/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080313.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, March 13, 2008, Vol. 9, No. 52 Headlines A U S T R I A ANTON MARTIN: Claims Registration Period Ends April 1 EDLER & FALL: Claims Registration Period Ends April 14 NEWVISIONS MEDIA: Claims Registration Period Ends April 14 R. KNABB: Claims Registration Period Ends April 1 RESTAURANT STIFTSKELLER: Claims Registration Period Ends April 8 TIME 24: Claims Registration Period Ends March 31 B E L G I U M GENERAL MOTORS: To Reduce European Workforce by 5,900 Jobs SOLUTIA INC: Inks Amended Monsanto and Retiree Agreements SOLUTIA INC: Issues New Common Stock Under Confirmed Plan SOLUTIA INC: Terminates Pre-Emergence Stock and Select Deals D E N M A R K KNOLL INC: Adopts Trading Plan for Expanded Repurchase Program F I N L A N D BEARINGPOINT INC: Dec. 31 Bal. Sheet Upside Down by US$469.2 Mln F R A N C E DELPHI CORP: Re-Launches Exit Financing to Include GM, Affiliate DELPHI CORP: Inks US$10 Million Purchase Pact with Tenneco Inc. GRAFTECH INT'L: Dec. 31 Balance Sheet Upside Down By US$112.7MM G E R M A N Y AIP GMBH: Claims Registration Period Ends April 4 AS-COMMUNICATIONS GMBH: Claims Registration Period Ends March 31 AUTOHAUS KRAKOW: Creditors Must File Claims by April 3 B & B TRANSPORT: Claims Registration Period Ends April 4 BAUTRAC - GMBH: Claims Registration Period Ends April 4 CNC TECHNIK: Creditors Must File Claims by April 3 DEFENDER SICHERHEITSDIENST: Claims Registration Ends April 4 DIETER WECK: Creditors Must File Claims by April 3 DLS MATERIALFLUSSTECHNIK: Claims Registration Ends April 4 ECO GMBH: Creditors Must File Claims by April 3 FIPRO GMBH: Claims Registration Period Ends April 11 FULLCAN GMBH: Creditors Must File Claims by April 3 GERMAN FILM: Claims Registration Period Ends April 18 GROSSMARKT SIEGSDORF: Claims Registration Period Ends April 4 GRUENEISEN WOHNOBJEKTE: Claims Registration Period Ends April 4 HOWITECH GESELLSCHAFT: Claims Registration Period Ends April 4 IDV-INSOLVENZDIENSTLEISTUNG: Claims Registration Ends April 4 IFR CAPITAL: Fitch Puts Issuer Default Rating at B KBG KILIC: Claims Registration Period Ends April 4 KOENIG GMBH: Claims Registration Ends April 4 KOMMANDITGESELLSCHAFT BOLLMEYER: Claims Period Ends April 4 KRINGS GARTENGESTALTUNG: Claims Registration Ends April 4 KUENZEL AUTOHAUS: Claims Registration Ends April 4 LAS VEGAS: Claims Registration Ends April 4 LEINENBACH GMBH: Creditors' Meeting Slated for March 19 MECKLENBURGER HOCHBAU: Claims Registration Ends April 4, 2008 NGG GASTRONOMIE: Claims Registration Ends April 4 NHB NORDDEUTSCHER: Claims Registration Period Ends April 4 NRG ENERGY: Earns US$104 Mln in 2007 Fourth Qtr. Ended Dec. 31 SEIBERT LIGHTING: Claims Registration Period Ends April 9, 2008 SPECTRUM BRANDS: Inks Standstill Agreement w/ Harbinger Capital XXL BAUING: Claims Registration Period Ends April 7 H U N G A R Y DELPHI CORP: Realigns Stake in Japanese & Hungarian Ventures I T A L Y MICRON TECH: S&P Assigns BB- Corporate Rating on Negative Watch PARMALAT SPA: Legal Costs to Fall if Citi Trial starts May TATA MOTORS: Subsidiary Ties Up with Italy's Maus SpA K A Z A K H S T A N AKSAI LLP: Creditors Must File Claims by April 18 ARLAN FIRE: Claims Deadline Slated for April 18 ARLAN SECURITY: Claims Filing Period Ends April 18 ARK VIDEO: Creditors' Claims Due on April 18 CASPIAN TRANSPORTATION: Claims Registration Ends April 18 JAYKSNABSTROY LLP: Creditors Must File Claims by April 18 LAD-OIL LLP: Claims Deadline Slated for April 18 MEREY LLP: Claims Filing Period Ends April 18 MIS-KYZYLORDA LLP: Creditors' Claims Due on April 18 RESCO LLP: Claims Registration Ends April 18 K Y R G Y Z S T A N CENTRAL ASIAN: Creditors Must File Claims by April 4 STREET DESIGN: Claims Filing Period Ends April 4 N E T H E R L A N D S CARLYLE CAPITAL: Seeking to Reach Standstill Deals with Lenders P O L A N D AMERICAN AXLE: Union Won't Accept Terms, Halts Labor Talks P O R T U G A L COMPANHIA SIDERURGICA: Net Income Up 150% to BRL2.9 Bil. in 2007 R U S S I A ALTAY TRANS: Creditors Must File Claims by April 16 ARSENYEVO-AGRO-PROM-STROY: Claims Filing Period Ends April 22 COMSTAR-UNITED: Names Roman Akatov as Commercial Director FIRST LLC : Krasnodar Bankruptcy Hearing Slated for June 6 KALITA CJSC: Court Names V. Goncharov as Insolvency Manager KAMYSHINSKIY LLC: Volgograd Court Hearing Slated for April 21 KARASEVSKIY POTTERY: Names E. Semchenko as Insolvency Manager MOSCOW EXPERIMENTAL: Creditors Must File Claims by April 22 NABEREZHNYE CHELNY: Bankruptcy Hearing Slated for June 5 NORTH-WEST CO: Creditors Must File Claims by April 22 PINT SERVICE: Court Starts Bankruptcy Supervision Procedure PROD-ZERNO: Creditors Must File Claims by March 16 RTP CAR: Moscow Bankruptcy Hearing Slated for May 6 SCHIT CJSC: Creditors Must File Claims by March 22 UNION CJSC: Creditors Must File Claims by March 22 S L O V A K R E P U B L I C US STEEL: Unit Backs Out from Talks to Sell Wabush Mine Stake S W I T Z E R L A N D A + I SOMMERAUER: Creditors' Liquidation Claims Due by March 17 ANDEBEN LLC: Creditors' Liquidation Claims Due by March 16 ECHMANN: Creditors' Liquidation Claims Due by March 17 EMODRIVE PRODUCTS: Creditors' Liquidation Claims Due by March 17 GFBI GESELLSCHAFT: Creditors' Liquidation Claims Due by March 15 HEMIS SWITZERLAND: Creditors' Liquidation Claims Due by March 17 JOZITECH MED: Creditors' Liquidation Claims Due by March 14 KATRAS: Creditors' Liquidation Claims Due by March 17 PRO HYPOCRATUS: Creditors' Liquidation Claims Due by March 14 PROFORMA SOFTWARE: Creditors' Liquidation Claims Due by March 14 SEKA EXPOBOX: Creditors' Liquidation Claims Due by March 14 SWINGSYSTEMS JSC: Creditors' Liquidation Claims Due by March 15 WEMO-TECH LLC: Creditors' Liquidation Claims Due by March 14 VC HOMECARE: Claims Registration Period Ends March 15 ZIMMEREI HUMM: Claims Registration Period Ends March 17 U K R A I N E BIG LINE: Proofs of Claim Deadline Set March 21 CENTERBUILDING GROUP: Creditors Must File Claims by March 21 EDUCATIONAL-COURSE COMBINE: Creditors' Claim Due March 21 MANKI LLC: Creditors Must File Claims by March 21 NADEZHDA CJSC: Creditors Must File Claims by March 21 NADIYA LLC: Creditors Must File Claims by March 21 UKRAINIAN-MEDITERRANEAN AIRLINES: Claims Deadline Set March 21 WHOLESALETRADELINE LLC: Creditors Must File Claims by March 21 U N I T E D K I N G D O M BAA LTD: Heathrow East Project Fails to Meet Olympic Deadline BRITISH AIRWAYS: Conciliatory Talks with BALPA Fails BUTTERFLY PUBLISHING: High Court Winds Up Business CARTER AND CARTER: Brings In Administrators from Deloitte CHRYSLER LLC: Idles Facility in Delaware on AAM Labor Strike CRUZE CLOTHING: Brings In Liquidators from PKF DJ TOOL: Appoints Joint Administrators from Deloitte & Touche DURA AUTOMOTIVE: Seeks US$230M Financing to Execute Revised Plan EMI GROUP: Retains Membership in IFPI ESCAPISM LTD: Calls In Liquidators from Mazars M&A HIRE: Brings In Administrators from Deloitte & Touche MAGNOLIA FINANCE V: Fitch Junks Rating on Series 2006-4 Notes MAILROOM DIRECT: High Court Winds Up Business N REALISATIONS: Creditors' Meeting Slated for April 2 PLATINUM DEVELOPMENTS: Appoints Colin Prescott as Liquidator RECALL SECURITY: Taps Administrators from Smith & Williamson TALK BUSINESS: C. B. Barrett Leads Liquidation Procedure VIRGIN MEDIA: Blackstone Consortium Mulls Up to US$7.5 Mln Bid VIRGIN MEDIA: Names Neil Berkett as Chief Executive Officer * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= ANTON MARTIN: Claims Registration Period Ends April 1 ----------------------------------------------------- Creditors owed money by LLC Anton Martin Liegenschaftsverwaltung und Bau (FN 157470z) have until April 1, 2008, to file written proofs of claim to court-appointed estate administrator Christoph Sauer at: Dr. Christoph Sauer c/o Dr. Frank Riel Gartenaugasse 1 3500 Krems Austria Tel: 02732/86565 Fax: 02732/86566-11 E-mail: anwalt@riel-grohmann.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 8:30 a.m. on April 16, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Krems an der Donau Hall A Second Floor Krems an der Donau Austria Headquartered in Muehldorf, Austria, the Debtor declared bankruptcy on Feb. 20, 2008 (Bankr. Case No. 9 S 7/08i). Frank Riel represents Dr. Sauer in the bankruptcy proceedings. EDLER & FALL: Claims Registration Period Ends April 14 ------------------------------------------------------ Creditors owed money by LLC Edler & Fall Sanitar- und Heizungstechnik (FN 278356y) have until April 14, 2008, to file written proofs of claim to court-appointed estate administrator Georg Mi from at: Dr. Georg Mi from LLC CGO Masseverwaltung Neutorgasse 47/I 8010 Graz Austria Tel: 0316/820620 Fax: 0316/820620-4 E-mail: office@cgo-masseverwaltung.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 on April 29, 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 Barnbach, Austria, the Debtor declared bankruptcy on Feb. 20, 2008 (Bankr. Case No. 40 S 10/08f). NEWVISIONS MEDIA: Claims Registration Period Ends April 14 ---------------------------------------------------------- Creditors owed money by LLC NewVisions Media Beratung und Handel (FN 261759s) have until April 14, 2008, to file written proofs of claim to court-appointed estate administrator Rene Lindner at: Mag. Rene Lindner Am Winterhafen 11 4020 Linz Austria Tel: 0732/78 40 80-12 Fax: 0732/78 40 80-4 E-mail: konkurs@ra-hlp.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:00 a.m. on April 28, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Linz Room 522 Fifth Floor Linz Austria Headquartered in Linz, Austria, the Debtor declared bankruptcy on Feb. 21, 2008 (Bankr. Case No. 12 S 14/08h). R. KNABB: Claims Registration Period Ends April 1 ------------------------------------------------- Creditors owed money by KEG R. Knabb (FN 274230f) have until April 1, 2008, to file written proofs of claim to court- appointed estate administrator Peter Schobel at: Dr. Peter Schobel Wiener Strasse 12 3100 St. Poelten Austria Tel: 02742/35 42 34 Fax: 02742/35 14 48 E-mail: office@plusjus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:10 a.m. on April 22, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of St. Poelten Room 216 Second Floor Old Building St. Poelten Austria Headquartered in St. Poelten, Austria, the Debtor declared bankruptcy on Feb. 21, 2008 (Bankr. Case No. 14 S 18/08z). RESTAURANT STIFTSKELLER: Claims Registration Period Ends April 8 ---------------------------------------------------------------- Creditors owed money by LLC Restaurant Stiftskeller (FN 115688f) have until April 8, 2008, to file written proofs of claim to court-appointed estate administrator Matthias Schmidt at: Dr. Matthias Schmidt 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 10:15 a.m. on April 22, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 21, 2008 (Bankr. Case No. 28 S 30/08b). TIME 24: Claims Registration Period Ends March 31 ------------------------------------------------- Creditors owed money by Time 24 Euroexpress Ltd. (Company No. 5974531) have until March 31, 2008, to file written proofs of claim to court-appointed estate administrator Peter Heigenhauser at: Dr. Peter Heigenhauser Wiesinger Strasse 3 4820 Bad Ischl Austria Tel: 06132/25581 Fax: 06132/25581-5 E-mail: dr.peter.heigenhauser@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 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 Bad Ischl, Austria, the Debtor declared bankruptcy on Feb. 20, 2008 (Bankr. Case No. 20 S 21/08a). ============= B E L G I U M ============= GENERAL MOTORS: To Reduce European Workforce by 5,900 Jobs ---------------------------------------------------------- General Motors Corp. plans to cut up to 5,900 job at its Adam Opel GmbH and SAAB AB units, Agence-France Presse reports citing Auto Motor und Sport as its source. The cuts, Auto Motor und Sport relates, will affect Saab's plant in Trollhaettan, Sweden as well as Opel's sites in: * Antwerp, Belgium (1,300); * Ellesmere Port, U.K. (500); * Spain (900); and * Bochum, Germany A GM Europe spokesman told Auto Motor und Sport that the company is "constantly working on improving productivity" at its sites, adding that it is holding talks with the works council over a "series of initiatives to be implemented this year to further increase efficiency in our factories in Europe." "Management has presented us with a drastic job-cutting catalogue that we are looking at," Rainer Einenkel, Opel's works council head in Bochum, was quoted by Auto Motor und Sport as saying. "It is still too early to give details," an Opel spokesman told AFP. "We are not talking about a restructuring program or drastic job cuts in Europe." About General Motors Headquartered in Detroit, Michigan, General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- was founded in 1908. GM employs about 266,000 people around the world and manufactures cars and trucks in 35 countries. In 2007, nearly 9.37 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. * * * As reported in the Troubled Company Reporter-Europe on March 6, 2008, Standard & Poor's Ratings Services said that its ratings on General Motors Corp. (GM; B/Stable/B-3) are not immediately affected by the United Auto Workers work stoppage at key supplier American Axle and Manufacturing Holdings Inc. (BB/Negative/--) that began Feb. 26. As reported in the Troubled Company Reporter-Europe on Feb. 28, 2008, Fitch Ratings has affirmed the Issuer Default Rating of General Motors at 'B', with a Rating Outlook Negative. As reported in the Troubled Company Reporter-Europe on Nov. 12, 2007, Moody's Investors Service affirmed its rating for General Motors Corporation (B3 Corporate Family Rating, Ba3 senior secured, Caa1 senior unsecured and SGL-1 Speculative Grade Liquidity rating) but changed the outlook to Stable from Positive. In an environment of weakening prospects for US auto sales GM has announced that it will take a non-cash charge of US$39 billion for the third quarter of 2007 related to establishing a valuation allowance against its deferred tax assets (DTAs) in the US, Canada and Germany. SOLUTIA INC: Inks Amended Monsanto and Retiree Agreements --------------------------------------------------------- In accordance with its fifth amended joint plan of reorganization, Solutia Inc. entered into an amended and restated Monsanto settlement agreement; indemnification agreement with Pharmacia Corporation; and first amended and restated retiree settlement agreement with certain parties, Rosemary L. Klein, Solutia's senior vice president, general counsel and secretary, discloses in a regulatory filing with the U.S. Securities and Exchange Commission. The Monsanto Settlement Agreement and the Pharmacia Indemnity Agreement between Solutia and Monsanto Company provide that Monsanto will fund post-emergence the environmental remediation obligations and related environmental liabilities at sites owned, operated or used by Pharmacia, but which Solutia never owned, operated or used. Solutia and Monsanto will share the environmental remediation obligations and related environmental liabilities for the Anniston, Alabama, and Sauget, Illinois offsite remediation projects, according to Ms. Klein. Pursuant to the Monsanto Settlement Agreement, Monsanto has agreed to assume financial responsibility for all litigation relating to property damage, personal injury, products liability or premises liability or other damages related to asbestos, PCB, dioxin, and other chemicals manufactured before Solutia's spin off from Pharmacia on Sept. 1, 1997. Monsanto's funding of the environmental remediation activities and the resulting claim against Solutia, which Monsanto has asserted, are being resolved through the Plan, Ms. Klein relates. Solutia will remain responsible for the environmental liabilities at sites that it owned or operated after the Spin- off. A full-text copy of the Monsanto Settlement Agreement is available for free at http://ResearchArchives.com/t/s?28f6 Retiree Settlement In accordance with the Plan, Solutia entered into the Retiree Settlement Agreement with the Official Committee of Retirees. A 2008 Retiree Welfare Plan has been agreed upon as a result of the Retiree Settlement Agreement. The 2008 Retiree Plan provides post-retirement health and life insurance benefits to certain retirees, Ms. Klein says. A full-text copy of the 2008 Retiree Plan is available for free at http://ResearchArchives.com/t/s?28f7 The terms of the Retiree Settlement Agreement provide that Solutia will contribute US$175,000,000 in cash and an amount equivalent to the recovery on a US$35,000,000 general, unsecured claim with a specific distribution of new employer stock to the voluntary employees' beneficiary association -- Retiree Trust. The Retiree Trust will be comprised of two sub-accounts, which will be funded by Solutia or the Retiree Shares and sales proceeds. A full-text copy of the Retiree Settlement Agreement is available for free at http://ResearchArchives.com/t/s?28f8 Registration Rights Agreement In connection with the issuance of 2,489,977 shares of New Common Stock to Monsanto, Solutia entered into a Registration Rights Agreement with Monsanto, pursuant to which, Solutia is required to file a registration statement under the Securities Act to effect the registration of the resale of the shares of New Common Stock issued to Monsanto. The registration rights granted in the Monsanto Registration Rights Agreement are subject to customary restrictions. In addition, Monsanto's registration rights are subject to a "most favored nation" clause, which provides, among other things, that Solutia may not grant registration rights to any holder of its securities that are more favorable to those holders than the registration rights granted to Monsanto without the prior written consent of holders of a majority of the shares held by Monsanto on the Effective Date. The Monsanto Registration Rights Agreement contains customary indemnification and contribution provisions, as well as representations and warranties by Solutia and by Monsanto. Solutia will be responsible for expenses relating to the registrations contemplated by the Monsanto Registration Rights Agreement, subject to certain limitations. 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: Issues New Common Stock Under Confirmed Plan --------------------------------------------------------- Solutia Inc. and 14 of its subsidiaries consummated on Feb. 28, 2008, their reorganization under Chapter 11 through transactions contemplated by their confirmed fifth amended joint plan of reorganization. On the effective date, all existing shares of common stock outstanding before the effective date were canceled pursuant to the Plan. Rosemary L. Klein, Solutia's senior vice president, general counsel and secretary, relates in a regulatory filing with the U.S. Securities and Exchange Commission that in satisfaction of creditor claims and stockholder interests, Solutia issued: (a) 29,024,446 shares of common stock, par value US$0.01 per share to its general unsecured creditors and noteholders who hold the 2027 Notes and the 2037 Notes. About 831,052 of these shares are being held in a disputed claims reserve for the benefit of holders of disputed claims whose claims are subsequently allowed and any shares left over after all disputed claims have been resolved will be distributed pro rata to holders of allowed claims; (b) 1,221,492 shares of New Common Stock to the Retiree Trust; (c) 597,500 shares of New Common Stock, representing 1% of the total New Common Stock, to holders of at least 175 shares of the Old Common Stock; (d) 15,936,703 shares of New Common Stock to general unsecured creditors and noteholders pursuant to the Creditor Rights Offering; (e) 2,812,359 shares of New Common Stock to the backstop investors in the Creditor Rights Offering; (f) 7,667,523 shares of New Common Stock to holders of at least 11 shares of Old Common Stock pursuant to the Equity Rights Offering; and (g) 2,489,977 shares of New Common Stock, representing the shares of New Common Stock that were unsubscribed for in the Equity Rights Offering, to Monsanto Company. According to Ms. Klein, the general unsecured claims pool has US$786,221,598 in total claims and is comprised of (i) US$455,400,000 in allowed noteholder claims; (ii) US$307,342,810 in allowed general unsecured claims; and (iii) US$23,478,788 in disputed general unsecured claims. Solutia also issued warrants to purchase an aggregate of 4,481,250 shares of New Common Stock to holders of Old Common Stock based on a holder's prepetition stock ownership, provided that the holder held at least 24 shares of the Old Common Stock. In connection with issuance of the Warrants, Solutia entered into a Warrant Agreement with American Stock Transfer & Trust Company, as warrant agent. Pursuant to the Warrant Agreement, Warrant holders are entitled to purchase shares of New Common Stock at an exercise price of US$29.70 per share. Ms. Klein says that the Warrants have five-year terms and will expire at 5:00 p.m., New York City time, on Feb. 27, 2013. The Warrants may be exercised for cash or on a net issuance basis. Ms. Klein states that the number of shares of New Common Stock issuable upon exercise of the Warrants and the exercise price will be adjusted in connection with any dividend, distribution, subdivision, combination, reclassification or recapitalization of the New Common Stock. The exercise price of the Warrants is also subject to downward adjustment in connection with any distribution to all holders of the New Common Stock evidences of indebtedness, other securities of Solutia or any cash, property or other assets. If on or before the fourth anniversary of the issue date of the Warrants, Solutia undergoes any business combination in which Solutia is not the surviving entity, or sells, transfers or otherwise disposes of all or substantially all of its assets, depending on the nature of the consideration to be paid to holders of New Common Stock and the status of the successor, the acquiring person may be required to purchase the Warrants for cash at Black-Scholes valuation upon consummation of the Organic Change, Ms. Klein discloses. For any Organic Change occurring on or after the fourth anniversary of the issue date of the Warrants, the Warrant holders will have the right to receive the consideration that they would have been entitled to receive had they exercised the Warrants immediately before the Organic Change. A copy of the Warrant Agreement is available for free at: http://ResearchArchives.com/t/s?28f9 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: Terminates Pre-Emergence Stock and Select Deals ------------------------------------------------------------ Rosemary L. Klein, Solutia's senior vice president, general counsel and secretary, discloses in a regulatory filing with the U.S. Securities and Exchange Commission that certain indentures, credit facilities, shares of Old Common Stock and related incentive plans, and other agreements were terminated on the Effective Date. Among these are: (a) 7.375% Debentures due Oct. 15, 2027; (b) 6.72% Debentures due Oct. 15, 2037; (c) 11.25% Senior Secured Notes due July 15, 2009; (d) Indentures dated Oct. 1, 1997, and July 9, 2002; (e) Euro 200 million credit facility contemplated by a Facility Agreement, dated July 26, 2006, as amended between Solutia Europe S.A./N.V., Solutia Services International S.C.A./Comm. V.A., Citigroup Global Markets Limited, Citibank International plc, and Citibank N.A.; (f) US$225,000,000 credit facility contemplated by a Flexsys Multicurrency Term and Revolving Facilities Agreement of 2007; and (g) 2006 Solutia Annual Incentive Plan. 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. ============= D E N M A R K ============= KNOLL INC: Adopts Trading Plan for Expanded Repurchase Program -------------------------------------------------------------- Knoll Inc. adopted a written trading plan under Rule 10b5-1 of the Securities Exchange Act of 1934 on March 6, 2008, to facilitate purchases during the months of March and April 2008, under its expanded repurchase program disclosed in February 2008. Under the Company 10b5-1 Plan, Banc of America Securities LLC will have the authority to repurchase up to an aggregate of approximately US$10 million worth of Knoll common stock on behalf of the company during the period. The Company 10b5-1 Plan does not require that any shares be purchased, and there can be no assurance that any shares will be purchased. Purchases may be made under the Company 10b5-1 Plan beginning March 7, 2008. The Share Repurchase Plan will continue to be in effect after the expiration of the Company 10b5-1 Plan, which expires on the earlier of April 21, 2008, or the date on which purchases are completed. A 10b5-1 plan allows the company to repurchase shares at times when it would ordinarily not be in the market because of the company's trading policies or the possession of material non- public information. About Knoll Headquartered in East Greenville, Pennsylvania, Knoll Inc. (NYSE: KNL) -- http://www.knoll.com/-- designs and manufactures branded office furniture products and textiles, serves clients worldwide. It distributes its products through a network of more than 300 dealerships and 100 showrooms and regional offices. In October 2007, Knoll Inc. completed the acquisition of Teddy and Arthur Edelman, Limited. The company has locations in Argentina, Australia, Bahamas, Cayman Islands, China, Colombia, Denmark, Finland, Greece, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Poland, Portugal and Singapore, among others. * * * Standard & Poor's placed Knoll Inc.'s long-term foreign and local issuer credit ratings at 'BB' in July 2006. The rating still holds to date with a stable outlook. ============= F I N L A N D ============= BEARINGPOINT INC: Dec. 31 Bal. Sheet Upside Down by US$469.2 Mln ---------------------------------------------------------------- BearingPoint Inc. reported that as of Dec. 31, 2008, the company had total assets of US$1,981.4 million, total liabilities of US$2,450.6 million resulting to a total stockholders' deficit of US$469.2 million. For the fourth quarter of fiscal 2007 ended Dec.31 , the company realized a net loss of US$169.0 million, which was significantly above the average of its net losses incurred in the first three quarters of fiscal 2007. Proactive management actions taken in the fourth quarter and intended to drive further cost savings in 2008 contributed significantly to the magnitude of this loss. These fourth quarter management actions included, among other things, lease and facilities restructuring costs of US$20.6 million and additional severance costs of US$14.4 million. Also contributing to the fourth-quarter loss was US$58.8 million in contract write-downs and loss accruals, a notable net year-over- year increase over the fourth quarter of fiscal 2006. Notwithstanding these fourth-quarter increases, total contract write-downs and loss accruals for the full fiscal year continued to show improvement, as compared to contract write-downs and loss accruals for 2006 and 2005. The company incurred a net loss of US$362.7 million for the fiscal year ended Dec. 31, 2007 compared to US$213.4 million net loss for fiscal 2006. Contributing to the net loss for 2007 were bonuses accrued and payable to the company's employees, in part for 2006, as well as 2007; non-cash compensation expense related to the vesting of stock-based awards; lease and facilities restructuring charges; external costs related to the preparation of its financial statements, and its auditors' review of the company's financial statements and the testing of internal controls. Year-over-year external accounting costs were down significantly and the company expects continued improvement in these costs in 2008. "Today marks an important milestone for BearingPoint as we are once again timely with our SEC filings," Ed Harbach, BearingPoint's chief executive officer, said. "In 2007, we also significantly reduced our SG&A expenses and exceeded our year- end cash balance target for 2007, ending the year with cash on hand of US$468.5 million. "While last year's financial results were disappointing overall, we have a lot to build on. In 2008, we are focused on controlling costs, increasing cash flow and improving utilization of our talented workforce," Mr. Harbach continued. "We are investing in our people, in our systems and in our technology#all of which will lead to a stronger and more flexible organization. "We have some strong momentum entering the year, which we will use to strategically leverage our global footprint and capitalize on areas where we have a differentiated portfolio of expertise, particularly our strong Public Services practice," Mr. Harbach added. "We will execute our plan, lead with our strengths and make profitability our first priority. "We are now at a clear inflection point in our business and in our history. We are excited about what our future holds,"Mr. Harbach concluded. About BearingPoint Inc. Headquartered in Mclean, Virginia, BearingPoint Inc. -- http://www.bearingpoint.com/-- provides I/T consulting and managed services to commercial and governmental entities worldwide. The company has approximately US$3.4 billion in revenues for the twelve months ended September 2007. * * * In December 2007, Moody's confirmed BearingPoint's B2 corporate family rating and assigned a negative rating outlook. In doing so, Moody's has concluded its review for possible downgrade of the company's ratings. The B2 rating confirmation is supported by the likelihood that, irrespective of a potential further slowdown in the U.S. economy, the company's Public Services, EMEA, and Asia Pacific divisions will continue to provide support for the company's overall revenue growth and achievement of operating profitability. The confirmation also reflects the likelihood that the company will continue reduce its high finance, accounting, and infrastructure costs, raise staff utilization levels, and lower capital expenditures, thereby improving its overall financial operating performance. On Dec. 3, 2007, the company reestablished and expects to maintain current financial reporting status. =========== F R A N C E =========== DELPHI CORP: Re-Launches Exit Financing to Include GM, Affiliate ---------------------------------------------------------------- Delphi Corp. will be relaunching its exit financing structure, which will include participation from General Motors Corp., as well as a new commitment from an affiliate of GM, to also support the company's planned emergence from Chapter 11 reorganization. The proposed exit facilities are being arranged on a best efforts basis by J.P. Morgan Securities, Inc., and Citigroup Global Markets, Inc., in accordance with prior orders entered by the United States Bankruptcy Court for the Southern District of New York. As previously reported, the company's US$6.1 billion exit financing package includes 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 an affiliate of 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 and its affiliates consistent with the terms of the company's Investment Agreement with its plan investors. On March 7, 2008, because certain of Delphi's plan investors had advised the company that they believed the proposed exit financing, including GM's increased participation, would not comply with the Investment Agreement, Delphi presented a motion in the Bankruptcy Court under section 1142 of the Bankruptcy Code which permits the Court to consider matters and issue orders in furtherance of a confirmed plan of reorganization. At the hearing, during which the Court did not grant the specific relief sought by the company, the Court said that while GM could not directly provide incremental exit financing to Delphi without the consent of the plan investors, the prohibition against additional agreements with GM did not extend to incremental financing provided through GM subsidiaries or pursuant to certain other structures. In its ruling, the Bankruptcy Court also observed that the company had been given sufficient guidance by the Court to proceed to seek exit financing on terms that are potentially achievable. Although certain of the Investors continue to object to the proposed exit financing, Delphi believes its proposed exit financing is consistent with the Court's guidance and previously issued confirmation order and will be moving forward with the syndication efforts to raise US$6.1 billion in financing. 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. DELPHI CORP: Inks US$10 Million Purchase Pact with Tenneco Inc. --------------------------------------------------------------- Tenneco Inc. entered into a purchase agreement with Delphi Automotive Systems LLC to acquire certain ride control assets and inventory at Delphi's facility in Kettering, Ohio. This purchase agreement has been filed with the bankruptcy court as part of Delphi's bankruptcy court proceedings. The closing of this purchase is subject to certain closing conditions, including bankruptcy court approval. As part of the purchase agreement, Tenneco would pay approximately US$10 million for existing ride control components inventory and approximately US$9 million for certain machinery and equipment. Tenneco would also lease a portion of the Kettering facility from Delphi. In connection with the purchase agreement, Tenneco has entered into an agreement with the International Union of Electrical Workers, which represents the Delphi workforce at the Kettering plant. The agreement was ratified by the IUEA� s rank and file in August 2007. Tenneco has also entered into a long-term supply agreement with General Motors Corp. to continue to supply passenger car shock and strut business to General Motors from the Kettering facility. About Tenneco Inc. Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) -- http://www.tenneco.com/-- manufactures automotive ride and emissions control products and systems for both the original equipment market and aftermarket. Brands include Monroe(R), Rancho(R), and Fric Rot ride control products and Walker(R) and Gillet emission control products. The company has operations in Argentina, Japan, and Germany, with its European operations headquartered in Brussels, Belgium. The company has approximately 19,000 employees worldwide. 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. GRAFTECH INT'L: Dec. 31 Balance Sheet Upside Down By US$112.7MM --------------------------------------------------------------- GrafTech International Ltd. reported that at Dec. 31, 2007, the company's balance sheet reflected total assets of US$866.7 million, total liabilities of US$979.4 million, resulting to a total stockholders' deficit of US$112.7 million. For the 2007 fourth quarter ended Dec. 31, the company's net income is at US$39.9 million from US$77.2 million of the 2006 fourth quarter. For the 2007 fiscal year ended Dec. 31, the company reported net income of US$153.7 million from US$91.3 million income of fiscal 2006. Net sales for the 2007 fourth quarter were US$269.4 million an increase of US$34 million or 14% from US$235.4 million total sales for the 2006 fourth quarter. For the fiscal year 2007, the company's net sales were US$1,004.8 million from US$855.4 million sales in 2006. "The significant improvement in the results was enabled by better price realization and the team's relentless pursuit of cost reductions and increased production efficiencies," Craig Shular, chief executive officer of GrafTech, commented. "Operating cash flow more than doubled to US$131 million, allowing us to complete the year with net debt of US$370 million, the lowest in our company's history." "Finally, growing sales by 18% while at the same time reducing selling and administrative costs by 11 percent rounded out a solid year," Mr. Shular added. For the 2007 fourth quarter, gross profit increased approximately 17%, to US$81 million, or 30.1% of net sales, as compared to US$69 million, or 29.4% of net sales, in the fourth quarter of 2006. Gross profit in the quarter was negatively impacted by a one-time US$5 million charge associated with the termination and closure of our defined benefit South African pension plan. Excluding the impact of this charge, gross margin for the quarter would have been 32.0%. Income from continuing operations was US$39 million versus US$26 million in the 2006 fourth quarter. Income from continuing operations before special items was US$44 million as compared to US$21 million in the 2006 fourth quarter. The year on year change included the benefit of a seven percentage point improvement in the company's effective income tax rate from 28% to 21%. Net cash provided by operating activities increased to US$55 million, versus US$20 million in the 2006 fourth quarter. Selling and administrative and research and development expenses were US$24 million in the 2007 fourth quarter, as compared to US$29 million in the 2006 fourth quarter. The decrease resulted largely from realized benefits associated with restructuring and productivity projects. Interest expense was US$7 million in the 2007 fourth quarter or US$4 million lower than the same period in the prior year as a result of successful deleveraging efforts. Other expense, net, was US$2 million in the 2007 fourth quarter, as compared to other income, net, of US$8 million in the same period in 2006. The change in the quarter is largely due to inter-company loan currency translation losses. About Graftech International Based Parma, Ohio, in GrafTech International Ltd. (NYSE: GTI) -- http://www.graftech.com/-- manufactures graphite electrodes, products essential to the production of electric arc furnace steel, and various other ferrous and non-ferrous metals. The company manufactures natural graphite products enabling thermal management solutions for the electronics industry, and fuel cell solutions for the transportation and power generation industries. GTI also manufactures and provides graphite and carbon products, as well as related technical services, including graphite and carbon materials for the semiconductor, transportation, petrochemical and other metals markets. GTI has four major product categories: graphite electrodes, advanced graphite materials, and carbon refractories and natural graphite. On Dec. 5, 2006, GTI completed the sale of its cathode business, including its 70% equity interest in Carbone Savoie S.A.S. to Alcan France. The company has operations in China, France and Brazil. * * * As reported in the Troubled Company Reporter on Jan. 18, 2008, Standard & Poor Ratings Services said that its rating and outlook on graphite electrodes manufacturer Graftech International Ltd. (B+/Positive/--) are not affected at this time by the company's announcement that it will redeem US$125 million of its outstanding 10.25% senior notes due 2012. ============= G E R M A N Y ============= AIP GMBH: Claims Registration Period Ends April 4 ------------------------------------------------- Creditors of AIP GmbH & Co. KG have until April 4, 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 10:00 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 Ravensburg Room 209 Second Floor Herrenstr. 42 88212 Ravensburg 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 Frauenstr. 14 89073 Ulm Germany The District Court of Ravensburg opened bankruptcy proceedings against AIP GmbH & Co. KG on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AIP GmbH & Co. KG Attn: Ralf Rischewski, Manager Sennhofstr. 7 88400 Biberach Germany AS-COMMUNICATIONS GMBH: Claims Registration Period Ends March 31 ---------------------------------------------------------------- Creditors of AS-Communications GmbH have until March 31, 2008, to register their claims with court-appointed insolvency manager Torsten Gutmann. Creditors and other interested parties are encouraged to attend the meeting at 2:00 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 Hannover Hall 226 Second Floor Service Bldg. Hamburger Allee 26 30161 Hannover Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Torsten Gutmann Kriegerstrasse 44 30161 Hannover Germany Tel: 0511 2206268-0 Fax: 0511 2206268-9 The District Court of Hannover opened bankruptcy proceedings against AS-Communications GmbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AS-Communications GmbH Kanalstr. 10 30159 Hannover Germany Attn: Rahim Sakhizada, Manager Otto-Steinwachs-Weg 2 63065 Offenbach a.M. Germany AUTOHAUS KRAKOW: Creditors Must File Claims by April 3 ------------------------------------------------------ Creditors of Autohaus Krakow GmbH have until April 3, 2008, to register their claims with court-appointed insolvency manager Gerhard Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on May 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Rostock Hall 330 Zochstrasse 18057 Rostock Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Gerhard Brinkmann Freiligrathstrasse 1 18055 Rostock Germany The District Court of Rostock opened bankruptcy proceedings against Autohaus Krakow GmbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Autohaus Krakow GmbH Attn: Reiner Minde, Manager Lange Strasse 5 18292 Charlottenthal Germany B & B TRANSPORT: Claims Registration Period Ends April 4 -------------------------------------------------------- Creditors of B & B Transport GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Hans-Ulrich Kloz. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 23, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hanau Area 111 Engelhardstrasse 21 63450 Hanau 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-Ulrich Kloz Gerichtsfach 75 Kurt-Blaum-Platz 1 D 63450 Hanau Germany Tel: 06181/93210 Fax: 932120 E-mail: INFO@KLOZ-HAHN.DE The District Court of Hanau opened bankruptcy proceedings against B & B Transport GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: B & B Transport GmbH Bruno-Dressler-Strasse 9 b 63477 Maintal Germany BAUTRAC - GMBH: Claims Registration Period Ends April 4 ------------------------------------------------------- Creditors of BAUTRAC - GmbH Baumaschinen Landtechnik Fahrzeuge Verkauf - Service - Vermietung have until April 4, 2008, to register their claims with court-appointed insolvency manager Kerstin Fleissner. Creditors and other interested parties are encouraged to attend the meeting at 1:35 p.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 Gera Hall 317 Rudolf-Diener-Str. 1 Gera 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: Kerstin Fleissner Jonny-Schehr-Str. 1 99085 Erfurt Germany The District Court of Gera opened bankruptcy proceedings against BAUTRAC - GmbH Baumaschinen Landtechnik Fahrzeuge Verkauf - Service - Vermietung on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BAUTRAC - GmbH Baumaschinen Landtechnik Fahrzeuge Verkauf- Service - Vermietung Bahnhofstrasse 28 07607 Hain-spitz Germany CNC TECHNIK: Creditors Must File Claims by April 3 -------------------------------------------------- Creditors of CNC Technik J. Brinkhoff GmbH have until April 3, 2008, to register their claims with court-appointed insolvency manager Marianne Poeppel. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on April 4, 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 Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Marianne Poeppel Hermannstr. 7 32423 Minden Germany The District Court of Bielefeld opened bankruptcy proceedings against CNC Technik J. Brinkhoff GmbH on Feb. 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CNC Technik J. Brinkhoff GmbH Holtkampweg 27 32278 Kirchlengern Germany DEFENDER SICHERHEITSDIENST: Claims Registration Ends April 4 ------------------------------------------------------------ Creditors of Defender Sicherheitsdienst GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Rainer U. Mueller. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.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 Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rainer U. Mueller Schiessstattenstr. 15 86159 Augsburg Germany The District Court of Augsburg opened bankruptcy proceedings against Defender Sicherheitsdienst GmbH on Feb. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Defender Sicherheitsdienst GmbH Schwangaustr. 28 86163 Augsburg Germany DIETER WECK: Creditors Must File Claims by April 3 -------------------------------------------------- Creditors of Dieter Weck GmbH have until April 3, 2008, to register their claims with court-appointed insolvency manager Markus Walter. Creditors and other interested parties are encouraged to attend the meeting at 3:30 p.m. on June 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 Koenigstein/Ts. Hall 106 A Burgweg 9 61462 Koenigstein/Ts. Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Markus Walter Cronstettenstrasse 30 60322 Frankfurt Germany The District Court of Koenigstein/Ts. opened bankruptcy proceedings against Dieter Weck GmbH on Feb. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dieter Weck GmbH Eppsteiner Strasse 95 65779 Kelkheim Germany DLS MATERIALFLUSSTECHNIK: Claims Registration Ends April 4 ---------------------------------------------------------- Creditors of DLS Materialflusstechnik Handels GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Joachim Buettner. Creditors and other interested parties are encouraged to attend the meeting at 9:15 a.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 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: Joachim Buettner Osdorfer Landstrasse 230 22549 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against DLS Materialflusstechnik Handels GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: DLS Materialflusstechnik Handels GmbH Vierzigstuecken 21 a 21129 Hamburg Germany ECO GMBH: Creditors Must File Claims by April 3 ----------------------------------------------- Creditors of ECO GmbH Alles aus einer Hand have until April 3, 2008, to register their claims with court-appointed insolvency manager Dirk Kammertoens. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Fourth Floor Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dirk Kammertoens Otto-Brenner-Strasse 186 33604 Bielefeld Germany The District Court of Bielefeld opened bankruptcy proceedings against ECO GmbH Alles aus einer Hand on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ECO GmbH Alles aus einer Hand Detmolder Str. 279 33605 Bielefeld Germany Attn: Howard William, Manager Aurikelweg 1 33739 Bielefeld Germany FIPRO GMBH: Claims Registration Period Ends April 11 ---------------------------------------------------- Creditors of FIPRO GmbH Funktionsglaser have until April 11, 2008, to register their claims with court-appointed insolvency manager Wilfried Pohle. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 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: Wilfried Pohle Bahnstrasse 1 34431 Marsberg Germany The District Court of Arnsberg opened bankruptcy proceedings against FIPRO GmbH Funktionsglaser on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FIPRO GmbH Funktionsglaser Attn: Ruediger Vitt, Manager Alte Heeresstrasse 19 59929 Brilon Germany FULLCAN GMBH: Creditors Must File Claims by April 3 --------------------------------------------------- Creditors of FULLcan GmbH & Co KG have until April 3, 2008, to register their claims with court-appointed insolvency manager Dieter Rasehorn. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Erfurt Hall 15 Judicial Center Rudolfstr. 46 99092 Erfurt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dieter Rasehorn Muehlweg 16 06108 Halle Germany The District Court of Erfurt opened bankruptcy proceedings against FULLcan GmbH & Co KG on Feb. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FULLcan GmbH & Co KG Gutsstrasse 13 99310 Dornheim Germany GERMAN FILM: Claims Registration Period Ends April 18 ----------------------------------------------------- Creditors of THE GERMAN FILM SCHOOL for digital production GmbH have until April 18, 2008, to register their claims with court- appointed insolvency manager Sebastian Laboga. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.m. on May 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 Potsdam Hall 301 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: Sebastian Laboga Einemstrasse 24 10785 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against THE GERMAN FILM SCHOOL for digital production GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: THE GERMAN FILM SCHOOL for digital production GmbH Attn: Dr. Bernd Willim, Manager Dyrotzer Ring 03 14641 Elstal Germany GROSSMARKT SIEGSDORF: Claims Registration Period Ends April 4 ------------------------------------------------------------- Creditors of grossmarkt Siegsdorf GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Hans-Peter Mueller. Creditors and other interested parties are encouraged to attend the meeting at 10:25 a.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 Traunstein Meeting Hall C 001 Herzog-Otto-Str. 1 83278 Traunstein, 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-Peter Mueller Marienstr. 5 83278 Traunstein Tel: 0861/69999 Fax: 0861/69941 Germany The District Court of Traunstein opened bankruptcy proceedings against grossmarkt Siegsdorf GmbH on Feb. 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: grossmarkt Siegsdorf GmbH Hochbergstr. 24 83313 Siegsdorf Germany GRUENEISEN WOHNOBJEKTE: Claims Registration Period Ends April 4 --------------------------------------------------------------- Creditors of Grueneisen Wohnobjekte GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Christoph Goergen. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on April 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Saarbruecken Area Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach 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: Christoph Goergen Beethovenstrasse 13 66606 St. Wendel Germany Tel: (06851) 4066 Fax: (06851) 4068 The District Court of Saarbruecken opened bankruptcy proceedings against Grueneisen Wohnobjekte GmbH on Feb. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Grueneisen Wohnobjekte GmbH Kreisstr. 58 66359 Bous Germany HOWITECH GESELLSCHAFT: Claims Registration Period Ends April 4 -------------------------------------------------------------- Creditors of Howitech Gesellschaft fuer Buero- & Informationstechnologien GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Dr. Petra Mork. 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 Dortmund Hall 3.201 Second Floor Gerichtsplatz 1 44135 Dortmund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Petra Mork Arndtstr. 28 44135 Dortmund Germany The District Court of Dortmund opened bankruptcy proceedings against Howitech Gesellschaft fuer Buero- & Informationstechnologien GmbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Howitech Gesellschaft fuer Buero- & Informationstechnologien GmbH Jupiterstr. 4 44388 Dortmund Germany IDV-INSOLVENZDIENSTLEISTUNG: Claims Registration Ends April 4 ------------------------------------------------------------- Creditors of IDV-Insolvenzdienstleistung- und Verwertung und Wirtschaftsservice GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Berthold Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 1:00 p.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 Neubrandenburg Hall 1 Fr.-Engels-Ring 15-18 Neubrandenburg 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: Berthold Brinkmann Freiligrathstrasse 1 18055 Rostock Germany The District Court of Neubrandenburg opened bankruptcy proceedings against IDV-Insolvenzdienstleistung- und Verwertung und Wirtschaftsservice GmbH on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: IDV-Insolvenzdienstleistung- und Verwertung und Wirtschaftsservice GmbH Johannesstr. 15 17034 Neubrandenburg Germany IFR CAPITAL: Fitch Puts Issuer Default Rating at B -------------------------------------------------- Fitch Ratings assigned IFR Capital Plc a Long-term Issuer Default Rating of 'B' with a Negative Outlook. Fitch has also assigned the company's EUR165.1m senior secured loans 'BB'/'RR1' and EUR21.9m second lien loans 'B-' (B minus)/'RR5' ratings. The IDR reflects IFR's moderate financial leverage and the covenant protections contained in the loan documents balanced against the risks associated with its short track record and aggressive growth targets. The Negative Outlook reflects challenges associated with turning around its acquired companies in a difficult economic environment. While IFR's profitability improved in 2007, the outlook for 2008 is tempered by a softening economy, sharply higher raw material costs and limited pricing power. The ratings of the senior secured and second lien loans are a function of the IDR and the relevant Recovery Rating. The 'RR1' Recovery Rating on the senior secured loans implies outstanding recovery (of more than 91%) in a distressed scenario, leading to the 'BB' rating of the loans. The 'RR5' Recovery Rating on the second-lien loan implies below-average recovery prospects (11%- 30%) due to its contractual subordination to the senior debt, leading to the 'B-' (B minus) rating of that loan. IFR is a Dusseldorf, Germany-based holding company formed in October 2006. The company is an acquisition platform targeting small- and medium-sized businesses in the continental European food industry within three sub-sectors: retail shops/restaurants, food production, and distribution. The company has three main holdings: Nordsee, a restaurant chain; Homann, a producer of chilled salads; and Hamker, a producer of sauces and dressings. IFR's goal is to achieve a vertically integrated food business with turnover of EUR1.5bn and an EBITDA margin of around 10% by end-2009. IFR's most recent acquisition, that of Hamker, was done on a ring-fenced basis, and therefore does not currently have a direct bearing on IFR's ratings. Even should IFR reverse this arrangement and bring Hamker on-balance sheet, the ratings of IFR would remain unaffected. It is likely that the composition of IFR's portfolio of businesses will change significantly over the next two years as the company pursues acquisitions. In view of this uncertainty, the IDR relies upon the terms of the loans that prevent the company from increasing leverage above 3.1x on a net debt/EBITDA basis at end-2008 (declining to 2.5x in 2010) and 5.6x on an adjusted net debt/EBITDAR basis. Further protection is provided by a change-of-control provision and a requirement that acquisitions above a certain size must be approved by the lenders. IFR's capital structure includes EUR48.2m of preference shares, plus EUR50m of preference shares that were raised in the ring- fenced acquisition of Hamker. Fitch views these shares as having strong equity characteristics, given the company's intention to repay the shares with new equity and given the tight leverage covenant described above, which effectively prevents the company from refinancing the shares with debt. KBG KILIC: Claims Registration Period Ends April 4 -------------------------------------------------- Creditors of KBG Kilic Bau GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Friedemann U. Schade. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m on April 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Gifhorn Hall 118 Schlossgarten 4 38518 Gifhorn 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: Friedemann U. Schade Seelhorststrasse 64 30175 Hannover Germany Tel: 0511/515122-0 Fax: 0511/515122-19 Website: http://www.kuebler-gbr.de/ The District Court of Gifhorn opened bankruptcy proceedings against KBG Kilic Bau GmbH on Feb. 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KBG Kilic Bau GmbH Attn: Salih Kilic, Manager Braunschweiger Str. 60a 38518 Gifhorn Germany KOENIG GMBH: Claims Registration Ends April 4 --------------------------------------------- Creditors of Koenig GmbH u. Co.KG have until April 4, 2008 to register their claims with court-appointed insolvency manager Mechthild Bruche. Creditors and other interested parties are encouraged to attend the meeting at 11:15 a.m. on May 8, 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 Ingolstadt Meeting Hall 28 I Schrannenstr. 3 85049 Ingolstadt 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: Mechthild Bruche Stahlstrasse 17 90411 Nuremberg Germany Tel: 0911/9512850 Fax: 0911/95128510 The District Court of Ingolstadt opened bankruptcy proceedings against Koenig GmbH u. Co.KG on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Koenig GmbH u. Co.KG Attn: Arthur Koenig, Manager Ochsenmuehlstrasse 25 85049 Ingolstadt Germany KOMMANDITGESELLSCHAFT BOLLMEYER: Claims Period Ends April 4 ----------------------------------------------------------- Creditors of Kommanditgesellschaft Bollmeyer - Gefluegelhof "Ei" GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Stefan Meyer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 25, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bielefeld Hall 4065 Gerichtstrasse 66 33602 Bielefeld Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Meyer Ostertorstr. 7 32312 Luebbecke Germany The District Court of Bielefeld opened bankruptcy proceedings against Kommanditgesellschaft Bollmeyer - Gefluegelhof "Ei" GmbH on Feb. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kommanditgesellschaft Bollmeyer - Gefluegelhof "Ei" GmbH Lever Wald 1 a 32351 Stemwede Germany Attn: Herbert Brune, Manager Blumenkamper Str. 50 46499 Hamminkeln Germany KRINGS GARTENGESTALTUNG: Claims Registration Ends April 4 --------------------------------------------------------- Creditors of Krings Gartengestaltung und Biotopbau GmbH have until April 4, 2008 to register their claims with court- appointed insolvency manager Rudolf Rossmann. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Augsburg Meeting Hall 162 Alten Einlass 1 86150 Augsburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Rudolf Rossmann Weisskopfstr. 13 Kanzlei Gabrielli Kaufer u. Koll 86343 Koenigsbrunn Germany The District Court of Augsburg opened bankruptcy proceedings against Krings Gartengestaltung und Biotopbau GmbH on Feb. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Krings Gartengestaltung und Biotopbau GmbH Attn: Peter Gran, Manager Schrannenplatz 9 86830 Schwabmuenchen Germany KUENZEL AUTOHAUS: Claims Registration Ends April 4 -------------------------------------------------- Creditors of Kuenzel Autohaus Steilshoop GmbH have until April 4, 2008 to register their claims with court-appointed insolvency manager Stefan Hinrichs. Creditors and other interested parties are encouraged to attend the meeting at 10:35 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 Hamburg Hall B 405 Fourth Floor 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 Kuenzel Autohaus Steilshoop GmbH on Feb. 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kuenzel Autohaus Steilshoop GmbH Attn: Hilmar Paul Kuenzel, Manager Steilshooper Strasse 319 22309 Hamburg Germany LAS VEGAS: Claims Registration Ends April 4 ------------------------------------------- Creditors of Las Vegas Vodka Europe GmbH have until April 4, 2008 to register their claims with court-appointed insolvency manager Stephan Schmidt. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on April 30, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Konstanz Hall 207 Second Floor Main Building Untere Laube 12 78462 Konstanz 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 Schmidt Carl-Benz-Str. 5 88696 Owingen Germany The District Court of Konstanz opened bankruptcy proceedings against Las Vegas Vodka Europe GmbH on Feb. 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Las Vegas Vodka Europe GmbH Attn: Heinrich Bentler, Manager Riedweg 16 88682 Salem Germany LEINENBACH GMBH: Creditors' Meeting Slated for March 19 ------------------------------------------------------- The court-appointed insolvency manager for Leinenbach GmbH, Hermann Wittebrock will present his first report on the Company's insolvency proceedings at a creditors' meeting at 9:45 a.m. on March 19, 2008. The meeting of creditors and other interested parties will be held at: The District Court of Saarbruecken Meeting Hall 13 First Floor Vopeliusstrasse 2 66280 Sulzbach Germany The Court will also verify the claims set out in the insolvency manager's report at 10:00 a.m. on April 25, 2008, at: The District Court of Saarbruecken Meeting Hall 24 Second Floor Vopeliusstrasse 2 66280 Sulzbach Germany Creditors have until April 4, 2008, to register their claims with the court-appointed insolvency manager. The insolvency manager can be reached at: Hermann Wittebrock Pestelstrasse 4 66119 Saarbruecken Germany Tel: (0681) 581151 Fax: (0681) 581165 The District Court of Saarbruecken opened bankruptcy proceedings against Leinenbach GmbH on Feb. 11, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Leinenbach GmbH Attn: Ralf Leinenbach, Manager Herchenbacherstr. 73 66292 Riegelsberg Germany MECKLENBURGER HOCHBAU: Claims Registration Ends April 4, 2008 ------------------------------------------------------------- Creditors of Mecklenburger Hochbau GmbH & Co. KG have until April 4, 2008 to register their claims with court-appointed insolvency manager Stefan Denkhaus. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Schwerin Hall 3 Demmlerplatz 14 19053 Schwerin Germany The Court will also verify the claims set out in the insolvency manager's report at 9:00 a.m. on June 2, 2008 at the same venue, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Denkhaus Jungfernstieg 30 20354 Hamburg Germany The District Court of Schwerin opened bankruptcy proceedings against Mecklenburger Hochbau GmbH & Co. KG on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mecklenburger Hochbau GmbH & Co. KG Otto Weltzien-Strasse 15 19061 Schwerin Germany NGG GASTRONOMIE: Claims Registration Ends April 4 ------------------------------------------------- Creditors of NGG Gastronomie GmbH have until April 4, 2008 to register their claims with court-appointed insolvency manager Dr. Gideon Boehm. Creditors and other interested parties are encouraged to attend the meeting at 11:40 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 Hamburg Meeting Hall B 405 Fourth Floor Sievkingplatz 1 20355 Hamburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Gideon Boehm Bachstrasse 85 a 22083 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against NGG Gastronomie GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NGG Gastronomie GmbH Attn: Marcus George Williams, Manager Rothenbaumchaussee 105 20148 Hamburg Germany NHB NORDDEUTSCHER: Claims Registration Period Ends April 4 ---------------------------------------------------------- Creditors of NHB Norddeutscher Hochbau GmbH have until April 4, 2008, to register their claims with court-appointed insolvency manager Stefan Denkhaus. 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 Schwerin Hall 3 Demmlerplatz 14 19053 Schwerin Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Denkhaus Jungfernstieg 30 20354 Hamburg Germany The District Court of Schwerin opened bankruptcy proceedings against NHB Norddeutscher Hochbau GmbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: NHB Norddeutscher Hochbau GmbH Otto-Weltzien-Strasse 15 19061 Schwerin Germany NRG ENERGY: Earns US$104 Mln in 2007 Fourth Qtr. Ended Dec. 31 -------------------------------------------------------------- NRG Energy Inc. reported net income of US$104 million for the 2007 fourth quarter ended Dec. 31 compared to US$30 million net loss for the same period in 2006. For the 2007 fiscal year ended Dec. 31, net income is at US$586 million from US$621 million income in 2006. Total operating revenues for the 2007 fourth quarter is at US$1,382 million from US$1,135 million for the 2006 fourth quarter. For the 2007 fiscal year, the company's total operating revenues are US$5,989 million from US$5,585 million revenues for 2006. Net income from continuing operations for the quarter ended Dec. 31, 2007 of US$100 million compared to a net loss of US$35 million for fourth quarter of 2006. The fourth quarter of 2006 included an US$85 million after-tax charge on the net settlement of hedges from resetting certain legacy Texas hedges to market. Fourth quarter 2007 results include the after-tax impacts of a US$24 million reimbursement for development costs for South Texas Project units 3&4 and a US$7 million after-tax impairment charge related to commercial paper investments. For the year ended Dec. 31, 2007, the company reported US$569 million in net income from continuing operations compared to 2006 net income from continuing operations of US$543 million. Annual operating results for 2007 were favorably impacted by higher generation and capacity revenues in the Northeast region and the inclusion of an additional month for NRG Texas since this business was acquired on Feb. 2, 2006. This year's operating results included US$21 million of after-tax refinancing expenses, while net income for 2006 was unfavorably impacted by US$112 million in after-tax refinancing expenses incurred as part of the NRG Texas acquisition, partially offset by US$44 million in after-tax, one-time gains related to the resolution of disputes and litigation. Net cash flow from operations for the 12 months ended Dec. 31, 2007 was US$1,517 million, after posting US$125 million of collateral, as compared to adjusted cash flow from operations in 2006 of US$1,473 million, after collecting US$454 million of collateral. "Our 2007 results demonstrate our ability to stay focused on delivering strong operating results while moving aggressively to position NRG for the future," David Crane, NRG president and chief executive officer, commented. "Particularly gratifying to me was the top quartile safety performance achieved across our entire fleet." Liquidity at Dec. 31, 2007 was approximately US$2.7 billion, up US$417 million since Sept. 30, 2007 and up approximately US$488 million since the end of 2006. Letter of credit availability increased during the fourth quarter 2007 as counterparties on trading hedges that previously required a combination of LCs and a second lien position against the company's assets as collateral were provided a first lien position in exchange for the return of the posted LCs. During February 2008, the company moved an additional counterparty to the first lien position that resulted in an additional return of US$65 million in LCs. As part of NRG's amended and restated credit agreement executed on June 8, 2007, the company obtained the ability to move its existing second lien counterparty exposure to a first lien position. The US$72 million net cash decrease during the fourth quarter of 2007 resulted from cash used to pay down debt, repurchase shares and fund capital expenditures, which more than offset strong cash flow from operations. Cash used for financing activities during the fourth quarter amounted to US$439 million and included US$347 million of debt repayments, US$85 million for the repurchase of 2,037,700 shares of common stock and US$14 million in preferred dividends. Having experienced significant financial, organizational and operational growth since emerging from bankruptcy in 2003, the company is implementing several enhancements to the company's management structure to position the company for further gains through initiatives such as RepoweringNRG and FORNRG while supporting future growth. "Four years ago we engaged in revolutionary management change at NRG; today we announce an evolutionary change intended to focus our top management team on the extraordinary opportunities available to NRG," Mr Crane stated. "We are dedicated to achieving a new wave of value creation for our shareholders." As of Dec. 31, 2007, the company's balance sheet showed total assets of US$19.2 billion, total liabilities of US$13.5 billion and a total stockholders' equity of US$5.5 billion. About NRG Energy Hearquartered in Princeton, New Jersey, NRG Energy Inc. (NYSE: NRG) -- http://www.nrgenergy.com/-- owns and operates a diverse portfolio of power-generating facilities, primarily in Texas and the Northeast, South Central and West regions of the U.S. Its operations include baseload, intermediate, peaking, and cogeneration and thermal energy production facilities. NRG also has ownership interests in generating facilities in Australia, Germany and Brazil. * * * On January, 2006, Moody's Investor's Service assigned to NRG Energy Inc. its 'Ba3' long term corporate family rating and its 'B1' senior unsecured debt rating. Moody's gave its negative outlook on May, 2007. These rating actions still holds to date. SEIBERT LIGHTING: Claims Registration Period Ends April 9, 2008 --------------------------------------------------------------- Creditors of Seibert Lighting Technologies GmbH Gesellschaft fuer Beleuchtungstechnik have until April 9, 2008, to register their claims with court-appointed insolvency manager Dr. Georg Bernsau. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Offenbach am Main Hall 162N First Floor Kaiserstrasse 63065 Offenbach am Main 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. Georg Bernsau Zeilweg 42 D 60439 Frankfurt am Main Germany Tel: 069 / 963761-130 Fax: 069 / 963761-145 The District Court of Offenbach am Main opened bankruptcy proceedings against Seibert Lighting Technologies GmbH Gesellschaft fuer Beleuchtungstechnik on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Seibert Lighting Technologies GmbH Gesellschaft fuer Beleuchtungstechnik Heine-Fabrik Haus 11 Andrestrasse 51 63067 Offenbach am Main Germany SPECTRUM BRANDS: Inks Standstill Agreement w/ Harbinger Capital --------------------------------------------------------------- In a regulatory filing with the Securities and Exchange Commission last week, Spectrum Brands Inc. disclosed that it has entered into a confidentiality and standstill agreement with Harbinger Capital Partners Master Fund I Ltd. in order to provide Harbinger with confidential information relating to certain of the company's strategic operating assets in connection with Harbinger's evaluation of a possible acquisition. In the third quarter of Spectrum Brands Inc.'s fiscal year ended Sept. 30, 2006, the company engaged advisors to assist it in exploring possible strategic options including divesting certain assets, in order to sharpen its focus on strategic growth businesses, reduce its outstanding indebtedness and maximize long-term shareholder value. No information was provided concerning which assets Harbinger Capital was considering to purchase under the agreement, which was signed on Feb. 26. About Spectrum Brands Inc. Headquartered in Atlanta, Georgia, Spectrum Brands Inc. (NYSE: SPC) -- http://www.spectrumbrands.com/-- is a supplier of batteries, portable lighting, lawn and garden products, household insect control, shaving and grooming products, personal care products and specialty pet supplies. The company has manufacturing and distribution facilities in China, Australia and New Zealand, and sales offices in Melbourne, Shanghai, and Singapore. The company's European headquarters is located in Sulzbach, Germany. The company has approximately 8,400 employees worldwide. * * * As reported in the Troubled Company Reporter-Europe on Feb. 15, 2008, Spectrum Brands Inc.'s consolidated balance sheet at Dec. 30, 2007, showed US$3.27 billion in total assets and US$3.41 billion in total liabilities, resulting in a US$141.2 million total stockholders' deficit. XXL BAUING: Claims Registration Period Ends April 7 --------------------------------------------------- Creditors of XXL Bauing GmbH have until April 7, 2008, to register their claims with court-appointed insolvency manager Henning Jung. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.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 Braunschweig E 01 Martinikirche 8 38100 Braunschweig 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 Jung Thiestrasse 5 38226 Salzgitter Germany Tel: 05341-86609-00 Fax: 05341-86609-08 E-mail: H.Jung@leonhardt-westhelle.eu The District Court of Braunschweig opened bankruptcy proceedings against XXL Bauing GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: XXL Bauing GmbH Attn: Omar Fakhro, Manager Bohlweg 28 38259 Salzgitter Germany ============= H U N G A R Y ============= DELPHI CORP: Realigns Stake in Japanese & Hungarian Ventures ------------------------------------------------------------ As part of its restructuring efforts to reduce its compressor business cost structure and strengthen its global footprint, Delphi Corp. realigned its share holdings in two compressor joint ventures with Japan-based Calsonic Kansei Corporation. Delphi purchased the remaining 10% venture shares from Calsonic Kansei Europe plc in Delphi Calsonic Hungary Ltd., and sold its remaining 49% shares in its Japan-based venture, Calsonic Harrison Co., Ltd. to Calsonic Kansei. The dissolution of the two joint ventures will help the company to become more focused and cost competitive on a global basis. "We have enjoyed a long-running relationship with Calsonic Kansei, which has allowed us to provide customers with the very best advanced solutions for their compressor needs," said Ron Pirtle, Delphi Thermal Systems President. "Delphi has recently expanded its compressor footprint in Mexico and has a planned plant opening in China this year. This expansion, coupled with the announcement of our Hungary plant, well positions Delphi to serve the needs of the local markets and meet increasing customer demand." The Hungary-based venture is located in Balassagyarmat and manufactures compact variable compressors. Customers, suppliers, employees and other parties associated with the plant will not be impacted by the share purchase. Delphi formed its first joint venture with Calsonic Kansei in Japan in 1986 and created its joint venture in Hungary in 1999. 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. ========= I T A L Y ========= MICRON TECH: S&P Assigns BB- Corporate Rating on Negative Watch --------------------------------------------------------------- (Italy/tcr) Standard & Poor's Ratings Services placed its ratings on Micron Technology Inc., including the 'BB-' corporate credit rating, on CreditWatch with negative implications. The action reflects challenging market conditions in Boise, Idaho-based Micron's key markets: DRAM (dynamic random access memory) chips used in personal computers; NAND flash chips used in portable music players, cell phones, and other electronic devices; and CMOS image sensors, used in phones and cameras. A degree of economic diversity among the three markets has benefited ratings in the past. However, concurrent weakness in all three markets, coupled with high capital expenditures to expand and upgrade manufacturing facilities, has led to substantial negative cash flows. Prefinancing cash flows were negative US$1.2 billion in the four quarters ended Nov. 30, 2007, including the benefit of capital contributions by Intel Corp. to the companies' NAND flash memory joint venture. Micron had cash balances of US$2 billion as of Nov. 30, 2007, and debt of US$2.5 billion. "We will meet with management to review anticipated business conditions and capital expenditure plans, and will assess the company's likely cash requirements over the intermediate term to resolve the CreditWatch," said Standard & Poor's credit analyst Bruce Hyman. "In the event that we lower the rating, it is unlikely to be by more than one notch." Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU) provides advanced semiconductor solutions. Through its worldwide operations, Micron manufactures and markets DRAMs, NAND Flash memory, CMOS image sensors, other semiconductor components and memory modules for use in leading-edge computing, consumer, networking and mobile products. The company is headquartered in Boise, Idaho, and has manufacturing facilities in Italy, Scotland, Japan, Puerto Rico and Singapore. PARMALAT SPA: Legal Costs to Fall if Citi Trial starts May ---------------------------------------------------------- Parmalat S.p.A. said legal costs may decline in the end of the first half of 2008 if its New Jersey trial against Citigroup, Inc. and certain of its affiliates, including Citibank, N.A., commences in May 2008, "Overall, Parmalat's legal costs can fall 'towards the end of this semester from the EUR56 million [the company spent] in 2007," a Parmalat official was quoted by Thomson Financial as saying. In October 2007, the Superior Court of New Jersey Citigroup's request to dismiss the US$10-billion fraud lawsuit filed by Parmalat Finanziaria S.p.A. Chairman Enrico Bondi, and has rescheduled the trial to begin May 5, 2008. Summary judgment motion in the case will be argued on March 28, 2008, with Citigroup raising issues on U.S. jurisdiction, and if the judge decides the case should go into trial, it would proceed as scheduled, Dow Jones relates. "We will answer these," the Parmalat official was further quoted by Thomson Financial as saying. "There is no reason to believe the trial will not start on May 5. There are no signals from the judge." The official added that the trial will take months, with the court issuing a decision shortly afterwards. Meanwhile, Parmalat's trial seeking damages from Bank of America Corp. and Grant Thornton LLP may have to wait until first quarter 2009 due to legal delays, Dow Jones says. An Italian court may issue rulings by end of 2009 on revocatory actions Parmalat filed against its former auditors, Dow Jones adds. 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. TATA MOTORS: Subsidiary Ties Up with Italy's Maus SpA ----------------------------------------------------- TAL Manufacturing Solutions Ltd., a wholly owned subsidiary of TATA Motors Ltd., has tied up with Italy-based Maus S.p.A to manufacture a range of vertical turning centers for both the Indian and global markets, Himanshu Thakur of the Stockwatch Web site reports. According to the report, the Tata Motors arm struck a deal with Maus to use the designs and get the technological know-how from the Italian firm for various products. Maus is a Carraro Group Company and specializes in vertical turning centers that are widely used in the segments like automotive, aerospace, bearings and energy and offshore equipment, the Stockwatch report relates. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the Company. The Company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * As reported in the TCR-Europe on Jan. 8, 2008, Moody's Investors Service placed the Ba1 Corporate Family Rating of Tata Motors Ltd. on review for possible downgrade. =================== K A Z A K H S T A N =================== AKSAI LLP: Creditors Must File Claims by April 18 ------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Aksai insolvent on Dec. 21, 2007. Creditors have until April 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Abai ave. 48 Kyzylorda Kazakhstan Tel: 8 (32422) 23-56-11 ARLAN FIRE: Claims Deadline Slated for April 18 ----------------------------------------------- LLP Arlan Fire Division has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: LLP Arlan Fire Division Patsaev Str. 4/2 Kargalinskoye Aktobe Aktube Kazakhstan ARLAN SECURITY: Claims Filing Period Ends April 18 -------------------------------------------------- LLP Arlan Security has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: LLP Arlan Security Patsaev Str. 4/2 Kargalinskoye Aktobe Aktube ARK VIDEO: Creditors' Claims Due on April 18 -------------------------------------------- LLP Ark Video Production has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: LLP Ark Video Production Micro District 8, 79-11 Almaty Kazakhstan CASPIAN TRANSPORTATION: Claims Registration Ends April 18 --------------------------------------------------------- LLP Caspian Transportation Services has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: LLP Caspian Transportation Services Micro District 14, 21-19 Aktau Mangistau Kazakhstan JAYKSNABSTROY LLP: Creditors Must File Claims by April 18 --------------------------------------------------------- LLP Jayksnabstroy has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: LLP Jayksnabstroy Churin Str. 162-41 Uralsk West Kazakhstan Kazakhstan LAD-OIL LLP: Claims Deadline Slated for April 18 -------------------------------------------------------------- The Specialized Inter-Regional Economic Court of Aktube has declared LLP Trade House Lad-Oil insolvent on Feb. 11, 2008, Creditors have until April 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Aktube Altynsarin Str. 31 Aktobe Aktube Kazakhstan Tel: 8 (3132) 21-30-32 MEREY LLP: Claims Filing Period Ends April 18 --------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Merey. Creditors have until April 18, 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 MIS-KYZYLORDA LLP: Creditors' Claims Due on April 18 ---------------------------------------------------- The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP Mis-Kyzylorda insolvent on Jan. 23, 2008. Creditors have until April 18, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Kyzylorda Abai ave. 48 Kyzylorda Kazakhstan Tel: 8 (32422) 23-56-11 RESCO LLP: Claims Registration Ends April 18 -------------------------------------------- LLP Realty Service Company Resco has declared insolvency. Creditors have until April 18, 2008, to submit written proofs of claims to: LLP Realty Service Company Resco 16 Liniya Str. 160 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== CENTRAL ASIAN: Creditors Must File Claims by April 4 ---------------------------------------------------- LLC Central Asian Network Development has declared insolvency. Creditors have until April 4, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 50-33-92. STREET DESIGN: Claims Filing Period Ends April 4 ------------------------------------------------ LLC Advertisement-Informational Agency Street Design has declared insolvency. Creditors have until April 4, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 68-32-19. ===================== N E T H E R L A N D S ===================== CARLYLE CAPITAL: Seeking to Reach Standstill Deals with Lenders --------------------------------------------------------------- Carlyle Capital Corporation Limited said on Monday, March 10, 2008, that with the assistance of The Carlyle Group, it is continuing discussions with its lenders, on various subjects, including the execution of standstill agreements, while evaluating all available options to maximize value for all interested parties. Although the company has not received executed standstill agreements from its lenders, the company remains in active discussions with lenders who hold approximately US$16 billion in securities, and the company believes that the discussions progressed throughout the day in a constructive manner. No further events of defaults from the company's remaining lenders have been received, Carlyle Capital disclosed. The company believes that certain lenders may have liquidated in the open market the collateral securing approximately US$700 million of additional indebtedness, bringing the total to approximately US$5.7 billion. The company said that as previously noted, to the best of the company's knowledge, no creditors or shareholders have instituted legal action against the company of any kind. It said that The Carlyle Group and the company appreciate the efforts that the remaining lenders have made in attempting to find a workable solution to the company's financing arrangements. The company stated that it continues to keep its various regulators informed of recent events. The company will provide updates as appropriate. Missed Margin Calls and Receipt of Default Notice As reported in the Troubled Company Reporter on March 10, 2008, Carlyle Capital said that since filing its annual report on Feb. 28, 2008, the company has been subject to margin calls and additional collateral requirements totaling more than US$60 million. It said that until March 5, the company had met all of the margin requirements imposed by its repo counterparties. However, on March 5, the company received additional margin calls from seven of its 13 repo counterparties totaling more than US$37 million. The company has met margin calls from three of these financing counterparties that have indicated a willingness to work with the company during these tumultuous times, but did not meet the margin requirements of the four other repo financing counterparties. At that time, one notice of default has been received by the company from the group of four counterparties and management expects to receive at least one additional default notice. Financial Highlight As of Feb. 27, 2008, the company's $21.7 billion investment portfolio is comprised exclusively of AAA-rated floating rate capped residential mortgage backed securities issued by Fannie Mae and Freddie Mac, which are considered to have the implied guarantee of the U.S. government and are expected to pay at par at maturity. The Carlyle Group agreed to increase the US$100 million unsecured revolving credit facility made available to the company to US$150 million and extend the maturity to July 1, 2009. As of Feb. 27, 2008, the company had US$80 million of availability under this credit facility. As of Feb. 27, 2008, the company had unused repo lines of US$2.4 billion with 11 counterparties. Bankruptcy is Possible Several analysts, including those from Citigroup and J.P. Morgan Chase & Co., have commented that unless The Carlyle Group steps in to rescue Carlyle Capital, the hedge fund will likely go bankrupt. About Carlyle Capital Carlyle Capital Corporation Limited (Euronext Amsterdam ticker symbol: CCC; ISIN: GG00B1VYV826) -- http://www.carlylecapitalcorp.com/ -- is a Guernsey investment company that was formed on Aug. 29, 2006. It is a closed-end investment fund domiciled and registered as a limited company under the laws of Guernsey, Channel Islands. CCC's Class B shares are listed on Eurolist by Euronext, the regulated market of Euronext Amsterdam N.V. in the Netherlands (ticker: CCC), and CCC is registered with the Netherlands Authority for the Financial Markets (Stichting Autoriteit Financiele Markten). CCC invests in a diversified portfolio of fixed income assets including high-grade mortgages and credit products. CCC's day- to-day activities and investment portfolio are managed by Carlyle Investment Management LLC, whose investment professionals have extensive experience in the areas of mortgage finance, leveraged finance, capital markets transaction structuring and risk/portfolio management. CIM manages the CCC pursuant to a management agreement. CIM is a registered investment adviser under the U.S. Investment Advisers Act of 1940 and is an affiliate of The Carlyle Group. =========== P O L A N D =========== AMERICAN AXLE: Union Won't Accept Terms, Halts Labor Talks ---------------------------------------------------------- American Axle & Manufacturing Holdings Inc. and the United Auto Workers union representatives have ceased negotiations yesterday after a bargaining that lasted three days failed to produce results, Terry Kodrosky and Neal Boudette of The Wall Street Journal report. Union officials weren't happy with the terms proposed by the auto parts company. The talks would have resolved the two-week old protest of the 3,650 employees at master-contract plants in Michigan and New York. American Axle, which earned US$37 million on US$3.25 billion sales in 2007, wants a deal like those UAW gave General Motors Corp., Ford Motor Co., Chrysler LLC, and parts makers Delphi Corp. and Dana Corp., insisting that cutting labor costs is essential to be competitive, The Associated Press relates. The auto parts supplier is asking the union to approve US$20 to US$30 hourly wage cuts from US$73 per hour to US$27 per hour, arguing that its original U.S. locations incurred losses for three years. WSJ says no one is certain if talks would resume today. As reported in the Troubled Company Reporter-Europe on Feb. 28, 2008, UAW union president Ron Gettelfinger and Vice President James Settles disclosed that members at American Axle began an unfair labor practices strike at 12:01 a.m. on Feb. 26, 2008, following expiration of a four-year master labor agreement, which expired at 11:59 p.m., Feb. 25, 2008. GM has about 29 facilities affected by the strike at Axle as the supplier attempts to negotiate with the union. Headquartered in Detroit, Michigan, American Axle & Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/-- and its wholly owned subsidiary, American Axle & Manufacturing, Inc., manufactures, engineers, designs and validates driveline and drivetrain systems and related components and modules, chassis systems and metal-formed products for light trucks, sport utility vehicles and passenger cars. In addition to locations in the United States (in Michigan, New York and Ohio), the company also has offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea and the United Kingdom. * * * As reported in the Troubled Company Reporter-Europe on Feb. 29, 2008, Standard & Poor's Ratings Services said that its ratings on American Axle and Manufacturing Holdings Inc. (BB/Negative/--) are not immediately affected by reports that the UAW elected to conduct a work stoppage at the expiration of its four-year master labor agreement with American Axle. In November 2007, American Axle carries Moody's Investors Service's Corporate Family rating of Ba3. The company's notes and term loan also carries Moody's senior unsecured rating of Ba3. The outlook is stable and the Speculative Grade Liquidity rating of SGL-1 is renewed. =============== P O R T U G A L =============== COMPANHIA SIDERURGICA: Net Income Up 150% to BRL2.9 Bil. in 2007 ---------------------------------------------------------------- Companhia Siderurgica Nacional has reported its results for the fourth quarter of 2007. -- The company reported a net income of BRL2.9 billion in 2007, a new annual record and 150% more than in 2006. -- Annual steel product sales volume stood at 5.4 million tons, 23% more than in 2006 and also company record. In the 2007 fourth quarter alone, sales volume totaled 1.4 million tons, 18% up year-on-year. -- Net revenue reached an impressive BRL11.4 billion in 2007, 27% more than in 2006 and yet another record. -- Annual EBITDA stood at BRL4.9 billion, 54% up on the year before 2006. Once again, this was the company's highest ever EBITDA figure. -- Companhia Siderurgica's shares recorded annual appreciation of 157%, the highest upside of all the companies making up the Ibovespa Index. Its ADRs recorded an even more substantial upturn of 216%, the highest figure among all the Latin American firms traded on the NYSE. -- Annual crude steel production totaled more than 5.3 million tons, 52% up on 2006. -- In 2007, the company and its subsidiary NAMISA produced and acquired from third parties more than 21 million tons of iron ore. Iron ore sales totaled 10.5 million tons in Brazil and abroad, in addition to the 7.1 million tons consumed internally by the Presidente Vargas Steelworks. -- The net debt/EBITDA ratio, based on EBITDA in the last 12 months, continued to decline, falling from 1.74 in December 2006, to 0.99 at the close of 2007. In monetary terms, the net debt fell by 28%, from BRL6.7 billion to BRL4.8 billion. Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal and the U.S. * * * As reported in the Troubled Company Reporter-Europe on Dec. 28, 2007, Standard & Poor's Ratings Services revised its outlook on Brazil-based steel maker Companhia Siderurgica Nacional and related entity National Steel S.A. to positive from stable. At the same time, Standard & Poor's affirmed its 'BB' corporate credit rating on CSN and its 'B+' rating on NatSteel. =========== R U S S I A =========== ALTAY TRANS: Creditors Must File Claims by April 16 --------------------------------------------------- Creditors of LLC Altay Trans Holding have until April 16, 2008, to submit proofs of claim to: S. Ogorodnikov Insolvency Manager Post User Box 2724 Barnaul 656065 Altay Russia The Arbitration Court of Altay will convene on June 29, 2008, to hear the bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A2- 663/2007 g. The Debtor can be reached at: S. Ogorodnikov Post User Box 2724 Barnaul 656065 Altay Russia ARSENYEVO-AGRO-PROM-STROY: Claims Filing Period Ends April 22 ------------------------------------------------------------- Creditors of OJSC Arsenyevo-Agro-Prom-Stroy have until April 22, 2008, to submit proofs of claim to: A. Gatsenko Insolvency Manager Boldina Str. 12-12 248003 Kaluga Russia The Arbitration Court of Tula commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A68-3297/07-206/B. The Court is located at: The Arbitration Court of Tula Hall 35 Sovetskaya Str. 112 Tula Russia The Debtor can be reached at: OJSC Arsenyevo-Agro-Prom-Stroy Bandikova Str. 112 Arsenyevo Tula Russia COMSTAR-UNITED: Names Roman Akatov as Commercial Director --------------------------------------------------------- Comstar � United TeleSystems OJSC has appointed Roman Akatov as its Commercial Director, replacing Leonid Gushturov. Mr. Akatov had been a Deputy Director General for Commerce at Russian Telecommunication Network OJSC. "As Commercial Director of COMSTAR-UTS, Roman Akatov will be responsible for developing all COMSTAR commercial activities in the Moscow corporate communication market, including interaction with major customers," Dmitry Karmanov," Comstar Human Resource Director, said. "The Moscow corporate market is viewed by the Company to be an important line of the business, and we count on our business to grow, in particular through new personnel appointments. I am sure that the knowledge Roman Akatov has gained of the capital-city communication market and his professional experience will enable him to achieve significant results in promotion of COMSTAR-UTS services in Moscow." About Comstar-UTS Headquartered in Moscow, Russia, Comstar-UTS JSC -- http://www.comstar-uts.com/en/-- is the largest provider of fixed line telecommunication services in the Moscow metropolitan area with a population of over 10 million, 5 regions of Russia, Ukraine and Armenia. As at Dec. 31, 2006, Comstar had US$1.12 billion in revenues and US$428.6 million in EBITDA (excluding US$62 million stock bonus awards). * * * As of Dec. 10, 2007, Comstar-United TeleSystems carries Moody's long-term corporate family rating of Ba3 with positive outlook. Standard & Poor's gave the company BB- on long-term foreign issuer credit rating and BB- on long-term local issuer credit rating. The outlook is positive. FIRST LLC : Krasnodar Bankruptcy Hearing Slated for June 6 ---------------------------------------------------------- The Arbitration Court of Krasnodar will convene on June 6, 2008, to hear the bankruptcy supervision procedure on LLC First (TIN 2312068086, OGPH 1022301974287). The case is docketed under Case No. A-32-21298/2007-60/508B. The Temporary Insolvency Manager is: S. Kochetov Post User Box 202 OS-40 350040 Krasnodar Russia The Court is located at: The Arbitration Court of Krasnodar Krasnaya Str. 6 Krasnodar Russia The Debtor can be reached at: LLC First Starokubanskaya 124 350059 Krasnodar Russia KALITA CJSC: Court Names V. Goncharov as Insolvency Manager ----------------------------------------------------------- The Arbitration Court of Stavropol appointed V. Goncharov as Insolvency Manager for CJSC Kalita (TIN 2634039523). He can be reached at: V. Goncharov Kholzunova Str. 19-9 400123 Volgograd Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A46-4091/2007. The Court is located at: The Arbitration Court of Stavropol Mira Str. 4586 Stavropol Russia The Debtor can be reached at: CJSC Kalita Lomonosova Str. 25 Stavropol Russia KAMYSHINSKIY LLC: Volgograd Court Hearing Slated for April 21 ------------------------------------------------------------- The Arbitration Court of Volgograd will convene on April 21, 2008, to hear the bankruptcy supervision procedure on LLC Butter and Cheese Combine Kamyshinskiy. The case is docketed under Case No. A12-18228/07-s58. The Temporary Insolvency Manager is: S. Kharchenko Post User Box 764 Volzhskiy Volgograd Russia The Debtor can be reached at: LLC Butter and Cheese Combine Kamyshinskiy Tekstilnaya Str. 4A Kamyshin Volgograd Russia KARASEVSKIY POTTERY: Names E. Semchenko as Insolvency Manager ------------------------------------------------------------- The Arbitration Court of Moscow appointed E. Semchenko as Insolvency Manager for CJSC Karasevskiy Pottery. He can be reached at: E. Semchenko Volgogradskiy Pr. 28A 109316 Moscow Russia The Court commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A41-?2-15664/06. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Karasevskiy Pottery Lesnoy Kolomenskiy 140451 Moscow Russia MOSCOW EXPERIMENTAL: Creditors Must File Claims by April 22 ----------------------------------------------------------- Creditors of CJSC Moscow Experimental Sport Shoes Factory have until April 22, 2008, to submit proofs of claim to: V. Shishkin Insolvency Manager To be called for V. Shishkin 126315 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-30460 /07-95-102B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Moscow Experimental Sport Shoes Factory Building 11 2nd Kozhukhovskiy Proezd 25 Moscow Russia NABEREZHNYE CHELNY: Bankruptcy Hearing Slated for June 5 -------------------------------------------------------- The Arbitration Court of Tatarstan will convene on June 5, 2008, to hear the bankruptcy supervision procedure on OJSC River Port Naberezhnye Chelny (TIN 1650071561). The case is docketed under Case No. A65-31008/2007-SG4-31. The Temporary Insolvency Manager is: I. Zakirov Post User Box 813 Zelenodolsk 422540 Tatarstan Russia The Court is located at: The Arbitration Court of Tatarstan Room 12 Floor 2 Entrance 2 Building 1 Kremlin Kazan Tatarstan Russia The Debtor can be reached at: OJSC River Port Naberezhnye Chelny Komsomolskaya Quae 34 Naberezhnye Chelny Tatarstan Russia NORTH-WEST CO: Creditors Must File Claims by April 22 ----------------------------------------------------- Creditors of CJSC North-West Company have until April 22, 2008, to submit proofs of claim to: V. Shishkin Insolvency Manager To be called for V. Shishkin 126315 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A40-33416 /07-74-112B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC North-West Company Building 2 Degtyarnyj Per. 5 Moscow Russia PINT SERVICE: Court Starts Bankruptcy Supervision Procedure ----------------------------------------------------------- The Arbitration Court of Krasnodar commenced bankruptcy supervision procedure on LLC Pint Service (TIN 2309059370, OGRN 1032307166253). The case is docketed under Case No. A-32-21299/2007-60/509-B. The Temporary Insolvency Manager is: I. Zorin Office 4 Frunze Str. 15 350063 Krasnodar Russia The Court is located at: The Arbitration Court of Krasnodar Krasnaya Str. 6 Krasnodar Russia The Debtor can be reached at: LLC Pint Service Sebedakhovskiy Plot Troitskkaya St. Krymskiy 353360 Krasnodar Russia PROD-ZERNO: Creditors Must File Claims by March 16 -------------------------------------------------- Creditors of LLC Prod-Zerno have until March 16, 2008, to submit proofs of claim to: I. Alushkin Insolvency Manager Chakino Rzhakskiy 393500 Tambov Russia The Arbitration Court of Tambov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A64-1761/07-21. The Debtor can be reached at: LLC Prod-Zerno Rospopova Str. 45 Inzhavino Tambov Russia RTP CAR: Moscow Bankruptcy Hearing Slated for May 6 --------------------------------------------------- The Arbitration Court of Moscow will convene at 2:30 p.m. on May 6, 2008, to hear the bankruptcy supervision procedure on CJSC RTP Car Centre (TIN 5002002556, KPP 500201001, OGRN 1035007901642). The case is docketed under Case No. A-41-K2-21280/07. The Temporary Insolvency Manager is: V. Dobryshkin Volgogradskiy Pr. 28A 109316 Moscow Russia The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC RTP Car Centre Sovetskaya Str. 166 Bronnitsy 140170 Moscow Russia SCHIT CJSC: Creditors Must File Claims by March 22 -------------------------------------------------- Creditors of CJSC Schit have until March 22, 2008, to submit proofs of claim to: E. Batin Temporary Insolvency Manager Kuzmina Str. 1 Mtsensk 303031 Orel Russia The Arbitration Court of Orel commenced bankruptcy supervision procedure on the company. The case is dockted under Case No. A68-9097/07-374/B-07. The Court is located at: The Arbitration Court of Orel Gorkogo Str. 42 302000 Orel Russia The Debtor can be reached at: CJSC Schit Ugonyj Kimovsk Russia Tula UNION CJSC: Creditors Must File Claims by March 22 -------------------------------------------------- Creditors of CJSC Union have until March 22, 2008, to submit proofs of claim to: A. Vladimirov Insolvency Manager Post User Box 1188 410028 Saratov Russia The Arbitration Court of Saratov commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed under Case No. A57-28/08-12. The Court is located at: The Arbitration Court of Saratov Babushkin Vvoz 1 Saratov Russia The Debtor can be reached at: CJSC Union Sokurskiy Trakt 20 410080 Saratov Russia ============================= S L O V A K R E P U B L I C ============================= US STEEL: Unit Backs Out from Talks to Sell Wabush Mine Stake ------------------------------------------------------------- U.S. Steel Canada Inc., a subsidiary of United States Steel Corporation, has withdrawn from negotiations to sell its 44.6% interest in the Wabush Mines Joint Venture to ArcelorMittal Dofasco Inc. Cleveland-Cliffs Inc. holds a 26.8% interest and Dofasco holds a 28.6% interest in the Wabush Mines Joint Venture. Headquartered in Pittsburgh, Pennsylvania, United States Steel Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures a wide variety of steel sheet, tubular and tin products; coke, and taconite pellets; and has a worldwide annual raw steel capability of 31.7 million net tons. U.S. Steel's domestic primary steel operations are: Gary Works in Gary, Indiana; Great Lakes Works in Ecorse and River Rouge, Michigan; Mon Valley Works, which includes the Edgar Thomson and Irvin plants, near Pittsburgh and Fairless Works near Philadelphia, Pennsylvania; Granite City Works in Granite City, Illinois; Fairfield Works near Birmingham, Alabama; Midwest Plant in Portage, Indiana; and East Chicago Tin in East Chicago, Indiana. The company also operates two seamless tubular mills, Lorain Tubular Operations in Lorain, Ohio; and Fairfield Tubular Operations near Birmingham, Alabama. U. S. Steel produces coke at Clairton Works near Pittsburgh, at Gary Works and Granite City Works. On Northern Minnesota's Mesabi Iron Range, U.S. Steel's iron ore mining and taconite pellet operations, Minnesota Taconite and Keewatin Taconite, support the steelmaking effort, and its subsidiary ProCoil Company provides steel distribution and processing services. U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o., in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and Smederevo, Serbia. Acero Prime, the company's joint venture with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico, S.A. de C.V., provides Mexico's automotive and appliance manufacturers with total supply chain management services through its slitting and warehousing facility in San Luis Potosi and its warehouse in Ramos Arizpe. * * * As reported in the Troubled Company Reporter-Europe on Dec. 11, 2007, Standard & Poor's Ratings Services assigned its 'BB+' senior unsecured rating to the proposed offering of up to US$400 million in senior unsecured notes due Feb. 1, 2018, of United States Steel Corp. (BB+/Negative/--). These notes are being issued under the company's unlimited shelf registration filed on March 5, 2007. ===================== S W I T Z E R L A N D ===================== A + I SOMMERAUER: Creditors' Liquidation Claims Due by March 17 --------------------------------------------------------------- Creditors of JSC A + I Sommerauer have until March 17, 2008, to submit their claims to: Sommerauer-Vogel Ingrid Liquidator Hinterbergstrasse 2 8854 Galgenen March SZ Switzerland The Debtor can be reached at: JSC A + I Sommerauer Rumlang Dielsdorf ZH Switzerland ANDEBEN LLC: Creditors' Liquidation Claims Due by March 16 ---------------------------------------------------------- Creditors of LLC Andeben have until March 16, 2008, to submit their claims to: Bernhard Anderegg Liquidator Allwegmatte 1 6372 Ennetmoos NW Switzerland The Debtor can be reached at: LLC Andeben Thun BE Switzerland ECHMANN: Creditors' Liquidation Claims Due by March 17 ------------------------------------------------------ Creditors of JSC Eschmann, Peter + Partner have until March 17, 2008, to submit their claims to: Dr. Jurg Greuter Steinenschanze 6 4051 Basel Switzerland The Debtor can be reached at: JSC Eschmann, Peter + Partner Riehen BS Switzerland EMODRIVE PRODUCTS: Creditors' Liquidation Claims Due by March 17 ---------------------------------------------------------------- Creditors of LLC Emodrive Products have until March 17, 2008, to submit their claims to: Kaj Sigstam Coppet 22 1291 Commugny Nyon VD Switzerland The Debtor can be reached at: LLC Emodrive Products Sarnen OW Switzerland GFBI GESELLSCHAFT: Creditors' Liquidation Claims Due by March 15 ---------------------------------------------------------------- Creditors of LLC GFBI Gesellschaft fur Beteiligungen und Immobilien have until March 15, 2008, to submit their claims to: Andreas Rohrer Neuhofstrasse 25 Baar ZG Switzerland The Debtor can be reached at: LLC GFBI Gesellschaft fur Beteiligungen und Immobilien Baar ZG Switzerland HEMIS SWITZERLAND: Creditors' Liquidation Claims Due by March 17 ---------------------------------------------------------------- Creditors of LLC Hemis Switzerland have until March 17, 2008, to submit their claims to: JSC Krima+ Revisionen Industriestrasse 54 8152 Glattbrugg Bulach ZH Switzerland The Debtor can be reached at: LLC Hemis Switzerland Dubendorf Uster ZH Switzerland JOZITECH MED: Creditors' Liquidation Claims Due by March 14 ----------------------------------------------------------- Creditors of LLC Jozitech Med have until March 14, 2008, to submit their claims to: Joachim Zimolong Liquidator Dattenmattstrasse 23 6010 Kriens LU Switzerland The Debtor can be reached at: LLC Jozitech Med Kriens LU Switzerland KATRAS: Creditors' Liquidation Claims Due by March 17 ----------------------------------------------------- Creditors of LLC KATRAS Installationssysteme have until March 17, 2008, to submit their claims to: Othmar Kuhne Liquidator Schulhausstrasse 6 7324 Vilters SG Switzerland The Debtor can be reached at: LLC KATRAS Installationssysteme Bachenbulach Bulach ZH Switzerland PRO HYPOCRATUS: Creditors' Liquidation Claims Due by March 14 ------------------------------------------------------------- Creditors of JSC Pro Hypocratus have until March 14, 2008, to submit their claims to: Dr. Daniel Thaler Liquidator Seebahnstrasse 85 8036 Zurich Switzerland The Debtor can be reached at: JSC Pro Hypocratus Zurich Switzerland PROFORMA SOFTWARE: Creditors' Liquidation Claims Due by March 14 ---------------------------------------------------------------- Creditors of LLC Proforma Software & Services have until March 14, 2008, to submit their claims to: JSC OBT Hardturmstrasse 120 8005 Zurich Switzerland The Debtor can be reached at: LLC Proforma Software & Services Zurich Switzerland SEKA EXPOBOX: Creditors' Liquidation Claims Due by March 14 ----------------------------------------------------------- Creditors of LLC Seka Expobox have until March 14, 2008, to submit their claims to: Karl Muhlebach Liquidator Wagnerfeldstrasse 18 8646 Wagen SG Switzerland The Debtor can be reached at: LLC Seka Expobox Opfikon Bulach ZH Switzerland SWINGSYSTEMS JSC: Creditors' Liquidation Claims Due by March 15 --------------------------------------------------------------- Creditors of JSC SWINGSYSTEMS have until March 15, 2008, to submit their claims to: JSC SWINGSYSTEMS Kleiner Muristalden 26 3006 Bern Switzerland WEMO-TECH LLC: Creditors' Liquidation Claims Due by March 14 ------------------------------------------------------------ Creditors of LLC Wemo-Tech have until March 14, 2008, to submit their claims to: Detra Treuhand Trachsel Untere Hauptgasse 12 3600 Thun BE Switzerland The Debtor can be reached at: LLC Wemo-Tech Thun BE Switzerland VC HOMECARE: Claims Registration Period Ends March 15 ----------------------------------------------------- The Bankruptcy Service of Fluntern-Zurich commenced bankruptcy proceedings against JSC VC Homecare on Dec. 14, 2007. Creditors have until March 15, 2008, to file their written proofs of claim. The Bankruptcy Service of Fluntern-Zurich can be reached at: Bankruptcy Service of Fluntern-Zurich 8032 Zurich Switzerland The Debtor can be reached at: JSC VC Homecare Susenbergstrasse 3 8044 Zurich Switzerland ZIMMEREI HUMM: Claims Registration Period Ends March 17 ------------------------------------------------------- The Bankruptcy Service of Pfaffikon in Zurich commenced bankruptcy proceedings against LLC Zimmerei Humm on Jan. 29, 2008. Creditors have until March 17, 2008, to file their written proofs of claim. The Bankruptcy Service of Pfaffikon can be reached at: Bankruptcy Service of Pfaffikon 8330 Pfaffikon ZH Switzerland The Debtor can be reached at: LLC Zimmerei Humm Allmendstrasse 11 8320 Fehraltorf Pfaffikon ZH Switzerland ============= U K R A I N E ============= BIG LINE: Proofs of Claim Deadline Set March 21 ----------------------------------------------- Creditors of Building Corporation Big Line (code EDRPOU 31325853) have until March 21, 2008, to submit written proofs of claim to: The Economic Court of Lugansk Geroiv VVV Square 3a 91000 Lugansk Ukraine The Economic Court of Lugansk commenced bankruptcy supervision procedure on the company. The case is docketed as 22/4b. The Debtor can be reached at: Building Corporation Big Line Karl Marks Str. 8 91000 Lugansk Ukraine CENTERBUILDING GROUP: Creditors Must File Claims by March 21 ------------------------------------------------------------ The Economic Court of Kiev commenced bankruptcy proceedings against LLC Centerbuilding Group (code EDRPOU 34731170) after finding it insolvent on Feb. 12, 2008. The case is docketed as 23/35-b. Creditors have until March 21, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Centerbuilding Group Kotelnikov Str. 51 03115 Kiev Ukraine EDUCATIONAL-COURSE COMBINE: Creditors' Claim Due March 21 --------------------------------------------------------- Creditors of JSC Kharkov Transport Building Subsidiary Company Educational-Course Combinehave until March 21, 2008, to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent on Feb. 4, 2008. The case is docketed as B-50/02-08. The Debtor can be reached at: JSC Kharkov Transport Building Subsidiary Company Educational-Course Combine Estakadnaya Str. 1 61080 Kharkov Ukraine MANKI LLC: Creditors Must File Claims by March 21 ------------------------------------------------- The Economic Court of Kiev commenced bankruptcy proceedings against LLC Manki (code EDRPOU 34692179) after finding it insolvent on Feb. 12, 2008. The case is docketed as 23/47-b. Creditors have until March 21, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Debtor can be reached at: LLC Manki Moscow Str. 7 01010 Kiev Ukraine NADEZHDA CJSC: Creditors Must File Claims by March 21 ----------------------------------------------------- Creditors of CJSC Kharkov Transport Building Subsidiary Company Nadezhda (code EDRPOU 24476902) have until March 21, 2008, to submit written proofs of claims to: The Economic Court of Kharkov Derzhprom 8th Entrance Svoboda Square 5 61022 Kharkov Ukraine The Economic Court of Kharkov commenced bankruptcy proceedings against the company after finding it insolvent on Feb. 4, 2008. The case is docketed as B-50/02-08. The Debtor can be reached at: CJSC Kharkov Transport Building Subsidiary Company Nadezhda Estakadnaya Str. 1 61080 Kharkov Ukraine NADIYA LLC: Creditors Must File Claims by March 21 -------------------------------------------------- Creditors of Agricultural LLC Nadiya (code EDRPOU 30891201) have until March 21, 2008, to submit written proofs of claim to: The Economic Court of Poltava Zigin Str. 1 36000 Poltava Ukraine The Economic Court of Poltava commenced bankruptcy proceedings against the company after finding it insolvent on Jan. 29, 2008. The case is docketed as 18/57. The Debtor can be reached at: Agricultural LLC Nadiya Miakenkovka Reshetilovsky District Poltava Ukraine UKRAINIAN-MEDITERRANEAN AIRLINES: Claims Deadline Set March 21 -------------------------------------------------------------- Creditors of LLC Ukrainian-Mediterranean Airlines (code EDRPOU 30180773) have until March 21, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced the bankruptcy supervision procedure on the company. The case is docketed as 23/51-b. The Debtor can be reached at: LLC Ukrainian-Mediterranean Airlines Shuliavskaya Str. 7 03055 Kiev Ukraine WHOLESALETRADELINE LLC: Creditors Must File Claims by March 21 -------------------------------------------------------------- Creditors of LLC Wholesaletradeline (code EDRPOU 35000025) have until March 21, 2008, to submit written proofs of claim to: The Economic Court of Kiev B. Hmelnitskij Boulevard 44-B 01030 Kiev Ukraine The Economic Court of Kiev commenced bankruptcy proceedings against the company after finding it insolvent. The case is docketed as 23/36-b. The Debtor can be reached at: LLC Wholesaletradeline Kirovogradskaya Str. 38/58 03069 Kiev Ukraine =========================== U N I T E D K I N G D O M =========================== BAA LTD: Heathrow East Project Fails to Meet Olympic Deadline ------------------------------------------------------------- BAA Ltd.'s Heathrow East project will not make it to the July 2012 Olympic deadline, Alistair Osborne writes for the Daily Telegraph. BAA, the Daily Telegraph relates, advised airlines in January that it may not be able to complete the project, which includes the redevelopment of Terminals 1 and 2, before December 2012. Daniel Storey, the Civil Aviation Authority's head of airport price control, told the Daily Telegraph that BAA resolved not to stick to the original deadline after analyzing the construction requirements, although according to sources close to the airport operator, it aims to have some of the facility operational at the time. CAA's technical consultants, Currie & Brown, on the other hand, stated there were too many risks to the completion date, the Daily Telegraph discloses. "They said it was really tight and asked if there was enough contingency in this," Harry Bush, the CAA director of economic regulation, was quoted by the paper as saying. About BAA Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. In June 2006, BAA was bought by a consortium led by Grupo Ferrovial SA, the Spanish construction company. Ferrovial is one of the world's leading construction groups, specializing in four strategic lines of business - airports, construction, transport infrastructure and services - throughout Spain, the U.K., Portugal and nine other countries in Europe and the rest of the world. The company has around 89,000 employees and a net revenue of EUR12.4 billion. * * * As reported in the TCR-Europe on Nov. 27, 2007, Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on U.K.-based airports operator BAA Ltd. to 'BB-' from 'BBB+', reflecting delays in refinancing, as well as operating issues. BRITISH AIRWAYS: Conciliatory Talks with BALPA Fails ---------------------------------------------------- Conciliatory talks between British Airways Plc and the British Airline Pilots Association have collapsed, the carrier said in a statement. "We are disappointed that BALPA has chosen to walk away from the talks led by the conciliation service, ACAS," BA said. "We believe the opportunity remains to reach a peaceful resolution and lift the threat of strikes from our customers." The dispute centers on BA's proposed new subsidiary airline OpenSkies that will fly passengers from mainland European capitals to the U.S.A. BALPA said it supports the growth of BA and the launch of the OpenSkies service but opposes BA's intention to use lower paid pilots recruited from outside. BALPA said BA plans to keep their wages low even when OpenSkies becomes profitable. BA pilots also fear that BA management will use the lower paid OpenSkies pilots as a "Trojan horse" to force down their own pay and conditions. During the talks, BA said it offered binding assurances that OpenSkies will pose no threat to the terms, conditions and job security of the pilots, as it plans to recruit more than 300 new BA pilots in the next two years. BA said its offer also included making available to BA pilots 50% of flight crew vacancies for the six aircraft currently planned to go into OpenSkies. According to BA, BALPA wants the terms and conditions for OpenSkies pilots match those at BA as soon as the airline becomes profitable. BA, however, said the demand would would generate cost and complexity that OpenSkies could not sustain. Legal Threat "We felt it right and fair to give BALPA private notice that we have a valid legal claim against them before they took the disproportionate step of calling a strike," BA said. "If strike dates are issued, we will act to protect our customers by applying for an injunction." BA said it is open to talk with BALPA "at any time in order to find a peaceful solution." About British Airways Headquartered in West Drayton, United Kingdom, British Airways Plc -- http://www.ba.com/-- operates of international and domestic scheduled and charter air services for the carriage of passengers, freight and mail, and provides of ancillary services. The British Airways group consists of British Airways plc and a number of subsidiary companies including in particular British Airways Holidays Ltd. and British Airways Travel Shops Ltd. BA has offices in India and Guatemala. * * * As of Jan. 2, 2008, British Airways Plc carries a senior unsecured debt rating of Ba1 from Moody's Investors' Service with a stable outlook. BUTTERFLY PUBLISHING: High Court Winds Up Business -------------------------------------------------- The High Court has wound up Butterfly Publishing Ltd. (t/a Fastpost) and Mailroom Direct Ltd. (t/a Mailroom Supplies) following an investigation by Companies Investigation Branch of the Insolvency Service. Butterfly Publishing and Mailroom Direct supplied franking labels to businesses in the UK. Both companies used cold calling techniques to sell their products. An investigation by CIB revealed that customers were induced by false statements made during unsolicited telephone calls to order goods. Even when it was plain that the customers' member of staff to whom they were speaking did not have authority to order goods, pressure was exerted to persuade the member of staff to sign and return an order form immediately. Customers were not informed of the price of the goods before their order was placed, and were then charged substantially above the market rate for the goods which they had been misled into ordering. Customers who attempted to return unwanted goods were prevented from doing so by means of unnecessarily restrictive terms and conditions. The investigation also revealed that the sole director since 2003 of both companies had previously been involved with a business operating in much the same way. Butterfly Publishing was incorporated on April 10, 2002. The registered office of the company is at: 8 The Courtyard Campus Way Gillingham Business Park Gillingham Kent ME8 0NZ England The sole recorded director of the company is Lee Williams. The secretary is shown to be Company Secretarial Services UK Ltd. Mailroom Direct was incorporated on Sept. 30, 1994. Its name on incorporation was Postall Supplies (GB) Ltd. This name changed to Mailroom Supplies (Labels) Ltd. on Sept. 19, 1995. On Sept. 30, 2003 the name was changed again, this time to Mailroom Direct Wholesale Ltd. and then on Feb. 22, 2005 the name was changed to its current style. The registered office of the company is at: 8 The Courtyard Campus Way Gillingham Business Park Gillingham Kent ME8 0NZ England The sole recorded director of the company is Lee Williams. The secretary is recorded as Company Secretarial Services UK Ltd. and also Thanet Company Secretarial Services Ltd. Mr. Williams has previously been the subject of inquiries by the Office of Fair Trading. Such inquiries were prompted from customers regarding unfair trading practices employed by his companies. Following that investigation Mr. Williams, among others, gave a written assurance to the OFT that he would not make misleading oral statements. The companies were put into provisional liquidation on Jan. 23, 2008 to protect the assets and financial records of the companies pending determination of the petitions. The companies were then ordered into liquidation on March 5, 2008. CARTER AND CARTER: Brings In Administrators from Deloitte --------------------------------------------------------- (Carmel/Bloomberg/CPR) Carter and Carter Group PLC and its trading subsidiaries, on March 11, 2008, filed for administration. Nick Dargan, Dominic Wong and Chris Farrington of Deloitte and Touche LLP were appointed joint administrators to work with the management team to secure the ongoing survival of the group. In a report by Tim Barwell for Bloomberg, the group failed to reached an agreement with Barclays Plc, HBOS Plc and Lloyds TSB Group Plc on further funding. "It was really rather out of the blue; we thought we were on track to meet refinancing targets," Rodney Westhead, acting CEO of Carter and Carter told Bloomberg. "The banks decided they couldn't put any more money in," Mr. Westhead said. Carter and Carter suspended trading of its shares on Oct. 2, 2007, after cutting its earnings forecast for the third time in a span of five months and appointing auditors to examine its accounts, Bloomberg relates. The directors had for some time been endeavoring to secure a consensual restructuring of the group's financial affairs. "It is clear that the Carter & Carter Group has a number of tremendous businesses within its portfolio. However, it found it increasingly difficult to sustain the significant level of debt carried following its strategy of growth by acquisition," joint administrator Nick Dargan disclosed. Mr. Dargan added, "We are delighted with the co-operation given to our team by the management and employees, the Learning and Skills Council and the Group's existing Lenders. That has provided a stable platform to allow us to review all options available to secure the future survival of the group." Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. Headquartered in Ruddington, England, Carter and Carter Group PLC -- http://www.carterandcartergroup.com/-- provides vocational learning services and employability skills training primarily under government funded contracts as well as outsourcing of back office and other functions to the automotive sector. It operates from over 100 locations across the U.K. and abroad with 2,500 employees and provides services to over 27,000 learners in the U.K. The group has a turnover of GBP125 million. As of Jan. 17, 2008, it had net debt of GBP129 million from GBP86 million net debt in 2007. CHRYSLER LLC: Idles Facility in Delaware on AAM Labor Strike ------------------------------------------------------------ Chrysler LLC will temporarily close its vehicle assembly facility in Newark, Delaware, this week, as the strike among members of the United Auto Workers union at American Axle & Manufacturing Inc. stretches, Terry Kosdrosky of The Wall Street Journal reports. WSJ relates citing spokeswoman Michele Tinson, American Axle supplies Chrysler components for the Dodge Durango and Chrysler Aspen sport utility vehicles in Newark and two versions of the Dodge Ram pickup made in Saltillo, Mexico. As reported in the Troubled Company Reporter on Feb. 27, 2008, UAW union president Ron Gettelfinger and Vice President James Settles disclosed that members at American Axle began an unfair labor practices strike at 12:01 a.m. on Feb. 26, 2008, following expiration of a four-year master labor agreement, which expired at 11:59 p.m., Feb. 25, 2008. American Axle, which earned US$37 million on US$3.25 billion sales in 2007, wants a deal like those UAW gave General Motors Corp., Ford Motor Co., Chrysler LLC, and parts makers Delphi Corp. and Dana Corp., insisting that cutting labor costs is essential to be competitive, according to The Associated Press. The auto parts supplier is asking the union to approve US$20 to US$30 hourly wage cuts from US$73 per hour it pays now to US$27 per hour, saying that its original U.S. locations incurred losses for three years. TCR relates that a Chrysler assembly plant in Windsor, Ontario was forced to temporarily shut down after Canadian Auto Workers union members of TRW Automotive Inc. went on strike on Feb. 28, 2008, due to failed wage increase talks. TRW supplies Chrysler suspension modules for Dodge Caravan and Town & Country minivans. Headquartered in Auburn Hills, Michigan, Chrysler LLC -- http://www.chrysler.com/-- a unit of Cerberus Capital Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R) brand vehicles and products. The company has dealers worldwide, including Canada, Mexico, U.S., Germany, France, U.K., Argentina, Brazil, Venezuela, China, Japan and Australia. * * * As reported in the Troubled Company Reporter on Nov. 12, 2007, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Chrysler LLC and DaimlerChrysler Financial Services Americas LLC and removed it from CreditWatch with positive implications, where it was placed Sept. 26, 2007. S&P said the outlook is negative. CRUZE CLOTHING: Brings In Liquidators from PKF ---------------------------------------------- Kerry Bailey and Jonathan Newell of PKF (UK) LLP were appointed joint liquidators of Cruze Clothing Ltd. on Feb. 28 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: PKF (UK) LLP Sovereign House Queen Street Manchester M2 5HR England DJ TOOL: Appoints Joint Administrators from Deloitte & Touche ------------------------------------------------------------- Neil Matthews and Ian Brown of Deloitte & Touche LLP were appointed joint administrators of DJ Tool Hire Ltd. (Company Number 03267578) on March 4, 2008. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The company can be reached at: D.J. Tool Hire Ltd. Tanfield Manor Stanley County Durham DH9 9PU England Tel: 01207 232 455 Fax: 01207 290 336 DURA AUTOMOTIVE: Seeks US$230M Financing to Execute Revised Plan ---------------------------------------------------------------- DURA Automotive Systems, Inc., will obtain US$230 million of new financing to implement the revised Chapter 11 Plan of Reorganization the company, which was filed March 7. The new financing consists of a US$150,000,000 first lien term loan and an US$80 million second lien loan. The US$230 million new financing may come from the existing banks in negotiations with DURA, including Cerberus Capital Management's Ableco Finance, LLC, the Associated Press said quoting DURA spokesperson Christina Stenson. Ableco has also extended a US$170 million bankruptcy loan to DURA in late January. To recall, DURA intended, but failed, to obtain US$425 million of financing to implement the Chapter 11 Plan it filed in August 2007. As a result of the failure to obtain the loans, DURA scrapped its exit plan and came up with a new one. The Revised Plan proposes to distribute DURA's new common stock to holders of claims under the six-year US$150 million senior secured second term loan, dated May 3, 2005, holders of 8.625% senior notes due April 15, 2012, and other general unsecured claimants. DURA's August 2007 Plan intended to pay top level creditors in full. 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. 45; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). EMI GROUP: Retains Membership in IFPI ------------------------------------- sEMI Group plc has decided to remain a member of the International Federation of the Phonographic Industry. "We undertook to work with our colleagues in the other major labels and with John Kennedy on a cost saving plan for the IFPI and together we have been able to find solutions which we believe are achievable while maintaining what the IFPI does best in representing our industry. I am glad to say that on the basis of those discussions we have been able to confirm our continued membership of the IFPI and we look forward to working with the IFPI on the crucial issues that our industry faces." Jean-Francois Cecillon, president of EMI Music International Labels, said. "I am delighted that EMI has decided to continue working with IFPI. It is extremely valuable for us to have their support in trying to address the many different challenges the recording industry is facing and addressing," John Kennedy, chairman and chief Executive of IFPI, said. IFPI is the trade association that represents the recording industry worldwide. It represents more than 1,400 members in over 73 countries and works with affiliated national groups in 48 countries. Its mission is to promote the value of recorded music, safeguard the rights of record producers and expand the commercial uses of recorded music. About EMI Headquartered in London, United Kingdom, EMI Group PLC -- http://www.emigroup.com/-- is the world's largest independent music company, operating directly in 50 countries and with licensees in a further 20. The group has operations in Brazil, China, and Hungary. The group employs over 6,600 people. Revenues in 2005 were near EUR2 billion and operating profit generated was over EUR225 million. EMI Group's consolidated balance sheet for the fiscal year ended March 31, 2007, showed GBP1.498 billion in total assets, GBP2.649 billion in total liabilities and GBP1.151 billion in shareholders' deficit. The company issued two profit warnings since January 2007. ESCAPISM LTD: Calls In Liquidators from Mazars ---------------------------------------------- Robert Adamson and Paul Charlton of Mazars LLP were appointed joint liquidators of Escapism Ltd. on Feb. 29 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Mazars LLP Mazars House Gelderd Road Gildersome Leeds LS27 7JN England M&A HIRE: Brings In Administrators from Deloitte & Touche --------------------------------------------------------- Neil Matthews and Ian Brown of Deloitte & Touche LLP were appointed joint administrators of M&A Hire Ltd. (Company Number 05128746) on March 4, 2008. Deloitte & Touche LLP -- http://www.deloitte.com/-- provides audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. The group is the United Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein whose member firms are separate and independent legal entities. The company can be reached at: M&A Hired Ltd. Deloitte & Touche LLP Gainsborough House 34-40 Grey Street Newcastle upon Tyne NE1 6AE England MAGNOLIA FINANCE V: Fitch Junks Rating on Series 2006-4 Notes ------------------------------------------------------------- Fitch Ratings downgraded Magnolia Finance V Plc's US$14.875m Series 2006-4 leveraged super senior credit-linked notes due 2048 to 'CCC' from 'BBB+'. The notes remain on Rating Watch Negative. The downgrade reflects the increased probability of default of US structured finance CDOs within Magnolia Finance's portfolio due to worsening mortgage performance. In February 2008, Fitch placed five structured finance CDOs, referencing 9.44% of the portfolio, on RWN. A further 9.74% of the portfolio, all SF CDOs, is currently on RWN by one or two other Nationally Recognised Statistical Rating Organisations. The RWN on the notes will be resolved once the RWN status of the 11 reference entities in the portfolio is resolved. Currently, the weighted average rating factor (WARF) of 8.87 (equivalent to 'BBB'/'BB+') is still below the trigger of 13.78 (equivalent to 'BB'/'BB-' (BB minus)). In this calculation provided in the transaction's documentation, the ratings for the entities on RWN are one notch lower than the ratings assigned. Fitch believes that when the RWNs of SF CDOs are resolved, the entities' ratings are likely to be downgraded by more than one notch. Fitch therefore subjected the 11 SF CDOs currently on RWN to different downgrade stresses to judge the impact on the WARF. If 11 SF CDOs are downgraded by one category (three notches), the WARF increases to 11.86 (equivalent to 'BB+'/'BB'). However, if in addition to the first stress, six of the SF CDOs are downgraded by six notches, the WARF (13.81, equivalent to 'BB'/'BB-' (BB minus)) also breaches the WARF trigger. In a different stress, if six of the currently lowest-rated names on RWN are downgraded to 'CC', the WARF 13.93 (equivalent to 'BB'/'BB-' (BB minus)) would hit the trigger as well. Magnolia Finance is a special purpose vehicle incorporated under the laws of Ireland. It has entered into a leveraged super senior transaction with Credit Suisse International and invested the note issuance proceeds in highly rated securities. Should the weighted average credit rating of the reference obligations breach pre-specified trigger levels within a specified period, investors have the option to unwind the trade or de-leverage their position by posting further note principal. The ratings address the payment of interest and principal according to the documentation terms, by the scheduled maturity date, as well as the risk of mark-to-market losses due to an early termination following an unwind trigger event. Under the documentation, the interest payment (including the LIBOR component) may be reduced under certain circumstances, such as a downgrade to 'AA' or below of the charged asset. MAILROOM DIRECT: High Court Winds Up Business --------------------------------------------- The High Court has wound up Butterfly Publishing Ltd. (t/a Fastpost) and Mailroom Direct Ltd. (t/a Mailroom Supplies) following an investigation by Companies Investigation Branch of the Insolvency Service. Butterfly Publishing and Mailroom Direct supplied franking labels to businesses in the UK. Both companies used cold calling techniques to sell their products. An investigation by CIB revealed that customers were induced by false statements made during unsolicited telephone calls to order goods. Even when it was plain that the customers' member of staff to whom they were speaking did not have authority to order goods, pressure was exerted to persuade the member of staff to sign and return an order form immediately. Customers were not informed of the price of the goods before their order was placed, and were then charged substantially above the market rate for the goods which they had been misled into ordering. Customers who attempted to return unwanted goods were prevented from doing so by means of unnecessarily restrictive terms and conditions. The investigation also revealed that the sole director since 2003 of both companies had previously been involved with a business operating in much the same way. Butterfly Publishing was incorporated on April 10, 2002. The sole recorded director of the company is Lee Williams. The secretary is shown to be Company Secretarial Services UK Ltd. Mailroom Direct was incorporated on Sept. 30, 1994. Its name on incorporation was Postall Supplies (GB) Ltd. This name changed to Mailroom Supplies (Labels) Ltd. on Sept. 19, 1995. On Sept. 30, 2003 the name was changed again, this time to Mailroom Direct Wholesale Ltd. and then on Feb. 22, 2005 the name was changed to its current style. The sole recorded director of the company is Lee Williams. The secretary is recorded as Company Secretarial Services UK Ltd. and also Thanet Company Secretarial Services Ltd. Mr. Williams has previously been the subject of inquiries by the Office of Fair Trading. Such inquiries were prompted from customers regarding unfair trading practices employed by his companies. Following that investigation Mr. Williams, among others, gave a written assurance to the OFT that he would not make misleading oral statements. The companies were put into provisional liquidation on Jan. 23, 2008 to protect the assets and financial records of the companies pending determination of the petitions. The companies were then ordered into liquidation on March 5, 2008. The registered office of the companies is at: 8 The Courtyard Campus Way Gillingham Business Park Gillingham Kent ME8 0NZ England N REALISATIONS: Creditors' Meeting Slated for April 2 ----------------------------------------------------- Creditors of N. Realisations 2008 Ltd. (Company Number 01224268) will meet at 10:00 a.m. on April 2, 2008 at: Hilton London Gatwick Airport South Terminal London Gatwick Airport Crawley RH6 0LL England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on April 1, 2008 at: Christopher David Stevens Joint Administrator Vantis Fourth Floor Southfield House 11 Liverpool Gardens Worthing West Sussex BN11 1RY England Headquartered in United Kingdom, Vantis Plc (fka Vantis Numerica) -- http://www.vantisplc.com/-- provides accounting, business and tax advisory services in the United Kingdom. PLATINUM DEVELOPMENTS: Appoints Colin Prescott as Liquidator ------------------------------------------------------------ Colin Prescott of Moore Stephens LLP was appointed liquidator of Platinum Developments UK Ltd. on Feb. 27 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Moore Stephens LLP 1-2 Little King Street Bristol BS1 4HW England RECALL SECURITY: Taps Administrators from Smith & Williamson ------------------------------------------------------------ Stephen John Adshead and Gregory Andrew Palfrey of Smith & Williamson Limited were appointed joint administrators of Recall Security Ltd. (Company Number 05788304) on March 4, 2008. Smith & Williamson -- http://www.smith.williamson.co.uk/-- provides investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organizations. The company can be reached at: Recall Security Ltd. 37 Victoria Square Aberdare Mid Glamorgan CF44 7LB Wales Tel: 01685875597 TALK BUSINESS: C. B. Barrett Leads Liquidation Procedure -------------------------------------------------------- C. B. Barrett of Tenon Recovery was appointed liquidator of Talk Business Ltd. on March 6 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Tenon Recovery Clive House Clive Street Bolton BL1 1ET England VIRGIN MEDIA: Blackstone Consortium Mulls Up to US$7.5 Mln Bid -------------------------------------------------------------- Blackstone Group LP, Kohlberg Kravis Roberts & Co., Cinven Ltd., and Providence Equity Partners LLC are interested in acquiring Virgin Media Inc. for US$6 billion-US$7.5 billion, Mark Watts and Richard Wachman write for The Observer, citing a document named "Project Coaxial." According to The Observer, the private equity firms want to take advantage of Virgin Media's weak share price, which had slumped to US$14 apiece. The paper, however, said it is uncertain whether the firms could secure takeover funding following the recent U.S. subprime crisis. Advisers for the consortium, Merrill Lynch & Co., Inc., Morgan Stanley and Perella Weinberg Partners L.P., suggested a bid price between US$17 to US$21 a share, The Observer said citing the private document. The consortium's advisers said they "believe the Virgin Media board may consider a proposal, depending on premium paid." "Perhaps these groups are prepared to bankroll a transaction by using a greater cash sum than is usually the case," an analyst told The Observer. About Virgin Media Headquartered in London, England, Virgin Media Inc. (fka NTL Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides broadband, digital television, telephony, content and communications services, reaching over 50% of the U.K. homes and 85% of the U.K. businesses. * * * As of Feb. 29, 2008, Virgin Media Inc. carries Ba3 Long-Term Corporate Family and Probability-of-Default ratings from Moody's Investors Service, which said the outlook is negative. The company also carries B+ Local and Foreign Issuer Credit ratings from Standard & Poor's Ratings Services, which said the outlook is stable. Virgin Media carries B+ Long-Term Issuer Default rating and B Short-Term Issuer Default rating from Fitch, which said the outlook is positive. VIRGIN MEDIA: Names Neil Berkett as Chief Executive Officer ----------------------------------------------------------- Virgin Media Inc. has appointed Neil Berkett to the role of Chief Executive Officer with immediate effect. Mr. Berkett has been Acting Chief Executive Officer of the company since the resignation of Steve Burch in August 2007. Mr. Berkett will also be joining the Board of Directors of Virgin Media. Mr. Berkett joined the company in September 2005 as Chief Operating Officer of NTL, prior to the merger with Telewest. With over 25 years' management experience in customer-facing organizations, he has a strong track record of managing change and driving operational improvements in competitive industries. Virgin Media also disclosed the upcoming resignation of its Chief Financial Officer, Jacques Kerrest. Mr. Kerrest, who joined NTL in 2004, will leave the company in early April. An executive search for a permanent CFO is underway and an announcement about Mr. Kerrest's successor will be made in due course. "Neil has a long and successful track record of managing and developing consumer-facing businesses and the Board is delighted that he has accepted the role of Chief Executive Officer," Jim Mooney, Chairman of Virgin Media, said. "As COO, he was the driving force behind the successful integration of NTL and Telewest. Since taking on the role of Acting CEO six months ago, he's demonstrated that he has both the strategic vision and operational experience to take the company into its next phase of growth. "On behalf of the Board, I would like to thank Jacques Kerrest for his outstanding contribution to Virgin Media," Mr. Mooney added. "Jacques played a critical role during our company's transition over the last several years and towards enhancing our profile in the financial community. Among other things, he oversaw the complex financing of the merger with Telewest, the acquisition of Virgin Mobile and the successful refinancing of Virgin Media. He also led the integration of the finance department and oversaw the company's SEC and SOX compliance. We very much appreciate his willingness to remain with the Company beyond his initial contract term and we wish him every success for the future." About Virgin Media Headquartered in London, England, Virgin Media Inc. (fka NTL Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides broadband, digital television, telephony, content and communications services, reaching over 50% of the U.K. homes and 85% of the U.K. businesses. * * * As of Feb. 29, 2008, Virgin Media Inc. carries Ba3 Long-Term Corporate Family and Probability-of-Default ratings from Moody's Investors Service, which said the outlook is negative. The company also carries B+ Local and Foreign Issuer Credit ratings from Standard & Poor's Ratings Services, which said the outlook is stable. Virgin Media carries B+ Long-Term Issuer Default rating and B Short-Term Issuer Default rating from Fitch, which said the outlook is positive. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Mar. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Rick Cieri of Kirkland & Ellis Jamie Sprayregan of Goldman Sachs Bankers Club of Miami, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Mar. 25, 2008 TURNAROUND MANAGEMENT ASSOCIATION Dearfoam Slipper Turnaround Centre Club, Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Mar. 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Mar. 27-30, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar II Las Vegas, Nevada Contact: http://www.nortoninstitutes.org/ Apr. 3, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Annual Spring Luncheon Renaissance Hotel, Washington, District of Columbia Contact: 703-449-1316 or www.iwirc.org Apr. 3, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - East The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 7-8, 2008 PRACTISING LAW INSTITUTE 30th Annual Current Developments in Bankruptcy & Reorganization PLI Center New York, New York Contact: http://www.pli.edu/ Apr. 10-11, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Ninth Annual Conference on Healthcare -24-24Transactions Successful Strategies for Mergers, Acquisitions, Divestitures and Restructurings The Millennium Knickerbocker Hotel, Chicago Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ Apr. 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ Apr. 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Why Prospects Become Clients Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ May 1-2, 2008 TURNAROUND MANAGEMENT ASSOCIATION 2nd Annual Credit & Bankruptcy Symposium Foxwoods Resort Casino, Ledyard, Connecticut Contact: http://www.turnaround.org/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ May 9, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - NYC Alexander Hamilton U.S. Custom House, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12, 2008 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Millennium Broadway Hotel & Conference Center, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12-13, 2008 PRACTISING LAW INSTITUTE 30th Annual Current Developments in Bankruptcy & Reorganization PLI Center San Francisco, California Contact: http://www.pli.edu/ May 13-16, 2008 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Tulane University, New Orleans, Louisiana Contact: 1-703-739-0800; http://www.abiworld.org/ May 15-16, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Fifth Annual Conference on Distressed Investing Europe Maximizing Profits in the European Distressed Debt Market Le Meridien Piccadilly Hotel - London Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ May 18-20, 2008 INTERNATIONAL BAR ASSOCIATION 14th Annual Global Insolvency & Restructuring Conference Stockholm, Sweden Contact: http://www.ibanet.org/ May 21, 2008 TURNAROUND MANAGEMENT ASSOCIATION What Happened to My Money - The Restructuring of a Loan Servicer Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ June 19 & 20, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Corporate Reorganizations Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ June 24, 2008 TURNAROUND MANAGEMENT ASSOCIATION Fraud Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ June 26-29, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Seminar Jackson Hole, Wyoming Contact: http://www.nortoninstitutes.org/ July 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Cynthia Jackson of Smith Hulsey & Busey University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ July 10-13, 2008 AMERICAN BANKRUPTCY INSTITUTE 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.abiworld.org/events/ July 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Employment Issues Following Hurricanes & Disasters Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Aug. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Do's and Don'ts of Investing in a Turnaround Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 17, 2008 TURNAROUND MANAGEMENT ASSOCIATION Real Estate / Condo Restructuring Panel Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Sept. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Private Equity Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION State of the Capital Markets Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Oct. 30 & 31, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Physicians Agreements and Ventures Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Interaction Between Professionals in a Restructuring/Bankruptcy Bankers Club, Miami, Florida Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 11-13, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Chinas New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; 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http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES New 'Red Flag' Identity Theft Rules Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergersthe New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Todays Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite Corporate Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ * * * Featured Conferences Beard Conferences presents: April 10-11, 2008 Ninth Annual Conference on Healthcare Transactions Successful Strategies for Mergers, Acquisitions, Divestitures and Restructurings The Millennium Knickerbocker Hotel, Chicago, Illinois Brochure available soon! May 15-16, 2008 Fifth Annual Conference on Distressed Investing Europe Maximizing Profits in the European Distressed Debt Market Le Meridien Piccadilly Hotel - London Brochure available soon! * * * The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jason Nieva, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla and Marites Claro, Editors. Copyright 2008. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *