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, January 30, 2008, Vol. 9, No. 21 Headlines A U S T R I A ART-DEKOBAU: Claims Registration Period Ends March 4 AUTOHAUS JELINEK: Claims Registration Period Ends February 5 G.D.T. GRABNER: Claims Registration Period Ends February 5 GERFRIED HASCHKE: Claims Registration Period Ends February 7 HGT HYDRO: Claims Registration Period Ends Feb. 5 JITKA BAU: Claims Registration Period Ends Feb. 5 MAGAUER LLC: Wels Court Orders Business Shutdown PABNEU REISINGER: Claims Registration Period Ends Feb. 4 SALASSIA HOLDING: Claims Registration Period Ends Feb. 7 SANDMEIER LOGISTIK: Claims Registration Period Ends Feb. 25 STECO LLC: Claims Registration Period Ends Feb. 7 B E L G I U M CHEMTURA CORP: Selling Oleochemicals Business to PMC Group POPE & TALBOT: Obtains Additional Waivers to DIP Agreement POPE & TALBOT: PwC Reports Completion of Sale of 3 Surplus Lands SOLUTIA EUROPE: Parent Concerns Cue S&P to Watch B Ratings G E R M A N Y A.P. MANAGEMENT: Claims Registration Period Ends Feb. 14 BAB MANSKE: Claims Registration Period Ends Feb. 15 C.A.T. WERBEAGENTUR: Claims Registration Period Ends Feb. 14 C & H BLOCKHAUS: Claims Registration Period Ends Feb. 11 COLORTEK SERVICES: Claims Registration Period Ends Feb. 13 CYPACC GMBH: Claims Registration Period Ends Feb. 15 DATA COM: Claims Registration Period Ends Feb. 14 HOTELGESELLSCHAFT ELBTALAUE: Claims Period Ends Feb. 25 IVB GMBH: Claims Registration Period Ends Feb. 11 MAB MASSIVHAUS: Claims Registration Period Ends Feb. 12 MEIN HAUS: Claims Registration Period Ends Feb. 12 MONEYPLUS BETEILIGUNGS: Claims Registration Period Ends Feb. 12 OTT GMBH: Creditors' Meeting Slated for Feb. 11 P.A.F.P. ALTENPFLEGEAUSBILDUNG: Claims Period Ends Feb. 21 PB CONSUMER: Moody's Rates EUR17.4 Mln Class E Notes at Ba2 PB CONSUMER 2008-1: S&P Rates EUR17.4 Mln Class E Notes at BB PB CONSUMER 2008-1: Fitch Rates EUR17.4 Mln Class E Notes at BB SCHONDELMAIER INNENAUSBAU: Creditors' Meeting Slated for Jan. 30 TAQUITOS GMBH: Claims Registration Ends Feb. 15 TISCHLEREI EITZMANN: Claims Registration Ends Feb. 15 WROBEL GESELLSCHAFT: Claims Registration Period Ends Feb. 11 ZDI INDUSTRIEVERBUND: Claims Registration Ends Feb. 15 I R E L A N D RITCHIE IRELAND: Hikes DIP Financing to US$4.5 Million I T A L Y ALITALIA SPA: Deutsche Lufthansa May Bid for Malpensa Slots ALITALIA SPA: Cargo Traffic Down 7.8% in December 2007 PARMALAT SPA: Auditor Says Ex-CFO Alerted on Accounting Hole K A Z A K H S T A N ALEKSA IKAR: Proof of Claim Deadline Slated for Feb. 27 CENTRALNOYE GASOSNABJENIYE: Claims Period Ends Feb. 26 GALILEO KAZAKHSTAN: Claims Filing Period Ends Feb. 26 GUNEL PVC: Creditors' Claims Due on Feb. 26 KOSTANAISBYTENERGO LLP: Claims Registration Ends Feb. 22 MERIDIAN CAPITAL: Creditors Must File Claims by Feb. 26 PETROTORG LLP: Claims Filing Period Ends Feb. 26 SASA INTERNATIONAL: Creditors' Claims Due on Feb. 22 K Y R G Y Z S T A N ROOK-ENERGY LLC: Creditors Must File Claims by Feb. 15 N E T H E R L A N D S DUTCH MBS XI: S&P Puts BB-Rated Class D Notes on Watch Positive HEXION SPECIALTY: Extends Huntsman-Merger Termination to July 4 KONINKLIJKE AHOLD: Posts EUR6.6 Bln Net Sales in 4th Qtr 2007 N O R W A Y NORSKE SKOGINDUSTRIER: Weak Prospects Cue S&P's BB Ratings NORSKE SKOGINDUSTRIER: Refutes S&P's BB Credit Rating Level R U S S I A COMSTAR-UNITED: To Build NGN Network in Ukraine MOSCOW BANK: Moody's Changes Outlook on B1 Ratings to Positive S W I T Z E R L A N D ARCOS TREUHAND: Creditors' Liquidation Claims Due by Feb. 6 BIZNESS LLC: Creditors' Liquidation Claims Due by Feb. 6 BSH BERGER: Creditors' Liquidation Claims Due by Feb. 6 ETS ENGEL: St. Gallen Court Starts Bankruptcy Proceedings GONDA INVEST: Creditors' Liquidation Claims Due by Feb. 6 MEDIA-TREND JSC: Creditors' Liquidation Claims Due by Feb. 6 RESTAURANT NEUHOF: Berne Court Starts Bankruptcy Proceedings TEMPUS WATCH: Creditors' Liquidation Claims Due by Feb. 5 T U R K E Y VESTEL ELEKTRONIK: Weak Performance Cues Moody's to Cut Ratings U K R A I N E AKTIV LLC: Proofs of Claim Deadline Set Feb. 8 ASTA-ELIT LLC: Creditors Must File Claims by Feb. 8 COMSTAR-UNITED: To Build NGN Network in Ukraine KUYBISHEV CREAMERY: Creditors Must File Claims by Feb. 8 MAKEYEVKA PRODUCTION: Creditors Must File Claims by Feb. 8 ORBITA LLC: Proofs of Claim Deadline Set Feb. 8 SAMBOR MOTORCAR 24667: Creditors Must File Claims by Feb. 8 SKADOVSK MOTORCAR 16544: Proofs of Claim Deadline Set Feb. 8 STIR LLC: Creditors of Must File Claims by Feb. 8 U N I T E D K I N G D O M ARNOTT & SPURRELL: Claims Filing Period Ends March 1 BATQUEST LTD: M. H. Abdulali Leads Liquidation Procedure BAUSCH & LOMB: Names Gerald M. Ostrov as Chairman and CEO BAUSCH & LOMB: Acquiring Eyeonics Won't Affect S&P's Rating CHALLENGER SYNDICATESHIPS: Appoints Administrators from Begbies CHRYSLER LLC: Offers Compensation Packages to Hourly Workers D K KITCHENS: Brings In Liquidators from Tenon Recovery DOLCIS LTD: Pays Equity Backers Before Calling In Administrators EMAP PLC: S&P Keeps B Credit Ratings on Watch Developing ENRON CORP: High Court Refuses to Review Enron Investors' Case ENRON CORP: Retrial for Two Ex-Merrill Lynch Executives Delayed ENRON CORP: Seeks US$9 Mln in Remedies from Hewitt Associates F L ALUMINIUM: Calls In Liquidators from Moore Stephens HEATFAST MECHANICAL: Appoints Liquidators from Mazars NEW FOREST: Claims Filing Period Ends March 1 NORTHERN ROCK: FSA Fails as Regulator, Treasury Committee Says NORTHERN ROCK: Cerberus and Five Mile Eye Equity Stake UK BAKERIES: Creditors' Meeting Slated for Feb. 8 ********* ============= A U S T R I A ============= ART-DEKOBAU: Claims Registration Period Ends March 4 ---------------------------------------------------- Creditors owed money by LLC Art-Dekobau (FN 239249m) have until March 4, 2008, to file written proofs of claim to court- appointed estate administrator Helmut Platzgummer at: Dr. Helmut Platzgummer c/o Dr. Wolfgang Leitner Kohlmarkt 14 1010 Vienna Austria Tel: 533 19 39 Fax: 533 19 39 39 E-mail: helmut.platzgummer@lp-law.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:15 p.m. on March 18, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 14, 2007 (Bankr. Case No. 6 S 164/07w). Wolfgang Leitner represents Dr. Platzgummer in the bankruptcy proceedings. AUTOHAUS JELINEK: Claims Registration Period Ends February 5 ------------------------------------------------------------ Creditors owed money by LLC Autohaus Jelinek (FN 35976g) have until Feb. 5, 2008, to file written proofs of claim to court- appointed estate administrator Werner Stanek at: Dr. Werner Stanek Wollzeile 33/20 1010 Vienna Austria Tel: 512 29 02 Fax: 512 29 02 30 E-mail: werner-stanek@chello.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on Feb. 19, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 18, 2007 (Bankr. Case No. 38 S 70/07g). G.D.T. GRABNER: Claims Registration Period Ends February 5 ---------------------------------------------------------- Creditors owed money by KEG G.D.T. Grabner Transporte (FN 227451m) have until Feb. 5, 2008, to file written proofs of claim to court-appointed estate administrator Philipp Dobner at: Dr. Philipp Dobner c/o Dr. Arno Maschke Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: dobner@sup.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 19, 2008, 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 Dec. 18, 2007 (Bankr. Case No. 4 S 143/07t). Arno Maschke represents Dr. Dobner in the bankruptcy proceedings. GERFRIED HASCHKE: Claims Registration Period Ends February 7 ------------------------------------------------------------ Creditors owed money by KEG Gerfried Haschke (FN 207961a) have until Feb. 7, 2008, to file written proofs of claim to court- appointed estate administrator Werner Borns at: Dr. Werner Borns Dr.-Wilhelm-Exner-Platz 6 2230 Ganserndorf Austria Tel: 02282/60 802 Fax: 02282/60 824 E-mail: insolvenzen@lawpartners.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on Feb. 21, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 104 Hall 2 First Floor Korneuburg Austria Headquartered in Poysdorf, Austria, the Debtor declared bankruptcy on Dec. 14, 2007 (Bankr. Case No. 32 S 25/07z). HGT HYDRO: Claims Registration Period Ends Feb. 5 ------------------------------------------------- Creditors owed money by LLC HGT Hydro-Geo-Thermie Bohr (FN 277334w) have until Feb. 5, 2008, to file written proofs of claim to court-appointed estate administrator Bernhard Eder at: Dr. Bernhard Eder c/o Dr. Herbert Hochegger Brucknerstrasse 4 1040 Vienna Austria Tel: 505 78 61 Fax: 505 78 61 9 E-mail: eder@rechtsanwaelte.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on Feb. 19, 2008, 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 Dec. 19, 2007 (Bankr. Case No. 4 S 145/07m). Herbert Hochegger represents Dr. Eder in the bankruptcy proceedings. JITKA BAU: Claims Registration Period Ends Feb. 5 ------------------------------------------------- Creditors owed money by LLC JITKA BAU (FN 285435h)have until Feb. 5, 2008, to file written proofs of claim to court-appointed estate administrator Elisabeth Stanek-Noverka at: Dr. Elisabeth Stanek-Noverka Hernalser Hauptstrasse 116 1170 Vienna Austria Tel: 486 14 37-0, 486 02 09-0 Fax: 486 02 09 18 E-mail: ra-noverka@chello.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 19, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 17, 2007 (Bankr. Case No. 38 S 67/07s). MAGAUER LLC: Wels Court Orders Business Shutdown ------------------------------------------------ The Land Court of Wels entered Dec. 19, 2007, an order shutting down the business of LLC Magauer (FN 105833m). Court-appointed estate administrator Walter Holme recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Dr. Walter Holme Dr. Koss Strasse 3 4600 Wels Austria Tel: 07242/67354-0 Fax: 07242/67354-50 E-mail: kanzlei@holme.at Headquartered in Wels, Austria, the Debtor declared bankruptcy on Dec. 14, 2007 (Bankr. Case No 20 S 145/07k). PABNEU REISINGER: Claims Registration Period Ends Feb. 4 -------------------------------------------------------- Creditors owed money by LLC pabneu Reisinger (FN 83426k) have until Feb. 4, 2008, to file written proofs of claim to court- appointed estate administrator Guenther Grassner at: Dr. Guenther Grassner c/o Dr. Norbert Mooseder Suedtirolerstrasse 4-6 4020 Linz Austria Tel: +43 70770815 Fax: +43 70770816 E-mail: lawfirm@gltp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 18, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 522 Fifth Floor Wiener Neustadt Austria Headquartered in Pabneukirchen, Austria, the Debtor declared bankruptcy on Dec. 11, 2007 (Bankr. Case No. 12 S 96/07s). Norbert Mooseder represents Dr. Grassner in the bankruptcy proceedings. SALASSIA HOLDING: Claims Registration Period Ends Feb. 7 -------------------------------------------------------- Creditors owed money by LLC Salassia Holding (FN 187806k) have until Feb. 7, 2008, to file written proofs of claim to court- appointed estate administrator Christian Hajos at: Mag. Christian Hajos c/o Dr. Wolfgang Winkler Hauptstrasse 6 2630 Ternitz Austria Tel: 02630/33 655 Fax: 02630/33655-14 E-mail: dr.winkler.ternitz@utanet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 21, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Moedling, Austria, the Debtor declared bankruptcy on Dec. 20, 2007 (Bankr. Case No. 10 S 120/07m). Wolfgang Winkler represents Dr. Hajos in the bankruptcy proceedings. SANDMEIER LOGISTIK: Claims Registration Period Ends Feb. 25 ----------------------------------------------------------- Creditors of Sandmeier Logistik GmbH have until Feb. 25, 2008, to register their claims with court-appointed insolvency manager Arnd Sebelefsky. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Arnd Sebelefsky Arcostr. 3 80333 Muenchen Germany Tel: 089/5490250 Tel: 089/558674 The District Court of Munich opened bankruptcy proceedings against Sandmeier Logistik GmbH on Dec. 27, 2005. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sandmeier Logistik GmbH Fuerstenfelder Str. 7 85232 Bergkirchen Germany STECO LLC: Claims Registration Period Ends Feb. 7 ------------------------------------------------- Creditors owed money by LLC STECO (FN 289990g) have until Feb. 7, 2008, 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 10:15 a.m. on Feb. 21, 2008, 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 Dec. 13, 2007 (Bankr. Case No. FN 289990g). Markus Siebinger represents Dr. Schirl in the bankruptcy proceedings. ============= B E L G I U M ============= CHEMTURA CORP: Selling Oleochemicals Business to PMC Group ---------------------------------------------------------- Chemtura Corporation has reached agreement to sell its oleochemicals business to PMC Group NA Inc. for an undisclosed amount, subject to financing and other conditions including customary closing conditions. Included in the transaction is Chemtura's production facility at Memphis, Tennessee. Proceeds from the sale will be used primarily for debt reduction. The transaction is expected to close by the end of the first quarter. The oleochemicals business had revenues for 2007 of about US$175 million. "This transaction will be another step in improving our polymer additives business by strategically divesting product lines to better focus on the products and businesses where we have our greatest strengths and leading market positions," Robert L. Wood, Chemtura chairman and CEO, said. "PMC Group NA Inc. is committed to this business and its growth, which will be an advantage to both customers and employees." Chemtura's Memphis facility has about 260 employees, who are expected to transfer to PMC Group NA Inc. The facility produces fatty acids, fatty esters, glycerin approved for pharmaceutical applications, glycerol esters, amides, bisamides, stearates and triglycerides. The Memphis plant is the only producer of primary amides in North America for the plastics additives market. About Chemtura Corporation Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:CEM) -- http://www.chemtura.com/-- is a manufacturer and marketer of specialty chemicals, crop protection, and pool, spa and home care products. The company has approximately 6,400 employees around the world and sells its products in more than 100 countries. The company has facilities in Singapore, Australia, China, Hong Kong, India, Japan, South Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany, Mexico, and The United Kingdom. * * * As reported in the Troubled Company Reporter-Europe on Dec. 21, 2007, Moody's Investors Service placed Chemtura Corporation's corporate family rating, CFR of Ba2 under review for possible downgrade after reports that its "board of directors has authorized management to consider a wide range of strategic alternatives available to the company to enhance shareholder value." Standard & Poor's Ratings Services placed its 'BB+' corporate credit and senior unsecured debt ratings of Chemtura Corp. on CreditWatch with developing implications, after reports that management is considering strategic alternatives, including sale or merger of the company. POPE & TALBOT: Obtains Additional Waivers to DIP Agreement ---------------------------------------------------------- In a regulatory filing with the U.S. Securities and Exchange Commission, Pope & Talbot and its debtor-affiliates disclosed that on Jan. 4, 2008, they entered into a second waiver to the Debtor-in-Possession Credit and Security Agreement with Ableco Finance LLC, Wells Fargo Financial Corporation Canada and certain other lenders. The Debtors also reported that on Jan. 7, 2008, they entered into a third waiver to the DIP Credit and Security Agreement. R. Neil Stuart, vice president and chief financial officer of Pope & Talbot Inc., stated that under the Second Waiver, the Lenders waived any default or event of default under the DIP Agreement, resulting from the occurrence of a material adverse deviation from the budget, during certain prior periods with respect to disbursements for payroll and other taxes and receipts set forth in the budget. Under the Third Waiver, Mr. Stuart disclosed, the Lenders waived any default or event of default under Section 8(a)(a) of the DIP Agreement resulting from the occurrence of a material adverse deviation from the budget, during certain prior periods with respect to lumber duties and insurance set forth in the budget. A full-text copy of the Second Waiver to the DIP Credit and Security Agreement is available for free at the SEC: http://researcharchives.com/t/s?276d A full-text copy of the Third Waiver to the DIP Credit and Security Agreement is available for free at the SEC: http://researcharchives.com/t/s?276e Mr. Stuart reported in a separate regulatory SEC filing dated Jan. 17, 2008, that the same parties entered into a fourth waiver to the DIP Credit and Security Agreement on January 11. Under the Fourth Waiver, the Lenders waived any default or event of default under Section 8(a)(a) of the DIP Agreement resulting from the occurrence of a material adverse deviation from the budget, during certain prior periods with respect to payroll taxes and benefits, chemical payments and tax payments set forth in the budget. A full-text copy of the Fourth Waiver to the DIP Credit and Security Agreement is available for free at the SEC: http://researcharchives.com/t/s?276f As reported in the Troubled Company Reporter on Jan. 14, 2008, Mr. Stuart disclosed that P&T Inc. and Pope & Talbot Ltd., entered into a first amendment and waiver to its DIP Agreement effective as of Dec. 20, 2007. According to Mr. Stuart, the Amendment was necessary to conform the DIP Agreement to the U.S. Bankruptcy Court for the District of Delaware's final DIP order, dated Dec. 7, 2007. As reported in the Troubled Company Reporter on Dec. 13, 2007, the Hon. Christopher S. Sontchi granted the Debtors authority, on a final basis, to borrow up to US$18,000,000 in term loans and up to US$71,062,301 in revolving credit from Wells Fargo Financial Corporation, as DIP administrative agent, and Ableco Financial LLC, as DIP collateral agent. About Pope & Talbot Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy co-counsel. The Official Committee of Unsecured Creditors selected Fried, Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: PwC Reports Completion of Sale of 3 Surplus Lands ---------------------------------------------------------------- PricewaterhouseCoopers Inc., as monitor of the proceedings commenced by Pope & Talbot Ltd. and its subsidiaries under the Companies' Creditors Arrangement Act, reports that three out of four transactions for the sale of the Debtors' surplus land closed successfully on Jan. 8, 2008. The closed transactions are for the sale of Beaverdell South, Deer Park and Shields Creek. The fourth transaction with RJR Investments Ltd. for a portfolio of 10 properties was to have closed on Jan. 14, 2008. According to the Monitor, the net proceeds received from the three completed transactions total CDNUS$2,500,000, which will be paid to the Debtors' term lenders pursuant to their first ranking security over the assets. As reported in the Troubled Company Reporter on Dec 14, 2007, the British Columbia Supreme Court approved four transactions covering the sale of the surplus lands of Pope & Talbot Inc. and its debtor-affiliates. The Canadian Court held, however, that the closing of each of the Transactions is subject to the approval of the United States Bankruptcy Court for the District of Delaware, or having a cross-border protocol approved, whichever occurs first. About Pope & Talbot Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy co-counsel. The Official Committee of Unsecured Creditors selected Fried, Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 12; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). SOLUTIA EUROPE: Parent Concerns Cue S&P to Watch B Ratings ---------------------------------------------------------- Standard & Poor's Ratings Services revised its CreditWatch implications on Belgium-based specialty chemicals group Solutia Europe S.A./N.V. to developing from positive. The 'B' long- and short-term corporate credit ratings remain on CreditWatch, where they were originally placed on Dec. 4, 2007. "The revised CreditWatch status on SESA is due to an announced delay in the emergence of its parent Solutia Inc. (D/--/NR) from Chapter 11 due to recent difficulties surrounding the exit financing," said Standard & Poor's credit analyst Sophia Dedemadis. The developing implications reflect our need for further information regarding the parent company's exit financing. As indicated by Solutia, the bank syndicate lead arrangers are seeking to cancel their obligations to provide Solutia's credit facilities, citing an adverse change in the credit markets that has impaired their ability to syndicate. Failure by the parent to successfully emerge from Chapter 11 -- or a further significant delay -- could negatively affect the ratings on SESA, which is a wholly owned subsidiary of Solutia and has business operations that are closely interwoven with those of its parent. Alternatively, successful emergence from bankruptcy by the parent could have a positive effect on the ratings or outlook. This, however, remains highly contingent on the corporate structure, financial risk profile, market conditions, and prospects of Solutia and SESA at that time. Standard & Poor's expects to resolve the CreditWatch status within 90 days. ============= G E R M A N Y ============= A.P. MANAGEMENT: Claims Registration Period Ends Feb. 14 -------------------------------------------------------- Creditors of A.P. Management und Bau GmbH have until Feb. 14, 2008, to register their claims with court-appointed insolvency manager Uta Plischkaner. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 12, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stralsund Hall A 421 Fourth Floor House A Frankendamm 17 Stralsund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Uta Plischkaner Johannes-Stelling-Str.1 19053 Schwerin Germany The District Court of Stralsund opened bankruptcy proceedings against A.P. Management und Bau GmbH on Jan. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A.P. Management und Bau GmbH Attn: A. Pecyna, Manager Ziegelhof 2 17489 Greifswald Germany BAB MANSKE: Claims Registration Period Ends Feb. 15 --------------------------------------------------- Creditors of BAB Manske Estrich GmbH have until Feb. 15, 2008, to register their claims with court-appointed insolvency manager Herbert Huelsbergen. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 26, 2008, 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 Rostock Hall 330 Zochstrasse 18057 Rostock 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 Huelsbergen Graf-Schack-Strasse 14 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against BAB Manske Estrich GmbH on Jan. 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BAB Manske Estrich GmbH Attn: Stephan Manske, Manager Neue Strasse 24/25 18273 Guestrow Germany C.A.T. WERBEAGENTUR: Claims Registration Period Ends Feb. 14 ------------------------------------------------------------ Creditors of c.a.t. Werbeagentur GmbH have until Feb. 14, 2008, to register their claims with court-appointed insolvency manager Roland Reichert. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on March 15, 2008, 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: Roland Reichert Maybachstrasse 31 74245 Loewenstein Germany Tel: 07130/400970 Fax: 07130/4009715 The District Court of Heilbronn opened bankruptcy proceedings against c.a.t. Werbeagentur GmbH on Jan. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: c.a.t. Werbeagentur GmbH Schoettlestrasse 2 74074 Heilbronn Germany C & H BLOCKHAUS: Claims Registration Period Ends Feb. 11 -------------------------------------------------------- Creditors of C & H Blockhaus GmbH have until Feb. 11, 2008, to register their claims with court-appointed insolvency manager Petra Wiche-Wendler. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on March 3, 2008, 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 Coburg Meeting Hall K First Stock Coburg 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: Petra Wiche-Wendler Pfarr 1 (Medienhaus) Rechtsanwaltin 95028 Hof/Saale Germany The District Court of Coburg opened bankruptcy proceedings against C & H Blockhaus GmbH on Jan. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: C & H Blockhaus GmbH Mainau 10 96215 Lichtenfels Germany COLORTEK SERVICES: Claims Registration Period Ends Feb. 13 ---------------------------------------------------------- Creditors of Colortek Services GmbH have until Feb. 13, 2008, 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 March 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Lueneburg Hall 302 Am Ochsenmarkt 3 21335 Lueneburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter-Alexander Borchardt Deichstr. 1 20459 Hamburg Germany Tel: 040/37 60100 Fax: 040/37 601199 E-mail: hamburg@htg-wp.de The District Court of Lueneburg opened bankruptcy proceedings against Colortek Services GmbH on Jan. 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Colortek Services GmbH Attn: Soelvi Karin Scheidt, Manager Von-Estorff-Str. 20 21398 Neetze Germany CYPACC GMBH: Claims Registration Period Ends Feb. 15 ---------------------------------------------------- Creditors of CYPACC GmbH have until Feb. 15, 2008, to register their claims with court-appointed insolvency manager Frank Imberger. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on March 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank Imberger Huestrasse 34 44787 Bochum Germany The District Court of Bochum opened bankruptcy proceedings against CYPACC GmbH on Dec. 28, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CYPACC GmbH Josef-Baumann-Str. 19 44805 Bochum Germany DATA COM: Claims Registration Period Ends Feb. 14 ------------------------------------------------- Creditors of Data Com GmbH have until Feb. 14, 2008, to register their claims with court-appointed insolvency manager Klaus Albert Maier. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on March 12, 2008, 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 13 Ground Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Albert Maier Wilhelmstr. 12 70182 Stuttgart Germany Tel: 0711/16 42 40 Fax: 0711/16 42 424 The District Court of Stuttgart opened bankruptcy proceedings against Data Com GmbH on Jan. 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Data Com GmbH Holderackerstr. 4 70499 Stuttgart Germany HOTELGESELLSCHAFT ELBTALAUE: Claims Period Ends Feb. 25 ------------------------------------------------------- Creditors of Hotelgesellschaft Elbtalaue mbH have until Feb. 25, 2008, to register their claims with court-appointed insolvency manager Michael Wilkens. Creditors and other interested parties are encouraged to attend the meeting at 11:50 a.m. on March 31, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Schwerin Hall 7 Demmlerplatz 14 Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Wilkens Elbchaussee 140 22763 Hamburg Germany The District Court of Schwerin opened bankruptcy proceedings against Hotelgesellschaft Elbtalaue mbH on Jan. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hotelgesellschaft Elbtalaue mbH mit Sitz in Neu Kaliss Attn: Joachim Scharnweber, Manager Ludwigsluster Strasse 2 19294 Neu Kaliss Germany IVB GMBH: Claims Registration Period Ends Feb. 11 ------------------------------------------------- Creditors of IVB GmbH have until Feb. 11, 2008, to register their claims with court-appointed insolvency manager Andreas Korrell. Creditors and other interested parties are encouraged to attend the meeting at 2:05 p.m. on March 3, 2008, 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 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 reached at: Andreas Korrell Rembertistr. 32 28203 Bremen Germany Tel: 0421 1783271 Fax: 0421 1783270 The District Court of Delmenshorst opened bankruptcy proceedings against IVB GmbH on Jan. 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IVB GmbH Attn: Michael Muees, Manager Louisenstrasse 11 27749 Delmenhorst Germany MAB MASSIVHAUS: Claims Registration Period Ends Feb. 12 ------------------------------------------------------- Creditors of MAB Massivhaus GmbH have until Feb. 12, 2008, to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on March 10, 2008, 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: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against MAB Massivhaus GmbH on Jan. 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MAB Massivhaus GmbH Am Mueggelpark 25 15537 Gosen Germany MEIN HAUS: Claims Registration Period Ends Feb. 12 -------------------------------------------------- Creditors of Mein Haus Wohnbau GmbH have until Feb. 12, 2008, to register their claims with court-appointed insolvency manager Hans-Wilhelm Bauer. Creditors and other interested parties are encouraged to attend the meeting at 11:10 a.m. on March 12, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Regensburg Hall 105 Augustenstr. 5 Regensburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Wilhelm Bauer Emmeramsplatz 6 93047 Regensburg Germany Tel: 0941/29680-46 Fax: 0941/2968045 The District Court of Regensburg opened bankruptcy proceedings against Mein Haus Wohnbau GmbH on Jan. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mein Haus Wohnbau GmbH Lindenstr. 21 93049 Regensburg Germany MONEYPLUS BETEILIGUNGS: Claims Registration Period Ends Feb. 12 --------------------------------------------------------------- Creditors of MoneyPlus Beteiligungsgesellschaft mbH have until Feb. 12, 2008, to register their claims with court-appointed insolvency manager Marco Liebler. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on March 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kempten Meeting Hall 157/I Residenzplatz 4-6 87435 Kempten Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Marco Liebler c/o Kanzlei Ott & Kollegen Nymphenburger Str. 139 80636 Munich Germany Tel: 089/120 260 Fax: 089/120 261 27 The District Court of Kempten opened bankruptcy proceedings against MoneyPlus Beteiligungsgesellschaft mbH on Jan. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MoneyPlus Beteiligungsgesellschaft mbH Berghof Goimenen 4 87637 Seeg Germany OTT GMBH: Creditors' Meeting Slated for Feb. 11 ----------------------------------------------- The court-appointed insolvency manager for Ott GmbH, Karl Kasser, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on Feb. 11, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Passau Meeting Hall 12a Ground Floor Schustergasse 4 Passau Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on March 31, 2008, at the same venue. Creditors have until Feb. 18, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Karl Kasser Rathausgasse 5 94481 Grafenau Germany Tel: 08552-10667 The District Court of Passau opened bankruptcy proceedings against Ott GmbH on Jan. 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ott GmbH Burgberg 5 94127 Neuburg am Inn Germany P.A.F.P. ALTENPFLEGEAUSBILDUNG: Claims Period Ends Feb. 21 ---------------------------------------------------------- Creditors of P.A.f.P. Altenpflegeausbildung gemeinn�tzige GmbH have until Feb. 21, 2008, to register their claims with court- appointed insolvency manager Joachim Klein II. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 13, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 14 Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joachim Klein II Hansaring 79 - 81 50670 Koeln Germany Tel: 9126770 Fax: +4922191267799 The District Court of Cologne opened bankruptcy proceedings against P.A.f.P. Altenpflegeausbildung gemeinn�tzige GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: P.A.f.P. Altenpflegeausbildung gemeinn�tzige GmbH Wilhelm-Kamm-Str. 2 50321 Bruehl Germany Attn: Silvia Baumgartner, Manager Heinrich-Esser-Str. 31 50321 Bruehl Germany PB CONSUMER: Moody's Rates EUR17.4 Mln Class E Notes at Ba2 ----------------------------------------------------------- Moody's Investors Service assigned these definitive ratings to five classes of asset-backed notes issued by PB Consumer 2008-1 GmbH: -- Aaa to the EUR997,700,000 Class A Floating Rate Asset Backed Notes; -- Aa2 to the EUR18,600,000 Class B Floating Rate Asset Backed Notes; -- A1 to the EUR30,200,000 Class C Floating Rate Asset Backed Notes; -- Baa2 to the EUR42,900,000 Class D Floating Rate Asset Backed Notes; and -- Ba2 to the EUR17,400,000 Class E Floating Rate Asset Backed Notes; PB Consumer 2008-1 GmbH is the first public term securitization of unsecured consumer loans in Germany. The ratings address the expected loss posed to investors by the legal final maturity of the notes. In Moody's opinion, the structure allows for timely payment of interest and ultimate payment of principal with respect to the notes by the legal final maturity. Moody's ratings address only the credit risks associated with the transaction. Other non-credit risks have not been addressed, but may have a significant effect on yield to investors. PB CONSUMER 2008-1: S&P Rates EUR17.4 Mln Class E Notes at BB ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its credit ratings to the floating-rate asset-backed notes issued by PB Consumer 2008-1 GmbH. PB Consumer used the issuance proceeds to purchase a EUR1.16 billion static portfolio of unsecured consumer loans from Deutsche Postbank AG (A-/Stable/A-2; Postbank), granted by Postbank to German residents. This is the first transaction to be rated by Standard & Poor's that is backed by unsecured consumer loans originated in Germany, and also the first consumer loan and true-sale transaction by Postbank. Ratings List PB Consumer 2008-1 GmbH EUR1.16 Billion Floating-Rate Asset-Backed Notes and EUR8.3 Million Liquidity Reserve Notes Amount Class Rating (Mln. EUR) ----- ------ ------ A AAA 997.7 B AA 18.6 C A 30.2 D BBB 42.9 E BB 17.4 F NR 53.3 Liquidity reserve note NR 8.3 NR -- Not rated. PB CONSUMER 2008-1: Fitch Rates EUR17.4 Mln Class E Notes at BB --------------------------------------------------------------- Fitch Ratings has assigned final ratings to PB Consumer 2008-1 GmbH's issue of EUR1.107 billion floating-rate notes due August 2021: -- EUR997.7 million Class A (ISIN DE000A0STMA5): 'AAA' -- EUR18.6 million Class B (ISIN DE000A0STMB3): 'AA' -- EUR30.2 million Class C (ISIN DE000A0STMC1): 'A' -- EUR42.9 million Class D (ISIN DE000A0STMD9): 'BBB' -- EUR17.4 million Class E (ISIN DE000A0STME7): 'BB' Each rated class in this transaction has a Stable Outlook. The final ratings address the timely payment of interest and ultimate payment of principal in accordance with the terms and conditions of the notes. The issuance proceeds of the rated notes and the unrated notes are used to purchase a portfolio of German unsecured consumer loan receivables originated by Postbank (rated 'A/ F1'/Outlook Stable). As of Dec. 31, 2007, the portfolio had a principal balance of EUR1.16 billion. At Nov. 30, 2007, when the portfolio was selected, the portfolio consisted of 140,694 loan contracts, entered into with 136,916 borrowers. Credit enhancement for the notes is provided by subordination of junior notes. Initial credit enhancement is 14% for the class A notes, 12.4% for the class B notes, 9.8% for the class C notes, 6.1% for the class D notes and 4.6% for the class E notes. The rated notes have additional support from a liquidity note, which will cover potential interest shortfall. SCHONDELMAIER INNENAUSBAU: Creditors' Meeting Slated for Jan. 30 ---------------------------------------------------------------- The court-appointed insolvency manager for Schondelmaier Innenausbau GmbH, Albert Hirt will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:15 p.m. on Jan. 30, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Offenburg Hall 0.005 Hindenburgstr. 5 77654 Offenburg Germany The Court will also verify the claims set out in the insolvency manager's report at 2:30 p.m. on April 5, 2008, at the same venue. Creditors have until Feb. 18, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Albert Hirt Berner Feld 74 78628 Rottweil Germany The District Court of Offenburg opened bankruptcy proceedings against Schondelmaier Innenausbau GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schondelmaier Innenausbau GmbH Reichenbacher-Str. 21 78132 Hornberg Germany TAQUITOS GMBH: Claims Registration Ends Feb. 15 ----------------------------------------------- Creditors of TAQUITOS GmbH Remscheid have until Feb. 15, 2008, to register their claims with court-appointed insolvency manager Holger Harzig. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on March 10, 2008, 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 Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal 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: Holger Harzig Wall 28 42103 Wuppertal Germany Tel: 0202/3175580 Fax: 020231755810 The District Court of Wuppertal opened bankruptcy proceedings against TAQUITOS GmbH Remscheid on Jan. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TAQUITOS GmbH Remscheid Alleestr.. 27 42853 Remscheid Germany Attn: Mohamed Adil Chniber, Manager Freiheitstr. 20 42853 Remscheid Germany TISCHLEREI EITZMANN: Claims Registration Ends Feb. 15 ----------------------------------------------------- Creditors of Tischlerei Eitzmann GmbH have until Feb. 15, 2008, to register their claims with court-appointed insolvency manager Stefan Denkhaus. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 10, 2008, 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 Walsrode Hall 130 Lange Strasse 29-33 29664 Walsrode 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: Stefan Denkhaus Jungfernstieg 30 20354 Hamburg Germany Tel: (040) 350 06-188 Fax: (040) 350 06-176 The District Court of Walsrode opened bankruptcy proceedings against Tischlerei Eitzmann GmbH on Jan. 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tischlerei Eitzmann GmbH Attn: Frank Eitzmann, Manager Bosselsmoor 7 29699 Bommelsen Germany WROBEL GESELLSCHAFT: Claims Registration Period Ends Feb. 11 ------------------------------------------------------------ Creditors of Wrobel Gesellschaft fuer schluesselfertiges Bauen mbH have until Feb. 11, 2008, to register their claims with court-appointed insolvency manager Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on March 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Sebastian Henneke Hansastrasse 61 44137 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Wrobel Gesellschaft fuer schluesselfertiges Bauen mbH on Jan. 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wrobel Gesellschaft fuer schluesselfertiges Bauen mbH Attn: Barbel Wrobel, Manager Auf der Scholle 6 59199 Boenen Germany ZDI INDUSTRIEVERBUND: Claims Registration Ends Feb. 15 ------------------------------------------------------ Creditors of ZDI Industrieverbund GmbH & Co. KG have until Feb. 15, 2008, to register their claims with court-appointed insolvency manager Dr. Christoph Niering. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on March 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Niering Brabanter Str. 2 50674 Cologne Germany Tel: 99 22 30-0 Fax: +4922199223035 The District Court of Cologne opened bankruptcy proceedings against ZDI Industrieverbund GmbH & Co. KG on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ZDI Industrieverbund GmbH & Co. KG Augustinusstr. 11 d 50226 Frechen Germany Attn: Dieter Sperling, Manager Donauweg 14 50858 Cologne Germany ============= I R E L A N D ============= RITCHIE IRELAND: Hikes DIP Financing to US$4.5 Million ------------------------------------------------------ Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-linked Strategies Trading (Ireland) II Ltd. sought and obtained authority from the U.S. Bankruptcy Court for the Southern District of New York to increase their postpetition financing by US$1.8 million to US$4.5 million, Bill Rochelle of Bloomberg News reports. As reported in the Troubled Company Reporter on Sept. 18, 2007, the Court authorized Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd. to obtain a US$2.7 million postpetition financing from its affiliate, Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. Mr. Rochelle relates that US$1.55 million will go to Coventry First LLC as settlement over a dispute contesting ownership of files containing information about more than 1,000 life insurance policies the Debtors plan to sell. In December 2007, the Debtors asked the Court to determine who rightfully owns the files arguing that they cannot sell the policies for an acceptable price without those files, the TCR disclosed citing Bloomberg News. Coventry, the seller of the policies, contended that it never sold the files to the Debtors. In October 2007, the Court approved the procedures proposed by the Debtors for the sale of those policies, which constitutes all or substantially all of the Debtors' assets. About Ritchie (Ireland) Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are Dublin-based funds of hedge fund group Ritchie Capital Management LLC. The Debtors were formed as special purpose vehicles to invest in life insurance policies in the life settlement market. The Debtors filed for Chapter 11 protection on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07- 11907). Allison H. Weiss, Esq., David D. Cleary, Esq., and Lewis S. Rosenbloom, Esq., at LeBoeuf, Lamb, Greene & MacRae, LLP represent the Debtors in their restructuring efforts. No Official Committee of Unsecured Creditors has been appointed to date. When the Debtors filed for bankruptcy, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 plan of liquidation expires on April 15, 2008. ========= I T A L Y ========= ALITALIA SPA: Deutsche Lufthansa May Bid for Malpensa Slots ----------------------------------------------------------- Deutsche Lufthansa AG mulls bidding for some of Alitalia S.p.A.'s slots at Milan's Malpensa airport, Marco Bertacche writes for Bloomberg News, citing an unsourced La Stampa report. According to La Stampa, Lufthansa plans to make Malpensa as its southern European hub, adding that the German carrier's executives will meet Jan. 29, 2008, with airport slot regulator Assoclearance, to discuss flights at the Milan airport. Alitalia has until Jan. 31, 2008, to confirm the Malpensa slots it wants to keep. As reported in the TCR-Europe on Jan. 17, 2008, Alitalia and Italy have commenced exclusive sale talks with Air France-KLM. The carriers have two months to reach an agreement, which would be approved by the government. Tommaso Padoa Schioppa, Italy's finance minister, has delivered a letter to Alitalia S.p.A. approving the commencement of exclusive talks with Air France-KLM. In its non-binding offer, Air France plans to: -- acquire 100% of the shares of Alitalia through an exchange offer; -- acquire 100% of Alitalia convertible bonds; and -- immediately inject at least EUR750 million into Alitalia through a capital increase, that will be open to all shareholders and be fully underwritten by Air France. Air France CEO Jean-Cyril Spinetta confirmed plans to cut 1,700 jobs and defended plans to downsize Alitalia's operations in Milan's Malpensa airport. Mr. Spinetta also revealed that should the French carrier acquire 100% of Alitalia shares, Air France would list itself in the Milan bourse. Mr. Schioppa will represent the Italian government during sale talks and will evaluate whether to sell to the state's majority stake in Alitalia, Agenzia Giornalistica Italia says. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. ALITALIA SPA: Cargo Traffic Down 7.8% in December 2007 ------------------------------------------------------ Alitalia S.p.A.'s December 2007 traffic data compared to the same period in 2006 showed no difference in passenger business and a decrease in cargo business. Passenger business showed traffic in line with the same period of 2006 (+0.1%) with an increase of capacity offered by 0.7%. December 2007 Cargo statistics, compared to December 2006, showed a decrease in terms of goods flown (-7.8%) with capacity offered down 5.7%. Passengers Operations Traffic, measured in Revenue Passenger Kilometers, showed levels in line with 2006 (+0.1%) and the capacity, measured in Available Seat Kilometres, increased by 0.7%. Therefore load factor decreased by 0.4 percentage points reaching 68.6%. Alitalia carried 1.8 million passengers, up 1.2% compared to the previous year. Detailed comparisons with December 2006: -- Domestic Passenger Network: traffic increased by 3.9% with offered capacity up 6.2%. Load factor was 59.8%; -- International Passenger Network: traffic decreased by 1.3% and offered capacity decreased by 0.7%. Load factor was 62.6%. -- Intercontinental Passenger Network: traffic (-0.2%) and capacity offered (-0.1%) showed levels in line with 2006. Load factor was 76.6%. Cargo Operations December 2007 Cargo performance showed, compared to December 2006, a traffic decrease by 7.8% (traffic, measured in terms of Revenue Ton Kilometers) while capacity was down 5.7%. Overall Load factor was 71.2% with a decrease by 1.7 percentage points. Regarding the All-Cargo sector, Load factor was 82.2% with an increase by 5.6 percentage points compared with the same period of 2006. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. PARMALAT SPA: Auditor Says Ex-CFO Alerted on Accounting Hole ------------------------------------------------------------ Maurizio Bianchi, a former Grant Thornton auditor, told a court in Milan, Italy, that he had alerted Parmalat S.p.A.'s former Chief Financial Officer Fausto Tonna of a EUR170 million accounting hole prior to its collapse in December 2003, the Associated Press reports. "But he told me to go ahead, and that the hole would have been filled in three years," Mr. Bianchi was quoted by AP as saying. "That was also my hope." Milan prosecutors have charged Messrs. Bianchi and Tonna, as well as Parmalat founder Calisto Tanzi and former group executives and accountants, of market rigging, false accounting and contravening local stock market laws. Also in trial are Citigroup Inc., UBS AG, Deutsche Bank AG, and Morgan Stanley. Milan prosecutors accused the banks of disguising the terms of Parmalat bond sales and other financing from investors, thus helping Parmalat conceal its financial situation. Mr. Bianchi has been sentenced to nine years in prison by a Parma court for fraudulent bankruptcy, while Mr. Tonna has reached a plea agreement for a two-and-a-half-year sentence. Lawyers for the banks rejected claims that the concerned firms, as well as their current and former managers, withheld information on Parmalat's true financial situation prior to its collapse. Judge Gabriella Manfrin reset the hearing to March 7, 2008, to allow more time to review the civil claims. 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 for 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. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. =================== K A Z A K H S T A N =================== ALEKSA IKAR: Proof of Claim Deadline Slated for Feb. 27 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Aleksa Ikar insolvent. Creditors have until Feb. 27, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan CENTRALNOYE GASOSNABJENIYE: Claims Period Ends Feb. 26 ------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Centralnoye Gasosnabjeniye Petropavlovska insolvent. Creditors have until Feb. 26, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Jumabayev Str. 109-415 Petropavlovsk North Kazakhstan Kazakhstan GALILEO KAZAKHSTAN: Claims Filing Period Ends Feb. 26 ----------------------------------------------------- LLP Galileo Kazakhstan has declared insolvency. Creditors have until Feb. 26, 2008, to submit written proofs of claims to: LLP Galileo Kazakhstan Panfilov/Kurmangazy Str. 149/47-3 Almaty Kazakhstan GUNEL PVC: Creditors' Claims Due on Feb. 26 ------------------------------------------- LLP Gunel Pvc Ltd. has declared insolvency. Creditors have until Feb. 26, 2008, to submit written proofs of claims to: LLP Gunel Pvc Ltd. Sarkyrama Tolebysky District South Kazakhstan Kazakhstan KOSTANAISBYTENERGO LLP: Claims Registration Ends Feb. 22 -------------------------------------------------------- LLP Kostanaisbytenergo has declared insolvency. Creditors have until Feb. 22, 2008, to submit written proofs of claims to: LLP Kostanaisbytenergo 5th Kilometer Auliekolskaya Str Zatobolsk Kostanaisky District Kostanai Kazakhstan MERIDIAN CAPITAL: Creditors Must File Claims by Feb. 26 ------------------------------------------------------- LLP Meridian Capital Kazakhstan has declared insolvency. Creditors have until Feb. 26, 2008, to submit written proofs of claims to: LLP Meridian Capital Kazakhstan Tole bi Str. 143a Almaty Kazakhstan PETROTORG LLP: Claims Filing Period Ends Feb. 26 ------------------------------------------------ The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Petrotorg insolvent. Creditors have until Feb. 26, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Jumabayev Str. 109-415 Petropavlovsk North Kazakhstan Kazakhstan SASA INTERNATIONAL: Creditors' Claims Due on Feb. 22 ---------------------------------------------------- LLP Sasa International Inc. has declared insolvency. Creditors have until Feb. 22, 2008, to submit written proofs of claims to: LLP Sasa International Inc. Auezov Str. 129-96 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== ROOK-ENERGY LLC: Creditors Must File Claims by Feb. 15 ------------------------------------------------------ LLC Rook-Energy has declared insolvency. Creditors have until Feb. 15, 2008, to submit written proofs of claim to: LLC Rook-Energy Toktonaliyev Str. 6a-3 Bishkek Kyrgyzstan Tel: (+996 312) 54-06-82 Fax: (+996 312) 51-16-89 ===================== N E T H E R L A N D S ===================== DUTCH MBS XI: S&P Puts BB-Rated Class D Notes on Watch Positive --------------------------------------------------------------- Standard & Poor's Ratings Services placed on CreditWatch with positive implications its credit ratings on the subordinate classes of notes issued by Dutch MBS XI B.V. The 'AAA' ratings on the class A1 and A2 notes are unaffected by these CreditWatch placements. This CreditWatch placements follow an initial review of the most recent information received for Dutch MBS XI by Standard & Poor's. S&P's analysis showed that the likelihood of positive rating actions on the subordinate tranches has increased. Levels of credit enhancement available to the classes of notes placed on CreditWatch positive have improved and the underlying collateral continues to perform well. Standard & Poor's will now carry out a more detailed loan-level and cash flow analysis to investigate whether any or all of these notes can attain a higher rating. The results of this review and any changes in the ratings are expected in the next three months. The notes are backed by a loan pool secured by first-ranking (or first- and consecutive-ranking) mortgages in The Netherlands. This is the 11th transaction to be sponsored by NIB Capital Bank N.V. Ratings List Class Rating To From -- ---- Dutch MBS XI B.V. EUR767 Million And $275 Mortgage-Backed Floating-Rate Notes B A/Watch Pos A C BBB/Watch Pos BBB D BB/Watch Pos BB HEXION SPECIALTY: Extends Huntsman-Merger Termination to July 4 --------------------------------------------------------------- Hexion Specialty Chemicals Inc. has informed Huntsman Corporation that it will exercise its right under Section 7.1(b)(ii) of the Agreement and Plan of Merger dated July 12, 2007, to extend the termination date by 90 days from April 5, to July 4, 2008. Huntsman and Hexion had disclosed on Oct. 4, 2007, that each had received a request for additional information from the Federal Trade Commission under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Huntsman and Hexion have agreed with the FTC to allow the FTC additional time to review the merger, such that the merger is not expected to close before May 3, 2008. Huntsman and Hexion also continue to work closely with regulatory agencies in other jurisdictions, including the European Union. "This extension was clearly contemplated by the terms of the merger agreement that we entered into with Hexion last July. We continue to work diligently with Hexion and its advisors to secure the regulatory approvals that are necessary to close the transaction", Peter Huntsman, president and CEO, noted. Under the terms of the Merger Agreement, the US$28 per common share cash price to be paid by Hexion upon any completion of the merger that occurs after April 5, 2008, will be increased at the rate of 8% per annum beginning on Apr. 5, 2008. About Huntsman Corporation Based in Salt Lake City, Utah, Huntsman Corporation (NYSE: HUN) -- http://www.huntsman.com/-- manufactures and markets differentiated and commodity chemicals. Its operating companies manufacture products for a variety of industries including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. About Hexion Specialty Based in Columbus, Ohio, Hexion Specialty Chemicals Inc. -- http://www.hexionchem.com/-- makes thermosetting resins, formaldehyde and other forest product resins, epoxy resins, and raw materials for coatings and inks. Hexion Specialty Chemicals is owned by an affiliate of Apollo Management, L.P. The company has locations in China, Australia, Netherlands, and Brazil. It is an Apollo Management L.P. portfolio company. Hexion had 2006 sales of USUS$5.2 billion and employs more than 7,000 associates. * * * Moody's Investor Service placed Hexion Specialty Chemicals Inc.'s senior secured debt rating at 'B3', long term corporate family and probability of default ratings at 'B2' in July 2007. The ratings still hold to date. KONINKLIJKE AHOLD: Posts EUR6.6 Bln Net Sales in 4th Qtr 2007 ------------------------------------------------------------- Koninklijke Ahold N.V. disclosed consolidated net sales of EUR6.6 billion for the fourth quarter ended Dec. 30, 2007. Compared to the fourth quarter of 2006, net sales increased by 0.2% and increased by 6.5% at constant exchange rates. For the full year, consolidated net sales of EUR28.2 billion were 1.2% higher compared to 2006. At constant exchange rates, consolidated net sales were up 6.1%. In Europe, market conditions were favorable. In the United States, the turbulent economic environment did not have a significant impact on local market conditions. Price investments related to the further roll-out of the Value Improvement Program, launched in September 2006 at Stop & Shop and Giant-Landover, will continue to impact margins. For full year 2007, Ahold reiterates that total retail operating margin will be at the higher end of its 4.0% to 4.5% guidance. Sales performance Stop & Shop / Giant-Landover * Fourth Quarter -- net sales increased 2.0% to US$3.9 billion; -- identical sales increased 2.7% at Stop & Shop (1.2% excluding gasoline net sales). Identical sales decreased 0.5% at Giant-Landover, impacted by lower pharmacy sales; -- comparable sales increased 3.1% at Stop & Shop and decreased 0.3% at Giant-Landover. * Full Year -- net sales increased 1.5% to US$16.7 billion; -- identical sales increased 1.3% at Stop & Shop (0.6% excluding gasoline net sales) and decreased 1.1% at Giant-Landover; -- comparable sales increased 1.7% at Stop & Shop and decreased 0.9% at Giant-Landover. Giant-Carlisle * Fourth Quarter -- net sales increased 8.6% to US$1 billion, due in part to the acquisition of the Clemens Markets stores in the fourth quarter of 2006; -- identical sales increased 4.8% (3.8% excluding gasoline net sales); -- comparable sales increased 5.7%. * Full Year -- net sales increased 13.0% to US$4.3 billion, due in part to the acquisition of the Clemens Markets stores in the fourth quarter of 2006; -- identical sales increased 3.7% (3.2% excluding gasoline net sales); -- comparable sales increased 5.1%. Albert Heijn * Fourth Quarter -- net sales increased 12.9% to EUR2 billion, due in part to the acquisition of the Konmar stores in the fourth quarter of 2006; -- net sales at Albert Heijn supermarkets increased 12.6% to EUR1.8 billion; -- identical sales at Albert Heijn supermarkets increased 9.3%. * Full Year -- net sales increased 12.1% to EUR8 billion, due in part to the acquisition of the Konmar stores in the fourth quarter of 2006; -- net sales at Albert Heijn supermarkets increased 12.3% to EUR7.3 billion; -- identical sales at Albert Heijn supermarkets increased 7.9%. Albert / Hypernova (Czech Republic and Slovakia) * Fourth Quarter -- net sales increased 16.7% to EUR427 million (10.8% at constant exchange rates); -- identical sales increased 10.1%. * Full Year -- net sales increased 12.5% to EUR1.6 billion (9.1% at constant exchange rates); -- Identical sales increased 6.8%. Schuitema * Fourth Quarter -- net sales increased 3.1% to EUR773 million; -- identical sales increased 2.0%. * Full Year -- net sales increased 2.4% to EUR3.3 billion; -- Identical sales increased 1.3%. ICA (Unconsolidated joint venture) * Fourth Quarter -- net sales increased 22.1% to EUR2.4 billion, due in part to ICA's acquisition of the full ownership of Rimi Baltic AB in December 2006 (21.9% at constant exchange rates). * Full Year -- net sales increased 22.2% to EUR8.9 billion, due in part to ICA's acquisition of the full ownership of Rimi Baltic AB in December 2006 (22.0% at constant exchange rates). About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal Ahold) -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. It has operations in Argentina. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer Default and senior unsecured ratings from Fitch Ratings. Fitch said the Outlook is Positive. Its Short-term rating is B. =========== N O R W A Y =========== NORSKE SKOGINDUSTRIER: Weak Prospects Cue S&P's BB Ratings ---------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Norway-based forest product company Norske Skogindustrier ASA to 'BB' from 'BB+'. The rating reflects lowered financial expectations resulting from demanding newsprint market conditions and underperformance to S&P's requirements at the previous rating level. At the same time, the 'B' short-term corporate credit rating was affirmed. The outlook is negative. "The downgrade results from our lowered expectations for the group's medium-term financial performance, aligning it to requirements at the 'BB' level," said Standard & Poor's credit analyst Andreas Zsiga. "About a third of group sales come from the European newsprint market, which faces tough volume and pricing conditions in the wake of general global economic weakening, continued pricing pressure from Canadian imports, and cost inflation, in particular for recycled paper. These conditions offset the positive impact of Norske Skog's cost- cutting measures." Mr. Zsiga continued: "We believe European newsprint prices will be pressured in 2008, despite European and North American capacity closures and positive pricing momentum in the U.S. The pricing gap between North America and Europe continues to encourage Canadian imports. We also expect weakening economic conditions in the U.S. and Europe to curb demand." Further potential downside risk rests with risks for additional newsprint capacity in the U.K. and a possible accelerated shift in European advertising spending to electronic media from printed, similar to the shift in the U.S. The negative outlook reflects the risk of continued medium-term pressure on financial performance from adverse market conditions or internal operating performance, weakening the group's prospects of achieving credit measures consistent with the current rating. To accommodate the ratings, Norske Skog needs to improve profitability and cash generation, achieving, for example, a ratio of FFO to debt of about 20%. The outlook could revert to stable if we see performance improving in line with our base case assumption. This requires material and sustainable improvement in cash flow generation and credit-protection measures over the medium term through further cost savings, and improved prices. This assumes that market fundamentals will improve over time as capacity balance and prices recovers, supported by growing demand and the marketwide capacity reductions. Potential major portfolio adjustments or changes to the Norske Skog group strategy or business focus are not factored into the ratings. NORSKE SKOGINDUSTRIER: Refutes S&P's BB Credit Rating Level ----------------------------------------------------------- Standard & Poor's Rating Services has revised its long-term credit rating on Norske Skogindustrier ASA to BB, from earlier BB+. The Negative Outlook is maintained. According to Standard & Poor's press release, the rating action reflects challenging market conditions, and that Norske Skog is underperforming to S&P's financial requirements for the previous rating level. Norske Skog does not have interest or covenants linked to the rating level on the existing debt. About Norske Skog Headquarte