/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070425.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, April 25, 2007, Vol. 8, No. 81 Headlines A U S T R I A AUTOMONDIAL KFZ: Claims Registration Period Ends May 15 BRAINSTUDIO LLC: Claims Registration Period Ends May 16 FINNOVA HAUS: Estate Administrator Declares Insufficient Assets FISCHER KEG: Claims Registration Period Ends May 10 GUERER LLC: Claims Registration Period Ends May 15 HAUS INFO: Linz Court Orders Business Shutdown KALTEIS MOEBEL: Claims Registration Period Ends May 9 PRAXMARER HOLDING: Claims Registration Period Ends May 11 SOMMER - SPIEGL: Claims Registration Period Ends May 15 VIKTORIA LLC: Vienna Court Orders Business Shutdown B E L G I U M ADVANCED MICRO: Posts US$611-Million Net Loss for Q1 2007 GOODYEAR TIRE: Amends US$2.7-Bln & EUR505-Mln Credit Facilities GOODYEAR TIRE: Bondholders Have Until June 29 to Convert Notes C Y P R U S BANK OF CYPRUS: Trades 328,963 New Shares in Cyprus & Greece F R A N C E ALCATEL-LUCENT: Posts EUR260-Million Operating Loss for Q1 2007 RHODIA SA: Increases Size of Offering to EUR595 Million XEROX CORP: Earns US$233 Million in First Quarter 2007 G E R M A N Y A.H. BROSE: Claims Registration Period Ends May 15 AUTO- PLETZER: Claims Registration Period Ends June 4 AUTOHAUS - EGGER: Claims Registration Period Ends May 31 AUTOHAUS BOESNER: Claims Registration Period Ends May 18 AUTOHAUS KOCH: Claims Registration Period Ends May 2 BERFRA BUCHDIENST: Creditors' Meeting Slated for May 15 BEROLINA MARKETING: Claims Registration Period Ends May 24 CABLE ONE: Claims Registration Period Ends May 31 CLS EXPRESS: Claims Registration Period Ends June 28 CUCINE INTERIOR: Creditors' Meeting Slated for May 22 DAIMLERCHRYSLER AG: Unions Remain Opposed to Chrysler Sale EIGENHEIMBAU GMBH: Claims Registration Period Ends May 11 ERDMANN DACHDECKER: Claims Registration Ends May 18 ESWO GMBH: Claims Registration Ends May 7 F.I.S. Food: Claims Registration Ends May 25 HK DIENSTLEISTUNGEN: Claims Registration Ends May 21 HOLZ & FORM: Claims Registration Ends May 30 HVG ELECTRONIC: Claims Registration Ends May 31 HWSP GMBH: Claims Registration Ends May 31 KEMA GMBH: Claims Registration Period Ends May 15 INKOBA GMBH: Creditors Must Register Claims by May 29 KLOECKNER & CO: Moody's Lifts Corporate Family Rating to Ba2 KOEHLER MASSIVHAUS: Creditors Must Register Claims by May 24 LIN-TEC LINDAU: Creditors Must Register Claims by June 1 MICRO RESULT: Claims Registration Period Ends May 25 MOEBELHOF N.O.L.: Creditors Must Register Claims by May 23 PARGA DIENSTLEISTUNG: Creditors Meeting Slated for June 1 PARKDACHTECHNIK POBURSKI: Creditors Must File Claims by June 1 PEN + PAPER: Claims Registration Period Ends May 16 PRIVATBANK REITHINGER: Owner Charged with Concerted Tax Evasion R. C. GASTRONOMIE: Claims Registration Period Ends June 17 SCHIEDER MOEBEL: Secures EUR70-Mln Loan; Averts Insolvency SCHROTT-VERWERTUNG-BERLIN GMBH: Claims Registration Ends May 31 SMH-SCHWEISSKONSTRUKTION: Claims Registration Ends May 21 SPARK GMBH: Claims Registration Period Ends May 29 STEINMETZBETRIEB SCHNEIDER: Claims Registration Ends May 7 WALTER COHRS: Claims Registration Period Ends June 6 YACHT MANAGEMENT: Claims Registration Period Ends May 15 I R E L A N D AFFILIATED COMPUTER: Darwin Deason Raises Bid to US$62 Per Share CLOVERIE PLC: S&P Lowers Series 2005-55 Debt Rating to B K A Z A K H S T A N BS GROUP: Creditors Must File Claims by May 25 ERASYL & K: Creditors' Claims Due May 22 JALYN-KOKSHE LLP: Proof of Claim Deadline Slated for May 25 JEN LYAN: Claims Registration Ends May 25 JEZTECHSERVICE & K: Claims Filing Period Ends May 25 KAMBIZ TRADING: Creditors Must File Claims by May 22 KASTER LLP: Creditors' Claims Due May 25 MALESTA LLP: Proof of Claim Deadline Slated for May 25 ORDA-2030 LLP: Claims Registration Ends May 25 SERVICE TECH: Claims Filing Period Ends May 25 K Y R G Y Z S T A N ARES LLC: Creditors' Meeting Slated for May 14 L U X E M B O U R G PENTA CLO: Moody's Rates EUR13-Million Class E Notes at Ba1 R U S S I A ALESHKOVSKOYE CJSC: Bankruptcy Hearing Slated for July 12 ALITET CJSC: Creditors Must File Claims by May 7 BALTIC BUILDING: Creditors Must File Claims by May 7 BOGRADSKIY CHEESE: Creditors Must File Claims by May 1 DOMEN-3 CJSC: Creditors Must File Proofs of Claim by May 7 EAR LLC: Court Names A. Zhadnov as Insolvency Manager ENERGO-OIL-GAS-STROY: Bankruptcy Hearing Slated for July 9 EVRASERVICE CJSC: Creditors Must File Claims by May 7 GAY-MILK LLC: Creditors Must File Claims by May 1 KARASUK OJSC: Creditors Must File Claims by May 1 KRASNOSELSKAYA POULTRY: Asset Sale Slated for May 15 NOVOSELOVSKIY DIARY: Bankruptcy Hearing Slated for July 12 PROMSVYAZBANK JSCB: Gets US$300-Million Loan to Fund Expansion RISOVYJ LLC: Krasnodar Bankruptcy Hearing Slated for July 12 STROY-TRANS OJSC: Creditors Must File Claims by May 7 TVER-BESSER CJSC: Creditors Must File Claims by May 7 VNUKOVSKAYA POULTRY: Creditors Must File Claims by May 7 YUKOS OIL: Auctioneer Gets Zero Bids for Eight Non-Core Assets YUKOS OIL: Samaraneftegaz Unit Eyes Restructuring S P A I N ALLIANCE ATLANTIS: Canadian Regulator Clears CanWest Takeover AUCTENTIA SLU: Chapter 15 Petition Summary S W I T Z E R L A N D BASIFA VERWALTUNGS: Zug Court Starts Bankruptcy Proceedings CONTECTA CONSULTING: Creditors' Liquidation Claims Due May 10 EBERHARD BAUER: Creditors' Liquidation Claims Due May 11 ERP CONSULTING: Creditors' Liquidation Claims Due May 11 HOBLA CATERING: Basel Court Starts Bankruptcy Proceedings KARDIALE REHABILITATION: Liquidation Claims Due May 10 KASPAR WEBER: Creditors' Liquidation Claims Due May 21 LUDEUG LLC: Creditors' Liquidation Claims Due May 11 MARFRA JSC: Creditors' Liquidation Claims Due May 18 NASHORN LLC: Aargau Court Starts Bankruptcy Proceedings RIGI CONTAINER: Creditors' Liquidation Claims Due May 11 SONJA BERGLAS: Creditors' Liquidation Claims Due May 7 SWISS COMMODITY: Creditors' Liquidation Claims Due May 10 THE EUROPEAN STUDENT: Creditors' Liquidation Claims Due May 15 ZALBA LLC: Creditors' Liquidation Claims Due May 31 U K R A I N E CAT LLC: Claims Registration Bar Date Set May 4 DARIYA & K: Claims Registration Bar Date Set May 4 EUROTECH LLC: Claims Registration Bar Date Set May 4 GAMA TRADE: Claims Registration Bar Date Set May 4 GLUKHOV BUTTER: Creditors Must File Claims by May 2 NIVA LLC: Creditors Must File Claims by May 2 REGISTER-SYSTEM L: Claims Registration Bar Date Set May 4 RESTORATION 2001: Claims Registration Bar Date Set May 4 UKRAINE LLC: Claims Registration Deadline Set May 2 UKRAINIAN CORRUGATION: Claims Registration Bar Date Set May 4 VISHNEVCHIK LLC: Creditors Must File Claims by May 2 U N I T E D K I N G D O M [Redacted] A CLASS: Calls In Liquidators from Gerald Edelman ADVANCED DATABASE: Taps M. S. E. Solomons to Liquidate Assets ADVANCED MARKETING: Wants to Sell U.K. Subsidiaries and Bookwise ARMOR HOLDINGS: Earns US$36 Million for First Quarter 2007 ARMOR HOLDINGS: Gets US$41.7MM Deal for Medium Tactical Vehicles BILLAWAY FACILITIES: Brings In Liquidators from KPMG BILLINGS & HATHAWAY: Joint Liquidators Take Over Operations BRIGHTON BOILER: Taps Liquidators from KPMG BROOKS HAMMOND: Appoints Freddy Khalastchi as Liquidator CALYPSO BATHROOM: Hires Liquidator from Tomlinsons CASTLE HOLDCO 4: Moody's Assigns (P)B2 Corporate Family Rating CASTLE HOLDCO 4: S&P Junks Proposed GBP170-Million Senior Notes CASTLESIDE DEVELOPMENTS: Taps Liquidators from RMT CITEX PROFESSIONAL: Creditors Must File Claims by May 10 COLLINS & AIKMAN: Court Okays Stipulation with Williamston COLLINS & AIKMAN: Sells Soft Trim Business to Int'l Automotive COUNTY RECRUITMENT: Creditors' Meeting Slated for April 30 DEAGO AUDIO: Names David Andrew Field Liquidator DEVON INTERIORS: Creditors' Meeting Slated for April 26 DIVE ACADEMY: Creditors' Meeting Slated for May 15 DOMESTIC & INDUSTRIAL: Brings In Liquidators from KPMG DONOVAN CONSTRUCTION: Creditors' Meeting Slated for May 10 EMERALD EXHIBITIONS: Alan Simon Leads Liquidation Procedure FOOT LOCKER: Genesco Turns Down US$1.2 Billion Takeover Offer FOOT LOCKER: S&P Keeps Negative Watch Over US$1.2BB Genesco Bid FORMAL HIRE: Claims Filing Period Ends May 11 FSP REALISATIONS: Calls In Liquidators from Moore Stephens GENERAL MOTORS: Wagoner Sees Hope Despite Delay in Delphi's Exit GENERAL MOTORS: FSA Okays Common Stock Delisting From LSE GENERAL MOTORS: Europe Sales Up 6% in First Quarter 2007 GLENSIDE RE-CYCLING: Hires Liquidator from Sharma & Co. IDENTIKIDS LTD: Creditors' Meeting Slated for May 8 KENSI LTD: A. H. Tomlinson Leads Liquidation Procedure [Redacted] MALIN CLO: Moody's Rates EUR18.75-Mln Class E Notes at (P)Ba3 MDS BATHROOMS: Joint Liquidators Take Over Operations MEGA BRANDS: S&P Places BB- Ratings on CreditWatch Negative MERLIN PACKAGING: Taps Deloitte & Touche as Administrators ORRELL-TURNER INTERIORS: Joint Liquidators Take Over Operations PERCY PRIOR: Appoints Robert Day as Liquidator PLASWOOD PRODUCTS: Taps Nigel Millar to Liquidate Assets PROFESSIONAL FINANCIAL: Claims Filing Period Ends May 11 RAINBOW BRIDGE: Taps Robert Day to Liquidate Assets RED MORTGAGE: Hires Liquidators from The P&A Partnership REFCO INC: Marc Kirschner Discharges Duties as RCM Trustee REFCO INC: Plan Administrators Object to Grant Thornton's Claims REMEDY 4 MEN: Appoints Liquidators from BRI Business Recovery RESLOC UK: Fitch Rates GBP2.1-Million Class F1b Notes at B ROBSEAL ROOFING: Hires Liquidator from Bridgers ROCKET PYROTECHNICS: Hires Liquidators from Berg Kaprow Lewis SEVERN LTD: Claims Filing Period Ends May 15 UNIQUE IMAGE: Brings In Liquidators from PKF UK WHITE STRIPE: Names Anthony David Kent Liquidator WILKRO LTD: Names Liquidator to Wind Up Business * Grant Thornton Scotland Names John Montague as Director * Dundas & Wilson Promotes Six Senior Associates to Partners ********* ============= A U S T R I A ============= AUTOMONDIAL KFZ: Claims Registration Period Ends May 15 ------------------------------------------------------- Creditors owed money by LLC Automondial Kfz (FN 276421b) have until May 15 to file written proofs of claim to court-appointed estate administrator Matthias Schmidt at: Dr. Matthias Schmidt Dr. Karl Lueger-Ring 12 1010 Vienna Austria Tel: 533 16 95 Fax: 535 56 86 E-mail: schmidt@preslmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on May 29 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 30 (Bankr. Case No. 28 S 38/07b). BRAINSTUDIO LLC: Claims Registration Period Ends May 16 ------------------------------------------------------- Creditors owed money by LLC Brainstudio (FN 200716x) have until May 16 to file written proofs of claim to court-appointed estate administrator Georg Freimueller at: Dr. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:50 a.m. on May 30 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 28 (Bankr. Case No. 2 S 45/07s). FINNOVA HAUS: Estate Administrator Declares Insufficient Assets --------------------------------------------------------------- Dr. Hans-Joerg Haftner, the court-appointed estate administrator for LLC Finnova Haus (FN 260913x), declared April 5 that the Debtor's property is insufficient to cover creditors' claim. The Land Court of St. Poelten is yet to rule on the estate administrator's claim. Headquartered in St. Poelten, Austria, the Debtor declared bankruptcy on March 26 (Bankr. Case No. 14 S 56/07m). The estate administrator can be reached at: Dr. Hans-Joerg Haftner Wiener Strasse 12 3100 St. Poelten Austria Tel: 02742/35 42 34 Fax: 02742/35 14 48 E-mail: office@plusjus.at FISCHER KEG: Claims Registration Period Ends May 10 --------------------------------------------------- Creditors owed money by KEG Fischer (FN 233969y) have until May 10 to file written proofs of claim to court-appointed estate administrator Rainer Ebert at: Mag. Rainer Ebert Hauptplatz 16 2020 Hollabrunn Austria Tel: 02952/25 26 Fax: 02952/25 26 18 E-mail: rainer.ebert@gmx.net Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on May 24 for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Hall 2 First Floor Korneuburg Austria Headquartered in Laa an der Thaya, Austria, the Debtor declared bankruptcy on March 29 (Bankr. Case No. 32 S 4/07m). GUERER LLC: Claims Registration Period Ends May 15 -------------------------------------------------- Creditors owed money by LLC Guerer (FN 263199h) have until May 15 to file written proofs of claim to court-appointed estate administrator Andrea Prochaska at: Mag. Andrea Prochaska c/o Mag. Christoff Beck Wassergasse 33/12 1030 Vienna Austria Tel: 718 77 50 Fax: 718 77 50 15 E-mail: anwalt@andrea-prochaska.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on May 29 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 28 (Bankr. Case No. 4 S 38/07a). Christoff Beck represents Mag. Proschaska in the bankruptcy proceedings. HAUS INFO: Linz Court Orders Business Shutdown ---------------------------------------------- The Land Court of Linz entered April 2 an order shutting down the business of LLC Haus Info (FN 82727h). Court-appointed estate administrator Bernhard Huber 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. Bernhard Huber Schillerstrasse 12 4020 Linz Austria Tel: 0732/656969 Fax: 0732/65696960 E-mail: b.huber@hep.co.at Headquartered in Haid bei Ansfelden, Austria, the Debtor declared bankruptcy on March 22 (Bankr. Case No 38 S 20/07f). KALTEIS MOEBEL: Claims Registration Period Ends May 9 ----------------------------------------------------- Creditors owed money by LLC Kalteis Moebel - Geschenke (FN 78611f) have until May 9 to file written proofs of claim to court-appointed estate administrator Reinhard Teubl at: Dr. Reinhard Teubl Mittergasse 28 8600 Bruck an der Mur Austria Tel: 03862-51462 Fax: 03862-51462-10 E-mail: rechtsanwaelte@bzt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on May 16 for the examination of claims. The meeting of creditors will be held at: The Land Court of Leoben Hall IV First Floor Leoben Austria Headquartered in Gusswerk, Austria, the Debtor declared bankruptcy on March 29 (Bankr. Case No. 17 S 23/07m). PRAXMARER HOLDING: Claims Registration Period Ends May 11 --------------------------------------------------------- Creditors owed money by LLC Praxmarer Holding (FN 49449w) have until May 11 to file written proofs of claim to court-appointed estate administrator Stefan Geiler at: Dr. Stefan Geiler Maria-Theresien-Strasse 17-19 6020 Innsbruck Austria Tel: 0512/58 27 60 Fax: 0512/58 27 60 6 E-mail: office@ullmann-geiler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on May 25 for the examination of claims. The meeting of creditors will be held at: The Land Court of Innsbruck Conference Hall 214 Second Floor New Building Maximilianstrasse 4 6020 Innsbruck Austria Headquartered in Voels, Austria, the Debtor declared bankruptcy on March 30 (Bankr. Case No. 9 S 7/07i). SOMMER - SPIEGL: Claims Registration Period Ends May 15 ------------------------------------------------------- Creditors owed money by LLC Sommer - Spiegl (FN 178754z) have until May 15 to file written proofs of claim to court-appointed estate administrator Walter Anzboeck at: Dr. Walter Anzboeck Stiegengasse 8 3430 Tulln Tel: 02272/61 600 Fax: 02272/61 600-20 E-mail: anwalt@anzboeck.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on June 5 for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Staasdorf, Austria, the Debtor declared bankruptcy on March 30 (Bankr. Case No. 14 S 60/07z). VIKTORIA LLC: Vienna Court Orders Business Shutdown --------------------------------------------------- The Trade Court of Vienna entered March 27 an order shutting down the business of LLC Viktoria (FN 255896v). Court-appointed estate administrator Wolfgang Winkler recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Wolfgang Winkler Reisnerstrasse 32/12 1030 Vienna Austria Tel: 715 50 45 Fax: 715 50 474 E-mail: office@anwalt-vienna.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 22 (Bankr. Case No 28 S 34/07i). ============= B E L G I U M ============= ADVANCED MICRO: Posts US$611-Million Net Loss for Q1 2007 --------------------------------------------------------- Advanced Micro Devices Inc. posted a net loss of US$611 million on net revenue of US$1.2 billion for the first quarter ended March 31, 2007, compared with net income of US$185 million on net revenue of US$1.3 billion for the same period ended March 26, 2006. The results for the first quarter of 2007 include ATI acquisition-related and integration charges of US$113 million and employee stock-based compensation expense of US$28 million. The decline in revenue was primarily due to a US$568 million decline in net revenue from the Computing Solutions segment, which includes what the company previously called the Computation Products and Embedded Products segments as well as the chipset business acquired with ATI. Year-over-year server and desktop processor unit shipments and revenues declined significantly, while mobile processor unit shipments and revenue increased significantly. First quarter Graphics segment revenue of US$197 million increased 19 percent from the fourth quarter of 2006, primarily due to a full quarter of operations. Graphics segment had no revenues for the first quarter of 2006. Consumer Electronics segment revenue, including a full quarter of operations, was down sequentially to US$118 million, from US$120 million in the fourth quarter of 2006. On a full quarter comparative basis, video processor unit shipments into the digital TV market increased in the seasonally down quarter while handheld processor unit shipments and game console revenue decreased. First quarter 2007 gross margin was 31 percent, excluding stock- based compensation expense and acquisition-related charges, compared to 59 percent in the first quarter of 2006. The decrease from the prior quarter was largely due to significantly lower microprocessor unit shipments, lower microprocessor average selling prices, and the inclusion of the former ATI operations, which generally have lower-margin products, for the entire quarter. AMD reported an operating loss of US$504 million for the first quarter ended March 31, 2007, compared with operating income of US$259 million for the same period ended March 26, 2006, primarily due to a decrease in gross margin, and an increase in research and development expenses, marketing, general and administrative expenses, and amortization of acquired intangible assets and integration charges. "After more than three years of successfully executing our customer expansion strategy and significantly growing our unit and revenue base, our first quarter performance is disappointing and unacceptable," said Robert J. Rivet, AMD's chief financial officer. "We are aggressively addressing the issues that led to our significant revenue decline. We are aligning our business model, capital expenditures and cost structure with the goal of accelerating our return to profitability. Lastly, our customer relationships remain solid, reflecting their confidence in our strategic direction, current and new products, and technology roadmaps." At March 31, 2007, the company's balance sheet showed US$12.7 billion in total assets, US$7.2 billion in total liabilities, US$303 million in minority interest in consolidated subsidiaries, and US$5.2 billion in total stockholders' equity. About Advanced Micro Advanced Micro Devices Inc. (NYSE: AMD) -- http://www.amd.com/- - provides innovative processing solutions in the computing, graphics and consumer electronics markets. AMD is dedicated to driving open innovation, choice and industry growth by delivering superior customer-centric solutions that empower consumers and businesses worldwide to differ materially from current expectations. 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. GOODYEAR TIRE: Amends US$2.7-Bln & EUR505-Mln Credit Facilities --------------------------------------------------------------- The Goodyear Tire & Rubber Company has closed on an amendment and restatement of three of its credit facilities. Significant changes to the amended and restated agreements include: * with respect to the company's US$1.5-billion asset-based revolving credit facility, an extension of its maturity until 2013, a reduction of the applicable interest rate by between 50 and 75 basis points (depending on availability of undrawn amounts) and a more flexible covenant package. * with respect to the company's US$1.2-billion second lien term loan, an extension of its maturity until 2014, a reduction of the applicable interest rate by 100 basis points (to be further reduced by 25 basis points if Goodyear's credit ratings are BB- and Ba3 or higher) and a more flexible covenant package. * with respect to the company's EUR505-million European credit facility, the conversion of the EUR155-million term loan portion of the existing facility to a revolving facility, an extension of its maturity until 2012, a reduction of the applicable interest rate by 75 basis points (as compared to the existing European revolving facility) and 37.5 basis points (as compared to the existing European term loan) and a more flexible covenant package. "This refinancing action reduces our interest expense, creates additional operational flexibility, extends maturities and helps address our efforts to improve Goodyear's balance sheet," Richard J. Kramer, president, North American Tire and chief financial officer, said. "We anticipate annualized interest expense savings of US$15 million to US$20 million." Headquartered in Akron, Ohio, Goodyear Tire and Rubber Company (NYSE:GT) -- http://www.goodyear.com/-- manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs more than 75,000 people worldwide. The company's European operation is headquartered in Belgium. * * * As reported in the Troubled Company Reporter on April 10, 2007, Fitch Ratings has affirmed ratings for The Goodyear Tire & Rubber Company, including 'B' Issuer Default Rating; 'BB/RR1' rating of its US$1.5 billion first-lien credit facility; 'BB/RR1' rating of its US$1.2 billion second-lien term loan; 'B/RR4' rating of its US$300 million third-lien term loan; 'B/RR4' rating of its US$650 million third-lien senior secured notes; and 'CCC+/RR6' Senior unsecured debt rating. GOODYEAR TIRE: Bondholders Have Until June 29 to Convert Notes -------------------------------------------------------------- The Goodyear Tire & Rubber Company said that its 4% Convertible Senior Notes due June 15, 2034, are now convertible at the option of the holders and will remain convertible through June 29, 2007, the last business day of the current fiscal quarter. The notes became convertible because the last reported sale price of the company's common stock for at least 20 trading days during the 30 consecutive trading-day period ending on April 17 (the 11th trading day of the current fiscal quarter) was greater than 120% of the conversion price in effect on such day. The notes have been convertible in previous fiscal quarters. The company will deliver shares of its common stock or pay cash upon conversion of any notes surrendered prior to June 29. If shares are delivered, cash will be paid in lieu of fractional shares only. Issued in June 2004, the notes are currently convertible at a rate of 83.0703 shares of common stock per US$1,000 principal amount of notes, which is equal to a conversion price of US$12.04 per share. There is around US$350 million in aggregate principal amount of notes outstanding. If all outstanding notes are surrendered for conversion, the aggregate number of shares of common stock issued would be around 29 million. The notes could be convertible after June 30 if the sale price condition described above is met in any future fiscal quarter or if any of the other conditions to conversion set forth in the indenture governing the notes are met. Headquartered in Akron, Ohio, Goodyear Tire and Rubber Company (NYSE:GT) -- http://www.goodyear.com/-- manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs more than 75,000 people worldwide. The company's European operationis headquartered in Belgium. * * * As reported in the Troubled Company Reporter on April 10, 2007, Fitch Ratings has affirmed ratings for The Goodyear Tire & Rubber Company, including 'B' Issuer Default Rating; 'BB/RR1' rating of its US$1.5 billion first-lien credit facility; 'BB/RR1' rating of its US$1.2 billion second-lien term loan; 'B/RR4' rating of its US$300 million third-lien term loan; 'B/RR4' rating of its US$650 million third-lien senior secured notes; and 'CCC+/RR6' Senior unsecured debt rating. =========== C Y P R U S =========== BANK OF CYPRUS: Trades 328,963 New Shares in Cyprus & Greece ------------------------------------------------------------ Bank of Cyprus Public Co. Ltd. will introduce for trading 328,963 new ordinary shares on the Cyprus Stock Exchange and the Athens Exchange on April 25, resulting from the recent increase in share capital by CYP164,481.50. The new shares were the result of the 328,963 share options exercise conducted on March 31, by 495 beneficiaries at the exercise price of CYP3.26 per new share. After the increase, the Bank's share capital amounts to CYP277,084,055 divided into 544,168,110 ordinary shares, of a nominal value of CYP0.50 each. The listing of the new shares was approved by the Boards of Directors of the Cyprus Stock Exchange and the Athens Exchange at their meetings on April 19. As of April 25, the opening price of the Bank's shares on the Athens Exchange will be adjusted according to the Regulation of the Athens Exchange. As of the same date, the new shares will be credited in the Dematerialised Securities System (DSS) accounts of the beneficiaries who have elected to have their shares registered on the DSS. About Bank of Cyprus Headquartered in Nicosia, Cyprus, Bank of Cyprus (fka Bank of Cyprus Ltd., (the Bank)) -- http://www.bankofcyprus.com/-- offers a wide range of financial products and services, which include banking services in Cyprus, Greece, United Kingdom, Australia and Channel Islands, finance, leasing, factoring, brokerage, fund management, general and life insurance services in Cyprus and Greece, and investment banking services in Cyprus. * * * As reported in the TCR-Europe on Nov. 10, 2006, Moody's Investors Service changed to positive from stable the outlooks for the Baa1 foreign currency long-term deposit rating and D+ financial strength rating assigned to Bank of Cyprus Public Company Ltd. Also changed to positive from stable, are the outlooks for BOC's Baa1 foreign currency senior debt and Baa2 foreign currency subordinated debt ratings. At the same time, Moody's affirmed the Prime-2 for both foreign currency short- term deposits and for commercial paper. =========== F R A N C E =========== ALCATEL-LUCENT: Posts EUR260-Million Operating Loss for Q1 2007 --------------------------------------------------------------- Alcatel-Lucent posted EUR260 million in adjusted operating loss on EUR3.9 billion in net revenues for the first quarter of 2007. The company attributed the operating loss to lower revenues, mix effect as well as investments in WCDMA and in the converged core portfolio. "It has been four months since we completed the merger, and we are making good progress in terms of our integration. The technology choices have been finalized and the combined company's portfolio communicated to our customers," Patricia Russo, CEO of Alcatel-Lucent said. "Concerning our cost saving plans, the net headcount reductions, before recently announced managed services contract wins, are around 1,900 during the quarter, 15% of the three-year target of 12,500. Associated cost savings will be incorporated in our operating results going forward." "We will comment on our outlook for 2007 when we announce earnings with more detail on May 11," Ms. Russo added. The quarterly earnings press and analyst conference call will take place at 1:00 p.m. CET on May 11. About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia. On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed their merger transaction, and began operations as a communication solutions provider under the name Alcatel-Lucent on Dec. 1, 2006. * * * In a TCR-Europe report on April 13, Fitch Ratings affirmed Alcatel-Lucent's ratings at Issuer Default 'BB' with a Stable Outlook, senior unsecured 'BB' and Short-term 'F2' and simultaneously withdrawn them. As of Feb. 7, 2007, Moody's Investor Services puts a Ba2 rating on Alcatel's Corporate Family and Senior Debt rating. Lucent carries Moody's B1 Senior Debt rating and B2 Subordinated debt & trust preferred rating. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. RHODIA SA: Increases Size of Offering to EUR595 Million ------------------------------------------------------- Rhodia S.A. disclosed the full exercise of the over-allotment (greenshoe) option by the global coordinators, joint lead managers and joint bookrunners, increasing the size of the offering to EUR595.1 million, corresponding to 12,372,661 bonds. This follows the successful placement of its bonds convertible and/or exchangeable for new and/or existing shares, which was 15 times oversubscribed. The Global Coordinators, Joint Lead Managers and Joint Bookrunners informed Rhodia that they did not carry out stabilization operation. Settlement-delivery of the bonds is scheduled to take place on April 27, 2007. The bond offering is managed by CALYON, Credit Suisse and Societe Generale Corporate & Investment Banking, Global Coordinators, Joint Lead Managers and Joint Bookrunners and by BNP Paribas and HSBC Bank Plc. as Co-Lead Managers. About Rhodia Headquartered in Paris, France, Rhodia SA (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. Rhodia employs around 19,500 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. * * * As reported in the TCR-Europe on April 23, Moody's Investors Service upgraded Rhodia S.A. corporate family rating to Ba3 and assigned Probability of Default rating for the group at Ba3; Moody's also upgraded senior secured notes at Rhodia S.A. to B1 and assigned LGD assessment at LGD4 (69%). The proposed convertible notes are rated (P)B1, LGD4 (69%). The following ratings of Rhodia S.A. are affected: -- Corporate Family Ratings upgraded to Ba3; -- Probability of Default assigned at Ba3; -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4 (69%); and -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4 (69%). Standard & Poor's Ratings Services raised its long-term corporate credit rating on Rhodia to BB- from B+, and its long- term debt rating on the group to B from B-. At the same time, Standard & Poor's assigned its B senior unsecured debt rating to Rhodia's proposed new bond, which will be used for refinancing purposes. XEROX CORP: Earns US$233 Million in First Quarter 2007 ------------------------------------------------------ Xerox Corporation earned US$233 million of net income on US$3.8 billion of total revenues for the three months ended March 31, 2007, compared with a US$200 million net income on US$3.7 billion in total revenues for the same quarter of 2006. The company's earnings include a US$23 million charge to reflect its share of a restructuring charge recorded by Fuji Xerox Co. Ltd. Total revenue of US$3.8 billion grew 4 percent in the first quarter. Post-sale and financing revenue -- Xerox's annuity streams that represent more than 70 percent of total revenue -- increased six percent. The growth was largely driven by a seven-percent increase in post-sale revenue from digital systems. Both total revenue and post-sale revenue included a currency benefit of three percentage points. At March 31, 2007, the company's balance sheet showed total assets of US$21.4 billion, total liabilities of US$14.3 billion, and a stockholders' equity of US$7.1 billion. This is compared with the company's Dec. 31, 2006 balance sheet, which showed total assets of US$21.7 billion, total liabilities of US$14.6 billion, and a US$7 billion stockholders' equity. New Products Boost Sales "Xerox's growth strategy focuses on increasing our install base of digital technology through new products and broader distribution, strengthening our leadership in color, and expanding our services business. Success in these areas builds a healthy annuity stream that serves our company well for the long term," said Anne M. Mulcahy, Xerox chairman and chief executive officer. "Our results in the first quarter show that the strategy is working. We delivered solid activity gains, grew color revenue, and signed big deals for Xerox's document management services -- all of which contribute to steady annuity growth." "Along with progress on the top line, excellent operational performance and improved margins led to a 17 percent increase in net income and earnings that exceeded our expectations," added Mulcahy. A fundamental measure of Xerox's business is increasing the number of Xerox systems installed in customers' workplaces. This installation activity generates sales of supplies and services that are expected to drive gains in post-sale revenue. As Xerox accelerated activity in key markets during the first quarter, the continued impact of pricing declines put pressure on equipment sales, which were down 2% including a two-point benefit from currency. Since the beginning of the year, Xerox has introduced 19 new products, half of which are color products, surpassing the 14 total product launches in 2006. The company plans to more than double its number of product launches this year. More than two- thirds of Xerox's equipment sales come from products launched in the past two years. Xerox is growing color revenue through the industry's broadest portfolio of color presses, printers and multifunction devices, and new marketing campaigns that promote quality and affordability. Revenue from color grew 17 percent in the first quarter and now represents 37 percent of Xerox's total revenue, up 4 points from the first quarter of 2006. Xerox color presses produce the highest volume of pages in the industry and last year more than 30 billion color pages were printed on Xerox technology. In the first quarter, color pages contributed to a 21 percent increase in post-sale revenue from color. Xerox services help businesses simplify work processes, manage office technology and in-house print shops, digitize paper files, create digital archives and much more. Through multiyear, multimillion-dollar contracts, the company's document management services generated nearly US$800 million in annuity revenue in the first quarter, a 10 percent increase in post-sale revenue from services. Xerox's production business provides commercial printers and document-intensive industries with high-speed digital printing and services that enable on-demand, personalized printing. Total production revenue increased five percent in the first quarter including a 4-point currency benefit. Installs of production black-and-white systems declined seven percent with growth in light production and continuous feed only partially offsetting declines in higher-end production printing. Production color installs grew four percent reflecting strong activity for the Xerox iGen3(R) Digital Production Press and continued demand for the DocuColor(R) 5000. Xerox's office business provides document technology and services for businesses of any size. Total office revenue was up 2 percent in the first quarter including a two-point currency benefit. Installs of office black-and-white systems were down five percent due to activity declines for desktop devices, which were only partially offset by 11 percent growth in the company's mid-range line of multifunction devices. Strong demand for Xerox's color WorkCentre(R) families led to a 71 percent increase in install activity for color multifunction systems. In addition to new product and service offerings, Xerox is making aggressive moves to expand its presence in the fast growing small and mid-size business market. Earlier this month, Xerox agreed to acquire Global Imaging Systems for US$1.5 billion, which, upon closing, will give Xerox access to about 200,000 new customers and increase its U.S. distribution to SMB customers by more than 50 percent. Expected to close in mid- May, the acquisition of Global Imaging builds on Xerox's announcement in February to increase its investments in sales channels by providing more offerings to value-added resellers and independent agents. "We're playing offense in the marketplace and we're playing to win," said Mulcahy. About Xerox Corp. Based in Stamford, Connecticut, Xerox Corporation (NYSE: XRX) -- http://www.xerox.com/-- develops, manufactures and markets document processing systems and related supplies and provides consulting and outsourcing document management services. The company maintains operations in France, Japan, Italy, Nicaragua, among others. * * * As reported in the Troubled Company Reporter on Jan. 31, 2007, Standard & Poor's Ratings Services revised its rating outlook on Stamford, Connecticut-based Xerox Corp. to positive from stable. Ratings on the company, including the 'BB+' long-term and 'B-1' short-term corporate credit ratings, were affirmed. As reported in the Troubled Company Reporter on Apr. 4, 2007, Xerox and Global Imaging Systems Inc. entered into a definitive agreement for Xerox to acquire Global Imaging for US$29 per share in cash. The total purchase price is expected to be about US$1.5 billion. The move prompted Standard & Poor's Ratings Services to place its ratings on Xerox Corp., including the 'BB+' corporate credit rating, on CreditWatch with positive implications. According to S&P credit analyst Molly Toll Reed, the CreditWatch placement reflects S&P's expectation that Xerox has the ability to fund the acquisition with a combination of existing cash and short-term debt, with negligible impact on Xerox's financial profile by the end of fiscal 2007. Following completion of the acquisition, which is expected to occur in the second quarter of fiscal 2007, the corporate credit rating would be raised to 'BBB-' with a stable outlook, the rating agency said. ============= G E R M A N Y ============= A.H. BROSE: Claims Registration Period Ends May 15 -------------------------------------------------- Creditors of A.H. Brose Transport- und Baustoffhandels GmbH have until May 15 to register their claims with court-appointed insolvency manager Georg Bernsau. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Dr. Georg Bernsau Beethovenstr. 5 76133 Karlsruhe Germany Tel: (0721) 98 56 750 The District Court of Karlsruhe opened bankruptcy proceedings against A.H. Brose Transport- und Baustoffhandels GmbH on April 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: A.H. Brose Transport- und Baustoffhandels GmbH Rhode-Island-Allee 100 76149 Karlsruhe Germany AUTO- PLETZER: Claims Registration Period Ends June 4 ----------------------------------------------------- Creditors of Auto- Pletzer GmbH have until June 4 to register their claims with court-appointed insolvency manager Frank Imberger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 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 Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Frank Imberger Huestrasse 34 44787 Bochum Germany The District Court of Bochum opened bankruptcy proceedings against Auto- Pletzer GmbH on April 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Auto- Pletzer GmbH Becke 3 45527 Hattingen Germany Attn: Hans-Joachim Boesner, Manager Magdalenenstr. 1 44803 Bochum Germany AUTOHAUS - EGGER: Claims Registration Period Ends May 31 -------------------------------------------------------- Creditors of Autohaus - Egger GmbH have until May 31 to register their claims with court-appointed insolvency manager Karl-Heinrich Lorenz. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 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 Ludwigshafen am Rhein Meeting Hall 13 Wittelsbachstr. 10 67061 Ludwigshafen am Rhein 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 Ludwigshafen am Rhein opened bankruptcy proceedings against Autohaus - Egger GmbHon March 30. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Karl-Heinrich Lorenz Theodor-Heuss-Anlage 12 68165 Mannheim Germany The Debtor can be reached at: Autohaus - Egger GmbH Attn: Andreas Egger, Manager Bruchwiesenstrasse 7 67059 Ludwigshafen Germany AUTOHAUS BOESNER: Claims Registration Period Ends May 18 -------------------------------------------------------- Creditors of Autohaus Boesner GmbH have until May 18 to register their claims with court-appointed insolvency manager Frank Imberger. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on June 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum 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 Bochum opened bankruptcy proceedings against Autohaus Boesner GmbH on March 30. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Frank Imberger Huestrasse 34 44787 Bochum Germany The Debtor can be reached at: Autohaus Boesner GmbH Herner Str. 221 - 223 44809 Bochum Germany Attn: Hans-Joachim Boesner, Manager Magdalenenstr. 1 44803 Bochum Germany AUTOHAUS KOCH: Claims Registration Period Ends May 2 ---------------------------------------------------- Creditors of Autohaus Koch GmbH & Co. KG have until May 2 to register their claims with court-appointed insolvency manager Dr. Alexander Hoepfner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 16, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Hall 4.308 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 District Court of Darmstadt opened bankruptcy proceedings against Autohaus Koch GmbH & Co. KG on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Dr. Alexander Hoepfner Darmstaedter Str. 43 64646 Heppenheim Germany Tel: 06252-6739988 Fax: 06252-6739989 The Debtor can be reached at: Autohaus Koch GmbH & Co. KG Berliner Ring 149 64625 Bensheim Germany Attn: Autohaus Koch Verwaltungs GmbH Darmstaedter Strasse 2 64319 Pfungstadt Germany BERFRA BUCHDIENST: Creditors' Meeting Slated for May 15 ------------------------------------------------------- The court-appointed insolvency manager for BerFra Buchdienst GmbH + Co. KG, Petra Hilgers, will present her first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m. on May 15. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Second Stock Hall 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:15 a.m. on Sept. 11, at the same venue. Creditors have until July 10 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Petra Hilgers Goethestr. 85 10623 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against BerFra Buchdienst GmbH + Co. KG on April 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BerFra Buchdienst GmbH + Co. KG Jagerstrasse 70 10117 Berlin Germany BEROLINA MARKETING: Claims Registration Period Ends May 24 ---------------------------------------------------------- Creditors of Berolina Marketing & Event GmbH have until May 24 to register their claims with court-appointed insolvency manager Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Dr. Joerg Nerlich Louise-Dumont-Str. 25 40211 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Berolina Marketing & Event GmbH on April 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Berolina Marketing & Event GmbH Berliner Allee 46 40212 Duesseldorf Germany Attn: Markus Kurz, Manager Schillerstr. 2 40237 Duesseldorf Germany CABLE ONE: Claims Registration Period Ends May 31 ------------------------------------------------- Creditors of Cable One GmbH have until May 31 to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 8:45 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 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 contacted at: Andreas Sontopski Gnoiener Platz 1 48493 Wettringen Germany Tel: 02557/9384-0 Fax: +492557938450 The District Court of Muenster opened bankruptcy proceedings against Cable One GmbH on April 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Cable One GmbH Attn: Alexandra Pliet, Manager Ginsterweg 4 48496 Hopsten Germany CLS EXPRESS: Claims Registration Period Ends June 28 ---------------------------------------------------- Creditors of CLS Express Logistics Muenchen GmbH have until June 28 to register their claims with court-appointed insolvency manager Rolf G. Pohlmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Rolf G. Pohlmann Richard-Strauss-Str. 69 81677 Munich Germany Tel: (089)548033-0 Fax: (089)548033-111 The District Court of Munich opened bankruptcy proceedings against CLS Express Logistics Muenchen GmbH on April 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: CLS Express Logistics Muenchen GmbH Attn: Marcus Kahlki, Manager Johann-Kotschwara-Str. 6 85716 Unterschleissheim Germany CUCINE INTERIOR: Creditors' Meeting Slated for May 22 ----------------------------------------------------- The court-appointed insolvency manager for Cucine Interior Engineering GmbH, Juergen Spliedt, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:55 a.m. on May 22. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Second Stock Hall 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 10:30 a.m. on Sept. 4, at the same venue. Creditors have until July 3 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Juergen Spliedt Uhlandstr. 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Cucine Interior Engineering GmbH on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cucine Interior Engineering GmbH Stolbergstr. 4 12103 Berlin Germany DAIMLERCHRYSLER AG: Unions Remain Opposed to Chrysler Sale ---------------------------------------------------------- Representatives from the United Auto Workers, the Canadian Auto Workers and IG Metall unions reiterated their opposition to DaimlerChrysler AG's plan to sell Chrysler Group, especially if private equity groups take over, Gina Chon reports for The Wall Street Journal. The union leaders said "it made absolute sense to hold on to Chrysler" in the wake of a restructuring plan and new product launches as they made their case during a meeting in Germany with DaimlerChrysler Chief Executive Dieter Zetsche, the WSJ states. However, Ms. Chon notes that the labor representatives learned nothing new about the looming sale as Dr. Zetsche repeated what he has said publicly: The company is talking to potential partners and all options were on the table. The TCR-Europe reported on April 24 that UAW members, who have proposed a 70% employee-stock-ownership plan for Chrysler, met with representatives of billionaire investor Kirk Kerkorian's Tracinda Corp., which has submitted a US$4.5 billion bid for the U.S. unit. The company is presently negotiating with all Chrysler bidders, including Cerberus Capital Management LP; joint bidders Blackstone Group and Centerbridge Capital Partners LP; and the tandem of Magna International Inc. and Onex Corp., but has ignored Tracinda Corp. 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. EIGENHEIMBAU GMBH: Claims Registration Period Ends May 11 --------------------------------------------------------- Creditors of Eigenheimbau GmbH & Co. KG have until May 11 to register their claims with court-appointed insolvency manager Heiko Rautmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on 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 Magdeburg Justizzentrum Magdeburg Breiter Weg 203 - 206 39104 Magdeburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Heiko Rautmann Editharing 31 39108 Magdeburg Germany Tel: 0391/5066030 Fax: 0391/5066033 E-mail: Heiko.Rautmann@gmx.de The District Court of Magdeburg opened bankruptcy proceedings against Eigenheimbau GmbH & Co. KG on April 3. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Eigenheimbau GmbH & Co. KG Attn: Detlef Rapmund, Manager St�cken 9 38820 Halberstadt Germany ERDMANN DACHDECKER: Claims Registration Ends May 18 --------------------------------------------------- Creditors of Erdmann Dachdecker Gesellschaft mbH have until May 18 to register their claims with court-appointed insolvency manager Andreas Achterberg. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on June 18, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Muehlhausen Hall 35 Untermarkt 17 Muehlhausen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Achterberg Kreuzgraben 1a 99974 Muehlhausen Germany The District Court of Muehlhausen opened bankruptcy proceedings against Erdmann Dachdecker Gesellschaft mbH on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Erdmann Dachdecker Gesellschaft mbH GF Uwe Erdmann Dorfstrasse 21 99991 Heroldishausen Germany ESWO GMBH: Claims Registration Ends May 7 ----------------------------------------- Creditors of ESWO GmbH have until May 7 to register their claims with court-appointed insolvency manager Hans-Wilhelm Bauer. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Regensburg Room 105 Augustenstr. 5 Regensburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Wilhelm Bauer Emmeramsplatz 6 93047 Regensburg Germany Tel: 0941/29680-46 Fax: 0941/2968045 The District Court of Regensburg opened bankruptcy proceedings against ESWO GmbH on April 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ESWO GmbH Goerlitzer Str. 30 93309 Kelheim Germany F.I.S. Food: Claims Registration Ends May 25 -------------------------------------------- Creditors of F.I.S. Food Ingredients Service GmbH have until May 25 to register their claims with court-appointed insolvency manager Stephan Neubauer. Creditors and other interested parties are encouraged to attend the meeting at 12:45 p.m. on June 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stephan Neubauer Spitalerstrasse 4 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against F.I.S. Food Ingredients Service GmbH on March 29. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: F.I.S. Food Ingredients Service GmbH Chilehaus A Fischertwiete 2 20095 Hamburg Germany HK DIENSTLEISTUNGEN: Claims Registration Ends May 21 ---------------------------------------------------- Creditors of HK Dienstleistungen GmbH have until May 21 to register their claims with court-appointed insolvency manager Dr. Jan Markus Plathner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Darmstadt Hall 14 First 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 reached at: Dr. Jan Markus Plathner Lyoner Strasse 14 60528 Frankfurt Germany Tel: 069/962334-0 Fax: 069/962334-22 E-mail: m.plathner@brinkmann-partner.de The District Court of Darmstadt opened bankruptcy proceedings against HK Dienstleistungen GmbH on April 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HK Dienstleistungen GmbH Westring 13 64832 Babenhausen Germany HOLZ & FORM: Claims Registration Ends May 30 -------------------------------------------- Creditors of Holz & Form Berse GmbH have until May 30 to register their claims with court-appointed insolvency manager Angela Gerigk. 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 her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 186 First Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Angela Gerigk Katharinenstr. 7 46282 Dorsten Germany The District Court of Essen opened bankruptcy proceedings against Holz & Form Berse GmbH on April 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Holz & Form Berse GmbH Attn: Bernd Berse, Manager Annabergstr. 75 45721 Haltern am See Germany HVG ELECTRONIC: Claims Registration Ends May 31 ----------------------------------------------- Creditors of HVG Electronic GmbH have until May 31 to register their claims with court-appointed insolvency manager Michael George. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on July 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Muehldorf a. Inn Hall 112 Innstrasse 1 Muehldorf a. Inn 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 George Hans-Urmiller-Ring 11 82515 Wolfratshausen Germany The District Court of Muehldorf a. Inn opened bankruptcy proceedings against HVG Electronic GmbH on April 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HVG Electronic GmbH Attn: Petronilla Gewande, Manager Traunreuter Strasse 12 84478 Waldkraiburg Germany HWSP GMBH: Claims Registration Ends May 31 ------------------------------------------ Creditors of HWSP GmbH & Co. KG have until May 31 to register their claims with court-appointed insolvency manager Achim Thomas Thiele. Creditors and other interested parties are encouraged to attend the meeting at 8:35 a.m. on June 21, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Achim Thomas Thiele Bronnerstrasse 7 44141 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against HWSP GmbH & Co. KG on April 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HWSP GmbH & Co. KG Freie-Vogel-Str. 393 44269 Dortmund Germany KEMA GMBH: Claims Registration Period Ends May 15 ------------------------------------------------- Creditors of KeMa GmbH have until May 15 to register their claims with court-appointed insolvency manager Tobias Sorg. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on May 29, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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 District Court of Goeppingen opened bankruptcy proceedings against KeMa GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Tobias Sorg c/o LaW Rechtsanwaelte Olgastrasse 83-85 89073 Ulm Germany Tel: 0731/1450240 Fax: 0731/1450280 The Debtor can be reached at: KeMa GmbH Attn: Werner Karl Seiler, Manager Br�ckenstrasse 34 73037 Goeppingen Germany INKOBA GMBH: Creditors Must Register Claims by May 29 ----------------------------------------------------- Creditors of INKOBA GmbH Ingenieurb�ro f�r komplexe Bauplanung have until May 29 to register their claims with court-appointed insolvency manager Herbert Feigl. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 26, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Herbert Feigl Hansering 1 D 06108 Halle Germany Tel: 0345/212220 Fax: 0345/2122222 The District Court of Halle-Saalkreis opened bankruptcy proceedings against INKOBA GmbH Ingenieurb�ro f�r komplexe Bauplanung on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: INKOBA GmbH Ingenieurb�ro f�r komplexe Bauplanung Neust�dter Passage 6 06122 Halle Germany KLOECKNER & CO: Moody's Lifts Corporate Family Rating to Ba2 ------------------------------------------------------------ Moody's Investors Service upgraded the corporate family rating of Kloeckner & Co. AG to Ba2 and the rating of the senior notes issued by Kloeckner Investment SCA to B1. The outlook on both ratings has been changed to stable. "Kloeckner has significantly reduced its indebtedness since the IPO in mid-2006 and at the same time the company's performance has been and is expected to remain positive," said Matthias Hellstern, analyst at Moody's. The rating upgrade is based on Moody's expectation that the improvement in capital structure that Kloeckner has achieved over the last 12 months will be sustainable, even including increased indebtedness following the acquisition of U.S. steel distributor Primary Steel, and, together with good prospects for the current year, will lead to a sustainable leverage of debt/EBITDA of below 3.0x and stable or further improving margins. A further upgrade could be warranted if the current business environment remains positive into 2008, and if Kloeckner: (i) achieves its further cost reduction plans leading to higher and more stable margins; (ii) reduces leverage to levels below 2.5x Debt/EBITDA; and (iii) generates funds from operations while maintaining modest dividend payments which should support a retained cash flow/Debt in the high teens on a sustainable basis. Given the volatility of key credit parameters in the recent past, an upgrade will also need to take into account the demonstrated track record of key metrics being sustainably in the above mentioned target ranges for a Ba1 rating. The intended implementation of a syndicated loan which is used to refinance certain of the company's bilateral loans leads to a slight change in the LGD Rate from 92% to 95%, but has no implications on the overall notching of the bond. Downgrades: * Issuer: Kloeckner Investment S.C.A. -- Senior Subordinated Regular Bond/Debenture, Downgraded to 95-LGD6 from 92-LGD6 Upgrades: * Issuer: Kloeckner & Co. AG -- Corporate Family Rating, Upgraded to Ba2 from Ba3 * Issuer: Kloeckner Investment S.C.A. -- Senior Subordinated Regular Bond/Debenture, Upgraded to B1 from B2 Outlook Actions: * Issuer: Kloeckner & Co. AG -- Outlook, Changed To Stable From Positive * Issuer: Kloeckner Investment S.C.A. -- Outlook, Changed To Stable From Positive Headquartered in Duisburg, Germany, Kloeckner & Co. AG is one of the leading independent steel and metal distributors in the European and North American markets. For the financial year ended 2006, the company reported sales of EUR5.5 billion and operating profit of EUR312 million. KOEHLER MASSIVHAUS: Creditors Must Register Claims by May 24 ------------------------------------------------------------ Creditors of Koehler Massivhaus und Sanierungs GmbH have until May 24 to register their claims with court-appointed insolvency manager Michael Wilkens. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 25, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Schwerin Meeting Hall 7 Demmlerplatz 14 Schwerin 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 Wilkens Elbchaussee 140 22763 Hamburg Germany The District Court of Schwerin opened bankruptcy proceedings against Koehler Massivhaus und Sanierungs GmbH on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Koehler Massivhaus und Sanierungs GmbH Attn: Thomas Koehler, Manager Turnerweg 4c 23966 Wismar Germany LIN-TEC LINDAU: Creditors Must Register Claims by June 1 -------------------------------------------------------- Creditors of LIN-TEC Lindau-Entsorgungstechnik GmbH have until June 1 to register their claims with court-appointed insolvency manager Erich Hoelzemann. Creditors and other interested parties are encouraged to attend the meeting at 8: 30 a.m. on June 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 13 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Erich Hoelzemann Goethestr. 2 59065 Hamm Germany Tel: 02381/924200 Fax: +4923819242020 The District Court of Muenster opened bankruptcy proceedings against LIN-TEC Lindau-Entsorgungstechnik GmbH on April 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: LIN-TEC Lindau-Entsorgungstechnik GmbH Schinkelstrasse 82 59227 Ahlen Germany MICRO RESULT: Claims Registration Period Ends May 25 ---------------------------------------------------- Creditors of Micro Result GmbH have until May 25 to register their claims with court-appointed insolvency manager Dirk Wittkowski. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Cottbus Hall 210 Gerichtsplatz 2 Cottbus Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Dirk Wittkowski Kirchblick 11 14129 Berlin Germany The District Court of Cottbus opened bankruptcy proceedings against Micro Result GmbH on April 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Micro Result GmbH Am Teufels-teich 2 03185 Peitz Germany MOEBELHOF N.O.L.: Creditors Must Register Claims by May 23 ---------------------------------------------------------- Creditors of Moebelhof N.O.L. GmbH have until May 23 to register their claims with court-appointed insolvency manager Henning Schorisch. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on July 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 Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Henning Schorisch Wasastrasse 15 01219 Dresden Germany The District Court of Dresden opened bankruptcy proceedings against Moebelhof N.O.L. GmbH on April 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Moebelhof N.O.L. GmbH Salomonstr. 19 02926 Goerlitz Germany PARGA DIENSTLEISTUNG: Creditors Meeting Slated for June 1 --------------------------------------------------------- The court-appointed insolvency manager for PARGA Dienstleistung GmbH, Udo Feser, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on June 1. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Second Stock Hall 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:35 a.m. on Sept. 7 at the same venue. Creditors have until July 13 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Udo Feser Uhlandstr. 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against PARGA Dienstleistung GmbH on April 5. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PARGA Dienstleistung GmbH Berliner Allee 211 13088 Berlin Germany PARKDACHTECHNIK POBURSKI: Creditors Must File Claims by June 1 -------------------------------------------------------------- Creditors of Parkdachtechnik Poburski GmbH have until June 1 to register their claims with court-appointed insolvency manager Jens-Soeren Schroeder. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on June 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jens-Soeren Schroeder Raboisen 38 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Parkdachtechnik Poburski GmbH on April 4. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Parkdachtechnik Poburski GmbH Attn: Dietrich Poburski, Manager Randersweide 69-73 21035 Hamburg Germany PEN + PAPER: Claims Registration Period Ends May 16 --------------------------------------------------- Creditors of PEN + PAPER Handels GmbH have until May 16 to register their claims with court-appointed insolvency manager Thorsten Konrad. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on July 2, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mannheim Area 232 Second Floor West Wing Schloss 68149 Mannheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thorsten Konrad Saarburger Ring 10-12 68229 Mannheim Germany Tel: 0621/483240 The District Court of Mannheim opened bankruptcy proceedings against PEN + PAPER Handels GmbH on April 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PEN + PAPER Handels GmbH Industriestr. 8 68542 Heddesheim Germany PRIVATBANK REITHINGER: Owner Charged with Concerted Tax Evasion --------------------------------------------------------------- Klaus Thannhuber, owner of insolvent Privatbank Reithinger GmbH & Co. KG, and four other defendants are facing concerted tax evasion charges, which the Bielefeld district court in Germany must either accept or reject, The Financial Times reports, citing Suddeutsche Zeitung as its source. Financial agencies allegedly sold stakes in Euranova, a German property cooperative, to mostly low-earning investors, promising that they would obtain housing grants without the obligation to build or purchase property, Suddeutsche Zeitung reveals. The agencies then created a cash circulation system through accounts with Privatbank Reithinger, through which payment installments of the participants in the cooperative were faked. According to the report, unmerited housing grants were allegedly paid out in a total of 1,707 cases. Mr. Thannhuber, however, has consistently denied all the claims. About Privatbank Reithinger Headquartered in Singen, Germany, Privatbank Reithinger GmbH & Co. KG -- http://www.privatbank-reithinger.de/-- is a private bank that was declared insolvent on Nov. 11, 2006. R. C. GASTRONOMIE: Claims Registration Period Ends June 17 ---------------------------------------------------------- Creditors of R. C. Gastronomie GmbH i. L. have until June 17 to register their claims with court-appointed insolvency manager Hans-Gerd Jauch. Creditors and other interested parties are encouraged to attend the meeting at 9:35 a.m. on July 17, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 1240 12th 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: Hans-Gerd Jauch Sachsenring 81 50677 Cologne Germany Tel: 0221/33660130 Fax: +492213366085 The District Court of Cologne opened bankruptcy proceedings against R. C. Gastronomie GmbH i. L. on April 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R. C. Gastronomie GmbH i. L. Friedrich-Schmidt-Str. 52 a 50933 Cologne Germany SCHIEDER MOEBEL: Secures EUR70-Mln Loan; Averts Insolvency ---------------------------------------------------------- Schieder Moebel Holding GmbH was able to temporarily avert insolvency after its management, creditors and bank lenders agreed on a EUR70-million bridge loan, The Financial Times reports citing Frankfurter Allgemeine Zeitung as its source. According to the report, Deutsche Bank also took part in the negotiations. A TCR-Europe report on April 23 relates that Schieder needs up to EUR65 million in transition financing to guarantee its liquidity. Schieder applied for insolvency proceedings at the District Court of Detmold after incurring debts of nearly EUR300 million due to high capital costs. Headquartered in Herford, Germany, Schieder Moebel Holding GmbH -- http://www.schieder.com/-- is one of the leading furniture designers and manufacturers in Europe. The company has 41 production plants and employs 11,000 people worldwide, 9,000 of which in Poland. It had turnover of EUR950 million in the financial year 2005/06. SCHROTT-VERWERTUNG-BERLIN GMBH: Claims Registration Ends May 31 --------------------------------------------------------------- Creditors of S.V.B. Schrott-Verwertung-Berlin GmbH have until May 31 to register their claims with court-appointed insolvency manager Sebastian Laboga. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on July 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam 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: Sebastian Laboga Einemstrasse 24 10785 Berlin Germany Web site: www.kuebler-gbr.de The District Court of Potsdam opened bankruptcy proceedings against S.V.B. Schrott-Verwertung-Berlin GmbH on April 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S.V.B. Schrott-Verwertung-Berlin GmbH Attn: Bernhard Andreas Hahn, Manager Leibnizring 26 14480 Potsdam Germany SMH-SCHWEISSKONSTRUKTION: Claims Registration Ends May 21 --------------------------------------------------------- Creditors of SMH-Schweisskonstruktion Gesellschaft mbH have until May 21 to register their claims with court-appointed insolvency manager Andreas Fischer. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on July 3, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Baden-Baden Hall 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Fischer Kriegstr. 25 76133 Karlsruhe Germany The District Court of Baden-Baden opened bankruptcy proceedings against SMH-Schweisskonstruktion Gesellschaft mbH on April 13. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SMH-Schweisskonstruktion Gesellschaft mbH Attn: Maria-Eva Hermann, Manager Max-Roth-Str. 1 76571 Gaggenau Germany SPARK GMBH: Claims Registration Period Ends May 29 -------------------------------------------------- Creditors of Spark GmbH have until May 29 to register their claims with court-appointed insolvency manager Dr. Achim Ahrendt. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on June 28, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Tostedt Meeting Room I Area CE.02 Linden 23 21255 Tostedt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Achim Ahrendt Albert-Einstein-Ring 11 22761 Hamburg Germany Tel: 040/899560 Fax: 040/8995641 The District Court of Tostedt opened bankruptcy proceedings against Spark GmbH on April 12. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Spark GmbH Attn: Hans Peter Spark, Manager Estebruegger Str. 10 21614 Buxtehude Germany STEINMETZBETRIEB SCHNEIDER: Claims Registration Ends May 7 ---------------------------------------------------------- Creditors of Steinmetzbetrieb Schneider GmbH have until May 7 to register their claims with court-appointed insolvency manager Dr. Mark Schuessler. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Mannheim Hall 232 Second Floor Schloss 68149 Mannheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The District Court of Mannheim opened bankruptcy proceedings against Steinmetzbetrieb Schneider GmbH on April 1. Consequently, all pending proceedings against the company have been automatically stayed. The insolvency manager can be reached at: Dr. Mark Schuessler Bismarckstr. 4 69469 Weinheim Germany Tel: 06201/994424 The Debtor can be reached at: Steinmetzbetrieb Schneider GmbH Attn: Ingo Schneider, Manager Auf der Entenweide 25 69502 Hemsbach und Mittelstr. 50-52 69514 Laudenbach Germany WALTER COHRS: Claims Registration Period Ends June 6 ---------------------------------------------------- Creditors of Walter Cohrs Agrar-Agentur GmbH have until June 6 to register their claims with court-appointed insolvency manager Henning Samisch. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg 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: Henning Samisch Muehlenkamp 59 D 22303 Hamburg Germany Tel: 040650390 Fax: 04065039199 The District Court of Lueneburg opened bankruptcy proceedings against Walter Cohrs Agrar-Agentur GmbH on April 10. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Walter Cohrs Agrar-Agentur GmbH Deichstrasse 4 21423 Winsen/Luhe Germany Attn: Walter Cohrs, Manager Auestieg 22 21442 Tangendorf Germany YACHT MANAGEMENT: Claims Registration Period Ends May 15 -------------------------------------------------------- Creditors of Yacht Management Wernicke GmbH have until May 15 to register their claims with court-appointed insolvency manager Yorck Eymelt. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Yorck Eymelt Verspoel 12 48143 Muenster Germany Tel: 0251/41701-0 Fax: +492514170160 The District Court of Muenster opened bankruptcy proceedings against Yacht Management Wernicke GmbH on April 11. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Yacht Management Wernicke GmbH Attn: Jens-Thomas Wernicke, Manager Hoersterstrasse 35 48143 Muenster Germany ============= I R E L A N D ============= AFFILIATED COMPUTER: Darwin Deason Raises Bid to US$62 Per Share ---------------------------------------------------------------- Affiliated Computer Services Inc. has received a revised proposal from Darwin Deason, chairman of the board of ACS, and Cerberus Capital Management LP, to acquire, for a cash purchase price of US$62 per share, all of the outstanding shares of the company's common stock, other than certain shares and options held by Mr. Deason and members of the company's management team that would be rolled into equity securities of the acquiring entity in connection with the proposed transaction. Mr. Deason's original offer was US$59.25 per share. A special committee of independent directors formed by the board of directors to evaluate the company's strategic alternatives, including the proposal from Mr. Deason and Cerberus, expects to make a recommendation to the board after its consideration of all strategic alternatives, including the proposal and all others received, in due course. The special committee continues to have concerns about the Deason/Cerberus proposal and the sale process that it outlines, particularly with regard to the unchanged exclusivity arrangement that the independent directors asked to be voided on March 21, 2007. The special committee has written a letter to Mr. Deason seeking clarification with respect to several issues of concern. About Cerberus Capital Management Headquartered in New York City, and established in 1992, Cerberus Capital Management LP is one of the world's leading private investment firms with around US$25 billion of capital under management in funds and accounts. Through its team of investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform its portfolio companies into industry leaders for long-term success and value creation. Cerberus has offices in Los Angeles, Chicago and Atlanta, well as advisory offices in London, Baan, Frankfurt, Tokyo, Osaka and Taipei. About Affiliated Computer Services Headquartered in Dallas, Texas, Affiliated Computer Services Inc. (NYSE: ACS) -- http://www.acs-inc.com/-- is a FORTUNE 500 company. It provides business process outsourcing and information technology solutions to world-class commercial and government clients. The company has more than 58,000 employees supporting client operations in nearly 100 countries. The company has global operations in Brazil, China, Dominican Republic, India, Guatemala, Ireland, Philippines, Poland, and Singapore. * * * As reported in the Troubled Company Reporter on March 29, 2007, Fitch Ratings placed Affiliated Computer Services Inc. on Rating Watch Negative after the proposed offer from Darwin Deason, founder and current chairman of ACS, and Cerberus Capital Management L.P. to acquire the company in a leveraged buyout transaction valued at US$8.2 billion, including existing debt. Ratings affected were (i) Issuer Default Rating 'BB'; (ii) Senior secured revolving credit facility at 'BB'; (iii) Senior secured term loan at 'BB'; and (iv) Senior notes at 'BB-'. CLOVERIE PLC: S&P Lowers Series 2005-55 Debt Rating to B -------------------------------------------------------- Standard & Poor's Ratings Services took 34 rating actions on various U.S. synthetic CDO transactions: -- six ratings were raised and removed from CreditWatch positive; -- 16 ratings were lowered and removed from CreditWatch negative; and -- 12 ratings were lowered and remain on CreditWatch negative. The ratings on all the classes mentioned in this release had been previously placed on CreditWatch negative or CreditWatch positive and were reviewed to determine the appropriate rating action. If the SROC ratio was above 100% at the next higher rating level, S&P raised the rating on the tranche. If the SROC ratio was lower than 100% at the current date and at a 90-day- forward projected date, S&P would lower the rating on the tranche. Rating List Rating Class To From ----- -- ---- ABSpoke 2005-IC Ltd. Fixed rate BBB+ A-/Watch Neg Archstone I PLC 2005-B1 AA+ AA/Watch Pos 2005-B2 AA+ AA/Watch Pos Arlo III Ltd. Series 2005 (Saint James) Notes AA+ AA/Watch Pos Blue Point CDO SPC Series 2005-1 C-1 BBB+ BBB/Watch Pos C-2 BBB+ BBB/Watch Pos Blue Point CDO SPC Series 2005-2 C BBB+ BBB/Watch Pos Cloverie PLC Series 2005-55 Notes B B+/Watch Neg Credit Default Swap Citibank N.A. - HSPI Diversified CDO Fund I Ltd. CA1119131 Tranche A+srb AA-srb/Watch Neg Credit Linked Notes Ltd. 2005-1 Notes A/Watch Neg AA-/Watch Neg Jefferson Valley CDO SPC Series 2006-1 A A+/Watch Neg AA-/Watch Neg B-1 BBB+ A-/Watch Neg B-2 BBB+ A-/Watch Neg Momentum CDO (Europe) Ltd. Series 2005-9 Notes BBB BBB+/Watch Neg Morgan Stanley ACES SPC Series 2006-2 Secured notes A+ AA/Watch Neg Morgan Stanley ACES SPC Series 2006-3 IA A+/Watch Neg AA-/Watch Neg IB A+/Watch Neg AA-/Watch Neg IC A+/Watch Neg AA-/Watch Neg Morgan Stanley ACES SPC Series 2006-4 IA A- A+/Watch Neg IIA BBB BBB+/Watch Neg Morgan Stanley ACES SPC Series 2006-5 IA AA/Watch Neg AA+/Watch Neg Morgan Stanley ACES SPC Series 2006-6 Deferrable sec BBB BBB+/Watch Neg Morgan Stanley ACES SPC Series 2006-7 IA A+/Watch Neg AA/Watch Neg Morgan Stanley ACES SPC Series 2006-10 II AA-/Watch Neg AA/Watch Neg Morgan Stanley ACES SPC Series 2006-14 II AA-/Watch Neg AA/Watch Neg Morgan Stanley ACES SPC Series 2006-16 III BBB- BBB/Watch Neg Morgan Stanley ACES SPC Series 2006-21 IIA AA-/Watch Neg AA/Watch Neg Oban Trust Series 2005-2 A A A+/Watch Neg Oban Trust Series 2006-1 A A/Watch Neg A+/Watch Neg REPACS Trust Series 2006 Mount Ventoux Debt units A+ AA/Watch Neg STEERS Randolph Gate CDO Trust Series 2006-1 Trust unit A AA-/Watch Neg TIERS Missouri Floating Rate Credit Linked Trust Series 2007-1 Certs A+ AA-/Watch Neg Toronto-Dominion Bank (The) Toronto-Dominion Bank CAD48,031,000 Portfolio Credit Linked Notes Prt credit link BB BB+/Watch Neg Tribune Ltd. Series 39 Tranche AA/Watch Neg AA+/Watch Neg =================== K A Z A K H S T A N =================== BS GROUP: Creditors Must File Claims by May 25 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Bs Group insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakshtan ERASYL & K: Creditors' Claims Due May 22 ---------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Erasyl & K insolvent. Creditors have until May 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan JALYN-KOKSHE LLP: Proof of Claim Deadline Slated for May 25 ----------------------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Jalyn-Kokshe insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Akmola Office 75 Auelbekov Str. 126 Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-40-67 JEN LYAN: Claims Registration Ends May 25 ----------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Hu Jen Lyan insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Office 74 Kazybek bi Str. 50 Almaty Kazakhstan Tel: 8 (3272) 72-12-50, 72-18-09 JEZTECHSERVICE & K: Claims Filing Period Ends May 25 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Jeztechservice & K insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakshtan KAMBIZ TRADING: Creditors Must File Claims by May 22 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Kambiz Trading insolvent. Creditors have until May 22 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan KASTER LLP: Creditors' Claims Due May 25 ---------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Kaster insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Momysh-Uly Str. 27 Shymkent South Kazakhstan Kazakhstan MALESTA LLP: Proof of Claim Deadline Slated for May 25 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Malesta insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Office 74 Kazybek bi Str. 50 Almaty Kazakhstan Tel: 8 (3272) 72-12-50, 72-18-09 ORDA-2030 LLP: Claims Registration Ends May 25 ---------------------------------------------- The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Orda-2030 insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of South Kazakhstan Region Momysh-Uly Str. 27 Shymkent South Kazakhstan Kazakhstan SERVICE TECH: Claims Filing Period Ends May 25 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Service Tech insolvent. Creditors have until May 25 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Akmola Office 75 Auelbekov Str. 126 Kokshetau Akmola Kazakhstan Tel: 8 (3162) 25-40-67 =================== K Y R G Y Z S T A N =================== ARES LLC: Creditors' Meeting Slated for May 14 ---------------------------------------------- Creditors of LLC Ares will convene at 10:00 a.m. on May 14 at: Tolstoy Str. 19 Bishkek Kyrgyzstan The Inter-District Court of Bishkek for Economic Issues declared LLC Ares (Case No. ED-1062/06mbs 8) insolvent on Dec. 6, 2006. Subsequently, bankruptcy proceedings were introduced at the company. 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: Misir Halmurzaev Tel: (+996 312) 65-48-15 =================== L U X E M B O U R G =================== PENTA CLO: Moody's Rates EUR13-Million Class E Notes at Ba1 ----------------------------------------------------------- Moody's has assigned definitive credit ratings to the notes issued by Penta CLO 1 S.A., a special purpose company incorporated in Luxembourg. The ratings are: -- EUR240-million Class A-1 Senior Floating Rate Notes due 2024: Aaa; -- EUR26-million Class A-2 Senior Floating Rate Notes due 2024: Aaa; -- EUR48-million Class B Senior Deferrable Floating Rate Notes due 2024: Aa2; -- EUR21-million Class C Senior Subordinated Deferrable Floating Rate Notes due 2024: A2; -- EUR15-million Class D Senior Subordinated Deferrable Floating Rate Notes due 2024: Baa2; -- EUR13-million Class E Senior Subordinated Deferrable Floating Rate Notes due 2024: Ba1; -- EUR5-million Class P Combination Notes due 2024: Aaa; -- EUR5.5-million Class Q Combination Notes due 2024: A2; -- EUR5-million Class R Combination Notes due 2024: A2; and -- EUR8-million Class S Combination Notes due 2024: Baa1. The definitive ratings of the Class A-1, A-2, B, C, D and E Notes address the expected loss posed to investors by the legal final maturity in 2024. The ratings of the Class P, Q and R Combination Notes address the expected loss posed to investors by the legal final maturity as a proportion of the Rated Balance, where the Rated Balance is equal, at any time, to the principal amount of the Combination Notes on the closing date minus the aggregate of all payments made from the closing date to such date, either through interest or principal payments. The rating of the Class S Combination Notes addresses the expected loss posed to investors by the legal final maturity as a proportion of the Rated Balance, where the Rated Balance is equal, at any time, to the principal amount of the Combination Notes on the closing date plus a Rated Coupon of 0.25% per annum minus the aggregate of all payments made from the closing date to such date, either through interest or principal payments. EUR42-million Class F Subordinated Notes due 2024 will be issued but are not rated by Moody's. The definitive ratings assigned by Moody's are primarily based on: -- an assessment of the eligibility criteria and portfolio guidelines applicable to the future additions to the portfolio; -- the protection against losses through the subordination of the more junior classes of notes to the more senior classes of notes; -- the expertise of Partners Group as Sub-Advisor to the Portfolio Manager Penta Management Ltd.; and -- the legal and structural integrity of the issue. This transaction is a high yield collateralized loan obligation related to a EUR400-million portfolio of mostly European senior and mezzanine loans (with a predominance of senior secured loans). This portfolio will partially acquired at closing date and partially during the 12 months ramp-up period in compliance with portfolio guidelines. Thereafter, the portfolio of loans will be actively managed and the portfolio manager will have the option, on behalf of the issuer, to buy or sell loans. Any addition or removal of loans will be subject to a number of portfolio criteria. =========== R U S S I A =========== ALESHKOVSKOYE CJSC: Bankruptcy Hearing Slated for July 12 --------------------------------------------------------- The Arbitration Court of Voronezh will convene at 10:00 a.m. on July 12 to hear the bankruptcy supervision procedure on CJSC Aleshkovskoye (TIN 3630000164). The case is docketed under Case No. A14-1815-2007 9/20b. The Court is located at: The Arbitration Court of Voronezh Room 606 Srednemoskovskaya Str. 77 Voronezh Russia The Debtor can be reached at: CJSC Aleshkovskoye Sovetskaya Str. Aleshki Ternovskiy Voronezh Russia ALITET CJSC: Creditors Must File Claims by May 7 ------------------------------------------------ Creditors of CJSC Alitet (TIN 2801092617) have until May 7 to submit proofs of claim to: G. Chmutina Temporary Insolvency Manager Office 105 Sv. Innokentiya Per. 13 675000 Blagoveshensk Russia The Arbitration Court of Amur will convene on July 26 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A04-802/07-17/39 B. The Debtor can be reached at: OJSC Kamchat-Ryb-Spets-Story Verkhne-Blagoveshenskiy 675006 Amur Russia BALTIC BUILDING: Creditors Must File Claims by May 7 ---------------------------------------------------- Creditors of LLC Baltic Building Company-62 have until May 7 to submit proofs of claim to: A. Zhadnov Temporary Insolvency Manager Post User Box 795 199106 St. Petersburg Russia The Arbitration Court of St. Petersburg and Leningrad will convene at 11:40 a.m. on June 26 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A56-46784/2006. 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 Baltic Building Company-62 Villozi Lomonosovskiy 188508 Leningrad Russia BOGRADSKIY CHEESE: Creditors Must File Claims by May 1 ------------------------------------------------------ Creditors of OJSC Bogradskiy Cheese Factory have until May 1 to submit proofs of claim to: A. Maltsev Temporary Insolvency Manager Kolkhoznaya Str. 45- 36 Abakan Khakasiya Russia The Arbitration Court of Khakasiya commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A74-417/2007. The Court is located at: The Arbitration Court of Khakasiya Post User Box 147 Pushkina Str. 165 Abakan 655017 Khakasiya Russia The Debtor can be reached at: OJSC Bogradskiy Cheese Factory Bograd Khakasiya Russia DOMEN-3 CJSC: Creditors Must File Proofs of Claim by May 7 ---------------------------------------------------------- Creditors of CJSC Domen-3 have until May 7 to submit proofs of claim to: P. Tarasov Insolvency Manager Post User Box 19 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. A56-33294/206. 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 Domen-3 Premise 6N Zakharyevskaya Str. 14 St. Petersburg Russia EAR LLC: Court Names A. Zhadnov as Insolvency Manager ----------------------------------------------------- The Arbitration Court of St. Petersburg and Leningrad appointed A. Zhadnov as Insolvency Manager for LLC Ear. He can be reached at: A. Zhadnov Post User Box 795 199106 St. Petersburg Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A56-45778/2006. 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 Ear Staroya Ladoga Leningrad Russia ENERGO-OIL-GAS-STROY: Bankruptcy Hearing Slated for July 9 ---------------------------------------------------------- The Arbitration Court of Bashkortostan will convene on July 9 to hear the bankruptcy supervision procedure on OJSC Energo-Oil- Gas-Stroy (TIN 0278005467, OGRN 1030204595145). The case is docketed under Case No. A07-51496/05-G-FLE. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: OJSC Energo-Oil-Gas-Story Br. Kadomtsevykh Str. 8 Ufa 450059 Bashkortostan Russia EVRASERVICE CJSC: Creditors Must File Claims by May 7 ----------------------------------------------------- Creditors of CJSC Evraservice have until May 7 to submit proofs of claim to: A. Radzhabov Insolvency Manager Post User Box 9 119421 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-13020/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Evraservice Rekintso Promzona Solnechnogorsk 141500 Moscow Russia GAY-MILK LLC: Creditors Must File Claims by May 1 ------------------------------------------------- Creditors of LLC Gay-Milk have until May 1 to submit proofs of claim to: V. Khaybulin Insolvency Manager Post User Box 223 Ufa 450054 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A07-51496/05-G-FLE. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: LLC Gay-Milk 450059 Bashkortostan Russia KARASUK OJSC: Creditors Must File Claims by May 1 ------------------------------------------------- Creditors of OJSC Karasuk have until May 1 to submit proofs of claim to: A. Biryukov Temporary Insolvency Manager Post User Box 2004 650000 Kemerovo Russia The Arbitration Court of Novosibirsk will convene at 2:00 p.m. on June 20 to hear the company's bankruptcy supervision procedure. The case is docketed under Case No. A45-19659/ 06-4-365. The Court is located at: The Arbitration Court of Novosibirsk Kirova Str. 3 630007 Novosibirsk Russia The Debtor can be reached at: OJSC Karasuk Fedosikha Novosibirsk Russia KRASNOSELSKAYA POULTRY: Asset Sale Slated for May 15 ---------------------------------------------------- O. Veretelnik, the insolvency manager and bidding organizer for OJSC Krasnoselskaya Poultry Farm, will open a public auction for the company's properties at 11:00 a.m. on May 15 at: O. Veretelnik Room 9 Gostinichnaya Str. 4 Moscow Russia The company has set a RUR19,091,600 starting price for the assets. Interested participants have until May 10 to deposit an amount equivalent to 20% of the starting price to: OJSC Krasnoselskaya Poultry Farm Settlement Account 40702810300000001160 Correspondent Account 301018102000000000447 LLC CB Bank BTF Moscow Russia Bidding documents must be submitted to: O. Veretelnik Room 9 Gostinichnaya Str. 4 Moscow Russia The Debtor can be reached at: OJSC Krasnoselskaya Poultry Farm Krasnoye-na-Volge Kostroma Russia NOVOSELOVSKIY DIARY: Bankruptcy Hearing Slated for July 12 ---------------------------------------------------------- The Arbitration Court of Krasnoyarsk will convene at 10:00 a.m. on July 12 to hear the bankruptcy supervision procedure on OJSC Novoselovskiy Diary. The case is docketed under Case No. A33-14708/2006. The Temporary Insolvency Manager is: O. Uvarichev Temporary Insolvency Manager P. zheleznyaka Str. 17 660133 Krasnoyarsk Russia The Court is located at: The Arbitration Court of Krasnoyarsk Lenina Str. 143 660021 Krasnoyarsk Russia The Debtor can be reached at: OJSC Novoselovskiy Diary Promyshlennaya Str. 10 Novoselovo 662430 Krasnoyarsk Russia PROMSVYAZBANK JSCB: Gets US$300-Million Loan to Fund Expansion -------------------------------------------------------------- The European Bank for Reconstruction and Development, Calyon, HSBC and Raiffeisen Zentralbank Oesterreich AG completed the syndication of a US$300-million loan for JSCB Promsvyazbank. The amounts committed have substantially exceeded by 50% the originally planned volume of the transaction. The funds raised will be used to increase the volume of active operations, as well as to provide loans to corporate and retail customers. Under this syndicated loan facility, the EBRD is the lender of record and will provide Promsvyazbank with a five-year A loan in the amount of US$85 million out of its own funds. The other participants of the syndicate will lend US$215 million for three years under an EBRD A/B loan structure. The interest rate for the B loan stands at LIBOR + 1% per annum. This syndication involves 33 top global financial institutions from America, Europe and Asia. According to Artyom Konstandian, Promsvyazbank's senior vice- president, this syndicated loan is the largest in the bank's history. The success of syndication and the wide geographical spread of participating institutions underlines the high rating given by international investors to Promsvyazbank's business and its development strategy. Promsvyazbank is actively cooperating with the European Bank for Reconstruction and Development in a number of areas, including trade finance and a small- and medium-size business development program. In 2005, Promsvyazbank received a five-year subordinated loan from EBRD in the amount of RUR1.5 billion. About Promsvyazbank Headquartered in Moscow, Russia, JSCB Promsvyazbank -- http://www.psbank.ru/eng/-- engages in lending business, project finance, leasing regional projects expanding its presence in the financial markets. Alexey and Dmitry Annaniev are the major shareholders in the Bank. Nova Ljubljanska Banka (Slovenia) holds 3.65% while Rostelecom owns 0.27%. * * * In a TCR-Europe report on Dec. 21, 2006, Standard & Poor's Ratings Services raised its long- and short-term counterparty credit ratings on Russia-based Promsvyazbank JSCB to 'B+/B' from 'B/C'. At the same time, the ratings were removed from CreditWatch where they had been placed with positive implications on Aug. 31, 2006, following the announcement that Germany-based Commerzbank AG was acquiring a 15.3% stake in PSB, with a potential step-by-step increase to a majority stake in the medium term. The outlook is positive. As reported in the TCR-Europe on Dec. 11, 2006, Moody's Investors Service changed from stable to positive the outlook on Promsvyasbank's Ba3 long-term foreign currency deposit and debt ratings. The outlook on the bank's D- financial strength rating remains unchanged. At the same time the outlook for the Ba3 long-term foreign currency debt rating assigned to US$125 million 8.75% senior unsecured loan participation notes and the B1 long-term foreign currency debt rating assigned to the US$200 million 9.625% subordinated loan participation notes issued by PSB Finance S.A. have also been changed to positive. As reported in the TCR-Europe on Dec. 8, 2006, Fitch Ratings changed the Outlook on the Issuer Default Rating of Russia-based Promsvyazbank to Positive from Stable. The bank's ratings are affirmed at IDR B+, Short-term B, Individual D, and Support 5. Fitch has assigned an expected Long-term rating of B+ to PSB's upcoming senior unsecured eurobond and an expected Long-term rating of B- to its upcoming subordinated debt issue. Fitch Ratings assigned PSB Finance S.A.'s upcoming senior notes issue expected ratings of Long-term B+ and Recovery RR4. The issue is to be used solely for financing a loan to Russia-based JSC Promsvyazbank, which has been upgraded to Issuer Default rating B+ from B. Fitch has also assigned an expected Long-term rating of B- to the bank's upcoming subordinated debt issue. RISOVYJ LLC: Krasnodar Bankruptcy Hearing Slated for July 12 ------------------------------------------------------------ The Arbitration Court of Krasnodar will convene on July 12 to hear the bankruptcy supervision procedure on LLC Risovyj. The case is docketed under Case No. A32-597/2007-2/26-6. The Insolvency Manager is: R. Khagundokov Post User Box 15 Krasnooktyabrskaya Str. 20 Maykop 385000 Adygeya Russia The Court is located at: The Arbitration Court of Krasnodar Staroderevenkovskaya St. Krasnodar Russia The Debtor can be reached at: LLC Risovyj Slavyansk-na-Kubani Krasnodar Russia STROY-TRANS OJSC: Creditors Must File Claims by May 7 ----------------------------------------------------- Creditors of OJSC Stroy-Trans have until May 7 to submit proofs of claim to: L. Bychkova Temporary Insolvency Manager Rakhmaninova Str. 1 440066 Penza Russia The Arbitration Court of Samara commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A55-18791/2006-38. The Court is located at: The Arbitration Court of Samara Avrory Str. 148 Samara Russia The Debtor can be reached at: OJSC Stroy-Trans Zavodskoy Syzran Samara Russia TVER-BESSER CJSC: Creditors Must File Claims by May 7 ----------------------------------------------------- Creditors of CJSC CJSC Tver-Besser have until May 7 to submit proofs of claim to: A. Maltabar Temporary Insolvency Manager Post User Box 619 170006 Tver Russia The Arbitration Court of Tver commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A66-391/2007. The Court is located at: The Arbitration Court of Tver Room 7 Sovetskaya Str. 23b Tver Russia The Debtor can be reached at: CJSC Tver-Besser Krasnye Gorki Str. 1 Tver Russia VNUKOVSKAYA POULTRY: Creditors Must File Claims by May 7 -------------------------------------------------------- Creditors of CJSC Vnukovskaya Poultry Farm have until May 7 to submit proofs of claim to: I. Gorn Insolvency Manager Post User Box 183 127018 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-K2-25155/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Vnukovskaya Poultry Farm Vnukovskaya Str. Dmitrov Moscow Russia YUKOS OIL: Auctioneer Gets Zero Bids for Eight Non-Core Assets -------------------------------------------------------------- The Russian Federal Property Fund received no applications for the assets of bankrupt OAO Yukos Oil Co.'s Lot 6, which was scheduled for auction on April 20, Interfax reports. The bidding deadline expired on April 18. Interfax says the lot, which carried a RUR3.12 million starting price and a RUR31,000 bid increment, is comprised of Yukos' eight non-core assets: -- 86.61% stake in the ES financial and industrial group -- 100% stake in Yukos-Invest investment company -- 100% stake in Ordaliya 2000 -- 90.7% stake in Rus -- 100% stake in the Granit private security company -- 100% stake in Corporate Security Service -- 100% stake in Audit and Balance Sheets company -- 100% in FTT Service Four out of 14 lots have been auctioned to date. These include: Lot Winning Bid No. Assets Auction Winner (in RUR) --- ------------------------ -------------- ------------- 1 9.44% in Rosneft Rosneft through 197.8 billion 12 Yuganskneftegaz RN-Razvitiye promissory notes 2 20% in Gazprom Neft EniNeftegaz for 151.5 billion 100% in OAO Arcticgaz Gazprom 100% in ZAO Urengoil 19 other assets 4 100% in ZAO Energy Monte-Valle 3.5 billion Service Co. 100% in ESKOM- EnergoTrade 25.73% in Belgorodenergo 25.15% in Tambovenergo 25.15% in Tambov Energy Sales Company 25.15% in Tambov Trunk Grid Company 25% in Belgorod Trunk Grid Company 25% in Belgorod Sales Company 25% in Corporate Service Systems 3.18% in Territorial Generation Company No. 4 5 energy assets in the Rosneft through 1.03 billion Tambov and Belgorod Neft-Aktiv regions The auction for Lot No. 3, which comprised of Yukos' research and development assets, was called off due to a lack of bids. Interfax relates the assets will be grouped together with Lot No. 14, which will be sold next month. About Yukos Oil Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Russian Government sold its main production unit Yugansk to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, 2006, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, 2006, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. YUKOS OIL: Samaraneftegaz Unit Eyes Restructuring ------------------------------------------------- Samaraneftegaz, a wholly owned subsidiary of OAO Yukos Oil Co. plans to restructure its operations, Interfax reports citing company spokesperson Natalia Sycheva as saying. Interfax says the company aims to set up three branches in the north, east and south of Samara region, which will work independently from the head office in Samara. The restructuring will see units in Sukhodol, Neftegorsk and Otradnoye and will be carried out to optimize on-site work by the company, Interfax relates. According to Ms. Sycheva, the company had a similar scheme a few years back until its owner decided to centralize management in 2000. As reported in the Troubled Company Reporter-Europe on April 11, Samaraneftegaz will be auctioned on May 10 along with Yukos' oil refineries comprising of Kuibyshevsky, Novokuibyshevsky, and Syzransky, and other assets, as part of Yukos' liquidation process. Ms. Sycheva said the restructuring process is not related to the upcoming auction. If the new owner approves the plan, it will be implemented in 2008, Interfax relates. The block will carry a RUR154.9 billion or US$6 billion starting price with a RUR260 million increment. Bidding deadline for the block is set at May 7. About Yukos Oil Headquartered in Moscow, Yukos Oil -- http://yukos.com/-- is an open joint stock company existing under the laws of the Russian Federation. Yukos is involved in energy industry substantially through its ownership of its various subsidiaries, which own or are otherwise entitled to enjoy certain rights to oil and gas production, refining and marketing assets. The Company filed for Chapter 11 protection on Dec. 14, 2004 (Bankr. S.D. Tex. Case No. 04-47742), but the case was dismissed on Feb. 24, 2005, by the Hon. Letitia Z. Clark. A few days later, the Russian Government sold its main production unit Yugansk to a little-known firm Baikalfinansgroup for US$9.35 billion, as payment for US$27.5 billion in tax arrears for 2000- 2003. Yugansk eventually was bought by state-owned Rosneft, which is now claiming more than US$12 billion from Yukos. On March 10, 2006, a 14-bank consortium led by Societe Generale filed a bankruptcy suit in the Moscow Arbitration Court in an attempt to recover the remainder of a US$1 billion debt under outstanding loan agreements. The banks, however, sold the claim to Rosneft, prompting the Court to replace them with the state- owned oil company as plaintiff. On April 13, 2006, court-appointed external manager Eduard Rebgun filed a chapter 15 petition in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. S.D.N.Y. Case No. 06-0775), in an attempt to halt the sale of Yukos' 53.7% ownership interest in Lithuanian AB Mazeikiu Nafta. On May 26, 2006, Yukos signed a US$1.49 billion Share Sale and Purchase Agreement with PKN Orlen S.A., Poland's largest oil refiner, for its Mazeikiu ownership stake. The move was made a day after the Manhattan Court lifted an order barring Yukos from selling its controlling stake in the Lithuanian oil refinery. On Aug. 1, 2006, the Hon. Pavel Markov of the Moscow Arbitration Court upheld creditors' vote to liquidate OAO Yukos Oil Co. and declared what was once Russia's biggest oil firm bankrupt. ========= S P A I N ========= ALLIANCE ATLANTIS: Canadian Regulator Clears CanWest Takeover ------------------------------------------------------------- Alliance Atlantis Communications Inc. and CanWest Global Communications Corp. disclosed that the Plan of Arrangement pursuant to which AA Acquisition Corp. would acquire all of the outstanding shares of Alliance Atlantis for US$53.00 cash per share has cleared Canadian Competition Bureau review. About CanWest Global CanWest Global Communications Corp. owns Global Television Network, and holds substantial interests in Canada's largest publisher of daily newspapers, and conventional television, out- of-home advertising, specialty cable channels, web sites and radio stations and networks in Canada, New Zealand, Australia, Turkey, Singapore, the United Kingdom and the United States. About Alliance Atlantis Headquartered in Toronto, Canada, Alliance Atlantis Communications Inc. -- http://www.allianceatlantis.com/-- is a specialty channel broadcaster with a 50% ownership interest in the CSI TV franchise. The company has worldwide offices in the United Kingdom, Spain and Australia. * * * In January 2007, Standard & Poor's Ratings Services reported that the ratings on Alliance Atlantis Communications Inc., including the 'BB' long-term corporate credit rating, remain on CreditWatch. The implications, however, have been revised to negative from developing. The ratings were first placed on CreditWatch with developing implications Dec. 20, 2006, after Alliance Atlantis' disclosure that it is exploring strategic alternatives, namely the possible sale of the entire company. At the same time Moody's Investors Service placed the Ba2 Corporate Family, Ba1 Senior Secured and Ba3 Probability of Default ratings of Alliance Atlantis Communications Inc. under review for possible downgrade. AUCTENTIA SLU: Chapter 15 Petition Summary ------------------------------------------ Petitioners: Javier Diaz Galvez Benito Aguera Marin Debtor: Auctentia, S.L.U. Madrid, Spain Case No.: 07-11173 Type of Business: The Debtor's affiliate, Afinsa Bienes Tangibles, S.A., filed for Chapter 11 protection on March 13, 2007 (Bankr. S.D.N.Y. Case No. 07-10675). Chapter 15 Petition Date: April 24, 2007 Court: Southern District of New York (Manhattan) Petitioner's Counsel: Thomas L. Kent, Esq. Paul, Hastings, Janofsky & Walker LLP 75 East 55th Street New York, NY 10022 Tel: (212) 318-6060 Fax: (212) 230-7899 Estimated Assets: US$1 Million to US$100 Million Estimated Debts: US$1 Million to US$100 Million ===================== S W I T Z E R L A N D ===================== BASIFA VERWALTUNGS: Zug Court Starts Bankruptcy Proceedings ----------------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Basifa Verwaltungs on March 27. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Basifa Verwaltungs Hofstrasse 1a 6300 Zug Switzerland CONTECTA CONSULTING: Creditors' Liquidation Claims Due May 10 ------------------------------------------------------------- Creditors of LLC Contecta Consulting have until May 10 to submit their claims to: JSC Treuhand von Flue Liquidator Baarerstrasse 95 6300 Zug Switzerland The Debtor can be reached at: LLC Contecta Consulting Zug Switzerland EBERHARD BAUER: Creditors' Liquidation Claims Due May 11 -------------------------------------------------------- Creditors of JSC Eberhard Bauer International have until May 11 to submit their claims to: Jurg Wehrli Liquidator JSC Convisa & Wehrli Sternmattstrasse 12a 6005 Lucerne Switzerland The Debtor can be reached at: JSC Eberhard Bauer International Risch Zug Switzerland ERP CONSULTING: Creditors' Liquidation Claims Due May 11 -------------------------------------------------------- Creditors of LLC Erp consulting have until May 11 to submit their claims to: Dominik Meli Liquidator Holengartenstrasse 61 9302 Kronbuhl Switzerland The Debtor can be reached at: LLC Erp consulting St. Gallen Switzerland HOBLA CATERING: Basel Court Starts Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Court of Sissach in Basel commenced bankruptcy proceedings against LLC Hobla Catering on March 29. The Bankruptcy Service of Sissach can be reached at: Bankruptcy Service of Sissach 4450 Sissach BL Switzerland The Debtor can be reached at: LLC Hobla Catering Gewerbestrasse 100 4450 Sissach BL Switzerland KARDIALE REHABILITATION: Liquidation Claims Due May 10 ------------------------------------------------------ Creditors of JSC Kardiale Rehabilitation und Trainingstherapie Berner Oberland have until May 10 to submit their claims to: Dr. Ueli Ingold Liquidator Obere Bonigstrasse 4 3800 Interlaken BE Switzerland The Debtor can be reached at: JSC Kardiale Rehabilitation und Trainingstherapie Berner Oberland Interlaken BE Switzerland KASPAR WEBER: Creditors' Liquidation Claims Due May 21 ------------------------------------------------------ Creditors of JSC Kaspar Weber Holzbau have until May 21 to submit their claims to: JSC Alfina Treuhand Liquidator Rathausgasse 10 7250 Klosters GR Switzerland The Debtor can be reached at: JSC Kaspar Weber Holzbau Klosters-Serneus Prattigau/Davos GR Switzerland LUDEUG LLC: Creditors' Liquidation Claims Due May 11 ---------------------------------------------------- Creditors of LLC Ludeug have until May 11 to submit their claims to: JSC Tharpex Liquidator Untermuli 7 6302 Zug Switzerland The Debtor can be reached at: LLC Ludeug Zug Switzerland MARFRA JSC: Creditors' Liquidation Claims Due May 18 ---------------------------------------------------- Creditors of JSC Marfra have until May 18 to submit their claims to: Marie-Josee Cogniat-Franchini Liquidator Jeannerets 44 2400 Le Locle NE Switzerland The Debtor can be reached at: JSC Marfra Le Locle NE Switzerland NASHORN LLC: Aargau Court Starts Bankruptcy Proceedings ------------------------------------------------------- The Bankruptcy Court of Aargau commenced bankruptcy proceedings against LLC Nashorn on March 28. The Bankruptcy Service of Aargau can be reached at: Bankruptcy Service of Aargau Office Brugg 5201 Brugg AG Switzerland The Debtor can be reached at: LLC Nashorn Kasistrasse 4 5244 Birrhard Brugg AG Switzerland RIGI CONTAINER: Creditors' Liquidation Claims Due May 11 -------------------------------------------------------- Creditors of JSC Rigi Container have until May 11 to submit their claims to: Heinz Hegglin Liquidator Rehmatt 7 6332 Hagendorn Switzerland The Debtor can be reached at: JSC Rigi Container Cham ZG Switzerland SONJA BERGLAS: Creditors' Liquidation Claims Due May 7 ------------------------------------------------------ Creditors of LLC Sonja Berglas have until May 7 to submit their claims to: Mooswiesenstr. 19 8598 Bottighofen Kreuzlingen TG Switzerland The Debtor can be reached at: LLC Sonja Berglas Bottighofen Kreuzlingen TG Switzerland SWISS COMMODITY: Creditors' Liquidation Claims Due May 10 --------------------------------------------------------- Creditors of LLC Swiss Commodity Trading SARL have until May 10 to submit their claims to: JSC Fiduciaire Investissa Liquidator Allobroges 5 1227 Carouge GE Switzerland The Debtor can be reached at: LLC Swiss Commodity Trading SARL Geneva Switzerland THE EUROPEAN STUDENT: Creditors' Liquidation Claims Due May 15 -------------------------------------------------------------- Creditors of LLC The european student travel company have until May 15 to submit their claims to: Buhler Martin Liquidator Hauptstrasse 36 3800 Matten bei Interlaken Interlaken BE Switzerland The Debtor can be reached at: LLC The european student travel company Matten bei Interlaken Interlaken BE Switzerland ZALBA LLC: Creditors' Liquidation Claims Due May 31 --------------------------------------------------- Creditors of LLC Zalba have until May 31 to submit their claims to: Guilfoyle Mark Liquidator Cunzstrasse 17 9016 St. Gallen Switzerland The Debtor can be reached at: LLC Zalba Gossau SG Switzerland ============= U K R A I N E ============= CAT LLC: Claims Registration Bar Date Set May 4 ----------------------------------------------- Creditors of LLC Cat (code EDRPOU 24720453) have until May 4 to submit written proofs of claim to: State Tax Inspection in Sviatoshyn of Kiev Liquidator Verhovinnaya Str. 9 03115 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 15/820-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskiy Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Cat Zhmerinka Str. 1-A 03148 Kiev Ukraine DARIYA & K: Claims Registration Bar Date Set May 4 -------------------------------------------------- Creditors of LLC Dariya & K (code EDRPOU 32252446) have until May 4 to submit written proofs of claim to: State Tax Inspection in Sviatoshyn of Kiev Liquidator Verhovinnaya Str. 9 03115 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 15/14-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskiy Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Dariya & K Pobeda Avenue 87 03115 Kiev Ukraine EUROTECH LLC: Claims Registration Bar Date Set May 4 ---------------------------------------------------- Creditors of LLC Eurotech (code EDRPOU 31873721) have until May 4 to submit written proofs of claim to: State Tax Inspection in Sviatoshyn of Kiev Liquidator Verhovinnaya Str. 9 03115 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 15/87-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskiy Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Eurotech General Naumov Str. 23-B 03164 Kiev Ukraine GAMA TRADE: Claims Registration Bar Date Set May 4 -------------------------------------------------- Creditors of LLC Gama Trade (code EDRPOU 24378329) have until May 4 to submit written proofs of claim to: State Tax Inspection in Sviatoshyn of Kiev Liquidator Verhovinnaya Str. 9 03115 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 15/819-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskiy Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Gama Trade Simirenko Str. 1-B 03134 Kiev Ukraine GLUKHOV BUTTER: Creditors Must File Claims by May 2 --------------------------------------------------- Creditors of OJSC Glukhov Butter and Cheese Plant (code EDRPOU 23995876) have until May 2 to submit written proofs of claim to: Eugene Chuprun Temporary Insolvency Manager Petropavlovskaya Str. 74 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy supervision procedure on the company on March 20. The case is docketed as Case No. 8/615-06. The Court is located at: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Debtor can be reached at: OJSC Glukhov Butter and Cheese Plant Subsidiary Company Milk Gagarin Str. 1 Shostka 41100 Sumy Ukraine NIVA LLC: Creditors Must File Claims by May 2 --------------------------------------------- Creditors of LLC Niva (code EDRPOU 03743084) have until May 2 to submit written proofs of claim to: Rostislav Talan Temporary Insolvency Manager a/b 158 49000 Dnipropetrovsk Ukraine The Economic Court of Dnipropetrovsk commenced bankruptcy supervision procedure on the company. The case is docketed as Case No. B 26/30-07. The Court is located at: The Economic Court of Dnipropetrovsk Kujbishev Str. 1a 49600 Dnipropetrovsk Ukraine The Debtor can be reached at: LLC Niva Verhniednieprovsk District Borovkovka Dnipropetrovsk Ukraine REGISTER-SYSTEM L: Claims Registration Bar Date Set May 4 --------------------------------------------------------- Creditors of LLC Register-System L (code EDRPOU 31814201) have until May 4 to submit written proofs of claim to: State Tax Inspection in Sviatoshyn of Kiev Liquidator Verhovinnaya Str. 9 03115 Kiev Ukraine The Court is located at: The Economic Court of Kiev B. Hmelnitskiy Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Register-System L General Naumov Str. 23-B 03164 Kiev Ukraine RESTORATION 2001: Claims Registration Bar Date Set May 4 -------------------------------------------------------- Creditors of LLC Restoration 2001 (Code EDRPOU 31625403) have until May 4 to submit written proofs of claim to: State Tax Inspection in Sviatoshyn of Kiev Liquidator Verhovinnaya Str. 9 03115 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 15/12-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskiy Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Restoration 2001 Gnat Jury Str. 9 03148 Kiev Ukraine UKRAINE LLC: Claims Registration Deadline Set May 2 --------------------------------------------------- Creditors of Agricultural LLC Ukraine (code EDRPOU 03773889) have until May 2 to submit written proofs of claim to: Alexander Tereschenko Liquidator Independency Square 1-B 36003 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 7/157. The Court is located at: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Debtor can be reached at: Agricultural LLC Ukraine Cherevki Mirgorod District 37631 Poltava Ukraine UKRAINIAN CORRUGATION: Claims Registration Bar Date Set May 4 ------------------------------------------------------------- Creditors of LLC Ukrainian Corrugation Pack (code EDRPOU 30433624) have until May 4 to submit written proofs of claim to: State Tax Inspection in Sviatoshyn of Kiev Liquidator Verhovinnaya Str. 9 03115 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as Case No. 15/88-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskiy Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Ukrainian Corrugation Pack Romen Rolan Str. 4 03164 Kiev Ukraine VISHNEVCHIK LLC: Creditors Must File Claims by May 2 ---------------------------------------------------- Creditors of Vishnevchik LLC (code EDRPOU 03787222) have until May 2 to submit written proofs of claim to: I. Gerasimenko Temporary Insolvency Manager Mir Str. 8 Kamianets-Podolsky Hmelnitskiy Ukraine The Economic Court of Hmelnitskiy commenced bankruptcy supervision procedure on the company. The case is docketed as Case No. 2/59-B. The Court is located at: The Economic Court of Hmelnitskiy Nezalezhnosti Square 1 29000 Hmelnitskiy Ukraine The Debtor can be reached at: Vishnevchik LLC Chkalov Str. 14 Vishnevchik Chemerovetsky District 31623 Hmelnitskiy Ukraine =========================== U N I T E D K I N G D O M =========================== [Redacted] A CLASS: Calls In Liquidators from Gerald Edelman ------------------------------------------------- Bernard Hoffman and Ian Yerrill of Gerald Edelman Business Recovery were appointed joint liquidators of A Class Fabrications Ltd. on April 12 for the creditors' voluntary winding-up procedure. Gerald Edelman -- http://www.geraldedelman.com/-- offers services that include auditing, business development, business recovery, company registration, corporate finance, independent financial planning, litigation support services, IT solutions, taxation, and trusts. The company can be reached at: A Class Fabrications Ltd. 16 Saville Road Industrial Estate Peterborough PE3 7PR England Tel: 01733 260 099 Fax: 01733 260 099 ADVANCED DATABASE: Taps M. S. E. Solomons to Liquidate Assets ------------------------------------------------------------- M. S. E. Solomons of SPW Poppleton & Appleby was appointed liquidator of Advanced Database Solutions Ltd. on April 12 for the creditors' voluntary winding-up procedure. The company can be reached at: Advanced Database Solutions Ltd. Crown House North Circular Road Ealing London NW10 7PN Tel: 0845 022 3022 ADVANCED MARKETING: Wants to Sell U.K. Subsidiaries and Bookwise ---------------------------------------------------------------- Advanced Marketing Services Inc. and its debtor-affiliates have asked the United States Bankruptcy Court for the District of Delaware to allow the Debtor's entry into, and performance under, two separate Stock Purchase Agreements dated April 5 with: (1) Medwyn Lloyd Hughes and Catherine Elizabeth Goodman, under which Mr. Hughes and Ms. Goodman will acquire from AMS all of the outstanding shares of capital stock, and Certain selected inventory, of Publishers Group U.K. Ltd., and H.I. Marketing Ltd. -- AMS's wholly owned subsidiaries under the laws of the United Kingdom; and (2) Brumby Books Holdings Pty Ltd, under which Brumby will acquire from AMS all of the outstanding shares of capital stock, and certain selected inventory, of AMS's wholly owned subsidiaries (a) Bookwise International Pty Ltd, based in Australia, and (b) Bookwise Asia Pte Ltd., Based in Singapore. The Debtors ask the Court to determine that the sale and transfer of the Shares and the Selected APG Inventory are free and clear of Liens. The Debtors also ask the Court to approve the form and manner of the notices of the Sales. According to Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, the Buyers have agreed to participate in an auction for the Companies and the Selected APG Inventories, subject to bid procedures provided for in the Purchase Agreements, and the receipt of higher and better offers before 5:00 EDT on April 20. Mr. Collins relates that Mr. Hughes and Ms. Goodman founded HI Marketing in 1992, and were appointed managers of Publishers U.K. after the acquisition of HI Marketing by AMS in 2002. Mr. Hughes and Ms. Goodman have significant duties with and at the U.K. Companies, including day-to day operations, strategic planning, sales and marketing, and creating and maintaining relationships with vendors. Brumby, on the other hand, operates in the wholesale book distribution business for Australian and international customers. Brumby represents over 150 publishers, most of which are represented in Australia on an exclusive basis. Brumby's primary focus is on the representation of quality medium-sized publishers who do not have their own distribution networks in Australia. Mr. Collins asserts that Mr. Hughes and Ms. Goodman are well qualified to purchase the Shares and to operate the U.K. Companies going forward -- thereby increasing the chances that the Companies will be successful and profitable in the future -- because of their strong ties with the U.K. Companies. On the other hand, the Debtors believe that Brumby's expertise and reputation in the industry make it a desirable purchaser of Bookwise and the Selected APG Inventory, as it is well suited to assume Bookwise's operations and incorporate them into its current business model. Mr. Collins notes that although Mr. Hughes and Ms. Goodman have long been associated with management at the U.K. Companies, they have little relationship with the Debtors directly. The Debtors are informed, among other things, that Mr. Hughes and Ms. Goodman own no stock in the Debtors, and the U.K. Companies maintain their own books and records. Mr. Collins notes that each of the Purchase Agreements, subject to Court approval, contemplates these transactions: (a) AMS will sell, transfer, convey, assign and deliver to the Buyers, and the Buyers will purchase, acquire and accept from AMS, all of the Shares and the Selected APG Inventory free and clear of all liens, claims, encumbrances, mortgages, security interests, pledges, equities and other restrictions or charges of any kind or nature whatsoever, including all "interests" as the term is defined in Section 363(f) of the Bankruptcy Code; (b) At the date of the Closing, AMS will deliver to the Buyers stock certificates evidencing the Shares, duly Endorsed for transfer or accompanied by duly executed Assignment documents, and the Buyers will make the payment; (c) each Purchase Agreement provides representations and warranties from AMS to the Buyers, and vice versa, that are reasonable and customary for transactions of this type, including representations as to the due organization of the parties and their due authorization to enter into and perform under each of the Purchase Agreements; and (d) The Sales are an "As Is" Transaction and, if the Closing occurs, the Buyers will accept the Companies, the Shares and the Selected APG Inventory at the Closing Date "As Is," "Where Is" and "With All Faults," subject to the provisions of the Purchase Agreements and the Court's approval. With respect to the U.K. Sale, the Purchase Price to be paid by Mr. Hughes and Ms. Goodman to AMS at Closing will be the cash sum of: (i) US$50,000 for the Shares; and (ii) US$66,325 for Selected APG Inventory, excluding any applicable taxes which will be borne by Buyers; and (iii) US$100,000 of the outstanding inter-company receivables owing from either of the Companies to Seller or any of its affiliates with respect to all inter-company trade receivables. With respect to the Bookwise Sale, the Purchase Price to be paid by Brumby to AMS at Closing will be the cash sum of: (i) AU$200,000 for the Shares of Bookwise International; (ii) US$100,000 for the Shares of Bookwise Asia; (iii) US$24,273 for the Selected APG Inventory; and (iv) US$210,000 in full settlement and satisfaction of all Inter-Company Obligations. A full-text copy of the U.K. Sale's Purchase Agreement, including its schedules and exhibits, is available for free at: http://researcharchives.com/t/s?1d8d A full-text copy of the Bookwise Sale's Purchase Agreement, including its schedules and exhibits, is available for free at: http://researcharchives.com/t/s?1d8e Because the Debtors and the Buyers wish to close the proposed Sales as soon as reasonably practicable, the Debtors ask the Court to waive the 10-day stay required pursuant to Rule 6004(h) of the Federal Rules of Bankruptcy Procedure to permit the Sales to close immediately after the Court's approval of the Sales. The Debtors believe, in an exercise of their business judgment, that the terms of each of the Purchase Agreements and the Sales are fair and reasonable, and that the Sales will help maximize the value of the AMS estate for the benefit of the Debtors' creditors, stakeholders and other parties-in-interest. The Debtors and their professionals have marketed the Assets and believe it is unlikely that any other purchasers of the Assets exist, Mr. Collins explains. Due to their past relationship with the U.K. Companies and Bookwise, the Debtors believe that the Buyers are almost uniquely in a position to extract value from the Assets. Nonetheless, the Debtors and the Buyers have agreed to make the transactions contemplated by the Purchase Agreements explicitly subject to higher and better offers. Company's Statement Advanced Marketing Services Inc. said in a press statement dated April 12 that, on April 5, it entered into two separate stock purchase agreements to sell all of the capital stock of Publishers Group U.K. Ltd. and H.I. Marketing Ltd. to Cathy Parson and Medwyn Hughes, and to sell all of the capital stock of Bookwise International Pty Ltd. and Bookwise Asia Pte Ltd. to Brumby Books Holdings Pty Ltd. Each transaction is subject to higher and better offers. On April 6, AMS filed motions with the Court requesting approval of the sale transactions under section 363 of the U.S. Bankruptcy Code. Following the completion of a bidding process and an auction, if necessary, AMS anticipates that both sale transactions will close by May 1 pursuant to the requirements of the stock purchase agreements. "We have dealt with Bookwise for many years and we have great respect for its people and its publishers," commented the Managing Director of Brumby Books. He continued, "This agreement with AMS, once consummated, will bring together our two distribution businesses and will provide the scale for these businesses to compete more effectively in the highly competitive Australasian marketplace. There are great similarities and synergies between our businesses and we are excited about the opportunities ahead." Medwyn Hughes stated, "We are delighted to have the opportunity to acquire Publishers Group U.K. and H.I. Marketing. We believe that as a private company we can deliver the service excellence required to satisfy both our client publishers and customers." "We would like to thank all the publishers for their support over the last few months. This is an opportunity for us to take the company back to its roots," added Cathy Parson. AMS previously entered into purchase agreements with Baker & Taylor Inc., for the sale of the majority of AMS's assets, and with Perseus Books, L.L.C. for the sale of certain assets of its debtor subsidiary Publishers Group West Inc.; both of these prior sales were approved by the Bankruptcy Court and have closed. As previously announced, in connection with the pending Chapter 11 proceeding, AMS does not anticipate that any payments will be made with respect to outstanding shares of AMS's common stock. About Cathy Parson and Medwyn Hughes Cathy Parson and Medwyn Hughes have worked together in the book distribution business for over 25 years. In 1992 they founded H.I. Marketing Ltd. and, prior to selling to AMS in 2002, had developed it into one of the premier sales and marketing agencies in the United Kingdom. They currently manage Publishers Group U.K. in the respective roles of Commercial Director and Divisional Director. About Brumby Books Brumby Books was founded in the mid 1980's and has operated on a consistently profitable basis since then. It was purchased by its current owners in 2004 whose strategy has been to grow organically and to acquire similarly positioned distribution businesses where consolidation opportunities exist. The company is privately owned and is headquartered near Melbourne. About Advanced Marketing Services Based in San Diego, California, Advanced Marketing Services Inc. -- http://www.advmkt.com/-- provides customized merchandising, wholesaling, distribution and publishing services, currently primarily to the book industry. The company has operations in the U.S., Mexico, the United Kingdom, and Australia and employs around 1,200 people worldwide. The company and its two affiliates, Publishers Group Incorporated and Publishers Group West Incorporated filed for chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos. 06-11480 through 06-11482). Suzzanne S. Uhland, Esq., Austin K. Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers, LLP, represent the Debtors as Lead Counsel. Chun I. Jang, Esq., Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards, Layton & Finger, P.A., represent the Debtors as Local Counsel. Lowenstein Sandler PC represents the Official Committee of Unsecured Creditors. When the Debtors filed for protection from their creditors, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a chapter 11 plan expires on April 28, 2007. (Advanced Marketing Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). ARMOR HOLDINGS: Earns US$36 Million for First Quarter 2007 ---------------------------------------------------------- Armor Holdings Inc. released its financial results for the first quarter ended March 31, 2007. Armor Holdings posted US$36 million in net profit on US$889.2 million in net revenues for the first quarter of 2006, compared with US$41.4 million in net profit on US$445.4 million in net revenues for the same period in 2006. Current quarter results include a long-term performance based compensation charge related to a long-term performance based award approved by our Board of Directors in the first half of 2005. "Our business continues to expand, as the first quarter financial results indicate better than anticipated sales and earnings were driven primarily by outperformance from our ground vehicle armoring operations, which benefited from the ongoing demand for armor components, supplemental equipment and spare parts for the military tactical truck fleet," said Robert R. Schiller, President & COO. "Additionally, our OEM truck business continued to achieve targeted rates of production, and we received significant awards in each product category of our soldier equipment business." 2007 Financial Guidance The Company reiterates anticipated fiscal 2007 financial performance: -- revenues of US$3.4 billion to US$3.6 billion; and -- 2007 free cash flow of around US$100 million, which excludes around US$20 million from the long-term performance based compensation award and includes US$100 million to US$120 million of capital expenditures for expansion of medium vehicle capacity and a ramp up of capability to implement LTAS for the FMTV, expanded ballistic materials manufacturing capability and additional capacity for production of the M1151/52 and certain soldier equipage products. The Company is revising fiscal 2007 earnings per share guidance, to include the impact of the long-term performance based compensation charge previously discussed: -- fully diluted earnings per share of US$4.29 to US$4.69, which reflects an estimated long-term performance based compensation charge of US$0.51 for the full year. Excluding this charge, the Company's full year guidance would have been unchanged from the previously provided range of US$4.80 to US$5.20; and -- second quarter 2007 diluted earnings per share of US$0.73 to US$0.78, which includes an estimated US$0.15 after tax charge for the long-term compensation award as previously explained. Excluding this charge, the Company's second quarter guidance would have been US$0.88 to US$0.93. About Armor Holdings Headquartered in Jacksonville, Florida, Armor Holdings Inc. -- http://www.armorholdings.com/-- manufactures and distributes security products and vehicle armor systems for the law enforcement, military, homeland security, and commercial markets. The company has operations in Australia, England and Brazil. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology, the rating agency confirmed its Ba3 Corporate Family Rating for Armor Holdings Inc. Additionally, Moody's affirmed its B1 ratings on the company's 2% Convertible Senior Subordinated Notes Due 2024 and 8.25% Senior Subordinated Notes Due 2013. Moody's assigned those debentures an LGD5 rating suggesting noteholders will experience a 77% loss in the event of default. ARMOR HOLDINGS: Gets US$41.7MM Deal for Medium Tactical Vehicles ---------------------------------------------------------------- Armor Holdings, Inc., has received a US$41.7 million order from the U.S. Army Tank-automotive and Armaments Command -- TACOM -- for production of High Mobility Artillery Rocket System re- supply vehicles and launcher chassis. The company advised that the new work is under a modification to the existing multi-year Family of Medium Tactical Vehicles -- FMTV -- production contract with performance in 2008 by the Aerospace & Defense Group at its facilities located in Sealy, Texas. Robert R. Schiller, President of Armor Holdings, said, "This award illustrates the adaptability of the FMTV platform and the continued teamwork between Armor Holdings, the U.S. Army, and the HIMARS prime contractor, Lockheed Martin Missiles and Fire Control." About Armor Holdings Headquartered in Jacksonville, Florida, Armor Holdings, Inc. -- http://www.armorholdings.com/-- manufactures and distributes security products and vehicle armor systems for the law enforcement, military, homeland security, and commercial markets. The company has operations in Australia, England and Brazil. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology, the rating agency confirmed its Ba3 Corporate Family Rating for Armor Holdings Inc. Additionally, Moody's affirmed its B1 ratings on the company's 2% Convertible Senior Subordinated Notes Due 2024 and 8.25% Senior Subordinated Notes Due 2013. Moody's assigned those debentures an LGD5 rating suggesting noteholders will experience a 77% loss in the event of default. BILLAWAY FACILITIES: Brings In Liquidators from KPMG ----------------------------------------------------- James Douglas and Ernie Money of KMPG LLP were appointed joint liquidators of Billaway Facilities Management Ltd. on April 3 for the creditors' voluntary winding-up procedure. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. The joint liquidators can be reached at: James Douglas and Ernie Money KMPG LLP 8 Salisbury Square London EC4Y 8BB England BILLINGS & HATHAWAY: Joint Liquidators Take Over Operations ----------------------------------------------------------- James Douglas and David John Crawshaw of KMPG LLP were appointed joint liquidators of Billings & Hathaway Ltd. on April 4 for the creditors' voluntary winding-up procedure. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. The joint liquidators can be reached at: James Douglas KMPG LLP 8 Salisbury Square London EC4Y 8BB England David John Crawshaw KMPG LLP Arlington Business Park Theale Reading RG7 4SD England BRIGHTON BOILER: Taps Liquidators from KPMG ------------------------------------------- James Douglas and David John Crawshaw of KMPG LLP were appointed joint liquidators of Brighton Boiler Services Ltd. on April 4 for the creditors' voluntary winding-up procedure. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. The joint liquidators can be reached at: James Douglas KMPG LLP 8 Salisbury Square London EC4Y 8BB England David John Crawshaw KMPG LLP Arlington Business Park Theale Reading RG7 4SD England BROOKS HAMMOND: Appoints Freddy Khalastchi as Liquidator -------------------------------------------------------- Freddy Khalastchi of Harris Lipman LLP was appointed liquidator of Brooks Hammond Ltd. on April 12 for the creditors' voluntary winding-up procedure. The company can be reached at: Brooks Hammond Ltd. 39 Fretherne Road Welwyn Garden City AL8 6NS England Tel: 01707 339 333 CALYPSO BATHROOM: Hires Liquidator from Tomlinsons -------------------------------------------------- A. H. Tomlinson of Tomlinsons was appointed liquidator of Calypso Bathroom Products Ltd. on April 12 for the creditors' voluntary winding-up proceeding. Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all types of business recovery and insolvency procedures, as well as offering advice to companies and individuals who believe they may be heading towards, or are already in, financial difficulty. The company can be reached at: Calypso Bathroom Products Ltd. Unit 6 Crags Bus Pk Morven Street Creswell Worksop S80 4AJ England Tel: 01909 722 844 Fax: 01909 722 544 CASTLE HOLDCO 4: Moody's Assigns (P)B2 Corporate Family Rating -------------------------------------------------------------- Moody's assigned a (P)B2 corporate family rating to Castle Holdco 4 Ltd,, the holding company for Countrywide Plc. The outlook is stable. On April 13, 2006, the company's shareholders approved the acquisition of the company by Apollo Management L.P. At the same time, Moody's also assigned a (P)Ba2 rating to the company's RCF, a (P)B2 to the proposed Senior Secured Notes and a (P)Caa1 to its Senior Notes. The (P)B2 corporate family rating reflects: (i) the company's market share and diversification, with its broad array of services which enhance the ability to cross-sell its products; (ii) its broad geographic reach within the U.K., although the company remains focused on the U.K. market; (iii) its flexible cost base, notably staff costs, which are by far the highest proportion of operating costs; and (iv) the continued growth in demand for houses and longer-term trend in house prices over the past two decades. The main constraints to the ratings include: (i) high leverage, which is expected to amount to approximately 6x on a pro forma basis upon completion of the transaction; (ii) cyclicality of the U.K. housing market, and the high levels of U.K. house prices as a multiple of average earnings currently; (iii) the impact of interest rate movements on market confidence, as was recently seen in the company's 2005 profits; (iv) the uncertainty surrounding the potential impact on speculative house selling by the introduction of Home Information Packs as of June 1, 2007. The issuer of the notes and borrower of the Revolving Credit facility is Castle Holdco 4 Ltd., the direct holding company for Countrywide and its subsidiaries. Upon completion of the acquisition, the capital structure is expected to consist of a GBP305.2 million equity contribution, as well as GBP470-million Senior Secured Notes (including GBP100-million PIK-toggle notes); GBP170-million Senior Notes; and a GBP100-million Revolving Credit Facility. According to Moody's LGD methodology, and based on a Probability-of-Default Rating (PDR) of (P)B2, the RCF is assigned a: -- (P)Ba2 rating (LGD1, 6%); -- Senior Secured Notes are rated (P)B2 (LGD4, 51%); and -- Senior Notes are rated (P)Caa1 (LGD6, 91%). The company's debt structure will be entirely long-dated, with the RCF maturing in 2013, the Senior Secured Notes in 2014 and the Senior Notes in 2015, hence over the medium term financial expenses will consist mainly of interest expenses. Upon completion of the acquisition, the company's liquidity is expected to consist of GBP58 million in cash on hand, as well as the GBP100 million RCF, of which GBP27 million is expected to be drawn at close. The outlook is stable, reflecting Moody's view that the company's 2006 results showed a significant recovery over 2005. The reported EBITDA margin was at 16.5% in 2006 versus 8.1% in 2005, benefiting from stronger house prices. Moody's will focus on the sustainability of operating margins, as well as interest coverage and the impact of interest rate movements. On a pro forma basis for the transaction, the EBIT/interest coverage ratio is expected to be about 1.5x, which positions the company in the B2 rating category while allowing some flexibility for market cyclicality. If the adjusted EBIT/interest coverage ratio were to reach at least 1.8x on a sustainable basis, supported by stability in operating margins similar to those achieved in 2006, this could be favorable for the rating or outlook. A marked industry downturn resulting in the EBIT/interest ratio falling below 1.3x on a continued basis could be negative for the ratings or outlook. Countrywide Plc is the leading residential property service provider in the U.K., with services that span the entire process of house buying and selling. These include estate agency services; surveying; financial services; commercial and residential lettings and residential property conveyancing. The company was also the founder of Rightmove, an internet property website, in which it retains a 21.5% stake. In fiscal year 2006 the company reported revenues and EBITDA of GBP654 million and GBP107.6 million, respectively. CASTLE HOLDCO 4: S&P Junks Proposed GBP170-Million Senior Notes --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B' long-term corporate credit rating to Castle HoldCo 4, the holding company of U.K.-based real estate services group Countrywide Plc. The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' secured debt rating to the group's proposed GBP100 million revolving credit facility, with a recovery rating of '1', reflecting S&P's expectation of full recovery of principal in the event of a payment default. The proposed GBP470-million senior secured floating-rate notes due 2014 have been assigned a 'B' debt rating, with a recovery rating of '4', which reflects S&P's expectation of marginal recovery of principal in the event of a payment default. In addition, S&P assigned 'CCC+' debt rating to the group's proposed GBP170-million senior notes due 2015. The proceeds of the debt issues will be used by Castle HoldCo 4 to finance the acquisition of Countrywide. Private-equity firm Apollo Management owns Castle HoldCo 4. "The ratings on Castle HoldCo 4 reflect the group's heavy reliance on the cyclical real estate sector, its geographical concentration risk in the U.K., and its highly leveraged capital structure," said Standard & Poor's credit analyst Mohammed Fayek. "These factors are partially offset by Countrywide's leading market position, relatively profitable and cash-generative operations, and experienced management team." With revenues of GBP671.6-million in 2006 and a network of more than 1,200 branches throughout the U.K., Countrywide is the largest estate agency group in its market. The group operates a multi-brand estate agency and lettings business, offers surveying and valuation services, financial products, and conveyance services. "Standard & Poor's expects Countrywide to benefit from current strong market conditions and build on its well-established network of operations," Mr. Fayek added. S&P expects the group to continue to expand its letting activities to make use of this sub-segment's growth, and to retain its focus on further cross-selling activities. The group is also expected to finalize efforts to turn around its conveyance business, which has been under performing in the past couple of years. At the 'B' rating level, S&P expects Countrywide to gradually improve adjusted funds from operations to adjusted debt and adjusted debt to EBITDA to about 10% and 5x, respectively. Although the group should generate free cash flows, we do not expect cash accumulated to lead to significant deleveraging. This limits rating upside potential in the short term. An outlook revision to negative would be likely if transaction volumes or commission rates weakened beyond expectations, resulting in a deterioration of the credit profile from current levels, or if leverage increased as a result of accelerated repayment of shareholder loan notes. CASTLESIDE DEVELOPMENTS: Taps Liquidators from RMT -------------------------------------------------- A. A. Josephs and L. A. Farish of RMT were appointed joint liquidators of Castleside Developments Ltd. on April 11 for the creditors' voluntary winding-up proceeding. The company can be reached at: Castleside Developments Ltd. Four Winds Wesley Terrace Consett DH8 9QB England Tel: 01207 581 259 CITEX PROFESSIONAL: Creditors Must File Claims by May 10 -------------------------------------------------------- Creditors of Citex Professional Services Ltd. have until May 10 to prove their debts by sending written statements of the amounts they claim to be due to them from the company to: Ian Best Joint Liquidator Ernst & Young LLP One Bridewell Street Bristol BS1 2AA England Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. COLLINS & AIKMAN: Court Okays Stipulation with Williamston ---------------------------------------------------------- The Honorable Steven W. Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan approved the stipulation of Collins & Aikman Corp. and its debtor-affiliates with Williamston Products Inc. The Debtors and Williamston Products entered into a stipulation for the conveyance of the Debtors' rights with respect to certain equipment and assumed products to Williamston. As previously reported, Collins & Aikman Plastics Inc., Collins & Aikman Corp., and Williamston Products entered into an Amended and Restated Asset Purchase Agreement on March 23, 2007. The Court's March 23, 2007 order approving the Purchase Agreement require C&A Plastics to transfer to Williamston Products certain Designated Equipment, including, among other things, the "Intelligence System." C&A Plastics informed Williamston Products that certain rights with respect to the Intelligence System are subject to certain Technology License Agreement, dated as of Dec. 20, 2001, between and among Textron Inc., Collins and Collins & Aikman Products Co. The Purchase Agreement and Sale Order also require C&A Plastics to transfer to Williamston Products certain Assumed Contracts. In their desire to effect the proper transfers of certain rights with respect to the Intelligence System and Assumed Contracts to Williamston Products, the parties agreed to these terms: (a) within five business days after Closing, Collins, C&A Products, and Williamston Products will enter into a sub- license agreement satisfactory to Williamston Products in its sole discretion that will convey to Williamston Products the economic value that it bargained for under the Purchase Agreement relating to the Intelligence System; (b) the Debtors will use their best effort to resolve issues relating to the License Agreement and the Intelligence System so as to maintain Williamston Products' rights under the Sub-License; (c) the Debtors will give Williamston Products 10 days' advance written notice of their intention to transfer, amend, terminate, assign or take any action in respect of the License Agreement or the Intelligence System; (d) in the event that (i) Williamston Products does not receive, for any reason, under the Sub-License the economic value that it bargained for under the Purchase Agreement relating to the Intelligence System, or (ii) the Debtors or any of their successors, including any trustee or examiner, transfer, terminate, amend, assign or take any other action in respect of the License Agreement that adversely affects Williamston Products' rights under the Sub-License, Williamston Products will be entitled to seek to recover from the Debtors' estates the amount necessary for Williamston Products to receive the economic value that it bargained for under the Purchase Agreement. The Debtors reserve their rights with respect to the amount sought in the recovery; (e) if the Debtors or any of their affiliates receive any payments from third parties that (i) are reimbursements for amounts expended by Williamston Products for tooling necessary for Williamston Products to complete performance of any Assumed Contract, or (ii) otherwise are Misdirected Payments, the Debtors or their affiliates will hold the Tooling Payments and the Misdirected Payments, as applicable, in trust for the benefit of Williamston Products, and will remit the payments to Williamston Products as soon as reasonably practicable, but in no event later than five business days after receipt of the amounts. The Tooling Payments and Misdirected Payments will be deemed not property of the bankruptcy estates of the Debtors and any of their affiliates; and (f) to the extent that (i) Williamston Products incurs obligations accrued before Closing in performance of the Assumed Contracts that are classified as "facility costs," which are not reimbursable by any Third Party, and (ii) it is determined that those facility costs had been represented by the Debtors or their agents to have been obligation that were paid by the Debtors before Closing, then Williamston Products reserves its rights to seek the amounts from the Debtors' estates and the Debtors reserve their rights with respect thereto. Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed US$3,196,700,000 in total assets and US$2,856,600,000 in total debts. The Debtors' disclosure statement explaining their First Amended Joint Chapter 11 Plan was approved on Jan. 25, 2007. The hearing to consider confirmation of the Debtors' Amended Joint Plan is set for April 19, 2007. (Collins & Aikman Bankruptcy News, Issue No. 58; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLLINS & AIKMAN: Sells Soft Trim Business to Int'l Automotive -------------------------------------------------------------- Collins & Aikman Corp. has signed an asset purchase agreement with International Automotive Components Group North America Inc. for the sale of its North American automotive flooring and acoustic components business. The Company will file a motion seeking approval of the Agreement subject to higher or better offers through a bankruptcy court- monitored auction process. The Agreement provides for aggregate consideration to the Company of US$134 million in cash, plus certain contingent consideration and certain assumed liabilities. The Agreement also provides an opportunity for the Company's senior, secured prepetition lenders to invest in IAC NA's parent company up to an aggregate cap of 25% of IAC NA's outstanding stock. The Company has asked the U.S. Bankruptcy Court for the Eastern District of Michigan for a hearing on April 24 on the bidding procedures relief in the motion and a hearing to approve the results of the auction on May 24. "The sale of our Soft Trim business is one of the most important elements of our efforts to maximize creditor recoveries and preserve jobs for Collins & Aikman employees," John Boken, Collins & Aikman's Chief Restructuring Officer, said. "Our Soft Trim management team has done an outstanding job of operating this portion of our business throughout the many facets of these bankruptcy proceedings. We look forward to completing due diligence and closing this transaction as expeditiously as possible so that our Soft Trim team can continue to prosper and grow as a market leader in flooring and acoustics under new ownership." The Soft Trim business covered in the Agreement includes 16 facilities in the United States, Canada and Mexico, employs around 4,300 people and produces products for all major automakers. Under the terms of the Agreement, consummation of the sale is subject to several conditions and termination rights of the parties. The Company remains committed to providing updates to all interested parties on these matters and other significant sales transactions when appropriate and as they become available. About Collins & Aikman Headquartered in Troy, Michigan, Collins & Aikman Corporation -- http://www.collinsaikman.com/-- is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. The Company has a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world. The Company and its debtor-affiliates filed for chapter 11 protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-55927). Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represents C&A in its restructuring. Lazard Freres & Co., LLC, provides the Debtor with investment banking services. Michael S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors Committee. When the Debtors filed for protection from their creditors, they listed US$3,196,700,000 in total assets and US$2,856,600,000 in total debts. The Debtors' disclosure statement explaining their First Amended Joint Chapter 11 Plan was approved on Jan. 25, 2007. COUNTY RECRUITMENT: Creditors' Meeting Slated for April 30 ---------------------------------------------------------- Creditors of County Recruitment Ltd. will meet at 11:30 a.m. on April 30 at the offices of: CBA 39 Castle Street Leicester LE1 5WN England A list of names and addresses of the company's creditors will be available for inspection free of charge on April 27. CBA -- http://www.cba-insolvency.co.uk/-- provides solutions to financial difficulties when the perceivable option is either liquidation or bankruptcy. DEAGO AUDIO: Names David Andrew Field Liquidator ------------------------------------------------ David Andrew Field of Centrum Recovery Ltd. was appointed liquidator of Deago Audio Visual Solutions Ltd. on April 4 for the creditors' voluntary winding-up procedure. The company can be reached at: Deago Audio Visual Solutions Ltd. 8 Stoney Lane Quinton Birmingham B32 1AN England Tel: 0121 422 3777 Fax: 0121 423 2223 DEVON INTERIORS: Creditors' Meeting Slated for April 26 ------------------------------------------------------- Creditors of Devon Interiors Ltd. will meet at 11:00 a.m. on April 26 at: 1 Emperor Way Business Park Exeter Devon EX1 3QS England Creditors who want to vote at the meeting have until noon on April 25 to submit their proxy forms together with particulars of their claims or of any security at the registered office of the company at: Devon Interiors Ltd. Suite 3 Farleigh House Farleigh Court Old Weston Road Flax Bourton BS48 1UR A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on April 24 at the registered office. DIVE ACADEMY: Creditors' Meeting Slated for May 15 -------------------------------------------------- Creditors of Dive Academy Ltd. will meet at 11:30 a.m. on May 15 at: Carter Clark Meridian House 62 Station Road North Chingford London E4 7BA England Creditors who want to vote at the meeting have until noon on May 14 to submit their proxy forms together with particulars of their claims or of any security at the said address. Alan J. Clark of Carter Clark will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. DOMESTIC & INDUSTRIAL: Brings In Liquidators from KPMG ------------------------------------------------------ James Douglas and Ernie Money of KPMG LLP were appointed joint liquidators of Domestic & Industrial Heating Spares Ltd. on April 4 for the creditors' voluntary winding-up proceeding. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. The joint liquidators can be reached at: James Douglas and Ernie Money KPMG LLP Arlington Business Park Theale Reading RG7 4SD England DONOVAN CONSTRUCTION: Creditors' Meeting Slated for May 10 ---------------------------------------------------------- Creditors of Donovan Construction & Development Ltd. will meet at 2:30 p.m. on May 10 at: The Rising Sun Meeting Room 2 Sun Street Billericay Essex CM12 9LN England Creditors who want to vote at the meeting have until noon on May 9 to submit their proxy forms together with particulars of their claims or of any security at: The Mudd Partnership Lakeview House 4 Woodbrook Crescent Billericay Essex CM12 0EQ England Anthony Hollis of The Mudd Partnership will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. EMERALD EXHIBITIONS: Alan Simon Leads Liquidation Procedure ----------------------------------------------------------- Alan Simon of Langley Group LLP was appointed liquidator of Emerald Exhibitions Ltd. on April 10 for the creditors' voluntary winding-up procedure. The company can be reached at: Emerald Exhibitions Ltd. 124 Kestrel Way Luton LU4 0UR England Tel: 01582 666 448 FOOT LOCKER: Genesco Turns Down US$1.2 Billion Takeover Offer ------------------------------------------------------------- Foot Locker Inc.'s proposal to acquire all of the outstanding shares for US$46 per share in cash was rejected by Genesco Inc.'s board of directors. Hal N. Pennington, Genesco's chairman, president and chief executive officer, said in his letter to Matthew D. Serra, chairman and ceo of Foot Locker Inc. that after careful consideration, the board, in consultation with its financial advisor, Goldman Sachs & Co., and with the assistance of its legal advisor, Bass Berry & Sims PLC, unanimously determined that the US$46 per share cash proposal is not in the best interests of Genesco's shareholders. "Genesco's board unanimously rejected the proposal and concluded that it did not reflect the long-term value of Genesco, including its strong market position and future growth prospects," Mr. Pennington said. On April 20, 2007, Foot Locker, though Mr. Serra's letter, has made an acquisition proposal to purchase all of the company's outstanding shares for US$46 per share in cash or US$1.2 billion, subject to certain terms and conditions. Mr. Serra stated in his proposal letter that together with the company's executive management teams, board of directors, and advisors, he concluded that a merger of with Genesco would enable both companies to benefit from mutual best practices, enhance the companies' ability to serve its customers, and provide Foot Locker employees and management teams with increased opportunities. About Genesco Inc. Headquartered in Nashville, Tennessee, Genesco Inc. (NYSE:GCO) -- http://www.genesco.com/-- retails branded footwear, licensed and branded headwear, and wholesaler of branded footwear. Its business segments include Journeys, Underground Station Group, Hat World, Johnston & Murphy, and Licensed Brands. The Journeys segment consists of the Journeys and Journeys Kidz retail footwear chains. The Underground Station Group segment includes the Underground Station and Jarman retail footwear chains. The Hat World segment includes the Hat World, Lids, Hat Zone, Cap Connection and Head Quarters retail headwear chains. The Johnston & Murphy segment includes Johnston & Murphy retail operations, and wholesale distribution. The Licensed Brands segment is engaged in the wholesale distribution of footwear manufactured under the Dockers and Perry Ellis brands, under licenses from Levi Strauss & Company and PEI, Inc. As of June 9, 2006, it operated a total of 1,773 stores: 1,755 stores throughout the United States and Puerto Rico, and 18 stores in Canada. About Foot Locker Inc. Headquartered in New York City, Foot Locker Inc. (NYSE: FL) -- http://www.footlocker-inc.com/-- retails athletic footwear and apparel. The company operates around 3,900 athletic retail stores in 17 countries in North America, Europe and Australia under the brand names Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker, and Champs Sports. FOOT LOCKER: S&P Keeps Negative Watch Over US$1.2BB Genesco Bid --------------------------------------------------------------- Standard & Poor's Ratings Services said that its ratings, including the 'BB+' corporate credit rating, on specialty footwear retailer Foot Locker Inc. remain on CreditWatch with negative implications following the New York City-based company's announcement that it has launched a bid to acquire Genesco Inc. "Because Standard & Poor's expects that a significant portion of the US$1.2 billion acquisition price could be funded with debt," said Standard & Poor's credit analyst David Kuntz, "this would result in a deterioration of Foot Locker's credit metrics and a likely downgrade." At the same time, we placed the ratings (including the 'BB-' corporate credit rating) for Genesco on CreditWatch with developing implications. S&P will continue to monitor the ratings as details of the transaction become available. FORMAL HIRE: Claims Filing Period Ends May 11 --------------------------------------------- Creditors of Formal Hire Menswear Ltd. (formerly Brenton Ltd.) have until May 11 to send in their full names and addresses, full particulars of their debts or claims, and the names and addresses of their Solicitors (if any) to: Bruce Gomer Talfryn Rees Liquidator Bruce G.T. Rees & Co. 14 Tawe Business Village Swansea Enterprise Park Swansea SA7 9LA Wales Bruce Gomer Talfryn Rees of Bruce G.T. Rees & Co. was appointed liquidator of the company on April 5. FSP REALISATIONS: Calls In Liquidators from Moore Stephens ---------------------------------------------------------- Nigel Price and Mark Bowen of Moore Stephens LLP was appointed liquidator of FSP Realisations Plc (Firmin & Sons Plc) on April 1 for the creditors' voluntary winding-up proceeding. The company can be reached at: FSP Realisations plc 82-86 New Town Row Birmingham B6 4HU England Tel: 0121 380 0800 Fax: 0121 359 3321 GENERAL MOTORS: Wagoner Sees Hope Despite Delay in Delphi's Exit ---------------------------------------------------------------- General Motors Corp.'s chief executive officer Rick Wagoner remains positive that Delphi Corp. can emerge from bankruptcy despite the delay caused by a prospective investor's likely rejection of a deal to invest US$3.4 billion in the bankrupt auto parts supplier. "We're optimistic," Mr. Wagoner was quoted by Jeff Green of Bloomberg News in an interview in Shanghai last week. GM Chief Financial Officer Fritz Henderson was also cited by Mr. Green as saying that "GM is . . . committed to being part of trying to find a solution to Delphi's exit." GM, Bloomberg says, spun Delphi off in 1999 and still uses the company as a source for air bags, anti-lock brakes, steering components, air conditioners and other parts. The automaker agreed as part of the spinoff to cover retirement costs for former GM union workers if Delphi could not afford the expenses, the source adds. Free press business writer Katie Merx relates that Delphi's key investor, Cerberus Capital Management LP, is expected to withdraw its plan to invest in Delphi after the two sides disagreed on how much the auto supplier would be worth when it emerges from Chapter 11 protection. In a press statement dated April 19, Delphi confirmed that it anticipates negotiating changes to an equity purchase and commitment agreement it entered into in December 2006 with its plan investors -- affiliates of Appaloosa Management LP, Cerberus, and Harbinger Capital Partners Master Fund I Ltd., as well as Merrill Lynch & Co. and UBS Securities LLC. Delphi said it also anticipates negotiating an amendment to a related plan framework support agreement it also entered into in December 2006, with the plan investors and GM, which outlined the expected treatment of the company's stakeholders in its anticipated plan of reorganization. According to Delphi, any changes would be primarily as a result of addressing differences in views regarding the company's reorganization enterprise value among the Plan Investors, GM, the company's statutory creditors' and equity committees and the Company. Delphi said it expects that under amended framework agreements, Appaloosa, Harbinger, Merrill Lynch and UBS will continue to participate as Plan Investors (together with possible additional investors that may include members of the Statutory Committees), and that Cerberus may participate in the company's exit financing, as part of a competitive process, but not as a plan investor. Delphi is also hopeful that GM will support amended framework agreements and will be a party to any revised Plan Framework Support Agreement. About Delphi Corp. Headquartered in Troy, Mich., Delphi Corporation (OTC: DPHIQ) -- http://www.delphi.com/-- is the single largest global supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of Aug. 31, 2005, the Debtors' balance sheet showed US$17,098,734,530 in total assets and US$22,166,280,476 in total debts. Delphi's exclusive plan-filing period expires on July 31, 2007. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader for 76 years. GM currently employs about 280,000 people around the world. GM manufactures its cars and trucks in 33 countries including Belgium, France, Germany, India, Mexico, among others. In 2006, nearly 9.1 million GM cars and trucks were sold globally under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. * * * As reported in the Troubled Company Reporter on Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with negative implications, where they were placed March 29, 2006. S&P said the outlook is negative. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. GENERAL MOTORS: FSA Okays Common Stock Delisting From LSE --------------------------------------------------------- The Financial Services Authority in the U.K. has authorized shares of General Motor Corp.'s US$1-2/3 Par Value Common Stock to be delisted from trading on the London Stock Exchange at the opening of trading on the LSE on Monday, May 21. The request by GM for delisting on the LSE is part of GM's plan to concentrate the trading of its shares on the NYSE, to eliminate the listing fees charged by other exchanges, and to avoid multiple regulatory schemes that govern corporations whose shares are traded on exchanges located in more than one jurisdiction. GM recently delisted its shares from the Toronto, Pacific, Chicago and Philadelphia Stock Exchanges in North America and the Frankfurt and Dusseldorf Exchanges in Germany. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader since 1931. Founded in 1908, GM employs about 284,000 people around the world. It has manufacturing operations in 33 countries including Belgium, France, Germany, India, Mexico, and its vehicles are sold in 200 countries. GM sells cars and trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and Vauxhall. * * * As reported in the Troubled Company Reporter on Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with negative implications, where they were placed March 29, 2006. S&P said the outlook is negative. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. GENERAL MOTORS: Europe Sales Up 6% in First Quarter 2007 -------------------------------------------------------- In the first quarter of 2007, General Motors Corp.'s Europe sales reached an all-time record of 553,621 units, an increase of 30,354 compared to Q1 2006. The company market share established a 10-year record, reaching 9.8 percent, up 0.4 point from Q1 2006. "These strong results show our multi-brand strategy is beginning to make an impact, as is an aggressive strategy for growth in Eastern and Central Europe. Importantly, we are achieving our sales momentum while improving the profitability of our sales, raising contribution margins and generating higher residual values for our customers," Jonathan Browning, GM Europe Vice President for Sales, Marketing and Aftersales, said. Opel/Vauxhall sold 428,787 vehicles in the first quarter of 2007, the best sales volume since 2001. Market share was stable at 7.6 percent. Sales were strong in Russia and the U.K. Chevrolet maintained its sales momentum in Europe, reaching an all-time record in the first quarter, beating last year's first quarter record by 25,076 units, and bringing total sales for the quarter up to 100,526 units. Market share also grew 0.4 point, to 1.8 percent, another all-time record for the brand. On the premium brand side, Saab sold 22,169 units in Europe, with a market share of 0.4 percent, while Cadillac, Hummer and Corvette sold 1,699 units, 7 percent more than in Q1 2006. GM brands in Russia continued their fast growth rate with sales increasing 128 percent, up to 46,546 units, in the first quarter of 2007, significantly outpacing the 26 percent market growth. Market share grew 4.3 points to 9.5 percent. Opel and Chevrolet both performed well in Russia and in the Central and Eastern European markets. Opel sales in Russia were up to 9,380 units, 6,643 more compared to Q1 2006, with market share growing from 0.7 to 1.9 percent. Chevrolet Q1 sales in Russia more than doubled compared to Q1 2006. The brand's share in Russia grew from 4.5 percent to 7.5 percent, with sales of 36,735 vehicles. About General Motors Corp. General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the world's largest automaker and has been the global industry sales leader since 1931. Founded in 1908, GM employs about 284,000 people around the world. It has manufacturing operations in 33 countries including Belgium, France, Germany, India, Mexico, and its vehicles are sold in 200 countries. GM sells cars and trucks under these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, and Vauxhall. * * * As reported in the Troubled Company Reporter on Dec. 15, 2006, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating and other ratings on General Motors Corp. and removed them from CreditWatch with negative implications, where they were placed March 29, 2006. S&P said the outlook is negative. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. As reported in the Troubled Company Reporter on Nov. 14, 2006, Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the US$1.5 billion secured term loan of General Motors Corp. GLENSIDE RE-CYCLING: Hires Liquidator from Sharma & Co. ------------------------------------------------------- Gagen Dulari Sharma of Sharma & Co. was appointed liquidator of Glenside (Re-Cycling) Ltd. (formerly Glenside Plant Hire) on April 11 for the creditors' voluntary winding-up procedure. The company can be reached at: Glenside (Re-Cycling) Ltd. Vittoria Street Smethwick B66 2ND England Tel: 0121 565 4500 IDENTIKIDS LTD: Creditors' Meeting Slated for May 8 --------------------------------------------------- Creditors of Identikids Ltd. will meet at 12:30 p.m. on May 8 at the offices of: Lewis Alexander & Connaughton Second Floor Boulton House 17-21 Chorlton Street Manchester M1 3HY England A list of names and addresses of the company's creditors will be available for inspection free of charge on May 4. KENSI LTD: A. H. Tomlinson Leads Liquidation Procedure ------------------------------------------------------ A. H. Tomlinson of Tomlinsons was appointed liquidator of Kensi Ltd. on April 5 for the creditors' voluntary winding-up procedure. Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all types of business recovery and insolvency procedures, as well as offering advice to companies and individuals who believe they may be heading towards, or are already in, financial difficulty. The company can be reached at: Kensi Ltd. Carrington Business Park Manchester Road Carrington Manchester M31 4YR England Tel: 0161 876 4343 [Redacted] MALIN CLO: Moody's Rates EUR18.75-Mln Class E Notes at (P)Ba3 ------------------------------------------------------------- Moody's Investors Service has assigned provisional ratings to seven classes of notes to be issued by Malin CLO B.V.: -- EUR100-million First Priority Senior Secured Floating Rate Variable Funding Notes due May 7, 2023: (P)Aaa; -- EUR188-million Class A-1a First Priority Senior Secured Floating Rate Notes due May 7, 2023: (P)Aaa; -- EUR47-million Class A-1b First Priority Senior Secured Floating Rate Notes due May 7, 2023: (P)Aaa; -- EUR32.5-million Class B Second Priority Deferrable Secured Floating Rate Notes due May 7, 2023: (P)Aa2; -- EUR25-million Class C Third Priority Deferrable Secured Fixed Rate Notes due May 7, 2023: (P)A2; -- EUR35-million Class D Fourth Priority Deferrable Secured Fixed Rate Notes due May 7, 2023: (P)Baa3; and -- EUR18.75-million Class E Fifth Priority Deferrable Secured Floating Rate Notes due May 7, 2023: (P)Ba3. The provisional ratings address the expected loss posed to investors by the legal final maturity date on May 7, 2023. The ratings take into account the risk of diminishment of cash flow due to defaults on the underlying assets, the foreign exchange risks in the mis-matching of collateral assets and notes liabilities, and the legal documentation. This transaction is a leveraged loan collateralized loan obligation related to a EUR500-million portfolio of mostly European senior and mezzanine loans. The investments may also include high yield bonds and synthetics, and non-Euro issuers. This portfolio will be partially acquired at closing and partially during the six months ramp-up period in compliance with portfolio guidelines. Thereafter, the portfolio of loans will be actively managed and the investment manager will be able to buy or sell loans on behalf of the Issuer. Any addition or removal of loans will be subject to a number of portfolio criteria. Babson Capital Europe Ltd. will act as investment manager. Babson currently manages seven other leveraged loan CDOs. Moody's issues provisional ratings in advance of the final sale of securities and these ratings reflect Moody's preliminary credit opinion regarding the transaction. Upon a conclusive review of the final versions of all the documents and legal opinions, Moody's will endeavor to assign a definitive rating to the transaction. A definitive rating may differ from a provisional rating. This transaction is arranged by Goldman Sachs International. MDS BATHROOMS: Joint Liquidators Take Over Operations ----------------------------------------------------- Philip Anthony Brooks and Julie Willetts of Blades Insolvency Services were appointed joint liquidators of MDS Bathrooms & Kitchens Ltd. on April 12 for the creditors' voluntary winding- up procedure. The company can be reached at: MDS Bathrooms & Kitchens Ltd. 19 Bridge Street Belper DE56 1AY England Tel: 01773 832 633 MEGA BRANDS: S&P Places BB- Ratings on CreditWatch Negative ----------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit and bank loan ratings on Montreal, Quebec-based MEGA Brands Inc. on CreditWatch with negative implications. The bank loan's '2' recovery rating was also placed on CreditWatch. "The CreditWatch placement and the possibility of a subsequent downgrade reflect concerns that revenues, earnings, and credit protection measures at MEGA Brands did not meet Standard & Poor's forecast for 2006 and could remain weaker than expected in 2007 due to challenges the company faces," said Standard & Poor's credit analyst Lori Harris. MEGA Brands has faced litigation relating to its Magnetix product, which resulted in product recalls, product replacement, and product liability settlement expenses. Although MEGA Brands could be reimbursed for certain expenses, the magnitude of the charges related to the litigation in the fourth quarter of 2006, and the resulting negative impact on the company's debt levels and credit ratios were not expected by Standard & Poor's. MEGA Brands had chosen to be self-insured for Magnetix products manufactured before May 1, 2006, and for incidents occurring after Dec. 1, 2006, because the cost of insurance was viewed as prohibitive. Management's decision to be self-insured raises uncertainty surrounding the company's potential exposure to liability claims and MEGA Brands ability to financially support these claims without excessively jeopardizing the financial strength of the business. In addition, the company is involved in litigation with the former shareholders of Rose Art Industries Inc., which concerns contingent payments related to MEGA Brands' acquisition of the business in 2005. An additional US$51 million in accrued consideration has yet to be paid because MEGA Brands is disputing the claim. To resolve the CreditWatch listing, Standard & Poor's will meet with management and review MEGA Brands' operating and financial strategies, including the company's plans to deal with the litigation risk that it faces. MERLIN PACKAGING: Taps Deloitte & Touche as Administrators ---------------------------------------------------------- Dominic Wong, Andrew Peters and David Langton of Deloitte & Touche LLP were appointed joint administrators of Elderglade Packaging Ltd., Merlin Packaging Ltd., and John Baldwin Packaging Services Ltd. on April 19. According to Scotsman, the company trades from eight locations in the U.K. and reports a turnover of GBP18 million. The losses due to excess capacity at its Stoke on Trent factory were blamed for the group's failure. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. Headquartered in Stoke-on-Trent, England, Merlin Packaging -- http://www.merlinpackaging.co.uk/-- is one of the U.K.'s largest groups of independent sheet plants, providing not only cost effective corrugated and packaging supplies nationwide, but also a keen emphasis on design. ORRELL-TURNER INTERIORS: Joint Liquidators Take Over Operations --------------------------------------------------------------- Gary Edgar Blackburn and Paul Andrew Whitwam of BWC Business Solutions were appointed joint liquidators of Orrell-Turner Interiors Ltd. on April 12 for the creditors' voluntary winding- up proceeding. The company can be reached at: Orrell-Turner Interiors Ltd. Bolton Street Low Moor Bradford BD12 0SA England Tel: 01274 671 131 PERCY PRIOR: Appoints Robert Day as Liquidator ---------------------------------------------- Robert Day of Robert Day and Co. Ltd. was appointed liquidator of Percy Prior (Rosehill Instruments) Ltd. on April 12 for the creditors' voluntary winding-up proceeding. The company can be reached at: Percy Prior (Rosehill Instruments) Ltd. Octagon Arcade High Wycombe HP11 2HT England Fax: 01494 463 353 PLASWOOD PRODUCTS: Taps Nigel Millar to Liquidate Assets -------------------------------------------------------- Nigel Millar was appointed liquidator of Plaswood Products Ltd. on April 2 for the creditors' voluntary winding-up procedure. The company can be reached at: Plaswood Products Ltd. Breckland Court Threxton Road Industrial Estate Watton Thetford IP25 6NG England Tel: 01953 881 799 Fax: 01953 884 774 PROFESSIONAL FINANCIAL: Claims Filing Period Ends May 11 -------------------------------------------------------- Creditors of Professional Financial Solutions Ltd. have until May 11 to send in their names and addresses with particulars of their debts or claims to: Finbarr Thomas O'Connell and Jane Bronwen Moriarty Joint Liquidators KMPG LLP 8 Salisbury Square London EC4Y 8BB England Finbarr Thomas O'Connell and Jane Bronwen Moriarty of KMPG LLP were appointed joint liquidators of the company on April 11. KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit, and tax-related services to customers in such target industries as banking, media and entertainment, consumer products, health care providers, insurance, and pharmaceuticals. RAINBOW BRIDGE: Taps Robert Day to Liquidate Assets --------------------------------------------------- Robert Day of Robert Day and Co. Ltd. was appointed liquidator of Rainbow Bridge Music Ltd. on April 12 for the creditors' voluntary winding-up proceeding. The company can be reached at: Rainbow Bridge Music Ltd. 31 Octagon Arcade High Wycombe HP11 2HT England Tel: 01494 443 418 Fax: 01494 463 353 RED MORTGAGE: Hires Liquidators from The P&A Partnership -------------------------------------------------------- John Russell and Andrew Philip Wood of The P&A Partnership were appointed liquidators of Red Mortgage Solutions Ltd. on April 11 for the creditors' voluntary winding-up procedure. The P&A Partnership (aka Poppleton and Appleby) -- http://www.thepandapartnership.com/-- acts for all clearing banks and a growing number of factors and asset lenders. Its clients include multinational PLCs, SMEs, financial institutions, accountants, solicitors and business advisors. The company can be reached at: Red Mortgage Solutions Ltd. Brooke Building Shepcote Lane Sheffield S9 1QT England Tel: 0114 243 3838 Fax: 0114 243 3939 REFCO INC: Marc Kirschner Discharges Duties as RCM Trustee ---------------------------------------------------------- Marc S. Kirschner, as Chapter 11 trustee and duly appointed Plan Administrator of Refco Capital Markets Ltd.'s estate, obtained the Court's authority to assign any and all of his remaining rights, powers and duties to the RCM Plan Administrator, leaving him as the sole party acting on behalf of and administering the RCM estate. The Court also authorized Mr. Kirschner to: (i) discharge his duties as RCM Trustee; (ii) release and terminate the duty to obtain and maintain the RCM Trustee's surety bonds by Hartford; Fidelity & Deposit/Zurich; Federal (Chubb), and Safeco; and (iii) release and terminate the restrictions on the Restricted Accounts. Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York, relates that by notice dated April 10, 2006, the U.S. Trustee appointed Mr. Kirschner as RCM Trustee, subject to a bond under Section 322. The Court subsequently approved the appointment of the RCM Trustee, requiring him to post a US$1,000,000,000 bond. The Bond was later reduced to US$156,500,000, subject to segregation of a substantial portion of RCM's cash into restricted accounts. The RCM Trustee then (a) obtained the Bond for US$156,500,000, and (b) created the Restricted Accounts with US$800,500,000 in cash invested as required by Section 345. The annual premium for the Bond was US$762,938 and was fully earned. The Bond expires on April 19, 2007. Post-Effective Date Management of RCM Given the assignment of the RCM Trustee's role and duties to the RCM Administrator, the RCM Trustee's work for the RCM estate has concluded, Mr. DeSieno tells Judge Drain. Mr. DeSieno states that the Plan Confirmation Order left the RCM Trustee in charge of the RCM estate, although it required him to enter into a December 2006 RCM Administration Agreement with the RCM Administrator. Specifically, Mr. DeSieno says, the RCM Administration Agreement enumerates the RCM Administrator's powers and responsibilities, which include liquidating RCM's assets, paying RCM's expenses, investing RCM's cash, calculating and paying distributions to creditors of RCM, and dissolving and winding up RCM. Mr. DeSieno states that the Plan, the Confirmation Order, and the RCM Administration Agreement do not require continued maintenance of the Bond or the Restricted Accounts by the RCM Trustee or the RCM Plan Administrator. However, he says, in accordance with the RCM Administration Agreement, the RCM Administrator has obtained professional liability insurance for US$5,000,000. Distributions from RCM Estate Mr. DeSieno states that the assets of the RCM estate have been significantly reduced as a consequence of making distributions and other court-approved and ordinary course payments. During the RCM Trustee's appointment, Mr. DeSieno relates, the RCM estate had US$2,054,000,000 in assets. At the time of the Plan Confirmation, the RCM estate held around US$2,500,000,000 in assets, of which US$1,800,000,000 was cash or cash equivalents, and the remainder in securities. As of March 1, 2007, the RCM estate held about US$920,000,000 in liquid and illiquid assets, of which US$13,900,000 is in the RCM Wind-Down Reserves pursuant to the Plan. Since his appointment, Mr. DeSieno notes, the RCM Trustee has distributed from the RCM estate: (a) US$56,400,000 in fees and expenses of estate professionals, of which US$1,000,000 was paid to the RCM Trustee; (b) US$84,400,000 to JPMorgan Chase Bank, N.A., pursuant to a Court-approved settlement agreement; and (c) US$1,475,767,317 to RCM creditors between Dec. 27 and 28, 2006. Furthermore, the Court authorized a second interim distribution to RCM creditors, aggregating US$428,000,000. Mr. DeSieno says various estate professionals have also filed final applications for payment of fees and reimbursement of expenses, which will result in additional disbursements from the RCM estate. To date, the RCM estate has contributed around US$16,000,000 into an administrative expense reserve to fund the administration of the Plan, including compensation of administrative professionals. Assuming the payments are made under the Second Distribution and final fee applications, the RCM estate will have remaining exceeding US$450,000,000, Mr. DeSieno says. The remaining RCM assets will now be administered by the RCM Administrator following the approval of the Motion, Mr. DeSieno states. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. On June 5, 2006, three more affiliates filed for chapter 11 protection namely: Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC. Refco Commodity Management Inc., another affiliate, filed for bankruptcy on Oct. 16, 2006. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. (Refco Bankruptcy News, Issue No. 61; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). REFCO INC: Plan Administrators Object to Grant Thornton's Claims ---------------------------------------------------------------- David S. Rosner, Esq., at Kasowitz, Benson, Torres & Friedman LLP, in New York, states that in July 2006, Grant Thornton LLP filed 27 proofs of claim -- Claim Nos. 11393 through 11395 and Claim Nos. 11527 through 11550 -- against various Debtor entities, asserting: (i) US$242,804 in fees and costs for prepetition services rendered as the independent auditor for Refco Inc. and its subsidiaries, including Refco Capital Markets, Ltd.; and (ii) US$2,800,000 in attorneys fees and costs incurred in connection with its defense of securities litigation actions, including, In re Refco Inc. Securities Litigation, No. 05 Civ. 8626 (GEL) (S.D.N.Y.), and In re Refco Capital Markets, Ltd. Brokerage Customer Securities Litigation, No. 06-CV-643 (GEL) (S.D.N.Y.). Grant Thornton also asserted that it holds contingent unliquidated claims as a result of the Securities Actions. Grant Thornton further argued that its claims were based on the terms of its relationship that was memorialized in various engagement letters or contracts with (i) Refco group Ltd. LLC, and its subsidiaries, including RCM, and (ii) New Refco Group Ltd. LLC. Pursuant to their Chapter 11 Plan, and as of the Effective Date, the Reorganized Debtors and Marc S. Kirschner, as the then- Chapter 11 Trustee for Refco Capital Markets, Ltd.'s estate, established a litigation trust for the pursuit of any and all Contributed Claims, including litigation claims of the Debtors, RCM, or their estates. The Litigation Claims include any and all claims, rights of action, suits or proceedings that any Debtor or RCM may hold. Mr. Rosner states that the Litigation Trust is currently investigating Grant Thornton in connection with its conduct with respect to the Debtors and RCM and its relationship and role with respect to the Debtors' collapse. The investigation may lead to the assertion of affirmative claims by the Litigation Trust against Grant Thornton, he notes. On March 16, 2007, Grant Thornton filed amended claims -- Claim Nos. 14458 through 14484 -- to increase the amount of liquidated damages asserted in each Original Claim to US$4,356,371. On March 23, RJM LLC, as Plan Administrator for the Chapter 11 Debtors' cases, and Mr. Kirschner, as the duly appointed Plan Administrator for the RCM estate, objected to the Original Claims, seeking entry of an order: (i) expressly reserving any and all rights, claims and defenses of the estates and their successors to assert any and all claims against Grant Thornton; to object to and defend against the Claims; and to obtain a full and fair litigation of all claims, objections and matters relating to Grant Thornton in an appropriate forum; (ii) disallowing the Claims for reimbursement of costs and expenses to the extent that Grant Thornton seeks indemnification for claims, damages, losses, liabilities, costs and expenses, incurred in connection with the Securities Actions or any other actions; and (iii) disallowing the Claims to the extent that they assert the same liability against multiple Debtor entities, including RCM. After reviewing the Original Claims, the Plan Administrators have determined that each of those claims have been amended and superseded by the Amended Claims. Accordingly, the Plan Administrators ask Judge Drain to disallow and expunge the Original Claims. The Plan Administrators believe that Grant Thornton will not be prejudiced by having their Original Claims disallowed and expunged, because their Amended Claims will remain on the claims registry. Moreover, the Plan Administrators object to and seek entry of an order with respect to the Amended Claims on the same grounds and for the same reasons set forth in their First Objection to the Original Claims. About Refco Inc. Based in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The Company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported US$16.5 billion in assets and US$16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. On June 5, 2006, three more affiliates filed for chapter 11 protection namely: Westminster-Refco Management LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC. Refco Commodity Management Inc., another affiliate, filed for bankruptcy on Oct. 16, 2006. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. (Refco Bankruptcy News, Issue No. 61; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). REMEDY 4 MEN: Appoints Liquidators from BRI Business Recovery ------------------------------------------------------------- Gavin Geoffrey Bates and Peter John Windatt of BRI Business Recovery and Insolvency were appointed joint liquidators of Remedy 4 Men and Women Ltd. on April 5 for the creditors' voluntary winding-up procedure proceeding. The company can be reached at: Remedy 4 Men & Women Ltd. 43 Smithford Way Coventry CV1 1FY England Tel: 024 7655 1588 RESLOC UK: Fitch Rates GBP2.1-Million Class F1b Notes at B ---------------------------------------------------------- Fitch Ratings assigned expected ratings to ResLoC U.K. 2007 Plc mortgage-backed floating-rate notes due 2043: -- GBP-equivalent 145.4-million Class A1: 'AAA' -- GBP-equivalent 145.4-million Class A2: 'AAA' -- GBP-equivalent 418.1-million Class A3: 'AAA' -- GBP-equivalent 81.8-million Class M1: 'AAA' -- GBP-equivalent 41.6-million Class B1: 'AA' -- GBP-equivalent 29.3-million Class C1: 'A' -- GBP-equivalent 38.9-million Class D1b: 'BBB' -- GBP-equivalent 8.4-million Class E1b: 'BB' -- GBP-equivalent 3.8-million Class E2b: 'BB-' -- GBP-equivalent 2.1-million Class F1b: 'B' The final ratings are contingent on the receipt of final documents conforming to information already received. This is the first transaction under the ResLoC U.K. name and contains collateral from four different originators: Advantage, GMAC-RFC, Amber Homeloans Ltd. and Victoria Mortgage Funding. The ratings are based on the collateral quality, available credit enhancement, the underwriting of the abovementioned originators, the servicing capabilities of Homeloan Management Ltd. and the sound legal structure of the transaction. Credit enhancement for the Class A1, A2, A3 and M1 notes totaling 14.25% is provided by the subordination of the Class B1, Class C1, Class D1b and Class E1 notes as well as an initial reserve fund of 1.25% building to 1.35%. The Class E2b notes will receive principal after any necessary payments into the reserve fund and interest before any necessary payments into the reserve fund. The class F1b notes will receive interest and principal after any necessary payments into the reserve fund. To determine appropriate credit enhancement levels, Fitch analyzed the collateral using its U.K. Residential Mortgage Default Model. The agency also modeled cash flows using the results of the default model with structural stresses, including various prepayment and interest rate scenarios. The cash flow tests showed that each class of notes could withstand loan losses at a level corresponding to the related stress scenario without incurring any principal loss or interest shortfall, and that it can retire the principal by legal final maturity. ROBSEAL ROOFING: Hires Liquidator from Bridgers ----------------------------------------------- John Arthur Kirkpatrick of Bridgers was appointed liquidator of Robseal Roofing & Construction Services Ltd. on March 27 for the creditors' voluntary winding-up proceeding. The company can be reached at: Robseal Roofing Ltd. Unit 2/3 Nimrod Way Nimrod Industrial Estate Reading RG2 0EB England Tel: 0118 975 4800 Fax: 0118 975 4854 ROCKET PYROTECHNICS: Hires Liquidators from Berg Kaprow Lewis ------------------------------------------------------------- Stewart Bennett and James Bradney of Berg Kaprow Lewis LLP were appointed joint liquidators of Rocket Pyrotechnics Ltd. on April 12 for the creditors' voluntary winding-up proceeding. Creditors are required, to send in their full names, their addresses and descriptions, full particulars of their debts or claims, and the names and addresses of their solicitors (if any) to: Stewart Bennett Berg Kaprow Lewis LLP 35 Ballards Lane London N3 1XW England SEVERN LTD: Claims Filing Period Ends May 15 -------------------------------------------- Creditors of Severn Ltd. and Ratcliffs (Great Bridge) Ltd. have until May 15 to send their full names and addresses, and particulars of their debts or claims to: Ian Best Joint Liquidator Ernst & Young LLP No. 1 Colmore Square Birmingham B4 6HQ England Ian Best of Ernst & Young LLP was appointed joint liquidator of the company on April 4. Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries-from emerging growth companies to global powerhouses-deal with a broad range of business issues. UNIQUE IMAGE: Brings In Liquidators from PKF UK ----------------------------------------------- Edward T. Kerr and Ian J. Gould of PKF (U.K.) LLP were appointed joint liquidators of Unique Image 4 U Ltd. (formerly Zipser International U.K. Ltd.) on April 5 for the creditors' voluntary winding-up proceeding. PKF (U.K.) LLP -- http://www.pkf.co.uk/-- specializes in advising the management of developing private and public businesses. Its principal services include assurance & advisory; corporate finance; corporate recovery & insolvency; forensic; management consultancy and taxation. It also offers financial services through its FSA authorized company, PKF Financial Planning Ltd. The company can be reached at: Unique Image 4 U Ltd. 5a Derwent Close Gamston Nottingham NG2 6NF England Tel: 0115 981 4364 WHITE STRIPE: Names Anthony David Kent Liquidator ------------------------------------------------- Anthony David Kent was appointed liquidator of White Stripe Barcode Solutions Ltd. on April 11 for the creditors' voluntary winding-up procedure. The company can be reached at: White Stripe Barcode Solutions Ltd. Regus House Fairbourne Drive Atterbury Milton Keynes MK10 9RG England Tel: 0870 099 3262 WILKRO LTD: Names Liquidator to Wind Up Business ------------------------------------------------ Andrew T. Clay was appointed liquidator of Wilkro Ltd. on April 11 for the creditors' voluntary winding-up procedure. The company can be reached at: Wilkro Ltd. 172 Shetcliffe Lane Bradford BD4 6QJ England Tel: 01274 689 101 * Grant Thornton Scotland Names John Montague as Director --------------------------------------------------------- John Montague was appointed by Grant Thornton Scotland as director to strengthen the company's recovery and reorganization team, Scotsman reports. According to the report, Mr. Montague has more than 16 years experience in business turnaround and restructuring, business reviews, corporate finance and formal recovery assignments. He joins Grant Thornton from Invocas Group. He had also worked with PricewaterhouseCoopers and Arthur Anderson. * Dundas & Wilson Promotes Six Senior Associates to Partners ------------------------------------------------------------ Dundas & Wilson LLP promoted six senior associates to partner. Carina Healy is an IP lawyer who leads D&W's dedicated life sciences team. Ms. Healy 's responsibilities include further developing D&W's growth in IP work in this and other key industries on a U.K. wide basis. Claire Massie specializes in all aspects of insolvency and turnaround. Ms. Massie's remit will include targeting growth areas for D&W's corporate recovery team across the U.K. as well as maintaining and nurturing the group's existing key relationships. Darina Kerr specializes in real estate and has technical expertise in acquisitions, disposals, landlord/tenant and development projects. Ms. Kerr's promotion increases the pool of skills at partner level to develop opportunities for the property team across the U.K. Nadim Meer's primary focus is on private equity and M&A. He will continue to focus on developing D&W's private equity and general corporate offering in London. Ross Caldwell specializes in corporate banking with particular emphasis on acquisition finance, structured finance, capital markets and derivatives work. Having spent the past eight years based out of D&W's Edinburgh office, Mr. Ross is relocating to D&W's London office where he will play a key role in the development of the firm's banking practice in London. Trudi Craggs is a specialist in D&W's multi-disciplinary planning team, which provides a comprehensive planning service to clients. She will continue to advise public and private sector clients on the authorization processes for major, complex projects. "These 6 internal promotions highlight the caliber of the people we have within D&W across the U.K., Michael McAuley, chairman of D&W, commented." "They demonstrate the firm's commitment, and these individuals' commitment and contribution, to growing our business across the U.K. in a focused and consistent way. Our clients continue to be very active and these promotions reflect the success, which the practice continues to experience." "In addition to the seven lateral partner hires we have made within the past 12 months, these appointments now bring our total number of partners in the U.K. to 83," Mr. McAuley added. These appointments are effective from May 1. Dundas & Wilson -- http://www.dundas-wilson.com/-- is a leading U.K. corporate law practice. The core of the firm's strategy is its commitment to clients - and the firm has an enviable U.K. client base. D&W's core skills are grouped together within the following areas - Banking, Construction & Engineering, Corporate, Corporate Recovery & Insolvency, Dispute Resolution, Employment, Environment, EU & Competition, IP/IT, Pensions, Planning & Transportation, Property, Projects and Tax. ********* 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 * * *