/raid1/www/Hosts/bankrupt/TCREUR_Public/080207.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Thursday, February 7, 2008, Vol. 9, No. 27
Headlines
A U S T R I A
DIPL.-ING. MANFRED: Claims Registration Period Ends March 3
HERMANN FEND: Claims Registration Period Ends February 25
HUNI HANDEL: Claims Registration Period Ends March 18
IG SCHAFFER: Claims Registration Period Ends February 18
LEDERWORLD SCHEIKL: Claims Registration Period Ens February 25
NEZIROSKI LLC: Claims Registration Period Ends March 4
POSCH EDV: Claims Registration Period Ends February 18
SISSWARE HANDEL: Claims Registration Period Ends February 10
TEKI-AKAR: Claims Registration Period Ends February 20
B E L G I U M
CHIQUITA BRANDS: 7-1/2% Noteholders Approve Indenture Amendments
CHIQUITA BRANDS: Mulls Offering US$150 Mln of Conv. Senior Notes
SOLUTIA INC: To Pay DTE US$773,364 to Cure PrePetition Default
SOLUTIA INC: Aims to Assume Wal-Mart Deals Under Terms of Plan
SOLUTIA INC: Wants to Hire Quinn Emanuel as Conflicts Counsel
F R A N C E
BOSTON SCIENTIFIC: Posts US$458 Mln Net Loss in Fourth Qtr. 2007
GOUVY: Goes into Receivership
HARMAN INT'L: Paying US$0.0125 Dividend Per Share on Feb. 20
G E R M A N Y
BIG VERLAG: Claims Registration Period Ends February 26
BUCKEYE TECH: Earns US$13.9 Million in 2nd Qtr. Ended Dec. 31
BURGWINKEL GMBH: Claims Registration Period Ends February 22
DENKMAL BUND: Claims Registration Ends February 29
FORUM TEXTIL: Claims Registration Period Ends February 26
FROEHLICH & KEIL: Claims Registration Period Ends February 25
G & S GMBH: Claims Registration Period Ends February 26
GRUENDER-UND TECHNOLOGIEZENTRUM: Claims Filing Ends February 19
HEALING SPHINX: Claims Registration Ends February 27
HEINRICH VON EICKEN: Claims Period Ends February 20
MULTI SPORT: Claims Registration Period Ends February 20
PPL GMBH: Claims Registration Ends February 29
SEVENTY-ONE GMBH: Claims Registration Period Ends February 25
THAL' ION THALASSO: Claims Registration Ends February 28
UPSIDE GMBH: Claims Registration Period Ends February 15
WINKLER & KOLTER: Claims Registration Ends March 3
WSV OASE: Claims Registration Period Ends February 26
I T A L Y
ALITALIA SPA: Italian and French Unions to Meet Today
ALITALIA SPA: AirOne Readies Binding Offer for Italy's Stake
PARMALAT SPA: Sells Football Club and Brand for EUR17.1 Million
TISCALI SPA: Completes EUR146.6 Million Capital Hike
WIND TELECOMUNICAZIONI: S&P Lifts Ratings on Good Performance
K A Z A K H S T A N
AES CORP: Sells Interests in Kazakhstan Power Pant and Coal Mine
ATAMEKEN LLP: Proof of Claim Deadline Slated for February 28
BIOSFARM LLP: Creditors Must File Claims by March 4
HALYK SAVINGS: Georgia Unit Gets License to Operate
KARAGANDA-NEDRA LLP: Claims Filing Period Ends March 4
MAXIS LLP: Creditors' Claims Due on February 26
PKF TECHNOBUSINESS: Claims Registration Ends February 26
K Y R G Y Z S T A N
ENERGOSNAB LLC: Creditors Must File Claims by February 22
TROYAN-TRADING LTD: Claims Filing Period Ends February 22
N E T H E R L A N D S
E-MAC NL 2004-II: S&P Puts Notes' Rating on Positive CreditWatch
P O L A N D
ELEKTRIM SA: Management Board Suspended; Syska Named as Receiver
R U S S I A
AGRO-SERVICE OJSC:Creditors Must File Claims by February 28
ALROSA CO.: S&P Upgrades Ratings to BB on State Support
BALTSER CJSC: Creditors Must File Claims by February 28
MAGNITOGORSK IRON: Holds 50% Stake in Kazankovskaya Coal Company
MALACHITE LLC: Creditors Must File Claims by March 28
PRODMASH-OREL: Creditors Must File Claims by March 28
RUSSIAN INVESTMENT: S&P Affirms and Withdraws Junk Ratings
ZOLOTOVSKOE CJSC: Creditors Must File Claims by February 28
* Agency Wants Tougher Stance on Bad Bankruptcy
S W I T Z E R L A N D
ACATEX LLC: Creditors' Liquidation Claims Due by Feb. 18
ARACHNE – TEXTILBERATUNG: Creditors Must File Claims by Feb. 18
BAULEITUNGSBURO ALFRED: Creditors Must File Claims by Feb. 15
EURO-MECHANIK LLC: St. Gallen Court Starts Bankruptcy Process
FB NICE: Creditors' Liquidation Claims Due by Feb. 18
MEYER FILMSATZ: Creditors' Liquidation Claims Due by Feb. 18
PGS CONSULTING: Lucerne Court Starts Bankruptcy Proceedings
SALVE LLC: Creditors' Liquidation Claims Due by Feb. 15
T U R K E Y
TURKCELL ILETISIM: Moody's Holds Ba2 Ratings on Good Performance
U K R A I N E
KIEV INSTITUTE: Proofs of Claim Filing Deadline Set February 13
LAGOR-ALPHA LLC: Creditors Must File Claims by February 14
PRAVEX-BANK JSC: Intesa Sanpaolo to Acquire Firm for EUR540 Mln
PRAVEX BANK: Intesa Deal Cues Fitch to Put Ratings on Watch
SPECIAL ELIT: Creditors Must File Claims by February 14
STIMUL-PLUS LLC: Creditors Must File Claims by February 14
U N I T E D K I N G D O M
BEDE & BROOKE: Taps Joint Administrators from Menzies
BRADFORD BULLS: Bankruptcy Likely If Rhinos Prevail in Suit
CHRYSLER LLC: Inks Interim Pact w/ Plastech; Operations Continue
CHRYSLER LLC: Wants to Recover Tooling from Plastech
CLOROX CO: Earns US$92 Million in Fiscal Second Quarter 2007
COOL BRANDS: Brings In Vantis to Administer Assets
CUMMINS INC: Extends ISX Deal with Volvo Trucks North America
DENNIS RUABON: Bank of Scotland Taps Kroll as Receivers
FKI PLC: S&P Puts BB Ratings on Watch on Possible Takeover
GLOBAL POWER: Joint Liquidators Take Over Operations
INTELSAT LTD: Parent Closes Equity Acquisition Deal w/ Serafina
INTELSAT LTD: Proposes 5-1/4% Senior Notes Redemption
INTERFRAME LTD: Appoints Joint Administrators from Deloitte
KJM LOGISTICS: Brings In Liquidators from Tenon Recovery
NEW AGE: Names David Hill as Administrator
NORTHERN ROCK: Olivant's Chance to Rejoin Bid Getting Smaller
PDSVOICE LTD: Taps Liquidators from BDO Stoy Hayward
PROQUAL LTD: Appoints Joint Administrators from Baker Tilly
QUEBECOR WORLD: U.S. Court Okays Donlin Recano as Claims Agent
QUEBECOR WORLD: Justice Mongeon OKs Ernst & Young as Monitor
QUEBECOR WORLD: Court Extends Noteholders' BIA Preference Period
QUEBECOR WORLD: Gets Interim OK to Use US$1 Billion DIP Facility
SEAHUNT LTD: Calls In Liquidators from BDO Stoy Hayward
SHAW GROUP: Unit Bags Environmental Services Pact w/ Waste Mgt.
SUPE LTD: Appoints Liquidators from Tenon Recovery
SYSTEMLINK LTD: Claims Filing Period Ends April 22
WEB LIGHTING: Barclays Bank Appoints Joint Receivers from Kroll
* Begbies Traynor Acquires Shaw Tax to Extend Services Offering
* Moody's Says Further Dollar Decline May Press Sovereign Rtgs
* Beard Group's Featured Conferences
* Beard Audio's February Conference
* Upcoming Meetings, Conferences and Seminars
*********
=============
A U S T R I A
=============
DIPL.-ING. MANFRED: Claims Registration Period Ends March 3
-----------------------------------------------------------
Creditors owed money by LLC Dipl.-ing. Manfred Brandl (FN
56761y) have until March 3, 2008 to file written proofs of claim
to court-appointed estate administrator Arno Lerchbaumer at:
Dr. Arno Lerchbaumer
Marburgerkai 47
8010 Graz
Austria
Tel: 0316/822244-0
Fax: 0316/822244-22
E-mail: office@lerchbaumer.co.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on March 18, 2008 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Graz
Hall K
Room 205
Second Floor
Graz
Austria
Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Jan. 16, 2008 (Bankr. Case No. 40 S 3/08a).
HERMANN FEND: Claims Registration Period Ends February 25
---------------------------------------------------------
Creditors owed money by LLC Hermann Fend (FN 126528x) have until
Feb. 25, 2008 to file written proofs of claim to court-appointed
estate administrator Lukas Pfefferkorn at:
Mag. Lukas Pfefferkorn
c/o Dr. Michael Kaufmann
Schulgasse 7
6850 Dornbirn
Austria
Tel: 05572/20210
Fax: 05572/34414
E-mail: office@ktg.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on March 6, 2008 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Feldkirch
Meeting Room 45
First Floor
Feldkirch
Austria
Headquartered in Altach, Austria, the Debtor declared bankruptcy
on Jan. 15, 2008 (Bankr. Case No. 13 S 6/08z). Michael Kaufmann
represents Mag. Pfefferkorn in the bankruptcy proceedings.
HUNI HANDEL: Claims Registration Period Ends March 18
-----------------------------------------------------
Creditors owed money by LLC HUNI Handel (FN 293162x) have until
March 18, 2008 to file written proofs of claim to court-
appointed estate administrator Josef Ebner at:
Dr. Josef Ebner
Mahlerstrasse 7
1010 Vienna
Austria
Tel: 512 29 94
Fax: 512 29 04
E-mail: ra.ebner@aon.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on April 1, 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 Jan. 16, 2008 (Bankr. Case No. 4 S 5/08z).
IG SCHAFFER: Claims Registration Period Ends February 18
--------------------------------------------------------
Creditors owed money by LLC Ig Schaffer Bau (FN 239534g) have
until Feb. 18, 2008 to file written proofs of claim to court-
appointed estate administrator Barbara Senninger at:
Mag. Barbara Senninger
Kastellstrasse 4
7551 Stegersbach
Austria
Tel: 03326/52423
Fax: 03326/54156
E-mail: office@anwalt-bgld.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on March for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Eisenstadt
Hall F
Eisenstadt
Austria
Headquartered in St. Michael im Burgenland, Austria, the Debtor
declared bankruptcy on Jan. 16, 2008 (Bankr. Case No. 26 S
4/08b).
LEDERWORLD SCHEIKL: Claims Registration Period Ens February 25
--------------------------------------------------------------
Creditors owed money by LLC LEDERWORLD Scheikl (FN 281863f) have
until Feb. 25, 2008 to file written proofs of claim to court-
appointed estate administrator Daniel Lampersberger at:
Mag. Daniel Lampersberger
Esteplatz 4
1030 Vienna
Austria
Tel: 712 33 30-0
Fax: 712 33 30-30
E-mail: kanzlei@engelhart.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on March 10, 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 Jan. 8, 2008 (Bankr. Case No. 38 S 2/08h).
NEZIROSKI LLC: Claims Registration Period Ends March 4
------------------------------------------------------
Creditors owed money by LLC Neziroski (FN 93550z) have until
March 4, 2008 to file written proofs of claim to court-appointed
estate administrator Helmut Platzgummer at:
Dr. Helmut Platzgummer
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 9:00 a.m. on March 18, 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 Jan. 15, 2008 (Bankr. Case No. 38 S 4/08b).
POSCH EDV: Claims Registration Period Ends February 18
------------------------------------------------------
Creditors owed money by LLC Posch EDV (FN 212180f)have until
Feb. 18, 2008 to file written proofs of claim to court-appointed
estate administrator Franz Krainer at:
Dr. Franz Krainer
Herrengasse 19
8010 Graz
Austria
Tel: 0316/822082-0
Fax: 0316/822082-75
E-mail: office@dr-krainer.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on March 4, 2008 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Graz
Room 205
Hall K
Second Floor
Graz
Austria
Headquartered in Graz, Austria, the Debtor declared bankruptcy
on Jan. 8, 2008 (Bankr. Case No. 40 S 2/08d).
SISSWARE HANDEL: Claims Registration Period Ends February 10
------------------------------------------------------------
Creditors owed money by LLC SISSWARE Handel (FN 109315h) have
until Feb. 10, 2008 to file written proofs of claim to court-
appointed estate administrator Clemens Krabatsch at:
Mag. Clemens Krabatsch
Hafergasse 7
4600 Wels
Austria
Tel: 07242/35264
Fax: 07242/35264-14
E-mail: kanzlei.krabatsch@inode.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on Feb. 21, 2008 for the
examination of claims.
The meeting of creditors will be held at:
The Land Court of Wels
Hall 101
First Floor
Maria Theresia Str. 12
Wels
Austria
Headquartered in Wels, Austria, the Debtor declared bankruptcy
on Jan. 8, 2008 (Bankr. Case No. 20 S 2/08g).
TEKI-AKAR: Claims Registration Period Ends February 20
------------------------------------------------------
Creditors owed money by LLC Teki-Akar (FN 229025b) have until
Feb. 20, 2008 to file written proofs of claim to court-appointed
estate administrator Michael Zerobin at:
Dr. Michael Zerobin
Herzog-Leopold-Str. 2
2700 Wiener Neustadt
Austria
Tel: 02622/86472
Fax: 02622/864 724
E-mail: anwalt@zerobin.at
Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on March 6, 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 Wiener Neustadt, Austria, the Debtor declared
bankruptcy on Jan. 16, 2008 (Bankr. Case No. 10 S 117/07w).
=============
B E L G I U M
=============
CHIQUITA BRANDS: 7-1/2% Noteholders Approve Indenture Amendments
----------------------------------------------------------------
Chiquita Brands International Inc. disclosed that as of 5:00
p.m., New York City time, on Feb. 4, 2008, the requisite number
of consents had been received from the holders of its 7-1/2%
senior notes due 2014 to amend provisions in the indenture
governing the Notes regarding the company's ability to incur
certain liens.
The consent solicitation was undertaken in connection with a
proposed refinancing of the company's senior credit facility
which is intended to lower interest expense, extend maturities
and add additional covenant flexibility. Consents may no longer
be revoked, except as set forth in the Consent Solicitation
Statement.
The consent solicitation expired at 5:00 p.m., New York City
time, on Monday, Feb. 4, 2008. The company offered a consent
fee of US$20.00 per US$1,000 principal amount of Notes to each
holder of record as of Jan. 25, 2008, who delivered a valid
consent prior to the Expiration Time.
The company's obligation to pay the consent fee is conditioned,
among other things, on the consummation of a senior unsecured
convertible notes transaction raising gross proceeds of not less
than US$125 million on or before Feb. 15, 2008, and other
conditions.
The company also has entered into a fully underwritten
commitment with Cooperatieve Centrale Raiffeisen -
Boerenleenbank B.A., "Rabobank Nederland," New York branch to
refinance the company's existing US$200 million revolving credit
facility and a portion of the company's existing US$326 million
Term Loan C.
Pursuant to the terms of the commitment letter and subject to
certain other conditions, Rabobank committed to provide a six-
year US$200 million senior secured revolving credit facility and
a six-year US$200 million senior secured term loan facility to
the company. The ultimate size of the new credit facilities may
be less than the committed amounts.
The agreement governing the new credit facilities would contain
two material financial maintenance covenants, an operating
company leverage ratio and a fixed charge coverage ratio, both
of which will be set at levels that provide significant added
flexibility.
The holding company leverage covenant that is part of the
existing senior secured facility would not be part of the new
facility. Funding of the new credit facilities is subject to the
issuance of US$150 million aggregate principal amount of senior
unsecured convertible notes, which would reduce the Term Loan C
so that the remaining balance could be refinanced with the new
term loan and the negotiation, execution and delivery of
definitive documentation for the new credit facilities, among
other conditions.
About Chiquita Brands International Inc.
Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads. The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks. Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.
* * *
Chiquita Brands International Inc. continues to carry Moody's
Investors Service's B3 long term corporate family and Caa2
senior unsecured debt ratings which were placed on Nov. 6, 2006.
The outlook is negative.
CHIQUITA BRANDS: Mulls Offering US$150 Mln of Conv. Senior Notes
----------------------------------------------------------------
Chiquita Brands International Inc. intends to offer, subject to
market and other conditions, a new issue of US$150 million of
Convertible Senior Notes due 2016 under the company's existing
shelf registration statement. The Notes will be unsecured
unsubordinated obligations of the company and will be
convertible under specified circumstances.
The company intends to use the net proceeds from the offering to
repay a portion of the outstanding amounts under the Term Loan C
of the company's senior secured credit facility.
Goldman, Sachs & Co. and Morgan Stanley & Co. are the joint
book-running managers for the offering. A prospectus relating to
the offering may be obtained from:
Goldman, Sachs & Co.
Prospectus Department,
85 Broad Street
New York, NY 10004
Fax (212) 902-9316
Email prospectus-ny@ny.email.gs.com.
A prospectus may also be obtained from:
Morgan Stanley & Co.
Prospectus Department
180 Varick Street
New York, NY 10014
Tel 1-866-718-1649
Email prospectus@morganstanley.com.
About Chiquita Brands International Inc.
Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- markets and
distributes fresh food products including bananas and nutritious
blends of green salads. The company markets its products under
the Chiquita(R) and Fresh Express(R) premium brands and other
related trademarks. Chiquita employs approximately 25,000
people operating in more than 70 countries worldwide, including
Belgium, Columbia, Germany, Panama, Philippines, among others.
* * *
Chiquita Brands International Inc. continues to carry Moody's
Investors Service's B3 long term corporate family and Caa2
senior unsecured debt ratings which were placed on Nov. 6, 2006.
The outlook is negative.
SOLUTIA INC: To Pay DTE US$773,364 to Cure PrePetition Default
--------------------------------------------------------------
Solutia Inc., and Detroit Edison Company, doing business as DTE
Energy, are parties to:
-- an energy purchase agreement for the sale and supply of
electric power, as amended;
-- a general service water agreement; and
-- an amended and restated steam services agreement.
Solutia is seeking to assume the DTE Contracts with a proposed
cure amount of US$327,917. DTE objected to Solutia's assumption
of
the contracts and asserted that US$773,364 was the prepetition
amount due and owing by Solutia under the DTE Contracts.
The parties have agreed that Solutia will pay US$773,364 to cure
any and all remaining prepetition defaults under the DTE
Contracts. Upon approval from the U.S. Bankruptcy Court for the
Southern District of New York of the Stipulation, DTE's
Objection will be deemed withdrawn, with prejudice, without any
further action from the parties.
Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.
Solutia has operations in Malaysia, China, Singapore, Belgium,
and Colombia.
The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel. Trumbull Group
LLC is the Debtor's claims and noticing agent. Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.
On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement. On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan. The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007. On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan. (Solutia Bankruptcy News, Issue No. 116;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
* * *
As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'B+' loan
rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion
senior secured term loan and a '3' recovery rating, indicating
the likelihood of a meaningful (50%-70%) recovery of principal
in the event of a payment default. The ratings are based on
preliminary terms and conditions. S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.
Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.
SOLUTIA INC: Aims to Assume Wal-Mart Deals Under Terms of Plan
--------------------------------------------------------------
Solutia Inc. and its debtor-affiliates intend to assume certain
executory contracts with Wal-Mart Stores Inc., pursuant to the
terms of the Debtors' confirmed Fifth Amended Joint Plan of
Reorganization.
In the ordinary course of operating under the Wal-Mart
Contracts, Wal-Mart may be entitled to take credits or
contractual adjustments for defective products, rebates or other
contractually permitted items that are currently unknown or that
will accrue after the date of the Debtors' assumption of the
Wal-Mart Contracts.
The parties have agreed that notwithstanding the proposed cure
amounts of the contracts, Wal-Mart and its subsidiaries and
affiliates are allowed to assert in the ordinary course any
chargebacks that are currently unknown or that will accrue after
the Assumption Date pursuant to the terms of the Wal-Mart
Contracts without regard to the date on which Wal-Mart or its
subsidiary or affiliate purchased the product giving rise to the
Chargeback.
Nothing in the Stipulation constitutes a waiver of the Debtors'
rights to dispute any Chargeback for reasons other than that the
claims were not made before the Assumption Date.
About Wal-Mart
Wal-Mart Stores Inc. (NYSE: WMT) -- http://www.walmart.com/--
operates retail stores in various formats around the world. The
company operates through three segments: Wal-Mart Stores
segment, which includes Supercenters, Discount Stores and
Neighborhood Markets, Sam's Club segment and International
segment. The Wal-Mart Stores segment consists of three
different traditional retail formats, all of which operate in
the United States, and Wal-Mart's online retail format,
walmart.com. The Sam's Club segment consists of membership
warehouse clubs, which operate in the United States, and the
segment's online retail format, samsclub.com. At Jan. 31, 2007,
its International segment consisted of retail operations in 12
countries and Puerto Rico. In October 2006, the company
disposed of its South Korean and German operations.
About Solutia Inc.
Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide. Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.
The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel. Trumbull Group
LLC is the Debtor's claims and noticing agent. Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.
On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement. On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan. The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007. On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan. (Solutia Bankruptcy News, Issue No. 116;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
* * *
As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'B+' loan
rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion
senior secured term loan and a '3' recovery rating, indicating
the likelihood of a meaningful (50%-70%) recovery of principal
in the event of a payment default. The ratings are based on
preliminary terms and conditions. S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.
Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.
SOLUTIA INC: Wants to Hire Quinn Emanuel as Conflicts Counsel
-------------------------------------------------------------
Solutia Inc., and its Debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's authority to
employ Quinn Emanuel Urquhart Oliver & Hedges LLP, as their
special litigation and conflicts counsel for matters arising in
or related to the Debtors' Chapter 11 cases, nunc pro tunc to
Jan. 22, 2008.
According to Rosemary L. Klein, general counsel of Solutia and
an authorized officer of each of the other Debtors, because of
Quinn Emanuel's experience in matters concerning complex
bankruptcy and commercial litigation, the firm is well-suited to
deal effectively with many of the potential legal issues that
may arise in the Debtors' Chapter 11 cases.
Ms. Klein tells the Court that attorneys at Quinn Emanuel have
served as counsel to the debtors, trustees or creditors
committees in numerous bankruptcy cases, including American Home
Mortgage Holdings Inc., Enron, Fruit of the Loom, K-Mart and
Parmalat.
As special counsel, Quinn Emanuel will:
(a) advise the Debtors regarding their ability to initiate
actions to protect their rights under certain Oct. 25,
2007 Commitment Letter -- with respect to Solutia's exit
financing -- and related documents and enforce the
Commitment Parties' legally binding commitments for the
benefit of their estates;
(b) advise the Debtors regarding their ability to initiate
actions to protect their rights as against the Debtors'
postpetition lenders; and
(c) commence and conduct any and all litigation necessary or
appropriate to assert rights held by the Debtors, protect
assets of the Debtors' Chapter 11 estates or otherwise
further the goal of completing the Debtors' successful
reorganization.
The Debtors will pay Quinn Emanuel in accordance with its
standard hourly rates and reimburse the firm of actual and
necessary expenses. The firm informs the Court that its rates
are subject to period adjustment to reflect economic and other
conditions. The firm's current hourly rates are:
Partners US$660 - US$950
Other Attorneys US$380 - US$950
Legal Assistants US$250 - US$280
Susheel Kirpalani, Esq., a member of Quinn Emanuel, relates that
the firm is not currently representing any of the creditors
listed on the Debtors' 50 largest unsecured creditors list on
any matters relating to the Debtors. He continues that the firm
has represented, currently represents and will continue to
represent entities that are claimants of, or interest holders in
the Debtors, in matters completely unrelated to the Debtors or
their Chapter 11 cases.
Mr. Kirpalani discloses that Quinn Emanuel has represented, or
represents, these entities:
-- Deutsche Bank Securities Inc.: The firm represents
Deutsche Bank in another bankruptcy case. Deutsche Bank
waived any potential conflict of interest that might
arise from Quinn Emanuel's commencement of litigation
against Deutsche Bank in unrelated matters; and
-- Teachers Insurance and Annuity Association of America:
TIAA became the beneficial owner of an unsecured claim
against Solutia. Following a Court-approved settlement
with Solutia in 2005, TIAA became the holder of an
allowed unsecured claim. Quinn Emanuel's representation
of TIAA ceased upon approval of the settlement.
Quinn Emanuel has not, does not, and will not represent any
entities or any of their respective affiliates or subsidiaries,
in matters related to the Debtors, their Chapter 11 cases, or
other matters directly adverse to the Debtors during the
pendency of their cases, Mr. Kirpalani assures the Court.
Mr. Kirpalani asserts that the firm is a disinterested person,
as the term is defined by Section 101(14) of the Bankruptcy
Code.
About Solutia Inc.
Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide. Solutia
has operations in Malaysia, China, Singapore, Belgium, and
Colombia.
The company and 15 debtor-affiliates filed for chapter 11
protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).
When the Debtors filed for protection from their creditors, they
listed US$2,854,000,000 in assets and US$3,223,000,000 in debts.
Solutia is represented by Richard M. Cieri, Esq., Jonathan S.
Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis
LLP, in New York, as lead bankruptcy counsel, and David A.
Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders
LLP, in St. Louis Missouri, as special counsel. Trumbull Group
LLC is the Debtor's claims and noticing agent. Daniel H.
Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq.,
at Akin Gump Strauss Hauer & Feld LLP represent the Official
Committee of Unsecured Creditors, and Derron S. Slonecker at
Houlihan Lokey Howard & Zukin Capital provides the Creditors'
Committee with financial advice. The Official Committee of
Retirees of Solutia, Inc., et al., is represented by Daniel D.
Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq.,
at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and
Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott
Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in
Birmingham, Alabama.
On Feb. 14, 2006, the Debtors filed their Reorganization Plan &
Disclosure Statement. On May 15, 2007, they filed an Amended
Reorganization Plan and on July 9, 2007, filed a 2nd Amended
Reorganization Plan. The Bankruptcy Court approved the Debtors'
amended Disclosure Statement on Oct. 19, 2007. On Oct. 22,
2007, the Debtor re-filed a Consensual Plan & Disclosure
Statement and on Nov. 29, 2007, the Court confirmed the Debtors'
Consensual Plan. (Solutia Bankruptcy News, Issue No. 116;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
* * *
As reported in the Troubled Company Reporter-Europe on Dec. 11,
2007, Standard & Poor's Ratings Services assigned its 'B+' loan
rating to Solutia Inc.'s (D/--/--) proposed US$1.2 billion
senior secured term loan and a '3' recovery rating, indicating
the likelihood of a meaningful (50%-70%) recovery of principal
in the event of a payment default. The ratings are based on
preliminary terms and conditions. S&P also assigned its 'B-'
rating to the company's proposed US$400 million unsecured notes.
Standard & Poor's expects to assign its 'B+' corporate credit
rating to Solutia if the company and its subsidiaries emerge
from Chapter 11 bankruptcy proceedings in early 2008 as planned.
S&P expect the outlook to be stable.
===========
F R A N C E
===========
BOSTON SCIENTIFIC: Posts US$458 Mln Net Loss in Fourth Qtr. 2007
----------------------------------------------------------------
Boston Scientific Corporation disclosed financial results for
the fourth quarter and full year ended Dec. 31, 2007, as well as
guidance for net sales for the first quarter of 2008.
Fourth quarter highlights:
-- Achieved record net sales of US$2.152 billion, both
exceeding most recently issued guidance
-- Grew cardiac rhythm management (CRM) sales 11 percent
-- Achieved 10 percent overall sales growth in product lines
excluding drug-eluting stents and CRM
-- Maintained leading position in the worldwide drug-eluting
stents market
-- Launched restructuring program to reduce expenses and head
count
-- Received CE Mark approvals for the use of the TAXUS(R)
Liberte(TM) stent system in diabetic patients, the
CONFIENT(TM) ICD and the LIVIAN(TM) CRT-D
"The turn that began last quarter continued this quarter, with
strong adjusted earnings and record sales," said Boston
Scientific President and Chief Executive Officer, Jim Tobin.
"For the year, we made substantial progress toward our goals of
increasing shareholder value, restoring profitable sales growth
and strengthening Boston Scientific for the future. We
implemented a series of initiatives designed to focus and
simplify our business, including expense and head count
reductions and the sale of non-strategic assets. We reported
record sales, and we achieved the leadership position in the
global stent market. Perhaps our most meaningful progress came
in quality, where we revolutionized our approach and changed our
culture. Many of the steps we took in 2007 will help position
us for the challenges and opportunities of 2008 and beyond. In
2008, those opportunities are expected to include the
introduction of a number of important new CRM products, the
lifting of the Corporate Warning Letter, the approval of the
TAXUS Liberte and PROMUS(TM) stent systems by the FDA, and the
launch of profitable new products across our businesses."
Fourth Quarter 2007
Net sales for the fourth quarter of 2007 were US$2.152 billion,
as compared to US$2.065 billion for the fourth quarter of 2006.
Worldwide sales of the company's drug-eluting coronary stent
systems were US$435 million, as compared to US$506 million.
United States sales of drug-eluting coronary stent systems were
US$224 million, as compared to US$329 million. International
sales of drug-eluting coronary stent systems were US$211
million, as compared to US$177 million. Worldwide sales of
coronary stent systems were US$496 million, as compared to
US$550 million. U.S. sales of coronary stent systems were
US$250 million, as compared to US$347 million. International
sales of coronary stent systems were US$246 million, as compared
to US$203 million.
Worldwide sales of the company's CRM business for the fourth
quarter of 2007 were US$544 million, which included US$396
million of implantable cardioverter defibrillator (ICD) sales,
as compared to worldwide CRM sales of US$489 million for the
fourth quarter of 2006, which included US$356 million of ICD
sales. U.S. CRM sales were US$347 million, which included
US$266 million of ICD sales, as compared to US$320 million,
which included US$250 million of ICD sales. International CRM
sales were US$197 million, which included US$130 million of ICD
sales, as compared to US$169 million, which included US$106
million of ICD sales.
Reported net loss for the fourth quarter of 2007 was US$458
million. Reported results included acquisition, divestiture,
litigation and restructuring-related charges and amortization
expense (pre-tax) of US$939 million, which consisted of:
-- US$208 million, primarily non-cash, associated with the
write down of goodwill in connection with business
divestitures;
-- US$8 million of other net acquisition-related charges;
-- US$365 million attributable to estimated potential losses
associated with patent litigation involving the company's
Interventional Cardiology business;
-- US$184 million of restructuring charges associated with
the company's expense and head count reduction
initiatives; and
-- US$174 million of amortization expense.
Adjusted net income for the quarter, excluding these charges and
amortization expense, was US$355 million.
Reported net income for the fourth quarter of 2006 was US$277
million. Reported results included charges associated with the
company's 2006 acquisition of Guidant Corporation and
amortization expense (pre-tax) of US$197 million. Adjusted net
income for the fourth quarter of 2006, excluding these charges
and amortization expense, was US$442 million.
Full Year 2007
Net sales for the full year 2007 were US$8.357 billion, as
compared to US$7.821 billion in 2006. Worldwide sales of the
company's drug-eluting coronary stent systems were US$1.788
billion, as compared to US$2.358 billion. U.S. sales of drug-
eluting coronary stent systems were US$1.006 billion, as
compared to US$1.561 billion. International sales of drug-
eluting coronary stent systems were US$782 million, as compared
to US$797 million. Worldwide sales of coronary stent systems
were US$2.027 billion, as compared to US$2.506 billion. U.S.
sales of coronary stent systems were US$1.110 billion, as
compared to US$1.613 billion. International sales of coronary
stent systems were US$917 million, as compared to US$893
million.
Worldwide sales of the company's CRM business in 2007 were
US$2.124 billion, which included US$1.542 billion of ICD sales,
as compared to US$1.371 billion in 2006, which included US$988
million of ICD sales. On a pro forma basis for 2006 -- as
though the company had acquired Guidant on Jan. 1, 2006 -- CRM
sales were US$2.026 billion, which included US$1.473 billion of
ICD sales. U.S. CRM sales in 2007 were US$1.371 billion, which
included US$1.053 billion of ICD sales, as compared to U.S. CRM
sales of US$908 million, which included US$696 million of ICD
sales. Pro forma U.S. CRM sales were US$1.358 billion, which
included US$1.053 billion of ICD sales. International CRM sales
in 2007 were US$753 million, which included US$489 million of
ICD sales, as compared to international CRM sales of US$463
million, which included US$292 million of ICD sales. Pro forma
international CRM sales were US$668 million, which included
US$420 million of ICD sales.
Reported net loss for 2007 was US$495 million. Reported results
for 2007 included acquisition, divestiture, litigation and
restructuring-related charges, and amortization expense (pre-
tax) of US$1.9 billion, which consisted of:
-- US$560 million, primarily non-cash, associated with the
write down of goodwill in connection with business
divestitures;
-- US$85 million in-process research and development write
offs, related primarily to the company's acquisition of
Remon Medical Technologies, Inc.;
-- US$37 million related to the company's acquisition of
Guidant;
-- US$365 million attributable to estimated potential losses
associated with patent litigation involving the company's
Interventional Cardiology business;
-- US$184 million of restructuring charges associated with
the company's expense and head count reduction
initiatives; and
-- US$641 million of amortization expense.
Adjusted net income for 2007, excluding these charges and
amortization expense, was US$1.2 billion.
Reported net loss for 2006 was US$3.6 billion. Reported results
for 2006 included acquisition-related charges and amortization
expense (pre-tax) of US$5.2 billion. Adjusted net income for
2006, excluding these charges and amortization expense, was
US$1.4 billion.
Guidance for First Quarter 2008
The company estimates net sales for the first quarter of 2008 of
between US$1.96 billion and US$2.08 billion. Adjusted earnings,
excluding acquisition, divestiture, litigation and
restructuring-related charges, and amortization expense, are
estimated to range between US$0.15 and US$0.20 per share. The
company estimates net income on a GAAP basis of between US$0.13
and US$0.18 per share.
Full-year 2008 sales guidance will be provided during the
company's conference call with analysts today, Feb. 6, 2008.
About Boston Scientific
Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties. The company
has offices in Argentina, Chile, France, Germany, and Japan,
among others.
* * *
Boston Scientific carries Standard and Poor's Ratings Services'
'BB+' corporate credit rating with a negative outlook.
GOUVY: Goes into Receivership
-----------------------------
Gouvy has gone into receivership, the Financial Times Ltd.
Reports citing Les Echos. Despite the move however, the report
adds, the company is still optimistic specially with its order
doubling in the past year.
Based in Dieulouard (Meurthe-et-Moselle), Gouvy is an
agricultural machinery specialist. The company reported annual
sales of EUR9 million.
HARMAN INT'L: Paying US$0.0125 Dividend Per Share on Feb. 20
------------------------------------------------------------
Harman International Industries, Incorporated declared a cash
dividend of US$0.0125 cents per share for the second quarter
ended Dec. 31, 2007.
The quarterly dividend will be paid on Feb. 20, 2008 to each
stockholder of record as of the close of business on Feb. 6,
2008.
As reported in the Troubled Company Reporter on Jan. 15, 2008,
The company is implementing a series of strategic initiatives to
optimize its global footprint in manufacturing, engineering and
sourcing, to drive profitable growth and to enhance shareholder
value. The company promised to provide further details on these
initiatives.
About Harman International
Based in Washington, D.C., Harman International Industries Inc.
(NYSE: HAR) -- http://www.harman.com/-- manufactures, designs
and markets a range of audio and infotainment products for the
automotive, consumer and professional markets. The company
maintains a presence in the Americas, Europe and Asia and
employs more than 10,500 people worldwide. The Harman
International family of brands spans some 15 leading names
including AKG, Audioaccess, Becker, BSS, Crown, dbx, DigiTech,
DOD, Harman Kardon, Infinity, JBL, Lexicon, Mark Levinson,
Revel, QNX, Soundcraft and Studer. 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
=============
BIG VERLAG: Claims Registration Period Ends February 26
-------------------------------------------------------
Creditors of BIG Verlag GmbH have until Feb. 26, 2008 to
register their claims with court-appointed insolvency manager
Stefan Roth.
Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on April 16, 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 Ludwigshafen am Rhein
Meeting Hall 13
Wittelsbachstr. 10
67061 Ludwigshafen am Rhein
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Stefan Roth
Bachstr. 5-7
68165 Mannheim
Germany
The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against BIG Verlag GmbH on Jan. 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
BIG Verlag GmbH
Attn: Michael Zamora, Manager
Bruchwiesenstrasse 21
67059 Ludwigshafen
Germany
BUCKEYE TECH: Earns US$13.9 Million in 2nd Qtr. Ended Dec. 31
-------------------------------------------------------------
Buckeye Technologies Inc. reported net income of US$13.9 million
on net sales of US$211.0 million for the second quarter ended
Dec. 31, 2007, compared with net income of US$3.8 million on net
sales of US$185.0 million in the same period of 2006.
Chairman and chief executive officer John B. Crowe said, "We had
an exceptional quarter. Second quarter net sales were up 14.0%
compared to the same period last year. Sales of US$211.0
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."
Liquidity and Capital Resources
At Dec. 31, 2007, the company had US$23.6 million of cash and
cash equivalents and US$112.9 million borrowing capacity on its
revolving credit facility. The portion of this capacity that
the company may borrow, if any, will depend on our financial
results and ability to comply with certain borrowing conditions
under the revolving credit facility. As of Dec. 31, 2007, the
company's liquidity, including available borrowings and cash
and cash equivalents, was approximately US$136.5 million.
Balance Sheet
At Dec. 31, 2007, the company's consolidated balance sheet
showed US$983.0 million in total assets, US$580.8 million in
total liabilities, and US$402.2 million in total stockholders'
equity.
Full-text copies of the company's consolidated financial
statements for the quarter ended Dec. 31, 2007, are available
for free at http://researcharchives.com/t/s?27be
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.
* * *
To date, Buckeye Technologies Inc. carries Moody's Investors
Service's B1 corporate family rating with a stable outlook.
BURGWINKEL GMBH: Claims Registration Period Ends February 22
------------------------------------------------------------
Creditors of Burgwinkel GmbH & Co. KG have until Feb. 22, 2008,
to register their claims with court-appointed insolvency manager
Dr. Joerg Bornheimer.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 2, 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 Bonn
Hall S 2.22
Second Stock
William-Strasse 21
53111 Bonn
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. Joerg Bornheimer
Sporergasse 7
50667 Cologne
Germany
Tel: 0221-2726 120
Fax: 0221-2726 1299
The District Court of Bonn opened bankruptcy proceedings against
Burgwinkel GmbH & Co. KG on Jan. 18, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Burgwinkel GmbH & Co. KG
Krahwinkeler Str. 1
53797 Lohmar
Germany
DENKMAL BUND: Claims Registration Ends February 29
--------------------------------------------------
Creditors of Denkmal Bund monument service GmbH & Co. KG have
until Feb. 29, 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 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 Koblenz
Hall 123
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 Denkmal Bund monument service GmbH & Co. KG on
Jan. 22, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Denkmal Bund monument service GmbH & Co. KG
Schloss Martinsburg
56112 Lahnstein
Germany
FORUM TEXTIL: Claims Registration Period Ends February 26
---------------------------------------------------------
Creditors of Forum Textil GmbH have until Feb. 26, 2008 to
register their claims with court-appointed insolvency manager
Peter Staroselski.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 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 Bonn
Hall S 2.22
Second Stock
William-Strasse 21
53111 Bonn
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 Staroselski
Godesberger Allee 125-127
53175 Bonn
Germany
Tel: 8100045
Fax: 8100020
The District Court of Bonn opened bankruptcy proceedings against
Forum Textil GmbH on Jan. 18, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
Forum Textil GmbH
Attn: Andreas Koch, Manager
Koblenzer Str.133
53177 Bonn
Germany
FROEHLICH & KEIL: Claims Registration Period Ends February 25
-------------------------------------------------------------
Creditors of Froehlich & Keil GmbH have until Feb. 25, 2008, to
register their claims with court-appointed insolvency manager
Dr. Peter Neu.
Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on March 17, 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:
Dr. Peter Neu
Elberfelder Strasse 39
42853 Remscheid
Germany
Tel: 02191/499 18-10
Fax: 02191/499 18-50
The District Court of Wuppertal opened bankruptcy proceedings
against Froehlich & Keil GmbH on Jan. 24, 2008. Consequently,
all pending proceedings against the company have been
automatically stayed.
The Debtor can be reached at:
Froehlich & Keil GmbH
Fuerberger Str. 18
42857 Remscheid
Germany
G & S GMBH: Claims Registration Period Ends February 26
-------------------------------------------------------
Creditors of G & S GmbH have until Feb. 26, 2008 to register
their claims with court-appointed insolvency manager Ruediger
Bauch.
Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.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 Stendal
Hall 112
Albrecht der Bar
Scharnhorststrasse 40
39576 Stendal
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 Bauch
Schleinufer 11
39104 Magdeburg
Germany
Tel: 0391/5354-0
Fax: 0391/5354-100
The District Court of Stendal opened bankruptcy proceedings
against G & S GmbH on Jan. 18, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
G & S GmbH
Attn: Frank Schulz, Manager
Alte Dorfstrasse 54
39539 Havelberg
Germany
GRUENDER-UND TECHNOLOGIEZENTRUM: Claims Filing Ends February 19
---------------------------------------------------------------
Creditors of Gruender-und Technologiezentrum Landsberg GmbH have
until Feb. 19, 2008 to register their claims with court-
appointed insolvency manager Arndt Geiwitz.
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 Augsburg
Meeting Hall 162
Alten Einlass 1
86150 Augsburg
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:
Arndt Geiwitz
c/o Schneider Geiwitz & Partner
Eserwallstr. 1-3
86150 Augsburg
Germany
The District Court of Augsburg opened bankruptcy proceedings
against Gruender-und Technologiezentrum Landsberg GmbH on
Jan. 23, 2008. Consequently, all pending proceedings against
the company have been automatically stayed.
The Debtor can be reached at:
Gruender-und Technologiezentrum Landsberg GmbH
Hinterer Anger 300
86899 Landsberg
Germany
HEALING SPHINX: Claims Registration Ends February 27
----------------------------------------------------
Creditors of HEALING SPHINX GmbH have until Feb. 27, 2008 to
register their claims with court-appointed insolvency manager
Dr. Martin Gitzinger.
Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Saarbruecken
Meeting Hall 24
Second Floor
Vopeliusstrasse 2
66280 Sulzbach
Germany
The Court will also verify the claims set out in the insolvency
manager's report at 9:25 a.m. on the same date at the same
venue, while creditors may constitute a creditors' committee or
opt to appoint a new insolvency manager.
The insolvency manager can be reached at:
Dr. Martin Gitzinger
Grosser Markt 8
66740 Saarlouis
Germany
Tel: 06831-93090
Fax: 06831-930930
The District Court of Sulzbach opened bankruptcy proceedings
against HEALING SPHINX GmbH on Jan. 23, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
HEALING SPHINX GmbH
Wallerfanger Str. 23
66740 Saarlouis
Germany
Attn: Peter Odermatt, Manager
Massholtern
CHE-6373 Ennetbuergen
Germany
HEINRICH VON EICKEN: Claims Period Ends February 20
---------------------------------------------------
Creditors of Heinrich von Eicken GmbH have until Feb. 20, 2008
to register their claims with court-appointed insolvency manager
Vereidigter Buchpruefer und Steuerberater Wolfgang Lorisch.
Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on April 1, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Bochum
Hall A 29
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:
Vereidigter Buchpruefer und
Steuerberater Wolfgang Lorisch
Kurt-Schumacher-Strasse 48
45699 Herten
Germany
The District Court of Bochum opened bankruptcy proceedings
against Heinrich von Eicken GmbH on Jan. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Heinrich von Eicken GmbH
Attn: Rainer Werners, Manager
Am Kraeuterhof 8
45699 Herten
Germany
MULTI SPORT: Claims Registration Period Ends February 20
--------------------------------------------------------
Creditors of Multi Sport Consult GmbH have until Feb. 20, 2008
to register their claims with court-appointed insolvency manager
Manfred Gottschalk.
Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on April 1, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Bochum
Hall A 29
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:
Manfred Gottschalk
Kirchender Dorfweg 14
58313 Herdecke
Germany
The District Court of Bochum opened bankruptcy proceedings
against Multi Sport Consult GmbH on Jan. 22, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Multi Sport Consult GmbH
Attn: Uwe Davids, Manager
Am Plan 30
15831 Grossbeeren
Germany
PPL GMBH: Claims Registration Ends February 29
----------------------------------------------
Creditors of PPL GmbH have until Feb. 29, 2008 to register their
claims with court-appointed insolvency manager Hubertus Bange.
Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on April 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 Osnabrueck
Hall N 303
Kollegienwall 10
49074 Osnabrueck
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Hubertus Bange
Kardinal-von-Galen-Str. 5
48268 Greven
Germany
Tel: 02571/8650
Fax: 02571/8645
The District Court of Osnabrueck opened bankruptcy proceedings
against PPL GmbH on Jan. 18, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
PPL GmbH
Strubbergskamp 11
49086 Osnabrueck
Germany
Attn: Holger Sommerkamp, Manager
Strubbergskamp 11
49086 Osnabrueck
Germany
SEVENTY-ONE GMBH: Claims Registration Period Ends February 25
-------------------------------------------------------------
Creditors of Seventy-One GmbH have until Feb. 25, 2008 to
register their claims with court-appointed insolvency manager
Eberhard Stock.
Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on March 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Kleve
Meeting Hall C 58
Ground Floor
Schlossberg 1
47533 Kleve
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:
Eberhard Stock
Wilhelmshofallee 75
47800 Krefeld
Germany
Tel: 02151/5813 0
Fax: 02151/5813 134
The District Court of Kleve opened bankruptcy proceedings
against Seventy-One GmbH on Jan. 24, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Seventy-One GmbH
Groenlandstrasse 31
46446 Emmerich am Rhein
Germany
THAL' ION THALASSO: Claims Registration Ends February 28
--------------------------------------------------------
Creditors of Thal' ion Thalasso Cosmetics GmbH have until
Feb. 28, 2008 to register their claims with court-appointed
insolvency manager Dr. Martin Dreschers.
Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on April 22, 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 Aachen
Meeting Hall D 1.409
First Floor
Adalbertsteinweg 92
52070 Aachen
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Martin Dreschers
Juelicher Strasse 116
52070 Aachen
Germany
Tel: 0241/94618-0
Fax: 0241/533562
The District Court of Aachen opened bankruptcy proceedings
against Thal' ion Thalasso Cosmetics GmbH on Jan. 16, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.
The Debtor can be reached at:
Thal' ion Thalasso Cosmetics GmbH
Stiftstrasse 6-8
52062 Aachen
Germany
Attn: Andre Jean Marie Prigent, Manager
Sitftstrasse 6-8
52062 Aachen
Germany
UPSIDE GMBH: Claims Registration Period Ends February 15
--------------------------------------------------------
Creditors of UPSIDE GmbH have until Feb. 15, 2008 to register
their claims with court-appointed insolvency manager Dr. Ulrich
Graf.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on March 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.
The meeting of creditors will be held at:
The District Court of Bayreuth
Meeting Hall 520
Friedrichstr. 18
Bayreuth
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Dr. Ulrich Graf
Rathenaustrasse 7
95444 Bayreuth
Germany
Tel: 0921/75933-0
Tel: 0921/75933-50
The District Court of Bayreuth opened bankruptcy proceedings
against UPSIDE GmbH on Jan. 28, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.
The Debtor can be reached at:
UPSIDE GmbH
Attn: Mike Thomas, Manager
Sophienstr. 13
95444 Bayreuth
Germany
WINKLER & KOLTER: Claims Registration Ends March 3
--------------------------------------------------
Creditors of Winkler & Kolter Elektro- und Fernmeldetechnik GmbH
have until March 3, 2008 to register their claims with court-
appointed insolvency manager Claudia Jansen.
Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on April 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 Frankfurt (Main)
Hall 2
Building F
Klingerstrasse 20
60313 Frankfurt (Main)
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Claudia Jansen
Bockenheimer Landstrasse 20, D
60323 Frankfurt/Main
Germany
Tel: 069/4272686-5270
Fax: 069/42726865555
The District Court of Frankfurt am Main opened bankruptcy
proceedings against Winkler & Kolter Elektro- und
Fernmeldetechnik GmbH on Dec. 31, 2007. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
Winkler & Kolter Elektro- und Fernmeldetechnik GmbH
Sontraer Strasse 1
Frankfurt am Main
Germany
Attn: Klaus Stegmann, Manager
Thomas-Mann-Ring 19
Dietzenbach
Germany
WSV OASE: Claims Registration Period Ends February 26
-----------------------------------------------------
Creditors of WSV Oase GmbH have until Feb. 26, 2008 to register
their claims with court-appointed insolvency manager Axel
Gerbers.
Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on March 7, 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 Vechta
Hall 129
Main Building
Kapitelplatz 8
49377 Vechta
Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.
The insolvency manager can be reached at:
Axel Gerbers
Soegestrasse 70
28195 Bremen
Germany
Tel: 0421/178998-0
Fax: 0421/178998-11
E-mail: bremen@jnp.de
Web site: http://www.jnp.de/
The District Court of Vechta opened bankruptcy proceedings
against WSV Oase GmbH on Jan. 16, 2008. Consequently, all
pending proceedings against the company have been automatically
stayed.
The Debtor can be reached at:
WSV Oase GmbH
Doeller Damm 23
49429 Visbek
Germany
=========
I T A L Y
=========
ALITALIA SPA: Italian and French Unions to Meet Today
-----------------------------------------------------
Unions representing employees at Alitalia S.p.A. will meet their
counterparts at Air France-KLM S.A. today, Feb. 7, 2008, at
Fiumicino airport in Rome, Italy, Agenzia Giornalistica Italia
reports.
Confirmed to attend the meeting are Alitalia's CGIL, CISL and
UIL unions. Also invited to attend are other Italian and French
unions, as well as professional associations.
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 until mid-March to reach an agreement, which
would be approved by the government.
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.
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: AirOne Readies Binding Offer for Italy's Stake
------------------------------------------------------------
AirOne S.p.A. and a group of local investors are preparing a
binding offer to acquire the Italian government's 49.9% stake in
Alitalia S.p.A., Bloomberg News reports.
AirOne told Bloomberg News that its offer will be financially
backed by Intesa Sanpaolo S.p.A., Goldman Sachs Group Inc.,
Morgan Stanley and Nomura Holdings Plc.
According to local daily MF, TPG Inc. and Pirelli & S.p.A.
chairman Marco Tronchetti Provera may join AirOne in its
Alitalia bid.
AirOne said it would present an offer once it won its appeal at
the Italian Regional Administration Court of Lazio. As reported
in the TCR-Europe on Feb. 5, 2008, AP Holding S.p.A., investment
arm of AirOne, has filed an appeal with the court to declare
null and void a Dec. 28, 2007, decision of Italy's Ministry of
Economy and Finance to commence exclusive talks to sell the
Italy's stake to Air France.
According to Bloomberg News, AirOne winning the suit would allow
it to present its binding offer for the state-owned carrier.
AirOne chairman Carlo Toto insisted in mid-January that it
presented more economical offer for Alitalia, noting that its
business plan for the national carrier is supported by "four
among the world's most important banks that are ready to
formalize their commitment immediately should a private
negotiation be initiated."
"We don't want to halt the talks," a source privy to AP Holding
told Reuters. "We also want to be able to present a binding
offer."
"There are still many questions open so we don't think the game
is over," Corrado Passera, who leads AirOne financial backer
Intesa Sanpaolo S.p.A., told Corriere della Sera. "Everything
still has to be sorted out."
Alitalia and Italy have selected Air France-KLM's non-binding
offer over AirOne's.
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 until mid-March to reach an agreement, which
would be approved by the government.
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.
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: Sells Football Club and Brand for EUR17.1 Million
---------------------------------------------------------------
Enrico Bondi, the Extraordinary Commissioner for Parmalat
S.p.A., has sold Parma FC, the Italian football club, for
EUR4,500,000, and its club brand for EUR12,600,000, to Eventi
Sportivi, The Financial Times reported.
Tommaso Ghirardi, Parma's chairman, now controls 20% of Eventi
Sportivi, The Financial Times said. Damas Srl is the main
shareholder, and other investors include Banca Monte Parma, as
well as Gabriella Pasotti and Brixia Incipit.
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 $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. (Parmalat Bankruptcy News, Issue
No. 97; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
TISCALI SPA: Completes EUR146.6 Million Capital Hike
----------------------------------------------------
Tiscali S.p.A. successfully concluded its rights issue approved
by the board of directors on Nov. 16, 2007, and Jan. 10, 2008,
pursuant to the delegation by the shareholders' meeting on
Aug. 31, 2007.
During the preemption rights offer period, between Jan. 14,
2008, and Feb. 1, 2008, 415,312,737 preemption rights have been
subscribed, corresponding to a total of 146,580,966 new Tiscali
ordinary shares, or 97.85% of the total 149,792,880 Tiscali
ordinary shares offered, for a total issue value of
EUR146,580,966.
The shareholder Renato Soru has underwritten 37,448,220 new
shares corresponding to 25% of the offer for a total issue size,
corresponding to a value of EUR37,448,220.
At the end of the pre-emption period, the unsubscribed rights
were 9,100,423, valid to subscribe a total of 3,211,914 Tiscali
ordinary shares, for a total value of EUR3,211,914.
The preemption rights unexercised during the offer period will
be offered on the stock market by Tiscali, in accordance with
Article 2441 of the Italian Civil Code, through Banca IMI S.p.A.
on Feb. 11-15, 2008.
The option rights can be utilized to underwrite new Tiscali
ordinary shares for a nominal value of EUR0.50 each, regular
dividend rights, for the price of EUR1 per share, at a ratio of
six newly issued shares for every 17 options rights. The rights
to subscribe new ordinary shares will have to be exercised by
Feb. 19, 2008.
About Tiscali
Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country. The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.
Tiscali posted consecutive net losses for the past years: EUR5.5
million in 1999, EUR101 million in 2000, EUR1.66 billion in
2001, EUR593.1 million in 2002, EUR242.4 million in 2003,
EUR131.8 million in 2004, EUR12.9 million in 2005, and EUR103.6
million in 2006. It posted EUR3.88 million in net losses on
EUR614.33 million in net revenues for the nine months ended
Sept. 30, 2007.
WIND TELECOMUNICAZIONI: S&P Lifts Ratings on Good Performance
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating to 'BB-' from 'B+' on Italy's second-
largest integrated alternative telecoms operator, Wind
Telecomunicazioni SpA. The outlook is stable.
The one-notch upgrade also applies to Wind's secured and
unsecured debt. The recovery ratings on this debt are unchanged,
at '2' for the senior secured credit facilities and '3' for the
junior-lien bonds, indicating that lenders can expect
substantial (70%-90%) and meaningful (50%-70%) recovery,
respectively, in the event of a payment default.
"The upgrade reflects the group's continued good performance and
sustained cash flow generation, which enabled the prepayment of
EUR492 million of senior debt in December 2007," said Standard &
Poor's credit analyst Leandro de Torres Zabala.
The upgrade also takes into account Wind's supportive trading
prospects. Wind expects to be at the top end of the range of,
or outperform, its initial 2007 EBITDA guidance of EUR1.75
billion to EUR1.78 billion. Free operating cash flow
generation was strong during the first nine months of 2007, at
about EUR448 million.
Importantly, the ratings benefit from the tight restrictions
included in the documentation of the current senior bank loan
facilities.
"These restrictions provide us with comfort with respect to the
evolution of Wind's leverage as long as the current capital
structure remains in place," said Mr. de Torres.
The 'BB-' rating is constrained by Wind's high financial
leverage, with gross net debt to EBITDA of about 4.9x on a
Standard & Poor's-adjusted basis, pro forma for the EUR492 debt
million prepayment and including the EUR1.86 billion payment-in-
kind loan located at Wind's parent company, Wind Acquisition
Holdings Finance SpA. Gross unadjusted debt totaled EUR8.7
billion at Sept. 30, 2007, on the same basis. The size of and
high interest charge on WAHF's PIK loan, in particular,
constrain Wind's corporate credit quality. The presence of a
EUR962 million vendor note at Weather Investments SpA's parent
company, Weather Investments II S.ar.l., adds further complexity
and uncertainty.
"We expect Wind to continue performing strongly -- particularly
in mobile -- resulting in robust FOCF generation that the group
will primarily dedicate to reducing its still-high debt levels,"
said Mr. de Torres.
The current rating does not factor in any cash upstreaming from
Wind or Wind's parent company to fund the outstanding
EUR962 million vendor note at the Weather Investments II S.ar.l.
level. This is consistent with the current legal documentation
of Wind's and WAHF's debt instruments, which prohibits
such upstreaming.
===================
K A Z A K H S T A N
===================
AES CORP: Sells Interests in Kazakhstan Power Pant and Coal Mine
----------------------------------------------------------------
The AES Corporation has agreed to sell its interests in the AES
Ekibastuz power plant and Maikuben West coal mine in Kazakhstan
to Kazakhmys PLC, Kazakhstan's largest producer of copper and
one of the leading copper producers in the world. AES will
maintain its ownership and operation of its other facilities
located in Eastern Kazakhstan, which include thermal and hydro
generation capacity of approximately 2,688 MW and a distribution
business with over 400,000 customers.
AES will receive consideration of US$1.1 billion at closing and
will have the opportunity to receive, over three years,
additional consideration of up to US$381 million under earn-out
provisions, a management fee and a capital expenditure program
bonus, for a total consideration of up to US$1.48 billion. The
management agreement duration is three years and runs through
December 2010.
"This transaction is a good example of how active portfolio
management can create opportunities to increase value for our
shareholders," Paul Hanrahan, president and chief executive
officer of AES, said. "At the same time, we will maintain an
important presence in the growing Kazakhstan market."
Ekibastuz, a coal-fired power plant with current available
capacity of approximately 2,250 MW, and Maikuben, a coal mine,
are both located in Northern Kazakhstan. AES acquired its
initial interests in Ekibastuz and Maikuben in 1996 and 2001,
respectively. Since 1996, AES has invested over US$200 million
in modernization programs bringing into operation more than
2,000 MW of generation capacity at Ekibastuz.
The sale is subject to certain regulatory and third-party
approvals and to customary purchase price adjustments. The
transaction is expected to close in second quarter 2008.
Kazakhmys has its corporate headquarters in London and
operations in Kazakhstan and Germany.
About AES Corp.
AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Europe, Africa, Asia and
the Caribbean countries. Specifically, it has operations
in India and Kazakhstan. Generating 44,000 megawatts of
electricity through 124 power facilities, the company delivers
electricity through 15 distribution companies.
* * *
As reported in the Troubled Company Reporter-Europe on Nov. 22,
2007, The AES Corporation (AES: B1 Corporate Family Rating) has
completed its previously announced offer to purchase up to
US$1.24 billion of outstanding senior notes. While no ratings
changed as a result, the LGD point estimate on its senior
secured credit facilities were revised to LGD 1, 2%, from LGD 1,
3%, its second priority secured notes to LGD 3, 38% from LGD 3,
41% and its senior unsecured notes to LGD 4, 53% from LGD 4,
57%.
In October 2007, Moody's Investors Service affirmed The AES
Corporation's Corporate Family Rating at B1 and the senior
unsecured rating assigned to its new senior unsecured notes
offering at B1 following its upsizing to US$2 billion from
US$500 million. LGD assessments are subject to change pending
the final capital structure.
At the same time, Fitch Ratings assigned a 'BB/RR1' rating to
AES Corporation's US$500 million issue of senior unsecured notes
due 2017. AES' long-term Issuer Default Rating is rated 'B+' by
Fitch. Fitch said the rating outlook is stable.
ATAMEKEN LLP: Proof of Claim Deadline Slated for February 28
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Atameken insolvent.
Creditors have until Feb. 28, 2008 to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of Akmola
Room 228
Auelbekov Str. 139a
Kokshetau
Akmola
Kazakhstan
BIOSFARM LLP: Creditors Must File Claims by March 4
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Biosfarm insolvent.
Creditors have until March 4 to submit written proofs of claims
to:
The Specialized Inter-Regional
Economic Court of Karaganda
Jambyl Str. 9
Karaganda
Kazakhstan
HALYK SAVINGS: Georgia Unit Gets License to Operate
------------------------------------------- -------
JSC Halyk Bank Georgia, subsidiary organization of JSC Halyk
Savings Bank of Kazakhstan in Georgia, received a license to
carry out banking operations in the territory of Georgia
(License number 0110246 for the execution of entrepreneurial
activities, as foreseen by the Law of Georgia 'On activities of
commercial banks') on January 29, 2008.
The creation of subsidiary organization in Georgia is in line
with Halyk Bank's 2008-2010 strategy and offers Halyk Bank
further exposure to an attractive market which has benefited
from significant economic growth in recent years.
According to the World Bank, Georgia is one of the leading
countries in the CIS for successfully implementing reforms to
assist the conduct of business in the country. Increasing
foreign direct investments into Georgia are supported by
liberal economic reforms, competitive trade regulation, a
liberal tax regime, privatization programs, modernization of the
licensing system, strategic geo-positioning of the country, and
a competitive banking sector.
JSC Halyk Bank Georgia will offer a full range of high quality
banking products and financial services, operating in all market
segments, and specifically targeting corporate and investment
banking for large corporate customers by offering a competitive
service in line with leading local and foreign banks.
Headquartered in Almaty, Kazakhstan, Halyk Bank --
http://www.halykbank.kz/-- is the largest universal second-tier
bank of Kazakhstan.
* * *
As of February 6, 2008, JSC Halyk Savings Bank of Kazakhstan
carries a Ba1 foreign long-term deposits rating, and a D bank
financial strength rating from Moody's with a negative outlook.
Halyk holds a BB+ long-term foreign issuer credit rating, BB+
long-term local issuer credit rating, B short-term issuer credit
rating and a B short-term local issuer credit rating from
Standard and Poor's with a negative outlook.
The bank has a BB+ long-term foreign currency issuer default
rating, BB+ senior unsecured debt rating, B short-term foreign
currency issuer default rating, F3 short-term local currency
issuer default rating and a C/D individual rating from Fitch
with a negative outlook.
KARAGANDA-NEDRA LLP: Claims Filing Period Ends March 4
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Karaganda-Nedra insolvent.
Creditors have until March 4 to submit written proofs of claims
to:
The Specialized Inter-Regional
Economic Court of Karaganda
Jambyl Str. 9
Karaganda
Kazakhstan
MAXIS LLP: Creditors' Claims Due on February 26
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Maxis 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
PKF TECHNOBUSINESS: Claims Registration Ends February 26
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP PKF Technobusiness insolvent.
Creditors have until Feb. 26, 2008 to submit written proofs of
claims to:
The Specialized Inter-Regional
Economic Court of East Kazakhstan
Utepov Str. 31/4-54
Ust-Kamenogorsk
East Kazakhstan
Kazakhstan
Tel: 8 (3232) 24-29-03
===================
K Y R G Y Z S T A N
===================
ENERGOSNAB LLC: Creditors Must File Claims by February 22
---------------------------------------------------------
LLC Energosnab has declared insolvency. Creditors have until
Feb. 22, 2008 to submit written proofs of claim.
Inquiries can be addressed to (+996 312) 92-36-26.
TROYAN-TRADING LTD: Claims Filing Period Ends February 22
---------------------------------------------------------
LLC Troyan-Trading Ltd. has declared insolvency. Creditors have
until Feb. 22, 2008 to submit written proofs of claim to:
LLC Troyan-Trading Ltd.
Toktogul Str. 244-21
Bishkek
Kyrgyzstan
Tel: (+996 312) 65-29-88
=====================
N E T H E R L A N D S
=====================
E-MAC NL 2004-II: S&P Puts Notes' Rating on Positive CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed on CreditWatch with
positive implications its credit ratings on the subordinate
classes of notes issued by E-MAC NL 2004-II B.V. At the same
time, the senior class A notes remain unaffected by the
CreditWatch placements.
This CreditWatch positive placements follow an initial review of
the most recent information received for each transaction by
Standard & Poor's.
This analysis showed that the likelihood of positive rating
actions has increased for all the classes listed below. 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 has received loan-level data for this
transaction and 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, issued in December 2004, are backed by portfolios of
mortgage loans made to individuals located in The Netherlands.
Ratings List
E-MAC NL 2004-II B.V.
EUR613.05 Million Mortgage-Backed Floating-Rate Notes
Rating
Class To From
----- -- ----
B A/Watch Pos A
C BBB+/Watch Pos BBB+
D BBB/Watch Pos BBB
E BB+/Watch Pos BB+
===========
P O L A N D
===========
ELEKTRIM SA: Management Board Suspended; Syska Named as Receiver
----------------------------------------------------------------
Elektrim S.A.'s management board has been suspended by the court
and Jozef Syska appointed as its receiver, the Financial Times
Ltd. reports citing Polish News Bulletin.
The bondholders had earlier requested that Syska also be
dismissed. Despite denial of that plea, bondholders are still
satisfied with the decision noting that it will “enable stricter
control” over Elektrim's property as well as enable them to
reach a possible settlement agreement, the Warsaw Business
Journal disclosed citing bondholders spokesperson, Miros?aw
Obarski.
French Vivendi however, a creditor and debtor of Elektirm,
Polish News relates, says that Syska didn't do anything to
clarify the situation in the company or secure the interest of
the creditors. Citing Vivendi advisor Aleksander Kobecki, the
report says that Syska instead has made only one decision and
that was agreeing to a EUR40 million payout to the bondholders
in order for the company to sell some assets.
As reported in the Troubled Company Reporter - Europe on Nov. 9,
2007, the company filed for bankruptcy protection in a
court in Warsaw on Aug. 10, 2007, after its second debt
restructuring talks with bondholders failed.
About Elektrim S.A.
Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses. In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.
===========
R U S S I A
===========
AGRO-SERVICE OJSC:Creditors Must File Claims by February 28
-----------------------------------------------------------
Creditors of OJSC Agro-Service have until Feb. 28, 2008, to
submit proofs of claim to:
M. Sotnik
Insolvency Manager
Tsvetochnaya Str. 1B
410009 Saratov
Russia
Tel: (8452) 793993
The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A-57-23295/07-31.
The Court is located at:
The Arbitration Court of Saratov
Babushkin Vvoz 1
Saratov
Russia
The Debtor can be reached at:
OJSC Agro-Service
Tatishevo
412170 Saratov
Russia
ALROSA CO.: S&P Upgrades Ratings to BB on State Support
-------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russian diamond miner ALROSA Co. Ltd.
to 'BB' from 'BB-'. The outlook is stable.
The rating action follows the decision of the company's
shareholder meeting to issue new equity, with the Russian
government set to become Alrosa's majority shareholder.
"Given the Russian state's focus on increasing its control over
strategic industries, the upgrade reflects our view that a
controlling stake in Alrosa indicates the government's higher
commitment to supporting the company if necessary and to
controlling its strategy more closely," said Standard &
Poor's credit analyst Elena Anankina.
The government's ability to provide financial support through
growing state-owned financial institutions has risen
considerably in recent years, and Alrosa has been enjoying
large, although uncommitted, lines from these institutions. The
shareholding change will also reduce the substantial royalties
the company pays to the Republic of Sakha (Yakutia). Alrosa
previously paid about RUR10.5 billion (about US$0.4 billion)
annually, but this reduced to RUR5.0 billion in 2007 and is set
to be cancelled in 2009.
"Nevertheless, Alrosa remains an autonomously run commercial
company," Ms. Anankina added. "Although core to its region, its
systemic importance to the country's economy is considerably
lower than that of some other entities."
The rating on Alrosa is therefore based on a "bottom-up"
methodology. S&P assess the company's stand-alone credit
quality at 'BB-' and add one notch for potential extraordinary
state support.
Standard & Poor's expects that Alrosa's free cash flow will be
limited in the next three years because of the heavy investments
needed to switch to underground mining. At the same time,
production will be broadly stable or even somewhat declining.
Alrosa should, however, benefit from relatively favorable prices
due to limited supply increments globally, while demand for
diamonds has proved to be relatively resilient to global
economic conditions.
The rating will be most likely driven by the company's stand-
alone credit characteristics, particularly its cash flow
pattern. The rating and outlook assume no large-scale debt-
financed acquisitions. If such acquisitions were to occur, or
if Alrosa were to demonstrate a more ambitious strategy
regarding noncore investments, this could pressure the rating or
outlook, unless more tangible state support offsets the risks of
higher leverage.
BALTSER CJSC: Creditors Must File Claims by February 28
-------------------------------------------------------
Creditors of CJSC Baltser have until Feb. 28, 2008, to submit
proofs of claim to:
M. Sotnik
Insolvency Manager
Tsvetochnaya Str. 1B
410009 Saratov
Russia
Tel: (8452) 793993
The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A-57-24520/07-31.
The Court is located at:
The Arbitration Court of Saratov
Babushkin Vvoz 1
Saratov
Russia
The Debtor can be reached at:
CJSC Baltser
Nekrasovo of Krasnoarmeyskiy
Saratov
Russia
MAGNITOGORSK IRON: Holds 50% Stake in Kazankovskaya Coal Company
----------------------------------------------------------------
OJSC Magnitogorsk Iron &Steel Works has acknowledged transfer of
title to a 50% share package of ZAO Kazankovskaya Coal Company
from OOO MetAl.
The transfer occurred as part of the procedure of a voluntary
liquidation of OOO MetAl, a 100% subsidiary of MMK. The 50%
package, earlier owned by MetAl, was transferred to MMK as the
only participant in the company under liquidation.
The liquidation of MetAl is taking place in the context of a
plan to optimize the MMK Group's structure for the purpose of
improving the efficiency of the group's assets management.
About Magnitogorsk Iron
Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and
Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market. MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel. About half of the Company's output is exported
worldwide.
* * *
As of Dec. 5, 2007, Magnitogorsk Iron and Steel Works carries
Moody's Investor's Service's Ba2 corporate family rating.
Moody's said the outlook for both ratings is stable.
Magnitogorsk Iron also carries BB Issuer Default and senior
unsecured ratings from Fitch Ratings, which said the Outlook is
Stable.
The company also carries a BB Issuer Rating from Standard and
Poor's.
MALACHITE LLC: Creditors Must File Claims by March 28
-----------------------------------------------------
Creditors of LLC Malachite (TIN 1435137500) have until March 28,
2008, to submit proofs of claim to:
N. Mamrukov
Insolvency Manager
Krupskoj Str. 35
Yakutsk
677007 Sakha-Yakutiya
Russia
The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A58-3298/07.
The Court is located at:
The Arbitration Court of Sakha-Yakutiya
Kurashova Str. 28
677000 Sakha-Yakutiya
Russia
The Debtor can be reached at:
LLC Malachite
Chepalova Str. 47/2
Yakutsk
Sakha-Yakutiya
Russia
PRODMASH-OREL: Creditors Must File Claims by March 28
-----------------------------------------------------
Creditors of CJSC Prodmash-Orel have until March 28, 2008, to
submit proofs of claim to:
I. Maslov
Insolvency Manager
3rd Floor
Priborostroitelnaya Str. 13
302040 Orel
Russia
The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent. The case is
docketed under Case No. A48-2690/07-16b.
The Court is located at:
The Arbitration Court of Orel
Gorkogo Str. 42
302000 Orel
Russia
The Debtor can be reached at:
CJSC Prodmash-Orel
Gorkogo Str. 17b
Orel
Russia
RUSSIAN INVESTMENT: S&P Affirms and Withdraws Junk Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'CCC+' long-term
and 'C' short-term counterparty credit ratings on Russian
Investment Bank CIT Finance. The ratings were subsequently
withdrawn at the bank's request.
At the same time, the ratings on CIT's two outstanding issues of
senior unsecured ruble-denominated bonds RUB2 billion bond due
March 23, 2010, and RUB2 billion callable bond due Dec. 18, 2008
were affirmed and then also withdrawn.
"As a result of the withdrawal, CIT will no longer be subject to
Standard & Poor's review," said Standard & Poor's credit analyst
Elena Romanova.
ZOLOTOVSKOE CJSC: Creditors Must File Claims by February 28
-----------------------------------------------------------
Creditors of CJSC Zolotovskoe have until Feb. 28, 2008, to
submit proofs of claim to:
M. Sotnik
Insolvency Manager
Tsvetochnaya Str. 1B
410009 Saratov
Russia
Tel: (8452) 793993
The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent. The
case is docketed under Case No. A-57-24595/07-31.
The Court is located at:
The Arbitration Court of Saratov
Babushkin Vvoz 1
Saratov
Russia
The Debtor can be reached at:
CJSC Zolotovskoe
Zolotoe of Krasnoarmeyskiy
Saratov
Russia
* Agency Wants Tougher Stance on Bad Bankruptcy
-----------------------------------------------
The Deposit Insurance Agency has submitted a draft to the
Finance Ministry regarding amendments on numerous Russian laws
in order to implement tougher punishment for bad bankruptcy, the
Financial Times relates citing Interfax News Agency.
One of the proposals of the agency, according to Interfax, is to
amend the Banks and Banking Activities Law in order to require
banks to have copies of bookkeeping and other documents of a
credit institution. The banks must also have an electronic
database or have reserve copies of the documents. The liability
of a bank's failure to comply with these requirement would fall
on the bank's governor.
The Central Bank would be the one to set up the protocols needed
to make and store the copies of electronic databases, the report
adds. The agency also proposes to empower the Central Bank to
set bookkeeping rules for the state-run Development and Foreign
Trade Bank (Vneshekonombank) corporation, Interfax relates.
Amendments to the Crediting Institution Insolvency (Bankruptcy)
Law wherein managers of a bankrupt bank could face a secondary
liability for not properly storing documents is also being
proposed.
Further, the agency would also like to amend the Penal Code and
make bank governors accountable for concealing assets and incur
a prison term of up to eight years with a RUR1 million fine.
=====================
S W I T Z E R L A N D
=====================
ACATEX LLC: Creditors' Liquidation Claims Due by Feb. 18
--------------------------------------------------------
Creditors of LLC Acatex have until Feb. 18, 2008, to submit
their claims to:
JSC Virtue Trustees (Switzerland)
Liquidator
Muhlemattstrasse 56
Mail box: 5001
Aarau AG
Switzerland
The Debtor can be reached at:
LLC Acatex
Glarus
Switzerland
ARACHNE – TEXTILBERATUNG: Creditors Must File Claims by Feb. 18
---------------------------------------------------------------
Creditors of JSC Arachne-Textilberatung und Vermittlung have
until Feb. 18, 2008, to submit their claims to:
Urs Hausheer
Liquidator
Untermuli 6
6300 Zug
Switzerland
The Debtor can be reached at:
JSC Arachne-Textilberatung und Vermittlung
Zug
Switzerland
BAULEITUNGSBURO ALFRED: Creditors Must File Claims by Feb. 15
-------------------------------------------------------------
Creditors of LLC Bauleitungsburo Alfred Lenz have until Feb. 15,
2008, to submit their claims to:
LLC Bauleitungsburo Alfred Lenz
Schafgasslein 8
4058 Basel
Switzerland
EURO-MECHANIK LLC: St. Gallen Court Starts Bankruptcy Process
-------------------------------------------------------------
The Bankruptcy Service of St. Gallen commenced bankruptcy
proceedings against LLC Euro-Mechanik on Jan. 10, 2008.
The Bankruptcy Service of St. Gallen can be reached at:
Bankruptcy Service of St. Gallen
Branch Buchs, Urs Hartmann
9471 Buchs SG
Switzerland
The Debtor can be reached at:
LLC Euro-Mechanik
Nollenstrasse 19
9443 Widnau
Rheintal SG
Switzerland
FB NICE: Creditors' Liquidation Claims Due by Feb. 18
-----------------------------------------------------
Creditors of LLC Fb nice & clean have until Feb. 18, 2008, to
submit their claims to:
Bosshard Franziska
Tscharnerstrasse 12
3007 Bern
Switzerland
The Debtor can be reached at:
LLC Fb nice & clean
Bern
Switzerland
MEYER FILMSATZ: Creditors' Liquidation Claims Due by Feb. 18
------------------------------------------------------------
Creditors of JSC Meyer Filmsatz have until Feb. 18, 2008, to
submit their claims to:
Reto Hunziker
Benz & Partner
Hauptstrasse 49
Mail box: 494
5734 Reinach AG
Switzerland
The Debtor can be reached at:
JSC Meyer Filmsatz
Birrwil
Kulm AG
Switzerland
PGS CONSULTING: Lucerne Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Service of Luzern-Stadt in Lucerne commenced
bankruptcy proceedings against LLC PGS Consulting on Dec. 5,
2007.
The Bankruptcy Service of Luzern-Stadt can be reached at:
Bankruptcy Service of Luzern-Stadt
6000 Lucerne 5
Switzerland
The Debtor can be reached at:
LLC PGS Consulting
Frankenstrasse 9
6003 Lucerne
Switzerland
SALVE LLC: Creditors' Liquidation Claims Due by Feb. 15
-------------------------------------------------------
Creditors of LLC Salve have until Feb. 15, 2008, to submit their
claims to:
Bartenbach Wilhelm
Santisstrasse 7
8964 Rudolfstetten
Bremgarten AG
Switzerland
The Debtor can be reached at:
LLC Salve
Widen
Bremgarten AG
Switzerland
===========
T U R K E Y
===========
TURKCELL ILETISIM: Moody's Holds Ba2 Ratings on Good Performance
----------------------------------------------------------------
Moody's Investors Service affirmed the Ba2 foreign currency and
Ba2 domestic currency corporate family ratings of Turkcell
Iletisim Hizmetleri A.S., but changed the outlook to positive
from stable.
"The change in outlook to positive reflects Turkcell's robust
operational and financial performance mainly underpinned by its
solid subscriber growth (up 13%) and increasing ARPU levels (up
8.2% in local currency terms) during the 3rd quarter of 2007 as
compared to the comparable period of 2006, which together
resulted in a 29% revenue growth in US dollar terms on a
comparable interim 9 month basis (taking into account the
positive impact of the appreciation of the Turkish lira against
the US dollar); improved profitability despite intensified
competition in the market; its conservatively leveraged capital
structure supported by its strong and sustainable cash flow
generation capacity in the absence of any major investments in
2007 (e.g. in international expansion or 3G); and the positive
momentum in its Ukraine investment" says Ayse Kayral, lead
analyst for Turkcell at Moody's.
More cautiously, Moody's Ba2 rating on Turkcell continues to
factor in:
(i) the expectation of a more competitive market in 2008 with
the implementation of Mobile Number Portability and given
that penetration levels are rapidly approaching
saturation, which together might threaten the
sustainability of Turkcell's revenue and EBITDA growth;
(ii) its continuing appetite for international expansion and
the uncertainty surrounding the scale and timing of
potential investment opportunities;
(iii) the accelerated capital expenditure program in 2008
including broadband and 3G investments should Turkcell
acquire a 3G license;
(iv) residual uncertainties in the ownership structure which,
in Moody's view, could impose limitations on setting and
carrying out sustainable business strategies and
financial policies, although day-to-day operations do not
appear to have been impacted to date; and
(v) a shareholder remuneration policy that may evolve towards
a higher dividend payout ratio.
The Ba2 rating continues to incorporate substantial flexibility
for strategic investments noting that the company has a
conservatively leveraged capital structure with US$740 million
in on-balance sheet debt and US$2.5 billion cash and cash
equivalents as of the third quarter of 2007. Although in
Moody's opinion this could change going forward should Turkcell
apply its financial flexibility to:
(i) broadening the range of its operations beyond Turkey
and/or
(ii) increasing the dividend payout ratio, the positive
outlook reflects Moody's expectation that its capital
structure will be managed conservatively on a sustainable
basis.
The positive outlook on the rating assumes that while
potentially accelerated capital investment requirements together
with other potential cash outflows such as tax and dividend
payments may result in negative free cash flow over the short
term, the company would be expected to return to a position of
reporting positive underlying free cash flow fairly quickly. To
the extent that fx-denominated indebtedness were to increase,
Turkcell's future exposure to foreign currency fluctuations
would also correspondingly rise, adding a risk not currently
considered to be a major factor for the company. However,
Moody's expects that were that to be the case, Turkcell would
appropriately hedge itself against foreign currency risks.
Provided that the company
(i) continues its solid revenue and EBITDA growth;
(ii) retains its leading market position on a sustainable
basis;
(iii) successfully and fairly quickly integrates the new
business should the company invest in international
expansion;
(iv) retains some portion of its liquidity at levels that
would enable it to compete actively and to invest in
technology; and
(v) maintains conservative leverage parameters such that
Total Adjusted Debt/Adjusted EBITDA remains below 2.0
times while providing greater visibility with respect to
shareholder remuneration policies over the next 12 to 18
months, further upward pressure on the rating would
develop.
Conversely, an increase in leverage beyond Moody's current
expectations entailing a deterioration of the credit profile, a
significant weakening of the market position due to competitive
pressures, and aggressive financial policies would likely exert
negative pressure on the ratings.
Headquartered in Istanbul, Turkey, Turkcell is the leading GSM
operator with a 57% market share in terms of the number of
subscribers. The company provides high-quality mobile voice and
data services through its own GSM network, with 34.8 million
subscribers as of September 2007. The company also operates in
the Ukraine through its indirect subsidiary Astelit; in
Azerbaijan, Kazakhstan, Georgia and Moldova through its
associate Fintur; and in Northern Cyprus through its wholly-
owned subsidiary Kibris Telekom. In September 2007, the company
reported revenues of US$4.5 billion and EBITDA of US$1.9 billion
under IFRS.
=============
U K R A I N E
=============
KIEV INSTITUTE: Proofs of Claim Filing Deadline Set February 13
---------------------------------------------------------------
Creditors of LLC Kiev Institute of Geopolitics, Economics and
Management (code EDRPOU 25635811) have until Feb. 13, 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 Kiev commenced the bankruptcy supervision
procedure on the company. The case is docketed as 15/782-b.
The Debtor can be reached at:
LLC Kiev Institute of Geopolitics,
Economics and Management
L. Ukrainka Boulevard 24
Apartment 20
01133 Kiev
Ukraine
LAGOR-ALPHA LLC: Creditors Must File Claims by February 14
----------------------------------------------------------
Creditors of LLC Lagor-Alpha (code EDRPOU 35106158) have until
Feb. 14, 2008, to submit written proofs of claim to:
The Economic Court of Nikolaev
Admiralskaya Str. 22
54009 Nikolaev
Ukraine
The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent on Jan. 9, 2008.
The case is docketed as 2/806/07.
The Debtor can be reached at:
LLC Lagor-Alpha
Morskaya Str. 45
Bolshaya
Nikolaev
Ukraine
PRAVEX-BANK JSC: Intesa Sanpaolo to Acquire Firm for EUR540 Mln
---------------------------------------------------------------
The controlling shareholders of JSC Pravex Bank and Intesa
Sanpaolo S.p.A. have signed an agreement for the acquisition of
100% of the share capital of Pravex.
The transaction is expected to be completed in the next few
months after the receipt of the relevant approvals both in Italy
and Ukraine.
This acquisition enables to effectively enter the large market
of Ukraine, a country with approximately 47 million inhabitants,
due to the unique characteristics of Pravex, a commercial bank
entirely dedicated to retail banking activities with households,
through a network of about 560 own branches representing the
sixth largest network in the country, over 2,000 point-of-sale
consumer finance kiosks in major commercial retails chains, and
about 280 ATM machines.
At closing, Intesa Sanpaolo will pay a countervalue of
approximately EUR504 million at the current exchange rate
(US$750,000,000). Total consideration shall also include a post
closing dollar for dollar adjustment to be based on Pravex’s
IFRS net book value at the date of completion.
With this acquisition, the Intesa Sanpaolo Group continues
implementing its strategy of selective expansion in Central and
South-Eastern Europe and the Mediterranean Basin, where it
already enjoys strategic coverage through its local retail and
commercial subsidiaries with more than 1,200 branches serving
about 7.2 million customers in 12 countries:
* Albania (ranking second with American Bank of Albania),
* Bosnia and Herzegovina (ranking fifth with UPI Banka),
* Croatia (ranking second with Privredna Banka Zagreb),
* Czech Republic (with the Prague branch of VUB),
* Egypt (ranking sixth with Bank of Alexandria),
* Greece (with the Athens and Thessaloniki branches of ABA),
* Hungary (ranking second with Central-European
International Bank - CIB),
* Romania (with Intesa Sanpaolo Bank Romania),
* Russian Federation (with KMB Bank, a leading bank in the
segment of small enterprises),
* Serbia (ranking first with Banca Intesa Beograd),
* Slovakia (ranking second with Vseobecna Uverova Banka),
and
* Slovenia (ranking seventh with Banka Koper).
Intesa Sanpaolo is also present in this area through a
specialist network focused on corporate banking to facilitate
the cross-border activities of its customers which is made up of
the Athens branch, the representative offices in Beirut, Cairo,
Casablanca, Istanbul, Moscow, Prague, Tunis and Warsaw and the
subsidiary ZAO Banca Intesa, the only Italian bank with an
operating licence in the Russian Federation set up at the end of
2003.
Headquartered in Kiev, Ukraine, JSC Pravex-Bank
-- http://en.pravex.com/-- provides personal, mortgage, and
auto loans and revolving credit cards and is one of the three
major Ukrainian providers of point-of-sale consumer finance to
approximately 1.2 million clients. Pravex is unique in Ukraine
in that its customer loans portfolio is entirely funded by
customers’ deposits.
Pravex's June 30, 2007 IFRS financial statements showed total
assets of approximately US$1 billion, customer loans of
approximately US$587 million, customer deposits of approximately
US$592 million, and shareholders’ equity of approximately US$114
million.
As at December 2007, provisional financial accounts based on
Ukrainian accounting standards evidence an increase of total
assets to approximately US$1.2 billion, customer loans to
approximately US$764 million and shareholders’ equity to
approximately US$143 million.
For the six months ended June 30, 2007 Pravex’s IFRS net income
amounted to US$7.5 million.
PRAVEX BANK: Intesa Deal Cues Fitch to Put Ratings on Watch
-----------------------------------------------------------
Fitch Ratings has placed Pravex-Bank's Long-term foreign
currency Issuer Default rating of 'B-', Support rating of '5',
and National Long-term rating of 'BBB(ukr)' on Rating Watch
Positive. This follows the 4 February 2008 announcement that
Intesa Sanpaolo (rated 'AA-' (AA minus)/'F1+'/Outlook Stable)
has agreed to purchase a 100% share in Pravex. Pravex's other
ratings are affirmed at Short-term IDR 'B' and Individual 'D/E'.
The RWP reflects the greater probability of support being
forthcoming, if required, following the expected change in
ownership and will be resolved if and when the transaction is
completed. Upon the completion of the transaction, Pravex's
Long-term foreign currency IDR will likely be upgraded to
Ukraine's Country Ceiling, currently 'BB-', based on the
potential support available from Intesa Sanpaolo.
Pravex was founded in 1992 by Mr Leonid Chernovetskiy, a former
member of the Ukrainian Parliament and Kiev's mayor since April
2006. Pravex is focused on servicing retail customers and SMEs.
The bank started a more aggressive regional expansion in 1999
and its network is one of the most developed among Ukrainian
banks. Pravex was the 23rd largest bank in Ukraine by total
assets, with 1.1% market share at end of third quarter of 2007.
SPECIAL ELIT: Creditors Must File Claims by February 14
-------------------------------------------------------
Creditors of LLC Special Elit Assembly (code EDRPOU 32291972)
have until Feb. 14, 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 as 16/284/07.
The Debtor can be reached at:
LLC Special Elit Assembly
Trolleybusnaya Str. 34
Zaporozhje
Ukraine
STIMUL-PLUS LLC: Creditors Must File Claims by February 14
--------------------------------------------------------------
Creditors of LLC Stimul-Plus (code EDRPOU 32731294) have until
Feb. 14, 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 as 16/167/07.
The Debtor can be reached at:
LLC Stimul-Plus
Apartment 17
Dobroliubov Str. 3
69032 Zaporozhje
Ukraine
===========================
U N I T E D K I N G D O M
===========================
BEDE & BROOKE: Taps Joint Administrators from Menzies
-----------------------------------------------------
Paul David Williams and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Bede & Brooke Ltd. (Company Number 05228816) on Jan. 25, 2008.
Menzies Corporate Restructuring -- http://www.menzies.co.uk/--
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.
The company can be reached at:
Bede & Brooke Ltd.
21 Burycroft
Welwyn Garden City
Hertfordshire
AL8 7AW
England
Tel: 01707 327 189
BRADFORD BULLS: Bankruptcy Likely If Rhinos Prevail in Suit
-----------------------------------------------------------
Rugby league club Bradford Bulls says it could file for
bankruptcy if it losses in its case against Rhinos Leeds, the
Associated Newspaper Ltd. reports.
Bradford was sued for GBP3.2 million by the Rhinos over its
signing of Iestyn Harris, the report says. Harris had left the
Rhinos three years earlier but eventually returned to the league
and inked a four-year contract with Bradford. Rhinos alleged
that under an agreement, Harris was to re-sign with the Rhinos
in case he returns to the league. According to the report, the
Rhinos want repayment for the loss of a transfer fee,
merchandising, as well as ticket sales.
A High Court ruling had found Harris to be guilty of not
honoring his agreement with the Rhinos, the report adds. The
court also said that Bradford had convinced Harris to break his
agreement with the Rhinos.
The Rhinos had agreed to settle the issue.
Bradford had said that it expects to win the case saying that
the Rhino's doesn't have a claim on the said damages. However,
according to Bradford chairman Peter Hood, if the club gets and
adverse ruling, then the amount claimed could threaten its
future.
Bradford Bulls -- http://www.bradfordbulls.co.uk/-- is a
professional rugby league club based in the city of Bradford,
England.
CHRYSLER LLC: Inks Interim Pact w/ Plastech; Operations Continue
----------------------------------------------------------------
Chrysler LLC and Plastech Engineered Products Inc. and its
debtor-affiliates have reached an agreement that ends the idling
of Chrysler plants as a result of a dispute, Terry Kosdrosky of
the Wall Street Journal reports.
Pursuant to an interim agreement reached yesterday noon,
Plastech resumed its shipment of car parts and components to
Chrysler, which enabled the auto maker to resume its plant
operations. The arrangement will continue until February 15,
says WSJ.
The temporary disruption was caused by a tooling dispute over
the parties, with Chrysler attempting to grab its tooling
equipment over at Plastech's plants and transfer them to other
suppliers so its operations would not suffer.
Chrysler sued Plastech in Court LLC, seeking a declaration that
it has the right to immediate possession of a number of tools
used by Plastech. The tools are used by Plastech to manufacture
component parts it supplies to Chrysler.
Chrysler asserts that, pursuant to certain prepetition
agreements, it possesses:
(a) unconditional and exclusive ownership interest in all the
tools Plastech uses in manufacturing component parts for
Chrysler; and
(b) unconditional right to possess the tools immediately.
Michael C. Hammer, Esq., at Dickinson Wright PLLC, in Detroit,
Michigan, notes that Plastech is insolvent and is no longer able
to meet the production requirements of Chrysler.
Mr. Hammer asserts that if Chrysler does not transfer production
of its parts to an alternate supplier, the company will lose
production of approximately 500 end-item parts resulting to:
-- a halt of the production of its entire corporate fleet of
vehicles, which amounts to approximately 2,300,000
vehicles;
-- idling of at least 14 plants; and
-- the lay off of associated workers for an undetermined
period of time.
Chrysler has been blamed for Plastech's bankruptcy. Frank
Merola, Esq., counsel for the second lien lenders in the
Debtors' Chapter 11 cases, told the Honorable Phillip Shefferly
of the U.S. Bankruptcy Court for the Eastern District of
Michigan that Chrysler's "precipitous" actions caused them to
file for bankruptcy, WSJ relates. Chrysler strongly denied this
assertion.
Judge Shefferly, who commented that the agreement was a
"sensible thing", has set February 13 to hear the parties'
dispute, WSJ reports.
About Plastech Engineering
Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
-- http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components. It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules. Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.
Plastech is a privately held company and is the largest family-
owned company in the state of Michigan. The company is
certified as a Minority Business Enterprise by the state of
Michigan. Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States. The
company's products are sold through an in-house sales force.
The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts. The
Debtors chose Jones Day as their special corporate and
litigation counsel. Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services. The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.
As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000.
About Chrysler LLC
Based in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.
* * *
In November 2007, Standard & Poor's Ratings Services affirmed
Chrysler LLC's 'B' corporate credit rating and said the outlook
was negative.
CHRYSLER LLC: Wants to Recover Tooling from Plastech
----------------------------------------------------
Chrysler LLC, Chrysler Motors Company LLC, and Chrysler Canada
Inc., ask the U.S. Bankruptcy Court for the Eastern District of
Michigan to promptly lift the automatic stay to allow them to
recover certain tooling from Plastech Engineered Products, Inc.
and its debtor-affiliates, in accordance with the terms of their
prior agreements with the Debtors and an order by the Wayne
County Circuit Court.
Chrysler intends to remove the tooling from certain Plastech
plants and transfer production of component parts to alternate
suppliers so as to avoid hampering its operations.
Michael C. Hammer, Esq., at Dickinson Wright PLLC, in Detroit,
Michigan, relates that Plastech provided Chrysler with numerous
component parts, including door panels, floor consoles and
engine covers. Chrysler utilizes the component parts in its
manufacture of virtually all lines of Chrysler, Dodge and Jeep
vehicles -- approximately 2,300,000 vehicles per year.
The Debtor supplies approximately 500 end item part numbers to
Chrysler, with the number becoming even greater if color of
parts is separated. Each of those parts has at least one, and
usually more, Tools or items of Tooling associated with it.
Component parts provided by Plastech are used at Chrysler's
assembly plants in the United States, Canada and Mexico. In
addition, the Debtor's parts are used in Chrysler's various
engine plants and in various vehicle kits that are sent to
international locations for assembly.
The Debtor utilizes certain specialized tooling in the
manufacture of the Parts for Chrysler. Some of this Tooling was
manufactured by the Debtor pursuant to tooling purchase orders
issued by Chrysler. Other Tooling was provided to the Debtor by
Chrysler.
The Debtor's supply of the Parts to Chrysler is governed by
supply agreements: (a) Chrysler's Production Purchasing General
Terms and Conditions, (b) individual Purchase Orders, (c) a
Financial Accommodation Agreement dated Feb. 12, 2007, (d) a
Second Financial Accommodation Agreement dated January 22, 2008,
and (e) an Amended Long Term Productivity Agreement dated
Feb. 12, 2007.
In early 2007, as a result of the Debtor's ongoing financial
struggles, Chrysler and various other customers of the Debtor
entered into the Accommodation Agreement, under which they
provided the Debtor with financial accommodations totaling
US$46,000,000, so that Plastech could continue to operate and
supply parts to Chrysler and its other customers. Chrysler and
certain of its affiliates provided US$6,900,000 of the financial
accommodations to the Debtor.
In exchange for the material financial accommodations provided
by Chrysler, the Debtor agreed to these terms:
-- The Tooling, i.e. all tooling, dies, test and assembly
fixtures, jigs, gauges, patterns, casting patterns,
cavities, molds, and documentation, together with any
accessions, attachments, parts, accessories, substitutions
replacements and appurtenances thereto used by Plastech in
connection with manufacture of component and service parts
for Chrysler is owned by Chrysler.
-- Chrysler will have the right to take immediate possession
of the Tooling at any time without payment of any kind
should it elect to exercise that right.
-- In the event of a dispute between the parties over whether
any Tooling is owned by Chrysler, the Tooling will be
presumed to be owned by Chrysler pending resolution of the
dispute.
After execution of the Accommodation Agreement, the Debtor
advised Chrysler that it was again facing additional financial
crises that would cause an interruption in the production of
component parts unless Chrysler provided Plastech additional
financial accommodations.
In order to obtain continued production of Parts from the
Debtor, Chrysler and various other customers of the Debtor
entered into the Second Accommodation Agreement on Jan. 22,
2008. Under the terms of the Second Agreement, Chrysler agreed
to pay the Debtor US$10,700,000 than required by the then
existing Supply Agreements. In total, and with the additional
financial accommodations provided to the Debtor by Chrysler and
other customers, the Debtor received US$40,000,000 in
accelerated payments pursuant to the terms of the Second
Accommodation Agreement.
In return for the financial accommodations provided by Chrysler
under the Second Accommodation Agreement, the Debtor agreed to
continue to supply component parts to Chrysler in accordance
with the POs, and expressly again acknowledged and affirmed all
of the terms and conditions of the Accommodation Agreement
relating to Tooling.
Notwithstanding the material financial accommodations, the
Debtor defaulted on its obligations under the Supply Agreements,
and made extraordinary economic demands of Chrysler, Mr. Hammer
tells the Bankruptcy Court.
Accordingly, Chrysler determined that it was necessary to take
immediate possession of the Tooling, so as to resource
production of component parts used to be manufactured by
Plastech. On Feb. 1, 2008, Chrysler terminated its POs, and
other relevant contracts with the Debtor and demanded that the
Debtor deliver immediate possession of all of the Tooling to
Chrysler. The Debtor did not comply with Chrysler's request.
Chrysler thus began commencing actions against the Debtor in the
various jurisdictions in which the Tooling is located, including
Canada, seeking appropriate orders of injunctive relief from the
various state courts permitting Chrysler to immediate possession
of the Tooling.
On Feb. 1, 2008, Chrysler obtained an order of possession from
the Wayne County Circuit Court. The Circuit Court Order
required the Debtor to allow Chrysler immediate and continuing
access to all of its plants at which any of the Tooling was
located, so that Chrysler could immediately take possession of
the Tooling. Chrysler mobilized teams of trucks on the afternoon
of February 1, and sent them to the Debtor's Michigan locations
to retrieve Tooling. As the teams were in the process of
entering the Debtor's facilities, the Debtor filed sought
Chapter 11 protection and advised Chrysler's counsel of that
petition.
The ongoing prosecution of the State Court Actions and the
enforcement of the State Court Orders were each stayed by virtue
of the Debtor's Chapter 11 petition, and Chrysler accordingly
notified its teams to stand down and leave the Debtor's premises
without Chrysler's Tooling.
Mr. Hammer avers that the Debtor, now clearly using the
automatic stay as a sword, seeks to delay Chrysler from
obtaining the Tooling, assumingly in hopes of extracting
additional financial accommodations. The Debtor has
discontinued production of the Parts, having already breached
the Supply Agreements, and Chrysler has no duty or obligation to
provide the accommodations, he adds.
Chrysler believes that the Debtor will continue to refuse to
release the Tooling, while at the same time halting production
of the Part, thus creating tremendous jeopardy to Chrysler.
Accordingly, it is necessary that Chrysler receive immediate
relief from the automatic stay, and that the Court order the
Debtor to immediately cooperate with Chrysler in its
repossession of Chrysler's Tooling, Mr. Hammer argues. He
asserts that immediate relief is required so that Chrysler can
gain immediate possession of the Tooling and begin production
with alternate suppliers, so as to avoid mounting damage claims.
Mr. Hammer explains that Chrysler's damages are existing and
ongoing, as two Chrysler assembly plants have already been
forced to shut down as a result of the Debtor's failure to
provide Parts.
Mr. Hammer also notes that the Tooling is, without question, the
sole and exclusive property of Chrysler. Accordingly, the
automatic stay does not apply, and the Court should order the
Debtor to facilitate delivery of the Tooling to Chrysler, he
asserts.
Even if the automatic stay does apply, "cause" exists to lift
the stay, Mr. Hammer contends. "Because the Debtor has no
ownership rights in the Tooling one way or the other, by
definition, the Debtor has no equity in the Tooling," he
asserts.
If the automatic stay is not terminated so that Chrysler can
complete the process of taking possession of the Tooling,
Chrysler will continue to suffer material damage as additional
assembly plants close, Mr. Hammer avers. "Such damages will far
outweighing any possible detriment to the Debtor."
About Plastech Engineering
Based in Dearborn, Michigan, Plastech Engineered Products, Inc.
-- http://www.plastecheng.com/-- is full-service automotive
supplier of interior, exterior and underhood components. It
designs and manufactures blow-molded and injection-molded
plastic products primarily for the automotive industry.
Plastech's products include automotive interior trim, underhood
components, bumper and other exterior components, and cockpit
modules. Plastech's major customers are General Motors, Ford
Motor Company, and Toyota, as well as Johnson Controls, Inc.
Plastech is a privately held company and is the largest family-
owned company in the state of Michigan. The company is
certified as a Minority Business Enterprise by the state of
Michigan. Plastech maintains more than 35 manufacturing
facilities in the midwestern and southern United States. The
company's products are sold through an in-house sales force.
The company and eight of its affiliates filed for Chapter 11
protection on Feb. 1, 2008 (Bankr. E.D. Mich. Lead Case No. 08-
42417). Gregg M. Galardi, Esq., at Skadden Arps Slate Meagher &
Flom LLP, and Deborah L. Fish, Esq., at Allard & Fish, P.C.,
represent the Debtors in their restructuring efforts. The
Debtors chose Jones Day as their special corporate and
litigation counsel. Lazard Freres & Co. LLC serves as the
Debtors' investment bankers, while Conway, MacKenzie & Dunleavy
provide financial advisory services. The Debtors also employed
Donlin, Recano & Company as their claims and noticing agent.
As of Dec. 31, 2006, the company's books and records
reflected assets totaling US$729,000,000 and total liabilities
of US$695,000,000. (Plastech Bankruptcy News, Issue No. 1;
BankruptcyCreditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
About Chrysler LLC
Based in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products. The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K.,
Argentina, Brazil, Venezuela, China, Japan and Australia.
* * *
In November 2007, Standard & Poor's Ratings Services affirmed
Chrysler LLC's 'B' corporate credit rating and said the outlook
was negative.
CLOROX CO: Earns US$92 Million in Fiscal Second Quarter 2007
------------------------------------------------------------
The Clorox Company reported second-quarter net earnings of
US$92 million, based on weighted average diluted shares
outstanding of 141 million. This compares with US$96 million in
the year-ago quarter, based on weighted average diluted shares
outstanding of 154 million. The year-ago quarter’s results
included a tax benefit of US$5 million from discontinued
operations. Contributing to earnings for the current quarter
were strong volume and sales growth, and the benefit of a
favorable tax rate due to the settlement of certain tax matters.
Current quarter earnings were reduced by US$5 million in
previously announced pretax charges, including restructuring-
related charges associated with the consolidation of the
company’s manufacturing networks. The Burt’s Bees acquisition
also reduced pretax earnings by US$5 million, primarily due to
costs associated with the acquisition.
"I’m delighted with our second-quarter results," said Chairman
and Chief Executive Officer Don Knauss. "Although the
commodities environment remains challenging, we delivered strong
top-line growth and our business is strong across the portfolio.
On Nov. 30, we completed the acquisition of Burt’s Bees, which
is performing very well. In December, we began shipping the
Green Works(TM) line of natural cleaners, our most exciting
launch in years. There’s a lot of enthusiasm across the
organization about these new businesses, the momentum in our
base business and our progress in delivering on our Centennial
Strategy."
Second-quarter sales grew 8 percent to US$1.19 billion, compared
with US$1.10 billion in the year-ago quarter. The following
factors each contributed about 1.5 percentage points of sales
growth in the current quarter: December results from the Burt’s
Bees acquisition, the bleach businesses acquired in fiscal year
2007 and favorable foreign exchange rates. Volume increased 6
percent compared to the year-ago quarter, including about 1
percentage point of growth from Burt’s Bees and about 1
percentage point of growth from the bleach business acquisition.
Volume growth of 4 percent on the base business was primarily
driven by strong shipments of home-care products, including
Clorox(R) disinfecting wipes, and all-time record shipments of
Fresh Step(R) scoopable cat litter. Sales growth outpaced
volume growth primarily due to the impact of favorable foreign
exchange rates and price increases, partially offset by higher
trade promotion spending in response to competitive activity.
Gross margin in the second quarter decreased 160 basis points to
40.4 percent from 42.0 percent in the year-ago quarter. The
decrease was primarily due to:
-- the impact of unfavorable raw-material costs, primarily
for resin and agricultural commodities;
-- increased promotional spending; and
-- higher manufacturing and logistics costs, which includes
the cost of diesel fuel.
In addition, gross margin was negatively impacted by about 50
basis points, or US$5 million, from a purchase-accounting step-
up in inventory values associated with Burt’s Bees. These
factors were partially offset by the benefit of strong cost
savings and price increases.
Net cash provided by operations was US$148 million, compared to
US$122 million in the year-ago quarter. The year-over-year
increase was primarily due to the collection of receivables,
partially offset by higher inventories.
Following is a summary of key second-quarter results by business
segment. All comparisons are with the second quarter of fiscal
year 2007, unless otherwise stated.
Other Announcements
In addition to previously communicated price increases on Hidden
Valley(R) salad dressings, Kingsford(R) charcoal, and Armor
All(R) and STP(R) auto-care products, the company plans to
increase prices an average of 7 percent on Glad(R) trash bags
and GladWare(R) disposable containers in February 2008 to help
offset higher commodity costs.
As previously announced, in August 2007 Clorox entered into an
accelerated share repurchase agreement with two investment
banks. Under the ASR agreement, the company repurchased US$750
million of its shares, with the banks delivering an initial
amount of 10.9 million shares to the company on Aug. 15, 2007.
Following completion of the ASR in January 2008, a final
purchase price adjustment resulted in the receipt of an
additional 1.1 million shares by the company in the third
quarter. This adjustment did not require Clorox to make
additional cash or share payments. The per-share amount paid
for all shares purchased under the ASR agreement was US$62.08.
The fiscal-year outlook, updated below, continues to include
about 5 cents diluted EPS benefit from the ASR agreement.
Updated Fiscal Year 2008 Financial Outlook
For fiscal year 2008, Clorox now anticipated sales growth in the
range of 6-7 percent, including the anticipated benefit of the
bleach business and Burt’s Bees acquisitions.
Previously, the company’s fiscal year 2008 outlook, before the
impact of the Burt’s Bees acquisition, was US$3.33 to US$3.50
diluted EPS. The outlook is being updated to include
anticipated dilution related to the Burt’s Bees acquisition,
additional restructuring-related charges associated with the
decision to exit the private label food bag business, and an
increase for the benefit of strong first-half operating results.
Previously, the company anticipated EPS dilution in the range of
10 cents to 15 cents from the Burt’s Bees acquisition. The
estimated Burt’s Bees dilution includes pretax costs of about
US$4 million for amortization of intangible assets, US$19
million for the purchase-accounting step-up in inventory values,
and the impact of financing the transaction.
As announced previously, the fiscal year 2008 outlook also
includes anticipated charges related to the consolidation of
Clorox’s manufacturing networks and other charges the company
decided to take in light of its Centennial Strategy.
Previously, the company anticipated US$49 million to US$58
million of pretax charges for the fiscal year. These pretax
charges are now anticipated to be about US$58 million to US$60
million -- around the high end of the previous range -– due to
the company’s decision to exit the remaining components of its
private label food bags business. Of these charges,
approximately US$42 million to US$44 million are anticipated to
be noncash.
In addition, the updated outlook reflects part of the benefit of
strong first-half operating results, including strong top-line
growth across the portfolio and momentum on the company’s base
business.
About Clorox Company
Headquartered in Oakland, California, The Clorox Company
(NYSE: CLX) -- http://www.thecloroxcompany.com/-- provides
household cleaning products and reaches beyond bleach. Although
best known for bleach (leader worldwide), Clorox makes laundry
and cleaning items (Formula 409, Pine-Sol, Tilex), cat litter
(Fresh Step), car care products (Armor All, STP), the Brita
water-filtration system (in North America), and charcoal
briquettes (Kingsford).
Clorox has manufacturing facilities in China, Costa Rica,
Dominican Republic, Malaysia, Panama, Peru, United Kingdom,
among others.
* * *
At Dec. 31, 2007, Clorox's balance sheet showed total assets of
US$4,853 million and total liabilities of US$5,407 million
resulting in a stockholders' deficit of US$554 million. The
company reported a positive stockholders' equity of US$172
million at June 30, 2007.
COOL BRANDS: Brings In Vantis to Administer Assets
--------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O’Reilly of Vantis
Business Recovery Services were appointed joint administrators
of Cool Brands Ltd. (Company Number 05951515) on Jan. 21, 2008.
Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.
The company can be reached at:
Cool Blue Brand Communications Ltd.
Borough Road
Middlesbrough
Cleveland
TS1 2EP
England
Tel: 01642 351 011
Fax: 01642 351 022
CUMMINS INC: Extends ISX Deal with Volvo Trucks North America
-------------------------------------------------------------
Cummins Inc. and Volvo Trucks North America have extended their
agreement for the availability of the Cummins ISX engine in
Volvo VN trucks.
"We're pleased to build on our partnership with Volvo Trucks
North America and offer the 2010 ISX Heavy-Duty engine in the VN
truck lineup," said Jim Kelly, Cummins President – Engine
Business.
"Volvo and Cummins have a strong legacy of serving the needs of
our mutual customers in the North American truck market," added
Ed Pence, Cummins Vice President and General Manager – Heavy-
Duty Engine Business, "and this agreement allows us to extend
that legacy well into the future."
"Cummins remains a valued Volvo partner," said Per Carlsson,
President and Chief Executive Officer of Volvo Trucks North
America, "and this agreement allows us to continue to meet the
needs of Volvo customers who choose the ISX engine."
Volvo Trucks North America is based in Greensboro, N.C., and is
part of the Volvo Group of companies, headquartered in
Gothenburg, Sweden.
About Cummins
Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.
Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina. Its
operations in the Asia-Pacific are found in China, Japan and
Korea. Its also has facilities in Europe, particularly in the
United Kingdom.
* * *
Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.
Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.
DENNIS RUABON: Bank of Scotland Taps Kroll as Receivers
-------------------------------------------------------
The Bank of Scotland appointed Anne Clare O’Keefe and Simon
Wilson of Kroll Ltd., joint administrative receivers of Dennis
Ruabon Tiles Ltd. (Company Number 04339104) and Dennis Ruabon
Sales Ltd. (Company Number 04339209) on Jan. 28, 2008.
Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide. The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm. Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.
The companies can be reached at:
Dennis Ruabon Tiles Ltd.
Hafod Tileries
Hafod
Ruabon
Wrexham
Clwyd
LL14 6ET
Wales
Tel: 01978 843 484
Web site: http://www.dennisruabon.co.uk/
FKI PLC: S&P Puts BB Ratings on Watch on Possible Takeover
----------------------------------------------------------
Standard & Poor's Ratings Services placed its long-term 'BB'
ratings on U.K.-based engineering group FKI PLC on CreditWatch
with negative implications, reflecting a continued weak
performance and the possible adverse financial impact of a
takeover by U.K.-based Melrose PLC, which has expressed interest
in acquiring FKI. At the same time, the 'B' short-term ratings
on FKI were affirmed.
"The outcome of Melrose's approach to FKI remains uncertain. If
a takeover takes place, the resulting entity could have a
financial profile that is too weak for a 'BB' rating," said
Standard & Poor's credit analyst Andreas Zsiga.
"FKI's own performance is currently weak for the 'BB' level, and
the prospects for improvement remain uncertain at this stage,"
he added.
This assessment does not incorporate any benefit from the
possible disposal of FKI's Hardware and Logistex divisions. "As
a consequence, there is a high likelihood that we will lower the
long-term rating on FKI in the short term, most likely by one
notch but possibly two," Mr. Zsiga said.
This would not be dependent on any takeover by Melrose, which
could put additional pressure on the ratings, if considerable
additional debt is raised by the resulting entity.
"We require more certainty about the outcome of the takeover
approach, including the financial implications, before resolving
this aspect of the CreditWatch placement," Mr. Zsiga said.
GLOBAL POWER: Joint Liquidators Take Over Operations
----------------------------------------------------
D. Wilson and M. Weller of Vantis Business Recovery Services
were appointed joint liquidators of Global Power U.K. Ltd. on
Jan. 30 for the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Vantis Business Recovery Services
43-45 Butts Green Road
Hornchurch
Essex
RM11 2JX
England
INTELSAT LTD: Parent Closes Equity Acquisition Deal w/ Serafina
---------------------------------------------------------------
Intelsat Ltd. disclosed in a press statement the successful
closing of the acquisition of all of the primary equity
ownership of its parent, Intelsat Holdings Ltd., by Serafina
Holdings, Limited, an entity formed by funds advised by BC
Partners, Silver Lake and certain other equity investors.
Under the transaction, the equity of Intelsat Holdings was
valued at approximately US$5.0 billion. Of the current
shareholders of Intelsat Holdings, the funds advised by or
associated with Apax Partners Worldwide LLP, Apax Partners,
L.P., Apollo Management V, L.P., Madison Dearborn Partners, LLC
and Permira Advisers LLC, will sell 100 percent of their
interests in the company. Following the closing, Intelsat’s
current executives will remain in place and have an equity
interest in Serafina Holdings, which is expected to be renamed
Intelsat Global, Ltd.
Immediately following the consummation of the transaction,
Intelsat (Bermuda), Ltd. assumed certain debt obligations
entered into by Serafina Holdings to effect the transaction and
refinance certain existing debt of Intelsat. The assumed debt
includes a bridge financing comprised of two tranches, a
US$2.805 billion cash pay senior unsecured bridge loan and a
US$2.155 billion PIK election bridge loan.
"This transaction closes at a time when Intelsat is seeing
strong momentum. We have improved the operating profile of our
company, based on initiatives such as our fleet management
program and the introduction of new services. Speaking on
behalf of Intelsat's management, we are looking forward to
working with BC Partners and Silver Lake as we continue to
execute our growth strategy," said Dave McGlade, the Chief
Executive Officer of Intelsat.
Raymond Svider, a Managing Partner at BC Partners, added,
"Intelsat is a rare investment opportunity, providing revenue
diversity, stability and global presence combined with
attractive growth potential. We are proud to become associated
with this world class management team and are looking forward to
supporting them in taking the business to its next stage of
development."
Credit Suisse acted as financial advisor to Intelsat, Ltd. in
connection with the transaction. Intelsat’s legal advisors
included Wachtell Lipton Rosen & Katz, Milbank, Tweed, Hadley
and McCoy LLP, Wiley Rein LLP, and Paul, Weiss, Rifkind, Wharton
& Garrison LLP. Merrill Lynch & Co. and Perella Weinberg
Partners LP acted as financial advisors, Latham & Watkins LLP as
legal advisor and PricewaterhouseCoopers LLP as accounting and
tax advisor to the acquiror.
About BC Partners
BC Partners is a leading international private equity firm,
operating through integrated teams based in Geneva, Hamburg,
London, Milan, New York and Paris. The latest fund, BCEC VIII,
closed in May 2005 with EUR5.9 billion of commitments. For over
20 years, the firm has developed a long track record of
successfully acquiring and developing businesses in partnership
with management, investing in 65 acquisitions with a combined
enterprise value of EUR49 billion. Recent investments include
Brenntag, Amadeus, Dometic, Picard, SEAT Pagine Gialle and Unity
Media.
About Silver Lake
Silver Lake -- http://www.silverlake.com/-- is a leader in
large private investments in technology, technology-enabled, and
related growth industries. Silver Lake seeks to achieve
superior financial returns by investing with the strategic and
operating insights of an experienced industry participant.
Silver Lake's mission is to function as a value-added partner to
the management teams of the world's leading technology
franchises. Its portfolio includes or has included technology
industry leaders such as Ameritrade, Avago, Avaya, Business
Objects, Flextronics, Gartner, Gerson Lehrman Group, Instinet,
IPC Systems, MCI, NASDAQ, NetScout, NXP, Sabre Holdings, Seagate
Technology, Serena Software, SunGard Data Systems, Thomson and
UGS.
About Intelsat
Headquartered in Bermuda, Intelsat, is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.
Intelsat has sales offices in China, France, Germany, Japan,
Singapore, Australia, United Kingdom, among others.
* * *
As reported in the Troubled Company Reporter-Europe on
Jan. 31, 2008, Moody's Investors Service downgraded Intelsat
Ltd.'s corporate family rating by two notches to Caa1.
INTELSAT LTD: Proposes 5-1/4% Senior Notes Redemption
-----------------------------------------------------
Intelsat Ltd., in connection with the successful closing of its
acquisition by BC Partners Holdings Limited and Silver Lake, has
intended to redeem all of its outstanding US$400 million 5-1/4%
Senior Notes due 2008.
Intelsat, Ltd. has issued a notice of redemption pursuant to the
indenture for the Notes stating that it intended to redeem all
of such Notes on March 5, 2008. The redemption price for the
Notes will be determined in accordance with the indenture plus
accrued and unpaid interest thereon to the Redemption Date.
About Intelsat
Headquartered in Bermuda, Intelsat, is the largest fixed
satellite service operator in the world and is owned by Apollo
Management, Apax Partners, Madison Dearborn, and Permira.
Intelsat has sales offices in China, France, Germany, Japan,
Singapore, Australia, United Kingdom, among others.
* * *
As reported in the Troubled Company Reporter-Europe on
Jan. 31, 2008, Moody's Investors Service downgraded Intelsat
Ltd.'s corporate family rating by two notches to Caa1.
INTERFRAME LTD: Appoints Joint Administrators from Deloitte
-----------------------------------------------------------
William Kenneth Dawson, Ian Brown and Richard Hawes of Deloitte
& Touche LLP were appointed joint administrators of Interframe
Ltd. (Company Number 03864406) on Jan. 28, 2008.
Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations. The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.
The company can be reached at:
Interframe Ltd.
Loverock Road
Reading
Berkshire
RG30 IDZ
England
Tel: 0118 951 4590
Fax: 0180 366 3030
KJM LOGISTICS: Brings In Liquidators from Tenon Recovery
--------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Tenon Recovery
were appointed joint liquidators of KJM Logistics Ltd. on
Jan. 11 for the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Tenon Recovery
33 George Street
Wakefield
WF1 1LX
England
NEW AGE: Names David Hill as Administrator
------------------------------------------
David Hill of Begbies Traynor was named administrator of New Age
Systems PVCU Ltd. (Company Number 03722174) on Jan. 23, 2008.
Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.
The company can be reached at:
New Age Systems PVCU Ltd.
Unit 38-40
Gelli Industrial Estate
Gelli
Pentre
Mid Glamorgan
CF41 7UW
Wales
Tel: 01443 431 026
Fax: 01443 422 463
NORTHERN ROCK: Olivant's Chance to Rejoin Bid Getting Smaller
-------------------------------------------------------------
The chances of Olivant Advisors Ltd. rejoining the bidding race
for Northern Rock are getting slimmer as the Treasury is thought
to be focusing its attention on the two remaining offers, the
Scotsman reports, citing City sources.
The Treasury, the Scotsman relates, had been rumored to have
made an attempt to persuade Olivant to reenter the bidding
process.
As disclosed in a TCR-Europe on February 5, 2008, Olivant has
decided not to lodge a further proposal in relation to the
stabilization, recapitalization and repositioning of Northern
Rock.
"Despite working intensively, we have been unable to formulate a
value creation proposal which meets our investment criteria
while also respecting HM Government's proposed financing terms
and the interests of other stakeholders in the company," Luqman
Arnold, chairman of Olivant said.
Olivant, whose proposal earlier won support from Northern Rock's
largest shareholders, SRM and RAB Capital, pulled out after it
was required by the government to repay its GBP25 million of
direct loans to the company within three years instead of five.
Olivant was also informed late about the three year time limit.
Meanhwile, Northern Rock's Board and a Virgin Group-led
consortium lodged their formal proposals for the company to the
Tripartite Authorities on Monday, February 4, 2008.
According to a City source, "Olivant's statement of withdrawal
looks pretty definitive," although it is still likely to come
back, stressing "in these sorts of situations you can almost
never say never, particularly given the tortuous process of the
Northern rescue."
The source, however, noted "the odds strongly suggest as far as
Olivant is concerned it is all bets off."
A party close to the sale, on the other hand, dismissed previous
speculation that Olivant's move was a negotiating tactic or
brinkmanship, arguing "it was just that under the conditions
envisaged the arithmetic did not stack up," the Scotsman
reveals.
Olivant's Initial Proposal
A TCR-Europe report disclosed, Olivant's initial proposal
entails taking urgent steps to re-establish Northern Rock as a
viable business, retaining its brand and restoring it to
financial health.
Overview of proposal:
* Immediate introduction of an experienced operational team
into Northern Rock, led by Olivant's chairman, Luqman
Arnold, to achieve stabilization of the company and its
business
* Prompt repayment of Bank of England liquidity support
facility through active operational management,
accelerated through external market financing
* Implementation of a restructuring strategy to size
Northern Rock to its natural funding and operational
capacity
* Subscription for a minority stake in Northern Rock on
terms to be agreed with the Company's board
* Olivant's only financial return will arise from an
increase in the value of its investment
About Northern Rock plc
Headquartered in Newcastle upon Tyne, England, Northern Rock plc
-- http://www.northernrock.co.uk/mortgages/-- deals with
mortgages, savings accounts, loans and insurance. The company
also promotes secured loans to its existing mortgage customers.
The company had more than US$200 billion in assets at the end of
June 2007.
* * *
As reported in the TCR-Europe on Dec. 20, 2007, Moody's
Investors Service downgraded to E+ from D+ Northern Rock's Bank
Financial Strength Rating. The E+ maps into a Baseline Credit
Assessment of B1.
The bank's dated subordinated debt was downgraded to B1 from
Baa1 and the undated subordinated debt and Tier-1 securities
were downgraded to B3 from Baa1 and Baa3 respectively. All of
these ratings have negative outlooks. Northern Rock's short-
term rating was affirmed at Prime-1.
As reported in the TCR-Europe on Sept. 28, 2007, Standard &
Poor's Ratings Services placed its 'A-/A-1' counterparty credit
ratings on U.K. bank Northern Rock PLC on CreditWatch with
developing implications. At the same time, the 'BBB'
subordinated, 'BB' junior subordinated, and 'A-' senior
unsecured debt ratings were placed on CreditWatch with
developing implications.
PDSVOICE LTD: Taps Liquidators from BDO Stoy Hayward
----------------------------------------------------
William John Turner and Geoffrey Stuart Kinlan of BDO Stoy
Hayward LLP were appointed joint liquidators of PDSVoice Ltd. on
Jan. 23 for the creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
BDO Stoy Hayward LLP
Prospect Place
85 Great North Road
Hatfield
Hertfordshire
AL9 5BS
England
PROQUAL LTD: Appoints Joint Administrators from Baker Tilly
-----------------------------------------------------------
Guy Mander and Andrew Sheridan of Baker Tilly were appointed
joint administrators of Proqual Ltd. (Company Number 01126664)
on Jan. 22, 2008.
Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets. Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.
The company can be reached at:
Proqual Ltd.
Unit 4
Hampton Street Industrial Estate
Hampton Street
Tetbury
Gloucestershire
GL8 8LD
England
Tel: 01666 502 901
Fax: 01666 502 763
E-mail: http://www.proqual.co.uk/
QUEBECOR WORLD: U.S. Court Okays Donlin Recano as Claims Agent
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
gave Quebecor World Inc. and its debtor-affiliates authority to
employ Donlin, Recano & Company, Inc. as their claims, notice
and balloting agent.
As reported in the Troubled Company Reporter on Jan 28, 2008,
Jeremy Roberts, Senior Vice-President Corporate Finance and
Treasurer of Quebecor World (USA) Inc., states that Bankruptcy
Clerk is not equipped to distribute notices, process all of the
proofs of claim filed, and assist in the balloting process in
the Debtors' Chapter 11 cases. Thus, an independent third party
is needed to act on these related administrative tasks, he says.
Louis Recano, a principal of Donlin, Recano & Company, Inc.,
relates that the company has served more than 200 clients for
Chapter 11 cases globally and their services include noticing
solutions, claims administration, solicitation planning and
balloting, and plan distribution and tracking.
The Debtors wish to engage with Donlin Recano under terms and
conditions provided in a Standard Claims Administration and
Noticing Agreement.
The Debtors may further utilize other services offered by Donlin
Recano, including assisting the Debtors in preparing the master
creditor lists, gathering data related to the Debtors' schedules
and maintenance of a post office box for receiving claims.
The Debtors have paid Donlin Recano a retainer of US$50,000.
The firm will charge the Debtors at these rates:
Senior Bankruptcy Consultant US$205-250 per hour
Case Manager US$180-200 per hour
Technology/Programming Consultant US$115-195 per hour
Senior Analyst US$115-175 per hour
Jr. Analyst US$70-110 per hour
Clerical US$40-65 per hour
The firm will also charge the Debtors for other services at
their regular rates, including laser printing at US$0.12 per
page, Web hosting at US$250 per month, among other things.
Mr. Recano asserts that the firm is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code and
holds no interest adverse to the Debtors or their estates for
the matters for which the firm is to be employed.
The firm can be reached at:
Donlin Recano & Company, Inc.
419 Park Avenue South
New York, NY 10016
Tel: (212) 481-1411
Fax: (212) 481-1416
http://www.donlinrecano.com/
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail. In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.
The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom. In March
2007, it sold its facility in Lille, France. Quebecor World
(USA) Inc. is its wholly owned subsidiary.
Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000. (Quebecor World Bankruptcy News, Issue No. 3;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
QUEBECOR WORLD: Justice Mongeon OKs Ernst & Young as Monitor
------------------------------------------------------------
Quebecor World Inc. and its Canadian Debtor affiliates obtained
permission from the Honorable Justice Robert Mongeon at the
Superior Court of Justice (Commercial Division), for the
Province of Quebec, in Canada, to appoint Ernst & Young Inc., as
their monitor in its insolvency proceedings under the Canadian
Companies' Creditors Arrangement Act.
As an officer of the Canadian Court, E&Y is expected to monitor
the Debtors' business and financial affairs.
The Monitor will not interfere with the Debtors' business and
financial affairs, and is not empowered to take possession of
the Debtors' property nor manage any of their business or
financial affairs.
The Debtors and their directors, officers, employees and agents,
accountants, auditors, and all other related parties will
provide the Monitor with unrestricted access to all of the
Debtors' properties, including premises, books, records, data,
including data in electronic form, and all other documents of
the Debtors in connection with the Monitor's duties and
responsibilities.
The Monitor may provide creditors and other interested parties
with information relating to the Debtors. The Monitor, however,
will not disclose any information that is considered
confidential, proprietary or competitive, or where the
disclosure of information would be prejudicial to the Debtors'
restructuring process.
The Monitor will not incur any liability or obligation as a
result of its appointment and the fulfillment of its duties,
except any liability arising from its gross negligence or
willful misconduct. No action will be commenced against the
Monitor relating to its appointment, except without prior leave
of the Canadian Court.
The Debtors will entitle the Monitor, its legal counsel, as
well as the Debtors' legal counsel, an administration charge
on the Debtors' Property, not exceeding CDNUS$5,000,000.
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82
facilities in 30 states, and is engaged in the printing of
books, magazines, directories, retail inserts, catalogs and
direct mail. In Canada it has 17 facilities in five provinces,
through which it offers a mix of printed products and related
value-added services to the Canadian market and internationally.
The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom. In March
2007, it sold its facility in Lille, France. Quebecor World
(USA) Inc. is its wholly owned subsidiary.
Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000. (Quebecor World Bankruptcy News, Issue No. 3;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
QUEBECOR WORLD: Court Extends Noteholders' BIA Preference Period
----------------------------------------------------------------
The Honorable Justice Robert Mongeon at the Superior Court of
Justice (Commercial Division), for the Province of Quebec, in
Canada, authorized certain holders of notes issued by Quebecor
World Inc., to file a petition seeking to extend certain
preference periods under the Bankruptcy and Insolvency Act for
transactions entered by QWI in October 2007.
The noteholders allege that, in connection with the
transactions, QWI owes them "at least US$1,000" as of Jan. 25,
2008, and has ceased to meet their liabilities generally as they
become due.
The preference period expired by the end of January 2008.
Ernst & Young, QWI's CCAA monitor, consented to the request for
extension of the preference period.
Justice Mongeon, however, noted that in accordance with his
prior order barring any actions or proceedings against QWI until
Feb. 20, 2008, the noteholders are prohibited from performing
other actions against QWI.
The noteholders are AIG Global Investment Corp., Avenue Capital
Management II Gen Par, LLC, MacKay Shields LLC, and Oaktree
Capital Management LP.
Jay Carfagnini, Esq., at Goodmans LLP, in Ontario, Canada,
represents the noteholders.
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail. In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services
to the Canadian market and internationally.
The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom. In March
2007, it sold its facility in Lille, France. Quebecor World
(USA) Inc. is its wholly owned subsidiary.
Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000. (Quebecor World Bankruptcy News, Issue No. 4;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
QUEBECOR WORLD: Gets Interim OK to Use US$1 Billion DIP Facility
----------------------------------------------------------------
Judge James Peck of the U.S. Bankruptcy Court for the Southern
District of New York authorizes Quebecor World Inc. and its
debtor-affiliates, in the interim, to enter into a
US$1,000,000,000 DIP facility with Credit Suisse Securities
(USA), LLC, and Morgan Stanley Senior Funding Inc.
The Honorable Justice Robert Mongeon at the Superior Court of
Justice (Commercial Division), for the Province of Quebec, who
oversees the Debtors' insolvency proceedings under the
Canadian Creditors' Companies Arrangement Act, also authorizes
the Canadian Applicants to enter into the US$1,000,000,000 DIP
Facility.
Judge Peck authorizes the U.S. Debtors to borrow, pending a
final hearing, up to an aggregate of US$750,000,000 to purchase
the Receivables Portfolio from non-debtor Quebecor World
Finance, Inc., and pay for other general corporate purposes.
The DIP Lenders will be entitled an allowed administrative
expense claim with priority, subject only to a Carve-Out for
payment of professional fees and expenses, over all other kinds
of claims.
The Carve-Out means:
(a) unpaid fees and expenses of professionals retained by the
Debtors or any statutory committees that are incurred
before an Event of Default in the DIP Facility;
(b) unpaid fees and expenses of professionals retained by the
Debtors or any statutory committees up to an amount not
exceeding US$20,000,000, that are incurred after the
occurrence of an Event of Default;
(c) reasonable fees and expenses of a Chapter 7 trustee up to
an amount not exceeding US$250,000; and
(d) fees to be paid to the Court and the office of the U.S.
Trustee.
Judge Peck will convene a hearing on March 6, 2008, at 10:00
a.m., to consider final approval of the US$1,000,000,000 DIP
Facility. Objections are due February 28.
The U.S. Court also granted a series of other requests from
Quebecor World's subsidiaries in the United States. Among other
things, the Court authorized the Company to continue to honor
its ongoing obligations to its employees and to honor all
commitments to the Company's customers so as to ensure that
customers receive the same high level of service they depend
upon to meet their advertising and publishing needs.
Quebecor World Beats Deadline by Minutes
Bloomberg News reports that Judge Peck approved Quebecor
World's interim loan, part of the overall request to borrow
US$1,000,000,000, eight minutes before a 5 p.m. cut-off by the
DIP Lenders.
Quebecor World's request was approved Jan. 23, 2008.
"These have been two of the worst days we have ever seen in the
credit markets, that's why there's a commitment deadline," said
Douglas Bartner, Shearman & Sterling LLP, representing Credit
Suisse Group and Morgan Stanley.
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail. In Canada it has 17
facilities in five provinces, through which it offers a mix of
printed products and related value-added services to the
Canadian market and internationally.
The company is an independent commercial printer in Europe with
19 facilities, operating in Austria, Belgium, Finland, France,
Spain, Sweden, Switzerland and the United Kingdom. In March
2007, it sold its facility in Lille, France. Quebecor World
(USA) Inc. is its wholly owned subsidiary.
Quebecor World and its debtor-affiliates filed for chapter 11
bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Debtors listed total assets of US$5,554,900,000 and total debts
of US$4,140,700,000 when they filed for bankruptcy.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000, and total shareholders' equity of
US$1,414,200,000. (Quebecor World Bankruptcy News, Issue No. 3;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
SEAHUNT LTD: Calls In Liquidators from BDO Stoy Hayward
-------------------------------------------------------
Graham David Randall and Simon Edward Jex Girling of BDO Stoy
Hayward LLP were appointed joint liquidators of Seahunt Ltd.
(formerly Seahunt (Poland) Ltd.) on Jan. 25 for the creditors'
voluntary winding-up proceeding.
The joint liquidators can be reached at:
BDO Stoy Hayward LLP
Fourth Floor
One Victoria Street
Bristol
BS1 6AA
England
SHAW GROUP: Unit Bags Environmental Services Pact w/ Waste Mgt.
---------------------------------------------------------------
The Shaw Group Inc. disclosed that Shaw LFG Specialties LLC, a
subsidiary of its Environmental & Infrastructure Group, has been
awarded an environmental services contract by Waste Management
of Michigan, Inc. for work at the Northern Oaks Landfill in
Harrison, Mich.
Shaw LFG Specialties, an original equipment manufacturer, will
provide the patented Leachate Evaporator (E-Vap(R)) System, a
submerged combustion process that acts to integrate the
destruction of landfill gas with leachate volume reduction.
Shaw LFG Specialties also will provide a complete design
package, startup and commissioning support, and foundation,
construction, mechanical and electrical installation oversight.
The value of Shaw’s contract, which was included in the
company’s previously announced backlog, was not disclosed.
Shaw’s second award is a task order under a master service
agreement contract for the Bulova Corporation to construct a
bioremediation system at a formerly owned site in Jackson
Heights, N.Y. The system will include a series of 48 extraction
wells, 33 injection wells, seven monitoring wells and a remedial
system enclosure that will effectively treat the site
contaminants. Construction is expected to be complete by May
2008. This task order follows due diligence, environmental
investigation and remediation services performed for the Bulova
Corporation. The value of the contract, which was included in
the company’s previously announced backlog, was not disclosed.
"Shaw LFG Specialties has become a major service provider to the
landfill gas industry in just 20 years of operation. We are
proud to support the state of Michigan and to provide the latest
in leachate evaporation technology," said Ronald W. Oakley,
president of Shaw’s Environmental and Infrastructure Group.
"Additionally, we look forward to providing innovative
remediation and technology services to the Bulova Corporation.
With the in-situ process quickly becoming the preferred
approach, Shaw’s expertise in bioremediation provides cost-
effective solutions to our clients’ challenges."
About Shaw Group
Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers. It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries. The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution. In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.
The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.
* * *
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006. S&P said the outlook is stable.
In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.
SUPE LTD: Appoints Liquidators from Tenon Recovery
--------------------------------------------------
Steven Philip Ross and Ian William Kings of Tenon Recovery were
appointed joint liquidators of Supe Ltd. on Jan. 28 for the
creditors' voluntary winding-up proceeding.
The joint liquidators can be reached at:
Tenon Recovery
Tenon House
Ferryboat Lane
Sunderland
Tyne & Wear
SR5 3JN
England
SYSTEMLINK LTD: Claims Filing Period Ends April 22
--------------------------------------------------
Creditors of Systemlink (U.K.) Ltd. have until April 22, 2008 to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:
David Elliott
Liquidator
Moore Stephens LLP
Victory House
Admiralty Place
Chatham Maritime
Kent
ME4 4QU
England
David Elliott of Moore Stephens LLP was appointed liquidator of
the company on Jan. 22 for the creditors' voluntary winding-up
procedure.
WEB LIGHTING: Barclays Bank Appoints Joint Receivers from Kroll
---------------------------------------------------------------
Barclays Bank Plc appointed Simon Wilson and Anne O’Keefe of
Kroll Ltd. joint administrative receivers of Web Lighting Ltd.
(Company Number 02845777) on Jan. 29, 2008.
Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide. The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm. Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.
The company can be reached at:
Web Lighting Ltd.
Cleggs Lane Industrial Site
Ravenscraig Road
Little Hulton
Manchester
Lancashire
M38 9PU
England
Tel: 01204 862 966
Fax: 01204 862 977
Web site: http://www.weblighting.co.uk/
* Begbies Traynor Acquires Shaw Tax to Extend Services Offering
---------------------------------------------------------------
Begbies Traynor Group Plc announced its acquisition of Shaw Tax
on Jan. 30, 2008, marking another step in line with the group's
strategy to extend its professional services offering.
Shaw's acquisition followed the acquisition, in May 2007, of
Stellar Financial Services which provides specialized fiscal
restructuring and investigations consultancy advice. As a
result of these acquisitions, together with organic growth, the
Group now derives fee income of GBP5 million per annum from tax
consultancy services.
"The acquisition of Shaw Tax extends the Group's penetration of
the tax consultancy market and broadens our service offering
considerably. We look forward to growing the business as part
of the Group and to driving cross referral opportunities from
our professional contact base," Ric Traynor, Begbies' executive
chairman commented.
Shaw Tax was founded in 1992 by Andrew Shaw and has developed
significantly over recent years through a combination of organic
growth and acquisition. Its 48-strong team specializes in the
provision of corporate and personal taxation services including
consultancy, compliance, wealth management and trustee services.
It has an extensive referral base of general practice
accountants and lawyers who use the firm to help meet their
client’s needs.
The business operates from Birmingham, with offices in London,
and it will be integrated with the Group’s existing tax
consultancy, which is based in Manchester.
Begbies Traynor -- http://www.begbies.com/-- assists companies,
creditors, financial institutions and individuals on all aspects
of financial restructuring and corporate recovery.
* Moody's Says Further Dollar Decline May Press Sovereign Rtgs
--------------------------------------------------------------
Moody's Investors Service reported a further depreciation of the
U.S. dollar would likely be a "positive sum game" for global
sovereign ratings. The U.S. dollar has recently reached
historical lows in trade-weighted terms for the post-World War
II period, and is lower than at any time since the collapse of
the Bretton Woods regime in 1971.
"Looking at the sovereign universe as a whole, a further
significant depreciation of the dollar would be mostly positive
as the developed countries' ratings would be little affected,
while several emerging market countries' ratings could even
experience some upward pressure," said Moody's Vice President
Dietmar Hornung, author of the report.
"However," he cautioned, "the extent to which such an event is a
credit positive globally is critically dependent on whether the
depreciation is orderly or precipitated; a full-fledged dollar
crisis would clearly be negative for many countries."
The Moody's report identifies four separate channels through
which the impact of a further dollar decline might be
transmitted to various countries, depending on their different
characteristics, and the ratings and economic consequences that
would accrue. These include:
-- countries with large proportions of dollar-denominated
external debt;
-- those which have substantial foreign currency assets;
-- those whose economies are already facing competitiveness
challenges; and
-- those whose currencies are linked to the U.S. dollar will
all be subjected to different consequences as a result of
further dollar weakness.
"All would be subjected to different consequences as a result of
further dollar weakness," said Hornung. "Some of those outcomes
will be ratings-positive but others could aggravate existing
imbalances, potentially with adverse rating effects."
Presuming an orderly U.S. dollar decline, the impact on debt
metrics in some developing countries, most prominently Turkey,
Uruguay and the Philippines, would be positive from a local
currency perspective, according to the Moody's report. For
others, including Brazil, Colombia, and Peru, the exchange-rate
developments could at least provide some tailwind for favorable
debt trajectories.
Given the report's hypothetical assumptions and the fact that
sovereign ratings are based on a combination of qualitative and
quantitative analyses rather than a purely mechanical process,
Moody's conclusions point more to possible effects on rating
direction rather than explicit rating changes.
"Moreover, from a rating perspective, a sharp rise in an
emerging economy's currency against the dollar would not
necessarily be a credit positive," said Hornung. "The effect of
the rise would depend on whether the country uses the weak
dollar period to 'lock in' a reduction in the debt burden."
A channel through which the dollar's weakness could potentially
exert negative ratings pressure is real appreciation. This
particularly holds for those countries whose economies are
characterized by large current account deficits and consequently
by considerable external financing needs. Countries whose
currencies are linked to the dollar may also suffer, since they
are already struggling to deal with excessive liquidity and
overheating phenomena.
By definition, advanced economies are less vulnerable than
emerging markets to any kind of external shock, so Moody's
concludes that the effect of further dollar depreciation would
be marginal on industrialized nations, carrying no rating
implications, with economic effects depending on the countries'
ability to adjust.
As for the U.S. itself, as long as a further dollar decline is
gradual and orderly, Moody's concludes, it would be a net
positive for the U.S. economy, further helping to reduce the
large current account deficit, although with potential
implications for foreign investment decisions.
The report is titled, "The Decline of the U.S. Dollar: Winners
and Losers from a Rating Perspective."
* Beard Group's Featured Conferences
------------------------------------
April 10-11, 2008
Ninth Annual Conference on Healthcare Transactions
Successful Strategies for Mergers, Acquisitions,
Divestitures and Restructurings
The Millennium Knickerbocker Hotel, Chicago,
Illinois
Brochure available soon!
May 15-16, 2008
Fifth Annual Conference on Distressed Investing Europe
Maximizing Profits in the European Distressed Debt Market
Le Meridien Piccadilly Hotel - London
Brochure available soon!
* Beard Audio's February Conference
-----------------------------------
Feb. 27, 2008
Examining the Examiners: Pros and Cons of Using Examiners
in Chapter 11 Proceedings
Speaker: Thomas J. Salerno
For more information, visit:
http://www.beardaudioconferences.com/bin/conference_details?code
=BR-046
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Feb. 14-16, 2008
AMERICAN BANKRUPTCY INSTITUTE
13th Annual Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colorado
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 20, 2008
TURNAROUND MANAGEMENT ASSOCIATION
13 Week Cash Flow
Courtyard Marriott, Dania Beach, Florida
Contact: http://www.turnaround.org/
Feb. 20, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Member Appreciation FREE Happy Hour
Islamorada Fish Company, Dania, Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Feb. 22, 2008
AMERICAN BANKRUPTCY INSTITUTE
Bankruptcy Battleground West
Fairmont Miramar, Santa Monica, California
Contact: http://www.abiworld.org/
Feb. 23-26, 2008
NORTON INSTITUTES ON BANKRUPTCY LAW
Bankruptcy Litigation Seminar I
Park City, Utah
Contact: http://www.nortoninstitutes.org/
Feb. 25, 2008
FINANCIAL RESEARCH ASSOCIATES LLC
Financial Services Mergers & Acquisitions Deals Forum
Harvard Club, New York, New York
Contact: http://www.frallc.com/
Feb. 26, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Member Appreciation FREE Happy Hour
One Eyed Jacks, Orlando, Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Feb. 26, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Retail Panel
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
Feb. 27, 2008
BEARD AUDIO CONFERENCES
Examining the Examiners: Pros and Cons of Using
Examiners in Chapter 11 Proceedings
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
Feb. 28, 2008
BEARD AUDIO CONFERENCES
New 'Red Flag' Identity Theft Rules
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
Mar. 6-8, 2008
ALI-ABA
Fundamentals of Bankruptcy Law
Mandalay Bay Resort, Las Vegas, Nevada
Contact: http://www.ali-aba.org/
Mar. 8-10, 2008
AMERICAN BANKRUPTCY INSTITUTE
Conrad Duberstein Moot Court Competition
St. John's University School of Law, New York
Contact: http://www.abiworld.org/
Mar. 19, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Rick Cieri of Kirkland & Ellis
Jamie Sprayregan of Goldman Sachs
Bankers Club of Miami, Florida
Contact: 561-882-1331 or
http://www.turnaround.org/
Mar. 25, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Dearfoam Slipper Turnaround
Centre Club, Tampa, Florida
Contact: 561-882-1331 or http://www.turnaround.org/
Mar. 25-29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Ritz Carlton Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Mar. 27-30, 2008
NORTON INSTITUTES ON BANKRUPTCY LAW
Bankruptcy Litigation Seminar II
Las Vegas, Nevada
Contact: http://www.nortoninstitutes.org/
Apr. 3, 2008
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
Annual Spring Luncheon
Renaissance Hotel, Washington, District of Columbia
Contact: 703-449-1316 or www.iwirc.org
Apr. 3, 2008
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners - East
The Renaissance, Washington, District of Columbia
Contact: http://www.abiworld.org/
Apr. 3-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
26th Annual Spring Meeting
The Renaissance, Washington, District of Columbia
Contact: http://www.abiworld.org/
Apr. 7-8, 2008
PRACTISING LAW INSTITUTE
30th Annual Current Developments in
Bankruptcy & Reorganization
PLI Center New York, New York
Contact: http://www.pli.edu/
Apr. 10-11, 2008
BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
Ninth Annual Conference on Healthcare Transactions
Successful Strategies for Mergers, Acquisitions,
Divestitures and Restructurings
The Millennium Knickerbocker Hotel, Chicago
Contact: 800-726-2524; 903-595-3800;
http://www.renaissanceamerican.com/
Apr. 25-27, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
NABT Spring Seminar
Eldorado Hotel & Spa, Santa Fe, New Mexico
Contact: http://www.nabt.com/
Apr. 29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Why Prospects Become Clients
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
May 1-2, 2008
TURNAROUND MANAGEMENT ASSOCIATION
2nd Annual Credit & Bankruptcy Symposium
Foxwoods Resort Casino, Ledyard, Connecticut
Contact: http://www.turnaround.org/
May 1-2, 2008
AMERICAN BANKRUPTCY INSTITUTE
Debt Symposium
Hilton Garden Inn, Champagne/Urbana, Illinois
Contact: 1-703-739-0800; http://www.abiworld.org/
May 9, 2008
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners - NYC
Alexander Hamilton U.S. Custom House, New York
Contact: 1-703-739-0800; http://www.abiworld.org/
May 12, 2008
AMERICAN BANKRUPTCY INSTITUTE
New York City Bankruptcy Conference
Millennium Broadway Hotel & Conference Center, New York
Contact: 1-703-739-0800; http://www.abiworld.org/
May 12-13, 2008
PRACTISING LAW INSTITUTE
30th Annual Current Developments in
Bankruptcy & Reorganization
PLI Center San Francisco, California
Contact: http://www.pli.edu/
May 13-16, 2008
AMERICAN BANKRUPTCY INSTITUTE
Litigation Skills Symposium
Tulane University, New Orleans, Louisiana
Contact: 1-703-739-0800; http://www.abiworld.org/
May 15-16, 2008
BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
Fifth Annual Conference on Distressed Investing Europe
Maximizing Profits in the European
Distressed Debt Market
Le Meridien Piccadilly Hotel - London
Contact: 800-726-2524; 903-595-3800;
http://www.renaissanceamerican.com/
May 18-20, 2008
INTERNATIONAL BAR ASSOCIATION
14th Annual Global Insolvency & Restructuring Conference
Stockholm, Sweden
Contact: http://www.ibanet.org/
May 21, 2008
TURNAROUND MANAGEMENT ASSOCIATION
What Happened to My Money - The Restructuring of a Loan
Servicer
Marriott North, Fort Lauderdale, Florida
Contact: http://www.turnaround.org/
June 4-7, 2008
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
24th Annual Bankruptcy & Restructuring Conference
J.W. Marriott Spa and Resort, Las Vegas, Nevada
Contact: http://www.airacira.org/
June 12-14, 2008
AMERICAN BANKRUPTCY INSTITUTE
15th Annual Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: http://www.abiworld.org/
June 19 & 20, 2008
BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
Corporate Reorganizations
Contact: 800-726-2524; 903-595-3800;
http://www.renaissanceamerican.com/
June 24, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Fraud Panel
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
June 26-29, 2008
NORTON INSTITUTES ON BANKRUPTCY LAW
Western Mountains Bankruptcy Law Seminar
Jackson Hole, Wyoming
Contact: http://www.nortoninstitutes.org/
July 10, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Cynthia Jackson of Smith Hulsey & Busey
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
July 10-13, 2008
AMERICAN BANKRUPTCY INSTITUTE
16th Annual Northeast Bankruptcy Conference
Ocean Edge Resort
Brewster, Massachussets
Contact: http://www.abiworld.org/events/
July 29, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Employment Issues Following Hurricanes & Disasters
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/
July 31 - Aug. 2, 2008
AMERICAN BANKRUPTCY INSTITUTE
4th Annual Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay
Cambridge, Maryland
Contact: http://www.abiworld.org/
Aug. 16-19, 2008
AMERICAN BANKRUPTCY INSTITUTE
13th Annual Southeast Bankruptcy Workshop
Ritz-Carlton, Amelia Island, Florida
Contact: http://www.abiworld.org/
Aug. 20-24, 2008
NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
NABT Convention
Captain Cook, Anchorage, Alaska
Contact: http://www.nabt.com/
Aug. 26, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Do's and Don'ts of Investing in a Turnaround
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
Sept. 4-5, 2008
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Four Seasons, Las Vegas, Nevada
Contact: http://www.abiworld.org/
Sept. 4-6, 2008
AMERICAN BANKRUPTCY INSTITUTE
Southwest Bankruptcy Conference
Four Seasons, Las Vegas, Nevada
Contact: http://www.abiworld.org/
Sept. 17, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Real Estate / Condo Restructuring Panel
Marriott North, Fort Lauderdale, Florida
Contact: http://www.turnaround.org/
Sept. 24-26, 2008
INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
CONFEDERATION
IWIRC 15th Annual Fall Conference
Scottsdale, Arizona
Contact: http://www.ncbj.org/
Sept. 24-27, 2008
NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
National Conference of Bankruptcy Judges
Desert Ridge Marriott, Scottsdale, Arizona
Contact: http://www.iwirc.org/
Sept. 30, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Private Equity Panel
Centre Club, Tampa, Florida
Contact: http://www.turnaround.org/
Oct. 9, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Luncheon - Chapter 11
University Club, Jacksonville, Florida
Contact: http://www.turnaround.org/
Oct. 28, 2008
TURNAROUND MANAGEMENT ASSOCIATION
State of the Capital Markets
Citrus Club, Orlando, Florida
Contact: http://www.turnaround.org/
Oct. 28-31, 2008
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott New Orleans, Louisiana
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 30 & 31, 2008
BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES
Physicians Agreements and Ventures
Contact: 800-726-2524; 903-595-3800;
www.renaissanceamerican.com
Nov. 19, 2008
TURNAROUND MANAGEMENT ASSOCIATION
Interaction Between Professionals in a
Restructuring/Bankruptcy
Bankers Club, Miami, Florida
Contact: 312-578-6900; http://www.turnaround.org/
Dec. 3-5, 2008
AMERICAN BANKRUPTCY INSTITUTE
20th Annual Winter Leadership Conference
Westin La Paloma Resort & Spa
Tucson, Arizona
Contact: http://www.abiworld.org/
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
June 11-13, 2009
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.org/
July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
BEARD AUDIO CONFERENCES
2006 BACPA Library
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
BAPCPA One Year On: Lessons Learned and Outlook
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Calpine's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Carve-Out Agreements for Unsecured Creditors
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changes to Cross-Border Insolvencies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Changing Roles & Responsibilities of Creditors' Committees
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Chinas New Enterprise Bankruptcy Law
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Clash of the Titans -- Bankruptcy vs. IP Rights
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Coming Changes in Small Business Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Corporate Bankruptcy Bootcamp: A Nuts & Bolts Primer
for Navigating the Restructuring Process
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Dana's Chapter 11 Filing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Deepening Insolvency Widening Controversy: Current Risks,
Latest Decisions
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Diagnosing Problems in Troubled Companies
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Claims Trading
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Market Opportunities
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Distressed Real Estate under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Employee Benefits and Executive Compensation under the New
Code
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Equitable Subordination and Recharacterization
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Examining the Examiners: Pros and Cons of Using
Examiners in Chapter 11 Proceedings
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Fundamentals of Corporate Bankruptcy and Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Handling Complex Chapter 11
Restructuring Issues
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Healthcare Bankruptcy Reforms
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
High-Yield Opportunities in Distressed Investing
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Homestead Exemptions under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Hospitals in Crisis: The Insolvency Crisis Plaguing
Hospitals Across the U.S.
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
IP Rights In Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
KERPs and Bonuses under BAPCPA
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
New 'Red Flag' Identity Theft Rules
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Non-Traditional Lenders and the Impact of Loan-to-Own
Strategies on the Restructuring Process
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Partnerships in Bankruptcy: Unwinding The Deal
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Privacy Rights, Protections & Pitfalls in Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Real Estate Bankruptcy
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Reverse Mergersthe New IPO?
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Second Lien Financings and Intercreditor Agreements
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Surviving the Digital Deluge: Best Practices in E-Discovery
and Records Management for Bankruptcy Practitioners
and Litigators
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Technology as a Competitive Advantage For Todays Legal
Processes
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
The Battle of Green & Red: Effect of Bankruptcy
on Obligations to Clean Up Contaminated Property
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
The Subprime Sector Meltdown:
Legal Developments and Latest Opportunities
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Twenty-Day Claims
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Using Virtual Data Rooms to Expedite Corporate Restructuring
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Using Virtual Data Rooms to Expedite M&A and Insolvency
Proceedings
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
Validating Distressed Security Portfolios: Year-End Price
Validation and Risk Assessment
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
BEARD AUDIO CONFERENCES
When Tenants File -- A Landlord's BAPCPA Survival Guide
Audio Conference Recording
Contact: 240-629-3300;
http://www.beardaudioconferences.com/
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable. Those sources may
not, however, be complete or accurate. The Monday Bond Pricing
table is compiled on the Friday prior to publication. Prices
reported are not intended to reflect actual trades. Prices for
actual trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets. At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short. Don't be fooled. Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets. A company may establish
reserves on its balance sheet for liabilities that may never
materialize. The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.
A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/booksto order any title today.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. Jason A. Nieva, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo-Sala, Pius Xerxes
Tovilla, Patrick Abing and Marites Claro, Editors.
Copyright 2008. All rights reserved. ISSN 1529-2754.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *