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