/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070111.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, January 11, 2007, Vol. 8, No. 8 Headlines A U S T R I A AGROPEX LLC: Creditors' Meeting Slated for January 18 EAV ELEKTRO: Vienna Court Orders Business Shutdown EXOCA-BAU: Property Manager Declares Insufficient Assets FUTURA BAU: Graz Court Orders Business Shutdown HDN BAUTRAGER: Creditors' Meeting Slated for January 23 HERBERT SOMMER: Vienna Court Orders Business Closure HONEGGER-OESTERREICHISCHE: Creditors' Meeting Slated for Jan. 17 LEITNER BAUPROJEKT: Creditors' Meeting Slated for January 22 RINNER MEDIA: Creditors' Meeting Slated for January 19 STB BAU: Creditors' Meeting Slated for January 23 B E L G I U M GOODYEAR TIRE: Workers' Strike to Result in US$350 Million Loss D E N M A R K TDC A/S: Kim Frimer Resigns as TDC Totallosninger CEO F R A N C E ALCATEL-LUCENT: Names Sphinx as U.K. Voice Distributor PERNOD RICARD: Will Likely Acquire Swedish V&S, JPMorgan Says G E R M A N Y ALACHER GERUESTBAUGESELLSCHAFT: Claims Registration Ends Jan. 25 BAUEN+WOHNEN: Claims Registration Ends January 19 BAYERISCHE HYPO: Sells Bank Austria Creditanstalt to UniCredit BKS WOHNBAU: Claims Registration Ends January 19 CACE SYSTEMHAUS: Claims Registration Ends January 22 DAMS GMBH: Claims Registration Ends January 18 EOB EISENSCHUTZ: Claims Registration Ends January 22 ERBSTOESSER SICHERHEITSTECHNIK: Claims Registration Ends Jan. 20 GOURMETMENUE GMBH: Claims Registration Ends January 18 GROHE HOLDING: Moody's Rates Proposed EUR800-Mln Notes at (P)B2 KOHA- KONSERVENHANDELS: Creditors' Meeting Slated for Jan. 22 KONZEPTA GRUNDSTUECKS: Creditors' Meeting Slated for January 22 LANDSCHLACHTEREI PIEPER: Claims Registration Ends January 19 MASECO MEDIA: Creditors' Meeting Slated for January 22 NOFA NORDDEUTSCHE: Claims Registration Ends January 19 VOLKSWAGEN AG: U.S. Brand Rely on New Models to Increase Sales H U N G A R Y TDC A/S: Hungarian Unit Acquires Invitel for EUR470 Million * Number of Insolvent Companies Rising in Hungary, Coface Says I T A L Y ALITALIA SPA: FIT-CISL Union Ready to Ink Deal with New Owner SBARRO INC: Launches Tender Offer for 11% US$255MM Senior Notes SBARRO INC: Moody's Junks Proposed US$150-Mln Sr. Unsec. Notes K A Z A K H S T A N ALL-STATES PROPERTIES: Creditors' Claims Due February 21 ARAI LLP: Creditors Must File Claims by February 14 EUROPROFILE LLP: Claims Filing Period Ends February 15 FINIMPEX LLP: Proof of Claim Deadline Slated for February 15 JANASTROY LLP: Court Opens Bankruptcy Proceedings KAZSTROYTRANSGAS JSC: Jambyl Court Starts Bankruptcy Procedure KOTLOGASSTANDART LLP: Claims Registration Ends February 21 SIBPROMTECHMET-2 LLP: Claims Filing Period Ends February 15 TELECOMSTROYENGINEERING LLP: Creditors' Claims Due February 21 TRINITY PROJECTS: Proof of Claim Deadline Slated for February 15 TURANALEM FINANCE: Fitch Rates Upcoming Eurobond Issue at BB+ K Y R G Y Z S T A N KUBANYCH JSC: Creditors' Claims Due February 20 KYRGYZ TRUST: Claims Filing Period Ends February 20 N E T H E R L A N D S KONINKLIJKE AHOLD: Albert Heijn B.V. Unit Sells 10 Stores R U S S I A BOGORODSKIYE SAUSAGES: Bankruptcy Hearing Slated for March 27 BULZINSKOYE OJSC: Bankruptcy Hearing Slated for April 17 FERTILITY OJSC: Tula Court Names A. Popov as Insolvency Manager GLAZOV-AGRO-SNAB OJSC: Court Starts Bankruptcy Supervision KUBANSKAYA TEA: Court Names A. Shepin as Insolvency Manager LIQUEUR-VODKA DISTILLERY OJSC: S. Sokolovskiy to Manage Assets MEAT COMBINE-GOTNYA: Court Names K. Yakovlev to Manage Assets OIL-KHIM-SERVICE LLC: Court Names D. Krutov to Manage Assets PENZENSKIY FACTORY: Court Names M. Presnyakova to Manage Assets PERVOMAYSKOYE CJSC: Court Names R. Akhmetov to Manage Assets RIF-INVEST-PUT' OJSC: Names A. Ovchinnikov to Manage Assets TUYMAZINSKIY ELEVATOR: Court Starts External Bankruptcy Process VOLMANGA-WOOD OJSC: Kirov Bankruptcy Hearing Slated for March 28 WHEAT KHOMUTOVSKAYA: Court Names S. Bykov as Insolvency Manager S W I T Z E R L A N D ANDREAS STEGER: St. Gallen Court Starts Bankruptcy Proceedings DOLORMAT 2000: Thurgau Court Suspends Bankruptcy Proceedings EURO MUZIK: Olten Court Closes Bankruptcy Proceedings FLORIADE LLC: Olten Court Closes Bankruptcy Proceedings GOLDSTEIN ROSENBERG: Court Suspends Bankruptcy Proceedings H+S BAU: St. Gallen Court Suspends Bankruptcy Proceedings OBERHAMMER & PARTNER: Court Starts Bankruptcy Proceedings SO CHIC: Thurgau Court Suspends Bankruptcy Proceedings SOLO-STEIN: Solothurn Court Closes Bankruptcy Proceedings SPM PROJEKTMANAGEMENT: Court Starts Bankruptcy Proceedings U K R A I N E ANGELINA LLC: Creditors Must Submit Claims by January 24 DNIEPR CURRENT-ELECTRODE: Claims Filing Deadline Set January 24 GISKON-TRADE: Deadline for Submission of Claims Set January 24 SAVINSKIY CJSC: Deadline for Submission of Claims Set January 24 SILVER TOWER: Creditors Must Submit Claims by January 24 SILTECH LLC: Deadline for Submission of Claims Set January 24 UKRMASHIMPEX CJSC: Creditors Must Submit Claims by January 24 U N I T E D K I N G D O M ADVANCED MARKETING: Court Grants Interim Access to DIP Financing ADVANCED MARKETING: Gets Interim Access to Use Cash Collateral ADVANCED MARKETING: 20 Largest Unsecured Creditors AMERICAN CAMSHAFT: High Steel Costs Prompt Bankruptcy Filing AMERICAN CAMSHAFT: Case Summary & 59 Largest Unsecured Creditors BAYERISCHE HYPO: Sells Bank Austria Creditanstalt to UniCredit BRITISH AIRWAYS: Proposed Pension Plan Cues S&P's Watch Positive C.F. JAMES: Liquidator Calls On Creditors to Submit Claims CHEQUERS U.K.: Appoints Leonard Curtis as Liquidator COLLINS & AIKMAN: Can Enter Into New Cananwill Financing Deals COLLINS & AIKMAN: Wants Exclusive Period Extended Through May 14 COMPUTFORCE LIMITED: Creditors Confirm Liquidators' Appointment CONNECTIVITY SOLUTIONS: Names Kevin John Hellard as Liquidator CONTEXT GB: Appoints Liquidator to Wind-Up Business CONTRACTULE LIMITED: Taps Simon Thornton Liquidate Assets COOPERS PLANT: Creditors Confirm Liquidator's Appointment CORE TECHNICAL: Nominates Timothy Hargreaves as Liquidator CRANE ELEGANCE: Creditors Confirm Voluntary Liquidation CSM BUILDING: Appoints Joint Liquidators from Gerald Edelman D & R FINISHERS: Taps Lloyd Biscoe to Liquidate Assets D J CONVEYOR: Creditors' Claims Due March 4 D REALISATIONS: Brings In Liquidators from Begbies Traynor DALE ROBERTS: Hires Tim Heaselgrave to Liquidate Assets DB EXPRESS: Appoints J. N. Bleazard as Liquidator DODSWORTH YORK: Taps Liquidator from David Horner & Co. DOTCOM BUILDING: Creditors Ratify Liquidator's Appointment EASY-123 LIMITED: Joint Liquidators Take Over Operations EASYPAY ORGANIA: Claims Filing Period Ends January 24 EDEN CHILLED: Claims Filing Period Ends February 20 ENESCO GROUP: Bank Lenders Limit Credit Facility Advances GENERAL MOTORS: Eyes More Job Cuts and Overseas Expansion GENERAL MOTORS: GM Europe to Report Profit in 2006 KINGFISHER SWIMMING: Names Melvyn Rose as Administrator ON ASSIGNMENT: Buys Oxford Global for US$200 Million OVERALL INTERNATIONAL: Taps Grant Thornton as Administrators PENNY POT: Brings In Begbies Traynor to Administer Assets PLANET 21: A. J. Clark Leads Liquidation Procedure POOLE POTTERY: Menzies Selling Contemporary Art Pottery Maker PROPEX INC: S&P Cuts Rating to B- on Highly Leveraged Profile ROYAL & SUN: Terminates U.S. Registration of Shares SOLUTIA INC: Includes Final Deal with JPMorgan in Amended Plan STARTRITE DESIGNS: Menzies Selling Engineering Design Firm SYSTEMS CONSTRUCTION: Hires Liquidator from DTE Leonard Curtis WEBBS AMUSEMENTS: Calls In Liquidator from Valentine & Co. WEST YORKSHIRE: Taps Liquidators from PKF U.K. LLP * AlixPartners Names 12 New Managing Directors * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= AGROPEX LLC: Creditors' Meeting Slated for January 18 ----------------------------------------------------- Creditors owed money by LLC Agropex (FN 142177i) are encouraged to attend the creditors' meeting at 9:40 a.m. on Jan. 18 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Land Court of Feldkirch Hall 45 1st Floor Feldkirch, Austria Headquartered in Hoersching, Austria, the Debtor declared bankruptcy on Nov. 23, 2006 (Bankr. Case No. 13 S 55/06b). Bernhard Kessler serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Dr. Bernhard Kessler Marktplatz 12 6850 Dornbirn, Austria Tel: 05572/26637 Fax: 05572/26677 E-mail: bernhard.kessler@inode.at EAV ELEKTRO: Vienna Court Orders Business Shutdown -------------------------------------------------- The Trade Court of Vienna entered Nov. 22, 2006, an order shutting down the business of LLC EAV Elektro-Anlagen- Installationen (FN 263521g). Court-appointed property manager Astrid A. Haider recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The property manager can be reached at: Mag. Astrid A. Haider c/o Dr. Ute Toifl Tuchlauben 12/20 1010 Vienna, Austria Tel: 0222/535 46 11 E-mail: haider@thr.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 15, 2006 (Bankr. Case No. 2 S 160/06a). Ute Toifl represents Mag. Haider in the bankruptcy proceedings. EXOCA-BAU: Property Manager Declares Insufficient Assets -------------------------------------------------------- Dr. Walter Kainz, the court-appointed property manager for LLC Exoca-Bau (FN 106822t), declared Nov. 22, 2006, that the Debtor's property is insufficient to cover creditors' claim. The Trade Court of Vienna is yet to rule on the property manager's claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on July 10, 2006 (Bankr. Case No. 2 S 114/06m). Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings. The property manager and his representative can be reached at: Dr. Walter Kainz c/o Dr. Eva Wexberg Gusshausstrasse 23 1040 Vienna, Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: mailto:kanzlei@kainz-wexberg.at FUTURA BAU: Graz Court Orders Business Shutdown ----------------------------------------------- The Land Court of Graz entered Nov. 22, 2006, an order shutting down the business of LLC Futura Bau (FN 262361a). Court-appointed property manager Michael Pacher recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The property manager can be reached at: Dr. Michael Pacher Kaiserfeldgasse 1/2 2nd Floor 8010 Graz, Austria Tel: 0316/829073 Fax: 0316/829073-73 E-mail: rechtsanwaelte@pacherundpartner.at Headquartered in Graz - Liebenau, Austria, the Debtor declared bankruptcy on Nov. 20, 2006 (Bankr. Case No. 25 S 105/06p). HDN BAUTRAGER: Creditors' Meeting Slated for January 23 ------------------------------------------------------- Creditors owed money by LLC HDN Bautrager (FN 106543g) are encouraged to attend the creditors' meeting at 9:00 a.m. on Jan. 23 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Trade Court of Vienna Room 1606 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 22, 2006 (Bankr. Case No. 4 S 164/06d). Romana Weber- Wilfert serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Dr. Romana Weber-Wilfert Esslinggasse 9 1010 Vienna, Austria Tel: 533 24 55 Fax: 533 24 55-24 E-mail: office@weber-wilfert.at HERBERT SOMMER: Vienna Court Orders Business Closure ---------------------------------------------------- The Trade Court of Vienna entered Nov. 22, 2006, an order closing the business of LLC Herbert Sommer Gastronomiebetrieb (FN 190234g). Court-appointed property manager Andrea Simma recommended the business closure after determining that the continuing operations would reduce the value of the estate. The property manager can be reached at: Dr. Andrea Simma c/o Guenther Hoedl Schulerstrasse 18 1010 Vienna, Austria Tel: 513 67 03 Fax: 513 67 03 33 E-mail: RA_Simma@aon.at Hoedl@anwaltsteam.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Sept. 22, 2006 (Bankr. Case No. 6 S 85/06a). Guenther Hoedl represents Dr. Simma in the bankruptcy proceedings. HONEGGER-OESTERREICHISCHE: Creditors' Meeting Slated for Jan. 17 ---------------------------------------------------------------- Creditors owed money by LLC Honegger-Oesterreichische Kratzenfabrik (FN 33628d) are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 17 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Land Court of Krems an der Donau Hall A 2nd Floor Krems an der Donau, Austria Headquartered in Krems an der Donau, Austria, the Debtor declared bankruptcy on Nov. 23, 2006 (Bankr. Case No. 9 S 61/06b). Hannes Hirtzberger serves as the court-appointed property manager of the bankrupt estate. The property manager can be reached at: Dr. Hannes Hirtzberger Ringstrasse 50 3500 Krems, Austria Tel: 02732/81393 Fax: 02732/81393-85 E-mail: office@advoc.co.at LEITNER BAUPROJEKT: Creditors' Meeting Slated for January 22 ------------------------------------------------------------ Creditors owed money by LLC Leitner Bauprojekt (FN 279432f) are encouraged to attend the creditors' meeting at 10:15 a.m. on Jan. 22 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Trade Court of Vienna Room 1705 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 23, 2006 (Bankr. Case No. 3 S 156/06w). Helmut Platzgummer serves as the court-appointed property manager of the bankrupt estate. Wolfgang Leitner represents Dr. Platzgummer in the bankruptcy proceedings. The property manager and his representative can be reached at: Dr. Helmut Platzgummer c/o Dr. Wolfgang Leitner Kohlmarkt 14 1010 Vienna, Austria Tel: 533 19 39 Fax: 533 19 39-39 E-mail: helmut.platzgummer@lp-law.at RINNER MEDIA: Creditors' Meeting Slated for January 19 ------------------------------------------------------ Creditors owed money by LLC rinner media & marketing (FN 257808f) are encouraged to attend the creditors' meeting at 9:30 a.m. on Jan. 19 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Land Court of Innsbruck Hall 214 2nd Floor New Building Maximilianstrasse 4 6020 Innsbruck, Austria Headquartered in Ehenbichl, Austria, the Debtor declared bankruptcy on Nov. 23, 2006 (Bankr. Case No. 9 S 31/06t). Wilfried Leys serves as the court-appointed property manager of the bankrupt estate. Walter Lenfeld represents Dr. Leys in the bankruptcy proceedings. The property manager and his representative can be reached at: Dr. Wilfried Leys c/o Dr. Walter Lenfeld Malser Road 49 a 6500 Landeck, Austria Tel: 05442/63029 Fax: 05442/6302914 E-mail: RA-LL@aon.at STB BAU: Creditors' Meeting Slated for January 23 ------------------------------------------------- Creditors owed money by LLC STB Bau und Transporte (FN 264839w) are encouraged to attend the creditors' meeting at 1:45 p.m. on Jan. 23 to consider the adoption of the rule by revision and accountability. The creditors' meeting will be held at: The Trade Court of Vienna Room 1701 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Nov. 22, 2006 (Bankr. Case No. 6 S 117/06g). Leopold Riess serves as the court-appointed property manager of the bankrupt estate. Nikolaus Vogt represents Dr. Riess in the bankruptcy proceedings. The property manager and his representative can be reached at: Dr. Leopold Riess c/o Mag. Nikolaus Vogt Zeltgasse 3/12 1080 Vienna, Austria Tel: 402 57 01 Fax: 402 57 01 21 E-mail: law@riess.co.at nikolaus.vogt@riess.co.at ============= B E L G I U M ============= GOODYEAR TIRE: Workers' Strike to Result in US$350 Million Loss --------------------------------------------------------------- The Goodyear Tire & Rubber Co. disclosed that a recent strike at 12 of its U.S. tire factories would result in a loss of at least US$350 million, BBC News reports. About 15,000 workers refused to work for two months, protesting threats to jobs and health benefits. The dispute, which may have cost the company up to US$35 million a week in lost production and sales, was settled in early January, states BBC. However, Goodyear's shares rose by 1% after the company revealed that it expects to save US$610 million in the wake of new worker contracts, BBC relates. "We recognize that there were short-term negatives from the strike," said Goodyear CEO Robert Keegan. "However, on balance, the improvements in our system far outweigh those negatives." According to the report, the company will set up a fund to pay for healthcare for retired staff under the deal agreed by unions earlier this month, but will probably close a plant in Texas by 2008. Goodyear warned that the full financial brunt of the strike will be reflected in its fourth quarter results due to be published in February. Experts predict a substantial loss for the three- month period, BBC reports. Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. Goodyear Tire has marketing operations in almost every country around the world including Chile, Colombia, Guatemala and Peru in Latin America. Goodyear employs more than 80,000 people worldwide. The company's European operations is headquartered in Belgium. * * * As reported in the Troubled Company Reporter-Europe on Jan. 9, Fitch Ratings affirmed its ratings on Goodyear Tire & Rubber Co. and removed them from Rating Watch Negative where they were placed on Oct. 18, 2006, when the company announced a US$975 million drawdown of its bank revolver. Goodyear's debt and recovery ratings are: -- Issuer Default Rating B; -- US$1.5 billion first lien credit facility BB/RR1; -- US$1.2 billion second lien term loan BB/RR1; -- US$300 million third lien term loan B/RR4; -- US$650 million third lien senior secured notes B/RR4; and -- Senior unsecured debt CCC+/RR6. Goodyear Dunlop Tires Europe B.V. -- EUR505 million European secured credit facilities BB/RR1. The Rating Outlook is Negative. ============= D E N M A R K ============= TDC A/S: Kim Frimer Resigns as TDC Totallosninger CEO ----------------------------------------------------- Kim Frimer, a member of the executive committee of TDC A/S and the chief executive officer of TDC Totallosninger A/S, a subsidiary of TDC A/S, resigned by mutual agreement with TDC from both positions effective this week. As a result, a simplified organizational structure of TDC Totallosninger will be implemented. President and CEO of TDC A/S, Jens Alder, will serve as the CEO of TDC Totallosninger A/S in an interim period of time in addition to his current positions. In addition, Mr. Alder will serve as the CEO of TDC Solutions in an interim period of time. Consequently, TDC Solutions' top management will, in addition to Jens Alder, consist of: * Gert Rieder (residential market and installation), * Klaus Pedersen (business market and TDC Song in the Nordic region), * Dan Sorensson (network and wholesale), and * Jesper Helmuth Larsen (finance, processes and staff). About TDC Solutions TDC Solutions provides communications services in Denmark and the Nordic countries. Its activities include landline telephony services, convergence products, and data communications and Internet services, including broadband solutions, security and hosting services, leased lines, sale of terminals and installation. About TDC A/S Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.dk/-- through its subsidiaries and affiliates, provides communication solutions in Europe. It provides communication services in Denmark and Switzerland, and has a significant presence in selected Northern and Central European telecommunication markets. It operates through five business lines. * * * As reported in the TCR-Europe on May 11, Fitch affirmed TDC A/S's Issuer Default Rating at BB- with Stable Outlook and senior secured bank facilities at BB+. The various notes issued under TDC's EMTN program are affirmed at BB-. EMTN bonds rated BB-: -- DEM 5.0% notes due 2008; -- JPY 1.28% notes due 2008; -- EUR 5.625% notes due 2009; and -- EUR 6.5% notes due 2012. =========== F R A N C E =========== ALCATEL-LUCENT: Names Sphinx as U.K. Voice Distributor ------------------------------------------------------ Alcatel-Lucent expanded its U.K. channel coverage with the signing of a distribution deal with Sphinx, one of the U.K.'s foremost independent distributors. This deal forms a central part of Alcatel-Lucent's new strategy to significantly extend its U.K. channels coverage through the recruitment of leading channel partners. Sphinx will distribute Alcatel-Lucent's enterprise voice solutions to its own data resellers and also to new and existing Alcatel-Lucent voice resellers with an ultimate goal of providing end users in the U.K. with a viable alternative for voice and data infrastructure solutions. While offering a full portfolio of complementary IT products, Sphinx will not carry any competitive products to Alcatel- Lucent's enterprise voice solutions. This focus will enable Sphinx to deliver superior marketing initiatives, training programs, and technical support, all of which will help resellers to improve their enterprise offerings and boost their revenues. A dedicated team has also been set up within Sphinx to assist Alcatel-Lucent resellers with business development activities as well as with pre- and post-sales technical support. By supplying Alcatel-Lucent's complete portfolio of enterprise IP telephony solutions -- including the Alcatel-Lucent OmniPCX Enterprise, designed for large enterprises, and the Alcatel- Lucent OmniPCX Office, optimized for small-to-medium sized businesses -- Sphinx is intent on offering customers the ability to choose the solutions from the marketplace that best fit their needs. Sphinx will also offer Alcatel-Lucent's range of contact center solutions and unified communication applications. "We are very enthusiastic about the signing of this agreement with Sphinx," said Graeme Allan, for Alcatel-Lucent enterprise activities in U.K. and Ireland. "It is a highly strategic move for the new Alcatel-Lucent in the U.K.; the current U.K. IP telephony market is widely predicted to grow, so it's vital we have a distribution partner that is focused on helping resellers deliver solutions that provide true value and choice to end users while closing more deals. Sphinx's commitment to Alcatel- Lucent as its sole voice vendor is key to the expansion of our U.K. channel operations. While multi-vendor distributors have little or no incentive to promote competing solutions to the same reseller, Sphinx has no split loyalties, and will champion Alcatel-Lucent solutions to all voice resellers." "Convergence is having a wholesale affect on the way the channel operates; businesses are looking to integrate IT, voice and data systems onto a single network so it's crucial that resellers expand their expertise," said Mark Hatton, managing director, Sphinx. "We spent a considerable time looking at the best way to enter the IP telephony market and are delighted to be working with Alcatel-Lucent, one of the global leaders. By adding Alcatel-Lucent voice solutions to our security and networking product portfolio, our resellers now have access to a range of best-of-breed solutions that meets all the technology needs of today's enterprise." About Sphinx Sphinx provides technology products from market leaders and innovators in the converging areas of Security, Networking and Telecoms. These products are supported and complemented by a substantial range of value added services which assist Reseller partners to successfully develop appropriate, cost-effective technology solutions, right for their market and their customers. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide, to deliver voice, data and video communication services to end users. With 79,000 employees and operations in more than 130 countries, including Brazil, Alcatel-Lucent is a local partner with global reach. Through its operations in fixed, mobile and converged broadband networking, Internet protocol (IP) technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable communications services for people at home, at work and on the move. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As reported on Dec. 14, 2006, following the completion of Alcatel S.A.'s merger with Lucent Technologies Inc., at which time Alcatel was renamed Alcatel-Lucent, Fitch Ratings downgraded and removed Alcatel from Rating Watch Negative: -- Issuer Default Rating to BB from BBB-; and -- Senior unsecured debt to BB from BBB-. Alcatel's F3 short-term rating has also been withdrawn. The Rating Outlook for Alcatel-Lucent is Stable. Fitch has also withdrawn the following Lucent ratings due to the lack of clarity regarding Alcatel's support and, therefore, expected recovery of these securities in a distressed scenario: -- Issuer Default Rating BB-; -- Senior unsecured debt BB-; -- Convertible subordinated debt B; and -- Convertible trust preferred securities B. Moody's Investors Service downgraded to Ba2 from Ba1 the Corporate Family Rating of Alcatel S.A., which has completed its merger with Lucent Technologies Inc. and was renamed to Alcatel- Lucent. The ratings for senior debt of Alcatel were equally lowered to Ba2 from Ba1 and its Not-Prime rating for short-term debt was affirmed. At the same time, Moody's raised the ratings for senior debt of Lucent to Ba3 from B1 reflecting both the standalone credit profile of Lucent and, given the strategic importance of Lucent to round-off the group's product range and regional presence, expected financial support from Alcatel-Lucent, although this is not formally committed at this time. The ratings for the other legacy debt of Lucent were raised to B2 from B3 for subordinated debt and trust preferreds, and to P(B3) from P(Caa1) for preferred stock issuable under its shelf registration. Moody's has withdrawn Lucent's Corporate Family Rating of B1, assuming that management of the two entities will be fully integrated over the next several months and all of Lucent's non- US activities merged with their Alcatel counterparts. This should result in a rapid convergence of the credit risks of the affected companies. The outlook for all these ratings is stable. This rating action concludes the rating reviews initiated on April 3, 2006. Standard & Poor's, on Dec. 6, 2006, said that following news that the merger between French telecoms equipment supplier Alcatel and U.S. peer Lucent Technologies Inc. has received final approval from the U.S. Committee on Foreign Investments, it has lowered its long-term corporate credit and senior unsecured debt ratings on Alcatel -- now named Alcatel-Lucent -- to 'BB-' from 'BB', in line with its preliminary indication in its Nov. 7, 2006, research update. The 'B' short-term corporate credit rating on Alcatel-Lucent was affirmed. S&P said the outlook is positive. PERNOD RICARD: Will Likely Acquire Swedish V&S, JPMorgan Says ------------------------------------------------------------- French liquor company Pernod Ricard S.A. and its U.S.-based rival Fortune Brands Inc. are the most probable buyers of Absolut vodka maker V&S Vin & Spirit AB, Bloomberg News reports citing JPMorgan Chase & Co. However, according to Simon Hales, an analyst at JPMorgan in London, Fortune may be able to offer more because it distributes V&S brands in the U.S. and wouldn't have to pay fees to exit other distribution goods. The sale of the Swedish government-owned beverage maker may be valued as much as EUR4.6 billion (US$6 billion), Mr. Hales said. He noted that V&S will likely be sold to a competitor rather than through a stock flotation, Bloomberg relates. Mr. Hales added that the acquisition of V&S would fill a gap in Pernod's range of brands by adding premium vodka in its offering. Both companies declined to comment on the report. About Pernod Ricard Headquartered in Paris, France, Pernod Ricard -- http://www.pernod-ricard.com/-- produces and distributes spirits and wines. The Company operates in Europe, North America, Central and South America, and the Asia-Pacific region. Nearly 90% of the Company's sales are generated outside France. Pernod Ricard has seven principal sectors: Whiskies, Anise Drinks, Liqueurs, Cognacs & Brandies, White Spirits & Rums, Bitters and Wines. Pernod Ricard has a decentralized structure that is divided between brand owner subsidiaries, such as Ricard, Irish Distillers and Chivas Brothers, which produce and develop marketing strategies for the brands, and regional distribution subsidiaries, such as Pernod Ricard Europe, which implement marketing strategies and distribute local brands. The Company's key brands include Ricard, Havana Club, Stolichnaya, Martell, Malibu, Chivas Regal, Jameson and Jacobs Creek. In 2005 Pernod Ricard acquired Allied Domecq. * * * As reported in the TCR-Europe on Nov. 21, 2006, Standard & Poor's Ratings Services raised its long-term corporate credit and senior unsecured debt ratings on French spirits manufacturer and marketer Pernod Ricard S.A. to 'BB+' from 'BB' following quicker-than-expected integration of acquired businesses and improved profitability prospects. At the same time, the 'B' short-term corporate credit rating was affirmed. S&P said the outlook is stable. ============= G E R M A N Y ============= ALACHER GERUESTBAUGESELLSCHAFT: Claims Registration Ends Jan. 25 ---------------------------------------------------------------- Creditors of Alacher Geruestbaugesellschaft mbH i.L. have until Jan. 25 to register their claims with court-appointed provisional administrator Dieter Rasehorn. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on Feb. 15, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Erfurt Hall 15 Judicial Center Rudolfstr. 46 99092 Erfurt, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Erfurt opened bankruptcy proceedings against Alacher Geruestbaugesellschaft mbH i.L. on Nov. 13, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Alacher Geruestbaugesellschaft mbH i.L. Attn: Steffen Kahne, Liquidator Salomonsborner Road 1 99100 Alach, Germany The administrator can be contacted at: Dieter Rasehorn Muehlweg 16 06108 Halle, Germany BAUEN+WOHNEN: Claims Registration Ends January 19 ------------------------------------------------- Creditors of Bauen+Wohnen GmbH have until Jan. 19 to register their claims with court-appointed provisional administrator Tim Brauer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on Feb. 12, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Worms Hall 320 Worms, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Worms opened bankruptcy proceedings against Bauen+Wohnen GmbH on Nov. 23, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bauen+Wohnen GmbH Attn: Andreas Bumb, Manager Weinsheimer Str. 79 67547 Worms, Germany The administrator can be contacted at: Tim Brauer Alzeyer Road 31 67549 Worms, Germany Tel: 06241/9106-0 Fax: 06241/910610 BAYERISCHE HYPO: Sells Bank Austria Creditanstalt to UniCredit -------------------------------------------------------------- The Management Board of Bayerische Hypo-und Vereinsbank AG agreed to transfer its 77.53% shareholding in its Austrian subsidiary, Bank Austria Creditanstalt, to UniCredito Italiano S.p.A. at a price of EUR109.81 per share, which is equivalent to a total cash consideration of around EUR12.5 billion. The Management Board also approved the execution of the sale of HVB's 100% shareholding in HVB Latvia to BA-CA for a cash consideration of EUR35 million, plus the capital increase of HVB Bank Latvia of around EUR40 million subscribed by HVB in August 2006. In addition, the Management Board established that the actions for rescission served on the parties do not militate against execution of these transactions, which represents an essential prerequisite for implementation thereof: -- the sale of the 70.26% shareholding in International Moscow Bank (IMB) plus the options on a further 4.81% of IMB to BA-CA at a total purchase price of EUR1;015 million in cash; -- the sale of the 100% shareholding in HVB Bank Ukraine to UniCredit against payment of EUR83 million in cash; and -- the sale of assets and liabilities of its branches in Estonia and Lithuania to HVB Bank Latvia at a purchase price of EUR1 million and EUR9 million, respectively, plus the difference between the accounting value of the assets transferred and liabilities assumed. The sale of BA-CA to UniCredit and the sale of HVB Latvia to BA- CA have already been approved by the public authorities responsible. In particular, the execution of the remaining transactions still needs to be officially authorized; the approvals in question are expected in due course. About HVB Headquartered in Munich, Germany, Bayerische Hypo-und Vereinsbank AG (HVB) -- http://www.hypovereinsbank.de/-- offers a large portfolio of banking and financial products to both corporate and private customers. Its services include consumer banking, personal, mortgage and business loans, brokerage services, portfolio and asset management, securities transactions and real estate financing. The HVB Group also includes Bank Austria Creditanstalt AG, which offers a full range of financial services in Austria and the CEE region. * * * As reported in the TCR-Europe on Oct. 3, 2006, Fitch Ratings upgraded Bayerische Hypo- und Vereinsbank's (HVB) Individual rating to C from C/D. At the same time the agency has revised the Outlooks on the banks' Issuer Default ratings to Positive from Stable. Its IDR is affirmed at A. The other ratings are affirmed at Short-term F1 and Support 1. BKS WOHNBAU: Claims Registration Ends January 19 ------------------------------------------------ Creditors of BKS Wohnbau GmbH have until Jan. 19 to register their claims with court-appointed provisional administrator Romy Metzger. Creditors and other interested parties are encouraged to attend the meeting at 10:50 a.m. on Feb. 19, at which time the administrator will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Erfurt Hall 12 Judicial Center Rudolfstr. 46 99092 Erfurt, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Erfurt opened bankruptcy proceedings against BKS Wohnbau GmbH on Oct. 19, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BKS Wohnbau GmbH Loeberwallgraben 17 99096 Erfurt, Germany Attn: Knut Riedel, Manager 1 Nikokleous Street 3027 Limassol/Zypern, Germany The administrator can be contacted at: Romy Metzger Steigerstrasse 30 99096 Erfurt, Germany CACE SYSTEMHAUS: Claims Registration Ends January 22 ---------------------------------------------------- Creditors of Cace Systemhaus GmbH & Co.KG have until Jan. 22 to register their claims with court-appointed provisional administrator Michael Moenig. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 12, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Room 106 C Gerichtsstr. 2-6 48149 Muenster, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Muenster opened bankruptcy proceedings against Cace Systemhaus GmbH & Co.KG on Dec. 1, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Cace Systemhaus GmbH & Co.KG Rudolf-Dieselstrasse 44 48157 Muenster, Germany Attn: Lars Michler, Manager Hogenbergstrasse 72 48153 Muenster, Germany Joerg Volkmer, Manager Edith-Stein-Weg 18 48653 Coesfeld, Germany The administrator can be contacted at: Michael Moenig Von-Steuben-Road 20 48143 Muenster, Germany DAMS GMBH: Claims Registration Ends January 18 ---------------------------------------------- Creditors of DAMS GmbH have until Jan. 18 to register their claims with court-appointed provisional administrator Gerret Hoeher. Creditors and other interested parties are encouraged to attend the meeting at 9:25 a.m. on Feb. 8, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 166N 1st Floor Emperor Route 16-18 (Building K18) 63065 Offenbach am Main Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Offenbach am Main opened bankruptcy proceedings against DAMS GmbH on Nov. 22, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: DAMS GmbH Kaiserstrasse 42 63065 Offenbach am Main, Germany Attn: Slavko Miladinovic, Manager Mailander Road 12 60598 Frankfurt am Main, Germany The administrator can be contacted at: Gerret Hoeher Zeilweg 42 60439 Frankfurt, Germany Tel: 069/963761730 Fax: 069/963761145 EOB EISENSCHUTZ: Claims Registration Ends January 22 ---------------------------------------------------- Creditors of eob Eisenschutz Otto Buchloh GmbH have until Jan. 22 to register their claims with court-appointed provisional administrator Thomas Schmitz. Creditors and other interested parties are encouraged to attend the meeting at 9:25 a.m. on Feb. 14, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Area C207 2nd Floor Cardinal Galen Road 124-132 47058 Duisburg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Duisburg opened bankruptcy proceedings against eob Eisenschutz Otto Buchloh GmbH on Dec. 1, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: eob Eisenschutz Otto Buchloh GmbH Foerderturm 36-38 45472 Muelheim an der Ruhr Germany Attn: Rolf Hofmann, Manager Wittekindstr. 36 45470 Muelheim an der Ruhr Germany The administrator can be contacted at: Thomas Schmitz Flohbusch 1 47802 Krefeld, Germany ERBSTOESSER SICHERHEITSTECHNIK: Claims Registration Ends Jan. 20 ---------------------------------------------------------------- Creditors of Erbstoesser Sicherheitstechnik GmbH have until Jan. 20 to register their claims with court-appointed provisional administrator Frank Hanselmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on Feb. 15, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuerzburg Room No. 14 II Law Branch Tiepolostr. 6 Wuerzburg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Wuerzburg opened bankruptcy proceedings against Erbstoesser Sicherheitstechnik GmbH on Nov. 21, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Erbstoesser Sicherheitstechnik GmbH Attn: Jens Erbstoesser, Manager Dillberg 15 97828 Marktheidenfeld, Germany The administrator can be contacted at: Frank Hanselmann Berliner Place 6 97080 Wuerzburg, Germany Tel: 0931/359800 GOURMETMENUE GMBH: Claims Registration Ends January 18 ------------------------------------------------------ Creditors of Gourmetmenue GmbH have until Jan. 18 to register their claims with court-appointed provisional administrator Kaufmann Michael Schmitz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 14, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duisburg Area C207 2nd Floor Cardinal Galen Road 124-132 47058 Duisburg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Duisburg opened bankruptcy proceedings against Gourmetmenue GmbH on Nov. 27, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gourmetmenue GmbH Mausegatt 8 47228 Duisburg, Germany Attn: Ursula Tacke, Manager Ernst-Barlach-Str. 38 76227 Karlsruhe, Germany Juergen Roes, Manager Berliner Str. 75 A 13467 Berlin, Germany The administrator can be contacted at: Kaufmann Michael Schmitz Flohbusch 1-3 47802 Krefeld, Germany GROHE HOLDING: Moody's Rates Proposed EUR800-Mln Notes at (P)B2 --------------------------------------------------------------- Moody's assigned a (P)B2 rating to the proposed Senior Secured EUR800-million Floating Rate Notes due 2014 to be issued by Grohe Holding GmbH and a (P)B1 to the five-year EUR150-million Revolving Credit Facility to be borrowed by certain subsidiaries and guaranteed by Grohe Holding GmbH. The proceeds from the new Notes will be largely advanced to Grohe Beteiligungs GmbH and Grohe AG in the form of proceeds loans and will be used to fully repay drawings under the existing EUR900-million senior facilities, including the EUR100- million RCF. The Floating Rate Notes and the new Revolving Credit Facility will be secured on a first priority basis, and the existing EUR335-million Notes due 2014 on a second priority basis, by the Issuer's share capital in Grohe Beteiligungs, and in a profit and loss pooling agreement with Grohe Beteiligungs. The FRNs and the RCF will further benefit from a first-priority interest in the proceeds loan to Grohe Beteiligungs, and certain other assets of Grohe Holding and certain of its subsidiaries. While benefiting from the same security, the Revolving Credit Facility must be repaid ahead of the Floating Rate Notes according to the terms of an intercreditor agreement. In addition, all subsidiaries that currently guarantee the existing EUR335-million notes will guarantee the new senior Floating Rate Notes and RCF on a senior basis. The (P)B2 rating of the new Notes reflects the fact that they will represent approximately 60% of debt under the new capital structure on a fully drawn basis, while the (P)B1 rating of the new RCF reflects its priority rights to repayment among the Senior Facilities. Moody's notes that the applicability of the security and guarantees is subject to the legal limitations of different jurisdictions. The indenture to the new Notes stipulates a minimum coverage ratio of 2x, and a maximum Senior Secured Leverage ratio of 5.5x for debt incurrence. Debt carve-outs include EUR150 million under the credit facilities; debt of acquired subsidiaries; hedging obligations; and EUR50 million for purchase money indebtedness and capital leases; and a general basket of not more than EUR40 million or 6% of tangible assets. Restricted payments are limited to 50% of consolidated net income or 100% of the proceeds from issuance of new equity. Moody's views positively the lengthening of the debt maturity profile as a result of this transaction, and the additional liquidity provided by the increased size of the Revolving Credit Facility. Post refinancing, however, the company's available liquidity is expected to remain limited, consisting of its undrawn portion of the RCF, estimated to be EUR80 million, and EUR29.9 million of cash on hand. Furthermore, Moody's notes that in the 12 months to Sept. 30, 2006, the company's operating cash flow remained negative, and Adjusted Total Debt/EBITDA was in excess of 8 times, resulting in credit metrics which remain weak for the current rating category. The company's operating cash flows are expected to benefit from a reduction in cash restructuring costs in 2007 compared with 2005 and 2006, as the majority of the costs associated with the Fit For The Future restructuring programmed have been incurred. Moody's notes that the company's sales in 2006 have shown a revival over 2005, which reflects in part organic growth as well as the higher cost of brass being gradually passed on to consumers. The company implemented a general price increase of 8% in January 2007, after a 5% increase in July 2006. The extent to which this translates into higher revenues will depend on the discretionary nature of spending for its products. While the company actively hedges its exposure to the prices of brass components, Moody's believes that the company's profitability and cash flows will remain exposed to the price fluctuations of copper and zinc. The negative outlook reflects the company's continued weak credit metrics for the rating category, and uncertainty concerning the impact of recent restructuring and brass prices on medium-term cash flow generation. The current ratings do not factor in any specific outcome from European Commission investigations into alleged anti-competitive practices in the European sanitary products industry. The current ratings are premised on an expected improvement in credit metrics during 2007, both in terms of leverage and cash flow generation. Should the company's recent restructuring not result in free cash flow generation turning positive on a sustainable basis with a concurrent reduction in leverage towards 7 times during the current financial year and below 7x thereafter, the rating could be lowered. A deterioration in liquidity could also be negative for the rating. A stabilization of the outlook could result from a trend improvement in cash flow generation, which may benefit from recent price increases for its products or cost saving initiatives that have been implemented. Ratings affected: -- B2 Corporate Family Rating at Grohe Holding GmbH, affirmed; -- (P)B2 rating assigned to the proposed EUR800-million Floating Rate Notes due 2014 issued at Grohe Holding GmbH; -- (P)B1 rating assigned to the new EUR150-million RCF; -- Caa1 rating on the EUR335-million 8.625% notes due 2014 at Grohe Holding GmbH, affirmed; -- Caa2 rating on the remaining 11.5% senior notes due 2010 at Grohe Beteiligungs GmbH (originally issued by Grohe Aktiengesellschaft), affirmed; and -- the B2 rating on the existing EUR900-million senior secured credit facilities at Grohe Beteiligungs GmbH, to be withdrawn following their redemption. Grohe Holding GmbH is the ultimate holding company for Grohe AG, which is headquartered in Hemer, Germany. Grohe is a leading European supplier of sanitary technology systems. For the year ended Sept. 30, 2006, Grohe generated revenues and EBITDA of EUR911 million and EUR165 million, respectively. In 2004 the company was acquired by its two current shareholders, TPG Partners and DLJ Merchant Banking Funds, which retain equal shareholdings. KOHA- KONSERVENHANDELS: Creditors' Meeting Slated for Jan. 22 ------------------------------------------------------------- The court-appointed provisional administrator for KoHa- Konservenhandels- und Dienstleistungsgesellschaft mbH, Ruediger Wienberg, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:05 a.m. on Jan. 22. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:00 a.m. on March 26, at the same venue. Creditors have until Feb. 4 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against KoHa- Konservenhandels- und Dienstleistungsgesellschaft mbH on Nov. 3, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KoHa- Konservenhandels- und Dienstleistungsgesellschaft mbH Sickingenstr. 20-28 10553 Berlin, Germany The administrator can be reached at: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin, Germany KONZEPTA GRUNDSTUECKS: Creditors' Meeting Slated for January 22 --------------------------------------------------------------- The court-appointed provisional administrator for Konzepta Grundstuecksgesellschaft mbH & Co. Achte Wohnbauten KG, Christoph Schulte-Kaubruegger, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:10 a.m. on Jan. 22. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report at 9:05 a.m. on March 26, at the same venue. Creditors have until Feb. 4 to register their claims with the court-appointed provisional administrator. The District Court of Frankfurt/Main opened bankruptcy proceedings against Konzepta Grundstuecksgesellschaft mbH & Co. Achte Wohnbauten KG on Nov. 1, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Konzepta Grundstuecksgesellschaft mbH & Co. Achte Wohnbauten KG Menzelstr. 17 14193 Berlin, Germany The administrator can be reached at: Dr. Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin, Germany LANDSCHLACHTEREI PIEPER: Claims Registration Ends January 19 ------------------------------------------------------------ Creditors of Landschlachterei Pieper GmbH have until Jan. 19 to register their claims with court-appointed provisional administrator Hans-Peter Burghardt. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on Feb. 12, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 Auxiliary Building 32756 Detmold, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Detmold opened bankruptcy proceedings against Landschlachterei Pieper GmbH on Nov. 30, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Landschlachterei Pieper GmbH Pieperstr. 41-47 32791 Lage, Germany Attn: Klaus-Dieter Zabel, Manager Ueckendorfer Road 212 45876 Gelsenkirchen, Germany Wolfgang Lehmkuhl, Manager Emsgrund 26 48231 Warendorf, Germany The administrator can be contacted at: Hans-Peter Burghardt Bunsenstr. 3 32052 Herford, Germany MASECO MEDIA: Creditors' Meeting Slated for January 22 ------------------------------------------------------ The court-appointed provisional administrator for maseco Media GmbH, Christian Koehler-Ma, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:30 a.m. on Jan. 22. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg II. Stock Hall 218 District Court Place 1 14057 Berlin, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. Creditors have until Feb. 5 to register their claims with the court-appointed provisional administrator. The District Court of Charlottenburg opened bankruptcy proceedings against maseco Media GmbH on Nov. 9, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: maseco Media GmbH Leibnizstr. 101 10625 Berlin, Germany The administrator can be reached at: Christian Koehler-Ma Kurfuerstendamm 212 10719 Berlin, Germany NOFA NORDDEUTSCHE: Claims Registration Ends January 19 ------------------------------------------------------ Creditors of NOFA Norddeutsche Fassadentechnik GmbH have until Jan. 19 to register their claims with court-appointed provisional administrator Dirk Decker. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Feb. 19, at which time the administrator will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 (Civil Law Courts) 4th Floor Anbau Sievkingplatz 1 20355 Hamburg, Germany The Court will also verify the claims set out in the administrator's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hamburg opened bankruptcy proceedings against NOFA Norddeutsche Fassadentechnik GmbH on Nov. 22, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: NOFA Norddeutsche Fassadentechnik GmbH Attn: Buelent Guelcemal, Manager Steindamm 77 20099 Hamburg, Germany The administrator can be contacted at: Dirk Decker Speersort 4-6 20095 Hamburg, Germany VOLKSWAGEN AG: U.S. Brand Rely on New Models to Increase Sales -------------------------------------------------------------- Volkswagen AG's U.S. operations aimed to raise its market share from 1.8 percent to 5 percent by 2012, Financial Times reports citing Adrian Hallmark, U.S. VW brand's chief, as saying. "New models and the move into new market segments will help us to achieve this goal," Mr. Hallmark told FT Deutschland. According to Bloomberg News, Volkswagen will introduce in the U.S., Tiguan, a compact sport-utility vehicle, and a minivan built with DaimlerChrysler AG in 2008. Mr. Hallmark told FT that an imminent model offensive would enable VW to achieve a significant increase in sales. Wolfgang Bernhard, VW brand head, had already envisioned the development of 20 new models to strengthen VW's core brand. The Volkswagen brand in the U.S. had a loss of EUR843 million in 2005. It reported 235,140 total vehicles sold in 2006, representing a year-on-year rise of 4.9 percent. Headquartered in Wolfsburg, Germany, the Volkswagen Group -- http://www.volkswagen.de/-- is one of the world's leading automobile manufacturers and the largest carmaker in Europe. With 47 production plants in eleven European countries and a further seven countries in the Americas, Africa, and Asia, including China, Volkswagen has more than 343,000 employees producing over 21,500 vehicles or are involved in vehicle- related services on every working day. * * * Volkswagen has been carrying out measures to cut costs and raise profits, which could affect up to 30,000 jobs. The potential job cuts represent about a third of the carmaker's workforce and three times higher than initial estimates made by then CEO Bernd Pischetsrieder and Volkswagen brand head, Wolfgang Bernhard. In November last year, Volkswagen maintained its 2005 earnings guidance amid rumors it may lower targets. The company predicts a year-on-year improvement in both operating profit after special items and profit before tax this year. Rumors flew that the company would slash full-year earnings forecast due to higher restructuring costs. The company said the impact of its workforce reduction measures, which will be charged as special items in the fourth quarter, will be lower than last year's. The company also admitted there were no significant improvements in the economic environment in the first nine months of 2005, and the overall situation in the important automotive markets remained difficult. It also expected tougher competition in the Chinese and U.S. markets, and the rise in fuel prices to influence consumer confidence. ============= H U N G A R Y ============= TDC A/S: Hungarian Unit Acquires Invitel for EUR470 Million ----------------------------------------------------------- Hungarian Telephone and Cable Corp., TDC's subsidiary in Hungary, concluded an agreement to purchase the shares in Invitel, at a total price of EUR470 million, including the assumption of debt. The transaction is subject to customary closing conditions, including Hungarian and Romanian competition regulatory approvals. "With the acquisition of Invitel, HTCC will become a strong challenger in the market. HTCC's market position improves markedly and it is in line with our strategy in the Hungarian market," says Jesper Theill Eriksen, chairman of HTCC and president of TDC Mobile International. With the acquisition, HTCC is expected to hold a 20 percent market share of the Hungarian fixed line market. The combination of the two companies is expected to create significant synergies. "In addition, HTCC will gain a solid platform for developing and marketing new business concepts within VoIP, triple play, etc. This makes it possible for HTCC to take advantage of the new business opportunities arisen from the recent years' liberalization of the Hungarian telecom market," says Jesper Theill Eriksen. HTCC finances the acquisition of Invitel by raising new loans and by issuing up to 1.1 million new HTCC shares to be purchased by selected members of the Invitel management. Invitel's earnings before interest, taxes, depreciation and amortization (EBITDA) were EUR77.6 million for the 12 months ending Sept. 30, 2006. About Invitel Founded in 1994, Invitel offers telephony, Internet and data services for residential and business customers in Hungary and is the second largest operator in the Hungarian telecom market. About HTCC Headquartered in Seattle, Washington, Hungarian Telephone and Cable Corp. (HTCC) -- http://www.htcc.hu/-- is a holding company, which owns the Hungarian telco Hungarotel, supplying fixed line and broadband services provider in Hungary. HTCC also owns PanTel, the alternative network operator in Hungary with a national optical fiber network. The fiber network is connected to all seven adjacent countries. About TDC A/S Headquartered in Copenhagen, Denmark, TDC A/S -- http://www.tdc.dk/-- through its subsidiaries and affiliates, provides communication solutions in Europe. It provides communication services in Denmark and Switzerland, and has a significant presence in selected Northern and Central European telecommunication markets. It operates through five business lines. * * * As reported in the TCR-Europe on May 11, Fitch affirmed TDC A/S's Issuer Default Rating at BB- with Stable Outlook and senior secured bank facilities at BB+. The various notes issued under TDC's EMTN program are affirmed at BB-. EMTN bonds rated BB-: -- DEM 5.0% notes due 2008; -- JPY 1.28% notes due 2008; -- EUR 5.625% notes due 2009; and -- EUR 6.5% notes due 2012. * Number of Insolvent Companies Rising in Hungary, Coface Says -------------------------------------------------------------- The number of insolvent companies in Hungary tripled year-on- year in 2006, Budapest Business Journal reports citing a survey by Coface Hungary Credit Management Services Kft. According to Coface, around 3.15% of local companies failed to repay their debts in 2006. Coface expects credit risk in the country to rise in the next two-to-three years, BBJ adds. The credit insurance firm added that most of the insolvent companies were from the private security, textile manufacturing and construction sectors. Coface Hungary Credit Management Services Kft. -- http://www.cofaceintercredit.hu/-- offers a full array of solutions suited to companies of all sizes across all sectors of the economy. It manages, finances and protects the customer portfolio while enabling companies to outsource all or part of their receivables management, as well as the related risks. ========= I T A L Y ========= ALITALIA SPA: FIT-CISL Union Ready to Ink Deal with New Owner ------------------------------------------------------------- The Federazione Italiana Trasporti-Confederazione Italiana Sindacati Lavoratori union expressed readiness to sign a new deal with the future shareholder of Alitalia S.p.A., Agenzia Giornalistica Italia reports. "Faced with a serious proposal for the re-launch and development of Alitalia, CISL is ready to make a new pact between the new shareholder and workers, and also to discuss the contractual norms," Claudio Genovesi, National Secretary of FIT-CISL, told AGI. Mr. Genovesi said the union might also call off or postpone a scheduled Jan. 19 strike, after the government committed to involve the union in the future of Alitalia. "With this, we certainly do not want to mix up the roles and prerogatives: in no way are we asking to manage the competition, but we do want to be protagonists in the part which concerns the future of Alitalia and the sector," Mr. Genovesi added. "The setting in motion of debate with the government could be of great help and favor this period process which will lead to the privatization of Alitalia." Mr. Genovesi, reacting to a statement by Transport Minister Alessandro Bianchi over reforming air transport unions, said that FIT-CISL would introduce new forms of protest that would not burden passengers. Formal Bidding Process In a TCR-Europe report on Jan. 3, the Italian government formally launched the bidding process for its 30.1% stake in troubled national carrier Alitalia S.p.A. on Dec. 29, 2006. Italy's Ministry of Economy and Finance is inviting interested parties to submit a non-binding offer for around 30.1% to 49.9% of Alitalia's capital and 1,207,147,404 convertible bonds of the carrier's 7.5% 2002-2010 debenture loan. The sale will take place through a competitive procedure involving direct negotiations with potential buyers. Interested parties, which should have at least EUR100 million in capital, have until 6:00 p.m. on Jan. 29, 2007, to submit their written expression of interest to Merrill Lynch International, the sale advisor. According to the Ministry, potential buyers will be selected based on the economic terms of the offers received and an analysis of the business plans. The Ministry will also examine the compatibility of the offers and business plans with the Alitalia's restructuring, development and relaunch objectives. The Ministry also outlined mandatory commitments for the buyer to: -- keep at least a 30.1% stake in Alitalia until the business plan is successfully carried out: -- safeguard Alitalia's national identity; and -- guarantee the quality and quantity of services offered and coverage of the territory. Several Italian entrepreneurs are reportedly interested in Alitalia, The Times reports. Local bets include: -- Carlo Toto, founder of Air One, -- Luca di Montezemolo, head of Fiat and Ferrari; -- Diego Della Valle, chief of the Tod's shoe empire; and -- Banca Intesa and Sanpaolo IMI; As reported in the TCR-Europe on Jan. 5, Paolo Alazraki, owner of Real Dreams Italy Srl, heads a group of 16 investors that indicated their interest in acquiring the national carrier. The government aims to complete the process this month. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. In Europe, the company reaches 45 airports, with 1,238 flights per week. In the rest of the world, the Alitalia Group's aircrafts operate out of 32 airports with 255 flights per week. The Alitalia Group network is centered on two main airports, Rome Fiumicino and Milan Malpensa, and includes, as of Sept. 30, 2006, an operating fleet of 182 aircrafts. The Italian government owns 49.9% of Alitalia. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia registered EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked consecutive annual net losses of EUR520 million in 2003, EUR813 million in 2004, and EUR168 million in 2005. SBARRO INC: Launches Tender Offer for 11% US$255MM Senior Notes --------------------------------------------------------------- Sbarro Inc. is offering to purchase for cash any and all of the outstanding US$255,000,000 principal amount at maturity of 11% Senior Notes due 2009 issued by it, on the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement dated Jan. 8, 2007. Sbarro is also soliciting consents to eliminate most of the restrictive covenants in the indenture under which the Notes were issued. On Nov. 22, 2006, Sbarro and its shareholders entered into a definitive agreement with MidOcean SBR Holdings LLC -- an affiliate of MidOcean Partners III, LP, aka MidOcean -- whereby MidOcean will acquire Sbarro. In connection with the acquisition, Sbarro expects to enter into a new US$150.0 million senior secured term loan facility and a new US$25.0 million senior secured revolving facility. Sbarro expects to raise US$150.0 million through the issuance of new senior unsecured notes. Sbarro intends to use US$300.0 million of the additional cash available from its new senior secured credit facilities and the issuance of new senior unsecured notes to finance the acquisition and the tender offer. The total consideration for each US$1,000 principal amount of the Notes tendered and accepted for purchase pursuant to the tender offer will be US$1,020.83. Sbarro will pay accrued and unpaid interest up to, but not including, the applicable payment date. Each holder who validly tenders its Notes and delivers consents on or prior to Jan. 22, 2007, shall be entitled to a consent payment, which is included in the total consideration above, of US$10 for each US$1,000 principal amount of Notes tendered by such holder if such Notes are accepted for purchase pursuant to the tender offer. Holders who tender after the Consent Date, but prior to the Expiration Date, shall receive the total consideration minus the consent payment. Holders who tender Notes are required to consent to the proposed amendments to the indenture. The tender offer by Sbarro will expire at midnight, New York City time, on Feb. 6, 2007, unless extended or earlier terminated by Sbarro. The consent solicitation will expire on the Consent Date, unless extended. Tenders of Notes prior to the Consent Date may be validly withdrawn and consents may be validly revoked at any time prior to the Consent Date, but not thereafter unless the tender offer and the consent solicitation are terminated without any Notes being purchased. Sbarro reserves the right to terminate, withdraw or amend the tender offer and consent solicitation at any time subject to applicable law. Sbarro expects to pay for any Notes purchased pursuant to its tender offer and consent solicitation in same-day funds on a date promptly following the Expiration Date. Sbarro may accept and pay for any Notes tendered prior to the Consent Date at any time after the Consent Date, in its sole discretion. Sbarro's tender offer is subject to the conditions set forth in the Offer Document, including the receipt of consents of the holders representing at least a majority in aggregate principal amount of the Notes outstanding under the indenture, consummation of the acquisition of Sbarro by MidOcean and Sbarro obtaining the financing necessary to pay for the Notes and consents in accordance with the terms of the tender offer and consent solicitation. Sbarro has retained Credit Suisse Securities (USA) LLC and Banc of America Securities LLC to act as Dealer Managers and Solicitation Agents in connection with the tender offer and consent solicitation. Questions about the tender offer and consent solicitation may be directed to: Credit Suisse Securities (USA) LLC Phone: (800) 820-1653 (toll free) (212) 325-7596 (collect) or Banc of America Securities LLC Phone: (888) 292-0070 (704)-388-9217 (collect). Copies of the Offer Document and other related documents may be obtained from the information agent for the tender offer and consent solicitation at: DF King & Co., Inc. Phone: (800) 290-6426 (toll free) (212) 269-5550 (collect). Headquartered in Melville, New York, Sbarro, Inc. is a quick service restaurant chain that serves Italian specialty foods. As of Oct. 8, 2006, the company owned and operated 479 and franchised 476 restaurants worldwide under brand names such as "Sbarro," "Umberto's," and "Carmela's Pizzeria". The company also operated 25 other restaurant concepts and joint ventures under various brand names. The company announced on June 19, 2006, its internationalexpansion by opening more than 25 restaurants in Guatemala, El Salvador, Honduras, The Bahamas and Romania. * * * As reported in the Troubled Company Reporter-Europe on Jan. 9, Standard & Poor's Rating Services revised the CreditWatch listing on Sbarro Inc. to developing from negative. "The revision comes as the potential for a downgrade has decreased because the acquisition of the company by MidOcean Partners will not significantly change the capital structure," said Standard & Poor's credit analyst Diane Shand. "In addition, because the company has had positive operating performance for the past three years an upgrade is a possibility." The corporate credit rating is 'CCC+'. SBARRO INC: Moody's Junks Proposed US$150-Mln Sr. Unsec. Notes -------------------------------------------------------------- Moody's Investors Service assigned a B3 corporate family rating to Sbarro, Inc. while at the same time assigned Ba3 senior secured ratings to the company's proposed bank facility consisting of a US$25-million 1st lien revolver and a US$150-million 1st lien term loan. Additionally, a Caa1 rating on the proposed US$150-million senior unsecured notes and a SGL-3 speculative grade liquidity rating were assigned. Moody's noted that the rating assignments are subject to a review of the final documentation. The proceeds from the bank and bond financings will be used to pay off Sbarro's existing US$255-million senior unsecured notes as well to help fund the purchase of the company by private equity firm, MidOcean Partners, LLC. Moody's expects to withdraw the senior unsecured legacy rating once the proposed financings are closed. The rating outlook is stable. Moody's previous rating action on Sbarro was in November 2006 when the outlook was changed to developing from positive following the company's announcement that it had entered into an agreement to be acquired by MidOcean for approximately US$417 million. The B3 corporate family rating acknowledges management's success at revitalizing the Sbarro brand, the positive operating momentum currently underway and the benefit of having a committed, larger source of alternate liquidity now in place. Moody's noted that the increased leverage stemming from the change in sponsorship largely offsets the recent progress the company had made in strengthening its credit quality and profile. Nonetheless, the expectation for gradually improving credit metrics commensurate with the rating in the near-to- intermediate term remains. Factors that continue to constrict the ratings include still weak credit metrics, intense competition within the pizza segment of the restaurant industry and the seasonality of revenues and cash flow driven largely by shopping mall traffic patterns. The rating outlook is stable with the anticipation that improvement in credit metrics will continue but much slower than the pace the company was on prior to the MidOcean buyout. The SGL-3 speculative grade liquidity rating reflects adequate liquidity and the rating agency's expectation that Sbarro's internally generated cash flow will be sufficient in funding growth and maintenance capital expenditures, term loan amortization obligations, working capital needs and other internal investments over the next twelve months. Ratings assigned with a stable outlook: -- B3 corporate family rating and B3 probability of default rating; -- US$25-million 1st lien revolver maturing in 2013: Ba3 (LGD2, 18%); -- US$150-million 1st lien term loan maturing in 2014: Ba3 (LGD2, 18%); -- US$150-million senior unsecured notes maturing in 2015: Caa1 (LGD5, 75%); and -- SGL-3 speculative grade liquidity rating. Rating expected to be withdrawn after the recapitalization is finalized: -- US$255 million senior unsecured notes maturing in 2009: Caa1 (LGD4, 53%) Sbarro Inc. (Sbarro) headquartered in Melville, New York, is a leading quick service restaurant chain that serves Italian specialty foods. As of Oct. 8, 2006, the company owned and operated 479 and franchised 476 restaurants worldwide under brand names such as "Sbarro," "Umberto's," and "Carmela's Pizzeria." The company also operated 25 other restaurant concepts and joint ventures under various brand names. Total revenues for fiscal 2005 were approximately US$348 million. =================== K A Z A K H S T A N =================== ALL-STATES PROPERTIES: Creditors' Claims Due February 21 -------------------------------------------------------- LLP All-States Properties has declared insolvency. Creditors have until Feb. 21 to submit written proofs of claim to: LLP All-States Properties Polejaev Str. 92a 050050 Almaty, Kazakhstan Tel: 8 (3272) 33-30-01 ARAI LLP: Creditors Must File Claims by February 14 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai Region declared LLP Arai insolvent. Creditors have until Feb. 14 to submit written proofs of claim to: LLP Arai Room 40 Tarana Str. 85 Kostanai Kostanai Region Kazakhstan Tel: 8 (3142) 54-28-39 EUROPROFILE LLP: Claims Filing Period Ends February 15 ------------------------------------------------------ LLP Europrofile has declared insolvency. Creditors have until Feb. 15 to submit written proofs of claim to: LLP Europrofile Tole bi Str. 73-55 Almaty, Kazakhstan FINIMPEX LLP: Proof of Claim Deadline Slated for February 15 ------------------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty declared LLP Finimpex insolvent on Nov. 20, 2006. Subsequently, bankruptcy proceedings were introduced at the company. Creditors have until Feb. 15 to submit written proofs of claim to: LLP Finimpex Post Box 252 Main Post Office 050000 Almaty, Kazakhstan Tel: 8 333 241 79-98 JANASTROY LLP: Court Opens Bankruptcy Proceedings ------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region commenced bankruptcy proceedings against LLP Janastroy (RNN 582100241780) on Nov. 10, 2006. KAZSTROYTRANSGAS JSC: Jambyl Court Starts Bankruptcy Procedure -------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Jambyl Region commenced bankruptcy proceedings against JSC Kazstroytransgas on Dec. 11, 2006. KOTLOGASSTANDART LLP: Claims Registration Ends February 21 ---------------------------------------------------------- LLP Kotlogasstandart has declared insolvency. Creditors have until Feb. 21 to submit written proofs of claim to: LLP Kotlogasstandart Mahambet Str. 128/8 Atyrau Atyrau Region Kazakhstan SIBPROMTECHMET-2 LLP: Claims Filing Period Ends February 15 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty Region entered an order placing LLP Sibpromtechmet-2 (RNN 091600211043) into compulsory liquidation. Creditors have until Feb. 15 to submit written proofs of claim to: LLP Sibpromtechmet-2 Room 208 Jangusurov Str. 113a Taldykorgan Almaty Region Kazakhstan Tel: 8 (32822) 24-19-77 TELECOMSTROYENGINEERING LLP: Creditors' Claims Due February 21 -------------------------------------------------------------- LLP Telecommunication Company Telecomstroyengineering has declared insolvency. Creditors have until Feb. 21 to submit written proofs of claim to: LLP Telecomstroyengineering Baitursynov Str. 55-38 Kostanai Kostanai Region Kazakhstan TRINITY PROJECTS: Proof of Claim Deadline Slated for February 15 ---------------------------------------------------------------- LLP Trinity Projects has declared insolvency. Creditors have until Feb. 15 to submit written proofs of claim to: LLP Trinity Projects Furmanov Str. 269 Almaty, Kazakhstan Tel: 8 (3272) 58-33-60 TURANALEM FINANCE: Fitch Rates Upcoming Eurobond Issue at BB+ ------------------------------------------------------------- Fitch Ratings assigned TuranAlem Finance B.V.'s upcoming Eurobond issue an expected BB+ Long-term rating. The issue will be denominated in US$ and comprise two tranches: -- a 30-year fixed rate tranche with a put option after 10 years; and -- a two-year floating rate tranche. The final rating of the issue is contingent upon receipt of final documentation conforming materially to information already received. Fitch also assigned a BB+ Long-term rating to TAF's JPY20 billion 4.25% notes issue due December 2016, which has put and call options exercisable in December 2011. The US$ issue is to be guaranteed, and the JPY issue is guaranteed, by Kazakhstan's Bank TuranAlem, rated foreign currency Issuer Default BB+, local currency Issuer Default BBB-, Short-term foreign currency B, Short-term local currency F3, Individual C/D, and Support 3. Proceeds from the issue will be deposited with BTA. The issues are made within the framework of BTA's and TAF's US$3 billion global medium-term note program, rated Long-term BB+ for senior unsecured foreign currency notes with maturities in excess of one year and Short-term B for senior unsecured foreign currency notes with maturities of less than one year. BTA's guarantees of the issues rank at least equally with all present or future unsecured senior obligations of the bank, save those preferred by relevant provisions of law and of general application. Under Kazakhstani law, the claims of retail depositors rank above those of other senior unsecured creditors. At the end of third quarter 2006, retail deposits accounted for 12% of BTA's total liabilities according to the bank's reviewed International Financial Reporting Standards accounts. BTA was the second largest commercial bank in Kazakhstan by IFRS assets at the end of the first half of 2006, and has top three positions in all major market segments. The bank's common stock is owned primarily by a number of Kazakh investors. =================== K Y R G Y Z S T A N =================== KUBANYCH JSC: Creditors' Claims Due February 20 ----------------------------------------------- JSC Kubanych has declared insolvency. Creditors have until Feb. 20 to submit written proofs of claim to: JSC Kubanych Gorky Str. 1a Bishkek, Kyrgyzstan Tel: (+996 312) 53-10-15 KYRGYZ TRUST: Claims Filing Period Ends February 20 --------------------------------------------------- LLC Kyrgyz Trust has declared insolvency. Creditors have until Feb. 20 to submit written proofs of claim to: LLC Kyrgyz Trust Karasuiskaya Str. 5-54 Bishkek, Kyrgyzstan Tel: (+996 312) 21-58-82 ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Albert Heijn B.V. Unit Sells 10 Stores --------------------------------------------------------- Albert Heijn B.V., a full subsidiary of Koninklijke Ahold N.V., has reached agreement with a number of supermarket groups on the sale of ten Albert Heijn stores. Five of these stores have been sold at the order of the Dutch Competition Authorities or NMa. The other stores have been sold in connection with a relocation. In the last quarter of 2006, Albert Heijn opened 20 new stores in former Konmar premises. In 2007, three more will be added. As a result the number of new Albert Heijn stores from the Konmar deal will reach the projected total of 23. The NMa's approval of the transaction was given on condition that five existing Albert Heijn stores also be sold off: -- one in Almere, -- two in Den Haag, -- one in Maassluis, and -- one in Zoetermeer. The sales agreements with other supermarket groups for these stores have now been finalized. In a number of locations, Albert Heijn has decided to concentrate its activities in the recently opened stores. In Drachten, Hoogeveen, Middelburg, Nijmegen and Winschoten, sales agreements have been agreed with a number of supermarket groups for the "old" Albert Heijn stores. As a result, the total number of stores sold comes to 10. These ten stores will be handed over to the new owners in the coming two months. Albert Heijn is still negotiating with potential buyers on four stores in Eindhoven, Oss, Utrecht and Hoogvliet. The "old" Albert Heijn stores in these locations are closed to customers, except for the "old" Albert Heijn in Hoogvliet that is still open. Albert Heijn is not making any announcements about the proceeds received from the transaction. About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. -- http://www.ahold.com/ -- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * As reported in the TCR-Europe on Dec. 22, 2006, Standard & Poor's Ratings Services revised its outlook on Netherlands-based food retailer and food service distributor Koninklijke Ahold N.V. to positive from stable. At the same time, the 'BB+/B' long- and short-term corporate credit ratings were affirmed. Moody's Investors Service and Standard and Poor's has assigned low-B ratings to the company's 5.625% senior notes due 2007. Also, the company's 5.875% senior unsubordinated notes due 2008 and 6.375% senior unsubordinated notes due 2007 carry Moody's, S&P's and Fitch's low-B ratings. =========== R U S S I A =========== BOGORODSKIYE SAUSAGES: Bankruptcy Hearing Slated for March 27 ------------------------------------------------------------- The Arbitration Court of Tula Region will convene at 10:00 a.m. on March 27 to hear the bankruptcy supervision procedure on LLC Bogorodskiye Sausages (TIN 7112011853). The case is docketed under Case No. A68-630/B-06. The Temporary Insolvency Manager is: D. Zubanov Office 1 Frunze Str. 7 300041 Tula Region Russia The Arbitration Court of Tula Region is located at: Hall 35 Sovetskaya Str. 112 Tula Region Russia The Debtor can be reached at: LLC Bogorodskiye Sausages Vyazovskiy Per. 41 Bogoroditsk Bogoroditskiy Region 301836 Tula Region Russia BULZINSKOYE OJSC: Bankruptcy Hearing Slated for April 17 -------------------------------------------------------- The Arbitration Court of Chelyabinsk Region will convene at 11:00 a.m. on April 17 to hear the bankruptcy supervision procedure on OJSC Bulzinskoye. The case is docketed under Case No. A76-30273/2006-48-275. The Temporary Insolvency Manager is: S. Gusev Office 212, 2 Kaslinskaya Str. 3 454084 Chelyabinsk Region Russia The Arbitration Court of Chelyabinsk Region is located at: Vorovskogo Str. 2 454091 Chelyabinsk Region Russia The Debtor can be reached at: OJSC Bulzinskoye Lenina Str. 18 Bulzi Kaslinskiy Region 456846 Chelyabinsk Region Russia FERTILITY OJSC: Tula Court Names A. Popov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Tula Region appointed Mr. A. Popov as Insolvency Manager for OJSC Fertility. He can be reached at: A. Popov Post User Box 345 115230 Moscow-230 Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A68-67/B-06. The Arbitration Court of Tula Region is located at: Hall 35 Sovetskaya Str. 112 Tula Region Russia The Debtor can be reached at: OJSC Fertility Arkhangelskoye Kamenskiy Region Tula Region Russia GLAZOV-AGRO-SNAB OJSC: Court Starts Bankruptcy Supervision ---------------------------------------------------------- The Arbitration Court of Udmurtiya Republic commenced bankruptcy supervision procedure on OJSC Glazov-Agro-Snab. The case is docketed under Case No. A71-002190/2006 G21. The Temporary Insolvency Manager is: L. Bogdanov Post User Box 4253 8th Post Office Glazov 427628 Udmurtiya Republic Russia The Arbitration Court of Udmurtiya Republic is located at: Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Republic Russia The Debtor can be reached at: OJSC Glazov-Agro-Snab Yukamenskaya Str. 33 Glazov Udmurtiya Republic Russia KUBANSKAYA TEA: Court Names A. Shepin as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Krasnodar Region appointed Mr. A. Shepin as Insolvency Manager for LLC Kubanskaya Tea Company. He can be reached at: A. Shepin Room 7 Montazhnikov Str. 1 Krasnodar Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-17359/2006-1/1049-B. The Arbitration Court of Krasnodar Region is located at: Krasnaya Str. 6 Krasnodar Region Russia The Debtor can be reached at: LLC Kubanskaya Tea Company Krasnaya Str. 124 350000 Krasnodar Region Russia LIQUEUR-VODKA DISTILLERY OJSC: S. Sokolovskiy to Manage Assets -------------------------------------------------------------- The Arbitration Court of Voronezh Region appointed Mr. S. Sokolovskiy as Insolvency Manager for OJSC Liqueur-Vodka Distillery. He can be reached at: S. Sokolovskiy 70 Let Oktyabrya Str. 5 Novokhoperskiy Voronezh Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-2995-2006 66/20b. The Arbitration Court of Voronezh Region is located at: Room 606 Srednemoskovskaya Str. 77 Voronezh Region Russia The Debtor can be reached at: OJSC Liqueur-Vodka Distillery Koltsovskaya Str. 24 Voronezh Region Russia MEAT COMBINE-GOTNYA: Court Names K. Yakovlev to Manage Assets ------------------------------------------------------------- The Arbitration Court of Belgorod Region appointed Mr. K. Yakovlev as Insolvency Manager for CJSC Meat Combine-Gotnya. He can be reached at: K. Yakovlev Post User Box 657 308033 Belgorod Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A08-8889/06-24B. The Arbitration Court of Belgorod Region is located at: Narodnyj Avenue 135 308600 Belgorod Region Russia The Debtor can be reached at: CJSC Meat Combine-Gotnya Borisovskoye 2 Proletarskiy Rakityanskiy Region Belgorod Region Russia OIL-KHIM-SERVICE LLC: Court Names D. Krutov to Manage Assets ------------------------------------------------------------ The Arbitration Court of Udmurtiya Republic appointed Mr. D. Krutov as Insolvency Manager for LLC Oil-Khim-Service. He can be reached at: D. Krutov Office 804v Svobody Str. 173 Izhevsk 426911 Udmurtiya Republic Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A71-007728/2006 G21. The Arbitration Court of Udmurtiya Republic is located at: Lomonosova Str. 5 Izhevsk 426004 Udmurtiya Republic Russia The Debtor can be reached at: LLC Oil-Khim-Service Dragunova Str. 66-13 Izhevsk Udmurtiya Republic Russia PENZENSKIY FACTORY: Court Names M. Presnyakova to Manage Assets --------------------------------------------------------------- The Arbitration Court of Penza Region appointed Ms. M. Presnyakova as Insolvency Manager for OJSC Penzenskiy Factory of Reinforced Concrete Products. She can be reached at: M. Presnyakova Baydukova Str. 67 440015 Penza Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A49-2905/200b-276B. The Arbitration Court of Penza Region is located at: Belinskogo Str. 2 440600 Penza Region Russia The Debtor can be reached at: OJSC Penzenskiy Factory of Reinforced Concrete Products Zakharova Str. 20 Penza Region Russia PERVOMAYSKOYE CJSC: Court Names R. Akhmetov to Manage Assets ------------------------------------------------------------ The Arbitration Court of Chelyabinsk Region appointed Mr. R. Akhmetov as Insolvency Manager for CJSC Pervomayskoye (TIN 7425000151). R. Akhmetov Stalevarov Str. 17 Magnitogorsk 455038 Chelyabinsk Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A76-9751/2006-48-86. The Arbitration Court of Chelyabinsk Region is located at: Vorovskogo Str. 2 454091 Chelyabinsk Region Russia The Debtor can be reached at: CJSC Pervomayskoye Tsentralnaya Str. 31 Pervomayskiy Agapovskiy Region 457441 Chelyabinsk Region Russia RIF-INVEST-PUT' OJSC: Names A. Ovchinnikov to Manage Assets ----------------------------------------------------------- The Arbitration Court of Belgorod Region appointed Mr. A. Ovchinnikov as Insolvency Manager for OJSC Rif-Invest-Put' (TIN 3114005449). He can be reached at: A. Ovchinnikov Rzhevskoye Shosse Str. 11 Shebekino 309290 Belgorod Region Russia Tel/Fax: (47248) 30640 The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-65657/05-86-145 B. The Arbitration Court of Belgorod Region is located at: Narodnyj Avenue 135 308600 Belgorod Region Russia The Debtor can be reached at: OJSC Rif-Invest-Put' Oskolskoye Novooskilskiy Region 309615 Belgorod Region Russia TUYMAZINSKIY ELEVATOR: Court Starts External Bankruptcy Process --------------------------------------------------------------- The Arbitration Court of Bashkortostan Republic commenced external management bankruptcy procedure on OJSC Tuymazinskiy Elevator. The case is docketed under Case No. A07-14556/ 05-G-FLE. The External Insolvency Manager is: A. Khusainov Post User Box 174 Ufa 450054 Bashkortostan Republic Russia The Arbitration Court of Bashkortostan Republic is located at: Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Republic Russia The Debtor can be reached at: OJSC Tuymazinskiy Elevator Sovetskaya Str. 7 Tuymazy Bashkortostan Republic Russia VOLMANGA-WOOD OJSC: Kirov Bankruptcy Hearing Slated for March 28 ---------------------------------------------------------------- The Arbitration Court of Kirov Region will convene at 10:00 a.m. on March 28 to hear the bankruptcy supervision procedure on OJSC Volmanga-Wood. The case is docketed under Case No. A28-633/ 06-328/6. The Temporary Insolvency Manager is: O. Goreva Gertsena Str. 15 610002 Kirov Region Russia The Arbitration Court of Kirov Region is located at: K-Libknekhta Str. 102 610017 Kirov Region Russia The Debtor can be reached at: OJSC Volmanga-Wood Maromitsa Oparinskiy Region Kirov Region Russia WHEAT KHOMUTOVSKAYA: Court Names S. Bykov as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Orel Region appointed Mr. S. Bykov as Insolvency Manager for OJSC Wheat Khomutovskaya. He can be reached at: S. Bykov K. Marksa Str. 106 Livny 303850 Orel Region Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A48-2318/06-17b. The Arbitration Court of Orel Region is located at: Gorkogo Str. 42 302000 Orel Region Russia The Debtor can be reached at: OJSC Wheat Khomutovskaya Komsomolskaya Str. 13 Khomutovo Novoderevenkovskiy Region Orel Region Russia ===================== S W I T Z E R L A N D ===================== ANDREAS STEGER: St. Gallen Court Starts Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Court of St. Gallen commenced bankruptcy proceedings against JSC Andreas Steger on Oct. 9, 2006. The Debtor can be reached at: JSC Andreas Steger M�hlibachstrasse 10 9450 Altstatten Switzerland The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Office Buchs Urs Hartmann 9471 Buchs Switzerland DOLORMAT 2000: Thurgau Court Suspends Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Court of Thurgau suspended the bankruptcy proceedings of LLC Dolormat 2000 on Dec. 7, 2006, pursuant to Article 230 of the Swiss Bankruptcy Code. The bankruptcy proceedings will be declared closed once creditors fail to submit their claims and pay a CHF1,500 deposit. The right for the additional deposit is retained. The Debtor, declared bankrupt on Aug. 3, 2006, can be reached at: LLC Dolormat 2000 Seestrasse 16 8597 Landschlacht Switzerland The Bankruptcy Service of Thurgau can be reached at: Bankruptcy Service of Thurgau 8510 Frauenfeld Switzerland EURO MUZIK: Olten Court Closes Bankruptcy Proceedings ----------------------------------------------------- The Bankruptcy Court of Olten entered Nov. 14, 2006, an order closing the bankruptcy proceedings of LLC Euro Muzik. The Debtor can be reached at: LLC Euro Muzik Industriestr 14 4612 Wangen Switzerland The Bankruptcy Service of Olten can be reached at: Bankruptcy Service of Olten 4702 Oensingen Switzerland FLORIADE LLC: Olten Court Closes Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Court of Olten entered Nov. 16, 2006, an order closing the bankruptcy proceedings of LLC Floriade. The Debtor can be reached at: LLC Floriade Hauptstrasse 137 4625 Oberbuchsiten Switzerland The Bankruptcy Service of Olten can be reached at: Bankruptcy Service of Olten 4702 Oensingen Switzerland GOLDSTEIN ROSENBERG: Court Suspends Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Court of St. Gallen suspended the bankruptcy proceedings of Goldstein, Rosenberg & Partner Limited on Dec. 6, 2006, pursuant to Article 230 of the Swiss Bankruptcy Code. The bankruptcy proceedings will be declared closed once creditors fail to submit their claims and pay a CHF5,000 deposit. The right for the additional deposit is retained. The Debtor, declared bankrupt on Oct. 24, 2006, can be reached at: Goldstein, Rosenberg & Partner Limited Kornhausstrasse 3 9000 St. Gallen Switzerland The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Urs Benz 9001 St. Gallen Switzerland H+S BAU: St. Gallen Court Suspends Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Court of St. Gallen suspended the bankruptcy proceedings of JSC H+S Bau on Dec. 6, 2006, pursuant to Article 230 of the Swiss Bankruptcy Code. The bankruptcy proceedings will be declared closed once creditors fail to submit their claims and pay a CHF5,000 deposit. The right for the additional deposit is retained. The Debtor, declared bankrupt on Oct. 30, 2006, can be reached at: JSC H+S Bau Burerfeld 16a 9245 Oberburen Switzerland The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Office Oberuzwil Urs Ghirlanda 9242 Oberuzwil Switzerland OBERHAMMER & PARTNER: Court Starts Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Court of St. Gallen commenced bankruptcy proceedings against JSC Oberhammer & Partner on Oct. 17, 2006. The Debtor can be reached at: JSC Oberhammer & Partner Martinsbruggstrasse 98a 9016 St. Gallen Switzerland The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Urs Benz 9001 St. Gallen Switzerland SO CHIC: Thurgau Court Suspends Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Court of Thurgau suspended the bankruptcy proceedings of LLC so chic on Dec. 7, 2006, pursuant to Article 230 of the Swiss Bankruptcy Code. The bankruptcy proceedings will be declared closed once creditors fail to submit their claims and pay a CHF5,000 deposit. The right for the additional deposit is retained. The Debtor, declared bankrupt on Oct. 13, 2006, can be reached at: LLC so chic Hauptstrasse 22 8280 Kreuzlingen Switzerland The Bankruptcy Service of Thurgau can be reached at: Bankruptcy Service of Thurgau 8510 Frauenfeld Switzerland SOLO-STEIN: Solothurn Court Closes Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Court of Solothurn entered Nov. 14, 2006, an order closing the bankruptcy proceedings of JSC Solo-Stein. The Debtor can be reached at: JSC Solo-Stein Emmenweg 23 4528 Zuchwil Switzerland The Bankruptcy Service of Solothurn can be reached at: Bankruptcy Service of Solothurn 4501 Solothurn Switzerland SPM PROJEKTMANAGEMENT: Court Starts Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Court of St. Gallen commenced bankruptcy proceedings against LLC SPM Projektmanagement on Nov. 7, 2006. The Debtor can be reached at: LLC SPM Projektmanagement Hauptstrasse 2 9030 Abtwil Switzerland The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Max Banziger 9001 St. Gallen Switzerland ============= U K R A I N E ============= ANGELINA LLC: Creditors Must Submit Claims by January 24 -------------------------------------------------------- Creditors of LLC Angelina (code EDRPOU 32557937) have until Jan. 24 to submit written proofs of claim to: Kachkurov Farit, Liquidator a/b 169 02206 Kiev Region Ukraine The Economic Court of Kiev Region commenced bankruptcy proceedings against the company on Dec. 5, 2006, after finding it insolvent. The case is docketed under Case No. 15/693-B. The Economic Court of Kiev Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kiev Region Ukraine The Debtor can be reached at: LLC Angelina Sniatoshinskaya Str. 3 03115 Kiev Region Ukraine DNIEPR CURRENT-ELECTRODE: Claims Filing Deadline Set January 24 ---------------------------------------------------------------- Creditors of LLC Dniepr Current-Electrode (code EDRPOU 31393593) have until Jan. 24 to submit written proofs of claim to: Denis Lihopek, Liquidator P.O. Box 37 49000 Dnipropetrovsk Region Ukraine The Economic Court of Dnipropetrovsk Region commenced bankruptcy proceedings against the company on Dec. 19, 2006, after finding it insolvent. The case is docketed under Case No. B 24/371-06. The Economic Court of Dnipropetrovsk Region is located at: Kujbishev Str. 1a 49600 Dnipropetrovsk Region Ukraine The Debtor can be reached at: LLC Dniepr Current-Electrode Uralskaya Str. 19/89 49008 Dnipropetrovsk Region Ukraine GISKON-TRADE: Deadline for Submission of Claims Set January 24 -------------------------------------------------------------- Creditors of Industrial Enterprise Giskon-Trade (code EDRPOU 33340297) have until Jan. 24 to submit written proofs of claim to: E. Golub, Liquidator Komsomolskiy Avenue 8 83055 Donetsk Region Ukraine The Economic Court of Donetsk Region commenced bankruptcy proceedings against the company on Dec. 12, 2006, after finding it insolvent. The case is docketed under Case No. 42/247. The Economic Court of Donetsk Region is located at: Artema Str. 157 83048 Donetsk Region Ukraine The Debtor can be reached at: Industrial Enterprise Giskon-Trade Oktiabr Str. 1 83030 Donetsk Region Ukraine SAVINSKIY CJSC: Deadline for Submission of Claims Set January 24 ---------------------------------------------------------------- Creditors of CJSC Agrarian Complex Savinskiy (code EDRPOU 31982357) have until Jan. 24 to submit written proofs of claims to: DPI of Balakleya District, Liquidator Balakleya, Mukanov Str. 63 64200 Kharkov Region Ukraine The Economic Court of Harkiv Region commenced bankruptcy proceedings against the company on Nov. 2, 2006, after finding it insolvent. The case is docketed under Case No. B-31/85-06. The Economic Court of Kharkov Region is located at: Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Region Ukraine The Debtor can be reached at: CJSC Agrarian Complex Savinskiy Pivnichna Str. 2 Savincy Balakleya District Kharkov Region Ukraine SILVER TOWER: Creditors Must Submit Claims by January 24 -------------------------------------------------------- Creditors of CJSC Silver Tower (code EDRPOU 32915627) have until Jan. 24 to submit written proofs of claim to: Y. Ignatchenko, Liquidator Zhytomirskaya 24 Kiev Region Ukraine The Economic Court of Kiev Region commenced bankruptcy proceedings against the company on Dec. 7, 2006, after finding it insolvent. The case is docketed under Case No. 43/358. The Economic Court of Kiev Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kiev Region Ukraine The Debtor can be reached at: CJSC Silver Tower Krasnoarmeyskaya Str. 39 Kiev Region Ukraine SILTECH LLC: Deadline for Submission of Claims Set January 24 ------------------------------------------------------------- Creditors of LLC Siltech (code EDRPOU 33011606have until Jan. 24 to submit written proofs of claim to: Elena Kliashtornaya, Liquidator Pobeda Str. 75 69005 Zaporozhje Region Ukraine The Economic Court of Zaporozhje Region commenced bankruptcy proceedings against the company on Dec. 13, 2006, after finding it insolvent. The case is docketed under Case No. 25/254/06. The Economic Court of Zaporozhje Region is located at: Shaumiana Str. 4 69001 Zaporizhje Region Ukraine The Debtor can be reached at: LLC Siltech 40 years of Soviet Ukraine Str. 92-a 69057 Zaporozhje Region Ukraine UKRMASHIMPEX CJSC: Creditors Must Submit Claims by January 24 ------------------------------------------------------------- Creditors of CJSC Ukrmashimpex (code EDRPOU 22965910) have until Jan. 24 to submit written proofs of claim to: Igor Golovachev, Temporary Insolvency Manager Stalingrada Avenue 27-a Geroev Kiev Region Ukraine The Economic Court of Kiev Region commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 23/517-b. The Economic Court of Kiev Region is located at: B. Hmelnitskij Boulevard 44-B 01030 Kiev Region Ukraine The Debtor can be reached at: CJSC Ukrmashimpex Akademic Palladin Avenue 44 03142 Kiev Region Ukraine =========================== U N I T E D K I N G D O M =========================== ADVANCED MARKETING: Court Grants Interim Access to DIP Financing ---------------------------------------------------------------- The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware authorized Advanced Marketing Services Inc. and its debtor-affiliates, on an interim basis, to dip their hands into the DIP financing facility arranged by Wells Fargo Foothill for a consortium of lenders. Advanced Marketing Services, Publishers Group Inc., and Publishers Group West Inc. are borrowers under a Loan and Security Agreement dated April 27, 2004, with Wells Fargo Foothill Inc., as agent, and a consortium of lenders. The Senior Facility provides for a revolving line of credit up to a maximum commitment level of US$90,000,000. Curtis R. Smith, AMS's vice-president and chief financial officer, relates that the Senior Lenders have agreed to continue to provide liquidity to the Debtors through a DIP Loan Facility, which carries forward many of the terms of the Senior Facility. Against this backdrop, the Debtors seek the Court's authority to obtain from Foothill and the Senior Lenders, though the DIP Loan Facility, cash advances and other extensions of credit in an aggregate principal amount of up to US$75,000,000. Absent immediate and continued availability of credit, the Debtors' operations will be severely disrupted, and they will be forced to cease or sharply curtail operations of some or all of their businesses, which in turn will eliminate the Debtors' ability to generate operating revenue and the value of their businesses as a going concern, Mr. Smith says. Before agreeing to enter into the DIP Loan Facility with Foothill and the Senior Lenders, the Debtors engaged in numerous discussions concerning secured and unsecured financing, as well as equity or other infusions, with several potential investors. Yet, they received only one proposal for debtor-in-possession financing other than that offered by the Senior Lenders. Upon evaluation, the Debtors determined that the alternate proposal was not viable. "No other prospective lender was willing to provide debtor in possession financing without at least the type of protections afforded Senior Lenders under the DIP Loan Facility," Mr. Smith relates. Terms of the DIP Facility The DIP Facility provides, among other things, that each Lender with a Revolver Commitment agrees to make Advances to the Debtors at any one time in amounts not exceeding the Lender's Pro Rata Share of an amount equal to the lesser of (i) the Maximum Revolver Amount -- presently set at US$75,000,000 -- less the Letter of Credit Usage, or (ii) the Borrowing Base less the Letter of Credit Usage. Lender Revolver Commitment ------ ------------------- Wells Fargo Foothill Inc. US$37,500,000 LaSalle Business Credit, LLC 16,500,000 Marathon Structured Finance Fund, L.P. 8,250,000 Capitalsource Finance LLC 12,750,000 The Issuing Lender agrees to issue Letters of Credit for the account of the Borrowers or to purchase or execute an L/C Undertaking with respect to letters of credit issued by an Underlying Issuer for the account of the Borrowers. The Issuing Lender will have no obligation to issue an L/C if any of these events would result after giving effect to the issuance of the requested L/C: (1) the L/C Usage would exceed the Borrowing Base less the outstanding amount of Advances; or (2) the L/C Usage would exceed US$10,000,000; or (3) the L/C Usage would exceed the Maximum Revolver Amount less the outstanding amount of Advances. The Borrowing Base under the DIP Loan Agreement determines the maximum amount that may be borrowed as Advances. It is a function of inventory and account values ranging up to 85% of appraised liquidation values and is subject to various reserves, including a Dilution Reserve in an amount sufficient to reduce the advance rate against Eligible Accounts by 1 percentage point for each percentage point by which Dilution is in excess of 5%. The interest rate on all Obligations will be calculated based on Wells Fargo Bank, National Association's prime rate plus 3.50%. The DIP Agreement was scheduled to close by Jan. 4. The postpetition facility will continue in full force and effect for a term ending in July. The Lender Group, upon the election of the Required Lenders, will have the right to terminate its obligations under the DIP Loan Agreement immediately and without notice on the occurrence and during the continuation of an Event of Default. The proceeds of the Advances may be used (1) on the Closing Date, to pay transactional fees, costs, and expenses incurred in connection with the DIP Loan Agreement, the other Loan Documents, and contemplated transactions including the funding in whole or in part of the Carve Out Reserve Fund, and (ii) for the Debtors' lawful and permitted business and general corporate purposes including the financing of working capital needs and capital expenditures, in accordance with the Debtors' 14-week Budget related to the DIP Loan Facility. The Budget runs through March 30, and sets forth the expenditures that the Debtors critically need to make to allow them to continue to operate. The Borrowers agree to pay a variety of fees and charges to Foothill: -- a Letter of Credit fee accruing at 3.50% per annum times the Daily Balance of the undrawn amount of all outstanding L/C; -- on the first day of an each month, an Unused Line Fee equal to 0.375% per annum times the result of (a) the Maximum Revolver Amount, less (b) the sum of (1) the average Daily Balance of Advances that were outstanding during the immediately preceding month, plus (2) the average Daily Balance of the L/C Usage during the immediately preceding month; -- a US$750,000 closing fee, which will be fully earned, due, and payable on the Closing Date; -- a US$5,000 servicing fee per quarter, due and payable, in arrears, on the first day of each quarter, commencing with the first day of the quarter immediately following the Petition Date; and -- certain audit, appraisal and valuation fees and charges relating to audits and appraisals performed by personnel employed by Foothill. The postpetition obligations due the Lenders by the Debtors will be entitled to the super-administrative priority afforded under Section 364(c)(1) of the Bankruptcy Code. The Lenders' liens and administrative claims will be subject to a carve out for (i) the fees payable to the Clerk of the Bankruptcy Court and to the Office of the United States Trustee relating to the Bankruptcy Cases; and (ii) Professional Fee Carve Out Expenses of US$2,000,000 prior to a Payoff Event and US$3,000,000 afterwards. Moreover, the Debtors covenant that they will not: (a) on any measurement date where the Projected Operating Cash Flow is a positive amount, have Actual Operating Cash Flow for the relevant period that is both less than 85% of the Projected Operating Cash Flow, and at least US$2,500,000 less than Projected Operating Cash Flow, for the period; or (b) on any measurement date where the Projected Operating Cash Flow is a negative amount, have Actual Operating Cash Flow for the relevant period that is both less than 115% of the Projected Operating Cash Flow, and at least US$2,500,000 less than the Projected Operating Cash Flow, for the period. Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, clarifies that the terms and covenants set forth in the Senior Facility are amended and restated in their entirety by the terms and conditions set forth in the DIP Loan Agreement. However, the DIP Loan Agreement does not extinguish the obligations for the payment of money outstanding under the Senior Facility, or for the discharge or release of any security. Rather, the DIP Loan Agreement provides for the satisfaction of the prepetition obligations owed to the Senior Lenders through application of Cash Collateral postpetition -- a "roll-up" of the prepetition debt. The Roll-up provision provides that each Senior Lender is entitled to apply any and all proceeds of the Collateral or the Senior Collateral or any other consideration it received in respect of the Senior Obligations in accordance with the Senior Facility and the Loan Documents, which includes the application of Senior Collateral -- first, on account of the Senior Obligations until the Senior Obligations are paid and satisfied, and then on account of the Postpetition Obligations. Furthermore, all outstanding L/C under the Senior Facility are deemed to be L/C and Obligations under the DIP Credit Agreement. Mr. Collins says the Debtors have determined that this provision is appropriate given that the Senior Lenders are substantially over-secured. Qualified Transaction Timeline The Debtors agree with the DIP Lenders to file within 10 days after the Petition Date a qualified transaction motion calling for the sale of substantially all or a significant portion of their business, or a refinancing or debt or equity investment or other recapitalization. Within 20 days after the filing of the Qualified Transaction Motion, the Debtors will attempt to obtain approval of competitive bidding procedures and to identify a "stalking horse" bidder in the event they pursue a sale. The DIP Lenders want the Qualified Transaction Motion approved within 45 days after the filing. They also want to receive cash proceeds from the Qualified Transaction within 50 days. Mr. Collins says the Debtors believe that the Qualified Transaction provisions are reasonable given the overall benefits of the DIP Facility, and given that the Senior Lenders were unwilling to extend financing without those provisions. Foothill is represented in the Debtors' cases by Paul S. Arrow, Esq., and William S. Brody, Esq., at Buchalter Nemer, in Los Angeles, California, and Kurt F. Gwynne, Esq., at Reed Smith, LLP, in Wilmington, Delaware. * * * Judge Sontchi held that the Debtors do not have sufficient available sources of working capital to operate its business in the ordinary course of business with the postpetition financing. According to Judge Sontchi, the Debtors' ability to maintain business relationships with its vendors, suppliers, and customers, to pay its employees, and to otherwise fund its operations, is essential to the Debtors' continued viability. Judge Sontchi rules that the DIP Lenders have the right to use the DIP Obligations to credit bid with respect to any bulk or individual sale of all or any portion of the Debtors' assets securing the loan. The Debtors are prohibited from obtaining postpetition loans or other financial accommodations other than from the DIP Lenders unless their DIP Obligations have been indefeasibly paid in full. Judge Sontchi will convene a hearing to consider approval of the Debtors' request on a final basis on January 24, at 10:00 a.m. Objections, if any, are due January 22. About Advanced Marketing Based in San Diego, California, Advanced Marketing Services Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom and Australia and employs approximately 1,200 people worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 plan expires on Apr. 28. (Advanced Marketing Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ADVANCED MARKETING: Gets Interim Access to Use Cash Collateral -------------------------------------------------------------- The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware authorized Advanced Marketing Services Inc. and its debtor-affiliates, on an interim basis, to use the Secured Lenders' Cash Collateral. Judge Sontchi rules that it will be an event of default if the Debtors use the Lenders' Cash Collateral without further express, written consent of the Lenders. The Loan and Security Agreement dated April 27, 2004, among the Debtors, Wells Fargo Foothill Inc., as agent, and a syndicate of lenders, is secured by a first priority security interest on substantially all of the Debtors' assets, all products and proceeds of the assets, and all cash proceeds and all other cash equivalents and cash collateral. Curtis R. Smith, AMS's vice-president and chief financial officer, relates that the Senior Facility imposes numerous restrictions on the Debtors' ability to access their cash. Before the Petition Date, virtually all of the Debtors' cash from operations was swept daily into an account controlled by Foothill and applied to the loans outstanding, then re-advanced as loans in accordance with the borrowing base formula as established and adjusted by Foothill from time to time. As of the Petition Date, the borrowing base formula under the Senior Facility totaled US$64,764,447. In contrast, Mr. Smith says, the Senior Lenders are secured by approximately US$147,500,000 in accounts receivable, approximately US$72,500,000 in inventory, as well as other valuable collateral including Advanced Marketing Services' interests in foreign subsidiaries, fixed assets and intellectual property. As of the Petition Date, the Debtors were obligated to the Senior Lenders for the principal amount drawn on the Revolving Loans plus accrued and unpaid interest and certain additional unpaid fees and expenses totaling US$41,514,347. Pursuant to an Inter-company Subordination Agreement between the Debtors and certain of their subsidiaries, as Obligors, and Foothill, the parties agreed to subordinate the payment of all indebtedness, liabilities and other obligations of each Obligor owing to any other Obligor to the payment of the US$41,514,347 Indebtedness. Mr. Smith reminds the Court that the Debtors have secured a US$75,000,000 postpetition facility from Foothill. In that regard, the Debtors obtained the express consent of the Senior Lenders to use the prepetition Cash Collateral in connection with the DIP Loan Facility. Accordingly, the Debtors seek the Court's authority to use the Secured Lenders' Cash Collateral. To secure all postpetition obligations due to the Lenders by the Debtors, the Debtors propose to grant the Lenders a lien with priority and senior to all other liens, other than validly perfected prepetition liens that would otherwise be senior and prior to the Senior Lenders' prepetition liens, on all of the Debtors' prepetition, present and future assets. Moreover, upon the occurrence of a Default or Event of Default, each Borrower waives any right to use Cash Collateral. Judge Sontchi will convene a hearing to consider approval of the Debtors' request on a final basis on January 24, at 10:00 a.m. Objections, if any, are due January 22. About Advanced Marketing Based in San Diego, California, Advanced Marketing Services Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom and Australia and employs approximately 1,200 people worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 plan expires on Apr. 28. (Advanced Marketing Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ADVANCED MARKETING: 20 Largest Unsecured Creditors -------------------------------------------------- Advanced Marketing Services Inc. and its debtor-affiliates' list of 20 largest unsecured creditors include: Entity Nature of Claim Claim Amount ------ --------------- ------------ Random House Trade Debt US$43,347,815 1540 Broadway New York, NY 10036 Attn: Bill Sinnott Tel: (410) 386-7480 Fax: (410) 386-7439 Simon & Schuster Inc. Trade Debt US$26,457,886 1230 Avenue of the Americas New York, NY 10020 Attn: David England Tel: (212) 689-7022 Fax: (212) 698-1258 Penguin Putnam Inc. Trade Debt US$24,614,829 375 Hudson Street New York, NY 10014 Attn: Michelle Cangialosi Tel: (201) 767-2916 Fax: (201) 767-5162 Hachette Book Group USA Trade Debt US$22,569,624 d/b/a Hachette and Time Warner Publishing Three Center Plaza Boston, MA 02108-2084 Attn: Steve Mubarek Tel: (617) 263-1949 Fax: (617) 263-2978 HaperCollins US Trade Debt US$18,029,249 3030 Robinson Road Jefferson City, MO 65111 Attn: John Shearer Tel: (570) 941-1244 Fax: (570) 941-1590 Publications International Trade Debt US$12,546,943 7373 North Cicero Avenue Lincolnwood, IL 60712-1613 Attn: Jeff Coyle Tel: (847) 329-5355 Fax: (847) 329-5810 VHPS Trade Debt US$9,597,108 175 Fifth Avenue 20th Floor New York, NY 10010 Attn: Peter Garabedian Tel: (646) 307-5451 Fax: (917) 302-7466 Andrews McMeel Publishing Trade Debt US$8,658,324 4520 Main Street Kansas City, MO 64111 Attn: Thom Thorton Tel: (816) 932-6700 Fax: (816) 932-6735 John Wiley & Sons Inc. Trade Debt US$6,030,223 One Wiley Drive Somerset, NJ 08875-1272 Attn: Dean Karrel Tel: (201) 748-6275 Fax: (201) 748-8641 Leisure Arts Trade Debt US$4,685,334 80 Willow Park Road Menlo Park, CA 94025 Attn: Rich Smeby Tel: (650) 324-5505 Fax: (650) 324-1532 Workman Publishing Company Trade Debt US$4,403,889 225 Varick Street New York, NY 10014-4381 Attn: Phil Gerace Tel: (212) 614-7565 Fax: (212) 254-8098 Rich Publishing LLC Trade Debt US$4,380,171 6611 North 64th Place Paradise Valley, AZ 85253 Attn: Sharon Lechter Tel: (480) 607-1940 Fax: (480) 949-6085 Chronicle Books Trade Debt US$4,344,797 275 Fifth Street San Francisco, CA 94103 Attn: Jack Jensen Tel: (415) 777-7240 Fax: (415) 777-8887 Meredith Corporation Trade Debt US$4,333,958 1716 Locust Street Des Moines, IA 50309 Attn: Ken Zagor Tel: (515) 284-2282 Fax: (515) 284-3947 Houghton Mifflin Trade Div. Trade Debt US$2,564,958 222 Berkeley Street Boston, MA 02116 Attn: Gary Gentel Tel: (617) 351-5927 Fax: (617) 351-1185 Avalon Publishing Group Trade Debt US$2,297,489 1400 65th Street Suite 250 Emeryville, CA 94608 Attn: Susan Reich Tel: (510) 595-3664 Fax: (510) 595-4228 United States Playing Trade Debt US$2,015,057 Card Co. 2510 Reliable Parkway Chicago, IL 60686-0025 Attn: Amy Bruno Tel: (800) 542-7430 ext. 7507 Fax: (513) 396-5878 Zondervan Trade Debt US$2,002,239 5300 Patterson Avenue, SE Grand Rapids, MI 49530 Attn: Verne Kenney Tel: (616) 698-6548 Fax: (616) 698-3313 Global Book Publishing Trade Debt US$1,747,737 Level 8, 15 Orion Road Lane Cove, NSW Australia 2066 Attn: Cheryl Perry Tel: (+612) 9425-5800 Fax: (+612) 9967-5891 Cook Illustrated Trade Debt US$1,483,506 17 Station Street Brookline, MA 02445 Attn: Demee Gambulos Tel: (617) 232-1000 Fax: (617) 232-1572 About Advanced Marketing Based in San Diego, California, Advanced Marketing Services Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom and Australia and employs approximately 1,200 people worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for Chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 plan expires on Apr. 28. (Advanced Marketing Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) AMERICAN CAMSHAFT: High Steel Costs Prompt Bankruptcy Filing ------------------------------------------------------------ American Camshaft Specialties Inc. filed a petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Michigan on Dec. 9, 2006. The company is a U.S. subsidiary of Asimco Technologies which is headquartered in Beijing, China. The bankruptcy however is limited to the Grand Haven facilities and doesn't extend to Asimco's offices and other manufacturing facilities overseas, Grand Haven Tribune relates. The bankruptcy filing comes after costs have increased for raw materials, especially steel, in the past few years. "We're looking into a restructure or a potential sale," the Grand Haven Tribune quotes an Asimco representative. "We're looking at getting some costs under control or a potential sale," the representative added. Grand Haven Tribune reports that in a Dec. 11, 2006, press release, Jack Perkowski, Asimco's chairman and chief executive officer, stated, "[s]ince acquiring the businesses several years ago, we have been faced with significant raw material price increases and declining volumes in North America." "Despite these adverse economic conditions, we continued to support the business while trying to obtain offsetting price concessions. Unfortunately, we were unable to gain sufficient price relief in the normal course, and several months ago, began working with our customers as a group to try and jointly develop a plan which would return the business to long-term economic viability. "Given the further volume declines, which our customers expect in North America in 2007, we decided that the best course was to file for protection in order to balance the interests of all our stakeholders and ensure uninterrupted supply while we seek to develop a longer term solution," Mr. Perkowski added. American Camshaft Specialties Inc. is located at the southwest corner of M-45 and U.S. 31, includes two plants - ACS Grand Haven, which is solely owned by Asimco Technologies, and a joint venture between Nippon Piston Ring and ACS Inc. Headquartered in Beijing, China, Asimco Technologies -- http://www.asimco.com/-- produces a wide range of power train, chassis and diesel fuel injection products for light duty and commercial vehicle applications, according to its Web site. The company assembles semi-fully finished cast, steel and assembled camshafts. Aside from its U.S. operations, Asimco has 18 manufacturing facilities and 52 sales offices in China and one regional office in the United Kingdom and Japan. Asimco's major customers are automotive-based, such as DaimlerChrysler, Ford, GM, Cummins and CAT. AMERICAN CAMSHAFT: Case Summary & 59 Largest Unsecured Creditors ---------------------------------------------------------------- Lead Debtor: American Camshaft Specialties, Inc. 1000 Town Center, Suite 1050 Southfield, MI 48075 Bankruptcy Case No.: 06-58298 Type of Business: American Camshaft has two plants - ACS Grand Haven, which is solely owned by Asimco Technologies, and a joint venture between Nippon Piston Ring and ACS Inc. Asimco, the Debtor's parent company, is located in Beijing, China. Asimco also has a regional office in the United Kingdom and Japan. Debtor affiliates filing separate chapter 11 petitions: Entity Case No. ------ -------- Assembled Camshaft, Inc. 06-58300 ACS Orland, Inc. 06-58301 ACS Grand Haven, Inc. 06-58302 Chapter 11 Petition Date: December 9, 2006 Court: Eastern District of Michigan (Detroit) Judge: Phillip J. Shefferly Debtors' Counsel: Christopher A. Grosman, Esq. Robert A. Weisberg, Esq. Carson Fischer, P.L.C. 4111 Andover West, Second Floor Bloomfield Hills, MI 48302-1924 Tel: (248) 644-4840 Estimated Assets Estimated Debts ---------------- --------------- American Camshaft Less than $50,000 $10 Million to Specialties, Inc. $50 Million Assembled Camshaft, Inc. $10 Million to $10 Million to $50 Million $50 Million ACS Orland, Inc. Less than $50,000 $10 Million to $50 Million ACS Grand Haven, Inc. $10 Million to $10 Million to $50 Million $50 Million A. American Camshaft Specialties, Inc's 19 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Federal Mogul Corporation $750,000 2655 Northwest Highway Southfield, Michigan 48034 Miller Johnson Snell & Cummisky $13,376 P.O. Box 306 Grand rapids, MI 49501 Service Express $5,912 4845 Corporate Exchange Grand Rapids, MI 49512 Plante & Moran, PLLC $5,650 Not So Basic Training & Consulting $5,010 George Fergision $2,500 ADP, Inc. $2,134 Consultation Plus, LLC $2,120 The Hartford $1,904 CDW $1,870 Environmental Resource Mgt. $1,569 Global Crossing $1,223 Research in Motion Corp. $927 Cingular Wireless $816 Sterling Commerce $609 Oakstone Wellness $575 Employers Association of West Michigan $477 AT&T $440 Vision Service Plan $413 B. Assembled Camshaft, Inc.'s 20 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Nippon Piston Ring Co., Ltd. $486,177 No. 12-10-5-Chome Honmachi-Higashi Yono-City Saitama Japan Ametek $278,816 Specialty Metal Products Div. Route 419 Box 427 Eighty Four, PA 15330 Grand Haven Charter Twp. $211,001 13300 - 168th Avenue Grand Haven, MI 49417 BMC Bill-Mac Corporation $87,190 Mac Steel $79,340 Consumers Power Co. $55,279 Accu Serve Corporation $41,853 C.B. Dekorne, Inc. $30,182 Gosiger Michigan $28,376 Graphite Machining $22,779 Creston Industrial $21,369 Assured Tool & Gauge, Inc. $19,450 Liquid Industrial Waste $15,299 Donald Engineering $14,312 Cinetic Landis Grinding Corp. $13,500 K&G Tool Company $10,891 RCM Technology $10,451 Great Lakes Industrial $9,857 Metallurgical High Vac $8,667 Reliant Professional Cleaning Contractors Inc. $8,612 C. ACS Grand Haven, Inc.'s 20 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Cummins Inc. $3,035,000 Box 3005 Columbus, Indiana 47202 Mac Steel $1,647,714 Division of Quanex Corp. One Jackson Square, Suite 500 Jackson, MI 49201 Mahle Metal Leve S.A. $790,488 Rod. SP 340, KM 176,5 Mogi Guacu - SP Brasil 13486-901 Creston Industrial $322,496 1150 Front Street Northwest Grand Rapids, MI 49417 Grand Haven Charter Township $240,738 Nucor $212,810 Consumers Energy $138,281 Federal-Mogul Camshaft Ltd. $129,616 Manpower $121,823 Kennametal, Inc. $84,155 Super Steel Treating $79,997 Motion Industries $65,691 Alro Steel Corp. $51,241 Gosiger, Inc. $50,660 C.B. Dekorne, Inc. $47,753 K&G Tool Company $47,742 Saint Gobrain Abrasives $44,278 Asahi Diamond America, Inc. $36,954 Norchuk Supply Co. $35,397 Action Industrial Supply $33,405 BAYERISCHE HYPO: Sells Bank Austria Creditanstalt to UniCredit -------------------------------------------------------------- The Management Board of Bayerische Hypo-und Vereinsbank AG agreed to transfer its 77.53% shareholding in its Austrian subsidiary, Bank Austria Creditanstalt, to UniCredito Italiano S.p.A. at a price of EUR109.81 per share, which is equivalent to a total cash consideration of around EUR12.5 billion. The Management Board also approved the execution of the sale of HVB's 100% shareholding in HVB Latvia to BA-CA for a cash consideration of EUR35 million, plus the capital increase of HVB Bank Latvia of around EUR40 million subscribed by HVB in August 2006. In addition, the Management Board established that the actions for rescission served on the parties do not militate against execution of these transactions, which represents an essential prerequisite for implementation thereof: -- the sale of the 70.26% shareholding in International Moscow Bank (IMB) plus the options on a further 4.81% of IMB to BA-CA at a total purchase price of EUR1;015 million in cash; -- the sale of the 100% shareholding in HVB Bank Ukraine to UniCredit against payment of EUR83 million in cash; and -- the sale of assets and liabilities of its branches in Estonia and Lithuania to HVB Bank Latvia at a purchase price of EUR1 million and EUR9 million, respectively, plus the difference between the accounting value of the assets transferred and liabilities assumed. The sale of BA-CA to UniCredit and the sale of HVB Latvia to BA- CA have already been approved by the public authorities responsible. In particular, the execution of the remaining transactions still needs to be officially authorized; the approvals in question are expected in due course. About HVB Headquartered in Munich, Germany, Bayerische Hypo-und Vereinsbank AG (HVB) -- http://www.hypovereinsbank.de/-- offers a large portfolio of banking and financial products to both corporate and private customers. Its services include consumer banking, personal, mortgage and business loans, brokerage services, portfolio and asset management, securities transactions and real estate financing. The HVB Group also includes Bank Austria Creditanstalt AG, which offers a full range of financial services in Austria and the CEE region. * * * As reported in the TCR-Europe on Oct. 3, 2006, Fitch Ratings upgraded Bayerische Hypo- und Vereinsbank's (HVB) Individual rating to C from C/D. At the same time the agency has revised the Outlooks on the banks' Issuer Default ratings to Positive from Stable. Its IDR is affirmed at A. The other ratings are affirmed at Short-term F1 and Support 1. BRITISH AIRWAYS: Proposed Pension Plan Cues S&P's Watch Positive ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB+' long-term corporate credit rating and its 'BB-' senior unsecured debt rating on U.K.-based airline British Airways PLC on CreditWatch with positive implications. This follows an announcement that the airline's four unions are to recommend its proposals to address changes to clear the deficit at BA's New Airways Pensions Scheme. "The CreditWatch placement reflects the positive implications of the proposed pension-deficit solution for BA's capital structure, future cash flows, and business operations," said Standard & Poor's credit analyst Leigh Bailey. "The proposals should allow the group to maintain credit metrics consistent with an investment-grade rating." The proposals present a structured, manageable plan for the progressive clearance of a substantial liability, and provide important clarity on the future growth of cash contributions to BA's main pension scheme. In addition, the company should now be able to focus resources on its plans for fleet renewal and replacement. At Sept. 30, 2006, BA reported GBP3.8 billion of total on- balance-sheet financial debt. Under BA's pension proposal, the company will make a one-off contribution of GBP800 million and up to GBP150 million more in contributions over the next three years, subject to financial targets. Together with a one-off employee saving of GBP400 million and changes to future benefits, the GBP2.1 billion NAPS deficit will be reduced by more than one half to GBP900 million. In the short term, leverage will decrease moderately reflecting the benefits of employee savings. BA's one-off contribution payment will likely come from existing cash balances, which is neutral for the company's financial profile. Over the next 10 years, the capital structure should progressively improve as BA clears the remaining deficit through annual contributions. To resolve the Credit Watch status, Standard & Poor's will meet with management to discuss the final outcome of the pension proposals; current and future trading expectations; and the company's funding strategy, and plans for fleet renewal and investment. "Any upgrade of the long-term corporate credit rating will likely be limited to one notch, and remains subject to successful acceptance of the pension proposals," said Mr. Bailey. C.F. JAMES: Liquidator Calls On Creditors to Submit Claims ----------------------------------------------------------- Creditors of C.F. James Limited are required to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Joint Liquidator Stewart Bennett at: 35 Ballards Lane London N3 1XW United Kingdom Headquartered in London, England, C.F. James Limited -- http://www.cfjames.co.uk/-- supplies wholesale architectural ironmongery including locks and cylinders, door, window and cabinet furniture, indicator bolts, bathroom fittings and a variety of signs in metal and plastic to local authorities, builders and architects all over London, England and the U.K. The company specializes in fire safety equipment and approved facility fittings. It also sells door & gate fittings, safety signs, advertising signs, electronic locks, security locks, and bathroom fittings. CHEQUERS U.K.: Appoints Leonard Curtis as Liquidator ---------------------------------------------------- The Members and Creditors of Chequers (U.K.) Limited appointed N. A. Bennett of Leonard Curtis as Liquidator of the company on Dec. 18, 2006. The company can be reached at: Chequers (U.K.) Limited 78 East Duck Lees Lane Brimsdown Enfield EN3 7SR Middlesex United Kingdom Tel: 020 8805 8855 Fax: 020 88059318 Web: http://www.chequersuk.ltd.uk/ COLLINS & AIKMAN: Can Enter Into New Cananwill Financing Deals -------------------------------------------------------------- The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan approved Collins & Aikman Corp. and its debtor-affiliates' request to enter into: -- the New Financing Agreements with Cananwill Inc.; and -- future insurance premium financing agreements with Cananwill of any other third-party lender that are on substantially similar or better terms than the New Financing Agreements. Each insurance premium financier is granted first priority security interest in any gross unearned premiums payable to the Debtors pursuant to the Debtors' insurance policies financed under the relevant Future Financing Agreements. The security interest will be senior to any prepetition and postpetition security interest in the collateral that is or may be senior to or pari passu with the security interest of the Insurance Premium Financier in the Collateral. In the event that the Debtors default in the timely repayment of any amounts due to the Insurance Premium Financier under the terms of the Future Financing Agreements, the automatic stay provisions of Section 362 of the Bankruptcy Code will be immediately lifted and the Insurance Premium Financier may cancel the Debtors' insurance policies financed under the relevant Future Financing Agreements after giving notice. The Insurance Premium Financier may apply any unearned premiums payable to the Debtors upon cancellation of the Debtors' insurance policies to any amount owing by the Debtors to the Insurance Premium Financier on account of the Future Financing Agreements, all without further application to or order of the Court. In the event that upon cancellation of the insurance policies financed by an Insurance Premium Financier, the unearned or returned premiums are insufficient to pay Debtors' total amount due to the Insurance Premium Financier under the Future Financing Agreements, then any remaining amount owing to the Insurance Premium Financier on account of the Future Financing Agreements will be administrative expenses under Section 503 of the Bankruptcy Code. The reversal or modification on appeal of the authorization under the Order and Section 364 of the Bankruptcy Code will not effect the validity of the debt, priority or lien granted to an Insurance Premium Financier. Upon occurrence of a default by the Debtors under the terms and conditions of the Future Financing Agreements and applicable law, no action will be taken to hinder, impede or delay exercise by an Insurance Premium Financier of its rights and remedies under the Future Financing Agreements and applicable law. Each Insurance Premium Financier's rights under the Future Financing Agreements and applicable state law will not be impaired by the Debtors' Chapter 11 cases, the appointment of a trustee or the conversion to a Chapter 7 case, or any other provisions of the Bankruptcy Code. Debtors Sought Approval for New Accord As part of operating their businesses, the Debtors maintain numerous insurance policies, some of which require them to pay annual premiums in one lump sum. The Debtors finance certain of the premiums by entering into premium financing agreements with third-party lenders, Marc J. Carmel, Esq., at Kirkland & Ellis LLP, in New York, New York, informed the Court. On Jan. 6, 2006, the Court approved the Debtors' previous request to enter into an insurance premium financing agreement with Cananwill Inc. and additional agreements on substantially similar terms. Recently, the Debtors have decided to enter into a new insurance premium financing agreement with Cananwill, under which Cananwill agrees to finance US$2,090,561 for premiums owed by the Debtors under certain insurance policies beginning Dec. 1, 2006, on the condition that the Debtors obtain Court approval to enter into the new financing agreements and provide Cananwill with protections. Mr. Carmel reiterated that laws of various states require the Debtors to provide certain insurance coverage to continue to operate. The New Financing Agreements and the Future Financing Agreements would finance the insurance coverage in the most cost-effective manner. Without the Financing Agreements, the Debtors would be compelled to either attempt to pursue financing alternatives at greater cost and less convenience, or pay the entire insurance premiums in one lump sum that would be detrimental to the Debtors' efforts to reorganize, Mr. Carmel asserted. Moreover, Section 364(c) permits a debtor to incur secured debt if the debtor has been unable to obtain unsecured credit, Mr. Carmel noted. The Debtors sought unsuccessfully to obtain unsecured credit to finance the premiums of the insurance policies and expect that this may occur with the Debtors' effort to finance other insurance policies. Furthermore, the Financing Agreements will allow the Debtors to spread the cost of their insurance coverage over a longer period of time, permitting the Debtors to use cash efficiently, Mr. Carmel pointed out. Entering into the Financing Agreements will allow the Debtors the greatest opportunity to continue to restructure efficiently, he maintained. About Collins & Aikman Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 49; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Wants Exclusive Period Extended Through May 14 ---------------------------------------------------------------- Collins & Aikman Corp. and its debtor-affiliates ask the U.S. Bankruptcy Court for the Eastern District of Michigan to further extend: -- their exclusive period to file a plan of reorganization from Jan. 12, 2007, through and including May 14, 2007; and -- their exclusive period to solicit acceptances of the plan from March 14, 2007 through and including July 12, 2007, without prejudice to the Debtors' rights to seek additional extensions. Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, New York, tells the Court, since the latest extension of the Exclusivity Periods, and in connection with the pursuit of a cooperative sale process, the Debtors recently negotiated a customer agreement with their principal customers and the senior, secured lenders' agent, JPMorgan Chase Bank, N.A. As a result of the Customer Agreement's interim approval, the Debtors filed their first amended Chapter 11 Plan and Disclosure Statement on Dec. 22, 2006. JPMorgan and the Customers agreed to support the Plan. Mr. Schrock relates, upon information and belief, JPMorgan and the Official Committee of Unsecured Creditors will soon reengage in negotiations regarding the Plan. Accordingly, more time is needed to negotiate the terms of a consensual plan with the Creditors Committee and to incorporate the terms into the Amended Plan for the Court's approval, he asserts. The Debtors are also continuing their efforts to market and sell substantially all of their assets, Mr. Schrock relates. Pursuant to the Customer Agreement, the Debtors intend to complete the process by the end of June 2007. The Debtors believe that it is important to the stability of their bankruptcy cases that they maintain their exclusive right to propose and file a Chapter 11 Plan, and to solicit and obtain acceptances of the Plan. An extension does not harm parties-in- interest, Mr. Schrock maintains. On the other hand, he contends, the termination of the Exclusivity Periods could expose the Debtors' Chapter 11 cases to needless disruption that could jeopardize the significant progress that the Debtors have made to date. Moreover, the size and complexity of the Debtors' Chapter 11 cases alone constitute sufficient cause for an extension, Mr. Schrock argues. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed $3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 49; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COMPUTFORCE LIMITED: Creditors Confirm Liquidators' Appointment --------------------------------------------------------------- Creditors of Computforce Limited confirmed on Nov. 27, 2006, the appointment of Peter James Hughes-Holland and Frank Wessely of Vantis as Joint Liquidators the company. The Joint Liquidators can be reached at: Vantis 81 Station Road Marlow Buckinghamshire SL7 1NS United Kingdom CONNECTIVITY SOLUTIONS: Names Kevin John Hellard as Liquidator -------------------------------------------------------------- Creditors of Connectivity Solutions Limited appointed Kevin John Hellard as Liquidator of the company on Dec. 5, 2006. The Liquidator can be reached at: 30 Finsbury Square London EC2P 2YU United Kingdom CONTEXT GB: Appoints Liquidator to Wind-Up Business --------------------------------------------------- Jonathan Malcolm Timmis of J M Marriott & Co. was appointed Liquidator of Context GB Limited (formerly Dawcroft Limited) on Nov. 27, 2006, for the creditors' voluntary winding-up procedure. The Liquidator can be reached at: J M Marriott & Co. 12 Sun Street Lancaster LA1 1EW United Kingdom CONTRACTULE LIMITED: Taps Simon Thornton Liquidate Assets --------------------------------------------------------- The Members and Creditors of Contractule Limited (t/a Sturdy Perryman Associates) appointed Simon Thornton of Houghton Stone Business Recovery as Liquidator of the company on Dec. 21, 2006. The Liquidator can be reached at: Houghton Stone Business Recovery The Conifers Filton Road Hambrook Bristol BS16 1QG United Kingdom COOPERS PLANT: Creditors Confirm Liquidator's Appointment --------------------------------------------------------- Creditors of Coopers Plant Hire Limited confirmed on Dec. 15, 2006, the appointment of Stephen Franklin of Panos Eliades, Franklin & Co. as Liquidator of the company. The Liquidator can be reached at: Panos Eliades, Franklin & Co. Albany House 18 Theydon Road London E5 9NZ United Kingdom CORE TECHNICAL: Nominates Timothy Hargreaves as Liquidator ---------------------------------------------------------- Creditors of Core Technical Support Limited nominated Timothy Hargreaves of T.H.Associates as Liquidator of the company on Dec. 7, 2006. The Liquidator can be reached at: T.H.Associates Towngate House 116-118 Towngate Leyland PR25 2LQ United Kingdom CRANE ELEGANCE: Creditors Confirm Voluntary Liquidation ------------------------------------------------------- Creditors of Crane Elegance Limited confirmed Nov. 29, 2006, the resolutions for voluntary liquidation and the appointment of Andrew Philip Wood and John Russell of The P&A Partnership as Liquidators of the company. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors CSM BUILDING: Appoints Joint Liquidators from Gerald Edelman ------------------------------------------------------------ The Members and Creditors of CSM Building Limited (formerly CMS Buildings Limited) appointed Bernard Hoffman and Ian Yerrill of Gerald Edelman Business Recovery as Joint Liquidators of the company on Dec. 5, 2006. The Joint Liquidators can be reached at: Kent House Station Road Ashford Kent TN23 1PP United Kingdom D & R FINISHERS: Taps Lloyd Biscoe to Liquidate Assets ------------------------------------------------------ Lloyd Biscoe of Begbies Traynor was appointed Liquidator of D & R Finishers PLC on Nov. 30, 2006, for the creditors' voluntary winding-up procedure. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. D J CONVEYOR: Creditors' Claims Due March 4 ------------------------------------------- Creditors of D J Conveyor Services Limited have until March 4 to send their names and addresses and particulars of their debts or claims, and the names and addresses of their Solicitors (if any), to appointed Joint Liquidators Ian Michael Rose and Robert Michael Young at: Begbies Traynor The Old Barn Caverswall Park Caverswall Lane Stoke on Trent Staffordshire ST3 6HP United Kingdom D REALISATIONS: Brings In Liquidators from Begbies Traynor ---------------------------------------------------------- Paul Michael Davis and Timothy John Edward Dolder of Begbies Traynor (South) LLP were appointed Joint Liquidators of D Realisations U.K. Limited (formerly DSS U.K. Limited) on Nov. 10, 2006, for the creditors' voluntary winding-up procedure. The Joint Liquidators can be reached at: Begbies Traynor (South) LLP 32 Cornhill London EC3V 3B United Kingdom DALE ROBERTS: Hires Tim Heaselgrave to Liquidate Assets ------------------------------------------------------- The Members and Creditors of Dale Roberts Fencing Limited appointed Tim Heaselgrave of The Till Morris Partnership as Liquidator of the company on Dec. 14, 2006. The Liquidator can be reached at: The Till Morris Partnership 2 Church Street Warwick CV34 4AB United Kingdom DB EXPRESS: Appoints J. N. Bleazard as Liquidator ------------------------------------------------- J. N. Bleazard of XL Business Solutions Ltd. was appointed Liquidator of DB Express Limited on Dec. 18, 2006, for the creditors' voluntary winding-up proceeding. Headquartered in Bradford, England, DB Express Limited http://www.dbexpress.co.uk/-- provides courier services specializing in very urgent or fragile deliveries such as computer parts, auto parts, tenders, graphics and legal documents. DODSWORTH YORK: Taps Liquidator from David Horner & Co. ------------------------------------------------------- The Members and Creditors of Dodsworth (York) Limited appointed David Anthony Horner of David Horner & Co. as Liquidator of the company on Dec. 7, 2006. The Liquidator can be reached at: 11 Clifton Moor Business Village Jame s Nicholson Link Clifton Moor York YO30 4XG United Kingdom DOTCOM BUILDING: Creditors Ratify Liquidator's Appointment ---------------------------------------------------------- Creditors of Dotcom Building Supplies Limited confirmed on Dec. 20, 2006, the resolutions for voluntary liquidation and ratified the appointment of Freddy Khalastchi of Harris Lipman LLP as Liquidator of the company. The Liquidator can be reached at: Harris Lipman LLP 2 Mountview Court 310 Friern Barnet Lane Whetstone London N20 0YZ United Kingdom EASY-123 LIMITED: Joint Liquidators Take Over Operations -------------------------------------------------------- Christopher Herron and Nicola Jayne Fisher of Herron Fisher Capital Business Centre were appointed Joint Liquidators of Easy-123 Limited for the creditors' voluntary winding-up procedure. The company can be reached at: Easy-123 Limited 80 Harrow Road Warlingham Surrey CR6 9EW United Kingdom Tel: 018 8362 7171 EASYPAY ORGANIA: Claims Filing Period Ends January 24 ----------------------------------------------------- Creditors of Easypay (Organia) Limited have until Jan. 24 to send in their names, their addresses and particulars of their debts or claims, to appointed Liquidator Peter Adrian Finn at: Businesscare Solutions Limited Tong Hall Tong West Yorkshire BD4 0RR United Kingdom The company can be reached at: Easypay (Organia) Limited 645A Roundhay Road Leeds LS8 4BA Tel: 0870-830 1872 EDEN CHILLED: Claims Filing Period Ends February 20 --------------------------------------------------- Creditors of Eden Chilled Foods Limited have until Feb. 20 to detail their names and addresses (and Solicitors if applicable), together with particulars of their debts or claims, in writing, or in person, to appointed Liquidator Duncan R. Beat at: Tenon Recovery 75 Springfield Road Chelmsford Essex CM2 6JB United Kingdom Duncan R. Beat of Tenon Recovery was appointed Liquidator of the company on Dec. 22, 2006. The company can be reached at: Eden Chilled Foods Limited Railway Arch 326/327 Bloucher Road London SE5 0LH United Kingdom Tel: 020-7703-5789 ENESCO GROUP: Bank Lenders Limit Credit Facility Advances --------------------------------------------------------- Enesco Group Inc. reported that the lenders under its senior credit facility with Bank of America N.A. and LaSalle Bank N.A. have elected to allow future advances under the credit facility only on a limited discretionary basis. The company continues to seek refinancing for the senior credit facility and to pursue other restructuring alternatives. The company said there could be no certainty as to whether it will be successful in achieving its goals. Enesco Group, Inc. --- http://www.enesco.com/-- is a world leader in the giftware, and home and garden decor industries. Serving more than 44,000 customers worldwide, Enesco distributes products to a wide variety of specialty card and gift retailers, home decor boutiques, as well as mass-market chains and direct mail retailers. Internationally, Enesco serves markets operating in the United Kingdom, Canada, Europe, Mexico, Australia and Asia. With subsidiaries located in Europe and Canada, and a business unit in Hong Kong, Enesco's international distribution network is a leader in the industry. Enesco's product lines include some of the world's most recognizable brands, including Border Fine Arts, Bratz, Circle of Love, Foundations, Halcyon Days, Jim Shore Designs, Lilliput Lane, Pooh & Friends, Walt Disney Classics Collection, and Walt Disney Company, among others. Credit Default As reported in the Troubled Company Reporter on Aug. 15, 2006, Enesco is continuing to aggressively pursue long-term debt financing. Enesco previously had agreed to obtain a commitment for long-term financing by Aug. 7, 2006. Because Enesco has not obtained a commitment, the company is in default of its current credit facility agreement. Enesco is working with the lenders for possible additional loans or terms and conditions, but has been advised that the lenders are not committing to waive the default. GENERAL MOTORS: Eyes More Job Cuts and Overseas Expansion --------------------------------------------------------- General Motors Corp. warned of more job cuts in 2007, BBC News reports citing Chief Executive Rick Wagoner. The company shut down 12 sites and shed over 34,000 jobs to trim US$9 billion from operating costs in 2006, following a US$10.6 billion net loss in 2005. Despite the job cuts, GM will continue its expansion overseas, where sales outperformed its U.S. business for third straight year. GM is struggling to keep up with Asian rivals in the U.S., where company sales dipped 8.7% in 2006 while pursuer Toyota posted a 13% hike in sales, BBC News relays. "I like being number one, and I think our people take pride in it," Mr Wagoner told BBC News. "We're not going to sit back and let somebody else pass us by." Mr. Wagoner said that GM would improve productivity, profitability and its competitive edge to remain as the world's leading car producer. The company is also rolling out new vehicles as well as unveiling its new Camaro convertible concept car at the Detroit Motor Show in the weekend. The company will also negotiate for more concessions on a new four-year contract with United Auto Workers (UAW) Union, as it focuses on lightening its health care burden, BBC News reports. "We are not fully competitive yet," Mr. Wagoner said. "We need to make progress in the 2007 negotiations. "These are tough issues. . . and health-care has put us at a US$5 billion disadvantage. The structure we have doesn't work in today's global industry." GM plans to hike its average transaction price, mainly through ongoing reductions in discount offers. BBC News relays that GM's health care costs account for US$1,500 of each new car compared to US$200 at Toyota. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader since 1931. Founded in 1908, GM employs about 327,000 people around the world. It has manufacturing operations in 33 countries and its vehicles are sold in 200 countries. GM sells cars and trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. * * * As reported in the TCR-Europe on Nov. 16, 2006, Standard & Poor's Ratings Services assigned its 'B+' bank loan rating to General Motors Corp.'s proposed US$1.5 billion senior term loan facility, expiring 2013, with a recovery rating of '1'. The 'B+' rating was placed on Creditwatch with negative implications, consistent with the other issue ratings of GM, excluding recovery ratings. At the same time, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the proposed US$1.5 Billion secured term loan of General Motors Corp. The term loan will be secured by a first priority perfected security interest in all of the U.S. machinery and equipment, and special tools of GM and Saturn Corporation. GENERAL MOTORS: GM Europe to Report Profit in 2006 -------------------------------------------------- GM Europe, a unit of General Motors Corp., will post a profit in 2006, the unit's first in six years, John Reed writes for the Financial Times. "It is safe to assume it will be a profitable year," Carl-Peter Forster, President GM Europe of the unit, told FT. GM Europe, which would publish its 2006 results on Jan. 30, posted US$196 million in net profit for the first nine months of 2006, FT reports. The unit also accounted for a fifth of GM's US$127.9 billion automotive sales. GM Europe sold over two million cars -- Chevrolet, Opel, Vauxhall, Cadillac, Saab, and Hummer brands -- in 2006 and holds around 10% share of the European market, excluding light commercial vehicles. Mr. Forster attributed two-thirds of GM Europe's profit improvement over the past two years to margin improvement, spurred by rolling off new cars and increasing its revenue-per- vehicle. In 2004, GM restructured its European operations, reducing the workforce by 12,000 and cutting costs by EUR500 million. Production Plans GM plans to boost production capacity in Eastern Europe, particularly in Russia where the company aims to hike its capacity to 500,000 cars within five to six years. The company, however, is yet to decide how much it should increase its Russian capacity, Mr. Forster said. "We have a hefty internal debate on whether the current growth level continues," Mr. Forster was quoted by FT as saying. GM also plans to shift the production of its Aveo cars, known as Kalos in Europe, from Korea to Poland's FSO plant, adding capacity up to 150,000 units. D. Nick Reilly, GM's President for Asia-Pacific, said the production shift would free up Korean capacity to supply more cars in Asia and more Aveos in Europe. Mr. Reilly assured that the production shift would not result in job losses, FT relays. The company is conducting final talks to form a joint venture with Ukraine's Ukravto, which acquired FSO from Korea's Daewoo in 1990s. "We hope to sign a final agreement in the next couple of months," Mr. Reilly said, adding that GM also wants to acquire another former Daewoo plant in Romania for the production of its Matiz mini-car. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader since 1931. Founded in 1908, GM employs about 327,000 people around the world. It has manufacturing operations in 33 countries and its vehicles are sold in 200 countries. GM sells cars and trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. * * * As reported in the TCR-Europe on Nov. 16, 2006, Standard & Poor's Ratings Services assigned its 'B+' bank loan rating to General Motors Corp.'s proposed US$1.5 billion senior term loan facility, expiring 2013, with a recovery rating of '1'. The 'B+' rating was placed on Creditwatch with negative implications, consistent with the other issue ratings of GM, excluding recovery ratings. At the same time, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the proposed US$1.5 Billion secured term loan of General Motors Corp. The term loan will be secured by a first priority perfected security interest in all of the U.S. machinery and equipment, and special tools of GM and Saturn Corporation. KINGFISHER SWIMMING: Names Melvyn Rose as Administrator ------------------------------------------------------- Melvyn L. Rose of Elliot, Woolfe & Rose was named administrator of Kingfisher Swimming Pools Ltd. (Company Number 0312828) on Dec. 15, 2006. The administrator can be reached at: Melvyn L. Rose Elliot Woolfe & Rose 1st Floor Equity House 128/136 High Street Edgware Middlesex HA8 7TT United Kingdom Tel: 020 8952 0707 Fax: 020 8952 2332 E-mail: mlr@ewr.co.uk Kingfisher Swimming Pools Ltd. can be reached at: 8 Station Yard Oxford Road Adderbury Banbury Oxon Oxfordshire OX17 3HJ United Kingdom Tel: 01295 811 422 Fax: 01295 811 432 ON ASSIGNMENT: Buys Oxford Global for US$200 Million ---------------------------------------------------- On Assignment Inc. signed a definitive agreement to acquire Oxford Global Resources Inc. for US$200 million, of which US$190 million is in cash and US$10 million in common stock. In addition, Oxford shareholders have the opportunity to achieve an earn-out of up to US$12 million based on Oxford's 2007 and 2008 performance. The Company intends to utilize its existing cash position and a new US$165 million senior secured credit facility it is negotiating to finance the acquisition. The new facility is expected to include a US$20 million revolving credit facility and a US$145 million term loan facility. The company disclosed that it may achieve an annual after tax savings of approximately US$5 million per year over the next 15 years as a result of the election to classify the Oxford transaction as an asset sale for tax purposes under section 338(h)(10) of the IRS code. After the closing of the proposed transaction, On Assignment expects to have approximately US$16 million cash on hand. Peter Dameris, president and chief executive officer, said, "Oxford is a well-established, leading player in the large and growing information technology and engineering staffing sectors. Oxford employs a disciplined strategy of focusing on temporary staffing assignments that require high-end skill sets. "The acquisition is a significant fit with On Assignment's growth strategy of operating in strong niche staffing practices with durable business models that are characterized by high bill rates, high and sustainable gross margins and low customer concentration. "As with our recent VISTA acquisition, Oxford adds a growth segment of the professional staffing business that generates higher than industry average bill rates and gross margins with a large, attractive and diverse client base. On Assignment expects, with the acquisitions of Oxford and VISTA, to have pro forma revenues in excess of US$520 million for 2006." Mr. Dameris continued, "When we were on the roadshow for our recent follow-on offering in November, we discussed a growth strategy that involved vigorously pursuing growth opportunities in our core Healthcare and Lab Support staffing businesses, and augmenting this growth with acquisitions in other complementary, high-end professional staffing verticals. "I feel we have been very successful in growing our core businesses, having grown consolidated revenues 22% in the first three quarters of 2006. "Pro forma for the Oxford and VISTA acquisitions, our Healthcare (including VISTA) and Lab Support practices will represent roughly two-thirds of our overall revenues and continue to present us with exciting growth opportunities in those areas going forward. "The acquisition of Oxford will augment the growth we are experiencing in our core staffing businesses by providing us with access to the robust IT staffing market, which represents approximately US$17 billion-plus of annual spend, and the US$6 billion-plus technical/engineering market, both with double digit annual growth. "I believe the collective experience of our management team, in the IT area and in acquisitions, will be invaluable in building shareholder value from this transaction. Having successfully deployed the capital we raised in November, we will now focus the majority of our resources on operating our existing business and supporting the two businesses we have agreed to acquire." UBS Investment Bank is acting as On Assignment's financial advisor and arranging the financing in this transaction. About Oxford Global Resources Headquartered in Beverly, Massachusetts, Oxford Global Resources -- http://www.oxfordcorp.com-- is a leading provider of high- end information technology and engineering staffing services. Founded in 1984, Oxford delivers senior information technology, software and hardware engineering, mechanical, electrical and validation engineering and telecommunications engineering professionals to clients in a wide range of industries. Headquartered in Beverly, Massachusetts, Oxford has 20 offices throughout the United States and an office in Ireland to serve the European market. About On Assignment Headquartered in Calabasas, California, On Assignment, Inc. (Nasdaq: ASGN) is a diversified professional staffing firm providing staffing solutions in specialty skills including Laboratory/Scientific, Healthcare, and Medical, Financial & Health Information Services. The company has approximately 60 branch offices across the United States, the United Kingdom, the Netherlands, and Belgium. * * * As reported in the Troubled Company Reporter on Jan. 5, 2007, Standard & Poor's Ratings Services assigned its 'B+' corporate credit rating to Calabasas, Calif.-based temporary professional staffing provider On Assignment Inc. S&P said the rating outlook is stable. OVERALL INTERNATIONAL: Taps Grant Thornton as Administrators ------------------------------------------------------------ Nigel Morrison and Trevor Patrick O'Sullivan of Grant Thornton U.K. LLP were appointed joint administrators of Overall International Air Cargo Ltd. (Company Number 02157196) on Dec. 14, 2006. Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- provides value-added professional services as assurance services, compensation and benefits, merger and acquisition transaction services, management advisory services, t ax consulting and valuation services. Overall International Air Cargo Ltd. can be reached at: Unit 3 Pier Road Feltham Middlesex TW14 0TW Tel: 020 8751 4801 Fax: 020 8751 4273 PENNY POT: Brings In Begbies Traynor to Administer Assets --------------------------------------------------------- Kevin Coates and P. Stanley of Begbies Traynor were appointed joint administrators of Penny Pot (Clacton) Ltd. (Company Number 00486357) on Dec. 22, 2006. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Penny Pot (Clacton) Ltd. can be reached at: 8 16 Alton Road Clacton on Sea Essex CO15 1LB United Kingdom Tel: 01255 424 077 Fax: 01255 473 096 PLANET 21: A. J. Clark Leads Liquidation Procedure -------------------------------------------------- A. J. Clark of Carter Clark was appointed Liquidator of The Planet 21 Group Limited on Dec. 19, 2006, for the creditors' voluntary winding-up procedure. The company can be reached at: The Planet 21 Group Ltd 36 Watling Street Radlett WD7 7NN Hertfordshire Tel: 01923 289789 Fax: 01923 289782 POOLE POTTERY: Menzies Selling Contemporary Art Pottery Maker ------------------------------------------------------------- The Joint Administrators of Poole Pottery Ltd. and Poole Pottery Factory Outlet Ltd., are offering to sell the company's business and assets as a going concern. Features: -- leading U.K. manufacturer, established in 1873; -- manufacturing facility located in Poole, Dorset measuring around 51,000 sq. ft.; -- factory outlet store located at Poole Quay measuring around 33,000 sq. ft.; -- quality customer base including leading U.K. department stores; -- substantial quantities of finished goods and work in progress available; and -- experienced management and sales teams. Inquiries can be addressed to: Paul Clark or Geoff Bouchier Menzies Corporate Restructuring Tel: 020 7487 7240 Fax: 020 7487 7299 E-mail: pclark@menzies.co.uk gbouchier@menzies.co.uk Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- provides corporate restructuring services including: services for directors or stakeholders of troubled businesses; services to Lenders of troubled businesses; raising rescue funding at short notice; and forensic and fraud services. PROPEX INC: S&P Cuts Rating to B- on Highly Leveraged Profile ------------------------------------------------------------- Standard & Poor's Ratings Services lowered its ratings on Propex Inc. including its corporate credit rating to 'B-' from 'B+'. The outlook is stable. The downgrade reflects concerns that difficult operating conditions are likely to forestall Propex's ability to meaningfully improve its highly leveraged financial profile during the next couple of years. The potential for lower-than- expected residential construction activity and the possibility for further declines in the domestic housing markets could cause earnings and cash flow to be weaker than previously expected. "While Propex's liquidity position is satisfactory and supportive of credit quality, we believe the current level of uncertainty in operating trends raises the potential for financial covenant violations during the next several quarters," said Standard & Poor's credit analyst David Bird. "We expect that Propex will successfully negotiate relief as necessary, but ratings will be constrained until the company's operating performance results in improved measures of credit quality." The ratings on Propex reflect the company's vulnerable business position as a niche producer of primary and secondary carpet backing and geosynthetic and industrial fibers for mature and competitive end markets, and a highly leveraged financial profile. Chattanooga, Tenn.-based Propex is a leading producer of polypropylene fabrics and fibers used in primary and secondary carpet backing, geosynthetic and industrial applications, and concrete fiber reinforcement, with about US$750 million in annual sales and US$458 million of total debt outstanding (adjusted for approximately US$5 million of capitalized operating leases, US$36 million of unfunded postretirement obligations, after tax, and US$28 million of 10% payment-in-kind seller notes due in 2013). ROYAL & SUN: Terminates U.S. Registration of Shares --------------------------------------------------- Royal & Sun Alliance Insurance Group plc has filed a Form 15 with the U.S. Securities and Exchange Commission, thereby terminating the U.S. registration of its Ordinary Shares. Under SEC rules, R&SA's reporting obligations have now ceased. About Royal & Sun Alliance Headquartered in London, United Kingdom, Royal & Sun Alliance Insurance Group Plc -- http://www.royalsunalliance.com/-- provides risk management and insurance solutions through two divisions focusing on property & casualty business and personal insurance. The group consists of three regions -- U.K., Scandinavia and International. The group operates in the U.K., Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China, Colombia, Denmark, Egypt, France, Germany, Hong Kong, India, Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland Antilles, the Netherlands, Norway, Oman, Saudi Arabia, Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela. * * * As reported in the TCR-Europe on Sept. 29, 2006, A.M. Best Co. has placed the financial strength ratings of C++ (Marginal) and the issuer credit ratings of "b" of the Royal & SunAlliance U.S.A. Insurance Pool and Royal Surplus Lines Insurance Company under review with developing implications pending the completion of the proposed sale of these operations to Arrowpoint Capital, a new company formed by the existing management team of these operations. All the above companies are domiciled in Wilmington, Delaware. R&SAUS and RSLIC are U.S. subsidiaries of Royal & Sun Alliance Insurance Group plc (London, England). As reported in the TCR-Europe on March 27, 2006, Standard & Poor's Ratings Services lowered its counterparty credit and insurer financial strength ratings on Royal & Sun Alliance Insurance Group PLC's U.S. insurance operations (RSA USA) to 'BB' from 'BB+'. S&P said the outlook remains negative. At the same time, the ratings were withdrawn at the request of the companies' management. SOLUTIA INC: Includes Final Deal with JPMorgan in Amended Plan -------------------------------------------------------------- Solutia Inc. has filed with the U.S. Securities and Exchange Commission its proposal for an amended plan of reorganization, incorporated in a settlement term sheet that outlines the key terms of: (a) a modification of a global settlement as described in Solutia's disclosure statement on Feb. 14, 2006; (b) a final settlement of the JPMorgan Chase Bank Adversary Proceeding; and (c) a final settlement of the Official Committee of Equity Security Holders Adversary Proceeding. Pursuant to a confidentiality agreement entered into with certain holders of 6.72% notes due Oct. 15, 2037, and the 7.375% notes due Oct. 15, 2027, that it issued, Solutia presented to the Noteholders the Amended Plan Proposal, which provides the framework for negotiations with the Noteholders and other major stakeholders. To assure that the restrictions on the Noteholders' ability to trade would be limited, Solutia agreed to publicly disseminate the terms of the Amended Plan Proposal on or before Dec. 28, 2006. The general Plan assumptions are: * Total Enterprise Value of US$2,507,000,000; * Pro forma net debt of US$1,507,000,000; * Implied Equity Value of US$1,000,000,000; * Solutia acquires Akzo-Nobel's 50% joint venture ownership in Flexsys and effects the sale of a business unit; * General unsecured claims pool of US$765,000,000 based on estimated Claim amounts as of November 2006; * Plan stock price per share of US$10. The rights will be struck at a 25% discount to the Plan Stock Price per share, implying a theoretical share price of common shares of US$9 per share, after accounting for rights offering' * In total, 108,300,000 common shares will be issued upon emergence: (a) A total of 75,000,000 shares will be distributed directly to the Noteholders, the general unsecured creditors, Monsanto Company and the retirees -- the primary common shares; and (b) another 33,300,000 shares will be distributed on a pro rata basis to holders of Noteholder Claims, General Unsecured Claims, Monsanto and the Retirees pursuant to the Rights Offering; and * Effective Date of the Plan will be on March 31, 2007. The Company's post-reorganization Board of Directors will initially consist of nine members, including the company's chairman and chief executive officer, Jeffry Quinn, and two continuing directors of the company. The ad hoc committee of Noteholders will select two directors, and the Official Committee of Unsecured Creditors and Monsanto will select one director each. The remaining two directors will be selected by the initial seven directors from a panel of candidates identified by a national search firm employed by the Company. Treatment of Claims The Noteholder Claims -- holders of 6.720% notes due Oct. 15, 2037, and the 7.375% notes due Oct. 15, 2027 -- will be classified separately from other claims, with an aggregate allowed amount of US$455,400,000. The Noteholder Claims will be exchanged for 36,520,000 Primary Common Shares, and rights to purchase 16,230,000 Common Shares in the Rights Offering. General Unsecured Claims will be exchanged for 19,660,000 Primary Common Shares, and rights to purchase 8,740,000 Common Shares in the Rights Offering. Monsanto's Claim against the estates, classified separately, will be exchanged for 17,000,000 Primary Common Shares, and rights to purchase 7,560,000 Common Shares in the Rights Offering. The Retiree Claim, in accordance with the Retiree Settlement, will be exchanged for 1,820,000 Primary Common Shares, and rights to purchase 810,000 Common Shares in the Rights Offering. Holders of Equity interests will not receive a distribution under the Plan. Monsanto will resolve the Equity Committee Adversary Proceeding at its sole cost. The size of the Rights Offering is US$250,000,000, at US$7.50 per share, implying a 25% discount to the Plan stock price. Recovery Analysis (in millions) Primary Common Rights Net Net Share Offering Value Recovery ------- -------- ----- -------- Noteholders US$337.1 US$28.1 US$365.2 80.2% General Unsecured Cred. 181.5 15.1 196.6 63.5% Monsanto 156.9 13.1 170.0 44.4% Retirees 16.8 1.4 18.2 52.0% A full-text copy of a version of the Amended Plan Proposal is available for free at http://researcharchives.com/t/s?183c About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. The company and its debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed $2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Debtors' exclusive period to file a plan expires on Jan. 15, 2007. (Solutia Bankruptcy News, Issue No. 75; Bankruptcy Creditors' Service, Inc.,http://bankrupt.com/newsstand/or 215/945-7000). STARTRITE DESIGNS: Menzies Selling Engineering Design Firm ---------------------------------------------------------- Jason Godefroy and Paul Clark of Menzies Corporate Restructuring, in their capacity as Joint Administrators of Startrite Designs Limited, are offering to sell the company's business and assets as a going concern. The assets for sale feature: -- a specialist engineering design and manufacturer; -- GBP4 million annual turnover; -- blue chip customer base in aerospace, automotive and electronics; -- MOD approved supplier and to quality standards ISO9001:2000; -- leasehold premises in Gillingham, Chatham and Birmingham; and -- around 70 employees. Inquiries can be addressed to: John Norris or Oliver Carter Menzies Corporate Restructuring Tel: 020 7487 7240 Fax: 020 7487 7299 E-mail: jnorris@menzies.co.uk ocarter@menzies.co.uk Menzies Corporate Restructuring -- http://www.menzies.co.uk/-- provides corporate restructuring services including: services for directors or stakeholders of troubled businesses; services to Lenders of troubled businesses; raising rescue funding at short notice; and forensic and fraud services. SYSTEMS CONSTRUCTION: Hires Liquidator from DTE Leonard Curtis -------------------------------------------------------------- A. Clifton of DTE Leonard Curtis was appointed Liquidator of Systems Construction Limited on Dec. 18, 2006, for the creditors' voluntary winding-up procedure. The Liquidator can be reached at: DTE Leonard Curtis Bamfords Trust House 85-89 Colmore Row Birmingham B3 2BB United Kingdom WEBBS AMUSEMENTS: Calls In Liquidator from Valentine & Co. ---------------------------------------------------------- Mark Reynolds of Valentine & Co. was appointed Liquidator of Webbs Amusements Limited on Dec. 15, 2006, for the creditors' voluntary winding-up procedure. The Liquidator can be reached at: Valentine & Co. 4 Dancastle Court 14 Arcadia Avenue London N3 2HS United Kingdom WEST YORKSHIRE: Taps Liquidators from PKF U.K. LLP -------------------------------------------------- The Members and Creditors of West Yorkshire Caravans Limited appointed Edward Terence Kerr and I an James Gould of PKF (UK) LLP as Joint Liquidators of the company on Dec. 11, 2006. The company can be reached at: West Yorkshire Caravans Limited Rock Works Island Drive Brockholes Huddersfield HD9 7AD West Yorkshire United Kingdom Tel: 01484 664444 * AlixPartners Names 12 New Managing Directors ---------------------------------------------- AlixPartners promoted twelve new managing directors effective January 1, 2007: * Laura Barlow (London) * John Castellano (Chicago) * Charles Cipione (Dallas) * Foster Finley (New York) * Barry Folse (Dallas) * Andrew Grantham (London) * David Hutchinson (London) * Doug Jung (New York) * Stephen Maurer (Chicago) * Stefan Ohl (Munich) * Laurent Petizon (Paris) * Detlev Schauwecker (Dusseldorf) "We are pleased to recognize the superb client service and leadership capabilities of our new managing directors," said Michael Grindfors, AlixPartners' Chief Executive Officer. "The promotion of these highly-respected professionals is in response to the growing demand for the hands-on, consensual approach that is the hallmark of AlixPartners and which drives our clients' success." Ms. Barlow, who is based in London, joined AlixPartners in May 2003 from an interim management role at Marconi plc, where she led global liquidity initiatives in support of its restructuring. She was previously a Director in the Corporate Finance and Restructuring practices at Arthur Andersen. Barlow has more than 15 years of experience working with companies that face significant operational and financial challenges. She has held interim management and advisory roles, developing and implementing crisis stabilization, turnaround and operational improvement plans for public and private companies. Her experience includes serving as joint Chief Restructuring Officer at Stolt Offshore SA, a global offshore oil services business that completed an US$844 million restructuring of its debt and other facilities. She is a graduate of Oxford University, a Chartered Accountant, and SFA Securities Representative. She is the co-author of Leading Corporate Turnaround, and a guest lecturer for the MBA program at London Business School. Based in Chicago, Mr. Castellano brings a unique set of skills to AlixPartners from both his experience as a Manager in Strategic Advisory Services at Ernst & Young and as a Corporate Budgeting/Planning and Product/Cost Manager for the Sweetheart Cup Company, Inc. Since joining the firm in June 1998, he has been an integral part of such engagements as ANC, Mirant, New World Pasta, Peregrine, and his current assignment at Calpine Corporation. He specializes in designing and implementing business turnarounds and providing crisis interim management, but he also has a strong background in strategic restructuring and hands-on implementation. He was graduated from DePaul University with a B.S. degree in commerce and accounting, and earned his MBA from the Kellogg School of Management at Northwestern University, with an emphasis in finance and strategic management. He is also a CPA. Mr. Cipione joined AlixPartners in April 2001 and is based in the firm's Dallas office. He has more than 15 years of experience in designing and implementing technology solutions focused on solving financial, operational, and litigation problems. He is currently focusing on implementing litigation technology strategies for corporate clients. Cipione designed a variety of technology solutions for clients involved in regulatory investigations and litigations. These solutions include custom-designed, complex data analytics and reporting, as well as a full suite of electronic discovery solutions. He has also helped companies such as WorldCom, Kmart, and Fleming with various aspects of their restructurings. His career began with Arthur Andersen, and he later formed his own consulting company, specializing in software development to solve complex analytical and reporting problems. He received his bachelor's degree in chemistry and his MBA degree from Texas A&M University. Mr. Finley joined AlixPartners' New York office in October 2004. He has over 20 years of industry and consulting experience. Prior to joining the firm, he was a Vice President in the Operations Service practice with A.T. Kearney, where he co-led their global supply chain offering. He has a successful track record of executing high-impact, complex projects and delivering results for operation-intensive clients. His distinctive competencies include supply chain strategy, asset effectiveness, logistics management, and inventory optimization. Prior to management consulting, Finley ran manufacturing operations for Rockwell Automation in Milwaukee. He holds a Bachelor of Mechanical Engineering degree from the Georgia Institute of Technology, and an MBA from Marquette University in Milwaukee. He is a licensed Professional Engineer and a Certified Production and Inventory Manager. He is also a member of the Council of Supply Chain Management Professionals. Mr. Folse joined the Dallas office of AlixPartners in May 2001. He is an experienced information technology professional with expertise in workflow analysis, the redesign and consolidation of business processes, and the negotiation and resolution of complex business disputes. He is currently focused on maneuvering large clients through the Chapter 11 reorganization process. He also provides testimony and other support for a variety of bankruptcy issues. His key clients include Cable & Wireless, Calpine Corporation, Exide, Fleming, Genuity, and Sunterra. Prior to joining AlixPartners, he worked for 14 years at DFMC Corporation, where he was an Executive Vice President/COO/CTO. He began his career as a programmer/analyst for Trinity Industries, Inc. Folse earned a bachelor's degree in business administration with concentrations in statistical methods and computer science from Louisiana State University. Mr. Grantham has been a member of the London office of AlixPartners since joining in November 2005. He is a financial expert with more than 15 years of experience as a forensic accountant and expert witness in valuation, breach of contract and loss of profits, acquisitions and disposals, minority shareholder and joint venture disputes, matrimonial disputes and post-acquisition disputes. He has testified in court and other tribunals in the UK and in international arbitrations in connection with significant commercial disputes. Prior to joining AlixPartners, he was a director in the Forensic Department of KPMG and led their Engineering & Construction team. Previously, he was in the Disputes Analysis & Investigations team with PricewaterhouseCoopers. He graduated with honors with a BSC degree in mathematics from Nottingham University, and is a Fellow of the Institute of Chartered Accountants in England and Wales as well as a Governor and the Assistant Treasurer of the Expert Witness Institute. Prior to joining the firm's London office in October 2004, Hutchinson was with A.T. Kearney and before that Coopers & Lybrand leading manufacturing and supply chain improvement projects for global clients. He also served as an Operations Manager for Phillips Imperial Petroleum and ICI Chemicals & Polymers. He has over twenty years of industry and consulting experience in operations management across a range of industry sectors including specialty chemicals, food and FMCG products, packaging, construction, pharmaceuticals, refining and petrochemicals. He obtained a master's degree in engineering science from Oxford University and is a member of the Institute of Mechanical Engineers. He has also previously served as a member of the Operations Excellence Board of global chemicals company, ICI. Mr. Jung joined the New York office in November 2005. He possesses a diverse background in investigations due diligence, audit, finance, and credit with more than 25 years of experience in various industries such as consumer goods, retail, distribution, aerospace, heavy manufacturing, telecom, agriculture, textile and apparel, energy, finance companies, and healthcare. He has conducted a variety of financial investigations, reviews of business operations, and analyses of complex structured financings. Prior to joining AlixPartners, he was with JPMorgan as COO for Chase Business Credit, where he built and managed a specialized due diligence and asset-based banking group within the Investment Bank and Credit organizations, providing structuring, due diligence, asset valuation, and advisory services for leveraged or distressed clients. He is a CPA and holds a bachelor's degree in accounting from Syracuse University. Based in Chicago, Mr. Maurer joined AlixPartners in March 2005. He is recognized as a subject matter expert in manufacturing, and has expertise in operations improvement, product development, and supply chain management across a range of industries including automotive, manufacturing and food processing. Prior to joining AlixPartners, he was a Principal with A.T. Kearney, where he led the Innovation & Product Development practice for North America. He has also held positions with the consulting group George Group, Inc. and Lockheed Martin Tactical Aircraft Systems. He holds a bachelor's degree and master's degree in mechanical engineering from the University of Iowa and an MBA from the College of William and Mary. Mr. Ohl joined AlixPartners' Munich office in May 2004. With more than 13 years of global business experience, he provides hands-on operational consulting to the automotive, assembly, and high-tech industries. His expertise includes efficiency improvement and cost management, as well as product development, purchasing, and supply chain management. Before joining AlixPartners, he was an Associate Principal with McKinsey & Co. in Hamburg, Cleveland, and Detroit, where he co-led its Automotive & Assembly and Operations Effectiveness practices. Prior to that, he worked with DaimlerChrysler. He also co- founded the McKinsey cost management initiative and invented the "Integrated Cost Reduction" approach for reducing and managing total product cost. He holds a Master of Economic Engineering degree from the University of Karlsruhe, Germany, and earned his PhD in "Planning and Forecasting in the Automotive Industry." Ms. Petizon was a founding member of the firm's Paris office when he joined in January 2006, and his ability to manage complex assignments has helped establish a strong AlixPartners presence in Paris. He has 15 years of experience in strategy and organization, research and development, strategic sourcing, and post-merger integration in industries such as automotive, assembly, and utilities. Prior to joining AlixPartners, he was with A.T. Kearney where he worked in the firm's Paris, New York, and Detroit offices. While at A.T. Kearney, he was in charge of the Automotive and Assembly practice for Southwest Europe. Before that, he worked at Thales, the French electronics defense group. Petizon holds an MSC degree in electrical engineering and an MBA from HEC Business School in Paris. Mr. Schauwecker joined the Dusseldorf office of AlixPartners in March 2005. His experience includes operational and financial restructuring, cost management, business planning, liquidity planning, project management and implementation. He has worked in a wide array of industries, including information technology, media, consumer goods, construction and real estate management, and he has served in a variety of interim roles, such as Chief Restructuring Officer and Chief Financial Officer. Prior to joining AlixPartners, he was a partner with Roland Berger in Munich. Before that, he was with Kraft Jacobs Suchard (Phillip Morris Group), serving in a variety of marketing and sales positions with increasing responsibility. Schauwecker studied economics at Westfalische Wilhelms Universitat Munster, and there he received his Diplom-Kaufmann in marketing. The firm also disclosed 28 promotions to director: * Chicago: -- Jim Bienias, Andrea Gonzales, Mark Hojnacki, and Scott Matrenec; * Dallas: -- Joel Bines, Kyle Braden, John Franks, Brad Hunter, Robb McWilliams, and Brent Robison; * London: -- Gary Davies, David Hewish, and Nnenna Ilomechina; * Los Angeles: -- Trevor Sturges; * Milan: -- Giacomo Cantu, Dario Duse, Francesco Leone, and Michele Mauri; * Munich: -- Jens Haas and Michael Tyroller; * New York: -- Stacey Hightower, Michael Porter, and Anish Sheth; and * Southfield, Michigan: -- Adam Fless, Drew Kendall, Bill Kocovski, Chris Payne, and Dan Ritter. About AlixPartners Headquartered in Southfield, Michigan, AlixPartners -- http://www.alixpartners.com/-- is a global performance improvement, corporate turnaround and financial advisory services firm. The AlixPartners' "one-stop-shop" suite of services range from operational performance improvement and financial restructuring across all major corporate disciplines (manufacturing, supply chain, IT, sales and marketing, etc.), to financial advisory services (including financial reporting, corporate governance and investigations) to technology-enabled restructuring and claims management. The firm has more than 500 employees, and has offices in Chicago, Dallas, Detroit, Dusseldorf, London, Los Angeles, Milan, Munich, New York, Paris, San Francisco and Tokyo. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- January 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Lender's Panel University Club, Jacksonville, FL Contact: http://www.turnaround.org/ January 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Lender's Panel Breakfast Westin Buckhead, Atlanta, GA Contact: http://www.turnaround.org/ January 17, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ January 17-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Distressed Investing Conference Wynn, Las Vegas, NV Contact: http://www.turnaround.org/ January 19-21, 2007 AMERICAN BANKRUPTCY INSTITUTE 3rd Annual Corporate Restructuring Competition Kellogg School of Management, Chicago, IL Contact: http://www.abiworld.org/ January 23, 2007 TURNAROUND MANAGEMENT ASSOCIATION 2007 Outlook on Healthcare Restructuring Center Club, Baltmore, MD Contact: http://www.turnaround.org/ January 24, 2007 TURNAROUND MANAGEMENT ASSOCIATION Year 2007 Kick-Off Party Oak Hill Country Club, Rochester, NY Contact: 716-440-6615 or http://www.turnaround.org/ January 25-27, 2007 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Hyatt Regency, Denver, CO Contact: 1-703-739-0800 or http://www.abiworld.org/ January 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Men's College Basketball & Networking Wachovia Center, Philadelphia, PA Contact: 215-657-5551 or http://www.turnaround.org/ January 30-31, 2007 EUROMONEY INSTITUTIONAL INVESTOR Korea Securitisation and Structured Credit Summit JW Marriott Hotel, Seoul, South Korea Contact: http://www.euromoneyplc.com/ January 31 to February 1, 2007 EUROMONEY INSTITUTIONAL INVESTOR Asia M&A Forum Island Shangi-La, Hong Kong Contact: http://www.euromoneyplc.com/ February 2007 AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium San Juan, Puerto Rico Contact: 1-703-739-0800 or http://www.abiworld.org/ February 5, 2007 STRATEGIC RESEARCH INSTITUTE 3rd Annual Tranche B & 2nd Lien Financing Summit Scottsdale, AZ Contact: http://www.euromoneyplc.com/ February 8-9, 2007 EUROMONEY CONFERENCES 2nd Philippine Investment Conference Cebu Convention Center, Cebu, Philippines Contact: http://www.euromoneyplc.com/ February 8-9, 2007 EUROMONEY Leverage Finance Asia JW Marriott Hong Kong Contact: http://www.euromoneyplc.com/ February 8-11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Certified Turnaround Professional (CTP) Training NY/NJ Contact: http://www.turnaround.org/ February 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Men's College Basketball & Networking Wachovia Center, Philadelphia, PA Contact: 215-657-5551 or http://www.turnaround.org/ February 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION Wharton Restructuring Conference The Wharton School Philadelphia, PA Contact: http://www.turnaround.org/ February 21-22, 2007 EUROMONEY Euromoney Pakistan Conference Perceptions & Realities Marriott Hotel, Islamabad, Pakistan Contact: http://www.euromoneyplc.com/ February 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA PowerPlay - Atlanta Thrashers Philips Arena, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ February 22, 2007 EUROMONEY 2nd Annual Euromoney Japan Forex Forum Mandarin Oriental, Tokyo, Japan Contact: http://www.euromoneyplc.com/ February 25-26, 2007 NORTON INSTITUTES Norton Bankruptcy Litigation Institute Marriott Park City, UT Contact: http://www2.nortoninstitutes.org/ February 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Devil Rays Turnaround Centre Club, Tampa, FL Contact: http://www.turnaround.org/ February 27-28, 2007 EUROMONEY INSTITUTIONAL INVESTOR 5th Annual Corporate Restructuring Summit Sheraton Park Lane Hotel, London, UK Contact: http://www.euromoneyplc.com/ March 1, 2007 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - West Regency Beverly Wilshire, Los Angeles, CA Contact: http://www.abiworld.org/ March 2, 2007 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Bankruptcy Battleground West Regency Beverly Wilshire, Los Angeles, CA Contact: http://www.abiworld.org/ March 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Martini Madness Cocktail Reception with Geraldine Ferraro Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ March 15-18, 2007 NATIONAL ASSOCIATION OF BANKRUTPCY TRUSTEES NABT Spring Seminar Ritz-Carlton Buckhead, Atlanta, GA Contact: http://www.NABT.com/ March 18-21, 2007 INSOL Annual Europe, Africa & Middle East Conference Cape Town, South Africa Contact: http://www.insol.org/CapeTown07/ March 21, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ March 21-22, 2007 EUROMONEY 2nd Annual Vietnam Investment Forum Melia, Hanoi, Vietnam Contact: http://www.euromoneyplc.com/ March 21-22, 2007 EUROMONEY Euromoney Indian Financial Market Congress Grand Hyatt, Mumbai, India Contact: http://www.euromoneyplc.com/ March 22-23, 2007 EUROMONEY INSTITUTIONAL INVESTOR Euromoney Indonesian Financial Markets Congress Bali, Indonesia Contact: http://www.euromoneyplc.com/ March 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION "The Six Keys of Sustained Profitable Growth" Rodney Page, Senior Partner of Blue Springs Partners Citrus Club, Orlando, FL Contact: http://www.turnaround.org/ March 27-31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Spring Conference Four Seasons Las Colinas, Dallas, Texas Contact: http://www.turnaround.org/ March 29-31, 2007 ALI-ABA Chapter 11 Business Reorganizations Scottsdale, Arizona Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/ April 11-15, 2007 AMERICAN BANKRUPTCY INSTITUTE ABI Annual Spring Meeting J.W. Marriott, Washington, DC Contact: 1-703-739-0800; http://www.abiworld.org/ April 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL Contact: 561-882-1331 or http://www.turnaround.org/ April 12, 2007 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - East JW Marriott, Washington, DC Contact: http://www.abiworld.org/ April 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast meeting with Chapter President, Bruce Sim Westin Buckhead, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ April 24, 2007 TURNAROUND MANAGEMENT ASSOCIATION "Why Prospects Become Clients" Mark Fitzgerald, President of Sales Training Institute Inc Centre Club, Tampa, FL Contact: http://www.turnaround.org/ April 26-27, 2007 TURNAROUND MANAGEMENT ASSOCIATION 1st Annual Credit & Bankruptcy Symposium Mohegan Sun, Uncasville, CT Contact: http://www.turnaround.org/ April 26-28, 2007 ALI-ABA Fundamentals of Bankruptcy Law Philadelphia, PA Contact: http://www.ali-aba.org/ April 29 - May 1, 2007 INTERNATIONAL BAR ASSOCIATION International Insolvency Conference Zurich, Switzerland Contact: http://www.ibanet.org/ May 4, 2007 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - NYC Alexander Hamilton US Custom House, SDNY New York, NY Contact: http://www.abiworld.org/ May 7, 2007 AMERICAN BANKRUPTCY INSTITUTE 9th Annual New York City Bankruptcy Conference Millennium Broadway Hotel & Conference Center New York, NY Contact: http://www.abiworld.org/ May 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual TMA Atlanta Golf Outing White Columns, Atlanta, GA Contact: 678-795-8103 or http://www.turnaround.org/ May 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ June 6-8, 2007 TURNAROUND MANAGEMENT ASSOCIATION 5th Annual Mid-Atlantic Regional Symposium Borgata Hotel Casino & Spa, Atlantic City, NJ Contact: http://www.turnaround.org/ June 6-9, 2007 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 23rd Annual Bankruptcy & Restructuring Conference Westin River North, Chicago, Illinois Contact: http://www.airacira.org/ June 14-17, 2007 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ June 28 - July 1, 2007 NORTON INSTITUTES Norton Bankruptcy Litigation Institute Jackson Lake Lodge, Jackson Hole, WY Contact: http://www2.nortoninstitutes.org/ July 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL Contact: 561-882-1331 or www.turnaround.org/ July 12-15, 2007 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Marriott, Newport, RI Contact: 1-703-739-0800; http://www.abiworld.org/ July 18, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ July 25-28, 2007 AMERICAN BANKRUPTCY INSTITUTE 12th Annual Southeast Bankruptcy Workshop The Sanctuary, Kiawah Island, SC Contact: http://www.abiworld.org/ August 9-11, 2007 AMERICAN BANKRUPTCY INSTITUTE 3rd Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, MD Contact: http://www.abiworld.org/ September 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Southwest Bankruptcy Conference Four Seasons Las Vegas, NV Contact: http://www.abiworld.org/ September 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ October 10-13, 2007 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Orlando, Florida Contact: http://www.ncbj.org/ October 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL Contact: 561-882-1331 or http://www.turnaround.org/ October 16-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place, Boston, Massachusetts Contact: 312-578-6900; http://www.turnaround.org/ October 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, FL Contact: 561-882-1331 or http://www.turnaround.org/ December 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Westin Mission Hills Resort, Rancho Mirage, California Contact: 1-703-739-0800; http://www.abiworld.org/ December 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South FL Contact: 561-882-1331 or http://www.turnaround.org/ TBA 2008 INSOL Annual Pan Pacific Rim Conference Shanghai, China Contact: http://www.insol.org/ January 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, FL March 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ April 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, DC Contact: http://www.abiworld.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference JW Marriott Spa and Resort, Las Vegas, NV Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, MI Contact: http://www.abiworld.org/ August 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, FL Contact: http://www.abiworld.org/ September 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ October 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place, Boston, Massachusetts Contact: 312-578-6900; http://www.turnaround.org/ December 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, AZ Contact: http://www.abiworld.org/ June 21-24, 2009 INSOL 8th International World Congress TBA Contact: http://www.insol.org/ October 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ 2009 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Las Vegas, Nevada Contact: http://www.ncbj.org/ October 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ 2010 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges New Orleans, Louisiana Contact: http://www.ncbj.org/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers - the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Contact: http://www.beardaudioconferences.com/ 240-629-3300 BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Contact: http://www.beardaudioconferences.com/ 240-629-3300 ********* 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/books/to 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. Jazel P. Laureno, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, and Kristina A. Godinez, Editors. Copyright 2007. 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 * * *