/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/070502.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, May 2, 2007, Vol. 8, No. 86 Headlines A U S T R I A A.I.B. LLC: Claims Registration Period Ends May 23 CROSLAV LLC: Claims Registration Period Ends May 23 DENI LLC: Claims Registration Period Ends May 31 I.P.N. LLC: Claims Registration Period Ends May 23 IDM LLC: Claims Registration Period Ends March 23 MDA-WH LLC: Claims Registration Period Ends May 25 SCHNELLTRANSPORTE LLC: Claims Registration Period Ends May 29 ZASZLO LLC: Claims Registration Period Ends May 31 C Z E C H R E P U B L I C * Czech Government Approves 2006 Budget with CZK97.6 Bln Deficit F R A N C E SAGEM DEFENSE: Accounting Probe Finds Errors in Financials G E R M A N Y AKES ARZT: Claims Registration Period Ends May 30 AKTIVA BUEROSERVICE: Claims Registration Period Ends July 1 ANDREAS SCHAFER: Claims Registration Period Ends May 22 BO.B CONCEPT: Claims Registration Period Ends May 25 BRE WUERTTEMBERGISCHE: Claims Registration Period Ends May 24 CELSIUS & FAHRENHEIT: Claims Registration Period Ends June 11 CMC CHEMICAL: Claims Registration Period Ends June 18 COMBAU GMBH: Claims Registration Period Ends June 18 DAIMLERCHRYSLER AG: Earns US$3.7 Billion in Full Year 2006 DAIMLERCHRYSLER AG: Magna Tops List of Chrysler Contenders DELME LOTTO: Claims Registration Period Ends June 4 DEWA HOLZBAU: Claims Registration Ends May 25 SCHWIMMBADTECHNIK DIETER: Claims Registration Ends June 22 ELEKTROTECHNIK MUELLER: Claims Registration Ends May 29 GATE INNOWEAR: Claims Registration Ends June 15 KORSING KUECHEN: Claims Registration Ends May 29 LINKENHEIL & FRIENDS: Claims Registration Ends May 15 M + S MONTAGE: Claims Registration Ends May 21 MBF MONTAGEBAU: Claims Registration Ends June 1 NONI EUROPA: Creditors Meeting Slated for June 4 N-POLE GMBH: Creditors Must Register Claims by June 1 PFLEIDERER AG: Fitch Puts BB- Ratings on EUR275 Million Bond PROMISE COLOR: S&P Lifts Low-B Ratings After Performance Review PRONAT REISEN: Creditors Must Register Claims by July 16 R & S BAU: Creditors Must Register Claims by June 19 ROTHENBURGER BAU: Claims Registration Period Ends June 6 SILCO HANDELS: Creditors' Meeting Slated for June 6 SONDERMASCHINENBAU KOLZ: Claims Registration Period Ends June 25 TANNING'S SONNENSTUDIO: Claims Registration Period Ends June 6 TISCHLEREI DRIBOSCH: Claims Registration Period Ends June 12 TOPRAK-TRANSPORT-LOGISTICS GMBH: Claims Registration Ends May 9 TRW AUTOMOTIVE: S&P Puts BB+ Long-Term Corporate Credit Rating WALTER HAAKE: Claims Registration Period Ends June 12 WEIDENTHALER HAUSTECHNIK: Creditors' Meeting Slated for June 1 H U N G A R Y HERTZ GLOBAL: Revenue Increases by 7.9% in Year Ended Dec. 31 I T A L Y FIAT SPA: Earns EUR376 Million in First Quarter 2007 FIAT SPA: Repurchases 700,000 Ordinary Shares PARMALAT SPA: Banca delle Marche Settles Suit for EUR22 Million PARMALAT SPA: Declares EUR0.025 Dividend Per Common Share K A Z A K H S T A N AIKO LLP: Creditors Must File Claims by June 2 ASIA-COM LLP: Creditors' Claims Due June 2 AUTOSNABDETAIL LTD: Proof of Claim Deadline Slated for June 2 DELTA PROM LLP: Claims Registration Ends June 2 ENERGOPROMSERVICE & K: Claims Filing Period Ends June 2 GUARANTEE LTD: Creditors Must File Claims by June 2 GUINNES LLP: Creditors' Claims Due June 2 INTERGAS CENTRAL: Fitch Rates US$250 Million Loan at BB+ KAZTRANSGAS: Fitch Puts BB IDR with Stable Outlook PROMSNAB XXI: Proof of Claim Deadline Slated for June 2 SUNA SHIN: Claims Registration Ends June 2 TEMIR BANK: Fitch Gives BB- Ratings to Upcoming US$1.2 Bln Loan K Y R G Y Z S T A N IMPEX ALCO: Creditors Must File Claims by June 11 OMEGA PLUS: Claims Filing Period Ends June 11 L I T H U A N I A BANKAS SNORAS: S&P Puts BB- Ratings on Senior Unsecured Notes L U X E M B O U R G GATE GOURMET: Moody's Affirms B2 Corporate Family Rating N E T H E R L A N D S AMSTEL SHER: Moody's Rates EUR90 Million Class E Notes at (P)Ba2 HEAD NV: Moody's May Downgrade Low-B Ratings After Review R U S S I A B.I.N.BANK: Secures US$52 Million Extended Loan From Bank Group BIVERST CJSC: Creditors Must File Claims by June 7 CENTERTELECOM OAO: Taps Ernst and Young LLC to Audit Financials DRIADA CJSC: Creditors Must File Claims by June 7 DUVAN-MIXED FODDER: Creditors Must File Claims by May 31 EUROCHEM MINERAL: Earns US$256.9 Million for Financial Year 2006 GAS-STROY-MONTAGE: Creditors Must File Claims by June 7 LAVANDA LLC: Creditors Must File Claims by May 7 MARYANOVSKIY COMBINE: Creditors Must File Claims by May 31 NEFTEMASH OJSC: Creditors Must File Claims by May 31 OGK-5 JSC: Enel Confirms Interest in Stake Acquisition OMSKIY-2 CJSC: Creditors Must File Claims by May 31 RYAZANSKIY GLASS: Creditors Must File Claims by June 7 SERGACHANKA CJSC: Creditors Must File Claims by June 7 SEVERSTAL OAO: Acquires Neva-Metal Firms for US$100 Million USOLYE-OIL-SERVICE: Creditors Must File Claims by June 7 WHEAT POKROVSKAYA: Creditors Must File Claims by June 7 YUKOS OIL: OAO Lukoil Drops Possible Bid for Southern Assets S W I T Z E R L A N D ALTENA SOFTWARE: Creditors' Liquidation Claims Due May 18 GALANT JSC: Zug Court Starts Bankruptcy Proceedings GATE GOURMET: S&P Rates Proposed CHF125 Million Loan at B+ GROOVYSTREAMS LLC: Zug Court Starts Bankruptcy Proceedings IBERG BETEILIGUNGS: Creditors' Liquidation Claims Due May 31 JAGGI HANDEL: Creditors' Liquidation Claims Due May 18 JUNGLE TREE: Creditors' Liquidation Claims Due May 18 MC GIPSEREI: Creditors' Liquidation Claims Due May 18 METZGER GPS: Creditors' Liquidation Claims Due May 21 PARTY-SERVICE ROYAL: Creditors' Liquidation Claims Due May 21 SWISSFIRST DERIVATIVES: Creditors' Liquidation Claims Due May 31 U K R A I N E BF KATA-REM LLC: Creditors Must Register Claims by May 13 FORPLAST LLC: Creditors Must Register Claims by May 11 GODINI LLC: Creditors Must Register Claims by May 11 INFAKOM LLC: Creditors Must Register Claims by May 13 ITO INTELLECT: Creditors Must Register Claims by May 13 IVTK CHEREMOSH: Creditors Must Register Claims by May 13 SOVAT LLC: Creditors Must Register Claims by May 11 UKRAINIAN RAILWAY: Claims Filing Bar Date Set May 11 ULTRA-PLAZA LLC: Creditors Must Register Claims by May 11 YAROSVIT LLC: Creditors Must Register Claims by May 11 U N I T E D K I N G D O M A.T. CLOWREY: Creditors' Meeting Slated for May 10 ADVANCED MICRO: Moody's Affirms B1 Corporate Family Rating BARGAIN BATHROOMS: Creditors' Meeting Slated for May 17 BOYAR INTERNATIONAL: Creditors' Meeting Slated for May 18 BRITISH SKY: OFT Wants Deeper Probe on ITV Stake Acquisition CALDA MARKETING: Creditors' Meeting Slated for May 10 COLLINS & AIKMAN: Selling Evart Facility to Flex-N-Gate COLOUR MOVE: Creditors' Meeting Slated for May 17 CUSTOM CRANK: Appoints Liquidator from Muras Baker Jones DD BARS: Creditors' Meeting Slated for May 9 EAGLE NOTTINGHAM: Taps Liquidators from Ernst & Young FOUR SEASONS: Court Okays Plan of Arrangement for Privatization KAYOVER ENGINEERING: Creditors' Meeting Slated for May 10 LAMBOURNE CLOTHING: Creditors' Meeting Slated for May 16 MAESTRO AVIATION: Creditors' Meeting Slated for May 10 ROYAL CORNWALL: Health Dept. Offers Lump Sum to Balance Books SOLUTIA INC: Court OKs Amended Rothschild Employment Terms SWINFORD FIXINGS: Names Eileen T. F. Sale Liquidator T.B.F. NETWORKS: Creditors' Meeting Slated for May 11 TIMKEN COMPANY: Posts US$42 Million First Quarter Income in 2007 TOWER RECORDS: WEA Corporation Objects to Disclosure Statement TREEBOW LTD: Claims Filing Period Ends June 15 WESTCOUNTRY MARINE: Creditors' Meeting Slated for May 11 WOODHEAD MANUFACTURING: Claims Filing Period Ends May 16 ********* ============= A U S T R I A ============= A.I.B. LLC: Claims Registration Period Ends May 23 -------------------------------------------------- Creditors owed money by LLC A.I.B. (FN 119658v) have until May 23 to file written proofs of claim to court-appointed estate administrator Guenther Hoedl at: Dr. Guenther Hoedl c/o Dr. Andrea Simma Schulerstrasse 18 1010 Vienna Austria Tel: 513 16 55 Fax: 513 16 55 33 E-mail: Hoedl@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on June 6 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 April 5 (Bankr. Case No. 4 S 27/07h). Andrea Simma represents Dr. Hoedl in the bankruptcy proceedings. CROSLAV LLC: Claims Registration Period Ends May 23 --------------------------------------------------- Creditors owed money by LLC CROSLAV (FN 270979z) have until May 23 to file written proofs of claim to court-appointed estate administrator Robert Gschwandtner at: Dr. Robert Gschwandtner c/o Dr. Peter Pullez Tuchlauben 8 1010 Vienna Austria Tel: 513 29 79 E-mail: pullezgschwandtner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on June 6 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 April 3 (Bankr. Case No. 2 S 49/07d). Peter Pullez represents Dr. Gschwandtner in the bankruptcy proceedings. DENI LLC: Claims Registration Period Ends May 31 ------------------------------------------------ Creditors owed money by LLC DENI (FN 271054i) have until May 31 to file written proofs of claim to court-appointed estate administrator Daniel Lampersberger at: Mag. Daniel Lampersberger c/o Mag. Clemens Richter Esteplatz 4 1030 Vienna Austria Tel: 712 33 30-0 Fax: 712 33 30-30 E-mail: kanzlei@engelhart.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on June 14 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 3 (Bankr. Case No. 5 S 46/07k). Clemens Richter represents Mag. Lampersberger in the bankruptcy proceedings. I.P.N. LLC: Claims Registration Period Ends May 23 -------------------------------------------------- Creditors owed money by LLC I.P.N. (FN 222568g) have until May 23 to file written proofs of claim to court-appointed estate administrator Gerhard Bauer at: Mag. Gerhard Bauer Mahlerstrasse 7 1010 Vienna Austria Tel: 512 97 06 E-mail: ra-g.bauer@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on June 6 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 April 3 (Bankr. Case No. 2 S 47/07k). IDM LLC: Claims Registration Period Ends March 23 ------------------------------------------------- Creditors owed money by LLC IDM (FN 231271f) have until March 23 to file written proofs of claim to court-appointed estate administrator Johannes Jaksch at: Dr. Johannes Jaksch c/o Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 a.m. on June 6 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 April 4 (Bankr. Case No. 2 S 52/07w). Stephan Riel represents Dr. Jaksch in the bankruptcy proceedings. MDA-WH LLC: Claims Registration Period Ends May 25 -------------------------------------------------- Creditors owed money by LLC MDA-WH (FN 138904x) have until May 25 to file written proofs of claim to court-appointed estate administrator Karl Schirl at: Dr. Karl Schirl c/o Mag. Markus Siebinger Krugerstrasse 17/3 1010 Vienna Austria Tel: 513 22 31 Fax: 513 22 31-1 E-mail: dr.karl.schirl@der-rechtsanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on June 11 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 3 (Bankr. Case No. 3 S 55/07v). Markus Siebinger represents Dr. Schirl in the bankruptcy proceedings. SCHNELLTRANSPORTE LLC: Claims Registration Period Ends May 29 ------------------------------------------------------------- Creditors owed money by LLC Schnelltransporte (FN 259828a) have until May 29 to file written proofs of claim to court-appointed estate administrator Norbert Mooseder at: Dr. Norbert Mooseder c/o Dr. Guenther Grassner Stelzhamerstr. 1 4400 Steyr Austria Tel: +437252/42424 Fax: +437252/42424-24 E-mail: lawfirm@gltp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on June 11 for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Haid bei Ansfelden, Austria, the Debtor declared bankruptcy on April 3 (Bankr. Case No. 12 S 37/07i). Guenther Grassner represents Dr. Mooseder in the bankruptcy proceedings. ZASZLO LLC: Claims Registration Period Ends May 31 -------------------------------------------------- Creditors owed money by LLC ZASZLO (FN 277692x) have until May 31 to file written proofs of claim to court-appointed estate administrator Edmund Roehlich at: Dr. Edmund Roehlich c/o Dr. Richard Proksch Heumarkt 9/I/11 1030 Vienna Austria Tel: 713 46 51 Fax: 713 84 35 Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on June 14 for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on April 3 (Bankr. Case No. 5 S 47/07g). Richard Proksch represents Dr. Roelich in the bankruptcy proceedings. =========================== C Z E C H R E P U B L I C =========================== * Czech Government Approves 2006 Budget with CZK97.6 Bln Deficit ---------------------------------------------------------------- The Czech government has approved a draft state final account for 2006, which reflects a deficit of CZK97.6 billion on revenues of CZK923.1 billion and expenditures of CZK1,020 billion, the Czech News Agency cited the government's press department as its source. According to the report, the deficit was CZK13.9 billion higher than originally planned by the Finance Ministry due to an early repayment of a CZK14 billion state guarantee to the central bank and a CZK900 million deficit of the pension insurance system. The Finance Ministry said the public finance deficit for last year at 2.96 percent of GDP is distorted in the European system of national accounts (ESA 95) methodology by money transfers to the reserve funds at the individual ministries, CTK reveals. The transfers make the result better. "More than CZK68 billion was on accounts of reserve funds at the end of 2006 or about 2 percent of GDP," said the ministry. CTK cites the ministry as saying that if the money becomes a part of budget spending then there is potential risk of public budget deficit deteriorating in relation to GDP in the future. The Czech Statistical Office published data on the public finance gap at 2.96 percent of GDP and the Eurostat notified the agency in late April, CTK discloses. Meanwhile, the ministers have approved an amendment that purports to change tax, private, and procedural law, as well as criminal or small businesses regulations, as part of the new Czech bankruptcy law, CTK states. The TCR-Europe reported on April 27 that the Czech Republic's Senate has confirmed an earlier vote by the Chamber of Deputies postponing the start date of the new bankruptcy law by six months, from July 1, 2007, to Jan. 1, 2008. The new law is meant to speed up bankruptcy proceedings, strengthen the position of creditors, help aid the recovery of failing companies, and improve the Czech business climate. =========== F R A N C E =========== SAGEM DEFENSE: Accounting Probe Finds Errors in Financials ---------------------------------------------------------- Following the discovery of unexplained accounting irregularities in the financial statements for Sagem Defense Securite for the periods ended December 31, 2005 and September 30, 2006, the SAFRAN Audit Committee asked two independent accounting firms, KPMG and Ernst & Young, to perform an audit in two successive phases, in December 2006 and January 2007. The first phase was designed to determine the exact scope of the unexplained accounting irregularities and to analyze them. The conclusions of this first phase were reported to the market in the SAFRAN press release dated February 14, 2007, which also announced the financial results for 2006, including the necessary adjustments. The second phase of the audit had two objectives: -- determine any possible shortcomings in Sagem Defense Securite's internal control procedures and recommend corrective measures; and -- identify the specific facts behind the unexplained accounting irregularities. The two accounting firms submitted their conclusions in a report that was reviewed by the SAFRAN Supervisory Board on April 24. In general, they concluded that the main problems found at Sagem Defense Securite concerned the company's insufficient control over financial reporting data and its analysis of the profitability of certain contracts. They also noted the company's failure to comply with SAFRAN Group procedures concerning the economic and accounting tracking of these contracts. The new Sagem Defense Securite management team is currently deploying the requisite corrective measures, along with the company's new organizational structures, in order to tighten the company's internal controls and ensure more efficient financial management. Following in-depth investigations, the firm in charge of determining the facts behind the accounting irregularities concluded that these irregularities were due to calculation errors and an inaccurate assessment of the profitability of certain contracts, and of non-compliance, in some cases deliberate, with current accounting standards and rules. None of the events under analysis are attributable to SAFRAN corporate management. Headquartered in Paris, France, SAFRAN -- http://www.safran-group.com/-- is an international high- technology group with four core businesses: aerospace propulsion, aircraft equipment, defense security, communications. It has 61,400 employees in over 30 countries, and annual revenues exceeding EUR1 billion. Headquartered in Paris, France, Sagem Defense Security -- http://www.sagem-ds.com/eng/-- is a subsidiary of SAFRAN. Its business covers aircraft systems navigation, optronics and air- land systems, and security. It is the world leader in helicopter avionics and digital fingerprint-based biometrics. ============= G E R M A N Y ============= AKES ARZT: Claims Registration Period Ends May 30 ------------------------------------------------- The court-appointed insolvency manager for AKES Arzt- Klinik- Einrichtungs- Service GmbH, Udo Feser, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:35 a.m. on May 30. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 11:30 a.m. on Sept. 19, at the same venue. Creditors have until May 30 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 AKES Arzt- Klinik- Einrichtungs- Service GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AKES Arzt- Klinik- Einrichtungs- Service GmbH Max-Beer-Str. 15 10119 Berlin Germany AKTIVA BUEROSERVICE: Claims Registration Period Ends July 1 ----------------------------------------------------------- Creditors of AKTIVA Bueroservice GmbH have until July 1 to register their claims with court-appointed insolvency manager Rolf Rombach. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on July 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Erfurt Hall 12 Rudolfstr. 46 99092 Erfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Rolf Rombach Magdeburger Allee 159 99086 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against AKTIVA Bueroservice GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: AKTIVA Bueroservice GmbH Stadtweg 2 99869 Grabsleben Germany ANDREAS SCHAFER: Claims Registration Period Ends May 22 ------------------------------------------------------- Creditors of Andreas Schafer Bautrager GmbH have until May 22 to register their claims with court-appointed insolvency manager Petra Heidenfelder. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on June 12, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenbach am Main Hall 166N First Floor Kaiserstrasse 16-18 63065 Offenbach am Main Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Petra Heidenfelder Bleichstr. 2-4 60313 Frankfurt am Main Germany Tel: 069-913092-0 Fax: 069-913092-30 The District Court of Offenbach am Main opened bankruptcy proceedings against Andreas Schafer Bautrager GmbH on April 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Andreas Schafer Bautrager GmbH Attn: Andreas Schafer, Manager Lindenstr. 40 63303 Dreieich Germany BO.B CONCEPT: Claims Registration Period Ends May 25 ---------------------------------------------------- Creditors of BO.B Concept & Bau Bautrager GmbH have until May 25 to register their claims with court-appointed insolvency manager Klaus-Martin Lutz. 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 Rosenheim Hall 114 Rosenheim Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Klaus-Martin Lutz Kufsteiner Strasse 14/II 83022 Rosenheim Germany Tel: 080 31/ 3677 0 Fax: 080 31/ 3677 36 The District Court of Rosenheim opened bankruptcy proceedings against BO.B Concept & Bau Bautrager GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BO.B Concept & Bau Bautrager GmbH Salinweg 60 83071 St. Phanskirchen Germany BRE WUERTTEMBERGISCHE: Claims Registration Period Ends May 24 ------------------------------------------------------------- Creditors of BRE Wuerttembergische Senioren-Pflegeheim GmbH have until May 24 to register their claims with court-appointed insolvency manager Michael Kirchhoff. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Stuttgart Hall 178 Hauffstr. 5 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Dr. Michael Kirchhoff Hegelallee 5 14467 Potsdam Germany The District Court of Stuttgart opened bankruptcy proceedings against BRE Wuerttembergische Senioren-Pflegeheim GmbH on April 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: BRE Wuerttembergische Senioren-Pflegeheim GmbH Attn: Jaqueline Carl, Manager Kraherwald 231 70193 Stuttgart Germany CELSIUS & FAHRENHEIT: Claims Registration Period Ends June 11 ------------------------------------------------------------- Creditors of Celsius & Fahrenheit Kaltesystemtechnik GmbH have until June 11 to register their claims with court-appointed insolvency manager Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on July 11, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Dr. Olaf Buechler Herrengraben 3 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Celsius & Fahrenheit Kaltesystemtechnik GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Celsius & Fahrenheit Kaltesystemtechnik GmbH Neuen Muenze 25 22145 Hamburg Germany Attn: Bettina Frisch-Noryan, Manager Gilcherweg 64 22393 Hamburg Germany CMC CHEMICAL: Claims Registration Period Ends June 18 ----------------------------------------------------- Creditors of CMC Chemical Management Consulting GmbH have until June 18 to register their claims with court-appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Reinbek Parkallee 6 21465 Reinbek 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 Fialski Raboisen 38 20095 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against CMC Chemical Management Consulting GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: CMC Chemical Management Consulting GmbH Schuetzenstr. 6 22926 Ahrensburg Germany COMBAU GMBH: Claims Registration Period Ends June 18 ---------------------------------------------------- Creditors of COMBAU GmbH have until June 18 to register their claims with court-appointed insolvency manager Peter-Alexander Borchardt. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Reinbek Parkallee 6 21465 Reinbek Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be contacted at: Peter-Alexander Borchardt Deichstrasse 1 20459 Hamburg Germany The District Court of Reinbek opened bankruptcy proceedings against COMBAU GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: COMBAU GmbH Attn: Peter Pollack, Manager Dorfstr. 11 c 23936 Mallentin Germany DAIMLERCHRYSLER AG: Earns US$3.7 Billion in Full Year 2006 ---------------------------------------------------------- DaimlerChrysler AG has released its 2006 consolidated financial statements, prepared according to International Financial Reporting Standards. In IFRS, DaimlerChrysler reported US$3.78 billion in net profit on US$152.81 billion in net revenues for the full year 2006. In U.S. GAAP, the company posted US$3.23 billion in net profit on US$151.59 in net revenues for the full year 2005. "We have used the transition to IFRS to make our financial reporting even more transparent," said Bodo Uebber, Board of Management member at DaimlerChrysler AG responsible for Finance & Controlling and Financial Services. "At the same time, we have improved our internal information system," he added. The transition to IFRS does not change the divisions' return targets or the Group's performance measurement. EBIT of EUR5.5 billion for the year 2006 is almost unchanged compared to the previous figure for operating profit. In terms of after-tax earnings, compared to U.S. GAAP the change to IFRS leads to an increase of EUR600 million to EUR3.8 billion, while earnings per share increase by EUR0.50. DaimlerChrysler presented its consolidated financial statements according to U.S. GAAP in February. Key figures Earnings by Segments 2006 (in billions of euros) U.S. GAAP IFRS Change Mercedes Car Group 2.4 1.8 -0.6 Chrysler Group -1.1 -0.5 0.6 Truck Group 2.0 1.9 -0.1 Financial Services 1.7 1.6 -0.1 Van, Bus, Other 0.9 1.3 0.4 Elimination/ Reconciliation -0.4 -0.6 -0.2 DC Group 5.5 5.5 - (in millions of euros) U.S. GAAP IFRS Change Group: Equity 34,155 37,449 3,294 Financial Liabilities(2) -78,584 -98,553 -19,969 Total Assets 190,022 217,634 27,612 Industrial Business: Equity 25,248 28,628 3,380 Equity Ratio(1) 25.1% 27.2% 2.1% Net Liquidity 6,400 9,861 3,461 Total Assets 94,541 99,427 4,886 (1) Excluding dividend payment (2) US-GAAP: nominal value; IFRS: hedged nominal value (in millions of euro) 2006 U.S. GAAP IFRS Change Revenues 151,589 152,809 1,220 Operating Profit / EBIT 5,517 5,489 -28 Net Income / Net Profit 3,227 3,783 556 EPS (euro) 3.16 3.66 0.50 Revenues by Segments 2006 (in billions of euro) U.S. GAAP IFRS Change Mercedes Car Group 54.6 51.4 -3.2 Chrysler Group 47.1 47.0 -0.1 Truck Group 32.0 31.8 -0.2 Financial Services 17.2 16.0 -1.2 Van, Bus, Other 13.4 13.2 -0.2 Elimination/ Reconciliation -12.7 -6.6 +6.1 DC Group 151.6 152.8 +1.2 Development Costs According to U.S. GAAP, development costs are generally expensed in the same period that they are incurred. According to IFRS, however, some development costs are capitalized as intangible assets and amortized on a straight-line basis. In the 2006 consolidated financial statements, this change led to an increase in shareholders' equity of EUR5.1 billion compared to the U.S. GAAP accounts. The impact on EBIT was immaterial. EADS The impairment of nearly EUR2 billion recognized on the book value of the Group's equity interest in EADS in 2003 according to U.S. GAAP was not required under IFRS. Therefore, our EADS shareholding has a considerably higher valuation in the IFRS balance sheet at year-end 2006. Under both IFRS and U.S. GAAP, EADS is shown in DaimlerChrysler's consolidated financial statements using the equity method after a three-month time lag. According to IFRS, important events such as the decisions by the EADS management in the fourth quarter of 2006 concerning the Airbus A380 and the Airbus A350 have to be reflected by DaimlerChrysler, with a resulting charge on earnings of EUR4 million. Under U.S. GAAP, there was no such effect in the fourth quarter of 2006 because the time lag was to be observed. On balance, these two factors led to an increase in shareholders' equity of EUR8 million in the IFRS consolidated financial statements for 2006 compared with the U.S. GAAP accounts. EBIT is reduced by EUR8 million primarily due to the aforementioned additional charge to earnings of EUR4 million compared with U.S. GAAP and because unlike operating profit, EBIT includes the after-tax equity-method result of EADS. Net profit is reduced by EUR5 million. Pensions and Similar obligations With regard to pension and healthcare plans, DaimlerChrysler decided in favor of the "fresh-start" option as of the date of transition to IFRS, Jan. 1, 2005. This means that at that date, all of the actuarial gains and losses previously accumulated have been charged to equity. But this led to an only slight reduction in shareholders' equity of EUR8 million in 2006, as due to a change in U.S. GAAP, actuarial gains and losses are fully included in equity as of Dec. 31, 2006, also according to U.S. GAAP. However, in the 2006 IFRS income statement, this results in a positive impact on EBIT of EUR3 million, because retroactive plan adjustments are always immediately entered in the income statement under IFRS, whereas under U.S. GAAP they are distributed over the remaining service period. Earnings before taxes according to IFRS increased by EUR1.6 billion compared to U.S. GAAP. ABS Transactions Asset backed securities, which result mainly from the sale to institutional investors of receivables in the financial services business, are classified as "sold" under U.S. GAAP and are not consolidated. But according to IFRS, they remain in the balance sheet. In the 2006 consolidated financial statements, this means that the balance sheet total is EUR21.7 billion higher than under U.S. GAAP. In addition, the ABS items results in an increase in revenues of EUR9 million. Provisions According to IFRS, long-term provisions are generally to be discounted and recognized at their present value if the effects of discounting are material. According to U.S. GAAP, discounting is only allowed for certain types of provisions if the dates of the amounts and cash flows can be reliably determined. This changed treatment results in a reduction of EUR8 million in provisions in the IFRS consolidated financial statements for 2006. The change to IFRS also led to valuation differences concerning the early retirement model commonly used in Germany, the so- called "Altersteilzeit". Under U.S. GAAP, the total payments due during the non-working phase are "saved" by gradually setting up provisions during the employment phase. Under IFRS however, provisions for the payments due during the non-working phase are set up in the full amount when the "Altersteilzeit" agreements are signed. In the IFRS consolidated financial statements, this resulted in a reduction of EUR5 million in both shareholders' equity while EBIT decreased by EUR5 million. These differences resulted in the following effects on key figures in 2006 under IFRS: The substantial increase in the balance-sheet total to EUR218 billion was primarily due to consolidating the ABS transactions. The equity of the industrial business increases to EUR28.6 billion, with a corresponding increase in the equity ratio to 27.2%. This was mainly caused by capitalizing development costs. The net liquidity of the industrial business increases from EUR6.4 billion to EUR9.9 billion. One of the main reasons for this is that the residual-value guarantees for leased vehicles are no longer shown as financing liabilities, but under other financial liabilities due to their operating nature. The consolidated cash flow from operating activities is slightly higher under IFRS than under U.S. GAAP. There is a positive effect from the capitalization of development costs. On the other hand, there is a reduction in cash provided by operating activities because under IFRS the Group enters proceeds from the sale of vehicles with significant residual-value guarantees under cash provided by operating activities. The increase in net profit to EUR3.8 billion compared with net income of EUR3.2 billion under U.S. GAAP is primarily a result of the lower cost of pensions and similar obligations. On the other hand, there are higher expenses mainly due to the treatment of EADS, taxes and provisions for early retirement. At the divisional level, the change to IFRS primarily affects the Mercedes Car Group and the Truck Group, whose revenues fall in 2006 compared to U.S. GAAP. This is due to the altered allocation of effects from manufacturer leasing, that is, leasing vehicles to customers through the Financial Services division in Germany. With the use of IFRS, these vehicles are no longer regarded as being sold by the respective division. Instead, revenues are recognized on a pro-rata basis in line with the leasing payments over the period of the lease. This means that revenues and earnings are recognized within the divisions over the period of the leasing contracts. So this is only a timing difference and does not reflect any reduction in revenues from the operating business. There is no change in revenues at the Group level. DaimlerChrysler's consolidated financial statements for 2006 according to IFRS are available on the Internet at: http://www.daimlerchrysler.com/ifrs 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. DAIMLERCHRYSLER AG: Magna Tops List of Chrysler Contenders ---------------------------------------------------------- Magna International Inc. leads the race for DaimlerChrysler AG's Chrysler Group and could grab a much larger stake in the ailing unit, potentially taking a direct minority ownership stake of between 25% and 50%, Tony Van Alphen of the Toronto Star reports, quoting Brett Hoselton, an analyst from U.S. investment firm KeyBanc Capital Markets. "Many industry sources indicate Magna is the leading contender for Chrysler," Mr. Hoselton said in a note to clients. He added that the firm believes Magna and partner Onex Corp. will assess the Chrysler Group in the "mid to high US$5 billion range," higher than previous estimates of US$4.6 billion to US$4.7 billion. Toronto-based Onex would also hold 40% to 65% and German-parent DaimlerChrysler would retain 10% in addition to a higher Magna share, Mr. Hoselton said in the note. However, the deal would fall apart if DaimlerChrysler, the United Auto Workers, Magna and Onex Corp. fail to iron out the details, the Star cites Mr. Hoselton as saying. Magna Chair Frank Stronach told the Star his company would consider other equity groups as its partner although Onex is the number one choice. He explained that it would take another few weeks before the auto parts maker completes a partnership group. Mr. Stronach has also insisted the company would only take a minority stake to avoid competing directly with other major customers General Motors, Ford and Toyota. Daimler also has to resolve a key issue, which remains uncertain, regarding responsibility for billions of dollars in Chrysler's pension and health-care obligations, Mr. Hoselton said in the note. "Scenarios include retainment by Chrysler or placement into a separate entity (independent from Chrysler or DaimlerChrysler)," he said. "We believe both scenarios include DaimlerChrysler retaining some responsibility for the liabilities." Labor Weighs in Mr. Stronach has met with leaders of the United Auto Workers and the Canadian Auto Workers who want DaimlerChrysler to keep the money-losing North American operations, the Star reveals. The TCR Europe reported on April 30 that UAW President Ron Gettelfinger denied speculations that the union had endorsed Magna International Inc. as its preferred buyer for Chrysler. Representatives from the UAW, the CAW and IG Metall unions had reiterated their opposition to DaimlerChrysler AG's plan to sell Chrysler Group, especially if private equity groups take over. 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. DELME LOTTO: Claims Registration Period Ends June 4 --------------------------------------------------- Creditors of Delme Lotto GmbH have until June 4 to register their claims with court-appointed insolvency manager Alexandra Ohlhorst. Creditors and other interested parties are encouraged to attend the meeting at 2:05 p.m. on July 9, 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 Delmenhorst Hall 2 Branch 1 Cramerstrasse 183 27749 Delmenhorst 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: Alexandra Ohlhorst c/o Kuhmann Insolvenzverwaltung GmbH Schuesselkorb 3 28195 Bremen Germany Tel: 0421/33061-0 Fax: 0421/330611-0 The District Court of Delmenhorst opened bankruptcy proceedings against Delme Lotto GmbH on April 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be contacted at: Delme Lotto GmbH Lessingstr. 99 27753 Delmenhorst Germany DEWA HOLZBAU: Claims Registration Ends May 25 --------------------------------------------- Creditors of DEWA Holzbau GmbH have until May 25 to register their claims with court-appointed insolvency manager Ralf Hildebrandt. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Neuwied Area 40 Ground Floor Hermannstr. 39 56564 Neuwied 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: Ralf Hildebrandt Friedrich-Ebert-Ring 12 56068 Koblenz Germany Tel: 0261/9149726 Fax: 0261/9149727 The District Court of Neuwied opened bankruptcy proceedings against DEWA Holzbau GmbH on April 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DEWA Holzbau GmbH Markerstr. 16 56307 Dernbach Germany SCHWIMMBADTECHNIK DIETER: Claims Registration Ends June 22 ---------------------------------------------------------- Creditors of Schwimmbadtechnik Dieter Karsten GmbH have until June 22 to register their claims with court-appointed insolvency manager Helge Wachsmuth. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 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 Wolfsburg Hall F Rothenfelder Str. 43 38440 Wolfsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Helge Wachsmuth c/o WBW Insolvenzverwaltungen Zwangsverwaltungen Adolfstrasse 39 38102 Braunschweig Germany Tel: 0531/8892 77-0 E-mail: info@wbw-insolvenz.de The District Court of Wolfsburg opened bankruptcy proceedings against Schwimmbadtechnik Dieter Karsten GmbH on April 18. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schwimmbadtechnik Dieter Karsten GmbH Heinrichsgasse 1 38350 Helmstedt Germany ELEKTROTECHNIK MUELLER: Claims Registration Ends May 29 ------------------------------------------------------- Creditors of Elektrotechnik Mueller & Nagel GmbH & Co. KG have until May 29 to register their claims with court-appointed insolvency manager Markus Ernestus. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Mannheim Room 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: Markus Ernestus O 3, 11+12 68161 Mannheim Germany Tel: (0621) 1668 0 The District Court of Mannheim opened bankruptcy proceedings against Elektrotechnik Mueller & Nagel GmbH & Co. KG on --. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Elektrotechnik Mueller & Nagel GmbH & Co. KG Attn: Peter Nagel und Guenther Mueller, Manager Neureuter Hauptstr. 270 76149 Karlsruhe Germany GATE INNOWEAR: Claims Registration Ends June 15 ----------------------------------------------- Creditors of GATE Innowear GmbH have until June 15 to register their claims with court-appointed insolvency manager Dr. Gideon Boehm. Creditors and other interested parties are encouraged to attend the meeting at 9:50 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 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: Dr. Gideon Boehm Bachstrasse 85 a 22083 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against GATE Innowear GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GATE Innowear GmbH Peutestrasse 53 D 20539 Hamburg Germany KORSING KUECHEN: Claims Registration Ends May 29 ------------------------------------------------ Creditors of KORSING-KUECHEN am Ring GmbH have until May 29 to register their claims with court-appointed insolvency manager Dr. Martin van Buehren. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on June 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 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: Dr. Martin van Buehren Bochumer Strasse 6 51145 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against KORSING-KUECHEN am Ring GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KORSING-KUECHEN am Ring GmbH Hohenstaufenring 42 50674 Cologne Germany Attn: Heinz Wilhelm Forst, Manager Pappelweg 3 50767 Cologne Germany LINKENHEIL & FRIENDS: Claims Registration Ends May 15 ----------------------------------------------------- Creditors of Linkenheil & Friends Sales GmbH have until May 15 to register their claims with court-appointed insolvency manager Dr. Ulf Martini. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 reached at: Dr. Ulf Martini E 3, 16 68159 Mannheim Germany The District Court of Karlsruhe opened bankruptcy proceedings against Linkenheil & Friends Sales GmbH on April 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Linkenheil & Friends Sales GmbH Attn: Rudolf LInkenheil, Manager Am Sandfeld 15 a 76149 Karlsruhe Germany M + S MONTAGE: Claims Registration Ends May 21 ---------------------------------------------- Creditors of M + S Montage und Service GmbH have until May 21 to register their claims with court-appointed insolvency manager Oliver Horn. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Oliver Horn Heiner-Fleischmann-Strasse 6 74172 Neckarsulm Germany Tel: 07132/958197 Fax: 07132958190 The District Court of Heilbronn opened bankruptcy proceedings against M + S Montage und Service GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: M + S Montage und Service GmbH Attn: Rudolf Schmitt, Manager Fichtenstrasse 24 74861 Neudenau Germany MBF MONTAGEBAU: Claims Registration Ends June 1 ----------------------------------------------- Creditors of MBF Montagebau Freudenstein GmbH have until June 1 to register their claims with court-appointed insolvency manager Jutta Ruedlin. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on July 6, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Fritzlar Meeting Hall Area 17 Building A Schladenweg 1 34560 Fritzlar Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jutta Ruedlin Am Markt 4 34212 Melsungen Germany Tel: 05661/926280 Fax: 05661/9262820 The District Court of Fritzlar opened bankruptcy proceedings against MBF Montagebau Freudenstein GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MBF Montagebau Freudenstein GmbH Schweriner Strasse 2 34212 Melsungen Germany Attn: Matthias Freudenstein, Manager Zur Schlade 17 34212 Melsungen Germany NONI EUROPA: Creditors Meeting Slated for June 4 ------------------------------------------------ The court-appointed insolvency manager for Noni Europa GmbH, Juergen Spliedt, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 12:15 p.m. on June 4. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Second Stock Hall 218 Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 11:30 a.m. on Sept. 17 at the same venue. Creditors have until June 4 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Juergen Spliedt Uhlandstr. 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Noni Europa GmbH on April 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Noni Europa GmbH Kanalstr. 1 12589 Berlin Germany N-POLE GMBH: Creditors Must Register Claims by June 1 ----------------------------------------------------- Creditors of N-Pole GmbH have until June 1 to register their claims with court-appointed insolvency manager Klaus Reischl. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on June 25, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors and other interested parties will be held at: The District Court of Passau Meeting Hall 214 Second Floor Schustergasse 4 Passau Germany The Court will also verify the claims set out in the insolvency manager's report at 10:30 a.m. on July 9, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Reischl Residenzplatz 10 94032 Passau Germany Tel: 0851/9890589 Fax: 0851/9890599 The District Court of Passau opened bankruptcy proceedings against N-Pole GmbH on April 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: N-Pole GmbH Georg-Philipp-Woerlen-Str. 4 94034 Passau Germany PFLEIDERER AG: Fitch Puts BB- Ratings on EUR275 Million Bond ------------------------------------------------------------ Fitch Ratings assigned Pfleiderer Finance B.V.'s issue of EUR275 million guaranteed undated subordinated fixed- to floating-rate capital securities a final 'BB-'rating. At the same time Fitch has upgraded Pfleiderer AG's Issuer Default Rating to 'BB+' from 'BB' and removed it from Rating Watch Positive. A Stable Outlook is assigned. The Short-term rating is affirmed at 'B'. The upgrade reflects what Fitch views effectively as equity- financing of a majority part of the Pergo AB acquisition, following Pfleiderer's successful placement of the above- mentioned hybrid bond in the market. The proceeds are to refinance senior debt used for the acquisition of Pergo. The upgrade is further underpinned by Pfleiderer's improved business profile, reflecting a more balanced geographical diversification, namely towards its core markets in Western and Eastern Europe and North America. It also takes into account the group's good market position as one of the world's leading producers of engineered wood products and move into higher- margin product segments such as MDF. Nevertheless, Fitch will continue to closely monitor the performance of the group's North American operations against the backdrop of the challenging conditions in the housing market in that region. The overall effect of the hybrid instrument on Pfleiderer's financial profile is considered positive. The refinancing of acquisition debt by EUR275 million hybrid capital will strengthen Pfleiderer's balance sheet and credit metrics, placing them in line with a 'BB+' rating level. Fitch considers Pergo a good strategic fit and anticipates a successful integration within Pfleiderer, based on the management's established track record. Fitch gains further comfort from Pfleiderer's prudent financial policy. In line with Fitch's hybrid methodology, the hybrid instrument is classified as a Class D instrument and treated with 75% equity credit. The classification as a Class D instrument includes that the hybrid bond has no material constraint regarding its deferral option. Fitch notes that the look-back provision is limited by the proximity of the coupon payment dates to the company's AGM. The bond has a call option in 2014, which, if not exercised, will see a step-up of 150bps. However, this effective maturity is mitigated by satisfactory replacement language. There are several call events relating to tax changes, change of control and a change in the equity credit allocation by a rating agency, among others. The documentation also contains a step-up of 500 BPS in case the company becomes unrated. This step-up can however be avoided, if the issuer exercises its call right in these circumstances. Pfleiderer is a leading supplier of engineered wood, surface- finished products and laminate flooring. With some 5,200 employees and production sites in western and Eastern Europe and North America, the group reported sales of approximately EUR1.4 billion in financial year 2006 and EBITDA of EUR208 million. PROMISE COLOR: S&P Lifts Low-B Ratings After Performance Review --------------------------------------------------------------- Standard & Poor's Ratings Services raised its credit ratings on the class B, C, D, and E notes in Bayerische Hypo- und Vereinsbank AG's German SME CLO transaction Promise Color 2003-1 PLC. At the same time, the ratings on the two senior CDSs and the class A1+, A2+, and A notes were affirmed. The rating actions follow a detailed review of the performance of the transaction and a full loan level analysis of the underlying portfolio in the CDO Evaluator modeling tool. Standard & Poor's took into account the current level of defaults, the concentration in the portfolio, and the actual remaining first-loss protection in the transaction. "Promise Color 2003-1 was structured as a static transaction without a replenishment period. The amortization of the portfolio, combined with the sequential repayment of various classes, has led to a significant increase in available credit enhancement," said credit analyst Viktor Milev. "Furthermore, the pool factor has dropped to below 40%." Promise Color 2003-1 has demonstrated a very stable performance over the past three years. The level of impaired reference obligations in the transaction never reached the level of available first-loss protection. This is despite the collateral available in the securitization, which was taken into account during the initial analysis. The rating approach mirrors the methodology of the initial rating of Promise Color 2003-1. Standard & Poor's used a current mapping of HVB's internal rating scale to assign a rating estimate to every obligor in the portfolio. In combination with HVB's detailed information on the available collateral for each loan, the results were used to generate scenario loss rates for the various rating categories. Standard & Poor's applied stressed recovery assumptions to the collateral values provided by HVB. One of the inherent risks of the Promise Color 2003-1 transaction is the top obligor concentration. The 10 largest obligors make up more than 20% of the outstanding portfolio balance. At closing, the relative portfolio share of the 10 largest obligors stood at 12.45%. "We took the concentration in the portfolio into account when sizing the updated enhancement requirements," Mr. Milev explained. "Our analysis benefited from the detailed collateral information. Thus, we were able to determine a stressed loss assumption for the largest exposures in the transaction and ensure respective coverage at the various rating levels." Due to the transaction's strong performance, Promise Color 2003- 1 was originally placed on CreditWatch with positive implications on Nov. 23, 2006. This was resolved on Feb. 23, at which time the notes were affirmed based on a pure performance review. Due to substantially more information becoming available, the review of the transaction has resulted in the below rating actions. Ratings List Promise Color 2003-1 PLC EUR218.15 Million Credit-Linked Floating-Rate Notes And EUR894.45 Million For Two Senior Credit Default Swaps Class Ratings To From Ratings Raised B AA+ A C A+ BBB D BB+ BB E B+ B Ratings Affirmed Senior CDS AAA A1+ AAA CDS AAA A2+ AAA A AAA PRONAT REISEN: Creditors Must Register Claims by July 16 -------------------------------------------------------- Creditors of Pronat Reisen & Imports GmbH have until July 16 to register their claims with court-appointed insolvency manager Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 8:41 a.m. on Aug. 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank Kebekus Carl-Theodor-Str. 1 40213 Duesseldorf Germany The District Court of Cologne opened bankruptcy proceedings against Pronat Reisen & Imports GmbH on April 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pronat Reisen & Imports GmbH Wiesdorfer Platz 24 51373 Leverkusen Germany Attn: Joseph Kaduthanam, Manager Weissdornweg 18 42799 Leichlingen Germany R & S BAU: Creditors Must Register Claims by June 19 ---------------------------------------------------- Creditors of R & S Bau Beteiligungs GmbH have until June 19 to register their claims with court-appointed insolvency manager Christoph Schulte-Kaubruegger. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on July 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 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 during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Christoph Schulte-Kaubruegger Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against R & S Bau Beteiligungs GmbH on April 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R & S Bau Beteiligungs GmbH Wichertstr. 14 10439 Berlin Germany ROTHENBURGER BAU: Claims Registration Period Ends June 6 -------------------------------------------------------- Creditors of Rothenburger Bau GmbH have until June 6 to register their claims with court-appointed insolvency manager Bettina Schmudde. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on July 4, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Bettina Schmudde Koenigstrasse 1 01097 Dresden Germany Web site: http://www.whitecaseinso.de/ The District Court of Dresden opened bankruptcy proceedings against Rothenburger Bau GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rothenburger Bau GmbH Attn: Joachim Steinert and Falko Jeremias, Managers Friedensstrasse 129 02929 Rothenburg Germany SILCO HANDELS: Creditors' Meeting Slated for June 6 --------------------------------------------------- The court-appointed insolvency manager for Silco Handels GmbH, Joachim Voigt-Salus, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:35 a.m. on June 6. 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 9:00 a.m. on Sept. 19 at the same venue. Creditors have until July 20 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Joachim Voigt-Salus Rankestrasse 33 10789 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Silco Handels GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Silco Handels GmbH Hauptstr. 5a 13158 Berlin Germany SONDERMASCHINENBAU KOLZ: Claims Registration Period Ends June 25 ---------------------------------------------------------------- Creditors of Sondermaschinenbau Kolz GmbH have until June 25 to register their claims with court-appointed insolvency manager Joerg A. Wunderlich. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on Aug. 23, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wittlich Hall 3 Kurfuerstenstrasse 63 54516 Wittlich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joerg A. Wunderlich Bahnhofsplatz 8 54292 Trier Germany Tel: 0651/14693-0 Fax: 0651/14693-20 The District Court of Wittlich opened bankruptcy proceedings against Sondermaschinenbau Kolz GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sondermaschinenbau Kolz GmbH Attn: Arnold Kolz and Juergen Uellenberg, Managers Gewerbepark HuMos 29 54497 Morbach Germany TANNING'S SONNENSTUDIO: Claims Registration Period Ends June 6 -------------------------------------------------------------- Creditors of Tanning's Sonnenstudio GmbH have until June 6 to register their claims with court-appointed insolvency manager Bernhard Scheckel. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Chemnitz Hall 28 Fuerstenstrasse 21 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bernhard Scheckel Reichsstrasse 35 09112 Chemnitz Tel: (03 71) 38 24 820 Telefax: (03 71) 38 24 821 E-mail: b.scheckel@ra-scheckel.de The District Court of Chemnitz opened bankruptcy proceedings against Tanning's Sonnenstudio GmbH on April 19. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tanning's Sonnenstudio GmbH Attn: Bert Meinel, Manager Dr.-Friedrichs-Ring 18 08056 Zwickau Germany TISCHLEREI DRIBOSCH: Claims Registration Period Ends June 12 ------------------------------------------------------------ Creditors of Tischlerei Dribosch GmbH have until June 12 to register their claims with court-appointed insolvency manager Gregor Schoene. Creditors and other interested parties are encouraged to attend the meeting at 9:25 a.m. on July 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 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: Gregor Schoene Albert-Einstein-Ring 15 D 22761 Hamburg Germany Tel.: 040 / 89 71 86-0 Fax: 040 / 89 71 86-11 The District Court of Tostedt opened bankruptcy proceedings against Tischlerei Dribosch GmbH on April 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tischlerei Dribosch GmbH Attn: Thomas Borchers, Manager Inne Beek 1 21614 Buxtehude Germany TOPRAK-TRANSPORT-LOGISTICS GMBH: Claims Registration Ends May 9 --------------------------------------------------------------- Creditors of Toprak-Transport-Logistics GmbH have until May 9 to register their claims with court-appointed insolvency manager Herbert Feigl. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on June 30, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Herbert Feigl Handelweg 1 68794 Oberhausen-Rheinhausen Germany The District Court of Karlsruhe opened bankruptcy proceedings against Toprak-Transport-Logistics GmbH on April 20. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Toprak-Transport-Logistics GmbH Attn: Utku Toprak, Manager Kanal 13 76689 Karlsdorf-Neuthard Germany TRW AUTOMOTIVE: S&P Puts BB+ Long-Term Corporate Credit Rating -------------------------------------------------------------- Standard & Poor's Ratings Services assigned its bank loan and recovery ratings to TRW Automotive Inc.'s proposed US$2.5 billion senior secured credit facilities. The credit facilities were rated 'BBB-' with a recovery rating of '1', indicating a high expectation for full recovery of principal in the event of a payment default. At the same time, Standard & Poor's affirmed its ratings on the auto supplier, including its 'BB+' long- and 'A-3' short-term corporate credit ratings. The outlook is stable. TRW had US$3.2 billion in total balance sheet debt outstanding, pro forma for the proposed credit facility refinancing and recent unsecured debt refinancing, at Dec. 31, 2006. To lower its interest cost and extend maturities, TRW proposes to refinance its existing US$2.5 billion credit facilities with new facilities of the same total committed capacity. When the transaction is completed, Standard & Poor's will withdraw the rating on TRW's existing facilities. The new facilities will be comprised of a US$500 million multi-currency (US$, Sterling, Euro) revolving facility due in 2012, US$900 million U.S. revolving facility due 2012, US$600 million term loan A due 2013, and US$500 million term loan B due 2013. WALTER HAAKE: Claims Registration Period Ends June 12 ----------------------------------------------------- Creditors of Walter Haake & Sohn Dachdecker GmbH have until June 12 to register their claims with court-appointed insolvency manager Dr. Ulrich Wenzel. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Ulrich Wenzel Grossbeerenstr. 231 14480 Potsdam Germany The District Court of Frankfurt opened bankruptcy proceedings against Walter Haake & Sohn Dachdecker GmbH on April 23. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Walter Haake & Sohn Dachdecker GmbH Hermann-Duncker-Str. 16 16321 Bernau Germany WEIDENTHALER HAUSTECHNIK: Creditors' Meeting Slated for June 1 --------------------------------------------------------------- Creditors of Weidenthaler Haustechnik GmbH have until June 1 to register their claims with court-appointed insolvency manager Silke Hasenoehrl. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Passau Meeting Room Zi. Nr. 12a Schustergasse 4 Passau 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: Silke Hasenoehrl Bahnhofstr. 28 94032 Passau Germany Tel: 0851-9885960 Fax: 0851-98859610 The District Court of Passau opened bankruptcy proceedings against Weidenthaler Haustechnik GmbH on April 24. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Weidenthaler Haustechnik GmbH Schmiedgasse 11-13 94032 Passau Germany ============= H U N G A R Y ============= HERTZ GLOBAL: Revenue Increases by 7.9% in Year Ended Dec. 31 ------------------------------------------------------------- Hertz Global Holdings Inc. reported total revenues of US$8 billion for the year ended Dec. 31, 2006, increased by 7.9% from US$7.4 billion for the year ended Dec. 31, 2005. Revenues from the company's car rental operations of US$6.2 billion for the year ended Dec. 31, 2006, increased by US$323.7 million, or 5.4%, from US$5.9 billion for the year ended Dec. 31, 2005. The company had net income of US$115.9 million for the year ended Dec. 31, 2006, representing a decrease of US$234.1 million, or 66.9%, from US$350 million for the year ended Dec. 31, 2005. The decrease in net income was primarily due to the 80.1% increase in interest expense over the year ended Dec. 31, 2005. Total expenses of US$7.8 billion for the year ended Dec. 31, 2006, increased by 13.4% from US$6.9 billion for the year ended Dec. 31, 2005, and total expenses as a percentage of revenues increased to 97.5% for the year ended Dec. 31, 2006, as compared with 92.7% for the year ended Dec. 31, 2005. As of Dec. 31, 2006, Hertz had an aggregate principal amount outstanding of US$2 billion pursuant to its senior term loan facility and no borrowings outstanding under its senior asset- based loan facility. The company posted total assets of US$18.6 billion and total liabilities of US$16.1 billion, resulting in a total stockholders' equity of US$2.5 billion as of Dec. 31, 2006. A full-text copy of the company's annual report is available for free at http://ResearchArchives.com/t/s?1e14 Fourth Quarter Results The company reported record 2006 fourth quarter worldwide revenues of US$2 billion, an increase of 8% over the same period in 2005. Net income for the fourth quarter of 2006 was US$39.8 million, as compared with a loss of US$27.6 million for the fourth quarter of 2005. The company generated strong cash flows during the year with net corporate debt decreasing from US$4.8 billion at Dec. 31, 2005, to US$4.5 billion at Dec. 31, 2006. Levered after-tax cash flows after fleet growth were US$284.2 million for the year, an improvement of US$733.9 million over 2005. Mark P. Frissora, the company's chairman and chief executive officer, said "Hertz achieved record fourth quarter operating results for several reasons including strong cost management, as we reduced operating expenses by over two full percentage points of revenues compared with the fourth quarter of 2005, even while increasing our investment in advertising by US$6.6 million versus the prior year quarter. Most of the reduction in operating expenses occurred in our U.S. car rental and equipment rental operations. We also achieved solid revenue growth in both the car and equipment rental businesses, due to pricing improvements and increasingly diversified revenue sources. Hertz's strong brand, global platform and diversified business mix are competitive advantages that helped us generate record results this quarter, and we expect that they will be the basis for future revenue and profit growth." Outlook for 2007 For the full year 2007, the company forecasts revenues of US$8.5 billion to US$8.6 billion, an increase of 5% to 7% for both car rental and equipment rental. The company expects improved revenues, profitability and margin growth in 2007, driven by previously announced restructuring plans and expense management initiatives to be continued throughout the year and incremental organic growth from a number of diverse sources. Results of Hertz Corporation The company's operating subsidiary, The Hertz Corporation, posted interest expense attributable to the company of US$16.2 million and US$40 million, for the fourth quarter and full year 2006, respectively. Hertz Corp. posted the same revenues as the company's. Cost Reduction Initiatives On Jan. 5, 2007, the company disclosed an initiative to further improve competitiveness and industry leadership through job reductions affecting about 200 employees primarily at its corporate headquarters and its service center in Oklahoma City. These reductions are expected to result in annualized savings of up to US$15.8 million. The company expects to incur an estimated US$3.3 million to US$3.8 million restructuring charge in the first quarter of 2007. On Feb. 28, 2007, the company disclosed the second initiative through targeted job reductions affecting about 1,350 employees primarily in its U.S. car rental operations, with much smaller reductions occurring in U.S. equipment rental operations, the corporate headquarters, and the service center in Oklahoma City, as well as in Canada, Puerto Rico, Brazil, Australia and New Zealand. These reductions are expected to result in annualized savings of up to US$125 million. The company expects to incur an estimated US$9 million to US$11 million restructuring charge in the first quarter of 2007. Further cost reduction initiatives are in process. About Hertz Global Hertz Global Holdings Inc. in Park Ridge, New Jersey, (NYSE: HTZ) -- https://www.hertz.com/ -- through its subsidiaries, rents and leases cars and trucks primarily in the U.S. and Europe. It operates in two segments, Car Rental and Equipment Rental. The Car Rental segment engages in the ownership and lease of cars. The Equipment Rental segment rents earthmoving equipment, material handling equipment, aerial and electrical equipment, air compressors, generators, pumps, small tools, compaction equipment, and construction-related trucks in North America and Europe. The company's products and services include Hertz #1 Club Gold; NeverLost customized, onboard navigation systems; SIRIUS Satellite Radio; and unique cars and SUVs offered through Hertz's Prestige, Fun and Green collections. Hertz also operates an equipment rental companies with corporate locations in France and Spain. It is the corporate parent of Hertz Corporation. * * * As reported in the TCR-Europe on Nov. 24, 2006, Moody's Investors Service changed the rating outlook of The Hertz Corp. to stable from negative following the completion of a USUS$1.3 billion IPO by Hertz Global Holdings, Inc., the acquisition vehicle through which equity sponsors Clayton, Dubilier & Rice, Inc., The Carlyle Group and Merrill Lynch Global Private Equity acquired Hertz in December 2005. In a TCR-Europe report on Nov. 23, 2006, Standard & Poor's Ratings Services affirmed its ratings on two synthetic securities related to Hertz Corp. and its related entities and removed them from CreditWatch, where they were placed with negative implications on June 30. The rating actions reflect the affirmation of the long-term corporate credit and senior unsecured debt ratings on Hertz Corp. (BB-/Negative/NR) and its related entities and their removal from CreditWatch negative on Nov. 16, 2006. ========= I T A L Y ========= FIAT SPA: Earns EUR376 Million in First Quarter 2007 ---------------------------------------------------- Fiat S.p.A. released its financial results for the first quarter ended March 31, 2007. The group reported EUR376 million in net profit on EUR13.7 billion in revenues for the first quarter 2007, compared with EUR151 million net profit on EUR12.6 billion in revenues for the same period in 2006. At March 31, 2007, the group's consolidated balance sheet showed EUR58.66 billion in total assets, EUR48.32 billion in total liabilities and EUR10.34 billion in stockholders equity. The group's net debt at March 31, 2007, is EUR11.62 billion. 2007 Outlook The sound results of the first quarter provide a solid foundation for the Fiat's commitment to growth and margin expansion over the 2007-10 period. The group will continue to deliver sequential improvements year- over-year, and confirms all of its 2007-10 targets announced in November 2006. For 2007, the Group's targets are: -- group trading profit between EUR2.5 and EUR2.7 billion; -- net income between EUR1.6 and EUR1.8 billion; and -- earning per share between EUR1.25 and EUR1.40. The Group is confirming 2007 guidance at the upper end of the indicated range. In addition, on the basis of strong industrial cash flow generation in the first quarter, the Group now expects year-end net industrial debt below EUR1 billion (excluding the impact of share buy-backs), less than half the previously announced target of EUR2 billion. While working on the achievement of these objectives, the Fiat Group will continue to implement its strategy of targeted alliances, in order to optimize capital commitments and reduce risks. A full-text copy of Fiat S.p.A.'s financial results is available at no charge at http://ResearchArchives.com/t/s?1e44 About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported in the TCR-Europe on April 10, Moody's confirmed its Ba2 Corporate Family Rating for Fiat S.p.A. Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. FIAT SPA: Repurchases 700,000 Ordinary Shares --------------------------------------------- Within the frame of the buy back program announced on April 5, Fiat S.p.A. purchased 700,000 Fiat ordinary shares at the average price of EUR21.74 including fees on April 27. From the start of the buy back program on April 24, the total number of shares purchased by Fiat, amounts to 4,526,000 for a total invested amount of EUR95 million. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- manufactures and sells automobiles, commercial vehicles, and agricultural and construction equipment. It also manufactures, for use by the company's automotive sectors and for sale to third parties, other automotive-related products and systems, principally power trains (engines and transmissions), components, metallurgical products and production systems. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. Fiat operates in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Czech Republic, Denmark, France, Germany, Greece, Hungary, India, Ireland, Italy, Japan, Lituania, Netherlands, Poland, Portugal, Romania, Russia, Singapore, Spain, among others. * * * As reported in the TCR-Europe on April 10, Moody's confirmed its Ba2 Corporate Family Rating for Fiat S.p.A. Standard & Poor's Ratings Services raised its long-term corporate credit rating on Italian industrial group Fiat S.p.A. to 'BB' from 'BB-'. At the same time, Standard & Poor's affirmed its 'B' short-term rating on Fiat. S&P said the outlook is stable. Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from Stable. Its Issuer Default rating and senior unsecured rating are affirmed at BB-. The Short-term rating is affirmed at B. Around EUR6 billion of debt is affected by this rating action. PARMALAT SPA: Banca delle Marche Settles Suit for EUR22 Million --------------------------------------------------------------- Parmalat S.p.A and Banca delle Marche S.p.A. disclosed that the case involving revocatory action filed by Parmalat against Banca delle Marche has been settled. Banca delle Marche has committed to pay to Parmalat EUR22 million in settlement of the revocatory action and has undertaken to forego the right to file claims with the Parmalat bankruptcy court for a value equivalent to that returned in settlement of the revocatory action. Following the settlement, Parmalat and Banca delle Marche have undertaken to withdraw all the pending actions concerning the above revocatory action. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed or bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. PARMALAT SPA: Declares EUR0.025 Dividend Per Common Share --------------------------------------------------------- Shareholders of Parmalat S.p.A. approved the 2006 financial statements, which show a net profit of EUR125.6 million and a consolidated net profit of EUR192.5 million and resolved to declare a dividend of 0.025 euros per common share payable to each of the eligible shares. The dividend will payable as of June 21 through intermediaries that belong to the Monte Titoli S.p.A. centralized clearing system. Acting pursuant to a duly justified motion submitted by the Board of Statutory Auditors, the Shareholders' Meeting, availing itself of its statutory powers, agreed to extend the audit assignment originally awarded to PriceWaterhouseCoopers until the date of the Shareholders' Meeting convened to approve the 2007 annual financial statements. The audit assignment will run until the date of the Shareholders' Meeting convened to approve the 2013 annual financial statements. As required by Article 5 of the Bylaws, the Extraordinary Shareholders' Meeting voted to increase the share capital earmarked for warrant conversions from EUR80 million to EUR95 million. As a result, the Company's approved share capital increased to EUR2.025 million, including EUR95 million reserved for the exercise of warrants. As of the date of this press release, the subscribed and paid-in share capital amounted to EUR1,649,171,671. The Extraordinary Shareholders' Meeting approved the professional qualifications required of the Officer responsible for the preparation of corporate accounting documents and required amendments to Article 20 bis of the Bylaws. Parmalat also communicates that, as required by article 2, para V of the regulation governing "Warrants Ordinary Shares Parmalat S.p.A. 2005-2015" the exercise of the warrants shall be suspended until June 15, 2007, and shall restart from June 18. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The Company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed or bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. =================== K A Z A K H S T A N =================== AIKO LLP: Creditors Must File Claims by June 2 ---------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Company Aiko Ltd insolvent. Creditors have until June 2 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Timiryazev Str. 61-2 Almaty Kazakshtan Tel: 8 (3272) 75-67-84 ASIA-COM LLP: Creditors' Claims Due June 2 ------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Asia-Com insolvent. Creditors have until June 2 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty 50a-32 Buhar-Jyrau Almaty Kazakshtan Tel: 8 701 785 28-00 AUTOSNABDETAIL LTD: Proof of Claim Deadline Slated for June 2 ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Autosnabdetail Ltd. insolvent. Creditors have until June 2 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakshtan DELTA PROM LLP: Claims Registration Ends June 2 ----------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Delta Prom insolvent. Creditors have until June 2 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Radostovtsa Str. 47-11 Almaty Kazakhstan Tel: 8 701 558 34-19 ENERGOPROMSERVICE & K: Claims Filing Period Ends June 2 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Energopromservice & K insolvent. Creditors have until June 2 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Timiryazev Str. 61-2 Almaty Kazakshtan Tel: 8 (3272) 75-67-84 GUARANTEE LTD: Creditors Must File Claims by June 2 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Firm Guarantee Ltd insolvent. Creditors have until June 2 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakshtan GUINNES LLP: Creditors' Claims Due June 2 ----------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Guinnes insolvent. Creditors have until June 2 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty 50a-32 Buhar-Jyrau Almaty Kazakshtan Tel: 8 701 785 28-00 INTERGAS CENTRAL: Fitch Rates US$250 Million Loan at BB+ -------------------------------------------------------- Fitch Ratings assigned Intergas Central Asia's US$250 million eurobond maturing in 2011 a senior unsecured rating of 'BB+' and its upcoming eurobond issue an expected senior unsecured rating of 'BB+'. A final rating on the new issue will be assigned once the size, currency and tenor of the bond are decided. ICA plans to utilize the proceeds to refinance the existing US$400 million bridge facility and for other corporate purposes. In addition Fitch has assigned ICA foreign and local currency Issuer Default ratings of 'BB+' and a Short-term foreign currency rating of 'B'. The Stable Outlook incorporates the continued strategic importance of ICA to the country's gas network transportation and distribution. As such, Fitch would expect the companies to enjoy continued support from the state in terms of regulation and tariffs. ICA also plays a key role in the transportation of gas from Turkmenistan to Russia as Gazprom increases its reliance on natural gas imports from Central Asia to meet both domestic and specifically export demand. The 'BB+' IDR for ICA reflects the company's strategic position in the Kazakh gas transit business and support from its ultimate owner National Company KazMunayGas. It also takes into account an expected increase in financial leverage due to ICA's sizeable investment projects. The rating is based on ICA being the main operating entity and profit center for the group, accounting for around 75% of total assets. As such, creditors benefit from better direct access to cash flow and tangible assets in the event of liquidation. ICA is a fully owned subsidiary of KTG and the monopoly operator of gas transportation pipelines in Kazakhstan. ICA manages the network of gas pipelines in Kazakhstan on the basis of a 20-year concession agreement with the government valid until 2017. ICA's total gas transportation volume plan for 2007 is 124.8 bcm. KAZTRANSGAS: Fitch Puts BB IDR with Stable Outlook -------------------------------------------------- Fitch Ratings assigned holding company KazTransGas foreign and local currency IDRs of 'BB' and a Short-term foreign currency rating of 'B'. The Outlooks on the IDRs are Stable. The Stable Outlook incorporates the continued strategic importance of KTG to the country's gas network transportation and distribution. As such, Fitch would expect the companies to enjoy continued support from the state in terms of regulation and tariffs. KTG is a holding company that, in addition to ICA, has interests in gas distribution as well as power and heat. ICA creditors benefit from the large amount of group assets held in this entity, whilst KTG creditors do not benefit from direct access to ICA assets. Additionally, ICA's profit margins and credit metrics are stronger than KTG's. It is for these reasons that KTG's IDR is one notch lower than ICA's. KTG manages the business of transportation of natural gas through the main gas pipelines, performs gas trading on domestic and external markets, and carries out development, financing, construction and gas storage. In addition, KTG is also responsible for natural gas production and distribution to the local market as well as the sale of heat and electricity via its Almaty Power subsidiary. PROMSNAB XXI: Proof of Claim Deadline Slated for June 2 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Promsnab XXI insolvent. Creditors have until June 2 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Office 4 Kassin Str. 2/1 Mamyr 050052 Almaty Kazakhstan Tel: 8 (3272) 93-19-22 8 777 559 68-31 8 777 258 50-41 SUNA SHIN: Claims Registration Ends June 2 ------------------------------------------ The Specialized Inter-Regional Economic Court of Almaty has declared LLP Suna Shin Corporation insolvent. Creditors have until June 2 to submit written proofs of claim to: The Specialized Inter-Regional Economic Court of Almaty Radostovtsa Str. 47-11 Almaty Kazakhstan Tel: 8 701 558 34-19 TEMIR BANK: Fitch Gives BB- Ratings to Upcoming US$1.2 Bln Loan ---------------------------------------------------------------- Fitch Ratings assigned Temir Bank's and Temir Capital B.V.'s new US$1.2 billion global medium-term note program expected ratings of Long-term 'BB-' and Short-term 'B'. It has also assigned an expected Long-term 'BB-' rating to the upcoming TCB's US$ issue, which is the first draw-down under the program. The final ratings are contingent upon the receipt of final documentation conforming materially to information already received. Temir is rated Issuer Default 'BB-'/Stable, Short-term 'B', Individual 'D/E' and Support '3'. Temir's IDR and Support rating are based on a moderate probability of support forthcoming from its parent, Bank TuranAlem, one of the two largest banks in Kazakhstan. BTA acquired a 51% stake in Temir in December 2006. Public issuance under the program will be rated separately. Apart from providing for the issuance of senior unsecured notes, the program provides for the issuance of subordinated notes, the ratings of which would probably be lower than those of senior unsecured notes. Proceeds from the issuance of senior unsecured notes by TCB will be deposited with Temir. Temir will unconditionally and irrevocably guarantee the timely and full repayment of such notes in the trust deed between Temir, TCB and the trustee, BNY Corporate Trustee Services Ltd. TCB is a Netherlands-domiciled subsidiary of Temir, which will be transferred to BTA. Proceeds from subordinated notes issued by TCB will be on-lent to Temir under subordinated loan agreements. Senior notes issued by Temir under the program and Temir's guarantees of senior notes issued by TCB will rank at least equally with all present or future unsecured senior obligations of the bank, save those preferred by relevant provisions of law and of general application. Under Kazakhstani law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2006, retail deposits accounted for 10% of Temir's total liabilities, according to the bank's audited International Financial Reporting Standards accounts. Covenants limit Temir's dividend payments to 50% of net income in any particular year and also specify that all transactions of more than US$2 million must be concluded on market terms. Temir also commits to maintaining a total BIS capital adequacy ratio of 10%, and a cross default clause becomes applicable in case of overdue debt in excess of US$10 million. Covenants also include restrictions on mergers and consolidations by Temir. The terms and conditions of the notes contain a negative pledge clause, which allows for a degree of securitization by Temir. In the event of such securitization, Fitch notes that the nature and extent of any over-collateralization would be assessed by the agency for any potential impact on unsecured creditors. Temir is one of the 10 largest banks in Kazakhstan, but held a modest 2% of the system's assets at end-2006. In 2005, the bank's newly appointed senior management refocused its strategy towards aggressive growth in retail lending, in particular mortgages, home equity and car loans. =================== K Y R G Y Z S T A N =================== IMPEX ALCO: Creditors Must File Claims by June 11 ------------------------------------------------- LLC Impex Alco Trade has declared insolvency. Creditors have until June 11 to submit written proofs of claim to: LLC Impex Alco Trade Tolstoy Str. 9 Bishkek Kyrgyzstan OMEGA PLUS: Claims Filing Period Ends June 11 --------------------------------------------- Joint Kyrgyz-American LLC Omega Plus has declared insolvency. Creditors have until June 11 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 66-55-55. ================= L I T H U A N I A ================= BANKAS SNORAS: S&P Puts BB- Ratings on Senior Unsecured Notes ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its preliminary 'BB-' rating to Lithuania-based Bankas Snoras' proposed euro- denominated senior unsecured notes. The notes will be issued by Snoras in May 2007. The maturity and size of the issue are to be determined at placement. The rating on the notes is based on the long-term counterparty credit rating on Snoras. The rating will be effective provided that the terms and conditions of the notes specified on the preliminary Offering Circular remain unchanged, and that there is no change in the rating on Snoras. The ratings on Bank Snoras are constrained by Snoras' low capitalization, relatively high loan concentrations, and the challenge of operating in the highly competitive and above- average risk environment in the Republic of Lithuania. The ratings are supported by the bank's good franchise on the domestic retail market, adequate profitability, and good balance sheet liquidity. With total assets of US$2.5 billion at Dec. 31, 2006, Snoras is the fourth-largest bank in Lithuania. Owing to its largest network coverage in the country, Snoras has a good retail franchise, with market shares of 3.5% and 10.1%, in terms of retail loans and deposits, respectively. Snoras also owns 75% of A/S Latvijas Krajbanka, the ninth largest bank in Latvia, which provides some geographic diversification, but higher risk exposure, to the overheating economy in the Republic of Latvia. =================== L U X E M B O U R G =================== GATE GOURMET: Moody's Affirms B2 Corporate Family Rating -------------------------------------------------------- Moody's affirmed the B2 corporate family rating and the stable outlook of Gate Gourmet Borrower LLC. Concurrently, the rating agency assigned a (P)Ba2 rating to the company's new Revolving Credit Facility and a (P)B2 rating to the new Senior Secured Term Facility and the Delayed Draw Term Facility with which the company intends to refinance the existing secured term facilities. Ratings affected are: -- Corporate Family Rating at Gate Gourmet Borrower LLC affirmed at B2; -- (P)Ba2 rating assigned to the CHF125 million Revolving Credit Facility issued at Gate Gourmet Borrower LLC; -- (P)B2 rating assigned to the CHF425 million Senior Secured Term Facility issued at Gate Gourmet Borrower LLC; and -- (P)B2 rating assigned to the CHF300 million Delayed Draw Term Facility issued at Gate Gourmet Borrower LLC. The ratings on the existing secured facilities will be withdrawn upon completion of the transaction. The outlook for all ratings is stable. The affirmation of the B2 corporate family rating reflects the company's financial metrics in 2006, with leverage at 3.2x, interest coverage at 2.3x and the EBITDA margin of 10.0% versus 4.4% in 2005. While these 2006 credit metrics are strong for the rating category, Moody's notes that the new financing is intended to enable Gate Gourmet to grow through acquisitions, which represents a new strategy for the company and could potentially lead to a more aggressive financial policy. Moody's will monitor the company's ability to achieve synergies and to maintain margins close to current levels. Moody's will further monitor the company for any potential change in ownership or financial strategy going forward. At closing, the company's debt structure is expected to consist of the CHF425 million Term Loan Facility with bullet repayment in 2013, and around CHF77 million of mostly unsecured debt. The Revolver (due 2012) and the Delayed Draw Term Loan (due 2013) are expected to remain undrawn at closing. The (P)Ba2 rating assigned to the revolver, three notches above the corporate family rating, reflects the fact that although it will benefit from the same security package as the other term loans, it will nonetheless benefit from a priority of repayment in a liquidation scenario. Given the company's strong credit metrics for the current rating, an upward revision of the corporate family rating or outlook could occur if the EBITDA margin were to be sustained close to current levels with the successful implementation of further cost control initiatives, with leverage remaining below 3.5x. If credit metrics were to be negatively impacted by a significant deterioration in market conditions, further unfavorable contract renewals or as a result of acquisitions, leading to leverage rising above 5x with a marked decline in EBITDA margins, this could be negative for the rating or outlook. Ratings on the new facilities reflect both the overall probability of default of the company, to which Moody's assigns a probability of default rating (PDR) of B2, and the individual loss-given-default assessment of LGD1 (3%) for the revolving credit facility and LGD4 (56%) for the term loan facilities. Moody's understands that the facilities will be guaranteed by the assets of U.S. subsidiaries and by a security over an inter- company loan provided to non-U.S. subsidiaries. The assigned ratings assume there will be no material variations to the draft legal documentation reviewed by Moody's and assume that these agreements are legally valid, binding and enforceable. Gate Gourmet Borrower LLC, a fully owned subsidiary of Gate Gourmet Holding SCA, based in Luxembourg, is the world's second largest airline catering company, with reported revenues and EBITDA (pre exceptionals) of CHF2.4 billion and CHF240.4 million in 2006, respectively. In December 2002 the company was acquired by Texas Pacific Group, which ceased to be a shareholder in March 2007. ===================== N E T H E R L A N D S ===================== AMSTEL SHER: Moody's Rates EUR90 Million Class E Notes at (P)Ba2 ---------------------------------------------------------------- Moody's Investors Service has assigned these provisional ratings to five classes of notes issued by Amstel Securitization of Highgrade Exposures 2007-1 B.V.: -- EUR445 million Class A Credit-Linked Floating Rate Notes due 2017: (P)Aaa; -- EUR75 million Class B Credit-Linked Floating Rate Notes due 2017: (P)Aa2; -- EUR115 million Class C Credit-Linked Floating Rate Notes due 2017: (P)A2; -- EUR75 million Class D Credit-Linked Floating Rate Notes due 2017: (P)Baa2; and -- EUR90 million Class E Credit-Linked Floating Rate Notes due 2017: (P)Ba2. Amstel SHER 2007-1 will also issue EUR200 million Class F Credit-Linked Floating Rate Notes due 2017. These are not rated. The ratings on the notes address the expected loss posed to investors versus amounts due by the final maturity date in April 2017. The provisional ratings of the notes are based upon: -- The credit quality and diversification of the initial reference portfolio and the conditions to replenishment; -- The definition of credit events; and -- The subordination position of each class of notes and their performance in relation to various default scenarios and related stress-test analyses. The issuer is providing protection to ABN Amro Bank N.V. (Aa2, Prime-1), via credit default swaps, on a EUR10 billion portfolio. Amstel SHER 2007-1 is hedging the first 10% of losses on the portfolio. The remaining 90% on top of that will be hedged with an unfunded super senior credit default swap. This portfolio is composed of credit facilities to corporate entities, approximately 55% of which are European. ABN Amro has the possibility to add and/or remove reference loans from the portfolio, so long as the portfolio maintains certain credit characteristics. The proceeds of the notes are to be deposited with ABN Amro under cash deposits which will collateralize the vehicles' obligations firstly under the credit default swaps, and secondly towards the note holders. A downgrade trigger mitigates the credit risk of ABN Amro as deposit taker. Moody's issues provisional ratings in advance of the final sale of securities, and these ratings only represent Moody's preliminary opinion. Upon a conclusive review of the transaction and associated documentation, Moody's will endeavor to assign definitive ratings to the Notes. A final rating may differ from a provisional rating. HEAD NV: Moody's May Downgrade Low-B Ratings After Review --------------------------------------------------------- Moody's Investors Service has placed Head N.V.'s corporate family rating of B2 and the senior unsecured B3/LGD4 (61%) rating on the notes issued by HTM Sport- und Freizeitgerate AG under review for possible downgrade. The rating action reflects Moody's concerns on the possible negative impact of the weak winter season on the company's profitability for the current financial year. The review was prompted by the company's announcement of its intention to pay a special dividend of EUR7.5 million in the form of capital repayment at time when operating performances are expected to come under pressure following a poor winter seasons. The company does not have full visibility on the expected order flow for the current financial year, nonetheless Moody's would expect operating performances to be negatively impacted during the remainder of 2007 with metrics likely to be below those required for the current B2 Corporate Family rating. Moody's acknowledges that key credit metrics of Head have showed an improving trend over the last few years, with financial leverage (adjusted for operating leases and pension liabilities) reducing to 4.6x as at financial year ended Dec. 31, 2006 and cash flow coverage measures improving to 17.4% on a RCF to Net Debt basis. In Moody's opinion, however, current downturn in the winter division could exert significant pressure on the company's profitability leading to weaker credit metrics that are expected to remain at a lower level than previously anticipated over the intermediate term. In this context Moody's also notes that the company has to maintain stronger metrics than the rating category would imply in order to counterweight for relatively high business seasonality due to the nature of its business. Moody's review will focus on: (i) the company's ability to absorb the expected lower operating performances following poor snow conditions across Europe, and the time required for profitability to comeback to current levels; (ii) the order flow in the Winter division and the long term effect in the winter sport given the sustained pressure on the market; (iii) the outlook for debt protection measures over the intermediate term in consideration of Head's weakened business model; (iv) the company's liquidity profile in the context of Head's financial policy, the recently announced payment to shareholders and the likely impact of the recent weak winter season; and (v) The operating performance of Head's other core businesses and the progress made by the company in reducing costs. Ratings placed under review for possible downgrade are as follow: -- Head N.V.'s Corporate Family Rating of B2 -- Senior unsecured rating of B3/LGD4 (61%) on the EUR135 million notes due 2014 issued by HTM Sport- und Freizeitgerate AG Incorporated under Dutch Law, Head N.V. is a leading global manufacturer of branded sporting goods focusing on winter, diving and racquet sports. For the financial year ended Dec. 31, 2006, the company reported consolidated revenues and EBITDA of EUR366.8 million and EUR34.1 million, respectively. =========== R U S S I A =========== B.I.N.BANK: Secures US$52 Million Extended Loan From Bank Group --------------------------------------------------------------- B.I.N.BANK has extended and increased its Trade-Related Syndicated Loan Facility to US$52 million. The amount of new syndicated loan was increased from US$40 million, while the pricing was reduced to LIBOR+2.8% from LIBOR+3.2%. The 364-day term renewed facility was arranged by LandesBank Berlin AG, Raiffeisen Zentralbank Oesterreich AG and OJSC VTB and was underwritten by 18 banks-lenders from different countries. B.I.N.BANK says it will apply amounts borrowed under the facility towards the trade related financing of B.I.N.BANK's clients. Headquartered in Moscow, Russia, B.I.N.BANK, is majority owned by its president. BIN was ranked the 29th-largest bank in Russia by total assets at end-9M06. Its core focus is on lending to medium-sized corporates, although the bank is gradually diversifying through increased retail business and regional expansion. At end-2006, BIN had a network of 64 outlets. * * * As reported in the Troubled Company Reporter-Europe on Feb. 6, Fitch Ratings affirmed Russia-based B.I.N. Bank's ratings at Issuer Default 'B-', Short-term 'B', Support '5', Individual 'D' and National Long-term 'B'. Fitch said the Outlooks on the Issuer Default and National Long-term ratings remain Stable. BIVERST CJSC: Creditors Must File Claims by June 7 -------------------------------------------------- Creditors of CJSC Biverst (TIN 7743501190) have until June 7 to submit proofs of claim to: K. Bodrov Insolvency Manager Konnaya Str. 2 180007 Pskov Russia Tel: 8(921) 210-16-57 The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-39709/06-78-816 B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Biverst Leningradskoye Shosse 46/1 180007 Moscow Russia CENTERTELECOM OAO: Taps Ernst and Young LLC to Audit Financials --------------------------------------------------------------- OAO CenterTelecom selected Ernst and Young LLC as its auditor to perform the mandatory financial audit of accounts and financial records for 2007 in accordance with Russian and International Accounting Standards. The contract will be signed once the selection has been confirmed by the annual general meeting of CenterTelecom shareholders, which is to take place on June 18. About CenterTelecom OAO CenterTelecom -- http://www.centertelecom.ru/eng-- provides fixed-line and mobile communications in the Russian Central Federal District. CenterTelecom had a charter capital of RUR6.31 billion (about US$234 million) as of July 1, 2006. The company's shares are listed on the Russian Trading System stock exchange and the Moscow Inter-Bank Currency Exchange, and its Level-1 American Depositary Receipts circulate on the U.S. over-the-counter market and the Berlin and Frankfurt stock exchanges. * * * As of Feb. 5, OAO CenterTelecom carries Standard & Poor's B Corporate Credit Rating with stable outlook. At the same time, the company carries Fitch's Issuer Default B-, Short-term B, National Long-term BB+ and a BB+ rating on its RUR3 billion notes due August 2011 with stable outlook. DRIADA CJSC: Creditors Must File Claims by June 7 ------------------------------------------------- Creditors of CJSC Driada have until June 7 to submit proofs of claim to: S. Abyshev Insolvency Manager Office 455 Melnikayte Str. 106 Tyumen Russia The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A 81-100/2007. The Court is located at: The Arbitration Court of Yamalo-Nenetskiy Chubynina Str. 37A Salekhard Yamalo-Nenetskiy Autonomous Russia The Debtor can be reached at: CJSC Driada Zvereva Str. 47-166 Nadym Russia DUVAN-MIXED FODDER: Creditors Must File Claims by May 31 -------------------------------------------------------- Creditors of OJSC Duvan-Mixed Fodder have until May 31 to submit proofs of claim to: V. Sokolov Insolvency Manager Post User Box 104 Ufa 450059 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-6204/06-G-KhRM. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: OJSC Duvan-Mixed Fodder Tastuba Duvanskiy 452530 Bashkortostan Russia EUROCHEM MINERAL: Earns US$256.9 Million for Financial Year 2006 ---------------------------------------------------------------- OJSC EuroChem Mineral and Chemical Co. posted US$256.87 million in consolidated net profit on US$1.96 billion in consolidated net revenues for the year ended Dec. 31, 2006, compared with US$330.2 million in consolidated net profit on US$1.89 billion in consolidated net revenues for the year ended Dec. 31, 2005. ZAO PricewaterhouseCoopers prepared the results according to International Financial Reporting Standards. As of Dec. 31, 2006, EuroChem had US$1.85 billion in total assets, US$786.12 million in total liabilities and US$1.06 billion in total shareholders' equity. About EuroChem Headquartered in Moscow, Russia, OJSC EuroChem Mineral and Chemical Company -- http://www.eurochem.ru/-- engages in raw materials extraction, and production of fertilizers, organics, feed phosphates in Russia and abroad. * * * In a TCR-Europe report on April 5, 2007, Fitch Ratings assigned EuroChem Finance p.l.c.'s issue of loan participation notes for the aggregate principal amount of US$300 million 7.895% due 2012 a final senior unsecured 'BB-' rating. Fitch Ratings assigned Russia-based OJSC EuroChem Mineral and Chemical Co. an Issuer Default 'BB-' (BB minus) rating and a Short-term 'B' rating. The Outlook on the Issuer Default rating is Stable. GAS-STROY-MONTAGE: Creditors Must File Claims by June 7 ------------------------------------------------------- Creditors of CJSC Gas-Stroy-Montage (TIN 3435050034) have until June 7 to submit proofs of claim to: M. Mazalov Insolvency Manager Post User Box 3115 400105 Volgograd Russia The Arbitration Court of Volgograd commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A12-478/07-s55. The Debtor can be reached at: CJSC Gas-Stroy-Montage Promyshlennaya Str. 6a Srednyaya Akhtuba Sredneakhtubinskiy Volgograd Russia LAVANDA LLC: Creditors Must File Claims by May 7 ------------------------------------------------ Creditors of LLC Agricultural Company Lavanda 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-K2-24165/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: LLC Agricultural Company Lavanda Bunyatino Dmitrovskiy Moscow Russia MARYANOVSKIY COMBINE: Creditors Must File Claims by May 31 ---------------------------------------------------------- Creditors of OJSC Maryanovskiy Combine of Grain Products (TIN 5520001472) have until May 31 to submit proofs of claim to: A. Shipitsyn Post User Box 5222 644043 Omsk Russia The Arbitration Court of Omsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-10274/2006. The Debtor can be reached at: OJSC Maryanovskiy Combine of Grain Products Yuzhnaya Str. 1 Maryanovka 646040 Omsk Russia NEFTEMASH OJSC: Creditors Must File Claims by May 31 ---------------------------------------------------- Creditors of OJSC Oktyabrskiy Factory Neftemash (TIN 0265005798) have until May 31 to submit proofs of claim to: E. Malyadskiy Insolvency Manager Post User Box 104 Post Office 22 Ufa 450022 Bashkortostan Russia The Arbitration Court of Bashkortostan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A07-17313/06-G-PAV/SVI. The Court is located at: The Arbitration Court of Bashkortostan Oktyabrskoy Revolyutsii Str. 63a Ufa Bashkortostan Russia The Debtor can be reached at: OJSC Oktyabrskiy Factory Neftemash Kooperativnaya Str. 67 Oktyabrskiy 452620 Bashkortostan Russia OGK-5 JSC: Enel Confirms Interest in Stake Acquisition ------------------------------------------------------ Italy's Enel SpA has confirmed its interest in OGK-4 and OGK-5 and is considering investment in both Russian companies, Interfax reports, quoting Enel Business Development Unit Director Andrea Brentan. The TCR-Europe reported on April 27 that Enel would participate in the June 6 auction of RAO UES' 25.03% stake in OGK-5 JSC. Gazprom and KES Holding are also interested in the OGK-5 auction. RAO will keep a controlling stake in OGK-5 with its 50% holding. OGK-5 was the first of the Russian generating companies to make an IPO, selling 14.4% of shares for US$459 million, Interfax relates. Enel did not participate in the OGK-5 IPO because RAO limited the size of the stake that could be acquired by one investor and Enel is not interested in minority stakes. OGK-4 includes the Surgutskaya GRES-2, Berezovskaya, Shaturskaya, Smolenskaya and Yaivinskaya power stations with combined capacity of 8,630 megawatts. The company plans to issue 23 billion common shares in its IPO, which will make up 46.8% of current and 31.8% of increased charter capital, Interfax reveals. The OGK-4 share placement is slated for the end of July and is expected to be completed in early August. About Enel SpA Enel SpA is Italy's largest power company, and Europe's third largest listed utility by market capitalization. Listed on the Milan and New York stock exchanges since 1999, Enel has the largest number of shareholders of any European company, at some 2.3 million. It has a market capitalization of about EUR50 billion at current prices. About OGK-5 Headquartered in Ekaterinburg, Russia, OAO OGK-5 -- http://www.ogk-5.com/-- generates electricity and heat energy. The Company owns and operates four power plants: Konakovskaya GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and Sredneuralskaya GRES. * * * In connection with Moody's Investors Service's implementation of its new Probability-of-Default and Loss-Given-Default rating methodology for the corporate families in the Gaming, Lodging and Leisure, Manufacturing, and Energy sectors, the rating agency confirmed its Ba3 Corporate Family Rating for JSC OGK-5. Moody's also assigned a Ba3 probability of default rating to the company. OMSKIY-2 CJSC: Creditors Must File Claims by May 31 --------------------------------------------------- Creditors of CJSC Meat-Processing Factory Omskiy-2 (TIN 5504063979) have until May 31 to submit proofs of claim to: A. Borovskikh Insolvency Manager Office 137 K.Marksa Pr. 4 644024 Omsk Russia The Arbitration Court of Omsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-2179/2006. The Debtor can be reached at: CJSC Meat-Processing Factory Omskiy-2 Omsk Russia RYAZANSKIY GLASS: Creditors Must File Claims by June 7 ------------------------------------------------------ Creditors of LLC Ryazanskiy Glass Factory have until June 7 to submit proofs of claim to: A. Shelukha Insolvency Manager Room 215 Elektrozavodskaya Str. 7 600009 Vladimir Russia The Arbitration Court of Ryazan commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A54-5473/2006. The Court is located at: The Arbitration Court of Ryazan Pochtovaya Str. 43/44 Ryazan Russia The Debtor can be reached at: LLC Ryazanskiy Glass Factory Yablochkova Pr. 5 390037 Ryazan Russia SERGACHANKA CJSC: Creditors Must File Claims by June 7 ------------------------------------------------------ Creditors of CJSC Sergachanka have until June 7 to submit proofs of claim to: N. Slesar Insolvency Manager Energetikov Str. 14 Gagino 607870 Nizhniy Novgorod Russia The Arbitration Court of Nizhniy Novgorod commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A43-30821/2006 24-565. The Court is located at: The Arbitration Court of Nizhniy Novgorod Kremlin 9 603082 Nizhniy Novgorod Russia The Debtor can be reached at: CJSC Sergachanka Molodyezhnyj, 1 A Sergach Nizhniy Novgorod Russia SEVERSTAL OAO: Acquires Neva-Metal Firms for US$100 Million ----------------------------------------------------------- OAO SeverStal has acquired cargo company Neva-Metal and freight forwarding company Neva Metal Trans for US$100 million in a move designed to set up an independent export-logistics operation and to strengthen its position in export markets for future growth. Traditionally the port of St Petersburg, in which Neva Metal company and Neva Metal Trans company operate, is the main port for OAO SeverStal's export to the U.S.A. and Europe. Established in 1995 in the port of St Petersburg, Neva-Metal specialises in the handling, storage and shipment of export cargoes for Russian manufacturers. Neva-Metal operates four berths for handling vessels and 11 gantry cranes with a load capacity ranging from 20 to 40 tons. It employs over 450 people and has storage facilities covering 70,000 square meters, of which some 11,500 square meters is enclosed warehousing. Its network of railway lines and sidings can accommodate up to 200 railcars simultaneously. On an annual basis, Neva-Metal can handle 2.5 million tons via its quay cranes and up to three million tons in its storage facilities. The storage facilities can hold up to 250 tons of production. The main field of operations of Neva-Metal Trans is freight forwarding of different types of cargoes at the port of St Petersburg. Neva-Metal Trans is an exclusive forwarding agent of Neva-Metal. "This investment is very important from logistics point of view for the company's business units in Russia," Alexey Mordashov, SeverStal CEO, said. "Additionally, we believe that this investment will add value and increase our export potential." About Severstal Headquartered in Cherepovets, Russia, OAO Severstal -- http://www.severstal.com/-- is the country's largest steel producer, with steel production of 17.1 million tons in 2005. The Company owns Severstal North America, the fifth largest integrated steel maker in the U.S. with 2005 production of 2.7 million tons, and Lucchini, Italy's second largest steel group with 2005 production of 3.5 million tons. Severstal is one of the world's lowest cost and most profitable steel producers, with 2005 EBITDA per ton of around EUR150 per ton. * * * In a TCR-Europe report on April 24, Fitch Ratings revised the Outlooks on OAO Severstal's Issuer Default and National Long- term ratings to Positive from Stable. In addition, Fitch has affirmed Severstal's ratings at Issuer Default 'BB-', senior unsecured 'BB-', Short-term 'B' and National Long-term 'A+'. As reported in the TCR-Europe on April 16, Moody's Investors Service's confirmed its Ba3 Corporate Family Rating for Severstal OAO. Moody's also assigned a Ba3 Probability-of- Default rating to the company. Projected Old POD New POD LGD Loss-Given Debt Issue Rating Rating Rating Default ---------- ------- ------- ------ -------- Sr. Unsec. Regular Bond/Debenture Due 2009 B1 B1 LGD5 75% Sr. Unsec. Regular Bond/Debenture Due 2014 B1 B1 LGD5 75% As of Feb. 1, Severstal also carries BB- Long-term Foreign Issuer Credit and Long-term Local Issuer Credit ratings from Standard & Poor's. Outlook is stable. USOLYE-OIL-SERVICE: Creditors Must File Claims by June 7 -------------------------------------------------------- Creditors of CJSC Usolye-Oil-Service have until June 7 to submit proofs of claim to: V. Mamonov Insolvency Manager Post User Box 150 664011 Irkutsk-11 Russia The Arbitration Court of Irkutsk commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A19-16515/06-49. The Court is located at: The Arbitration Court of Irkutsk Room 303 Gagarina Avenue 70 664025 Irkutsk Russia The Debtor can be reached at: CJSC Usolye-Oil-Service Komsomolskiy Pr. 134 Usolye-Sibirskoye Irkutsk Russia WHEAT POKROVSKAYA: Creditors Must File Claims by June 7 ------------------------------------------------------- Creditors of OJSC Wheat Pokrovskaya have until June 7 to submit proofs of claim to: V. Sinegubkin Insolvency Manager Office 29 Gorkogo Str. 45 302028 Orel Russia The Arbitration Court of Orel commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A48-3235/06-16b. The Court is located at: The Arbitration Court of Orel Gorkogo Str. 42 302000 Orel Russia The Debtor can be reached at: OJSC Wheat Pokrovskaya Dubrovinskaya Str. 82 Pokrovskoye Orel Russia YUKOS OIL: OAO Lukoil Drops Possible Bid for Southern Assets ------------------------------------------------------------ OAO Lukoil will not participate in the remaining auctions for the assets of bankrupt OAO Yukos Oil Co., Interfax News reports citing Vice President Leonid Fedun. "We understand that the main assets have already been practically distributed and therefore we do not consider it necessary to take part in the auctions," Mr. Fedun told Interfax News. In a TCR-Europe report on April 5, Lukoil president Vagit Alekperov told RIA Novosti that the firm considers participating in the auction to acquire Yukos' southern Russian assets. The assets are bundled under one lot for a starting price of at least RUR3.7 billion. Eduard Rebgun, Yukos' bankruptcy receiver, will auction the lot early May. About Lukoil Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX, RTS: LKOH) -- http://www.lukoil.com/-- explores and produces oil & gas, petroleum products and petrochemicals, and markets the outputs. Most of the Company's exploration and production activity is located in Russia, and its main resource base is in Western Siberia. 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 W I T Z E R L A N D ===================== ALTENA SOFTWARE: Creditors' Liquidation Claims Due May 18 --------------------------------------------------------- Creditors of LLC Altena Software Training have until May 18 to submit their claims to: Hanspeter Finkbeiner Liquidator Alte Buhnenbergstrasse 42 4665 Oftringen Zofingen AG Switzerland The Debtor can be reached at: LLC Altena Software Training Oftringen Zofingen AG Switzerland GALANT JSC: Zug Court Starts Bankruptcy Proceedings --------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC Galant on March 13. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Galant Industriestrasse 7 6301 Zug Switzerland GATE GOURMET: S&P Rates Proposed CHF125 Million Loan at B+ ---------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'B+' senior secured debt rating and a recovery rating of '1' to the proposed Swiss franc CHF125 million revolving credit facility to be issued by Gate Gourmet Borrower LLC, indicating the expectation of full recovery of principal in the event of a payment default. At the same time, Standard & Poor's assigned its 'B' senior secured debt rating and a recovery rating of '3' to the company's proposed CHF725 million senior secured term facilities, which comprise a CHF425 million term loan and a CHF300 million committed delayed-draw term loan, indicating the expectation of meaningful (50%-80%) recovery of principal. The proposed issues will be used to refinance existing first- and second-lien debt. The proceeds of the proposed CHF300 million delayed-draw term loan could be partly used for future potential acquisitions by Gate Gourmet Borrower or parent Gate Gourmet Holdings S.C.A., or for dividend payments. The ratings on Gate Gourmet continue to reflect the group's exposure to the cyclical and price-competitive commercial airline industry, operating performance sensitivity to cost control implementation, and limited bargaining power in the highly competitive sector. These factors are partly mitigated by better-than-expected improvements in Gate Gourmet's operating performance and financial risk profile. Recovery Analysis The proposed CHF125 million senior secured revolving credit facility is rated 'B+', one notch above the corporate credit rating, with a recovery rating of '1', indicating Standard & Poor's expectation of full recovery of principal in the event of a payment default. The proposed CHF725 million senior secured term facilities are rated 'B', at the same level as the corporate credit rating, with a recovery rating of '3', indicating our expectation of meaningful (50%-80%) recovery in the event of a payment default. The recovery rating does not factor in drawdown on the delayed- draw term facility. Drawing on the facility for either acquisition or dividend payment purposes could have a negative bearing on recovery prospects and would require the recovery rating to be revised. Senior secured lenders to the revolving credit and term loan facilities are expected to benefit from substantially the same security and guarantee package as under Gate Gourmet Borrower's previous term loan issues, including first-priority security over assets, where legally and financially feasible; 100% of shares in U.S. subsidiaries; and a share pledge over foreign subsidiaries. The lenders to the term and delayed-draw term facilities will rank pari passu and behind lenders to the revolving credit facility on enforcement. The group's operations are located in a number of jurisdictions- -although more than 85% of EBITDA is generated in Western Europe and the U.S.--so cross-jurisdictional issues and legal restrictions could affect the enforceability or ultimate value of certain guarantees. The documentation contains non-financial covenants now standard for "covenant-light" transactions, including a cash sweep. To calculate recoveries, Standard & Poor's simulates a default scenario. S&P have used an enterprise valuation approach, as the agency believes the value of the group lies more in its airline contracts and airline hub operations than in discrete assets. Standard & Poor's simulated default scenario assumes a potential combination of these factors: -- four years of revenue decline at a compound annual growth rate of 4.9% as a result of weakening economic conditions and a decrease in airline industry demand, with major revenue stresses in 2007 and 2010. -- pressure on gross margins as the terms of contracts due for renewal continue to deteriorate. -- a reduction in the anticipated level and timeliness of cost controls. -- higher interest costs to account for a possible base-rate increase and to secure covenant waivers. Under our default scenario, a payment default is unlikely to occur before early 2010, at which point the outstanding amount of senior debt that would have to be covered is estimated at about CHF550 million including the CHF125 million revolving credit facility, assuming that the delayed-draw term facility is undrawn and the revolving credit facility is fully drawn. Using primarily a discounted cash flow analysis, the enterprise value at the point of default is reduced by priority obligations such as enforcement costs, finance leases, and mortgages. This provides coverage of more than 100% for the senior secured revolving credit facility, resulting in a recovery rating of '1', and meaningful (50%-80%) coverage for the senior secured term loan facilities, resulting in a recovery rating of '3'. The absence of notching against the term facilities debt rating reflects our expectation that, from a recovery perspective, debt holders would benefit meaningfully from the security package, despite their second-ranking position on the proceeds of enforcement. GROOVYSTREAMS LLC: Zug Court Starts Bankruptcy Proceedings ---------------------------------------------------------- The Bankruptcy Court of Zug commenced bankruptcy proceedings against LLC GroovyStreams on March 20. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: LLC GroovyStreams Baarerstrasse 135 6300 Zug Switzerland IBERG BETEILIGUNGS: Creditors' Liquidation Claims Due May 31 ------------------------------------------------------------ Creditors of JSC Iberg Beteiligungs have until May 31 to submit their claims to: JSC Thalmann Treuhand Liquidator Marktplatz 3 8570 Weinfelden TG Switzerland The Debtor can be reached at: JSC Iberg Beteiligungs Weinfelden TG Switzerland JAGGI HANDEL: Creditors' Liquidation Claims Due May 18 ------------------------------------------------------ Creditors of LLC Jaggi Handel Technik have until May 18 to submit their claims to: Josef Kiener Liquidator Frohburgweg 17 6340 Baar ZG Switzerland The Debtor can be reached at: LLC Jaggi Handel Technik Maur Uster ZH Switzerland JUNGLE TREE: Creditors' Liquidation Claims Due May 18 ----------------------------------------------------- Creditors of LLC Jungle Tree have until May 18 to submit their claims to: Markus Giezendanner Liquidator Quellenstr. 11 9534 Gahwil Switzerland The Debtor can be reached at: LLC Jungle Tree Kirchberg Toggenburg SG Switzerland MC GIPSEREI: Creditors' Liquidation Claims Due May 18 ----------------------------------------------------- Creditors of LLC MC Gipserei & Malerei have until May 18 to submit their claims to: Sonnenweg 16 3073 Gumligen Switzerland The Debtor can be reached at: LLC MC Gipserei & Malerei Muri bei BE Switzerland METZGER GPS: Creditors' Liquidation Claims Due May 21 ----------------------------------------------------- Creditors of LLC Metzger GPS have until May 21 to submit their claims to: JSC Revisora Revisionsgesellschaft Liquidator Volkshausstrasse 20 9630 Wattwil Toggenburg SG Switzerland The Debtor can be reached at: LLC Metzger GPS Kirchberg Toggenburg SG Switzerland PARTY-SERVICE ROYAL: Creditors' Liquidation Claims Due May 21 ------------------------------------------------------------- Creditors of LLC Party-Service Royal have until May 21 to submit their claims to: JSC Revisora Revisionsgesellschaft Liquidator Volkshausstrasse 20 9630 Wattwil Toggenburg SG Switzerland The Debtor can be reached at: LLC Party-Service Royal Kirchberg Burgdorf BE Switzerland SWISSFIRST DERIVATIVES: Creditors' Liquidation Claims Due May 31 ---------------------------------------------------------------- Creditors of JSC Swissfirst Derivatives have until May 31 to submit their claims to: Peter Hodel Liquidator Industriestrasse 13c Postfach 4339 6304 Zug Switzerland The Debtor can be reached at: JSC Swissfirst Derivatives Zug Switzerland ============= U K R A I N E ============= BF KATA-REM LLC: Creditors Must Register Claims by May 13 --------------------------------------------------------- Creditors of LLC BF Kata-Rem (code EDRPOU 32984968) have until May 13 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 24/7-b. The Debtor can be reached at: LLC BF Kata-Rem Degtiarevskaya Str. 31 Kiev Ukraine FORPLAST LLC: Creditors Must Register Claims by May 11 ------------------------------------------------------ Creditors of LLC Forplast (code EDRPOU 33297451) have until May 11 to submit written proofs of claim to: Victor Savinov Liquidator Lesnoy Avenue 23 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/90-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Forplast Lesnoy Avenue 23 Kiev Ukraine GODINI LLC: Creditors Must Register Claims by May 11 ---------------------------------------------------- Creditors of LLC Godini (code EDRPOU 33633065) have until May 11 to submit written proofs of claim to: Victor Savinov Liquidator Marshal Zhukov Str. 26 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/89-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Godini Marshal Zhukov Str. 26 Kiev Ukraine INFAKOM LLC: Creditors Must Register Claims by May 13 ----------------------------------------------------- Creditors of LLC Firm Infakom (code EDRPOU 24480542) have until May 13 to submit written proofs of claims to: Vladimir Shuba Liquidator Kosmicheskaya Str. 26, ap. 313 61145 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. B-19/64-07. The Court is located at: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Debtor can be reached at: LLC Firm Infakom Korchagintsev Str. 21 Kharkov Ukraine ITO INTELLECT: Creditors Must Register Claims by May 13 ------------------------------------------------------- Creditors of LLC Ito Intellect (code EDRPOU 33757087) have until May 13 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 24/240-b. The Debtor can be reached at: LLC Ito Intellect Pilipovsky Str. 4 Kiev Ukraine IVTK CHEREMOSH: Creditors Must Register Claims by May 13 -------------------------------------------------------- Creditors of LLC IVTK Cheremosh (code EDRPOU 33157024) have until May 13 to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 24/241-b. The Debtor can be reached at: LLC IVTK Cheremosh Pilipovsky Str. 4 Kiev Ukraine SOVAT LLC: Creditors Must Register Claims by May 11 --------------------------------------------------- Creditors of LLC Sovat (code EDRPOU 32377703) have until May 11 to submit written proofs of claim to: Natalia Kovinko Liquidator Krasnotkatskaya Str. 61 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/64-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Sovat Krasnotkatskaya Str. 61 Kiev Ukraine UKRAINIAN RAILWAY: Claims Filing Bar Date Set May 11 ---------------------------------------------------- Creditors of CJSC Ukrainian Railway Delivery (code EDRPOU 30653623) have until May 11 to submit written proofs of claim to: The Economic Court of Sumy Shevchenko Avenue 18/1 40030 Sumy Ukraine The Economic Court of Sumy commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. 8/73-07. The Debtor can be reached at: CJSC Ukrainian Railway Delivery Topolianskaya Str. 28 40032 Sumy Ukraine ULTRA-PLAZA LLC: Creditors Must Register Claims by May 11 --------------------------------------------------------- Creditors of LLC Ultra-Plaza (code EDRPOU 33297526) have until May 11 to submit written proofs of claim to: Natalia Kovinko Liquidator Krasnotkatskaya Str. 61 02225 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 23/64-b. The Court is located at: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Ultra-Plaza Krasnotkatskaya Str. 61 02225 Kiev Ukraine YAROSVIT LLC: Creditors Must Register Claims by May 11 ------------------------------------------------------ Creditors of LLC Yarosvit (code EDRPOU 20909095) have until May 11 to submit written proofs of claim to: Michael Tsurika Liquidator General Karpenko Str. 2/1 54038 Nikolaev Ukraine The Economic Court of Nikolaev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 2/144/07. The Court is located at: The Economic Court of Nikolaev Admiralskaya Str. 22 54009 Nikolaev Ukraine The Debtor can be reached at: LLC Yarosvit General Karpenko Str. 2/1 54038 Nikolaev Ukraine =========================== U N I T E D K I N G D O M =========================== A.T. CLOWREY: Creditors' Meeting Slated for May 10 -------------------------------------------------- Creditors of A.T. Clowrey Ltd. will meet at 10:30 a.m. on May 10 at the offices of: Bennett Verby 7 St. Petersgate Stockport Cheshire SK1 1EB 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 said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on May 8. ADVANCED MICRO: Moody's Affirms B1 Corporate Family Rating ---------------------------------------------------------- Moody's Investors Service affirmed Advance Micro Devices' B1 corporate family rating while revising to Ba2 from Ba3 the ratings on both the currently secured US$390 million notes due 2012 (2012 Note) and the US$1.7 billion remainder of the original US$2.5 billion term loan due 2013. This revision reflects AMD' recent issuance of US$2.2 billion of senior convertible notes due 2014 (not rated by Moody's) and the concurrent US$500 million repayment of the bank term loan. The rating outlook remains negative. In line with Moody's loss given default methodology, the 2012 Note and bank term loan ratings are raised by one notch to Ba2 with a corresponding LGD2 assessment as a result of the incremental US$2.2 billion junior capital below it. As noted previously, Moody's believes it is likely that the 2012 Note will become unsecured in the near future. Since AMD's secured debt as defined is below US$2.5 billion, AMD, as stated in its 8K filing of April 24, has the ability to release collateral that currently benefits the 2012 note. To the extent that the 2012 Note loses its collateral interest, its rating would be lowered to B2 with a corresponding LGD5 assessment while the bank term loan would likely be raised to Ba1 and LGD2 assessment. Moody's changed the ratings outlook to negative from stable on April 23. The action reflects AMD's higher financial leverage, the company's weaker than expected operating performance in the last three quarters, and Moody's expectations that the next couple of quarters will remain very challenging even though the company plans to reduce costs and preserve liquidity while at the same time rolling out its new product platform dubbed Barcelona in the third quarter of 2007. Ratings/assessments revised: -- US$390 million secured notes due August 2012 from Ba3 (LGD 3, 38%) to Ba2 (LGD 2, 22%) -- US$2.5 billion senior secured term loan due 2013 from Ba3 (LGD 3, 38%) to Ba2 (LGD 2, 22%) Ratings/assessments affirmed: -- Corporate family rating B1; -- Probability-of-default rating B1; -- Rating Outlook Negative. Advanced Micro Devices, Inc., headquartered in Sunnyvale, California, designs and manufactures microprocessors and other semiconductor products. BARGAIN BATHROOMS: Creditors' Meeting Slated for May 17 ------------------------------------------------------- Creditors of Bargain Bathrooms Ltd. will meet at 3:00 p.m. on May 17 at the offices of: Griffin & King 26-28 Goodall Street Walsall West Midlands WS1 1QL England Creditors who want to vote at the meeting have until noon on May 16 to submit their proxy forms together with particulars of their claims or of any security at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge on May 15. BOYAR INTERNATIONAL: Creditors' Meeting Slated for May 18 --------------------------------------------------------- Creditors of Boyar International Ltd. will meet at 11:30 a.m. on May 18 at: Benedict Mackenzie LLP 62 Wilson Street London EC2A 2BU England Creditors who want to vote at the meeting have until noon on May 17 to submit their proxy forms together with particulars of their claims or of any security at the said address. Ian Donald Williams of Benedict Mackenzie LLP will furnish creditors with information concerning the company's affairs free of charge during the period up to the date of the meeting. BRITISH SKY: OFT Wants Deeper Probe on ITV Stake Acquisition ------------------------------------------------------------ The Office of Fair Trading reported to the Secretary of State on the completed acquisition by British Sky Broadcasting Group plc of a 17.9 percent stake in ITV plc. The OFT believes that the test for a merger reference to the Competition Commission is met on competition grounds. The report confirms the OFT's Jan. 12 statement on merger jurisdiction. This includes the belief to the required standard that BSkyB has the ability "materially to influence the policy" of ITV within the meaning of the Enterprise Act 2002. Following full first-phase review, the OFT's three key findings, to the requisite standard of belief, are that: * a relevant merger situation has been created * this situation has resulted, or may be expected to result, in a substantial lessening of competition within a market or markets in the U.K., and * clear cut remedies sufficient to resolve the OFT's competition concerns were not offered. The Secretary of State must disclose his decision on or before the statutory deadline of May 26. The OFT's report will also be made public no later than the same date and until such time the OFT will not release further details. "We have been asked by the Secretary of State to report on the competition issues raised by this transaction," John Fingleton, Chief Executive of the OFT, said. "We have concluded that this partial ownership link between two key players raises significant competition concerns. Sky's shareholding means that ITV is no longer fully independent, and this may alter the future competitive landscape, especially as we approach digital switchover. Given the high stakes for tens of millions of U.K. consumers, we believe these risks to competition merit further examination." On Feb. 26, the Secretary of State intervened in the case by issuing a Public Interest Intervention Notice requiring the OFT to investigate and report on whether it believes that it is or may be the case that a relevant merger situation has been created and, if so, whether the creation of that situation has resulted, or may be expected to result, in a substantial lessening of competition within any market or markets in the U.K. for goods or services. The Secretary of State also required Ofcom to report separately on the effect of the media public interest consideration mentioned in the Notice. The Secretary of State requested the OFT and Ofcom to report to him by April 27. Headquartered in Isleworth, England, British Sky Broadcasting Group PLC -- http://www.sky.com/-- is the holding company of the British Sky Broadcasting group of companies. British Sky Broadcasting Group plc and its subsidiaries operate the pay television broadcast service in the United Kingdom and Ireland. The Company acquires programming to broadcast on its channels and supplies certain of those channels to cable operators for them to retransmit to their subscribers in the United Kingdom and Ireland. It retails channels (both its own and third parties) to direct-to-home subscribers and to a limited number of digital subscriber line subscribers. The Company also makes three of its channels available via the United Kingdom free-to- air digital terrestrial television platform, which markets itself under the brand Freeview. At Dec. 31, 2006, the Groups' balance sheet showed GBP4.1 billion in total assets, GBP4.3 billion in total liabilities, and GBP145 million in stockholders' deficit. The Group's Dec. 31 balance sheet also showed strained liquidity with GBP1.8 billion in total currents assets available to pay GBP2.2 billion in total liabilities coming due within the next 12 months. CALDA MARKETING: Creditors' Meeting Slated for May 10 ----------------------------------------------------- Creditors of Calda Marketing Ltd. will meet at 10:15 a.m. on May 10 at: Vantis Plc Fourth Floor Southfield House 11 Liverpool Gardens Worthing West Sussex BN11 1RY 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 said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on May 8. Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. COLLINS & AIKMAN: Selling Evart Facility to Flex-N-Gate ------------------------------------------------------- Collins & Aikman Corp. will shut down operations and sell its Evart Facility to Flex-N-Gate by June 6, Robin Fornoff of the Cadillac News reports. An asset purchase agreement is expected to be signed "within the next few days" and is subject to the approval of the U.S. Bankruptcy Court for the Eastern District of Michigan. "Flex-N-Gate has informed us that as yet it has been unable to reach any conclusions about its operational plans, including its capacity to offer employment to employees of the business," Collins relates in its Worker Adjustment and Retraining Notification notice. According to Mr. Fornoff, employees have agreed to wage and benefit cuts after city officials and others indicated that Flex-N-Gate would continue Evart operations. As previously reported, Evart has already approved tax abatements for Flex-N-Gate to US$125,000 per year for the next 12 years. Water rates for the plant has also been frozen, upon speculations that Flex-N-Gate may expand operations and increase the work force in Evart, Cadillac News indicates. However, Collins and Flex-N-Gate declined to comment about the future of the plant. Collins' WARN notice informs the employees that the closing of the sale "and any related loss of employment" will occur between May 24 and June 6. Collins previously sent notices of closures of operations in other facilities. 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. 60; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) COLOUR MOVE: Creditors' Meeting Slated for May 17 ------------------------------------------------- Creditors of Colour Move Ltd. will meet at 11:00 a.m. on May 17 at: Taylor Fry 70 Conduit Street London W1S 2GF England Creditors who want to vote at the meeting have until noon on May 16 to submit their proxy forms together with particulars of their claims or of any security at: Begbies Traynor The Old Exchange 234 Southchurch Road Southend-on-Sea Essex SS1 2EG England Lloyd Biscoe of Begbies Traynor will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. CUSTOM CRANK: Appoints Liquidator from Muras Baker Jones -------------------------------------------------------- Mark Jonathan Botwood of Muras Baker Jones was appointed liquidator of The Custom Crank & Engineering Co. Ltd. on April 19 for the creditors' voluntary winding-up procedure. The company can be reached at: The Custom Crank & Engineering Co. Ltd. Moor Street South Blakenhall Wolverhampton WV2 3JN England Tel: 01902 422 144 Fax: 01902 422 133 DD BARS: Creditors' Meeting Slated for May 9 -------------------------------------------- Creditors of DD Bars Ltd. (t/a The Cross Bar) will meet at 10:15 a.m. on May 9 at: Kallis & Co. 1148 High Road Whetstone London N20 0RA England Creditors who want to vote at the meeting have until noon on May 8 to submit their proxy forms together with particulars of their claims or of any security to Elizabeth Arakapiotis of Kalli & Co. Elizabeth Arakapiotis of Kallis & Co. will furnish creditors with information concerning the company's affairs free of charge as they may reasonably require. EAGLE NOTTINGHAM: Taps Liquidators from Ernst & Young ----------------------------------------------------- Kerry Lynne Trigg and Elizabeth Anne Bingham of Ernst & Young LLP were appointed joint liquidators of Eagle Nottingham Ltd. (formerly Kav Nottingham Ltd.), Eagle Bristol Ltd. (formerly KP Bristol Ltd.), Eagle Barking Ltd. (formerly KP Barking Ltd.), Eagle Wrexham Ltd. (formerly KP Wrexham Ltd.), Eagle III (Portfolio A) Ltd. (formerly DWSCO 2433 Ltd.), Eagle III (Portfolio B) Ltd. (formerly on DWSCO 2437 Ltd.), Eagle III (Derby) Ltd. (formerly DWSCO 2461 Ltd.), Eagle III (Park Farm) Ltd. (formerly DWSCO 2432 Ltd.) and Babcock & Brown (Ellesmere Port) Ltd. (formerly DWSCO 2436 Ltd.) on April 13 for the creditors' voluntary winding-up proceeding. 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 ith a broad range of business issues. The joint liquidators can be reached at: Kerry Lynne Trigg and Elizabeth Anne Bingham Ernst & Young LLP 1 More London Place London SE1 2AF England FOUR SEASONS: Court Okays Plan of Arrangement for Privatization --------------------------------------------------------------- Four Seasons Hotels Inc. disclosed that the Ontario Superior Court of Justice has issued a final order approving the plan of arrangement pursuant to Four Seasons be taken private by affiliates of Cascade Investment L.L.C., Kingdom Hotels International, and Isadore Sharp. Under the terms of the transaction, which remains subject to the satisfaction or waiver of conditions specified in the acquisition agreement, including Ministerial approval under the Investment Canada Act, holders of Limited Voting Shares will receive US$82 cash per share. As reported in the Troubled Company Reporter on Nov. 21, 2006, the company received an offer to take Four Seasons private at US$82 per share, or an enterprise value of US$3.7 billion. The proposed capital structure included US$750 million in debt financing and the contribution of new equity into the company, net of the company's existing cash balances. The offer to purchase Four Seasons was received from CEO Isador Sharp and Triples Holdings Ltd., the controlling shareholder in Four Seasons, together with Kingdom Hotels International, which is owned by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, and Cascade Invesment LLC, which is owned by Bill Gates. Four Seasons' board has established a committee of directors to consider the proposed transaction. The company anticipated that the transaction would be completed early in the second quarter of 2007. About Four Seasons Hotel Inc. Headquartered in Ontario, Canada, Four Seasons Hotel Inc. (TSX Symbol "FSH"; NYSE Symbol "FS") -- http://www.fourseasons.com/- - has followed a targeted course of expansion, opening hotels in major city centers and desirable resort destinations around the world. Founded in 1960, the company currently has 74 hotels in Thailand, the United Kingdom, and Costa Rica and 28 other countries, and more than 25 properties under development, Four Seasons will continue the hospitality industry with innovative enhancements, making business travel easier and leisure travel more rewarding. KAYOVER ENGINEERING: Creditors' Meeting Slated for May 10 --------------------------------------------------------- Creditors of Kayover Engineering Ltd. will meet at 10:30 a.m. on May 10 at: Atherton Bailey Kent House Romney Place Maidstone Kent ME15 6LH England Creditors have until noon on May 9 to submit their proxy forms at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge between 10:00 a.m. and 4:00 p.m. on May 8. LAMBOURNE CLOTHING: Creditors' Meeting Slated for May 16 -------------------------------------------------------- Creditors of Lambourne Clothing International Ltd. will meet at 11:00 a.m. on May 16 at: B & C Associates Trafalgar House Grenville Place Mill Hill London NW7 3SA England Creditors who want to vote must submit before the meeting their proxy forms together with particulars of their claims or of any security at the said address. A list of names and addresses of the company's creditors will be available for inspection free of charge on May 14. MAESTRO AVIATION: Creditors' Meeting Slated for May 10 ------------------------------------------------------ Creditors of Maestro Aviation Ltd. (formerly Skyspark Ltd.) will meet at noon on May 10 at: Devlin House 36 St. George Street Mayfair London W1R 9FA 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: HKM LLP The Old Mill 9 Soar Lane Leicester LE3 5DE England Fax: 0116 242 5201 HKM LLP -- http://www.hkm.co.uk/-- is an independent and regulated firm of accountants, business and taxation advisors and insolvency specialists. In July 2004, HKM Harlow Khandhia Mistry changed its business status to become a limited liability partnership and is now known as HKM LLP. ROYAL CORNWALL: Health Dept. Offers Lump Sum to Balance Books ------------------------------------------------------------- Royal Cornwall Hospital NHS Trust, which is among dozen others declared as technically bankrupt and having no prospect of repaying debts, has been offered a lump sum by the Department of Health in an attempt to balance its books, Western Morning News reports. According to the report, there is no time scale set for repayment. However, RCHT will have to go through a rigorous review over the inability to show it can repay loans. "Given the different nature of the problems in each NHS trust we expect the solution for each organization to be individual and tailored to best deliver value for money, while maintaining standards of patient care to the community they serve," NHS chief Executive David Nicholson was quoted by Channel 4 News as saying. "I have no doubt this will be a difficult and sometimes uncomfortable process for those trusts who are undergoing this process but our absolute priority is continuity of patient care and to ensure that we have to tackle the underlying problems in these trusts no matter how uncomfortable that may be." RCHT is also included in a list of trusts nationally identified as being in difficulty at the end of the 2006-07 financial year, Western Morning News relates. At the end of March, RCHT had accumulated deficit of GBP29.8 million. Headquartered in Truro, England, Royal Cornwall Hospitals NHS Trust -- http://www.cornwall.nhs.uk/rcht-- comprises The Royal Cornwall Hospital in Truro, West Cornwall Hospital in Penzance and St. Michael's Hospital in Hayle. It employs 3,240 staff, including 1,140 nurses. SOLUTIA INC: Court OKs Amended Rothschild Employment Terms ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York has approved the request of Solutia Inc. and its debtor- affiliates to amend the terms of employment of Rothschild Inc., as financial advisor and investment banker to include services in connection with a sale of their Dequest(R) product line. Terms of Employment As previously reported in the TCR-Europe on April 11, Jeffry N. Quinn, chairman, president and chief executive officer of Solutia Inc., and an authorized officer of each of the Debtors, relates that due to Rothschild's familiarity with the Debtors' businesses, and to ensure that the Debtors receive the highest and best offer possible for Dequest, Rothschild was asked to provide additional services, including: -- identifying and contacting potential purchasers of Dequest; -- preparing a confidential information memorandum regarding Dequest; and -- advising Solutia with respect to the negotiation of a sale agreement with potential purchasers of Dequest. Rothschild will earn a fee if the Debtors enter into any definitive agreements, approved by final and non-appealable Court order, to sell or dispose significant assets relating to the Dequest product line. The Dequest Sale Fee with be: (i) US$500,000; and (ii) 5% of the "Aggregate Dequest Consideration" received in connection with the Dequest Sale in excess of US$75,000,000. The Dequest Sale Fee will not exceed 1.25% of the Aggregate Dequest Consideration, but not less than US$500,000. The Dequest Sale Fee and the other fees payable to Rothschild under the engagement letter will not be credited against each other. The Debtors believe that the Dequest Sale Fee is reasonable and is consistent with the market for comparable mergers and acquisitions services performed by financial advisors and investment bankers for companies in and outside of Chapter 11. The parties have acknowledged that the hours worked, results achieved, and ultimate benefit of the work performed in connection with the Dequest Sale may be variable. These factors have been taken into account in setting the Dequest Sale Fee, including the lack of crediting of the Dequest Sale Fee, in connection with the sale, Mr. Quinn tells the Court. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Allen E. Grimes, III, Esq., at Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn & Crutcher, LLP. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. (Solutia Bankruptcy News, Issue No. 84; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). In February 2007, the Honorable Prudence Carter Beatty entered a bridge order extending the Debtors' exclusive period to file a plan until April 30, 2007. SWINFORD FIXINGS: Names Eileen T. F. Sale Liquidator ---------------------------------------------------- Eileen T. F. Sale of Sale Smith & Co. Ltd. was appointed liquidator of Swinford Fixings Ltd. on April 17 for the creditors' voluntary winding-up procedure. The company can be reached at: Swinford Fixings Ltd. Faraday House King William Street Stourbridge DY8 4HD England Tel: 01384 374 000 T.B.F. NETWORKS: Creditors' Meeting Slated for May 11 ----------------------------------------------------- Creditors of T.B.F. Networks Ltd. will meet at 11:30 a.m. on May 11 at: Bottomley & Co. Glenwood House 5 Arundel Way Cawston Rugby Warwickshire CV22 7TU England A list of names and addresses of the company's creditors will be available for inspection free of charge on May 9. TIMKEN COMPANY: Posts US$42 Million First Quarter Income in 2007 ---------------------------------------------------------------- The Timken Company reported sales of US$1,284,513,000 during the first quarter of 2007, an increase of US$1,254,308,000 over the same period a year ago. Net income for the first quarter of the year 2007 was US$42,571,000, down from the first quarter net income for the year 2006 of US$65,940,000. First-quarter income from continuing operations was US$41,631,000, as compared with US$57,094,000 in the first quarter a year ago. The decline in income from last year's first quarter was due predominately to increased restructuring costs. In addition, the company's tax rate in the quarter was higher, primarily due to losses caused in part by restructuring activities in certain foreign jurisdictions where no tax benefit could be recorded. "Our first-quarter results rebounded following the challenges we encountered during the second half of 2006," said James W. Griffith, Timken's president and chief executive officer. "We are confident that our strategic initiatives, including Automotive restructuring and targeted Industrial capacity additions, will combine with continued strong Steel performance to deliver improved results in 2007." During the quarter, the company: -- announced a US$60 million expansion for special small-bar steel capabilities, further differentiating its product portfolio, and commissioned a new induction heat-treat line focused on steel products for the energy and industrial sectors; -- advanced programs to improve the performance of its Automotive Group, including announcement of the closure of its Sao Paulo, Brazil, bearing production facility by the end of the year; and -- grew sales in Asia by 17 percent and made progress on capacity additions in both China and India. Group Results The Industrial Group had record first-quarter sales of US$544,442,000, up from US$503,879,000 for the same period last year. Favorable pricing and higher volume drove the increase, with sales strength coming from multiple market sectors, especially aerospace and heavy industry. The Automotive Group's first-quarter sales of US$387,960,000 were down from US$420,984,000 for the same period last year. The decrease was driven by the sale of its steering business at the end of 2006 and lower demand from North American light vehicle and heavy truck customers. The Automotive Group incurred a loss of US$7,233,000, as compared to a loss of US$3,141,000 for the same period a year ago. During the quarter, Timken continued to improve the performance of its automotive business through facility rationalization, workforce reduction and asset divestment and are on track to deliver targeted savings of US$75,000,000 by 2008. Steel Group sales, including inter-segment sales, were a record US$390,292,000, up from US$375,410,000 for the same period a year ago. The company had total assets of US$4,124,063,000 and total liabilities of US$2,602,258,000, resulting in a total shareholders' equity of US$1,521,805,000. In reconciling total debt to net debt and calculating for ratio of net debt to capital, the company recorded total debt at March 31, 2007, of US$668,499,000, or 30.5% of capital. Debt was higher than the 2006 year-end level of US$597,843,000, or 28.8% of capital, due to seasonal working capital requirements. Net debt at March 31, 2007, was US$567,681,000, or 27.2% of capital. The company expects to end 2007 with lower net debt and leverage than last year, providing additional financial capacity to pursue strategic investments. Outlook Timken anticipates global industrial markets will remain strong, and investments in Industrial Group capacity are expected to become operational throughout the year. In addition, the company expects improved Automotive Group performance for the full year compared to 2006, as it benefits from its operating- improvement initiatives. About Timken Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) -- http://www.timken.com/-- manufactures highly engineered bearings and alloy steels. It also provides related components and services such as bearing refurbishment for the aerospace, medical, industrial, and railroad industries. The company has operations in 27 countries and employs 27,000 employees. * * * The Timken Company carries Moody's Investors Service's Ba1 Corporate Family Rating and its US$300 Million Unsecured Medium Term Notes Series A due 2028 bear Moody's Ba1 rating. TOWER RECORDS: WEA Corporation Objects to Disclosure Statement -------------------------------------------------------------- Warner/Elektra/Atlantic Corporation has filed an objection to the Disclosure Statement describing MTS Inc. dba Tower Records and its debtor-affiliates' Chapter 11 Plan of Reorganization, contending that the disclosure statement does not contain adequate information. The Debtors' Disclosure Statement, as published in the Troubled Company Reporter on Mar. 28, stated that unsecured claims of trade suppliers will total US$73.5 million, in addition to other unsecured claims expected to range from US$95 million to US$115 million. The Debtors estimated that assets available for distribution to trade suppliers and other unsecured creditors will range from US$3 million to US$26 million. WEA asks the U.S. Bankruptcy Court for the District of Delaware to decline approving the Disclosure Statement because it fails to: 1) disclose a reasoned estimate of the Debtors' remaining administrative liabilities or disclose the amount of the proposed administrative claims reserve; 2) disclose the amount of cash on hand that constitutes the remaining proceeds of the Debtors' inventory; 3) substantiate the Debtors' contention that the maximum amount of the claims asserted by the Debtors' secured trade vendors is US$5 million to US$7 million; 4) disclose the estimated return to creditors if the cases were converted to Chapter 7; 5) the existence, merit and value of potential claims against pre-petition management of mismanagement, negligence and breach of fiduciary duty; 6) the identity and affiliates of the proposed post- confirmation Director; and 7) definitively state whether the Debtors' plan of reorganization provides for substantive consolidation of the Debtors' estates and, if so, the practical implications of consolidation of debts and liabilities and factual predicates for satisfying the applicable legal standards. Furthermore, WEA argues that the plan of reorganization advocated by the disclosure statement is "unconfirmable on its face." WEA points out that: a) the Debtors' bankruptcy estates are likely administratively insolvent; b) the plan proposes improper "double dip" payments that purport to satisfy independent secured and administrative claims; c) the plan improperly classifies different classes of similarly situated unsecured creditors and improperly provides for voting among the Class 5 subclasses on an unconsolidated basis while at the same time providing for distributions on a consolidated basis; d) the plan improperly confers the authority to appoint an estate fiduciary with the power to release the Debtors' management upon present management, rather than creditors; and e) the plan fails to set forth a deadline for objection to claims thereby enabling the indefinite postponement of the claims reconciliation process. WEA Wants Debtors to Disclose Estimated Admin. Debts WEA counsel Frank W. DeBorde, Esq., at Morris Manning & Martin LLP, reminds the Court that the Debtors must disclose a reasonable estimate of their existing and prospective unpaid administrative liabilities. The Debtors are presently holding US$32.2 million in cash and expect to collect an additional US$5.5 million, leaving a maximum of US$37.7 million for distribution. The amount is required to satisfy: -- US$26.8 million in secured Trade Vendor claims; -- claims under Section 503(b)(9) of the Bankruptcy Code approximately US$9.2 million; -- a pending US$3.5 million administrative WARN Act Claims in the Debtors' adversary proceeding against Rick Walker and Robert Hannan; -- US$45.8 million in filed administrative claims in the Debtors' claims register; and -- remaining wind-up costs. Mr. DeBorde says that unless the Debtors disclose a reasonable estimate of administrative debts, it is impossible for creditors to evaluate the risk of administrative insolvency. The Debtors' plan of reorganization also proposes a Senior Claim Reserve to pay all their remaining secured, reclamation and administrative claims in these cases. Mr. DeBorde says that neither the plan nor the disclosure statement reveals how much money will be deposited into this reserve. WEA and other senior claimants are depending on the sufficiency of the Senior Claim Reserve to fund payment of claims as they become allowed, including claims under Sections 503(b)(9) and 546(c) of the Bankruptcy Code, Mr. DeBorde explains. The disclosure statement also leads creditors to believe that the maximum at stake in the Debtors' Trade Vendor Adversary Proceeding is US$7 million and that the Trade Vendors claim they are owed no more than US$16 million. The Debtors provide no analysis for this conclusion. According to Mr. DeBorde, the disclosure statement incorrectly states that the Trade Vendors believe their maximum priority recovery is US$16 million, when in reality, Trade Vendors view their maximum recovery at US$26.8 million, the balance of the remaining inventory proceeds. Aside from being inadequate in proving administrative solvency, Mr. DeBorde asserts that the plan is unconfirmable because the plan proposes to give the Debtors double credit for payment of secured or reclamation claims. Section 503(b)(9) of the U.S. Bankruptcy Code entitles WEA and similarly situated Trade Vendors to secured and additional administrative claims, which are independent from each other and must be satisfied irrespective of any other obligations, declares Mr. DeBorde. The Court is set to consider the adequacy of the disclosure statement on Thursday, May 3, 2007. About Tower Records Based in West Sacramento, California, MTS Inc., dba Tower Records -- http://www.towerrecords.com/-- is a retailer of music in the U.S., with nearly 100 company-owned music, book, and video stores. The company and its affiliates previously filed for chapter 11 protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-10394). The Court confirmed the Debtors' plan on March 15, 2004. The company and seven of its affiliates filed their second voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del. Case Nos. 06-10886 through 06-10893). Richards, Layton & Finger, P.A. and O'Melveny & Myers LLP represent the Debtors. The Official Committee of Unsecured Creditors is represented by McGuirewoods LLP and Cozen O'Connor. When the Debtors filed for protection from their creditors, they estimated assets and debts of more than US$100 million. TREEBOW LTD: Claims Filing Period Ends June 15 ---------------------------------------------- Creditors of Treebow Ltd. have until June 15 to send in their full names, their addresses and descriptions, full particulars of their debts or claims and the names and addresses of their solicitors, if any, to: Martin Henry Linton Liquidator Leigh & Co. Brentmead House Britannia Road London N12 9RU England Martin Henry Linton o Leigh & Co. was appointed liquidator of the company by a resolution of the creditors passed on April 13. WESTCOUNTRY MARINE: Creditors' Meeting Slated for May 11 -------------------------------------------------------- Creditors of Westcountry Marine Ltd. will meet at 11:30 a.m. on May 11 at: Exeter Court Hotel Kennford Exeter Devon EX6 7UX England Creditors who want to vote at the meeting have until noon on May 10 to submit their proxy forms together with particulars of their claims or of any security at the offices of: Begbies Traynor Balliol House Southernhay Gardens Exeter Devon England EX1 1NP 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 May 9 at the offices of Begbies Traynor. Begbies Traynor -- http://www.begbies.com/-- assists companies, creditors, financial institutions and individuals on all aspects of financial restructuring and corporate recovery. WOODHEAD MANUFACTURING: Claims Filing Period Ends May 16 -------------------------------------------------------- Creditors of Woodhead Manufacturing Co. Ltd. (formerly Helmart Ltd.) have until May 16 to prove their debts by sending written statements of the amounts they claim to be due to them from the company to: Stephen Hull Liquidator Geoffrey Martin & Co. St. James's House 28 Park Place Leeds LS1 2SP England Stephen Hull of Geoffrey Martin & Co. was appointed liquidator of the company on April 17. ********* 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 * * *