T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, March 11, 2008, Vol. 9, No. 50 Headlines A U S T R I A A 1 PLUSFILM: Claims Registration Period Ends April 9 DEUTSCH LLC: Claims Registration Period Ends March 31 FEND BETEILIGUNG: Claims Registration Period Ends March 5 OASIS FITNESS: Claims Registration Period Ends April 24 SECON SEMICONDUCTOR: Claims Registration Period Ends March 31 B E L G I U M CHIQUITA BRANDS: In Strategic Agreement With ESCOM & Matanuska CHIQUITA BRANDS: Terrorism Lawsuits Won't Hurt Firm, Experts Say F R A N C E CHARLES JOURDAN: Court Approves EUR2.5 Million Sale to Finzurich DRESSER-RAND: Earnings Rise to US$44MM in Quarter Ended Dec. 31 GRAHAM PACKAGING: Fitch Affirms B- Issuer Default Rating G E R M A N Y AMWO INDUSTRIEFERTIGUNG: Claims Period Ends March 26 AWS GMBH: Claims Registration Period Ends March 31 BC BAU-CONCEPT: Claims Registration Ends April 2 BILO GMBH: Claims Registration Ends April 2 BROSE WETT-SERVICE: Claims Registration Period Ends March 27 BSP BAU: Claims Registration Period Ends March 25 CHAIRMAN GMBH: Claims Registration Period Ends March 20 COMPUPARTNER ELEKTRONIK: Claims Period Ends March 27 DURA AUTOMOTIVE: Files Revised Plan of Reorganization DURA AUTOMOTIVE: Wants to Hire SRR as Valuation Consultant EIRICH GASTRONOMIE: Claims Registration Period Ends April 1 KIESEL PRODUKTIONS: Creditors' Meeting Slated for March 17 PREISSLER BAUUNTERNEHMEN: Claims Registration Ends April 1 PROPEX INC: Committee Wants FTI Consulting as Financial Advisor RAHMING INDUSTRIEBUCHBINDEREI: Claims Registration Ends April 1 SANITATSHAUS GROSS: Claims Registration Period Ends April 1 SORGE SCHALTTECHNIK: Creditors' Meeting Slated for March 19 STEFAN WIETHOLD: Claims Registration Period Ends April 1 SYSTEMBAU LUDWIG: Claims Registration Period Ends April 1 UMATZ AUTOSERVICE: Claims Registration Ends April 1 VESTA-ASSEKURANZ KONTOR: Claims Registration Ends April 1 * German Corporate Insolvencies Down 14.6% in 2007 H U N G A R Y PROPEX INC: Committee Wants FTI Consulting as Financial Advisor I R E L A N D ARAMARK CORPORATION: Fitch Holds IDR at 'B' with Stable Outlook I T A L Y INTERNATIONAL RECTIFIER: Hires Donald Dance as EVP & CAO PARMALAT SPA: Earns EUR674.4 Million for 2007 K A Z A K H S T A N AGROSOUZ XXI: Creditors Must File Claims by April 11 ASTANA KAZELECTRO: Claims Deadline Slated for April 11 ATS INVEST: Claims Filing Period Ends April 11 BASTANDYK LLP: Creditors' Claims Due on April 11 JAZIRA LLP: Claims Registration Ends April 11 MITSAR LLP: Creditors Must File Claims by March 28 SEMEY TAGAMDARY: Claims Deadline Slated for April 11 SHAHLAN LLP: Claims Filing Period Ends March 28 STALKOM-XXI LLP: Creditors' Claims Due on April 11 STROYSERVICE AGS: Claims Registration Ends April 11 K Y R G Y Z S T A N GRAND EXCLUSIVE: Creditors Must File Claims by April 15 HOMELINE TELECOM: Claims Filing Period Ends April 15 SOUTH OIL: Claims Registration Ends April 15 L U X E M B O U R G AMERICAN AXLE: GM Plants in U.S. Lays Off Workers Due to Strike CA INC: Appoints Michael Christenson as President N E T H E R L A N D S CAPRI CONDOMINIUMS: Wants to Hire Kingery & Crouse as Accountant HEXION SPECIALTY: Discloses Post-Merger Senior Officers NUMONYX BV: S&P Suspends B Long-Term Corporate Credit Rating SABIC INNOVATIVE: S&P Affirms Ratings on Parent Support R U S S I A HYNIX SEMICON: To Invest US$260MM in China Venture This Year HYNIX SEMICON: In Talks with Promo on Technology Transfer S P A I N AYT COLATERALES: Fitch Rates EUR15.3 Mln Class D Notes at BB- HIPOTOTTA NO.7: Moody's Junks Rating on EUR20 Mln Class F Notes NOZAR SA: Avaltransa Wants Court to Open Insolvency Proceedings S W I T Z E R L A N D ASPEN INSURANCE: Promotes Mason to Marine & Energy Deputy Head BLUE WONDER: Creditors' Liquidation Claims Due by March 12 ELVENT JSC: Creditors' Liquidation Claims Due by March 14 EPM ENGINEERING: Creditors' Liquidation Claims Due by March 14 FAXTOR INVESTMENTS: Creditors Must File Claims by March 12 FITNESS-SHOP: Creditors' Liquidation Claims Due by March 14 GEBERT GRAPHIC: Creditors' Liquidation Claims Due by March 12 INNOVADIS JSC: Creditors' Liquidation Claims Due by March 11 JFC JURFINANZ: Creditors' Liquidation Claims Due by March 12 MBM DESIGN: Creditors' Liquidation Claims Due by March 14 OBJECT IDEA: Creditors' Liquidation Claims Due by March 14 PETROLEOS DE VENEZUELA: Foreign Clients Must Pay Through Bank PILATUSMED LLC: Creditors' Liquidation Claims Due by March 12 SILK & CASHMERE: Creditors' Liquidation Claims Due by March 12 U K R A I N E ALMADA LLC: Proofs of Claim Deadline Set March 17 BASTION LLC: Creditors Must File Claims by March 17 DONETSK MOTORCAR: Proofs of Claim Deadline Set March 17 EUROCLASS LLC: Creditors Must File Claims by March 17 IRBIS LLC: Creditors Must File Claims by March 17 KAGARLYK MOTORCAR: Proofs of Claim Deadline Set March 17 TREMBITA S: Creditors Must File Claims by March 15 VP OZKV: Creditors Must File Claims by March 15 YUDION-TRADE LLC: Proofs of Claim Deadline Set March 17 U N I T E D K I N G D O M ABC LEARNING: CEO Eddy Groves Sells Majority of Stake ALT DECORATORS: Brings In Liquidators from PKF APHEX CAPITAL: Moody's Cuts Rating on EUR10 Mln Notes to Ba1 ASP LTD: Claims Filing Period Ends April 11 AWE ELECTRICAL: Appoints Liquidator from Tenon Recovery BAA LTD: Selling World Duty Free Europe for GBP546.6 Million CARLYLE CAPITAL: In Talks With Lenders Over Financing Situation CHEMTURA CORP: Acquires Baxenden Chemicals for GBP13 Million CITY WALL: Appoints Joint Administrators from Ernst & Young CLEAR CHANNEL: Extends Closing of Notes Tender Offer to March 18 CUMMINS INC: Names Jean Blackwell as EVP & CEO of Foundation DOLGARROG ALUMINIUM: Proposed Sale of Business and Assets Fails E@SY REC: Claims Filing Period Ends March 27 EVOKE 2K: Claims Filing Period Ends May 31 FEDERAL-MOGUL: Inks New Stock Option Pact with CEO Jose Alapont FORD MOTOR: To Give Out Performance Bonuses to All Employees FORD MOTOR: Luxury Brands Buyer Says Won't Flip Jaguar GENERAL MOTORS: Restores CEO's Pay to 2003 Level of US$2.2 Mil. GENERAL MOTORS: 18 Plants to Lay Off Workers Due to AAM Strike GENERAL MOTORS: Contracts Provide for Workers When Laid-Off GREENLAND LTD: Claims Filing Period Ends May 30 HOPKINSON CATERING: Claims Filing Period Ends March 27 ISLE OF CAPRI: Appoints Jim Perry as Chief Executive Officer ISLE OF CAPRI: S&P Puts BB- Credit Rating Under Negative Watch NEXUS UNITY: Claims Filing Period Ends March 26 MILLENNIUM STRUCTURES: GE Commercial Taps Deloitte as Receivers PETROLEOS DE VENEZUELA: Gets OPEC'S Support in Exxon Conflict PROTEA PRODUCTS: Brings In Administrators from Vantis PSP SAFETY: Calls In Liquidators from Moore Stephens SMART BUILD: Taps Liquidators from Vantis Business Recovery TRIBUTE THIRD: Taps Joint Administrators from David Rubin VAN AAKEN: Creditors' Meeting Slated for March 18 * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= A 1 PLUSFILM: Claims Registration Period Ends April 9 ----------------------------------------------------- Creditors owed money by LLC A 1 plusFilm- und TV-Filmproduktion (FN 118288d) have until April 9, 2008, to file written proofs of claim to court-appointed estate administrator Alexander Schoeller at: Dr. Alexander Schoeller c/o Dr. Stephan Riel Landstrasser Hauptstrasse 1/2 1030 Vienna Austria Tel: 713 44 33, 713 34 05 Fax: 713 10 33 E-mail: kanzlei@jsr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on April 23, 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. 18, 2008 (Bankr. Case No. 2 S 19/08v). Stephan Riel represents Dr. Schoeller in the bankruptcy proceedings. DEUTSCH LLC: Claims Registration Period Ends March 31 ----------------------------------------------------- Creditors owed money by LLC DEUTSCH (fka LLC Siegfried Deutsch) (FN 64305t) have until March 31, 2008, to file written proofs of claim to court-appointed estate administrator Wolfgang Klobassa at: Dr. Wolfgang Klobassa C. v. Hoetzendorfstr. 15 8570 Voitsberg Austria Tel: 03142/21850 Fax: 03142/21850-6 E-mail: insolvenz@ra-semlitsch-klobassa.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:15 a.m. on April 15, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Hall K Room 205 Second Floor Graz Austria Headquartered in Rosental an der Kainach, Austria, the Debtor declared bankruptcy on Feb. 18, 2008 (Bankr. Case No. 40 S 8/08m). FEND BETEILIGUNG: Claims Registration Period Ends March 5 --------------------------------------------------------- Creditors owed money by LLC Fend Beteiligung (FN 142723m) have until March 25, 2008, to file written proofs of claim to court- appointed estate administrator Lukas Pfefferkorn at: Mag. Lukas Pfefferkorn c/o Dr. Tobias Gisinger Schulgasse 7 6850 Dornbirn Austria Tel: 05572/20210 Fax: 05572/34414 E-mail: office@ktg.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:40 a.m. on April 3, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Feldkirch Meeting Room 45 First Floor Feldkirch Austria Headquartered in Altach, Austria, the Debtor declared bankruptcy on Feb. 18, 2008 (Bankr. Case No. 13 S 9/08s). Tobias Gisinger represents Dr. Pfefferkorn in the bankruptcy proceedings. OASIS FITNESS: Claims Registration Period Ends April 24 ------------------------------------------------------- Creditors owed money by LLC Oasis Fitness & Co Bimbo Binderpromenade 15 KG (FN 269520d) have until April 24, 2008, to file written proofs of claim to court-appointed estate administrator Matthias Schmidt at: Dr. Matthias Schmidt c/o Dr. Florian Gehmacher Dr. Karl Lueger-Ring 12 1010 Vienna Austria Tel: 533 16 95 Fax: 535 56 86 E-Mail: schmidt@preslmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:20 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. 18, 2008 (Bankr. Case No. 6 S 24/08h). Florian Gehmacher represents Dr. Schmidt in the bankruptcy proceedings. SECON SEMICONDUCTOR: Claims Registration Period Ends March 31 ------------------------------------------------------------- Creditors owed money by LLC Secon Semiconductor Equipment (FN 177196h) have until March 31, 2008, to file written proofs of claim to court-appointed estate administrator Bernhard Schatz at: Dr. Bernhard Schatz Enzersdorfer Strasse 4 2340 Moedling Austria Tel: 02236/89 33 77 Fax: 02236/89 33 77-95 E-mail: bernhard.schatz@bpv-huegel.com Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on April 10, 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 Guntramsdorf, Austria, the Debtor declared bankruptcy on Feb. 19, 2008 (Bankr. Case No. 10 S 18/08p). ============= B E L G I U M ============= CHIQUITA BRANDS: In Strategic Agreement With ESCOM & Matanuska -------------------------------------------------------------- Chiquita Brands International, Inc. disclosed long-term strategic associations in Africa for the export of bananas to the company's core European markets from Angola with ESCOM, a member of Grupo Espirito Santo, and from Mozambique with Matanuska Africa Limited. With commercial exports expected to start in 2010, each project is expected to create approximately 3,000 direct jobs. These projects in Angola and Mozambique allow the company to further strengthen the diversity of its geographic sourcing portfolio, and to provide, upon project completion, an expected 20 to 30 percent of the company's premium quality fruit volume for European markets, on a tariff free basis. The decision to expand Chiquita's African presence was based on the company's assessment that sourcing from Africa would continue to be cost- competitive, even if there are future significant reductions in the import tariff rate applied on Latin American bananas imported into the European Union. "We believe that starting banana production in Angola and Mozambique is an important strategic step that will be very cost-competitive regardless of the eventual outcome of the challenges to the EU tariff import regime," said chairperson and chief executive officer, Fernando Aguirre. "We are confident that by leveraging our technical knowledge with the expertise of our new partners, whose core business is based on a strong history of operating success in Africa, we will ensure the reliable production of high-quality, Chiquita-branded fruit. These projects will significantly increase our sourcing from tariff-free ACP countries, reaching an estimated 20 to 30 percent of our European volume of premium bananas. We are also pleased to contribute to economic opportunities in Africa through the creation of new jobs and investment with partners that are committed to sustainable development and corporate responsibility." The agreement signed in Benguela, Angola, marks the debut of Chiquita in Angola and of ESCOM in the agricultural sector. Contingent upon necessary governmental approvals, the Agricultural Development Company of Angola, a subsidiary of ESCOM group and the Angolan company Hipergesta, will establish banana production in the province of Benguela, with an investment of more than US$60 million (EUR40 million) provided by the Agricultural Development Company of Angola. In addition, Chiquita recently entered into an agreement with Matanuska Africa Limited for a similar project that is already underway to develop banana production in Mozambique. While Chiquita will not provide capital for either project, the company will support the projects with its expertise in farm development, good agricultural practices, training of local workers, logistics, marketing and distribution to European markets of premium Chiquita branded product. Both operations have committed themselves to meeting Chiquita's high standards of environmental, labor, social and food safety performance. The first commercial exports to Europe are expected in 2010, after planting anticipated to begin later this year. ESCOM Group ESCOM -- http://www.escom.pt-- a member of the Espirito Santo group, is currently one of the largest private foreign investors in Angola, operating in the areas of mining, real estate, energy, aviation, fishery and procurement. It also operates in the public works sector in Congo-Brazzaville and in the provision of services in South Africa and Mozambique. ESCOM promotes sustainable development at an economic, social and environmental level by bringing sustainable development to the people and countries it serves. Matanuska Africa Ltd. Matanuska Africa Limited is a partnership comprised of Matanuska Mauritius and Rift Valley Holdings, who have over 40 years experience growing bananas in the region for sale into local African markets as well as extensive agricultural experience in organic fair trade tea, coffee, coconut, and sustainable forestry. About Chiquita Brands Headquartered in Cincinnati, Ohio, Chiquita Brands International Inc. (NYSE:CQB) -- http://www.chiquita.com/-- operates as an international marketer and distributor of bananas and other fresh produce sold under the Chiquita and other brand names in over 80 countries. It sells packaged salads under the Fresh Express brand name primarily in the United States. The company also distributes and markets fresh-cut fruit and other branded, value-added fruit products. Chiquita operates its business through three segments: the banana segment includes the sourcing, transportation, marketing and distribution of bananas; the fresh select segment includes the sourcing, marketing and distribution of whole fresh fruits and vegetables other than bananas, and the fresh cut segment includes value-added salads, foodservice and fresh-cut fruit operations. Remaining operations, reported in other, primarily consist of processed fruit ingredient products, which are produced in Latin America and sold in other parts of the world, and other consumer packaged goods. Chiquita employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * As reported in the Troubled Company Reporter-Europe on March 3, 2008, Moody's Investors Service rated the proposed new senior secured guaranteed bank agreements of Chiquita Brands, LLC at Ba3. The ratings on CBLLC's existing bank revolving credit agreement and term loan C are upgraded to Ba3 from B1, and will be withdrawn when the new bank agreements are executed. Parent Chiquita Brands International, Inc.'s ratings are affirmed, including its B3 corporate family rating and B3 probability of default rating. The rating outlook remains negative. As reported in the Troubled Company Reporter-Europe on Feb. 28, 2008, Standard & Poor's Ratings Services assigned its 'CCC' senior unsecured rating to Chiquita Brands International Inc.'s US$200 million convertible senior notes due 2016. Net proceeds from the issuance were used to repay a portion of the US$375 million term loan C (US$132 million outstanding at Dec. 31, 2007, pro forma for this notes offering) of its senior secured credit facility. About US$820 million of debt was outstanding at Dec. 31, 2007. CHIQUITA BRANDS: Terrorism Lawsuits Won't Hurt Firm, Experts Say ---------------------------------------------------------------- Lawsuits on Chiquita Brands International Inc.'s alleged involvement in terrorism won't stop consumers from purchasing its bananas, WTOL News reports, citing legal and business experts. As previously reported, Colombian terrorism victims filed in the U.S. District Court in Manhattan an almost US$8-billion lawsuit against the U.S. banana firm Chiquita Brands International for paying the terrorist group The United Self-Defense Forces of Colombia. The Colombian government said that it would seek the Chiquita Brands International officials' extradition if they had broken local law after the company made a US$25-million settlement for paying off terrorists. The U.S. federal court ordered Chiquita Brands to pay US$25 million in fines for paying millions of dollars to Colombian terrorist groups from 1997 to 2004. Chiquita Brands pleaded guilty to paying some US$1.7 million to Colombian paramilitary group United Self-Defense Committees of Colombia, explaining that the payments were made by a former unit due to threats to the safety of workers. The Honorable Royce Lamberth authorized an accord between Chiquita Brands and the US government in March 2007 that spared company officials. Theprosecution also agreed not to name or prosecute Chiquita Brands executives who were involved in paying the terrorist groups. Colombian officials were angry the settlement. The fine was small compared to other cases. Headquartered in Cincinnati, Ohio, Chiquita Brands International Inc. (NYSE:CQB) -- http://www.chiquita.com/-- operates as an international marketer and distributor of bananas and other fresh produce sold under the Chiquita and other brand names in over 80 countries. It sells packaged salads under the Fresh Express brand name primarily in the United States. The company also distributes and markets fresh-cut fruit and other branded, value-added fruit products. Chiquita operates its business through three segments: the banana segment includes the sourcing, transportation, marketing and distribution of bananas; the fresh select segment includes the sourcing, marketing and distribution of whole fresh fruits and vegetables other than bananas, and the fresh cut segment includes value-added salads, foodservice and fresh-cut fruit operations. Remaining operations, reported in other, primarily consist of processed fruit ingredient products, which are produced in Latin America and sold in other parts of the world, and other consumer packaged goods. Chiquita, with revenues of approximately US$4.7 billion for the fiscal year ended Dec. 31, 2007, employs approximately 25,000 people operating in more than 70 countries worldwide, including Belgium, Columbia, Germany, Panama, Philippines, among others. * * * As reported in the Troubled Company Reporter-Europe on March 3, 2008, Moody's Investors Service rated the proposed new senior secured guaranteed bank agreements of Chiquita Brands, LLC at Ba3. The ratings on CBLLC's existing bank revolving credit agreement and term loan C are upgraded to Ba3 from B1, and will be withdrawn when the new bank agreements are executed. Parent Chiquita Brands International, Inc.'s ratings are affirmed, including its B3 corporate family rating and B3 probability of default rating. The rating outlook remains negative. As reported in the Troubled Company Reporter-Europe on Feb. 28, 2008, Standard & Poor's Ratings Services assigned its 'CCC' senior unsecured rating to Chiquita Brands International Inc.'s US$200 million convertible senior notes due 2016. Net proceeds from the issuance were used to repay a portion of the US$375 million term loan C (US$132 million outstanding at Dec. 31, 2007, pro forma for this notes offering) of its senior secured credit facility. About US$820 million of debt was outstanding at Dec. 31, 2007. =========== F R A N C E =========== CHARLES JOURDAN: Court Approves EUR2.5 Million Sale to Finzurich ---------------------------------------------------------------- The Commercial Court in Romans-sur-Isere approved the sale of Charles Jourdan SAS to investment fund Finzurich for EUR2,500,000, Bloomberg News reports citing Les Echos. According to the report, Costa-Rica-based Finzurich, proposed an immediate investment of EUR15 million to resume production at Charles Jourdan. Finzurich also plans to keep 130 Charles Jourdan workers. Finzurich aims to produce 150,000 pairs of shoes in the next three years and to launch two new lines, Les Echos relates. Headquartered in Romans Sur Isere, France, Charles Jourdan -- http://www.charles-jourdan.fr/-- manufactures luxury footwear. As reported in the TCR-Europe, the commercial court in Romans- sur-Isere placed Charles Jourdan into liquidation on Dec. 17, 2007, after U.S. firm Omniscent withdrew its offer to acquire the company's assets. The court placed Charles Jourdan in compulsory administration on Sept. 12, 2007, after it filed for redressment judiciaire, the French equivalent of Chapter 11 bankruptcy protection, for the second time. The company first filed for bankruptcy on Aug. 22, 2005. Avendis and Finaluxe bought the company on Nov. 2, 2005. DRESSER-RAND: Earnings Rise to US$44MM in Quarter Ended Dec. 31 --------------------------------------------------------------- Dresser-Rand Group Inc. reported financial results for fourth quarter and year ended Dec. 31, 2007. The company reported net income of US$43.8 million for the fourth quarter 2007, compared with net income of US$32.9 million for the fourth quarter 2006. Net income was US$106.7 million for 2007 compared to a net income of US$78.8 million for 2006. "2007 was a year of record performance. Revenues increased 11%, operating income increased 12% and our year-end backlog was at a record level," Vincent R. Volpe Jr., president and chief executive officer of Dresser-Rand, said. "Consistent with our expectation at the start of the fourth quarter, we experienced a strong recovery in our aftermarket bookings and shipments," Mr. Volpe added. "Aftermarket bookings in the fourth quarter of 2007 increased approximately 16% over the fourth quarter of 2006. "I am also pleased that our bargaining unit employees at our Painted Post, New York facility have returned to work after a 17 week work stoppage," Mr. Volpe continued. "They have chosen to return to work under the terms of the company's implemented last offer, which includes important changes to work rules and the elimination of future retiree healthcare benefits for certain employees." "We had expected to be able to record a non-cash curtailment gain in 2007 in connection with the elimination of retiree heathcare benefits for certain employees, Mr. Volpe related. "However, it has been determined that the benefit change as implemented represents a plan amendment. Therefore, the resulting curtailment amendment reduction of US$18.6 million in the accumulated benefit obligation is expected to be amortized to income over 36 months beginning in January 2008." "We enter 2008 with a backlog of approximately US$1.9 billion, continuing strong markets and a well-defined business strategy focused on increased production and bolt-on acquisitions," he said. Liquidity and Capital Resources As of Dec. 31, 2007, cash and cash equivalents totaled US$206.2 million and borrowing availability under the company's US$500 million senior secured credit facility was US$273.0 million, as US$227.0 million was used for outstanding letters of credit. In 2007, cash provided by operating activities was US$216.0 million compared to US$164.1 million in 2006. The increase of US$51.9 million in net cash provided by operating activities was principally from changes in working capital and improved operating performance. In 2007, net capital investments totaled US$26.0 million and the company prepaid US$137.2 million of its outstanding indebtedness under its senior secured credit facility. As of Dec. 31, 2007, total debt was US$370.5 million and total debt net of cash and cash equivalents was approximately US$164.3 million. In August 2007, the company amended its senior secured credit facility. The amended credit facility is a five year, US$500 million revolving credit facility. The amendment increased the size of the facility by US$150 million, lowered borrowing costs 50 basis points to LIBOR plus 150 basis points at present leverage and extended the maturity date from Oct. 29, 2009, to Aug. 30, 2012. The amendment also reduced the commitment fee from 37.5 basis points to 30.0 basis points. At Dec. 31, 2007, the company's balance sheet showed total assets of US$1.95 billion, total liabilities of US$1.15 billion and total stockholders' equity of US$0.80 billion. Internal Control Over Financial Reporting The company concluded that its internal control over financial reporting as of Dec. 31, 2007, was effective. "Eliminating all of the disclosed material weaknesses is a great milestone for the company and reflects the hard work and excellent team effort of many of our employees across the entire worldwide organization," Lonnie A. Arnett, vice president, controller and chief accounting officer of Dresser-Rand, said. About Dresser-Rand Group Headquartered in Houston, Texas, Dresser-Rand Group Inc. (NYSE: DRC) -- http://www.dresser-rand.com/-- supplies rotating equipment solutions to the worldwide oil, gas, petrochemical, and process industries. The company operates manufacturing facilities in the United States, France, Germany, Norway, India, and Brazil, and maintains a network of 26 service and support centers covering more than 140 countries. * * * Moody's Investor Service placed Dresser-Rand Group Inc.'s probability of default rating at 'Ba3' in September 2006. The rating still holds to date with a stable outlook. GRAHAM PACKAGING: Fitch Affirms B- Issuer Default Rating -------------------------------------------------------- Fitch Ratings affirmed Graham Packaging Company, L.P.'s Issuer Default Rating and ratings on the senior secured credit facility and senior subordinated notes as follows: Graham Packaging Company, L.P and subsidiary GPC Capital Corp. I -- IDR 'B-'; -- Senior secured revolving credit facility 'B/RR3'; -- Senior secured term loan 'B/RR3'; -- Senior subordinated notes 'CCC/RR6'. Fitch has also revised this rating: -- Senior unsecured notes downgraded to 'CCC/RR6' from 'CCC+/RR5'. The Rating Outlook is Stable. Approximately US$2.5 billion of debt is covered by the ratings. The affirmation of Graham's 'B-' IDR and current ratings are supported by the company's leading market shares across its product categories, strong customer relationships, on-site integration with many customers, investment in proprietary technology, and favorable product packaging trends toward plastics. Rating concerns include high leverage, weak free cash flow, resin price volatility, customer concentration, and moderate or declining sales growth in three out of four product categories, as well as moderating growth in the historically strongest food and beverage segment. The Stable Outlook reflects the relatively steady demand in Graham's key end markets, and the company's ability to generate improving (though still weak) free cash flow in recent quarters. The Recovery Ratings and notching in the debt structure reflect Fitch's recovery expectations under a scenario in which Graham's operating performance has been stressed, and the distressed enterprise value is allocated to the various debt classes. The ratings action on the senior unsecured notes was taken following a recent update to Fitch's recovery analysis for Graham, in which the allocation of the estimated distressed enterprise value was modified. Previously, Fitch assumed there would be concession payments to holders of unsecured and subordinated debt obligations, but Fitch now estimates that concession payments to junior noteholders are not likely given that in Fitch's distressed scenario the senior secured bank debt would possibly not obtain full recovery and is rated 'RR3' (estimated 51% to 70% recovery). Without concession payments, the unsecured and subordinated classes are likely to obtain very little, if any recovery, qualifying both classes as 'RR6' (estimated 0% to 11% recovery). The downgrade to 'CCC' from 'CCC+' is based on Fitch's recovery methodology wherein the notching for a debt obligation rated 'RR6' is two levels below the IDR. As of Sept. 30, 2007 Graham had liquidity of US$318 million consisting of US$78.7 million of cash and US$239.3 million of revolver availability. By Fitch calculations, LTM operating EBITDA of US$382.5 million grew 9.6% over the fiscal year-end 2006 figure, while margin improved 162 basis points to 15.46%. Total Debt to operating EBITDA improved to 6.6 times (x) at Sept. 30, 2007 from 7.3x at Dec. 31, 2006. Covenant compliance EBITDA was US$434.3 million at Sept. 30, 2007, yielding a total leverage ratio of 5.8x. Fitch will conduct further analysis of Graham's financial performance when fiscal 2007 results are released in the next few weeks. About Graham Packaging Based in York, Pennsylvania, Graham Packaging Company, LP, formerly known as Graham Packaging Holdings I LP, -- http://www.grahampackaging.com/-- designs and manufactures customized blow-molded plastic containers for branded food and beverages, household and personal care products, and automotive lubricants. The company has approximately 8,700 employees at 87 plants in 15 countries and 350+ production lines. Aside from the U.S., the company has a technological center in France and Poland. The company also has filed sales offices in Canada, France, Argentina, Brazil, and Poland. Graham Packaging has 4 plants in Mexico. The company has no assets, liabilities or operations other than its direct and indirect investments in the Operating Company and its ownership of GPC Capital Corp. II, its wholly owned subsidiary. ============= G E R M A N Y ============= AMWO INDUSTRIEFERTIGUNG: Claims Period Ends March 26 ---------------------------------------------------- Creditors of AMWO Industriefertigung und -anlagenwartungs GmbH have until March 26, 2008, to register their claims with court- appointed insolvency manager Hans-Joerg Derra. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Hans-Joerg Derra Koenigsbruecker Strasse 61 01099 Dresden Germany Website: www.derra.de The District Court of Dresden opened bankruptcy proceedings against AMWO Industriefertigung und -anlagenwartungs GmbH on Feb. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AMWO Industriefertigung und - anlagenwartungs GmbH Lohmener Strasse 11 01796 Pirna Germany Attn: Volker Ruben, Manager geboren 1954 Lugturmstrasse 3b 01809 Heidenau Germany AWS GMBH: Claims Registration Period Ends March 31 -------------------------------------------------- Creditors of AWS GmbH Express Kurierdienst und Spedition i. L. have until March 31, 2008, to register their claims with court- appointed insolvency manager Dr. Robert Schiebe. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bingen am Rhein Room 7 Law Courts Mainzer Road 52 55411 Bingen am Rhein 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. Robert Schiebe Lauterrenstr. 37 55116 Mainz Germany The District Court of Bingen am Rhein opened bankruptcy proceedings against AWS GmbH Express Kurierdienst und Spedition i. L. on Feb. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AWS GmbH Express Kurierdienst und Spedition i. L. Zotzenheimer Landstr. 64 55576 Sprendlingen Germany Attn: Kerstin Aberle, Manager Kaiserstr. 27b 67722 Winnweiler BC BAU-CONCEPT: Claims Registration Ends April 2 ------------------------------------------------ Creditors of BC Bau-Concept GmbH have until April 2, 2008 to register their claims with court-appointed insolvency manager Dr. Christoph Junker. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Chemnitz Hall 28 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Junker Horst-Menzel-Strasse 12-22 09112 Chemnitz Germany Tel: (0371) 3550505 Fax: (0371) 3550515 E-mail: chemnitz@junker-kollegen.de The District Court of Chemnitz opened bankruptcy proceedings against BC Bau-Concept GmbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BC Bau-Concept GmbH Attn: Andreas Goetze, Manager Altchemnitzer Strasse 27 09120 Chemnitz Germany BILO GMBH: Claims Registration Ends April 2 ------------------------------------------- Creditors of BiLo GmbH Bauzuschlagstoffe - Abbruch - Recycling have until April 2, 2008 to register their claims with court- appointed insolvency manager Marcello Di Stefano. Creditors and other interested parties are encouraged to attend the meeting at 11:15 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 Meiningen Meeting Hall A 0105 Lindenallee 15 98617 Meiningen 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: Marcello Di Stefano Jonny Schehr Str. 1 99085 Erfurt Germany The District Court of Meiningen opened bankruptcy proceedings against BiLo GmbH Bauzuschlagstoffe - Abbruch - Recycling on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BiLo GmbH Bauzuschlagstoffe - Abbruch - Recycling Gothaer Strasse 97 b 99848 Wutha-Farnroda Germany BROSE WETT-SERVICE: Claims Registration Period Ends March 27 ------------------------------------------------------------ Creditors of BROSE Wett-Service GmbH have until March 27, 2008, to register their claims with court-appointed insolvency manager Dr. Nikolaus Schmidt. Creditors and other interested parties are encouraged to attend the meeting at 11:10 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 Leipzig Hall 037 Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Nikolaus Schmidt Magdeburger Str. 23 06112 Halle Germany Tel: 0345/231110 Fax: 0345/2311199 E-mail: Dr.Frenzel.u.Kollegen@t-online The District Court of Leipzig opened bankruptcy proceedings against BROSE Wett-Service GmbH on Feb. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BROSE Wett-Service GmbH Attn: Wolfgang Backeshoff, Manager Christianstrasse 21 04105 Leipzig Germany BSP BAU: Claims Registration Period Ends March 25 ------------------------------------------------- Creditors of BSP Bau Service GmbH Pirna Bautrager und Baubetreuungsgesellschaft have until March 25, 2008, to register their claims with court-appointed insolvency manager Henning Schorisch. Creditors and other interested parties are encouraged to attend the meeting at 9:45 a.m. on May 6, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Henning Schorisch Wasastrasse 15 01219 Dresden Germany Website: www.hww-kanzlei.de The District Court of Dresden opened bankruptcy proceedings against BSP Bau Service GmbH Pirna Bautr�ger und Baubetreuungsgesellschaft on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BSP Bau Service GmbH Pirna Bautrager und Attn: Heinz Winter, Manager Baubetreuungsgesellschaft Bahnhofstrasse 21 01796 Pirna Germany CHAIRMAN GMBH: Claims Registration Period Ends March 20 ------------------------------------------------------- Creditors of The Chairman GmbH have until March 20, 2008, to register their claims with court-appointed insolvency manager Dr. Axel Kampmann. Creditors and other interested parties are encouraged to attend the meeting at 11:15 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 Arnsberg Meeting Room 328 Eichholzstr. 4 59821 Arnsberg 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. Axel Kampmann Goethestrasse 24 59755 Arnsberg Germany The District Court of Arnsberg opened bankruptcy proceedings against The Chairman GmbH on Feb. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: The Chairman GmbH Neheimer Strasse 10 59469 Ense Germany Attn: Sven Franke, Manager Am Weissen Kreuz 59469 Ense Germany COMPUPARTNER ELEKTRONIK: Claims Period Ends March 27 ---------------------------------------------------- Creditors of & Service Grosshandels - GmbH have until March 27, 2008, to register their claims with court-appointed insolvency manager Burghard Wegener. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Goettingen Hall B11 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 & Service Grosshandels - GmbH on Feb. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CompuPartner Elektronik & Service Grosshandels - GmbH Attn:Peter Sadurska, Manager Hans-Boeckler-Str. 2 37079 Goettingen Germany DURA AUTOMOTIVE: Files Revised Plan of Reorganization ----------------------------------------------------- DURA Automotive Systems, Inc. and its debtor-affiliates filed its revised Chapter 11 Plan of Reorganization with the U.S. Bankruptcy Court for the District of Delaware. The Plan reflects a consensual agreement among DURA'S key creditor constituencies. DURA intends to proceed on an expedited basis to obtain Court approval of the Plan and emerge from Chapter 11. "The filing marks an important milestone in the company's efforts to emerge from its Chapter 11 reorganization process in the very near term," Larry Denton, Chairman and Chief Executive Officer of DURA Automotive Systems, said. "Though weak credit markets delayed the emergence process during the fourth quarter of 2007, we have worked productively with our creditors to develop a revised Plan that places the company on an even firmer footing by reducing the amount of required exit financing." The Plan filed is a revision of the previous version of DURA's Plan, filed on Aug. 22, 2007. The Plan is supported by DURA's key creditor constituencies. Although certain supporting documentation continues to be refined, the Official Committee of Unsecured Creditors and the Ad Hoc Committee of Certain Second Lienholders have agreed in principle to support the Plan. The Plan provides, among other things, details on how the company intends to treat more than US$1.3 billion in claims, which takes into account changed economics. In light of these events, key terms of DURA'S revised Plan are: Second Lien Claims will receive approximately US$225 million in new Convertible Preferred Stock Senior Notes and Other General Unsecured Claims will receive 100% of New Common Stock (without giving effect to the conversion of the Convertible Preferred Stock) Debtor-in-Possession claims, administrative expenses, and certain other priority claims will receive a full cash recovery Funding for the revised Plan will include a committed US$80 million second lien loan facility, provided by certain of the company's creditors, in addition to a US$150 million first lien term loan. Upon emergence, DURA expects to be a publicly reporting company under SEC rules. The company's pre-bankruptcy subordinated notes, convertible preferred securities and existing equity will not receive recoveries under the Plan. Within the next few days, DURA intends to file a revised Disclosure Statement, which will provide additional information about the Plan. DURA will request that the Court approve the adequacy of that Disclosure Statement at a hearing to be scheduled in early April, with a solicitation of creditor acceptances to follow shortly thereafter. DURA is advised by AlixPartners, Kirkland & Ellis and Miller Buckfire in connection with its Chapter 11 reorganization. Rochester Hills, Mich.-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co- counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in total liabilities. The Debtors have asked the Court to extend their plan filing period to April 30, 2008. (Dura Automotive Bankruptcy News Issue No. 47; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DURA AUTOMOTIVE: Wants to Hire SRR as Valuation Consultant ---------------------------------------------------------- DURA Automotive Systems Inc. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the District of Delaware to employ Stout Risius Ross, Inc., as valuation consultant, nunc pro tunc to Feb. 8, 2008. Jason M. Madron, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware, relates that the Debtors have previously retained SRR as one of their ordinary course professional. As OCP, SRR has billed and received from the Debtors US$36,942, as payment for fees and reimbursement of expenses for services it rendered from the Petition Date through Dec. 31, 2007, Mr. Madron tells the Court. However, the OCP Order has limited payment to OCPs at US$25,000 per month on average over a rolling two-month period. Mr. Madron says the Debtors expect that SRR's fees in relation to the valuation and related consulting services for the Debtors will exceed the OCP Cap, thus the Debtors are seeking to employ SRR pursuant to Sections 327(a) and 328(a) so that the firm can be adequately compensated for their services. As valuation consultants, SRR will: * estimate the fair value of certain tangible and intangible assets, equity interests, and reporting units of the Debtors for fresh-start accounting purposes; * estimate the Fair Value of the Debtors' body and glass reporting unit and assets in support of their compliance with the Statement of Financial Accounting Standards No. 142, which addresses accounting and reporting of acquired goodwill and intangible assets; * provide an indication of the reproduction cost of the tangible assets for property insurance placement purposes; and * provide analysis with respect to the Debtors' assets as of the Petition Date. In exchange for the contemplated legal services, the Debtors will pay SRR based on the firm's applicable hourly rates: Professional Hourly Rate ------------ ----------- Managing Director US$300 - US$500 Director US$255 - US$300 Manager US$200 - US$225 Senior Analyst US$150 - US$200 Associate US$100 - US$150 Analyst US$100 - US$150 The Debtors estimate that professional services to be provided by SRR will total approximately US$360,000. Mr. Madron says the fee estimate does not include any out-of-pocket expenses which will be billed at the actual amounts incurred. The Debtors have also agreed to provide SRR a US$50,000 retainer, which retainer will be applied against SRR's final invoice. John N. Ross, Esq., a partner at SRR, assures the Court that his firm does not represent any interest adverse to the Debtors and their estates, and is a "disinterested person,"as the term is defined in Section 101(14). About DURA Rochester Hills, Mich.-based DURA Automotive Systems Inc. (Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent designer and manufacturer of driver control systems, seating control systems, glass systems, engineered assemblies, structural door modules and exterior trim systems for the global automotive industry. The company is also a supplier of similar products to the recreation vehicle and specialty vehicle industries. DURA sells its automotive products to North American, Japanese and European original equipment manufacturers and other automotive suppliers. The company has three locations in Asia -- China, Japan and Korea. It has locations in Europe and Latin-America, particularly in Mexico, Germany and the United Kingdom. The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr. D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are the Debtors' co- counsel. Baker & McKenzie acts as the Debtors' special counsel. Togut, Segal & Segal LLP is the Debtors' conflicts counsel. Miller Buckfire & Co., LLC is the Debtors' investment banker. Glass & Associates Inc., gives financial advice to the Debtor. Kurtzman Carson Consultants LLC handles the notice, claims and balloting for the Debtors and Brunswick Group LLC acts as their Corporate Communications Consultants for the Debtors. As of July 2, 2006, the Debtor had US$1,993,178,000 in total assets and US$1,730,758,000 in total liabilities. The Debtors have asked the Court to extend their plan filing period to April 30, 2008. (Dura Automotive Bankruptcy News Issue No. 47; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). EIRICH GASTRONOMIE: Claims Registration Period Ends April 1 ----------------------------------------------------------- Creditors of Eirich Gastronomie GmbH have until April 1, 2008, to register their claims with court-appointed insolvency manager Axel W. Bierbach. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 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 Munich Meeting Hall 101 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Axel W. Bierbach Schwanthaler Str. 32 80336 Munich Germany Tel: 089/54511-0 Fax: 089/54511-444 The District Court of Munich opened bankruptcy proceedings against Eirich Gastronomie GmbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Eirich Gastronomie GmbH Yorkstrasse 48 10965 Berlin Germany KIESEL PRODUKTIONS: Creditors' Meeting Slated for March 17 ---------------------------------------------------------- The court-appointed insolvency manager for Kiesel Produktions- GmbH & Co. KG, Stephan Koenicke will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:40 a.m. on March 17, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Saarbruecken Meeting Hall 24 Second Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on May 5, 2008 at the same venue. Creditors have until April 2, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Stephan Koenicke Beethovenstrasse 16 66606 St. Wendel Germany Tel: 06851/939 8770 Fax: 06851/939 8790 The District Court of Saarbruecken opened bankruptcy proceedings against Kiesel Produktions-GmbH & Co. KG on Feb. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kiesel Produktions-GmbH & Co. KG Attn: Uwe J. Umlauff, Manager Forstgarten 18 66459 Kirkel Germany PREISSLER BAUUNTERNEHMEN: Claims Registration Ends April 1 ---------------------------------------------------------- Creditors of Preissler Bauunternehmen GmbH have until April 1, 2008, to register their claims with court-appointed insolvency manager Christoph Junker. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Dresden Hall D 132 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Junker Karcherallee 25 a 01277 Dresden Germany E-mail: www.junker-kollegen.de The District Court of Dresden opened bankruptcy proceedings against Preissler Bauunternehmen GmbH on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Preissler Bauunternehmen GmbH Attn: Herbert Preissler, Manager Frauensteiner Str. 19 01776 Hermsdorf Germany PROPEX INC: Committee Wants FTI Consulting as Financial Advisor --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Propex Inc. and its debtor-affiliates seeks authority from the U.S. Bankruptcy Court for the Eastern District of Tennessee to retain FTI Consulting, Inc., as its financial advisors, effective as of Jan. 31, 2008. Stephen Cooke, chairperson of the Creditors Committee, relates that they selected FTI because the firm has a lot of experience in providing financial advisory services in restructurings and reorganizations in large and complex Chapter 11 cases on behalf of debtors and creditors throughout the United States. Mr. Cooke points out FTI's services are necessary to enable the Creditors Committee to assess and monitor the efforts of the Debtors and their professional advisors to maximize the value of their estates and to reorganize successfully. As the Creditors Committee's financial advisors, FTI will: * assist the Creditors Committee in the review of financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports; * assist the Creditors Committee with information and analyses required pursuant to the Debtors' DIP financing; * assist and advice the Creditors Committee with respect to the Debtors' identification of core business assets and the disposition of assets or liquidation of unprofitable operations; * review the Debtors' performance of cost or benefit evaluations with respect to the affirmation or rejection of various executory contracts and leases; * evaluate the present level of operations and identification of areas of potential cost savings, including overhead and operating expense reductions and efficiency improvements; * review the financial information distributed by the Debtors to creditors and others; * attend meetings and assist in discussions with the Debtors, potential investors, banks, other secured lenders, the Creditors Committee and any other official committees organized in the Chapter 11 proceedings, the United States Trustee, other parties in interest; * review and prepare information and analysis necessary for the confirmation of a plan in these chapter 11 proceedings; * assist in the valuation of the business and review of capital structure alternatives; * assist in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; and * render all other general business consulting or assistance as the Creditors Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. For its services, FTI will be paid: (1) a fixed monthly rate of US$150,000 for the first three months of the bankruptcy cases; (2) US$125,000 per month thereafter; plus (3) a completion fee payable of US$1,000,000, at the option of the Creditors Committee, upon the occurrence of the effective date of a Chapter 11 Plan of Reorganization. In addition, FTI will be reimbursed for actual and necessary expenses it has incurred or will incur, including any legal fees related to the firm's retention and defense of fee applications in the Debtors' cases. Steven Simms, Esq., a partner at FTI, assures the Court that his firm is a "disinterested person," as the term is defined in Section 101(14) of the Bankruptcy Code. Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It is produces primary and secondary carpet backing. Propex also has manufacturing facilities in Brazil, Mexico, Germany, Hungary and the United Kingdom. The company and its debtor-affiliates filed for Chapter 11 protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249). The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. As of Sept. 30, 2007, the debtors' balance sheet showed total assets of US$585,700,000 and total debts of US$527,400,000. The Debtors' exclusive period to file a plan of reorganization expires on May 17, 2008. (Propex Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) RAHMING INDUSTRIEBUCHBINDEREI: Claims Registration Ends April 1 --------------------------------------------------------------- Creditors of Rahming Industriebuchbinderei GmbH have until April 1, 2008, to register their claims with court-appointed insolvency manager Stefan Hinrichs. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 21, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg Hall B 405 Fourth Floor Annex Civil Justice Bldg. Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Hinrichs Kaiser-Wilhelm-Strasse 93 20355 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Rahming Industriebuchbinderei GmbH on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Rahming Industriebuchbinderei GmbH Billstrasse 228 20539 Hamburg Germany SANITATSHAUS GROSS: Claims Registration Period Ends April 1 ----------------------------------------------------------- Creditors of Sanitatshaus Gross Fuerstenwalde/Spree GmbH have until April 1, 2008, to register their claims with court- appointed insolvency manager Vera Mai. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on May 6, 2008, at which time the insolvency manager will present her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) 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: Vera Mai Kurfuerstendamm 66 10707 Berlin Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against Sanitatshaus Gross Fuerstenwalde/Spree GmbH on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sanitatshaus Gross Fuerstenwalde/Spree GmbH Muehlenstrasse 9 15517 Fuerstenwalde Germany SORGE SCHALTTECHNIK: Creditors' Meeting Slated for March 19 ----------------------------------------------------------- The court-appointed insolvency manager for Sorge Schalttechnik GmbH, Hartwig Albers will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:15 a.m. on March 19, 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 9:35 a.m. on May 21, 2008 at the same venue. Creditors have until April 2, 2008 to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Hartwig Albers Luetzowstr. 100 10785 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Sorge Schalttechnik GmbH on Jan. 31, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Sorge Schalttechnik GmbH Ollenhauerstr. 98 13403 Berlin Germany STEFAN WIETHOLD: Claims Registration Period Ends April 1 -------------------------------------------------------- Creditors of Stefan Wiethold Optik GmbH have until April 1, 2008, to register their claims with court-appointed insolvency manager Sebastian Henneke. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on April 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Muenster Meeting Hall 101 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: Dr. Sebastian Henneke Adenauerallee 36 46399 Bocholt Germany Tel: 0 28 71/2 35 48 77 Fax: +4928712354879 The District Court of Muenster opened bankruptcy proceedings against Stefan Wiethold Optik GmbH on Feb. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Stefan Wiethold Optik GmbH Attn: Stefan Wiethold, Manager Markt 4 46399 Bocholt Germany SYSTEMBAU LUDWIG: Claims Registration Period Ends April 1 --------------------------------------------------------- Creditors of SYSTEMBAU LUDWIG GmbH have until April 1, 2008, to register their claims with court-appointed insolvency manager Lucas F. Floether. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Leipzig Hall 145 First Floor Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Lucas F. Floether Specks Hof Eingang C Nikolaistrasse 3-5 04109 Leipzig Germany Tel: 0341/652200 Fax: O341/65220111 The District Court of Leipzig opened bankruptcy proceedings against SYSTEMBAU LUDWIG GmbH on Feb. 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: SYSTEMBAU LUDWIG GmbH Attn: Reinhard Ludwig, Manager Leisniger Strasse 04720 Doebeln Germany UMATZ AUTOSERVICE: Claims Registration Ends April 1 --------------------------------------------------- Creditors of Umatz Autoservice Hof GmbH & Co. KG have until April 1, 2008 to register their claims with court-appointed insolvency manager Dr. Ulrich Graf. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.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 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 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. Ulrich Graf Rathenaustrasse 7 95444 Bayreuth Germany Tel: 0921/759330 Fax: 0921/7593350 The District Court of Hof opened bankruptcy proceedings against Umatz Autoservice Hof GmbH & Co. KG on Jan. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Umatz Autoservice Hof GmbH & Co. KG Wunsiedler Str. 16 95032 Hof Germany VESTA-ASSEKURANZ KONTOR: Claims Registration Ends April 1 --------------------------------------------------------- Creditors of VESTA-Assekuranz Kontor GmbH have until April 1, 2008 to register their claims with court-appointed insolvency manager Bernd Depping. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on April 16, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 185 First Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bernd Depping Alfredstr. 108-112 45131 Essen Germany The District Court of Essen opened bankruptcy proceedings against VESTA-Assekuranz Kontor GmbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: VESTA-Assekuranz Kontor GmbH Cranger Str. 149 45881 Gelsenkirchen Germany Attn: Ruediger Kreft, Manager Lavesumer Str. 49 45721 Haltern Germany * German Corporate Insolvencies Down 14.6% in 2007 -------------------------------------------------- The Federal Statistical Office (Destatis) disclosed insolvency statistics for 2007. German insolvency courts reported 164,597 insolvencies, 29,160 of them referred to enterprises and 135,437 to other debtors. While enterprise insolvencies decreased 14.6% compared with 2006, an increase was observed in the total number of insolvencies (+2.0%) and in insolvencies of other debtors (+6.4%). The latter group includes in particular consumers (105,238; +9.0%), individuals, for example as members of partnerships and formerly self-employed persons (27,969; �1.4%) and deceased persons' estate insolvencies (2,230; �4.4%). ============= H U N G A R Y ============= PROPEX INC: Committee Wants FTI Consulting as Financial Advisor --------------------------------------------------------------- The Official Committee of Unsecured Creditors of Propex Inc. and its debtor-affiliates seeks authority from the U.S. Bankruptcy Court for the Eastern District of Tennessee to retain FTI Consulting, Inc., as its financial advisors, effective as of Jan. 31, 2008. Stephen Cooke, chairperson of the Creditors Committee, relates that they selected FTI because the firm has a lot of experience in providing financial advisory services in restructurings and reorganizations in large and complex Chapter 11 cases on behalf of debtors and creditors throughout the United States. Mr. Cooke points out FTI's services are necessary to enable the Creditors Committee to assess and monitor the efforts of the Debtors and their professional advisors to maximize the value of their estates and to reorganize successfully. As the Creditors Committee's financial advisors, FTI will: * assist the Creditors Committee in the review of financial related disclosures required by the Court, including the Schedules of Assets and Liabilities, the Statement of Financial Affairs and Monthly Operating Reports; * assist the Creditors Committee with information and analyses required pursuant to the Debtors' DIP financing; * assist and advice the Creditors Committee with respect to the Debtors' identification of core business assets and the disposition of assets or liquidation of unprofitable operations; * review the Debtors' performance of cost or benefit evaluations with respect to the affirmation or rejection of various executory contracts and leases; * evaluate the present level of operations and identification of areas of potential cost savings, including overhead and operating expense reductions and efficiency improvements; * review the financial information distributed by the Debtors to creditors and others; * attend meetings and assist in discussions with the Debtors, potential investors, banks, other secured lenders, the Creditors Committee and any other official committees organized in the Chapter 11 proceedings, the United States Trustee, other parties in interest; * review and prepare information and analysis necessary for the confirmation of a plan in these chapter 11 proceedings; * assist in the valuation of the business and review of capital structure alternatives; * assist in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; and * render all other general business consulting or assistance as the Creditors Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in this proceeding. For its services, FTI will be paid: (1) a fixed monthly rate of US$150,000 for the first three months of the bankruptcy cases; (2) US$125,000 per month thereafter; plus (3) a completion fee payable of US$1,000,000, at the option of the Creditors Committee, upon the occurrence of the effective date of a Chapter 11 Plan of Reorganization. In addition, FTI will be reimbursed for actual and necessary expenses it has incurred or will incur, including any legal fees related to the firm's retention and defense of fee applications in the Debtors' cases. Steven Simms, Esq., a partner at FTI, assures the Court that his firm is a "disinterested person," as the term is defined in Section 101(14) of the Bankruptcy Code. Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/-- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It is produces primary and secondary carpet backing. Propex also has manufacturing facilities in Brazil, Mexico, Germany, Hungary and the United Kingdom. The company and its debtor-affiliates filed for Chapter 11 protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08-10249). The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. As of Sept. 30, 2007, the debtors' balance sheet showed total assets of US$585,700,000 and total debts of US$527,400,000. The Debtors' exclusive period to file a plan of reorganization expires on May 17, 2008. (Propex Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) ============= I R E L A N D ============= ARAMARK CORPORATION: Fitch Holds IDR at 'B' with Stable Outlook --------------------------------------------------------------- Fitch Ratings has affirmed ARAMARK Corporation's ratings as: -- Long-term Issuer Default Rating 'B'; -- US$600 million revolving senior secured credit facility due 2013 'BB-/RR2'; -- US$4.15 billion senior secured term loans due 2014 'BB-/RR2'; -- US$200 million senior secured synthetic letter of credit facility due 2014 'BB-/RR2'; -- US$1.78 billion senior unsecured notes due 2015 'B-/RR5'; -- US$250 million senior unsecured notes due 2012 'CCC+/RR6'. The Rating Outlook is Stable. Fitch has simultaneously withdrawn the IDR rating for ARAMARK Services, Inc., which is no longer a debt issuing entity. These rating actions affect approximately US$6.0 billion of debt at Dec. 28, 2007. ARAMARK's ratings and Outlook incorporate its high financial leverage, below average operating risk and Fitch's expectations that credit statistics will remain at levels consistent with the company's current ratings in the near term. ARAMARK significantly increased debt levels following its US$8.6 billion management-led leverage buy-out in 2007. However, ARAMARK's strong global market share in food service, entrenched position in the North American uniform rental business and high customer retention rates provide considerable and relatively stable on- going cash flow generation. For the latest twelve month period ended Dec. 28, 2007, ARAMARK's total debt-to-operating earnings before interest, taxes, depreciation and amortization (EBITDA) ratio was 5.8 times (x) and its operating EBITDA-to-gross interest expense ratio was 2.1x. Total adjusted debt-to-operating earnings before interest, taxes, depreciation, amortization and rental expense (EBITDAR), which accounts for operating leases and balances outstanding under ARAMARK's US$250 million accounts receivable securitization program, was 6.3x. During this same period, ARAMARK generated approximately US$500 million of cash flow from operations and US$180 million of free cash flow. ARAMARK's funds from operations (FFO) fixed charge coverage ratio was 1.8x. Although ARAMARK's debt obligations increased considerably over the previous 12 month period, Fitch views its credit protection measures as adequate for the current ratings level. Good liquidity, a proven ability to manage through various economic cycles and a diversified customer base should help mitigate any negative ramifications from above average food cost inflation and a slowing U.S. economy. ARAMARK is in compliance with all of its debt covenants. The most significant financial covenant in ARAMARK's bank facility is a maximum consolidated secured debt ratio of 5.875x through March 31, 2008, stepping down to 4.25x by Dec. 31, 2013. At Dec. 28, 2007, the actual ratio was 3.86x, leaving the company significant cushion under this agreement. ARAMARK's ability to incur additional debt and make restricted payments is limited by a minimum interest coverage ratio of 2.0x. At Dec. 28, 2007, the actual ratio was 2.1x. The recovery ratings for ARAMARK's debt consider bondholder recovery in a distressed situation. Given assumptions regarding the company's enterprise value as a going concern, Fitch anticipates 71%-90% or superior recovery for ARAMARK's first priority secured bank debt and 11%-30% or below average recovery for its 8.5% and floating rate unsecured notes due 2015. Conversely, the recovery rating for ARAMARK's 5% unsecured notes due 2012 has been notched lower at 'RR6' to reflect their subordinate position in the company's capital structure and Fitch's expectation that recovery for these bondholders would be negligible in a financial restructuring. Unlike the 2015 notes, which are fully and unconditionally guaranteed by substantially all of the companies domestic material subsidiaries, the 2012 notes are only guaranteed by ARAMARK and its holding company. Headquartered in Philadelphia, Pennsylvania, Aramark Corp. (NYSE: RMK) -- http://www.aramark.com/-- is a professional services organization, providing food services, facilities management, hospitality services, and uniforms and career apparel to health care institutions, universities and school districts, stadiums and arenas, businesses, prisons, senior living facilities, parks and resorts, correctional institutions, conference centers, convention centers, and public safety professionals around the world. Aramark also has operations in Belgium, Canada, China, Czech Republic, Chile, Germany, Ireland, Japan, Korea, Mexico, Spain, and the United Kingdom. ========= I T A L Y ========= INTERNATIONAL RECTIFIER: Hires Donald Dance as EVP & CAO -------------------------------------------------------- International Rectifier Corporation has appointed Donald Dancer as Executive Vice President and Chief Administrative Officer. In this role, Mr. Dancer will oversee International Rectifier�s legal, human resources, compliance, mergers and acquisitions and investor relations functions and will report directly to the company�s Chief Executive Officer, Oleg Khaykin. Mr. Dancer most recently served as acting Chief Executive Officer since late August, 2007. He joined International Rectifier in 2002 and was previously Executive Vice President, Secretary and General Counsel. Prior to 2002, Mr. Dancer had 22 years of corporate practice including managing legal affairs for a number of divisions and affiliates of the General Electric Company. �We are all very pleased that Don will remain with IR in the newly created position of Chief Administrative Officer to improve the organizational effectiveness of our corporate operations,� said Oleg Khaykin, International Rectifier�s Chief Executive Officer. �Don�s breadth of experience and credibility as an acting CEO, General Counsel, business advisor and skilled manager make him well suited for his new role. I look forward to working with Don as we continue to strengthen our internal control environment and improve the areas of corporate governance and compliance.� 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 next generation products. The company has manufacturing facilities in the U.S., Mexico, United Kingdom, Germany and Italy; and has subsidiaries in Japan and Singapore. * * * In September, 2007, Standard & Poor's Ratings Services said that its 'BB' corporate credit rating on International Rectifier Corp. remains on CreditWatch with negative implications. PARMALAT SPA: Earns EUR674.4 Million for 2007 --------------------------------------------- The Parmalat Group released its consolidated financial results for the full year ended Dec. 31, 2007. The Parmalat Group posted EUR674.4 million in net profit on EUR3.89 billion in net revenues in 2007, compared with EUR195.4 million in net profit on EUR3.70 billion in net revenues in 2006. The improvement in net revenues is chiefly the result of higher unit sales in Canada and Italy. Sales were up also in South Africa, aided in part by the growth of the local economy. In Italy, the launch of new functional products helped boost shipments of fruit juices by 16.3% compared with 2006, while in Canada the overall increase in unit sales was driven mainly by an 8.5% gain in shipments of cheese products. An improved sales mix, with a greater preponderance of higher value added products and a reduction in operating costs are the main reasons for improvement in EBITDA (EUR366.6 million, up 5.4%), which was achieved despite a worldwide increase in the price of raw milk recouped also through list price increases. In addition to the positive performance of the industrial operations and the contribution provided by lawsuit settlements, the improvement in net result is also the result of lower net financial expenses made possible by a decrease in the average cost of borrowings, a reduction in indebtedness and an increase in the liquidity invested by the Group�s Parent Company. The Group�s net financial position improved sharply in 2007, moving from net borrowings of EUR170 million to net financial assets of EUR855.8 million, for an overall positive change of EUR1.0258 million compared with Dec. 31, 2006. The main reasons for this positive change include: * cash flow from operations, which, net of changes in operating working capital, amounted to EUR152.3 million; * cash flow from lawsuits of EUR699.5 million, which is the net result of proceeds from settlements reached in 2007 totaling EUR754.5 million, less EUR55 million in legal costs attributable both to 2006 and 2007; * cash flow from extraordinary transactions totaling EUR230 million, which is the net result of proceeds from the disposal of non-strategic assets (EUR249.2 million), less outlays to purchase holdings in associates (EUR16.3 million) and the payment of claims in composition with creditors proceedings (EUR11.6 million); and * cash flow from financial transactions, which includes EUR3.5 million in net financial income, dividend payments totaling EUR43.7 million and proceeds of EUR7.5 million generated by the exercise of warrants, with sundry items accounting for the difference. Parmalat S.p.A. Parmalat S.p.A. posted EUR554.7 million in net profit on EUR894.7 million in net revenues in 2007, compared with EUR125.6 million in net profit on EUR872.7 million in net revenues in 2006. Net financial assets were up sharply in 2007, rising from EUR341.4 million to EUR1.2313 billion, a net change of EUR889.9 million. The improvement reflects both the contribution of cash flow from operations and the effect of proceeds from extraordinary transactions described in the comments to the Groups� results. Business Outlook and 2008 Forecast Data In the early months of 2008, the more mature markets in which the Group operates have been experiencing significant competitive pressure, which is having an impact both on sales volumes and prices. Group Companies are responding well thanks to the launch of new products helped by marketing initiatives and also by a rationalization process both in industrial and operational costs. At the same time, starting in the current year, the process of simplifying the Group�s structure will enable the Group�s Parent Company to receive an additional flow of profits generated by the industrial subsidiaries of more than EUR40 million. These developments, along with the proceeds generated by settlements of pending actions, should enable the Company to reserve adequate resources for its shareholders, while pursuing a growth strategy focused on strengthening its presence in the more mature markets and expanding in the emerging markets. The Board of Directors, moreover, has reviewed the 2008 forecast data which show a projected growth rate of between 3% and 5% (net sales revenues). EBITDA is expected to grow at a rate of between 7% to 10%. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. The Parma Court has declared the units insolvent. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. Dairy Holdings and Food Holdings are Cayman Island special-purpose vehicles established by Parmalat S.p.A. The Finance Companies are under separate winding up petitions before the Grand Court of the Cayman Islands. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as Joint Provisional Liquidators in the cases. On Jan. 20, 2004, the Liquidators filed Sec. 304 petition, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York. In May 2006, the Cayman Island Court appointed Messrs. MacRae and Cleaver as Joint Official Liquidators. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court Granted Parmalat Permanent Injunction. =================== K A Z A K H S T A N =================== AGROSOUZ XXI: Creditors Must File Claims by April 11 ---------------------------------------------------- LLP Agrosouz XXI has declared insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: LLP Agrosouz XXI Abai ave. 173-12 Kostanai Kazakhstan ASTANA KAZELECTRO: Claims Deadline Slated for April 11 ------------------------------------------------------ LLP Astana Kazelectro Montage has declared insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: LLP Astana Kazelectro Montage Tsiolkovskogo Str. 53 Almaty District Astana Kazakhstan ATS INVEST: Claims Filing Period Ends April 11 ---------------------------------------------- LLP Ats Invest has declared insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: LLP Ats Invest Abai ave. 68/70 Almaty Kazakhstan BASTANDYK LLP: Creditors' Claims Due on April 11 ------------------------------------------------ The Specialized Inter-Regional Economic Court of Karaganda has declared LLP Bastandyk insolvent. Creditors have until April 11, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Karaganda Jambyl Str. 9 Karaganda Kazakhstan JAZIRA LLP: Claims Registration Ends April 11 --------------------------------------------- LLP Construction Company Jazira has declared insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: LLP Construction Company Jazira Vosmogo Marta Str. 102-28 Semey East Kazakhstan Kazakhstan MITSAR LLP: Creditors Must File Claims by March 28 -------------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Mitsar (RNN 090500021646). Creditors have until March 28, 2008, to submit written proofs of claims to: T