T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, February 13, 2008, Vol. 9, No. 31 Headlines A U S T R I A LUTTENBERGER KEG: Claims Registration Period Ends March 5 MAR BAU: Claims Registration Period Ends March 12 NRK LLC: Claims Registration Period Ends February 26 VARIANT LLC: Claims Registration Period Ends February 27 XERIUM TECH: Hires Stephen Light as New President & CEO F R A N C E ARROW ELECTRONICS: Earns US$114 Million in 2007 Fourth Quarter INT'L PAPER: Earnings Drop to US$327 Mln in Qtr. Ended Dec. 31 G E R M A N Y AIPPERSPACH & UNGER: Claims Registration Ends March 1 AMOR HOCHZEITS: Claims Registration Period Ends March 6 ASAT HOLDINGS: Receives Nasdaq Securities Delisting Notice CELTECH GERMANY: Claims Registration Ends March 1 CR - STANZTECHNIK: Creditors' Meeting Slated for February 25 FAIRGATE GMBH: Creditors Must File Proofs of Claim by March 7 FITNESS IM ZENTRUM: Claims Registration Period Ends February 29 FRITZ DELIKATESSEN: Claims Registration Period Ends February 29 FUTURA FINANZ: Claims Registration Period Ends March 3 HAMAG INGENIEURGESELLSCHAFT: Claims Registration Ends March 7 HASSLER & CO: Claims Registration Period Ends March 6 HEIZUNG & SANITARTECHNIK: Claims Registration Ends March 6 JOSEF MAIWORM: Claims Registration Period Ends March 7 JUERGEN DAUSER: Creditors' Meeting Slated for February 21 JUERGEN WOLFF: Claims Registration Period Ends March 7 KOELN EINS: Claims Registration Period Ends March 7 KUHLMANN TRANSPORT: Creditors' Meeting Slated for February 21 MAIWORM BADER: Claims Registration Ends March 7 MEDIA X: Claims Registration Period Ends February 29 PULLMAN FERIENPARK: Claims Registration Ends March 7 REINER MISCHKE: Claims Registration Period Ends February 29 RODEWALD GASTRO: Claims Registration Ends March 7 SCANDOLO BETONSTEINWERK: Creditors Must File Claims by March 7 SCHLOSS DER KUENSTE: Claims Registration Period Ends February 29 TECNOMEDIC GMBH: Creditors Must File Proofs of Claim by March 7 VERKEHRS- UND ANLAGENBAU: Creditors' Claims Due March 7 WESTLB AG: Owners Agree to Place EUR23 Bln Securities in SPV WESTLB AG: Restructuring Plan Sees 1,500 Job Cuts by 2010 I R E L A N D KENDAR HOLDINGS: Irish High Court Appoints Liquidator I T A L Y ALITALIA SPA: Opposition Party to Respect Possible Stake Sale DANA CORP: Wants Court to Expunge 307 Scheduled Claims DANA CORP: Newco Gets BB- Rating from S&P After Chap. 11 Exit FIAT SPA: Sees no Slowdown in Global Demand IT HOLDING: Lars Nilsson Ends Ties with Gianfranco Ferre Brand PARMALAT SPA: Venezuela Threatens to Seize Milk Plants PARMALAT SPA: Kenyan Crisis Spurs Firm to Defer Spin Knit Buy K A Z A K H S T A N AGRO-DARHAN LLP: Proof of Claim Deadline Slated for March 11 AKSERVICESNAB LLP: Creditors Must File Claims by March 11 GG AGRO: Claims Filing Period Ends March 7 HEADWAY & K: Creditors' Claims Due on March 11 HKM OIL: Claims Registration Ends March 7 NORD PARTHNER: Creditors Must File Claims by March 7 POLFROST INTERNATIONAL: Claims Filing Period Ends March 11 TECHNIC-OIL LLP: Creditors' Claims Due on March 7 K Y R G Y Z S T A N ATILIM INTERNATIONAL: Claims Filing Period Ends February 22 NEON-UG LLC: Creditors Must File Claims by February 22 L U X E M B O U R G HUNTSMAN CORP: Board Paying US$0.10 Per Share Div. on March 31 N E T H E R L A N D S CETECO HOLDING: Court Lets Receivers to Attach Hagemeyer Assets P O L A N D SCO GROUP: Gets Court OK to File Chapter 11 Plan Until May 11 R U S S I A BULGAR-AVTOVAZ: Creditors Must File Claims by February 28 GONCHAROVSKOE CJSC: Asset Sale Slated for February 28 NOVATEK OAO: Board Approves Share Repurchase Program OZERSKAYA GARMENT: Creditors Must File Claims by March 28 SALAIR CJSC: Creditors Must File Claims by February 28 SISTEMA JSFC: Names Sergev Boyev as VP for Programs Development STEKLYANSKOE CJSC: Court Names A. Biryukov as Insolvency Manager S W I T Z E R L A N D ABACADABRA: Creditors' Liquidation Claims Due by Feb. 20 ANNY BLUMER: Creditors' Liquidation Claims Due by Feb. 18 DIMO COMPANY: Creditors' Liquidation Claims Due by Feb. 20 LABOREA JSC: Creditors' Liquidation Claims Due by February 18 LUXHOF – GARAGE: Creditors' Liquidation Claims Due by Feb. 20 NOVELIS INC: Incurs US$49 Mil. Net Loss in Quarter Ended Dec. 31 PRO SL: Creditors' Liquidation Claims Due by Feb. 15 RESOPTICOM LLC: Creditors' Liquidation Claims Due by Feb. 18 SIGMA WIRTH: Creditors' Liquidation Claims Due by Feb. 18 U N I T E D K I N G D O M CABLE & WIRELESS: Monaco Telecom Buys 49% Stake in Connecteo DOCKRIGHT LTD: Appoints Baker Tilly as Joint Administrators E & J PROPERTIES: Brings In Liquidators from Vantis FEDERAL-MOGUL: Insurers, et al., Oppose Plan A Modifications FEDERAL-MOGUL: Mesothelioma Claimants Support Plan A Settlement FREESCALE SEMICONDUCTOR: Chief Executive M. Meyer to Step Down FREESCALE SEMICON: CEO Resignation No Rating Effect Says Moody's GENERAL MOTORS: Paying US$0.25 First Qtr. Dividend on March 10 GENERAL MOTORS: Invests US$69 Mln in Ohio Diesel Engine Plant LEVEL 3 COMMS: Reports US$91 Mil. Net Loss for 2007 Fourth Qtr. MAXJET AIRWAYS: Court Approves Arent Fox as Committee Counsel MAXJET AIRWAYS: Can Hire P. Stang as Bankruptcy Co-Counsel MAXJET AIRWAYS: Gets Court OK to Employ Pillsbury as Co-Counsel MAXJET AIRWAYS: Filing of Schedules Extended to February 19 MORADA FABRICS: Names Joint Administrators from Begbies NORTHERN CONSERVATORY: Calls In Liquidators from Tenon Recovery NORTHERN ROCK: Investors Question Virgin Money Valuation PLECK CHICKEN: NatWest Bank Taps PKF as Joint Receivers QUEBECOR WORLD: Moody's Rates US$1-BB DIP Facilities Ba2 & Ba3 R.J. PICKFORD: Brings In Administrators from Deloitte & Touche TAPLOW KITCHENS: Appoints Vantis to Administer Assets TEREX CORPORATION: Hart-Scott-Rodino Waiting Period Expires VIRGIN MEDIA: Shelves Non-Cable Market Capture Strategy WEATHERWISE UK: Cash Flow Problem Sends Firm into Administration WHOLE FOODS: Moody's Attaches Ba1 Rating on US$700MM Sec. Loan WORKS RETAIL: Taps Joint Administrators from Kroll ********* ============= A U S T R I A ============= LUTTENBERGER KEG: Claims Registration Period Ends March 5 --------------------------------------------------------- Creditors owed money by Keg Luttenberger (FN 223220s) have until March 5, 2008, to file written proofs of claim to court- appointed estate administrator Wolfgang Reinisch at: Dr. Wolfgang Reinisch Advocacy LLC Reinisch & Wisiak Hauptplatz 28 8430 Leibnitz Austria Tel: 03452/83296 Fax: 03452/83296-20 E-mail: leibnitz@reinisch-wisiak.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 a.m. on March 13, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Leibnitz, Austria, the Debtor declared bankruptcy on Jan. 22, 2008 (Bankr. Case No. 26 S 10/08b). MAR BAU: Claims Registration Period Ends March 12 ------------------------------------------------- Creditors owed money by LLC MAR Bau (FN 288400v) have until March 12, 2008, to file written proofs of claim to court- appointed estate administrator Christiane Pirker at: Dr. Christiane Pirker Hasenhutgasse 9 Haus 3 1120 Vienna Austria Tel: 817 57 57, 817 57 67 Fax: 817 57 55 -17 E-mail: Dr.Christiane.Pirker@chello.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on March 26, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 23, 2008 (Bankr. Case No. 3 S 7/08m). NRK LLC: Claims Registration Period Ends February 26 ---------------------------------------------------- Creditors owed money by LLC Nrk (FN 265609b) have until Feb. 26, 2008, to file written proofs of claim to court- appointed estate administrator Alexander Schoeller at: Dr. Alexander Schoeller Schiessstattring 35/13 3100 St. Poelten Austria Tel: 02742/74 731 Fax: 02742/74 731-22 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:50 a.m. on March 18, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Gablitz, Austria, the Debtor declared bankruptcy on Jan. 22, 2008 (Bankr. Case No. 14 S 9/08a). VARIANT LLC: Claims Registration Period Ends February 27 -------------------------------------------------------- Creditors owed money by LLC Variant (FN 75560v) have until Feb. 27, 2008, to file written proofs of claim to court- appointed estate administrator Karl F. Engelhart at: Dr. Karl F. Engelhart c/o Dr. Thomas Engelhart Esteplatz 4 1030 Vienna Austria Tel: 01/712 33 30-0 Fax: 01/712 33 30 30 E-mail: engelhart@csg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on March 12, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Klosterneuburg, Austria, the Debtor declared bankruptcy on Jan. 23, 2008 (Bankr. Case No. 36 S 3/08w). Thomas Engelhart represents Dr. Engelhart in the bankruptcy proceedings. XERIUM TECH: Hires Stephen Light as New President & CEO ------------------------------------------------------- Xerium Technologies Inc. appointed Stephen R. Light as its new President and Chief Executive Officer, effective Feb. 11, 2008. Mr. Light will also become a member of the company's board of directors concurrently with the effectiveness of his appointment as President and Chief Executive Officer. Mr. Light comes to Xerium Technologies having recently completed the highly successful turnaround of Flow International Corp., the world's largest producer of industrial waterjet cutting and cleaning equipment. Prior to Flow, Mr. Light was President and CEO of OmniQuip Textron and held senior level management positions at General Electric, Emerson Electric and N.V. Phillips. Mr. Light replaces Thomas Gutierrez, who has resigned as an officer and director of the company. The board of directors expresses its thanks to Mr. Gutierrez for his contributions to the company during his six-year tenure as CEO, including the successful completion of the company's initial public offering in 2005. Headquartered in Wesborough, Massachusetts, Xerium Technologies, Inc. -- http://xerium.com/-- manufactures and supplies two types of products used primarily in the production of paper: clothing and roll covers. The company operates under a variety of brand names and owns a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products, designed to optimize performance and reduce operational costs. With 35 manufacturing facilities in 15 countries, including Austria, Brazil and Japan, Xerium Technologies has approximately 3,900 employees. * * * Moody's Investors Service changed the outlook on Xerium Technologies, Inc.'s ratings to negative from stable, and affirmed the company's corporate family rating at B1; Guaranteed senior secured term loan B at B1 rating; and Guaranteed senior secured revolving credit facility at B1 rating. The change in outlook to negative reflects Xerium's weaker than expected operating performance primarily due to production inefficiencies in North America and delays in achieving benefits from cost reduction initiatives. Moody's believed the impact of these issues, coupled with a difficult pricing environment for roll covers and to a lesser extent clothing products, will continue to negatively affect operating performance over the intermediate term. =========== F R A N C E =========== ARROW ELECTRONICS: Earns US$114 Million in 2007 Fourth Quarter -------------------------------------------------------------- Arrow Electronics Inc. reported fourth quarter 2007 net income of US$114.0 million on sales of US$4.42 billion, compared with net income of US$128.1 million on sales of US$3.49 billion in the fourth quarter of 2006. Sales increased 26% year over year. On a pro-forma basis, sales increased nine% year over year as acquisitions also benefited sales growth. The company's results for the fourth quarters of 2007 and 2006 include a number of items that impact their comparability. On a non-GAAP basis, net income for the quarter ended Dec. 31, 2007, would have been US$120.6 million and net income for the quarter ended Dec. 31, 2006, would have been US$88.6 million. "We finished 2007 with outstanding performance in the fourth quarter. Sales, working capital to sales, and return on working capital were all at record levels, and exceptional cash flow generation of US$220 million in the fourth quarter brought 2007 operating cash flow to US$851 million," said William Mitchell, chairman, president and chief executive officer. "Our operating margin was again at an industry leading level and our balance sheet is at its strongest level in 10 years. We are doing this while continuing to invest in important initiatives that will take us to even greater levels of growth and profitability." Global enterprise computing solutions sales of US$1.61 billion increased 111% year over year. Growth was aided by the impact of the acquisitions of KeyLink Systems Group, Alternative Technology Inc. and the storage and security distribution business of InTechnology plc. On a pro-forma basis, sales increased 22% year over year on strong growth in proprietary servers, storage, software, and services. "Sales pro forma for acquisitions more than tripled the rate at which the overall market is expected to have grown and our operating margin strengthened significantly over last quarter, demonstrating the tremendous operating leverage in our business. Execution on our strategic objectives in 2007 has resulted in a much stronger organization with broader geographic reach into 22 countries, increased market share in the fast growing product segments of software and storage, and a more robust customer and supplier base. Arrow ECS is now the world's largest distributor of enterprise storage and security and virtualization software, and with increased scale, scope and capabilities, our strategy is resonating with our customers and suppliers," added Mr. Mitchell. Global components sales of US$2.81 billion increased 3% year over year. "We again executed well and posted sales at the high end of expectations. In North America, we saw our first increase in daily run rate since the third quarter of 2006 and book to bill (the amount of sales booked for delivery as compared with sales that have been billed) was above one in each of the regions in which we operate. As we continued along the path to building best-in-class global capabilities and leveraging our global scale, we moved closer to our financial targets for the global components business in the fourth quarter. Operating income grew at more than three times the rate of sales growth and we reduced the amount of working capital needed to support sales by 160 basis points year over year. Our strategic initiatives around the world continue to take hold and we look forward to additional progress in the upcoming year," Mr. Mitchell said. The company's results for the fourth quarter of 2007 and 2006 include the items outlined below that impact their comparability: * during the fourth quarter of 2007, the company recorded a restructuring and integration charge of US$10.0 million (US$6.6 million net of related taxes) primarily related to initiatives taken by the company to improve operating efficiencies. * during the fourth quarter of 2006, the company settled certain tax matters covering multiple years. As such, the company recorded a reduction in the provision for income taxes of US$44.7 million and related interest expense of US$6.2 million (US$3.8 million net of related taxes) related to periods prior to the fourth quarter of 2006. * during the fourth quarter of 2006, the company completed the valuation of identifiable intangibles associated with acquisitions completed in the fourth quarter of 2005. Accordingly, the company recorded the related amortization expense for the full year in the fourth quarter of 2006. The impact on net income was a decrease of US$1.2 million related to periods prior to the fourth quarter of 2006. * during the fourth quarter of 2006, the company recorded restructuring and integration charges and costs associated with pre-acquisition warranty and environmental claims of US$9.7 million (US$7.8 million net of related taxes). "Based upon the information known to us, we expect normal seasonality in both our components and ECS businesses. We believe that total first quarter sales will be between US$3.925 and US$4.225 billion, with global component sales between US$2.775 and US$2.975 billion and global enterprise computing solutions sales between US$1.15 and US$1.25 billion. Earnings per share, on a diluted basis, excluding any charges and including estimated amortization of intangible assets of US$.03 to US$.04, are expected to be in the range of US$.81 to US$.87, an increase of 9% to 18% from last year's first quarter," said Paul J. Reilly, senior vice president and chief financial officer. Full Year Results Arrow's net income for 2007 was US$407.8 million on sales of US$16.0 billion, compared with net income of US$388.3 million on sales of US$13.6 billion in 2006. Net income for 2007 includes a restructuring and integration charge of US$11.7 million (US$7.0 million net of related taxes) primarily related to initiatives taken by the company to improve operating efficiencies and the acquisition of KeyLink. Net income for 2007 also includes an income tax benefit of US$6.0 million, net, principally due to a reduction in deferred income taxes as a result of the reduction in the statutory tax rate in Germany. Excluding these items, net income would have been US$408.8 million for 2007. Net income for 2006 includes a restructuring and integration charge and costs associated with pre-acquisition warranty and environmental claims of US$16.1 million (US$11.7 million net of related taxes) and a loss on prepayment of debt of US$2.6 million (US$1.6 million net of related taxes). During 2006, the company settled certain tax matters covering multiple years. As such, the company recorded a reduction in the provision for income taxes of US$40.4 million and related interest expense of US$4.0 million (US$2.4 million net of related taxes) related to tax years prior to 2006. Excluding these items, net income would have been US$358.7 million for 2006. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * Arrow Electronics senior subordinated stock continues to carry Moody's Investors Service's Ba1 rating. The company's senior preferred stock is rated at Ba2. INT'L PAPER: Earnings Drop to US$327 Mln in Qtr. Ended Dec. 31 -------------------------------------------------------------- International Paper Co. reported net earnings of US$327 million in fourth-quarter ended Dec. 31, 2007, compared with net earnings of US$217 million in the prior quarter and net earnings of US$2 billion in the fourth quarter of 2006. The company reported preliminary full-year 2007 net earnings total of US$1.2 billion compared with net earnings total of US$1.1 billion in 2006. Amounts in all periods include special items; most notably, 2006 fourth-quarter net earnings include an after-tax gain of US$2.7 billion from the sale of U.S. forestlands. "We increased profits before special items by 52% in 2007, which is strong evidence that the transformation we began in 2005 is continuing to pay off," John Faraci, International Paper chairman and chief executive officer, said. "We've steadily expanded our margins through internal cost controls and by focusing on the right customers and product segments within our key businesses. Our global investments are adding to revenue and profit growth and helping to offset some demand decline in North America." "Solid fourth-quarter results tell the same story," Tim Nicholls, chief financial officer and senior vice president, added. "Margins and volumes continue to improve, contributing to strong business earnings in paper, packaging and xpedx. Improved price realizations in the quarter helped offset the impact of continuing increases in raw material and distribution costs, but we expect continued input cost pressures in the first quarter of 2008. Uncertainty within the North American economy will also play a role in the first quarter, but we will continue to balance our supply with our customers' demand. Global demand for paper and packaging continues to look solid." The effective tax rate from continuing operations and before special items for the fourth quarter of 2007 is 31%, compared with 29% in the third quarter and 28% in the fourth quarter of 2006. The 2007 full-year tax rate is 30% compared with 29% for the 2006 full year. Effects of Special Items Special items in the fourth quarter of 2007 include a pre-tax charge of US$9 million or US$6 million after taxes, for charges relating to the company's transformation plan and an Ohio tax adjustment, well as a US$13 million pre-tax gain for adjustments to estimated gains/losses of production facilities sold. Additionally, a US$41 million net income tax benefit was recorded relating to the effective settlement of certain tax audit issues. The net after-tax effect of these special items is a gain of US$44 million. Special items in the third quarter of 2007 include restructuring and other charges totaling US$42 million before taxes, including US$37 million of pre-tax charges related to the closure of the company's Terre Haute, Indiana mill. Additionally, net pre-tax gains of US$8 million were recorded, principally to reduce estimated transaction costs accrued in connection with the transformation plan forestland sales in 2006, and a US$3 million increase to the income tax provision was recorded related to the settlement of a prior-year tax audit. The net after-tax effect of these special items is a loss of US$23 million. Special items in the fourth quarter of 2006 include a pre-tax gain of: -- US$4.4 billion from sales of U.S. forestlands included in the company's transformation plan; -- a charge of US$759 million for the impairment of goodwill in the company's coated paperboard and Shorewood Packaging businesses; -- a US$149 million pre-tax charge for losses on sales and impairments of businesses, including a US$128 million pre- tax impairment charge to reduce the carrying value of the fixed assets of the company's Saillat, France, mill to estimated fair value; -- a US$111 million pre-tax charge for restructuring and other corporate charges; -- a US$6 million pre-tax credit for interest received from the Canadian government on refunds of prior-year softwood lumber duties; and -- a US$5 million pre-tax credit for reductions of reserves no longer required. Restructuring and other corporate charges include: -- a US$34 million charge for severance and other charges associated with the company's transformation plan; -- a gain of US$115 million for payments received in the fourth quarter relating to the company's participation in the U.S. Coalition for Fair Lumber Imports; -- a charge of US$157 million for losses on early debt extinguishment; -- a US$40 million charge for increases to legal reserves, and a US$5 million credit for other items. In addition, a US$4 million tax expense was recorded in the quarter. The net after-tax effect of these special items is a gain of US$1.8 billion. At Dec. 31, 2007, International Paperhad total assets of US$23.96 billion, total liabilities of US$15.29 billion and total common shareholders' equity of US$8.67 billion. About International Paper Based in Stamford, Connecticut, International Paper Co. (NYSE: IP) -- http://www.internationalpaper.com/-- is in the forest products industry for more than 100 years. The company is currently transforming its operations to focus on its global uncoated papers and packaging businesses, which operate and serve customers in the U.S., Europe, South America and Asia. The company has operations include, among others, facilities in Argentina, Brazil, Bolivia, France, Italy, Spain, Venezuela, and the United Kingdom. These businesses are complemented by an extensive North American merchant distribution system. International Paper is committed to environmental, economic and social sustainability, and has a long-standing policy of using no wood from endangered forests. * * * Moody's Investors Service placed International Paper Co.'s senior subordinate rating at 'Ba1' in December 2005. The rating still holds to date with a stable outlook. ============= G E R M A N Y ============= AIPPERSPACH & UNGER: Claims Registration Ends March 1 ----------------------------------------------------- Creditors of Aipperspach & Unger GmbH i.L. have until March 1, 2008, to register their claims with court-appointed insolvency manager Martin Kern. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Freiburg Room 204 Bismarckalle 2 79098 Freiburg 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: Martin Kern AG Fach 36 Heinrich-von-Stephan-Str. 5 79100 Freiburg Germany Tel: 0761/2111660 Fax: 0761/2111670 The District Court of Freiburg opened bankruptcy proceedings against Aipperspach & Unger GmbH i.L. on Jan. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Aipperspach & Unger GmbH i.L. Engesserstrasse 3 79108 Freiburg Germany AMOR HOCHZEITS: Claims Registration Period Ends March 6 ------------------------------------------------------- Creditors of Amor Hochzeits- und Abendgaderoben GmbH have until March 6, 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 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 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 Amor Hochzeits- und Abendgaderoben GmbH on Dec. 20, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Amor Hochzeits- und Abendgaderoben GmbH Zeil 43 60313 Frankfurt am Main Germany ASAT HOLDINGS: Receives Nasdaq Securities Delisting Notice ---------------------------------------------------------- ASAT Holdings Limited received a Nasdaq Staff Determination letter indicating that the company's market value of listed securities has been below US$35 million as required for continued inclusion by Marketplace Rule 4320(e)(2)(B), and that its American Depositary Shares are, therefore, subject to delisting. The company was also notified by Nasdaq on Jan. 3, 2008, that it does not comply with the minimum stockholders' equity of US$2.5 million or net income from continuing operations of US$500,000 in the recently completed fiscal year or in two of the last three recently completed fiscal years, which are also requirements for continued listing on The Nasdaq Capital Market. The company requested on Feb. 12, 2008, an appeal hearing before a Nasdaq Listing Qualifications Panel to avoid delisting and expects to have a hearing date scheduled in 30 to 45 days. During the appeal hearing process, the company's ADSs will remain listed and traded on The Nasdaq Capital Market. There can be no assurance that the Panel will grant the company's request for continued listing. If the company's ADSs are ultimately delisted from The Nasdaq Capital Market, the company expects that its ADSs will trade on the Over-the-Counter Bulletin Board market. In addition, the company disclosed that it had separately received a Nasdaq letter on Jan. 3, 2008, stating that the company's ADSs did not meet the minimum US$1 per ADS requirement for continued inclusion on The Nasdaq Capital Market as set forth in Nasdaq Marketplace Rule 4320(e)(2)(E)(ii). This requirement has not been satisfied to date, and in accordance with the Rule the company has until July 1, 2008, to regain compliance. About ASAT Holdings Limited Headquartered in Pleasanton, California, ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of semiconductor package design, assembly and test services. With 18 years of experience, the company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in- package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. The company has operations in the United States, Hong Kong, China and Germany. * * * Standard & Poor's placed ASAT Holdings Limited's long-term foreign and local issuer credit ratings at 'CCC-' in September 2007. The outlook is negative. CELTECH GERMANY: Claims Registration Ends March 1 ------------------------------------------------- Creditors of Celtech Germany GmbH have until March 1, 2008, to register their claims with court-appointed insolvency manager Andreas Becker. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on March 13, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Schweinfurt Meeting Hall 22 Eingang Friedenstr. 2 Schweinfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Becker Manggasse 10 97421 Schweinfurt Germany Tel: 09721/472930 Fax: 09721/4729322 The District Court of Schweinfurt opened bankruptcy proceedings against Celtech Germany GmbH on Jan. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Celtech Germany GmbH Sieboldstr. 7 97688 Bad Kissingen Germany CR - STANZTECHNIK: Creditors' Meeting Slated for February 25 ------------------------------------------------------------ The court-appointed insolvency manager for CR - Stanztechnik GmbH, Klaus Hassdenteufel will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m. on Feb. 25, 2008. The meeting of creditors and other interested parties 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 8:45 a.m. on April 14, 2008, at the same venue. Creditors have until March 10, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Klaus Hassdenteufel Kardinal-Wendel-Strasse 12 66440 Blieskastel Germany Tel: (06842) 4021 Fax: (06842) 3962 The District Court of Saarbruecken opened bankruptcy proceedings against CR - Stanztechnik GmbH on Jan. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CR - Stanztechnik GmbH Attn: Christian Reinstadler, Manager Kesselwald 5 66386 St. Ingbert Germany FAIRGATE GMBH: Creditors Must File Proofs of Claim by March 7 ------------------------------------------------------------- Creditors of Fairgate GmbH have until March 7, 2008, to register their claims with court-appointed insolvency manager Jens Koeke. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 1, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goettingen Hall B8 Berliner Strasse 8 37073 Goettingen 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 Koeke Obere Karspuele 36 37073 Goettingen Germany Tel: 0551/9003660 Fax: 0551/90036629 The District Court of Goettingen opened bankruptcy proceedings against Fairgate GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fairgate GmbH Breslauer Str. 26 37154 Northeim Germany FITNESS IM ZENTRUM: Claims Registration Period Ends February 29 --------------------------------------------------------------- Creditors of Fitness Im Zentrum GmbH & Co. KG have until Feb. 29, 2008, to register their claims with court-appointed insolvency manager Andreas Becker. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 25, 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 Wuerzburg Room 14 Tiepolostr. 6 Wuerzburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Becker Ludwigstr. 2 97070 Wuerzburg Germany Tel: 0931/3046211 The District Court of Wuerzburg opened bankruptcy proceedings against Fitness Im Zentrum GmbH & Co. KG on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fitness Im Zentrum GmbH & Co. KG Frankfurter Str. 87 97082 Wuerzburg Germany FRITZ DELIKATESSEN: Claims Registration Period Ends February 29 --------------------------------------------------------------- Creditors of Fritz Delikatessen GmbH have until Feb. 29, 2008, to register their claims with court-appointed insolvency manager Albert Hirt. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Room 178 Hauffstr. 5 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Albert Hirt Berner Feld 74 78628 Rottweil Germany Tel: 0741/17540-50 Fax: 0741/17540-20 The District Court of Stuttgart opened bankruptcy proceedings against Fritz Delikatessen GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fritz Delikatessen GmbH Attn: Rosa Velasquez-Fritz Kirchheimer Str. 71 70619 Stuttgart Germany FUTURA FINANZ: Claims Registration Period Ends March 3 ------------------------------------------------------ Creditors of Futura Finanz Zukunftsunternehmen fuer Finanz- und Wirtschafsberatung GmbH & Co KG have until March 3, 2008, to register their claims with court-appointed insolvency manager Martin Prager. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on April 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hof Meeting Hall 012 Ground Floor Berliner Platz 1 95030 Hof, 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 Prager Feuerwache 5 95445 Bayreuth Germany Tel: 0921/7877806 Fax: 0921/78778077 The District Court of Hof opened bankruptcy proceedings against Futura Finanz Zukunftsunternehmen fuer Finanz- und Wirtschafsberatung GmbH & Co KG on Jan. 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Futura Finanz Zukunftsunternehmen fuer Finanz- und Wirtschafsberatung GmbH & Co KG Schuetzenweg 25 95028 Hof Germany HAMAG INGENIEURGESELLSCHAFT: Claims Registration Ends March 7 ------------------------------------------------------------- Creditors of HAMAG Ingenieurgesellschaft mbH have until March 7, 2008, to register their claims with court-appointed insolvency manager Bert Buske. Creditors and other interested parties are encouraged to attend the meeting at 10:10 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam 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: Bert Buske Alt Nowawes 67 14482 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against HAMAG Ingenieurgesellschaft mbH on Jan. 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HAMAG Ingenieurgesellschaft mbH Attn: Gerd Hausdorf, Manager Sperlingshof 02 14624 Dallgow-Doeberitz Germany HASSLER & CO: Claims Registration Period Ends March 6 ----------------------------------------------------- Creditors of Hassler & Co. Servicecenter GmbH have until March 6, 2008, to register their claims with court-appointed insolvency manager Dr. Jan Roth. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on April 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 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: Dr. Jan Roth Pfingstweidstrasse 3 60316 Frankfurt am Main Germany Tel: 069/209739-0 Fax: 069/20973929 The District Court of Frankfurt am Main opened bankruptcy proceedings against Hassler & Co. Servicecenter GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hassler & Co. Servicecenter GmbH Sontrarer Strasse 6 60386 Frankfurt am Main Germany HEIZUNG & SANITARTECHNIK: Claims Registration Ends March 6 ---------------------------------------------------------- Creditors of Heizung & Sanitartechnik GmbH Berkenbrueck have until March 6, 2008, to register their claims with court- appointed insolvency manager Dr. Detlef-Ruediger Beckmann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Detlef-Ruediger Beckmann Lindenallee 33 14050 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Heizung & Sanitartechnik GmbH Berkenbrueck on Jan. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heizung & Sanitartechnik GmbH Berkenbrueck vormals Dorfstrasse 1-2 15518 Berkenbrueck Germany JOSEF MAIWORM: Claims Registration Period Ends March 7 ------------------------------------------------------ Creditors of Josef Maiworm GmbH & Co. KG have until March 7, 2008, to register their claims with court-appointed insolvency manager Ulrich Kuehn. Creditors and other interested parties are encouraged to attend the meeting at 2:45 p.m. on April 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 Siegen Hall 009 Ground Floor Main Building Berliner Str. 21-22 57072 Siegen 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: Ulrich Kuehn Riehler Str. 26 50668 Cologne Germany Tel: (0221) 9726157 Fax: (0221) 9726227 The District Court of Siegen opened bankruptcy proceedings against Josef Maiworm GmbH & Co. KG on Jan. 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Josef Maiworm GmbH & Co. KG Wueste 72 57462 Olpe Germany JUERGEN DAUSER: Creditors' Meeting Slated for February 21 --------------------------------------------------------- The court-appointed insolvency manager for Juergen Dauser Vermoegensverwaltungsgesellschaft mbH & Co. Anlagen KG, Christian Willmer, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:15 a.m. on Feb. 21, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Syke Hall 112 Hauptstr. 5A 28857 Syke Germany The Court will also verify the claims set out in the insolvency manager's report at 10:10 a.m. on April 17, 2008, at the same venue. Creditors have until March 6, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christian Willmer Georgstrasse 5 D 27283 Verden Germany Tel: 04231-884-0 Fax: 04231-884-55 The District Court of Syke opened bankruptcy proceedings against Juergen Dauser Vermoegensverwaltungsgesellschaft mbH & Co. Anlagen KG on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Juergen Dauser Vermoegensverwaltungsgesellschaft mbH & Co. Anlagen KG Jahnstrasse 12 28844 Weyhe Germany JUERGEN WOLFF: Claims Registration Period Ends March 7 ------------------------------------------------------ Creditors of Juergen Wolff Sammeln und Service GmbH have until March 7, 2008, to register their claims with court-appointed insolvency manager Thomas Steger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Meeting Hall W1.26 First Floor William-Strasse 23 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: Thomas Steger Koelnstrasse 135 53757 Sankt Augustin Germany Tel: 02241/90600 Fax: 02241/906090 The District Court of Bonn opened bankruptcy proceedings against Juergen Wolff Sammeln und Service GmbH on Jan. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Juergen Wolff Sammeln und Service GmbH Flughafenstrasse 61 53842 Troisdorf Germany KOELN EINS: Claims Registration Period Ends March 7 --------------------------------------------------- Creditors of Koeln Eins Verwaltungsgesellschaft Leipzig West mbH have until March 7, 2008, to register their claims with court- appointed insolvency manager Lucas F. Floether. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 First Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig 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. Lucas F. Floether Specks Hof Eingang C Nikolaistrasse 3-5 04109 Leipzig Germany Tel: 0341/652200 Fax: O341/65220111 The District Court of Leipzig opened bankruptcy proceedings against Koeln Eins Verwaltungsgesellschaft Leipzig West mbH on Jan. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Koeln Eins Verwaltungsgesellschaft Leipzig West mbH Antonienstrasse 20 04229 Leipzig Germany KUHLMANN TRANSPORT: Creditors' Meeting Slated for February 21 ------------------------------------------------------------- The court-appointed insolvency manager for Kuhlmann Transport GmbH, Dr. Christian Willmer, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:20 a.m. on Feb. 21, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Syke Hall 112 Hauptstr. 5A 28857 Syke Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on April 17, 2008, at the same venue. Creditors have until March 6, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Christian Willmer Georgstrasse 5 D 27283 Verden Germany Tel: 04231-884-0 Fax: 04231-884-55 The District Court of Syke opened bankruptcy proceedings against Kuhlmann Transport GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kuhlmann Transport GmbH Wienbergen 2 27318 Hilgermissen Germany MAIWORM BADER: Claims Registration Ends March 7 ----------------------------------------------- Creditors of Maiworm Bader GmbH & Co. KG have until March 7, 2008, to register their claims with court-appointed insolvency manager Ulrich Kuehn. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on April 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 Siegen Meeting Hall 009 Ground Floor Main Building Berliner Str. 21-22 57072 Siegen 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: Ulrich Kuehn Riehler Str. 26 50668 Cologne Germany Tel: (0221) 9726157 Fax: (0221) 9726227 The District Court of Siegen opened bankruptcy proceedings against Maiworm Bader GmbH & Co. KG on Jan. 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Maiworm Bader GmbH & Co. KG Attn: Wolfgang Weiss, David Weiss and Jennifer Coskun, Managers Wueste 72 57462 Olpe Germany MEDIA X: Claims Registration Period Ends February 29 ---------------------------------------------------- Creditors of MEDIA X GmbH have until Feb. 29, 2008, to register their claims with court-appointed insolvency manager Dr. Oliver Kirschnek. Creditors and other interested parties are encouraged to attend the meeting at 1:45 p.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 Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Oliver Kirschnek Kriegerstrasse 3 70191 Stuttgart Germany Tel: 0711/225583-0 Fax: 0711/225583-20 The District Court of Heilbronn opened bankruptcy proceedings against MEDIA X GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MEDIA X GmbH Attn: Loris-Marco Gelesch, Manager Siemensstrasse 28 74343 Sachsenheim Germany PULLMAN FERIENPARK: Claims Registration Ends March 7 ---------------------------------------------------- Creditors of Pullman-Ferienpark Betreiber-GmbH have until March 7, 2008, to register their claims with court-appointed insolvency manager Dr. Thomas Wazlawik. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 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 Passau Meeting Hall 12a Ground Floor Schustergasse 4 Passau Germany The Court will also verify the claims set out in the insolvency manager's report 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. Thomas Wazlawik Luragogasse 5 94032 Passau Germany Tel: 0851/490548-0 Fax: 0851/490548-9 The District Court of Passau opened bankruptcy proceedings against Pullman-Ferienpark Betreiber-GmbH on Jan. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pullman-Ferienpark Betreiber-GmbH Ruberting 7 94535 Eging am See Germany REINER MISCHKE: Claims Registration Period Ends February 29 ----------------------------------------------------------- Creditors of Reiner Mischke GmbH have until Feb. 29. 2008 to register their claims with court-appointed insolvency manager Rainer Froelich. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on March 28, 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 Room A234 Second Floor Isle 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: Rainer Froelich Vohwinkeler Str.58 42329 Wuppertal Germany Tel: 0202/7470430 Fax: 0202/7470431 www.kuebler-gbr.de The District Court of Wuppertal opened bankruptcy proceedings against Reiner Mischke GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reiner Mischke GmbH Attn: Dietrich Harnach und Else Schulz, Managers Friedrich-Ebert-Str. 173 42117 Wuppertal Germany RODEWALD GASTRO: Claims Registration Ends March 7 ------------------------------------------------- Creditors of Rodewald Gastro GmbH have until March 7, 2008, to register their claims with court-appointed insolvency manager Arnd Sebelefsky. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Arnd Sebelefsky Arcostr. 3 80333 Munich Germany Tel: 089/5490250 Fax: 089/558674 The District Court of Munich opened bankruptcy proceedings against Rodewald Gastro GmbH on Jan. 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rodewald Gastro GmbH Walchenseeplatz 4 81539 Munich Germany Attn: Sven Rodewald, Manager Ludwigsfelder Str. 94 80997 Munich Germany SCANDOLO BETONSTEINWERK: Creditors Must File Claims by March 7 -------------------------------------------------------------- Creditors of Scandolo Betonsteinwerk GmbH have until March 7, 2008, to register their claims with court-appointed insolvency manager Jens Koeke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 1, 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 Goettingen Hall B8 Berliner Strasse 8 37073 Goettingen 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 Koeke Obere Karspuele 36 37073 Goettingen Germany Tel: 0551/9003660 Fax: 0551/90036629 The District Court of Goettingen opened bankruptcy proceedings against Scandolo Betonsteinwerk GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Scandolo Betonsteinwerk GmbH Rudolf-Winkel-Strasse 14 37079 Goettingen Germany SCHLOSS DER KUENSTE: Claims Registration Period Ends February 29 ---------------------------------------------------------------- Creditors of Schloss der Kuenste GmbH have until Feb. 29, 2008, to register their claims with court-appointed insolvency manager Jan van Bruggen. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on March 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ravensburg Room 127 Herrenstr. 42 88212 Ravensburg 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: Jan van Bruggen Hochstr. 1 88045 Friedrichshafen Germany The District Court of Ravensburg opened bankruptcy proceedings against Schloss der Kuenste GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schloss der Kuenste GmbH Attn: Arthur Tormay und Joan Dunne, Managers Riedheimer Str. 8 88048 Friedrichshafen Germany TECNOMEDIC GMBH: Creditors Must File Proofs of Claim by March 7 --------------------------------------------------------------- Creditors of Tecnomedic GmbHhave until March 7, 2008, to register their claims with court-appointed insolvency manager Ruediger Bauch. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 9, 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 Braunschweig Hall E 01 Martinikirche 8 38100 Braunschweig 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 Damm 18 38100 Braunschweig Germany Tel: 0531 38848-10 Fax: 0531 38848-11 The District Court of Braunschweig opened bankruptcy proceedings against Tecnomedic GmbH on Jan. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Tecnomedic GmbH Jasperstrasse 40 38170 Schoeppenstedt Germany VERKEHRS- UND ANLAGENBAU: Creditors' Claims Due March 7 ------------------------------------------------------- Creditors of Verkehrs- und Anlagenbau Nienburg GmbH have until March 7, 2008, to register their claims with court-appointed insolvency manager Lothar Plumhof. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on April 18, 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 Syke Hall 112 Hauptstr. 5A 28857 Syke 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: Lothar Plumhof Hauptstr. 2 28857 Syke Germany The District Court of Syke opened bankruptcy proceedings against Verkehrs- und Anlagenbau Nienburg GmbH on Jan. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Verkehrs- und Anlagenbau Nienburg GmbH Vor dem Zoll 4 31582 Nienburg/Weser Germany WESTLB AG: Owners Agree to Place EUR23 Bln Securities in SPV ------------------------------------------------------------ WestLB AG's owners have reached an agreement to ring-fence substantial risks in the Bank's structured portfolios. Securities with a nominal volume of roughly EUR23 billion will be ring-fenced off the WestLB's balance sheet in a special purpose vehicle. WestLB says this solution means that the losses included in the 2007 annual accounts as a result of the developments on the international capital markets will be compensated for in the current financial year and that future risks will be ring- fenced. The financing of the special purpose vehicle will be secured by a guarantee from the owners of up to EUR5 billion to cover any payment defaults. According to WestLB, its owners will meet any possible losses from these securities portfolios in line with their shareholdings in WestLB up to an amount of EUR2 billion, in compliance with their statement of Jan. 20, 2008. Any further losses up to EUR3 billion will be borne by the State of North Rhine-Westphalia. If an to the extent that claims arising from the disproportionate risk 'shield' are asserted against the State of North Rhine-Westphalia, the federal state is entitled to demand that a corresponding number of WestLB shares currently held by the savings banks associations and the regional associations shall be transferred to the federal state against payment of the book value of the shares held by the above shareholders. Any claims shall be based on a calculated share price of EUR220, less a discount of EUR20 per share. For the regional associations a share price of EUR220 shall apply. Instead of a transfer of the shares, the parties involved may also agree on a cash payment. "WestLB can now concentrate fully on its future realignment," Michael Breuer, WesLB chairman of the supervisory board, disclosed. This expressly includes exploring the possibilities of a merger with Helaba. About WestLB Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB) -- http://www.westlb.com/-- provides financial advisory, lending, structured finance, project finance, capital markets and private equity products, asset management, transaction services and real estate finance to institutions. In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC. WestLB's shareholders are the two savings banks associations in NRW (25.15% each), two regional associations (0.52% each), the state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW (64.7%) and two regional associations (35.3%). * * * As reported in the Troubled Company Reporter-Europe on Jan. 24, 2008, Fitch Rating downgraded WestLB AG's Individual rating to 'F' from 'D/E' and removed the Rating Watch Negative. Moody's Investor Service assigned WestLB AG's 7.15% Fixed Rate Credit Linked Notes due 2013 at B1. WESTLB AG: Restructuring Plan Sees 1,500 Job Cuts by 2010 --------------------------------------------------------- WestLB AG's managing board has submitted to the supervisory board a framework plan for restructuring and strengthening the business model by the year 2010. The plan envisages cost savings of EUR300 million, which are to be achieved, among other things, by reducing headcount by between 1,300 and 1,500 employees during this period. At the same time income will be increased by approximately EUR100 million through the savings banks and mid-cap initiative alone. The supervisory board instructed the managing board to work out the details of the restructuring based on the key points submitted. "Headcount reductions are always painful. But there is no alternative. We have to begin quickly to shape the future of WestLB and make the remaining jobs as safe as possible," Alexander Stuhlmann, chairman of the managing board of WestLB, said. The key points of the restructuring are: -- strengthening the joint business with the savings banks and private clients; -- significantly expanding the mid-cap business and optimizing the business with large corporates; -- further developing the real estate business; and -- focusing our investment banking activities. "The restructuring will not be to the detriment of our clients. On the contrary, we will invest in our clients and, apart from the mid-cap business, expand our product offering for the client business of the savings banks. Let me emphasize, however, that we do not wish to grow in competition with the savings banks, but in partnership with them," Mr. Stuhlmann added. About WestLB Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB) -- http://www.westlb.com/-- provides financial advisory, lending, structured finance, project finance, capital markets and private equity products, asset management, transaction services and real estate finance to institutions. In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC. WestLB's shareholders are the two savings banks associations in NRW (25.15% each), two regional associations (0.52% each), the state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW (64.7%) and two regional associations (35.3%). * * * As reported in the Troubled Company Reporter-Europe on Jan. 24, 2008, Fitch Rating downgraded WestLB AG's Individual rating to 'F' from 'D/E' and removed the Rating Watch Negative. Moody's Investor Service assigned WestLB AG's 7.15% Fixed Rate Credit Linked Notes due 2013 at B1. ============= I R E L A N D ============= KENDAR HOLDINGS: Irish High Court Appoints Liquidator ----------------------------------------------------- The Irish High Court has appointed a liquidator for Kendar Holdings Ltd., the Sofia News Agency reports. The order was sought by Welplan Limited, alleging debts of EUR325,414 owed by Michael Lynn, Kendar's owner, the report said. According to Welplan, the debt was for goods and services received under a contract in the last six years. The amount has yet to be paid despite Welplan serving the company a letter of demand on Dec. 20, 2007, the report adds. Thus Welplan was satisfied the company was insolvent and unable to pay its debts. Mr. Lynn, as the sole director and secretary of Kendar, is being investigated by garda fraud squad, for allegedly taking out multiple mortgages on several properties with more than ten banks, the report relates. Mr. Lynn is said to owe the banks more than EUR82.5 million. Dublin-based Kendar Holdings Ltd. develops and sells real estate. ========= I T A L Y ========= ALITALIA SPA: Opposition Party to Respect Possible Stake Sale ------------------------------------------------------------- The Forza Italia opposition party will respect the possible sale of the Italian government's 49.9% stake in Alitalia S.p.A. to Air France-KLM S.A. if it wins the snap election in April 2008, published reports say. "If there were to be a contract already signed, it would be respected," Renato Brunetta, deputy coordinator of Silvio Berlusconi's Forta Italia, was quoted by Bloomberg News as saying. Mr. Brunetta, however, said Forza Italia would like the outgoing government, headed by Prime Minister Romano Prodi, to avoid an agreement and leave the decision to the next government, Reuters reports. President Giorgio Napolitano dissolved the Italian parliament on Feb. 6, 2008, and set a snap election for April 13 and 14, 2008. Mr. Prodi's administration remains as caretaker government until a new prime minister is elected into office. As reported in the TCR-Europe on Feb. 11, 2008, Mr. Prodi vowed to "do everything possible" to complete the stake sale. "We will certainly do our best to make sure that this operation, which no-one has had the courage to face despite being widely recognized as necessary and unavoidable, makes it to the end," Mr. Prodi was quoted by Agenzia Giornalistica as saying. "We have taken on this task and we will try to go all the way." Alitalia and Air France-KLM SA have until mid-March to complete exclusive talks and present a final binding offer to the Italian government, which thereafter will decide whether to sell its stake to the French carrier. As previously reported in the TCR-Europe, Alitalia and Italy commenced exclusive sale talks with Air France-KLM. In its non-binding offer, Air France plans to: -- acquire 100% of the shares of Alitalia through an exchange offer; -- acquire 100% of Alitalia convertible bonds; and -- immediately inject at least EUR750 million into Alitalia through a capital increase, that will be open to all shareholders and be fully underwritten by Air France. 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. DANA CORP: Wants Court to Expunge 307 Scheduled Claims ------------------------------------------------------ Dana Corporation and its affiliates ask the U.S. Bankruptcy Court for the Southern District of New York to disallow and expunge 307 claims totaling US$10,549,663, listed in their Schedules of Assets and Liabilities because those claims either have been (a) satisfied by the Debtors in full during the pendency of their Chapter 11 cases, or (ii) reduced to zero as a result of reconciliation of the Debtors' books and records after the filing of the Schedules. The 10 largest Satisfied Claims are: Scheduled Claimant Claim No. Claim Amount -------- --------- ------------ Acemco Automotive 54-F-1-19766 US$795,312 B&C Machine Company 54-F-1-20099 453,315 Mueller Impact 95-F-1-18463 364,619 Watson & Chalin 54-F-1-23671 288,513 HL Yoh Company 54-F-1-21338 228,042 Omaha Steel Castings 54-F-1-22480 233,162 Unity 54-F-1-24139 215,410 Avatar Components 54-F-1-20078 203,529 UPS Customhouse Brokerage 73-F-1-16075 166,138 Holland Group 54-F-1-21453 160,751 A list of the Satisfied Claims is available for free at: http://bankrupt.com/misc/Dana_SatisfiedClaims.pdf The Debtors also ask the Court to disallow and expunge 36 Scheduled Claims totaling US$264,589. Those Claims, according to Corinne Ball, Esq., at Jones Day, in New York, relate to executory contracts that the Debtors propose to assume under their Third Amended Joint Plan of Reorganization. Pursuant to the proposed assumption, the Contract Claims will be resolved and satisfied. The 10 largest Contract Claims are: Scheduled Claimant Claim No. Claim Amount -------- --------- ------------ Convisint 64-F-1-15592 US$45,640 Najico Spicer Co Ltd 54-F-5-100 38,996 Fredericktown School 54-F-1-21144 33,791 Automatic Data Processing 54-F-1-20069 16,675 Kace Logistics 73-F-1-15884 13,067 Knox County Career Center 54-F-1-21835 10,887 Argo Partners 54-F-1-23575 10,152 Shumaker Loop & Kendrick 54-F-1-23085 9,500 System Scale Corp 54-F-1-23301 8,741 Sourcenet Solutions Inc 54-F-1-23149 8,296 A list of the Contract Claims is available for free at: http://bankrupt.com/misc/Dana_ContractClaims.pdf Furthermore, the Debtors ask the Court to reduce the amount asserted by seven claims. Ms. Ball says that the Claims have already been paid or otherwise satisfied, or has been deemed satisfied and reduced in the Debtors' books and records. The Overstated Claims are: Scheduled Original Adjusted Claimant Claim No. Claim Amt. Claim Amt. -------- --------- ---------- ---------- Merrill Lynch 54-F-1-20976 US$173,418 US$617,255 Moores Machine 54-F-1-22254 346,393 292,657 Atchinson Casting 54-F-1-20043 188,904 111,788 Credit Suisse 54-F-1-20371 234,999 77,542 Madison Investment 54-F-1-23041 318,821 67,480 Ford Components 54-F-1-21122 113,641 27,117 Pricewaterhousecoopers 54-F-1-22720 154,000 5,000 As reported in the Troubled Company Reporter on Feb. 6, 2008, Dana and its debtor-affiliates' Third Amended Joint Plan of Reorganization became effective as of Jan. 31, 2008, and the Company emerged from Chapter 11 bankruptcy protection. About Dana Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. Judge Burton Lifland of the U.S. Bankruptcy Court for the Southern District of New York entered an order confirming the Third Amended Joint Plan of Reorganization of the Debtors on Dec. 26, 2007. (Dana Corporation Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) DANA CORP: Newco Gets BB- Rating from S&P After Chap. 11 Exit ------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB-' corporate credit rating to Toledo, Ohio-based Dana Holding Corp. following the company's emergence from Chapter 11 on Feb. 1, 2008. The outlook is negative. "The ratings are based on the exit financing, capital structure, and other terms and conditions under Dana's plan of reorganization filed with the bankruptcy court, which has now been consummated," said Standard & Poor's credit analyst Nancy Messer. At the same time, Standard & Poor's assigned Dana's US$650 million asset-based loan revolving credit facility due 2013 a 'BB+' rating (two notches higher than the corporate credit rating) with a recovery rating of '1', indicating an expectation of very high (90%-100%) recovery in the event of a payment default. In addition, S&P assigned a 'BB' bank loan rating to Dana's US$1.43 billion senior secured term loan (one notch above the corporate credit rating) with a recovery rating of '2', indicating an expectation of average (70%-90%) recovery. The bank loan ratings assume that any remaining conditions that predate the bank facility are satisfied or waived. Dana had US$1.6 billion of balance sheet debt outstanding at emergence from bankruptcy. The capital structure also includes US$792 million of 4% cash-pay convertible preferred stock, held by Centerbridge Partners L.P. and certain prior creditors, which Standard & Poor's views as equity. The ratings reflect Dana's weak business profile and aggressive financial profile. Dana is a significant participant in the global automotive marketplace, manufacturing under-the-vehicle products such as axles, driveshafts, and other structural, sealing, and thermal products. Dana's customers are original equipment manufacturers of vehicles in the light, heavy-duty commercial, and heavy off-road markets. S&P could lower the ratings over the next year if Dana fails to generate free cash flow, whether because of slower restructuring efforts, more adverse market conditions, or failure to install a strong executive leadership team. In addition, S&P could lower the ratings if Dana's strategic or financial policies take a more aggressive turn under the new board of directors and executive management team. Any of these occurrences could inhibit Dana's free cash flow and the potential for reduced leverage in the near term. S&P could revise the outlook to stable if market conditions stabilize and Dana is able to modestly expand sales and EBITDA in the next few years, and if restructuring activities produce improved and sustainable adjusted EBITDA margin in 2008-2009 at 10% or better. The assignment of a stable outlook would also require S&P's confidence that the financial policy and business strategy of Dana's new owners would remain consistent with the current rating and that the company would resolve prior accounting issues. S&P would also need to see evidence, through the achievement of profitable new business wins, that the company is establishing itself as a credible long-term global competitor in its markets. FIAT SPA: Sees no Slowdown in Global Demand ------------------------------------------- Fiat S.p.A. expects no decrease in global demand despite the current financial market upheaval, Reuters reports citing company CEO Sergio Marchionne. "Most companies that are in this sector have not yet shown the slightest slowdown in industrial development," Mr. Marchionne was quoted by Reuters as saying. "We do not see any negative impact on market demand." Mr. Marchionne added that the company is experiencing weak local demand, which the CEO is "understandable" due to the tax incentives problem. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * As reported in the TCR-Europe on Nov. 6, 2007, Moody's Investors Service changed the outlook on Fiat S.p.A. and subsidiaries' Ba3 Corporate Family Rating to positive from stable and affirmed its Ba3 long-term senior unsecured ratings as well as the short-term non-Prime rating. On Oct. 4, 2007, Fitch Ratings affirmed Fiat S.p.A.'s Issuer Default and senior unsecured ratings at BB- and Short-term rating at B. The company carries Standard & Poor's Ratings Services' BB long- term corporate credit rating. The compay also carries B short- term rating. S&P said the outlook is stable. IT HOLDING: Lars Nilsson Ends Ties with Gianfranco Ferre Brand -------------------------------------------------------------- IT Holding S.p.A.'s Gianfranco Ferre brand ended on Feb. 8, 2008, its collaboration with Lars Nilsson, who was appointed creative director on Sept. 25, 2007. Mr. Nilsson was the creative director of Nina Ricci in Paris. According to Bloomberg News, he had designed for Christian Dior S.A. and Chanel S.A. Mr. Nilsson replaced founder Gianfranco Ferre, who died in June 2007. "Ferre is IT Holding's biggest brand and Nilsson leaving is negative," Salvatore Provinzano at Il Nuovo Mercato in Rome was quoted by Bloomberg as saying. According to the company, will be presented on Feb. 18, 2008. The collection has been designed by in-house creative team. The creative direction' new personnel structure will be announced after The Gianfranco Ferre Fall and Winter womenswear collection on Feb. 18, 2008, the company said. Headquartered in Milan, Italy, IT Holding S.p.A. -- http://www.itholding.it/-- controls a group of companies that design, produce and distribute high-quality products under owned brands -- Ferre, Malo, Exte -- as well as under license agreements -- D&G, Versus, Versace Jeans Couture, Just Cavalli, C'N'C Costume National. Worldwide distributing network includes 29 directly operated stores, 111 other mono-brand stores and over 4,000 highly selected department and specialty stores. IT Holding has over 1,700 employees. It went public on November 1997 and its shares are traded on Milan Stock Exchange. * * * As of Feb. 12, 2008, IT Holding S.p.A. carries Moody's B3 Corporate Family and Probability-of-Default rating. Moody's said the outlook is stable. The company also carries Standard & Poor's B- long-term foreign issuer credit rating, 'B-' long-term local issuer credit rating with stable outlook. PARMALAT SPA: Venezuela Threatens to Seize Milk Plants ------------------------------------------------------ Venezuelan President Hugo Chavez threatened to expropriate milk processing plants of Parmalat S.p.A. and Nestle S.A., various reports say. Mr. Chavez is accusing Parmalat and Nestle of pressuring local dairy farmers to sell their milk to these international firms, Reuters relates. According to Agence France-Presse, Venezuela for months has been rocked by shortages of basic foods like milk, eggs, sugar, beef, chicken and wheat flour. "It doesn't make any difference if we set up [state] milk processing plants if there is no milk to process because it is all taken away by Parmalat or Nestle," Mr. Chavez was quoted by the Associated Press as saying. Mr. Chavez is seeking to end the shortages by bolstering the private sector's supply with state-financed enterprises, Reuters adds. "If it is proven that Nestle or Parmalat -- under different economic means of pressure or blackmail, such as by offering money in advance -- are making off with the raw milk output and leaving state plants without the milk they need, then that is called sabotage," Mr. Chavez was further quoted by AP. "The Constitution has to be enforced, the government has to step in and expropriate the plants," Mr. Chavez adds. "We are facing an economic conspiracy and we are forced to act to defend national security." About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has