and cost-competitive plants), and solid prospects to generate meaningful operating cash flow before debt service. "With LBI and its U.S. subsidiaries currently debtors under Chapter 11, the downward revision of S&P's expectations for recovery on the pre-petition debt facilities is reflective of the addition to the capital structure of a sizeable DIP financing package secured by "priming" liens, which have priority over the liens securing the pre-petition debt." The ratings on both the roll-up loans and the new-money loans are preliminary pending the resolution of any appeals and any challenges that may be filed by June 1, 2009 (or any later deadline set by the U.S. Bankruptcy Court). =========== R U S S I A =========== DELTA LLC: Creditors Must File Claims by June 24 ------------------------------------------------ The Arbitration Court of Tumenskaya commenced bankruptcy proceedings against LLC Delta (TIN 7203171332, PSRN 1067203012051) (Construction) after finding the company insolvent. The case is docketed under Case No. ?70�4069/3�2008. Creditors have until June 24, 2009, to submit proofs of claims to: V. Dmitriev Insolvency Manager Post User Box 2004 650000 Kemerovo Russia The Debtor can be reached at: LLC Delta Apt. 116 Parfenova St. 20 625013 Tumen Russia MDM BANK: In Talks With Banks to Secure One-Year Refinancing Loan ----------------------------------------------------------------- Christopher Mangham at Reuters reports that MDM Bank's press service told Reuters Loan Pricing Corp on Friday that it is in talks with lenders to secure a one-year refinancing loan. The report relates MDM said requests for proposals have been sent to banks, though a loan amount has not yet been determined. According to the report, the loan will be split between an 'A' loan that will be provided by the International Finance Corp, an arm of the World Bank, and a 'B' loan that will be syndicated to commercial banks. The report discloses proceeds will partly refinance the IFC one- year US$500 million syndicated 'B' loan that matures in July 2009 and was provided by 27 banks. MDM Bank -- http://www.mdmbank.com-- is a leading financial services provider in Russia. Its operations are organized across five divisions: corporate banking (the largest), investment banking and financial markets, private banking, asset management, and retail banking (the smallest). The bank's corporate clientele, which includes nearly half of the 100 largest companies in Russia, operate mainly in the mining, nuclear energy, oil, transportation, manufacturing, and food processing industries. The bank has more than 160 offices throughout Russia, a number which may expand if a proposed merger between MDM Bank and Ursa Bank goes through. The deal would create the second largest private bank in Russia. * * * MDM Bank currently carries a 'D+' bank financial strength rating from Moody's Investors Service with a negative outlook, and a 'D' individual rating from Fitch Ratings with a negative outlook. POWER STATIONS: Creditors Must File Claims by June 24 ----------------------------------------------------- Creditors of CJSC Power Stations Pilot-Production Plant (TIN 7422032395, PSRN 1037401172808) have until June 24, 2009, to submit proofs of claims to: V. Maksimov Insolvency Manager Post User Box 58 620076 Yekaterinburg Russia The Arbitration Court of Chelyabinskaya will convene at 3:00 p.m. on Sept. 29, 2009, to hear the company's bankruptcy proceedings. The case is docketed under Case No. ?76-9841/2007-34-160. The Debtor can be reached at: CJSC Power Stations Pilot-Production Plant Krasnoarmeyskaya St. 5-3 Ozersk 456780 Chelyabinskaya Russia SIB-RESURS LLC: Creditors Must File Claims by May 24 ---------------------------------------------------- Creditors of LLC Sib-Resurs (Furniture Factory) have until May 24, 2009, to submit proofs of claims to: Yu. Solotin Temporary Insolvency Manager Office 501 Kommunisticheskaya St. 50 630007 Novosibirsk Russia The Arbitration Court of Novosibirskaya will convene at 3:00 p.m. on Aug. 12, 2009, to hear bankruptcy supervision procedure on the company. The case is docketed under Case No. ?45�3707/2009. The Debtor can be reached at: LLC Sib-Resurs Krasnoobsk Novosibirskiy 630501 Novosibirskaya Russia TEKH-STROY-PROEKT LLC: Creditors Must File Claims by June 24 ------------------------------------------------------------ The Arbitration Court of Tumenskaya commenced bankruptcy proceedings against LLC Tekh-Stroy-Proekt (Construction) after finding the company insolvent. The case is docketed under Case No. ?70�5608/3�2008. Creditors have until June 24, 2009, to submit proofs of claims to: R. Sammasov Insolvency Manager Post User Box 6213 625016 Tumen Russia The Debtor can be reached at: LLC Tekh-Stroy-Proekt Chervishevskiy trakt St. 94-281 Tumen Russia URUKHSKIY CANNERY: Creditors Must File Claims by June 24 -------------------------------------------------------- The Arbitration Court of Kabardino-Balkaria commenced bankruptcy proceedings against OJSC Urukhskiy Cannery after finding the company insolvent. The case is docketed under Case No. ? 20� 1619/2008. Creditors have until June 24, 2009, to submit proofs of claims to: B. Dumanov Insolvency Manager Apt. 61 Tarchokova St. 54G Nalchik 360005 Kabardino-Balkaria Russia The Debtor can be reached at: OJSC Urukhskiy Cannery Lenina Str. 104 Urukh Leskenskiy Kabardino-Balkaria Russia ===================== S W I T Z E R L A N D ===================== IMAGE IMMOBILIEN : Claims Filing Deadline is May 15 --------------------------------------------------- Creditors of Image Immobilien Gmbh are requested to file their proofs of claim by May 15, 2009, to: Thirukumaran Thirugnansothy Bettwilerstrasse 11 5615 Fahrwangen Switzerland The company is currently undergoing liquidation in Fahrwangen. The decision about liquidation was accepted at a shareholders' meeting held on Feb. 19, 2009. PETROPLUS HOLDINGS: S&P Gives Negative Outlook; Holds 'BB' Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it had revised its outlook on Switzerland-based oil refiner Petroplus Holdings AG to negative from stable due to worsened industry conditions, notably a strong contraction in middle distillate crack spreads, and a potential severe weakening of the company's credit metrics in 2009. At the same time, the 'BB' long-term corporate credit ratings were affirmed. "The outlook revision reflects the possibility of a greater-than- previously-expected deterioration in Petroplus' credit metrics as a result of increasingly challenging conditions in the refining sector," said Standard & Poor's credit analyst Per Karlsson. "We believe that European refiners, such as Petroplus, with high levels of middle distillate output, are particularly affected. S&P has revised downward our expectations for demand for middle distillate and consequently lowered our expectations for crack spreads," Mr. Karlsson added. In addition, Petroplus' working capital outflow over the past six months has been higher than previously expected, while its cash has been reduced by an increase in short-term debt. Petroplus' first quarter operating performance was reasonable, with reported replacement-cost EBITDA of US$148 million (reported EBITDA of US$90 million), but S&P expects 2009 to be challenging in light of a fall in middle distillate crack spreads since March. Market conditions for European refineries with a focus on diesel and middle distillates (47% of Petroplus' output) have deteriorated sharply since March 2009 as a result of a drop in middle distillate demand, itself a consequence of a sharp fall in European GDP. Diesel crack spreads have weakened by more than S&P previously expected, although gasoline crack spreads have held up somewhat better. The ultra-low sulfur diesel crack spread, for instance, has fallen to an average of US$9.83 per barrel so far in the second quarter of 2009, compared with levels of about US$30 per barrel in 2008. At the end of the first quarter of 2009, Petroplus' financial debt stood at US$2 billion, a rise of about US$90 million over the quarter. At the same time, cash balances diminished by US$115 million to only US$45 million. According to the company, this was because reported funds from operations of US$65 million did not cover an unexpected large working capital outflow of US$281 million. S&P understands, however, that the rise in working capital outflow may be partly due to temporarily higher inventories and prepayments of insurance. S&P believes that the possibility of further negative free operating cash in the coming quarters has increased, which is likely to put pressure on the ratings. PRIMANCE GMBH: Creditors' Proofs of Claim Due on May 14 ------------------------------------------------------- Creditors of Primance GmbH are requested to file their proofs of claim by May 14, 2009, to: Turicum Treuhand AG Baumackerstrasse 24 8050 Zurich Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on Nov. 17, 2008. RUEESCH PRINTMEDIA GMBH: Claims Filing Deadline is May 14 ---------------------------------------------------------- Creditors of Rueesch Printmedia GmbH are requested to file their proofs of claim by May 14, 2009, to: Roger Rueesch Schulweg 2 9532 Rickenbach Switzerland The company is currently undergoing liquidation in Jonschwil. The decision about liquidation was accepted at a shareholders' meeting held on March 23, 2009. SHOP - TANKSTELLE: Creditors Must File Claims by May 15 ------------------------------------------------------- Creditors of Shop-Tankstelle Zurich-Pfingstweid GmbH are requested to file their proofs of claim by May 15, 2009, to: Battig Treuhand AG Obergrundstrasse 17 6002 Luzern Switzerland The company is currently undergoing liquidation in Luzern. The decision about liquidation was accepted at an extraordinary shareholders' meeting held on March 12, 2009. VETTIGER GMBH: Claims Filing Deadline is May 15 ----------------------------------------------- Creditors of Vettiger GmbH are requested to file their proofs of claim by May 15, 2009, to: Stieger Treuhand AG Neuhofstrasse 5 8645 Jona Switzerland The company is currently undergoing liquidation in Rapperswil- Jona. The decision about liquidation was accepted at a shareholders' meeting held on March 20, 2009. ============= U K R A I N E ============= ALFA ZAO: Misses US$100 Million Bond Payment -------------------------------------------- Bloomberg News reports that ZAO Alfa-Bank said it didn't make a US$100 million bond payment due May 4 because of a lack of U.S. dollars supply in the Ukraine interbank market. The report recalls the central bank imposed restrictions on foreign-currency trading last month to arrest a 40 percent slump in the hryvnia in the past year. The report relates Alfa's reason earned negative comment from Natsionalnyi Bank Ukrainy, which said "This is an artificial reason to avoid scheduled payments and a dangerous precedent to destabilize Ukraine's internal currency market." Kiev-based ZAO Alfa-Bank, a unit of Russian billionaire Mikhail Fridman's Alfa Group, is Ukraine's ninth-biggest lender by assets as of April 1, according to central bank data obtained by Bloomberg News. BANK FORUM: Fitch Affirms Individual Rating at 'D/E' ---------------------------------------------------- Fitch Ratings has taken various rating actions on five subsidiaries of Commerzbank AG (rated 'A+'/Stable) following the completion of an European Commission review to consider the injection of EUR18 billion into Commerzbank by Germany's Financial Market Stabilization Fund. The EC has approved the injection, subject to certain conditions. The performing hybrid capital instruments issued by the group, including Commerzbank Capital Funding Trust I/II, Delaware (US), Dresdner Funding Trusts I-IV, and EUROHYPO Capital Funding Trust I/II are rated 'B+', Rating Watch Negative. Fitch is undertaking a review of the implication of an announcement by Commerzbank on 7 May 2009 regarding its flexibility to continue to pay coupons on hybrid capital instruments that are linked to profits. EUROHYPO AG, Germany -- Long-term Issuer Default Rating of 'A' placed on RWN -- Short-term IDR affirmed at 'F1' -- Support Rating affirmed at '1' -- Support Rating Floor assigned at 'A-' EUROHYPO Europaeische Hypothekenbank SA (EUROHYPO LUX), Luxembourg -- Long-term IDR of 'A' placed on RWN -- Short-term IDR affirmed at 'F1' -- Support Rating affirmed at '1' The rating actions affecting EUROHYPO and its Luxembourg subsidiary, EUROHYPO LUX relate to the conditions attached to the EC's endorsement of the capital injections into Commerzbank. Accordingly, the EC requires Commerzbank to divest EUROHYPO by 2014. While there is uncertainty surrounding the definite timing and structure of the divesture, and the profit and loss agreement between the parent and the subsidiary, Fitch has taken the perspective that EUROHYPO will not form part of the Commerzbank group in the long-term. The RWN reflects this uncertainty over future ownership and will be resolved upon clarification of the likely acquirer of EUROHYPO. Likewise, Fitch would review the RWN should a buyer with a Long-term IDR higher than 'A' materialize. At the same time, the agency has assigned a Support Rating Floor of 'A-' to EUROHYPO, based on its systemic importance within the domestic banking system. As a result, the Support Rating of '1' is now based on potential support from the public authorities, rather than the support of its parent. Any possible downgrade of EUROHYPO resulting from a change in ownership would be restricted to one notch. The agency has also affirmed EURHYPO's mortgage and public sector Pfandbriefe and EUROHYPO LUX's Lettres de Gage Publiques' ratings at 'AAA' respectively. BRE BANK, Poland -- Long-term IDR upgraded to 'A' from 'A-' (A minus) removed from RWN, Stable Outlook -- Short-term IDR upgraded to 'F1' from 'F2' -- Individual Rating affirmed at 'C/D' -- Support Rating affirmed at '1'; removed from RWN BRE Leasing, Poland -- Long-term IDR upgraded to 'A' from 'A-' (A minus) removed from RWN, Stable Outlook -- Short-term IDR upgraded to 'F1' from 'F2' -- Support Rating affirmed at '1'; removed from RWN The rating actions with respect to the Polish subsidiaries reflect the strategic importance of the Polish banking subsidiary and its leasing subsidiary. As a result of the EC's decision, Commerzbank can retain its retail and corporate banking activities in Central and Eastern Europe. Bank Forum, Ukraine -- Long-term IDR affirmed at 'B'; Negative Outlook -- Short-term IDR affirmed at 'B' -- Long-term local currency IDR affirmed at 'B+'; Negative Outlook -- National Long-term Rating: affirmed at 'AAA(ukr)', Stable -- Individual Rating affirmed at 'D/E' -- Support Rating affirmed at '4' Fitch announced its proposed refinement of the agency's assumptions related to liquidity risks within covered bond programmes on March 11, 2009. The exposure draft report was subject to a six-week market consultation period. D-Factors and over collateralization in line with assigned ratings are generally expected to increase. Fitch's national ratings provide a relative measure of creditworthiness for rated entities in countries where the sovereign's foreign and local currency ratings are below 'AAA'. National ratings are not internationally comparable since the best relative risk within a country is rated 'AAA' and other credits are rated only relative to this risk. They are signified by the addition of an identifier, for the country concerned, such as 'AAA (ukr)' for national ratings in Ukraine. ELECTRO-NET SUBSIDIARY: Creditors Must File Claims by May 17 ------------------------------------------------------------ Creditors of Subsidiary Company Electro-Net (code EDRPOU 30578709) have until May 17, 2009, to submit proofs of claim to: State Enterprise Energoatom Insolvency Manager Netishyn 30100 Hmelnitsky Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on Feb. 26, 2009. The case is docketed under Case No. 44/26-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskiy St. 44-b 01030 Kiev Ukraine The Debtor can be reached at: Subsidiary Company Electro-Net I. Lepse boulevard 6 03124 Kiev Ukraine MAGNETO LLC: Creditors Must File Claims by May 16 ------------------------------------------------- Creditors of LLC Magneto (code EDRPOU 32821471) have until May 16, 2009, to submit proofs of claim to: LLC Tshekay Insolvency Manager I. Mazepa St. 26 01010 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company on April 7, 2009. The case is docketed under Case No. 44/188-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskiy St. 44-b 01030 Kiev Ukraine The Debtor can be reached at: LLC Magneto Office 5A Krasnoarmeyskaya St. 62 03150 Kiev Ukraine UKRAINIAN CHEMICAL: Creditors Must File Claims by May 21 -------------------------------------------------------- Creditors of LLC Ukrainian Chemical Industry Ltd (code EDRPOU 35697780) have until May 21, 2009, to submit proofs of claim to O. Sharmonov, the company's insolvency manager. The Economic Court of Odessa commenced bankruptcy proceedings against the company on April 2, 2009. The case is docketed under Case No. 7/9-09-361. The Court is located at: The Economic Court of Odessa Shevchenko Avenue 29 65032 Odessa Ukraine The Debtor can be reached at: LLC Ukrainian Chemical Industry Ltd Melnitskaya St. 32B Odessa Ukraine U.S.T.A.S. LLC: Court Starts Bankruptcy Supervision Procedure ------------------------------------------------------------- The Economic Court of Dnepropetrovsk region commenced bankruptcy supervision procedure on LLC Company U.S.T.A.S. (code EDRPOU 34985497). The Insolvency Manager is: O. Usachev Office 27 Sachko St. 26 Dneprodzerzhynsk 51931 Dnepropetrovsk Ukraine The Court is located at: The Economic Court of Dnepropetrovsk Kujbishev St. 1a 49600 Dnepropetrovsk Ukraine The Debtor can be reached at: LLC Company U.S.T.A.S. 195th Strelkovoy divizii St. 5 Novomoskovsk 51200 Dnepropetrovsk Ukraine ZAPOROZHYE BREWERY: Creditors Must File Claims by May 16 -------------------------------------------------------- Creditors of LLC Zaporozhye Brewery (code EDRPOU 35037076) have until May 16, 2009, to submit proofs of claim to: A. Petrenko Insolvency Manager Komsomolskaya St. 30 69063 Zaporozhye Ukraine The Economic Court of Zaporozhye commenced bankruptcy proceedings against the company on March 2, 2009. The case is docketed under Case No. 16/295/08. The Court is located at: The Economic Court of Zaporozhye Shaumian St. 4 69600 Zaporozhye Ukraine The Debtor can be reached at: LLC Zaporozhye Brewery Proletarskaya str. 57 69002 Zaporozhye Ukraine =========================== U N I T E D K I N G D O M =========================== B & P GROUP: Appoints Joint Administrators from Tenon Recovery -------------------------------------------------------------- Colin Bowker and Christopher Benjamin Barrett of Tenon Recovery were appointed joint administrators of B & P Group Ltd. on April 17, 2009. The company can be reached through Tenon Recovery at: Clive House Clive Street Bolton Lancashire BL1 1ET England BRITISH AIRWAYS: S&P Cuts Long-Term Corp. Credit Rating to 'BB' --------------------------------------------------------------- Standard & Poor's Ratings Services said that it lowered to 'BB' from 'BB+' its long-term corporate credit rating on U.K.-based British Airways PLC, reflecting S&P's view of a significant worsening in the trading outlook for BA as the economic downturn takes hold. The outlook is stable. At the same time, Standard & Poor's lowered to 'BB' from 'BB+' its long-term rating on BA's senior unsecured debt. The recovery rating on the senior unsecured debt is '4', indicating S&P's expectation of average (30%-50%) recovery in the event of payment default. In addition, S&P lowered to 'B' from 'B+' the rating on the non-voting cumulative preferred securities issued by British Airways Finance (Jersey) L.P. guaranteed by British Airways PLC. Under S&P's criteria, preferred stock is generally rated below subordinated debt. When the corporate credit rating is speculative grade, the preferred stock is rated at least three notches below the corporate credit rating. All ratings were removed from CreditWatch, where they were placed with negative implications on Jan. 27, 2009. "The downgrade reflects our view of the sharp deterioration in the operating environment for airlines, the depth and duration of the recession, and the adverse cumulative effect on BA's financial profile of the group's anticipated losses over the next two financial years," said Standard & Poor's credit analyst Leigh Bailey. For the current financial year, ending March 31, 2009, S&P anticipate that deteriorating market conditions will result in operating losses for BA of about GBP225 million, including GBP75 million cash severance costs, at current exchange rates. On March 5, 2009, BA cautioned that for financial 2010 it is targeting a comparable level of operating performance. Furthermore, BA has factored targeted reductions of GBP220 million in underlying non-fuel costs into its guidance for that year. In S&P's opinion, losses of this magnitude and the associated cash outflows related to restructuring are likely to result in materially lower cash flow generation over the next two financial years, which is likely to materially weaken credit metrics from current levels. On Sept. 30, 2008, BA's ratio of funds from operations to adjusted debt was 38%. Based on BA's current guidance, absent other developments, S&P anticipate that FFO to adjusted debt will fall to about 10%-15% over the next 12 months. BA has reported a progressive weakening of demand in recent quarters, most notably for high-yielding premium traffic. Slowing demand appears to be having the greatest effect on important transatlantic and Asia-Pacific routes. In S&P's view, lower levels of business activity and an increased focus on reducing corporate travel costs are likely to contribute to a weak outlook for premium segment revenues, which is a core profit generator for many full-service network carriers such as BA. Market conditions remain tough, with yield under pressure in all cabins. At this stage, it is too early to factor into the rating any specific impact relating to the recent outbreak of swine flu. BA's financial profile is likely to come under increased pressure from the challenging trading environment and a subsequent slowdown in passenger growth. Trading losses will likely result in significant cash outflows over the next two financial years. In addition, S&P believes that foreign exchange differences will not only affect operating revenues, but will also have a significant negative effect on BA's debt levels. Given the extremely uncertain outlook, S&P believes that further deterioration for the year ended March 2010 relative to current guidance cannot be excluded. The stable outlook reflects that the rating factors in the anticipated adverse effect on BA's financial profile of expected operating losses of about GBP150 million per year plus associated cash outflows in the financial years ended March 31, 2009, and March 31, 2010. "The economic outlook is still uncertain, and S&P believes that BA's performance over the next 12 months will represent a cyclical low point before recovery begins," added Mr. Bailey, "The ratings are underpinned by the group's good liquidity position, illustrated by cash reserves of more than GBP1 billion and sufficient committed facilities to fund mainline aircraft deliveries until 2012." Failure to satisfactorily adapt the cost base to offset weakening revenues, and/or a sustained level of cash outflows could lead to pressure on the ratings if cash reserves weaken to less than GBP1 billion or operating performance deteriorates beyond S&P's expectations. S&P believes that BA's credit ratios are likely to weaken materially from current levels and, at this rating level, anticipate FFO to adjusted debt of about 10%-15%. The outlook is unlikely to be revised to positive in the short term, given that trading conditions will likely remain pressured by the uncertain global economic outlook. S&P understands that BA is in negotiations over a potential merger with Spanish airline Iberia. Based on current information, S&P does not factor this into S&P's rating or outlook. CASTLE HOLDCO: Restructuring Scheme Approval Cues S&P's 'D' Rating ------------------------------------------------------------------ Standard & Poor's Ratings Services said that it lowered to 'D' (Default) from 'SD' (Selective Default) its long-term corporate credit rating on Castle HoldCo 4, the holding company for U.K.- based real-estate services provider Countrywide PLC, following court approval for the noteholders' proposed scheme of arrangement. At the same time, Standard & Poor's lowered its senior unsecured debt rating on the company's GBP170 million notes due 2015 to 'D' (Default) from 'C'. The senior secured debt rating on the GBP470 million floating-rate notes due 2014 remains unchanged at 'D', where it was placed in on Feb. 17, 2009, following a missed coupon payment. The senior secured bank loan rating on Castle HoldCo 4's GBP100 million revolving credit facility also remains unchanged, at 'C', reflecting S&P's anticipation of full repayment under the approved scheme of arrangements. The recovery ratings on all Castle HoldCo 4's debt instruments are unchanged. "The rating actions follow the sanctioning of the restructuring scheme announced in February 2009, under which Countrywide would receive GBP112.5 million of fresh equity capital to reduce its indebtedness to GBP175 million, including the repayment in full of the company's RCF. As per S&P's general criteria, S&P consider the completion of a distressed exchange offer as equivalent to a default," said Standard & Poor's credit analyst Mohammed Fayek. On Feb. 17, 2009, Standard & Poor's lowered the company's long- term corporate credit rating to 'SD' when it failed to honor the coupon payment due under its senior secured notes, although the company had not defaulted on other financial commitments. The loan rating on Castle HoldCo 4's GBP100 million senior secured bank revolving credit facility remains at 'C', reflecting S&P's anticipation of full repayment in cash according to the approved scheme of arrangements. The recovery rating is unchanged at '1', indicating S&P's expectation of a very high (90%-100%) recovery in the event of a payment default. The rating on Castle HoldCo 4's GBP470 million senior secured notes remains 'D'. The recovery rating on the notes is unchanged at '4', indicating S&P's expectation of average (30%-50%) recovery in the event of a payment default. The senior unsecured rating on the company's GBP170 million notes has been lowered to 'D', following the lowering of the corporate credit rating to 'D'. The recovery rating is unchanged at '6', reflecting S&P's expectations of negligible (0%-10%) recovery in the event of a payment default. MEDICAL FINANCE: Taps Joint Administrators from Tenon Recovery -------------------------------------------------------------- T. J. Binyon and Colin Wilson of Tenon Recovery were appointed joint administrators of Medical Finance (Retail) Ltd. on April 27, 2009. The company can be reached through Tenon Recovery at: Sherlock House 73 Baker Street London W1U 6RD England MOUSELLS REMOVALS: Taps Joint Administrators from Tenon Recovery ---------------------------------------------------------------- Jeremy Woodside and Christopher Ratten of Tenon Recovery were appointed joint administrators of Mousells Removals Ltd. on April 22, 2009. The company can be reached at: Mousells Removals Ltd. Porter House Huyton Road Adlington Chorley PR7 4JR England PASSLINE LTD: Appoints Joint Administrators from PKF ---------------------------------------------------- Ian Schofield and Charles Escott of PKF (UK) LLP were appointed joint administrators of Passline Ltd. on April 22, 2009. The company can be reached through PKF (UK) LLP at: Pannell House 6 Queen Street Leeds LS1 2TW England PHILLIP GREEN: Taps Joint Administrators from Tenon Recovery ------------------------------------------------------------ Nicholas Charles Simmonds and Steven John Parker of Tenon Recovery were appointed joint administrators of Phillip Green & Partners Ltd. on April 23, 2009. The company can be reached at: Phillip Green & Partners Ltd. 31 Crendon Street High Wycombe Bucks HP13 6LJ England PREMIER NETWORK: Creditors to Appoint Liquidator on May 20 ---------------------------------------------------------- Creditors of Premier Network Group will meet on May 20 to vote on the appointment of a liquidator for the company, Nicole Blackmore at Mortgage Strategy reports. Natalie Holt at Money Marketing reports that according to a letter sent by insolvency practitioner Elwell Watchorn & Saxton LLP to creditors, the meeting will take place at the EWS head offices in Leicestershire. According to Mortgage Strategy, at the meeting, a liquidation committee of between three and five creditors may also be formed. The committeee, Mortgage Strategy notes, will monitor and comment on progress in the liquidation and determine the basis of the liquidators' fees. Money Marketing says voting rights will be attributed according to the sums creditors are owed. Mortgage Strategy states the company, which closed to new business on Feb. 16, is thought to have owed money to many of its appointed representatives in renewal commissions and procuration fees. Mortgage Strategy in a report last month disclosed that several advisers were threatening to launch legal action over outstanding payments. ROYAL BANK: Incurs GBP857 Million First-Quarter Loss ---------------------------------------------------- The Royal Bank of Scotland Group plc incurred a first-quarter loss of GBP857 million, compared with a profit of GBP245 million in the same period a year earlier, Bloomberg News reports citing the bank in a statement. Revenue rose 26 percent to GBP9.7 billion in the first quarter, lifted by "exceptional" growth at the global banking and market securities unit and income from its rates business, currencies and commodities, the report says. RBS, the report relates, attributed the loss to a GBP4.9 billion (US$7.4 billion) write down as credit-market investments soured and bad loans increased in all its markets. RBS incurred a GBP24.0 billion full year net loss from a net income of GBP6.8 billion in 2007, the bank's results for the full year ending Dec. 31, 2008 showed. Total income for 2008 decreased 20% to GBP26.8 billion from GBP33.5 billion in 2007. The Troubled Company Reporter-Europe on Mar. 2, 2009, citing The Wall Street Journal, reported that the U.K. government agreed to provide RBS with as much as GBP25.5 billion (US$36.64 billion) in capital and insure GBP300 billion of the bank's assets. The recent help given to RBS is part of U.K.'s GBP500 billion bank- insurance plan announced in January. Under the funding agreement, the Journal said RBS will pay a fee of GBP6.5 billion to participate in the insurance plan. The bank will also absorb the first GBP20 billion in losses on the GBP300 billion asset pool before the insurance kicks in, and will be responsible for 10% of subsequent losses, the Journal disclosed. RBS will also pay the insurance fee, and raise an additional GBP13 billion in fresh capital, by issuing special "B" shares to the government, according to the Journal. About RBS The Royal Bank of Scotland Group plc (NYSE: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 October 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. TATA STEEL: May Mothball TCP Plant in Northeast England ------------------------------------------------------- Tata Steel Limited's European arm Corus said that it has been forced to open consultations that might result in a decision to mothball its Teesside Cast Products (TCP) plant in northeast England. "This development has become unavoidable because of a failure by four international slab buyers to fulfil their obligations under an Offtake Framework Agreement (OFA). The OFA was signed with Corus in 2004 and committed the consortium to buy just under 78% of the plant's production for ten years," the company said in a statement released Friday, May 8. The company has begun discussions with employees and their representatives about what can be done to mitigate the impact of mothballing the plant on the 1,920 TCP employees and what future action may be needed. Any decision to mothball is likely to lead to a very significant number of redundancies. The signatories to the OFA, which include Marcegaglia SpA, Dongkuk Steel Mills Co Ltd, Duferco Participations Holding Ltd1 and Alvory SA2, agreed to buy their share of TCP's output at cash cost. Over the duration of the contract so far the consortium members have benefited tremendously. Despite this, last month the consortium unilaterally and unreasonably initiated moves to terminate the contract, thereby making the TCP operation unviable. Corus said it is using all legal means to ensure that the terms of the 10-year OFA are fully enforced and that the four consortium members live up to their contractual obligations. Alongside these actions Corus will explore alternative options that might secure a viable future for TCP and its employees. "I am extremely disappointed that the consortium members have seen fit to take this irresponsible action," said Corus CEO Kirby Adams. "Their unilateral termination of a legally binding 10-year contract could bring to an end a fine heritage of steelmaking at Teesside. We regret the distress their action will cause TCP�s dedicated employees, who have worked steadfastly in the interests of the consortium." About Corus Corus is Europe's second largest steel producer with annual revenues of more than GBP12 billion and crude steel production of about 20 million tonnes. With main steelmaking operations primarily in the UK and the Netherlands, Corus supplies steel and related services to the construction, automotive, packaging, mechanical engineering and other markets worldwide. Corus is a subsidiary of Tata Steel, one of the world's top ten steel producers. Following the acquisition of Corus in 2007, the combined enterprise has an aggregate crude steel capacity of more than 28 million tonnes and approximately 82,700 employees across four continents. About Tata Steel Limited Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- is a diversified steel producer. It has operations in 24 countries and commercial presence in over 50 countries. Its operations predominantly relate to manufacture of steel and ferro alloys and minerals business. Other business segments comprises of tubes and bearings. Tata Metaliks Limited, which is engaged in the business of manufacturing and selling pig iron, became a subsidiary of the Company with effect from Feb. 1, 2008. * * * As reported in the Troubled Company Reporter-Asia Pacific on April 7, 2009, Fitch Ratings downgraded Tata Steel Limited's Long- term foreign currency Issuer Default Rating to 'BB+' from 'BBB-' (BBB minus), and its National Long-term rating to 'AA(ind)' from 'AAA(ind)'. Simultaneously, Fitch also downgraded Tata Steel U.K. Ltd's Long-term foreign currency IDR to 'B+' from 'BB'. The Outlook on all the ratings continues to be Negative. The TCR-AP reported on March 6, 2009, that Moody's Investors Service downgraded the corporate family rating of Tata Steel Ltd to Ba2 from Ba1. The rating remains on review for possible further downgrade. TAYLOR WIMPEY: Fitch Lifts Long-Term Issuer Default Rating to 'B-' ------------------------------------------------------------------ Fitch Ratings has upgraded Taylor Wimpey plc's Long-term Issuer Default rating to 'B-' from 'CCC' and Short-term IDR to 'B' from 'C'. This follows the announcement by the company of a fully underwritten share issue that could raise an estimated GBP510 million. The Recovery Rating on TW's senior unsecured obligations has been revised down to 'RR5' from 'RR4' to reflect concerns about structural subordination. The senior unsecured debt rating of 'CCC' and the Long-term IDR remain on Rating Watch Positive. TW's proposed share issue is expected to have a positive impact on the company's credit profile given that the net proceeds will be used to reduce gross debt. In turn, this will improve TW's credit ratios, with pro-forma December 31, 2008 net debt/EBITDAR falling to 4.9x from 7.4x and pro-forma cash flow from operations/net debt increasing to 17% from 11%. The equity issuance should also positively impact upon TW's credit profile by ensuring that pre-agreed de-leveraging targets are met, thus avoiding increased interest costs under TW's debt facilities in the future, and by providing the company with additional flexibility to invest in land and work-in-progress, thus enhancing the future cash-generating ability of the company. The receipt of additional equity, alongside the successful amendment to its debt facilities in April 2009, also indicates the commitment of TW's stakeholders to ensuring that the company continues as a viable entity, rather than being a controlled wind-down. Fitch expects the share issue to close successfully, although the agency notes that it is dependent on shareholder approval on 27 May 2009, while the underwriting agreement is also conditional. Fitch further notes that the size of the issuance is substantial relative to TW's current market capitalisation of GBP434 million. The revision of the Recovery Rating on TW's senior unsecured debt reflects concerns about structural subordination. As flagged in a commentary on April 8, 2009 (available on www.fitchresearch.com), following TW's recent debt amendments the agency now believes that GBP416 million of undrawn secured committed debt facilities and GBP1,177 million of pensions liabilities (valued on FY07's full buyout cost) would effectively rank ahead of TW's senior unsecured obligations. In the case of the pension liabilities, this relates to their position within TW's group structure, given their location closer to the assets and cash flows of TW's main operating subsidiary. Given the structural seniority of these liabilities, the adjusted value of TW's asset base (at FYE08, but also including expected equity proceeds) would allow senior unsecured creditors to recover only approximately 13% upon a default scenario, versus 39% as previously calculated. In turn, the Recovery Rating has been revised down. As a result, the senior unsecured rating has been notched down from the Long-term IDR by one level. The Long-term IDR and senior unsecured ratings remain on RWP, reflecting the fact that these ratings could be upgraded further, once Fitch has had the opportunity to conduct a full review of the company's new financing structure, operational strategy and forecasts. This is in line with Fitch's comment on May 5, 2009. Any upgrade following this review is likely to be no more than two notches. Any upgrade of these ratings is also likely to preserve the one-notch differential between the Long-term IDR and senior unsecured rating. The credit profile of TW continues to be constrained by concerns that the company may not be sufficiently cash-generative over the coming three years to allow the company to repay or refinance up to GBP2,470 million (if fully drawn) of debt maturities in 2012, especially if market conditions remain weak. Fitch expects the UK housing market to remain soft until end-2010, and possibly later, with peak-to-trough house price declines of approximately 30%. Despite the expected reduction in debt following the equity issuance, TW will likely remain over-leveraged, with net debt of approximately GBP1 billion post-transaction, relatively to weak funds from operations of GBP58.9 million (as of FY08). In Fitch's opinion it may take a considerable period of time for the company to significantly de-leverage. TIME & TIDE: Appoints Joint Administrators from Grant Thornton -------------------------------------------------------------- Ian S. Carr and Martin G Ellis of Grant Thornton UK LLP were appointed joint administrators of Time & Tide (Bedford) Ltd. on April 23, 2009. The company can be reached at: Time & Tide (Bedford) Ltd. The Stables, Woodlands Silver Street Goffs Oak Waltham Cross Hertfordshire EN7 5JD England TURTON SPRINGS: Taps Joint Administrators from PwC -------------------------------------------------- Lyn Vardy and Stephen Ellis of PricewaterhouseCoopers LLP, were appointed joint administrators of Turton Springs Ltd. on April 21, 2009. The company can be reached at: Turton Springs Ltd. 92 Burton Road Sheffield S3 8DA England TW STAMPING: Appoints Joint Administrators from BDO --------------------------------------------------- C. K. Rayment and J. M. Wright of BDO Stoy Hayward LLP were appointed joint administrators of TW Stamping Ltd. on April 22, 2009. The company can be reached through BDO Stoy Hayward LLP at: 125 Colmore Row Birmingham B3 3SD England VIRGIN MEDIA: Fitch Affirms Issuer Default Rating at 'BB-' ---------------------------------------------------------- Fitch Ratings has affirmed UK cable operator Virgin Media Inc.'s Long-term Issuer Default Rating at 'BB-' with a Stable Outlook, and affirmed its Short-term IDR at 'B'. Fitch has also affirmed Virgin Media's instrument ratings as detailed at the end of this comment. "Although competitive pressures may be easing somewhat in the UK broadband market, Virgin Media's hybrid fibre co-axial network will retain its superior speed advantage over incumbent BT's network for a number of years yet, a position which Fitch considers as vital for this market," said Michelle De Angelis, Senior Director in Fitch's Leveraged Finance team. "In addition, despite the recession gripping the UK economy, Virgin Media's results for Q408 and Q109 show no obvious signs of increased churn or reduced consumer on-net spending, which supports Fitch's view of the relative resilience of the cable business model. The rating Outlook has been maintained at Stable to reflect the refinancing risk related to maturing bank facilities in 2012 and the continued downward pressure on consolidated revenues." Virgin Media's DOCSIS 3.0 upgrade to its network will be completed by Q309, making 50Mbs speeds available to customers in its cable footprint. This exceeds the 40Mbs speeds which will be available on BT's (rated 'BBB'/Stable) VDSL-upgraded network (fibre-to-the- cabinet: an upgrade planned to be implemented over the next four years) and Virgin Media has announced commercial testing of a 200Mbs product last week. Fitch therefore believes that Virgin Media is strongly positioned to take full advantage of the increasing bandwidth requirements of UK consumers over the next few years. While the UK's economic recession is forcing consumers to cut back on their spending. Fitch expects cable will remain relatively resilient in the face of such a retrenchment. This appears to be borne out by Virgin Media's latest results: consumer on-net average revenue per user has registered year-on-year growth in the last three quarters, and churn (customer disconnections) continues to decrease. Thus Fitch does not anticipate severe stress for Virgin Media through the downturn. Nonetheless, there is a risk of customers "trading down" in their package choices, and as such the agency has built in downsides to its forecast scenarios which nonetheless support the current rating at 'BB-'. Virgin Media's successful amendment of its bank facilities in Q408 effectively postponed its refinancing risk to 2012, however, its total debt due at that time of over GBP3 billion remains significant given the current credit environment. The agency will monitor continued efforts by the company to reduce this refinancing risk through prepayments from cashflow or alternative sources of liquidity. Although total revenues declined in Q109, performance in the consumer on-net segment showed modest growth, and the announced price increases effective in Q209 should support stronger on-net revenues through 2009. All other consumer and business segments reported lower revenues year-on-year and quarter-on-quarter, in the case of mobile as a result of the repositioning of the business strategy towards postpaid from prepaid, with the declining prepaid base more than offsetting any postpaid gains. In the agency's view there is potential for continued weakness in the mobile segment as this shift continues, given the highly competitive nature of the UK mobile market. However, should these operating trends improve, then there could be the potential for Virgin Media's Outlook to be revised. Reported operating cash flow also declined in Q109, which was partly due to cost inflation and also a result of the cost transformation program being undertaken by the company from 2009, which is anticipated to deliver GBP120 million in benefits by 2012. Net Fitch-adjusted debt, adjusted for currency hedging, to trailing twelve months OCF reached 4.5x at Q109, up slightly from 4.4x at YE08 and YE07. These instrument ratings have been affirmed: -- Virgin Media Investment Holdings Limited senior secured bank facilities affirmed at 'BB+' -- Virgin Media Finance plc's senior unsecured notes due 2014 and 2016 affirmed at 'BB' WATERFORD WEDGWOOD: U.S. Arm Put Into Administration ---------------------------------------------------- BBC News reports that New York-based private equity firm KPS has put Waterford Wedgwood's U.S. arm into administration. BBC relates KPS announced on April 26 it had applied to the federal bankruptcy court in Manhattan on behalf of Wedgwood USA. According to BBC, the U.S. arm had assets of less than US$10 million (GBP6.6 million) and up to US$1 billion (GBP660.4 million) of debt KPS did not want. BBC discloses the private equity firm said the original British company Josiah Wedgwood and Sons Limited would also be liquidated in the future. The decision is not expected to have any impact on jobs in Staffordshire though, BBC notes. KPS, thisisstaffordshire.co.uk recalls, bought the Wedgwood and Royal Doulton brands and "certain assets" of parent company Waterford Wedgwood in March. Barlaston-based Waterford Wedgwood went into administration in January, thisisstaffordshire.co.uk recounts. thisisstaffordshire.co.uk discloses more than 900 creditors across the UK and overseas were owed GBP8.5 million in total when administrator Deloitte was called in. * Large Companies with Insolvent Balance Sheet ---------------------------------------------- Total Shareholders Total Company Ticker Equity Assets ------- ------ ------ ------ AUSTRIA ------- SKYEUROPE HLDG SKY EU -3897542.84 213166269.29 SKYEUROPE SKY PW -3897542.84 213166269.29 SKYEUROPE HLDG SKY AV -3897542.84 213166269.29 SKYEUROPE HLDG SKYPLN EO -3897542.84 213166269.29 SKYEUROPE HLDG SKYPLN EU -3897542.84 213166269.29 SKYEUROPE SKYP PW -3897542.84 213166269.29 SKYEUROPE HLDG S8E GR -3897542.84 213166269.29 LIBRO AG LBROF US -110492302.6 174013616.69 SKYEUROPE HOL-RT SK1 AV -3897542.84 213166269.29 LIBRO AG LIB AV -110492302.6 174013616.69 SKYEUROPE HLDG SKYV IX -3897542.84 213166269.29 SKYEUROPE HLDG SKY EO 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PLC-ADR MCONY US -2203513803.24 7204891601.83 ATKINS (WS) PLC ATK EO -36314039.75 1257996718.47 LADBROKES PLC-AD LDBKY LN -478059993.74 1887316678.66 EMI GROUP-ADR 38IS LN -2265916256.89 2950021937.14 DAWSON HOLDINGS DWN VX -18157019.88 210051798.58 HILTON GROUP-CER HG BB -478059993.74 1887316678.66 LEEDS UNITED PLC LDSUF US -73166148.8 143762193.66 SMITHS NEWS PLC NWS1 EO -124124665.08 201361828.57 EUROPEAN HOME EHR EO -14328734.27 110864074.46 LEEDS SPORTING LEDPF US -73166148.8 143762193.66 LEEDS SPORTING LES LN -73166148.8 143762193.66 TOPPS TILES PLC TPT PO -101299346.32 170960682.59 MARCONI PLC-ADR MONI US -2203513803.24 7204891601.83 MARCONI PLC MY2 GR -2203513803.24 7204891601.83 DAWSON HOLDINGS DWN1GBP EO -18157019.88 210051798.58 BRITISH ENERGY-A 3012442Q LN -5822867500.78 4921095749.61 MARCONI PLC 203083Q VX -2203513803.24 7204891601.83 PREMIER FARNELL PFL LN -7994895.94 689988072.4 MARCONI PLC MONIF US -2203513803.24 7204891601.83 MARCONI PLC MONI BB -2203513803.24 7204891601.83 DAWSON HOLDINGS DWHGF US -18157019.88 210051798.58 SMG PLC SMG LN -24923249.67 194430485.8 DAWSON HOLDINGS DWN1 EO -18157019.88 210051798.58 BRITISH SKY BROA BSY EU -30607499.6 8332527670.8 MARCONI PLC-ADR MONIY US -2203513803.24 7204891601.83 MARCONI PLC-ADR MY2A GR -2203513803.24 7204891601.83 MARCONI PLC-ADR MCBA GR -2203513803.24 7204891601.83 MARCONI PLC-ADR MONIE US -2203513803.24 7204891601.83 MARCONI PLC MRCQF US -2203513803.24 7204891601.83 RANK GROUP PLC RNK EU -6412999.92 835001785.71 M 2003 PLC MTWOF US -2203513803.24 7204891601.83 M 2003 PLC-ADR MTWOE US -2203513803.24 7204891601.83 TELEWEST COM-ADR TWT$ LN -3702234580.99 7581020925.22 ATKINS (WS) PLC WATKF US -36314039.75 1257996718.47 SMG PLC-NIL PAID SMGN LN -24923249.67 194430485.8 ANKER PLC ANK PO -21861359.81 115463159 SMG PLC-FUL PAID SMGF LN -24923249.67 194430485.8 PREMIER FARNELL PFLGBP EO -7994895.94 689988072.4 DAWSON HOLDINGS DWN PZ -18157019.88 210051798.58 AMEY PLC-NEW AMYN LN -48862569.33 931527720.46 BRITISH SKY BROA BSYGBP EO -30607499.6 8332527670.8 NORTHERN ROCK NRK LN -586206492.33 152084295061.92 HILTON G-CRT OLD HIGT BB -478059993.74 1887316678.66 EASYNET GROUP-CV 91009Z LN -45232889.17 322770283.93 ANKER PLC DW14 GR -21861359.81 115463159 LADBROKES PLC LAD PO -478059993.74 1887316678.66 LADBROKES PLC LAD EB -478059993.74 1887316678.66 GALIFORM PLC GFRM VX -84844622.18 585251745.06 SKYEPHARMA PLC SKYEF US -130883498.29 153620497.99 LADBROKES PLC LAD EO -478059993.74 1887316678.66 JESSOPS PLC JSP IX -27246210.42 167576832.77 RANK GROUP PLC RNK EB -6412999.92 835001785.71 LADBROKE GROUP LADB LN -478059993.74 1887316678.66 ANKER PLC ANK LN -21861359.81 115463159 LADBROKES PLC LAD EU -478059993.74 1887316678.66 LADBROKES PLC LADNZD EU -478059993.74 1887316678.66 RANK GROUP PLC RNK EO -6412999.92 835001785.71 LADBROKES PLC LAD TQ -478059993.74 1887316678.66 LADBROKES PLC LADEUR EO -478059993.74 1887316678.66 LADBROKES PLC LAD PZ -478059993.74 1887316678.66 ATKINS (WS) PLC ATK PZ -36314039.75 1257996718.47 LADBROKES PLC LADUSD EO -478059993.74 1887316678.66 REGUS PLC REGSF US -46111835.37 367181111 JESSOPS PLC JSPEUR EO -27246210.42 167576832.77 JESSOPS PLC JSP PO -27246210.42 167576832.77 JESSOPS PLC JS4 GR -27246210.42 167576832.77 RENTOKIL INITIAL RTOG IX -90219248.82 3493481471.08 JESSOPS PLC JSP EU -27246210.42 167576832.77 JESSOPS PLC JSP VX -27246210.42 167576832.77 JESSOPS PLC JSP PZ -27246210.42 167576832.77 ATKINS (WS) PLC ATK PO -36314039.75 1257996718.47 MYTRAVEL GROUP MYTPF US -379721841.57 1817512773.61 KLEENEZE PLC KLZ LN -14328734.27 110864074.46 ATKINS (WS) PLC ATK LN -36314039.75 1257996718.47 LADBROKES PLC LDBKF US -478059993.74 1887316678.66 JESSOPS PLC JSP EO -27246210.42 167576832.77 ATKINS (WS) PLC ATKEUR EO -36314039.75 1257996718.47 ATKINS (WS) PLC ATK VX -36314039.75 1257996718.47 NORTHERN ROCK NRK PO -586206492.33 152084295061.92 LADBROKES PLC LAD BQ -478059993.74 1887316678.66 BRIT ENERGY PLC BHEGF US -5822867500.78 4921095749.61 TELEWEST COMM TWT VX -3702234580.99 7581020925.22 BRITISH ENERGY-A BGYGF US -5822867500.78 4921095749.61 LADBROKES PLC LADGBP EO -478059993.74 1887316678.66 ATKINS (WS) PLC ATK NR -36314039.75 1257996718.47 LADBROKES PLC-CE LAD BB -478059993.74 1887316678.66 LAMBERT FENCHURC LMF LN -1453050.04 1826806853.46 LADBROKES PLC LAD NR -478059993.74 1887316678.66 LADBROKES PLC LAD LN -478059993.74 1887316678.66 LADBROKES PLC-AD LDBKY US -478059993.74 1887316678.66 JESSOPS PLC JSP LN -27246210.42 167576832.77 LADBROKES PLC LAD VX -478059993.74 1887316678.66 DAWSON HOLDINGS DWN1EUR EU -18157019.88 210051798.58 ********* 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 * * *