T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, March 18, 2008, Vol. 9, No. 55 Headlines A U S T R I A AXEL GINNER: Claims Registration Period Ends April 4 BRIMMO ROTSCHADL: Claims Registration Period Ends April 21 ESTRICHVERLEGUNG NOVAKOVIC: Claims Registration Ends April 7 FORLIFE LLC: Claims Registration Period Ends April 8 GAT GARTNER: Claims Registration Period Ends March 24 JUST-NETWORK LLC: Claims Registration Period Ends April 7 B E L G I U M POPE & TALBOT: Court Extends Exclusivity Period to June 2 F R A N C E DOLE FOOD: Posts US$57.5 Million Net Loss in Year Ended Dec. 29 G E O R G I A CANARGO ENERGY: L J Soldinger Expresses Going Concern Doubt G E R M A N Y AKS SCHILDERPRODUKTION: Claims Registration Period Ends March 28 BKS-SATTRONIX: Claims Registration Period Ends April 7 CAVIS GESELLSCHAFT: Claims Registration Period Ends April 7 CMI UNTERNEHMENSBERATUNG: Claims Registration Ends April 7 CONSALTO GMBH: Claims Registration Period Ends April 7 DELPHA REHA: Claims Registration Period Ends April 7 DELTAPACK PACKAGING: Claims Registration Period Ends April 7 DEUBAG WOHN: Claims Registration Period Ends April 7 DIGITEL INFORMATION: Claims Registration Period Ends April 7 DUERR AG: South Carolina Plant Gets EUR100 Mln Order from BMW ELCO-PRO GMBH: Claims Registration Ends April 8 ELKA FINANZ: Claims Registration Ends April 8 ESPACE SERVICE: Claims Registration Ends April 8 EUROPORT FAHRZEUG-HANDELS: Claims Registration Ends April 8 FASHION & COSMETICS: Claims Registration Ends April 8 FERIENTEAM REISEN: Claims Registration Period Ends April 7 FRIESS GMBH: Claims Registration Period Ends March 31 FX GLOBAL: Claims Registration Period Ends April 7 GALAXY ENERGY: Case Summary & 40 Largest Unsecured Creditors GERHARD WAGENBAUER: Claims Registration Period Ends March 28 HTM GMBH: Claims Registration Period Ends March 28 MAYERTHALER GMBH: Claims Registration Period Ends March 28 NUNTIUS DIE LOGISTIKER: Claims Registration Period Ends April 7 PENTA BETEILIGUNGS: Claims Registration Period Ends April 7 REGOS BAU- UND MANAGEMENT: Claims Registration Ends April 8 SCHENK PLASTIC: Dobler Says There Is Interest in Company W & M MEIXNER: Claims Registration Period Ends March 28 I R E L A N D MOTIF FINANCE: S&P Junks Rating on EUR30 Million Notes I T A L Y ALITALIA SPA: Air France-KLM Offers EUR747 Mln for Italy's Stake ALITALIA SPA: Board Accepts Air France-KLM's Binding Offer ALITALIA SPA: Board Approves 2008-2010 Industrial Plan TRW AUTOMOTIVE: Earns US$56 Mln in Quarter Ended December 31 K A Z A K H S T A N ABYLAIHAN LLP: Creditors Must File Claims by April 15 BTA BANK: Repays US$530.9 Million of US$1.1 Billion Loan CENTRE SNAB-2004: Claims Deadline Slated for April 11 EURO FOOD-1: Claims Filing Period Ends April 11 DDU CONSULTING: Creditors' Proofs of Claim Due April 11 GAL PLAST: Proofs of Claim Registration Ends April 11 GOLDEN STONES: Creditors Must File Claims by April 15 JETYSU-AK JAL: Claims Deadline Slated for March 28 JOLDYBAI AGRO: Claims Filing Period Ends April 11 KURYLYS SERVICE-K.S.: Creditors' Claims Due on April 11 NATIONAL ATOMIC: Fitch Lifts Ratings to Investment Grade Level RUSTEM LLP: Claims Registration Ends March 28 K Y R G Y Z S T A N ENERGO RESOURCE: Creditors Must File Claims by April 18 UNIVERSAL OIL: Claims Filing Period Ends April 22 N E T H E R L A N D S FIRST DATA: Posts US$273.2 Million Net Loss in 2007 4th Qtr. KHAMSIN CREDIT: Moody's Lowers Rating on US$12.5 Million Notes P O L A N D NETIA SA: Expects to Close Sale of 23.4% P4 Stake on April 30 NETIA SA: S&P Revises Outlook to Stable from Negative R O M A N I A TMK OAO: Romanian Units Hike Revenues & EBITDA in 2007 R U S S I A AKA-TEKH-SERVICE: Creditors Must File Claims by April 1 BARYSHSKIY CJSC: Creditors Must File Claims by May 1 BEZHANITSY-AGRO-PROM-SERVICE: Claims Filing Period Ends May 1 CEDAR-L LLC: Creditors Must File Claims by May 1 CHEREPOVETS-STEEL-CONSTRUCTION-2: Claims Filing Ends May 1 DOBROVSKOE PEAT: Creditors Must File Claims by April 1 EVRAZ GROUP: SSAB Deal Prompts Moody's to Review Ratings EVRAZ GROUP: S&P Holds Ratings on SSAB Deal KD GROUP: S&P Puts Long-Term Corporate Credit Rating at B- KOCHETKOVSKIE JUICES: Bankruptcy Hearing Slated for July 8 KUMYLZHENSKAYA OJSC: Bankruptcy Hearing Slated for June 24 KUSKINSKOE CJSC: Creditors Must File Claims by May 1 NEDRA-M LLC: Buryatiya Bankruptcy Hearing Slated for June 11 NEW LLC: Creditors Must File Claims by May 1 NIPO CJSC: Creditors Must File Claims by May 1 PROM-MET-SERVICE: Creditors Must File Claims by March 22 ROS-TEKS LLC: St. Petersburg Court Hearing Slated for June 2 ROSTELECOM OJSC: S&P Revises Outlook to Positive from Stable TMK OAO: Romanian Units Hike Revenues & EBITDA in 2007 TMK OAO: Moody's Puts Ratings Under Review and May Downgrade VOLGATELECOM OJSC: Estimates 2007 Net Profit at RUR2.99 Billion VOSKRESENSKIY COMBINED: Creditors Must File Claims by April 1 S W I T Z E R L A N D AIRCRAFT LEASING: Berne Court Closes Bankruptcy Proceedings ARCH-HAUS: Appenzell Ausserrhoden Court Ends Bankruptcy Process DENIS JOST: Basel-Country Court Starts Bankruptcy Proceedings FUR SIE: Creditors' Liquidation Claims Due by March 23 HERMANN EMCH: Creditors' Liquidation Claims Due by March 22 JOCHEN UHL: Creditors' Liquidation Claims Due by March 22 LEISI IT: Creditors' Liquidation Claims Due by March 22 MYTHEN FINANZ: Creditors' Liquidation Claims Due by March 22 VG DREAM: Creditors' Liquidation Claims Due by March 22 ZAALI TRANSPORTE: Basel-Country Court Starts Bankruptcy Process T U R K E Y OYAK BANK: Fitch Withdraws Ratings ULKER BISKUVI: Moody's Puts Rating on Review & May Downgrade U N I T E D K I N G D O M ADTECH LTD: Brings In Liquidators from Vantis CAMBERLEY CONSERVATORY: Calls In Liquidators from Tenon Recovery CARLYE CAPITAL: To File for Compulsory Liquidation in Guernsey DEREK CROXSON: Brings In Joint Administrators from Menzies DIOMED HOLDINGS: Case Summary & 20 Largest Unsecured Creditors E-COM CONSULTING: Appoints Joint Administrators from David Rubin INDIGO FUSION: Creditors' Meeting Slated for March 27 INVENSYS PLC: Notes Redemption Cues S&P to Withdraw B+ Ratings IRONMARKET HOME: Brings In Begbies Traynor to Administer Assets JPS LITHO: Appoints Administrators from Begbies Traynor MAILTECH LTD: Taps Liquidators from Baker Tilly MONITOR OIL: Wants Exclusive Plan Filing Deadline Extended MONITOR OIL: Wants to Transfer US$43.5 Mln to Secured Lenders NEIL MARTIN: NatWest Bank Appoints Receivers from KPMG NORTEL NETWORKS: Plans 2,100 Job Cuts in the US and UK NORTHERN ROCK: Chairman Ron Sandler to Present Business Plan NORTHERN ROCK: Charity Arm Increases Grants to GBP11 Million PIRANHA STUDIOS: Names Joint Administrators from PwC POWERFRESH LTD: Appoints Begbies as Joint Administrators RAINBOW ACCIDENT: Taps Moore Stephens to Administer Assets REFCO INC: Faces US$263 Million Damage Suit in New York ROO GROUP: Lars Kroijer Appointed as Independent Director SCOTTISH RE: NYSE Regulation Suspends Shares from Trading SIMPLY SAUSAGES: Brings In Smith & Williamson as Administrators SOHO SHEET: Claims Filing Period Ends August 31 SPIRO-GILLS LTD: Names Joint Administrators from Menzies SUNKING FLOWERS: Appoints KPMG as Joint Administrators TATA MOTORS: Taps SBI as Lead Manager in Raising US$3 Billion TATA MOTORS: Sees Improved Utility Vehicle Sales in FY2009 ULTRA PLAY: Appoints Joint Administrators from P&A VERINE LTD: Brings In Joint Administrators from Vantis * Large Companies with Insolvent Balance Sheet ********* ============= A U S T R I A ============= AXEL GINNER: Claims Registration Period Ends April 4 ---------------------------------------------------- Creditors owed money by LLC Axel Ginner (FN 245114m) have until April 4, 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 10:00 a.m. on April 23, 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 Zwettl, Austria, the Debtor declared bankruptcy on Feb. 26, 2008 (Bankr. Case No. 9 S 11/08b). Frank Riel represents Dr. Sauer in the bankruptcy proceedings. BRIMMO ROTSCHADL: Claims Registration Period Ends April 21 ---------------------------------------------------------- Creditors owed money by LLC BRIMMO Rotschadl Bernhard Immobilienentwicklung have until April 21, 2008, to file written proofs of claim to court-appointed estate administrator Arno Lerchbaumer at: Dr. Arno Lerchbaumer Marburger Kai 47 8010 Graz Austria Tel: 0316/82 22 44-0 Fax: 0316/82 22 44-22 E-mail: office@lerchbaumer.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:10 p.m. on May 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Hall L Room 230 Second Floor Graz Austria Headquartered in Graz, Austria, the Debtor declared bankruptcy on Feb. 19, 2008 (Bankr. Case No. 25 S 18/08x). ESTRICHVERLEGUNG NOVAKOVIC: Claims Registration Ends April 7 ------------------------------------------------------------ Creditors owed money by KEG Estrichverlegung Novakovic (FN 258239p) have until April 7, 2008, to file written proofs of claim to court-appointed estate administrator osef Ebner at: Dr. Josef Ebner Mahlerstrasse 7 1010 Vienna Austria Tel: 512 29 94 Fax: 512 29 04 E-mail: ra.ebner@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on April 21, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 26, 2008 (Bankr. Case No. 38 S 14/08y). FORLIFE LLC: Claims Registration Period Ends April 8 ---------------------------------------------------- Creditors owed money by LLC FORLIFE (FN 265375h) have until April 8, 2008, to file written proofs of claim to court- appointed estate administrator Raoul Wagner at: Dr. Raoul Wagner Rathausstrasse 15/4 1010 Vienna Austria Tel: 405 33 82 Fax: 408 84 67 E-mail: office@hopmeier.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 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 1606 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 18, 2008 (Bankr. Case No. 4 S 19/08h). GAT GARTNER: Claims Registration Period Ends March 24 ----------------------------------------------------- Creditors owed money by LLC GAT Gartner-Abwasser-Technik (FN 258973v) have until March 24, 2008, to file written proofs of claim to court-appointed estate administrator Gerwald Holper at: Mag. Gerwald Holper Technologiezentrum, Marktstrasse 3 7000 Eisenstadt Austria Tel: 02682/704 266-0 Fax: 02682/704 266-15 E-mail: eisenstadt@kosch-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 2:00 p.m. on April 7, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Feldkirch Hall F Feldkirch Austria Headquartered in Oberwart, Austria, the Debtor declared bankruptcy on Feb. 18, 2008 (Bankr. Case No. 26 S 9/08p). JUST-NETWORK LLC: Claims Registration Period Ends April 7 --------------------------------------------------------- Creditors owed money by LLC Just-Network (FN 275683t) have until April 7, 2008, to file written proofs of claim to court- appointed estate administrator Georg Freimueller at: Dr. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51-Serie Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on April 21, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1609 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 26, 2008 (Bankr. Case No. 38 S 13/08a). ============= B E L G I U M ============= POPE & TALBOT: Court Extends Exclusivity Period to June 2 --------------------------------------------------------- The Hon. Christopher S. Sontchi of the Unites States Bankruptcy Court for the District of Delaware extends Pope & Talbot Inc. and its debtor-affiliates�: (a) time within which they have the exclusive right to file a Chapter 11 plan, through and including June 2, 2008; and (b) time within which the Debtors have the exclusive right to solicit acceptances of that plan, through and including July 30, 2008. The Debtors relate that the size and complexity of their businesses, corporate structure, employee relationships, vendor relationships and financing arrangements place a heavy burden on their management and personnel. This burden has been exacerbated in the context of the Debtors' Chapter 11 proceedings and the concurrently pending Canadian proceedings, James E. O'Neill, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, avers. Given the business and restructuring matters that the Debtors have been, and must be, resolved, neither the Debtors nor any other party-in-interest had been in a realistic position to create and build acceptance for a Chapter 11 plan, Mr. O'Neill notes. Pursuant to Section 1121(b) of the Bankruptcy Code, a chapter 11 debtor has the exclusive right to file a plan of reorganization during the first 120 days following the filing of its chapter 11 petition, and thereafter to solicit acceptances to any plan so filed for a period of an additional 60 days. Section 1121(d) empowers the Court to extend the Exclusivity Periods for "cause." Upon the request of a party in interest made and after notice and a hearing, a court may for cause reduce or increase the Exclusive Plan Filing Period and the Exclusive Solicitation Period. The extension of the Exclusive Periods will not harm creditors or equity security holders, but would afford the Debtors a reasonable opportunity to pursue a meaningful and consensual Plan, Mr. O'Neill maintains. Mr. O'Neill adds that despite the complexities of their bankruptcy cases, the Debtors have accomplished a significant amount in the approximately three months that they have been in Chapter 11. Since the Petition Date, the Debtors have: (1) obtained "first day" relief designed to, among other things, minimize disruptions to their businesses as a result of their Chapter 11 cases; (2) entered into an agreement to obtain a secured postpetition financing; (3) negotiated, conducted auctions with respect to, and entered into, four separate asset purchase agreements that together encompass the sale of substantially all of their operating assets. The Debtors also anticipate that the total recoveries will be sufficient to satisfy the claims of their secured creditors; (4) obtained the Bankruptcy Court's and Canadian Court's approval of a cross-border insolvency protocol; (5) filed the Schedules of Assets and Liabilities; (6) have filed a motion seeking to establish bar dates for the filing of proofs of claim and to approve a cross- border insolvency protocol governing the filing and resolution of claims in the CCAA Proceedings; and (7) rejected certain executory contracts and have commenced a review and analysis of those executory contracts and unexpired leases which are not being assumed and assigned in connection with the asset sales. "Affording the Debtors a full opportunity to close the asset sales, realize on the assets excluded from the sales, and begin the claims process will provide a platform from which serious negotiations toward a plan can be based," Mr. O'Neill maintains. About Pope & Talbot Based in Portland, Oregon, Pope & Talbot Inc. (Other OTC: PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products business. Pope & Talbot was founded in 1849 and produces market pulp and softwood lumber at mills in the US and Canada. Markets for the company's products include the US, Europe, Canada, South America and the Pacific Rim. The company and its U.S. and Canadian subsidiaries applied for protection under the Companies' Creditors Arrangement Act of Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired on Jan. 16, 2008. The company and fourteen of its debtor-affiliates filed for Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl & Jones L.L.P. represents the Debtors as bankruptcy co-counsel. The Official Committee of Unsecured Creditors selected Fried, Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel. When the Debtors filed for bankruptcy, they listed total assets of US$681,960,000 and total debts of US$601,090,000. Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21, 2007, filed an application for relief under Belgian bankruptcy laws in the commercial court in Brussels. If the Belgian court grants Pope & Talbot Europe's application, it is expected it will be liquidated through the bankruptcy proceeding. (Pope & Talbot Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). =========== F R A N C E =========== DOLE FOOD: Posts US$57.5 Million Net Loss in Year Ended Dec. 29 --------------------------------------------------------------- Dole Food Company Inc. reported a net loss of US$57.5 million for the year ended Dec. 29, 2007, compared to a net loss of US$89.6 million for the year ended Dec. 30, 2006. For the year ended Dec. 29, 2007, revenues increased 13.0% to US$6.93 billion from US$6.15 billion in the prior year. Higher worldwide sales of fresh fruit and packaged foods products in North America and Europe drove the increase in revenues during 2007. Higher volumes of bananas and pineapples accounted for approximately US$222.0 million or 28.0% of the overall revenues increase. Higher revenues in the company's European ripening and distribution operations contributed an additional US$528.0 million. Higher sales of packaged foods products, primarily for FRUIT BOWLS, fruit in plastic jars, pineapple juice and packaged frozen fruit accounted for approximately US$85.0 million or 11.0% of the overall revenues increase. Favorable foreign currency exchange movements in the company's selling locations also positively impacted revenues by approximately US$171 million. These increases were partially offset by a reduction in fresh vegetables sales due to lower volumes of commodity vegetables sold in North America and Asia. In addition, the company's fresh-cut flowers business reported overall lower sales volumes due primarily to the changes in the customer base and product offerings attributable to the implementation of the 2006 restructuring plan. Operating Income For the year ended Dec. 29, 2007, operating income was US$130.1 million compared with US$79.0 million in 2006. The increase was primarily attributable to improved operating results in the company's banana operations worldwide which benefited from stronger pricing and higher volumes. In addition, operating income improved in the European ripening and distribution business and the fresh-cut flowers segment due to the absence of restructuring costs of US$12.8 million and US$29.0 million, respectively. These improvements were partially offset by lower earnings in the company's packaged salads business and packaged foods segment primarily due to higher product costs. Interest Income and Other Income (Expense), Net For the year ended Dec. 29, 2007, interest income increased slightly to US$7.6 million from US$7.2 million in 2006. The slight increase in interest income was primarily related to higher levels of cash at JP Fresh during 2007. Other income (expense), net decreased to income of US$1.8 million in 2007 from income of US$15.2 million in 2006. The decrease was due to a reduction in the gain generated on the company's cross currency swap of US$22.7 million, partially offset by a reduction in the foreign currency exchange loss on the company's British pound sterling capital lease vessel obligation of US$9.2 million. Interest Expense Interest expense for the year ended Dec. 29, 2007, was US$194.9 million compared to US$174.7 million in 2006. The increase was primarily related to higher levels of borrowings during 2007 on the company's term loan facilities and the asset based revolving credit facility. Income Taxes The company recorded US$1.1 million of income tax expense on US$55.3 million of pretax losses from continuing operations for the year ended Dec. 29, 2007, reflecting a 1.9% effective income tax rate for the year. Income tax expense decreased US$17.1 million from US$18.2 million in 2006 primarily due to a shift in the mix of earnings in foreign jurisdictions taxed at a lower rate than in the U.S. The effective tax rate in 2006 was 24.8%. Equity in Earnings of Unconsolidated Subsidiaries Equity in earnings of unconsolidated subsidiaries for the year ended Dec. 29, 2007, increased to US$1.7 million from US$177,000 in 2006. The increase was primarily related to higher earnings generated by one of the company's European investments. Discontinued Operations During the fourth quarter of 2006, the company sold all of the assets and substantially all of the liabilities associated with its Pacific Coast Truck operations for US$20.7 million. The company received net proceeds of US$15.3 million from the sale after the assumption of US$5.4 million of debt, realizing a gain of approximately US$2.8 million, net of income taxes of US$2.0 million. Long-Term Debt At Dec. 29, 2007, the company had total outstanding long-term borrowings of US$2.41 billion, consisting primarily of US$1.10 billion of unsecured senior notes and debentures due 2009 through 2013 and US$1.22 billion of secured debt (consisting of revolving credit and term loan facilities and capital lease obligations). The company has US$350.0 million of unsecured senior notes maturing May 1, 2009. The company is currently evaluating its available options to refinance the notes. Balance Sheet At Dec. 29, 2007, the company's consolidated balance sheet showed US$4.64 billion in total assets, US$4.29 billion in total liabilities, US$29.9 million in minority interests, and US$325.0 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the year ended Dec. 29, 2007, are available for free at http://researcharchives.com/t/s?2910 About Dole Food Based in Westlake Village, California, Dole Food Company Inc. -- http://www.dole.com/-- is the world's largest producer and marketer of high-quality fresh fruit, fresh vegetables and fresh-cut flowers. Dole markets a growing line of packaged and frozen foods and is a produce industry leader in nutrition education and research. Dole's fresh-cut! Flowers segment sources, imports and markets fresh-cut flowers, grown mainly in Colombia and Ecuador, primarily to wholesale florists and supermarkets in the U.S. * * * As reported in the Troubled Company Reporter-Europe on Feb. 28, 2008, Moody's Investors Service lowered Dole Food Company Inc.'s corporate family rating and probability of default ratings to B3 from B2, and downgraded the ratings of the company's unsecured shelf filings. Moody's said the rating outlook is stable. ============= G E O R G I A ============= CANARGO ENERGY: L J Soldinger Expresses Going Concern Doubt ------------------------------------------------------------ L J Soldinger Associates LLC raised substantial doubt about the ability of CanArgo Energy Corporation to continue as a going concern after it audited the company's financial statements for the year ended Dec. 31, 2007. The auditor pointed reported that the company has incurred net losses since inception and does not have sufficient funds to execute its business plan or fund operations through the end of 2008. Management estimates its current cash will last through to the third quarter 2008. In addition, the company is restricted from incurring additional debt obligations unless it receives permission from its current lenders. The company incurred net losses from continuing operations to common stockholders of approximately US$65,315,000 US$54,432,000 and US$12,522,000 for the years ended Dec. 31, 2007, 2006, and 2005, respectively. These net losses included non-cash charges related to depreciation and depletion, impairments, loan interest, amortization of debt discount, extinguishment of debt and stock-based compensation of approximately US$61,936,000, US$48,213,000 and US$7,175,000 for the years ended Dec. 31, 2007, 2006, and 2005, respectively. CanArgo Energy posted a net loss of US$53,777,214 on total sales of US$7,208,666 for the year ended Dec. 13, 2007, as compared with a net loss of US$60,540,851 on total sales of US$6,526,660 in the prior year. In the years ended Dec. 31, 2007, and 2006, the company's revenues from its Georgian operations did not cover the costs of its operations. At Dec. 31, 2007, the company had unrestricted cash and cash equivalents available for general corporate use or for use in the Georgian operations of about US$6,869,000. In 2007, the company experienced a net cash outflow from operations of about US$1,800,000 in Georgia. In addition, the company has a planned capital expenditure budget in 2008 of about US$12,000,000 in Georgia. The exploration and development wells currently undergoing or waiting to undergo production testing in Georgia currently do not produce enough commercially available quantities of oil and or gas and the company will not have sufficient working capital and may have to delay or suspend its capital expenditure plans and possibly make cutbacks in its operations. At Dec. 31, 2007, the company's balance sheet showed US$59,552,077 in total assets, US$19,423,727 in total liabilities, and US$38,008,820 in stockholders' equity. The company's consolidated balance sheet at Dec. 31, 2007, showed strained liquidity with US$8,172,654 in total current assets available to pay US$7,457,998 in total current liabilities. A full-text copy of the company's 2007 annual report is available for free at: http://ResearchArchives.com/t/s?2937 About CanArgo Energy CanArgo Energy Corporation (AMEX: CNR) -- http://www.canargo.com -- engages in the acquisition, exploration, development, production, and marketing of crude oil and natural gas primarily in Georgia and the Republic of Kazakhstan. The company's properties include the Ninotsminda Field covering approximately 3,276 acres located approximately 25 miles north east of the Georgian capital, Tbilisi; and the Kyzyloi Gas Field covering an area of approximately 70,919 gross acres and Akkulka block in Kazakhstan. As of December 31, 2006, it had proved developed and undeveloped gross reserves of 3.379 million barrels of oil and 2.808 billion cubic feet of gas. The company was founded in 1971 and is headquartered in St. Peter Port, British Isles. ============= G E R M A N Y ============= AKS SCHILDERPRODUKTION: Claims Registration Period Ends March 28 --------------------------------------------------------------- Creditors of AKS Schilderproduktion GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Stefan Hahn. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on April 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuppertal Meeting Room A234 Second Floor Isle 2 42103 Wuppertal Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Stefan Hahn Morianstrasse 45 42103 Wuppertal Germany Tel: 0202/283310 Fax: 0202/2833175 The District Court of Wuppertal opened bankruptcy proceedings against AKS Schilderproduktion GmbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AKS Schilderproduktion GmbH Attn: Robin Pahl, Manager Potshauser Str. 20 42651 Solingen Germany BKS-SATTRONIX: Claims Registration Period Ends April 7 ------------------------------------------------------ Creditors of BKS-Sattronix GmbH have until April 7, 2008, to register their claims with court-appointed insolvency manager Prof. Rolf Rattunde. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Detmold Meeting Room 12 Ground Floor Gerichtsstr. 6 32756 Detmold 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: Prof. Rolf Rattunde Kurfuerstendamm 26a 10719 Berlin Germany The District Court of Detmold opened bankruptcy proceedings against BKS-Sattronix GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BKS-Sattronix GmbH Daimlerstr. 10 32108 Bad Salzuflen Germany CAVIS GESELLSCHAFT: Claims Registration Period Ends April 7 ----------------------------------------------------------- Creditors of Cavis Gesellschaft fuer Immobilisierungssysteme mbH have until April 7, 2008, to register their claims with court- appointed insolvency manager Dr. Wolfgang Petereit. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Mainz Hall 174 Building B Ernst-Ludwig Strasse 7 55116 Mainz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Wolfgang Petereit GF 48 Kaiserstrasse 24a D 55116 Mainz Germany Tel: 06131/626080 Fax: 06131/6260813 The District Court of Mainz opened bankruptcy proceedings against Cavis Gesellschaft fuer Immobilisierungssysteme mbH on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Cavis Gesellschaft fuer Immobilisierungssysteme mbH Friedrich-Koenig-Str. 3 55129 Mainz Germany CMI UNTERNEHMENSBERATUNG: Claims Registration Ends April 7 ---------------------------------------------------------- Creditors of CMI Unternehmensberatung GmbH have until April 7, 2008, to register their claims with court-appointed insolvency manager Oliver Schartl. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on April 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 Munich Meeting Hall 102 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Oliver Schartl Schwanthalerstr. 32 80336 Munich Germany Tel: 089-545110 Fax: 089-54511-444 The District Court of Munich opened bankruptcy proceedings against CMI Unternehmensberatung GmbH on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: CMI Unternehmensberatung GmbH Nymphenburger Strasse 20A 80335 Munich Germany CONSALTO GMBH: Claims Registration Period Ends April 7 ------------------------------------------------------ Creditors of Consalto GmbH & Co. KG have until April 7, 2008, to register their claims with court-appointed insolvency manager Michael Moenig. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 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 Muenster Meeting Hall 13 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Moenig Von-Steuben-Strasse 20 48143 Muenster Germany Tel: 0251/53599-0 Fax: +492515359910 The District Court of Muenster opened bankruptcy proceedings against Consalto GmbH & Co. KG on Feb. 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Consalto GmbH & Co. KG Buldernweg 42 48163 Muenster Germany DELPHA REHA: Claims Registration Period Ends April 7 ---------------------------------------------------- Creditors of Delpha Reha & Concept GmbH have until April 7, 2008, to register their claims with court-appointed insolvency manager Vera Mai. Creditors and other interested parties are encouraged to attend the meeting at 9:50 a.m. on April 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Vera Mai Berliner Platz 6 46236 Bottrop Germany The District Court of Essen opened bankruptcy proceedings against Delpha Reha & Concept GmbH on Feb. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Delpha Reha & Concept GmbH Recklinghauser Str. 8 45721 Haltern Germany DELTAPACK PACKAGING: Claims Registration Period Ends April 7 ------------------------------------------------------------ Creditors of Deltapack Packaging GmbH have until April 7, 2008, to register their claims with court-appointed insolvency manager Bernd Reuss. Creditors and other interested parties are encouraged to attend the meeting at 10:00 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 Giessen Hall 408 Fourth Floor Building B Gutfleischstrasse 1 35390 Giessen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Bernd Reuss Mainzer-Tor-Anlage 33D 61169 Friedberg Germany Tel: 06031/797-0 Fax: 06031/797100 The District Court of Giessen opened bankruptcy proceedings against Deltapack Packaging GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Deltapack Packaging GmbH Weissenburgring 23 35415 Pohlheim Germany DEUBAG WOHN: Claims Registration Period Ends April 7 ---------------------------------------------------- Creditors of deubag Wohn- und Stadtbau Dresden GmbH have until April 7, 2008, to register their claims with court-appointed insolvency manager Horst Helberg. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 19, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Horst Helberg Selliner Str. 6-8 01109 Dresden Germany Web site: http://www.pfefferle.de/ The District Court of Dresden opened bankruptcy proceedings against deubag Wohn- und Stadtbau Dresden GmbH on Feb. 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: deubag Wohn- und Stadtbau Dresden GmbH Attn: Alexander Sylvester, Manager Leonhardistr. 1 01326 Dresden Germany DIGITEL INFORMATION: Claims Registration Period Ends April 7 ------------------------------------------------------------ Creditors of Digitel Information - und Telekommunikation- Systeme GmbH have until April 7, 2008, to register their claims with court-appointed insolvency manager Winfried Andres. Creditors and other interested parties are encouraged to attend the meeting at 9:10 a.m. on April 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Essen Meeting Hall 291 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Winfried Andres Heinrich-Held-Str. 16 45133 Essen Germany Tel: 0201 330550 The District Court of Essen opened bankruptcy proceedings against Digitel Information - und Telekommunikation- Systeme GmbH on Feb. 20, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Digitel Information - und Telekommunikation- Systeme GmbH Technologiepark 1 45307 Essen Germany DUERR AG: South Carolina Plant Gets EUR100 Mln Order from BMW ------------------------------------------------------------- The Duerr Group has received a major order from the BMW Group for its U.S. plant in Spartanburg, South Carolina, worth more than EUR100 million. The production capacity will be increased from 160,000 to 240,000 units by 2012. The required expansion of the paint shop will be realized largely by Duerr. Duerr has received several small and medium-sized orders for paint systems in the United States in 2007. "This large order from BMW Group now assures us very good capacity utilization in the United States for the long term. It also underscores the confidence placed in Duerr as a capable provider of comprehensive systems and technology expertise," says Ralf Dieter, CEO of Duerr AG. The order will be executed under the leadership of U.S. subsidiary Duerr Systems Inc. The paint shop, built by Duerr in 1996, is to be expanded so the X3's successor model and the X6 can be produced there in the future in addition to the BMW X5. About Duerr Headquartered in Stuttgard, Germany, The Duerr Group -- http://www.durr.com/en/-- supplies products, systems, and services for automobile manufacturing. Duerr designs and builds paint shops and final assembly plants. The Duerr Group also operates in Czech Republic, France, U.K., Italy, Netherlands, Poland, Russia, Slovakia, Spain, Turkey, Australia, Brazil, China, India, Japan, Mexico, South Africa, South Korea and the U.S.A. * * * As reported in the TCR-Europe on March 3, 2008, Standard & Poor's Ratings Services revised its outlook to positive from stable on Duerr AG. S&P also affirmed its 'B' long-term corporate credit rating on the group. Duerr AG also carries B2 Corporate Family, B2 Probability of Default and Caa1 Senior Subordinate ratings from Moody's Investor Service. Moody's said the outlook is stable. ELCO-PRO GMBH: Claims Registration Ends April 8 ----------------------------------------------- Creditors of ELCO-PRO GmbH & Co. KG have until April 8, 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 9:30 a.m. on May 9, 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 Dortmund Meeting 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 ELCO-PRO GmbH & Co. KG on Feb. 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ELCO-PRO GmbH & Co. KG Attn: Roland Giller, Manager Olpe 16 44135 Dortmund Germany ELKA FINANZ: Claims Registration Ends April 8 --------------------------------------------- Creditors of Elka Finanz Makler GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Tilo Kolb. Creditors and other interested parties are encouraged to attend the meeting at 11:20 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 Halle-Saalkreis Hall 1.043 Judicial Center Thueringer Str. 16 06112 Halle 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: Tilo Kolb Sternstrasse 13 06108 Halle Germany Tel: 0345/5200111 Fax: 0345/5200066 The District Court of Halle-Saalkreis opened bankruptcy proceedings against Elka Finanz Makler GmbH on Feb. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Elka Finanz Makler GmbH Karl-Witte-Str. 2 06258 Schkopau Germany Attn: Karsten Syring, Manager Waldstrasse 44 06120 Halle Germany ESPACE SERVICE: Claims Registration Ends April 8 ------------------------------------------------ Creditors of ESPACE Service GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Ulrich Zerrath. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Muenster Meeting Hall 119 B Gerichtsstr. 2-6 48149 Muenster Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Zerrath Lange Wanne 57 45665 Recklinghausen Germany Tel: 02361/4884-0 Fax: +492361488499 The District Court of Muenster opened bankruptcy proceedings against ESPACE Service GmbH on Jan. 30, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ESPACE Service GmbH Wierlings Hook 7 48249 Duelmen Germany Attn: Andre Wollenberg, Manager von-Holte-Strasse 7 48167 Muenster Germany EUROPORT FAHRZEUG-HANDELS: Claims Registration Ends April 8 ----------------------------------------------------------- Creditors of EUROPORT Fahrzeug-Handels GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Dr. Frank Kreuznacht. Creditors and other interested parties are encouraged to attend the meeting at 2:30 p.m. on May 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Jena Hall 91 Jena Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Frank Kreuznacht Untermarkt 23 99974 Muehlhausen Germany The District Court of Jena opened bankruptcy proceedings against EUROPORT Fahrzeug-Handels GmbH on Jan. 23, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: EUROPORT Fahrzeug-Handels GmbH Attn: Sigurd Unglaub, Manager Frankenhauser Strasse 1 06567 Esperstedt Germany FASHION & COSMETICS: Claims Registration Ends April 8 ----------------------------------------------------- Creditors of Fashion & Cosmetics Frank Schroeder GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Horst Piepenburg. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on April 29, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Duesseldorf Meeting Hall A 341 Third Floor Muehlenstrasse 34 40213 Duesseldorf Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Horst Piepenburg Heinrich-Heine-Allee 20 40213 Duesseldorf Germany The District Court of Duesseldorf opened bankruptcy proceedings against Fashion & Cosmetics Frank Schroeder GmbH on March 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Fashion & Cosmetics Frank Schroeder GmbH Attn: Kerstin Schroeder, Manager Blasiusstrasse 29 40221 Duesseldorf Germany FERIENTEAM REISEN: Claims Registration Period Ends April 7 ---------------------------------------------------------- Creditors of Ferienteam Reisen & Sparen GmbH have until April 7, 2008, to register their claims with court-appointed insolvency manager Rolf Nacke. Creditors and other interested parties are encouraged to attend the meeting at 9:40 a.m. on June 3, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report 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: Rolf Nacke Gross-Berliner Damm 73 c 12487 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Ferienteam Reisen & Sparen GmbH on Feb. 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ferienteam Reisen & Sparen GmbH Orionstr. 37 12435 Berlin Germany FRIESS GMBH: Claims Registration Period Ends March 31 ----------------------------------------------------- Creditors of Friess GmbH have until March 31, 2008, to register their claims with court-appointed insolvency manager Undine Haller. 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 her first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court Heilbronn Hall 4 Ground Floor Rollwagstr. 10a 74072 Heilbronn 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: Undine Haller Bismarckstrasse 39 74074 Heilbronn Germany Tel: 07131/173032 Fax: 07131/171112 The District Court of Heilbronn opened bankruptcy proceedings against Friess GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Friess GmbH Attn: Dietmar Drixler, Manager Carmauxstrasse 53 74172 Neckarsulm Germany FX GLOBAL: Claims Registration Period Ends April 7 -------------------------------------------------- Creditors of FX Global GmbH have until April 7, 2008, to register their claims with court-appointed insolvency manager Bruno M. Kuebler. Creditors and other interested parties are encouraged to attend the meeting at 1:20 p.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 Essen Meeting Hall 293 Second Floor Zweigertstr. 52 45130 Essen Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Bruno M. Kuebler Moltkestrasse 29 45138 Essen Germany The District Court of Essen opened bankruptcy proceedings against FX Global GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FX Global GmbH Attn: Sylvia Gadjigo, Manager Vogelwiesche 4 45329 Essen Germany GALAXY ENERGY: Case Summary & 40 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: Galaxy Energy Corp. fka Galaxy Investments, Inc. 1331 17th Street, Suite 1050 Denver, CO 80202 Bankruptcy Case No.: 08-13164 Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. ------ -------- Dolphin Energy Corp. 08-13166 Type of Business: As independent oil and gas companies, the Debtors, founded in 2002 and based in Denver, Colorado, engage in the acquisition, exploration, development, and production of crude oil and natural gas primarily in the US. They have operations in the Piceance Basin of western Colorado and the Powder River Basin located in Wyoming and Montana. They also own interests in Neues Bergland exploration permit covering an area of 149,000 acre leaseholding near Kusel in southwest Germany; and Jiu Valley project covering an area of 21,500 acre coalbed methane project in Romania. As Nov. 30, 2006, they had proved reserves of approximately 320 barrels of oil and 1,005,421 thousand cubic feet of gas. As April 1, 2007, they had interests in 175 completed wells, 60 wells in various stages of completion, and 8 water disposal wells. See http://www.galaxyenergy.com/ Chapter 11 Petition Date: March 14, 2008 Court: District of Colorado (Denver) Judge: Sidney B. Brooks Debtors' Counsel: Alice A. White, Esq. (jmail@jessopco.com) Douglas W. Jessop, Esq. (jmail@jessopco.com) 303 East 17th Avenue, Suite 930 Denver, CO 80203 Tel: (303) 860-7700 http://www.jessopco.com/ Galaxy Energy Corp's Financial Condition: Total Assets: US$43,797,124 Total Debts: US$54,378,324 A. Galaxy Energy Corp's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Eversource Group Ltd. Loan US$3,213,014 Suite 906, Ocean Centre, Harbour City 5, TST, Kowloon, Hong Kong Asset Protection Fund Loans US$3,150,342 Aeulestrasse 5 FL-9490 Vaduz, Liechtenstein Vanguard Capital Limited Loans US$1,566,099 Shirley House 50 Shirley Street Nassau, Bahamas Centrum Bank AG Loans US$1,459,271 Kirchstrasse 3 FL-9490 Vaduz, Liechtenstein Capriccio Investments, Inc. Loans US$1,427,945 Calle 53, Urbanizacion Obarrio Swiss Tower, Pisa 16 Panama Desmodio Management, Inc. Loan US$1,427,945 Kirchstrasse 79, P.O. Box 6 FL-9490 Vaduz, Liechtenstein Bank Sal. Oppenheim Jr. & Cie. Loans US$1,365,929 Uraniastrasse 28 CH-8011 Zurich, Switzerland Finter Bank Zurich Loans US$1,299,430 Claridenstrasse 35 CH-8002 Zurich, Switzerland Nicolas Mathys Loans US$1,285,205 Weinberghohe 17 6349 Baar, Switzerland Bruno Sauter Loans US$1,285,205 Im Leeacher 3 8123 Ebmatingen, Switzerland Julius Baer Fund Trading Loans US$978,142 Bahnhofstrasse 36 CH-8010 Zurich, Switzerland Bost & Co Loans US$961,042 Mellon Bank, P.O. Box 3195 Pittsburgh, PA 15230-3195 Partner Marketing AG Loan US$610,126 Clarion Finanz AG Loans US$466,903 Gerbergasse 5 8001 Zurich, Switzerland Rahn & Bodmer Loans US$30,690 Shimmerlik Corporate Comm., Trade Debt US$12,018 Inc. CTA Public Relations Trade debt US$10,000 Gustavson Associates Trade debt US$10,000 Welborn Sullivan Meck Legal services US$6,465 Dill Dill Carr Stonbraker Legal Services US$5,000 B. Dolphin Energy Corp's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Asset Protection Fund Loans US$3,150,342 Aeulestrasse 5 FL-9490 Vaduz, Liechtenstein Capriccio Investments, Inc. Loan US$1,427,945 Calle 53, Urbanizacion Obarrio Swiss Tower, Piso 16 Panama Eversource Group Ltd. Loans US$3,213,014 Suite 906, Ocean Centre Harbour City 5, Canton Road TST, Kowloon, Hong Kong Vanguard Capital Ltd. Loans US$1,566,099 Shirley House, 50 Shirley Street, P.O. B Nassau, Bahamas Centrum Bank AG Loans US$1,459,271 Kirchstrasse 3 FL-9490 Vaduz, Liechtenstein Desmodio Management, Inc. Loan US$1,427,945 Kirchstrasse 79, P.O. Box 6 FL-9490 Vaduz, Liechtenstein Bank Sal. Oppenheim Jr. & Cie. Loans US$1,365,929 Uraniastrasse 28 CH-8011 Zurich, Switzerland Finter Bank Zurich Loans US$1,299,430 Claridenstrasse 35 CH-8002 Zurich, Switzerland Nicolas Mathys Loans US$1,285,205 Weinberghohe 17 6349 Baar, Switzerland Bruno Sauter Loan US$1,285,205 Im Leeacher 3 8123 Ebmatingen, Switzerland Julius Baer Fund Trading Loans US$978,142 Bahnhofstrasse 36 CH-8010 Zurich, Switzerland Bost & Co Loans US$961,042 Mellon Bank, P.O. Box 3195 Pittsburgh, PA 15230-3195 Clarion Finanz AG Loan US$466,903 Gerbergasse 5 8001 Zurich, Switzerland Partner Marketing AG Loans US$610,126 Bill Barrett Corp. Trade Debt US$47,391 Continental Production Trade Debt US$41,742 Continental Industries, LC Trade Debt US$39,194 Rahn & Bodmer Loan US$30,690 Powder River Energy Corp. Trade debt and US$30,000 utility Cascade Earth Sciences Trade Debt US$14,625 GERHARD WAGENBAUER: Claims Registration Period Ends March 28 ------------------------------------------------------------ Creditors of Gerhard Wagenbauer Bauunternehmung GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Michael Mansfeld. Creditors and other interested parties are encouraged to attend the meeting at 8:30 a.m. on April 10, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landshut Meeting Hall 8/I Maximilianstrasse 22-24 Landshut Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Michael Mansfeld Marschallstr. 19 84028 Landshut Germany Tel: 0871/430944-0 Fax: 0871/430944-22 The District Court of Landshut opened bankruptcy proceedings against Gerhard Wagenbauer Bauunternehmung GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gerhard Wagenbauer Bauunternehmung GmbH Johann-Strauss-Strasse 9 84130 Dingolfing Germany HTM GMBH: Claims Registration Period Ends March 28 -------------------------------------------------- Creditors of HTM GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Sandra Bitter. Creditors and other interested parties are encouraged to attend the meeting at 9:00 a.m. on April 18, 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 Paderborn Meeting Hall 230a Second Floor Bogen 2-4 33098 Paderborn 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: Sandra Bitter Busdorfwall 22 33098 Paderborn Germany Tel: 05251/ 180660 Fax: 05251 / 1806666 The District Court of Paderborn opened bankruptcy proceedings against HTM GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HTM GmbH Kapenberg 3 37671 Hoexter Germany Attn: Thomas Schlickwei, Manager Eilversen 16 37696 Marienmuenster Germany MAYERTHALER GMBH: Claims Registration Period Ends March 28 ---------------------------------------------------------- Creditors of Mayerthaler GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Matthias Dieckmann. Creditors and other interested parties are encouraged to attend the meeting at 8:00 a.m. on April 11, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landshut Meeting Room 9/I Insolvency Court Maximilianstrasse 22-24 Landshut Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Matthias Dieckmann Gute Anger 11 85356 Freising Germany Tel: 08161/988110 Fax: 08161/82472 The District Court of Landshut opened bankruptcy proceedings against Mayerthaler GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mayerthaler GmbH Raiffeisenstr. 31 85356 Freising Germany NUNTIUS DIE LOGISTIKER: Claims Registration Period Ends April 7 --------------------------------------------------------------- Creditors of Nuntius "Die Logistiker" Medienlogistik GmbH have until April 7, 2008, to register their claims with court- appointed insolvency manager Knut Rebholz. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on June 9, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Charlottenburg Hall 218 Second Floor Amtsgerichtsplatz 1 14057 Berlin Germany The Court will also verify the claims set out in the insolvency manager's report 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: Knut Rebholz Cicerostr. 22 10709 Berlin Germany The District Court of Charlottenburg opened bankruptcy proceedings against Nuntius "Die Logistiker" Medienlogistik GmbH on Jan. 10, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Nuntius "Die Logistiker" Medienlogistik GmbH Pestalozzistr. 66 10627 Berlin Germany PENTA BETEILIGUNGS: Claims Registration Period Ends April 7 ----------------------------------------------------------- Creditors of PENTA Beteiligungs GmbH have until April 7, 2008, to register their claims with court-appointed insolvency manager Christian Gerloff. 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 Munich Meeting Hall 101 Infanteriestr. 5 80097 Munich Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christian Gerloff Nymphenburger Str. 139 80636 Munich Germany Tel: 089/120260 Fax: 089/12026127 The District Court of Munich opened bankruptcy proceedings against PENTA Beteiligungs GmbH on Feb. 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: PENTA Beteiligungs GmbH Bahnhofstr. 106 82166 Grafelfing Germany REGOS BAU- UND MANAGEMENT: Claims Registration Ends April 8 ----------------------------------------------------------- Creditors of REGOS Bau- und Management GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Dr. Mark Zeuner. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on April 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Stendal Hall 112 Albrecht der Bar Scharnhorststrasse 40 39576 Stendal 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. Mark Zeuner Lehmweg 17, D 20251 Hamburg Germany Tel: 040/480 63 90 Fax: 040/480 63 999 The District Court of Stendal opened bankruptcy proceedings against REGOS Bau- und Management GmbH on Feb. 19, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: REGOS Bau- und Management GmbH Giessereistrasse 8 39517 Tangerhuette Germany Attn: Helmut Juergen Barike, Manager Weststr. 3 04420 Markranstadt Germany SCHENK PLASTIC: Dobler Says There Is Interest in Company -------------------------------------------------------- Dobler & Partner GmbH, administrator of Schenk Plastic Solutions, disclosed that there is a �certain amount of interest� in the company, Plastics Information Europe reports. Schenk Plastic was placed into administration last Feb. 28, 2008, the report adds. Argantis, the report relates, which bought the company in 2005, has been looking for new investors since late September 2007. Schenk Plastic Solutions GmbH -� http://www.schenk-ps.de/-- designs and manufactures functional and trim parts, and decorative accessories for vehicle interiors. The company provides parts and assemblies for the manufacturers of electric and motor-driven machines; and ventilation systems of electric motors. The company also offers rear armrests, seat cover modules, petrol tank cavity modules, casings, and handles; and design and functional parts for car interiors, as well as for luggage and engine compartments. The company has production facilities in Bretten, Germany; and Liberec, the Czech Republic. W & M MEIXNER: Claims Registration Period Ends March 28 ------------------------------------------------------- Creditors of W & M Meixner Bauunternehmung GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Dr. Hans von Gleichenstein. Creditors and other interested parties are encouraged to attend the meeting at 8:20 a.m. on April 18, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Landshut Meeting Room 9/I Insolvency Court Maximilianstrasse 22-24 Landshut Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hans von Gleichenstein Am Kleinen Platz 6 85435 Erding Germany Tel: 08122/227 6196 Fax: 08122/227 6218 The District Court of Landshut opened bankruptcy proceedings against W & M Meixner Bauunternehmung GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: W & M Meixner Bauunternehmung GmbH Waldstr. 10 85570 Ottenhofen Germany ============= I R E L A N D ============= MOTIF FINANCE: S&P Junks Rating on EUR30 Million Notes ------------------------------------------------------ Standard & Poor's Ratings Services lowered and placed on CreditWatch with negative implications its ratings on the spread-based leveraged super senior secured credit-linked notes issued by Motif Finance (Ireland) PLC series 2007-7. This rating action follows continued widening in spreads for the underlying assets in this transaction. The increased portfolio spreads have led to an increased probability of default calculated for each transaction, so that it is no longer commensurate with the initial rating assigned to this transaction. The current weighted-average portfolio spread for this transaction is currently very close to its trigger level. LSS transactions contain both credit and market value risks associated with the underlying portfolio. These transactions have a market value trigger based on the weighted-average portfolio spread and portfolio losses at a given point in time. If this trigger is breached, it would lead to an unwind event. Standard & Poor's assesses the likelihood of breaching the attachment point (credit risk) as well as the probability of breaching a specific spread trigger (market value risk) when assigning a rating. Ratings List Ratings Lowered and Placed on Creditwatch Negative Motif Finance (Ireland) PLC Ratings ------- Class To From ----- -- ---- EUR30 Million Limited CCC/Watch Neg AAA Recourse Leveraged Synthetic CDO Notes Series 2007-7 ========= I T A L Y ========= ALITALIA SPA: Air France-KLM Offers EUR747 Mln for Italy's Stake ---------------------------------------------------------------- Alitalia S.p.A. has disclosed the binding offer submitted by Air France-KLM SA, and approved by its Board of Directors. Strategic Rational The new group will benefit from the comprehensive, competitive and efficient market coverage that will strengthen its position as the leading global airline group, offering its customers an unmatched network. The network design of the three companies rests upon jointly defined principles and on three main intercontinental hubs (Amsterdam, Paris and Rome). It will be based on natural flows having regards to the respective size of the hubs. With the new industrial set up, Alitalia: * will continue to play an autonomous role with Air France and KLM; * will benefit from the global alliance SkyTeam; * will provide a wide range of services in the best interest of its customers; and * will directly manage certain activities currently carried out by Alitalia Servizi. Alitalia's integration with the Air France-KLM Group will enable: * A product offering in line with Italy's economic and industrial features consistent with the country's economic strength and of its successful exports; * A complete offer of services for Italian corporate clients; * The possibility of access for every Alitalia client to a single fare structure for all the groups' airlines; * The access to all the clients to the world's most powerful frequent-flyer program characterized by a growing number of partners; and * The improvement on board and ground services. In terms of integration, Alitalia will pursue the recovery of its leading positioning in the Italian market and in the international traffic flows to/from Italy, developing a strategy of profitable growth. With the full support of Air France-KLM, Alitalia is expected to strengthen its position as the Italian flag carrier benefiting from synergies in the principle areas of its business model (Sales and Distribution, Network and Revenue Management, FFP, Fleet and Procurement). Alitalia's brand and Italian identity are core and valuable assets of the Company and will be further developed for the benefits of the new group. The new industrial set up envisages the re-internalization by Alitalia of certain activities included in the areas of ground handling and maintenance (including expertise and technologies) currently in Alitalia Servizi's perimeter. These activities are considered key in the day to day management of the business operations and in the direct relationships with the clients. This restructuring is consistent with the goal to significantly improve the quality of the service which is the base of Alitalia's re-launch within the new Air France-KLM group. Technical Characteristics The agreement following the acceptance of the Offer cannot be executed immediately as it is subject to certain effectiveness conditions which have to be fulfilled by March 31, 2008. Such agreement, once executed, will entail, subject to certain additional conditions, the launch of an exchange public offer on 100% of the Alitalia shares and a public cash tender offer on 100% of the 2010 Alitalia convertible bond. The formal notification (in accordance to article 102 of T.U.F.) of the decision to launch the offers is therefore subject to the fulfillment of the aforementioned additional conditions. As customary when the control of a company receiving such offers is in the hands of a single subject, the Ministry of Economy and Finance has been requested to give its commitment to tender its shares and convertible bonds to the offers before these are launched, as it would be not useful to proceed with the such offers knowing already that they would not be successful. In line with the T.U.F. provisions and in order to comply with the principles of transparency and non-discrimination that the MEF has to adhere to, the preemptive commitment of the MEF shall become void should a better competing public offer be pursued by the MEF. Aside from the aforementioned conditions, there are other relevant effectiveness conditions: * finalization of an agreement with trade unions, for Alitalia and Alitalia Servizi's employees, as their full cooperation is key to the re-launch of the Company; * formal written undertaking from the competent Italian governmental authority to maintain the current portfolio of Alitalia's air traffic rights, continue to address in a transparent and non-discriminatory manner any future requests from Alitalia for air traffic rights and provide cooperation and assistance in the case of any major difficulties with non-European countries; such conditions should be deemed satisfied by the agreement underwritten with ENAC on March 14, 2008; * an agreement signed between Alitalia and Aeroporti di Roma S.p.A. on the service standards required for the implementation of the Industrial Plan 2008-2010; * the finalization of an agreement between Alitalia, Fintecna and Alitalia Servizi, for what concerns each's own interest, to re-internalize in Alitalia certain sector of activities and to renegotiate certain clauses of the service agreements. In order to underline the value of the re-internalization proposal, the finalization of an Unions agreement relative to Alitalia Servizi employees represents an effectiveness condition in the interest of both parties; * the identification of an applicable solution to definitely remove the risk connected to the SEA claim. In addition, in the context of the finalisation of the negotiation with Air France-KLM it emerged the need to ensure the necessary financial flexibility to face the longer expected timing for the integration and the subsequent capital increase, and the delay in the disposal of non core assets planned in the budget. Consequently, is a further effectiveness condition is envisaged relies on the MEF's granting to Alitalia a credit line to be repaid immediately after the capital increase. After contacts held with the main shareholder, the MEF itself has expressed its intention to consider the possibility to promote the necessary steps to grant such credit line only in case the Binding Offer from Air France-KLM becomes effective in its entirety even after a positive assessment expressed by the MEF itself. Subject to the satisfactory achievement of the all the effectiveness conditions set out and subject to filing conditions set out below, Air France-KLM shall formally notify (in accordance to article 102 of the T.U.F.) the decision to launch two separate public offers to all the shareholders and all the bondholders of Alitalia respectively and shall proceed to file all the required documentation with Consob for: * a voluntary exchange offer on all the Alitalia shares with a parity of 1 Air France-KLM share for 160 Alitalia shares; and * a voluntary cash offer on all the Alitalia convertible bonds at the market price of March 14, 2008, equal to a unit price of EUR0.3145. The Air France-KLM decision to launch the Offers will become executable and hence the Offers will only take place only when all the filing conditions are fulfilled: * there shall be no material breach by Alitalia of its obligations under the Agreement that is not remedied within four weeks of Air France-KLM's having notified Alitalia thereof in writing; * there shall have been no material adverse change in respect of Alitalia; * the Italian government taken as a whole shall not have taken any formal decision or made any official public statement, which is materially against the transaction; * the European Commission shall have issued a positive decision on the transaction, even if subject to conditions deemed reasonably acceptable for Air France-KLM; * any applicable waiting period under the U.S. antitrust law shall have expired; * all the agreements and effectiveness conditions in the Agreement shall have been fulfilled; * if, with respect to the SEA claim, the solution to definitely remove the risk should come from the enactment of an appropriate law decree, such law decree shall have been converted into law. The conditions shall remain in force until clearance to publish the offer documents is received; in case these conditions will not be duly executed, the Offers can be withdrawn. After receiving clearance to publish the offer documents the filing conditions shall become effectiveness conditions to the Offers. The Offer documents, both with respect to the Exchange Offer and Cash Offer, will include customary effectiveness conditions. In addition, the Exchange Offer and the Cash Offer will include respectively a minimum acceptance threshold condition of 49.9% and 62%. It is noted that such thresholds can be achieved through the acceptance to the offers by the MEF. The Cash Offer is conditional to the successful completion of the Exchange Offer. The agreement foresees that, following the completion of the Offers, Alitalia will approve a EUR1 billion rights issue to be offered for subscription to all shareholders and convertible bondholders, at a price to be determined closer to the offer considering the price for the public exchange offer. Air France-KLM undertakes to exercise all subscription rights of the Alitalia shares owned by Air France-KLM or any and all subscription rights not exercised by the other Alitalia shareholders. Should the Offers be successful, and as a c