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, March 7, 2008, Vol. 9, No. 48 Headlines A U S T R I A HAFNER + PARTNER: Claims Registration Period Ends March 20 IRS VERTRIEB: Claims Registration Period Ends March 31 PRI-MA.NET: Claims Registration Period Ends April 24 ZIMMEREI SPORN: Salzburg Court Closes Bankruptcy Proceedings B E L G I U M SOLUTIA INC: Flexsys Unit Raises Prices to Ensure Reinvestment SOLUTIA INC: Agreement Gives GE Betz US$255,575 in Allowed Claim SOLUTIA INC: To Issue 7,450,000 Shares for Employee Plans B U L G A R I A KREMIKOVTZI AD: Merrill Lynch Starts Talks with Potential Buyers F I N L A N D EXIDE TECHNOLOGIES: Moody's Revises Rating Outlook to Positive F R A N C E DELPHI CORP: Gets Exit Financing Proposal from General Motors G E R M A N Y A.P.A. - AUTOMOBILE: Claims Registration Period Ends March 24 APA HANDELSGESELLSCHAFT: Claims Registration Ends March 24 ARMANDO DEL GAUDIO: Claims Registration Period Ends March 14 ASAT HOLDINGS: Expects 4% Revenue Growth in 2008 Third Quarter BARTER TRADE: Claims Registration Period Ends April 1 BSC ENTSORGUNG: Claims Registration Ends March 31 BUENA VISTA: Creditors' Meeting Slated for March 20 CARGO & CARRIER: Claims Registration Period Ends March 28 CHARTERBOERSE REISEVERMITTLUNGS: Claims Filing Ends April 1 CONSUMERS FRUIT: Claims Registration Period Ends March 28 DIE NAHT: Claims Registration Period Ends April 1 DONLOX GMBH: Claims Registration Period Ends April 1 EB VERWALTUNGSGESELLSCHAFT: Claims Period Ends March 20 ERICH SCHENK: Claims Registration Period Ends March 17 GARBODES PARTYSERVICE: Claims Registration Ends March 31 H. MAYER GMBH: Claims Registration Period Ends March 12 HAINKE INTERNATIONALE: Claims Registration Ends March 31 HEALTH MED: Claims Registration Period Ends March 24 IKB DEUTSCHE: Fitch Lowers Ratings on Hybrid Securities to CCC- ROLF BRANDMANN: Claims Registration Period Ends April 17 TRAUT-GMBH: Claims Registration Period Ends March 31 UNITHERM GESELLSCHAFT: Claims Registration Ends March 30 WELTZIEN & PATTBERG: Claims Registration Ends March 31 H U N G A R Y AES CORP: Defaults on Debt Facilities due to Misrepresentation I R E L A N D INTL SECURITIES: Unsecured Creditors Okay Scheme of Arrangement RITCHIE (IRELAND): Court Refuses to Review Case Against Coventry I T A L Y BERRY PLASTICS: B. Scheu Takes Helm at Rigid Closed Top Division FIAT SPA: Plans to Manufacture Alfa Romeo in the U.S. K A Z A K H S T A N ARASLAN LLP: Creditors Must File Claims by April 1 ASPAN TRADE: Creditors Must File Claims by April 4 ATYRAU NEFT: Claims Deadline Slated for April 4 ENERGY DIAMOND: Claims Deadline Slated for April 4 ENERGOPROMSERVICE LTD: Claims Filing Period Ends April 4 GOLDEN VIP-S: Creditors' Claims Due on March 28 KAZ INTER: Claims Filing Period Ends April 4 KOKSU AJARY: Claims Registration Ends March 28 NUR SNAB: Creditors' Claims Due on April 4 ROGACHEVSKY COMBINATE: Creditors Must File Claims by April 4 RUDNY KAZ: Claims Deadline Slated for April 4 TRUST-SERVICE LLP: Claims Registration Ends April 4 UGO-VOSTOK ONLINE: Claims Filing Period Ends April 4 K Y R G Y Z S T A N ATLANT STROY: Creditors Must File Claims by April 1 TAZA-OIL LLC: Claims Filing Period Ends March 28 N E T H E R L A N D S KONINKLIJKE AHOLD: Earns EUR2.9 Billion for Full Year 2007 X5 RETAIL: Launches Mercado Supercenter Hypermaket Brand N O R W A Y DRESSER-RAND: Earnings Rise to US$44MM in Quarter Ended Dec. 31 P O L A N D POLSKA GRUPA: Fitch Lowers National Long-Term Rating to BB(pol) VALEANT PHARMA: To Restate Financial Statements Due to Errors R U S S I A AGTRO-TEKH OJSC: Creditors Must File Claims by March 16 COMSTAR-UNITED: Inks Deal to Install 10,000 Phones in Podolsky EXPERIMENTAL-PRODUCTION: Creditors Must File Claims by March 16 IDEAL LLC: Creditors Must File Claims by March 16 KOLPASHEVSKAYA SHIPBUILDING: Asset Sale Slated for March 20 OGK-5 OAO: Unveils Agenda for Upcoming Shareholders Meeting OGK-5 OAO: Nominates Sixteen People to Board of Directors SERVICE-STROY-KOMPLEKT: Creditors Must File Claims by March 16 SOGORNOE CJSC: Creditors Must File Claims by March 16 TALITSKIY TRANSPORT: Creditors Must File Claims by March 16 X5 RETAIL: Launches Mercado Supercenter Hypermaket Brand S P A I N BANKINTER 16 FONDO: S&P Junks Rating on EUR43 Mln Class E Notes FONDO DE TITULIZACION: S&P Puts CCC- Rating on Class D Notes S W I T Z E R L A N D AXENTIC LLC: Creditors' Liquidation Claims Due by March 7 COMIT RESOURCES: Creditors' Liquidation Claims Due by March 10 CPR HANDEL: Zurich Court Starts Bankruptcy Proceedings D. S. KARLEN: Creditors' Liquidation Claims Due by March 10 MEIER SCHREINEREI: Creditors' Liquidation Claims Due by March 10 MEWOTEC LLC: Creditors' Liquidation Claims Due by March 7 NATURHEILPRAXIS: Creditors' Liquidation Claims Due by March 7 NOVA NICKEL: Creditors' Liquidation Claims Due by March 10 SISNOVA GASTRO: Creditors' Liquidation Claims Due by March 10 ZUM TEDDY: Aargau Court Starts Bankruptcy Proceedings T U R K E Y TURKCELL ILETISIM: To Pay TRY648.7 Million Dividend for 2008 TURKCELL ILETISIM: Earns US$1.35BB for Year Ended December 31 U K R A I N E BANK FORUM: Fitch Upgrades Rating on Acquisition by Commerzbank NAFTOGAZ UKRAINY: Gazprom Resumes Full Gas Supply to Ukraine U N I T E D K I N G D O M ACZ REALISATIONS: Taps Liquidators from PricewaterhouseCoopers BANKMEADOW LTD: Claims Filing Period Ends April 7 BATHROOM WAREHOUSE: Creditors' Meeting Slated for March 17 BUCKS AUTO: Creditors' Meeting Slated for March 17 CELSIUS ENERGY: Taps Abbott Fielding as Joint Administrators CHRYSLER LLC: Can Have Unlimited Access to Daimler AG's Tech. CLEAR CHANNEL: Trial on Sale Funding Dispute Set for April 7 D.S.B. LTD: Andrew Appleyard Leads Liquidation Procedure DEL MONTE: Shuts Down West Lynn Factory; 80 Jobs Affected EMI GROUP: Chairman Admits Takeover Has Not Gone to Plan FARNDELL AND GATES: Appoints Joint Administrators from Begbies G.M. TECHNICAL: Appoints Peter Wastell as Liquidator GENERAL MOTORS: Offers Additional Exit Financing to Delphi Corp. GENERAL MOTORS: Key Supplier Labor Strike Affects More GM Plants MASHLIN FRICTION: Brings In Harrisons to Administer Assets MYRIAD CHILDRENSWEAR: Brings In Liquidators from PwC NIKKO U.K.: Calls In Liquidators from Grant Thornton OFFSHORE TRAVEL: Joint Liquidators Take Over Operations PETER ROBINSON: Taps Thomas Dixon to Liquidate Assets QUEBECOR WORLD: WEB Printing Supports Suppliers' Objections QUEBECOR WORLD: Reaches Settlement with Utility Providers QUEBECOR WORLD: Wants Banc of America Aircraft Lease Rejected SUBSEA RESOURCES: Suspends Trading of Shares to Sell Assets VONAGE HOLDINGS: May Modify Terms of US$253 Mln Convertible Debt WORDMAP LTD: Brings In Liquidators from BDO Stoy Hayward ZIFF DAVIS: Files for Bankruptcy to Improve Capital Structure ZIFF DAVIS: Case Summary and 30 Largest Unsecured Creditors * Beard Group's Cross-Border Insolvencies Audio Primer * BOOK REVIEW: Voluntary Assignments for the Benefit of Creditors, Volumes I and II ********* ============= A U S T R I A ============= HAFNER + PARTNER: Claims Registration Period Ends March 20 ---------------------------------------------------------- Creditors owed money by LLC Hafner + Partner (FN 35496a) have until March 20, 2008, to file written proofs of claim to court- appointed estate administrator Elisabeth Simma at: Dr. Elisabeth Simma Kaiserfeldgasse 15/II 8010 Graz Austria Tel: 0316/827720 Fax: 0316/82772028 E-mail: office@simma-stoff.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:40 a.m. on March 27, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Rom 222 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Feb. 15, 2008 (Bankr. Case No. 26 S 21/08w). IRS VERTRIEB: Claims Registration Period Ends March 31 ------------------------------------------------------ Creditors owed money by LLC IRS Vertrieb und Handel (FN 277509b) have until March 31, 2008, to file written proofs of claim to court-appointed estate administrator Rudolf Franzmayr at: Dr. Rudolf Franzmayr Stadtplatz 32 4840 Voecklabruck Austria Tel: 07672/23432 Fax: 07672/23432-4 E-mail: dr.franzmayr@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on April 10, 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 Voecklabruck, Austria, the Debtor declared bankruptcy on Feb. 15, 2008 (Bankr. Case No. 20 S 18/08k). PRI-MA.NET: Claims Registration Period Ends April 24 ---------------------------------------------------- Creditors owed money by LLC pri-ma.net Print Management (FN 265969g) have until April 24, 2008, to file written proofs of claim to court-appointed estate administrator Horst Winkelmayr at: Mag. Horst Winkelmayr c/o Dr. Carl Knittl Mariahilfer Strasse 1d/13 Porzellangasse 22A/7 1090 Vienna Austria Tel: 532 47 77 Fax: 532 47 77 50 E-mail: rae@kniwi.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:30 a.m. on May 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 15, 2008 (Bankr. Case No. 6 S 20/08w). Carl Knittl represents Mag. Winkelmayr in the bankruptcy proceedings. ZIMMEREI SPORN: Salzburg Court Closes Bankruptcy Proceedings ------------------------------------------------------------ The Land Court of Salzburg closed the bankruptcy case of LLC Zimmerei Sporn (FN 55921m) on Dec. 19, 2007, following the Debtor's final distribution to creditors. Creditors recovered 4% on account of their claim against the Debtor. Headquartered in Hallein, Austria, the Debtor declared bankruptcy on March 7, 2007 (44 S 12/07z). Gernot Franz Herzog served as the court-appointed estate administrator for the bankrupt's estate. The estate administrator can be reached at: Dr. Gernot Franz Herzog Haunspergstr. 33 5020 Salzburg Austria Tel: 0062-8700460 Fax: 0662-878462 E-mail: office@hauserherzog.com ============= B E L G I U M ============= SOLUTIA INC: Flexsys Unit Raises Prices to Ensure Reinvestment -------------------------------------------------------------- Solutia Inc. said that its Flexsys subsidiary is initiating price increases across select product groups including Crystex(R) insoluble sulfur, Santoflex (R) 6 PPD antiozonant, and other rubber chemicals. "These price increases are driven by a number of factors," said Jim Voss, president of Flexsys. "We must continue to reinvest to ensure our long-term success and the success of our customers. We have successfully differentiated ourselves from our competition in the areas of technology, quality, manufacturing reliability, and supply chain excellence. We will continue to invest in capacity expansions and new technology to provide our customers with the high-quality and innovative products backed by superior customer service and world-class technical support that they have come to expect from Flexsys." "The continued upward trend of energy and raw material costs makes this action necessary," said Tim Wessel, vice president, Antidegradants and Crystex. "We have seen an unprecedented rise in the cost of raw material ingredients, such as sulfur." He noted that the global agricultural boom and demand for fertilizer has significantly tightened the sulfur market. The price increases are effective April 1, 2008, or as soon as permitted by contract. Crystex insoluble sulfur is the vulcanizing agent of choice for critical applications in the tire industry, providing the highest level of quality and performance. In addition, Crystex HD insoluble sulfur offers tire manufacturers improved prouctivity and safety in their manufacturing processes. Santoflex 6 PPD antiozonant is used to improve tire longevity by protecting against degradation by oxygen, ozone, and fatigue. Flexsys products play an essential role in the manufacturing of tires and other rubber products, such as belts, hoses, seals, and footwear. Flexsys is a global business with offices, manufacturing facilities and technology centers around the world. Flexsys has annual sales of over US$650 million, about two-thirds of which take place outside the United States. About Solutia Inc. Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 118; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter-Europe on March 3, 2008, Standard & Poor's Ratings Services raised its corporate credit rating on Solutia Inc. to 'B+' from 'D', following the company's emergence from bankruptcy on Feb. 28, 2008, and the implementation of its financing plan. The outlook is stable. S&P also affirmed its 'B+' rating and '3' recovery rating on Solutia's proposed senior secured term loan. In addition, S&P assigned its 'B-' rating to Solutia's US$400 million unsecured bridge loan facility. S&P also withdrew its 'B-' rating on the proposed US$400 million unsecured notes, which have been replaced by the bridge facility in Solutia's capital structure. SOLUTIA INC: Agreement Gives GE Betz US$255,575 in Allowed Claim ---------------------------------------------------------------- On Nov. 22, 2004, GE Betz, Inc., filed Claim No. 5640 alleging a total claim of US$406,006, of which US$124,545 was secured by a right of offset. On Feb. 4, 2008, GE Betz filed Claim No. 14845 for US$380,119, of which US$124,545 is secured by a right of offset. Claim No. 14845 is intended to amend and supersede Claim No. 5640. Solutia Inc. and GE Betz have agreed that: -- Claim No. 14845 will amend and supersede Claim No. 5640; -- GE Betz may exercise its right of setoff. GE Betz withdraws the secured claim of US$124,545; and -- GE Betz will retain an allowed general unsecured claim of US$255,575. About Solutia Inc. Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 118; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter-Europe on March 3, 2008, Standard & Poor's Ratings Services raised its corporate credit rating on Solutia Inc. to 'B+' from 'D', following the company's emergence from bankruptcy on Feb. 28, 2008, and the implementation of its financing plan. The outlook is stable. S&P also affirmed its 'B+' rating and '3' recovery rating on Solutia's proposed senior secured term loan. In addition, S&P assigned its 'B-' rating to Solutia's US$400 million unsecured bridge loan facility. S&P also withdrew its 'B-' rating on the proposed US$400 million unsecured notes, which have been replaced by the bridge facility in Solutia's capital structure. SOLUTIA INC: To Issue 7,450,000 Shares for Employee Plans --------------------------------------------------------- Solutia Inc. informed the U.S. Securities and Exchange Commission that it is registering 7,450,000 shares of stock common stock, US$0.01 par value, which it intends to sell at a maximum offering price of US$20.00 a share. The move is in pursuance to its Plan of Reorganization, approved by the U.S. Bankruptcy Court for the Southern District of New York, which became effective Feb. 28, 2008, and provided for the cancellation of its existing stock and the issuance of new stock. Kirkland & Ellis LLP, special counsel to Solutia, says the company will issue the shares pursuant to its Management Long- Term Incentive Plan and Non-Employee Director Stock Compensation Plan. The Non-Employee Director Stock Compensation Plan is aimed to further the growth and profitability of the company by increasing incentives and encouraging share ownership on the part of the Members of the Board of Solutia. Pursuant to the Plan, board members will be granted awards that constitute options, stock appreciation rights, restricted stock, restricted stock units and other stock awards, in the aggregate of up to 250,000 shares. A full-text copy of the Plan is available at: http://ResearchArchives.com/t/s?28b3 The 2007 Management Long-Term Incentive Plan is aimed to further the growth and profitability of the company by increasing incentives and encouraging share ownership on the part of the employees and independent contractors of Solutia. The Plan is intended to permit the grant of awards that constitute Incentive Stock Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units and Other Stock Awards, and Cash Incentive Awards. The Up to US$7,200,000 shares will be made available for grants and awards under the Plan. A copy of the Plan is available at: http://ResearchArchives.com/t/s?28b4 About Solutia Inc. Based in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. Solutia has operations in Malaysia, China, Singapore, Belgium, and Colombia. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed US$2,854,000,000 in assets and US$3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on Nov. 29, 2007, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 118; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * As reported in the Troubled Company Reporter-Europe on March 3, 2008, Standard & Poor's Ratings Services raised its corporate credit rating on Solutia Inc. to 'B+' from 'D', following the company's emergence from bankruptcy on Feb. 28, 2008, and the implementation of its financing plan. The outlook is stable. S&P also affirmed its 'B+' rating and '3' recovery rating on Solutia's proposed senior secured term loan. In addition, S&P assigned its 'B-' rating to Solutia's US$400 million unsecured bridge loan facility. S&P also withdrew its 'B-' rating on the proposed US$400 million unsecured notes, which have been replaced by the bridge facility in Solutia's capital structure. =============== B U L G A R I A =============== KREMIKOVTZI AD: Merrill Lynch Starts Talks with Potential Buyers ---------------------------------------------------------------- Merrill Lynch has began talks with Kremikovtzi AD's potential investors on behalf of company owner Pramod Mittal, Seeurope.net reports citing Dnevnik. According to the report, the investment bank's executive met with metallurgical companies who have some tentative interest in Kremikovtzi. Mr. Mittal hired Merrill Lynch to advise on the alternatives facing the company after negotiations with Konstantin Zhevago fell through, the report said. The possibility of plant closure is one option Merrill Lynch is considering, Dnevnik relates citing senior management of Kremikovtzi. Accodring to the report, Bulgarian economy and energy minister Petar Dimitrov said that a bankruptcy or liquidation of the company is not an option. As reported in the TCR-Europe on March 5, 2008, Mr. Dimitrov confirmed that a Turkish company was interested in buying a majority stake in Kremikovtzi and four other potential investors have declared interest in buying the company. Seeurope.net relates that the Bulgarian government, a 25% shareholder, arranged the ramped down of Kremikovtzi's gas supplies as part of its attempt to force Mr. Mittal to sell Finmetals Holdings, a 17% shareholder in Kremikovtzi. Mr. Dimitrov explained that the government's moves pre-empt a siphoning-off the company through the overpriced purchases and delayed payments to state payments to state-owned utilities. Headquartered in Sofia, Bulgaria, Kremikovtzi AD -- http://www.kremikovtzi.com/-- is a single-site steel producer in Bulgaria that reported BGN896 million in revenues in 2006. It explores and produces iron and ore fields. * * * Kremikovtzi AD carries Moody's Long-term corporate family rating of Caa1 and probability of default rating of Caa1 with negative outlook. ============= F I N L A N D ============= EXIDE TECHNOLOGIES: Moody's Revises Rating Outlook to Positive -------------------------------------------------------------- Moody's Investors Service affirmed the Corporate Family Rating at Caa1 for Exide Technologies, Inc. but changed the outlook to positive from stable. Moody's also raised the rating on the company's asset based revolving credit facility to Ba3 from B1. Moody's also affirmed ratings of the senior secured term loans, at B1; and the senior secured junior-lien notes, at Caa1. The Probability of Default remains Caa1. The Caa1 Corporate Family Rating continues to reflect Exide's weak credit metrics balanced against operating performance that is improving as a result of cost reduction initiatives and successful pricing actions. While Exide benefits from its geographic and customer diversity, the company remains exposed to cyclical industry conditions, weather uncertainties, and commodity pricing pressures. The positive outlook reflects the company's progress in applying customer price increases and improved operational efficiencies which are reflected in the company's recent quarterly performance. The company's recent performance further indicates that price increases have taken hold and should further improve the company's operating performance. The company's capacity to generate free cash flow in the near term should be helped by softer global lead pricing due to softer global economic conditions. For the LTM period ending Dec. 30, 2007 DEBT/EBITDA (using Moody's standard adjustments) was approximately 6.2x and interest coverage approximated 0.7x. Exide had US$71 million of cash on hand at 12/31/2007 and US$79 million of availability under its revolving credit. A fixed charge covenant 1.1 becomes effective if availability falls below US$40 million. Ratings affirmed: Exide Technologies, Inc. -- Caa1 Corporate Family Rating; -- Caa1 Probability of Default; -- Caa1 (LGD3, 45%) rating of US$290 million of senior secured junior-lien notes due March 2013; Exide Technologies, Inc. and its foreign subsidiary Exide Global Holdings Netherlands CV: -- B1 (LGD2, 16%) to the US$130 million senior secured term loan at Exide Technologies, Inc.; -- B1 (LGD2, 16%) to the US$165 million senior secured term loan at Exide Global Holdings Netherlands CV.; Ratings raised: Exide Technologies, Inc. -- US$200 million asset based revolving credit facility, to Ba3 from B1. The last rating action was on April 26, 2007 when the senior secured bank debt was rated. In a January 2008 Special Comment, Moody's outlined the changes to its Loss-Given-Default methodology to recognize the favorable recovery experience of asset-based loans relative to other types of senior secured first-lien loans. The terms of Exide's ABL meet the eligibility requirements outlined in the Special Comment and, therefore, its rating is Ba3, which is one notch higher than would otherwise have been indicated by the LGD waterfall. Exide, headquartered in Alpharetta, Georgia, is one of the largest global manufacturers of lead acid batteries, with net sales approximating US$3.5 billion. The company manufactures and supplies lead acid batteries for transportation and industrial applications worldwide. =========== F R A N C E =========== DELPHI CORP: Gets Exit Financing Proposal from General Motors ------------------------------------------------------------- Delphi Corp. is taking the steps necessary to enable the completion of its exit financing syndication. Delphi said that it has been advised by General Motors Corp. that GM is prepared to provide additional exit financing. The company's US$6.1 billion exit financing package is now expected to include a US$1.6 billion asset-backed revolving credit facility, at least US$1.7 billion of first-lien term loan, an up to US$2.0 billion first-lien term note to be issued to GM (junior to the US$1.7 billion first-lien term loan), and an US$825 million second-lien term loan, of which any unsold portion would be issued to GM. Delphi believes that GM's increased participation in the exit financing structure is necessary to successfully syndicate its exit financing on a timely basis and is consistent with its First Amended Joint Plan of Reorganization and the investment agreement with its plan investors. However, certain of Delphi's plan investors have advised the company they believe the proposed exit financing with increased GM participation would not comply with conditions in the company's investment agreement between Delphi and the plan investors. To clarify that GM's increased participation complies with the Plan and the investment agreement, and to require each of the Plan Investors to perform their obligations under the investment agreement, Delphi asks the U.S. Bankruptcy Court for the Southern District of New York seeking limited relief from the Court under section 1142 of the Bankruptcy Code with respect to the Plan, which was confirmed by the Court on Jan. 25, 2008. Under Section 1142 of the Bankruptcy Code, bankruptcy courts may direct the debtor and any other necessary party to perform any act that is necessary for the consummation of a plan that has been confirmed by the Bankruptcy Court. Delphi's lead plan investor has also agreed to extend from March 31, 2008 to Apr. 5, 2008 the first date by which it could terminate the investment agreement with Delphi if the effective date of the Plan has not occurred, which would provide Delphi additional time to comply with closing conditions under the investment agreement. About GM 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 Delphi Corp. Headquartered in Troy, Michigan, Delphi Corporation (PINKSHEETS: DPHIQ) -- http://www.delphi.com/-- is the single supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology. The company's technology and products are present in more than 75 million vehicles on the road worldwide. Delphi has regional headquarters in Japan, Brazil and France. The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481). John Wm. Butler Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP, represents the Official Committee of Unsecured Creditors. As of March 31, 2007, the Debtors' balance sheet showed US$11,446,000,000 in total assets and US$23,851,000,000 in total debts. The Court approved Delphi's First Amended Joint Disclosure Statement and related solicitation procedures for the solicitation of votes on the First Amended Plan on Dec. 20, 2007. The Court confirmed the Debtors' First Amended Plan on Jan. 25, 2008. (Delphi Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * As previously reported in the Troubled Company Reporter-Europe, Moody's Investors Service assigned ratings to Delphi Corporation for the company's financing for emergence from Chapter 11 bankruptcy protection: Corporate Family Rating of (P)B2; US$3.7 billion of first lien term loans, (P)Ba3; and US$0.825 billion of 2nd lien term debt, (P)B3. In addition, a Speculative Grade Liquidity rating of SGL-2 representing good liquidity was assigned. The outlook is stable. Standard & Poor's Ratings Services in the meantime said it expects to assign its 'B' corporate credit rating to Delphi upon the company's emergence from Chapter 11 bankruptcy protection, which may occur by the end of the first quarter of 2008. S&P expects the outlook to be negative. In addition, Standard & Poor's expects to assign these issue-level ratings: a 'B+' issue rating (one notch above the corporate credit rating), and '2' recovery rating to the company's proposed US$3.7 billion senior secured first-lien term loan; and a 'B-' issue rating (one notch below the corporate creditrating), and '5' recovery rating to the company's proposed US$825 million senior secured second-lien term loan. ============= G E R M A N Y ============= A.P.A. - AUTOMOBILE: Claims Registration Period Ends March 24 ------------------------------------------------------------- Creditors of A.P.A. - Automobile GmbH & Co. KG have until March 24, 2008, to register their claims with court-appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Pinneberg Hall 5 First Floor Bahnhofstrasse 17 25421 Pinneberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heiko Fialski Raboisen 38 20095 Hamburg Germany The District Court of Pinneberg opened bankruptcy proceedings against A.P.A. - Automobile GmbH & Co. KG on Feb. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: A.P.A. - Automobile GmbH & Co. KG Osterbrooksweg 62 22869 Schenefeld Germany APA HANDELSGESELLSCHAFT: Claims Registration Ends March 24 ---------------------------------------------------------- Creditors of APA Handelsgesellschaft mbH have until March 24, 2008, to register their claims with court-appointed insolvency manager Heiko Fialski. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on May 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Pinneberg Hall 5 First Floor Bahnhofstrasse 17 25421 Pinneberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Heiko Fialski Raboisen 38 20095 Hamburg Germany The District Court of Pinneberg opened bankruptcy proceedings against APA Handelsgesellschaft mbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: APA Handelsgesellschaft mbH Attn: Richard Theurer, Manager Osterbrooksweg 62 22869 Schenefeld Germany ARMANDO DEL GAUDIO: Claims Registration Period Ends March 14 ------------------------------------------------------------ Creditors of Armando Del Gaudio GmbH have until March 14, 2008, to register their claims with court-appointed insolvency manager Stefan Conrads. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Wuppertal Meeting Hall A234 Second Floor Eiland 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Conrads Mankhauser Str. 7a 42699 Solingen Germany Tel: 0212/22172-0 Fax: 0212/22172-18 The District Court of Wuppertal opened bankruptcy proceedings against Armando Del Gaudio GmbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Armando Del Gaudio GmbH Attn: Armando Del Gaudio, Manager Schlachthofstr. 45 42651 Solingen Germany ASAT HOLDINGS: Expects 4% Revenue Growth in 2008 Third Quarter -------------------------------------------------------------- ASAT Holdings Limited expects revenue for the third quarter ended Jan. 31, 2008 of approximately US$41.7 million, representing an increase of approximately 4% above second quarter fiscal 2008 revenue of US$40.2 million. It is also above the guidance the company provided on Jan. 14, 2008 that said revenue will be in line with the prior quarter. The company's board of directors has approved a compensation award to its acting chief executive in the form of a warrant exercisable for an aggregate of up to 41.8 million ordinary shares at an exercise price of US$0.01 per share, subject to certain adjustments. The warrant is exercisable with respect to 20.6 million ordinary shares immediately, with the remainder subject to certain vesting or performance criteria. Headquartered in Pleasanton, California, ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of semiconductor package design, assembly and test services. With 18 years of experience, the company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in- package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. The company has operations in the United States, Hong Kong, China and Germany. * * * Standard & Poor's placed ASAT Holdings Limited's long-term foreign and local issuer credit ratings at 'CCC-' in September 2007. The outlook is negative. BARTER TRADE: Claims Registration Period Ends April 1 ----------------------------------------------------- Creditors of Barter Trade Logistik GmbH have until April 1, 2008, to register their claims with court-appointed insolvency manager Carsten Morgenstern. Creditors and other interested parties are encouraged to attend the meeting on May 13, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Carsten Morgenstern Michaelstrasse 71 09116 Chemnitz Tel: (0371) 381770 Fax: (0371) 3817730 E-mail: chemnitz@hww-kanzlei.de The District Court of Chemnitz opened bankruptcy proceedings against Barter Trade Logistik GmbH on Feb. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Barter Trade Logistik GmbH Dresdner Str. 113 09131 Chemnitz Germany BSC ENTSORGUNG: Claims Registration Ends March 31 ------------------------------------------------- Creditors of BSC Entsorgung und Beteiligungs GmbH have until March 31, 2008 to register their claims with court-appointed insolvency manager Dr. Dirk Wittkowsk. Creditors and other interested parties are encouraged to attend the meeting at 11:50 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Dirk Wittkowski Kirchblick 11 14129 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against BSC Entsorgung und Beteiligungs GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BSC Entsorgung und Beteiligungs GmbH Dorfstrasse 50 14913 Niedergoersdorf Germany BUENA VISTA: Creditors' Meeting Slated for March 20 --------------------------------------------------- The court-appointed insolvency manager for Buena Vista GmbH, Helmut Stuermann, will present his first report on the Company's insolvency proceedings at a creditors' meeting at 11:45 a.m. on March 20, 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 9:00 a.m. on May 15, 2008, at the same venue. Creditors have until April 1, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Helmut Stuermann Domshof 18-20 28195 Bremen Germany Tel: 0421/3686-0 Fax: 0421/3686-100 E-mail: InsolvenzBremen@schubra.de Website: http://www.schubra.de/ The District Court of Bremen opened bankruptcy proceedings against Buena Vista GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Buena Vista GmbH Ostertorstr. 11-13 28195 Bremen Germany CARGO & CARRIER: Claims Registration Period Ends March 28 --------------------------------------------------------- Creditors of Cargo & Carrier Logistic GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Stephan Muenzel. Creditors and other interested parties are encouraged to attend the meeting at 11:20 a.m. on April 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Stephan Muenzel Bachstrasse 85 a 22083 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Cargo & Carrier Logistic GmbH on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cargo & Carrier Logistic GmbH Attn: Gerd Seele, Manager Buergerweide 73 20535 Hamburg Germany CHARTERBOERSE REISEVERMITTLUNGS: Claims Filing Ends April 1 ----------------------------------------------------------- Creditors of Charterboerse Reisevermittlungsgesellschaft mbH have until April 1, 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 May 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 Stuttgart Hall 178 Hauffstr. 5 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Holger Bluemle Kriegsstr. 113 76135 Karlsruhe Germany Tel: 0721/919570 Fax: 0721/9195711 The District Court of Stuttgart opened bankruptcy proceedings against Charterboerse Reisevermittlungsgesellschaft mbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Charterboerse Reisevermittlungsgesellschaft mbH Attn: Alexander Sturm, Manager Eberhardstr. 47 70173 Stuttgart Germany CONSUMERS FRUIT: Claims Registration Period Ends March 28 --------------------------------------------------------- Creditors of Consumers Fruit Laboratories GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Peter-Alexander Borchardt. Creditors and other interested parties are encouraged to attend the meeting at 12:00 p.m. on April 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter-Alexander Borchardt Deichstrasse 1 20459 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Consumers Fruit Laboratories GmbH on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Consumers Fruit Laboratories GmbH Attn: Rolf Otto Wieckhoff, Manager Banksstrasse 28 20097 Hamburg Germany DIE NAHT: Claims Registration Period Ends April 1 ------------------------------------------------- Creditors of Die Naht GmbH have until April 1, 2008, to register their claims with court-appointed insolvency manager Wolfgang Hauser. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 13, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Hauser Poetenweg 36 08056 Zwickau Germany Tel: (0375) 273660 Fax: (0375) 2736613 The District Court of Chemnitz opened bankruptcy proceedings against Die Naht GmbH on Feb. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Die Naht GmbH Attn: Werner Mueller, Manager Hauptstrasse 11 09235 Burkhardtsdorf Germany DONLOX GMBH: Claims Registration Period Ends April 1 ---------------------------------------------------- Creditors of Donlox GmbH have until April 1, 2008, to register their claims with court-appointed insolvency manager Dr. Carlos Mack. Creditors and other interested parties are encouraged to attend the meeting at 8:30 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 Augsburg Law Courts Meeting Room 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: Dr. Carlos Mack Brienner Str. 21 80333 Muenchen Germany The District Court of Augsburg opened bankruptcy proceedings against Donlox GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Donlox GmbH Siemensstr. 1 86695 Nordendorf Germany EB VERWALTUNGSGESELLSCHAFT: Claims Period Ends March 20 ------------------------------------------------------- Creditors of EB Verwaltungsgesellschaft mbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Wolfgang Illig. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on April 17, 2008, at which time the insolvency manager will present 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: Wolfgang Illig Kriegerstr. 3 70191 Stuttgart Germany The District Court of Stuttgart opened bankruptcy proceedings against EB Verwaltungsgesellschaft mbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EB Verwaltungsgesellschaft mbH Attn: Jens Schmelt, Manager Rheinstahlstr. 3 70469 Stuttgart Germany ERICH SCHENK: Claims Registration Period Ends March 17 ------------------------------------------------------ Creditors of Erich Schenk GmbH have until March 17, 2008, to register their claims with court-appointed insolvency manager Georg Kreplin. Creditors and other interested parties are encouraged to attend the meeting at 10:45 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 Duesseldorf Meeting Hall A 388 Third Floor Muehlenstrasse 34 40213 Duesseldorf 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: Georg Kreplin Breite Strasse 27 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Erich Schenk GmbH on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Erich Schenk GmbH Attn: Erich Schenk, Manager Hohe Strasse 28 40213 Duesseldorf Germany GARBODES PARTYSERVICE: Claims Registration Ends March 31 -------------------------------------------------------- Creditors of Garbodes Partyservice GmbH have until March 31, 2008 to register their claims with court-appointed insolvency manager Burghard Wegener. 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 Goettingen Hall B8 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: Burghard Wegener Obere Karspuele 36, D 37073 Goettingen Germany Tel: 0551/9003660 Fax: 0551/90036629 The District Court of Goettingen opened bankruptcy proceedings against Garbodes Partyservice GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Garbodes Partyservice GmbH Attn: Heinrich Domroese, Manager Plan 4 37124 Rosdorf Germany H. MAYER GMBH: Claims Registration Period Ends March 12 ------------------------------------------------------- Creditors of H. Mayer GmbH have until March 12, 2008, to register their claims with court-appointed insolvency manager Wolfgang Bilgery. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on March 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stuttgart Room 178 Hauffstr. 5 (Am Neckartor) 70190 Stuttgart Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Bilgery Humboldtstr. 16 70178 Stuttgart Germany Tel: 0711/96 68 90 Fax: 0711/96 68 919 The District Court of Stuttgart opened bankruptcy proceedings against H. Mayer GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: H. Mayer GmbH Steinbeisweg 14 71364 Winnenden Germany HAINKE INTERNATIONALE: Claims Registration Ends March 31 -------------------------------------------------------- Creditors of HAINKE Internationale Essplatz Collection GmbH have until March 31, 2008 to register their claims with court- appointed insolvency manager Dr. Markus Schadler. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuerzburg Meeting Hall 14 Second Floor 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: Dr. Markus Schadler Hofstr. 3 97070 Wuerzburg Germany Tel: 0931/452029-50 The District Court of Wuerzburg opened bankruptcy proceedings against HAINKE Internationale Essplatz Collection GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HAINKE Internationale Essplatz Collection GmbH Attn: Ronald Hake, Manager Barthelsmuehle 1 97907 Hasloch Germany HEALTH MED: Claims Registration Period Ends March 24 ---------------------------------------------------- Creditors of Health Med GmbH have until March 24, 2008, to register their claims with court-appointed insolvency manager Dr. Carlos Mack. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Kempten Hall 139/I 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: Dr. Carlos Mack Brienner Str. 21 80333 Muenchen Germany Tel: 089/54 88 88-0 Fax: 089/54888899 The District Court of Kempten opened bankruptcy proceedings against Health Med GmbH on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Health Med GmbH Ortsstrasse 23 87662 Kaltental Germany IKB DEUTSCHE: Fitch Lowers Ratings on Hybrid Securities to CCC- --------------------------------------------------------------- Fitch Ratings downgraded IKB Deutsche Industriebank AG's hybrid securities to 'CCC-' (CCC minus) from the 'B' range and removed them from Rating Watch Negative (RWN) where they were placed on 14 February 2008 and 21 December 2007. Their respective Recovery Ratings were downgraded to 'RR4' from 'RR1' and 'RR2'. The hybrid securities affected are listed below. This rating action follows Fitch's updated recovery analysis. At the same time, Fitch has revised the Rating Watch Evolving on IKB's 'A+' Long-term Issuer Default Rating and 'F1' Short-term IDR to RWN. IKB's other ratings are affirmed at Individual 'E' and Support '1'. The RWE on the 'A' rated subordinated debt issue is revised to RWN. "Taken all together, our assumptions result in a long period of time before the hybrid debt securities resume coupon payments," says Sabine Bauer, Director in Fitch's Financial Institutions Group. "The introduction of a preferential claim as part of February's support package and higher initial losses extend the time until hybrid debt holders will receive payments again." Fitch sees average recovery prospects for IKB's hybrid debt securities with corresponding recovery rates ranging between 31%-50%. The dated securities issued by IKB International SA (IKB Lux) are characterised by relatively high initial write- downs and their remaining short maturities. Fitch understands that existing reserves at IKB Lux will not be available to reduce the bank's balance sheet loss. Holders in securities issued by the parent bank IKB are to some extent disadvantaged by the structure of the February support package. While a EUR600m support payment was directly made into equity, its repayment needs to be made out of future earnings with those payments ranking above hybrid debt holders. Fitch expects that IKB will not use reserves to reduce its balance sheet loss on an unconsolidated basis. The sale of structured securities at IKB or IKB Lux may further increase the assumed losses for FY07 or FY08. IKB's Long- and Short-term IDRs continue to reflect the extremely high probability of support from its main shareholder, KfW, and IKB's importance to the key German "Mittelstand" sector. In light of their significant involvement in the restructuring since end-July 2007, Fitch considers the probability of KfW (rated 'AAA'/Stable) and the German authorities continuing to support IKB as extremely high. To date, IKB benefited from EUR7bn of support from KfW and the German authorities and EUR1.5bn from the banking community. The RWN reflects Fitch's opinion that KfW's planned sale of its 43% stake would most likely result in a downgrade of the IDRs. In Fitch's view, the universe of highly rated banks, which could be interested in acquiring IKB in the current market environment, has shrunk. IKB's Support rating will be reviewed as the sales process proceeds. The Individual rating reflects Fitch's view that IKB's financial position remains vulnerable. The received support measures include a buffer, but it is uncertain if it is sufficient to cover potential additional losses from the planned sale of structured securities. IKB plans to focus on its key strength in the future, its domestic SME franchise. The success of IKB's revised business model, however, will depend on securing competitive funding terms under new ownership. In the future, the bank will focus on corporate clients, leasing, acquisition and project financing, private equity and property lending. The ratings for the hybrid capital instruments are: EUR150m Propart Funding Ltd's profit participation certificates maturing in 2015: Long-term rating: downgraded to 'CCC-' (CCC minus) from 'B+'; removed from RWN Recovery Rating: downgraded to 'RR4' from 'RR1' EUR75m IKB Funding Trust I's and EUR400m Funding Trust II's perpetual trust preferred securities: Long-term rating: downgraded to 'CCC-' (CCC minus) from 'B'; removed from RWN Recovery Rating: downgraded to 'RR4' from 'RR1' EUR200m Hybrid Raising GmbH's and EUR200m Capital Raising GmbH's perpetual notes linked to a silent participation in IKB: Long-term rating: downgraded to 'CCC-' (CCC minus) from 'B-' (B minus); removed from RWN Recovery Rating: downgraded to 'RR4' from 'RR2' EUR70m IKB International SA's capital contribution certificates maturing in 2010 and EUR100m IKB International SA's capital contribution certificates maturing in 2009: Long-term rating: downgraded to 'CCC-' (CCC minus) from 'B'; removed from RWN Recovery Rating: downgraded to 'RR4' from 'RR1' ROLF BRANDMANN: Claims Registration Period Ends April 17 -------------------------------------------------------- Creditors of Rolf Brandmann Logistik + Vertrieb GmbH have until April 17, 2008, to register their claims with court-appointed insolvency manager Yvo Dengs. Creditors and other interested parties are encouraged to attend the meeting at 10:10 a.m. on May 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 Neumuenster Hall 0.31 Boostedter Strasse 26 Neumuenster 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: Yvo Dengs Sandtorkai 62 20457 Hamburg Germany The District Court of Neumuenster opened bankruptcy proceedings against Rolf Brandmann Logistik + Vertrieb GmbH on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rolf Brandmann Logistik + Vertrieb GmbH Attn: Rolf Brandmann, Manager Dorfstrasse 25 24806 Lohe-Foehrden Germany TRAUT-GMBH: Claims Registration Period Ends March 31 ---------------------------------------------------- Creditors of TRAUT-GmbH have until March 31, 2008, to register their claims with court-appointed insolvency manager Dr. Stephan Schlegel. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 29. 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Darmstadt Hall 4.308 Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stephan Schlegel Hauptstrasse 83 65760 Eschborn Germany Tel: 06196/77906-0 Fax: 06196/77906-20 The District Court of Darmstadt opened bankruptcy proceedings against TRAUT-GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: TRAUT-GmbH Attn: Jacek Dola, Manager Schafstrasse 11 64579 Gernsheim Germany UNITHERM GESELLSCHAFT: Claims Registration Ends March 30 -------------------------------------------------------- Creditors of UNITHERM Gesellschaft fuer Elektroheizsysteme mbH have until March 30, 2008 to register their claims with court- appointed insolvency manager Frank Hanselmann. 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 Wuerzburg Meeting Hall 14 Second Floor 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: Frank Hanselmann Heinestr. 7 b 97070 Wuerzburg Germany Tel: 0931/359800 The District Court of Wuerzburg opened bankruptcy proceedings against UNITHERM Gesellschaft fuer Elektroheizsysteme mbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: UNITHERM Gesellschaft fuer Elektroheizsysteme mbH Attn: Dagmar Volkmuth, Manager Otto-Hahn-Str. 9 a 97230 Estenfeld Germany WELTZIEN & PATTBERG: Claims Registration Ends March 31 ------------------------------------------------------ Creditors of Weltzien & Pattberg Vertriebs GmbH have until March 31, 2008 to register their claims with court-appointed insolvency manager Justus Schneidewind. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.m. on May 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 Potsdam Hall 301 Third Floor Nebenstelle Lindenstrasse 6 14467 Potsdam Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Justus Schneidewind Behlertstrasse 28 a 14469 Potsdam Germany The District Court of Potsdam opened bankruptcy proceedings against Weltzien & Pattberg Vertriebs GmbH on Feb. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Weltzien & Pattberg Vertriebs GmbH Alfred-Nobel-Strasse 6 14641 Nauen Germany Attn: H.-U. Nyhof, Manager Ricarda-Huch-Strasse 30 B 44807 Bochum Germany ============= H U N G A R Y ============= AES CORP: Defaults on Debt Facilities due to Misrepresentation -------------------------------------------------------------- The AES Corporation is in default under its senior secured credit facility and its senior unsecured credit facility due to a breach of representation related to its financial statements as set forth in the credit agreements. As a result, US$200 million of the debt under the company's senior secured credit facility will be classified as current on the balance sheet as of Dec. 31, 2007. There are no outstanding borrowings under the senior unsecured facility. The company will seek a waiver of these defaults from its lenders under these facilities. The company may not borrow additional funds under either of these facilities until it obtains the waiver. The company would delay the filing of its 2007 Annual Report on Form 10-K with the Securities and Exchange Commission. The company discloses that it is still preparing its financial statements as a result of its efforts to remediate the disclosed material weaknesses. In addition, the company relates that financial statements for the years ended Dec. 31, 2005, and 2006, of the company's independent registered public accounting firm, Deloitte & Touche LLP, could no longer be relied upon. Although the company provides no assurance that it will able to file its 2007 Form 10-K within the 15 calendar day extension period it relates that the Form 10-K will be filed within the extension period. About AES Corporation AES Corporation -- http://www.aes.com/-- a global power company, operates in South America, Europe, Africa, Asia and the Caribbean countries. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES has been in Eastern Europe for over ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. ============= I R E L A N D ============= INTL SECURITIES: Unsecured Creditors Okay Scheme of Arrangement --------------------------------------------------------------- Unsecured creditors of International Securities Trading Corporation has approved the scheme of arrangement drafted by court-appointed examiner John McStay, Joe Brennan writes for the Irish Independent. Under the scheme, unsecured creditors, which include banks, are expected to recover 12% of their EUR439 million investment, the Irish Independent relates. Meanwhile, subordinated creditors -- including 125 small investors who invested EUR43 million in bonds in ISTC -- and Asian investors, who bought EUR160 million, worth of preference share-like instruments, will see no return, Irish Independent relates. According to the report, Mr. McStay only needed the vote from unsecured creditors to get the High Court's approval for the scheme. 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. RITCHIE (IRELAND): Court Refuses to Review Case Against Coventry ---------------------------------------------------------------- The Hon. Denise Cote of the U.S. Bankruptcy Court for the Southern District of New York rejected a request of Ritchie Risk-Linked Strategies Trading (Ireland), Ltd. and Ritchie Risk- Linked Strategies Trading (Ireland) II, Ltd. to reconsider a dismissal of claims of breach of fiduciary duty, fraud, and RICO violations filed against Coventry First LLC, in a Feb. 29 hearing. The judge granted Coventry First's request to dismiss these claims filed by the Debtors on the same day. As a result, all of Ritchie's claims against Coventry have been dismissed by the Court. The only remaining issue to be resolved is a breach of contract claim. The Ritchie I Complaint The Debtors also disclose that on May 2, 2007, a complaint was filed in the U.S. District Court for the Southern District of New York alleging that the Debtors and their investors were defrauded by certain companies and individuals affiliated with the Coventry-affiliated group of companies. In the complaint titled "Ritchie Capital Management, L.L.C., et al. v. Coventry First, LLC, et al." (No. 07-3494 U.S. D. Ct. S.D.N.Y.), the plaintiffs allege that Coventry partnered with them to invest in life insurance policies with a view toward re- selling them through a securitization transaction. The complaint further alleges that Coventry concealed from Ritchie Capital that the defendants were systematically defrauding the owners of the policies, and then further deceived Ritchie Capital as to the existence of an investigation by the Attorney General of New York into the defendants' misconduct. The complaint also argued that Moody's lost confidence in the health of the collateral -- i.e., the policies -- because it no longer believed that representations and warranties could be made by Ritchie I and Ritchie II to potential investors in the securitization of the nature and character provided to, and relied upon by, Ritchie I and Ritchie II in the purchase of the policies. Moody's, according to the complaint, no longer believed that the policies had been purchased in compliance with applicable legal requirements. Ritchie Capital sought damages of US$700 million against Coventry First. Under the Federal RICO Act, these damages would be three times the actual damages established at the trial and potentially amount to more than US$2 billion. About Coventry Headquartered in Philadelphia, Pennsylvania, Coventry First LLC -- http://www.coventry.com/-- is a secondary market leader for life settlements. About Ritchie (Ireland) Based in Dublin, Ireland, Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd. -- http://www.ritchiecapital.com/-- are Dublin-based funds of hedge fund group Ritchie Capital Management LLC. The Debtors were formed as special purpose vehicles to invest in life insurance policies in the life settlement market. The Debtors filed for Chapter 11 protection on June 20, 2007 (Bankr. S.D.N.Y. Case Nos. 07-11906 and 07- 11907). Allison H. Weiss, Esq., David D. Cleary, Esq., and Lewis S. Rosenbloom, Esq., at LeBoeuf, Lamb, Greene & MacRae, LLP represent the Debtors in their restructuring efforts. No Official Committee of Unsecured Creditors has been appointed to date. When the Debtors filed for bankruptcy, they listed estimated assets and debts of more than US$100 million. The Debtors' exclusive period to file a Chapter 11 plan of liquidation expires on April 15, 2008. ========= I T A L Y ========= BERRY PLASTICS: B. Scheu Takes Helm at Rigid Closed Top Division ---------------------------------------------------------------- Berry Plastics Corp. disclosed on March 3, 2008 an organizational change involving one of its operating segments. Ben Scheu has accepted the role of president of Rigid Closed Top Division. Randy Hobson, who formerly served as president of Rigid Closed Top Division, has assumed the corporate role of executive vice president for Commercial Development. The company did not provide any additional information. About Berry Plastics Headquartered in Evansville, Nebraska, Berry Plastics Corporation -- http://www.berryplastics.com/-- is a manufacturer and supplier of a diverse mix of rigid plastics packaging products focusing on the open top container, closure, aerosol overcap, drink cup and housewares markets. The company sells a broad product line to over 12,000 customers. Berry Plastics concentrates on manufacturing high quality, value-added products sold to marketers of institutional and consumer products. In 2004, the company created its international division as a separate operating and reporting division to increase sales and improve service to international customers utilizing existing resources. The international segment includes the company's foreign facilities and business from domestic facilities that is shipped or billed to foreign locations. Berry has 25 manufacturing facilities worldwide, including in Italy, England, and Hong Kong and more than 6,800 employees. * * * As reported in the Troubled Company Reporter-Europe on Feb. 14, 2008, Moody's Investors Service affirmed the B3 Corporate Family Rating of Berry Plastics Corporation and downgraded certain instrument ratings. The outlook is stable. FIAT SPA: Plans to Manufacture Alfa Romeo in the U.S. ----------------------------------------------------- Fiat SpA intends to bring back Alfa Romeo cars to the United States in the next two years, Bloomberg reports. The is also also considering the option to produce the cars in the U.S. In an interview at the Geneva International Motor Show, Fiat SpA CEO Sergio Marchionne reiterated that they are thinking of producing the vehicles in the medium to long term in the U.S. According to the report, the company is considering the option since the U.S. dollar is currently at a record low against the Euro thus making it more profitable to produce the cars in the U.S. instead of exporting them from Europe. 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. =================== K A Z A K H S T A N =================== ARASLAN LLP: Creditors Must File Claims by April 1 -------------------------------------------------- The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP Araslan insolvent on Jan. 3, 2008, Creditors have until April 1, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Pavlodar Deribas Str. 19/1 Pavlodar Kazakhstan Tel: 8 (3182) 34-74-67 ASPAN TRADE: Creditors Must File Claims by April 4 -------------------------------------------------- LLP Aspan Trade has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Aspan Trade Jangozin Str. 7 Kaskelen Karasaisky District Almaty Kazakhstan Tel: 8 700 415 63-44 ATYRAU NEFT: Claims Deadline Slated for April 4 ----------------------------------------------- LLP Atyrau Neft Gas Service Ltd. has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Atyrau Neft Gas Service Ltd. Abai Str. 3-16 Atyrau Kazakhstan Tel: 8 (31222) 32-46-45 ENERGY DIAMOND: Claims Deadline Slated for April 4 -------------------------------------------------- LLP Energy Diamond has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Energy Diamond Office 43 Jybek joly ave. 106 Almaty Kazakhstan ENERGOPROMSERVICE LTD: Claims Filing Period Ends April 4 -------------------------------------------------------- LLP Energopromservice Ltd has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Energopromservice Ltd Tole bi Str. 196-13 Almaty Kazakhstan GOLDEN VIP-S: Creditors' Claims Due on March 28 ----------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Golden ViP-S (RNN 092000210200). Creditors have until March 28, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 KAZ INTER: Claims Filing Period Ends April 4 -------------------------------------------- LLP Kaz Inter Trade has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Kaz Inter Trade Turkestanskaya Str. Shymkent South Kazakhstan Kazakhstan KOKSU AJARY: Claims Registration Ends March 28 ---------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Koksu Ajary (RNN 530900000201). Creditors have until March 28, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 NUR SNAB: Creditors' Claims Due on April 4 ------------------------------------------ LLP Nur Snab Alliance has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Nur Snab Alliance Nauryz Str.153 Algabas Karasaisky 040928, Almaty Kazakhstan ROGACHEVSKY COMBINATE: Creditors Must File Claims by April 4 ------------------------------------------------------------ LLP Rogachevsky Combinate V kazakhstane has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Rogachevsky Combinate V kazakhstane Esenjanov Str. 42/3 Uralsk West Kazakhstan Kazakhstan Tel: 8 (3112) 54-90-08 8 (3112) 54-89-40 RUDNY KAZ: Claims Deadline Slated for April 4 --------------------------------------------- LLP Rudny Kaz Stroy Standart has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Rudny Kaz Stroy Standart Korchagin Str. 34-75 Rudny 111500, Kostanai Kazakhstan TRUST-SERVICE LLP: Claims Registration Ends April 4 --------------------------------------------------- LLP Trust-Service has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Trust-Service Karasaisky district, Mir Str. Almaty Kazakhstan UGO-VOSTOK ONLINE: Claims Filing Period Ends April 4 ---------------------------------------------------- LLP Ugo-Vostok Online has declared insolvency. Creditors have until April 4, 2008, to submit written proofs of claims to: LLP Ugo-Vostok Online Stepnoy-4, 31-17 Karaganda Kazakhstan =================== K Y R G Y Z S T A N =================== ATLANT STROY: Creditors Must File Claims by April 1 --------------------------------------------------- LLC Construction Company Atlant Stroy Service has declared insolvency. Creditors have until April 1, 2008 to submit written proofs of claim to: LLC Construction Company Atlant Stroy Service Den Saopin Str. 308a Bishkek Kyrgyzstan Tel: (+996 312) 61-08-30 TAZA-OIL LLC: Claims Filing Period Ends March 28 ------------------------------------------------ LLC Taza-Oil (INN 01511200610029) has declared insolvency. Creditors have until March 28, 2008 to submit written proofs of claim to: LLC Taza-Oil Razzakov Str. 58 Osh Kyrgyzstan Tel: (+996 3222) 2-22-08 ===================== N E T H E R L A N D S ===================== KONINKLIJKE AHOLD: Earns EUR2.9 Billion for Full Year 2007 ---------------------------------------------------------- Koninklijke Ahold N.V. has published its summary financial report for the full year and fourth quarter 2007. Full Year Net sales were EUR28.2 billion, up 1.2% compared to 2007. At constant exchange rates, net sales increased by 6.1%. Operating income was EUR1.1 billion, EUR71 million higher than in 2007. Retail operating income was EUR1.3 billion, EUR31 million higher compared to 2007. Corporate Center costs were EUR106 million, down EUR26 million from 2007. Net income was EUR2.9 billion, up EUR2 billion compared to 2007, mainly as a result of the divestment of U.S. Foodservice, Ahold�s Polish operations and Tops. Cash flow before financing activities was EUR6.6 billion positive, EUR5.6 billion better than in 2007, mainly as a result of the proceeds from the sale of U.S. Foodservice, Ahold�s Polish operations and Tops. Fourth Quarter Net sales were EUR6.6 billion, up 0.2% from the same period in 2007. At constant exchange rates, net sales increased by 6.5%. Operating income was EUR253 million, EUR51 million higher than the same period in 2007. Retail operating income was EUR289 million, a retail operating margin of 4.4% compared to 3.7% in the same period in 2007. Corporate Center costs were EUR29 million for the quarter, down EUR6 million from the same period in 2007. Net income was EUR262 million, up EUR22 million from the same period in 2007, reflecting a higher operating income and lower net financial expense, partially offset by higher income taxes. Cash flow before financing activities was EUR582 million positive, EUR239 million better than the same period in 2007, mainly as a result of the proceeds from the sale of Tops. Full year 2007 "Ahold exceeded the targets we set in 2007," CEO John Rishton said. "We delivered an underlying retail operating margin of 4.6% against our 4% to 4.5% guidance. We largely completed our planned divestments, returned EUR4 billion to shareholders, and our investment grade rating was reinstated. We restructured the company into two continental platforms and achieved reductions in Corporate Center costs ahead of schedule. "We are progressing with our strategy for profitable growth, largely thanks to the continuing hard work and commitment of all our employees. In the United States, we rolled out 70% of our VIP program at Stop & Shop and Giant-Landover by year-end while Giant-Carlisle continued its strong performance. In Europe, Albert Heijn continued to exceed expectations, and we saw promising first results from the repositioning program at Albert and Hypernova in the Czech Republic. "I am delighted that our improved performance has enabled us to reinstate an annual dividend. For 2007, the proposed dividend is EUR0.16 per common share. We plan increase future annual dividends while meeting the capital needs of the business and maintaining an efficient investment grade capital structure. "In 2008, our focus will be on the completion of the VIP program at Stop & Shop and Giant-Landover, the start of the remodeling of our Giant-Landover stores, further repositioning of Albert/Hypernova, and driving the growth of Albert Heijn. "The VIP program will continue to impact margins with improvements expected later in the year. Underlying retail operating margin for the year is projected to be between 4.5% and 5.0%. Capital expenditure will be around EUR1.1 billion. Gross debt will fall further in 2008 as we progress towards our announced EUR2 billion debt reduction target. Net interest expense for the year is expected to be in the range of EUR270 million to EUR290 million." About Ahold Headquartered in Amsterdam, Koninklijke Ahold N.V. (fka Royal Ahold) -- http://www.ahold.com/-- retails food through supermarkets, hypermarkets and discount stores in North and South America, Europe. It has operations in Argentina. The company's chain stores include Stop & Shop, Giant, TOPS, Albert Heijn and Bompreco. Ahold also supplies food to restaurants, hotels, healthcare institutions, government facilities, universities, stadiums, and caterers. * * * As of Nov. 19, 2007, Koninklijke Ahold carries BB+ Issuer Default and senior unsecured ratings from Fitch Ratings. Fitch said the Outlook is Positive. Its Short-term rating is B. X5