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 Tuesday, February 26, 2008, Vol. 8, No. 40 Headlines A U S T R I A JOSEF WEISS: Wiener Neustadt Court Closes Bankruptcy Case KMS - BAU: Wiener Neustadt Court Closes Bankruptcy Case MB TRANS: Ried im Innkreis Court Closes Bankruptcy Case OTHMAR HAUPTMANN: Claims Registration Period Ends March 18 RIPO EVENT: Graz Court Closes Bankruptcy Proceedings ZS TRANSPORT: Claims Registration Period Ends April 10 B E L G I U M ARVINMERITOR INC: DBRS Confirms BB Ratings on Sr. Unsec. Notes FLOWSERVE CORP: Settles Oil-for-Food Case with US SEC & DOJ SOLUTIA INC: Drops Suit After Banks Recommit on Exit Financing G E R M A N Y ASTROH GRANIT: Claims Registration Period Ends March 17 EW FREIZEIT: Claims Registration Period Ends March 18 FAMILIENHAUS LOCHER: Claims Registration Period Ends March 30 FIDELIS GMBH: Claims Registration Period Ends March 4 GFB GMBH: Creditors' Meeting Slated for March 10 HEIDE-MASSIVHAUS GMBH: Claims Registration Period Ends March 10 JOHANN SCHAUB: Claims Registration Ends March 19 KRANICHHOF DENTAL: Claims Registration Period Ends March 17 KRUSEN GMBH: Claims Registration Period Ends March 10 MOTORISTEN-TEILE: Claims Registration Period Ends March 15 [ERRONEOUS DATA REDACTED on June 10, 2008] PAUL UHL: Claims Registration Period Ends March 17 PJESSO COFFEE-ART: Claims Registration Period Ends March 18 PROSA DIREKT-POST: Claims Registration Period Ends March 7 PROWIN PRODUKTIONSTECHNOLOGIE: Meeting Slated for March 10 SCHMIDT BAU: Claims Registration Ends March 19 STEVENSON MOVING: Claims Registration Period Ends March 18 TULUS TRANSPORT: Claims Registration Ends March 19 UR POWER: Claims Registration Period Ends March 14 WEMHOENER SYSTEM: Claims Registration Period Ends March 16 WESTLB: Rehabilitation to Take Five 5 Years, German State Says WITTRONIC GMBH: Claims Registration Ends March 20 WOHNPARK RENTFORT: Claims Registration Period Ends March 17 ZDI INDUSTRIEVERBUND: Claims Registration Period Ends March 14 H U N G A R Y FLEXTRONICS: Getting MXN35 Million from Jalisco State Government I T A L Y DANA HOLDING: Inks US$2.08 Billion in Exit Facility Agreements VALASSIS COMMS: Earns US$20.6 Million in 2007 Fourth Quarter TRW AUTOMOTIVE: Earns US$56 Million for Quarter Ended Dec. 31 K A Z A K H S T A N ASIAN CONSULTING: Creditors Must File Claims by March 28 BUILDING TRADE: Claims Deadline Slated for March 28 ERA-PROGRESS LLP: Claims Filing Period Ends March 21 JUALY MUNAI: Creditors' Claims Due on March 28 KONAK LTD: Claims Registration Ends March 28 TECHNO EXPERT: Creditors Must File Claims by March 28 TECHNOSYNTEZ JSC: Claims Deadline Slated for March 28 QUARTS CJSC: Claims Filing Period Ends March 28 K Y R G Y Z S T A N CONSULTANT-CENTRE LLC: Creditors Must File Claims by March 14 COUNTRY SERVICE: Claims Filing Period Ends March 14 N E T H E R L A N D S GLOBAL POWER: Moody's Assigns Low-B Ratings, Stable Outlook R U S S I A ANIVSKOE ENTERPRISE: Court Starts Bankruptcy Supervision Process AVANGARD-2 LLC: Creditors Must File Claims by March 12 ENERGO-METALLURG-MONTAZH: Claims Filing Period Ends March 12 EVRAZ GROUP: S&P Affirms 'BB-' Rating on Planned Delong Buy GEORGIEVSKOE PASSENGER: Creditors Must File Claims by March 12 INTERCONIAL CJSC: Court Names E. Kurilov as Insolvency Manager ISK STROMA: Saratov Bankruptcy Hearing Slated for April 16 KRONA LLC: Court Names D. Krivonogov as Insolvency Manager LENIN-COAL PLUS: Kemerove Bankruptcy Hearing Slated for June 4 LES-STROY LLC: Bankruptcy Hearing Slated for April 15 MOSCOW BANK: Shareholder Support Prompts Fitch to Affirm Ratings NIZHEKISLYASKOE: Court Names V. Goryachkin as Insolvency Manager ROSINKA LLC: Creditors Must File Claims by March 12 ROSNEFT OIl: Gets US$3-Billion Credit Facility from 13 Banks SAKHALINSKAYA STEVEDORE: Creditors Must File Claims by March 12 STROY-DESIGN+: Bankruptcy Hearing Slated for April 22 TRUST KUZBASS-TRANS-STROY: Claims Filing Period Ends March 12 S W E D E N PETROLEOS DE VENEZUELA: Earns US$896 Mln. in First Half of 2007 S W I T Z E R L A N D NOVA CHEMICALS: Fitch Affirms 'BB-' Issuer Default Rating U K R A I N E GEOSEARCH LLC: Creditors Must File Claims by March 3 HANDLER STEAL: Creditors Must File Claims by March 3 MELDIS LLOYD: Creditors Must File Claims by March 3 MITSELION LLC: Creditors Must File Claims by March 3 NOVY BUG: Claims Filing Deadline Set March 3 OKTAN-1 LLC: Creditors Must File Claims by March 3 SLAVENERGY BUILDING: Creditors Must File Claims by March 3 SPECIAL ISOLATOR: Creditors Must File Claims by March 3 U N I T E D K I N G D O M ADCO PROTECTIVE: Calls In Liquidators from Vantis ALLCOMERS LTD: Andrew Appleyard Leads Liquidation Procedure ALWARD TOOL: Brings In Liquidators from BDO Stoy Hayward BATAVIA LTD: Joint Liquidators Take Over Operations BRITISH ENERGY: Centrica plc Eyes Nuclear Plants CHRYSLER LLC: Plastech Wants Other Restructuring Alternatives CUMBRIA FORECOURTS: Appoints Ian William Kings as Liquidator D'URBAN STREET: Taps Liquidators from Tenon Recovery EZY TRAVEL: High Court Shuts Down Package Holidays Company FIRE & SAFETY: UK High Court Winds Up Advertising Firm GARRODS SHEET: Hires Liquidators from Tenon Recovery GULF INT'L UK: Fitch Cuts Individual Rating to 'C/D' HEBBLE VALLEY: Taps Liquidators from PricewaterhouseCoopers INTERMEC INC: Hires Dennis Faerber as Global Operations SVP INVENSYS PLC: Leverage Expectations Cue S&P's Positive Outlook LUNAR FASHIONS: Calls In Liquidators from PKF NORTHERN PACKAGING: Appoints Liquidator from Tenon Recovery NORTHERN ROCK: Withdraws Together Mortgage and Loan Deal OAKLEY TRAVEL: Brings In Liquidator from Tenon Recovery PETROLEOS DE VENEZUELA: Wants Freezing Injunction Lifted QUEBECOR WORLD: Ernst & Young Gives Updates on CCAA Proceedings QUEBECOR WORLD: Loses US$210 Mln Rogers Deal to Transcontinental QUEBECOR WORLD: Suppliers Balk at Reclamation Procedures SAND DANCER: Hires Liquidators from Tenon Recovery SCOTTISH RE: Shifts Strategic Focus Following Sub-prime Crisis SCOTTISH RE: Fitch Lowers Ratings and Places Negative Watch SOUTH EASTERN: Taps Liquidators from Smith & Williamson STARLIGHT MEDIA: UK High Court Winds Up Advertising Company WEB WORKS: Names Ian William Kings Liquidator WHISTLEJACKET CAPITAL: S&P Puts All Ratings at 'D' WIDDOWSON DALEBROOK: Claims Filing Period Ends March 18 * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= JOSEF WEISS: Wiener Neustadt Court Closes Bankruptcy Case --------------------------------------------------------- The Land Court of Wiener Neustadt closed the bankruptcy case of LLC Josef Weiss (FN 155903w) on Dec. 21, 2007, following the Debtor's final distribution to creditors. Creditors recovered 0.8% on account of their claim against the Debtor. Headquartered in Wiener Neustadt, Austria, the Debtor declared bankruptcy on Jan. 27, 2006 (Bankr. Case No. 10 S 5/06y). Ulrike Gruenling-Schopf served as the court-appointed estate administrator for the bankrupt's estate. The estate administrator can be reached at: Dr. Ulrike Gruenling-Schopf Hauptplatz 14 2700 Wiener Neustadt Austria Tel: 02622/84141 Fax: 02622/84141-24 E-mail: hain.advocat@utanet.at KMS - BAU: Wiener Neustadt Court Closes Bankruptcy Case ------------------------------------------------------- The Land Court of Wiener Neustadt closed the bankruptcy case of LLC Kms - Bau- und Projekt-Management (FN 187098w) on Dec. 3, 2007, due to lack of assets. Headquartered in Biedermannsdorf, Austria, the Debtor declared bankruptcy on Feb. 18, 2005 (Bankr. Case No. 11 S 15/05z). Romana Weber-Wilfert served as the court-appointed estate administrator for the bankrupt's estate. The estate administrator can be reached at: Dr. Romana Weber-Wilfert Schrannenplatz 3/I 2340 Moedling Austria Tel: 02236/8645679 Fax: 02236/864567-1 E-mail: office@weber-wilfert.at MB TRANS: Ried im Innkreis Court Closes Bankruptcy Case ------------------------------------------------------- The Land Court of Ried im Innkreis closed the bankruptcy case of LLC MB Trans Speditions- und Transport (FN 207332a) on Dec. 14, 2007, due to insufficient assets. Headquartered in Hoehnhart, Austria, the Debtor declared bankruptcy on Nov. 30, 2007 (Bankr. Case No. 17 S 44/07p). Franz Mitterbauer served as the court-appointed estate administrator for the bankrupt's estate. The estate administrator can be reached at: Dr. Franz Mitterbauer Wiesnerstrasse 2 4950 Altheim Austria Tel: 07723/411 41 Fax: 07723 / 41 141-14 E-mail: amp.altheim@utanet.at OTHMAR HAUPTMANN: Claims Registration Period Ends March 18 ---------------------------------------------------------- Creditors owed money by LLC Othmar Hauptmann (FN 80159g) have until March 18, 2008, to file written proofs of claim to court- appointed estate administrator Christian Kies at: Mag. Christian Kies Rathausplatz 8 3270 Scheibbs Austria Tel: 07482/44 222 Fax: 07482/44 222-4 E-mail: christian.kies@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on April 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in Purgstall an der Erlauf, Austria, the Debtor declared bankruptcy on Feb. 14, 2008 (Bankr. Case No. 14 S 17/08b). RIPO EVENT: Graz Court Closes Bankruptcy Proceedings ---------------------------------------------------- The Land Court of Graz closed the bankruptcy case of LLC RIPO Event- und Marketingagentur (FN 222393z) on Dec. 5, 2007, due to insufficient assets. Headquartered in Graz, the Debtor declared bankruptcy on May 30, 2007 (Bankr. Case No. 25 S 53/07t). Helmut Nestler served as the court-appointed estate administrator for the bankrupt's estate. The estate administrator can be reached at: Helmut Nestler Abstallerstrasse 41 8052 Graz - Wetzelsdorf Austria Tel: 0664/8334509 Fax: 0316/285624-4 E-mail: nestler.h@aon.at ZS TRANSPORT: Claims Registration Period Ends April 10 ------------------------------------------------------ Creditors owed money by LLC ZS Transport (FN 68972f) have until April 10, 2008, to file written proofs of claim to court- appointed estate administrator Walter Kainz at: Dr. Walter Kainz c/o Dr. Eva Wexberg Gusshausstrasse 23 1040 Vienna Austria Tel: 505 88 31 Fax: 505 94 64 E-mail: kanzlei@kainz-wexberg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on April 24, 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 Feb. 14, 2008 (Bankr. Case No. 5 S 14/08f). Eva Wexberg represents Dr. Kainz in the bankruptcy proceedings. ============= B E L G I U M ============= ARVINMERITOR INC: DBRS Confirms BB Ratings on Sr. Unsec. Notes -------------------------------------------------------------- DBRS confirmed the ratings for the Senior Unsecured Notes and Convertible Senior Unsecured Notes of ArvinMeritor Inc. The trends have been changed from Stable to Negative, reflecting ARM's recent losses and extensive working capital usage, with limited prospects for debt reduction in the near term given adverse industry conditions and the company's ongoing expansion and restructuring activities. However, ARM's earnings should improve over the medium term in line with an expected spike in Class 8 truck demand in 2009 in North America, with the Company also slated to reap eventual rewards from its restructuring efforts. In 2007, ARM completed the divestitures of its light vehicle aftermarket and emissions technology businesses, with proceeds being applied toward debt reduction and pension contributions. While the divestitures effectively remove two lower-margin businesses and have resulted in a reduction in debt levels, in DBRS' opinion this is partly offset by ARM's increased exposure to the highly volatile commercial vehicle industry, with the commercial vehicle systems segment now accounting for approximately two-thirds of total revenues. Accordingly, F2007 earnings deteriorated significantly year- over-year given the sharp drop (30%) in Class 8 truck production following extensive pre-buying activity in 2006 in advance of new emissions regulations. This has been compounded by economic concerns in the United States that have considerably delayed the rebound in demand/production, with this trend expected to continue well into 2008. While ARM's light vehicle systems segment generated modestly higher earnings in F2007, margins will remain pressured in F2008 given ongoing pricing cutbacks demanded by OEMs, combined with more aggressive production declines of the Detroit 3 given their increased flexibility in this regard as a result of their revised agreements with the United Auto Workers. In response to the challenging environment, ARM has persisted with restructuring activities and launched Performance Plus in 2007, which aims to improve the company's global footprint and cost competitiveness through various measures including the elimination of up to 2,800 positions in North America and Europe. ARM is also expanding its presence in low-cost countries and seeking to benefit from growth prospects in Asia as it presently has numerous investments underway in China and India with the goal of achieving US$1.6 billion in regional sales by F2012, (almost triple the level of F2007 regional sales). Additionally, the Company recently improved its liquidity through the December 2007 renegotiation of its senior secured revolving credit facility. The availability of the former facility was somewhat compromised due to covenants; the new facility (although reduced in size from US$900 million to US$700 million) has an amended covenant package that significantly enhances availability. Over the medium term, as the North American Class 8 truck market rebounds and ARM's cost position improves, firmer margins should result. DBRS expects only modest earnings improvement over the near term, with debt levels remaining constant. However, in the event that working capital requirements or persistent losses result in further deterioration of the financial profile, a ratings downgrade would be considered. Debt Rating Issuer Rated Action Rating ------ ----- ------- ------ ArvinMeritor Inc. Conv. Sr. Trend Change BB (low)Neg Unsec. Notes ArvinMeritor Inc. Sr. Unsec. Trend Change BB (low)Neg Notes About ArvinMeritor Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM) -- http://www.arvinmeritor.com/-- supplies integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and certain aftermarkets. ArvinMeritor employs about 29,000 people at more than 120 manufacturing facilities in 25 countries. These countries are: China, India, Japan, Singapore, Thailand, Australia, Venezuela, Brazil, Argentina, Belgium, Czech Republic, France, Germany, Hungary, Italy, Netherlands, Spain, Sweden, Switzerland, United Kingdom, among others. FLOWSERVE CORP: Settles Oil-for-Food Case with US SEC & DOJ ----------------------------------------------------------- Flowserve Corporation has reached final resolution with the U.S. Securities and Exchange Commission and the Department of Justice with regard to their investigations of the participation of a French and a Dutch subsidiary of the company in sales to Iraq under the U.N. "Oil-for-Food" program during 2001-2003. The company confirmed that, under the terms of the applicable settlement agreements, Flowserve will pay a fine, profit disgorgement and related prejudgment interest to the SEC totaling US$6,574,225 and a penalty to the DOJ of US$4,000,000. Flowserve noted that these amounts were in line with the announced accruals for this purpose already disclosed in connection with its issued third quarter 2007 financial statements. "There is no higher priority at Flowserve than legal compliance, and we fully cooperated with the SEC and DOJ in their investigations of this matter," said Lewis M. Kling, President and CEO of Flowserve. "We are pleased to now be able to put this matter behind us because it will allow us to focus even more intently on the very attractive business opportunities currently available to Flowserve around the globe." About Flowserve Headquartered in Irving, Texas, Flowserve Corp. (NYSE: FLS) -- http://www.flowserve.com/-- provides fluid motion and control products and services. Operating in 56 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. Flowserve has operations in Dominican Republic, Guatemala, Guyana, Belize, Belgium, Netherlands, Indonesia, Singapore, Japan, among others. * * * As reported in the Troubled Company Reporter-Europe on Aug. 16, 2007, Moody's Investors Service affirmed Flowserve Corporation's corporate family rating at Ba3 and probability of default at B1. Moody's also affirmed the Ba2 rating to the company's senior secured term loan and assigned a Ba2 rating to Flowserve's senior secured revolving credit facility. SOLUTIA INC: Drops Suit After Banks Recommit on Exit Financing -------------------------------------------------------------- Solutia Inc. has entered an agreement to withdraw its lawsuit against Citigroup Inc., Goldman Sachs Group Inc. and Deutsche Bank AG after the banks reiterated their commitment to fund the company's exit financing, Jeffrey McCracken writes for the Wall Street Journal, citing people privy with the matter. WSJ reports, citing a source that Solutia also agreed to some renegotiated terms, which could raise the cost of the loan for the company, but keep it "substantially the same." The banks, in return, agreed to provide US$2.05 billion in exit financing, around US$50 million more than the original loan, WSJ relates. The bank will fund the loan on Feb. 28, 2008, when Solutia expects to emerge from Chapter 11 bankruptcy. The banks also agreed to waive the "materially adverse condition" clause in the loan that they cited as reasons for backing out from the the original agreement, the sources added to WSJ. The Down Jones Newswires reports that following the settlement, Solutia has received a US$1.2 billion senior secured term loan facility Citigroup Global Markets Inc., Goldman Sachs Credit Partners LP and Deutsche Bank Securities Inc. As reported in the TCR-Europe on Feb. 8, 2008, Solutia Inc. filed a complaint in the U.S. Bankruptcy Court for the Southern District of New York against the banks that had refused to meet commitment to fund a US$2 billion exit financing package for Solutia. The complaint asserted that the banks should be stopped from invoking the clause they claim relieves them of their obligation due to their improper conduct and misrepresentations to the company, and further claims that the banks fraudulently induced Solutia to enter into the initial engagement by promising that the financing was firmly committed. On Oct. 25, 2007, the banks executed a firm commitment to fund a US$2 billion exit financing package for Solutia. These substantial, custom credit facilities and arrangements were specifically tailored to facilitate Solutia's prompt emergence from Chapter 11. On Nov. 20, 2007, the bankruptcy court approved the exit financing package. Nine days later, in reliance on the banks' firm lending commitment, the court found the plan of reorganization to be feasible and confirmed the plan. In late January 2008, -- shortly before the anticipated closing of the exit facility and Solutia's long-awaited emergence from Chapter 11 -- the banks notified the company that they were refusing to provide the funding, citing a so-called "market MAC" provision in their commitment letter and asserting that there has been a change in the markets since entering into the commitment. About Solutia Inc. Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. ============= G E R M A N Y ============= ASTROH GRANIT: Claims Registration Period Ends March 17 ------------------------------------------------------- Creditors of Astroh Granit-Werk GmbH & Co. KG have until March 17, 2008, to register their claims with court-appointed insolvency manager Dr. Frank Kebekus. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on April 30, 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 Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Frank Kebekus Diekampstrasse 26 44787 Bochum Germany The District Court of Bochum opened bankruptcy proceedings against Astroh Granit-Werk GmbH & Co. KG on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Astroh Granit-Werk GmbH & Co. KG Bunsenstr. 21-23 59229 Ahlen Germany EW FREIZEIT: Claims Registration Period Ends March 18 ----------------------------------------------------- Creditors of EW Freizeit und Handels GmbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg 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: Heiko Fialski Raboisen 38 20095 Hamburg Germany Tel: 040/33 44 6 - 0 Fax: 040/33 44 61 11 The District Court of Lueneburg opened bankruptcy proceedings against EW Freizeit und Handels GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EW Freizeit und Handels GmbH Attn: Harald Nehlsen, Manager Bahnhofstr. 20 21423 Winsen/Luhe Germany FAMILIENHAUS LOCHER: Claims Registration Period Ends March 30 ------------------------------------------------------------- Creditors of Familienhaus Locher B�schchen Gemeinnuetzige GmbH have until March 30, 2007, to register their claims with court- appointed insolvency manager Dr. Joerg Bornheimer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Dr. Joerg Bornheimer Turmhof 15 42103 Wuppertal Germany Tel: 0202/49 37 00 Fax: 0202/4937099 The District Court of Wuppertal opened bankruptcy proceedings against Familienhaus Locher B�schchen Gemeinnuetzige GmbH on Jan. 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Familienhaus Locher B�schchen Gemeinnuetzige GmbH Attn: Michael Margraf, Manager Freiligrathstr. 13 42655 Solingen Germany FIDELIS GMBH: Claims Registration Period Ends March 4 ----------------------------------------------------- Creditors of Fidelis GmbH have until March 4, 2008, to register their claims with court-appointed insolvency manager Michael Held. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on April 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Ansbach Meeting Room 1 Promenade 8 91522 Ansbach 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 Held Brauhausstr. 24 - 26 91522 Ansbach Germany Tel: 0981/488 49-0 Fax: 0981/488 49-49 The District Court of Ansbach opened bankruptcy proceedings against Fidelis GmbH on Feb. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fidelis GmbH Schwaerzgasse 3 91781 Weissenburg Germany GFB GMBH: Creditors' Meeting Slated for March 10 ------------------------------------------------ The court-appointed insolvency manager for GFB GmbH, Dr. Stefan Oppermann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 10:15 a.m. on March 10, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Fuerth Hall 3 Ground Floor Baumenstrasse 32 Fuerth Germany The Court will also verify the claims set out in the insolvency manager's report at 2:00 p.m. on May 15, 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: Dr. Stefan Oppermann Aussre Sulzbacher Str. 118 90491 Nuernberg Germany Tel: 0911/598900 Fax: 0911/5989011 The District Court of Fuerth opened bankruptcy proceedings against GFB GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GFB GmbH Karl-Seifert-Str. 5 91097 Oberreichenbach Germany HEIDE-MASSIVHAUS GMBH: Claims Registration Period Ends March 10 --------------------------------------------------------------- Creditors of HMH Heide-Massivhaus GmbH have until March 10, 2008, to register their claims with court-appointed insolvency manager Soeren Janke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 of Lueneburg Hall 302 Am Ochsenmarkt 3 21335 Lueneburg 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: Soeren Janke Schiessgrabenstrasse 8-9 21335 Lueneburg Tel: 20100 Fax: 201014 The District Court of Lueneburg opened bankruptcy proceedings against HMH Heide-Massivhaus GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HMH Heide-Massivhaus GmbH Attn: Margarete Tonn, Manager Am Rissloh 3 21376 Goedenstorf Germany JOHANN SCHAUB: Claims Registration Ends March 19 ------------------------------------------------ Creditors of Johann Schaub GmbH & Co KG have until March 19, 2008 to register their claims with court-appointed insolvency manager Emil Rinckens. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on April 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Moenchengladbach Meeting Hall A 14 Ground Floor Hohenzollernstr. 157 41061 Moenchengladbach 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: Emil Rinckens Bismarckstrasse 9 41061 Moenchengladbach Germany Tel: 02161/294 5810 Fax: +4921612945829 The District Court of Moenchengladbach opened bankruptcy proceedings against Johann Schaub GmbH & Co KG on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Johann Schaub GmbH & Co KG Attn: Hans Joachim Schaub and Joachim Schaub, Managers Alsstrasse 264 41063 Moenchengladbach Germany KRANICHHOF DENTAL: Claims Registration Period Ends March 17 ----------------------------------------------------------- Creditors of Kranichhof Dental GmbH i.L. have until March 17, 2008, to register their claims with court-appointed insolvency manager Dirk Herzig. Creditors and other interested parties are encouraged to attend the meeting on May 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 Chemnitz 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 Kranichhof Dental GmbH i.L. on Feb. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kranichhof Dental GmbH i.L. Chemnitzer Str. 2 09212 Limbach-Oberfrohna Germany KRUSEN GMBH: Claims Registration Period Ends March 10 ----------------------------------------------------- Creditors of Krusen GmbH have until March 10, 2008, to register their claims with court-appointed insolvency manager Joseph Albers. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on March 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 291 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: Joseph Albers Von-der-Recke-Str. 5-7 45879 Gelsenkirchen Germany The District Court of Essen opened bankruptcy proceedings against Krusen GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Krusen GmbH Middelicher Str. 305 45892 Gelsenkirchen Germany Attn: Werner Krusen, Manager Melcherweg 4 59394 Nordkirchen Germany MOTORISTEN-TEILE: Claims Registration Period Ends March 15 ---------------------------------------------------------- Creditors of Motoristen-Teile-Zentrum GmbH have until March 15, 2008, to register their claims with court-appointed insolvency manager Dr. Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 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. Stephan Thiemann Leipziger Str. 62 09113 Chemnitz Germany Tel: (0371) 262010 Fax: (0371) 2620111 E-mail: chemnitz@pluta.net The District Court of Chemnitz opened bankruptcy proceedings against Motoristen-Teile-Zentrum GmbH on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Motoristen-Teile-Zentrum GmbH Siemensstr. 13 08371 Glauchau Germany [ERRONEOUS DATA REDACTED on June 10, 2008] PAUL UHL: Claims Registration Period Ends March 17 -------------------------------------------------- Creditors of Paul Uhl Hoch- und Tiefbau-GmbH have until March 17, 2008, to register their claims with court-appointed insolvency manager Stefan Waldherr. Creditors and other interested parties are encouraged to attend the meeting at 1:45 p.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 Fuerth Hall 3 Ground Floor Baumenstrasse 32 Fuerth Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Waldherr Peuntgasse 3 90402 Nuremberg Germany Tel: 0911/279800 Fax: 0911/2798090 The District Court of Fuerth opened bankruptcy proceedings against Paul Uhl Hoch- und Tiefbau-GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Paul Uhl Hoch- und Tiefbau-GmbH Grosse Bauerngasse 80 91315 Hoechstadt/Aisch Germany PJESSO COFFEE-ART: Claims Registration Period Ends March 18 ----------------------------------------------------------- Creditors of pjesso coffee-art GmbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Rudolf Dobmeier. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Weiden Room 227/II Justice Building Ledererstrasse Nr. 9 92637 Weiden 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. Rudolf Dobmeier Dr.-Gessler-Strasse 20 93051 Regensburg Germany Tel: 0941 / 230391-0 Fax: 0941 / 230391-20 The District Court of Weiden opened bankruptcy proceedings against pjesso coffee-art GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: pjesso coffee-art GmbH Attn: Albert Thomas, Manager Hammerweg 55 92637 Weiden i.d.OPf Germany PROSA DIREKT-POST: Claims Registration Period Ends March 7 ---------------------------------------------------------- Creditors of PROSA Direkt-Post GmbH have until March 7, 2008, to register their claims with court-appointed insolvency manager Paul Wieschemann. Creditors and other interested parties are encouraged to attend the meeting at 10:40 a.m. on March 20, 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 Kaiserslautern Hall 087 Bahnhofstr. 24 67655 Kaiserslautern 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: Paul Wieschemann Flickerstal 2 67657 Kaiserslautern Germany Tel: 0631/341950 Fax: 0631/470269 The District Court of Kaiserslautern opened bankruptcy proceedings against PROSA Direkt-Post GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PROSA Direkt-Post GmbH Attn: Barbara Bodin, Manager Schulstr. 19 67816 Dreisen Germany PROWIN PRODUKTIONSTECHNOLOGIE: Meeting Slated for March 10 ---------------------------------------------------------- The court-appointed insolvency manager for Prowin Produktionstechnologie GmbH, Silke Hasenoehrl will present her first report on the company's insolvency proceedings at a creditors' meeting at 10:00 a.m. on March 10, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Passau Meeting Hall 6/EG Schustergasse 4 Passau Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on April 29, 2008 at the same venue. Creditors have until March 20, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Silke Hasenoehrl Bahnhofstr. 28 94032 Passau Germany Tel: 0851-9885960 The District Court of Passau opened bankruptcy proceedings against Prowin Produktionstechnologie GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Prowin Produktionstechnologie GmbH Bruenststr. 1 94051 Hauzenberg Germany SCHMIDT BAU: Claims Registration Ends March 19 ---------------------------------------------- Creditors of SCHMIDT BAU GmbH have until March 19, 2008 to register their claims with court-appointed insolvency manager Hartwig Albers. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.m. on April 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hartwig Albers Luetzowstrasse 100 10785 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against SCHMIDT BAU GmbH on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SCHMIDT BAU GmbH Ernst-Paul-Lehmann-Strasse 6 14470 Brandenburg Germany Attn: Uwe Schmidt, Manager Goethestrasse 3 15827 Blankenfelde Germany STEVENSON MOVING: Claims Registration Period Ends March 18 ---------------------------------------------------------- Creditors of Stevenson Moving GmbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Rudolf Dobmeier. Creditors and other interested parties are encouraged to attend the meeting at 9:50 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 Weiden i.d.OPf. Room 219/II Justice Building Ledererstrasse Nr. 9 92637 Weiden i.d.OPf. 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. Rudolf Dobmeier Dr.-Gessler-Strasse 20 93051 Regensburg Germany Tel: 0941/230391-0 Fax: 0941/230391-20 The District Court of Weiden opened bankruptcy proceedings against Stevenson Moving GmbH on Feb. 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stevenson Moving GmbH Attn: Stevenson William, Manager Gartenstrasse 1 92655 Grafenwoehr Germany TULUS TRANSPORT: Claims Registration Ends March 19 -------------------------------------------------- Creditors of TULUS Transporte & Recycling GmbH have until March 19, 2008 to register their claims with court-appointed insolvency manager Annett Kittner. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 30, 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 Dresden Hall D131 Olbrichtplatz 1 01099 Dresden 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: Annett Kittner Gustav-Adolf-Str. 6 b 01219 Dresden Germany Web site: http://www.munz-anwaelte.de/ The District Court of Dresden opened bankruptcy proceedings against TULUS Transporte & Recycling GmbH on Feb. 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TULUS Transporte & Recycling GmbH Attn: Gijsbertus Karsdorp, Manager Hermann-Michel-Strasse 3 e 01189 Dresden Germany UR POWER: Claims Registration Period Ends March 14 -------------------------------------------------- Creditors of UR Power Project GmbH have until March 14, 2008, to register their claims with court-appointed insolvency manager Stephan Michels. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court 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: Stephan Michels Ludgeristr. 54 48143 Muenster Germany Tel: 0251/162830 Fax: +492511628311 The District Court of Muenster opened bankruptcy proceedings against UR Power Project GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: UR Power Project GmbH Hafenweg 15 48155 Muenster Germany WEMHOENER SYSTEM: Claims Registration Period Ends March 16 ---------------------------------------------------------- Creditors of Wemhoener System Technologies GmbH & Co KG have until March 16, 2008, to register their claims with court- appointed insolvency manager Dr. Norbert Westhoff. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld 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. Norbert Westhoff Adenauerplatz 4 33602 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against Wemhoener System Technologies GmbH & Co KG on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wemhoener System Technologies GmbH & Co KG Hasenbrink 8 32052 Herford Germany WESTLB: Rehabilitation to Take Five 5 Years, German State Says ------------------------------------------------------------- The German state of North Rhine-Westphalia, which holds around a 40% stake in WestLB AG, has warned that it may take five years to rehabilitate the bank, Reuters reports. Helmut Linssen, finance minister of the state of North Rhine- Westphalia, stated "the clean up will certainly take between three and five years," adding "staying patient and rational is necessary. Otherwise all of those involved will lose a lot of money," Reuters relates. Mr. Linssen, Rueters reveals, is urging the federal German government to help pay for the rehabilitation of publicly-backed banks such as WestLB, which fell victim to the credit market turmoil. Structured Portfolios As previously reported in the TCR-Europe on February 13, 2008, WestLB's owners have reached an agreement to ring-fence substantial risks in the bank's structured portfolios. Securities with a nominal volume of roughly EUR23 billion will be ring-fenced off the WestLB's balance sheet in a special purpose vehicle. WestLB says this solution means that the losses included in the 2007 annual accounts as a result of the developments on the international capital markets will be compensated for in the current financial year and that future risks will be ring- fenced. The financing of the special purpose vehicle will be secured by a guarantee from the owners of up to EUR5 billion to cover any payment defaults. According to WestLB, its owners will meet any possible losses from these securities portfolios in line with their shareholdings in WestLB up to an amount of EUR2 billion, in compliance with their statement of Jan. 20, 2008. Any further losses up to EUR3 billion will be borne by the State of North Rhine-Westphalia. Restructuring Plan WestLB AG's managing board has submitted to the supervisory board a framework plan for restructuring and strengthening the business model by the year 2010. The plan envisages cost savings of EUR300 million, which are to be achieved, among other things, by reducing headcount by between 1,300 and 1,500 employees during this period. At the same time income will be increased by approximately EUR100 million through the savings banks and mid-cap initiative alone. The supervisory board instructed the managing board to work out the details of the restructuring based on the key points submitted. The key points of the restructuring are: -- strengthening the joint business with the savings banks and private clients; -- significantly expanding the mid-cap business and optimizing the business with large corporates; -- further developing the real estate business; and -- focusing our investment banking activities. About WestLB Hearquartered in Duesseldorf, Germany, WestLB AG (DAX:WESTLB) -- http://www.westlb.com/-- provides financial advisory, lending, structured finance, project finance, capital markets and private equity products, asset management, transaction services and real estate finance to institutions. In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB AG's wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC. WestLB's shareholders are the two savings banks associations in NRW (25.15% each), two regional associations (0.52% each), the state of NRW (17.47%) and NRW.BANK (31.18%), which is owned by NRW (64.7%) and two regional associations (35.3%). * * * In January 2008, Fitch Rating downgraded WestLB AG's Individual rating to 'F' from 'D/E' and removed the Rating Watch Negative. WITTRONIC GMBH: Claims Registration Ends March 20 ------------------------------------------------- Creditors of Wittronic GmbH have until March 20, 2008 to register their claims with court-appointed insolvency manager Klaus Dippel. Claims will be verified at at 8:30 a.m. on May 16, 2008, at: The District Court of Bochum MeetinHall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum Germany Creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Klaus Dippel Christstrasse 23 44789 Bochum Germany The District Court of Bochum opened bankruptcy proceedings against Wittronic GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wittronic GmbH Siemensstr. 2-10 58454 Witten Germany Attn: Daniel Sascha Gollub, Manager Rapener Str. 6 B 45739 Oer-Erkenschwick Germany WOHNPARK RENTFORT: Claims Registration Period Ends March 17 ----------------------------------------------------------- Creditors of Wohnpark Rentfort Nord GmbH have until March 17, 2008, to register their claims with court-appointed insolvency manager Thomas Lauterfeld. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Duisburg Hall C407 Fourth Floor Kardinal-Galen-Strasse 124-132 47058 Duisburg 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 Lauterfeld Friedrich-Ebert-Str. 34 45468 Muelheim an der Ruhr Germany The District Court of Duisburg opened bankruptcy proceedings against Wohnpark Rentfort Nord GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wohnpark Rentfort Nord GmbH Attn: Volkmar Christen, Manager Kiffward 20/23 47138 Duisburg Germany ZDI INDUSTRIEVERBUND: Claims Registration Period Ends March 14 -------------------------------------------------------------- Creditors of ZDI Industrieverbund Verwaltungs-GmbH have until March 14, 2008, to register their claims with court-appointed insolvency manager Dr. Christoph Niering. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 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: Dr. Christoph Niering Brabanter Str. 2 50674 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against ZDI Industrieverbund Verwaltungs-GmbH on Jan. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ZDI Industrieverbund Verwaltungs-GmbH Augustinusstr. 11 d 50226 Frechen Germany ============= H U N G A R Y ============= FLEXTRONICS: Getting MXN35 Million from Jalisco State Government ---------------------------------------------------------------- Mexican news daily Milenio reports that Flextronics International Ltd. will get MXN35 million in grants from the Jalisco state government for the firm's expansion. Milenio relates that the MXN35 million in funds will be taken from the Flextronics International's economic promotion council CEPE. The government expects the expansion to generate 4,000 jobs. CEPE director Federico Torres told Milenio that Jalisco's investment accounts for 50% of the council's funds for this year. Mr. Torres commented to Business News Americas that Flextronics International's expansion "is one of the largest initiatives that we have seen and the vote was unanimous [in the CEPE council] because it represents such a strategic project, unlike any seen over the past eight years." Flextronics International would invest US$24 million in a new plant and the repositioning of the company's headquarters from Kansas City to Guadalajara, BNamericas states, citing Mr. Torres. Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in over 30 countries on four continents including Brazil, Mexico, Hungary, Sweden, United Kingdom, among others. * * * Flextronics International Ltd. continues to carry Moody's Investors Service's "Ba1" probability of default and long-term corporate family ratings with a negative outlook. The company also carries Standard & Poor's "BB+" long-term local and foreign issuer credit ratings with a negative outlook. ========= I T A L Y ========= DANA HOLDING: Inks US$2.08 Billion in Exit Facility Agreements -------------------------------------------------------------- Dana Holding Corporation, successor to Dana Corporation, said in a filing with the U.S. Securities and Exchange Commission that on Jan. 31, 2008, the effective date of the Third Amended Joint and Consolidated Plan of Reorganization of Dana and its debtor- subsidiaries, the company entered into exit facility agreements with Citicorp USA, Inc., Lehman Brothers Inc., and Barclays Capital, for post-bankruptcy financing of up to US$2,080,000,000. The exit facility consists of: Loan Type Loan Amount --------- -------------- Term Loan US$1,430,000,000 Revolving Loan 650,000,000 According to Marc S. Levin, Dana's general counsel and secretary, the company has drawn US$1,350,000,000 from the Term Facility on the Effective Date, and US$80,000,000 on Feb. 1, 2008. Mr. Levin says there were no borrowings under the Revolving Facility but US$200,000,000 was utilized for existing letters of credit. Term Loan Agreement Amounts outstanding under the Term Loan will be payable in equal quarterly amounts on the last day of each fiscal quarter at a rate of 1% per annum of the original principal amount of the Term Facility advances prior to Jan. 31, 2014, with the remaining balance due in equal quarterly installments in the final year of the Term Facility and final maturity on Jan. 31, 2015. Certain term loan prepayments are subject to a prepayment call premium before Jan. 31, 2010. The Term Loan will bear interest at a floating rate based on, at Dana's option, the base rate or LIBOR rate plus a margin of 2.75% in the case of base rate loans or 3.75% in the case of LIBOR rate loans. Under the Term Facility, Dana is required to maintain compliance with financial covenants measured on the last day of each fiscal quarter: (a) commencing as of Dec. 31, 2008, a maximum leverage ratio of not greater than 3.10 to 1.00 at Dec. 31, 2008, decreasing in steps to 2.25 to 1.00 as of June 30, 2013, based on the ratio of consolidated funded debt to the previous 12-month consolidated EBITDA; (b) commencing as of Dec. 31, 2008, minimum interest coverage ratio of not less than 4.50 to 1.00 based on the previous 12-month consolidated EBITDA to consolidated interest expense for that period; and (c) a minimum EBITDA of US$211,000,000 for the six months ending June 30, 2008, and of US$341,000,000 for the nine months ending Sept. 30, 2008. The Term Facility Security Agreement grants a second priority lien on accounts receivable and inventory and a first priority lien on substantially all of Dana and the guarantors' remaining assets, including a pledge of 65% of the stock of each foreign subsidiary owned by the company and each guarantor, as of the Effective Date. Revolving Loan Agreement Amounts outstanding under the Revolving Loan Agreement, on the other hand, may be borrowed, repaid and reborrowed with the final payment due and payable on Jan. 31, 2013. The Revolving Loan will bear interest at a floating rate based on, at Dana's option, the base rate or LIBOR rate, plus a margin based on the undrawn amounts available under the Revolving Facility: Borrowing Base Rate LIBOR Rate Availability Margin Margin ------------ --------- ---------- Greater than US$450,000,000 1.00% 2.00% Greater than US$200,000,000 but less than or equal to US$450,000,000 1.25% 2.25% US$200,000,000 or less 1.50% 2.50% Dana will pay a commitment fee of 0.375% per annum for unused committed amounts under the Revolving Facility. Up to US$400,000,000 of the Revolving Facility may be applied to letters of credit. Issued letters of credit are treated as borrowed funds and reduce availability. Dana will pay a fee for issued and undrawn letters of credit in an amount per annum equal to the applicable LIBOR margin based on availability under the Revolving Facility and a per annum fronting fee of 0.25% payable quarterly. The Revolving Facility requires Dana to comply with a minimum fixed coverage ratio of not less than 1.10 to 1.00, measured quarterly, in the event availability under the Revolving Facility falls below US$75,000,000 for five consecutive business days. The Revolving Facility Security Agreement grants a first priority lien on Dana and the guarantors' accounts receivable and inventory and a second priority lien on substantially all of their remaining assets, including a pledge of 65% of the stock of each foreign subsidiary owned by the company and each guarantor. For the first 24 months after the Effective Date, the LIBOR rates in each of the Revolving Facility and the Term Facility will not be less than 3.00%. Interest is due quarterly in arrears with respect to base rate loans and at the end of each interest period with respect to LIBOR loans. For LIBOR loans with interest periods greater than 90 days, interest is payable every 90 days from the first day of that interest period and on the date that loan is converted or paid in full. Under the Exit Facility, Dana will be required to comply with customary covenants, including: * affirmative covenants as to corporate existence, compliance with laws, after-acquired property or subsidiaries, environmental matters, insurance, payment of taxes, access to books and records, use commercially reasonable efforts to have credit ratings, use of proceeds, maintenance of cash management systems, priority of liens in favor of the lenders, maintenance of assets, interest rate protection and monthly, quarterly, annual and other reporting obligations; and * negative covenants, including limitations on liens, additional indebtedness, guarantees, dividends, transactions with affiliates, investments, asset dispositions, nature of business, capital expenditures, mergers and consolidations, amendments to constituent documents, accounting changes, and limitations on restrictions affecting subsidiaries and sale and lease-backs. The Exit Facility also includes customary events of default, including failure to pay principal, interest or other amounts when due, breach of representations and warranties, and breach of any covenant under the Exit Facility. Upon the occurrence and continuance of an event of default, Dana's Exit Lenders may have the right, among other things, to terminate their commitments under the Exit Facility, accelerate the repayment of all of Dana's obligations under the Exit Facility and foreclose on the collateral granted to them. The Exit Facility is guaranteed by substantially all of Dana's domestic subsidiaries other than Dana Credit Corporation, Dana Companies, LLC, and their respective subsidiaries. The Exit Facility contains mandatory prepayment requirements in certain circumstances on the sale of assets, insurance recoveries, the incurrence of debt, the issuance of equity securities and excess cash flow as defined in the agreement, subject to certain permitted reinvestment rights, in addition to the ability to make optional prepayments. A full-text copy of the Term Facility is available for free at http://ResearchArchives.com/t/s?2853 A full-text copy of the Revolving Facility is available for free at http://ResearchArchives.com/t/s?2854 Intercreditor Agreement In connection with the Exit Facility, as of the Effective Date Dana also entered into an Intercreditor Agreement, which establishes the relationship between the security agreements under the Exit Facility Agreement. Mr. Levin says a portion of the proceeds from the Exit Facility was used to repay Old Dana's Senior Secured Superpriority DIP Credit Agreement, make other payments required upon exit from bankruptcy protection, and provide liquidity to fund working capital and other general corporate purposes before original issue discount. As of Feb. 5, 2008, Mr. Levin said the amount outstanding under the Term Facility was US$1,430,000,000, and the amount utilized under the Revolving Facility was US$200,000,000 attributable to issued but undrawn letters of credit. Cancellation of Debt Securities Pursuant to the Plan, the outstanding debt securities of Old Dana were canceled, and the indentures and other agreements governing those debt securities were terminated: * Indenture for Senior Securities, dated Dec. 15, 1997, between Dana and Citibank, N.A, as supplemented, relating to Dana's: -- US$150,000,000 of 6.5% notes due March 15, 2008; -- US$350,000,000 of 6.5% notes due March 1, 2009; -- US$200,000,000 of 7% notes due March 15, 2028; and -- US$400,000,000 of 7% notes due March 1, 2029; * Note Agreements, dated April 8, 1997, between Old Dana and the purchasers party thereto, relating to Old Dana's 7.18% notes due April 8, 2006; * Note Agreements, dated Aug. 28, 1997, between Old Dana and the purchasers party thereto, relating to Old Dana's 6.88% notes due Aug. 28, 2006; * Note Agreements, dated Dec. 18, 1998, between Old Dana and the purchasers party thereto, relating to Old Dana's 6.59% notes due Dec. 1, 2007; * Note Agreement, dated Aug. 16, 1999, between Old Dana and the purchaser party thereto, relating to Old Dana's 7.91% notes due Aug. 16, 2006; * Indenture, dated as of Aug. 8, 2001, among old Dana, Citibank, N.A. and Citibank, N.A., London Branch, as supplemented, relating to Old Dana's: -- US$575,000,000 of 9% notes due Aug. 15, 2011; and -- EUR200,000,000 of 9% notes due Aug. 15, 2011; * Indenture, dated as of March 11, 2002, between Old Dana and Citibank, N.A., as supplemented, relating to Old Dana's US$250,000,000 of 10.125% notes due March 15, 2010; and * Indenture for Senior Securities, dated as of Dec. 10, 2004, between Old Dana and Citibank, N.A., as supplemented, relating to Old Dana's US$450,000,000 of 5.85% notes due Jan. 15, 2015. Mr. Levin says holders of the notes have received or will receive Dana Holding common stock in satisfaction of their unsecured nonpriority claims against Old Dana. About Dana Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Nov. 30, 2007, the Debtors listed USUS$7,131,000,000 in total assets and US$7,665,000,000 in total debts resulting in a total shareholders' deficit of US$534,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represented the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, served as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners served as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represented the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP served as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC served as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. Judge Burton Lifland of the U.S. Bankruptcy Court for the Southern District of New York entered an order confirming the Third Amended Joint Plan of Reorganization of the Debtors on Dec. 26, 2007. The Debtors' Third Amended Joint Plan of Reorganization was deemed effective as of Jan. 31, 2008. Dana Corp., starting on the Plan Effective Date, operated as Dana Holding Corporation. (Dana Corporation Bankruptcy News, Issue No. 71; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As reported in the Troubled Company Reporter-Europe on Feb. 13, 2008, Standard & Poor's Ratings Services assigned its 'BB-' corporate credit rating to Toledo, Ohio-based Dana Holding Corp. following the company's emergence from Chapter 11 on Feb. 1, 2008. The outlook is negative. At the same time, Standard & Poor's assigned Dana's US$650 million asset-based loan revolving credit facility due 2013 a 'BB+' rating (two notches higher than the corporate credit rating) with a recovery rating of '1', indicating an expectation of very high recovery in the event of a payment default. In addition, S&P assigned a 'BB' bank loan rating to Dana's US$1.43 billion senior secured term loan with a recovery rating of '2', indicating an expectation of average recovery. VALASSIS COMMS: Earns US$20.6 Million in 2007 Fourth Quarter ------------------------------------------------------------ Valassis Communications Inc. reported net earnings for fourth quarter ended Dec. 31, 2007, at US$20.6 million, up 197.3% from US$6.9 million in the fourth quarter of 2006. Full fiscal year 2007 net earnings were US$58.0 million, up 13.1% from 2006 from US$51.3 million of fiscal 2006. The company reported quarterly revenues of US$661.5 million, up 131% from the fourth quarter of 2006, due primarily to the acquisition of ADVO Inc. that closed on March 2, 2007. For fiscal 2007, the company generated revenues of US$2.2 billion, in comparison to US$1.0 billion revenues of fiscal 2006. "Our exceptional performance in the second half of 2007 reflects the significant improvements we have made in the management of the shared mail business and the realization of cost synergies associated with the ADVO acquisition," Alan F. Schultz, Valassis' chairman, president and chief executive officer, said. "The value of blended media solutions including shared mail is compelling to our clients, and we are aggressively cross-selling to drive sustainable, profitable revenue growth which we expect to begin realizing in the back half of 2008." As of Dec. 31, 2007, the company's balance sheet reflected total assets of US$2.19 billion, total liabilities of US$1.97 billion resulting to a total stockholder's equity of US$0.21 billion. In February 2008, the company made a fourth voluntary payment of US$25.0 million on the term loan B portion of our senior secured credit facility. In the 11 months since the closing of the ADVO acquisition, the company has made US$104.4 million in debt repayments, of which US$100 million was voluntary. Capital expenditures during 2007 were US$38.3 million, consistent with the company's most recent guidance of US$40 million or less. About Valassis Headquartered in Livonia, Michigan, Valassis Communications Inc. -- http://www.valassis.com/-- provides marketing products and services to a variety of manufacturers, direct marketers, retailers, telecommunications companies, franchisees and other advertisers with operations in the United States, France, Germany, Italy, Mexico and Canada. * * * Valassis continues to carry Standard and Poor's Ratings Services' long term foreign and local issuer credit rating at 'B+'. The rating was given on February, 2007 with a stable outlook. TRW AUTOMOTIVE: Earns US$56 Million for Quarter Ended Dec. 31 ------------------------------------------------------------- TRW Automotive Holdings Corp. reported fourth-quarter 2007 financial results with sales of US$3.9 billion, an increase of 18.8% compared to the same period a year ago. The company reported fourth quarter net earnings of US$56 million or US$0.55 per diluted share, which compares to the prior year result of US$33 million or US$0.32 per diluted share. Net earnings, excluding tax benefits in both years related to a FAS 109 adjustment in 2007 and debt retirement in 2006, were US$0.44 per diluted share in the 2007 quarter, which compares favorably to US$0.16 per diluted share in the prior year. The company's full-year 2007 sales grew to a record US$14.7 billion, an increase of 11.9% compared to the prior year. Net earnings for the year were US$90 million or US$0.88 per diluted share, which compares to 2006 earnings of US$176 million or US$1.71 per diluted share. Full year net earnings, excluding debt retirement charges and the previously mentioned tax items from both years, were US$2.28 per diluted share in 2007, compared to US$2.10 per diluted share in 2006. "In 2007, TRW delivered solid operating results, including record sales and outstanding cash flow, that exceeded the business objectives set at the beginning of the year," said John Plant, president and chief executive officer. "Our achievements in 2007 related to our financial performance, together with steady expansion overseas, debt refinancing and safety advancements have helped the Company grow stronger despite challenging industry conditions." Mr. Plant added, "We have performed remarkably well since becoming an independent company, providing solid results to our stakeholders and capitalizing on our position as the world's preeminent active and passive safety systems supplier. Now in 2008, we are a significantly larger, more diverse enterprise that is reaching further into the world's growing markets with a portfolio of safety technology that is unrivaled in the marketplace. We continue to build for the future and are focused on moving the Company forward profitably over the long term." Fourth Quarter 2007 The company reported fourth-quarter 2007 sales of US$3.9 billion, an increase of US$614 million or 18.8% over the prior year period. Foreign currency translation benefited sales in the quarter by approximately US$328 million. Fourth quarter sales excluding the impact of foreign currency translation increased approximately US$286 million or 8.7% over the prior year period. This increase can be attributed to higher customer vehicle production in Europe and China and the continued growth of safety products in all markets (including a higher mix of lower margin modules). These positive factors were partially offset by pricing provided to customers and the continued decline in North American customer vehicle production. Operating income for fourth-quarter 2007 was US$149 million, which compares favorably to US$126 million in the prior year period. Restructuring and asset impairment expenses in the 2007 quarter were US$19 million, which compares to US$8 million in 2006. Operating income excluding these expenses from both periods was US$168 million in 2007, which represents an increase of 25.4% compared to the 2006 result of US$134 million. The year-to-year increase was driven primarily by higher product volumes and savings generated from cost improvement and efficiency programs, including reductions in pension and OPEB related costs and a measurable improvement in the Company's Automotive Components segment. These positive factors were in part offset by pricing provided to customers, higher commodity costs and other unfavorable business items. Net interest and securitization expense for the fourth quarter of 2007 totaled US$56 million, which compares favorably to US$66 million in the prior year. The year-to-year decline can be attributed to the benefits derived from the company's 2007 debt recapitalization which was completed during the second quarter of 2007. Tax expense in the 2007 quarter was US$39 million, resulting in an effective tax rate of 41%, which compares to US$32 million or 49 percent in the prior year period. The 2007 quarter included a FAS 109 adjustment related to pension and OPEB gains recorded through other comprehensive earnings that resulted in a non-cash tax benefit of US$11 million. The prior year quarter included a US$17 million tax benefit related to a bond redemption transaction that was completed during the first quarter of 2006. Excluding these items from both years, the effective tax rate was 53% in 2007, which compares to 75 percent in the 2006 quarter. The lower tax rate in the fourth quarter of 2007 can be attributed to a change in the Company's geographic earnings mix. The Ccmpany reported fourth-quarter 2007 net earnings of US$56 million or US$0.55 per diluted share, which compares to net earnings of US$33 million or US$0.32 per diluted share in 2006. Net earnings excluding the previously mentioned tax items from both periods were US$45 million or US$0.44 per diluted share in 2007, which compares to US$16 million or US$0.16 per diluted share in 2006. Earnings before interest, securitization costs, loss on retirement of debt (where applicable), taxes, depreciation and amortization, or EBITDA, were US$300 million in the fourth quarter, which compares to the prior year level of US$267 million. Full Year 2007 For full-year 2007, the Company reported sales of US$14.7 billion, an increase of US$1.6 billion or 11.9 percent compared to prior year sales of US$13.1 billion. Foreign currency translation benefited sales in 2007 by approximately US$856 million. Full year 2007 sales excluding the impact of foreign currency translation increased approximately US$702 million or 5.3 percent over the prior year period. This increase resulted primarily from higher product volumes related to new product growth and robust industry sales in overseas markets, partially offset by the decline in North American customer vehicle production and pricing provided to customers. Operating income in 2007 was US$624 million, which compares to US$636 million in the prior year. Restructuring and asset impairment expenses in 2007 were US$51 million, which compares to US$30 million in 2006. Operating income excluding these expenses from both periods was US$675 million in 2007, which represents an increase of US$9 million compared to the 2006 result. This year- to-year improvement can be attributed to savings generated from cost improvement and efficiency programs, including reductions in pension and OPEB related costs, and higher product volumes globally. These positive factors more than offset pricing provided to customers, considerably higher commodity costs and a challenging first quarter operating environment, in which operating income declined significantly compared to the prior year due to weak industry production in North America and an unfavorable mix of products sold in the 2007 quarter. The Company posted year-to-year improvements in operating income in each of the remaining three quarters in 2007 which helped offset the first quarter decline. Net interest and securitization expense for 2007 totaled US$233 million, which declined from the prior year total of US$250 million primarily due to the benefits derived from the Company's debt recapitalization completed during the second quarter of 2007. As a reminder, actions related to the debt recapitalization included a US$1.5 billion Senior Note offering, the tender for substantially all of the Company's outstanding US$1.3 billion Notes and the refinancing of its US$2.5 billion credit facilities. In 2007, the Company incurred charges related to these transactions of US$155 million for loss on retirement of debt. In 2006, the Company incurred charges of US$57 million also related to debt retirement. Tax expense in 2007 was US$155 million, resulting in a 63 percent effective tax rate, which compares to US$166 million or 49 percent in 2006. The effective tax rate in 2007 excluding debt retirement charges and the FAS 109 tax benefit was 42 percent. This compares to an effective tax rate, excluding debt retirement charges and the related tax benefit, of 46 percent in 2006. Full-year 2007 net earnings were US$90 million, or US$0.88 per diluted share, which compares to US$176 million or US$1.71 per diluted share in 2006. Net earnings excluding the previously mentioned debt retirement charges and tax items from both periods were US$234 million or US$2.28 per diluted share in 2007, which compares to US$216 million or US$2.10 per diluted share in 2006. EBITDA in 2007 totaled US$1,190 million, which represents a US$24 million improvement over the prior year result of US$1,166 million. Cash Flow and Capital Structure Net cash provided by operating activities during the fourth quarter was US$826 million, which compares to US$397 million in the prior year period. Fourth quarter capital expenditures were US$174 million compared to US$195 million in 2006. For full-year 2007, net cash flow from operating activities was US$737 million, which compares to US$649 million in the prior year. Capital expenditures were US$513 million in 2007, which compares to US$529 million in 2006. Full year 2007 operating cash flow after capital expenditures, referred to as free cash flow, was US$224 million, which compares to US$120 million in 2006. As mentioned previously, the Company completed its debt recapitalization plan during the second quarter of 2007, including the refinancing of its US$2.5 billion credit facilities on May 9, 2007. Additionally, on March 26, 2007, the Company completed its US$1.5 billion Senior Note offering and repurchased substantially all of the existing US$1.3 billion Notes through a tender offer. The Company incurred debt retirement charges of approximately US$155 million in 2007 related to these transactions. On Feb. 2, 2006, the Company's wholly owned subsidiary, Lucas Industries Limited, completed the tender for its outstanding GBP 94.6 million 10-7/8% bonds. As a result of the transaction, the Company incurred a US$57 million charge for loss on retirement of debt. As of Dec. 31, 2007, the Company had US$3,244 million of debt and US$899 million of cash and marketable securities, resulting in net debt (defined as debt less cash and marketable securities) of US$2,345 million. This net debt outcome is US$98 million lower than the balance at the end of 2006. About TRW Automotive Headquartered in Livonia, Michigan, TRW Automotive Holdings Corp. -- http://www.trwauto.com/-- is an automotive supplier. Through its subsidiaries, it employs approximately 63,800 people in 26 countries including Brazil, China, Germany, Italy, among others. Its primary business lines encompass the design, manufacture and sale of active and passive safety related products. Annual revenues are approximately US$14 billion. * * * As reported in the Troubled Company Reporter-Europe on Jan. 25, 2008, Moody's Investors Service affirmed the ratings of TRW Automotive Inc.: Corporate Family Rating, Ba2; senior secured bank credit facilities, Baa3; and senior unsecured notes, Ba3, but revised the rating outlook to negative from stable. TRW Automotive Holdings carries Fitch Ratings' 'BB' long term issuer default rating with a stable outlook. The rating was assigned in October 2005. =================== K A Z A K H S T A N =================== ASIAN CONSULTING: Creditors Must File Claims by March 28 -------------------------------------------------------- LLP Asian Consulting Company International has declared insolvency. Creditors have until March 28, 2008, to submit written proofs of claims to: LLP Asian Consulting Company International Irchenko Str. 29-53 Astana Kazakhstan BUILDING TRADE: Claims Deadline Slated for March 28 --------------------------------------------------- LLP Almaty Building Trade Ltd. has declared insolvency. Creditors have until March 28, 2008, to submit written proofs of claims to: LLP Almaty Building Trade Ltd Micro District �Sairan�, 10-12 Almaty Kazakhstan ERA-PROGRESS LLP: Claims Filing Period Ends March 21 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Era-Progress insolvent. Creditors have until March 21, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan JUALY MUNAI: Creditors' Claims Due on March 28 ---------------------------------------------- OJSC Jualy Munai has declared insolvency. Creditors have until March 28, 2008, to submit written proofs of claims to: OJSC Jualy Munai Jybek joly Str. 5 Momyshuly Jualynsky Jambyl Kazakhstan KONAK LTD: Claims Registration Ends March 28 -------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Konak L. (RNN 09500030216). Creditors have until March 28, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 TECHNO EXPERT: Creditors Must File Claims by March 28 ----------------------------------------------------- LLP Scientific-Manufacturing Company Techno Expert has declared insolvency. Creditors have until March 28, 2008, to submit written proofs of claims to: LLP Scientific-Manufacturing Company Techno Expert Novaya Str. 139 Ujet Almaty Kazakhstan TECHNOSYNTEZ JSC: Claims Deadline Slated for March 28 ----------------------------------------------------- JSC Technosyntez has declared insolvency. Creditors have until March 28, 2008, to submit written proofs of claims to: JSC Technosyntez Nekrasov Str. 112 Aktobe Aktube Kazakhstan Tel: 8 (3132) 22-12-80 QUARTS CJSC: Claims Filing Period Ends March 28 ----------------------------