/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070412.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, April 12, 2007, Vol. 8, No. 72 Headlines A U S T R I A CLASSIC-WERBEAGENTUR: Claims Registration Period Ends April 30 L.I.S.A. LLC: Claims Registration Period Ends May 7 LORWICK LLC: Vienna Court Orders Business Shutdown MITTERDORFER LLC: Claims Registration Period Ends May 7 P + W LLC: Claims Registration Period Ends May 9 PDM INDUSTRIESERVICE: Claims Registration Period Ends May 15 S.N. ELEKTRO: Claims Registration Period Ends May 10 WOHNDESIGN LLC: Claims Registration Period Ends May 2 B E L G I U M AMR CORP: Earnings Prompt S&P to Revise Outlook to Positive F R A N C E ADVANCED MICRO: Eyes US$1.2 Bln Revenues in 2007 First Quarter COMPAGNIE GENERALE: Moody's Assigns Loss-Given-Default Rating KAUFMAN & BROAD: S&P Affirms BB Rating with Negative Outlook G E R M A N Y DAIMLERCHRYSLER AG: Board Names Dr. Manfred Bischoff as Chairman FEMA PROJEKTBAU: Claims Registration Period Ends May 3 GBF-GESELLSCHAFT: Claims Registration Period Ends May 5 GREWE BESITZ: Creditors' Meeting Slated for May 10 HAASE BAUUNTERNEHMUNG: Claims Registration Period Ends May 14 HANS-JOACHIM WOLTER: Claims Registration Period Ends May 4 HARO GENERALHAUS: Claims Registration Period Ends May 1 HEIDELBERGCEMENT AG: Moody's Assigns Loss-Given-Default Rating HOFMANN & JENTSCH: Claims Registration Period Ends May 19 IAK GMBH: Claims Registration Period Ends April 30 PFLEIDERER AG: To Issue Up to EUR200-Million Hybrid Bond PFLEIDERER AG: Fitch Rates EUR250-Million Securities at BB- RAK - BAU: Claims Registration Period Ends May 18 REUSCHEL HANDELSGESELLSCHAFT: Creditors' Meeting Set for May 10 RIO-BEKLEIDUNGSWERKE: Claims Registration Period Ends May 11 ROGA GASTSTATTENBETRIEBS: Creditors' Meeting Slated for May 15 ROKA GMBH: Creditors' Meeting Slated for April 27 RPR BAUDIENSTLEISTUNGS: Claims Registration Period Ends April 24 RTTG VERWALTUNGS: Claims Registration Period Ends May 25 SIDLER GMBH: Creditors' Meeting Slated for May 23 SIEKAUP EINRICHTUNGSSYSTEME: Claims Registration Ends May 2 SLK FORMTECHNIK: Claims Registration Ends June 1 STONE DATENSYSTEME: Creditors Must Register Claims by May 2 STREAM TEAM: Creditors Must Register Claims by May 14 TAC - UMFORMTECHNIK: Creditors Meeting Slated for April 24 TIEFBAU SUHL: Claims Registration Period Ends April 27 UDO HERGET: Claims Registration Period Ends May 30 WAS WERTSTOFF-ABHOL-SERVICE: Claims Registration Ends June 1 WEBDESIGN GMBH: Creditors' Meeting Slated for April 26 WEIN-KOHLHOFF GMBH: Claims Registration Period Ends May 16 ZEMA DENTALLABOR: Claims Registration Period Ends June 14 G R E E C E ANTENNA TV: Moody's Assigns Loss-Given-Default Rating I R E L A N D ELAN CORP: Subsidiaries Begin Exchange Offer for US$615MM Notes ZOO ABS 4: S&P Rates EUR8.5-Million Class E Notes at BB- K A Z A K H S T A N AIDANA LLP: Creditors Must File Claims by May 16 AKMOLA-TISSA LLP: Creditors' Claims Due May 18 CREDO LLP: Proof of Claim Deadline Slated for May 15 HLEBOZAVOD OJSC: Court Begins Bankruptcy Process Against Firm NURMAHAN LLP: Claims Registration Ends May 16 TPK KOKSHETAU: Claims Filing Period Ends May 18 VACHE LLP: Creditors Must File Claims by May 15 VODNIK LLP: Creditors' Claims Due May 11 K Y R G Y Z S T A N TOV ROS: Creditors' Meeting Slated for April 26 L U X E M B O U R G ORCO PROPERTY: Moody's Assigns Loss-Given-Default Rating N E T H E R L A N D S ASML HOLDING: Moody's Assigns Loss-Given-Default Rating PFLEIDERER FINANCE: Parent to Issue up to EUR200-Mln Hybrid Bond PFLEIDERER AG: Fitch Rates EUR250-Million Securities at BB- X5 RETAIL: Gains Control Over Pyaterochka Stores in Chelyabinsk X5 RETAIL: Like-For-Like Sales Up 13% in First Quarter 2007 N O R W A Y NORSKE SKOGINDUSTRIER: Moody's Assigns Loss-Given-Default Rating P O L A N D ELEKTRIM SA: Deutsche Telekom Demands EUR1.2-Bln Compensation R U S S I A ASTER-NEVA CJSC: Creditors Must File Claims by April 24 BAYKAL CJSC: Creditors Must File Claims by April 24 CAPITAL BUILDING: Creditors Must File Claims by April 17 DANYS LLC: Volgograd Bankruptcy Hearing Slated for June 21 EAR CJSC: Chuvashiya Court Names B. Litti as Insolvency Manager EASTERN OIL-LOADING: Bankruptcy Hearing Slated for April 25 EUROSERVICE-SUGAR LLC: Creditors Must File Claims by April 24 HYDROSPETSSTROY LTD: Trustee Looks at Bankruptcy Proceedings KOLPINSKIY BAKERY: Creditors Must File Claims by April 24 KORYAKSKAYA FISHING: Creditors Must File Claims by April 24 NOVOLIPETSK STEEL: Moody's Assigns Loss-Given-Default Rating OCEAN-PRIM CJSC: Court Names V. Gruzdev as Insolvency Manager OGK-5 JSC: Moody's Assigns Loss-Given-Default Rating PETROVSKOYE OJSC: Creditors Must File Claims By May 17 RUSSIAN BREAD: Creditors Must File Claims by April 17 SHAKHTINSKIY ELECTROMECHANICAL: Claims Deadline Set April 17 SIBUR HOLDING: Moody's Assigns Loss-Given-Default Rating TATNEFT OAO: Inks Exploration Agreement with Libya's NOC TOLYATTINSKIY HOUSE: Creditors Must File Claims By May 17 VNESHTORGBANK JSC: Sets Moscow & London IPO for May 2007 S P A I N CABLEUROPA SAU: Moody's Assigns Loss-Given-Default Rating S W E D E N ARROW ELECTRONICS: Q1 2007 Earnings Conference Call Set April 24 ARROW ELECTRONICS: Forbes Names Firm to Global 2000 List S W I T Z E R L A N D APN PERSONALNETWORK: Basel Court Starts Bankruptcy Proceedings AUTOMALEREI UND BESCHRIFTUNGEN: Liquidation Claims Due April 27 BS MARKETING: Aargau Court Starts Bankruptcy Proceedings BUCI LLC: Creditors' Liquidation Claims Due April 27 CONSORTIUM JSC: Liquidation Claims Due April 27 CYRIL-DEE JSC: Creditors' Liquidation Claims Due April 26 FININFOS LLC: Creditors' Liquidation Claims Due April 26 HAPPY DAYS: Aargau Court Starts Bankruptcy Proceedings HUGGAR BRANDSCHUTZ: Creditors' Liquidation Claims Due July 26 ISE INTERNATIONAL: Creditors' Liquidation Claims Due April 27 KELLER SCHULTHESS: Creditors' Liquidation Claims Due April 25 NYCOMED A/S: Moody's Assigns Loss-Given-Default Rating PRIMO DANIEL: Creditors' Liquidation Claims Due April 23 REMO ISOLATIONEN: Aargau Court Starts Bankruptcy Proceedings SONYCOM JSC: Creditors' Liquidation Claims Due May 10 ZUBER JSC: Creditors' Liquidation Claims Due April 26 T U R K E Y TURKIYE GARANTI: Merges GE Consumer Finance Companies in Romania U K R A I N E 12 LECTRO SOUTH: Creditors Must File Claims by April 21 AKA-PROM LLC: Creditors Must File Claims by April 21 ATLANT-SERVICE LLC: Creditors Must File Claims by April 21 COMPLECT-GROUP LLC: Creditors Must File Claims by April 21 HOSPITALITY OF PODOL: Creditors Must File Claims by April 22 INDUSTRIAL ENGINEERING: Claims Submission Deadline Set April 22 MYRONIVSKY HLIBOPRODUCT: Moody's Assigns LGD Rating TECHNOL LLC: Creditors Must File Claims by April 22 XXI LLC: Creditors Must File Claims by April 22 U N I T E D K I N G D O M AMKOR TECHNOLOGY: Unit Gets Bank of Korea OK on US$300-Mln Loan AMKOR TECHNOLOGY: Moody's Lifts Sr. Unsec. Notes' Rating to B1 APOLLO VIDEO: Enters Into Liquidation Procedure CABLE & WIRELESS: Moody's Assigns Loss-Given-Default Rating CABLE & WIRELESS: Nears Supply Deal with Virgin Media CHATTEM INC: Prices US$85 Million Convertible Senior Notes DAMOVO GROUP: In Talks with Noteholders Over Restructuring Deal ENRON CORPORATION: Distributes US$1.8 Billion to Creditors GREAT NORTH: Joins Virgin and Stagecoach in East Coast Bid LIBERTY GLOBAL: Moody's Assigns Loss-Given-Default Rating PRICELINE.COM INC: Good Revenue Cues S&P's Positive Outlook RY HENDERSON: Creditor Claims Reach GBP8.8-Million SEA CONTAINERS: GNER Joins Virgin/Stagecoach in East Coast Bid SOLUTIA INC: Pillsbury to Continue Monitoring Chapter 11 Parties SOLUTIA INC: Selling 1% Interest in P4 Production to Monsanto VIRGIN MEDIA: Nears Supply Deal with Cable & Wireless * Former DLA Piper's Insolvency Head Joins Clark Willmott * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= CLASSIC-WERBEAGENTUR: Claims Registration Period Ends April 30 -------------------------------------------------------------- Creditors owed money by LLC Classic-Werbeagentur (FN 153351t) have until April 30 to file written proofs of claim to court- appointed estate administrator Otto Werschitz at: Dr. Otto Werschitz CGO Masseverwaltungsges. mbH Neutorgasse 47/I 8010 Graz Austria Tel: 0316/820620 Fax: 0316/820620-4 E-mail: office@cgo-masseverwaltung.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on May 15 for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 205 Hall K Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on March 12 (Bankr. Case No. 40 S 6/07s). L.I.S.A. LLC: Claims Registration Period Ends May 7 --------------------------------------------------- Creditors owed money by LLC L.I.S.A. (FN 39367v) have until May 7 to file written proofs of claim to court-appointed estate administrator Stefan Offer at: Mag. Clemens Richter c/o Mag. Daniel Lampersberger Esteplatz 4 1030 Vienna Austria Tel: 712 33 30 Fax: 712 33 30-30 E-mail: engelhart@csg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on May 21 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 16 (Bankr. Case No. 3 S 42/07g). Daniel Lampersberger represents Mag. Richter in the bankruptcy proceedings. LORWICK LLC: Vienna Court Orders Business Shutdown -------------------------------------------------- The Trade Court of Vienna entered March 20 an order shutting down the business of LLC Lorwick (FN 175714d). Court-appointed estate administrator Ulla Reisch recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Ulla Reisch Praterstrasse 62-64 1020 Vienna Austria Tel: 212 55 00 Fax: 212 55 00-5 Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 8 (Bankr. Case No. 3 S 36/07z). MITTERDORFER LLC: Claims Registration Period Ends May 7 ------------------------------------------------------- Creditors owed money by LLC Mitterdorfer (FN 131105b) have until May 7 to file written proofs of claim to court-appointed estate administrator Matthias Schmidt at: Dr. Matthias Schmidt c/o Dr. Florian Gehmacher Dr. Karl Lueger-Ring 12 1010 Vienna Austria Tel: 533 16 95 Fax: 533 56 86 E-mail: schmidt@preslmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on May 21 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 16 (Bankr. Case No. 3 S 41/07k). Florian Gehmacher represents Dr. Schmidt in the bankruptcy proceedings. P + W LLC: Claims Registration Period Ends May 9 ------------------------------------------------ Creditors owed money by LLC P + W (FN 274837y) have until May 9 to file written proofs of claim to court-appointed estate administrator Christian Adam at: Dr. Christian Adam Sigmund-Haffner-Gasse 3 5020 Salzburg Austria Tel: 0662-841222-0 Fax: 0662-841222-6 E-mail: info@ra-adam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on May 23 for the examination of claims. The meeting of creditors will be held at: The Land Court of Salzburg Hall 256 Second Floor Austria Headquartered in Oberndorf bei Salzburg, Austria, the Debtor declared bankruptcy on March 9 (Bankr. Case No. 44 S 7/07i). PDM INDUSTRIESERVICE: Claims Registration Period Ends May 15 ------------------------------------------------------------ Creditors owed money by KEG PDM Industrieservice Haselroither (FN 247868m) have until May 15 to file written proofs of claim to court-appointed estate administrator Gerhard Eigner at: Mag. Gerhard Eigner Ringstrasse 25 4600 Wels Austria Tel: 07242/58120 Fax: 07242/58120-22 Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on May 24 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 Stadl - Paura, Austria, the Debtor declared bankruptcy on March 16 (Bankr. Case No. 20 S 37/07b). S.N. ELEKTRO: Claims Registration Period Ends May 10 ---------------------------------------------------- Creditors owed money by LLC S.N. Elektro und Sanitar (FN 275359s) have until May 10 to file written proofs of claim to court-appointed estate administrator Stefan Offer at: Mag. Dominik Baurecht c/o Dr. Wolfgang Gerhard Zorn Weihburggasse 4/22 1010 Vienna Austria Tel: 533 66 61-0 Fax: 533 66 61-10 E-mail: baurecht@gnbz.at Creditors and other interested parties are encouraged to attend the creditors' meeting at noon on May 24 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 16 (Bankr. Case No. 6 S 33/07f). Wolfgang Gerhard Zorn represents Mag. Baurecht in the bankruptcy proceedings. WOHNDESIGN LLC: Claims Registration Period Ends May 2 ----------------------------------------------------- Creditors owed money by LLC Wohndesign (FN 223755b) have until May 2 to file written proofs of claim to court-appointed estate administrator Gerhard Schilcher at: Dr. Gerhard Schilcher c/o Dr. Michael Lentsch Backerstr. 1/3/3 1010 Vienna Austria Tel: 01/5132344 Fax: 01/5132344-15 E-mail: schilcher@kosch-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00.m. on May 16 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 Moedling, Austria, the Debtor declared bankruptcy on March 19 (Bankr. Case No. 10 S 24/07v). Michael Lentsch represents Dr. Schilcher in the bankruptcy proceedings. ============= B E L G I U M ============= AMR CORP: Earnings Prompt S&P to Revise Outlook to Positive ----------------------------------------------------------- Standard & Poor's Ratings Services affirmed its ratings on AMR Corp. (B/Positive/B-2) and subsidiary American Airlines Inc. (B/Positive/--). The rating outlook is revised to positive from stable. "The positive rating outlook reflects ongoing earnings, cash flow, and balance sheet improvements that, if sustained could support an upgrade over the next year," said Standard & Poor's credit analyst Philip Baggaley. Ratings on Fort Worth, Texas- based AMR and American reflect participation in the competitive, cyclical, and capital-intensive airline industry; erosion of financial strength by substantial losses during 2001-2005; and a heavy debt and pension burden. Satisfactory liquidity, with US$4.7 billion of unrestricted cash and short-term investments at Dec. 31, 2006, and an improving earnings trend, are positives. American Airlines is the world's largest airline, measured by traffic, with solid market shares in the U.S. domestic, trans- Atlantic, and Latin American markets, but a minimal presence in the Pacific. American, like other large U.S. airlines, incurred heavy losses starting in late 2000 through 2005 due to industry wide problems of terrorism, war, high fuel prices, and increasing price competition in the domestic market as low-cost airlines expand. Since then, accelerating pricing improvements in the domestic market and ongoing cost reduction efforts have generated much improved results. In 2006, AMR earned US$231 million, compared with a US$857 million loss (a loss of US$677 million before special items) in 2005, as stronger revenue generation and ongoing cost reductions outweighed higher fuel prices. Fully adjusted 2006 EBITDA coverage improved to 1.8x, from 1.2x the prior year, and funds from operations to debt strengthened to 8% from only 3% in 2005. AMR has substantial (US$24.6 billion) debt, leases, and postretirement obligations, with debt to capital around 100%. Debt is gradually declining, as the company uses free cash flow to pay maturities and, in some cases, repurchase outstanding notes. This effort gained a further boost with the Jan. 23, 2007, issuance of approximately US$500 million of common stock. Although the share issuance did not cause a material change in credit ratios, it supports management's stated commitment to strengthening AMR's balance sheet in advance of substantial capital expenditure requirements to modernize American's fleet. American has indicated its intention to accelerate delivery of 47 B737-800s to begin delivery in 2009. Defined-benefit pension plans were underfunded (on a PBO basis) by US$2.5 billion at year-end 2006, with an added US$3.1 billion liability for other retirement benefits. Passage of pension legislation in 2006 that allows airlines to repay funding deficits over a longer period will ease upcoming cash requirements significantly, though these provisions are not as generous as those available to airlines that have "frozen" or terminated their pension plans. A healthy cash balance and solid internal cash generation support credit quality, despite substantial debt maturities. Further gains in earnings and cash flow, if they appear sustainable, could prompt an upgrade over the coming year. The outlook could be revised to stable if airline industry conditions weaken, curtailing expected earnings improvements. =========== F R A N C E =========== ADVANCED MICRO: Eyes US$1.2 Bln Revenues in 2007 First Quarter -------------------------------------------------------------- Advanced Micro Devices Inc. expects to report revenue of approximately US$1.225 billion in the quarter ending March 31, 2007. Revenues declined sharply quarter-over-quarter for the Computing Solutions segment, primarily due to lower overall average selling prices and significantly lower unit sales, especially in the resale channel. Advanced Micro plans to restructure its business model to increase operational efficiencies and lower its operating cost structure. The company will reduce 2007 capital expenditures by approximately US$500 million, which the company believes will not materially impact capacity plans for the year. The company will also significantly reduce discretionary expenses and limit hiring to critical positions. About Advanced Micro Based in Sunnyvale, California, Advanced Micro Devices Inc. (NYSE: AMD) -- http://www.amd.com/-- designs and produces innovative microprocessor and graphics and media solutions for the computer, communications, and consumer electronics industries. The company has corporate locations in Sunnyvale, California, Austin, Texas, and Markham, Ontario, and global operations and manufacturing facilities in the United States, Europe, Japan, and Asia. It maintains operations in Belgium, France, Germany, the United Kingdom, Mexico and Brazil. * * * As reported in the Troubled Company Reporter on Mar. 14, 2007, Moody's Investors Service lowered AMD's corporate family rating to B1 from Ba3. The outlook is stable. COMPAGNIE GENERALE: Moody's Assigns Loss-Given-Default Rating ------------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its Ba2 Corporate Family Rating for Compagnie Generale De Geophysique-Veritas. Moody's also assigned a Ba2 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Compagnie Generale De Geophysique-Veritas Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Senior Secured Bank Credit Facility Ba2 Ba2 LGD3 41% 7.5% Senior Unsecured Regular Bond/Debenture Due 2015 Ba3 Ba3 LGD4 63% 7.75% Senior Unsecured Regular Bond/Debenture Due 2017 Ba3 Ba3 LGD4 63% * Issuer: CGGVeritas Services, Inc. Senior Secured Bank Credit Facility Ba2 Ba2 LGD3 41% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). France-based Compagnie Generale De Geophysique-Veritas is formerly known as Compagnie Generale de Geophysique. The Group's principal activities are to manufacture geophysical equipment and software and to provide geophysical services and information. The Group operates in Europe, Africa, the United States, Canada, Brazil and Columbia. KAUFMAN & BROAD: S&P Affirms BB Rating with Negative Outlook ------------------------------------------------------------ Standard & Poor's Ratings Services affirmed its 'BB+' long-term corporate and 'BB' senior unsecured credit ratings on Kaufman & Broad S.A., one of the largest residential property developers in France. At the same time, Standard & Poor's removed the ratings from CreditWatch with negative implications, where they had been placed on Oct. 26, 2006. The outlook is negative, reflecting that on KBSA's parent company, U.S.-based KB Home. The rating actions reflect those taken on KB Home. KB Home owns 49.0% of KBSA's capital, and has 67.5% of voting rights. Should the ratings on KB Home be lowered, KBSA would also be downgraded. KBSA's unadjusted gross debt was EUR156 million at Nov. 30, 2006. The negative outlook primarily reflects the close links between KBSA and its parent company, KB Home. A weakening of activity on the French residential market or deterioration of credit metrics could also create downside risk. Given KBSA's strong measures and solid well-seasoned management, however, only a severe market contraction would be likely to materially affect KBSA's credit quality. Standard & Poor's continues to expect that KBSA's credit measures will be sustainable over the medium term, including EBITDA gross coverage of above 5x, FFO to fully adjusted debt of above 25%, and fully adjusted debt to EBITDA of about 2x. The ratings on KBSA continue to reflect the group's narrow business focus; the property development industry's above- average risk profile -- including high fragmentation, volume and price cyclicality, and an inherently speculative element; and heavy working capital needs. These negative factors are offset by KBSA's strong regional positions in the domestic new housing market, prudent risk policies, a long, cycle-tested track record, and an intermediate financial profile. KBSA's increasing geographic coverage in the growing market of southern France is also a positive factor. ============= G E R M A N Y ============= DAIMLERCHRYSLER AG: Board Names Dr. Manfred Bischoff as Chairman ---------------------------------------------------------------- The Supervisory Board of DaimlerChrysler AG elected Dr. Manfred Bischoff, Chairman of the Board of Directors of the European Aeronautic Defence and Space Company, as its new Chairman with immediate effect. Dr. Bischoff succeeds Hilmar Kopper, who was a member of the Supervisory Board for 17 years. The former chairman of the Supervisory Board of Deutsche Bank AG was elected as a member of the Supervisory Board of Daimler-Benz AG on Jan. 4, 1990, and on March 7 of that year, the Supervisory Board elected him as its Chairman. Previously, the Annual Meeting of DaimlerChrysler AG on April 4 elected Prof. Dr. Clemens Boersig, Chairman of the Supervisory Board of Deutsche Bank AG, as a new member of the Supervisory Board replacing Hilmar Kopper. Mr. Clemens Borsig's period of office lasts until the end of the Annual Meeting in 2012. In addition, Manfred Bischoff was elected as the new Chairman of the Presidential Committee and succeeds Hilmar Kopper also in this position. The new member of the Presidential Committee is Dr. rer. pol. Manfred Schneider, Chairman of the Supervisory Board of Bayer AG. New Supervisory Board member Clemens Borsig succeeds Hilmar Kopper as a member of the Audit Committee. The Chairman of the Audit Committee is still Bernhard Walter, former chairman of the Board of Management of Dresdner Bank AG. 2006 Dividend DaimlerChrysler's shareholders also approved the distribution of a dividend for 2006 of EUR1.50 per share (prior year: EUR1.50 per share). The total dividend distribution amounts to EUR1.542 billion. The item of the agenda "Allocation of Unappropriated Profit" was approved with 99.81% of the votes cast. The members of the Board of Management were ratified with percentages ranging from 97.06 to 97.07%, the members of the Supervisory Board were ratified with percentages ranging from 96.07 to 96.22%. The additional items of the agenda submitted by shareholders were only approved with a maximum of 5.2% of the votes cast and therefore rejected. Approximately 7,900 shareholders attended the Annual Meeting at the Berlin Messe exhibition center (prior year: 8,100). 39.19% of the shareholders' voting rights were represented at the Annual Meeting. On April 5, 2007, the dividend will be paid out to those shareholders who held shares on April 4, 2007. About DaimlerChrysler Based in Stuttgart, Germany, DaimlerChrysler AG (NYSE:DCX) (FRA: DCX) -- 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. FEMA PROJEKTBAU: Claims Registration Period Ends May 3 ------------------------------------------------------ Creditors of FEMA Projektbau GmbH have until May 3 to register their claims with court-appointed insolvency manager Fabio Algari. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 19, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Main) Hall 1 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 District Court of Frankfurt (Main) opened bankruptcy proceedings against FEMA Projektbau GmbH on March 14. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Fabio Algari Oppenheimer Landstrasse 3 D 60594 Frankfurt/Main Germany Tel: 069/6109160 Fax: 069/61091616 The Debtor can be reached at: FEMA Projektbau GmbH Beethovenstr. 8-10 60325 Frankfurt am Main Germany GBF-GESELLSCHAFT: Claims Registration Period Ends May 5 ------------------------------------------------------- Creditors of GBF-Gesellschaft fuer betriebswirtschaftliche Beratung und Fortbildung mbH & Co KG have until May 5 to register their claims with court-appointed insolvency manager Jens Koeke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 6, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goettingen Hall B11 Berliner Strasse 8 37073 Goettingen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Goettingen opened bankruptcy proceedings against GBF-Gesellschaft fuer betriebswirtschaftliche Beratung und Fortbildung mbH & Co KG on Feb. 26. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Jens Koeke Obere Karspuele 36 37073 Goettingen Germany Tel: 0551/5085920 Fax: 0551/5085921 The Debtor can be reached at: GBF-Gesellschaft fuer betriebswirtschaftliche Beratung und Fortbildung mbH & Co KG Attn: Marcel Noack, Manager Donaustrasse 103 12043 Berlin Germany GREWE BESITZ: Creditors' Meeting Slated for May 10 -------------------------------------------------- The court-appointed insolvency manager for Grewe Besitz- und Verwaltungs-GmbH, Ralph Buenning, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m. on May 10. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen Germany The Court will also verify the claims set out in the insolvency manager's report at 9:30 a.m. on July 12 at the same venue. Creditors have until May 29 to register their claims with the court-appointed insolvency manager. The District Court of Bremen opened bankruptcy proceedings against Grewe Besitz- und Verwaltungs-GmbH on March 22. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Ralph Buenning Domshof 18-20 28195 Bremen Germany Tel: 0421/3686-0 Fax: 0421/3686-100 E-Mail: InsOBremen@schubra.de Web: http://www.schubra.de/ The Debtor can be reached at: Grewe Besitz- und Verwaltungs-GmbH Emder Str. 76 28219 Bremen Germany Attn: Wolfgang Rudolf Hermann Grewe, Manager Birkenheide 40 27711 Osterholz-Scharmbeck Germany HAASE BAUUNTERNEHMUNG: Claims Registration Period Ends May 14 ------------------------------------------------------------- Creditors of Haase Bauunternehmung GmbH & Co.KG have until May 14 to register their claims with court-appointed insolvency manager Dr. Wolfgang Koehler. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 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 Arnsberg Meeting Hall 328 Eichholzstr. 4 59821 Arnsberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Arnsberg opened bankruptcy proceedings against Haase Bauunternehmung GmbH & Co.KG on March 19. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Dr. Wolfgang Koehler Marktstrasse 22 59555 Lippstadt Germany The Debtor can be reached at: Haase Bauunternehmung GmbH & Co.KG Klaus-Dieter Haase, Manager Saemtlich Bergeder Weg 3 a 59519 Moehnesee Germany HANS-JOACHIM WOLTER: Claims Registration Period Ends May 4 ---------------------------------------------------------- Creditors of Hans-Joachim Wolter GmbH have until May 4 to register their claims with court-appointed insolvency manager Dominica Wolff. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Saarbruecken opened bankruptcy proceedings against Hans-Joachim Wolter GmbH on March 7. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Dominica Wolff Lilienthalstrasse 9 66740 Saarlouis Germany Tel: (06831) 173 241 Fax: (06831) 173 220 The Debtor can be reached at: Hans-Joachim Wolter GmbH Fernmeldeanlagen und -geraete Schlackenbergstr. 43 66386 St Ingbert Germany Attn: Iris Willim, Manager Zum Tiefenbach 11 66606 St Wendel Germany HARO GENERALHAUS: Claims Registration Period Ends May 1 ------------------------------------------------------- Creditors of HaRo Generalhaus GmbH have until May 1 to register their claims with court-appointed insolvency manager Hans-Peter Rechel. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on July 6, 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 Neumuenster Meeting Hall B.126 Law Courts Boostedter Strasse 26 Neumuenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Neumuenster opened bankruptcy proceedings against HaRo Generalhaus GmbH on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Hans-Peter Rechel Lehmweg 17 20251 Hamburg Germany The Debtor can be reached at: HaRo Generalhaus GmbH Burggartenstrasse 2 24539 Neumuenster Germany Attn: Hans-Joerg Andersen Tannenweg 30 24539 Neumuenster Germany HEIDELBERGCEMENT AG: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution, and Other sectors last week, the rating agency confirmed its Ba1 Corporate Family Rating for HeidelbergCement AG. Moody's also assigned a Ba1 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: HeidelbergCement AG Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- ------- Senior Unsecured Bank Credit Facility Ba1 LGD4 60% DEM3-Bllion Sr. Unsec. Medium-Term Note Program Ba1 LGD4 60% Senior Unsecured Regular Bond/Debenture Due July 2008 Ba1 LGD4 60% Senior Unsecured Regular Bond/Debenture Due October 2007 Ba1 LGD4 60% Senior Unsecured Regular Bond/Debenture Due September 2008 Ba1 LGD4 60% Senior Unsecured Regular Bond/Debenture Due November 2007 Ba1 LGD4 60% * Issuer: Heidelbergcement Finance B.V. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- ------- DEM3-billion Sr. Unsec. Medium-Term Note Program Ba1 LGD4 60% Senior Unsecured Regular Bond/Debenture Due 2008 Ba1 LGD4 60% Senior Unsecured Regular Bond/Debenture Due 2013 Ba1 LGD4 60% Senior Unsecured Regular Bond/Debenture Due 2012 Ba1 LGD4 60% Senior Unsecured Regular Bond/Debenture Due 2015 Ba1 LGD4 60% 5.59% Senior Unsecured Regular Bond/Debenture Due 2008 Ba1 LGD4 60% 7.375% Senior Unsecured Regular Bond/Debenture Due 2010 Ba1 LGD4 60% * Issuer: Heidelbergcement Financial Services AB Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- ------- EUR3-billion Sr. Unsec. Medium-Term Note Program Ba1 LGD4 60% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-Default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in in Heidelberg, Germany, HeidelbergCement AG -- http://www.heidelbergcement.com/-- manufactures cement as well as building materials and building chemicals. The group's posted EUR414.5 million in net profit on EUR9.23 billion in net sales in fiscal year 2006. HOFMANN & JENTSCH: Claims Registration Period Ends May 19 --------------------------------------------------------- Creditors of Hofmann & Jentsch GmbH have until May 19 to register their claims with court-appointed insolvency manager Karsten Toetter. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on June 6, 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 District Court of Hamburg opened bankruptcy proceedings against Hofmann & Jentsch GmbH on March 29. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Karsten Toetter Speersort 4/6 20095 Hamburg Germany The Debtor can be reached at: Hofmann & Jentsch GmbH Brookkehre 53 21029 Hamburg Germany Attn: Joern Weitzmann, Manager Arnold-Heise-Strasse 9 20249 Hamburg Germany IAK GMBH: Claims Registration Period Ends April 30 -------------------------------------------------- Creditors of IAK GmbH Institut fuer angewandte Kunststofftechnologie have until April 30 to register their claims with court-appointed insolvency manager Markus Froehlich. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Kempten Residenzplatz 4-6 87435 Kempten Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Kempten opened bankruptcy proceedings against IAK GmbH Institut f�r angewandte Kunststofftechnologie on March 21. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Markus Froehlich Ehlersstrasse 11 88046 Friedrichshafen Germany Tel: 07541/700871 Fax: 07541/700878 The Debtor can be reached at: IAK GmbH Institut fuer angewandte Kunststofftechnologie Hattnauerstrasse 11 88142 Wasserburg Germany PFLEIDERER AG: To Issue Up to EUR200-Million Hybrid Bond -------------------------------------------------------- Following the acquisition of the Swedish Pergo AB and by expanding its worldwide market presence especially in the high margin engineered wood business, Pfleiderer AG plans to issue hybrid bonds with a volume of between EUR200 million to EUR250 million via its financing vehicle Pfleiderer Finance B.V. Pfleiderer AG currently has a senior unsecured rating of Ba2 with stable outlook by Moody's and BB with positive outlook by Fitch. The bonds will be guaranteed on a subordinated basis by Pfleiderer and are expected to be rated two notches below the guarantor's senior-/ IDR ratings by both agencies. The exact terms of the bonds will be determined based on market conditions, following a pan-European road show. ABN AMRO and Barclays Capital are joint structuring advisors and joint lead managers for Pfleiderer's envisaged hybrid capital transaction. The bonds will be accounted for as equity in accordance with IFRS and will also be assigned 50% and 75% 'equity credit' by Moody's and Fitch respectively. The proceeds of the issue together with other financial sources will be used to repay the bridge loan drawn to finance Pfleiderer's recent strategic acquisition of Pergo AB. The issuance of hybrid bonds will increase Pfleiderer's financial flexibility. "The use of hybrid capital is in line with Pfleiderer's strategy to pursue acquisitions via equity and equity-like instruments to ensure that acquisitions do not impair Pfleiderer's steadily improving credit profile" Derrick Noe, Chief Financial Officer of Pfleiderer AG, said. About Pfleiderer Headquartered in Neumarkt, Germany, Pfleiderer AG -- http://www.pfleiderer.com/-- manufactures engineered woods and infrastructure products through its subsidiaries. The Company produces wood-based panels for furniture and interior fittings, track systems for urban and intercity rail networks, and a range of poles and towers for energy and commercial infrastructures. PFLEIDERER AG: Fitch Rates EUR250-Million Securities at BB- ----------------------------------------------------------- Fitch Ratings assigned Pfleiderer Finance B.V.'s proposed issue of up to EUR250-million guaranteed undated subordinated fixed- to floating-rate capital securities an expected 'BB-' rating. The final rating is contingent on the receipt of final documentation conforming to information already received. At the same time Fitch has placed Pfleiderer AG's Issuer Default Rating of 'BB' on Rating Watch Positive and affirmed its Short- term rating at 'B'. The Rating Watch Positive reflects Pfleiderer's plan to effectively equity-finance a majority part of the Pergo AB acquisition. It is in line with the group's plan to launch the above-mentioned hybrid bond and use the proceeds to refinance senior debt used for the acquisition of Pergo. The Rating Watch is expected to be resolved upon the final settlement of the hybrid bond. Any upgrade of the IDR is expected to be limited to one notch. The Rating Watch Positive is further underpinned by Pfleiderer's improved business profile reflecting a more balanced geographical diversification, namely towards its core markets Western Europe, Eastern Europe and North America. It also takes into account the group's good market position as one of the world's leading producers of engineered wood products and move into higher-margin product segments such as MDF. Nevertheless, Fitch will continue to closely monitor the performance of the group's North American operations against the backdrop of the challenging conditions in the housing market in that region. The overall effect of the hybrid instrument on Pfleiderer's financial profile is considered positive. The refinancing of acquisition debt by hybrid capital of up to EUR250 million will strengthen Pfleiderer's balance sheet and credit metrics, placing them in line with a 'BB+' rating level. Fitch considers Pergo a good strategic fit and anticipates a successful integration within Pfleiderer, based on the management's established track record. Fitch gains further comfort from Pfleiderer's prudent financial policy. In line with Fitch's hybrid methodology, the proposed hybrid instrument would be classified as a Class D instrument and treated with 75% equity credit, subject to final documentation conforming to information already received. The classification as a Class D instrument includes Fitch's understanding that the envisaged hybrid bond will have no material constraint regarding its deferral option. Fitch notes that the look-back provision is limited by the proximity of the coupon payment dates to the company's annual general meeting. The bond will have a call option in 2014, which, if not exercised, will see a step-up of 150bps. However, this effective maturity is mitigated by satisfactory replacement language. There are several call events relating to tax changes, change of control and a change in the equity credit allocation by a rating agency, among others. In addition the hybrid security will see a 500bps step-up upon a rating withdrawal - considered a call event in the bond documentation - a feature that helps ensure the company remains rated. Pfleiderer is a leading supplier of engineered wood, surface- finished products and laminate flooring. With some 5,200 employees and production sites in Western Europe, Eastern Europe and North America, the group reported sales of approximately EUR1.4 billion in Financial Year 2006 and EBITDA of EUR208 million. RAK - BAU: Claims Registration Period Ends May 18 ------------------------------------------------- Creditors of RAK - Bau GmbH have until May 18 to register their claims with court-appointed insolvency manager Jochen Sedlitz. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goeppingen Hall 0.24 Ground Floor Pfarrstrasse 25 73033 Goeppingen 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: Jochen Sedlitz Wilhelmstr. 12 70182 Stuttgart Germany Tel: 0711/16424-0 Fax: 0711/16424-24 The District Court of Goeppingen opened bankruptcy proceedings against RAK - Bau GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: RAK - Bau GmbH R�merstr. 74 73066 Uhingen Germany Attn: Ralf Alexander Kerschbaum, Manager Graf-Degenfeld-Str. 97 73098 Rechberghausen Germany REUSCHEL HANDELSGESELLSCHAFT: Creditors' Meeting Set for May 10 --------------------------------------------------------------- The court-appointed insolvency manager for Reuschel Handelsgesellschaft mbH, Frank-Michael Rhode, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on May 10. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen Germany The Court will also verify the claims set out in the insolvency manager's report at 9:30 a.m. on Aug. 30, at the same venue. Creditors have until July 17 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Frank-Michael Rhode Graf-Moltke-Str. 62 28211 Bremen Germany Tel: 0421/3485212/213 Fax: 0421/341078 E-mail: info@rhode.de Web site: http://www.rhode.de/ The District Court of Bremen opened bankruptcy proceedings against Reuschel Handelsgesellschaft mbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reuschel Handelsgesellschaft mbH Steinsetzerstr. 16 28279 Bremen Germany Attn: Johannes Paolo Reuschel, Manager Moehlenpad 10 27632 Dorum Germany RIO-BEKLEIDUNGSWERKE: Claims Registration Period Ends May 11 ------------------------------------------------------------ Creditors of RIO-Bekleidungswerke GmbH have until May 11 to register their claims with court-appointed insolvency manager Joachim Exner. Creditors and other interested parties are encouraged to attend the meeting at 1:40 p.m. on June 12, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hof Meeting Hall 012 Ground Floor Berliner Platz 1 95030 Hof Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Joachim Exner Ludwigstr. 50 95028 Hof Germany Tel: 09281/8331080 Fax: 09281/8331089 The District Court of Hof opened bankruptcy proceedings against RIO-Bekleidungswerke GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: RIO-Bekleidungswerke GmbH Marienstr. 4 95111 Rehau Germany Attn: Johann-Georg Herzog, Manager Falkenhagenerstr. 21 13585 Berlin Germany ROGA GASTSTATTENBETRIEBS: Creditors' Meeting Slated for May 15 -------------------------------------------------------------- The court-appointed insolvency manager for ROGA Gaststattenbetriebs GmbH, Thomas Heimes, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on May 15. The meeting of creditors and other interested parties will be held at: The District Court of Saarbruecken Meeting Hall 24 Second Floor Aussenstelle Sulzbach Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 8:55 a.m. on June 5, at the same venue. Creditors have until May 15 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Thomas Heimes Faktoreistrasse 4 66111 Saarbruecken Germany Tel: (0681) 4101 0 Fax: (0681) 4101 279 The District Court of Saarbruecken opened bankruptcy proceedings against ROGA Gaststattenbetriebs GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ROGA Gaststattenbetriebs GmbH Saarstr. 15 66111 Saarbruecken Germany Attn: Petra Rode, Manager Ohmstr. 13 66123 Saarbruecken Germany ROKA GMBH: Creditors' Meeting Slated for April 27 ------------------------------------------------- The court-appointed insolvency manager for ROKA GmbH Dienstleistungsgruppe, Peter-Alexander Borchardt, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on April 27. The meeting of creditors and other interested parties will be held at: The District Court of Niebuell Sylter Bogen 1 A Courthouse 25899 Niebuell Germany The Court will also verify the claims set out in the insolvency manager's report at 2:30 p.m. on May 30, at the same venue. Creditors have until May 15 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Peter-Alexander Borchardt Deichstrasse 1 20459 Hamburg Germany Tel: (040) 8090 3047 The District Court of Niebuell opened bankruptcy proceedings against ROKA GmbH Dienstleistungsgruppe on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ROKA GmbH Dienstleistungsgruppe Attn: Ellen Kaak, Manager Schmiedestrasse 10 a 25899 Niebuell Germany RPR BAUDIENSTLEISTUNGS: Claims Registration Period Ends April 24 ---------------------------------------------------------------- Creditors of RPR Baudienstleistungs GmbH have until April 24 to register their claims with court-appointed insolvency manager Bardo M. Sigwart. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on June 5, 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 4.311 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: Bardo M. Sigwart Ostend 14 64347 Griesheim Germany Tel: 06155-60930 Fax: 06155-66297 The District Court of Darmstadt opened bankruptcy proceedings against RPR Baudienstleistungs GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: RPR Baudienstleistungs GmbH Attn: Rainer Pust, Manager Muenchner Strasse 18-22 64521 Gross-Gerau Germany RTTG VERWALTUNGS: Claims Registration Period Ends May 25 -------------------------------------------------------- Creditors of RTTG Verwaltungs GmbH have until May 25 to register their claims with court-appointed insolvency manager Christina Siegert. Creditors and other interested parties are encouraged to attend the meeting at 9:25 a.m. on June 20, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Christina Siegert Oskar-von-Miller-Ring 34-36 80333 Munich Germany Tel: 089-24440930 Fax: 089-244409365 The District Court of Munich opened bankruptcy proceedings against RTTG Verwaltungs GmbH on April 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: RTTG Verwaltungs GmbH Lochhamer Schlag 12 82166 Grafelfing Germany Attn: Thomas Greiter, Manager Adlerstr. 25 82166 Grafelfing Germany SIDLER GMBH: Creditors' Meeting Slated for May 23 ------------------------------------------------- The court-appointed insolvency manager for Sidler GmbH & Co. KG, Christopher Seagon, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:30 a.m. on May 23. The meeting of creditors and other interested parties will be held at: The District Court of Tuebingen Hall 208 Second Floor Branch Office Schulberg 14 72074 Tuebingen Germany The Court will also verify the claims set out in the insolvency manager's report at 9:30 a.m. on July 25 at the same venue. Creditors have until June 25 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Christopher Seagon Blumenstr. 17 69115 Heidelberg Germany Tel. 06221/91180 The District Court of Tuebingen opened bankruptcy proceedings against Sidler GmbH & Co. KG on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sidler GmbH & Co. KG Attn: Dr. Hans-Jochen Braun, Manager Bismarckstr. 72 72072 Tuebingen Germany SIEKAUP EINRICHTUNGSSYSTEME: Claims Registration Ends May 2 ----------------------------------------------------------- Creditors of Siekaup Einrichtungssysteme GmbH & Co. KG have until May 2 to register their claims with court-appointed insolvency manager Dr. Norbert Kuepper. 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 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: Dr. Norbert Kuepper Paderborner Str. 11 33415 Verl Germany Tel: 05246/9275-0 Fax: +495246927511 The District Court of Muenster opened bankruptcy proceedings against Siekaup Einrichtungssysteme GmbH & Co. KG on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Siekaup Einrichtungssysteme GmbH & Co. KG Stromberger Strasse 197 59269 Beckum Germany Attn: Juergen Schulz, Manager Griesenbruchstrasse 54 32139 Spenge Germany SLK FORMTECHNIK: Claims Registration Ends June 1 ------------------------------------------------ Creditors of SLK Formtechnik GmbH have until June 1 to register their claims with court-appointed insolvency manager Rolf Rombach. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on June 20, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Meiningen Hall A 0105 Lindenallee 15 Meiningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Rombach Magdeburger Allee 159 99086 Erfurt Germany The District Court of Meiningen opened bankruptcy proceedings against SLK Formtechnik GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SLK Formtechnik GmbH Attn: Volker Limpert and Christa Salzmann, Managers Altersbacher Strasse 22 98587 Steinbach-Hallenberg Germany STONE DATENSYSTEME: Creditors Must Register Claims by May 2 ----------------------------------------------------------- Creditors of Stone Datensysteme GmbH have until May 2 to register their claims with court-appointed insolvency manager Joerg Sievers. Creditors and other interested parties are encouraged to attend the meeting at 9:35 a.m. on June 6, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stralsund Hall A 421 Fourth Floor House A Frankendamm 17 Stralsund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joerg Sievers R.-Blum-Str. 1 17489 Greifswald Germany The District Court of Stralsund opened bankruptcy proceedings against Stone Datensysteme GmbH on April 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stone Datensysteme GmbH Attn: Monika Schneider, Manager Inselweg 2 18374 Seeheilbad Zingst Germany STREAM TEAM: Creditors Must Register Claims by May 14 ----------------------------------------------------- Creditors of Stream Team GmbH have until May 14 to register their claims with court-appointed insolvency manager Christian Gerloff. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christian Gerloff Nymphenburger Str. 139 80636 Munich Germany Tel: 089/120260 Fax: 089/12026127 The District Court of Munich opened bankruptcy proceedings against Stream Team GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stream Team GmbH Bavariafilmplatz 7 Geb. 39 82031 Gruenwald Germany TAC - UMFORMTECHNIK: Creditors Meeting Slated for April 24 ---------------------------------------------------------- The court-appointed insolvency manager for TAC - Umformtechnik Cainsdorf GmbH, Bernward Widera, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 8:00 a.m. on April 24. The meeting of creditors and other interested parties will be held at: The District Court of Chemnitz Hall 28 Fuerstenstrasse 21 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on June 20 at the same venue. Creditors have until May 9 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Bernward Widera Buettenstrasse 4 08058 Zwickau Germany Tel: (03 75) 81 89 20 Fax: (03 75) 818 92 14 The District Court of Chemnitz opened bankruptcy proceedings against TAC - Umformtechnik Cainsdorf GmbH on March 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TAC - Umformtechnik Cainsdorf GmbH Am Hammerwald 19-23 08064 Zwickau Germany TIEFBAU SUHL: Claims Registration Period Ends April 27 ------------------------------------------------------ Creditors of Tiefbau Suhl GmbH have until April 27 to register their claims with court-appointed insolvency manager Axel Bierbach. Creditors and other interested parties are encouraged to attend the meeting at 7:30 a.m. on May 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 Meiningen Meeting Hall A 0105 Lindenallee 15 Meiningen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Axel Bierbach Schwanthalerstr. 32 80336 Munich Germany The District Court of Meiningen opened bankruptcy proceedings against Tiefbau Suhl GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tiefbau Suhl GmbH Mauerstrasse 8 98527 Suhl Germany UDO HERGET: Claims Registration Period Ends May 30 -------------------------------------------------- Creditors of Udo Herget GmbH have until May 30 to register their claims with court-appointed insolvency manager Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 20, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Udo Herget GmbH on March 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Udo Herget GmbH Neusser Landstrasse 2 50735 Cologne Germany Attn: Simon Schneider, Manager Vossenbergweg 7 46514 Schermbeck Germany WAS WERTSTOFF-ABHOL-SERVICE: Claims Registration Ends June 1 ------------------------------------------------------------ Creditors of WAS Wertstoff-Abhol-Service GmbH have until June 1 to register their claims with court-appointed insolvency manager Ulrich Bastian. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 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 Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Bastian Sendlinger Str. 46 80331 Munich Germany Tel: 089/2603966 Fax: 089/2609204 The District Court of Munich opened bankruptcy proceedings against WAS Wertstoff-Abhol-Service GmbH on March 28. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WAS Wertstoff-Abhol-Service GmbH Attn: Wolfgang Gomolka, Manager Eichhofen 19 85229 Markt Indersdorf Germany WEBDESIGN GMBH: Creditors' Meeting Slated for April 26 ------------------------------------------------------ The court-appointed insolvency manager for Webdesign Verwaltungs GmbH, Dr. Christian Willmer, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:20 a.m. on April 26. The meeting of creditors and other interested parties will be held at: The District Court of Syke Hall 112 Hauptstr. 5A 28857 Syke Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on June 26 at the same venue. Creditors have until June 13 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christian Willmer Georgstrasse 5 27283 Verden Germany The District Court of Syke opened bankruptcy proceedings against Webdesign Verwaltungs Gmbh on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Webdesign Verwaltungs GmbH Attn: Bernd Boeckmann, Manager Grovkamp 9 27324 Eystrup Germany WEIN-KOHLHOFF GMBH: Claims Registration Period Ends May 16 ---------------------------------------------------------- Creditors of Wein-Kohlhoff GmbH have until May 16 to register their claims with court-appointed insolvency manager Michael Selker. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on June 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 Osnabrueck Branch N 301 Kollegienwall 10 49074 Osnabrueck 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 Selker Niedersachsenstr. 11a 49074 Osnabrueck Germany Tel: 0541/357450 Fax: 0541/3574511 The District Court of Osnabrueck opened bankruptcy proceedings against Wein-Kohlhoff GmbH on April 2. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wein-Kohlhoff GmbH Schwedenstrasse 2 49074 Osnabr�ck Germany Attn: Waltraud Blomendahl, Manager Rechterfelder Str. 34 49429 Visbeck Germany ZEMA DENTALLABOR: Claims Registration Period Ends June 14 --------------------------------------------------------- Creditors of ZeMa Dentallabor GmbH have until June 14 to register their claims with court-appointed insolvency manager Dr. Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 8:45 a.m. on July 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 Erfurt Hall 15 Judicial Center Rudolfstr. 46 99092 Erfurt 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. Wienberg Peterstrasse 1 99084 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against ZeMa Dentallabor GmbH on March 30. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ZeMa Dentallabor GmbH Karl-Marien-Strasse 39 99310 Arnstadt Germany =========== G R E E C E =========== ANTENNA TV: Moody's Assigns Loss-Given-Default Rating ----------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its B1 Corporate Family Rating for Antenna TV S.A. Moody's also assigned a B1 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 7.25% Senior Unsecured Regular Bond/Debenture Due 2015 B1 LGD4 56% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-Default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Athens, Greece, Antenna TV S.A. -- http://www.antenna.gr/-- operates Antenna TV (the leading television broadcast network and producer of television programming in Greece), Antenna FM (a radio station in the greater Athens area), and also has a 50% interest in Daphne, a publishing company with a portfolio of 13 magazines. Antenna also owns 100% of Nova Television, one of only two private national television networks in Bulgaria. ============= I R E L A N D ============= ELAN CORP: Subsidiaries Begin Exchange Offer for US$615MM Notes --------------------------------------------------------------- Elan Finance plc and Elan Finance Corp., wholly owned subsidiaries of Elan Corp. plc, have commenced an offer to exchange up to: -- US$465 million aggregate principal amount of the Issuers' 8-7/8% Senior Fixed Rate Notes due 2013; and -- US$150 million aggregate principal amount of the Issuers' Senior Floating Rate Notes due 2013. The exchange Notes will be guaranteed by Elan and certain of Elan's subsidiaries. The outstanding Notes were issued in a private placement in November 2006, at which time the Issuers agreed to file a registration statement for the Exchange Offer. The Exchange Offer is not conditioned upon any minimum principal amount of outstanding Notes being tendered for exchange. The Exchange Offer will expire at 5:00 p.m., New York City time, on Tuesday, May 8, unless extended. Tenders of outstanding Notes may be withdrawn at any time prior to the expiration of the Exchange Offer. The terms of the exchange Notes (and related guarantees) are substantially identical to the outstanding Notes (and related guarantees), except for certain transfer restrictions and registration rights relating to the outstanding Notes. Any outstanding Notes not tendered will remain subject to existing transfer restrictions. The Bank of New York is serving as the Exchange Agent in connection with the Exchange Offer. Requests for information, the prospectus and other documents relating to the Exchange Offer should be directed to the Exchange Agent at: The Bank of New York Attn: Diane Amoroso Corporate Trust Operations Reorganization Unit 101 Barclay Street 7 East New York New York 10286 Tel: (212) 815-5788 About the Company Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) -- http://www.elan.com/-- is a neuroscience-based biotechnology company. Elan shares trade on the New York, London and Dublin Stock Exchanges. * * * As reported in the TCR-Europe on Nov. 13, 2006, Standard & Poor's Ratings Services assigned its 'B' rating to Elan Finance plc's proposed offering of US$500 million senior unsecured notes due 2013, to be issued in a combination of fixed and floating- rate notes. Outstanding ratings on Elan (including the 'B' corporate credit rating) and its related entities were affirmed. The ratings outlook is stable. Also, Moody's Investors Service assigned a B3 rating to the proposed new senior unsecured notes of Elan Finance plc reflecting a guarantee from Elan Corporation plc and material subsidiaries. At the same time, Moody's affirmed Elan's existing ratings (B3 Corporate Family Rating) and the stable rating outlook. The rating outlook is stable. Rating assigned: Elan Finance plc * B3 fixed rate senior notes due 2013 (guaranteed by Elan Corporation, plc and subsidiaries) * B3 floating rate senior notes due 2013 (guaranteed by Elan Corporation, plc and subsidiaries) Ratings affirmed: Elan Corporation, plc * B3 corporate family rating Elan Finance plc * B3 fixed rate senior notes of US$850 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) * B3 floating rate senior notes of US$300 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) Athena Neurosciences Finance, LLC * B3 senior notes of US$613 million due 2008 (guaranteed by Elan Corporation, plc and subsidiaries) Moody's does not rate Elan's US$254 million convertible notes due 2008. ZOO ABS 4: S&P Rates EUR8.5-Million Class E Notes at BB- -------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary credit ratings to the EUR494.2 million floating-rate notes to be issued by ZOO ABS 4 PLC. At the same time, it will issue EUR20 million of unrated notes. The ratings reflect commensurate credit enhancement in the form of overcollateralization and subordination, a diversified collateral pool of ABS, currency risk protections, strong collateral investment guidelines, the expected bankruptcy- remoteness of the issuer, and various amortization triggers. At closing, ZOO ABS 4 will issue floating-rate notes. The proceeds, after paying transaction fees and expenses, will be invested in a portfolio of European structured finance and ABS. The transaction has a reinvestment period of five years and the collateral manager will be P&G SGR S.p.A., a Rome-based asset manager. This is the second CDO of ABS launched by P&G. P&G launched ZOO ABS II B.V., a CDO of ABS in 2005. P&G's management was previously part of the team at Meliorbanca S.p.A. that launched ZOO ABS 1 B.V., a CDO of ABS that closed in 2002. P&G has since taken over management of ZOO ABS 1 from Meliorbanca. Ratings List ZOO ABS 4 PLC EUR514.2 Million Floating-Rate Notes Prelim. Prelim. Amount Class Rating (Mln. EUR) ----- ------ -------- A-1R AAA 100.00 A-1A AAA 150.00 A-1B AAA 115.70 A-2 AAA 27.00 B AA 30.00 C A 35.00 D BBB- 28.00 E BB- 8.50 Subordinated notes NR 20.00 =================== K A Z A K H S T A N =================== AIDANA LLP: Creditors Must File Claims by May 16 ------------------------------------------------ The Specialized Inter-Regional Economic Court of South Kazakhstan Region has declared LLP Aidana insolvent. Creditors have until May 16 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Tokaev Str.17 Shymkent South Kazakhstan Region Kazakhstan Tel: 8 (3252) 54-53-29 AKMOLA-TISSA LLP: Creditors' Claims Due May 18 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Akmola-Tissa insolvent. Creditors have until May 18 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-79-32 CREDO LLP: Proof of Claim Deadline Slated for May 15 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region has declared LLP Credo insolvent on Feb. 21. Creditors have until May 15 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 24-22-84 HLEBOZAVOD OJSC: Court Begins Bankruptcy Process Against Firm ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan region has started bankruptcy proceeding against OJSC Glubokovsky Bread Factory Hlebozavod on March 11. NURMAHAN LLP: Claims Registration Ends May 16 --------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan Region has declared LLP Nurmahan insolvent. Creditors have until May 16 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Tokaev Str.17 Shymkent South Kazakhstan Region Kazakhstan Tel: 8 (3252) 54-53-29 TPK KOKSHETAU: Claims Filing Period Ends May 18 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Tpk Kokshetau insolvent. Creditors have until May 18 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Akmola Room 228 Auelbekov Str. 139a Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-79-32 VACHE LLP: Creditors Must File Claims by May 15 ----------------------------------------------- The Specialized Inter-Regional Economic Court of East Kazakhstan Region has declared LLP Vache insolvent on Feb. 21. Creditors have until May 15 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of East Kazakhstan Region Myzy Str. 2/1 Ust-Kamenogorsk East Kazakhstan Region Kazakhstan Tel: 8 (3232) 24-22-84 VODNIK LLP: Creditors' Claims Due May 11 ---------------------------------------- The Specialized Inter-Regional Economic Court of West Kazakhstan Region has declared LLP Vodnik insolvent. Creditors have until May 11 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of West Kazakhstan Region Office 409 Dostyk-Drujba ave. 215 Uralsk West Kazakhstan Region Kazakhstan =================== K Y R G Y Z S T A N =================== TOV ROS: Creditors' Meeting Slated for April 26 ----------------------------------------------- Creditors of LLC Tov Ros will convene at 10:00 a.m. on April 26 at: Room 108 Moskovskaya Str. 151 Bishkek, Kyrgyzstan Creditors must submit their proofs of claim and be registered within seven days before the meeting with the temporary insolvency manager. Proxies must have authorization to vote. The temporary insolvency manager is: Bolotbek Aralbaev Tel: (+996 312) 21-67-25 (0-555) 50-35-76 The Inter-District Court of Bishkek for Economic Issues declared LLC Tov Ros (Case No. ED-533/06mbs 8) insolvent on Nov. 16, 2006. Subsequently, bankruptcy proceedings were introduced at the company. =================== L U X E M B O U R G =================== ORCO PROPERTY: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution, and Other sectors last week, the rating agency confirmed its B2 Corporate Family Rating for Orco Property Group S.A. Moody's also assigned a B2 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Based in Luxembourg, Orco Property Group S.A. ranks as the third largest developer of residential housing units in Prague. The company also invests in commercial real estate throughout Central and Eastern Europe. In 2005, Orco generated revenues of EUR50 million. ===================== N E T H E R L A N D S ===================== ASML HOLDING: Moody's Assigns Loss-Given-Default Rating ------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its Ba1 Corporate Family Rating for ASML Holding N.V. Moody's also assigned a Ba1 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-Default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Veldhoven, the Netherlands, ASML Holding N.V. -- http://www.asml.com/-- provides lithography systems for the semiconductor industry, manufacturing complex machines that are critical to the production of integrated circuits or chips. ASML generated EUR3.6 billion in revenues in 2006. PFLEIDERER FINANCE: Parent to Issue up to EUR200-Mln Hybrid Bond ---------------------------------------------------------------- Following the acquisition of the Swedish Pergo AB and by expanding its worldwide market presence especially in the high margin engineered wood business, Pfleiderer AG plans to issue hybrid bonds with a volume of EUR200 million-EUR250 million via its financing vehicle Pfleiderer Finance B.V. Pfleiderer AG currently has a senior unsecured rating of Ba2 with stable outlook by Moody's and BB with positive outlook by Fitch. The bonds will be guaranteed on a subordinated basis by Pfleiderer and are expected to be rated two notches below the guarantor's senior-/ IDR ratings by both agencies. The exact terms of the bonds will be determined based on market conditions, following a pan-European road show. ABN AMRO and Barclays Capital are joint structuring advisors and joint lead managers for Pfleiderer's envisaged hybrid capital transaction. The bonds will be accounted for as equity in accordance with IFRS and will also be assigned 50% and 75% 'equity credit' by Moody's and Fitch respectively. The proceeds of the issue together with other financial sources will be used to repay the bridge loan drawn to finance Pfleiderer's recent strategic acquisition of Pergo AB. The issuance of hybrid bonds will increase Pfleiderer's financial flexibility. "The use of hybrid capital is in line with Pfleiderer's strategy to pursue acquisitions via equity and equity-like instruments to ensure that acquisitions do not impair Pfleiderer's steadily improving credit profile" Derrick Noe, Chief Financial Officer of Pfleiderer AG, said. About Pfleiderer Headquartered in Neumarkt, Germany, Pfleiderer AG -- http://www.pfleiderer.com/-- manufactures engineered woods and infrastructure products through its subsidiaries. The Company produces wood-based panels for furniture and interior fittings, track systems for urban and intercity rail networks, and a range of poles and towers for energy and commercial infrastructures. * * * Fitch Ratings assigned Pfleiderer Finance B.V.'s proposed issue of up to EUR250 million guaranteed undated subordinated fixed- to floating-rate capital securities an expected 'BB-' rating. The final rating is contingent on the receipt of final documentation conforming to information already received. At the same time Fitch has placed Pfleiderer AG's Issuer Default Rating of 'BB' on Rating Watch Positive and affirmed its Short- term rating at 'B'. PFLEIDERER AG: Fitch Rates EUR250-Million Securities at BB- ----------------------------------------------------------- Fitch Ratings assigned Pfleiderer Finance B.V.'s proposed issue of up to EUR250-million guaranteed undated subordinated fixed- to floating-rate capital securities an expected 'BB-' rating. The final rating is contingent on the receipt of final documentation conforming to information already received. At the same time Fitch has placed Pfleiderer AG's Issuer Default Rating of 'BB' on Rating Watch Positive and affirmed its Short- term rating at 'B'. The Rating Watch Positive reflects Pfleiderer's plan to effectively equity-finance a majority part of the Pergo AB acquisition. It is in line with the group's plan to launch the above-mentioned hybrid bond and use the proceeds to refinance senior debt used for the acquisition of Pergo. The Rating Watch is expected to be resolved upon the final settlement of the hybrid bond. Any upgrade of the IDR is expected to be limited to one notch. The Rating Watch Positive is further underpinned by Pfleiderer's improved business profile reflecting a more balanced geographical diversification, namely towards its core markets Western Europe, Eastern Europe and North America. It also takes into account the group's good market position as one of the world's leading producers of engineered wood products and move into higher-margin product segments such as MDF. Nevertheless, Fitch will continue to closely monitor the performance of the group's North American operations against the backdrop of the challenging conditions in the housing market in that region. The overall effect of the hybrid instrument on Pfleiderer's financial profile is considered positive. The refinancing of acquisition debt by hybrid capital of up to EUR250 million will strengthen Pfleiderer's balance sheet and credit metrics, placing them in line with a 'BB+' rating level. Fitch considers Pergo a good strategic fit and anticipates a successful integration within Pfleiderer, based on the management's established track record. Fitch gains further comfort from Pfleiderer's prudent financial policy. In line with Fitch's hybrid methodology, the proposed hybrid instrument would be classified as a Class D instrument and treated with 75% equity credit, subject to final documentation conforming to information already received. The classification as a Class D instrument includes Fitch's understanding that the envisaged hybrid bond will have no material constraint regarding its deferral option. Fitch notes that the look-back provision is limited by the proximity of the coupon payment dates to the company's annual general meeting. The bond will have a call option in 2014, which, if not exercised, will see a step-up of 150bps. However, this effective maturity is mitigated by satisfactory replacement language. There are several call events relating to tax changes, change of control and a change in the equity credit allocation by a rating agency, among others. In addition the hybrid security will see a 500bps step-up upon a rating withdrawal - considered a call event in the bond documentation - a feature that helps ensure the company remains rated. Pfleiderer is a leading supplier of engineered wood, surface- finished products and laminate flooring. With some 5,200 employees and production sites in Western Europe, Eastern Europe and North America, the group reported sales of approximately EUR1.4 billion in Financial Year 2006 and EBITDA of EUR208 million. X5 RETAIL: Gains Control Over Pyaterochka Stores in Chelyabinsk --------------------------------------------------------------- X5 Retail Group N.V. signed an agreement with the owners of Pyaterochka franchises in Chelyabinsk to create a joint company which will merge all the Pyaterochka's assets in Chelyabinsk and Yekaterinburg. According to the terms of the agreement, X5 Retail Group controls 51% of the joint company and the owner of Pyaterochka franchises in Chelyabinsk receives 49%, which X5 Retail Group will purchase according to a pre-arranged two-step formula of 24% in 2008 and 25% in 2009. For X5 Retail Group, the initial investment into the joint company consists of 26% of Pyaterochka chain in Chelyabinsk and 100 % of Pyaterochka chain in Yekaterinburg. The owner of Pyaterochka franchises in Chelyabinsk invests 74% of Pyaterochka chain in Chelyabinsk. The transaction is subject to approval of Federal Antimonopoly Service. "This deal which gives us control over 40 Pyaterochka stores in Cheliabinsk with total net selling space of 13,811 square meters, is be the first case of the Group's buy-out of its franchise stores in line with the Company's M&A strategy focusing inter alia on selective buy-out of certain franchises in strategically important Russian regions," Andrei Gusev, Group Director for Mergers, Acquisitions and Business Development, said. "The creation of an Urals cluster on the base of Chelyabinsk and Yekaterinburg stores allows us to successfully develop our chain in the Urals market which is not any smaller than the St. Petersburg market." About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. (fka Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.5chka.com/- - operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As of Feb. 15, Pyaterochka Holding's Long-Term Corporate Family Rating carries Moody's B1 rating with a stable outlook. The company's Long-Term Foreign Issuer Credit Rating and Long- Term Local Issuer Credit Rating carry Standard & Poor's BB- rating with a negative Outlook. X5 RETAIL: Like-For-Like Sales Up 13% in First Quarter 2007 ----------------------------------------------------------- X5 Retail Group N.V. provided a trading update on a pro-forma basis including store opening data and like-for-like sales trends for the Pyaterochka and Perekrestok chains for Q1 2007. Expansion X5 Retail Group gained additional net selling space of 32,363 square meters in Q1 2007, of which 8,448 square meters for Perekriostok chain, and 23,915 square meters for Pyaterochka chain. As of March 31, the Group operated approximately 497,000 square meters of net selling space. In terms of numbers of stores, the Group opened 58 new Pyaterochka soft-discount stores and four new Perekrestok supermarkets during Q1 2007. Three stores were re-branded from Perekrestok to Pyaterochka brand. As of March 31, the Group operated 512 company-managed Pyaterochka soft-discount stores and 169 Perekrestok stores. During Q1 2007, Pyaterochka's franchisees opened 16 new stores. As of March 31, franchisees operated 533 Pyaterochka branded stores across Russia and Kazakhstan. Perekrestok had 10 stores operated by franchisees in the Moscow area. The Company completed re-branding and integration of all 17 Merkado stores, acquired in November 2006, of which 10 supermarkets were re-opened under Perekrestok brand and seven soft-discounters - under Pyaterochka brand. Former Merkado office and distribution center in Moscow has become a new corporate HQ of the Group to consolidate several leased office locations around Moscow during H1-2007. In Q1 2007, the Group opened a new leased distribution center of approximately 20,000 square meters in the Moscow region to service primarily Perekrestok stores, in line with the company's logistics strategy to increase the level of centralization of store supply. Store Operations During Q1 2007, the Group experienced strong like-for-like sales trends across both chains, maintaining the positive like-for- like sales trends of the previous quarters in Moscow, and showing continued improvement of Pyaterochka like-for-like sales performance in St. Petersburg with first ever over last few years positive traffic indicator. Like-for-Like Sales Trends in Q1 2007 vs Q1 2006 Total Like-for-Like Traffic Basket ------------- ------- ------ Moscow: Pyaterochka 16% 12% 4% Moscow: Perekrestok 16% 15% 1% Moscow: X5 Retail Group 16% 13% 3% St. Petersburg: Pyaterochka 8% 2% 6% St. Petersburg: Perekrestok 17% 18% -1% St. Petersburg: X5 Retail Group 9% 3% 6% Regions: Pyaterochka 35% 17% 18% Regions: Perekrestok 2% 4% -2% Regions: X5 Retail Group 7% 8% -1% Total X5 Retail Group 13% 8% 5% "We are very pleased that all our brands have shown strong operational performance on the back of successful integration and positive macroeconomic factors," Vitali Podolski, Group CFO, commented. "Both chains somewhat exceeded our expectations on LfL sales performance while staying firmly on track with new store opening program and completing Merkado integration ahead of time." About X5 Retail Headquartered in the Netherlands, X5 Retail Group N.V. (fka Pyaterochka Holding N.V.) (LSE: FIVE) -- http://www.5chka.com/- - operates a large store network largely covering the Moscow region and St. Petersburg but also has a good presence in other Russian regions through its franchise operations. The company has recently acquired two of its successful regional franchise operations -- in Yekaterinburg and Chelyabinsk. * * * As of Feb. 15, Pyaterochka Holding's Long-Term Corporate Family Rating carries Moody's B1 rating with a stable outlook. The company's Long-Term Foreign Issuer Credit Rating and Long- Term Local Issuer Credit Rating carry Standard & Poor's BB- rating with a negative Outlook. =========== N O R W A Y =========== NORSKE SKOGINDUSTRIER: Moody's Assigns Loss-Given-Default Rating ---------------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defense, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its Ba1 Corporate Family Rating for Norske Skogindustrier ASA. Moody's also assigned a Ba1 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ -------- 6.125% Senior Unsecured Regular Bond/Debenture Due 2015 Ba1 Ba1 LGD4 55% 7.125% Senior Unsecured Regular Bond/Debenture Due 2033 Ba1 Ba1 LGD4 55% US$600-million 7.625% Sr. Unsecured Regular Bond/Debenture Due 2011 Ba1 Ba1 LGD4 55% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-Default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Lysaker, Norway, Norske Skogindustrier ASA -- http://www.norskeskog.com/-- manufactures paper and pulp. It produces long and short fiber sulphate pulp, newsprint, bleached Kraft paper and others. The Company owns and operates paper mills in Europe, Asia, Australia, Africa and North and South America. Norske has posted three consecutive annual net losses of EUR116.3 million in 2004, EUR315.4 million in 2003, and EUR849 million in 2002. It has paper mills in Chile and Brazil. =========== P O L A N D =========== ELEKTRIM SA: Deutsche Telekom Demands EUR1.2-Bln Compensation ------------------------------------------------------------- Deutsche Telekom AG is demanding a EUR1.2-billion compensation from Elektrim S.A. before an international arbitration court in Vienna in an eight-year row over the sale of a stake in Polska Telefonia Cyfrowa Sp. z o.o., Katya Andrusz writes for Bloomberg News. "We assess the damage we suffered at the hands of Elektrim over Polska Telefonia at EUR1.2 billion," Mark Nierwetberg, a spokesman for Deutsche Telekom, was quoted by Bloomberg as saying. According to Deutsche Telekom, its rights had been violated when Elektrim bought a controlling stake in PTC, transferred it to subsidiary Elektrim Telekomunikacja, and sold a stake in the unit to Vivendi. Mr. Nierwetberg declined to comment on a statement by Elekrim to the Warsaw Stock Exchange that Deutsche Telekom refused to pay the second installment for its stake acquisition in PTC, Bloomberg relates. PTC Stake Dispute As reported in the TCR-Europe on Nov. 2, 2006, Elektrim sold its 48% stake in PTC to Deutsche Telekom for EUR604 million under an option agreement. Deutsche Telekom, however, paid the amount to a Vienna arbitration court. On Oct. 26, 2006, Elektrim received EUR525 million of the amount and used it to repay its bondholders. The partial repayment prompted the Warsaw Court on Oct. 27, 2006, to dismiss the bankruptcy petition filed by the company's creditors and Elektrim Telekomunikacja. The Vienna court has yet to decide whether to release the remaining EUR79 million to Elektrim. Zygmunt Solorz-Zak, the company's main shareholder, said Elektrim would use the remaining funds to invest in the power sector and land around Port Praski. The planned investment, Elektrim's spokespeople said, may be impeded by the current legal conflict between the company and Vivendi and Polish unit ET over the group's stake in PTC. Vivendi and PTC are protesting Elektrim's stake sale to Deutsche Telekom. A Vienna arbitration court, however ruled in June 2006 in favor of Elektrim, but Vivendi refused to acknowledge the court's decision. Mr. Solorz-Zak also revealed that Elektrim has filed two damage suits against Vivendi and ET and ruled out an amicable settlement. Elektrim, however, also has to pay the bondholders of its residual value -- pegged at 25% of the company's worth above EUR160 million. Estimates place the company's value at up to PLN3.7 billion. Headquartered in Warsaw, Poland, Elektrim S.A. -- http://www.elektrim.pl/-- engages in the power and telecommunication businesses. In addition to its core business activities, Elektrim also manufactures sells cables, and provides data transmission services. * * * As reported in the TCR-Europe on Oct. 4, 2006, Elektrim filed a bankruptcy petition with the possibility of an arrangement on Sept. 29, five days before its creditors were set to launch a lawsuit over the bankruptcy. Creditors are demanding the company's liquidation and the introduction of an official bankruptcy assignee since they have not received payments from the company for nearly two years. As reported in the TCR-Europe on April 26, 2006, Law Debenture Trust Corp., in its capacity as Elektrim's bond trustee, was granted an enforcement clause, allowing bondholders to take possession of the group's assets, against which the debts have been secured. Elektrim bondholders' spokesperson Kamila Gorecka said the debt claims against the company could be satisfied through the sale of the bankrupt estate. She stressed that debt collectors must prioritize the bondholders' claims once Elektrim is declared bankrupt. Ms. Gorecka, however, noted that Elektrim's properties could be seized regardless of the bankruptcy proceedings. =========== R U S S I A =========== ASTER-NEVA CJSC: Creditors Must File Claims by April 24 ------------------------------------------------------- Creditors of CJSC Aster-Neva have until April 24 to submit proofs of claim to: A. Trifonov Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-32581/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Aster-Neva Office 310 Shpalernaya, 55 St. Petersburg Russia BAYKAL CJSC: Creditors Must File Claims by April 24 --------------------------------------------------- Creditors of CJSC Private Guard Enterprise Baykal (TIN 490007567) have until April 24 to submit proofs of claim to: A. Dutov Temporary Insolvency Manager Post User Box 95 Central Post Office Proletarskaya Str., 10 685000 Magadan Russia The Arbitration Court of Magadan will convene on Sept. 7 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A37-153/07-13B. The Debtor can be reached at: CJSC Private Guard Enterprise Baykal Proletarskaya Str. 12 685000 Magadan Russia CAPITAL BUILDING: Creditors Must File Claims by April 17 -------------------------------------------------------- Creditors of LLC Capital Building have until April 17 to submit proofs of claim to: M. Grigoryev Insolvency Manager Engelsa Str. 19 432063 Ulyanovsk Russia The Arbitration Court of Ulyanovsk will convene at 10:00 a.m. on June 18 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A72-9083/06-26/47-B. The Debtor can be reached at: LLC Capital Building 1st Popova Str. 18 432071 Ulyanovsk Russia DANYS LLC: Volgograd Bankruptcy Hearing Slated for June 21 ---------------------------------------------------------- The Arbitration Court of Volgograd will convene at 10:00 a.m. on June 21 to hear the bankruptcy supervision procedure on LLC Agricultural Company Danys (TIN 3409009625). The case is docketed under Case No. A12-1195/07-s55. The Temporary Insolvency Manager is: S. Ryabov Post User Box 1027 400105 Volgograd Russia The Debtor can be reached at: LLC Agricultural Company Danys Oktyabrya Str. 94 A Kalach-na-Donu Volgograd Russia EAR CJSC: Chuvashiya Court Names B. Litti as Insolvency Manager --------------------------------------------------------------- The Arbitration Court of Chuvashiya appointed Mr. B. Litti as Insolvency Manager for CJSC Ear. He can be reached at: B. Litti Insolvency Manager Tekstilshkov Str. 10-216 Cheboksary, Chuvashiya Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A79-79-7819/2005. The Debtor can be reached at: CJSC Ear Shatrakasy Morgaushskiy, Chuvashiya Russia EASTERN OIL-LOADING: Bankruptcy Hearing Slated for April 25 ----------------------------------------------------------- The Arbitration Court of Primorye will convene on April 25 to hear the bankruptcy supervision procedure on CJSC Eastern Oil- Loading Terminal. The case is docketed under Case No. A51-4827/ 2006-15-96B. The Temporary Insolvency Manager is: E. Ugolnikov Post User Box 8/35 Central Post Office 680000 Khabarovsk Russia The Debtor can be reached at: CJSC Eastern Oil-Loading Terminal Nakhodka, Makarova Str. 19 Nakhodka 692929 Primorye Russia EUROSERVICE-SUGAR LLC: Creditors Must File Claims by April 24 ------------------------------------------------------------- Creditors of LLC Euroservice-Sugar have until April 24 to submit proofs of claim to: A. Trifonov Insolvency Manager Post User Box 383 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-32666/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: LLC Euroservice-Sugar Letter A 8th Sovetskaya Str. 21 St. Petersburg Russia HYDROSPETSSTROY LTD: Trustee Looks at Bankruptcy Proceedings ------------------------------------------------------------ Olga Rushitskaya, the acting trustee of HydroSpetsStroy Ltd., said she is dealing with the company's bankruptcy proceedings, UralBusinessConsulting discloses. According to the report, Ms. Rushitskaya added that she is sorting through the contractor's papers as the proceedings resume on April 9 at the Sverdlovsk Region Court of Arbitration. The trustee had previously encountered some problems trying to access the HydroSpetsStroy office before she enlisted the help of Russian authorities, UralBusinessConsulting relates. In a TCR-Europe report on March 26, Ms. Rushitskaya revealed that all of the company's assets would be auctioned off as creditors now have full control of the assets. Proceeds of the auction, she said, would be used to settle the company's obligations. About HydroSpetsStroy Ltd. Russian company HydroSpetsStroy Ltd. is a general contractor with accumulated debts of more than RUR55 million (EUR1.59 million). The Arbitration Court of Sverdlovsk declared the company bankrupt in March 2007. KOLPINSKIY BAKERY: Creditors Must File Claims by April 24 --------------------------------------------------------- Creditors of CJSC Kolpinskiy Bakery have until April 24 to submit proofs of claim to: N. Popov Insolvency Manager Post User Box 366 OPS-100 170100 Tver Russia The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-40286/2006. The Court is located at: The Arbitration Court of St. Petersburg and Leningrad Hall 113 Suvorovskiy Pr. 50/52 St. Petersburg Russia The Debtor can be reached at: CJSC Kolpinskiy Bakery Manezhnaya Str. 26 Kolpino, St. Petersburg Russia KORYAKSKAYA FISHING: Creditors Must File Claims by April 24 ----------------------------------------------------------- Creditors of CJSC Koryakskaya Fishing Industry Company have until April 24 to submit proofs of claim to: E. Khramenok Temporary Insolvency Manager Post User Box 113 23 GOS 683023 Petropavlovsk-Kamchatskiy Russia The Arbitration Court of Kamchatka will convene on June 29 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A24-111/07-14. The Debtor can be reached at: CJSC Koryakskaya Fishing Industry Company Let Oktyabrya Pr. 20 Kovran 50 Tigilskiy 688621 Kamchatka Russia NOVOLIPETSK STEEL: Moody's Assigns Loss-Given-Default Rating ------------------------------------------------------------ In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defense, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its Ba1 Corporate Family Rating for Novolipetsk Steel OJSC. Moody's also assigned a Ba1 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-Default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Lipetsk, Russia, Novolipetsk Steel OJSC -- http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot- rolled steel, and a variety of value-added steel products, such as cold-rolled sheet, electrical steel and other specialty flat products. The group also operates in Denmark. The group entered the Danish steel market in the first quarter of 2006 by acquiring a 100% stake at DanSteel A/S. OCEAN-PRIM CJSC: Court Names V. Gruzdev as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Khabarovsk appointed Mr. V. Gruzdev as Insolvency Manager for CJSC Ocean-Prim. He can be reached at: V. Gruzdev Apartment 43 DOS 32 B. Aerodrom 680014 Khabarovsk Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A73-1115/2006-9. The Debtor can be reached at: CJSC Ocean-Prim Pavlenko Str. 21 680000 Khabarovsk Russia OGK-5 JSC: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors last week, the rating agency confirmed its Ba3 Corporate Family Rating for JSC OGK-5. Moody's also assigned a Ba3 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Ekaterinburg, Russia, OAO OGK-5 -- http://www.ogk-5.com/-- generates electricity and heat energy. The Company owns and operates four power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and Sredneuralskaya GRES. PETROVSKOYE OJSC: Creditors Must File Claims By May 17 ------------------------------------------------------ Creditors of OJSC Petrovskoye have until May 17 to submit proofs of claim to: A. Dordzhiev Insolvency Manager Sotsialisticheskaya Str. 60v 344002 Rostov-na-Donu Russia The Arbitration Court of Rostov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A53-1426/2006-S2-8. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: OJSC Petrovskoye Petrovka Maysnikovskiy, Rostov Russia RUSSIAN BREAD: Creditors Must File Claims by April 17 ----------------------------------------------------- Creditors of LLC Trading Company Russian Bread have until April 17 to submit proofs of claim to: V. Ivanov Insolvency Manager Post User Box 41 Syzran 446001 Samara Russia The Arbitration Court of Samara commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A55-18236/2006. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 Samara Russia The Debtor can be reached at: LLC Trading Company Russian Bread Pogruznaya St. Koshkinskiy, Samara Russia SHAKHTINSKIY ELECTROMECHANICAL: Claims Deadline Set April 17 ------------------------------------------------------------ Creditors of CJSC Shakhtinskiy Electromechanical Factory have until April 17 to submit proofs of claim to: A. Shepelev Insolvency Manager Vodootvodnyj Per. 14 344043 Rostov-na-Donu Russia The Arbitration Court of Rostov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A53-665/07-S1-51. The Court is located at: The Arbitration Court of Rostov Stanislavskogo Str. 8a 344008 Rostov-na-Donu Russia The Debtor can be reached at: CJSC Shakhtinskiy Electromechanical Factory Tekstilnaya Str., 43-42 Shakhty, Rostov Russia SIBUR HOLDING: Moody's Assigns Loss-Given-Default Rating -------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution, and Other sectors last week, the rating agency confirmed its Ba2 Corporate Family Rating for OJSC Sibur Holding. Moody's also assigned a Ba2 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in St. Petersburg, Russia, OJSC Sibur Holding is the largest Russian petrochemical vertically integrated holding, producing hydrocarbon feedstock, fertilizers, synthetic rubbers, polymers, and tires. Sibur's revenues in 2005 amounted to US$3.8 billion, EBITDA to US$0.8 billion, net income to US$0.4 billion. TATNEFT OAO: Inks Exploration Agreement with Libya's NOC -------------------------------------------------------- OAO Tatneft and the National Oil Corp. of Libya signed a 30-year Exploration and Production-Sharing Agreement on three large areas covering some 16,000 square kilometers in the country, RIA Novosti reports citing a company press release. Under the deal, Tatneft will drill 16 wells and carry out seismic surveys in Libya on the concerned areas, RIA Novosti relates. Tatneft acquired the license to explore the areas, which contains around 1 billion metric tons of oil reserves, through an open tender held in December 2006. Prior to the signing of the deal, Shafagat Takhutdinov, Tatneft CEO, and Shokri Ghanem, NOC CEO, discussed a possible creation of a joint venture with the Russian company's TNG Group in Libya. Tatneft is currently exploring Libya's Block 82-4, under another EPSA signed in December 2005. The company started seismic surveys on the area in March 2007 and will drill the first exploratory well later this year. About Tatneft Headquartered in Tatartan, Russia, Tatneft JSC -- http://www.tatneft.ru/eng/-- explores for, produces, refines and markets crude oil. The company operates a chain of retain gasoline filling stations and exports some of its petrochemical products to former Soviet Union countries and Europe. * * * As of Feb. 28, Tatneft carries Fitch's B+ Issuer Default rating. Its Short-Term rating stands at B. Fitch said the outlook is positive. TOLYATTINSKIY HOUSE: Creditors Must File Claims By May 17 --------------------------------------------------------- Creditors of CJSC Tolyattinskiy House Building Enterprise have until May 17 to submit proofs of claim to: E. Blikov Insolvency Manager Nikonova Str., 43 Tolyatti 445015 Samara Russia The Arbitration Court of Samara commenced bankruptcy proceeding against the company after finding it insolvent. The case is docketed under Case No. A55-21584/2005. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 Samara Russia The Debtor can be reached at: CJSC Tolyattinskiy House Building Enterprise Nikonova Str. 43 Tolyatti, Samara Russia VNESHTORGBANK JSC: Sets Moscow & London IPO for May 2007 -------------------------------------------------------- JSC Vneshtorgbank confirmed plans to proceed with a Global Offering of ordinary shares and Global Depositary Receipts in May 2007. The Global Offering is expected to comprise of an offer of Shares to international institutional investors in and outside of the Russian Federation and an offer of GDRs to international institutional investors outside of the Russian Federation. The Shares will also be offered to retail investors in the Russian Federation, the retail subscription period for which commenced on April 9, 2007. VTB intends to list the GDRs on the London Stock Exchange, and to list the Shares on the Russian Trading System (RTS) and the Moscow Interbank Currency Exchange (MICEX). The Global Offering is subject to receipt of required regulatory approvals, including without limitation: -- the Central Bank of Russia registration of a report on the results of the issue of the Shares; and -- the Russian Federal Financial Market Service approval for the issuance of the GDRs. The Global Offering will comprise solely of newly issued Shares. VTB is currently 99.9% owned by the Russian Government, whose shareholding will be diluted proportionately by the Global Offering. VTB will receive all of the net proceeds of the Global Offering, which it intends to use to strengthen its capital base and support the ongoing expansion of its business including the expansion of its Russian retail banking operations in line with its growth strategy. Citigroup, Deutsche Bank and Goldman Sachs International are the Joint Global Coordinators for the Global Offering and together with Renaissance Capital are the Joint Bookrunners. Further details of the Global Offering, including a precise timetable, will be announced in due course. "In just a few years we have built VTB into a universal bank that is competitively positioned for strong growth as the Russian economy continues to out-perform," Andrei Kostin, President and Chairman of the Management Board of VTB, said. "We now aim to use our scale to capture an increasing share of the fast-growing retail banking market in Russia and to build on our clear leadership in corporate banking. I am confident that the Global Offer we have announced will provide the means and the enhanced capital markets profile to help deliver this." 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. ========= S P A I N ========= CABLEUROPA SAU: Moody's Assigns Loss-Given-Default Rating --------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its B1 Corporate Family Rating for Cableuropa S.A.U. Moody's also assigned a B1 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: ONO Finance Plc Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- Senior Unsecured GTD FLT RT Euronotes Due 2014 B3 LGD6 92% 10.50% Senior Unsecured GTD Eurobonds Due 2014 B3 LGD6 92% * Issuer: ONO Finance II Plc Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- Senior Unsecured GTD Global Bonds Due 2014 B3 LGD6 92% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-Default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Madrid, Spain, Cableuropa S.A.U. -- http://www.ono.es/-- provides integrated fixed-line and broadband services. Under the ONO brand, the company offers broadband telecom services such as cable TV, Internet access, and local exchange access to residential customers and business client. =========== S W E D E N =========== ARROW ELECTRONICS: Q1 2007 Earnings Conference Call Set April 24 ---------------------------------------------------------------- Arrow Electronics Inc. will host a conference call to discuss the company's first quarter earnings at 10:00 a.m. Eastern Time on April 24. The live conference call is accessible by telephone at 800-811- 8830 (toll-free) or 913-981-4904 for participants outside the United States and Canada. The call ID is 2133437. Audio replay of the call will be available through May 1,2007. The replay numbers are: -- 888-203-1112 for the United States and Canada; and -- 719-457-0820 for callers from other countries. The access code is 2133437. The conference will also be available via Web cast. To access the live Web cast, visit http://www.arrow.com/investor. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * In a TCR-Europe report on March 30, Moody's affirmed Arrow Electronics' senior preferred stock at Ba2 and senior subordinated stock at Ba1. Arrow Electronics carries Fitch's 'BB+' issuer default rating. The company's senior unsecured notes and senior unsecured bank credit facility also carry Fitch's 'BB+' rating. The rating outlook is positive. ARROW ELECTRONICS: Forbes Names Firm to Global 2000 List -------------------------------------------------------- Forbes has named Arrow Electronics Inc. to its annual ranking of the world's largest companies, the Forbes Global 2000. Arrow ranked 1017 overall, up from 1077 in 2006, and ranked within the top half of the more than 70 companies listed in its industry category, technology hardware and equipment. "We are honored to be recognized by Forbes on this prestigious listing and to be ranked so highly among so many other well respected companies around the world," said William E. Mitchell, chairman, president and chief executive officer, Arrow Electronics. "This recognition is a testament to our industry leadership position and our strategy to outgrow the market while generating premium financial performance. We continue to create a competitive advantage for our customers and suppliers alike through our global, value-added capabilities and demand creation activities." The Forbes Global 2000 is a comprehensive list of the world's largest, and most powerful, public companies. Forbes uses four measures -- sales, market value, assets and profits -- to produce a composite measure of size. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * In a TCR-Europe report on March 30, Moody's affirmed Arrow Electronics' senior preferred stock at Ba2 and senior subordinated stock at Ba1. Arrow Electronics carries Fitch's 'BB+' issuer default rating. The company's senior unsecured notes and senior unsecured bank credit facility also carry Fitch's 'BB+' rating. The rating outlook is positive. ===================== S W I T Z E R L A N D ===================== APN PERSONALNETWORK: Basel Court Starts Bankruptcy Proceedings -------------------------------------------------------------- The Bankruptcy Court of Liestal in Basel-Country commenced bankruptcy proceedings against JSC APN PersonalNetwork on Feb. 19. The Bankruptcy Service of Liestal can be reached at: Bankruptcy Service of Liestal 4410 Liestal BL Switzerland The Debtor can be reached at: JSC APN PersonalNetwork Gestadeckplatz 8 4410 Liestal BL Switzerland AUTOMALEREI UND BESCHRIFTUNGEN: Liquidation Claims Due April 27 --------------------------------------------------------------- Creditors of LLC Automalerei und Beschriftungen Reusser have until April 27 to submit their claims to: Monika-Reusser-Luterbacher Liquidator Sonnweg 5 3550 Langnau im Emmental Signau BE Switzerland The Debtor can be reached at: LLC Automalerei und Beschriftungen Reusser Langnau im Emmental Signau BE Switzerland BS MARKETING: Aargau Court Starts Bankruptcy Proceedings -------------------------------------------------------- The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC BS Marketing on Feb. 28. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Oberentfelden 5036 Oberentfelden Aarau AG Switzerland The Debtor can be reached at: LLC BS Marketing Konstanzerstrasse 46 8280 Kreuzlingen TG Switzerland BUCI LLC: Creditors' Liquidation Claims Due April 27 ---------------------------------------------------- Creditors of JSC Buci have until April 27 to submit their claims to: Alois Bucher Liquidator Fildernrain 31 6030 Ebikon LU Switzerland The Debtor can be reached at: JSC Buci Ebikon LU Switzerland CONSORTIUM JSC: Liquidation Claims Due April 27 ----------------------------------------------- Creditors of JSC Consortium have until April 27 to submit their claims to: Lucia Manz Liquidator Wydackerring 71a 8047 Zurich Switzerland The Debtor can be reached at: JSC Consortium Zurich Switzerland CYRIL-DEE JSC: Creditors' Liquidation Claims Due April 26 --------------------------------------------------------- Creditors of JSC Cyril-Dee have until April 26 to submit their claims to: Cyril Dharmadasa Liquidator Seemattzopfweg 9 6403 Kussnacht am Rigi Switzerland The Debtor can be reached at: JSC Cyril-Dee Sagogn Surselva GR Switzerland FININFOS LLC: Creditors' Liquidation Claims Due April 26 -------------------------------------------------------- Creditors of JSC Fininfos have until April 26 to submit their claims to: Serano Colameo Liquidator Ankerstrasse 8 5210 Windisch Brugg AG Switzerland The Debtor can be reached at: JSC Fininfos Zug Switzerland HAPPY DAYS: Aargau Court Starts Bankruptcy Proceedings ------------------------------------------------------ The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC Happy Days Productions on March 13. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Oberentfelden 5036 Oberentfelden Aarau AG Switzerland The Debtor can be reached at: LLC Happy Days Productions Galligasschen 4 4663 Aarburg Switzerland HUGGAR BRANDSCHUTZ: Creditors' Liquidation Claims Due July 26 -------------------------------------------------------------- Creditors of LLC Huggar Brandschutz have until July 26 to submit their claims to: JSC Consis Treuhand Liquidator Gallusstrasse 17 9501 Wil SG Switzerland The Debtor can be reached at: LLC Huggar Brandschutz Wil SG Switzerland ISE INTERNATIONAL: Creditors' Liquidation Claims Due April 27 ------------------------------------------------------------- Creditors of JSC ISe International Sports and Entertainment have until April 27 to submit their claims to: Christian Roos Liquidator Pestalozzi Lachenal Patry Lowenstrasse 1 8001 Zurich Switzerland The Debtor can be reached at: JSC ISe International Sports and Entertainment Zurich Switzerland KELLER SCHULTHESS: Creditors' Liquidation Claims Due April 25 ------------------------------------------------------------- Creditors of LLC Keller Schulthess Architekten have until April 25 to submit their claims to: Thomas Keller Liquidator Eichgutstrasse 4 8400 Winterthur ZH Switzerland The Debtor can be reached at: LLC Keller Schulthess Architekten Amriswil Bischofszell TG Switzerland NYCOMED A/S: Moody's Assigns Loss-Given-Default Rating ------------------------------------------------------ In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defense, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its B1 Corporate Family Rating for Nycomed A/S. Moody's also assigned a B2 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-Default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Zurich, Switzerland, Nycomed group researches and develops, produces, distributes, and licenses medical imaging contrast media, which improves the viewing and analyzing of soft human tissue. During the Financial Year ended December 2006 the combined group generated around EUR3.4 billion and EUR927 million of revenues and EBITDA on a pro-forma basis, respectively. PRIMO DANIEL: Creditors' Liquidation Claims Due April 23 -------------------------------------------------------- Creditors of LLC primo Daniel Hofstetter have until April 23 to submit their claims to: Alte Zurcherstrasse 14 8903 Birmensdorf Dietikon ZH Switzerland The Debtor can be reached at: LLC primo Daniel Hofstetter Urdorf Dietikon ZH Switzerland REMO ISOLATIONEN: Aargau Court Starts Bankruptcy Proceedings ------------------------------------------------------------ The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC Remo Isolationen on March 13. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Oberentfelden 5036 Oberentfelden Aarau AG Switzerland The Debtor can be reached at: LLC Remo Isolationen Zurichstrasse 7 4665 Oftringen Zofingen AG Switzerland SONYCOM JSC: Creditors' Liquidation Claims Due May 10 ----------------------------------------------------- Creditors of JSC Sonycom have until May 10 to submit their claims to: Marco Mannhart Liquidator Gerstacherstrasse 3 8123 Ebmatingen-Maur Switzerland or Peter Hausmann Liquidator Zurichfussweg 6 8118 Pfaffhausen-Fallanden Switzerland The Debtor can be reached at: JSC Sonycom Fallanden Uster ZH Switzerland ZUBER JSC: Creditors' Liquidation Claims Due April 26 ----------------------------------------------------- Creditors of JSC Zuber have until April 26 to submit their claims to: Dr. Robert Siegrist Liquidator Seebahnstrasse 85 8036 Zurich Switzerland The Debtor can be reached at: JSC Zuber Winterthur ZH Switzerland =========== T U R K E Y =========== TURKIYE GARANTI: Merges GE Consumer Finance Companies in Romania ---------------------------------------------------------------- The board of directors of Turkiye Garanti Bankasi A.S. authorized its head office with regard to: (i) the merger of the branches established in Romania of Garanti Bank International N.V. (Netherlands), a 100% subsidiary of Garanti Bank, with the GE Consumer Finance operations in Romania consisting of Domenia Credit IFN, Ralfi IFN, and Motoractive Leasing IFN, all of which will be merged under Motoractive Leasing IFN; (ii) undertaking work in relation to identifying the optimum structure for such merger from operational, taxation and legal perspective; and (iii) conducting any and all acts for the execution of any operations in this regard, including the application to the relevant official authorities. In the same resolution, Garanti Bank Head Office was also authorized for identifying and assessing opportunities in line with the Bank's regional expansion plans. Consequently, GE Consumer Finance companies: * Domenia Credit IFN (mortgage) * Ralfi IFN (sales finance) * Motoractive Leasing IFN (car finance) will be merged under Motoractive Leasing IFN and will continue its expanded operations under a banking license in Romania. The ultimate shareholders of the merged Motoractive Leasing IFN will be Dogus Holding A.S., General Electric and Garanti Bank. Headquartered in Istanbul, Turkey, Turkiye Garanti Bankasi A.S -- http://www.garanti.com.tr/-- provides banking services through a network of 431 domestic branches and offices, 1,263 automated teller machines, three overseas branches in Luxembourg, Northern Cyprus and Malta, and five representative offices in Moscow, London, Dusseldorf, Shangai and Geneva. Garanti owns a subsidiary bank in the Netherlands, Garanti Bank International, and one in Russia, Garanti Bank Moscow. * * * As reported in the TCR-Europe on Nov. 2, 2006, Fitch Ratings affirmed Turkiye Garanti Bankasi A.S.'s foreign currency Issuer Default rating at BB. At the same time the agency has affirmed Garanti's other ratings at local currency IDR BB+, Short-term foreign and local currency B, Individual C, Support 3, and National Long-term AA. Fitch said the Outlooks on the IDRs are Positive and the Outlook on the National rating is Stable. ============= U K R A I N E ============= 12 LECTRO SOUTH: Creditors Must File Claims by April 21 ------------------------------------------------------- Creditors of CJSC Assembling Administration 12 Lectro South Assembling (code EDRPOU 04723250) have until April 21 to submit written proofs of claim to: Oleg Prokopchuk Temporary Insolvency Manager Slovatsky Str. 4/6 33000 Rivne Ukraine The Economic Court of Rivne commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 19/55. The Court is located at: The Economic Court of Rivne Yavornitski Str. 59 33001 Rivne Ukraine The Debtor can be reached at: CJSC Assembling Administration 12 Lectro South Assembling Industrial Zone Kuznetsovsk 34400 Rivne Ukraine AKA-PROM LLC: Creditors Must File Claims by April 21 ---------------------------------------------------- Creditors of LLC Aka-Prom (code EDRPOU 34336124) have until April 21 to submit written proofs of claim to: LLC Technical Ukrainian Assembling Liquidator Shevchenko Boulevard 83055 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 27/34B. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Aka-Prom Shevchenko Boulevard 25 83017 Donetsk Ukraine ATLANT-SERVICE LLC: Creditors Must File Claims by April 21 ---------------------------------------------------------- Creditors of LLC Atlant-Service (code EDRPOU 33534046) have until April 21 to submit written proofs of claim to: Elena Kliashtornaya Liquidator Pobeda Str. 75 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 25/50/07. The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: LLC Atlant-Service Berdiansk, Priazovskaya Str. 114 71100 Zaporozhje Ukraine COMPLECT-GROUP LLC: Creditors Must File Claims by April 21 ---------------------------------------------------------- Creditors of LLC Complect-Group (code EDRPOU 33534030) have until April 21 to submit written proofs of claim to: Elena Kliashtornaya Liquidator Pobeda Str. 75 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 25/51/07. The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: LLC Complect-Group Priazovskaya Str. 114 Berdiansk 71100 Zaporozhje Ukraine HOSPITALITY OF PODOL: Creditors Must File Claims by April 22 ------------------------------------------------------------ Creditors of LLC Hospitality of Podol (code EDRPOU 31244235) have until April 22 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/650-b. The Debtor can be reached at: LLC Hospitality of Podol Mezhygorskaya Str. 83 Kiev Ukraine INDUSTRIAL ENGINEERING: Claims Submission Deadline Set April 22 --------------------------------------------------------------- Creditors of LLC Industrial Engineering (code EDRPOU 23557716) have until April 22 to submit written proofs of claim to: Eugene Shtepenko Temporary Insolvency Manager Independency Square Poltava Ukraine The Economic Court of Poltava commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 18/8. The Court is located at: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Debtor can be reached at: LLC Industrial Engineering Krasnoflotskaya Str. 35 Poltava Ukraine MYRONIVSKY HLIBOPRODUCT: Moody's Assigns LGD Rating --------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Aerospace and Defense, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors last week, the rating agency confirmed its B2 Corporate Family Rating for OJSC Myronivsky Hliboproduct. Moody's also assigned a B2 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ -------- 10.25% Senior Unsecured Regular Bond/Debenture Due 2011 B2 B2 LGD4 51% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-Default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in Kyiv, Ukraine, MHP -- http://www.mirohleb.kiev.ua-- is a vertically integrated complex consisting of 20 enterprises, which unites the industrial capacity of the whole meat production technology line, starting from feeds cultivation and production, incubatory egg manufacturing, cattle and poultry breeding, up to the processing and finished products distribution. TECHNOL LLC: Creditors Must File Claims by April 22 --------------------------------------------------- Creditors of LLC Technol (code EDRPOU 32131623) have until April 22 to submit written proofs of claim to: V. Paterilov Liquidator P.O. Box 6915 83050 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 27/29B. The Court is located at: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Debtor can be reached at: LLC Technol Gorky Str. 154 83055 Donetsk Ukraine XXI LLC: Creditors Must File Claims by April 22 ----------------------------------------------- Creditors of LLC Machine Technical Industry XXI (code EDRPOU 33528671) have until April 22 to submit written proofs of claim to: Vitaly Mischenko Liquidator 40 Years of Soviet Ukraine Str. 45-B 69037 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 16/35/07. The Court is located at: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Debtor can be reached at: LLC Machine Technical Industry XXI Sverdlov Str. 11 Zaporozhje Ukraine =========================== U N I T E D K I N G D O M =========================== AMKOR TECHNOLOGY: Unit Gets Bank of Korea OK on US$300-Mln Loan --------------------------------------------------------------- Amkor Technology Inc. reported that its subsidiary Amkor Technology Korea Inc. has received approval from the Bank of Korea, with respect to the US$300 million 7-year secured credit facility with Woori Bank. The proceeds of this loan have been drawn, and were used to refinance and refund the outstanding principal on Amkor's US$300 million second lien term loan due October 2010, and together with an additional US$12.1 million in prepayment fees and accrued interest funded by Amkor Amkor Technology said that this transaction discharges all of its obligations under the second lien term loan, as well as the subsidiary guarantees and collateral securing the term loan. As reported in the Troubled Company Reporter on April 4, 2007, Amkor Korea entered into a 7-year US$300-million secured credit facility with Woori Bank. The loan is guaranteed on an unsecured basis by Amkor Technology and bears interest at Woori's base rate plus 50 bps and amortizes in 28 equal quarterly payments through April 2014. About Amkor Technology Chandler, Arizona-based Amkor Technology, Inc. (NASDAQ: AMKR) -- http://www.amkor.com/-- provides advanced semiconductor assembly and test services. The company offers semiconductor companies and electronics original equipment manufacturers a complete set of microelectronic design and manufacturing services. The company has factories and operations in China, Japan, Korea, Philippines, Singapore and Taiwan. The company also has marketing and sales office locations in the U.S., China, France, Japan, Korea, Philippines, Singapore, Taiwan and the United Kingdom. AMKOR TECHNOLOGY: Moody's Lifts Sr. Unsec. Notes' Rating to B1 -------------------------------------------------------------- Moody's Investors Service upgraded the rating on Amkor Technology, Inc.'s senior unsecured notes to B1 from B2 and simultaneously withdrew the Ba2 rating on the guaranteed senior secured second lien term loan following its refinancing with a new US$300-million secured term loan maturing 2014 issued by Amkor's South Korean subsidiary. The ratings on the company's subordinated notes as well as the corporate family and speculative grade liquidity ratings were affirmed. The ratings outlook is stable. The one notch upgrade of the senior unsecured notes reflects a lower loss-given-default point estimate (40% from 48%) and effectively less secured debt in the capital structure despite the legal name of the new obligation, as we believe that the collateral value of the new debt has minimal value, if any, in a distressed scenario (i.e., 100% deficiency claim). The new loan, which will be issued by Amkor Technology Korea, Amkor's wholly-owned South Korean subsidiary, will be secured to substantially all land, building and equipment at this operating entity and guaranteed on an unsecured basis by Amkor. Moody's views constructively the maturity extension as well as the new loan's improved pricing, which should result in annual interest expense savings of roughly US$10 million. This rating was upgraded: US$1,162-million Senior Unsecured Notes with various maturities to B1 (LGD-3, 40%) from B2 (LGD-3, 48%) This rating was withdrawn: US$300-million Guaranteed Senior Secured 2nd Lien Term Loan due 2010 -- Ba2 (LGD-1, 7%) These ratings were affirmed: Corporate Family Rating -- B2 Probability of Default Rating -- B2 US$22 million 10.5% Senior Subordinated Notes due 2009 -- Caa1 (LGD-5, 81%) US$190 million 2.5% Convertible Senior Subordinated Notes due 2011 -- Caa1 (LGD-5, 89%) Speculative Grade Liquidity Rating -- SGL-2 Chandler, AZ-based Amkor Technology, Inc. is one of the largest providers of contract semiconductor assembly and test services for integrated semiconductor device manufacturers as well as fabless semiconductor operators. Revenues for the twelve months ended December 2006 were US$2.7 billion. APOLLO VIDEO: Enters Into Liquidation Procedure ----------------------------------------------- Apollo Video Film Hire Ltd. has gone into liquidation after administrators David Rubin & Partners failed to sell its stores, Harry Wallop writes for The Telegraph. According to the administrators, "the only way video shops can survive is if they are in specialized locations." The market for hiring films from high street shops has been adversely affected by piracy, Internet downloading and rampant price deflation of DVDs over the past two years, The Telegraph relates. Headquartered in London, England, Apollo Video Film Hire Ltd. operates a chain of over 100 video rental shops. David Rubin and Asher Miller of David Rubin & Partners were appointed joint administrators of the company on June 16, 2006. CABLE & WIRELESS: Moody's Assigns Loss-Given-Default Rating ----------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its Ba3 Corporate Family Rating for Cable & Wireless Plc. Moody's also assigned a Ba3 Probability-of-Default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability-of- Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. * Issuer: Cable & Wireless Plc Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- 4% Senior Unsecured Conv./Exch. Bond/Debenture Due 2010 B1 LGD4 60% GBP200 million 8.75% Senior Unsecured Regular Bond/Debenture Due 2012 B1 LGD4 60% * Issuer: Cable & Wireless International Finance B.V. Projected POD LGD Loss-Given Debt Issue Rating Rating Default ---------- ------- ------- -------- GBP200 million 8.625% Senior Unsecured Regular Bond/Debenture Due 2019 B1 LGD4 60% Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-Default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). Headquartered in London, Cable & Wireless PLC -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. Its principal operations are in the United Kingdom, continental Europe, Asia, the Caribbean, Panama and the Middle East. CABLE & WIRELESS: Nears Supply Deal with Virgin Media ----------------------------------------------------- Cable & Wireless plc is on the verge of signing a contract to supply broadband, phone and basic television services to Virgin Media Inc. (fka NTL Inc.), allowing the latter to reach customers not covered by its network, Paul Durman writes for The Sunday Times. According to the report, Virgin Media is no longer in discussions with other suppliers while Tiscali SpA already indicated its lack of interest in the deal. Virgin Media is due to announce its decision next month. C&W will deliver the service through its wholesale broadband arm, formerly known as Bulldog Communications, The Sunday Times relates. Steve Burch, chief executive of Virgin Media, said this was still a big step forward because "there are 12 million homes out there that we've never sold anything to." The paper reveals that competing with BSkyB has been a struggle for the cable television industry due to a lack of national reach resulting from restricted geographical franchises. About Cable & Wireless Headquartered in London, Cable & Wireless PLC -- http://www.cw.com/new/-- provides voice, data and IP (Internet Protocol) services to business and residential customers, as well as services to other telecoms carriers, mobile operators and providers of content, applications and Internet services. Its principal operations are in the United Kingdom, continental Europe, Asia, the Caribbean, Panama and the Middle East. * * * Cable & Wireless Plc carry these ratings: * Moody's Investors Service -- Long-Term Corporate Family Rating: Ba3 -- Senior Unsecured Debt: B1 -- Short-Term: NP -- Outlook: Negative * Standard & Poor's -- Long-Term Foreign Issuer Credit Rating: BB- -- Long-Term Local Issuer Credit Rating: BB- -- Short-Term Foreign Issuer Credit Rating: B -- Short-Term Local Issuer Credit Rating: B -- Outlook: Negative CHATTEM INC: Prices US$85 Million Convertible Senior Notes ---------------------------------------------------------- Chattem Inc. reported the pricing of its offering of US$85 million aggregate principal amount of Convertible Senior Notes due 2014 in an offering pursuant to Rule 144A under the Securities Act of 1933, as amended, through the initial purchaser of the notes. Chattem also granted the initial purchaser of the notes a 13-day option to purchase up to an additional US$15 million aggregate principal amount of notes solely to cover over-allotments, if any. The issuance of the notes closed on April 11, 2007. The notes will pay interest semiannually at a rate of 1.625% per annum. The notes will be convertible at an initial conversion rate of 13.6617 shares per US$1,000 principal amount of notes, which is equal to an initial conversion price of approximately US$73.20 per share. This represents a 24% conversion premium based on the last reported sale price of US$59.03 per share on the NASDAQ Global Select Market on April 4, 2007. In certain circumstances, the notes will be convertible into cash up to the principal amount, with any excess conversion value being convertible into cash, shares of Chattem common stock or a combination of cash and common stock, at Chattem's option. Chattem estimates that the net proceeds from the offering of notes will be approximately US$83 million after deducting the initial purchaser's discount and estimated offering expenses (approximately US$97 million if the initial purchaser exercises in full its over-allotment option). Chattem intends to use approximately US$25 million of the offering proceeds to fund a convertible note hedge transaction to be entered into with an affiliate of the initial purchaser, which transaction is intended to offset Chattem's exposure to potential dilution upon conversion of the notes. Chattem will also enter into a separate warrant transaction with an affiliate of the initial purchaser that, together with the convertible note hedge transaction, will have the effect of increasing the effective conversion price to Chattem to approximately US$94.45, which represents a 60% conversion premium. Chattem plans on using proceeds from the warrant transaction (estimated at approximately US$15 million) and the net proceeds from the note offering to repay amounts outstanding under its credit facility. Based in Chattanooga, Tennessee, Chattem Inc. (NASDAQ: CHTT) -- http://www.chattem.com/-- manufactures and markets a variety of branded consumer products, including over-the-counter healthcare products and toiletries and skin care products. The company's products include Icy Hot(R), Gold Bond(R), Selsun Blue(R), Garlique(R), Pamprin(R) and BullFrog(R). Chattem has operations in the United Kingdom, Australia, and Puerto Rico. * * * As reported in the Troubled Company Reporter on Dec. 5, 2006 Moody's Investors Service confirmed the Ba3 corporate family rating of Chattem Inc. and lowered the senior subordinated rating to B2 from B1. Moody's said the outlook is stable. DAMOVO GROUP: In Talks with Noteholders Over Restructuring Deal --------------------------------------------------------------- Damovo Group S.A. has noted a significant fall in the trading price of its Notes. The Company has extended its discussions with the Ad Hoc Committee of Noteholders in the light of recent negative developments in its Italian business, Enterprise Digital Architects S.p.A. These developments are of a sufficient materiality to necessitate a delay to the implementation of the Restructuring process, which was agreed with Damovo's noteholders in a restructuring agreement dated Dec. 11, 2006. The Company is currently reviewing, together with its auditors PWC, the treatment of certain contract revenues and associated costs and margins in the historic financial statements of EDA. While any resulting restatement of such financial statements may not, of itself, have an immediate negative effect on the cash flows of EDA, any adjustments considered prudent as a result of the review may have the effect of reducing the net asset value of EDA as shown in such financial statements. Damovo is continuing to discuss the implementation of the terms of the Restructuring Agreement with the ad hoc committee, assisted by respective advisers, including an extension to the Noteholders' standstill, which expired on March 30. Maurizio Botinelli has resigned from the boards of Damovo Group S.A., Damovo I S.a.r.l., Damovo II S.a.r.l, Damovo III S.A. and Enterprise Digital Architects S.P.A. effective from March 29. This is due to Mr. Botinelli's decision to pursue alternative employment opportunities. Headquartered in Glasgow, Scotland, Damovo Group S.A. -- http://www.damovo.com/-- is a provider of information and communications technology (ICT) and services to public service organizations and larger private sector companies. The company also maintains operations in Belgium, Brazil, Czech Republic, Germany, Ireland, Italy, Mexico, Poland, Switzerland and the United Kingdom. * * * As reported in the TCR-Europe on Feb. 1, Standard & Poor's Ratings Services withdrew its 'D' long-term corporate credit rating on U.K.-based telecommunication services provider Damovo Group S.A., and 'D' senior secured debt ratings and '4' recovery rating on subsidiary Damovo III S.A. In November 2006, Moody's Investors Service downgraded the corporate family rating of Damovo Group S.A. to Caa3 from Caa1 following the non-payment of a semi-annual interest coupon due on Oct. 30 on the company's 2012 senior notes and the announcement of its intention to undertake a financial restructure. Moody's has concurrently downgraded the rating on the senior notes, which are issued at Damovo III S.A. to Ca from Caa2. Moody's said the outlook is negative. The rating actions conclude a review initiated on Oct. 16. ENRON CORPORATION: Distributes US$1.8 Billion to Creditors ---------------------------------------------------------- Enron Creditors Recovery Corp., fka Enron Corp., disclosed its fifteenth distribution to Creditors of Enron Creditors Recovery Corp. and its affiliated Debtor companies. The distribution to holders of allowed general unsecured claims and allowed guaranty claims totals approximately US$1,869,700,000, consisting of: * cash of approximately US$1,698,000,000 and * shares of Portland General Electric Company stock valued at approximately US$171,700,000. Since November 2004, Enron has returned approximately US$11,479,000,000 to creditors in twice-yearly distributions, in April and October, as well as in "catch-up" distributions paid on an interim basis every two months. "The distribution is another significant milestone in the liquidation process and represents a tremendous financial outcome for the Enron estate," John Ray, President and Chairman of the Board, said. "The Estate continues to focus on its principal mandate to sell remaining assets, settle claims, and prosecute litigation, including the MegaClaims litigation against Citigroup and Deutsche Bank AG, the only remaining defendants. The trial on these fraud and bankruptcy claims is set to begin in January 2008." The distribution included 8,171,979 shares of PGE, which, when added to prior distributions of 30,336,445 shares (and 12,643 of PGE shares returned and held for further distribution), cumulatively represent approximately 62% of PGE's 62,500,000 shares to be distributed by the Enron Estate. Pursuant to Sections 21.3 and 32.1 of the Plan, a significant number of PGE shares were previously reserved to maintain a balanced mix of Plan Currency by Plan Class and provide for potential additional cash inflows to the estates from litigation, asset sales and other resources. Enron has conducted a review by Plan Class, and based on recent settlements and current projections, Enron has determined it can prudently release approximately 3,300,000 shares that were previously reserved as part of the total distribution of 8,171,979 shares. However, reserves vary by Plan Class, and accordingly, certain Creditors are receiving no additional PGE shares in the April 2007 distribution. The remaining 23,978,933 PGE shares will be held by the Disputed Claims Reserve, which is not affiliated with Enron, for future distribution to creditors of Enron by the Disbursing Agent in accordance with the Chapter 11 Plan. The Disputed Claims Reserve currently consists of approximately US$4,510,000,000 in cash and US$503,700,000 in plan value of PGE shares (US$21.008 per share). Additional details concerning this distribution are available at the Enron Creditors Recovery Corp. Web site -- http://www.enron.com/-- identified as "Distribution Disclosure Notice." Headquartered in Houston, Texas, Enron Corporation filed for chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case No. 01-16033) following controversy over accounting procedures, which caused Enron's stock price and credit rating to drop sharply. Judge Gonzalez confirmed the Company's Modified Fifth Amended Plan on July 15, 2004, and numerous appeals followed. The Debtors' confirmed chapter 11 Plan took effect on Nov. 17, 2004. Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S. Rosen, Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P. Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP represent the Debtor. Jeffrey K. Milton, Esq., Luc A. Despins, Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at Milbank, Tweed, Hadley & McCloy LLP represents the Official Committee of Unsecured Creditors. GREAT NORTH: Joins Virgin and Stagecoach in East Coast Bid ---------------------------------------------------------- Great North Eastern Railways Ltd. will tie up with Virgin Trains and Stagecoach to mount a joint bid for the East Coast Main Line, the franchise it agreed to let go in 2006, reports say. According to The Western Mail, GNER will take a 10% stake in the new franchise if their bid is successful. Virgin and Stagecoach will share the remaining 90%. The Department of Transport, which requires bids to be submitted in June, approved the tie- up. GNER is currently running East Coast services under a temporary management agreement until a successful bidder is chosen. The other bidders included in the Department of Transport's short list were Arriva, First Group and National Express. "The management capability within the GNER team will allow us to submit an innovative and compelling bid," Stagecoach Group CEO, Brian Souter and Virgin's Sir Richard Branson disclosed in their joint statement. GNER Holdings chairman Bob Mackenzie welcomed the move. "This is a great opportunity to work with Virgin and Stagecoach to take performance on this flagship route to an even higher level," Mr. Mackenzie was quoted by RailwayPeople.com as saying. "We are determined to work with stakeholders who rely on the East Coast franchise by meeting their aspirations for frequent, fast, accessible and good quality services in the future." As reported in the TCR-Europe on Dec. 11, 2006, the government decided to end GNER's GBP1.3-billion franchise agreement to operate the East Coast main line railway after the company was unable to meet a 10% revenue growth requirement in 2005, stipulated under the terms of its franchise agreement. GNER suffered disappointing passenger growth, soaring electricity prices and the effect of the 2005 London bombings, while parent firm Sea Containers has filed for bankruptcy protection in the U.S. About GNER Headquartered in London, United Kingdom -- Great North Eastern Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high- speed express train services on the East Coast Main Line. Most of their trains run between London King's Cross and either Edinburgh Waverley or Leeds. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSEArca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. LIBERTY GLOBAL: Moody's Assigns Loss-Given-Default Rating --------------------------------------------------------- In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Telecommunications, Media and Technology sectors last week, the rating agency confirmed its Ba3 Corporate Family Rating for Liberty Global Inc. Moody's also assigned a Ba3 probability of default rating to the company. Debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa. Moody's explains that current long-term credit ratings are opinions about expected credit loss, which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in Moody's notching practices across industries and will improve the transparency and accuracy of Moody's ratings as Moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard Moody's alphanumeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% to 9%) to LGD6 (loss anticipated to be 90% to 100%). About Liberty Global Headquartered in Englewood, Colorado, Liberty Global Inc. -- http://www.www.lgi.com/-- is an international broadband communications provider of video, voice and Internet access services, with consolidated broadband operations in 19 countries, primarily in Europe, Japan and Chile. Through its indirect wholly owned subsidiary UGC Europe, Inc., and its wholly owned subsidiaries UPC Holding B.V. and Liberty Global Switzerland, Inc., collectively Europe Broadband, Liberty Global provides video, voice and Internet access services in 13 European countries. Through Liberty Global's indirect controlling ownership interest in Jupiter Telecommunications Co., Ltd., the Company provides video, voice and Internet access services in Japan. Through the Company's indirect 80%-owned subsidiary VTR GlobalCom, S.A., it provides video, voice and Internet access services in Chile. * * * As reported in the TCR-Europe on April 2, Standard & Poor's Ratings Services revised its outlook on international cable TV and broadband provider Liberty Global Inc. to positive from stable. The outlooks on related entities in the LGI group, including UPC Broadband Holding and VTR GlobalCom S.A., were also revised to positive from stable. The ratings on LGI and its related entities, including the 'B' long-term corporate credit rating on LGI, were affirmed. PRICELINE.COM INC: Good Revenue Cues S&P's Positive Outlook ----------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings, including the 'B' corporate credit rating, on online travel agency Priceline.com Inc. on CreditWatch with positive implications. "The positive CreditWatch listing indicates the possibility of upward rating movement based on good revenue and profitability growth and a solid competitive position in Europe," said Standard & Poor's credit analyst Andy Liu. The strong financial performance was driven by Booking.com, the company's European hotel-booking engine, and Priceline.com's "name your own price" domestic travel services. Booking.com increased gross bookings 101% year-over-year and is gaining market share. This resulted primarily from Booking.com's better hotel coverage of secondary and tertiary tourist destinations in Europe. It will take some time for competitors to build up coverage in these markets. Priceline.com's opaque travel services did well because of better airline ticket availability and easier comparison with the prior year. In resolving the CreditWatch listing, Standard & Poor's will be looking at Priceline.com's performance over the coming months, with any upgrade being limited to one notch. This rating(s) was initiated by Standard & Poor's. It may be based solely on publicly available information and may or may not involve the participation of the issuer's management. Standard & Poor's has used information from sources believed to be reliable, but does not guarantee the accuracy, adequacy, or completeness of any information used. RY HENDERSON: Creditor Claims Reach GBP8.8-Million -------------------------------------------------- RY Henderson & Sons informed its creditors during a meeting on April 6 that the company owes them a total of GBP8.8 million, the Aberdeen Press & Journal reports. The TCR-Europe reported on Feb. 6 that the Scottish abbatoir and processing firm had gone into administration after struggling with tough trading conditions. Tom Burton and Colin Dempster of Ernst & Young were appointed joint administrators for the company. The company, which now only has five employees left, owes GBP2.8 million from unsecured creditors while secured creditors have a GBP6-million claim, including a GBP4.71-million debt to the Bank of Scotland, the Journal states. RY Henderson's largest unsecured creditors include: Claim Amount Creditor (in GBP) -------- ------------ Darlington Farmers Auction Mart 155,949 Carrick Primestock 67,132 McCartneys LLP 125,030 North-east Livestock Sales 101,077 John Swan 129,289 Concurrently, Ernst & Young has removed the business from the market, claiming that no one came forward with an acceptable bid for the company, the Journal discloses. The administrators think the lack of offers is because of complex land ownership issues over the meat firm's site in Heather Field, Whitecross, near Linlithgow. "We took the business off the market and put in on a care and maintenance basis," an Ernst & Young spokeswoman said. "This will allow us to sit down with the directors (of RY Henderson) and talk through these (land ownership) issues and to try and resolve them." According to the report, creditors criticized the administrators' decision to put the business on a care and maintenance basis, saying that the move had substantially decreased the value of the business. Ernst & Young, however, claims its decision was the best one for the situation, adding that continuing the abattoir's operations would have incurred more losses for the company, cutting the chances of creditors getting their claims in full, the Journal relates. About RY Henderson & Sons Headquartered in Linlithgow, Scotland, RY Henderson & Sons is one of Scotland's largest beef and lamb processors. In September 2006, the firm's GBP4-million plant was officially opened by Princess Anne. It had operated at a net GBP872,217 loss in the nine months to Dec. 31, 2006. SEA CONTAINERS: GNER Joins Virgin/Stagecoach in East Coast Bid -------------------------------------------------------------- Great North Eastern Railways Ltd. will tie up with Virgin Trains and Stagecoach to mount a joint bid for the East Coast Main Line, the franchise it agreed to let go in 2006, reports say. According to The Western Mail, GNER will take a 10% stake in the new franchise if their bid is successful. Virgin and Stagecoach will share the remaining 90%. The Department of Transport, which requires bids to be submitted in June, approved the tie- up. GNER is currently running East Coast services under a temporary management agreement until a successful bidder is chosen. The other bidders included in the Department of Transport's short list were Arriva, First Group and National Express. "The management capability within the GNER team will allow us to submit an innovative and compelling bid," Stagecoach Group CEO, Brian Souter and Virgin's Sir Richard Branson disclosed in their joint statement. GNER Holdings chairman Bob Mackenzie welcomed the move. "This is a great opportunity to work with Virgin and Stagecoach to take performance on this flagship route to an even higher level," Mr. Mackenzie was quoted by RailwayPeople.com as saying. "We are determined to work with stakeholders who rely on the East Coast franchise by meeting their aspirations for frequent, fast, accessible and good quality services in the future." As reported in the TCR-Europe on Dec. 11, 2006, the government decided to end GNER's GBP1.3-billion franchise agreement to operate the East Coast main line railway after the company was unable to meet a 10% revenue growth requirement in 2005, stipulated under the terms of its franchise agreement. GNER suffered disappointing passenger growth, soaring electricity prices and the effect of the 2005 London bombings, while parent firm Sea Containers has filed for bankruptcy protection in the U.S. About GNER Headquartered in London, United Kingdom -- Great North Eastern Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high- speed express train services on the East Coast Main Line. Most of their trains run between London King's Cross and either Edinburgh Waverley or Leeds. About Sea Containers Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSEArca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor represents the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they reported US$1.7 billion in total assets and US$1.6 billion in total debts. SOLUTIA INC: Pillsbury to Continue Monitoring Chapter 11 Parties ---------------------------------------------------------------- Craig A. Barbarosh, Esq., at Pillsbury Winthrop Shaw Pittman LLP, in New York, discloses that American International Group and its subsidiaries or affiliates have recently engaged his firm in matters unrelated to Solutia Inc. and its debtor- affiliates' Chapter 11 cases. AIG is a creditor of the Debtors. Mr. Barbarosh tells the Court that upon review, the firm has determined that a conflict of interest does not exist. Pillsbury will continue to monitor its relationships with the Debtors, their creditors, and other parties-in-interest in the Chapter 11 cases. Mr. Barbarosh attests that the firm represents no interest adverse to the Debtors' individual equity holders or creditors, and that the firm is a disinterested person pursuant to Section 101(14) of the Bankruptcy Code. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. (Solutia Bankruptcy News, Issue No. 83; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). In February 2007, the Honorable Prudence Carter Beatty entered a bridge order extending the Debtors' exclusive period to file a plan until April 30, 2007. SOLUTIA INC: Selling 1% Interest in P4 Production to Monsanto ------------------------------------------------------------- Solutia Inc. has notified the U.S. Bankruptcy Court for the Southern District of New York of its proposed sale of an interest in P4 Production LLC, to Monsanto Company. Solutia is the legal and beneficial owner of an undivided interest in P4 Production, a Delaware limited liability company. Its interest is around 1% of the outstanding ownership interests of the entity. Monsanto, as assignee of Pharmacia Corp., intends to purchase the Interest pursuant to the terms of a call option agreement dated May 31, 2000. The Option Agreement gave Monsanto the right to purchase the Interest for a contractually specified exercise price of US$535,000. In addition, the Option Agreement and a related put option agreement of the same date provide for certain annual deferred option payments between Monsanto and Solutia, which will become due upon exercise of the Call Option. The payments aggregate to an additional US$315,000 making the total amount due to Solutia upon exercise of the Call Option US$850,000. Upon completion of any necessary transfer documentation and compliance with the terms of the Non-Core Asset Sale Order, Monsanto will pay the full sales price to Solutia in immediately available funds. Tax Depletion Deduction Monsanto and Solutia are parties to a second amended and restated limited liability agreement that provides, among other things, for various allocations for tax purposes between them, including allocation of deductions for depletion under Section 611 of the Internal Revenue Code. The parties propose to amend the P4 Agreement to provide that for any taxable year of P4 Production beginning Sept. 1, 2005, "[a]ll deductions for depletion under Section 611 of the Code, or its successor, shall be allocated to the members based on the Members' LLC Interests." In consideration for the deduction amendment, Monsanto will pay Solutia, in addition to the Sales Price, US$900,000 in immediately available funds upon completion of necessary transfer documentation and compliance of the Non-Core Asset Sale Order. The aggregate consideration to be paid by Monsanto for the Interest and deduction amendment is US$1,750,000. The sale transaction will close on April 12, 2007. No leases will be affected as a result of the transaction. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. (Solutia Bankruptcy News, Issue No. 83; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). In February 2007, the Honorable Prudence Carter Beatty entered a bridge order extending the Debtors' exclusive period to file a plan until April 30, 2007. VIRGIN MEDIA: Nears Supply Deal with Cable & Wireless ----------------------------------------------------- Cable & Wireless plc is on the verge of signing a contract to supply broadband, phone and basic television services to Virgin Media Inc. (fka NTL Inc.), allowing the latter to reach customers not covered by its network, Paul Durman writes for The Sunday Times. According to the report, Virgin Media is no longer in discussions with other suppliers while Tiscali SpA already indicated its lack of interest in the deal. Virgin Media is due to announce its decision next month. C&W will deliver the service through its wholesale broadband arm, formerly known as Bulldog Communications, The Sunday Times relates. Steve Burch, chief executive of Virgin Media, said this was still a big step forward because "there are 12 million homes out there that we've never sold anything to." The paper reveals that competing with BSkyB has been a struggle for the cable television industry due to a lack of national reach resulting from restricted geographical franchises. About Virgin Media Headquartered in London, England, Virgin Media Inc. (fka NTL Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides broadband, digital television, telephony, content and communications services, reaching over 50% of the U.K. homes and 85% of the U.K. businesses. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa last week, the rating agency confirmed its Ba3 Corporate Family Rating for Virgin Media Inc. The implementation of the LGD methodology in EMEA follows the introduction of the methodology in September 2006. Most of the rating actions Moody's confirmed relate to senior secured loans. * Issuer: Virgin Media Finance PLC Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- 9.75% Sr. Unsec. Regular Bond/Debenture Due 2014 B2 B2 LGD6 93% 8.75% Sr. Unsec. Regular Bond/Debenture Due 2014 B2 B2 LGD6 93% 9.125% Sr. Unsec. Regular Bond/ Debenture Due 2016 B2 B2 LGD6 93% * Issuer: Virgin Media Investment Holdings Ltd. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ ---------- Sr. Unsec. Bank Credit Facility Due 2013 B1 B2 LGD5 86% Sr. Sec. Bank Credit Facility Due 2011 Ba3 Ba2 LGD3 39% Sr. Sec. Bank Credit Facility Due 2012 Ba3 Ba2 LGD3 39% As reported in the TCR-Europe on March 23, Standard & Poor's Ratings Services affirmed its 'BB-' senior secured debt rating and '1' recovery rating on Virgin Media Investment Holdings Ltd.'s GBP4.98 billion senior secured facilities. The '1' recovery rating reflects the rating agency's expectations of full recovery of principal in the event of a payment default. * Former DLA Piper's Insolvency Head Joins Clark Willmott --------------------------------------------------------- Jeremy Bowden, DLA Piper's former head in insolvency and restructuring practice, will join Clark Willmott as partner for its Birmingham office on May 1, Ben Mitchell writes for legalweek.com. According to the report, Mr. Bowden's appointment to the 66- partner firm comes as it aims to reinvent itself as a Midlands firm in the next three years. During his 21 years at DLA Piper's Birmingham, Mr. Bowden played a key role in the development of the firm, legalweek.com relates. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- April 12, 2007 BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Contact: 240-629-3300; http://www.beardaudioconferences.com/ April 12, 2007 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 4th Spring Luncheon and Founders Awards Washington, District of Columbia Contact: http://www.iwirc.org/ April 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club Jacksonville, Florida Contact: 561-882-1331 or http://www.turnaround.org/ April 12, 2007 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - East JW Marriott, Washington, District of Columbia Contact: http://www.abiworld.org/ April 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Fundamentals of Turnaround Management Melbourne, Australia Contact: http://www.turnaround.org/ April 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Completing the Turnaround Melbourne, Australia Contact: http://www.turnaround.org/ April 17, 2007 TURNAROUND MANAGEMENT ASSOCIATION Association for Corporate Growth Arizona Chapter Meeting Biltmore Hotel, Phoenix, Arizona Contact: http://www.turnaround.org/ April 17, 2007 BEARD AUDIO CONFERENCES Real Estate Bankruptcy Contact: 240-629-3300; 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http://renaissanceamerican.com/ April 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Wine Tasting Social TBA, Long Island, New York Contact: 631-251-6296 or http://www.turnaround.org/ April 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Operational Turnaround Management Renaissance Hotel, Syracuse, New York Contact: http://www.turnaround.org/ April 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Fraud and Forensic Investigation Athletic Club, Denver, Colorado Contact: http://www.turnaround.org/ April 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Completing the Turnaround Brisbane, Australia Contact: http://www.turnaround.org/ April 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION The Nuts & Bolts of Buying and Selling Distressed Companies University Club, Chicago, Illinois Contact: http://www.turnaround.org/ April 20, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast meeting with Chapter President, Bruce Sim Westin Buckhead, Atlanta, Georgia Contact: 678-795-8103 or http://www.turnaround.org/ April 24, 2007 BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Contact: 240-629-3300; http://www.beardaudioconferences.com/ April 24, 2007 TURNAROUND MANAGEMENT ASSOCIATION "Why Prospects Become Clients" Mark Fitzgerald, President of Sales Training Institute Inc Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ April 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Jacksonville Zoo Turnaround University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ April 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION 1st Annual Credit & Bankruptcy Symposium Golf/Spa Outing Fox Hopyard Golf Club, East Haddam, Connecticut Contact: 203-265-2048 or http://www.turnaround.org/ April 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Spa Outing Mohegan Sun, Uncasville, Connecticut Contact: 203-265-2048 or http://www.turnaround.org/ April 26-27, 2007 TURNAROUND MANAGEMENT ASSOCIATION 1st Annual Credit & Bankruptcy Symposium Mohegan Sun, Uncasville, Connecticut Contact: http://www.turnaround.org/ April 26-28, 2007 ALI-ABA Fundamentals of Bankruptcy Law Philadelphia, Pennsylvania Contact: http://www.ali-aba.org/ April 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting - Working Effectively with the Media to Create Publicity for Your Business Contact: http://www.turnaround.org/ April 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION 13 Week CF Program Washington University, St. Louis, Missouri Contact: http://www.turnaround.org/ April 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Equity Sponsor Panel Breakfast Westin Buckhead, Atlanta, Georgia Contact: http://www.turnaround.org/ April 29 - May 1, 2007 INTERNATIONAL BAR ASSOCIATION International Insolvency Conference Zurich, Switzerland Contact: http://www.ibanet.org/ May 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Organization of Women Visit King Tut Exhibit Franklin Institute, Philadelphia, Pennsylvania Contact: 215-657-5551 or www.turnaround.org/ May 2-4, 2007 TURNAROUND MANAGEMENT ASSOCIATION Association for Corporate Growth Arizona Chapter Meeting Washington University, Arizona Contact: http://www.turnaround.org/ May 4, 2007 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - NYC Alexander Hamilton US Custom House, SDNY New York, New York Contact: http://www.abiworld.org/ May 7, 2007 AMERICAN BANKRUPTCY INSTITUTE 9th Annual New York City Bankruptcy Conference Millennium Broadway Hotel & Conference Center New York, New York Contact: http://www.abiworld.org/ May 14-16, 2007 TURNAROUND MANAGEMENT ASSOCIATION 1st Annual TMA Regional Conference - Texas Hyatt Regency Resort & Spa Lost Pines, Texas Contact: http://www.turnaround.org/ May 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Corporate Restructuring Workshop Cable Center, Denver, Colorado Contact: http://www.turnaround.org/ May 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION Corporate Restructuring Workshop Cable Center, Denver, Colorado Contact: http://www.turnaround.org/ May 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331 or http://www.turnaround.org/ May 16, 2007 TURNAROUND MANAGEMENT ASSOCIATION Bankruptcy Judges Panel Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ May 17-18, 2007 TURNAROUND MANAGEMENT ASSOCIATION 6th Annual Great Lakes Regional Conference Renaissance Quail Hollow Resort, Painesville, Ohio Contact: http://www.turnaround.org/ May 17, 2007 TURNAROUND MANAGEMENT ASSOCIATION Enterprise Valuation / Sale of the Distressed Business Athletic Club, Seattle, Washington Contact: http://www.turnaround.org/ May 17, 2007 TURNAROUND MANAGEMENT ASSOCIATION Women's Networking Lunch TBD, Arizona Contact: 623-581-3597 or www.turnaround.org/ May 18, 2007 TURNAROUND MANAGEMENT ASSOCIATION 13 Week CF Program Kansas City, Missouri Contact: http://www.turnaround.org/ May 21, 2007 TURNAROUND MANAGEMENT ASSOCIATION LI-TMA Annual Golf Outing TBD, Long Island, New York Contact: 631-251-6296 or http://www.turnaround.org/ May 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION Hedge Funds Standard Club, Chicago, Illinois Contact: http://www.turnaround.org/ May 23, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast Calaloo Caf,, Morristown, New Jersey Contact: 908-575-7333 or www.turnaround.org/ May 24-25, 2007 BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES Fourth Annual Conference on Distressed Investing Europe Maximizing Profits in the European Distressed Debt Market Le Meridien Piccadilly Hotel - London, UK Contact: 800-726-2524; http://renaissanceamerican.com/ May 24, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona and RMA Joint Meeting Hotel Valley Ho, Scottsdale, Arizona Contact: http://www.turnaround.org/ May 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Bankruptcy Judges Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ May 30-31, 2007 FINANCIAL RESEARCH ASSOCIATES Distressed Debt Harvard Club, New York, New York Contact: http://www.frallc.com/ May 31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Wine Tasting and Casino Night Mayfair Farms, West Orange, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ May 31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Breakfast Speaker Series E&Y Tower, Calgary, Alberta Contact: http://www.turnaround.org/ May 31 - June 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION 2nd Annual TMA Southeast Regional Conference Marriott Resort at Grande Dunes Myrtle Beach, South Carolina Contact: http://www.turnaround.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference JW Marriott Spa and Resort, Las Vegas, Nevada Contact: http://http://www.airacira.org/ June 6-8, 2007 TURNAROUND MANAGEMENT ASSOCIATION 5th Annual Mid-Atlantic Regional Symposium Borgata Hotel Casino & Spa Atlantic City, New Jersey Contact: http://www.turnaround.org/ June 6-9, 2007 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 23rd Annual Bankruptcy & Restructuring Conference Westin River North, Chicago, Illinois Contact: http://www.airacira.org/ June 7-8, 2007 TURNAROUND MANAGEMENT ASSOCIATION Mealey's Asbestos Bankruptcy Conference Intercontinental Hotel, Chicago, Illinois Contact: http://www.turnaround.org/ June 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Association for Corporate Growth Arizona Chapter Meeting Biltmore Hotel, Phoenix, Arizona Contact: http://www.turnaround.org/ June 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Economic Update at the 1/2 Year Mark University Club, Portland, Oregon Contact: http://www.turnaround.org/ June 14-17, 2007 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort, Traverse City, Michigan Contact: 1-703-739-0800; http://www.abiworld.org/ June 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast Clarion Hotel, Princeton, New Jersey Contact: 908-575-7333 or www.turnaround.org/ June 21-22, 2007 BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES Tenth Annual Conference on Corporate Reorganizations Successful Strategies for Restructuring Troubled Companies The Millennium Knickerbocker Hotel - Chicago Contact: 800-726-2524; http://renaissanceamerican.com/ June 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Bankruptcy Judges Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ June 28 - July 1, 2007 NORTON INSTITUTES Norton Bankruptcy Litigation Institute Jackson Lake Lodge, Jackson Hole, Wyoming Contact: http://www2.nortoninstitutes.org/ July 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Bankruptcy Judges Panel University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ July 12-15, 2007 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Marriott, Newport, Rhode Island Contact: 1-703-739-0800; http://www.abiworld.org/ July 12, 2007 TURNAROUND MANAGEMENT ASSOCIATION Young Professionals Billiards Night TBD, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ July 13, 2007 TURNAROUND MANAGEMENT ASSOCIATION Body of Knowledge - CTP Review Class Chicago, Illinois Contact: http://www.turnaround.org/ July 18, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331 or http://www.turnaround.org/ July 25-28, 2007 AMERICAN BANKRUPTCY INSTITUTE 12th Annual Southeast Bankruptcy Workshop The Sanctuary, Kiawah Island, South Carolina Contact: http://www.abiworld.org/ July 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ July 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Golf Outing Raritan Valley Country Club, Bridgewater, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ July 31, 2007 TURNAROUND MANAGEMENT ASSOCIATION Enterprise Florida: Improving Florida's Business Climate and Helping Florida Companies Market Overseas Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Aug. 3, 2007 TURNAROUND MANAGEMENT ASSOCIATION Women's Spa Event Short Hills Hilton, Livingston, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Aug. 10, 2007 TURNAROUND MANAGEMENT ASSOCIATION Body of Knowledge - CTP Review Class Chicago, Illinois Contact: http://www.turnaround.org/ Aug. 9-11, 2007 AMERICAN BANKRUPTCY INSTITUTE 3rd Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 23-26, 2007 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Drake Hotel, Chicago, Illinois Contact: http://www.nabt.com/ Aug. 24, 2007 TURNAROUND MANAGEMENT ASSOCIATION Annual Fishing Trip Point Pleasant, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Aug. 28, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Healthcare Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Aug. 29-30, 2007 TURNAROUND MANAGEMENT ASSOCIATION 3rd Annual Northeast Regional Conference Gideon Putnam Resort and Spa, Saratoga Springs, New York Contact: http://www.turnaround.org/ Sept. 6-7, 2007 TURNAROUND MANAGEMENT ASSOCIATION Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.turnaround.org/ Sept. 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Southwest Bankruptcy Conference Four Seasons Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Body of Knowledge - CTP Review Class Chicago, Illinois Contact: http://www.turnaround.org/ Sept. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION Buying and Selling Troubled Companies Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ Sept. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331 or http://www.turnaround.org/ Sept. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Retail Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Sept. 26, 2007 TURNAROUND MANAGEMENT ASSOCIATION Joint Educational & Networking Reception TBD, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Sept. 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Sept. 27-30, 2007 TURNAROUND MANAGEMENT ASSOCIATION 8th Annual Cross Border Business Restructuring & Turnaround Conference Contact: http://www.turnaround.org/ Oct. 2, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBD, Bridgewater, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Oct. 9-10, 2007 IWIRC Orlando, Florida IWIRC Annual Fall Conference Contact: http://www.iwirc.org/ Oct. 10-13, 2007 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES 81st Annual National Conference of Bankruptcy Judges Contact: http://www.ncbj.org/ Oct. 11, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Oct. 16-19, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Copley Place Boston, Massachussets Contact: 312-578-6900; http://www.turnaround.org/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION Capital Markets Case Study Contact: http://www.turnaround.org/ Oct. 25, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Arizona Chapter Meeting Contact: http://www.turnaround.org/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon Centre Club, Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Oct. 30, 2007 TURNAROUND MANAGEMENT ASSOCIATION Crisis Communications With Employees,Vendors and Media Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Nov. 1, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Breakfast TBD, Hackensack, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Nov. 14, 2007 TURNAROUND MANAGEMENT ASSOCIATION Dinner South Florida Contact: 561-882-1331 or http://www.turnaround.org/ Nov. 15, 2007 TURNAROUND MANAGEMENT ASSOCIATION TMA Portland Holiday Party University Club, Portland, Oregon Contact: 206-223-5495 or http://www.turnaround.org/ Nov. 22, 2007 TURNAROUND MANAGEMENT ASSOCIATION Networking Mixer TBA, Vancouver Contact: 206-223-5495 or www.turnaround.org/ Nov. 27, 2007 TURNAROUND MANAGEMENT ASSOCIATION Luncheon - Real Estate Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Nov. 29, 2007 TURNAROUND MANAGEMENT ASSOCIATION Special Speaker TBD, New Jersey Contact: 908-575-7333 or http://www.turnaround.org/ Nov. 29, 2007 TMA Arizona Chapter Meeting TURNAROUND MANAGEMENT ASSOCIATION Contact: http://www.turnaround.org/ Dec. 6, 2007 TURNAROUND MANAGEMENT ASSOCIATION Seattle Holiday Party Athletic Club, Seattle, Washington Contact: 206-223-5495 or http://www.turnaround.org/ Dec. 6-8, 2007 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Westin Mission Hills Resort, Rancho Mirage, California Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 19, 2007 TURNAROUND MANAGEMENT ASSOCIATION South Florida Dinner TBA, South Florida Contact: 561-882-1331 or http://www.turnaround.org/ Jan. 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Luncheon University Club, Jacksonville, Florida March 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ April 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ July 10-13, 2008 TURNAROUND MANAGEMENT ASSOCIATION 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Scottsdale, Arizona Contact: http://www.ncbj.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Dec. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ 2009 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Las Vegas, Nevada Contact: http://www.ncbj.org/ June 21-24, 2009 INSOL 8th International World Congress TBA Contact: http://www.insol.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ 2010 (TBA) NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges New Orleans, Louisiana Contact: http://www.ncbj.org/ BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Dana's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Deepening Insolvency - Widening Controversy: Current Risks, Latest Decisions Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Diagnosing Problems in Troubled Companies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Claims Trading Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Market Opportunities Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Distressed Real Estate under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Employee Benefits and Executive Compensation under the New Code Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Equitable Subordination and Recharacterization Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Fundamentals of Corporate Bankruptcy and Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Healthcare Bankruptcy Reforms Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergers-the New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ ********* 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 * * *