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 Friday, February 29, 2008, Vol. 9, No. 43 Headlines A U S T R I A ABA-SYSTEM: Claims Registration Period Ends March 26 ALOIS RESCH: Claims Registration Period Ends March 3 AT & A ANLAGENTECHNIK: Claims Registration Period Ends March 17 ERWIN WITTMANN: Claims Registration Period Ends March 26 FENSTERSTUDIO LLC: Claims Registration Period Ends April 8 MM JEKLIC: Claims Registration Period Ends March 20 B E L G I U M SOLUTIA INC: Emerges from Chapter 11 Bankruptcy Protection SOLUTIA INC: New Stock to Trade on NYSE Effective March 3 F I N L A N D NOVELL INC: To Acquire PlateSpin for US$205 Million F R A N C E FRESH DEL MONTE: Earns US$179.8 Million in Fiscal Year 2007 LAZARD LTD: Gets Okay for Additional US$100MM Share Repurchase SMOBY-MAJORETTE SA: Court to Select New Buyer on March 3 SOTHEBY'S: Earnings Rise to US$102 Mln in Quarter Ended Dec. 31 G E R M A N Y AUTOHAUS GOETTINGEN: Claims Registration Period Ends March 25 AUTOHAUS UNGETHUEM: Claims Registration Period Ends March 25 GARTEN DESIGN: Claims Registration Ends March 25 GIG-BREMEN: Creditors' Meeting Slated for March 13 GOLDEN FOOD: Creditors' Meeting Slated for March 20 H+F HOCH: Claims Registration Period Ends March 24 HAMMER MODE: Creditors' Meeting Slated for March 19 IKB DEUTSCHE: European Commission Probes Germany’s Measures INOVA COMPUTERS: Claims Registration Ends March 25 KNICKMEIER GMBH: Claims Registration Period Ends March 5 MATRIX GMBH: Claims Registration Period Ends March 18 MCBEE GMBH: Claims Registration Ends March 25 MEDICOR DEUTSCHLAND: Claims Registration Period Ends March 3 MEGA MOEBEL: Claims Registration Ends March 25 NEGLIUS GMBH: Claims Registration Period Ends March 20 OSTROGA EDELSTAHLVERARBEITUNG: Claims Period Ends March 15 PPD PRIVATER: Claims Registration Ends March 25 PROVIDE-VR 2002-1: Moody's Cuts Rating on Class D Notes to B2 TELECASS GMBH: Claims Registration Period Ends March 14 YAYCI GMBH: Claims Registration Period Ends March 24 H U N G A R Y FLEXTRONICS: To Increase Workforce in Hungary by 10% I C E L A N D NAVISTAR INTERNATIONAL: Re-Files Breach of Contract Suit vs Ford I R E L A N D ELAN CORP: Moody's Changes Outlook to Positive; Holds B3 Ratings LUNAR FUNDING V: Moody's Junks Ratings on Two Notes Series WELLMAN INC: Wants Kirkland & Ellis as Bankruptcy Counsel WELLMAN INC: Wants to Employ Edwards Angell as Conflicts Counsel I T A L Y FIAT SPA: Linea Line to Start Production in India on August INTERNATONAL RECTIFIER: Elects O. Khaykin and R. Dahl to Board K A Z A K H S T A N DELTA ITALY: Creditors Must File Claims by March 21 DJ-H LLP: Claims Deadline Slated for March 28 EX-INTERIER LLP: Claims Filing Period Ends March 28 EUROBRAND LLP: Creditors' Claims Due on March 28 GOLDEN MIDDLE: Claims Registration Ends March 28 KAINAR-D LLP: Creditors Must File Claims by March 28 MAYAK LLP: Claims Deadline Slated for March 21 MGM LIMITED: Claims Filing Period Ends March 28 SAMET-2000 LLP: Creditors' Claims Due on March 28 SEVER-7 LLP: Claims Registration Ends March 25 K Y R G Y Z S T A N AI HAN: Creditors Must File Claims by March 21 ALMAZ SERVICE: Claims Filing Period Ends March 21 TSENTRALNOAZIATSKY ANGLISKY: Claims Registration Ends March 21 L U X E M B O U R G AMERICAN AXLE: UAW's Work Stoppage Won't Affect S&P's BB Rating CA INC: Will Pay US$0.04 Per Share Dividend Due on March 28 PIN GROUP: To Cut Jobs at Insolvent Units PIN GROUP: Administrator Dismisses Claims of Splitting Company N E T H E R L A N D S FIRST DATA: Inks Multi-Year Contract With Wells Fargo R U S S I A ARMIDA CJSC: Creditors Must File Claims by April 16 EAST-ENERGY LLC: Creditors Must File Claims by March 16 FEDERAL-SERVICE: Court Starts Bankruptcy Supervision Procedure FIN-STARS LLC: Creditors Must File Claims by March 16 FLEXTRONICS: To Buy Elcoteg's St. Petersburg Factory for EUR3MM GAZENERGOPROMBANK: Moody's Puts Bank Financial Strength at E+ INMOR CJSC: St. Petersburg Bankruptcy Hearing Slated for June 17 INT'L INDUSTRIAL: S&P Lifts LT Counterparty Credit Rating to BB- MOSCOW BANK: Securitizes RUR1.499 Billion Car Loan Portfolio PKK VOZROZHDENIE: Creditors Must File Claims by April 16 PROM-TORG-WOOD: Creditors Must File Claims by April 16 RAMENSKIY TEXTILE: Under Bankruptcy Supervision Procedure ROS-MED-STRAKH: Creditors Must File Claims by April 16 RUS’ CJSC: Court Names V. Lukyanov as Insolvency Manager TATNEFT OAO: Oil Output Hikes to 25.74 Million Tons in 2007 TORG-RESOURCE LLC: Creditors Must File Claims by April 16 VOLZHSKIE CANNED: Moscow Bankruptcy Hearing Slated for June 24 VOSKHOD LLC: Creditors Must File Claims by April 16 VYSHNE-VOLOTSKAYA TEXTILE: Claims Filing Period Ends April 16 S W I T Z E R L A N D ARCHTECH PARTNER: Creditors' Liquidation Claims Due by March 31 AVA CAD: Creditors' Liquidation Claims Due by March 31 ECOMPTRADE LLC: Creditors' Liquidation Claims Due by April 9 FABIO REAL: Creditors' Liquidation Claims Due by March 20 GALDAN INVESTMENT: Creditors' Liquidation Claims Due by March 20 HERCULES INC: Appoints Allan H. Cohen to Board of Directors MOBITRADE LLC: Creditors' Liquidation Claims Due by March 5 PETROPLUS HOLDINGS: Robert J. Lavinia Appointed as CEO PETROPLUS HOLDINGS: Ties Up with Blackstone and First Reserve PETROPLUS HOLDINGS: S&P Says Ratings Unchanged Despite Buy Plans RAB LLC: Creditors' Liquidation Claims Due by March 31 SEDICO-IT JSC: Creditors' Liquidation Claims Due by April 23 TREND SHM: Creditors' Liquidation Claims Due by April 1 WIKO KRONBUHL: Creditors' Liquidation Claims Due by March 31 U K R A I N E ALFA-EXPORT LLC: Proofs of Claim Filing Deadline Set March 10 COLLATING-TRANSPORT ENTERPRISE: Proofs of Claim Due March 10 GRAN-IMPEKS LLC: Creditors Must File Claims by March 10 GREBENKOVSKOYE OJSC: Claims Filing Deadline Set March 10 IVANO-FRANKOVSK STOA: Creditors Must File Claims by March 10 MILEKSA LLC: Creditors Must File Claims by March 10 SOLE LLC: Proofs of Claim Filing Deadline Set March 10 SOUTH-UKRAINIAN LEASING: Claims Filing Deadline Set March 10 U N I T E D K I N G D O M CABLE & WIRELESS: CitiGroup Seeks Demerger of Two Businesses CONSTELLATION BRANDS: Appoints Peter Perez as Board Director COTT CORP: Unable to Meet Deadline; Delays Filing of Form 10-K COTT CORP: In Talks with Wal-Mart on Shelf Space Allocation COTT CORP: Wal-Mart Negotiations Cue Moody's to Review Ratings COTT CORP: Wal-Mart Negotiations Cue S&P’s Negative CreditWatch DUDLEY INKWELL: Brings In Liquidators from Menzies DURA AUTOMOTIVE: Creditor Opposes Confirmation of Chap. 11 Plan FEBREY LTD: Taps Joint Administrators from Grant Thornton FORD MOTOR: Navistar Re-Files Breach of Contract Suit FURNITURE LOGISTICS: Calls In Liquidators from Tenon Recovery K.W. BEARD: Creditors' Meeting Slated for March 17 MICROGISTIX UK: Hires Liquidators from Mazars OAK LTD: Appoints Neil Francis Hickling as Liquidator ODYSSEY RE: Names Brian Young as CEO of London Market Operations PELOTON PARTNERS: Liquidates US$2 Billion ABS Fund PENTAGON FLEXIBLES: Claims Filing Period Ends May 19 QUEBECOR WORLD: To Convert Series 5 Preferred Shares on March 1 QUEBECOR WORLD: Names A. Caille as Restructuring Panel Chairman SEA CONTAINERS: Court Stretches Plan-Filing Period to April 15 SECOND CITY: M. H. Abdulali Leads Liquidation Procedure SWADDLERS LTD: Taps Liquidators from Vantis Business Recovery TVONICS LTD: Appoints Milner Boardman to Administer Assets BOOK REVIEW: Inside Investment Banking: Second Edition ********* ============= A U S T R I A ============= ABA-SYSTEM: Claims Registration Period Ends March 26 ---------------------------------------------------- Creditors owed money by LLC ABA-System & Co. (FN 126398f) have until March 26, 2008, to file written proofs of claim to court- appointed estate administrator Christian Bachmann at: Dr. Christian Bachmann c/o Dr. Eva-Maria Bachmann-Lang Opernring 8 1010 Vienna Austria Tel: 512 87 01-Serie Fax: 513 82 50 E-mail: bachmann.rae@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on April 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 2 S 17/08z). Eva-Maria Bachmann-Lang represents Dr. Bachmann in the bankruptcy proceedings. ALOIS RESCH: Claims Registration Period Ends March 3 ---------------------------------------------------- Creditors owed money by LLC Alois Resch (FN 78073p) have until March 3, 2008, to file written proofs of claim to court- appointed estate administrator Erich Gugenberger at: Dr. Erich Gugenberger Attergaustrasse 30 4880 St. Georgen im Attergau Austria Tel: 07667/20980 Fax: 07667/20980-20 E-mail: office@drgugenberger.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:40 a.m. on March 13, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels Austria Headquartered in St. Georgen im Attergau, Austria, the Debtor declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 20 S 11/08f). AT & A ANLAGENTECHNIK: Claims Registration Period Ends March 17 --------------------------------------------------------------- Creditors owed money by LLC AT & A Anlagentechnik und Automation (FN 172439m) have until March 17, 2008, to file written proofs of claim to court-appointed estate administrator Josef Hofinger at: Mag. Josef Hofinger Rossmarkt 20 4710 Grieskirchen Austria Tel: 07248/66347, 61990 Fax: 07248/62013 E-mail: anwaelte@hofinger-menschick.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on March 27, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels Austria Headquartered in Grieskirchen, Austria, the Debtor declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 20 S 9/08m). ERWIN WITTMANN: Claims Registration Period Ends March 26 -------------------------------------------------------- Creditors owed money by LLC Erwin Wittmann (FN 116844f) have until March 26, 2008, to file written proofs of claim to court- appointed estate administrator Ute Toifl at: Dr. Ute Toifl c/o Mag. Astrid A. Haider Tuchlauben 12/20 1010 Vienna Austria Tel: 01/535 46 11 Fax: 01/535 46 11 11 E-mail: office@thr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on April 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Strasshof an der Nordbahn, Austria, the Debtor declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 36 S 17/08d). Astrid A. Haider represents Dr. Toifl in the bankruptcy proceedings. FENSTERSTUDIO LLC: Claims Registration Period Ends April 8 ---------------------------------------------------------- Creditors owed money by LLC FENSTERSTUDIO (FN 166834w) have until April 8, 2008, to file written proofs of claim to court- appointed estate administrator Gernot Faber at: Mag. Gernot Faber Neunkirchner Strasse 34 2700 Wiener Neustadt Austria Tel: 02622/82 1 18 Fax: 02622/82 1 18-6 E-mail: kanzlei@ra-faber.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on April 22, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Wiener Neustadt, Austria, the Debtor declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 11 S 3/08i). MM JEKLIC: Claims Registration Period Ends March 20 --------------------------------------------------- Creditors owed money by OEG MM Jeklic Bau have until March 20, 2008, to file written proofs of claim to court- appointed estate administrator Kurt Hirn at: Dr. Kurt Hirn Dr. Arthur Lemisch Platz 2 9020 Klagenfurt Austria Tel: 0463/504770 Fax: 0463/504771 E-mail: dr.kurt.hirn@chello.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on April 1, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Klagenfurt Room 225 Second Floor Klagenfurt Austria Headquartered in Klagenfurt, Austria, the Debtor declared bankruptcy on Feb. 7, 2008 (Bankr. Case No. 40 S 8/08d). ============= B E L G I U M ============= SOLUTIA INC: Emerges from Chapter 11 Bankruptcy Protection ---------------------------------------------------------- Solutia Inc. esterday emerged from Chapter 11 reorganization. "Solutia has emerged as a well-positioned specialty chemicals and performance materials company with market-leading global positions and a diverse portfolio of high potential businesses," said Jeffry N. Quinn, chairman, president and chief executive officer. "We believe we are a stronger, healthier and more competitive company than at any point in our history. Over the past four years, we have transformed our portfolio through strategic acquisitions, internal investments, asset dispositions, and the re-deployment of significant nylon assets to higher-value uses." During its time in Chapter 11, Solutia has diversified from both an end-market and a geographic perspective. In 2007, the company's net sales from outside the United States were 55% of the total revenue, compared to 39% in 2003. The increase has been driven primarily by Solutia's Asian growth strategy, as well as significant growth in Europe. "During this period, we have made great strides in improving our financial position by reducing legacy liabilities, enhancing and focusing the business portfolio and delivering strong revenue and operating earnings growth and momentum," said James M. Sullivan, senior vice president and chief financial officer. "With a strong balance sheet and more than 50% of our portfolio growing at greater than two times global GDP, we believe we are positioned to deliver increased shareholder value." On Nov. 29, 2007, the U.S. Bankruptcy Court for the Southern District of New York confirmed Solutia's plan of reorganization and approved the company's exit from bankruptcy subject to certain conditions including the funding of an exit financing facility. Solutia's $2.05 billion exit financing facility was funded by Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P., and Deutsche Bank Securities Inc. This exit financing is being used to pay certain creditors, and for ongoing operations. About Solutia Inc. Solutia Inc. (NYSE:SOA-WI) -- http://www.solutia.com/-- is a performance materials and specialty chemicals company. The company focuses on providing solutions for a better life through a range of products, including Saflex(r) interlayer for laminated glass, CPFilms(r) aftermarket window films, high- performance nylon polymers and fibers sold under brands including Vydyne(r) and Wear-Dated(r), Flexsys(r) chemicals for the rubber industry, and specialty products such as Skydrol(r) aviation hydraulic fluid and Therminol(r) heat transfer fluid. Solutia's businesses are world leaders in each of their market segments. With its headquarters in St. Louis, Missouri, USA, the company operates globally with approximately 6,000 employees in more than 60 countries that includes Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. * * * As reported in the Troubled Company Reporter-Europe on Dec. 11, 2007, Standard & Poor's Ratings Services assigned its 'B+' loan rating to Solutia Inc.'s (D/--/--) proposed $1.2 billion senior secured term loan and a '3' recovery rating, indicating the likelihood of a meaningful (50%-70%) recovery of principal in the event of a payment default. The ratings are based on preliminary terms and conditions. S&P also assigned its 'B-' rating to the company's proposed $400 million unsecured notes. Standard & Poor's expects to assign its 'B+' corporate credit rating to Solutia if the company and its subsidiaries emerge from Chapter 11 bankruptcy proceedings in early 2008 as planned. S&P expect the outlook to be stable. SOLUTIA INC: New Stock to Trade on NYSE Effective March 3 --------------------------------------------------------- Solutia Inc. disclosed that the new common stock of reorganized Solutia is scheduled to begin trading on the New York Stock Exchange under the ticker symbol SOA on Monday, March 3, 2008. (Currently the stock symbol also includes the "WI" notation). The "old" Solutia stock, which was trading over-the-counter under the SOLUQ ticker symbol, together with warrants or options to purchase old common stock, were canceled as of Feb. 28, 2008. About Solutia Inc. Solutia Inc. (NYSE:SOA-WI) -- http://www.solutia.com/-- is a performance materials and specialty chemicals company. The company focuses on providing solutions for a better life through a range of products, including Saflex(r) interlayer for laminated glass, CPFilms(r) aftermarket window films, high- performance nylon polymers and fibers sold under brands including Vydyne(r) and Wear-Dated(r), Flexsys(r) chemicals for the rubber industry, and specialty products such as Skydrol(r) aviation hydraulic fluid and Therminol(r) heat transfer fluid. Solutia's businesses are world leaders in each of their market segments. With its headquarters in St. Louis, Missouri, USA, the company operates globally with approximately 6,000 employees in more than 60 countries that includes Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. ============= F I N L A N D ============= NOVELL INC: To Acquire PlateSpin for US$205 Million --------------------------------------------------- Novell Inc. entered into a definitive agreement to acquire PlateSpin Ltd. for US$205 million. The acquisition will extend Novell's leadership position in the next-generation data center by providing the only solution to dynamically deliver business critical services across both physical and virtual infrastructures. PlateSpin offers extensive solutions for the management of heterogeneous workloads that encapsulate data, applications and operating systems residing on a physical or virtual host. These solutions improve the speed and quality of server consolidation, data center relocation and disaster recovery. Novell and PlateSpin will deliver unparalleled support for mixed infrastructure environments offering products for complete workload lifecycle management and optimization for Linux, UNIX and Windows operating systems in the physical and virtual data center. The combined solutions will deliver superior value by helping customers reduce costs, improve service levels and respond to fluctuating business requirements. "Flexible, automated management products that fully leverage server resources and allow the movement of workloads are necessary for optimizing the data center," said Stephen Elliot, research director, Enterprise Systems Management Software and ITMS at IDC. "Over the next three years, heterogeneous virtualization architectures will be the norm for most IT organizations; as such they must purchase data center management solutions that offer an ongoing opportunity for lowering operational costs as well as integrating and managing VMs across both server and storage infrastructures for greater control and visibility between hardware and the virtual software tiers." "The PlateSpin acquisition will be a cornerstone of our two- pronged enterprise Linux and IT management software strategy," Ron Hovsepian, president and CEO of Novell, said. "With the addition of the PlateSpin product portfolio, Novell will be uniquely positioned to deliver the next generation infrastructure software that is at the core of the data center. Together, we will have the most comprehensive workload management solution that allows customers to monitor and analyze what to virtualize, provide the tools to seamlessly virtualize and unvirtualize workloads, automate the management of workloads, and provide the leading open source platform from which to run virtualized work." "PlateSpin's ability to manage workloads is unparalleled and is an essential part of making the data center truly respond to the needs of the business," Stephen Pollack, founder and CEO of PlateSpin, said. "Combined with ZENworks Orchestrator and virtualization from Novell, we are very excited about the synergies that this acquisition will give to customers." Financial Overview Novell will acquire PlateSpin for US$205 million using current cash. The acquisition is expected to close during Novell's second fiscal quarter 2008 subject to the satisfaction of closing conditions. PlateSpin will be integrated into Novell's Systems and Resource Management business unit. As part of this business unit, PlateSpin will continue to develop and market its solutions to a global customer base. This will be done through the continued operation of PlateSpin's Toronto facility as well as through a combination of PlateSpin and Novell offices and facilities around the globe. About Novell Inc. Headquartered in Waltham, Massachusetts, Novell Inc. (Nasdaq: NOVL) -- http://www.novell.com/-- delivers infrastructure software for the Open Enterprise. Novell provides desktop to data center operating systems based on Linux and the software required to secure and manage mixed IT environments. The company has offices in Australia, Argentina, Austria, Belgium, Brazil, China, Czech Republic, Finland, Germany, Hong Kong, Hungary, India, Ireland, Japan, Luxembourg, Malaysia, Netherlands, New Zealand, Norway, Philippines, Poland, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand and United Kingdom. * * * Novell Inc.'s subordinated debt carries Moody's Investors Service's B1 rating. =========== F R A N C E =========== FRESH DEL MONTE: Earns US$179.8 Million in Fiscal Year 2007 ----------------------------------------------------------- Fresh Del Monte Produce Inc. released a strong financial and operating results for the fourth quarter and year ended Dec. 28, 2007. Net income for the fourth quarter of 2007 increased to US$34.4 million, compared with a net loss of US$58.8 million in the fourth quarter of 2006. The increase in net income for the quarter was driven by improvements in gross profit; reduction in selling general and administrative expense; gains from favorable foreign exchange rates; lower asset impairment and other charges; and the sale of nonperforming assets. For the full year, the company reported net income of US$179.8 million, compared with a net loss of US$142.2 million in 2006. Results for the fourth quarter of 2007 exclude charges totaling US$7.3 million from asset impairment, restructuring and other charges, net, primarily associated with exit activities in the United Kingdom and Italy. Full year results include charges totaling US$9.5 million from asset impairment, restructuring and other charges, net. Net sales for the fourth quarter of 2007 increased 15 percent to US$848.2 million, compared with US$737.6 million in the prior year fourth quarter. The significant increase in net sales was due to strong sales performance in all of the company’s product segments driven by product price increases in the company’s gold pineapple, canned pineapple and melon product lines; higher worldwide banana selling prices; increased demand for bananas, especially in emerging markets; and favorable foreign exchange rates. Net sales for the year increased 5 percent to US$3.4 billion, compared with US$3.2 billion in 2006. Gross profit for the fourth quarter of 2007 increased to US$78.4 million, compared with gross profit of US$57.4 million in the fourth quarter of 2006. The US$21.0 million rise in gross profit for the quarter was driven by higher selling prices in the Company’s major product lines; operational improvements in key business segments; favorable foreign exchange rates; and increased sales in the company’s Prepared Food business segment, a direct result of lower canned pineapple supply in the marketplace. These gains were partially offset by significantly higher costs associated with the growing and procurement of fruit, packaging, labor, fuel and transportation during the quarter. Gross profit for the year was US$364.9 million, compared with gross profit of US$189.4 million in 2006. "We delivered the best fourth quarter in our history, driven by the improvements made in our business segments," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer. "In spite of the fact that we experienced dramatic increases in fruit production, procurement and logistics costs that exceeded previous record highs, we were still able to remain flexible and use strategically creative methods to address these factors. We focused our sales of fruit to markets with the greatest demand, focused our fresh-cut line on the highest value products, capitalized on health and wellness and convenience trends, and achieved higher selling prices in key product lines. These accomplishments were achieved without sacrificing product quality, freshness and reliability – characteristics associated with Fresh Del Monte Produce and the Del Monte(R) brand." Based in the Cayman Islands, Fresh Del Monte Produce Inc. -- http://www.freshdelmonte.com/-- is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared fruit and vegetables, juices, beverages, snacks and desserts in Europe, the Middle East and Africa. Fresh Del Monte markets its products worldwide under the Del Monte(R) brand, a symbol of product quality, freshness and reliability since 1892. Del Monte Fresh Produce Company has operations in Chile, Brazil, France, Philippines, and Korea. * * * As reported in the Troubled Company Reporter- Europe on Nov. 23, 2007, Standard & Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Fresh Del Monte Produce Inc., and removed the rating from CreditWatch, where it was placed with positive implications on Nov. 1, 2007. S&P said the outlook is stable. LAZARD LTD: Gets Okay for Additional US$100MM Share Repurchase -------------------------------------------------------------- Lazard Ltd's Board of Directors has approved an additional share repurchase authorization of US$100 million, for purchases prior to June 30, 2009. Lazard also has US$32 million under a previously disclosed authorization. Lazard Ltd. (NYSE:LAZ) -- http://www.lazard.com/-- is a preeminent financial advisory and asset management firms, that operates from 32 cities across 16 countries in North America, Europe, Asia, Australia and South America. With origins dating back to 1848, the firm provides advice on mergers and acquisitions, restructuring and capital raising, well as asset management services to corporations, partnerships, institutions, governments, and individuals. The company has locations in Australia, Brazil, China, France, Germany, India, Japan, Korea and Singapore. The company's consolidated balance sheet at Sept. 30, 2007, showed US$3.51 billion in total assets, US$3.54 billion in total liabilities, and US$49.0 million minority interest, resulting in a US$74.5 million total shareholders' deficiency. SMOBY-MAJORETTE SA: Court to Select New Buyer on March 3 -------------------------------------------------------- The Commercial Court of Lons-le-Saunier will rule March 3, 2008, on the buyer for Smoby-Majorette S.A., various reports say. Leading bidders for Smoby are the consortium of Abcia S.A. and Caravelle, and German toy-maker Simba, Le Monde reports. Meanwhile, around 500 employees staged a demonstration at several of the Smoby's plants, asking for reduction of job cuts from 600 to 250, Les Echos reports. Abcia and Simba both offered to keep around between 44% to 47% of the comany's employees. MGA Entertainment, which bought 51% of Smoby in May 2007, said it failed to reach an agreement with Smoby's creditors, Thomson Merger News relates. MGA didn't make an offer for Smoby. As reported in the TCR-Europe on Jan. 8, 2008, the Court of Appeal in Besancon rejected the recovery plan presented by MGA Entertainment Inc. for Smoby-Majorette, maintaining the decision of the Commercial Court of Lons-le-Saunier to place the company under receivership on Oct. 9, 2007. The appellate court gave interested parties until at latest Jan. 20, 2008, to submit offers for Smoby. Around 30 parties have sought information on Smoby and its units. About Smoby Headquartered in Lavans les Saint-Claude, France, Smoby -- http://www.smoby.fr/-- specializes in the creation, development, production and distribution of toys for children from birth to age 10. Smoby has a presence in over 90 countries globally, with commercial and/or industrial operations in South America, Asia and throughout Europe. The Company's products are sold worldwide through a network of 18 subsidiaries, with 65% of sales generated outside of France. In France, the Company employs 1, 300 workers. Its Latin America operations are found in Argentina, Brazil and Mexico. The Commercial Court of Lons-le-Saunier opened bankruptcy proceedings against Smoby on March 19, 2007, upon the Debtor's request. Smoby was hoping to snag an investor who will inject fresh capital yet remain a minority, as the company grapples with a EUR330-million debt. The company reported a net loss of EUR15.87 million for the year ended March 31, 2006, compared with a net profit of EUR1.56 million in 2005. SOTHEBY'S: Earnings Rise to US$102 Mln in Quarter Ended Dec. 31 --------------------------------------------------------------- Sotheby's reported results for the fourth quarter and full year ended Dec. 31, 2007. The company's net income for the fourth quarter of 2007 was a record US$102.4 million compared to US$70.3 million for the prior period, a 46%, or US$32.1 million improvement, due to growth in auction commission revenues. These results include a US$32.2 million, or 49%, increase in salaries and related costs, due to higher incentive compensation costs attributable to the strong results for the period well as higher full time salaries. For the quarter ended Dec. 31, 2007, the company reported record revenues of US$345.8 million, an US$82.6 million, or 31%, increase over the prior fourth quarter, due to higher auction commission revenues. Net income for the full year 2007 totaled US$213.1 million, about double the 2006 figure of US$107 million. These results, due to the revenue increases mentioned above, are partially offset by a 30% rise in salaries and related costs from higher incentive compensation costs due to the exceptional financial performance for the year well as increased full time salaries and stock compensation expense over the period. Total revenues were US$917.7 million which is US$252.9 million, or 38%, higher than the prior year due to a US$210 million, or 38%, improvement in auction commission revenues. This increase in total revenues is attributable to a 51% increase in Consolidated Sales, which rose to US$6.2 billion in 2007. Operating income of US$275.8 million was US$78.6 million, or 40%, ahead of the prior year. Also, general and administrative expenses increased by 22% partly due to a 33% increase in professional fees and a 28% increase in travel and entertainment costs over the period. The company's results for the full year 2007 were significantly impacted by a one-time benefit of US$20 million related to an insurance recovery from the key man life insurance policy covering Robert Noortman, who died unexpectedly in January 2007, and a US$4.8 million gain on the sale of our former Billingshurst salesroom property in the United Kingdom, partially offset by a US$15 million impairment charge related to intangible assets and goodwill of Noortman Master Paintings, B.V. "2007 was a record year for Sotheby's, significantly exceeding the company's outstanding performance in 2006," Bill Ruprecht, president and chief executive officer of Sotheby's, said. "Over the past five years, the number of clients buying at the top end of our business has increased by more than 200% and their geographical diversity has expanded by over 60%," he added. "In 2003 our top buyers -- purchasing lots of US$500,000 and above -- came from 36 countries; in 2007 they came from 58 countries. Our increased global focus on our top clients is delivering excellent results -- for our business, for our clients, our employees and for our shareholders." The company related that many areas were noteworthy in 2007. For the first time, Contemporary Art became Sotheby's largest category with auction sales of US$1.34 billion, an increase of 107% from the prior year. Sales of Impressionist and Modern Art rose by 24% to US$1.16 billion. Emerging markets performed strongly as well. Russian Paintings and Works of Art brought US$190.9 million, a 25% increase from the prior year. Sales in Asia totaled US$400.7 million, a 41% increase from the prior year and worldwide sales of Contemporary Asian Art brought US$140 million, 99% above the prior year level. Traditional categories also fared extremely well with Antiquities bringing US$112.2, million a ten-fold increase from the prior year, due to the sale of two masterpieces, and Old Master Paintings, Jewelry, British Paintings, French Furniture and European Works of Art each experienced over 40% growth in their respective categories. About Sotheby's Headquartered in New York City, Sotheby's -- http://www.sothebysrealty.com/(NYSE: BID) engages in art auction, private sales and art-related financing activities. The company operates in 40 countries, with principal salesrooms located in New York, London, Hong Kong and Paris. The company also regularly conducts auctions in six other salesrooms around the world. * * * Moody's Investors Service placed Sotheby's long term corporate family rating and probability of default rating at 'Ba2' in August 2007. The ratings still hold to date with stable outlook. ============= G E R M A N Y ============= AUTOHAUS GOETTINGEN: Claims Registration Period Ends March 25 ------------------------------------------------------------- Creditors of Autohaus Goettingen-Ost GmbH & Co KG have until March 25, 2008, to register their claims with court-appointed insolvency manager Peter Staufenbiel. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Goettingen Hall B 11 Berliner Strasse 8 37073 Goettingen 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. Peter Staufenbiel Dransfelder Strasse 19 A 37079 Goettingen Germany Tel: 0551/9000950 Fax: 0551/9000955 E-mail: info@hauter.com The District Court of Goettingen opened bankruptcy proceedings against Autohaus Goettingen-Ost GmbH & Co KG on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Goettingen-Ost GmbH & Co KG Hannover Strasse 42 37075 Goettingen Germany AUTOHAUS UNGETHUEM: Claims Registration Period Ends March 25 ------------------------------------------------------------ Creditors of Autohaus Ungethuem in Zwickau GmbH have until March 25, 2008, to register their claims with court-appointed insolvency manager Andreas Schenk. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 27 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Andreas Schenk Schumannstrasse 9 08056 Zwickau Germany Tel: (0375) 211 857 0 Fax: (0375) 211 857 28 E-mail: zwickau@scharl-schenk-scheuffler.de The District Court of Chemnitz opened bankruptcy proceedings against Autohaus Ungethuem in Zwickau GmbH on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Ungethuem in Zwickau GmbH Crimmitschauer Strasse 82-84 08058 Zwickau Germany GARTEN DESIGN: Claims Registration Ends March 25 ------------------------------------------------ Creditors of Garten Design Paul Flender Garten- und Landschaftsbau GmbH have until March 25, 2008 to register their claims with court-appointed insolvency manager Stephan Heinrichsmeyer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Dortmund Hall 3.205 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: Stephan Heinrichsmeyer Spiekergasse 6-8 33330 Guetersloh Germany The District Court of Dortmund opened bankruptcy proceedings against Garten Design Paul Flender Garten- und Landschaftsbau GmbH on Jan. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Garten Design Paul Flender Garten- und Landschaftsbau GmbH Duererstr. 3 59069 Hamm Germany Attn: Achim Bahne, Manager Alte Landwehrstr. 7 59077 Hamm Germany GIG-BREMEN: Creditors' Meeting Slated for March 13 -------------------------------------------------- The court-appointed insolvency manager for GIG-Bremen Gesellschaft fuer innovative Gebaudetechnik mbH, Edgar Groenda will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m. on March 13, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Bremen Hall 115 Ostertorstr. 25-31 28195 Bremen Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on May 8, 2008, at the same venue. Creditors have until March 25, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Edgar Groenda Domshof 18-20 28195 Bremen Germany Tel: 0421-3686-0 Fax: 0421-3686-100 E-mail: InsOBremen@schubra.de Web site: http://www.schubra.de/ The District Court of Bremen opened bankruptcy proceedings against GIG-Bremen Gesellschaft fuer innovative Gebaudetechnik mbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GIG-Bremen Gesellschaft fuer innovative Gebaudetechnik mbH Attn: Wolfgang Palecki, Manager Otto-Lilienthal-Str. 27 28199 Bremen Germany GOLDEN FOOD: Creditors' Meeting Slated for March 20 --------------------------------------------------- The court-appointed insolvency manager for Golden Food GmbH, Ruediger Wienberg will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on March 20, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:05 a.m. on May 8, 2008, at the same venue. Creditors have until March 25, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Golden Food GmbH on Jan. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Golden Food GmbH Eschenallee 25 14050 Berlin Germany H+F HOCH: Claims Registration Period Ends March 24 -------------------------------------------------- Creditors of H+F Hoch- und Ausbau GmbH have until March 24, 2008, to register their claims with court-appointed insolvency manager Ulrich Hauter. Creditors and other interested parties are encouraged to attend the meeting at 2:50 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 Jena Hall 91 Jena Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Hauter Untermarkt 12 99974 Muehlhausen Germany The District Court of Jena opened bankruptcy proceedings against H+F Hoch- und Ausbau GmbH on Jan. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H+F Hoch- und Ausbau GmbH Attn: Ursula Hauptvogel, Manager Torstrasse 3 98762 Neustadt/Harz Germany HAMMER MODE: Creditors' Meeting Slated for March 19 --------------------------------------------------- The court-appointed insolvency manager for Hammer Mode GmbH, Joachim Exner will present his first report on the Company's insolvency proceedings at a creditors' meeting at 1:00 p.m. on March 19, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Hof Meeting Hall 012 Ground Floor Berliner Platz 1 95030 Hof Germany The Court will also verify the claims set out in the insolvency manager's report at 1:00 p.m. on April 22, 2008 at the same venue. Creditors have until March 25, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Joachim Exner Ludwigstr. 50 95028 Hof Germany Tel: 09281/8331080 Fax: 09281/8331089 The District Court of Hof opened bankruptcy proceedings against Hammer Mode GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Hammer Mode GmbH Kirchenlamitzer Str. 71 95213 Muenchberg Germany IKB DEUTSCHE: European Commission Probes Germany’s Measures ----------------------------------------------------------- The European Commission has commenced a probe into whether the German government's financial measures to IKB Deutsche Industriebank AG constitutes violation of European Union competition laws, Bloomberg News reports. "The commission has to ensure that such interventions do not unduly distort trade in the markets," Competition Commissioner Neelie Kroes was quoted by Bloomberg News as saying. "[The commission] has to assess whether these measures constitute state aid and, if so, whether they can be found compatible with EU rules for rescuing and restructuring firms in difficulties." IKB is reportedly needing up to EUR2 billion in fresh capital, EUR500 million of which is needed in the short term. KfW may have to bail out IKB for the third time after the bank's other shareholders refused to finance the company's restructuring. As previously reported in the TC-Europe, the German government has decided to infuse EUR1.5 billion in fresh capital into IKB, pledging to provide EUR1 billion of the rescue fund, while the local banking industry will furnish EUR500 million. KfW had agreed in July 2007 to take over all of IKB's obligations related to Rhineland Funding when the vehicle's commercial paper couldn't be sold to investors following the U.S. subprime crisis. In December 2007, a KfW-led banking pool agreed to cover US$520 million in risks for IKB, which brought the cost of the rescue to EUR6.15 billion. IKB had notified Bundesbank and BaFin that it could face more liquidity problems if it fails to secure necessary financing. IKB warned in September 2007 that it may post EUR700 million in losses for fiscal year ending March 31, 2008. Mr. Kroes noted that IKB "would not have been able to continue their business without the measures." Meanwhile, Finance Ministry spokeswoman Ulrike Abratis told Bloomberg News that the government assumed that the financial measures doesn't qualify as state aid. Ms. Abratis said the government will work closely with the commission and provide all required documents.. About IKB Deutsche Headquartered in Dusseldorf, Germany, IKB Deutsche Industriebank AG -- http://www.ikb.de/-- pioneered the long-term industrial loan and provides medium-sized companies with long-term financing. The bank operates in several German locations, as well as branches in the United Kingdom, Luxembourg, Spain and France. IKB had previously invested in securitized loans on the US market for subprime mortgages, which are now almost worthless. This resulted in a deep-seated crisis within the bank, pushing it on the brink of bankruptcy. * * * As reported in the TCR-Europe on Jan. 25, 2008, Moody's Investors Service downgraded the bank financial strength rating of IKB Deutsche Industriebank to E+ from D-. The outlook on the BFSR is now developing. As reported in the TCR-Europe on Jan. 9, 2008, Fitch Ratings has upgraded IKB Deutsche Industriebank AG's Individual rating to 'E' from 'F'. The TCR-Europe also reported on Dec. 13, 2007, that Fitch Ratings downgraded the loan facilities provided by IKB Deutsche Industriebank AG and IKB International S.A. to Havenrock II Limited as: US$165,000,000 loan provided by IKB International: downgraded to 'CC/DR2' from 'BBB+' Outlook Negative; US$404,875,000 Facility C loan provided by IKB: downgraded to 'CC/DR2' from 'BBB+'; Outlook Negative; US$43,750,000 Facility B loan provided by IKB: downgraded to 'CC/DR2' from 'B+'; Outlook Negative; and US$11,375,000 Facility A loan provided by IKB: downgraded to 'CC/DR2' from 'CCC'; Outlook Negative. INOVA COMPUTERS: Claims Registration Ends March 25 -------------------------------------------------- Creditors of INOVA Computers GmbH have until March 25, 2008 to register their claims with court-appointed insolvency manager Michael Pluta. 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 Kempten Meeting Hall 169 First Floor Residenzplatz 4-6 87435 Kempten Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Pluta Karlstr. 31 - 33 89073 Ulm Germany Tel: 0731/96880-0 Fax: 0731/96880-50 The District Court of Kempten opened bankruptcy proceedings against INOVA Computers GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: INOVA Computers GmbH Innovapark 20 87600 Kaufbeuren Germany KNICKMEIER GMBH: Claims Registration Period Ends March 5 -------------------------------------------------------- Creditors of Knickmeier GmbH have until March 5, 2008, to register their claims with court-appointed insolvency manager Ulrich Zerrath. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on March 26, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 101 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Zerrath Lange Wanne 57 45665 Recklinghausen Tel: 02361/4884-0 Fax: +492361488499 The District Court of Feb. 13, 2008, opened bankruptcy proceedings against Knickmeier GmbH on DATE. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Knickmeier GmbH Dreiboemerweg 8 46419 Isselburg Germany Attn: Ewald Foecking Verdistr. 5 46414 Rhede Germany MATRIX GMBH: Claims Registration Period Ends March 18 ----------------------------------------------------- Creditors of Matrix GmbH have until March 18, 2008, to register their claims with court-appointed insolvency manager Holger Bluemle. 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 Karlsruhe Hall IV First Floor Schlossplatz 23 76131 Karlsruhe Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Holger Bluemle Kriegsstr. 113 76135 Karlsruhe Germany Tel: (07 21) 91 95 70 The District Court of Karlsruhe opened bankruptcy proceedings against Matrix GmbH on Feb. 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Matrix GmbH Attn: Thomas Heeger, Manager Bannwaldallee 46 76185 Karlsruhe Germany MCBEE GMBH: Claims Registration Ends March 25 --------------------------------------------- Creditors of McBee GmbH have until March 25, 2008 to register their claims with court-appointed insolvency manager Dr. Hans von Gleichenstein. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Munich Meeting Hall 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: Dr. Hans von Gleichenstein Rottmannstr. 11a 80333 Munich Germany Tel: 089/5427300 Fax: 089/54273015 The District Court of Munich opened bankruptcy proceedings against McBee GmbH on Jan. 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: McBee GmbH Attn: Roland Horend, Manager Moosfeld 3 81829 Munich Germany MEDICOR DEUTSCHLAND: Claims Registration Period Ends March 3 ------------------------------------------------------------ Creditors of MediCor Deutschland GmbH have until March 3, 2008, to register their claims with court-appointed insolvency manager Dr. Kurt Bruder. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court 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: Dr. Kurt Bruder Herzog-Wilhelm-Str. 17 80331 Muenchen Germany Tel: 089/236858-0 Fax: 089/2603440 The District Court of Munich opened bankruptcy proceedings against MediCor Deutschland GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MediCor Deutschland GmbH Attn: Markus Halfpap, Manager Alte Landstr. 27 85521 Ottobrunn Germany MEGA MOEBEL: Claims Registration Ends March 25 ---------------------------------------------- Creditors of MEGA MOEBEL MAGAZIN GmbH have until March 25, 2008 to register their claims with court-appointed insolvency manager Manfred Vellmer. Creditors and other interested parties are encouraged to attend the meeting at 9:45 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 Muenster Meeting Hall 119 B First Floor Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Manfred Vellmer Adalbertstr. 8 48565 Steinfurt Germany Tel: 02552/638710 Fax: +4925526387111 The District Court of Muenster opened bankruptcy proceedings against MEGA MOEBEL MAGAZIN GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MEGA MOEBEL MAGAZIN GmbH Roemerstrasse 17 48429 Rheine Germany Attn: Peter Lorenschat, Manager Salzdahlumer Str. 128 D 38302 Wolfenbuettel Germany NEGLIUS GMBH: Claims Registration Period Ends March 20 ------------------------------------------------------ Creditors of Neglius GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Stefan Beck. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 11, 1008, 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 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: Stefan Beck Kuerschnerhof 4 97070 Wuerzburg Germany Tel. 0931/3229656 The District Court of Wuerzburg opened bankruptcy proceedings against Neglius GmbH on Feb. 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Neglius GmbH Friedrich-Bergius-Ring 34 97076 Wuerzburg Germany OSTROGA EDELSTAHLVERARBEITUNG: Claims Period Ends March 15 ---------------------------------------------------------- Creditors of OSTROGA Edelstahlverarbeitung GmbH have until March 15, 2008, to register their claims with court-appointed insolvency manager Stefan Haas. Creditors and other interested parties are encouraged to attend the meeting at 8:35 a.m. on March 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landshut Meeting Hall 9/I Maximilianstrasse 22-24 Landshut 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 Haas Rennweg 119 a 84028 Landshut Germany Tel: 0871/9655326 Fax: 0871/9655325 The District Court of Landshut opened bankruptcy proceedings against OSTROGA Edelstahlverarbeitung GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: OSTROGA Edelstahlverarbeitung GmbH Hartbeckerforst 41 84172 Buch am Erlbach Germany PPD PRIVATER: Claims Registration Ends March 25 ----------------------------------------------- Creditors of PPD Privater Postdienst GmbH have until March 25, 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 10:20 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 Cologne Meeting Hall 1240 12th 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 Tel: 0221/650 660 Fax: +49221650661 The District Court of Cologne opened bankruptcy proceedings against PPD Privater Postdienst GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PPD Privater Postdienst GmbH Attn: Karsten Knaup, Manager Haferwende 29 a 28357 Bremen Germany PROVIDE-VR 2002-1: Moody's Cuts Rating on Class D Notes to B2 ------------------------------------------------------------- Moody's Investors Service downgraded this Class of Notes issued by Provide-VR 2002-1 plc: -- EUR23,000,000 Class D Floating Rate Credit Linked Notes, downgraded to B2 from Ba1. This downgrade concludes the review process of Class D Notes that was started on 30 January 2008. Moody's rating action was prompted by a worse-than-expected performance of the underlying portfolio. The performance analysis primarily considered: (1) the level of outstanding credit events reported as of February 2008 totaling at EUR15.7 million; and (2) the average recovery rate reported for already worked- out reference claims of 32.3%. One of the reasons for the relatively low recovery rate experienced so far is the fact that the securitised portfolio mainly consists of second lien mortgage loans (i.e. loan parts above 60 per cent loan-to-lending-value). Moody's considered in its analysis that EUR3.2 million of reported credit events are re-performing and are currently not in arrears. Nevertheless, both performance indicators suggest that additional losses will materialise going forward at levels higher than Moody's initially expected. Next to reviewing the performance indicators, Moody's assessed also updated loan-by- loan information on the outstanding reference claims to determine the volatility of the future losses. Based on this available loan-by-loan information and the limited additional information provided, Moody's decided to use the so far experienced recovery rate as a best estimate for the expected future recovery rate for the monitoring of this transaction. Taking into account the current amount of outstanding credit events and a roll rate analysis for the non- defaulted portion of the portfolio, Moody's expects additional future losses to exceed EUR11 million. In case losses equal to this Moody's expected future loss assumption should materialise, this would mean a total loss of principal for Class E Notes and a significant loss of principal for Class D Notes, which are currently supported by about EUR 9 million of subordination. The Class F Notes, which constitutes the first loss piece in this transaction, have an outstanding balance of EUR5.7 million as of February 2008. In the recent reporting period EUR0.95 million of losses were allocated to the transaction, so that a total of EUR6.6 million of losses have been allocated to Class F since closing. The Class E Notes have an outstanding balance of EUR3.3 million. Provide-VR 2002-1 is a transaction by DG HYP (95.21 per cent of the initial portfolio), which - together with five co-operative banks (4.79 per cent of the initial portfolio) - transferred the credit risk of approximately 20,876 residential mortgage loans to investors. At closing the total portfolio amounted to EUR 623.3 million (EUR343.0 current portfolio balance) and had a weighted average loan-to-market-value of 74 per cent. The portfolio has an above average concentration in the Northern Laender of Germany. The realised loss definition includes principal and external work-out costs. Accrued interest is excluded from the realised loss definition of the transaction. Losses will be allocated in a reverse sequential order, first to the unrated Class F Notes. The portfolio is static and the credit linked notes amortise sequentially, starting with the Class A+ Notes, which rank pro- rata with the Senior Credit Default Swap. The ratings address the ultimate payment of principal on or before final legal maturity of the Notes. TELECASS GMBH: Claims Registration Period Ends March 14 ------------------------------------------------------- Creditors of Telecass GmbH have until March 14, 2008, to register their claims with court-appointed insolvency manager Anton Rosenauer. Creditors and other interested parties are encouraged to attend the meeting at 10:15 a.m. on April 4, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Room 178 Hauffstr. 5 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: Anton Rosenauer Industriestr. 3 70565 Stuttgart Germany Tel: 0711/2317593 The District Court of Stuttgart opened bankruptcy proceedings against Telecass GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Telecass GmbH Albstr. 14 70597 Stuttgart Germany YAYCI GMBH: Claims Registration Period Ends March 24 ---------------------------------------------------- Creditors of Yayci GmbH have until March 24, 2008, to register their claims with court-appointed insolvency manager Martin Moderegger. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hannover Hall 226 Second 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. Martin Moderegger Schiffgraben 23 30159 Hannover Germany Tel: 0511 763529-0 Fax: 0511 763529-43 The District Court of Hannover opened bankruptcy proceedings against Yayci GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Yayci GmbH Arndtstr. 2 30167 Hannover Germany ============= H U N G A R Y ============= FLEXTRONICS: To Increase Workforce in Hungary by 10% ---------------------------------------------------- Flextronics International Ltd. is planning to increase its manufacturing in Hungary and will increase its local workforce by approximately 10%, EE Times Europe reports, citing Hungarian business daily news. Flextronics, the report relates, employs 10,000 workers in five production plants in Hungary. As well as increasing manufacturing with some particular product lines the company wants to develop its service base in Zalaegerszeg, which is one of the largest regional service centers in Central and Eastern Europe, the report adds. Production is set to start in May, report adds. About Flextronics Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS: FLEX) -- http://www.flextronics.com/-- is an Electronics Manufacturing Services provider focused on delivering design, engineering and manufacturing services to automotive, computing, consumer digital, industrial, infrastructure, medical and mobile OEMs. Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in over 30 countries on four continents including Brazil, Mexico, Hungary, Sweden, United Kingdom, among others. * * * Flextronics International Ltd. continues to carry Moody's "Ba1" probability of default and long-term corporate family ratings with a negative outlook. The company also carries Standard & Poor's "BB+" long-term local and foreign issuer credit ratings with a negative outlook. ============= I C E L A N D ============= NAVISTAR INTERNATIONAL: Re-Files Breach of Contract Suit vs Ford ---------------------------------------------------------------- Navistar International Corp. has re-filed a lawsuit against Ford Motor Co. for violating a diesel engine contract in which Ford promised that Navistar would be Ford's primary manufacturer and supplier of V-6 and V-8 diesel engines in North America, including diesel engines for Ford's F-150 pickup trucks. The suit, filed in the Circuit Court of Cook County, Ill., seeks "at least hundreds of millions of dollars." Navistar originally sued Ford alleging breach of the contract in June 2007. Cook County Circuit Court Judge Dennis Burke dismissed that suit to allow for mediation of the dispute by a third-party. Navistar and Ford were unable to resolve the dispute through mediation, so Navistar now has re-filed the lawsuit. According to the lawsuit, Ford will introduce a 4.4 liter diesel engine for production in North America by late 2009 or 2010 or possibly earlier. Ford intends to produce the engine itself for use in the F-150, and possibly other vehicles. The lawsuit states that Ford cannot manufacture the engine without violating its contract with Navistar. Reportedly, Ford will produce the engines at a Ford facility in Chihuahua, Mexico. The lawsuit states that Navistar spent millions of dollars and devoted years of its employees' time to develop a next generation diesel engine named "Lion" for use in F-150 pickup trucks and other vehicles in which Ford had not previously offered diesel engines. Ford agreed that Navistar, which has been the exclusive diesel engine supplier for Ford's heavy-duty pickup trucks since 1979, would be the manufacturer and supplier of the new engines for the North American vehicle market. The lawsuit, filed Feb. 26, 2008, is separate from previously reported litigation between the two companies. In 2007, Ford filed a lawsuit against Navistar involving engine pricing and warranty claims on Power Stroke diesel engines. Navistar counter-sued, stating that pricing was consistent with contractual agreements, that the warranty claims were entirely without merit and that Ford has stopped honoring the terms of an agreement under which the engines were built. Navistar amended its counter-suit in May 2007 and asked for in excess of US$2 billion in damages. About Ford Motor Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin American regions, including Argentina and Brazil. About Navistar International Based in Warrenville, Illinois, Navistar International Corp. (NYSE:NAV) -- http://www.nav-international.com/-- is the parent company of Navistar Financial Corp. and International Truck and Engine Corp. The company produces International brand commercial trucks, mid-range diesel engines and IC brand school buses, Workhorse brand chassis for motor homes and step vans, and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV market. The company also provides truck and diesel engine parts and service sold under the International brand. A wholly owned subsidiary offers financing services. The company has operations in Brazil, Iceland and India. * * * The company carries Standard & Poor's Ratings Services' 'BB-' corporate credit ratings with a negative outlook. The company's subsidiary, Navistar Financial Corp. also carries S&P's BB- rating. ============= I R E L A N D ============= ELAN CORP: Moody's Changes Outlook to Positive; Holds B3 Ratings ---------------------------------------------------------------- Moody's Investors Service revised the rating outlook for Elan Corporation, plc and Elan Finance plc to positive from stable. At the same time, Moody's affirmed Elan's existing ratings including the B3 Corporate Family Rating. Moody's last rating action on Elan was an affirmation of the ratings with a stable rating outlook on Nov. 9, 2006 in conjunction with a B3 rating assignment to a senior note offering. "The change in Elan's rating outlook to positive reflects steady market acceptance of Tysabri approximately 18 months after the re-launch," stated Moody's Senior Vice President Michael Levesque. Other positive developments include the recent FDA approval of Tysabri in moderate to severe Crohn's disease, and the initiation of Phase III clinical trials of bapineuzumab in Alzheimer's disease in a collaboration with Wyeth. "However, thee B3 rating remains constrained by uncertainty that Elan will attain positive free cash flow, especially if any additional PML cases arise," continued Levesque. Elan's B3 Corporate Family Rating reflects the criteria outlined in Moody's Global Pharmaceutical Rating Outlook including size and scale (where Elan maps to the "B" category), cash flow relative to debt ("Caa"), and cash coverage of debt ("Ba"). Elan's rate of cash use is still significant, reflecting higher spending on R&D, and generic pressures affecting the Maxipime franchise. A rating upgrade could result from additional market acceptance of Tysabri, leading Moody's to conclude that Elan is on a clear path to generating positive free cash flow. Negative rating pressure could develop if Moody's believes that Elan is unlikely to ever achieve positive earnings and cash flow. Ratings affirmed: Elan Corporation plc: -- B3 Corporate Family Rating -- B2 Probability of Default Rating Elan Finance plc: -- B3 (LGD4, 65%) fixed rate senior notes of $850 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) -- B3 (LGD4, 65%) floating rate senior notes of $300 million due 2011 (guaranteed by Elan Corporation, plc and subsidiaries) -- B3 (LGD4, 65%) fixed rate senior notes due 2013 (guaranteed by Elan Corporation, plc and subsidiaries) Elan Corporation, plc is a specialty biopharmaceutical company headquartered in Dublin Ireland, with areas of expertise in neurological and autoimmune disease, and drug delivery technology. The company reported US$759 million of total revenue in 2007. LUNAR FUNDING V: Moody's Junks Ratings on Two Notes Series ---------------------------------------------------------- Moody's has taken rating actions on these Series of notes issued by Lunar Funding V PLC: -- Downgraded to C, the Series 16 EUR4,250,000 Secured Asset-Backed Notes due 2053; and -- Downgraded to Caa3 (on watch for possible downgrade), the Series 17 EUR11,050,000 Secured Asset-Backed Notes due 2053. Series 17 represents the repackaging of the US$13,000,000 Class C Secured Floating Rate Credit-Linked Notes due 2053 of Marc CDO I plc, while Series 16 represents the repackaging of the USD 14,000,000 Class D Secured Floating Rate Credit-Linked Notes due 2053 of Marc CDO I plc. The equivalent rating actions have been taken on both Class C & D. The rating actions on the underlying Marc CDO I Notes are a response to severe credit deterioration in the underlying portfolio. Marc CDO I plc is a managed synthetic CDO of ABS referencing a portfolio which contains 55% US RMBS and 15% US ABS CDOs of the 2005, 2006, and 2007 vintages. In addition, 0.25% of the portfolio by volume is wrapped by monoline insurer FGIC, whilst 2.26% of the portfolio by volume (one US ABS CDO) is currently in default. 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. Lunar Funding V PLC is a special purpose company located in Ireland and established for the purpose of repackaging debt securities. WELLMAN INC: Wants Kirkland & Ellis as Bankruptcy Counsel --------------------------------------------------------- Wellman Inc. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of New York to employ Kirkland & Ellis, LLP, as their primary bankruptcy counsel, nunc pro tunc Feb. 22, 2008. The Debtors selected Kirkland & Ellis because of the firm's expertise and extensive experience in the field of debtors' protections, creditors' rights and business reorganizations under Chapter 11 of the Bankruptcy Code. As primary counsel, Kirkland is expected to: (a) advise the Debtors with respect to their powers and duties as debtors-in-possession in the continued management and operation of their business and properties; (b) advise and consult on the conduct of Chapter 11 including all of the legal and administrative requirements of operating in the bankruptcy case; (c) attend meeting and negotiate with representatives of the creditors and other parties-in-interest; (d) take all action to protect and preserve the Debtors' estates including prosecuting actions on the Debtors' behalf, defending any action commenced against the Debtors, among other things; (e) prepare all Court pleadings, reports and other papers necessary to the administration of The Debtors' estates; (f) represent the Debtors in connection with obtaining postpetition financing; (g) advise the Debtors in connection with any potential sale of their assets or business; (h) appear before the Court and any appellate courts to represent the interests of the Debtors' estates; (i) consult with the Debtors regarding tax, environmental, employment, pension, real estate and other matters; (j) take any necessary action on behalf of the Debtors to negotiate, prepare and obtain approval of a Chapter 11 plan and all related documents; and (h) perform all other necessary or otherwise beneficial legal services for the Debtors in connection with the prosecution of their cases. In exchange for Kirkland's services, the firm will be paid on an hourly basis and reimbursed for the expenses incurred related to any work undertaken. The firm's professionals and their hourly rates are: Partners US$520 - US$975 Of Counsel US$330 - US$595 Associates US$295 - US$600 Paraprofessionals US$150 - US$265 Jonathan S. Henes, a partner at Kirkland, assures the Court that the firm does not have any connection with any of the Debtors or parties-in-interest. He adds that the firm is a "disinterested person" as that phrase is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b). About Wellman Inc. Headquartered in Fort Mill, South Carolina, Wellman Inc. -- http://www.wellmaninc.com/-- manufactures and markets 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 U.S., Ireland, the Netherlands and France. The company and its debtor-affiliates filed for Chapter 11 protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08- 10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York City, represents the Debtors. Wellman Inc., in its bankruptcy petition, listed total assets of US$124,277,177 and total liabilities of US$600,084,885, as of Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG, Inc., listed assets between US$500 million and US$1 billion on a stand-alone basis at the time of the bankruptcy filing. Debtor-affiliates Fiber Industries Inc., Prince Inc., and Wellman of Mississippi Inc., listed assets between US$100 million and US$500 million at the time of their bankruptcy filings. On a consolidated basis, Wellman Inc., and its debtor-affiliates listed US$498,867,323 in assets and US$684,221,655 in liabilities as of Jan. 31, 2008. (Wellman Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) WELLMAN INC: Wants to Employ Edwards Angell as Conflicts Counsel ---------------------------------------------------------------- Wellman Inc. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Southern District of New York to employ Edwards Angell Palmer & Dodge LLP, as conflicts and special counsel, nunc pro tunc to Feb. 22, 2008. Edwards Angell Palmer & Dodge has acted as general corporate counsel to the Debtors since 1985. EAPD is entirely familiar with the Debtors' businesses and operations. Thus, the Debtors have asked EAPD to continue to represent them as special general corporate counsel in their Chapter 11 cases. The Debtors believe that EAPD's proposed employment is in the best interest of the Debtors, their estates and creditors. EAPD will render these services to the Debtors: a. advise on matters such as general corporate, tax, labor and employment, intellectual property, patent and trademark, and patent prosecution and defense, securities, environment, and litigation; b. give assistance to Debtors in management and coordination of other litigation counsel; c. appear before courts to protect the interests of the Debtors' estates within the scope of EAPD's retention; d. act as bankruptcy conflicts counsel; and e. perform all other necessary legal services and provide all other necessary legal advice to the Debtors. The principal attorneys and paralegals to represent the Debtors and their rates are: Professional Hourly Rate ------------ ----------- D. Roger Glenn US$630 Shmule Vasser US$625 Stuart M. Brown US$580 James I. Rubens US$575 William E. Chapman, Jr. US$525 Scott D. Wolfsy US$525 Patricia A. Sullivan US$525 Douglas G. Gray US$515 Paul J. Labov US$400 Brian R. Pollack US$390 Mark D. Olivere US$315 Timothy D. Watson US$305 Carolyn Fox US$180 Other attorneys and paralegals who will be serving from time to time are paid at these hourly rates: Partners US$315 to US$755 Counsel US$275 to US$600 Associates US$125 to US$480 Legal Assistants/Paralegals US$90 to US$265 The firm will also seek reimbursement of out-of-pocket expenses. William Chipman Jr., a partner at EAPD, assures the Court that the firm does not hold or represent any interest adverse to the Debtors or their Chapter 11 cases, their creditors, or any other party in this case. Mr. Chipman says the firm is a "disinterested person," as that term is defined in Section 101(14) of the Bankruptcy Code, as modified by Section 1107(b). About Wellman Inc. HHeadquartered in Fort Mill, South Carolina, Wellman Inc. -- http://www.wellmaninc.com/-- manufactures and markets 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 U.S., Ireland, the Netherlands and France. The company and its debtor-affiliates filed for Chapter 11 protection on Feb. 22, 2008 (Bankr. S.D. N.Y. Case No. 08- 10595). Jonathan S. Henes, Esq., at Kirkland & Ellis, LLP, in New York City, represents the Debtors. Wellman Inc., in its bankruptcy petition, listed total assets of US$124,277,177 and total liabilities of US$600,084,885, as of Dec. 31, 2007, on a stand-alone basis. Debtor-affiliate ALG, Inc., listed assets between US$500 million and US$1 billion on a stand-alone basis at the time of the bankruptcy filing. Debtor-affiliates Fiber Industries Inc., Prince Inc., and Wellman of Mississippi Inc., listed assets between US$100 million and US$500 million at the time of their bankruptcy filings. On a consolidated basis, Wellman Inc., and its debtor-affiliates listed US$498,867,323 in assets and US$684,221,655 in liabilities as of Jan. 31, 2008. (Wellman Bankruptcy News, Issue No. 2; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ========= I T A L Y ========= FIAT SPA: Linea Line to Start Production in India on August ----------------------------------------------------------- Fiat SpA Chief Executive Officer Rajeev Kapoor said that the company’s Linea will start production in August 2008 at its joint venture plant in Ranjangaon, India, Thomson Financial News reports. The plant is a 50:50 joint venture between Fiat and Tata Motors Ltd's and has a 100,000-car and 200,000-engine and transmission parts manufacturing capacity. 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. * * * In November 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. In October 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. INTERNATONAL RECTIFIER: Elects O. Khaykin and R. Dahl to Board -------------------------------------------------------------- International Rectifier Corporation elected Oleg Khaykin, the company's appointed chief executive officer, and Richard J. Dahl to its board of directors. Mr. Dahl, 56, has since 2004 served as a director of the NYSE- listed IHOP Corporation where he presides as chairman of the audit committee and was chairman of the special committee of the board formed to oversee IHOP's successful bid to acquire Applebee's International. From 2002 to 2007, he was employed by the Dole Food Company. He held various executive level positions with Dole including president, chief operating officer and director from 2004 to 2007, and senior vice president, chief financial officer and director positions from 2002 to 2004. Prior to his work at Dole, Mr. Dahl was president and chief operating officer of NYSE listed Bank of Hawaii Corporation. "As an accomplished leader with extensive managerial and financial experience and expertise, Richard will be a strong addition to our board," International Rectifier's lead director Jack Vance, said. "His unique and broad perspective on driving operational excellence and international growth, and his deep understanding of finance and audit will greatly benefit the Board in addition to the entire IR organization." Mr. Dahl was elected to serve with a board term expiring at the company's 2008 annual meeting. Mr. Khaykin, 43, appointed chief executive officer effective March 1, 2008, was elected to serve with a board term expiring at the company's 2009 annual meeting. About International Rectifier International Rectifier Corporation (NYSE:IRF) -- http://www.irf.com/-- provides power management technology. IR's analog, digital, and mixed signal ICs, and other advanced power management products, enable high performance computing and save energy in a wide variety of business and consumer applications. Manufacturers of computers, energy efficient appliances, lighting, automobiles, satellites, aircraft, and defense systems rely on IR's power management solutions to power their