/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/080320.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, March 20, 2008, Vol. 9, No. 57 Headlines A U S T R I A ABRASEVIC KEG: Claims Registration Period Ends April 16 BSC BERATERSERVICE: Claims Registration Period Ends April 15 CITY OF MUSIC-TONTRAGER: Claims Registration Period Ends April 8 CURA BAU: Claims Registration Period Ends April 16 HOLZWERK KARL: Claims Registration Period Ends April 4 PRESS-STABIL: Claims Registration Period Ends April 22 W.I.N. COMPUTER: Claims Registration Period Ends April 24 F R A N C E ARROW ELECTRONICS: Ct. Rules Return of US$12MM Payment to Bridge G E R M A N Y FRISCHA VERWALTUNGS: Claims Registration Ends April 9 GALANT GARTENGESTALTUNG: Claims Registration Ends April 9 GUENEY FEINKOST: Claims Registration Period Ends March 28 HST SEURING: Claims Registration Period Ends March 31 JORDAN TRANSPORT: Claims Registration Period Ends April 10 KLEIN SYSTEM: Claims Registration Period Ends March 30 KLEISER GMBH: Claims Registration Ends April 9 LANDSHUTER - SB: Claims Registration Period Ends March 28 MDL MARKETING: Claims Registration Period Ends April 8 MPO WOHNBAU: Claims Registration Period Ends March 28 NEUE ENERGIE : Claims Registration Period Ends April 10 POSCH MOBILE: Claims Registration Period Ends April 8 PROCKTER GMBH: Claims Registration Period Ends March 26 PROTEXXON HITECH: Claims Registration Period Ends April 8 RAMM SPEDITIONS: Claims Registration Period Ends April 10 REITENBACH IMMOBILIEN: Claims Registration Period Ends April 10 RICK-BAU GMBH: Claims Registration Ends April 9 ROCH GMBH: Claims Registration Period Ends April 10 S K VERWALTUNGS: Claims Registration Period Ends April 10 STOM BAU: Claims Registration Ends April 9 TUI AG: Earns EUR236 Million for Year Ended 2007 TUI AG: To Sell Hapag-Lloyd Owe Unit to Shareholder Pressure TUI AG: Likely Hapag-Lloyd Unit Spinoff Cues S&P's Neg. Watch WIEMEYER VERWALTUNGS: Claims Registration Ends April 9 H U N G A R Y AES CORP: Posts US$95 Million Net Loss in Year Ended Dec. 31 I T A L Y ALITALIA SPA: Italian Finance Ministry Approves Air France Offer ALITALIA SPA: SEA SpA Says Suit Continues but May Settle ALITALIA SPA: Liquidation Only Option if Sale Fails FIAT SPA: Argentina Unit to Invest US$300 Million INTERNATIONAL PAPER: To Buy Weyerhaeuser's Unit for US$6BB Cash K A Z A K H S T A N AGROSNAB-PV LLP: Creditors Must File Claims by April 15 ASIA FOOD: Claims Deadline Slated for April 11 BANK CENTERCREDIT: Kookmin Bank to Acquire 30% Stake BANK CENTERCREDIT: Fitch Holds Ratings and Revises Outlook CORPORATION RKN: Claims Filing Period Ends April 11 DREAM LLP: Creditors' Claims Due on April 11 GEOARHSERVICE LLP: Claims Registration Ends April 15 HOTEL-SERVICE LTD: Creditors Must File Claims by April 11 KURYLYS TAS: Claims Deadline Slated for April 15 MIRAT JONE: Claims Filing Period Ends April 11 NZH TRADE: Creditors' Claims Due on April 15 K Y R G Y Z S T A N ENGINEERING-SERVICE LLC: Claims Filing Period Ends April 18 P O R T U G A L BEARINGPOINT INC: Names David Hunter as Chief Operating Officer R U S S I A ELAN-FERM-MASH: Volgograd Bankruptcy Hearing Slated for June 24 KIRZHACH-STROY: Vladimir Bankruptcy Hearing Slated for May 20 KRASNOGVARDEYSKIY-AGRO-PROM-TRANS: Claims Filing Ends April 1 LOCAL FUEL: Creditors Must File Claims by April 1 MAGNITOGORSK IRON: Building US$1-Billion Factory in Turkey MASLOVSKOE LLC: Creditors Must File Claims by April 1 SLOBODSKAYA BREWING: Asset Sale Slated for April 4 TEPLOSILA-SERVICE: Creditors Must File Claims by April 1 S W I T Z E R L A N D ANICON INDUSTRIAL: Creditors' Liquidation Claims Due by April 30 CHIAPPOLINI LLC: Creditors' Liquidation Claims Due by May 5 COLUMBIA ART: Zug Court Starts Bankruptcy Proceedings GARAGE GULUM: Creditors' Liquidation Claims Due by March 25 GASTHAUS BAD: Lucerne Court Starts Bankruptcy Proceedings PROCON-OFFICE JSC: Creditors' Liquidation Claims Due by March 31 RESIDENCE SCHONBERG: Creditors Must File Claims by March 26 WWF PANDA: Creditors' Liquidation Claims Due by March 31 T U R K E Y MAGNITOGORSK IRON: Starts Construction of US$1-Billion Plant U N I T E D K I N G D O M A & P MAINTENANCE: Brings In Liquidators from Mazars A. D. FABRICATIONS: Calls In Liquidators from Mazars BAA LTD: To Enters Talks with Bondholders Over Debt Transfer BRITISH ENERGY: Board Confirms New Nuclear Program Discussion C.L.E.A.R. PLC: S&P Downgrades Ratings on Nine Note Classes CARLYLE CAPITAL: Liquidators Release Preliminary Report D.E.K.E. LTD: Peter Wastell Leads Liquidation Procedure FIORENTE FUNDING: Moody's Cuts Ratings on Six Note Classes LINCOLN CASTINGS: Taps Liquidators from Ernst & Young NORTHERN ROCK: Board Outlines Future Plans for the Business MEADGATE WESTERN: Enters into Administration Due to Debts QUEBECOR WORLD: Creditors' Meeting Slated for March 28 WARNERS M&E: Put into Administration by Haymills * Upcoming Meetings, Conferences and Seminars ********* ============= A U S T R I A ============= ABRASEVIC KEG: Claims Registration Period Ends April 16 ------------------------------------------------------- Creditors owed money by KEG ABRASEVIC (FN 220283x) have until April 16, 2008, to file written proofs of claim to court- appointed estate administrator Herbert Schaffler at: Mag. Herbert Schaffler c/o Dr. Sieglinde Schubert Alserstrasse 13/1/2/7 1080 Vienna Austria Tel: 368 49 50 E-mail: herbert.schaffler@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:50 a.m. on April 30, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 25, 2008 (Bankr. Case No. 2 S 26/08y). Sieglinde Schubert represents Mag. Shaffler in the bankruptcy proceedings. BSC BERATERSERVICE: Claims Registration Period Ends April 15 ------------------------------------------------------------ Creditors owed money by LLC Bsc BeraterService und Consulting (FN 262439s) have until April 15, 2008, to file written proofs of claim to court-appointed estate administrator Elisabeth Achatz-Kandut at: Dr. Elisabeth Achatz-Kandut Schillerstrasse 12 4020 Linz Austria Tel: 0732/656969 Fax: 0732/65696960 E-mail: e.achatz@hep.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:00 a.m. on April 29, 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. 25, 2008 (Bankr. Case No. 17 S 12/08a). CITY OF MUSIC-TONTRAGER: Claims Registration Period Ends April 8 ---------------------------------------------------------------- Creditors of City of Music-Tonträger-Verkaufs GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Marcel Kleiss. Creditors and other interested parties are encouraged to attend the meeting at 9:00 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 Pinneberg Hall 3 First Floor Bahnhofstrasse 17 25421 Pinneberg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Marcel Kleiss Damm 23 25421 Pinneberg Germany The District Court of Pinneberg opened bankruptcy proceedings against City of Music-Tonträger-Verkaufs GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: City of Music-Tonträger-Verkaufs GmbH Attn: Frank Rahlf, Manager Dingstatte 20 25421 Pinneberg Germany CURA BAU: Claims Registration Period Ends April 16 -------------------------------------------------- Creditors owed money by LLC Cura Bau und Elektrotechnik (FN 279785z) have until April 16, 2008, to file written proofs of claim to court-appointed estate administrator Susi Pariasek at: Dr. Susi Pariasek c/o Mag. Beate Holper Gonzagagasse 15 1010 Vienna Austria Tel: 533 28 55 E-mail: office@anwaltwien.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on April 30, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1707 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 25, 2008 (Bankr. Case No. 2 S 24/08d). Beate Holper represents Dr. Pariasek in the bankruptcy proceedings. HOLZWERK KARL: Claims Registration Period Ends April 4 ------------------------------------------------------ Creditors owed money by LLC Holzwerk Karl Soukup (FN 102790m) have until April 4, 2008, to file written proofs of claim to court-appointed estate administrator Alexander Riel at: Dr. Alexander Riel Utzstrasse 7 3500 Krems Austria Tel: 02732/79520 Fax: 02732/79520-11 E-mail: brenner-riel@ktv-krems.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 8:30 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 Krems an der Donau, Austria, the Debtor declared bankruptcy on Feb. 25, 2008 (Bankr. Case No. 9 S 10/08f). PRESS-STABIL: Claims Registration Period Ends April 22 ------------------------------------------------------ Creditors owed money by LLC PRESS-STABIL (FN 246706d) have until April 22, 2008, to file written proofs of claim to court- appointed estate administrator Carl Knittl at: Dr. Carl Knittl c/o Mag. Horst Winkelmayr Porzellangasse 22A/7 1090 Vienna Austria Tel: 532 47 77 Fax: 532 47 77 50 E-mail: rae@kniwi.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 12:45 p.m. on May 6, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1701 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 25, 2008 (Bankr. Case No. 6 S 34/08d). Horst Winkelmayr represents Dr. Knittl in the bankruptcy proceedings. W.I.N. COMPUTER: Claims Registration Period Ends April 24 --------------------------------------------------------- Creditors owed money by LLC W.I.N. Computer EDV-Schulung (FN 131563a) have until April 24, 2008, to file written proofs of claim to court-appointed estate administrator Erwin Senoner at: Dr. Erwin Senoner c/o Dr. Georg Freimueller Alser Strasse 21 1080 Vienna Austria Tel: 406 05 51 Fax: 406 96 01 E-mail: kanzlei@jus.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:15 a.m. on May 8, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1703 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on Feb. 22, 2008 (Bankr. Case No. 5 S 12/08m). Georg Freimueller represents Dr. Senoner in the bankruptcy proceedings. =========== F R A N C E =========== ARROW ELECTRONICS: Ct. Rules Return of US$12MM Payment to Bridge ---------------------------------------------------------------- Arrow Electronics, Inc. disclosed last week that an opinion has been rendered in the proceeding Bridge Information Systems, et. anno v. Merisel Americas, Inc. & MOCA., in favor of Bridge Information Systems Inc., the estate of a former Global Enterprise Computing Solutions customer that declared bankruptcy in 2001. The proceeding is related to sales made by the MOCA division of ECS in 2000 and early 2001. The administrator of the Bridge estate had sought the return of approximately US$24.0 million plus interest with respect to allegedly preferential payments made to MOCA, a company Arrow purchased from Merisel Americas in the fourth quarter of 2000, shortly before Bridge declared bankruptcy. In the opinion, the Bankruptcy Court found that a total of US$12.5 million of the payments received were preferential, and must be returned to Bridge. Arrow intends to continue to defend its position through post- trial motions and an appeal if necessary. This amount will be accrued in the first quarter of 2008 and therefore impact the comparability of the company's results. About Bridge Information Bridge Information Systems Inc. filed a voluntary petition for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code on Feb. 15, 2001 (Bankr. E.D. Mo. Case Nos. 01-41593 through 01- 41614, inclusive). On February 13, 2002, Judge McDonald confirmed a chapter 11 plan of liquidation, which, among other items, transferred ownership of the company's assets to the holders of Bridge's secured creditors. Thomas J. Moloney, Esq., Seth A. Stuhl, Esq., and Kurt A. Mayr, Esq., at Cleary, Gottlieb, Steen & Hamilton in New York served as lead counsel to Bridge in its chapter 11 cases. Gregory D. Willard, Esq., Lloyd A. Palans, Esq., and David M. Unseth, Esq., at Bryan Cave LLP in St. Louis, served as local counsel. About Arrow Electronics Headquartered in Melville, New York, Arrow Electronics Inc. -- http://www.arrow.com/-- provides products, services and solutions to industrial and commercial users of electronic components and computer products. Arrow serves as a supply channel partner for nearly 600 suppliers and more than 130,000 original equipment manufacturers, contract manufacturers and commercial customers through a global network of over 270 locations in 53 countries and territories. The company operates in France, Spain, Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium, the Netherlands, United Kingdom, Argentina, Brazil, Mexico, Australia, China, Hong Kong, Korea, Philippines and Singapore. * * * Arrow Electronics' senior subordinated stock continues to carry Moody's Investors Service's Ba1 rating. The company's senior preferred stock is rated at Ba2. ============= G E R M A N Y ============= FRISCHA VERWALTUNGS: Claims Registration Ends April 9 ----------------------------------------------------- Creditors of Frischa Verwaltungs GmbH have until April 9, 2008 to register their claims with court-appointed insolvency manager Dr. Christian Willmer. Creditors and other interested parties are encouraged to attend the meeting at 8:20 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 Hannover Hall 226 Second Upper Floor 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: Dr. Christian Willmer Walle 5 31535 Neustadt Germany Tel: 05032 9831030 Fax: 05032 9831032 The District Court of Hannover opened bankruptcy proceedings against Frischa Verwaltungs GmbH on March 4, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Frischa Verwaltungs GmbH Attn: Friedrich Scharnhorst, Manager Steinweg 27 31535 Neustadt Germany GALANT GARTENGESTALTUNG: Claims Registration Ends April 9 --------------------------------------------------------- Creditors of Galant Gartengestaltung GmbH have until April 9, 2008 to register their claims with court-appointed insolvency manager Dr. Nikolaus Schmidt. Creditors and other interested parties are encouraged to attend the meeting at 9:50 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 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: Dr. Nikolaus Schmidt Magdeburger Strasse 23, D 06112 Halle Germany Tel: 0345/231110 Fax: 0345/2311199 The District Court of Halle-Saalkreis opened bankruptcy proceedings against Galant Gartengestaltung GmbH on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Galant Gartengestaltung GmbH Attn: Erhardt Schirmer, Manager Amtshauser 23-29 06217 Merseburg Germany GUENEY FEINKOST: Claims Registration Period Ends March 28 --------------------------------------------------------- Creditors of Gueney Feinkost Kiel Verwaltungs-GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Christian Krueger. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on April 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 Kiel Hall 3 Deliusstr. 22 Kiel 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: Christian Krueger Westring 455 24118 Kiel Germany Tel: 0431/990810 Fax: 0431/99081100 The District Court of Kiel opened bankruptcy proceedings against Gueney Feinkost Kiel Verwaltungs-GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Gueney Feinkost Kiel Verwaltungs-GmbH Attn: Cihan Yesil Manager Wellseedamm 21 24145 Kiel Germany HST SEURING: Claims Registration Period Ends March 31 ----------------------------------------------------- Creditors of HST Seuring GmbH have until March 31, 2008, to register their claims with court-appointed insolvency manager Raimund Schraad. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 2, 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 Fulda Hall 3100 Koenigstrasse 38 36037 Fulda 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: Raimund Schraad Dudenstrasse 14 D 36251 Bad Hersfeld Germany Tel: 06621- 50780 Fax: 06621-507840. The District Court of Fulda opened bankruptcy proceedings against HST Seuring GmbH on March 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: HST Seuring GmbH Attn: Gerhard Seuring, Manager Quellenstrasse 10 36148 Kalbach Germany JORDAN TRANSPORT: Claims Registration Period Ends April 10 ---------------------------------------------------------- Creditors of Jordan Transport GmbH i.L. have until April 10, 2008, to register their claims with court-appointed insolvency manager Frank Hanselmann. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.m. on April 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wuerzburg Meeting Hall 14 Second Floor Tiepolostr. 6 Wuerzburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Frank Hanselmann Heinestr. 7 b 97070 Wuerzburg Germany Tel: 0931/359800 The District Court of Wuerzburg opened bankruptcy proceedings against Jordan Transport GmbH i.L. on Feb. 25, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Jordan Transport GmbH i.L. Max-Born-Str. 20 97080 Wuerzburg Germany KLEIN SYSTEM: Claims Registration Period Ends March 30 ------------------------------------------------------ Creditors of KLEIN System- und Automationstechnik GmbH & Co KG have until March 30, 2008, to register their claims with court- appointed insolvency manager Ulrich Bert. 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 of Darmstadt Hall 4.308 Building D Mathildenplatz 15 64283 Darmstadt Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Ulrich Bert Birkenweg 24 64295 Darmstadt Germany Tel: 06151/66 72 9-0 Fax: 06151/66 72 9-20 E-mail: darmstadt@ltb-anwaelte.de The District Court of Darmstadt opened bankruptcy proceedings against KLEIN System- und Automationstechnik GmbH & Co KG on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: KLEIN System- und Automationstechnik GmbH & Co KG Attn: Gerald Willi Klein, Manager Muenchner Strasse 18-22 64521 Gross-Gerau Germany KLEISER GMBH: Claims Registration Ends April 9 ---------------------------------------------- Creditors of Kleiser GmbH & Co. KG - Apparatebau have until April 9, 2008 to register their claims with court-appointed insolvency manager Dr. Heinz Pantaleon. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on April 24, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Freiburg Hall I Holzmarkt 2 79098 Freiburg 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. Heinz Pantaleon Stemberg, LG-Fach 107 Schillerstr. 2 79102 Freiburg i. Br. Germany Tel: 0761/703900 Fax: 0761/7039052 The District Court of Freiburg opened bankruptcy proceedings against Kleiser GmbH & Co. KG - Apparatebau on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kleiser GmbH & Co. KG - Apparatebau Attn: Patrick Kleiser and Ernst Kleiser, Managers Wiesenstr. 13 79341 Kenzingen Germany LANDSHUTER - SB: Claims Registration Period Ends March 28 --------------------------------------------------------- Creditors of Landshuter - SB - Autopflegecenter GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Matthias Riemer. Creditors and other interested parties are encouraged to attend the meeting at 8:20 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: Matthias Riemer Bayerwaldstr. 57 84030 Landshut Germany Tel: 0871/4307593 Fax: 0871/4307595 The District Court of Landshut opened bankruptcy proceedings against Landshuter - SB - Autopflegecenter GmbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Landshuter - SB - Autopflegecenter GmbH Roentgenstr. 2 84030 Landshut Germany MDL MARKETING: Claims Registration Period Ends April 8 ------------------------------------------------------ Creditors of MDL Marketing GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Stephan Mitlehner. Creditors and other interested parties are encouraged to attend the meeting at 11:00 a.m. on May 20, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Baden-Baden Hall 009a Ground Floor Gutenbergstr. 17 76532 Baden-Baden 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 Mitlehner Bertholdstr. 8 76530 Baden-Baden Germany The District Court of Baden-Baden opened bankruptcy proceedings against MDL Marketing GmbH on Feb. 12, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MDL Marketing GmbH Attn: Regina Rieger Akazienstr. 3 76437 Rastatt Germany MPO WOHNBAU: Claims Registration Period Ends March 28 ----------------------------------------------------- Creditors of MPO Wohnbau GmbH have until March 28, 2008, to register their claims with court-appointed insolvency manager Yu-Jin Embacher. Creditors and other interested parties are encouraged to attend the meeting at 8:10 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 Landshut Meeting Hall 9/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: Yu-Jin Embacher Theatinerstrasse 15 80333 Muenchen Germany Tel: 089/24217737 Fax: 089/2421773 The District Court of Landshut opened bankruptcy proceedings against MPO Wohnbau GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: MPO Wohnbau GmbH Leukstr. 10 84028 Landshut Germany NEUE ENERGIE : Claims Registration Period Ends April 10 ------------------------------------------------------- Creditors of Neue Energie Gesellschaft mbH have until April 10, 2008, to register their claims with court-appointed insolvency manager Juergen Wallner. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 22, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D132 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Juergen Wallner Bautzner Strasse 102 01099 Dresden Germany Web site: http://www.wallnerweiss.info/ The District Court of Dresden opened bankruptcy proceedings against Neue Energie Gesellschaft mbH on March 1, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Neue Energie Gesellschaft mbH Attn: Alexander von Neuhoff, Manager Ortrander Strasse 6 01558 Grossenhain Germany POSCH MOBILE: Claims Registration Period Ends April 8 ----------------------------------------------------- Creditors of Posch Mobile GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Dr. Nikolaus Schmidt. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Leipzig Hall 056 Ground Floor Enforcement Court Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Nikolaus Schmidt Magdeburger Str. 23 06112 Halle Germany Tel: 0345/231110 Fax: 0345/2311199 E-mail: Dr.Frenzel.u.Kollegen@t-online The District Court of Leipzig opened bankruptcy proceedings against Posch Mobile GmbH on Feb. 22, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Posch Mobile GmbH Dorfstrasse 116a 04862 Mockrehna Germany PROCKTER GMBH: Claims Registration Period Ends March 26 ------------------------------------------------------- Creditors of Prockter GmbH have until March 26, 2008, to register their claims with court-appointed insolvency manager Klaus Regeling. Creditors and other interested parties are encouraged to attend the meeting at 9:05 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 Bonn Hall W 1.26 William-Strasse 23 53111 Bonn 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: Klaus Regeling Godesberger Allee 125-127 53175 Bonn Germany The District Court of Bonn opened bankruptcy proceedings against Prockter GmbH on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Prockter GmbH Attn: Ugur Sunar, Manager Viktoriastr. 57 53173 Bonn Germany PROTEXXON HITECH: Claims Registration Period Ends April 8 --------------------------------------------------------- Creditors of Protexxon Hitech Security System GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager J. Oehler. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 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: J. Oehler Willy-Brandt-Platz 1 99084 Erfurt Germany The District Court of Gera opened bankruptcy proceedings against Protexxon Hitech Security System GmbH on Feb. 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Protexxon Hitech Security System GmbH Attn: Patrick Renner Quarzring 3 04600 Altenburg Germany RAMM SPEDITIONS: Claims Registration Period Ends April 10 --------------------------------------------------------- Creditors of Ramm Speditions- und Transport GmbH have until April 10, 2008, to register their claims with court-appointed insolvency manager Ruediger Wienberg. Creditors and other interested parties are encouraged to attend the meeting at 12:05 p.m. on May 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 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: Ruediger Wienberg Giesebrechtstr. 1 10629 Berlin The District Court of Charlottenburg opened bankruptcy proceedings against Ramm Speditions- und Transport GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Ramm Speditions- und Transport GmbH Boxbergerstr. 21 12681 Berlin Germany REITENBACH IMMOBILIEN: Claims Registration Period Ends April 10 --------------------------------------------------------------- Creditors of Reitenbach Immobilien GmbH have until April 10, 2008, to register their claims with court-appointed insolvency manager Mathias Cohrs. Creditors and other interested parties are encouraged to attend the meeting at 9:05 a.m. on May 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Hamburg 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: Mathias Cohrs Kreuzweg 2 20099 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against Reitenbach Immobilien GmbH on Feb. 8, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Reitenbach Immobilien GmbH Attn: Ralph Reitenbach, Manager Privatweg 15 22527 Hamburg Germany RICK-BAU GMBH: Claims Registration Ends April 9 ----------------------------------------------- Creditors of RICK-BAU GmbH have until April 9, 2008 to register their claims with court-appointed insolvency manager Peter- Alexander Borchardt. Creditors and other interested parties are encouraged to attend the meeting at 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 Lueneburg Hall 302 Ochsenmarket 3 21335 Lueneburg Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Peter-Alexander Borchardt Deichstr. 1 20459 Hamburg Germany Tel: 040/37 60100 Fax: 040/37 601199 E-Mail: hamburg@htg-wp.de The District Court of Lueneburg opened bankruptcy proceedings against RICK-BAU GmbH on Feb. 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: RICK-BAU GmbH Attn: Hans-Georg Rick, Manager Parkstrasse 30 21395 Tespe Germany ROCH GMBH: Claims Registration Period Ends April 10 --------------------------------------------------- Creditors of ROCH GmbH have until April 10, 2008, to register their claims with court-appointed insolvency manager Burckhardt Reimer. Creditors and other interested parties are encouraged to attend the meeting at 10:30 a.m. on May 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Burckhardt Reimer Domstrasse 15 20095 Hamburg Germany The District Court of Hamburg opened bankruptcy proceedings against ROCH GmbH on Feb. 13, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ROCH GmbH Rentzelstrasse 14 20146 Hamburg Germany S K VERWALTUNGS: Claims Registration Period Ends April 10 --------------------------------------------------------- Creditors of S K Verwaltungs- GmbH have until April 10, 2008, to register their claims with court-appointed insolvency manager Wolfgang Lorisch. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 14, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Bochum Hall A29 Ground Floor Main Building Viktoriastrasse 14 44787 Bochum Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Lorisch Kurt-Schumacher-Strasse 48 45699 Herten Germany The District Court of Bochum opened bankruptcy proceedings against S K Verwaltungs- GmbH on Feb. 26, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: S K Verwaltungs- GmbH Attn: Udo Schwarz, Manager Karlstr. 2 F 45739 Oer-Erkenschwick Germany STOM BAU: Claims Registration Ends April 9 ------------------------------------------ Creditors of StoM Bau GmbH have until April 9, 2008 to register their claims with court-appointed insolvency manager Dr. Juergen Spliedt. Creditors and other interested parties are encouraged to attend the meeting at 11:30 a.m. on May 7, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of 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: Dr. Juergen Spliedt Uhlandstrasse 165/166 10719 Berlin Germany The District Court of Potsdam opened bankruptcy proceedings against StoM Bau GmbH on Feb. 21, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: StoM Bau GmbH Schulzendorfer Strasse 11 12529 Schoenefeld Germany Attn: Paul Uwe Mueller, Manager Rosa-Luxemburg-Strasse 120 a 15732 Schulzendorf Germany TUI AG: Earns EUR236 Million for Year Ended 2007 ------------------------------------------------ TUI AG released its financial report for the year ended Dec. 31, 2007. The group posted net profit of EUR236.3 million on EUR1.53 billion gross profit for the year ended Dec. 31, 2007, compared with net loss of EUR843.4 million on EUR1.31 billion gross profit for the same period in 2006. At Dec. 31, 2007, the group's balance sheet showed EUR16.30 billion in total assets, EUR13.18 billion in total liabilities and EUR3.12 billion in shareholders' equity. The group's net debt totaled to EUR3.9 billion at Dec. 31, 2007, compared with EUR3.2 billion net debt for Dec. 31, 2006. TUI AG said the increase is due to the first-time consolidation of the First Choice Group. "2007 was a good year for us. We were set for growth, and we returned to the profit zone with a leap in earnings," Dr. Michael Frenzel, TUI's CEO disclosed. Dr. Frenzel emphasized that both tourism and shipping had posted a positive performance. "And we are also optimistic for the 2008 financial year. We intend to further improve our Group’s profitability," Dr. Frenzel added. Outlook For 2008, TUI expects an increase in group turnover of around EUR4 billion to EUR26 billion due to higher turnover expectations in the tourism and shipping divisions. The tourism division expects to increase its turnover to around EUr19 billion. Due to the capacity adjustments already initiated, this turnover growth is expected to primarily result from the consolidation of the First Choice activities for a full year. The increase in earnings by TUI Travel will result from consolidation of First Choice for a full financial year, expected initial synergy effects, margin improvements in the Mainstream business and growth of the Specialist Holidays, Activity Holidays and Online Destinations Services sectors. Booking volumes remain strong, both for the current winter season and the 2008 summer season. Turnover by the Northern Europe sector is up 7% for the winter and up 9% for the summer. Central Europe is currently recording an increase in turnover of 4% for the winter and 6% for the summer season. Western Europe is reporting turnover growth of 4%, both for the current winter season and the 2008 summer season. TUI Hotels & Resorts also expects turnover and earnings growth, resulting among others from a further increase in bed nights and an increase in average revenues per bed. Overall, the tourism division expects a substantial increase in earnings despite persistently intense competition as well as commodity price increases. For its globally operating shipping division, TUI expects growth of 7%, mainly driven by the persistently strong trade activities with China. At the same time, TUI AG expects freight rates to grow in all trade lanes. The TUI Group’s container shipping sector aims to achieve above-average market growth in transport volumes. Against this background, turnover growth from currently EUR6.2 billion to up to EUR7 billion – depending on the development of the US dollar exchange rate against the euro – is considered possible. TUI expects to leverage the full synergy potential of EUR220 million and thus achieve a considerable improvement in earnings by the shipping division, even if volume growth should turn out to be only moderate and freight rates should only recover slightly. In this connection, the effect of the sub-prime crisis on the development of world trade cannot yet be fully assessed and thus entails an element of risk. The development of shipping bunker prices will also play an important role. Overall, the Group’s profitability is expected to be boosted by the expected increase in earnings in tourism and the expected recovery of freight rates as well as other productivity increases in shipping. About TUI Headquartered in Hanover, Germany, TUI AG -- http://www.tui-group.com/-- engages in the tourism and shipping sectors. The Company's core activities are in the tourism business, focusing mainly on the markets of Central, Northern and Western Europe. TUI AG's shipping and logistics activities are contained within its Hapag-Lloyd Container Linie GmbH and CP Ships Ltd. Subsidiaries. TUI AG: To Sell Hapag-Lloyd Owe Unit to Shareholder Pressure ------------------------------------------------------------ TUI AG CEO Michael Frenzel disclosed that the sale of the company's Hapag-Lloyd division could happen in “months,” Bloomberg News reports. According to the report, TUI has not received any formal offers but is open to talks with its rivals. Mr. Frenzel disclosed that a large majority of shareholders, including Norwegian billionaire John Fredriksen and U.S. activist Guy Wyser-Pratte had demanded separation of Hapag, Bloomberg relates. On March 17, 2008, the supervisory board of TUI AG decided to prepare a separation of its container shipping division from the group. All options including a spin-off, merger or divestment as a single entity are going to be examined. According to Bloomberg, Mr. Frenzel would consider merging Hapag with another shipper, with TUI retaining a stake in the business. A spinoff, he said, would be complex and take more than a year. TUI's executive board has been given the mandate to identify further growth options for the expansion of the tourism business. About TUI Headquartered in Hanover, Germany, TUI AG -- http://www.tui-group.com/-- engages in the tourism and shipping sectors. The Company's core activities are in the tourism business, focusing mainly on the markets of Central, Northern and Western Europe. TUI AG's shipping and logistics activities are contained within its Hapag-Lloyd Container Linie GmbH and CP Ships Ltd. Subsidiaries. TUI AG: Likely Hapag-Lloyd Unit Spinoff Cues S&P's Neg. Watch ------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit ratings and all issue ratings on Germany-based tourism and shipping group TUI AG on CreditWatch with negative implications, following the group's announcement that it will prepare the separation of its container shipping unit Hapag- Lloyd AG from the rest of the business. "The CreditWatch placement reflects our expectation of a weakened business profile for the group following the separation," said Standard & Poor's credit analyst Michael Seewald. "However, we cannot at this time assess the implications of the separation on TUI's complex financial structure and risk profile." A separation of the capital-intensive container shipping business will reduce the capital intensity of the group's business overall. However, while 2007 group financials were in line with our guidance of adjusted funds from operations to debt of 15%, a substantial decrease in TUI's indebtedness would be necessary in order to maintain current ratings under this new strategic perspective as the separation from the shipping business will have dilutive effects on the group's business risk profile. TUI -- whose post-transaction operations would essentially consist of a 51% owned tourism business listed on the London Stock Exchange -- will be fully exposed to the tourism industry, which has high earnings volatility, ongoing margin pressure, and exposure to external shocks. TUI's size and diversification, resulting from its leading European market position, only partially mitigate these risk factors. "We will continue to monitor future developments and seek to resolve the CreditWatch placement within the next few months, after the details of any transaction are known and after discussion with management on future strategy and financial policy," said Mr. Seewald. At this early stage upgrade potential is remote, but we could affirm the 'BB-' rating or lower it by probably one notch, depending on TUI's post-transaction financial risk profile and the development of its operations. WIEMEYER VERWALTUNGS: Claims Registration Ends April 9 ------------------------------------------------------ Creditors of Wiemeyer Verwaltungs- und Beteiligungs- GmbH have until April 9, 2008 to register their claims with court- appointed insolvency manager Stefan Bick. Creditors and other interested parties are encouraged to attend the meeting at 9:20 a.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 Osnabrueck Hall N 301 Kollegienwall 10 49074 Osnabrueck 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 Bick Neumarkt 8 49074 Osnabrueck Germany Tel: 0541/358300 Fax: 0541/3583025 The District Court of Osnabrück opened bankruptcy proceedings against Wiemeyer Verwaltungs- und Beteiligungs- GmbH on March 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Wiemeyer Verwaltungs- und Beteiligungs- GmbH Kruempel 6 49090 Osnabrueck Germany Attn: Uwe Wiemeyer, Manager Gertrudenstrasse 9 49074 Osnabrueck Germany ============= H U N G A R Y ============= AES CORP: Posts US$95 Million Net Loss in Year Ended Dec. 31 ------------------------------------------------------------ The AES Corporation earned US$8 million for the three months ended Dec. 31, 2007, compared to net income of US$15 million for the same period in 2006. For the full year of 2007, the company posted a net loss of US$95 million compared to net income of US$247 million. "We are pleased to announce that we had another good year in 2007, demonstrating the financial strength of our portfolio of businesses," said Paul Hanrahan, AES President and Chief Executive Officer. He added, "We made good progress in executing and expanding projects in our global pipeline of core and alternative energy businesses and moved into new higher growth markets, all of which positions us well for continued growth going forward." Fourth Quarter 2007 Revenue During the quarter, revenues increased by US$739 million, or 25%, to US$3.7 billion. The increase in revenues reflects higher prices and volumes from the generation businesses of approximately US$358 million across all four of the company's regions, as well as favorable foreign currency translation of approximately US$258 million. It also reflects approximately US$57 million from TEG and TEP, two plants the company acquired in northern Mexico in the first quarter of 2007. Gross Margin Gross margin increased by US$20 million, or 3%, to US$809 million. Gross margin benefited from a combination of higher prices at the North American and European businesses, favorable foreign currency translation and contributions from new businesses of approximately US$149 million. These gains were offset in part by higher fixed costs at Eletropaulo, one of our distribution companies in Brazil, and Sonel, our integrated utility in Cameroon, coupled with the previously anticipated tariff reset at Eletropaulo in July 2007. Income From Continuing Operations Fourth quarter income from continuing operations was US$4 million versus (US$14) million in fourth quarter 2006. The net loss in 2006 was primarily driven by higher development and overhead costs related to remediation work in fourth quarter 2006 (US$0.05), restatement charges in Brazil (US$0.03), charges related to the restructuring of certain of the company's Brazilian subsidiaries (US$0.02) and one-time costs related to the refinancing of debt at certain of the company's subsidiaries in Panama (US$0.01). The US$0.00 per diluted share earned in the fourth quarter from continuing operations includes net charges of US$0.24 related to certain significant items. These items include: * an asset impairment at Uruguaiana, a generation plant in Brazil that the company owns indirectly through its Brasiliana subsidiary (US$0.24) * a write-off of the Company's remaining equity investment in (US$0.02) and impairment of prepaid carbon emission credits (US$0.01) from AgCert, a UK company which produces Certified Emission Reductions (CERs); * expenses associated with deferred financing charges and make-whole fees related to the refinancing of corporate debt (US$0.08); * a one-time deferred tax charge arising from a change in Mexican tax law (US$0.07); and * a gain of US$0.18 realized from the secondary sale of shares by the company's Chilean subsidiary Gener Excluding the net impact of these significant charges, as well as the one-time charges in 2006 identified above, the main driver of the year-over-year improvement in both income from continuing operations and adjusted earnings per share (a non- GAAP financial measure) was improved operating performance at our North American and European businesses. Cash Flow Fourth quarter 2007 net cash from operating activities was US$488 million as compared to US$476 million in fourth quarter 2006. The increase was primarily attributable to improved operating performance at our North American and European businesses, which more than offset the impact of the sale of EDC in second quarter 2007. Excluding any contribution from EDC, which is included in the consolidated statement of cash flows, net cash from operating activities would have increased by approximately US$30 million. Full Year 2007 Revenue During the year, revenues increased by US$2.0 billion, or more than 17%, to US$13.6 billion. The increase in revenues is attributable to higher prices from our generation businesses across all four of the Company's regions of US$688 million, and US$636 million from favorable currency translation at our utility businesses in Latin America. The increased revenues also reflects the contributions from new or recently acquired generation businesses, TEG and TEP in Mexico and Itabo in the Dominican Republic of US$286 million, as well as higher utility volumes from our utility businesses in both Brazil and the Ukraine. Gross Margin Gross margin remained relatively flat at US$3.4 billion, as improved operations in North America, favorable foreign currency translation in Brazil and the addition of TEG and TEP and Itabo were largely offset by the previously anticipated Eletropaulo tariff reset in July 2007, the impacts of gas curtailments and drier than normal hydrology at our businesses in the Southern Cone region of Latin America, as well as higher fixed costs at Eletropaulo and Sonel. Income From Continuing Operations Income from continuing operations was US$495 million compared to US$176 million in 2006. Results for 2006 include the restructuring of certain of the company's Brazilian subsidiaries which resulted in a non-cash, after-tax charge to income from continuing operations of US$509 million. The net loss in 2007 is driven by the sale of EDC, which resulted in a non- cash, after-tax charge of US$680 million. Excluding the impacts of the Brasiliana restructuring in 2006 and the significant charges of US$0.33 in 2007, which includes both the US$0.24 identified above for the fourth quarter as well as US$0.09 in net asset losses/impairments recorded during the first three quarters, the main driver of the year-over-year increase in earnings per diluted share and adjusted earnings per share was improved operations at the North American and European businesses, the addition of new businesses and favorable foreign currency translation. This improvement helped offset the impacts of the gas curtailment in the Southern Cone region of Latin America, as well as higher corporate overhead charges related to financial restatements, remediation work and higher business development costs. Cash Flow During the year, net cash from operating activities was US$2.4 billion, an increase of US$6 million compared to 2006. Net cash from operating activities benefited from favorable foreign currency translation and improved operating performance at the North American and European businesses which largely offset the impact of the sale of EDC in May 2007. Excluding any contribution from EDC, net cash from operating activities would have increased by approximately US$119 million. 2008 Guidance AES expects 2008 diluted earnings per share from continuing operations of US$2.43, including an expected net gain of US$1.29 or US$900 million related to the sale of two indirectly owned subsidiaries in Kazakhstan. The company expects adjusted earnings per share of US$1.14. For 2008, the company expects net cash from operating activities of US$2.3 billion to US$2.4 billion, free cash flow of US$1.4 billion to US$1.6 billion and subsidiary distributions of US$1.0 to US$1.1 billion. About AES Corporation AES Corporation -- http://www.aes.com/-- a global power company, operates in South America, Europe, Africa, Asia and the Caribbean countries. Generating 44,000 megawatts of electricity through 124 power facilities, the company delivers electricity through 15 distribution companies. AES has been in Eastern Europe for over ten years, since it acquired three power plants in Hungary in 1996. Currently, AES has two distribution companies in Ukraine, which serve 1.2 million customers and generation plants in the Czech Republic and Hungary. AES is also the leading company in biomass conversion in Hungary, generating 37% of the nation's total renewable generation in 2004. The company has Latin America operations in Argentina, Brazil, Chile, Dominican Republic, El Salvador and Panama. * * * The AES Corporation still carries Moody's Investors Service's Corporate Family Rating and the senior unsecured rating assigned at B1. The company also carries Fitch Ratings' 'BB/RR1' rating on US$500 million issue of senior unsecured notes due 2017. As reported in the Troubled Company Reporter-Europe on March 7, 2008, AES Corporation is in default under its senior secured credit facility and its senior unsecured credit facility due to a breach of representation related to its financial statements as set forth in the credit agreements. As a result, US$200 million of the debt under the company's senior secured credit facility will be classified as current on the balance sheet as of Dec. 31, 2007. There are no outstanding borrowings under the senior unsecured facility. ========= I T A L Y ========= ALITALIA SPA: Italian Finance Ministry Approves Air France Offer ---------------------------------------------------------------- The Italian Ministry of Economy and Finance has approved an offer from Air France-KLM S.A. to acquire the government's 49.9% stake in Alitalia S.p.A., Agenzia Giornalistica Italia reports. Finance Minister Tommaso Padoa-Schioppa sent a letter to Alitalia and Air France that expressed support to the French carrier's planned takeover, Agenzia Giornalistica Italia relates. However, Mr. Padoa-Schioppa said in the letter that Air France's offer will not be binding if another party submits "a competing and improved public offer and the Ministry accepts that offer." Air France confirmed acceptance of the letter and has commenced negotiations with Alitalia's unions. During the initial talks, Air France CEO Jean-Cyril Spinetta told Alitalia's unions that the takeover would create a "European champion" that would help protect jobs in the long run, Bloomberg News relates "Air France is offering Alitalia a turnaround and a real future," Mr. Spinetta told Bloomberg News. Unions, however, weren't convinced. Air France's business plan for Alitalia entails 1,600 job cuts at Alitalia's flight operations, affecting 500 pilots, 600 flight assistants and 500 ground staff. "It's humiliating and corresponds to the comatose condition that Alitalia has been reduced to," Fabrizio Solari, secretary general of FILT-CIGL, was quoted by Bloomberg News as saying. "An agreement with Air France right now looks very difficult, Claudio Genovesi, secretary general of the FIT-CISL, told Bloomberg News. CGIL union leader Guglielmo Epifani, meanwhile, advised Air France to leave "room for negotiations," saying "take-it-or- leave-it has never been the best tactic with unions," Reuters relates. The ANPAC pilots union, which had been supportive of Air France, has changed its mind. "The government has stripped us nude with this Air France deal," Raffaele Bonanni, the general secretary of the CISL, said. "This is harmful for the workers, the infrastructure and the general interests of the country." About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. ALITALIA SPA: SEA SpA Says Suit Continues but May Settle -------------------------------------------------------- SEA S.p.A. will not withdraw its EUR1.5 billion damages suit against Alitalia S.p.A., but may consider an out-of-court settlement, Reuters reports. Air France-KLM SA, said its binding offer for the Italian government's 49.9% stake in Alitalia hinges on several conditions, including "the identification of an applicable solution to definitely remove the risk connected to the SEA claim." As reported in the TCR-Europe on Feb. 6, 2008, SEA filed a EUR1.5 billion damages suit against Alitalia over the carrier's decision to downscale its operations at Milan's Malpensa airport. SEA chairman Giuseppe Bonomi said Alitalia violated a hub partnership agreement and contracts with SEA and its SEA Handling unit. Mr. Bononi noted that SEA designed and developed Malpensa as Alitalia required in terms of infrastructures, facilities and organization. However, Mr. Bononi added, the investments are rendered useless by Alitalia's downscale plan. According to Mr. Bononi, Alitalia's downscale plan will cut traffic at Malpensa by 6 million passengers and will reduce the airport's results by EUR70 million. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. ALITALIA SPA: Liquidation Only Option if Sale Fails --------------------------------------------------- Italian Economy Minister Tommaso Padoa-Schioppa said Alitalia S.p.A is likely to undergo a liquidation proceeding if the sale to Air France-KLM or some other bidders fails, Thomson Financial News reports. Mr. Padoa-Schioppa told Corriere della Sera liquidation is the only alternative to Alitalia sale or to a competing offer. Air France KLM's Binding Offer As previously reported in the TCR-Europe, Alitalia's Board of Directors resolved unanimously on March 15, 2008, in favor of Air France-KLM's proposal and decided to give the mandate to Chairman Maurizio Prato to sign the acceptance letter. The offer is subject to a number of effectiveness conditions to be fulfilled by March 31, 2008. The Board has carried out its evaluation of the Binding Offer also in light of the worsened airline sector and macro economic scenario, as well as considering the critical situation of the Company and available alternatives. The Board believes that such proposal offers the appropriate solution to preserve the Company's assets and to promote its rapid and stable restructuring and its development in the long- term, also in light of the benefits coming from the synergies deriving from the integration with the global leader of the airline industry. Consistently with the resolution taken, the Chairman signed the acceptance letter of the Agreement. Strategic Premises The scenario and the competitive environment of the air transport sector are rapidly moving towards forms of integration and consolidation involving a very limited number of hub carriers, which enable the achievement of some important benefits: * Higher critical mass, which allows to benefit from relevant economies of scale in terms of costs and revenues, and decreases the carrier's vulnerability to the high cyclicality and volatility that characterize the industry; * Access to very significant and stable synergies, which cannot be achieved through traditional alliances amongst airlines. In this environment, there is an emerging trend in the industry to leave only niche positioning to traditional carriers, which although operating efficiently, have a limited size and operate on a stand-alone basis. The airline industry is currently facing a cyclical downturn, worsened by the steep increase in fuel costs during these last months and by the general deterioration of the macro economic scenario. Alitalia is going through a highly critical situation, causing a progressive erosion of its liquidity position worsened by the aforementioned economic and industrial scenario. The Company has confirmed on a number of occasions, including when it approved the 2008 Budget, the need of a significant capital increase and to reduce in a sizeable manner its losses and the erosion of its equity through strategic actions marked by strong discontinuity with the past. The Plan for Survival/Transition, approved by the Company in September 2007, already included such actions of discontinuity through the new network design, the suspension of flights recording significantly negative economic results, and the subsequent downsizing of the fleet. Key strategic premise to that plan was the impossibility to pursue a stand alone positioning of the Company outside an industrial and financial integration with a strong carrier able to generate synergies. Following the approval of the Plan, the Company initiated a process aimed at identifying a partner who would share the need to favor the restructuring, the re-launch and the development of the Company. On Dec. 6, 2007, Air France-KLM presented a non binding offer for the potential integration with Alitalia. On Dec. 21, 2007, the Board of Directors resolved in favor of Air France-KLM's proposal considering it appropriate to offer to the Company the adequate solution to preserve the Company's assets and to promote its rapid and stable restructuring, giving mandate to the Chairman to start a period of exclusive negotiations. The Industrial Plan 2008-2010, prepared during the exclusivity period -- Jan. 18, 2008, to March 14, 2008, ended the and assumes the execution of a EUR1billion rights issue. Such Plan is the platform on which to add the synergies deriving from the integration of the Company with the Air France-KLM group. For Air France-KLM the approval of such plan represents an essential condition for the the integration of Alitalia in the French-Dutch Group. About Alitalia Headquartered in Rome, Italy, Alitalia S.p.A. -- http://www.alitalia.it/-- provides air travel services for passengers and air transport of cargo on national, international and inter-continental routes. The Italian government owns 49.9% of Alitalia. The company has operations in Argentina. Despite a EUR1.4 billion state-backed restructuring in 1997, Alitalia posted net losses of EUR256 million and EUR907 million in 2000 and 2001 respectively. Alitalia posted EUR93 million in net profits in 2002 after a EUR1.4 billion capital injection. The carrier booked annual net losses of EUR520 million in 2003, EUR813 million in 2004, EUR168 million in 2005, and EUR625.6 million in 2006. Italian Transport Minister Alessandro Bianchi has warned that Alitalia may file for bankruptcy if the current attempt to sell the government's 49.9% stake fails. FIAT SPA: Argentina Unit to Invest US$300 Million ------------------------------------------------- Fiat Argentina, a subsidiary of Fiat S.p.A., plans to invest US$300 million in Argentina, Reuters reports. The move, Reuters relates, came after Argentine President Cristina Fernandez de Kirchner met with the head of Fiat Argentina. A company official told Reuters that about US$200 million will be allocated for the production of gear boxes and the rest of the amount will be spent for car production. About Fiat S.p.A. Headquartered in Turin, Italy, Fiat S.p.A. -- http://www.fiatgroup.com/-- is one of the largest industrial groups in Italy and the fourth largest European-based automobile manufacturer, with revenues of EUR33.4 billion in the first nine months of 2005. Fiat's creditors include Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano. * * * As of March 13, 2008, Fiat S.p.A. and its subsidiaries carries Ba3 Corporate Family and Senior Unsecured ratings from Moody's Investors Service, which said the outlook is positive. The company carries Standard & Poor's Ratings Services' BB long- term corporate credit rating. The compay also carries B short- term rating. S&P said the outlook is stable. INTERNATIONAL PAPER: To Buy Weyerhaeuser's Unit for US$6BB Cash --------------------------------------------------------------- International Paper Company signed an agreement with Weyerhaeuser Company to purchase its Containerboard, Packaging and Recycling business for US$6 billion in cash, subject to post-closing adjustments. International Paper expects to close the deal in the third quarter of 2008, subject to customary closing conditions, including regulatory review and receipt of financing. The transaction includes nine containerboard mills, 72 packaging locations, 10 specialty-packaging plants, four kraft bag and sack locations and 19 recycling facilities. The transaction affects approximately 14,300 Weyerhaeuser employees. Because the transaction is a purchase of assets rather than of stock, International Paper will realize a tax benefit that has an estimated net present value of approximately US$1.4 billion. Taking this benefit into account, the net purchase price is about US$4.6 billion. "This deal represents a compelling opportunity for International Paper and our shareowners at a very attractive valuation," International Paper Chairman and Chief Executive Officer John Faraci said. "Integrating Weyerhaeuser's CBPR business into our North American packaging platform fits very well with our strategy to improve our earnings, cash flow and returns by strengthening existing businesses. We expect the combined packaging business will generate stronger cash flow and higher EBITDA margins than either standalone business." Carol Roberts, senior vice president of International Paper's packaging business, said she sees low integration risk and considerable upside potential in the deal. "Weyerhaeuser has low-cost, well-run assets that complement our existing mill and converting system and offer significant synergies," she said. "The acquisition expands our geographic presence in the U.S. and Mexico and diversifies our customer base in key product lines. All of this will make our packaging business more competitive, more profitable and better able to serve customers." Steven R. Rogel, chairman and chief executive officer of Weyerhaeuser Co., said the announcement completes the company's strategic review of the CBPR business. "We are pleased with the outcome and we will continue to focus on those areas that present the greatest opportunities for the future," Mr. Rogel said. "This future begins with the trees and the land, and our outstanding stewardship of these resources. To this we add our unique expertise in growing and extracting value from the trees and the land on which they grow. "I want to thank the CBPR employees for their dedication, patience and professional approach during this review. Their efforts continue to improve the performance of this business and I'm confident that this transaction positions CBPR for an even more successful future." Morgan Stanley acted as financial advisor to Weyerhaeuser in the transaction. International Paper has identified profit improvement opportunities of about US$400 million annually from the acquisition. The company expects to achieve at least 40% of the improvement within 12 months of completing the deal, with the remainder fully realized by the end of the third year, as a result of reducing duplicate overhead costs, integrating manufacturing operations, optimizing product mix, and improving operational and supply chain efficiencies. International Paper projects that the acquisition will be earnings accretive for the 2009 full year. International Paper will finance the transaction through debt and has financing commitments from several leading financial institutions. About Weyerhaeuser Headquartered in Federal Way, Washington, Weyerhaeuser Company -- http://www.weyerhaeuser.com/-- is principally engaged in the growing and harvesting of timber; the manufacture, distribution and sale of forest products; and real estate construction, development and related activities. About International Paper Based in Stamford, Connecticut, International Paper Co. (NYSE: IP) -- http://www.internationalpaper.com/-- is in the forest products industry for more than 100 years. The company is currently transforming its operations to focus on its global uncoated papers and packaging businesses, which operate and serve customers in the U.S., Europe, South America and Asia. The company has operations include, among others, facilities in Argentina, Brazil, Bolivia, France, Italy, Spain, Venezuela, and the United Kingdom. These businesses are complemented by an extensive North American merchant distribution system. International Paper is committed to environmental, economic and social sustainability, and has a long-standing policy of using no wood from endangered forests. * * * International Paper Co. continues to carry Moody's Investors Service's 'Ba1' senior subordinate rating. The outlook, according to Moody's is stable. =================== K A Z A K H S T A N =================== AGROSNAB-PV LLP: Creditors Must File Claims by April 15 ------------------------------------------------------- LLP Agrosnab-PV has declared insolvency. Creditors have until April 15, 2008, to submit written proofs of claims to: LLP Agrosnab-PV Kajy-Mukan Str. 50 Irtyshsk Pavlodar Kazakhstan ASIA FOOD: Claims Deadline Slated for April 11 ---------------------------------------------- LLP Asia Food 2005 has declared insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: LLP Asia Food 2005 Micro District Samal-2, 98 Almaty Kazakhstan Tel: 8 (3272) 73-90-97 BANK CENTERCREDIT: Kookmin Bank to Acquire 30% Stake ---------------------------------------------------- Kookmin Bank of Korea will acquire a 30.0% stake in JSC Bank CenterCredit. Kookmin further said that after the acquisition, it will increase its stake to 50.1% in the coming months. Kookmin’s initial investment will amount to KZT76 billion (US$634 million) through a combination of a purchase of shares from existing shareholders and a subscription for new shares issued by BCC to support the bank’s further growth. Upon the completion of the initial investment pursuant to agreements signed between Kookmin and certain shareholders of BCC, including the largest shareholder Bakhytbek R. Bayseitov, Kookmin will become the second largest shareholder in BCC. The selling shareholders have agreed to deposit US$240 million of the sale proceeds with BCC to foster the bank’s liquidity. The agreed issuance of new shares as part of the initial investment is expected to further increase BCC’s capital by approximately US$160 million. In addition, subsequent to the initial investment, Kookmin will obtain a controlling position of 50.1% or more of BCC’s outstanding shares through the purchase of additional shares, further capital injections/ rights offerings, or any combination of such options. The partnership between Kookmin and BCC will enable two leading institutions to combine their skills and expertise to take advantage of tremendous business opportunities. Kookmin’s commitment goes well beyond the mere investment of capital. The agreed transfer of core capabilities through management participation will enable BCC to increase scale and improve operational efficiencies in Kazakhstan and across Central Asia. Completion of the agreed transaction is subject to receipt of all necessary regulatory authorizations and consents, such as the approvals of the Financial Services Commission of Korea, the Ministry of Strategy and Finance of Korea, Agency of the Republic of Kazakhstan for the Regulation and Supervision of the Financial Market and Financial Organizations and the Agency for the Protection of Competition of the Republic of Kazakhstan. Morgan Stanley acted as exclusive financial adviser to BCC, with White & Case acting as legal advisers. bout Kookmin Kookmin is the largest financial institution in Korea, with more than 26 million customers, 1,204 branches and 9,570 ATMs nationwide, and US$233 billion in total assets as of 31 December 2007. Headquartered in Seoul, Kookmin is listed on the Seoul and New York Stock Exchanges and has additional presences in Hong Kong, Tokyo, London, Auckland, New York, Guangzhou, Almaty, Kiev, Ho Chi Minh City and Jakarta. About Bank CenterCredit Headquartered in Almaty, Kazakhstan, JSC Bank CenterCredit -- http://www.centercredit.kz/eng/-- focuses primarily on SME and retail business, with more than 845 thousand customers, and owns a powerful nationwide distribution network (205 branches and outlets, supplemented by 261 ATMs). BANK CENTERCREDIT: Fitch Holds Ratings and Revises Outlook ---------------------------------------------------------- Fitch Ratings affirmed the ratings of Kazakhstan-based Bank Centercredit at Long-term Issuer Default rating 'BB-', Short- term IDR 'B', Individual 'D', Support '3' and Support Rating Floor 'BB-'. The Outlook for the Long-term IDR has been changed to Evolving from Negative. The bank's senior unsecured debt is rated 'BB-'. At the same time, Fitch has affirmed the ratings of Korea's Kookmin Bank at Long-term IDR 'A+', Individual 'B', Support '1' and Support Rating Floor 'A'. The Outlook on the Long-term IDR is Stable. KMB's senior unsecured debt is affirmed at 'A+' and its subordinated notes are affirmed at 'A'. The rating actions follow the recent announcement that KMB has reached an agreement to acquire a 30% stake in BCC for US$634m (KRW621bn) and intends to increase this stake to 50.1% within 30 months. The mechanism for ultimately increasing KMB's stake to 50.1% has not been made transparent to Fitch, but the agency's understanding is that KMB is likely to have concluded an option agreement in respect to the additional stake. The acquisition of the 30% stake is, and the further increase in the stake to 50.1% would be, subject to regulatory approvals in both the Republic of Korea and Kazakhstan. The change in BCC's Outlook reflects the much stronger ability of KMB to provide support to BCC, in case of need, than BCC's current majority shareholder. Fitch does not, at present, expect to upgrade BCC upon completion of the acquisition of a 30% stake by KMB, given the considerable uncertainty over KMB's support of a foreign bank in which it holds only a minority stake. However, there would likely be significant upside for BCC's Long-term IDR if and when KMB consolidates a majority stake. "The degree of the upside would depend on KMB's Long- term IDR at the time of the acquisition and Fitch's understanding of KMB's readiness to support a foreign subsidiary bank," says Alexei Kechko, a Director in Fitch's financial institutions group. Fitch notes that this is KMB's first significant cross-border acquisition. BCC's Outlook has been changed to Evolving, rather than Positive, as there still exists significant short-term downside risk for the bank's Long-term IDR. This is because the rating is currently driven by potential support from the Kazakhstani authorities, based on BCC's significant domestic market shares. If Kazakhstan's Long-term foreign currency IDR ('BBB'/Negative Outlook) is downgraded before KMB acquires a majority stake in BCC, then BCC's Long-term IDR would likely follow suit. "The affirmation of KMB's ratings reflects the fact that the acquisition size is relatively small, since the initial investment is equivalent to only 3.9% of KMB's equity at end- 2007," says Heakyu Chang, an analyst in Fitch's financial institutions group. "That said, the acquisition is the largest overseas investment not only in KMB's history, but also in the history of Korean banks in general." The net interest margin of Korean banks has been decreasing for the past several years due to strong competition both among banks and from the securities/wealth management industry, forcing the banks to look to overseas markets for growth. Following the acquisition of a 30% stake, KMB intends to strengthen BCC's supervisory and management boards. In the long-term, KMB is expecting to transfer its skills and expertise in risk management, customer relationship management and credit card business to BCC. KMB has a very ambitious plan to expand its overseas assets to 20% of its total assets by 2015 from 1.2% at end-2007. If successful, Korean banks' overseas expansion will enhance their credit profiles; Korean banks' overseas assets at end-2007 are estimated to be just above 3% of the banking system assets. BCC had US$7.3bn of assets at end-2007 (equal to around 3.1% of KMB's balance sheet), making it the sixth-largest bank in Kazakhstan, with a market share of 8%. I t focuses primarily on the SME and retail segments, utilising a nationwide branch network. After the acquisition of the 30% stake by Kookmin, a 40% stake in BCC will be held by the Chairman of the Board of Directors, Bakhytbek Bayseitov (down from 51.2% at present), and 15% by senior management. It is noted that the initial 30% acquisition will result in new equity of US$160m for BCC. KMB is Korea's leading bank in terms of size (16% of system assets) and consumer/SME business. Established by the government in 1963 to lend to households and small businesses, Kookmin was privatised in 1995 before acquiring the state-owned, mortgage-oriented Housing & Commercial Bank. Listed on the Korean and New York stock exchanges, Kookmin is today approximately 80%-owned by foreign investors. CORPORATION RKN: Claims Filing Period Ends April 11 --------------------------------------------------- LLP Corporation RKN has declared insolvency. Creditors have until April 11, 2008, to submit written proofs of claims to: LLP Corporation RKN 20 liniya Str. 15a Almaty Kazakhstan DREAM LLP: Creditors' Claims Due on April 11 -------------------------------------------- The Specialized Inter-Regional Economic Court of Akmola has declared LLP Dream insolvent on Feb. 7, 2008. Creditors have until April 11, 2008, to submit written proofs of claims to: The Specialized Inter-Regional Economic Court of Akmola Djambul Str. 177/64 Kokshetau Akmola Kazakhstan GEOARHSERVICE LLP: Claims Registration Ends April 15 ---------------------------------------------------- LLP Geoarhservice has declared insolvency. Creditors have until April 15, 2008, to submit written proofs of claims to: LLP Geoarhservice Sharipov Str. 98-1 Almaty Kazakhstan HOTEL-SERVICE LTD: Creditors Must File Claims by April 11 --------------------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Hotel-Service Ltd (RNN 600700553675). Creditors have until April 11, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 KURYLYS TAS: Claims Deadline Slated for April 15 ------------------------------------------------ LLP Kurylys Tas Astana has declared insolvency. Creditors have until April 15, 2008, to submit written proofs of claims to: LLP Kurylys Tas Astana Yanushkevich Str. 1-76 Almaty District Astana Kazakhstan MIRAT JONE: Claims Filing Period Ends April 11 ---------------------------------------------- The Tax Committee of Almaty has ordered the compulsory liquidation of LLP Mirat Jone N.A. (RNN 092200211525). Creditors have until April 11, 2008, to submit written proofs of claims to: The Tax Committee of Almaty Room 208 Jangusurov Str. 113a Taldykorgan Almaty Kazakhstan Tel: 8 (3282) 24-19-77 NZH TRADE: Creditors' Claims Due on April 15 -------------------------------------------- LLP NZH Trade has declared insolvency. Creditors have until April 15, 2008, to submit written proofs of claims to: LLP NZH Trade Kurmangazy Str. 31 Almaty Kazakhstan =================== K Y R G Y Z S T A N =================== ENGINEERING-SERVICE LLC: Claims Filing Period Ends April 18 ----------------------------------------------------------- LLC Engineering-Service has declared insolvency. Creditors have until April 18, 2008 to submit written proofs of claim. Inquiries can be addressed to (+996 312) 27-39-14. =============== P O R T U G A L =============== BEARINGPOINT INC: Names David Hunter as Chief Operating Officer --------------------------------------------------------------- BearingPoint Inc. has appointed David Hunter as chief operating officer. Mr. Hunter, who worked at Accenture for more than 30 years and rose to the position of Global Senior Partner, will be responsible for day-to-day operations of BearingPoint across geographies, business units and corporate services. Mr. Hunter devoted much of his career to running and expanding Accenture's Asia-Pacific business, as well as overseeing the company's Government practice. At BearingPoint, he will spearhead BearingPoint's global operations and work closely with members of the executive management team to bring a commitment and focus to client service, broaden the company's growing Asia- Pacific business and extend the reach of the Public Services practice to governments around the world. During his tenure at Accenture, Mr. Hunter held a variety of senior positions including nine years as the chief executive officer of the Government Global Operating Group and the Asia Pacific region. In these roles, he was responsible for business turnarounds, resulting in significant growth and performance increases. In addition, he led the establishment of multiple government practices in the largest countries in the Asia Pacific region. "David is an experienced leader. In every position he has held, he has created value for his clients and opportunities for growth for his colleagues. He has a proven ability to increase operational efficiency, drive business results and expand profitability – all qualities consistent with our objectives," said Ed Harbach, BearingPoint's chief executive officer. "He will play a key role in helping us build a stronger organization, grow strategic areas of our client base and execute our long-term business plan." Mr. Hunter said, "This is the right opportunity at the right time for me. I have known several members of BearingPoint's management team for decades and know them to be innovative, straight-thinking and hard working. I believe there is a tremendous opportunity at BearingPoint to truly establish market leadership in key areas around the world. I am impressed with the intellectual capital embedded throughout the company and am excited to be part of the next phase of BearingPoint's history." Mr. Hunter has extensive global experience, having lived and worked in 15 countries around the globe and he currently resides in Sydney, Australia. In addition, Hunter serves on the boards of a number of Australian public companies as a non-executive director and has extensive experience in corporate governance. Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE: BE) -- http://www.BearingPoint.com/-- provides of management and technology consulting services to Global 2000 companies and government organizations in 60 countries worldwide. The firm has approximately 17,500 employees, and major practice areas focusing on the Public Services, Financial Services and Commercial Services markets. BearingPoint has global locations including in Indonesia, Australia, Austria, China, India, Japan, Mexico, Portugal, Singapore and Thailand. As of Dec. 31, 2007, 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. * * * 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. =========== R U S S I A =========== ELAN-FERM-MASH: Volgograd Bankruptcy Hearing Slated for June 24 --------------------------------------------------------------- The Arbitration Court of Volgograd will convene at 11:00 a.m. on June 24, 2008, to hear the bankruptcy supervision procedure on OJSC Elan-Ferm-Mash. The case is docketed under Case No. A12-1490/08-S55. The Temporary Insolvency Manager is: A. Kharlanov Post User Box 1100 400087 Volgograd Russia The Debtor can be reached at: OJSC Elan-Ferm-Mash Leninskaya Str. 79 Elan 403732 Volgograd Russia KIRZHACH-STROY: Vladimir Bankruptcy Hearing Slated for May 20 ------------------------------------------------------------- The Arbitration Court of Vladimir will convene at 1:30 p.m. on May 20, 2008, to hear the bankruptcy supervision procedure on OJSC Kirzhach-Stroy. The case is docketed under Case No. A11-432/2008-?1-48B. The Temporary Insolvency Manager is: I. Bolshakova Post User Box 152 600017 Vladimir Russia The Court is located at: The Arbitration Court of Vladimir Oktyabrskiy Pr. 14 600025 Vladimir Russia The Debtor can be reached at: OJSC Kirzhach-Stroy Seregina Str. 11 Kirzhach 601010 Vladimir Russia KRASNOGVARDEYSKIY-AGRO-PROM-TRANS: Claims Filing Ends April 1 ------------------------------------------------------------- Creditors of OJSC Krasnogvardeyskiy-Agro-Prom-Trans have until April 1, 2008, to submit proofs of claim to: S. Osipova Temporary Insolvency Manager Gaya Str. 23A 460000 Orenburg Russia The Arbitration Court of Orenburg commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A47-10941/2007-14gk. The Court is located at: The Arbitration Court of Orenburg 9th January Str. 64 460046 Orenburg Russia The Debtor can be reached at: OJSC Krasnogvardeyskiy-Agro-Prom-Trans Donskoe Krasnogvrdeyskiy Orenburg Russia LOCAL FUEL: Creditors Must File Claims by April 1 ------------------------------------------------- Creditors of CJSC Local Fuel Company have until April 1, 2008, to submit proofs of claim to: S. Suvorov Temporary Insolvency Manager Post User Box 183 127018 Moscow Russia The Arbitration Court of Moscow commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A40-63 500/07-124-182 B. The Court is located at: The Arbitration Court of Moscow Novaya Basmannaya Str. 10 Moscow Russia The Debtor can be reached at: CJSC Local Fuel Company Building 6 Novoslobodskaya Str. 20 Moscow Russia MAGNITOGORSK IRON: Building US$1-Billion Factory in Turkey ---------------------------------------------------------- OAO Magnitogorsk Iron and Steel Works commenced construction of its US$1-billion plant in Turkey on March 15, 2008, RIA Novosti reports. "The Turkey plant is expected to reach a production capacity of 2.6 million metric tons of steel and hot-rolled mill products by 2010," MMK CEO Viktor Rashnikov was quoted by RIA Novosti as saying According to RIA Novosti, the construction is part of a deal between MMK and Turkish coal group Atakas Group in May 2007. MMK currently owns a 50% plus one stake in MMK Atakas Metalurji. About Magnitogorsk Iron Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and Steel Works -- http://www.mmk.ru/--manufactures steel and accounts for about 20% of all steel products sold on the domestic market. MMK is a major fully integrated steel making complex encompassing all the required processes, from preparation of iron ore materials to high added value processing of steel. About half of the Company's output is exported worldwide. * * * As of Dec. 5, 2007, Magnitogorsk Iron and Steel Works carries Moody's Investor's Service's Ba2 corporate family rating. Moody's said the outlook for both ratings is stable. Magnitogorsk Iron also carries BB Issuer Default and senior unsecured ratings from Fitch Ratings, which said the Outlook is Stable. The company also carries a BB Issuer Rating from Standard and Poor's. MASLOVSKOE LLC: Creditors Must File Claims by April 1 ----------------------------------------------------- Creditors of LLC Maslovskoe have until April 1, 2008, to submit proofs of claim to: S. Lobanov Temporary Insolvency Manager Apt. 15 Magistralnaya Str. 17a 392027 Tambov Russia The Arbitration Court of Tambov will convene on April 29, 2008, to hear the company's bankruptcy supervision procedure on the company. The case is docketed under Case No. A64-6591/07-10. The Court is located at: The Arbitration Court of Tambov Penzenskaya Str. 67/12 392020 Tambov Russia The Debtor can be reached at: LLC Maslovskoe Maslovka Umetskogo Tambov Russia SLOBODSKAYA BREWING: Asset Sale Slated for April 4 -------------------------------------------------- T. Sergeeva, the insolvency manager and bidding organizer for OJSC Slobodskaya Brewing Company, will open a public auction for the company's properties at 11:00 a.m. on April 4, 2008, at: T. Sergeeva Office 135 Kolesanova Str. 11 Ivanovo Russia Interested participants have until 4:00 p.m. on April 1, 2008, to deposit an amount equivalent to 10% of the starting price. Bidding documents must be submitted to: T. Sergeeva Office 135 Kolesanova Str. 11 Ivanovo Russia Tel/Fax: 8(4932)29-23-19 The Debtor can be reached at: OJSC Slobodskaya Brewing Company Sovetskaya Str. 104 Slobodskoy Kirov Russia TEPLOSILA-SERVICE: Creditors Must File Claims by April 1 -------------------------------------------------------- Creditors of LLC Teplosila-Service have until April 1, 2008, to submit proofs of claim to: I. Polyanin Temporary Insolvency Manager Apt. 58 K. Marksa Str. 258 392000 Tambov Russia The Arbitration Court of Tambov commenced bankruptcy supervision procedure on the company. The case is docketed under Case No. A64-7160/07-25. The Court is located at: The Arbitration Court of Tambov Penzenskaya Str. 67/12 392020 Tambov Russia The Debtor can be reached at: LLC Teplosila-Service Z. Kosmodemyanskoy Str. 1 Tambov Russia ===================== S W I T Z E R L A N D ===================== ANICON INDUSTRIAL: Creditors' Liquidation Claims Due by April 30 ---------------------------------------------------------------- Creditors of LLC Anicon Industrial Products have until April 30, 2008, to submit their claims to: Jasna Jenni-Strukelj Liquidator Niesenweg 19 3073 Gumligen BE Switzerland The Debtor can be reached at: LLC Anicon Industrial Products Belp Seftigen BE Switzerland CHIAPPOLINI LLC: Creditors' Liquidation Claims Due by May 5 ----------------------------------------------------------- Creditors of LLC Chiappolini have until May 5, 2008, to submit their claims to: LLC Chiappolini Rheingutstrasse 7 8245 Feuerthalen Andelfingen ZH Switzerland COLUMBIA ART: Zug Court Starts Bankruptcy Proceedings ----------------------------------------------------- The Bankruptcy Service of Zug commenced bankruptcy proceedings against JSC Columbia Art on Feb. 8, 2008. The Bankruptcy Service of Zug can be reached at: Bankruptcy Service of Zug 6300 Zug Switzerland The Debtor can be reached at: JSC Columbia Art Steinhauserstrasse 70 6301 Zug Switzerland GARAGE GULUM: Creditors' Liquidation Claims Due by March 25 ----------------------------------------------------------- Creditors of LLC Garage Gulum have until March 25, 2008, to submit their claims to: Fevzi Parmaksiz Zurichstrasse 112 8606 Nanikon ZH Switzerland The Debtor can be reached at: LLC Garage Gulum Uster ZH Switzerland GASTHAUS BAD: Lucerne Court Starts Bankruptcy Proceedings --------------------------------------------------------- The Bankruptcy Service of Sursee in Lucerne commenced bankruptcy proceedings against LLC Gasthaus Bad on Jan. 29, 2008. The Bankruptcy Service of Sursee can be reached at: Bankruptcy Service of Sursee 6018 Buttisholz Sursee LU Switzerland The Debtor can be reached at: LLC Gasthaus Bad Urs Aregger Oberdorfstrasse 3 6207 Nottwil 6110 Wolhusen Sursee LU Switzerland PROCON-OFFICE JSC: Creditors' Liquidation Claims Due by March 31 ---------------------------------------------------------------- Creditors of JSC ProCon-Office have until March 31, 2008, to submit their claims to: Heinz Vaselai Liquidator Im Rebhugel 2 5445 Eggenwil Bremgarten AG Switzerland The Debtor can be reached at: JSC ProCon-Office Dietikon ZH Switzerland RESIDENCE SCHONBERG: Creditors Must File Claims by March 26 ----------------------------------------------------------- Creditors of JSC Residence Schonberg Gunten have until March 26, 2008, to submit their claims to: Stefanie Wagner Liquidator Thunstrasse 12 Mail box: 117 3612 Steffisburg Steffisburg BE Switzerland The Debtor can be reached at: JSC Residence Schonberg Gunten Sigriswil Thun BE Switzerland WWF PANDA: Creditors' Liquidation Claims Due by March 31 -------------------------------------------------------- Creditors of JSC WWF Panda have until March 31, 2008, to submit their claims to: WWF Schweiz Attn: Markus Schwingruber Hohlstrasse 110 8010 Zurich Switzerland The Debtor can be reached at: JSC WWF Panda Zurich Switzerland =========== T U R K E Y =========== MAGNITOGORSK IRON: Starts Construction of US$1-Billion Plant ------------------------------------------------------------ OAO Magnitogorsk Iron and Steel Works commenced construction of its US$1-billion plant in Turkey on March 15, 2008, RIA Novosti reports. "The Turkey plant is expected to reach a production capacity of 2.6 million metric tons of steel and hot-rolled mill products by 2010," MMK CEO Viktor Rashnikov was quoted by RIA Novosti as saying According to RIA Novosti, the construction is part of a deal between MMK and Turkish coal group Atakas Group in May 2007. MMK currently owns a 50% plus one stake in MMK Atakas Metalurji. About Magnitogorsk Iron Headquartered in Magnitogorsk, Russia, OAO Magnitogorsk Iron and Steel Works -- http://www.mmk.ru/--manufactures steel and accounts for about 20% of all steel products sold on the domestic market. MMK is a major fully integrated steel making complex encompassing all the required processes, from preparation of iron ore materials to high added value processing of steel. About half of the Company's output is exported worldwide. * * * As of Dec. 5, 2007, Magnitogorsk Iron and Steel Works carries Moody's Investor's Service's Ba2 corporate family rating. Moody's said the outlook for both ratings is stable. Magnitogorsk Iron also carries BB Issuer Default and senior unsecured ratings from Fitch Ratings, which said the Outlook is Stable. The company also carries a BB Issuer Rating from Standard and Poor's. =========================== U N I T E D K I N G D O M =========================== A & P MAINTENANCE: Brings In Liquidators from Mazars ---------------------------------------------------- Simon David Chandler and Alistair Steven Wood of Mazars LLP were appointed joint liquidators of A & P Maintenance Engineers Ltd. on March 7 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Mazars LLP Cartwright House Tottle Road Nottingham NG2 1RT England A. D. FABRICATIONS: Calls In Liquidators from Mazars ---------------------------------------------------- Simon David Chandler and Alistair Steven Wood of Mazars LLP were appointed joint liquidators of A. D. Fabrications (Telford) Ltd. on March 5 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Mazars LLP The Broadway Dudley West Midlands DY1 4PY England BAA LTD: To Enters Talks with Bondholders Over Debt Transfer ------------------------------------------------------------ BAA Ltd. intends to enter into discussions with bondholders on its plan to transfer GBP4.1 billion of debt to an investment division backed by assets, including London Heathrow, Bloomberg News reports. According to Bloomberg, the move will enable BAA, which is seeking better financing terms, to keep its investment grade of the notes and encourage investors to buy new debt. BAA, Bloomberg relates, approached the Association of British Insurers, which is acting as go-between, on March 12 to arrange talks with bondholders over the transfer. According to the Daily Telegraph, the bondholders are going to keep an eye on the transfer terms. Jose Leo, chief financial officer BAA, told bondholders the possible forced sale of airports by the Competition Commission may hamper the refinancing of GBP10 billion of debt, although he admitted in a two-hour conference call that "the commission can make decisions and express views that could be incompatible with my plan. It is out of my hands," Alistaire Osborne writes for the Daily Telegraph. About BAA Headquartered in London, United Kingdom, BAA Ltd. (fka BAA plc) -- http://www.baa.com/-- owns and operates seven airports in the United Kingdom, including Heathrow, the world's busiest international airport, and Budapest Airport, serving 700 destinations by around 300 airlines. In June 2006, BAA was bought by a consortium led by Grupo Ferrovial SA, the Spanish construction company. Ferrovial is one of the world's leading construction groups, specializing in four strategic lines of business - airports, construction, transport infrastructure and services - throughout Spain, the U.K., Portugal and nine other countries in Europe and the rest of the world. The company has around 89,000 employees and a net revenue of EUR12.4 billion. * * * As reported in the TCR-Europe on Nov. 27, 2007, Standard & Poor's Ratings Services has lowered its long-term corporate credit rating on U.K.-based airports operator BAA Ltd. to 'BB-' from 'BBB+', reflecting delays in refinancing, as well as operating issues. BRITISH ENERGY: Board Confirms New Nuclear Program Discussion ------------------------------------------------------------- The board of British Energy Group Plc said that it is in discussion with interested parties in the context of its future and its plans to take a pivotal role in any new nuclear program. These discussions could lead to a business combination or an offer for the company, although there can be no certainty that any offer will be made. The U.K. government, which owna 35% of BE, hired UBS AG to advise it on the program for new nuclear stations, including the stake it holds in BE, published reports say. A government spokesman disclosed that UBS was advising the government on all commercial aspects of development on new nuclear capacity, and ministers were not actively marketing its stake on BE for sale, City Correspondent relates. Major European utility firms like British Gas owner Centrica, French nuclear giant EDF, German firms E.ON and RWE, and Spain's Iberdrola were approached about acquiring the U.K. government's stake in BE that would lead to a restructuring of the nuclear power business for a new GBP20 billion atomic plant program, the Telegraph relates. About British Energy Headquartered in Livingston, Scotland, British Energy Group plc -- http://www.british-energy.com/-- is the U.K.'s largest producer of electricity. With a workforce of about 6,000, it produces around one-sixth of the nation's electricity. * * * As of March 17, 2008, British Energy Group plc carries a Ba2 long-term corporate family rating from Moody's with a stable outlook. Standard & Poor's affirmed its BB long-term corporate credit ratings on U.K.-based nuclear generator British Energy Group PLC and its subsidiary British Energy Holdings PLC, with negative outlook. The company holds a BB+ long-term issuer default rating from Fitch with a stable outlook. C.L.E.A.R. PLC: S&P Downgrades Ratings on Nine Note Classes ----------------------------------------------------------- Standard & Poor's Ratings Services lowered its credit ratings on nine series of European synthetic collateralized debt obligations of asset-backed securities issued by C.L.E.A.R. PLC that reference the "Aramis" portfolio. These rating actions reflect changes Standard & Poor's has made to the recovery rate and correlation assumptions it uses to assess U.S. RMBS held within CDO collateral pools. In addition, these C.L.E.A.R. series reference U.S. residential mortgage-backed securities (RMBS) and U.S. CDOs that are exposed to U.S. RMBS, which have experienced negative rating actions. The portfolio is managed by Deerfield Capital Management LLC and IXIS Asset Management. Ratings List Ratings Lowered C.L.E.A.R. PLC EUR45 Million Limited-Recourse Secured Credit-Linked Variable-Rate Notes Series 31 (Aramis) Ratings ------- To From -- ---- B+ AAA JPY3 Billion Limited-Recourse Secured Credit-Linked Variable-Rate Notes Series 32 (Aramis) Ratings ------- To From -- ---- B- AA EUR20 Million Limited-Recourse Secured Credit-Linked Variable-Rate Notes Series 33 (Aramis) Ratings ------- To From -- ---- B- AA AU$10 Million Limited-Recourse Secured Credit-Linked Variable-Rate Notes Series 34 (Aramis) Ratings ------- To From -- ---- B- AA JPY1 Billion Limited-Recourse Secured Credit-Linked Variable-Rate Notes Series 35 (Aramis) Ratings ------- To From -- ---- B- A+ US$50 Million Limited-Recourse Secured Credit-Linked Variable-Rate Notes Series 37 (Aramis) Ratings ------- To From -- ---- CCC+ A- US$25 Million Limited-Recourse Secured Credit-Linked Variable-Rate Notes Series 38 (Aramis) Ratings ------- To From -- ---- CCC+ BBB+ EUR20 Million Limited-Recourse Secured Credit-Linked Variable-Rate Notes Series 39 (Aramis) Ratings ------- To From -- ---- B+ AAA AU$5 Million Limited-Recourse Secured Credit-Linked Variable-Rate Notes Series 40 (Aramis) Ratings ------- To From -- ---- B+ AAA CARLYLE CAPITAL: Liquidators Release Preliminary Report ------------------------------------------------------- Begbies Traynor (Jersey) Limited, as liquidators for Carlyle Capital Corporation Limited, the it conducted a preliminary assessment of the financial position of the company. The Liquidators say that while it has not been possible to examine all transactions and obligations of the company in the brief period since the order for compulsory liquidation on the March 17, 2008, the preliminary assessment of the current CCC financial position is: 1) the company invested primarily in Residential Mortgage- Backed Securities which were provided as security for substantial borrowing from a number of investment banks; 2) substantially all of the RMBS assets of the company have been subject to enforcement by lending banks following default on the terms of facilities provided to the company and the company therefore has limited investment assets which can be liquidated to meet liabilities; 3) the company has extremely limited cash assets; 4) the company has substantial liabilities (as yet undetermined) which are likely to exceed its remaining assets and therefore the company is considered by the Liquidators to be insolvent. The Liquidators added that as the company is currently considered to have insufficient assets to match its liabilities, shareholders are unlikely to receive any distribution upon final winding up of the company's affairs and due regard should be given to this fact by any person seeking to purchase shares on Euronext Amsterdam. The Liquidators wish to further repeat the information provided on March 17 and 18 that there is legal uncertainty regarding the title to any shares transferred after the placing of the company into compulsory liquidation on the March 17, 2008 and that such transfers may be considered void. Persons transferring or wishing to transfer shares in the company should obtain legal advice before effecting any purchase or sale of the company's shares on Euronext Amsterdam. Enquiries for the Liquidators and claims should be submitted to this address : Begbies Traynor (Jersey) Limited Charles House Charles Street St Helier Jersey JE2 4SF Channel Islands Tel: +44 (0) 1534 610144 Fax: +44 (0) 1534 630440 About Carlyle Capital Carlyle Capital Corporation Limited (Euronext Amsterdam: CCC; ISIN: GG00B1VYV826) -- http://www.carlylecapitalcorp.com/-- is a Guernsey investment company that was formed on Aug. 29, 2006. It is a closed-end investment fund domiciled and registered as a limited company under the laws of Guernsey, Channel Islands. The company invests in a diversified portfolio of fixed income assets including high-grade mortgages and credit products. The company's day-to-day activities and investment portfolio are managed by Carlyle Investment Management LLC, whose investment professionals have extensive experience in the areas of mortgage finance, leveraged finance, capital markets transaction structuring and risk/portfolio management. CIM manages the company pursuant to a management agreement. CIM is a registered investment adviser under the U.S. Investment Advisers Act of 1940 and is an affiliate of The Carlyle Group. D.E.K.E. LTD: Peter Wastell Leads Liquidation Procedure ------------------------------------------------------- Peter Wastell of Vantis was appointed liquidator of D.E.K.E. Ltd. on March 11 for the creditors' voluntary winding-up procedure. The liquidator can be reached at: Vantis Torrington House 47 Holywell Hill St. Albans Hertfordshire AL1 1HD England FIORENTE FUNDING: Moody's Cuts Ratings on Six Note Classes ---------------------------------------------------------- Moody's Investors Service downgraded six classes of notes issued by Fiorente Funding Limited. Two of the notes also remain on watch for further downgrade. These rating actions are a response to severe credit deterioration in the underlying portfolio. The transaction is a cash and synthetic CDO referencing, among other assets, 40% subprime RMBS assets and 15% ABS CDOs of the 2004, 2005, 2006, and 2007 vintages. Moody's announced on February 4, 2008 that it is revising its expected loss assumptions which are used for surveillance of ratings of ABS CDOs holding subprime RMBS, specifically of the 2006 vintage. Moody's stated that for purposes of monitoring its ratings of ABS CDOs with exposure to 2006 subprime RMBS, it will rely on certain projections of the lifetime average cumulative losses for 2006's quarterly vintages of RMBS set forth in a recent Moody's Special Report, "Moody's Updates Loss Projections for 2006 Subprime Loans." This report illustrates average loss results for the 2006 quarterly vintages under five distinct loss projection scenarios. Moody's explained that it will utilise the range of loss projections set forth in Scenarios 2 and 3 based on deal performance and quarterly vintage to modify its prior assumptions of the expected loss inputs when monitoring ABS CDO ratings. Moody's will continue to monitor all deals with exposure to US subprime RMBS and ABS CDOs, and will take further actions in respect of all CDOs placed under review for downgrade once the extent of actual downgrades to US RMBS and ABS CDO vintages becomes known. The rating actions are: Fiorente Funding Limited: (1) US$63,750,000 Class A Secured Floating Rate Credit- Linked Notes due 2051 Current Rating: Ba1, on review for downgrade Prior Rating: Baa1, on review for downgrade (2) US$34,000,000 Class B Secured Deferrable Floating Rate Credit-Linked Notes due 2051 Current Rating: Caa3, on review for downgrade Prior Rating: B2, on review for downgrade (3) US$14,450,000 Class C Secured Deferrable Floating Rate Credit-Linked Notes due 2056 Current Rating: Ca Prior Rating: Caa2, on review for downgrade (4) US$3,075,000 Class D1 Secured Deferrable Floating Rate Credit-Linked Notes due 2056 Current Rating: Ca Prior Rating: Caa3, on review for downgrade (5) US$5,000,000 Class D2 Secured Deferrable Fixed Rate Credit-Linked Notes due 2056 Current Rating:Ca Prior Rating: Caa3, on review for downgrade (6) US$10,000,000 Class M1 Combination Notes due 2056 Current Rating: Ca Prior Rating: Caa3, on review for downgrade LINCOLN CASTINGS: Taps Liquidators from Ernst & Young ----------------------------------------------------- Simon Allport and Thomas Jack of Ernst & Young LLP were appointed joint liquidators of Lincoln Castings Ltd. (formerly George Fischer (Lincoln) Ltd.) on March 5 for the creditors' voluntary winding-up proceeding. The joint liquidators can be reached at: Ernst & Young LLP 100 Barbirolli Square Manchester M2 3EY England NORTHERN ROCK: Board Outlines Future Plans for the Business ----------------------------------------------------------- The Board of Northern Rock plc set out its intentions for the future direction of the business during the period of temporary public ownership. These are being worked up into a full business plan, which will be submitted to HM Treasury (HMT) for approval by the end of the month. The Government, on Tuesday, March 18, 2008, confirmed that it has sent the European Commission the necessary formal notification of its intention to continue to provide the existing restructuring aid to Northern Rock to support this process. The Board of Northern Rock will be submitting to HMT a plan which will set out the basis for the removal of Government support through the creation of a smaller, more focused, financially viable mortgage and savings bank which will be returned to the private sector. The proposed plan will be designed to deliver the Government's previously stated objectives to protect UK taxpayers, promote financial stability and protect depositors, and will be based around four strategic priorities: * contracting to a smaller, sustainable business through a reduction in the asset base of around a half by 2011, while maintaining a modest level of new loan origination. * progressive repayment of the Bank of England loan and release of the Government guarantees over the next three to four years, while increasing the level of retail deposits to form a larger share of total funding. * restructuring the organization and its operations so that these are aligned to the business objectives. The initial assessment is that this will involve staffing levels falling by around a third by 2011, though the final figure will depend on the business plan ultimately adopted, and the evolution of the business in the light of market and economic developments. * strengthening risk management in key business areas. "I am pleased that we are making good progress in developing our provisional business plan. This will be a robust plan to create a smaller mortgage and savings bank that will be tightly focused and financially viable," Ron Sandler, executive chairman of Northern Rock, said. "It will be a demanding plan, and one that will carry a number of financial and operational risks. Market conditions remain uncertain and a protracted downturn in the housing market would clearly present challenges to its achievement. But we are testing it carefully across a range of scenarios and are confident that we can produce a plan that will be delivered. "As regards the organizational restructuring, we will work sensitively with our staff and UNITE to minimize the extent and impact of job losses. We are already closely engaged with local agencies, including One NorthEast, to ensure that affected staff are offered as much support as possible. I am determined that Northern Rock will remain a major employer in the North East with sufficient financial strength and stability to allow it to return, in due course, to the private sector." About Northern Rock plc Headquartered in Newcastle upon Tyne, England, Northern Rock plc -- http://www.northernrock.co.uk/mortgages/-- deals with mortgages, savings accounts, loans and insurance. The company also promotes secured loans to its existing mortgage customers. The company had more than US$200 billion in assets at the end of June 2007. * * * In December 2007, Moody's Investors Service downgraded to E+ from D+ Northern Rock's Bank Financial Strength Rating. The E+ maps into a Baseline Credit Assessment of B1. The bank's dated subordinated debt was downgraded to B1 from Baa1 and the undated subordinated debt and Tier-1 securities were downgraded to B3 from Baa1 and Baa3 respectively. All of these ratings have negative outlooks. Northern Rock's short- term rating was affirmed at Prime-1. MEADGATE WESTERN: Enters into Administration Due to Debts --------------------------------------------------------- Meadgate Western has gone into administration after incurring debts of around GBP36 million, the Building magazine reports. GBP4 million of that amount is owed to creditors. Citing Rob Lewis of PricewaterhouseCoopers LLP, the company had already suffered losses and was “further compounded” due to the “slowdown in the residential property market,” Building magazine adds. The report relates that River 7, which had previously bought the company's assets, had also re-employed a majority of the company's staff. Meadgate Western is a housing developer. QUEBECOR WORLD: Creditors' Meeting Slated for March 28 ------------------------------------------------------ Creditors of Quebecor World Plc will meet at 10:00 a.m. on March 28, 2008, at: Kettering Park Hotel & Spa Kettering Parkway Kettering Northamptonshire NN15 6XT28 England Creditors who want to be represented at the meeting may appoint proxies. Proxy forms must be submitted together with written debt claims at noon on March 27, 2008, at: Ian Best and David K Duggins Joint Administrators Ernst & Young LLP No. 1 Colmore Square Birmingham B4 6HQ England Ernst & Young -- http://www.ey.com/-- provides broad array of services relating to audit and risk-related services, tax, and transactions across all industries—from emerging growth companies to global powerhouses—deal with a broad range of business issues. WARNERS M&E: Put into Administration by Haymills ------------------------------------------------ Warners M&E was put into administration by Haymills after plans of a management buy-out resulted to nothing, John Leitch at the Contract Journal reports. The company was obtained by Haymills sometime in 2004, the report adds. The report discloses that Haymill put in a number of measures aimed at helping Warners get up including, a cash investment of GBP300,000, putting in new management and implementing new controls. Although Warners eventually managed to get a small profit in 2007, this was immediately cut by the lack in the workload as well as problems with some of the contracts. The report discloses, citing a Haymills spokesman, Haymills had no plans of putting in additional investment in the company. “Further investment was not an option Haymills would entertain,” said a spokesman. David Merrygold and Brian Hamblin of PKF(UK)LLP has been appointed as administrators. Ipswich-based Warners M&E -- http://www.warners-ltd.co.uk/-- is a Mechanical and Electrical Engineering company. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Mar. 25, 2008 TURNAROUND MANAGEMENT ASSOCIATION Dearfoam Slipper Turnaround Centre Club, Tampa, Florida Contact: 561-882-1331 or http://www.turnaround.org/ Mar. 25-29, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Spring Conference Ritz Carlton Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Mar. 27-30, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Bankruptcy Litigation Seminar II Las Vegas, Nevada Contact: http://www.nortoninstitutes.org/ Apr. 3, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION Annual Spring Luncheon Renaissance Hotel, Washington, District of Columbia Contact: 703-449-1316 or www.iwirc.org Apr. 3, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - East The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 3-6, 2008 AMERICAN BANKRUPTCY INSTITUTE 26th Annual Spring Meeting The Renaissance, Washington, District of Columbia Contact: http://www.abiworld.org/ Apr. 7-8, 2008 PRACTISING LAW INSTITUTE 30th Annual Current Developments in Bankruptcy & Reorganization PLI Center New York, New York Contact: http://www.pli.edu/ Apr. 10-11, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Ninth Annual Conference on Healthcare -24-24Transactions Successful Strategies for Mergers, Acquisitions, Divestitures and Restructurings The Millennium Knickerbocker Hotel, Chicago Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ Apr. 25-27, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Spring Seminar Eldorado Hotel & Spa, Santa Fe, New Mexico Contact: http://www.nabt.com/ Apr. 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Why Prospects Become Clients Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ May 1-2, 2008 TURNAROUND MANAGEMENT ASSOCIATION 2nd Annual Credit & Bankruptcy Symposium Foxwoods Resort Casino, Ledyard, Connecticut Contact: http://www.turnaround.org/ May 1-2, 2008 AMERICAN BANKRUPTCY INSTITUTE Debt Symposium Hilton Garden Inn, Champagne/Urbana, Illinois Contact: 1-703-739-0800; http://www.abiworld.org/ May 9, 2008 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts for Young Practitioners - NYC Alexander Hamilton U.S. Custom House, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12, 2008 AMERICAN BANKRUPTCY INSTITUTE New York City Bankruptcy Conference Millennium Broadway Hotel & Conference Center, New York Contact: 1-703-739-0800; http://www.abiworld.org/ May 12-13, 2008 PRACTISING LAW INSTITUTE 30th Annual Current Developments in Bankruptcy & Reorganization PLI Center San Francisco, California Contact: http://www.pli.edu/ May 13-16, 2008 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Tulane University, New Orleans, Louisiana Contact: 1-703-739-0800; http://www.abiworld.org/ May 15-16, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Fifth Annual Conference on Distressed Investing Europe Maximizing Profits in the European Distressed Debt Market Le Meridien Piccadilly Hotel - London Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ May 18-20, 2008 INTERNATIONAL BAR ASSOCIATION 14th Annual Global Insolvency & Restructuring Conference Stockholm, Sweden Contact: http://www.ibanet.org/ May 21, 2008 TURNAROUND MANAGEMENT ASSOCIATION What Happened to My Money - The Restructuring of a Loan Servicer Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ June 4-7, 2008 ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS 24th Annual Bankruptcy & Restructuring Conference J.W. Marriott Spa and Resort, Las Vegas, Nevada Contact: http://www.airacira.org/ June 12-14, 2008 AMERICAN BANKRUPTCY INSTITUTE 15th Annual Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Michigan Contact: http://www.abiworld.org/ June 19 & 20, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Corporate Reorganizations Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ June 24, 2008 TURNAROUND MANAGEMENT ASSOCIATION Fraud Panel Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ June 26-29, 2008 NORTON INSTITUTES ON BANKRUPTCY LAW Western Mountains Bankruptcy Law Seminar Jackson Hole, Wyoming Contact: http://www.nortoninstitutes.org/ July 10, 2008 TURNAROUND MANAGEMENT ASSOCIATION Cynthia Jackson of Smith Hulsey & Busey University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ July 10-13, 2008 AMERICAN BANKRUPTCY INSTITUTE 16th Annual Northeast Bankruptcy Conference Ocean Edge Resort Brewster, Massachussets Contact: http://www.abiworld.org/events/ July 29, 2008 TURNAROUND MANAGEMENT ASSOCIATION Employment Issues Following Hurricanes & Disasters Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ July 31 - Aug. 2, 2008 AMERICAN BANKRUPTCY INSTITUTE 4th Annual Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay Cambridge, Maryland Contact: http://www.abiworld.org/ Aug. 16-19, 2008 AMERICAN BANKRUPTCY INSTITUTE 13th Annual Southeast Bankruptcy Workshop Ritz-Carlton, Amelia Island, Florida Contact: http://www.abiworld.org/ Aug. 20-24, 2008 NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES NABT Convention Captain Cook, Anchorage, Alaska Contact: http://www.nabt.com/ Aug. 26, 2008 TURNAROUND MANAGEMENT ASSOCIATION Do's and Don'ts of Investing in a Turnaround Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Sept. 4-5, 2008 AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 4-6, 2008 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons, Las Vegas, Nevada Contact: http://www.abiworld.org/ Sept. 17, 2008 TURNAROUND MANAGEMENT ASSOCIATION Real Estate / Condo Restructuring Panel Marriott North, Fort Lauderdale, Florida Contact: http://www.turnaround.org/ Sept. 24-26, 2008 INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION IWIRC 15th Annual Fall Conference Scottsdale, Arizona Contact: http://www.ncbj.org/ Sept. 24-27, 2008 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES National Conference of Bankruptcy Judges Desert Ridge Marriott, Scottsdale, Arizona Contact: http://www.iwirc.org/ Sept. 30, 2008 TURNAROUND MANAGEMENT ASSOCIATION Private Equity Panel Centre Club, Tampa, Florida Contact: http://www.turnaround.org/ Oct. 9, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Luncheon - Chapter 11 University Club, Jacksonville, Florida Contact: http://www.turnaround.org/ Oct. 28, 2008 TURNAROUND MANAGEMENT ASSOCIATION State of the Capital Markets Citrus Club, Orlando, Florida Contact: http://www.turnaround.org/ Oct. 28-31, 2008 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott New Orleans, Louisiana Contact: 312-578-6900; http://www.turnaround.org/ Oct. 30 & 31, 2008 BEARD GROUP & RENAISSANCE AMERICAN CONFERENCES Physicians Agreements and Ventures Contact: 800-726-2524; 903-595-3800; http://www.renaissanceamerican.com/ Nov. 19, 2008 TURNAROUND MANAGEMENT ASSOCIATION Interaction Between Professionals in a Restructuring/Bankruptcy Bankers Club, Miami, Florida Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2008 AMERICAN BANKRUPTCY INSTITUTE 20th Annual Winter Leadership Conference Westin La Paloma Resort & Spa Tucson, Arizona Contact: http://www.abiworld.org/ May 7-10, 2009 AMERICAN BANKRUPTCY INSTITUTE 27th Annual Spring Meeting Gaylord National Resort & Convention Center National Harbor, Maryland Contact: http://www.abiworld.org/ June 11-13, 2009 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa Traverse City, Michigan Contact: http://www.abiworld.org/ June 21-24, 2009 INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY & BANKRUPTCY PROFESSIONALS 8th International World Congress TBA Contact: http://www.insol.org/ July 16-19, 2009 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Mt. Washington Inn Bretton Woods, New Hampshire Contact: http://www.abiworld.org/ Sept. 10-12, 2009 AMERICAN BANKRUPTCY INSTITUTE 17th Annual Southwest Bankruptcy Conference Hyatt Regency Lake Tahoe, Incline Village, Nevada Contact: http://www.abiworld.org/ Oct. 5-9, 2009 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention Marriott Desert Ridge, Phoenix, Arizona Contact: 312-578-6900; http://www.turnaround.org/ Dec. 3-5, 2009 AMERICAN BANKRUPTCY INSTITUTE 21st Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, California Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 4-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ BEARD AUDIO CONFERENCES 2006 BACPA Library Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES BAPCPA One Year On: Lessons Learned and Outlook Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Calpine's Chapter 11 Filing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Carve-Out Agreements for Unsecured Creditors Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changes to Cross-Border Insolvencies Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Changing Roles & Responsibilities of Creditors' Committees Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Chinas New Enterprise Bankruptcy Law Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Clash of the Titans -- Bankruptcy vs. IP Rights Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Coming Changes in Small Business Bankruptcy Audio Conference Recording Contact: 240-629-3300; 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http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES High-Yield Opportunities in Distressed Investing Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Homestead Exemptions under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Hospitals in Crisis: The Insolvency Crisis Plaguing Hospitals Across the U.S. Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES IP Rights In Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES KERPs and Bonuses under BAPCPA Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES New 'Red Flag' Identity Theft Rules Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Non-Traditional Lenders and the Impact of Loan-to-Own Strategies on the Restructuring Process Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Partnerships in Bankruptcy: Unwinding The Deal Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Privacy Rights, Protections & Pitfalls in Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Real Estate Bankruptcy Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Reverse Mergersthe New IPO? Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Second Lien Financings and Intercreditor Agreements Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Surviving the Digital Deluge: Best Practices in E-Discovery and Records Management for Bankruptcy Practitioners and Litigators Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Technology as a Competitive Advantage For Todays Legal Processes Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Battle of Green & Red: Effect of Bankruptcy on Obligations to Clean Up Contaminated Property Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES The Subprime Sector Meltdown: Legal Developments and Latest Opportunities Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Twenty-Day Claims Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite Corporate Restructuring Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Using Virtual Data Rooms to Expedite M&A and Insolvency Proceedings Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES Validating Distressed Security Portfolios: Year-End Price Validation and Risk Assessment Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ BEARD AUDIO CONFERENCES When Tenants File -- A Landlord's BAPCPA Survival Guide Audio Conference Recording Contact: 240-629-3300; http://www.beardaudioconferences.com/ * * * Featured Conferences Beard Conferences presents: April 10-11, 2008 Ninth Annual Conference on Healthcare Transactions Successful Strategies for Mergers, Acquisitions, Divestitures and Restructurings The Millennium Knickerbocker Hotel, Chicago, Illinois Brochure available soon! May 15-16, 2008 Fifth Annual Conference on Distressed Investing Europe Maximizing Profits in the European Distressed Debt Market Le Meridien Piccadilly Hotel - London Brochure available soon! * * * The Meetings, Conferences and Seminars column appears in the Troubled Company Reporter each Wednesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than US$3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/booksto order any title today. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. Jason Nieva, Julybien Atadero, Carmel Zamesa Paderog, Joy Agravante, Zora Jayda Zerrudo-Sala, Pius Xerxes Tovilla and Marites Claro, Editors. Copyright 2008. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *