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 Monday, February 18, 2008, Vol. 9, No. 34 Headlines A U S T R I A BAKAJLIC PARKETTVERLEGUNG: Claims Registration Ends March 19 CESU MONTAGE: Claims Registration Period Ends March 19 FARBEN UND LACKE: Claims Registration Period Ends March 17 GEISSLER - AIR: Claims Registration Period Ends March 18 HK VERPACKUNGSSYSTEME: Claims Registration Period Ends March 25 PLUSPOINT LLC: Claims Registration Period Ends March 27 B E L G I U M POPE & TALBOT: Asks CCAA Court to Extend Stay Period to April 4 POPE & TALBOT: Obtains Waivers to DIP Credit & Security Pact SOLUTIA INC: Challenges DuPont's US$1.3 Mln Administrative Claim SOLUTIA INC: Settles Dispute on Bayer/Lanxess Claims' Treatment C Z E C H R E P U B L I C FREESCALE SEMICON: Appoints Rich Beyer as Chairman and CEO FREESCALE SEMICONDUCTOR: Fitch Shifts Rating Outlook to Negative D E N M A R K KNOLL INC: Lynn Utter Named Knoll North America's President/COO F I N L A N D NOVELL INC: Extends Open Collaboration Biz with SiteScape Buy F R A N C E WARNER MUSIC: Moody's Downgrades Corporate Family Rating to B1 G E R M A N Y AGRO-FRUCHTIMPORT: Claims Registration Period Ends March 12 AH TREPPENTECHNIK: Claims Registration Period Ends March 12 AMETA GESELLSCHAFT: Claims Registration Ends March 14 BAUUNTERNEHMUNG K.E.: Claims Registration Period Ends March 13 BETOMONT GMBH: Claims Registration Period Ends March 7 BIO BAU: Claims Registration Ends March 14 DASTRO DANKESREITER: Creditors' Meeting Slated for March 3 DOMINIUM HOLDING: Claims Registration Period Ends March 7 E.M. MEDICAL: Claims Registration Period Ends March 13 EDG DIENSTLEISTUNGSGESELLSCHAFT: Claims Filing Ends March 12 FARBSPEKTRUM ZWICKAU: Claims Registration Period Ends March 12 FRISOERTEAM SPANGENBERG: Claims Registration Period Ends March 7 HNF HANDELSGESELLSCHAFT: Claims Registration Ends March 12 INCASA. NATUR: Claims Registration Period Ends March 7 NOVEMBER AG: Insolvency Filing Rejected; Dirk Zurek Named CEO NOWACKI TRANSPORTE: Claims Registration Ends March 14 PROVEHO FOERDERTECHNIK: Claims Registration Period Ends March 7 RICKERT PUTZ: Claims Registration Period Ends March 12 SIEGFRIED KOHM: Claims Registration Period Ends March 12 STOLZ & CO: Claims Registration Period Ends March 12 VISUELLE BILDTECHNIK: Claims Registration Ends March 13 WASA MASSIVHOLZMOEBEL: Creditors' Meeting Slated for February 25 H U N G A R Y PROPEX INC: Committee Selects Baker Donelson as Counsel PROPEX INC: Requests Court to Set July 7 as Claims Bar Date I R E L A N D CLOVERIE PLC: Moody's Junks Rating on US$20 Mln Class C Notes I T A L Y ALITALIA SPA: Air France-KLM to Seek Sale's OK from New Govt DANA HOLDING: Moody's Affirms Low-B Ratings K A Z A K H S T A N ACCESS OIL: Proofs of Claim Deadline Slated for March 11 AES CORP: Restarts Redondo Beach Unit AKTOBE STROY: Creditors Must File Claims by March 11 ALUPSTOY-AKTOBE LLP: Claims Filing Period Ends March 14 ATAKENT-NUR LLP: Creditors' Claims Due on March 14 ATLAH-INVEST LLP: Claims Registration Ends March 14 BAIKALLES LLP: Proof of Claim Deadline Slated for March 14 FIS LLP: Creditors Must File Claims by March 14 ISLAM & K: Claims Filing Period Ends March 14 KAZYBEK-S LLP: Creditors' Claims Due on March 14 K Y R G Y Z S T A N AJIKE LLC: Creditors Must File Claims by February 22 BORDO LLC: Claims Filing Period Ends February 22 L I T H U A N I A MEDICINOS BANKAS: Fitch Rates IDR at B with Stable Outlook L U X E M B O U R G AGILENT TECH: Earns US$120 Million Quarter Ended January 31 AGILENT TECHNOLOGIES: Adds WiMAX Protocol Testing in Runcom Deal N E T H E R L A N D S CARMEUSE HOLDING: Moody's Keeps Corporate Family Rating at Ba2 P O L A N D AFFILIATED COMPUTER: No Default Under Indenture, Court Says R U S S I A AGRODAG OJSC: Creditors Must File Claims by March 28 FAR EASTERN: Moody's Assigns Corporate Family Rating at B1 GIAGINSKAYA LLC: Creditors Must File Claims by March 28 GLOMUS LLC: Creditors Must File Claims by March 28 KUBOVO LLC: Court Names A. Kokotov as Insolvency Manager NATUKHAY LLC: Creditors Must File Claims by February 28 OJSC VOLGATELECOM: Fitch Puts IDR at B on Profitability ORBIS + OJSC: Creditors Must File Claims by March 28 RED & BLACK: Moody's Rates US$18.6 Million Class C Notes at Ba2 RUS-GAS LLC: Creditors Must File Claims by March 28 VELSKAYA MTS: Creditors Must File Claims by February 28 S P A I N NOVAIN EMPRESA: Commercial Court Orders Voluntary Administration S W I T Z E R L A N D BASELLINE LLC: Creditors' Liquidation Claims Due by Feb. 28 CHEMICAL CONSTRUCTION: Creditors Must File Claims by Feb. 22 DECO GLAS: Creditors' Liquidation Claims Due by Feb. 29 ENIGMA SOLUTIONS: Creditors' Liquidation Claims Due by Feb. 25 ERNST NATER: Creditors' Liquidation Claims Due by March 7 H.R. MULLER: Creditors' Liquidation Claims Due by Feb. 28 INTERBASILEA JSC: Creditors' Liquidation Claims Due by Feb. 29 KABD JSC: Creditors' Liquidation Claims Due by Feb. 27 U K R A I N E AGRICULTURAL INDUSTRIAL: Creditors Must File Claims by Feb. 28 BETONIKS LLC: Creditors Must File Claims by February 28 BIELOZEROVKA CJSC: Creditors Must File Claims by February 28 DOBRIYE USLUGI: Creditors Must File Claims by February 27 GOGOL LLC: Creditors Must File Claims by February 27 IMPRESS LLC: Creditors Must File Claims by February 27 LIUBOV-1977: Creditors Must File Claims by February 27 UNIVERSALNA: Moody's Puts Insurance Fin'l Strength Rating at B3 U N I T E D K I N G D O M ACXIOM CORP: Paying Six Cents Per Share Dividend on March 17 ACXIOM CORP: Increases Stock Repurchase Program by US$25 Mil BALLY TECH: Earns US$24.4 Million in Quarter Ended Dec. 31, 2007 BALLY TECH: To Provide Casino Management Systems for Harrah's BRITISH AIRWAYS: BALPA Opposes Job Outsourcing Under Open Skies CHRYSLER LLC: Court to Decide Fate of Tooling Dispute on Feb. 19 CHRYSLER LLC: Insists Ownership of Tooling Equipment CHRYSLER LLC: Extends Exclusive Deal w/ SIRIUS Until Sept. 2017 CONNECTOR & TERMINAL: Brings In Liquidators from Tenon Recovery DOLCIS LTD: Joint Administrators Complete Sale to Stylo Barratt DOURIS UK: Rohauer Collection Inks License Deal with BAC Films FORD MOTOR: Fitch Affirms B Issuer Default Rating; Outlook Neg. FUNKY MONKEYS: Calls In Liquidators from Moore Stephens INVENSYS PLC: Answers Speculations on Ongoing Debt MOLLEAH TRATTORIA: Joint Liquidators Take Over Operations R.J. EVANS: Hires Liquidators from Smith & Williamson REMEDIAL SYSTEMS: Appoints Liquidators from BDO Stoy Hayward SCO GROUP: Secures US$100 Mln to Finance Plan of Reorganization SHAW GROUP: E&I Unit Bags Two Task Order Contracts from US Navy SRADA DEVELOPMENTS: Taps Liquidators from BDO Stoy Hayward TALBOT GROUP: Brings In Joint Administrators from PwC ZALPORUE LTD: Appoints Liquidators from Vantis * BOND PRICING: For the Week Feb. 11 to Feb. 15, 2008 ********* ============= A U S T R I A ============= BAKAJLIC PARKETTVERLEGUNG: Claims Registration Ends March 19 ------------------------------------------------------------ Creditors owed money by KG Bakajlic Parkettverlegung (FN 168737v) have until March 19, 2008, to file written proofs of claim to court-appointed estate administrator Charlotte Boehm at: Dr. Charlotte Boehm Taborstrasse 10/2 1020 Vienna Austria Tel: 214 77 10/20 Fax: 214 77 10-16 E-mail: boehm@EUnet.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on April 2, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 24, 2008 (Bankr. Case No. 2 S 11/08t). CESU MONTAGE: Claims Registration Period Ends March 19 ------------------------------------------------------ Creditors owed money by LLC CESU Montage (FN 284764x)have until March 19, 2008, to file written proofs of claim to court- appointed estate administrator Katharina Widhalm-Budak at: Dr. Katharina Widhalm-Budak c/o Andrea Simma Schulerstrasse 18 1010 Vienna Austria Tel: 513 10 37 E-mail: widhalm-budak@anwaltsteam.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:50 a.m. on April 2, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 24, 2008 (Bankr. Case No. 2 S 10/08w). Andrea Simma represents Dr. Widhalm-Budak in the bankruptcy proceedings. FARBEN UND LACKE: Claims Registration Period Ends March 17 ---------------------------------------------------------- Creditors owed money by LLC Farben und Lacke Ludwig Christ & Co (FN 81159b) have until March 17, 2008, to file written proofs of claim to court-appointed estate administrator Christian Atzwanger at: Mag. Christian Atzwanger Luefteneggerstrasse 12 4020 Linz Austria Tel: 7788670 Fax: 7832644 E-mail: office@schuh-atzwanger.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on March 31, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 522 Fifth Floor Vienna Austria Headquartered in Linz - Ebelsberg, Austria, the Debtor declared bankruptcy on Jan. 24, 2008 (Bankr. Case No. 12 S 5/08k). GEISSLER - AIR: Claims Registration Period Ends March 18 -------------------------------------------------------- Creditors owed money by LLC GEISSLER - Air Design Handel (FN 267461a) have until March 18, 2008, to file written proofs of claim to court-appointed estate administrator Peter Schulyok at: Dr. Peter Schulyok c/o Dr. Georg Unger Mariahilfer Strasse 50 1070 Vienna Austria Tel: 523 62 00 Fax: 526 72 74 E-mail: schulyok-unger@csg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 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. 24, 2008 (Bankr. Case No. 4 S 9/08p). Georg Unger represents Dr. Schulyok in the bankruptcy proceedings. HK VERPACKUNGSSYSTEME: Claims Registration Period Ends March 25 --------------------------------------------------------------- Creditors owed money by LLC HK Verpackungssysteme (FN 261625v) have until March 25, 2008, to file written proofs of claim to court-appointed estate administrator Johannes Muehllechner at: Mag. Johannes Muehllechner Graben 21/3 4020 Linz Austria Tel: 0732/772200 Fax: 0732/7722004 E-mail: muehllechner@eurojuris.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 8:30 a.m. on April 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Hall 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Jan. 24, 2008 (Bankr. Case No. 17 S 7/08s). PLUSPOINT LLC: Claims Registration Period Ends March 27 ------------------------------------------------------- Creditors owed money by LLC PLUSPOINT (FN 296109f)have until March 27, 2008, to file written proofs of claim to court- appointed estate administrator Clemens Richter at: Mag. Clemens Richter c/o 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 10:00 a.m. on April 10, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 25, 2008 (Bankr. Case No. 6 S 9/08b). Daniel Lampersberger represents Mag. Richter in the bankruptcy proceedings. ============= B E L G I U M ============= POPE & TALBOT: Asks CCAA Court to Extend Stay Period to April 4 --------------------------------------------------------------- The British Columbia Supreme Court has ruled that until and including Feb. 15, 2008, no proceeding or enforcement process in any court or tribunal will be commenced or continued against or in respect of the Pope & Talbot Inc. and its debtor- affiliates, the Partnerships or PricewaterhouseCoopers Inc., the Court-appointed Monitor, or affecting the Applicants' business or property except with the written consent of the Applicants, the Partnerships and the Monitor, or with leave of the CCAA Court. All proceedings currently under way against or in respect of the Applicants or the Partnerships are stayed and suspended pending further Court order. Kathy L. Mah, Esq., at Stikeman Elliott LLP, in Toronto, Canada, tells the CCAA Court that the Applicants are insolvent, and are not expected to be able to reorganize pursuant to the CCAA. Rather, Ms. Mah clarifies, the object of the Applicants' CCAA filing is to attempt to sell as much of their operations as going concerns as possible; to maximize recoveries for their creditors; and to minimize the impact on their stakeholders, including their employees. Ms. Mah also informs the Court that once the sale process of the Applicants' operating assets is completed, the Applicants and the Monitor will require additional time to conduct a claims process. The Applicants are working diligently and in good faith to pursue the sales of their business and assets in accordance with the requirements of the DIP Credit Agreement and Court-approved sales processes, Ms. Mah states. Accordingly, the Applicants ask the CCAA Court to extend the Stay Period to April 4, 2008. As reported in the Troubled Company Reporter-Europe on Jan. 29, 2008, PricewaterhouseCoopers Inc. recommended to the CCAA Court that the Applicants' request for an extension of the Stay Period to Feb. 15, 2008, be granted. Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy co-counsel. The Official Committee of Unsecured Creditors selected Fried, Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 13; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). POPE & TALBOT: Obtains Waivers to DIP Credit & Security Pact ------------------------------------------------------------ In a regulatory filing with the United States Securities and Exchange Commission, Pope & Talbot Inc. disclosed that on Jan. 22, 2008, they entered into a fifth waiver to their DIP Credit and Security Agreement with Ableco Finance LLC, Wells Fargo Financial Corporation Canada and certain other lenders. The Debtors entered into a sixth waiver to the DIP Credit Agreement on January 25. R. Neil Stuart, vice president and chief financial officer of Pope & Talbot Inc., stated that under the Waivers, the Lenders waived any default or event of default under the DIP Agreement, resulting from the occurrence of a material adverse deviation from the budget during certain prior periods with respect to payroll taxes and benefits, chemical payments, tax payments, lease payments, utilities payments and management incentive payments, pension contributions and insurance payments as set forth in a budget. A full-text copy of the Fifth Waiver to the DIP Credit and Security Agreement is available for free at the SEC: http://researcharchives.com/t/s?2801 A full-text copy of the Sixth Waiver to the DIP Credit and Security Agreement is available for free at the SEC: http://researcharchives.com/t/s?276f Mr. Stuart reported in a separate regulatory SEC filing dated Feb. 11, 2008, that the same parties entered into a seventh waiver to the DIP Credit Agreement on February 1. Under the Seventh Waiver, the Lenders waived any default or event of default under the DIP Agreement, resulting from: -- the occurrence of a material adverse deviation from the budget during certain prior periods with respect to payroll taxes and benefits, chemical payments, tax payments, utility payments and cash receipts set forth in the budget; and -- the failure to consummate the sale of the Debtors' wood products business prior to January 31, 2008, in accordance with the DIP Agreement. A full-text copy of the Seventh Waiver to the DIP Credit and Security Agreement is available for free at the SEC: http://researcharchives.com/t/s?2803 Headquartered in Portland, Oregon, Pope & Talbot Inc. (Other OTC:PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy co-counsel. The Official Committee of Unsecured Creditors selected Fried, Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. The Debtors' exclusive period to file a plan expires on March 18, 2008. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 13; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). SOLUTIA INC: Challenges DuPont's US$1.3 Mln Administrative Claim ---------------------------------------------------------------- E.I. DuPont de Nemours and Company, Inc., sought payment of a US$1,394,718 administrative claim, based on a contract pursuant to which DuPont sold certain product on an exclusive basis to Solutia Inc. Representing the Debtors, Thomas L. Kent, Esq., at Paul, Hastings, Janofsky & Walker LLP, in New York, stated that DuPont's Claim is invalid because DuPont's basis for the Claim is without merit. He insisted that Solutia complied with the requirements of the parties' contract and the second amendment to that contract is not "null and void." Although the Second Amendment was subject to the satisfactory conclusion of a third party auditor that the terms of the "Meet or Release" clause of the Contract were met, neither the Second Amendment nor any other agreement entered into between the parties provided that BDO Seidman, LLP's -- the third party auditor -- report was final and binding and not subject to court review, Mr. Kent argued. Until the Debtors have an opportunity to conduct discovery and have an opportunity to challenge Dupont's Claim, the U.S. Bankruptcy Court for the Southern District of New York should not allow it, Mr. Kent asserted. In the alternative, the Debtors asked the Court to set a discovery schedule to allow the Debtors to collect the necessary information to challenge BDO Seidman's finding. About Solutia Inc. Based 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. 118; 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 $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 $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: Settles Dispute on Bayer/Lanxess Claims' Treatment --------------------------------------------------------------- Bayer Corporation acquired Monsanto Company's styrenics business pursuant to an Asset Purchase Agreement dated Dec. 31, 1995. Monsanto later assigned the APA to Solutia Inc. in September 1997, as part of Solutia's spin off from Monsanto. Solutia and Bayer were parties to a Resimene Lease and Operating Agreement dated July 29, 1999. Solutia terminated the Resimene Agreement on June 28, 2000, with a termination fee of US$2,922,300, payable to Bayer in 18 monthly installments. As of the bankruptcy filing, Solutia owed US$432,761 to Bayer for the two remaining installment payments. Bayer and Monsanto were also parties to an Indian Orchard Lease and Services Agreement dated Oct. 31, 1995. The agreement was assigned to Solutia as part of the Spin Off. Bayer terminated the Indian Orchard Agreement, and Solutia agreed to a termination fee of US$1,191,101, payable by Bayer in 18 monthly installments. As of the bankruptcy filing, Bayer owed US$397,034 for the six remaining installment payments. As of the bankruptcy filing, Bayer also owed Solutia US$295,771 for certain purchases of adipic acid. Since the bankruptcy filing, LANXESS Corporation, Bayer AG, Bayer MaterialScience LLC, and Bayer, have undergone corporate reorganizations, and as a result, Lanxess currently holds certain claims of Bayer and MaterialScience. Solutia objected to these Bayer/Lanxess Parties Claims: (a) Claim No. 14473 for US$432,751 for damages arising out of Solutia's termination of the Resimene Agreement; (b) Claim No. 14483 in an unliquidated amount for any and all damages arising under the APA; (c) Claim No. 14480 in an unliquidated amount for any and all damages arising under the APA; (d) Claim No. 14479 in an unliquidated amount for any and all damages arising under the APA; and (e) Claim No. 14475 in an unliquidated amount for any and all damages arising under the APA. Solutia also filed Schedule No. 10115234 for US$339,771, for amounts owed by Solutia to Bayer Polymers LLC, now known as MaterialScience. Following arm's-length negotiations regarding the resolution and treatment of the Claims, the parties have agreed, among other things, that: * Bayer and Lanxess will be entitled to recoup or offset US$372,034 against the US$397,034 owed to Solutia for the Indian Orchard Termination Fee; * the Bayer/Lanxess parties will pay Solutia US$320,771, representing the US$25,000 balance of the Indian Orchard Termination Fee after giving effect to the Set-Off, plus the US$295,771 owed for adipic acid purchases; * upon approval of the Stipulation, Claim No. 14473 will be treated as an Allowed General Unsecured Claim in Class 13 in the reduced amount of US$60,727; * upon approval of the Stipulation, the Bayer/Lanxess Parties will waive and release the remainder of the Claims, without impact to (i) the treatment of Claim Nos. 14474, 14476, 14477 and 14478, all of which have been classified as Legacy Site and Retained Site Environment Liability Claims under the Debtors' confirmed Fifth Amended Plan of Reorganization, and (ii) Claim No. 7075 filed by Lanxess subsequently sold and assigned to a third party; * pursuant to a separate agreement between Solutia and the claim buyer, Claim No. 7075 will be allowed as a general unsecured non-priority claim of US$322,656; and * Solutia's Objection will be deemed withdrawn with respect to the Claims; and * upon approval of the Stipulation, Solutia will be required to reserve the amount of the Allowed Claim in the Disputed Claims Reserve on account of the Claims. About Solutia Inc. Based 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. 118; 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 $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 $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. =========================== C Z E C H R E P U B L I C =========================== FREESCALE SEMICON: Appoints Rich Beyer as Chairman and CEO ---------------------------------------------------------- Freescale Semiconductor Inc. has named Rich Beyer as its chairman and Chief Executive Officer, effective March 2008. Mr. Beyer comes to Freescale from Intersil Corporation, a world leader in the design and manufacture of high performance analog semiconductors, where he was CEO and a member of its board of directors. He will be based in Austin, TX. Mr. Beyer succeeds Michel Mayer, who will continue to serve as chairman of the board and CEO until the transition is effective in March 2008. "On behalf of the Board of Directors, I am pleased to welcome Rich to Freescale," said Daniel F. Akerson, director of Freescale Semiconductor and managing director of The Carlyle Group. "He is uniquely qualified to build upon Freescale�s success and drive the long-term execution of our strategic plan. He is a strong leader with a proven track record in delivering above-market revenue growth and profitability, and Intersil�s track record with Rich at the helm has been remarkable. With Freescale�s unparalleled technology base, superb management team, strong customer relationships and substantial financial resources, Rich is well equipped to drive significant organic and acquisitive growth while continuing to improve profitability at Freescale." "This is a tremendous opportunity to lead a world-class company and its talented team of professionals through the next stage of growth," said Mr. Beyer. "The breadth and depth of Freescale�s technology, its market leadership positions and the strength of its global customer base provide an exceptional foundation for the company�s future success. I look forward to working with the entire Freescale team to build on the long-standing culture of innovation and to solidify our position as a pre-eminent designer and manufacturer of semiconductor solutions." Mr. Beyer joined Intersil in 2002 when it acquired Elantec Semiconductor, Inc., where Mr. Beyer was President, Chief Executive Officer and Director. Since Mr. Beyer was named CEO of Intersil in 2002 the company has outgrown its peer group by a wide margin and has substantially increased profitability. Prior to joining Elantec, Mr. Beyer served as President, Chief Operating Officer and Director of VLSI Technology, Inc. from 1996 to 1998. Prior to his term at VLSI, he was Executive Vice President and Chief Operating Officer of National Semiconductor Corporation from 1995 to 1996 and President of National Semiconductor's Communications and Computing Group from 1993 to 1995. Before joining National, Beyer served in a number of senior management positions in the telecommunications and computer industries. Mr. Beyer serves as Director of Credence Systems Corporation and Xceive Corporation, and is also on the Board of Directors of the Semiconductor Industry Association. Mr. Beyer served three years as an officer in the United States Marine Corps. He earned a BS degree and an MS degree in Russian from Georgetown University, and an MBA degree in marketing and international business from Columbia University. Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL) (NYSE:FSL.B) -- http://www.freescale.com/-- designs and manufactures embedded semiconductors for the transportation, networking and wireless markets. The company was separated from Motorola via IPO in July 2004 and taken private in a leveraged buyout in December 2006. The company has design, research and development, manufacturing or sales operations in more than 30 countries. In Europe, the company has operations in Czech Republic, France, Germany, Ireland, Italy, Romania, Turkey and the United Kingdom. In Latin America, Freescale Semiconductor has operations in Argentina, Brazil and Mexico. Revenues for the 12 months ended Sept. 28, 2007, were US$5.8 billion. FREESCALE SEMICONDUCTOR: Fitch Shifts Rating Outlook to Negative ---------------------------------------------------------------- Fitch Ratings has revised the Rating Outlook on Freescale Semiconductor Inc. to Negative from Stable and affirmed these ratings: -- Issuer Default Rating at 'B+'; -- Senior secured bank revolving credit facility at 'BB+/RR1'; -- Senior secured term loan at 'BB+/RR1'; -- Senior unsecured notes at 'B/RR5'; -- Senior subordinated notes at 'CCC+/RR6'. Fitch's actions affect approximately US$9.5 billion of total debt. The revision of the Rating Outlook to Negative reflects: -- Fitch's expectations that revenue growth and profitability from the company's automotive unit will be challenged throughout 2008 due to the anticipated collective ongoing market share erosion of the Big 3 United States-based car makers, as well as production level cuts, although some of these pressures should be offset by the company's design wins in Asia-Pacific and the trend of increasing electronics content per vehicle; -- Fitch's belief that the delayed turnaround of Motorola Inc.'s ('Motorola', currently rated 'BBB'/F2 on Negative Rating Watch by Fitch) mobile devices business until 2009, from the first half of 2008, will be accompanied by a limited number of new product introductions over the near- term, which is likely to lead to lower average selling prices and/or further market share erosion for Motorola, both of which are expected to pressure profitability for Freescale's cellular business; some event risk exists as well as Motorola has announced that it is exploring strategic alternatives for its mobile devices business; -- A meaningfully more cautious view on the wireless infrastructure market for 2008, driven by recent weaker than anticipated outlooks and reduced capital spending budgets across a number of key customers, as well as less enthusiastic demand prospects for WiMax; and -- Uncertainty related to the company's strategic direction following the recent resignation of Freescale's Chief Executive Officer, Michel Mayer, since the company was spun-off from Motorola at the end of 2004. While Fitch believes Freescale's product, customer, and end market diversification will continue to limit significant volatility in the company's operating performance, the meaningfully weaker than previously anticipated operating environment in 2008 will thwart profitability expansion in each of its key businesses and further pressure the company's relatively weak credit protection measures over the near-term. For 2007, Fitch estimates leverage (total debt/operating EBITDA) was at nearly 7.0 times (2.4 secured debt/operating EBITDA), interest coverage (operating EBITDA/gross interest expense) was less than 2.0, and free cash flow/total debt was just over 1%. However, despite minimal debt amortization requirements over the intermediate-term, Freescale is expected to have more than US$500 million of proceeds from the Motorola settlement and equipment sales available for debt reduction. Fitch may downgrade Freescale if: -- Credit protection measures deteriorate due to meaningful erosion in the company's profitability or free cash flow; -- Management does not execute on its restructuring efforts, including successful site consolidation, asset sales, and meaningful improvement in the company's cash conversion cycle. Conversely, Fitch may stabilize the ratings if the company: -- Improves its operating margin profile and free cash flow characteristics via successful expansion of higher-margin products along with a successful design win at another significant wireless handset manufacturer; -- Utilizes the aforementioned anticipated proceeds from equipment sales and its settlement with Motorola to materially reduce debt. Fitch believes Freescale's liquidity was adequate as of Dec. 31, 2007 and supported by approximately US$751 million of cash and cash equivalents, approximately half of which is located in the U.S., and an undrawn US$750 million revolving bank credit facility expiring Dec. 1, 2012; Fitch anticipates annual free cash flow will be break even to US$200 million annually over the next few years, modestly supporting liquidity. With no borrowings outstanding under the revolving bank credit facility, the company's only debt amortization until 2013 is 1% per annum under the term loan facility, or approximately US$35 million per year. At Dec. 31, 2007, total debt was approximately US$9.5 billion and Fitch believes consisted primarily of: i) US$3.5 billion of senior secured term loan expiring Dec. 1, 2013; ii) US$500 million of floating rate senior notes due 2014; iii) US$1.5 billion of 9.125% PIK-election senior notes due 2014; iv) US$2.35 billion of 8.875% senior notes due 2014; and v) US$1.6 billion of 10.125% senior subordinated notes due 2016. The Recovery Ratings for Freescale reflect Fitch's recovery expectations under a distressed scenario, as well as Fitch's expectation that the enterprise value of the company, and hence recovery rates for its creditors, will be maximized in a restructuring scenario as a going concern, rather than a liquidation scenario. In deriving a distressed enterprise value, Fitch applies a 35% discount to Fitch's estimate of the company's 2007 operating EBITDA of approximately US$1.4 billion. The discount is equivalent to Fitch's estimate of maintenance capital spending, rent expense, and total interest expense, assuming the company exercises its option to pay in kind interest expense on the above referenced US$1.5 billion PIK- election senior notes. Fitch then applies a 6 times distressed EBITDA multiple, which considers that a stress event would likely result in a contraction to the company's current multiple. As is standard with Fitch's recovery analysis, the revolver is assumed to be fully drawn and cash balances fully depleted to reflect a stress event. The 'RR1' for Freescale's secured bank facility and term loan reflects Fitch's belief that 91%-100% recovery is likely. The 'RR5' for Freescale's senior notes reflects Fitch's belief that 11%-30% recovery is realistic. The 'RR6' for the company's senior subordinated debt reflects Fitch's belief that 0%-10% recovery is realistic. Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL) (NYSE:FSL.B) -- http://www.freescale.com/-- designs and manufactures embedded semiconductors for the transportation, networking and wireless markets. The company was separated from Motorola via IPO in July 2004 and taken private in a leveraged buyout in December 2006. The company has design, research and development, manufacturing or sales operations in more than 30 countries. In Europe, the company has operations in Czech Republic, France, Germany, Ireland, Italy, Romania, Turkey and the United Kingdom. In Latin America, Freescale Semiconductor has operations in Argentina, Brazil and Mexico. Revenues for the 12 months ended Sept. 28, 2007, were US$5.8 billion. ============= D E N M A R K ============= KNOLL INC: Lynn Utter Named Knoll North America's President/COO --------------------------------------------------------------- Knoll Inc. appointed Lynn M. Utter as Knoll North America's new president and chief operating officer. Ms. Utter will officially join the company on or about March 3, 2008, and will report to the company's chief executive officer, Andrew B. Cogan. Preceding her appointment, Ms. Utter, age 45, served as the chief strategy officer at Coors Brewing Company, a business unit of Molson Coors Brewing Company. Ms. Utter also is currently a Director of WESCO International Inc. Resignation of Kathleen G. Bradley: Ms. Utter replaces Kathleen G. Bradley, who will retire from her position, effective May 23, 2008. About Knoll Headquartered in East Greenville, Pennsylvania, Knoll Inc. (NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures branded office furniture products and textiles, serves clients worldwide. It distributes its products through a network of more than 300 dealerships and 100 showrooms and regional offices. The company has locations in Argentina, Australia, Bahamas, Cayman Islands, China, Colombia, Denmark, Finland, Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Poland, Portugal and Singapore, among others. * * * Standard & Poor's placed Knoll Inc.'s long-term foreign and local issuer credit ratings at 'BB' in July 2006. The ratings still hold to date with a stable outlook. ============= F I N L A N D ============= NOVELL INC: Extends Open Collaboration Biz with SiteScape Buy ------------------------------------------------------------- Novell has acquired SiteScape, extending Novell's leadership and commitment to innovative and open collaboration solutions. SiteScape, the founder of the ICEcore open source collaboration project, brings impressive team workspace and real-time collaboration capabilities to Novell -- key components of a broad unified communications and collaboration strategy. The melding of the two firms creates the industry's clear leader in open, enterprise-strength collaboration and social networking offerings, giving customers powerful, flexible ways to integrate new communications technologies into their environment and drive employee productivity and business innovation. "Advances in Web 2.0 technologies are driving new opportunities for unified communications (UC) and team collaboration," said IDC program vice president for Collaborative Computing and the Enterprise Workplace, Mark Levitt. "Enterprise and SMB customers are looking for solutions that combine real-time messaging, conferencing and IP voice calling along with online workspaces, social networking, blogs, and wikis to improve team and enterprise productivity and innovation. Solutions that combine team collaboration and UC like those offered by the combined Novell-SiteScape, which are based around open source for rapid innovation and open standards for interoperability and platform flexibility, represent the next major step forward for business collaboration." Long a leader in enterprise e-mail with GroupWise(R), Novell partnered with SiteScape to add to its collaboration portfolio with Novell(R) Teaming + Conferencing, a team workspace and real-time conferencing solution centered on the ICEcore open source technology. Consistent with Novell's commitment to interoperabilty, Novell Teaming + Conferencing runs on both Linux and Windows, and works with Lotus Notes and Microsoft Exchange, in addition to GroupWise. These team workspaces, accessible securely by team members both inside and outside the company, incorporate multiple integrated collaboration tools, including blogs, wikis, instant message, chat, voice over IP and web conferencing, providing the powerful core of a unified communications and collaboration solution. By acquiring SiteScape, Novell strengthens its commitment to the technology, gains the flexibility to create the solutions customers and partners need, and increases its capacity to deliver even more innovation and interoperability around open collaboration. "As SiteScape's largest European partner, we see exciting benefits coming out of this merger -- to our business and to our customers," said Axel Amelung, managing director of comm.world collaboration, a solution provider serving mid-sized to enterprise-level customers in the chemical, telecom and construction industries. "Our major SiteScape customers are serious about leveraging Web 2.0 and enterprise social networking technologies to the fullest to boost productivity and innovation coming out of their teams. Combining SiteScape's leading technology with Novell's commitment and long- time focus on collaboration will yield even more business-focused innovations. The merger will also lend Novell's enterprise- class reputation and partner programs to help support our sales and service operations." "The acquisition of SiteScape fits squarely into the corporate strategy we have laid out," said Novell president and Chief Executive Officer, Ron Hovsepian. "It extends our leadership in promoting open source in the enterprise market and is a key technology addition in an area where we see great growth potential. Most importantly, it allows us to move aggressively to give customers a new, open option for collaboration, helping them escape vendor lock-in and offering easy integration across platforms, whether Linux or Windows." "Joining Novell helps us expand our technology much more broadly than we've been able to do to date," said SiteScape chief technology officer, Andy Fox. "Novell and SiteScape have already been strong partners, both in the ICEcore project and in taking products to market. With the merger, SiteScape customers gain a strong new partner supporting their deployments, enhancing the technology, and helping them meet their rapidly evolving collaboration needs." Financial terms of the deal are not being disclosed. About SiteScape Founded in 1995, SiteScape provides open source team collaborative solutions for communication and management for distributed teams across a wide range of business and government customers. SiteScape's integrated Web-based solutions support knowledge management, project management, communities of practice, telework, business and government continuity, and many other workflow-driven functions. About Novell Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq: NOVL) -- http://www.novell.com/-- delivers infrastructure software for the Open Enterprise. Novell provides desktop to data center operating systems based on Linux and the software required to secure and manage mixed IT environments. The company has offices in Australia, Argentina, Austria, Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia, Netherlands, New Zealand, Norway, Philippines, Poland, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand and United Kingdom. * * * Novell Inc.'s subordinated debt carries Moody's Investors Service's B1 rating. =========== F R A N C E =========== WARNER MUSIC: Moody's Downgrades Corporate Family Rating to B1 -------------------------------------------------------------- Moody's Investor Services has lowered Warner Music Group Corp.'s corporate family rating and probability of default rating to B1 from Ba3 and changed the rating outlook to stable from developing. In addition, Moody's lowered WMG Holdings Corp.'s senior discount notes rating to B3 (LGD6, 95%) from B2 (LGD6, 95%) as well as the ratings of WMG Acquisition Corp.'s senior secured loan to Ba3 (LGD3, 30%) from Ba2 (LGD2, 29% ) and WMG Acquisition Corp.'s senior subordinated notes to B3 (LGD5, 84%) from B2 (LGD5, 84%). Moody's also lowered Warner Music's speculative grade liquidity rating to SGL-3 from SGL-2. The rating actions reflect the ongoing challenges within the recorded music industry, most-notably, the rapid decline in physical sales which is outpacing digital growth. "While the music industry has shown weakness for some time, the decline in physical sales exceeds Moody's prior expectations and, as a consequence, has led to weaker credit protection measures for WMG than we had previously anticipated (including higher leverage and less free cash flow)", noted Senior Vice President, Christina Padgett. The B1 rating incorporates Moody's view that the group will continue to experience deterioration in its recorded music business but will modestly benefit from growth in digital music sales as well as from the greater stability and profitability it continues to derive from its music publishing assets. Further, the rating action reflects the acquisitive nature of the company in light of the ongoing consolidation in the music industry and its potential impact on financial flexibility. The group's SGL-3 speculative grade liquidity rating reflects a significant decline in balance sheet cash in First Quarter 2008, which reflects in part an increase in accounts receivable due to holiday sales that occurred toward the end of First Quarter 2008, and the prospect of reduced flexibility under the group's financial covenants. The SGL-3 rating also reflects Moody's belief that Warner Music will remain in compliance with its financial covenants throughout the fiscal year, although the leverage covenant in particular may be tight. However, Moody's notes that future step downs will likely require an amendment, potentially as early as 2009. The stable outlook reflects Moody's expectation that the group will generate sufficient EBITDA and cash flows to maintain credit metrics at current levels and remain in compliance with its Credit Agreement. Moody's outlook also assumes a continued challenging climate as the recorded-music industry is further negatively impacted by steady declines in CD sales, piracy, lack of compelling new artists and artist migration. Moody's believes that there is sufficient room in the current rating for Warner Music to continue pursuing modest acquisitions without negative pressure. Headquartered in New York, Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/-- provides, promotes and distributes recorded music and music publishing services across a network of affiliates and licensees in more than 50 countries in the United States, United Kingdom, Germany, Japan, France, Italy and others. It has Latin American operations in Argentina, Brazil and Chile. ============= G E R M A N Y ============= AGRO-FRUCHTIMPORT: Claims Registration Period Ends March 12 ----------------------------------------------------------- Creditors of AGRO-Fruchtimport GmbH have until March 12, 2008, to register their claims with court-appointed insolvency manager Klaus W. Gerling. Creditors and other interested parties are encouraged to attend the meeting at 11:25 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus W. Gerling Im Mediapark 6B 50670 Cologne Germany Tel: 5743-7140 Fax: +4922157437149 The District Court of Cologne opened bankruptcy proceedings against AGRO-Fruchtimport GmbH on Jan. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AGRO-Fruchtimport GmbH Falkenweg 9 50171 Kerpen Germany AH TREPPENTECHNIK: Claims Registration Period Ends March 12 ----------------------------------------------------------- Creditors of AH Treppentechnik GmbH have until March 12, 2008, to register their claims with court-appointed insolvency manager Oliver Junghanel. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Gera Hall 317 Rudolf-Diener-Str. 1 Gera Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Oliver Junghanel Lessingstr. 25 08058 Zwickau Germany The District Court of Gera opened bankruptcy proceedings against AH Treppentechnik GmbH on Jan. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AH Treppentechnik GmbH Altenburger Str. 72 04626 Schmoelln Germany AMETA GESELLSCHAFT: Claims Registration Ends March 14 ----------------------------------------------------- Creditors of AMETA Gesellschaft fuer Metallverarbeitung mbH have until March 14, 2008 to register their claims with court- appointed insolvency manager Dr. Wolfgang Bilgery. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Tuebingen Hall 1.01 Ground Floor Schulberg 14 72074 Tuebingen 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. Wolfgang Bilgery Humboldtstrasse 16 70178 Stuttgart Germany Tel: 0711/96689-0 Fax: 0711/9668919 The District Court of Tuebingen opened bankruptcy proceedings against AMETA Gesellschaft fuer Metallverarbeitung mbH on Jan. 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AMETA Gesellschaft fuer Metallverarbeitung mbH Attn: Carl-Hans Raff, Manager Gueltlinger Str. 1 75391 Gechingen Germany BAUUNTERNEHMUNG K.E.: Claims Registration Period Ends March 13 -------------------------------------------------------------- Creditors of Bauunternehmung K.E. Mueller GmbH have until March 13, 2008, to register their claims with court-appointed insolvency manager Harry Kressl. 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 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: Harry Kressl Uhlandstrasse 57-61 74072 Heilbronn Germany Tel: 07131/96540 Fax: 07131/965432 The District Court of Heilbronn opened bankruptcy proceedings against Bauunternehmung K.E. Mueller GmbH on Jan. 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bauunternehmung K.E. Mueller GmbH Reisbergstrasse 26 74199 Untergruppenbach Germany BETOMONT GMBH: Claims Registration Period Ends March 7 ------------------------------------------------------ Creditors of BETOMONT GmbH mit Sitz in Warin have until March 7, 2008, to register their claims with court-appointed insolvency manager Andreas Buss. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Schwerin Hall 7 Demmlerplatz 14 Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Buss Beethovenstrasse 2 a 18209 Bad Doberan Germany The District Court of Schwerin opened bankruptcy proceedings against BETOMONT GmbH mit Sitz in Warin on Jan. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BETOMONT GmbH mit Sitz in Warin Attn: Frank Michel, Manager Buetzower Strasse 18 19417 Warin BIO BAU: Claims Registration Ends March 14 ------------------------------------------ Creditors of Bio Bau M+S Bautrager GmbH i.L. have until March 14, 2008 to register their claims with court-appointed insolvency manager Joachim Exner. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Ingolstadt Meeting Hall 28 I Schrannenstr. 3 85049 Ingolstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Joachim Exner Stahlstrasse 17 90411 Nuremberg Germany Tel: 0911/95 12 850 Fax: 0911/95 12 8510 The District Court of Ingolstadt opened bankruptcy proceedings against Bio Bau M+S Bautrager GmbH i.L. on Jan. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bio Bau M+S Bautrager GmbH i.L. Bonhoefferstrasse 11 85051 Ingolstadt Germany Attn: Klaus Bauer, Manager Biber 2 A 93336 Altmannstein Germany DASTRO DANKESREITER: Creditors' Meeting Slated for March 3 ---------------------------------------------------------- The court-appointed insolvency manager for DASTRO Dankesreiter u. Strohmeier GmbH, Karl Kasser will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on March 3, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Passau Meeting Hall 6 Ground Floor Schustergasse 4 Passau Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on April 21, 2008 at the same venue. Creditors have until March 14, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Karl Kasser Rathausgasse 5 94481 Grafenau Germany Tel: 08552/1066-7 The District Court of Passau opened bankruptcy proceedings against DASTRO Dankesreiter u. Strohmeier GmbH on Jan. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DASTRO Dankesreiter u. Strohmeier GmbH Elsenthaler Str. 10 94481 Grafenau Germany DOMINIUM HOLDING: Claims Registration Period Ends March 7 --------------------------------------------------------- Creditors of Dominium Holding GmbH have until March 7, 2008, to register their claims with court-appointed insolvency manager Dr. Wolfgang Koehler. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Paderborn Meeting Hall 230a Second Floor Bogen 2-4 33098 Paderborn 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. Wolfgang Koehler Marktstrasse 22 59555 Lippstadt Germany Tel: 02941 / 979850 Fax: 02941 / 979870 The District Court of Paderborn opened bankruptcy proceedings against Dominium Holding GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dominium Holding GmbH Auf der Frankenburg 11-15 32839 Steinheim Germany Attn: Heino von Rantzau, Manager Kremerbergredder 35 22926 Ahrensburg Germany E.M. MEDICAL: Claims Registration Period Ends March 13 ------------------------------------------------------ Creditors of E.M. Medical GmbH have until March 13, 2008, to register their claims with court-appointed insolvency manager Philipp Hacklander. Creditors and other interested parties are encouraged to attend the meeting at 10:05 a.m. on May 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 Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin 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. Philipp Hacklander Genthiner Str. 48 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against E.M. Medical GmbH on Dec. 14, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: E.M. Medical GmbH Schlueterstr. 37 10629 Berlin Germany EDG DIENSTLEISTUNGSGESELLSCHAFT: Claims Filing Ends March 12 ------------------------------------------------------------ Creditors of EDG Dienstleistungsgesellschaft mbH have until March 12, 2008, to register their claims with court-appointed insolvency manager Michael Woelte. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.m. on March 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Woelte Pferdemarkt 6 45127 Essen Germany The District Court of Essen opened bankruptcy proceedings against EDG Dienstleistungsgesellschaft mbH on Jan. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EDG Dienstleistungsgesellschaft mbH Am Zehnthof 191b 45307 Essen Germany Attn: Reinhard Blinne, Manager Krayer Str. 235 45307 Essen Germany FARBSPEKTRUM ZWICKAU: Claims Registration Period Ends March 12 -------------------------------------------------------------- Creditors of Farbspektrum Zwickau GmbH have until March 12, 2008, to register their claims with court-appointed insolvency manager Dr. Dirk Herzig. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 24, 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 Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz 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. Dirk Herzig Promenadenstrasse 3 09111 Chemnitz Germany Tel:(0371) 382370 Fax: (0371) 3823710 E-mail: DHerzig@schubra.de The District Court of Chemnitz opened bankruptcy proceedings against Farbspektrum Zwickau GmbH on Jan. 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Farbspektrum Zwickau GmbH Attn: Heinz Noltenhans, Manager Johann-Jacob-Schramm-Str. 16 08132 Muelsen Germany FRISOERTEAM SPANGENBERG: Claims Registration Period Ends March 7 ---------------------------------------------------------------- Creditors of Frisoerteam Spangenberg GmbH have until March 7, 2008 to register their claims with court-appointed insolvency manager Anna Kuleba. Creditors and other interested parties are encouraged to attend the meeting at 10:40 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 Osnabrueck Branch N 302 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: Anna Kuleba Niedersachsenstr. 14 49074 Osnabrueck Germany Tel: 0541/3245499 Fax: 0541/3245496 E-mail: a.kuleba@kuhmann.eu Website: www.kuhmann.eu The District Court of Osnabrueck opened bankruptcy proceedings against Frisoerteam Spangenberg GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Frisoerteam Spangenberg GmbH Attn: Renate Spangenberg-Hagedorn, Manager Osterkamp 1 49324 Melle Germany HNF HANDELSGESELLSCHAFT: Claims Registration Ends March 12 ---------------------------------------------------------- Creditors of HNF Handelsgesellschaft mbH have until March 12, 2008, to register their claims with court-appointed insolvency manager Andreas Sontopski. 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 Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster 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 Sontopski Gnoiener Platz 10 48493 Wettringen Germany Tel: 02557/9384-0 Fax: +492557938450 The District Court of Muenster opened bankruptcy proceedings against HNF Handelsgesellschaft mbH on Jan. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HNF Handelsgesellschaft mbH Roentgenstrasse 12 48599 Gronau Germany INCASA. NATUR: Claims Registration Period Ends March 7 ------------------------------------------------------ Creditors of incasa. Natur. Holz. Moebel GmbH have until March 7, 2008 to register their claims with court-appointed insolvency manager Dr. Wolfgang Koehler. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Paderborn Meeting Hall 230a Second Floor Bogen 2-4 33098 Paderborn 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. Wolfgang Koehler Marktstrasse 22 59555 Lippstadt Germany Teln: 02941 / 979850 Fax: 02941 / 979870 The District Court of Paderborn opened bankruptcy proceedings against incasa. Natur. Holz. Moebel GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: incasa. Natur. Holz. Moebel GmbH Auf der Frankenburg 11 - 13 32839 Steinheim Germany Attn: Heino v. Rantzau, Manager Kremerbergredder 35 22926 Ahrensburg Germany NOVEMBER AG: Insolvency Filing Rejected; Dirk Zurek Named CEO ------------------------------------------------------------- November AG's filing for insolvency has been rejected by the competent local court. Meanwhile Dr. Dirk Zurek has been appointed as the company's new sole CEO. As previously reported in the TCR-Europe, the company filed for insolvency on Dec. 21, 2007, with the local court of Fuerth because of illiquidity and accounting insolvency. Headquartered in Erlangen, Germany, november AG -- http://www.november.de/-- specializes in bio- and nanotechnology. It is engaged in the market and customer- orientated transfer of product developments, as well as an expansion of existing product and technology portfolios, through cooperation agreements and financial stakes in other companies, which return a high yield. NOWACKI TRANSPORTE: Claims Registration Ends March 14 ----------------------------------------------------- Creditors of Nowacki Transporte GmbH have until March 14, 2008 to register their claims with court-appointed insolvency manager Dr. Franz-Ludwig Danko. Creditors and other interested parties are encouraged to attend the meeting at 11:30 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 Hanau Area E03 Engelhardstrasse 21 63450 Hanau Germany The Court will also verify the claims set out in the insolvency manager's report at 11:40 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. Franz-Ludwig Danko Adickesallee 63 60322 Frankfurt/Main Germany Tel: 069-71379830 Fax: 069-71379833 E-mail: frankfurt@kuebler-gbr.de Web site: http://www.kuebler-gbr.de/ The District Court of Hanau opened bankruptcy proceedings against Nowacki Transporte GmbH on Jan. 9, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nowacki Transporte GmbH Nordstr. 63 63450 Hanau Germany PROVEHO FOERDERTECHNIK: Claims Registration Period Ends March 7 --------------------------------------------------------------- Creditors of proveho Foerdertechnik GmbH have until March 7, 2008 to register their claims with court-appointed insolvency manager Hans Peter Runkel. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 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: Hans Peter Runkel Friedrich-Ebert-Strasse 146 42117 Wuppertal Germany Tel: 0202/30 20 71 Fax: 0202/31 47 08 The District Court of Wuppertal opened bankruptcy proceedings against proveho Foerdertechnik GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: proveho Foerdertechnik GmbH Toenisheider Strasse 12 - 16 42489 Wuelfrath Germany Attn: Michael Langener, Manager An de Kohdrank 29 48249 Duelmen Germany RICKERT PUTZ: Claims Registration Period Ends March 12 ------------------------------------------------------ Creditors of Rickert Putz GmbH have until March 12, 2008, to register their claims with court-appointed insolvency manager Klaus Pannen. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 23, 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 Pinneberg Hall 3 First Floor Bahnhofstrasse 17 25421 Pinneberg 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. Klaus Pannen Neuer Wall 25 Schleusenbruecke 1 20354 Hamburg Germany The District Court of Pinneberg opened bankruptcy proceedings against Rickert Putz GmbH on Jan. 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rickert Putz GmbH Moor 63 25436 Tornesch Germany SIEGFRIED KOHM: Claims Registration Period Ends March 12 -------------------------------------------------------- Creditors of Siegfried Kohm GmbH have until March 12, 2008, to register their claims with court-appointed insolvency manager Juergen Roth. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.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 Idar-Oberstein Hall 201 55743 Idar-Oberstein 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: Juergen Roth Fritz-Wunderlich-Str. 49 d 66869 Kusel Germany The District Court of Idar-Oberstein opened bankruptcy proceedings against Siegfried Kohm GmbH on Jan. 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Siegfried Kohm GmbH Hauptstrasse 10 55767 Niederbrombach Germany STOLZ & CO: Claims Registration Period Ends March 12 ---------------------------------------------------- Creditors of Stolz & Co. GmbH have until March 12, 2008, to register their claims with court-appointed insolvency manager Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe 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: Tobias Hoefer Soldnerstr. 2 68219 Mannheim Germany Tel: (0621) 87 70 80 The District Court of Karlsruhe opened bankruptcy proceedings against Stolz & Co. GmbH on Jan. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stolz & Co. GmbH Attn: Rainer Kloessner, Manager Siemensstr. 13 76344 Eggenstein Germany VISUELLE BILDTECHNIK: Claims Registration Ends March 13 ------------------------------------------------------- Creditors of Visuelle Bildtechnik Schmid GmbH have until March 13, 2008 to register their claims with court-appointed insolvency manager Winfried Wahner. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Kempten Meeting Hall 157/I Residenzplatz 4-6 87435 Kempten Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Winfried Wahner Stegmuehlenweg 1 88131 Lindau Germany Tel: 08382/22805 Fax: 08382/21703 The District Court of Kempten opened bankruptcy proceedings against Visuelle Bildtechnik Schmid GmbH on Jan. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Visuelle Bildtechnik Schmid GmbH Von-Behring-Strasse 1 88131 Lindau Germany WASA MASSIVHOLZMOEBEL: Creditors' Meeting Slated for February 25 ---------------------------------------------------------------- The court-appointed insolvency manager for WASA Massivholzmoebel GmbH, Paul Wieschemann will present his first report on the Company's insolvency proceedings at a creditors' meeting at 2:00 p.m. on Feb. 25, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Pirmasens Hall 235 Second Floor Pirmasens Germany The Court will also verify the claims set out in the insolvency manager's report at 2:00 p.m. on March 31, 2008 at the same venue. Creditors have until March 14, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Paul Wieschemann Mainzer Strasse/Im Flickerstal 67657 Kaiserslautern Germany Tel: 0631/34195-0 Fax: 0631/470269 The District Court of Pirmasens opened bankruptcy proceedings against WASA Massivholzmoebel GmbH on Jan. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: WASA Massivholzmoebel GmbH Schorbach 1 67714 Waldfischbach-Burgalben Germany Attn: Heino von Rantzau, Manager Kremerbergredder 35 22926 Ahrensburg Germany ============= H U N G A R Y ============= PROPEX INC: Committee Selects Baker Donelson as Counsel ------------------------------------------------------- The Official Committee of Unsecured Creditors seek the Court's authority to retain Baker, Donelson, Bearman, Caldwell & Berkowitz, as its counsel in connection with the Debtors' Chapter 11 cases, effective Jan. 31, 2008. Stephen Cooke, chairperson of the Committee, relates that the Committee selected Baker Donelson as its counsel because of the firm's experience and knowledge in the field of bankruptcy and business reorganizations under the U.S. Bankruptcy Code, as well as in other areas of law related to the Debtors' bankruptcy cases. As the Committee's counsel, Baker Donelson will: * provide legal advice with respect to the Committee's powers and duties in these cases; * prepare, on behalf of the Committee, all necessary applications, answers, orders, reports and other legal papers; * represent the Committee in any and all matters involving contests with the Debtors, alleged secured creditors, and other third parties; * negotiate consensual plans of liquidation or reorganization; * assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with holders of claims and equity interests; * assist the Committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors and of the operations of the Debtors' businesses; * assist and advise the Committee as to its communications to the general creditor body regarding significant matters in the Debtors' cases; * review and analyze all applications, orders statements of operations and schedules filed with the Court and advise the Committee as to their propriety; and * perform all other legal services for the Committee which may be necessary and proper in these cases and related proceedings. Seven Baker Donelson professionals are presently expected to have primary responsibility for providing services to the Committee: Professional Hourly Rates ------------ ------------ Richard B. Gossett US$375 John H. Rowland US$340 Nelwyn W. Inman US$335 Justin M. Sveadas US$240 William M. B. Carter, Jr. US$195 Sharon L. Simmons US$140 Charity J. Martin US$120 Baker Donelson intends to apply for compensation for professional services it will render and reimbursement of expenses it will incur in connection with the Debtors' Chapter 11 cases. Richard B. Gossett, Esq., a partner at Baker Donelson, in Chattanooga, Tennessee, assures the Court that his firm is a "disinterested person," as the term is defined in Section 101(14) of the Bankruptcy Code. About Propex Inc. Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It is produces primary and secondary carpet backing. Propex operates in Brazil, Mexico, Germany, Hungary, and the United Kingdom. The company and its debtor-affiliates filed for Chapter 11 protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08- 10249). The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. As of Sept. 30, 2007, the debtors' balance sheet showed total assets of US$585,700,000 and total debts of US$527,400,000. (Propex Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) PROPEX INC: Requests Court to Set July 7 as Claims Bar Date ----------------------------------------------------------- Pursuant to Rule 3003(c)(3) of the Federal Rules of Bankruptcy Procedure, the bankruptcy court must fix the time within which claims must be filed in Chapter 11 cases. Rule 3003(c)(2) provides that any creditor whose claim is not scheduled or whose claim is scheduled as disputed, contingent, or unliquidated must file a claim. Accordingly, Propex Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the Eastern District of Tennessee to establish July 7, 2008, at 5:00 p.m. prevailing Eastern Time, as the bar date for the submission of claims in their bankruptcy cases. The Debtors seek that each person or entity that asserts a claim against them that arose prior to the Petition Date be required to file an original, written proof of claim that substantially conforms to Form B10 so as to be received by Epiq Bankruptcy Solutions LLC, the Debtors' claims agent on or before the Bar Date. "The fixing of the date as the Bar Date will enable the Debtors to receive, process, and begin their analysis of creditors' claim in a timely and efficient manner," Mark W. Wege, Esq., at King & Spalding, LLP, in Houston, Texas, points out. The Debtors propose that these individuals or entities will not be required to file a claim on or before the Bar Date: * Any person or entity that has already properly filed, with Epiq, or the Clerk of the Court, a claim using a claim form that substantially conforms to Form B10. * Any person or entity (i) whose claim is listed on the Statements of Financial Affairs, Schedules of Assets and Liabilities, and other related papers, (ii) whose claim is not described as disputed, contingent, or unliquidated, and (iii) who does not dispute the amount or nature of the claim. * Any person asserting a claim under Section 507(a)(2) of the Bankruptcy Code as an administrative expense of the Debtors' Chapter 11 cases, except as otherwise provided by separate order of the Court. * Any director, officer, or employee of the Debtors as of the Petition Date that has or may have claims against the Debtors for indemnification, contribution, subrogation, or reimbursement. * Any person or entity that holds claims that has been allowed by an order of the Court entered on or before the Bar Date. The Debtors also propose that for any person or entity that holds a claim that arises from the rejection of an executory contract or unexpired lease, that person or entity must file a claim based on the rejection on or before the Bar Date, unless otherwise stated in the order authorizing the rejection. If a person or entity failed to file a timely claim on or before the Bar Date, that person or entity will not be treated as a creditor of the Debtors for the purpose of voting upon any plan or Plans of Reorganization of the Debtors. Moreover, that person or entity will not be entitled to receive any payment or distribution of property from the Debtors and will be barred from asserting claims against the Debtors, their estates, or their successors or assigns. Additionally, the Debtors ask the Court to allow Epiq to distribute a combined, single notice of both the Section 341 Creditors Meeting and the Bar Date to: a. the office of the United States Trustee; b. those persons on the master service list; c. each member of the Official Committee of Unsecured Creditors and its attorneys; d. all state and local government authorities where the Debtors maintain assets or conducted business operations on the Petition Date or within three years prior to the Petition Date; e. all known potential holders of claims at the addresses stated on the creditors' matrix; and f. the district director of Internal Revenue for the Eastern District of Tennessee. The first meeting of creditors required under Section 341(a) of the Bankruptcy Code is set for March 4, 2008, at 10:00 a.m., in Chattanooga, Tennessee. The proposed Bar Date Notice contains information regarding who must file a proof of claim, the procedure for filing a proof of claim, and the consequences for failing to timely file a proof of claim. The Debtors inform the Court that they intend to complete the mailing of the Bar Date Notice, together with proof of claim forms, to the parties on the matrix listing no later than Feb. 15, 2008. About Propex Inc. Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic,