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 27, 2008, Vol. 9, No. 43 Headlines A U S T R I A M. REITER: Claims Registration Period Ends March 10 PETER BERGER: Creditors' Meeting Slated for March 4 PETER BERGER & CO: Claims Registration Period Ends March 4 PLEYERS FLIESENZENTRUM: Claims Registration Period Ends March 18 ROCK & MORE: Claims Registration Period Ends March 21 SCHICHER BAU: Claims Registration Period Ends March 20 B E L G I U M TIMKEN CO: Adds Steel Products; Completes Boring Acquisition B U L G A R I A BULGARIAN AMERICAN: S&P Puts BB/B Ratings Under Positive Watch D E N M A R K AVNET INC: Moody's Ups Ratings on Improving Operating Efficiency KALMAR STRUCTURED: Moody's Puts Notes' Rating Under Review EASTMAN KODAK: Dennis Strigl Elected to Board of Directors EASTMAN KODAK: Fitch Revises Ratings Outlook to Stable F R A N C E AXCAN INTERMEDIATE: Moody's Holds B1 Ratings on Capital Changes DELPHI CORP: Must Pay Professionals US$49 Mln in Fees & Expenses TEMBEC INC: Lenders, Shareholders OK Recapitalization WELLMAN INC: Files for Chapter 11 Protection in New York WELLMAN INC: Case Summary & 30 Largest Unsecured Creditors WELLMAN INC: Moody's Lowers Ratings on Bankruptcy Filing G E R M A N Y AOL ANWENDERORIENTIERTE: Claims Registration Ends March 20 AUTOHAUS BASMANN: Claims Registration Period Ends March 20 BACHMANN GMBH: Claims Registration Period Ends March 20 BERGKAMENER HOCHBAU: Claims Registration Period Ends March 19 BERND NEUHAUSEL: Claims Registration Period Ends March 20 BESTRO MODEVERTRIEB: Claims Registration Period Ends March 4 CHRISTIANE GERTURD: Claims Registration Period Ends March 20 CONTRABAU HUMME: Claims Registration Period Ends March 19 D. A. CORDS: Claims Registration Period Ends March 19 DOERKEN STAHL: Claims Registration Period Ends March 20 DOHNAER HOCH: Claims Registration Period Ends March 4 DUERR AG: Earns EUR21 Million for Year Ended December 31 GELATERIA CONTI: Claims Registration Period Ends March 19 GESCHWISTER WOLBER: Claims Registration Period Ends March 18 HANSEN-BAU GMBH: Claims Registration Period Ends March 19 HEINRICH SCHNEIDER: Claims Registration Ends March 20 HELGE ALTSOHN: Claims Registration Ends March 20 JEWO FLEISCHWARENHANDELS: Claims Registration Ends March 20 KURIOS BETRIEBS: Claims Registration Ends March 20 LODER GMBH: Claims Registration Period Ends March 4 MARQUARDT MASCHINENBAU: Claims Registration Ends March 20 META - LOG GMBH: Claims Registration Ends March 20 PEUCKER & FILLERS: Claims Registration Period Ends March 13 SWS GMBH: Claims Registration Period Ends March 18 I R E L A N D INTERNATIONAL SECURITIES: Collins Stewart to Take Over Company LUNAR FUNDING V: Moody's Lowers Ratings on 11 Note Classes PALMER SQUARE 2: Moody's Cuts Ratings on Three Note Classes PALMER SQUARE 3: Cuts Ratings on Five Classes & Maintains Review VALENCE TECH: Names G. H. Fischer as Chief Financial Officer I T A L Y ALITALIA SPA: Denies Seeking EUR300-Million Bridging Loan ALITALIA SPA: January Traffic Shows Year-on-Year Decrease DANA HOLDING: Directors and Officers Named IT HOLDING: Joins Italian Stock Exchange's STAR Segment K A Z A K H S T A N ALEX INVEST: Creditors Must File Claims by March 28 BAITEREK LLP: Claims Deadline Slated for March 21 DINAS LLP: Claims Filing Period Ends March 28 DOUL INTERNATIONAL: Creditors' Claims Due on March 28 GIDROSPETSSTROY JSC: Claims Registration Ends March 28 JAS-JAN LLP: Creditors Must File Claims by March 28 KAMKOR CJSC: Claims Deadline Slated for March 28 KURYLYS CONSTRUCTION: Claims Filing Period Ends March 21 PET CO: Creditors' Claims Due on March 28 STROYSVYAZ DRUJBA: Claims Registration Ends March 28 K Y R G Y Z S T A N BUSINESS GARANT: Creditors Must File Claims by March 14 ULUK AND ASSOCIATES: Claims Filing Period Ends March 21 L U X E M B O U R G AMERICAN AXLE: Declares 1st Qtr. 2008 Div. Payable on March 28 HUNTSMAN CORP: Incurs US$172.1 Million Net Loss in 2007 N E T H E R L A N D S CLASSIC I: Moody's Cuts Rating on S. 2006-1 Class A2 Notes FOOT LOCKER: Allowable Dividend Payments Increased to US$95 Mln MOBILE MINI: To Merge with Mobile Storage in US$701.5 Mln Deal MOBILE MINI: Earns US$12.4 Million in Quarter Ended December 31 MOBILE MINI: Mobile Storage Deal Cues Moody's Ratings Review MOBILE MINI: Mobile Storage Deal Cues S&P's Negative Watch P O L A N D BUCYRUS INTERNATIONAL: Amends RAG Coal Share Purchase Deal R U S S I A AMBASSADOR LLC: Creditors Must File Claims by March 12 AVTO-TRANS CJSC: Creditors Must File Claims by March 12 BELOVSKIY COAL: Court Names A. Taranenko as Insolvency Manager B.I.N.BANK: S&P Says Ratings Unaffected By Likely Owner Change DORONINO LLC: Court Starts Bankruptcy Supervision Procedure EAST CJSC: Kemerovo Bankruptcy Hearing Slated for June 9 EASTERN OIL-LOADING: Names E. Ugolnikov as Insolvency Manager ENTAZIS CJSC: Creditors Must File Claims by March 12 INTER-PROM-GARANT: Court Starts Bankruptcy Supervision Procedure IZMAYLOVSKIY PARK: Court Starts Bankruptcy Supervision Procedure KIZNERSKOE REPAIR: Creditors Must File Claims by March 12 MOTOR ENTERPRISE 1: Bankruptcy Hearing Slated for April 10 NEFAZ-CENTRE LLC: Court Starts Bankruptcy Supervision Procedure PROGRESS OJSC: Asset Sale Slated for March 11 SEPTEMBER CJSC: Court Names A. Gudkov as Insolvency Manager TRANSPORT COMPANY: Creditors Must File Claims by March 12 S P A I N TDA 25: Fitch Holds BB- Rating on Class D with Negative Outlook VALENCIA HIPOTECARIO: Fitch Puts CCC Rating on Class D Notes S W I T Z E R L A N D WEST CORP: Plans to Purchase Genesys for US$269 Million T U R K E Y TURKIYE VAKIFLAR: Fitch Holds Issuer Default Rating at BB- U K R A I N E DINA LLC: Creditors Must File Claims by March 6 MIUZI LLC: Creditors Must File Claims by March 6 NAFTOGAZ UKRAINY: Ukraine Cabinet Opposes Gazprom Joint Ventures ONIS LLC: Creditors Must File Claims by March 6 SVITANOK LLC: Creditors Must File Claims by March 6 VIA PRINT: Creditors Must File Claims by March 6 VICTORIYA LLC: Creditors Must File Claims by March 6 ZLAGODA LLC: Creditors Must File Claims by March 6 U N I T E D K I N G D O M AVEBURY FINANCE: Moody's Junks Rating on Class D Notes BAA LTD: Eyes GBP1 Billion Loan to Repay Increasing Debt BAA LTD: Heathrow Incident Cuts January 2008 Traffic BANTRY BAY: Moody's Junks Ratings on Two Note Classes BLENDON COMMUNICATIONS: Taps Liquidators from Smith & Williamson CAPTIVE MINDS: Claims Filing Period Ends March 31 CLARIS IV LIMITED: Moody's Lowers Ratings on Three Note Classes DURA AUTOMOTIVE: Court OKs Amendments to Revolving DIP Debt Pact DURA AUTOMOTIVE: Must Appear at Final Hearing to OK Bonus Plan EIRLES TWO: Moody's Cuts Rating on US$150 Million Notes to Ba1 FAXTOR HG 2007-1: Moody's Lowers Rating on Six Note Classes FORD MOTOR: Announcement of Tata Motors Deal Sets March 6 or 7 G SQUARE 2007-1: Moody's Cuts Ratings on Six Note Classes G SQUARE 2006-2: Moody's Lowers Rating on Five Note Classes GENERAL MOTORS: Inks Settlement Pact with UAW and Union Retirees GETTY IMAGES: Hellman & Friedman Acquires Firm for US$2.4 Bln GLOBAL TRADER: Appoints Smith & Williamson to Administer Assets HOOPER GIBSON: Brings In Liquidators from Mazars I-FLOOR DESIGN: Names Joint Administrators from Grant Thornton LOGAN CDO II: Moody's Junks Ratings on Three Note Classes LOGAN CDO III: Moody's Lowers Ratings on Eight Note Classes LONDON DRAWING: Taps Begbies As Joint Administrators MARC CDO I: Moody's Puts Junk Rating on Three Note Classes MAXJET AIRWAYS: Bid Deadline Extended Until February 27 MAXJET AIRWAYS: Court OKs Morten Beyer as Valuation Consultants MILL REEF: Moody's Lowers Ratings on Six 2005-1 Note Classes MOBILE STORAGE: Inks US$701.5 Mln Merger Deal with Mobile Mini MOBILE STORAGE: Mobile Mini Deal Prompts S&P's Positive Watch NORTHERN ROCK: Holds First Board Meeting After Nationalization NOW SHOES: Brings In Administrators from Begbies Traynor PETROLEOS DE VENEZUELA: Asset Freeze to be Extended PETROLEOS DE VENEZUELA: Reaches Settlement with Total & Statoil P.S. SURFACING: Appoints KPMG to Administer Assets QUEBECOR WORLD: Final Auction Prices of Bonds Reach 41.25% QUEBECOR WORLD: Court Agrees Payment of Prepetition Commissions QUEBECOR WORLD: Various Entities Disclose Stake in Company REFCO INC: SEC Sues Ex-CEO Bennett for Orchestrating Fraud ROADRUNNERS TRANSPORT: Hires Liquidators from Vantis RUTLAND RATED: Moody's Junks Rating on S. 55 Class B-2L Notes R W GIBBS: Calls In Liquidators from Tenon Recovery SCOTTISH RE: S&P's 'B' Rating Unaffected by New Strategic Focus TATA MOTORS: Concludes Meeting with Jaguar & Land Rover Union TATA MOTORS: Mandates Banks to Raise US$2.5 Bil., Report Says VIRGIN MEDIA: Appeals Competition Commission's ITV Stake Ruling YVONNE PALMER: Names Joint Administrators from PKF * Moody's Take Various Ratings Actions on US$550MM European CDOS ********* ============= A U S T R I A ============= M. REITER: Claims Registration Period Ends March 10 --------------------------------------------------- Creditors owed money by LLC M. Reiter & Co (FN 118797b) have until March 10, 2008, to file written proofs of claim to court- appointed estate administrator Franz Seid at: Dr. Franz Seidl Schloss 4/1 2542 Kottingbrunn Austria Tel: 02252/71 199 Fax: 02252/71 199-20 E-mail: ra-f.seidl@teletronic.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on March 20, 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 Baden bei Wien, Austria, the Debtor declared bankruptcy on Feb. 5, 2008 (Bankr. Case No. 10 S 15/08x). PETER BERGER: Creditors' Meeting Slated for March 4 --------------------------------------------------- Creditors owed money by LLC Peter Berger (FN 31613s) are encouraged to attend the first creditors' meeting at 10:10 a.m. on March 4, 2008. The creditors' meeting will be held at: The Land Court of Graz Room 205 Hall K Second Floor Graz Austria The Court will also examine the claims at 9:30 a.m. on April 15, 2008, at the same venue. Creditors have until April 1, 2008, to file written proofs of claim to court-appointed estate administrator Gertraude Carli at: Dr. Gertraude Carli Raimund Obendrauf Strasse 9 8230 Hartberg Austria Tel: 03332/62240 Fax: 03332/62240-8 E-mail: ra.carli-carli@gmx.at Headquartered in Graz, Austria, the Debtor declared bankruptcy on Feb. 5, 2008 (40 S 7/08i). PETER BERGER & CO: Claims Registration Period Ends March 4 ---------------------------------------------------------- Creditors owed money by LLC PETER BERGER & Co KG (FN 32932f) are encouraged to attend the first creditors' meeting at 10:10 a.m. on March 4, 2008. The creditors' meeting will be held at: The Land Court of Graz Room 205 Hall K Second Floor Graz Austria The Court will also examine the claims at 9:15 a.m. on April 15, 2008, at the same venue. Creditors have until April 1, 2008, to file written proofs of claim to court-appointed estate administrator Gertraude Carli at: Dr. Gertraude Carli Raimund Obendrauf Strasse 9 8230 Hartberg Austria Tel: 03332/62240 Fax: 03332/62240-8 E-mail: ra.carli-carli@gmx.at Headquartered in Filzmoos, Austria, the Debtor declared bankruptcy on Feb. 5, 2008 (40 S 6/08t). PLEYERS FLIESENZENTRUM: Claims Registration Period Ends March 18 ---------------------------------------------------------------- Creditors owed money by LLC pleyers Fliesenzentrum (FN 81092d) have until March 18, 2008, to file written proofs of claim to court-appointed estate administrator Walter Anzboeck at: Dr. Walter Anzboeck Stiegengasse 8 3430 Tulln Austria Tel: 02272/61 600 Fax: 02272/61 600-20 E-mail: anwalt@anzboeck.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 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 St. Georgen am Steinfeld, Austria, the Debtor declared bankruptcy on Feb. 5, 2008 (Bankr. Case No. 14 S 11/08w). ROCK & MORE: Claims Registration Period Ends March 21 ----------------------------------------------------- Creditors owed money by LLC Rock & More Beteiligung (FN 274723f) have until March 21, 2008, to file written proofs of claim to court-appointed estate administrator Bernhard Eder at: Dr. Bernhard Eder Brucknerstrasse 4 1040 Vienna Austria Tel: 505 78 61 Fax: 505 78 61 9 E-mail: eder@rechtsanwaelte.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:45 a.m. on April 4, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 5, 2008 (Bankr. Case No. 28 S 21/08d). SCHICHER BAU: Claims Registration Period Ends March 20 ------------------------------------------------------ Creditors owed money by LLC Schicher Bau (FN 140166b) have until March 20, 2008, to file written proofs of claim to court- appointed estate administrator Josef Flaschberger at: Dr. Josef Flaschberger Getreidegasse 13/2 9020 Klagenfurt Austria Tel: 0463/50 43 43 Fax: 0463/404582 E-mail: drflaschberger@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on March 31, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Conference Hall 225 Second Floor Klagenfurt Austria Headquartered in Kuehnsdorf, Austria, the Debtor declared bankruptcy on Feb. 5, 2008 (Bankr. Case No. 41 S 8/08m). ============= B E L G I U M ============= TIMKEN CO: Adds Steel Products; Completes Boring Acquisition ------------------------------------------------------------ The Timken Company has added leading steel products for oil and gas drilling operations, further extending its strong position in the growing market for high-performance energy products. Timken completed its acquisition of the assets of Boring Specialties Inc., a leading provider of a wide range of precision deep-hole oil and gas drilling and extraction products and services. Timken will operate the business as Timken Boring Specialties, LLC, from its current location in Houston, Texas. Timken will continue to invest in its ability to meet the needs of customers in the global energy market with hole-making, hole-finishing and related machining services. "We are continuing to make strategic investments in our steel capabilities to bring more value to customers in targeted markets, contributing to Timken's profitable growth," said Salvatore J. Miraglia, president of Timken's Steel Group. "The addition of Timken Boring Specialties to our portfolio is the latest in a series of investments to extend our differentiation in the marketplace." In 2007, Timken added new induction heat-treat capabilities and expanded the outer diameter of round steel bars and the length of steel tubing it offers to customers in global energy and other markets. The company is also building a new small-bar mill in Canton, Ohio, that will allow it to create high-quality alloy steel bars down to one-inch in diameter. The latest addition to Timken's steel portfolio, Timken Boring Specialties creates a unique, simplified and cost-effective supply chain by providing a single-point material and machining source for original equipment manufacturers and distributors. Customers will benefit from the combination of high-quality steel and value-added machining expertise for drilling, skiving, trepanning and honing operations. 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. =============== B U L G A R I A =============== BULGARIAN AMERICAN: S&P Puts BB/B Ratings Under Positive Watch -------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB/B' long- and short-term counterparty credit ratings on Bulgarian American Credit Bank on CreditWatch with positive implications. The rating action follows the announcement that Allied Irish Banks PLC (AIB; A+/Positive/A-1) has agreed to acquire a 49.99% shareholding in BACB. The acquisition is subject to regulatory approvals. "The CreditWatch placement on BACB reflects the potential for an improvement in the bank's creditworthiness, resulting from AIB becoming the single largest shareholder in BACB," said Standard & Poor's credit analyst Jerome Chui. In Standard & Poor's view, there is a good opportunity for BACB to benefit from future product, operational, managerial, and financial support from AIB. In turn, this could boost BACB's market franchise and financial strength in the highly competitive and fast-growing Bulgarian banking sector. If the transaction is successful, the ratings on BACB could initially be raised by one or two notches. S&P will assess BACB's strategic importance to AIB; its operational and financial commitment and support; the strategy that will be implemented; and the impact of these factors on the stand-alone and final ratings on BACB. "Standard & Poor's expects to resolve the CreditWatch placement on completion of the acquisition, including regulatory approval and after further discussions on strategy, funding, and managerial and financial support with AIB," added Mr. Chui. ============= D E N M A R K ============= AVNET INC: Moody's Ups Ratings on Improving Operating Efficiency ---------------------------------------------------------------- Moody's Investors Service raised the corporate family and senior unsecured ratings of Avnet Inc. to Baa3 from Ba1 with a stable outlook. "The upgrade reflects our expectation that Avnet's operating performance will continue to benefit from the secular outsourcing trend underway in the electronics OEM space, improved product mix, as ll as enhanced scale, increasing geographic diversity and an expanded line card with access to new customer relationships as a result of recent acquisitions," according to Moody's Vice President & Senior Analyst Gregory Fraser, CFA. Moody's cited the upgrade considers the solid execution, operating efficiency improvements and working capital management that have exceeded expectations resulting in operating margin and ROA expansion, improved credit protection measures, higher gross cash flow levels and an enhanced business model that has the propensity to deliver consistent levels of positive free cash flow especially during periods of industry akness. The steady improvement in financial leverage, which Moody's expects to continue, also supports the upgrade, as does Avnet's disciplined financial philosophy with respect to maintaining strong balance sheet liquidity and modest financial leverage. "Barring an extended period of economic weakness, we expect Avnet to continue to grow operating income at a faster pace than revenues and maintain a focus on balance sheet de-leveraging via either free cash flow generation targeted towards debt reduction or higher levels of operating cash flow," Mr. Fraser added. The stable ratings outlook reflects expectations for stable financial leverage and interest coverage metrics, relatively steady vendor/customer relationships, and maintenance of operating margins in the 2-4% range during an economic cycle. The rating outlook factors in Moody's expectation that debt to book capitalization will remain below 35% and retained cash flow to debt will remain above 25% in a downturn scenario. Despite Avnet's end market and geographic diversification, there is some concern that the current weak macro-economic environment could result in a broad-based corporate IT spending slowdown, potentially impacting Avnet's operating profitability. However, in a reasonable downside scenario, which is incorporated in the Baa3 rating, Moody's does not expect operating margins to fall below 2.5% based on Avnet's enhanced scale and current operating leverage. Additionally, given Avnet's ongoing focus on cost controls, Moody's believes the company should be less vulnerable during an industry retrenchment than in previous cycles. Nonetheless, the rating could experience downward pressure to the extent operating margins were to fall below 2.5% on a sustained basis (two to four quarters). The rating factors the volatility of inventory and payables usage which can be irregular from quarter to quarter given the working capital intensity of the business model driven by seasonal demands. Mitigating this concern is Avnet's improved working capital leverage and cash conversion cycle as well as higher absolute yearly gross cash flow levels that cushion periods of high working capital consumption. The company maintains very good liquidity and financial flexibility. This is driven by Avnet's US$417 million of cash, Moody's expectations for free cash flow generation of at least US$300 million in fiscal 2008, plus full access to a US$450 million accounts receivable securitization program (maturing 2008) and US$500 million unsecured revolver (maturing 2012). These ratings were upgraded: -- Corporate Family Rating to Baa3 from Ba1 -- Senior Unsecured Notes to Baa3 from Ba1 -- Senior / Subordinated Shelf Ratings to (P)Baa3 / (P)Ba1 from (P)Ba1 / (P)Ba2 Concurrently, Moody's has withdrawn these ratings and expects to withdraw the corporate family rating shortly as well, as these measures are applicable only for below investment grade companies: -- Probability of Default Rating -- All LGD Assessments Avnet, Inc., headquartered in Phoenix, Arizona, is one of the largest worldwide distributors of electronic components and computer products, primarily for industrial customers. Revenues and EBITDA for the twelve months ended Dec. 29, 2007 were US$17.0 billion and US$873 million, respectively. KALMAR STRUCTURED: Moody's Puts Notes' Rating Under Review ---------------------------------------------------------- Moody's Investors Service places under review for possible downgrade the Class C EUR 8,000,000 Secured Floating Rate Notes II due 2010 issued by Kalmar Structured Finance A/S, currently rated Ba3. This review for downgrade is the result of a credit migration in the underlying pool. EASTMAN KODAK: Dennis Strigl Elected to Board of Directors ---------------------------------------------------------- Eastman Kodak Company has elected Dennis F. Strigl, President and Chief Operating Officer of Verizon Communications, to its board of directors, effective Feb. 21, 2008. Mr. Strigl, 61, became President and COO of Verizon in January 2007. In 2000, he was responsible for bringing together the domestic wireless operations of Bell Atlantic, Vodafone AirTouch and GTE to form Verizon Wireless, for which he served as President and CEO until being named to his current position with the company. "I am pleased to welcome Denny Strigl to our board," said Antonio M. Perez, Kodak's Chairman and Chief Executive Officer. "Denny is widely recognized as one of the most prominent architects of the wireless communications industry. He launched the first cellular communications network in the U.S. while leading Ameritech's Mobile Communications business, and during his leadership at Verizon Wireless, increased the company's revenue by nearly 121 percent. Denny will bring a depth of experience to the board in an industry that is increasingly relevant to Kodak." Mr. Strigl received his bachelor's degree in business administration from Canisius College, and his MBA from Fairleigh Dickinson University. He began his career with New York Telephone and held positions at AT&T and Wisconsin Telephone before becoming Vice President of American Bell, Inc. His career took him to senior leadership positions at Ameritech Mobile Communications, Bell Atlantic, and Bell Atlantic Global Wireless, where he was named president and CEO in 1991. Mr. Strigl is past chairman of the Board of Directors of the Cellular Telecommunications and Internet Association, and serves on the boards of directors of Verizon Wireless, Anadigics Inc., PNC Financial Services Group and PNC Bank. He also serves as chairman of the Board of Trustees of Canisius College. Mr. Strigl's election brings the Kodak board to 12 members, 11 of whom are independent directors, with Antonio Perez serving as the only non-independent director. About Eastman Kodak Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE: EK)-- http://www.kodak.com/-- develops, manufactures, and markets digital and traditional imaging products, services, and solutions to consumers, businesses, the graphic communications market, the entertainment industry, professionals, healthcare providers, and other customers. The company has operations in Argentina, Chile, Denmark, Greece, Jordan, Yemen, Australia, China among others. EASTMAN KODAK: Fitch Revises Ratings Outlook to Stable ------------------------------------------------------ Fitch Ratings revised Eastman Kodak Company's Rating Outlook to Stable from Negative and affirmed the ratings as: -- Issuer default rating at 'B'; -- Senior secured revolving credit facility at 'BB/RR1'; -- Senior unsecured debt at 'B/RR4'. Fitch's actions affect approximately $2.6 billion of total debt, including the company's undrawn $1 billion RCF. The revision of the Rating Outlook to Stable reflects Kodak's: -- Improving near-term free cash flow prospects, which are due primarily to declining cash restructuring payments following the completion of its significant 2004-2007 restructuring program; -- Revenue stabilization, as accelerating digital revenue growth has started to more than offset declines in traditional revenue; -- Improved credit protection measures and financial flexibility. Ratings concerns continue to center on: -- The ongoing decline of the traditional film business, which, in Fitch's estimate, generates the majority of the company's EBITDA; -- The significantly lower profit margins on digital technology, especially within the company's Consumer Digital Group, which continues to pressure the company's overall profitability. The ratings are supported by Kodak's: -- Strong credit protection metrics; -- Broad geographic revenue diversity; -- Strong brand name; -- Broad Consumer Digital Group product portfolio; -- Leading market position in traditional film market. Positive rating actions could occur if: -- Kodak exhibits consistent year-over-year improvement in digital profitability driven by a revenue mix shift toward higher-margin products, such as consumables for consumer inkjet printers and/or sustainable expense reductions; -- Significant improvement in free cash flow beyond Fitch's current expectations due to higher profitability as opposed to cash restructuring declines. Negative rating actions could occur if: -- The company undertakes significant debt-financed M&A or share repurchase activity; -- Ongoing deterioration in revenues and/or profitability resumes. Fitch believes liquidity at Dec. 31, 2007 was solid and supported by: approximately US$2.9 billion of cash and cash equivalents, and an undrawn US$1 billion senior secured RCF due October 2010 (approximately US$850 million net of letters of credit); and free cash flow from continuing operations, which is expected to improve in 2008 from a loss of US$52 million in 2007 due largely to the completion of the company's restructuring program, which required cash outlays of US$400 million-$600 million annually since 2004. Approximately US$150 million of residual cash restructuring payments are expected in 2008. Total debt as of Dec. 31, 2007 was approximately USUS$1.6 billion, consisting primarily of: US$250 million senior notes due May 2008, US$500 million senior notes due 2013, and US$575 million convertible senior notes due 2033, which have a conversion price of US$31.02 per share and which can be put to the company in October 2010. Fitch believes the US$250 million maturity in 2008 will be repaid with cash on hand. Fitch estimates total leverage and interest coverage of 1.5 times (x) and 7.8x, respectively, at Dec. 31, 2007, compared to 2.4x and 4.3x at Dec. 31, 2006. The Recovery Ratings (RR) reflect Fitch's belief that Kodak's enterprise value would be maximized in a liquidation, rather than a going-concern, scenario. In estimating liquidation, Fitch applies advance rates of 80%, 20%, and 10%, respectively, to Kodak's accounts receivables, inventories, and property, plant, and equipment balances as of the year ended Dec. 31, 2007. Fitch arrives at an adjusted reorganization value of US$1.6 billion after subtracting administrative claims. Based upon these assumptions, The 'RR1' recovery rating for Kodak's secured bank facility reflects Fitch's belief that 100% recovery is realistic. The 'RR4' recovery rating for the senior unsecured debt reflects Fitch's estimate that a recovery of only 31%-50% would be achievable. About Eastman Kodak Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE: EK)-- http://www.kodak.com/-- develops, manufactures, and markets digital and traditional imaging products, services, and solutions to consumers, businesses, the graphic communications market, the entertainment industry, professionals, healthcare providers, and other customers. The company has operations in Argentina, Chile, Denmark, Greece, Jordan, Yemen, Australia, China among others. =========== F R A N C E =========== AXCAN INTERMEDIATE: Moody's Holds B1 Ratings on Capital Changes --------------------------------------------------------------- Moody's Investors Service affirmed the B1 Corporate Family and Probability of Default ratings of Axcan Intermediate Holdings, Inc., following changes to the capital structure that had originally been proposed in connection with the acquisition of Axcan Pharma Inc. The changes to the capital structure reflect difficult market conditions in the bank loan market. The ratings rationale was set out in a press release dated Jan. 25, 2008. Moody's took these rating actions: -- Withdrew the Ba2 (LGD 2, 26%) rating on the originally proposed US$350 million senior secured term loan B due 2015; -- Assigned Ba2 (LGD 2, 29%) to US$175 million senior secured term loan A due 2014; -- Assigned Ba2 (LGD 2, 29%) to US$228 million senior secured notes due 2015; -- Affirmed the B1 Corporate Family Rating; -- Affirmed the B1 Probability of Default Rating; -- Affirmed the Ba2 (LGD 2, 29%) rating on US$115 million senior secured revolving credit facility due 2014; -- Affirmed the B3 (LGD 5, 83%) rating on US$235 million senior unsecured notes due 2016; The ratings outlook is stable. Moody's also affirmed the Speculative Grade Liquidity Rating of SGL 2. Axcan Pharma Inc., based in Mont St-Hilaire, Quebec, is a specialty pharmaceutical company concentrating in the field of gastroenterology with operations in North America and Europe. Axcan had revenue of approximately US$349 million for the fiscal year ended Sept. 30, 2007. DELPHI CORP: Must Pay Professionals US$49 Mln in Fees & Expenses ---------------------------------------------------------------- The Hon. Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York directed Delphi Corp. and its debtor-affiliates to pay the professionals retained in the Debtors' bankruptcy cases approximately US$45,000,000 in fees and US$3,000,000 in expenses. Blake, Cassels & Graydon LLP seeks payment of CDNUS$16,920 for its professional fees for the period June 1, 2007, through Sept. 30, 2007, and reimbursement of CDNUS$1,312 for expenses incurred during the same period. Blake Cassels serves as the Debtors' Canadian counsel. 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. TEMBEC INC: Lenders, Shareholders OK Recapitalization ----------------------------------------------------- Tembec Inc.'s recapitalization transaction disclosed on Dec. 19, 2007, has been approved by the requisite majority of shareholders of Tembec and the requisite majority of holders of notes of Tembec Industries Inc. Tembec Inc. held a Special Meeting of Shareholders and Tembec Industries Inc. held a Meeting of Noteholders at which votes were held on matters relating to the approval of the Recapitalization. The Meetings were held in accordance with the Management Proxy Circular dated Jan. 25, 2008, and, with respect to the Meeting of Noteholders, an Order of the Ontario Superior Court of Justice made on Jan. 24, 2008. At the Special Meeting of Shareholders, all of the resolutions relating to the approval of the Recapitalization were approved by in excess of 95.34% of Shareholders who voted in person or by proxy. At the Meeting of Noteholders, all of the resolutions relating to the approval the Recapitalization were approved by in excess of 98.25% of Noteholders who voted in person or by proxy. "We are obviously pleased with the support shown by our shareholders and noteholders in favor of the recapitalization transaction," James Lopez, president and CEO of Tembec, said. "These approvals bring us one significant step closer towards the completion of the Recapitalization." Tembec also reached agreement with Investissement Quebec and the Societe generale de financement du Quebec in relation to the proposed recapitalization transaction. IQ and SGF currently own all of the preferred shares of Tembec and IQ is also a lender to Tembec. The Plan of Arrangement relating to the recapitalization transaction is subject to approval of the Ontario Superior Court of Justice and such approval hearing is being held on Feb. 27, 2008. The recapitalization transaction is expected to close on Feb. 29, 2008. About Tembec Headquartered in Montreal Quebec, Tembec Inc. (TSC:TBC) -- http://www.tembec.com/-- operates an integrated forest products business. The company's operations consist of four business segments: forest products, pulp, paper and chemicals. The forest products segment consists primarily of forest and sawmills operations, which produce lumber and building materials. The pulp segment includes the manufacturing and marketing activities of a number of different types of pulps. The paper segment consists primarily of production and sales of newsprint and bleached board. The chemicals segment consists primarily of the transformation and sale of resins and pulp by- products. As of Sept. 29, 2007, Tembec operated manufacturing facilities in New Brunswick, Quebec, Ontario, Manitoba, Alberta, British Columbia, the states of Louisiana and Ohio, as well as in Southern France. * * * Standard & Poor's placed Tembec Inc.'s long-term foreign and local issuer credit ratings at 'CC' in Dec. 20, 2007. WELLMAN INC: Files for Chapter 11 Protection in New York -------------------------------------------------------- Wellman Inc. and certain of its subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code for the Southern District of New York. The company intends to work with its constituencies to maximize the value generation for all of its stakeholders. "Although the company has taken numerous steps to reduce its debt and strengthen its balance sheet through the disposition of certain businesses, headcount reductions and other cost reductions, these actions were not sufficient to offset the deterioration in business conditions and the cost of our substantial debt obligations," Thomas Duff, Wellman's chairman and chief executive officer stated. "Filing for Chapter 11 allows us to continue operating our business without interruption while continuing to pursue our strategic alternative process." In conjunction with the filing, the company has received a commitment from its existing Revolving Credit Facility lenders for up to US$225 million in debtor-in-possession financing. Upon Court approval, the DIP financing, combined with cash from operations, will be used to fund post-petition operating expenses, including employee and supplier obligations. "I would like to thank our customers and vendors for their continued support during this process," Mr. Duff added. "We also appreciate the ongoing loyalty and support of our employees, whose dedication and hard work are critical to our success and to the future of the company. Our management team is committed to making this reorganization successful and leading Wellman toward a bright future." About Wellman Inc. Headquartered in Fort Mill, South Carolina, Wellman Inc. (OTC): WMAN.OB) -- http://www.wellmaninc.com/-- manufactures and markets high-quality polyester products, including PermaClear(R) brand PET (polyethylene terephthalate) packaging resins and Fortrel(R) brand polyester fibers. Wellman has recycling facilities in the US, Ireland, the Netherlands and France. WELLMAN INC: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------- Lead Debtor: Wellman, Inc. 1041 521 Corporate Center Drive, SC 29707 Tel: (212) 446-6411 Bankruptcy Case No.: 08-10595 Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. ------ -------- P.T.A. Resources, L.L.C. 08-10596 Wellman Fibres, Ltd. 08-10598 A.L.G., Inc. 08-10599 M.R.F., Inc. 08-10600 Warehouse Associates, Inc. 08-10601 M.E.D. Resins, Inc. 08-10602 Carpet Recycling of Georgia, Inc. 08-10603 Prince, Inc. 08-10604 Wellman of Mississippi, Inc. 08-10605 Josdav, Inc. 08-10606 Fiber Industries, Inc. 08-10607 Type of Business: The Debtors manufacture and market packaging and engineering resins used in food and beverage packaging, apparel, home furnishings and automobiles. They manufacture resins and polyester staple fiber a three major production facilities. Wellman has recycling facilities in the US, Ireland, the Netherlands and France. See http://www.wellmaninc.com/ Chapter 11 Petition Date: February 22, 2008 Court: Southern District of New York (Manhattan) Judge: Stuart M. Bernstein Debtors' Counsel: Jonathan S. Henes, Esq. Kirkland & Ellis, L.L.P. Citigroup Center 153 East 53rd Street New York, NY 10022-4675 Tel: (212) 446-4927 Fax: (212) 446-4900 http://www.kirkland.com/ Wellman, Inc's Financial Condition as of December 31, 2007: Total Assets: US$124,277,177 Total Debts: US$600,084,885 Debtors' Consolidated List of 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ B.P. trade US$46,446,245 150 West Warrenville Road Naperville, IL 60563-8460 Equistar trade US$11,700,000 1221 McKinney, Suite 700 Houston, TX 77010 MEGlobal trade US$6,000,000 2020 Dow Center Midland, MI 48674 Graham Packaging trade US$986,701 2401 Pleasant Valley Road York, PA 17402 Plastipak trade US$690,787 9135 General Court Plymouth, MI 48170 San Miguel trade US$409,544 A.V. Industrial 491 Lima 1, Peru Western Container trade US$383,207 15 Smith Road, Suite 600 Midland, TX 79705 TransAtlantic trade US$303,217 P.O. Box 1660 Sydport Industrial Park Sydney, Nova Scotia B1P 6T7 G.E. Capital Financial trade US$296,473 2000 Corporate Ridge, Suite 1095 McLean, VA 22102 Mega Empack trade US$278,932 Via F.F.C.C. A. Tizimin N.O. 15682 Merida, Mexico 97160 A.&R. Transport, Inc. trade US$264,782 6253 North Foster Drive, Suite B Baton Rouge, LA 70805 Nilit America Corp. trade US$262,478 P.O. Box 2243 Greensboro, NC 27409 Columbia Recycling Corp. trade US$258,191 P.O. Box 2101 Dalton, GA 30722 Oracle Corp. trade US$224,889 Yoshino trade US$219,868 Hewlett Packard Financial trade US$202,048 Services Polivin trade US$185,196 Ahlstrom trade US$166,610 C.I.B.A. Specialty Chemicals trade US$152,827 Corp. Aspen Technology, Inc. trade US$146,091 Motion Industries, Inc. trade US$145,229 Honeywell International trade US$139,725 Saint Gobain Vetrotex Americas trade US$133,766 Plastic Technologies, Inc. trade US$104,856 Eastman Chemical Co. trade US$96,294 S.X.T. Transportation trade US$91,639 Technical Services, Inc. US$88,203 Linde Gas, L.L.C. trade US$87,605 Gulfpak, Inc. trade US$82,830 Coperian Corp. trade US$77,555 WELLMAN INC: Moody's Lowers Ratings on Bankruptcy Filing -------------------------------------------------------- Moody's Investors Service downgraded Wellman, Inc.'s corporate family rating to Ca from Caa2 and probability of default rating to D from Caa2, following the company's announcement that it has filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court, Southern District of New York. The ratings on the company's debt issues were also downgraded. The ratings will be withdrawn in the near future due to the bankruptcy. Wellman, Inc. -- Corporate family rating -- Ca from Caa2 -- Probability of default rating -- D from Caa2 -- US$185mm First lien term loan due 2009 -- Caa2 (LGD2, 29%) from B3 (LGD2, 29%) -- US$265mm Second lien term loan due 2010 -- C (LGD5, 79%) from Caa3 (LGD5, 79%) Wellman manufactures and markets PET (polyethylene terephthalate) packaging resins under the PermaClear brand name and polyester staple fibers under the Fortrel brand name. The company is headquartered in Fort Mill, South Carolina and had revenues from continuing operations of US$1.3 billion for the LTM ended September 30, 2007. Wellman, Inc. manufactures and markets high-quality polyester products, including PermaClear brand PET (polyethylene terephthalate) packaging resins and Fortrel brand polyester fibers. ============= G E R M A N Y ============= AOL ANWENDERORIENTIERTE: Claims Registration Ends March 20 ---------------------------------------------------------- Creditors of AOL Anwenderorientierte EDV-Loesungen Vertriebsgesellschaft mbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Bruno Fraas. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on April 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuerzburg Room 14 Second Floor Justiznebenstelle Tiepolostr. 6 Wuerzburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bruno Fraas Heinestr. 7 b 97070 Wuerzburg Germany Tel: 0931/359 800 The District Court of Wuerzburg opened bankruptcy proceedings against AOL Anwenderorientierte EDV-Loesungen Vertriebsgesellschaft mbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AOL Anwenderorientierte EDV-Loesungen Vertriebsgesellschaft mbH Attn: Ulrich Dietzen, Manager Landwehrstr. 30 97249 Eisingen Germany AUTOHAUS BASMANN: Claims Registration Period Ends March 20 ---------------------------------------------------------- Creditors of Autohaus Basmann GmbH & Co. KG have until March 20, 2008, to register their claims with court-appointed insolvency manager Heinz-Juergen Kluesener. 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 Stade Hall 113 Main Building Wilhadikirchhof 1 21682 Stade 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: Heinz-Juergen Kluesener Kurze Strasse 3 21682 Stade Germany Tel: 04141-93040 Fax: 04141-930499 E-mail: kluesener@fricke-rechtsanwaelte.de The District Court of Stade opened bankruptcy proceedings against Autohaus Basmann GmbH & Co. KG on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Basmann GmbH & Co. KG Gewerbering 35 27432 Bremervoerde Germany BACHMANN GMBH: Claims Registration Period Ends March 20 ------------------------------------------------------- Creditors of Bachmann GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Thorsten Fuest. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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. Thorsten Fuest Gerichtstr. 3 33602 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against Bachmann GmbH on Feb. 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bachmann GmbH Attn: Matthias Bachmann, Manager August-Bebel-Str. 144 33602 Bielefeld Germany BERGKAMENER HOCHBAU: Claims Registration Period Ends March 19 ------------------------------------------------------------- Creditors of Bergkamener Hochbau GmbH have until March 19, 2008, to register their claims with court-appointed insolvency manager Thorsten Klepper. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.m. on April 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund 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: Thorsten Klepper Kleppingstrasse 20 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Bergkamener Hochbau GmbH on Feb. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bergkamener Hochbau GmbH Hafenweg 3 59192 Bergkamen Germany BERND NEUHAUSEL: Claims Registration Period Ends March 20 --------------------------------------------------------- Creditors of Bernd Neuhausel Baudekoration GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Peter Jost. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on May 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 Koenigstein/Ts. Hall 106 Burgweg 9 61462 Koenigstein/Ts. 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 Jost Pfingstweidstrasse 3 D 60316 Frankfurt am Main Germany Tel: 069-2097390 Fax: 069-20973929 The District Court of Koenigstein/Ts. opened bankruptcy proceedings against Bernd Neuhausel Baudekoration GmbH on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Bernd Neuhausel Baudekoration GmbH Attn: Ralf Neuhausel, Manager Joseph-Haydn-Strasse 12c 65812 Bad Sode Germany BESTRO MODEVERTRIEB: Claims Registration Period Ends March 4 ------------------------------------------------------------ Creditors of BESTRO Modevertrieb GmbH have until March 4, 2008, to register their claims with court-appointed insolvency manager Axel Bierbach. Creditors and other interested parties are encouraged to attend the meeting at 9:20 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 Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Axel Bierbach Schwanthaler Str. 32 80336 Muenchen Germany Tel: 089/54511-0 Fax: 089/54511444 The District Court of Munich opened bankruptcy proceedings against BESTRO Modevertrieb GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BESTRO Modevertrieb GmbH Taunusstr. 45 80807 Munchen Germany CHRISTIANE GERTURD: Claims Registration Period Ends March 20 ------------------------------------------------------------ Creditors of Christiane Gerturd Horn GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Inge Rall. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on April 17, 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 Stuttgart Hall 4 Ground Floor Hauffstr. 5 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Inge Rall Neckarstr. 144-146 70190 Stuttgart Germany Tel: 0711/120 900 00 Fax: 0711/120 900 09 The District Court of Stuttgart opened bankruptcy proceedings against Christiane Gerturd Horn GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Christiane Gerturd Horn GmbH Koenigstr. 22 70173 Stuttgart Germany CONTRABAU HUMME: Claims Registration Period Ends March 19 --------------------------------------------------------- Creditors of ConTraBau Humme GmbH have until March 19, 2008, to register their claims with court-appointed insolvency manager Siegfried Mueller. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Aachen Meeting Hall K 5 Third Floor Alter Posthof 1 52062 Aachen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Siegfried Mueller Zum Markt 10 53894 Mechernich Germany Tel: 02443/9812-0 Fax: 02443/9812-19 The District Court of Aachen opened bankruptcy proceedings against ConTraBau Humme GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ConTraBau Humme GmbH Rather Strasse 4 52385 Nideggen Germany D. A. CORDS: Claims Registration Period Ends March 19 ----------------------------------------------------- Creditors of D. A. Cords Soehne GmbH have until March 19, 2008, to register their claims with court-appointed insolvency manager Wolfgang Weidemann. Creditors and other interested parties are encouraged to attend the meeting at 8:35 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 Pinneberg Hall 3 First Floor Bahnhofstrasse 17 25421 Pinneberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Weidemann Wendenstr. 4 20097 Hamburg Germany The District Court of Pinneberg opened bankruptcy proceedings against D. A. Cords Soehne GmbH on Feb.1 ,2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: D. A. Cords Soehne GmbH Attn: Thomas Rustige, Manager Kuhlenstrasse 9 25436 Uetersen Germany DOERKEN STAHL: Claims Registration Period Ends March 20 ------------------------------------------------------- Creditors of Doerken Stahl- und Anlagenbau GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Andreas Schoss. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hagen Hall 259 Second Floor Heinitzstrasse 42/44 58097 Hagen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Schoss Alter Markt 9-13 42275 Wuppertal Germany The District Court of Hagen opened bankruptcy proceedings against Doerken Stahl- und Anlagenbau GmbH on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Doerken Stahl- und Anlagenbau GmbH Attn: Norbert Kasbach, Manager Lohmannstr. 6-8 58256 Ennepetal Germany DOHNAER HOCH: Claims Registration Period Ends March 4 ----------------------------------------------------- Creditors of Dohnaer Hoch- und Tiefbau GmbH have until March 4, 2008, to register their claims with court-appointed insolvency manager Andre Nickel. 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 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: Andre Nickel Reicker Strasse 12 01219 Dresden Germany Website: www.schulz-nickel-schulz.de The District Court of Dresden opened bankruptcy proceedings against Dohnaer Hoch- und Tiefbau GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dohnaer Hoch- und Tiefbau GmbH Altenberger Str. 2 01809 Dohna Germany Ing. Falko Schneider, Manager Wachauer Str. 9 04299 Leipzig Germany DUERR AG: Earns EUR21 Million for Year Ended December 31 -------------------------------------------------------- The Duerr Group released preliminary financial results for fiscal year and fourth quarter ended Dec. 31, 2007. Duerr posted EUR21 million in net profit on EUR1.48 billion in net revenues for fiscal year 2007, compared with EUR8.2 million in net profit on EUR1.36 billion in net revenues for 2006. Duerr posted EUR28 million in EBIT on EUR461 billion in net revenues for fourth quarter 2007, compared with EUR18.8 million in EBIT on EUR377.3 billion in net revenues for the same period in 2006. As of Dec. 31, 2007, Duerr had EUR61 million in net financial debt and 5,936 employees. "2007 was a good year for Duerr," CEO Ralf W. Dieter said. "We delivered what we had announced. The effects of our Group-wide FOCUS program fed through fully in 2007. On the basis of the strong improvement in earnings we are proposing to the Supervisory Board that we pay a dividend to our shareholders for the first time since 2002." "The high level of incoming orders, especially from the growth regions, has continued in the first two months of 2008," Mr. Dieter. We succeeded in turning round the North America business in 2007, and won a number of orders which will assure a good level of capacity utilization until well into 2009." Outlook In view of the high order backlog, EUR1.08 billion as of Dec. 31, 2007, Group sales should increase by between 5% and 10% in 2008. Earnings should improve substantially thanks to more efficient processes. For 2008, the company targets an EBIT margin of 5%. About Duerr Headquartered in Stuttgard, Germany, The Duerr Group -- http://www.durr.com/en/-- supplies products, systems, and services for automobile manufacturing. Duerr designs and builds paint shops and final assembly plants. The Duerr Group also operates in Czech Republic, France, U.K., Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey, Australia, Brazil, China, India, Japan, Mexico, South Africa, South Korea and the U.S.A. * * * As of Nov. 19, 2007, Duerr AG carries B2 Corporate Family, B2 Probability of Default and Caa1 Senior Subordinate ratings from Moody's Investor Service. Moody's said the outlook is stable. The company also carries B Long-Term Foreign Issuer Credit and Local Issuer Credit ratings from Standard & Poor's. S&P said the Outlook is Stable. GELATERIA CONTI: Claims Registration Period Ends March 19 --------------------------------------------------------- Creditors of Gelateria Conti GmbH have until March 19, 2008, to register their claims with court-appointed insolvency manager Gerhard Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Rostock Hall 330 Zochstrasse 13 18057 Rostock 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: Gerhard Brinkmann Freiligrathstrasse 1 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against Gelateria Conti GmbH on Feb. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gelateria Conti GmbH Attn: Dirk Kaydan, Manager Breite Strasse 11 18055 Rostock Germany GESCHWISTER WOLBER: Claims Registration Period Ends March 18 ------------------------------------------------------------ Creditors of Geschwister Wolber GmbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Markus Lehmkuehler. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 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 Bonn Hall S 2.22 William-Strasse 23 53111 Bonn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Markus Lehmkuehler Wilhelmstr. 40 53111 Bonn Germany Tel: 0228/92 66 60 Fax: 92 66 699 The District Court of Bonn opened bankruptcy proceedings against Geschwister Wolber GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Geschwister Wolber GmbH Limbachstr. 12 53343 Wachtberg Germany Attn: Wilhelm Wolber, Manager Limbachstr. 7 53343 Wachtberg Germany HANSEN-BAU GMBH: Claims Registration Period Ends March 19 --------------------------------------------------------- Creditors of Hansen-Bau GmbH have until March 19, 2008, to register their claims with court-appointed insolvency manager Dirk Decker. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Rostock Hall 330 Zochstrasse 13 18057 Rostock 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: Dirk Decker Stampfm�llerstrasse 39 18057 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against Hansen-Bau GmbH on Feb. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hansen-Bau GmbH Attn: Michael Hansen und Susanne Hansen, Managers Alte Dorfstrasse 1 18246 Steinhagen Germany HEINRICH SCHNEIDER: Claims Registration Ends March 20 ----------------------------------------------------- Creditors of Heinrich Schneider GmbH have until March 20, 2008 to register their claims with court-appointed insolvency manager Dr. Boris A. Schmidt-Burbach. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Marburg/Lahn Hall 157 Universitatsstrasse 48 35037 Marburg/Lahn 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. 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 Heinrich Schneider GmbH on Jan. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Heinrich Schneider GmbH Attn: Manfred Schneider, Manager Neue Kasseler Strasse 3 1/2 35039 Marburg Germany HELGE ALTSOHN: Claims Registration Ends March 20 ------------------------------------------------ Creditors of Helge Altsohn Verwaltungs GmbH have until March 20, 2008 to register their claims with court-appointed insolvency manager Heinz-Juergen Kluesener. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on April 17, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stade Hall 113 Main Building Wilhadikirchhof 1 21682 Stade 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: Heinz-Juergen Kluesener Kurze Strasse 3 21682 Stade Germany Tel: 04141-93040 Fax: 04141-930499 E-mail: kluesener@fricke-rechtsanwaelte.de The District Court of Stade opened bankruptcy proceedings against Helge Altsohn Verwaltungs GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Helge Altsohn Verwaltungs GmbH Gewerbering 35 27432 Bremervoerde Germany Attn: Helge Altsohn, Manager Acker 13 27432 Bremervoerde Germany JEWO FLEISCHWARENHANDELS: Claims Registration Ends March 20 ----------------------------------------------------------- Creditors of JEWO Fleischwarenhandelsgesellschaft mbH have until March 20, 2008 to register their claims with court-appointed insolvency manager Tim Brauer. Creditors and other interested parties are encouraged to attend the meeting at 2:15 p.m. on April 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Worms Hall 320 Main Building Hardtgasse 6 67547 Worms 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: Tim Brauer Alzeyer Strasse 31 67549 Worms Germany Tel: 06241/9106-0 Fax: 06241/910610 The District Court of Worms opened bankruptcy proceedings against JEWO Fleischwarenhandelsgesellschaft mbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: JEWO Fleischwarenhandelsgesellschaft mbH Attn: Peter Christian Jeckel, Manager Vangionenstrasse 5 67547 Worms Germany KURIOS BETRIEBS: Claims Registration Ends March 20 -------------------------------------------------- Creditors of KURIOS Betriebs- & Handels GmbH have until March 20, 2008 to register their claims with court-appointed insolvency manager Anke Keller. Creditors and other interested parties are encouraged to attend the meeting at 3:30 p.m. on April 29, 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 Muehldorf a. Inn Hall 112 Innstrasse 1 Muehldorf a. Inn 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: Anke Keller Leopoldstrasse 139 80804 Munich Germany The District Court of Muehldorf a. Inn opened bankruptcy proceedings against KURIOS Betriebs- & Handels GmbH on Feb. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KURIOS Betriebs- & Handels GmbH Attn: Kurt Zauner, Manager Stadtplatz 51 84453 Muehldorf a. Inn Germany LODER GMBH: Claims Registration Period Ends March 4 --------------------------------------------------- Creditors of Loder GmbH have until March 4, 2008, to register their claims with court-appointed insolvency manager Oliver Schartl. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 Munich Meeting Room 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Oliver Schartl Schwanthalerstr. 32 80336 Muenchen Germany Tel: 089-545110 Fax: 089-54511-444 The District Court of Munich opened bankruptcy proceedings against Loder GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Loder GmbH Kappelhof 2 85247 Schwabhausen Germany Attn: Franz Eichinger, Manager Albertshof 1 85258 Weichs Germany MARQUARDT MASCHINENBAU: Claims Registration Ends March 20 --------------------------------------------------------- Creditors of Marquardt Maschinenbau GmbH have until March 20, 2008 to register their claims with court-appointed insolvency manager Andree Wernicke. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 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: Andree Wernicke Grottenau 6 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Marquardt Maschinenbau GmbH on Jan. 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Marquardt Maschinenbau GmbH Ostrachstr. 8 86159 Augsburg Germany Attn: Herbert Marquardt, Manager Dorffeldstr. 14 86316 Friedberg Germany META - LOG GMBH: Claims Registration Ends March 20 -------------------------------------------------- Creditors of Meta - Log GmbH have until March 20, 2008 to register their claims with court-appointed insolvency manager Dr. Sebastian Braun. Creditors and other interested parties are encouraged to attend the meeting at 1:45 p.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Fuerth Hall 3 Office Building 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: Dr. Sebastian Braun Stoeckig 46 90765 Fuerth Germany Tel: 0911/9792491 Fax: 0911/9792492 The District Court of Fuerth opened bankruptcy proceedings against Meta - Log GmbH on Feb. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Meta - Log GmbH Untere Fischerstr. 17 90762 Fuerth Germany PEUCKER & FILLERS: Claims Registration Period Ends March 13 ----------------------------------------------------------- Creditors of Peucker & Fillers Gross- und Einzelhandels GmbH have until March 13, 2008 to register their claims with court- appointed insolvency manager Dr. Winfried Andres. Creditors and other interested parties are encouraged to attend the meeting at 11:15 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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfried Andres Heinrich-Held-Str. 16 45133 Essen Germany Tel: 0201 330550 The District Court of Essen opened bankruptcy proceedings against Peucker & Fillers Gross- und Einzelhandels GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Peucker & Fillers Gross- und Einzelhandels GmbH Alte Landstr. 5 45329 Essen Germany Attn: Christian Peucker, Manager Alte Landstr. 5 45329 Essen Germany SWS GMBH: Claims Registration Period Ends March 18 -------------------------------------------------- Creditors of SWS GmbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Rolf Otto Neukirchen. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 2, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rolf Otto Neukirchen Zweigertstr. 28-30 45130 Essen Germany The District Court of Essen opened bankruptcy proceedings against SWS GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SWS GmbH Heinz-Backer-Str. 1 45356 Essen Germany ============= I R E L A N D ============= INTERNATIONAL SECURITIES: Collins Stewart to Take Over Company -------------------------------------------------------------- Collins Stewart Plc has entered into an agreement to acquire 100% of International Securities Trading Corp., Fergal O'Brien writes for Bloomberg News. Collins Stewart will inject EUR5 million in fresh capital into of capital into ISTC, the company said in a statement to Bloomberg News. "[The approval of the deal] will ensure that the company survives the examinership process and is in a position to develop the business into the future," ISTC told Bloombeg News. As reported in the TCR-Europe on Dec. 26, 2007, Hon. Peter Kelly of The High Court of Ireland placed ISTC under examinership and appointed John McStay as examiner. In January 2008, Justice Kelly extended ISTC's examinership after Ms. McStay confirmed the opinion of an independent accountant that the company has a reasonable prospect of survival. Headquartered in Dublin, Ireland, International Securities Trading Corporation Plc -- http://www.istcorporation.com/-- provides investment grade Tier 1 and Tier II hybrid bank capital via private placement issues and primary market participation. Acting as principal in private placement transactions, ISTC is uniquely positioned to offer bespoke solutions and certainty of execution to issuers. The company disclosed on Nov. 12, 2007, that given the uncertainty to ISTC's funding position, the company will enter into discussions with its providers of finance with the objective of making appropriate amendments to their respective financing terms. Pending the outcome of these negotiations, ISTC has decided to defer certain payments under financing obligations. LUNAR FUNDING V: Moody's Lowers Ratings on 11 Note Classes ---------------------------------------------------------- Moody's Investors Service downgraded and left on review for further downgrade 11 classes of notes issued by Securitized Product of Restructured Collateral Ltd, Lunar Funding V plc, and Linker Finance plc. These rating actions are a response to credit deterioration in the underlying portfolios, in some cases severe. The transactions are synthetic CDOs referencing, among other assets, US RMBS and/or US ABS CDOs of the 2005 and 2006 vintages. Moody's will continue to monitor all deals with exposure to US subprime RMBS and ABS CDOs, and will take further actions in respect of all CDOs placed under review for downgrade once the extent of actual downgrades to US RMBS and ABS CDO vintages becomes known. The rating actions are: Linker Finan