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 Thursday, February 28, 2008, Vol. 9, No. 44 Headlines A U S T R I A SADOVNIK KEG: Claims Registration Period Ends March 10 SCHIKRAD LLC: Claims Registration Period Ends March 17 SCHUTZGITTER VERTRIEB: Claims Registration Period Ends March 10 ZMS BAU: Claims Registration Period Ends March 10 B E L G I U M CHIQUITA BRANDS: S&P Junks Rating on US$200 Million Senior Notes F R A N C E ALCATEL-LUCENT SA: Inks Major Network Deal with Brasil Telecom AKERYS HOLDINGS: Weak Results Prompt S&P's Negative Watch DOLE FOOD: Moody's Corp. Cuts Rating to 'B3' on Weak Performance PRIDE INTERNATIONAL: Closes Sale of Three Rigs for US$213 Mil. PRIDE INTERNATIONAL: Names David Hager to Board of Directors SPANSION INC: Fitch Holds Issuer Default Rating at B- G E R M A N Y DIENSTLEISTUNGS GMBH: Claims Registration Period Ends March 20 ENTER.TV GMBH: Claims Registration Period Ends March 20 ETTEPLAN ENGINEERING: Claims Registration Period Ends March 20 FABA TRANSPORTGERATE: Claims Registration Period Ends March 20 FERRINOX METALLBAU: Claims Registration Period Ends March 21 GLADSTONE MEDIASERVICE: Claims Registration Period Ends March 20 GO SPORTS: Claims Registration Period Ends March 20 GUSTAV LANGE: Claims Registration Period Ends March 20 HENNEN ROHRLEITUNGSBAU: Claims Registration Ends March 24 HKF PLANEN: Claims Registration Ends March 24 IZLO GMBH: Claims Registration Period Ends March 24 LICH BVF: TA Triumph-Adler Can Purchase Assets LOKALE NETZWERKE: Claims Registration Ends March 22 PAPIERFABRIK GRAFENDORF: Claims Registration Ends March 20 PHOTRONICS INC: Moody's Holds Ratings But Says Outlook is Neg. PLANTAGE SYSTEMGASTRONOMIE: Claims Registration Ends March 20 PRODOMO EINRICHTUNGEN: Claims Registration Period Ends March 20 ROHRBAU-MAISEL GMBH: Claims Registration Period Ends March 14 SIAN BAU: Claims Registration Period Ends March 20 SKIN CARE: Claims Registration Period Ends March 20 SPEICHER AM FISCHMARKT: Claims Registration Period Ends March 20 TELEBROKERS GMBH: Claims Registration Period Ends March 18 VISTEON CORP: Steven Hamp to Rejoin Board of Directors WESTLB AG: Proposed Helaba Merger Faces Setback WINKELMANN GMBH: Claims Registration Ends March 22 WORMSER SCHLACHTHOF: Claims Registration Ends March 20 WORMSER SCHLACHTHOFBETRIEBS: Claims Registration Ends March 20 I R E L A N D INT'L SECURITIES: Creditors Likely to Get at Most 10% of Claims MAGNOLIA FINANCE: Defaults on US$40 Mln Series 2006-11 Notes MAGNOLIA FINANCE: Defaults on US$40 Mln Series 2007-1 Notes VALENCE TECH: Inks Agreement to Sell US$1 Million Common Shares I T A L Y ALITALIA SPA: Luigi Pacifico Quits as Audit Panel Chairman FIAT SPA: Board Approves Incentive Plan for Key Employees FIAT SPA: In Talks with BMW on Engine and Gear Box Tie-Up K A Z A K H S T A N AL TRADE: Creditors Must File Claims by April 11 ALATAU TSEMENT: Claims Deadline Slated for April 11 ALLIANCE BUSINESS: Claims Filing Period Ends April 11 ALMATINSKAYA BAZA: Creditors' Claims Due on April 11 KAZAKHMARGANETS JSC: Claims Registration Ends April 11 KAZSERVICESTROY JSC: Creditors Must File Claims by April 11 MONTAGE ELECTRO: Claims Deadline Slated for April 11 ORDA CREDIT: S&P Puts CCC+/C Ratings with Stable Outlook WORDON LLP: Claims Filing Period Ends April 11 K Y R G Y Z S T A N AL-NUR-TRANS LLC: Creditors Must File Claims by March 21 E-LINE STUDIO: Claims Filing Period Ends March 21 L I T H U A N I A EKRANAS AB: Unknown Bidder Offers to Buy Real Estate L U X E M B O U R G AMERICAN AXLE: UAW Labor Contract Ends Sparking Workers' Strike N E T H E R L A N D S CARMEUSE HOLDING: S&P Puts B+ Rating on Senior Sec. Facilities VAN HOORN: Files EUR2.6 Million Damages Suit Against Heineken P O L A N D CENTRALWINGS: Parent to Determine Fate at Next Board Meeting FIAT SPA: Resumes Production of Multijet Engine in Polish Plant GOODYEAR TIRE: To Increase TC Debica Stake to 65.99% GOODYEAR TIRE: Supports TC Debica Truck Tire Expansion in Poland GREENBRIER COS: Unit Applies Receivership in Nova Scotia Court OWENS CORNING: Moody's Downgrades Debt Ratings to Ba1 R O M A N I A FORD MOTOR: European Commission Orders Return of EUR27 Mln Aid R U S S I A ADONIS LLC: Creditors Have Until April 16 to File Claims BUR-GAS-SERVICE: Creditors Must File Claims by March 16 D.P.KUROPYATNIKOV: Creditors Must File Claims by April 16 DESNITSA CJSC: Creditors Must File Claims by March 16 DINAMO LLC: Creditors Must File Claims by March 16 EAR LLC: Creditors Must File Claims by April 16 HAYDITE OJSC: Creditors Must File Claims by April 16 KONFI CJSC: Creditors Must File Claims by March 16 MONOLITH CJSC: Creditors Must File Claims by April 16 NIZHNEKAMSKNEFTEKHIM: Moody's Affirms B1 Ratings NOVO-SHIPOVSKIY WOOD: Creditors Must File Claims by April 16 OGK-5 OAO: Names Dominique Fache as Board of Directors Chairman RECHITSA LLC: Kursk Bankruptcy Hearing Slated for April 23 RYAZAN-OIL-GAS-STROY: Creditors Must File Claims by March 16 STARODUBSKIY HEMP: Asset Sale Slated for March 17 VIST-MKD LLC: Orel Bankruptcy Hearing Slated for May 21 ZOLSKOE ROAD: Court Starts Bankruptcy Supervision Procedure S P A I N HABITAT: Reaches Refinancing Deal with Banks; Averts Bankruptcy MADRID ACTIVOS: Moody's Rates EUR96.75 Million Notes at Ba3 S W E D E N GRAPHIC PACKAGING: Reports US$0.7 Mln Net Loss for 2007 4th Qtr. S W I T Z E R L A N D BEYOND THE HORIZON: Creditors' Liquidation Claims Due by Feb. 29 EXCLUSIVE LIFE: Zug Court Starts Bankruptcy Proceedings EXPOSMART (SCHWEIZ): Zug Court Starts Bankruptcy Proceedings GEMA LANDMASCHINEN: Creditors' Liquidation Claims Due by Mar. 4 GISLER JSC: Creditors' Liquidation Claims Due by Mar. 4 IMPEX PHARMA: Creditors' Liquidation Claims Due by Feb. 28 INTAG IMMOBILIEN: Creditors' Liquidation Claims Due by Feb. 29 LS GASTRO: Lucerne Court Starts Bankruptcy Proceedings MAYSOFT JSC: Creditors' Liquidation Claims Due by Feb. 29 PSL GROUP: Creditors' Liquidation Claims Due by Feb. 29 RHEINTAL AMPREIS: Zug Court Starts Bankruptcy Proceedings TEBARO LLC: Creditors' Liquidation Claims Due by Mar. 4 TRIMUNA JSC: Creditors' Liquidation Claims Due by Feb. 29 U K R A I N E GRADING LLC: Creditors Must File Claims by March 6 KRASNOARMEYSK COMBINE: Creditors Must File Claims by March 7 MASTER-CLASS LLC: Creditors Must File Claims by March 6 PODOLYE LLC: Proofs of Claim Filing Deadline Set March 7 SOKOL AGRICULTURAL: Proofs of Claim Filing Deadline Set March 7 SPECIAL BUILDING: Proofs of Claim Filing Deadline Set March 7 SPHERE LLC: Creditors Must File Claims by March 7 TAVRIYA TRANSPORT: Creditors Must File Claims by March 6 VOSKHOD LLC: Proofs of Claim Filing Deadline Set March 7 U N I T E D K I N G D O M BAA LTD: Stephen Nelson Quitting as Chief Executive Officer CHRYSLER LLC: Streamlines Production; Won't Sell Car Clones CLEAR CHANNEL: Wachovia's Case May Derail Amended TV Sale Deal COLT TELECOM: Posts Net Profit of EUR39.2 Million for Year 2007 DOUBLEMARK DUNDEE: Claims Filing Period Ends March 31 DOUBLEMARK LTD: David Elliott Leads Liquidation Procedure FLAMETECT FABRICS: Brings In Administrators from Tenon Recovery FORD MOTOR: Nudges Woodhaven Workers to Accept Buyout Options GENERAL MOTORS: In Talks with BMW on Possible Tie-Up GENERAL MOTORS: Supplier Workers Strike Unmoved on Assembly GENERAL MOTORS: Fitch Holds IDR at 'B' with Negative Outlook GETTY IMAGES: US$2.4MM Hellman Deal Cues Moody's Rating Review GETTY IMAGES: S&P Cuts Rating on US$2.4B Hellman & Friedman Deal HERBERT ROBERTS: Brings In Liquidators from Tenon Recovery INTERNATIONAL DIAMALT: Appoints Joint Administrators from KPMG MAXJET AIRWAYS: Files Schedules of Assets and Liabilities METRONET RAIL: Moody's Revises Outlook on Ratings to Positive MORGAN-GRUNFELD LTD: Calls In Liquidators from BDO Stoy Hayward NORTHERN ROCK: Branson Says Virgin's Rescue Plan Saves More Jobs PETROLEOS DE VENEZUELA: Receivables Increases to US$310 Mil. PETROLEOS DE VENEZUELA: Offers to Withdraw Stake in Chalmette RUSSELLS RESTAURANTS: Taps Administrators from Tenon Recovery SELECT RETAIL: 800 Employees Likely to Face Job Cuts * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= SADOVNIK KEG: Claims Registration Period Ends March 10 ------------------------------------------------------ Creditors owed money by KEG Sadovnik (FN 146905m) have until March 10, 2008, to file written proofs of claim to court- appointed estate administrator Friedrich Filzmaier at: Mag. Friedrich Filzmaier Herrengasse 22/2 8010 Graz Austria Tel: 0316/820202 Fax: 0316/820202-20 E-mail: filzmaier@mekf.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:35 p.m. on March 27, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 230 Hall L Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Feb. 5, 2008 (Bankr. Case No. 25 S 10/08w). SCHIKRAD LLC: Claims Registration Period Ends March 17 ------------------------------------------------------ Creditors owed money by LLC Schikrad (FN 81467f) have until March 17, 2008, to file written proofs of claim to court- appointed estate administrator Johannes Jaksch at: Dr. Johannes Jaksch Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33, 713 34 05 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on March 17, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 6, 2008 (Bankr. Case No. 38 S 9/08p). SCHUTZGITTER VERTRIEB: Claims Registration Period Ends March 10 --------------------------------------------------------------- Creditors owed money by LLC Schutzgitter Vertrieb (FN 30931m) have until March 10, 2008, to file written proofs of claim to court-appointed estate administrator Michael Troethandl at: Dr. Michael Troethandl Hauptplatz 9-13 2500 Baden bei Wien Austria Tel: 02252/86580 Fax: 02252/86580-3 E-mail: troethandl@lexacta.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 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 Ebreichsdorf, Austria, the Debtor declared bankruptcy on Feb. 5, 2008 (Bankr. Case No. 10 S 14/08z). ZMS BAU: Claims Registration Period Ends March 10 ------------------------------------------------- Creditors owed money by LLC ZMS Bau (FN 242721v) have until March 10, 2008, to file written proofs of claim to court- appointed estate administrator Helmut Caks at: Mag. Helmut Caks Friedrichgasse 6/I/8 8010 Graz Austria Tel: 0316/811455 Fax: 0316/811455-14 E-mail: caks@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:50 p.m. on March 27, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Romm 230 Hall L Graz Austria Headquartered in Feldkirchen, Austria, the Debtor declared bankruptcy on Feb. 5, 2008 (Bankr. Case No. 25 S 11/08t). ============= B E L G I U M ============= CHIQUITA BRANDS: S&P Junks Rating on US$200 Million Senior Notes ---------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'CCC' senior unsecured rating to Chiquita Brands International Inc.'s US$200 million convertible senior notes due 2016. Net proceeds from the issuance were used to repay a portion of the US$375 million term loan C (US$132 million outstanding at Dec. 31, 2007, pro forma for this notes offering) of its senior secured credit facility. About US$820 million of debt was outstanding at Dec. 31, 2007. The ratings on Cincinnati, Ohio-based Chiquita reflect the company's high debt leverage, weak credit measures, and its product concentration in bananas and packaged salad. The company competes in the fruit and vegetable industry, which is mature and faces uncontrollable factors such as global supply, world trade policies, political risk, currency swings, weather, and disease. Ratings List Chiquita Brands International Inc. Corporate Credit Rating B-/Negative/-- Rating Assigned Chiquita Brands International Inc. US$200 Million 4.25% Convertible Notes Due 2016 CCC =========== F R A N C E =========== ALCATEL-LUCENT SA: Inks Major Network Deal with Brasil Telecom -------------------------------------------------------------- Alcatel-Lucent S.A. has signed a major contract with Brasil Telecomto provide Operations and Maintenance services for the carrier internal plant (including wireless, wireline and data networks), as well as their outside plant. This project reinforces the strategic partnership between Brasil Telecom and Alcatel-Lucent, and solidifies the company�s leadership in providing operations and maintenance services for fixed, mobile and data networks in Brazil. This contract represents a milestone in Latin America as no other company in the region is responsible for the whole infrastructure of an operator. Brasil Telecom is pioneering this field by selecting an experienced and capable supplier as its partner to simplify and expand its business. Based on the agreement Alcatel-Lucent will take care of 100% of Brasil Telecom infrastructure, including: * detailed O&M for the operator�s wireless network (voice, data and core); * switches and transmission (for fixed land line); * data communications and ADSL (core and access); * satellite platform; * infrastructure (building, AC/DC energy, air conditioning, towers and poles); * network management systems; and * technical support for all levels. "This is the biggest contract signed by Brasil Telecom in the last few years and we look forward to an exceptionally close working relationship with Alcatel-Lucent as we strive to bring out customers the most reliable and highest quality communications services available," said Francisco Santiago, Brasil Telecom Operations Vice-President. "Alcatel-Lucent will take care of the whole operation and maintenance of our fixed- line and wireless telephony infrastructure and we trust their capacity for that. For us it�s a new way of working, creating a package of services that spans maintenance, engineering, installation and operations to attain OPEX and CAPEX reduction." This new contract demonstrates the breadth and depth of Alcatel- Lucent services portfolio, as it encompasses network consulting and planning, network operations, optimization and maintenance. Alcatel-Lucent is the main equipment and solution supplier for Brasil Telecom and has also provided O&M services for the operator since 2002. Alcatel-Lucent plans to create a centralized technical management center, implement process and organizational improvements between outside plant and internal infrastructure, and improve productivity at central management center level through application of workforce management, improving existing OSS (Operation System Support) tools to better apply fault correlation and automatic dispatching. "This network services contract with Brasil Telecom builds upon our long-term relationship with them, which is built on trust, confidence and a spirit of partnership. Their decision to have a single partner responsible for the operation and maintenance of their network is quite visionary and is a pioneering strategy by the operator, both in Brazil and the region," said Victor Agnellini, President of Alcatel-Lucent�s activities in the Caribbean and Latin America region. "We are committed on delivering the best services and an excellent experience for Brasil Telecom and its customers by ensuring the reliability and quality of the carrier�s entire infrastructure. And we look forward to welcoming the talented employees from Brasil Telecom who will be joining Alcatel-Lucent to ensure we can leverage their expertise to maintain the high quality of the service Brasil Telecom provides." About Alcatel-Lucent Headquartered in Paris, France, Alcatel-Lucent S.A. -- http://www.alcatel-lucent.com/-- provides solutions that enable service providers, enterprises and governments worldwide to deliver voice, data and video communication services to end users. Alcatel-Lucent maintains operations in 130 countries, including, Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada, United States, Costa Rica, Dominican Republic, El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia, Brunei and Cambodia. * * * As reported in the TCR-Europe Nov. 9, 2007, Moody's Investors Service downgraded to Ba3 from Ba2 the Corporate Family Rating of Alcatel-Lucent. The ratings for senior debt of the group were equally lowered to Ba3 from Ba2 and the trust preferred notes of Lucent Technologies Capital Trust I have been downgraded to B2 from B1. At the same time, Moody's affirmed its Not-Prime rating for short-term debt of Alcatel-Lucent. Moody's said the outlook for the ratings is stable. Alcatel-Lucent's Long-Term Corporate Credit rating and Senior Unsecured Debt carry Standard & Poor's Ratings Services' BB rating. Its Short-Term Corporate Credit rating stands at B. AKERYS HOLDINGS: Weak Results Prompt S&P's Negative Watch --------------------------------------------------------- Standard & Poor's Rating Services placed the 'BB' credit rating on France-based homebuilder Akerys Holdings S.A. on CreditWatch with negative implications. Accordingly, Standard & Poor's also placed the 'BB-' rating on Akerys' EUR300 million floating-rate notes due 2014 on CreditWatch with negative implications. "The CreditWatch placement follows the company's announcement today of weaker-than-expected half-year results, as well as a downward revision in its operating profit guidance for the fiscal year ending June 30, 2008," said Standard & Poor's credit analyst Pierre Georges. Mr. Georges added, "This poorer performance reflects a weakening operating margin in the company's real estate development division and more challenging housing market conditions in France (the only market in which Akerys operates). This could result in a lower assessment of the company's business profile and credit ratios, which might no longer be in line with our expectations for a 'BB' rating." In resolving the CreditWatch, Standard & Poor's will have further discussions with management regarding Akerys' future operating performance and potential actions that could be implemented to improve operations and restore financial ratios; focus on the detailed accounts that should be released tomorrow; and review the company's financial flexibility. The rating continues to reflect the company's aggressive financial profile and lack of geographic diversity, as well as the property development industry's cyclicality, working- capital-intensity, low barriers to entry, and highly fragmented nature. These negative factors are partly mitigated by Akerys' good cost management and prudent risk policies and the added benefits derived from providing ancillary financial services. DOLE FOOD: Moody's Corp. Cuts Rating to 'B3' on Weak Performance ---------------------------------------------------------------- Moody's Investors Service lowered Dole Food Company, Inc.'s corporate family rating and probability of default ratings to B3 from B2, and downgraded the ratings of the company's unsecured shelf filings. Dole's other debt ratings were confirmed. The rating outlook is stable. Ratings Lowered Dole Food Company, Inc. -- Corporate family rating to B3 from B2 -- Probability of default rating to B3 from B2 -- Senior unsecured shelf, senior subordinated shelf and junior subordinated shelf to (P)Caa2 (LGD6,97%) from (P)Caa1 (LGD6,97%) Ratings Confirmed Dole Food Company, Inc. -- Senior secured term loan B at Ba3 (LGD2,23%) -- Senior secured prefunded letter of credit facility at Ba3 (LGD2,23%) Solvest. Ltd. -- Senior secured term loan C at Ba3 (LGD2,23%) -- Senior secured prefunded letter of credit facility at Ba3 (LGD2,23%) Ratings confirmed, LGD percentage adjusted Dole Food Company, Inc. -- Senior unsecured notes at Caa1 (LGD5). LGD percentage to 77% from 78% "The downgrade in the corporate family rating and probability of default rating reflects Dole's weaker than anticipated operating performance in its fresh vegetable segment, margin pressure in packaged foods, and the lack of success in turning around its small flowers business", noted Elaine Francolino, Vice President, Senior Credit Officer. As a result, Dole's credit metrics are weaker than those appropriate for its prior rating level -- debt to EBITDA at October 6, 2007 was still high at 8.2 times, and unlikely to improve in the near term to the 7.5 times threshold articulated in Moody's January 2007 credit opinion as appropriate for the company's prior (B2) rating level. Free cash flow has been negative since the end of fiscal 2004, stemming from low profitability. The shelf instruments that were also downgraded are assumed to be unguaranteed in the loss-given-default model, and consequently have a low priority ranking in the liabilities waterfall. The ratings of these instruments were negatively impacted by the higher level of accounts payable, perhaps resulting from rising input prices and from company growth. Headquartered in Westlake Village, California, Dole Food Company, Inc. is the world's largest producer of fresh fruit, fresh vegetables and fresh-cut flowers. The company also sells value-added fruits and vegetables. Sales for the twelve months ended Oct. 2, 2007 exceeded US$6.7 billion. The company's European Ripening & Distribution business distributes DOLE and non-DOLE branded fresh produce in Europe. This business operates 37 sales and distribution centers in eleven countries, predominantly in Western Europe. European Ripening and Distribution accounted for approximately 38% of our fresh fruit business segment�s revenues in 2006. The company maintains its European headquarters in Paris, France and regional offices in Antwerp, Belgium, Athens, Greece, Hamburg, Germany, Milan, Italy, Stockholm, Sweden and Cape Town, South Africa, which are leased from third parties. The company also has offices in Madrid, Spain, Rungis, France, Lubeck, Germany and Dartford, England. PRIDE INTERNATIONAL: Closes Sale of Three Rigs for US$213 Mil. -------------------------------------------------------------- Pride International Inc. has completed the previously announced sale of its three self-erecting, tender-assist rigs, the Al Baraka I, Alligator and Barracuda, for US$213 million in cash. Proceeds from the sale are expected to be utilized for general corporate and strategic purposes, including potential funding for the construction of the company's three ultra-deepwater drillships and other future growth opportunities. About Pride International Headquartered in Houston, Texas, Pride International Inc. (NYSE: PDE) -- http://www.prideinternational.com/-- provides onshore and offshore contract drilling and related services in more than 25 countries, operating a diverse fleet of 277 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and platform rigs, and 214 land rigs. The company maintains worldwide operations in France, Mexico, Kazakhstan, India, and Brazil, among others. * * * Pride International Inc. carries Standard & Poor's Ratings Service's BB+ corporate credit and unsecured debt ratings with a stable outlook. PRIDE INTERNATIONAL: Names David Hager to Board of Directors ------------------------------------------------------------ Pride International Inc. has appointed David A. Hager to the company's board of directors, effective immediately. Over the past 29 years, Mr. Hager has served in numerous senior management positions in the oil and gas industry, most recently as the chief operating officer for Kerr-McGee Corporation until his retirement in August 2006 following the merger of Kerr-McGee with Anadarko Petroleum Corporation. Mr. Hager began his career in the oil and gas industry in 1979 as an exploration geophysicist with Mobil Corporation and in 1981, he joined Sun Oil Company (predecessor of Oryx Energy Company). Mr. Hager joined Kerr-McGee as vice president of Gulf of Mexico operations following the company's merger with Oryx in 1999, became vice president of international operations in April 2000 and was named vice president of worldwide deepwater exploration and production in October 2000. Mr. Hager became vice president of Gulf of Mexico and worldwide deepwater exploration and production in 2001, was named vice president of exploration and production in 2002 and became senior vice president (oil and gas exploration and production) in March 2003. He was named chief operating officer of Kerr-McGee in July 2005. Mr. Hager currently serves as a director of Devon Energy Corporation. In addition, the company announced that David B. Robson will retire from the Pride International board of directors effective on the date of the company's 2008 Annual Meeting of Stockholders. Mr. Robson's service dates back to May 1998, when he joined the board of directors of Marine Drilling Companies, Inc. He has served on the Pride International board since the company's merger with Marine Drilling in September 2001. Louis A. Raspino, President and Chief Executive Officer of Pride International, Inc., stated, "On behalf of the board of directors, stockholders and employees of Pride, I would like to sincerely thank Dave for his dedicated service on the board. We wish Dave all the best in his retirement." About Pride International Headquartered in Houston, Texas, Pride International Inc. (NYSE: PDE) -- http://www.prideinternational.com/-- provides onshore and offshore contract drilling and related services in more than 25 countries, operating a diverse fleet of 277 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 28 jackups, 16 tender-assisted, barge and platform rigs, and 214 land rigs. The company maintains worldwide operations in France, Mexico, Kazakhstan, India, and Brazil, among others. * * * Pride International Inc. carries Standard & Poor's Ratings Service's BB+ corporate credit and unsecured debt ratings with a stable outlook. SPANSION INC: Fitch Holds Issuer Default Rating at B- ----------------------------------------------------- Fitch Ratings has affirmed Spansion Inc.'s (Nasdaq: SPSN) Issuer Default Rating (IDR) at 'B-' while downgrading these issue-level ratings due to lower recovery prospects: -- US$175 million senior secured revolving credit facility due 2010 to 'B/RR3' from 'B+/RR2'; -- US$625 million senior secured floating rating notes due 2013 to 'B/RR3' from 'B+/RR2'; -- US$225 million of 11.25% senior unsecured notes due 2016 to 'CCC/RR6' from 'CCC+/RR5'; and -- US$207 million of 2.25% convertible senior subordinated debentures due 2016 to 'CCC-/RR6' from 'CCC/RR6'. The Rating Outlook remains Negative. Approximately US$1.2 billion of debt is affected. The Negative Outlook mainly reflects Fitch's expectations that: * the company's financial flexibility and liquidity position will remain relatively weak; * Spansion's free cash flow will be negative again in 2008, despite the anticipation of significantly lower capital spending, further pressuring the company's liquidity position or resulting in higher debt levels; and * ongoing industry-wide excess capacity, which continues to pressure average selling prices in all but the highest bit-density products and should constrain the company's ability to meaningfully expand gross margins and, therefore, achieve operating profitability over the near- term. Ratings concerns mainly center on: * substantial ongoing capital spending and research and development requirements, which should exceed 30% of sales in 2008, (at the higher end for the industry), while recognizing that Spansion's capital spending has been accelerated to support solid unit growth prospects and gain a sustainable cost leadership position; * Spansion's current lack of diversification beyond NOR flash memory markets (although emerging products are expected to address certain NAND and DRAM markets), which Fitch believes limits the company's tolerance for shortfalls in the commercial success of its technology roadmap or delays in transitioning to ever smaller circuitry nodes. Fitch notes that Spansion's key competitors have stronger financial flexibility, enabling them to withstand a challenging operating environment over the intermediate-term. The ratings are supported by Fitch's expectations that: * Spansion will continue to outgrow the NOR flash memory market over the next few years, driven by ongoing industry consolidation, including an opportunity to become a second source supplier for customers of Intel Corp. and STMicroelectronics N.V., which are forming a NOR flash memory joint venture (JV) currently expected to close March 28, 2008; * beyond the near-term, Spansion's significant recent investments in leading edge manufacturing technology and ongoing transition to smaller circuit geometries, as well as development of foundry partnerships, should enable the company to achieves sustainable operating profitability through a normalized cycle; * Spansion's technology roadmap, including its MirrorBit and ORNAND architectures, will expand the company's addressable market beyond NOR flash memory, potentially strengthening Spansion's longer-term unit growth and profitability prospects. The Recovery Ratings and notching reflect Fitch's expectation that Spansion's enterprise value, and hence recovery rates for its creditors, will be maximized as a going concern rather than as in liquidation under a distressed scenario. The lower recovery ratings incorporate Spansion's meaningful decline in operating EBITDA and increased debt levels over the past several quarters, as well as a greater proportion of secured debt within the capital structure. Fitch's analysis assumes Spansion is not restricted by covenants or borrowing bases to fully draw down on its existing bank credit facilities. Given the erosion of Spansion's profitability to nearly distressed levels over the past several quarters, Fitch has reduced the discount to operating EBITDA (in estimating distressed operating EBITDA) for 2007 to 25% from the previous discount of 55%. Fitch believes of USUS$800 million of rated senior secured debt, including US$625 million of senior secured floating rate notes and a fully drawn US$175 million U.S. revolving bank credit facility, would recover 51%-70% in a reorganization scenario, resulting in a 'RR3' recovery rating. A waterfall analysis provides 0%-10% recovery for the approximately US$225 million of rated senior unsecured debt and US$207 million of senior subordinated notes, both resulting in a recovery rating of 'RR6'. As of Dec. 31, 2007, Fitch believes Spansion's liquidity was weak but sufficient to meet Fitch's anticipated near-term short- fall in free cash flow and supported by: approximately US$416 million of cash and cash equivalents and ii) approximately US$236 million in total availability under various existing credit facilities (subject to certain borrowing base limitations), including Spansion's undrawn US$175 million senior secured U.S. revolving credit facility expiring 2010. A portion of Spansion's additional availability is related to credit facilities at the company's wholly-owned subsidiary, Spansion Japan. Total debt as of Dec. 31, 2007 was US$1.4 billion and consisted primarily of: i) approximately US$260 million outstanding under a JPY 48.8 billion (approximately US$400 million as of Dec. 31, 2007) Spansion Japan's, a wholly-owned subsidiary of Spansion Inc., senior secured credit facility expiring 2012; ii) approximately US$625 million of floating rate senior secured notes due 2013; iii) approximately US$225 million of 11.25% senior unsecured notes due 2016; iv) US$207 million of 2.25% exchangeable senior subordinated debentures due 2016; and iv) approximately US$80 million of other debt, including capital leases. About Spansion Inc. Headquartered in Sunnyvale, California, Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- designs, develops, manufactures, markets and sells flash memory solutions for wireless, automotive, networking and consumer electronics applications. The company has European operations in France, Asia-Pacific facilities in Japan, China, Malaysia and Thailand, as well as sales offices in Latin American countries including Brazil and Mexico. ============= G E R M A N Y ============= DIENSTLEISTUNGS GMBH: Claims Registration Period Ends March 20 -------------------------------------------------------------- Creditors of Dienstleistungs-GmbH Dortmund have until March 20, 2008, to register their claims with court-appointed insolvency manager Thomas Thiele. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dortmund Hall 3.201 Gerichtsplatz 22 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: Thomas Thiele Bronnerstrasse 7 44141 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Dienstleistungs-GmbH Dortmund on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dienstleistungs-GmbH Dortmund Uhlandstrasse 165 44147 Dortmund Germany Attn: Dora Schoebel, Manager Groppenbrucher Strasse 83 44359 Dortmund Germany ENTER.TV GMBH: Claims Registration Period Ends March 20 ------------------------------------------------------- Creditors of enter.tv GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Stefan Denkhaus. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Denkhaus Jungfernstieg 30 20354 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against enter.tv GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: enter.tv GmbH Alter Wandrahm 15 20457 Hamburg Germany ETTEPLAN ENGINEERING: Claims Registration Period Ends March 20 -------------------------------------------------------------- Creditors of Etteplan Engineering GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Frank Imberger. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Frank Imberger Huestrasse 34 44787 Bochum Germany The District Court of Bochum opened bankruptcy proceedings against Etteplan Engineering GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Etteplan Engineering GmbH Wittenerstr. 2 44789 Bochum Germany FABA TRANSPORTGERATE: Claims Registration Period Ends March 20 -------------------------------------------------------------- Creditors of FABA Transportgerate GmbH & Co. KG have until March 20, 2008, to register their claims with court-appointed insolvency manager Thomas Georg. Creditors and other interested parties are encouraged to attend the meeting at 10:15 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 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: Thomas Georg Juelicher Strasse 116 52070 Aachen Germany Tel: 0241/94618-0 Fax: 0241/533562 The District Court of Aachen opened bankruptcy proceedings against FABA Transportgerate GmbH & Co. KG on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FABA Transportgerate GmbH & Co. KG Attn: Franz Dieter Wirtz, Manager Hamm-Muehle 1-5 52222 Stolberg Germany FERRINOX METALLBAU: Claims Registration Period Ends March 21 ------------------------------------------------------------ Creditors of Ferrinox Metallbau GmbH have until March 21, 2008, to register their claims with court-appointed insolvency manager Helge Wachsmuth. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.m. on April 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hildesheim Hall 16 Kaiserstrasse 60 31134 Hildesheim 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: Helge Wachsmuth Alexanderstr. 2 30159 Hannover Germany Tel: 0511/325095 Fax: 0511/329934 The District Court of Hildesheim opened bankruptcy proceedings against Ferrinox Metallbau GmbH on Feb. 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ferrinox Metallbau GmbH Am Bahnhof 4 31061 Alfeld Germany Attn: Gabriele Foersterling, Manager Mittelstr. 3 31061 Alfeld Germany GLADSTONE MEDIASERVICE: Claims Registration Period Ends March 20 ---------------------------------------------------------------- Creditors of Gladstone Mediaservice GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Moritz Hansberg. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Moritz Hansberg Huestrasse 34 44787 Bochum Germany The District Court of Bochum opened bankruptcy proceedings against gladstone mediaservice GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: gladstone mediaservice GmbH Berlinerstr. 88 44867 Bochum Germany GO SPORTS: Claims Registration Period Ends March 20 --------------------------------------------------- Creditors of Go Sports Management Promotion GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Thomas Schaefer. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 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: Thomas Schaefer Fuggerstr. 16 86150 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Go Sports Management Promotion GmbH on Feb. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Go Sports Management Promotion GmbH c/o Martin Schueler Am Hasenberg 9 86482 Aystetten Germany GUSTAV LANGE: Claims Registration Period Ends March 20 ------------------------------------------------------ Creditors of Gustav Lange GmbH + Co. KG have until March 20, 2008, to register their claims with court-appointed insolvency manager Dr. Andreas Ringstmeier. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 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. Andreas Ringstmeier Magnusstr. 13 50672 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Gustav Lange GmbH + Co. KG on Feb.1 , 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gustav Lange GmbH + Co. KG Kaiserstr. 117 42477 Radevormwald Germany HENNEN ROHRLEITUNGSBAU: Claims Registration Ends March 24 --------------------------------------------------------- Creditors of Hennen Rohrleitungsbau GmbH have until March 24, 2008 to register their claims with court-appointed insolvency manager Jana Dettmer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 24, 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 Cologne Meeting Hall 1240 12th Floor Luxemburger Str. 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: Jana Dettmer Weyerstrasse 54 50676 Cologne Germany The District Court of Cologne opened bankruptcy proceedings against Hennen Rohrleitungsbau GmbH on Jan. 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hennen Rohrleitungsbau GmbH Attn: Peter Jakob Hennen, Manager Firmenichstr. 8 50354 Huerth Germany HKF PLANEN: Claims Registration Ends March 24 --------------------------------------------- Creditors of HKF Planen + Bauen GmbH have until March 24, 2008 to register their claims with court-appointed insolvency manager Dr. Stefanie Kuche. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.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 Hannover Hall 226 Second Upper Floor Service Bldg. Hamburger Allee 26 30161 Hannover 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. Stefanie Kuche Arthur-Menge-Ufer 5 30169 Hannover Germany Tel: 0511 626287-0 Fax: 0511 626287-10 The District Court of Hannover opened bankruptcy proceedings against HKF Planen + Bauen GmbH on February 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HKF Planen + Bauen GmbH Attn: Stephan Stracke, Manager Brabeckstrasse 112 30539 Hannover Germany IZLO GMBH: Claims Registration Period Ends March 24 --------------------------------------------------- Creditors of izlo GmbH have until March 24, 2008, to register their claims with court-appointed insolvency manager Frank M. Welsch. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Frank M. Welsch Barkeystrasse 30 33330 Guetersloh Germany The District Court of Bielefeld opened bankruptcy proceedings against izlo GmbH on Feb. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: izlo GmbH Attn: Sueleyman Oezcelik, Manager Maximilian-Ulrich-Str. 21 33397 Rietberg Germany LICH BVF: TA Triumph-Adler Can Purchase Assets ---------------------------------------------- TA Triumph-Adler AG has been granted to purchase the essential assets of Rabenau, Germany-based Lich BVF GmbH from the insolvency administrator of the company which had filed for an insolvency proceeding as of November 20, 2007. This was now resolved by the committee of creditors. The deciding factor was the concept presented by TA Triumph-Adler how to restructure the Lich operations in order to return them to profitability at short notice. The details of the purchase will be laid down in a purchasing contract. Lich is a specialist dealer active in the field of office communication (document business). The company generated around EUR7 million of revenue in 2007 and manages over 3.500 machines as part of long-term agreements. The major part of its operations will be continued in the framework of a separate company within the TA Triumph-Adler Group. TA Triumph-Adler expects to markedly increase the sales revenue of the new company over the next years and lift operating margins to levels customary within the Group. Consent has been reached with the insolvency administrator that TA Triumph-Adler will also purchase the customer base of Eberhard Lich Gmbh & Co. KG, also located in Rabenau. This agreement is still subject to the consent of the committee of creditors. The company is also under insolvency administration. It operates in the office equipment and stationery segment. Lich and Eberhard have common shareholders. LOKALE NETZWERKE: Claims Registration Ends March 22 --------------------------------------------------- Creditors of Lokale Netzwerke Steinke GmbH & Co. KG have until March 22, 2008 to register their claims with court-appointed insolvency manager Manfred Gottschalk. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bochum Meeting 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: Manfred Gottschalk Kirchender Dorfweg 14 58313 Herdecke Germany The District Court of Bochum opened bankruptcy proceedings against Lokale Netzwerke Steinke GmbH & Co. KG on Jan. 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Lokale Netzwerke Steinke GmbH & Co. KG Attn: Hartmut Steinke, Manager Konrad-Zuse-Str. 4 44801 Bochum Germany PAPIERFABRIK GRAFENDORF: Claims Registration Ends March 20 ---------------------------------------------------------- Creditors of Papierfabrik Grafendorf Pawlowsky GmbH 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 9:30 a.m. on April 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuerzburg Hall 14/II 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: 0931/359800 The District Court of Wuerzburg opened bankruptcy proceedings against Papierfabrik Grafendorf Pawlowsky GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Papierfabrik Grafendorf Pawlowsky GmbH Attn: Walter Pawlowsky, Manager Schondratal 42 97782 Grafendorf Germany PHOTRONICS INC: Moody's Holds Ratings But Says Outlook is Neg. -------------------------------------------------------------- Moody's Investors Service affirmed Photronics, Inc.'s B1 corporate family rating, but revised its ratings outlook to negative from stable. The outlook revision reflects Moody's concern over Photronics' liquidity given the pending maturity of the $150 million convertible subordinated notes on April 15, 2008. Although the company should have the capacity to redeem these notes, the commensurate reduction in cash and increase in revolving credit facility borrowings will likely pressure covenant compliance and diminish the company's financial flexibility at a time when access to new capital is uncertain. The outlook revision also reflects weaker than expected operating performance relative to Moody's expectations. The company has experienced significant margin erosion due to average selling price declines as well as an increased manufacturing base. Moody's notes that high capital spending levels for the U.S. nanofab facility in Boise will likely result in negative free cash flow for the current fiscal year. The rating is supported by the potential for improved operating performance in the remainder of fiscal 2008, the relative stability of business volumes, and the company's moderate leverage with debt-to-EBITDA at 2.5 times for the twelve months ended January 27, 2008; however, Moody's recognizes that a material portion of the company's earnings and cash flows are derived from overseas. These ratings were affirmed: -- Corporate Family Rating at B1; -- Probability of Default Rating at B1; -- $150 million 2.25% convertible subordinated notes due 2008 at B3 (LGD5, 83%). Point estimate revised from (LGD5, 86%). To the extent Photronics' redeems the full amount of the convertible subordinated notes, Moody's will withdraw the company's ratings. Brookfield, CT-based Photronics, Inc. is a leading manufacturer of photomasks, which are high precision photographic quartz plates containing microscopic images of electronic circuits used to transfer circuit patterns onto semiconductor wafers and flat panel substrates during front-end fabrication. Sales for the twelve months ended January 27, 2008 were $419 million. In Europe, the company maintains operations in Dresden, Germany and Manchester, U.K. PLANTAGE SYSTEMGASTRONOMIE: Claims Registration Ends March 20 ------------------------------------------------------------- Creditors of Plantage Systemgastronomie GmbH & Co. KG have until March 20, 2008, to register their claims with court-appointed insolvency manager Christian Plail. Creditors and other interested parties are encouraged to attend the meeting at 2:05 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 Noerdlingen Meeting Hall F/I Kaisheimer House Tandelmarkt 5 Noerdlingen 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: Christian Plail Eserwallstrasse 1-3 86150 Augsburg Germany Tel: 0821/509330 Fax: 0821/5093333 The District Court of Noerdlingen opened bankruptcy proceedings against Plantage Systemgastronomie GmbH & Co. KG on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Plantage Systemgastronomie GmbH & Co. KG Attn: Thomas Hitzler, Manager Windtschmidtstrasse 9 89423 Gundelfingen Germany PRODOMO EINRICHTUNGEN: Claims Registration Period Ends March 20 --------------------------------------------------------------- Creditors of PRODOMO Einrichtungen GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Paul Wieschemann. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kaiserslautern Hall 11 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 PRODOMO Einrichtungen GmbH on Jan. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PRODOMO Einrichtungen GmbH Attn: Markus Hofmann, Manager Osterstr. 7 67655 Kaiserslautern Germany ROHRBAU-MAISEL GMBH: Claims Registration Period Ends March 14 ------------------------------------------------------------- Creditors of Rohrbau-Maisel GmbH have until March 14, 2008, to register their claims with court-appointed insolvency manager Thomas Krafft. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Cottbus Hall 220 platz 2 Cottbus 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 Krafft Jager-allee 37 H 14469 Potsdam Germany The District Court of Cottbus opened bankruptcy proceedings against Rohrbau-Maisel GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rohrbau-Maisel GmbH Wil-helm-Pieck-Strasse 18 04916 Schoenewalde Germany SIAN BAU: Claims Registration Period Ends March 20 -------------------------------------------------- Creditors of SiAn Bau GmbH & Co KG have until March 20, 2008, to register their claims with court-appointed insolvency manager Romy Metzger. Creditors and other interested parties are encouraged to attend the meeting at 1:00 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 Erfurt Hall 12 Judicial Center Rudolfstr. 46 99092 Erfurt 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. Romy Metzger Steigerstr. 30 99096 Erfurt Germany The District Court of Erfurt opened bankruptcy proceedings against SiAn Bau GmbH & Co KG on Jan. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SiAn Bau GmbH & Co KG Attn: Thomas Siegel, Manager Hirtenberg 23 98716 Geraberg Germany SKIN CARE: Claims Registration Period Ends March 20 --------------------------------------------------- Creditors of Skin Care Professional Beauty GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Andreas Sontopski. Creditors and other interested parties are encouraged to attend the meeting at 8:35 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 Nordhorn Hall 42 Seilerbahn 15 48529 Nordhorn Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Sontopski Gnoiener Platz 10 48493 Wettringen Germany Tel: 02557/93840 Fax: 02557/938450 The District Court of Nordhorn opened bankruptcy proceedings against Skin Care Professional Beauty GmbH on Jan. 24, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Skin Care Professional Beauty GmbH Lindenallee 54 48527 Nordhorn Germany SPEICHER AM FISCHMARKT: Claims Registration Period Ends March 20 ---------------------------------------------------------------- Creditors of Speicher am Fischmarkt GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Olaf Buechler. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Olaf Buechler Herrengraben 3 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Speicher am Fischmarkt GmbH on Jan. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Speicher am Fischmarkt GmbH Attn: Dieter Luebke, Manager Baurstrasse 2 22605 Hamburg Germany TELEBROKERS GMBH: Claims Registration Period Ends March 18 ---------------------------------------------------------- Creditors of TELEBROKERS GmbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Thomas Gerstenberger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Gerstenberger Wittgensdorfer Strasse 153a 09114 Chemnitz Germany The District Court of Leipzig opened bankruptcy proceedings against TELEBROKERS GmbH on Feb. 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TELEBROKERS GmbH Karl-Liebknecht-Strasse 61 04275 Leipzig Germany VISTEON CORP: Steven Hamp to Rejoin Board of Directors ------------------------------------------------------ The board of directors of Visteon Corporation elected Steven K. Hamp to rejoin the board, effective March 1, 2008. Mr. Hamp previously served on Visteon's board from January 2001 to November 2005. Mr. Hamp, 59, has been the principal of Hamp Advisors LLC, a strategy consulting firm, since March 2007. Before that, he was vice president and chief of staff at Ford Motor Co., a position he held from November 2005 to October 2006. Prior to joining Ford, Hamp served as president of The Henry Ford, a non-profit organization sponsoring historic exhibits. He is also a director of McKinley Corporation, a private real estate investment company located in Ann Arbor, Michigan. "Steve has keen knowledge of Visteon and our business environment, and we are pleased that the company again will benefit from his insight and leadership," Michael F. Johnston, Visteon chairman and chief executive officer, said. Based in Van Buren Township, Michigan, Visteon Corp. (NYSE: VC) -- http://www.visteon.com/-- is a global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic, and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. The company's other corporate offices are in Shanghai, China; and Kerpen, Germany. The company has facilities in 26 countries and employs approximately 43,000 people. * * * Moody's Investor Service placed Visteon Corp.'s long term corporate family and probability of default ratings at 'B3' in November 2006. The ratings still hold to date with a negative outlook. WESTLB AG: Proposed Helaba Merger Faces Setback ----------------------------------------------- Landesbank Hessen-Thueringen's owners (Helaba) may not push through concrete merger talks with WestLB AG's owners after deliberating on the risks and opportunities, the Financial Times reports, quoting Alois Riehl, economy minister of Hesse. The municipal savings bank of Hesse and Thuringia, Helaba's majority owners, will meet today, February 28, 2008, to discuss the proposed merger, which FT says will prop up WestLB's shaky business model. According to AFX News, citing Thomson Financial, the relevant panels of the Sparkassen association, which owns 85% of Helaba, will decide on whether to go ahead with the merger talks. The state of Hesse, AFX discloses, has a 10% stake in Helaba, while the state of Thuringia holds the remaining 5%. 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. WINKELMANN GMBH: Claims Registration Ends March 22 -------------------------------------------------- Creditors of Winkelmann GmbH have until March 22, 2008 to register their claims with court-appointed insolvency manager Dr. Marc d'Avoine. Creditors and other interested parties are encouraged to attend the meeting at 10:20 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 Cologne Meeting Hall 1240 12th Floor Luxemburger Str. 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. Marc d'Avoine Doeppersberg 19 42103 Wuppertal Germany Tel: 0202/245070 Fax: +492022450777 The District Court of Cologne opened bankruptcy proceedings against Winkelmann GmbH on Jan. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Winkelmann GmbH Fritz-Kotz-Str. 3 51674 Wiehl Germany Attn: Roland Berger, Manager Stahlberg 18 51647 Gummersbach Germany WORMSER SCHLACHTHOF: Claims Registration Ends March 20 ------------------------------------------------------ Creditors of Wormser Schlachthof Bistro GmbH 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 2:00 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 Wormser Schlachthof Bistro GmbH on February 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wormser Schlachthof Bistro GmbH Attn: Peter Christian Jeckel, Manager Vangionenstrasse 5 67547 Worms Germany WORMSER SCHLACHTHOFBETRIEBS: Claims Registration Ends March 20 -------------------------------------------------------------- Creditors of Wormser Schlachthofbetriebsgesellschaft mbH have until March 20, 2008 to register their claims with court- appointed insolvency manager Stefan Roth. Creditors and other interested parties are encouraged to attend the meeting at 2:30 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: Stefan Roth Bachstrasse 5-7 68165 Mannheim Germany Tel: 0621/440040 Fax: 0621/44004-33 The District Court of Worms opened bankruptcy proceedings against Wormser Schlachthofbetriebsgesellschaft mbH on February 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wormser Schlachthofbetriebsgesellschaft mbH Attn: Peter Christian Jeckel, Manager Vangionenstrasse 5 67547 Worms Germany ============= I R E L A N D ============= INT'L SECURITIES: Creditors Likely to Get at Most 10% of Claims --------------------------------------------------------------- Following the takeover of Collins Stewart Plc, creditors of International Securities Trading Corporation are expected to receive at most 10% of their claims, David Clerkin of the Sunday Business Post reports. As reported in yesterday's Troubled Company Reporter-Europe, Collins Stewart Plc entered into an agreement to acquire 100% of the company and will inject EUR5,000,000 in fresh capital. 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 decided to defer certain payments under financing obligations. MAGNOLIA FINANCE: Defaults on US$40 Mln Series 2006-11 Notes ------------------------------------------------------------ Credit Suisse, Cayman Islands Branch has delivered to Magnolia Finance VI plc in respect of the Series 2006-11 US$40 million ABS Portfolio Variable Rate Notes due December 2046, a notice of Floating Amount dated February 22, 2008 relating to Reference Entity TABS 2006-5, Tranche B2 and the Reference Obligation identified by CUSIP 87337W AF 7 in accordance with the Credit Swap Transaction relating to the Notes dated December 20, 2006 between CS and the Issuer. In the notice, Party A has notified Party B that it understands that a Floating Amount Event has occurred due to a Failure to Pay Principal with respect to the Reference Obligation on 8 February 2008. In particular, according to the Notice, the Floating Amount in respect of such Floating Amount Event is equal to the "Floating Amount" shown in Annex A (attached to the Notice) and will be due to the Buyer under the Transaction. Party A has determined that a Failure to Pay Principal occurred in respect to the Reference Obligation based on: (i) the Notice of Final Distribution, delivered by the trustee of the Reference Obligation, dated January 29, 2008, indicating that the proceeds from the liquidation of the assets underlying the Reference Obligation were distributed on February 8, 2008; and (ii) the Note Valuation Report related to the February 8, 2008 Payment Date indicating no principle payment made in respect of the Reference Obligation. The amount of the Floating Amount payable in respect of this Failure to Pay Principal was, according to the notice, based on the Trustee Notice and the Trustee Report, which indicate that no Available Funds are available to make payments on any class of notes issued by the Reference Entity other than the class A- 1S notes and that no final distribution of principle was made in respect of the Reference Obligation. Copies of the Notice will be available for physical inspection and collection free of charge during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted) at the specified office of the Issuer, the Principal Paying Agent in London and the specified office of the Irish Paying Agent for so long as any of the Notes shall remain outstanding (unless otherwise indicated). MAGNOLIA FINANCE: Defaults on US$40 Mln Series 2007-1 Notes ----------------------------------------------------------- Credit Suisse, Cayman Islands Branch has delivered to Magnolia Finance VI plc in respect of the Series 2007-1 US$40 million ABS Portfolio Variable Notes due February 2052, a notice of Floating Amount dated February 22, 2008 relating to Reference Entity CACDO 2006-1A C1 and the Reference Obligation identified by CUSIP 142146AE9 in accordance with the Credit Swap Transaction relating to the Notes dated February 21, 2007 between CS and the Issuer. In the Notice, CS has notified the Issuer that, based on the Notice of Status of Liquidation and Distribution delivered by the trustee of the Reference Obligation, it understands that (i) an event of default has occurred under the indenture for the Reference Obligation under the relevant Transaction, (ii) liquidation of assets of the issuer of such Reference Obligation has been completed and (iii) no Available Funds are available to make payments on any class of notes issued by the Reference Entity other than class A-1 notes. In particular, according to the Notice, based on the most recent Servicer Report, the assets of the Issuer are not expected to be sufficient to repay the principal of the Reference Obligation under each Transaction in full following liquidation. Accordingly, although the exact timing of the final distribution of the Issuer's assets is still uncertain (the specific date will be the Final Amortization Date under the Confirmation for each Transaction), Party A expects that, upon the occurrence of the Final Amortization Date, there will be a Failure to Pay Principal for the relevant Transaction and, as a result, a Floating Amount equal to the Initial Face Amount shown in Annex A to the Notice will be due to the Issuer under the relevant Transaction. According to the Notice, Party A may update the Notice as further information as to the occurrence of the Final Amortization Date and the amount of the Principal Shortfall Amount becomes available to CS. Such information may not become available to CS until after the Final Amortization Date. Copies of the Notice will be available for physical inspection and collection free of charge during usual business hours on any weekday (Saturdays, Sundays and public holidays excepted) at the specified office of the Issuer, the Principal Paying Agent in London and the specified office of the Irish Paying Agent for so long as any of the Notes shall remain outstanding (unless otherwise indicated). VALENCE TECH: Inks Agreement to Sell US$1 Million Common Shares --------------------------------------------------------------- Valence Technology Inc. entered into an agreement on Feb. 21, 2008, to sell US$1 million of its common stock to Berg & Berg Enterprises LLC, an affiliate of the company's chairman Carl E. Berg. The proceeds will be used to fund corporate operating needs and working capital. Under the terms of the agreement, the company will issue US$1.0 million of its shares of common stock at a price to be determined based on the closing bid price on Feb. 27, 2008, in a private placement transaction exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(2) thereof. About Valence Technology Headquartered in Austin, Texas, Valence Technology Inc. (Nasdaq: VLNC) -- http://www.valence.com/-- develops and markets Lithium Phosphate Rechargeable Batteries. The company has facilities in Austin, Texas; Las Vegas, Nevada; Mallusk, Northern Ireland and Suzhou, China. Going Concern Doubt As reported in the Troubled Company Reporter on June 21, 2007, PMB Helin Donovan LLP, in Austin, Tex., expressed substantial doubt about Valence Technology, Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended March 31, 2007. The auditing firm pointed to the company's recurring losses from operations, negative cash flows from operations and net stockholders' capital deficit. At Dec. 31, 2007, the company had US$20.06 million in total assets, US$8.61 million in redeemable convertible preferred stock, and US$81.23 million in total liabilities, resulting in a US$69.78 million total stockholders' deficit. ========= I T A L Y ========= ALITALIA SPA: Luigi Pacifico Quits as Audit Panel Chairman ---------------------------------------------------------- Luigi Pacifico has handed in his resignation as Chairman of Alitalia S.p.A.'s Board of Statutory Auditors, with immediate effect, following the deliberation by the State Auditors� Department, of which he is a board member, not authorizing him to continue the full term of his post with the company. In compliance with current statutory dispositions, Alessandra Dal Verme takes up the post of effective Statutory Auditor in order to complete the composition of the Board of Statutory Auditors. In compliance with the Company�s current Articles of Association, Enrico Laghi is in charge as Chairman of the Board of Statutory Auditors. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. FIAT SPA: Board Approves Incentive Plan for Key Employees --------------------------------------------------------- The Board of Directors of Fiat S.p.A. met Tuesday to discuss a new incentive plan to be authorized by the Stockholders Meeting of March 31, 2008. According to a press release, the company says that on the basis of the recommendation of the Compensation Committee and in view of current capital market conditions, the Board approved an Incentive Plan to address attraction and retention of key employees. The plan � which will be submitted, pursuant to Article 114bis of the Consolidated Financial Act to the next Stockholders� Meeting � will be fashioned similarly to the Nov. 3, 2006 stock option grant in terms of achievement of predetermined performance criteria, vesting period, and the period available to exercise (from 2011 through 2014). The plan, if approved, will give Fiat the flexibility to grant a maximum aggregate amount of 4 million financial instruments either in the form of stock options or of Stock Appreciation Rights (SARs) to be awarded periodically through the end of 2010. SARs, subject to the vesting condition being satisfied, entitle the beneficiaries to a cash compensation based on the increase in the company�s ordinary stock price. Each SAR will give right to a compensation (to be settled either in cash or in ordinary shares) equal the difference between the company�s ordinary stock official price at the exercise date and the strike price at the granting date. Such SAR strike price will be equal to the arithmetical average of the official prices posted on the Italian Stock Exchange in the thirty calendar days prior to the grant date. Similarly, under the plan the company will be authorized to grant up to a maximum of 4 million stock options on a maximum 4 million of underlying ordinary shares (in the event no SARs are granted) or a number which together with the number of SARs issued will not exceed 4 million. Such stock options will be offered at a strike price equal to the arithmetical average of the official prices posted on the Italian Stock Exchange in the thirty calendar days prior to the grant date. The Plan will be serviced through treasury shares without issuance of new shares. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * As reported on Nov. 6, 2007, Moody's Investors Service changed the outlook on Fiat S.p.A. and subsidiaries' Ba3 Corporate Family Rating to positive from stable and affirmed its Ba3 long- term senior unsecured ratings as well as the short-term non-Prime rating. On Oct. 4, 2007, Fitch Ratings affirmed Fiat S.p.A.'s Issuer Default and senior unsecured ratings at BB- and Short-term rating at B. The company carries Standard & Poor's Ratings Services' BB long- term corporate credit rating. The compay also carries B short- term rating. S&P said the outlook is stable. FIAT SPA: In Talks with BMW on Engine and Gear Box Tie-Up --------------------------------------------------------- Bayerische Motoren Werke AG is in talks with General Motors Corp and Fiat SpA on a possible tie-up on engines and gear boxes, the Thomson Financial reports citing a Financial Times Deutschland pre-release. According to the report, BMW is also in talks with Daimler AG's Mercedes-Benz on a possible tie-up for the joint development of new gear systems and automotive components. The talks however are tuning out to be difficult than expected, the report adds. About BMW Bayerische Motoren Werke AG, better known as BMW -� http://www.bmw.com/-- is one of Europe's top automakers. BMW's car offerings include sedans, coupes, convertibles, and sport wagons in the 3 Series, 5 Series, 6 Series, and 7 Series model groups. Other models include the M3 coupe and convertible; the X5 sport utilities; and the Z4 roadster. In addition to its BMW automobiles, the company's operations include motorcycles (K 1200 GT, R 1200 RT, and F 800 S models, among others), the MINI automotive brand, Rolls-Royce Motor Cars, and software (softlab GmbH). BMW's motorcycle division also offers a line of motorcycling apparel such as leather suits, gloves, and boots. About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * As reported on Nov. 6, 2007, Moody's Investors Service changed the outlook on Fiat S.p.A. and subsidiaries' Ba3 Corporate Family Rating to positive from stable and affirmed its Ba3 long- term senior unsecured ratings as well as the short-term non-Prime rating. On Oct. 4, 2007, Fitch Ratings affirmed Fiat S.p.A.'s Issuer Default and senior unsecured ratings at BB- and Short-term rating at B. The company carries Standard & Poor's Ratings Services' BB long- term corporate credit rating. The compay also carries B short- term rating. S&P said the outlook is stable. =================== K A Z A K H S T A N =================== AL TRADE: Creditors Must File Claims by April 11 ------------------------------------------------ LLP Al Trade Company declares about its insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: LLP Al Trade Company Office 23 Seifullin Str. 180 Almaty Kazakhstan ALATAU TSEMENT: Claims Deadline Slated for April 11 --------------------------------------------------- The Specialized Inter-Regional Economic Court of Almaty has declared LLP Alatau Tsement (RNN 600700570609) declared insolvent. Creditors have until April 11, 2008, to submit written proofs of claims to: The Specialized Inter-Regional &nbs