/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/090527.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, May 27, 2009, Vol. 10, No. 103 Headlines A U S T R I A ABLINGER GMBH: Claims Registration Period Ends June 25 ELEKTROSOMPEK GMBH: Claims Registration Period Ends June 25 MT TRANSPORT: Claims Registration Period Ends June 25 SAHIN KEG: Claims Registration Period Ends June 25 C Y P R U S EARLENE HOLDING: Claims Filing Deadline is June 21 F R A N C E NORTEL: Court to Decide on French Unit's Liquidation Tomorrow G E R M A N Y PORSCHE AUTOMOBILE: Says Not on the Verge of Bankruptcy G R E E C E DRYSHIPS INC: Completes US$475 Mln ATM Equity Offering I C E L A N D GLITNIR BANKI: Court Extends Moratorium, Claims Bar Date Moved I T A L Y IT HOLDING: 13 Companies Declared Insolvent, Claims Bar Dates Set K A Z A K H S T A N KOMPANIYA TECH: Creditors Must File Claims by June 19 ORU EKIBASTUZ: Creditors Must File Claims by June 19 REM STROY: Creditors Must File Claims by June 19 SK ALLIANCE: Creditors Must File Claims by June 19 TEMIRTAU STROY: Creditors Must File Claims by June 19 K Y R G Y Z S T A N FERRO MANGANESE: Creditors Must File Claims by July 3 L U X E M B O U R G ORCO PROPERTY: Posts EUR45.7 Mln Net Loss in First Quarter 2009 N E T H E R L A N D S ASM INT'L: S&P Cuts Long-Term Corporate Credit Rating to 'B+' N O R W A Y * NORWAY: Slips Into Recession, Statistics Norway Says R U S S I A LES-TEKH LLC: Creditors Must File Claims by July 7 LIDER STROY: Creditors Must File Claims by July 7 MOBILE TELESYSTEMS: Posts US GAAP Net Loss of US$57.7 Mln in 1Q09 MOBILE TELESYSTEMS: Eyes Acquisition of Up to 100% Comstar Stake SUDZHANSKIY AGRO-INDUSTRIAL: Creditors Must File Claims by July 10 TOGUCHINSKIY BREWING: Creditors Must File Claims by July 7 ZEBLYAKI-LES-PROM LLC: Kostromskaya Bankruptcy Hearing Set July 2 S W I T Z E R L A N D ALFRED WALSER: Claims Filing Deadline is June 30 ALTAWA AG: Creditors Have Until July 15 to File Proofs of Claim MATHA TRANSPORT: Claims Filing Deadline is June 15 PCM PROSPERITY: Creditors Must File Proofs of Claim by July 2 TRE STELLE: Claims Filing Deadline is July 15 U K R A I N E GALSTRADE LTD: Creditors Must File Claims by June 6 KHARECOVTORMA LLC: Creditors Must File Claims by June 6 MAST LLC: Creditors Must File Claims by June 6 NEW TECHNOLOGIES: Creditors Must File Claims by June 6 NIKPROMTECH LLC: Creditors Must File Claims by June 6 RITAM-V TRADING: Creditors Must File Claims by June 6 UKRAINIAN MARINE: Creditors Must File Claims by June 6 VININTER-ZHMERINKA LTD: Creditors Must File Claims by June 6 U N I T E D K I N G D O M BLANE LEISURE: Notice of Claims Deadline is June 26 COBRA: May Opt for CVA or Pre-Pack Administration as Losses Mount JJB SPORTS: Notice of Claims Deadline is June 26 KAUPTHING SINGER: Court to Hear Winding Up Petition Today KAUPTHING SINGER: Liquidation Recognized as Foreign Proceeding MODUS PROPERTIES: May Buy Back Assets From CIREF Under Rescue Deal OILEXCO INC: Sale of Oilexco North Sea Completed ROYAL BANK: Defends Share Bonus Plan for Four Executives ROYAL BANK: Appoints Sandy Crombie as Senior Independent Director SPORT MEDIA: UK Unit Bought by UTV Media ********* ============= A U S T R I A ============= ABLINGER GMBH: Claims Registration Period Ends June 25 ------------------------------------------------------ Creditors owed money by Ablinger GmbH have until June 25, 2009, to file written proofs of claim to the court-appointed estate administrator: Mag. Dominik Maringer Salzburgerstrasse 4 4840 Voecklabruck Austria Tel: 07672/22625-0 Fax: 07672/22625-22 E-mail: ra.md@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:40 a.m. on July 9, 2009, for the examination of claims at: Land Court of Wels Hall 101 First Floor Wels Austria ELEKTROSOMPEK GMBH: Claims Registration Period Ends June 25 ----------------------------------------------------------- Creditors owed money by elektrosompek GmbH have until June 25, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Berthold Martin Breitwieser Johann Strauss Strasse 1 4701 Bad Schallerbach Austria Tel: 07249/48286-0 Fax: 07249/48286-4 E-mail: kanzlei@ra-breitwieser.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:20 a.m. on July 9, 2009, for the examination of claims at: Land Court of Wels Hall 101 First Floor Wels Austria MT TRANSPORT: Claims Registration Period Ends June 25 ----------------------------------------------------- Creditors owed money by Mt Transport GmbH have until June 25, 2009, to file written proofs of claim to the court-appointed estate administrator: Mag. Andreas Meissner Feldgasse 6 4840 Voecklabruck Austria Tel: 07672/24418 Fax: 07672/77830 E-mail: hitzenberger@geocomp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11.00 a.m. on July 9, 2009, for the examination of claims at: Land Court of Wels Hall 101 First Floor Wels Austria SAHIN KEG: Claims Registration Period Ends June 25 -------------------------------------------------- Creditors owed money by Sahin KEG have until June 25, 2009, to file written proofs of claim to the court-appointed estate administrator: Dr. Gerhard Haslbauer Hauptplatz 7 4663 Laakirchen Austria Tel: 07613/5588 Fax: 07613/5588-15 E-mail: rechtsanwalt@haslbauer.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on July 9, 2009, for the examination of claims at: Land Court of Wels Hall 101 First Floor Wels Austria =========== C Y P R U S =========== EARLENE HOLDING: Claims Filing Deadline is June 21 -------------------------------------------------- Creditors of Earlene Holding Limited have until June 21, 2009 to file their proofs of claim to the company's liquidator: Costas Hadjcosti Abacus Limited Arianthi Court 2nd Floor 50 Agias Zonis Street Limassol CY-3090 Cyprus =========== F R A N C E =========== NORTEL: Court to Decide on French Unit's Liquidation Tomorrow ------------------------------------------------------------- Heather Smith at Bloomberg News reports that a French commercial court in Versailles will rule on Thursday, May 28, on the liquidation of a local unit of Nortel Networks Corp. Bloomberg News relates Reinhard Dammann, a lawyer in the Paris office of Clifford Chance, said Nortel sought the liquidation of the unit, one of the Toronto-based company's two French subsidiaries, as part of bankruptcy procedures opened in London to resolve the fate of its European businesses. Mr. Dammann told Bloomberg News in a telephone interview that if the company's plan for its French research and development unit, which employs 700 people, is approved by the court, it would have six months to be sold. According to Bloomberg News, Mr. Damman said given the economic crisis, the unit "won't get the right purchase price." Citing Mr. Dammann, Bloomberg News says 200 jobs at the unit could be saved depending on the success of the sale. Nortel, Bloomberg News notes, would keep 130 French sales jobs. About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corporation (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers next- generation technologies, for both service provider and enterprise networks, support multimedia and business-critical applications. Nortel's technologies are designed to help eliminate today's barriers to efficiency, speed and performance by simplifying networks and connecting people to the information they need, when they need it. Nortel does business in more than 150 countries around the world. Nortel Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. Nortel Networks Corp., Nortel Networks Inc. and other affiliated corporations in Canada sought insolvency protection under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice (Commercial List). Ernst & Young has been appointed to serve as monitor and foreign representative of the Canadian Nortel Group. The Monitor also sought recognition of the CCAA Proceedings in the Bankruptcy Court under Chapter 15 of the Bankruptcy Code. Nortel Networks Inc. and 14 affiliates filed separate Chapter 11 petitions on January 14, 2009 (Bankr. D. Del. Case No. 09-10138). Judge Kevin Gross presides over the case. James L. Bromley, Esq., at Cleary Gottlieb Steen & Hamilton, LLP, in New York, serves as general bankruptcy counsel; Derek C. Abbott, Esq., at Morris Nichols Arsht & Tunnell LLP, in Wilmington, serves as Delaware counsel. The Chapter 11 Debtors' other professionals are Lazard Freres & Co. LLC as financial advisors; and Epiq Bankruptcy Solutions LLC as claims and notice agent. The Chapter 15 case is Bankr. D. Del. Case No. 09-10164. Mary Caloway, Esq., and Peter James Duhig, Esq., at Buchanan Ingersoll & Rooney PC, in Wilmington, Delaware, serves as Chapter 15 petitioner's counsel. Certain of Nortel's European subsidiaries have also made consequential filings for creditor protection. The Nortel Companies related in a press release that Nortel Networks UK Limited and certain subsidiaries of the Nortel group incorporated in the EMEA region have each obtained an administration order from the English High Court of Justice under the Insolvency Act 1986. The applications were made by the EMEA Subsidiaries under the provisions of the European Union's Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings and on the basis that each EMEA Subsidiary's centre of main interests is in England. Under the terms of the orders, representatives of Ernst & Young LLP have been appointed as administrators of each of the EMEA Companies and will continue to manage the EMEA Companies and operate their businesses under the jurisdiction of the English Court and in accordance with the applicable provisions of the Insolvency Act. Several entities, particularly, Nortel Government Solutions Incorporated and Nortel Networks (CALA) Inc., have material operations and are not part of the bankruptcy proceedings. As of September 30, 2008, Nortel Networks Corp. reported consolidated assets ofUS$11.6 billion and consolidated liabilities ofUS$11.8 billion. The Nortel Companies' U.S. businesses are primarily conducted through Nortel Networks Inc., which is the parent of majority of the U.S. Nortel Companies. As of September 30, 2008, NNI had assets of aboutUS$9 billion and liabilities ofUS$3.2 billion, which do not include NNI's guarantee of some or all of the Nortel Companies' aboutUS$4.2 billion of unsecured public debt. Bankruptcy Creditors' Service, Inc., publishes Nortel Networks Bankruptcy News. The newsletter tracks the chapter 11 proceeding and ancillary foreign proceedings undertaken by Nortel Networks Corp. and its various affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000) ============= G E R M A N Y ============= PORSCHE AUTOMOBILE: Says Not on the Verge of Bankruptcy ------------------------------------------------------- AFP reports Porsche Automobil Holding SE has dismissed speculation that it is on the verge of bankruptcy after admitting it had secured a loan of EUR700 million (US$980 million) from Volkswagen, in which it holds a 51 percent stake. Citing a spokesman for Porsche, the AFP discloses the loan expires at the end of September. The AFP relates Der Spiegel magazine said Porsche asked for the loan in March as the company struggles to raise cash to finance the huge mountain of debt it undertook when bidding to take over VW, Europe's biggest carmaker. According to the AFP, Porsche has found itself facing debts of EUR9 billion during its ambitious takeover bid for VW. "We are still lacking 1.75 billion (euros). We are negotiating with several banks, including the KfW (state development bank)," the AFP quoted the spokesman as saying. Ambrose Evans-Pritchard at Telegraph.co.uk reports it is understood that Porsche is also in talks with the Bank of Tokyo for a EUR750 million loan, and is seeking help from the regional government of Baden-Wurttemberg. As reported in the Troubled Company Reporter-Europe on May 20, 2009, Bloomberg News, citing German newspaper Bild Zeitung, disclosed Porsche has less than two weeks to extend a credit line of more than EUR1 billion (US$1.3 billion). Bloomberg News related according to Bild, unidentified people close to the company said the carmaker has until the end of May to refinance the credit facility and Porsche would run into a "dangerous" liquidity shortage if it didn't meet the requirements. Porsche denied the report saying it doesn't face short-term financing problems, Bloomberg News stated. "There are no due dates and no financial gaps," Porsche spokesman Frank Gaube told Bloomberg News by telephone. Separately, Bloomberg News reported that Volkswagen AG called off talks with Porsche about a merger less than two weeks after the sports-car manufacturer's controlling families agreed to pursue a combination. "There is currently no atmosphere for constructive talks," Christine Ritz, a spokeswoman at Volkswagen, told Bloomberg News in a telephone interview. Meanwhile, in a statement obtained by Bloomberg News, Porsche said that while a meeting scheduled for May 18 had been canceled, negotiations will resume, without giving details. According to Bloomberg News, the Porsche and Piech families, which together control half of Porsche, agreed May 6 to create an "integrated" carmaker that would put Porsche alongside VW brands including Skoda and Audi. The report disclosed talks to hash out details of a merger are on hold after VW Supervisory Board Chairman Ferdinand Piech said May 11 that VW wouldn't help "solve" Porsche's financial problem and that Porsche must trim its EUR9 billion (US$12 billion) in net debt. Stuttgart, Germany-based Porsche Automobil Holding SE (ETR:PAH3) -- http://www.porsche-se.com/-- is a holding company engaged in the car manufacture industry. The Company's core products are sports cars and all-terrain vehicles. The Porsche sports car range includes the Boxster, the Cayman, the 911 and the Carrera GT. The Boxster and the Boxster S are contemporary reinterpretations of the Company's original roadsters, the 356/1 and the 550 Spyder. There are several varieties of the 911, representing the model's continuous evolution. The Carrera GT has the race-derived chassis construction and minimum weight. The Company's all-terrain models, Cayenne, Cayenne S, Cayenne Turbo and Cayenne Turbo S are balanced, four-wheel drive vehicles for on-road and off-road use. Porsche Automobil Holding SE also offers financing services, spare parts and accessories for new and classic models, as well as an approved used car service. As of October 20, 2008, the Company owned a 42.6% stake in Volkswagen AG. =========== G R E E C E =========== DRYSHIPS INC: Completes US$475 Mln ATM Equity Offering ------------------------------------------------------ DryShips Inc. completed its ATM Equity Offering in which the company raised gross proceeds of approximately US$475 million since commencing the offering pursuant to the prospectus supplement filed on May 7 2009. Merrill Lynch & Co. acted as sales agent in the offering. Following the completion of the program, the company has approximately 257,645,000 common shares outstanding. George Economou, Chairman and Chief Executive Officer of the Company commented: "We have successfully completed our latest US$475 million equity offering in market conditions where many established companies are struggling to raise capital. The liquidity of DryShip's provides us with an unparalled ability to tap the capital markets. We would like to thank Merrill Lynch & Co. for their assistance. So far in 2009 we have raised almost US$1 billion of equity, cancelled US$2 billion of CAPEX, repaid over US$600 million of debt and obtained bank waivers for a substantial portion of our outstanding debt. We continue to work tirelessly to obtain the rest of the waivers and examine all alternatives to further strengthen the balance sheet of the company. DryShips is now in a position to take advantage of any opportunities to grow the company." About DryShips Inc. DryShips Inc. (DRYS) -- http://www.dryships.com-- based in Greece, owns and operates drybulk carriers that operate worldwide. DryShips owns a fleet of 43 drybulk carriers comprising 7 Capesize, 29 Panamax, 2 Supramax and 5 newbuilding drybulk vessels with a combined deadweight tonnage of over 3.4 million tons, 2 ultra deep water semisubmersible drilling rigs and 2 ultra deep water newbuilding drillships. DryShips Inc.'s common stock is listed on the NASDAQ Global Market where trades under the symbol "DRYS." ============= I C E L A N D ============= GLITNIR BANKI: Court Extends Moratorium, Claims Bar Date Moved -------------------------------------------------------------- The Reykjavik District Court has extended the moratorium granted to Glitnir banki hf from November 24, 2008 to 1:00 p.m. of November 13, 2009. The court will review the extended moratorium on the same date. Parties with claims against the bank have until October 15, 2009 to file their proofs of claim. A creditors' meeting will be held at 10:00 a.m. on November 5, 2009 at the Hilton Reykjavik Nordica, Suourlandsbraut 2, Reykjavik. ========= I T A L Y ========= IT HOLDING: 13 Companies Declared Insolvent, Claims Bar Dates Set ----------------------------------------------------------------- Thirteen IT Holding companies have been declared insolvent by the Court of Isernia. Creditors have until the dates stated below to file their proofs of claim. Ittiere SpA June 20, 2009 IT Holding Commercial Services SRL June 20, 2009 Malo SpA June 30, 2009 IT Holding SpA June 30, 2009 Plus IT SpA June 30, 2009 ITC SpA June 30, 2009 ITR USA Retail SRL June 20, 2009 Nuova Andrea Fashion SpA June 30, 2009 Exte SRL June 30, 2009 Gianfranco Ferre SpA June 30, 2009 IT Distribuzione SRL June 30, 2009 IT Holding Finance SA June 30, 2009 PA Investments SA June 30, 2009 Proofs of claims must be filed with: Bankruptcy Section Court of Isernia Room 12, First Floor No. 1, Piazza Tullio Tedeschi Italy Dott.ssa Laura Liguori is the companies' official receiver. Avv. Stanislao Chimenti, Dott. Roberto Spada and Dott. Andrea Ciccoli act as extraordinary commissioners for the company. =================== K A Z A K H S T A N =================== KOMPANIYA TECH: Creditors Must File Claims by June 19 ----------------------------------------------------- Creditors of LLP Kompaniya Tech Stroy Complect have until June 19, 2009, to submit proofs of claim to: Butin Str. 44 Micro District Taugul 3 Almaty Kazakhstan Tel: 8 705 203 30-32 The Specialized Inter-Regional Economic Court of Almaty commenced bankruptcy proceedings against the company on March 20, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Almaty Tauelsyzdyk Str. 53 Taldykorgan Almaty Kazakhstan ORU EKIBASTUZ: Creditors Must File Claims by June 19 ---------------------------------------------------- Creditors of LLP Oru Ekibastuz have until June 19, 2009, to submit proofs of claim to: Kutuzov Str. 285-214 Pavlodar Kazakhstan The Specialized Inter-Regional Economic Court of Pavlodar commenced bankruptcy proceedings against the company on March 27, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Pavlodar Djambulskaya Str. 6 Pavlodar Kazakhstan REM STROY: Creditors Must File Claims by June 19 ------------------------------------------------ Creditors of LLP Rem Stroy Technica Construction have until June 19, 2009, to submit proofs of claim to: Butin Str. 44 Micro district Taugul 3 Almaty Kazakhstan Tel: 8 705 203 30-32 The Specialized Inter-Regional Economic Court of Almaty commenced bankruptcy proceedings against the company on March 20, 2009, after finding it insolvent. The Court is located at: The Specialized Inter-Regional Economic Court of Almaty Tauelsyzdyk Str. 53 Taldykorgan Almaty Kazakhstan SK ALLIANCE: Creditors Must File Claims by June 19 -------------------------------------------------- JSC SK Alliance Polis has gone into liquidation. Creditors have until June 19, 2009, to submit proofs of claim to: Auelbekov Str. 139-214 Kokshetau Akmola Kazakhstan TEMIRTAU STROY: Creditors Must File Claims by June 19 ----------------------------------------------------- LLP Temirtau Stroy Invest has gone into liquidaton. Creditors have until June 19, 2009, to submit proofs of claim to: Respublika Ave. 27/3 Temirtau Karaganda Kazakhstan =================== K Y R G Y Z S T A N =================== FERRO MANGANESE: Creditors Must File Claims by July 3 ----------------------------------------------------- LLC Ferro Manganese Limited has gone into liquidation. Creditors have until July 3, 2009, to submit proofs of claim to: Inquiries can be addressed to (+996 312) 31-31-90. =================== L U X E M B O U R G =================== ORCO PROPERTY: Posts EUR45.7 Mln Net Loss in First Quarter 2009 --------------------------------------------------------------- Jan Lopatka and Jason Hovet at Reuters report that Orco Property Group's net loss for the first quarter of 2009 increased to EUR45.7 million, compared to a restated EUR12.8 million net loss in the opening months a year ago. The report relates the company said revenue grew 16.3 percent to EUR54.85 million in the first quarter from EUR47.16 million in the first quarter last year, helped by the handover of pre-sold apartments from last year. According to the report, the company's key markets in central Europe have been hit by the economic slowdown. The report says demand in the region has tumbled as households and businesses struggle with scarcer credit. Creditor Protection The report recalls Orco was granted six months of creditor protection in March, extendable to 18 months, during which the company said it would focus on debt restructuring, mainly renegotiating several hundreds of million euros in bond repayments. The company, the report discloses, started talks last month with Colony Capital about a 25 million reserved capital hike that would give the U.S. group an initial 30 percent stake. The report states Orco's first quarter interest expenses negatively impacted the company by EUR21 million in the quarter. The company, as cited in the report, said that ongoing interest payments on its bonds was suspended due to the creditor safeguard. Orco Property Management CTK reports Orco Property Group, which manages assets worth EUR2.2 billion (CZK58.6 billion), has sold its subsidiary Orco Property Management to US firm TVO Global Partners, a member of investment group TVO Group, for an undisclosed sum. "As part of restructuring plan, Orco wants to leave activities which are not its main line of business. This applies in particular to the segments of logistics, residential real estate leasing, hotel management and real estate management," CTK quoted Atlantik FT analyst Patrick Vyroubal as saying. Orco Property Group SA -- http://www.orcogroup.com-- is a Luxembourg-based real estate company, specializing in the development, rental and management of properties in Central and Eastern Europe. Through its fully consolidated subsidiaries, Orco Property Group SA operates in several countries, including the Czech Republic, Slovakia, Germany, Hungary, Poland, Croatia and Russia. The Company rents and manages real estate and hotels properties composed of office buildings, apartments with services, luxury hotels and hotel residences; it also develops real estate projects as promoter. ===================== N E T H E R L A N D S ===================== ASM INT'L: S&P Cuts Long-Term Corporate Credit Rating to 'B+' ------------------------------------------------------------- Standard & Poor's Ratings Services said that it had lowered its long-term corporate credit rating on Netherlands-based semiconductor equipment manufacturer ASM International N.V. to 'B+' from 'BB-'. At the same time, the rating was removed from CreditWatch, where it was placed with negative implications on Feb. 12, 2009. The outlook is negative. Standard & Poor's also lowered its debt ratings on ASMI's subordinated convertible bonds to 'BB-' from 'BB', and removed them from CreditWatch. The recovery rating on the convertible bonds remains unchanged at '2', which indicates S&P's expectation of substantial (70%-90%) recovery in the event of a payment default. "The downgrade reflects our expectation that the extreme downturn in the semiconductor equipment industry will continue to negatively affect ASMI's revenues, operating margins, and credit measures over 2009," said Standard & Poor's credit analyst Matthias Raab. S&P expects these pressures, combined with meaningful restructuring to align costs with falling demand, to result in significant negative free operating cash flow at the company's front-end operations, in the absence of further material working- capital reductions during 2009. Furthermore, ASMI will likely, in S&P's opinion, receive significantly lower dividend payments from its 53%-owned subsidiary ASM Pacific Technology Ltd. in the next 12 months, because ASMPT's margins have also suffered due to the current industry downturn. In the first quarter of 2009, group revenues decreased by 41% sequentially and by 55% year on year to EUR89 million, and the operating margin plunged to negative 28% from positive 14% a year earlier. On March 31, 2009, ASMI's total consolidated cash on hand amounted to EUR162 million, of which EUR83 million was available to the front-end operations. In addition, the company had EUR63 million in undrawn bank facilities available at its front-end operations, most of which mature within the next nine months. The negative outlook reflects S&P's concerns that ASMI's liquidity, which S&P views as still adequate to date, could weaken significantly over 2009, due to the current severe semiconductor equipment industry downturn. "We may consider a downgrade if the company's liquidity risk rises as a result of significant negative free cash flow generation or if the company is unable to extend the maturities of its existing RCFs at its front-end operations," said Mr. Raab. =========== N O R W A Y =========== * NORWAY: Slips Into Recession, Statistics Norway Says ------------------------------------------------------ Norway slipped into a recession last week, The China Post reports citing the government agency Statistics Norway. According to the report, the agency said a 0.8 percent decline in gross domestic product in the fourth quarter was followed by a 1 percent decline in the first quarter. The report relates there was a marked decline in traditional exports, which include oil, of 4.7 percent in the first quarter from the previous quarter. Imports also fell 5.9 percent from the fourth to the first quarter, the report notes. =========== R U S S I A =========== LES-TEKH LLC: Creditors Must File Claims by July 7 -------------------------------------------------- The Arbitration Court of Tambovskaya commenced bankruptcy proceedings againstLLC Les-Tekh (Hydraulic Equipment) after finding the company insolvent. The case is docketed under Case No. ?64�1190/09. Creditors have until July 7, 2009, to submit proofs of claims to: O. Yershov Insolvency Manager Apt. 4 Building 1 B. Kornilova Str. 7 603106 Nizhny Novgorod Russia The Debtor can be reached at: LLC Les-Tekh Astrakhanskaya Str. 213 Tambov Russia LIDER STROY: Creditors Must File Claims by July 7 ------------------------------------------------- The Arbitration Court of Primorskiy commenced bankruptcy proceedings against LLC Lider Stroy (Construction) after finding the company insolvent. The case is docketed under Case No. ?51� 8711/08 45�133. Creditors have until July 7, 2009, to submit proofs of claims to: G. Koval Insolvency Manager Office 628 Aleutskaya Str. 45a Vladivostok Russia MOBILE TELESYSTEMS: Posts US GAAP Net Loss of US$57.7 Mln in 1Q09 ----------------------------------------------------------------- RIA Novosti reports Mobile TeleSystems OJSC posted a US GAAP net loss of US$57.7 million in the first quarter of 2009. According to the report, MTS President Mikhail Shamolin attributed the loss to recent dollar-ruble exchange rate fluctuations, which affected its dollar-denominated debt. The report relates the company saw its sales dropped 24% in January-March to US$1.809 billion, while operating profits fell 34.1% to US$464.2 million. Headquartered in Moscow, Russia, Mobile TeleSystems OJSC (MTS) -- http://www.mtsgsm.com/-- is a provider of mobile cellular communications services in Russia, Uzbekistan, Turkmenistan, Armenia and Ukraine. The Company had a subscriber base of 82 million (57.4 million in Russia, 20 million in Ukraine, 2.8 million in Uzbekistan, 0.4 million in Turkmenistan and 1.4 million in Armenia) at December 31, 2007. In addition to standard voice services, MTS offers its subscribers value-added services, including voice mail, short message service (SMS), general packet radio service (GPRS), and various SMS- and GPRS-based information and entertainment services (including multi-media message service. The Company also offers its subscribers the ability to roam automatically throughout Europe and in much of the rest of the world, and as of December 31, 2007, it had bilateral roaming agreements with 501 wireless operators in 201 countries. In February 2009, the Company acquired Narico Holdings Limited. * * * OJSC Mobile TeleSystems currently carries a 'BB+' long-term issuer default rating from Fitch Ratings with a negative outlook. MOBILE TELESYSTEMS: Eyes Acquisition of Up to 100% Comstar Stake ---------------------------------------------------------------- RIA Novosti reports Mobile TeleSystems OJSC has applied to the Russian Antimonopoly Service to buy up to 100% of Comstar United Telesystems, Moscow's largest multiservice communications operator. "In case of a successful closing of the acquisition deal, an integrated telecommunications operator in Russia and the CIS countries will be established, which will make it possible to speed up the development and distribution of communications services and broadband access in those markets in which MTS has a presence," the report quoted MTS as saying. The report relates the company said no decision had yet been made on the final size of the deal. Headquartered in Moscow, Russia, Mobile TeleSystems OJSC (MTS) -- http://www.mtsgsm.com/-- is a provider of mobile cellular communications services in Russia, Uzbekistan, Turkmenistan, Armenia and Ukraine. The Company had a subscriber base of 82 million (57.4 million in Russia, 20 million in Ukraine, 2.8 million in Uzbekistan, 0.4 million in Turkmenistan and 1.4 million in Armenia) at December 31, 2007. In addition to standard voice services, MTS offers its subscribers value-added services, including voice mail, short message service (SMS), general packet radio service (GPRS), and various SMS- and GPRS-based information and entertainment services (including multi-media message service. The Company also offers its subscribers the ability to roam automatically throughout Europe and in much of the rest of the world, and as of December 31, 2007, it had bilateral roaming agreements with 501 wireless operators in 201 countries. In February 2009, the Company acquired Narico Holdings Limited. * * * OJSC Mobile TeleSystems currently carries a 'BB+' long-term issuer default rating from Fitch Ratings with a negative outlook. SUDZHANSKIY AGRO-INDUSTRIAL: Creditors Must File Claims by July 10 ------------------------------------------------------------------ The Arbitration Court of Kurskaya commenced bankruptcy proceedings against LLC Sudzhanskiy Agro-Industrial Center of Grain Products (TIN 4623004924, PSRN 1024600782293) after finding the company insolvent. The case is docketed under Case No. ?35�6182/08 S-24. Creditors have until July 10, 2009, to submit proofs of claims to: R. Uvarova Insolvency Manager Progulochnaya Str. 3a 305021 Kursk Russia The Debtor can be reached at: LLC Sudzhanskiy Agro-Industrial Center of Grain Products Engels Str. 4 Sudzha 307800 Kurskaya Russia TOGUCHINSKIY BREWING: Creditors Must File Claims by July 7 ---------------------------------------------------------- The Arbitration Court of Novosibirskaya commenced bankruptcy proceedings against OJSC Toguchinskiy Brewing Winemaking Plant (PSRN 1025404578924) after finding the company insolvent. The case is docketed under Case No. ?45�16237/08�58/19. Creditors have until July 7, 2009, to submit proofs of claims to: S. Sartakov Insolvency Manager Post User Box 214 630005 Novosibirsk Russia Tel: 89137656888 The Debtor can be reached at: OJSC Toguchinskiy Brewing Winemaking Plant Gutovskaya Str. 4 Toguchi Novosibirskaya Russia ZEBLYAKI-LES-PROM LLC: Kostromskaya Bankruptcy Hearing Set July 2 ----------------------------------------------------------------- The Arbitration Court of Kostromskaya will convene at 9:00 a.m. on July 2, 2009, to hear bankruptcy proceedings on LLC Zeblyaki-Les- Prom (Lumbering). The case is docketed under Case No. ?31� 8873/2006. The Insolvency Manager is: I. Smolyaninov Building 2 Sredniy Kislovskiy Pereulok 3 125009 Moscow Russia The Debtor can be reached at: LLC Zeblyaki-Les-Prom Zeblyaki Sharyinskiy Kostromskaya Russia ===================== S W I T Z E R L A N D ===================== ALFRED WALSER: Claims Filing Deadline is June 30 ------------------------------------------------ Creditors of Alfred Walser GmbH are requested to file their proofs of claim by June 30, 2009, to: Senn Treuhand Diensbach 28e 8340 Hinwil Switzerland The company is currently undergoing liquidation in Hinwil. The decision about liquidation was accepted at a shareholders' meeting held on Jan. 12, 2009. ALTAWA AG: Creditors Have Until July 15 to File Proofs of Claim --------------------------------------------------------------- Creditors of Altawa AG are requested to file their proofs of claim by July 15, 2009, to: Altawa AG Dr. Christoph Straub Hanibueel 8 6301 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary general meeting held on March 25, 2009. MATHA TRANSPORT: Claims Filing Deadline is June 15 -------------------------------------------------- Creditors of matha transport GmbH are requested to file their proofs of claim by June 15, 2009, to: matha transport GmbH Stickereistrasse 3 8362 Balterswil Switzerland The company is currently undergoing liquidation in Bichelsee- Balterswil. The decision about liquidation was accepted at a shareholders' meeting held on April 3, 2009. PCM PROSPERITY: Creditors Must File Proofs of Claim by July 2 ------------------------------------------------------------- Creditors of PCM Prosperity Capital (CH) AG are requested to file their proofs of claim by July 2, 2009, to: Bellerive Financial Services AG Dufourstrasse 101 8008 Zurich Switzerland The company is currently undergoing liquidation in Zurich. The decision about liquidation was accepted at a general meeting held on March 6, 2009. TRE STELLE: Claims Filing Deadline is July 15 --------------------------------------------- Creditors of Tre Stelle Gourmetino AG are requested to file their proofs of claim by July 15, 2009, to: Tre Stelle Gourmetino AG Baarerstrasse 22 6300 Zug Switzerland The company is currently undergoing liquidation in Zug. The decision about liquidation was accepted at an extraordinary general meeting held on March 24, 2009. ============= U K R A I N E ============= GALSTRADE LTD: Creditors Must File Claims by June 6 --------------------------------------------------- Creditors of Joint Ukrainian and Russian Enterprise LLC Galstrade Ltd (code EDRPOU 20035236) have until June 6, 2009, to submit proofs of claim to: M. Mischishyn Insolvency Manager Office 427 Kozitsky str. 36 21100 Vinnitsa Ukraine The Economic Court of Vinnitsa commenced bankruptcy proceedings against the company on March 26, 2009. The case is docketed under Case No. 10/33-09. The Court is located at: The Economic Court of Vinnitsa Hmelnitsky Highway 7 21100 Vinnitsa Ukraine The Debtor can be reached at: Joint Ukrainian and Russian Enterprise LLC Galstrade Ltd Litvinenko Str. 12 Zhmerinka Vinnitsa Ukraine KHARECOVTORMA LLC: Creditors Must File Claims by June 6 ------------------------------------------------------- Creditors of LLC Kharecovtorma (code EDRPOU 31941368) have until June 6, 2009, to submit proofs of claim to: Pension Fund of Ukraine Department in Kominternovsky District of Kharkov Insolvency Manager Dizelnaya Str. 8 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company on March 26, 2009. The case is docketed under Case No. B-19/31-09. The Court is located at: The Economic Court of Kharkov Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: LLC Kharecovtorma Office 31 Startovaya Str. 3 61036 Kharkov Ukraine MAST LLC: Creditors Must File Claims by June 6 ---------------------------------------------- Creditors of LLC Mast (code EDRPOU 22409155) have until June 6, 2009, to submit proofs of claim to: Y. Onushkanich Insolvency Manager Office 3 Striy Str. 71b 79031 Lvov Ukraine The Economic Court of Lvov region commenced bankruptcy proceedings against the company on April 28, 2009. The case is docketed under Case No. 8/123. The Court is located at: The Economic Court of Lvov Lichakovskaya Str. 128 79010 Lvov Ukraine The Debtor can be reached at: LLC Mast Drogobich Str. 127 Stebnik Drogobich 82172 Lvov Ukraine NEW TECHNOLOGIES: Creditors Must File Claims by June 6 ------------------------------------------------------ Creditors of LLC New Technologies of Ukraine (code EDRPOU 32135209) have until June 6, 2009, to submit proofs of claim to: Pension Fund of Ukraine Department in Kominternovsky District of Kharkov Insolvency Manager Dizelnaya Str. 8 Kharkov Ukraine The Economic Court of Kharkovcommenced bankruptcy proceedings against the company on March 12, 2009. The case is docketed under Case No. B-19/08-09. The Court is located at: The Economic Court of Kharkov Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: LLC New Technologies of Ukraine Office 9 Nikitinsky Lane 31 61105 Kharkov Ukraine NIKPROMTECH LLC: Creditors Must File Claims by June 6 ----------------------------------------------------- Creditors of LLC Production and Commercial Firm Nikpromtech (code EDRPOU 34472850) have until June 6, 2009, to submit proofs of claim to: I. Zakharchenko Insolvency Manager Office 53 Oktiabrsky Avenue 325/4 54052 Nikolayev Ukraine The Economic Court of Nikolayev commenced bankruptcy proceedings against the company on April 23, 2009. The case is docketed under Case No. 2/60/09. The Court is located at: The Economic Court of Nikolayev Admiralskaya Street 22-a 54009 Nikolayev Ukraine The Debtor can be reached at: LLC Production and Commercial Firm Nikpromtech Kirov Str. 18 Meshkovo-Pogorelovo Zhovtneve Nikolayev Ukraine RITAM-V TRADING: Creditors Must File Claims by June 6 ----------------------------------------------------- Creditors of LLC Ritam-V Trading (code EDRPOU 31643553) have until June 6, 2009, to submit proofs of claim to: Pension Fund of Ukraine Department in Kominternovsky District of Kharkov Insolvency Manager Dizelnaya Str. 8 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company on April 13, 2009. The case is docketed under Case No. B-48/44-09. The Court is located at: The Economic Court of Kharkov Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: LLC Ritam-V Trading Office 117 Polevaya Str. 10 61001 Kharkov Ukraine UKRAINIAN MARINE: Creditors Must File Claims by June 6 ------------------------------------------------------ Creditors of LLC Ukrainian Marine Road (code EDRPOU 33729773) have until June 6, 2009, to submit proofs of claim to: O. Schebetko Insolvency Manager Office 41 Vishniakovskaya Str. 11 02140 Kiev Ukraine The Economic Court of Nikolayev commenced bankruptcy proceedings against the company on April 28, 2009. The case is docketed under Case No. 5/112/09. The Court is located at: The Economic Court of Nikolayev Admiralskaya Street 22-a 54009 Nikolayev Ukraine The Debtor can be reached at: LLC Ukrainian Marine Road Office 19 Lenin Avenue 101 54056 Nikolayev Ukraine VININTER-ZHMERINKA LTD: Creditors Must File Claims by June 6 ------------------------------------------------------------ Creditors of LLC Vininter-Zhmerinka Ltd (code EDRPOU 13326465) have until June 6, 2009, to submit proofs of claim to: M. Mischishyn Insolvency Manager Office 427 Kozitsky Str. 36 21100 Vinnitsa Ukraine The Economic Court of Vinnitsa commenced bankruptcy proceedings against the company on March 26, 2009. The case is docketed under Case No. 10/35-09. The Court is located at: The Economic Court of Vinnitsa Hmelnitsky Highway 7 21100 Vinnitsa Ukraine The Debtor can be reached at: LLC Vininter-Zhmerinka Ltd Kiev Str. 65 Zhmerinka Vinnitsa Ukraine =========================== U N I T E D K I N G D O M =========================== BLANE LEISURE: Notice of Claims Deadline is June 26 --------------------------------------------------- Blane Leisure Limited and JJB Sports Plc's creditors have until June 26, 2009, to file their voting and notice of claims to: Brian Green KPMG LLP St. James' Square Manchester M2 6DS For questions, call 0113 231 3075. COBRA: May Opt for CVA or Pre-Pack Administration as Losses Mount ----------------------------------------------------------------- Dominic Walsh at The Times reports that Cobra Beer Ltd. may enter into a company voluntary arrangement (CVA) or a pre-pack administration as losses soar. According to the report, negotiations over the sale of the British business have been complicated by mounting losses. The report relates the company posted underlying 2008 losses of GBP15.9 million and is forecasting losses for the next three years. The report says Lord Bilimoria, who is chairman, had been hoping to secure between GBP180 million and GBP200 million from selling the business, but the continuing losses, allied to the rapid decline of the British beer market over the past two years, has affected the price. Lord Bilimoria holds a 64 per cent stake in the group, the report discloses. The report recalls in November the group appointed Rothschild to find a buyer. The group, the report states, is understood to be close to agreeing the sale of the Cobra brand in the UK to a new joint venture controlled by Molson Coors. Cobra Beer -- http://www.cobrabeer.com/-- is a British beer company based in Fulham, south west London. JJB SPORTS: Notice of Claims Deadline is June 26 ------------------------------------------------ JJB Sports Plc and Blane Leisure Limited's creditors have until June 26, 2009, to file their voting and notice of claims to: Brian Green KPMG LLP St. James' Square Manchester M2 6DS For questions, call 0113 231 3075. KAUPTHING SINGER: Court to Hear Winding Up Petition Today --------------------------------------------------------- Following the meetings of creditors on May 19, 2009, a report was filed in the Isle of Man High Court on Friday, May 22, 2009, by Kaupthing Singer & Friedlander (Isle of Man) Ltd.'s Joint Liquidators Provisionally confirming that the Scheme of Arrangement, as proposed by the company and the Treasury of the Isle of Man, failed to be approved by two of the three meetings of classes of creditors. A significant number of creditors voted on the proposal, with Forms of Voting and Proxy received from around the world. The winding up petition will be heard in the Isle of Man High Court today, May 27, 2009. The Joint Liquidators Provisionally will support the making of a winding up order. It is anticipated the company will be placed into liquidation today. Following the hearing, and if a winding up order is granted, the Provisional Liquidators, as appointed, will focus on ensuring dividends are paid to creditors as soon as practicable. Proof of debt forms will be issued as quickly as possible to creditors to enable them to lodge their claims in the liquidation, with the aim of paying the first dividend within three months of the winding up order being granted. Michael Simpson of PricewaterhouseCoopers was appointed liquidator provisionally in relation to Kaupthing Singer and Friedlander (Isle of Man) Ltd as from October 9, 2008, following the presentation of a joint petition to wind up the company by directors of the company and the Isle of Man Financial Supervision Commission. Peter Spratt of PricewaterhouseCoopers LLP was appointed as joint liquidator provisionally of the company on November 20, 2008. KAUPTHING SINGER: Liquidation Recognized as Foreign Proceeding -------------------------------------------------------------- The provisional liquidation of Kaupthing Singer & Friedlander (Isle of Man) Limited, a financial intermediary, has been recognized as a foreign main proceeding by the High Court of the Isle of Man. The company's foreign representatives, Michael Simpson and Peter Spratt c/o Alison Tomb, can be reached at: PricewaterhouseCoopers LLP Plumtree Court London EC4A 4HT MODUS PROPERTIES: May Buy Back Assets From CIREF Under Rescue Deal ------------------------------------------------------------------ Simon Binns at Crain's Manchester Business reports that Modus Properties Limited may get to buy back its failing shopping centers even if the assets are taken over by CIREF Plc, a Jersey- based property fund. Crain's relates Peter Macfarlane, a director at Spectrum Investment Management, which was demerged from Modus last year, said the company may get the option to buy back stakes in the failed schemes once the market recovers as CIREF would not need to dispose of any Modus assets it takes on. Mr. Macfarlane, as cited by Crain's, said CIREF could afford to hold onto the assets until such time as Modus could raise the money for a buy-back. Citing Mr. Macfarlane, Crain's discloses Spectrum and Modus were in talks with banks and stakeholders over 15 "defensive assets" -- a mix of existing buildings and schemes that are yet to start -- which the company may look to refinance. In a May 22 report Crain's Manchester Business said CIREF is considering injecting new capital into Modus, which is trying to renegotiate a GBP250 million debt facility with HBOS, and becoming a joint venture partner in some of its shopping centers. The report stated a Modus spokesman said the plan was to split the company's development arm into three parts. According to the report, one would comprise the new joint venture with CIREF, whose assets would be managed by Modus and which could include the Grand Arcade in Wigan, which went into administration last week. The spokesman indicated that more of the 100 ring fenced companies under the Modus umbrella could go into administration if creditors were not willing to wait for payment, the report noted. Retail Week recalled in March Modus's development in Wakefield, Trinity Walk, was placed into administration. According to Crain's, administrator KPMG has already received a dozen offers for the partly-built Trinity Walk shopping center, 76 percent owned by CIREF, after contacting 119 potential buyers. The sale, Crain's says, is only expected to raise GBP7 million, compared with a book value of GBP62 million, and there is unlikely to be anything left for creditors. Crain's states administrators have warned that CIREF stands to lose GBP3.4 million on its investment in Trinity Walk. Modus Properties Limited -- http://www.modusproperties.co.uk/-- is a property developer based in Manchester. Modus properties works on a diverse range of schemes, retail developments, urban regeneration, homes, offices and shopping centers. OILEXCO INC: Sale of Oilexco North Sea Completed ------------------------------------------------ Oilexco Incorporated was advised by the Administrator for Oilexco North Sea Limited (ONSL) that the sale of ONSL, the discharge of the Administrative Order, and the implementation of the Company Voluntary Arrangement occurred at 10:00 a.m. GMT on Thursday, May 21, 2009. On January 7, 2009, Oilexco's wholly-owned subsidiary, Oilexco North Sea Limited ("ONSL"), was subject to an order from the UK court appointing Administrators. The assets held within ONSL comprised nearly all the assets held by the parent company, Oilexco Inc. On March 25, 2009, the Administrators announced that an agreement had been reached with an outside party to purchase ONSL. The Company is currently under a court order for protection under the Companies' Creditors Arrangement Act (Canada). About Oilexco Inc. Oilexco Incorporated -- http://www.oilexco.com/-- is an oil and gas exploration and production company headquartered in Calgary, Canada. Oilexco was founded in 1994, and trades on the TSX Venture Exchange and the London Stock Exchange. The Company's trading symbol for both exchanges is "OIL". Oilexco North Sea Limited filed for Chapter 15 on April 28, 2009 (Bankr. S.D. N.Y. Case No. 09-12641). Roy Bailey, Alan Robert Bloom, Colin Peter Dempster and Thomas Merchant, as joint administrators, filed the Chapter 15 petition. The petitioners are represented by Howard Seife, Esq., at Chadbourne & Parke LLP. ROYAL BANK: Defends Share Bonus Plan for Four Executives -------------------------------------------------------- Peter Taylor at Telegraph.co.uk reports that Royal Bank of Scotland Group plc has defended a move to hand four senior executive share bonuses worth almost GBP5 million. According to the report, RBS said the move is necessary to the bank's recovery plan. The bank, the report discloses, is to offer nearly 12m shares to staff under an incentive-based awards scheme. The report says Ellen Alemany, the head of the bank's American business, could receive 5.9m shares -� worth GBP2.4 million on current prices, while Alan Dickinson and Chris Sullivan, corporate banking executives, and Ron Teerlink, the bank's chief administration officer, could receive almost 2m shares each. Citing an RBS spokesman, the report states the potential reward for executives under the scheme depended on their success in delivering the bank's restructuring plan over the next three-to-five years. "Nothing will be paid until and unless performance criteria are achieved and awards are subject to 'claw back'," the report quoted the spokesman as saying. BBC recalls RBS is 70% owned by the government, after risky investing and lending by the previous management brought it close to collapse and required a public bail-out. BBC recounts the former bonus culture at RBS, and in other banks, has been heavily criticized for being excessive while creating incentives for executives to take reckless risks, leading to the giant losses. In 2008 RBS made a loss of more than GBP24 billion, BBC notes. BBC relates an RBS spokesman said those receiving the bonuses were not those responsible for the huge RBS losses and said they have not had a bonus this year. 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. ROYAL BANK: Appoints Sandy Crombie as Senior Independent Director ----------------------------------------------------------------- Mark Kleinman at Telegraph.co.uk reports that Sir Sandy Crombie, the chief executive of Standard Life, is to join the board of Royal Bank of Scotland Group plc in July as senior independent director. According to the report, Mr. Crombie, 60, will be charged with leading a dialogue between RBS and its leading shareholders. The report says as a senior member of the board, he will also be involved in finalizing the details of RBS's participation in the Treasury's asset protection scheme, into which it has indicated it will place GBP325 billion of toxic loans. 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. SPORT MEDIA: UK Unit Bought by UTV Media ---------------------------------------- BBC News reports that UTV Media plc has acquired Sport, the UK's largest weekly sport magazine, for an undisclosed amount. The magazine, the report says, will be re-launched in June. The 21 staff currently working for the magazine will move into talkSPORT's London offices, the report discloses. The report recalls the magazine's French-based parent group, Sport Media & Strategie, went into administration in April. ********* 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 * * *