/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070207.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, February 7, 2007, Vol. 8, No. 27 Headlines A U S T R I A ADVISIONS LLC: Creditors' Meeting Slated for February 28 CHRISTIAN KONRAD: Claims Registration Period Ends March 13 D.P.A. ANLAGENBAU: Court Orders Business Shutdown M.K.W. BETEILIGUNG: Claims Registration Period Ends March 12 STAGEPARTNER VERANSTALTUNGSBUEHNEN: Claims Filing Ends March 1 TOP LEVEL: Claims Registration Period Ends March 5 ZERO GASTRO: Claims Registration Period Ends February 12 F R A N C E AIRBUS SAS: German Workers Protest Over Job Security G E R M A N Y AIRBUS SAS: German Workers Protest Over Job Security B.I.M. ESTRICH: Claims Registration Ends February 13 BERGE LADENBAU: Claims Registration Ends March 30 BEYAZ GMBH: Claims Registration Ends March 12 BKN-DAS MEDIAHAUS: Claims Registration Ends March 30 BRUHN LOGISTICS: Claims Registration Ends March 7 CALIBR8 GESELLSCHAFT: Claims Registration Ends February 23 CARTRATEC GESELLSCHAFT: Claims Registration Ends April 2 CASPIEN FRISCHFISCH: Claims Registration Ends February 26 CQM CONVENIENCE: Claims Registration Ends February 12 D 3 DER DIGITALE: Claims Registration Ends March 2 DAIMLERCHRYSLER AG: Chrysler Group January 2007 Sales Up 11% DESIGN TV: Claims Registration Ends February 27 ELW GMBH: Claims Registration Ends February 26 FEUER & FLAMME: Claims Registration Ends March 21 FLEISCH- UND: Claims Registration Ends March 21 GEOEXPERT GMBH: Creditors' Meeting Slated for March 22 GRAJEWSKI VERWALTUNGS: Claims Registration Ends February 12 H & D HAUSMEISTER: Claims Registration Ends March 5 HANSE LOGISTIK: Claims Registration Ends March 1 HOETEX HEIMTEXTIL: Claims Registration Ends March 21 HOTEL WESTFALEN: Claims Registration Ends March 5 HWS STAHLBAU: Claims Registration Ends February 16 IMMO-CONSULT: Claims Registration Ends February 16 KURT SCHROEDER: Claims Registration Ends February 20 LUISE GASTSTATTENBETRIEBS: Claims Registration Ends February 28 M. M. GERUESTBAU: Claims Registration Ends February 28 MEDEOCOM GESELLSCHAFT: Claims Registration Ends March 7 MF MANAGEMENT: Claims Registration Ends February 27 MMK FENSTERTECHNIK: Claims Registration Ends February 27 MODE AM BERLINER: Claims Registration Ends March 14 MODRAIN GMBH: Claims Registration Ends February 19 MUELLER BAU: Creditors Must Register Claims by March 2 NIC EUROPE: Creditors Must Register Claims by March 1 OBERHOFER & HOERNER: Claims Registration Ends March 9 PIXELWORX -SCIENCE: Creditors Must Register Claims by Feb. 22 RIA '97: Creditors Must Register Claims by March 10 ROPLASTO FENSTERPROFILE: Financial Woes Prompt Insolvency Filing SCHNEIDER DRUCK: Creditors Must Register Claims by March 5 SIBEMA GMBH: Creditors Must Register Claims by February 14 WALTHER GMBH: Claims Registration Ends Feb. 26 VERWALTUNGSGESELLSCHAFT GRUNDBESITZ: Claims Bar Date Set Feb. 28 WT CELLE: Claims Registration Ends March 5 VS VERBUNDSCHALUNGEN: Claims Registration Ends March 7 VARUS BERATUNGSGESELLSCHAFT: Claims Registration Ends March 22 I T A L Y FIAT GROUP: Aims to Gain 35% Italian Market Share by 2010 K A Z A K H S T A N AIMA JOL: Creditors Must File Claims by March 16 ALTYN TOBE: Economic Court Starts Bankruptcy Proceedings ASIA-TRADE LLP: Proof of Claim Deadline Slated for March 16 ENTERPRISE BEREKE: Claims Registration Ends March 16 JAS LLP: Claims Filing Period Ends March 16 KAVEY LLP: Creditors Must File Claims by March 16 PIN TRANS: Creditors' Claims Due March 16 TECHCOMPLECT LLP: Proof of Claim Deadline Slated for March 16 TEMIR-TAS 2: Claims Registration Period Ends March 16 K Y R G Y Z S T A N INFORS-BUILD STROY: Claims Filing Period Ends March 16 PROPERTY HOLDING: Creditors' Claims Due March 23 L U X E M B O U R G DANA CORP: Gets Approval to Amend Postpetition Credit Facility DANA CORP: Wants E&Y's Work Expanded to Add Internal Audit Task N E T H E R L A N D S FIXED LINK: Moody's Keeps B2 Rating on Debt Restructuring Plan MORGAN STANLEY: Moody's Rates Three Note Classes at Low-B QUEEN STREET: Moody's Rates EUR20-Million Class E Notes at Ba3 R U S S I A ADAMANT LLC: Bankruptcy Hearing Slated for April 24 AK BARS: Fitch Upgrades IDR to BB- with Stable Outlook BUILDER OJSC: Creditors Must File Claims by February 20 EAST OJSC: Orel Bankruptcy Hearing Slated for March 14 FOODSTUFFS OJSC: Asset Bidding Deadline Slated for February 20 KANSKIY BIO-CHEMICAL: Creditors Must File Claims by March 20 KUVSHINOVO-AGRO-PROM-KHIMIYA: Claims Filing Period Ends March 20 LUKOIL OAO: Unveils Candidates for Board and Audit Elections MAGNITOGORSK IRON: Fitch Lifts IDR to BB on Plant Modernization MALACHITE LLC: Creditors Must File Claims by February 20 MERCURY-T CJSC: Creditors Must File Claims by March 20 ONEZHETS-MARKET LLC: Bankruptcy Hearing Slated for April 20 PETROVSKOYE FREIGHT: Creditors Must File Claims by February 20 PROGRESS CJSC: Creditors Must File Claims by February 20 SEL-KHOZ-KHIMIYA OJSC: Amur Court Starts Bankruptcy Supervision SIBERIAN FUEL-ENERGY: Omsk Court Starts Bankruptcy Supervision SUVOROVSKOYE OJSC: Court Starts Bankruptcy Supervision Procedure URAN TRADE: Creditors Must File Claims by March 20 * Fitch Puts Low-B Ratings to Sakha Republic's Currency Ratings * Fitch Affirms Low-B Currency Ratings for Tatarstan Republic S W I T Z E R L A N D CIRIBA LLC: Solothurn Court Closes Bankruptcy Proceedings FOHAPOL JSC: St. Gallen Court Closes Bankruptcy Proceedings HAFFMANS VERLAG: Zurich Court Closes Bankruptcy Proceedings JAVICO JSC: Glarus Court Closes Bankruptcy Proceedings LUCA & LAURA: Creditors' Liquidation Claims Due February 21 PROMAT FINANZ: Creditors' Liquidation Claims Due February 22 RMT RISK: Creditors' Liquidation Claims Due February 26 SIAC JSC: Creditors' Liquidation Claims Due February 19 STEELMET JSC: Creditors' Liquidation Claims Due February 23 TREUCON JSC: Creditors' Liquidation Claims Due February 22 U K R A I N E CHKALOV LLC: Claims Submission Deadline Set February 17 FREE-PISTON ENGINES: Creditors Must Submit Claims by February 17 KRASNOZAPOROZHSKOYE OJSC: Creditors Must File Claims by Feb. 17 MILKSELLER LLC: Creditors Must Submit Claims by February 17 NAFTOGAZ NJSC: Moody's Confirms Ba3 Corporate Family Rating SUVOROV OJSC: Claims Submission Deadline Set February 17 UKRAINIAN TECHNICAL: Creditors Must Submit Claims by February 21 U N I T E D K I N G D O M 247 STAFF: Andrew T. Clay Leads Liquidation Procedure ADVANCED MARKETING: Committee Opposes Wells Fargo DIP Financing AMBIANCE RESTAURANTS: Appoints BDO Stoy as Administrators APANA PRESSINGS: Brings In Begbies Traynor to Administer Assets ARARAT LTD: Brings In Joint Administrators from BDO Stoy BRITISH AIRWAYS: Moody's Changes Rating Outlook to Positive BRYANT JACKSON: Taps Joint Administrators from Vantis CHARISMA MIRRORS: Claims Filing Period Ends March 30 CRAMPTON SPORTSWEAR: Barclays Bank Taps Deloitte as Receivers COLLINS & AIKMAN: Eyes Job Cuts at Two Canadian Plastic Plants DEBT RECOVERY: Insolvency Probe Spurs Liquidation DYSFUNCTIONAL CLOTHING: Creditors' Meeting Slated for Feb. 12 E S CONSULTING: Creditors' Meeting Slated for February 14 EMI GROUP: S&P Cuts Rating to BB- on Operating Pressure & Debt ENAMCO LTD: Hires Liquidator from Begbies Traynor FESTIVE THOUGHT: Creditors' Claims Due April 16 GEMFISH LTD: Names Kian Seng Tan Liquidator GREAT HALL: Moody's Rates GBP14.28-Mln Class E Notes at (P)Ba2 GREAT HALL: S&P Puts BB Prelim Rating to GBP14-Mln Class E Notes GROWING TECHNOLOGIES: Claims Filing Period Ends April 26 ISOFT GROUP: Posts GBP647,000 Net Loss in Six-Half Ended Oct. 31 ISOFT GROUP: Appoints Bill Henry as New Board Member MARKETING DYNAMIC: Brings In Liquidator from Leonard Curtis MAX WASTE: Creditors' Meeting Slated for February 23 MUSIC ZONE: Sells 67 Stores to Music Retailer Fopp Limited RANK GROUP: In a Strong Position to Apply New Casino Licenses RED LIZARD: Creditors' Meeting Slated for February 15 SNAPPER FROZEN: Names Philip John Gorman Liquidator SOLUTIA INC: Court Increases Total OCP Payments to US$15 Million SWANN WHEATCROFT: Creditors Confirm Liquidator's Appointment VANTAGE COMPUTERS: PCA Expulsion Results to Liquidation VISIONCREST HOLDINGS: Appoints A. J. Clark to Liquidate Assets WATERFRONT FINANCIAL: Insolvency Probe Spurs Liquidation WEST COAST: Taps Vincent A. Simmons to Liquidate Assets * Grant Thornton Recovery & Reorganization Appoints New Partners * Insolvency Service Shows 3,194 Fourth Qtr. Liquidations in UK ********* ============= A U S T R I A ============= ADVISIONS LLC: Creditors' Meeting Slated for February 28 -------------------------------------------------------- Creditors owed money by LLC Advisions (FN 236622z) are encouraged to attend the creditors' meeting at 9:15 a.m. on Feb. 28 for the examination of claims. 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 Oct. 30, 2006 (Bankr. Case No. 4 S 133/06w). Josef Ebner serves as the court-appointed property manager of the bankrupt estate. Andrea Eisner represents Dr. Ebner in the bankruptcy proceedings. The property manager and his representative can be reached at: Dr. Josef Ebner c/o Mag. Andrea Eisner Mahlerstrasse 7 1010 Vienna, Austria Tel: 512 29 94 Fax: 512 29 04 E-mail: rae.ebner.eisner@aon.at CHRISTIAN KONRAD: Claims Registration Period Ends March 13 ---------------------------------------------------------- Creditors owed money by LLC Christian Konrad (FN 36569d) have until March 13 to file written proofs of claim to estate administrator Bernhard Schatz at: Dr. Bernhard Schatz Enzersdorfer Str. 4 2340 Moedling, Austria Tel: 02236/893377 Fax: 02236/893377 95 E-mail: bernhard.schatz@bpv-huegel.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on March 27 for examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt, Austria Headquartered in Brunn am Gebirge, Austria, the Debtor declared bankruptcy on Jan. 18 (Bankr. Case No. 11 S 6/07d). D.P.A. ANLAGENBAU: Court Orders Business Shutdown ------------------------------------------------- The Land Court of Wiener Neustadt entered, Jan. 18, an order shutting down the business of LLC D.P.A. Anlagenbau (FN 192462h). Court-appointed estate administrator Michael Lentsch recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Michael Lentsch Hauptplatz 32 2700 Wiener Neustadt Austria Tel: 02622/27 0 41 Fax: 02622/29 2 46 E-mail: office@kosch-partner.at Headquartered in Sollenau, Austria, the Debtor declared bankruptcy on Jan. 10 (Bankr. Case No. 11 S 2/07s). M.K.W. BETEILIGUNG: Claims Registration Period Ends March 12 ------------------------------------------------------------ Creditors owed money by LLC M.K.W. Beteiligung (FN 120563z) have until March 12 to file written proofs of claim to estate administrator Eva Wexberg at: Dr. Eva Wexberg c/o Dr. Walter Kainz Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on March 26 for examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 18 (Bankr. Case No. 3 S 7/07k). Walter Kainz represents Dr. Wexberg in the bankruptcy proceedings. STAGEPARTNER VERANSTALTUNGSBUEHNEN: Claims Filing Ends March 1 -------------------------------------------------------------- Creditors owed money by LLC Stagepartner Veranstaltungsbuehnen (FN 207498w) have until March 1 to file written proofs of claim to estate administrator Heinz Pichler at: Dr. Heinz Pichler Burggasse 61 8750 Judenburg Austria Tel: 03572 82372 Fax: 03572 82372-19 E-mail: kanzlei-j@pichler-schuetz.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on March 14 for examination of claims. The meeting of creditors will be held at: The Land Court of Leoben Hall IV First Floor Leoben, Austria Headquartered in Zeltweg, Austria, the Debtor declared bankruptcy on Jan. 18 (Bankr. Case No. 17 S 3/07w). TOP LEVEL: Claims Registration Period Ends March 5 -------------------------------------------------- Creditors owed money by LLC Top Level Personalservice (FN 223985s) have until March 5 to file written proofs of claim to estate administrator Klaus Fischer at: Dr. Klaus Fischer c/o Mag. Susanne Fink Marktstrasse 12 6850 Dornbirn Austria Tel: 05572/25871 Fax: 05572/25871-2 E-mail: office@fischer-walla-matt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:10 a.m. on March 15 for examination of claims. The meeting of creditors will be held at: The Land Court of Feldkirch Hall 45 First Floor Feldkirch, Austria Headquartered in Dornbirn, Austria, the Debtor declared bankruptcy on Jan. 17 (Bankr. Case No. 13 S 3/07g). Susanne Fink represents Dr. Fischer in the bankruptcy proceedings. ZERO GASTRO: Claims Registration Period Ends February 12 -------------------------------------------------------- Creditors owed money by LLC Zero Gastro (FN 258864h) have until Feb. 12 to file written proofs of claim to estate administrator Christoph Ganahl at: Dr. Christoph Ganahl Schwefel 93/7 6850 Dornbirn Austria Tel: 05572/890890 Fax: 05572/890890-8 E-mail: kanzlei@ganahl.cc Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Feb. 22 for examination of claims. The meeting of creditors will be held at: The Land Court of Feldkirch Hall 45 First Floor, Austria Headquartered in Dornbirn, Austria, the Debtor declared bankruptcy on Jan. 17 (Bankr. Case No. 14 S 1/07w). =========== F R A N C E =========== AIRBUS SAS: German Workers Protest Over Job Security ---------------------------------------------------- IG Metall union and the works council at Airbus S.A.S. in Germany threatened to hold up aircraft deliveries in protest against deep cost-cutting measures, the Wall Street Journal reports. More than 24,000 production employees and suppliers walked off the job Friday at four of Airbus' seven German factories to oppose a possible reduction of at least 10,000 jobs in Airbus Germany and the closure of several plants, Bloomberg News states. "If we see that we are not achieving our aims, the company will have to revise its delivery schedules for 2007," Airbus Germany works council head Ruediger Luetjen was quoted by WSJ as saying. "We will certainly not stand by while things are simply pushed through once cost-saving measures have been decided." The protests came as parent European Aeronautic Defence & Space Co. prepares to launch its Power8 restructuring plan for Airbus, which is slated for implementation this year. The European Metalworkers' Federation warned more protests across Europe if EADS pushes through with the mass job cuts, WSJ relates. "Today's demonstrations in Germany mark only the beginning of a possible Europe-wide wave of protest should the EADS management plan mass layoffs and site closures," EMF General Secretary Peter Scherrer said. Airbus currently employs more than 29,000 workers in Germany, according to published reports. Restructuring Plan Airbus aims to slash up to EUR2 billion in annual costs over the next four years as it tries to push for the development of another new plane, the A350, to compete with Boeing Co.'s 787 Dreamliner, Andrea Rothman writes for Bloomberg. Airbus CEO Louis Gallois will present the details of the restructuring plan, called Power8, to unions on Feb. 20. According to Bloomberg News, potential cost-cutting measures include: -- the transfer of all A380 cabin work to Toulouse, France, from Hamburg, Germany; -- the shift of cabin interior furnishings work on the single-aisle A320 to Toulouse from Hamburg; and -- the decision to give Hamburg no work on building fuselages or installing equipment on the A350. A380 Delays Airbus has been plagued by the two-year production delays of its A380 jets. The delays, caused by Airbus' failure to provide uniform software to aircraft design teams, and the ever-weaker U.S. dollar, prompted Airbus to estimate a loss before-interest- and-tax in 2006. EADS has forecast up to EUR4.8 billion in losses by 2010 on the A380, Bloomberg says. "Our financial estimate is a consequence of our 2006 turbulences -- in particular reflecting the effect of the A380 delay. We are also taking into account the launch of the A350 XWB and the financial impact of Power 8, which we originally expected for 2007," says Airbus President and CEO Louis Gallois. "Clearly we are cleaning the grounds and preparing for a new Airbus." EADS, which at the same time issued a profit, said its other divisions would compensate for Airbus' losses. It added that it might take additional charges tied to the two-year slip in deliveries of the A380, which cost around US$13.5 billion to develop. A380 Eyes First Delivery in October Mr. Gallois revealed last month that Airbus, which has recently fixed electrical problems in the A380, was "determined to complete this first delivery in October 2007, as we announced, and to prepare ourselves for the next deliveries in 2008," BBC News relates. The group said it is now on track to deliver the A380 superjumbo to its launch customer, Singapore Airlines, in October. Headquartered in Toulouse, France, Airbus S.A.S. -- http://www.airbus.com/en-- is a leading aircraft manufacturer in Europe with around 55,000 people employed at sixteen sites in Germany, France, Spain and the United Kingdom. ============= G E R M A N Y ============= AIRBUS SAS: German Workers Protest Over Job Security ---------------------------------------------------- IG Metall union and the works council at Airbus S.A.S. in Germany threatened to hold up aircraft deliveries in protest against deep cost-cutting measures, the Wall Street Journal reports. More than 24,000 production employees and suppliers walked off the job Friday at four of Airbus' seven German factories to oppose a possible reduction of at least 10,000 jobs in Airbus Germany and the closure of several plants, Bloomberg News states. "If we see that we are not achieving our aims, the company will have to revise its delivery schedules for 2007," Airbus Germany works council head Ruediger Luetjen was quoted by WSJ as saying. "We will certainly not stand by while things are simply pushed through once cost-saving measures have been decided." The protests came as parent European Aeronautic Defence & Space Co. prepares to launch its Power8 restructuring plan for Airbus, which is slated for implementation this year. The European Metalworkers' Federation warned more protests across Europe if EADS pushes through with the mass job cuts, WSJ relates. "Today's demonstrations in Germany mark only the beginning of a possible Europe-wide wave of protest should the EADS management plan mass layoffs and site closures," EMF General Secretary Peter Scherrer said. Airbus currently employs more than 29,000 workers in Germany, according to published reports. Restructuring Plan Airbus aims to slash up to EUR2 billion in annual costs over the next four years as it tries to push for the development of another new plane, the A350, to compete with Boeing Co.'s 787 Dreamliner, Andrea Rothman writes for Bloomberg. Airbus CEO Louis Gallois will present the details of the restructuring plan, called Power8, to unions on Feb. 20. According to Bloomberg News, potential cost-cutting measures include: -- the transfer of all A380 cabin work to Toulouse, France, from Hamburg, Germany; -- the shift of cabin interior furnishings work on the single-aisle A320 to Toulouse from Hamburg; and -- the decision to give Hamburg no work on building fuselages or installing equipment on the A350. A380 Delays Airbus has been plagued by the two-year production delays of its A380 jets. The delays, caused by Airbus' failure to provide uniform software to aircraft design teams, and the ever-weaker U.S. dollar, prompted Airbus to estimate a loss before-interest- and-tax in 2006. EADS has forecast up to EUR4.8 billion in losses by 2010 on the A380, Bloomberg says. "Our financial estimate is a consequence of our 2006 turbulences -- in particular reflecting the effect of the A380 delay. We are also taking into account the launch of the A350 XWB and the financial impact of Power 8, which we originally expected for 2007," says Airbus President and CEO Louis Gallois. "Clearly we are cleaning the grounds and preparing for a new Airbus." EADS, which at the same time issued a profit, said its other divisions would compensate for Airbus' losses. It added that it might take additional charges tied to the two-year slip in deliveries of the A380, which cost around US$13.5 billion to develop. A380 Eyes First Delivery in October Mr. Gallois revealed last month that Airbus, which has recently fixed electrical problems in the A380, was "determined to complete this first delivery in October 2007, as we announced, and to prepare ourselves for the next deliveries in 2008," BBC News relates. The group said it is now on track to deliver the A380 superjumbo to its launch customer, Singapore Airlines, in October. Headquartered in Toulouse, France, Airbus S.A.S. -- http://www.airbus.com/en-- is a leading aircraft manufacturer in Europe with around 55,000 people employed at sixteen sites in Germany, France, Spain and the United Kingdom. B.I.M. ESTRICH: Claims Registration Ends February 13 ---------------------------------------------------- Creditors of B.I.M. Estrich GmbH have until Feb. 13 to register their claims with court-appointed insolvency manager Christian Plail. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 1, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Augsburg Law Courts Meeting Hall 149 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Christian Plail c/o SKP Partnerschaftsgesellschaft Eserwallstr. 1-3 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against B.I.M. Estrich GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: B.I.M. Estrich GmbH Attn: Dogan Baki, Manager Eschenhofstrasse 36 86154 Augsburg Germany BERGE LADENBAU: Claims Registration Ends March 30 ------------------------------------------------- Creditors of Berge Ladenbau GmbH have until March 30 to register their claims with court-appointed insolvency manager Sebastian Nolte. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 18, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meiningen Hall A 0105 Lindenallee 15 Meiningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Sebastian Nolte Peterstrasse 5 99084 Erfurt Germany The District Court of Meiningen opened bankruptcy proceedings against Berge Ladenbau GmbH on Jan. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Berge Ladenbau GmbH Attn: Helmut Berge, Manager Hoehe 8 99834 Gerstungen Germany BEYAZ GMBH: Claims Registration Ends March 12 --------------------------------------------- Creditors of Beyaz GmbH have until March 12 to register their claims with court-appointed insolvency manager Rolf G. Pohlmann. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 4, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Rolf G. Pohlmann Richard-Strauss-Str. 69 81677 Munich Germany Tel: (089) 548033-0 Fax: (089) 548033-111 The District Court of Munich opened bankruptcy proceedings against Beyaz GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Beyaz GmbH Heufelder Str. 2 81671 Munich Germany BKN-DAS MEDIAHAUS: Claims Registration Ends March 30 ---------------------------------------------------- Creditors of bkn - das mediahaus AG have until March 30 to register their claims with court-appointed insolvency manager Norbert Westhoff. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 20, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Dr. Norbert Westhoff Adenauerplatz 4 33602 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against bkn - das mediahaus AG on Jan. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: bkn - das mediahaus AG Attn: Waldemar Braun and Juergen Nolte, Managers Hermannstr. 26 33602 Bielefeld Germany BRUHN LOGISTICS: Claims Registration Ends March 7 ------------------------------------------------- Creditors of Bruhn Logistics GmbH have until March 7 to register their claims with court-appointed insolvency manager Joachim Buettner. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 18, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on May 16, at the same venue. The insolvency manager can be contacted at: Joachim Buettner Osdorfer Highway 230 22549 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Bruhn Logistics GmbH on Jan. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bruhn Logistics GmbH Attn: Helga Bruhn-Braas, Manager Heidenkampsweg 73 20097 Hamburg Germany CALIBR8 GESELLSCHAFT: Claims Registration Ends February 23 ---------------------------------------------------------- Creditors of Calibr8 Gesellschaft fuer digitales Farbmanagement mbH have until Feb. 23 to register their claims with court- appointed insolvency manager Wolfgang Ott. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 2, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Dr. Wolfgang Ott Nymphenburger Str. 139 80636 Munich Germany The District Court of Munich opened bankruptcy proceedings against Calibr8 Gesellschaft fuer digitales Farbmanagement mbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Calibr8 Gesellschaft fuer digitales Farbmanagement mbH Wald--friedhofstr. 94 81377 Munich Germany CARTRATEC GESELLSCHAFT: Claims Registration Ends April 2 -------------------------------------------------------- Creditors of Cartratec Gesellschaft fuer Autotransportzubehoer GmbH & Co. KG have until April 2 to register their claims with court-appointed insolvency manager Hubert Ampferl. Creditors and other interested parties are encouraged to attend the meeting at noon on April 16, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Amberg Room 115 Meeting Hall V First Stock Baustadelgasse 1 Amberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Dr. Hubert Ampferl Stahlstrasse 17 90411 Nuernberg Germany Tel: 0911/951 285-0 Fax: 0911/951 285-10 The District Court of Amberg opened bankruptcy proceedings against Cartratec Gesellschaft fuer Autotransportzubehoer GmbH & Co. KG on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Cartratec Gesellschaft fuer Autotransportzubehoer GmbH & Co. KG Prackendorf 58 92542 Dieterskirchen Germany CASPIEN FRISCHFISCH: Claims Registration Ends February 26 --------------------------------------------------------- Creditors of Caspien Frischfisch di Mare GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Claus-Peter Langer. Creditors and other interested parties are encouraged to attend the meeting at 8:55 a.m. on March 19, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Claus-Peter Langer Herzog-Wilhelm-Str. 17 80331 Munich Germany Tel: 236858-0 Fax: 2603440 The District Court of Munich opened bankruptcy proceedings against Caspien Frischfisch di Mare GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Caspien Frischfisch di Mare GmbH Attn: Bianka Florian, Manager Feringastr. 16 85774 Unterfoehring Germany CQM CONVENIENCE: Claims Registration Ends February 12 ----------------------------------------------------- Creditors of CQM Convenience Quality Marketing GmbH have until Feb. 12 to register their claims with court-appointed insolvency manager Stephan Poppe. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on March 12, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Stephan Poppe Emil-Eichhorn-Str. 1 06114 Halle Germany Tel: 0345/530490 Fax: 0345/5304926 The District Court of Halle-Saalkreis opened bankruptcy proceedings against CQM Convenience Quality Marketing GmbH on Dec. 22, 2006. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: CQM Convenience Quality Marketing GmbH Attn: Helmut Szymczak, Manager Neustadter Passage 17 B 06122 Halle Germany D 3 DER DIGITALE: Claims Registration Ends March 2 -------------------------------------------------- Creditors of D 3 Der Digitale Druck GmbH have until March 2 to register their claims with court-appointed insolvency manager Tjark Thies. Creditors and other interested parties are encouraged to attend the meeting at 9:35 a.m. on April 4, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Dr. Tjark Thies Domstrasse 15 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against D 3 Der Digitale Druck GmbH on Jan. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: D 3 Der Digitale Druck GmbH Holsteinischer Kamp 51 22081 Hamburg Germany Attn: Bernd Philip, Manager Kirchstrasse 4 30855 Langenhagen Germany DAIMLERCHRYSLER AG: Chrysler Group January 2007 Sales Up 11% ------------------------------------------------------------ Chrysler Group, the U.S. arm of DaimlerChrysler AG, disclosed January 2007 sales outside North America increased 11% compared with the same month last year and marked the strongest January the company has seen in nine years. The month also upheld the company's consecutive year-over-year increases, now at an unprecedented 20 straight months. The Dodge brand was a key contributor to the January sales increases. Another month of strong Dodge Caliber sales (2,566 units) made it the top-selling vehicle in markets outside North America, outselling all other Chrysler Group products for the first time. Since its international introduction in June of last year, Caliber has remained among the top-five-selling vehicles. "The unique styling, appealing features and overall value of Dodge Caliber has made it very attractive to customers throughout Europe and many other parts of the world," said Thomas Hausch, Executive Director of International Sales and Marketing. "And as the brand continues to expand this year with the Dodge Nitro SUV and Avenger D-segment sedan, we expect to see continued positive developments." Dodge will not be alone in the introduction of new Chrysler Group products this year. In 2007, the company will launch more vehicles than ever before in its history, with at least eight new vehicles available to customers before the end of the year, and a total of 20 or more vehicles available in most markets around the world. Many regions continue to experience increased demand for Chrysler Group's new products. In Western Europe, January sales were up 13% (8,489 units) compared with last year, signifying a strong start to 2007. In addition to Western Europe, sales have been steadily growing in regions such as Asia Pacific, up three percent, and the Middle East, where sales jumped 52%. "Our growth will need to focus not only on an abundance of product," cautioned Hausch, "but on having the right products in the right markets, as well as a skilled dealer network to support our customers. We have been working together over the last few years to improve our retail facilities as well as dealer training, and in turn increase customer satisfaction. The positive results can be seen in our recent sales success as well as a smooth integration of new vehicles into our product portfolio." Chrysler Group sells and services vehicles in more than 125 countries around the world, and Chrysler Group sales outside North America currently account for around eight percent of the company's total global sales. Vehicles available range across all three Chrysler Group brands, with limited availability on some trucks and SUV models. The company's operations outside North America have been experiencing year-over-year sales increases since 2004, and will continue to increase the number of product offerings, powertrain options and RHD availability through 2007. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. Outlook As reported in the TCR-Europe on Oct. 30, 2006, DaimlerChrysler said it expects a slight decrease in worldwide demand for automobiles in the fourth quarter and thus slower market growth than in Q4 2005. For full-year 2006, the company anticipates market growth of around 3%. It expects unit sales in 2006 to be lower than in the previous year (4.8 million units). On Sept. 15, 2006, DaimlerChrysler reduced the Group's operating profit target for 2006 to US$6.3 billion. Although the company now has to assume that the profit contribution from EADS will be US$0.3 billion lower than originally anticipated because of the delayed delivery of the Airbus A380, DaimlerChrysler is maintaining this earnings target due to very positive business developments in the divisions Mercedes Car Group, Truck Group and Financial Services. DESIGN TV: Claims Registration Ends February 27 ----------------------------------------------- Creditors of DESIGN TV GmbH have until Feb. 27 to register their claims with court-appointed insolvency manager Joachim Walterscheid. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on March 20, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Joachim Walterscheid Kurpark 2 32545 Bad Oeynhausen Germany The District Court of Bielefeld opened bankruptcy proceedings against DESIGN TV GmbH on Jan. 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: DESIGN TV GmbH Potsdamer Str. 4 10785 Berlin Germany Attn: Tobias Lindemann, Manager Tempelhofer Weg 1 32547 Bad Oeynhausen Germany ELW GMBH: Claims Registration Ends February 26 ---------------------------------------------- Creditors of ELW GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Johannes Koepsell. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 12, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Hall A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Johannes Koepsell Morianstrasse 3 42103 Wuppertal Germany The District Court of Wuppertal opened bankruptcy proceedings against ELW GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ELW GmbH Attn: Jacques-Gregor Esser, Manager Emmastrasse 32 42287 Wuppertal Germany FEUER & FLAMME: Claims Registration Ends March 21 ------------------------------------------------- Creditors of Feuer & Flamme Event GmbH have until March 21 to register their claims with court-appointed insolvency manager Gert Wasner. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on April 11, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Uelzen Hall 2 Main Building Fritz-Roever-Str 5 29525 Uelzen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Dr. Gert Wasner Veersser Str. 41 29525 Uelzen Germany Tel: 0581/16006 Fax: 0581/17159 The District Court of Uelzen opened bankruptcy proceedings against Feuer & Flamme Event GmbH on Jan. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Feuer & Flamme Event GmbH Ginsterweg 3 29525 Uelzen Germany Attn: Bruno Swajkiewicz, Manager Wiesenstrasse 60 29525 Uelzen Germany FLEISCH- UND: Claims Registration Ends March 21 ----------------------------------------------- Creditors of Fleisch- und Wurstwarenlieferservice Hahn GmbH have until March 21 to register their claims with court-appointed insolvency manager Gunther Neef. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on April 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hof Berliner Platz 1 95030 Hof Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Gunther Neef Bismarckstrasse 21 95028 Hof Tel: 09281/140056 Fax: 09281/14005777 The District Court of Hof opened bankruptcy proceedings against Fleisch- und Wurstwarenlieferservice Hahn GmbH on --. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fleisch- und Wurstwarenlieferservice Hahn GmbH Am Weiher 2 in 95233 Helmbrechts Germany GEOEXPERT GMBH: Creditors' Meeting Slated for March 22 ------------------------------------------------------ The court-appointed insolvency manager for GeoExpert GmbH, Dr. Wolfgang Schroeder, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:35 a.m. on March 22. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Second Stock Hall 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:45 a.m. on May 24 at the same venue. Creditors have until April 10 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Schroeder Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against GeoExpert GmbH on Jan 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GeoExpert GmbH Hallerstr. 6 10587 Berlin Germany GRAJEWSKI VERWALTUNGS: Claims Registration Ends February 12 ----------------------------------------------------------- Creditors of Grajewski Verwaltungs- und Beteiligungs GmbH have until Feb. 12 to register their claims with court- appointed insolvency manager Dirk Oelbermann. Creditors and other interested parties are encouraged to attend the meeting at 8:20 a.m. on March 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hanover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Oelbermann Leonhardtstr. 10 30175 Hanover Germany Tel: 0511 1233268-0 Fax: 0511 1233268-20 The District Court of Hanover opened bankruptcy proceedings against Grajewski Verwaltungs- und Beteiligungs GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grajewski Verwaltungs- und Beteiligungs GmbH Attn: Jakub Andreas Grajewski, Manager Schwanebecker Str. 7 38820 Halberstadt Germany H & D HAUSMEISTER: Claims Registration Ends March 5 --------------------------------------------------- Creditors of H & D Hausmeister Dienste GmbH have until March 5 to register their claims with court-appointed insolvency manager Erik van der Vorm. Creditors and other interested parties are encouraged to attend the meeting at 8:20 a.m. on April 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hanover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Hanover opened bankruptcy proceedings against H & D Hausmeister Dienste GmbH on Jan. 22. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Erik van der Vorm Am Husalsberg 13 30900 Wedemark Germany Tel: 05130 609035 Fax: 05130 609634 The Debtor can be reached at: H & D Hausmeister Dienste GmbH Wohldamm 14 30855 Langenhagen Germany HANSE LOGISTIK: Claims Registration Ends March 1 ------------------------------------------------ Creditors of HANSE Logistik und Montage GmbH have until March 1 to register their claims with court-appointed insolvency manager Sven Krueger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Luebeck Hall E3 Am Burgfeld 7 23568 Luebeck Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Sven Krueger Roeckstrasse 40 23568 Luebeck Germany The District Court of Luebeck opened bankruptcy proceedings against HANSE Logistik und Montage GmbH on Jan. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HANSE Logistik und Montage GmbH Attn: Herrn Bernt Niese, Manager Kronsforder Avenue 130 D 23560 Luebeck Germany HOETEX HEIMTEXTIL: Claims Registration Ends March 21 ---------------------------------------------------- Creditors of Hoetex Heimtextil-Handels GmbH have until March 21 to register their claims with court-appointed insolvency manager Markus Schneckener. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Bielefeld opened bankruptcy proceedings Hoetex Heimtextil-Handels GmbH on Jan. 22. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Markus Schneckener Ruegenweg 14 32427 Minden Germany The Debtor can be reached at: Hoetex Heimtextil-Handels GmbH Viktoriastr. 35 a 32423 Minden Germany HOTEL WESTFALEN: Claims Registration Ends March 5 ------------------------------------------------- Creditors of Hotel Westfalen Betriebs GmbH have until March 5 to register their claims with court-appointed insolvency manager Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 1:45 p.m. on March 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Niebuell Hall 2 Law Courts Sylter Bogen 1 A 25899 Niebuell Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Berthold Brinkmann Sechslingspforte 2 22087 Hamburg Germany The District Court of Niebuell opened bankruptcy proceedings against Hotel Westfalen Betriebs GmbH on Jan. 17. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hotel Westfalen Betriebs GmbH Attn: Dagmar Moritzen and Mario Moritzen, Managers Klockries 7 25920 Risum-Lindholm Germany HWS STAHLBAU: Claims Registration Ends February 16 -------------------------------------------------- Creditors of HWS Stahlbau + Umformtechnik GmbH have until Feb. 16 to register their claims with court-appointed insolvency manager Thomas Neumann. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on March 9, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hagen Room 259 Second Floor Heinitzstr. 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Neumann Altenaer Str. 2 58507 Luedenscheid Germany The District Court of Hagen opened bankruptcy proceedings against HWS Stahlbau + Umformtechnik GmbH on Jan. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HWS Stahlbau + Umformtechnik GmbH Rosenweg 7 58849 Herscheid Germany IMMO-CONSULT: Claims Registration Ends February 16 -------------------------------------------------- Creditors of Immo-Consult GmbH have until Feb. 16 to register their claims with court-appointed insolvency manager Andreas Grund. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 9, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hagen Room 259 Second Floor Heinitzstr. 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Grund Grabenstr. 28 58095 Hagen Germany The District Court of Hagen opened bankruptcy proceedings against Immo-Consult GmbH on Jan. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Immo-Consult GmbH Bonkampstr. 52 58339 Breckerfeld Germany KURT SCHROEDER: Claims Registration Ends February 20 ------------------------------------------------ Creditors of Kurt Schroeder Studio 1 GmbH have until Feb. 20 to register their claims with court-appointed insolvency manager Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Feb. 23, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Kurt Schroeder Studio 1 GmbH on Jan. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kurt Schroeder Studio 1 GmbH Jahnstrasse 2a 40215 Duesseldorf Germany LUISE GASTSTATTENBETRIEBS: Claims Registration Ends February 28 --------------------------------------------------------------- Creditors of Luise Gaststattenbetriebs GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Andreas Fischer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 28, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Andreas Fischer Kriegsstr. 25 76133 Karlsruhe Germany Tel: (0721) 9338 060 The District Court of Karlsruhe opened bankruptcy proceedings against Luise Gaststattenbetriebs GmbH on Jan. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Luise Gaststattenbetriebs GmbH Attn: Erika Schwendemann, Manager Industriestr. 11 a 76275 Ettlingen Germany M. M. GERUESTBAU: Claims Registration Ends February 28 ------------------------------------------------------ Creditors of M. M. Geruestbau und Industrieservice GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Kerstin Richter. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 7, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cottbus Hall 210 Gerichtsplatz 2 Cottbus Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on March 28, at the same venue. The insolvency manager can be reached at: Kerstin Richter Genossenschaftsstrasse 70 12489 Berlin Germany The District Court of Cottbus opened bankruptcy proceedings against M. M. Geruestbau und Industrieservice GmbH on Jan. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: M. M. Geruestbau und Industrieservice GmbH Bahnhofstrasse 54 03046 Cottbus Germany MEDEOCOM GESELLSCHAFT: Claims Registration Ends March 7 ------------------------------------------------------- Creditors of MEDEOCOM Gesellschaft fuer Informations- und Kommunikationssysteme mbH have until March 7 to register their claims with court-appointed insolvency manager Dr. Achim Ahrendt. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rostock Hall 330 Zochstrasse 18057 Rostock Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Achim Ahrendt Lange Strasse 1a Haus der Schiffahrt 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against MEDEOCOM Gesellschaft fuer Informations- und Kommunikationssysteme mbH on Jan. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MEDEOCOM Gesellschaft fuer Informations- und Kommunikationssysteme mbH Attn: Uwe Rethfeldt and Eberhardt Osten, Managers Hansestrasse 27 18182 Bentwisch Germany MF MANAGEMENT: Claims Registration Ends February 27 --------------------------------------------------- Creditors of MF Management GmbH have until Feb. 27 to register their claims with court-appointed insolvency manager Heiko Rautmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Magdeburg Hall E Insolvency Department Liebknechtstrasse 65-91 39110 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heiko Rautmann Editharing 31 39108 Magdeburg Tel: 0391/5066030 Fax: 0391/5066033 E-mail: Heiko.Rautmann@gmx.de The District Court of Magdeburg opened bankruptcy proceedings against MF Management GmbH on Jan. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MF Management GmbH Attn: Bernd Glutsch, Manager Halberst"dter Str. 40 a 39112 Magdeburg, Germany MMK FENSTERTECHNIK: Claims Registration Ends February 27 -------------------------------------------------------- Creditors of MMK Fenstertechnik GmbH have until Feb. 27 to register their claims with court-appointed insolvency manager Dr. Nikolaus Schmidt. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on March 27, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 First Upper Floor Enforcement Court Bernhard Goering Str. 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Nikolaus Schmidt Magdeburger Str. 23 06112 Halle Germany Tel: 0345/231110 Fax: 0345/2311199 E-mail: Dr.Frenzel.u.Kollegen@t-online The District Court of Leipzig opened bankruptcy proceedings against MMK Fenstertechnik GmbH on Jan. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MMK Fenstertechnik GmbH Attn: Swen Sueptitz, Manager Suedstrasse 5 04178 Leipzig Germany MODE AM BERLINER: Claims Registration Ends March 14 --------------------------------------------------- Creditors of Mode am Berliner Platz GmbH have until March 14 to register their claims with court-appointed insolvency manager Ingo Thurm. Creditors and other interested parties are encouraged to attend the meeting at 11: 20 a.m. on April 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hanover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ingo Thurm Aegidientorplatz 2 B 30159 Hanover Germany Tel: 0511 475577-0 Fax: 0511 475577-98 The District Court of Hanover opened bankruptcy proceedings against Mode am Berliner Platz GmbH on Jan. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mode am Berliner Platz GmbH Walsroder Str. 11 30851 Langenhagen Germany Attn: Dagmar Bannasch, Manager Sandberge 20 A 31515 Wunstorf Germany MODRAIN GMBH: Claims Registration Ends February 19 -------------------------------------------------- Creditors of MoDrain GmbH have until Feb. 19 to register their claims with court-appointed insolvency manager Natascha Habura. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 12, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kleve Meeting Room C 58 Ground Floor Schlossberg 1 (Swan Castle) 47533 Kleve, Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Natascha Habura Eichendorffstrasse 25 47800 Krefeld Germany Tel: 02151-80580 The District Court of Kleve opened bankruptcy proceedings against MoDrain GmbH on Jan. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MoDrain GmbH Attn: Hans Peter Krings, Manager Konrad-Zuse-Strasse 22 47445 Moers Germany MUELLER BAU: Creditors Must Register Claims by March 2 ------------------------------------------------------ Creditors of Mueller Bau GmbH have until March 2 to register their claims with court-appointed insolvency manager Johannes Franke. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goettingen Hall B8 Berliner Strasse 8 37073 Goettingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Johannes Franke Verdener Platz 1 30419 Hannover Tel: 0511/794573 Fax: 0511/794576 Germany The District Court of Goettingen opened bankruptcy proceedings against Mueller Bau GmbH on Jan. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mueller Bau GmbH Attn: Shkelzen Gjini, Manager Kleine Bahnhofstr. 12 37434 Bilshausen NIC EUROPE: Creditors Must Register Claims by March 1 ----------------------------------------------------- Creditors of NIC Europe GmbH have until March 1 to register their claims with court-appointed insolvency manager Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on March 22, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf Germany The District Court of Dueselldorf opened bankruptcy proceedings against NIC Europe GmbH on NIC Europe GmbH. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NIC Europe GmbH Holterkamp 6 40880 Ratingen Germany Attn: Peter Kargl, Germany Oederweg 34 60318 Frankfurt Germany OBERHOFER & HOERNER: Claims Registration Ends March 9 ----------------------------------------------------- Creditors of Oberhofer & Hoerner Wohnbau GmbH have until March 9 to register their claims with court-appointed insolvency manager Alexander Bergfeld. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 16, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ingolstadt Meeting Hall 28 First Floor Schrannenstr. 3 85049 Ingolstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Alexander Bergfeld Peuntgasse 3 90402 Nuernberg Germany Tel: 0911/279800 Fax: 0911/2798090 The District Court of Ingolstadt opened bankruptcy proceedings against Oberhofer & Hoerner Wohnbau GmbH on Jan. 16. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Oberhofer & Hoerner Wohnbau GmbH Scheinerstr. 31 85051 Ingolstadt Germany PIXELWORX -SCIENCE: Creditors Must Register Claims by Feb. 22 ------------------------------------------------------------- Creditors of pixelworx -science media services GmbH have until Feb. 22 to register their claims with court-appointed insolvency manager Ruediger Stoll. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on March 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bonn Hall S 2.22 Second Stock William-Str. 21 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ruediger Stoll Sankt Augustiner Str. 94 a 53225 Bonn Germany Tel: 0228/ 40 09 40 Fax: 0228/ 40 09 479 Germany The District Court of Bonn opened bankruptcy proceedings against pixelworx -science media services GmbH on Jan 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: pixelworx -science media services GmbH Bonner Talweg 57 53113 Bonn Germany Attn: Joerg Bereths, Manager Herwarthstr. 26 53115 Bonn Germany RIA '97: Creditors Must Register Claims by March 10 --------------------------------------------------- Creditors of RIA '97 Spielbetriebs GmbH have until March 10 to register their claims with court-appointed insolvency manager Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on March 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 409 Fourth Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf Germany The District Court of Dueselldorf opened bankruptcy proceedings against RIA '97 Spielbetriebs GmbH on Jan. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RIA '97 Spielbetriebs GmbH Am Sandbach 12 40878 Ratingen Germany Attn: Andrea Kosch, Manager Luettelbrachter Str. 14 A 41379 Brueggen Germany ROPLASTO FENSTERPROFILE: Financial Woes Prompt Insolvency Filing ---------------------------------------------------------------- Roplasto Fensterprofile GmbH filed for insolvency protection in Cologne on Jan. 12. The filing leaves about 70 workers, including the 30 who were fired Jan. 16, with an uncertain future, Plastics & Rubber Weekly reports. Roplasto, a German window profile manufacturer, has appointed Hans-Gerd H. Jauch of the Cologne-based Goerg partnership of attorneys as temporary administrator, Plastics Information Europe states. Mr. Jauch said that the company is currently in negotiations with a strategic investor, who is willing to market Roplasto's products. For the meantime, the company will continue to supply customers with its products, Plastics Information Europe relates. According to reports, Mr. Jauch also disclosed that the main reason for the company's insolvency is the constant increase in raw material prices. Jacques Rooryck, the company's managing director, blamed the company's financial problems on the "poor economic situation" of the profiles sector, Plastics Information Europe reveals. Roplasto tried to address the problem through a network of 15 European subsidiaries, as well as the May 2005 purchase of Plastmo's extrusion business in Central and Eastern Europe, which introduced PVC profile extrusion in both Wroclaw, Poland, and Moscow, Russia, Plastics & Rubber Weekly states. Meanwhile, the local branch of the IG BCE mining, chemical, and energy industries trade union expressed surprise over the company's recent insolvency disclosure, Plastics & Rubber Weekly reports. IG BCE agreed to 64 redundancies in 2004 to guarantee that the Bergisch Gladbach facility will be preserved. However, the union claims that the British investor currently involved in negotiations with the company does not intend to keep the Bergisch Gladbach operation, Plastics & Rubber Weekly reveals. About the Company Headquartered in Gladbach, Germany, Roplasto Fensterprofile GmbH -- http://www.roplasto.com/en/-- specializes in the extrusion of PVC window and door systems. The company filed for the opening of insolvency proceedings on Jan. 12 in the wake of an imminent collapse in liquidity. SCHNEIDER DRUCK: Creditors Must Register Claims by March 5 ---------------------------------------------------------- Creditors of Schneider Druck GmbH have until March 5 to register their claims with court-appointed insolvency manager Manfred Kuersch. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on May 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wittlich Hall 3 Kurfuerstenstrasse 63 54516 Wittlich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Manfred Kuersch Kirchstrasse 19 53518 Adenau Germany Tel: 02691/93283 Fax: 02691/932840 The District Court of Wittlich opened bankruptcy proceedings against Schneider Druck GmbH on Jan. 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schneider Druck GmbH Attn: Thomas Probst, Manager Lindenstr. 14 54550 Daun Germany SIBEMA GMBH: Creditors Must Register Claims by February 14 ---------------------------------------------------------- Creditors of Sibema GmbH have until Feb. 14 to register their claims with court-appointed insolvency manager Juergen Toemp. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on March 1, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kleve Meeting Hall C 58 Ground Floor Schlossberg 1 47533 Kleve Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Juergen Toemp Wilhelmshofallee 75 47800 Krefeld Tel: 02151-5813140 Fax: 02151-5813247 Germany The District Court of Kleve opened bankruptcy proceedings against Sibema GmbH on Jan. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sibema GmbH Industriestrasse 40 47652 Weeze Germany Attn: Johannes Pieter, Manager Berkenlaan 2 BEL-2390 Westmalle Germany WALTHER GMBH: Claims Registration Ends Feb. 26 ---------------------------------------------- Creditors of Walther GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Wolfgang Grossmann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ludwigsburg Hall 2008 Palace Schuetz Schorndorfer Str. 28 Ludwigsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Grossmann Amthausstr. 1 70839 Gerlingen Germany The District Court of Ludwigsburg opened bankruptcy proceedings against Walther GmbH on Jan. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Walther GmbH Robert-Bosch-Str. 1 71691 Freiberg Germany VERWALTUNGSGESELLSCHAFT GRUNDBESITZ: Claims Bar Date Set Feb. 28 ---------------------------------------------------------------- Creditors of Verwaltungsgesellschaft Grundbesitz Wittenf"rden GmbH have until Feb. 28 to register their claims with court- appointed insolvency manager Stefan N. Frielinghaus. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on April 16, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Scherwin Hall 7 Demmlerplatz 14 Scherwin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stefan N. Frielinghaus H.-Mann-Str. 18 19053 Schwerin Germany The District Court of Scherwin opened bankruptcy proceedings against Verwaltungsgesellschaft Grundbesitz Wittenf"rden GmbH on Jan. 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Verwaltungsgesellschaft Grundbesitz Wittenf"rden GmbH Attn: Dieter Meyer, Manager Nordring 8 19073 Wittenforden Germany WT CELLE: Claims Registration Ends March 5 ------------------------------------------ Creditors of WT Celle GmbH have until March 5 to register their claims with court-appointed insolvency manager Hans-Peter Valentiner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on Apr. 16, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Celle Hall 14 Ground Floor Muhlenstrasse 4 29221 Celle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Peter Valentiner Bahnhofstr. 30 A 29221 Celle Germany Tel: 05141/28011 Fax: 05141/24722 E-Mail: Rae_valentiner_blaha_buchholz@gmx.de The District Court of Celle opened bankruptcy proceedings against WT Celle GmbH on Jan. 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WT Celle GmbH Erichsgasse 12 29225 Celle Germany VS VERBUNDSCHALUNGEN: Claims Registration Ends March 7 ------------------------------------------------------ Creditors of Verbundschalungen Verwaltungs GmbH have until March 7 to register their claims with court-appointed insolvency manager Michael Bleek. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on April 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meiningen Meeting Hall A 0105 Lindenallee 15 Meiningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Bleek Andreasstrasse 39 99084 Erfurt Germany The District Court of Meiningen opened bankruptcy proceedings against Verbundschalungen Verwaltungs GmbH on Jan. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Verbundschalungen Verwaltungs GmbH Attn: Gernot Gruber, Manager Gewerbegebiet Im Wolfsgraben 36414 Unterbreizbach Germany VARUS BERATUNGSGESELLSCHAFT: Claims Registration Ends March 22 -------------------------------------------------------------- Creditors of Varus Beratungsgesellschaft GmbH have until March 22 to register their claims with court-appointed insolvency manager Christoph Henningsmeier. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on April 19, at which time the insolvency manager 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 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christoph Henningsmeier Osdorfer Highway 230 22549 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Varus Beratungsgesellschaft GmbH on Jan. 22. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Varus Beratungsgesellschaft GmbH Attn: Vinzenz Grothgar, Manager Strandweg 86 22587 Hamburg Germany ========= I T A L Y ========= FIAT GROUP: Aims to Gain 35% Italian Market Share by 2010 --------------------------------------------------------- Fiat Group Automobiles S.p.A. is aiming to capture around 35% of the Italian car market by 2010, Bloomberg News reports citing chief executive Sergio Marchionne. Mr. Marchionne, speaking during the launching of its Bravo compact car, said the company's Italian market share would continue to exceed 30%, adding the figure "has become sacred." "The important thing is to see how we can get above 31%," Mr. Marchionne was quoted by Bloomberg News as saying. "It won't happen in January, but in February with the new Bravo we'll see." Spurred by production of new models and government tax incentives, Fiat exceeded its 30% market share for the first time since 2002. The Bravo car will replace Stilo model, as part of Mr. Marchionne's effort to capture more customers in Europe's car market. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat Group Automobiles S.p.A. (fka Fiat S.p.A.) -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * In a TCR-Europe report on Jan. 30, Standard & Poor's Ratings Services revised its outlook on Italian industrial group Fiat S.p.A. to positive from stable. At the same time, the 'BB' long-term and 'B' short-term corporate credit ratings on Fiat were affirmed. The ratings on Fiat could be raised if the group confirms in the next few months that its improved trading margin and cash generation are sustainable. Standard & Poor's will also look closely at the launch of the group's new Fiat Bravo car. Fitch Ratings upgraded Fiat S.p.A.'s and Fiat Finance and Trade Ltd. S.A.'s respective Issuer Default and senior unsecured ratings to 'BB' from 'BB-'. Fiat's Short-term rating is affirmed at 'B'. The Outlook on the Issuer Default rating remains Positive. As reported in the TCR-Europe on Nov. 6, 2006, Moody's Investors Service changed the outlook on Fiat S.p.A.'s Ba3 Corporate Family Rating to positive from stable and affirmed the long-term senior unsecured ratings as well as the short-term non-Prime rating. Issuers: Fiat Finance & Trade Ltd. Fiat Finance Canada Ltd. Fiat Finance Luxembourg S.A. Fiat Finance North America Inc. Fiat France S.A. Fiat S.p.A. * Outlook, Changed To Positive From Stable =================== K A Z A K H S T A N =================== AIMA JOL: Creditors Must File Claims by March 16 ------------------------------------------------ LLP Aima Jol Service has declared insolvency. Creditors have until March 16 to submit written proofs of claim to: No. 9-3 Micro District "Mamyr-2" Almaty Kazakhstan ALTYN TOBE: Economic Court Starts Bankruptcy Proceedings -------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region has started bankruptcy proceedings against CJSC Mining Company Altyn Tobe on Dec. 8, 2006. ASIA-TRADE LLP: Proof of Claim Deadline Slated for March 16 ----------------------------------------------------------- LLP Asia-Trade Ltd. has declared insolvency. Creditors have until March 16 to submit written proofs of claim to: LLP Asia-Trade Ltd Korolev Str. 88-77 Ekibastuz Pavlodar, Kazakhstan ENTERPRISE BEREKE: Claims Registration Ends March 16 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region has declared State Utility Enterprise Bereke insolvent. Creditors have until March 16 to submit written proofs of claim to: State Utility Enterprise Bereke Jumabaev Str. 109-308 Petropavlovsk North Kazakhstan Region Kazakhstan JAS LLP: Claims Filing Period Ends March 16 ------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region has declared LLP Jas insolvent. Creditors have until March 16 to submit written proofs of claim to: Department of Agriculture Kazakhstana Str. 38 Konstitutsiya Petropavlovsk North Kazakhstan Region Kazakhstan KAVEY LLP: Creditors Must File Claims by March 16 ------------------------------------------------- LLP Foreign Commerce Company Kavey has declared insolvency. Creditors have until March 16 to submit written proofs of claim to: LLP Foreign Commerce Company Kavey Ak. Chokin Str. 87-187 Pavlodar Pavlodar, Kazakhstan PIN TRANS: Creditors' Claims Due March 16 ----------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Pin Trans insolvent on Dec. 27, 2006. Creditors have until March 16 to submit written proofs of claim to: LLP Pin Trans No. 138 Micro District "Taugul-3" Almaty, Kazakhstan Tel: 8 333 223 07-71 TECHCOMPLECT LLP: Proof of Claim Deadline Slated for March 16 ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan region has declared LLP Techcomplect insolvent. Creditors have until March 16 to submit written proofs of claim to: LLP Techcomplect Ushanov Str. 78-27 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel/Fax: 8 (3232) 26-24-41 TEMIR-TAS 2: Claims Registration Period Ends March 16 ----------------------------------------------------- JSC Temir-Tas 2 has declared insolvency. Creditors have until March 16 to submit written proofs of claim to: JSC Temir-Tas 2 1st Kilometer Ilyiskoye Highway Almaty Kazakhstan Tel: 8 (3272) 36-40-43 =================== K Y R G Y Z S T A N =================== INFORS-BUILD STROY: Claims Filing Period Ends March 16 ------------------------------------------------------ LLC Infors-Build Story has declared insolvency. Creditors have until March 16 to submit written proofs of claim to: LLC Infors-Build Story Pobeda Str. 37 Tokmok Chui Region Kyrgyzstan PROPERTY HOLDING: Creditors' Claims Due March 23 ------------------------------------------------ LLC Property Holding has declared insolvency. Creditors have until March 23 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 65-48-84. =================== L U X E M B O U R G =================== DANA CORP: Gets Approval to Amend Postpetition Credit Facility -------------------------------------------------------------- The Honorable Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York authorizes Dana Corp. and its debtor-affiliates to amend their postpetition credit facility to provide for: (a) a $200,000,000 increase of their term loan commitments; (b) a 0.25% increase of the annual rate at which interest accrues on amounts borrowed under the term facility; (c) reduction of certain minimum global EBITDAR covenant levels and an increase of the annual amount of cash restructuring charges excluded in the calculation of EBITDAR; (d) the implementation of a corporate restructuring of their European non-Debtor subsidiaries to facilitate the establishment of a European credit facility and improve treasury and cash management operations; and (e) their ability to receive and retain proceeds from the trailer axle asset sales that closed on January 5, 2007, without potentially triggering a mandatory repayment to the lenders of the amount of proceeds received. The Debtors, the Guarantors, and Citicorp North America, Inc., as Administrative Agent for the Incremental Term Lenders, entered into an Amended and Restated Credit Agreement on Jan. 25, 2007. Pursuant to the Amendment, the Debtors can borrow up to US$900,000,000 in the term loan portion of its DIP Facility. Moreover, each Revolving Credit Lender that executes a counterpart to the Amendment will be paid an amendment fee in an amount equal to 0.125% in respect of its Revolving Credit Commitment, which will be earned on the Effective Date of the Amendment and become due and payable upon the funding of all or any portion of the Incremental Term Facility. The Debtors expect the increase in the Term Loan Facility to alleviate their short-term liquidity issues, but may need to seek additional financing to complete their restructuring initiatives, Michael L. DeBacker, the Debtors' vice president and general counsel, says in a filing with the Securities and Exchange Commission. About Dana Corp. Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China, Argentina and Italy. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed $7,900,000,000 in total assets and $6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors' exclusive period to file a plan expires on Jan. 3, 2007. They have until Mar. 5, 2007, to solicit acceptances to that plan. (Dana Corporation Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DANA CORP: Wants E&Y's Work Expanded to Add Internal Audit Task --------------------------------------------------------------- Dana Corp. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of New York to expand the scope of Ernst & Young LLP's services to include certain internal audit tasks, nunc pro tunc to Jan. 1, 2007. The Internal Audit Services include, among others: (a) providing a client service charter for approval by the Management and the Audit Committee every year; (b) conducting a risk assessment focused on the Debtors' articulated areas of risk and concern (c) finalizing an annual audit plan and an annual budget; (d) enhancing the Debtors' understanding of and compliance with legislation like Section 404 of the Sarbanes-Oxley Act; (e) providing pragmatic review and assessment of controls over financial reporting; (f) recommending improvements of efficiency and control of business processes related to the Debtors' information technology; and (g) providing reports and results from the performance of risk assessment procedures. The Debtors' Internal Audit Department has historically provided the Internal Audit Services. As a consequence of the expansion of E&Y's employment, the Audit Department will no longer be maintained, Corinne Ball, Esq., at Jones Day, in New York, relates. Certain of the Audit Department's 33 employees will be offered reassignments within the Debtors' business or terminated or offered employment with E&Y, Ms. Ball says. The Debtors believe that outsourcing of the Internal Audit Services will result in greater efficiencies and potentially significant cost savings for the benefit of their Chapter 11 estates. E&Y's provision of the Internal Audit Services on an hourly basis will eliminate the burdensome costs and inefficiencies associated with employee downtime and will help ensure that the Debtors only receive and pay for Internal Auditing Services as and when needed. The Debtors estimate that the elimination of those inefficiencies through the proposed outsourcing program could result in annual savings of as much as US$3,000,000. The Debtors will pay E&Y according to its customary hourly rates: U.S. UK & German Other Int'l. Other Level Personnel Personnel Personnel Specialist ----- --------- ----------- ------------- ---------- Partner/ Principal/ Executive Dir. US$345 US$525 US$380 US$490 - 650 Senior Manager 250 370 275 300 - 550 Manager 200 310 220 250 - 500 Senior 143 245 157 200 - 375 Staff 110 160 121 145 - 180 The Debtors will also reimburse E&Y for any necessary and reasonable out-of-pocket expenses and applicable taxes. About Dana Corp. Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China, Argentina and Italy. The company and its affiliates filed for chapter 11 protection on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30, 2005, the Debtors listed $7,900,000,000 in total assets and $6,800,000,000 in total debts. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors' exclusive period to file a plan expires on Jan. 3, 2007. They have until Mar. 5, 2007, to solicit acceptances to that plan. (Dana Corporation Bankruptcy News, Issue No. 31; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ===================== N E T H E R L A N D S ===================== FIXED LINK: Moody's Keeps B2 Rating on Debt Restructuring Plan -------------------------------------------------------------- Moody's Investors Service confirmed the un-guaranteed long-term debt ratings of Fixed Link Finance 2 B.V. at B2, with a developing outlook. This concludes the rating review that was first initiated in June 2006 and then maintained following a rating downgrade on July 14, 2006. In addition, the Aaa rating of FLF2's GBP620-million of Guaranteed Notes, which is based upon the unconditional and irrevocable guarantee of principal and interest by MBIA Assurance S.A., and which was not on review, was affirmed. FLF2 is a special purpose company that has lent the proceeds of the notes it has issued to the Eurotunnel PLC/S.A. group in the form of Tier 1A Loans. The last rating action was on July 14, 2006, when Moody's downgraded the un-guaranteed long- term debt ratings from B1 to B2 and maintained the ratings on review with direction uncertain. The rating action takes account of the payment default on the Un-guaranteed Debt, as well as the recent publication of Eurotunnel's Debt Restructuring Plan, which states that the FLF2 bonds will be repaid as part of a debt restructuring, and the acceptance of the Debt Restructuring Plan by the required majority of Eurotunnel's creditors and the Commercial Court of Paris. As anticipated by Moody's in its rating action on July 14, 2006, the entering into the French corporate rehabilitation process of 'procedure de sauvegarde' and the time taken to agree and implement a Debt Restructuring Plan have led to an interest payment default on the Un-guaranteed Debt, which occurred on 1 February 2007. It is now clear from the publication of the Debt Restructuring Plan that all FLF2 bonds will be repaid together with all interest accrued up to the point of repayment, which will occur at the time of the consummation of the Debt Restructuring Plan. This will be achieved through the raising of new finance, which Moody's understands has already been underwritten subject to final documentation. However, FLF2 bondholders will not receive any compensation for the late payment of interest from Feb. 1, 2007 until the date that the FLF2 bonds are repaid -- hence the Un-guaranteed Debt will experience a small loss, such loss being determined by the length of time it takes to conclude the Debt Restructuring Plan. Moody's considers this expected loss, together with the residual uncertainty that the Debt Restructuring Plan will not be completed as envisaged, to be commensurate with a B2 rating. The rating agency would expect that payments of interest on the notes guaranteed by MBIA Assurance S.A. will be met by MBIA Assurance S.A. prior to the repayment of such notes and that such guaranteed note-holders will be repaid at par. The developing outlook recognizes that the credit characteristics of the Un-guaranteed Debt are dependent upon the successful implementation of the Debt Restructuring Plan. However, Moody's believes it probable that the Debt Restructuring Plan will be consummated and that, even if the repayment of the FLF2 obligations were to take place beyond the anticipated date of June 2007, the loss experienced by the Un- guaranteed Debt would still be commensurate with a B2 rating. The prospects for a successful conclusion have been boosted by the agreement of the required majority of Eurotunnel creditors and the Commercial Court of Paris to the terms, and Eurotunnel has commitments to provide the required new facilities. However, shareholders will need to tender a minimum of 60% of existing Eurotunnel shares, and the outcome of the tender process is somewhat uncertain given the high percentage of private shareholders. This remains a key risk in concluding the Debt Restructuring Plan, and warrants the developing outlook The rating of the Un-guaranteed Debt will likely be lowered if it becomes apparent that the Debt Restructuring Plan will not be consummated. While such debt sits towards the top of the Eurotunnel capital structure, the greater uncertainty as to the amount and timing of recovery absent the Debt Restructuring Plan, probably through a process of Substitution, would not be commensurate with a B2 rating. The rating would not likely be upgraded unless the terms of the Debt Restructuring Plan were changed to the extent that holders of Un-guaranteed Debt would face no material losses on their bonds. Following this rating action, Fixed Link Finance 2 B.V. has the ratings outstanding: -- GBP620-million 5.78% Guaranteed Notes due 2028: Aaa; -- Underlying Rating of the above: B2; and -- GBP120-million 8.15% Class A Notes due 2026: B2. Fixed Link Finance 2 B.V. is a special purpose company incorporated in the Netherlands solely for the purpose of issuing Class A Notes and Guaranteed Notes and lending the proceeds to members of the Eurotunnel PLC and Eurotunnel S.A. group. The Eurotunnel PLC and Eurotunnel S.A. group manages the infrastructure of the Channel Tunnel and operates passenger shuttle and truck shuttle services between Folkestone in the U.K. and Coquelles in France. MORGAN STANLEY: Moody's Rates Three Note Classes at Low-B --------------------------------------------------------- Moody's assigned long term credit ratings to eight classes of notes issued by Morgan Stanley Investment Management Garda B.V., a Dutch special purpose company. The ratings are: -- EUR254-million Class A Senior Floating Rate Notes due 2022: Aaa; -- EUR22-million Class B Senior Floating Rate Notes due 2022: Aa2; -- EUR21-million Class C Deferrable Interest Floating Rate Notes due 2022: A2; -- EUR14-million Class D Deferrable Interest Floating Rate Notes due 2022: Baa2; -- EUR13-million Class E Deferrable Interest Floating Rate Notes due 2022: Ba2; -- EUR6-million Class F Deferrable Interest Floating Rate Notes due 2022: B2; -- EUR6-million Class P Combination Notes due 2022: A1; and -- EUR4-million Class S Combination Notes due 2022: Ba1. The ratings address the expected loss posed to investors by the legal final maturity in April 2022. The ratings assigned to the Class P and S Combination Notes by Moody's address the expected loss posed to the investors by the legal final maturity in 2022 as a proportion of the Rated Balance, where the Rated Balance is equal, at any time, to the principal amount of the Class P and S Combination Notes on the closing date minus the aggregate of all payments made from the closing date to such date, either through interest or principal payments. It is not an opinion about the ability of the issuer to pay interest. These definitive ratings are based upon: 1. an assessment of the eligibility criteria and portfolio guidelines applicable to the future additions to the portfolio; 2. the protection against losses through the subordination of the more junior classes of notes to the more senior classes of notes; 3. the overcollateralization of the Notes; 4. the proposed currency swap transactions, which insulate the Issuer from the volatility of the foreign currency exchange rates in respect of non-Euro denominated obligations; 5. the expertise of Morgan Stanley Investment Management Ltd. as a collateral manager; and 6. the legal and structural integrity of the issue. This transaction is a high yield collateralized loan obligation related to a collateral portfolio of around EUR351-million, comprised primarily of European senior and mezzanine loans and high yield bonds. Morgan Stanley Investment Management Ltd. managed this portfolio. This portfolio will be partially acquired at closing date and partially during the 9 months ramp- up period in compliance with portfolio guidelines. Thereafter, the portfolio of loans will be actively managed and the portfolio manager will have the option to buy or sell assets in the portfolio. Any addition or removal of assets will be subject to a number of portfolio criteria. Morgan Stanley arranged the transaction. QUEEN STREET: Moody's Rates EUR20-Million Class E Notes at Ba3 -------------------------------------------------------------- Moody's Investors Service assigned these ratings to twelve classes of notes issued by Queen Street CLO I B.V., a private company with limited liability established in the Netherlands: -- EUR266-million Class A1 Senior Secured Floating Rate Notes due 2023: Aaa; -- EUR66.5-million Class A2 Senior Secured Floating Rate Notes due 2023: Aa1; -- EUR38.75-million Class B Senior Secured Floating Rate Notes due 2023: Aa2; -- EUR41.3-million Class C1 Senior Secured Deferrable Floating Rate Notes due 2023: A3; -- EUR1.2-million Class C2 Senior Secured Deferrable Fixed Rate Notes due 2023: A3; -- EUR12.95-million Class D1 Senior Secured Deferrable Floating Rate Notes due 2023: Baa3; -- EUR5.8-million Class D2 Senior Secured Deferrable Fixed Rate Notes due 2023: Baa3; -- EUR20-million Class E Senior Secured Deferrable Floating Rate Notes due 2023: Ba3; -- EUR7-million Class X Combination Notes due 2023: Baa1; -- EUR10-million Class Y Combination Notes due 2023: Baa3; and -- EUR33.14-million Class Z Combination Notes due 2023: Aa2. The EUR47.5-million Class F Subordinated Notes due 2023 were not rated. The ratings address the expected loss posed to investors by the legal final maturity in 2023. The rating assigned to the Class X Combination Notes addresses the expected loss posed to the investors by the legal final maturity as a proportion of the Rated Balance, where the Rated Balance is equal on any payment date to the Rated Balance on the preceding payment date increased by the rated coupon of 0.25% per annum and reduced by the aggregate of all payments made on such payment date, either through interest or principal. The ratings assigned to the Class Y Combination Notes and the Class Z Combination Notes address the ultimate repayment of the Rated Balance on or before the legal final maturity, where the Rated Balance is equal at any time to the principal amount of the each Combination Note on the Issue Date minus the aggregate of all payments made from the Issue Date to such date, either through interest or principal payments. They are not an opinion about the ability of the issuer to pay interest. These ratings are based upon: 1. an assessment of the eligibility criteria and portfolio guidelines applicable to the future additions to the portfolio; 2. the protection against losses through the subordination of the more junior classes of notes to the more senior classes of notes; 3. the par coverage and interest coverage tests, which divert cash flows towards senior notes; 4. the hedging strategy to be implemented to cover currency and interest rate risk; 5. the expertise of Indicus Investment Management Ltd. as collateral manager; and 6. the legal and structural integrity of the issue. This transaction is a high yield collateralized loan obligation related to a collateral portfolio of EUR486.2 million, comprised primarily of senior secured loans (minimum 85% of the portfolio), mezzanine loans, unsecured loans, high-yield bonds and whole business securitizations. At closing around 79% of the portfolio has been acquired and the remaining portion of the portfolio will be acquired during the ramp-up period in compliance with portfolio guidelines. Thereafter, Indicus Investment Management Ltd., who will have the option to buy or sell assets in the portfolio, will actively manage the portfolio of loans. Any addition or removal of assets will be subject to a number of portfolio criteria. =========== R U S S I A =========== ADAMANT LLC: Bankruptcy Hearing Slated for April 24 --------------------------------------------------- The Arbitration Court of Bashkortostan will convene at 10:00 a.m. on April 24 to hear the bankruptcy supervision procedure on LLC Transport Agency Adamant. The case is docketed under Case No. A07-25447/06-G-GIA. The Temporary Insolvency Manager is: E. Ivanov Apartment 109 Stepana Kivykina Str. 317 Ufa 450106 Bashkortostan Russia The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan, Russia The Debtor can be reached at: LLC Transport Agency Adamant Gafuri Str. 25 Ufa 450076 Bashkortostan Russia AK BARS: Fitch Upgrades IDR to BB- with Stable Outlook ------------------------------------------------------ Fitch Ratings upgraded AK BARS Bank's ratings to Issuer Default 'BB-' from 'B+', Support '3' from '4' and National Long-term 'A+' from 'A-'. The Outlooks on the Issuer default rating and National Long-term rating remain Stable. At the same time Fitch has affirmed the bank's other ratings at Short-term 'B' and Individual 'D'. The upgrades follow the Republic of Tatarstan's upgrade on Feb. 5, to IDR 'BB+'/Stable Outlook from 'BB' and National Long- term 'AA+'/Stable Outlook from 'AA', and therefore the higher ability of RT to provide support to Ak Bars in case of need. In Fitch's opinion, RT would have a strong propensity to support Ak Bars in light of its controlling ownership, the servicing by Ak Bars of the RT budget, the bank's extensive retail franchise in the republic and AK Bars' importance to the republic's banking system. Fitch notes that in December 2006, following a RUB11.2 billion equity increase, the government has retained a majority interest. The Individual rating reflects Ak Bars' significant loan book concentrations, rapid loan growth, sizable related-party funding and ambitious expansion plans, which could elevate the bank's risk profile. However, the rating also takes into account improving bottom-line results, currently strong capitalization, good asset quality, and large shares in the local retail and corporate sectors. Upward or downward pressure on Ak Bars' Issuer Default and National Long-term ratings could result from an upgrade or downgrade, respectively, of the RT's IDR, although this is not expected in the near-term. Upward pressure on the Individual rating is unlikely in the near-term, however further successful franchise diversification, continued low loan impairment and strengthening profitability would be positive for the bank's stand-alone financial strength. Downward pressure on the rating is also viewed as unlikely in the near-term given the recent equity increase. Expected rapid corporate and retail loan growth will cause capital ratios to moderate, but they should remain adequate in the medium-term. Ak Bars was founded by the Tatarstan government in 1993. It is the largest bank in the republic by assets and is among the largest 20 banks in Russia. The RT indirectly controls a large majority of the bank's shares. Ak Bars is diversifying its franchise into the retail market and rapidly expanding its loan portfolio outside the republic. BUILDER OJSC: Creditors Must File Claims by February 20 ------------------------------------------------------- Creditors OJSC Builder have until Feb. 20 to submit written proofs of claim to: A. Pshenkov, Insolvency Manager Lenina Pr. 79-102 400078 Volgograd Russia The Arbitration Court of Saratov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A57-78B/06-23. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov, Russia The Debtor can be reached at: OJSC Builder Turki Saratov, Russia EAST OJSC: Orel Bankruptcy Hearing Slated for March 14 ------------------------------------------------------ The Arbitration Court of Orel Region will convene at 11:00 a.m. on March 14 to hear the bankruptcy supervision procedure on OJSC East. The case is docketed under Case No. A48-3935/06-20b. The Temporary Insolvency Manager is: N. Shirokov 4th floor 3rd Kurskaya Str., 15 302004 Orel Russia The Court is located at: The Arbitration Court of Orel Gorkogo Str. 42 302000 Orel Russia The Debtor can be reached at: OJSC East Naberezhnaya Str. 1 Khomutovo Novoderevenkovskiy Orel, Russia FOODSTUFFS OJSC: Asset Bidding Deadline Slated for February 20 -------------------------------------------------------------- S. Pakhomov, the insolvency manager, the bidding organizer for OJSC Foodstuffs, will open a public auction for the company's properties at 3:00 p.m. on Feb. 21 at: OJSC Foodstuffs 215 Area (Post User Box 2716) Angarsk 665813 Irkutsk Russia The company has set a RUR172,754,200 starting price for the auctioned assets. The case is docketed under Case No. A19-43391/05-38-29. Interested participants have until Feb. 20 to deposit an amount equivalent to two percent of the starting price to: OJSC Foodstuffs (TIN 3801003351) ettlement Account 40702810418310101901 in Angarskoye OSB 7690 of Baykalskiy bank SB RF Irkutsk Correspondent Account 3010181090000000607 BIK 042520607 KPP 380101001 OKONKh 71200, 84500, 71100 Bidding documents must be submitted to: S. Pakhomov, insolvency manager 215 Area Angarsk 665813 Irkutsk Russia Tel: (8-3951) 54-38-00 Fax: (8-3951) 54-34-39 The Debtor can be reached at: OJSC Foodstuffs 215 and 251 Areas Angarsk 665813 Irkutsk Russia KANSKIY BIO-CHEMICAL: Creditors Must File Claims by March 20 ------------------------------------------------------------ Creditors CJSC Kanskiy Bio-Chemical Factory have until March 20 to submit written proofs of claim to: R. Safaryanov, Insolvency Manager Room 407, 422 Mira Pr. 36 660049 Krasnoyarsk Russia The Arbitration Court of Krasnoyarsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-4053/2006. The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Russia The Debtor can be reached at: CJSC Kanskiy Bio-Chemical Factory Krasnoyarskaya Str. 13 Kansk 663613 Krasnoyarsk Russia KUVSHINOVO-AGRO-PROM-KHIMIYA: Claims Filing Period Ends March 20 ---------------------------------------------------------------- Creditors OJSC Kuvshinovo-Agro-Prom-Khimiya (TIN 6929000350) have until March 20 to submit written proofs of claim to: S. Kurochkin, Insolvency Manager Post User Box 0620 Tver-100 Russia The Arbitration Court of Tver commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A66-4313/2006. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver, Russia The Debtor can be reached at: S. Kurochkin, Insolvency Manager Post User Box 0620 Tver-100 Russia LUKOIL OAO: Unveils Candidates for Board and Audit Elections ------------------------------------------------------------ The Board of Directors of OAO Lukoil specified the list of candidates for election of the Board of Directors and Audit Commission at the Annual General Shareholders Meeting held on Feb. 3. The candidates for the election of the Board of Directors include: 1. Vagit Yu. Alekperov, President of OAO Lukoil; 2. Igor V. Belikov, Director of the Russian Institute of Directors; 3. Mikhail P. Berezhnoi, General Director of the Non-State Pension Fund LUKOIL-GARANT; 4. Donald Evert Wallette (Jr.), President of Russia/Caspian Region, ConocoPhillips 5. Valery I. Grayfer, General Director of OAO RITEK; 6. Oleg E. Kutafin, Rector of the Moscow State Academy of Law; 7. Ravil U. Maganov, First Executive Vice President of OAO Lukoil; 8. Richard H. Matzke, former Vice Chairman of Chevron Corp.; 9. Sergei A. Mikhailov, General Director of OOO Upravlyayuschaya kompaniya Management-Consulting; 10. Nikolai A. Tsvetkov, Chairman of OAO URALSIB Management Committee; 11. Igor V. Sherkunov, Chairman of the Board of Directors of ZAO Investitsionnaya Gruppa Kapital (Capital Investment Group); and 12. Alexander N. Shokhin, President of Russian Union of Industrialists and Entrepreneurs (employers). The candidates for the election of the Audit Commission include: 1. Lyudmila M. Bulavina, Chief Accountant, OOO LUKOIL-Nizhnevolzhskneft; 2. Pavel G. Kondratiev, Chief Accountant of OAO LUKOIL-Nizhegorodnefteorgsintez; and 3. Vladimir N. Nikitenko, President of OAO Petrocommerce Bank. About Lukoil Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX, RTS: LKOH) -- http://www.lukoil.com/-- explores and produces oil & gas, petroleum products and petrochemicals, and markets the outputs. Most of the Company's exploration and production activity is located in Russia, and its main resource base is in Western Siberia. * * * As of Feb. 6, OAO Lukoil carry these ratings: * Standard & Poor's -- Long-Term Foreign Issuer Credit Rating: BB+ -- Long-Term Local Issuer Credit Rating: BB+ -- Outlook: Positive MAGNITOGORSK IRON: Fitch Lifts IDR to BB on Plant Modernization --------------------------------------------------------------- Fitch Ratings upgraded Magnitogorsk Iron and Steel Works's Issuer Default and senior unsecured ratings to 'BB' from 'BB-'. The Outlook on the Issuer Default rating remains Stable. "The rating upgrade reflects the modernization of MMK's plant resulting in greater operational efficiency, sustainable low leverage and strong liquidity, and improved transparency regarding ownership of the company," says Peter Archbold, Director of Fitch's EMEA Industrials team. MMK has a high level of profitability and has maintained a conservative financial structure over the past three years with gross leverage of 0.4x at FYE05. An ongoing focus on higher value-added steel products, together with improving operational efficiency and lower production costs as a result of MMK's plant modernization, should enable the company to maintain a conservative financial profile, including gross leverage of below 1x, even if a moderation in steel prices were to occur. In contrast to a majority of its domestic peers, at present MMK has limited self-sufficiency in key steel-making raw materials. Fitch, however, recognizes the company's good bargaining position relative to certain key suppliers; this has allowed MMK to maintain operating margins that are comparable to those of domestic peers with higher levels of raw material self- sufficiency. Fitch also considers favorably the provisions made by MMK to increase its raw material self-sufficiency in coming years. Fitch also notes the increased transparency in MMK's shareholding structure. Specifically a 26.5% interest in the company previously owned by an undisclosed group of investors has now come under the control of company management, increasing its ownership to more than 89%. The Stable Outlook reflects Fitch's expectation that MMK's low- cost operating position in Russia, the efficiency of its operations and a favorable bargaining position relative to certain raw material providers will enable it to maintain strong operating margins and a conservative financial structure despite a potential moderation in steel prices. The Outlook also factors in a reduction in dividend payments from FY07 onwards. Based in Magnitogorsk, MMK is Russia's third-largest steel producer with 2005 production of 11.4 million tons of steel and revenues of US$5.4 billion. The company focuses on the production of flat-steel products for use in construction, pipe production and machinery manufacture. MALACHITE LLC: Creditors Must File Claims by February 20 -------------------------------------------------------- Creditors LLC Malachite have until Feb. 20 to submit written proofs of claim to: V. Nikolskaya, Insolvency Manager Post User Box 01212 Kalinina Pr. 18 170001 Tver Russia The Arbitration Court of Tver commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A66-9966/2006. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver, Russia The Debtor can be reached at: LLC Malachite Sovetskaya Str. 54 Tver, Russia MERCURY-T CJSC: Creditors Must File Claims by March 20 ------------------------------------------------------ Creditors CJSC Progress have until March 20 to submit written proofs of claim to: I. Tikhonovich, Insolvency Manager Pulkovskaya Str. 9-71 614030 Perm Russia The Arbitration Court of Perm commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A50-12257/2006-B. I. Tikhonovich, Insolvency Manager Pulkovskaya Str. 9-71 614030 Perm Russia The Court is located at: The Arbitration Court of Perm Lunacharskogo Str. 3 Perm, Russia The Debtor can be reached at: CJSC Mercury-T Pisareva Str. 1 Perm, Russia ONEZHETS-MARKET LLC: Bankruptcy Hearing Slated for April 20 ----------------------------------------------------------- The Arbitration Court of Kareliya will convene at 10:50 a.m. on April 20 to hear the bankruptcy supervision procedure on LLC Onezhets-Market. The case is docketed under Case No. A26-7094/ 2006-182. The Temporary Insolvency Manager is: D. Ryndenko Post User Box 13 Rybinsk 152930 Yaroslavl Russia The Court is located at: The Arbitration Court of Kareliya Krasnoarmeyskaya Str. 24a Petrozavodsk 185610 Kareliya Russia The Debtor can be reached at: LLC Onezhets-Market Kalinina Str. 1 Petrozavodsk 185610 Kareliya Russia PETROVSKOYE FREIGHT: Creditors Must File Claims by February 20 -------------------------------------------------------------- Creditors CJSC Petrovskoye Freight Transport Enterprise have until Feb. 20 to submit written proofs of claim to: V. Mayorov, Insolvency Manager Post User Box 410 150051 Yaroslavl Russia The Arbitration Court of Yaroslavl commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A82-3929/06-43-B/61. The Debtor can be reached at: CJSC Petrovskoye Freight Transport Enterprise Zheleznodorozhnaya Str. 7 Petrovsk Rostovskiy Yaroslavl, Russia PROGRESS CJSC: Creditors Must File Claims by February 20 -------------------------------------------------------- Creditors CJSC Progress have until Feb. 20 to submit written proofs of claim to: A. Kocheshkov, Insolvency Manager Kavalergardskaya Str. 6 St. Petersburg Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-24159/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: A. Kocheshkov, Insolvency Manager Kavalergardskaya Str. 6 St. Petersburg Russia SEL-KHOZ-KHIMIYA OJSC: Amur Court Starts Bankruptcy Supervision --------------------------------------------------------------- The Arbitration Court of Amur commenced bankruptcy supervision procedure on OJSC Sel-Khoz-Khimiya. The case is docketed under Case No. A04-7128/06-12/201 B. The Temporary Insolvency Manager is: A. Dovlatbegov Room 212 Sv. Innokentiya Per. 13 Blagoveshensk 675000 Amur Russia The Debtor can be reached at: OJSC Sel-Khoz-Khimiya Zelvino Rajchikhinsk Bureyskiy 676770 Amur Russia SIBERIAN FUEL-ENERGY: Omsk Court Starts Bankruptcy Supervision -------------------------------------------------------------- The Arbitration Court of Omsk Region commenced bankruptcy supervision procedure on OJSC Siberian Fuel-Energy Company. The case is docketed under Case No. A46-10321/2006. The Temporary Insolvency Manager is: A. Shipitsyn Post User Box 5222 Omsk-43 Russia The Debtor can be reached at: OJSC Siberian Fuel-Energy Company Krasnoyarskiy Trakt 155 Omsk Russia SUVOROVSKOYE OJSC: Court Starts Bankruptcy Supervision Procedure ---------------------------------------------------------------- The Arbitration Court of Krasnodar commenced bankruptcy supervision procedure on OJSC Suvorovskoye. The case is docketed under Case No. A-32-28478/2006-2/2673-B. The Temporary Insolvency Manager is: K. Serikov Post User Box 6480 350911 Krasnodar Russia The Court is located at: The Arbitration Court of Krasnodar Krasnaya Str. 6 Krasnodar Region Russia The Debtor can be reached at: OJSC Suvorovskoye Suvorovskoye Ust-Labinskoye 352347 Krasnodar Russia URAN TRADE: Creditors Must File Claims by March 20 -------------------------------------------------- Creditors LLC Uran Trade have until March 20 to submit written proofs of claim to: A. Nekhina, Insolvency Manager Post User Box 17 127562 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-38465/06-78-757 B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow, Russia The Debtor can be reached at: LLC Uran Trade Building 1 Bolshoy Strochenovskiy Per. 4 113054 Moscow Russia * Fitch Puts Low-B Ratings to Sakha Republic's Currency Ratings --------------------------------------------------------------- Fitch Ratings assigned the Republic of Sakha ratings at Long- term foreign and local currency 'B+' and Short-term foreign currency 'B' and National Long-term 'A'. The Outlooks on all the Long-term ratings are Stable. The ratings reflect the republic's continuously improving debt structure and the increasing efficiency of its broad public sector management. However, the ratings also factor in its high budgetary rigidity and dependence on a single taxpayer, ALROSA diamond mining company, which results in its budget performance being vulnerable to commodity price fluctuations. The republic's issued debt accounted for 48% of the region's total debt at end-2006, up from 4% in 2002, replacing the restructured budget loans. The share of the latter decreased significantly to 21% from 80% during the same period. Total debt-to-current revenues ratio averaged 28.3% in 2005-2006 compared to 36.7% in 2003-2004. The Republic of Sakha ran a privatization program in 2006, under which the number of public sector companies decreased to 544 in 2006 from 639 in 2005, limiting the republic's exposure to the indirect risks of the public sector. According to its public sector restructuring plan for 2007, the number of public sector companies will decrease by a further 117. At the same time the republic's budget demonstrates a high level of rigidity. The share of transfers to the municipalities' budgets increased to 38.5% of total expenditures in 2006 from 31% in 2005. The share of rigid expenditures averaged 85% of the republic's operating expenditures in 2005-2006. Because of the remoteness of the republic, transportation of supplies to municipalities are costly, adding to the rigidity of expenditure. In addition, the ratings take into account the high dependence of the republic's economy and budgetary performance on primary industries and the slowdown of economic development due to the current mining output stagnation. The republic is among the richest regions in the Russian Federation. It is the third largest in the Russian Federation in terms of natural resources endowment. The value of its natural reserves is estimated at US$1.3 trillion or 1.5% of global natural resources. The Republic of Sakha is situated in the western half of the far east region of the Russian Federation. It is Russia's largest territorial unit with a population of just under 1 million people. * Fitch Affirms Low-B Currency Ratings for Tatarstan Republic ------------------------------------------------------------- Fitch Ratings upgraded the Republic of Tatarstan's Long-term foreign and local currency ratings to 'BB+' from 'BB'. The Short-term foreign currency rating is affirmed at 'B'. Fitch has also upgraded its National Long-term rating to 'AA+' from 'AA'. The Outlooks on the International and National Long-term ratings remain Stable. The upgrade reflects Tatarstan's continued strong budgetary performance, tight controls over operating expenditure and ability to finance capital expenditure through own sources, keeping direct debt insignificant. However, the ratings also take into account the republic's high dependence on local economic performance, as tax income becomes the main source of budget revenue. The republic has demonstrated consistently strong budgetary performance that allowed it to register high operating and current budget surpluses. Operating expenditure remains tightly controlled, with staff expenditure only accounting for 13.2% of operating expenditure in 2006, while capital expenditure averaged 36% of total expenditure in 2002-2006. The republic has been able to offset the negative effects of the decline in federal transfers by stimulating tax revenue, whose share in overall revenue has been rising to account for 65% of the total in 2006. The local economy is diversified with a strong industrial sector, allowing economic growth to be sustainable. The republic's industrial sector includes oil production, highly developed petrochemicals and machinery building sectors, which produce a large proportion of Russia's synthetic rubber products, industrial equipment and heavy cargo trucks. However, the republic's economy is vulnerable to macroeconomic risk of the national economy and exogenous shocks from the international markets. Tatarstan's budget has seen an increasing share of social spending and financial support of municipalities. The recent budgetary reforms have seen the republic's social expenditure grow to 22.5% of total spending in 2006 from 9.7% in 2001. At the same time, financial support of municipalities increased to 32% in 2006 from 17.7% in 2001. The need to index these payments to the consumer price index may reduce the republic's operating expenditure flexibility. The republic has a significant exposure to indirect risk since the guarantee for LPN of SINEK, a holding company wholly-owned by the government, accounts for 68.5% of its total debt. However, the risk is mitigated by the fact that dividends from the shareholdings and the return on investments exceed the annual coupon payments. The Republic of Tatarstan is located at the central part of Russia on the East-European plain. The region accounts for 2.4% of GDP of the Russian Federation and around 2.6% of its population. ===================== S W I T Z E R L A N D ===================== CIRIBA LLC: Solothurn Court Closes Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Service of Solothurn entered Jan. 5, an order closing the bankruptcy proceedings of LLC Ciriba. The Debtor can be reached at: LLC Ciriba Solothurnstrasse 139 2540 Grenchen Lebern, Solothurn Switzerland The Bankruptcy Service of Solothurn can be reached at: Bankruptcy Service of Solothurn 4702 Oensingen Gau, Solothurn Switzerland FOHAPOL JSC: St. Gallen Court Closes Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Service of St. Gallen entered Jan. 15, an order closing the bankruptcy proceedings of JSC Fohapol. The Debtor can be reached at: JSC Fohapol Ringgasse 27 9450 Altstatten Rheintal, St. Gallen Switzerland The Bankruptcy Service of St. Gallen can be reached at: Bankruptcy Service of St. Gallen Branch Buchs Arthur Kollegger 9471 Buchs St. Gallen Switzerland HAFFMANS VERLAG: Zurich Court Closes Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Service of Zurich entered Jan. 5, an order closing the bankruptcy proceedings of JSC Haffmans Verlag. The Debtor can be reached at: JSC Haffmans Verlag Seefeldstr. 301 8008 Zurich Switzerland The Bankruptcy Service of Zurich can be reached at: Bankruptcy Service of Zurich 8034 Zurich Switzerland JAVICO JSC: Glarus Court Closes Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Service of Glarus entered Jan. 10, an order closing the bankruptcy proceedings of JSC Javico. The Debtor can be reached at: JSC Javico 8750 Glarus Switzerland The Bankruptcy Service of Glarus can be reached at: Bankruptcy Service of Glarus 8750 Glarus Switzerland LUCA & LAURA: Creditors' Liquidation Claims Due February 21 ----------------------------------------------------------- Creditors of JSC Luca & Laura have until Feb. 21 to submit their claims to: Werner Herde Liquidator Frohbuhlstrasse 4 8052 Zurich Switzerland The Debtor can be reached at: JSC Luca & Laura Dietikon Zurich, Switzerland PROMAT FINANZ: Creditors' Liquidation Claims Due February 22 ------------------------------------------------------------ Creditors of JSC Promat Finanz have until Feb. 22 to submit their claims to: JSC Citrafin Liquidator Wehntalerstrasse 249 8046 Zurich Switzerland The Debtor can be reached at: JSC Promat Finanz Zurich, Switzerland RMT RISK: Creditors' Liquidation Claims Due February 26 ------------------------------------------------------- Creditors of LLC RMT Risk Management & Trading have until Feb. 26 to submit their claims to: Stephan Martin Koch Liquidator Koch & Battig Rechtsanwalte Obmoos 4 6301 Zug Switzerland The Debtor can be reached at: LLC RMT Risk Management & Trading Zug, Switzerland SIAC JSC: Creditors' Liquidation Claims Due February 19 ------------------------------------------------------- Creditors of JSC SIAC have until Feb. 19 to submit their claims to: Beat Schweikart Liquidator Bahnstrasse 18 P.O. Box 267 8603 Schwerzenbach Switzerland The Debtor can be reached at: JSC SIAC Kilchberg Zurich, Switzerland STEELMET JSC: Creditors' Liquidation Claims Due February 23 ----------------------------------------------------------- Creditors of JSC Steelmet have until Feb. 23 to submit their claims to: JSC STM Steuerberatung & Treuhand Mettler Liquidator Lowenstrasse 53 8001 Zurich Switzerland The Debtor can be reached at: JSC Steelmet Zug, Switzerland TREUCON JSC: Creditors' Liquidation Claims Due February 22 ---------------------------------------------------------- Creditors of JSC Treucon have until Feb. 22 to submit their claims to: Rinaldo Rossi Liquidator JSC Finoreco Alpenstrasse 1 6304 Zug Switzerland The Debtor can be reached at: JSC Treucon 6304 Zug Switzerland ============= U K R A I N E ============= CHKALOV LLC: Claims Submission Deadline Set February 17 ------------------------------------------------------- Creditors of LLC Chkalov (code EDRPOU 30834177) have until Feb. 17 to submit written proofs of claim to: Vladimir Nesvit, Temporary Insolvency Manager Independency Square 1-B 36003 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy supervision procedure on the company on Dec. 26, 2006. The case is docketed under Case No. 7/147. The Economic Court of Poltava is located at: Zigin Str. 1 36000 Poltava Ukraine The Debtor can be reached at: Chkalov LLC Berbenicy Lohvick District 37200 Poltava FREE-PISTON ENGINES: Creditors Must Submit Claims by February 17 ---------------------------------------------------------------- Creditors of JSC Research Design Office of Free-Piston Engines (code EDRPOU 23149584) have until Feb. 17 to submit their proofs of claims to: M. Sorokin, Liquidator Dobroliubov Str. 18 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company on Dec. 18, 2006, after finding it insolvent. The case is docketed under Case No. B-39/102-06. The Economic Court of Kharkov is located at: Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: JSC Research Design Office of Free-Piston Engines Dmitry Pozharsky Str. 2 Kharkov Ukraine KRASNOZAPOROZHSKOYE OJSC: Creditors Must File Claims by Feb. 17 --------------------------------------------------------------- Creditors of OJSC Krasnozaporozhskoye (code EDRPOU 00852171) have until Feb. 17 to submit written proofs of claim to: Liudmila Alekseva, Liquidator Lukashevo Zaporozhje District Schastlivaya Str. 5 70410 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 25/202/06. The Economic Court of Zaporozhje is located at: Shaumiana Str. 4 69001 Zaporizhje Ukraine The Debtor can be reached at: OJSC Krasnozaporozhskoye Vilniansk District Lenin Str. 3 Solonoe 70021 Zaporozhje Ukraine MILKSELLER LLC: Creditors Must Submit Claims by February 17 ----------------------------------------------------------- Creditors of LLC Milkseller (code EDRPOU 20506747) have until Feb. 17 to submit written proofs of claim to: Liudmila Alekseva, Liquidator Lukashevo, Zaporozhje District Schastlivaya Str. 5 70410 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company Dec. 27, 2006, after finding it insolvent. The case is docketed under Case No. 19/165-16/62/06. The Economic Court of Zaporozhje is located at: Shaumiana Str. 4 69001 Zaporizhje Ukraine The Debtor can be reached at: LLC Milkseller May Str. 24 Bolshaya Belozerka Bolshaya Belozerka District 71400 Zaporozhje Ukraine NAFTOGAZ NJSC: Moody's Confirms Ba3 Corporate Family Rating ----------------------------------------------------------- Moody's confirmed the Ba3 Corporate Family Rating as well as the Ba2 rating for the US$500-million senior unsecured Loan Participation notes of NJSC Naftogaz of Ukraine. The rating outlook is stable. At the same time, Moody's has lowered the Baseline Credit Assessment to 17 from 16, which however has no impact on the ratings given ongoing strong expected support and low dependence. This rating action concludes the review for possible downgrade for Naftogaz initiated on Aug. 09, 2007. The downgrade of the BCA reflects Naftogaz's weakened financial profile as a result of increased gas prices that it needs to pay its key supplier, Gazprom, and ongoing uncertainty to what extent the political and regulatory framework will allow Naftogaz to compensate this cost push with domestic price increases both to wholesale and retail customers. The resolution of the gas dispute between Gazprom and Ukraine in 2005 and 2006 about adequate pricing levels for gas, which was supplied both for transit and domestic purposes, had resulted in a significant increase of the gas price. The impact on Naftogaz was further exacerbated by its inability to increase supplies from other providers such as Turkmenistan. During this period, Naftogaz faced political resistance in its domestic market to increase tariffs sufficiently to cover its increased cost base. Despite only a moderate capex programme below its depreciation levels, this inability to offset rising input costs with price increases, combined with cash flow pressures from increasing working capital needs resulted in Naftogaz incurring negative free cash flows and increasing debt levels to fund its cash needs. However, the BCA of "17" also incorporates that in 2006 the Ukrainian government approved some initial tariff increases, which from 2007 on should be based on economic principles. If successfully implemented, this should mitigate some of the margin pressure, result in high-single digit operating margins in 2007 (from low single digit levels between 1 and 2% expected for FYE 2006) and a positive free cash flow (from a significant expected cash burn in 2006), thereby restoring some stability to the weak financial profile of Naftogaz. The other elements of Naftogaz's rating, high support and low dependence, remain unaffected by this change in the BCA and support the stable outlook. Naftogaz, headquartered in Kiev, Ukraine, is an integrated hydrocarbon company with operations in oil and gas exploration and production, domestic and international transportation, storage and supply. In 2005 the company generated revenue of 36.9 billion hryvnia (app. US$7.38 billion) and operating profit of 1.9 billion hryvnia (app. US$386 million), while net profit was negative at 1 billion hryvnia. It has proven oil reserves of around 234 million barrels and oil equivalent and gas of some 210 bcm. SUVOROV OJSC: Claims Submission Deadline Set February 17 -------------------------------------------------------- Creditors of Joint Suvorov OJSC (code EDRPOU 00414301) have until Feb. 17 to submit written proofs of claim to: Anatoly Leschenko, Temporary Insolvency Manager Hotel South Bug October Str. 2 Vinnica, Ukraine The Economic Court of Vinnica commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 10/204-06. The Economic Court of Vinnica is located at: Hmelnickiy Str. 7 21036 Vinnica Ukraine The Debtor can be reached at: Joint Suvorov OJSC Voroshylov Str. 57 Yampil 24500 Vinnica Ukraine UKRAINIAN TECHNICAL: Creditors Must Submit Claims by February 21 ---------------------------------------------------------------- Creditors of LLC Ukrainian Technical World (code EDRPOU 3093201) have until Feb. 21 to submit written proofs of claim to: CJSC Energy Resources, Liquidator B. Khmelnitsky Str. 24 61050 Kharkov Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/545-b. The Economic Court of Kiev is located at: B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Ukrainian Technical World Gospitalnaya Str. b. 12 Kiev, Ukraine =========================== U N I T E D K I N G D O M =========================== 247 STAFF: Andrew T. Clay Leads Liquidation Procedure ----------------------------------------------------- Andrew T. Clay of Andrew Michaels & Co. Ltd. was appointed liquidator of 247 Staff York Ltd. on Jan. 24 for the creditors' voluntary winding-up procedure. The company can be reached at: 247 Staff York Ltd. 4 Coppergate York North Yorkshire YO1 9NR England Tel: 01904 644 399 Fax: 01904 644 399 fax ADVANCED MARKETING: Committee Opposes Wells Fargo DIP Financing --------------------------------------------------------------- The Official Committee of Unsecured Creditors and Simon & Schuster Inc. contend that the DIP Facility offers no benefit to Advanced Marketing Services Inc. and its debtor-affiliates and would only serve to improve the secured lenders' position. As reported in the Troubled Company Reporter on Jan. 10, the Court authorized the Debtors, on an interim basis, to dip their hands into the DIP financing facility arranged by Wells Fargo Foothill. The Committee also asserts that the DIP Facility effectuates cross-collateralization of pre and postpetition debt. The Committee wants denied the proposed payment of the prepetition obligations first from the proceeds of Wells Fargo Foothill's collateral. Causes of action under Section 549 of the Bankruptcy Code should also be excluded from Foothill's collateral, the Committee suggests. The Committee also wants more time to review the extent, validity and priority of the prepetition lenders' liens, as well as any claims against the lenders. The Committee says the 60- day probe period in the DIP Motion is too short. The Committee also wants equal access to information. Simon & Schuster says if the Interim DIP Order becomes a final order, unsecured creditors will be irreparably harmed and unduly prejudiced. Representing Simon & Schuster, Craig A. Wolfe, Esq., at Kelley Drye & Warren LLP, in New York, says unsecured creditors stand to lose the most in the Debtors' cases. He explains that the DIP Loan Facility provides no real benefit to the Debtor and is simply a mechanism for the senior lenders to force a quick liquidation of Debtor's businesses while being paid substantial fees in the process. Simon & Schuster sold books and multimedia products to the Debtor. It asserts a US$26,000,000 prepetition clam against the Debtor. During the 45-day period prior to the Dec. 29, 2006, Simon & Schuster delivered goods aggregating US$5,105,629, including US$2,146,126 in goods delivered within 20 days before Debtor's bankruptcy filing. LearningExpress LLC objects to the DIP Financing Motion to the extent that the Debtors' request: (a) seeks to eliminate its rights of set-off and recoupment on account of amounts the Debtors owe against amounts LearningExpress owes to the Debtors; (b) grants the Debtors' lenders right, title or interest in LearningExpress' books, any of its copyrights, trademarks and intellectual property rights or the proceeds of sale of its books; and (c) impairs its reclamation rights. LearningExpress is a party to a September 2004 marketing and distribution agreement with Advanced Marketing Services Inc., and Publishers Group West Incorporated. LearningExpress is also a borrower under a prepetition loan agreement with PGW. Representing LearningExpress, Michael E. Foreman, Esq., at Proskauer Rose LLP, in New York, relates that as of the Petition Date, PGW owes LearningExpress approximately US$167,000 on account of book sales. In addition, PGW is holding LearningExpress' books with estimated market value of US$2,000,000 to US$2,500,000. Rich Publishing says the Debtors' request is unclear regarding any effort by the Debtors' senior secured lender to obtain or assert a lien against the books PGW holds under their bailment arrangement. Rich Publishing is a party to a marketing and distribution agreement with PGW. It asserts a US$4,500,000 claim against PGW. Rich Publishing, hence, wants any order approving the Debtors' request to recognize that Rich Publishing retains title to all of its books in PGW's possession and no lien or interest granted to the Debtors' lenders extends to or includes Rich Publishing's books or intellectual property in PGW's possession. Avalon Publishing, Inc., supplies books and other items to PGW under an April 2006 Marketing and Distribution Agreement. Avalon holds a US$3,900,000 prepetition claim and an unliquidated administrative priority claim against PGW. Representing Avalon, Mark Minuti, Esq., at Saul Ewing, LLP, in Wilmington, Delaware, asserts that any of Avalon's products in the Debtors' possession, or coming into their possession, should not be subject to any lien, claim or encumbrance in favor of the Senior Lenders or their agent under the Debtors' existing loan documents. Carus Publishing Group also has a marketing and distribution deal with PGW. Carus also wants any final order approving the Debtors' request to reflect that the Debtors have no lien or ownership interest in Carus' books, and the Books remain property of Carus free of any claim of the Debtors' Lenders. Meredith Corporation and Leisure Arts, Inc., ask the Court that any Final Order entered with respect to the DIP Motion must make clear that each of their set-off, recoupment and reclamation rights remain preserved and unimpaired. Meredith and Leisure assert that the Debtors: (a) may not be permitted to prime or impair their set-off and recoupment rights; and (b) seek effectively to prime their right to reclaim their reclamation goods even though their rights in the reclamation goods are prior to the rights of the postpetition lender. Nowhere in the DIP Motion or proposed final order, Meredith says, do the Debtors propose to reserve the set-off rights. Foothill Responds Wells Fargo Foothill Inc., as agent to the Debtors' DIP Lenders, tells Judge Sontchi that the Debtor and PGW creditors erroneously argue that the DIP Facility provides the Debtors with no availability. Foothill points out that the Debtors enjoy sufficient liquidity and availability as a result of -- and only because of -- the DIP Facility. Moreover, the DIP Facility does not improve the lender's position in any way, Foothill attests. Foothill clarifies that the DIP Facility does not effectuate cross-collateralization of pre- and postpetition debt because it does not secure prepetition debt with postpetition assets. Foothill also notes that the payment of the Debtors' prepetition obligations first from the proceeds of the collateral is a common feature of postpetition financing, particularly in large complex Chapter 11 bankruptcies. The practice, which is referred to as a "roll-up," Foothill says, makes sense: -- on a practical level, the first proceeds coming to foothill postpetition are in fact proceeds of prepetition collateral; and -- roll-ups are typically approved where the secured creditor is oversecured because there is no harm to other creditors and no preferential benefit to the secured creditor. Foothill says the Court may impose any remedy, including disgorgement, if it turns out that Foothill is not oversecured. With regard to the Qualified Transaction Timeline, Foothill says it is merely the tail end of a very long and intensive process in which the Debtors attempted to accomplish a strategic transaction to resolve significant financial and operational issues. The Debtors, Foothill points out, have for more than six months actively pursued buyers, refinancings and other deals -- to no avail. Foothill says it is willing to provide some flexibility in the timeline. Foothill also insists that its limited liens on avoidance actions and on recoveries under Section 549 are reasonable. That DIP provision, Foothill explains, is designed to protect it in the event it makes payments on account of the Professional Fee Carve Out, and then comes up short after the liquidation of collateral. The provision, Foothill says, protects against professionals obtaining a windfall at Foothill's expense in the form of the carve-out plus, as administrative claimants, the proceeds of avoidance actions. Foothill agrees that whatever rights to setoff or recoupment the vendors have should be retained. However, Foothill notes that Section 9-404 of the Uniform Commercial Code addresses the relative priorities between a secured creditor and the holder of a setoff right. A security in an account is subject to the right of an account debtor to setoff against the account, but only if that right accrued before the account debtor received authenticated notice of the security interest in the account. Foothill believes that most, if not all, of the Debtor's creditors received that notice, eliminating the seniority of their setoff rights. Foothill also reminds Judge Sontchi that in asset-based lending, the concept of eligible inventory, or inventory included in the borrowing base, is typically a smaller subset of inventory collateral. Hence, if PGW's transactions with its vendors are true bailments, Foothill says its security interest likely does not attach to the books. 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). Suzzanne S. Uhland, Esq., Austin K. Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP, represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors as Local Counsel. 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 April 28, 2007. (Advanced Marketing Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMBIANCE RESTAURANTS: Appoints BDO Stoy as Administrators --------------------------------------------------------- Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were appointed joint administrators of Ambiance Restaurants Ltd. (Company Number 02117199) on Jan. 23. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. Ambiance Restaurants Ltd. can be reached at: 4 Cheap Street Bath Avon BA1 1NE England Tel: 01225 319 169 Fax: 01225 336 734 APANA PRESSINGS: Brings In Begbies Traynor to Administer Assets --------------------------------------------------------------- W. John Kelly and James P. N. Martin of Begbies Traynor were appointed joint administrators of Apana Pressings Ltd. (Company Number 03141674) on Jan. 24. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Apana Pressings Ltd. can be reached at: Unit 11 Block 2 Wednesbury Trading Estate Wednesbury West Midlands WS10 7JN England Tel: 0121 556 7200 Fax: 0121 556 7119 ARARAT LTD: Brings In Joint Administrators from BDO Stoy -------------------------------------------------------- Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were appointed joint administrators of Ararat Ltd. (Company Number 02802266) on Jan. 23. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. Ararat Ltd. can be reached at: Unit 6 Priory Retail Park Merton High Street London SW19 1DN England Tel: 020 8540 6640 BRITISH AIRWAYS: Moody's Changes Rating Outlook to Positive ----------------------------------------------------------- Moody's Investors Service changed the outlook on the Ba1 corporate family and Ba2 senior unsecured debt ratings of British Airways Plc and its guaranteed subsidiaries to positive from negative. The rating action is based on the company's improved operating performance, its continuous improvement in credit metrics and the agreement reached with unions over changes to pension conditions. The change in outlook reflects BA's successful de-leveraging strategy on the back of improved cash-flow generation and limited capital expenditures. Moody's recognizes that BA has strengthened its debt-protection measures with the recent recovery in demand for air travel and the company's continuing focus on reducing leverage and improving competitiveness through cost reductions, and they now position the company solidly in the Ba1 rating category. The company has successfully increased its operating margin over the years, despite the surge in fuel price and its business plan for the two years ending March 2008 targets a further GBP450 million in savings and a 10% operating margin, which, in Moody's view, looks achievable notwithstanding unforeseen events. The company's debt repayment schedule is evenly spread over the coming five years, with average payments of around GBP350 million per annum. Furthermore, the change in outlook factors in BA's recent announcement that its unions will recommend to their members the company's proposal to address its New Airways Pension Scheme deficit. This would include a one-off contribution of GBP800 million into the scheme, as well as additional contributions of up to GBP150 million over the next three years provided certain financial targets are met, in return for changes to future benefits and a one-off employee saving of GBP400 million. In Moody's opinion, this agreement will be positive for the company's credit quality as it will ultimately result in lower adjusted debt, and will enable management to refocus its attention on other strategic matters. The ratings and positive outlook are supported by BA's strong base at Heathrow, which benefits from significant traffic flows to and from London, as well as its international network and membership of the global airlines alliance one world, management's proven track record of cost cutting and the recent improvement in traffic trends. Moreover, the positive outlook factors in the company's efforts to secure its long-term positioning as Europe's third-largest carrier and the expected positive impact of the relocation to Terminal 5 at Heathrow in 2008. Moody's nevertheless notes that the company needs to renew and expand its long haul fleet, and plans to launch a substantial refleeting program in 2008, which will weigh significantly on its free cash-flow generation and thus limit its ability to make high debt repayments. The ratings also take account of the challenges faced by the company to reform working practices, as testified by the recent difficult pay negotiations that were concluded in January 2007. Moody's moreover notes that uncertainties remain regarding the industry environment in terms of economic development and ongoing exposure to geopolitical risks and security threats. BA incurred an exceptional loss of GBP100 million in August 2006 following a terrorist alert which resulted in a disruption of its network and tighter security controls, and will incur a revenue loss following the recent averted strike which is estimated at GBP80 million. The ratings also reflect the continued strong competition, in particular from European low- cost carries, which have contributed to fare and margin pressure, and the adverse effects on profitability from high fuel prices. Furthermore, industry consolidation and deregulation may present medium-term challenges. The positive outlook is based on Moody's expectation that the company's operating performance will remain very strong, and that it will continue to focus on its de-leveraging strategy despite investment in fleet renewal. BA's solid liquidity position is supported by its strong cash position of GBP2.6 billion at end-December 2006, improved cash- flow generation as well as a moderate committed credit facility of USD420-million due 2010, which is currently undrawn. However, the company's significant amount of encumbered assets is reflected in the one-notch difference between the Ba1 corporate family rating and the Ba2 senior unsecured rating. British Airways Plc, headquartered in Harmondsworth, the U.K., is one of the world's largest airlines, with revenue of GBP8.5 billion in the year ending March 2006. BRYANT JACKSON: Taps Joint Administrators from Vantis ----------------------------------------------------- Peter Wastell and Michael Young of Vantis were appointed joint administrators of Bryant Jackson Communications Ltd. (Company Number 01257017) on Jan. 25. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. Bryant Jackson Communications Ltd. can be reached at: 81 Barwell Business Park Leatherhead Road Chessington Surrey KT9 2NY England Tel: 020 8974 2242 Fax: 020 8974 1616 CHARISMA MIRRORS: Claims Filing Period Ends March 30 ---------------------------------------------------- Creditors of Charisma Mirrors Ltd. have until March 30 to send in their full names and addresses, full particulars of their debts or claims, and the names and addresses of their solicitors (if any), to: Gary Bell Liquidator Cowgill Holloway Business Recovery LLP Regency House 45-51 C horley New Road Bolton BL1 4QR England Gary Bell of Cowgill Holloway Business Recovery LLP was appointed liquidator of the company on Jan. 29. The company can be reached at: Charisma Mirrors Ltd. Milton Works Mule Street Bolton Lancashire BL2 2AR England Tel: 01204 382 673 Fax: 01204 382 673 CRAMPTON SPORTSWEAR: Barclays Bank Taps Deloitte as Receivers ------------------------------------------------------------- Barclays Bank appointed Ian Brown and Adrian Peter Barry of Deloitte & Touche LLP joint administrative receivers of Crampton Sportswear Ltd. (Company Number 2616339) on Jan. 25. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. Crampton Sportswear Ltd. can be reached at: Unit 12a Tanfield Lea Industrial Estate North Tanfield Lea Stanley Durham DH9 9UU England Tel: 01207 281132 COLLINS & AIKMAN: Eyes Job Cuts at Two Canadian Plastic Plants -------------------------------------------------------------- Collins & Aikman Corp.'s two Canadian plants producing plastic trim parts will lay off around 525 employees, CanPlastics.com reports. The Gananoque, Ontario facility that will close at the end of February will cut 125 jobs. Around 400 jobs will be lost at a plant in Toronto at the end of March. The Detroit News also reported that Collins will close the Port Huron plant unless a buyer is found by March 3. The Port Huron plant employs 530 people, and is one of the largest employers in the city. David Youngman, Collins spokesman, notes that a "saturated plastics market is one reason why the Port Huron plant is hard to sell." The plant was acquired from Textron Inc. in 2001. The instrument panels manufacturing plant in Missouri will also be closed, eliminating 250 jobs. As Collins liquidates its assets and makes distributions to secured creditors, it is shutting plants it deems unlikely to be sold. Mr. Youngman says that the Missouri plant is expected to close by March 3. However, the closing date may be postponed if the facility is needed to fulfill customer orders. Additional plant closings may be announced at a later date. Earlier in January, Collins disclosed that three North American plants and two Canadian plants will be shut, cutting more than 1,100 jobs. About Collins & Aikman Headquartered in Troy, Michigan, Collins & Aikman Corp. -- 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 around 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 US$3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 50; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) DEBT RECOVERY: Insolvency Probe Spurs Liquidation ------------------------------------------------- The High Court of England and Wales gave an order to wind up Debt Recovery U.K. Ltd. and Waterfront Financial Ltd., following an investigation by Companies Investigation Branch (CIB) of the Insolvency Services. CIB's investigation found that Debt Recovery was an abandoned company whose financial position and losses to its clients could not be established because the company's accounting records had not been preserved. Waterfront Financial succeeded Debt Recovery, operating a similar business under the same control and using the same employees. Waterfront Financial induced clients to sign up for its services by making a number of misrepresentations and had received in excess of GBP400,000 from clients in advance fees. The company was found to be insolvent keeping and using as working capital the debts it had collected on behalf of its clients. In winding the companies up the High Court held that this was an operation intended to cheat customers. Petitions to wind up the companies in the public interest were presented on Nov. 13, 2006, under the provisions of Section 124A of the Insolvency Act 1986 following an investigation conducted under section 447 of the Companies Act 1985 by the Companies Investigation Branch of the Insolvency Service. On Nov. 23, 2006, the Official Receiver was appointed as provisional liquidator of Waterfront Financial. Both Waterfront Financial and Debt Recovery went into compulsory liquidation on Jan. 8. The Official Receiver can be reached at: Public Interest Unit PO Box 326 17 - 21 Chorlton Street Manchester M60 3ZZ England E-mail: piu.north@insolvency.gsi.gov.uk Headquartered in Liverpool, England, Debt Recovery U.K. Ltd. and Waterfront Financial Ltd. were commercial debt collectors. Debt Recovery U.K. Ltd. was incorporated in January 2005 and commenced trading in April 2005, while Waterfront Financial Ltd. was incorporated in September 2002 and commenced trading in October 2003. The companies offered a debt recovery service to businesses they recruited by way of cold calling. DYSFUNCTIONAL CLOTHING: Creditors' Meeting Slated for Feb. 12 ------------------------------------------------------------- Creditors of Dysfunctional Clothing (U.K.) Ltd. will meet at 11:00 a.m. on Feb. 12 at the offices of: Begbies Traynor 2-3 Pavilion Buildings Brighton East Sussex BN1 1EE England Creditors who want to vote at the meeting have until noon on Feb. 9 to submit their proxy forms together with particulars of their claims or of any security at the said address. A list of names and addresses of the company's creditors will be available for inspection between 10:00 a.m. and 4:00 p.m. on Feb 8. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. E S CONSULTING: Creditors' Meeting Slated for February 14 --------------------------------------------------------- Creditors of E S Consulting Manchester Ltd. will meet at 11:00 a.m. on Feb. 14 at: Bridgestones 125-127 Union Street Oldham OL1 1TE England Jonathan Lord of Bridgestones will furnish creditors with information concerning the company's affairs free of charge on Feb. 13 as they may reasonably require. EMI GROUP: S&P Cuts Rating to BB- on Operating Pressure & Debt -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on U.K.-based music group EMI Group PLC to 'BB-' from 'BB'. The 'B' short- term rating was affirmed. At the same time, the long-term corporate credit rating and debt ratings were put on CreditWatch with negative implications. The downgrade follows EMI's announcement that revenues in its recorded music division, which accounted for 80% of revenues and 61% of EBITDA for the fiscal year ended March 2006, would decline by 6%-10% in the fiscal year ended March 31, 2007, at constant currencies. "The downgrade and CreditWatch placement also reflect our concerns about EMI's debt burden, which is likely to increase in the coming months as a result of a new GBP150 million restructuring program and the buyout of minority interests in Japan for GBP93 million," said Standard & Poor's credit analyst Patrice Cochelin. We expect to resolve the CreditWatch after the company announces it fiscal-year results, expected at the end of May 2007. "To resolve the CreditWatch, we will particularly focus on better understanding the reasons for and extent of the company's negative revenue trend, the potential disruption caused by the announced restructure, and EMI's future cash generation potential, financial structure, and liquidity," said Mr. Cochelin. ENAMCO LTD: Hires Liquidator from Begbies Traynor ------------------------------------------------- I. P. Sykes of Begbies Traynor was appointed liquidator of Enamco Ltd. on Jan. 30 for the creditors' voluntary winding-up proceeding. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Enamco Ltd. can be reached at: Unit S3 Ford Road Rudford Industrial Estate Ford, Arundel West Sussex BN180BD England Tel: 01903 731 144 Fax: 01903 726 026 FESTIVE THOUGHT: Creditors' Claims Due April 16 ----------------------------------------------- Creditors of Festive Thought Ltd. (t/a Brasserie 99) have until April 16 to prove their debts by sending written statements of the amounts they claim to be due to them from the company to: J. N. R. Pitts Joint Liquidator Begbies Traynor Glendevon House Hawthorn Park Coal Road Leeds LS14 1PQ England D. F. Wilson and J. N. R. Pitts were appointed joint liquidators of the company on Jan. 16. The company can be reached at: Festive Thought Ltd. International House Turner Way, Wakefield West Yorkshire WF2 8EF England Tel: 01924 377 699 GEMFISH LTD: Names Kian Seng Tan Liquidator ------------------------------------------- Kian Seng Tan of K S Tan & Co. was appointed liquidator of Gemfish Ltd. on Jan. 24 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: K S Tan & Co. 10-12 New College Parade Finchley Road London NW3 5EP England GREAT HALL: Moody's Rates GBP14.28-Mln Class E Notes at (P)Ba2 -------------------------------------------------------------- Moody's Investors Service assigned provisional credit ratings to these classes of Notes issued by Great Hall Mortgages No. 1 plc, Series 2007-1: -- GBP147-million Class A1 Notes due 2039: (P)Aaa; -- GBP525-million Class A2 Notes due 2039: (P)Aaa; -- GBP83.58-million Class B Notes due 2039: (P)Aa2; -- GBP36.12-million Class C Notes due 2039: (P)A2; -- GBP34.02-million Class D Notes due 2039: (P)Baa3; and -- GBP14.28-million Class E Notes due 2039: (P)Ba2. All notes may be issued in GBP or EUR. All notes will rank pari-passu and pro-rata with the other notes of the same rating. This transaction represents the second securitization transaction sponsored by JPMorgan Chase Bank, N.A. through its Great Hall Mortgages No. 1 programme. The collateral was originated by Platform Funding Ltd., a wholly-owned subsidiary of Britannia Building Society (A2, Prime-1), a party that has a good track record in the securitization market. The ratings of the Notes are based upon an analysis of the characteristics of the mortgage pool backing the Notes, the protection the Notes receive from credit enhancement against defaults and arrears in the mortgage pool, and the legal and structural integrity of the issue. The credit enhancement available in the deal is provided in the form of excess spread, reserve fund (at closing equal to 1.55% of original note balance), and subordination of the Class B, C, D, and E Notes. Subject to certain conditions being met, the reserve fund may amortize down to a floor of 0.775% of the original note balance. The ratings address the expected loss posed to investors by the legal final maturity. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal at par on or before the final legal maturity date. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. Moody's issues provisional ratings in advance of the final sale of securities and these ratings reflect Moody's preliminary credit opinions regarding the transaction only. Upon a conclusive review of the final version of all the documents and legal opinions, Moody's will endeavor to assign a definitive rating to the Notes. A definitive rating may differ from a provisional rating. GREAT HALL: S&P Puts BB Prelim Rating to GBP14-Mln Class E Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the GBP840 million mortgage-backed floating- rate notes series 2007-01 to be issued by Great Hall Mortgages No. 1 PLC, a special purpose entity. The collateral comprises a pool of first-ranking mortgages secured over freehold and leasehold residential properties in England and Wales. The series portfolio originator is Platform Funding Ltd. This is GHM's second securitization of its acquired mortgage portfolio from its newly established issuance program. Series 2006-01 closed in December 2006. Standard & Poor's expects to rate the notes on a segregated basis, i.e., the rating on each series will be independent from the rating on each previous and subsequent series. Ratings List Great Hall Mortgages No. 1 PLC GBP840 Million Mortgage-Backed Floating-Rate Notes Series 2007-01 Prelim Prelim Amount Class rating (Mln. GBP) ----- ------ ------------- A1 AAA 147.00 A2 AAA 525.00 B AA 83.58 C A- 36.12 D BBB- 34.02 E BB 14.28 GROWING TECHNOLOGIES: Claims Filing Period Ends April 26 -------------------------------------------------------- Creditors of Growing Technologies Ltd. (formerly Growtex Ltd. and Dockspring Ltd.) have until April 26 to send their names and addresses and particulars of their debts or claims and the names and addresses of their solicitors (if any), to: Peter A. Blair Ian M. Rose Joint Liquidators Begbies Traynor Regency House 21 The Ropewalk Nottingham NG1 5DU England Peter A. Blair and Ian M. Rose of Begbies Traynor were appointed joint liquidators of the company on Jan. 26. ISOFT GROUP: Posts GBP647,000 Net Loss in Six-Half Ended Oct. 31 ---------------------------------------------------------------- iSOFT Group plc released its interim financial results for the six months ended Oct. 31, 2006. ISOFT Group posted GBP647,000 in net losses against GBP85.9 million in net revenues for the six months ended Oct. 31, 2006, compared with GBP8.5 million in net losses against GBP97.2 million in net revenues for the same period in 2005. At Oct. 31, 2006, the Group's balance sheet showed GBP254.9 million in total assets and GBP231.1 million in total liabilities, resulting in a GBP23.8 million in stockholders' equity. The Group's Oct. 31 balance sheet also showed strained liquidity with GBP88.5 million in current assets available to pay GBP149.1 million in total liabilities coming due within the next 12 months. Funding The Group signed a new agreement with its banks at the end of August 2006, which provides facilities of GBP141 million until November 2007. The cost of drawings against those facilities will range from 200 to 450 basis points over LIBOR. However, the Group will be required to pay additional payment-in-kind interest at the rate of 5% per annum on the total committed facilities in quarter 1 of calendar year 2007, rising to 7.5% per annum in quarter 2 and 10% per annum from July 1, 2007 onwards. As such, the cost of borrowing will become increasingly expensive through 2007, providing the Group with a significant incentive to secure long-term funding swiftly and before the current facilities expire in November 2007. Over the next 2-3 years a substantial amount of license implementation work will take place. For part of this work the Group has already received payment up-front in prior years. Letters of credit and other guarantees of GBP88 million that were outstanding at May 1, 2006 will also unwind over the next 2-3 years as the contracts are delivered and the revenues are recognized. Third-party contract financing arrangements that amounted to GBP55.7 million at Oct. 31, 2006 will also unwind over the next three years in the same manner. Cash management has been an important part of the Group's Regeneration Plan and in the first half of FY07. The Group has been successful in managing its cash resources efficiently. Net debt of GBP41.8 million at April 30, 2006 increased to GBP73.8 million at Oct. 31, 2006, but that was better than it had expected during discussions with its bankers in August. Total utilization of the term and revolving credit facilities with the banks amounted to GBP113.2 million at the end of the period, leaving unused facilities of GBP27.8 million at that date, with cash of GBP26.8 million also available. Utilization of the facilities included advance payments and other guarantees of GBP69.2 million, issued mainly in the form of letters of credit. 6 While the Group will have further funding requirements through 2007, LOC commitments will be reduced on a continuous basis as product implementation and support takes place, thus freeing up existing bank facilities. In the event that the Group disposes of any noncore assets, following mandatory pre-payment of the proceeds against existing borrowing, additional bank facilities of up to GBP25 million will become available. Based on current projections for trading and cash management and key assumptions, the Group has adequate facilities for its immediate needs. Accounting Irregularities In June 2006, the Group disclosed a change in accounting policy, as a consequence of which it became necessary to review revenue recognition in prior years, in order to re-state some prior year revenues. Arising out of that review, a number of possible accounting irregularities came to light in which it appears that some revenues reported in 2003/04 and 2004/05 may have been recognized earlier than they should have been. On July 20, 2006, the Group engaged its auditors, Deloitte & Touche LLP, to conduct a formal initial investigation into these possible irregularities. In August, it was confirmed that there were indeed matters that needed further investigation and the company handed over relevant documents to the Financial Services Authority, which is now conducting further investigations. The Group is working closely and co-operatively with the FSA in order to complete these investigations as quickly as possible. At the current time it would be inappropriate to comment on the likely outcome. On Oct. 25, 2006, the Accountancy Investigation and Discipline Board disclosed that it would conduct its own investigation. The AIDB investigation is a review of the conduct of those members of accountancy bodies that are regulated by the AIDB who were executive or non-executive directors of iSOFT during the relevant periods, and RSM Robson Rhodes LLP, iSOFT's auditor for the financial years ended April 30 2003, 2004 and 2005. All current executive directors of iSOFT who are members of those accountancy bodies were appointed after the dates under investigation, as was the non-executive director who is currently chairman of the audit committee. The initial investigation into possible accounting irregularities -- conducted by the Group's current auditors, Deloitte & Touche LLP, in July and August 2006 -- did not uncover evidence that any of the current non-executive directors had any knowledge of the irregularities. On the basis of information that has come to light so far, the Group does not believe that these matters will have any impact on the current or future financial position of iSOFT. New Agreement With CSC There have been important developments in the first half relating to our involvement with the English National Programme for IT. In August 2006, the Group entered into a new contract with CSC, with whom we have been working successfully in the North West region since 2004. Under that contract, iSOFT will in future be paid by CSC based on delivery against a number of key milestones between now and 2008. The majority of those milestones involve key product deliverables, which comprise interim stages leading to the delivery of full LORENZO 3.5 functionality in the first quarter of 2008. As the quid pro quo for greater control and certainty over payment, iSOFT has agreed that in the event that it fails to deliver on time against the key milestones, CSC will have the right to step in and manage iSOFT's development operation, but without taking over any intellectual property rights. This agreement was entered into in anticipation of a major redistribution of responsibilities within the NPfIT. In September it was disclosed that Accenture would transfer to CSC its obligations to provide services to the North East and East and East Midlands regions with effect from Jan. 8. Also in September 2006 iSOFT and CSC entered into a further agreement under which iSOFT will retain exclusivity for providing core software solutions in the North East and exclusivity for interim solutions in the EEM region. iSOFT will retain preferred supplier status for future solutions in the EEM region, subject to a benchmarking review. There are two important positive outcomes from this development. First, the new deal will underpin the company's expectation of achieving revenues of at least GBP300 million over the lifetime of the NPfIT contracts. Second, iSOFT and Accenture agreed that no further payments will be made between the two parties and that any potential litigation relating to the period between April 2, 2004 and Sept. 28, 2006 will be annulled. Going Concern Doubt The Board has prepared projected cash flow information for the period ending 12 months from the date of approval of the interim financial results. The projections include certain key assumptions made by the directors: (a) future sales and margins consistent with prior experience, which also take into account the anticipated effect of the current circumstances facing the business; (b) significant restructuring of its U.K. and international operations to generate cost savings from the reduction of resources, the simplification and re-engineering of the Group's core processes and systems and the streamlining and simplification of the Group's product offerings; (c) disposal of the Group's non-core activities; (d) renegotiation of certain key contractual arrangements; (e) the satisfaction of the conditions contained in the banking agreement to enable the continuation of the bank's facilities; and (f) the refinancing of the Group's banking facilities on or before their expiry on 14 November 2007. The nature of the Group's business is such that there can be considerable unpredictable variation and uncertainty regarding the timing and/or occurrence of the matters referred to above, the timing and margin on sales, the quantum and timing of cash flows from new business activity and the achievement of contractual milestones. In preparing these projections, the directors recognize that there are material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern. Having taken into account the uncertainties inherent in the assumptions, the directors consider that the cash flow projections are compiled on a reasonable basis and that it is appropriate that the financial information should be prepared on the going concern basis. Future events may give rise to circumstances not foreseen by the stated assumptions such that the use of the going concern basis proves to be inappropriate. Should the going concern basis be inappropriate, the company may be unable to realize its assets and discharge its liabilities in the normal course of business. A full-text copy of the company's financial report for the six months ended Oct. 31, 2006 is available for free at: http://ResearchArchives.com/t/s?1985 About iSOFT Headquartered in Manchester, United Kingdom, iSOFT Group plc -- http://www.isoftplc.com/-- supplies advanced medical software applications for the healthcare sector. Its products are used by more than 8,000 organizations in 27 countries for managing patient information and driving improvements in healthcare services. In international markets, the group has a strong presence in the Asia-Pacific, including Singapore and India. ISOFT GROUP: Appoints Bill Henry as New Board Member ---------------------------------------------------- Bill Henry has been appointed as a member of the iSOFT Group plc's Board with immediate effect. He joined the Group as chief operating officer on June 28, 2006, after serving as chief executive of Star Technology Services and previously as a member of the executive team that turned Peoplesoft's U.S. services business around and helped to reorganize and refocus the company's U.S. activities. "Bill's experience and input have been instrumental in helping us to make a strong start in turning around the financial performance and prospects of iSOFT, and the Board is pleased to recognize his contribution by appointing him as a member of the Board," John Weston, chairman and acting CEO, said. About iSOFT Headquartered in Manchester, United Kingdom, iSOFT Group plc -- http://www.isoftplc.com/-- supplies advanced medical software applications for the healthcare sector. Its products are used by more than 8,000 organizations in 27 countries for managing patient information and driving improvements in healthcare services. In international markets, the group has a strong presence in the Asia-Pacific, including Singapore and India. * * * In June 2006, the Group disclosed a change in accounting policy, as a consequence of which it became necessary to review revenue recognition in prior years, in order to re-state some prior year revenues. Arising out of that review, a number of possible accounting irregularities came to light in which it appears that some revenues reported in 2003/04 and 2004/05 may have been recognized earlier than they should have been. On July 20, 2006, the Group engaged its auditors, Deloitte & Touche LLP, to conduct a formal initial investigation into these possible irregularities. In August, it was confirmed that there were indeed matters that needed further investigation and we handed over relevant documents to the Financial Services Authority (FSA), which is now conducting further investigations. The Group is working closely and co-operatively with the FSA in order to complete these investigations as quickly as possible. At the current time it would be inappropriate to comment on the likely outcome. On Oct. 25, 2006, the Accountancy Investigation and Discipline Board (AIDB) disclosed that it would conduct its own investigation. The AIDB investigation is a review of the conduct of those members of accountancy bodies that are regulated by the AIDB who were executive or non-executive directors of iSOFT during the relevant periods, and RSM Robson Rhodes LLP, iSOFT's auditor for the financial years ended April 30 2003, 2004 and 2005. All current executive directors of iSOFT who are members of those accountancy bodies were appointed after the dates under investigation, as was the nonexecutive director who is currently chairman of the audit committee. The initial investigation into possible accounting irregularities - conducted by the Group's current auditors, Deloitte & Touche LLP, in July and August 2006 - did not uncover evidence that any of the current non-executive directors had any knowledge of the irregularities. On the basis of information that has come to light so far, the Group does not believe that these matters will have any impact on the current or future financial position of iSOFT. Going Concern Doubt At Oct. 31, 2006, the company's board of directors recognized that there are material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern. MARKETING DYNAMIC: Brings In Liquidator from Leonard Curtis ----------------------------------------------------------- N. A. Bennett of Leonard Curtis was appointed liquidator of Marketing Dynamic International Ltd. on Jan. 29 for the creditors' voluntary winding-up procedure. The company can be reached at: Marketing Dynamic International Ltd. 1 Union Court Richmond Surrey TW9 1AA England Tel: 020 8948 5331 Fax: 020 8948 5378 MAX WASTE: Creditors' Meeting Slated for February 23 ---------------------------------------------------- Creditors of Max Waste Recycling Ltd. will meet at 11:30 a.m. on Feb. 23 at: The Strathdon Hotel Derby Road Nottingham England Creditors have until noon on Feb. 22 to submit their proxy forms together with particulars of their claims or of any security at: Smith Cooper Chartered Accountants Thomas Stops House 133 Loughborough Road Leicester LE4 5LQ England A list of names and addresses of the company's creditors will be available for inspection on Feb. 21 at Smith Cooper Chartered Accountants. MUSIC ZONE: Sells 67 Stores to Music Retailer Fopp Limited ---------------------------------------------------------- Deloitte & Touche LLP sold substantially all of Music Zone Services Ltd.'s stores to an associate of music retailer, Fopp Ltd. A total of 67 stores, the company's head office and warehouse in Stockport and the Music Zone warehouse in Denton had been bought. "We are pleased with the disposal to Fopp, and wish them every success in the future. This represents a much better outcome for creditors and other stakeholders than a piece-meal disposal," Bill Dawson a partner at Deloitte disclosed. Music Zone Services Ltd. and its parent company Music Zone Holdings Ltd. went into administration on Jan. 3. According to The Times then, the problems at the 103-store chain came a year after it almost doubled its sized when it bought rival music chain MVC from insolvency. Music Zone's accounts filed with the Companies House for the year ended May 31, 2005, showed a pre- tax loss of GBP4,000 compared with GBP397,000 profit in 2004. Sales for the year ended May 31, 2005, were from GBP58.4 million to GBP70 million. Headquartered in London, England Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. Headquartered in Stockport, England, Music Zone Services Ltd. -- http://www.musiczone.co.uk/-- is a private equity-backed music retailer operating 104 stores across the U.K. It employs 1,100 staff. RANK GROUP: In a Strong Position to Apply New Casino Licenses ------------------------------------------------------------- A spokesman for Rank Group Plc told AFX News that the gaming company is in a strong position to apply for new U.K. casino licenses when the tender process begins citing a track record of responsible operating, commercial success and a rare combination of expertise in casino, bingo and betting. Rank's statement comes after the Casino Advisory Panel recommended Manchester as the location for a proposed supercasino. The panel also identified regions for eight large and eight small casinos to Culture Secretary Tessa Jowell, AFX relates. Under the 2005 Gambling Act, the three new types of casinos are allowed to operate in Britain. AFX says Rank, along with Ladbrokes PLC and Gala Coral, is eyeing to operate in the recommended venues. However, overseas operators are likely to acquire many of the licenses. Headquartered in London, United Kingdom, Rank Group PLC -- http://www.rank.com/-- is an international leisure and entertainment company. The Group provides services to the film industry, including film processing, video duplication and cinema exhibition. The Group's leisure and entertainment activities entail gambling services, encompassing Mecca Bingo Clubs and Grosvenor Casinos, and owned and franchises Hard Rock cafes. * * * As reported in the TCR-Europe on Feb. 2, Moody's Investors Service downgraded to Ba3 from Ba2 the corporate family and issuer ratings of The Rank Group Plc and the debt ratings of its subsidiary Rank Group Finance plc. Moody's said the outlook is negative. In December 2006, Fitch Ratings affirmed The Rank Group Plc's Issuer Default ratings at B+ with Negative Outlook, senior unsecured rating at B+ and Short-term rating at B. The ratings are simultaneously withdrawn. In addition, Standard & Poor's Ratings Services lowered its long- and short-term corporate credit ratings on U.K.-based diversified leisure and entertainment company The Rank Group PLC to 'BB-/B' from 'BBB-/A-3'. S&P said the outlook is stable. RED LIZARD: Creditors' Meeting Slated for February 15 ----------------------------------------------------- Creditors of Red Lizard Ltd. will meet at 11:00 a.m. on Feb. 15 at: Hendford Manor Hendford Yeovil Somerset BA20 1UN England Creditors have until noon on Feb. 14 to submit their proxy forms at: Mary Street House Mary Street Taunton Somerset TA1 3NW England Laurence Russell of Albert Goodman will furnish creditors with information concerning the company's affairs free of charge on Feb. 14 as they may reasonably require. SNAPPER FROZEN: Names Philip John Gorman Liquidator --------------------------------------------------- Philip John Gorman of Hazlewoods LLP was appointed liquidator of Snapper Frozen Foods Ltd. on Dec. 15, 2006, for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Hazlewoods LLP Windsor House Barnett Way Barnwood Gloucester GL4 3RT England SOLUTIA INC: Court Increases Total OCP Payments to US$15 Million ---------------------------------------------------------------- The Honorable Prudence Carter Beatty of the U.S. Bankruptcy Court for the Southern District of New York increased Solutia Inc. and its debtor-affiliates' aggregate total amount payable to their ordinary course professionals from US$10,000,000 to US$15,000,000, without prejudice to requests for further increase. In the Debtors' motion, as published in the TCR-Europe on Jan. 22, Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York, New York, told the Court that due to the duration of the Debtors' Chapter 11 cases, Solutia would soon exceed the OCP Cap. If the OCP Cap is not increased, Solutia will no longer have the ability to employ and compensate its OCPs without their preparation and filing of retention and fee applications, Mr. Henes averred. The preparation and filing of the applications is an unnecessary financial burden to Solutia and its estates as the OCPs are being retained in the ordinary course of business, Mr. Henes asserted. Hence, Mr. Henes said, an increase in the OCP Cap by US$5,000,000 is in the best interests of the estates. The Debtors' motion relates to the Court's January 2004 order approving Solutia's request to employ and pay ordinary course professionals. Pursuant to that Order, the OCPs could be retained and paid without having to file individual retention and fee applications as long as the aggregate amount of fees do not exceed US$10,000,000. 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 15 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 US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. 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 and to solicit acceptances to that plan expires on Feb. 13, 2007, and April 16, 2007, respectively. (Solutia Bankruptcy News, Issue No. 78; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SWANN WHEATCROFT: Creditors Confirm Liquidator's Appointment ------------------------------------------------------------ Creditors of Swann Wheatcroft Ltd. confirmed on Jan. 19 the appointment of Ian William Kings of Tenon Recovery as the company's liquidator. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Swann Wheatcroft Ltd. can be reached at: St. Josephs Business Centre West Lane Newcastle Upon Tyne Tyne and Wear NE127BH England Tel: 0191 268 4291 Fax: 0191 268 9291 VANTAGE COMPUTERS: PCA Expulsion Results to Liquidation ------------------------------------------------------- Vantage Computers, which stopped trading at the beginning of January, is now in liquidation following its expulsion from the Professional Computing Association, PC Pro reports. The association expelled the company due to Vantage's failure to solve customer disputes, neglecting to refund at least one customer's pre-payment, PC Pro states. According to PC Pro, company officials were quick to reassure customers regarding purchases made before Vantage went into liquidation. "With regards to customers warranties, if customers have purchased an onsite or extended warranty with their PCs or are still covered by 24-hour-a-day software support lines, these warranties will still be valid and will continue until their completion," Andrew Carter, managing director of Vantage Computers, said in an e-mail sent to PC Pro. "Details of customers' appropriate support packages will have been included with each PC," Mr. Carter added. The Company's Web site claims: "no orders taken on the website have had any monies taken since the beginning of 2007." About Vantage Computers Vantage Computers -- http://www.vantagedirect.co.uk/-- trading as Vantage Direct, is a Kent-based company that manufactures personal computers. The company ceased trading at the beginning of January and has since then gone into liquidation. VISIONCREST HOLDINGS: Appoints A. J. Clark to Liquidate Assets -------------------------------------------------------------- A. J. Clark of Carter Clark was appointed liquidator of Visioncrest Holdings Ltd. (formerly Planwest Ltd.) on Jan. 22 for the creditors' voluntary winding-up procedure. The company can be reached at: Visioncrest Holdings Ltd. Laser House 132 140 Goswell Road Islington London EC1V 7DY England Fax: 020 7436 8802 WATERFRONT FINANCIAL: Insolvency Probe Spurs Liquidation -------------------------------------------------------- The High Court of England and Wales gave an order to wind up Debt Recovery U.K. Ltd. and Waterfront Financial Ltd., following an investigation by Companies Investigation Branch (CIB) of the Insolvency Services. CIB's investigation found that Debt Recovery was an abandoned company whose financial position and losses to its clients could not be established because the company's accounting records had not been preserved. Waterfront Financial succeeded Debt Recovery, operating a similar business under the same control and using the same employees. Waterfront Financial induced clients to sign up for its services by making a number of misrepresentations and had received in excess of GBP400,000 from clients in advance fees. The company was found to be insolvent keeping and using as working capital the debts it had collected on behalf of its clients. In winding the companies up the High Court held that this was an operation intended to cheat customers. Petitions to wind up the companies in the public interest were presented on Nov. 13, 2006, under the provisions of Section 124A of the Insolvency Act 1986 following an investigation conducted under section 447 of the Companies Act 1985 by the Companies Investigation Branch of the Insolvency Service. On Nov. 23, 2006, the Official Receiver was appointed as provisional liquidator of Waterfront Financial. Both Waterfront Financial and Debt Recovery went into compulsory liquidation on Jan. 8. The Official Receiver can be reached at: Public Interest Unit PO Box 326 17 - 21 Chorlton Street Manchester M60 3ZZ England E-mail: piu.north@insolvency.gsi.gov.uk Headquartered in Liverpool, England, Debt Recovery U.K. Ltd. and Waterfront Financial Ltd. were commercial debt collectors. Debt Recovery U.K. Ltd. was incorporated in January 2005 and commenced trading in April 2005, while Waterfront Financial Ltd. was incorporated in September 2002 and commenced trading in October 2003. The companies offered a debt recovery service to businesses they recruited by way of cold calling. WEST COAST: Taps Vincent A. Simmons to Liquidate Assets ------------------------------------------------------- Vincent A. Simmons was appointed liquidator of West Coast Piling Ltd. on Jan. 25 for the creditors' voluntary winding-up proceeding. The company can be reached at: West Coast Piling Ltd. Suite 4 Commercial Business Centre 9 Victoria Street Rainhill, Prescot Merseyside L35 0LB England Tel: 01744 600 701 * Grant Thornton Recovery & Reorganization Appoints New Partners ---------------------------------------------------------------- Corporate recovery practitioner David Dunckley and personal insolvency expert Gareth Neill have been made partners within Grant Thornton's Recovery & Reorganization practice. Mr. Dunckley has been a manager in Grant Thornton's Recovery & Reorganization department since January 2000. He has specialized in corporate recovery for over eight years dealing with a wide range of under performing businesses advising creditors, directors and other financial stakeholders. In this time Mr. Dunckley has undertaken roles including formal insolvency work, corporate turnarounds and business disposals. Mr. Dunckley also plays a key role within Grant Thornton's Automotive Services Team advising creditors and manufacturers in distressed scenarios. Following his promotion, Mr. Dunckley's will continue to be a part of Grant Thornton's successful London team focusing on the U.K. Mid Corporate Sector. A licensed insolvency practitioner and working at Grant Thornton since 1997, Mr. Neill has been instrumental in the development of Grant Thornton's national IVA initiative and works throughout the U.K. giving, both individuals and businesses, solutions on how to recover from insolvent situations. Mr. Neill also has more than eight years' experience in workout/turnaround projects. As well as playing a major part in the continued growth of the firm's IVA offering, Mr. Neill will be instrumental in developing Grant Thornton's IVA Watch service. The first of its kind in the market and launched in December 2006, the service is designed to audit the systems and procedures of the U.K.'s leading IVA providers in a move which the firm believes will bring much needed transparency to the industry. It will provide critical information for creditors and all stakeholders to allow them to make informed decisions in this market. "While the expectation for 2007 is for corporate insolvency levels to remain broadly in line with this year, increasingly challenging economic conditions in a number of sectors such as retail, higher costs and increasing competition from abroad will put pressure on many businesses," David Dunckley said, commenting on his appointment. "U.K. corporates will need to keep pace with change and be flexible in how they adapt to these challenges. In all of these cases debt restructuring and careful and regular operations reviews will play a major part. I very much look forward to helping further Grant Thornton's offering to help businesses deal with difficult financial issues before it's too late." "The number of IVAs in the U.K. has skyrocketed in recent years, growing by 118% in the last year alone," Gareth Neill said. "Soon IVAs will be the preferred method of dealing with bad debt. Not only do I relish the challenge of helping provide an ever-improved service to deal with the U.K.'s growing debt problem, but to also play a role in the development of IVA audits. These will bring certainty to the IVA market, reassure users and lenders alike and hopefully help dispel some of the negative perceptions that the industry has attracted in recent months, or at least allow the creditors to distinguish the high performers in the industry." "I am delighted that both Gareth and David have stepped up to partnership level," Simon Morris, Managing Partner, Grant Thornton Recovery & Reorganization said. "Both have done sterling work over the past few years. These appointments demonstrate how we are fully committed to developing talent and retaining the very best people in the business. The continued growth and expansion of our Recovery & Reorganization practice demonstrates our determination to be the best in the business." About Grant Thornton Grant Thornton U.K. LLP is a leading financial and business adviser with 32 offices nationwide. The company is a U.K. member of Grant Thornton International, one of the world's leading international organizations of independently owned and managed accounting and consulting firms. These firms provide a comprehensive range of business advisory services from around 520 offices in over 110 countries worldwide. Although Grant Thornton International is not a worldwide partnership, the firms share a commitment to providing the same high quality service to their clients wherever they do business. * Insolvency Service Shows 3,194 Fourth Qtr. Liquidations in UK --------------------------------------------------------------- The Insolvency Service released statistics showing insolvencies in the fourth quarter 2006 in the United Kingdom. Company Liquidations There were 3,194 liquidations in England and Wales in the fourth quarter of 2006 on a seasonally adjusted basis. This was a decrease of 1.4% on the previous quarter and a decrease of 0.1% on the same period a year ago. This was made up of 1,411 compulsory liquidations, an increase of 4.9% on the previous quarter and an increase of 9.7% on the corresponding quarter of the previous year, and 1,783 creditors voluntary liquidations, a decrease of 5.9% on the previous quarter and a decrease of 6.7% on the corresponding quarter of the previous year. 0.6% of active companies went into liquidation in the twelve months ended fourth Quarter of 2006, a decrease from 0.7% in the previous quarter and the corresponding quarter of 2005. Individual Insolvencies There were 29,804 individual insolvencies in England and Wales in the fourth quarter of 2006 on a seasonally adjusted basis. This was an increase of 7.1% on the previous quarter and an increase of 44.1% on the same period a year ago. This was made up of 17,063 bankruptcies, an increase of 9.6% on the previous quarter and an increase of 24.8% on the corresponding quarter of the previous year, and 12,741 Individual Voluntary Arrangements, an increase of 3.9% on the previous quarter and an increase of 81.9% on the corresponding quarter of the previous year. Number of Insolvencies in England and Wales (seasonally adjusted) 2005 2006 2006 2006 2006 Q4 Q1r Q2r Q3r Q4p ---- ---- ---- ---- ---- Company Liquidations 3,198 3,452 3,252 3,239 3,194 of which: Compulsory 1,287 1,441 1,221 1,345 1,411 Creditors Voluntary 1,911 2,011 2,031 1,894 1,783 Individuals 20,679 23,531 26,125 27,828 29,804 of which: Bankruptcies 13,675 15,321 15,002 15,569 17,063 IVAs 7,004 8,209 11,122 12,259 12,741 p = provisional, r = revised Insolvencies in Scotland and Northern Ireland The following tables present recent trends in insolvencies in Scotland and Northern Ireland, complementing those for England and Wales above (longer series back to 1998 are presented in the accompanying detailed tables). Number of Insolvencies in Scotland (not seasonally adjusted) 2005 2006 2006 2006 2006 Q4 Q1 Q2 Q3 Q4p ---- ---- ---- ---- ---- Company Liquidations 119 128 133 156 132 of which: Compulsory 82 96 99 132 89 Creditors Voluntary 37 32 34 24 43 Individuals 2,961 3,111 3,544 3,601 3,382 of which: Sequestrations 1,289 1,241 1,305 1,528 1,356 Protected Trust Deeds 1,672 1,870 2,239 2,073 2,026 p = provisional Number of Insolvencies in Northern Ireland (not seasonally adjusted) 2005 2006 2006 2006 2006 Q4 Q1 Q2 Q3 Q4p ---- ---- ---- ---- ---- Company Liquidations 31 29 41 28 30 of which: Compulsory 23 19 24 15 20 Creditors Voluntary 8 10 17 13 10 Individuals 394 408 495 425 482 of which: Bankruptcies 213 245 286 241 264 IVAs 181 163 209 184 218 p = provisional Insolvent companies in England & Wales and Scotland are dealt with under the Insolvency Act of 1986 and, in Northern Ireland, by the Insolvency (Northern Ireland) Order 1989. They can either be the subject of a compulsory liquidation (winding-up) order obtained from the court by a creditor, shareholder or director or themselves pass a resolution, subject to the approval of a creditors' meeting that the company be wound up voluntarily (creditors voluntary liquidations, registered at Companies House/Companies Registry). A third type of winding- up, members' voluntary liquidation, is not included because it does not involve insolvency. The Insolvency Act 1986 and, in Northern Ireland, the Insolvency (Northern Ireland) Order 1989 also introduced the procedures of company administration orders and company voluntary arrangements (CVAs). The administration procedure gives a period of time during which creditors are restrained from taking action and a court appointed administrator puts forward proposals to deal with the company's financial difficulties. The CVA procedure aids business by enabling a company in financial difficulty to come to a binding agreement with its creditors. The Enterprise Act 2002 introduced revisions to the corporate administration procedures, replacing Part II of the Insolvency Act 1986 with Schedule B1. These include the introduction of additional entry routes into administration that do not require the making of an administration order and a streamlined process for Administrations whereby a company can in some circumstances be dissolved without recourse to liquidation. The primary objective of administration (and of CVAs) is the rescue of the company as a going concern. These provisions came into force on Sept. 15, 2003. On March 27, 2006, the Insolvency (Northern Ireland) Order 2005 introduced similar revisions to the corporate administration procedures in Northern Ireland, replacing Part III of the Insolvency (Northern Ireland) Order 1989 with Schedule B1. Receivership appointments comprise administrative receivers appointed under the 1986 Act (and the 1989 Order for Northern Ireland) and certain other receivership appointments, for example under the Law of Property Act 1925. Due to the use of the same statutory documentation for different types of receivership, it is not possible to give a breakdown between them. The provisions of the Enterprise Act 2002 [section 250] (Insolvency [Northern Ireland] Order 2005 [Article 5]) have made some changes to the procedures for administrative receivership. Under the Insolvency Act 1986 and the Insolvent Partnerships Order and, in Northern Ireland, the Insolvency (Northern Ireland) Order 1989 and the Insolvent Partnerships Order (Northern Ireland) 1995, insolvent partnerships may be wound up as an unregistered company or administered following bankruptcy orders against the partners. Insolvent Partnerships can also enter administration or a voluntary arrangement. A full-text copy of the fourth quarter insolvency statistics published by The Insolvency Service is available free at: http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/insolvencylaw.htm ********* 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, Kristina A. Godinez, and Pius Xerxes Tovilla, 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 * * *