/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070313.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, March 13, 2007, Vol. 8, No. 51 Headlines A U S T R I A AUDIOSALES LLC: Claims Registration Period Ends April 24 CTS CHRISTLMAYR: Claims Registration Period Ends April 2 FAIRTRAUEN GELD: Claims Registration Period Ends April 3 FASALEX LLC: Claims Registration Period Ends April 16 H.M. WAIGLEIN: Claims Registration Period Ends April 19 MATA-LIGHTS: Claims Registration Period Ends March 27 MEGATECHNIK LLC: Administrator Declares Insufficient Assets PFEIFFER & RECHTBERGER: Claims Registration Period Ends March 28 SCHEMBERA & CO: Claims Registration Period Ends April 6 TKC LLC: Claims Registration Period Ends April 5 B E L G I U M NEC CORP: Warns Possible Delay of Annual Report Filing C Z E C H R E P U B L I C AGROBANKA PRAHA: Will File Bankruptcy Petition Due to Insolvency F R A N C E ITRON INC: Bags 25,000 Meter Order from Mexico's CFE TITANIUM METALS: Earns US$274.4 Million in Full Year 2006 F I N L A N D M-REAL OYJ: Posts EUR399-Million Net Loss for Full Year 2006 M-REAL OYJ: Moody's Downgrades Rating to B3 on Weak Performance F R A N C E ALCATEL-LUCENT: Unveils 3G and Mobile TV Access in Germany ALCATEL-LUCENT: Names Christian Reinaudo as European Ops Chief EUROTUNNEL GROUP: Balance Sheet Upside Down by GBP1.32 Billion G E R M A N Y AFP HYDRAULIK: Claims Registration Period Ends April 12 ALCATEL-LUCENT: Unveils 3G and Mobile TV Access in Germany ALTENBEUTHENER HEIZUNGS: Claims Registration Ends April 20 ATZ AUTOTEILE: Claims Registration Period Ends May 4 BAD TEAM: Claims Registration Period Ends April 3 BAUGESCHAFT MARIO: Claims Registration Period Ends April 17 BWU PARTNER: Claims Registration Period Ends April 18 DAIMLERCHRYSLER AG: Workers Opt for More Jobs Over Pay Cuts DAIMLERCHRYSLER: Chrysler Feb. Sales Outside North America Up 9% DAIMLERCHRYSLER AG: Chrysler Group to Recall Over 489,000 Units EDLER GMBH: Claims Registration Period Ends April 11 EURUS LTD: S&P Rates US$150-Mln Variable-Rate Notes at BB FB FASSADEN: Creditors' Meeting Slated for April 24 GAS-VERTRIEBS: Claims Registration Period Ends April 24 GEBA FACILITY: Claims Registration Period Ends April 12 GELLERMANN GMBH: Creditors' Meeting Slated for April 12 GERSOM GMBH: Claims Registration Ends April 13 KUTSCHER GMBH: Claims Registration Ends March 26 LIPPE-LOGISTIK GMBH: Claims Registration Ends April 15 MALEREIBETRIEB MENZEL: Claims Registration Ends April 19 OLEJNIK BAU: Claims Registration Ends April 23 OLLENSTAEDT PROJECT: Claims Registration Ends April 12 PLASTIKPRODUKTE HANDEWITT: Claims Registration Ends April 16 PROJEKTBAUGESELLSCHAFT ZS: Claims Registration Ends March 30 RHEIN-RUHR GEBAUDEREINIGUNGS: Claims Registration Ends April 23 SCHAFER CONTROL: Creditors Must Register Claims by April 13 SCHULZ UND SCHULZ: Creditors Must Register Claims by May 2 SCHYMIK PERSONALDIENSTLEISTUNGEN: Creditors' Claims Due April 25 STAR4YOU GMBH: Creditors Must Register Claims by April 24 TAG SCHROERS: Creditors Must Register Claims by May 5 TEPE IM: Claims Registration Ends April 23 TIEFBAU GMBH: Claims Registration Ends April 9 TIMELESS BUERO: Claims Registration Ends April 9 TISCHLEREI & BESTATTUNGEN: Claims Registration Ends April 24 TROCKENBAU WAIBLINGEN: Claims Registration Ends March 30 TVT DIGITALE: Claims Registration Period Ends April 10 USCHOLD GMBH: Claims Registration Period Ends April 27 VETTER HOCH: Claims Registration Period Ends April 9 VIETORIS & KRECHER: Claims Registration Period Ends April 5 WFK COMFORTHAUS: Claims Registration Period Ends April 19 I T A L Y FIAT SPA: Sets Aside Plans to Issue Eurobond POPOLARE ITALIANA: Shareholders OK EUR8.2-Bln Merger with BPVN POPOLARE ITALIANA: Eyes Merging Stakes in Other Biz with BPVN WARNER MUSIC: Board Declares US$0.13 Per Share Dividend K A Z A K H S T A N BEREKE LLP: Creditors Must File Claims by April 13 COMPANY TECHNOPLAST: Creditors' Claims Due April 20 DORSTROYPLAST LLP: Proof of Claim Deadline Slated for April 6 KAGANAT LLP: Claims Registration Ends April 20 KARLYGASH LLP: Claims Filing Period Ends April 13 NADEJDA LLP: Creditors Must File Claims by April 6 PARTNER-SERVICE LLP: Creditors' Claims Due April 13 STR-TRADE LLP: Proof of Claim Deadline Slated for April 20 TRIZATRADETEKS LLP: Claims Registration Ends April 6 ZAMAN-CENTRE LLP: Claims Filing Period Ends April 20 K Y R G Y Z S T A N AKTSETRADE LLC: Claims Filing Period Ends April 20 CITY TRADE: Creditors Must File Claims by April 20 N E T H E R L A N D S PROSPERO CLO: Moody's Rates US$13.5-Million Class D Notes at Ba2 N O R W A Y NORTEL NETWORKS: Subsidiary Obtains Default Waiver from Lender R U S S I A ALTAIR-S LLC: Creditors Must File Claims by March 17 ANTONEN CJSC: Creditors Must File Claims by March 17 AVEST-TRADE CJSC: Creditors Must File Claims by March 17 BANK TRUST: Fitch Affirms Low-B IDR With Stable Outlook CYPRESS CJSC: Creditors Must File Claims by March 17 GELENDZHIKSKIY LOGGING: Bankruptcy Hearing Slated for May 25 IGARSKIY SEA: Asset Sale Slated for March 21 IZHEVSKIY BREAD-MACARONI: Asset Sale Slated on March 22 KRASNODARSKAYA TOBACCO: Court Names E. Leyliyan to Manage Assets LUKOIL OIL: Fire Cues Shutdown of Volgograd Refinery for Repair MONOLITH LLC: Creditors Must File Claims by April 17 NIZHNEDEVITSK-AGRO-PROM-TRANS: D. Shumilin as Insolvency Manager OLENINSKIY WOOD-PROM-KHOZ: Creditors' Claims Due by March 17 OLVIS-SERVICE CJSC: Court Names I. Kuvshinov to Manage Assets ROSNEFT OIL: Confirms Two Yukos Nominees to Board SLAVYANSKOYE LLC: Voronezh Court Hearing Slated for April 26 VIMPELCOM: Moody's Lifts Rating to Ba2 on Strong Performance VNESHTORGBANK JSC: VRB Expands in Vietnam with Vung Tau Branch VORONEZH-FISH-COMPLEX: Creditors Must File Claims by April 17 YUG-MINIOIL-LABINSK: Creditors Must File Claims by April 17 S P A I N HIPOCAT 11: Moody's Junks EUR28-Million Series D Notes S W I T Z E R L A N D AESCHLIMANN PARKETT: Creditors' Liquidation Claims Due March 31 AFK-MULLER LLC: Creditors' Liquidation Claims Due March 28 AIB-SR LLC: Zug Court Starts Bankruptcy Proceedings CDS FINANCE: Zug Court Starts Bankruptcy Proceedings EDOCKET JSC: Creditors' Liquidation Claims Due April 2 GTA BERATUNG: Creditors' Liquidation Claims Due April 13 IPV ORGA: Zug Court Closes Bankruptcy Proceedings KOSAN TEKNOVA: Creditors' Liquidation Claims Due March 30 NFR SECURITY: Creditors' Liquidation Claims Due March 26 RITTER ARCHITEKTEN: Creditors' Liquidation Claims Due March 29 RODEL LLC: Creditors' Liquidation Claims Due March 28 SAGENTIA LLC: Creditors' Liquidation Claims Due March 30 SWISSAIR: Trial Ends Inconclusively; Verdict Expected in June VERASTONE LLC: Creditors' Liquidation Claims Due March 30 ZURI-ENGEL DRUCK: Creditors' Liquidation Claims Due March 28 T U R K E Y MERINOS HALI: Growing Export Sales Cue Fitch's B IDR TURK EKONOMI: Earns TRY133,121 in Year Ended Dec. 31, 2006 U K R A I N E AGRICULTURAL TECHNOLOGY: Claims Filing Deadline Set March 15 CHEMIE SERVICE: Creditors Must File Proofs of Claim by March 16 CHERNOVCYAL JSC: Creditors Must File Claims by March 15 CONCERN STIROL: Moody's Cuts Corporate Family Rating to Caa1 GENERAL NUTRITION: Prices Offering of US$410-Mln Senior Notes PRISEYMOVSKOE LLC: Proofs of Claim Filing Deadline Set March 16 TIKELEX NT: Creditors Must File Proofs of Claim by March 15 VELTECH LLC: Creditors Must File Proofs of Claim by March 16 U N I T E D K I N G D O M ACTIVE IMAGINATION: Hires Liquidator from Armstrong Watson ADCOM INDUSTRIAL: Claims Filing Period Ends March 28 AMT COMMUNICATIONS: Names Timothy Hargreaves Liquidator APPLE TEXTILES: Appoints Liquidator from White & Co. AUTOWORLD DISCOUNTS: Creditors Confirm Liquidators' Appointment BEACON SUPPLIES: Claims Filing Period Ends May 31 BEAUBLADE LTD: Taps Andrew Fender to Liquidate Assets BOSTON COMMS: Joint Liquidators Take Over Operations BRANTHILL LOGISTICS: Appoints Liquidator from Begbies Traynor BRITISH AIRWAYS: Franchise Operates Ghost Flights to Keep Slots CELESTINE PROPERTY: Claims Filing Period Ends August 1 CLEANFLOW LTD: Creditors Confirm Voluntary Liquidation COLLINS & AIKMAN: Can File Nissan Settlement Pact Under Seal COLLINS & AIKMAN: Williamston Asset Auction Slated Tomorrow CONSTELLATION BRANDS: Poor Sales Trigger Lower Earnings Outlook DARCY INDUSTRIES: Appoints KPMG as Joint Administrators DAVID KENT: Brings In Liquidator from Northpoint Associates DEFINE DESIGN: Calls In Liquidator from Parkin S. Booth & Co. DIESPEKER G.R.P.: Claims Filing Period Ends June 30 E. C. SPECIALIST: Appoints Gerald Irwin to Liquidate Assets EUROTUNNEL GROUP: Balance Sheet Upside Down by GBP1.32 Billion EZALGAVON LTD: Claims Filing Period Ends April 6 FLAGSHIP COACH: Taps Gary Stones to Liquidate Assets FORD MOTOR: Inks Pact to Sell Aston Martin for US$925 Million FORD MOTOR: Court Orders Repayment of US$80 Million to Navistar FORTUNE 14: Claims Filing Period Ends May 15 FOTO PRONTO: Creditors' Meeting Slated for March 16 GAP INC: Shows US$910 Mln in Net Sales for Period Ended March 3 GENERAL MOTORS: Directors Agree to Amend Bylaws GENERAL MOTORS: May Charge About US$1 Bln for Bad Mortgage Loans HEADSTART SOFTWARE: Claims Filing Period Ends April 13 HERALDLINK LTD: Names Keith Barry Stout Liquidator HIGHTRONICS LTD: Brings In Liquidator from Maidment Judd HITEK SYSTEMS: Names M. S. E. Solomons Liquidator INTERNATIONAL PAPER: CFO Marianne Parss to Retire by End of 2007 JOHN KING: Creditors' Meeting Slated for March 16 KITCHEN DESIGN: Names Liquidator to Wind Up Business LAMINAR FLOW: Appoints Liquidator from Haines Watts LEVEL 3: Majority of Noteholders Agree to Amend Bond Indenture LOYALFAST LTD: Joint Liquidators Take Over Operations M J FIRE: Claims Filing Period Ends March 22 MAGUIRE CIVIL: Taps Claire L. Dwyer to Liquidate Assets MATRIX EUROPE: Calls In Liquidators from Kroll MAX WASTE: Taps Liquidators from Smith Cooper MEDLOCK PROJECT: Hires Liquidator from Tenon Recovery MEDWAY T & G: Appoints Tim Alexander Clunie as Liquidator MILLFIELD SOUTH: Brings In Liquidators from Herron Fisher MPM ELECTRICAL: Creditors Ratify Liquidator's Appointment MSR BUILDERS: Joint Liquidators Take Over Operations OWEN OWEN: Administrators Cuts 22 Jobs at Lewis's ROYAL & SUNALLIANCE: A.M. Best Cuts Financial Strength Ratings TOYWORLD GROUP: Brings In Joint Administrators from KPMG UIC INSURANCE: Filing of Scheme Claims Extended to March 27 * Harvey R. Miller to Re-Join Weil, Gotshal & Manges LLP * Large Companies with Insolvent Balance Sheets ********* ============= A U S T R I A ============= AUDIOSALES LLC: Claims Registration Period Ends April 24 -------------------------------------------------------- Creditors owed money by LLC Audiosales (FN 218971t) have until April 24 to file written proofs of claim to court-appointed estate administrator Thomas Wanek at: Dr. Thomas Wanek Hochstrasse 31 2380 Perchtoldsdorf Austria Tel: 01/86 93 888 Fax: 01/869166033 E-mail: anwalt@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on May 8 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Gumpoldskirchen, Austria, the Debtor declared bankruptcy on Feb. 20 (Bankr. Case No. 11 S 23/07d). Romana Weber-Wilfert represents the Debtor in the bankruptcy proceedings. CTS CHRISTLMAYR: Claims Registration Period Ends April 2 -------------------------------------------------------- Creditors owed money by LLC CTS Christlmayr Trade & Services (FN 45573w) have until April 2 to file written proofs of claim to court-appointed estate administrator Daniel Schoepf at: Mag. Daniel Schoepf Paris Lodron-Str. 3a 5020 Salzburg Austria Tel: 0662-879998 Fax: 0662-879998-20 E-mail: office@smbi.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on April 12 for the examination of claims. The meeting of creditors will be held at: The Land Court of Salzburg Room 221 Second Floor Salzburg, Austria Headquartered in Salzburg, Austria, the Debtor declared bankruptcy on Feb. 1 (Bankr. Case No. 23 S 8/07g). FAIRTRAUEN GELD: Claims Registration Period Ends April 3 -------------------------------------------------------- Creditors owed money by LLC Fairtrauen Geld-Information (FN 260663d) have until April 3 to file written proofs of claim to court-appointed estate administrator Kurt Freyler at: Dr. Kurt Freyler c/o Dr. Hans Rant Seilerstatte 5 1010 Vienna Austria Tel: 513 31 65 Fax: 512 20 01 E-mail: ra-kanzlei@rant-freyler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on April 17 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 20 (Bankr. Case No. 4 S 19/07g). Hans Rant represents Dr. Freyler in the bankruptcy proceedings. FASALEX LLC: Claims Registration Period Ends April 16 ----------------------------------------------------- Creditors owed money by LLC Fasalex (FN 171691m) have until April 16 to file written proofs of claim to court-appointed estate administrator Martin Stossier at: Dr. Martin Stossier Ringstrasse 4 Plobergerstrasse 7 4600 Wels Austria Tel: 07242/42605-0 Fax: 07242/42605-20 E-mail: stossier@ra-stossier.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on April 26 for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Strasse 12 Wels Austria Headquartered in Wels, Austria, the Debtor declared bankruptcy on Feb. 21 (Bankr. Case No. 20 S 24/07s). H.M. WAIGLEIN: Claims Registration Period Ends April 19 ------------------------------------------------------- Creditors owed money by LLC H.M. Waiglein & Langer (FN 135392g) have until April 19 to file written proofs of claim to court- appointed estate administrator Stefan Jahns at: Mag. Stefan Jahns c/o Dr. Christof Stapf Esslinggasse 9 1010 Vienna Austria Tel: 536 50 Fax: 536 50 14 E-mail: officewien@aaa-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on May 3 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 20 (Bankr. Case No. 5 S 7/07z). Christof Stapf represents Mag. Jahns in the bankruptcy proceedings. MATA-LIGHTS: Claims Registration Period Ends March 27 ----------------------------------------------------- Creditors owed money by LLC Mata-lights (FN 94391k) have until March 27 to file written proofs of claim to court-appointed estate administrator Friedrich Nusterer at: Dr. Friedrich Nusterer Riemerplatz 1 3100 St. Poelten Austria Tel: 02742/47087 Fax: 02742/47089 E-mail: ra-nusterer@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 a.m. on April 10 for the 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 Herzogenburg, Austria, the Debtor declared bankruptcy on Feb. 20 (Bankr. Case No. 14 S 36/07w). MEGATECHNIK LLC: Administrator Declares Insufficient Assets ----------------------------------------------------------- Mag. Susanne Poeltenstein-Rosenegger, the court-appointed estate administrator for LLC Megatechnik (FN 251546x), declared Feb. 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 Feb. 9 (Bankr. Case No. 28 S 17/07i). The estate administrator can be reached at: Mag. Susanne Poeltenstein-Rosenegger Schulerstrasse 18 1010 Vienna Austria Tel: 512 40 13 Fax: 512 40 13 22 E-mail: poeltenstein@anwaltsteam.at PFEIFFER & RECHTBERGER: Claims Registration Period Ends March 28 ---------------------------------------------------------------- Creditors owed money by LLC Pfeiffer & Rechtberger (FN 60496s) have until March 28 to file written proofs of claim to court- appointed estate administrator Ilse Korenjak at: Dr. Ilse Korenjak Gusshausstrasse 6 1040 Vienna Austria Tel: 01/512 21 02 Fax: 01/512 21 02 20 E-mail: office@buresch-korenjak.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:30 p.m. on April 11 for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg, Austria Headquartered in Klosterneuburg, Austria, the Debtor declared bankruptcy on Feb. 21 (Bankr. Case No. 36 S 23/07k). SCHEMBERA & CO: Claims Registration Period Ends April 6 ------------------------------------------------------- Creditors owed money by LLC Schembera & Co (FN 156370g) have until April 6 to file written proofs of claim to court-appointed estate administrator Michael Ludwig Lang at: Dr. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 a.m. on April 23 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna, Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 21 (Bankr. Case No. 38 S 11/07f). TKC LLC: Claims Registration Period Ends April 5 ------------------------------------------------ Creditors owed money by LLC TKC (FN 233400k) have until April 5 to file written proofs of claim to court-appointed estate administrator Georg Muhri at: Dr. Georg Muhri c/o Dr. Otto Werschitz CGO Masseverwaltungsgesellschaft mbH Neutorgasse 47/I 8010 Graz Austria Tel: 0316/820620 Fax: 0316/820620-4 E-mail: office@cgo-masseverwaltung.at otto.werschitz@mu-we.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:10 p.m. on April 19 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 230 Hall L Second Floor Graz, Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Feb. 20 (Bankr. Case No. 25 S 21/07m). Otto Werschitz represents Dr. Muhri in the bankruptcy proceedings. ============= B E L G I U M ============= NEC CORP: Warns Possible Delay of Annual Report Filing ------------------------------------------------------ NEC Corp. expects that it is unlikely that it will be able to file its 2006 Form 20-F for the fiscal year ended March 31, 2006 with the U.S. Securities and Exchange Commission by April 2. NEC is currently undertaking to complete the analysis necessary to prepare the financial statements. NEC disclosed on Feb. 22 that it had been notified by the NASDAQ Stock Market LLC that the NASDAQ Listing Qualifications Panel had granted NEC's request for continued listing of its American depositary receipts on the NASDAQ Global Select Market on the condition that NEC file its Form 20-F for the fiscal year ended March 31, 2006 with the SEC on or before April 2. Under NASDAQ Marketplace Rule 4807(a), NEC has the right to seek review of the Panel's decision by the NASDAQ Listing and Hearing Review Council by making a written request to the Council within 15 days of the Panel's decision (in this case by March 8). Accordingly, on March 7 (Eastern Standard Time), NEC requested that the Panel's decision be reviewed and that any future Panel decision be suspended pending further action by the Council. NEC requested the review by the Council to prevent the Panel from delisting NEC's ADRs in the event that NEC cannot file the 2006 Form 20-F by April 2. The Council may affirm, modify, or reverse the Panel's decision or remand the matter for further consideration. NEC's request, however, does not suspend the Panel's decision unless the Council determines to issue such a suspension, which it is not obligated to do. Therefore, at this time, NEC cannot guarantee that its ADRs will continue to be listed on the NASDAQ Global Select Market after April 2. About NEC Corp. Headquartered in Tokyo, Japan, NEC Corp. (NASDAQ: NIPNY) -- http://www.necel.com/-- provides Internet, broadband network and enterprise business solutions dedicated to meeting the specialized needs of its diverse and global base of customers. NEC delivers tailored solutions in the key fields of computer, networking and electron devices, by integrating its technical strengths in IT and Networks, and by providing advanced semiconductor solutions through NEC Electronics Corp. The NEC Group employs more than 150,000 people worldwide. NEC operates in Belgium, France, Germany, United Kingdom, Sweden, Turkey, Poland, Argentina, Brazil, Mexico, Venezuela, Australia, New Zealand, Philippines, Taiwan, Thailand, among others. ========================== C Z E C H R E P U B L I C ========================== AGROBANKA PRAHA: Will File Bankruptcy Petition Due to Insolvency ---------------------------------------------------------------- Agrobanka's supervisory board may advise the bank's receiver to file a bankruptcy petition as soon as possible because it is insolvent and in liquidation, the Euro OnLine server reports, quoting Agrobanka board member Jiri Kellner. Mr. Kellner, who is also the association head for Agrobanka's minority shareholders, added that the Czech branch of GE Money Bank would be part of the bankruptcy assets. As reported by the Troubled Company Reporter on July 2, 1998, General Electric bought the healthy part of bankrupt Agrobanka on June 22, 1998. GE took over deposits of CZK30 billion from the Czech bank and its whole branch network. GE Money Bank spokeswoman Eva Chaloupkova slammed Mr. Kellner's claims, however, saying that it is a legally baseless assumption, Prague Daily Monitor reveals. "Agrobanka Praha is an independent company which no longer shares any activities with GE Money Bank. GE Money Bank rejects all speculations that it could be included in Agrobanka Praha's bankruptcy assets," Ms. Chaloupkova said. About Agrobanka Agrobanka Praha a.s., a financial institution established in March 1990, once had over 330 branches across the Czech Republic. However, it ran into liquidity problems in 1996 and is currently under administration. It used to be the Czech Republic's fifth-largest bank and the largest fully private bank in the country during its heyday. GE Money Bank materialized from the part of Agrobanka acquired by GE Capital. =========== F R A N C E =========== ITRON INC: Bags 25,000 Meter Order from Mexico's CFE ---------------------------------------------------- Itron Inc. has received an order from Mexico's Comision Federal de Electricidad or CFE, for 25,000 SENTINEL solid-state electricity meters. CFE is Mexico's largest electric utility -- covering the whole of Mexico -- with more than 20 million customers and 163 power-generating plants. The agreement represents Itron's largest-ever international sale of the highly successful SENTINEL meter. Beyond the initial 25,000 meters, CFE also has the option to purchase an additional 37,000 units over the next year. SENTINEL meters are used for commercial and industrial or C&I metering applications by electric utilities throughout the world. C&I metering represents approximately 60 percent of CFE's annual billing, making meter accuracy, reliability and advanced functionality essential for the utility to meet its business and customer service objectives. "This is a very important step forward for Itron in this market," said Doug Staker, Itron's vice-president and general manager of international markets. "On top of other meter sales in the region, this agreement makes Itron one of the top meter suppliers in Mexico. We're optimistic about continuing to grow our presence in Mexico and throughout Latin America." Over the past year, Itron's SENTINEL meter has been recertified and approved to comply with CFE's stringent technical metering requirements. These trials were administered by LAPEM, a testing division of CFE. The SENTINEL meters sold to CFE are designed to allow the utility to easily migrate to automatic meter reading or AMR. For example, it is possible to add on GPRS (general packet radio service) modems, and integration with Itron software solutions like MV-90xi or Enterprise Edition meter data management. Itron's industry leading AMR technology enables utilities to automatically collect data via radio signal. As a result, utilities can read meters efficiently and accurately, while eliminating the need for meter readers to access customers' properties and facilities. The systems also generate more frequent and reliable meter data that gives utilities better insight into operations, conservation initiatives, efficiency and more. Itron has shipped more than 55 million automated meters and AMR modules to utilities worldwide. Itron Inc., -- http://www.itron.com/-- is a technology provider and critical source of knowledge to the global energy and water industries. Nearly 3,000 utilities worldwide rely on Itron technology to provide the knowledge they require to optimize the delivery and use of energy and water. Itron creates value for its clients by providing industry-leading solutions for electricity metering; meter data collection; energy information management; demand response; load forecasting, analysis and consulting services; distribution system design and optimization; web-based workforce automation; and enterprise and residential energy management. Itron maintains operations in Canada, Qatar, Mexico, Taiwan, France and Australia, The Netherlands, and The United Kingdom. The Troubled Company Reporter - Asia Pacific reported that in connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the U.S. manufacturing sector, the rating agency confirmed its Ba3 Corporate Family Rating for Itron Inc. The rating on the company's USUS$55 million Senior Secured Revolver due 2009 was revised to Baa3 from Ba3. Those debentures were assigned an LGD1 rating suggesting creditors will experience a 3% loss in the event of default. Additionally, Moody's revised its ratings on the company's US$125 million 7.875% Subordinate Notes due 2012 to Ba1 from B2. Moody's assigned those debentures an LGD2 rating suggesting a projected loss-given default of 25%. Troubled Company Reporter - Asia Pacific reported that Standard & Poor's Ratings Services assigned its 'B' rating to Itron Inc.'s USUS$345 million convertible senior subordinated notes due Aug. 1, 2026. At the same time, Standard & Poor's affirmed all of its other ratings, including its 'BB-' corporate credit rating, on the meter data technology provider. The notes are rated two notches below the corporate credit rating and are pari passu in terms of payment with the company's existing subordinated notes, which are also rated 'B'. Itron intends to use the proceeds for future acquisitions and/or general corporate purposes. TITANIUM METALS: Earns US$274.4 Million in Full Year 2006 --------------------------------------------------------- Titanium Metals Corp. posted total net sales of US$1.18 billion for the year ended Dec. 31, 2006, as compared with total net sales of US$749.77 million for the year ended Dec. 31, 2005. Net income for 2006 was US$274.48 million, up from a net income of US$143.7 million for the prior year. The company, and the industry as a whole, have benefited significantly from continued strong demand for titanium across all major industry market sectors that has driven melted and mill titanium prices to record levels. Cost of sales increased to US$747.06 million in 2006, as compared with US$550.41 million in 2005, due to increased sales volumes and higher average cost of raw materials, including purchased titanium sponge and titanium scrap. Operating income for 2006 to US$382.78 million, as compared with US$171.07 million in 2005. The increase in operating income is driven primarily by an increase in gross margin, which is somewhat offset by increases in selling, general, administrative and development expense and a decrease in other operating income. The company's balance sheet as of Dec. 31, 2006, showed total assets of US$1.21 billion, total liabilities of US$316.67 million, and minority interest of US$21.32 million, resulting to US$878.87 million in total stockholders' equity. As of Dec. 31, 2006, accumulated other comprehensive loss was US$22.43 million, down from US$38.27 million in 2005. The company's unrestricted cash and cash equivalents were US$29.36 million and its restricted cash and cash equivalents were US$146,000 as of Dec. 31, 2006. A full-text copy of the company's annual report is available for free at http://ResearchArchives.com/t/s?1afe About Titanium Metals Corp. Headquartered in Denver, Colorado, Titanium Metals Corporation (NYSE: TIE) -- http://www.timet.com/-- is a worldwide producer of titanium metal products. The company has sales offices in Australia, China, France, Italy, Japan, Saudi Arabia, India, and Taiwan. * * * Moody's Investors Services placed a Caa1 issuer rating and B3 LT Corp Family Rating on Titanium Metals. ============= F I N L A N D ============= M-REAL OYJ: Posts EUR399-Million Net Loss for Full Year 2006 ------------------------------------------------------------ M-real Oyj released its unaudited financial results for the year ended Dec. 31, 2006. M-real reported EUR399 million in net loss on EUR5.62 billion in net sales for the full year 2006, compared with EUR80 million in net loss on EUR5.24 billion in net sales for 2005. At Dec. 31, 2006, the company's condensed consolidated balance sheet showed EUR6.17 billion in total assets and EUR4.27 billion in total liabilities, resulting in EUR1.91 billion in stockholders' equity. The result was weakened by: -- higher raw material prices, -- higher energy prices, -- investment and maintenance shutdowns, -- slightly lower prices of folding boxboard and coated fine paper, and -- strike of paper workers at the Finnish mills in May 2006. 2007 Outlook Economic growth in Europe is generally forecast to slow down somewhat in 2007 although continuing at a moderate rate. Printed advertising spending is forecast to grow somewhat faster than overall economic growth. Production input costs will continue to grow. The price of wood in particular has recently increased markedly. This is attributable to the increased use of wood as an energy source and availability problems caused by the mild early winter in Northern Europe. The demand for M-real's main products was very good in the last quarter of 2006. The demand for paperboard products was at a reasonable level, while the demand for coated magazine paper fell short of expectations. Demand for M-real's main products is forecast to improve slightly in the first quarter of 2007 due to seasonal factors. In fine paper products, capacity utilization rates are very high at the beginning of the year. The company has initiated measures to increase the prices of fine paper products. As a result of the targeted increases, the company is confident the prices of both uncoated and coated fine papers will rise slightly in the first quarter of 2007 compared with the last quarter of 2006. The company will also continue to work actively towards raising the prices of fine paper products. The price increases for folding boxboard and coated magazine paper will be challenging in the short term. The company anticipates the market balance to improve for all of M-real's main paper grades due to capacity closures already implemented or planned for 2007. The need to increase product prices is pressing for all of main paper grades. Implementation of the restructuring program, announced in October 2006 as the first step in M-real's strategic review, is progressing as planned. The strategic review continues. The first-quarter result before taxes and excluding non-recurring items in 2007 is expected to improve from the last quarter in 2006. 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 carries Standard & Poor's B+ Long-Term Issuer Credit Rating and B Short-Term Issuer Credit Ratings with Negative Outlook. M-REAL OYJ: Moody's Downgrades Rating to B3 on Weak Performance --------------------------------------------------------------- Moody's Investors Service lowered M-real Oyj's Corporate Family Rating to B3 from B2 and also changed the senior unsecured debt ratings of M-real Oyj in addition to the senior unsecured guaranteed MTN program rating of its majority-owned subsidiary, Metsa Group Financial Services Oy, to B3 from B2. The outlook for the ratings has been changed to stable from negative. Following the publication of detailed full year 2006 results, Moody's commented that M-real's credit metrics continue to position the ratings below the B2 rating category. Despite M- real's ongoing restructuring program, which also includes significant asset disposals, cash flow relative to debt remains weak at 8%, and more importantly free cash flow is negative and will be challenged to turn positive in 2007. Furthermore, Moody's remains cautious about M-real's low interest coverage, with the operating result excluding non- recurring items not covering interest expenses. Although management has addressed liquidity issues with the issuance of a EUR400-million bond in December 2006, the poor cash flow generation leaves re-financing at risk. Additional disposals of cash flow generating assets may hamper a recovery of metrics commensurate with a rating higher than B3. The stable outlook balances the positive rating pressure on M- real's B3 ratings that could develop from higher-than expected price increases (more than 5% on average) on the one hand, with the potential negative rating pressure that would result from a moderate cooling off of the European economy, which would likely result in a softening price environment, on the other hand. To this extent, Moody's said that it expects moderate price increases for M-real's main fine paper grades throughout 2007 as a result of capacity reductions undertaken by most of the largest companies which should currently begin to impact the market; the continued benign economic environment should underpin the ongoing moderate demand increase and further support the expectation of modest price increases of low to mid single digits. Furthermore, any visibility of a more disciplined pricing strategy of the industry could have a notable positive impact on M-real's profitability and cash generation and therefore result in a positive rating development. However, while noticing the company's internal restructuring efforts -- which appear at most to cover cost inflation -- Moody's also notes that with its weakened balance sheet M-real remains significantly exposed to any softening in the economy and a resulting possible further price decline. Moody's added that the ratings continues to take into consideration a supportive stance of its main shareholder, Metsaliitto (unrated), although Metsaliitto's ability to provide ongoing and significant financial support to M-real remains difficult to assess given its cooperative shareholder structure with limited access to new capital. Downgrades: * M-real -- Corporate Family Rating, Downgraded to B3 from B2 -- Senior Unsecured Medium-Term Note Program, Downgraded to B3 from B2 -- Senior Unsecured Regular Bond/Debenture Due 2008, Downgraded to B3 from B2 -- Senior Unsecured Regular Bond/Debenture Due 2007, Downgraded to B3 from B2; -- Senior Unsecured Regular Bond/Debenture Due 2008, Downgraded to B3 from B2; -- Senior Unsecured Regular Bond/Debenture Due 2008, Downgraded to B3 from B2; -- Senior Unsecured Regular Bond/Debenture Due 2009, Downgraded to B3 from B2; -- Senior Unsecured Regular Bond/Debenture Due 2010, Downgraded to B3 from B2; -- Senior Unsecured Regular Bond/Debenture Due 2008, Downgraded to B3 from B2; -- Senior Unsecured Regular Bond/Debenture Due 2009, Downgraded to B3 from B2; and -- Senior Unsecured Regular Bond/Debenture Due 2013, Downgraded to B3 from B2. * Outlook Actions: -- Outlook, Changed To Stable From Negative * Metsa Group Financial Services Oy -- Senior Unsecured Medium-Term Note Program, Downgraded to B3 from B2 * Outlook Actions: -- Outlook, Changed To Stable From Negative M-real Oyj, based in Helsinki, Finland, is among Europe's largest fine paper manufacturers. For the fiscal year 2006 the company generated revenues of EUR5.6 billion. =========== F R A N C E =========== ALCATEL-LUCENT: Unveils 3G and Mobile TV Access in Germany ---------------------------------------------------------- Alcatel-Lucent demonstrating, for the first time in Germany, seamless access on a single device to a selection of Mobile TV channels delivered via either 3G or broadcast networks, including German language channels RTL Mobile TV, National Geographic Channel and Eurosport. This demonstration, which is taking place in Alcatel-Lucent's premises in Stuttgart in front of representatives from German operators and TV broadcasters, is based on the new DVB-SH mobile broadcast standard using the S-Band. Thanks to Alcatel-Lucent's Mobile interactive TV solution, users are also able to interact with the content of all the 3G and broadcast Mobile TV channels available on the terminal. This achievement is opening the way to a truly interactive and personalized Mobile TV experience for the mass market and to the provisioning of new services offered as a complement to Mobile TV such as voting, content downloading or mobile commerce. These features also enable the delivery of personalized advertisements to mobile TV viewers. For the first time in Germany, Alcatel-Lucent is also demonstrating plain broadcast Mobile TV in the S-Band using SAGEM myMobileTV handsets. "Germany is a key market for the roll-out of mass market Mobile TV in Europe," Olivier Coste, President of Alcatel-Lucent's Mobile broadcast activities. "Following the adoption during 3GSM of DVB-SH by DVB Project and the EC Decision on the use of a harmonized 2.2 GHz spectrum for EU-wide hybrid Mobile TV services, our Stuttgart's demonstration definitely positions Alcatel-Lucent's Unlimited Mobile TV solution as a serious option for all operators willing to deploy their Mobile TV strategies in Europe." Unique DVB-SH features allowing reception quality enhancement under difficult and mobility conditions are demonstrated. The improved Mobile TV user experience made possible by these features will allow operators to offer a universal high-quality Mobile TV service that users are ready to pay for. Alcatel-Lucent is committed to support service providers in delivering a truly converged TV experience. Alcatel-Lucent has already established a leading position in interactive TV services, and already enables TV, video and music services for more than 110 fixed and mobile service providers around the world. Demonstrated DVB-SH technical features: -- Reception Antenna Diversity: a feature using two antennas inside the same mobile device, enabling improvements in the signal quality under difficult conditions; -- Improved Time Interleaving: a feature overcoming fading impairment, providing significant quality enhancement in mobility conditions. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Through its operations in fixed, mobile and converged broadband networking, Internet protocol technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable communications services for people at home, at work and on the move. The company has operations in Indonesia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB rating. It's Short-Term Corporate Credit rating stands at B. Moody's on the other hand put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. ALCATEL-LUCENT: Names Christian Reinaudo as European Ops Chief -------------------------------------------------------------- Alcatel-Lucent appointed Christian Reinaudo as the President of the company's European activities. He will also continue in his current role as Integration Program Office leader and Steering Council Member. His new responsibility is effective immediately. In line with Alcatel-Lucent's business model, regional presidents are responsible for customer relationships, achieving sales, managing the overall sales process as well as the regional operations. Before his current role as Corporate Executive Vice-President in charge of the Integration Program Office, Mr. Reinaudo led the Alcatel Optics Group for four years and then led Alcatel's Asia Pacific Operations for three years. Christian Reinaudo has been a member of the Alcatel Executive Committee since 2000. Vin Molinaro, President of Europe for Alcatel-Lucent since Dec. 1, 2006, has decided to leave the company for personal reasons. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Through its operations in fixed, mobile and converged broadband networking, Internet protocol technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable communications services for people at home, at work and on the move. The company has operations in Indonesia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB rating. It's Short-Term Corporate Credit rating stands at B. Moody's on the other hand put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. EUROTUNNEL GROUP: Balance Sheet Upside Down by GBP1.32 Billion -------------------------------------------------------------- Eurotunnel Group released its financial results for the year ended Dec. 31, 2006. The group posted a GBP142.88 million net loss on GBP567.6 in revenue for the year ended Dec. 31, 2006, compared with a GBP1.97 billion net loss on GBP541.46 in revenue for the same period in 2005. At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in shareholders' deficit. Safeguard Plan In 2006, Eurotunnel focused on restructuring the company's operations and negotiating with creditors, initially to find a consensual agreement and, from Aug. 2, 2006 onwards, in the context of a safeguard procedure. The Paris Commercial Court approved Jan. 15, the safeguard plan put forward by company. The Joint Board of Eurotunnel approved March 6, the accounts for 2005 and 2006, on the basis of the Safeguard Plan. The Auditors and Commissaires aux Comptes certified the accounts with matters of emphasis, notably regarding going concern. This depended on the full implementation of the safeguard plan and upon the success of the Exchange Tender Offer. If this will fail, Eurotunnel may be placed in liquidation. "These excellent operating results clearly show that it will only be through the new company, Groupe Eurotunnel SA (GET SA), created as a result of Safeguard and the ETO, relieved of more than half of the current debt and with substantially reduced financial charges, that we will finally be able to remove the specter of bankruptcy which threatened Eurotunnel in 2005," Jacques Gounon, chairman and CEO of Eurotunnel disclosed. A full-text copy of Eurotunnel's 2006 financial analysis and summary accounts is available at no charge at http://ResearchArchives.com/t/s?1b2e About Eurotunnel Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. Eurotunnel Group files reports in the U.S. Securities and Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and Eurotunnel SA (ETTFF.PK). Eurotunnel obtained Aug. 2 an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). At end of 2006, the group's creditors and bondholder approved a plan to decrease its GBP6.2 billion debt to GBP2.84 billion. On Jan. 15, the Court approved Eurotunnel's safeguard plan, backed by the court-appointed representatives to the company and to the creditors. ============= G E R M A N Y ============= AFP HYDRAULIK: Claims Registration Period Ends April 12 ------------------------------------------------------- Creditors of AFP Hydraulik GmbH have until April 12 to register their claims with court-appointed insolvency manager Heinz Pantaleon. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Freiburg Hall I Holzmarkt 2 79098 Freiburg i.Br. 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. Heinz Pantaleon LG-Fach 107 Schillerstr. 2 79102 Freiburg i. Br. Germany Tel: 0761/703900 Fax: 0761/7039052 The District Court of Freiburg opened bankruptcy proceedings against AFP Hydraulik GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: AFP Hydraulik GmbH Attn: Peter Lehmann, Manager Stockfeldstr. 5 79336 Herbolzheim Germany ALCATEL-LUCENT: Unveils 3G and Mobile TV Access in Germany ---------------------------------------------------------- Alcatel-Lucent demonstrating, for the first time in Germany, seamless access on a single device to a selection of Mobile TV channels delivered via either 3G or broadcast networks, including German language channels RTL Mobile TV, National Geographic Channel and Eurosport. This demonstration, which is taking place in Alcatel-Lucent's premises in Stuttgart in front of representatives from German operators and TV broadcasters, is based on the new DVB-SH mobile broadcast standard using the S-Band. Thanks to Alcatel-Lucent's Mobile interactive TV solution, users are also able to interact with the content of all the 3G and broadcast Mobile TV channels available on the terminal. This achievement is opening the way to a truly interactive and personalized Mobile TV experience for the mass market and to the provisioning of new services offered as a complement to Mobile TV such as voting, content downloading or mobile commerce. These features also enable the delivery of personalized advertisements to mobile TV viewers. For the first time in Germany, Alcatel-Lucent is also demonstrating plain broadcast Mobile TV in the S-Band using SAGEM myMobileTV handsets. "Germany is a key market for the roll-out of mass market Mobile TV in Europe," Olivier Coste, President of Alcatel-Lucent's Mobile broadcast activities. "Following the adoption during 3GSM of DVB-SH by DVB Project and the EC Decision on the use of a harmonized 2.2 GHz spectrum for EU-wide hybrid Mobile TV services, our Stuttgart's demonstration definitely positions Alcatel-Lucent's Unlimited Mobile TV solution as a serious option for all operators willing to deploy their Mobile TV strategies in Europe." Unique DVB-SH features allowing reception quality enhancement under difficult and mobility conditions are demonstrated. The improved Mobile TV user experience made possible by these features will allow operators to offer a universal high-quality Mobile TV service that users are ready to pay for. Alcatel-Lucent is committed to support service providers in delivering a truly converged TV experience. Alcatel-Lucent has already established a leading position in interactive TV services, and already enables TV, video and music services for more than 110 fixed and mobile service providers around the world. Demonstrated DVB-SH technical features: -- Reception Antenna Diversity: a feature using two antennas inside the same mobile device, enabling improvements in the signal quality under difficult conditions; -- Improved Time Interleaving: a feature overcoming fading impairment, providing significant quality enhancement in mobility conditions. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Through its operations in fixed, mobile and converged broadband networking, Internet protocol technologies, applications, and services, Alcatel-Lucent offers the end-to-end solutions that enable communications services for people at home, at work and on the move. The company has operations in Indonesia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's BB rating. It's Short-Term Corporate Credit rating stands at B. Moody's on the other hand put a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Fitch rates Alcatel's Issuer Default Rating and Senior Unsecured Debt rating at BB. ALTENBEUTHENER HEIZUNGS: Claims Registration Ends April 20 ---------------------------------------------------------- Creditors of Altenbeuthener Heizungs- und Sanitar- technik GmbH have until April 20 to register their claims with court- appointed insolvency manager Peter Scholl. Creditors and other interested parties are encouraged to attend the meeting at 1:10 p.m. on May 15, 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 Gera Hall 317 Rudolf-Diener-Str. 1 Gera 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: Peter Scholl Grosse Alle 1A 07407 Rudolstadt Germany The District Court of Gera opened bankruptcy proceedings against Altenbeuthener Heizungs- und Sanitar- technik GmbH on March 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Altenbeuthener Heizungs- und Sanitar- technik GmbH Attn: Carmen Wolfram, Manager Ortsstr. 24 07338 Altenbeuthen Germany ATZ AUTOTEILE: Claims Registration Period Ends May 4 ---------------------------------------------------- Creditors of ATZ Autoteile- Zubehoer- Vertriebsgesellschaft mbH have until May 4 to register their claims with court-appointed insolvency manager Klaus Knetter. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 4, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Detmold Meeting Hall 12 Ground Floor Gerichtsstr. 6 32756 Detmold 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: Klaus Knetter Otto-Brenner-Str. 186 33604 Bielefeld Germany The District Court of Detmold opened bankruptcy proceedings against ATZ Autoteile- Zubehoer- Vertriebsgesellschaft mbH on March 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: ATZ Autoteile- Zubehoer- Vertriebsgesellschaft mbH Asemisser Allee 9 33818 Leopoldshoehe-Asemissen Germany Attn: Hans-Friedrich Ernst, Manager Waterholz 46 32791 Lage Germany BAD TEAM: Claims Registration Period Ends April 3 ------------------------------------------------- Creditors of Bad Team Vertriebs GmbH have until April 3 to register their claims with court-appointed insolvency manager Alexander Hoepfner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 15, 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 Darmstadt Hall 4.307 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt 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. Alexander Hoepfner Darmstadter Str. 43 64646 Heppenheim Germany Tel: 06252-6739988 Fax: 06252-6739989 The District Court of Darmstadt opened bankruptcy proceedings against Bad Team Vertriebs GmbH on March 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Bad Team Vertriebs GmbH Sandwiesenstrasse 37a 64665 Alsbach Germany Attn: Matthias Siegler, Manager Europa-Ring 43C 64589 Stockstadt Germany BAUGESCHAFT MARIO: Claims Registration Period Ends April 17 ----------------------------------------------------------- Creditors of Baugeschaft Mario Piejde GmbH have until April 17 to register their claims with court-appointed insolvency manager Detlef-Ruediger Beckmann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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. Detlef-Ruediger Beckmann Lietzenburger Str. 77 10719 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Baugeschaft Mario Piejde GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Baugeschaft Mario Piejde GmbH Markt 1 15345 Altlandsberg Germany BWU PARTNER: Claims Registration Period Ends April 18 ----------------------------------------------------- Creditors of BWU Partner der Grossverbraucher Nahrung und Genuss GmbH have until April 18 to register their claims with court- appointed insolvency manager Andreas von Roemer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 9, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wiesbaden Hall E 36 a Third Floor Building E Moritzstrasse 5 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 contacted at: Andreas von Roemer c/o BGP Insolvenzverwaltungen Taunusstrasse 7a 65183 Wiesbaden Germany Tel: 0611-180 89 100 Fax: 0611-180 89 189 E-mail: mail@bgp-insol.de Web site: http://www.bgp-insol.de/ The District Court of Wiesbaden opened bankruptcy proceedings against BWU Partner der Grossverbraucher Nahrung und Genuss GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BWU Partner der Grossverbraucher Nahrung und Genuss GmbH Siemensstr. 7 65205 Wiesbaden Germany Attn: Bernhard Wagner, Manager Oberpfortstr. 9 65205 Wiesbaden Germany DAIMLERCHRYSLER AG: Workers Opt for More Jobs Over Pay Cuts ----------------------------------------------------------- Workers at a DaimlerChrysler AG plant in Ontario, Canada, agreed to a CDN5,000 pay cut in exchange for a CDN700 million investment by Chrysler Group, Rick Eglinton writes for Toronto Star. Bob Chernecki, assistant to Canadian Auto Workers president Buzz Hargrove, told The Star that Chrysler's investment would allow the plant to produce more variety of vehicles, which would subsequently ensure the plant's competitiveness in a volatile market. Majority of workers in the Brampton plant, representing 78 percent of CAW production employees and 95 percent of skilled trades members, agreed on March 11 to give up a paid premium that amounts to about 48 minutes a day, which is roughly CDN125 a week, Joe Schneider of Bloomberg News says. This would come into effect when the new investment is put into the Brampton plant, The Star adds. About 4,200 workers of the Brampton plant are currently receiving an average pay of between CDN30 to CDN35 an hour. The concessions, Bloomberg relates, would save DaimlerChrysler between CDN25 million and CDN30 million annually. Aside from the elimination of shift premiums, the concessions would also allow for: -- the outsourcing of 44 janitorial staff; and -- the outsourcing of work done by lift- truck and mobile equipment repair workers. Chrysler earlier disclosed plans to introduce the full-sized Chrysler Imperial before 2017. The plan is to make the Brampton assembly plant a flexible factory, capable of building four or five models at the same time, The Star relates. The Chrysler plant in Brampton aims to begin production of the new Challenger muscle car in June in addition to its current load building the Chrysler 300 sedan, Dodge Magnum wagon and Charger. DaimlerChrysler has scheduled a March 14 board meeting to determine whether to proceed with the upgrade at the Brampton plant. About DaimlerChrysler Headquartered in Stuttgart, Germany, DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide operations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. DAIMLERCHRYSLER: Chrysler Feb. Sales Outside North America Up 9% ---------------------------------------------------------------- Chrysler Group celebrated 21 consecutive months of sales increases outside North America, as February closed with 9% growth (15,194 units) over the same month in 2006. Year-to- date, sales grew 10% over 2006, with much of the increase coming from higher sales in Europe and Asia. The Dodge Caliber was the top-selling Chrysler Group vehicle outside North America year-to-date (4,834units), and continued to be the Chrysler Group sales leader in Western Europe, the largest-volume region. Dodge brand sales led Chrysler Group's expansion efforts in international markets with sales up 278%. "The global success of Dodge Caliber shows us that there is a significant group of customers in European and international markets who are attracted to the bold and unique characteristics of the Dodge brand," Chrysler Group Executive Director for International Sales and Marketing Thomas Hausch said. "And we have more to come; later this year, the Dodge Nitro and Avenger will be available to customers all over the world." For the month, Chrysler 300C led the product lineup in terms of both sales and overall growth with 2,629 units sold and a 57% increase. Local production of the Chrysler 300C began at the end of last year in Beijing; and in February, the vehicle outsold any other Chrysler Group vehicle in the Chinese market by more than five times. Growth in the Asia Pacific region as a whole was up 26% for the month. Italy remained the company's largest volume market with sales up 2% and 3,363 units sold so far in 2007. It is followed by Germany, which has seen double-digit growth of 13% in 2007, and a total of 2,372 units sold. "The positive sales trend that we're seeing in these markets is showing that our vehicles, dealer network and marketing efforts are appealing to new customers. A direct result is increased profitability; 2006 was the most profitable year ever for Chrysler Group's International operations," Mr. Hausch said. "We have a strong dealer network in place with the right products in the market, and more on the way, to sustain this growth. And in the fast-growing markets, we are reaching out to new dealers to increase our network and ensure that the customer experience there is a positive one as well, in addition to increasing brand awareness and loyalty." Expansion and sales growth in international markets has been a strategic goal for the Chrysler Group in recent years. As an example of commitment to this effort, last month the company announced that the Dodge brand will join Chrysler and Jeep(R) vehicles for sale in China. Starting this year, all three Chrysler Group brands will be sold there for the first time ever, laying the foundation for future growth and continued expansion outside North America. Chrysler Group sells and services vehicles in more than 125 countries around the world, and Chrysler Group sales outside North America currently account for approximately 8% of the company's total global sales. Vehicles available range across all three Chrysler Group brands, with limited availability on some trucks and SUV models. The company's operations outside North America have been experiencing year-over-year sales increases since 2004, and will continue to increase the number of product offerings, powertrain options and RHD availability through 2007. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide locations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. DAIMLERCHRYSLER AG: Chrysler Group to Recall Over 489,000 Units --------------------------------------------------------------- Chrysler Group, DaimlerChrysler AG's U.S. arm, disclosed Friday that it would recall over 489,000 vehicles, Reuters reports. Reuters relates that this is the second recall action done by Chrysler. It had previously recalled almost 51,000 vehicles to reprogram software for anti-lock brakes in late February. Chrysler will recall: * 328,424 Durango SUVs, which covers 2004 to 2006 models, citing the risk of overheating linked to an integrated circuit in the instrument cluster of the vehicles; * 10,994 2008 model Dodge Avenger sedans due to problems with the door latches; and * 149,605 Jeep Liberty vehicles, 2006 and 2007 model-year, because of a problem with the blower motor in the air- conditioning system. Reuters relates that aside from the direct expense involved in a vehicle recall, the move could also damage the brand's longer- term reputation for reliability. About DaimlerChrysler Headquartered in Stuttgart, Germany, DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- develops, manufactures, distributes, and sells various automotive products, primarily passenger cars, light trucks, and commercial vehicles worldwide. It primarily operates in four segments: Mercedes Car Group, Chrysler Group, Commercial Vehicles, and Financial Services. The company's worldwide operations are located in: Canada, Mexico, United States, Argentina, Brazil, Venezuela, China, India, Indonesia, Japan, Thailand, Vietnam and Australia. The Chrysler Group segment offers cars and minivans, pick-up trucks, sport utility vehicles, and vans under the Chrysler, Jeep, and Dodge brand names. It also sells parts and accessories under the MOPAR brand. The Chrysler Group is facing a difficult market environment in the United States with excess inventory, non-competitive legacy costs for employees and retirees, continuing high fuel prices and a stronger shift in demand toward smaller vehicles. At the same time, key competitors have further increased margin and volume pressures -- particularly on light trucks -- by making significant price concessions. In addition, increased interest rates caused higher sales & marketing expenses. In order to improve the earnings situation of the Chrysler Group as quickly and comprehensively, measures to increase sales and cut costs in the short term are being examined at all stages of the value chain, in addition to structural changes being reviewed as well. EDLER GMBH: Claims Registration Period Ends April 11 ---------------------------------------------------- Creditors of Edler GmbH have until April 11 to register their claims with court-appointed insolvency manager Uwe Kuhmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 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 of Hagen Hall 259 Second Floor Heinitzstrasse 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Uwe Kuhmann Hochstr. 124 58095 Hagen Germany The District Court of Hagen opened bankruptcy proceedings against Edler GmbH on March 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Edler GmbH Schottlandstr. 9 58675 Hemer Germany Attn: Rolf and Lothar Edler, Managers Felsenmeerstr. 33 58675 Hemer Germany EURUS LTD: S&P Rates US$150-Mln Variable-Rate Notes at BB --------------------------------------------------------- Standard & Poor's Ratings Services removed from CreditWatch with negative implications and affirmed its 'BB' senior secured debt rating on the US$150 million principal at-risk variable-rate notes issued by Eurus Ltd. The notes were placed on CreditWatch negative on Feb. 8, following Hannover Rueckversicherung AG's request to determine if windstorm Kyrill was a covered event and whether the windstorm index value exceeded the notes' attachment point of 623.43. EQECAT, Inc., the calculation agent for the transaction, performed an event calculation as per the offering circular. In line with Standard & Poor's expectations, EQECAT reported that Kyrill was a covered event, but that the index value was well below the attachment point of the notes. Therefore, there will be no reduction in principal. FB FASSADEN: Creditors' Meeting Slated for April 24 --------------------------------------------------- The court-appointed insolvency manager for FB Fassaden- und Beschichtungssysteme Berlin GmbH, Christoph Rosenmueller, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:45 a.m. on April 24. 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 9:05 a.m. on July 21, at the same venue. Creditors have until June 1 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christoph Rosenmueller Berliner Str. 117 10713 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against FB Fassaden- und Beschichtungssysteme Berlin GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FB Fassaden- und Beschichtungssysteme Berlin GmbH Eichborndamm 129 -139 13403 Berlin Germany GAS-VERTRIEBS: Claims Registration Period Ends April 24 ------------------------------------------------------- Creditors of Gas-Vertriebs GmbH Kranisch have until April 24 to register their claims with court-appointed insolvency manager Stefan Ebeling. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 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 Wolfsburg Hall D Rothenfelder Strasse 42 38440 Wolfsburg 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: Stefan Ebeling Kurt-Schumacher-Strasse 21 38102 Braunschweig Germany Tel: 0531/24368-26 Fax: 0531/24368-326 E-mail: info@ra-sp.de The District Court of Wolfsburg opened bankruptcy proceedings against Gas-Vertriebs GmbH Kranisch on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Gas-Vertriebs GmbH Kranisch Heinrichswinkel 5 38448 Wolfsburg Germany Attn: Ruediger Richert, Manager Fuchsanger 14 31135 Hildesheim Germany GEBA FACILITY: Claims Registration Period Ends April 12 ------------------------------------------------------- Creditors of GeBa Facility GmbH have until April 12 to register their claims with court-appointed insolvency manager Martin Benzing. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Stuttgart Hall 181 First Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart 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: Martin Benzing Charlottenstr. 29 70182 Stuttgart Germany Tel: 0711/2489080 The District Court of Stuttgart opened bankruptcy proceedings against GeBa Facility GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: GeBa Facility GmbH Julius-Hoelder-Str. 29 c 70597 Stuttgart Germany GELLERMANN GMBH: Creditors' Meeting Slated for April 12 ------------------------------------------------------- The court-appointed insolvency manager for Gellermann GmbH Gueternah- u Fernverkehr, Thomas Kehe, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on April 12. The meeting of creditors and other interested parties will be held at: The District Court of Goettingen Hall B8 Berliner Strasse 8 37073 Goettingen Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on May 24 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: Thomas Kehe Braunschweiger Str. 15 a 38723 Seesen Germany Tel: 05381/93560 Fax: 05381/935644 The District Court of Goettingen opened bankruptcy proceedings against Gellermann GmbH Gueternah- u Fernverkehr on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gellermann GmbH Gueternah- u Fernverkehr Silotransporte, Spedition Baustoffhandel Grimsehlstr. 42 37574 Einbeck Germany GERSOM GMBH: Claims Registration Ends April 13 ---------------------------------------------- Creditors of GERSOM GmbH have until April 13 to register their claims with court-appointed insolvency manager Dieter Pampfer. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen 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: Dieter Pampfer Pricker Str. 8 52146 Wuerselen Germany Tel: 02405/48910 Fax: 02405/489116 The District Court of Aachen opened bankruptcy proceedings against GERSOM GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GERSOM GmbH August-Thyssen-Str. 2 52511 Geilenkirchen Germany KUTSCHER GMBH: Claims Registration Ends March 26 ------------------------------------------------ Creditors of Kutscher GmbH have until March 26 to register their claims with court-appointed insolvency manager Dr. Hubert Ampferl. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on May 15, 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 Amberg Room 115 Meeting Hall V First Stock Baustadelgasse 1 Amberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hubert Ampferl Stahlstr. 17 90411 Nuernberg Germany Tel: 0911/951 285-0 Fax: 0911/951 285-10 The District Court of Amberg opened bankruptcy proceedings against Kutscher GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kutscher GmbH Amberger Str. 22 92521 Schwarzenfeld Germany LIPPE-LOGISTIK GMBH: Claims Registration Ends April 15 ------------------------------------------------------ Creditors of Lippe-Logistik GmbH & Co. KG have until April 15 to register their claims with court-appointed insolvency manager Matthias Landwehr. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 8, 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 Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold 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: Matthias Landwehr Gerichtsstr. 12 32791 Lage Germany The District Court of Detmold opened bankruptcy proceedings against Lippe-Logistik GmbH & Co. KG on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lippe-Logistik GmbH & Co. KG Massbrucher Weg 25 32657 Lemgo Germany MALEREIBETRIEB MENZEL: Claims Registration Ends April 19 -------------------------------------------------------- Creditors of Malereibetrieb Menzel GmbH have until April 19 to register their claims with court-appointed insolvency manager Stephan Heinrichsmeyer. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on May 10, 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund 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: Stephan Heinrichsmeyer Spiekergasse 6-8 33330 Guetersloh Germany The District Court of Dortmund opened bankruptcy proceedings against Malereibetrieb Menzel GmbH on March 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Malereibetrieb Menzel GmbH Weissdornweg 29 59192 Bergkamen Germany OLEJNIK BAU: Claims Registration Ends April 23 ---------------------------------------------- Creditors of Olejnik Bau GmbH have until April 23 to register their claims with court-appointed insolvency manager Volker Heynck. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on May 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 101 B First Floor 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: Volker Heynck Bocholter Str. 48 46325 Borken Germany Tel: 02861/902787-0 Fax: +49286190278799 The District Court of Muenster opened bankruptcy proceedings against Olejnik Bau GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Olejnik Bau GmbH Attn: Hans-Juergen Olejnik, Manager Lohauser Esch 25 46359 Heiden Germany OLLENSTAEDT PROJECT: Claims Registration Ends April 12 ------------------------------------------------------ Creditors of Ollenstaedt project GmbH have until April 12 to register their claims with court-appointed insolvency manager Axel Schwentker. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Duisburg Hall C315 Third Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg 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: Axel Schwentker Lindnerstrasse 165 46149 Oberhausen Germany The District Court of Duisburg opened bankruptcy proceedings against Ollenstaedt project GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ollenstaedt project GmbH Goethestr.95 46535 Dinslaken Germany Attn: Holger Welting, Manager Bahnhofstr.26 47589 Uedem Germany PLASTIKPRODUKTE HANDEWITT: Claims Registration Ends April 16 ------------------------------------------------------------ Creditors of Plastikprodukte Handewitt Handelsgesellschaft mbH have until April 16 to register their claims with court- appointed insolvency manager Ygglev Stintzing. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 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 of Flensburg Hall A 220 Flensburg 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: Ygglev Stintzing Rathausstrasse 1 24937 Flensburg Germany The District Court of Flensburg opened bankruptcy proceedings against Plastikprodukte Handewitt Handelsgesellschaft mbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Plastikprodukte Handewitt Handelsgesellschaft mbH Attn: Herrn Karsten Bjerg Norgaard, Manager Gewerbepark 28 24983 Handewitt Germany PROJEKTBAUGESELLSCHAFT ZS: Claims Registration Ends March 30 ------------------------------------------------------------ Creditors of Projektbaugesellschaft ZS mbH have until March 30 to register their claims with court-appointed insolvency manager Ottmar Hermann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 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 of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ottmar Hermann Bleichstr. 2-4 60313 Frankfurt a. Main Germany Tel: (069) 9130920. The District Court of Karlsruhe opened bankruptcy proceedings against Projektbaugesellschaft ZS mbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Projektbaugesellschaft ZS mbh Wiesenweg 6 71696 Moeglingen Germany RHEIN-RUHR GEBAUDEREINIGUNGS: Claims Registration Ends April 23 --------------------------------------------------------------- Creditors of Rhein-Ruhr Gebaudereinigungs- GmbH have until April 23 to register their claims with court-appointed insolvency manager Dr. Winfrid Andres. Creditors and other interested parties are encouraged to attend the meeting at 8:55 a.m. on May 14, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfrid Andres Neuer Zollhof 3 40221 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Rhein-Ruhr Gebaudereinigungs- GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rhein-Ruhr Gebaudereinigungs- GmbH Reisholzer Werftstr. 68 40589 Duesseldorf Germany Attn: Wolfgang Thoene, Manager Dreifaltigkeitsstr. 11 c 40625 Duesseldorf Germany SCHAFER CONTROL: Creditors Must Register Claims by April 13 ----------------------------------------------------------- Creditors of Schafer control GmbH have until April 13 to register their claims with court-appointed insolvency manager Fritz Westhelle. Creditors and other interested parties are encouraged to attend the meeting at 2:30 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 Kassel Hall 234 Friedrichsstrasse 32-34 34117 Kassel 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: Fritz Westhelle Wilhelmshoeher Allee 270 34131 Kassel Germany Tel: 0561/3166311 Fax: 0561/3166312 The District Court of Kassel opened bankruptcy proceedings against Schafer control GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schafer control GmbH Muendener Strasse 9 34233 Fuldatal Germany SCHULZ UND SCHULZ: Creditors Must Register Claims by May 2 ---------------------------------------------------------- Creditors of Schulz und Schulz Transport und Logistik GmbH have until May 2 to register their claims with court-appointed insolvency manager Michael Krause. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on June 1, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Neuruppin Hall 325 Karl-Marx-Strasse 18a 16816 Neuruppin 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 Krause Putlitzer Strasse 30 16928 Pritzwalk Germany The District Court of Neuruppin opened bankruptcy proceedings against Schulz und Schulz Transport und Logistik GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schulz und Schulz Transport und Logistik GmbH Bad Wilsnacker Str. 48 19322 Wittenberge Germany SCHYMIK PERSONALDIENSTLEISTUNGEN: Creditors' Claims Due April 25 ---------------------------------------------------------------- Creditors of Schymik Personaldienstleistungen GmbH have until April 25 to register their claims with court-appointed insolvency manager Sven-Holger Undritz. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on May 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: Sven-Holger Undritz Jungfernstieg 51 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Schymik Personaldienstleistungen GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schymik Personaldienstleistungen GmbH Billbrookdeich 215 22113 Hamburg Germany STAR4YOU GMBH: Creditors Must Register Claims by April 24 --------------------------------------------------------- Creditors of star4you GmbH have until April 24 to register their claims with court-appointed insolvency manager Achim Ahrendt. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on May 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 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: Achim Ahrendt Albert-Einstein-Ring 11/15 22761 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against star4you GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: star4you GmbH Neuer Pferdemarkt 16 20357 Hamburg Germany TAG SCHROERS: Creditors Must Register Claims by May 5 ----------------------------------------------------- Creditors of TAG Schroers & Co. Verwaltungsgesellschaft mbH have until May 5 to register their claims with court-appointed insolvency manager Eberhard Stock. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Krefeld Meeting Hall 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 this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Eberhard Stock Wilhelmshofallee 75 47800 Krefeld Germany The District Court of Krefeld opened bankruptcy proceedings against TAG Schroers & Co. Verwaltungsgesellschaft mbH on Feb. 27. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TAG Schroers & Co. Verwaltungsgesellschaft mbH Gladbacher Str. 465 47805 Krefeld Germany Attn: Juergen Karl Farrenkopf Salierweg 16 52351 Dueren Germany TEPE IM: Claims Registration Ends April 23 ------------------------------------------ Creditors of TEPE Im- und Export GmbH have until April 23 to register their claims with court-appointed insolvency manager Jens Hamdorf. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Norderstedt Hall B Rathausallee 80 22846 Norderstedt 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: Jens Hamdorf Hallerstrasse 76 20146 Hamburg Germany The District Court of Norderstedt opened bankruptcy proceedings against TEPE Im- und Export GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TEPE Im- und Export GmbH Carl-Zeiss-Strasse 4 24568 Kaltenkirchen Germany Attn: Thomas Tepe, Manager Etzberg 33 24629 Kisdorf Germany TIEFBAU GMBH: Claims Registration Ends April 9 ---------------------------------------------- Creditors of Tiefbau GmbH have until April 9 to register their claims with court-appointed insolvency manager Ferdinand Kiessner. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 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 Baden-Baden Hall 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden 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. Ferdinand Kiessner Eisenbahnstr. 19-23 77855 Achern Germany The District Court of Baden-Baden opened bankruptcy proceedings against Tiefbau GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tiefbau GmbH Attn: Klaus Feuser, Manager In den Lissen 26 76547 Sinzheim Germany TIMELESS BUERO: Claims Registration Ends April 9 ------------------------------------------------ Creditors of Timeless Buero und EDV Handelsgesellschaft mbH have until April 9 to register their claims with court-appointed insolvency manager Rolf Otto Neukirchen. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 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 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 Otto Neukirchen Zweigertstr. 28-30 45130 Essen Germany The District Court of Essen opened bankruptcy proceedings against Timeless Buero und EDV Handelsgesellschaft mbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Timeless Buero und EDV Handelsgesellschaft mbH Lortzingstr. 47 46282 Dorsten Germany Attn: Marek Rozkoszny, Manager Ruhrstr. 145 44869 Bochum Germany TISCHLEREI & BESTATTUNGEN: Claims Registration Ends April 24 ------------------------------------------------------------ Creditors of Tischlerei & Bestattungen GmbH have until April 24 to register their claims with court-appointed insolvency manager Anett Fuchs. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on May 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 Muehlhausen Room 91 Untermarkt 17 Muehlhausen 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: Anett Fuchs Untermarkt 12 99974 Muehlhausen Germany The District Court of Muehlhausen opened bankruptcy proceedings against Tischlerei & Bestattungen GmbH on Feb. 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tischlerei & Bestattungen GmbH Attn: Gerald Thomas Graul, Manager Trankestrasse 01 37339 Brehme Germany TROCKENBAU WAIBLINGEN: Claims Registration Ends March 30 -------------------------------------------------------- Creditors of Trockenbau Waiblingen Verwaltungs GmbH have until March 30 to register their claims with court-appointed insolvency manager Wolfgang Hauser. Creditors and other interested parties are encouraged to attend the meeting at noon 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 Stuttgart Hall 4 Ground Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart 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 Hauser Moehringer Landstr. 5 70563 Stuttgart Germany Tel: 0711/90 13 420 Fax: 0711/90 13 41 99 The District Court of Stuttgart opened bankruptcy proceedings against Trockenbau Waiblingen Verwaltungs GmbH on March 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Trockenbau Waiblingen Verwaltungs GmbH Attn: Hartmut Konz, Manager Schuettelgrabenring 14 71332 Waiblingen Germany TVT DIGITALE: Claims Registration Period Ends April 10 ------------------------------------------------------ Creditors of TVT Digitale Film & Video Postproduktion GmbH have until April 10 to register their claims with court-appointed insolvency manager Dr. Holger Lessing. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 10, 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 Frankfurt/Main Hall 2 Building F Klingerstrasse 20 60313 Frankfurt/Main 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. Holger Lessing Hanauer Landstrasse 287-289 D 60314 Frankfurt am Main Germany Tel: 069/15051300 Fax: 069/15051400 The District Court of Frankfurt am Main opened bankruptcy proceedings against TVT Digitale Film & Video Postproduktion GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TVT Digitale Film & Video Postproduktion GmbH Attn: Christel Brunn, Manager Hamburger Allee 45 60486 Frankfurt am Main Germany USCHOLD GMBH: Claims Registration Period Ends April 27 ------------------------------------------------------ Creditors of Uschold GmbH have until April 27 to register their claims with court-appointed insolvency manager Dr. Harald Schwartz. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on May 15, 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 Amberg Room 115 Meeting Hall V First Stock Baustadelgasse 1 Amberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Harald Schwartz Waisenhausgasse 3 - 4 92224 Amberg Germany Tel: 09621/911 00 Fax: 09621/911 022 The District Court of Amberg opened bankruptcy proceedings against Uschold GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Uschold GmbH & Co. KG Johannes-Gutenberg-Str. 4 92245 Kuemmersbruck Germany VETTER HOCH: Claims Registration Period Ends April 9 ---------------------------------------------------- Creditors of Vetter Hoch- u. Tiefbau GmbH have until April 9 to register their claims with court-appointed insolvency manager Dr. Ferdinand Kiessner. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 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 Baden-Baden Hall 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden 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. Ferdinand Kiessner Eisenbahnstr. 19-23 77855 Achern Germany The District Court of Baden-Baden opened bankruptcy proceedings against Vetter Hoch- u. Tiefbau GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vetter Hoch- u. Tiefbau GmbH Attn: Klaus Feuser, Manager In den Lissen 26 76547 Sinzheim Germany VIETORIS & KRECHER: Claims Registration Period Ends April 5 ----------------------------------------------------------- Creditors of Vietoris & Krecher GmbH have until April 5 to register their claims with court-appointed insolvency manager Wilhelm Klaas. Creditors and other interested parties are encouraged to attend the meeting at 9:25 a.m. on April 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 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: Wilhelm Klaas Eichendorffstrasse 25 47800 Krefeld Germany Tel: 02151/80580 Fax: 02151/805858 The District Court of Kleve opened bankruptcy proceedings against Vietoris & Krecher GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Vietoris & Krecher GmbH Attn: Lutz Vietoris An der Neuweide 14 47495 Rheinberg Germany WFK COMFORTHAUS: Claims Registration Period Ends April 19 --------------------------------------------------------- Creditors of WFK Comforthaus GmbH have until April 19 to register their claims with court-appointed insolvency manager Hartmut H. Mitze. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 31, 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 Fritzlar Meeting Room Area 15 Building A Schladenweg 1 34560 Fritzlar 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: Hartmut H. Mitze Jahnstrasse 18 35066 Frankenberg Germany Tel: 06451-7191922 Fax: 06451-7191921 The District Court of Fritzlar opened bankruptcy proceedings against WFK Comforthaus GmbH on March 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WFK Comforthaus GmbH Attn: Dieter Goehlich, Manager Ludwig-Mohr-Str. 1 34576 Homberg Germany ========= I T A L Y ========= FIAT SPA: Sets Aside Plans to Issue Eurobond -------------------------------------------- Fiat S.p.A. postponed plans to issue bonds until conditions in the financial markets are better, reports say. Fiat wants to avoid higher yields that would make an issue more expensive. "We haven't stopped the bond issue, but we have suspended it," Chief Executive Officer Sergio Marchionne was quoted by AFX News Ltd. as saying. "We have decided to stay on the sidelines until the market becomes rational again," Mr. Marchionne added. Fiat announced Feb. 27 its intention to offer a benchmark Eurobond for EUR750 million to EUR1 billion. The notes will be issued by Fiat Finance North America, Inc., Fiat's wholly owned subsidiary, under the Global Medium Term Note Program and will be guaranteed by Fiat. Mr. Marchionne said the company would not wait for its credit rating to increase before launching the bond, AFX relates. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. The Troubled Company Reporter - Asia Pacific reported that Moody's Investors Service changed the outlook on Fiat SpA's Ba3 Corporate Family Rating to positive from stable and affirmed the long-term senior unsecured ratings as well as the short-term non-Prime rating. POPOLARE ITALIANA: Shareholders OK EUR8.2-Bln Merger with BPVN -------------------------------------------------------------- Shareholders of Banca Popolare Italiana Scrl and Banco Popolare di Verona e Novara Scrl have approved the proposed merger between the firms, published reports say. According to Bloomberg News, over 90% of the shareholders present at the company's meeting in Lodi, Italy, accepted BPVN's EUR8.2-billion acquisition offer. BPVN's owners also voted for the transaction. In October 2006, the Board of Directors of BPI accepted an EUR8.2-billion takeover offer from larger rival BPVN. BPI and BPVN will form a holding company that will launch a share swap to stakeholders of the groups: -- 0.43 share for every BPI share, and -- a share for every BPVN share. Aside from the share swap, BPI would distribute an extraordinary dividend of EUR2 per share, for a total cash of EUR1.5 billion, to existing shareholders. The share-and-cash offer values BPI at EUR12 per share, based on BPVN's share price of EUR22.81 on Oct. 13. The merged company will be called Banco Popolare and will concentrate on savings and loans in the Veneto, Lombardy and Sicily regions, The Associated Press reports. As previously reported in TCR-Europe, the merger will generate annual pretax synergies of EUR500 million starting 2010, but integration costs will reach an overall EUR300 million before tax. The merged group will have a market capitalization of EUR15.5 billion, 2,183 branches and more than 2.4 million clients. The companies forecasted an 18.9% hike in operating profit in 2006-2010 and a 45% cost-to-income in 2010. The payout ratio will be around 50% in 2010. Italian banks participated in a record US$85 billion of mergers in 2006, with three foreign banks acquiring mid-sized Italian banks and domestic rivals combined to cut costs. BPI, meanwhile, had been pressured by the Bank of Italy to consider a merger following a EUR744-million net loss in 2005. Since then, BPI received takeover offers from foreign lenders in 2006 before requesting bids from four regional competitors in an auction. About Banco Popolare di Verona Headquartered in Verona, Italy, Banco Popolare di Verona e Novara (BPVN) -- http://www.bpv.it/-- offers private banking, investment banking and asset management services, as well as other services in the tax and real estate sectors. The Company's banking network comprises over 1,170 branches, which are spread throughout the Italian regions of the Veneto, Emilia- Romagna, Piedmont and Lombardy, and internationally in London, Luxembourg, Hong Kong and Shanghai. About Banca Popolare Italiana Headquartered in Lodi, Italy, Banca Popolare Italiana -- http://www.bancapopolareitaliana.it/-- attracts deposits and offers commercial banking services. The Bank offers securities brokerage, asset management, mortgage loans, insurance, lease financing and treasury services and manages mutual funds. Through a subsidiary, Banca Popolare Italiana offers merchant banking services and medium- and long-term lending. * * * As of Feb. 23, BPI carries Moody's Investors Service's D financial strength rating, Ba2 junior subordinated debt rating, and Ba2 preferred stock and Tier III debt ratings. At the same time, BPI also carries Fitch's C financial strength rating, BB+ junior subordinated debt rating, and BB+ preferred stock rating. POPOLARE ITALIANA: Eyes Merging Stakes in Other Biz with BPVN ------------------------------------------------------------- Banca Popolare Italiana Scrl and Banco Popolare di Verona e Novara Scrl plan to consolidate their consumer-credit interests and sell shares in a new unit, Bloomberg News reports. The firm's plan, however, needs the backing of their other partners in those businesses, Franco Baronio, BPI's General Manager was cited by Bloomberg News as saying. Mr. Baronio said the companies would immediately proceed with the plan if shareholders approve it. Shareholders of BPI and BPVN recently approved the proposed merger between the firms, published reports say. The merged company will be called Banco Popolare and will concentrate on savings and loans in the Veneto, Lombardy and Sicily regions, The Associated Press reports. As previously reported in TCR-Europe, the merger will generate annual pretax synergies of EUR500 million starting 2010, but integration costs will reach an overall EUR300 million before tax. The merged group will have a market capitalization of EUR15.5 billion, 2,183 branches and more than 2.4 million clients. About Banco Popolare di Verona Headquartered in Verona, Italy, Banco Popolare di Verona e Novara (BPVN) -- http://www.bpv.it/-- offers private banking, investment banking and asset management services, as well as other services in the tax and real estate sectors. The Company's banking network comprises over 1,170 branches, which are spread throughout the Italian regions of the Veneto, Emilia- Romagna, Piedmont and Lombardy, and internationally in London, Luxembourg, Hong Kong and Shanghai. About Banca Popolare Italiana Headquartered in Lodi, Italy, Banca Popolare Italiana -- http://www.bancapopolareitaliana.it/-- attracts deposits and offers commercial banking services. The Bank offers securities brokerage, asset management, mortgage loans, insurance, lease financing and treasury services and manages mutual funds. Through a subsidiary, Banca Popolare Italiana offers merchant banking services and medium- and long-term lending. * * * As of Feb. 23, BPI carries Moody's Investors Service's D financial strength rating, Ba2 junior subordinated debt rating, and Ba2 preferred stock and Tier III debt ratings. At the same time, BPI also carries Fitch's C financial strength rating, BB+ junior subordinated debt rating, and BB+ preferred stock rating. WARNER MUSIC: Board Declares US$0.13 Per Share Dividend ------------------------------------------------------- Warner Music Group Corp.'s board of directors declared a regular quarterly dividend of US$0.13 per share of common stock, representing an aggregate quarterly dividend of approximately US$19.4 million (based on outstanding shares of 149,389,412.787 as of Feb. 6, 2007). The dividend is payable April 27, 2007, to stockholders of record as of the close of business March 28. The company previously intends to pay regular quarterly dividends on its common stock outstanding in an amount not to exceed US$80 million per year. The board will evaluate whether to pay a dividend on a quarterly basis and will base its decisions on, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors the Board of Directors may deem relevant. Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/-- is a music company that operates through numerous international affiliates and licensees in more than 50 countries, including the Philippines, France, Korea, Mexico, Canada, Italy, among others. * * * Standard & Poor's Ratings Services raised its long-term corporate credit and senior secured ratings on Warner Music Group Corp. to 'BB-' from 'B+'. At the same time, Standard & Poor's raised its senior subordinated debt rating on WMG to 'B' from 'B-', two notches below the 'BB-' corporate credit rating. S&P said the outlook is stable. Warner Music Group Corp. carries Fitch Ratings' BB- issuer default rating assigned in May 2006. =================== K A Z A K H S T A N =================== BEREKE LLP: Creditors Must File Claims by April 13 -------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region has declared LLP Bereke insolvent. Creditors have until April 13 to submit written proofs of claim to: Tax Committee on South Kazakhstan Region Shymkent South Kazakhstan Region Kazakhstan COMPANY TECHNOPLAST: Creditors' Claims Due April 20 --------------------------------------------------- LLP Company Technoplast has declared insolvency. Creditors have until April 20 to submit written proofs of claim to: LLP Company Technoplast Micro District "Muhamedjanova", 6-54 Balhash Karaganda Kazakhstan Tel: 8 (31036) 5-23-27 DORSTROYPLAST LLP: Proof of Claim Deadline Slated for April 6 ------------------------------------------------------------- LLP Dorstroyplast has declared insolvency. Creditors have until April 6 to submit written proofs of claim to: LLP Dorstroyplast Micro District 4, 14-30 Almaty Kazakhstan KAGANAT LLP: Claims Registration Ends April 20 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Kaganat insolvent. Creditors have until April 20 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Micro District "Musheltoi", 37a-21 Taldykorgan Almaty Kazakhstan Tel: 8 701 268 92-77 KARLYGASH LLP: Claims Filing Period Ends April 13 ------------------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region has declared LLP Karlygash insolvent. Creditors have until April 13 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of West Kazakhstan Region Seifullin Str. 37 Uralsk West Kazakhstan Region Kazakhstan NADEJDA LLP: Creditors Must File Claims by April 6 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Hope-Impex Nadejda insolvent. Creditors have until April 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Karaganda Jambyl Str. 9 Karaganda Kazakhstan PARTNER-SERVICE LLP: Creditors' Claims Due April 13 --------------------------------------------------- LLP Partner-Service has declared insolvency. Creditors have until April 13 to submit written proofs of claim to: LLP Partner-Service Micro District "Stepnoi-4", 27-14 Karaganda Kazakhstan STR-TRADE LLP: Proof of Claim Deadline Slated for April 20 ---------------------------------------------------------- LLP Str-Trade has declared insolvency. Creditors have until April 20 to submit written proofs of claim to: LLP Str-Trade Abai Ave. 44 Almaty Kazakhstan TRIZATRADETEKS LLP: Claims Registration Ends April 6 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Trizatradeteks insolvent. Creditors have until April 6 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Karaganda Jambyl Str. 9 Karaganda Kazakhstan ZAMAN-CENTRE LLP: Claims Filing Period Ends April 20 ---------------------------------------------------- LLP Zaman-Centre has declared insolvency. Creditors have until April 20 to submit written proofs of claim to: LLP Zaman-Centre Satpaev Str. 156/1-311 Pavlodar Kazakhstan =================== K Y R G Y Z S T A N =================== AKTSETRADE LLC: Claims Filing Period Ends April 20 -------------------------------------------------- LLC Aktsetrade has declared insolvency. Creditors have until April 20 to submit written proofs of claim to: LLC Aktsetrade Tolstoy Str. 210 Bishkek Kyrgyzstan CITY TRADE: Creditors Must File Claims by April 20 -------------------------------------------------- LLC City Trade Mark has declared insolvency. Creditors have until April 20 to submit written proofs of claim to: LLC City Trade Mark Tynystanov Str. 189-19 Bishkek Kyrgyzstan ===================== N E T H E R L A N D S ===================== PROSPERO CLO: Moody's Rates US$13.5-Million Class D Notes at Ba2 ---------------------------------------------------------------- Moody's has assigned these ratings to the notes issued by Prospero CLO II B.V., a Dutch special purpose company: -- US$80-million Class A-1-A Senior Secured Floating Rate Notes Due 2022: Aaa; -- EUR64-million Class A-1-B Senior Secured Floating Rate Notes Due 2022: Aaa; -- GBP10.5-million Class A-1-C Senior Secured Floating Rate Notes Due 2022: Aaa; -- US$100-million (equivalent) Class A-1-VF Senior Secured Floating Rate Notes Due 2022: Aaa; -- US$30-million Class A-2 Senior Secured Floating Rate Notes Due 2022: Aa2; -- US$25-million Class B Senior Secured Deferrable Interest Floating RateNotes Due 2022: A3; -- US$15-million Class C Senior Secured Deferrable Interest Floating Rate Notes Due 2022: Baa2; and -- US$13.5-million Class D Senior Secured Deferrable Interest Floating Rate Notes Due 2022: Ba2. The Notes have been co-issued by Prospero CLO II, Inc. EUR5-million and US$30.2-million of Subordinated Notes due 2022 will also be issued by the Co-Issuers but will not be rated by Moody's. The ratings address the expected loss posed to noteholder by the legal final maturity. This transaction is a high yield collateralized loan obligation related to an approximately US$388-million portfolio (at current prevailing foreign exchange rates) comprised primarily of American and European senior secured, second lien and mezzanine loans. The Co-Issuers are also permitted to acquire small amounts of collateralized loan obligation debt and high yield bonds. The portfolio is dynamic and Rabobank International, New York Branch will provide collateral management services to the Issuer in respect thereof. NM Rotschild & Sons Limited will act as a Sub Advisor in respect of the European loans. The portfolio was approximately 60% ramped-up at closing, and is expected to be fully ramped-up within 180 days of closing, subject to compliance with the eligibility criteria and portfolio guidelines. The transaction incorporates a triple currency asset and liability structure. Assets and liabilities of the structure are denominated in US$, EUR and GBP, which permits a partial natural hedge of foreign currency exchange mismatches over the life of the transaction. In order to further offset the negative impact of the foreign exchange exposure, the Co-Issuers have agreed to enter into foreign exchange hedges if the mismatch between assets and liabilities denominated in GBP or EUR exceed a certain amount. Such hedges are expected to be comprised primarily of forward currency exchange contracts and foreign exchange basis swaps provided by suitably rated counterparties of which Rabobank has agreed to provide for the life of the transaction if necessary. The ratings are based upon: (a) an assessment of the credit quality and of the diversification of the assets to be included in the portfolio; (b) an assessment of the eligibility criteria, reinvestment criteria and portfolio limits applicable to the future additions to the portfolio; (c) the overcollateralization of the Notes; (d) the foreign exchange risks in the potential currency mis- matching of collateral assets and Note liabilities of the Co-Issuers; (e) the requirement for the Issuer to partially mitigate the effects of foreign exchange currency risk through entering into foreign currency hedge transactions; (f) the expertise of Rabobank International, New York Branch and NM Rothschild & Sons Limited in the management of leveraged finance portfolios; and (g) the legal and structural integrity of the transaction. Instead of the traditional constraints upon diversity score, weighted average rating factor, etc., this transaction will be "managed to model". When conducting a trade, in addition to complying with the concentration limits, eligibility criteria and reinvestment criteria, the "Rating Model Expected Loss Test" must be satisfied. This test requires that, in order to make a substitution, the manager must first confirm the expected loss of each tranche: (i) immediately prior to the sale/repayment/default of the old asset; and (ii) giving effect to the acquisition of the new asset. The test will be passed if the new expected loss levels for each tranche of rated Notes are: (a) below the hurdle level corresponding to the initial ratings, or (b) are maintained or improved as compared to the portfolio immediately prior to the sale/repayment/default of the old asset. Rabobank International was the arranger and lead manager of the transaction, and NM Rothschild & Sons Ltd. was the co-manager. =========== N O R W A Y =========== NORTEL NETWORKS: Subsidiary Obtains Default Waiver from Lender -------------------------------------------------------------- Nortel Networks Limited, the principal operating subsidiary of Nortel Networks Corporation, has obtained a waiver from Export Development Canada. The waiver relates to the defaults and events of default under its US$750 million support facility with EDC in connection with NNL's previously announced need to restate and make adjustments to its financial results for prior periods. Financial Restatements As reported in the Troubled Company Reporter-Europe on March 5, Nortel Networks said it is delaying the filing of its annual report on Form 10-K for the year ended Dec. 31, 2006, with the U.S. Securities and Exchange Commission and its corresponding filings under Canadian securities laws. The company has identified certain errors primarily through discussions with Nortel's North American pension and post- retirement plan actuaries and through Nortel's ongoing remediation efforts with respect to its previously reported internal control deficiencies. As a result, Nortel and its principal operating subsidiary Nortel Networks Limited will restate their financial results for 2004, 2005, and the first nine months of 2006, and will make adjustments to periods prior to 2004. The restatement will primarily correct third party actuarial calculation errors embedded in Nortel's North American pension and post-retirement plans and revenue incorrectly recognized in prior periods that should have been deferred to later periods. These matters have been fully discussed with the Staff of the SEC including as part of the company's responses to staff comments on Nortel's periodic filings with the SEC. The company currently expects revisions to its previously reported 2006 nine month results resulting in increases in revenues and improvements in net earnings of approximately US$24 million and US$15 million, respectively, as well as revisions to its previously reported 2005 and 2004 financial results reflecting reductions in revenue of approximately US$28 million and US$33 million and increases in net loss of approximately US$87 million and US$42 million, respectively. With respect to financial results prior to 2004, the company currently expects revisions reflecting negative impacts on revenue of approximately US$27 million and negative impacts on net earnings of approximately US$5 million, in the aggregate. About Nortel Headquartered in Ontario, Canada, Nortel Networks Corporation (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 Networks Limited is the principal direct operating subsidiary of Nortel Networks Corporation. Nortel does business in more than 150 countries including the United Kingdom, Denmark, Russia, Norway, Australia, Brazil, China, Singapore, among others. * * * Nortel Network's 4-1/4% Convertible Senior Notes due Sept. 1, 2008 carry Moody's Investors Service's and Standard & Poor's single-B ratings. =========== R U S S I A =========== ALTAIR-S LLC: Creditors Must File Claims by March 17 ---------------------------------------------------- Creditors of LLC Altair-S have until March 17 to submit proofs of claim to: S. Kozlovtsev, Temporary Insolvency Manager Office 2 Leningradskaya Str. 2a Rasskazovo, Tambov Russia The Arbitration Court of Ryazan commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A54-5412/2006 S20. The Court is located at: The Arbitration Court of Ryazan Pochtovaya Str. 43/44 Ryazan Russia The Debtor can be reached at: LLC Altair-S Retkino, Ryazan Russia ANTONEN CJSC: Creditors Must File Claims by March 17 ---------------------------------------------------- Creditors of CJSC Antonen have until March 17 to submit proofs of claim to: Sh. Fazailov, Insolvency Manager Mira Pr. 101V 129085 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-27744/06-78-475 B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Antonen Dolgorukovskaya Str. 27 101421 Moscow Russia AVEST-TRADE CJSC: Creditors Must File Claims by March 17 -------------------------------------------------------- Creditors of CJSC Avest-Trade have until March 17 to submit proofs of claim to: T. Seregina, Temporary Insolvency Manager Post User Box 43/32 680013 Khabarovsk Russia The Arbitration Court of Khabarovsk commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A73-370/07-39. The Debtor can be reached at: CJSC Avest-Trade Istomina Str. 23 Khabarovsk Russia BANK TRUST: Fitch Affirms Low-B IDR With Stable Outlook -------------------------------------------------------- Fitch Ratings affirmed the ratings of Russia-based National Bank TRUST at Issuer Default 'B-' with a Stable Outlook, Short-term 'B', Individual 'D/E' and Support '5'. NBT's ratings reflect significant loan impairment to date and credit risk from ongoing rapid growth combined with moderate loan impairment coverage and weak capitalization. Liquidity is potentially vulnerable given the reliance on short-term customer funding and additional tax claims received earlier this year suggest some remaining regulatory risk. At the same time, Fitch acknowledges the bank's growing franchise outside of Moscow, limited market risks and the low level of related party business. At end-2006 the retail book accounted for 47% of net loans and was almost equally split between car purchase financing and unsecured general purpose loans. The quality of retail loans was weak, with 15% of car loans and 9% of general purpose loans being impaired. The rapid loan growth, increasing share of mass market customers and the largely unseasoned nature of the long- term portfolio could lead to a rise in impaired loans. However, in late 2006 NBT sought to strengthen its underwriting and debt collection functions, which could mitigate risks to some extent. Meanwhile, loan impairment reserves are moderate in Fitch's view, covering c.50% of impaired loans, or 6% of the total retail portfolio at end-2006. NBT's capitalization is weak, given moderate coverage of impaired loans and ambitious growth targets. Internal capital generation is low and the shareholders have limited options to strengthen capital. A merger with sister institution Investment Bank TRUST, or the sale of a stake in IBT to new investors are currently being considered as possible sources of new capital for NBT. Fitch is informed that NBT will manage its growth to keep the Basel I Tier 1 capital ratio above 10% in 2007, which is also a proposed covenant in planned international borrowings. In 2007 NBT expects a loss of funding from the insolvent oil company Yukos and its affiliates, which contributed 33% of end- Q306 non-equity funding. The bank has accumulated a sufficient liquidity cushion to repay these balances and plans to increase funding through international borrowings, including a securitization of retail loans and eurobonds. Managers of IBT bought NBT from the shareholders of Group Menatep in 2004. Since then, it has been pursuing a strategy to build up its retail and SME franchise in the regions, using its large network. NBT and IBT share senior level managers and some middle- and back-office functions. CYPRESS CJSC: Creditors Must File Claims by March 17 ---------------------------------------------------- Creditors of CJSC Cypress have until March 17 to submit proofs of claim to: A. Geyko, Insolvency Manager Kirova Str., 2 Armavir, Krasnodar Russia The Arbitration Court of Stavropol commenced bankruptcy proceedings against the company after finding it insolvent. The hearing in the Court will convene on Sept. 7. The case is docketed under Case No. A63-1328/2001-S5. The Court is located at: The Arbitration Court of Stavropol Mira Str. 458 b Stavropol Russia The Debtor can be reached at: CJSC Cypress Georgievsk Stavropol Russia GELENDZHIKSKIY LOGGING: Bankruptcy Hearing Slated for May 25 ------------------------------------------------------------ The Arbitration Court of Krasnodar will convene at 2:00 p.m. on May 25 to hear the bankruptcy supervision procedure on OJSC Gelendzhikskiy Logging Depot. The case is docketed under Case No. A-32-15721/2006-1/1055-B. The Temporary Insolvency Manager is: E. Leylyan, Temporary Insolvency Manager Office 2 Kubano-Naberezhnaya Str. 100 350063 Krasnodar Russia The Court is located at: The Arbitration Court of Krasnodar Staroderevenkovskaya St. Krasnodar Russia The Debtor can be reached at: OJSC Gelendzhikskiy Logging Depot Lenina Str., 30 Arkhipo-Osipovka Gelendzhik 353486 Krasnodar Russia IGARSKIY SEA: Asset Sale Slated for March 21 -------------------------------------------- A. Anishenko, the insolvency manager and bidding organizer for OJSC Igarskiy Sea Port, will open a public auction for the company's properties at noon on March 21 at: Office Tochka Rosta Gorkogo Str. 20 Krasnoyarsk Russia Interested participants have until March 19 to deposit an amount equivalent to 10% of the starting price to: OJSC Igarskiy Sea Port Settlement Account 40702810101030000396 Correspondent Account 3010181000000000000702 BIK 040407702 TIN 2449001966 KPP 244901001 ACB Lanta-bank (Krasnoyarskiy) Krasnoyarsk Russia Bidding documents must be submitted to: A. Anishenko Post User Box 20647 660017 Krasnodar Russia The Debtor can be reached at: OJSC Igarskiy Sea Port Shmidta Str. 1 Igarka, Krasnoyarsk Russia IZHEVSKIY BREAD-MACARONI: Asset Sale Slated on March 22 ------------------------------------------------------- Udmurtskaya Chamber of Commerce and Industry, the bidding organizer for OJSC Izhevskiy Bread-Macaroni Factory, will open a public auction for the company's properties at 3:00 p.m. on March 22 at: OJSC Izhevskiy Bread-Macaroni Factory Ordzhonikidze Str. 4 Izhevsk 426063 Udmurtiya Russia Interested participants have until March 17 to deposit an amount equivalent to 10% of the starting price to: OJSC Izhevskiy Bread-Macaroni Factory Settlement Account 40702810820000002345 Correspondent Account 3010181090000000000871 BIK 049401871 ACB Izhcombank (OJSC) Russia Bidding documents must be submitted to: Udmurtskaya Chamber Of Commerce and Industry, the Bidding Organizer Ordzhonikidze Str. 4 Izhevsk 426063 Udmurtiya Russia Tel/Fax: (3412) 63-73-27 The Debtor can be reached at: OJSC Izhevskiy Bread-Macaroni Factory Ordzhonikidze Str. 4 Izhevsk 426063 Udmurtiya Russia KRASNODARSKAYA TOBACCO: Court Names E. Leyliyan to Manage Assets ---------------------------------------------------------------- The Arbitration Court of Krasnodar appointed Mr. E. Leyliyan as Insolvency Manager for LLC Krasnodarskaya Tobacco Company. He can be reached at: E. Leyliyan Office 428 Krasnaya Str. 180 350020 Krasnodar Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-21089/2006-2/1839-B. The Court is located at: The Arbitration Court of Krasnodar Staroderevenkovskaya St. Krasnodar Russia The Debtor can be reached at: LLC Krasnodarskaya Tobacco Company Novorossiyskaya Str. 210 350059 Krasnodar Russia LUKOIL OIL: Fire Cues Shutdown of Volgograd Refinery for Repair --------------------------------------------------------------- OAO Lukoil will shut down for repair one of its main processing units at its Volgograd oil refinery following a fire, Bloomberg News reports. A fire hit the unit around noon on March 10, and was extinguished two hours later. Gennady Krasovsky, Lukoil's deputy head of investor relations, told Bloomberg News that only part of the unit was damaged. He, however, declined to comment on the damage on the unit and the length of time to repair it. Dmitry Dolgov, a spokesman for the oil company, told Bloomberg News the refinery's other units are operating at full capacity. Lukoil completed in October 2006 a US$142 million upgrade of the Volgograd refinery to boost output of high-octane gasoline. 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. * * * OAO Lukoil carries Standard & Poor's BB+ long-term foreign and local issuer credit ratings with a positive outlook. MONOLITH LLC: Creditors Must File Claims by April 17 ---------------------------------------------------- Creditors of LLC Monolith have until April 17 to submit proofs of claim to: V. Kravchuk, Insolvency Manager Post User Box 14 Voroshilova Str. 35 394055 Voronezh Russia The Arbitration Court of Belgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A08-9950/06-2b. The Court is located at: The Arbitration Court of Belgorod Narodnyj Avenue 135 308600 Belgorod Russia The Debtor can be reached at: LLC Monolith Mira Str. 10 Krasnaya Yaruga 309421 Belgorod Russia NIZHNEDEVITSK-AGRO-PROM-TRANS: D. Shumilin as Insolvency Manager ---------------------------------------------------------------- The Arbitration Court of Voronezh appointed Mr. D. Shumilin as Insolvency Manager for OJSC Nizhnedevitsk-Agro-Prom-Trans. He can be reached at: D. Shumilin Stepanova Str. 85 394050 Voronezh Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-1594-2006/3/20b. The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: D. Shumilin Stepanova Str. 85 394050 Voronezh Russia OLENINSKIY WOOD-PROM-KHOZ: Creditors' Claims Due by March 17 ------------------------------------------------------------ Creditors of OJSC Oleninskiy Wood-Prom-Khoz (TIN 6934004670) have until March 17 to submit proofs of claim to: V. Artemyev, Temporary Insolvency Manager Post User Box 441 Cenral Posr Office 170100 Tver Russia The Arbitration Court of Tver commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 9775. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver Russia The Debtor can be reached at: OJSC Oleninskiy Wood-Prom-Khoz Mirnyj Oleninskiy, Tver Russia OLVIS-SERVICE CJSC: Court Names I. Kuvshinov to Manage Assets ------------------------------------------------------------- The Arbitration Court of Ulyanovsk appointed Mr. I. Kuvshinov as Insolvency Manager for CJSC Olvis-Service. He can be reached at: I. Kuvshinov Rakhmaninova Str. 1 Penza Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A72-9175/06-26/48-B. The Debtor can be reached at: I. Kuvshinov Rakhmaninova Str. 1 Penza Russia ROSNEFT OIL: Confirms Two Yukos Nominees to Board ------------------------------------------------- The Board of Directors of OAO Rosneft Oil Co. has confirmed the agenda for the Company's annual general shareholders' meeting, as well as the list of candidates to the Board of Directors due to be elected at the meeting. The Board also has discussed a number of interested-party transactions. According to the agenda confirmed, the participants in the annual shareholders' meeting will confirm Rosneft's annual report for 2006, the financial statements (including a profit and loss statement) and profit distribution. The size, timeframe and method of dividend payments will also be confirmed. Shareholders are also scheduled to elect a new Board of Directors and an audit committee, as well as introduce amendments to the Company's charter. The Board of Directors confirmed the list of 11 candidates to the new Board. Candidates nominated by Rosneftegaz (owner of a 75.16% stake in Rosneft): 1. Kirill Androsov, Deputy Minister of Economic Development and Trade; 2. Sergey Bogdanchikov, President of Rosneft; 3. Andrey Kostin, Chairman of Vneshtorgbank; 4. Sergey Naryshkin, Deputy Prime Minister; 5. Alexander Nekipelov, Vice President of the Russian Academy of Sciences; 6. Gleb Nikitin, Head of the Russian Agency for the Management of Federal Property; 7. Andrey Reus, Deputy Minister of Industry and Energy; 8. Hans-Jorg Rudloff, Chairman of Barclays Capital; and 9. Igor Sechin, Deputy Chief of Staff of the Presidential Executive Office and Aide to the President of Russia; Candidates nominated by OAO Yukos Oil Co. (owner of a 9.44% stake in Rosneft): 1. Eduard Rebgun, Yukos receiver; and 2. Sergey Tregub, President of YUKOS RM The Board of Directors nominated eight candidates to the audit committee, five from Rosneft and three from Yukos. About Rosneft Headquartered in Moscow, Russia, OAO Rosneft Oil Co. -- http://ns.roilcom.ru/english/-- produces and markets petroleum products. The Company explores for, extracts, refines and markets oil and natural gas. Rosneft produces oil in Western Siberia, Sakhalin, the North Caucasus, and the Arctic regions of Russia. * * * In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings Services raised its long-term corporate credit rating on Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from CreditWatch, where it had been placed with positive implications on Nov. 15, 2006. S&P said the outlook is developing. As reported in the TCR-Europe on Jan. 2, Fitch Ratings placed OJSC Rosneft Oil's foreign and local currency Issuer Default ratings of BB+ on Rating Watch Positive following the company's announcement of strong financial results for the first nine months of 2006. SLAVYANSKOYE LLC: Voronezh Court Hearing Slated for April 26 ------------------------------------------------------------ The Arbitration Court of Voronezh will convene at 10:30 a.m. on April 26 to hear the bankruptcy supervision procedure on LLC Slavyanskoye. The case is docketed under Case No. A14-16242-2006/213/33b. The Temporary Insolvency Manager is: L. Zuev, Temporary Insolvency Manager Krasnoarmeyskaya Str. 157 Anna, Voronezh Russia The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: LLC Slavyanskoye Karla Marksa Str. 3a Ertil, Voronezh Russia VIMPELCOM: Moody's Lifts Rating to Ba2 on Strong Performance ------------------------------------------------------------ Moody's Investors Service upgraded the corporate family and existing bond ratings of Open Joint Stock Company Vimpel Communications to Ba2 from Ba3. The outlook on the ratings is stable. The upgrade reflects: (i) the company's continued robust operational and financial performance resulting in a free cash flow position based on the first nine months of 2006; (ii) its position as one of the leading mobile operators in Russia and Kazakhstan as well as its presence in a number of other countries in the CIS; (iii) the company's ability to retain strong profitability despite the introduction of "calling party pays" on 1 July 2006; and (iv) its modest leverage of approximately 1.0x Total Debt to reported EBITDA on an annualized nine month basis. The rating also takes into account: (i) an ongoing shareholder dispute albeit it has had a limited impact on the company's development; (ii) uncertainty associated with a potential award of 3G license and its capex requirements; (iii) the company's publicly stated intentions to continue its external growth through acquisitions in the CIS; and (iv) a continued modest rise in absolute levels of debt over the next 12 months. Moody's also notes that with free cash flow generation the company is now in a position where it could contemplate commencing shareholder distributions. At this juncture, the rating reflects uncertainty associated with establishing a sustainable dividend policy going forward. However, Moody's believes that the company will continue to adhere to a conservative financial policy including its leverage target of 2.0x Debt to reported EBITDA and 1.0x Debt to Equity. The stable outlook on the ratings reflects near term uncertainty associated with the 3G-license award and the company's policy as regards free cash flow utilization. What Could Change the rating -- UP Sustainable generation of positive free cash flow (excluding acquisitions) in combination with conservative leverage parameters and further guidance on 3G strategy What Could Change the rating -- Down Major debt financed acquisitions beyond Moody's current expectations; a change in ownership in combination with an aggressive financial policy Headquartered in Moscow, Russia, VimpelCom is one of the country's leading providers of mobile telecommunications services, under the "Beeline" brand. For the first nine months 2006, the company generated US$3.4 billion in revenue with a reported 51.6% OIBDA margin. VNESHTORGBANK JSC: VRB Expands in Vietnam with Vung Tau Branch -------------------------------------------------------------- Vietnam-Russia Joint Venture Bank, a unit of JSC Vneshtorgbank, opened a branch in Vung Tau, Vietnam. The opening ceremony was attended by VTB management, representatives of Vietnam's leadership, Zarubezhneft company, and Bank for Investment and Development of Vietnam (BIDV). Vietnam-Russia Bank, which was opened in Hanoi last November with the attendance of Russian President Vladimir Putin and President of the Socialist Republic of Vietnam Nguyen Minh Triet, is a joint venture of VTB Bank and BIDV. VRB authorized capital is US$10 million, with 51% of the stock belonging to BIDV and the remaining 49% to VTB. VRB was the first Russian bank established in Vietnam designed to promote bilateral trade and economic relationship between Russia and Vietnam, to facilitate trade settlement between the two countries and contribute to implementing large Russia- Vietnam projects with Russian capital involved. VTB key business lines are project finance, import and export financing, lending to Russian enterprises operating in Vietnam, and international settlement between the two countries. Extended presence of the VTB Group in Vietnam will enhance support for Russian enterprises engaged in such industries as military and technical cooperation, transport, oil extraction and refining, telecommunications, machine building and energy, as well as in promoting innovative banking technologies in Vietnam's markets. The decision to open Vietnam-Russia Bank was made at the governmental level of the two countries in February. Later, at the V Session of the Vietnam-Russia Working Group in Interbank Cooperation a Memorandum on the Bank opening was signed in May 2006, in Da Nang. Constituency documents were signed on Aug. 31, 2006, within the framework of a visit of the Vietnamese delegation to Moscow. Presently, VRB activities are being patronized by the two countries' governments. On their parts, both VTB and BIDV are also proactively supporting VRB activities regarding this mission as one of their top priorities. About Vneshtorgbank Headquartered in Moscow, Russia, JSC Vneshtorgbank and its subsidiaries are a leading Russian commercial banking group, offering a wide range of banking services and conducting operations in both Russian and international markets. As of Dec. 31, 2005, the Group had a network of 151 branches, including 55 branches of VTB, 42 branches of VTB Retail Services and 54 branches of Industry and Construction Bank, located in major Russian regions. The Group operates through three subsidiaries located in the CIS (Armenia, Georgia, Ukraine), seven subsidiaries located in Western Europe (Austria, Cyprus, Switzerland, Germany, Luxembourg, France) and Great Britain and through five representative offices located in India, Italy, China, Byelorussia and Ukraine. * * * Following the upgrade of the Russian sovereign foreign and local currency IDRs to BBB+ from BBB, Fitch Ratings affirmed Vneshtorgbank's Individual rating at C/D and Support at 2. VORONEZH-FISH-COMPLEX: Creditors Must File Claims by April 17 ------------------------------------------------------------- Creditors of OJSC Voronezh-Fish-Complex have until April 17 to submit proofs of claim to: V. Volodin, Insolvency Manager Konno-Streletskaya Str. 45 394055 Voronezh Russia The Arbitration Court of Voronezh commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A14-14617/2006-222/16b. The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: OJSC Voronezh-Fish-Complex Patriotov Pr. 49 394065 Voronezh Russia YUG-MINIOIL-LABINSK: Creditors Must File Claims by April 17 ----------------------------------------------------------- Creditors of CJSC Yug-Minioil-Labinsk have until April 17 to submit proofs of claim to: V. Gribov, Insolvency Manager Room 5 Lenina Str. 101 350033 Krasnodar Russia The Arbitration Court Krasnodar commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A-32-24152/05-38/347-B. The Court is located at: The Arbitration Court of Krasnodar Staroderevenkovskaya St. Krasnodar Russia The Debtor can be reached at: CJSC Yug-Minioil-Labinsk Severnaya Promzona Labinsk 352500 Krasnodar Russia ========= S P A I N ========= HIPOCAT 11: Moody's Junks EUR28-Million Series D Notes ------------------------------------------------------ Moody's Investors Service assigned definitive credit ratings to six series of Bonos de Titulizacion de Activos issued by HIPOCAT 11 Fondo de Titulizacion de Activos, a Spanish Asset Securitization Fund that has been created by Gestion de Activos Titulizados, S.G.F.T, S.A. Moody's has assigned these ratings: -- EUR200-million Series A1 notes: Aaa; -- EUR1.083-billion Series A2 notes: Aaa; -- EUR200-million Series A3 notes: Aaa; -- EUR52.8-million Series B notes: Aa2; -- EUR64-million Series C notes: Baa2; and -- EUR28-million Series D notes: Caa3 In Moody's opinion the structure allows for timely payment of interest and ultimate payment of principal on Classes A1, A2, A3, B and C at par on or before their respective rated legal maturity dates, and for ultimate payment of interest and principal at par on or before the rated final legal maturity date on Class D. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. According to Moody's, this deal benefits from several strengths, including: (1) a swap agreement, which guarantees a 65-bppa excess spread; (2) a Reserve Fund that is fully funded upfront to cover a potential shortfall in interest and principal; (3) an 18-month artificial write-off mechanism; and (4) the securing of 100% of loans by residential mortgages. However, the transaction poses several challenging features, namely: (1) the existence of loans which can enjoy grace periods both in interest and principal; (2) the possibility of redrawing on already amortized amounts; (3) high LTV lending; and (4) geographical concentration in the region of Catalonia (70%), mitigated in part by the fact that this is the region of Caixa Catalunya's origin, where it has its highest expertise. The product being securitized under HIPOCAT 11 is the first draw down of a mortgage product designed by Caixa Catalunya and marketed under the name "Credito Total". In terms of collateral, at closing the deal has WA Current LTV levels of 82.9%, and a strong regional presence in Catalonia. The average loan size is EUR 155,718. The loans were originated between 1994 and 2006, resulting in a weighted average seasoning of 1.41 years. Moody's based the ratings primarily on: (1) an evaluation of the underlying portfolio of mortgage loans securing the structure, and (2) the transaction's structural protections, which include the subordination of the notes, the swap agreement partially hedging the interest rate risk, the reserve fund and any excess spread available to cover losses. ===================== S W I T Z E R L A N D ===================== AESCHLIMANN PARKETT: Creditors' Liquidation Claims Due March 31 --------------------------------------------------------------- Creditors of LLC Aeschlimann Parkett have until March 31 to submit their claims to: Engehaldenstr. 75 3012 Bern Switzerland The Debtor can be reached at: LLC Aeschlimann Parkett Bern Switzerland AFK-MULLER LLC: Creditors' Liquidation Claims Due March 28 ---------------------------------------------------------- Creditors of LLC AfK - Muller have until March 28 to submit their claims to: Integer Treuhand Anton Meier Liquidator Zurcherstrasse 9 8903 Birmensdorf Dietikon ZH Switzerland The Debtor can be reached at: LLC AfK - Muller Zurich Switzerland AIB-SR LLC: Zug Court Starts Bankruptcy Proceedings --------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against LLC AIB-SR on Jan. 30. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: LLC AIB-SR Alte Steinhauserstrasse 19 6330 Cham ZG Switzerland CDS FINANCE: Zug Court Starts Bankruptcy Proceedings ---------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against LLC CDS Finance on Feb. 12. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: LLC CDS Finance Zugerstrasse 77 6340 Baar ZG Switzerland EDOCKET JSC: Creditors' Liquidation Claims Due April 2 ------------------------------------------------------ Creditors of JSC eDocket have until April 2 to submit their claims to: Poststrasse 6 6300 Zug Switzerland The Debtor can be reached at: JSC eDocket Zug Switzerland GTA BERATUNG: Creditors' Liquidation Claims Due April 13 -------------------------------------------------------- Creditors of LLC GTA Beratung have until April 13 to submit their claims to: Patrick Buhlmann Liquidator Wyss & Partner Alderstrasse 21 P.O. Box 1281 8034 Zurich Switzerland The Debtor can be reached at: LLC GTA Beratung Zurich Switzerland IPV ORGA: Zug Court Closes Bankruptcy Proceedings ------------------------------------------------- The Bankruptcy Service of Zug entered Feb. 16 an order closing the bankruptcy proceedings of JSC IPV ORGA. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC IPV ORGA Baarerstrasse 63 6300 Zug Switzerland KOSAN TEKNOVA: Creditors' Liquidation Claims Due March 30 --------------------------------------------------------- Creditors of JSC Kosan Teknova have until March 30 to submit their claims to: Peter Leuthold Liquidator Im Hausacher 4 8706 Feldmeilen Switzerland The Debtor can be reached at: JSC Kosan Teknova Glarus Switzerland NFR SECURITY: Creditors' Liquidation Claims Due March 26 -------------------------------------------------------- Creditors of LLC NFR Security (Schweiz) have until March 26 to submit their claims to: Dr. Robert Furter Liquidator Lowenstrasse 1 8001 Zurich Switzerland The Debtor can be reached at: LLC NFR Security (Schweiz) Zurich Switzerland RITTER ARCHITEKTEN: Creditors' Liquidation Claims Due March 29 -------------------------------------------------------------- Creditors of JSC Ritter Architekten have until March 29 to submit their claims to: Beat Friedli Liquidator Neuengasse 41 3011 Bern Switzerland The Debtor can be reached at: JSC Ritter Architekten Bern Switzerland RODEL LLC: Creditors' Liquidation Claims Due March 28 ----------------------------------------------------- Creditors of LLC Rodel have until March 28 to submit their claims to: Bleichenbacher + Steiger Treuhand Liquidator Bahnhofstrasse 29 9100 Herisau AR Switzerland The Debtor can be reached at: LLC Rodel St. Gallen Switzerland SAGENTIA LLC: Creditors' Liquidation Claims Due March 30 -------------------------------------------------------- Creditors of LLC Sagentia have until March 30 to submit their claims to: Dr. Martin Forster Liquidator Bahnhofstrasse 44/46 8023 Zurich Switzerland The Debtor can be reached at: LLC Sagentia Zurich Switzerland SWISSAIR: Trial Ends Inconclusively; Verdict Expected in June ------------------------------------------------------------- The trial against former Swissair Group managers and advisors has drawn to an inconclusive close, with a Swiss court saying that a judgment won't be announced before the end of May, published reports say. TCR-Europe reported on Jan. 18 that 19 of the company's top executives, board members, and advisers faced charges on criminal mismanagement and false accounting. The executives on trial denied any wrongdoing and instead blamed the collapse in air travel following the Sept. 11, 2001 terrorist attacks. TCR-Europe disclosed on Feb. 5 that Mario Corti, Swissair's last chief executive officer prior to its collapse, testified in court that a UBS AG-led plan "strangled" the company and led to its demise, an allegation that the bank promptly denied. The company's former top managers have the most to lose in the judgment for Switzerland's largest corporate trial, as prosecutors demand jail time for Mr. Corti and fines with suspended sentences for everyone else, Bloomberg News states. However, most observers doubt that the judges will serve out all of the prison sentences and fines that the prosecutors demand. Some litigants present at the hearing claim that the prosecution failed to prove enough criminal intent, Swissinfo relates. About Swissair Swissair collapsed in October 2001 after accumulating CHF17 billion in debt in relation to significant investments in a number of European airlines including Sabena, Air Liberte of France, and Turkish Airlines. It defaulted on the debt during the slump that followed the Sept. 11, 2001 terrorist attacks in the U.S. The entire Swissair fleet was grounded on Oct. 2, 2001, and Swissair ceased to exist after Crossair took over most of its assets on March 31, 2002. Kurt Hoss Liquidators in Zurich liquidated the assets that Crossair did not take over. Crossair was later renamed Swiss International Air Lines Ltd. Swissair's liquidation status as of Dec. 31, 2006 -- http://www.liquidator-swissair.ch/-- listed total assets at CHF509,017,592 over total liabilities of CHF84,684,932. VERASTONE LLC: Creditors' Liquidation Claims Due March 30 --------------------------------------------------------- Creditors of LLC Verastone have until March 30 to submit their claims to: Kurt Schlatter Liquidator Bruckreutiweg 66 3110 Munsingen Konolfingen BE Switzerland The Debtor can be reached at: LLC Verastone Munsingen Konolfingen BE Switzerland ZURI-ENGEL DRUCK: Creditors' Liquidation Claims Due March 28 ------------------------------------------------------------ Creditors of LLC Zuri-Engel Druck have until March 28 to submit their claims to: Edwin Vogt Liquidator Brunnenhof 8 8121 Benglen Switzerland The Debtor can be reached at: LLC Zuri-Engel Druck Zurich Switzerland =========== T U R K E Y =========== MERINOS HALI: Growing Export Sales Cue Fitch's B IDR ---------------------------------------------------- Fitch Ratings assigned Merinos Hali Sanayi ve Ticaret A.S. local and foreign currency Issuer Default ratings of 'B', both with a Stable Outlook; a National Long-term rating is assigned at 'BBB' with a Stable Outlook. The company is Turkey's largest manufacturer of branded machine- made carpets and one of the top three players in the world in terms of productive capacity. The ratings reflect Merinos' growing export revenues - reaching 26% of sales from its geographically diversified markets - and its leading strong local market presence, commanding a 35% share of the market. The domestic market is highly fragmented, with many small-scale manufacturers, of which no more than four could be considered direct competitors for Merinos in terms of size. Fitch takes a credit positive view of the company's growing economies of scale due to a larger share of exports, and the expansive sales and distribution network with 3,500 points of sale. It also notes the strong reputation of the three main carpet brands of the company as well as innovative product developments both in local and international markets. On balance, however, the limited scale of the business at US$181 million revenues, US$39m EBITDAR with US$135m net debt and US$372 million total assets at end FY05 remains a concern in regards to Merinos' financial flexibility in a downturn scenario. While the company has a sound operating profitability track record, the potential to raise additional debt funding or ability to service higher levels of debt will remain a function of its scale and hence its financial flexibility. An appreciating Turkish lira in mid 2006, mild competition from global rug producers, and the aggressive growth strategies adopted by the shareholders of Merinos with their new entry into the furniture segment, have also been factored into the rating. Shareholders have regularly injected equity capital into Merinos itself in each of the years between 2001 and 2005, with the exception of 2004, to support the expansion of the business that required increasing capex during 2001-2005, gradually reaching US$59 million in FY05. Merinos shareholders have also acquired another leading carpet manufacturer, Dinarsu, in 2005 and a household furniture manufacturer in 2004. Merinos does not have any stakes in these two companies. While the operating EBITDAR margin rose to 21.4% at FY05 from 19.4% at FY04, Merinos' free cash flow remained negative in FY04-05 as a result of its high expansion capex. Furthermore, higher working capital absorbed significant cash in 2004-2005. Fitch expects operating EBITDAR after capex to be positive for the first time in FYE06 or FYE07 on the back of now declining expansion capex plans. Merinos had US$135 million net debt at end FY05, implying 47% total debt to capitalization. Merinos has sustained a fairly stable leverage and coverage ratio during the past five years, at 3.5x Net Debt/EBITDAR and 7.1x Funds From Operations/Gross Interest Expense respectively as of end FY05. Merinos is one of the top three machine made carpet manufacturers in the world, commanding 35% of the fragmented Turkish market. The company also produces polypropylene yarn. Out of the total TRL243 million sales in FY05, 26% was exports. Merinos is 90% owned by Erdemoglu family members, where the family also has interests in another carpet manufacturer Dinarsu and a household furniture company. TURK EKONOMI: Earns TRY133,121 in Year Ended Dec. 31, 2006 ---------------------------------------------------------- Turk Ekonomi Bankasi A.S. released its financial results for the year ended Dec. 31, 2006, prepared in accordance with International Financial Reporting Standards. Turk Ekonomi reported TRY133,121 in net profit against TRY985,111 in total interest income for the year ended Dec. 31, 2006, compared with TRY111,312 in net profit against TRY587,436 in total interest income for the same period in 2005. At Dec. 31, 2006, the Bank's consolidated balance sheet showed TRY10,249,825 in total assets, TRY9,617,984 in total liabilities and TRY631,841 in stockholders' equity. A copy of the Bank's financial statements for the year ended Dec. 31, 2006 is available at: http://ResearchArchives.com/t/s?1b3f About Turk Ekonomi Bankasi Headquartered in Istanbul, Turkey, Turk Ekonomi Bankasi A.S. -- http://www.teb.com.tr/-- offers a range of financial services, including corporate banking, commercial, retail and private banking services. The Bank also offers fund management and project financing services. For the fiscal year ended Dec. 31, 2005, the Bank's branch network consists of 112 branches, one of which is an offshore branch in Bahrain. TEB forms part of the TEB Financial Group of Companies, comprised of TEB Investment, TEB Leasing, TEB Factoring, TEB Insurance and the Dutch bank, The Economy Bank NV. The Bank was acquired by BNP Paribas on Nov. 22, 2004. * * * As reported in the TCR-Europe on Oct. 24, Fitch Ratings assigned Economy Luxembourg S.A.'s issue of step-up loan participation notes a foreign currency Long-term rating of BB. The notes are to be used solely to finance a subordinated loan to Turkey's Turk Ekonomi Bankasi A.S. The issue will only pay noteholders amounts, if any, received from TEB under the subordinated loan agreement. TEB has a foreign currency Issuer Default rating of BB and a local currency IDR of BB+, all with Positive Outlook. ============= U K R A I N E ============= AGRICULTURAL TECHNOLOGY: Claims Filing Deadline Set March 15 ------------------------------------------------------------ Creditors of LLC Agricultural Technology have until March 15 to submit written proofs of claim to: Andrey Savochka, Temporary Insolvency Manager Sumy and Kiev Divisions Str. 20 40024 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy supervision procedure on the company. LLC Agricultural Technology (code EDRPOU 31311510). The case is docketed under Case No. 8/565-06. The Court is located at: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Debtor can be reached at: LLC Agricultural Technology Pervomayskaya Str. 29/64 40000 Sumy Ukraine CHEMIE SERVICE: Creditors Must File Proofs of Claim by March 16 --------------------------------------------------------------- Creditors of LLC Agricultural Firm Agricultural Chemie Service (code EDRPOU 30920331) have until March 16 to submit written proofs of claim to: Dmitry Vysikancev, Liquidator Internationalists 5 40035 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy proceedings against the company on Jan. 22 after finding it insolvent. The case is docketed under Case No. 6/1-07. The Court is located at: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Debtor can be reached at: LLC Agricultural Firm Agricultural Chemie Service Bakinskih komissarov Str. 107 Shostka 41100 Sumy Ukraine CHERNOVCYAL JSC: Creditors Must File Claims by March 15 ------------------------------------------------------- Creditors of Joint Stock Company Chernovcyal have until March 15 to submit written proofs of claim to: Liudmila Katereniuk, Liquidator Krasnoarmeyskaya Str. 102 58029 Chernovcy Ukraine The Economic Court of Chernovcy commenced bankruptcy proceedings against the company on Jan. 25 after finding it insolvent. The case is docketed under Case No. 576/10-100/B. The Court is located at: The Economic Court of Chernovcy O. Kobylianska Str. 14 58000 Chernovcy Ukraine The Debtor can be reached at: Joint Stock Company Chernovcyal Sevastopolskaya Str. 6 58000 Chernovcy Ukraine CONCERN STIROL: Moody's Cuts Corporate Family Rating to Caa1 ------------------------------------------------------------ Moody's Investors Service downgraded to Caa1 from B3 the corporate family rating of OJSC Concern Stirol and from B3 to Caa1 rating on the loan participation notes issued by UkrChem Capital BV. Moody's also changed the direction of the rating review initiated on Aug. 11, 2006 to uncertain from possible downgrade. This action was prompted by the long, drawn-out negotiations with bondholders to resolve several covenant violations, which had been announced on Aug. 7, 2006. It is also noted that the company paid interest under the notes on Feb. 19. In its unaudited financial statements for the six months ending 2006, Stirol reported cash balances including cash deposits of US$238 million. The uncertain direction of the rating review relates to the possible conclusions of the negotiations. A successful restructuring of the covenants could lead to a rating upgrade given the underlying profitability of the company, while a decision by bondholders to accelerate the note repayment would likely result in a further rating downgrade. In August 2006 Concern Stirol released audited 2005 financial results which indicated that the company was in breach of a number of covenants under both a US$10-million bank loan (unrated) from BSTDB and the US$125 million loan participation notes (rated Caa1), giving the bank and note investors the right to accelerate the repayment. On Sept. 19, the bank agreed to a temporary waiver of covenants for its US$10-million secured loan. Concurrently, Stirol initiated negotiations with note holders with the aim to receive a waiver of the breached covenants. This process is still pending resolution. It is noted that Stirol's liquid assets as of their unaudited financial statements for the six months ending June 30, 2006 exceeded the amount of its financial debt. OJSC Concern Stirol, domiciled in Gorlovka, Ukraine, is a leading manufacturer of ammonia and its derivatives, generating consolidated revenues of UAH2.3 billion (equivalent to US$450 million) in 2005. The company produces approximately 1% of global ammonia and urea output. GENERAL NUTRITION: Prices Offering of US$410-Mln Senior Notes ------------------------------------------------------------- General Nutrition Centers, Inc., prices its offering of US$300-million in aggregate principal amount of senior floating rate toggle notes due 2014 and US$110-million in aggregate principal amount of 10.75% senior subordinated notes due 2015. The Senior Notes were issued at 99% of par, and the Senior Sub Notes were issued at par. The offering of the Notes is conditioned on the closing of the agreement of GNC Parent Corporation to be acquired by an affiliate of Ares Management LLC and the Ontario Teachers' Pension Plan. The proceeds from the sale of the Notes, together with borrowings by the company under a new senior term loan facility, will be used to finance a portion of the transactions in connection with the acquisition, including repayment of certain of the company's existing debt. Interest on the Senior Notes is payable and reset semiannually. The company may elect to pay interest on the Senior Notes entirely in cash, entirely by increasing the principal amount of the Senior Notes or issuing new notes, or on 50% of the outstanding principal amount of the Senior Notes in cash and on 50% of the outstanding principal amount of the Senior Notes in PIK Interest. Cash interest on the Senior Notes will accrue at six-month LIBOR plus 4.5%, and PIK Interest, if any, will accrue at six-month LIBOR plus 5.25%. The Senior Sub Notes will bear interest, payable semiannually and entirely in cash, at a rate per annum equal to 10.75%. The Senior Notes will be the unsecured senior obligations of the company, and will be guaranteed on an unsecured senior basis by each of the company's existing and future United States subsidiaries as defined under the terms of the Notes. The Senior Subordinated Notes will be the senior subordinated unsecured obligations of the company, and will be guaranteed on a senior subordinated unsecured basis by each of the Subsidiaries. Based in Pittsburgh, Pennsylvania, General Nutrition Centers, Inc., is a wholly owned subsidiary of GNC Parent Corp. -- http://www.gnc.com/-- a specialty retailer of health and wellness products, including vitamins, minerals, herbal, and specialty supplements, sports nutrition products and diet products. The company sells its products through a network of more than 5,800 locations operating under the GNC brand name and operates in three business segments: retail, franchise and manufacturing/wholesale. GNC has franchise operations in 46 international markets including Australia, Colombia, Singapore, Indonesia, Philippines, Turkey, Ukraine, among others. * * * As reported in the Troubled Company Reporter on March 2, 2007, Moody's Investors Service assigned a B3 corporate family rating and SGL-3 liquidity rating to General Nutrition Centers, Inc. Moody's also rated GNC's proposed secured bank loan at B1, LGD2, 27%, senior notes at Caa1, LGD5, 77%, and senior subordinated notes at Caa2, LGD6, 95%. Proceeds from the new debt, together with preferred and common equity from the new owners Ares Management and Ontario Teachers' Pension Plan, will be used to finance the leveraged buyout of GNC from Apollo Management for total consideration of almost US$1.7 billion. The rating outlook is stable. PRISEYMOVSKOE LLC: Proofs of Claim Filing Deadline Set March 16 --------------------------------------------------------------- Creditors of Agricultural LLC Priseymovskoe (code EDRPOU 02137387) have until March 16 to submit written proofs of claim to: Olga Naumova, Temporary Insolvency Manager Kirov Str. 25, of. 714 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 6/172-06. The Court is located at: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Debtor can be reached at: Agricultural LLC Priseymovskoe Kamen Krolevetsk District 41350 Sumy Ukraine TIKELEX NT: Creditors Must File Proofs of Claim by March 15 ----------------------------------------------------------- Creditors of LLC Tikelex NT (code EDRPOU 33520955) have until March 15 to submit written proofs of claim to: Larisa Timofeeva, Liquidator P.O. Box 179 54017 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company on Jan. 16 after finding it insolvent. The case is docketed under Case No. 5/555/06. The Court is located at: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Debtor can be reached at: LLC Tikelex NT Engels Str. 17 Ochakov Nikolaev Ukraine VELTECH LLC: Creditors Must File Proofs of Claim by March 16 ------------------------------------------------------------ Creditors of LLC Veltech (code EDRPOU 32092679) have until March 16 to submit written proofs of claim to: Iryna Zaharchenko, Liquidator October Lane 325/4 54052 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company on Jan. 19 after finding it insolvent. The case is docketed under Case No. 10/580/06. The Court is located at: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Debtor can be reached at: LLC Veltech Karl Liebkneht Str. 12, 39 54001 Nikolaev Ukraine =========================== U N I T E D K I N G D O M =========================== ACTIVE IMAGINATION: Hires Liquidator from Armstrong Watson ---------------------------------------------------------- Michael Christian Kienlen of Armstrong Watson was appointed liquidator of Active Imagination Ltd. on March 1 for the creditors' voluntary winding-up procedure. The company can be reached at: Active Imagination Ltd. Station Road Keswick Cumbria CA12 4NB England Tel: 017687 731 00 Fax: 017687 744 02 ADCOM INDUSTRIAL: Claims Filing Period Ends March 28 ---------------------------------------------------- Creditors of Adcom Industrial Roofing Ltd. have until March 28 to send their names and addresses and particulars of their claims to: Matthew Colin Bowker and David Antony Willis Joint Liquidators Jacksons Jolliffe Cork Lowgate House Lowgate Hull HU1 1EL England Matthew Colin Bowker and David Antony Willis of Jacksons Jolliffe Cork were appointed joint liquidators of the company on Feb. 28. AMT COMMUNICATIONS: Names Timothy Hargreaves Liquidator ------------------------------------------------------- Timothy Hargreaves of T H Associates Insolvency Practitioners was appointed liquidator of AMT Communications Ltd. on March 1 for the creditors' voluntary winding-up procedure. The company can be reached at: AMT Communications Ltd. Newcastle-Under-Lyme Parkhouse Ind Est We Newcastle Staffordshire ST5 7ZB England Tel: 01782 561 983 Fax: 01782 624 106 APPLE TEXTILES: Appoints Liquidator from White & Co. ---------------------------------------------------- Stephen P. J. White of White & Co. was appointed liquidator of Apple Textiles Ltd. on Feb. 27 for the creditors' voluntary winding-up proceeding. The company can be reached at: Apple Textiles Ltd. Habergham Mill Coal Clough Lane Burnley Lancashire BB115BS England Tel: 01282 452 729 Fax: 01282 414 851 AUTOWORLD DISCOUNTS: Creditors Confirm Liquidators' Appointment --------------------------------------------------------------- Creditors of Autoworld Discounts Ltd. confirmed on Feb. 26 the appointment of David Swaden and Matthew Dunham of BDO Stoy Hayward LLP as the company's joint liquidators. BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance (audit), corporate advisory, tax, and investment management services, specializing in such industries as charities, educational institutions, family businesses, financial services, leisure, and hospitality. The company is the U.K. arm of BDO International and has offices in more than 15 cities throughout the U.K. The company can be reached at: Autoworld Discounts Ltd. Liver Industrial Estate Long Lane Walton Liverpool Merseyside L9 7ES England Tel: 0151 525 4217 Fax: 0151 525 3088 BEACON SUPPLIES: Claims Filing Period Ends May 31 ------------------------------------------------- Creditors of Beacon Supplies Ltd. have until May 31 to prove their debts by sending written statements of the amount they claim to be due to them from the company to: Jane Gandon Liquidator GCP 2 Preston Park Avenue Brighton East Sussex BN1 6HJ England Jane Gandon of GCP was appointed liquidator of the company on March 1. BEAUBLADE LTD: Taps Andrew Fender to Liquidate Assets ----------------------------------------------------- Andrew Fender of Sanderlings LLP was appointed liquidator of Beaublade Ltd. on March 1 for the creditors' voluntary winding- up proceeding. The company can be reached at: Beaublade Ltd. Unit 2 Saxon Way Birmingham West Midlands B37 5AY England Tel: 0121 788 2180 Fax: 0121 788 1495 BOSTON COMMS: Joint Liquidators Take Over Operations ---------------------------------------------------- Paul A. Whitwam and David L. Cockshott of BWC Business Solutions were appointed joint liquidators of Boston Comms Ltd. on March 1 for the creditors' voluntary winding-up proceeding. The company can be reached at: Boston Comms Ltd. Unit 204 Thorp Arch Trading Estate Thorp Arch Wetherby West Yorkshire LS237BJ England Tel: 01937 849 777 Fax: 01937 849 888 BRANTHILL LOGISTICS: Appoints Liquidator from Begbies Traynor ------------------------------------------------------------- Peter Sargent of Begbies Traynor was appointed liquidator of Branthill Logistics Ltd. (formerly Ordinary Strategies Ltd.) on March 1 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. The company can be reached at: Branthill Logistics Ltd. Laverack Cottage Barwick Road Garforth Leeds West Yorkshire LS252DR England Tel: 0113 287 0638 BRITISH AIRWAYS: Franchise Operates Ghost Flights to Keep Slots --------------------------------------------------------------- British Mediterranean Airways, which operates as a franchise of British Airways plc, has been flying an empty 124-seat Airbus passenger plane from Heathrow to Cardiff six days a week since October in an effort to retain landing slots at the London airport after civil unrest in Uzbekistan forced the airline to scrap flights to Tashkent, The Sunday Times reports. According to the report, no tickets are sold and the ghost flights, which will have cost BMed around GBP2 million, do not appear on departure or arrival boards. "The Uzbek market had really collapsed, but we knew we would want to use those timings again this summer. It wasn't the ideal thing to do, but we wanted to keep hold of it," David Richardson, BMed's chief executive, was quoted by The Sunday Times as saying. However, Mr. Richardson told the Guardian, "It is a BMed practice and it's not something that BMI does. It will come to an end at the end of the winter timetable on March 24." Environmental groups raised concerns over the airline's practice as each 140-mile flight releases 5.21 tons of carbon dioxide into the atmosphere. The green campaigners are calling on the government to impose fines on airlines that fly empty planes, The Sunday Times relates. About the Company Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways Plc and a number of subsidiary companies including in particular British Airways Holidays Limited and British Airways Travel Shops Limited. BA has offices in India and Guatemala. * * * British Airways' 7-1/4% senior unsubordinated notes due 2016 and 10-7/8% notes due 2008 carry Moody's Investors Service's Ba2 ratings and Standard & Poor's BB- ratings. CELESTINE PROPERTY: Claims Filing Period Ends August 1 ------------------------------------------------------ Creditors of Celestine Property Ltd. have until Aug. 1 to send in their full particulars of their debts or claims and the names and addresses of their solicitors (if any) to: Michael Francis McCarthy Liquidator Walletts Insolvency Services 2-6 Adventure Place Hanley Stoke-on-Trent ST1 3AF England Michael Francis McCarthy of Walletts Insolvency Services was appointed liquidator of the company on March 1. CLEANFLOW LTD: Creditors Confirm Voluntary Liquidation ------------------------------------------------------ Creditors of Cleanflow Ltd. confirmed on Feb. 20 the company's resolutions for voluntary liquidation. The appointment of John Dean Cullen, of Harris Lipman LLP as liquidator was also ratified on the same date. The company can be reached at: Cleanflow Ltd. Unit 11 Galdames Place Denvale Trade Park Cardiff South Glamorgan CF245PF Wales Tel: 029 2044 0171 Fax: 029 2044 0172 COLLINS & AIKMAN: Can File Nissan Settlement Pact Under Seal ------------------------------------------------------------ Collins & Aikman Corp. and its debtor-affiliates have sought and obtained the authorization of the Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan to file its Settlement Agreement with Nissan North America Inc., as well as any portions of pleadings that references any information in the Settlement, under seal to prevent disclosure of confidential commercial information that could substantially harm the Debtors, their estates and stakeholders, and Nissan. Since the Debtors entered into the customer agreement with their principal customers, they have continued their efforts to ensure that the sale of their businesses, as contemplated in their First Amended Joint Plan, maximizes value for the Debtors' estates and creditors. The Debtors and Nissan, have negotiated and entered into an agreement that the Debtors believe will, in part, facilitate the orderly sale of their Carpet & Acoustics business. The settlement agreement will: * resolve all pre- and post-petition claims the parties could assert against each other, except for certain ordinary course amounts incurred after the Petition Date; * provide non-resourcing protections for certain Nissan business presently under contract with the Debtors; * ensure that the Debtors continue to receive beneficial payment terms from Nissan; and * provide for treatment of Nissan's claims so that the Debtors can obtain Nissan's support for the Debtors' Chapter 11 Plan. About Collins & Aikman Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed US$3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Williamston Asset Auction Slated Tomorrow ----------------------------------------------------------- Collins & Aikman Corp. and its debtor-affiliates will sell its Williamston Assets through an auction, which will be held at 10:00 a.m., Eastern Time, tomorrow, March 14, at: Collins & Aikman Corp. 26533 Evergreen Road Suite 900 Southfield Michigan United States The Debtors intend to sell certain of their assets including all rights, title, interests and goodwill to all assets, properties and rights used in the operation of their facilities located at: (a) 1560 Noble Road, Williamston, Michigan 48895 and (b) 845 Progress Court, Williamston, Michigan 48895. The Debtors have agreed to sell the Williamston Assets to Williamston Products, Inc., for US$2,900,000, absent higher and better offers for the property. Sale Agreement with Williamston Products Debtor Collins & Aikman Plastics, Inc., and Williamston Products entered into an asset purchase agreement for the Williamston Assets on Feb. 15. Pursuant to the sale agreement, Collins & Aikman Plastics will assign to Williamston Products its rights, title and interest under the lease to the premises at Progress Court, at which it conducted business, the leases to certain equipment, and other contracts. C&A Plastics will be responsible for any cure payments required under Section 365 of the Bankruptcy Code to be made in connection with the assumption and assignment to Williamston Products of the assumed Leases and Contracts. C&A Plastics will also take the necessary steps, at its expense, to convey title to the designated Equipment to the purchaser free and clear of liens, claims, interests and encumbrances, subject only to permitted encumbrances and the assumed obligations, and the Designated Equipment. Among the assets excluded in the sale are the rights under the Purchase Agreement, claims, counterclaims, demands and causes of action of C&A Plastics; all or portions of accounts receivable, as of the Closing; any and all intellectual property; any and all excluded records, tax refunds for periods ended before the Closing Date, cash and cash equivalents; and all rights under the Debtors' insurance policies and warranties or representations made by third parties. The sale also excludes these liabilities: -- environmental costs and liabilities existing on or before the Closing Date, regardless of whether it was discovered or was capable of being discovered on or before the Closing Date; -- any liability or obligation incurred by C&A Plastics on or after the Closing Date; -- all trade payables; and -- the Debtors' obligations under all employee benefit plans, and retired and inactive employees. Williamston Products will purchase the Williamston Assets for US$2,900,000, payable as: -- an earnest money deposit of US$145,000 to be paid upon execution of the Purchase Agreement, and held pursuant to the Sale Procedures; -- US$2,555,000 to be paid on the Closing Date by wire transfer of immediately available funds; and -- US$200,000 payable to C&A Plastics. A copy of the Purchase Agreement is available for free at: http://bankrupt.com/misc/CollinsWilliamstonPurchaseAgreement.pdf Competing Bids Pursuant to the Court-approved procedures for disposing of certain assets, the Debtors will entertain competing bids for the Williamston Assets through an auction. The Debtors have designated Williamston Products as the stalking horse bidder. As a result, the Debtors agree to pay Williamston Products a break-up fee of US$125,000 upon the occurrence of an "alternative transaction," which terminates the Williamston Purchase Agreement. The Debtors have also agreed to set certain overbid protections: -- a competing bidder, if any, for all or a substantial part of the Williamston Assets must submit an initial minimum overbid of US$200,000 more than the purchase price; and -- subsequent bids must be in minimum increments of at least US$100,000. About Collins & Aikman Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed US$3,196,700,000 in total assets and US$2,856,600,000 in total debts. (Collins & Aikman Bankruptcy News, Issue No. 54; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) CONSTELLATION BRANDS: Poor Sales Trigger Lower Earnings Outlook --------------------------------------------------------------- Constellation Brands Inc. disclosed that declining U.K. sales and lower demand from U.S. wholesalers will pull the company's 2008 earnings way below analysts' estimates, Bloomberg News relates. According to the report, Constellation Brands, which issued a news release on March 1, said that cheaper imports from Australia have enticed U.K. consumers to switch from the company's Nottage Hill and other brands. "Our confidence in Constellation's long-term growth remains strong and we continue to take actions intended to strengthen the company during increasing consolidation in the beverage alcohol industry," stated Richard Sands, Constellation Brands' chairman and chief executive officer. "We believe the logic of these actions is sound given the business environment in which we currently operate, and we believe those actions will position us well as Constellation continues to invest in its brands and distribution network, reduce costs and enter new markets. Our unwavering commitment to continuing along a path that we firmly believe results in increasing shareholder value over the long term requires that we maintain our focus on the road ahead." The company also mentioned significant factors expected to impact fiscal 2008 earnings, which include ongoing challenges in the U.K. market, reflecting the U.K. retail environment, and the Australian wine oversupply. The combination of these factors has resulted in pricing pressures and has made it difficult to recover additional cost including the annual U.K. duty increase. Another significant factor expected to impact fiscal 2008 financial performance is the Constellation Wines U.S. operating plan decision to reduce distributor wine inventory levels in the U.S. As distributors continue to consolidate and become larger, the company has been working with them on supply chain technology improvements to gain efficiencies. Distributors are looking to operate with lower levels of inventory while maintaining appropriate service levels to retailers. In response, Constellation Wines U.S. is planning to reduce distributor inventory levels and looks to complete most of this effort during the first half of the fiscal year. Management believes this is the right strategic decision for the business and it is being driven by Constellation's desire to work closely with its distributors on supply chain efficiencies, lowering costs for both Constellation and its distributors, and ultimately making the company's brands more competitive in the marketplace. "Absent the U.K. situation and our decision to reduce U.S. wine inventories at distributors, our core branded beverage alcohol business is expected to perform well," Mr. Sands says. "We are confident in our U.S. and Canadian branded wine businesses as we continue to see consumers trading up, and we are very enthusiastic about the potential from our Crown Imports beer joint venture and our premium spirits growth platform that will be further energized by our SVEDKA Vodka acquisition. Additionally, we are encouraged by our near-term new product development efforts, increased marketing support for key brands and our previously announced U.K. facilities realignment," Mr. Sands continues. Constellation Brands' Board of Directors has authorized the repurchase of up to US$500 million of the company's common stock. In addition, the company expects to close the previously reported purchase of SVEDKA Vodka by mid-March. In relation to the deals, Fitch Ratings has downgraded Constellation Brands' issuer default rating to 'BB-' from 'BB'; Standard & Poor's Ratings Services lowered its corporate credit and bank loan ratings to 'BB-' from 'BB'; and Moody's lowered the company's corporate family rating to Ba3 from Ba2. About Constellation Brands Constellation Brands, Inc. (NYSE:STZ, ASX:CBR), -- http://www.cbrands.com/ -- is an international producer and marketer of beverage alcohol brands with a broad portfolio across the wine, spirits and imported beer categories. Well- known brands in Constellation's portfolio include: Almaden, Arbor Mist, Vendange, Woodbridge by Robert Mondavi, Hardys, Goundrey, Nobilo, Kim Crawford, Alice White, Ruffino, Kumala, Robert Mondavi Private Selection, Rex Goliath, Toasted Head, Blackstone, Ravenswood, Estancia, Franciscan Oakville Estate, Inniskillin, Jackson-Triggs, Simi, Robert Mondavi Winery, Stowells, Blackthorn, Black Velvet, Mr. Boston, Fleischmann's, Paul Masson Grande Amber Brandy, Chi-Chi's, 99 Schnapps, Ridgemont Reserve 1792, Effen Vodka, Corona Extra, Corona Light, Pacifico, Modelo Especial, Negra Modelo, St. Pauli Girl, Tsingtao. The company has operations in Australia, Japan, New Zealand, and the United Kingdom. * * * Moody's Investors Service assigned a Ba2 rating to Constellation Brands, Inc.'s new US$3.5-billion secured credit facility, which replaced its US$2.9-billion secured credit facility. The US$1.3 billion incremental add-on facility, which was proposed at the time of the Vincor International Inc. acquisition announcement, was never executed and the rating has been withdrawn. Constellation's existing ratings are not affected by these actions, and have been affirmed. The ratings outlook remains negative. Ratings affirmed: * US$200-million 8.625% senior unsecured notes, due 2006, Ba2; * US$200-million 8% senior unsecured notes, due 2008, Ba2; * GBP80-million 8.5% senior unsecured notes, due 2009, Ba2; * GBP75-million 8.5% senior unsecured notes, due 2009, Ba2; * US$250-million 8.125% senior subordinated notes, due 2012, Ba3; * Ba2 Corporate Family Rating; and * The SGL-2 Speculative Grade Liquidity rating. DARCY INDUSTRIES: Appoints KPMG as Joint Administrators ------------------------------------------------------- Paul Dumbell and Brian Green of KPMG Restructuring were appointed joint administrators of Darcy Industries Ltd. on March 9. "We are currently in dialogue with customers and suppliers with the intention to trade the business while exploring the possibility of achieving a going concern sale. We are extremely hopeful of being able to conclude a sale to protect as many jobs as possible," Paul Dumbell commented. 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 Bolton, England, Darcy Industries Ltd. manufactures cleaning, DIY and decorative products like Hospec, Youngs Detergents, Homecare decorating products and Carr & Day & Martin shoe care products. The company has a turnover of around GBP19 million and employs 150 people across its two sites in Warrington and Bolton. DAVID KENT: Brings In Liquidator from Northpoint Associates ----------------------------------------------------------- Greg Whitehead of Northpoint Associates was appointed liquidator of David Kent Machinery Ltd. on Feb. 28 for the creditors' voluntary winding-up proceeding. The company can be reached at: David Kent Machinery Ltd. Unit 9 Premier Business Development Centre Whitehouse Road Whitehouse Enterprise Centre Newcastle Upon Tyne Tyne and Wear NE15 6EP England Tel: 0191 216 9233 Fax: 0191 216 9233 DEFINE DESIGN: Calls In Liquidator from Parkin S. Booth & Co. ------------------------------------------------------------- Jonathan R. Booth of Parkin S. Booth & Co. was appointed liquidator of Define Design Ltd. on March 1 for the creditors' voluntary winding-up procedure. Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals entirely with insolvency practice. The company can be reached at: Define Design Ltd. Ollerton Grange Chelford Road Ollerton Knutsford Cheshire WA168RD England Tel: 01565 621 390 Fax: 01565 621 357 fax DIESPEKER G.R.P.: Claims Filing Period Ends June 30 --------------------------------------------------- Creditors of Diespeker (G.R.P.) Ltd. have until June 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: A. R. Marlor Liquidator Marlor Walls C12 Marquis Court Marquis Way Team Valley Gateshead NE11 0RU England A. R. Marlor of Marlor Walls was appointed liquidator of the company on March 2. E. C. SPECIALIST: Appoints Gerald Irwin to Liquidate Assets ----------------------------------------------------------- Gerald Irwin of Irwin & Company was appointed liquidator of E. C. Specialist Equipment Ltd. (formerly MGB (Coventry) Ltd. and Mushtaq's Food Machinery Ltd.) on Feb. 28 for the creditors' voluntary winding-up proceeding. The company can be reached at: E.C. Specialist Equipment Ltd. 440-444 Stratford Road Sparkhill Birmingham West Midlands B11 4AE England Tel: 0121 766 8536 EUROTUNNEL GROUP: Balance Sheet Upside Down by GBP1.32 Billion -------------------------------------------------------------- Eurotunnel Group released its financial results for the year ended Dec. 31, 2006. The group posted a GBP142.88 million net loss on GBP567.6 in revenue for the year ended Dec. 31, 2006, compared with a GBP1.97 billion net loss on GBP541.46 in revenue for the same period in 2005. At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25 billion in total assets, GBP6.56 billion in total liabilities and GBP1.32 billion in shareholders' deficit. Safeguard Plan In 2006, Eurotunnel focused on restructuring the company's operations and negotiating with creditors, initially to find a consensual agreement and, from Aug. 2, 2006 onwards, in the context of a safeguard procedure. The Paris Commercial Court approved Jan. 15, the safeguard plan put forward by company. The Joint Board of Eurotunnel approved March 6, the accounts for 2005 and 2006, on the basis of the Safeguard Plan. The Auditors and Commissaires aux Comptes certified the accounts with matters of emphasis, notably regarding going concern. This depended on the full implementation of the safeguard plan and upon the success of the Exchange Tender Offer. If this will fail, Eurotunnel may be placed in liquidation. "These excellent operating results clearly show that it will only be through the new company, Groupe Eurotunnel SA (GET SA), created as a result of Safeguard and the ETO, relieved of more than half of the current debt and with substantially reduced financial charges, that we will finally be able to remove the specter of bankruptcy which threatened Eurotunnel in 2005," Jacques Gounon, chairman and CEO of Eurotunnel disclosed. A full-text copy of Eurotunnel's 2006 financial analysis and summary accounts is available at no charge at http://ResearchArchives.com/t/s?1b2e About Eurotunnel Headquartered in Folkestone, United Kingdom and Calais, France, Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a fleet of 25 shuttle trains, which carry cars, coaches and trucks. It manages the infrastructure of the Channel Tunnel and receives toll revenues from train operating companies whose trains pass through the Tunnel. The British and French governments have granted Eurotunnel a concession to operate the Channel Tunnel until 2086. Eurotunnel Group files reports in the U.S. Securities and Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK) and Eurotunnel SA (ETTFF.PK). Eurotunnel obtained Aug. 2 an order placing the channel operator under the protection of the Court pursuant to the new safeguard legislation (Procedure de sauvegarde). At end of 2006, the group's creditors and bondholder approved a plan to decrease its GBP6.2 billion debt to GBP2.84 billion. On Jan. 15, the Court approved Eurotunnel's safeguard plan, backed by the court-appointed representatives to the company and to the creditors. EZALGAVON LTD: Claims Filing Period Ends April 6 ------------------------------------------------ Creditors of Ezalgavon Ltd. (formerly Novaglaze Ltd.) have until April 6 to send in their names and addresses and the particulars of their debts or claims, and the names and addresses of their solicitors (if any), to: Stephen Lord Liquidator Poppleton & Appleby 32 High Street Manchester M4 1QD England The company can be reached at: Ezalgavon Ltd. Queens Mill Road Huddersfield West Yorkshire HD1 3PG England Tel: 0845 850 2363 Fax: 01422 377 222 FLAGSHIP COACH: Taps Gary Stones to Liquidate Assets ---------------------------------------------------- Gary Stones of Stones & Co. was appointed liquidator of Flagship Coach Services Ltd. on March 2 for the creditors' voluntary winding-up proceeding. The company can be reached at: Flagship Coach Services Ltd. 2 Ffwrn Clai Pontarddulais Swansea West Glamorgan SA4 8EF Wales Tel: 01792 881 925 FORD MOTOR: Inks Pact to Sell Aston Martin for US$925 Million ------------------------------------------------------------- Ford Motor Company has entered into a definitive agreement to sell Aston Martin, its prestigious sports car business, to a consortium comprised of David Richards, John Sinders, Investment Dar and Adeem Investment Co. This transaction is the result of Ford's decision, as announced in August 2006, to explore strategic options for the Aston Martin business as the company restructures its core automotive operations and builds liquidity. The sale is expected to close during the second quarter and is subject to customary closing conditions, including applicable regulatory approvals. The transaction values Aston Martin at GBP479 million (US$925 million). As part of the transaction, Ford will retain a GBP40 million ($77 million) investment in Aston Martin. Other terms and conditions specific to the sale are not being disclosed at this time. "The sale of Aston Martin supports the key objectives of the company, to restructure to operate profitably at lower volumes, changed model mix, and to speed the development of new products," Ford President and Chief Executive Officer Alan Mulally said. "From Aston Martin's point of view, the sale will provide access to additional capital, which will allow Aston Martin to continue the growth it has experienced under Ford's stewardship. Today's announcement is good for Ford Motor Company, good for Aston Martin and good for the UK. We wish Aston Martin every possible success for the future." The new owner of Aston Martin is a consortium comprised of: -- David Richards, founder and chairman of Prodrive, a world-leading motorsport and automotive technology company; -- John Sinders, an avid Aston Martin collector and a backer of Aston Martin Racing; and -- Investment Dar and Adeem Investment Co, international investment companies headquartered in Kuwait. 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 280,000 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 Troubled Company Reporter on Dec. 12, 2006, Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2' recovery ratings on Ford Motor Co. 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'. 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 $3 billion of senior convertible notes due 2036. FORD MOTOR: Court Orders Repayment of US$80 Million to Navistar --------------------------------------------------------------- Ford Motor Co. will repay US$80 million to Navistar International Inc. as part of a consent order that will ensure continued supply of diesel engines for its Super Duty pickup trucks in the immediate future, Terry Kosdrosky of the Wall Street Journal reports. Ford, the report said, had debited about US$160 million from Navistar invoices as part of the dispute over warranty and pricing issues. The order, released Friday by a Michigan circuit court judge, directed Ford to transfer US$80 million to Navistar by March 13 and required both companies to engage in "high-level meetings" and try to reach a final resolution to the dispute, WSJ relates. In a previous WSJ report, published in the Troubled Company Reporter on Mar. 8, Ford and Navistar commenced a negotiation to temporarily settle a long-running pricing dispute over diesel engines Navistar supplies for Ford's heavy-duty F-Series pickups. The negotiation followed the automaker and the engine supplier's motion asking Oakland County Circuit Court Judge John McDonald to delay ruling on the companies' pricing dispute. The dispute, the Journal said, goes back over a year, involving a previous diesel truck engine Navistar built for Ford from 2002 through the end of 2006. It also involves a new engine Navistar began shipping last month with the launch of the redesigned Ford F-Series Super Duty pick-up truck. The F-series pick-up truck is Ford's best-selling and most profitable line of vehicles, the report relates. Navistar, the Journal said, is the sole supplier of diesel engines to Ford, producing 225,000 to 300,000 of them a year. Two weeks ago, Ford estimated US$11,182 million in total life- time costs for restructuring actions. Of the total US$11,182 million of estimated costs, Ford said that US$9,982 million has been accrued in 2006 and the balance, which is primarily related to salaried personnel-reduction programs, is expected to be accrued in the first quarter of 2007. The company expects a curtailment gain for other postretirement employee benefit obligations related to hourly personnel separations that occur in 2007, which gain the company expects to record in 2007. Of the estimated costs, those relating to job bank benefits and personnel-reduction programs also constitute cash expenditure estimates. The restructuring cost estimates relate to the automaker's previously announced commitment to accelerate its restructuring plan, referred to as Way Forward plan. The "Way Forward" plan includes closing plants and laying off up to 45,000 employees. Ford, which incurred a US$12,613 million net loss on US$160,123 million of total sales and revenues for the year ended Dec. 31, 2006, said in a regulatory filing with the Securities and Exchange Commission that its overall market share in the United States has declined in each of the past five years, from 21.1% in 2002 to 17.1% in 2006. The decline in overall market share primarily reflects a decline in the company's retail market share, which excludes fleet sales, during the past five years from 16.3% in 2002 to 11.8% in 2006, the automaker said. Ford also reported a US$16.9 billion decrease in its stockholders' equity at Dec. 31, 2006, which, according to the company, primarily reflected 2006 net losses and recognition of previously unamortized changes in the funded status of the company's defined benefit postretirement plans as required by the implementation of Statement of Financial Accounting Standards No. 158, offset partially by foreign currency translation adjustments. About Navistar International Corp. Based in Warrenville, Illinois, Navistar International Corp. (NYSE:NAV) -- http://www.nav-international.com/-- is the parent company of Navistar Financial Corp. and International Truck and Engine Corp. The company produces International brand commercial trucks, mid-range diesel engines and IC brand school buses, Workhorse brand chassis for motor homes and step vans, and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV market. The company also provides truck and diesel engine parts and service sold under the International brand. A wholly owned subsidiary offers financing services. 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 Troubled Company Reporter on Dec. 12, 2006, Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2' recovery ratings on Ford Motor Co. 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'. As reported in the Troubled Company Reporter on Dec. 6, 2006, Moody's Investors Service assigned a Caa1, LGD4, 62% rating to Ford Motor Co.'s US$3 billion of senior convertible notes due 2036. FORTUNE 14: Claims Filing Period Ends May 15 -------------------------------------------- Creditors of Fortune 14 Ltd. (t/a New Collections) have until May 15 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: Susan M. Wriglesworth Liquidator McCann Taylor Unit C Shipley Wharf Wharf Street Shipley BD17 7DW Susan M. Wriglesworth of McCann Taylor was appointed liquidator of the company on Feb. 15. FOTO PRONTO: Creditors' Meeting Slated for March 16 --------------------------------------------------- Creditors of Foto Pronto Ltd. will meet at 3:15 p.m. on March 16 at: Turpin Barker Armstrong Allen House 1 Westmead Road Sutton Surrey SM1 4LA England Creditors who want to vote at the meeting have until noon on March 15 to submit their proxy forms together with particulars of their claims or of any security at the said address. Martin Charles Armstrong of Turpin Barker Armstrong will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. Turpin Barker Armstrong -- http://www.turpinba.co.uk/-- provides accounting, tax and business advisory services. GAP INC: Shows US$910 Mln in Net Sales for Period Ended March 3 --------------------------------------------------------------- Gap Inc. reported net sales of US$910 million for the four-week period ended March 3, which represents a 5% increase compared with net sales of US$865 million for the four-week period ended February 25, 2006. Due to the 53rd week in fiscal year 2006, February 2007 comparable store sales are compared to the four-week period ended March 4, 2006. On this basis, the company's comparable store sales decreased 4%, compared to a decrease of 11% as reported for February 2006. Comparable store sales by division for February 2007 were: * Gap North America: negative 5% versus negative 7% last year * Banana Republic North America: flat versus negative 11% last year * Old Navy North America: negative 6% versus negative 14% last year * International: positive 2% versus negative 14% last year. "During February, Banana Republic customers continued to respond to the brand's product assortments and accessories, and in particular the men's collection performed well," said Sabrina Simmons, senior vice president of corporate finance at Gap Inc. "As expected, results at Gap and Old Navy continued to be challenging, though the kids business performed stronger than the adult business at both brands." As of March 3, 2007, Gap Inc. operated 3,135 store locations compared with 3,053 store locations on February 25, 2006. About Gap Inc. Headquartered in San Francisco, California, Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, Forth & Towne and Piperlime brand names. Gap Inc. operates more than 3,100 stores in the United States, Canada, France, Ireland, Japan, and the United Kingdom. In addition, Gap Inc. is expanding its international presence with franchise agreements for Gap and Banana Republic in Southeast Asia and the Middle East. * * * As reported in the Troubled Company Reporter on Feb. 7, 2007, Moody's Investors Service downgraded Gap Inc. senior unsecured notes to Ba1 and assigned a corporate family rating of Ba1 and speculative grade liquidity rating of SGL-1. The rating outlook is stable. GENERAL MOTORS: Directors Agree to Amend Bylaws ----------------------------------------------- General Motors Corp.'s Board of Directors, on March 5, 2007, approved amendments to the Corporation's Bylaws effective immediately. Section 2.1, which establishes the number of directors as 12 unless changed from time to time by resolution of the Board of Directors, was amended to add that the Board will not change the number of directors to less than 3 nor more than 17 without the consent of GM's stockholders. The current number of directors, established by resolution of the Board, is 11. The amendment also added a provision stating that there is no vacancy on the Board as long as the number of directors in office is equal to the number of directors established in Section 2.1 or by a resolution of the directors pursuant to Section 2.1. In addition, Section 3.1 was amended to provide that the standing committees of the Board include, rather than comprise, the committees listed in that section, and to authorize the Board to establish an administrative committee to deal with matters that are not expressly reserved to the jurisdiction of the Board or one of its committees according to its delegation of authority and are not otherwise significant. Section 3.2 has been amended to identify the specific committees of the Board for which the members and chairmen shall be elected annually and that are subject to the requirements that only Independent Directors shall be members, rather than refer to the standing committees of the Board. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader since 1931. Founded in 1908, GM employs about 284,000 people around the world. It has manufacturing operations in 33 countries including Belgium, France, Germany, India, Mexico, and its vehicles are sold in 200 countries. GM sells cars and trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and Vauxhall. * * * As reported in the Troubled Company Reporter on Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with negative implications, where they were placed March 29, 2006. S&P said the outlook is negative. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. GENERAL MOTORS: May Charge About US$1 Bln for Bad Mortgage Loans ---------------------------------------------------------------- General Motors Corp. may take a charge of almost US$1 billion to cover bad mortgage loans made by its former home-lending unit, Greg Bensinger of Bloomberg reports, citing a Lehman Brothers Holdings Inc. analyst. According to the report, the company in November sold a 51% stake in General Motors Acceptance Corp. for US$14.4 billion to a group led by Cerberus Capital Management LP. Residential Capital LLC, a part of GMAC, relies on loans to people with poor or limited credit records or high debt burdens, for more than three-quarters, or US$57 billion, of its loan portfolio, Bloomberg says, citing a research report by Lehman analyst Brian Johnson. Delinquency rates on such subprime loans made last year are at a record high, the report added. The subprime market is "a key factor to see what the earnings power of GM's remaining interest in GMAC is going to be," Mr. Johnson said in an interview with Bloomberg. Mr. Johnson told Bloomberg last month that GM may have to spend as much as US$950 million to make up the difference between the original value of the finance unit and any losses for subprime loans made by ResCap. GM spokeswoman Renee Rashid-Merem and GMAC spokeswoman Toni Simonetti both declined to comment on analysts' estimates for the automaker's subprime mortgage exposure, Bloomberg said. Higher February U.S. Sales Despite an expected 6 to 7 percent decline in its U.S. industry sales, the automaker reported a 3.4% total sales increase last month, due to an 11% retail sales increase. The company lowered its sales forecast for last month following its decision to reduce sales to daily rental fleets. As reported in the Troubled Company Reporter on Mar. 1, 2007, GM reduced discounted fleet sales with the prospect of returning to profitability in North America. The move, according to analysts, allowed the automaker to keep its assembly plants running but eroded the value of its brands. According to Reuters, GM planned to cut its daily rental sales more than 200,000 units this year after a reduction of about 77,000 units in 2006. The planned cuts would take GM's annual rental-related sales below 700,000 units by the end of 2008 from more than 1 million before the effort began. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader since 1931. Founded in 1908, GM employs about 284,000 people around the world. It has manufacturing operations in 33 countries and its vehicles are sold in 200 countries. GM sells cars and trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and Vauxhall. * * * As reported in the Troubled Company Reporter-Europe on Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with negative implications, where they were placed March 29, 2006. S&P said the outlook is negative. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. HEADSTART SOFTWARE: Claims Filing Period Ends April 13 ------------------------------------------------------ Creditors of Headstart Software Marketing Ltd. (formerly Cumberknoll Ltd.) have until April 13 to send their names and addresses with particulars of their debts or claims to: David Moore Joint Liquidator Begbies Traynor No. 1 Old Hall Street Liverpool L3 9HF England David Moore and Donald Bailey of Begbies Traynor were appointed joint liquidators of the company on March 2. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. HERALDLINK LTD: Names Keith Barry Stout Liquidator -------------------------------------------------- Keith Barry Stout was appointed liquidator of Heraldlink Ltd. on March 1 for the creditors' voluntary winding-up proceeding. The company can be reached at Heraldlink Ltd. 25 East Hill Dartford Kent DA1 1RX England Tel: 01322 294 488 Fax: 01322 294 499 HIGHTRONICS LTD: Brings In Liquidator from Maidment Judd -------------------------------------------------------- Anthony David Kent of Maidment Judd was appointed liquidator of Hightronics Ltd. on Feb. 20 for the creditors' voluntary winding-up procedure. The company can be reached at: Hightronics Ltd. Knap Close Letchworth Garden City Hertfordshire SG6 1AQ England Tel: 01462 483 666 Fax: 01462 483 888 HITEK SYSTEMS: Names M. S. E. Solomons Liquidator ------------------------------------------------- M. S. E. Solomons of SPW Poppleton & Appleby was appointed liquidator of Hitek Systems Ltd. on March 1 for the creditors' voluntary winding-up proceeding. The company can be reached at: Hitek Systems Ltd. Unit E9 Greenaway Avenue Stonehill Business Park Enfield London N18 3QR England Tel: 020 8808 8020 Fax: 020 8803 6566 INTERNATIONAL PAPER: CFO Marianne Parss to Retire by End of 2007 ---------------------------------------------------------------- International Paper disclosed that Marianne Parrs, its executive vice president and chief financial officer, intends to retire at the end of 2007. Mrs. Parrs, 62, joined International Paper in 1974. "Marianne is a world-class leader and CFO," said John Faraci, chairman and chief executive officer. "Her business and financial acumen, keen strategic thinking and analytical skills have made her an invaluable advisor and colleague. I speak personally and also for shareowners and employees in saying she will be greatly missed." A securities analyst by training, Ms. Parrs joined International Paper as a pension trust investment manager, and has since served as the company's director of investor and shareowner relations, director of corporate communications, controller of printing papers and staff vice president of tax. She twice served as the company's chief financial officer, first from 1995-1999 and again assumed the role in 2005. Mr. Parrs was named executive vice president in 1999, assuming responsibility for information technology, global sourcing, logistics and a company-wide supply chain project. She contributed significantly to the development and execution of International Paper's ongoing transformation plan, which led to divestment of more than US$11 billion in assets, strategic investments, significant debt reduction, and strengthening of the company's U.S. pension fund. She serves on the boards of directors of CIT Group and Liaison Technologies, Inc., and completed a four-year term on the Financial Accounting Standards Advisory Council in 2001. "I'm really proud to be part of this International Paper team, and have had a tremendously full and satisfying career," Ms. Parrs said. "It's an exciting time for the company, and I am confident that International Paper is on the path to success. I look forward to spending this final year with IP continuing to advance our transformation plan and to create strong value for our shareowners." The company plans to announce Ms. Parrs' successor later in the year. Based in Stamford, Connecticut, International Paper Company (NYSE: IP) -- http://www.internationalpaper.com/-- is in the forest products industry for more than 100 years. The company is currently transforming its operations to focus on its global uncoated papers and packaging businesses, which operate and serve customers in the U.S., Europe, South America and Asia, specifically Japan and China. These businesses are complemented by an extensive North American merchant distribution system. International Paper is committed to environmental, economic and social sustainability, and has a long-standing policy of using no wood from endangered forests. * * * Moody's Investors Service assigned a Ba1 senior subordinate rating and Ba2 Preferred Stock rating on International Paper Company on Dec. 5, 2005. JOHN KING: Creditors' Meeting Slated for March 16 ------------------------------------------------- Creditors of John King Pools Ltd. will meet at 11:00 a.m. on March 16 at: The Strathdon Hotel 44 Derby Road City Centre Nottingham NG1 5FT England Creditors who want to vote at the meeting have until noon on March 15 to submit their proxy forms together with particulars of their claims or of any security at the offices of: Begbies Traynor Regency House 21 The Ropewalk Nottingham NG1 5DU 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 March 14 at the offices of Begbies Traynor. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. KITCHEN DESIGN: Names Liquidator to Wind Up Business ---------------------------------------------------- Michael David Alexander of Lewis Alexander & Connaughton was appointed liquidator of Kitcheners Design House Ltd. on Feb. 23 for the creditors' voluntary winding-up proceeding. The company can be reached at: Kitcheners Design House Ltd. 63 Commercial Street Brighouse West Yorkshire HD6 1AF England Tel: 01484 723 333 LAMINAR FLOW: Appoints Liquidator from Haines Watts --------------------------------------------------- Lucinda Ann Field of Haines Watts was appointed liquidator of Laminar Flow Systems Ltd. on Feb. 21 for the creditors' voluntary winding-up proceeding. Haines Watts -- http://www.hwca.com/-- provides services that include taxation, business advisory, corporate finance, corporate recovery & insolvency and budget summary. The company can be reached at: Laminar Flow Systems Ltd. Maple Road Eastbourne East Sussex BN236NY England Tel: 01323 410 490 Fax: 01323 412 120 LEVEL 3: Majority of Noteholders Agree to Amend Bond Indenture -------------------------------------------------------------- As part of its tender offer and consent solicitation for its 10-3/4% Senior Euro Notes due 2008, as of 12:01 a.m., New York City time, on March 6, 2007, Level 3 Communications, Inc. had accepted tenders and consents for approximately 89% of the aggregate principal amount outstanding of the 10-3/4% Notes. In connection with the tender offer and related consent solicitation for the 10-3/4% Notes, on March 6, 2007, Level 3 Communications, Inc. entered into a Supplemental Indenture amending the Indenture, dated as of Feb. 29, 2000, between Level 3 and The Bank of New York, as Trustee, relating to the Notes. Level 3 and The Bank of New York, as Trustee, entered into the Supplemental Indenture. The Supplemental Indenture amends the 10-3/4% Note Indenture to eliminate substantially all of the covenants and certain events of default and related provisions contained in the Indenture. The tender offer for the 10-3/4% Notes is scheduled to expire at 12:01 a.m., New York City time, on March 20, 2007. Notes tendered in the 10-3/4% Tender Offer after the Consent Time, but prior to the Expiration Date will not receive a consent payment. Notes tendered in the 10-3/4% Tender Offer on or prior to the Consent Time may no longer be withdrawn. The settlement date for 10-3/4% Notes tendered in the 10-3/4% Tender Offer on or prior to the Consent Time was March 6, 2007. Level 3 disclosed that, as part of its tender offer to purchase for cash any and all of its outstanding 11.5% Senior Notes due 2010, as of the Consent Time, Level 3 had received valid consents from the holders of substantially all of the outstanding 11.5% Notes to amend the indenture relating to the 11.5% Notes to eliminate substantially all of the covenants and certain events of default and related provisions contained in the 11.5% Note Indenture. As of the Consent Time, holders of 11.5% Notes representing approximately 97% of the aggregate principal amount of the outstanding 11.5% Notes had consented to the Amendment. The 11.5% Tender Offer is scheduled to expire on March 20, 2007, the Expiration Date. Notes tendered in the 11.5% Tender Offer after the Consent Time, but prior to the Expiration Date will not receive a consent payment. Notes tendered on or prior to the Consent Time may not be withdrawn, and consents submitted on or prior to the Consent Time may not be revoked. The settlement date for 11.5% Notes tendered in the 11.5% Tender Offer on or prior to the Consent Time is scheduled to be March 13, 2007, or such other date as Level 3 shall notify holders of the 11.5% Notes. Copies of each Offer to Purchase and each related Letter of Transmittal may be obtained from the Information Agent for the Tender Offers, Global Bondholder Services Corporation, at (212) 430-3774 and (866) 389-1500 (toll-free). Merrill Lynch & Co. is the Dealer Manager for the Tender Offers. Questions regarding the Tender Offers may be directed to Merrill Lynch & Co. at (888) 654-8637 (toll-free) and (212) 449-4914. About Level 3 Headquartered in Broomfield, Colorado, Level 3 Communications Inc. (Nasdaq: LVLT) -- http://www.level3.com/-- is an international communications company. The company provides a comprehensive suite of services over its broadband fiber optic network including Internet Protocol (IP) services, broadband transport and infrastructure services, colocation services, voice services and voice over IP services. As of December 31, 2006, the Company had approximately 73,000 intercity route miles in the United States and Europe, connecting 16 countries. * * * As reported in the Troubled Company Reporter on Feb. 23, 2007, Standard & Poor's Rating Services raised its ratings on Broomfield, Colorado-based Level 3 Communications Inc. and wholly owned subsidiary, Level 3 Financing Inc., including the corporate credit rating, which was raised to 'B-' from 'CCC+'. The outlook is stable. As reported in the Troubled Company Reporter on Feb. 14, 2007, Moody's Investors Service assigned a B1 rating to Level 3 Financing Inc.'s new $1 billion term loan and a B3 rating to the $1 billion fixed and floating rate notes at Financing. Moody's affirmed Level 3 Communications, Inc.'s corporate family rating at Caa1 with a stable outlook, as the pro-forma leverage is expected to remain in the 8.5x range, as Moody's expects the company to use the additional liquidity to refinance higher coupon debt. LOYALFAST LTD: Joint Liquidators Take Over Operations ----------------------------------------------------- Gavin Geoffrey Bates and Peter John Windatt of BRI Business Recovery and Insolvency were appointed joint liquidators of Loyalfast Ltd. on March 1 for the creditors' voluntary winding- up proceeding. The company can be reached at: Loyalfast Ltd. Unit 3 Plant House Royal Oak Way North Royal Oak Ind Est Daventry Northamptonshire NN118PQ England Tel: 01327 878 766 Fax: 01327 878 766 M J FIRE: Claims Filing Period Ends March 22 -------------------------------------------- Creditors of M J Fire Protection Ltd. have until March 22 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: Martin C. Armstrong Liquidator Allen House 1 Westmead Road Sutton Surrey SM1 4LA England Martin C. Armstrong of Turpin Barker Armstrong was appointed liquidator of the company on Feb. 22. MAGUIRE CIVIL: Taps Claire L. Dwyer to Liquidate Assets ------------------------------------------------------- Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed liquidator of Maguire Civil Engineering Ltd. on Feb. 28 for the creditors' voluntary winding-up proceeding. The company can be reached at: Maguire Civil Engineering Ltd. The Brickyard Hudcar Lane Bury Lancashire BL9 6HD England Tel: 0161 761 3888 Fax: 0161 761 4888 MATRIX EUROPE: Calls In Liquidators from Kroll ---------------------------------------------- Paul Francis Duffy and David John Whitehouse of Kroll were appointed joint liquidators of Matrix Europe Ltd. on March 1 for the creditors' voluntary winding-up proceeding. Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. The company can be reached at: Matrix Europe Ltd. Unit 2a Stewart Rd Altrincham Business Park Cheshire WA145GJ England Tel: 0161 942 4444 Fax: 0161 942 4433 MAX WASTE: Taps Liquidators from Smith Cooper --------------------------------------------- John Phillip Walter Harlow and Simon Gwinnutt of Smith Cooper Chartered Accountants were appointed joint liquidators of Max Waste Recycling Ltd. on Feb. 23 for the creditors' voluntary winding-up procedure. The company can be reached at: Max Waste Recycling Ltd. Fulwood Road South Sutton in Ashfield Nottinghamshire NG172JZ England Tel: 01623 556 666 MEDLOCK PROJECT: Hires Liquidator from Tenon Recovery ----------------------------------------------------- Carl Stuart Jackson of Tenon Recovery was appointed liquidator of Medlock Project Development Ltd. on Feb. 1 for the creditors' voluntary winding-up procedure. Tenon Recovery -- http://www.tenongroup.com/-- provides accounting and business advice to owner-managed and private business. The company can be reached at: Medlock Project Development Ltd. Dallam Court Dallam Lane Warrington Cheshire WA2 7LT England Tel: 01622 358 650 Fax: 01622 751 602 MEDWAY T & G: Appoints Tim Alexander Clunie as Liquidator --------------------------------------------------------- Tim Alexander Clunie of S G Banister & Co. was appointed liquidator of Medway T & G Services Ltd. on Feb. 23 for the creditors' voluntary winding-up proceeding. The company can be reached at: Medway T & G Services Ltd. Unit 2 Victory Park Trident Close Medway City Estate Rochester Kent ME2 4ER England Tel: 01634 717 766 Fax: 01634 717 733 MILLFIELD SOUTH: Brings In Liquidators from Herron Fisher --------------------------------------------------------- Christopher Herron and Nicola Jayne Fisher of Herron Fisher were appointed joint liquidators of Millfield South East Ltd. (formerly Lawgra (No 955) Ltd.) on Feb. 27 for the creditors' voluntary winding-up proceeding. The company can be reached at: Millfield South East Ltd. 101 South End Croydon Surrey CR0 1BG England Tel: 020 8667 9988 MPM ELECTRICAL: Creditors Ratify Liquidator's Appointment --------------------------------------------------------- Creditors of MPM Electrical Ltd. confirmed on March 2 the company's resolutions for voluntary liquidation. The appointment of Freddy Khalastchi of Harris Lipman LLP was also ratified on the same date. The company can be reached at: MPM Electrical Ltd. 3 Coborn Road Tower Hamlets London E3 2DA England Tel: 020 8804 8195 Fax: 020 8376 0087 MSR BUILDERS: Joint Liquidators Take Over Operations ---------------------------------------------------- Trevor O'Sullivan and Nigel Morrison of Grant Thornton U.K. LLP were appointed joint liquidators of MSR Builders Merchants Ltd. on March 1 for the creditors' voluntary winding-up proceeding. Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/-- provides value-added professional services as assurance services, compensation and benefits, merger and acquisition transaction services, management advisory services, tax consulting and valuation services. The company can be reached at: MSR Builders Merchants Ltd. Prospect Road Alresford Hampshire SO249QF England Tel: 01962 738 666 OWEN OWEN: Administrators Cuts 22 Jobs at Lewis's ------------------------------------------------- Philip Duffy and David Whitehouse, the joint administrators of the Owen Owen Ltd. department store chain, terminated 22 staff of its Lewis's store on March 8, Daily Post reports. "We have spent the first week assessing the business and have decided that it was necessary to make 22 head office staff redundant to reduce staff to a level more closely matching the current business needs. We are working closely with the local council who are on site to offer help and assistance to those made redundant to find new work," Mr. Duffy was quoted by Daily Post as saying. According to the report, only employees who work in management and administrative roles were affected by the cuts. Shop floor employees were not affected. "Owen Owen department stores have strong local brands and there have been a number of expressions of interest from people looking to buy the business," Mr. Duffy added. "We have sent out detailed sales packs to 40 inquirers, most of them other retailers and a couple of property people." Kroll Limited -- http://www.krollworldwide.com/-- offers risk- consulting services worldwide. The firm is an operating unit of Marsh & McLennan Companies, Inc., the global professional services firm. Kroll's services include corporate advisory and restructuring, financial accounting, valuation and litigation, electronic evidence and data recovery, business intelligence and investigations, background screening, and security services. Owen Owen Ltd. operates department stores in the U.K. The largest store it operates is Lewis's in Liverpool, England, which employs 250 staff. It operates three other stores in Sunderland, Hexhamand Aberdeen. The Owen Owen brand name is no longer used, but Owen Owen is the name of the operating company. Owen Owen Ltd. (Company Number 00167385) went into administration on Feb. 28. ROYAL & SUNALLIANCE: A.M. Best Cuts Financial Strength Ratings -------------------------------------------------------------- A.M. Best Co. has downgraded the financial strength ratings to C+ (Marginal) from C++ (Marginal) and the issuer credit ratings to "b-" from "b" for the Royal & SunAlliance USA Insurance Pool (Wilmington, DE) and its members, as well as its separately rated affiliate, Royal Surplus Lines Insurance Company (Wilmington, DE). On March 3, 2007, R&SA USA Pool's name was changed to Arrowpoint Capital Pool (Wilmington, DE). The ratings have been removed from under review with developing implications and assigned a negative outlook. Subsequently, A.M. Best has withdrawn the FSRs and ICRs and assigned a category NR-4 (Company Request) to RSLIC and the members of the Arrowpoint Pool. Concurrently, A.M. Best has withdrawn the FSR and ICR and assigned a category NR-5 (Not Formerly Followed) to Arrowpoint Pool. These rating actions reflect management's decision to withdraw from A.M. Best's interactive rating process. The Arrowpoint Pool includes Royal Indemnity Company and Security Insurance Company of Hartford. These two companies, along with RSLIC, have been in run-off since 2003. On March 3, 2007, Royal & Sun Alliance Insurance Group plc (United Kingdom) [LSE: RSA] completed the sale of its U.S. operations to Arrowpoint Capital Corporation, a registered Delaware corporation founded by Royal & Sun U.S. senior managers and outside directors. As part of the transaction, the former U.K. parent contributed US$287.5 million in additional capital to the group. Arrowpoint Capital acquired the U.S. operations for US$300 million in deferred consideration, payment of which will be based on the future performance of the run-off. Founded in 1899, A.M. Best Company is a full-service credit rating organization dedicated to serving the financial services industries, including the banking and insurance sectors. Headquartered in London, United Kingdom, Royal & Sun Alliance Insurance Group Plc -- http://www.royalsunalliance.com/-- provides risk management and insurance solutions through two divisions focusing on property & casualty business and personal insurance. The group consists of three regions -- U.K., Scandinavia and International. The group operates in the U.K., Argentina, Bahrain, Belgium, Brazil, Canada, Chile, China, Colombia, Denmark, Egypt, France, Germany, Hong Kong, India, Ireland, Italy, Latvia, Lithuania, Malaysia, Mexico, Netherland Antilles, the Netherlands, Norway, Oman, Saudi Arabia, Singapore, Sweden, UAE, Uruguay, U.S.A. and Venezuela. * * * A.M. Best Co. has placed the financial strength ratings of C++ (Marginal) and the issuer credit ratings of "b" of the Royal & SunAlliance U.S.A. Insurance Pool and Royal Surplus Lines Insurance Company under review with developing implications pending the completion of the proposed sale of these operations to Arrowpoint Capital, a new company formed by the existing management team of these operations. All the above companies are domiciled in Wilmington, Delaware. R&SAUS and RSLIC are U.S. subsidiaries of Royal & Sun Alliance Insurance Group plc (London, England). Standard & Poor's Ratings Services lowered its counterparty credit and insurer financial strength ratings on Royal & Sun Alliance Insurance Group PLC's U.S. insurance operations (RSA USA) to 'BB' from 'BB+'. S&P said the outlook remains negative. At the same time, the ratings were withdrawn at the request of the companies' management. TOYWORLD GROUP: Brings In Joint Administrators from KPMG -------------------------------------------------------- David Crawshaw and Myles Halley of KPMG Restructuring were appointed joint administrators of retail chain The Toyworld Group Ltd. A total of 112 employees were made redundant following the closure of the company's 13 shops. Eight stores remain open in Castleford, Harrogate, Leeds, Skipton, Manchester, Belfast, and two outlets in Sheffield. "Toyworld was acquired by Youngsters Ltd. in September 2005 and was loss making at the time. Despite the best efforts of management to turn the business around it proved unable to do so sufficiently quickly. Quieter trading over the Christmas period, together with difficulty getting stock out to stores during the period, further exacerbated the position, to the extent that the parent company is no longer prepared to continue to fund further losses. We shall now be seeking a buyer for the remaining business and assets," David Crawshaw disclosed. 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 Leeds, England, The Toyworld Group Ltd. -- http://www.toyworldstore.co.uk/-- retails toys. The company has 22 branches located across the north of England, Scotland and Northern Ireland. It employs 223 staff. UIC INSURANCE: Filing of Scheme Claims Extended to March 27 ----------------------------------------------------------- Following requests by a number of Scheme Creditors for additional time to complete their claim forms, the Scheme Officers have agreed to extend the bar date to March 27. Any Scheme Creditor wishing to claim in the Scheme must complete and return Claim Forms, together with supporting information, in accordance with the instructions accompanying the forms so as to be received by the Scheme Officers by noon on March 27 in the U.K. If the Scheme Officers do not receive the Scheme Creditor's claim form by the bar date, the latter shall not be entitled to assert or receive payment for the claim -- except in relation to Scheme Claims that have been agreed by the Company and fallen due for payment on or before the Effective Date, which have been included on a Claim Form prepared by the Scheme Officers, but not returned by the Scheme. Any person believing himself to be a Scheme Creditor who is unclear about or has queries regarding the Scheme, the completion of the Claim Form, this notice, or the action they are required to take, should urgently contact: David Burns Chiltington International Limited Holland House 1-4 Bury Street London EC3A 5AW United Kingdom. Tel: 020 7621 6369 Fax: 020 7621 6344 E-mail: uic@chiltington.co.uk * Harvey R. Miller to Re-Join Weil, Gotshal & Manges LLP -------------------------------------------------------- Harvey R. Miller, formerly head of International law firm Weil, Gotshal & Manges LLP's Business Finance & Restructuring department, would be rejoining the firm. Mr. Miller returns to Weil Gotshal after more than four years at the merchant-banking firm Greenhill & Co. LLP, where he was a Managing Director and also served as Vice-Chairman. During his 32-year tenure at Weil Gotshal, Mr. Miller was an integral figure in the firm's rise to prominence in the bankruptcy and restructuring area, building a department whose size and roster of clients are still unrivaled among major law firms. Mr. Miller will return to the department he helped to build, effective March 12, 2007. "I am delighted that Harvey has decided to return to our firm," Chairman Stephen J. Dannhauser remarked. "As the country's leading bankruptcy lawyer, his efforts and talents were the backbone of our BFR practice for many years. Many of the leading practitioners in the Bankruptcy and Restructuring field are at Weil Gotshal, and he was responsible for mentoring most of them. Now yet another generation of young Weil Gotshal BFR attorneys will have the benefit of Harvey's experience. Based on my conversations with Harvey, it's clear that he missed the practice of law and is looking forward to returning to his role as an active bankruptcy practitioner." "I selected Weil Gotshal for a couple of important reasons," Mr. Miller stated. "First, I have a high comfort level with the institution and its leaders. Second, Weil is where I grew up, and it's always felt like home to me." "We welcome Harvey's return, not only because of his standing for excellence in our practice, but also because of his ability to teach and mentor young lawyers," BFR Co-heads Martin J. Bienenstock and Marcia L. Goldstein said. "Harvey has a true passion for the law and the bankruptcy practice." In addition to his law firm and investment banking work, Mr. Miller is an Adjunct Professor of law at New York University Law School and a Lecturer in Law at Columbia University School of Law, from which he graduated. He also has served as a Visiting Lecturer at Yale Law School. He has authored and co-authored many highly regarded texts and publications on significant legal and business issues concerning restructurings, including substantive contributions to the bankruptcy treatise, Collier on Bankruptcy, and has been awarded virtually every major accolade offered by the industry, including the Columbia University School of Law Association Medal for Excellence in 2001 and the 2005 Distinguished Service Award from the American College of Bankruptcy. About Weil, Gotshal & Manges Weil, Gotshal & Manges LLP is an international law firm of over 1,100 lawyers, including approximately 300 partners. Weil Gotshal is headquartered in New York, with offices in Austin, Boston, Brussels, Budapest, Dallas, Frankfurt, Houston, London, Miami, Munich, Paris, Prague, Providence, Shanghai, Silicon Valley, Singapore, Warsaw, Washington DC and Wilmington. Comprised of over 100 attorneys, Weil Gotshal's Business Finance and Restructuring Department ranks with the largest among U.S. law firms, and has been involved in virtually every major bankruptcy case over the last decade, including ENRON, Parmalat, WorldCom, Global Crossing, and many others. Lawyers in the group have been recognized by Chambers Global and other leading authorities as the gold standard in the Bankruptcy field year after year, as has the practice itself. * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Shareholders Total Working Equity Assets Capital Ticker (US$MM) (US$MM) (US$MM) ------ ----------- ------- -------- AUSTRIA ------- Libro AG (111) 174 (182) Rhi AG (214) 1,756 293 BELGIUM ------- City Hotels CITY.BR (7) 210 (15) Sabena S.A. (86) 2,215 (297) CZECH REPUBLIC -------------- Ceskomoravska Kolben & Danek Praha Holding (89) 192 (2,186) DENMARK ------- Elite Shipping (28) 101 19 FRANCE ------ Acces Industrie (8) 106 (35) Arbel PA.ARB (98) 222 (72) Banque Nationale de Paris Guyane BNPG (41) 352 N.A. BSN Glasspack (101) 1,151 179 Charbo De France (3,872) 4,738 (2,868) Compagnie Francaise de l'Afrique Occidentale (65) 256 21 Dollfus Mieg & Cie S.A. DS (16) 143 (45) Euro Computer System (110) 682 377 Genesys S.A. GNS.PA (10) 120 (5) Grande Paroisse S.A. (927) 629 330 Immob Hoteliere (68) 233 29 Labo Dolisos DOLI.PA (28) 110 (33) Matussiere et Forest S.A. MTF (78) 294 (28) Oeneo S.A. SABT.PA (12) 292 38 Pneumatiques Kleber S.A. (34) 480 139 Rhodia S.A. RHA (788) 6,681 171 SDR Centrest (132) 252 N.A. SDR Picardie (135) 413 N.A. Selcodis S.A. SPVX (18) 128 22 Soderag (3) 404 N.A. Sofal S.A. (305) 6,619 N.A. Spie-Batignolles (16) 5,281 75 St Fiacre (FIN) (1) 111 (33) Teamlog TLO (19) 109 (3) Trouvay Cauvin (0) 134 10 Usines Chausson (23) 249 35 GERMANY ------- Cognis Deutschland GmbH & Co. KG (174) 3,003 606 Dortmunder Actien-Brauerei DABG (13) 118 (29) EM.TV AG EV4G.BE (22) 849 15 F.A. Guenther & Son AG GUSG (8) 111 N.A. Kaufring AG KAUG (19) 151 (51) Maternus Kliniken AG MAK.F (3) 207 (30) Nordsee AG (8) 195 (31) Plambeck Neue Energien AG PNE3 (4) 141 19 Primacom AG PRIG (268) 1,257 (1,048) Rinol AG RLIG (64) 104 (15) Schaltbau Hold SLTG (23) 144 (7) SinnLeffers AG WHGG (4) 454 (145) Spar Handels- AG SPAG (442) 1,433 (234) Vivanco Gruppe (55) 131 (31) GREECE ------ Empedos S.A. EMPED (34) 175 (48) Pouliadis Associates Corporation POUL (28) 124 (31) Radio A.Korassidis KORA (101) 181 (139) Commercial HUNGARY ------- Exbus Asset Management Nyrt. EXBUS (30) 118 (5,162) ICELAND ------- Decode Genetics Inc. DCGN (9) 229 141 ITALY ----- Binda S.p.A. BND (11) 129 (20) Cirio Finanziaria S.p.A. (422) 1,583 (396) Credito Fondiario e Industriale S.p.A. (200) 4,218 N.A. Finpart S.p.A. (152) 732 (322) Gruppo Coin S.p.A. GC (150) 4,218 N.A. I Viaggi del Ventaglio S.p.A. VVE.MI (61) 487 (58) Olcese S.p.A. OLCI.MI (13) 180 (64) Parmalat Finanziaria S.p.A. (18,419) 4,121 (12,481) Technodiffusione Italia S.p.A. TDIFF.PK (90) 152 (24) Wind Telecomunicazioni S.p.A. (10) 12,698 (815) NETHERLANDS ----------- Baan Company N.V. BAAN (8) 610 46 United Pan-Euro Air UPC (5,266) 5,180 (8,730) NORWAY ------ Petroleum-Geo Services PGO (32) 2,963 (5,250) POLAND ------ Mostostal Zabrze MECOF.PK (6) 227 (366) Vista Alegre Atlantis SGPS S.A. VAAAE (18) 193 (83) ROMANIA ------- Oltchim RM Valce OLT (45) 232 (321) RUSSIA ------ OAO Samaraneftegas (332) 892 (16,942) Zil Auto (185) 378 (11,107) SPAIN ----- Altos Hornos de Vizcaya S.A. (116) 1,283 (278) Santana Motor S.A. (46) 223 41 Sniace S.A. (10) 134 (37) SWITZERLAND ----------- Wedins Skor Accessoarer AB (10) 139 (129) TURKEY ------ Nergis Holding (24) 125 26 Yasarbank (948) 623 N.A. UKRAINE ------- Dnepropetrovsk Metallurgical Plant Imeni Petrovsko (2) 278 (509) Dniprooblenergo (38) 478 (797) Donetskoblenergo (166) 706 (1,320) UNITED KINGDOM -------------- Abbott Mead Vickers (2) 168 (16) AEA Technology Plc AAT.L (24) 340 (50) Alldays Plc (120) 252 (202) Amey Plc (49) 932 (47) Anker Plc ANK.L (22) 115 13 Atkins (WS) Plc ATK (63) 1,279 70 Bonded Coach Holiday Group Plc (6) 188 (44) Blenheim Group (153) 198 (34) Booker Plc BKRUY (60) 1,298 (8) Bradstock Group BDK (2) 269 5 Brent Walker Group BWL (1,774) 867 (1,157) British Energy Plc BGY (5,823) 4,921 434 British Nuclear Fuels Plc (4,248) 40,326 977 Compass Group CPG (668) 2,972 (298) Costain Group COST (39) 567 (5) Danka Bus System DNK.L (108) 540 34 Dawson Holdings DWN.L (12) 158 (19) Easynet Group ESY.L (45) 323 38 Electrical and Music Industries Group EMI (1,264) 2,818 (253) Euromoney Institutional Investor Plc ERM.L (88) 297 (56) European Home Retail Plc EHRL (14) 111 (37) Gartland Whalley (11) 145 (8) Global Green Tech Group (156) 408 (18) Gondola Holdings Plc GND.L (239) 987 (396) Heath Lambert Fenchurch Group Plc (10) 4,109 (10) HMV Group Plc HMV (4) 948 (175) Homestyle Group Plc HME (29) 409 (124) Imperial Chemical Industries Plc ICI (835) 8,881 (49) Invensys PLC (1,031) 3,875 494 IPC Media Ltd. (685) 254 16 Jarvis Plc JRVS.L (683) 492 (371) Lambert Fenchurch Group (1) 1,827 3 Lattice Group (1,290) 12,410 (1,228) Leeds United LDSUF.PK (73) 144 (29) M 2003 Plc (2,204) 7,205 (756) Manchester City (17) 154 (21) Micro Focus International Plc MCRO.L (14) 115 (11) Mytravel Group MT.L (283) 1,159 (410) Orange Plc ORNGF (594) 2,902 7 Park Group Plc PKG.L (5) 111 (13) Partygaming Plc PRTY (46) 398 (110) Premier Farner Plc PFL (33) 964 127 Premier Foods Plc PFD.L (31) 1,475 16 Probus Estates Plc PBE.L (28) 113 (49) Regus Plc RGU.L (46) 367 (60) Rentokil Initial Plc RTO (1,134) 2,678 (45) RHM Plc RHM (586) 2,411 59 Saatchi & Saatchi SSI (119) 705 (41) Seton Healthcare (11) 157 0 SFI Group (108) 178 (162) Telewest Communications Plc TLWT (3,702) 7,581 (5,361) UK Coal Plc UKC (25) 865 (62) Virgin Mobile Holdings Plc VMOB.L (490) 155 (80) Wincanton Plc WIN (66) 1,236 (71) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/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 * * *