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 20, 2008, Vol. 9, No. 36 Headlines A U S T R I A GRAF & MUELLER: Claims Registration Period Ends April 8 HEDOC AUTOMOBIL: Claims Registration Period Ends March 18 KFZ-SCHADEN: Claims Registration Period Ends March 17 PEWA HANDEL: Claims Registration Period Ends March 27 PSM GASTROEVENT: Claims Registration Period Ends March 12 UBT BAU: Claims Registration Period Ends March 27 B E L A R U S BELAGROPROMBANK JSC: Moody's Places Bank FSR at E+ B E L G I U M MEGA BRANDS: Works with Intertek to Develop Ingestion Gauge SOLUTIA INC: Court Delays Ruling on Citigroup CEO's Depostion F R A N C E CHARLES JOURDAN: Receiver Inviting Bidders for Assets DELPHI CORP: Wants Bankruptcy Court to Keep Stay of ERISA Case RHODIA SA: Pascal Juery Appointed as President for Novecare SORT ET CHASLE: Undergoes Compulsory Liquidation THOMSON SA: Posts EUR23 Million Net Loss for 2007 THOMSON SA: Inks Joint Venture Agreement with NXP Semiconductors THOMSON SA: Moody's Puts Ratings Under Review & May Downgrade G E R M A N Y AMBRE GERMANYP: Claims Registration Period Ends March 15 AUTO KRUEGER: Claims Registration Period Ends March 4 BALZAT WERKZEUGMASCHINENFABRIK: Claims Filing Ends March 15 COLLECTION VIDEO: Claims Registration Ends March 20 DEMHARTER NATURSTEIN: Claims Registration Ends March 20 DHI GMBH: Claims Registration Period Ends March 18 FFH GMBH: Claims Registration Ends March 20 GRAND AZUR: Claims Registration Period Ends March 18 HS & S LOGISTIK: Claims Registration Period Ends March 3 RICH GERMANY: Claims Registration Period Ends February 27 RIEDIGER GMBH: Claims Registration Period Ends March 15 S & H GRAU: Creditors' Meeting Slated for March 6 TEN VERLAGS-UND: Creditors' Meeting Slated for February 29 UNITED FOODS: Claims Registration Period Ends March 3 * Fitch Says Interest Deduction Barrier Could Increase Defaults I R E L A N D SITEL WORLDWIDE: Moody's Gives Negative Outlook; Holds B2 Rating TRIVIRIX INTERNATIONAL: Creditors Must File Claims by March 17 I T A L Y ALITALIA SPA: Air France to Infuse EUR3 Billion in Three Years BERRY PLASTICS: Inks US$520MM Sr. Secured Bridge Loan Agreement BERRY PLASTICS: Posts US$31.3 Mln Net Loss in Qtr. Ended Dec. 29 GOODYEAR TIRE: Earns US$602 Million in 2007 K A Z A K H S T A N AUTO SERVER-2004: Proof of Claim Deadline Slated for March 18 DSK LINE LLP: Creditors Must File Claims by March 21 HAMKI LLP: Claims Filing Period Ends March 18 INVEST-STROYPROGRESS LLP: Creditors' Claims Due on March 25 KAZINCOM CENTRE: Claims Registration Ends March 21 PAVLODAR-STROYPOLUS LLP: Claims Deadline Slated for March 25 ROSBELTEKS LLP: Creditors Must File Claims by March 18 ROSSISKO-KAZAKHSTANSKAYA COMPANIYA: Claims Period Ends March 25 TECHNOSTROY & K LLP: Creditors' Claims Due on March 25 TENGIZ & K LLP: Claims Registration Ends March 21 K Y R G Y Z S T A N ATTANDR LLC: Creditors Must File Claims by March 7 CONTROL-LINE LLC: Claims Filing Period Ends March 7 STROYGRAD LLC: Claims Registration Ends March 7 L U X E M B O U R G EVRAZ GROUP: To Buy 51% of Delong Holdings from Best Decade R O M A N I A TIMKEN CO: To Hike Carbon & Alloy Tubing Prices on April 1 R U S S I A ATOLL OJSC: Creditors Must File Claims by March 28 BALASHOV-GRUZ-AVTO-TRANS: Creditors Must File Claims by March 28 CAUCASIA TOUR: Creditors Must File Claims by March 28 DON-XXI CJSC: Creditors Must File Claims by February 28 EVRAZ GROUP: To Buy 51% of Delong Holdings from Best Decade VIMPEL-COMMUNICATIONS: Unit Closes Golden Telecom Tender Offer KRASNOZNAMENSKOE OJSC: Creditors Must File Claims by March 28 MOBILE TELESYSTEMS: Buys Remaining 9% Stake in Mobilnye Sistemy OGK-5 OAO: Enel SpA Sees 60% Stake Following Tender Offer OGK-5 OAO: May Issue Bonds to Finance Operations PETERSBURG FRUIT: Creditors Must File Claims by March 28 ROSNEFT OIL: Plans 12-Year RUR600-Bln Investment to Hike Output SHELF AND CO: Creditors Must File Claims by February 28 SIBIRTELECOM OAO: Fitch Affirms Long-term IDR at 'B+ YUG-AGRO LLC: Creditors Must File Claims by February 28 * Fitch Says Liquidity Poses Constraint for Telecom Incumbents S E R B I A & M O N T E N E G R O * Fitch Says Kosovo Declaration Won't Affect Serbia's Ratings * S&P Says Kosovo Declaration Won't Affect Serbia's Ratings S W I T Z E R L A N D HARTMANN PEOPLECARE: Creditors Must File Claims by Feb. 27 LADERACH CONSULTING: Creditors Must File Claims by Feb. 28 RAMEX LLC: Creditors' Liquidation Claims Due by Feb. 27 RESTAURANT HIRSCHEN: Creditors Must File Claims by Feb. 28 ROHA HARTMANN: Creditors' Liquidation Claims Due by Feb. 27 SEMURA HANDEL: Creditors' Liquidation Claims Due by Feb. 28 THEBLUEBOX.CH LLC: Zug Court Starts Bankruptcy Proceedings T-CREATION BAU: Zurich Court Starts Bankruptcy Proceedings T U R K E Y TOPLU KONUT: Moody's Puts Local & Foreign Currency Rating at Ba3 U K R A I N E ALIGATOR LLC: Claims Filing Deadline Set February 29 BALTAZAR-CLASS LLC: Creditors Must File Claims by February 29 BIAS CJSC: Creditors Must File Claims by February 29 CAPITAL-PLUS LLC: Creditors Must File Claims by February 29 CHEMER DISTILLERY: Claims Filing Deadline Set February 29 EKO-SERVICE LLC: Creditors Must File Claims by February 29 INDUSTRIAL ELECTROEQUIPMENT: Creditors' Claims Due Feb. 29 INTELVID LLC: Creditors Must File Claims by February 29 MARIAGVA BSM: Creditors Must File Claims by February 29 MONTI LLC: Creditors Must File Claims by February 29 ZARIA LLC: Creditors Must File Claims by February 29 U N I T E D K I N G D O M 3CL REALISATIONS: Calls In Liquidators from Tenon Recovery AXIUM INT'L: Entertainment Partners Completes Acquisition CHALLENGER SYNDICATESHIPS: Appoints Begbies as Administrators CHRYSLER LLC: Court Denies Plea to Pull Out Tooling Equipment CLEAR CHANNEL: Expects CC Media Merger to Close by March 31 CLEAR CHANNEL: Sues to Compel Providence Equity to Close TV Deal CLEAR CHANNEL: Required by DOJ to Shed Off Radio Stations CLOCKWORX LTD: Taps PwC to Administer Assets ELVI INVESTMENTS: Hires Joint Administrators from Baker Tilly GLOBAL TRADER EUROPE: Opts for Administration Due to Deficit GLOBAL TRADER EUROPE: Smith & Williamson Named as Administrators INTELSAT LTD: S&P Chips Rating to B on Highly Leveraged Profile KRISPY KREME: Standard Pacific Divests 6.1% Stake in Company LIFEBACK CLINIC: Taps Liquidators from Tenon Recovery MONEY PARTNERS: Moody's Cuts Rating on EUR15 Mln Notes to Ba2 NEWARK FINANCE: Appoints Administrators from Ernst & Young NORTHERN ROCK: David Cameron Calls for Chancellor's Resignation NORTHERN ROCK: Temporary Public Ownership Right Move, PM Says NORTHERN ROCK: Rescue Plans Carry Risks, Ron Sandler Says NORTHERN ROCK: S&P Downgrades Preference Shares' Rating to C OWL VISUAL: Brings In Administrators from Vantis POWERHOUSE SAFETY: Hires Joint Administrators from KPMG QUEBECOR WORLD: Wants to Pay Accrued Prepetition Commissions QUEBECOR WORLD: U.S. Trustee Revises Creditors' Committee QUEBECOR WORLD: Creditors' Panel Selects Akin Gump as Counsel RAVEN HEALTHCARE: Brings In Liquidators from Moore Stephens REED AUTOMOTIVE: Joint Liquidators Take Over Operations REFCO INC: Ex-CEO Phillip Bennett Admits Fraud Charges SMITH & FRANCIS: Taps Joint Administrators from Vantis SPIRIT AEROSYSTEMS: Inks Service Contract with Cathay Pacific TANNER KROLLE: Names Joint Administrators from Baker Tilly UNIT HEATING: Appoints Liquidators from Baker Tilly VANILLA SHOES: Hires Liquidators from Vantis VOGUE ESTATES: Claims Filing Period Ends April 8 VOGUE MARINE: Claims Filing Period Ends April 8 WHISTLEJACKET CAPITAL: S&P Junks Issuer Credit Rating WHITE PINE: S&P Downgrades Rating on Capital Notes to CC * Fitch Says European CMBS Performance Remained Stable in 2007 ********* ============= A U S T R I A ============= GRAF & MUELLER: Claims Registration Period Ends April 8 ------------------------------------------------------- Creditors owed money by LLC Graf & Mueller Immobilienentwicklung (FN 281690a) have until April 8, 2008, to file written proofs of claim to court-appointed estate administrator Valentin Piskernik at: Mag. Valentin Piskernik Hochstrasse 31 2380 Perchtoldsdorf Austria Tel: 01/86 93 888 Fax: 01/869 16 60 33 E-mail: anwalt@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on April 22, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Giesshuebl bei Wien, Austria, the Debtor declared bankruptcy on Jan. 30, 2008 (Bankr. Case No. 11 S 14/08g). HEDOC AUTOMOBIL: Claims Registration Period Ends March 18 --------------------------------------------------------- Creditors owed money by LLC Hedoc Automobil Handel (fka LLC Auto Docsek U.S.- Automobil Import) (FN 112924s) have until March 18, 2008, to file written proofs of claim to court- appointed estate administrator Eva-Maria Bachmann-Lang at: Dr. Eva-Maria Bachmann-Lang c/o Dr. Christian Bachmann Opernring 8 1010 Vienna Austria Tel: 512 87 01 Fax: 513 82 50 E-mail: bachmann.rae@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 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. 28, 2008 (Bankr. Case No. 4 S 13/08a). Christian Bachmann represents Dr. Bachmann-Lang in the bankruptcy proceedings. KFZ-SCHADEN: Claims Registration Period Ends March 17 ----------------------------------------------------- Creditors owed money by Kfz-schaden-verein have until March 17, 2008, to file written proofs of claim to court- appointed estate administrator Stefan Jahns at: Mag. Stefan Jahns c/o Mag. Beate Holper Gonzagagasse 15 1010 Vienna Austria Tel: 532 17 11 Fax: 532 17 11 11 E-mail: kanzlei@jahns.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 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 1705 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 29, 2008 (Bankr. Case No. 3 S 9/08f). Beate Holper represents Mag. Jahns in the bankruptcy proceedings. PEWA HANDEL: Claims Registration Period Ends March 27 ----------------------------------------------------- Creditors owed money by LLC Pewa Handel (FN 269796i) have until March 27, 2008, to file written proofs of claim to court- appointed estate administrator Martina Simlinger-Haas at: Dr. Martina Simlinger-Haas Reisnerstrasse 31 1030 Vienna Austria Tel: 713 99 46 Fax: 713 99 46 22 E-mail: ra.reisnerstr31@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 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. 29, 2008 (Bankr. Case No. 6 S 11/08x). PSM GASTROEVENT: Claims Registration Period Ends March 12 --------------------------------------------------------- Creditors owed money by LLC Psm Gastroevent (fka LLC W. M. Nossal) (FN 72148a) have until March 12, 2008, to file written proofs of claim to court-appointed estate administrator Erwin Senoner at: Dr. Erwin Senoner Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@just.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on March 23, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 29, 2008 (Bankr. Case No. 38 S 6/08x). UBT BAU: Claims Registration Period Ends March 27 ------------------------------------------------- Creditors owed money by LLC Ubt Bau (FN 291282g) have until March 27, 2008, to file written proofs of claim to court- appointed estate administrator Stephan Riel at: Dr. Stephan Riel c/o Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on April 3, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Jan. 28, 2008 (Bankr. Case No. 5 S 10/08t). Johannes Jaksch represents Dr. Riel in the bankruptcy proceedings. ============= B E L A R U S ============= BELAGROPROMBANK JSC: Moody's Places Bank FSR at E+ -------------------------------------------------- Moody's Investors Service assigned these global scale ratings to Belagroprombank: -- an E+ Bank Financial Strength Rating, -- Ba1 long-term and Not-Prime short-term local currency deposit ratings, and -- B2 long-term and Not Prime short-term foreign currency deposit ratings. All of the bank's ratings carry a stable outlook. Belagroprombank's E+ BFSR, which translates into a Baseline Credit Assessment of B2, is underpinned by the bank's strong market position as the country's second-largest bank by assets, capital and retail deposits, as well as good capital adequacy, a low level of delinquent loans and acceptable profitability. The rating is constrained by the bank's fairly weak corporate governance due to the high level of government interference in the bank's business, as well as a very large exposure to the agricultural sector. The bank's Ba1/Not-Prime long-term/short-term local currency deposit ratings factor in a very high probability of systemic support in the event of a stress situation given: (a) the bank's 90.8% direct ownership by the Belarus government, (b) its important role in realizing the government programs for financing agricultural sector, which is a priority industry for Belarus, as well as (c) the bank's strong position in the country's banking system, represented by its 19% share of total assets and 11% share of retail deposits at the end of Q3 2007. As a result, this rating receives a four-notch uplift from the bank's B2 Baseline Credit Assessment. Belagroprombank's B2 long-term foreign currency deposit rating is constrained by the foreign currency country ceiling for Belarus. About 55% of Belagroprombank's loan portfolio is attributable to Belarus' agricultural sector, which is a priority industry for the country. Most of the loans to this sector are provided as part of government programmes and are partly funded by the government via general capital contributions and deposits. Although the performance of agricultural loans has been quite strong over the past several years, the underwriting standards for such loans might not fully capture all key risks inherent in the relevant borrowers' (collective farms) business model. According to Moody's, Belagroprombank's BFSR could be upgraded if the bank significantly diversifies its loan book outside the agricultural sector and demonstrates good asset quality and profitability. Conversely, downward rating pressure on the bank's BFSR could arise from a significant weakening in asset quality and/or increasing borrower concentration. Belagroprombank's local currency deposit rating is expected to change in tandem with the bank's BFSR. The bank's foreign currency deposit rating could be upgraded in the event of an upgrade of Belarus' foreign currency deposit ceiling. However, a downgrade is unlikely over the medium term as it is already constrained by that ceiling. Based in Minsk, Belarus, Belagroprombank reported total IFRS consolidated assets, shareholders' equity and net income of US$2.89 billion, US$514 million and US$53.8 million, respectively, at the end of Q3 2007 (US$2.17 billion, US$408 million and US$43.5 million, respectively, at year-end 2006). ============= B E L G I U M ============= MEGA BRANDS: Works with Intertek to Develop Ingestion Gauge ----------------------------------------------------------- MEGA Brands Inc. has teamed up with Intertek to develop a first of its kind ingestion gauge, and that they will unveil a new line of magnetic construction toys at New York Toy Fair. The announcements are being made jointly since the partnership between MEGA Brands and Intertek on the new ingestion gauge led to the development of MEGA Brands' latest magnetic construction system, MagNext. This new safety gauge will ensure that MEGA Brands' magnetic construction system exceeds all current magnetic toy safety standards. Intertek's Risk Analysis and Management team used 20 years worth of research and data from 47 children's hospitals around the world focusing on the size, shape, and consistency of ingested objects along with the outcome, to recommend MEGA Brands' sophisticated gauge criteria. The result is MagNext, a product line that meets a strict safety criteria based on size, shape, weight and design. MagNext will set a new standard in the toy industry, both in terms of safe magnetic play and innovation in the magnetic construction category. This revolutionary system has been designed to have no magnetic parts that can be swallowed. MagNext will allow for the safest possible magnetic play and will make it possible for children to create bigger, stronger and faster builds. "We are dedicated to the mission of developing a magnetic construction system with no small parts that contain magnets," says MEGA Brands President and Chief Executive Officer, Marc Bertrand. "Magnets in toys provide children with magical play possibilities and, as the leader in the category, we are committed to making it the safest play experience possible." The design of the core MagNext pieces has been tested and analyzed by Intertek. In addition to leading the way in safety with the new ingestion test, the manufacturing process for these parts has improved. The magnets are now insert-molded into the plastic parts. "We're proud to say that we worked with MEGA Brands to help them achieve their ambitious goal of developing a new zero design defects program that will exceed the highest safety standard in the toy industry," expressed Intertek Vice-President, Gene Rider. About Intertek Intertek -- http://www.intertek.com/-- is an international provider of quality and safety services to a wide range of global and local industries. The company has the experience, expertise, resources and global reach to support its customers through its extensive network of laboratories and offices and over 20,000 people in more than 100 countries around the world. About MEGA Brands MEGA Brands Inc. (TSE: MB) -- http://www.megabrands.com/-- designs, manufactures and markets high quality toys and stationery products. Headquartered in Montreal, the company has approximately 4,500 employees with offices, manufacturing facilities or distribution centers in Belgium, United Kingdom, Germany, France, Spain, Mexico, Australia, among others. The Corporation's products are sold in over 100 countries. * * * As reported in the Troubled Company Reporter on Jan. 28, 2008, Standard & Poor's Ratings Services lowered its corporate credit and bank loan ratings on Mega Brands Inc. to 'B' from 'B+'. The ratings remain on CreditWatch with negative implications, where they were placed Nov. 9, 2007. The '3' recovery rating on the bank loan is unchanged. SOLUTIA INC: Court Delays Ruling on Citigroup CEO's Depostion ------------------------------------------------------------- The Hon. Prudence Carter Beatty of the U.S. Bankruptcy Court in the Southern District of New York has delayed a decision on the deposition of Citigroup Inc. CEO Vikram Pandit over the bank's decision to back out from its commitment to fund the company's US$2 billion exit financing, The Associated Press reports. Judge Beatty said Solutia's attorneys need to talk to executives at Goldman Sachs Group Inc. and Deutsche Bank AG before she rules on whether Mr. Pandit should be deposed. "I'm still a little uncertain whether Pandit is the person who has actual knowledge that would be useful in this case," Judge Beatty was quoted by AP as saying. On Oct. 31, 2007, Solutia received a fully underwritten commitment for US$2 billion in exit financing from Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P. and Deutsche Bank Securities Inc., who would act as joint lead arrangers and joint bookrunners for the exit facility. Solutia would use the loan to pay certain creditors upon its emergence from Chapter 11 and for the ongoing operations of the company after emergence. The exit financing package includes a US$400 million senior secured asset-based revolving credit facility, a US$1.2 billion senior secured term loan facility, and a US$400 million senior unsecured bridge facility. Denial "I did not make the decision personally and have no personal knowledge of how that decision was reached," Mr. Pandit said in an affidavit. Solutia said in court documents that a Citigroup lawyer told the company's financial adviser Todd Snyder of Rothschild Inc. that the Mr. Pandit made the decision to back out from the deal, AP relates. J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in New York, denied naming Mr. Pandit as the decision- maker, AP says. In an affidavit, Mr. Milmoe recalled telling Mr. Snyder that the withdrawal "was not a casual or ad hoc decision by Citi." Mr. Milmoe added that though Mr. Pandit's name was mentioned during the conversation, he doesn't know how high up the Citigroup chain of command the decision was made. Judge Beatty said it's "unclear" if the conversation has occurred. "Maybe he thought he heard something he didn't hear," Judge Beatty was quoted by AP as saying. * * * To accommodate Solutia's financing needs, the Court agreed to commence the trial with respect to the Complaint on Feb. 21, 2008, and conclude it on February 26, Rosemary L. Klein, Solutia's senior vice president, general counsel and secretary, disclosed in a filing with the Securities and Exchange Commission. As previously reported, funding of the obligations under the Commitment Letter by the Commitment Parties is a condition to consummation of Solutia's confirmed Plan. The equity commitment letter with respect to the creditor rights offering contains closing conditions including that the effective date of Solutia's Plan will have occurred by Feb. 28, 2008, according to Ms. Klein. No assurance can be given that Solutia will prevail in its dispute with the Commitment Parties or that the Court will enter an order in time to force closing by Feb. 28, 2008, Ms. Klein states. Even if a timely order is entered, no assurance can be given that the Commitment Parties would not be able to obtain a stay pending appeal. Any of these factors could cause Solutia to fail to meet a closing condition under the creditor rights offering commitment, she adds. 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. * * * 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. =========== F R A N C E =========== CHARLES JOURDAN: Receiver Inviting Bidders for Assets ----------------------------------------------------- The official receiver for Charles Jourdan, in inviting investors to bid on the company's assets, the Financial Times Ltd. reports citing a report by Florentin Collomp of Le Figaro. Included in the assets to be sold at an auction are: -- the brand, -- industrial equipment, -- some 20,000 pairs of footwear, -- the commercial leases of the company's shops, and -- foreign subsidiaries. According to the report, bids for the all of the company's assets have also been offered. The receiver, the report adds, will have until mid-March 2008 to study the offers. Headquartered in Romans Sur Isere, France, Charles Jourdan -- http://www.charles-jourdan.fr/-- manufactures luxury footwear. As reported in the TCR-Europe, the commercial court in Romans- sur-Isere placed Charles Jourdan into liquidation on Dec. 17, 2007, after U.S. firm Omniscent withdrew its offer to acquire the company's assets. The court placed Charles Jourdan in compulsory administration on Sept. 12, 2007, after it filed for redressment judiciaire, the French equivalent of Chapter 11 bankruptcy protection, for the second time. The company first filed for bankruptcy on Aug. 22, 2005. Avendis and Finaluxe bought the company on Nov. 2, 2005. DELPHI CORP: Wants Bankruptcy Court to Keep Stay of ERISA Case -------------------------------------------------------------- Delphi Corporation asks the U.S. Bankruptcy Court for the Southern District of New York to deny a request by three former employees to allow them to commence a lawsuit against Delphi under the Employee Retirement Income Security Act. Jimmy Mueller, David Gargis, and Keith Livingston want the automatic stay under Section 362 of the Bankruptcy Code lifted so that they could pursue claims against Delphi in the U.S. District Court for the Northern District of Alabama. Section 362 bars parties from filing lawsuits against companies undergoing Chapter 11 reorganization. Messrs. Mueller, Gargis, and Livingston said they agreed to be transferred from being hourly employees to salaried employees because certain high level managers made a promise that the employees could retransfer to hourly employment at any any time. They were also assured that they would not lose years of service as hourly employees, hence their pension benefits would not be affected. They sought to go back to being hourly employees, but the Debtor refused to allow the transfers. According to Delphi, Messrs. Mueller, Gargis and Livingston are current or former non-degreed quality reliability engineers employed at Delphi's production facility in Athens, Alabama. They sought to return to hourly-employee status so that they may participate in one of the special hourly attrition programs negotiated by the UAW, Delphi, and General Motors Corp. "Delphi was decreasing, not increasing, the hourly workforce, and was not willing to incur increased incentive attrition program costs or to hire three replacements for the three salaried positions," John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, explains. Delphi asserts that it has sole discretion to determine whether regular, full-time salaried employees will be transferred to hourly status. "The lawsuit that the [Messrs. Mueller, Gargis, and Livingston] are contemplating is precisely the kind of postpetition litigation against a debtor that the automatic stay was intended to preclude," Mr. Butler contends. "As a threshold matter, [Messrs. Mueller, Gargis, and Livingston] have failed to carry their burden to provide an initial showing that cause exists under [Section 362(d)(1) of the Bankruptcy Code] to lift the automatic stay . . . [Messrs. Mueller, Gargis, and Livingston] have offered only a series of unsupported conclusory pronouncements," he argues. In the complaint they propose to file in the Alabama District Court, the three employees seek a court order that allows each of them the same benefits to which hourly employees are allowed and have been allowed since the date of their requests for retransfer. Messrs. Mueller, Gargis, and Livingston's sought benefits include those provided under the 2006 UAW-GM-Delphi Special Attrition Programs or the 2007 program provided in the June 22, 2007, memorandum of understanding among the UAW, Delphi, and GM, Mr. Butler notes. The Bankruptcy Court, however, has retained exclusive jurisdiction over the UAW Settlement Agreement and matters related thereto. Thus, the Bankruptcy Court is the only forum in which the Messrs. Mueller, Gargis, and Livingston may properly file their Draft Complaint, Mr. Butler asserts. Delphi asks the Bankruptcy Court to deny Messrs. Mueller, Gargis, and Livingston's request. About Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As previously reported in the Troubled Company Reporter-Europe, Moody's Investors Service assigned ratings to Delphi Corporation for the company's financing for emergence from Chapter 11 bankruptcy protection: Corporate Family Rating of (P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and US$0.825 billion of 2nd lien term debt, (P)B3. In addition, a Speculative Grade Liquidity rating of SGL-2 representing good liquidity was assigned. The outlook is stable. Standard & Poor's Ratings Services in the meantime said it expects to assign its 'B' corporate credit rating to Delphi upon the company's emergence from Chapter 11 bankruptcy protection, which may occur by the end of the first quarter of 2008. S&P expects the outlook to be negative. In addition, Standard & Poor's expects to assign these issue-level ratings: a 'B+' issue rating (one notch above the corporate credit rating), and '2' recovery rating to the company's proposed US$3.7 billion senior secured first-lien term loan; and a 'B-' issue rating (one notch below the corporate creditrating), and '5' recovery rating to the company's proposed US$825 million senior secured second-lien term loan. RHODIA SA: Pascal Juery Appointed as President for Novecare ----------------------------------------------------------- Rhodia S.A. appointed Pascal Juery as president of the company's Novecare Enterprise. Prior to his appointment Mr. Juery was the group purchasing vice president, Jose Matias succeeded this function. Mr. Juery and Mr. Matias are members of Rhodia's executive committee. Rhodia Novecare serves selected consumer care and industrial market segments and holds leading positions in the surfactants, phosphorus derivatives, natural polymers, synthetic polymers and monomers technologies, and sovents. Growth is driven by innovation, customer intimacy and global reach. Rhodia Novecare's areas of expertise are protection, surface modification, active delivery and improvement of formulations and processes. the enterprise has global sales of EUR945 million. About Rhodia Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. The group generated sales of EUR4.8 billion in 2006 and employs around 16,000 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. The company has operations in Brazil. * * * As of Feb. 19, 2008, Rhodia S.A. carries Moody's long-term corporate family rating of Ba3 and senior unsecured debt rating of B1 with positive outlook. The company also carries Standard & Poor's BB- long-term foreign and local issuer credit ratings, and B short-term foreign and local issuer credit ratings. The ratings outlook is stable. Fitch Ratings assigned long-term issuer default rating at BB- and senior unsecured debt rating at BB- with outlook positive. SORT ET CHASLE: Undergoes Compulsory Liquidation ------------------------------------------------ Sort et Chasle has entered compulsory liquidation, the Financial Times Ltd. reports citing Les Echos. The company will continue to be operational for the next three months, the report adds. Based in Nantes, France, Sort et Chasle is a plaster specialist. The company has a turnover of EUR7 million annually. THOMSON SA: Posts EUR23 Million Net Loss for 2007 ------------------------------------------------- Thomson S.A. reported that for 2007, net revenues for the Group was EUR5,630 million compared to EUR5,781 million in 2006. Of this total, Thomson's Core Business contributed EUR5,620 million compared to EUR5,747 million in 2006. Currency movements, principally the weaker US$, decreased Core Business revenues for the year by EUR247 million. Core Business revenues for the year excluding currency movements increased 2.1% year-on-year. Perimeter effects from 2007 acquisitions were immaterial. A 3Q06 acquisition in Network Services contributed EUR53 million to Services Division revenues in 2007, compared to EUR14 million in 2006. Core Business EBIT for 2007 was EUR346 million (2006, ?504 million), representing a Core Business EBIT margin of 6.2%. This reflected notably a higher level of restructuring costs in the Services Division and sharply lower profitability in the Systems Division: in particular the Broadcast & Networks activities were loss-making in 2007. Research and development expenditure charged in the Core Business (net of external funding) rose slightly from EUR279 million for 2006 to EUR288 million for 2007. Cost and liability reduction programs focused on restructuring, particularly in DVD Services, and on post-retirement obligations. Restructuring charges in the Core Business totaled negative EUR85 million for the year compared to negative EUR36 million in 2006, of which negative EUR71 million was in the Services Division. During 2007 the Group continued to implement the realignment of medical and healthcare plans begun in 2006. The actuarial liability for post-retirement obligations on the Group's balance sheet reduced by EUR169 million to EUR403 million, and a gain of EUR63 million was credited to EBIT from continuing operations, of which EUR13 million was credited to Core Business EBIT (mainly in the Systems Division) and EUR50 million to Other continuing operations. With the benefit of this credit, Other continuing operations recorded a profit of EUR3 million before tax and financial result in 2007 compared to EUR23 million in 2006. Overall, the Group's consolidated profit from continuing operations before tax and financial result reached EUR349 million in 2007 as compared to EUR527 million in 2006. Other Highlights -- A slow fourth quarter for revenues limited growth in 2007 Core Business revenues to 2.1% at constant currency and impacted 2007 Core Business EBIT which came in at EUR346 million -- Core Business free cash flow for 2007 was robust at EUR387 million, leading to a significant improvement in net Group operating and investing cash flow to a net inflow of EUR142 million in 2007 from an outflow of EUR51 million in 2006 -- Net debt reduced by EUR113 million and aggregate net financial liabilities by EUR282 million compared to end- 2006 -- A net loss of EUR23 million for the full year - following exit from AVA businesses -- Board proposes a dividend of EUR0.33 -- Following the exit from the AVA businesses in December 2007, the Group will revert to a split Chairman/Chief Executive Officer structure, with Frank E. Dangeard as Chairman. -- Group focus for 2008 is on cash generation and cost reduction, whilst pursuing opportunities for profitable organic growth. About Thomson Headquartered in Paris, France, Thomson S.A. Euronext Paris: 18453; NYSE: TMS) -- http://www.thomson.net/-- (provides technology, services, and systems to the Media, Entertainment & Communications players - content creators, content distributors and broadcasters - and supports them in order to help them to improve their commercial offers and their performance in a rapidly changing technology environment. THOMSON SA: Inks Joint Venture Agreement with NXP Semiconductors ---------------------------------------------------------------- Thomson S.A. and NXP Semiconductors have signed a Memorandum of Understanding to combine their can tuner modules operations in a joint venture. Thomson will appoint the CFO of this new venture, while NXP will appoint the CEO. NXP and Thomson expect that the definitive joint venture agreements will be finalized and the transaction will close in the second quarter of 2008, subject to closing conditions, including social and regulatory approvals. "By combining their operations, NXP and Thomson create a business that has the scale and focus to be a long-term winner in the can tuner modules market," commented Christos Lagomichos, executive vice president and general manager of NXP's Home business unit. "The combination of these two highly complementary businesses will generate significant operational synergies that will free up resources to address new market opportunities for RF modules. At the same time the deal will enable NXP to focus the Home business unit on Digital TV, Set Top Box and silicon tuner activities." "Digital can tuners remain strategic components at a time when broadcast and broadband distribution infrastructures look to advanced delivery technologies such as DVB-S2, DVB-T, DVB-H and new cable modulation technologies," said Thomson CTO Jean- Charles Hourcade. "This combination will benefit our customers as the digital terrestrial roll-out accelerates in the US and in Europe." About NXP NXP Semiconductors - http://www.nxp.com/-- is a top 10 semiconductor company founded by Philips more than 50 years ago. Headquartered in Europe, the company has 37,000 employees working in more than 20 countries and posted sales of EUR 5 billion in 2006. NXP creates semiconductors, system solutions and software that deliver better sensory experiences in mobile phones, personal media players, TVs, set-top boxes, identification applications, cars and a wide range of other electronic devices. About Thomson Headquartered in Paris, France, Thomson S.A. Euronext Paris: 18453; NYSE: TMS) -- http://www.thomson.net/-- (provides technology, services, and systems to the Media, Entertainment & Communications players - content creators, content distributors and broadcasters - and supports them in order to help them to improve their commercial offers and their performance in a rapidly changing technology environment. THOMSON SA: Moody's Puts Ratings Under Review & May Downgrade ------------------------------------------------------------- Moody's Investor's Service placed the Baa3 long-term issuer rating for Thomson S.A. and the Ba2 rating for Thomson's perpetual junior subordinated bonds under review for possible downgrade. Oliver Giani, Senior Analyst at Moody's said: "In fiscal year 2007, Thomson has failed to meet Moody's financial criteria for a Baa3 rating. Whereas the company was able to reduce net debt by approximately EUR200 million, the generation of retained cash flow fell materially behind expectations. The ratio of retained cash flow over net debt as defined by Moody's, one key debt protection metric, fell from mid year last-twelve-months level of 16% further to an estimated level of 12% compared to a minimum of 20% set for this metric. Moody's had expected that Thomson's fiscal year 2007 would set the stage for a substantial turnaround of performance, towards financial metrics that would better reflect Thomson's elevated business risk profile compared to the average industrial company. Such a positive trend is not apparent in the recent results and the potential for a strong upturn in 2008 will be the main focus of the rating review". The review process will consider management's strategy for stimulating growth in the business, for returning the loss making Broadcast & Networks operations to profitability, and for strengthening margins in the other operations through further cost reductions. Moody's will also focus on the sustainability of Thomson's business model through the digital transformation of media content and delivery and consequently on the company's ability to deliver a sustained increase in cash-flow and debt reduction to bring the core credit metrics more in line with Moody's expectation for a Baa3 investment grade rating. On Review for Possible Downgrade: Issuer: Thomson S.A. * Issuer Rating, Placed on Review for Possible Downgrade, currently Baa3 * Junior Subordinated Regular Bond/Debenture, Placed on Review for Possible Downgrade, currently Ba2 Outlook Actions: Issuer: Thomson S.A. * Outlook, Changed To Rating Under Review From Stable The last rating action for Thomson has been on September 25, 2007, when Moody's downgraded the issuer rating to Baa3 from Baa2 and the rating on Thomson's perpetual junior subordinated bonds to Ba2 from Ba1. Headquartered in Paris, France, Thomson is a leading provider of technology, systems and service solutions for integrated media and entertainment companies operating in three business segments: Thomson's Services division offers end-to-end management of services for the media and entertainment industry, from finishing movie content (post-production) to content replication of film and DVD and distribution. The Systems division provides professional broadcasting and network equipment for TV stations and other network operators as well as broadband access products. The Technology division combines Thomson's research and exploitation of its patent portfolio through licensing programs. In fiscal year 2007 the company generated revenues from continuing operations of EUR5.6 billion. ============= G E R M A N Y ============= AMBRE GERMANYP: Claims Registration Period Ends March 15 -------------------------------------------------------- Creditors of Ambre Germany GmbH have until March 15, 2008, to register their claims with court-appointed insolvency manager Tobias Hoefer. Creditors and other interested parties are encouraged to attend the meeting at 2:20 p.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 Pforzheim Mannheimer Str. 17 75179 Pforzheim 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 The District Court of Pforzheim opened bankruptcy proceedings against Ambre Germany GmbH on Jan. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ambre Germany GmbH Tunnelstr. 23 75172 Pforzheim Germany AUTO KRUEGER: Claims Registration Period Ends March 4 ----------------------------------------------------- Creditors of Auto Krueger & Co. GmbH have until March 4, 2008, to register their claims with court-appointed insolvency manager Cathleen Tetzel. Creditors and other interested parties are encouraged to attend the meeting at 9:40 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 Magdeburg Hall 14 Justizzentrum Magdeburg Breiter Weg 203-206 39104 Magdeburg 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: Cathleen Tetzel Halberstadter Strasse 115 39112 Magdeburg Germany Tel: 0391-7276484 Fax: 0391-7276486 E-mail: t-s-insolvenzverwaltung@primacom.net The District Court of Magdeburg opened bankruptcy proceedings against Auto Krueger & Co. GmbH on Feb. 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Auto Krueger & Co. GmbH Seegrabenstr. 1 a 39326 Wolmirstedt Germany BALZAT WERKZEUGMASCHINENFABRIK: Claims Filing Ends March 15 ----------------------------------------------------------- Creditors of Balzat Werkzeugmaschinenfabrik GmbH have until March 15, 2008, to register their claims with court-appointed insolvency manager Hans-Gerd Jauch. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 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: Hans-Gerd Jauch Sachsenring 81 50677 Cologne Germany Tel: 0221/33660130 Fax: +492213366085 The District Court of Cologne opened bankruptcy proceedings against Balzat Werkzeugmaschinenfabrik GmbH on Jan. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Balzat Werkzeugmaschinenfabrik GmbH Zum Frenser Feld 1 50127 Bergheim Germany COLLECTION VIDEO: Claims Registration Ends March 20 --------------------------------------------------- Creditors of Collection Video und Mediastore Handels GmbH have until March 20, 2008 to register their claims with court- appointed insolvency manager Udo Feser. Claims set out in the insolvency manager's report will be verified at 11:35 a.m. on May 20, 2008 at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Udo Feser Uhlandstr. 165/166 10719 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Collection Video und Mediastore Handels GmbH on Dec. 21, 2007. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Collection Video und Mediastore Handels GmbH Berliner Strasse 3O/31 10715 Berlin Germany DEMHARTER NATURSTEIN: Claims Registration Ends March 20 ------------------------------------------------------- Creditors of Demharter Naturstein GmbH & Co. KG have until March 20, 2008 to register their claims with court-appointed insolvency manager Werner Schneider. 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 Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Werner Schneider Eserwallstr. 1-3 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Demharter Naturstein GmbH & Co. KG on Jan. 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Demharter Naturstein GmbH & Co. KG Attn: Ludwig Rif, Manager Humboldtstr. 13 86316 Friedberg Germany DHI GMBH: Claims Registration Period Ends March 18 -------------------------------------------------- Creditors of DHI GmbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Stephan Schlegel. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 29, 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 Darmstadt Hall 4.326 Fourth Floor Building D Mathildenplatz 15 64283 Darmstadt 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. Stephan Schlegel Hauptstrasse 336 65760 Eschborn Germany Tel: 06173/9394-0 Fax: 06173/9394-20 The District Court of Darmstadt opened bankruptcy proceedings against DHI GmbH on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DHI GmbH Egerlander Strasse 2 a 64319 Pfungstadt Germany FFH GMBH: Claims Registration Ends March 20 ------------------------------------------- Creditors of FFH GmbH Foelschnitzer Fussboden u. Estrichbau have until March 20, 2008 to register their claims with court- appointed insolvency manager Thomas Hofmann. Creditors and other interested parties are encouraged to attend the meeting at 1:05 p.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 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: Thomas Hofmann Schleizer Str. 1 95111 Rehau Germany The District Court of Hof opened bankruptcy proceedings against FFH GmbH Foelschnitzer Fussboden u. Estrichbau on Jan. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FFH GmbH Foelschnitzer Fussboden u. Estrichbau Attn: Matthias Wiskott, Manager Hauptstr. 30 95182 Doehlau Germany GRAND AZUR: Claims Registration Period Ends March 18 ---------------------------------------------------- Creditors of Verwaltungsgesellschaft Grand Azur mbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Peter-Alexander Borchardt. Creditors and other interested parties are encouraged to attend the meeting at 10:10 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter-Alexander Borchardt Deichstrasse 1 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Verwaltungsgesellschaft Grand Azur mbH on Jan. 16, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Verwaltungsgesellschaft Grand Azur mbH Attn: Dirk Leifert, Manager Grosse Elbstrasse 145c 22767 Hamburg Germany HS & S LOGISTIK: Claims Registration Period Ends March 3 -------------------------------------------------------- Creditors of HS & S Logistik GmbH Spedition have until March 3, 2008, to register their claims with court-appointed insolvency manager Joerg Nerlich. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on March 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on March 28, 2008, at the same venue. The insolvency manager can be reached at: Dr. Joerg Nerlich Louise-Dumont-Str. 25 40211 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against HS & S Logistik GmbH Spedition on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HS & S Logistik GmbH Spedition Attn: Frank Schunk, Manager Ottostrasse 9 41540 Dormagen Germany RICH GERMANY: Claims Registration Period Ends February 27 --------------------------------------------------------- Creditors of Rich Germany GmbH have until Feb. 27, 2008, to register their claims with court-appointed insolvency manager Ulrich Pfeifer. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The District Court of Nuremberg Meeting Hall 152/I Flaschenhofstr. 35 Nuremberg 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 Pfeifer Am Stadtpark 2 90409 Nuremberg Germany Tel: 0911/999099-0 Fax: 0911/999099-50 The District Court of Nuremberg opened bankruptcy proceedings against Rich Germany GmbH on Jan. 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rich Germany GmbH Am Stadtpark 2 90409 Nuremberg Germany RIEDIGER GMBH: Claims Registration Period Ends March 15 ------------------------------------------------------- Creditors of Riediger GmbH have until March 15, 2008, to register their claims with court-appointed insolvency manager Dr. Martin Mildenberger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Offenburg Hall 0.005 Hindenburgstr. 5 77654 Offenburg 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 Mildenberger Bertha-von-Suttner-Str. 3 77654 Offenburg Germany The District Court of Offenburg opened bankruptcy proceedings against Riediger GmbH on Jan. 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Riediger GmbH hauptstr. 104 77652 Offenburg Germany S & H GRAU: Creditors' Meeting Slated for March 6 ------------------------------------------------- The court-appointed insolvency manager for S & H Grau GmbH, Boris A. Schmidt-Burbach will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:00 a.m. on March 6, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Marburg/Lahn Hall 159 Universitatsstrasse 48 35037 Marburg/Lahn Germany The Court will also verify the claims set out in the insolvency manager's report at 11:00 a.m. on April 16, 2008, at the same venue. Creditors have until March 18, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Dr. Boris A. Schmidt-Burbach Fach 25 Wilhelmstrasse 17 35037 Marburg Germany Tel: 06421/30499-0 Fax: 06421/30499-20 The District Court of Marburg/Lahn opened bankruptcy proceedings against S & H Grau GmbH on Jan. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S & H Grau GmbH Kirchberg 20 35085 Ebsdorfergrund Germany TEN VERLAGS-UND: Creditors' Meeting Slated for February 29 ---------------------------------------------------------- The court-appointed insolvency manager for Ten Verlags- und Vertriebsgesellschaft mbH,Joachim Voigt-Salus, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:25 a.m. on Feb. 29, 2008. The meeting of creditors and other interested parties 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 at 9:25 a.m. on May 16, 2008, at the same venue. Creditors have until March 17, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Joachim Voigt-Salus Rankestrasse 33 10789 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Ten Verlags- und Vertriebsgesellschaft mbH on Jan. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ten Verlags- und Vertriebsgesellschaft mbH Rankestrasse 33 10789 Berlin Germany UNITED FOODS: Claims Registration Period Ends March 3 ----------------------------------------------------- Creditors of United Foods Import & Export GmbH have until March 3, 2008, to register their claims with court-appointed insolvency manager Dietrich Hauser. Creditors and other interested parties are encouraged to attend the meeting at 10:45 a.m. on March 31, 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: Dietrich Hauser Edisonstrasse 19 74076 Heilbronn Germany Tel: 07131/64281-0 Fax: 07131/64281-28 The District Court of Heilbronn opened bankruptcy proceedings against United Foods Import & Export GmbH on Feb. 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: United Foods Import & Export GmbH Wilhelmstrasse 46 74074 Heilbronn Germany * Fitch Says Interest Deduction Barrier Could Increase Defaults --------------------------------------------------------------- Fitch Ratings said in a special report published Monday that the newly introduced interest deduction barrier on German commercial mortgage loans could increase the likelihood of a borrower defaulting. Until December 2007, interest expenses of corporations were fully deductible under the German corporate income tax regime. "The new rule could result in a lower post tax interest coverage ratio, increasing the risk of a borrower default," says Stefan Baatz, Director in Fitch's European Structured Finance Group. "However, due to the individual characteristics of each borrower structure the potential impact of the interest deduction barrier will vary on a case-by-case basis," adds Dr. Gabriele Herbst, Associate Director in Fitch's Structured Finance team in Frankfurt. The report focuses on how this tax change could affect borrowing SPVs involved in German CMBS transactions and outlines how it affects Fitch's analysis of CMBS transactions. The report entitled "Interest Deductions Barrier - Negative Impact on German Commercial Mortgage Loans?" is available on the agency's website http://www.fitchratings.com/ ============= I R E L A N D ============= SITEL WORLDWIDE: Moody's Gives Negative Outlook; Holds B2 Rating ---------------------------------------------------------------- Moody's Investors Service changed the outlook of Sitel Worldwide Corporation (B2 CFR) to negative from stable. The negative outlook underscores Sitel's weak liquidity position, which may require the company to seek relief in an available equity cure under its credit agreement from its shareholders. The negative outlook also reflects Moody's belief that despite the equity cure, the company's EBITDA cushion under its financial covenants (which are scheduled to step up/down quarterly over the next twelve months) will remain very tight, and a shortfall in the company's 2008 anticipated performance could require the company to seek further equity cure or other relief. These ratings are affirmed: -- Corporate family rating: B2 -- Probability of default rating: B3 -- US$85 million first lien revolving credit facility: B2, LGD-3, 35% -- US$675 million first lien term loan: B2, LGD-3, 35% Sitel's B2 corporate family rating reflects some on-going integration risk, liquidity constrained by financial covenants under the company's credit facility, break even to negative free cash flow, and moderate client concentration. The ratings are supported by the company's scale and position as one of the largest provider within the highly competitive call center outsourcing industry, and the favorable outlook for the call center outsourcing industry. Headquartered in Nashville, Tennessee, Sitel Worldwide Corp. -- http://www.sitel.com/-- is a customer care business process outsourcing vendor for voice services. It competes with larger multinational companies (i.e. EDS, Accenture, and IBM) and a host of like size companies (including Convergys, West, Teletech, and Sykes) in the customer care call center and business process outsourcing industry. The company has an approximate 80:20 ratio of on/near shore to off shore operating capacit and operates more than 155 locations in 27 countries, including Belgium, Brazil, Mexico, Ireland, the Philippines, among others. Sitel has pro forma LTM December 2007 revenues of approximately US$1.9 billion TRIVIRIX INTERNATIONAL: Creditors Must File Claims by March 17 -------------------------------------------------------------- Through an order of the High Court of Justice in Northern Ireland Chancery Division dated May 14, 2007, it is the intention of Tom Keenan and John Reid, as Joint Administrators of Trivirix International Limited, to declare and pay a dividend to creditors. The distribution will be made within four months of March 17, 2008. Creditors must submit their claims in writing by the March 17 deadline to: TRIVOL/TMK/JMWA Tom Keenan, Joint Administrator Deloitte & Touche LLP 19 Bedford Street Belfast, BT2 7EJ ========= I T A L Y ========= ALITALIA SPA: Air France to Infuse EUR3 Billion in Three Years -------------------------------------------------------------- Air France-KLM S.A. will inject EUR3 billion into Alitalia S.p.A. over six years should it acquire the Italian government's 49% stake in the financially troubled carrier, Costas Paris writes for the Wall Street Journal, citing the French carrier's vice-chairman Leo M. van Wijk. Mr. van Wijk told WSJ that Alitalia "needs new capital and it needs to be refleeted." The vice-chairman added that if a sale agreement is reached, Air France will also commence a buyout offer to acquire all shares at Alitalia and afterwards delist the Italian carrier. Mr. Van Wijk noted that any deal struck depends on the new Italian government and on whether it will support Alitalia's plan to downsize operations at Milan's Malpensa airport. "If the Malpensa hub is not significantly downsized, we don't see a reason for a deal," Mr. Van Wijk told WSJ. As reported in the TCR-Europe on Feb. 18, 2008, Air France-KLM will seek approval from the new Italian government chosen following the April 13-14, 2008, snap elections, for any agreement to acquire Italy's stake in Alitalia. "If the position of the next government is favorable for an agreement with Air France-KLM we will go ahead," Mr. Gourgeon was quoted by Radiocor as saying. "In the case it is not favorable, we will stop there." Air France managing director Pierre Henri Gourgeon that the exclusive talks may go beyond the April elections due to various procedural steps, Radiocor relates. The Forza Italia opposition party, headed by former Prime Minister Silvio Berlusconi and seen to win the upcoming election, said it will respect the possible sale of stake in Alitalia to Air France if it emerges as the victor. Forza Italia, however, would like the outgoing government, headed by Prime Minister Romano Prodi, to avoid an agreement and leave the decision to the next government. 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. BERRY PLASTICS: Inks US$520MM Sr. Secured Bridge Loan Agreement --------------------------------------------------------------- Berry Plastics Corporation disclosed that it obtained a US$520.0 million bridge loan facility, pursuant to a Senior Secured Bridge Loan Credit Agreement which it entered into on Feb. 5, 2008, with Bank of America N.A., as administrative agent and collateral agent, and various lenders, to finance its purchase from Captive Holdings LLC of 100% of the outstanding capital stock of Captive Holdings Inc., the parent company of Captive Plastics Inc. Berry Plastics' obligations under the bridge facility are guaranteed by each of Berry Plastics' existing and future direct or indirect domestic subsidiaries that is a restricted subsidiary, subject to certain exceptions, and are secured by pledges of certain of the assets of Berry Plastics and such subsidiaries. The bridge facility contains negative covenants substantially identical to those in the indenture relating to Berry Plastics' existing second-priority notes, and contains affirmative covenants, representations and warranties and events of default substantially identical to those in Berry Plastics' existing term loan facility. The bridge facility matures on the one-year anniversary of the closing date thereof. On that date, provided that an event of default is not continuing with respect to Berry Plastics' existing term loan facility, revolving facility or second priority notes, and provided that no bankruptcy event of default is continuing with respect to the bridge facility, any outstanding bridge loans will convert into senior secured term loans, and loans thereunder that mature on the seventh anniversary of the closing date of the bridge facility. A full-text copy of the Senior Secured Bridge Loan Credit Agreement dated as of Feb. 5, 2008, is available for free at: http://researcharchives.com/t/s?2806 About Berry Plastics Headquartered in Evansville, Nebraska, Berry Plastics Corporation -- http://www.berryplastics.com/-- is a manufacturer and supplier of a diverse mix of rigid plastics packaging products focusing on the open top container, closure, aerosol overcap, drink cup and housewares markets. The company sells a broad product line to over 12,000 customers. Berry Plastics concentrates on manufacturing high quality, value-added products sold to marketers of institutional and consumer products. In 2004, the company created its international division as a separate operating and reporting division to increase sales and improve service to international customers utilizing existing resources. The international segment includes the company's foreign facilities and business from domestic facilities that is shipped or billed to foreign locations. Berry has 25 manufacturing facilities worldwide, including in Italy, England, and Hong Kong and more than 6,800 employees. * * * As reported in the Troubled Company Reporter-Europe on Feb. 14, 2008, Moody's Investors Service affirmed the B3 Corporate Family Rating of Berry Plastics Corporation and downgraded certain instrument ratings. The outlook is stable. BERRY PLASTICS: Posts US$31.3 Mln Net Loss in Qtr. Ended Dec. 29 ---------------------------------------------------------------- Berry Plastics Corp. reported a net loss of US$31.3 million for the thirteen weeks ended Dec. 29, 2007, versus a net loss of US$30.8 million in the comparable period of 2006. Net sales increased 8.0% to US$762.7 million for the first quarter of fiscal 2008 from US$703.6 million for the same quarter in fiscal 2007. This US$59.1 million increase is primarily the result of strong base business organic volume growth of 4.0% and 2.0% acquisition volume growth. Gross profit increased US$22.4 million to US$108.8 million for the first quarter of fiscal 2008 from US$86.4 million for the same quarter of fiscal 2007. Selling, general and administrative expenses increased US$7.3 million to US$81.8 million primarily as a result of a US$4.2 million increase in stock compensation expense, a US$4.1 million increase in amortization of intangible assets, and increased expenses as a result of the organic and acquisition volume growth partially offset by realization of synergies from the Berry Covalence Merger. Restructuring and impairment charges were US$3.5 million in the first quarter of fiscal 2008 primarily as a result of costs incurred associated with the plant consolidations within the flexible films segment. Other expenses increased from US$4.1 million in the first quarter of fiscal 2007 to US$13.0 million in the first quarter of fiscal 2008 primarily as a result of expenses associated with the integration of Old Covalence and the corresponding achievement of synergies. Net interest expense increased US$1.6 million to US$61.5 million primarily as a result of increased borrowings to finance the Rollpak acquisition. The company recorded an income tax benefit of US$19.7 million or an effective tax rate of 38.6%, which is a slight change from the income tax benefit of US$19.5 million or an effective tax rate of 37.1% in the prior quarter. At Dec. 29, 2007, the company's cash balance was US$21.8 million, and the company had unused borrowing capacity of US$297.2 million under its revolving line of credit. Balance Sheet At Dec. 29, 2007, the company's consolidated balance sheet showed US$3.90 billion in total assets, US$3.48 billion in total liabilities, and US$420.3 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the thirteen weeks ended Dec. 29, 2007, are available for free at http://researcharchives.com/t/s?2809 About Berry Plastics Headquartered in Evansville, Nebraska, Berry Plastics Corporation -- http://www.berryplastics.com/-- is a manufacturer and supplier of a diverse mix of rigid plastics packaging products focusing on the open top container, closure, aerosol overcap, drink cup and housewares markets. The company sells a broad product line to over 12,000 customers. Berry Plastics concentrates on manufacturing high quality, value-added products sold to marketers of institutional and consumer products. In 2004, the company created its international division as a separate operating and reporting division to increase sales and improve service to international customers utilizing existing resource. The international segment includes the company's foreign facilities and business from domestic facilities that is shipped or billed to foreign locations. Berry has 25 manufacturing facilities worldwide, including in Italy, England, and Hong Kong and more than 6,800 employees. * * * As reported in the Troubled Company Reporter-Europe on Feb. 14, 2008, Moody's Investors Service affirmed the B3 Corporate Family Rating of Berry Plastics Corporation and downgraded certain instrument ratings. The outlook is stable. GOODYEAR TIRE: Earns US$602 Million in 2007 ------------------------------------------- The Goodyear Tire & Rubber Company reported record sales for the fourth quarter and the full year of 2007. Goodyear's sales for 2007 were a record US$19.6 billion, a 5% increase over 2006 despite a 6.2% decline in tire unit volume. All four of the company's tire businesses outside of North America achieved all-time record annual sales during 2007. Segment operating income was US$1.2 billion, compared to US$712 million in 2006. Goodyear's income from continuing operations of US$139 million in 2007 compares to a 2006 loss of US$373 million. Including discontinued operations, Goodyear had 2007 net income of US$602 million, compared to a loss of US$330 million last year. Improvements in pricing and product mix of approximately US$639 million offset higher raw material costs, which increased 3.5%, or approximately US$195 million, compared to 2006. Revenue per tire increased 8% compared to 2006. Fourth Quarter 2007 Goodyear's fourth quarter 2007 sales were US$5.2 billion, an 11% increase compared with the 2006 quarter, offsetting lower volumes with higher prices and a richer product mix. The company estimates that a 12-week strike at its North American facilities in 2006 reduced fourth quarter 2006 sales by US$318 million. Improved pricing and product mix drove revenue per tire up 10% over the 2006 quarter. Lower volumes reflect weak winter tire sale demand in Europe and the company's exit from certain segments of the private label tire business in North America along with weak conditions in several key markets. Fourth quarter segment operating income was US$313 million in 2007. This compares to a segment operating loss of US$86 million in the strike-impacted 2006 period. Segment operating income benefited from improved pricing and product mix of US$119 million in the fourth quarter of 2007, which more than offset increased raw material costs of US$8 million. Favorable foreign currency translation positively impacted sales by US$315 million and segment operating income by US$45 million in the quarter. Gross margin was 19.4% for the 2007 quarter compared to 11.3% in last year's strike-impacted quarter. Fourth quarter 2007 income from continuing operations was US$61 million. This compares to a loss of US$310 million in the strike-impacted fourth quarter of 2006. Including discontinued operations, Goodyear had fourth quarter net income of US$52 million, compared to a net loss of US$358 million last year. Financial Position The company's balance sheet as of Dec. 31, 2007, showed total assets of US$17.2 billion, total liabilities of US$14.3 billion, and total shareholders' equity of US$2.9 billion. The company had total current assets of US$10.2 billion and total current liabilities of US$4.6 billion as of Dec. 31, 2007. At Dec. 31, 2007, it had US$3.4 billion in cash and cash equivalents as well as US$2.2 billion of unused availability under our various credit agreements, compared to US$3.9 billion and US$533 million, respectively, at Dec. 31, 2006. Cash and cash equivalents decreased primarily due to US$2.3 billion of repayments on its borrowings. In aggregate, we had credit arrangements of US$7.4 billion available at Dec. 31, 2007, of which US$2.2 billion were unused, compared to US$8.2 billion available at Dec. 31, 2006, of which US$533 million were unused. A full-text copy of Goodyear's annual and fourth quarter financial report for the period ended Dec. 31, 2007, is available fro free at http://ResearchArchives.com/t/s?280c Management's Comment "Our fourth quarter results show significant gains as we drive sales of our higher-margin premium product lines," said Robert J. Keegan, chairman and chief executive officer. "This is especially true in our emerging markets businesses in Eastern Europe, Asia and Latin America. In aggregate, these three businesses grew sales 20% and segment operating income 41% in the quarter," he said. "Excluding the impact of the strike, North American Tire's focus on innovative new products helped it achieve its highest full- year segment operating income since 2000," he said. "Our new product engine will provide additional growth opportunities in 2008 and beyond." Goodyear made further progress during the fourth quarter on its plan to achieve US$1.8 billion to US$2 billion in gross cost savings by the end of 2009. "We have now achieved more than US$1 billion in savings in 2006 and 2007 and clearly remain on target to reach our four-year goal," Mr. Keegan said. "During 2007, we also made substantial progress on improving our balance sheet with net debt decreasing more than US$2 billion," he said. "We remain on track to achieve our next stage financial metrics, which include an 8 percent segment operating income return on sales globally, a 5% segment operating income return on sales in North America and a target of 2.5 times debt- to-EBITDA." About Goodyear Tire Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company (NYSE: GT) -- http://www.goodyear.com/-- is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries. Goodyear's operations are located in Argentina, Austria, Chile, Colombia, France, Italy, Guatemala, Jamaica, Peru, Russia, among others. Goodyear employs more than 80,000 people worldwide. * * * In June 2007, Standard & Poor's Ratings Services raised its ratings on Goodyear Tire & Rubber Co., including its corporate credit rating to 'BB-' from 'B+'. The ratings still apply to date. =================== K A Z A K H S T A N =================== AUTO SERVER-2004: Proof of Claim Deadline Slated for March 18 ------------------------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Auto Server-2004 insolvent. Creditors have until March 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Jumabayev Str. 109-415 Petropavlovsk North Kazakhstan Kazakhstan DSK LINE LLP: Creditors Must File Claims by March 21 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP DSK Line insolvent. Creditors have until March 21, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Tolstoy Str. 74 Kostanai Kazakhstan HAMKI LLP: Claims Filing Period Ends March 18 --------------------------------------------- The Specialized Inter-Regional Economic Court of North Kazakhstan has declared LLP Hamki insolvent. Creditors have until March 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of North Kazakhstan Jumabayev Str. 109-415 Petropavlovsk North Kazakhstan Kazakhstan INVEST-STROYPROGRESS LLP: Creditors' Claims Due on March 25 ----------------------------------------------------------- LLP Construction Company Invest-Stroyprogress has declared insolvency. Creditors have until March 25, 2008, to submit written proofs of claims to: LLP Construction Company Invest-Stroyprogress Suvorov Str. 13 Pavlodar Kazakhstan KAZINCOM CENTRE: Claims Registration Ends March 21 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Kazincom Centre insolvent. Creditors have until March 21, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan PAVLODAR-STROYPOLUS LLP: Claims Deadline Slated for March 25 ------------------------------------------------------------ LLP Pavlodar-Stroypolus has declared insolvency. Creditors have until March 25, 2008, to submit written proofs of claims to: LLP Pavlodar-Stroypolus Severnaya Promzona Pavlodar Kazakhstan ROSBELTEKS LLP: Creditors Must File Claims by March 18 ------------------------------------------------------ The Specialized Inter-Regional Economic Court of South Kazakhstan has declared LLP Rosbelteks insolvent. Creditors have until March 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of South Kazakhstan Ilyaev Str. 24 Shymkent South Kazakhstan Kazakhstan Tel: 8 (3252) 52-02-36 8 (3252) 52-19-32 ROSSISKO-KAZAKHSTANSKAYA COMPANIYA: Claims Period Ends March 25 --------------------------------------------------------------- LLP Rossisko-Kazakhstanskaya Companiya has declared insolvency. Creditors have until March 25, 2008, to submit written proofs of claims to: LLP Rossisko-Kazakhstanskaya Companiya Aimanov Str. 50-66 140000, Pavlodar Kazakhstan TECHNOSTROY & K LLP: Creditors' Claims Due on March 25 ------------------------------------------------------ LLP Technostroy & K has declared insolvency. Creditors have until March 25, 2008, to submit written proofs of claims to: LLP Technostroy & K Lenin Str. 96 Stepnyak Enbekshildersky Akmola Kazakhstan TENGIZ & K LLP: Claims Registration Ends March 21 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kostanai has declared LLP Tengiz & K insolvent. Creditors have until March 21, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kostanai Gogol Str. 177a Kostanai Kazakhstan =================== K Y R G Y Z S T A N =================== ATTANDR LLC: Creditors Must File Claims by March 7 -------------------------------------------------- LLC Attandr (INN 00104199810338) has declared insolvency. Creditors have until March 7, 2008 to submit written proofs of claim to: LLC Attandr Mamyrov Str. 86v Osh Kyrgyzstan Tel: (0-773) 42-20-16 CONTROL-LINE LLC: Claims Filing Period Ends March 7 --------------------------------------------------- LLC Control-Line has declared insolvency. Creditors have until March 7, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 28-29-79. STROYGRAD LLC: Claims Registration Ends March 7 ----------------------------------------------- LLC Construction Company Stroygrad has declared insolvency. Creditors have until March 7, 2008 to submit written proofs of claim. Inquiries can be addressed to (0-543) 86-09-70. =================== L U X E M B O U R G =================== EVRAZ GROUP: To Buy 51% of Delong Holdings from Best Decade ----------------------------------------------------------- Evraz Group S.A. has entered into a Share Purchase Agreement with Best Decade Holdings Limited and the shareholders of Best Decade, to acquire from Best Decade up to approximately 51% of the issued share capital of Delong Holdings Limited over an agreed period of time. This transaction is subject to anti-trust clearance by the Ministry of Commerce and the State Administration of Industry and Commerce of the People's Republic of China. About Evraz Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) -- http://www.evraz.com/-- manufactures and distributes steel and related products. In addition, the Company owns and operates certain mining assets. Its steel production and mining facilities are mainly located in the Russian Federation. It operates three steel mills in Russia, one mill in the Sverdlovsk region and two mills in the Kemerovo region. * * * As of Nov. 20, 2007, Evraz Group carries Ba3 Corporate Family and Probability-of-Default ratings and B2 Senior Unsecured Debt rating from Moody's Investor Service. Moody's said the Outlook is Positive. Evraz also carries BB- Local and Foreign Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Positive. The company carries BB Issuer Default and Senior Unsecured ratings and B Short-Term IDR. Fitch said the Outlook is Stable. ============= R O M A N I A ============= TIMKEN CO: To Hike Carbon & Alloy Tubing Prices on April 1 ---------------------------------------------------------- The Timken Company will increase prices on carbon and alloy seamless mechanical tubing by up to 15 percent, depending on the size and product specification. This price increase is effective with shipments beginning on April 1, 2008. Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) -- http://www.timken.com/-- is a manufacturer of highly engineered bearings and alloy steels. It also provides related components and services such as bearing refurbishment for the aerospace, medical, industrial and railroad industries. The company has operations in Argentina, Australia, Belgium, Brazil, Canada, China, Czech Republic, England, France, Germany, Hungary, India, Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania, Russia, Singapore, South America, Spain, Taiwan, Turkey, United States, and Venezuela and employs 27,000 employees. * * * The Timken Company still carries Moody's Investors Service's Ba1 senior unsecured deb rating on US$300 million Medium Term Notes, Series A. =========== R U S S I A =========== ATOLL OJSC: Creditors Must File Claims by March 28 -------------------------------------------------- Creditors of OJSC Atoll have until March 28, 2008, to submit proofs of claim to: