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 Friday, February 1, 2008, Vol. 9, No. 23 Headlines A U S T R I A ADAM.GIBI.ADAM: Claims Registration Period Ends February 13 ADMIRA SPORT: Claims Registration Period Ends February 12 DRAGOMIR DJURIC: Vienna Court Orders Business Shutdown ELTNER MANAGEMENT: Vienna Court Orders Business Shutdown ERDAUSHUB LLC: Claims Registration Period Ends February 19 JANJUS KEG: Claims Registration Period Ends February 5 KANARA HOCH: Claims Registration Period Ends Februay 4 O. FRITZE-LACKE: Claims Registration Period Ends February 15 SEVECEK LLC: Claims Registration Period Ends March 4 URBANUS IMMOBILIENVERWERTUNG: Claims Registration Ends Feb. 14 F R A N C E HARMAN INTERNATIONAL: Names John Stacey as VP & Chief HR Officer G E R M A N Y BUCKEYE TECH: Earns US$13.8 Mil. in Quarter Ended Dec. 31, 2007 CONCEPT CONTAINER: Claims Registration Ends February 22 DAPPRICH GMBH: Claims Registration Period Ends February 21 DIECK BAUUNTERNEHMUNG: Claims Registration Ends February 22 ERWIN BEHR: Creditors' Meeting Slated for February 21 GERUESTBAU CONCORDIC: Claims Registration Ends February 21 KTW SOFTWARE: Claims Registration Ends February 22 NORMBAU EIGENHEIME: Claims Registration Period Ends February 21 PREMIUM PRODUKTION: Claims Registration Ends February 22 SAS MEDICAL: Claims Registration Ends February 22 WALTER SCHOLL: Claims Registration Period Ends February 20 I R E L A N D PROVIDE-VR: Moody's Cuts Rating on EUR3.3 Million Notes to Caa2 I T A L Y ALITALIA SPA: Wants EUR750 Mln Capital Hike in First Half 2008 PARMALAT SPA: Announces Dividend for Financial Year 2007 K A Z A K H S T A N AKTOBE-JER XXI: Proof of Claim Deadline Slated for February 26 ALPINA LLP: Creditors Must File Claims by February 26 AMAR GROUP: Claims Filing Period Ends February 26 DOSTAR-SECURITY-TARAZ: Creditors' Claims Due on February 26 GIK LLP: Claims Registration Ends February 26 INFO TECH: Proof of Claim Deadline Slated for February 26 KYZYLORDA MIS: Creditors Must File Claims by February 26 PAVLODAR MELIORATSIYA: Claims Filing Period Ends February 26 SEZAM LLP: Creditors' Claims Due on February 26 TRANS ELECTRO: Claims Registration Ends February 26 K Y R G Y Z S T A N ERFON LLC: Creditors Must File Claims by February 21 N E T H E R L A N D S IMPRESS HOLDINGS: Moody's Confirms Low-B Debt Ratings N O R W A Y CLEAR CHANNEL: Pending US$19BB Buyout Unaffected by Market Frets S L O V A K R E P U B L I C US STEEL: Earnings Drop to US$35 Mil. in Quarter Ended Dec. 31 US STEEL: Board Increases Dividend to US$0.25 Per Share S W E D E N FLEXTRONICS: Net Income Up 84% to US$250MM in Qtr. Ended Dec. 31 TUPPERWARE BRANDS: Year-Over-Year 4Q Sales Up 19% to US$577MM S W I T Z E R L A N D ADHENA CONSULTING: Creditors' Liquidation Claims Due by Feb. 8 CALLEO GROUP: Creditors' Liquidation Claims Due by Feb. 11 HERCULES INC: Moody's May Lift Ba2 Rating After Review INFORMATEX LLC: Creditors' Liquidation Claims Due by Feb. 11 JULIUS SCHAUB: Creditors' Liquidation Claims Due by Feb. 8 MAD PRODUCTS: Creditors' Liquidation Claims Due by Feb. 8 NYCOMED A/S: Moody's May Cut B1 Corp. Family Rating After Review P & S PRINT: Creditors' Liquidation Claims Due by Feb. 11 PLANFINANZ CONTACT: Creditors' Liquidation Claims Due by Feb. 11 PROMOBILIA LLC: Creditors' Liquidation Claims Due by Feb. 8 U K R A I N E DOBROBUT LLC: Claims Filing Deadline Set February 9 GAMAKHIM LLC: Creditors Must File Claims by February 9 INDUSTRIAL CAPITAL: Creditors Must File Claims by February 9 INTERDIN INTERNATIONAL: Creditors Must File Claims by February 9 IRBIS-PLUS LLC: Creditors Must File Claims by February 9 MONOLIT CJSC: Creditors Must File Claims by February 9 PK UKRAINIAN: Creditors Must File Claims by February 9 PROMIN LLC: Creditors Must File Claims by February 9 TRUST ARTEMMINEBUILDING: Claims Filing Deadline Set February 9 UKRSOTSBANK: Moody's Lifts Debt Ratings on Loan Notes to Ba2 U N I T E D K I N G D O M ARVINMERITOR: Incurs US$12MM Net Loss in Quarter Ended Dec. 30 ARVINMERITOR: Expected Neg. Cash Flow Cues Fitch to Cut Ratings ASCOT SYSTEMS: Brings In Liquidators from Vantis CHATTEM INC: Fiscal Year 2007 Net Income Up to US$59.7 Million CLEAR CHANNEL: Pending US$19BB Buyout Unaffected by Market Frets COMBI LTD: Joint Liquidators Take Over Operations CROWN QUILTING: Claims Filing Period Ends April 21 DURA AUTO: Wants To Sell 9 Properties to IRG for US$19.2 Million DURA AUTOMOTIVE: Jacksonville Property Buyer Withdraws Offer ELECTRONIC DATA: Inks Management Deal with Breast Cancer Org. ENRON CORP: Citigroup Seeks Summary Judgment on Claims ENRON CORP: Court Okays Stipulation with Avaya ENVIRONMENTAL INTELLIGENCE: Taps KPMG as Joint Administrators HUNLEY HALL: Appoints Grant Thornton As Joint Administrators INPLOY CONSULTANTS: Calls In Liquidators from Vantis JAYCARE LTD: Brings In KPMG to Administer Assets M BAKER RECYCLING: Taps Administrators from KPMG MAINTENANCE CONTRACTS: Appoints Liquidator from Kingston Smith METRO GOLF: Appoints Joint Administrators from Menzies METRONET RAIL: Transport Committee Releases Report MV COLLECTIONS: Brings In Tenon Recovery as Administrators NCO GROUP: Moody's Puts Ba3 Rating on US$139 Million Add-On Loan OSHM HOLDINGS: Brings In KPMG as Joint Administrators STEAD AND SIMPSON: Completes Sale of Business & Assets ********* ============= A U S T R I A ============= ADAM.GIBI.ADAM: Claims Registration Period Ends February 13 ----------------------------------------------------------- Creditors owed money by LLC ADAM.GIBI.ADAM (FN 267502k) have until Feb. 13, 2008 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 Feb. 27, 2008 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 Dec. 21, 2007 (Bankr. Case No. 2 S 172/07t). ADMIRA SPORT: Claims Registration Period Ends February 12 --------------------------------------------------------- Creditors owed money by LLC Admira Sport-Management (FN 213834m) have until Feb. 12, 2008 to file written proofs of claim to court-appointed estate administrator Peter Bubits at: Mag. Peter Bubits c/o Mag. Andrea Prochaska Elisabethstrasse 2 2340 Moedling Austria Tel: 02236/42210 Fax: 02236/42210-25 E-mail: peter.bubits@bkb-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 26, 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. 17, 2007 (Bankr. Case No. 11 S 125/07d). Andrea Prochaska represents Mag. Bubits in the bankruptcy proceedings. DRAGOMIR DJURIC: Vienna Court Orders Business Shutdown ------------------------------------------------------ The Trade Court of Vienna entered Dec. 21, 2007 an order shutting down the business of KEG DRAGOMIR DJURIC (FN 287026y). Court-appointed estate administrator Michael Neuhauser recommended the business shutdown after determining that the continuing operations would reduce the value of the estate. The estate administrator can be reached at: Mag. Michael Neuhauser c/o Dr. Romana Weber-Wilfert Esslinggasse 7 1010 Vienna Austria Tel: 90 333 Fax: 90 333 55 E-mail: wien@snwlaw.at Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 12, 2007 (Bankr. Case No 5 S 142/07b). Romana Weber- Wilfert represents Mag. Neuhauser in the bankruptcy proceedings. ELTNER MANAGEMENT: Vienna Court Orders Business Shutdown -------------------------------------------------------- The Trade Court of Vienna entered Dec. 27, 2007an order shutting down the business of LLC Eltner Management (FN 70488i). Court-appointed estate administrator Kurt Bernegger 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. Kurt Bernegger c/o Mag. Maria Kainer Jaquingasse 21 1030 Vienna Austria Tel: 01/799 15 80 Fax: 01/796 59 14 E-mail: kanzlei@bernegger-wt.com Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Dec. 12, 2007 (Bankr. Case No 2 S 154/07w). Maria Kainer represents Dr. Bernegger in the bankruptcy proceedings. ERDAUSHUB LLC: Claims Registration Period Ends February 19 ---------------------------------------------------------- Creditors owed money by LLC Erdaushub (FN 118180w) have until Feb. 19, 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: 0732/77 08 15 Fax: 770816 E-mail: lawfirm@gltp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 1:30 p.m. on March 4, 2008 for the examination of claims. The meeting of creditors will be held at: The Land Court of Steyr Hall 7 Second Floor Steyr Austria Headquartered in Schlierbach, Austria, the Debtor declared bankruptcy on Dec. 20, 2007 (Bankr. Case No. 14 S 49/07i). Norbert Mooseder represents Dr. Grassner in the bankruptcy proceedings. JANJUS KEG: Claims Registration Period Ends February 5 ------------------------------------------------------ Creditors owed money by KEG Janjus (FN 260761y) have until Feb. 5, 2008 to file written proofs of claim to court-appointed estate administrator Eva Wexberg at: Dr. Eva Wexberg c/o Dr. Walter Kainz Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:20 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. 21, 2007 (Bankr. Case No. 38 S 68/07p). Walter Kainz represents Dr. Wexberg in the bankruptcy proceedings. KANARA HOCH: Claims Registration Period Ends Februay 4 ------------------------------------------------------ Creditors owed money by KEG KANARA Hoch- und Tiefbau (N 214644d) have until Feb. 4, 2008 to file written proofs of claim to court-appointed estate administrator Erwin Senoner at: Dr. Erwin Senoner c/o Dr. Georg Freimueller Alser Strasse 21 1080 Vienna Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on Feb. 18, 2008 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 Dec. 21, 2007 (Bankr. Case No. 3 S 162/07d). George Freimueller represents Dr. Senoner in the bankruptcy proceedings. O. FRITZE-LACKE: Claims Registration Period Ends February 15 ------------------------------------------------------------ Creditors owed money by LLC O. Fritze-Lacke (FN 62320y) have until Feb. 15, 2008 to file written proofs of claim to court- appointed estate administrator Christian Atzwanger at: Mag. Christian Atzwanger Luefteneggerstrasse 12 4020 Linz Austria Tel: 0732/7788670 Fax: 0732/7832644 E-mail: office@schuh-atzwanger.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on Feb. 29, 2008 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 Linz, Austria, the Debtor declared bankruptcy on Dec. 18, 2007 (Bankr. Case No. 12 S 101/07a). SEVECEK LLC: Claims Registration Period Ends March 4 ---------------------------------------------------- Creditors owed money by LLC Sevecek (FN 128204k) have until March 4, 2008 to file written proofs of claim to court-appointed estate administrator Georg Freimueller at: Dr. Georg Freimueller c/o Dr. Erwin Senoner Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:30 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. 12, 2007 (Bankr. Case No. 6 S 161/07d). Erwin Senoner represents Dr. Freimueller in the bankruptcy proceedings. URBANUS IMMOBILIENVERWERTUNG: Claims Registration Ends Feb. 14 -------------------------------------------------------------- Creditors owed money by LLC URBANUS Immobilienverwertung (FN 168239k) have until Feb. 14, 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 9:45 a.m. on Feb. 28, 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. 19, 2007 (Bankr. Case No. 5 S 148/07k). Markus Siebinger represents Dr. Schirl in the bankruptcy proceedings.. =========== F R A N C E =========== HARMAN INTERNATIONAL: Names John Stacey as VP & Chief HR Officer ---------------------------------------------------------------- Harman International Industries Incorporated has appointed John Stacey as its Vice President and Chief Human Resources Officer, effective Feb. 25, 2008. He will report to the Chief Executive Officer and serve as a member of the Group Executive Committee. Mr. Stacey, a Canadian national, is a veteran of more than 20 years in the human resources field, serving currently as Vice President, People - North America for leading beverage manufacturer Labatt/Inbev. He has held a series of similar key positions in the United States, Canada, and Europe, with extensive focus on organizational development, compensation, training and development, recruitment and selection, restructuring, and collective bargaining. Mr. Stacey holds a degree in Business Administration from Memorial University of Newfoundland, with a focus on Human Resources and Industrial Relations. "I am delighted to welcome John Stacey to the Harman senior management team," said Dinesh C. Paliwal, Harman Chief Executive Officer. "We are committed to achieving new efficiencies in our human resources strategy, while continuing to attract the top talent necessary to operate as an industry leader. I look forward to working with John to unlock the vital energy of our people toward achieving their full potential." Headquartered in Washington, D.C., Harman International Industries Inc. (NYSE: HAR) -- http://www.harman.com/-- makes audio systems through auto manufacturers, including DaimlerChrysler, Toyota/Lexus, and General Motors. Also the company makes audio equipment, like studio monitors, amplifiers, microphones, and mixing consoles for recording studios, cinemas, touring performers, and others. Harman Int'l has operations in Japan, Mexico and France. * * * Standard & Poor's Ratings Services, in October 2007, revised its CreditWatch implications for the 'BB-' corporate credit rating on Harman International Industries Inc. to positive from developing. ============= G E R M A N Y ============= BUCKEYE TECH: Earns US$13.8 Mil. in Quarter Ended Dec. 31, 2007 --------------------------------------------------------------- Buckeye Technologies Inc. reported net income of US$13.8 million on net sales of US$210.9 million for the three months ended Dec. 31, 2007, compared to net income of US$3.8 million on net sales of US$184.7 million for the same period in 2006. Chairman and Chief Executive Officer John B. Crowe said, "We had an exceptional quarter. Second quarter net sales were up 14% compared to the same period last year. Sales of US$211 million are our highest revenue quarter ever. The earnings improvement is a combination of higher pricing, higher specialty wood volume and cost control." Mr. Crowe went on to say, "We are pleased with the quarter and year-to-date revenue and income growth. Our markets remain solid and we will benefit from price increases that we implemented in January. In the current quarter, we anticipate lower nonwovens production and revenue due to our previously announced volume reduction from our Delta nonwovens facility. Additionally, we expect higher manufacturing costs at our Florida specialty wood facility due to planned maintenance inspections. While the just completed quarter's earnings performance will be difficult to repeat, we do anticipate strong performance in the January-March quarter 2008." About Buckeye Technologies Headquartered in Memphis, Tennessee, Buckeye Technologies Inc. (NYSE: BKI) -- http://www.bkitech.com/-- manufactures and markets specialty fibers and nonwoven materials. The company currently operates facilities in the United States, Germany, Canada, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods. * * * In June 2007, Moody's Investors Service's upgraded Buckeye Technologies Inc.'s corporate family rating to B1 from B2 and maintained a stable outlook. All other ratings were also upgraded by one notch while the unsecured notes were affirmed at B2. CONCEPT CONTAINER: Claims Registration Ends February 22 ------------------------------------------------------- Creditors of Concept Container & Umwelttechnik GmbH have until Feb. 22, 2008 to register their claims with court-appointed insolvency manager Stefan Denkhaus. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on March 13, 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 Schwerin Hall 7 Demmlerplatz 14 19053 Schwerin 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 The District Court of Schwerin opened bankruptcy proceedings against Concept Container & Umwelttechnik GmbH on Jan. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Concept Container & Umwelttechnik GmbH Attn: Ulrich Dronia, Manager Ringstrasse 9 19258 Boizenburg Germany DAPPRICH GMBH: Claims Registration Period Ends February 21 ---------------------------------------------------------- Creditors of Dapprich GmbH have until Feb. 21, 2008, to register their claims with court-appointed insolvency manager Moritz Hansberg. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 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 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: Moritz Hansberg Huestr. 34 44787 Bochum Germany The District Court of Bochum opened bankruptcy proceedings against Dapprich GmbH on Jan. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dapprich GmbH Voedestr. 68 44866 Bochum Germany DIECK BAUUNTERNEHMUNG: Claims Registration Ends February 22 ----------------------------------------------------------- Creditors of Dieck Bauunternehmung GmbH have until Feb. 22, 2008 to register their claims with court-appointed insolvency manager Stefan von der Ahe. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on March 14, 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 Leer Hall 101 Woerde 5 26789 Leer 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 von der Ahe Dr.-Warsing-Str. 205 26802 Moormerland Germany Tel: 04954/9570-0 Fax: 04954/9570-60 The District Court of Leer opened bankruptcy proceedings against Dieck Bauunternehmung GmbH on Jan. 2, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dieck Bauunternehmung GmbH Attn: Hans Dieck, Manager Heseler Strasse 5 26802 Moormerland Germany ERWIN BEHR: Creditors' Meeting Slated for February 21 ----------------------------------------------------- The court-appointed insolvency manager for Erwin Behr Automotive GmbH, Dr. Volker Grub, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:15 a.m. on Feb. 21, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Esslingen Festival Hall Quadrium Convention Center Kirchheimer Str. 68 73249 Wernau Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on April 17, 2008, at the same venue. Creditors have until Feb. 21, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Volker Grub Humboldtstr. 16 70178 Stuttgart Germany Tel: 0711/96689-0 Fax: 0711/96689-19 The District Court of Esslingen opened bankruptcy proceedings against Erwin Behr Automotive GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Erwin Behr Automotive GmbH Attn: Bernd von Loebbecke Behrstr. 100 73240 Wendlingen Germany GERUESTBAU CONCORDIC: Claims Registration Ends February 21 ---------------------------------------------------------- Creditors of Geruestbau Concordic GmbH have until Feb. 21, 2008, to register their claims with court-appointed insolvency manager Dr. M. Reger. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Gera Hall 317 Rudolf-Diener-Str. 1 Gera Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. M. Reger Schmoellnsche Vorstadt 13 04600 Altenburg Germany The District Court of Gera opened bankruptcy proceedings against Geruestbau Concordic GmbH on Jan. 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Geruestbau Concordic GmbH Attn: Jens Bieraugel, Manager Misselwitz Nr. 78 04617 Tegkwitz Germany KTW SOFTWARE: Claims Registration Ends February 22 -------------------------------------------------- Creditors of KTW Software & Consulting Deutschland GmbH have until Feb. 22, 2008 to register their claims with court- appointed insolvency manager Barbara Beutler. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on March 19, 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 Hall 101 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: Barbara Beutler Schwanthalerstr. 32 80336 Munich Germany Tel: 089/54511-0 Fax: 089/54511-444 The District Court of Munich opened bankruptcy proceedings against KTW Software & Consulting Deutschland GmbH on Jan. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KTW Software & Consulting Deutschland GmbH Attn: Reinhold Karner, Manager Arabellastr. 15 81925 Munich Germany NORMBAU EIGENHEIME: Claims Registration Period Ends February 21 --------------------------------------------------------------- Creditors of Normbau Eigenheime Schmidt GmbH have until Feb. 21, 2008, to register their claims with court-appointed insolvency manager Stephan Heinrichsmeyer. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on March 13, 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: Stephan Heinrichsmeyer Spiekergasse 6-8 33330 Guetersloh Germany The District Court of Dortmund opened bankruptcy proceedings against Normbau Eigenheime Schmidt GmbH on Jan. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Normbau Eigenheime Schmidt GmbH Am Himmeldiek 29 59192 Bergkamen Germany PREMIUM PRODUKTION: Claims Registration Ends February 22 -------------------------------------------------------- Creditors of Premium Produktion GmbH have until Feb. 22, 2008 to register their claims with court-appointed insolvency manager Dr. Achim Ahrendt. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 Hamburg Meeting Hall B 405 Fourth Floor 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. Achim Ahrendt Albert-Einstein-Ring 11/15 22761 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Premium Produktion GmbH on Jan. 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Premium Produktion GmbH Osterrade 29 21031 Hamburg Germany Attn: Detlef Riepe, Manager Buchenweg 34b 23858 Reinfeld Germany SAS MEDICAL: Claims Registration Ends February 22 ------------------------------------------------- Creditors of SAS Medical Verwaltungs GmbH have until Feb. 22, 2008 to register their claims with court-appointed insolvency manager Jens Lieser. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 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 of Koblenz Hall 111 Main Court Karmeliterstrasse 14 56068 Koblenz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Jens Lieser Josef-Goerres-Platz 5 56068 Koblenz Germany Tel: 0261/304-790 Fax: 0261/911-4729 E-mail: info@lieser-rechtsanwaelte.de Web site: http://www.lieser-rechtsanwaelte.de The District Court of Koblenz opened bankruptcy proceedings against SAS Medical Verwaltungs GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SAS Medical Verwaltungs GmbH Dr.-Walter-Lessing-Str. 4 56112 Lahnstein Germany Attn: Jochen Niestroj, Manager Wilhelmshoehe 7 Dietmannsried Germany WALTER SCHOLL: Claims Registration Period Ends February 20 ---------------------------------------------------------- Creditors of Walter Scholl Hoch- und Betonbauarbeiten GmbH have until Feb. 20, 2008, to register their claims with court- appointed insolvency manager Peter Theiss. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter Theiss Dudweiler Strasse 4 66111 Saarbruecken Germany Tel: (0681) 9404 180 Fax: (0681) 9404 181 The District Court of Saarbruecken opened bankruptcy proceedings against Walter Scholl Hoch- und Betonbauarbeiten GmbH on Jan. 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Walter Scholl Hoch- und Betonbauarbeiten GmbH Roschbergstr. 14 66839 Schmelz Germany ============= I R E L A N D ============= PROVIDE-VR: Moody's Cuts Rating on EUR3.3 Million Notes to Caa2 --------------------------------------------------------------- Moody's Investors Service downgraded these Classes of Notes issued by Provide-VR 2002-1 plc: -- EUR23,000,000 Class D Floating Rate Credit Linked Notes, downgraded to Ba1 from Baa2, on review for possible downgrade; and -- EUR3,300,000 Class E Floating Rate Credit Linked Notes, downgraded to Caa2 from Ba2. Moody's rating action was prompted by a worse than expected performance of the underlying portfolio. The performance analysis primarily considered: (1) the level of credit events reported as of November 2007 totaling at EUR16.25 million; and (2) the average recovery rate reported for already worked-out reference claims of 31.9 per cent. One of the reasons for the relatively low recovery rate experienced so far is the fact that the secularized portfolio mainly consists of second lien mortgage loans (i.e. loan parts above 60 per cent loan-to-lending-value). Moody's considered in its analysis that about EUR3 million of reported credit events are re-performing and are currently not in arrears. Nevertheless, both performance indicators suggest that additional losses will materialize going forward at levels higher than Moody's initially expected. Next to reviewing the performance indicators, Moody's assessed also updated loan-by- loan information on the outstanding reference claims to determine the volatility of the future losses. The key driver for the rating action, however, is the revised expected loss assumption that Moody's determined as part of this rating review. The Class F Notes, which constitutes the first loss piece in this transaction, has an outstanding balance of EUR6.6 million as of November 2007. A total of EUR5.7 million of losses were allocated to Class F since closing. Moody's will conclude the rating review once we have received further information on the recovery process and expected recovery levels. This information will help Moody's determine a recovery assumption and revised loss assumption for the underlying portfolio. Provide-VR 2002-1 is a transaction by DG HYP (95.21 per cent of the initial portfolio), which - together with five co-operative banks (4.79 per cent of the initial portfolio) - transferred the credit risk on approximately 20,876 residential mortgage loans to investors. At closing the total portfolio amounted to EUR623.3 million (EUR356.8 current portfolio balance) and had a loan-to-market-value of 74 per cent. The portfolio has an above average concentration in the Northern Laender of Germany. The realized loss definition includes principal and external work-out costs. Accrued interest is excluded from the realized loss definition of the transaction. Losses will be allocated in a reverse sequential order, first to the unrated Class F Notes. The portfolio is static and the credit-linked notes amortize sequentially, starting with the Class A+ Notes, which rank pro- rata with the Senior Credit Default Swap. The ratings address the ultimate payment of principal on or before final legal maturity of the Notes. ========= I T A L Y ========= ALITALIA SPA: Wants EUR750 Mln Capital Hike in First Half 2008 -------------------------------------------------------------- Alitalia S.p.A.'s board of directors has approved, among other items, the 2008 Budget. The company relates that while waiting for the definitive decision regarding the future ownership of the company and in line with the 2008-2010 Industrial Plan approved on the Sept. 7, 2007, the 2008 Budget pursues the top priority and binding target of reducing the company�s unsustainable losses trend and the erosion of its equity and cash-to-hand levels. In the context of increasingly adverse implementation issues due to internal and external factors, the Budget, the company says, reconfirms the need for a substantial injection of financial resources by an increase of the capital. The 2008 Budget, developed on an industrial stand-alone basis, reconfirms strategic actions marked by strong discontinuity for the implementation of the Plan for survival/transition, and in particular regarding: * resizing of the capacity offered to take into account the actual market opportunities; * domestic and long-haul markets consolidation on a single hub strategy to serve transfer traffic to/from Italy; * international network rationalization; * redesigning products to take into account specific market features; * re-launching the Italian brand; * regaining market share on currently underperforming strategic markets and routes; * increasing Cargo profitability; and * developing low-cost business on the international network and domestic by-pass, with reasonable profitability levels. With respect to the Plan, the company relates that the 2008 Budget is affected by a slower implementation of the industrial actions foreseen on both revenues side and costs side due to strong scenario impacts as well as the significant fuel cost increase. To account for the consequent lower positive returns, the Budget considers an additional reduction in activity and further network rationalization compared to the Plan for survival/transition in 2008. Therefore the expected industrial operating 2008 margin, although slightly improved compared to expected 2007, shows a material worsening compared to the 2008 Plan. Expected EBITDAR is about three percentage points of revenues. From the financial point of view, taking into account the mentioned new and preexisting issues, sustaining the cash-to- hand at adequate operating levels is more and more correlated to an increase of the capital of the company, currently estimated in about EUR750 million, to be carried out in the first half of 2008. The described scenario fully confirms the compelled actions envisaged in the Plan for survival/transition and the unfeseability of any stand-alone positioning of the company. Positioning of the company that can only be aimed at a strong industrial merger with other airlines in order to achieve material synergies. 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: Announces Dividend for Financial Year 2007 -------------------------------------------------------- Parmalat S.p.A. communicates that, pursuant to Article 2 of the Instructions for the Regulation of Organized Markets by Borsa Italiana S.p.A., dividends related to the 2007 financial year will be payable, as of April 24, 2008, after the approval of the Shareholders' Meeting, through intermediaries that belong to the Monte Titoli S.p.A. centralized clearing system. The company however says that the notice was published with the sole aim to comply with the instructions by Borsa Italiana S.p.A. and does not imply any distribution of dividends for the 2007 financial year or for the future ones. 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 =================== AKTOBE-JER XXI: Proof of Claim Deadline Slated for February 26 -------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Aktobe-Jer XXI insolvent. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 ALPINA LLP: Creditors Must File Claims by February 26 ----------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Alpina 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 AMAR GROUP: Claims Filing Period Ends February 26 ------------------------------------------------- LLP Amar Group has declared insolvency. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: LLP Amar Group Moldagulova ave. 5-18 Aktobe Aktube Kazakhstan Tel: 8 700 480 77-08 DOSTAR-SECURITY-TARAZ: Creditors' Claims Due on February 26 ----------------------------------------------------------- LLP Dostar-Security-Taraz has declared insolvency. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: LLP Dostar-Security-Taraz Tashkentskaya Str. 36 Taraz Jambyl Kazakhstan GIK LLP: Claims Registration Ends February 26 --------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Gik insolvent. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 INFO TECH: Proof of Claim Deadline Slated for February 26 --------------------------------------------------------- LLP Info Tech Sauda has declared insolvency. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: LLP Info Tech Sauda Mendeleyev/Ryskulov Str. 1/259a Talgar Talgarsky District Almaty Kazakhstan KYZYLORDA MIS: Creditors Must File Claims by February 26 -------------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Kyzylorda Mis insolvent. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Aiteke bi Str. 29 Kyzylorda Kazakhstan PAVLODAR MELIORATSIYA: Claims Filing Period Ends February 26 ------------------------------------------------------------ LLP UPP PAVLODAR Melioratsiya has declared insolvency. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: LLP UPP PAVLODAR Melioratsiya Lenin Str. 61 Pavlodar Kazakhstan SEZAM LLP: Creditors' Claims Due on February 26 ----------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Scientific-Manufacturing Enterprise Sezam 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 TRANS ELECTRO: Claims Registration Ends February 26 --------------------------------------------------- LLP Trans Electro K has declared insolvency. Creditors have until Feb. 26, 2008 to submit written proofs of claims to: LLP Trans Electro K Jambyl Str. 159 Karaganda Kazakhstan =================== K Y R G Y Z S T A N =================== ERFON LLC: Creditors Must File Claims by February 21 ---------------------------------------------------- LLC Erfon has declared insolvency. Creditors have until Feb. 21, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 90-32-69. ===================== N E T H E R L A N D S ===================== IMPRESS HOLDINGS: Moody's Confirms Low-B Debt Ratings ----------------------------------------------------- Moody's Investors Service confirmed these debt ratings of Impress Holdings B.V.: -- B1 Corporate Family Rating; -- Ba3 ratings for the EUR615 million and US$175 million senior secured Floating Rate Notes 2013; and -- B3 rating for the EUR250 million senior subordinated notes 2014. The outlook is stable. The ratings had been placed under review for possible upgrade on Nov. 2, 2007, following the company's announcement to seek a stock market listing. In its decision to confirm the ratings, Moody's evaluated the likelihood of a stock market listing and concluded that such an event is unlikely to happen in the short term because of current capital market conditions. Impress initially had the intention to list its shares in December 2007. Moody's noted the de-levering since the recapitalization in 2006 and calculates Debt/EBITDA leverage of 5.3x for the last twelve months per Sept. 30, 2007 (5.7x at FYE 2006) and stable EBITDA margins. For the ratings to be upgraded, however, Moody's expects Debt/EBITDA of below 5x and moving towards 4.5x and an EBIT/interest cover of at least 2.0x. A reduction of absolute debt levels, for instance from proceeds of an equity offering the company may pursue in the future, could also be a trigger for an upgrade, depending on the magnitude of such a de- levering. The stable outlook assumes that Impress is continuing to implement cost and efficiency measures, thus achieving sustainable EBIT margins and subsequent improvements in credit metrics in the near-to-medium term. Impress Holdings B.V. is a leading player in the European canning industry with a solid position in North America's food canning market. For the last fiscal year the company recorded sales of nearly EUR1.5 billion. Headquartered in Deventer, The Netherlands, Impress has about 8,500 employees. =========== N O R W A Y =========== CLEAR CHANNEL: Pending US$19BB Buyout Unaffected by Market Frets ---------------------------------------------------------------- Private investment firms, Thomas H. Lee Partners LP and Bain Capital Partners LLC, remained undaunted in their plans to buy Clear Channel Communications Inc. for US$39.20 per share amid market's worries, various reports relate. Days before, investors were stirred when the buyers refused to comment on the pending buyout deal worth around US$19.5 billion that led to speculation that deal will not push through, reports say. THL co-president Anthony DiNovi cleared out the issue at Tuesday's conference by explaining he would violate Securities and Exchange Commission rules if he commented on the pending deal, reports reveal. Some news disclose that the buyout firms provided personnel to Clear Channel to help execute steps to reduce expenses. This report led investors to believe that the would-be buyers have not given up, according to the report. Clear Channel told reporters Tuesday that the pending deal will be completed by March 2008, as previously planned. FCC Publication on the Sale Deal The Federal Communications Commission published in its Web site that Clear Channel Communications Inc., Thomas H. Lee Equity Fund VI LP and Bain Capital (CC) IX LP have jointly submitted applications to the Commission. The applications seek consent to transfer control of certain subsidiaries of Clear Channel that are the holders of various Commission licenses and other authorizations. Clear Channel, through its subsidiaries, controls 1172 broadcast radio stations and 35 broadcast television stations. The applications seek Commission consent to the proposed transfer of control of Clear Channel from its shareholders to the Transferees. After the transfer, the company would continue to operate under the name "Clear Channel Communications Inc." under the control of the Transferees. About Clear Channel Communications Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. * * * As reported in the Troubled Company Reporter-Europe on Jan. 31, 2008, Standard & Poor's Ratings Services said its ratings on Clear Channel Communications Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications. S&P originally placed them on CreditWatch on Oct. 26, 2006, following the company's announcement that it was exploring strategic alternatives to enhance shareholder value. ============================= S L O V A K R E P U B L I C ============================= US STEEL: Earnings Drop to US$35 Mil. in Quarter Ended Dec. 31 -------------------------------------------------------------- U.S. Steel Corporation reported net income of US$35 million in fourth quarter 2007, compared to third quarter 2007 net income of US$269 million and fourth quarter 2006 net income of US$297 million. Fourth quarter 2007 net income was reduced by US$117 million due to inventory transition effects and a workforce reduction charge. For full-year 2007, U.S. Steel reported a net income of US$879 million, which was reduced by US$158 million, from inventory transition effects, a workforce reduction charge, early debt redemption expense and several discrete tax charges. Full-year 2006 net income was US$1.374 billion. "This past year was an important period of growth for our company as we completed major acquisitions in both our flat- rolled and tubular businesses and commissioned our new automotive galvanizing line in Europe," John P. Surma, U.S. Steel Chairman and CEO, said. "We are making steady progress with integration activities on both acquisitions, and we still expect to achieve the anticipated synergies." The company reported fourth quarter 2007 income from operations of US$116 million, compared with income from operations of US$360 million in the third quarter of 2007 and US$341 million in the fourth quarter of 2006. For the year 2007, income from operations was US$1,213 million versus income from operations of US$1,785 million for the year 2006. Other items not allocated to segments in the fourth quarter of 2007 consisted of a US$69 million pre-tax charge related to inventory transition effects after the two major acquisitions and a US$57 million pre-tax charge resulting from a voluntary early retirement program at U. S. Steel Kosice. These items decreased fourth quarter 2007 net income by US$117 million. In the third quarter of 2007, a US$27 million pre-tax charge related to inventory acquired in the Lone Star acquisition was not allocated to segments, and the tax provision included several discrete charges totaling US$11 million. These items reduced third quarter 2007 net income by US$28 million. In the fourth quarter of 2006, net interest and other financial costs included a US$32 million pre-tax charge related to the early redemption of debt. This item and other items not allocated to segments decreased net income by US$33 million. Additional Fourth Quarter 2007 Items In December 2007, U. S. Steel and the United Steelworkers agreed that U. S. Steel will provide health care and life insurance benefits to certain former National Steel employees and their eligible dependents under a U. S. Steel insurance plan, using funds that had been accrued based on a provision of the 2003 Basic Labor Agreement. Funds totaling US$468 million were contributed to the company's trust for retiree health care and life insurance in December. As a result of this agreement, its other postretirement benefits obligation increased by US$314 million. While a funding obligation continues through the Aug. 31, 2008, expiration of the 2003 Basic Labor Agreement, the profit-based expense has been eliminated beginning with the fourth quarter of 2007 as reflected in "retiree benefit expenses." Net interest and other financial costs increased by US$22 million in the fourth quarter of 2007 compared to the third quarter, mainly reflecting interest expense resulting from debt incurred to fund the Stelco acquisition. The company's effective tax rate for the year was higher than projected at the end of the third quarter as a result of the inclusion of USSC and a change in the profile of global earnings. As a result, the tax provision in the fourth quarter included approximately US$20 million to apply this higher tax rate to income for the prior three quarters. At Dec. 31, 2007, the company's balance sheet showed total assets of US$15.6 billion, total liabilities of US$10.07 billion and total stockholders' equity of US$5.53 billion. Common Stock Repurchase Program/Dividend Payment The company repurchased 295,000 shares of U. S. Steel common stock for US$30 million during the fourth quarter, bringing total repurchases to 14.3 million shares for US$812 million since the repurchase program was originally authorized in July 2005. As of Dec. 31, 2007, 6.5 million shares remained authorized for repurchase under its stock repurchase program. The board of directors declared a dividend of 25 cents per share on U. S. Steel Common Stock, an increase of 5 cents per share. The dividend is payable March 10, 2008, to stockholders of record at the close of business Feb. 13, 2008. About United States Steel Corporation Headquartered in Pittsburgh, Pennsylvania, United States Steel Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures a wide variety of steel sheet, tubular and tin products; coke, and taconite pellets; and has a worldwide annual raw steel capability of 26.8 million net tons. U.S. Steel's domestic primary steel operations are: Gary Works in Gary, Indiana; Great Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley Works, which includes the Edgar Thomson and Irvin plants, near Pittsburgh and Fairless Works near Philadelphia, Pennsylvania; Granite City Works in Granite City, Illinois; Fairfield Works near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and East Chicago Tin in East Chicago, Indiana. The company also operates two seamless tubular mills, Lorain Tubular Operations in Lorain, Ohio; and Fairfield Tubular Operations near Birmingham, Alabama. U. S. Steel produces coke at Clairton Works near Pittsburgh, at Gary Works and Granite City Works. On Northern Minnesota's Mesabi Iron Range, U.S. Steel's iron ore mining and taconite pellet operations, Minnesota Taconite and Keewatin Taconite, support the steelmaking effort, and its subsidiary ProCoil Company provides steel distribution and processing services. U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o., in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and Smederevo, Serbia. Acero Prime, the company's joint venture with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico, S.A. de C.V., provides Mexico's automotive and appliance manufacturers with total supply chain management services through its slitting and warehousing facility in San Luis Potosi and its warehouse in Ramos Arizpe. * * * As reported in the Troubled Company Reporter-Europe on Dec. 11, 2007, Standard & Poor's Ratings Services assigned its 'BB+' senior unsecured rating to the proposed offering of up to US$400 million in senior unsecured notes due Feb. 1, 2018, of United States Steel Corp. (BB+/Negative/--). These notes are being issued under the company's unlimited shelf registration filed on March 5, 2007. US STEEL: Board Increases Dividend to US$0.25 Per Share ------------------------------------------------------- United States Steel Corporation Board of Directors has declared a dividend of 25 cents per share on U. S. Steel Common Stock, an increase of 5 cents per share. The dividend is payable March 10, 2008, to stockholders of record at the close of business Feb. 13, 2008. Headquartered in Pittsburgh, Pennsylvania, United States Steel Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures a wide variety of steel sheet, tubular and tin products; coke, and taconite pellets; and has a worldwide annual raw steel capability of 26.8 million net tons. U.S. Steel's domestic primary steel operations are: Gary Works in Gary, Indiana; Great Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley Works, which includes the Edgar Thomson and Irvin plants, near Pittsburgh and Fairless Works near Philadelphia, Pennsylvania; Granite City Works in Granite City, Illinois; Fairfield Works near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and East Chicago Tin in East Chicago, Indiana. The company also operates two seamless tubular mills, Lorain Tubular Operations in Lorain, Ohio; and Fairfield Tubular Operations near Birmingham, Alabama. U.S. Steel produces coke at Clairton Works near Pittsburgh, at Gary Works and Granite City Works. On Northern Minnesota's Mesabi Iron Range, U.S. Steel's iron ore mining and taconite pellet operations, Minnesota Taconite and Keewatin Taconite, support the steelmaking effort, and its subsidiary ProCoil Company provides steel distribution and processing services. U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o., in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and Smederevo, Serbia. Acero Prime, the company's joint venture with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico, S.A. de C.V., provides Mexico's automotive and appliance manufacturers with total supply chain management services through its slitting and warehousing facility in San Luis Potosi and its warehouse in Ramos Arizpe. * * * As reported in the Troubled Company Reporter-Europe on Dec. 11, 2007, Standard & Poor's Ratings Services assigned its 'BB+' senior unsecured rating to the proposed offering of up to US$400 million in senior unsecured notes due Feb. 1, 2018, of United States Steel Corp. (BB+/Negative/--). These notes are being issued under the company's unlimited shelf registration filed on March 5, 2007. =========== S W E D E N =========== FLEXTRONICS: Net Income Up 84% to US$250MM in Qtr. Ended Dec. 31 ---------------------------------------------------------------- Flextronics disclosed results for its third quarter ended Dec. 31, 2007. Third Quarter Results Revenue increased US$3.7 billion, or 67%, from the year ago quarter to a record high US$9.1 billion in the December 2007 quarter. Adjusted operating profit increased US$139 million, or 86%, from the year ago quarter to US$300 million in the December 2007 quarter while adjusted operating margin improved 30 basis points from 3.0% to 3.3% over the same time period. Adjusted net income increased US$114 million, or 84%, from the year ago quarter to US$250 million in the December 2007 quarter while adjusted EPS increased 30% from US$0.23 to US$0.30 over the same time period. Cash amounted to US$1.8 billion at Dec. 31, 2007. Operating cash flow generated US$534 million and US$1.05 billion in the three and nine-month periods ended Dec. 31, 2007, respectively. Free cash flow amounted to US$470 million and US$840 million in the three and nine-month periods ended Dec. 31, 2007, respectively. "Overall demand in the December quarter was exceptionally strong as revenues and earnings exceeded the high end of our guidance," said Flextronics chief financial officer, Thomas Smach. "Actual revenue in the quarter was US$9.1 billion versus our guidance of US$8.5 billion and adjusted EPS was US$0.30 versus our guidance of US$0.26." "Our strong financial position provides us with substantial flexibility to make synergistic investments to enhance our competitiveness, expand our capabilities, drive revenue growth and enhance profitability," Flextronics chief executive officer, Mike McNamara said. "We remain intensely focused on generating a higher return on capital while growing our business, as evidenced by the return on invested capital of 11.9%, which increased 70 basis points from the previous quarter." Mr. McNamara concluded, "I am very proud of the dedication and hard work of our employees and management across the globe in making this a record quarter for Flextronics while successfully integrating Solectron, the largest acquisition in our company's history." Guidance The company reiterated its previously provided March 2008 quarter guidance of revenue in the range of US$7.5 - US$7.9 billion and adjusted EPS in the range of US$0.22 - US$0.24. GAAP earnings per share are expected to be lower than the guidance provided herein by approximately US$0.05 for quarterly intangible amortization and stock-based compensation expense and by approximately US$0.19 - US$0.27 per share for the previously announced remaining restructuring and other charges relating to the Solectron acquisition. About Flextronics Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in over 30 countries on four continents including Brazil, Mexico, Hungary, Sweden, United Kingdom, among others. * * * As reported in the Troubled Company Reporter-Europe on Oct. 5, 2007, Fitch Ratings has completed its review of Flextronics International Ltd. following the company's acquisition of Solectron Corp. and resolved Flextronics' Rating Watch Negative status by affirming these ratings: Issuer Default Rating at 'BB+'; and Senior unsecured credit facility at 'BB+'. Fitch also rated Flextronics' new senior unsecured Term B loan at 'BB+'. Additionally, Fitch has downgraded the rating on Flextronics' senior subordinated notes from 'BB' to 'BB-'. Fitch said the rating outlook is negative. At the same time, Moody's Investors Service confirmed the ratings of Flextronics International Ltd. with a negative outlook and assigned a Ba1 rating to the company's new US$1.75 billion delayed draw unsecured term loan in response to the closing of the Solectron acquisition. The initial draw on the term loan (US$1.1 billion) will finance the cash portion of the merger consideration. TUPPERWARE BRANDS: Year-Over-Year 4Q Sales Up 19% to US$577MM ------------------------------------------------------------- Tupperware Brands Corporation has reported that fourth-quarter 2007 sales grew 19% year over year (11% in local currency) to US$577 million with strong growth in all five segments ranging from 6% to 18% in local currency. Tupperware Brands Chairperson and Chief Executive Officer, Rick Goings commented, "We are encouraged with the progress we made in the fourth quarter and the full year in further refining and implementing our strategies, which are working and delivering the positive results we expected to support long term growth. This came through in the fourth quarter with our high-teen year- over-year sales increase and our 35% increase in GAAP diluted earnings per share. Our sales and profit were both well ahead of our October outlook." Mr. Goings said, "As we look ahead to 2008, we're planning to capitalize on our year end sales force size advantage of 15% to further grow our businesses, and expect to be in our long-term outlook range for local currency sales growth of 5 to 7% per year. This includes high single, to low double-digit, growth from the 40% to 45% of our businesses that operate in emerging markets and, on average, a low single digit growth rate from the remainder of our businesses that operate in established markets." "We expect to grow net income even more with higher profit from the segments and lower interest expense, as we benefit from the credit agreement we closed at the end of the third quarter, partially offset by a higher but still very favorable income tax rate in the 23% range," Mr. Goings added. Mr. Goings noted, "Included in our 2008 outlook is continued investment to implement our strategies as we further develop our branded portfolio of direct selling companies, working to continue to innovate with our demonstrable product lines, our contemporized selling situations and the right sales force compensation plan in each market." Excluding certain adjustment items, fourth-quarter earnings per share rose to 93 cents from 74 cents in 2006, or 26%. Stronger foreign currencies had a 10-cent positive impact on the year- over-year comparison. Profit from the segments rose 29%, interest expense was lower by over US$3 million, reflecting lower borrowings along with a benefit from the new credit agreement entered into in September, and unallocated expenses rose by US$5 million, largely reflecting higher expenses associated with management incentive programs. The quarter's effective tax rate rose to 17% this year from 10% last year. As of the end of the fourth quarter net debt was down to US$593 million, a reduction of US$88 million from US$681 million at the end of 2006. Net cash provided by operating activities, net of investing activities, for the full year was US$152 million, ahead of October guidance of US$100 to US$110 million. Fourth Quarter Segment Highlights Tupperware Segments In Europe, fourth quarter sales rose by 19% (6% in local currency) over the prior year. The positive sales force trends continued in the emerging markets leading to 22% growth in local currency coming most notably in Russia, Turkey and South Africa. Established markets grew 1% in local currency with Germany achieving a 3% sales increase, following double-digit declines in each of the first three quarters. The total sales force size advantage for the whole segment at the end of the year was 21%. The average active sales force increased 8%. Segment profit increased 33% (18% in local currency) reflecting a greater than 2 point higher return on sales from improved value chains in several of the markets in Western Europe and highermanufacturing volume. Asia Pacific achieved a 24% (16% in local currency) sales increase with emerging markets up 30% in local currency and established markets up 9% led by Australia. The number of active sellers was up 11% led by Indonesia, Australia and Korea. Operating profit increased 48% (36% in local currency) and reflected a 3.7 pp improvement in return on sales. This primarily reflected a higher share of sales from Australia, with its high return on sales, and more efficient expense management by Tupperware Japan, as well as 0.8 pp from lower purchase accounting amortization. In Tupperware North America, 12% (11% in local currency) higher sales, reflected increases in all three markets, the United States, Canada and Mexico. Although there was a drag in the last 2 and 1/2 weeks of December in light of the warehouse fire in the main U.S. warehouse, Tupperware United States and Canada still achieved a 12% local currency sales increase in the quarter. The total sales force size for the whole segment was down at the end of the year, reflecting a decrease in Mexico as the United States had a higher sales force count. Active sellers in the segment were down slightly. There was a 4.5 pp improvement in return on sales that brought the segment's profit up over 100%, mainly reflecting an improved cost structure in the United States. Beauty Segments In the Beauty North America segment, the 13% (12% in local currency) sales increase reflected double-digit increases by both units, Fuller Mexico and BeautiControl North America. Both units also had double-digit total sales force size advantages as of the end of the year, with the segment up 13%. The active sales force was up 10%. Segment profit was up 9% (8% in local currency), reflecting a lower return on sales, principally from gross margin investment at BeautiControl to sell through inventories and higher distribution costs that were about offset by lower purchase accounting amortization. The Beauty Other segment achieved a 30% (18% in local currency) sales increase, reflecting higher sales forces and sales throughout Central and South America, most notably in Venezuela and Brazil. Fuller Philippines also had a double digit sales increase. The Nutrimetics units were down as a group, with the largest Nutrimetics market, Australia, down just slightly, reflecting an improved trend from earlier in the year. The total sales force in the segment was up 12% and the active sales force was up 8% in the quarter. There was a loss of US$0.1 million that included US$1.2 million of purchase accounting amortization. Excluding purchase accounting amortization from both years, profit increased reflecting improved results in the Philippines, Venezuela and Brazil. Full-Year Results For full-year 2007, total company sales grew 14% (9% in local currency), to a record US$2.0 billion versus US$1.7 billion in 2006. The Tupperware brand segments grew by 14% (8% in local currency) and the Beauty brand segments by 12% (10% in local currency). The businesses operating in emerging markets had sales growth of 21% (18% in local currency) and the remaining businesses that operate in established markets had growth of 8% (2% in local currency). Active sellers grew 5% for the year. Profit from the operating segments rose 33% (26% in local currency), 9 points of which was from lower purchase accounting amortization. Diluted earnings per share was US$1.87, up 21% (8% in local currency). Excluding certain adjustment items, full year 2007 diluted earnings per share was US$2.25, up 26% (14% in local currency). 2008 Outlook Full year 2008 sales are expected to increase 8 to 10% (5 to 7% in local currency) and GAAP diluted earnings per share is expected to be US$2.37 to US$2.47, including a 10 to 12 cent benefit versus 2007 from stronger foreign currencies. After adjustments full-year diluted earnings per share is expected to be US$2.50 to US$2.60 up 6% to 10% in local currency. Sales in local currency in the Tupperware brand segments are expected to increase in the mid-single-digit range and in the Beauty brand segments are expected to increase in the high- single-digit range. Excluding certain adjustment items, profit in the segments is expected to grow in line, to slightly above the rate of sales, except in Beauty Other where there was a loss of US$3 million in 2007 and a small profit is expected in 2008. Unallocated corporate costs in 2008 are expected to be about even with 2007's US$44 million; interest expense is expected to be US$33 to US$34 million, versus US$49 million in 2007, which included US$10 million of expense associated with implementing the new credit agreement; and the income tax rate is expected to be about 23%, compared with 17% in 2007 on a GAAP basis and 18% excluding certain items. First Quarter 2008 Outlook First quarter sales are expected to increase 13 to 15% (5 to 7% in local currency) and diluted earnings per share is expected to be 50 to 55 cents versus 32 cents last year. Excluding certain adjustment items diluted earnings per share is expected to be 44 to 49 cents versus 36 cents last year. This includes a 5 to 7 cents benefit versus 2006 from stronger foreign currencies and a lower effective tax rate. Mr. Goings concluded, "Many analysts and investors are concerned about the weakness of the U.S. dollar and the U.S. economy. Upwards of 84% of our sales and even more of our profit come from international markets. This means that our profit rises on dollar weakness, and while we could see some impact from lower consumer spending in the United States, the impact would be less than for many other companies given the size of our businesses here. To date we have not seen issues in our Tupperware United States or BeautiControl businesses related to the consumer spending environment." About Tupperware Headquartered in Orlando, Florida, Tupperware Brands Corporation (NYSE: TUP) -- http://www.tupperware.com/-- is a portfolio of global direct selling companies, selling premium innovative products across multiple brands and categories through an independent sales force of 2.0 million. Product brands and categories include design-centric preparation, storage and serving solutions for the kitchen and home through the Tupperware brand and beauty and personal care products for consumers through the Avroy Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and Swissgarde brands. The company has operations in Indonesia, Argentina, Australia, Bahamas, Brazil, China, France, Germany, Philippines, Spain, Sweden, Turkey, among others. * * * In September 2007, Tupperware Brands Corporation's proposed senior secured credit facilities was assigned a Ba1 rating by Moody's Investors Service. Moody's also affirmed the company's Ba2 corporate family rating and Ba3 probability of default rating, and changed the outlook to positive from stable. ===================== S W I T Z E R L A N D ===================== ADHENA CONSULTING: Creditors' Liquidation Claims Due by Feb. 8 -------------------------------------------------------------- Creditors of JSC Adhena Consulting have until Feb. 8, 2008, to submit their claims to: Pavel Paukert Liquidator Gellertstrasse 162 4052 Basel Switzerland The Debtor can be reached at: JSC Adhena Consulting Basel Switzerland CALLEO GROUP: Creditors' Liquidation Claims Due by Feb. 11 ---------------------------------------------------------- Creditors of JSC Calleo Group have until Feb. 11, 2008, to submit their claims to: JSC MD Services Liquidator rue Charles-Bonnet 2 1206 Geneva Switzerland The Debtor can be reached at: JSC Calleo Group Lindau Pfaffikon ZH Switzerland HERCULES INC: Moody's May Lift Ba2 Rating After Review ------------------------------------------------------ Moody's Investors Service placed the Ba2 corporate family rating and other debt ratings Hercules Incorporated on review for possible upgrade. The reviews reflect Hercules successful efforts at debt reduction in past years and most recently in 2007. Hercules reduced balance sheet debt by roughly US$200 million in 2007 (to about US$795 million) and that this reduction, along with strong cash flows, has caused credit metrics to improve to levels that are strong relative to the Ba2 rating, Moody' assigned a positive outlook to Hercules ratings in June of 2007 in anticipation of Hercules' positive performance. At that time we stated that provided that capital expenditures remain moderate, there are no large acquisitions and prospective dividend actions/share repurchases are prudently sized, the company should be able to generate retained cash flow to adjusted total debt above 20%, free cash flow to adjusted total debt of over 10%, and a fixed charge coverage ratio (EBITDA to interest) of over 4.5X times. If these metrics were realized we indicated we could reassess the appropriateness of the Ba2 ratings after the end of 2007. The review also reflects Moody's expectation of further modest debt reduction in 2008 and 2009, after which Moody's expects absolute debt levels to stabilize. The review, which is expected to be completed by the end of March of 2008, will focus on several issues. Moody's will seek to better understand management's ongoing financial philosophy as it relates to: (1) acquisitions; (2) potential changes in the secured structure of Hercules' debt along with incremental debt reduction; and (3) uses of excess cash flow and the future plans of returning such cash to shareholders. In addition, Moody's will seek to understand the sustainability of Hercules' strong operating performance in the face of a potentially slowing global economy and review Hercules asbestos exposures to insure that the positive trends are sustainable. On Review for Possible Upgrade: * Issuer: Hercules Incorporated -- CFR: Ba2 -- PDR: Ba2 -- Gtd Sr Sec Revolving Credit Facility due 04/2009, Baa3, LGD2, 18% -- Gtd Sr Sec Term Loan B due 10/2010, Baa3, LGD2, 18% -- 6.60% Gtd Sr Sec Putable Notes due 2027, Baa3, LGD2, 18% -- 6.75% Gtd Sr Sub Notes due 2029, Ba3, LGD4, 61% -- 8.00% Conv Sub Debentures due 2010, B1, LGD5, 89% -- 6.50% Jr Sub Deferrable Int Debentures due 2029, B1, LGD5, 89% -- Multiple Seniority Shelf -- Outlook, Changed To Rating Under Review From Positive Hercules Inc., headquartered in Wilmington, Delaware, is a global manufacturer of specialty chemicals for the pulp and paper industry and water-based systems (coatings, construction materials, energy and regulated industries). Revenues for the full year ending Dec. 31, 2007 were about US$2.1 billion. The company has its regional headquarters in China and Switzerland, and a production facility in Brazil. INFORMATEX LLC: Creditors' Liquidation Claims Due by Feb. 11 ------------------------------------------------------------ Creditors of LLC Informatex have until Feb. 11, 2008, to submit their claims to: Bruno Keimer Liquidator Seeblick 1 6330 Cham ZG Switzerland The Debtor can be reached at: LLC Informatex Cham ZG Switzerland JULIUS SCHAUB: Creditors' Liquidation Claims Due by Feb. 8 ---------------------------------------------------------- Creditors of JSC Julius Schaub have until Feb. 8, 2008, to submit their claims to: Julius Schaub Liquidator Wuhrweg 9 4450 Sissach BL Switzerland The Debtor can be reached at: JSC Julius Schaub Sissach BL Switzerland MAD PRODUCTS: Creditors' Liquidation Claims Due by Feb. 8 --------------------------------------------------------- Creditors of LLC MAD Products have until Feb. 8, 2008, to submit their claims to: Armin Meier Haldenstrasse 5 8173 Neerach Dielsdorf ZH Switzerland The Debtor can be reached at: LLC MAD Products Embrach Bulach ZH Switzerland NYCOMED A/S: Moody's May Cut B1 Corp. Family Rating After Review ---------------------------------------------------------------- Moody's Investors Service placed the B1 Corporate Family Rating and the B2 probability of default rating of Nycomed A/S on review for possible downgrade following the end of the standstill on the launch of generic Protonix (Pantoprazole) in the US by Teva. Wyeth and Nycomed have since decided to launch their own generics. "Nycomed's cash-flow generation is likely to be materially affected by Protonix generics in the US and credit metrics might be impacted going forward," says Jean-Michel Carayon, a Senior Vice President in Moody's Corporate Finance Group. On the positive side, Moody's observes that Nycomed's operating performance has been strong in 2007, and deleveraging has so far been quicker than had been expected at the time of Moody's upgrade of Nycomed to B1 from B2 in January 2007. This improvement is largely driven by the rapid integration of Altana's operations within Nycomed. Moody's rating review will focus on: (1) the assessment of Nycomed's future sales and profit on Protonix in the US; (2) the development of credit metrics; (3) the liquidity position and in particular whether Nycomed is likely to meet financial covenants going forward; (4) the pipeline valuation; and (5) the management strategy going forward. Moody's currently believes that Nycomed's CFR is unlikely to be downgraded by more than one notch. Moody's previous rating action on Nycomed was the upgrade of Nycomed's CFR to B1 from B2 on Jan. 31, 2007 in conclusion of the review for uncertain initiated when the company announced its intention to acquire ALTANA Pharma AG in September 2006. Headquartered in Zurich, Switzerland, Nycomed group is a pharmaceutical conglomerate combining its traditional core marketing and distribution capabilities together with the R&D expertise of acquired Altana Pharma. Nycomed achieved sales of EUR2.6 billion during the first nine months of 2007. P & S PRINT: Creditors' Liquidation Claims Due by Feb. 11 --------------------------------------------------------- Creditors of LLC P & S Print-Service have until Feb. 11, 2008, to submit their claims to: Werner Herde Liquidator Frohbuhlstrasse 4 8052 Zurich Switzerland The Debtor can be reached at: LLC P & S Print-Service Zurich Switzerland PLANFINANZ CONTACT: Creditors' Liquidation Claims Due by Feb. 11 ---------------------------------------------------------------- Creditors of LLC Planfinanz Contact have until Feb. 11, 2008, to submit their claims to: Dr. Josef Schwerzmann Gotthardstrasse 31 6304 Zug Switzerland The Debtor can be reached at: LLC Planfinanz Contact Zug Switzerland PROMOBILIA LLC: Creditors' Liquidation Claims Due by Feb. 8 ----------------------------------------------------------- Creditors of LLC Promobilia have until Feb. 8, 2008, to submit their claims to: Uhler Walter Liquidator Gartenstrasse 6 8807 Freienbach Hofe SZ Switzerland The Debtor can be reached at: LLC Promobilia Freienbach Hofe SZ Switzerland ============= U K R A I N E ============= DOBROBUT LLC: Claims Filing Deadline Set February 9 --------------------------------------------------- Creditors of Agricultural LLC Dobrobut (code EDRPOU 31936096) have until Feb. 9, 2008, to submit written proofs of claim to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. B-19/276-07. The Debtor can be reached at: Agricultural LLC Dobrobut Krasnoarmeyskaya Str. 11 61052 Kharkov Ukraine GAMAKHIM LLC: Creditors Must File Claims by February 9 ------------------------------------------------------ Creditors of LLC Production Commerce Enterprise Gamakhim (code EDRPOU 30359169) have until Feb. 9, 2008, to submit written proofs of claim to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 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-24/262-07. The Debtor can be reached at: LLC Production Commerce Enterprise Gamakhim Apartment 401 Kosmicheskaya Str. 26 61145 Kharkov Ukraine INDUSTRIAL CAPITAL: Creditors Must File Claims by February 9 --------------------------------------------------------------- Creditors of LLC Industrial Capital (code EDRPOU 25234242) have until Feb. 9, 2008, to submit written proofs of claim to: The Economic Court of Lvov Lichakivska Str. 81 79010 Lvov Ukraine The Economic Court of Lvov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 29/186. The Debtor can be reached at: LLC Industrial Capital Gorodotskaya Str. 299 79040 Lvov Ukraine INTERDIN INTERNATIONAL: Creditors Must File Claims by February 9 ---------------------------------------------------------------- Creditors of Interdin International Movers Ukraine (code EDRPOU 25266644) have until Feb. 9, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kyiv commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 43/778. The Debtor can be reached at: Interdin International Movers Ukraine Sluzhebnaya Str. 5 03142 Kiev Ukraine IRBIS-PLUS LLC: Creditors Must File Claims by February 9 -------------------------------------------------------- Creditors of LLC Joint Ukrainian-Russian Enterprise Irbis-Plus (code EDRPOU 31341262) have until Feb. 9, 2008, to submit written proofs of claim to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 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-24/261-07. The Debtor can be reached at: LLC Joint Ukrainian-Russian Enterprise Irbis-Plus Apartment 67 Poltavsky Shliakh Str. 190 61034 Kharkov Ukraine MONOLIT CJSC: Creditors Must File Claims by February 9 ------------------------------------------------------ Creditors of CJSC Building-Assembly Production Union Monolit (code EDRPOU 13604403) have until Feb. 9, 2008, to submit written proofs of claim to: The Economic Court of Zaporozhje Shaumiana Str. 4 69001 Zaporozhje Ukraine The Economic Court of Zaporozhje commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 19/255/07. The Debtor can be reached at: CJSC Building-Assembly Production Union Monolit Tsilianskaya Str. 1 69008 Zaporozhje Ukraine PK UKRAINIAN: Creditors Must File Claims by February 9 ------------------------------------------------------ Creditors of LLC PK Ukrainian South Building Resource (code EDRPOU 34253719) have until Feb. 9, 2008, to submit written proofs of claim to: The Economic Court of Odessa Shevchenko Avenue 4 65032 Odessa Ukraine The Economic Court of Odessa commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 2/273-07-8983. The Debtor can be reached at: LLC PK Ukrainian South Building Resource Kalantayevskaya Str. 27/33 Odessa Ukraine PROMIN LLC: Creditors Must File Claims by February 9 ---------------------------------------------------- Creditors of Agricultural LLC Promin (code EDRPOU 03788193) have until Feb. 9, 2008, to submit written proofs of claim to: The Economic Court of Hmelnitskij Nezalezhnosti Square 1 29000 Hmelnitskih Ukraine The Economic Court of Hmelnitskij commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. 2/352-B. The Debtor can be reached at: Agricultural LLC Promin Derazhnia District Galuzintsy 32226 Hmelnitsky Ukraine TRUST ARTEMMINEBUILDING: Claims Filing Deadline Set February 9 -------------------------------------------------------------- Creditors of OJSC Trust Artemminebuilding (code EDRPOU 00180717) have until Feb. 9, 2008, to submit written proofs of claim to: The Economic Court of Donetsk Artema Str. 157 83048 Donetsk Ukraine The Economic Court of Donetsk commenced bankruptcy supervision procedure on the company on Dec. 6, 2007. The case is docketed under Case No. 45/259B. The Debtor can be reached at: OJSC Trust Artemminebuilding Gorlovka 84601 Donetsk Ukraine UKRSOTSBANK: Moody's Lifts Debt Ratings on Loan Notes to Ba2 ------------------------------------------------------------ Moody's Investors Service upgraded to Baa2/Prime-2 the local currency long-term debt and deposit ratings of Ukrsotsbank , to D the bank Financial Strength Rating, to Aaa.ua National Scale Rating and to Ba2 (positive outlook) the long-term debt rating of the bank's loan participat