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 c