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 Monday, March 31, 2008, Vol. 9, No. 64 Headlines A U S T R I A A. ZANKL SOEHNE: Claims Registration Period Ends April 21 BIOKOENIG HANDEL: Claims Registration Period Ends April 14 HOLZERNTE HOLZ: Claims Registration Period Ends April 15 IEC BIOGAS: Claims Registration Period Ends April 2 IFT TRADING: Claims Registration Period Ends April 14 SPEDEX-INTERNATIONALE: Claims Registration Period Ends April 10 VEREIN ZUR FOERDERUNG: Claims Registration Period Ends April 25 D E N M A R K PRIME BRICKS: S&P Rates EUR11.95 Million Class F Notes at BB F I N L A N D ADVANCED MEDICAL: Posts US$192MM Net Loss for Year Ended 2007 F R A N C E CLEAR CHANNEL: Might Face Ad Sector Woes Alone, Report Says CLEAR CHANNEL: Extends Offer's Expiration Date to April 4 CLEAR CHANNEL: Defers First Quarter Dividend CLEAR CHANNEL: S&P Maintains Negative CreditWatch on Ratings DELPHI CORP: Moody's Ups Rating on New 2nd Lien Loan to (P)B2 RHODIA SA: Shareholders' Meeting Slated for May 16 SMOBY SA: Ex-CEO Under Police Custody Over Embezzlement Probe G E R M A N Y ASAT HOLDINGS: Nasdaq Delistes Securities Effective March 27 AVT GMBH: Claims Registration Ends April 16 BELSDORFER BAU: Claims Registration Period Ends April 16 BPZ BLUT: Claims Registration Period Ends April 16 COREALCREDIT BANK: Fitch Holds Rating on Sub. Obligations at BB DACHSEL-GRUETZNER: Claims Registration Period Ends April 16 FBB GMBH: Claims Registration Period Ends April 16 FIGARO FRISEUR: Claims Registration Period Ends April 16 GERU IM: Claims Registration Period Ends April 16 ICE WORLD: Claims Registration Period Ends April 23 KUNSTSTOFF-TECHNIK KRUEGER: Claims Period Ends April 8 MEGA STAR: Claims Registration Period Ends April 8 NATURSTEIN NORDO: Claims Registration Period Ends April 18 NATURSTEINE HANDEL: Claims Registration Ends April 15 OBJEKT + WOHNEN: Claims Registration Ends April 15 PRO.DIRECT GMBH: Claims Registration Period Ends April 18 QUEBECOR WORLD: Seeks Authority to Assume Various Contracts R & G SYSTEMBAU: Claims Registration Period Ends April 14 SCHULZE-FAHRZEUGSERVICE GMBH: Claims Registration Ends April 15 UNIVERSUS 24: Claims Registration Ends April 15 G E O R G I A * Fitch Affirms Georgia's Issuer Default Ratings at BB- I R E L A N D SMURFIT KAPPA: Irish Unit Inks Software Deal with VantagePoint I T A L Y ALITALIA SPA: Mediobanca, Eni Deny Report on Possible Offer ALITALIA SPA: Mulls Extending Union Talks Period Beyond Today K A Z A K H S T A N AUTO SPETS: Creditors Must File Claims by May 7 KOSTANAI TRANSIT: Claims Deadline Slated for May 14 MELINVEST LLP: Claims Filing Period Ends May 14 SEMEY SU: Creditors' Claims Due on May 9 SUN GRAIN: Claims Registration Ends May 7 VLAD ZERNO: Claims Deadline Slated for May 14 K Y R G Y Z S T A N BISHKEK AIR: Creditors Must File Claims by April 25 ULTRAS-TRUCK LLC: Claims Filing Period Ends April 25 N E T H E R L A N D S X5 RETAIL: Convening Shareholders Over Formata Financing Details X5 RETAIL: Completes Syndication of US$1 Billion Loan N O R W A Y FRONTIER DRILLING: S&P Puts B- Rating on Negative CreditWatch R U S S I A COBALT LLC: Proofs of Claim Deadline Set May 15 COMSTAR-UNITED: RTC Unit Elects Board of Directors INVEST-DOM-STROY LLC: Proofs of Claim Deadline Set May 15 KSM CJSC: Proofs of Claim Deadline Set May 15 MOSALSKIY CHEESE: Proofs of Claim Deadline Set May 15 NEGA S: Creditors Must File Claims by May 15 PMK-23 OJSC: Proofs of Claim Deadline Set April 15 ROSNEFT OIL: Investing RUR65 Billion to Hike Gas Refining Rate RUSSIAN FACTORING: Fitch Puts RUR500 Million Facility at BB SIB-STROY-SERVICE: Proofs of Claim Deadline Set May 15 SITRONICS JSC: Buys Melrose Holding's 36% Kvazar-Micro Stake SPROS-SERVICE LLC: Creditors Must File Claims by April 15 TSNA CJSC: Proofs of Claim Deadline Set May 15 WIMM-BILL-DANN FOODS: Commences Production at Omsk Site X5 RETAIL: Convening Shareholders Over Formata Financing Details * S&P Ups Bashkortostan's Long-Term Issuer Credit Rating to BB+ S P A I N EMPRESAS TDA: Moody's Rates EUR60 Million Series C Notes at Ba3 SMURFIT KAPPA: Closes Valladolid Recycled Container Board Mill S W I T Z E R L A N D BUROHAUS DES: Creditors' Liquidation Claims Due by April 2 DIAMOND PURCHASES: Creditors' Liquidation Claims Due by April 2 GIVABAU JSC: Creditors' Liquidation Claims Due by April 2 GOL LLC: Creditors' Liquidation Claims Due by April 2 IMMOBILIEN UND: Creditors' Liquidation Claims Due by April 2 LATELLANA JSC: Creditors' Liquidation Claims Due by April 3 LIVANI LUXURY: Creditors' Liquidation Claims Due by April 1 LOGAD MANAGEMENT: Creditors' Liquidation Claims Due by April 2 ORANIA JSC: Creditors' Liquidation Claims Due by April 3 PRIMSOL JSC: Creditors' Liquidation Claims Due by April 2 SONIC PLAYGROUND: Creditors' Liquidation Claims Due by April 2 U K R A I N E DELTA LLC: Creditors Must File Claims by April 3 FINANCIAL SERVICE: Creditors Must File Claims by April 4 GETMAN LLC: Creditors Must File Claims by April 4 STAYKI CJSC: Creditors Must File Claims by April 4 SVITANOK-1 LLC: Creditors Must File Claims by April 4 UKRAINIAN WEST: Creditors Must File Claims by April 3 ZAPOROZHYE PROJECT-CONSTRUCTOR: Creditors' Claim Due April 3 * Moody's Puts Ratings on 22 Banks Under Review and May Upgrade U N I T E D K I N G D O M ABITIBIBOWATER INC: Canadian Unit Has going Concern Doubt ABITIBIBOWATER INC: Disclosed Preliminary Results of Offer ABITIBIBOWATER INC: Extends Exchange Offer's Withdrawal Deadline BAKER STREET: Fitch Places Ratings Under Negative Watch BIASCO LTD: Taps Joint Administrators from BDO Stoy BILSING AUTOMATION: Brings In Administrators from Menzies CHRYSLER LLC: Clarifies Misleading Coverage of Discount Programs CLIFTON STREET: Fitch Puts Ratings Under Negative Watch CORBY BOTTLERS: Appoints KPMG to Administer Assets DARLINGTON WINES: Hires Joint Administrators from KPMG DORSET STREET: Fitch Puts Ratings on 9 Note Classes Under Watch FGIC CORP: Fitch Slashes Long-term Issuer Rating to 'BB' FORD MOTOR: Jaguar & Land Rover Sale Won't Affect S&P's Ratings FOUNTASIA LTD: Brings In Vantis to Administer Assets HALIFAX TOWN: Appoints Begbies as Joint Administrators HANOVER STREET: Fitch Puts Ratings on Ten Notes on Neg. Watch HIGH FREQUENCY: Creditors' Meeting Slated for April 9 HIGH FREQUENCY: Creditors' Meeting Slated for April 9 HUGHES NETWORK: Net Income Ups 161% to US$50 Million in 2007 LED SCREEN: S. J. Parker Leads Liquidation Procedure MAXJET AIRWAYS: Court Okays Sale of Assets to MAAG for US$1 Mln MENTON CDO III: Moody's Junks Ratings on Two Note Classes MILLENNIUM REPRO: Creditors' Meeting Slated for April 7 MONITOR OIL: Fails to Secure US$3.5 Funds from Creditors MONITOR OIL: Could Become Administratively Insolvent OXFORD STREET: Fitch Puts Note's Ratings- on Negative Watch PEMBRIDGE SQUARE: Fitch Places Notes' Ratings on Negative Watch QUEBECOR WORLD: Wants to Pay US$3,175,111 Sales Commissions REGENT STREET: Notes' Ratings Put on Negative Watch by Fitch ROYAL MAIL: To Close Final Salary Pension Scheme SCOTTISH RE: Further Delays December 2007 Form 10-K Filing SYDNEY STREET: Nine Ratings Put on Negative CreditWatch by Fitch SYMMETRY MEDICAL: Delays 2007 Form 10-K Filing to April1 14 * Fitch Says Tight Lending Criteria Threatens UK RMBS * Fitch Says FGIC & XLCA Ratings Cuts Won't Affect European ABCP * BOND PRICING: For the Week March 24 to March 28, 2008 ********* ============= A U S T R I A ============= A. ZANKL SOEHNE: Claims Registration Period Ends April 21 --------------------------------------------------------- Creditors owed money by LLC A. Zankl Soehne, Lack- und Farbenwerke (FN 57308b) have until April 21, 2008, to file written proofs of claim to court-appointed estate administrator Christian Atzwanger at: Mag. Christian Atzwanger Luefteneggerstrasse 12 4020 Linz Austria Tel: 0732/7788670 Fax: 0732/7832644 E-mail: office@schuh-atzwanger.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:30 a.m. on May 5, 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 March 4, 2008 (Bankr. Case No. 12 S 19/08v). BIOKOENIG HANDEL: Claims Registration Period Ends April 14 ---------------------------------------------------------- Creditors owed money by LLC Biokoenig Handel (FN 250327d) have until April 14, 2008, to file written proofs of claim to court- appointed estate administrator Rafaela Zenz - Zajc at: Dr. Rafaela Zenz - Zajc Rainerstrasse 5 5310 Mondsee Austria Tel: 06232/27270 Fax: 06232/27270-7 E-mail: ihrrecht@mondsee-rechtsanwalt.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on April 24, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels Austria Headquartered in Oberwang, Austria, the Debtor declared bankruptcy on March 3, 2008 (Bankr. Case No. 20 S 25/08i). HOLZERNTE HOLZ: Claims Registration Period Ends April 15 -------------------------------------------------------- Creditors owed money by LLC Holzernte Holz-Verarbeitung (FN 251795m) have until April 15, 2008, to file written proofs of claim to court-appointed estate administrator Peter Handler at: Mag. Peter Handler LLC Handler Rechtsanwalt Hauptplatz 33 8530 Deutschlandsberg Austria Tel: 03462/4141 Fax: 03462/414141 E-mail: office@handler.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:10 a.m. on April 24, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Graz Room 222 Second Floor Graz Austria Headquartered in Stainz, Austria, the Debtor declared bankruptcy on March 3, 2008 (Bankr. Case No. 26 S 26/08f). IEC BIOGAS: Claims Registration Period Ends April 2 --------------------------------------------------- Creditors owed money by LLC IEC Biogas Betrieb (FN 239178h) have until April 2, 2008, to file written proofs of claim to court- appointed estate administrator Florian Gehmacher at: Dr. Florian Gehmacher c/o Dr. Matthias Schmidt Dr. Karl Lueger-Ring 12 1010 Wien Austria Tel: 01/533 16 95 Fax: 01/535 56 86 E-mail: schmidt@preslmayr.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:00 a.m. on April 16, for the examination of claims. The meeting of creditors will be held at: The Land Court of Korneuburg Room 204 Second Floor Korneuburg Austria Headquartered in Wolfsthal, Austria, the Debtor declared bankruptcy on March 3, 2008 (Bankr. Case No. 36 S 23/08m). Matthias Schmidt represents Dr. Gehmacher in the bankruptcy proceedings. IFT TRADING: Claims Registration Period Ends April 14 ----------------------------------------------------- Creditors owed money by LLC IFT Trading (FN 251057b) have until April 14, 2008, to file written proofs of claim to court- appointed estate administrator Karl Bergthaler at: Dr. Karl Bergthaler Marktstrasse 1 4813 Altmuenster Austria Tel: 07612/88273 or 89425 Fax: 07612/88273-15 E-Mail: ra.haf-berg@aon.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 10:40 a.m. on April 24, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wels Hall 101 First Floor Maria Theresia Str. 12 Wels Austria Headquartered in Pinsdorf, Austria, the Debtor declared bankruptcy on March 3, 2008 (Bankr. Case No. 20 S 27/08h). SPEDEX-INTERNATIONALE: Claims Registration Period Ends April 10 --------------------------------------------------------------- Creditors owed money by LLC Spedex-Internationale Spedition (FN 173704y) have until April 10, 2008, to file written proofs of claim to court-appointed estate administrator Peter Bubits at: Mag. Peter Bubits c/o Mag. Andrea Prochaska Elisabethstrasse 2 2340 Moedling Austria Tel: 02236/89 31 61 Fax: 02236/42210-25 E-mail: peter.bubits@bkb-partner.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 11:30 a.m. on April 24, 2008, for the examination of claims. The meeting of creditors will be held at: The Land Court of Wiener Neustadt Room 15 Wiener Neustadt Austria Headquartered in Brunn am Gebirge, Austria, the Debtor declared bankruptcy on March 3, 2008 (Bankr. Case No. 10 S 23/08y). Andrea Prochaska represents Mag. Bubits in the bankruptcy proceedings. VEREIN ZUR FOERDERUNG: Claims Registration Period Ends April 25 --------------------------------------------------------------- Creditors owed money by Verein zur Foerderung des Gesundheitssports in Oesterreich have until April 25, 2008, to file written proofs of claim to court-appointed estate administrator Stefan Jahns at: Mag. Stefan Jahns Gonzagagasse 15 1010 Vienna Austria Tel: 532 17 11 Fax: 532 17 11 11 E-mail: kanzlei@jahns.co.at Creditors and other interested parties are encouraged to attend the creditors' meeting at 9:45 a.m. on May 9, 2008, for the examination of claims. The meeting of creditors will be held at: The Trade Court of Vienna Room 1607 Vienna Austria Headquartered in Vienna, Austria, the Debtor declared bankruptcy on March 3, 2008 (Bankr. Case No. 28 S 35/08p). ============= D E N M A R K ============= PRIME BRICKS: S&P Rates EUR11.95 Million Class F Notes at BB ------------------------------------------------------------ Standard & Poor's Ratings Services assigned its credit ratings to the EUR178.65 million floating-rate credit-linked notes issued by Prime Bricks 2008-1 GmbH. This is the second transaction, following Prime Bricks 2007-1 GmbH, to transfer credit risk on loans originated by Danske Bank A/S and its subsidiary Realkredit Denmark A/S granted to small to midsized enterprises across Denmark. A major part of loans in the reference portfolio are granted to cooperative housing companies and individuals for financing mortgages for letting purposes. The transaction is structured as a synthetic, partially funded transaction. The collateral backing the notes is certificates of indebtedness issued by KfW (AAA/Stable/A-1+). The ratings on the notes depend on the credit quality of KfW. Potential changes to the rating on KfW during the life of this transaction could, therefore, have a direct effect on the ratings on the notes. Losses are allocated to the notes for the outstanding amount of a reference loan minus the foreclosure proceeds received by Danske Bank, plus related enforcement costs during the foreclosure process. Ratings List Prime Bricks 2008-1 GmbH EUR178.65 Million Floating-Rate Credit-Linked Notes Class Rating Amount ----- ------ ------ A+ AAA EUR100,000 A AAA EUR59,750,000 B AA EUR55,300,000 C A EUR17,200,000 D BBB EUR23,150,000 E BBB EUR11,200,000 F BB EUR11,950,000 ============= F I N L A N D ============= ADVANCED MEDICAL: Posts US$192MM Net Loss for Year Ended 2007 ------------------------------------------------------------- Advanced Medical Optics Inc. incurred a net loss of US$192 million on US$1 billion of net sales for the year ended Dec. 31, 2007, compared to earnings of US$79 million on net sales of US$997 million for the year ended Dec. 31, 2006. The company's net sales for 2007 rose 9.4% to US$1,090.8 million. The rise reflects the IntraLase and WaveFront Sciences acquisitions, organic growth in cataract implant and laser vision corrections sales and a 2.9% increase related to foreign currency, which were partially offset by recall-related declines in eye care sales. The company had a GAAP net loss for 2007 of US$192.9 million, or a net loss of US$3.22 per share. The per share loss was increased by an estimated US$2.26 due to an US$87.0 million charge for in-process R&D, approximately US$38.2 million in transaction-related charges, a US$1.3 million deferred financing cost write-off, a US$6.1 million loss on derivative instruments and an estimated US$2.8 million tax effect. The company reported a fourth-quarter net loss under GAAP of US$12.3 million, compared to a net loss of US$7.6 million, in 2006's fourth quarter. These results included the impacts of the November 2006 and May 2007 recalls. The fourth-quarter 2007 results also included these items, which combined to increase the net loss per share by US$0.17: * US$10.7 million in pre-tax charges related to integration of acquisitions; * US$3.4 million pre-tax loss on derivative instruments; and * estimated tax effects totaling US$3.8 million. The company's fourth-quarter 2007 net sales rose 25% to US$304.6 million on organic growth, the acquisitions of IntraLase Corp. and WaveFront Sciences, Inc., and includes a 5.3% increase related to foreign currency impacts. On a pro forma basis, the company's fourth-quarter sales rose 7.3%. The pro forma sales growth rate reflects comparisons that include the IntraLase and WaveFront Sciences performance as if the acquisitions had occurred in all periods presented. Fourth- quarter sales growth was partially offset by lost sales and returns associated with the company's May 2007 contact lens care solution recall. Advanced Medical had total assets of US$2.7 billion, total liabilities of US$2.1 billion, and a stockholders' equity of US$598 million at Dec. 31, 2007, compared to total assets of US$2 billion, total liabilities of US$1.2 billion, and a stockholders' equity of US$715 million at Dec. 31, 2006. Plans to Reduce Fixed Costs The company disclosed plans to reduce its fixed costs in order to further enhance its global competitiveness, operating leverage and cash flow. The plan includes a net workforce reduction of approximately 150 positions, or about 4% of the company's global workforce. In addition, AMO plans to consolidate certain operations to improve its overall facility utilization. To complete this plan, AMO expects to incur charges between US$25 million and US$30 million in 2008 and estimates that the vast majority will be cash. Upon full implementation, the company expects these actions to result in annualized savings of approximately US$10 million to US$12 million. In 2008, the company estimates savings related to these actions in the range of US$4 million to US$7 million, which are reflected in the current guidance. The charges outlined above are in addition to the US$11 million to US$13 million in charges the company expects to take in 2008 to consolidate its equipment manufacturing, which was announced in December 2007. "Our fourth-quarter performance represented a strong finish to 2007, in which we advanced our strategy and moved aggressively to overcome challenges," said Jim Mazzo, chairman and chief executive officer. "Our cataract/implant business delivered growth across all product categories, and we are entering 2008 on track to launch a range of new technologies to position us for future growth. Our eye care business continued to rebound, with fourth-quarter 2007 sales up 20% on a sequential basis. In addition, this business is now launching our first-ever product to relieve dry eye symptoms. Demonstrating the competitive power of our dual excimer and femtosecond laser platform, our laser vision correction business achieved double-digit sales growth on a pro forma basis. With the planned 2008 release of new LASIK innovations, we intend to continue to expand our leadership position. "To ensure we are maximizing the earnings and cash flow power of the global footprint we have created, we need to be diligent in our effort to improve efficiency and productivity. We expect to accomplish this through staff reductions and infrastructure changes designed to reduce fixed costs, improve operating leverage and enhance long-term cash flow. "We remain confident in the strength of our global businesses, technologies, new product pipeline and strategy. However, after the first six weeks of 2008, we have seen the deteriorating U.S. economy negatively impact our domestic LASIK procedure volumes. We have multiple, unique growth drivers that we believe will mitigate our exposure to a slowdown in the elective refractive procedure market, but we feel a more conservative view is prudent at this time," concludes Mr. Mazzo. About Advanced Medical Headquartered in Santa Ana, Calif., Advanced Medical Optics -- http://www.amo-inc.com/-- develops, manufactures and markets ophthalmic surgical and contact lens care products. AMO employs employs approximately 4,200 worldwide. Outside the U.S., the company has operations in Australia, Brazil, Canada, China, Denmark, Finland, France, Germany, Hong Kong, India, Ireland, Italy, Japan, Korea, Malaysia, Netherlands, New Zealand, Puerto Rico, Singapore, Spain, Sweden, Switzerland, Taiwan, Thailand and the United Kingdom * * * Advanced Medical Optics, Inc. continue to carry Moody's Investors Service's B2 Corporate Family Rating and Probability of Default Rating with a stable outlook. =========== F R A N C E =========== CLEAR CHANNEL: Might Face Ad Sector Woes Alone, Report Says ----------------------------------------------------------- Clear Channel Communication Inc. faces another potential struggle aside from facing a possible collapse of its sale to Thomas H. Lee Partners LP and Bain Capital Partners LLC, according to Sarah McBride of The Wall Street Journal. The report said the company stands to go alone in "a faltering radio industry." As reported in the Troubled Company Reporter-Europe on March 28, 2008, District Court Judge John D. Gabriel of Bexar County, Texas, awarded a Temporary Restraining Order in favor of Clear Channel after the company sued the banks that committed to financing the debt connected to their USUS$26 billion merger for tortuous interference on March 26, 2008. WSJ said, "If the deal isn't completed, Clear Channel will be back to square one in a business that has declined sharply during the months it has chased the sale." The advertising sector is suffering in general and radio advertising in particular, the report noted. Some of Clear Channel's radio operations have suffered while the sale is pending. At the time of the proposed sale, the company owned 1,150 stations. The number is now down to about 1,000, the report said. Clear Channel could depend on its promising billboard advertising to perform well, but worries remain that broader economic woes might drag down the sector, according to the report. The report supported the idea posited by Bear Stearns analyst Victor Miller to separate its slower-growing radio business from the more promising billboard category to restore some confidence and boost shares. Mr. Miller also suggested the company could sell its international outdoor business, the report said. What the report sees as the bright side at Channel Communication is the company's lower debt than most similar companies -- which was noted by Bernstein Research analyst Michael Nathanson. Clear Channel has a ratio for debt-to-EBITDA of 2.6 for 2008. Clear Channel had anticipated closing the merger agreement it entered into in May 2007 by March 31, 2008. The company's shareholders approved the adoption of the merger agreement, as amended, in which Clear Channel would be acquired by CC Media Holdings Inc., a corporation formed by private-equity funds co- sponsored by Lee Partners and Bain Capital. The deal includes US$19.4 billion of equity and US$7.7 billion of debt. If the deal is not pushed through, Channel Communications would get a breakup fee of US$500 million to US$600 million, and it wouldn't have to sell six radio stations as required under the privatization. The banks that agreed to finance the deal include Citigroup Inc., Morgan Stanley, Deutsche Bank AG, Credit Suisse Group, Royal Bank of Scotland PLC and Wachovia Corp. About Bain Capital Boston, Massachussetts-based Bain Capital Partners LLC -- http://www.baincapital.com/-- is a private investment firm with approximately US$40 billion in assets under management. Its family of funds includes private equity, venture capital, public equity and leveraged debt assets. Absolute Return Capital LLC is the global macro affiliate of Bain Capital. Bain Capital Private Equity has raised nine funds and invested in more than 200 companies. Bain Capital (Europe) Limited, an affiliate, is dedicated to investment opportunities in the European market. Bain Capital Venture Partners LLC is the venture capital arm of Bain Capital. Sankaty Advisors LLC, the credit affiliate of Bain Capital LLC, is a private manager of high-yield debt obligations. In October 2006, Michaels Stores Inc. announced the completion of its merger with affiliates of Bain Capital Partners LLC and The Blackstone Group. As a result, Bain Capital Partners LLC and Blackstone own equal stakes in Michaels, and funds affiliated with Highfields Capital Management own a minority stake. About Thomas Lee Partners Boston, Massachussetts-based Thomas H. Lee Partners LP -- http://www.thlee.com/-- Thomas H. Lee Partners is the teddy bear at the gate. Known as a "friendly" leveraged buyout (LBO) firm, the company uses a mix of debt, funds from institutional investors, and its own money to buy companies. Unlike the fearsome LBO outfits of the 1980s, Thomas H. Lee Partners eschews the axe for the handshake; it builds up a stake and courts management cooperation. Lee then usually sells the revamped acquisitions or takes them public. Thomas H. Lee, who founded Thomas H. Lee Partners in 1974, left his namesake firm in 2006 to start a long-planned rival hedge fund and private equity venture. The company has teamed up with Bain Capital to buy media titan Clear Channel for almost US$20 billion. About Clear Channel Communications Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. As of Dec. 31, 2007, it owned 717 core radio stations, 288 non-core radio stations which are being marketed for sale and a leading national radio network operating in the United States. * * * As reported in the Troubled Company Reporter-Europe on March 28, 2008, In line with previous guidance, Fitch Ratings stated that Clear Channel's 'BB-' Issuer Default Rating and Senior Unsecured Ratings would remain in place if the going-private transaction is not completed. Similarly, Moody's Investors Service's said that the company's ratings remain under review for possible downgrade pending closing of the acquisition. Moody's will continue to monitor developments in order to assess the likelihood that the transaction will close. Moody's had previously stated in December 2007 that it would likely downgrade the company's Corporate Family Rating to B2 when its change of control is completed. CLEAR CHANNEL: Extends Offer's Expiration Date to April 4 --------------------------------------------------------- In connection with Clear Channel Communications, Inc.'s previously announced tender offer for its outstanding 7.65% Senior Notes due 2010 (CUSIP No. 184502AK8) and Clear Channel's subsidiary AMFM Operating Inc.'s previously announced tender offer for its outstanding 8% Senior Notes due 2008 (CUSIP No. 158916AL0), the company disclosed that it has extended the date on which the tender offers are scheduled to expire (the "Offer Expiration Date") from 8:00 a.m. New York City time on March 27, 2008 to 8:00 a.m. New York City time on April 4, 2008 and the consent payment deadline for the Notes from 8:00 a.m. New York City time on March 27, 2008 to 8:00 a.m. New York City time on April 4, 2008. The Offer Expiration Date and the Consent Payment Deadline are subject to extension by Clear Channel, with respect to the CCU Notes, and AMFM, with respect to the AMFM Notes, in their sole discretion. The completion of the tender offers and consent solicitations for the Notes is conditioned upon the satisfaction or waiver of all of the conditions precedent to the Agreement and Plan of Merger by and between Clear Channel, CC Media Holdings, Inc. and BT Triple Crown Merger Co., Inc., dated November 16, 2006, as amended by Amendment No. 1, dated April 18, 2007, and Amendment No. 2, dated May 17, 2007 and the closing of the merger contemplated by the Merger Agreement. The closing of the Merger has not occurred. On March 26, 2008, Clear Channel, joined by CC Media Holdings, Inc., filed a lawsuit in the Texas State Court in Bexar County, Texas, against Citigroup, Deutsche Bank, Morgan Stanley, Credit Suisse, The Royal Bank of Scotland, and Wachovia, the banks who had committed to provide the debt financing for the Merger. Clear Channel intends to complete the tender offers and consent solicitations for the CCU Notes, and AMFM intends to complete the tender offers and consent solicitations for the AMFM Notes, upon consummation of the Merger. Clear Channel previously announced on January 2, 2008, that it had received, pursuant to its previously announced tender offer and consent solicitation for the CCU Notes, the requisite consents to adopt the proposed amendments to the CCU Notes and the indenture governing the CCU Notes applicable to the CCU Notes, and that AMFM had received, pursuant to its previously announced tender offer and consent solicitation for the AMFM Notes, the requisite consents to adopt the proposed amendments to the AMFM Notes and the indenture governing the AMFM Notes. As of 8:00 a.m. on March 27, 2008, approximately 87.47% of the AMFM Notes had been validly tendered and not withdrawn and approximately 98.58 percent of the CCU Notes had been validly tendered and not withdrawn. The Clear Channel tender offer and consent solicitation is being made pursuant to the terms and conditions set forth in the Clear Channel Offer to Purchase and Consent Solicitation Statement for the CCU Notes dated December 17, 2007, and the related Letter of Transmittal and Consent. The AMFM tender offer and consent solicitation is being made pursuant to the terms and conditions set forth in the AMFM Offer to Purchase and Consent Solicitation Statement for the AMFM Notes dated December 17, 2007, and the related Letter of Transmittal and Consent. Clear Channel has retained Citi to act as the lead dealer manager for the tender offers and lead solicitation agent for the consent solicitations and Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated to act as co-dealer managers for the tender offers and co-solicitation agents for the consent solicitations. Global Bondholder Services Corporation is the Information Agent for the tender offers and the consent solicitations. Questions regarding the tender offers should be directed to Citi at (800) 558-3745 (toll-free) or (212) 723-6106 (collect). Requests for documentation should be directed to Global Bondholder Services Corporation at (212) 430-3774 (for banks and brokers only) or (866) 924-2200 (for all others toll- free). About Clear Channel Communications Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. As of Dec. 31, 2007, it owned 717 core radio stations, 288 non-core radio stations which are being marketed for sale and a leading national radio network operating in the United States. * * * As reported in the Troubled Company Reporter-Europe on March 28, 2008, In line with previous guidance, Fitch Ratings stated that Clear Channel's 'BB-' Issuer Default Rating and Senior Unsecured Ratings would remain in place if the going-private transaction is not completed. Similarly, Moody's Investors Service's said that the company's ratings remain under review for possible downgrade pending closing of the acquisition. Moody's will continue to monitor developments in order to assess the likelihood that the transaction will close. Moody's had previously stated in December 2007 that it would likely downgrade the company's Corporate Family Rating to B2 when its change of control is completed. CLEAR CHANNEL: Defers First Quarter Dividend -------------------------------------------- Clear Channel Communications, Inc. said Friday that its Board of Directors has determined to defer consideration of a first quarter dividend payable to shareholders. Historically, the Board has declared a dividend to shareholders of record on the last day of a quarter, with payment on or before the 15th of the following month. The Board of Directors took this action after receiving a request from Bain Capital and Thomas H. Lee Partners to defer the payment date in light of the delayed closing of Clear Channel's merger with CC Media Holdings, Inc. In support of their continued efforts to close the merger, the company has agreed to honor that request. About Bain Capital Boston, Massachussetts-based Bain Capital Partners LLC -- http://www.baincapital.com/-- is a private investment firm with approximately US$40 billion in assets under management. Its family of funds includes private equity, venture capital, public equity and leveraged debt assets. Absolute Return Capital LLC is the global macro affiliate of Bain Capital. Bain Capital Private Equity has raised nine funds and invested in more than 200 companies. Bain Capital (Europe) Limited, an affiliate, is dedicated to investment opportunities in the European market. Bain Capital Venture Partners LLC is the venture capital arm of Bain Capital. Sankaty Advisors LLC, the credit affiliate of Bain Capital LLC, is a private manager of high-yield debt obligations. In October 2006, Michaels Stores Inc. announced the completion of its merger with affiliates of Bain Capital Partners LLC and The Blackstone Group. As a result, Bain Capital Partners LLC and Blackstone own equal stakes in Michaels, and funds affiliated with Highfields Capital Management own a minority stake. About Thomas Lee Partners Boston, Massachussetts-based Thomas H. Lee Partners LP -- http://www.thlee.com/-- Thomas H. Lee Partners is the teddy bear at the gate. Known as a "friendly" leveraged buyout (LBO) firm, the company uses a mix of debt, funds from institutional investors, and its own money to buy companies. Unlike the fearsome LBO outfits of the 1980s, Thomas H. Lee Partners eschews the axe for the handshake; it builds up a stake and courts management cooperation. Lee then usually sells the revamped acquisitions or takes them public. Thomas H. Lee, who founded Thomas H. Lee Partners in 1974, left his namesake firm in 2006 to start a long-planned rival hedge fund and private equity venture. The company has teamed up with Bain Capital to buy media titan Clear Channel for almost US$20 billion. About Clear Channel Communications Based in San Antonio, Texas, Clear Channel Communications Inc. (NYSE:CCU) -- http://www.clearchannel.com/-- is a media and entertainment company specializing in "gone from home" entertainment and information services for local communities and premiere opportunities for advertisers. The company's businesses include radio, television and outdoor displays. Outside U.S., the company operates in 11 countries -- Norway, Denmark, the United Kingdom, Singapore, China, the Czech Republic, Switzerland, the Netherlands, Australia, Mexico and New Zealand. As of Dec. 31, 2007, it owned 717 core radio stations, 288 non-core radio stations which are being marketed for sale and a leading national radio network operating in the United States. * * * As reported in the Troubled Company Reporter-Europe on March 28, 2008, In line with previous guidance, Fitch Ratings stated that Clear Channel's 'BB-' Issuer Default Rating and Senior Unsecured Ratings would remain in place if the going-private transaction is not completed. Similarly, Moody's Investors Service's said that the company's ratings remain under review for possible downgrade pending closing of the acquisition. Moody's will continue to monitor developments in order to assess the likelihood that the transaction will close. Moody's had previously stated in December 2007 that it would likely downgrade the company's Corporate Family Rating to B2 when its change of control is completed. CLEAR CHANNEL: S&P Maintains Negative CreditWatch on Ratings ------------------------------------------------------------ Standard & Poor's Ratings Services said its ratings on Clear Channel Communications Inc., including the 'B+' corporate credit rating, remain on CreditWatch with negative implications. S&P originally placed them on CreditWatch on Oct. 26, 2006, following the company's announcement that it was exploring strategic alternatives to enhance shareholder value. The company's proposed leveraged buyout, led by Thomas H. Lee Partners L.P. and Bain Capital Partners LLC, received FCC approval on Jan. 24, 2008. "This CreditWatch update follows unconfirmed news reports that there could be complications surrounding the proposed financing for the LBO, which includes roughly US$18.4 billion of senior secured credit facilities and US$2.6 billion of senior unsecured notes," explained Standard & Poor's credit analyst Michael Altberg. The company still intends to close the deal before the end of the first quarter. As S&P has previously indicated, if the deal fails to close, S&P would expect to raise the ratings, but not back to investment grade; the proposed LBO has changed S&P's financial policy expectations for Clear Channel. In addition, Clear Channel's contingency plans to increase shareholder value if the pending deal falls through are uncertain, and could be further complicated by the currently tight credit environment. S&P will continue to monitor developments surrounding the proposed merger. If the deal successfully closes, and barring any material changes due to the divestiture of certain assets or change in financing terms, S&P expects to lower Clear Channel's long-term corporate credit rating to 'B' from 'B+'. At the same time, S&P would expect to lower its rating on the company's existing senior unsecured notes to 'CCC+' (two notches below the expected corporate credit rating) from 'B-'. If the deal fails to close, the ultimate rating would depend on management's alternative plans for increasing shareholder value, as well as its long-term business and financial strategies. DELPHI CORP: Moody's Ups Rating on New 2nd Lien Loan to (P)B2 ------------------------------------------------------------- Moody's Investors Service raised the rating on Delphi Corporation's revised second lien term loan to (P)B2 from (P)B3 and affirmed the company's Corporate Family Rating and Probability of Default Ratings of (P)B2, Speculative Grade Liquidity rating of SGL-2, first lien term loan rating of (P)Ba2, and stable outlook. The revision to the rating on the second lien facility follows a change in the composition of the term loans from the structure Moody's rated on March 14, 2008. The total amount of secured term loans Delphi requires to emerge from bankruptcy is unchanged at US$4.525 billion. However, the first lien term loan will be reduced to US$1.7 billion from US$3.7 billion and the second lien term loan will be increased to US$2.825 billion from US$0.825 billion as the full US$2.0 billion of what was to be the B-2 tranche of the first lien term loan has been moved to the second lien facility. The first lien term loan will continue to be split between US$1.5 billion lodged at the parent and US$0.2 billion at a European subsidiary. The previous B-2 tranche was designed as a "second out" portion of the first lien term loan, and remains junior to the US$1.7 billion of the first lien term loan. However, it will now be documented as part of an enlarged second lien term loan. An affiliate of General Motors Corporation has agreed to accept up to US$2.825 billion of the second lien term loan as part of the settlement for GM's claims. Major terms of the first lien term loan have not been altered from those of the B-1 tranche in the earlier structure. As those terms involved initial amortization of 1% per year, by moving US$2.0 billion to the second lien term loan, which does not require any scheduled amortization prior to final maturity, Delphi's annual repayment obligations post emergence will be lowered by US$20 million a year. Nonetheless, Delphi's financial leverage will not be affected by these changes nor will its expected operating performance, and key coverage metrics will not experience any material change from previous expectations. Consequently, Moody's affirmed Delphi's Corporate Family and Probability of Default ratings as well its liquidity rating and outlook. Although the amount of the first lien term loan will be reduced, its rating of (P)Ba2 is unchanged; the amounts of debt that are superior, equally ranked, or junior in the overall waterfall are unchanged. The (P)B2 rating on the increased size of the second lien term loan is one notch higher than the earlier rating and level with that of the Corporate Family Rating. This develops from a lower amount of senior debt ahead of its claims and its higher proportion of the debt capital, both of which tend to boost its expected recovery rate. Rating revised: -- US$2.825 billion second lien term loan, (P)B2, LGD-4, 52% from (P)B3, LGD-4, 65% Rating withdrawn: -- US$2.0 billion B-2 tranche of first lien term loan, (P)B2, LGD-3, 47% Delphi Corporation, headquartered in Troy, Michigan, is a global tier-1 automotive supplier with products and services addressing electrical or electronic architecture, electronics & safety, powertrain systems, thermal systems, and aftermarket product and service solutions. The company expects to have revenues from continuing operations of roughly US$20 billion and employs approximately 171,000 people at 163 manufacturing sites around the world. Delphi has regional headquarters in Japan, Brazil and France. RHODIA SA: Shareholders' Meeting Slated for May 16 -------------------------------------------------- Rhodia S.A. informed its shareholders of a combined shareholders' meeting at 3:00 p.m. on May 16, 2008 to be held at: Pavillon d'Armenonville Allee de Longchamps Bois de Boulogne 75116 Paris France At the shareholders' meeting, approval will be requested for: -- a dividend of EUR0.25 per share that would be payable on May 23, 2008; -- the authorization of a share buyback program and the right to cancel the shares thus purchased; -- the renewal of the appointment as director of Yves Rene Nanot, Jerome Contamine and Michel de Fabiani to allow the board to continue to benefit from their expertise and experience; and -- the election as director of Laurence Danon, who is currently a member of the management board of Rothschild Corporate Finance. Her election will increase the number of independent board members to eight. All documents and information relating to the meeting will be available to shareholders under the terms and conditions specified by current regulations. The invitation to the meeting is scheduled for April 18, 2008. Laurence Danon has been a member of the Management Board of Rothschild Corporate Financ since 2007. She chairs the New Generations Commission at Medef, the French employer's association and she is a board member of Diageo Plc, Experian Plc, Plastic Omnium SA and Lafuma. About Rhodia Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) -- http://www.rhodia.com/-- is a global specialty chemicals company partnering with major players in the automotive, electronics, pharmaceuticals, agrochemicals, consumer care, tires, and paints and coatings markets. Rhodia offers tailor- made solutions combining original molecules and technologies to respond to customers' needs. The group generated sales of EUR4.8 billion in 2006 and employs around 16,000 people worldwide. Rhodia is listed on Euronext Paris and the New York Stock Exchange. The company has operations in Brazil. * * * As of Feb. 19, 2008, Rhodia S.A. carries Moody's long-term corporate family rating of Ba3 and senior unsecured debt rating of B1 with positive outlook. The company also carries Standard & Poor's BB- long-term foreign and local issuer credit ratings, and B short-term foreign and local issuer credit ratings. The ratings outlook is stable. Fitch Ratings assigned long-term issuer default rating at BB- and senior unsecured debt rating at BB- with outlook positive. SMOBY SA: Ex-CEO Under Police Custody Over Embezzlement Probe ------------------------------------------------------------- Jean-Christophe Breuil, former chief executive officer of Smoby SA, has been taken into police custody in Dijon, France as part of an investigation into an alleged embezzlement of funds at the company, Heather Smith writes for Bloomberg News. The report discloses that according to Annie David, Mr. Breuil's lawyer, Mr. Breuil "can't be questioned except while in custody because he could be charged in the investigation." Mr. Breuil was named suspect by the state prosecutor in Lons-le- Saunier but claimed that he had always managed Smoby in a completely transparent way. The probe, which commenced in October 2007, aims to determine whether the transfer of funds from Smoby accounts to foreign companies made the toymaker more vulnerable, Bloomberg adds. About Smoby Headquartered in Lavans les Saint-Claude, France, Smoby -- http://www.smoby.fr/-- specializes in the creation, development, production and distribution of toys for children from birth to age 10. Smoby has a presence in over 90 countries globally, with commercial and/or industrial operations in South America, Asia and throughout Europe. The Company's products are sold worldwide through a network of 18 subsidiaries, with 65% of sales generated outside of France. In France, the Company employs 1, 300 workers. Its Latin America operations are found in Argentina, Brazil and Mexico. The Commercial Court of Lons-le-Saunier opened bankruptcy proceedings against Smoby on March 19, 2007, upon the Debtor's request. Smoby was hoping to snag an investor who will inject fresh capital yet remain a minority, as the company grapples with a EUR330-million debt. The company reported a net loss of EUR15.87 million for the year ended March 31, 2006, compared with a net profit of EUR1.56 million in 2005. ============= G E R M A N Y ============= ASAT HOLDINGS: Nasdaq Delistes Securities Effective March 27 ------------------------------------------------------------ The Nasdaq Hearings Panel determined to delist ASAT Holdings Limited's securities from The Nasdaq Stock Market, and suspended trading in the company's shares on March 27, 2008. The company received notice from the staff of the Nasdaq Stock Market regarding the Nasdaq Hearing Panel's determination on the company's non-compliance with Nasdaq continuing listing requirements, including maintaining the market value of its listed securities above US$35 million, its stockholders equity above US$2.5 million, and its net income of at least US$500,000 from continuing operations for the most recently completed fiscal year or two of the last three most recently completed fiscal years. After delisting from the Nasdaq Stock Market, the company expects that its American Depositary Shares will be traded on the OTC Bulletin Board. Headquartered in Pleasanton, California, ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/-- is a provider of semiconductor package design, assembly and test services. With 18 years of experience, the company offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in- package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. The company also has operations in Hong Kong, China and Germany. * * * Standard & Poor's placed ASAT Holdings Limited's long-term foreign and local issuer credit ratings at 'CCC-' in September 2007. The outlook is negative. AVT GMBH: Claims Registration Ends April 16 ------------------------------------------- Creditors of AVT GmbH & Co. KG have until April 16, 2008 to register their claims with court-appointed insolvency manager Marc Schmidt-Thieme. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on June 4, 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 4.311 Fourth Floor 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: Marc Schmidt-Thieme Soldnerstr. 2 68219 Mannheim Germany Tel: 0621/87708-0 Fax: 0621/8770820 The District Court of Darmstadt opened bankruptcy proceedings against AVT GmbH & Co. KG on March 7, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: AVT GmbH & Co. KG Feringastrasse 9 a 85774 Unterfoehring Germany Attn: Stefan Kramer, Manager Kocherbach 19 69483 Wald-Michelbach Germany BELSDORFER BAU: Claims Registration Period Ends April 16 -------------------------------------------------------- Creditors of Belsdorfer Bau-GmbH have until April 16, 2008, to register their claims with court-appointed insolvency manager Andre Loeffler. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Magdeburg Hall 13 Justizzentrum Magdeburg Breiter Weg 203 - 206 39104 Magdeburg 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: Andre Loeffler Klewitzstr. 15 39112 Magdeburg Tel: 0391/7324630 o. 39 Fax: 0391/7324633 E-mail: magdeburg@loeffler-insolvenzverwalter.de The District Court of Magdeburg opened bankruptcy proceedings against Belsdorfer Bau-GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Belsdorfer Bau-GmbH Attn: Frank Trager, Manager Alleringerslebener Str. 25 39365 Wefensleben - Belsdorf Germany BPZ BLUT: Claims Registration Period Ends April 16 -------------------------------------------------- Creditors of BPZ Blut-Plasma-Zentrum GmbH have until April 16, 2008, to register their claims with court-appointed insolvency manager Hans-Ulrich Ruenger. Creditors and other interested parties are encouraged to attend the meeting at 2:00 p.m. on June 5, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Fuerth Room 216 II Dienstgebaude Baumenstr. 28 Fuerth Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Hans-Ulrich Ruenger Prinzregentenufer 9 90489 Nuremberg Germany Tel: 0911/955188 Fax: 0911/9551866 The District Court of Fuerth opened bankruptcy proceedings against BPZ Blut-Plasma-Zentrum GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: BPZ Blut-Plasma-Zentrum GmbH Maxstr. 44 90763 Fuerth Germany COREALCREDIT BANK: Fitch Holds Rating on Sub. Obligations at BB --------------------------------------------------------------- Fitch Ratings affirmed Germany-based Corealcredit Bank AG's ratings at Long-term Issuer Default 'BBB-' with Stable Outlook, Short-term IDR 'F3', Support '2', and Individual rating 'D'. The Support Rating Floor is also affirmed at 'BBB-'. At the same time, the bank's subordinated obligations are affirmed at 'BB' and its profit participation rights (Genussscheine) are affirmed at 'CC'/'RR5'. "The Long- and Short-term IDRs of Corealcredit, formerly known as Allgemeine Hypothekenbank Rheinboden AG, reflect Fitch's opinion that the probability of external support remains high, should it be required," says Michael Steinbarth, Director in Fitch's Financial Institutions team. In case of financial difficulties, Fitch believes that Germany's private-sector banks would arrange timely support for the bank's senior unsecured obligations, in line with the action taken in 2005. However, it appears likely that obligations that form part of the bank's regulatory capital could be expected to absorb losses, resulting in a lower, but still moderate, probability of support for subordinated debt. Accordingly, Fitch has widened its traditional notching between senior and subordinated instruments to reflect this possibility. With the continuing restructuring of Corealcredit, its position as a major issuer of Pfandbriefe is likely to further weaken. Therefore, Fitch will continue to monitor developments as the bank downsizes and repositions itself and will continue to review the agency's position on support as the bank's franchise and market position evolves, which may affect the likelihood of external support for the senior unsecured obligations. The ratings do not place any reliance on institutional support being provided by the bank's owner, Lone Star Fund V German Investments, L.P. The Individual rating reflects the satisfactory progress made in the bank's restructuring and an adequate level of capital held. This is balanced by an unproven track record of operating performance, a still elevated level of non-performing loans and the reliance on wholesale funding in a challenging operating environment. The Individual rating would benefit from a track record of recurring operating profitability, a greater diversification of funding sources and from a marked reduction in NPLs. In 2007, the bank successfully launched its banking operations under a new identity. While Fitch notes that Corealcredit has no exposure to US sub-prime-related business or structured credits, the agency believes that the bank's stringent focus on domestic commercial real estate lending makes it more vulnerable to changes in its operating environment, as this business line can be volatile. The ratings of the bank's public sector and mortgage Pfandbriefe remain unaffected by the rating action. DACHSEL-GRUETZNER: Claims Registration Period Ends April 16 ----------------------------------------------------------- Creditors of Dachsel-Gruetzner GmbH Riemsdorf have until April 16, 2008, to register their claims with court-appointed insolvency manager Christoph Junker. Creditors and other interested parties are encouraged to attend the meeting at 10:00 a.m. on May 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Christoph Junker Karcherallee 25 a 01277 Dresden Germany E-mail: http://www.junker-kollegen.de/ The District Court of Dresden opened bankruptcy proceedings against Dachsel-Gruetzner GmbH Riemsdorf on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Dachsel-Gruetzner GmbH Riemsdorf Ullendorfer Strasse 11 01665 Klipphausen Germany FBB GMBH: Claims Registration Period Ends April 16 -------------------------------------------------- Creditors of FBB GmbH i.L. Finowfurt have until April 16, 2008, to register their claims with court-appointed insolvency manager Axel Raap. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Axel Raap Herrengraben 5 20459 Hamburg Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against FBB GmbH i.L. Finowfurt on Feb. 15, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: FBB GmbH i.L. Finowfurt Regattastrasse 132 12527 Berlin Germany FIGARO FRISEUR: Claims Registration Period Ends April 16 -------------------------------------------------------- Creditors of "FIGARO" Friseur- und Kosmetik GmbH have until April 16, 2008, to register their claims with court-appointed insolvency manager Stephan Thiemann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 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 Leipzig Hall 145 First Floor Bernhard Goering Strasse 64 04275 Leipzig Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Dr. Stephan Thiemann Schorlemmerstrasse 2 04155 Leipzig Germany Tel: 0341/4903650 Fax: 0341/4903699 E-mail: leipzig@pluta.net The District Court of Leipzig opened bankruptcy proceedings against "FIGARO" Friseur- und Kosmetik GmbH on Feb. 29, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: "FIGARO" Friseur- und Kosmetik GmbH Attn: Marco Rentzsch, Manager Gustav-Adolf-Strasse 38 04105 Leipzig Germany GERU IM: Claims Registration Period Ends April 16 ------------------------------------------------- Creditors of GERU Im- und Export GmbH have until April 16, 2008, to register their claims with court-appointed insolvency manager Thomas Wulsten. Creditors and other interested parties are encouraged to attend the meeting at 10:35 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 Frankfurt (Oder) Hall 401 Muellroser Chaussee 55 15236 Frankfurt (Oder) Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Thomas Wulsten Rudolf-Breitscheid-Strasse 33 14482 Potsdam Germany The District Court of Frankfurt (Oder) opened bankruptcy proceedings against GERU Im- und Export GmbH on March 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: GERU Im- und Export GmbH Fuchsbau 9 15345 Eggersdorf Germany ICE WORLD: Claims Registration Period Ends April 23 --------------------------------------------------- Creditors of ICE world GmbH have until April 23, 2008, to register their claims with court-appointed insolvency manager Kilian Goergen. Creditors and other interested parties are encouraged to attend the meeting at 12:10 p.m. on May 15, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Wittlich Hall 3 Kurfuerstenstrasse 63 54516 Wittlich 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: Kilian Goergen Richtstr. 1-3 54338 Schweich Germany Tel: 06502-939134 Fax: 06502-939136 The District Court of Wittlich opened bankruptcy proceedings against ICE world GmbH on Feb. 27, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: ICE world GmbH Attn: Damar Ferullah, Manager Moselstr. 15 56841 Traben-Trarbach Germany KUNSTSTOFF-TECHNIK KRUEGER: Claims Period Ends April 8 ------------------------------------------------------ Creditors of Kunststoff-Technik Krueger GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Peter Engelmann. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 8, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Nuernberg Meeting Hall 152/I Flaschenhofstr. 35 Nuernberg 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 Engelmann Archivstrasse 3 90408 Nuernberg Germany Tel: (0911) 59781 -22 Fax: (0911) 59781 -44 The District Court of Nuernberg opened bankruptcy proceedings against Kunststoff-Technik Krueger GmbH on March 5, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Kunststoff-Technik Krueger GmbH Neumarkter Strasse 39 90584 Allersberg Germany MEGA STAR: Claims Registration Period Ends April 8 -------------------------------------------------- Creditors of Mega Star Logistik GmbH have until April 8, 2008, to register their claims with court-appointed insolvency manager Dr. Steffen Koch. Creditors and other interested parties are encouraged to attend the meeting at 10:20 a.m. on April 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Walsrode Hall 130 Lange Strasse 29-33 29664 Walsrode 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. Steffen Koch Albert-Einstein-Ring 11 22761 Hamburg Germany Tel: (0 40) 8 99 56 - 0 Fax: (0 40) 8 99 56 - 41 The District Court of Walsrode opened bankruptcy proceedings against Mega Star Logistik GmbH on March 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Mega Star Logistik GmbH Heinrich-Hertz-Strasse 13 29664 Walsrode Germany Attn: Hans-Dieter Warnecke, Manager Schneeheide 21 29664 Walsrode Germany NATURSTEIN NORDO: Claims Registration Period Ends April 18 ---------------------------------------------------------- Creditors of Naturstein Nord GmbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Gerhard Brinkmann. Creditors and other interested parties are encouraged to attend the meeting at 10:30 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 Stralsund Hall AE 26 Ground Floor House A Bielkenhagen 9 Stralsund Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Gerhard Brinkmann Freiligrathstr. 1 18055 Rostock Germany The District Court of Stralsund opened bankruptcy proceedings against Naturstein Nord GmbH on March 17, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Naturstein Nord GmbH Attn: Peter Heine, Manager Rostocker Chaussee 26 18437 Stralsund Germany NATURSTEINE HANDEL: Claims Registration Ends April 15 ----------------------------------------------------- Creditors of Natursteine Handel Zwickau GmbH have until April 15, 2008 to register their claims with court-appointed insolvency manager Wolfgang Hauser. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 28, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 24 Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Wolfgang Hauser Poetenweg 36 08056 Zwickau Germany Tel: (0375) 273660 Fax: (0375) 2736613 The District Court of Chemnitz opened bankruptcy proceedings against Natursteine Handel Zwickau GmbH on Feb. 28, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Natursteine Handel Zwickau GmbH Attn: Joerg Nebel, Manager Schubertstr. 37 08058 Zwickau Germany OBJEKT + WOHNEN: Claims Registration Ends April 15 -------------------------------------------------- Creditors of Objekt + Wohnen Projektentwicklung GmbH have until April 15, 2008 to register their claims with court-appointed insolvency manager Klaus W. Gerling. Creditors and other interested parties are encouraged to attend the meeting at 11:00 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 Cologne Meeting Hall 142 First Floor Luxemburger Strasse 101 50939 Cologne 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 W. Gerling Mediapark 6 B 50670 Cologne Germany Tel: 57 43-71 40 Fax: +4922157437149 The District Court of Cologne opened bankruptcy proceedings against Objekt + Wohnen Projektentwicklung GmbH on March 3, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Objekt + Wohnen Projektentwicklung GmbH Ringstr. 20 50996 Cologne Germany Attn: Martina Maass, Manager Ringstr. 20 50996 Cologne Germany PRO.DIRECT GMBH: Claims Registration Period Ends April 18 --------------------------------------------------------- Creditors of Pro.direct GmbH have until April 18, 2008, to register their claims with court-appointed insolvency manager Dr. Michael Miersch. Creditors and other interested parties are encouraged to attend the meeting at 8:15 a.m. on May 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 Rosenheim Room 112 Rosenheim 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. Michael Miersch Kufsteiner Strasse 14/II 83022 Rosenheim Germany Tel: 0 80 31/ 36 77 0 Fax: 0 80 31/ 36 77 36 The District Court of Rosenheim opened bankruptcy proceedings against Pro.direct GmbH on March 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Pro.direct GmbH Kufsteiner Str. 40 83088 Kiefersfelden Germany QUEBECOR WORLD: Seeks Authority to Assume Various Contracts ----------------------------------------------------------- Quebecor World Inc. and its affiliates seek the U.S. Bankruptcy Court for the Southern District of New York's authority to assume executory contracts with various entities. 1. Hell Gravure, GMBH & Co. KG The Debtors want to assume four executory contracts with Hell Gravure, GMBH & Co. KG to which the Debtors would buy certain rotogravure printing equipment and related software from Hell Gravure: (a) Quebecor Worlfd Atglen Inc. and Hell Gravure Agreement for purchase of two K6 Engravers for the Debtors' Atglen, Pennsylvania facility; (b) Quebecor World Mt. Morris II LLC and Hell Gravure Agreement for the purchase of two K6 Engravers for the Debtors' Mt. Morris, Illinois Facility; (c) QW Atglen and Hell Gravure Agreement for the purchase of two K6 Engravers for the Debtors' Franklin, Kentucky facility; and (d) A purchase order between QW Memephis Corp. and Hell Gravure for K6 upgrades to existing K406 Engravers for the Debtors' Dickson, Tennessee facility. The Debtors owe EUR1,872,938 to Hell Gravure under the contracts. The Debtors seek the Court's authority to pay its cure amounts and provide Hell Gravure with adequate assurance of future performance in accordance with Section 365 of the Bankruptcy Code. Michael Canning, Esq., at Arnold & Porter LLP, in New York, says that assumption of the contracts is critical to the Debtors' business. 2. Maschinenfabrik K. Walter GMBH & Co. KG The Debtors seek the Court's authority to assume two contracts with Maschinenfabrik K. Walter GMBH & Co. KG for the purchase of copper tanks used to plate the cylinders used in the rotogravure printing process. Quebecor World Nevada Inc. entered into an Equipment Purchase Agreement with K. Walter dated Sept. 3, 2007, for the purchase of one copper tank for the Debtors' Fernley, Nevada facility, and Quebecor World Atglen, Inc. entered into an Equipment Purchase Agreement with K. Walter dated Sept. 19, 2007, for the purchase of one copper tank for the Debtors' Franklin, Kentucky facility. The Debtors also ask Judge James M. Peck's permission to pay a US$240,000 cure amount on account of the equipment for the Fernley plant. The Debtors will provide K. Walter with adequate assurance of future performance. Mr. Canning says the Cylinder Plating Equipment is necessary to the Debtors' business, and the favorable terms of the Agreements make it a valuable asset of the Debtors' bankruptcy estates. 3. SIM Products Inc. Debtor Quebecor World Logistics Inc. and SIM Products Inc. entered into a contract, wherein the Debtor would purchase six 30-Pocket Co-Mailing Systems from SIM. Co-Mailers are used by the Debtors in connection with their direct mail business. A 30-Pocket Co-Mailer system consists of software and equipment capable of integrating subscriber lists from up to 30 different publishers and then bundling the related publications according to mail carrier routes and postal ZIP codes established by the U.S. Postal Service, so that magazines, catalogs and other materials published by multiple customers that are destined for the same geographic area are grouped together prior to delivery to the Postal Service. As of March 10, 2008, the Debtors have made down payments and installment payments totaling 39% of the total purchase price. The unpaid prepetition amount currently due and owing on account of the Co-Mailers is US$541,965, which is the amount that would be required to cure the Debtors' defaults under the Agreement pursuant to Section 365(b) of the Bankruptcy Code. The Debtors ask Judge Peck for permission to assume the contract, pay the Cure Amount to cure existing defaults, and provide SIM with adequate assurance of future performance. The Co-Mailers are necessary to the Debtors' business, and the favorable terms of the Agreement make it a valuable asset of the Debtors' bankruptcy estates, Mr. Canning says. 4. Goss International Americas Inc. Debtor Quebecor World Waukee Inc. and Goss International Americas Inc. entered into a contract, wherein Waukee would purchase a Universal 45 Four-High Tower Add-On with related equipment from Goss. According to Mr. Canning, the Tower would be added as an additional tower to an existing Goss Universal 45 press at the Debtors' facility in Waukee, Iowa. The Goss U45 Press is used primarily in the Debtors' telephone directory business. The Tower would provide additional page and color capability to the existing Goss U45 Press. "Increasing the range of page and color capability that the Debtors are able to offer to their customers will substantially increase their ability to generate revenue in the telephone directory business," Mr. Canning says. Mr. Canning relates that beginning mid-April 2008, the Waukee facility will lose a substantial amount of earnings each week the Tower is not operational, as it will have to outsource a substantial amount of work produced on the Goss U45 Press. Installation of the Tower was scheduled for March-April because the facility is less busy during this time and could more easily afford to take the Goss U45 Press offline for the time it will take to complete the installation and testing for the Tower. As of March 10, 2008, the Tower has been manufactured and shipped to Waukee, and Goss has represented to the Debtors that it is prepared to begin installation of the Tower immediately following assumption of the Agreement, Mr. Canning says. As of March 10, 2008, the Debtors have made down payments and installment payments totaling 45% of the total purchase price. The unpaid amount currently due and owing on account of the Tower is US$705,458, which is the amount that would be required to cure the Debtors' defaults under the Agreement pursuant to Section 365(b) of the Bankruptcy Code. The Debtors seek the Court's authority to assume the Agreement, pay the Cure Amount to cure existing defaults, and provide Goss with adequate assurance of future performance. Mr. Canning relates that the Tower is necessary to the Debtors' telephone directory business and will allow the Debtors to avoid outsourcing work related to that line of business. "Moreover, because the Debtors have already installed the Goss U45 Press at their Waukee facility, Goss is the only manufacturer that produces a tower add-on that is compatible with the Debtors' existing equipment." About Quebecor World Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE: IQW), -- http://www.quebecorworldinc.com/-- provides market solutions, including marketing and advertising activities, well as print solutions to retailers, branded goods companies, catalogers and to publishers of magazines, books and other printed media. It has 127 printing and related facilities located in North America, Europe, Latin America and Asia. In the United States, it has 82 facilities in 30 states, and is engaged in the printing of books, magazines, directories, retail inserts, catalogs and direct mail. In Canada it has 17 facilities in five provinces, through which it offers a mix of printed products and related value-added services to the Canadian market and internationally. The company is an independent commercial printer in Europe with 19 facilities, operating in Austria, Belgium, Finland, France, Spain, Sweden, Switzerland and the United Kingdom. In March 2007, it sold its facility in Lille, France. Quebecor World (USA) Inc. is its wholly owned subsidiary. Quebecor World and 53 of its subsidiaries, including those in Canada, filed a petition under the Companies' Creditors Arrangement Act before the Superior Court of Quebec, Commercial Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable Justice Robert Mongeon oversees the CCAA case. Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the Company in the CCAA case. Ernst & Young Inc. was appointed as Monitor. On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S. subsidiary, along with other U.S. affiliates, filed for chapter 11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08- 10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP represents the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors is represented by Akin Gump Strauss Hauer & Feld LLP. Based in Corby, Northamptonshire, Quebecor World PLC -- http://www.quebecorworldplc.com/-- is the U.K. subsidiary of Quebecor World Inc. that specializes in web offset magazines, catalogues and specialty print products for marketing and advertising campaigns. The company employs around 290 people. Quebecor PLC was placed into administration with Ian Best and David Duggins of Ernst & Young LLP appointed as joint administrators effective Jan. 28, 2008. As of Sept. 30, 2007, Quebecor World's unaudited consolidated balance sheet showed total assets of US$5,554,900,000, total liabilities of US$3,964,800,000, preferred shares of US$175,900,000, and total shareholders' equity of US$1,414,200,000. The company has until May 20, 2008, to file a plan of reorganization in the Chapter 11 case. The Debtors' CCAA stay has been extended to May 12, 2008. (Quebecor World Bankruptcy News, Issue No. 9; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) R & G SYSTEMBAU: Claims Registration Period Ends April 14 --------------------------------------------------------- Creditors of R & G Systembau GmbH have until April 14, 2008, to register their claims with court-appointed insolvency manager Olaf Seidel. Creditors and other interested parties are encouraged to attend the meeting at 9:15 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 Dresden Hall D131 Olbrichtplatz 1 01099 Dresden Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Olaf Seidel Weisseritzstrasse 3 01067 Dresden Germany Web site: http://www.worako.de/ The District Court of Dresden opened bankruptcy proceedings against R & G Systembau GmbH on March 18, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: R & G Systembau GmbH Jagdweg 1 - 3 01159 Dresden Germany SCHULZE-FAHRZEUGSERVICE GMBH: Claims Registration Ends April 15 --------------------------------------------------------------- Creditors of Schulze-Fahrzeugservice GmbH have until April 15, 2008 to register their claims with court-appointed insolvency manager Kai Dellit. Creditors and other interested parties are encouraged to attend the meeting at 9:30 a.m. on May 27, 2008, at which time the insolvency manager will present his first report on the insolvency proceedings. The meeting of creditors will be held at: The District Court of Chemnitz Hall 27 E Fuerstenstrasse 21-23 09130 Chemnitz Germany The Court will also verify the claims set out in the insolvency manager's report during this meeting, while creditors may constitute a creditors' committee or opt to appoint a new insolvency manager. The insolvency manager can be reached at: Kai Dellit Michaelstrasse 71 09116 Chemnitz Germany Tel: (0371) 381770 Fax: (0371) 3817730 E-mail: chemnitz@hww-kanzlei.de The District Court of Chemnitz opened bankruptcy proceedings against Schulze-Fahrzeugservice GmbH on March 6, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Schulze-Fahrzeugservice GmbH Attn: Werner Strecke and Anja Schuhmann, Managers Barensteiner Str.11 09456 Annaberg-Buchholz Germany UNIVERSUS 24: Claims Registration Ends April 15 ----------------------------------------------- Creditors of Universus 24 GmbH have until April 15, 2008 to register their claims with court-appointed insolvency manager Dr. jur. Rainer Eckert. Creditors and other interested parties are encouraged to attend the meeting at 9:10 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 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. jur. Rainer Eckert Arthur-Menge-Ufer 5 30169 Hannover Germany Tel: 0511 626287-0 Fax: 0511 626287-10 The District Court of Hannover opened bankruptcy proceedings against Universus 24 GmbH on Feb. 14, 2008. Consequently, all pending proceedings against the company have been automatically stayed. The Debtor can be reached at: Universus 24 GmbH Attn: Pavel Mass, Manager Lilienthalstrasse 13 30179 Hannover Germany ============= G E O R G I A ============= * Fitch Affirms Georgia's Issuer Default Ratings at BB- ------------------------------------------------------- Fitch Ratings affirmed Georgia's Long-term local and foreign currency Issuer Default ratings at 'BB-' with Stable Outlooks. At the same time, the agency has affirmed Georgia's Country Ceiling at 'BB-' and Short-term foreign currency IDR at 'B'. "Georgia's sovereign ratings are supported by its moderate government debt burden of 25% of GDP and dynamic economic growth rate that averaged 9.7% in the five years to 2007, propelled by an impressive record of structural reforms and massive foreign direct investment inflows," says Edward Parker, Head of Emerging Europe sovereigns at Fitch. "However, political and economic weaknesses, including a substantial current account deficit, pose risks to the country's rapid development path." Fitch forecasts real GDP growth of around 9% this year, after 12.4% in 2007. Georgia's economic revival and foreign direct investment inflows of around 15% of GDP last year are testament to the liberal reform agenda of the government. The improvement in the business climate is underscored by Georgia's rank of 18th in the 2008 World Bank Doing Business Survey, the highest of any sub-investment grade country, up from 112th in 2006. The rating is also underpinned by Georgia's public finances. Fitch estimates that public debt was a moderate 25% of GDP at end-2007, below the 'BB' range median of 34%, and has declined from 71% at end-2002. The 2008 budget envisages a tightening in the general government deficit to around 2.3% of GDP (counting privatisation receipts below the line), after strong expenditure pressures induced a pro-cyclical widening to 4.7% of GDP last year. A recent amendment to the Budget Systems Law prohibits deficits from 2009. Although the government indicates that it plans to place the proceeds from its prospective debut eurobond into its two newly-created sovereign wealth funds, there is a risk that the proceeds could be used for general fiscal financing. Fitch views Georgia's external finances as a rating weakness. It estimates the current account deficit at close to 20% of GDP in 2007, albeit largely driven and financed by strong FDI. The global credit crunch heightens external financing risks. Georgia's liquidity ratio (which measures liquid foreign assets over foreign liabilities falling due over the next 12 months) is 111% in 2008, below the 'BB' range median of 243%; Fitch estimates net external debt was equivalent to 22% of GDP at end- 2007, compared with the 'BB' range median of 0. Bank credit to the private sector surged by 64% in real terms last year, though it remains moderate at 28% of GDP at end-2007. Inflation picked up to 11% at end-2007, reflecting both supply side shocks and strong monetary growth. Reassuringly, the National Bank of Georgia has tightened monetary policy this year; a new law clarifies price stability as its primary objective, but it failed to unambiguously increase its independence from political influence. Fitch views political risks as a material constraint on Georgia's ratings. Notwithstanding, improvements in governance since the "Rose Revolution" in 2003, democratic institutions are immature and political instability has increased since November. President Mikheil Saakashvili won a second term in January and his party appears likely to win another majority in parliamentary elections in May. However, there is a risk that instability could persist with potential adverse consequences for investor confidence, capital inflows, economic policy and the credit outlook. Relations with Russia are tense and the risk of a flare up in the frozen conflict with the secessionist territories of Abkhazia and South Ossetia weigh on the ratings. ============= I R E L A N D ============= SMURFIT KAPPA: Irish Unit Inks Software Deal with VantagePoint -------------------------------------------------------------- Smurfit Kappa Ireland, a part of Smurfit Kappa Group plc, has signed a contract to implement Business VantagePoint(TM), VantagePoint Systems Inc.'s flagship business software for the corrugated packaging industry, in their operations. Business VantagePoint software will be implemented at Smurfit Kappa's three corrugated plants and seven specialty packaging plants in Ireland. Business VantagePoint(TM) is an estimate-to-cash business software solution for multi-plant packaging manufacturing operations, and provides functionality in the areas of estimating, order processing, inventory, manufacturing control, job costing, shipping and invoicing. Smurfit Kappa will utilize Business VantagePoint software together with Planning & Scheduling software from OM Partners and ArtiosCAD design software, as a part of a best-of-breed software approach. All three software solutions will be seamlessly integrated, with information being passed between the applications automatically. "We are impressed with the way Business VantagePoint displays open order data, and the flexibility to move jobs between plants. The software provides us with full visibility of all orders being processed in all plants, across the whole organization, and allows us to establish optimum order routing for cost savings and maximum efficiency," Paul Cash, head of Information Technology for Smurfit Kappa Ireland, commented. "Business VantagePoint will enable us to run our operations as efficiently as possible allowing us to focus on our mission of creating value to our customers," John O'Loughlin, CEO of Smurfit Kappa Ireland, stated. "We first started working with Smurfit Kappa Ireland a year ago, and quickly realized that their business offered an exciting opportunity; they are focused on delivering the perfect order to their customers, while operating ten business units in two countries. We look forward to implementing Business VantagePoint in Smurfit Kappa's operations over the next 12 months," Peter Dobell, vice President, CTO of VantagePoint, commented. About Smurfit Kappa Group Headquartered in Dublin, Ireland, Smurfit Kappa -- http://www.smurfitkappa.com/-- is a paper based packaging company with leading position in Europe and Latin America. Smurfit Kappa operates in over 30 countries (22 in Europe) with more than 40,000 employees. It's products include containerboard, solid board, corrugated and solid board packaging, graphic board, sack paper and paper sacks. &n