/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070212.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 Monday, February 12, 2007, Vol. 8, No. 30 Headlines A U S T R I A BIOGAS SYSTEM: Claims Registration Period Ends February 20 ELEKTRO GRUEBLINGER: Claims Registration Period Ends March 15 FASCHING - ESTRICH: Claims Registration Period Ends February 23 HANDELSAGENTUR PILZ: Claims Registration Period Ends March 6 SZINOVATZ LLC: Claims Registration Period Ends March 8 TRAINSERV GESELLSCHAFT: Claims Registration Period Ends March 13 UJESKY HANDELS: Administrator Declares Insufficient Assets C Y P R U S SHIP FINANCE: To Buy Two Capesize Vessels from Golden Ocean F I N L A N D M-REAL OYJ: Annual General Meeting Slated for March 13 METSO OYJ: Earns EUR410 Million for Year Ended Dec. 31, 2006 METSO OYJ: Board to Expand 2006-2008 Share Ownership Plan G E R M A N Y ALOPEX GMBH: Claims Registration Period Ends February 19 ATEC GMBH: Claims Registration Ends February 21 AUER.PREPRESS: Claims Registration Period Ends April 20 B.I.A. GMBH: Claims Registration Period Ends March 16 BAU-WOLF GMBH: Claims Registration Ends March 23 BEL AIR: Claims Registration Period Ends February 28 BITAX STEUERBERATUNGSGESELLSCHAFT: Registration Ends March 30 CACE BETEILIGUNGSGESELLSCHAFT: Claims Registration Ends March 12 CARSON HAIR: Claims Registration Period Ends March 14 CONCEPTPLAN - M AGENTUR: Claims Registration Ends March 14 CT-CONTAINER: Claims Registration Period Ends March 9 GILA'S VITRINE: Claims Registration Ends March 16 GRUNDSTUECKSGESELLSCHAFT MK: Claims Registration Ends Feb. 15 H V N HANDWERKERVERMITTLUNG: Claims Registration Ends March 1 HAMBURG MOVERS: Claims Registration Period Ends April 4 HESE UMWELT: Claims Registration Ends March 10 HL CLUB: Claims Registration Period Ends March 20 HOCHBAU KALKAR: Claims Registration Ends February 26 HOEHE-BAU: Creditors' Meeting Slated for April 13 IMG IMMOMECHERNICH: Claims Registration Ends March 29 KDT KOMMUNIKATIONS: Claims Registration Period Ends March 12 MEIBAN GERMANY: Claims Registration Ends March 13 ML BAUUNTERNEHMEN: Claims Registration Ends March 8 NAVA-BAU: Creditors Meeting Slated for March 12 OEZTRONIC SERVICE: Creditors Must Register Claims by March 10 PES GESELLSCHAFT: Creditors Must Register Claims by March 19 RIKO MODEHANDELS: Creditors Must Register Claims by March 8 SELECT SERVICES: Creditors Must Register Claims by March 12 SPECTRUM BRANDS: S&P Cuts Ratings to CCC+ on Weak Performance SYCOS GMBH: Creditors Must Register Claims by April 13 TISCALI SPA: Sells German Business-to-Customer Ops to Freenet.de VENTUR.E 18: Creditors Meeting Scheduled on March 20 WALD-PARK SCHOENFLIESS: Claims Registration Ends March 13 WILHELM KEMMER: Claims Registration Period Ends Feb. 27 H U N G A R Y BORSODCHEM NYRT: Registers Capital Decrease with Authorities I R E L A N D MUNSTER FOODS: Cuts 50 Jobs After Going Into Receivership I T A L Y TISCALI SPA: Sells German Business-to-Customer Ops to Freenet.de K A Z A K H S T A N ART-MEGA LLP: Creditors Must File Claims by March 16 BAU-TECHNO RESOURCE: Creditors' Claims Due March 23 DEMEU SU: Proof of Claim Deadline Slated for March 23 ERDEN-LN LLP: Claims Registration Ends March 16 F-TRANS-HOLDING LLP: Claims Filing Period Ends March 23 HLEBOPRODUCT LLP: Creditors Must File Claims by March 23 LKCROUP LLP: Creditors' Claims Due March 16 MAKTA LLP: Proof of Claim Deadline Slated for March 23 K Y R G Y Z S T A N SLOANSTREET CONSULTING: Claims Filing Period Ends March 23 L U X E M B O U R G MILLICOM INTERNATIONAL: Colombian Unit Selling 17.6% Stake MILLICOM INT'L: Inks Pact with China Mobile to Sell Paktel Stake NORTEL NETWORKS: Plans 2,900 Job Cuts Worldwide by 2008 P O L A N D AFFILIATED COMPUTER: Fin'l. Report Filing Cues S&P's Pos. Watch R U S S I A AG-TRADE CJSC: Creditors Must File Claims by February 20 AGRO-DON OJSC: Court Names I. Zolotarev as Insolvency Manager AZOV-SEL-KHOZ-ENERGO: Bankruptcy Hearing Slated for April 23 BONA-OIL LLC: Creditors Must File Claims by March 20 CANNED VEGETABLES: Creditors Must File Claims by March 20 GOLOVISHENSKOYE CJSC: Court Names A. Vasilyev to Manage Assets JUPITER-AGRO CJSC: Court Names A. Varygin as Insolvency Manager LUKOIL OAO: Discovers 100-Million Barrel Oil Field in Colombia NEVA-DOR-STORY CJSC: Creditors Must File Claims by March 20 SNEZHNAYA CJSC: Creditors Must File Claims by February 20 SUCCESS OJSC: Creditors Must File Claims by February 20 VERKHNEVYAT-LES-PROM: Kirov Bankruptcy Hearing Slated for May 15 VITYAZ OJSC: Creditors Must File Claims by March 20 VOLGO-ROS-OIL-TRANS: Bankruptcy Hearing Slated for March 9 VOLODARSKIY COMBINE: Asset Sale Slated for February 21 ZVEREVSKOYE PASSENGER: Bankruptcy Hearing Slated for February 2 S W E D E N DOLE FOOD: Fresh Vegetables Unit Inks Leafy Greens Mktg. Pact S W I T Z E R L A N D CREDIT INDUSTRIEL: Creditors' Liquidation Claims Due March 30 EDI-CAR LLC: Creditors' Liquidation Claims Due March 15 NRJ ENTERPRISES: Creditors' Liquidation Claims Due February 26 OCEAN FISH: Creditors' Liquidation Claims Due February 28 QISSCO JSC: Creditors' Liquidation Claims Due February 26 SCHUHHAUS RUTZ: Creditors' Liquidation Claims Due February 16 STEINER HAUSTECHNIK: Bern Court Closes Bankruptcy Proceedings TABULARASA LLC: Creditors' Liquidation Claims Due February 23 TOMA JSC: Creditors' Liquidation Claims Due February 26 TOWN SPORTS: S&P Rates Proposed US$260-Mln Secured Loan at B+ UNIPC LLC: Creditors' Liquidation Claims Due February 26 U K R A I N E GENEX LTD: Claims Submission Deadline Set February 21 PETROVSKOE LLC: Claims Submission Deadline Set February 23 PRODUCTION OPERATION: Claims Submission Deadline Set February 23 RITAS LLC: Claims Submission Deadline Set February 21 ROSTOCK-TORG LLC: Claims Submission Deadline Set February 21 TEMP LLC: Creditors Must File Claims by February 23 UKRAINIAN CONSTRUCTION: Claims Submission Deadline Set Feb. 23 U N I T E D K I N G D O M BONNE BOUCHE: Taps KPMG to Administer Assets AGRICULTURE AND FRESH: Creditors' Claims Due March 30 AIREDALE GLASS: Appoints Liquidators from PricewaterhouseCoopers BODYSYSTEMS LTD: Appoints Administrators from Tenon Recovery BROTHERTON PEPLER: Mounting Debts Spur Liquidation CAVINGDON LTD: Appoints KPMG as Joint Administrators CLASSICAL CONSERVATORIES: Creditors' Meeting Slated for Feb. 15 COLLINS & AIKMAN: Donnelly Penman Approved as Investment Banker COLLINS & AIKMAN: Wants Beringea LLC as Investment Banker COMDEC LTD: Taps David Hill to Liquidate Assets CORONEL SUPPORT: Robert Day Leads Liquidation Procedure CORUS GROUP: Tata Sons Sells 8.17-Mln Shares to Fund Takeover CURTIS MECHANICAL: Claims Filing Period Ends February 28 DOYLE DEMOLITION: Names M. S. E. Solomons Liquidator FORD MOTOR: Revives Ford Taurus & Mercury Sable to Lineup FORTRESS MIDLANDS: Taps Liquidator from Crawfords G T ALMAX: Creditors' Meeting Slated for February 14 GLASSLAM EUROPE: Claims Filing Period Ends March 31 GLEN SECURITY: Hires A. H. Tomlinson to Liquidate Assets ICT CENTRE: Creditors' Meeting Slated for February 15 INVENSYS PLC: Has GBP219-Mln Stockholders' Deficit at Dec. 31 K D S ELECTRICAL: Creditors' Meeting Slated for February 16 KENT CABINETS: Appoints Jason Groocock as Liquidator KNOWDRAMA LTD: Creditors' Meeting Slated for February 21 LUMASIGN LTD: Creditors' Meeting Slated for February 14 MEADGATE LTD: Brings In KPMG to Administer Assets MEDWAY T & G: Creditors' Meeting Slated for February 23 PREFERRED RESIDENTIAL: S&P Puts Class D Notes on Watch Positive QUICK PRINTS: Brings In Liquidator from Stones & Co. READER'S DIGEST: High Leverage Cues Moody's to Cut Ratings to B2 S M REFRIGERATION: Claims Registration Ends June 30 SEA CONTAINERS: Committee Retains Morris Nichols as Counsel SEA CONTAINERS: Trustee Opposes Houlihan's Employment as Advisor SIMCLAR GROUP: Deputy Enterprise Minister Calls for DTI Probe SMILE SECURITIZATION: S&P Rates Class E Notes at Prelim BB- STEM CELL: Losses Rise to EUR4.5 Million in 2006 STEPHEN JOHNSON: Joint Liquidators Take Over Operations UIC INSURANCE: U.S. Court Grants Relief Under Sec. 304 VIRTEX INTERNATIONAL: Calls In Liquidator from Irwin & Co. WESTMORELAND TRUCK: Creditors' Meeting Slated for February 23 YELL GROUP: Earns GBP163.4 Million in Nine Months Ended Dec. 31 * Deloitte Warns Insolvency Crisis for U.K. Manufacturers * BOND PRICING: For the Week February 12 to February 17, 2007 ********* ============= A U S T R I A ============= BIOGAS SYSTEM: Claims Registration Period Ends February 20 ---------------------------------------------------------- Creditors owed money by JSC Biogas System Technik (FN 261814x) have until Feb. 20 to file written proofs of claim to estate administrator Volker Leitner at: Mag. Volker Leitner Wiener Strasse 3 3100 St. Poelten Austria Tel: 02742/35 43 55 Fax: 02742/35 14 35 E-mail: office@gpls.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on March 13 for examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor (Old Building) St. Poelten, Austria Headquartered in Kemmelbach, Austria, the Debtor declared bankruptcy on Jan. 23 (Bankr. Case No. 14 S 19/07w). ELEKTRO GRUEBLINGER: Claims Registration Period Ends March 15 ------------------------------------------------------------- Creditors owed money by LLC Elektro Grueblinger (FN 141437x) have until March 15 to file written proofs of claim to estate administrator Walter Holme at: Dr. Walter Holme Dr. Koss Strasse 3 4600 Wels Austria Tel: 07242/67354-0 Fax: 07242/67354-50 E-mail: kanzlei@holme.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on March 29 for examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels, Austria Headquartered in Gunskirchen, Austria, the Debtor declared bankruptcy on Jan. 23 (Bankr. Case No. 20 S 12/07a). FASCHING - ESTRICH: Claims Registration Period Ends February 23 --------------------------------------------------------------- Creditors owed money by LLC Fasching - Estrich, Putz und Isolierung (FN 200525s) have until Feb. 23 to file written proofs of claim to estate administrator Christoph Danner at: Mag. Christoph Danner Lamprechtsstrasse 2 4780 Scharding/Inn Austria Tel: 07712/5133 Fax: 07712/5133 20 E-mail: office@grubeck-danner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on March 14 for examination of claims. The meeting of creditors will be held at: The Land Court of Ried im Innkreis Hall 101 First Floor Ried im Innkreis, Austria Headquartered in Diersbach, Austria, the Debtor declared bankruptcy on Jan. 23 (Bankr. Case No. 17 S 2/07m). HANDELSAGENTUR PILZ: Claims Registration Period Ends March 6 ------------------------------------------------------------ Creditors owed money by KEG Handelsagentur Pilz (FN 231826x) have until March 6 to file written proofs of claim to estate administrator Werner Seifried at: Mag. Werner Seifried Burggasse 40 8750 Judenburg Austria Tel: 03572-82127 Fax: 03572-82127-4 E-mail: mag.seifried@derAnwalt.or.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:40 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 Poels, Austria, the Debtor declared bankruptcy on Jan. 23 (Bankr. Case No. 17 S 5/07i). SZINOVATZ LLC: Claims Registration Period Ends March 8 ------------------------------------------------------ Creditors owed money by LLC Szinovatz (FN 118109s) have until March 8 to file written proofs of claim to estate administrator Alois Tauchner at: Dr. Alois Tauchner Bahnstrasse 11 2483 Ebreichsdorf Austria Tel: 02254/72704 Fax: 02254/72705 E-mail: tauchner.alois@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on March 21 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 Pottendorf, Austria, the Debtor declared bankruptcy on Jan. 22 (Bankr. Case No. 10 S 6/07x). TRAINSERV GESELLSCHAFT: Claims Registration Period Ends March 13 ---------------------------------------------------------------- Creditors owed money by LLC TRAINSERV Gesellschaft fuer Metallbau Import & Export (FN 245988y) have until March 13 to file written proofs of claim to estate administrator Martin Koroschetz at: Dr. Martin Koroschetz Maria Theresien Strasse 9 1090 Vienna Austria Tel: 02252/251251-0 Fax: 02252/251251-5 E-mail: dr.koroschetz@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on March 27 for examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 22 (Bankr. Case No. 28 S 7/07v). UJESKY HANDELS: Administrator Declares Insufficient Assets ---------------------------------------------------------- Dr. Ute Toifl, the court-appointed estate administrator for LLC Ujesky Handels (FN 256575t), declared Jan. 22 that the Debtor's property is insufficient to cover creditors' claim. The Trade Court of Vienna is yet to rule on the property manager's claim. Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 10 (Bankr. Case No. 5 S 5/07f). Astrid Haider represents Dr. Toifl in the bankruptcy proceedings. The property manager and his representative can be reached at: Dr. Ute Toifl c/o Mag. Astrid Haider Tuchlauben 12/20 1010 Vienna Austria Tel: 535 46 11 Fax: 535 46 11 11 E-mail: office@thr.at =========== C Y P R U S =========== SHIP FINANCE: To Buy Two Capesize Vessels from Golden Ocean ----------------------------------------------------------- Ship Finance International Ltd. has agreed to acquire two newbuilding Capesize dry bulk vessels from Golden Ocean Group Ltd. based on a total delivered price of US$160 million, or US$80 million per vessel. The vessels will have a cargo capacity of around 170,000 dwt each, and will be constructed by Daehan Shipbuilding Co. Ltd. in South Korea. Delivery from the shipyard is scheduled in fourth quarter 2008 and in first quarter 2009. Upon delivery from the shipyard, the vessels will commence 15- year bareboat contracts to Golden Ocean, and the charter rate per vessel is agreed as: Year 1-5: US$27,450 per day Year 6-10: US$22,600 per day Year 11-15: US$19,750 per day The Charterer has been granted fixed price purchase options for each of the vessels after 5, 10 and 15 years at US$61 million, US$44 million and US$24 million, respectively. The charter contracts are on bareboat basis and Golden Ocean will therefore be responsible for all operating and maintenance costs during the charter period. Ship Finance expect to finance around 75% of the purchase price through a bank loan, and in case there are material differences between the bank financing terms and the financing assumptions agreed with Golden Ocean, the charter rate will be adjusted accordingly. Similar to all our recent acquisitions, the purchase of the vessels and corresponding financing will be in subsidiaries with only Ltd. guarantee obligations from Ship Finance. Golden Ocean has secured profitable sub-charters for the two vessels to a third party charterer. The vessels will have 5 year fixed employment and Golden Ocean will receive a net T/C- rate of around US$36,800 per day per vessel in this period. The transaction is in line with the Company's strategy to diversify the asset base and customer portfolio. Including the dry bulk vessel acquired in 2006 and our 8 oil/bulk/ore ("OBO") vessels, currently configured to carry dry bulk cargos only, Ship Finance will have 11 vessels on long-term charters in the dry bulk market. Including new buildings and adjusted for recently announced sales, the Company's fleet will consist of 57 vessels, essentially all on medium to long-term charters. About Ship Finance Headquartered in Bermuda, Ship Finance International Ltd. -- http://www.shipfinance.org/-- through its subsidiaries engages in the ownership and operation of oil tankers, including oil/bulk/ore (OBO) carriers. The Company operates through subsidiaries and partnerships located in Bermuda, Cyprus, Isle of Man, Liberia, Norway and Singapore. It is also involved in the charter, purchase and sale of vessels. * * * In a TCR-Europe report on Dec. 7, 2006, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Bermuda-based Ship Finance International Ltd., a ship-owning company tied to Frontline Ltd., to 'BB' from 'BB-'. The outlook is stable. At the same time, S&P raised its senior unsecured debt rating on Ship Finance's US$580-million bonds to 'B+' from 'B'. As reported in the TCR-Europe on Nov. 16, 2006, Moody's Investors Service affirmed Ship Finance International Ltd.'s ratings, including the Ba3 Corporate Family Rating, the Ba2 Senior Secured Bank Credit Facilities and the B1 Senior Unsecured Notes rating. Moody's said the ratings outlook remains stable. ============= F I N L A N D ============= M-REAL OYJ: Annual General Meeting Slated for March 13 ------------------------------------------------------ M-real Corp. will hold its annual general meeting at 3:00 p.m. on March 13 at: Finlandia Hall Mannerheimintie 13 e 00100 Helsinki Finland The agenda of the meeting includes the matters within the competence of the Annual General Meeting under Article 10 of the Articles of Association and Chapter 5, Paragraph 3 of the Companies Act as well as the matter stated in Items 5 and 11 of this notice of meeting: 1. presentation of the financial statements and auditors' report; 2. adoption of the financial statements; 3. consideration of the result for the financial year and dividend payout; The Board of Directors has decided to propose to the Annual General Meeting that a dividend of EUR0.06 per share be paid for the financial year 2006. The dividend will be paid to shareholders who on the record date, March 16, have been entered in the company's Shareholder Register kept by Finnish Central Securities Depository Ltd. The Board of Directors proposes to the Annual General Meeting that the dividend be paid out on March 23. 4. granting of release from liability to the members of the Board of Directors, the chief executive and the chief executive's deputy; 5. amending the Articles of Association; The Board of Directors proposes to the Annual General Meeting that due to the new Companies Act the following provisions of the Article 6 of the Articles of Association regarding the share issue shall be removed: "In case of an increase or decrease of the share capital within the limits of the minimum capital and the maximum capital, the increase shall issue or the decrease shall reduce the required number of A Shares and B Shares in the former proportions. However, a General Meeting of shareholders may with a majority of votes of no less than two-thirds (2/3) decide that a new issue to be carried out for one class of shares only." "When increasing the share capital, holders of A Shares and B Shares have a priority right to subscribe only for new shares of the corresponding class, unless a General Meeting of Shareholders rules otherwise in a new issue with a majority votes of no less than two-thirds (2/3)." Priority requirements corresponding the provisions of the Articles of Association to be removed are included in the new Companies Act from which a public limited liability company may not deviate in this respect. 6. emoluments of members of the Board of Directors; 7. the number of members of the Board of Directors; The Board of Directors' Nomination Committee proposes to the Annual General Meeting that the number of members of the Board of Directors shall be kept unchanged. 8. election of the members of the Board of Directors The Board of Directors' Nomination Committee proposes to the Annual General Meeting that Board members Heikki Asunmaa, Kim Gran, Kari Jordan, Erkki Karmila, Runar Lillandt, Antti Tanskanen and Arimo Uusitalo to be re- elected as a members and Juha Niemel" elected as a new member of the Board of Directors for the next term of office that will continue until the end of the next Annual General Meeting. 9. auditors' fee; The Board of Director proposes in accordance with the Audit Committee's recommendation that a fee in accordance with the auditor's invoice shall be paid to the auditor who is elected by the Annual General Meeting. 10. election of the auditor; and According to M-real Corp.'s Articles of Association, the company shall have two regular auditors and two deputy auditors. The regular auditors and deputy auditors must be auditors or firms of independent public accountants authorized by the Central Chamber of Commerce. The auditors' term of office shall be the company's financial year during which they have been elected. The Board of Director proposes in accordance with the Audit Committee's recommendation that that the following persons/firms be elected as the company's auditors: * Goeran Lindell, Authorized Public Accountant; and * the firm of independent public accountants PriceWaterhouseCoopers Oy, with Johan Kronberg, Authorized Public Accountant, acting as Principal Auditor and Jouko Malinen and Markku Marjomaa acting as deputy auditors. 11. proposal for authorizing the Board of Directors to decide on share issue and/or issue of convertible bond. The Board of Directors proposes that it be authorized for the time being to decide on increasing the share capital through one or more share issues and/or one or more issues of convertible bonds accordant with the Chapter 10 of the Companies Act so that in the rights issue or issue of convertible bonds, a total maximum of 58,365,212 Series B shares of M-real Corp. with a nominal value of EUR1.70 can be subscribed for, and that the company's share capital can be increased by a total maximum of EUR99,220,860.40. The authorization will entitle to deviate from the shareholders' pre-emptive right to subscribe for new shares and/or issues of convertible bonds and to decide on the subscription prices and other terms and conditions. Shareholders' pre-emptive subscription rights can be deviated from providing that there is a significant financial reason for the company to do so, such as strengthening of the company's balance sheet, making possible business structuring arrangements or taking other measures for developing the company's business operations. Annual Report and Public Posting of Documents The financial statement documents and the Board of Directors' proposal for amending the Articles of Association are available for public inspection at the company's head office at the address Revontulentie 6, 02100 Espoo, for one week before the Annual General Meeting. Copies of these documents will be sent to shareholders upon request. Right to participate in and vote at the Annual General Meeting Those shareholders are entitled to participate in the Annual General Meeting who 1) have been entered in the Shareholder Register kept by Finnish Central Securities Depository Ltd. by March 2, and 2) who have registered for the Annual General Meeting no later than 4.00 p.m. on March 9. Registration in the Shareholder Register A shareholder in whose name the shares are made out is automatically entered in the company's Shareholder Register. A nominee-registered shareholder can be temporarily entered in the company's Shareholder Register in order to participate in the Annual General Meeting, providing this is done by March 2. Registration for the Annual General Meeting Shareholders can register for the Annual General Meeting either by telephone on +358 1046 94530, telefax on +358 1046 94529 or by email at the address eija.niittynen@m-real.com, or in writing at the address M-real Oyj, Eija Niittynen, P.O. Box 20, FI-02020 Mets", Finland. Advance delivery of proxies A proxy entitling an authorized person to vote on behalf of a shareholder at the Annual General Meeting must be delivered to the above-mentioned address before the close of the registration period at 4.00 p.m. on March 9. About the Company Headquartered in Espoo, Finland, M-real Oyj produces and distributes coated and uncoated fine papers for printing and packaging industries. * * * As of Feb. 8, M-real Oyj carry these ratings: * Moody's Investors Service: -- Long-Term Corporate Family Rating: B2 -- Senior Unsecured Debt: B2 -- Outlook: Negative * Standard & Poor's: -- Long-Term Foreign Issuer Credit Rating: B+ -- Long-Term Local Issuer Credit Rating: B+ -- Short-Term Foreign Issuer Credit Rating: B -- Short-Term Local Issuer Credit Rating: B -- Outlook: Negative METSO OYJ: Earns EUR410 Million for Year Ended Dec. 31, 2006 ------------------------------------------------------------ Metso Oyj released its financial results for the year and quarter ended Dec. 31, 2006. Metso posted EUR410 million in net profit on EUR4.96 billion in net sales for the full year 2006, compared with EUR237 million in net profit on EUR4.22 billion in net sales for the same period in 2005. Metso registered EUR122 million in net profit on EUR1.54 billion in net sales for the full year 2006, compared with EUR68 million in net profit on EUR1.25 billion in net sales for the same period in 2005. As of Dec. 31, 2006, Metso had EUR4.96 billion in total assets, EUR3.48 billion in total liabilities and EUR1.48 billion in shareholders' equity. "Year 2006 was a year of consistent profitable growth for Metso," Jorma Eloranta, President and CEO of Metso. "The favorable market situation prompted brisk order intake throughout our businesses. Our net sales clearly exceeded our over 10 percent growth target for a second year in a row, and our operating profit improved substantially." "We have started 2007 with a very solid order backlog out of which over 80% is scheduled to be delivered this year. Furthermore, we expect the overall favorable demand for our products to continue, which give us confidence that our net sales growth will remain strong," Eloranta notes. "Of course, we still see opportunities to improve our performance. Aftermarket development, continuous improvement of productivity and further cutting of non-quality costs remain on our agenda as means to further boost our profitability. In addition, we will be investing in supply chain management and in securing our delivery capability to respond to the growth especially in Metso Minerals and Metso Automation. We continue to strengthen our presence in the emerging markets to secure Metso's longer-term development." Outlook The overall market situation for Metso is expected to remain favorable in 2007. The overall market outlook for Metso Paper is expected to be satisfactory in 2007. The demand for new fiber and tissue lines as well as related rebuilds and aftermarket services is expected to slightly soften from the good level in 2006, except for South America and Asia where the markets for new fiber lines are expected to remain good. The demand for new paper and board machines, as well as rebuilds and aftermarket services is expected to remain satisfactory also in 2007. The strong demand is expected to continue in Asia. The demand for power production solutions, especially related to biomass utilization, is expected to remain excellent. Metso Minerals' markets for both new equipment and aftermarket services are expected to remain excellent in mining and metal recycling. In the mining industry, the trend is towards large equipment and projects. The demand for Metso Minerals' new equipment for the construction industry is expected to soften from excellent to good in 2007. This is mainly due to the leveling-off of North American aggregates demand. On the other hand, the demand for aftermarket services within construction segment is expected to continue excellent thanks to the active spare and wear part markets for the installed base. The demand for Metso Automation's process automation systems for the pulp and paper industry is estimated to get slightly stronger. The demand for flow control systems is expected to continue good in the pulp and paper industry and excellent in the power, oil and gas industry. The markets for process automation systems in the power industry are expected to continue to be good. Thanks to the strong order backlog, continuing favorable market situation and the expanded business scope, Metso's net sales in 2007 are estimated to grow by more than 20% percent, and the operating profit is estimated to clearly improve. At present, it is estimated that the operating profit margin in 2007 will be slightly below Metso's over 10 percent target. This is primarily due to the high first-year amortization of intangible assets, integration costs and only partially materializing synergy benefits related to the acquisition of the Pulping and Power businesses. About Metso Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj -- http://www.metso.com/-- is a global engineering and technology corporation with 2005 net sales of around EUR4.2 billion. Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. The company's principal production plants are located in Brazil, China, Finland, France, Germany, India, Italy, South Africa, Sweden, the United Kingdom and the United States. * * * As of Feb. 9, Metso Oyj carries a 'BB+' long-term and 'B' short- term corporate credit ratings and 'BB' senior unsecured debt rating from Standard and Poor's. METSO OYJ: Board to Expand 2006-2008 Share Ownership Plan --------------------------------------------------------- The Board of Directors of Metso Oyj has decided to change the terms of Metso's share ownership plan for 2006-2008. The share ownership plan will be expanded due to: -- Metso's good financial development; and -- the acquisition of Pulping and Power businesses from Aker Kvaerner. In the earnings period 2007 the plan will cover over 80 Metso managers instead of the originally planned 50 managers. The maximum of Metso shares to be allocated as incentives in the earnings period 2007 is 125,500 instead of the 120,000 in the original program. Furthermore, it has been decided that the share value maximum of the original incentive program, that is used to cut the amount of grantable shares, is increased for the shares to be used as incentives in the earnings period 2007 to EUR48 in order to maintain the determined strive for share value increase. The original price limit was EUR38. The total maximum of shares to be allocated to the 2006-2008 incentive program is still 360,000 Metso Corp.'s shares, as was originally decided in December 2005. If there were a need to deviate from the total maximum due to a significant corporate acquisition or for any other reason, a Board resolution about a new, separate share ownership plan would be required. The maximum of shares to be allocated for the 2008 earnings period as well as the share value limit will be decided by Metso's Board of Directors in the beginning of 2008. Metso's Board of Directors has decided to direct the 2007 share ownership plan to a total of 84 Metso managers. The entire Metso Executive Team is included in the sphere of the 2007 incentive plan. The potential reward from the plan will be based on the achieved operating profit of Metso Corp. and its business areas in 2007. The incentive will consist of both shares and cash, with cash dedicated to cover possible taxes and tax-related payments. The share ownership plan in 2007 will cover a maximum total of 125,500 shares from Metso's treasury shares. The Metso Executive Team's share of this total is a maximum of 26,500 shares. If the value of Metso's share, determined as the average price of Metso's share during the first two full weeks of March 2008, exceeds EUR48, the number of grantable shares for the 2007 plan will be decreased by a corresponding ratio. Payment of the potential rewards will be decided during the first quarter of 2008. The share ownership plan for 2006 has been specified to cover a total of 61 Metso managers. Based on the 2006 earnings period, by the end of March 2007 a maximum of 100,601 shares will be distributed, or about 0.07 percent of the all company shares. The Metso Executive Team can be rewarded with a maximum of 25,955 shares. If the average value of Metso's share between March 5 and March 16 exceeds EUR38, the number of grantable shares for the 2006 plan will be decreased by a corresponding ratio. About Metso Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj -- http://www.metso.com/-- is a global engineering and technology corporation with 2005 net sales of around EUR4.2 billion. Its 22,000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. The company's principal production plants are located in Brazil, China, Finland, France, Germany, India, Italy, South Africa, Sweden, the United Kingdom and the United States. * * * As of Feb. 9, Metso Oyj carries a 'BB+' long-term and 'B' short- term corporate credit ratings and 'BB' senior unsecured debt rating from Standard and Poor's. ============= G E R M A N Y ============= ALOPEX GMBH: Claims Registration Period Ends February 19 -------------------------------------------------------- Creditors of Alopex GmbH have until Feb. 19 to register their claims with court-appointed insolvency manager Ulrich Pfeifer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 12, 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 Bayreuth Meeting Room 520 Ground Floor Bayreuth 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: Ulrich Pfeifer Feuerwache 5 95445 Bayreuth Germany The District Court of Bayreuth opened bankruptcy proceedings against Alopex GmbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Alopex GmbH Attn: Dr. Holger Fliessbach, Manager Fritz-Hornschuch-Strasse 9 95326 Kulmbach Germany ATEC GMBH: Claims Registration Ends February 21 ----------------------------------------------- Creditors of Atec GmbH have until Feb. 21 to register their claims with court-appointed insolvency manager Nikolaus Schmidt. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on March 13, 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 Dessau Hall 123 Willy-Lohmann-Str. 33 Dessau 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. Nikolaus Schmidt Magdeburger Strasse 23 06112 Halle Germany Tel: 0345/2311111 Fax: 0345/2311199 The District Court of Dessau opened bankruptcy proceedings against Atec GmbH on Jan. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Atec GmbH Krondorfer Strasse 125 06766 Wolfen Germany Attn: Thomas Krueger, Manager Albrecht Schweitzer Strasse 5 06766 Wolfen Germany AUER.PREPRESS: Claims Registration Period Ends April 20 ------------------------------------------------------- Creditors of Auer.Prepress & Medienservice GmbH have until April 20 to register their claims with court-appointed insolvency manager Peter Houben. Creditors and other interested parties are encouraged to attend the meeting at 11:05 a.m. on April 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 Krefeld Meeting Room H 131 First Floor Nordwall 131 47798 Krefeld Germany The Court will also verify the claims set out in the insolvency manager's report during at 9:05 a.m. on June 15, at the same venue. The insolvency manager can be contacted at: Peter Houben Sternstrasse 58 40479 Duesseldorf Germany Tel: 0211/49 144-0 Fax: +4902114914434 The District Court of Krefeld opened bankruptcy proceedings against Auer.Prepress & Medienservice GmbH on Jan. 25. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Auer.Prepress & Medienservice GmbH St.-Anton-Str. 120 47798 Krefeld Germany Attn: Harry Auer, Manager Viktoriastr. 146 47799 Krefeld Germany B.I.A. GMBH: Claims Registration Period Ends March 16 ----------------------------------------------------- Creditors of B.I.A. GmbH have until March 16 to register their claims with court-appointed insolvency manager Ingmar Jarchow. Creditors and other interested parties are encouraged to attend the meeting at 9:55 a.m. on April 20, 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 contacted at: Ingmar Jarchow Heuberg 1 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against B.I.A. GmbH on Jan. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: B.I.A. GmbH Attn: Klaus-Juergen Fuchs, Manager Muehlhaldenstrasse 2 72250 Freudenstadt Germany BAU-WOLF GMBH: Claims Registration Ends March 23 ------------------------------------------------ Creditors of Bau-Wolf GmbH have until March 23 to register their claims with court-appointed insolvency manager Markus M. Merbecks. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Chemnitz Hall 28 Fuerstenstrasse 21 Chemnitz 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: Markus M. Merbecks Ludwigstrasse 58 09113 Chemnitz Germany Tel: (0371) 444610 Fax: (0371) 4446111 E-mail: merbecks@merbecks.de The District Court of Chemnitz opened bankruptcy proceedings against Bau-Wolf GmbH on Jan. 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bau-Wolf GmbH Attn: Steffen Feustel, Manager Reumtengruener Hauptstrasse 84 08209 Auerbach OT Reumtengruen Germany BEL AIR: Claims Registration Period Ends February 28 ---------------------------------------------------- Creditors of Bel Air Hotel-und Touristikmanagement GmbH have until Feb. 28 to register their claims with court-appointed insolvency manager Ulrich Rosenkranz. Creditors and other interested parties are encouraged to attend the meeting at 11:10 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 Stralsund Hall A 421 Fourth Floor House A Frankendamm 17 Stralsund 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: Ulrich Rosenkranz Markt 11 18311 Ribnitz-Damgarten Germany The District Court of Stralsund opened bankruptcy proceedings against Bel Air Hotel-und Touristikmanagement GmbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bel Air Hotel-und Touristikmanagement GmbH Strandpromenade 7 18609 Binz Germany BITAX STEUERBERATUNGSGESELLSCHAFT: Registration Ends March 30 ------------------------------------------------------------- Creditors of BITAX Steuerberatungsgesellschaft mbH have until March 30 to register their claims with court-appointed insolvency manager Bjoern Rechel. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Apr. 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 Worms Hardtgasse 6 67547 Worms 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: Bjoern Rechel Alzeyer Strasse 31 67549 Worms Germany Tel: 06241/91060 Fax: 06241/910610 The District Court of Worms opened bankruptcy proceedings against BITAX Steuerberatungsgesellschaft mbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BITAX Steuerberatungsgesellschaft mbH Alzeyer Str. 39 67549 Worms Germany CACE BETEILIGUNGSGESELLSCHAFT: Claims Registration Ends March 12 ---------------------------------------------------------------- Creditors of CACE Beteiligungsgesellschaft mbH have until March 12 to register their claims with court-appointed insolvency manager Michael Monig. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on Apr. 2, 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 Muenster First Floor Hall 101 B Gerichtsstr. 2-6 48149 Muenster 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 Monig Von-Steuben-Strasse 20 48143 Munster Tel: 0251/53599-0 Fax: +492515359910 The District Court of Muenster opened bankruptcy proceedings against CACE Beteiligungsgesellschaft mbH on Jan. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CACE Beteiligungsgesellschaft mbH Rudolf-Diesel-Strasse 44 48157 Munster Germany Attn: Lars Michler Hogenbergstrasse 72 48149 Munster Germany CARSON HAIR: Claims Registration Period Ends March 14 ----------------------------------------------------- Creditors of Carson Hair Essen GmbH have until March 14 to register their claims with court-appointed insolvency manager Johannes Graute. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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. Johannes Graute III. Hagen 30 45127 Essen Germany The District Court of Essen opened bankruptcy proceedings against Carson Hair Essen GmbH on Jan. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Carson Hair Essen GmbH Attn: Michaela Wojtusch, Manager Zweigertstrasse 55 45130 Essen Germany CONCEPTPLAN - M AGENTUR: Claims Registration Ends March 14 ---------------------------------------------------------- Creditors of CONCEPTPLAN - M Agentur fuer Kommunikation GmbH have until March 14 to register their claims with court- appointed insolvency manager Bernd Depping. Creditors and other interested parties are encouraged to attend the meeting at 1:30 p.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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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: Bernd Depping Alfredstr. 108-112 45131 Essen Germany The District Court of Essen opened bankruptcy proceedings against CONCEPTPLAN - M Agentur fuer Kommunikation GmbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: CONCEPTPLAN - M Agentur fuer Kommunikation GmbH Teelbruch 126 45219 Essen-Kettwig Germany Attn: Hans-Ludwig Meyer, Manager Hufergasse 13 45239 Essen Germany CT-CONTAINER: Claims Registration Period Ends March 9 ----------------------------------------------------- Creditors of CT-Container-Technik GmbH have until March 9 to register their claims with court-appointed insolvency manager Reinhard Urbanczyk. Creditors and other interested parties are encouraged to attend the meeting at 2:35 p.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 Fuerth Hall 216 II Dienstgebaude Baumenstrasse 28 Fuerth 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. Reinhard Urbanczyk Leipziger Platz 21 90491 Nuernberg Germany Tel: 0911/88180260 Fax: 0911/88180266 The District Court of Fuerth opened bankruptcy proceedings against CT-Container-Technik GmbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: CT-Container-Technik GmbH Diebach 62 91413 Neustadt/Aisch Germany GILA'S VITRINE: Claims Registration Ends March 16 ------------------------------------------------- Creditors of Gila's Vitrine Kunstgewerbe-Mode-Geschenke-GmbH have until March 16 to register their claims with court- appointed insolvency manager Dr. Heiner Buss. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Aurich Hall 01 Schlossplatz 2 26603 Aurich 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. Heiner Buss Hauptstrasse 169, D 26639 Wiesmoor Germany Tel: 0 49 44/10 33 Fax: 0 49 44/91 20 35 The District Court of Aurich opened bankruptcy proceedings against Gila's Vitrine Kunstgewerbe-Mode-Geschenke-GmbH on Jan. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gila's Vitrine Kunstgewerbe-Mode-Geschenke-GmbH Strandstr. 17 26548 Norderney Germany Attn: Dieter Ruether and Gisela Ruether, Managers Veilchenweg 5 58313 Herdecke Germany GRUNDSTUECKSGESELLSCHAFT MK: Claims Registration Ends Feb. 15 ------------------------------------------------------------- Creditors of Grundstuecksgesellschaft MK Drei mbH have until Feb. 15 to register their claims with court-appointed insolvency manager Dr. Christoph Munz. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 29, 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 Dresden Hall D132 Olbrichtplatz 1 01099 Dresden 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. Christoph Munz Gustav-Adolf-Strasse 6 b 01219 Dresden Germany Web site: http://www.munz-anwaelte.de/ The District Court of Dresden opened bankruptcy proceedings against Grundstuecksgesellschaft MK Drei mbH on Jan. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grundstuecksgesellschaft MK Drei mbH Hans-Boeheim-Strasse 4 01309 Dresden Germany Attn: Olaf Dietzsch, Manager Hauptstrasse 92 a 23619 Zarpen Germany H V N HANDWERKERVERMITTLUNG: Claims Registration Ends March 1 ------------------------------------------------------------- Creditors of H V N Handwerkervermittlung Nord GmbH have until March 1 to register their claims with court-appointed insolvency manager Dr. Dietmar Penzlin. Creditors and other interested parties are encouraged to attend the meeting at 1:55 p.m. on April 17, 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 Itzehoe Hall 2 Theodor-Heuss-Platz 3 25524 Itzehoe 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. Dietmar Penzlin Jungfernstieg 51 20354 Hamburg Germany The District Court of Itzehoe opened bankruptcy proceedings against H V N Handwerkervermittlung Nord GmbH on Jan. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H V N Handwerkervermittlung Nord GmbH de-Vos-Strasse 25 25524 Itzehoe Germany Attn: Heinz Guenter Jacobs, Manager Gaertnerweg 2a 25578 D"geling Germany HAMBURG MOVERS: Claims Registration Period Ends April 4 ------------------------------------------------------- Creditors of Hamburg Movers Umzugsservice GmbH have until April 4 to register their claims with court-appointed insolvency manager Mathias Cohrs. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 25, 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: Mathias Cohrs Kreuzweg 2 20099 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Hamburg Movers Umzugsservice GmbH on Jan. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hamburg Movers Umzugsservice GmbH Attn: Mustafa Sacli, Manager Waidmannstrasse 37 22769 Hamburg Germany HESE UMWELT: Claims Registration Ends March 10 ---------------------------------------------- Creditors of Hese Umwelt GmbH have until March 10 to register their claims with court-appointed insolvency manager Rolf Weidmann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen 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: Rolf Wedmann Alfredstr. 279 45133 Essen Germany The District Court of Essen opened bankruptcy proceedings against Hese Umwelt GmbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hese Umwelt GmbH Magdeburger Str. 16b 45881 Gelsenkirchen Germany Attn: Volkmar Dertmann and Franz-Josef Thiemann, Managers Beethovenstr. 11 45657 Recklinghausen Germany HL CLUB: Claims Registration Period Ends March 20 ------------------------------------------------- Creditors of HL Club Betriebs GmbH & Co. KG have until March 20 to register their claims with court-appointed insolvency manager Peter Knoepfel. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on April 24, 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 Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover 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: Peter Knoepfel Koenigstrasse 4 30175 Hanover Germany Tel: 0511 336138-0 Fax: 0511 336138-66 The District Court of Hanover opened bankruptcy proceedings against HL Club Betriebs GmbH & Co. KG on Jan. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HL Club Betriebs GmbH & Co. KG Georgstrasse 36 30159 Hanover Germany Attn: Christian Echterling, Manager Guenther-Wagner-Allee 3 30177 Hanover Germany HOCHBAU KALKAR: Claims Registration Ends February 26 ---------------------------------------------------- Creditors of Hochbau Kalkar GmbH have until Feb. 26 to register their claims with court-appointed insolvency manager Dirk Hammes. Creditors and other interested parties are encouraged to attend the meeting at 9:55 a.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 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: Dirk Hammes Wilhelmshofallee 75 47800 Krefeld Germany Tel: 02151 - 5813 - 160 Fax: 02151 - 5813133 The District Court of Kleve opened bankruptcy proceedings against Hochbau Kalkar GmbH on Jan. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hochbau Kalkar GmbH Attn: Susanne Driessen, Manager Rheinstrasse 282 47546 Kalkar Germany HOEHE-BAU: Creditors' Meeting Slated for April 13 ------------------------------------------------- The court-appointed insolvency manager for HoeHe-Bau GmbH, Ruediger Wienberg, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:55 a.m. on April 13. 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 10:30 a.m. on July 13 at the same venue. Creditors have until May 13 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against HoeHe-Bau GmbH on Jan. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HoeHe-Bau GmbH Anna-Seghers.-Str. 146 12489 Berlin Germany IMG IMMOMECHERNICH: Claims Registration Ends March 29 ----------------------------------------------------- Creditors of IMG ImmoMechernich GmbH have until March 29 to register their claims with court-appointed insolvency manager Siegfried Mueller. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on April 20, 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 W1.24B First Floor William-Strasse 23 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: Siegfried Mueller Zum Markt 10 53894 Mechernich Germany Tel: 02443/98120 The District Court of Bonn opened bankruptcy proceedings against IMG ImmoMechernich GmbH on Jan. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IMG ImmoMechernich GmbH Gartenstrasse 26 53894 Mechernich Germany Attn: Hubert Braun, Manager Gruener Weg 3 53894 Mechernich Germany KDT KOMMUNIKATIONS: Claims Registration Period Ends March 12 ------------------------------------------------------------ Creditors of KDT Kommunikations- und Datentechnik GmbH have until March 12 to register their claims with court-appointed insolvency manager Frank Weber. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 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 Mannheim Area 232 Second Floor West Wing Schloss 68149 Mannheim 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: Frank Weber Theodor Heuss-Anlage 12 68165 Mannheim Germany Tel: 0621/422900 The District Court of Mannheim opened bankruptcy proceedings against KDT Kommunikations- und Datentechnik GmbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: KDT Kommunikations- und Datentechnik GmbH Attn: Manfred Kliem and Hans Kalbrunner, Managers Gottlieb-Daimler-Str. 12a 68165 Mannheim Germany MEIBAN GERMANY: Claims Registration Ends March 13 ------------------------------------------------- Creditors of Meiban Germany GmbH have until March 13 to register their claims with court-appointed insolvency manager Oliver Kirschnek. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 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 Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn 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. Oliver Kirschnek Kriegerstrasse 3 70191 Stuttgart Germany Tel: 0711/225583-0 Fax: 0711/225583-20 The District Court of Heilbronn opened bankruptcy proceedings against Meiban Germany GmbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Meiban Germany GmbH Daimlerstrasse 31 74523 Schwabisch Hall Germany Attn: Ralf Erich Zimmermann, Manager Talstrasse 22 72622 Nuertingen Germany Attn: Carol Goh Su Lin, Manager Jalan Yasin 12a 417986 Singapore ML BAUUNTERNEHMEN: Claims Registration Ends March 8 --------------------------------------------------- Creditors of ML Bauunternehmen GmbH have until March 8 to register their claims with court-appointed insolvency manager Hasso von Zworowsky. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Hechingen Holy Cross Street 9 Room 284 Hechingen 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: Hasso von Zworowsky Rommelsbacher Str. 27 72760 Reutlingen Germany Tel: 07121 333544 The District Court of Hechingen opened bankruptcy proceedings against ML Bauunternehmen GmbH on Jan. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ML Bauunternehmen GmbH Obere Klingen 13 72406 Bisingen Germany NAVA-BAU: Creditors Meeting Slated for March 12 ----------------------------------------------- The court-appointed insolvency manager for NAVA-Bau GmbH, Thomas Kuehn, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:35 a.m. on March 12. 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 11:30 a.m. on June 25 at the same venue. Creditors have until April 23 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Thomas Kuehn Luetzowstr. 100 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against NAVA-Bau GmbH on Jan. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NAVA-Bau GmbH Kantstr.29 10623 Berlin Germany OEZTRONIC SERVICE: Creditors Must Register Claims by March 10 ------------------------------------------------------------- Creditors of Oeztronic Service & Logistik GmbH have until March 10 to register their claims with court-appointed insolvency manager Carsten Lange. Creditors and other interested parties are encouraged to attend the meeting at 12:15 p.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 Moenchengladbach Meeting Hall A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach 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: Carsten Lange Laurentiusstrasse 16 - 20 52070 Aachen Germany Tel: 0241-41344550 Fax: 0241-413445511 The District Court of Moenchengladbach opened bankruptcy proceedings against Oeztronic Service & Logistik GmbH on Jan. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Oeztronic Service & Logistik GmbH Zechenring 33 41836 Hueckelhoven Germany Attn: Metin Tz, Manager Erkelenzer Strasse 49 41836 Hueckelhoven Germany PES GESELLSCHAFT: Creditors Must Register Claims by March 19 ------------------------------------------------------------ Creditors of peS Gesellschaft fuer medizinische Diagnosesysteme mbH have until March 19 to register their claims with court- appointed insolvency manager Rainer M. Bahr. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 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: Rainer M. Bahr Prager Strasse 34 04317 Leipzig Germany The District Court of Leipzig opened bankruptcy proceedings against peS Gesellschaft fuer medizinische Diagnosesysteme mbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: peS Gesellschaft fuer medizinische Diagnosesysteme mbH Hauptstrasse 103 04416 Markkleeberg Germany Attn: Volker Richter, Manager Alwin-Schmidt-Str. 16 04539 Groitzsch Germany RIKO MODEHANDELS: Creditors Must Register Claims by March 8 ----------------------------------------------------------- Creditors of RiKo Modehandels GmbH have until March 8 to register their claims with court-appointed insolvency manager Dirk Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on March 29, 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 Hall 283 Karlsruhe Second Floor Main Building Heinitzstrasse 42 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: Dr. Dirk Andres Grabenstr. 28 58095 Hagen Germany The District Court of Hagen opened bankruptcy proceedings against RiKo Modehandels GmbH on Jan. 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RiKo Modehandels GmbH Attn: Rita Hollmann, Manager Hauptstr. 195 58675 Hemer Germany SELECT SERVICES: Creditors Must Register Claims by March 12 ----------------------------------------------------------- Creditors of Select Services GmbH have until March 12 to register their claims with court-appointed insolvency manager Joachim Klein II. Creditors and other interested parties are encouraged to attend the meeting at 9:55 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne 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: Joachim Klein II Hansaring 79 - 81 50670 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Select Services GmbH on Jan. 15. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Select Services GmbH Attn: Otmar Weber Wassenberg, Manager Breite Str. 137-139 50667 Cologne Germany SPECTRUM BRANDS: S&P Cuts Ratings to CCC+ on Weak Performance ------------------------------------------------------------- Standard & Poor's Ratings Services lowered all of its ratings on Atlanta, Ga.-based Spectrum Brands Inc., including the company's corporate credit rating, which was lowered to 'CCC+' from 'B-'. The outlook is developing. "The ratings downgrade is based on the company's continued weak operating performance that has resulted in debt leverage trending at about 9x," said Standard & Poor's credit analyst Patrick Jeffrey. The company has also faced intense competition in its battery business, as well as significantly increased commodity costs. "While Spectrum Brands was in compliance with financial covenants in the first quarter of fiscal 2007, the company may need to seek further relief as its debt leverage covenant steps down to 8.75x from 9.75x in the second quarter of fiscal 2007," added Mr. Jeffrey. The ratings on Spectrum Brands reflect the company's poor operating performance over the past year, very high leverage, marginal liquidity, and very aggressive acquisition history. SYCOS GMBH: Creditors Must Register Claims by April 13 ------------------------------------------------------ Creditors of Sycos GmbH have until April 13 to register their claims with court-appointed insolvency manager Wolfgang Jung. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Hanau Area E03 Engelhardstrasse 21 63450 Hanau 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 Jung Rh"nstr. 5 63526 Erlensee Germany Tel: 06183/2666 Fax: 06183/71979 The District Court of Hanau opened bankruptcy proceedings against Sycos GmbH on Jan. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sycos GmbH Attn: Toni Marquart, Manager Birkenweiherstrasse 4 63505 Langenselbold Germany TISCALI SPA: Sells German Business-to-Customer Ops to Freenet.de ---------------------------------------------------------------- Tiscali S.p.A. reached an agreement to sell its narrowband and broadband customer base in Germany to freenet.de AG. As of Dec. 31, 2006, Tiscali had around 380,000 active customers, of which around one third were wholesale broadband customers. The purchase price, to be paid in cash at closing, will be based on the number of actual customer at the time the transaction is completed and is expected to be around EUR30 million. The transaction is also subject to fulfillment of normal closing conditions, including German antitrust approval, and is expected to complete by first quarter 2007. The activities being sold generated revenues of EUR45 million and a EBITDA of -EUR3 million for Tiscali Group in 2006. The disposal of Tiscali Germany's B2C activities and the consideration are consistent with Tiscali's business plan as presented to the market in October 2006, announcing the refocusing of the Tiscali Group in the Italian and the U.K. markets. Tiscali is also in the final stage of negotiation for the disposal of its B2B and ULL activities in Germany. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. It has sold non-core assets to raise money to cover a EUR250 million bond that matured in July. Former chairman and founder Renato Soru owns almost 30% of the company. As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board of Directors of Tiscali approved a new three-year plan for 2007- 2010, which calls for the concentration of its core business in Italy and in the United Kingdom. * * * In a TCR-Europe report on Dec. 1, 2006, Fitch Ratings placed Italy-based Tiscali S.p.A.'s Issuer Default rating of CCC on Rating Watch Positive. Upon receipt of EUR255 million in proceeds from the sale of its Tiscali Netherlands subsidiary, expected to occur on first quarter 2007, the agency anticipates that the Rating watch will be resolved and the IDR will be upgraded to B- from CCC. At the same time, the agency has affirmed the Short-term rating at C and simultaneously withdrawn it. VENTUR.E 18: Creditors Meeting Scheduled on March 20 ---------------------------------------------------- The court-appointed insolvency manager for VENTUR.E 18 Verwaltungsgesellschaft mbH, Carsten Cervera, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on March 20. 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 9:10 a.m. on June 26 at the same venue. Creditors have until April 27 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Carsten Cervera Krausenstr. 9-10 10117 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against VENTUR.E 18 Verwaltungsgesellschaft mbH on Jan. 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: VENTUR.E 18 Verwaltungsgesellschaft mbH Rankestrasse 32 10789 Berlin Germany WALD-PARK SCHOENFLIESS: Claims Registration Ends March 13 --------------------------------------------------------- Creditors of Wald-Park Schoenfliess GmbH have until March 13 to register their claims with court-appointed insolvency manager Dr. J. Blersch. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 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 Wiesbaden E 36 A Third Floor Building E Moritzstrasse 5 Hinterhaus 65185 Wiesbaden 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. J. Blersch c/o Blersch/Goetsch/Partner Insolvenzverwaltungen Taunusstrasse 7a 65183 Wiesbaden Germany Tel: 0611/180 89-100 Fax: 0611/180 89 -189 E-Mail: mail@bgp-insol.de The District Court of Wiesbaden opened bankruptcy proceedings against Wald-Park Schoenfliess GmbH on Jan. 26. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wald-Park Schoenfliess GmbH Nerobergstr. 13 65193 Wiesbaden Germany Attn. Michael Hartmut Barwinski, Manager Kirchstr. 3 55288 Spiesheim Germany WILHELM KEMMER: Claims Registration Period Ends Feb. 27 -------------------------------------------------------- Creditors of Wilhelm Kemmer GmbH have until Feb. 27 to register their claims with court-appointed insolvency manager Martin Abegg. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Saarbruecken Area Hall 13 First Floor Branch Office Sulzbach Vopeliusstrasse 2 66280 Sulzbach 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: Martin Abegg Bahnhofstr 101 66111 Saarbruecken Tel: 0681-31026 Fax: 0681-390008 The District Court of Saarbruecken opened bankruptcy proceedings against Wilhelm Kemmer GmbH on Jan. 31. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wilhelm Kemmer GmbH St.Wendeler Strasse 62 66625 Nohfelden Germany ============= H U N G A R Y ============= BORSODCHEM NYRT: Registers Capital Decrease with Authorities ------------------------------------------------------------ The Court of Registration has registered the withdrawal of 50% or 3,173,025 of de-materialized employee shares with a nominal value of HUF202 and, accordingly, the reduction of BorsodChem Nyrt.'s registered capital from HUF16,670,221,700 to HUF16,029,270,650. About BorsodChem Headquartered in Kazincbarcika, Hungary, BorsodChem Nyrt. (fka BorsodChem Rt) -- http://www.borsodchem.hu/ -- produces chlorine, chloric alkali, hydrochloric acid, caustic lye and PVC resins, and additives for the plastic and rubber industries. The Company exports its products mainly to Western Europe. At Dec. 31, 2005, BorsodChem's balance sheet showed HUF237.9 billion in total assets, HUF98.9 billion in total liabilities and HUF139.02 billion in total equity. * * * In a TCR-Europe report on Feb. 5, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Hungary-based intermediate chemicals producer BorsodChem Rt (nka BorsodChem Nyrt.) to 'B+' from 'BB', as an LBO of the company led by private equity fund is nearing completion. As of Feb. 5, BorsodChem's long-term foreign and local issuer credit carry Standard and Poor's BB rating with stable outlook. ============= I R E L A N D ============= MUNSTER FOODS: Cuts 50 Jobs After Going Into Receivership --------------------------------------------------------- The Bank of Scotland in Ireland placed Munster Foods, a pork and bacon producer and distributor, in receivership, resulting in the loss of about 50 jobs, RTE.ie reports. The bank appointed Pat Roche and Billy O'Riordan of PricewaterhouseCoopers to act as joint receivers for the company, which had 60 workers at its peak, RTE.ie states. About Munster Foods Based in Ennis, Ireland, Munster Foods -- http://www.munsterfoods.ie/-- supplies pork and bacon products to wholesalers and retailers in counties Clare, Limerick, Tipperary, and Cork. ========= I T A L Y ========= TISCALI SPA: Sells German Business-to-Customer Ops to Freenet.de ---------------------------------------------------------------- Tiscali S.p.A. reached an agreement to sell its narrowband and broadband customer base in Germany to freenet.de AG. As of Dec. 31, 2006, Tiscali had around 380,000 active customers, of which around one third were wholesale broadband customers. The purchase price, to be paid in cash at closing, will be based on the number of actual customer at the time the transaction is completed and is expected to be around EUR30 million. The transaction is also subject to fulfillment of normal closing conditions, including German antitrust approval, and is expected to complete by first quarter 2007. The activities being sold generated revenues of EUR45 million and a EBITDA of -EUR3 million for Tiscali Group in 2006. The disposal of Tiscali Germany's B2C activities and the consideration are consistent with Tiscali's business plan as presented to the market in October 2006, announcing the refocusing of the Tiscali Group in the Italian and the U.K. markets. Tiscali is also in the final stage of negotiation for the disposal of its B2B and ULL activities in Germany. About Tiscali Headquartered in Cagliari, Italy, Tiscali S.p.A. -- http://www.tiscali.com/-- offers Internet access in the country. The group also operates in other European countries, serving more than seven million subscribers, of which over 1.5 million are broadband users. It has sold non-core assets to raise money to cover a EUR250 million bond that matured in July. Former chairman and founder Renato Soru owns almost 30% of the company. As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board of Directors of Tiscali approved a new three-year plan for 2007- 2010, which calls for the concentration of its core business in Italy and in the United Kingdom. * * * In a TCR-Europe report on Dec. 1, 2006, Fitch Ratings placed Italy-based Tiscali S.p.A.'s Issuer Default rating of CCC on Rating Watch Positive. Upon receipt of EUR255 million in proceeds from the sale of its Tiscali Netherlands subsidiary, expected to occur on first quarter 2007, the agency anticipates that the Rating watch will be resolved and the IDR will be upgraded to B- from CCC. At the same time, the agency has affirmed the Short-term rating at C and simultaneously withdrawn it. =================== K A Z A K H S T A N =================== ART-MEGA LLP: Creditors Must File Claims by March 16 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Art-Mega insolvent. Creditors have until March 16 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Mayakovsky Str. 123-22 Kostanai Kazakhstan BAU-TECHNO RESOURCE: Creditors' Claims Due March 23 --------------------------------------------------- LLP Bau-Techno Resource has declared insolvency. Creditors have until March 23 to submit written proofs of claim to: LLP Bau-Techno Resource Jubanov Str. 63v Astana Kazakhstan Tel: 8 (3172) 22-14-51 DEMEU SU: Proof of Claim Deadline Slated for March 23 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region has declared LLP Demeu Su insolvent. Creditors have until March 23 to submit written proofs of claim to: Tax Committee on South Kazakhstan Region Shymkent South Kazakhstan Region Kazakhstan ERDEN-LN LLP: Claims Registration Ends March 16 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Erden-Ln insolvent. Creditors have until March 16 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Kostanai Mayakovsky Str. 123-22 Kostanai Kazakhstan F-TRANS-HOLDING LLP: Claims Filing Period Ends March 23 ------------------------------------------------------- LLP F-Trans-Holding has declared insolvency. Creditors have until March 23 to submit written proofs of claim to: LLP F-Trans-Holding Pirogov Second Side Street Taraz Jambyl Kazakhstan HLEBOPRODUCT LLP: Creditors Must File Claims by March 23 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan Region has declared LLP Firm Hleboproduct insolvent. Creditors have until March 23 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of North Kazakhstan Region Medvedev Str. 41 Petropavlovsk North Kazakhstan Region, Kazakhstan LKCROUP LLP: Creditors' Claims Due March 16 ------------------------------------------- LLP Lkcroup Kazakhstan has declared insolvency. Creditors have until March 16 to submit written proofs of claim to: LLP Lkcroup Kazakhstan Ormanov Str. 129 Almaty Kazakhstan MAKTA LLP: Proof of Claim Deadline Slated for March 23 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of South Kazakhstan Region has declared LLP Company Makta insolvent. Creditors have until March 23 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Jangusurov Str. 40 Shymkent South Kazakhstan Region Kazakhstan =================== K Y R G Y Z S T A N =================== SLOANSTREET CONSULTING: Claims Filing Period Ends March 23 ---------------------------------------------------------- LLC Sloanstreet Consulting Group has declared insolvency. Creditors have until March 23 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 90-13-38. =================== L U X E M B O U R G =================== MILLICOM INTERNATIONAL: Colombian Unit Selling 17.6% Stake ---------------------------------------------------------- Colombia Movil, a unit of Millicom International Cellular S.A., will sell a 17.6% stake through an initial public offering, Dow Jones Newswires reports. The shares represent 17.6% of the Colombia Movil's capital, Dow Jones notes, citing a Colombia Movil official as saying. Edgar Jimenez, who manages a fund of shares with local brokerage Promotora Bursatil, told Dow Jones, "I won't buy those (Colombia Movil) shares because the risk related to the telecommunications industry is high and because there are better options out there such as Isagen's (shares)." According to Dow Jones, Colombia Movil reported yearly losses since its creation in 2003. Colombia Movil's local shareholders Empresa de Telecomunicaciones de Bogota and Empresas Publicas de Medellin had injected about US$660 million in the firm before selling a controlling stake to Millicom International, Dow Jones says. Dow Jones underscores that Millicom International acquired a 51% stake in Colombia Movil last year for US$479 million. The firm will spend US$200 million this year in the modernization of the wireless network, part of which will come from the proceeds of the offering. Colombia Movil told Dow Jones that it will raise COP185.1 billion with the sale. Dow Jones relates that Colombia Movil set a limit on the amount of shares investors can purchase in the firm. Investors must buy at least 500 shares, requiring a minimum total investment of COP10 million. Mr. Jimenez commented to Dow Jones that Colombia Movil is trying to attract rich investors. Andres Ortiz, Corredores Asociados' commercial vice president, told Dow Jones that these are the brokerages that will be selling Colombia Movil shares: -- Corredores Asociados, -- Interbolsa, -- Correval, -- Casa de Bolsa, and -- Serfinco. Colombia Movil hired investment bank Corporacion Financiera Colombiana SA to structure the sale, which will close on Feb. 23, Dow Jones states. About Millicom Headquartered in Bertrange, Luxembourg, and controlled by Sweden's AB Kinnevik, Millicom International Cellular S.A. -- http://www.millicom.com/-- is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has cellular operations and licenses in 16 countries. The Group's cellular operations have a combined population under license of around 391 million people. * * * Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating and 'B-' senior unsecured debt ratings on Luxembourg-headquartered emerging-markets wireless telecommunications operator Millicom International Cellular S.A. on CreditWatch with positive implications, following the signing of an agreement for sale by Millicom of its 88.9% stake in Paktel Ltd. to China Mobile Communications Corp. Millicom International's 10% senior notes due 2013 carry Moody's B3 rating and Standard & Poor's B- rating. MILLICOM INT'L: Inks Pact with China Mobile to Sell Paktel Stake ---------------------------------------------------------------- Millicom International Cellular S.A. has signed an agreement for the sale of its 88.86% shareholding in Paktel Ltd. to China Mobile Communications Corp. The transaction implies an enterprise valuation for Paktel Ltd. of US$460 million. The total cash consideration payable to Millicom as a result of the transaction, including the repayment of intercompany debt, is around US$284 million. Completion of the transaction is subject to certain regulatory approvals and procedures. If approvals are obtained, completion is expected to occur in late February 2007. "We are pleased to announce the sale of Paktel to China Mobile following strong interest from a number of parties during the sale process," Marc Beuls, President and Chief Executive Officer of Millicom, said. "The implied enterprise value of US$460 million for Paktel reflects fair value for the business. Completion of the transaction is dependent on regulatory approval. The sale of Paktel allows Millicom to focus on the 16 markets where we have already established strong market positions and, with penetration rates rising rapidly, the prospects in these businesses are good." About Millicom Headquartered in Bertrange, Luxembourg, and controlled by Sweden's AB Kinnevik, Millicom International Cellular S.A. -- http://www.millicom.com/-- is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has cellular operations and licenses in 16 countries. The Group's cellular operations have a combined population under license of around 391 million people. * * * Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating and 'B-' senior unsecured debt ratings on Luxembourg-headquartered emerging-markets wireless telecommunications operator Millicom International Cellular S.A. on CreditWatch with positive implications, following the signing of an agreement for sale by Millicom of its 88.9% stake in Paktel Ltd. to China Mobile Communications Corp. Millicom International's 10% senior notes due 2013 carry Moody's B3 rating and Standard & Poor's B- rating. NORTEL NETWORKS: Plans 2,900 Job Cuts Worldwide by 2008 ------------------------------------------------------- Nortel Networks Corp. outlined the next steps of its previously announced Business Transformation plan, designed to complement growth initiatives by increasing the company's global competitiveness and achieving double-digit operating margins. During the course of 2007 and into 2008, Nortel is expected to implement a net reduction of its global workforce by around 2,900 positions, with about 70% taking place in 2007. In addition, the company plans to shift about 1,000 positions from higher-cost to lower-cost locations, with about 40% of this activity, taking place in 2007. These reductions will not affect sales positions in targeted growth areas. "We are transforming Nortel, and are focused on building a highly competitive organization that drives innovation and profitable growth," said Mike Zafirovski, president and chief executive officer of Nortel. "In early 2006, Nortel laid the foundations of its Business Transformation plan, and we provided additional details and specific targets for our new business model at the time of our third quarter 2006 results and at the Nov. 15, 2006 Investor Conference." The business model requirements include a significant reduction in general and administrative expenses, driven by simplified operations, reduced systems, and improved processes. In addition, R&D investment will continue to be a top priority and though reduced, will be maintained at an industry-competitive 15% of total revenues. Funding will shift and increase significantly Nortel's investment in high-growth opportunities. Plans to increase the company's investment in sales and other customer-facing functions remain unchanged by the announcement. "These are tough but necessary measures, and we recognize the impact they will have on affected employees," added Mr. Zafirovski. "However, as we roll-out the various initiatives over the next two years, every effort will be made to leverage normal attrition and re-deploy affected employees to other areas of the company. Our goal is nothing short of creating a high- performance, successful, and profitable enterprise based on a highly motivated work environment powered by strong business results." Nortel will deliver additional cost savings by efficiently managing its various business locations and consolidating real estate requirements to reduce its global real-estate portfolio by over 500,000 square feet of space in 2007. Upon completion, these actions are expected to deliver around US$400 million in annual savings, while about half of the savings will be realized in 2007. The cost of these actions could be as high as US$390 million, about US$300 million of which relates to the workforce reductions and about US$90 million to the real estate actions. Around 75% of these costs will be recorded as charges to the income statement in 2007 with most of the remainder to be recorded as charges in 2008. The expected cash cost of the plan could be as high as US$370 million and will be incurred generally in the same timeframe. However, with the concerted effort to re-deploy affected employees to other parts of the company, the costs could be lower. Where appropriate, planned workforce reductions will be subject to information and consultation requirements with employee representatives. Estimated Preliminary Results for Fourth Quarter Operating Performance Fourth quarter 2006 revenues are expected to be about US$3.26 billion, up 8.8% from US$3.00 billion for the same period in 2005. Gross margin in the quarter is expected to be slightly above 40% of revenue, with a strong contribution from the LG joint venture and CDMA, up from 39.4% in the fourth quarter of 2005. Spending (SG&A and R&D) for the fourth quarter of 2006 is expected to be flat to slightly higher than for the same period last year. Cash as at Dec. 31, 2006, was about US$3.50 billion, up about US$900 million from Sept. 30, 2006. This includes about US$300 million of gross proceeds from the sale of certain assets and liabilities of the UMTS Access business to Alcatel-Lucent. Nortel expects to report its operating and financial performance for the fourth quarter and full year 2006 in the second half of February 2007, in conjunction with the filing of the Annual Report on Form 10-K. "I am pleased with the progress made in 2006, and with the strong performance Nortel delivered towards the end of the year," said Mr. Zafirovski. "Nortel is committed to our short- and long-term plans, and we are beginning to see the desired results." About Nortel Networks Headquartered in Ontario, Canada, Nortel Networks Corp. (NYSE/TSX: NT) -- http://www.nortel.com/-- delivers technology solutions encompassing end-to-end broadband, Voice over IP, multimedia services and applications, and wireless broadband designed to help people solve the world's greatest challenges. Nortel does business in more than 150 countries. * * * As reported in the Troubled Company Reporter on Oct. 5, 2006, Moody's Investors Service upgraded its B3 Corporate Family Rating for Nortel Networks Corp. to B2. =========== P O L A N D =========== AFFILIATED COMPUTER: Fin'l. Report Filing Cues S&P's Pos. Watch --------------------------------------------------------------- Standard & Poor's Ratings Services revised the CreditWatch implications for its ratings on Dallas-based Affiliated Computer Services Inc., including the 'B+' corporate credit rating, to positive from negative. The ratings remain on CreditWatch, where they were placed on Jan. 27, 2006. "The revision reflects the filing of audited financial reports and the elimination of any triggering events that might have caused a payment acceleration on the company's US$2 billion of term debt," said Standard & Poor's credit analyst Philip Schrank. The current rating reflected the acceleration potential. Still outstanding, however, is a claim of covenant default by certain holders of its senior notes. In the event the claim of default is upheld in a court of law, the company has the capacity under its credit facilities to fund the debt repayment. ACS provides diversified business process outsourcing and information technology outsourcing solutions. Standard & Poor's will meet with ACS' new management team to review current performance and evaluate the results of its internal investigation into its historical stock option practices to determine the accounting consequences, the ongoing government investigations regarding the option grants, pending litigation, and any changes to strategy and corporate governance practices to determine what, if any, effect they have on debt ratings. =========== R U S S I A =========== AG-TRADE CJSC: Creditors Must File Claims by February 20 -------------------------------------------------------- Creditors CJSC Ag-Trade (TIN 5249045753) have until Feb. 20 to submit written proofs of claim to: E. Korostyleva, Insolvency Manager Sovnarkomovskaya Str. 36-10 603086 Nizhniy Novgorod Russia The Arbitration Court of Nizhniy Novgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A43-34245/2006-27-1029. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: CJSC Ag-Trade Lenina Pr. 47, 60 Dzerzhinsk Nizhniy Novgorod Russia AGRO-DON OJSC: Court Names I. Zolotarev as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Rostov appointed Mr. I. Zolotarev as Insolvency Manager for OJSC Agro-Don. He can be reached at: I. Zolotarev Osipenko Str. 24 344058 Rostov-na-Donu Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A53-14486/2006-S2-7. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: OJSC Agro-Don Bidennovskiy Pr. 22 Rostov-na-Donu Russia AZOV-SEL-KHOZ-ENERGO: Bankruptcy Hearing Slated for April 23 ------------------------------------------------------------ The Arbitration Court of Rostov will convene at 10:00 a.m. on April 23 to hear the bankruptcy supervision procedure on CJSC Azov-Sel-Khoz-Energo. The case is docketed under Case No. A53-14967/06-S2-51. The Temporary Insolvency Manager is: O. Alekseenko Office 90 Lermontovskaya Str. 83 344010 Rostov-na-Donu Russia The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: CJSC Azov-Sel-Khoz-Energo 3rd km. Vostochnyj Obyezd of Azov Novoaleksandrovka Azovskiy, Rostov Russia BONA-OIL LLC: Creditors Must File Claims by March 20 ---------------------------------------------------- Creditors of LLC Bona-Oil (TIN 3006007135) have until March 20 to submit written proofs of claim to: P. Alekseev, Insolvency Manager Office 400 7th Gvardeyskaya Str. 2a 400005 Volgograd Russia The Arbitration Court of Astrakhan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A06-1147 b/3-11/06. The Court is located at: The Arbitration Court of Astrakhan Gubernatora A. Guzhvina Str. 6. Astrakhan Russia The Debtor can be reached at: LLC Bona-Oil Koltsevaya Str. 3 Seitovka Krasnoyarskiy 416163 Astrakhan Russia CANNED VEGETABLES: Creditors Must File Claims by March 20 --------------------------------------------------------- Creditors of CJSC Canned Vegetables Factory have until March 20 to submit written proofs of claim to: P. Baranov, Insolvency Manager Lenina Str. 101 Balay Uyarskiy 663932 Krasnoyarsk Russia The Arbitration Court of Krasnoyarsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A33-20246/2006. The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Russia The Debtor can be reached at: CJSC Canned Vegetables Factory Kanskaya Str. 57 Minusinsk 662601 Krasnoyarsk Russia GOLOVISHENSKOYE CJSC: Court Names A. Vasilyev to Manage Assets -------------------------------------------------------------- The Arbitration Court of Saratov appointed Mr. A. Vasilyev as Insolvency Manager for CJSC Golovishenskoye. He can be reached at: A. Vasilyev Apartment 1b Volskaya Str. 11a 410028 Saratov Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-57-440B/06-23. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: CJSC Golovishenskoye Golovisheno Krasnopartizanskiy Saratov Russia JUPITER-AGRO CJSC: Court Names A. Varygin as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Saratov appointed Mr. A. Varygin as Insolvency Manager for CJSC Jupiter-Agro. He can be reached at: A. Varygin Post User Box 2493 410076 Saratov Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A57-274b/06-32. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: CJSC Jupiter-Agro Monastyrskoye Kalininskiy 412479 Saratov Russia LUKOIL OAO: Discovers 100-Million Barrel Oil Field in Colombia -------------------------------------------------------------- LUKOIL Overseas, a 100% subsidiary of OAO Lukoil, discovered prospective oil amounting to over 100 million barrels in the Medina structure of the exploration Condor block (Colombia). It is the first discovery made by Russian oilmen in the Western hemisphere. At the present time, preparation is underway to launch commercial production at the field. Meanwhile, the project has already started bringing financial return. Around 4,000 bbl of top quality Columbian Vasconia crude, which was gained during test drilling at Condor-1 well, was sold to North American consumers. Condor project is being implemented by LUKOIL Overseas (70%) and Ecopetrol National oil company (30%). The agreement on Condor block was signed on April 7, 2002. It provides for exploration activities at the block for six years; in case of a commercial hydrocarbon discovery the agreement forsees field development for 22 years. LUKOIL Overseas Colombia Ltd. is acting as operator of the project. The total block area is 3,089 sq. km. The block is situated in the foothills of the Andes in the western part of Llanos oil and gas basin and is one of the largest exploration blocks in Colombia. Drilling a deep exploratory well Condor-1 at 1,128 meters above sea level was launched in July 2005. The total depth of the vertical well drilled in the dome of the Medina structure reached around 5,000 meters. At the present time, the field is being prepared for production. Lukoil Management Committee recently adopted Lukoil Overseas report on the results of foreign exploration projects in 2001- 2006 and approved major international geological activity businesses for 2007-2016. Development strategy of LUKOIL international exploration activity for 2007-2016 includes creation of a portfolio with 17 exploration projects and C1 hydrocarbon reserves increment amounting to 1.9 billion boe. 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 NEVA-DOR-STORY CJSC: Creditors Must File Claims by March 20 ----------------------------------------------------------- Creditors of CJSC Building Company Neva-Dor-Stroy (TIN 7804062722) have until March 20 to submit written proofs of claim to: S. Chashin, Insolvency Manager Post User Box 15 191024 St. Petersburg Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-28825/2005. The Court is located at: The Arbitration Court of St. Petersburg and the Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Building Company Neva-Dor-Story 9th Yanvarya Pr., 3/1 St. Petersburg Russia SNEZHNAYA CJSC: Creditors Must File Claims by February 20 --------------------------------------------------------- Creditors of CJSC Production Company Snezhnaya have until Feb. 20 to submit written proofs of claim to: V. Tarasov, Insolvency Manager Z. Kosmodemyanskoy Str. 29 183008 Murmansk Russia The Arbitration Court of Murmansk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-39422/05-G-PAV. The Court is located at: The Arbitration Court of Murmansk Knipovicha Str. 20 Murmansk Russia The Debtor can be reached at: CJSC Production Company Snezhnaya Molochnyj Murmansk Russia SUCCESS OJSC: Creditors Must File Claims by February 20 ------------------------------------------------------- Creditors of OJSC Success have until Feb. 20 to submit written proofs of claim to: I. Zolin, Temporary Insolvency Manager Post User Box 166 603043 Nizhniy Novgorod Russia The Arbitration Court of Nizhniy Novgorod commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A43-34486/2006, 33-348. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: OJSC Success Sovetskaya Str. 4 Dalnee Konstantinovo Nizhniy Novgorod Russia VERKHNEVYAT-LES-PROM: Kirov Bankruptcy Hearing Slated for May 15 ---------------------------------------------------------------- The Arbitration Court of Kirov will convene at 10:00 a.m. on May 15 to hear the bankruptcy supervision procedure on LLC Verkhnevyat-Les-Prom. The case is docketed under Case No. A 28-635/06-388/20. The Temporary Insolvency Manager is: A. Ilyin Post User Box 6 603022 N. Novgorod Russia The Court is located at: The Arbitration Court of Kirov K-Libknekhta Str. 102 610017 Kirov Russia The Debtor can be reached at: LLC Verkhnevyat-Les-Prom Podrezchikha Belokholunitskiy, Kirov Russia VITYAZ OJSC: Creditors Must File Claims by March 20 --------------------------------------------------- Creditors of OJSC Ishimbayskiy Factory of Transport Machinery Construction Vityaz (TIN 0261006568) have until March 20 to submit written proofs of claim to: A. Yusupov, Insolvency Manager Industrialnoye Shosse 2 Izhimbay 453203 Bashkortostan Republic Russia The Arbitration Court of Bashkortostan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-8065/04-G-KhRM. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: OJSC Ishimbayskiy Factory of Transport Machinery Construction Vityaz Idnustrialnoye Shosse 2 Ishimbay 453203 Bashkortostan Russia VOLGO-ROS-OIL-TRANS: Bankruptcy Hearing Slated for March 9 ---------------------------------------------------------- The Arbitration Court of Chuvashiya will convene at 11:00 a.m. on March 9 to hear the bankruptcy supervision procedure on CJSC Volgo-Ros-Oil-Trans. The case is docketed under Case No. A79-11489/ 2006. The Temporary Insolvency Manager is: A. Raspopin Sennaya Square 15 603024 N. Novgorod Russia The Debtor can be reached at: CJSC Volgo-Ros-Oil-Trans AZS 126 42nd km Road Tsivilsk-Syzran Kanashskiy 429000 Chuvashiya Russia VOLODARSKIY COMBINE: Asset Sale Slated for February 21 ------------------------------------------------------ LLC Centre of Anti-Crisis Management, the bidding organizer for OJSC Volodarskiy Combine of Grain Products, will proceed with a repeated auction for the company's properties at noon on Feb. 21 at: OJSC Volodarskiy Combine of Grain Products Yuzhnaya Str. 19A Volodarsk Nizhniy Novgorod Russia Interested participants have until Feb. 16 to deposit an amount equivalent to 10% of the starting price to: LLC Centre of Anti-Crisis Management Settlement Account 40702810024000012593 in branch OJSC Vneshtorgbank in N. Novgorod Correspondent Account 3010181020000000837 in GRKTs Bank in Nizhniy Novgorod BIK 042202837 Bidding documents must be submitted to: LLC Centre of Anti-Crisis Management, the bidding organizer Yuzhnaya Str. 19A Volodarsk Nizhniy Novgorod Russia Tel: 8-910-797-27-97 The Debtor can be reached at: OJSC Volodarskiy Combine of Grain Products Yuzhnaya Str. 19A Volodarsk Nizhniy Novgorod Russia ZVEREVSKOYE PASSENGER: Bankruptcy Hearing Slated for February 2 --------------------------------------------------------------- The Arbitration Court of Rostov will convene at 11:30 a.m. on Feb. 2 to hear the bankruptcy supervision procedure on Ojsc Zverevskoye Passenger Transport Enterprise (TIN 6146005126). The case is docketed under Case No. A53-16522/06-S2-33. The Temporary Insolvency Manager is: D. Oleynik Post User Box 3425 344092 Rostov-na-Donu Russia The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: OJSC Zverevskoye Passenger Transport Enterprise Sovetskaya Str. 1 Zverevo 346310 Rostov Russia =========== S W E D E N =========== DOLE FOOD: Fresh Vegetables Unit Inks Leafy Greens Mktg. Pact ------------------------------------------------------------- Dole Fresh Vegetables, Inc., a subsidiary of Dole Food company, Inc., has signed the California Leafy Greens Marketing Agreement. Under the voluntary Agreement, all participants must adhere to established good agricultural practices or GAP and food safety guidelines. Dole has always used GAP in all its growing operations and the company has been a strong supporter of the Agreement as a standard for the industry. Dole has taken food safety one-step further by applying the California standards in all states where its leafy greens are grown. The California Leafy Greens Marketing Agreement will set mandatory and specific standards for leafy greens supply; the California Department of Health Services will monitor compliance with the new standards. Facilitated by the Western Growers Association, Dole worked collaboratively with a group that consisted of growers, processors, regulators and members of academia to formulate the Agreement. Eric Schwartz, President of Dole Fresh Vegetables, said, "Dole is in full support of a uniform, national, leafy greens food safety standard that will set mandatory and explicit guidelines in the produce industry. We strongly encourage our retail and food service customers to support the Leafy Greens Marketing Agreement by requiring their produce suppliers to sign this Agreement." Mr. Schwartz also commented, "Food safety is our top priority. This is another example of our commitment to work with government, industry leaders, trade organizations and food safety experts to continuously seek ways to improve and enhance food safety for consumers." Headquartered in Westlake Village, California, Dole Food Company's -- http://www.dole.com/-- is a producer and marketer of fresh fruit, fresh vegetables and fresh-cut flowers, and markets a line of packaged foods. The company has four primary operating segments. The fresh fruit segment produces and markets fresh fruit to wholesale, retail and institutional customers worldwide. The fresh vegetables segment contains operating segments that produce and market commodity vegetables and ready- to-eat packaged vegetables to wholesale, retail and institutional customers primarily in North America, Europe and Asia. The packaged foods segment contains several operating segments that produce and market packaged foods, including fruit, juices and snack foods. Dole's fresh-cut flowers segment sources, imports and markets fresh-cut flowers, grown mainly in Colombia and Ecuador, primarily to wholesale florists and supermarkets in the United States. In Europe, the company maintains operations in Sweden, France, Spain, Italy, Belgium, Austria and Germany. * * * As reported in the Troubled Company Reporter-Europe on Jan. 31, Moody's Investors Service downgraded the ratings of Dole Food Company Inc. as follows: -- corporate family rating to B2 from B1; -- probability of default rating to B2 from B1; -- senior secured bank credit facilities to Ba3 from Ba2; -- senior unsecured notes to Caa1 from B3; and -- various shelf registrations to (P)Caa1 from (P)B3. Moody's said the outlook is stable. In a TCR-Europe report on Dec. 13, Standard & Poor's Ratings Services lowered its ratings on Dole Food Co. Inc. and Dole Holding Co. LLC, including its corporate credit rating, to 'B' from 'B+'. The ratings were removed from CreditWatch, where they were placed on Aug. 9, 2006, with negative implications, following materially weaker-than-expected financial performance in the first half of fiscal 2006, which typically represents a substantial portion of cash flow. The outlook is negative. Total debt outstanding at the company was about US$2.3 billion as of Oct. 7, 2006. ===================== S W I T Z E R L A N D ===================== CREDIT INDUSTRIEL: Creditors' Liquidation Claims Due March 30 ------------------------------------------------------------- Creditors of JSC Credit Industriel Societe Anonyme have until March 30 to submit their claims to: JSC Credit Industriel Societe Anonyme Liquidator Uraniastrasse 35 8001 Zurich Switzerland The Debtor can be reached at: JSC Credit Industriel Societe Anonyme Uraniastrasse 35 8001 Zurich Switzerland EDI-CAR LLC: Creditors' Liquidation Claims Due March 15 ------------------------------------------------------- Creditors of LLC EDI-CAR have until March 15 to submit their claims to: Kurt Battig Liquidator LLC EDI-CAR Luzernerstrasse 25c 6030 Ebikon LU Switzerland The Debtor can be reached at: LLC EDI-CAR Luzernerstrasse 25c 6030 Ebikon LU Switzerland NRJ ENTERPRISES: Creditors' Liquidation Claims Due February 26 -------------------------------------------------------------- Creditors of LLC NRJ Enterprises have until Feb. 26 to submit their claims to: JSC RDW Treuhand Liquidator Dufourstrasse 5 4052 Basel BS Switzerland The Debtor can be reached at: LLC NRJ Enterprises Basel BS Switzerland OCEAN FISH: Creditors' Liquidation Claims Due February 28 --------------------------------------------------------- Creditors of LLC Ocean Fish have until Feb. 28 to submit their claims to: Severino Benjamin Pelaez Liquidator Landstrasse 124 5430 Wettingen AG Switzerland The Debtor can be reached at: LLC Ocean Fish Baden AG Switzerland QISSCO JSC: Creditors' Liquidation Claims Due February 26 --------------------------------------------------------- Creditors of JSC Qissco have until Feb. 26 to submit their claims to: Verena Hurlimann Liquidator JSC Qissco Guggiweg 7D 6300 Zug Switzerland The Debtor can be reached at: JSC Qissco Guggiweg 7D 6300 Zug Switzerland SCHUHHAUS RUTZ: Creditors' Liquidation Claims Due February 16 ------------------------------------------------------------- Creditors of JSC SCHUHHAUS RUTZ have until Feb. 16 to submit their claims to: Egli & Rutz Liquidator JSC SCHUHHAUS RUTZ Bahnhofstrasse 37 9470 Buchs SG Switzerland The Debtor can be reached at: JSC SCHUHHAUS RUTZ Bahnhofstrasse 37 9470 Buchs SG Switzerland STEINER HAUSTECHNIK: Bern Court Closes Bankruptcy Proceedings ------------------------------------------------------------- The Bankruptcy Service of Bern entered Jan. 15, an order closing the bankruptcy proceedings of JSC Steiner Haustechnik. The Debtor can be reached at: JSC Steiner Haustechnik Wangenstrasse 7 3360 Herzogenbuchsee Wangen BE Switzerland The Bankruptcy Service of Bern can be reached at: Bankruptcy Service of Bern Eyhalde 2 4912 Aarwangen BE Switzerland TABULARASA LLC: Creditors' Liquidation Claims Due February 23 ------------------------------------------------------------- Creditors of LLC TabulaRasa have until Feb. 23 to submit their claims to: Maggie Bohme Liquidator Nussbaumweg 5 4132 Muttenz Arlesheim BL Switzerland The Debtor can be reached at: LLC TabulaRasa Muttenz Arlesheim BL Switzerland TOMA JSC: Creditors' Liquidation Claims Due February 26 ------------------------------------------------------- Creditors of JSC Toma have until Feb. 26 to submit their claims to: Peter Marcandella Liquidator Kesselstrasse 4 8200 Schaffhausen Switzerland The Debtor can be reached at: JSC Toma Schaffhausen, Switzerland TOWN SPORTS: S&P Rates Proposed US$260-Mln Secured Loan at B+ ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' bank loan rating and recovery rating of '2' to the proposed US$260 million senior secured credit facilities of Town Sports International Inc., indicating an expectation of substantial recovery of principal in the event of a payment default. The proposed credit facilities consist of a US$75 million revolving credit facility due 2012 and a US$185 million term loan B due 2014. Town Sports will use proceeds from the proposed transaction to finance the purchase of the company's outstanding 9.625% senior notes due 2011 and for general corporate purposes. All existing ratings on the company and its parent were affirmed. Pro forma for the transaction, total debt outstanding was about US$293 million as of Sept. 30, 2006. UNIPC LLC: Creditors' Liquidation Claims Due February 26 -------------------------------------------------------- Creditors of LLC Unipc have until Feb. 26 to submit their claims to: Zlatko Sunjic Liquidator Bruckenstrasse 49 5632 Trimbach Gosgen SO Switzerland The Debtor can be reached at: LLC Unipc Aarburg Zofingen AG Switzerland ============= U K R A I N E ============= GENEX LTD: Claims Submission Deadline Set February 21 ----------------------------------------------------- Creditors of LLC Genex Ltd. (code EDRPOU 31570538) have until Feb. 21 to submit written proofs of claim to: State Tax Inspection in Dnieprovsk, Liquidator Supreme Rada Boulevard 24-b 02094 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/818-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Genex Ltd. Sagaydak Str. 114-a 02002 Kiev Ukraine PETROVSKOE LLC: Claims Submission Deadline Set February 23 ---------------------------------------------------------- Creditors of Agricultural LLC Petrovskoe (code EDRPOU 03796100) have until Feb. 23 to submit written proofs of claim to: Jury Ushach, Liquidator Pobeda Str. 189 14027 Chernigov Ukraine The Economic Court of Chernigov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 5/340b. The Court is located at: The Economic Court of Chernigiv Miru Avenue 20 14000 Chernigiv Ukraine The Debtor can be reached at: Agricultural LLC Petrovskoe Borznianka District Petrovka Shevchenko Str. 9 16464 Chernigov Ukraine PRODUCTION OPERATION: Claims Submission Deadline Set February 23 ---------------------------------------------------------------- Creditors of Production Operation Complex Course (code EDRPOU 24691977) have until Feb. 23 to submit written proofs of claim to: Maxim Maynicky, Liquidator Nekrasov Str. 65 99016 Sevastopol Ukraine The Economic Court of Sevastopol commenced bankruptcy proceedings against the company on Jan. 11 after finding it insolvent. The case is docketed under Case No. 20-5/165. The Court is located at: The Economic Court of Sevastopol Pavlichenko Str. 5 Sevastopol 99011 AR Krym Ukraine The Debtor can be reached at: Production Operation Complex Course Chaykina Str. 78 99053 Sevastopol Ukraine RITAS LLC: Claims Submission Deadline Set February 21 ----------------------------------------------------- Creditors of LLC Ritas (code EDRPOU 31748878) have until Feb. 21 to submit written proofs of claim to: State Tax Inspection in Dnieprovsk, Liquidator Supreme Rada Boulevard 24-b 02094 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/759-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Ritas Enthusiasts Str. 25 02154 Kiev Ukraine ROSTOCK-TORG LLC: Claims Submission Deadline Set February 21 ------------------------------------------------------------ Creditors of LLC Rostock-Torg (code EDRPOU 30530288) have until Feb. 21 to submit written proofs of claim to: State Tax Inspection in Dnieprovsk, Liquidator Supreme Rada Boulevard 24-b 02094 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 15/817-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Rostock-Torg Serafimovich Str. 7-a 02152 Kiev Ukraine TEMP LLC: Creditors Must File Claims by February 23 --------------------------------------------------- Creditors of LLC Mine Construction Management Temp (code EDRPOU 21997279) have until Feb. 23 to submit written proofs of claim to: Jury Menzarenko, Temporary Insolvency Manager Cosmonauts Str. 19 Enakievo 86405 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 5/260B. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Mine Construction Management Temp Artem Str. 12 Krasnoarmeysk 85300 Donetsk Ukraine UKRAINIAN CONSTRUCTION: Claims Submission Deadline Set Feb. 23 -------------------------------------------------------------- Creditors of LLC Ukrainian Construction Resources (code EDRPOU 30325721) have until Feb. 23 to submit written proofs of claim to: Iryna Senchenko, Liquidator Petrovsky Str. 50-A, ap. 33 49000 Dnipropetrovsk Ukraine The Economic Court of Dniepropetrovsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B 26/253/06. The Court is located at: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: LLC Ukrainian Construction Resources Voroncov Str. 77 49098 Dniepropetrovsk Ukraine =========================== U N I T E D K I N G D O M =========================== BONNE BOUCHE: Taps KPMG to Administer Assets -------------------------------------------- Mark Granville Firmin and Richard Dixon Fleming of KPMG LLP were appointed joint administrators of Bonne Bouche Frozen (U.K.) Ltd. (Company Number 5828946) on Feb. 1. The company went into administration due to shortage of orders, BBC News reports. According to union chiefs, 200 workers were told they would not get outstanding wages. "This business has encountered difficulties in the past and struggled to make a profit due to tough trading conditions in a competitive environment," Mr. Firmin was quoted by BBC as saying. "The workers are furious and disappointed they will not be getting a pay cheque," Alan Milne of Bakers Food and Allied Workers Union told BBC. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. Headquartered in Hartlepool, England, Bonne Bouche Frozen (U.K.) Ltd. makes frozen cakes. AGRICULTURE AND FRESH: Creditors' Claims Due March 30 ----------------------------------------------------- Creditors of Agriculture and Fresh Produce Staffing Ltd. (t/a A.F.P Staffing) have until March 30 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Barry Peter Knights Liquidator Knights & Co. Milford House 43-55 Milford Street Salisbury Wiltshire SP1 2BP England AIREDALE GLASS: Appoints Liquidators from PricewaterhouseCoopers ---------------------------------------------------------------- David Malcolm Walker and Edward Klempka of PricewaterhouseCoopers LLP were appointed joint liquidators of Airedale Glass & Glazing Company Ltd. (t/a Airedale Glass and Glazing Co. Ltd.) on Jan. 29 for the creditors' voluntary winding-up procedure. The joint liquidators can be reached at: PricewaterhouseCoopers LLP Benson House 33 Wellington Street Leeds LS1 4JP England BODYSYSTEMS LTD: Appoints Administrators from Tenon Recovery ------------------------------------------------------------ Martin A Shaw and Charles M Brook of Tenon Recovery were appointed joint administrators of Bodysystems Ltd. (Company Number 04482502) on Jan. 29. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. Bodysystems Ltd. can be reached at: Viking Industrial Estate Sawdon Scarborough North Yorkshire YO13 9DU England Tel: 01723 850 472 Fax: 01723 850 477 BROTHERTON PEPLER: Mounting Debts Spur Liquidation -------------------------------------------------- Brotherton Pepler Ltd., a Yorkshire, England-based delicatessen trading under the name Seasons, has gone into liquidation after accumulating debts of more than GBP200,000, Scotsman reports. According to the report, Brotherton was forced to shut down its Scarborough store following a struggle with refrigeration and air conditioning troubles and other problems that delayed its opening. The closure left six staff jobless. The company's Pickering store, however, is still trading with 10 full and part-time staff. Helen Patrick, Brotherton's marketing director, sold her Mercedes SLK sports car in an effort to raise cash to buy the company back from liquidators. Ms. Patrick also borrowed the Fiat Doblo van of the delicatessen to sustain operations at the Pickering store, Scotsman relates. "My Lady Penelope days are over and a Fiat Doblo does not have quite the same glamour. Ms. Patrick said. "But we have a lot of loyal customers in Pickering and it would be tragic for the High Street which would be poorer without us." In July, the Pickering store became an entry in the Best 100 Shops in the World list by trade journal Retail Week. CAVINGDON LTD: Appoints KPMG as Joint Administrators ---------------------------------------------------- Stephen Treharne and Finbarr Thomas O'Connell of KPMG LLP were appointed joint administrators of Cavingdon Ltd. (A Company registered in the British Virgin Islands)(Company Number 573244) on Jan. 26. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. Cavingdon Ltd. can be reached at: Akara Buildings 24 De Castro Street Road Town Tortola British Virgin Islands CLASSICAL CONSERVATORIES: Creditors' Meeting Slated for Feb. 15 --------------------------------------------------------------- Creditors of Classical Conservatories Ltd. will meet at noon on Feb. 15 at: Regent Hotel Regent Square Doncaster DN1 2DS England Creditors who want to vote at the meeting have until noon on Feb. 14 to submit their proxy forms together with particulars of their claims or of any security at the offices of: UHY Hacker Young St. Alphage House 2 Fore Street London EC2Y 5DH England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 13. COLLINS & AIKMAN: Donnelly Penman Approved as Investment Banker --------------------------------------------------------------- The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan authorized Collins & Aikman Corp. and its debtor-affiliates to employ Donnelly Penman & Partners, nunc pro tunc to Dec. 21, 2006, as one of their investment bankers. The Debtors are pursuing a cooperative sale process to maximize the value of their estates and to save jobs. As part of the sale process, the Debtors plan to sell certain plants in their plastics business individually or in groups. Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, states that given the number of the Plastics Plants to be marketed, the Debtors seek to retain two investment bankers, Beringea LLC and Donnelly Penman & Partners, to assist in marketing and selling different and unrelated assets in the Plastics business. DP&P will be handling the sale of the Debtors' assets in: (1) Guelph, Ontario; (2) Port Hope, Ontario; (3) Brampton, Ontario; (4) Belleville, Ontario; (5) Rantoul, Illinois; (6) Athens, Tennessee; (7) Bowling Green, Kentucky; (8) Saltillo, Mexico; and (9) Dover, New Hampshire (ATC and TEG). In addition, DP&P may submit proposals for the sale of certain plants considered secondary in marketing priority. The parties recognize that there is no protection against resourcing at the plants located in: (a) Havre De Grace, Kentucky; (b) Morristown, Indiana; (c) Sterling Heights, Michigan; and (d) Columbia, Missouri. The Debtors have already retained Lazard Freres & Co. LLC as investment bankers in their Chapter 11 cases. Lazard has and will continue to provide investment services to the Debtors in a manner that is complementary to the services to be provided by Beringea and DP&P. Lazard is engaged in the sale of the Debtors' carpet and acoustics businesses and the overall management and implementation of the Debtors' sale process. The Debtors evaluated each firm on a number of criteria, Mr. Schrock tells the Court, including the firm's overall financial advisory and investment banking capabilities; experience in selling Chapter 11 debtors' assets; the likely attention of the senior personnel; and the compensation charged. DP&P will: -- conduct sell-side due diligence on their assigned plants; -- determine the fair market value of the Plants; -- organize a data room, virtual or otherwise; -- coordinate acquirer due diligence; -- negotiate a stalking horse bid, if appropriate; -- assist in the preparation of management presentations; -- identify prospective parties to a transaction; -- prepare information on the plastics businesses; -- assist in conducting auctions of the Plastics businesses; -- disseminate information to prospects; and -- provide testimony at hearings, as requested. Mr. Schrock relates that DP&P is one of the largest independently owned investment banking firms headquartered in Michigan. The firm provides comprehensive advisory services to both public and private companies, including capital raising, mergers and acquisitions, due diligence and general financial advisory services. More importantly, DP&P has significant experience selling assets in both distressed and non-distressed situation, he notes. Pursuant to an engagement agreement between the Debtors and DP&P, the firm will be paid non-refundable cash advisory fees to the extent the agreement has not been terminated: * US$75,000 on the later of Jan. 1, 2007, or approval of DP&P's retention; * US$50,000 on each of Feb. 1, March 1, and April 1, 2007; and * US$30,000 on the first day of each succeeding month. The Debtors will reimburse DP&P for reasonable out-of-pocket expenses incurred in connection with the engagement. The Debtors and DP&P agree that the initial term of the Agreement will be for a period of 12 months, and the parties may terminate the Agreement, except for certain surviving provisions at any time 90 days from the date of the execution of the Agreement, with 30 days of prior written notice of the early termination. Unless terminated, Mr. Schrock tells the Court that the Agreement will be automatically renewed on a month-to- month basis. Notwithstanding the termination or expiration of the Agreement, Mr. Schrock notes that DP&P will be paid if a transaction for any Plastics Business for which it has not been paid a transaction fee is consummated within six months after any termination or expiration of the Agreement. At the closing of each transaction, DP&P will be paid a cash fee equal to the applicable percentage of the consideration paid or received on or before the closing of the transaction. Consideration for separate transactions will be accumulated for purposes of determining the applicable percentage for the incremental consideration added to the accumulated sum by virtue of the individual transaction. Cumulative Consideration Applicable % ------------------------ ------------ Less than US$10,000,000 3.50% US$10,000,000 to US$100,000,000 1.00% More than US$100,000,000 0.75% No transaction fee will be payable unless and until a closing of a transaction occurs. In no event will the aggregate sum of the transaction fees be less than US$350,000. James C. Penman, managing director of DP&P, informs the Court that the firm may have rendered and may render in the future services to certain potential parties-in-interest in matters unrelated to the Debtors' Chapter 11 cases, including a prior engagement by DaimlerChrysler AG as investment bankers in connection with the sale of certain businesses not affiliated with the Debtors. Additionally, certain DP&P employees may have business associations with certain potential parties-in-interest. Mr. Penman assures the Court that the firm has not and will not represent the interests of the parties-in-interest in the Debtors' Chapter 11 cases. Mr. Penman attests that the firm does not hold any adverse interest to the Debtors and their estates, and that DP&P is a disinterested person. 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. 51; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Wants Beringea LLC as Investment Banker --------------------------------------------------------- Collins & Aikman Corp. and its debtor-affiliates ask the Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan for authority to employ Beringea LLC, nunc pro tunc to Dec. 24, 2006, as one of their investment bankers. The Debtors are pursuing a cooperative sale process to maximize the value of their estates and to save jobs. As part of the sale process, the Debtors plan to sell certain plants in their plastics business individually or in groups. Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York, states that given the number of the Plastics Plants to be marketed, the Debtors seek to retain two investment bankers, Beringea LLC and Donnelly Penman & Partners, to assist in marketing and selling different and unrelated assets in the Plastics business. Beringea will handle the plants located in Evart, Michigan; Windsor, Ontario; Belvidere, Illinois; St. Louis, Missouri; and Mississuaga, Ontario. The Debtors have already retained Lazard Freres & Co. LLC as investment bankers in their Chapter 11 cases. Lazard has and will continue to provide investment services to the Debtors in a manner that is complementary to the services to be provided by Beringea and DP&P. Lazard is engaged in the sale of the Debtors' carpet and acoustics businesses and the overall management and implementation of the Debtors' sale process. The Debtors evaluated each firm on a number of criteria, Mr. Schrock tells the Court, including the firm's overall financial advisory and investment banking capabilities; experience in selling Chapter 11 debtors' assets; the likely attention of the senior personnel; and the compensation charged. Beringea is expected to, without limitation: -- conduct sell-side due diligence on their assigned plants; -- determine the fair market value of the Plants; -- organize a data room, virtual or otherwise; -- coordinate acquirer due diligence; -- negotiate a stalking horse bid, if appropriate; -- assist in the preparation of management presentations; -- identify prospective parties to a transaction; -- prepare information on the plastics businesses; -- assist in conducting auctions of the Plastics businesses; -- disseminate information to prospects; and -- provide testimony at hearings, as requested. Mr. Schrock relates that Beringea has advised corporate clients on mergers, acquisition, divestitures and due diligence, and assisted joint ventures and private financings. Beringea has provided advisory services to both public and private, national and multinational companies in a broad range of industries, including the automotive industry. Beringea and the Debtors have agreed, in an engagement letter, to a five-month term, wherein each party may terminate the Agreement by giving a 15-day prior written notice. The Debtors will pay Beringea non-refundable US$68,500 cash advisory fee upon signature of the Agreement; and US$65,000 monthly fee, the first payment due on Jan. 8, and on the eighth day of each succeeding month. Beringea will be reimbursed for its out-of-pocket expenses. If the Debtors conclude a transaction during the term of the engagement, or Beringea advises the Debtors with respect to an offer, agreement, commitment or letter of intent with a potential buyer during the term that leads to a concluded transaction with the potential buyer within six months of the termination of the Agreement, the Debtors will compensate Beringea with a transaction fee paid on or before closing of a transaction. Consideration for separate transactions will be accumulated for purposes of determining the applicable percentage. Transaction fees for an individual transaction will be based on the applicable percentage for the incremental consideration added to the accumulated sum by virtue of the individual transaction. Cumulative Consideration Applicable % ------------------------ ------------ Less than or equal to US$10,000,000 3.50% More than US$10,000,000 1.00% If transaction fees are due, the aggregate sum of the transaction fees should not be less than US$350,000. Beringea will credit all non-refundable cash advisory fees to reduce any transaction fees payable. Kevin M. Heckman, a member of the firm, informs the Court that the Beringea does not hold or represent any adverse interest to the Debtors' estates. The firm has connections and relationships with potential parties-in-interest that includes Huron Valley Steel Corp., ArvinMeritor, Inc., and Clarion Technologies Inc. A Beringea employee is also the spouse of Collins & Aikman Corp.'s director of International Taxation and an officer of one of the Debtors. Beringea does not believe that the connections create a conflict of interest regarding the Debtors in their Chapter 11 cases. Mr. Heckman adds that certain Beringea employees may have business associations with certain potential parties-in- interest. Beringea has not and will not represent the interests of these clients in the Debtors' Chapter 11 cases, Mr. Heckman assures the Court. Mr. Heckman attests that Beringea is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b). 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. 51; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COMDEC LTD: Taps David Hill to Liquidate Assets ----------------------------------------------- David Hill of Begbies Traynor was appointed liquidator of Comdec Ltd. on Jan. 31 for the creditors' voluntary winding-up procedure. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. Comdec Ltd. can be reached at: Friars Road Barry South Glamorgan CF625TR Wales Tel: 01446 742 212 01446 740 678 Fax: 01446 745 900 CORONEL SUPPORT: Robert Day Leads Liquidation Procedure ------------------------------------------------------- Robert Day of Robert Day and Company Ltd. was appointed liquidator of Coronel Support Services Ltd., Business Opportunities (U.K.) Ltd. and Coronel Consulting (U.K.) Ltd. on Jan. 31 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Robert Day and Company Ltd. Garfield Church Lane Oving Aylesbury Buckinghamshire HP22 4HL England CORUS GROUP: Tata Sons Sells 8.17-Mln Shares to Fund Takeover ------------------------------------------------------------- Tata Sons Ltd., the holding company of the Tata Group, sold 8.17 million shares of Tata Consultancy Services, representing a 0.84% stake in the software firm, to an unidentified buyer, AFX News reports citing a filing with the Bombay Stock Exchange as its source. According to AFX, Tata Group did not disclose its reason for selling the stake. The Economic Times, however said, the proceeds of the share transaction could be used to partly finance Tata Steel Ltd.'s acquisition of Corus Group plc. As previously reported in the TCR-Europe on Jan. 31, Tata Steel won an auction for Corus over Companhia Siderurgica Nacional after offering investors 608 pence per share in cash, or GBP5.7 billion (US$11.3 billion). About Tata Steel Established in 1907, Tata Steel is Asia's first and India's largest private sector steel company. Tata Steel is among the lowest cost producers of steel in the world and one of the few select steel companies in the world that is EVA+ (Economic Value Added). About Corus Group Corus Group plc, fka British Steel, was formed when the UK privatized its major steelworks in 1988. It then changed its name to Corus Group after acquiring most of Dutch rival Koninklijke Hoogovens. Corus makes coated and uncoated strip products, sections and plates, wire rod, engineering steels, and semi-finished carbon steel products. It also manufactures primary aluminum products. Customers include companies in the automotive, construction, engineering, and household-product manufacturing industries. Six years ago, the group suffered from the crisis in British manufacturing, which prompted it to shake up management, close plants, cut jobs, and sell assets to lower debt. Its debt was thought to stand at GBP1.6 billion in 2002. After posting a net loss of GBP458 million in 2003, it embarked on a restructuring program, signed a new EUR1.2 billion banking facility, and issued GBP307 million worth of shares. It returned to operating profit in the first quarter of 2004. The recent recovery of steel prices and the strength of the euro are expected to help it achieve relatively strong earnings. * * * As reported in the TCR-Europe on Feb. 2, Fitch Ratings said that Corus Group Plc's Issuer Default 'BB-' and Short-term 'B' ratings remain on Rating Watch Negative following a recommended bid, valued at GBP6.2 billion, from India-based Tata Steel Ltd. in the wake of an auction process conducted by the U.K. Takeover Panel on Jan. 30-31. The RWN also applies to the 'B+' ratings on CS's EUR800 million 7.5% senior notes and Corus Finance Plc's GBP200m 6.75% guaranteed bonds. At the same time, Standard & Poor's Ratings Services kept its 'BB' long-term corporate credit rating on U.K.-based steelmaker Corus Group PLC on CreditWatch with developing implications, after the completion of the auction process, during which India- based steel manufacturer Tata Steel Ltd. offered the highest bid of 608 pence per share. CURTIS MECHANICAL: Claims Filing Period Ends February 28 -------------------------------------------------------- Creditors of Curtis Mechanical Services Ltd. have until Feb. 28 to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Ian J. Gould Joint Liquidator PKF (U.K.) LLP New Guild House 45 Great Charles Street Queensway Birmingham B3 2LX England Ian J. Gould and Brian J. Hamblin of PKF (U.K.) LLP were appointed joint liquidators of the company on Jan. 17 by resolutions of members. The company can be reached at: Curtis Mechanical Services Ltd. Unit 1 Baynards Green Farm Baynards Green Bicester Oxfordshire OX27 7SR England Tel: 01869 345 504 Fax: 01869 345 808 DOYLE DEMOLITION: Names M. S. E. Solomons Liquidator ---------------------------------------------------- M. S. E. Solomons of SPW Poppleton & Appleby was appointed liquidator of Doyle Demolition & Excavation Ltd. on Jan. 25 for the creditors' voluntary winding-up proceeding. The company can be reached at: Doyle Demolition & Excavation Ltd. Dollman Street Birmingham West Midlands B7 4RP Eng land Tel: 0121 359 8531 Fax: 0121 359 3418 FORD MOTOR: Revives Ford Taurus & Mercury Sable to Lineup --------------------------------------------------------- Ford Motor Company is bringing back the well-known Ford Taurus name, introducing a new name -- Taurus X -- for its three-row crossover, and returning the Mercury Sable to the lineup as upgraded 2008-model versions of all three vehicles go on sale this summer. "Taurus has been an icon for Ford's family sedan for more than two decades, and it's time to return this powerful name to where it belongs," Ford President of The Americas Mark Fields said at the Chicago Auto Show. "Consumer awareness of the Taurus name is double the Five Hundred that it's replacing, and awareness of Sable is triple that of Montego. "By giving these vehicles the names that consumers recognize at the same time we're making significant upgrades, we're confident that even more people are going to be attracted to these great products in the future," Mr. Fields added. The 2008-model Taurus sedan will go on sale this summer, replacing the Ford Five Hundred. The new Taurus features a Ford Fusion-inspired exterior design, a new powertrain with 60 more horsepower, a new all-wheel-drive system, available standard electronic stability control and other refinements to make it more distinctive, quieter, faster, and safer. The 2008-model Taurus X crossover will go on sale late this summer -- replacing the Ford Freestyle -- with the same design, powertrain, and safety upgrades, as well as three row of seats, one-touch flip-and-fold second-row seating and an available power rear liftgate. The 2008-model Mercury Sable also goes on sale this summer -- replacing the Mercury Montego -- with extensive design, powertrain, and safety upgrades, as well as unique touches that make it a Mercury. They include Mercury's signature satin aluminum waterfall grille, jeweled projector beam headlamps, distinctive LED tail lamps and a two-tone interior trim with unique accents. Customers preferring a technical appearance can opt for Cyber Carbon -- a deep, high-gloss accent resembling carbon fiber. More traditional sophistication is available from two modern wood grain accents -- Guitar Maple and San Macassar. Ford Taurus: An Automotive Icon The Ford Taurus was a milestone in automotive design when it was introduced in 1985. It was the best-selling car in America for five straight years, starting in 1992. At its peak, Taurus posted annual sales of more than 400,000 units. When production of the original Taurus ended after 21 years on Oct. 27, 2006, nearly 7 million cars had been sold -- and an estimated 3.5 million Taurus models remain on the road today. The Taurus name remains powerful today. In fact, it is one of top three most recognized Ford nameplates, behind only the F- Series and Mustang. Consumer awareness of the Taurus nameplate remains at an impressive 80%. "The Ford Five Hundred has been a solid product, and it has one of the highest satisfaction rates in our lineup," said Cisco Codina, Ford's group vice president of North America Marketing, Sales and Service. "Once people discover the vehicle, nearly 60% end up buying one. "The Taurus will be even better thanks to significant upgrades -- and, now, a name that people know. Going forward, we're going to cherish this iconic name with the same clarity, confidence, and intensity as we do with F-Series and Mustang," Mr. Codina added. The new Taurus X crossover builds on the strength of its namesake, while underscoring Ford's commitment to leadership in crossover vehicles. Crossovers already have surpassed SUVs in annual vehicle sales, and Ford predicts they will become the largest or second largest segment in the U.S. by the end of the decade -- with sales of 3 million units. The three-row, seven-passenger Taurus X will complement the sporty and popular two-row, five-passenger Ford Edge in the lineup. The two crossovers will be joined by yet another large Ford crossover -- based on the Ford Fairlane concept vehicle, which will debut later this year and go on sale in 2008. "The Taurus and Taurus X draw design cues from the Fusion sedan and Edge crossover. This family relationship will be a huge asset. The Fusion is an unqualified success, and the Edge is off to an even faster start than we saw for the Fusion," Mr. Codina said. Sable Returns to Mercury The Sable name today maintains an impressive 60% consumer awareness level. With the new 2008-model, Sable will offer the same differentiation that already is proving to be a success in the marketplace with the Mercury Mariner and Mercury Milan. "Our newest Mercurys are attracting new customers and doing a great job at appealing to women," Mr. Codina said. "The Mercury Mariner attracts more new customers today to Ford and Lincoln Mercury than any other nameplate, except the Ford Mustang. And about half of Mercury Milan customers are women, which is a higher rate than for the Honda Accord, Toyota Camry, or Volkswagen Passat," Codina added. Mercury's signature design cues -- including satin aluminum accents, high contrast interiors, and upscale trim and detailing -- will differentiate the new Sable from the Taurus in the same way as the Mariner and Milan. About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures and distributes automobiles in 200 markets across six continents. With more than 324,000 employees worldwide, the company's core and affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive- related services include Ford Motor Credit Company and The Hertz Corporation. * * * As reported in the TCR-Europe on Dec. 13, 2006, Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2' recovery ratings on Ford Motor Co. after the company increased the size of its proposed senior secured credit facilities to between US$17.5 billion and US$18.5 billion, up from US$15 billion. As reported in the Troubled Company Reporter on Dec. 7, 2006, Fitch Ratings downgraded Ford Motor Company's senior unsecured ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of both the secured facilities and the senior unsecured convertible notes being offered. As reported in the Troubled Company Reporter on Dec. 6, 2006, Moody's Investors Service assigned a Caa1, LGD4, 62% rating to Ford Motor Company's US$3 billion of senior convertible notes due 2036. FORTRESS MIDLANDS: Taps Liquidator from Crawfords ------------------------------------------------- David Norman Kaye of Crawfords was nominated liquidator of Fortress (Midlands) Ltd. on Feb. 1 for the creditors' voluntary winding-up procedure. The company can be reached at: Fortress (Midlands) Ltd. Manor Court Manor Court Road Nuneaton Warwickshire CV115HU England Tel: 01455 616 355 G T ALMAX: Creditors' Meeting Slated for February 14 ---------------------------------------------------- Creditors of G T Almax Ltd. will meet at 11:30 a.m. on Feb. 14 at: Moore Stephens LLP Beaufort House 94-96 Newhall Street Birmingham B3 1PB England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 12 and Feb. 13 at the said address. Moore Stephens -- http://www.moorestephens.co.uk/-- offers audit, business support, corporate finance, corporate recovery, dispute analysis, financial services, insurance broking, IT consultancy, pensions audit, risk advisory services, tax and trusts & estates services. Its U.K. network comprises over 1,400 partners and staff. GLASSLAM EUROPE: Claims Filing Period Ends March 31 --------------------------------------------------- Creditors of Glasslam Europe Ltd. have until March 31 to send in their full names, addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any), to: David Elliott Liquidator Moore Stephens LLP Victory House Admiralty Place Chatham Maritime Kent ME4 4QU England David Elliott of Moore Stephens LLP was appointed liquidator of the company on Jan. 31. The company can be reached at: Glasslam Europe Ltd. Lower Road Minster on Sea Sheerness Kent ME123RT England Tel: 01795 873 399 Fax: 01795 873 373 GLEN SECURITY: Hires A. H. Tomlinson to Liquidate Assets -------------------------------------------------------- A. H. Tomlinson of Tomlinsons was appointed liquidator of Glen Security Ltd. on Jan. 4 for the creditors' voluntary winding-up proceeding. The liquidator can be reached at: Glen Security Ltd. St. John's Court 72 Gartside Street Manchester M3 3EL England ICT CENTRE: Creditors' Meeting Slated for February 15 ----------------------------------------------------- Creditors of The ICT Centre Ltd. will meet at 10:30 a.m. on Feb. 15 at the offices of: Begbies Traynor No. 1 Old Hall Street Liverpool L3 9HF England A list of names and addresses of the company's creditors will be available for inspection free of charge on Feb. 13. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. INVENSYS PLC: Has GBP219-Mln Stockholders' Deficit at Dec. 31 ------------------------------------------------------------- Invensys Plc released its unaudited financial results for the three months ended Dec. 31, 2006. Invensys reported GBP42 million in net profit against GBP637 million in net revenues for the three months ended Dec. 31, 2006, compared with GBP3 million in net loss against GBP611 million in net revenues for the same period in 2005. At Dec. 31, 2006, the company's balance sheet showed GBP1.9 billion in total assets and GBP2.1 billion in total liabilities, resulting in a GBP219-million stockholders' deficit. "I am pleased that we have made further overall progress in the third quarter which has enabled us to report another good set of results," Ulf Henriksson, Chief Executive Officer of Invensys plc, commented. "Process Systems produced another strong performance. Rail Systems showed good revenue growth although order intake was impacted by the phasing of Network Rail project bookings in the U.K. Controls produced another satisfactory result despite the weakness in those businesses supplying the US new residential construction market and I am encouraged that APV produced a profit for a fourth consecutive quarter." "Financing charges were significantly reduced due to the benefits of the 2006 Refinancing (3), resulting in a net profit in the quarter of GBP42 million compared with a small loss in the third quarter last year. Operating cash flow, although lower than last year, was strong at GBP56 million representing 100% conversion. "With the improved performance in the period and continued progress in achieving a balance of results between quarters, the Board remains confident of a satisfactory outturn for the financial year as a whole," Mr. Henriksson added. About Invensys Plc Based in London, United Kingdom, Invensys Plc -- http://www.invensys.com/-- is a global automation, controls and process solutions Group operating in more than 60 countries worldwide. The company operates through six units: Controls, Process Systems, Rail Systems, APV, Wonderware, and Eurotherm. For the 12 ended March 31, 2006, Invensys had GBP2.5 billion in total revenues from continuing operations. * * * Invensys Plc carry these ratings: * Moody's Investors Service: -- Long-Term Corporate Family Rating: Ba3 -- Senior Unsecured Debt: B2 -- Outlook: Stable * Standard & Poor's Ratings Services: -- Long-Term Foreign Issuer Credit Rating: B+ -- Long-Term Local Issuer Credit Rating: B+ -- Outlook: Positive * Fitch Ratings: -- Long-Term Issuer Default Rating: BB- -- Senior Unsecured Debt: B+ -- Short Term: B -- Outlook: Stable K D S ELECTRICAL: Creditors' Meeting Slated for February 16 ----------------------------------------------------------- Creditors of K D S Electrical Services Ltd. will meet at 11:00 a.m. on Feb. 16 at: Tomlinsons St. John's Court 72 Gartside Street Manchester M3 3EL England A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 14 at the offices of Tomlinsons. Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all types of business recovery and insolvency procedures, as well as offering advice to companies and individuals who believe they may be heading towards, or are already in, financial difficulty. KENT CABINETS: Appoints Jason Groocock as Liquidator ---------------------------------------------------- Jason Groocock of HKM LLP was appointed liquidator of Kent Cabinets Ltd. on Feb. 2 for the creditors' voluntary winding-up proceeding. The liquidator can be reached at: HKM LLP The Old Mill 9 Soar Lane Leicester LE3 5DE England KNOWDRAMA LTD: Creditors' Meeting Slated for February 21 -------------------------------------------------------- Creditors of Knowdrama Ltd. (t/a Sessions) will meet at 11:30 a.m. on Feb. 21 at: Carter Clark Meridian House 62 Station Road North Chingford London E4 7BA England Creditors who want to vote at the meeting have until noon on Feb. 20 to submit their proxy forms together with particulars of their claims or of any security at the said address. Alan J. Clark of Carter Clark will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. LUMASIGN LTD: Creditors' Meeting Slated for February 14 ------------------------------------------------------- Creditors of Lumasign Ltd. will meet at 10:30 a.m. on Feb. 14 at the offices of: Griffith & Griffith Century House 31 Gate Lane Boldmere Sutton Coldfield B73 5TR England Creditors who want to vote at the meeting have until noon on Feb. 13 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 free of charge between 10:00 a.m. and 4:00 p.m. on Feb. 12. MEADGATE LTD: Brings In KPMG to Administer Assets ------------------------------------------------- Stephen Treharne and Finbarr Thomas O'Connell of KPMG LLP were appointed joint administrators of M eadgate Ltd. (A Company registered in the British Virgin Islands)(Company Number 573247) on Jan. 26. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. Meadgate Ltd. can be reached at: 7 Pendock Court Emersons Green Bristol Avon BS16 7PA England Tel: 0117 956 8277 MEDWAY T & G: Creditors' Meeting Slated for February 23 ------------------------------------------------------- Creditors of Medway T & G Services Ltd. will meet at 11:45 a.m. on Feb. 23 at: S G Banister & Co. 40 Great James Street London WC1N 3HB England Tim Clunie of S G Banister & Co. will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require during the period before the day on which the meeting is to be held. PREFERRED RESIDENTIAL: S&P Puts Class D Notes on Watch Positive --------------------------------------------------------------- Standard & Poor's Ratings Services placed its credit ratings on the class B, C, and D notes issued by Preferred Residential Securities 7 PLC on CreditWatch with positive implications. The senior class A notes are unaffected by these CreditWatch placements. The CreditWatch placement follows an initial review of the most recent transaction information received by Standard & Poor's. This is the first time that any of the Preferred Residential Securities transactions have been placed on CreditWatch Positive. The initial analysis showed that the likelihood of a positive rating action has increased for the class B, C, and D notes, and levels of credit enhancement available to these notes have improved. Standard & Poor's has received loan-level data for this transaction and will now carry out a more detailed loan-level and cash flow analysis to investigate whether any or all of these notes can attain a higher rating. The results of this review and any changes in the ratings are expected within one month of this media release. The notes, issued in January 2004, are backed by a pool of first fixed-charge mortgage loans secured on freehold and leasehold properties in the U.K. This is the seventh RMBS transaction originated by Preferred Mortgages Ltd. Ratings List Preferred Residential Securities 7 PLC GBP600 Million Mortgage-Backed Floating-Rate Notes Class Rating To From Ratings Placed On CreditWatch With Positive Implications B AA/Watch Pos AA C BBB+/Watch Pos BBB+ D BB/Watch Pos BB QUICK PRINTS: Brings In Liquidator from Stones & Co. ---------------------------------------------------- Gary Stones of Stones & Co. was appointed liquidator of Quick Prints (Neath) Ltd. on Feb. 2 for the creditors' voluntary winding-up procedure. The company can be reached at: Quick Prints (Neath) Ltd. 42 Queen Street Neath West Glamorgan SA111DL Wales Tel: 01639 630 906 Fax: 01639 630 906 READER'S DIGEST: High Leverage Cues Moody's to Cut Ratings to B2 ---------------------------------------------------------------- Moody's Investors Service downgraded The Reader's Digest Association's Corporate Family rating to B2 from Ba1, concluding the review for downgrade initiated on Sept. 6, 2006, and continued on Nov. 16, 2006, in connection with the proposed US$2.4 billion acquisition by a consortium of investors led by Ripplewood Holdings LLC. The downgrade reflects the significant increase in leverage that will occur as a result of the debt-financed buyout and RDA's concurrent combination with Ripplewood portfolio companies WRC Media Inc. and Direct Holdings U.S. Corp. Moody's also assigned a Ba3 rating to Doctor Acquisition Co.'s proposed US$1.46 billion senior secured credit facilities and B3 rating to DAC's proposed US$750 million senior subordinated notes to be issued in connection with the acquisition. Together with US$466 million of cash common equity and the sale of US$274 million of senior PIK preferred stock by RDA Holding Co., the parent holding company established by Ripplewood for this transaction, the proceeds will be used as: * US$1.7 billion to fund the buyout of RDA's common stock; * approximately US$700 million to retire existing RDA debt,; * US$194 million to retire existing debt and other obligations of Weekly Reader and Direct Holdings; and, * approximately US$140 million for transaction-related fees and expenses including a US$25 million transaction fee to Ripplewood. DAC is an acquisition vehicle owned by Ripplewood and affiliates that will be merged into RDA to complete the acquisition with RDA continuing as the survivor and borrower post-closing. The rating outlook is stable. Downgrades: * Reader's Digest Association, Inc. -- Corporate Family Rating, Downgraded to B2 from Ba1 -- Probability of Default Rating, Downgraded to B2 from Ba1 Assignments: * Doctor Acquisition Co. -- Corporate Family Rating, Assigned B2 -- Probability of Default Rating, Assigned B2 -- Guaranteed Senior Secured Revolver, Assigned Ba3 LGD2, 28 -- Guaranteed Senior Secured Term Loan B, Assigned Ba3 LGD2, 28 -- Guaranteed Senior Subordinated Notes, Assigned B3 LGD5- 76 Outlook Actions: * Reader's Digest Association, Inc. -- Outlook, Changed To Stable From Rating Under Review * Doctor Acquisition Co. -- Outlook, Assigned Stable The B2 CFR reflects the combined company's high leverage, low EBITDA margins and the moderate growth prospects of the mature and largely print-based publishing portfolio. Moody's expects debt-to-EBITDA will remain high at approximately 7.2-7.4x in FY 2008. Debt reduction will initially be modest due to the higher interest burden and spending associated with restructuring actions. Recognizable brands, significant global presence and broad diversity of publishing products support the ratings. Moody's believes the publishing product lines are mature, but that new initiatives including the Everyday with Rachel Ray magazine, Taste of Home Entertaining business and continued expansion into developing countries will contribute to modest revenue growth. A key area of focus is improving the cost structure and operational efficiency to drive margin expansion. The company's print publishing and direct marketing businesses nevertheless have high customer churn and acquisition costs, and recurring editorial and paper costs that restrain margin potential. Moody's believes the high leverage and weak margins limit financial flexibility over the intermediate term. The stable rating outlook reflects Moody's expectation that cost savings and moderate revenue gains will lower debt-to-EBITDA over the next 12-18 months. Moody's believes the credit agreement provides near term flexibility for cost reduction plans to gain traction as the debt-to-EBITDA covenant does not begin until March 31, 2008. The Ba2 rating on RDA's existing US$300 million notes remains on review for downgrade pending the outcome of the tender offer for the notes. Moody's will withdraw the rating if the notes are repaid in connection with the tender offer and would likely lower the rating to B3/LGD4 on any stub portion that remains after the tender offer. Headquartered in Pleasantville, New York, The Reader's Digest Association, Inc, -- http://www.rda.com-- is a global publisher and direct marketer of products including magazines, books, recorded music collections and home videos. Products include Readers Digest magazine, which is published in 50 editions and 21 languages. Annual revenues approximate US$2.4 billion. The company has offices in Australia, Hong Kong, Malaysia, Singapore, Taiwan, the Philippines, Poland, Portugal, Hungary and the United Kingdom. S M REFRIGERATION: Claims Registration Ends June 30 --------------------------------------------------- Creditors of S M Refrigeration & Electrical Ltd. have until June 30 to prove their debts by sending in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Melanie R. Giles Liquidator JonesGiles Ltd. 246 Peverell Park Road Plymouth PL3 4QG England Creditors of the company confirmed the appointment of Melanie R. Giles of JonesGiles Ltd. as liquidator on Feb. 2. The company can be reached at: Quarry Crescent Pennygillam Industrial Estate Launceston Cornwall PL15 7PF England Tel: 0800 072 9282 Fax: 01566 775 222 SEA CONTAINERS: Committee Retains Morris Nichols as Counsel ----------------------------------------------------------- The Official Committee of Unsecured Creditors in Sea Containers, Ltd. and its debtor-affiliates bankruptcy case obtained authority from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court for the District of Delaware to retain Morris, Nichols, Arsht & Tunnell LLP as its Delaware counsel, nunc pro tunc to Oct. 26, 2006. As reported in the Troubled Company Reporter on Jan. 23, 2007, the Creditors Committee selected Morris Nichols because of the firm's extensive experience, knowledge and resources in the fields of, inter alia, debtors' and creditors' rights and business reorganizations under Chapter 11 of the Bankruptcy Code, Andrew B. Cohen, managing director of Dune Capital LLC, relates. Specifically, Morris Nichols will: (a) advise the Creditors Committee with respect to its rights, duties and powers in the Debtors' Chapter 11 cases; (b) assist and advise the Creditors Committee in its consultations with the Debtors relative to the administration of their cases; (c) assist the Creditors Committee in analyzing the claims of the Debtors' creditors in negotiating with them; (d) assist with the Creditors Committee's investigation of the acts, conduct, assets liabilities and financial condition of the Debtors and of the operation of their business; (e) assist the Creditors Committee in its analysis of, and negotiations with, the Debtors or their creditors concerning matters related to, among other things, the terms of a plan of reorganization for the Debtors; (f) assist and advise the Creditors Committee with respect to its communications with the general creditor body regarding significant matters in the Debtors' bankruptcy cases; (g) assist and counsel the Creditors Committee in respect to its organization, the conduct of its business and meetings, the dissemination of information to its constituency, and other matters as are reasonably deemed necessary to facilitate the administrative activities of the Committee; (h) attend the meetings of the Creditors Committee; (i) represent the Creditors Committee at all hearings and other proceedings; (j) review and analyze all applications, orders, statements of operations and schedules filed with the Court and advise the Creditors Committee as to their propriety; (k) assist the Creditors Committee in preparing pleadings and applications as may be necessary in furtherance of the Creditors Committee's interests and objectives; and (1) perform other legal services as may be required and are deemed to be in the interests of the Creditors Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. Morris Nichols will be paid on an hourly basis, plus reimbursement of actual and necessary expenses incurred: Designation Hourly Rate ----------- ----------- Partners US$425 - US$625 Associates US$220 - US$400 Paraprofessionals US$175 Case Clerks US$100 William H. Sudell, Jr., Esq., a partner at Morris Nichols, assures the Court that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. Morris Nichols does not hold or represent any interest adverse to the Debtors' estates or their creditors, Mr. Sudell adds. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA, SCRB) -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, 2006, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and $1.6 billion in total debts. The Debtors' exclusive period to file a chapter 11 plan of reorganization expires on June 12, 2007. (Sea Containers Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) SEA CONTAINERS: Trustee Opposes Houlihan's Employment as Advisor ---------------------------------------------------------------- Kelly Beaudin Stapleton, United States Trustee for Region 3, asks the U.S. Bankruptcy for District of Delaware to deny the request of the Official Committee of Unsecured Creditors in Sea Containers, Ltd. and its debtor-affiliates' chapter 11 case for authority to employ Houlihan Lokey Howard & Zukin Capital, Inc. as financial advisor, nunc pro tunc to Oct. 26, 2006. The U.S. Trustee asserts that the proposed compensation for the retention of Houlihan Lokey Howard & Zukin Capital, Inc. is not reasonable. As reported in the Troubled Company Reporter on Jan. 24, 2007, as compensation for the firm's services, the Debtors will pay Houlihan Lokey a fee of US$150,000 per month beginning Oct. 26, 2006, and after that on the 26th day of each subsequent month until termination or expiration of the agreement. Upon consummation of any Transaction, Houlihan Lokey will be paid in cash an additional fee of US$2,100,000, offset by US$50,000 of each Monthly Fee, if any, earned and paid on or after March 26, 2007. Houlihan Lokey will also seek reimbursement for reasonable out-of-pocket expenses incurred in connection with its engagement. However, the U.S. Trustee proposes that the deferred fee, which is the sum of US$2,100,000 less a credit of US$50,000 per month commencing March 26, 2007, be subjected to review for reasonableness. In addition, the definition of transaction is ambiguous under the facts and circumstances of the Debtors' Chapter 11 case. The Debtors have more than 100 non-debtor affiliates and subsidiaries and it is possible that substantially all the assets of one or more of these affiliates and subsidiaries will be sold through the course of the bankruptcy proceeding. The U.S. Trustee seeks clarification whether or not Houlihan Lokey will claim more than one Deferred Fee since there may be multiple Transactions during the course of the Debtors' Chapter 11 cases. The U.S. Trustee also points out that it is inappropriate for a professional retention application to purport to limit the potential liability of a professional. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA, SCRB) -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, 2006, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. (Sea Containers Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) The Debtors' exclusive period to file a chapter 11 plan expires on June 12, 2007. SIMCLAR GROUP: Deputy Enterprise Minister Calls for DTI Probe ------------------------------------------------------------- Deputy enterprise minister Allan Wilson asked the Department of Trade and Industry to investigate the shutdown of two Simclar Group factories in Ayrshire, Scotsman says. According to published reports, Mr. Wilson called for DTI to probe into the transfer of assets and contracts of the company, after he met with Simclar administrators, union leaders and members of the Scottish Parliament on Feb. 5. "There are unanswered questions. We owe it to the workforce to get the bottom of them," Mr. Wilson disclosed. A Simclar Group spokesman told DailyRecord that "significant efforts" were made to keep Ayrshire workable but they had "significant difficulties" such as the loss of several key contracts. "The company's handling of the very serious financial situation we faced will, we are sure, be vindicated during the administration process and any investigation by third parties," he added. The closure of Simclar's plants in Irvine and Kilwinning led to the loss of 420 jobs. The company disclosed that its site in Dunfermline, with 300 workers, would continue to operate. Headquartered in Dunfermline, Scotland, The Simclar Group -- http://www.simclar.com/-- is a global solutions provider, offering complete manufacturing and fulfillment services to customers. The company has facilities in Europe, the U.S. Mexico and China with about 1,800 employees worldwide. SMILE SECURITIZATION: S&P Rates Class E Notes at Prelim BB- ----------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the asset-backed floating-rate notes to be issued by SMILE Securitization Company 2007 B.V., a special purpose entity. At the same time, SMILE will issue an amount of unrated notes equal to 0.3% of the portfolio. The purpose of this transaction is to achieve regulatory and economic capital relief through the transfer of the credit risk associated with a pool of loans to Dutch SMEs. The note proceeds will be used to purchase the loan portfolio from ABN AMRO Bank N.V., which originated the loans. The purchase price will be equal to the nominal outstanding principal balance of the receivables. Ratings List SMILE Securitization Company 2007 B.V. EUR TBD Billion Asset-Backed Floating-Rate Notes Prelim Rating Prelim Class (Mil. EUR) amount ----- ------------- ------- A AAA TBD B AA TBD C A TBD D BBB TBD E BB- TBD F NR TBD STEM CELL: Losses Rise to EUR4.5 Million in 2006 ------------------------------------------------ Stem Cell Sciences plc released its financial results for the year ended Dec. 31, 2006. Stem Cell Sciences plc posted EUR4.47 million in net loss on EUR1.11 million in net sales for the full year 2006, compared with EUR3.57 million in net loss on EUR1.27 million in net sales for the same period in 2005. As of Dec. 31, 2006, Stem Cell Sciences plc had EUR6.07 million in total assets, EUR1.88 million in total liabilities and EUR4.2 million in shareholders' equity. "The company made significant progress in pursuing its strategy, particularly strengthening the infrastructure and business development," said Peter Mountford, president and chief executive officer of Stem Cell Sciences. "Importantly, with these solid foundations, and the successful in-licensing of several new products, SCS expects to see revenue growth in the coming year. The Board continues to be optimistic on the opportunities available to SCS and looks forward to an exciting 2007." About Stem Cell Sciences plc London-based Stem Cell Sciences plc -- http://www.stemcellsciences.com/-- is a global biotechnology company, established in 1994 in Melbourne, Australia, providing products in stem cell research and drug discovery markets, in addition to the targeted development of cell-based therapies for neurodegenerative disease and injury. The company has established an intellectual property and technology portfolio that enables the commercial application of stem cells in drug discovery, providing the company with early- stage revenue streams and technology development for at scale cell production of SCS cell-based therapeutics. The company's principal focus is in neurological disease. Revenues in the neurotech market, including pharmaceuticals, devices, and diagnostics, grew 10% in 2005 to US$110 billion. SCS operates as a group of independent operations with laboratories in Scotland, Japan, and Australia, each of which is affiliated with an academic center of excellence. These include the Institute of Stem Cell Research, Edinburgh, UK, RIKEN Center for Development Biology, Kobe, Japan, and the Australian Stem Cell Center, Melbourne, Australia. The company reported three consecutive annual net losses of EUR4.47 million in 2006, EUR3.57 million in 2005, and EUR2.19 million in 2004. STEPHEN JOHNSON: Joint Liquidators Take Over Operations ------------------------------------------------------- Stephen Lord and Stephen James Wainwright of Poppleton & Appleby were appointed joint liquidators of Stephen Johnson PLC on Feb. 1 for the creditors' voluntary winding-up procedure. The company can be reached at: Stephen Johnson PLC 70-72 Yorkshire Street Salford Lancashire M3 5EG England Tel: 0161 832 4002 Fax: 0161 832 4001 UIC INSURANCE: U.S. Court Grants Relief Under Sec. 304 ------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York issued Dec. 8, 2006, an order granting UIC Insurance Company Ltd., relief under Section 304 of the U.S. Bankruptcy Code. The order recognizes the Debtor's foreign proceedings in the High Court of Justice of England and Wales and granted UIC Insurance injunctive relief that will give full force and effect to a Scheme of Arrangement in the United States. English Proceeding The Debtor is subject to a collective proceeding currently pending before the English High Court, in accordance with a Scheme of Arrangement pursuant to Section 425 of the Companies Act 1985 between the Debtor and its Scheme Creditors. On Aug. 13, 1996, Ipe Jacob and Nigel Ruddock were appointed joint provisional liquidators for UIC Insurance. On Oct. 6, 2006, the English Court sanctioned the Scheme of Arrangement, which became effective on Nov. 6, 2006. Except as provided in the Scheme of Arrangement, all Scheme Creditors are required to: (a) turn over and account to the Scheme Manager for any property of the Debtor that is related to the Scheme Business and located in the U.S. or any proceeds thereof, of which they have possession, custody or control; (b) deliver to the Scheme Manager any documents of the Debtor that relate to the Scheme Business or may be required by the Scheme Manager; and (c) notify the Scheme Manager on claims against the Debtor or its property arising out of the Scheme Business in which UIC is a party and put the Petitioner's U.S. counsel on the master service list. The Scheme Officers are represented in the U.S. by: Howard Selfe, Esq Francisco Vazquez, Esq. Chadbourne & Parke LLP 30 Rockefeller Plaza New York, NY10112 Tel: (212) 408-5100 Scheme of Arrangement The Debtor commenced the English proceeding to obtain the English Court's approval of the Scheme of Arrangement. A scheme of arrangement becomes legally binding when: (a) a majority in number representing not less than 75% in value of creditors vote in favor of the scheme; (b) the court subsequently enters and order sanctioning the scheme of arrangement; and (c) a copy of that order is delivered to the registrar of companies for registration. The joint provisional liquidators sought the relief as a requirement to give effect to the Scheme of Arrangement in the U.S. and to prevent the Scheme and the English Proceeding from being frustrated. Creditors have until noon on March 7 to submit completed claim forms to the Scheme Officers in the United Kingdom. VIRTEX INTERNATIONAL: Calls In Liquidator from Irwin & Co. ---------------------------------------------------------- Gerald Irwin of Irwin & Co. was appointed liquidator of Virtex International Ltd. (formerly Virtual Exhibitions Ltd.) on Feb. 1 for the creditors' voluntary winding-up proceeding. The liquidator can be reached at: Irwin & Co. Station House Midland Drive Sutton Coldfield West Midlands B72 1TU England WESTMORELAND TRUCK: Creditors' Meeting Slated for February 23 ------------------------------------------------------------- Creditors of Westmoreland Truck Bodies Ltd. will meet at 1:30 p.m. on Feb. 23 at: Campanile Hotel Beverley Road Freetown Way Hull HU2 9AN England Creditors who want to vote at the meeting have until noon on Feb. 22 to submit their proxy forms together with particulars of their claims or of any security at the office of: Jacksons Jolliffe Cork Lowgate House Lowgate Hull HU1 1EL England A list of names and addresses of the company's creditors will be available for inspection free of charge on Feb. 21. Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages exclusively in business recovery and insolvency work and comprises certified and chartered accountants, licensed insolvency practitioners and business turnaround consultants, many having joined us from senior positions within National firms. YELL GROUP: Earns GBP163.4 Million in Nine Months Ended Dec. 31 --------------------------------------------------------------- Yell Group plc released its unaudited financial results for the nine months ended Dec. 31, 2006. Yell Group reported GBP163.4 million in net profit against GBP1.4 billion in net revenues for the nine months ended Dec. 31, 2006, compared with GBP147.3 million in net profit against GBP1.1 billion in net revenues for the same period in 2005. At Dec. 31, 2006, the Group's consolidated balance sheet showed GBP6.4 billion in total assets and GBP4.9 billion in total liabilities, resulting in a GBP1.5-billion stockholders' equity. "We have again delivered strong organic growth with particularly strong growth in our online channels, Yell CEO John Condron said. "At the same time we have focused on developing our acquisitions for future growth. Integration is progressing as expected with new sales management in place at TransWestern and a good start at TPI, which has been renamed Yell Publicidad. "In the U.K., we are confident that the future relaxation of regulation will give us greater flexibility in the competitive print market," Mr. Condron added. "This nine month performance underpins our confidence that we are on track to meet year end expectations," Yell CFO John Davis said. "Our organic revenue growth of more than 7% at a constant exchange rate, overall EBITDA margins of 33% and cash conversion of 82% together demonstrate the robust nature of our businesses in their dynamic markets. Underlying earnings per share, excluding the impact of issuing shares for the acquisition of TPI ahead of the acquisition itself and at a constant exchange rate, grew 13.2%." A full-text copy of the company's financial report for the nine months ended Dec. 31, 2006 is available for free a http://ResearchArchives.com/t/s?19a6 Headquartered in Reading, England, Yell Group plc -- http://www.yellgroup.com/-- is an international directories business operating in the classified advertising market through printed, online and phone media in the U.K. and the US. * * * As of Feb. 9, Yell Group plc carry these ratings: * Moody's Investors Service: -- Long-Term Corporate Family Rating: Ba3 -- Outlook: Stable * Standard & Poor's Ratings Services: -- Long-Term Foreign Issuer Credit Rating: BB- -- Long-Term Local Issuer Credit Rating: BB- -- Outlook: Stable * Deloitte Warns Insolvency Crisis for U.K. Manufacturers --------------------------------------------------------- Many small and medium sized manufacturers could face insolvency unless they take radical action to deal with their pension deficit, says Deloitte & Touche LLP, the business advisory firm. According to recent figures from the Pensions Regulator and Pensions Protection Fund, U.K. manufacturers have GBP19 billion of pension deficits, and it is SMMs who face the most precarious future. They often have deficits greater than the total value of the business and for many SMMs insolvency seems inevitable. "Increased life expectancy and lower than expected investment returns are contributory factors creating a situation where many U.K. manufacturers may never clear their deficit," Jane Lodge, U.K. Manufacturing industry leader at Deloitte says. "Unless this issue is addressed, the most likely outcome is that manufacturing companies may fold and their pension schemes will be taken over by the PPF." Insolvency could result in shareholders receiving little or no return on their investment while employees and former employees could receive greatly reduced pension entitlements. Further, the PPF could become overwhelmed by the net liabilities of former manufacturing companies. For many of these businesses, the alternative lies in a Company Voluntary Arrangement. A CVA allows manufacturers to offset some of their deficits against future earnings. Although stakeholders need to accept a smaller return, it may be greater than would be available through a formal insolvency procedure. Tony Clare, pensions partner at Deloitte comments: "A CVA, backed by the various stakeholders, including the PPF and TPR, can result in a solvent company and job security, albeit at the partial expense of the pension scheme. The alternative would likely result in the loss of all jobs and an even smaller entitlement for pension scheme members under the PPF." Ms. Lodge adds: "What initially looks like a hopeless situation can be turned around, resulting in a revitalized manufacturing company with a solvent balance sheet free of historical pension liabilities." About Deloitte 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. * BOND PRICING: For the Week February 12 to February 17, 2007 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRIA ------- Kommunal Kredit Austria AG 0.500 03/15/19 CDN 63.38 0.250 10/14/26 CDN 37.57 Republic of Austria 7.000 08/04/25 EUR 70.15 5.000 10/10/25 EUR 69.41 GERMANY ------- Kommunekredit 0.500 05/11/29 CDN 40.57 FINLAND ------- Muni Finance PLC 0.250 06/28/40 CDN 19.50 0.500 09/24/20 CDN 58.07 1.000 11/21/16 NZD 58.85 0.500 04/26/13 AUD 70.57 1.000 03/19/13 AUD 73.48 FRANCE ------ Accor S.A. 1.750 01/01/08 EUR 67.04 Alcatel S.A. 4.750 01/01/11 EUR 17.13 Altran Technologies S.A. 3.750 01/01/09 EUR 12.39 AXA S.A. 6.000 01/29/49 EUR 70.94 BNP Paribas 0.250 12/20/14 US$ 67.13 CAP Gemini S.A. 2.500 01/01/10 EUR 56.97 1.000 01/01/12 EUR 52.88 Club Mediterranee S.A. 3.000 11/01/08 EUR 65.70 4.375 11/01/10 EUR 50.53 Elior S.A. 1.000 06/08/07 EUR 19.82 Havas S.A. 4.000 01/01/09 EUR 10.68 Infogrames Entertainment S.A. 4.000 04/01/09 EUR 7.20 1.500 07/01/11 EUR 23.49 Ingenico 2.750 01/01/12 EUR 20.01 Maurel & Prom 3.500 01/01/10 EUR 22.57 Publicis Group 0.750 07/17/08 EUR 35.47 1.000 01/18/18 EUR 43.81 Rallye 3.750 01/01/08 EUR 49.00 Scor S.A. 4.125 01/01/10 EUR 2.49 Soc Air France 2.750 04/01/20 EUR 36.57 Soitec 4.625 12/20/09 EUR 22.53 SR Teleperform 3.250 01/01/08 EUR 34.92 Thomson (EX-TMM) 1.000 01/01/08 EUR 39.10 Valeo 2.375 01/01/11 EUR 47.21 Vivendi Universal S.A. 1.750 10/30/08 EUR 32.16 Wendel Invest S.A. 2.000 06/19/09 EUR 52.92 GERMANY ------- Deutsche Bank AG 5.000 10/13/35 EUR 69.15 KfW Bankengruppe 0.500 10/30/13 AUD 67.60 0.500 12/19/17 EUR 68.00 5.000 07/07/20 EUR 76.11 5.000 07/29/20 EUR 77.21 6.000 07/21/25 EUR 73.94 5.000 09/01/25 EUR 76.13 5.000 08/10/30 EUR 70.94 Landeskreditbank Baden- Wuerttemberg Foerderbk 0.500 05/10/27 CDN 43.93 ICELAND ------- Kaupthing Bank 6.500 02/03/45 EUR 71.43 IRELAND ------- Depfa ACS Bank 0.500 03/03/25 CDN 48.03 0.250 07/08/33 CDN 26.49 Irish Perm Plc 6.125 02/15/35 EUR 70.03 Magnolia Finance IV Plc 1.050 12/20/45 US$ 25.42 LUXEMBOURG ---------- Parmalat Soparfi S.A. 6.125 05/23/32 EUR 43.83 Teksid Aluminum S.A. 12.375 07/15/11 EUR 62.29 NETHERLANDS ----------- BK Ned Gemeenten 0.500 06/27/18 CDN 62.95 0.500 02/24/25 CDN 48.07 EM.TV Finance B.V. 5.250 05/08/13 EUR 5.71 Gerling Global Rentefonds 6.625 08/16/21 EUR 59.60 Lehman Bros TSY B.V. 8.250 03/16/35 EUR 70.63 Ned Waterschapbk 6.500 08/15/35 EUR 72.95 Nib Capital Bank N.V. 7.000 02/21/40 EUR 64.04 Parmalat Finance BV 5.500 03/30/09 EUR 27.98 Rabobank Groep N.V. 6.000 02/22/35 EUR 76.20 8.000 02/23/35 EUR 67.17 5.000 02/28/35 EUR 77.16 7.000 03/23/35 EUR 72.82 6.000 06/30/45 EUR 73.60 NORWAY ------ Kommunalbanken A.S. 0.500 02/07/13 AUD 70.24 SWEDEN ------ AB Svensk Export 0.500 03/27/13 AUD 70.50 UNITED KINGDOM -------------- Anglian Water Finance Plc 2.400 04/20/35 GBP 56.91 1.678 07/03/56 GBP 36.26 National Grid Gas Plc 2.228 06/28/35 GBP 56.91 1.754 10/17/36 GBP 49.50 1.771 03/30/37 GBP 49.54 Royal BK Scotland Plc 0.250 03/27/14 US$ 71.07 9.500 04/04/25 US$ 74.15 7.000 06/09/25 EUR 73.17 7.000 06/29/30 EUR 68.49 7.000 02/15/45 US$ 72.50 6.500 02/23/45 EUR 72.83 RSL Communications Plc 10.125 03/01/08 US$ 6.39 TXU Eastern Funding Co. 6.750 05/15/09 US$ 5.44 Wessex Water Finance Plc 1.369 07/31/57 GBP 33.42 ********* 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 * * *